# EDGAR Filing Document

**Accession Number:** 0001081400
**File Stem:** 0001193125-25-295668
**Filing Date:** 2025-11
**Character Count:** 1441132
**Document Hash:** f119c538ae0dc12b832325abccc24ae2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-295668.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001193125-25-295668

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 88

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**EFFECTIVENESS DATE**: 20251125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLSPRING FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001081400

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09253
- **FILM NUMBER:** 251516626

**BUSINESS ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203
- **BUSINESS PHONE:** 833-568-4255

**MAIL ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS FARGO FUNDS TRUST
- **DATE OF NAME CHANGE:** 19990308

## Series and Classes Contracts Data

### Allspring Common Stock Fund (Series ID: S000007339)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020143 | Class A             | SCSAX           |
| C000020145 | Class C             | STSAX           |
| C000092784 | Institutional Class | SCNSX           |
| C000130039 | Class R6            | SCSRX           |

### Allspring Opportunity Fund (Series ID: S000007344)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020159 | Administrator Class | WOFDX           |
| C000020160 | Class A             | SOPVX           |
| C000064968 | Class C             | WFOPX           |
| C000092786 | Institutional Class | WOFNX           |
| C000219846 | Class R6            | WOFRX           |

### Allspring SMID Cap Growth Fund (Series ID: S000007345)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020162 | Administrator Class | WFDDX           |
| C000035582 | Institutional Class | WFDSX           |
| C000053345 | Class A             | WFDAX           |
| C000053346 | Class C             | WDSCX           |
| C000130040 | Class R6            | WFDRX           |

### Allspring Mid Cap Growth Fund (Series ID: S000007346)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020164 | Institutional Class | WFEIX           |
| C000020165 | Class A             | SENAX           |
| C000064969 | Class C             | WENCX           |
| C000150666 | Class R6            | WENRX           |

### Allspring Special Mid Cap Value Fund (Series ID: S000007349)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020178 | Administrator Class | WFMDX           |
| C000020179 | Institutional Class | WFMIX           |
| C000053347 | Class A             | WFPAX           |
| C000053348 | Class C             | WFPCX           |
| C000130041 | Class R6            | WFPRX           |

### Allspring Index Asset Allocation Fund (Series ID: S000007370)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020243 | Class A             | SFAAX           |
| C000020245 | Class C             | WFALX           |
| C000020246 | Administrator Class | WFAIX           |
| C000176625 | Institutional Class | WFATX           |

### Allspring Diversified Income Builder Fund (Series ID: S000029101)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089465 | Class A             | EKSAX           |
| C000089467 | Class C             | EKSCX           |
| C000089468 | Institutional Class | EKSYX           |
| C000205250 | Class R6            | EKSRX           |

### Allspring Diversified Capital Builder Fund (Series ID: S000029102)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089469 | Class A             | EKBAX           |
| C000089471 | Class C             | EKBCX           |
| C000089472 | Institutional Class | EKBYX           |

### Allspring Income Plus Fund (Series ID: S000039677)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000122976 | Institutional Class | WSINX           |
| C000122977 | Class A             | WSIAX           |
| C000122978 | Class C             | WSICX           |

### Allspring Managed Account CoreBuilder Shares Series SP (Series ID: S000088769)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000255144 | CoreBuilder Shares Series SP | APSPX           |

?xml version='1.0' encoding='ASCII'? N-CSR

![LOGO](g774251g1122073832289.jpg)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-09253

## Allspring Funds Trust

#### (Exact name of registrant as specified in charter)

#### 1415 Vantage Park Drive, 3<sup>rd</sup> Floor, Charlotte, NC 28203

#### (Address of principal executive offices) (Zip code)

#### Matthew Prasse

#### Allspring Funds Management, LLC

#### 1415 Vantage Park Drive, 3<sup>rd</sup> Floor, Charlotte, NC 28203

#### (Name and address of agent for service)

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

#### Date of fiscal year end: September 30
**Registrant is making a filing for 10 of its series:** Allspring Common Stock Fund, Allspring Diversified Capital Builder Fund, Allspring Diversified Income Builder Fund, Allspring Income Plus Fund, Allspring Index Asset Allocation Fund, Allspring Managed Account CoreBuilder<sup>®</sup> Shares - Series SP, Allspring Mid Cap Growth Fund, Allspring Opportunity Fund, Allspring SMID Cap Growth Fund and Allspring Special Mid Cap Value Fund.

#### Date of reporting period: September 30, 2025

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u>![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Common Stock Fund

# September 30, 2025

# Class A

# SCSAX
This annual shareholder report contains important information about Common Stock Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $117 | 1.19% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
Over the 12-month period that ended September 30, 2025, equity markets faced volatility driven by a presidential election, tariff announcements, and continued technological transformation through artificial intelligence (AI). Despite ongoing political and economic uncertainty, resilient corporate earnings, easing inflation, and broadening market leadership supported steady gains. The AI build-out and elevated capital spending are expected to remain key market drivers, while investor focus on interest and mortgage rates is fueling optimism for a housing rebound.

The Fund trailed its benchmark for the period. Westlake Corporation, a key detractor, underperformed due to weak global demand for key products, cost pressures, and operational disruptions that led to earnings misses and reduced investor confidence. National Vision Holdings, Inc. contributed to performance, benefiting from new management's focus on pricing optimization and a strategic focus on customers with employer-sponsored vision insurance. We remain optimistic about the Fund's prospects given the attractive private market valuations of many of our holdings.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251e3c225a775d908.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Russell 2500™ Index** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $9425 | $10000 | $10000 |
| **10/31/2015** | $10074 | $10559 | $10790 |
| **11/30/2015** | $10148 | $10766 | $10850 |
| **12/31/2015** | $9753 | $10328 | $10627 |
| **1/31/2016** | $8999 | $9504 | $10027 |
| **2/29/2016** | $9038 | $9571 | $10024 |
| **3/31/2016** | $9866 | $10368 | $10730 |
| **4/30/2016** | $9975 | $10521 | $10796 |
| **5/31/2016** | $10137 | $10743 | $10990 |
| **6/30/2016** | $9847 | $10739 | $11012 |
| **7/31/2016** | $10384 | $11299 | $11449 |
| **8/31/2016** | $10556 | $11389 | $11478 |
| **9/30/2016** | $10596 | $11444 | $11496 |
| **10/31/2016** | $10236 | $10979 | $11248 |
| **11/30/2016** | $11019 | $11913 | $11751 |
| **12/31/2016** | $11115 | $12144 | $11980 |
| **1/31/2017** | $11452 | $12313 | $12206 |
| **2/28/2017** | $11739 | $12609 | $12660 |
| **3/31/2017** | $11744 | $12601 | $12668 |
| **4/30/2017** | $11718 | $12698 | $12803 |
| **5/31/2017** | $11667 | $12556 | $12934 |
| **6/30/2017** | $11749 | $12870 | $13050 |
| **7/31/2017** | $11856 | $13003 | $13296 |
| **8/31/2017** | $11795 | $12895 | $13322 |
| **9/30/2017** | $12301 | $13480 | $13647 |
| **10/31/2017** | $12511 | $13689 | $13945 |
| **11/30/2017** | $12940 | $14138 | $14368 |
| **12/31/2017** | $13066 | $14186 | $14512 |
| **1/31/2018** | $13544 | $14619 | $15277 |
| **2/28/2018** | $12953 | $14017 | $14714 |
| **3/31/2018** | $12987 | $14152 | $14418 |
| **4/30/2018** | $13049 | $14185 | $14473 |
| **5/31/2018** | $13356 | $14853 | $14882 |
| **6/30/2018** | $13351 | $14960 | $14979 |
| **7/31/2018** | $13732 | $15249 | $15476 |
| **8/31/2018** | $14073 | $15903 | $16020 |
| **9/30/2018** | $13976 | $15662 | $16046 |
| **10/31/2018** | $12793 | $14072 | $14865 |
| **11/30/2018** | $13152 | $14338 | $15162 |
| **12/31/2018** | $11767 | $12767 | $13751 |
| **1/31/2019** | $13012 | $14237 | $14931 |
| **2/28/2019** | $13474 | $14909 | $15457 |
| **3/31/2019** | $13447 | $14786 | $15682 |
| **4/30/2019** | $14022 | $15305 | $16309 |
| **5/31/2019** | $13286 | $14216 | $15253 |
| **6/30/2019** | $14196 | $15224 | $16325 |
| **7/31/2019** | $14317 | $15383 | $16567 |
| **8/31/2019** | $13848 | $14767 | $16229 |
| **9/30/2019** | $14103 | $15029 | $16514 |
| **10/31/2019** | $14223 | $15317 | $16870 |
| **11/30/2019** | $14792 | $15974 | $17511 |
| **12/31/2019** | $14966 | $16312 | $18017 |
| **1/31/2020** | $14601 | $15981 | $17997 |
| **2/29/2020** | $13413 | $14641 | $16523 |
| **3/31/2020** | $10125 | $11464 | $14251 |
| **4/30/2020** | $11777 | $13132 | $16139 |
| **5/31/2020** | $12637 | $14102 | $17002 |
| **6/30/2020** | $12827 | $14509 | $17390 |
| **7/31/2020** | $13254 | $15087 | $18378 |
| **8/31/2020** | $13916 | $15770 | $19709 |
| **9/30/2020** | $13611 | $15363 | $18992 |
| **10/31/2020** | $13901 | $15641 | $18582 |
| **11/30/2020** | $16009 | $18189 | $20842 |
| **12/31/2020** | $17265 | $19573 | $21780 |
| **1/31/2021** | $16961 | $20053 | $21683 |
| **2/28/2021** | $18081 | $21361 | $22361 |
| **3/31/2021** | $18530 | $21712 | $23162 |
| **4/30/2021** | $19698 | $22580 | $24356 |
| **5/31/2021** | $19562 | $22627 | $24467 |
| **6/30/2021** | $19754 | $22894 | $25071 |
| **7/31/2021** | $20058 | $22493 | $25495 |
| **8/31/2021** | $20410 | $23004 | $26222 |
| **9/30/2021** | $19570 | $22280 | $25045 |
| **10/31/2021** | $20562 | $23372 | $26739 |
| **11/30/2021** | $19954 | $22397 | $26332 |
| **12/31/2021** | $20991 | $23132 | $27369 |
| **1/31/2022** | $19351 | $21207 | $25759 |
| **2/28/2022** | $19064 | $21445 | $25110 |
| **3/31/2022** | $19294 | $21786 | $25924 |
| **4/30/2022** | $17942 | $19930 | $23598 |
| **5/31/2022** | $17673 | $19997 | $23566 |
| **6/30/2022** | $16292 | $18087 | $21595 |
| **7/31/2022** | $17721 | $19958 | $23621 |
| **8/31/2022** | $17155 | $19428 | $22739 |
| **9/30/2022** | $15640 | $17577 | $20630 |
| **10/31/2022** | $16753 | $19264 | $22322 |
| **11/30/2022** | $17961 | $20077 | $23487 |
| **12/31/2022** | $17307 | $18883 | $22112 |
| **1/31/2023** | $19200 | $20771 | $23635 |
| **2/28/2023** | $18885 | $20283 | $23083 |
| **3/31/2023** | $18377 | $19523 | $23700 |
| **4/30/2023** | $18152 | $19268 | $23952 |
| **5/31/2023** | $17375 | $18930 | $24046 |
| **6/30/2023** | $18761 | $20543 | $25688 |
| **7/31/2023** | $19504 | $21564 | $26608 |
| **8/31/2023** | $19065 | $20718 | $26095 |
| **9/30/2023** | $17904 | $19561 | $24852 |
| **10/31/2023** | $16687 | $18373 | $24193 |
| **11/30/2023** | $18321 | $20027 | $26449 |
| **12/31/2023** | $20053 | $22173 | $27852 |
| **1/31/2024** | $19725 | $21593 | $28160 |
| **2/29/2024** | $20813 | $22767 | $29685 |
| **3/31/2024** | $21432 | $23707 | $30642 |
| **4/30/2024** | $19667 | $22119 | $29294 |
| **5/31/2024** | $20567 | $23039 | $30678 |
| **6/30/2024** | $20251 | $22694 | $31628 |
| **7/31/2024** | $21643 | $24380 | $32216 |
| **8/31/2024** | $21654 | $24317 | $32917 |
| **9/30/2024** | $21771 | $24679 | $33598 |
| **10/31/2024** | $21163 | $24450 | $33351 |
| **11/30/2024** | $23058 | $26856 | $35570 |
| **12/31/2024** | $21368 | $24832 | $34483 |
| **1/31/2025** | $22063 | $25713 | $35571 |
| **2/28/2025** | $20686 | $24506 | $34890 |
| **3/31/2025** | $19495 | $22970 | $32854 |
| **4/30/2025** | $18987 | $22496 | $32634 |
| **5/31/2025** | $20165 | $23842 | $34703 |
| **6/30/2025** | $21132 | $24942 | $36466 |
| **7/31/2025** | $20946 | $25424 | $37269 |
| **8/31/2025** | $21418 | $26758 | $38131 |
| **9/30/2025** | $21132 | $27187 | $39447 |

---

# Common Stock Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | (2.93) | 9.2 | 8.41 |
| Class A with Load | (8.53) | 7.91 | 7.77 |
| Russell 2500™ Index | 10.16 | 12.09 | 10.52 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $655323554 |
| # of portfolio holdings | 73 |
| Portfolio turnover rate | 56% |
| Total advisory fees paid | $5377775 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 22.5 |
| Financials | 18.4 |
| Information technology | 17.1 |
| Consumer discretionary | 13.5 |
| Health care | 8.9 |
| Materials | 8.1 |
| Real estate | 5.6 |
| Energy | 2.3 |
| Investment companies | 1.6 |
| Communication services | 1.4 |
| Consumer staples | 0.6 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Marvell Technology, Inc. | 3.0 |
| Teledyne Technologies, Inc. | 2.1 |
| Carlisle Cos., Inc. | 2.0 |
| National Vision Holdings, Inc. | 1.9 |
| Melrose Industries PLC | 1.9 |
| BWX Technologies, Inc. | 1.8 |
| Bio-Rad Laboratories, Inc. Class A | 1.8 |
| Planet Fitness, Inc. Class A | 1.7 |
| Allient, Inc. | 1.7 |
| HealthEquity, Inc. | 1.7 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since October 1, 2024.

On November 13, 2025, Robert Wicentowski, CFA was added as a portfolio manager for the Fund.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3301 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Common Stock Fund

# September 30, 2025

# Class C

# STSAX
This annual shareholder report contains important information about Common Stock Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $187 | 1.90% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
Over the 12-month period that ended September 30, 2025, equity markets faced volatility driven by a presidential election, tariff announcements, and continued technological transformation through artificial intelligence (AI). Despite ongoing political and economic uncertainty, resilient corporate earnings, easing inflation, and broadening market leadership supported steady gains. The AI build-out and elevated capital spending are expected to remain key market drivers, while investor focus on interest and mortgage rates is fueling optimism for a housing rebound.

The Fund trailed its benchmark for the period. Westlake Corporation, a key detractor, underperformed due to weak global demand for key products, cost pressures, and operational disruptions that led to earnings misses and reduced investor confidence. National Vision Holdings, Inc. contributed to performance, benefiting from new management's focus on pricing optimization and a strategic focus on customers with employer-sponsored vision insurance. We remain optimistic about the Fund's prospects given the attractive private market valuations of many of our holdings.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251f1772beee50.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **Russell 2500™ Index** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10681 | $10559 | $10790 |
| **11/30/2015** | $10754 | $10766 | $10850 |
| **12/31/2015** | $10327 | $10328 | $10627 |
| **1/31/2016** | $9522 | $9504 | $10027 |
| **2/29/2016** | $9561 | $9571 | $10024 |
| **3/31/2016** | $10425 | $10368 | $10730 |
| **4/30/2016** | $10536 | $10521 | $10796 |
| **5/31/2016** | $10700 | $10743 | $10990 |
| **6/30/2016** | $10386 | $10739 | $11012 |
| **7/31/2016** | $10949 | $11299 | $11449 |
| **8/31/2016** | $11119 | $11389 | $11478 |
| **9/30/2016** | $11152 | $11444 | $11496 |
| **10/31/2016** | $10766 | $10979 | $11248 |
| **11/30/2016** | $11584 | $11913 | $11751 |
| **12/31/2016** | $11684 | $12144 | $11980 |
| **1/31/2017** | $12027 | $12313 | $12206 |
| **2/28/2017** | $12322 | $12609 | $12660 |
| **3/31/2017** | $12322 | $12601 | $12668 |
| **4/30/2017** | $12288 | $12698 | $12803 |
| **5/31/2017** | $12226 | $12556 | $12934 |
| **6/30/2017** | $12301 | $12870 | $13050 |
| **7/31/2017** | $12404 | $13003 | $13296 |
| **8/31/2017** | $12329 | $12895 | $13322 |
| **9/30/2017** | $12857 | $13480 | $13647 |
| **10/31/2017** | $13062 | $13689 | $13945 |
| **11/30/2017** | $13508 | $14138 | $14368 |
| **12/31/2017** | $13629 | $14186 | $14512 |
| **1/31/2018** | $14117 | $14619 | $15277 |
| **2/28/2018** | $13495 | $14017 | $14714 |
| **3/31/2018** | $13518 | $14152 | $14418 |
| **4/30/2018** | $13574 | $14185 | $14473 |
| **5/31/2018** | $13889 | $14853 | $14882 |
| **6/30/2018** | $13873 | $14960 | $14979 |
| **7/31/2018** | $14259 | $15249 | $15476 |
| **8/31/2018** | $14606 | $15903 | $16020 |
| **9/30/2018** | $14495 | $15662 | $16046 |
| **10/31/2018** | $13258 | $14072 | $14865 |
| **11/30/2018** | $13621 | $14338 | $15162 |
| **12/31/2018** | $12182 | $12767 | $13751 |
| **1/31/2019** | $13464 | $14237 | $14931 |
| **2/28/2019** | $13938 | $14909 | $15457 |
| **3/31/2019** | $13898 | $14786 | $15682 |
| **4/30/2019** | $14480 | $15305 | $16309 |
| **5/31/2019** | $13711 | $14216 | $15253 |
| **6/30/2019** | $14648 | $15224 | $16325 |
| **7/31/2019** | $14756 | $15383 | $16567 |
| **8/31/2019** | $14263 | $14767 | $16229 |
| **9/30/2019** | $14520 | $15029 | $16514 |
| **10/31/2019** | $14628 | $15317 | $16870 |
| **11/30/2019** | $15210 | $15974 | $17511 |
| **12/31/2019** | $15376 | $16312 | $18017 |
| **1/31/2020** | $14994 | $15981 | $17997 |
| **2/29/2020** | $13766 | $14641 | $16523 |
| **3/31/2020** | $10378 | $11464 | $14251 |
| **4/30/2020** | $12072 | $13132 | $16139 |
| **5/31/2020** | $12942 | $14102 | $17002 |
| **6/30/2020** | $13121 | $14509 | $17390 |
| **7/31/2020** | $13551 | $15087 | $18378 |
| **8/31/2020** | $14278 | $15770 | $19709 |
| **9/30/2020** | $13956 | $15363 | $18992 |
| **10/31/2020** | $14243 | $15641 | $18582 |
| **11/30/2020** | $16390 | $18189 | $20842 |
| **12/31/2020** | $17665 | $19573 | $21780 |
| **1/31/2021** | $17343 | $20053 | $21683 |
| **2/28/2021** | $18477 | $21361 | $22361 |
| **3/31/2021** | $18928 | $21712 | $23162 |
| **4/30/2021** | $20101 | $22580 | $24356 |
| **5/31/2021** | $19959 | $22627 | $24467 |
| **6/30/2021** | $20139 | $22894 | $25071 |
| **7/31/2021** | $20436 | $22493 | $25495 |
| **8/31/2021** | $20784 | $23004 | $26222 |
| **9/30/2021** | $19907 | $22280 | $25045 |
| **10/31/2021** | $20912 | $23372 | $26739 |
| **11/30/2021** | $20281 | $22397 | $26332 |
| **12/31/2021** | $21318 | $23132 | $27369 |
| **1/31/2022** | $19641 | $21207 | $25759 |
| **2/28/2022** | $19344 | $21445 | $25110 |
| **3/31/2022** | $19571 | $21786 | $25924 |
| **4/30/2022** | $18190 | $19930 | $23598 |
| **5/31/2022** | $17911 | $19997 | $23566 |
| **6/30/2022** | $16495 | $18087 | $21595 |
| **7/31/2022** | $17946 | $19958 | $23621 |
| **8/31/2022** | $17352 | $19428 | $22739 |
| **9/30/2022** | $15814 | $17577 | $20630 |
| **10/31/2022** | $16932 | $19264 | $22322 |
| **11/30/2022** | $18138 | $20077 | $23487 |
| **12/31/2022** | $17468 | $18883 | $22112 |
| **1/31/2023** | $19356 | $20771 | $23635 |
| **2/28/2023** | $19046 | $20283 | $23083 |
| **3/31/2023** | $18520 | $19523 | $23700 |
| **4/30/2023** | $18281 | $19268 | $23952 |
| **5/31/2023** | $17492 | $18930 | $24046 |
| **6/30/2023** | $18878 | $20543 | $25688 |
| **7/31/2023** | $19595 | $21564 | $26608 |
| **8/31/2023** | $19141 | $20718 | $26095 |
| **9/30/2023** | $17970 | $19561 | $24852 |
| **10/31/2023** | $16749 | $18373 | $24193 |
| **11/30/2023** | $18389 | $20027 | $26449 |
| **12/31/2023** | $20127 | $22173 | $27852 |
| **1/31/2024** | $19798 | $21593 | $28160 |
| **2/29/2024** | $20889 | $22767 | $29685 |
| **3/31/2024** | $21511 | $23707 | $30642 |
| **4/30/2024** | $19739 | $22119 | $29294 |
| **5/31/2024** | $20643 | $23039 | $30678 |
| **6/30/2024** | $20326 | $22694 | $31628 |
| **7/31/2024** | $21723 | $24380 | $32216 |
| **8/31/2024** | $21734 | $24317 | $32917 |
| **9/30/2024** | $21852 | $24679 | $33598 |
| **10/31/2024** | $21241 | $24450 | $33351 |
| **11/30/2024** | $23143 | $26856 | $35570 |
| **12/31/2024** | $21447 | $24832 | $34483 |
| **1/31/2025** | $22144 | $25713 | $35571 |
| **2/28/2025** | $20762 | $24506 | $34890 |
| **3/31/2025** | $19567 | $22970 | $32854 |
| **4/30/2025** | $19057 | $22496 | $32634 |
| **5/31/2025** | $20240 | $23842 | $34703 |
| **6/30/2025** | $21210 | $24942 | $36466 |
| **7/31/2025** | $21024 | $25424 | $37269 |
| **8/31/2025** | $21497 | $26758 | $38131 |
| **9/30/2025** | $21210 | $27187 | $39447 |

---

# Common Stock Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | (3.61) | 8.42 | 7.81 |
| Class C with Load | (4.61) | 8.42 | 7.81 |
| Russell 2500™ Index | 10.16 | 12.09 | 10.52 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $655323554 |
| # of portfolio holdings | 73 |
| Portfolio turnover rate | 56% |
| Total advisory fees paid | $5377775 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 22.5 |
| Financials | 18.4 |
| Information technology | 17.1 |
| Consumer discretionary | 13.5 |
| Health care | 8.9 |
| Materials | 8.1 |
| Real estate | 5.6 |
| Energy | 2.3 |
| Investment companies | 1.6 |
| Communication services | 1.4 |
| Consumer staples | 0.6 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Marvell Technology, Inc. | 3.0 |
| Teledyne Technologies, Inc. | 2.1 |
| Carlisle Cos., Inc. | 2.0 |
| National Vision Holdings, Inc. | 1.9 |
| Melrose Industries PLC | 1.9 |
| BWX Technologies, Inc. | 1.8 |
| Bio-Rad Laboratories, Inc. Class A | 1.8 |
| Planet Fitness, Inc. Class A | 1.7 |
| Allient, Inc. | 1.7 |
| HealthEquity, Inc. | 1.7 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since October 1, 2024.

On November 13, 2025, Robert Wicentowski, CFA was added as a portfolio manager for the Fund. At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on or about the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C was closed to new investors and additional investments from existing shareholders.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3508 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Common Stock Fund

# September 30, 2025

# Class R6

# SCSRX
This annual shareholder report contains important information about Common Stock Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $82 | 0.83% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
Over the 12-month period that ended September 30, 2025, equity markets faced volatility driven by a presidential election, tariff announcements, and continued technological transformation through artificial intelligence (AI). Despite ongoing political and economic uncertainty, resilient corporate earnings, easing inflation, and broadening market leadership supported steady gains. The AI build-out and elevated capital spending are expected to remain key market drivers, while investor focus on interest and mortgage rates is fueling optimism for a housing rebound.

The Fund trailed its benchmark for the period. Westlake Corporation, a key detractor, underperformed due to weak global demand for key products, cost pressures, and operational disruptions that led to earnings misses and reduced investor confidence. National Vision Holdings, Inc. contributed to performance, benefiting from new management's focus on pricing optimization and a strategic focus on customers with employer-sponsored vision insurance. We remain optimistic about the Fund's prospects given the attractive private market valuations of many of our holdings.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251b9e3d852d52bfb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 2500™ Index** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10694 | $10559 | $10790 |
| **11/30/2015** | $10775 | $10766 | $10850 |
| **12/31/2015** | $10358 | $10328 | $10627 |
| **1/31/2016** | $9561 | $9504 | $10027 |
| **2/29/2016** | $9606 | $9571 | $10024 |
| **3/31/2016** | $10489 | $10368 | $10730 |
| **4/30/2016** | $10611 | $10521 | $10796 |
| **5/31/2016** | $10784 | $10743 | $10990 |
| **6/30/2016** | $10484 | $10739 | $11012 |
| **7/31/2016** | $11058 | $11299 | $11449 |
| **8/31/2016** | $11246 | $11389 | $11478 |
| **9/30/2016** | $11291 | $11444 | $11496 |
| **10/31/2016** | $10906 | $10979 | $11248 |
| **11/30/2016** | $11748 | $11913 | $11751 |
| **12/31/2016** | $11857 | $12144 | $11980 |
| **1/31/2017** | $12225 | $12313 | $12206 |
| **2/28/2017** | $12530 | $12609 | $12660 |
| **3/31/2017** | $12540 | $12601 | $12668 |
| **4/30/2017** | $12519 | $12698 | $12803 |
| **5/31/2017** | $12467 | $12556 | $12934 |
| **6/30/2017** | $12556 | $12870 | $13050 |
| **7/31/2017** | $12677 | $13003 | $13296 |
| **8/31/2017** | $12614 | $12895 | $13322 |
| **9/30/2017** | $13161 | $13480 | $13647 |
| **10/31/2017** | $13392 | $13689 | $13945 |
| **11/30/2017** | $13860 | $14138 | $14368 |
| **12/31/2017** | $13995 | $14186 | $14512 |
| **1/31/2018** | $14507 | $14619 | $15277 |
| **2/28/2018** | $13878 | $14017 | $14714 |
| **3/31/2018** | $13919 | $14152 | $14418 |
| **4/30/2018** | $13995 | $14185 | $14473 |
| **5/31/2018** | $14326 | $14853 | $14882 |
| **6/30/2018** | $14326 | $14960 | $14979 |
| **7/31/2018** | $14740 | $15249 | $15476 |
| **8/31/2018** | $15112 | $15903 | $16020 |
| **9/30/2018** | $15019 | $15662 | $16046 |
| **10/31/2018** | $13744 | $14072 | $14865 |
| **11/30/2018** | $14134 | $14338 | $15162 |
| **12/31/2018** | $12653 | $12767 | $13751 |
| **1/31/2019** | $13999 | $14237 | $14931 |
| **2/28/2019** | $14502 | $14909 | $15457 |
| **3/31/2019** | $14475 | $14786 | $15682 |
| **4/30/2019** | $15100 | $15305 | $16309 |
| **5/31/2019** | $14312 | $14216 | $15253 |
| **6/30/2019** | $15304 | $15224 | $16325 |
| **7/31/2019** | $15440 | $15383 | $16567 |
| **8/31/2019** | $14937 | $14767 | $16229 |
| **9/30/2019** | $15215 | $15029 | $16514 |
| **10/31/2019** | $15351 | $15317 | $16870 |
| **11/30/2019** | $15970 | $15974 | $17511 |
| **12/31/2019** | $16160 | $16312 | $18017 |
| **1/31/2020** | $15776 | $15981 | $17997 |
| **2/29/2020** | $14498 | $14641 | $16523 |
| **3/31/2020** | $10943 | $11464 | $14251 |
| **4/30/2020** | $12736 | $13132 | $16139 |
| **5/31/2020** | $13667 | $14102 | $17002 |
| **6/30/2020** | $13875 | $14509 | $17390 |
| **7/31/2020** | $14352 | $15087 | $18378 |
| **8/31/2020** | $15068 | $15770 | $19709 |
| **9/30/2020** | $14744 | $15363 | $18992 |
| **10/31/2020** | $15068 | $15641 | $18582 |
| **11/30/2020** | $17353 | $18189 | $20842 |
| **12/31/2020** | $18715 | $19573 | $21780 |
| **1/31/2021** | $18401 | $20053 | $21683 |
| **2/28/2021** | $19626 | $21361 | $22361 |
| **3/31/2021** | $20109 | $21712 | $23162 |
| **4/30/2021** | $21383 | $22580 | $24356 |
| **5/31/2021** | $21246 | $22627 | $24467 |
| **6/30/2021** | $21463 | $22894 | $25071 |
| **7/31/2021** | $21802 | $22493 | $25495 |
| **8/31/2021** | $22189 | $23004 | $26222 |
| **9/30/2021** | $21286 | $22280 | $25045 |
| **10/31/2021** | $22374 | $23372 | $26739 |
| **11/30/2021** | $21721 | $22397 | $26332 |
| **12/31/2021** | $22847 | $23132 | $27369 |
| **1/31/2022** | $21076 | $21207 | $25759 |
| **2/28/2022** | $20772 | $21445 | $25110 |
| **3/31/2022** | $21029 | $21786 | $25924 |
| **4/30/2022** | $19563 | $19930 | $23598 |
| **5/31/2022** | $19277 | $19997 | $23566 |
| **6/30/2022** | $17773 | $18087 | $21595 |
| **7/31/2022** | $19344 | $19958 | $23621 |
| **8/31/2022** | $18735 | $19428 | $22739 |
| **9/30/2022** | $17078 | $17577 | $20630 |
| **10/31/2022** | $18306 | $19264 | $22322 |
| **11/30/2022** | $19629 | $20077 | $23487 |
| **12/31/2022** | $18924 | $18883 | $22112 |
| **1/31/2023** | $20994 | $20771 | $23635 |
| **2/28/2023** | $20664 | $20283 | $23083 |
| **3/31/2023** | $20113 | $19523 | $23700 |
| **4/30/2023** | $19871 | $19268 | $23952 |
| **5/31/2023** | $19023 | $18930 | $24046 |
| **6/30/2023** | $20553 | $20543 | $25688 |
| **7/31/2023** | $21379 | $21564 | $26608 |
| **8/31/2023** | $20895 | $20718 | $26095 |
| **9/30/2023** | $19640 | $19561 | $24852 |
| **10/31/2023** | $18319 | $18373 | $24193 |
| **11/30/2023** | $20113 | $20027 | $26449 |
| **12/31/2023** | $22025 | $22173 | $27852 |
| **1/31/2024** | $21661 | $21593 | $28160 |
| **2/29/2024** | $22879 | $22767 | $29685 |
| **3/31/2024** | $23561 | $23707 | $30642 |
| **4/30/2024** | $21627 | $22119 | $29294 |
| **5/31/2024** | $22617 | $23039 | $30678 |
| **6/30/2024** | $22287 | $22694 | $31628 |
| **7/31/2024** | $23823 | $24380 | $32216 |
| **8/31/2024** | $23846 | $24317 | $32917 |
| **9/30/2024** | $23982 | $24679 | $33598 |
| **10/31/2024** | $23311 | $24450 | $33351 |
| **11/30/2024** | $25404 | $26856 | $35570 |
| **12/31/2024** | $23568 | $24832 | $34483 |
| **1/31/2025** | $24323 | $25713 | $35571 |
| **2/28/2025** | $22813 | $24506 | $34890 |
| **3/31/2025** | $21507 | $22970 | $32854 |
| **4/30/2025** | $20944 | $22496 | $32634 |
| **5/31/2025** | $22262 | $23842 | $34703 |
| **6/30/2025** | $23328 | $24942 | $36466 |
| **7/31/2025** | $23124 | $25424 | $37269 |
| **8/31/2025** | $23652 | $26758 | $38131 |
| **9/30/2025** | $23352 | $27187 | $39447 |

---

# Common Stock Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | (2.63) | 9.63 | 8.85 |
| Russell 2500™ Index | 10.16 | 12.09 | 10.52 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $655323554 |
| # of portfolio holdings | 73 |
| Portfolio turnover rate | 56% |
| Total advisory fees paid | $5377775 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 22.5 |
| Financials | 18.4 |
| Information technology | 17.1 |
| Consumer discretionary | 13.5 |
| Health care | 8.9 |
| Materials | 8.1 |
| Real estate | 5.6 |
| Energy | 2.3 |
| Investment companies | 1.6 |
| Communication services | 1.4 |
| Consumer staples | 0.6 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Marvell Technology, Inc. | 3.0 |
| Teledyne Technologies, Inc. | 2.1 |
| Carlisle Cos., Inc. | 2.0 |
| National Vision Holdings, Inc. | 1.9 |
| Melrose Industries PLC | 1.9 |
| BWX Technologies, Inc. | 1.8 |
| Bio-Rad Laboratories, Inc. Class A | 1.8 |
| Planet Fitness, Inc. Class A | 1.7 |
| Allient, Inc. | 1.7 |
| HealthEquity, Inc. | 1.7 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since October 1, 2024.

On November 13, 2025, Robert Wicentowski, CFA was added as a portfolio manager for the Fund.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR4658 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Common Stock Fund

# September 30, 2025

# Institutional Class

# SCNSX
This annual shareholder report contains important information about Common Stock Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $84 | 0.85% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
Over the 12-month period that ended September 30, 2025, equity markets faced volatility driven by a presidential election, tariff announcements, and continued technological transformation through artificial intelligence (AI). Despite ongoing political and economic uncertainty, resilient corporate earnings, easing inflation, and broadening market leadership supported steady gains. The AI build-out and elevated capital spending are expected to remain key market drivers, while investor focus on interest and mortgage rates is fueling optimism for a housing rebound.

The Fund trailed its benchmark for the period. Westlake Corporation, a key detractor, underperformed due to weak global demand for key products, cost pressures, and operational disruptions that led to earnings misses and reduced investor confidence. National Vision Holdings, Inc. contributed to performance, benefiting from new management's focus on pricing optimization and a strategic focus on customers with employer-sponsored vision insurance. We remain optimistic about the Fund's prospects given the attractive private market valuations of many of our holdings.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251a5e266a3de4c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Russell 2500™ Index** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10695 | $10559 | $10790 |
| **11/30/2015** | $10781 | $10766 | $10850 |
| **12/31/2015** | $10363 | $10328 | $10627 |
| **1/31/2016** | $9564 | $9504 | $10027 |
| **2/29/2016** | $9610 | $9571 | $10024 |
| **3/31/2016** | $10490 | $10368 | $10730 |
| **4/30/2016** | $10612 | $10521 | $10796 |
| **5/31/2016** | $10785 | $10743 | $10990 |
| **6/30/2016** | $10480 | $10739 | $11012 |
| **7/31/2016** | $11054 | $11299 | $11449 |
| **8/31/2016** | $11242 | $11389 | $11478 |
| **9/30/2016** | $11288 | $11444 | $11496 |
| **10/31/2016** | $10907 | $10979 | $11248 |
| **11/30/2016** | $11746 | $11913 | $11751 |
| **12/31/2016** | $11860 | $12144 | $11980 |
| **1/31/2017** | $12218 | $12313 | $12206 |
| **2/28/2017** | $12524 | $12609 | $12660 |
| **3/31/2017** | $12540 | $12601 | $12668 |
| **4/30/2017** | $12513 | $12698 | $12803 |
| **5/31/2017** | $12466 | $12556 | $12934 |
| **6/30/2017** | $12555 | $12870 | $13050 |
| **7/31/2017** | $12671 | $13003 | $13296 |
| **8/31/2017** | $12608 | $12895 | $13322 |
| **9/30/2017** | $13156 | $13480 | $13647 |
| **10/31/2017** | $13383 | $13689 | $13945 |
| **11/30/2017** | $13852 | $14138 | $14368 |
| **12/31/2017** | $13992 | $14186 | $14512 |
| **1/31/2018** | $14506 | $14619 | $15277 |
| **2/28/2018** | $13876 | $14017 | $14714 |
| **3/31/2018** | $13916 | $14152 | $14418 |
| **4/30/2018** | $13992 | $14185 | $14473 |
| **5/31/2018** | $14325 | $14853 | $14882 |
| **6/30/2018** | $14325 | $14960 | $14979 |
| **7/31/2018** | $14739 | $15249 | $15476 |
| **8/31/2018** | $15107 | $15903 | $16020 |
| **9/30/2018** | $15013 | $15662 | $16046 |
| **10/31/2018** | $13741 | $14072 | $14865 |
| **11/30/2018** | $14132 | $14338 | $15162 |
| **12/31/2018** | $12648 | $12767 | $13751 |
| **1/31/2019** | $13990 | $14237 | $14931 |
| **2/28/2019** | $14501 | $14909 | $15457 |
| **3/31/2019** | $14474 | $14786 | $15682 |
| **4/30/2019** | $15094 | $15305 | $16309 |
| **5/31/2019** | $14304 | $14216 | $15253 |
| **6/30/2019** | $15298 | $15224 | $16325 |
| **7/31/2019** | $15428 | $15383 | $16567 |
| **8/31/2019** | $14930 | $14767 | $16229 |
| **9/30/2019** | $15210 | $15029 | $16514 |
| **10/31/2019** | $15346 | $15317 | $16870 |
| **11/30/2019** | $15966 | $15974 | $17511 |
| **12/31/2019** | $16147 | $16312 | $18017 |
| **1/31/2020** | $15769 | $15981 | $17997 |
| **2/29/2020** | $14487 | $14641 | $16523 |
| **3/31/2020** | $10937 | $11464 | $14251 |
| **4/30/2020** | $12728 | $13132 | $16139 |
| **5/31/2020** | $13662 | $14102 | $17002 |
| **6/30/2020** | $13870 | $14509 | $17390 |
| **7/31/2020** | $14341 | $15087 | $18378 |
| **8/31/2020** | $15059 | $15770 | $19709 |
| **9/30/2020** | $14734 | $15363 | $18992 |
| **10/31/2020** | $15059 | $15641 | $18582 |
| **11/30/2020** | $17343 | $18189 | $20842 |
| **12/31/2020** | $18702 | $19573 | $21780 |
| **1/31/2021** | $18386 | $20053 | $21683 |
| **2/28/2021** | $19607 | $21361 | $22361 |
| **3/31/2021** | $20100 | $21712 | $23162 |
| **4/30/2021** | $21370 | $22580 | $24356 |
| **5/31/2021** | $21232 | $22627 | $24467 |
| **6/30/2021** | $21442 | $22894 | $25071 |
| **7/31/2021** | $21782 | $22493 | $25495 |
| **8/31/2021** | $22170 | $23004 | $26222 |
| **9/30/2021** | $21265 | $22280 | $25045 |
| **10/31/2021** | $22348 | $23372 | $26739 |
| **11/30/2021** | $21693 | $22397 | $26332 |
| **12/31/2021** | $22831 | $23132 | $27369 |
| **1/31/2022** | $21053 | $21207 | $25759 |
| **2/28/2022** | $20748 | $21445 | $25110 |
| **3/31/2022** | $21006 | $21786 | $25924 |
| **4/30/2022** | $19534 | $19930 | $23598 |
| **5/31/2022** | $19247 | $19997 | $23566 |
| **6/30/2022** | $17747 | $18087 | $21595 |
| **7/31/2022** | $19324 | $19958 | $23621 |
| **8/31/2022** | $18712 | $19428 | $22739 |
| **9/30/2022** | $17059 | $17577 | $20630 |
| **10/31/2022** | $18282 | $19264 | $22322 |
| **11/30/2022** | $19610 | $20077 | $23487 |
| **12/31/2022** | $18902 | $18883 | $22112 |
| **1/31/2023** | $20970 | $20771 | $23635 |
| **2/28/2023** | $20628 | $20283 | $23083 |
| **3/31/2023** | $20086 | $19523 | $23700 |
| **4/30/2023** | $19853 | $19268 | $23952 |
| **5/31/2023** | $19002 | $18930 | $24046 |
| **6/30/2023** | $20528 | $20543 | $25688 |
| **7/31/2023** | $21347 | $21564 | $26608 |
| **8/31/2023** | $20871 | $20718 | $26095 |
| **9/30/2023** | $19599 | $19561 | $24852 |
| **10/31/2023** | $18283 | $18373 | $24193 |
| **11/30/2023** | $20075 | $20027 | $26449 |
| **12/31/2023** | $21985 | $22173 | $27852 |
| **1/31/2024** | $21619 | $21593 | $28160 |
| **2/29/2024** | $22831 | $22767 | $29685 |
| **3/31/2024** | $23516 | $23707 | $30642 |
| **4/30/2024** | $21573 | $22119 | $29294 |
| **5/31/2024** | $22579 | $23039 | $30678 |
| **6/30/2024** | $22236 | $22694 | $31628 |
| **7/31/2024** | $23768 | $24380 | $32216 |
| **8/31/2024** | $23791 | $24317 | $32917 |
| **9/30/2024** | $23928 | $24679 | $33598 |
| **10/31/2024** | $23265 | $24450 | $33351 |
| **11/30/2024** | $25346 | $26856 | $35570 |
| **12/31/2024** | $23511 | $24832 | $34483 |
| **1/31/2025** | $24270 | $25713 | $35571 |
| **2/28/2025** | $22764 | $24506 | $34890 |
| **3/31/2025** | $21452 | $22970 | $32854 |
| **4/30/2025** | $20898 | $22496 | $32634 |
| **5/31/2025** | $22210 | $23842 | $34703 |
| **6/30/2025** | $23270 | $24942 | $36466 |
| **7/31/2025** | $23078 | $25424 | $37269 |
| **8/31/2025** | $23596 | $26758 | $38131 |
| **9/30/2025** | $23294 | $27187 | $39447 |

---

# Common Stock Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | (2.65) | 9.59 | 8.82 |
| Russell 2500™ Index | 10.16 | 12.09 | 10.52 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $655323554 |
| # of portfolio holdings | 73 |
| Portfolio turnover rate | 56% |
| Total advisory fees paid | $5377775 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 22.5 |
| Financials | 18.4 |
| Information technology | 17.1 |
| Consumer discretionary | 13.5 |
| Health care | 8.9 |
| Materials | 8.1 |
| Real estate | 5.6 |
| Energy | 2.3 |
| Investment companies | 1.6 |
| Communication services | 1.4 |
| Consumer staples | 0.6 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Marvell Technology, Inc. | 3.0 |
| Teledyne Technologies, Inc. | 2.1 |
| Carlisle Cos., Inc. | 2.0 |
| National Vision Holdings, Inc. | 1.9 |
| Melrose Industries PLC | 1.9 |
| BWX Technologies, Inc. | 1.8 |
| Bio-Rad Laboratories, Inc. Class A | 1.8 |
| Planet Fitness, Inc. Class A | 1.7 |
| Allient, Inc. | 1.7 |
| HealthEquity, Inc. | 1.7 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since October 1, 2024.

On November 13, 2025, Robert Wicentowski, CFA was added as a portfolio manager for the Fund.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR4139 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Managed Account CoreBuilder<sup>®</sup> Shares - Series SP

# September 30, 2025

# APSPX
This annual shareholder report contains important information about Managed Account CoreBuilder<sup>®</sup> Shares - Series SP for the period from December 10, 2024 (commencement of operations) to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-888-877-9275.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Managed Account CoreBuilder<sup>®</sup> Shares - Series SP | $0 | 0.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

The manager has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund. This commitment has an indefinite term. Without this commitment, the costs shown above would have been higher. See the prospectus for expenses excluded from this commitment.

## How did the Fund perform last year and what affected its performance?
Treasury yields were volatile throughout the nine-month period that ended September 30, 2025. After peaking in January 2025, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The U.S. Federal Reserve (Fed) cut rates a total of 25 basis points (bps; 100 bps equal 1.00%) during the period, which ended with markets pricing in two additional cuts to the federal funds rate range by the end of 2025. Credit spreads narrowed and remained subdued for much of the period, near the tightest levels of the past 20 years for many credit sectors.

The no-fee CoreBuilder Shares – Series SP mutual fund is used along with individual bonds to create the Short Plus separately managed account strategy.

Within the Fund, top contributions to performance came from sector allocation—primarily out-of-benchmark sectors, including U.S. and European high yield bonds and European investment-grade bonds. Non-USD exposure to emerging and developed market government bonds produced mixed results. Credit-quality allocations, security selection, and duration and curve management all contributed to returns. Allocations to non-agency mortgage-backed securities detracted.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251c1740d6026ef776.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **CoreBuilder Shares - Series SP** | **Bloomberg U.S. 1-3 Year Government/Credit Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/9/2024** | $10000 | $10000 | $10000 |
| **12/31/2024** | $10029 | $10002 | $9817 |
| **1/31/2025** | $10091 | $10047 | $9869 |
| **2/28/2025** | $10134 | $10118 | $10086 |
| **3/31/2025** | $10153 | $10164 | $10090 |
| **4/30/2025** | $10182 | $10241 | $10129 |
| **5/31/2025** | $10231 | $10228 | $10057 |
| **6/30/2025** | $10302 | $10293 | $10211 |
| **7/31/2025** | $10327 | $10291 | $10184 |
| **8/31/2025** | $10412 | $10381 | $10306 |
| **9/30/2025** | $10462 | $10416 | $10419 |

---

# Managed Account CoreBuilder<sup>®</sup> Shares - Series SP
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | |
|:---|:---|
| AATR | **Since Inception (12/10/24)** |
| CoreBuilder Shares - Series SP | 4.62 |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | 4.16 |
| Bloomberg U.S. Aggregate Bond Index | 4.19 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $26839958 |
| # of portfolio holdings | 142 |
| Portfolio turnover rate | 131% |
| Total advisory fees paid | $0 |

---

## What did the Fund invest in?

### PORTFOLIO COMPOSITION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Non-agency mortgage-backed securities | 25.0 |
| Asset-backed securities | 25.0 |
| U.S. Treasury securities | 19.8 |
| Corporate bonds and notes | 15.4 |
| Foreign government bonds | 4.8 |
| Agency securities | 3.1 |
| Yankee corporate bonds and notes | 3.1 |
| Foreign corporate bonds and notes | 3.0 |
| Yankee government bonds | 0.8 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.75%, 6-30-2027 | 5.9 |
| U.S. Treasury Notes, 4.25%, 11-30-2026 | 5.2 |
| U.S. Treasury Notes, 3.88%, 7-31-2027 | 3.3 |
| U.S. Treasury Notes, 3.63%, 8-31-2027 | 3.0 |
| U.S. Treasury Notes, 3.88%, 3-31-2027 | 2.3 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class C, 6.24%, 2-15-2042 | 1.7 |
| ClickLease Equipment Receivables Trust Series 2024-1 Class C, 8.40%, 2-15-2030 | 1.4 |
| BAHA Trust Series 2024-MAR Class B, 7.07%, 12-10-2041 | 1.4 |
| Avis Budget Rental Car Funding AESOP LLC Series 2023-6A Class A, 5.81%, 12-20-2029 | 1.4 |
| Avant Loans Funding Trust Series 2024-REV1 Class B, 6.17%, 10-15-2033 | 1.3 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since December 10, 2024.

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the appointment of Allspring Global Investments (UK) Limited as an additional sub-adviser for the Fund, effective November 3, 2025. On the same date, Sarah Harrison, became a portfolio manager to the Fund.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR4906 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# September 30, 2025

# Income Plus Fund

# Class A

# WSIAX
This annual shareholder report contains important information about Income Plus Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund consolidated costs for the past year?
The table explains the consolidated costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | CONSOLIDATED COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $73 | 0.71% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
Treasury yields were volatile throughout the 12-month period that ended September 30, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The U.S. Federal Reserve (Fed) cut rates a total of 75 basis points (bps; 100 bps equal 1.00%) during the period, with markets pricing in two more cuts in 2025.

Credit spreads narrowed and remained subdued for much of the period, near the tightest levels in 20 years for many credit sectors. Duration exposure was near the Fund's strategic neutral of 4.0 years before being extended in March 2025 and tactically extended until August 2025. Duration was brought back to the strategic neutral at period-end.

The Fund's credit exposure was higher in quality than the benchmark, and credit exposure was reduced as valuations became more extreme. The portfolio was positioned to benefit from a variety of securitized exposures. The top contributors to performance were duration and curve exposure, sector allocation, credit-quality allocation, and security selection.

The main detractor from performance was an allocation to non-agency collateralized mortgage obligations.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251a0b6d0ae3662241d.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with Load** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $9597 | $10000 |
| **10/31/2015** | $9682 | $10002 |
| **11/30/2015** | $9629 | $9975 |
| **12/31/2015** | $9521 | $9943 |
| **1/31/2016** | $9372 | $10080 |
| **2/29/2016** | $9312 | $10151 |
| **3/31/2016** | $9581 | $10244 |
| **4/30/2016** | $9738 | $10284 |
| **5/31/2016** | $9699 | $10286 |
| **6/30/2016** | $9764 | $10471 |
| **7/31/2016** | $9883 | $10537 |
| **8/31/2016** | $9972 | $10525 |
| **9/30/2016** | $10005 | $10519 |
| **10/31/2016** | $10048 | $10439 |
| **11/30/2016** | $9959 | $10192 |
| **12/31/2016** | $10053 | $10206 |
| **1/31/2017** | $10140 | $10226 |
| **2/28/2017** | $10239 | $10295 |
| **3/31/2017** | $10261 | $10290 |
| **4/30/2017** | $10344 | $10369 |
| **5/31/2017** | $10421 | $10449 |
| **6/30/2017** | $10455 | $10438 |
| **7/31/2017** | $10543 | $10483 |
| **8/31/2017** | $10571 | $10577 |
| **9/30/2017** | $10610 | $10527 |
| **10/31/2017** | $10653 | $10533 |
| **11/30/2017** | $10661 | $10519 |
| **12/31/2017** | $10713 | $10568 |
| **1/31/2018** | $10791 | $10446 |
| **2/28/2018** | $10746 | $10347 |
| **3/31/2018** | $10738 | $10413 |
| **4/30/2018** | $10716 | $10336 |
| **5/31/2018** | $10659 | $10410 |
| **6/30/2018** | $10627 | $10397 |
| **7/31/2018** | $10742 | $10399 |
| **8/31/2018** | $10711 | $10466 |
| **9/30/2018** | $10779 | $10399 |
| **10/31/2018** | $10717 | $10317 |
| **11/30/2018** | $10665 | $10378 |
| **12/31/2018** | $10595 | $10569 |
| **1/31/2019** | $10838 | $10681 |
| **2/28/2019** | $10926 | $10675 |
| **3/31/2019** | $10982 | $10880 |
| **4/30/2019** | $11080 | $10883 |
| **5/31/2019** | $11049 | $11076 |
| **6/30/2019** | $11195 | $11215 |
| **7/31/2019** | $11283 | $11240 |
| **8/31/2019** | $11245 | $11531 |
| **9/30/2019** | $11282 | $11470 |
| **10/31/2019** | $11342 | $11504 |
| **11/30/2019** | $11382 | $11498 |
| **12/31/2019** | $11497 | $11490 |
| **1/31/2020** | $11569 | $11711 |
| **2/29/2020** | $11478 | $11922 |
| **3/31/2020** | $10503 | $11852 |
| **4/30/2020** | $10912 | $12063 |
| **5/31/2020** | $11275 | $12119 |
| **6/30/2020** | $11470 | $12195 |
| **7/31/2020** | $11779 | $12377 |
| **8/31/2020** | $11893 | $12277 |
| **9/30/2020** | $11801 | $12271 |
| **10/31/2020** | $11804 | $12216 |
| **11/30/2020** | $12218 | $12336 |
| **12/31/2020** | $12397 | $12353 |
| **1/31/2021** | $12438 | $12264 |
| **2/28/2021** | $12496 | $12087 |
| **3/31/2021** | $12491 | $11936 |
| **4/30/2021** | $12603 | $12030 |
| **5/31/2021** | $12687 | $12070 |
| **6/30/2021** | $12764 | $12155 |
| **7/31/2021** | $12745 | $12290 |
| **8/31/2021** | $12787 | $12267 |
| **9/30/2021** | $12766 | $12161 |
| **10/31/2021** | $12721 | $12157 |
| **11/30/2021** | $12626 | $12193 |
| **12/31/2021** | $12742 | $12162 |
| **1/31/2022** | $12547 | $11900 |
| **2/28/2022** | $12377 | $11767 |
| **3/31/2022** | $12266 | $11441 |
| **4/30/2022** | $11950 | $11006 |
| **5/31/2022** | $11933 | $11077 |
| **6/30/2022** | $11511 | $10904 |
| **7/31/2022** | $11787 | $11170 |
| **8/31/2022** | $11619 | $10854 |
| **9/30/2022** | $11263 | $10385 |
| **10/31/2022** | $11273 | $10251 |
| **11/30/2022** | $11572 | $10628 |
| **12/31/2022** | $11575 | $10580 |
| **1/31/2023** | $11947 | $10905 |
| **2/28/2023** | $11735 | $10623 |
| **3/31/2023** | $11839 | $10893 |
| **4/30/2023** | $11919 | $10959 |
| **5/31/2023** | $11852 | $10840 |
| **6/30/2023** | $11911 | $10801 |
| **7/31/2023** | $12017 | $10794 |
| **8/31/2023** | $12023 | $10725 |
| **9/30/2023** | $11842 | $10452 |
| **10/31/2023** | $11707 | $10287 |
| **11/30/2023** | $12186 | $10753 |
| **12/31/2023** | $12623 | $11165 |
| **1/31/2024** | $12667 | $11134 |
| **2/29/2024** | $12581 | $10977 |
| **3/31/2024** | $12708 | $11078 |
| **4/30/2024** | $12540 | $10798 |
| **5/31/2024** | $12724 | $10981 |
| **6/30/2024** | $12767 | $11085 |
| **7/31/2024** | $12998 | $11344 |
| **8/31/2024** | $13169 | $11507 |
| **9/30/2024** | $13354 | $11661 |
| **10/31/2024** | $13195 | $11372 |
| **11/30/2024** | $13342 | $11493 |
| **12/31/2024** | $13264 | $11304 |
| **1/31/2025** | $13407 | $11364 |
| **2/28/2025** | $13569 | $11614 |
| **3/31/2025** | $13527 | $11619 |
| **4/30/2025** | $13484 | $11664 |
| **5/31/2025** | $13560 | $11581 |
| **6/30/2025** | $13761 | $11759 |
| **7/31/2025** | $13802 | $11728 |
| **8/31/2025** | $13931 | $11868 |
| **9/30/2025** | $14052 | $11998 |

---

# Income Plus Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 5.35 | 3.55 | 3.89 |
| Class A with Load | 1.07 | 2.72 | 3.46 |
| Bloomberg U.S. Aggregate Bond Index | 2.88 | (0.45) | 1.84 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $213335034 |
| # of portfolio holdings | 416 |
| Consolidated Portfolio turnover rate | 486% |
| Consolidated Total advisory fees paid | $297225 |

---

## What did the Fund invest in?

### CREDIT QUALITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)<sup>Footnote Reference \*</sup>

---

| | |
|:---|:---|
| AAA/Aaa | 2.3 |
| AA/Aa | 48.7 |
| A/A | 9.9 |
| BBB/Baa | 15.0 |
| BB/Ba | 12.6 |
| B/B | 5.7 |
| CCC/Caa and below | 2.4 |
| Not rated | 3.3 |
| Other | 0.1 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The ratings indicated are from Standard & Poor's, Fitch Ratings Ltd., and/or Moody's Investors Service. The percentage of the Fund's portfolio with the ratings depicted in the chart are calculated based on long-term fixed income investments of the Fund. If the security was rated by all three ratings agencies, the middle rating was used. If rated by two out of the three ratings agencies, the lower was used, and if rated by one of the agencies, that rating was used. Credit quality is subject to change and may have changed since the date specified. |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| GNMA, 5.50%, 10-15-2054 | 9.0 |
| FNMA, 5.00%, 10-14-2055 | 7.1 |
| U.S. Treasury Notes, 3.63%, 8-31-2027 | 6.9 |
| FNMA, 6.00%, 10-15-2054 | 5.9 |
| GNMA, 6.00%, 10-15-2054 | 5.6 |
| U.S. Treasury Notes, 4.13%, 2-28-2027 | 4.6 |
| U.S. Treasury Notes, 3.75%, 6-30-2027 | 3.8 |
| U.K. Gilts, 3.75%, 3-7-2027 | 2.5 |
| FHLMC, 5.50%, 10-1-2054 | 2.2 |
| U.S. Treasury Notes, 4.13%, 10-31-2026 | 2.0 |

---

### PORTFOLIO COMPOSITION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Agency securities | 28.3 |
| Corporate bonds and notes | 18.9 |
| U.S. Treasury securities | 15.3 |
| Foreign government bonds | 10.4 |
| Foreign corporate bonds and notes | 9.1 |
| Yankee corporate bonds and notes | 7.8 |
| Asset-backed securities | 5.7 |
| Non-agency mortgage-backed securities | 2.0 |
| Yankee government bonds | 1.5 |
| Loans | 0.5 |
| Investment companies | 0.4 |
| Common stocks | 0.1 |

---

Significant fund changes

This is a summary of certain changes and planned changes to the Fund since October 1, 2024.

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the appointment of Allspring Global Investments (UK) Limited as an additional sub-adviser for the Fund, effective November 3, 2025. On the same date, Sarah Harrison, became a portfolio manager to the Fund.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3365 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# September 30, 2025

# Income Plus Fund

# Class C

# WSICX
This annual shareholder report contains important information about Income Plus Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund consolidated costs for the past year?
The table explains the consolidated costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | CONSOLIDATED COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $149 | 1.46% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
Treasury yields were volatile throughout the 12-month period that ended September 30, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The U.S. Federal Reserve (Fed) cut rates a total of 75 basis points (bps; 100 bps equal 1.00%) during the period, with markets pricing in two more cuts in 2025.

Credit spreads narrowed and remained subdued for much of the period, near the tightest levels in 20 years for many credit sectors. Duration exposure was near the Fund's strategic neutral of 4.0 years before being extended in March 2025 and tactically extended until August 2025. Duration was brought back to the strategic neutral at period-end.

The Fund's credit exposure was higher in quality than the benchmark, and credit exposure was reduced as valuations became more extreme. The portfolio was positioned to benefit from a variety of securitized exposures. The top contributors to performance were duration and curve exposure, sector allocation, credit-quality allocation, and security selection.

The main detractor from performance was an allocation to non-agency collateralized mortgage obligations.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251ff0e6da5955.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with Load** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 |
| **10/31/2015** | $10078 | $10002 |
| **11/30/2015** | $10011 | $9975 |
| **12/31/2015** | $9897 | $9943 |
| **1/31/2016** | $9730 | $10080 |
| **2/29/2016** | $9674 | $10151 |
| **3/31/2016** | $9942 | $10244 |
| **4/30/2016** | $10107 | $10284 |
| **5/31/2016** | $10060 | $10286 |
| **6/30/2016** | $10110 | $10471 |
| **7/31/2016** | $10234 | $10537 |
| **8/31/2016** | $10313 | $10525 |
| **9/30/2016** | $10347 | $10519 |
| **10/31/2016** | $10380 | $10439 |
| **11/30/2016** | $10279 | $10192 |
| **12/31/2016** | $10378 | $10206 |
| **1/31/2017** | $10457 | $10226 |
| **2/28/2017** | $10559 | $10295 |
| **3/31/2017** | $10571 | $10290 |
| **4/30/2017** | $10650 | $10369 |
| **5/31/2017** | $10729 | $10449 |
| **6/30/2017** | $10754 | $10438 |
| **7/31/2017** | $10834 | $10483 |
| **8/31/2017** | $10863 | $10577 |
| **9/30/2017** | $10885 | $10527 |
| **10/31/2017** | $10922 | $10533 |
| **11/30/2017** | $10935 | $10519 |
| **12/31/2017** | $10968 | $10568 |
| **1/31/2018** | $11049 | $10446 |
| **2/28/2018** | $10991 | $10347 |
| **3/31/2018** | $10991 | $10413 |
| **4/30/2018** | $10952 | $10336 |
| **5/31/2018** | $10886 | $10410 |
| **6/30/2018** | $10847 | $10397 |
| **7/31/2018** | $10956 | $10399 |
| **8/31/2018** | $10929 | $10466 |
| **9/30/2018** | $10980 | $10399 |
| **10/31/2018** | $10909 | $10317 |
| **11/30/2018** | $10861 | $10378 |
| **12/31/2018** | $10782 | $10569 |
| **1/31/2019** | $11031 | $10681 |
| **2/28/2019** | $11106 | $10675 |
| **3/31/2019** | $11157 | $10880 |
| **4/30/2019** | $11250 | $10883 |
| **5/31/2019** | $11200 | $11076 |
| **6/30/2019** | $11352 | $11215 |
| **7/31/2019** | $11422 | $11240 |
| **8/31/2019** | $11376 | $11531 |
| **9/30/2019** | $11420 | $11470 |
| **10/31/2019** | $11462 | $11504 |
| **11/30/2019** | $11495 | $11498 |
| **12/31/2019** | $11600 | $11490 |
| **1/31/2020** | $11669 | $11711 |
| **2/29/2020** | $11572 | $11922 |
| **3/31/2020** | $10587 | $11852 |
| **4/30/2020** | $10988 | $12063 |
| **5/31/2020** | $11341 | $12119 |
| **6/30/2020** | $11542 | $12195 |
| **7/31/2020** | $11834 | $12377 |
| **8/31/2020** | $12028 | $12277 |
| **9/30/2020** | $11927 | $12271 |
| **10/31/2020** | $11922 | $12216 |
| **11/30/2020** | $12330 | $12336 |
| **12/31/2020** | $12510 | $12353 |
| **1/31/2021** | $12537 | $12264 |
| **2/28/2021** | $12588 | $12087 |
| **3/31/2021** | $12576 | $11936 |
| **4/30/2021** | $12680 | $12030 |
| **5/31/2021** | $12758 | $12070 |
| **6/30/2021** | $12826 | $12155 |
| **7/31/2021** | $12799 | $12290 |
| **8/31/2021** | $12833 | $12267 |
| **9/30/2021** | $12805 | $12161 |
| **10/31/2021** | $12751 | $12157 |
| **11/30/2021** | $12649 | $12193 |
| **12/31/2021** | $12763 | $12162 |
| **1/31/2022** | $12552 | $11900 |
| **2/28/2022** | $12389 | $11767 |
| **3/31/2022** | $12258 | $11441 |
| **4/30/2022** | $11941 | $11006 |
| **5/31/2022** | $11915 | $11077 |
| **6/30/2022** | $11489 | $10904 |
| **7/31/2022** | $11768 | $11170 |
| **8/31/2022** | $11593 | $10854 |
| **9/30/2022** | $11220 | $10385 |
| **10/31/2022** | $11223 | $10251 |
| **11/30/2022** | $11526 | $10628 |
| **12/31/2022** | $11519 | $10580 |
| **1/31/2023** | $11883 | $10905 |
| **2/28/2023** | $11667 | $10623 |
| **3/31/2023** | $11761 | $10893 |
| **4/30/2023** | $11833 | $10959 |
| **5/31/2023** | $11760 | $10840 |
| **6/30/2023** | $11810 | $10801 |
| **7/31/2023** | $11907 | $10794 |
| **8/31/2023** | $11906 | $10725 |
| **9/30/2023** | $11719 | $10452 |
| **10/31/2023** | $11586 | $10287 |
| **11/30/2023** | $12059 | $10753 |
| **12/31/2023** | $12492 | $11165 |
| **1/31/2024** | $12536 | $11134 |
| **2/29/2024** | $12451 | $10977 |
| **3/31/2024** | $12576 | $11078 |
| **4/30/2024** | $12410 | $10798 |
| **5/31/2024** | $12592 | $10981 |
| **6/30/2024** | $12634 | $11085 |
| **7/31/2024** | $12863 | $11344 |
| **8/31/2024** | $13033 | $11507 |
| **9/30/2024** | $13215 | $11661 |
| **10/31/2024** | $13058 | $11372 |
| **11/30/2024** | $13204 | $11493 |
| **12/31/2024** | $13126 | $11304 |
| **1/31/2025** | $13268 | $11364 |
| **2/28/2025** | $13428 | $11614 |
| **3/31/2025** | $13387 | $11619 |
| **4/30/2025** | $13344 | $11664 |
| **5/31/2025** | $13419 | $11581 |
| **6/30/2025** | $13618 | $11759 |
| **7/31/2025** | $13659 | $11728 |
| **8/31/2025** | $13787 | $11868 |
| **9/30/2025** | $13907 | $11998 |

---

# Income Plus Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 4.53 | 2.81 | 3.35 |
| Class C with Load | 3.53 | 2.81 | 3.35 |
| Bloomberg U.S. Aggregate Bond Index | 2.88 | (0.45) | 1.84 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $213335034 |
| # of portfolio holdings | 416 |
| Consolidated Portfolio turnover rate | 486% |
| Consolidated Total advisory fees paid | $297225 |

---

## What did the Fund invest in?

### CREDIT QUALITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)<sup>Footnote Reference \*</sup>

---

| | |
|:---|:---|
| AAA/Aaa | 2.3 |
| AA/Aa | 48.7 |
| A/A | 9.9 |
| BBB/Baa | 15.0 |
| BB/Ba | 12.6 |
| B/B | 5.7 |
| CCC/Caa and below | 2.4 |
| Not rated | 3.3 |
| Other | 0.1 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The ratings indicated are from Standard & Poor's, Fitch Ratings Ltd., and/or Moody's Investors Service. The percentage of the Fund's portfolio with the ratings depicted in the chart are calculated based on long-term fixed income investments of the Fund. If the security was rated by all three ratings agencies, the middle rating was used. If rated by two out of the three ratings agencies, the lower was used, and if rated by one of the agencies, that rating was used. Credit quality is subject to change and may have changed since the date specified. |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| GNMA, 5.50%, 10-15-2054 | 9.0 |
| FNMA, 5.00%, 10-14-2055 | 7.1 |
| U.S. Treasury Notes, 3.63%, 8-31-2027 | 6.9 |
| FNMA, 6.00%, 10-15-2054 | 5.9 |
| GNMA, 6.00%, 10-15-2054 | 5.6 |
| U.S. Treasury Notes, 4.13%, 2-28-2027 | 4.6 |
| U.S. Treasury Notes, 3.75%, 6-30-2027 | 3.8 |
| U.K. Gilts, 3.75%, 3-7-2027 | 2.5 |
| FHLMC, 5.50%, 10-1-2054 | 2.2 |
| U.S. Treasury Notes, 4.13%, 10-31-2026 | 2.0 |

---

### PORTFOLIO COMPOSITION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Agency securities | 28.3 |
| Corporate bonds and notes | 18.9 |
| U.S. Treasury securities | 15.3 |
| Foreign government bonds | 10.4 |
| Foreign corporate bonds and notes | 9.1 |
| Yankee corporate bonds and notes | 7.8 |
| Asset-backed securities | 5.7 |
| Non-agency mortgage-backed securities | 2.0 |
| Yankee government bonds | 1.5 |
| Loans | 0.5 |
| Investment companies | 0.4 |
| Common stocks | 0.1 |

---

Significant fund changes

This is a summary of certain changes and planned changes to the Fund since October 1, 2024.

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the appointment of Allspring Global Investments (UK) Limited as an additional sub-adviser for the Fund, effective November 3, 2025. On the same date, Sarah Harrison, became a portfolio manager to the Fund.

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on or about the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C was closed to new investors and additional investments from existing shareholders.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3557 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# September 30, 2025

# Income Plus Fund

# Institutional Class

# WSINX
This annual shareholder report contains important information about Income Plus Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund consolidated costs for the past year?
The table explains the consolidated costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | CONSOLIDATED COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $40 | 0.39% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
Treasury yields were volatile throughout the 12-month period that ended September 30, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The U.S. Federal Reserve (Fed) cut rates a total of 75 basis points (bps; 100 bps equal 1.00%) during the period, with markets pricing in two more cuts in 2025.

Credit spreads narrowed and remained subdued for much of the period, near the tightest levels in 20 years for many credit sectors. Duration exposure was near the Fund's strategic neutral of 4.0 years before being extended in March 2025 and tactically extended until August 2025. Duration was brought back to the strategic neutral at period-end.

The Fund's credit exposure was higher in quality than the benchmark, and credit exposure was reduced as valuations became more extreme. The portfolio was positioned to benefit from a variety of securitized exposures. The top contributors to performance were duration and curve exposure, sector allocation, credit-quality allocation, and security selection.

The main detractor from performance was an allocation to non-agency collateralized mortgage obligations.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251a6f28f8cb3ab7f5.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 |
| **10/31/2015** | $10088 | $10002 |
| **11/30/2015** | $10033 | $9975 |
| **12/31/2015** | $9927 | $9943 |
| **1/31/2016** | $9771 | $10080 |
| **2/29/2016** | $9709 | $10151 |
| **3/31/2016** | $9991 | $10244 |
| **4/30/2016** | $10168 | $10284 |
| **5/31/2016** | $10130 | $10286 |
| **6/30/2016** | $10190 | $10471 |
| **7/31/2016** | $10325 | $10537 |
| **8/31/2016** | $10412 | $10525 |
| **9/30/2016** | $10446 | $10519 |
| **10/31/2016** | $10492 | $10439 |
| **11/30/2016** | $10403 | $10192 |
| **12/31/2016** | $10517 | $10206 |
| **1/31/2017** | $10597 | $10226 |
| **2/28/2017** | $10711 | $10295 |
| **3/31/2017** | $10734 | $10290 |
| **4/30/2017** | $10833 | $10369 |
| **5/31/2017** | $10917 | $10449 |
| **6/30/2017** | $10955 | $10438 |
| **7/31/2017** | $11048 | $10483 |
| **8/31/2017** | $11085 | $10577 |
| **9/30/2017** | $11118 | $10527 |
| **10/31/2017** | $11166 | $10533 |
| **11/30/2017** | $11189 | $10519 |
| **12/31/2017** | $11236 | $10568 |
| **1/31/2018** | $11318 | $10446 |
| **2/28/2018** | $11283 | $10347 |
| **3/31/2018** | $11282 | $10413 |
| **4/30/2018** | $11263 | $10336 |
| **5/31/2018** | $11194 | $10410 |
| **6/30/2018** | $11164 | $10397 |
| **7/31/2018** | $11287 | $10399 |
| **8/31/2018** | $11270 | $10466 |
| **9/30/2018** | $11333 | $10399 |
| **10/31/2018** | $11270 | $10317 |
| **11/30/2018** | $11231 | $10378 |
| **12/31/2018** | $11162 | $10569 |
| **1/31/2019** | $11419 | $10681 |
| **2/28/2019** | $11503 | $10675 |
| **3/31/2019** | $11566 | $10880 |
| **4/30/2019** | $11672 | $10883 |
| **5/31/2019** | $11642 | $11076 |
| **6/30/2019** | $11799 | $11215 |
| **7/31/2019** | $11895 | $11240 |
| **8/31/2019** | $11857 | $11531 |
| **9/30/2019** | $11899 | $11470 |
| **10/31/2019** | $11967 | $11504 |
| **11/30/2019** | $12012 | $11498 |
| **12/31/2019** | $12127 | $11490 |
| **1/31/2020** | $12205 | $11711 |
| **2/29/2020** | $12124 | $11922 |
| **3/31/2020** | $11106 | $11852 |
| **4/30/2020** | $11526 | $12063 |
| **5/31/2020** | $11906 | $12119 |
| **6/30/2020** | $12129 | $12195 |
| **7/31/2020** | $12447 | $12377 |
| **8/31/2020** | $12584 | $12277 |
| **9/30/2020** | $12489 | $12271 |
| **10/31/2020** | $12483 | $12216 |
| **11/30/2020** | $12925 | $12336 |
| **12/31/2020** | $13134 | $12353 |
| **1/31/2021** | $13166 | $12264 |
| **2/28/2021** | $13230 | $12087 |
| **3/31/2021** | $13228 | $11936 |
| **4/30/2021** | $13365 | $12030 |
| **5/31/2021** | $13457 | $12070 |
| **6/30/2021** | $13529 | $12155 |
| **7/31/2021** | $13513 | $12290 |
| **8/31/2021** | $13561 | $12267 |
| **9/30/2021** | $13542 | $12161 |
| **10/31/2021** | $13496 | $12157 |
| **11/30/2021** | $13399 | $12193 |
| **12/31/2021** | $13539 | $12162 |
| **1/31/2022** | $13320 | $11900 |
| **2/28/2022** | $13156 | $11767 |
| **3/31/2022** | $13027 | $11441 |
| **4/30/2022** | $12695 | $11006 |
| **5/31/2022** | $12694 | $11077 |
| **6/30/2022** | $12234 | $10904 |
| **7/31/2022** | $12545 | $11170 |
| **8/31/2022** | $12370 | $10854 |
| **9/30/2022** | $11980 | $10385 |
| **10/31/2022** | $11994 | $10251 |
| **11/30/2022** | $12316 | $10628 |
| **12/31/2022** | $12325 | $10580 |
| **1/31/2023** | $12724 | $10905 |
| **2/28/2023** | $12501 | $10623 |
| **3/31/2023** | $12616 | $10893 |
| **4/30/2023** | $12704 | $10959 |
| **5/31/2023** | $12650 | $10840 |
| **6/30/2023** | $12702 | $10801 |
| **7/31/2023** | $12819 | $10794 |
| **8/31/2023** | $12829 | $10725 |
| **9/30/2023** | $12639 | $10452 |
| **10/31/2023** | $12498 | $10287 |
| **11/30/2023** | $13013 | $10753 |
| **12/31/2023** | $13486 | $11165 |
| **1/31/2024** | $13536 | $11134 |
| **2/29/2024** | $13447 | $10977 |
| **3/31/2024** | $13588 | $11078 |
| **4/30/2024** | $13411 | $10798 |
| **5/31/2024** | $13613 | $10981 |
| **6/30/2024** | $13662 | $11085 |
| **7/31/2024** | $13913 | $11344 |
| **8/31/2024** | $14101 | $11507 |
| **9/30/2024** | $14287 | $11661 |
| **10/31/2024** | $14136 | $11372 |
| **11/30/2024** | $14298 | $11493 |
| **12/31/2024** | $14218 | $11304 |
| **1/31/2025** | $14375 | $11364 |
| **2/28/2025** | $14553 | $11614 |
| **3/31/2025** | $14496 | $11619 |
| **4/30/2025** | $14469 | $11664 |
| **5/31/2025** | $14539 | $11581 |
| **6/30/2025** | $14758 | $11759 |
| **7/31/2025** | $14824 | $11728 |
| **8/31/2025** | $14967 | $11868 |
| **9/30/2025** | $15085 | $11998 |

---

# Income Plus Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 5.58 | 3.85 | 4.2 |
| Bloomberg U.S. Aggregate Bond Index | 2.88 | (0.45) | 1.84 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $213335034 |
| # of portfolio holdings | 416 |
| Consolidated Portfolio turnover rate | 486% |
| Consolidated Total advisory fees paid | $297225 |

---

## What did the Fund invest in?

### CREDIT QUALITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)<sup>Footnote Reference \*</sup>

---

| | |
|:---|:---|
| AAA/Aaa | 2.3 |
| AA/Aa | 48.7 |
| A/A | 9.9 |
| BBB/Baa | 15.0 |
| BB/Ba | 12.6 |
| B/B | 5.7 |
| CCC/Caa and below | 2.4 |
| Not rated | 3.3 |
| Other | 0.1 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The ratings indicated are from Standard & Poor's, Fitch Ratings Ltd., and/or Moody's Investors Service. The percentage of the Fund's portfolio with the ratings depicted in the chart are calculated based on long-term fixed income investments of the Fund. If the security was rated by all three ratings agencies, the middle rating was used. If rated by two out of the three ratings agencies, the lower was used, and if rated by one of the agencies, that rating was used. Credit quality is subject to change and may have changed since the date specified. |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| GNMA, 5.50%, 10-15-2054 | 9.0 |
| FNMA, 5.00%, 10-14-2055 | 7.1 |
| U.S. Treasury Notes, 3.63%, 8-31-2027 | 6.9 |
| FNMA, 6.00%, 10-15-2054 | 5.9 |
| GNMA, 6.00%, 10-15-2054 | 5.6 |
| U.S. Treasury Notes, 4.13%, 2-28-2027 | 4.6 |
| U.S. Treasury Notes, 3.75%, 6-30-2027 | 3.8 |
| U.K. Gilts, 3.75%, 3-7-2027 | 2.5 |
| FHLMC, 5.50%, 10-1-2054 | 2.2 |
| U.S. Treasury Notes, 4.13%, 10-31-2026 | 2.0 |

---

### PORTFOLIO COMPOSITION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Agency securities | 28.3 |
| Corporate bonds and notes | 18.9 |
| U.S. Treasury securities | 15.3 |
| Foreign government bonds | 10.4 |
| Foreign corporate bonds and notes | 9.1 |
| Yankee corporate bonds and notes | 7.8 |
| Asset-backed securities | 5.7 |
| Non-agency mortgage-backed securities | 2.0 |
| Yankee government bonds | 1.5 |
| Loans | 0.5 |
| Investment companies | 0.4 |
| Common stocks | 0.1 |

---

Significant fund changes

This is a summary of certain changes and planned changes to the Fund since October 1, 2024.

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the appointment of Allspring Global Investments (UK) Limited as an additional sub-adviser for the Fund, effective November 3, 2025. On the same date, Sarah Harrison, became a portfolio manager to the Fund.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3173 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Index Asset Allocation Fund

# September 30, 2025

# Administrator Class

# WFAIX
This annual shareholder report contains important information about Index Asset Allocation Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $94 | 0.90% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
Over the trailing 12 months, equity and fixed income markets benefited from steady growth and moderating inflation, along with expectations of Federal Reserve rate cuts. U.S. consumer spending held firm amid resilient labor market conditions and solid household balance sheets. The neutral allocation has 60% of the Fund's assets invested in the S&P 500 Index, which posted a 17.60% return. The stock market was led by communication services stocks (+35.55%), but the rally was broad based as 8 of the 11 index sectors posted positive returns. The neutral allocation has 40% of the Fund's assets invested in the Bloomberg U.S. Treasury Index, which posted a 2.06% gain for the period. The Fund's Tactical Asset Allocation (TAA) activity was the largest detractor from relative performance. Our TAA activity featured an underweight to stocks during the tariff relief rally and an overweight to bonds while yields rose. At period-end, the Fund's effective exposure was 70.9% stocks, 43.4% bonds, and -14.3% cash versus the benchmark allocation of 60% stock and 40% bonds. Over the period, the TAA activity detracted around 107 basis points (bps; 100 bps equal 1.00%) to relative performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251c4447bb24ef613578a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Administrator Class** | **Index Asset Allocation Blended Index** | **Russell 3000<sup>®</sup> Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10487 | $10491 | $10790 | $10002 |
| **11/30/2015** | $10487 | $10493 | $10850 | $9975 |
| **12/31/2015** | $10376 | $10387 | $10627 | $9943 |
| **1/31/2016** | $10133 | $10166 | $10027 | $10080 |
| **2/29/2016** | $10129 | $10194 | $10024 | $10151 |
| **3/31/2016** | $10576 | $10615 | $10730 | $10244 |
| **4/30/2016** | $10591 | $10636 | $10796 | $10284 |
| **5/31/2016** | $10694 | $10750 | $10990 | $10286 |
| **6/30/2016** | $10754 | $10862 | $11012 | $10471 |
| **7/31/2016** | $10995 | $11120 | $11449 | $10537 |
| **8/31/2016** | $10987 | $11105 | $11478 | $10525 |
| **9/30/2016** | $10991 | $11100 | $11496 | $10519 |
| **10/31/2016** | $10858 | $10930 | $11248 | $10439 |
| **11/30/2016** | $11054 | $11056 | $11751 | $10192 |
| **12/31/2016** | $11181 | $11182 | $11980 | $10206 |
| **1/31/2017** | $11312 | $11320 | $12206 | $10226 |
| **2/28/2017** | $11590 | $11612 | $12660 | $10295 |
| **3/31/2017** | $11592 | $11618 | $12668 | $10290 |
| **4/30/2017** | $11671 | $11722 | $12803 | $10369 |
| **5/31/2017** | $11773 | $11851 | $12934 | $10449 |
| **6/30/2017** | $11808 | $11888 | $13050 | $10438 |
| **7/31/2017** | $11951 | $12042 | $13296 | $10483 |
| **8/31/2017** | $11985 | $12117 | $13322 | $10577 |
| **9/30/2017** | $12112 | $12225 | $13647 | $10527 |
| **10/31/2017** | $12268 | $12390 | $13945 | $10533 |
| **11/30/2017** | $12487 | $12612 | $14368 | $10519 |
| **12/31/2017** | $12568 | $12711 | $14512 | $10568 |
| **1/31/2018** | $12965 | $13079 | $15277 | $10446 |
| **2/28/2018** | $12640 | $12750 | $14714 | $10347 |
| **3/31/2018** | $12438 | $12604 | $14418 | $10413 |
| **4/30/2018** | $12438 | $12592 | $14473 | $10336 |
| **5/31/2018** | $12668 | $12819 | $14882 | $10410 |
| **6/30/2018** | $12721 | $12868 | $14979 | $10397 |
| **7/31/2018** | $13012 | $13133 | $15476 | $10399 |
| **8/31/2018** | $13319 | $13430 | $16020 | $10466 |
| **9/30/2018** | $13316 | $13426 | $16046 | $10399 |
| **10/31/2018** | $12697 | $12850 | $14865 | $10317 |
| **11/30/2018** | $12909 | $13053 | $15162 | $10378 |
| **12/31/2018** | $12235 | $12458 | $13751 | $10569 |
| **1/31/2019** | $12918 | $13080 | $14931 | $10681 |
| **2/28/2019** | $13140 | $13318 | $15457 | $10675 |
| **3/31/2019** | $13385 | $13575 | $15682 | $10880 |
| **4/30/2019** | $13668 | $13890 | $16309 | $10883 |
| **5/31/2019** | $13298 | $13491 | $15253 | $11076 |
| **6/30/2019** | $13852 | $14111 | $16325 | $11215 |
| **7/31/2019** | $13956 | $14226 | $16567 | $11240 |
| **8/31/2019** | $14000 | $14284 | $16229 | $11531 |
| **9/30/2019** | $14080 | $14396 | $16514 | $11470 |
| **10/31/2019** | $14228 | $14587 | $16870 | $11504 |
| **11/30/2019** | $14497 | $14887 | $17511 | $11498 |
| **12/31/2019** | $14703 | $15124 | $18017 | $11490 |
| **1/31/2020** | $14865 | $15268 | $17997 | $11711 |
| **2/29/2020** | $14279 | $14676 | $16523 | $11922 |
| **3/31/2020** | $13458 | $13758 | $14251 | $11852 |
| **4/30/2020** | $14540 | $14851 | $16139 | $12063 |
| **5/31/2020** | $14969 | $15260 | $17002 | $12119 |
| **6/30/2020** | $15161 | $15448 | $17390 | $12195 |
| **7/31/2020** | $15750 | $16041 | $18378 | $12377 |
| **8/31/2020** | $16364 | $16663 | $19709 | $12277 |
| **9/30/2020** | $15947 | $16292 | $18992 | $12271 |
| **10/31/2020** | $15664 | $15971 | $18582 | $12216 |
| **11/30/2020** | $16734 | $17042 | $20842 | $12336 |
| **12/31/2020** | $17121 | $17420 | $21780 | $12353 |
| **1/31/2021** | $16917 | $17247 | $21683 | $12264 |
| **2/28/2021** | $17108 | $17408 | $22361 | $12087 |
| **3/31/2021** | $17481 | $17758 | $23162 | $11936 |
| **4/30/2021** | $18138 | $18380 | $24356 | $12030 |
| **5/31/2021** | $18222 | $18482 | $24467 | $12070 |
| **6/30/2021** | $18544 | $18788 | $25071 | $12155 |
| **7/31/2021** | $18905 | $19158 | $25495 | $12290 |
| **8/31/2021** | $19265 | $19494 | $26222 | $12267 |
| **9/30/2021** | $18561 | $18866 | $25045 | $12161 |
| **10/31/2021** | $19388 | $19654 | $26739 | $12157 |
| **11/30/2021** | $19345 | $19632 | $26332 | $12193 |
| **12/31/2021** | $19860 | $20120 | $27369 | $12162 |
| **1/31/2022** | $19023 | $19343 | $25759 | $11900 |
| **2/28/2022** | $18591 | $18944 | $25110 | $11767 |
| **3/31/2022** | $18749 | $19130 | $25924 | $11441 |
| **4/30/2022** | $17471 | $17892 | $23598 | $11006 |
| **5/31/2022** | $17502 | $17925 | $23566 | $11077 |
| **6/30/2022** | $16593 | $16974 | $21595 | $10904 |
| **7/31/2022** | $17586 | $18021 | $23621 | $11170 |
| **8/31/2022** | $16958 | $17402 | $22739 | $10854 |
| **9/30/2022** | $15821 | $16200 | $20630 | $10385 |
| **10/31/2022** | $16477 | $16896 | $22322 | $10251 |
| **11/30/2022** | $17192 | $17644 | $23487 | $10628 |
| **12/31/2022** | $16509 | $16997 | $22112 | $10580 |
| **1/31/2023** | $17308 | $17808 | $23635 | $10905 |
| **2/28/2023** | $16821 | $17381 | $23083 | $10623 |
| **3/31/2023** | $17398 | $17965 | $23700 | $10893 |
| **4/30/2023** | $17588 | $18172 | $23952 | $10959 |
| **5/31/2023** | $17540 | $18135 | $24046 | $10840 |
| **6/30/2023** | $18169 | $18799 | $25688 | $10801 |
| **7/31/2023** | $18488 | $19135 | $26608 | $10794 |
| **8/31/2023** | $18255 | $18913 | $26095 | $10725 |
| **9/30/2023** | $17499 | $18205 | $24852 | $10452 |
| **10/31/2023** | $17132 | $17887 | $24193 | $10287 |
| **11/30/2023** | $18452 | $19116 | $26449 | $10753 |
| **12/31/2023** | $19284 | $19894 | $27852 | $11165 |
| **1/31/2024** | $19468 | $20072 | $28160 | $11134 |
| **2/29/2024** | $19988 | $20610 | $29685 | $10977 |
| **3/31/2024** | $20437 | $21061 | $30642 | $11078 |
| **4/30/2024** | $19649 | $20348 | $29294 | $10798 |
| **5/31/2024** | $20417 | $21072 | $30678 | $10981 |
| **6/30/2024** | $20989 | $21611 | $31628 | $11085 |
| **7/31/2024** | $21333 | $21958 | $32216 | $11344 |
| **8/31/2024** | $21795 | $22390 | $32917 | $11507 |
| **9/30/2024** | $22214 | $22785 | $33598 | $11661 |
| **10/31/2024** | $21818 | $22444 | $33351 | $11372 |
| **11/30/2024** | $22759 | $23304 | $35570 | $11493 |
| **12/31/2024** | $22161 | $22827 | $34483 | $11304 |
| **1/31/2025** | $22483 | $23256 | $35571 | $11364 |
| **2/28/2025** | $22494 | $23274 | $34890 | $11614 |
| **3/31/2025** | $21694 | $22509 | $32854 | $11619 |
| **4/30/2025** | $21555 | $22474 | $32634 | $11664 |
| **5/31/2025** | $22218 | $23230 | $34703 | $11581 |
| **6/30/2025** | $22981 | $24056 | $36466 | $11759 |
| **7/31/2025** | $23264 | $24342 | $37269 | $11728 |
| **8/31/2025** | $23639 | $24741 | $38131 | $11868 |
| **9/30/2025** | $24282 | $25366 | $39447 | $11998 |

---

# Index Asset Allocation Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 9.31 | 8.77 | 9.28 |
| Index Asset Allocation Blended Index<sup>Footnote Reference\*</sup> | 11.33 | 9.26 | 9.76 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |
| Bloomberg U.S. Aggregate Bond Index | 2.88 | (0.45) | 1.84 |

---

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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. Index Asset Allocation Blended Index is composed 60% of the S&P 500 Index and 40% of the Bloomberg U.S. Treasury Index. Prior to April 1, 2015, the Index Asset Allocation Blended Index was composed 60% of the S&P 500 Index and 40% of the Bloomberg U.S. Treasury 20+ Year Index. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1282665843 |
| # of portfolio holdings | 617 |
| Portfolio turnover rate | 19% |
| Total advisory fees paid | $7647158 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | | |
|:---|:---|:---|
| Fund | Neutral Allocation | Effective Allocation |
| Stock Funds | 60.0 | 70.9 |
| Bond Funds | 40.0 | 43.4 |
| Effective Cash | 0.0 | (14.3) |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| NVIDIA Corp. | 4.8 |
| Microsoft Corp. | 4.0 |
| Apple, Inc. | 4.0 |
| Amazon.com, Inc. | 2.2 |
| U.S. Treasury Notes, 0.88%, 9-30-2026 | 1.8 |
| U.S. Treasury Notes, 1.38%, 10-31-2028 | 1.7 |
| Meta Platforms, Inc. Class A | 1.7 |
| U.S. Treasury Bonds, 6.13%, 8-15-2029 | 1.6 |
| Broadcom, Inc. | 1.6 |
| U.S. Treasury Notes, 1.38%, 11-15-2031 | 1.6 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since October 1, 2024.

Effective August 21, 2025, Randy Rennicke, CFA, became a portfolio manager of the Fund. Effective September 1, 2025, Travis Keshemberg, CFA, CIPM, FRM, was no longer a portfolio manager of the Fund.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR0461 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Index Asset Allocation Fund

# September 30, 2025

# Class A

# SFAAX
This annual shareholder report contains important information about Index Asset Allocation Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $111 | 1.06% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
Over the trailing 12 months, equity and fixed income markets benefited from steady growth and moderating inflation, along with expectations of Federal Reserve rate cuts. U.S. consumer spending held firm amid resilient labor market conditions and solid household balance sheets. The neutral allocation has 60% of the Fund's assets invested in the S&P 500 Index, which posted a 17.60% return. The stock market was led by communication services stocks (+35.55%), but the rally was broad based as 8 of the 11 index sectors posted positive returns. The neutral allocation has 40% of the Fund's assets invested in the Bloomberg U.S. Treasury Index, which posted a 2.06% gain for the period. The Fund's Tactical Asset Allocation (TAA) activity was the largest detractor from relative performance. Our TAA activity featured an underweight to stocks during the tariff relief rally and an overweight to bonds while yields rose. At period-end, the Fund's effective exposure was 70.9% stocks, 43.4% bonds, and -14.3% cash versus the benchmark allocation of 60% stock and 40% bonds. Over the period, the TAA activity detracted around 107 basis points (bps; 100 bps equal 1.00%) to relative performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251c1ae5a77059f7.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Load** | **Index Asset Allocation Blended Index** | **Russell 3000<sup>®</sup> Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $9426 | $10000 | $10000 | $10000 |
| **10/31/2015** | $9882 | $10491 | $10790 | $10002 |
| **11/30/2015** | $9879 | $10493 | $10850 | $9975 |
| **12/31/2015** | $9777 | $10387 | $10627 | $9943 |
| **1/31/2016** | $9544 | $10166 | $10027 | $10080 |
| **2/29/2016** | $9537 | $10194 | $10024 | $10151 |
| **3/31/2016** | $9957 | $10615 | $10730 | $10244 |
| **4/30/2016** | $9971 | $10636 | $10796 | $10284 |
| **5/31/2016** | $10065 | $10750 | $10990 | $10286 |
| **6/30/2016** | $10118 | $10862 | $11012 | $10471 |
| **7/31/2016** | $10345 | $11120 | $11449 | $10537 |
| **8/31/2016** | $10335 | $11105 | $11478 | $10525 |
| **9/30/2016** | $10338 | $11100 | $11496 | $10519 |
| **10/31/2016** | $10209 | $10930 | $11248 | $10439 |
| **11/30/2016** | $10394 | $11056 | $11751 | $10192 |
| **12/31/2016** | $10510 | $11182 | $11980 | $10206 |
| **1/31/2017** | $10633 | $11320 | $12206 | $10226 |
| **2/28/2017** | $10892 | $11612 | $12660 | $10295 |
| **3/31/2017** | $10892 | $11618 | $12668 | $10290 |
| **4/30/2017** | $10967 | $11722 | $12803 | $10369 |
| **5/31/2017** | $11062 | $11851 | $12934 | $10449 |
| **6/30/2017** | $11093 | $11888 | $13050 | $10438 |
| **7/31/2017** | $11224 | $12042 | $13296 | $10483 |
| **8/31/2017** | $11256 | $12117 | $13322 | $10577 |
| **9/30/2017** | $11370 | $12225 | $13647 | $10527 |
| **10/31/2017** | $11520 | $12390 | $13945 | $10533 |
| **11/30/2017** | $11719 | $12612 | $14368 | $10519 |
| **12/31/2017** | $11797 | $12711 | $14512 | $10568 |
| **1/31/2018** | $12166 | $13079 | $15277 | $10446 |
| **2/28/2018** | $11861 | $12750 | $14714 | $10347 |
| **3/31/2018** | $11667 | $12604 | $14418 | $10413 |
| **4/30/2018** | $11667 | $12592 | $14473 | $10336 |
| **5/31/2018** | $11879 | $12819 | $14882 | $10410 |
| **6/30/2018** | $11927 | $12868 | $14979 | $10397 |
| **7/31/2018** | $12201 | $13133 | $15476 | $10399 |
| **8/31/2018** | $12485 | $13430 | $16020 | $10466 |
| **9/30/2018** | $12481 | $13426 | $16046 | $10399 |
| **10/31/2018** | $11900 | $12850 | $14865 | $10317 |
| **11/30/2018** | $12095 | $13053 | $15162 | $10378 |
| **12/31/2018** | $11465 | $12458 | $13751 | $10569 |
| **1/31/2019** | $12100 | $13080 | $14931 | $10681 |
| **2/28/2019** | $12305 | $13318 | $15457 | $10675 |
| **3/31/2019** | $12534 | $13575 | $15682 | $10880 |
| **4/30/2019** | $12798 | $13890 | $16309 | $10883 |
| **5/31/2019** | $12448 | $13491 | $15253 | $11076 |
| **6/30/2019** | $12965 | $14111 | $16325 | $11215 |
| **7/31/2019** | $13059 | $14226 | $16567 | $11240 |
| **8/31/2019** | $13100 | $14284 | $16229 | $11531 |
| **9/30/2019** | $13172 | $14396 | $16514 | $11470 |
| **10/31/2019** | $13311 | $14587 | $16870 | $11504 |
| **11/30/2019** | $13559 | $14887 | $17511 | $11498 |
| **12/31/2019** | $13752 | $15124 | $18017 | $11490 |
| **1/31/2020** | $13900 | $15268 | $17997 | $11711 |
| **2/29/2020** | $13352 | $14676 | $16523 | $11922 |
| **3/31/2020** | $12583 | $13758 | $14251 | $11852 |
| **4/30/2020** | $13590 | $14851 | $16139 | $12063 |
| **5/31/2020** | $13987 | $15260 | $17002 | $12119 |
| **6/30/2020** | $14164 | $15448 | $17390 | $12195 |
| **7/31/2020** | $14715 | $16041 | $18378 | $12377 |
| **8/31/2020** | $15285 | $16663 | $19709 | $12277 |
| **9/30/2020** | $14896 | $16292 | $18992 | $12271 |
| **10/31/2020** | $14628 | $15971 | $18582 | $12216 |
| **11/30/2020** | $15623 | $17042 | $20842 | $12336 |
| **12/31/2020** | $15984 | $17420 | $21780 | $12353 |
| **1/31/2021** | $15790 | $17247 | $21683 | $12264 |
| **2/28/2021** | $15968 | $17408 | $22361 | $12087 |
| **3/31/2021** | $16312 | $17758 | $23162 | $11936 |
| **4/30/2021** | $16925 | $18380 | $24356 | $12030 |
| **5/31/2021** | $17000 | $18482 | $24467 | $12070 |
| **6/30/2021** | $17297 | $18788 | $25071 | $12155 |
| **7/31/2021** | $17629 | $19158 | $25495 | $12290 |
| **8/31/2021** | $17962 | $19494 | $26222 | $12267 |
| **9/30/2021** | $17305 | $18866 | $25045 | $12161 |
| **10/31/2021** | $18073 | $19654 | $26739 | $12157 |
| **11/30/2021** | $18033 | $19632 | $26332 | $12193 |
| **12/31/2021** | $18508 | $20120 | $27369 | $12162 |
| **1/31/2022** | $17723 | $19343 | $25759 | $11900 |
| **2/28/2022** | $17321 | $18944 | $25110 | $11767 |
| **3/31/2022** | $17463 | $19130 | $25924 | $11441 |
| **4/30/2022** | $16272 | $17892 | $23598 | $11006 |
| **5/31/2022** | $16297 | $17925 | $23566 | $11077 |
| **6/30/2022** | $15449 | $16974 | $21595 | $10904 |
| **7/31/2022** | $16374 | $18021 | $23621 | $11170 |
| **8/31/2022** | $15786 | $17402 | $22739 | $10854 |
| **9/30/2022** | $14724 | $16200 | $20630 | $10385 |
| **10/31/2022** | $15331 | $16896 | $22322 | $10251 |
| **11/30/2022** | $15996 | $17644 | $23487 | $10628 |
| **12/31/2022** | $15361 | $16997 | $22112 | $10580 |
| **1/31/2023** | $16095 | $17808 | $23635 | $10905 |
| **2/28/2023** | $15642 | $17381 | $23083 | $10623 |
| **3/31/2023** | $16177 | $17965 | $23700 | $10893 |
| **4/30/2023** | $16349 | $18172 | $23952 | $10959 |
| **5/31/2023** | $16305 | $18135 | $24046 | $10840 |
| **6/30/2023** | $16887 | $18799 | $25688 | $10801 |
| **7/31/2023** | $17179 | $19135 | $26608 | $10794 |
| **8/31/2023** | $16962 | $18913 | $26095 | $10725 |
| **9/30/2023** | $16257 | $18205 | $24852 | $10452 |
| **10/31/2023** | $15911 | $17887 | $24193 | $10287 |
| **11/30/2023** | $17138 | $19116 | $26449 | $10753 |
| **12/31/2023** | $17914 | $19894 | $27852 | $11165 |
| **1/31/2024** | $18075 | $20072 | $28160 | $11134 |
| **2/29/2024** | $18558 | $20610 | $29685 | $10977 |
| **3/31/2024** | $18973 | $21061 | $30642 | $11078 |
| **4/30/2024** | $18237 | $20348 | $29294 | $10798 |
| **5/31/2024** | $18945 | $21072 | $30678 | $10981 |
| **6/30/2024** | $19473 | $21611 | $31628 | $11085 |
| **7/31/2024** | $19792 | $21958 | $32216 | $11344 |
| **8/31/2024** | $20216 | $22390 | $32917 | $11507 |
| **9/30/2024** | $20606 | $22785 | $33598 | $11661 |
| **10/31/2024** | $20234 | $22444 | $33351 | $11372 |
| **11/30/2024** | $21102 | $23304 | $35570 | $11493 |
| **12/31/2024** | $20544 | $22827 | $34483 | $11304 |
| **1/31/2025** | $20842 | $23256 | $35571 | $11364 |
| **2/28/2025** | $20848 | $23274 | $34890 | $11614 |
| **3/31/2025** | $20107 | $22509 | $32854 | $11619 |
| **4/30/2025** | $19974 | $22474 | $32634 | $11664 |
| **5/31/2025** | $20583 | $23230 | $34703 | $11581 |
| **6/30/2025** | $21292 | $24056 | $36466 | $11759 |
| **7/31/2025** | $21549 | $24342 | $37269 | $11728 |
| **8/31/2025** | $21892 | $24741 | $38131 | $11868 |
| **9/30/2025** | $22484 | $25366 | $39447 | $11998 |

---

# Index Asset Allocation Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 9.11 | 8.58 | 9.08 |
| Class A with Load | 2.85 | 7.31 | 8.44 |
| Index Asset Allocation Blended Index<sup>Footnote Reference\*</sup> | 11.33 | 9.26 | 9.76 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |
| Bloomberg U.S. Aggregate Bond Index | 2.88 | (0.45) | 1.84 |

---

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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. Index Asset Allocation Blended Index is composed 60% of the S&P 500 Index and 40% of the Bloomberg U.S. Treasury Index. Prior to April 1, 2015, the Index Asset Allocation Blended Index was composed 60% of the S&P 500 Index and 40% of the Bloomberg U.S. Treasury 20+ Year Index. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1282665843 |
| # of portfolio holdings | 617 |
| Portfolio turnover rate | 19% |
| Total advisory fees paid | $7647158 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | | |
|:---|:---|:---|
| Fund | Neutral Allocation | Effective Allocation |
| Stock Funds | 60.0 | 70.9 |
| Bond Funds | 40.0 | 43.4 |
| Effective Cash | 0.0 | (14.3) |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| NVIDIA Corp. | 4.8 |
| Microsoft Corp. | 4.0 |
| Apple, Inc. | 4.0 |
| Amazon.com, Inc. | 2.2 |
| U.S. Treasury Notes, 0.88%, 9-30-2026 | 1.8 |
| U.S. Treasury Notes, 1.38%, 10-31-2028 | 1.7 |
| Meta Platforms, Inc. Class A | 1.7 |
| U.S. Treasury Bonds, 6.13%, 8-15-2029 | 1.6 |
| Broadcom, Inc. | 1.6 |
| U.S. Treasury Notes, 1.38%, 11-15-2031 | 1.6 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since October 1, 2024.

Effective August 21, 2025, Randy Rennicke, CFA, became a portfolio manager of the Fund. Effective September 1, 2025, Travis Keshemberg, CFA, CIPM, FRM, was no longer a portfolio manager of the Fund.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR0458 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Index Asset Allocation Fund

# September 30, 2025

# Class C

# WFALX
This annual shareholder report contains important information about Index Asset Allocation Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $190 | 1.82% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
Over the trailing 12 months, equity and fixed income markets benefited from steady growth and moderating inflation, along with expectations of Federal Reserve rate cuts. U.S. consumer spending held firm amid resilient labor market conditions and solid household balance sheets. The neutral allocation has 60% of the Fund's assets invested in the S&P 500 Index, which posted a 17.60% return. The stock market was led by communication services stocks (+35.55%), but the rally was broad based as 8 of the 11 index sectors posted positive returns. The neutral allocation has 40% of the Fund's assets invested in the Bloomberg U.S. Treasury Index, which posted a 2.06% gain for the period. The Fund's Tactical Asset Allocation (TAA) activity was the largest detractor from relative performance. Our TAA activity featured an underweight to stocks during the tariff relief rally and an overweight to bonds while yields rose. At period-end, the Fund's effective exposure was 70.9% stocks, 43.4% bonds, and -14.3% cash versus the benchmark allocation of 60% stock and 40% bonds. Over the period, the TAA activity detracted around 107 basis points (bps; 100 bps equal 1.00%) to relative performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251bb1f0a65715f5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C with Load** | **Index Asset Allocation Blended Index** | **Russell 3000<sup>®</sup> Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10481 | $10491 | $10790 | $10002 |
| **11/30/2015** | $10469 | $10493 | $10850 | $9975 |
| **12/31/2015** | $10350 | $10387 | $10627 | $9943 |
| **1/31/2016** | $10096 | $10166 | $10027 | $10080 |
| **2/29/2016** | $10090 | $10194 | $10024 | $10151 |
| **3/31/2016** | $10521 | $10615 | $10730 | $10244 |
| **4/30/2016** | $10533 | $10636 | $10796 | $10284 |
| **5/31/2016** | $10624 | $10750 | $10990 | $10286 |
| **6/30/2016** | $10675 | $10862 | $11012 | $10471 |
| **7/31/2016** | $10905 | $11120 | $11449 | $10537 |
| **8/31/2016** | $10892 | $11105 | $11478 | $10525 |
| **9/30/2016** | $10886 | $11100 | $11496 | $10519 |
| **10/31/2016** | $10741 | $10930 | $11248 | $10439 |
| **11/30/2016** | $10929 | $11056 | $11751 | $10192 |
| **12/31/2016** | $11048 | $11182 | $11980 | $10206 |
| **1/31/2017** | $11170 | $11320 | $12206 | $10226 |
| **2/28/2017** | $11433 | $11612 | $12660 | $10295 |
| **3/31/2017** | $11429 | $11618 | $12668 | $10290 |
| **4/30/2017** | $11496 | $11722 | $12803 | $10369 |
| **5/31/2017** | $11588 | $11851 | $12934 | $10449 |
| **6/30/2017** | $11612 | $11888 | $13050 | $10438 |
| **7/31/2017** | $11747 | $12042 | $13296 | $10483 |
| **8/31/2017** | $11771 | $12117 | $13322 | $10577 |
| **9/30/2017** | $11881 | $12225 | $13647 | $10527 |
| **10/31/2017** | $12028 | $12390 | $13945 | $10533 |
| **11/30/2017** | $12236 | $12612 | $14368 | $10519 |
| **12/31/2017** | $12302 | $12711 | $14512 | $10568 |
| **1/31/2018** | $12683 | $13079 | $15277 | $10446 |
| **2/28/2018** | $12357 | $12750 | $14714 | $10347 |
| **3/31/2018** | $12148 | $12604 | $14418 | $10413 |
| **4/30/2018** | $12142 | $12592 | $14473 | $10336 |
| **5/31/2018** | $12357 | $12819 | $14882 | $10410 |
| **6/30/2018** | $12394 | $12868 | $14979 | $10397 |
| **7/31/2018** | $12670 | $13133 | $15476 | $10399 |
| **8/31/2018** | $12959 | $13430 | $16020 | $10466 |
| **9/30/2018** | $12948 | $13426 | $16046 | $10399 |
| **10/31/2018** | $12333 | $12850 | $14865 | $10317 |
| **11/30/2018** | $12530 | $13053 | $15162 | $10378 |
| **12/31/2018** | $11870 | $12458 | $13751 | $10569 |
| **1/31/2019** | $12516 | $13080 | $14931 | $10681 |
| **2/28/2019** | $12725 | $13318 | $15457 | $10675 |
| **3/31/2019** | $12955 | $13575 | $15682 | $10880 |
| **4/30/2019** | $13215 | $13890 | $16309 | $10883 |
| **5/31/2019** | $12847 | $13491 | $15253 | $11076 |
| **6/30/2019** | $13371 | $14111 | $16325 | $11215 |
| **7/31/2019** | $13466 | $14226 | $16567 | $11240 |
| **8/31/2019** | $13498 | $14284 | $16229 | $11531 |
| **9/30/2019** | $13562 | $14396 | $16514 | $11470 |
| **10/31/2019** | $13696 | $14587 | $16870 | $11504 |
| **11/30/2019** | $13943 | $14887 | $17511 | $11498 |
| **12/31/2019** | $14134 | $15124 | $18017 | $11490 |
| **1/31/2020** | $14275 | $15268 | $17997 | $11711 |
| **2/29/2020** | $13703 | $14676 | $16523 | $11922 |
| **3/31/2020** | $12905 | $13758 | $14251 | $11852 |
| **4/30/2020** | $13929 | $14851 | $16139 | $12063 |
| **5/31/2020** | $14328 | $15260 | $17002 | $12119 |
| **6/30/2020** | $14498 | $15448 | $17390 | $12195 |
| **7/31/2020** | $15058 | $16041 | $18378 | $12377 |
| **8/31/2020** | $15631 | $16663 | $19709 | $12277 |
| **9/30/2020** | $15219 | $16292 | $18992 | $12271 |
| **10/31/2020** | $14936 | $15971 | $18582 | $12216 |
| **11/30/2020** | $15947 | $17042 | $20842 | $12336 |
| **12/31/2020** | $16303 | $17420 | $21780 | $12353 |
| **1/31/2021** | $16090 | $17247 | $21683 | $12264 |
| **2/28/2021** | $16263 | $17408 | $22361 | $12087 |
| **3/31/2021** | $16608 | $17758 | $23162 | $11936 |
| **4/30/2021** | $17218 | $18380 | $24356 | $12030 |
| **5/31/2021** | $17284 | $18482 | $24467 | $12070 |
| **6/30/2021** | $17576 | $18788 | $25071 | $12155 |
| **7/31/2021** | $17901 | $19158 | $25495 | $12290 |
| **8/31/2021** | $18226 | $19494 | $26222 | $12267 |
| **9/30/2021** | $17550 | $18866 | $25045 | $12161 |
| **10/31/2021** | $18319 | $19654 | $26739 | $12157 |
| **11/30/2021** | $18266 | $19632 | $26332 | $12193 |
| **12/31/2021** | $18735 | $20120 | $27369 | $12162 |
| **1/31/2022** | $17930 | $19343 | $25759 | $11900 |
| **2/28/2022** | $17516 | $18944 | $25110 | $11767 |
| **3/31/2022** | $17642 | $19130 | $25924 | $11441 |
| **4/30/2022** | $16430 | $17892 | $23598 | $11006 |
| **5/31/2022** | $16444 | $17925 | $23566 | $11077 |
| **6/30/2022** | $15582 | $16974 | $21595 | $10904 |
| **7/31/2022** | $16500 | $18021 | $23621 | $11170 |
| **8/31/2022** | $15898 | $17402 | $22739 | $10854 |
| **9/30/2022** | $14819 | $16200 | $20630 | $10385 |
| **10/31/2022** | $15421 | $16896 | $22322 | $10251 |
| **11/30/2022** | $16080 | $17644 | $23487 | $10628 |
| **12/31/2022** | $15427 | $16997 | $22112 | $10580 |
| **1/31/2023** | $16157 | $17808 | $23635 | $10905 |
| **2/28/2023** | $15697 | $17381 | $23083 | $10623 |
| **3/31/2023** | $16223 | $17965 | $23700 | $10893 |
| **4/30/2023** | $16383 | $18172 | $23952 | $10959 |
| **5/31/2023** | $16325 | $18135 | $24046 | $10840 |
| **6/30/2023** | $16901 | $18799 | $25688 | $10801 |
| **7/31/2023** | $17201 | $19135 | $26608 | $10794 |
| **8/31/2023** | $16960 | $18913 | $26095 | $10725 |
| **9/30/2023** | $16237 | $18205 | $24852 | $10452 |
| **10/31/2023** | $15892 | $17887 | $24193 | $10287 |
| **11/30/2023** | $17117 | $19116 | $26449 | $10753 |
| **12/31/2023** | $17892 | $19894 | $27852 | $11165 |
| **1/31/2024** | $18053 | $20072 | $28160 | $11134 |
| **2/29/2024** | $18536 | $20610 | $29685 | $10977 |
| **3/31/2024** | $18951 | $21061 | $30642 | $11078 |
| **4/30/2024** | $18215 | $20348 | $29294 | $10798 |
| **5/31/2024** | $18922 | $21072 | $30678 | $10981 |
| **6/30/2024** | $19450 | $21611 | $31628 | $11085 |
| **7/31/2024** | $19769 | $21958 | $32216 | $11344 |
| **8/31/2024** | $20192 | $22390 | $32917 | $11507 |
| **9/30/2024** | $20582 | $22785 | $33598 | $11661 |
| **10/31/2024** | $20210 | $22444 | $33351 | $11372 |
| **11/30/2024** | $21077 | $23304 | $35570 | $11493 |
| **12/31/2024** | $20519 | $22827 | $34483 | $11304 |
| **1/31/2025** | $20817 | $23256 | $35571 | $11364 |
| **2/28/2025** | $20823 | $23274 | $34890 | $11614 |
| **3/31/2025** | $20083 | $22509 | $32854 | $11619 |
| **4/30/2025** | $19950 | $22474 | $32634 | $11664 |
| **5/31/2025** | $20558 | $23230 | $34703 | $11581 |
| **6/30/2025** | $21267 | $24056 | $36466 | $11759 |
| **7/31/2025** | $21524 | $24342 | $37269 | $11728 |
| **8/31/2025** | $21866 | $24741 | $38131 | $11868 |
| **9/30/2025** | $22457 | $25366 | $39447 | $11998 |

---

# Index Asset Allocation Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 8.31 | 7.77 | 8.43 |
| Class C with Load | 7.31 | 7.77 | 8.43 |
| Index Asset Allocation Blended Index<sup>Footnote Reference\*</sup> | 11.33 | 9.26 | 9.76 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |
| Bloomberg U.S. Aggregate Bond Index | 2.88 | (0.45) | 1.84 |

---

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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. Index Asset Allocation Blended Index is composed 60% of the S&P 500 Index and 40% of the Bloomberg U.S. Treasury Index. Prior to April 1, 2015, the Index Asset Allocation Blended Index was composed 60% of the S&P 500 Index and 40% of the Bloomberg U.S. Treasury 20+ Year Index. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1282665843 |
| # of portfolio holdings | 617 |
| Portfolio turnover rate | 19% |
| Total advisory fees paid | $7647158 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | | |
|:---|:---|:---|
| Fund | Neutral Allocation | Effective Allocation |
| Stock Funds | 60.0 | 70.9 |
| Bond Funds | 40.0 | 43.4 |
| Effective Cash | 0.0 | (14.3) |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| NVIDIA Corp. | 4.8 |
| Microsoft Corp. | 4.0 |
| Apple, Inc. | 4.0 |
| Amazon.com, Inc. | 2.2 |
| U.S. Treasury Notes, 0.88%, 9-30-2026 | 1.8 |
| U.S. Treasury Notes, 1.38%, 10-31-2028 | 1.7 |
| Meta Platforms, Inc. Class A | 1.7 |
| U.S. Treasury Bonds, 6.13%, 8-15-2029 | 1.6 |
| Broadcom, Inc. | 1.6 |
| U.S. Treasury Notes, 1.38%, 11-15-2031 | 1.6 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since October 1, 2024.

Effective August 21, 2025, Randy Rennicke, CFA, became a portfolio manager of the Fund. Effective September 1, 2025, Travis Keshemberg, CFA, CIPM, FRM, was no longer a portfolio manager of the Fund.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR0460 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Index Asset Allocation Fund

# September 30, 2025

# Institutional Class

# WFATX
This annual shareholder report contains important information about Index Asset Allocation Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $79 | 0.75% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
Over the trailing 12 months, equity and fixed income markets benefited from steady growth and moderating inflation, along with expectations of Federal Reserve rate cuts. U.S. consumer spending held firm amid resilient labor market conditions and solid household balance sheets. The neutral allocation has 60% of the Fund's assets invested in the S&P 500 Index, which posted a 17.60% return. The stock market was led by communication services stocks (+35.55%), but the rally was broad based as 8 of the 11 index sectors posted positive returns. The neutral allocation has 40% of the Fund's assets invested in the Bloomberg U.S. Treasury Index, which posted a 2.06% gain for the period. The Fund's Tactical Asset Allocation (TAA) activity was the largest detractor from relative performance. Our TAA activity featured an underweight to stocks during the tariff relief rally and an overweight to bonds while yields rose. At period-end, the Fund's effective exposure was 70.9% stocks, 43.4% bonds, and -14.3% cash versus the benchmark allocation of 60% stock and 40% bonds. Over the period, the TAA activity detracted around 107 basis points (bps; 100 bps equal 1.00%) to relative performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251e5d95d163728f4.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Index Asset Allocation Blended Index** | **Russell 3000<sup>®</sup> Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10487 | $10491 | $10790 | $10002 |
| **11/30/2015** | $10487 | $10493 | $10850 | $9975 |
| **12/31/2015** | $10376 | $10387 | $10627 | $9943 |
| **1/31/2016** | $10133 | $10166 | $10027 | $10080 |
| **2/29/2016** | $10129 | $10194 | $10024 | $10151 |
| **3/31/2016** | $10576 | $10615 | $10730 | $10244 |
| **4/30/2016** | $10591 | $10636 | $10796 | $10284 |
| **5/31/2016** | $10694 | $10750 | $10990 | $10286 |
| **6/30/2016** | $10754 | $10862 | $11012 | $10471 |
| **7/31/2016** | $10995 | $11120 | $11449 | $10537 |
| **8/31/2016** | $10987 | $11105 | $11478 | $10525 |
| **9/30/2016** | $10991 | $11100 | $11496 | $10519 |
| **10/31/2016** | $10858 | $10930 | $11248 | $10439 |
| **11/30/2016** | $11058 | $11056 | $11751 | $10192 |
| **12/31/2016** | $11184 | $11182 | $11980 | $10206 |
| **1/31/2017** | $11316 | $11320 | $12206 | $10226 |
| **2/28/2017** | $11595 | $11612 | $12660 | $10295 |
| **3/31/2017** | $11601 | $11618 | $12668 | $10290 |
| **4/30/2017** | $11684 | $11722 | $12803 | $10369 |
| **5/31/2017** | $11786 | $11851 | $12934 | $10449 |
| **6/30/2017** | $11822 | $11888 | $13050 | $10438 |
| **7/31/2017** | $11966 | $12042 | $13296 | $10483 |
| **8/31/2017** | $12000 | $12117 | $13322 | $10577 |
| **9/30/2017** | $12128 | $12225 | $13647 | $10527 |
| **10/31/2017** | $12287 | $12390 | $13945 | $10533 |
| **11/30/2017** | $12507 | $12612 | $14368 | $10519 |
| **12/31/2017** | $12592 | $12711 | $14512 | $10568 |
| **1/31/2018** | $12990 | $13079 | $15277 | $10446 |
| **2/28/2018** | $12668 | $12750 | $14714 | $10347 |
| **3/31/2018** | $12466 | $12604 | $14418 | $10413 |
| **4/30/2018** | $12470 | $12592 | $14473 | $10336 |
| **5/31/2018** | $12700 | $12819 | $14882 | $10410 |
| **6/30/2018** | $12751 | $12868 | $14979 | $10397 |
| **7/31/2018** | $13048 | $13133 | $15476 | $10399 |
| **8/31/2018** | $13356 | $13430 | $16020 | $10466 |
| **9/30/2018** | $13354 | $13426 | $16046 | $10399 |
| **10/31/2018** | $12737 | $12850 | $14865 | $10317 |
| **11/30/2018** | $12953 | $13053 | $15162 | $10378 |
| **12/31/2018** | $12278 | $12458 | $13751 | $10569 |
| **1/31/2019** | $12963 | $13080 | $14931 | $10681 |
| **2/28/2019** | $13187 | $13318 | $15457 | $10675 |
| **3/31/2019** | $13437 | $13575 | $15682 | $10880 |
| **4/30/2019** | $13721 | $13890 | $16309 | $10883 |
| **5/31/2019** | $13349 | $13491 | $15253 | $11076 |
| **6/30/2019** | $13907 | $14111 | $16325 | $11215 |
| **7/31/2019** | $14016 | $14226 | $16567 | $11240 |
| **8/31/2019** | $14060 | $14284 | $16229 | $11531 |
| **9/30/2019** | $14141 | $14396 | $16514 | $11470 |
| **10/31/2019** | $14294 | $14587 | $16870 | $11504 |
| **11/30/2019** | $14564 | $14887 | $17511 | $11498 |
| **12/31/2019** | $14778 | $15124 | $18017 | $11490 |
| **1/31/2020** | $14942 | $15268 | $17997 | $11711 |
| **2/29/2020** | $14356 | $14676 | $16523 | $11922 |
| **3/31/2020** | $13530 | $13758 | $14251 | $11852 |
| **4/30/2020** | $14619 | $14851 | $16139 | $12063 |
| **5/31/2020** | $15051 | $15260 | $17002 | $12119 |
| **6/30/2020** | $15245 | $15448 | $17390 | $12195 |
| **7/31/2020** | $15843 | $16041 | $18378 | $12377 |
| **8/31/2020** | $16461 | $16663 | $19709 | $12277 |
| **9/30/2020** | $16042 | $16292 | $18992 | $12271 |
| **10/31/2020** | $15761 | $15971 | $18582 | $12216 |
| **11/30/2020** | $16835 | $17042 | $20842 | $12336 |
| **12/31/2020** | $17232 | $17420 | $21780 | $12353 |
| **1/31/2021** | $17027 | $17247 | $21683 | $12264 |
| **2/28/2021** | $17223 | $17408 | $22361 | $12087 |
| **3/31/2021** | $17599 | $17758 | $23162 | $11936 |
| **4/30/2021** | $18265 | $18380 | $24356 | $12030 |
| **5/31/2021** | $18350 | $18482 | $24467 | $12070 |
| **6/30/2021** | $18679 | $18788 | $25071 | $12155 |
| **7/31/2021** | $19042 | $19158 | $25495 | $12290 |
| **8/31/2021** | $19405 | $19494 | $26222 | $12267 |
| **9/30/2021** | $18701 | $18866 | $25045 | $12161 |
| **10/31/2021** | $19533 | $19654 | $26739 | $12157 |
| **11/30/2021** | $19495 | $19632 | $26332 | $12193 |
| **12/31/2021** | $20015 | $20120 | $27369 | $12162 |
| **1/31/2022** | $19175 | $19343 | $25759 | $11900 |
| **2/28/2022** | $18743 | $18944 | $25110 | $11767 |
| **3/31/2022** | $18902 | $19130 | $25924 | $11441 |
| **4/30/2022** | $17617 | $17892 | $23598 | $11006 |
| **5/31/2022** | $17649 | $17925 | $23566 | $11077 |
| **6/30/2022** | $16740 | $16974 | $21595 | $10904 |
| **7/31/2022** | $17743 | $18021 | $23621 | $11170 |
| **8/31/2022** | $17109 | $17402 | $22739 | $10854 |
| **9/30/2022** | $15963 | $16200 | $20630 | $10385 |
| **10/31/2022** | $16626 | $16896 | $22322 | $10251 |
| **11/30/2022** | $17353 | $17644 | $23487 | $10628 |
| **12/31/2022** | $16669 | $16997 | $22112 | $10580 |
| **1/31/2023** | $17472 | $17808 | $23635 | $10905 |
| **2/28/2023** | $16980 | $17381 | $23083 | $10623 |
| **3/31/2023** | $17569 | $17965 | $23700 | $10893 |
| **4/30/2023** | $17761 | $18172 | $23952 | $10959 |
| **5/31/2023** | $17718 | $18135 | $24046 | $10840 |
| **6/30/2023** | $18356 | $18799 | $25688 | $10801 |
| **7/31/2023** | $18678 | $19135 | $26608 | $10794 |
| **8/31/2023** | $18447 | $18913 | $26095 | $10725 |
| **9/30/2023** | $17685 | $18205 | $24852 | $10452 |
| **10/31/2023** | $17313 | $17887 | $24193 | $10287 |
| **11/30/2023** | $18654 | $19116 | $26449 | $10753 |
| **12/31/2023** | $19500 | $19894 | $27852 | $11165 |
| **1/31/2024** | $19681 | $20072 | $28160 | $11134 |
| **2/29/2024** | $20213 | $20610 | $29685 | $10977 |
| **3/31/2024** | $20669 | $21061 | $30642 | $11078 |
| **4/30/2024** | $19876 | $20348 | $29294 | $10798 |
| **5/31/2024** | $20654 | $21072 | $30678 | $10981 |
| **6/30/2024** | $21236 | $21611 | $31628 | $11085 |
| **7/31/2024** | $21584 | $21958 | $32216 | $11344 |
| **8/31/2024** | $22057 | $22390 | $32917 | $11507 |
| **9/30/2024** | $22485 | $22785 | $33598 | $11661 |
| **10/31/2024** | $22084 | $22444 | $33351 | $11372 |
| **11/30/2024** | $23038 | $23304 | $35570 | $11493 |
| **12/31/2024** | $22439 | $22827 | $34483 | $11304 |
| **1/31/2025** | $22765 | $23256 | $35571 | $11364 |
| **2/28/2025** | $22777 | $23274 | $34890 | $11614 |
| **3/31/2025** | $21972 | $22509 | $32854 | $11619 |
| **4/30/2025** | $21837 | $22474 | $32634 | $11664 |
| **5/31/2025** | $22510 | $23230 | $34703 | $11581 |
| **6/30/2025** | $23286 | $24056 | $36466 | $11759 |
| **7/31/2025** | $23573 | $24342 | $37269 | $11728 |
| **8/31/2025** | $23954 | $24741 | $38131 | $11868 |
| **9/30/2025** | $24611 | $25366 | $39447 | $11998 |

---

# Index Asset Allocation Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class<sup>Footnote Reference\*</sup> | 9.46 | 8.94 | 9.42 |
| Index Asset Allocation Blended Index<sup>Footnote Reference†</sup> | 11.33 | 9.26 | 9.76 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |
| Bloomberg U.S. Aggregate Bond Index | 2.88 | (0.45) | 1.84 |

---

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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Historical performance shown for the Institutional Class shares prior to their inception on October 31, 2016 reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. Index Asset Allocation Blended Index is composed 60% of the S&P 500 Index and 40% of the Bloomberg U.S. Treasury Index. Prior to April 1, 2015, the Index Asset Allocation Blended Index was composed 60% of the S&P 500 Index and 40% of the Bloomberg U.S. Treasury 20+ Year Index. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1282665843 |
| # of portfolio holdings | 617 |
| Portfolio turnover rate | 19% |
| Total advisory fees paid | $7647158 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | | |
|:---|:---|:---|
| Fund | Neutral Allocation | Effective Allocation |
| Stock Funds | 60.0 | 70.9 |
| Bond Funds | 40.0 | 43.4 |
| Effective Cash | 0.0 | (14.3) |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| NVIDIA Corp. | 4.8 |
| Microsoft Corp. | 4.0 |
| Apple, Inc. | 4.0 |
| Amazon.com, Inc. | 2.2 |
| U.S. Treasury Notes, 0.88%, 9-30-2026 | 1.8 |
| U.S. Treasury Notes, 1.38%, 10-31-2028 | 1.7 |
| Meta Platforms, Inc. Class A | 1.7 |
| U.S. Treasury Bonds, 6.13%, 8-15-2029 | 1.6 |
| Broadcom, Inc. | 1.6 |
| U.S. Treasury Notes, 1.38%, 11-15-2031 | 1.6 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since October 1, 2024.

Effective August 21, 2025, Randy Rennicke, CFA, became a portfolio manager of the Fund. Effective September 1, 2025, Travis Keshemberg, CFA, CIPM, FRM, was no longer a portfolio manager of the Fund.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR4712 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Mid Cap Growth Fund

# September 30, 2025

# Class A

# SENAX
This annual shareholder report contains important information about Mid Cap Growth Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $125 | 1.14% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
The 12-month period that ended September 30, 2025, was a positive but volatile period for U.S. equities. The economy showed resilience—U.S. gross domestic product growth remained positive and consumer strength persisted. However, the new U.S. administration's aggressive policies on tariffs, immigration, and spending sparked concerns that rising costs and labor shortages could reignite inflation. After policy adjustments and trade negotiations, investors refocused on optimism over massive investments in artificial intelligence and falling interest rates, fueling a sharp rally in speculative corners of the market. Many active managers underperformed in 2025, as lower-quality and unprofitable equities sharply outperformed.

The portfolio benefited from security selection within communication services and financials, where holdings with innovative technologies and strong demand, such as Robinhood Markets, Inc. and Roblox Corp., contributed. In contrast, the portfolio's relative underweight to Palantir Technologies (This security was no longer held at the end of the reporting period.) and other speculative benchmark holdings detracted from returns.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251a344947912565.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $9424 | $10000 | $10000 |
| **10/31/2015** | $9969 | $10629 | $10790 |
| **11/30/2015** | $9973 | $10653 | $10850 |
| **12/31/2015** | $9796 | $10412 | $10627 |
| **1/31/2016** | $8839 | $9624 | $10027 |
| **2/29/2016** | $8734 | $9774 | $10024 |
| **3/31/2016** | $9305 | $10472 | $10730 |
| **4/30/2016** | $9537 | $10466 | $10796 |
| **5/31/2016** | $9871 | $10637 | $10990 |
| **6/30/2016** | $9932 | $10636 | $11012 |
| **7/31/2016** | $10347 | $11162 | $11449 |
| **8/31/2016** | $10220 | $11130 | $11478 |
| **9/30/2016** | $10237 | $11124 | $11496 |
| **10/31/2016** | $9869 | $10672 | $11248 |
| **11/30/2016** | $10235 | $11136 | $11751 |
| **12/31/2016** | $10202 | $11175 | $11980 |
| **1/31/2017** | $10664 | $11547 | $12206 |
| **2/28/2017** | $11069 | $11879 | $12660 |
| **3/31/2017** | $11210 | $11945 | $12668 |
| **4/30/2017** | $11500 | $12122 | $12803 |
| **5/31/2017** | $11895 | $12412 | $12934 |
| **6/30/2017** | $11934 | $12449 | $13050 |
| **7/31/2017** | $12173 | $12657 | $13296 |
| **8/31/2017** | $12148 | $12746 | $13322 |
| **9/30/2017** | $12444 | $13106 | $13647 |
| **10/31/2017** | $12829 | $13473 | $13945 |
| **11/30/2017** | $13025 | $13924 | $14368 |
| **12/31/2017** | $13111 | $13999 | $14512 |
| **1/31/2018** | $13960 | $14791 | $15277 |
| **2/28/2018** | $13557 | $14326 | $14714 |
| **3/31/2018** | $13463 | $14303 | $14418 |
| **4/30/2018** | $13284 | $14168 | $14473 |
| **5/31/2018** | $13872 | $14698 | $14882 |
| **6/30/2018** | $13952 | $14754 | $14979 |
| **7/31/2018** | $14329 | $15071 | $15476 |
| **8/31/2018** | $14999 | $15940 | $16020 |
| **9/30/2018** | $15036 | $15872 | $16046 |
| **10/31/2018** | $13469 | $14300 | $14865 |
| **11/30/2018** | $13591 | $14664 | $15162 |
| **12/31/2018** | $12320 | $13333 | $13751 |
| **1/31/2019** | $13903 | $14866 | $14931 |
| **2/28/2019** | $14787 | $15737 | $15457 |
| **3/31/2019** | $15108 | $15950 | $15682 |
| **4/30/2019** | $15810 | $16667 | $16309 |
| **5/31/2019** | $15410 | $15708 | $15253 |
| **6/30/2019** | $16518 | $16811 | $16325 |
| **7/31/2019** | $16846 | $17204 | $16567 |
| **8/31/2019** | $16651 | $16890 | $16229 |
| **9/30/2019** | $16239 | $16698 | $16514 |
| **10/31/2019** | $16158 | $17008 | $16870 |
| **11/30/2019** | $17110 | $17854 | $17511 |
| **12/31/2019** | $17330 | $18063 | $18017 |
| **1/31/2020** | $17820 | $18232 | $17997 |
| **2/29/2020** | $16810 | $16975 | $16523 |
| **3/31/2020** | $14319 | $14443 | $14251 |
| **4/30/2020** | $16664 | $16705 | $16139 |
| **5/31/2020** | $18573 | $18383 | $17002 |
| **6/30/2020** | $19263 | $18814 | $17390 |
| **7/31/2020** | $20856 | $20317 | $18378 |
| **8/31/2020** | $22125 | $20869 | $19709 |
| **9/30/2020** | $22278 | $20577 | $18992 |
| **10/31/2020** | $22465 | $20602 | $18582 |
| **11/30/2020** | $25772 | $23370 | $20842 |
| **12/31/2020** | $27438 | $24491 | $21780 |
| **1/31/2021** | $27137 | $24409 | $21683 |
| **2/28/2021** | $27716 | $24826 | $22361 |
| **3/31/2021** | $26132 | $24352 | $23162 |
| **4/30/2021** | $27503 | $25721 | $24356 |
| **5/31/2021** | $26688 | $25328 | $24467 |
| **6/30/2021** | $28961 | $27049 | $25071 |
| **7/31/2021** | $29749 | $27327 | $25495 |
| **8/31/2021** | $30792 | $28209 | $26222 |
| **9/30/2021** | $28938 | $26843 | $25045 |
| **10/31/2021** | $30979 | $28725 | $26739 |
| **11/30/2021** | $28565 | $27511 | $26332 |
| **12/31/2021** | $28286 | $27608 | $27369 |
| **1/31/2022** | $23295 | $24045 | $25759 |
| **2/28/2022** | $22837 | $23753 | $25110 |
| **3/31/2022** | $22989 | $24135 | $25924 |
| **4/30/2022** | $19385 | $21417 | $23598 |
| **5/31/2022** | $17603 | $20588 | $23566 |
| **6/30/2022** | $16504 | $19049 | $21595 |
| **7/31/2022** | $18761 | $21380 | $23621 |
| **8/31/2022** | $18016 | $20680 | $22739 |
| **9/30/2022** | $16127 | $18925 | $20630 |
| **10/31/2022** | $16840 | $20412 | $22322 |
| **11/30/2022** | $17689 | $21523 | $23487 |
| **12/31/2022** | $16427 | $20231 | $22112 |
| **1/31/2023** | $17944 | $21996 | $23635 |
| **2/28/2023** | $17469 | $21779 | $23083 |
| **3/31/2023** | $18277 | $22079 | $23700 |
| **4/30/2023** | $18057 | $21759 | $23952 |
| **5/31/2023** | $18101 | $21773 | $24046 |
| **6/30/2023** | $19340 | $23456 | $25688 |
| **7/31/2023** | $19830 | $24165 | $26608 |
| **8/31/2023** | $18905 | $23369 | $26095 |
| **9/30/2023** | $17783 | $22230 | $24852 |
| **10/31/2023** | $16701 | $21096 | $24193 |
| **11/30/2023** | $18820 | $23670 | $26449 |
| **12/31/2023** | $20364 | $25464 | $27852 |
| **1/31/2024** | $20341 | $25327 | $28160 |
| **2/29/2024** | $22085 | $27231 | $29685 |
| **3/31/2024** | $22592 | $27882 | $30642 |
| **4/30/2024** | $21225 | $26263 | $29294 |
| **5/31/2024** | $21754 | $26543 | $30678 |
| **6/30/2024** | $22021 | $26986 | $31628 |
| **7/31/2024** | $22067 | $27150 | $32216 |
| **8/31/2024** | $22919 | $27824 | $32917 |
| **9/30/2024** | $23715 | $28751 | $33598 |
| **10/31/2024** | $23752 | $29254 | $33351 |
| **11/30/2024** | $26294 | $33153 | $35570 |
| **12/31/2024** | $24297 | $31092 | $34483 |
| **1/31/2025** | $25961 | $33076 | $35571 |
| **2/28/2025** | $24165 | $31191 | $34890 |
| **3/31/2025** | $21765 | $28878 | $32854 |
| **4/30/2025** | $22937 | $29848 | $32634 |
| **5/31/2025** | $25479 | $32710 | $34703 |
| **6/30/2025** | $27163 | $34135 | $36466 |
| **7/31/2025** | $27620 | $34828 | $37269 |
| **8/31/2025** | $27848 | $35177 | $38131 |
| **9/30/2025** | $28178 | $35084 | $39447 |

---

# Mid Cap Growth Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 18.82 | 4.81 | 11.57 |
| Class A with Load | 11.99 | 3.58 | 10.92 |
| Russell Midcap<sup>®</sup> Growth Index | 22.02 | 11.26 | 13.37 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $657008927 |
| # of portfolio holdings | 57 |
| Portfolio turnover rate | 69% |
| Total advisory fees paid | $4548489 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 22.1 |
| Information technology | 17.2 |
| Health care | 16.8 |
| Consumer discretionary | 16.2 |
| Communication services | 11.1 |
| Financials | 9.4 |
| Utilities | 3.8 |
| Materials | 3.4 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Vistra Corp. | 3.8 |
| Roblox Corp. Class A | 3.4 |
| Hilton Worldwide Holdings, Inc. | 3.1 |
| Alnylam Pharmaceuticals, Inc. | 2.8 |
| Vertiv Holdings Co. Class A | 2.8 |
| Monolithic Power Systems, Inc. | 2.7 |
| Quanta Services, Inc. | 2.7 |
| Carvana Co. Class A | 2.6 |
| Live Nation Entertainment, Inc. | 2.5 |
| IDEXX Laboratories, Inc. | 2.5 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3018 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Mid Cap Growth Fund

# September 30, 2025

# Class C

# WENCX
This annual shareholder report contains important information about Mid Cap Growth Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $210 | 1.93% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
The 12-month period that ended September 30, 2025, was a positive but volatile period for U.S. equities. The economy showed resilience—U.S. gross domestic product growth remained positive and consumer strength persisted. However, the new U.S. administration's aggressive policies on tariffs, immigration, and spending sparked concerns that rising costs and labor shortages could reignite inflation. After policy adjustments and trade negotiations, investors refocused on optimism over massive investments in artificial intelligence and falling interest rates, fueling a sharp rally in speculative corners of the market. Many active managers underperformed in 2025, as lower-quality and unprofitable equities sharply outperformed.

The portfolio benefited from security selection within communication services and financials, where holdings with innovative technologies and strong demand, such as Robinhood Markets, Inc. and Roblox Corp., contributed. In contrast, the portfolio's relative underweight to Palantir Technologies (This security was no longer held at the end of the reporting period.) and other speculative benchmark holdings detracted from returns.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251f08dfad6f644fb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10570 | $10629 | $10790 |
| **11/30/2015** | $10570 | $10653 | $10850 |
| **12/31/2015** | $10374 | $10412 | $10627 |
| **1/31/2016** | $9353 | $9624 | $10027 |
| **2/29/2016** | $9241 | $9774 | $10024 |
| **3/31/2016** | $9839 | $10472 | $10730 |
| **4/30/2016** | $10075 | $10466 | $10796 |
| **5/31/2016** | $10425 | $10637 | $10990 |
| **6/30/2016** | $10481 | $10636 | $11012 |
| **7/31/2016** | $10913 | $11162 | $11449 |
| **8/31/2016** | $10772 | $11130 | $11478 |
| **9/30/2016** | $10780 | $11124 | $11496 |
| **10/31/2016** | $10388 | $10672 | $11248 |
| **11/30/2016** | $10766 | $11136 | $11751 |
| **12/31/2016** | $10725 | $11175 | $11980 |
| **1/31/2017** | $11205 | $11547 | $12206 |
| **2/28/2017** | $11622 | $11879 | $12660 |
| **3/31/2017** | $11761 | $11945 | $12668 |
| **4/30/2017** | $12060 | $12122 | $12803 |
| **5/31/2017** | $12466 | $12412 | $12934 |
| **6/30/2017** | $12498 | $12449 | $13050 |
| **7/31/2017** | $12741 | $12657 | $13296 |
| **8/31/2017** | $12708 | $12746 | $13322 |
| **9/30/2017** | $13007 | $13106 | $13647 |
| **10/31/2017** | $13401 | $13473 | $13945 |
| **11/30/2017** | $13599 | $13924 | $14368 |
| **12/31/2017** | $13677 | $13999 | $14512 |
| **1/31/2018** | $14559 | $14791 | $15277 |
| **2/28/2018** | $14125 | $14326 | $14714 |
| **3/31/2018** | $14021 | $14303 | $14418 |
| **4/30/2018** | $13828 | $14168 | $14473 |
| **5/31/2018** | $14428 | $14698 | $14882 |
| **6/30/2018** | $14502 | $14754 | $14979 |
| **7/31/2018** | $14886 | $15071 | $15476 |
| **8/31/2018** | $15570 | $15940 | $16020 |
| **9/30/2018** | $15600 | $15872 | $16046 |
| **10/31/2018** | $13965 | $14300 | $14865 |
| **11/30/2018** | $14081 | $14664 | $15162 |
| **12/31/2018** | $12757 | $13333 | $13751 |
| **1/31/2019** | $14389 | $14866 | $14931 |
| **2/28/2019** | $15293 | $15737 | $15457 |
| **3/31/2019** | $15616 | $15950 | $15682 |
| **4/30/2019** | $16329 | $16667 | $16309 |
| **5/31/2019** | $15908 | $15708 | $15253 |
| **6/30/2019** | $17042 | $16811 | $16325 |
| **7/31/2019** | $17369 | $17204 | $16567 |
| **8/31/2019** | $17155 | $16890 | $16229 |
| **9/30/2019** | $16722 | $16698 | $16514 |
| **10/31/2019** | $16629 | $17008 | $16870 |
| **11/30/2019** | $17595 | $17854 | $17511 |
| **12/31/2019** | $17808 | $18063 | $18017 |
| **1/31/2020** | $18301 | $18232 | $17997 |
| **2/29/2020** | $17253 | $16975 | $16523 |
| **3/31/2020** | $14687 | $14443 | $14251 |
| **4/30/2020** | $17085 | $16705 | $16139 |
| **5/31/2020** | $19028 | $18383 | $17002 |
| **6/30/2020** | $19722 | $18814 | $17390 |
| **7/31/2020** | $21338 | $20317 | $18378 |
| **8/31/2020** | $22625 | $20869 | $19709 |
| **9/30/2020** | $22764 | $20577 | $18992 |
| **10/31/2020** | $22941 | $20602 | $18582 |
| **11/30/2020** | $26302 | $23370 | $20842 |
| **12/31/2020** | $27985 | $24491 | $21780 |
| **1/31/2021** | $27660 | $24409 | $21683 |
| **2/28/2021** | $28234 | $24826 | $22361 |
| **3/31/2021** | $26602 | $24352 | $23162 |
| **4/30/2021** | $27980 | $25721 | $24356 |
| **5/31/2021** | $27134 | $25328 | $24467 |
| **6/30/2021** | $29428 | $27049 | $25071 |
| **7/31/2021** | $30204 | $27327 | $25495 |
| **8/31/2021** | $31248 | $28209 | $26222 |
| **9/30/2021** | $29348 | $26843 | $25045 |
| **10/31/2021** | $31394 | $28725 | $26739 |
| **11/30/2021** | $28930 | $27511 | $26332 |
| **12/31/2021** | $28629 | $27608 | $27369 |
| **1/31/2022** | $23563 | $24045 | $25759 |
| **2/28/2022** | $23084 | $23753 | $25110 |
| **3/31/2022** | $23228 | $24135 | $25924 |
| **4/30/2022** | $19569 | $21417 | $23598 |
| **5/31/2022** | $17763 | $20588 | $23566 |
| **6/30/2022** | $16643 | $19049 | $21595 |
| **7/31/2022** | $18905 | $21380 | $23621 |
| **8/31/2022** | $18144 | $20680 | $22739 |
| **9/30/2022** | $16228 | $18925 | $20630 |
| **10/31/2022** | $16938 | $20412 | $22322 |
| **11/30/2022** | $17780 | $21523 | $23487 |
| **12/31/2022** | $16499 | $20231 | $22112 |
| **1/31/2023** | $18011 | $21996 | $23635 |
| **2/28/2023** | $17526 | $21779 | $23083 |
| **3/31/2023** | $18323 | $22079 | $23700 |
| **4/30/2023** | $18092 | $21759 | $23952 |
| **5/31/2023** | $18126 | $21773 | $24046 |
| **6/30/2023** | $19356 | $23456 | $25688 |
| **7/31/2023** | $19835 | $24165 | $26608 |
| **8/31/2023** | $18894 | $23369 | $26095 |
| **9/30/2023** | $17763 | $22230 | $24852 |
| **10/31/2023** | $16682 | $21096 | $24193 |
| **11/30/2023** | $18798 | $23670 | $26449 |
| **12/31/2023** | $20341 | $25464 | $27852 |
| **1/31/2024** | $20318 | $25327 | $28160 |
| **2/29/2024** | $22061 | $27231 | $29685 |
| **3/31/2024** | $22566 | $27882 | $30642 |
| **4/30/2024** | $21201 | $26263 | $29294 |
| **5/31/2024** | $21729 | $26543 | $30678 |
| **6/30/2024** | $21996 | $26986 | $31628 |
| **7/31/2024** | $22042 | $27150 | $32216 |
| **8/31/2024** | $22893 | $27824 | $32917 |
| **9/30/2024** | $23689 | $28751 | $33598 |
| **10/31/2024** | $23725 | $29254 | $33351 |
| **11/30/2024** | $26264 | $33153 | $35570 |
| **12/31/2024** | $24269 | $31092 | $34483 |
| **1/31/2025** | $25932 | $33076 | $35571 |
| **2/28/2025** | $24138 | $31191 | $34890 |
| **3/31/2025** | $21741 | $28878 | $32854 |
| **4/30/2025** | $22911 | $29848 | $32634 |
| **5/31/2025** | $25450 | $32710 | $34703 |
| **6/30/2025** | $27133 | $34135 | $36466 |
| **7/31/2025** | $27589 | $34828 | $37269 |
| **8/31/2025** | $27817 | $35177 | $38131 |
| **9/30/2025** | $28146 | $35084 | $39447 |

---

# Mid Cap Growth Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 17.88 | 4.01 | 10.9 |
| Class C with Load | 16.88 | 4.01 | 10.9 |
| Russell Midcap<sup>®</sup> Growth Index | 22.02 | 11.26 | 13.37 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $657008927 |
| # of portfolio holdings | 57 |
| Portfolio turnover rate | 69% |
| Total advisory fees paid | $4548489 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 22.1 |
| Information technology | 17.2 |
| Health care | 16.8 |
| Consumer discretionary | 16.2 |
| Communication services | 11.1 |
| Financials | 9.4 |
| Utilities | 3.8 |
| Materials | 3.4 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Vistra Corp. | 3.8 |
| Roblox Corp. Class A | 3.4 |
| Hilton Worldwide Holdings, Inc. | 3.1 |
| Alnylam Pharmaceuticals, Inc. | 2.8 |
| Vertiv Holdings Co. Class A | 2.8 |
| Monolithic Power Systems, Inc. | 2.7 |
| Quanta Services, Inc. | 2.7 |
| Carvana Co. Class A | 2.6 |
| Live Nation Entertainment, Inc. | 2.5 |
| IDEXX Laboratories, Inc. | 2.5 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since October 1, 2024.

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on or about the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C was closed to new investors and additional investments from existing shareholders.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3538 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Mid Cap Growth Fund

# September 30, 2025

# Class R6

# WENRX
This annual shareholder report contains important information about Mid Cap Growth Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $88 | 0.80% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
The 12-month period that ended September 30, 2025, was a positive but volatile period for U.S. equities. The economy showed resilience—U.S. gross domestic product growth remained positive and consumer strength persisted. However, the new U.S. administration's aggressive policies on tariffs, immigration, and spending sparked concerns that rising costs and labor shortages could reignite inflation. After policy adjustments and trade negotiations, investors refocused on optimism over massive investments in artificial intelligence and falling interest rates, fueling a sharp rally in speculative corners of the market. Many active managers underperformed in 2025, as lower-quality and unprofitable equities sharply outperformed.

The portfolio benefited from security selection within communication services and financials, where holdings with innovative technologies and strong demand, such as Robinhood Markets, Inc. and Roblox Corp., contributed. In contrast, the portfolio's relative underweight to Palantir Technologies (This security was no longer held at the end of the reporting period.) and other speculative benchmark holdings detracted from returns.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251e73d4d0055.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10581 | $10629 | $10790 |
| **11/30/2015** | $10588 | $10653 | $10850 |
| **12/31/2015** | $10406 | $10412 | $10627 |
| **1/31/2016** | $9389 | $9624 | $10027 |
| **2/29/2016** | $9284 | $9774 | $10024 |
| **3/31/2016** | $9894 | $10472 | $10730 |
| **4/30/2016** | $10144 | $10466 | $10796 |
| **5/31/2016** | $10505 | $10637 | $10990 |
| **6/30/2016** | $10569 | $10636 | $11012 |
| **7/31/2016** | $11016 | $11162 | $11449 |
| **8/31/2016** | $10884 | $11130 | $11478 |
| **9/30/2016** | $10906 | $11124 | $11496 |
| **10/31/2016** | $10517 | $10672 | $11248 |
| **11/30/2016** | $10911 | $11136 | $11751 |
| **12/31/2016** | $10879 | $11175 | $11980 |
| **1/31/2017** | $11374 | $11547 | $12206 |
| **2/28/2017** | $11812 | $11879 | $12660 |
| **3/31/2017** | $11965 | $11945 | $12668 |
| **4/30/2017** | $12280 | $12122 | $12803 |
| **5/31/2017** | $12703 | $12412 | $12934 |
| **6/30/2017** | $12748 | $12449 | $13050 |
| **7/31/2017** | $13011 | $12657 | $13296 |
| **8/31/2017** | $12986 | $12746 | $13322 |
| **9/30/2017** | $13306 | $13106 | $13647 |
| **10/31/2017** | $13721 | $13473 | $13945 |
| **11/30/2017** | $13937 | $13924 | $14368 |
| **12/31/2017** | $14034 | $13999 | $14512 |
| **1/31/2018** | $14948 | $14791 | $15277 |
| **2/28/2018** | $14520 | $14326 | $14714 |
| **3/31/2018** | $14423 | $14303 | $14418 |
| **4/30/2018** | $14238 | $14168 | $14473 |
| **5/31/2018** | $14870 | $14698 | $14882 |
| **6/30/2018** | $14961 | $14754 | $14979 |
| **7/31/2018** | $15370 | $15071 | $15476 |
| **8/31/2018** | $16096 | $15940 | $16020 |
| **9/30/2018** | $16140 | $15872 | $16046 |
| **10/31/2018** | $14462 | $14300 | $14865 |
| **11/30/2018** | $14597 | $14664 | $15162 |
| **12/31/2018** | $13238 | $13333 | $13751 |
| **1/31/2019** | $14943 | $14866 | $14931 |
| **2/28/2019** | $15896 | $15737 | $15457 |
| **3/31/2019** | $16248 | $15950 | $15682 |
| **4/30/2019** | $17009 | $16667 | $16309 |
| **5/31/2019** | $16582 | $15708 | $15253 |
| **6/30/2019** | $17781 | $16811 | $16325 |
| **7/31/2019** | $18140 | $17204 | $16567 |
| **8/31/2019** | $17937 | $16890 | $16229 |
| **9/30/2019** | $17498 | $16698 | $16514 |
| **10/31/2019** | $17417 | $17008 | $16870 |
| **11/30/2019** | $18448 | $17854 | $17511 |
| **12/31/2019** | $18688 | $18063 | $18017 |
| **1/31/2020** | $19223 | $18232 | $17997 |
| **2/29/2020** | $18140 | $16975 | $16523 |
| **3/31/2020** | $15455 | $14443 | $14251 |
| **4/30/2020** | $17995 | $16705 | $16139 |
| **5/31/2020** | $20062 | $18383 | $17002 |
| **6/30/2020** | $20812 | $18814 | $17390 |
| **7/31/2020** | $22540 | $20317 | $18378 |
| **8/31/2020** | $23924 | $20869 | $19709 |
| **9/30/2020** | $24092 | $20577 | $18992 |
| **10/31/2020** | $24303 | $20602 | $18582 |
| **11/30/2020** | $27890 | $23370 | $20842 |
| **12/31/2020** | $29705 | $24491 | $21780 |
| **1/31/2021** | $29383 | $24409 | $21683 |
| **2/28/2021** | $30020 | $24826 | $22361 |
| **3/31/2021** | $28315 | $24352 | $23162 |
| **4/30/2021** | $29809 | $25721 | $24356 |
| **5/31/2021** | $28935 | $25328 | $24467 |
| **6/30/2021** | $31410 | $27049 | $25071 |
| **7/31/2021** | $32274 | $27327 | $25495 |
| **8/31/2021** | $33417 | $28209 | $26222 |
| **9/30/2021** | $31418 | $26843 | $25045 |
| **10/31/2021** | $33642 | $28725 | $26739 |
| **11/30/2021** | $31031 | $27511 | $26332 |
| **12/31/2021** | $30741 | $27608 | $27369 |
| **1/31/2022** | $25321 | $24045 | $25759 |
| **2/28/2022** | $24830 | $23753 | $25110 |
| **3/31/2022** | $25007 | $24135 | $25924 |
| **4/30/2022** | $21089 | $21417 | $23598 |
| **5/31/2022** | $19159 | $20588 | $23566 |
| **6/30/2022** | $17967 | $19049 | $21595 |
| **7/31/2022** | $20429 | $21380 | $23621 |
| **8/31/2022** | $19625 | $20680 | $22739 |
| **9/30/2022** | $17571 | $18925 | $20630 |
| **10/31/2022** | $18354 | $20412 | $22322 |
| **11/30/2022** | $19287 | $21523 | $23487 |
| **12/31/2022** | $17917 | $20231 | $22112 |
| **1/31/2023** | $19575 | $21996 | $23635 |
| **2/28/2023** | $19064 | $21779 | $23083 |
| **3/31/2023** | $19955 | $22079 | $23700 |
| **4/30/2023** | $19720 | $21759 | $23952 |
| **5/31/2023** | $19773 | $21773 | $24046 |
| **6/30/2023** | $21134 | $23456 | $25688 |
| **7/31/2023** | $21675 | $24165 | $26608 |
| **8/31/2023** | $20668 | $23369 | $26095 |
| **9/30/2023** | $19452 | $22230 | $24852 |
| **10/31/2023** | $18272 | $21096 | $24193 |
| **11/30/2023** | $20598 | $23670 | $26449 |
| **12/31/2023** | $22293 | $25464 | $27852 |
| **1/31/2024** | $22272 | $25327 | $28160 |
| **2/29/2024** | $24189 | $27231 | $29685 |
| **3/31/2024** | $24754 | $27882 | $30642 |
| **4/30/2024** | $23263 | $26263 | $29294 |
| **5/31/2024** | $23852 | $26543 | $30678 |
| **6/30/2024** | $24156 | $26986 | $31628 |
| **7/31/2024** | $24215 | $27150 | $32216 |
| **8/31/2024** | $25159 | $27824 | $32917 |
| **9/30/2024** | $26031 | $28751 | $33598 |
| **10/31/2024** | $26086 | $29254 | $33351 |
| **11/30/2024** | $28879 | $33153 | $35570 |
| **12/31/2024** | $26694 | $31092 | $34483 |
| **1/31/2025** | $28533 | $33076 | $35571 |
| **2/28/2025** | $26566 | $31191 | $34890 |
| **3/31/2025** | $23932 | $28878 | $32854 |
| **4/30/2025** | $25224 | $29848 | $32634 |
| **5/31/2025** | $28031 | $32710 | $34703 |
| **6/30/2025** | $29894 | $34135 | $36466 |
| **7/31/2025** | $30405 | $34828 | $37269 |
| **8/31/2025** | $30661 | $35177 | $38131 |
| **9/30/2025** | $31035 | $35084 | $39447 |

---

# Mid Cap Growth Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 19.24 | 5.2 | 11.99 |
| Russell Midcap<sup>®</sup> Growth Index | 22.02 | 11.26 | 13.37 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $657008927 |
| # of portfolio holdings | 57 |
| Portfolio turnover rate | 69% |
| Total advisory fees paid | $4548489 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 22.1 |
| Information technology | 17.2 |
| Health care | 16.8 |
| Consumer discretionary | 16.2 |
| Communication services | 11.1 |
| Financials | 9.4 |
| Utilities | 3.8 |
| Materials | 3.4 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Vistra Corp. | 3.8 |
| Roblox Corp. Class A | 3.4 |
| Hilton Worldwide Holdings, Inc. | 3.1 |
| Alnylam Pharmaceuticals, Inc. | 2.8 |
| Vertiv Holdings Co. Class A | 2.8 |
| Monolithic Power Systems, Inc. | 2.7 |
| Quanta Services, Inc. | 2.7 |
| Carvana Co. Class A | 2.6 |
| Live Nation Entertainment, Inc. | 2.5 |
| IDEXX Laboratories, Inc. | 2.5 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR4665 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Mid Cap Growth Fund

# September 30, 2025

# Institutional Class

# WFEIX
This annual shareholder report contains important information about Mid Cap Growth Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $93 | 0.85% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
The 12-month period that ended September 30, 2025, was a positive but volatile period for U.S. equities. The economy showed resilience—U.S. gross domestic product growth remained positive and consumer strength persisted. However, the new U.S. administration's aggressive policies on tariffs, immigration, and spending sparked concerns that rising costs and labor shortages could reignite inflation. After policy adjustments and trade negotiations, investors refocused on optimism over massive investments in artificial intelligence and falling interest rates, fueling a sharp rally in speculative corners of the market. Many active managers underperformed in 2025, as lower-quality and unprofitable equities sharply outperformed.

The portfolio benefited from security selection within communication services and financials, where holdings with innovative technologies and strong demand, such as Robinhood Markets, Inc. and Roblox Corp., contributed. In contrast, the portfolio's relative underweight to Palantir Technologies (This security was no longer held at the end of the reporting period.) and other speculative benchmark holdings detracted from returns.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251e8aa862ac8a1c5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10582 | $10629 | $10790 |
| **11/30/2015** | $10588 | $10653 | $10850 |
| **12/31/2015** | $10404 | $10412 | $10627 |
| **1/31/2016** | $9389 | $9624 | $10027 |
| **2/29/2016** | $9281 | $9774 | $10024 |
| **3/31/2016** | $9889 | $10472 | $10730 |
| **4/30/2016** | $10140 | $10466 | $10796 |
| **5/31/2016** | $10498 | $10637 | $10990 |
| **6/30/2016** | $10565 | $10636 | $11012 |
| **7/31/2016** | $11010 | $11162 | $11449 |
| **8/31/2016** | $10878 | $11130 | $11478 |
| **9/30/2016** | $10897 | $11124 | $11496 |
| **10/31/2016** | $10510 | $10672 | $11248 |
| **11/30/2016** | $10902 | $11136 | $11751 |
| **12/31/2016** | $10870 | $11175 | $11980 |
| **1/31/2017** | $11365 | $11547 | $12206 |
| **2/28/2017** | $11801 | $11879 | $12660 |
| **3/31/2017** | $11954 | $11945 | $12668 |
| **4/30/2017** | $12267 | $12122 | $12803 |
| **5/31/2017** | $12692 | $12412 | $12934 |
| **6/30/2017** | $12735 | $12449 | $13050 |
| **7/31/2017** | $12995 | $12657 | $13296 |
| **8/31/2017** | $12973 | $12746 | $13322 |
| **9/30/2017** | $13291 | $13106 | $13647 |
| **10/31/2017** | $13706 | $13473 | $13945 |
| **11/30/2017** | $13919 | $13924 | $14368 |
| **12/31/2017** | $14017 | $13999 | $14512 |
| **1/31/2018** | $14928 | $14791 | $15277 |
| **2/28/2018** | $14497 | $14326 | $14714 |
| **3/31/2018** | $14403 | $14303 | $14418 |
| **4/30/2018** | $14218 | $14168 | $14473 |
| **5/31/2018** | $14848 | $14698 | $14882 |
| **6/30/2018** | $14939 | $14754 | $14979 |
| **7/31/2018** | $15345 | $15071 | $15476 |
| **8/31/2018** | $16069 | $15940 | $16020 |
| **9/30/2018** | $16113 | $15872 | $16046 |
| **10/31/2018** | $14439 | $14300 | $14865 |
| **11/30/2018** | $14572 | $14664 | $15162 |
| **12/31/2018** | $13215 | $13333 | $13751 |
| **1/31/2019** | $14918 | $14866 | $14931 |
| **2/28/2019** | $15870 | $15737 | $15457 |
| **3/31/2019** | $16219 | $15950 | $15682 |
| **4/30/2019** | $16974 | $16667 | $16309 |
| **5/31/2019** | $16550 | $15708 | $15253 |
| **6/30/2019** | $17744 | $16811 | $16325 |
| **7/31/2019** | $18103 | $17204 | $16567 |
| **8/31/2019** | $17900 | $16890 | $16229 |
| **9/30/2019** | $17461 | $16698 | $16514 |
| **10/31/2019** | $17376 | $17008 | $16870 |
| **11/30/2019** | $18409 | $17854 | $17511 |
| **12/31/2019** | $18646 | $18063 | $18017 |
| **1/31/2020** | $19182 | $18232 | $17997 |
| **2/29/2020** | $18097 | $16975 | $16523 |
| **3/31/2020** | $15418 | $14443 | $14251 |
| **4/30/2020** | $17952 | $16705 | $16139 |
| **5/31/2020** | $20012 | $18383 | $17002 |
| **6/30/2020** | $20759 | $18814 | $17390 |
| **7/31/2020** | $22482 | $20317 | $18378 |
| **8/31/2020** | $23858 | $20869 | $19709 |
| **9/30/2020** | $24030 | $20577 | $18992 |
| **10/31/2020** | $24239 | $20602 | $18582 |
| **11/30/2020** | $27814 | $23370 | $20842 |
| **12/31/2020** | $29621 | $24491 | $21780 |
| **1/31/2021** | $29302 | $24409 | $21683 |
| **2/28/2021** | $29933 | $24826 | $22361 |
| **3/31/2021** | $28229 | $24352 | $23162 |
| **4/30/2021** | $29718 | $25721 | $24356 |
| **5/31/2021** | $28846 | $25328 | $24467 |
| **6/30/2021** | $31311 | $27049 | $25071 |
| **7/31/2021** | $32172 | $27327 | $25495 |
| **8/31/2021** | $33310 | $28209 | $26222 |
| **9/30/2021** | $31315 | $26843 | $25045 |
| **10/31/2021** | $33528 | $28725 | $26739 |
| **11/30/2021** | $30923 | $27511 | $26332 |
| **12/31/2021** | $30632 | $27608 | $27369 |
| **1/31/2022** | $25233 | $24045 | $25759 |
| **2/28/2022** | $24741 | $23753 | $25110 |
| **3/31/2022** | $24914 | $24135 | $25924 |
| **4/30/2022** | $21011 | $21417 | $23598 |
| **5/31/2022** | $19089 | $20588 | $23566 |
| **6/30/2022** | $17898 | $19049 | $21595 |
| **7/31/2022** | $20350 | $21380 | $23621 |
| **8/31/2022** | $19548 | $20680 | $22739 |
| **9/30/2022** | $17501 | $18925 | $20630 |
| **10/31/2022** | $18283 | $20412 | $22322 |
| **11/30/2022** | $19209 | $21523 | $23487 |
| **12/31/2022** | $17844 | $20231 | $22112 |
| **1/31/2023** | $19494 | $21996 | $23635 |
| **2/28/2023** | $18985 | $21779 | $23083 |
| **3/31/2023** | $19870 | $22079 | $23700 |
| **4/30/2023** | $19639 | $21759 | $23952 |
| **5/31/2023** | $19688 | $21773 | $24046 |
| **6/30/2023** | $21044 | $23456 | $25688 |
| **7/31/2023** | $21582 | $24165 | $26608 |
| **8/31/2023** | $20581 | $23369 | $26095 |
| **9/30/2023** | $19366 | $22230 | $24852 |
| **10/31/2023** | $18192 | $21096 | $24193 |
| **11/30/2023** | $20503 | $23670 | $26449 |
| **12/31/2023** | $22190 | $25464 | $27852 |
| **1/31/2024** | $22173 | $25327 | $28160 |
| **2/29/2024** | $24078 | $27231 | $29685 |
| **3/31/2024** | $24640 | $27882 | $30642 |
| **4/30/2024** | $23153 | $26263 | $29294 |
| **5/31/2024** | $23740 | $26543 | $30678 |
| **6/30/2024** | $24036 | $26986 | $31628 |
| **7/31/2024** | $24095 | $27150 | $32216 |
| **8/31/2024** | $25033 | $27824 | $32917 |
| **9/30/2024** | $25903 | $28751 | $33598 |
| **10/31/2024** | $25953 | $29254 | $33351 |
| **11/30/2024** | $28733 | $33153 | $35570 |
| **12/31/2024** | $26559 | $31092 | $34483 |
| **1/31/2025** | $28386 | $33076 | $35571 |
| **2/28/2025** | $26430 | $31191 | $34890 |
| **3/31/2025** | $23806 | $28878 | $32854 |
| **4/30/2025** | $25093 | $29848 | $32634 |
| **5/31/2025** | $27887 | $32710 | $34703 |
| **6/30/2025** | $29733 | $34135 | $36466 |
| **7/31/2025** | $30241 | $34828 | $37269 |
| **8/31/2025** | $30493 | $35177 | $38131 |
| **9/30/2025** | $30864 | $35084 | $39447 |

---

# Mid Cap Growth Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 19.17 | 5.13 | 11.93 |
| Russell Midcap<sup>®</sup> Growth Index | 22.02 | 11.26 | 13.37 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $657008927 |
| # of portfolio holdings | 57 |
| Portfolio turnover rate | 69% |
| Total advisory fees paid | $4548489 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 22.1 |
| Information technology | 17.2 |
| Health care | 16.8 |
| Consumer discretionary | 16.2 |
| Communication services | 11.1 |
| Financials | 9.4 |
| Utilities | 3.8 |
| Materials | 3.4 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Vistra Corp. | 3.8 |
| Roblox Corp. Class A | 3.4 |
| Hilton Worldwide Holdings, Inc. | 3.1 |
| Alnylam Pharmaceuticals, Inc. | 2.8 |
| Vertiv Holdings Co. Class A | 2.8 |
| Monolithic Power Systems, Inc. | 2.7 |
| Quanta Services, Inc. | 2.7 |
| Carvana Co. Class A | 2.6 |
| Live Nation Entertainment, Inc. | 2.5 |
| IDEXX Laboratories, Inc. | 2.5 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3118 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Opportunity Fund

# September 30, 2025

# Administrator Class

# WOFDX
This annual shareholder report contains important information about Opportunity Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $98 | 0.95% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
Over the 12-month period that ended September 30, 2025, equity markets faced volatility driven by a presidential election, tariff announcements, and continued technological transformation through artificial intelligence (AI). Despite ongoing political and economic uncertainty, resilient corporate earnings, easing inflation, and broader market leadership supported steady gains in the period. The AI build-out and elevated capital spending are expected to remain key market drivers, while investor focus on interest and mortgage rates is fueling optimism for a housing rebound.

The Fund underperformed its benchmark for the period. The Fund's underweight or lack of exposure to emerging AI leaders (Broadcom, Inc.; Palantir Technologies, Inc.; and Oracle Corp.), combined with weak stock selection in information technology and materials, weighed on performance. However, we remain optimistic about the Fund's prospects given the attractive private market valuations of many of our holdings.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251b300cd9720fd4.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrator Class** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 |
| **10/31/2015** | $10787 | $10790 |
| **11/30/2015** | $10776 | $10850 |
| **12/31/2015** | $10405 | $10627 |
| **1/31/2016** | $9781 | $10027 |
| **2/29/2016** | $9781 | $10024 |
| **3/31/2016** | $10596 | $10730 |
| **4/30/2016** | $10681 | $10796 |
| **5/31/2016** | $10857 | $10990 |
| **6/30/2016** | $10686 | $11012 |
| **7/31/2016** | $11140 | $11449 |
| **8/31/2016** | $11203 | $11478 |
| **9/30/2016** | $11268 | $11496 |
| **10/31/2016** | $11085 | $11248 |
| **11/30/2016** | $11667 | $11751 |
| **12/31/2016** | $11665 | $11980 |
| **1/31/2017** | $12104 | $12206 |
| **2/28/2017** | $12327 | $12660 |
| **3/31/2017** | $12327 | $12668 |
| **4/30/2017** | $12489 | $12803 |
| **5/31/2017** | $12681 | $12934 |
| **6/30/2017** | $12684 | $13050 |
| **7/31/2017** | $12862 | $13296 |
| **8/31/2017** | $12833 | $13322 |
| **9/30/2017** | $13154 | $13647 |
| **10/31/2017** | $13436 | $13945 |
| **11/30/2017** | $13806 | $14368 |
| **12/31/2017** | $14027 | $14512 |
| **1/31/2018** | $14721 | $15277 |
| **2/28/2018** | $14238 | $14714 |
| **3/31/2018** | $13964 | $14418 |
| **4/30/2018** | $14054 | $14473 |
| **5/31/2018** | $14382 | $14882 |
| **6/30/2018** | $14439 | $14979 |
| **7/31/2018** | $14962 | $15476 |
| **8/31/2018** | $15175 | $16020 |
| **9/30/2018** | $15178 | $16046 |
| **10/31/2018** | $14120 | $14865 |
| **11/30/2018** | $14409 | $15162 |
| **12/31/2018** | $13025 | $13751 |
| **1/31/2019** | $14272 | $14931 |
| **2/28/2019** | $14686 | $15457 |
| **3/31/2019** | $14993 | $15682 |
| **4/30/2019** | $15612 | $16309 |
| **5/31/2019** | $14653 | $15253 |
| **6/30/2019** | $15618 | $16325 |
| **7/31/2019** | $16060 | $16567 |
| **8/31/2019** | $15812 | $16229 |
| **9/30/2019** | $15993 | $16514 |
| **10/31/2019** | $16110 | $16870 |
| **11/30/2019** | $16755 | $17511 |
| **12/31/2019** | $17136 | $18017 |
| **1/31/2020** | $17013 | $17997 |
| **2/29/2020** | $15777 | $16523 |
| **3/31/2020** | $13426 | $14251 |
| **4/30/2020** | $15099 | $16139 |
| **5/31/2020** | $16180 | $17002 |
| **6/30/2020** | $16310 | $17390 |
| **7/31/2020** | $17083 | $18378 |
| **8/31/2020** | $18435 | $19709 |
| **9/30/2020** | $17888 | $18992 |
| **10/31/2020** | $17620 | $18582 |
| **11/30/2020** | $19797 | $20842 |
| **12/31/2020** | $20765 | $21780 |
| **1/31/2021** | $20223 | $21683 |
| **2/28/2021** | $20829 | $22361 |
| **3/31/2021** | $21662 | $23162 |
| **4/30/2021** | $23206 | $24356 |
| **5/31/2021** | $23187 | $24467 |
| **6/30/2021** | $23707 | $25071 |
| **7/31/2021** | $24607 | $25495 |
| **8/31/2021** | $25190 | $26222 |
| **9/30/2021** | $23946 | $25045 |
| **10/31/2021** | $25161 | $26739 |
| **11/30/2021** | $24682 | $26332 |
| **12/31/2021** | $25898 | $27369 |
| **1/31/2022** | $23973 | $25759 |
| **2/28/2022** | $23109 | $25110 |
| **3/31/2022** | $23709 | $25924 |
| **4/30/2022** | $21900 | $23598 |
| **5/31/2022** | $21524 | $23566 |
| **6/30/2022** | $19955 | $21595 |
| **7/31/2022** | $22165 | $23621 |
| **8/31/2022** | $21201 | $22739 |
| **9/30/2022** | $19177 | $20630 |
| **10/31/2022** | $20357 | $22322 |
| **11/30/2022** | $21631 | $23487 |
| **12/31/2022** | $20540 | $22112 |
| **1/31/2023** | $22417 | $23635 |
| **2/28/2023** | $21784 | $23083 |
| **3/31/2023** | $22282 | $23700 |
| **4/30/2023** | $22341 | $23952 |
| **5/31/2023** | $22408 | $24046 |
| **6/30/2023** | $24091 | $25688 |
| **7/31/2023** | $24851 | $26608 |
| **8/31/2023** | $24462 | $26095 |
| **9/30/2023** | $22942 | $24852 |
| **10/31/2023** | $21906 | $24193 |
| **11/30/2023** | $24453 | $26449 |
| **12/31/2023** | $26001 | $27852 |
| **1/31/2024** | $26141 | $28160 |
| **2/29/2024** | $27612 | $29685 |
| **3/31/2024** | $28296 | $30642 |
| **4/30/2024** | $26671 | $29294 |
| **5/31/2024** | $27238 | $30678 |
| **6/30/2024** | $27561 | $31628 |
| **7/31/2024** | $28582 | $32216 |
| **8/31/2024** | $29126 | $32917 |
| **9/30/2024** | $29613 | $33598 |
| **10/31/2024** | $29177 | $33351 |
| **11/30/2024** | $31000 | $35570 |
| **12/31/2024** | $29916 | $34483 |
| **1/31/2025** | $31108 | $35571 |
| **2/28/2025** | $29875 | $34890 |
| **3/31/2025** | $27845 | $32854 |
| **4/30/2025** | $27158 | $32634 |
| **5/31/2025** | $28764 | $34703 |
| **6/30/2025** | $30406 | $36466 |
| **7/31/2025** | $31022 | $37269 |
| **8/31/2025** | $31547 | $38131 |
| **9/30/2025** | $31714 | $39447 |

---

# Opportunity Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 7.09 | 12.13 | 12.23 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1899937105 |
| # of portfolio holdings | 52 |
| Portfolio turnover rate | 21% |
| Total advisory fees paid | $13141538 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Information technology | 31.0 |
| Industrials | 14.6 |
| Consumer discretionary | 13.0 |
| Financials | 12.4 |
| Communication services | 10.5 |
| Health care | 6.1 |
| Real estate | 5.0 |
| Materials | 4.8 |
| Consumer staples | 2.6 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Microsoft Corp. | 6.4 |
| Amazon.com, Inc. | 6.2 |
| Alphabet, Inc. Class C | 5.7 |
| Apple, Inc. | 4.9 |
| Meta Platforms, Inc. Class A | 4.7 |
| NVIDIA Corp. | 3.4 |
| Mastercard, Inc. Class A | 3.2 |
| Marvell Technology, Inc. | 3.0 |
| Texas Instruments, Inc. | 2.4 |
| Charles Schwab Corp. | 2.4 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since October 1, 2024.

On November 13, 2025, Robert Wicentowski, CFA was added as a portfolio manager for the Fund.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3606 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Opportunity Fund

# September 30, 2025

# Class A

# SOPVX
This annual shareholder report contains important information about Opportunity Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $117 | 1.13% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
Over the 12-month period that ended September 30, 2025, equity markets faced volatility driven by a presidential election, tariff announcements, and continued technological transformation through artificial intelligence (AI). Despite ongoing political and economic uncertainty, resilient corporate earnings, easing inflation, and broader market leadership supported steady gains in the period. The AI build-out and elevated capital spending are expected to remain key market drivers, while investor focus on interest and mortgage rates is fueling optimism for a housing rebound.

The Fund underperformed its benchmark for the period. The Fund's underweight or lack of exposure to emerging AI leaders (Broadcom, Inc.; Palantir Technologies, Inc.; and Oracle Corp.), combined with weak stock selection in information technology and materials, weighed on performance. However, we remain optimistic about the Fund's prospects given the attractive private market valuations of many of our holdings.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251cde679529041bc.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with Load** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $9426 | $10000 |
| **10/31/2015** | $10170 | $10790 |
| **11/30/2015** | $10157 | $10850 |
| **12/31/2015** | $9805 | $10627 |
| **1/31/2016** | $9215 | $10027 |
| **2/29/2016** | $9213 | $10024 |
| **3/31/2016** | $9980 | $10730 |
| **4/30/2016** | $10058 | $10796 |
| **5/31/2016** | $10221 | $10990 |
| **6/30/2016** | $10058 | $11012 |
| **7/31/2016** | $10484 | $11449 |
| **8/31/2016** | $10542 | $11478 |
| **9/30/2016** | $10600 | $11496 |
| **10/31/2016** | $10426 | $11248 |
| **11/30/2016** | $10973 | $11751 |
| **12/31/2016** | $10969 | $11980 |
| **1/31/2017** | $11379 | $12206 |
| **2/28/2017** | $11586 | $12660 |
| **3/31/2017** | $11584 | $12668 |
| **4/30/2017** | $11737 | $12803 |
| **5/31/2017** | $11915 | $12934 |
| **6/30/2017** | $11915 | $13050 |
| **7/31/2017** | $12079 | $13296 |
| **8/31/2017** | $12050 | $13322 |
| **9/30/2017** | $12349 | $13647 |
| **10/31/2017** | $12613 | $13945 |
| **11/30/2017** | $12958 | $14368 |
| **12/31/2017** | $13164 | $14512 |
| **1/31/2018** | $13812 | $15277 |
| **2/28/2018** | $13358 | $14714 |
| **3/31/2018** | $13100 | $14418 |
| **4/30/2018** | $13180 | $14473 |
| **5/31/2018** | $13484 | $14882 |
| **6/30/2018** | $13536 | $14979 |
| **7/31/2018** | $14024 | $15476 |
| **8/31/2018** | $14221 | $16020 |
| **9/30/2018** | $14221 | $16046 |
| **10/31/2018** | $13229 | $14865 |
| **11/30/2018** | $13496 | $15162 |
| **12/31/2018** | $12199 | $13751 |
| **1/31/2019** | $13361 | $14931 |
| **2/28/2019** | $13747 | $15457 |
| **3/31/2019** | $14034 | $15682 |
| **4/30/2019** | $14613 | $16309 |
| **5/31/2019** | $13713 | $15253 |
| **6/30/2019** | $14613 | $16325 |
| **7/31/2019** | $15023 | $16567 |
| **8/31/2019** | $14789 | $16229 |
| **9/30/2019** | $14958 | $16514 |
| **10/31/2019** | $15065 | $16870 |
| **11/30/2019** | $15665 | $17511 |
| **12/31/2019** | $16019 | $18017 |
| **1/31/2020** | $15899 | $17997 |
| **2/29/2020** | $14743 | $16523 |
| **3/31/2020** | $12544 | $14251 |
| **4/30/2020** | $14106 | $16139 |
| **5/31/2020** | $15112 | $17002 |
| **6/30/2020** | $15233 | $17390 |
| **7/31/2020** | $15950 | $18378 |
| **8/31/2020** | $17208 | $19709 |
| **9/30/2020** | $16696 | $18992 |
| **10/31/2020** | $16444 | $18582 |
| **11/30/2020** | $18474 | $20842 |
| **12/31/2020** | $19375 | $21780 |
| **1/31/2021** | $18865 | $21683 |
| **2/28/2021** | $19425 | $22361 |
| **3/31/2021** | $20200 | $23162 |
| **4/30/2021** | $21641 | $24356 |
| **5/31/2021** | $21617 | $24467 |
| **6/30/2021** | $22100 | $25071 |
| **7/31/2021** | $22933 | $25495 |
| **8/31/2021** | $23475 | $26222 |
| **9/30/2021** | $22310 | $25045 |
| **10/31/2021** | $23440 | $26739 |
| **11/30/2021** | $22992 | $26332 |
| **12/31/2021** | $24117 | $27369 |
| **1/31/2022** | $22323 | $25759 |
| **2/28/2022** | $21515 | $25110 |
| **3/31/2022** | $22069 | $25924 |
| **4/30/2022** | $20384 | $23598 |
| **5/31/2022** | $20030 | $23566 |
| **6/30/2022** | $18567 | $21595 |
| **7/31/2022** | $20620 | $23621 |
| **8/31/2022** | $19720 | $22739 |
| **9/30/2022** | $17834 | $20630 |
| **10/31/2022** | $18930 | $22322 |
| **11/30/2022** | $20109 | $23487 |
| **12/31/2022** | $19093 | $22112 |
| **1/31/2023** | $20833 | $23635 |
| **2/28/2023** | $20243 | $23083 |
| **3/31/2023** | $20702 | $23700 |
| **4/30/2023** | $20755 | $23952 |
| **5/31/2023** | $20813 | $24046 |
| **6/30/2023** | $22375 | $25688 |
| **7/31/2023** | $23075 | $26608 |
| **8/31/2023** | $22713 | $26095 |
| **9/30/2023** | $21297 | $24852 |
| **10/31/2023** | $20335 | $24193 |
| **11/30/2023** | $22694 | $26449 |
| **12/31/2023** | $24125 | $27852 |
| **1/31/2024** | $24256 | $28160 |
| **2/29/2024** | $25615 | $29685 |
| **3/31/2024** | $26244 | $30642 |
| **4/30/2024** | $24734 | $29294 |
| **5/31/2024** | $25253 | $30678 |
| **6/30/2024** | $25555 | $31628 |
| **7/31/2024** | $26496 | $32216 |
| **8/31/2024** | $26994 | $32917 |
| **9/30/2024** | $27448 | $33598 |
| **10/31/2024** | $27040 | $33351 |
| **11/30/2024** | $28721 | $35570 |
| **12/31/2024** | $27712 | $34483 |
| **1/31/2025** | $28811 | $35571 |
| **2/28/2025** | $27668 | $34890 |
| **3/31/2025** | $25783 | $32854 |
| **4/30/2025** | $25140 | $32634 |
| **5/31/2025** | $26624 | $34703 |
| **6/30/2025** | $28141 | $36466 |
| **7/31/2025** | $28707 | $37269 |
| **8/31/2025** | $29191 | $38131 |
| **9/30/2025** | $29339 | $39447 |

---

# Opportunity Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 6.89 | 11.93 | 12.02 |
| Class A with Load | 0.74 | 10.62 | 11.36 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1899937105 |
| # of portfolio holdings | 52 |
| Portfolio turnover rate | 21% |
| Total advisory fees paid | $13141538 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Information technology | 31.0 |
| Industrials | 14.6 |
| Consumer discretionary | 13.0 |
| Financials | 12.4 |
| Communication services | 10.5 |
| Health care | 6.1 |
| Real estate | 5.0 |
| Materials | 4.8 |
| Consumer staples | 2.6 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Microsoft Corp. | 6.4 |
| Amazon.com, Inc. | 6.2 |
| Alphabet, Inc. Class C | 5.7 |
| Apple, Inc. | 4.9 |
| Meta Platforms, Inc. Class A | 4.7 |
| NVIDIA Corp. | 3.4 |
| Mastercard, Inc. Class A | 3.2 |
| Marvell Technology, Inc. | 3.0 |
| Texas Instruments, Inc. | 2.4 |
| Charles Schwab Corp. | 2.4 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since October 1, 2024.

On November 13, 2025, Robert Wicentowski, CFA was added as a portfolio manager for the Fund.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3002 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Opportunity Fund

# September 30, 2025

# Class C

# WFOPX
This annual shareholder report contains important information about Opportunity Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $194 | 1.88% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
Over the 12-month period that ended September 30, 2025, equity markets faced volatility driven by a presidential election, tariff announcements, and continued technological transformation through artificial intelligence (AI). Despite ongoing political and economic uncertainty, resilient corporate earnings, easing inflation, and broader market leadership supported steady gains in the period. The AI build-out and elevated capital spending are expected to remain key market drivers, while investor focus on interest and mortgage rates is fueling optimism for a housing rebound.

The Fund underperformed its benchmark for the period. The Fund's underweight or lack of exposure to emerging AI leaders (Broadcom, Inc.; Palantir Technologies, Inc.; and Oracle Corp.), combined with weak stock selection in information technology and materials, weighed on performance. However, we remain optimistic about the Fund's prospects given the attractive private market valuations of many of our holdings.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251c10d7ff787a9c552.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with Load** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 |
| **10/31/2015** | $10781 | $10790 |
| **11/30/2015** | $10762 | $10850 |
| **12/31/2015** | $10381 | $10627 |
| **1/31/2016** | $9750 | $10027 |
| **2/29/2016** | $9744 | $10024 |
| **3/31/2016** | $10548 | $10730 |
| **4/30/2016** | $10624 | $10796 |
| **5/31/2016** | $10788 | $10990 |
| **6/30/2016** | $10610 | $11012 |
| **7/31/2016** | $11053 | $11449 |
| **8/31/2016** | $11109 | $11478 |
| **9/30/2016** | $11162 | $11496 |
| **10/31/2016** | $10972 | $11248 |
| **11/30/2016** | $11539 | $11751 |
| **12/31/2016** | $11527 | $11980 |
| **1/31/2017** | $11952 | $12206 |
| **2/28/2017** | $12163 | $12660 |
| **3/31/2017** | $12151 | $12668 |
| **4/30/2017** | $12305 | $12803 |
| **5/31/2017** | $12484 | $12934 |
| **6/30/2017** | $12475 | $13050 |
| **7/31/2017** | $12638 | $13296 |
| **8/31/2017** | $12602 | $13322 |
| **9/30/2017** | $12905 | $13647 |
| **10/31/2017** | $13173 | $13945 |
| **11/30/2017** | $13526 | $14368 |
| **12/31/2017** | $13729 | $14512 |
| **1/31/2018** | $14398 | $15277 |
| **2/28/2018** | $13916 | $14714 |
| **3/31/2018** | $13638 | $14418 |
| **4/30/2018** | $13716 | $14473 |
| **5/31/2018** | $14021 | $14882 |
| **6/30/2018** | $14066 | $14979 |
| **7/31/2018** | $14565 | $15476 |
| **8/31/2018** | $14758 | $16020 |
| **9/30/2018** | $14752 | $16046 |
| **10/31/2018** | $13712 | $14865 |
| **11/30/2018** | $13981 | $15162 |
| **12/31/2018** | $12626 | $13751 |
| **1/31/2019** | $13823 | $14931 |
| **2/28/2019** | $14215 | $15457 |
| **3/31/2019** | $14504 | $15682 |
| **4/30/2019** | $15089 | $16309 |
| **5/31/2019** | $14150 | $15253 |
| **6/30/2019** | $15069 | $16325 |
| **7/31/2019** | $15485 | $16567 |
| **8/31/2019** | $15231 | $16229 |
| **9/30/2019** | $15396 | $16514 |
| **10/31/2019** | $15496 | $16870 |
| **11/30/2019** | $16104 | $17511 |
| **12/31/2019** | $16458 | $18017 |
| **1/31/2020** | $16323 | $17997 |
| **2/29/2020** | $15128 | $16523 |
| **3/31/2020** | $12861 | $14251 |
| **4/30/2020** | $14453 | $16139 |
| **5/31/2020** | $15476 | $17002 |
| **6/30/2020** | $15591 | $17390 |
| **7/31/2020** | $16315 | $18378 |
| **8/31/2020** | $17808 | $19709 |
| **9/30/2020** | $17264 | $18992 |
| **10/31/2020** | $16994 | $18582 |
| **11/30/2020** | $19077 | $20842 |
| **12/31/2020** | $19994 | $21780 |
| **1/31/2021** | $19456 | $21683 |
| **2/28/2021** | $20025 | $22361 |
| **3/31/2021** | $20813 | $23162 |
| **4/30/2021** | $22279 | $24356 |
| **5/31/2021** | $22244 | $24467 |
| **6/30/2021** | $22725 | $25071 |
| **7/31/2021** | $23566 | $25495 |
| **8/31/2021** | $24109 | $26222 |
| **9/30/2021** | $22900 | $25045 |
| **10/31/2021** | $24043 | $26739 |
| **11/30/2021** | $23570 | $26332 |
| **12/31/2021** | $24707 | $27369 |
| **1/31/2022** | $22855 | $25759 |
| **2/28/2022** | $22015 | $25110 |
| **3/31/2022** | $22576 | $25924 |
| **4/30/2022** | $20843 | $23598 |
| **5/31/2022** | $20465 | $23566 |
| **6/30/2022** | $18960 | $21595 |
| **7/31/2022** | $21071 | $23621 |
| **8/31/2022** | $20137 | $22739 |
| **9/30/2022** | $18195 | $20630 |
| **10/31/2022** | $19303 | $22322 |
| **11/30/2022** | $20500 | $23487 |
| **12/31/2022** | $19453 | $22112 |
| **1/31/2023** | $21212 | $23635 |
| **2/28/2023** | $20600 | $23083 |
| **3/31/2023** | $21051 | $23700 |
| **4/30/2023** | $21095 | $23952 |
| **5/31/2023** | $21145 | $24046 |
| **6/30/2023** | $22710 | $25688 |
| **7/31/2023** | $23411 | $26608 |
| **8/31/2023** | $23027 | $26095 |
| **9/30/2023** | $21580 | $24852 |
| **10/31/2023** | $20605 | $24193 |
| **11/30/2023** | $22995 | $26449 |
| **12/31/2023** | $24445 | $27852 |
| **1/31/2024** | $24578 | $28160 |
| **2/29/2024** | $25955 | $29685 |
| **3/31/2024** | $26593 | $30642 |
| **4/30/2024** | $25063 | $29294 |
| **5/31/2024** | $25588 | $30678 |
| **6/30/2024** | $25894 | $31628 |
| **7/31/2024** | $26848 | $32216 |
| **8/31/2024** | $27353 | $32917 |
| **9/30/2024** | $27812 | $33598 |
| **10/31/2024** | $27399 | $33351 |
| **11/30/2024** | $29103 | $35570 |
| **12/31/2024** | $28080 | $34483 |
| **1/31/2025** | $29194 | $35571 |
| **2/28/2025** | $28036 | $34890 |
| **3/31/2025** | $26126 | $32854 |
| **4/30/2025** | $25474 | $32634 |
| **5/31/2025** | $26978 | $34703 |
| **6/30/2025** | $28515 | $36466 |
| **7/31/2025** | $29088 | $37269 |
| **8/31/2025** | $29579 | $38131 |
| **9/30/2025** | $29729 | $39447 |

---

# Opportunity Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 6.08 | 11.15 | 11.51 |
| Class C with Load | 5.08 | 11.15 | 11.51 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1899937105 |
| # of portfolio holdings | 52 |
| Portfolio turnover rate | 21% |
| Total advisory fees paid | $13141538 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Information technology | 31.0 |
| Industrials | 14.6 |
| Consumer discretionary | 13.0 |
| Financials | 12.4 |
| Communication services | 10.5 |
| Health care | 6.1 |
| Real estate | 5.0 |
| Materials | 4.8 |
| Consumer staples | 2.6 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Microsoft Corp. | 6.4 |
| Amazon.com, Inc. | 6.2 |
| Alphabet, Inc. Class C | 5.7 |
| Apple, Inc. | 4.9 |
| Meta Platforms, Inc. Class A | 4.7 |
| NVIDIA Corp. | 3.4 |
| Mastercard, Inc. Class A | 3.2 |
| Marvell Technology, Inc. | 3.0 |
| Texas Instruments, Inc. | 2.4 |
| Charles Schwab Corp. | 2.4 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since October 1, 2024.

On November 13, 2025, Robert Wicentowski, CFA was added as a portfolio manager for the Fund. At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on or about the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C was closed to new investors and additional investments from existing shareholders.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3539 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Opportunity Fund

# September 30, 2025

# Class R6

# WOFRX
This annual shareholder report contains important information about Opportunity Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $75 | 0.72% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
Over the 12-month period that ended September 30, 2025, equity markets faced volatility driven by a presidential election, tariff announcements, and continued technological transformation through artificial intelligence (AI). Despite ongoing political and economic uncertainty, resilient corporate earnings, easing inflation, and broader market leadership supported steady gains in the period. The AI build-out and elevated capital spending are expected to remain key market drivers, while investor focus on interest and mortgage rates is fueling optimism for a housing rebound.

The Fund underperformed its benchmark for the period. The Fund's underweight or lack of exposure to emerging AI leaders (Broadcom, Inc.; Palantir Technologies, Inc.; and Oracle Corp.), combined with weak stock selection in information technology and materials, weighed on performance. However, we remain optimistic about the Fund's prospects given the attractive private market valuations of many of our holdings.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251d1813308a245e1eaf.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 |
| **10/31/2015** | $10791 | $10790 |
| **11/30/2015** | $10783 | $10850 |
| **12/31/2015** | $10413 | $10627 |
| **1/31/2016** | $9790 | $10027 |
| **2/29/2016** | $9792 | $10024 |
| **3/31/2016** | $10609 | $10730 |
| **4/30/2016** | $10698 | $10796 |
| **5/31/2016** | $10876 | $10990 |
| **6/30/2016** | $10706 | $11012 |
| **7/31/2016** | $11164 | $11449 |
| **8/31/2016** | $11230 | $11478 |
| **9/30/2016** | $11297 | $11496 |
| **10/31/2016** | $11117 | $11248 |
| **11/30/2016** | $11701 | $11751 |
| **12/31/2016** | $11704 | $11980 |
| **1/31/2017** | $12145 | $12206 |
| **2/28/2017** | $12371 | $12660 |
| **3/31/2017** | $12374 | $12668 |
| **4/30/2017** | $12542 | $12803 |
| **5/31/2017** | $12737 | $12934 |
| **6/30/2017** | $12739 | $13050 |
| **7/31/2017** | $12921 | $13296 |
| **8/31/2017** | $12894 | $13322 |
| **9/30/2017** | $13220 | $13647 |
| **10/31/2017** | $13507 | $13945 |
| **11/30/2017** | $13883 | $14368 |
| **12/31/2017** | $14107 | $14512 |
| **1/31/2018** | $14808 | $15277 |
| **2/28/2018** | $14327 | $14714 |
| **3/31/2018** | $14053 | $14418 |
| **4/30/2018** | $14145 | $14473 |
| **5/31/2018** | $14478 | $14882 |
| **6/30/2018** | $14540 | $14979 |
| **7/31/2018** | $15069 | $15476 |
| **8/31/2018** | $15289 | $16020 |
| **9/30/2018** | $15295 | $16046 |
| **10/31/2018** | $14232 | $14865 |
| **11/30/2018** | $14526 | $15162 |
| **12/31/2018** | $13132 | $13751 |
| **1/31/2019** | $14391 | $14931 |
| **2/28/2019** | $14814 | $15457 |
| **3/31/2019** | $15128 | $15682 |
| **4/30/2019** | $15756 | $16309 |
| **5/31/2019** | $14791 | $15253 |
| **6/30/2019** | $15766 | $16325 |
| **7/31/2019** | $16215 | $16567 |
| **8/31/2019** | $15971 | $16229 |
| **9/30/2019** | $16156 | $16514 |
| **10/31/2019** | $16278 | $16870 |
| **11/30/2019** | $16932 | $17511 |
| **12/31/2019** | $17319 | $18017 |
| **1/31/2020** | $17197 | $17997 |
| **2/29/2020** | $15953 | $16523 |
| **3/31/2020** | $13577 | $14251 |
| **4/30/2020** | $15272 | $16139 |
| **5/31/2020** | $16365 | $17002 |
| **6/30/2020** | $16505 | $17390 |
| **7/31/2020** | $17288 | $18378 |
| **8/31/2020** | $18661 | $19709 |
| **9/30/2020** | $18109 | $18992 |
| **10/31/2020** | $17843 | $18582 |
| **11/30/2020** | $20051 | $20842 |
| **12/31/2020** | $21038 | $21780 |
| **1/31/2021** | $20490 | $21683 |
| **2/28/2021** | $21108 | $22361 |
| **3/31/2021** | $21960 | $23162 |
| **4/30/2021** | $23530 | $24356 |
| **5/31/2021** | $23515 | $24467 |
| **6/30/2021** | $24048 | $25071 |
| **7/31/2021** | $24966 | $25495 |
| **8/31/2021** | $25566 | $26222 |
| **9/30/2021** | $24307 | $25045 |
| **10/31/2021** | $25543 | $26739 |
| **11/30/2021** | $25066 | $26332 |
| **12/31/2021** | $26307 | $27369 |
| **1/31/2022** | $24357 | $25759 |
| **2/28/2022** | $23482 | $25110 |
| **3/31/2022** | $24100 | $25924 |
| **4/30/2022** | $22264 | $23598 |
| **5/31/2022** | $21884 | $23566 |
| **6/30/2022** | $20294 | $21595 |
| **7/31/2022** | $22546 | $23621 |
| **8/31/2022** | $21569 | $22739 |
| **9/30/2022** | $19513 | $20630 |
| **10/31/2022** | $20719 | $22322 |
| **11/30/2022** | $22023 | $23487 |
| **12/31/2022** | $20921 | $22112 |
| **1/31/2023** | $22833 | $23635 |
| **2/28/2023** | $22196 | $23083 |
| **3/31/2023** | $22708 | $23700 |
| **4/30/2023** | $22771 | $23952 |
| **5/31/2023** | $22847 | $24046 |
| **6/30/2023** | $24567 | $25688 |
| **7/31/2023** | $25351 | $26608 |
| **8/31/2023** | $24959 | $26095 |
| **9/30/2023** | $23408 | $24852 |
| **10/31/2023** | $22361 | $24193 |
| **11/30/2023** | $24963 | $26449 |
| **12/31/2023** | $26550 | $27852 |
| **1/31/2024** | $26698 | $28160 |
| **2/29/2024** | $28205 | $29685 |
| **3/31/2024** | $28911 | $30642 |
| **4/30/2024** | $27260 | $29294 |
| **5/31/2024** | $27841 | $30678 |
| **6/30/2024** | $28182 | $31628 |
| **7/31/2024** | $29234 | $32216 |
| **8/31/2024** | $29796 | $32917 |
| **9/30/2024** | $30298 | $33598 |
| **10/31/2024** | $29861 | $33351 |
| **11/30/2024** | $31728 | $35570 |
| **12/31/2024** | $30629 | $34483 |
| **1/31/2025** | $31858 | $35571 |
| **2/28/2025** | $30599 | $34890 |
| **3/31/2025** | $28523 | $32854 |
| **4/30/2025** | $27819 | $32634 |
| **5/31/2025** | $29474 | $34703 |
| **6/30/2025** | $31159 | $36466 |
| **7/31/2025** | $31793 | $37269 |
| **8/31/2025** | $32344 | $38131 |
| **9/30/2025** | $32517 | $39447 |

---

# Opportunity Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>Footnote Reference\*</sup> | 7.32 | 12.42 | 12.52 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Historical performance shown for the Class R6 shares prior to their inception on May 29, 2020 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. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1899937105 |
| # of portfolio holdings | 52 |
| Portfolio turnover rate | 21% |
| Total advisory fees paid | $13141538 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Information technology | 31.0 |
| Industrials | 14.6 |
| Consumer discretionary | 13.0 |
| Financials | 12.4 |
| Communication services | 10.5 |
| Health care | 6.1 |
| Real estate | 5.0 |
| Materials | 4.8 |
| Consumer staples | 2.6 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Microsoft Corp. | 6.4 |
| Amazon.com, Inc. | 6.2 |
| Alphabet, Inc. Class C | 5.7 |
| Apple, Inc. | 4.9 |
| Meta Platforms, Inc. Class A | 4.7 |
| NVIDIA Corp. | 3.4 |
| Mastercard, Inc. Class A | 3.2 |
| Marvell Technology, Inc. | 3.0 |
| Texas Instruments, Inc. | 2.4 |
| Charles Schwab Corp. | 2.4 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since October 1, 2024.

On November 13, 2025, Robert Wicentowski, CFA was added as a portfolio manager for the Fund.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR4823 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Opportunity Fund

# September 30, 2025

# Institutional Class

# WOFNX
This annual shareholder report contains important information about Opportunity Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $78 | 0.75% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
Over the 12-month period that ended September 30, 2025, equity markets faced volatility driven by a presidential election, tariff announcements, and continued technological transformation through artificial intelligence (AI). Despite ongoing political and economic uncertainty, resilient corporate earnings, easing inflation, and broader market leadership supported steady gains in the period. The AI build-out and elevated capital spending are expected to remain key market drivers, while investor focus on interest and mortgage rates is fueling optimism for a housing rebound.

The Fund underperformed its benchmark for the period. The Fund's underweight or lack of exposure to emerging AI leaders (Broadcom, Inc.; Palantir Technologies, Inc.; and Oracle Corp.), combined with weak stock selection in information technology and materials, weighed on performance. However, we remain optimistic about the Fund's prospects given the attractive private market valuations of many of our holdings.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251f6e7f621912390.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 |
| **10/31/2015** | $10791 | $10790 |
| **11/30/2015** | $10783 | $10850 |
| **12/31/2015** | $10413 | $10627 |
| **1/31/2016** | $9790 | $10027 |
| **2/29/2016** | $9792 | $10024 |
| **3/31/2016** | $10609 | $10730 |
| **4/30/2016** | $10698 | $10796 |
| **5/31/2016** | $10876 | $10990 |
| **6/30/2016** | $10706 | $11012 |
| **7/31/2016** | $11164 | $11449 |
| **8/31/2016** | $11230 | $11478 |
| **9/30/2016** | $11297 | $11496 |
| **10/31/2016** | $11117 | $11248 |
| **11/30/2016** | $11701 | $11751 |
| **12/31/2016** | $11704 | $11980 |
| **1/31/2017** | $12145 | $12206 |
| **2/28/2017** | $12371 | $12660 |
| **3/31/2017** | $12374 | $12668 |
| **4/30/2017** | $12542 | $12803 |
| **5/31/2017** | $12737 | $12934 |
| **6/30/2017** | $12739 | $13050 |
| **7/31/2017** | $12921 | $13296 |
| **8/31/2017** | $12894 | $13322 |
| **9/30/2017** | $13220 | $13647 |
| **10/31/2017** | $13507 | $13945 |
| **11/30/2017** | $13883 | $14368 |
| **12/31/2017** | $14107 | $14512 |
| **1/31/2018** | $14808 | $15277 |
| **2/28/2018** | $14327 | $14714 |
| **3/31/2018** | $14053 | $14418 |
| **4/30/2018** | $14145 | $14473 |
| **5/31/2018** | $14478 | $14882 |
| **6/30/2018** | $14540 | $14979 |
| **7/31/2018** | $15069 | $15476 |
| **8/31/2018** | $15289 | $16020 |
| **9/30/2018** | $15295 | $16046 |
| **10/31/2018** | $14232 | $14865 |
| **11/30/2018** | $14526 | $15162 |
| **12/31/2018** | $13132 | $13751 |
| **1/31/2019** | $14391 | $14931 |
| **2/28/2019** | $14814 | $15457 |
| **3/31/2019** | $15128 | $15682 |
| **4/30/2019** | $15756 | $16309 |
| **5/31/2019** | $14791 | $15253 |
| **6/30/2019** | $15766 | $16325 |
| **7/31/2019** | $16215 | $16567 |
| **8/31/2019** | $15971 | $16229 |
| **9/30/2019** | $16156 | $16514 |
| **10/31/2019** | $16278 | $16870 |
| **11/30/2019** | $16932 | $17511 |
| **12/31/2019** | $17319 | $18017 |
| **1/31/2020** | $17197 | $17997 |
| **2/29/2020** | $15953 | $16523 |
| **3/31/2020** | $13577 | $14251 |
| **4/30/2020** | $15272 | $16139 |
| **5/31/2020** | $16365 | $17002 |
| **6/30/2020** | $16505 | $17390 |
| **7/31/2020** | $17288 | $18378 |
| **8/31/2020** | $18661 | $19709 |
| **9/30/2020** | $18109 | $18992 |
| **10/31/2020** | $17843 | $18582 |
| **11/30/2020** | $20051 | $20842 |
| **12/31/2020** | $21037 | $21780 |
| **1/31/2021** | $20489 | $21683 |
| **2/28/2021** | $21103 | $22361 |
| **3/31/2021** | $21955 | $23162 |
| **4/30/2021** | $23524 | $24356 |
| **5/31/2021** | $23510 | $24467 |
| **6/30/2021** | $24043 | $25071 |
| **7/31/2021** | $24961 | $25495 |
| **8/31/2021** | $25557 | $26222 |
| **9/30/2021** | $24302 | $25045 |
| **10/31/2021** | $25534 | $26739 |
| **11/30/2021** | $25057 | $26332 |
| **12/31/2021** | $26294 | $27369 |
| **1/31/2022** | $24344 | $25759 |
| **2/28/2022** | $23469 | $25110 |
| **3/31/2022** | $24087 | $25924 |
| **4/30/2022** | $22251 | $23598 |
| **5/31/2022** | $21871 | $23566 |
| **6/30/2022** | $20285 | $21595 |
| **7/31/2022** | $22533 | $23621 |
| **8/31/2022** | $21556 | $22739 |
| **9/30/2022** | $19500 | $20630 |
| **10/31/2022** | $20706 | $22322 |
| **11/30/2022** | $22010 | $23487 |
| **12/31/2022** | $20904 | $22112 |
| **1/31/2023** | $22816 | $23635 |
| **2/28/2023** | $22179 | $23083 |
| **3/31/2023** | $22691 | $23700 |
| **4/30/2023** | $22753 | $23952 |
| **5/31/2023** | $22829 | $24046 |
| **6/30/2023** | $24549 | $25688 |
| **7/31/2023** | $25329 | $26608 |
| **8/31/2023** | $24937 | $26095 |
| **9/30/2023** | $23386 | $24852 |
| **10/31/2023** | $22339 | $24193 |
| **11/30/2023** | $24941 | $26449 |
| **12/31/2023** | $26524 | $27852 |
| **1/31/2024** | $26672 | $28160 |
| **2/29/2024** | $28179 | $29685 |
| **3/31/2024** | $28885 | $30642 |
| **4/30/2024** | $27229 | $29294 |
| **5/31/2024** | $27815 | $30678 |
| **6/30/2024** | $28152 | $31628 |
| **7/31/2024** | $29203 | $32216 |
| **8/31/2024** | $29761 | $32917 |
| **9/30/2024** | $30263 | $33598 |
| **10/31/2024** | $29825 | $33351 |
| **11/30/2024** | $31692 | $35570 |
| **12/31/2024** | $30589 | $34483 |
| **1/31/2025** | $31818 | $35571 |
| **2/28/2025** | $30559 | $34890 |
| **3/31/2025** | $28487 | $32854 |
| **4/30/2025** | $27779 | $32634 |
| **5/31/2025** | $29434 | $34703 |
| **6/30/2025** | $31119 | $36466 |
| **7/31/2025** | $31749 | $37269 |
| **8/31/2025** | $32299 | $38131 |
| **9/30/2025** | $32472 | $39447 |

---

# Opportunity Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 7.3 | 12.39 | 12.5 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1899937105 |
| # of portfolio holdings | 52 |
| Portfolio turnover rate | 21% |
| Total advisory fees paid | $13141538 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Information technology | 31.0 |
| Industrials | 14.6 |
| Consumer discretionary | 13.0 |
| Financials | 12.4 |
| Communication services | 10.5 |
| Health care | 6.1 |
| Real estate | 5.0 |
| Materials | 4.8 |
| Consumer staples | 2.6 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Microsoft Corp. | 6.4 |
| Amazon.com, Inc. | 6.2 |
| Alphabet, Inc. Class C | 5.7 |
| Apple, Inc. | 4.9 |
| Meta Platforms, Inc. Class A | 4.7 |
| NVIDIA Corp. | 3.4 |
| Mastercard, Inc. Class A | 3.2 |
| Marvell Technology, Inc. | 3.0 |
| Texas Instruments, Inc. | 2.4 |
| Charles Schwab Corp. | 2.4 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since October 1, 2024.

On November 13, 2025, Robert Wicentowski, CFA was added as a portfolio manager for the Fund.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR4140 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# SMID Cap Growth Fund

# September 30, 2025

# Administrator Class

# WFDDX
This annual shareholder report contains important information about SMID Cap Growth Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $118 | 1.14% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
The 12-month period that ended September 30, 2025, was positive but volatile. The economy was resilient—U.S. gross domestic product growth remained positive and consumer strength persisted. However, the new U.S. administration's aggressive policies on tariffs, immigration, and spending sparked concerns that rising costs and labor shortages could reignite inflation. After policy adjustments and trade negotiations, investors refocused on optimism over massive investments in artificial intelligence and falling interest rates, fueling a sharp rally in speculative market corners. Many active managers underperformed in 2025 as lower-quality and unprofitable equities sharply outperformed.

The portfolio benefited from security selection within financials and utilities. Holdings with innovative technologies and strong demand, such as Robinhood Markets, Inc. and Talen Energy Corp., contributed. In contrast, security selection within information technology detracted: Onto Innovation (This security was no longer held at the end of the reporting period.) experienced fundamental challenges, and Novanta, Inc. faced trade headwinds. Additionally, lack of ownership of speculative benchmark holdings detracted from relative performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251ef8e6b2bb3d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrator Class** | **Russell 2500™ Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10398 | $10523 | $10790 |
| **11/30/2015** | $10452 | $10761 | $10850 |
| **12/31/2015** | $10159 | $10381 | $10627 |
| **1/31/2016** | $9166 | $9354 | $10027 |
| **2/29/2016** | $9064 | $9382 | $10024 |
| **3/31/2016** | $9743 | $10105 | $10730 |
| **4/30/2016** | $9921 | $10201 | $10796 |
| **5/31/2016** | $10191 | $10455 | $10990 |
| **6/30/2016** | $10229 | $10377 | $11012 |
| **7/31/2016** | $10687 | $10994 | $11449 |
| **8/31/2016** | $10635 | $11070 | $11478 |
| **9/30/2016** | $10740 | $11102 | $11496 |
| **10/31/2016** | $10373 | $10522 | $11248 |
| **11/30/2016** | $10936 | $11290 | $11751 |
| **12/31/2016** | $10899 | $11390 | $11980 |
| **1/31/2017** | $11332 | $11660 | $12206 |
| **2/28/2017** | $11927 | $12014 | $12660 |
| **3/31/2017** | $11976 | $12102 | $12668 |
| **4/30/2017** | $12320 | $12315 | $12803 |
| **5/31/2017** | $12434 | $12321 | $12934 |
| **6/30/2017** | $12586 | $12602 | $13050 |
| **7/31/2017** | $12795 | $12769 | $13296 |
| **8/31/2017** | $12834 | $12794 | $13322 |
| **9/30/2017** | $13266 | $13330 | $13647 |
| **10/31/2017** | $13585 | $13687 | $13945 |
| **11/30/2017** | $13908 | $14138 | $14368 |
| **12/31/2017** | $14076 | $14176 | $14512 |
| **1/31/2018** | $14964 | $14884 | $15277 |
| **2/28/2018** | $14579 | $14396 | $14714 |
| **3/31/2018** | $14524 | $14513 | $14418 |
| **4/30/2018** | $14311 | $14421 | $14473 |
| **5/31/2018** | $15035 | $15188 | $14882 |
| **6/30/2018** | $15190 | $15315 | $14979 |
| **7/31/2018** | $15324 | $15602 | $15476 |
| **8/31/2018** | $16555 | $16656 | $16020 |
| **9/30/2018** | $16446 | $16413 | $16046 |
| **10/31/2018** | $14528 | $14442 | $14865 |
| **11/30/2018** | $14612 | $14714 | $15162 |
| **12/31/2018** | $13089 | $13118 | $13751 |
| **1/31/2019** | $14775 | $14680 | $14931 |
| **2/28/2019** | $15922 | $15647 | $15457 |
| **3/31/2019** | $16120 | $15608 | $15682 |
| **4/30/2019** | $16718 | $16154 | $16309 |
| **5/31/2019** | $16481 | $15081 | $15253 |
| **6/30/2019** | $17850 | $16255 | $16325 |
| **7/31/2019** | $18399 | $16508 | $16567 |
| **8/31/2019** | $17771 | $16039 | $16229 |
| **9/30/2019** | $17084 | $15738 | $16514 |
| **10/31/2019** | $16931 | $16142 | $16870 |
| **11/30/2019** | $18167 | $17241 | $17511 |
| **12/31/2019** | $18227 | $17401 | $18017 |
| **1/31/2020** | $18824 | $17420 | $17997 |
| **2/29/2020** | $17907 | $16238 | $16523 |
| **3/31/2020** | $14976 | $13361 | $14251 |
| **4/30/2020** | $17625 | $15503 | $16139 |
| **5/31/2020** | $19780 | $17122 | $17002 |
| **6/30/2020** | $20360 | $17752 | $17390 |
| **7/31/2020** | $21968 | $18724 | $18378 |
| **8/31/2020** | $23397 | $19567 | $19709 |
| **9/30/2020** | $23510 | $19416 | $18992 |
| **10/31/2020** | $23774 | $19645 | $18582 |
| **11/30/2020** | $27200 | $22507 | $20842 |
| **12/31/2020** | $29524 | $24443 | $21780 |
| **1/31/2021** | $29127 | $25126 | $21683 |
| **2/28/2021** | $29690 | $25915 | $22361 |
| **3/31/2021** | $27818 | $25051 | $23162 |
| **4/30/2021** | $29341 | $25931 | $24356 |
| **5/31/2021** | $27925 | $25210 | $24467 |
| **6/30/2021** | $30069 | $26563 | $25071 |
| **7/31/2021** | $30188 | $25988 | $25495 |
| **8/31/2021** | $31403 | $26639 | $26222 |
| **9/30/2021** | $29524 | $25625 | $25045 |
| **10/31/2021** | $31148 | $26939 | $26739 |
| **11/30/2021** | $28221 | $25551 | $26332 |
| **12/31/2021** | $28055 | $25676 | $27369 |
| **1/31/2022** | $22856 | $22289 | $25759 |
| **2/28/2022** | $22580 | $22356 | $25110 |
| **3/31/2022** | $22767 | $22517 | $25924 |
| **4/30/2022** | $19385 | $19946 | $23598 |
| **5/31/2022** | $17852 | $19461 | $23566 |
| **6/30/2022** | $17016 | $18115 | $21595 |
| **7/31/2022** | $19604 | $20181 | $23621 |
| **8/31/2022** | $18922 | $19798 | $22739 |
| **9/30/2022** | $17130 | $18093 | $20630 |
| **10/31/2022** | $18128 | $19563 | $22322 |
| **11/30/2022** | $18801 | $20145 | $23487 |
| **12/31/2022** | $17444 | $18946 | $22112 |
| **1/31/2023** | $19325 | $20842 | $23635 |
| **2/28/2023** | $18799 | $20513 | $23083 |
| **3/31/2023** | $19383 | $20186 | $23700 |
| **4/30/2023** | $19177 | $19931 | $23952 |
| **5/31/2023** | $19317 | $19909 | $24046 |
| **6/30/2023** | $20574 | $21481 | $25688 |
| **7/31/2023** | $20829 | $22198 | $26608 |
| **8/31/2023** | $20040 | $21295 | $26095 |
| **9/30/2023** | $18873 | $20012 | $24852 |
| **10/31/2023** | $17542 | $18623 | $24193 |
| **11/30/2023** | $19350 | $20274 | $26449 |
| **12/31/2023** | $20977 | $22533 | $27852 |
| **1/31/2024** | $20886 | $22023 | $28160 |
| **2/29/2024** | $22480 | $23807 | $29685 |
| **3/31/2024** | $23179 | $24450 | $30642 |
| **4/30/2024** | $22094 | $22628 | $29294 |
| **5/31/2024** | $22751 | $23545 | $30678 |
| **6/30/2024** | $22751 | $23419 | $31628 |
| **7/31/2024** | $23162 | $24846 | $32216 |
| **8/31/2024** | $23869 | $24653 | $32917 |
| **9/30/2024** | $24600 | $25056 | $33598 |
| **10/31/2024** | $24124 | $24993 | $33351 |
| **11/30/2024** | $26893 | $27967 | $35570 |
| **12/31/2024** | $24779 | $25664 | $34483 |
| **1/31/2025** | $25852 | $26646 | $35571 |
| **2/28/2025** | $24332 | $24872 | $34890 |
| **3/31/2025** | $22133 | $22893 | $32854 |
| **4/30/2025** | $22562 | $22818 | $32634 |
| **5/31/2025** | $24269 | $24313 | $34703 |
| **6/30/2025** | $25360 | $25482 | $36466 |
| **7/31/2025** | $25575 | $26079 | $37269 |
| **8/31/2025** | $26567 | $27448 | $38131 |
| **9/30/2025** | $26406 | $28217 | $39447 |

---

# SMID Cap Growth Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 7.38 | 2.35 | 10.2 |
| Russell 2500™ Growth Index | 12.62 | 7.76 | 10.93 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $951107750 |
| # of portfolio holdings | 73 |
| Portfolio turnover rate | 74% |
| Total advisory fees paid | $7357391 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 26.2 |
| Information technology | 22.1 |
| Health care | 21.1 |
| Consumer discretionary | 13.1 |
| Financials | 7.4 |
| Communication services | 3.7 |
| Utilities | 2.9 |
| Materials | 1.9 |
| Real estate | 1.6 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Talen Energy Corp. | 2.8 |
| EMCOR Group, Inc. | 2.7 |
| Construction Partners, Inc. Class A | 2.3 |
| Celestica, Inc. | 2.2 |
| iRhythm Technologies, Inc. | 2.2 |
| RadNet, Inc. | 2.1 |
| Casella Waste Systems, Inc. Class A | 2.1 |
| Curtiss-Wright Corp. | 2.1 |
| Equitable Holdings, Inc. | 2.0 |
| TKO Group Holdings, Inc. Class A | 1.9 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3703 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# SMID Cap Growth Fund

# September 30, 2025

# Class A

# WFDAX
This annual shareholder report contains important information about SMID Cap Growth Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $121 | 1.17% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
The 12-month period that ended September 30, 2025, was positive but volatile. The economy was resilient—U.S. gross domestic product growth remained positive and consumer strength persisted. However, the new U.S. administration's aggressive policies on tariffs, immigration, and spending sparked concerns that rising costs and labor shortages could reignite inflation. After policy adjustments and trade negotiations, investors refocused on optimism over massive investments in artificial intelligence and falling interest rates, fueling a sharp rally in speculative market corners. Many active managers underperformed in 2025 as lower-quality and unprofitable equities sharply outperformed.

The portfolio benefited from security selection within financials and utilities. Holdings with innovative technologies and strong demand, such as Robinhood Markets, Inc. and Talen Energy Corp., contributed. In contrast, security selection within information technology detracted: Onto Innovation (This security was no longer held at the end of the reporting period.) experienced fundamental challenges, and Novanta, Inc. faced trade headwinds. Additionally, lack of ownership of speculative benchmark holdings detracted from relative performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251d07575caf9937.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Russell 2500™ Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $9425 | $10000 | $10000 |
| **10/31/2015** | $9799 | $10523 | $10790 |
| **11/30/2015** | $9852 | $10761 | $10850 |
| **12/31/2015** | $9575 | $10381 | $10627 |
| **1/31/2016** | $8636 | $9354 | $10027 |
| **2/29/2016** | $8538 | $9382 | $10024 |
| **3/31/2016** | $9180 | $10105 | $10730 |
| **4/30/2016** | $9349 | $10201 | $10796 |
| **5/31/2016** | $9599 | $10455 | $10990 |
| **6/30/2016** | $9636 | $10377 | $11012 |
| **7/31/2016** | $10065 | $10994 | $11449 |
| **8/31/2016** | $10014 | $11070 | $11478 |
| **9/30/2016** | $10116 | $11102 | $11496 |
| **10/31/2016** | $9768 | $10522 | $11248 |
| **11/30/2016** | $10298 | $11290 | $11751 |
| **12/31/2016** | $10263 | $11390 | $11980 |
| **1/31/2017** | $10670 | $11660 | $12206 |
| **2/28/2017** | $11228 | $12014 | $12660 |
| **3/31/2017** | $11276 | $12102 | $12668 |
| **4/30/2017** | $11598 | $12315 | $12803 |
| **5/31/2017** | $11701 | $12321 | $12934 |
| **6/30/2017** | $11848 | $12602 | $13050 |
| **7/31/2017** | $12040 | $12769 | $13296 |
| **8/31/2017** | $12077 | $12794 | $13322 |
| **9/30/2017** | $12485 | $13330 | $13647 |
| **10/31/2017** | $12782 | $13687 | $13945 |
| **11/30/2017** | $13084 | $14138 | $14368 |
| **12/31/2017** | $13243 | $14176 | $14512 |
| **1/31/2018** | $14077 | $14884 | $15277 |
| **2/28/2018** | $13715 | $14396 | $14714 |
| **3/31/2018** | $13662 | $14513 | $14418 |
| **4/30/2018** | $13459 | $14421 | $14473 |
| **5/31/2018** | $14138 | $15188 | $14882 |
| **6/30/2018** | $14284 | $15315 | $14979 |
| **7/31/2018** | $14410 | $15602 | $15476 |
| **8/31/2018** | $15569 | $16656 | $16020 |
| **9/30/2018** | $15463 | $16413 | $16046 |
| **10/31/2018** | $13662 | $14442 | $14865 |
| **11/30/2018** | $13739 | $14714 | $15162 |
| **12/31/2018** | $12305 | $13118 | $13751 |
| **1/31/2019** | $13888 | $14680 | $14931 |
| **2/28/2019** | $14965 | $15647 | $15457 |
| **3/31/2019** | $15149 | $15608 | $15682 |
| **4/30/2019** | $15714 | $16154 | $16309 |
| **5/31/2019** | $15487 | $15081 | $15253 |
| **6/30/2019** | $16776 | $16255 | $16325 |
| **7/31/2019** | $17288 | $16508 | $16567 |
| **8/31/2019** | $16699 | $16039 | $16229 |
| **9/30/2019** | $16052 | $15738 | $16514 |
| **10/31/2019** | $15907 | $16142 | $16870 |
| **11/30/2019** | $17066 | $17241 | $17511 |
| **12/31/2019** | $17125 | $17401 | $18017 |
| **1/31/2020** | $17683 | $17420 | $17997 |
| **2/29/2020** | $16821 | $16238 | $16523 |
| **3/31/2020** | $14065 | $13361 | $14251 |
| **4/30/2020** | $16556 | $15503 | $16139 |
| **5/31/2020** | $18578 | $17122 | $17002 |
| **6/30/2020** | $19120 | $17752 | $17390 |
| **7/31/2020** | $20622 | $18724 | $18378 |
| **8/31/2020** | $21970 | $19567 | $19709 |
| **9/30/2020** | $22069 | $19416 | $18992 |
| **10/31/2020** | $22318 | $19645 | $18582 |
| **11/30/2020** | $25533 | $22507 | $20842 |
| **12/31/2020** | $27716 | $24443 | $21780 |
| **1/31/2021** | $27343 | $25126 | $21683 |
| **2/28/2021** | $27868 | $25915 | $22361 |
| **3/31/2021** | $26106 | $25051 | $23162 |
| **4/30/2021** | $27535 | $25931 | $24356 |
| **5/31/2021** | $26205 | $25210 | $24467 |
| **6/30/2021** | $28217 | $26563 | $25071 |
| **7/31/2021** | $28322 | $25988 | $25495 |
| **8/31/2021** | $29460 | $26639 | $26222 |
| **9/30/2021** | $27693 | $25625 | $25045 |
| **10/31/2021** | $29221 | $26939 | $26739 |
| **11/30/2021** | $26474 | $25551 | $26332 |
| **12/31/2021** | $26316 | $25676 | $27369 |
| **1/31/2022** | $21436 | $22289 | $25759 |
| **2/28/2022** | $21184 | $22356 | $25110 |
| **3/31/2022** | $21347 | $22517 | $25924 |
| **4/30/2022** | $18175 | $19946 | $23598 |
| **5/31/2022** | $16728 | $19461 | $23566 |
| **6/30/2022** | $15947 | $18115 | $21595 |
| **7/31/2022** | $18370 | $20181 | $23621 |
| **8/31/2022** | $17736 | $19798 | $22739 |
| **9/30/2022** | $16053 | $18093 | $20630 |
| **10/31/2022** | $16988 | $19563 | $22322 |
| **11/30/2022** | $17614 | $20145 | $23487 |
| **12/31/2022** | $16343 | $18946 | $22112 |
| **1/31/2023** | $18099 | $20842 | $23635 |
| **2/28/2023** | $17604 | $20513 | $23083 |
| **3/31/2023** | $18157 | $20186 | $23700 |
| **4/30/2023** | $17951 | $19931 | $23952 |
| **5/31/2023** | $18091 | $19909 | $24046 |
| **6/30/2023** | $19262 | $21481 | $25688 |
| **7/31/2023** | $19493 | $22198 | $26608 |
| **8/31/2023** | $18759 | $21295 | $26095 |
| **9/30/2023** | $17670 | $20012 | $24852 |
| **10/31/2023** | $16425 | $18623 | $24193 |
| **11/30/2023** | $18116 | $20274 | $26449 |
| **12/31/2023** | $19633 | $22533 | $27852 |
| **1/31/2024** | $19550 | $22023 | $28160 |
| **2/29/2024** | $21043 | $23807 | $29685 |
| **3/31/2024** | $21694 | $24450 | $30642 |
| **4/30/2024** | $20680 | $22628 | $29294 |
| **5/31/2024** | $21290 | $23545 | $30678 |
| **6/30/2024** | $21290 | $23419 | $31628 |
| **7/31/2024** | $21678 | $24846 | $32216 |
| **8/31/2024** | $22337 | $24653 | $32917 |
| **9/30/2024** | $23022 | $25056 | $33598 |
| **10/31/2024** | $22577 | $24993 | $33351 |
| **11/30/2024** | $25166 | $27967 | $35570 |
| **12/31/2024** | $23185 | $25664 | $34483 |
| **1/31/2025** | $24187 | $26646 | $35571 |
| **2/28/2025** | $22769 | $24872 | $34890 |
| **3/31/2025** | $20711 | $22893 | $32854 |
| **4/30/2025** | $21117 | $22818 | $32634 |
| **5/31/2025** | $22706 | $24313 | $34703 |
| **6/30/2025** | $23726 | $25482 | $36466 |
| **7/31/2025** | $23934 | $26079 | $37269 |
| **8/31/2025** | $24855 | $27448 | $38131 |
| **9/30/2025** | $24710 | $28217 | $39447 |

---

# SMID Cap Growth Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 7.33 | 2.29 | 10.12 |
| Class A with Load | 1.17 | 1.08 | 9.47 |
| Russell 2500™ Growth Index | 12.62 | 7.76 | 10.93 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $951107750 |
| # of portfolio holdings | 73 |
| Portfolio turnover rate | 74% |
| Total advisory fees paid | $7357391 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 26.2 |
| Information technology | 22.1 |
| Health care | 21.1 |
| Consumer discretionary | 13.1 |
| Financials | 7.4 |
| Communication services | 3.7 |
| Utilities | 2.9 |
| Materials | 1.9 |
| Real estate | 1.6 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Talen Energy Corp. | 2.8 |
| EMCOR Group, Inc. | 2.7 |
| Construction Partners, Inc. Class A | 2.3 |
| Celestica, Inc. | 2.2 |
| iRhythm Technologies, Inc. | 2.2 |
| RadNet, Inc. | 2.1 |
| Casella Waste Systems, Inc. Class A | 2.1 |
| Curtiss-Wright Corp. | 2.1 |
| Equitable Holdings, Inc. | 2.0 |
| TKO Group Holdings, Inc. Class A | 1.9 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3321 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# SMID Cap Growth Fund

# September 30, 2025

# Class C

# WDSCX
This annual shareholder report contains important information about SMID Cap Growth Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $202 | 1.96% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
The 12-month period that ended September 30, 2025, was positive but volatile. The economy was resilient—U.S. gross domestic product growth remained positive and consumer strength persisted. However, the new U.S. administration's aggressive policies on tariffs, immigration, and spending sparked concerns that rising costs and labor shortages could reignite inflation. After policy adjustments and trade negotiations, investors refocused on optimism over massive investments in artificial intelligence and falling interest rates, fueling a sharp rally in speculative market corners. Many active managers underperformed in 2025 as lower-quality and unprofitable equities sharply outperformed.

The portfolio benefited from security selection within financials and utilities. Holdings with innovative technologies and strong demand, such as Robinhood Markets, Inc. and Talen Energy Corp., contributed. In contrast, security selection within information technology detracted: Onto Innovation (This security was no longer held at the end of the reporting period.) experienced fundamental challenges, and Novanta, Inc. faced trade headwinds. Additionally, lack of ownership of speculative benchmark holdings detracted from relative performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251a58ac760e5f76ad1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **Russell 2500™ Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10390 | $10523 | $10790 |
| **11/30/2015** | $10439 | $10761 | $10850 |
| **12/31/2015** | $10136 | $10381 | $10627 |
| **1/31/2016** | $9138 | $9354 | $10027 |
| **2/29/2016** | $9033 | $9382 | $10024 |
| **3/31/2016** | $9703 | $10105 | $10730 |
| **4/30/2016** | $9875 | $10201 | $10796 |
| **5/31/2016** | $10132 | $10455 | $10990 |
| **6/30/2016** | $10163 | $10377 | $11012 |
| **7/31/2016** | $10612 | $10994 | $11449 |
| **8/31/2016** | $10553 | $11070 | $11478 |
| **9/30/2016** | $10651 | $11102 | $11496 |
| **10/31/2016** | $10280 | $10522 | $11248 |
| **11/30/2016** | $10830 | $11290 | $11751 |
| **12/31/2016** | $10785 | $11390 | $11980 |
| **1/31/2017** | $11205 | $11660 | $12206 |
| **2/28/2017** | $11786 | $12014 | $12660 |
| **3/31/2017** | $11829 | $12102 | $12668 |
| **4/30/2017** | $12158 | $12315 | $12803 |
| **5/31/2017** | $12261 | $12321 | $12934 |
| **6/30/2017** | $12403 | $12602 | $13050 |
| **7/31/2017** | $12601 | $12769 | $13296 |
| **8/31/2017** | $12632 | $12794 | $13322 |
| **9/30/2017** | $13048 | $13330 | $13647 |
| **10/31/2017** | $13352 | $13687 | $13945 |
| **11/30/2017** | $13657 | $14138 | $14368 |
| **12/31/2017** | $13817 | $14176 | $14512 |
| **1/31/2018** | $14675 | $14884 | $15277 |
| **2/28/2018** | $14291 | $14396 | $14714 |
| **3/31/2018** | $14224 | $14513 | $14418 |
| **4/30/2018** | $14004 | $14421 | $14473 |
| **5/31/2018** | $14703 | $15188 | $14882 |
| **6/30/2018** | $14847 | $15315 | $14979 |
| **7/31/2018** | $14967 | $15602 | $15476 |
| **8/31/2018** | $16161 | $16656 | $16020 |
| **9/30/2018** | $16041 | $16413 | $16046 |
| **10/31/2018** | $14162 | $14442 | $14865 |
| **11/30/2018** | $14234 | $14714 | $15162 |
| **12/31/2018** | $12743 | $13118 | $13751 |
| **1/31/2019** | $14368 | $14680 | $14931 |
| **2/28/2019** | $15472 | $15647 | $15457 |
| **3/31/2019** | $15654 | $15608 | $15682 |
| **4/30/2019** | $16227 | $16154 | $16309 |
| **5/31/2019** | $15981 | $15081 | $15253 |
| **6/30/2019** | $17302 | $16255 | $16325 |
| **7/31/2019** | $17822 | $16508 | $16567 |
| **8/31/2019** | $17203 | $16039 | $16229 |
| **9/30/2019** | $16525 | $15738 | $16514 |
| **10/31/2019** | $16367 | $16142 | $16870 |
| **11/30/2019** | $17548 | $17241 | $17511 |
| **12/31/2019** | $17594 | $17401 | $18017 |
| **1/31/2020** | $18157 | $17420 | $17997 |
| **2/29/2020** | $17265 | $16238 | $16523 |
| **3/31/2020** | $14424 | $13361 | $14251 |
| **4/30/2020** | $16970 | $15503 | $16139 |
| **5/31/2020** | $19028 | $17122 | $17002 |
| **6/30/2020** | $19570 | $17752 | $17390 |
| **7/31/2020** | $21100 | $18724 | $18378 |
| **8/31/2020** | $22473 | $19567 | $19709 |
| **9/30/2020** | $22562 | $19416 | $18992 |
| **10/31/2020** | $22802 | $19645 | $18582 |
| **11/30/2020** | $26068 | $22507 | $20842 |
| **12/31/2020** | $28278 | $24443 | $21780 |
| **1/31/2021** | $27882 | $25126 | $21683 |
| **2/28/2021** | $28395 | $25915 | $22361 |
| **3/31/2021** | $26584 | $25051 | $23162 |
| **4/30/2021** | $28021 | $25931 | $24356 |
| **5/31/2021** | $26650 | $25210 | $24467 |
| **6/30/2021** | $28681 | $26563 | $25071 |
| **7/31/2021** | $28769 | $25988 | $25495 |
| **8/31/2021** | $29906 | $26639 | $26222 |
| **9/30/2021** | $28095 | $25625 | $25045 |
| **10/31/2021** | $29627 | $26939 | $26739 |
| **11/30/2021** | $26819 | $25551 | $26332 |
| **12/31/2021** | $26646 | $25676 | $27369 |
| **1/31/2022** | $21685 | $22289 | $25759 |
| **2/28/2022** | $21426 | $22356 | $25110 |
| **3/31/2022** | $21584 | $22517 | $25924 |
| **4/30/2022** | $18352 | $19946 | $23598 |
| **5/31/2022** | $16894 | $19461 | $23566 |
| **6/30/2022** | $16092 | $18115 | $21595 |
| **7/31/2022** | $18521 | $20181 | $23621 |
| **8/31/2022** | $17866 | $19798 | $22739 |
| **9/30/2022** | $16160 | $18093 | $20630 |
| **10/31/2022** | $17086 | $19563 | $22322 |
| **11/30/2022** | $17719 | $20145 | $23487 |
| **12/31/2022** | $16427 | $18946 | $22112 |
| **1/31/2023** | $18178 | $20842 | $23635 |
| **2/28/2023** | $17671 | $20513 | $23083 |
| **3/31/2023** | $18213 | $20186 | $23700 |
| **4/30/2023** | $18005 | $19931 | $23952 |
| **5/31/2023** | $18120 | $19909 | $24046 |
| **6/30/2023** | $19284 | $21481 | $25688 |
| **7/31/2023** | $19514 | $22198 | $26608 |
| **8/31/2023** | $18765 | $21295 | $26095 |
| **9/30/2023** | $17660 | $20012 | $24852 |
| **10/31/2023** | $16415 | $18623 | $24193 |
| **11/30/2023** | $18105 | $20274 | $26449 |
| **12/31/2023** | $19621 | $22533 | $27852 |
| **1/31/2024** | $19538 | $22023 | $28160 |
| **2/29/2024** | $21030 | $23807 | $29685 |
| **3/31/2024** | $21681 | $24450 | $30642 |
| **4/30/2024** | $20667 | $22628 | $29294 |
| **5/31/2024** | $21277 | $23545 | $30678 |
| **6/30/2024** | $21277 | $23419 | $31628 |
| **7/31/2024** | $21665 | $24846 | $32216 |
| **8/31/2024** | $22324 | $24653 | $32917 |
| **9/30/2024** | $23008 | $25056 | $33598 |
| **10/31/2024** | $22563 | $24993 | $33351 |
| **11/30/2024** | $25150 | $27967 | $35570 |
| **12/31/2024** | $23170 | $25664 | $34483 |
| **1/31/2025** | $24172 | $26646 | $35571 |
| **2/28/2025** | $22755 | $24872 | $34890 |
| **3/31/2025** | $20698 | $22893 | $32854 |
| **4/30/2025** | $21104 | $22818 | $32634 |
| **5/31/2025** | $22692 | $24313 | $34703 |
| **6/30/2025** | $23712 | $25482 | $36466 |
| **7/31/2025** | $23919 | $26079 | $37269 |
| **8/31/2025** | $24840 | $27448 | $38131 |
| **9/30/2025** | $24695 | $28217 | $39447 |

---

# SMID Cap Growth Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 6.52 | 1.5 | 9.46 |
| Class C with Load | 5.52 | 1.5 | 9.46 |
| Russell 2500™ Growth Index | 12.62 | 7.76 | 10.93 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $951107750 |
| # of portfolio holdings | 73 |
| Portfolio turnover rate | 74% |
| Total advisory fees paid | $7357391 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 26.2 |
| Information technology | 22.1 |
| Health care | 21.1 |
| Consumer discretionary | 13.1 |
| Financials | 7.4 |
| Communication services | 3.7 |
| Utilities | 2.9 |
| Materials | 1.9 |
| Real estate | 1.6 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Talen Energy Corp. | 2.8 |
| EMCOR Group, Inc. | 2.7 |
| Construction Partners, Inc. Class A | 2.3 |
| Celestica, Inc. | 2.2 |
| iRhythm Technologies, Inc. | 2.2 |
| RadNet, Inc. | 2.1 |
| Casella Waste Systems, Inc. Class A | 2.1 |
| Curtiss-Wright Corp. | 2.1 |
| Equitable Holdings, Inc. | 2.0 |
| TKO Group Holdings, Inc. Class A | 1.9 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since October 1, 2024.

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on or about the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C was closed to new investors and additional investments from existing shareholders.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3533 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# SMID Cap Growth Fund

# September 30, 2025

# Class R6

# WFDRX
This annual shareholder report contains important information about SMID Cap Growth Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $82 | 0.79% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
The 12-month period that ended September 30, 2025, was positive but volatile. The economy was resilient—U.S. gross domestic product growth remained positive and consumer strength persisted. However, the new U.S. administration's aggressive policies on tariffs, immigration, and spending sparked concerns that rising costs and labor shortages could reignite inflation. After policy adjustments and trade negotiations, investors refocused on optimism over massive investments in artificial intelligence and falling interest rates, fueling a sharp rally in speculative market corners. Many active managers underperformed in 2025 as lower-quality and unprofitable equities sharply outperformed.

The portfolio benefited from security selection within financials and utilities. Holdings with innovative technologies and strong demand, such as Robinhood Markets, Inc. and Talen Energy Corp., contributed. In contrast, security selection within information technology detracted: Onto Innovation (This security was no longer held at the end of the reporting period.) experienced fundamental challenges, and Novanta, Inc. faced trade headwinds. Additionally, lack of ownership of speculative benchmark holdings detracted from relative performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251cd596b01d56bc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 2500™ Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10402 | $10523 | $10790 |
| **11/30/2015** | $10458 | $10761 | $10850 |
| **12/31/2015** | $10170 | $10381 | $10627 |
| **1/31/2016** | $9177 | $9354 | $10027 |
| **2/29/2016** | $9079 | $9382 | $10024 |
| **3/31/2016** | $9760 | $10105 | $10730 |
| **4/30/2016** | $9943 | $10201 | $10796 |
| **5/31/2016** | $10214 | $10455 | $10990 |
| **6/30/2016** | $10255 | $10377 | $11012 |
| **7/31/2016** | $10720 | $10994 | $11449 |
| **8/31/2016** | $10669 | $11070 | $11478 |
| **9/30/2016** | $10777 | $11102 | $11496 |
| **10/31/2016** | $10414 | $10522 | $11248 |
| **11/30/2016** | $10981 | $11290 | $11751 |
| **12/31/2016** | $10949 | $11390 | $11980 |
| **1/31/2017** | $11385 | $11660 | $12206 |
| **2/28/2017** | $11985 | $12014 | $12660 |
| **3/31/2017** | $12040 | $12102 | $12668 |
| **4/30/2017** | $12390 | $12315 | $12803 |
| **5/31/2017** | $12507 | $12321 | $12934 |
| **6/30/2017** | $12665 | $12602 | $13050 |
| **7/31/2017** | $12878 | $12769 | $13296 |
| **8/31/2017** | $12922 | $12794 | $13322 |
| **9/30/2017** | $13362 | $13330 | $13647 |
| **10/31/2017** | $13684 | $13687 | $13945 |
| **11/30/2017** | $14014 | $14138 | $14368 |
| **12/31/2017** | $14192 | $14176 | $14512 |
| **1/31/2018** | $15090 | $14884 | $15277 |
| **2/28/2018** | $14707 | $14396 | $14714 |
| **3/31/2018** | $14651 | $14513 | $14418 |
| **4/30/2018** | $14441 | $14421 | $14473 |
| **5/31/2018** | $15179 | $15188 | $14882 |
| **6/30/2018** | $15340 | $15315 | $14979 |
| **7/31/2018** | $15477 | $15602 | $15476 |
| **8/31/2018** | $16729 | $16656 | $16020 |
| **9/30/2018** | $16621 | $16413 | $16046 |
| **10/31/2018** | $14687 | $14442 | $14865 |
| **11/30/2018** | $14780 | $14714 | $15162 |
| **12/31/2018** | $13242 | $13118 | $13751 |
| **1/31/2019** | $14949 | $14680 | $14931 |
| **2/28/2019** | $16113 | $15647 | $15457 |
| **3/31/2019** | $16316 | $15608 | $15682 |
| **4/30/2019** | $16933 | $16154 | $16309 |
| **5/31/2019** | $16693 | $15081 | $15253 |
| **6/30/2019** | $18088 | $16255 | $16325 |
| **7/31/2019** | $18649 | $16508 | $16567 |
| **8/31/2019** | $18022 | $16039 | $16229 |
| **9/30/2019** | $17329 | $15738 | $16514 |
| **10/31/2019** | $17179 | $16142 | $16870 |
| **11/30/2019** | $18437 | $17241 | $17511 |
| **12/31/2019** | $18505 | $17401 | $18017 |
| **1/31/2020** | $19117 | $17420 | $17997 |
| **2/29/2020** | $18191 | $16238 | $16523 |
| **3/31/2020** | $15213 | $13361 | $14251 |
| **4/30/2020** | $17915 | $15503 | $16139 |
| **5/31/2020** | $20111 | $17122 | $17002 |
| **6/30/2020** | $20702 | $17752 | $17390 |
| **7/31/2020** | $22345 | $18724 | $18378 |
| **8/31/2020** | $23808 | $19567 | $19709 |
| **9/30/2020** | $23925 | $19416 | $18992 |
| **10/31/2020** | $24202 | $19645 | $18582 |
| **11/30/2020** | $27702 | $22507 | $20842 |
| **12/31/2020** | $30075 | $24443 | $21780 |
| **1/31/2021** | $29684 | $25126 | $21683 |
| **2/28/2021** | $30265 | $25915 | $22361 |
| **3/31/2021** | $28361 | $25051 | $23162 |
| **4/30/2021** | $29924 | $25931 | $24356 |
| **5/31/2021** | $28484 | $25210 | $24467 |
| **6/30/2021** | $30683 | $26563 | $25071 |
| **7/31/2021** | $30811 | $25988 | $25495 |
| **8/31/2021** | $32062 | $26639 | $26222 |
| **9/30/2021** | $30147 | $25625 | $25045 |
| **10/31/2021** | $31822 | $26939 | $26739 |
| **11/30/2021** | $28836 | $25551 | $26332 |
| **12/31/2021** | $28675 | $25676 | $27369 |
| **1/31/2022** | $23366 | $22289 | $25759 |
| **2/28/2022** | $23099 | $22356 | $25110 |
| **3/31/2022** | $23292 | $22517 | $25924 |
| **4/30/2022** | $19832 | $19946 | $23598 |
| **5/31/2022** | $18265 | $19461 | $23566 |
| **6/30/2022** | $17419 | $18115 | $21595 |
| **7/31/2022** | $20069 | $20181 | $23621 |
| **8/31/2022** | $19379 | $19798 | $22739 |
| **9/30/2022** | $17545 | $18093 | $20630 |
| **10/31/2022** | $18577 | $19563 | $22322 |
| **11/30/2022** | $19267 | $20145 | $23487 |
| **12/31/2022** | $17884 | $18946 | $22112 |
| **1/31/2023** | $19814 | $20842 | $23635 |
| **2/28/2023** | $19281 | $20513 | $23083 |
| **3/31/2023** | $19889 | $20186 | $23700 |
| **4/30/2023** | $19679 | $19931 | $23952 |
| **5/31/2023** | $19829 | $19909 | $24046 |
| **6/30/2023** | $21121 | $21481 | $25688 |
| **7/31/2023** | $21392 | $22198 | $26608 |
| **8/31/2023** | $20588 | $21295 | $26095 |
| **9/30/2023** | $19401 | $20012 | $24852 |
| **10/31/2023** | $18034 | $18623 | $24193 |
| **11/30/2023** | $19897 | $20274 | $26449 |
| **12/31/2023** | $21572 | $22533 | $27852 |
| **1/31/2024** | $21489 | $22023 | $28160 |
| **2/29/2024** | $23134 | $23807 | $29685 |
| **3/31/2024** | $23855 | $24450 | $30642 |
| **4/30/2024** | $22751 | $22628 | $29294 |
| **5/31/2024** | $23435 | $23545 | $30678 |
| **6/30/2024** | $23442 | $23419 | $31628 |
| **7/31/2024** | $23878 | $24846 | $32216 |
| **8/31/2024** | $24614 | $24653 | $32917 |
| **9/30/2024** | $25365 | $25056 | $33598 |
| **10/31/2024** | $24892 | $24993 | $33351 |
| **11/30/2024** | $27746 | $27967 | $35570 |
| **12/31/2024** | $25574 | $25664 | $34483 |
| **1/31/2025** | $26699 | $26646 | $35571 |
| **2/28/2025** | $25137 | $24872 | $34890 |
| **3/31/2025** | $22872 | $22893 | $32854 |
| **4/30/2025** | $23317 | $22818 | $32634 |
| **5/31/2025** | $25089 | $24313 | $34703 |
| **6/30/2025** | $26221 | $25482 | $36466 |
| **7/31/2025** | $26456 | $26079 | $37269 |
| **8/31/2025** | $27491 | $27448 | $38131 |
| **9/30/2025** | $27330 | $28217 | $39447 |

---

# SMID Cap Growth Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 7.78 | 2.7 | 10.58 |
| Russell 2500™ Growth Index | 12.62 | 7.76 | 10.93 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $951107750 |
| # of portfolio holdings | 73 |
| Portfolio turnover rate | 74% |
| Total advisory fees paid | $7357391 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 26.2 |
| Information technology | 22.1 |
| Health care | 21.1 |
| Consumer discretionary | 13.1 |
| Financials | 7.4 |
| Communication services | 3.7 |
| Utilities | 2.9 |
| Materials | 1.9 |
| Real estate | 1.6 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Talen Energy Corp. | 2.8 |
| EMCOR Group, Inc. | 2.7 |
| Construction Partners, Inc. Class A | 2.3 |
| Celestica, Inc. | 2.2 |
| iRhythm Technologies, Inc. | 2.2 |
| RadNet, Inc. | 2.1 |
| Casella Waste Systems, Inc. Class A | 2.1 |
| Curtiss-Wright Corp. | 2.1 |
| Equitable Holdings, Inc. | 2.0 |
| TKO Group Holdings, Inc. Class A | 1.9 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR4659 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# SMID Cap Growth Fund

# September 30, 2025

# Institutional Class

# WFDSX
This annual shareholder report contains important information about SMID Cap Growth Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $92 | 0.89% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
The 12-month period that ended September 30, 2025, was positive but volatile. The economy was resilient—U.S. gross domestic product growth remained positive and consumer strength persisted. However, the new U.S. administration's aggressive policies on tariffs, immigration, and spending sparked concerns that rising costs and labor shortages could reignite inflation. After policy adjustments and trade negotiations, investors refocused on optimism over massive investments in artificial intelligence and falling interest rates, fueling a sharp rally in speculative market corners. Many active managers underperformed in 2025 as lower-quality and unprofitable equities sharply outperformed.

The portfolio benefited from security selection within financials and utilities. Holdings with innovative technologies and strong demand, such as Robinhood Markets, Inc. and Talen Energy Corp., contributed. In contrast, security selection within information technology detracted: Onto Innovation (This security was no longer held at the end of the reporting period.) experienced fundamental challenges, and Novanta, Inc. faced trade headwinds. Additionally, lack of ownership of speculative benchmark holdings detracted from relative performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251c0a2256a7a647dddc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Russell 2500™ Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10403 | $10523 | $10790 |
| **11/30/2015** | $10459 | $10761 | $10850 |
| **12/31/2015** | $10171 | $10381 | $10627 |
| **1/31/2016** | $9176 | $9354 | $10027 |
| **2/29/2016** | $9074 | $9382 | $10024 |
| **3/31/2016** | $9760 | $10105 | $10730 |
| **4/30/2016** | $9940 | $10201 | $10796 |
| **5/31/2016** | $10211 | $10455 | $10990 |
| **6/30/2016** | $10249 | $10377 | $11012 |
| **7/31/2016** | $10714 | $10994 | $11449 |
| **8/31/2016** | $10663 | $11070 | $11478 |
| **9/30/2016** | $10768 | $11102 | $11496 |
| **10/31/2016** | $10405 | $10522 | $11248 |
| **11/30/2016** | $10972 | $11290 | $11751 |
| **12/31/2016** | $10937 | $11390 | $11980 |
| **1/31/2017** | $11373 | $11660 | $12206 |
| **2/28/2017** | $11972 | $12014 | $12660 |
| **3/31/2017** | $12027 | $12102 | $12668 |
| **4/30/2017** | $12374 | $12315 | $12803 |
| **5/31/2017** | $12487 | $12321 | $12934 |
| **6/30/2017** | $12645 | $12602 | $13050 |
| **7/31/2017** | $12855 | $12769 | $13296 |
| **8/31/2017** | $12900 | $12794 | $13322 |
| **9/30/2017** | $13340 | $13330 | $13647 |
| **10/31/2017** | $13660 | $13687 | $13945 |
| **11/30/2017** | $13986 | $14138 | $14368 |
| **12/31/2017** | $14161 | $14176 | $14512 |
| **1/31/2018** | $15057 | $14884 | $15277 |
| **2/28/2018** | $14674 | $14396 | $14714 |
| **3/31/2018** | $14617 | $14513 | $14418 |
| **4/30/2018** | $14407 | $14421 | $14473 |
| **5/31/2018** | $15138 | $15188 | $14882 |
| **6/30/2018** | $15299 | $15315 | $14979 |
| **7/31/2018** | $15437 | $15602 | $15476 |
| **8/31/2018** | $16684 | $16656 | $16020 |
| **9/30/2018** | $16575 | $16413 | $16046 |
| **10/31/2018** | $14645 | $14442 | $14865 |
| **11/30/2018** | $14734 | $14714 | $15162 |
| **12/31/2018** | $13201 | $13118 | $13751 |
| **1/31/2019** | $14904 | $14680 | $14931 |
| **2/28/2019** | $16063 | $15647 | $15457 |
| **3/31/2019** | $16266 | $15608 | $15682 |
| **4/30/2019** | $16876 | $16154 | $16309 |
| **5/31/2019** | $16635 | $15081 | $15253 |
| **6/30/2019** | $18025 | $16255 | $16325 |
| **7/31/2019** | $18584 | $16508 | $16567 |
| **8/31/2019** | $17954 | $16039 | $16229 |
| **9/30/2019** | $17264 | $15738 | $16514 |
| **10/31/2019** | $17108 | $16142 | $16870 |
| **11/30/2019** | $18366 | $17241 | $17511 |
| **12/31/2019** | $18429 | $17401 | $18017 |
| **1/31/2020** | $19033 | $17420 | $17997 |
| **2/29/2020** | $18108 | $16238 | $16523 |
| **3/31/2020** | $15149 | $13361 | $14251 |
| **4/30/2020** | $17836 | $15503 | $16139 |
| **5/31/2020** | $20021 | $17122 | $17002 |
| **6/30/2020** | $20608 | $17752 | $17390 |
| **7/31/2020** | $22238 | $18724 | $18378 |
| **8/31/2020** | $23696 | $19567 | $19709 |
| **9/30/2020** | $23808 | $19416 | $18992 |
| **10/31/2020** | $24081 | $19645 | $18582 |
| **11/30/2020** | $27563 | $22507 | $20842 |
| **12/31/2020** | $29920 | $24443 | $21780 |
| **1/31/2021** | $29527 | $25126 | $21683 |
| **2/28/2021** | $30105 | $25915 | $22361 |
| **3/31/2021** | $28210 | $25051 | $23162 |
| **4/30/2021** | $29757 | $25931 | $24356 |
| **5/31/2021** | $28327 | $25210 | $24467 |
| **6/30/2021** | $30514 | $26563 | $25071 |
| **7/31/2021** | $30638 | $25988 | $25495 |
| **8/31/2021** | $31877 | $26639 | $26222 |
| **9/30/2021** | $29976 | $25625 | $25045 |
| **10/31/2021** | $31630 | $26939 | $26739 |
| **11/30/2021** | $28664 | $25551 | $26332 |
| **12/31/2021** | $28501 | $25676 | $27369 |
| **1/31/2022** | $23223 | $22289 | $25759 |
| **2/28/2022** | $22954 | $22356 | $25110 |
| **3/31/2022** | $23141 | $22517 | $25924 |
| **4/30/2022** | $19705 | $19946 | $23598 |
| **5/31/2022** | $18147 | $19461 | $23566 |
| **6/30/2022** | $17301 | $18115 | $21595 |
| **7/31/2022** | $19937 | $20181 | $23621 |
| **8/31/2022** | $19248 | $19798 | $22739 |
| **9/30/2022** | $17421 | $18093 | $20630 |
| **10/31/2022** | $18447 | $19563 | $22322 |
| **11/30/2022** | $19136 | $20145 | $23487 |
| **12/31/2022** | $17756 | $18946 | $22112 |
| **1/31/2023** | $19672 | $20842 | $23635 |
| **2/28/2023** | $19142 | $20513 | $23083 |
| **3/31/2023** | $19740 | $20186 | $23700 |
| **4/30/2023** | $19528 | $19931 | $23952 |
| **5/31/2023** | $19680 | $19909 | $24046 |
| **6/30/2023** | $20960 | $21481 | $25688 |
| **7/31/2023** | $21225 | $22198 | $26608 |
| **8/31/2023** | $20430 | $21295 | $26095 |
| **9/30/2023** | $19248 | $20012 | $24852 |
| **10/31/2023** | $17892 | $18623 | $24193 |
| **11/30/2023** | $19740 | $20274 | $26449 |
| **12/31/2023** | $21399 | $22533 | $27852 |
| **1/31/2024** | $21308 | $22023 | $28160 |
| **2/29/2024** | $22944 | $23807 | $29685 |
| **3/31/2024** | $23656 | $24450 | $30642 |
| **4/30/2024** | $22558 | $22628 | $29294 |
| **5/31/2024** | $23232 | $23545 | $30678 |
| **6/30/2024** | $23240 | $23419 | $31628 |
| **7/31/2024** | $23672 | $24846 | $32216 |
| **8/31/2024** | $24399 | $24653 | $32917 |
| **9/30/2024** | $25141 | $25056 | $33598 |
| **10/31/2024** | $24664 | $24993 | $33351 |
| **11/30/2024** | $27497 | $27967 | $35570 |
| **12/31/2024** | $25344 | $25664 | $34483 |
| **1/31/2025** | $26455 | $26646 | $35571 |
| **2/28/2025** | $24903 | $24872 | $34890 |
| **3/31/2025** | $22656 | $22893 | $32854 |
| **4/30/2025** | $23097 | $22818 | $32634 |
| **5/31/2025** | $24854 | $24313 | $34703 |
| **6/30/2025** | $25973 | $25482 | $36466 |
| **7/31/2025** | $26202 | $26079 | $37269 |
| **8/31/2025** | $27223 | $27448 | $38131 |
| **9/30/2025** | $27068 | $28217 | $39447 |

---

# SMID Cap Growth Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 7.66 | 2.6 | 10.47 |
| Russell 2500™ Growth Index | 12.62 | 7.76 | 10.93 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $951107750 |
| # of portfolio holdings | 73 |
| Portfolio turnover rate | 74% |
| Total advisory fees paid | $7357391 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 26.2 |
| Information technology | 22.1 |
| Health care | 21.1 |
| Consumer discretionary | 13.1 |
| Financials | 7.4 |
| Communication services | 3.7 |
| Utilities | 2.9 |
| Materials | 1.9 |
| Real estate | 1.6 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Talen Energy Corp. | 2.8 |
| EMCOR Group, Inc. | 2.7 |
| Construction Partners, Inc. Class A | 2.3 |
| Celestica, Inc. | 2.2 |
| iRhythm Technologies, Inc. | 2.2 |
| RadNet, Inc. | 2.1 |
| Casella Waste Systems, Inc. Class A | 2.1 |
| Curtiss-Wright Corp. | 2.1 |
| Equitable Holdings, Inc. | 2.0 |
| TKO Group Holdings, Inc. Class A | 1.9 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3123 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Special Mid Cap Value Fund

# September 30, 2025

# Administrator Class

# WFMDX
This annual shareholder report contains important information about Special Mid Cap Value Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $106 | 1.05% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
In a volatile year, the Fund underperformed, driven by stock selection. The period saw a fluctuation in investors' risk appetites as optimism around monetary policy easing and the Republican sweep gave way to fears that a restrictive trade policy and the Federal Reserve's decision to pause rate cuts could lead to a recession. However, markets rallied off the April 9 announcement that the implementation of tariffs would be delayed.

The Fund made minor changes to sector allocation, with an increase in industrials, while reducing exposure to real estate and financials. A large contributor was AerCap Holdings NV, the world's largest aircraft and engine leasing business. We believe its acquisition of GECAS should provide AerCap with unrivaled advantages in customer relationships, purchasing power, and market information, leading to outsized cash flow growth over time. The largest detractor was beverage company Keurig Dr Pepper, Inc., on increased leverage from a plan to acquire JDE Peet's and to split into two after the close. On a longer-term basis, the deal appears substantially accretive.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251f7876f133.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrator Class** | **Russell Midcap<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10539 | $10610 | $10790 |
| **11/30/2015** | $10670 | $10641 | $10850 |
| **12/31/2015** | $10219 | $10312 | $10627 |
| **1/31/2016** | $9715 | $9742 | $10027 |
| **2/29/2016** | $9818 | $9810 | $10024 |
| **3/31/2016** | $10555 | $10716 | $10730 |
| **4/30/2016** | $10699 | $10946 | $10796 |
| **5/31/2016** | $10980 | $11125 | $10990 |
| **6/30/2016** | $11049 | $11227 | $11012 |
| **7/31/2016** | $11313 | $11702 | $11449 |
| **8/31/2016** | $11463 | $11678 | $11478 |
| **9/30/2016** | $11542 | $11726 | $11496 |
| **10/31/2016** | $11415 | $11442 | $11248 |
| **11/30/2016** | $12129 | $12158 | $11751 |
| **12/31/2016** | $12391 | $12374 | $11980 |
| **1/31/2017** | $12422 | $12582 | $12206 |
| **2/28/2017** | $12793 | $12934 | $12660 |
| **3/31/2017** | $12634 | $12839 | $12668 |
| **4/30/2017** | $12699 | $12864 | $12803 |
| **5/31/2017** | $12734 | $12824 | $12934 |
| **6/30/2017** | $12849 | $13015 | $13050 |
| **7/31/2017** | $12907 | $13187 | $13296 |
| **8/31/2017** | $12810 | $12941 | $13322 |
| **9/30/2017** | $13216 | $13294 | $13647 |
| **10/31/2017** | $13254 | $13401 | $13945 |
| **11/30/2017** | $13597 | $13854 | $14368 |
| **12/31/2017** | $13741 | $14025 | $14512 |
| **1/31/2018** | $14164 | $14347 | $15277 |
| **2/28/2018** | $13394 | $13641 | $14714 |
| **3/31/2018** | $13362 | $13674 | $14418 |
| **4/30/2018** | $13329 | $13742 | $14473 |
| **5/31/2018** | $13282 | $13891 | $14882 |
| **6/30/2018** | $13416 | $14003 | $14979 |
| **7/31/2018** | $13940 | $14384 | $15476 |
| **8/31/2018** | $13933 | $14580 | $16020 |
| **9/30/2018** | $13821 | $14465 | $16046 |
| **10/31/2018** | $12856 | $13423 | $14865 |
| **11/30/2018** | $13195 | $13745 | $15162 |
| **12/31/2018** | $11913 | $12302 | $13751 |
| **1/31/2019** | $13099 | $13568 | $14931 |
| **2/28/2019** | $13631 | $14000 | $15457 |
| **3/31/2019** | $13808 | $14070 | $15682 |
| **4/30/2019** | $14392 | $14534 | $16309 |
| **5/31/2019** | $13653 | $13600 | $15253 |
| **6/30/2019** | $14544 | $14519 | $16325 |
| **7/31/2019** | $14780 | $14639 | $16567 |
| **8/31/2019** | $14544 | $14123 | $16229 |
| **9/30/2019** | $14909 | $14696 | $16514 |
| **10/31/2019** | $15146 | $14775 | $16870 |
| **11/30/2019** | $15615 | $15169 | $17511 |
| **12/31/2019** | $16104 | $15631 | $18017 |
| **1/31/2020** | $15723 | $15327 | $17997 |
| **2/29/2020** | $14344 | $13809 | $16523 |
| **3/31/2020** | $10984 | $10675 | $14251 |
| **4/30/2020** | $12383 | $12100 | $16139 |
| **5/31/2020** | $13079 | $12661 | $17002 |
| **6/30/2020** | $13125 | $12804 | $17390 |
| **7/31/2020** | $13598 | $13408 | $18378 |
| **8/31/2020** | $14094 | $13939 | $19709 |
| **9/30/2020** | $13844 | $13624 | $18992 |
| **10/31/2020** | $13925 | $13750 | $18582 |
| **11/30/2020** | $15727 | $15681 | $20842 |
| **12/31/2020** | $16590 | $16407 | $21780 |
| **1/31/2021** | $16324 | $16369 | $21683 |
| **2/28/2021** | $17454 | $17637 | $22361 |
| **3/31/2021** | $18426 | $18548 | $23162 |
| **4/30/2021** | $19607 | $19445 | $24356 |
| **5/31/2021** | $20116 | $19829 | $24467 |
| **6/30/2021** | $19534 | $19598 | $25071 |
| **7/31/2021** | $19684 | $19719 | $25495 |
| **8/31/2021** | $19927 | $20142 | $26222 |
| **9/30/2021** | $19375 | $19400 | $25045 |
| **10/31/2021** | $20375 | $20433 | $26739 |
| **11/30/2021** | $19784 | $19812 | $26332 |
| **12/31/2021** | $21289 | $21056 | $27369 |
| **1/31/2022** | $20610 | $20157 | $25759 |
| **2/28/2022** | $20652 | $20063 | $25110 |
| **3/31/2022** | $20788 | $20673 | $25924 |
| **4/30/2022** | $19859 | $19444 | $23598 |
| **5/31/2022** | $20385 | $19818 | $23566 |
| **6/30/2022** | $18654 | $17639 | $21595 |
| **7/31/2022** | $20050 | $19157 | $23621 |
| **8/31/2022** | $19439 | $18571 | $22739 |
| **9/30/2022** | $17776 | $16770 | $20630 |
| **10/31/2022** | $19464 | $18354 | $22322 |
| **11/30/2022** | $20881 | $19514 | $23487 |
| **12/31/2022** | $20262 | $18522 | $22112 |
| **1/31/2023** | $21588 | $20019 | $23635 |
| **2/28/2023** | $20985 | $19377 | $23083 |
| **3/31/2023** | $20409 | $18767 | $23700 |
| **4/30/2023** | $20534 | $18769 | $23952 |
| **5/31/2023** | $19816 | $17936 | $24046 |
| **6/30/2023** | $21486 | $19491 | $25688 |
| **7/31/2023** | $21956 | $20340 | $26608 |
| **8/31/2023** | $21247 | $19620 | $26095 |
| **9/30/2023** | $20262 | $18622 | $24852 |
| **10/31/2023** | $19512 | $17700 | $24193 |
| **11/30/2023** | $20796 | $19368 | $26449 |
| **12/31/2023** | $22131 | $20877 | $27852 |
| **1/31/2024** | $21820 | $20504 | $28160 |
| **2/29/2024** | $22864 | $21483 | $29685 |
| **3/31/2024** | $24136 | $22595 | $30642 |
| **4/30/2024** | $23092 | $21412 | $29294 |
| **5/31/2024** | $23928 | $22181 | $30678 |
| **6/30/2024** | $23559 | $21826 | $31628 |
| **7/31/2024** | $24948 | $23145 | $32216 |
| **8/31/2024** | $25482 | $23581 | $32917 |
| **9/30/2024** | $25695 | $24025 | $33598 |
| **10/31/2024** | $25035 | $23724 | $33351 |
| **11/30/2024** | $26502 | $25470 | $35570 |
| **12/31/2024** | $24715 | $23606 | $34483 |
| **1/31/2025** | $25248 | $24436 | $35571 |
| **2/28/2025** | $24846 | $23990 | $34890 |
| **3/31/2025** | $24213 | $23108 | $32854 |
| **4/30/2025** | $23550 | $22535 | $32634 |
| **5/31/2025** | $24334 | $23518 | $34703 |
| **6/30/2025** | $24940 | $24343 | $36466 |
| **7/31/2025** | $25441 | $24780 | $37269 |
| **8/31/2025** | $26439 | $25523 | $38131 |
| **9/30/2025** | $26031 | $25848 | $39447 |

---

# Special Mid Cap Value Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 1.31 | 13.46 | 10.04 |
| Russell Midcap<sup>®</sup> Value Index | 7.58 | 13.66 | 9.96 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $13661257291 |
| # of portfolio holdings | 73 |
| Portfolio turnover rate | 38% |
| Total advisory fees paid | $88022071 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 22.3 |
| Financials | 15.7 |
| Health care | 10.9 |
| Materials | 9.5 |
| Information technology | 9.3 |
| Utilities | 7.3 |
| Energy | 7.0 |
| Consumer discretionary | 6.7 |
| Real estate | 6.6 |
| Consumer staples | 4.4 |
| Communication services | 0.3 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| American Electric Power Co., Inc. | 3.0 |
| Jefferies Financial Group, Inc. | 2.9 |
| Teradyne, Inc. | 2.9 |
| Labcorp Holdings, Inc. | 2.9 |
| Vulcan Materials Co. | 2.7 |
| FirstEnergy Corp. | 2.5 |
| Jacobs Solutions, Inc. | 2.3 |
| Fifth Third Bancorp | 2.2 |
| Keurig Dr Pepper, Inc. | 2.2 |
| Baker Hughes Co. Class A | 2.2 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3704 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Special Mid Cap Value Fund

# September 30, 2025

# Class A

# WFPAX
This annual shareholder report contains important information about Special Mid Cap Value Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $113 | 1.12% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
In a volatile year, the Fund underperformed, driven by stock selection. The period saw a fluctuation in investors' risk appetites as optimism around monetary policy easing and the Republican sweep gave way to fears that a restrictive trade policy and the Federal Reserve's decision to pause rate cuts could lead to a recession. However, markets rallied off the April 9 announcement that the implementation of tariffs would be delayed.

The Fund made minor changes to sector allocation, with an increase in industrials, while reducing exposure to real estate and financials. A large contributor was AerCap Holdings NV, the world's largest aircraft and engine leasing business. We believe its acquisition of GECAS should provide AerCap with unrivaled advantages in customer relationships, purchasing power, and market information, leading to outsized cash flow growth over time. The largest detractor was beverage company Keurig Dr Pepper, Inc., on increased leverage from a plan to acquire JDE Peet's and to split into two after the close. On a longer-term basis, the deal appears substantially accretive.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251dc44298e10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Russell Midcap<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $9426 | $10000 | $10000 |
| **10/31/2015** | $9937 | $10610 | $10790 |
| **11/30/2015** | $10057 | $10641 | $10850 |
| **12/31/2015** | $9632 | $10312 | $10627 |
| **1/31/2016** | $9156 | $9742 | $10027 |
| **2/29/2016** | $9254 | $9810 | $10024 |
| **3/31/2016** | $9947 | $10716 | $10730 |
| **4/30/2016** | $10081 | $10946 | $10796 |
| **5/31/2016** | $10344 | $11125 | $10990 |
| **6/30/2016** | $10410 | $11227 | $11012 |
| **7/31/2016** | $10659 | $11702 | $11449 |
| **8/31/2016** | $10800 | $11678 | $11478 |
| **9/30/2016** | $10873 | $11726 | $11496 |
| **10/31/2016** | $10751 | $11442 | $11248 |
| **11/30/2016** | $11424 | $12158 | $11751 |
| **12/31/2016** | $11669 | $12374 | $11980 |
| **1/31/2017** | $11699 | $12582 | $12206 |
| **2/28/2017** | $12048 | $12934 | $12660 |
| **3/31/2017** | $11898 | $12839 | $12668 |
| **4/30/2017** | $11958 | $12864 | $12803 |
| **5/31/2017** | $11988 | $12824 | $12934 |
| **6/30/2017** | $12097 | $13015 | $13050 |
| **7/31/2017** | $12151 | $13187 | $13296 |
| **8/31/2017** | $12061 | $12941 | $13322 |
| **9/30/2017** | $12439 | $13294 | $13647 |
| **10/31/2017** | $12476 | $13401 | $13945 |
| **11/30/2017** | $12798 | $13854 | $14368 |
| **12/31/2017** | $12933 | $14025 | $14512 |
| **1/31/2018** | $13331 | $14347 | $15277 |
| **2/28/2018** | $12605 | $13641 | $14714 |
| **3/31/2018** | $12574 | $13674 | $14418 |
| **4/30/2018** | $12539 | $13742 | $14473 |
| **5/31/2018** | $12494 | $13891 | $14882 |
| **6/30/2018** | $12622 | $14003 | $14979 |
| **7/31/2018** | $13113 | $14384 | $15476 |
| **8/31/2018** | $13103 | $14580 | $16020 |
| **9/30/2018** | $12999 | $14465 | $16046 |
| **10/31/2018** | $12093 | $13423 | $14865 |
| **11/30/2018** | $12408 | $13745 | $15162 |
| **12/31/2018** | $11199 | $12302 | $13751 |
| **1/31/2019** | $12316 | $13568 | $14931 |
| **2/28/2019** | $12818 | $14000 | $15457 |
| **3/31/2019** | $12985 | $14070 | $15682 |
| **4/30/2019** | $13529 | $14534 | $16309 |
| **5/31/2019** | $12833 | $13600 | $15253 |
| **6/30/2019** | $13671 | $14519 | $16325 |
| **7/31/2019** | $13893 | $14639 | $16567 |
| **8/31/2019** | $13667 | $14123 | $16229 |
| **9/30/2019** | $14014 | $14696 | $16514 |
| **10/31/2019** | $14233 | $14775 | $16870 |
| **11/30/2019** | $14671 | $15169 | $17511 |
| **12/31/2019** | $15129 | $15631 | $18017 |
| **1/31/2020** | $14772 | $15327 | $17997 |
| **2/29/2020** | $13477 | $13809 | $16523 |
| **3/31/2020** | $10319 | $10675 | $14251 |
| **4/30/2020** | $11633 | $12100 | $16139 |
| **5/31/2020** | $12285 | $12661 | $17002 |
| **6/30/2020** | $12329 | $12804 | $17390 |
| **7/31/2020** | $12770 | $13408 | $18378 |
| **8/31/2020** | $13234 | $13939 | $19709 |
| **9/30/2020** | $13002 | $13624 | $18992 |
| **10/31/2020** | $13072 | $13750 | $18582 |
| **11/30/2020** | $14769 | $15681 | $20842 |
| **12/31/2020** | $15573 | $16407 | $21780 |
| **1/31/2021** | $15326 | $16369 | $21683 |
| **2/28/2021** | $16386 | $17637 | $22361 |
| **3/31/2021** | $17298 | $18548 | $23162 |
| **4/30/2021** | $18403 | $19445 | $24356 |
| **5/31/2021** | $18883 | $19829 | $24467 |
| **6/30/2021** | $18332 | $19598 | $25071 |
| **7/31/2021** | $18473 | $19719 | $25495 |
| **8/31/2021** | $18702 | $20142 | $26222 |
| **9/30/2021** | $18181 | $19400 | $25045 |
| **10/31/2021** | $19119 | $20433 | $26739 |
| **11/30/2021** | $18561 | $19812 | $26332 |
| **12/31/2021** | $19971 | $21056 | $27369 |
| **1/31/2022** | $19332 | $20157 | $25759 |
| **2/28/2022** | $19373 | $20063 | $25110 |
| **3/31/2022** | $19499 | $20673 | $25924 |
| **4/30/2022** | $18625 | $19444 | $23598 |
| **5/31/2022** | $19117 | $19818 | $23566 |
| **6/30/2022** | $17494 | $17639 | $21595 |
| **7/31/2022** | $18804 | $19157 | $23621 |
| **8/31/2022** | $18226 | $18571 | $22739 |
| **9/30/2022** | $16668 | $16770 | $20630 |
| **10/31/2022** | $18246 | $18354 | $22322 |
| **11/30/2022** | $19576 | $19514 | $23487 |
| **12/31/2022** | $18996 | $18522 | $22112 |
| **1/31/2023** | $20234 | $20019 | $23635 |
| **2/28/2023** | $19668 | $19377 | $23083 |
| **3/31/2023** | $19129 | $18767 | $23700 |
| **4/30/2023** | $19244 | $18769 | $23952 |
| **5/31/2023** | $18571 | $17936 | $24046 |
| **6/30/2023** | $20132 | $19491 | $25688 |
| **7/31/2023** | $20574 | $20340 | $26608 |
| **8/31/2023** | $19907 | $19620 | $26095 |
| **9/30/2023** | $18983 | $18622 | $24852 |
| **10/31/2023** | $18280 | $17700 | $24193 |
| **11/30/2023** | $19482 | $19368 | $26449 |
| **12/31/2023** | $20733 | $20877 | $27852 |
| **1/31/2024** | $20438 | $20504 | $28160 |
| **2/29/2024** | $21414 | $21483 | $29685 |
| **3/31/2024** | $22605 | $22595 | $30642 |
| **4/30/2024** | $21624 | $21412 | $29294 |
| **5/31/2024** | $22409 | $22181 | $30678 |
| **6/30/2024** | $22063 | $21826 | $31628 |
| **7/31/2024** | $23362 | $23145 | $32216 |
| **8/31/2024** | $23861 | $23581 | $32917 |
| **9/30/2024** | $24057 | $24025 | $33598 |
| **10/31/2024** | $23441 | $23724 | $33351 |
| **11/30/2024** | $24814 | $25470 | $35570 |
| **12/31/2024** | $23136 | $23606 | $34483 |
| **1/31/2025** | $23634 | $24436 | $35571 |
| **2/28/2025** | $23257 | $23990 | $34890 |
| **3/31/2025** | $22663 | $23108 | $32854 |
| **4/30/2025** | $22045 | $22535 | $32634 |
| **5/31/2025** | $22774 | $23518 | $34703 |
| **6/30/2025** | $23337 | $24343 | $36466 |
| **7/31/2025** | $23805 | $24780 | $37269 |
| **8/31/2025** | $24741 | $25523 | $38131 |
| **9/30/2025** | $24358 | $25848 | $39447 |

---

# Special Mid Cap Value Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 1.25 | 13.38 | 9.96 |
| Class A with Load | (4.56) | 12.04 | 9.31 |
| Russell Midcap<sup>®</sup> Value Index | 7.58 | 13.66 | 9.96 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $13661257291 |
| # of portfolio holdings | 73 |
| Portfolio turnover rate | 38% |
| Total advisory fees paid | $88022071 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 22.3 |
| Financials | 15.7 |
| Health care | 10.9 |
| Materials | 9.5 |
| Information technology | 9.3 |
| Utilities | 7.3 |
| Energy | 7.0 |
| Consumer discretionary | 6.7 |
| Real estate | 6.6 |
| Consumer staples | 4.4 |
| Communication services | 0.3 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| American Electric Power Co., Inc. | 3.0 |
| Jefferies Financial Group, Inc. | 2.9 |
| Teradyne, Inc. | 2.9 |
| Labcorp Holdings, Inc. | 2.9 |
| Vulcan Materials Co. | 2.7 |
| FirstEnergy Corp. | 2.5 |
| Jacobs Solutions, Inc. | 2.3 |
| Fifth Third Bancorp | 2.2 |
| Keurig Dr Pepper, Inc. | 2.2 |
| Baker Hughes Co. Class A | 2.2 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3323 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Special Mid Cap Value Fund

# September 30, 2025

# Class C

# WFPCX
This annual shareholder report contains important information about Special Mid Cap Value Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $187 | 1.87% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
In a volatile year, the Fund underperformed, driven by stock selection. The period saw a fluctuation in investors' risk appetites as optimism around monetary policy easing and the Republican sweep gave way to fears that a restrictive trade policy and the Federal Reserve's decision to pause rate cuts could lead to a recession. However, markets rallied off the April 9 announcement that the implementation of tariffs would be delayed.

The Fund made minor changes to sector allocation, with an increase in industrials, while reducing exposure to real estate and financials. A large contributor was AerCap Holdings NV, the world's largest aircraft and engine leasing business. We believe its acquisition of GECAS should provide AerCap with unrivaled advantages in customer relationships, purchasing power, and market information, leading to outsized cash flow growth over time. The largest detractor was beverage company Keurig Dr Pepper, Inc., on increased leverage from a plan to acquire JDE Peet's and to split into two after the close. On a longer-term basis, the deal appears substantially accretive.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251a5e980bc66aa.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **Russell Midcap<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10534 | $10610 | $10790 |
| **11/30/2015** | $10655 | $10641 | $10850 |
| **12/31/2015** | $10198 | $10312 | $10627 |
| **1/31/2016** | $9689 | $9742 | $10027 |
| **2/29/2016** | $9786 | $9810 | $10024 |
| **3/31/2016** | $10514 | $10716 | $10730 |
| **4/30/2016** | $10647 | $10946 | $10796 |
| **5/31/2016** | $10919 | $11125 | $10990 |
| **6/30/2016** | $10980 | $11227 | $11012 |
| **7/31/2016** | $11239 | $11702 | $11449 |
| **8/31/2016** | $11379 | $11678 | $11478 |
| **9/30/2016** | $11447 | $11726 | $11496 |
| **10/31/2016** | $11314 | $11442 | $11248 |
| **11/30/2016** | $12013 | $12158 | $11751 |
| **12/31/2016** | $12263 | $12374 | $11980 |
| **1/31/2017** | $12288 | $12582 | $12206 |
| **2/28/2017** | $12645 | $12934 | $12660 |
| **3/31/2017** | $12479 | $12839 | $12668 |
| **4/30/2017** | $12537 | $12864 | $12803 |
| **5/31/2017** | $12558 | $12824 | $12934 |
| **6/30/2017** | $12667 | $13015 | $13050 |
| **7/31/2017** | $12717 | $13187 | $13296 |
| **8/31/2017** | $12609 | $12941 | $13322 |
| **9/30/2017** | $12999 | $13294 | $13647 |
| **10/31/2017** | $13031 | $13401 | $13945 |
| **11/30/2017** | $13356 | $13854 | $14368 |
| **12/31/2017** | $13490 | $14025 | $14512 |
| **1/31/2018** | $13894 | $14347 | $15277 |
| **2/28/2018** | $13130 | $13641 | $14714 |
| **3/31/2018** | $13089 | $13674 | $14418 |
| **4/30/2018** | $13048 | $13742 | $14473 |
| **5/31/2018** | $12992 | $13891 | $14882 |
| **6/30/2018** | $13115 | $14003 | $14979 |
| **7/31/2018** | $13621 | $14384 | $15476 |
| **8/31/2018** | $13598 | $14580 | $16020 |
| **9/30/2018** | $13482 | $14465 | $16046 |
| **10/31/2018** | $12535 | $13423 | $14865 |
| **11/30/2018** | $12853 | $13745 | $15162 |
| **12/31/2018** | $11594 | $12302 | $13751 |
| **1/31/2019** | $12745 | $13568 | $14931 |
| **2/28/2019** | $13252 | $14000 | $15457 |
| **3/31/2019** | $13416 | $14070 | $15682 |
| **4/30/2019** | $13972 | $14534 | $16309 |
| **5/31/2019** | $13244 | $13600 | $15253 |
| **6/30/2019** | $14102 | $14519 | $16325 |
| **7/31/2019** | $14323 | $14639 | $16567 |
| **8/31/2019** | $14079 | $14123 | $16229 |
| **9/30/2019** | $14426 | $14696 | $16514 |
| **10/31/2019** | $14643 | $14775 | $16870 |
| **11/30/2019** | $15085 | $15169 | $17511 |
| **12/31/2019** | $15547 | $15631 | $18017 |
| **1/31/2020** | $15171 | $15327 | $17997 |
| **2/29/2020** | $13828 | $13809 | $16523 |
| **3/31/2020** | $10584 | $10675 | $14251 |
| **4/30/2020** | $11924 | $12100 | $16139 |
| **5/31/2020** | $12584 | $12661 | $17002 |
| **6/30/2020** | $12619 | $12804 | $17390 |
| **7/31/2020** | $13066 | $13408 | $18378 |
| **8/31/2020** | $13536 | $13939 | $19709 |
| **9/30/2020** | $13287 | $13624 | $18992 |
| **10/31/2020** | $13354 | $13750 | $18582 |
| **11/30/2020** | $15073 | $15681 | $20842 |
| **12/31/2020** | $15887 | $16407 | $21780 |
| **1/31/2021** | $15622 | $16369 | $21683 |
| **2/28/2021** | $16692 | $17637 | $22361 |
| **3/31/2021** | $17613 | $18548 | $23162 |
| **4/30/2021** | $18727 | $19445 | $24356 |
| **5/31/2021** | $19201 | $19829 | $24467 |
| **6/30/2021** | $18628 | $19598 | $25071 |
| **7/31/2021** | $18763 | $19719 | $25495 |
| **8/31/2021** | $18980 | $20142 | $26222 |
| **9/30/2021** | $18443 | $19400 | $25045 |
| **10/31/2021** | $19379 | $20433 | $26739 |
| **11/30/2021** | $18806 | $19812 | $26332 |
| **12/31/2021** | $20218 | $21056 | $27369 |
| **1/31/2022** | $19563 | $20157 | $25759 |
| **2/28/2022** | $19589 | $20063 | $25110 |
| **3/31/2022** | $19703 | $20673 | $25924 |
| **4/30/2022** | $18808 | $19444 | $23598 |
| **5/31/2022** | $19297 | $19818 | $23566 |
| **6/30/2022** | $17646 | $17639 | $21595 |
| **7/31/2022** | $18952 | $19157 | $23621 |
| **8/31/2022** | $18362 | $18571 | $22739 |
| **9/30/2022** | $16778 | $16770 | $20630 |
| **10/31/2022** | $18358 | $18354 | $22322 |
| **11/30/2022** | $19681 | $19514 | $23487 |
| **12/31/2022** | $19082 | $18522 | $22112 |
| **1/31/2023** | $20318 | $20019 | $23635 |
| **2/28/2023** | $19740 | $19377 | $23083 |
| **3/31/2023** | $19186 | $18767 | $23700 |
| **4/30/2023** | $19286 | $18769 | $23952 |
| **5/31/2023** | $18604 | $17936 | $24046 |
| **6/30/2023** | $20157 | $19491 | $25688 |
| **7/31/2023** | $20583 | $20340 | $26608 |
| **8/31/2023** | $19906 | $19620 | $26095 |
| **9/30/2023** | $18964 | $18622 | $24852 |
| **10/31/2023** | $18261 | $17700 | $24193 |
| **11/30/2023** | $19463 | $19368 | $26449 |
| **12/31/2023** | $20712 | $20877 | $27852 |
| **1/31/2024** | $20418 | $20504 | $28160 |
| **2/29/2024** | $21393 | $21483 | $29685 |
| **3/31/2024** | $22583 | $22595 | $30642 |
| **4/30/2024** | $21603 | $21412 | $29294 |
| **5/31/2024** | $22387 | $22181 | $30678 |
| **6/30/2024** | $22041 | $21826 | $31628 |
| **7/31/2024** | $23338 | $23145 | $32216 |
| **8/31/2024** | $23837 | $23581 | $32917 |
| **9/30/2024** | $24033 | $24025 | $33598 |
| **10/31/2024** | $23418 | $23724 | $33351 |
| **11/30/2024** | $24789 | $25470 | $35570 |
| **12/31/2024** | $23113 | $23606 | $34483 |
| **1/31/2025** | $23611 | $24436 | $35571 |
| **2/28/2025** | $23234 | $23990 | $34890 |
| **3/31/2025** | $22641 | $23108 | $32854 |
| **4/30/2025** | $22023 | $22535 | $32634 |
| **5/31/2025** | $22751 | $23518 | $34703 |
| **6/30/2025** | $23314 | $24343 | $36466 |
| **7/31/2025** | $23782 | $24780 | $37269 |
| **8/31/2025** | $24716 | $25523 | $38131 |
| **9/30/2025** | $24334 | $25848 | $39447 |

---

# Special Mid Cap Value Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 0.48 | 12.53 | 9.3 |
| Class C with Load | (0.52) | 12.53 | 9.3 |
| Russell Midcap<sup>®</sup> Value Index | 7.58 | 13.66 | 9.96 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $13661257291 |
| # of portfolio holdings | 73 |
| Portfolio turnover rate | 38% |
| Total advisory fees paid | $88022071 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 22.3 |
| Financials | 15.7 |
| Health care | 10.9 |
| Materials | 9.5 |
| Information technology | 9.3 |
| Utilities | 7.3 |
| Energy | 7.0 |
| Consumer discretionary | 6.7 |
| Real estate | 6.6 |
| Consumer staples | 4.4 |
| Communication services | 0.3 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| American Electric Power Co., Inc. | 3.0 |
| Jefferies Financial Group, Inc. | 2.9 |
| Teradyne, Inc. | 2.9 |
| Labcorp Holdings, Inc. | 2.9 |
| Vulcan Materials Co. | 2.7 |
| FirstEnergy Corp. | 2.5 |
| Jacobs Solutions, Inc. | 2.3 |
| Fifth Third Bancorp | 2.2 |
| Keurig Dr Pepper, Inc. | 2.2 |
| Baker Hughes Co. Class A | 2.2 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3535 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Special Mid Cap Value Fund

# September 30, 2025

# Class R6

# WFPRX
This annual shareholder report contains important information about Special Mid Cap Value Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $71 | 0.70% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
In a volatile year, the Fund underperformed, driven by stock selection. The period saw a fluctuation in investors' risk appetites as optimism around monetary policy easing and the Republican sweep gave way to fears that a restrictive trade policy and the Federal Reserve's decision to pause rate cuts could lead to a recession. However, markets rallied off the April 9 announcement that the implementation of tariffs would be delayed.

The Fund made minor changes to sector allocation, with an increase in industrials, while reducing exposure to real estate and financials. A large contributor was AerCap Holdings NV, the world's largest aircraft and engine leasing business. We believe its acquisition of GECAS should provide AerCap with unrivaled advantages in customer relationships, purchasing power, and market information, leading to outsized cash flow growth over time. The largest detractor was beverage company Keurig Dr Pepper, Inc., on increased leverage from a plan to acquire JDE Peet's and to split into two after the close. On a longer-term basis, the deal appears substantially accretive.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251f516b9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell Midcap<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10544 | $10610 | $10790 |
| **11/30/2015** | $10677 | $10641 | $10850 |
| **12/31/2015** | $10229 | $10312 | $10627 |
| **1/31/2016** | $9726 | $9742 | $10027 |
| **2/29/2016** | $9835 | $9810 | $10024 |
| **3/31/2016** | $10573 | $10716 | $10730 |
| **4/30/2016** | $10720 | $10946 | $10796 |
| **5/31/2016** | $11006 | $11125 | $10990 |
| **6/30/2016** | $11077 | $11227 | $11012 |
| **7/31/2016** | $11349 | $11702 | $11449 |
| **8/31/2016** | $11503 | $11678 | $11478 |
| **9/30/2016** | $11584 | $11726 | $11496 |
| **10/31/2016** | $11458 | $11442 | $11248 |
| **11/30/2016** | $12180 | $12158 | $11751 |
| **12/31/2016** | $12448 | $12374 | $11980 |
| **1/31/2017** | $12479 | $12582 | $12206 |
| **2/28/2017** | $12859 | $12934 | $12660 |
| **3/31/2017** | $12700 | $12839 | $12668 |
| **4/30/2017** | $12772 | $12864 | $12803 |
| **5/31/2017** | $12807 | $12824 | $12934 |
| **6/30/2017** | $12928 | $13015 | $13050 |
| **7/31/2017** | $12993 | $13187 | $13296 |
| **8/31/2017** | $12897 | $12941 | $13322 |
| **9/30/2017** | $13308 | $13294 | $13647 |
| **10/31/2017** | $13353 | $13401 | $13945 |
| **11/30/2017** | $13702 | $13854 | $14368 |
| **12/31/2017** | $13851 | $14025 | $14512 |
| **1/31/2018** | $14281 | $14347 | $15277 |
| **2/28/2018** | $13508 | $13641 | $14714 |
| **3/31/2018** | $13479 | $13674 | $14418 |
| **4/30/2018** | $13450 | $13742 | $14473 |
| **5/31/2018** | $13407 | $13891 | $14882 |
| **6/30/2018** | $13548 | $14003 | $14979 |
| **7/31/2018** | $14078 | $14384 | $15476 |
| **8/31/2018** | $14075 | $14580 | $16020 |
| **9/30/2018** | $13966 | $14465 | $16046 |
| **10/31/2018** | $12999 | $13423 | $14865 |
| **11/30/2018** | $13342 | $13745 | $15162 |
| **12/31/2018** | $12047 | $12302 | $13751 |
| **1/31/2019** | $13253 | $13568 | $14931 |
| **2/28/2019** | $13798 | $14000 | $15457 |
| **3/31/2019** | $13980 | $14070 | $15682 |
| **4/30/2019** | $14573 | $14534 | $16309 |
| **5/31/2019** | $13828 | $13600 | $15253 |
| **6/30/2019** | $14737 | $14519 | $16325 |
| **7/31/2019** | $14982 | $14639 | $16567 |
| **8/31/2019** | $14744 | $14123 | $16229 |
| **9/30/2019** | $15123 | $14696 | $16514 |
| **10/31/2019** | $15364 | $14775 | $16870 |
| **11/30/2019** | $15846 | $15169 | $17511 |
| **12/31/2019** | $16346 | $15631 | $18017 |
| **1/31/2020** | $15966 | $15327 | $17997 |
| **2/29/2020** | $14569 | $13809 | $16523 |
| **3/31/2020** | $11162 | $10675 | $14251 |
| **4/30/2020** | $12586 | $12100 | $16139 |
| **5/31/2020** | $13295 | $12661 | $17002 |
| **6/30/2020** | $13345 | $12804 | $17390 |
| **7/31/2020** | $13829 | $13408 | $18378 |
| **8/31/2020** | $14340 | $13939 | $19709 |
| **9/30/2020** | $14088 | $13624 | $18992 |
| **10/31/2020** | $14174 | $13750 | $18582 |
| **11/30/2020** | $16016 | $15681 | $20842 |
| **12/31/2020** | $16895 | $16407 | $21780 |
| **1/31/2021** | $16630 | $16369 | $21683 |
| **2/28/2021** | $17789 | $17637 | $22361 |
| **3/31/2021** | $18787 | $18548 | $23162 |
| **4/30/2021** | $19993 | $19445 | $24356 |
| **5/31/2021** | $20519 | $19829 | $24467 |
| **6/30/2021** | $19930 | $19598 | $25071 |
| **7/31/2021** | $20090 | $19719 | $25495 |
| **8/31/2021** | $20344 | $20142 | $26222 |
| **9/30/2021** | $19786 | $19400 | $25045 |
| **10/31/2021** | $20812 | $20433 | $26739 |
| **11/30/2021** | $20219 | $19812 | $26332 |
| **12/31/2021** | $21761 | $21056 | $27369 |
| **1/31/2022** | $21072 | $20157 | $25759 |
| **2/28/2022** | $21120 | $20063 | $25110 |
| **3/31/2022** | $21266 | $20673 | $25924 |
| **4/30/2022** | $20320 | $19444 | $23598 |
| **5/31/2022** | $20866 | $19818 | $23566 |
| **6/30/2022** | $19099 | $17639 | $21595 |
| **7/31/2022** | $20535 | $19157 | $23621 |
| **8/31/2022** | $19916 | $18571 | $22739 |
| **9/30/2022** | $18217 | $16770 | $20630 |
| **10/31/2022** | $19950 | $18354 | $22322 |
| **11/30/2022** | $21412 | $19514 | $23487 |
| **12/31/2022** | $20781 | $18522 | $22112 |
| **1/31/2023** | $22147 | $20019 | $23635 |
| **2/28/2023** | $21539 | $19377 | $23083 |
| **3/31/2023** | $20954 | $18767 | $23700 |
| **4/30/2023** | $21085 | $18769 | $23952 |
| **5/31/2023** | $20355 | $17936 | $24046 |
| **6/30/2023** | $22077 | $19491 | $25688 |
| **7/31/2023** | $22569 | $20340 | $26608 |
| **8/31/2023** | $21843 | $19620 | $26095 |
| **9/30/2023** | $20837 | $18622 | $24852 |
| **10/31/2023** | $20070 | $17700 | $24193 |
| **11/30/2023** | $21399 | $19368 | $26449 |
| **12/31/2023** | $22781 | $20877 | $27852 |
| **1/31/2024** | $22464 | $20504 | $28160 |
| **2/29/2024** | $23548 | $21483 | $29685 |
| **3/31/2024** | $24865 | $22595 | $30642 |
| **4/30/2024** | $23796 | $21412 | $29294 |
| **5/31/2024** | $24667 | $22181 | $30678 |
| **6/30/2024** | $24291 | $21826 | $31628 |
| **7/31/2024** | $25732 | $23145 | $32216 |
| **8/31/2024** | $26291 | $23581 | $32917 |
| **9/30/2024** | $26514 | $24025 | $33598 |
| **10/31/2024** | $25846 | $23724 | $33351 |
| **11/30/2024** | $27366 | $25470 | $35570 |
| **12/31/2024** | $25528 | $23606 | $34483 |
| **1/31/2025** | $26089 | $24436 | $35571 |
| **2/28/2025** | $25678 | $23990 | $34890 |
| **3/31/2025** | $25032 | $23108 | $32854 |
| **4/30/2025** | $24353 | $22535 | $32634 |
| **5/31/2025** | $25170 | $23518 | $34703 |
| **6/30/2025** | $25806 | $24343 | $36466 |
| **7/31/2025** | $26329 | $24780 | $37269 |
| **8/31/2025** | $27370 | $25523 | $38131 |
| **9/30/2025** | $26959 | $25848 | $39447 |

---

# Special Mid Cap Value Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 1.68 | 13.86 | 10.43 |
| Russell Midcap<sup>®</sup> Value Index | 7.58 | 13.66 | 9.96 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $13661257291 |
| # of portfolio holdings | 73 |
| Portfolio turnover rate | 38% |
| Total advisory fees paid | $88022071 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 22.3 |
| Financials | 15.7 |
| Health care | 10.9 |
| Materials | 9.5 |
| Information technology | 9.3 |
| Utilities | 7.3 |
| Energy | 7.0 |
| Consumer discretionary | 6.7 |
| Real estate | 6.6 |
| Consumer staples | 4.4 |
| Communication services | 0.3 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| American Electric Power Co., Inc. | 3.0 |
| Jefferies Financial Group, Inc. | 2.9 |
| Teradyne, Inc. | 2.9 |
| Labcorp Holdings, Inc. | 2.9 |
| Vulcan Materials Co. | 2.7 |
| FirstEnergy Corp. | 2.5 |
| Jacobs Solutions, Inc. | 2.3 |
| Fifth Third Bancorp | 2.2 |
| Keurig Dr Pepper, Inc. | 2.2 |
| Baker Hughes Co. Class A | 2.2 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR4662 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Special Mid Cap Value Fund

# September 30, 2025

# Institutional Class

# WFMIX
This annual shareholder report contains important information about Special Mid Cap Value Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $81 | 0.80% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
In a volatile year, the Fund underperformed, driven by stock selection. The period saw a fluctuation in investors' risk appetites as optimism around monetary policy easing and the Republican sweep gave way to fears that a restrictive trade policy and the Federal Reserve's decision to pause rate cuts could lead to a recession. However, markets rallied off the April 9 announcement that the implementation of tariffs would be delayed.

The Fund made minor changes to sector allocation, with an increase in industrials, while reducing exposure to real estate and financials. A large contributor was AerCap Holdings NV, the world's largest aircraft and engine leasing business. We believe its acquisition of GECAS should provide AerCap with unrivaled advantages in customer relationships, purchasing power, and market information, leading to outsized cash flow growth over time. The largest detractor was beverage company Keurig Dr Pepper, Inc., on increased leverage from a plan to acquire JDE Peet's and to split into two after the close. On a longer-term basis, the deal appears substantially accretive.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251c8137ebfa57a6e5a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Russell Midcap<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10544 | $10610 | $10790 |
| **11/30/2015** | $10674 | $10641 | $10850 |
| **12/31/2015** | $10225 | $10312 | $10627 |
| **1/31/2016** | $9725 | $9742 | $10027 |
| **2/29/2016** | $9830 | $9810 | $10024 |
| **3/31/2016** | $10569 | $10716 | $10730 |
| **4/30/2016** | $10715 | $10946 | $10796 |
| **5/31/2016** | $10998 | $11125 | $10990 |
| **6/30/2016** | $11069 | $11227 | $11012 |
| **7/31/2016** | $11338 | $11702 | $11449 |
| **8/31/2016** | $11491 | $11678 | $11478 |
| **9/30/2016** | $11573 | $11726 | $11496 |
| **10/31/2016** | $11447 | $11442 | $11248 |
| **11/30/2016** | $12165 | $12158 | $11751 |
| **12/31/2016** | $12432 | $12374 | $11980 |
| **1/31/2017** | $12463 | $12582 | $12206 |
| **2/28/2017** | $12839 | $12934 | $12660 |
| **3/31/2017** | $12684 | $12839 | $12668 |
| **4/30/2017** | $12753 | $12864 | $12803 |
| **5/31/2017** | $12788 | $12824 | $12934 |
| **6/30/2017** | $12905 | $13015 | $13050 |
| **7/31/2017** | $12967 | $13187 | $13296 |
| **8/31/2017** | $12874 | $12941 | $13322 |
| **9/30/2017** | $13281 | $13294 | $13647 |
| **10/31/2017** | $13326 | $13401 | $13945 |
| **11/30/2017** | $13672 | $13854 | $14368 |
| **12/31/2017** | $13820 | $14025 | $14512 |
| **1/31/2018** | $14249 | $14347 | $15277 |
| **2/28/2018** | $13477 | $13641 | $14714 |
| **3/31/2018** | $13448 | $13674 | $14418 |
| **4/30/2018** | $13416 | $13742 | $14473 |
| **5/31/2018** | $13372 | $13891 | $14882 |
| **6/30/2018** | $13509 | $14003 | $14979 |
| **7/31/2018** | $14040 | $14384 | $15476 |
| **8/31/2018** | $14036 | $14580 | $16020 |
| **9/30/2018** | $13924 | $14465 | $16046 |
| **10/31/2018** | $12958 | $13423 | $14865 |
| **11/30/2018** | $13300 | $13745 | $15162 |
| **12/31/2018** | $12009 | $12302 | $13751 |
| **1/31/2019** | $13211 | $13568 | $14931 |
| **2/28/2019** | $13752 | $14000 | $15457 |
| **3/31/2019** | $13933 | $14070 | $15682 |
| **4/30/2019** | $14521 | $14534 | $16309 |
| **5/31/2019** | $13778 | $13600 | $15253 |
| **6/30/2019** | $14680 | $14519 | $16325 |
| **7/31/2019** | $14925 | $14639 | $16567 |
| **8/31/2019** | $14688 | $14123 | $16229 |
| **9/30/2019** | $15062 | $14696 | $16514 |
| **10/31/2019** | $15302 | $14775 | $16870 |
| **11/30/2019** | $15780 | $15169 | $17511 |
| **12/31/2019** | $16275 | $15631 | $18017 |
| **1/31/2020** | $15897 | $15327 | $17997 |
| **2/29/2020** | $14504 | $13809 | $16523 |
| **3/31/2020** | $11109 | $10675 | $14251 |
| **4/30/2020** | $12529 | $12100 | $16139 |
| **5/31/2020** | $13235 | $12661 | $17002 |
| **6/30/2020** | $13281 | $12804 | $17390 |
| **7/31/2020** | $13763 | $13408 | $18378 |
| **8/31/2020** | $14269 | $13939 | $19709 |
| **9/30/2020** | $14018 | $13624 | $18992 |
| **10/31/2020** | $14103 | $13750 | $18582 |
| **11/30/2020** | $15936 | $15681 | $20842 |
| **12/31/2020** | $16809 | $16407 | $21780 |
| **1/31/2021** | $16544 | $16369 | $21683 |
| **2/28/2021** | $17690 | $17637 | $22361 |
| **3/31/2021** | $18685 | $18548 | $23162 |
| **4/30/2021** | $19885 | $19445 | $24356 |
| **5/31/2021** | $20406 | $19829 | $24467 |
| **6/30/2021** | $19815 | $19598 | $25071 |
| **7/31/2021** | $19974 | $19719 | $25495 |
| **8/31/2021** | $20227 | $20142 | $26222 |
| **9/30/2021** | $19668 | $19400 | $25045 |
| **10/31/2021** | $20689 | $20433 | $26739 |
| **11/30/2021** | $20095 | $19812 | $26332 |
| **12/31/2021** | $21622 | $21056 | $27369 |
| **1/31/2022** | $20942 | $20157 | $25759 |
| **2/28/2022** | $20989 | $20063 | $25110 |
| **3/31/2022** | $21130 | $20673 | $25924 |
| **4/30/2022** | $20188 | $19444 | $23598 |
| **5/31/2022** | $20728 | $19818 | $23566 |
| **6/30/2022** | $18973 | $17639 | $21595 |
| **7/31/2022** | $20398 | $19157 | $23621 |
| **8/31/2022** | $19778 | $18571 | $22739 |
| **9/30/2022** | $18092 | $16770 | $20630 |
| **10/31/2022** | $19812 | $18354 | $22322 |
| **11/30/2022** | $21258 | $19514 | $23487 |
| **12/31/2022** | $20631 | $18522 | $22112 |
| **1/31/2023** | $21985 | $20019 | $23635 |
| **2/28/2023** | $21380 | $19377 | $23083 |
| **3/31/2023** | $20799 | $18767 | $23700 |
| **4/30/2023** | $20924 | $18769 | $23952 |
| **5/31/2023** | $20203 | $17936 | $24046 |
| **6/30/2023** | $21906 | $19491 | $25688 |
| **7/31/2023** | $22390 | $20340 | $26608 |
| **8/31/2023** | $21673 | $19620 | $26095 |
| **9/30/2023** | $20668 | $18622 | $24852 |
| **10/31/2023** | $19910 | $17700 | $24193 |
| **11/30/2023** | $21227 | $19368 | $26449 |
| **12/31/2023** | $22593 | $20877 | $27852 |
| **1/31/2024** | $22279 | $20504 | $28160 |
| **2/29/2024** | $23351 | $21483 | $29685 |
| **3/31/2024** | $24654 | $22595 | $30642 |
| **4/30/2024** | $23592 | $21412 | $29294 |
| **5/31/2024** | $24452 | $22181 | $30678 |
| **6/30/2024** | $24083 | $21826 | $31628 |
| **7/31/2024** | $25510 | $23145 | $32216 |
| **8/31/2024** | $26056 | $23581 | $32917 |
| **9/30/2024** | $26277 | $24025 | $33598 |
| **10/31/2024** | $25608 | $23724 | $33351 |
| **11/30/2024** | $27118 | $25470 | $35570 |
| **12/31/2024** | $25294 | $23606 | $34483 |
| **1/31/2025** | $25845 | $24436 | $35571 |
| **2/28/2025** | $25437 | $23990 | $34890 |
| **3/31/2025** | $24796 | $23108 | $32854 |
| **4/30/2025** | $24123 | $22535 | $32634 |
| **5/31/2025** | $24928 | $23518 | $34703 |
| **6/30/2025** | $25553 | $24343 | $36466 |
| **7/31/2025** | $26073 | $24780 | $37269 |
| **8/31/2025** | $27101 | $25523 | $38131 |
| **9/30/2025** | $26693 | $25848 | $39447 |

---

# Special Mid Cap Value Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 1.58 | 13.75 | 10.32 |
| Russell Midcap<sup>®</sup> Value Index | 7.58 | 13.66 | 9.96 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $13661257291 |
| # of portfolio holdings | 73 |
| Portfolio turnover rate | 38% |
| Total advisory fees paid | $88022071 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 22.3 |
| Financials | 15.7 |
| Health care | 10.9 |
| Materials | 9.5 |
| Information technology | 9.3 |
| Utilities | 7.3 |
| Energy | 7.0 |
| Consumer discretionary | 6.7 |
| Real estate | 6.6 |
| Consumer staples | 4.4 |
| Communication services | 0.3 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| American Electric Power Co., Inc. | 3.0 |
| Jefferies Financial Group, Inc. | 2.9 |
| Teradyne, Inc. | 2.9 |
| Labcorp Holdings, Inc. | 2.9 |
| Vulcan Materials Co. | 2.7 |
| FirstEnergy Corp. | 2.5 |
| Jacobs Solutions, Inc. | 2.3 |
| Fifth Third Bancorp | 2.2 |
| Keurig Dr Pepper, Inc. | 2.2 |
| Baker Hughes Co. Class A | 2.2 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3138 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Diversified Capital Builder Fund

# September 30, 2025

# Class A

# EKBAX
This annual shareholder report contains important information about Diversified Capital Builder Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $116 | 1.07% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
U.S. equity markets rallied during the fiscal year, as the economy grew moderately. Cuts to the federal funds rate from 5.00% to 4.25% throughout the fiscal year helped stimulate economic growth. Yields of below-investment-grade bonds declined somewhat, resulting in modest capital appreciation. Our asset allocation is weighted toward equities, focusing on sectors that we believe have long-term growth potential. While inflation may persist, higher inflation rates could allow companies to have greater pricing power and maintain high profit margins.

The Fund outperformed its benchmark, the Diversified Capital Builder Blended Index. Top equity contributors were in information technology, industrials, and utilities, as well as underweights in consumer staples and health care. Top contributors included Broadcom, Inc., NVIDIA Corp., and Amphenol Corp. Underperformers were Adobe, Inc.; Oneok, Inc.; and IDEX Corp. Contributing to bond performance were our overweights in better-quality high yield bonds. Detractors were Spectrum Brands, Inc., ACCO Brands Corp., and Genuine Parts Co.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251a27974ed7f0e2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Diversified Capital Builder Blended Index** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $9421 | $10000 | $10000 |
| **10/31/2015** | $9804 | $10676 | $10790 |
| **11/30/2015** | $9793 | $10643 | $10850 |
| **12/31/2015** | $9757 | $10431 | $10627 |
| **1/31/2016** | $9483 | $9969 | $10027 |
| **2/29/2016** | $9666 | $9978 | $10024 |
| **3/31/2016** | $10347 | $10609 | $10730 |
| **4/30/2016** | $10347 | $10758 | $10796 |
| **5/31/2016** | $10623 | $10917 | $10990 |
| **6/30/2016** | $10862 | $10965 | $11012 |
| **7/31/2016** | $11244 | $11347 | $11449 |
| **8/31/2016** | $11428 | $11422 | $11478 |
| **9/30/2016** | $11574 | $11447 | $11496 |
| **10/31/2016** | $11400 | $11288 | $11248 |
| **11/30/2016** | $11714 | $11611 | $11751 |
| **12/31/2016** | $11914 | $11831 | $11980 |
| **1/31/2017** | $12180 | $12050 | $12206 |
| **2/28/2017** | $12457 | $12446 | $12660 |
| **3/31/2017** | $12492 | $12446 | $12668 |
| **4/30/2017** | $12632 | $12580 | $12803 |
| **5/31/2017** | $12721 | $12729 | $12934 |
| **6/30/2017** | $12652 | $12799 | $13050 |
| **7/31/2017** | $12895 | $13026 | $13296 |
| **8/31/2017** | $12946 | $13056 | $13322 |
| **9/30/2017** | $13150 | $13293 | $13647 |
| **10/31/2017** | $13482 | $13535 | $13945 |
| **11/30/2017** | $13738 | $13835 | $14368 |
| **12/31/2017** | $13631 | $13960 | $14512 |
| **1/31/2018** | $14409 | $14557 | $15277 |
| **2/28/2018** | $13913 | $14122 | $14714 |
| **3/31/2018** | $13698 | $13860 | $14418 |
| **4/30/2018** | $13577 | $13918 | $14473 |
| **5/31/2018** | $13872 | $14184 | $14882 |
| **6/30/2018** | $13801 | $14265 | $14979 |
| **7/31/2018** | $14488 | $14674 | $15476 |
| **8/31/2018** | $14785 | $15080 | $16020 |
| **9/30/2018** | $14691 | $15145 | $16046 |
| **10/31/2018** | $13422 | $14279 | $14865 |
| **11/30/2018** | $13759 | $14465 | $15162 |
| **12/31/2018** | $12874 | $13398 | $13751 |
| **1/31/2019** | $13864 | $14394 | $14931 |
| **2/28/2019** | $14437 | $14820 | $15457 |
| **3/31/2019** | $14599 | $15050 | $15682 |
| **4/30/2019** | $15132 | $15559 | $16309 |
| **5/31/2019** | $14167 | $14765 | $15253 |
| **6/30/2019** | $15254 | $15634 | $16325 |
| **7/31/2019** | $15312 | $15836 | $16567 |
| **8/31/2019** | $15182 | $15634 | $16229 |
| **9/30/2019** | $15514 | $15850 | $16514 |
| **10/31/2019** | $15630 | $16111 | $16870 |
| **11/30/2019** | $15963 | $16578 | $17511 |
| **12/31/2019** | $16410 | $17023 | $18017 |
| **1/31/2020** | $16440 | $17037 | $17997 |
| **2/29/2020** | $15046 | $15928 | $16523 |
| **3/31/2020** | $13353 | $13883 | $14251 |
| **4/30/2020** | $14936 | $15390 | $16139 |
| **5/31/2020** | $15713 | $16176 | $17002 |
| **6/30/2020** | $15643 | $16482 | $17390 |
| **7/31/2020** | $16360 | $17403 | $18378 |
| **8/31/2020** | $17047 | $18404 | $19709 |
| **9/30/2020** | $16641 | $17852 | $18992 |
| **10/31/2020** | $16258 | $17550 | $18582 |
| **11/30/2020** | $17849 | $19274 | $20842 |
| **12/31/2020** | $18488 | $19978 | $21780 |
| **1/31/2021** | $18472 | $19870 | $21683 |
| **2/28/2021** | $18426 | $20318 | $22361 |
| **3/31/2021** | $18907 | $20903 | $23162 |
| **4/30/2021** | $19450 | $21804 | $24356 |
| **5/31/2021** | $19605 | $21897 | $24467 |
| **6/30/2021** | $19823 | $22383 | $25071 |
| **7/31/2021** | $20320 | $22752 | $25495 |
| **8/31/2021** | $20677 | $23277 | $26222 |
| **9/30/2021** | $19666 | $22476 | $25045 |
| **10/31/2021** | $20708 | $23637 | $26739 |
| **11/30/2021** | $20801 | $23338 | $26332 |
| **12/31/2021** | $22126 | $24159 | $27369 |
| **1/31/2022** | $20631 | $22972 | $25759 |
| **2/28/2022** | $20680 | $22446 | $25110 |
| **3/31/2022** | $21031 | $22963 | $25924 |
| **4/30/2022** | $19599 | $21218 | $23598 |
| **5/31/2022** | $20232 | $21210 | $23566 |
| **6/30/2022** | $18511 | $19518 | $21595 |
| **7/31/2022** | $19979 | $21176 | $23621 |
| **8/31/2022** | $18794 | $20438 | $22739 |
| **9/30/2022** | $17217 | $18814 | $20630 |
| **10/31/2022** | $18405 | $20082 | $22322 |
| **11/30/2022** | $19894 | $20993 | $23487 |
| **12/31/2022** | $19160 | $20038 | $22112 |
| **1/31/2023** | $20261 | $21240 | $23635 |
| **2/28/2023** | $19963 | $20791 | $23083 |
| **3/31/2023** | $20103 | $21343 | $23700 |
| **4/30/2023** | $19561 | $21593 | $23952 |
| **5/31/2023** | $19879 | $21616 | $24046 |
| **6/30/2023** | $21357 | $22799 | $25688 |
| **7/31/2023** | $22126 | $23468 | $26608 |
| **8/31/2023** | $21713 | $23177 | $26095 |
| **9/30/2023** | $20689 | $22292 | $24852 |
| **10/31/2023** | $20069 | $21819 | $24193 |
| **11/30/2023** | $21948 | $23596 | $26449 |
| **12/31/2023** | $23405 | $24688 | $27852 |
| **1/31/2024** | $23961 | $24946 | $28160 |
| **2/29/2024** | $25392 | $25974 | $29685 |
| **3/31/2024** | $26302 | $26675 | $30642 |
| **4/30/2024** | $25467 | $25756 | $29294 |
| **5/31/2024** | $26402 | $26737 | $30678 |
| **6/30/2024** | $27309 | $27464 | $31628 |
| **7/31/2024** | $27369 | $27897 | $32216 |
| **8/31/2024** | $27648 | $28505 | $32917 |
| **9/30/2024** | $27941 | $29078 | $33598 |
| **10/31/2024** | $27921 | $28884 | $33351 |
| **11/30/2024** | $29456 | $30361 | $35570 |
| **12/31/2024** | $28507 | $29693 | $34483 |
| **1/31/2025** | $29197 | $30505 | $35571 |
| **2/28/2025** | $28089 | $30156 | $34890 |
| **3/31/2025** | $26521 | $28766 | $32854 |
| **4/30/2025** | $26061 | $28638 | $32634 |
| **5/31/2025** | $28070 | $30130 | $34703 |
| **6/30/2025** | $30492 | $31413 | $36466 |
| **7/31/2025** | $31373 | $31967 | $37269 |
| **8/31/2025** | $31142 | $32571 | $38131 |
| **9/30/2025** | $32639 | $33480 | $39447 |

---

# Diversified Capital Builder Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 16.81 | 14.42 | 13.23 |
| Class A with Load | 10.06 | 13.08 | 12.56 |
| Diversified Capital Builder Blended Index<sup>Footnote Reference\*</sup> | 15.14 | 13.4 | 12.84 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. The Diversified Capital Builder Blended Index is composed 75% of the Russell 1000<sup>®</sup> Index and 25% of the ICE BofA U.S. Cash Pay High Yield Index. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1639269797 |
| # of portfolio holdings | 99 |
| Portfolio turnover rate | 20% |
| Total advisory fees paid | $9249174 |

---

## What did the Fund invest in?

### PORTFOLIO COMPOSITION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Common stocks | 84.9 |
| Corporate bonds and notes | 14.1 |
| Yankee corporate bonds and notes | 1 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Micron Technology, Inc. | 5.1 |
| Amphenol Corp. Class A | 4.8 |
| Advanced Micro Devices, Inc. | 4.0 |
| Leidos Holdings, Inc. | 3.2 |
| Broadcom, Inc. | 3.2 |
| Teledyne Technologies, Inc. | 3.1 |
| Curtiss-Wright Corp. | 3.1 |
| Marvell Technology, Inc. | 2.9 |
| NVIDIA Corp. | 2.8 |
| Cheniere Energy, Inc. | 2.8 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR4324 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Diversified Capital Builder Fund

# September 30, 2025

# Class C

# EKBCX
This annual shareholder report contains important information about Diversified Capital Builder Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $198 | 1.83% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
U.S. equity markets rallied during the fiscal year, as the economy grew moderately. Cuts to the federal funds rate from 5.00% to 4.25% throughout the fiscal year helped stimulate economic growth. Yields of below-investment-grade bonds declined somewhat, resulting in modest capital appreciation. Our asset allocation is weighted toward equities, focusing on sectors that we believe have long-term growth potential. While inflation may persist, higher inflation rates could allow companies to have greater pricing power and maintain high profit margins.

The Fund outperformed its benchmark, the Diversified Capital Builder Blended Index. Top equity contributors were in information technology, industrials, and utilities, as well as underweights in consumer staples and health care. Top contributors included Broadcom, Inc., NVIDIA Corp., and Amphenol Corp. Underperformers were Adobe, Inc.; Oneok, Inc.; and IDEX Corp. Contributing to bond performance were our overweights in better-quality high yield bonds. Detractors were Spectrum Brands, Inc., ACCO Brands Corp., and Genuine Parts Co.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251a60ba1c29fd7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **Diversified Capital Builder Blended Index** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10406 | $10676 | $10790 |
| **11/30/2015** | $10384 | $10643 | $10850 |
| **12/31/2015** | $10339 | $10431 | $10627 |
| **1/31/2016** | $10047 | $9969 | $10027 |
| **2/29/2016** | $10229 | $9978 | $10024 |
| **3/31/2016** | $10943 | $10609 | $10730 |
| **4/30/2016** | $10943 | $10758 | $10796 |
| **5/31/2016** | $11223 | $10917 | $10990 |
| **6/30/2016** | $11478 | $10965 | $11012 |
| **7/31/2016** | $11869 | $11347 | $11449 |
| **8/31/2016** | $12052 | $11422 | $11478 |
| **9/30/2016** | $12196 | $11447 | $11496 |
| **10/31/2016** | $12000 | $11288 | $11248 |
| **11/30/2016** | $12343 | $11611 | $11751 |
| **12/31/2016** | $12546 | $11831 | $11980 |
| **1/31/2017** | $12811 | $12050 | $12206 |
| **2/28/2017** | $13090 | $12446 | $12660 |
| **3/31/2017** | $13109 | $12446 | $12668 |
| **4/30/2017** | $13269 | $12580 | $12803 |
| **5/31/2017** | $13336 | $12729 | $12934 |
| **6/30/2017** | $13254 | $12799 | $13050 |
| **7/31/2017** | $13508 | $13026 | $13296 |
| **8/31/2017** | $13562 | $13056 | $13322 |
| **9/30/2017** | $13763 | $13293 | $13647 |
| **10/31/2017** | $14097 | $13535 | $13945 |
| **11/30/2017** | $14352 | $13835 | $14368 |
| **12/31/2017** | $14232 | $13960 | $14512 |
| **1/31/2018** | $15032 | $14557 | $15277 |
| **2/28/2018** | $14513 | $14122 | $14714 |
| **3/31/2018** | $14280 | $13860 | $14418 |
| **4/30/2018** | $14154 | $13918 | $14473 |
| **5/31/2018** | $14434 | $14184 | $14882 |
| **6/30/2018** | $14359 | $14265 | $14979 |
| **7/31/2018** | $15062 | $14674 | $15476 |
| **8/31/2018** | $15357 | $15080 | $16020 |
| **9/30/2018** | $15260 | $15145 | $16046 |
| **10/31/2018** | $13925 | $14279 | $14865 |
| **11/30/2018** | $14262 | $14465 | $15162 |
| **12/31/2018** | $13340 | $13398 | $13751 |
| **1/31/2019** | $14352 | $14394 | $14931 |
| **2/28/2019** | $14948 | $14820 | $15457 |
| **3/31/2019** | $15103 | $15050 | $15682 |
| **4/30/2019** | $15641 | $15559 | $16309 |
| **5/31/2019** | $14641 | $14765 | $15253 |
| **6/30/2019** | $15755 | $15634 | $16325 |
| **7/31/2019** | $15800 | $15836 | $16567 |
| **8/31/2019** | $15650 | $15634 | $16229 |
| **9/30/2019** | $15994 | $15850 | $16514 |
| **10/31/2019** | $16099 | $16111 | $16870 |
| **11/30/2019** | $16428 | $16578 | $17511 |
| **12/31/2019** | $16885 | $17023 | $18017 |
| **1/31/2020** | $16901 | $17037 | $17997 |
| **2/29/2020** | $15464 | $15928 | $16523 |
| **3/31/2020** | $13707 | $13883 | $14251 |
| **4/30/2020** | $15320 | $15390 | $16139 |
| **5/31/2020** | $16104 | $16176 | $17002 |
| **6/30/2020** | $16034 | $16482 | $17390 |
| **7/31/2020** | $16755 | $17403 | $18378 |
| **8/31/2020** | $17461 | $18404 | $19709 |
| **9/30/2020** | $17025 | $17852 | $18992 |
| **10/31/2020** | $16618 | $17550 | $18582 |
| **11/30/2020** | $18232 | $19274 | $20842 |
| **12/31/2020** | $18871 | $19978 | $21780 |
| **1/31/2021** | $18839 | $19870 | $21683 |
| **2/28/2021** | $18791 | $20318 | $22361 |
| **3/31/2021** | $19267 | $20903 | $23162 |
| **4/30/2021** | $19806 | $21804 | $24356 |
| **5/31/2021** | $19965 | $21897 | $24467 |
| **6/30/2021** | $20171 | $22383 | $25071 |
| **7/31/2021** | $20663 | $22752 | $25495 |
| **8/31/2021** | $21012 | $23277 | $26222 |
| **9/30/2021** | $19963 | $22476 | $25045 |
| **10/31/2021** | $21026 | $23637 | $26739 |
| **11/30/2021** | $21105 | $23338 | $26332 |
| **12/31/2021** | $22426 | $24159 | $27369 |
| **1/31/2022** | $20902 | $22972 | $25759 |
| **2/28/2022** | $20936 | $22446 | $25110 |
| **3/31/2022** | $21277 | $22963 | $25924 |
| **4/30/2022** | $19821 | $21218 | $23598 |
| **5/31/2022** | $20447 | $21210 | $23566 |
| **6/30/2022** | $18693 | $19518 | $21595 |
| **7/31/2022** | $20166 | $21176 | $23621 |
| **8/31/2022** | $18947 | $20438 | $22739 |
| **9/30/2022** | $17344 | $18814 | $20630 |
| **10/31/2022** | $18547 | $20082 | $22322 |
| **11/30/2022** | $20037 | $20993 | $23487 |
| **12/31/2022** | $19288 | $20038 | $22112 |
| **1/31/2023** | $20363 | $21240 | $23635 |
| **2/28/2023** | $20061 | $20791 | $23083 |
| **3/31/2023** | $20190 | $21343 | $23700 |
| **4/30/2023** | $19624 | $21593 | $23952 |
| **5/31/2023** | $19925 | $21616 | $24046 |
| **6/30/2023** | $21417 | $22799 | $25688 |
| **7/31/2023** | $22153 | $23468 | $26608 |
| **8/31/2023** | $21738 | $23177 | $26095 |
| **9/30/2023** | $20701 | $22292 | $24852 |
| **10/31/2023** | $20081 | $21819 | $24193 |
| **11/30/2023** | $21961 | $23596 | $26449 |
| **12/31/2023** | $23419 | $24688 | $27852 |
| **1/31/2024** | $23975 | $24946 | $28160 |
| **2/29/2024** | $25407 | $25974 | $29685 |
| **3/31/2024** | $26318 | $26675 | $30642 |
| **4/30/2024** | $25482 | $25756 | $29294 |
| **5/31/2024** | $26417 | $26737 | $30678 |
| **6/30/2024** | $27325 | $27464 | $31628 |
| **7/31/2024** | $27385 | $27897 | $32216 |
| **8/31/2024** | $27664 | $28505 | $32917 |
| **9/30/2024** | $27958 | $29078 | $33598 |
| **10/31/2024** | $27938 | $28884 | $33351 |
| **11/30/2024** | $29473 | $30361 | $35570 |
| **12/31/2024** | $28524 | $29693 | $34483 |
| **1/31/2025** | $29214 | $30505 | $35571 |
| **2/28/2025** | $28106 | $30156 | $34890 |
| **3/31/2025** | $26537 | $28766 | $32854 |
| **4/30/2025** | $26076 | $28638 | $32634 |
| **5/31/2025** | $28087 | $30130 | $34703 |
| **6/30/2025** | $30510 | $31413 | $36466 |
| **7/31/2025** | $31391 | $31967 | $37269 |
| **8/31/2025** | $31160 | $32571 | $38131 |
| **9/30/2025** | $32658 | $33480 | $39447 |

---

# Diversified Capital Builder Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 16.03 | 13.58 | 12.56 |
| Class C with Load | 15.03 | 13.58 | 12.56 |
| Diversified Capital Builder Blended Index<sup>Footnote Reference\*</sup> | 15.14 | 13.4 | 12.84 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. The Diversified Capital Builder Blended Index is composed 75% of the Russell 1000<sup>®</sup> Index and 25% of the ICE BofA U.S. Cash Pay High Yield Index. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1639269797 |
| # of portfolio holdings | 99 |
| Portfolio turnover rate | 20% |
| Total advisory fees paid | $9249174 |

---

## What did the Fund invest in?

### PORTFOLIO COMPOSITION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Common stocks | 84.9 |
| Corporate bonds and notes | 14.1 |
| Yankee corporate bonds and notes | 1 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Micron Technology, Inc. | 5.1 |
| Amphenol Corp. Class A | 4.8 |
| Advanced Micro Devices, Inc. | 4.0 |
| Leidos Holdings, Inc. | 3.2 |
| Broadcom, Inc. | 3.2 |
| Teledyne Technologies, Inc. | 3.1 |
| Curtiss-Wright Corp. | 3.1 |
| Marvell Technology, Inc. | 2.9 |
| NVIDIA Corp. | 2.8 |
| Cheniere Energy, Inc. | 2.8 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR4516 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Diversified Capital Builder Fund

# September 30, 2025

# Institutional Class

# EKBYX
This annual shareholder report contains important information about Diversified Capital Builder Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $83 | 0.76% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
U.S. equity markets rallied during the fiscal year, as the economy grew moderately. Cuts to the federal funds rate from 5.00% to 4.25% throughout the fiscal year helped stimulate economic growth. Yields of below-investment-grade bonds declined somewhat, resulting in modest capital appreciation. Our asset allocation is weighted toward equities, focusing on sectors that we believe have long-term growth potential. While inflation may persist, higher inflation rates could allow companies to have greater pricing power and maintain high profit margins.

The Fund outperformed its benchmark, the Diversified Capital Builder Blended Index. Top equity contributors were in information technology, industrials, and utilities, as well as underweights in consumer staples and health care. Top contributors included Broadcom, Inc., NVIDIA Corp., and Amphenol Corp. Underperformers were Adobe, Inc.; Oneok, Inc.; and IDEX Corp. Contributing to bond performance were our overweights in better-quality high yield bonds. Detractors were Spectrum Brands, Inc., ACCO Brands Corp., and Genuine Parts Co.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251bd5fbab4da49a7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Diversified Capital Builder Blended Index** | **Russell 3000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10408 | $10676 | $10790 |
| **11/30/2015** | $10397 | $10643 | $10850 |
| **12/31/2015** | $10366 | $10431 | $10627 |
| **1/31/2016** | $10073 | $9969 | $10027 |
| **2/29/2016** | $10281 | $9978 | $10024 |
| **3/31/2016** | $10994 | $10609 | $10730 |
| **4/30/2016** | $11007 | $10758 | $10796 |
| **5/31/2016** | $11302 | $10917 | $10990 |
| **6/30/2016** | $11568 | $10965 | $11012 |
| **7/31/2016** | $11964 | $11347 | $11449 |
| **8/31/2016** | $12174 | $11422 | $11478 |
| **9/30/2016** | $12328 | $11447 | $11496 |
| **10/31/2016** | $12141 | $11288 | $11248 |
| **11/30/2016** | $12490 | $11611 | $11751 |
| **12/31/2016** | $12705 | $11831 | $11980 |
| **1/31/2017** | $12990 | $12050 | $12206 |
| **2/28/2017** | $13288 | $12446 | $12660 |
| **3/31/2017** | $13321 | $12446 | $12668 |
| **4/30/2017** | $13484 | $12580 | $12803 |
| **5/31/2017** | $13580 | $12729 | $12934 |
| **6/30/2017** | $13505 | $12799 | $13050 |
| **7/31/2017** | $13779 | $13026 | $13296 |
| **8/31/2017** | $13834 | $13056 | $13322 |
| **9/30/2017** | $14067 | $13293 | $13647 |
| **10/31/2017** | $14410 | $13535 | $13945 |
| **11/30/2017** | $14699 | $13835 | $14368 |
| **12/31/2017** | $14581 | $13960 | $14512 |
| **1/31/2018** | $15419 | $14557 | $15277 |
| **2/28/2018** | $14899 | $14122 | $14714 |
| **3/31/2018** | $14662 | $13860 | $14418 |
| **4/30/2018** | $14547 | $13918 | $14473 |
| **5/31/2018** | $14865 | $14184 | $14882 |
| **6/30/2018** | $14787 | $14265 | $14979 |
| **7/31/2018** | $15528 | $14674 | $15476 |
| **8/31/2018** | $15848 | $15080 | $16020 |
| **9/30/2018** | $15761 | $15145 | $16046 |
| **10/31/2018** | $14390 | $14279 | $14865 |
| **11/30/2018** | $14755 | $14465 | $15162 |
| **12/31/2018** | $13813 | $13398 | $13751 |
| **1/31/2019** | $14882 | $14394 | $14931 |
| **2/28/2019** | $15502 | $14820 | $15457 |
| **3/31/2019** | $15687 | $15050 | $15682 |
| **4/30/2019** | $16264 | $15559 | $16309 |
| **5/31/2019** | $15220 | $14765 | $15253 |
| **6/30/2019** | $16409 | $15634 | $16325 |
| **7/31/2019** | $16471 | $15836 | $16567 |
| **8/31/2019** | $16331 | $15634 | $16229 |
| **9/30/2019** | $16704 | $15850 | $16514 |
| **10/31/2019** | $16829 | $16111 | $16870 |
| **11/30/2019** | $17190 | $16578 | $17511 |
| **12/31/2019** | $17674 | $17023 | $18017 |
| **1/31/2020** | $17707 | $17037 | $17997 |
| **2/29/2020** | $16228 | $15928 | $16523 |
| **3/31/2020** | $14386 | $13883 | $14251 |
| **4/30/2020** | $16106 | $15390 | $16139 |
| **5/31/2020** | $16949 | $16176 | $17002 |
| **6/30/2020** | $16870 | $16482 | $17390 |
| **7/31/2020** | $17650 | $17403 | $18378 |
| **8/31/2020** | $18413 | $18404 | $19709 |
| **9/30/2020** | $17969 | $17852 | $18992 |
| **10/31/2020** | $17554 | $17550 | $18582 |
| **11/30/2020** | $19267 | $19274 | $20842 |
| **12/31/2020** | $19976 | $19978 | $21780 |
| **1/31/2021** | $19959 | $19870 | $21683 |
| **2/28/2021** | $19925 | $20318 | $22361 |
| **3/31/2021** | $20434 | $20903 | $23162 |
| **4/30/2021** | $21025 | $21804 | $24356 |
| **5/31/2021** | $21211 | $21897 | $24467 |
| **6/30/2021** | $21449 | $22383 | $25071 |
| **7/31/2021** | $21991 | $22752 | $25495 |
| **8/31/2021** | $22397 | $23277 | $26222 |
| **9/30/2021** | $21295 | $22476 | $25045 |
| **10/31/2021** | $22433 | $23637 | $26739 |
| **11/30/2021** | $22552 | $23338 | $26332 |
| **12/31/2021** | $23984 | $24159 | $27369 |
| **1/31/2022** | $22386 | $22972 | $25759 |
| **2/28/2022** | $22423 | $22446 | $25110 |
| **3/31/2022** | $22820 | $22963 | $25924 |
| **4/30/2022** | $21272 | $21218 | $23598 |
| **5/31/2022** | $21964 | $21210 | $23566 |
| **6/30/2022** | $20099 | $19518 | $21595 |
| **7/31/2022** | $21707 | $21176 | $23621 |
| **8/31/2022** | $20410 | $20438 | $22739 |
| **9/30/2022** | $18700 | $18814 | $20630 |
| **10/31/2022** | $20020 | $20082 | $22322 |
| **11/30/2022** | $21633 | $20993 | $23487 |
| **12/31/2022** | $20846 | $20038 | $22112 |
| **1/31/2023** | $22034 | $21240 | $23635 |
| **2/28/2023** | $21727 | $20791 | $23083 |
| **3/31/2023** | $21876 | $21343 | $23700 |
| **4/30/2023** | $21280 | $21593 | $23952 |
| **5/31/2023** | $21650 | $21616 | $24046 |
| **6/30/2023** | $23271 | $22799 | $25688 |
| **7/31/2023** | $24095 | $23468 | $26608 |
| **8/31/2023** | $23662 | $23177 | $26095 |
| **9/30/2023** | $22556 | $22292 | $24852 |
| **10/31/2023** | $21894 | $21819 | $24193 |
| **11/30/2023** | $23941 | $23596 | $26449 |
| **12/31/2023** | $25543 | $24688 | $27852 |
| **1/31/2024** | $26156 | $24946 | $28160 |
| **2/29/2024** | $27710 | $25974 | $29685 |
| **3/31/2024** | $28709 | $26675 | $30642 |
| **4/30/2024** | $27810 | $25756 | $29294 |
| **5/31/2024** | $28840 | $26737 | $30678 |
| **6/30/2024** | $29841 | $27464 | $31628 |
| **7/31/2024** | $29907 | $27897 | $32216 |
| **8/31/2024** | $30214 | $28505 | $32917 |
| **9/30/2024** | $30563 | $29078 | $33598 |
| **10/31/2024** | $30541 | $28884 | $33351 |
| **11/30/2024** | $32236 | $30361 | $35570 |
| **12/31/2024** | $31213 | $29693 | $34483 |
| **1/31/2025** | $31976 | $30505 | $35571 |
| **2/28/2025** | $30774 | $30156 | $34890 |
| **3/31/2025** | $29041 | $28766 | $32854 |
| **4/30/2025** | $28554 | $28638 | $32634 |
| **5/31/2025** | $30777 | $30130 | $34703 |
| **6/30/2025** | $33435 | $31413 | $36466 |
| **7/31/2025** | $34387 | $31967 | $37269 |
| **8/31/2025** | $34155 | $32571 | $38131 |
| **9/30/2025** | $35821 | $33480 | $39447 |

---

# Diversified Capital Builder Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 17.2 | 14.79 | 13.61 |
| Diversified Capital Builder Blended Index<sup>Footnote Reference\*</sup> | 15.14 | 13.4 | 12.84 |
| Russell 3000<sup>®</sup> Index | 17.41 | 15.74 | 14.71 |

---

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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. The Diversified Capital Builder Blended Index is composed 75% of the Russell 1000<sup>®</sup> Index and 25% of the ICE BofA U.S. Cash Pay High Yield Index. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1639269797 |
| # of portfolio holdings | 99 |
| Portfolio turnover rate | 20% |
| Total advisory fees paid | $9249174 |

---

## What did the Fund invest in?

### PORTFOLIO COMPOSITION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Common stocks | 84.9 |
| Corporate bonds and notes | 14.1 |
| Yankee corporate bonds and notes | 1 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Micron Technology, Inc. | 5.1 |
| Amphenol Corp. Class A | 4.8 |
| Advanced Micro Devices, Inc. | 4.0 |
| Leidos Holdings, Inc. | 3.2 |
| Broadcom, Inc. | 3.2 |
| Teledyne Technologies, Inc. | 3.1 |
| Curtiss-Wright Corp. | 3.1 |
| Marvell Technology, Inc. | 2.9 |
| NVIDIA Corp. | 2.8 |
| Cheniere Energy, Inc. | 2.8 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR0747 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Diversified Income Builder Fund

# September 30, 2025

# Class A

# EKSAX
This annual shareholder report contains important information about Diversified Income Builder Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $88 | 0.83% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
Over the past year, equity and fixed income markets benefited from fairly steady economic growth and moderating inflation, along with expectations of Federal Reserve rate cuts. U.S. consumers remained resilient, supported by strong labor markets and solid household balance sheets. Equity gains broadened beyond mega-cap stocks, while fixed income rallied on easing yield expectations. Risks have emerged, including tariffs, immigration restrictions, and slowing job growth. Medium-term economic growth remains promising, but policy sequencing will be key. The Fund maintained an equity overweight throughout the year, which contributed to relative performance. Selection within our global equity strategy was the top contributor to performance for the year, while our tactical duration positioning detracted from relative performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251b5585eea4aad5e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Diversified Income Builder Blended Index** | **Bloomberg U.S. Universal Bond Index** |
| **9/30/2015** | $9422 | $10000 | $10000 |
| **10/31/2015** | $9745 | $10409 | $10032 |
| **11/30/2015** | $9641 | $10244 | $9995 |
| **12/31/2015** | $9572 | $10002 | $9945 |
| **1/31/2016** | $9509 | $9749 | $10055 |
| **2/29/2016** | $9625 | $9783 | $10127 |
| **3/31/2016** | $10003 | $10275 | $10251 |
| **4/30/2016** | $10101 | $10595 | $10321 |
| **5/31/2016** | $10202 | $10694 | $10329 |
| **6/30/2016** | $10320 | $10786 | $10511 |
| **7/31/2016** | $10614 | $11094 | $10597 |
| **8/31/2016** | $10789 | $11283 | $10609 |
| **9/30/2016** | $10873 | $11340 | $10611 |
| **10/31/2016** | $10832 | $11311 | $10541 |
| **11/30/2016** | $10836 | $11389 | $10304 |
| **12/31/2016** | $11014 | $11609 | $10334 |
| **1/31/2017** | $11149 | $11784 | $10371 |
| **2/28/2017** | $11366 | $12036 | $10451 |
| **3/31/2017** | $11344 | $12019 | $10447 |
| **4/30/2017** | $11482 | $12153 | $10534 |
| **5/31/2017** | $11592 | $12275 | $10615 |
| **6/30/2017** | $11568 | $12306 | $10606 |
| **7/31/2017** | $11745 | $12473 | $10659 |
| **8/31/2017** | $11763 | $12481 | $10751 |
| **9/30/2017** | $11869 | $12632 | $10713 |
| **10/31/2017** | $12007 | $12740 | $10726 |
| **11/30/2017** | $12080 | $12810 | $10710 |
| **12/31/2017** | $12051 | $12874 | $10757 |
| **1/31/2018** | $12250 | $13174 | $10654 |
| **2/28/2018** | $11914 | $12924 | $10553 |
| **3/31/2018** | $11835 | $12769 | $10606 |
| **4/30/2018** | $11855 | $12839 | $10535 |
| **5/31/2018** | $11943 | $12952 | $10592 |
| **6/30/2018** | $11930 | $13011 | $10577 |
| **7/31/2018** | $12157 | $13263 | $10599 |
| **8/31/2018** | $12283 | $13485 | $10651 |
| **9/30/2018** | $12252 | $13554 | $10606 |
| **10/31/2018** | $11773 | $13074 | $10517 |
| **11/30/2018** | $11771 | $13092 | $10564 |
| **12/31/2018** | $11418 | $12489 | $10730 |
| **1/31/2019** | $12045 | $13228 | $10878 |
| **2/28/2019** | $12306 | $13529 | $10889 |
| **3/31/2019** | $12455 | $13698 | $11086 |
| **4/30/2019** | $12615 | $14016 | $11102 |
| **5/31/2019** | $12303 | $13587 | $11272 |
| **6/30/2019** | $12753 | $14139 | $11431 |
| **7/31/2019** | $12751 | $14262 | $11465 |
| **8/31/2019** | $12705 | $14208 | $11725 |
| **9/30/2019** | $12805 | $14323 | $11674 |
| **10/31/2019** | $12846 | $14452 | $11712 |
| **11/30/2019** | $12961 | $14668 | $11709 |
| **12/31/2019** | $13261 | $15014 | $11727 |
| **1/31/2020** | $13232 | $15020 | $11937 |
| **2/29/2020** | $12850 | $14618 | $12116 |
| **3/31/2020** | $11358 | $13085 | $11879 |
| **4/30/2020** | $12040 | $13769 | $12117 |
| **5/31/2020** | $12404 | $14306 | $12230 |
| **6/30/2020** | $12539 | $14516 | $12332 |
| **7/31/2020** | $12988 | $15157 | $12549 |
| **8/31/2020** | $13163 | $15460 | $12477 |
| **9/30/2020** | $13009 | $15238 | $12454 |
| **10/31/2020** | $13041 | $15178 | $12410 |
| **11/30/2020** | $13594 | $16030 | $12572 |
| **12/31/2020** | $13864 | $16403 | $12615 |
| **1/31/2021** | $13860 | $16398 | $12536 |
| **2/28/2021** | $13981 | $16490 | $12374 |
| **3/31/2021** | $14067 | $16585 | $12230 |
| **4/30/2021** | $14284 | $16895 | $12333 |
| **5/31/2021** | $14428 | $16996 | $12380 |
| **6/30/2021** | $14513 | $17209 | $12470 |
| **7/31/2021** | $14598 | $17306 | $12595 |
| **8/31/2021** | $14732 | $17466 | $12587 |
| **9/30/2021** | $14515 | $17265 | $12479 |
| **10/31/2021** | $14742 | $17467 | $12469 |
| **11/30/2021** | $14668 | $17262 | $12484 |
| **12/31/2021** | $14967 | $17627 | $12476 |
| **1/31/2022** | $14354 | $17063 | $12202 |
| **2/28/2022** | $14158 | $16831 | $12036 |
| **3/31/2022** | $14016 | $16759 | $11713 |
| **4/30/2022** | $13295 | $15961 | $11276 |
| **5/31/2022** | $13248 | $16011 | $11338 |
| **6/30/2022** | $12481 | $14983 | $11112 |
| **7/31/2022** | $13151 | $15842 | $11391 |
| **8/31/2022** | $12772 | $15399 | $11095 |
| **9/30/2022** | $12067 | $14560 | $10617 |
| **10/31/2022** | $12442 | $15003 | $10500 |
| **11/30/2022** | $12839 | $15550 | $10892 |
| **12/31/2022** | $12600 | $15316 | $10855 |
| **1/31/2023** | $13178 | $16018 | $11192 |
| **2/28/2023** | $12958 | $15715 | $10917 |
| **3/31/2023** | $12997 | $16002 | $11173 |
| **4/30/2023** | $13097 | $16166 | $11241 |
| **5/31/2023** | $13077 | $16003 | $11124 |
| **6/30/2023** | $13423 | $16383 | $11107 |
| **7/31/2023** | $13697 | $16671 | $11118 |
| **8/31/2023** | $13555 | $16568 | $11051 |
| **9/30/2023** | $13268 | $16217 | $10788 |
| **10/31/2023** | $13095 | $15936 | $10625 |
| **11/30/2023** | $13804 | $16848 | $11104 |
| **12/31/2023** | $14283 | $17520 | $11525 |
| **1/31/2024** | $14403 | $17540 | $11497 |
| **2/29/2024** | $14751 | $17719 | $11360 |
| **3/31/2024** | $15037 | $18009 | $11471 |
| **4/30/2024** | $14838 | $17683 | $11203 |
| **5/31/2024** | $15203 | $18025 | $11389 |
| **6/30/2024** | $15378 | $18252 | $11493 |
| **7/31/2024** | $15547 | $18603 | $11754 |
| **8/31/2024** | $15771 | $18941 | $11927 |
| **9/30/2024** | $15878 | $19273 | $12090 |
| **10/31/2024** | $15750 | $19028 | $11816 |
| **11/30/2024** | $16026 | $19366 | $11940 |
| **12/31/2024** | $15924 | $19153 | $11760 |
| **1/31/2025** | $16194 | $19488 | $11831 |
| **2/28/2025** | $16378 | $19601 | $12075 |
| **3/31/2025** | $16135 | $19283 | $12073 |
| **4/30/2025** | $16193 | $19339 | $12115 |
| **5/31/2025** | $16587 | $19792 | $12054 |
| **6/30/2025** | $17052 | $20279 | $12242 |
| **7/31/2025** | $17238 | $20387 | $12224 |
| **8/31/2025** | $17439 | $20702 | $12371 |
| **9/30/2025** | $17865 | $21017 | $12502 |

---

# Diversified Income Builder Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 12.51 | 6.55 | 6.61 |
| Class A with Load | 6.1 | 5.3 | 5.97 |
| Diversified Income Builder Blended Index<sup>Footnote Reference\*</sup> | 9.05 | 6.64 | 7.71 |
| Bloomberg U.S. Universal Bond Index | 3.4 | 0.08 | 2.26 |

---

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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. The Diversified Income Builder Blended Index is composed 60% of the ICE BofA U.S. Cash Pay High Yield Index, 25% of the Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) and 15% of the Bloomberg U.S. Aggregate Bond Index. Prior to February 1, 2020, the Diversified Income Builder Blended Index was composed 65% of the ICE BofA U.S. Cash Pay High Yield Index, and 35% of the Russell 1000<sup>®</sup> Index. Prior to January 2, 2018, the Diversified Income Builder Blended Index was composed 75% of the ICE BofA U.S. Cash Pay High Yield Index, and 25% the Russell 1000<sup>®</sup> Index. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $359143426 |
| # of portfolio holdings | 445 |
| Portfolio turnover rate | 83% |
| Total advisory fees paid | $986841 |

---

## What did the Fund invest in?

### PORTFOLIO COMPOSITION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Common stocks | 38.8 |
| Corporate bonds and notes | 37.3 |
| Yankee corporate bonds and notes | 11.0 |
| Foreign corporate bonds and notes | 6.7 |
| Municipal obligations | 3.3 |
| Loans | 2.3 |
| Preferred stocks | 0.4 |
| Asset-backed securities | 0.2 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| NVIDIA Corp. | 1.9 |
| Microsoft Corp. | 1.5 |
| Apple, Inc. | 1.1 |
| Alphabet, Inc. Class A | 1.1 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1 |
| Broadcom, Inc. | 0.8 |
| Amazon.com, Inc. | 0.8 |
| Walmart, Inc. | 0.8 |
| Citigroup, Inc. | 0.8 |
| Sompo Holdings, Inc. | 0.6 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR4304 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Diversified Income Builder Fund

# September 30, 2025

# Class C

# EKSCX
This annual shareholder report contains important information about Diversified Income Builder Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $168 | 1.59% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
Over the past year, equity and fixed income markets benefited from fairly steady economic growth and moderating inflation, along with expectations of Federal Reserve rate cuts. U.S. consumers remained resilient, supported by strong labor markets and solid household balance sheets. Equity gains broadened beyond mega-cap stocks, while fixed income rallied on easing yield expectations. Risks have emerged, including tariffs, immigration restrictions, and slowing job growth. Medium-term economic growth remains promising, but policy sequencing will be key. The Fund maintained an equity overweight throughout the year, which contributed to relative performance. Selection within our global equity strategy was the top contributor to performance for the year, while our tactical duration positioning detracted from relative performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251e8066a2f2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **Diversified Income Builder Blended Index** | **Bloomberg U.S. Universal Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10335 | $10409 | $10032 |
| **11/30/2015** | $10218 | $10244 | $9995 |
| **12/31/2015** | $10157 | $10002 | $9945 |
| **1/31/2016** | $10067 | $9749 | $10055 |
| **2/29/2016** | $10183 | $9783 | $10127 |
| **3/31/2016** | $10576 | $10275 | $10251 |
| **4/30/2016** | $10673 | $10595 | $10321 |
| **5/31/2016** | $10773 | $10694 | $10329 |
| **6/30/2016** | $10890 | $10786 | $10511 |
| **7/31/2016** | $11212 | $11094 | $10597 |
| **8/31/2016** | $11389 | $11283 | $10609 |
| **9/30/2016** | $11451 | $11340 | $10611 |
| **10/31/2016** | $11420 | $11311 | $10541 |
| **11/30/2016** | $11418 | $11389 | $10304 |
| **12/31/2016** | $11597 | $11609 | $10334 |
| **1/31/2017** | $11731 | $11784 | $10371 |
| **2/28/2017** | $11933 | $12036 | $10451 |
| **3/31/2017** | $11922 | $12019 | $10447 |
| **4/30/2017** | $12059 | $12153 | $10534 |
| **5/31/2017** | $12147 | $12275 | $10615 |
| **6/30/2017** | $12134 | $12306 | $10606 |
| **7/31/2017** | $12292 | $12473 | $10659 |
| **8/31/2017** | $12303 | $12481 | $10751 |
| **9/30/2017** | $12426 | $12632 | $10713 |
| **10/31/2017** | $12543 | $12740 | $10726 |
| **11/30/2017** | $12631 | $12810 | $10710 |
| **12/31/2017** | $12573 | $12874 | $10757 |
| **1/31/2018** | $12796 | $13174 | $10654 |
| **2/28/2018** | $12419 | $12924 | $10553 |
| **3/31/2018** | $12349 | $12769 | $10606 |
| **4/30/2018** | $12343 | $12839 | $10535 |
| **5/31/2018** | $12426 | $12952 | $10592 |
| **6/30/2018** | $12424 | $13011 | $10577 |
| **7/31/2018** | $12652 | $13263 | $10599 |
| **8/31/2018** | $12754 | $13485 | $10651 |
| **9/30/2018** | $12715 | $13554 | $10606 |
| **10/31/2018** | $12210 | $13074 | $10517 |
| **11/30/2018** | $12219 | $13092 | $10564 |
| **12/31/2018** | $11823 | $12489 | $10730 |
| **1/31/2019** | $12468 | $13228 | $10878 |
| **2/28/2019** | $12728 | $13529 | $10889 |
| **3/31/2019** | $12874 | $13698 | $11086 |
| **4/30/2019** | $13032 | $14016 | $11102 |
| **5/31/2019** | $12702 | $13587 | $11272 |
| **6/30/2019** | $13178 | $14139 | $11431 |
| **7/31/2019** | $13169 | $14262 | $11465 |
| **8/31/2019** | $13112 | $14208 | $11725 |
| **9/30/2019** | $13186 | $14323 | $11674 |
| **10/31/2019** | $13241 | $14452 | $11712 |
| **11/30/2019** | $13351 | $14668 | $11709 |
| **12/31/2019** | $13624 | $15014 | $11727 |
| **1/31/2020** | $13590 | $15020 | $11937 |
| **2/29/2020** | $13191 | $14618 | $12116 |
| **3/31/2020** | $11675 | $13085 | $11879 |
| **4/30/2020** | $12344 | $13769 | $12117 |
| **5/31/2020** | $12709 | $14306 | $12230 |
| **6/30/2020** | $12860 | $14516 | $12332 |
| **7/31/2020** | $13311 | $15157 | $12549 |
| **8/31/2020** | $13467 | $15460 | $12477 |
| **9/30/2020** | $13315 | $15238 | $12454 |
| **10/31/2020** | $13339 | $15178 | $12410 |
| **11/30/2020** | $13872 | $16030 | $12572 |
| **12/31/2020** | $14138 | $16403 | $12615 |
| **1/31/2021** | $14124 | $16398 | $12536 |
| **2/28/2021** | $14261 | $16490 | $12374 |
| **3/31/2021** | $14340 | $16585 | $12230 |
| **4/30/2021** | $14550 | $16895 | $12333 |
| **5/31/2021** | $14665 | $16996 | $12380 |
| **6/30/2021** | $14765 | $17209 | $12470 |
| **7/31/2021** | $14818 | $17306 | $12595 |
| **8/31/2021** | $14968 | $17466 | $12587 |
| **9/30/2021** | $14740 | $17265 | $12479 |
| **10/31/2021** | $14959 | $17467 | $12469 |
| **11/30/2021** | $14852 | $17262 | $12484 |
| **12/31/2021** | $15167 | $17627 | $12476 |
| **1/31/2022** | $14538 | $17063 | $12202 |
| **2/28/2022** | $14310 | $16831 | $12036 |
| **3/31/2022** | $14180 | $16759 | $11713 |
| **4/30/2022** | $13445 | $15961 | $11276 |
| **5/31/2022** | $13388 | $16011 | $11338 |
| **6/30/2022** | $12584 | $14983 | $11112 |
| **7/31/2022** | $13273 | $15842 | $11391 |
| **8/31/2022** | $12883 | $15399 | $11095 |
| **9/30/2022** | $12144 | $14560 | $10617 |
| **10/31/2022** | $12512 | $15003 | $10500 |
| **11/30/2022** | $12902 | $15550 | $10892 |
| **12/31/2022** | $12654 | $15316 | $10855 |
| **1/31/2023** | $13248 | $16018 | $11192 |
| **2/28/2023** | $13021 | $15715 | $10917 |
| **3/31/2023** | $13049 | $16002 | $11173 |
| **4/30/2023** | $13142 | $16166 | $11241 |
| **5/31/2023** | $13090 | $16003 | $11124 |
| **6/30/2023** | $13452 | $16383 | $11107 |
| **7/31/2023** | $13715 | $16671 | $11118 |
| **8/31/2023** | $13565 | $16568 | $11051 |
| **9/30/2023** | $13270 | $16217 | $10788 |
| **10/31/2023** | $13097 | $15936 | $10625 |
| **11/30/2023** | $13806 | $16848 | $11104 |
| **12/31/2023** | $14285 | $17520 | $11525 |
| **1/31/2024** | $14405 | $17540 | $11497 |
| **2/29/2024** | $14754 | $17719 | $11360 |
| **3/31/2024** | $15039 | $18009 | $11471 |
| **4/30/2024** | $14840 | $17683 | $11203 |
| **5/31/2024** | $15206 | $18025 | $11389 |
| **6/30/2024** | $15380 | $18252 | $11493 |
| **7/31/2024** | $15550 | $18603 | $11754 |
| **8/31/2024** | $15773 | $18941 | $11927 |
| **9/30/2024** | $15881 | $19273 | $12090 |
| **10/31/2024** | $15753 | $19028 | $11816 |
| **11/30/2024** | $16029 | $19366 | $11940 |
| **12/31/2024** | $15927 | $19153 | $11760 |
| **1/31/2025** | $16196 | $19488 | $11831 |
| **2/28/2025** | $16380 | $19601 | $12075 |
| **3/31/2025** | $16137 | $19283 | $12073 |
| **4/30/2025** | $16196 | $19339 | $12115 |
| **5/31/2025** | $16589 | $19792 | $12054 |
| **6/30/2025** | $17055 | $20279 | $12242 |
| **7/31/2025** | $17241 | $20387 | $12224 |
| **8/31/2025** | $17442 | $20702 | $12371 |
| **9/30/2025** | $17868 | $21017 | $12502 |

---

# Diversified Income Builder Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 11.46 | 5.72 | 5.98 |
| Class C with Load | 10.46 | 5.72 | 5.98 |
| Diversified Income Builder Blended Index<sup>Footnote Reference\*</sup> | 9.05 | 6.64 | 7.71 |
| Bloomberg U.S. Universal Bond Index | 3.4 | 0.08 | 2.26 |

---

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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. The Diversified Income Builder Blended Index is composed 60% of the ICE BofA U.S. Cash Pay High Yield Index, 25% of the Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) and 15% of the Bloomberg U.S. Aggregate Bond Index. Prior to February 1, 2020, the Diversified Income Builder Blended Index was composed 65% of the ICE BofA U.S. Cash Pay High Yield Index, and 35% of the Russell 1000<sup>®</sup> Index. Prior to January 2, 2018, the Diversified Income Builder Blended Index was composed 75% of the ICE BofA U.S. Cash Pay High Yield Index, and 25% the Russell 1000<sup>®</sup> Index. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $359143426 |
| # of portfolio holdings | 445 |
| Portfolio turnover rate | 83% |
| Total advisory fees paid | $986841 |

---

## What did the Fund invest in?

### PORTFOLIO COMPOSITION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Common stocks | 38.8 |
| Corporate bonds and notes | 37.3 |
| Yankee corporate bonds and notes | 11.0 |
| Foreign corporate bonds and notes | 6.7 |
| Municipal obligations | 3.3 |
| Loans | 2.3 |
| Preferred stocks | 0.4 |
| Asset-backed securities | 0.2 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| NVIDIA Corp. | 1.9 |
| Microsoft Corp. | 1.5 |
| Apple, Inc. | 1.1 |
| Alphabet, Inc. Class A | 1.1 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1 |
| Broadcom, Inc. | 0.8 |
| Amazon.com, Inc. | 0.8 |
| Walmart, Inc. | 0.8 |
| Citigroup, Inc. | 0.8 |
| Sompo Holdings, Inc. | 0.6 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR0424 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Diversified Income Builder Fund

# September 30, 2025

# Class R6

# EKSRX
This annual shareholder report contains important information about Diversified Income Builder Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $45 | 0.42% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
Over the past year, equity and fixed income markets benefited from fairly steady economic growth and moderating inflation, along with expectations of Federal Reserve rate cuts. U.S. consumers remained resilient, supported by strong labor markets and solid household balance sheets. Equity gains broadened beyond mega-cap stocks, while fixed income rallied on easing yield expectations. Risks have emerged, including tariffs, immigration restrictions, and slowing job growth. Medium-term economic growth remains promising, but policy sequencing will be key. The Fund maintained an equity overweight throughout the year, which contributed to relative performance. Selection within our global equity strategy was the top contributor to performance for the year, while our tactical duration positioning detracted from relative performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251c716855ea9817cfb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Diversified Income Builder Blended Index** | **Bloomberg U.S. Universal Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10334 | $10409 | $10032 |
| **11/30/2015** | $10242 | $10244 | $9995 |
| **12/31/2015** | $10188 | $10002 | $9945 |
| **1/31/2016** | $10104 | $9749 | $10055 |
| **2/29/2016** | $10232 | $9783 | $10127 |
| **3/31/2016** | $10627 | $10275 | $10251 |
| **4/30/2016** | $10754 | $10595 | $10321 |
| **5/31/2016** | $10867 | $10694 | $10329 |
| **6/30/2016** | $10979 | $10786 | $10511 |
| **7/31/2016** | $11321 | $11094 | $10597 |
| **8/31/2016** | $11495 | $11283 | $10609 |
| **9/30/2016** | $11588 | $11340 | $10611 |
| **10/31/2016** | $11547 | $11311 | $10541 |
| **11/30/2016** | $11554 | $11389 | $10304 |
| **12/31/2016** | $11750 | $11609 | $10334 |
| **1/31/2017** | $11900 | $11784 | $10371 |
| **2/28/2017** | $12139 | $12036 | $10451 |
| **3/31/2017** | $12119 | $12019 | $10447 |
| **4/30/2017** | $12271 | $12153 | $10534 |
| **5/31/2017** | $12374 | $12275 | $10615 |
| **6/30/2017** | $12371 | $12306 | $10606 |
| **7/31/2017** | $12546 | $12473 | $10659 |
| **8/31/2017** | $12569 | $12481 | $10751 |
| **9/30/2017** | $12688 | $12632 | $10713 |
| **10/31/2017** | $12842 | $12740 | $10726 |
| **11/30/2017** | $12924 | $12810 | $10710 |
| **12/31/2017** | $12895 | $12874 | $10757 |
| **1/31/2018** | $13114 | $13174 | $10654 |
| **2/28/2018** | $12771 | $12924 | $10553 |
| **3/31/2018** | $12688 | $12769 | $10606 |
| **4/30/2018** | $12693 | $12839 | $10535 |
| **5/31/2018** | $12792 | $12952 | $10592 |
| **6/30/2018** | $12803 | $13011 | $10577 |
| **7/31/2018** | $13034 | $13263 | $10599 |
| **8/31/2018** | $13157 | $13485 | $10651 |
| **9/30/2018** | $13127 | $13554 | $10606 |
| **10/31/2018** | $12627 | $13074 | $10517 |
| **11/30/2018** | $12629 | $13092 | $10564 |
| **12/31/2018** | $12248 | $12489 | $10730 |
| **1/31/2019** | $12940 | $13228 | $10878 |
| **2/28/2019** | $13209 | $13529 | $10889 |
| **3/31/2019** | $13378 | $13698 | $11086 |
| **4/30/2019** | $13559 | $14016 | $11102 |
| **5/31/2019** | $13220 | $13587 | $11272 |
| **6/30/2019** | $13720 | $14139 | $11431 |
| **7/31/2019** | $13723 | $14262 | $11465 |
| **8/31/2019** | $13678 | $14208 | $11725 |
| **9/30/2019** | $13793 | $14323 | $11674 |
| **10/31/2019** | $13842 | $14452 | $11712 |
| **11/30/2019** | $13996 | $14668 | $11709 |
| **12/31/2019** | $14286 | $15014 | $11727 |
| **1/31/2020** | $14258 | $15020 | $11937 |
| **2/29/2020** | $13863 | $14618 | $12116 |
| **3/31/2020** | $12265 | $13085 | $11879 |
| **4/30/2020** | $13029 | $13769 | $12117 |
| **5/31/2020** | $13412 | $14306 | $12230 |
| **6/30/2020** | $13566 | $14516 | $12332 |
| **7/31/2020** | $14071 | $15157 | $12549 |
| **8/31/2020** | $14264 | $15460 | $12477 |
| **9/30/2020** | $14103 | $15238 | $12454 |
| **10/31/2020** | $14120 | $15178 | $12410 |
| **11/30/2020** | $14714 | $16030 | $12572 |
| **12/31/2020** | $15019 | $16403 | $12615 |
| **1/31/2021** | $15020 | $16398 | $12536 |
| **2/28/2021** | $15160 | $16490 | $12374 |
| **3/31/2021** | $15286 | $16585 | $12230 |
| **4/30/2021** | $15509 | $16895 | $12333 |
| **5/31/2021** | $15649 | $16996 | $12380 |
| **6/30/2021** | $15775 | $17209 | $12470 |
| **7/31/2021** | $15850 | $17306 | $12595 |
| **8/31/2021** | $16031 | $17466 | $12587 |
| **9/30/2021** | $15794 | $17265 | $12479 |
| **10/31/2021** | $16053 | $17467 | $12469 |
| **11/30/2021** | $15951 | $17262 | $12484 |
| **12/31/2021** | $16292 | $17627 | $12476 |
| **1/31/2022** | $15637 | $17063 | $12202 |
| **2/28/2022** | $15424 | $16831 | $12036 |
| **3/31/2022** | $15270 | $16759 | $11713 |
| **4/30/2022** | $14494 | $15961 | $11276 |
| **5/31/2022** | $14448 | $16011 | $11338 |
| **6/30/2022** | $13620 | $14983 | $11112 |
| **7/31/2022** | $14349 | $15842 | $11391 |
| **8/31/2022** | $13955 | $15399 | $11095 |
| **9/30/2022** | $13171 | $14560 | $10617 |
| **10/31/2022** | $13595 | $15003 | $10500 |
| **11/30/2022** | $14019 | $15550 | $10892 |
| **12/31/2022** | $13783 | $15316 | $10855 |
| **1/31/2023** | $14412 | $16018 | $11192 |
| **2/28/2023** | $14169 | $15715 | $10917 |
| **3/31/2023** | $14218 | $16002 | $11173 |
| **4/30/2023** | $14336 | $16166 | $11241 |
| **5/31/2023** | $14319 | $16003 | $11124 |
| **6/30/2023** | $14714 | $16383 | $11107 |
| **7/31/2023** | $15000 | $16671 | $11118 |
| **8/31/2023** | $14846 | $16568 | $11051 |
| **9/30/2023** | $14556 | $16217 | $10788 |
| **10/31/2023** | $14366 | $15936 | $10625 |
| **11/30/2023** | $15144 | $16848 | $11104 |
| **12/31/2023** | $15689 | $17520 | $11525 |
| **1/31/2024** | $15832 | $17540 | $11497 |
| **2/29/2024** | $16203 | $17719 | $11360 |
| **3/31/2024** | $16532 | $18009 | $11471 |
| **4/30/2024** | $16312 | $17683 | $11203 |
| **5/31/2024** | $16733 | $18025 | $11389 |
| **6/30/2024** | $16907 | $18252 | $11493 |
| **7/31/2024** | $17105 | $18603 | $11754 |
| **8/31/2024** | $17365 | $18941 | $11927 |
| **9/30/2024** | $17493 | $19273 | $12090 |
| **10/31/2024** | $17355 | $19028 | $11816 |
| **11/30/2024** | $17674 | $19366 | $11940 |
| **12/31/2024** | $17565 | $19153 | $11760 |
| **1/31/2025** | $17848 | $19488 | $11831 |
| **2/28/2025** | $18063 | $19601 | $12075 |
| **3/31/2025** | $17823 | $19283 | $12073 |
| **4/30/2025** | $17895 | $19339 | $12115 |
| **5/31/2025** | $18289 | $19792 | $12054 |
| **6/30/2025** | $18856 | $20279 | $12242 |
| **7/31/2025** | $19045 | $20387 | $12224 |
| **8/31/2025** | $19282 | $20702 | $12371 |
| **9/30/2025** | $19744 | $21017 | $12502 |

---

# Diversified Income Builder Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>Footnote Reference\*</sup> | 12.86 | 6.96 | 7.04 |
| Diversified Income Builder Blended Index<sup>Footnote Reference†</sup> | 9.05 | 6.64 | 7.71 |
| Bloomberg U.S. Universal Bond Index | 3.4 | 0.08 | 2.26 |

---

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.

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>\*</sup> |
| &nbsp;&nbsp;Footnote<sup>†</sup><br> &nbsp;&nbsp;Source: Allspring Funds Management, LLC. The Diversified Income Builder Blended Index is composed 60% of the ICE BofA U.S. Cash Pay High Yield Index, 25% of the Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) and 15% of the Bloomberg U.S. Aggregate Bond Index. Prior to February 1, 2020, the Diversified Income Builder Blended Index was composed 65% of the ICE BofA U.S. Cash Pay High Yield Index, and 35% of the Russell 1000<sup>®</sup> Index. Prior to January 2, 2018, the Diversified Income Builder Blended Index was composed 75% of the ICE BofA U.S. Cash Pay High Yield Index, and 25% the Russell 1000<sup>®</sup> Index. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $359143426 |
| # of portfolio holdings | 445 |
| Portfolio turnover rate | 83% |
| Total advisory fees paid | $986841 |

---

## What did the Fund invest in?

### PORTFOLIO COMPOSITION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Common stocks | 38.8 |
| Corporate bonds and notes | 37.3 |
| Yankee corporate bonds and notes | 11.0 |
| Foreign corporate bonds and notes | 6.7 |
| Municipal obligations | 3.3 |
| Loans | 2.3 |
| Preferred stocks | 0.4 |
| Asset-backed securities | 0.2 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| NVIDIA Corp. | 1.9 |
| Microsoft Corp. | 1.5 |
| Apple, Inc. | 1.1 |
| Alphabet, Inc. Class A | 1.1 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1 |
| Broadcom, Inc. | 0.8 |
| Amazon.com, Inc. | 0.8 |
| Walmart, Inc. | 0.8 |
| Citigroup, Inc. | 0.8 |
| Sompo Holdings, Inc. | 0.6 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR4806 09-25
![Image](g774251d434b235d5f1026.jpg)

Annual Shareholder Report

# Diversified Income Builder Fund

# September 30, 2025

# Institutional Class

# EKSYX
This annual shareholder report contains important information about Diversified Income Builder Fund for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $55 | 0.52% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

## How did the Fund perform last year and what affected its performance?
Over the past year, equity and fixed income markets benefited from fairly steady economic growth and moderating inflation, along with expectations of Federal Reserve rate cuts. U.S. consumers remained resilient, supported by strong labor markets and solid household balance sheets. Equity gains broadened beyond mega-cap stocks, while fixed income rallied on easing yield expectations. Risks have emerged, including tariffs, immigration restrictions, and slowing job growth. Medium-term economic growth remains promising, but policy sequencing will be key. The Fund maintained an equity overweight throughout the year, which contributed to relative performance. Selection within our global equity strategy was the top contributor to performance for the year, while our tactical duration positioning detracted from relative performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774251d6152afe0f22da1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Diversified Income Builder Blended Index** | **Bloomberg U.S. Universal Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10334 | $10409 | $10032 |
| **11/30/2015** | $10242 | $10244 | $9995 |
| **12/31/2015** | $10188 | $10002 | $9945 |
| **1/31/2016** | $10104 | $9749 | $10055 |
| **2/29/2016** | $10232 | $9783 | $10127 |
| **3/31/2016** | $10627 | $10275 | $10251 |
| **4/30/2016** | $10754 | $10595 | $10321 |
| **5/31/2016** | $10867 | $10694 | $10329 |
| **6/30/2016** | $10979 | $10786 | $10511 |
| **7/31/2016** | $11321 | $11094 | $10597 |
| **8/31/2016** | $11495 | $11283 | $10609 |
| **9/30/2016** | $11588 | $11340 | $10611 |
| **10/31/2016** | $11547 | $11311 | $10541 |
| **11/30/2016** | $11554 | $11389 | $10304 |
| **12/31/2016** | $11750 | $11609 | $10334 |
| **1/31/2017** | $11900 | $11784 | $10371 |
| **2/28/2017** | $12139 | $12036 | $10451 |
| **3/31/2017** | $12119 | $12019 | $10447 |
| **4/30/2017** | $12271 | $12153 | $10534 |
| **5/31/2017** | $12374 | $12275 | $10615 |
| **6/30/2017** | $12371 | $12306 | $10606 |
| **7/31/2017** | $12546 | $12473 | $10659 |
| **8/31/2017** | $12569 | $12481 | $10751 |
| **9/30/2017** | $12688 | $12632 | $10713 |
| **10/31/2017** | $12842 | $12740 | $10726 |
| **11/30/2017** | $12924 | $12810 | $10710 |
| **12/31/2017** | $12895 | $12874 | $10757 |
| **1/31/2018** | $13114 | $13174 | $10654 |
| **2/28/2018** | $12771 | $12924 | $10553 |
| **3/31/2018** | $12688 | $12769 | $10606 |
| **4/30/2018** | $12693 | $12839 | $10535 |
| **5/31/2018** | $12792 | $12952 | $10592 |
| **6/30/2018** | $12803 | $13011 | $10577 |
| **7/31/2018** | $13034 | $13263 | $10599 |
| **8/31/2018** | $13156 | $13485 | $10651 |
| **9/30/2018** | $13147 | $13554 | $10606 |
| **10/31/2018** | $12646 | $13074 | $10517 |
| **11/30/2018** | $12647 | $13092 | $10564 |
| **12/31/2018** | $12242 | $12489 | $10730 |
| **1/31/2019** | $12934 | $13228 | $10878 |
| **2/28/2019** | $13201 | $13529 | $10889 |
| **3/31/2019** | $13392 | $13698 | $11086 |
| **4/30/2019** | $13549 | $14016 | $11102 |
| **5/31/2019** | $13232 | $13587 | $11272 |
| **6/30/2019** | $13731 | $14139 | $11431 |
| **7/31/2019** | $13733 | $14262 | $11465 |
| **8/31/2019** | $13686 | $14208 | $11725 |
| **9/30/2019** | $13778 | $14323 | $11674 |
| **10/31/2019** | $13850 | $14452 | $11712 |
| **11/30/2019** | $13956 | $14668 | $11709 |
| **12/31/2019** | $14271 | $15014 | $11727 |
| **1/31/2020** | $14241 | $15020 | $11937 |
| **2/29/2020** | $13846 | $14618 | $12116 |
| **3/31/2020** | $12249 | $13085 | $11879 |
| **4/30/2020** | $12983 | $13769 | $12117 |
| **5/31/2020** | $13365 | $14306 | $12230 |
| **6/30/2020** | $13542 | $14516 | $12332 |
| **7/31/2020** | $14020 | $15157 | $12549 |
| **8/31/2020** | $14213 | $15460 | $12477 |
| **9/30/2020** | $14050 | $15238 | $12454 |
| **10/31/2020** | $14091 | $15178 | $12410 |
| **11/30/2020** | $14682 | $16030 | $12572 |
| **12/31/2020** | $14986 | $16403 | $12615 |
| **1/31/2021** | $14986 | $16398 | $12536 |
| **2/28/2021** | $15124 | $16490 | $12374 |
| **3/31/2021** | $15224 | $16585 | $12230 |
| **4/30/2021** | $15470 | $16895 | $12333 |
| **5/31/2021** | $15608 | $16996 | $12380 |
| **6/30/2021** | $15732 | $17209 | $12470 |
| **7/31/2021** | $15806 | $17306 | $12595 |
| **8/31/2021** | $15960 | $17466 | $12587 |
| **9/30/2021** | $15748 | $17265 | $12479 |
| **10/31/2021** | $15980 | $17467 | $12469 |
| **11/30/2021** | $15877 | $17262 | $12484 |
| **12/31/2021** | $16240 | $17627 | $12476 |
| **1/31/2022** | $15586 | $17063 | $12202 |
| **2/28/2022** | $15347 | $16831 | $12036 |
| **3/31/2022** | $15218 | $16759 | $11713 |
| **4/30/2022** | $14444 | $15961 | $11276 |
| **5/31/2022** | $14397 | $16011 | $11338 |
| **6/30/2022** | $13544 | $14983 | $11112 |
| **7/31/2022** | $14270 | $15842 | $11391 |
| **8/31/2022** | $13903 | $15399 | $11095 |
| **9/30/2022** | $13120 | $14560 | $10617 |
| **10/31/2022** | $13515 | $15003 | $10500 |
| **11/30/2022** | $13963 | $15550 | $10892 |
| **12/31/2022** | $13700 | $15316 | $10855 |
| **1/31/2023** | $14352 | $16018 | $11192 |
| **2/28/2023** | $14109 | $15715 | $10917 |
| **3/31/2023** | $14157 | $16002 | $11173 |
| **4/30/2023** | $14273 | $16166 | $11241 |
| **5/31/2023** | $14228 | $16003 | $11124 |
| **6/30/2023** | $14620 | $16383 | $11107 |
| **7/31/2023** | $14931 | $16671 | $11118 |
| **8/31/2023** | $14776 | $16568 | $11051 |
| **9/30/2023** | $14486 | $16217 | $10788 |
| **10/31/2023** | $14268 | $15936 | $10625 |
| **11/30/2023** | $15041 | $16848 | $11104 |
| **12/31/2023** | $15583 | $17520 | $11525 |
| **1/31/2024** | $15723 | $17540 | $11497 |
| **2/29/2024** | $16091 | $17719 | $11360 |
| **3/31/2024** | $16417 | $18009 | $11471 |
| **4/30/2024** | $16197 | $17683 | $11203 |
| **5/31/2024** | $16614 | $18025 | $11389 |
| **6/30/2024** | $16815 | $18252 | $11493 |
| **7/31/2024** | $17010 | $18603 | $11754 |
| **8/31/2024** | $17238 | $18941 | $11927 |
| **9/30/2024** | $17364 | $19273 | $12090 |
| **10/31/2024** | $17225 | $19028 | $11816 |
| **11/30/2024** | $17541 | $19366 | $11940 |
| **12/31/2024** | $17431 | $19153 | $11760 |
| **1/31/2025** | $17711 | $19488 | $11831 |
| **2/28/2025** | $17953 | $19601 | $12075 |
| **3/31/2025** | $17683 | $19283 | $12073 |
| **4/30/2025** | $17753 | $19339 | $12115 |
| **5/31/2025** | $18174 | $19792 | $12054 |
| **6/30/2025** | $18705 | $20279 | $12242 |
| **7/31/2025** | $18922 | $20387 | $12224 |
| **8/31/2025** | $19155 | $20702 | $12371 |
| **9/30/2025** | $19581 | $21017 | $12502 |

---

# Diversified Income Builder Fund
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 12.77 | 6.86 | 6.95 |
| Diversified Income Builder Blended Index<sup>Footnote Reference\*</sup> | 9.05 | 6.64 | 7.71 |
| Bloomberg U.S. Universal Bond Index | 3.4 | 0.08 | 2.26 |

---

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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. The Diversified Income Builder Blended Index is composed 60% of the ICE BofA U.S. Cash Pay High Yield Index, 25% of the Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) and 15% of the Bloomberg U.S. Aggregate Bond Index. Prior to February 1, 2020, the Diversified Income Builder Blended Index was composed 65% of the ICE BofA U.S. Cash Pay High Yield Index, and 35% of the Russell 1000<sup>®</sup> Index. Prior to January 2, 2018, the Diversified Income Builder Blended Index was composed 75% of the ICE BofA U.S. Cash Pay High Yield Index, and 25% the Russell 1000<sup>®</sup> Index. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $359143426 |
| # of portfolio holdings | 445 |
| Portfolio turnover rate | 83% |
| Total advisory fees paid | $986841 |

---

## What did the Fund invest in?

### PORTFOLIO COMPOSITION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Common stocks | 38.8 |
| Corporate bonds and notes | 37.3 |
| Yankee corporate bonds and notes | 11.0 |
| Foreign corporate bonds and notes | 6.7 |
| Municipal obligations | 3.3 |
| Loans | 2.3 |
| Preferred stocks | 0.4 |
| Asset-backed securities | 0.2 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| NVIDIA Corp. | 1.9 |
| Microsoft Corp. | 1.5 |
| Apple, Inc. | 1.1 |
| Alphabet, Inc. Class A | 1.1 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1 |
| Broadcom, Inc. | 0.8 |
| Amazon.com, Inc. | 0.8 |
| Walmart, Inc. | 0.8 |
| Citigroup, Inc. | 0.8 |
| Sompo Holdings, Inc. | 0.6 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR4700 09-25

------

<u>ITEM 2. CODE OF ETHICS</u> 

(a) As of the end of the period covered by the report, Allspring Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.

(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.

<u>ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT</u> 

The Board of Trustees of Allspring Funds Trust has determined that Jane A. Freeman is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Freeman is independent for purposes of Item 3 of Form N-CSR.

<u>ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES</u> 

(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the registrant by the registrant's principal accountant. These fees were billed to the registrant and were approved by the registrant's audit committee.

---

| | | |
|:---|:---|:---|
|  | **Fiscal year ended**<br>**September 30, 2025** | **Fiscal year ended**<br>**September 30, 2024** |
|  Audit fees | $433160 | $456980 |
|  Audit-related fees<sup>(1)</sup> |  | 3700 |
|  Tax fees <sup>(2)</sup> | 25140 | 56390 |
|  All other fees |  |  |
|  | $458300 | $517070 |

---

<sup>(1)</sup> Merger of Allspring C&B Mid Cap Value Fund into Allspring Special Mid Cap Value Fund on February 23, 2024.

<sup>(2)</sup> Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax.

(e) (1) The Chair of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Allspring Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors ("Auditors") if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund's investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chair, Management shall prepare a brief description of the proposed services.

If the Chair approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.

(e) (2) Not applicable.

------

(f) Not applicable.

(g) Not applicable.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

<u>ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS</u> 

Not applicable.

<u>ITEM 6. INVESTMENTS</u> 

(a) The registrant's Schedule of Investments is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

<u>ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u>

(a) The registrant's Financial Statements are attached herewith.

(b) The registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

------

![](g774251imgadc5d02f1.jpg)

Allspring Diversified Income Builder Fund

Long Form Financial Statements

Annual Report

September 30, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_850ce933-5b45-40ed-85ee-1dc6061f208e_POI-PageBlank-26_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_850ce933-5b45-40ed-85ee-1dc6061f208e_FS-PageBlank-26_1)** |  |
| [Statement of assets and liabilities](#xx_850ce933-5b45-40ed-85ee-1dc6061f208e_FS-PageBlank-26_1) | 22 |
| [Statement of operations](#xx_850ce933-5b45-40ed-85ee-1dc6061f208e_FS-PageBlank-26_3) | 24 |
| [Statement of changes in net assets](#xx_850ce933-5b45-40ed-85ee-1dc6061f208e_FS-PageBlank-26_5) | 26 |
| [Financial highlights](#xx_850ce933-5b45-40ed-85ee-1dc6061f208e_FIHI-PageBlank-26_1) | 28 |
| **[Notes to financial statements](#xx_850ce933-5b45-40ed-85ee-1dc6061f208e_NTF-PageBlank-26_1)** | 32 |
| **[Report of independent registered public accounting firm](#xx_850ce933-5b45-40ed-85ee-1dc6061f208e_AUD-PageBlank-26_1)** | 41 |
| **[Other information](#xx_850ce933-5b45-40ed-85ee-1dc6061f208e_OI-PageBlank-26_1)** | 42 |
| [Item 8. Changes in and disagreements with accountants](#xx_850ce933-5b45-40ed-85ee-1dc6061f208e_OI-PageBlank-26_2) | 43 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_850ce933-5b45-40ed-85ee-1dc6061f208e_OI-PageBlank-26_2) | 43 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_850ce933-5b45-40ed-85ee-1dc6061f208e_OI-PageBlank-26_2) | 43 |
| [Item 11. Statement regarding basis for board](#xx_850ce933-5b45-40ed-85ee-1dc6061f208e_OI-PageBlank-26_3)['](#xx_850ce933-5b45-40ed-85ee-1dc6061f208e_OI-PageBlank-26_3)[s approval of investment](#xx_850ce933-5b45-40ed-85ee-1dc6061f208e_OI-PageBlank-26_3)<br> [advisory contract](#xx_850ce933-5b45-40ed-85ee-1dc6061f208e_OI-PageBlank-26_3)<br>| 44 |

---

Allspring Diversified Income Builder Fund \| 1

------

Portfolio of investments—September 30, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Asset-backed securities: 0.17%** |  |  |  |  |
| Frontier Issuer LLC Series 2024-1 Class C144A | 11.16<br> %<br>| &nbsp;&nbsp; 6-20-2054 | $196350 | &nbsp;&nbsp; $220317 |
| Uniti Fiber ABS Issuer LLC Series 2025-1A Class B144A | 6.37 | &nbsp;&nbsp; 4-20-2055 | 380000 | &nbsp;&nbsp; 390960 |
| **Total asset-backed securities (Cost $578,355)** |  |  |  | &nbsp;&nbsp; **611277** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Common stocks: 37.27%** |  |  |
| **Communication services: 2.73%** |  |  |
| **Diversified telecommunication services: 0.62%** |  |  |
| Orange SA | 138338 | &nbsp;&nbsp; **2242962** |
| **Interactive media & services: 1.72%** |  |  |
| Alphabet, Inc. Class A | 15930 | &nbsp;&nbsp; 3872583 |
| Meta Platforms, Inc. Class A | 3118 | &nbsp;&nbsp; 2289797 |
|  |  | &nbsp;&nbsp; **6162380** |
| **Media: 0.39%** |  |  |
| Publicis Groupe SA | 14511 | &nbsp;&nbsp; **1391554** |
| **Consumer discretionary: 2.90%** |  |  |
| **Automobiles: 0.46%** |  |  |
| Tesla, Inc.† | 3700 | &nbsp;&nbsp; **1645464** |
| **Broadline retail: 0.82%** |  |  |
| Amazon.com, Inc.† | 13424 | &nbsp;&nbsp; **2947508** |
| **Hotels, restaurants & leisure: 0.90%** |  |  |
| Booking Holdings, Inc. | 268 | &nbsp;&nbsp; 1447004 |
| Brightstar Lottery PLC | 103750 | &nbsp;&nbsp; 1789688 |
|  |  | &nbsp;&nbsp; **3236692** |
| **Household durables: 0.72%** |  |  |
| Haier Smart Home Co. Ltd. Class H | 277600 | &nbsp;&nbsp; 903936 |
| Panasonic Holdings Corp. | 155800 | &nbsp;&nbsp; 1696169 |
|  |  | &nbsp;&nbsp; **2600105** |
| **Consumer staples: 1.71%** |  |  |
| **Beverages: 0.52%** |  |  |
| Coca-Cola HBC AG | 39286 | &nbsp;&nbsp; **1851364** |
| **Consumer staples distribution & retail: 1.19%** |  |  |
| Dollar General Corp. | 13441 | &nbsp;&nbsp; 1389127 |
| Walmart, Inc. | 28097 | &nbsp;&nbsp; 2895677 |
|  |  | &nbsp;&nbsp; **4284804** |
| **Energy: 1.64%** |  |  |
| **Independent power and renewable electricity producers: 0.47%** |  |  |
| Enviva, Inc.† | 103033 | &nbsp;&nbsp; **1700045** |

---

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

2 \| Allspring Diversified Income Builder Fund

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Oil, gas & consumable fuels: 1.17%** |  |  |
| APA Corp. | 45071 | &nbsp;&nbsp; $1094324 |
| Cheniere Energy, Inc. | 5191 | &nbsp;&nbsp; 1219781 |
| Enbridge, Inc. | 37632 | &nbsp;&nbsp; 1898500 |
|  |  | &nbsp;&nbsp; **4212605** |
| **Financials: 8.15%** |  |  |
| **Banks: 3.90%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 93984 | &nbsp;&nbsp; 1802988 |
| Barclays PLC | 300935 | &nbsp;&nbsp; 1536345 |
| China Construction Bank Corp. Class H | 1558000 | &nbsp;&nbsp; 1497548 |
| Citigroup, Inc. | 27025 | &nbsp;&nbsp; 2743037 |
| Citizens Financial Group, Inc. | 31409 | &nbsp;&nbsp; 1669702 |
| DBS Group Holdings Ltd. | 36500 | &nbsp;&nbsp; 1447324 |
| ING Groep NV | 57573 | &nbsp;&nbsp; 1492129 |
| UniCredit SpA | 23950 | &nbsp;&nbsp; 1812801 |
|  |  | &nbsp;&nbsp; **14001874** |
| **Capital markets: 1.79%** |  |  |
| 3i Group PLC | 35186 | &nbsp;&nbsp; 1934982 |
| Artisan Partners Asset Management, Inc. Class A | 25488 | &nbsp;&nbsp; 1106179 |
| Nomura Holdings, Inc. | 185800 | &nbsp;&nbsp; 1363802 |
| Plus500 Ltd. | 28427 | &nbsp;&nbsp; 1231053 |
| Virtu Financial, Inc. Class A | 21907 | &nbsp;&nbsp; 777698 |
|  |  | &nbsp;&nbsp; **6413714** |
| **Insurance: 2.46%** |  |  |
| Aviva PLC | 173132 | &nbsp;&nbsp; 1596852 |
| BB Seguridade Participacoes SA | 281341 | &nbsp;&nbsp; 1758166 |
| Ping An Insurance Group Co. of China Ltd. Class H | 182500 | &nbsp;&nbsp; 1244113 |
| Power Corp. of Canada | 44396 | &nbsp;&nbsp; 1921051 |
| Sompo Holdings, Inc. | 75100 | &nbsp;&nbsp; 2323309 |
|  |  | &nbsp;&nbsp; **8843491** |
| **Health care: 2.68%** |  |  |
| **Biotechnology: 1.01%** |  |  |
| AbbVie, Inc. | 8067 | &nbsp;&nbsp; 1867833 |
| Gilead Sciences, Inc. | 15854 | &nbsp;&nbsp; 1759794 |
|  |  | &nbsp;&nbsp; **3627627** |
| **Pharmaceuticals: 1.67%** |  |  |
| Bristol-Myers Squibb Co. | 26026 | &nbsp;&nbsp; 1173773 |
| Eli Lilly & Co. | 1656 | &nbsp;&nbsp; 1263528 |
| Merck & Co., Inc. | 24253 | &nbsp;&nbsp; 2035554 |
| Pfizer, Inc. | 59630 | &nbsp;&nbsp; 1519373 |
|  |  | &nbsp;&nbsp; **5992228** |

---

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

Allspring Diversified Income Builder Fund \| 3

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Industrials: 2.78%** |  |  |
| **Building products: 0.76%** |  |  |
| Johnson Controls International PLC | 16375 | &nbsp;&nbsp; $1800431 |
| Owens Corning | 6524 | &nbsp;&nbsp; 922885 |
|  |  | &nbsp;&nbsp; **2723316** |
| **Construction & engineering: 0.44%** |  |  |
| Vinci SA | 11430 | &nbsp;&nbsp; **1582818** |
| **Electrical equipment: 0.38%** |  |  |
| GE Vernova, Inc. | 2252 | &nbsp;&nbsp; **1384755** |
| **Ground transportation: 0.40%** |  |  |
| Union Pacific Corp. | 6114 | &nbsp;&nbsp; **1445166** |
| **Industrial conglomerates: 0.37%** |  |  |
| Siemens AG | 4935 | &nbsp;&nbsp; **1327971** |
| **Professional services: 0.43%** |  |  |
| Booz Allen Hamilton Holding Corp. Class A | 15383 | &nbsp;&nbsp; **1537531** |
| **Information technology: 10.96%** |  |  |
| **Communications equipment: 0.54%** |  |  |
| Arista Networks, Inc.† | 13248 | &nbsp;&nbsp; **1930366** |
| **Electronic equipment, instruments & components: 1.08%** |  |  |
| TD SYNNEX Corp. | 12132 | &nbsp;&nbsp; 1986615 |
| TE Connectivity PLC | 8658 | &nbsp;&nbsp; 1900691 |
|  |  | &nbsp;&nbsp; **3887306** |
| **IT services: 0.46%** |  |  |
| International Business Machines Corp. | 5854 | &nbsp;&nbsp; **1651765** |
| **Semiconductors & semiconductor equipment: 4.20%** |  |  |
| Broadcom, Inc. | 9129 | &nbsp;&nbsp; 3011748 |
| KLA Corp. | 1739 | &nbsp;&nbsp; 1875685 |
| NVIDIA Corp. | 36224 | &nbsp;&nbsp; 6758674 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 12251 | &nbsp;&nbsp; 3421582 |
|  |  | &nbsp;&nbsp; **15067689** |
| **Software: 2.03%** |  |  |
| Microsoft Corp. | 10283 | &nbsp;&nbsp; 5326080 |
| SAP SE | 7329 | &nbsp;&nbsp; 1960992 |
|  |  | &nbsp;&nbsp; **7287072** |
| **Technology hardware, storage & peripherals: 2.65%** |  |  |
| Apple, Inc. | 16091 | &nbsp;&nbsp; 4097251 |
| Dell Technologies, Inc. Class C | 13285 | &nbsp;&nbsp; 1883415 |
| Samsung Electronics Co. Ltd. | 33761 | &nbsp;&nbsp; 2018850 |
| Seagate Technology Holdings PLC | 6467 | &nbsp;&nbsp; 1526600 |
|  |  | &nbsp;&nbsp; **9526116** |

---

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

4 \| Allspring Diversified Income Builder Fund

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Materials: 0.36%** |  |  |
| **Metals & mining: 0.36%** |  |  |
| Alrosa PJSC (Acquired 5-6-2021, cost $65,232)♦†˃ | 42660 | &nbsp;&nbsp; $0 |
| Fortescue Ltd. | 105211 | &nbsp;&nbsp; 1300466 |
|  |  | &nbsp;&nbsp; **1300466** |
| **Real estate: 1.43%** |  |  |
| **Health care REITs: 0.47%** |  |  |
| Omega Healthcare Investors, Inc. | 40189 | &nbsp;&nbsp; **1696780** |
| **Retail REITs: 0.41%** |  |  |
| Simon Property Group, Inc. | 7841 | &nbsp;&nbsp; **1471520** |
| **Specialized REITs: 0.55%** |  |  |
| VICI Properties, Inc. Class A | 60079 | &nbsp;&nbsp; **1959176** |
| **Utilities: 1.93%** |  |  |
| **Electric utilities: 0.79%** |  |  |
| Edison International | 24482 | &nbsp;&nbsp; 1353365 |
| Enel SpA | 156387 | &nbsp;&nbsp; 1480968 |
|  |  | &nbsp;&nbsp; **2834333** |
| **Gas utilities: 0.59%** |  |  |
| UGI Corp. | 63885 | &nbsp;&nbsp; **2124815** |
| **Multi-utilities: 0.55%** |  |  |
| Engie SA | 91508 | &nbsp;&nbsp; **1961227** |
| **Investment Companies: 0.00%** |  |  |
| Resolute Topco, Inc.‡† | 5151 | &nbsp;&nbsp; **15453** |
| **Total common stocks (Cost $94,936,291)** |  | &nbsp;&nbsp; **133870058** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal |  |
| **Corporate bonds and notes: 35.88%** |  |  |  |  |
| **Basic materials: 0.73%** |  |  |  |  |
| **Chemicals: 0.56%** |  |  |  |  |
| Celanese U.S. Holdings LLC | 6.50<br> %<br>| &nbsp;&nbsp; 4-15-2030 | $705000 | &nbsp;&nbsp; 709610 |
| Chemours Co.144A | 8.00 | &nbsp;&nbsp; 1-15-2033 | 660000 | &nbsp;&nbsp; 656479 |
| SCIH Salt Holdings, Inc.144A | 6.63 | &nbsp;&nbsp; 5-1-2029 | 650000 | &nbsp;&nbsp; 637282 |
|  |  |  |  | &nbsp;&nbsp; **2003371** |
| **Iron/steel: 0.17%** |  |  |  |  |
| Cleveland-Cliffs, Inc.144A | 7.00 | &nbsp;&nbsp; 3-15-2032 | 625000 | &nbsp;&nbsp; **631228** |
| **Communications: 4.83%** |  |  |  |  |
| **Advertising: 0.60%** |  |  |  |  |
| Clear Channel Outdoor Holdings, Inc.144A | 7.13 | &nbsp;&nbsp; 2-15-2031 | 980000 | &nbsp;&nbsp; 1012979 |
| Clear Channel Outdoor Holdings, Inc.144A | 7.50 | &nbsp;&nbsp; 3-15-2033 | 60000 | &nbsp;&nbsp; 62734 |

---

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

Allspring Diversified Income Builder Fund \| 5

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Advertising**(continued) |  |  |  |  |
| Outfront Media Capital LLC/Outfront Media Capital Corp.144A | 4.63<br> %<br>| &nbsp;&nbsp; 3-15-2030 | $225000 | &nbsp;&nbsp; $216246 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.144A | 7.38 | &nbsp;&nbsp; 2-15-2031 | 800000 | &nbsp;&nbsp; 843954 |
|  |  |  |  | &nbsp;&nbsp; **2135913** |
| **Internet: 0.53%** |  |  |  |  |
| Arches Buyer, Inc.144A | 4.25 | &nbsp;&nbsp; 6-1-2028 | 250000 | &nbsp;&nbsp; 244985 |
| Arches Buyer, Inc.144A | 6.13 | &nbsp;&nbsp; 12-1-2028 | 450000 | &nbsp;&nbsp; 441129 |
| Cablevision Lightpath LLC144A | 5.63 | &nbsp;&nbsp; 9-15-2028 | 425000 | &nbsp;&nbsp; 418062 |
| Match Group Holdings II LLC144A | 5.63 | &nbsp;&nbsp; 2-15-2029 | 360000 | &nbsp;&nbsp; 358999 |
| Match Group Holdings II LLC144A | 6.13 | &nbsp;&nbsp; 9-15-2033 | 440000 | &nbsp;&nbsp; 443866 |
|  |  |  |  | &nbsp;&nbsp; **1907041** |
| **Media: 2.34%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.25 | &nbsp;&nbsp; 1-15-2034 | 925000 | &nbsp;&nbsp; 799721 |
| CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.50 | &nbsp;&nbsp; 8-15-2030 | 1700000 | &nbsp;&nbsp; 1605505 |
| CCO Holdings LLC/CCO Holdings Capital Corp. | 4.50 | &nbsp;&nbsp; 5-1-2032 | 565000 | &nbsp;&nbsp; 514187 |
| CCO Holdings LLC/CCO Holdings Capital Corp.144A | 5.38 | &nbsp;&nbsp; 6-1-2029 | 400000 | &nbsp;&nbsp; 397333 |
| CSC Holdings LLC144A | 3.38 | &nbsp;&nbsp; 2-15-2031 | 570000 | &nbsp;&nbsp; 367619 |
| CSC Holdings LLC144A | 5.50 | &nbsp;&nbsp; 4-15-2027 | 760000 | &nbsp;&nbsp; 721337 |
| CSC Holdings LLC144A | 5.75 | &nbsp;&nbsp; 1-15-2030 | 335000 | &nbsp;&nbsp; 127561 |
| CSC Holdings LLC144A | 11.25 | &nbsp;&nbsp; 5-15-2028 | 455000 | &nbsp;&nbsp; 421220 |
| DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc.144A | 5.88 | &nbsp;&nbsp; 8-15-2027 | 135000 | &nbsp;&nbsp; 134849 |
| DISH DBS Corp.144A | 5.75 | &nbsp;&nbsp; 12-1-2028 | 210000 | &nbsp;&nbsp; 201314 |
| DISH Network Corp.144A | 11.75 | &nbsp;&nbsp; 11-15-2027 | 1220000 | &nbsp;&nbsp; 1291074 |
| Gray Media, Inc.144A | 9.63 | &nbsp;&nbsp; 7-15-2032 | 475000 | &nbsp;&nbsp; 485278 |
| Paramount Global (U.S. SOFR 3 Month+3.90%)± | 6.25 | &nbsp;&nbsp; 2-28-2057 | 575000 | &nbsp;&nbsp; 566766 |
| Sirius XM Radio LLC144A | 4.13 | &nbsp;&nbsp; 7-1-2030 | 835000 | &nbsp;&nbsp; 783154 |
|  |  |  |  | &nbsp;&nbsp; **8416918** |
| **Telecommunications: 1.36%** |  |  |  |  |
| CommScope LLC144A | 8.25 | &nbsp;&nbsp; 3-1-2027 | 620000 | &nbsp;&nbsp; 626776 |
| EchoStar Corp. (PIK at 6.75%)¥ | 6.75 | &nbsp;&nbsp; 11-30-2030 | 1711256 | &nbsp;&nbsp; 1764219 |
| Level 3 Financing, Inc.144A | 3.63 | &nbsp;&nbsp; 1-15-2029 | 525000 | &nbsp;&nbsp; 454362 |
| Level 3 Financing, Inc.144A | 3.88 | &nbsp;&nbsp; 10-15-2030 | 350000 | &nbsp;&nbsp; 305583 |
| Level 3 Financing, Inc.144A | 6.88 | &nbsp;&nbsp; 6-30-2033 | 515000 | &nbsp;&nbsp; 524878 |
| Lumen Technologies, Inc.144A | 10.00 | &nbsp;&nbsp; 10-15-2032 | 562375 | &nbsp;&nbsp; 568931 |
| &nbsp;&nbsp; Windstream Services LLC/Windstream Escrow Finance <br> Corp.144A<br>| 8.25 | &nbsp;&nbsp; 10-1-2031 | 600000 | &nbsp;&nbsp; 621526 |
|  |  |  |  | &nbsp;&nbsp; **4866275** |
| **Consumer, cyclical: 6.03%** |  |  |  |  |
| **Airlines: 0.13%** |  |  |  |  |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.144A | 5.50 | &nbsp;&nbsp; 4-20-2026 | 81250 | &nbsp;&nbsp; 81286 |
| JetBlue Airways Corp./JetBlue Loyalty LP144A | 9.88 | &nbsp;&nbsp; 9-20-2031 | 390000 | &nbsp;&nbsp; 395566 |
|  |  |  |  | &nbsp;&nbsp; **476852** |
| **Apparel: 0.14%** |  |  |  |  |
| Beach Acquisition Bidco LLC (PIK at 10.75%)144A¥ | 10.00 | &nbsp;&nbsp; 7-15-2033 | 460000 | &nbsp;&nbsp; **496185** |

---

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

6 \| Allspring Diversified Income Builder Fund

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Auto manufacturers: 0.04%** |  |  |  |  |
| Nissan Motor Acceptance Co. LLC144A | 7.05<br> %<br>| &nbsp;&nbsp; 9-15-2028 | $140000 | &nbsp;&nbsp; **$145766** |
| **Auto parts & equipment: 0.55%** |  |  |  |  |
| Adient Global Holdings Ltd.144A | 7.50 | &nbsp;&nbsp; 2-15-2033 | 460000 | &nbsp;&nbsp; 476314 |
| Adient Global Holdings Ltd.144A | 8.25 | &nbsp;&nbsp; 4-15-2031 | 115000 | &nbsp;&nbsp; 120610 |
| American Axle & Manufacturing, Inc. | 5.00 | &nbsp;&nbsp; 10-1-2029 | 415000 | &nbsp;&nbsp; 394366 |
| American Axle & Manufacturing, Inc.144A%% | 7.75 | &nbsp;&nbsp; 10-15-2033 | 290000 | &nbsp;&nbsp; 292261 |
| ZF North America Capital, Inc.144A | 6.88 | &nbsp;&nbsp; 4-23-2032 | 390000 | &nbsp;&nbsp; 373389 |
| ZF North America Capital, Inc.144A | 7.50 | &nbsp;&nbsp; 3-24-2031 | 310000 | &nbsp;&nbsp; 307889 |
|  |  |  |  | &nbsp;&nbsp; **1964829** |
| **Distribution/wholesale: 0.04%** |  |  |  |  |
| RB Global Holdings, Inc.144A | 7.75 | &nbsp;&nbsp; 3-15-2031 | 140000 | &nbsp;&nbsp; **146426** |
| **Entertainment: 1.03%** |  |  |  |  |
| Churchill Downs, Inc.144A | 6.75 | &nbsp;&nbsp; 5-1-2031 | 525000 | &nbsp;&nbsp; 538049 |
| Cinemark USA, Inc.144A | 7.00 | &nbsp;&nbsp; 8-1-2032 | 1325000 | &nbsp;&nbsp; 1377143 |
| Six Flags Entertainment Corp.144A | 7.25 | &nbsp;&nbsp; 5-15-2031 | 160000 | &nbsp;&nbsp; 160063 |
| &nbsp;&nbsp; Six Flags Entertainment Corp./Six Flags Theme Parks, <br> Inc./Canada's Wonderland Co.144A<br>| 6.63 | &nbsp;&nbsp; 5-1-2032 | 675000 | &nbsp;&nbsp; 687699 |
| WarnerMedia Holdings, Inc. | 5.05 | &nbsp;&nbsp; 3-15-2042 | 575000 | &nbsp;&nbsp; 459034 |
| WarnerMedia Holdings, Inc. Series WI | 4.05 | &nbsp;&nbsp; 3-15-2029 | 505000 | &nbsp;&nbsp; 487325 |
|  |  |  |  | &nbsp;&nbsp; **3709313** |
| **Home builders: 0.56%** |  |  |  |  |
| Ashton Woods USA LLC/Ashton Woods Finance Co.144A | 6.88 | &nbsp;&nbsp; 8-1-2033 | 545000 | &nbsp;&nbsp; 549674 |
| Century Communities, Inc.144A | 6.63 | &nbsp;&nbsp; 9-15-2033 | 400000 | &nbsp;&nbsp; 403504 |
| K Hovnanian Enterprises, Inc.144A | 8.38 | &nbsp;&nbsp; 10-1-2033 | 170000 | &nbsp;&nbsp; 174293 |
| LGI Homes, Inc.144A | 8.75 | &nbsp;&nbsp; 12-15-2028 | 570000 | &nbsp;&nbsp; 598397 |
| Tri Pointe Homes, Inc. | 5.70 | &nbsp;&nbsp; 6-15-2028 | 270000 | &nbsp;&nbsp; 275456 |
|  |  |  |  | &nbsp;&nbsp; **2001324** |
| **Home furnishings: 0.13%** |  |  |  |  |
| Whirlpool Corp. | 6.13 | &nbsp;&nbsp; 6-15-2030 | 470000 | &nbsp;&nbsp; **473681** |
| **Housewares: 0.29%** |  |  |  |  |
| Newell Brands, Inc. | 6.38 | &nbsp;&nbsp; 5-15-2030 | 460000 | &nbsp;&nbsp; 455766 |
| Newell Brands, Inc.144A | 8.50 | &nbsp;&nbsp; 6-1-2028 | 575000 | &nbsp;&nbsp; 608198 |
|  |  |  |  | &nbsp;&nbsp; **1063964** |
| **Leisure time: 0.82%** |  |  |  |  |
| NCL Corp. Ltd.144A | 6.25 | &nbsp;&nbsp; 9-15-2033 | 555000 | &nbsp;&nbsp; 557873 |
| NCL Corp. Ltd.144A | 6.75 | &nbsp;&nbsp; 2-1-2032 | 280000 | &nbsp;&nbsp; 287961 |
| NCL Corp. Ltd.144A | 7.75 | &nbsp;&nbsp; 2-15-2029 | 330000 | &nbsp;&nbsp; 351352 |
| Sabre Global, Inc.144A | 10.75 | &nbsp;&nbsp; 11-15-2029 | 880000 | &nbsp;&nbsp; 850431 |
| Sabre Global, Inc.144A | 11.13 | &nbsp;&nbsp; 7-15-2030 | 130000 | &nbsp;&nbsp; 125899 |
| Viking Cruises Ltd.144A | 5.88 | &nbsp;&nbsp; 9-15-2027 | 170000 | &nbsp;&nbsp; 170065 |

---

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

Allspring Diversified Income Builder Fund \| 7

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Leisure time**(continued) |  |  |  |  |
| Viking Cruises Ltd.144A%% | 5.88<br> %<br>| &nbsp;&nbsp; 10-15-2033 | $190000 | &nbsp;&nbsp; $190133 |
| Viking Cruises Ltd.144A | 7.00 | &nbsp;&nbsp; 2-15-2029 | 400000 | &nbsp;&nbsp; 402021 |
|  |  |  |  | &nbsp;&nbsp; **2935735** |
| **Lodging: 0.29%** |  |  |  |  |
| Genting New York LLC/GENNY Capital, Inc.144A | 7.25 | &nbsp;&nbsp; 10-1-2029 | 525000 | &nbsp;&nbsp; 542304 |
| Hilton Domestic Operating Co., Inc.144A | 6.13 | &nbsp;&nbsp; 4-1-2032 | 480000 | &nbsp;&nbsp; 493455 |
|  |  |  |  | &nbsp;&nbsp; **1035759** |
| **Retail: 2.01%** |  |  |  |  |
| Advance Auto Parts, Inc.144A | 7.38 | &nbsp;&nbsp; 8-1-2033 | 490000 | &nbsp;&nbsp; 505312 |
| Carvana Co.144A | 9.00 | &nbsp;&nbsp; 6-1-2030 | 1090000 | &nbsp;&nbsp; 1140376 |
| FirstCash, Inc.144A | 4.63 | &nbsp;&nbsp; 9-1-2028 | 405000 | &nbsp;&nbsp; 397084 |
| FirstCash, Inc.144A | 6.88 | &nbsp;&nbsp; 3-1-2032 | 785000 | &nbsp;&nbsp; 811382 |
| Group 1 Automotive, Inc.144A | 6.38 | &nbsp;&nbsp; 1-15-2030 | 430000 | &nbsp;&nbsp; 439905 |
| Lithia Motors, Inc.144A | 4.38 | &nbsp;&nbsp; 1-15-2031 | 505000 | &nbsp;&nbsp; 479557 |
| Macy's Retail Holdings LLC144A | 6.13 | &nbsp;&nbsp; 3-15-2032 | 460000 | &nbsp;&nbsp; 460444 |
| PetSmart LLC/PetSmart Finance Corp.144A | 7.50 | &nbsp;&nbsp; 9-15-2032 | 395000 | &nbsp;&nbsp; 395587 |
| PetSmart LLC/PetSmart Finance Corp.144A | 10.00 | &nbsp;&nbsp; 9-15-2033 | 455000 | &nbsp;&nbsp; 459167 |
| QXO Building Products, Inc.144A | 6.75 | &nbsp;&nbsp; 4-30-2032 | 535000 | &nbsp;&nbsp; 553937 |
| Saks Global Enterprises LLC144A | 11.00 | &nbsp;&nbsp; 12-15-2029 | 540000 | &nbsp;&nbsp; 247500 |
| Sally Holdings LLC/Sally Capital, Inc. | 6.75 | &nbsp;&nbsp; 3-1-2032 | 370000 | &nbsp;&nbsp; 384656 |
| SGUS LLC144A | 11.00 | &nbsp;&nbsp; 12-15-2029 | 232363 | &nbsp;&nbsp; 219043 |
| Sonic Automotive, Inc.144A | 4.63 | &nbsp;&nbsp; 11-15-2029 | 260000 | &nbsp;&nbsp; 252508 |
| Sonic Automotive, Inc.144A | 4.88 | &nbsp;&nbsp; 11-15-2031 | 495000 | &nbsp;&nbsp; 473325 |
|  |  |  |  | &nbsp;&nbsp; **7219783** |
| **Consumer, non-cyclical: 6.19%** |  |  |  |  |
| **Commercial services: 2.34%** |  |  |  |  |
| ADT Security Corp.144A%% | 5.88 | &nbsp;&nbsp; 10-15-2033 | 275000 | &nbsp;&nbsp; 275000 |
| Allied Universal Holdco LLC144A | 7.88 | &nbsp;&nbsp; 2-15-2031 | 520000 | &nbsp;&nbsp; 545218 |
| Block, Inc. | 6.50 | &nbsp;&nbsp; 5-15-2032 | 700000 | &nbsp;&nbsp; 724504 |
| CoreCivic, Inc. | 8.25 | &nbsp;&nbsp; 4-15-2029 | 1230000 | &nbsp;&nbsp; 1299442 |
| GEO Group, Inc. | 8.63 | &nbsp;&nbsp; 4-15-2029 | 725000 | &nbsp;&nbsp; 767579 |
| GEO Group, Inc. | 10.25 | &nbsp;&nbsp; 4-15-2031 | 725000 | &nbsp;&nbsp; 797731 |
| Grand Canyon University | 5.13 | &nbsp;&nbsp; 10-1-2028 | 1000000 | &nbsp;&nbsp; 983383 |
| Herc Holdings, Inc.144A | 7.00 | &nbsp;&nbsp; 6-15-2030 | 700000 | &nbsp;&nbsp; 727108 |
| Hertz Corp.144A | 12.63 | &nbsp;&nbsp; 7-15-2029 | 150000 | &nbsp;&nbsp; 159022 |
| Service Corp. International | 5.75 | &nbsp;&nbsp; 10-15-2032 | 660000 | &nbsp;&nbsp; 668631 |
| Sotheby's/BidFair Holdings, Inc.144A | 5.88 | &nbsp;&nbsp; 6-1-2029 | 975000 | &nbsp;&nbsp; 888402 |
| Veritiv Operating Co.144A | 10.50 | &nbsp;&nbsp; 11-30-2030 | 510000 | &nbsp;&nbsp; 547346 |
|  |  |  |  | &nbsp;&nbsp; **8383366** |
| **Food: 0.54%** |  |  |  |  |
| &nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP/Albertsons LLC144A<br>| 5.88 | &nbsp;&nbsp; 2-15-2028 | 450000 | &nbsp;&nbsp; 449900 |
| B&G Foods, Inc.144A | 8.00 | &nbsp;&nbsp; 9-15-2028 | 785000 | &nbsp;&nbsp; 760596 |

---

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

8 \| Allspring Diversified Income Builder Fund

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Food**(continued) |  |  |  |  |
| Lamb Weston Holdings, Inc.144A | 4.38<br> %<br>| &nbsp;&nbsp; 1-31-2032 | $500000 | &nbsp;&nbsp; $472561 |
| Performance Food Group, Inc.144A | 6.13 | &nbsp;&nbsp; 9-15-2032 | 260000 | &nbsp;&nbsp; 266321 |
|  |  |  |  | &nbsp;&nbsp; **1949378** |
| **Healthcare-services: 2.81%** |  |  |  |  |
| CHS/Community Health Systems, Inc.144A | 5.25 | &nbsp;&nbsp; 5-15-2030 | 355000 | &nbsp;&nbsp; 321149 |
| CHS/Community Health Systems, Inc.144A | 6.00 | &nbsp;&nbsp; 1-15-2029 | 475000 | &nbsp;&nbsp; 461054 |
| CHS/Community Health Systems, Inc.144A | 10.88 | &nbsp;&nbsp; 1-15-2032 | 475000 | &nbsp;&nbsp; 503071 |
| Concentra Health Services, Inc.144A | 6.88 | &nbsp;&nbsp; 7-15-2032 | 525000 | &nbsp;&nbsp; 545150 |
| DaVita, Inc.144A | 6.88 | &nbsp;&nbsp; 9-1-2032 | 1385000 | &nbsp;&nbsp; 1430755 |
| Eastern Maine Healthcare Systems | 5.02 | &nbsp;&nbsp; 7-1-2036 | 1000000 | &nbsp;&nbsp; 948285 |
| IQVIA, Inc.144A | 6.25 | &nbsp;&nbsp; 6-1-2032 | 225000 | &nbsp;&nbsp; 231332 |
| Molina Healthcare, Inc.144A | 6.25 | &nbsp;&nbsp; 1-15-2033 | 365000 | &nbsp;&nbsp; 369055 |
| MPH Acquisition Holdings LLC144A | 5.75 | &nbsp;&nbsp; 12-31-2030 | 235163 | &nbsp;&nbsp; 205355 |
| MPH Acquisition Holdings LLC (PIK at 0.75%)144A¥ | 6.75 | &nbsp;&nbsp; 3-31-2031 | 398481 | &nbsp;&nbsp; 323766 |
| MPH Acquisition Holdings LLC (PIK at 5.00%)144A¥ | 11.50 | &nbsp;&nbsp; 12-31-2030 | 294877 | &nbsp;&nbsp; 308503 |
| Pediatrix Medical Group, Inc.144A | 5.38 | &nbsp;&nbsp; 2-15-2030 | 390000 | &nbsp;&nbsp; 387355 |
| Radiology Partners, Inc.144A | 8.50 | &nbsp;&nbsp; 7-15-2032 | 555000 | &nbsp;&nbsp; 574334 |
| Star Parent, Inc.144A | 9.00 | &nbsp;&nbsp; 10-1-2030 | 875000 | &nbsp;&nbsp; 925044 |
| Surgery Center Holdings, Inc.144A | 7.25 | &nbsp;&nbsp; 4-15-2032 | 430000 | &nbsp;&nbsp; 441716 |
| Tenet Healthcare Corp. | 6.75 | &nbsp;&nbsp; 5-15-2031 | 1125000 | &nbsp;&nbsp; 1164689 |
| Toledo Hospital | 6.02 | &nbsp;&nbsp; 11-15-2048 | 1000000 | &nbsp;&nbsp; 950000 |
|  |  |  |  | &nbsp;&nbsp; **10090613** |
| **Household products/wares: 0.09%** |  |  |  |  |
| Central Garden & Pet Co. | 4.13 | &nbsp;&nbsp; 10-15-2030 | 325000 | &nbsp;&nbsp; **308704** |
| **Pharmaceuticals: 0.41%** |  |  |  |  |
| AdaptHealth LLC144A | 5.13 | &nbsp;&nbsp; 3-1-2030 | 605000 | &nbsp;&nbsp; 576942 |
| Endo Finance Holdings, Inc.144A | 8.50 | &nbsp;&nbsp; 4-15-2031 | 840000 | &nbsp;&nbsp; 901210 |
|  |  |  |  | &nbsp;&nbsp; **1478152** |
| **Energy: 4.49%** |  |  |  |  |
| **Energy-alternate sources: 0.20%** |  |  |  |  |
| Enviva Partners LP/Enviva Partners Finance Corp.144A♦† | 6.50 | &nbsp;&nbsp; 1-15-2026 | 2460000 | &nbsp;&nbsp; 0 |
| TerraForm Power Operating LLC144A | 5.00 | &nbsp;&nbsp; 1-31-2028 | 710000 | &nbsp;&nbsp; 704876 |
|  |  |  |  | &nbsp;&nbsp; **704876** |
| **Oil & gas: 1.13%** |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.144A | 7.50 | &nbsp;&nbsp; 10-1-2029 | 375000 | &nbsp;&nbsp; 391086 |
| California Resources Corp.144A%% | 7.00 | &nbsp;&nbsp; 1-15-2034 | 240000 | &nbsp;&nbsp; 238348 |
| California Resources Corp.144A | 8.25 | &nbsp;&nbsp; 6-15-2029 | 735000 | &nbsp;&nbsp; 766491 |
| Caturus Energy LLC144A | 8.50 | &nbsp;&nbsp; 2-15-2030 | 145000 | &nbsp;&nbsp; 150970 |
| Civitas Resources, Inc.144A | 9.63 | &nbsp;&nbsp; 6-15-2033 | 450000 | &nbsp;&nbsp; 475293 |
| Hilcorp Energy I LP/Hilcorp Finance Co.144A | 6.00 | &nbsp;&nbsp; 2-1-2031 | 525000 | &nbsp;&nbsp; 505607 |
| Kraken Oil & Gas Partners LLC144A | 7.63 | &nbsp;&nbsp; 8-15-2029 | 200000 | &nbsp;&nbsp; 198236 |
| Murphy Oil Corp. | 6.00 | &nbsp;&nbsp; 10-1-2032 | 305000 | &nbsp;&nbsp; 300920 |
| Nabors Industries Ltd.144A | 7.50 | &nbsp;&nbsp; 1-15-2028 | 285000 | &nbsp;&nbsp; 284794 |

---

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

Allspring Diversified Income Builder Fund \| 9

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Oil & gas**(continued) |  |  |  |  |
| Nabors Industries, Inc.144A | 8.88<br> %<br>| &nbsp;&nbsp; 8-15-2031 | $275000 | &nbsp;&nbsp; $256110 |
| Nabors Industries, Inc.144A | 9.13 | &nbsp;&nbsp; 1-31-2030 | 470000 | &nbsp;&nbsp; 488800 |
|  |  |  |  | &nbsp;&nbsp; **4056655** |
| **Oil & gas services: 0.63%** |  |  |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp.144A | 6.63 | &nbsp;&nbsp; 9-1-2032 | 565000 | &nbsp;&nbsp; 579567 |
| Bristow Group, Inc.144A | 6.88 | &nbsp;&nbsp; 3-1-2028 | 1000000 | &nbsp;&nbsp; 1005510 |
| Oceaneering International, Inc. | 6.00 | &nbsp;&nbsp; 2-1-2028 | 300000 | &nbsp;&nbsp; 303710 |
| SESI LLC144A%% | 7.88 | &nbsp;&nbsp; 9-30-2030 | 260000 | &nbsp;&nbsp; 259870 |
| &nbsp;&nbsp; USA Compression Partners LP/USA Compression Finance <br> Corp.144A<br>| 6.25 | &nbsp;&nbsp; 10-1-2033 | 115000 | &nbsp;&nbsp; 115440 |
|  |  |  |  | &nbsp;&nbsp; **2264097** |
| **Pipelines: 2.53%** |  |  |  |  |
| &nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance <br> Corp.144A<br>| 5.75 | &nbsp;&nbsp; 10-15-2033 | 330000 | &nbsp;&nbsp; 328537 |
| Buckeye Partners LP | 5.85 | &nbsp;&nbsp; 11-15-2043 | 425000 | &nbsp;&nbsp; 396382 |
| Buckeye Partners LP144A | 6.88 | &nbsp;&nbsp; 7-1-2029 | 260000 | &nbsp;&nbsp; 269457 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC144A | 5.50 | &nbsp;&nbsp; 6-15-2031 | 150000 | &nbsp;&nbsp; 148606 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC144A | 7.50 | &nbsp;&nbsp; 12-15-2033 | 955000 | &nbsp;&nbsp; 1036366 |
| Excelerate Energy LP144A | 8.00 | &nbsp;&nbsp; 5-15-2030 | 595000 | &nbsp;&nbsp; 633359 |
| Harvest Midstream I LP144A | 7.50 | &nbsp;&nbsp; 9-1-2028 | 730000 | &nbsp;&nbsp; 737855 |
| Hess Midstream Operations LP144A | 5.50 | &nbsp;&nbsp; 10-15-2030 | 225000 | &nbsp;&nbsp; 226627 |
| Hess Midstream Operations LP144A | 6.50 | &nbsp;&nbsp; 6-1-2029 | 145000 | &nbsp;&nbsp; 149543 |
| Kinetik Holdings LP144A | 5.88 | &nbsp;&nbsp; 6-15-2030 | 600000 | &nbsp;&nbsp; 603489 |
| Prairie Acquiror LP144A | 9.00 | &nbsp;&nbsp; 8-1-2029 | 500000 | &nbsp;&nbsp; 520552 |
| Rockies Express Pipeline LLC144A | 6.75 | &nbsp;&nbsp; 3-15-2033 | 240000 | &nbsp;&nbsp; 250516 |
| Rockies Express Pipeline LLC144A | 6.88 | &nbsp;&nbsp; 4-15-2040 | 855000 | &nbsp;&nbsp; 879969 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.144A | 6.00 | &nbsp;&nbsp; 12-31-2030 | 800000 | &nbsp;&nbsp; 790023 |
| Venture Global LNG, Inc.144A | 8.38 | &nbsp;&nbsp; 6-1-2031 | 750000 | &nbsp;&nbsp; 787478 |
| Venture Global LNG, Inc.144A | 9.88 | &nbsp;&nbsp; 2-1-2032 | 355000 | &nbsp;&nbsp; 386497 |
| Venture Global Plaquemines LNG LLC144A | 7.50 | &nbsp;&nbsp; 5-1-2033 | 870000 | &nbsp;&nbsp; 961359 |
|  |  |  |  | &nbsp;&nbsp; **9106615** |
| **Financial: 5.73%** |  |  |  |  |
| **Banks: 0.17%** |  |  |  |  |
| &nbsp;&nbsp; Citigroup, Inc. Series X (5 Year Treasury Constant <br> Maturity+3.42%)ʊ±<br>| 3.88 | &nbsp;&nbsp; 2-18-2026 | 630000 | &nbsp;&nbsp; **624180** |
| **Diversified financial services: 2.32%** |  |  |  |  |
| Azorra Finance Ltd.144A | 7.25 | &nbsp;&nbsp; 1-15-2031 | 390000 | &nbsp;&nbsp; 406104 |
| Encore Capital Group, Inc.144A | 9.25 | &nbsp;&nbsp; 4-1-2029 | 575000 | &nbsp;&nbsp; 606717 |
| EZCORP, Inc.144A | 7.38 | &nbsp;&nbsp; 4-1-2032 | 390000 | &nbsp;&nbsp; 415538 |
| Jane Street Group/JSG Finance, Inc.144A | 6.13 | &nbsp;&nbsp; 11-1-2032 | 275000 | &nbsp;&nbsp; 278729 |
| Jane Street Group/JSG Finance, Inc.144A | 6.75 | &nbsp;&nbsp; 5-1-2033 | 270000 | &nbsp;&nbsp; 280431 |
| Jane Street Group/JSG Finance, Inc.144A | 7.13 | &nbsp;&nbsp; 4-30-2031 | 655000 | &nbsp;&nbsp; 687024 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp.144A | 5.00 | &nbsp;&nbsp; 8-15-2028 | 485000 | &nbsp;&nbsp; 468600 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp.144A | 6.63 | &nbsp;&nbsp; 10-15-2031 | 425000 | &nbsp;&nbsp; 427830 |
| Jefferson Capital Holdings LLC144A | 8.25 | &nbsp;&nbsp; 5-15-2030 | 230000 | &nbsp;&nbsp; 240540 |

---

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

10 \| Allspring Diversified Income Builder Fund

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Diversified financial services**(continued) |  |  |  |  |
| Jefferson Capital Holdings LLC144A | 9.50<br> %<br>| &nbsp;&nbsp; 2-15-2029 | $425000 | &nbsp;&nbsp; $447618 |
| Nationstar Mortgage Holdings, Inc.144A | 6.50 | &nbsp;&nbsp; 8-1-2029 | 100000 | &nbsp;&nbsp; 102589 |
| Nationstar Mortgage Holdings, Inc.144A | 7.13 | &nbsp;&nbsp; 2-1-2032 | 610000 | &nbsp;&nbsp; 636720 |
| Navient Corp. | 11.50 | &nbsp;&nbsp; 3-15-2031 | 705000 | &nbsp;&nbsp; 795229 |
| OneMain Finance Corp. | 7.88 | &nbsp;&nbsp; 3-15-2030 | 710000 | &nbsp;&nbsp; 751290 |
| PRA Group, Inc.144A | 5.00 | &nbsp;&nbsp; 10-1-2029 | 410000 | &nbsp;&nbsp; 380759 |
| Rocket Cos., Inc.144A | 6.13 | &nbsp;&nbsp; 8-1-2030 | 270000 | &nbsp;&nbsp; 277106 |
| United Wholesale Mortgage LLC144A | 5.50 | &nbsp;&nbsp; 4-15-2029 | 900000 | &nbsp;&nbsp; 887629 |
| United Wholesale Mortgage LLC144A | 6.25 | &nbsp;&nbsp; 3-15-2031 | 240000 | &nbsp;&nbsp; 238857 |
|  |  |  |  | &nbsp;&nbsp; **8329310** |
| **Insurance: 0.78%** |  |  |  |  |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer144A | 7.38 | &nbsp;&nbsp; 10-1-2032 | 1150000 | &nbsp;&nbsp; 1184997 |
| AmWINS Group, Inc.144A | 6.38 | &nbsp;&nbsp; 2-15-2029 | 315000 | &nbsp;&nbsp; 321405 |
| HUB International Ltd.144A | 5.63 | &nbsp;&nbsp; 12-1-2029 | 365000 | &nbsp;&nbsp; 364633 |
| HUB International Ltd.144A | 7.25 | &nbsp;&nbsp; 6-15-2030 | 125000 | &nbsp;&nbsp; 130363 |
| HUB International Ltd.144A | 7.38 | &nbsp;&nbsp; 1-31-2032 | 755000 | &nbsp;&nbsp; 786211 |
|  |  |  |  | &nbsp;&nbsp; **2787609** |
| **REITs: 2.46%** |  |  |  |  |
| Blackstone Mortgage Trust, Inc.144A | 7.75 | &nbsp;&nbsp; 12-1-2029 | 465000 | &nbsp;&nbsp; 490609 |
| Brandywine Operating Partnership LP%% | 6.13 | &nbsp;&nbsp; 1-15-2031 | 280000 | &nbsp;&nbsp; 279370 |
| Brandywine Operating Partnership LP | 8.88 | &nbsp;&nbsp; 4-12-2029 | 1175000 | &nbsp;&nbsp; 1275298 |
| Iron Mountain, Inc.144A | 4.50 | &nbsp;&nbsp; 2-15-2031 | 335000 | &nbsp;&nbsp; 319766 |
| Iron Mountain, Inc.144A | 5.25 | &nbsp;&nbsp; 7-15-2030 | 1345000 | &nbsp;&nbsp; 1330160 |
| &nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance <br> Corp.144A<br>| 7.00 | &nbsp;&nbsp; 7-15-2031 | 725000 | &nbsp;&nbsp; 760079 |
| MPT Operating Partnership LP/MPT Finance Corp.144A | 8.50 | &nbsp;&nbsp; 2-15-2032 | 540000 | &nbsp;&nbsp; 573784 |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK <br> Finance Co-Issuer144A<br>| 5.88 | &nbsp;&nbsp; 10-1-2028 | 395000 | &nbsp;&nbsp; 394256 |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK <br> Finance Co-Issuer144A<br>| 7.00 | &nbsp;&nbsp; 2-1-2030 | 400000 | &nbsp;&nbsp; 412358 |
| RHP Hotel Properties LP/RHP Finance Corp.144A | 6.50 | &nbsp;&nbsp; 6-15-2033 | 400000 | &nbsp;&nbsp; 411956 |
| Service Properties Trust144A¤ | 0.00 | &nbsp;&nbsp; 9-30-2027 | 10000 | &nbsp;&nbsp; 8815 |
| Service Properties Trust | 8.38 | &nbsp;&nbsp; 6-15-2029 | 295000 | &nbsp;&nbsp; 299534 |
| Service Properties Trust144A | 8.63 | &nbsp;&nbsp; 11-15-2031 | 1175000 | &nbsp;&nbsp; 1251015 |
| Starwood Property Trust, Inc.144A | 6.50 | &nbsp;&nbsp; 7-1-2030 | 675000 | &nbsp;&nbsp; 698182 |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC144A | 6.00 | &nbsp;&nbsp; 1-15-2030 | 135000 | &nbsp;&nbsp; 122230 |
| &nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC144A<br>| 8.63 | &nbsp;&nbsp; 6-15-2032 | 225000 | &nbsp;&nbsp; 214954 |
|  |  |  |  | &nbsp;&nbsp; **8842366** |
| **Industrial: 3.69%** |  |  |  |  |
| **Aerospace/defense: 0.69%** |  |  |  |  |
| Spirit AeroSystems, Inc.144A | 9.75 | &nbsp;&nbsp; 11-15-2030 | 775000 | &nbsp;&nbsp; 852341 |
| TransDigm, Inc.144A | 6.63 | &nbsp;&nbsp; 3-1-2032 | 1595000 | &nbsp;&nbsp; 1642124 |
|  |  |  |  | &nbsp;&nbsp; **2494465** |

---

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

Allspring Diversified Income Builder Fund \| 11

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Building materials: 0.86%** |  |  |  |  |
| Builders FirstSource, Inc.144A | 6.38<br> %<br>| &nbsp;&nbsp; 3-1-2034 | $455000 | &nbsp;&nbsp; $468698 |
| Camelot Return Merger Sub, Inc.144A | 8.75 | &nbsp;&nbsp; 8-1-2028 | 515000 | &nbsp;&nbsp; 498265 |
| CP Atlas Buyer, Inc.144A | 9.75 | &nbsp;&nbsp; 7-15-2030 | 400000 | &nbsp;&nbsp; 418920 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.144A | 6.63 | &nbsp;&nbsp; 12-15-2030 | 725000 | &nbsp;&nbsp; 745263 |
| Quikrete Holdings, Inc.144A | 6.38 | &nbsp;&nbsp; 3-1-2032 | 185000 | &nbsp;&nbsp; 191631 |
| Quikrete Holdings, Inc.144A | 6.75 | &nbsp;&nbsp; 3-1-2033 | 405000 | &nbsp;&nbsp; 421076 |
| Standard Building Solutions, Inc.144A | 6.25 | &nbsp;&nbsp; 8-1-2033 | 335000 | &nbsp;&nbsp; 339484 |
|  |  |  |  | &nbsp;&nbsp; **3083337** |
| **Electrical components & equipment: 0.51%** |  |  |  |  |
| Energizer Holdings, Inc.144A | 4.38 | &nbsp;&nbsp; 3-31-2029 | 910000 | &nbsp;&nbsp; 872745 |
| Energizer Holdings, Inc.144A | 6.00 | &nbsp;&nbsp; 9-15-2033 | 220000 | &nbsp;&nbsp; 215165 |
| WESCO Distribution, Inc.144A | 6.63 | &nbsp;&nbsp; 3-15-2032 | 725000 | &nbsp;&nbsp; 753435 |
|  |  |  |  | &nbsp;&nbsp; **1841345** |
| **Electronics: 0.02%** |  |  |  |  |
| Sensata Technologies, Inc.144A | 6.63 | &nbsp;&nbsp; 7-15-2032 | 80000 | &nbsp;&nbsp; **82782** |
| **Environmental control: 0.11%** |  |  |  |  |
| Clean Harbors, Inc.144A | 6.38 | &nbsp;&nbsp; 2-1-2031 | 380000 | &nbsp;&nbsp; **389133** |
| **Machinery-diversified: 0.29%** |  |  |  |  |
| Chart Industries, Inc.144A | 7.50 | &nbsp;&nbsp; 1-1-2030 | 230000 | &nbsp;&nbsp; 239369 |
| Chart Industries, Inc.144A | 9.50 | &nbsp;&nbsp; 1-1-2031 | 455000 | &nbsp;&nbsp; 487467 |
| TK Elevator U.S. Newco, Inc.144A | 5.25 | &nbsp;&nbsp; 7-15-2027 | 335000 | &nbsp;&nbsp; 333816 |
|  |  |  |  | &nbsp;&nbsp; **1060652** |
| **Packaging & containers: 0.55%** |  |  |  |  |
| &nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal <br> Packaging Finance PLC144A<br>| 6.00 | &nbsp;&nbsp; 6-15-2027 | 730000 | &nbsp;&nbsp; 729824 |
| Clydesdale Acquisition Holdings, Inc.144A | 6.88 | &nbsp;&nbsp; 1-15-2030 | 245000 | &nbsp;&nbsp; 251323 |
| Clydesdale Acquisition Holdings, Inc.144A | 8.75 | &nbsp;&nbsp; 4-15-2030 | 445000 | &nbsp;&nbsp; 457123 |
| Sealed Air Corp./Sealed Air Corp. U.S.144A | 7.25 | &nbsp;&nbsp; 2-15-2031 | 500000 | &nbsp;&nbsp; 524659 |
|  |  |  |  | &nbsp;&nbsp; **1962929** |
| **Transportation: 0.17%** |  |  |  |  |
| Genesee & Wyoming, Inc.144A | 6.25 | &nbsp;&nbsp; 4-15-2032 | 585000 | &nbsp;&nbsp; **594443** |
| **Trucking & leasing: 0.49%** |  |  |  |  |
| FTAI Aviation Investors LLC144A | 5.50 | &nbsp;&nbsp; 5-1-2028 | 560000 | &nbsp;&nbsp; 560089 |
| FTAI Aviation Investors LLC144A | 7.00 | &nbsp;&nbsp; 5-1-2031 | 825000 | &nbsp;&nbsp; 862998 |
| FTAI Aviation Investors LLC144A | 7.00 | &nbsp;&nbsp; 6-15-2032 | 310000 | &nbsp;&nbsp; 324422 |
|  |  |  |  | &nbsp;&nbsp; **1747509** |
| **Technology: 1.99%** |  |  |  |  |
| **Computers: 0.26%** |  |  |  |  |
| Diebold Nixdorf, Inc.144A | 7.75 | &nbsp;&nbsp; 3-31-2030 | 595000 | &nbsp;&nbsp; 627644 |
| Insight Enterprises, Inc.144A | 6.63 | &nbsp;&nbsp; 5-15-2032 | 295000 | &nbsp;&nbsp; 302464 |
|  |  |  |  | &nbsp;&nbsp; **930108** |

---

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

12 \| Allspring Diversified Income Builder Fund

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Office/business equipment: 0.14%** |  |  |  |  |
| Zebra Technologies Corp.144A | 6.50<br> %<br>| &nbsp;&nbsp; 6-1-2032 | $490000 | &nbsp;&nbsp; **$503267** |
| **Semiconductors: 0.07%** |  |  |  |  |
| Entegris, Inc.144A | 5.95 | &nbsp;&nbsp; 6-15-2030 | 265000 | &nbsp;&nbsp; **268718** |
| **Software: 1.52%** |  |  |  |  |
| AthenaHealth Group, Inc.144A | 6.50 | &nbsp;&nbsp; 2-15-2030 | 650000 | &nbsp;&nbsp; 644682 |
| Cloud Software Group, Inc.144A | 8.25 | &nbsp;&nbsp; 6-30-2032 | 1025000 | &nbsp;&nbsp; 1087272 |
| Cloud Software Group, Inc.144A | 9.00 | &nbsp;&nbsp; 9-30-2029 | 1495000 | &nbsp;&nbsp; 1550624 |
| Ellucian Holdings, Inc.144A | 6.50 | &nbsp;&nbsp; 12-1-2029 | 605000 | &nbsp;&nbsp; 614630 |
| Rocket Software, Inc.144A | 6.50 | &nbsp;&nbsp; 2-15-2029 | 165000 | &nbsp;&nbsp; 160684 |
| Rocket Software, Inc.144A | 9.00 | &nbsp;&nbsp; 11-28-2028 | 650000 | &nbsp;&nbsp; 670034 |
| SS&C Technologies, Inc.144A | 6.50 | &nbsp;&nbsp; 6-1-2032 | 700000 | &nbsp;&nbsp; 723686 |
|  |  |  |  | &nbsp;&nbsp; **5451612** |
| **Utilities: 2.20%** |  |  |  |  |
| **Electric: 2.20%** |  |  |  |  |
| AES Corp. (5 Year Treasury Constant Maturity+2.89%)± | 6.95 | &nbsp;&nbsp; 7-15-2055 | 600000 | &nbsp;&nbsp; 588825 |
| AES Corp. (5 Year Treasury Constant Maturity+3.20%)± | 7.60 | &nbsp;&nbsp; 1-15-2055 | 495000 | &nbsp;&nbsp; 512749 |
| Edison International (5 Year Treasury Constant Maturity+3.86%)± | 8.13 | &nbsp;&nbsp; 6-15-2053 | 420000 | &nbsp;&nbsp; 429242 |
| EUSHI Finance, Inc. (5 Year Treasury Constant Maturity+3.14%)± | 7.63 | &nbsp;&nbsp; 12-15-2054 | 730000 | &nbsp;&nbsp; 765338 |
| &nbsp;&nbsp; Pattern Energy Operations LP/Pattern Energy Operations, <br> Inc.144A<br>| 4.50 | &nbsp;&nbsp; 8-15-2028 | 925000 | &nbsp;&nbsp; 901531 |
| PG&E Corp. | 5.25 | &nbsp;&nbsp; 7-1-2030 | 750000 | &nbsp;&nbsp; 739609 |
| PG&E Corp. (5 Year Treasury Constant Maturity+3.88%)± | 7.38 | &nbsp;&nbsp; 3-15-2055 | 870000 | &nbsp;&nbsp; 893794 |
| Sempra (5 Year Treasury Constant Maturity+2.87%)± | 4.13 | &nbsp;&nbsp; 4-1-2052 | 410000 | &nbsp;&nbsp; 398919 |
| Vistra Corp. (5 Year Treasury Constant Maturity+5.74%)144Aʊ± | 7.00 | &nbsp;&nbsp; 12-15-2026 | 445000 | &nbsp;&nbsp; 451795 |
| &nbsp;&nbsp; Vistra Corp. Series C (5 Year Treasury Constant <br> Maturity+5.05%)144Aʊ±<br>| 8.88 | &nbsp;&nbsp; 1-15-2029 | 625000 | &nbsp;&nbsp; 686652 |
| Vistra Operations Co. LLC144A | 7.75 | &nbsp;&nbsp; 10-15-2031 | 620000 | &nbsp;&nbsp; 656079 |
| XPLR Infrastructure Operating Partners LP144A | 7.25 | &nbsp;&nbsp; 1-15-2029 | 860000 | &nbsp;&nbsp; 882982 |
|  |  |  |  | &nbsp;&nbsp; **7907515** |
| **Total corporate bonds and notes (Cost $125,965,999)** |  |  |  | &nbsp;&nbsp; **128874099** |
| **Foreign corporate bonds and notes: 6.42%** |  |  |  |  |
| **Consumer, cyclical: 0.20%** |  |  |  |  |
| **Auto manufacturers: 0.20%** |  |  |  |  |
| RCI Banque SA (EURIBOR ICE Swap Rate 11:00am+3.84%)ʊ± | 6.13 | &nbsp;&nbsp; 9-24-2030 | 600000 | &nbsp;&nbsp; **704078** |
| **Financial: 6.22%** |  |  |  |  |
| **Banks: 4.91%** |  |  |  |  |
| &nbsp;&nbsp; ABN AMRO Bank NV (EUR Swap Annual (vs. 6 Month EURIBOR) 5 <br> Year+3.90%)ʊ±<br>| 4.75 | &nbsp;&nbsp; 9-22-2027 | 1300000 | &nbsp;&nbsp; 1533134 |
| AIB Group PLC (EURIBOR ICE Swap Rate 11:00am+4.39%)ʊ± | 7.13 | &nbsp;&nbsp; 10-30-2029 | 1000000 | &nbsp;&nbsp; 1258747 |
| Bankinter SA (EURIBOR ICE Swap Rate 11:00am+3.86%)ʊ± | 6.00 | &nbsp;&nbsp; 6-30-2030 | 1000000 | &nbsp;&nbsp; 1207297 |
| Barclays PLC (ICE Swap Rate GBP SONIA 11:00 5 Year+4.69%)ʊ± | 8.38 | &nbsp;&nbsp; 9-15-2031 | 600000 | &nbsp;&nbsp; 849406 |
| BAWAG Group AG (EURIBOR ICE Swap Rate 11:00am+5.05%)ʊ± | 7.25 | &nbsp;&nbsp; 9-18-2029 | 800000 | &nbsp;&nbsp; 1001184 |
| CaixaBank SA (EURIBOR ICE Swap Rate 11:00am+5.14%)ʊ± | 8.25 | &nbsp;&nbsp; 3-13-2029 | 800000 | &nbsp;&nbsp; 1054754 |

---

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

Allspring Diversified Income Builder Fund \| 13

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Banks**(continued) |  |  |  |  |
| Credit Agricole SA (EURIBOR ICE Swap Rate 11:00am+4.44%)ʊ± | 7.25<br> %<br>| &nbsp;&nbsp; 9-23-2028 | 1300000 | &nbsp;&nbsp; $1643050 |
| Deutsche Bank AG (EURIBOR ICE Swap Rate 11:00am+5.11%)ʊ± | 7.38 | &nbsp;&nbsp; 10-30-2031 | 600000 | &nbsp;&nbsp; 759207 |
| &nbsp;&nbsp; Intesa Sanpaolo SpA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 <br> Year+5.85%)ʊ±<br>| 5.50 | &nbsp;&nbsp; 3-1-2028 | 1200000 | &nbsp;&nbsp; 1456186 |
| Investec PLC (UK Gilts 5 Year+6.57%)ʊ± | 10.50 | &nbsp;&nbsp; 8-28-2029 | 500000 | &nbsp;&nbsp; 750541 |
| KBC Group NV (EURIBOR ICE Swap Rate 11:00am+3.99%)ʊ± | 6.25 | &nbsp;&nbsp; 9-17-2031 | 1000000 | &nbsp;&nbsp; 1226136 |
| Lloyds Banking Group PLC (UK Gilts 5 Year+5.88%)ʊ± | 8.50 | &nbsp;&nbsp; 9-27-2027 | 1000000 | &nbsp;&nbsp; 1411270 |
| NatWest Group PLC (UK Gilts 5 Year+3.29%)ʊ± | 7.50 | &nbsp;&nbsp; 2-28-2032 | 1000000 | &nbsp;&nbsp; 1368430 |
| &nbsp;&nbsp; Unicaja Banco SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 <br> Year+5.02%)ʊ±<br>| 4.88 | &nbsp;&nbsp; 11-18-2026 | 600000 | &nbsp;&nbsp; 708444 |
| &nbsp;&nbsp; UniCredit SpA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 <br> Year+4.61%)ʊ±<br>| 4.45 | &nbsp;&nbsp; 12-3-2027 | 1200000 | &nbsp;&nbsp; 1414433 |
|  |  |  |  | &nbsp;&nbsp; **17642219** |
| **Insurance: 0.77%** |  |  |  |  |
| Achmea BV (EURIBOR ICE Swap Rate 11:00am+3.74%)ʊ± | 6.13 | &nbsp;&nbsp; 1-28-2035 | 250000 | &nbsp;&nbsp; 305691 |
| ASR Nederland NV (EURIBOR ICE Swap Rate 11:00am+4.03%)ʊ± | 6.63 | &nbsp;&nbsp; 12-27-2031 | 900000 | &nbsp;&nbsp; 1139434 |
| Aviva PLC (UK Gilts 5 Year+4.65%)ʊ± | 6.88 | &nbsp;&nbsp; 12-15-2031 | 750000 | &nbsp;&nbsp; 1023299 |
| Chesnara PLC (UK Gilts 5 Year+4.43%)ʊ± | 8.50 | &nbsp;&nbsp; 8-1-2030 | 200000 | &nbsp;&nbsp; 275133 |
|  |  |  |  | &nbsp;&nbsp; **2743557** |
| **Savings & loans: 0.54%** |  |  |  |  |
| Coventry Building Society (UK Gilts 5 Year+4.73%)ʊ± | 8.75 | &nbsp;&nbsp; 6-11-2029 | 400000 | &nbsp;&nbsp; 572545 |
| Nationwide Building Society (UK Gilts 5 Year+3.85%)ʊ± | 7.50 | &nbsp;&nbsp; 12-20-2030 | 1000000 | &nbsp;&nbsp; 1378764 |
|  |  |  |  | &nbsp;&nbsp; **1951309** |
| **Total foreign corporate bonds and notes (Cost $20,469,578)** |  |  |  | &nbsp;&nbsp; **23041163** |
| **Loans: 2.22%** |  |  |  |  |
| **Communications: 1.03%** |  |  |  |  |
| **Media: 0.45%** |  |  |  |  |
| CSC Holdings LLC (U.S. SOFR 1 Month+4.50%)± | 8.65 | &nbsp;&nbsp; 1-18-2028 | $609839 | &nbsp;&nbsp; 605528 |
| DIRECTV Financing LLC (U.S. SOFR 3 Month+5.25%)± | 9.82 | &nbsp;&nbsp; 8-2-2029 | 611044 | &nbsp;&nbsp; 611490 |
| EW Scripps Co. (U.S. SOFR 1 Month+5.75%)± | 10.01 | &nbsp;&nbsp; 6-30-2028 | 250982 | &nbsp;&nbsp; 252604 |
| Hubbard Radio LLC (U.S. SOFR 1 Month+4.50%)‡± | 8.66 | &nbsp;&nbsp; 9-30-2027 | 284401 | &nbsp;&nbsp; 154287 |
|  |  |  |  | &nbsp;&nbsp; **1623909** |
| **Telecommunications: 0.58%** |  |  |  |  |
| CommScope, Inc. (U.S. SOFR 1 Month+4.75%)± | 8.91 | &nbsp;&nbsp; 12-17-2029 | 1160000 | &nbsp;&nbsp; 1173050 |
| Connect Finco Sarl (U.S. SOFR 1 Month+4.50%)± | 8.66 | &nbsp;&nbsp; 9-27-2029 | 398987 | &nbsp;&nbsp; 393501 |
| Lumen Technologies, Inc. (U.S. SOFR 1 Month+2.35%)± | 6.63 | &nbsp;&nbsp; 4-15-2030 | 527306 | &nbsp;&nbsp; 523425 |
|  |  |  |  | &nbsp;&nbsp; **2089976** |
| **Consumer, cyclical: 0.16%** |  |  |  |  |
| **Airlines: 0.06%** |  |  |  |  |
| Vista Management Holding, Inc. (U.S. SOFR 3 Month+3.75%)± | 8.04 | &nbsp;&nbsp; 4-1-2031 | 202950 | &nbsp;&nbsp; **204050** |
| **Housewares: 0.10%** |  |  |  |  |
| American Greetings Corp. (U.S. SOFR 1 Month+5.75%)± | 9.91 | &nbsp;&nbsp; 10-30-2029 | 375293 | &nbsp;&nbsp; **375293** |

---

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

14 \| Allspring Diversified Income Builder Fund

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Consumer, non-cyclical: 0.39%** |  |  |  |  |
| **Commercial services: 0.11%** |  |  |  |  |
| Hertz Corp. (U.S. SOFR 3 Month+3.50%)± | 8.07<br> %<br>| &nbsp;&nbsp; 6-30-2028 | $432172 | &nbsp;&nbsp; **$387208** |
| **Healthcare-products: 0.08%** |  |  |  |  |
| Bausch & Lomb Corp. (U.S. SOFR 1 Month+4.25%)± | 8.41 | &nbsp;&nbsp; 1-15-2031 | 299250 | &nbsp;&nbsp; **299002** |
| **Healthcare-services: 0.20%** |  |  |  |  |
| Modivcare, Inc. (U.S. SOFR 1 Month+7.00%)‡± | 11.14 | &nbsp;&nbsp; 2-22-2026 | 92194 | &nbsp;&nbsp; 89428 |
| Modivcare, Inc. (U.S. SOFR 3 Month+8.75%)± | 12.75 | &nbsp;&nbsp; 7-1-2031 | 1064622 | &nbsp;&nbsp; 479080 |
| Modivcare, Inc. (U.S. SOFR 3 Month+9.50%)± | 13.78 | &nbsp;&nbsp; 1-12-2026 | 183553 | &nbsp;&nbsp; 78010 |
| MPH Acquisition Holdings LLC (U.S. SOFR 3 Month+3.75%)± | 8.06 | &nbsp;&nbsp; 12-31-2030 | 49906 | &nbsp;&nbsp; 49694 |
|  |  |  |  | &nbsp;&nbsp; **696212** |
| **Energy: 0.08%** |  |  |  |  |
| **Pipelines: 0.08%** |  |  |  |  |
| Prairie Acquiror LP (U.S. SOFR 1 Month+3.75%)± | 7.91 | &nbsp;&nbsp; 8-1-2029 | 265969 | &nbsp;&nbsp; **267187** |
| **Financial: 0.25%** |  |  |  |  |
| **Insurance: 0.25%** |  |  |  |  |
| Asurion LLC (U.S. SOFR 1 Month+4.25%)± | 8.41 | &nbsp;&nbsp; 9-19-2030 | 272180 | &nbsp;&nbsp; 270253 |
| Asurion LLC (U.S. SOFR 1 Month+5.25%)± | 9.53 | &nbsp;&nbsp; 1-31-2028 | 659029 | &nbsp;&nbsp; 640906 |
|  |  |  |  | &nbsp;&nbsp; **911159** |
| **Industrial: 0.16%** |  |  |  |  |
| **Aerospace/defense: 0.04%** |  |  |  |  |
| Spirit AeroSystems, Inc. (U.S. SOFR 3 Month+4.50%)± | 8.81 | &nbsp;&nbsp; 1-15-2027 | 139282 | &nbsp;&nbsp; **139673** |
| **Packaging & containers: 0.12%** |  |  |  |  |
| Owens-Illinois Group, Inc. (U.S. SOFR 1 Month+3.00%)± | 7.16 | &nbsp;&nbsp; 9-30-2032 | 420000 | &nbsp;&nbsp; **418950** |
| **Technology: 0.15%** |  |  |  |  |
| **Computers: 0.10%** |  |  |  |  |
| McAfee Corp. (U.S. SOFR 1 Month+3.00%)± | 7.22 | &nbsp;&nbsp; 3-1-2029 | 377150 | &nbsp;&nbsp; **359590** |
| **Software: 0.05%** |  |  |  |  |
| Rocket Software, Inc. (U.S. SOFR 1 Month+3.75%)± | 7.91 | &nbsp;&nbsp; 11-28-2028 | 182233 | &nbsp;&nbsp; **182512** |
| **Total loans (Cost $8,724,813)** |  |  |  | &nbsp;&nbsp; **7954721** |
| **Municipal obligations: 3.13%** |  |  |  |  |
| **California: 0.44%** |  |  |  |  |
| **Education revenue: 0.23%** |  |  |  |  |
| California PFA EEC, Inc. Series B144A | 5.00 | &nbsp;&nbsp; 6-15-2031 | 860000 | &nbsp;&nbsp; **830767** |
| **Tobacco revenue: 0.21%** |  |  |  |  |
| Golden State Tobacco Securitization Corp. Series A-1 | 4.21 | &nbsp;&nbsp; 6-1-2050 | 1000000 | &nbsp;&nbsp; **741097** |
|  |  |  |  | &nbsp;&nbsp; **1571864** |

---

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

Allspring Diversified Income Builder Fund \| 15

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Colorado: 0.12%** |  |  |  |  |
| **Health revenue: 0.12%** |  |  |  |  |
| Denver Health & Hospital Authority Series B | 5.15<br> %<br>| &nbsp;&nbsp; 12-1-2026 | $445000 | &nbsp;&nbsp; **$445277** |
| **Florida: 0.35%** |  |  |  |  |
| **Education revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Florida Higher Educational Facilities Financing Authority <br> Jacksonville University Series A-2144A<br>| 5.43 | &nbsp;&nbsp; 6-1-2027 | 255000 | &nbsp;&nbsp; **256429** |
| **Water & sewer revenue: 0.28%** |  |  |  |  |
| &nbsp;&nbsp; Charlotte County IDA MSKP Town & Country Utility LLC <br> Series B144A<br>| 5.00 | &nbsp;&nbsp; 10-1-2036 | 1105000 | &nbsp;&nbsp; **1017083** |
|  |  |  |  | &nbsp;&nbsp; **1273512** |
| **Georgia: 0.06%** |  |  |  |  |
| **Health revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; Development Authority of Cobb County Presbyterian Village <br> Austell, Inc. Series B144A<br>| 5.75 | &nbsp;&nbsp; 12-1-2028 | 200000 | &nbsp;&nbsp; **198802** |
| **Guam: 0.16%** |  |  |  |  |
| **Airport revenue: 0.16%** |  |  |  |  |
| Antonio B Won Pat International Airport Authority Series A | 4.46 | &nbsp;&nbsp; 10-1-2043 | 675000 | &nbsp;&nbsp; **579163** |
| **Illinois: 0.35%** |  |  |  |  |
| **GO revenue: 0.35%** |  |  |  |  |
| Chicago Board of Education Series E | 6.04 | &nbsp;&nbsp; 12-1-2029 | 1255000 | &nbsp;&nbsp; **1238139** |
| **Indiana: 0.13%** |  |  |  |  |
| **Health revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; County of Knox Good Samaritan Hospital Obligated Group <br> Series B<br>| 5.90 | &nbsp;&nbsp; 4-1-2034 | 480000 | &nbsp;&nbsp; **480215** |
| **Iowa: 0.33%** |  |  |  |  |
| **Housing revenue: 0.33%** |  |  |  |  |
| City of Coralville Series C | 5.00 | &nbsp;&nbsp; 5-1-2030 | 1200000 | &nbsp;&nbsp; **1200586** |
| **Louisiana: 0.14%** |  |  |  |  |
| **Health revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; Louisiana Local Government Environmental Facilities & CDA Glen <br> Retirement System Obligated Group Series B<br>| 5.75 | &nbsp;&nbsp; 1-1-2029 | 525000 | &nbsp;&nbsp; **517489** |
| **New Jersey: 0.27%** |  |  |  |  |
| **Education revenue: 0.27%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey Educational Facilities Authority Georgian Court <br> University A New Jersey Non Profit Corp. Series H<br>| 4.25 | &nbsp;&nbsp; 7-1-2028 | 1000000 | &nbsp;&nbsp; **967449** |
| **New York: 0.06%** |  |  |  |  |
| **Health revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; Jefferson County Civic Facility Development Corp. Samaritan <br> Medical Center Obligated Group Series B<br>| 4.25 | &nbsp;&nbsp; 11-1-2028 | 115000 | &nbsp;&nbsp; **112483** |

---

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

16 \| Allspring Diversified Income Builder Fund

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; New York State Energy Research & Development Authority <br> Series A<br>| 4.81<br> %<br>| &nbsp;&nbsp; 4-1-2034 | $105000 | &nbsp;&nbsp; $**104610** |
|  |  |  |  | &nbsp;&nbsp; **217093** |
| **Oklahoma: 0.14%** |  |  |  |  |
| **Health revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; Oklahoma Development Finance Authority OU Medicine Obligated <br> Group Series C<br>| 5.45 | &nbsp;&nbsp; 8-15-2028 | 500000 | &nbsp;&nbsp; **493202** |
| **Texas: 0.46%** |  |  |  |  |
| **Industrial development revenue: 0.46%** |  |  |  |  |
| &nbsp;&nbsp; Port of Beaumont IDA Jefferson 2020 Bond Lessee & <br> Borrower LLC Obligated Group Series B144A<br>| 4.10 | &nbsp;&nbsp; 1-1-2028 | 700000 | &nbsp;&nbsp; 628132 |
| &nbsp;&nbsp; Port of Beaumont Navigation District Jefferson 2020 Bond Lessee <br> & Borrower LLC Obligated Group Series B144A<br>| 10.00 | &nbsp;&nbsp; 7-1-2026 | 1000000 | &nbsp;&nbsp; 1004561 |
|  |  |  |  | &nbsp;&nbsp; **1632693** |
| **Wisconsin: 0.12%** |  |  |  |  |
| **Education revenue: 0.12%** |  |  |  |  |
| PFA Burrell College of Osteopathic Medicine LLC144A | 5.13 | &nbsp;&nbsp; 6-1-2028 | 430000 | &nbsp;&nbsp; **423777** |
| **Total municipal obligations (Cost $11,804,561)** |  |  |  | &nbsp;&nbsp; **11239261** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Dividend <br>rate<br>| Shares |  |
| **Preferred stocks: 0.43%** |  |  |  |
| **Energy: 0.43%** |  |  |  |
| **Oil, gas & consumable fuels: 0.43%** |  |  |  |
| Petroleo Brasileiro SA - Petrobras | 0.04 | 262332 | &nbsp;&nbsp; **1550653** |
| **Total preferred stocks (Cost $1,813,903)** |  |  | &nbsp;&nbsp; **1550653** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>|  | Principal |  |
| **Yankee corporate bonds and notes: 10.58%** |  |  |  |  |
| **Basic materials: 0.03%** |  |  |  |  |
| **Chemicals: 0.03%** |  |  |  |  |
| Braskem Netherlands Finance BV144A | 8.50 | &nbsp;&nbsp; 1-12-2031 | $235000 | &nbsp;&nbsp; **91650** |
| **Communications: 1.75%** |  |  |  |  |
| **Internet: 0.38%** |  |  |  |  |
| Rakuten Group, Inc.144A | 9.75 | &nbsp;&nbsp; 4-15-2029 | 870000 | &nbsp;&nbsp; 978284 |
| &nbsp;&nbsp; Rakuten Group, Inc. (5 Year Treasury Constant <br> Maturity+4.25%)144Aʊ±<br>| 8.13 | &nbsp;&nbsp; 12-15-2029 | 375000 | &nbsp;&nbsp; 389811 |
|  |  |  |  | &nbsp;&nbsp; **1368095** |
| **Media: 0.48%** |  |  |  |  |
| Virgin Media Finance PLC144A | 5.00 | &nbsp;&nbsp; 7-15-2030 | 340000 | &nbsp;&nbsp; 315795 |

---

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

Allspring Diversified Income Builder Fund \| 17

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Media**(continued) |  |  |  |  |
| Virgin Media Secured Finance PLC144A | 4.50<br> %<br>| &nbsp;&nbsp; 8-15-2030 | $850000 | &nbsp;&nbsp; $801415 |
| VZ Secured Financing BV144A | 5.00 | &nbsp;&nbsp; 1-15-2032 | 695000 | &nbsp;&nbsp; 628779 |
|  |  |  |  | &nbsp;&nbsp; **1745989** |
| **Telecommunications: 0.89%** |  |  |  |  |
| &nbsp;&nbsp; Rogers Communications, Inc. (5 Year Treasury Constant <br> Maturity+2.62%)±<br>| 7.13 | &nbsp;&nbsp; 4-15-2055 | 1200000 | &nbsp;&nbsp; 1272196 |
| Telecom Italia Capital SA | 7.20 | &nbsp;&nbsp; 7-18-2036 | 440000 | &nbsp;&nbsp; 474880 |
| TELUS Corp. (5 Year Treasury Constant Maturity+2.77%)± | 6.63 | &nbsp;&nbsp; 10-15-2055 | 655000 | &nbsp;&nbsp; 674329 |
| Zegona Finance PLC144A | 8.63 | &nbsp;&nbsp; 7-15-2029 | 719000 | &nbsp;&nbsp; 765375 |
|  |  |  |  | &nbsp;&nbsp; **3186780** |
| **Consumer, cyclical: 1.11%** |  |  |  |  |
| **Airlines: 0.36%** |  |  |  |  |
| Air Canada Pass-Through Trust Series 2020-1 Class C144A | 10.50 | &nbsp;&nbsp; 7-15-2026 | 350000 | &nbsp;&nbsp; 365037 |
| Latam Airlines Group SA144A | 7.63 | &nbsp;&nbsp; 1-7-2031 | 365000 | &nbsp;&nbsp; 377934 |
| Latam Airlines Group SA144A | 7.88 | &nbsp;&nbsp; 4-15-2030 | 540000 | &nbsp;&nbsp; 561843 |
|  |  |  |  | &nbsp;&nbsp; **1304814** |
| **Auto manufacturers: 0.16%** |  |  |  |  |
| Nissan Motor Co. Ltd.144A | 8.13 | &nbsp;&nbsp; 7-17-2035 | 525000 | &nbsp;&nbsp; **563585** |
| **Entertainment: 0.22%** |  |  |  |  |
| Banijay Entertainment SASU144A | 8.13 | &nbsp;&nbsp; 5-1-2029 | 755000 | &nbsp;&nbsp; **784127** |
| **Leisure time: 0.37%** |  |  |  |  |
| Carnival Corp.144A | 5.75 | &nbsp;&nbsp; 8-1-2032 | 235000 | &nbsp;&nbsp; 239155 |
| Carnival Corp.144A | 6.00 | &nbsp;&nbsp; 5-1-2029 | 375000 | &nbsp;&nbsp; 380597 |
| Carnival Corp.144A | 6.13 | &nbsp;&nbsp; 2-15-2033 | 700000 | &nbsp;&nbsp; 717525 |
|  |  |  |  | &nbsp;&nbsp; **1337277** |
| **Consumer, non-cyclical: 1.23%** |  |  |  |  |
| **Cosmetics/Personal Care: 0.34%** |  |  |  |  |
| Opal Bidco SAS144A | 6.50 | &nbsp;&nbsp; 3-31-2032 | 625000 | &nbsp;&nbsp; 640466 |
| Perrigo Finance Unlimited Co. | 6.13 | &nbsp;&nbsp; 9-30-2032 | 555000 | &nbsp;&nbsp; 558721 |
|  |  |  |  | &nbsp;&nbsp; **1199187** |
| **Food: 0.13%** |  |  |  |  |
| Froneri Lux Finco Sarl144A | 6.00 | &nbsp;&nbsp; 8-1-2032 | 470000 | &nbsp;&nbsp; **470564** |
| **Healthcare-products: 0.18%** |  |  |  |  |
| Bausch & Lomb Corp.144A | 8.38 | &nbsp;&nbsp; 10-1-2028 | 630000 | &nbsp;&nbsp; **656578** |
| **Pharmaceuticals: 0.58%** |  |  |  |  |
| 1261229 BC Ltd.144A | 10.00 | &nbsp;&nbsp; 4-15-2032 | 1135000 | &nbsp;&nbsp; 1163434 |
| Bausch Health Cos., Inc.144A | 11.00 | &nbsp;&nbsp; 9-30-2028 | 215000 | &nbsp;&nbsp; 223604 |
| Teva Pharmaceutical Finance Netherlands III BV | 8.13 | &nbsp;&nbsp; 9-15-2031 | 600000 | &nbsp;&nbsp; 686021 |
|  |  |  |  | &nbsp;&nbsp; **2073059** |

---

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

18 \| Allspring Diversified Income Builder Fund

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Energy: 0.40%** |  |  |  |  |
| **Oil & gas: 0.29%** |  |  |  |  |
| Baytex Energy Corp.144A | 8.50<br> %<br>| &nbsp;&nbsp; 4-30-2030 | $295000 | &nbsp;&nbsp; $303131 |
| Borr IHC Ltd./Borr Finance LLC144A | 10.00 | &nbsp;&nbsp; 11-15-2028 | 516341 | &nbsp;&nbsp; 511673 |
| Saturn Oil & Gas, Inc.144A | 9.63 | &nbsp;&nbsp; 6-15-2029 | 236000 | &nbsp;&nbsp; 244487 |
|  |  |  |  | &nbsp;&nbsp; **1059291** |
| **Pipelines: 0.11%** |  |  |  |  |
| Northriver Midstream Finance LP144A | 6.75 | &nbsp;&nbsp; 7-15-2032 | 380000 | &nbsp;&nbsp; **388587** |
| **Financial: 4.88%** |  |  |  |  |
| **Banks: 4.35%** |  |  |  |  |
| &nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (5 Year Treasury Constant <br> Maturity+5.10%)ʊ±<br>| 9.38 | &nbsp;&nbsp; 3-19-2029 | 900000 | &nbsp;&nbsp; 1004197 |
| &nbsp;&nbsp; Banco del Estado de Chile (5 Year Treasury Constant <br> Maturity+3.23%)144Aʊ±<br>| 7.95 | &nbsp;&nbsp; 5-2-2029 | 450000 | &nbsp;&nbsp; 480065 |
| &nbsp;&nbsp; Banco Santander SA (5 Year Treasury Constant <br> Maturity+5.31%)ʊ±<br>| 9.63 | &nbsp;&nbsp; 11-21-2028 | 800000 | &nbsp;&nbsp; 894654 |
| &nbsp;&nbsp; Barclays PLC (USD SOFR ICE Swap Rate 11:00am NY 5 <br> Year+5.78%)ʊ±<br>| 9.63 | &nbsp;&nbsp; 12-15-2029 | 1400000 | &nbsp;&nbsp; 1589367 |
| &nbsp;&nbsp; BNP Paribas SA (5 Year Treasury Constant <br> Maturity+3.73%)144Aʊ±<br>| 8.00 | &nbsp;&nbsp; 8-22-2031 | 330000 | &nbsp;&nbsp; 355410 |
| BNP Paribas SA (5 Year Treasury Constant Maturity+4.35%)ʊ± | 8.50 | &nbsp;&nbsp; 8-14-2028 | 1400000 | &nbsp;&nbsp; 1495693 |
| &nbsp;&nbsp; HSBC Holdings PLC (5 Year Treasury Constant <br> Maturity+3.65%)ʊ±<br>| 4.60 | &nbsp;&nbsp; 12-17-2030 | 1500000 | &nbsp;&nbsp; 1417337 |
| ING Groep NV (5 Year Treasury Constant Maturity+3.51%)ʊ± | 4.88 | &nbsp;&nbsp; 5-16-2029 | 1000000 | &nbsp;&nbsp; 962662 |
| Nordea Bank Abp (5 Year Treasury Constant Maturity+2.72%)ʊ± | 6.75 | &nbsp;&nbsp; 11-10-2033 | 2000000 | &nbsp;&nbsp; 2028988 |
| &nbsp;&nbsp; Societe Generale SA (5 Year Treasury Constant <br> Maturity+5.39%)ʊ±<br>| 9.38 | &nbsp;&nbsp; 11-22-2027 | 1200000 | &nbsp;&nbsp; 1286723 |
| &nbsp;&nbsp; Standard Chartered PLC (5 Year Treasury Constant <br> Maturity+3.81%)ʊ±<br>| 4.75 | &nbsp;&nbsp; 1-14-2031 | 1000000 | &nbsp;&nbsp; 938823 |
| &nbsp;&nbsp; Svenska Handelsbanken AB (5 Year Treasury Constant <br> Maturity+4.05%)ʊ±<br>| 4.75 | &nbsp;&nbsp; 3-1-2031 | 1000000 | &nbsp;&nbsp; 951155 |
| &nbsp;&nbsp; UBS Group AG (5 Year Treasury Constant <br> Maturity+3.40%)144Aʊ±<br>| 4.88 | &nbsp;&nbsp; 2-12-2027 | 395000 | &nbsp;&nbsp; 388921 |
| UBS Group AG (5 Year Treasury Constant Maturity+3.40%)ʊ± | 4.88 | &nbsp;&nbsp; 2-12-2027 | 1600000 | &nbsp;&nbsp; 1575377 |
| &nbsp;&nbsp; UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5 <br> Year+4.16%)144Aʊ±<br>| 7.75 | &nbsp;&nbsp; 4-12-2031 | 245000 | &nbsp;&nbsp; 264406 |
|  |  |  |  | &nbsp;&nbsp; **15633778** |
| **Diversified financial services: 0.53%** |  |  |  |  |
| GGAM Finance Ltd.144A | 5.88 | &nbsp;&nbsp; 3-15-2030 | 725000 | &nbsp;&nbsp; 734060 |
| Global Aircraft Leasing Co. Ltd.144A | 8.75 | &nbsp;&nbsp; 9-1-2027 | 735000 | &nbsp;&nbsp; 759356 |
| goeasy Ltd.144A | 7.63 | &nbsp;&nbsp; 7-1-2029 | 385000 | &nbsp;&nbsp; 390159 |
|  |  |  |  | &nbsp;&nbsp; **1883575** |
| **Industrial: 0.66%** |  |  |  |  |
| **Aerospace/defense: 0.15%** |  |  |  |  |
| Bombardier, Inc.144A | 8.75 | &nbsp;&nbsp; 11-15-2030 | 500000 | &nbsp;&nbsp; **539196** |

---

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

Allspring Diversified Income Builder Fund \| 19

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Electronics: 0.19%** |  |  |  |  |
| Sensata Technologies BV144A | 5.88<br> %<br>| &nbsp;&nbsp; 9-1-2030 | $700000 | &nbsp;&nbsp; **$704337** |
| **Packaging & containers: 0.32%** |  |  |  |  |
| Trivium Packaging Finance BV144A | 8.25 | &nbsp;&nbsp; 7-15-2030 | 535000 | &nbsp;&nbsp; 570708 |
| Trivium Packaging Finance BV144A | 12.25 | &nbsp;&nbsp; 1-15-2031 | 530000 | &nbsp;&nbsp; 573641 |
|  |  |  |  | &nbsp;&nbsp; **1144349** |
| **Technology: 0.30%** |  |  |  |  |
| **Computers: 0.19%** |  |  |  |  |
| Seagate Data Storage Technology Pte. Ltd.144A | 8.50 | &nbsp;&nbsp; 7-15-2031 | 635000 | &nbsp;&nbsp; **672247** |
| **Semiconductors: 0.11%** |  |  |  |  |
| Kioxia Holdings Corp.144A | 6.63 | &nbsp;&nbsp; 7-24-2033 | 395000 | &nbsp;&nbsp; **406072** |
| **Utilities: 0.22%** |  |  |  |  |
| **Electric: 0.22%** |  |  |  |  |
| &nbsp;&nbsp; Algonquin Power & Utilities Corp. (5 Year Treasury Constant <br> Maturity+3.25%)±<br>| 4.75 | &nbsp;&nbsp; 1-18-2082 | 800000 | &nbsp;&nbsp; **780600** |
| **Total yankee corporate bonds and notes (Cost $36,898,490)** |  |  |  | &nbsp;&nbsp; **37993737** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 2.05%** |  |  |  |  |
| **Investment companies: 2.05%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞## |  | 4.07 | 7366210 | &nbsp;&nbsp; **7366210** |
| **Total short-term investments (Cost $7,366,210)** |  |  |  | &nbsp;&nbsp; **7366210** |
| **Total investments in securities (Cost $308,558,200)** | 98.15<br> %<br>|  |  | &nbsp;&nbsp; 352501179 |
| Other assets and liabilities, net | 1.85 |  |  | &nbsp;&nbsp; 6642247 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$359143426** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| Non-income-earning security |
| The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| Restricted security as to resale, excluding Rule 144A securities. The Fund held restricted securities with an aggregate current value of $0 (original an aggregate <br> cost of $65,232), representing 0.00% of its net assets as of period end.<br>|
| Security is valued using significant unobservable inputs. |
| Variable rate investment. The rate shown is the rate in effect at period end. |
| ¥A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities or a combination of both. <br> The rate shown is the rate in effect at period end.<br>|
| The security is purchased on a when-issued basis. |
| Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
| The security is issued in zero coupon form with no periodic interest payments. |
| The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| The rate represents the 7-day annualized yield at period end. |
| All or a portion of this security is segregated as collateral for when-issued securities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

20 \| Allspring Diversified Income Builder Fund

------

Portfolio of investments—September 30, 2025

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| ADR | American depositary receipt |
| CDA | Community Development Authority |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| GBP | Great British pound |
| GO | General obligation |
| IDA | Industrial Development Authority |
| PFA | Public Finance Authority |
| REIT | Real estate investment trust |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Index Average |

---

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $14205284 | $144991006 | $(151830080)<br>| $0 | $0 | $7366210 | 7366210 | $701426 |

---

**Forward foreign currency contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be <br>received | Currency to be <br>received | &nbsp;&nbsp;&nbsp; Currency to be <br>delivered | &nbsp;&nbsp;&nbsp; Currency to be <br>delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement <br>date<br>| &nbsp;&nbsp; Unrealized <br>gains<br>| &nbsp;&nbsp; Unrealized <br>losses<br>|
| USD | 15422927 | EUR | 13070000 | Bank of New York Mellon Corp. | 11-26-2025 | &nbsp;&nbsp;&nbsp; $35390 | &nbsp;&nbsp;&nbsp; $0 |
| USD | 7636157 | GBP | 5670000 | Bank of New York Mellon Corp. | 11-26-2025 | &nbsp;&nbsp;&nbsp; 12755 | &nbsp;&nbsp;&nbsp; 0 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **$48145** | &nbsp;&nbsp;&nbsp; **$0** |

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| TOPIX Index | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 12-11-2025 | &nbsp;&nbsp; $10810997 | &nbsp;&nbsp; $11044528 | &nbsp;&nbsp; $233531 | &nbsp;&nbsp; $0 |
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 28596990 | &nbsp;&nbsp; 28350000 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (246990)<br>|
| E-Mini NASDAQ 100 Index | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 18509730 | &nbsp;&nbsp; 18925330 | &nbsp;&nbsp; 415600 | &nbsp;&nbsp; 0 |
| Euro STOXX 50 Index | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 6591375 | &nbsp;&nbsp; 6700577 | &nbsp;&nbsp; 109202 | &nbsp;&nbsp; 0 |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 263 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 17790362 | &nbsp;&nbsp; 17880055 | &nbsp;&nbsp; 89693 | &nbsp;&nbsp; 0 |
| Ultra 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 172 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 19955151 | &nbsp;&nbsp; 19793438 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (161713)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$848026** | &nbsp;&nbsp; **$(408703)**<br>|

---

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

Allspring Diversified Income Builder Fund \| 21

------

Statement of assets and liabilities—September 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $301,191,990) | $345134969 |
| Investments in affiliated securities, at value (cost $7,366,210) | 7366210 |
| Cash | 4958 |
| Cash at broker segregated for futures contracts | 3581000 |
| Segregated cash for forward foreign currency contracts | 3037 |
| Foreign currency, at value (cost $87,461) | 87666 |
| Receivable for dividends and interest | 3962203 |
| Receivable for investments sold | 1220182 |
| Receivable for Fund shares sold | 172388 |
| Receivable for daily variation margin on open futures contracts | 123318 |
| Unrealized gains on forward foreign currency contracts | 48145 |
| Prepaid expenses and other assets | 51605 |
| **Total assets** | **361755681** |
| Liabilities |  |
| Payable for when-issued transactions | 1535673 |
| Payable for investments purchased | 688720 |
| Payable for Fund shares redeemed | 133693 |
| Management fee payable | 86617 |
| Administration fees payable | 45446 |
| Shareholder servicing fees payable | 39517 |
| Distribution fee payable | 19609 |
| Payable for daily variation margin on open futures contracts | 14815 |
| Trustees' fees and expenses payable | 2462 |
| Accrued expenses and other liabilities | 45703 |
| **Total liabilities** | **2612255** |
| **Total net assets**  | **$359143426** |
| Net assets consist of |  |
| Paid-in capital | $356939874 |
| Total distributable earnings | 2203552 |
| **Total net assets** | **$359143426** |

---

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

22 \| Allspring Diversified Income Builder Fund

------

Statement of assets and liabilities—September 30, 2025

Statement of assets and liabilities

---

| | |
|:---|:---|
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $161131220 |
| Shares outstanding–Class A<sup>1</sup> <br>| 24719867 |
| Net asset value per share–Class A | $6.52 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $6.92 |
| Net assets–Class C | $31980572 |
| Shares outstanding–Class C<sup>1</sup> <br>| 4888599 |
| Net asset value per share–Class C | $6.54 |
| Net assets–Class R6 | $49116651 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 7780784 |
| Net asset value per share–Class R6 | $6.31 |
| Net assets–Institutional Class | $116914983 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 18543628 |
| Net asset value per share–Institutional Class | $6.30 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> 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.

Allspring Diversified Income Builder Fund \| 23

------

Statement of operations—year ended September 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $14744835 |
| Dividends (net of foreign withholdings taxes of $403,285) | 5128197 |
| Income from affiliated securities | 701426 |
| **Total investment income** | **20574458** |
| Expenses |  |
| Management fee | 1901784 |
| Administration fees |  |
| Class A | 299345 |
| Class C | 72202 |
| Class R6 | 14367 |
| Administrator Class | 2121 <br><sup>1</sup><br>|
| Institutional Class | 143624 |
| Shareholder servicing fees |  |
| Class A | 374096 |
| Class C | 90012 |
| Administrator Class | 4072 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 270085 |
| Custody and accounting fees | 17529 |
| Professional fees | 109502 |
| Registration fees | 142585 |
| Shareholder report expenses | 50120 |
| Trustees' fees and expenses | 9796 |
| Other fees and expenses | 33149 |
| **Total expenses** | **3534389** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (914943)<br>|
| Class A | (12049)<br>|
| Class C | (1)<br>|
| **Net expenses** | **2607396** |
| **Net investment income** | **17967062** |

---

<sup>1</sup> For the period from October 1, 2024 to September 12, 2025. Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

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

24 \| Allspring Diversified Income Builder Fund

------

Statement of operations—year ended September 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | $6013277 |
| Foreign currency and foreign currency translations | 764928 |
| Forward foreign currency contracts | (1680246)<br>|
| Futures contracts | (2320171)<br>|
| Written options | 145900 |
| **Net realized gains on investments**  | **2923688** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 19330758 |
| Foreign currency and foreign currency translations | 7679 |
| Forward foreign currency contracts | 66537 |
| Futures contracts | 438489 |
| Written options | 322042 |
| Unfunded loan commitments | (2085)<br>|
| **Net change in unrealized gains (losses) on investments** | **20163420** |
| **Net realized and unrealized gains (losses) on investments** | **23087108** |
| **Net increase in net assets resulting from operations** | **$41054170** |

---

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

Allspring Diversified Income Builder Fund \| 25

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2024 | Year ended<br> September 30, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $17967062 |  | &nbsp;&nbsp; $17993226 |
| Net realized gains on investments |  | &nbsp;&nbsp; 2923688 |  | &nbsp;&nbsp; 15088031 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 20163420 |  | &nbsp;&nbsp; 30383628 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **41054170** |  | &nbsp;&nbsp; **63464885** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (8148557)<br>|  | &nbsp;&nbsp; (7440881)<br>|
| Class C |  | &nbsp;&nbsp; (1697152)<br>|  | &nbsp;&nbsp; (2223504)<br>|
| Class R6 |  | &nbsp;&nbsp; (2897487)<br>|  | &nbsp;&nbsp; (2932729)<br>|
| Administrator Class |  | &nbsp;&nbsp; (89280 )<sup>1</sup><br>|  | &nbsp;&nbsp; (102392)<br>|
| Institutional Class |  | &nbsp;&nbsp; (6567074)<br>|  | &nbsp;&nbsp; (6212196)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(19399550)**<br>|  | &nbsp;&nbsp; **(18911702)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 3430227 | &nbsp;&nbsp; 21170320 | &nbsp;&nbsp; 2210349 | &nbsp;&nbsp; 12964736 |
| Class C | 557115 | &nbsp;&nbsp; 3457213 | &nbsp;&nbsp; 365757 | &nbsp;&nbsp; 2146941 |
| Class R6 | 190745 | &nbsp;&nbsp; 1124593 | &nbsp;&nbsp; 980987 | &nbsp;&nbsp; 5546494 |
| Administrator Class | 16113 <br><sup>1</sup><br>| &nbsp;&nbsp; 96225 <br><sup>1</sup><br>| &nbsp;&nbsp; 176847 | &nbsp;&nbsp; 1041571 |
| Institutional Class | 5219984 | &nbsp;&nbsp; 31402954 | &nbsp;&nbsp; 4965366 | &nbsp;&nbsp; 27888036 |
|  |  | &nbsp;&nbsp; 57251305 |  | &nbsp;&nbsp; 49587778 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 1220915 | &nbsp;&nbsp; 7525410 | &nbsp;&nbsp; 1164562 | &nbsp;&nbsp; 6797603 |
| Class C | 269791 | &nbsp;&nbsp; 1663759 | &nbsp;&nbsp; 368827 | &nbsp;&nbsp; 2154985 |
| Class R6 | 485165 | &nbsp;&nbsp; 2897030 | &nbsp;&nbsp; 513459 | &nbsp;&nbsp; 2912273 |
| Administrator Class | 15025 <br><sup>1</sup><br>| &nbsp;&nbsp; 89279 <br><sup>1</sup><br>| &nbsp;&nbsp; 17994 | &nbsp;&nbsp; 102054 |
| Institutional Class | 1000538 | &nbsp;&nbsp; 5974596 | &nbsp;&nbsp; 989469 | &nbsp;&nbsp; 5590666 |
|  |  | &nbsp;&nbsp; 18150074 |  | &nbsp;&nbsp; 17557581 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (3598063)<br>| &nbsp;&nbsp; (22218765)<br>| &nbsp;&nbsp; (5232684)<br>| &nbsp;&nbsp; (30330257)<br>|
| Class C | (3237839)<br>| &nbsp;&nbsp; (19986391)<br>| &nbsp;&nbsp; (3483570)<br>| &nbsp;&nbsp; (20347129)<br>|
| Class R6 | (1459027)<br>| &nbsp;&nbsp; (8592430)<br>| &nbsp;&nbsp; (2004455)<br>| &nbsp;&nbsp; (11319036)<br>|
| Administrator Class | (225408 )<sup>1</sup><br>| &nbsp;&nbsp; (1335877 )<sup>1</sup><br>| &nbsp;&nbsp; (101501)<br>| &nbsp;&nbsp; (575861)<br>|
| Institutional Class | (6002965)<br>| &nbsp;&nbsp; (36323945)<br>| &nbsp;&nbsp; (9337854)<br>| &nbsp;&nbsp; (52357810)<br>|
|  |  | &nbsp;&nbsp; (88457408)<br>|  | &nbsp;&nbsp; (114930093)<br>|

---

<sup>1</sup> For the period from October 1, 2024 to September 12, 2025

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

26 \| Allspring Diversified Income Builder Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2024 | Year ended<br> September 30, 2024 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Administrator Class<br>(255047 )<sup>2</sup><br>| &nbsp;&nbsp; $(1602332 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Institutional Class<br>255360 <br><sup>2</sup><br>| &nbsp;&nbsp; 1602332 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net decrease in net assets resulting from capital share transactions** | &nbsp;&nbsp; **(13056029)**<br>|  | &nbsp;&nbsp; **(47784734)**<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; **8598591** |  | &nbsp;&nbsp; **(3231551)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **350544835** |  | &nbsp;&nbsp; **353776386** |
| **End of period** | &nbsp;&nbsp; **$359143426** |  | &nbsp;&nbsp; **$350544835** |

---

<sup>2</sup> Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

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

Allspring Diversified Income Builder Fund \| 27

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$6.12** | &nbsp;&nbsp; **$5.39** | &nbsp;&nbsp; **$5.14** | &nbsp;&nbsp; **$6.42** | &nbsp;&nbsp; **$5.95** |
| Net investment income | 0.32 <br><sup>1</sup><br>| 0.30 <br><sup>1</sup><br>| 0.25 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.19 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.42 | 0.74 | 0.26 | &nbsp;&nbsp; (1.27)<br>| 0.49 |
| Total from investment operations | 0.74 | 1.04 | 0.51 | &nbsp;&nbsp; (1.06)<br>| 0.68 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.34)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.21)<br>|
| **Net asset value, end of period** | **$6.52** | &nbsp;&nbsp; **$6.12** | &nbsp;&nbsp; **$5.39** | &nbsp;&nbsp; **$5.14** | &nbsp;&nbsp; **$6.42** |
| **Total return**<sup>2</sup> <br>| **12.51%**<br>| **19.67%**<br>| **9.95%**<br>| &nbsp;&nbsp; **(16.86)%**<br>| **11.58%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.10<br> %<br>| 1.08 %\*<br>| 1.18<br> %<br>| 1.13<br> %<br>| 1.08<br> %<br>|
| Net expenses | 0.83<br> %<br>| 0.84 %\*<br>| 0.84<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>|
| Net investment income | 5.13<br> %<br>| 5.09 %\*<br>| 4.56<br> %<br>| 3.38<br> %<br>| 3.07<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 83<br> %<br>| &nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp; 86<br> %<br>| &nbsp;&nbsp; 87<br> %<br>|
| Net assets, end of period (000s omitted) | $161131 | &nbsp;&nbsp; $144904 | &nbsp;&nbsp; $137643 | &nbsp;&nbsp; $156487 | &nbsp;&nbsp; $218615 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Ratios include dividends on securities sold short in the amount of 0.00%.

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

28 \| Allspring Diversified Income Builder Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$6.15** | &nbsp;&nbsp; **$5.41** | &nbsp;&nbsp; **$5.15** | &nbsp;&nbsp; **$6.44** | &nbsp;&nbsp; **$5.97** |
| Net investment income | 0.27 <br><sup>1</sup><br>| 0.25 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.17 | 0.15 |
| Net realized and unrealized gains (losses) on investments | 0.41 | 0.75 | 0.26 | &nbsp;&nbsp; (1.28)<br>| 0.48 |
| Total from investment operations | 0.68 | 1.00 | 0.47 | &nbsp;&nbsp; (1.11)<br>| 0.63 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.29)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>|
| **Net asset value, end of period** | **$6.54** | &nbsp;&nbsp; **$6.15** | &nbsp;&nbsp; **$5.41** | &nbsp;&nbsp; **$5.15** | &nbsp;&nbsp; **$6.44** |
| **Total return**<sup>2</sup> <br>| **11.46%**<br>| **18.88%**<br>| **9.28%**<br>| &nbsp;&nbsp; **(17.61)%**<br>| **10.70%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.85<br> %<br>| 1.83 %\*<br>| 1.93<br> %<br>| 1.87<br> %<br>| 1.83<br> %<br>|
| Net expenses | 1.59<br> %<br>| 1.59 %\*<br>| 1.60<br> %<br>| 1.60<br> %<br>| 1.60<br> %<br>|
| Net investment income | 4.33<br> %<br>| 4.29 %\*<br>| 3.80<br> %<br>| 2.61<br> %<br>| 2.31<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 83<br> %<br>| &nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp; 86<br> %<br>| &nbsp;&nbsp; 87<br> %<br>|
| Net assets, end of period (000s omitted) | $31981 | &nbsp;&nbsp; $44857 | &nbsp;&nbsp; $54373 | &nbsp;&nbsp; $68612 | &nbsp;&nbsp; $103956 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Ratios include dividends on securities sold short in the amount of 0.00%.

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

Allspring Diversified Income Builder Fund \| 29

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class R6 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$5.94** | &nbsp;&nbsp; **$5.24** | &nbsp;&nbsp; **$5.00** | &nbsp;&nbsp; **$6.26** | &nbsp;&nbsp; **$5.81** |
| Net investment income | 0.33 <br><sup>1</sup><br>| 0.31 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.24 | 0.23 |
| Net realized and unrealized gains (losses) on investments | 0.40 | 0.72 | 0.26 | &nbsp;&nbsp; (1.25)<br>| 0.46 |
| Total from investment operations | 0.73 | 1.03 | 0.52 | &nbsp;&nbsp; (1.01)<br>| 0.69 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.36)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Net asset value, end of period** | **$6.31** | &nbsp;&nbsp; **$5.94** | &nbsp;&nbsp; **$5.24** | &nbsp;&nbsp; **$5.00** | &nbsp;&nbsp; **$6.26** |
| **Total return**<sup>2</sup> <br>| **12.86%**<br>| **20.18%**<br>| **10.52%**<br>| &nbsp;&nbsp; **(16.61)%**<br>| **11.99%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.68<br> %<br>| 0.66 %\*<br>| 0.76<br> %<br>| 0.70<br> %<br>| 0.65<br> %<br>|
| Net expenses | 0.42<br> %<br>| 0.42 %\*<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>|
| Net investment income | 5.53<br> %<br>| 5.52 %\*<br>| 4.99<br> %<br>| 3.83<br> %<br>| 3.52<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 83<br> %<br>| &nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp; 86<br> %<br>| &nbsp;&nbsp; 87<br> %<br>|
| Net assets, end of period (000s omitted) | $49117 | &nbsp;&nbsp; $50876 | &nbsp;&nbsp; $47557 | &nbsp;&nbsp; $51102 | &nbsp;&nbsp; $47544 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Ratios include dividends on securities sold short in the amount of 0.00%.

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

30 \| Allspring Diversified Income Builder Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$5.93** | &nbsp;&nbsp; **$5.24** | &nbsp;&nbsp; **$5.00** | &nbsp;&nbsp; **$6.26** | &nbsp;&nbsp; **$5.80** |
| Net investment income | 0.32 <br><sup>1</sup><br>| 0.30 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.22 <br><sup>1</sup><br>| 0.21 |
| Net realized and unrealized gains (losses) on investments | 0.41 | 0.72 | 0.25 | &nbsp;&nbsp; (1.24)<br>| 0.48 |
| Total from investment operations | 0.73 | 1.02 | 0.51 | &nbsp;&nbsp; (1.02)<br>| 0.69 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.36)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.23)<br>|
| **Net asset value, end of period** | **$6.30** | &nbsp;&nbsp; **$5.93** | &nbsp;&nbsp; **$5.24** | &nbsp;&nbsp; **$5.00** | &nbsp;&nbsp; **$6.26** |
| **Total return**<sup>2</sup> <br>| **12.77%**<br>| **19.87%**<br>| **10.41%**<br>| &nbsp;&nbsp; **(16.69)%**<br>| **12.08%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.78<br> %<br>| 0.76 %\*<br>| 0.85<br> %<br>| 0.79<br> %<br>| 0.75<br> %<br>|
| Net expenses | 0.52<br> %<br>| 0.52 %\*<br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>|
| Net investment income | 5.42<br> %<br>| 5.37 %\*<br>| 4.87<br> %<br>| 3.67<br> %<br>| 3.40<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 83<br> %<br>| &nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp; 86<br> %<br>| &nbsp;&nbsp; 87<br> %<br>|
| Net assets, end of period (000s omitted) | $116915 | &nbsp;&nbsp; $107238 | &nbsp;&nbsp; $112338 | &nbsp;&nbsp; $148499 | &nbsp;&nbsp; $249764 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Ratios include dividends on securities sold short in the amount of 0.00%.

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring Diversified Income Builder Fund \| 31

------

Notes to financial statements

Notes to financial statements

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 Diversified Income Builder Fund (the "Fund") which is a diversified series of the Trust.

Effective at the close of business on September 12, 2025, Administrator Class shares became Institutional Class shares in a tax-free conversion. Shareholders of Administrator Class received Institutional Class shares at a value equal to the value of their Administrator Class shares immediately prior to the conversion. Administrator Class shares are no longer offered by the Fund.

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 ("GAAP") 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.

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.

Equity securities, exchange-traded funds and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

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 Valuation 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 implemented by Allspring Funds Management 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 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 September 30, 2025, such fair value pricing was not used in pricing foreign securities.

Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management.

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

Swap contracts are valued at the evaluated price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

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

32 \| Allspring Diversified Income Builder Fund

------

Notes to financial statements

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund's commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund 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.

Loans

The Fund 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 Fund purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is selling the participation. When the Fund 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. Unfunded loan commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market and any unrealized gains or losses are recorded in the Statement of assets and liabilities.

Forward foreign currency contracts

A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund's maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and security values and is subject to interest rate risk and 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 Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of assets and liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of operations.

Options

The Fund may write covered call options or secured put options on individual securities and/or indexes. When the Fund writes an option, an amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current market value of the written option. Premiums received from written options that expire unexercised are recognized as realized gains on the expiration date. For exercised options, the difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as a realized gain or

Allspring Diversified Income Builder Fund \| 33

------

Notes to financial statements

loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in calculating the realized gain or loss on the sale. If a put option is exercised, the premium reduces the cost of the security purchased. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security and/or index underlying the written option.

The Fund may sell a security it does not own as a result of an exercised written call option. The Fund records the proceeds as a liability which is marked-to-market daily based upon quotations from an independent pricing service or an independent broker-dealer and any change in value is recorded as an unrealized gain or loss. Any interest or dividends accrued on such securities during the period are recorded as an expense on the Statement of operations. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the closing of a short sale if the market price at the closing is less than or greater than, respectively, the proceeds originally received.

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

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

Swap contracts

Swap contracts are agreements between the Fund and a counterparty to exchange a series of cash flows over a specified period. Swap agreements are privately negotiated contracts between the Fund that are entered into as bilateral contracts in the over-the-counter ("OTC") market or centrally cleared ("centrally cleared swaps") with a central clearinghouse.

The Fund entered into centrally cleared swaps. In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the Fund's counterparty on the swap agreement becomes the CCP. Upon entering into a centrally cleared swap, the Fund is required to deposit an initial margin with the broker in the form of cash or securities. Securities deposited as initial margin are designated in the Portfolio of investments and cash deposited is shown as cash segregated for centrally cleared swaps in the Statement of assets and liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). The variation margin is recorded as an unrealized gain (or loss) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of assets and liabilities. Payments received from (paid to) the counterparty are recorded as realized gains (losses) in the Statement of operations when the contract is closed.

***Credit default swaps***

The Fund may enter into credit default swaps for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or a basket of single-name issuers or traded indexes. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name's weight in the index. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the protection seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring).

The Fund may enter into credit default swaps as either the seller of protection or the buyer of protection. If the Fund is the buyer of protection and a credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. If the Fund is the seller of protection and a credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

As the seller of protection, the Fund is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Fund could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates.

By entering into credit default swap contracts, the Fund is exposed to credit risk. In addition, certain credit default swap contracts entered into by the Fund provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements.

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.

34 \| Allspring Diversified Income Builder Fund

------

Notes to financial statements

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.

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.

Interest earned on cash balances held at the custodian is recorded as interest income.

Income dividends and capital gain distributions from investment companies are recorded on the ex-dividend date. Capital gain distributions from investment companies are treated as realized gains.

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

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. GAAP. 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, as applicable, 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 September 30, 2025, the aggregate cost of all investments for federal income tax purposes was $313,277,062 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $44701902 |
| Gross unrealized losses | &nbsp;&nbsp; (4990317)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$39711585** |

---

As of September 30, 2025, the Fund had capital loss carryforwards which consist of $34,529,795 in short-term capital losses and $6,105,497 in long-term capital losses.

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.&nbsp;&nbsp;&nbsp;&nbsp;

Allspring Diversified Income Builder Fund \| 35

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Asset-backed securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $611277 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $611277 |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; 9796896 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9796896 |
| *Consumer discretionary* | &nbsp;&nbsp; 10429769 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 10429769 |
| *Consumer staples* | &nbsp;&nbsp; 6136168 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6136168 |
| *Energy* | &nbsp;&nbsp; 4212605 | &nbsp;&nbsp;&nbsp; 1700045 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5912650 |
| *Financials* | &nbsp;&nbsp; 29259079 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 29259079 |
| *Health care* | &nbsp;&nbsp; 9619855 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9619855 |
| *Industrials* | &nbsp;&nbsp; 10001557 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 10001557 |
| *Information technology* | &nbsp;&nbsp; 39350314 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 39350314 |
| *Investment Companies* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 15453 | &nbsp;&nbsp;&nbsp; 15453 |
| *Materials* | &nbsp;&nbsp; 1300466 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1300466 |
| *Real estate* | &nbsp;&nbsp; 5127476 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5127476 |
| *Utilities* | &nbsp;&nbsp; 6920375 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6920375 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 128874099 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 128874099 |
| **Foreign corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 23041163 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 23041163 |
| **Loans** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7711006 | &nbsp;&nbsp;&nbsp; 243715 | &nbsp;&nbsp;&nbsp; 7954721 |
| **Municipal obligations** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 11239261 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 11239261 |
| **Preferred stocks** |  |  |  |  |
| *Energy* | &nbsp;&nbsp; 1550653 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1550653 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 37993737 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 37993737 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 7366210 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7366210 |
|  | &nbsp;&nbsp; 141071423 | &nbsp;&nbsp;&nbsp; 211170588 | &nbsp;&nbsp;&nbsp; 259168 | &nbsp;&nbsp;&nbsp; 352501179 |
| **Forward foreign currency contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 48145 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 48145 |
| **Futures contracts** | &nbsp;&nbsp; 848026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 848026 |
| **Total assets** | &nbsp;&nbsp; **$141919449** | &nbsp;&nbsp;&nbsp; **$211218733** | &nbsp;&nbsp;&nbsp; **$259168** | &nbsp;&nbsp;&nbsp; **$353397350** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Futures contracts** | &nbsp;&nbsp; $408703 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $408703 |
| **Total liabilities** | &nbsp;&nbsp; **$408703** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$408703** |

---

Futures contracts and forward foreign currency contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables 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.

At September 30, 2025, the Fund had no material transfers into/out of Level 3.

36 \| Allspring Diversified Income Builder Fund

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.550<br> %<br>|
| Next $500 million | 0.525 |
| Next $2 billion | 0.500 |
| Next $2 billion | 0.475 |
| Next $5 billion | 0.440 |
| Over $10 billion | 0.430 |

---

For the year ended September 30, 2025, the management fee was equivalent to an annual rate of 0.55% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

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 and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Class R6 | 0.03 |
| Administrator Class | 0.13 |
| Institutional Class | 0.13 |

---

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 reimbursed 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. Allspring Funds Management has contractually committed through January 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of September 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.84<br> %<br>|
| Class C | 1.59 |
| Class R6 | 0.42 |
| Institutional Class | 0.52 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares 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"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.

Allspring Diversified Income Builder Fund \| 37

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Notes to financial statements

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 year ended September 30, 2025, Allspring Funds Distributor received $17,212 from the sale of Class A shares and $1,083 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended September 30, 2025.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund 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. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended September 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2025 were $270,085,383 and $282,012,930, respectively.

6. DERIVATIVE TRANSACTIONS

During the year ended September 30, 2025, the Fund entered into futures contracts and written options for economic hedging purposes. The Fund also entered into forward foreign currency contracts for economic hedging purposes.

The volume of the Fund's derivative activity during the year ended September 30, 2025 was as follows:

---

| | |
|:---|:---|
| **Forward foreign currency contracts** |  |
| Average contract amounts to buy | &nbsp;&nbsp; $1174999 |
| Average contract amounts to sell | &nbsp;&nbsp; 20432061 |
| **Futures contracts** |  |
| Average notional balance on long futures | &nbsp;&nbsp; $41058231 |
| Average notional balance on short futures | &nbsp;&nbsp; 5699416 |
| **Written options** |  |
| Average number of contracts written | &nbsp;&nbsp; 3143 |

---

A summary of the location of derivative instruments on the financial statements by primary risk exposure is outlined in the following tables.

38 \| Allspring Diversified Income Builder Fund

------

Notes to financial statements

The fair value of derivative instruments as of September 30, 2025 by primary risk type was as follows for the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Equity <br>risk<br>| Foreign currency <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $48145 | $48145 |
| Futures contracts | &nbsp;&nbsp; 0 | 848,026 <br>\*<br>| 0 | 848026 |
|  | &nbsp;&nbsp; $0 | $848026 | $48145 | $896171 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Futures contracts | &nbsp;&nbsp; $408,703 <br>\*<br>| $0 | $0 | $408703 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of investments. For futures contracts, only the current day's variation margin as of September 30, 2025 is reported separately on the Statement of assets and liabilities. 

The effect of derivative instruments on the Statement of operations for the year ended September 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | INTEREST RATE <br>RISK<br>| Equity <br>risk<br>| Foreign currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $(1680246)<br>| $(1680246)<br>|
| Futures contracts | &nbsp;&nbsp; (2164121)<br>| (156050)<br>| 0 | (2320171)<br>|
| Written options | &nbsp;&nbsp; 0 | 145900 | 0 | 145900 |
|  | &nbsp;&nbsp; $(2164121)<br>| $(10150)<br>| $(1680246)<br>| $(3854517)<br>|
| **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $66537 | $66537 |
| Futures contracts | &nbsp;&nbsp; (409537)<br>| 848026 | 0 | 438489 |
| Written options | &nbsp;&nbsp; 0 | 322042 | 0 | 322042 |
|  | &nbsp;&nbsp; $(409537)<br>| $1170068 | $66537 | $827068 |

---

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements ("ISDA Master Agreements") or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument's assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statement of assets and liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of assets and liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of assets and liabilities to the net amounts by counterparty, including any collateral exposure, for OTC derivatives is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of assets in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>received<br>| Net amount <br>of assets<br>|
| Bank of New York Mellon Corp. | &nbsp;&nbsp; $48145 | $0 | $0 | $48145 |

---

7. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 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 or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended September 30, 2025, there were no borrowings by the Fund under the agreement.

Allspring Diversified Income Builder Fund \| 39

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Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 |
|  | 2025 | 2024 |
| **Ordinary income** | $19399550 | $18911702 |

---

As of September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Unrealized <br>gains<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $3117931 | &nbsp;&nbsp; $39711585 | &nbsp;&nbsp;&nbsp; $(40635292)<br>|

---

9. CONCENTRATION RISKS

As of the end of the period, the Fund concentrated its portfolio of investments in the financial 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

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.

11. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined in *Segment Reporting (Topic 280)*, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

12. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

40 \| Allspring Diversified Income Builder Fund

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Diversified Income Builder Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, transfer agents, agent banks, and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g774251img7ebb91bd2.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

November 20, 2025

Allspring Diversified Income Builder Fund \| 41

------

Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 5% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2025.

Pursuant to Section 854 of the Internal Revenue Code, $2,797,638 of income dividends paid during the fiscal year ended September 30, 2025 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2025, $7,987,987 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, 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.

Quarterly portfolio holdings information

The Fund 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. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

42 \| Allspring Diversified Income Builder Fund

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Diversified Income Builder Fund \| 43

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Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Diversified Income Builder Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) investment sub-advisory agreements (the "Sub-Advisory Agreements") with Allspring Global Investments, LLC and Allspring Global Investments (UK) Limited (together, the "Sub-Advisers"), each an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreements are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Advisers and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Advisers about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Advisers under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Advisers under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Advisers are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Advisers to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Advisers. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

44 \| Allspring Diversified Income Builder Fund

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than or in range of the average investment performance of the Universe for all periods under review, except for the 5-year period under review, which was lower. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Diversified Income Builder Blended Index, for the one-year period under review, and lower for all other periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund's investment performance. The Board also took note of the Fund's performance relative to the Universe and benchmark over the shorter-term time periods under review.

The Board noted that it had previously approved certain investment strategy changes for the Fund as well as the addition of Allspring Global Investments (UK) Limited as a second sub-adviser to the Fund and that those changes had become effective on or about November 8, 2024. It was also noted that the Board had previously been notified of a change in the portfolio managers of the Fund, which had been implemented in December 2024, and that the investment performance of the Fund for most of the periods covered did not reflect the Fund's new portfolio managers, investment strategy changes or second sub-adviser. The Board noted that it would continue to review the Fund's investment performance going forward to monitor implementation of those changes.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class.

It was noted that the Board had approved a proposal to convert Administrator Class shares into Institutional Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Advisers for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of the average rates for the expense Groups for each share class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Advisers, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Advisers, the Board ascribed limited relevance to the allocation of fees between them.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Advisers under the Sub-Advisory Agreements was reasonable.

Allspring Diversified Income Builder Fund \| 45

------

Other information (unaudited)

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Advisers' profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Advisers*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Advisers, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Advisers' business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Advisers.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Advisers, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Advisers under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

46 \| Allspring Diversified Income Builder Fund

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![](g774251imgadc5d02f1.jpg)

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: **1-800-260-5969**

![](g774251imgb51284863.gif)

*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<sup>TM</sup> 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.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR4304 09-25**

------

![](g774251img419ffe1b1.jpg)

Allspring Diversified Capital Builder Fund

Long Form Financial Statements

Annual Report

September 30, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_b978f38c-ac2a-4428-ae00-b238dabdd65d_POI-PageBlank-27_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_b978f38c-ac2a-4428-ae00-b238dabdd65d_FS-PageBlank-27_1)** |  |
| [Statement of assets and liabilities](#xx_b978f38c-ac2a-4428-ae00-b238dabdd65d_FS-PageBlank-27_1) | 8 |
| [Statement of operations](#xx_b978f38c-ac2a-4428-ae00-b238dabdd65d_FS-PageBlank-27_2) | 9 |
| [Statement of changes in net assets](#xx_b978f38c-ac2a-4428-ae00-b238dabdd65d_FS-PageBlank-27_3) | 10 |
| [Financial highlights](#xx_b978f38c-ac2a-4428-ae00-b238dabdd65d_FIHI-PageBlank-27_1) | 11 |
| **[Notes to financial statements](#xx_b978f38c-ac2a-4428-ae00-b238dabdd65d_NTF-PageBlank-27_1)** | 14 |
| **[Report of independent registered public accounting firm](#xx_b978f38c-ac2a-4428-ae00-b238dabdd65d_AUD-PageBlank-27_1)** | 19 |
| **[Other information](#xx_b978f38c-ac2a-4428-ae00-b238dabdd65d_OI-PageBlank-27_1)** | 20 |
| [Item 8. Changes in and disagreements with accountants](#xx_b978f38c-ac2a-4428-ae00-b238dabdd65d_OI-PageBlank-27_2) | 21 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_b978f38c-ac2a-4428-ae00-b238dabdd65d_OI-PageBlank-27_2) | 21 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_b978f38c-ac2a-4428-ae00-b238dabdd65d_OI-PageBlank-27_2) | 21 |
| [Item 11. Statement regarding basis for board](#xx_b978f38c-ac2a-4428-ae00-b238dabdd65d_OI-PageBlank-27_3)['](#xx_b978f38c-ac2a-4428-ae00-b238dabdd65d_OI-PageBlank-27_3)[s approval of investment](#xx_b978f38c-ac2a-4428-ae00-b238dabdd65d_OI-PageBlank-27_3)<br> [advisory contract](#xx_b978f38c-ac2a-4428-ae00-b238dabdd65d_OI-PageBlank-27_3)<br>| 22 |

---

Allspring Diversified Capital Builder Fund \| 1

------

Portfolio of investments—September 30, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 84.21%** |  |  |
| **Consumer discretionary: 0.17%** |  |  |
| **Distributors: 0.17%** |  |  |
| Genuine Parts Co. | 20000 | &nbsp;&nbsp; **$2772000** |
| **Energy: 14.64%** |  |  |
| **Energy equipment & services: 4.31%** |  |  |
| Baker Hughes Co. Class A | 800000 | &nbsp;&nbsp; 38976000 |
| Schlumberger NV | 920000 | &nbsp;&nbsp; 31620400 |
|  |  | &nbsp;&nbsp; **70596400** |
| **Oil, gas & consumable fuels: 10.33%** |  |  |
| Antero Resources Corp.† | 80000 | &nbsp;&nbsp; 2684800 |
| Cheniere Energy, Inc. | 195000 | &nbsp;&nbsp; 45821100 |
| Devon Energy Corp. | 700000 | &nbsp;&nbsp; 24542000 |
| EOG Resources, Inc. | 180000 | &nbsp;&nbsp; 20181600 |
| EQT Corp. | 220000 | &nbsp;&nbsp; 11974600 |
| ONEOK, Inc. | 375000 | &nbsp;&nbsp; 27363750 |
| Targa Resources Corp. | 220000 | &nbsp;&nbsp; 36858800 |
|  |  | &nbsp;&nbsp; **169426650** |
| **Financials: 0.37%** |  |  |
| **Banks: 0.37%** |  |  |
| PNC Financial Services Group, Inc. | 30000 | &nbsp;&nbsp; **6027900** |
| **Health care: 4.95%** |  |  |
| **Biotechnology: 2.20%** |  |  |
| AbbVie, Inc. | 60000 | &nbsp;&nbsp; 13892400 |
| BioMarin Pharmaceutical, Inc.† | 100000 | &nbsp;&nbsp; 5416000 |
| Neurocrine Biosciences, Inc.† | 120000 | &nbsp;&nbsp; 16845600 |
|  |  | &nbsp;&nbsp; **36154000** |
| **Health care equipment & supplies: 1.43%** |  |  |
| Boston Scientific Corp.† | 240000 | &nbsp;&nbsp; **23431200** |
| **Pharmaceuticals: 1.32%** |  |  |
| Eli Lilly & Co. | 3000 | &nbsp;&nbsp; 2289000 |
| Merck & Co., Inc. | 230000 | &nbsp;&nbsp; 19303900 |
|  |  | &nbsp;&nbsp; **21592900** |
| **Industrials: 22.80%** |  |  |
| **Aerospace & defense: 5.11%** |  |  |
| ATI, Inc.† | 270000 | &nbsp;&nbsp; 21961800 |
| Curtiss-Wright Corp. | 93000 | &nbsp;&nbsp; 50493420 |
| HEICO Corp. | 35000 | &nbsp;&nbsp; 11298700 |
|  |  | &nbsp;&nbsp; **83753920** |

---

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

2 \| Allspring Diversified Capital Builder Fund

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Commercial services & supplies: 2.40%** |  |  |
| Cintas Corp. | 90000 | &nbsp;&nbsp; $18473400 |
| Clean Harbors, Inc.† | 90000 | &nbsp;&nbsp; 20899800 |
|  |  | &nbsp;&nbsp; **39373200** |
| **Construction & engineering: 0.65%** |  |  |
| Dycom Industries, Inc.† | 8000 | &nbsp;&nbsp; 2334080 |
| Quanta Services, Inc. | 20000 | &nbsp;&nbsp; 8288400 |
|  |  | &nbsp;&nbsp; **10622480** |
| **Electrical equipment: 6.75%** |  |  |
| AMETEK, Inc. | 145000 | &nbsp;&nbsp; 27260000 |
| Eaton Corp. PLC | 45000 | &nbsp;&nbsp; 16841250 |
| Emerson Electric Co. | 315000 | &nbsp;&nbsp; 41321700 |
| Regal Rexnord Corp. | 55000 | &nbsp;&nbsp; 7889200 |
| Vertiv Holdings Co. Class A | 115000 | &nbsp;&nbsp; 17348900 |
|  |  | &nbsp;&nbsp; **110661050** |
| **Machinery: 4.66%** |  |  |
| Crane Co. | 15008 | &nbsp;&nbsp; 2763573 |
| Flowserve Corp. | 320000 | &nbsp;&nbsp; 17004800 |
| IDEX Corp. | 10000 | &nbsp;&nbsp; 1627600 |
| ITT, Inc. | 95000 | &nbsp;&nbsp; 16982200 |
| Oshkosh Corp. | 20000 | &nbsp;&nbsp; 2594000 |
| Parker-Hannifin Corp. | 17000 | &nbsp;&nbsp; 12888550 |
| Timken Co. | 300000 | &nbsp;&nbsp; 22554000 |
|  |  | &nbsp;&nbsp; **76414723** |
| **Professional services: 3.23%** |  |  |
| Leidos Holdings, Inc. | 280000 | &nbsp;&nbsp; **52908800** |
| **Information technology: 36.32%** |  |  |
| **Communications equipment: 1.26%** |  |  |
| Motorola Solutions, Inc. | 45000 | &nbsp;&nbsp; **20578050** |
| **Electronic equipment, instruments & components: 10.23%** |  |  |
| Amphenol Corp. Class A | 640000 | &nbsp;&nbsp; 79200000 |
| Crane NXT Co. | 90000 | &nbsp;&nbsp; 6036300 |
| Jabil, Inc. | 145000 | &nbsp;&nbsp; 31489650 |
| Teledyne Technologies, Inc.† | 87000 | &nbsp;&nbsp; 50985480 |
|  |  | &nbsp;&nbsp; **167711430** |
| **IT services: 2.75%** |  |  |
| International Business Machines Corp. | 160000 | &nbsp;&nbsp; **45145600** |
| **Semiconductors & semiconductor equipment: 18.15%** |  |  |
| Advanced Micro Devices, Inc.† | 410000 | &nbsp;&nbsp; 66333900 |
| Broadcom, Inc. | 160000 | &nbsp;&nbsp; 52785600 |
| Marvell Technology, Inc. | 560000 | &nbsp;&nbsp; 47079200 |
| Micron Technology, Inc. | 500000 | &nbsp;&nbsp; 83660000 |

---

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

Allspring Diversified Capital Builder Fund \| 3

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Semiconductors & semiconductor equipment**(continued) |  |  |
| NVIDIA Corp. | 250000 | &nbsp;&nbsp; $46645000 |
| Synaptics, Inc.† | 15000 | &nbsp;&nbsp; 1025100 |
|  |  | &nbsp;&nbsp; **297528800** |
| **Software: 3.93%** |  |  |
| Adobe, Inc.† | 55000 | &nbsp;&nbsp; 19401250 |
| Autodesk, Inc.† | 45000 | &nbsp;&nbsp; 14295150 |
| Roper Technologies, Inc. | 2000 | &nbsp;&nbsp; 997380 |
| Synopsys, Inc.† | 60295 | &nbsp;&nbsp; 29748950 |
|  |  | &nbsp;&nbsp; **64442730** |
| **Materials: 0.86%** |  |  |
| **Chemicals: 0.49%** |  |  |
| Westlake Corp. | 105000 | &nbsp;&nbsp; **8091300** |
| **Containers & packaging: 0.37%** |  |  |
| AptarGroup, Inc. | 45000 | &nbsp;&nbsp; **6014700** |
| **Real estate: 0.50%** |  |  |
| **Specialized REITs: 0.50%** |  |  |
| Iron Mountain, Inc. | 80000 | &nbsp;&nbsp; **8155200** |
| **Utilities: 3.60%** |  |  |
| **Electric utilities: 0.40%** |  |  |
| NRG Energy, Inc. | 40000 | &nbsp;&nbsp; **6478000** |
| **Gas utilities: 0.47%** |  |  |
| Atmos Energy Corp. | 45000 | &nbsp;&nbsp; **7683750** |
| **Independent power and renewable electricity producers: 2.09%** |  |  |
| Vistra Corp. | 175000 | &nbsp;&nbsp; **34286000** |
| **Multi-utilities: 0.64%** |  |  |
| CMS Energy Corp. | 120000 | &nbsp;&nbsp; 8791200 |
| NiSource, Inc. | 40000 | &nbsp;&nbsp; 1732000 |
|  |  | &nbsp;&nbsp; **10523200** |
| **Total common stocks (Cost $832,169,817)** |  | &nbsp;&nbsp; **1380373983** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal |  |
| **Corporate bonds and notes: 13.96%** |  |  |  |  |
| **Basic materials: 0.93%** |  |  |  |  |
| **Iron/steel: 0.93%** |  |  |  |  |
| Cleveland-Cliffs, Inc.144A | 6.75<br> %<br>| &nbsp;&nbsp; 4-15-2030 | $15000000 | &nbsp;&nbsp; **15238575** |
| **Consumer, cyclical: 0.34%** |  |  |  |  |
| **Retail: 0.34%** |  |  |  |  |
| Genuine Parts Co. | 6.88 | &nbsp;&nbsp; 11-1-2033 | 5000000 | &nbsp;&nbsp; **5597814** |

---

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

4 \| Allspring Diversified Capital Builder Fund

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Consumer, non-cyclical: 3.40%** |  |  |  |  |
| **Commercial services: 0.53%** |  |  |  |  |
| Valvoline, Inc.144A | 3.63<br> %<br>| &nbsp;&nbsp; 6-15-2031 | $9495000 | &nbsp;&nbsp; **$8706030** |
| **Food: 0.86%** |  |  |  |  |
| Post Holdings, Inc.144A | 4.50 | &nbsp;&nbsp; 9-15-2031 | 8435000 | &nbsp;&nbsp; 7880392 |
| Post Holdings, Inc.144A | 6.25 | &nbsp;&nbsp; 2-15-2032 | 4000000 | &nbsp;&nbsp; 4112313 |
| Post Holdings, Inc.144A | 6.38 | &nbsp;&nbsp; 3-1-2033 | 2000000 | &nbsp;&nbsp; 2018618 |
|  |  |  |  | &nbsp;&nbsp; **14011323** |
| **Healthcare-services: 1.60%** |  |  |  |  |
| Charles River Laboratories International, Inc.144A | 4.00 | &nbsp;&nbsp; 3-15-2031 | 9200000 | &nbsp;&nbsp; 8568525 |
| DaVita, Inc.144A | 4.63 | &nbsp;&nbsp; 6-1-2030 | 7550000 | &nbsp;&nbsp; 7235836 |
| Encompass Health Corp. | 4.63 | &nbsp;&nbsp; 4-1-2031 | 5500000 | &nbsp;&nbsp; 5351429 |
| IQVIA, Inc.144A | 6.25 | &nbsp;&nbsp; 6-1-2032 | 5000000 | &nbsp;&nbsp; 5140705 |
|  |  |  |  | &nbsp;&nbsp; **26296495** |
| **Household products/wares: 0.41%** |  |  |  |  |
| ACCO Brands Corp.144A | 4.25 | &nbsp;&nbsp; 3-15-2029 | 2000000 | &nbsp;&nbsp; 1805454 |
| Spectrum Brands, Inc.144A | 3.88 | &nbsp;&nbsp; 3-15-2031 | 6200000 | &nbsp;&nbsp; 4975500 |
|  |  |  |  | &nbsp;&nbsp; **6780954** |
| **Financial: 1.49%** |  |  |  |  |
| **REITs: 1.49%** |  |  |  |  |
| Iron Mountain, Inc.144A | 4.50 | &nbsp;&nbsp; 2-15-2031 | 12350000 | &nbsp;&nbsp; 11788395 |
| Iron Mountain, Inc.144A | 6.25 | &nbsp;&nbsp; 1-15-2033 | 5000000 | &nbsp;&nbsp; 5100075 |
| SBA Communications Corp. | 3.13 | &nbsp;&nbsp; 2-1-2029 | 8000000 | &nbsp;&nbsp; 7482494 |
|  |  |  |  | &nbsp;&nbsp; **24370964** |
| **Industrial: 4.43%** |  |  |  |  |
| **Aerospace/defense: 1.21%** |  |  |  |  |
| ATI, Inc. | 7.25 | &nbsp;&nbsp; 8-15-2030 | 6532000 | &nbsp;&nbsp; 6856543 |
| TransDigm, Inc. | 4.63 | &nbsp;&nbsp; 1-15-2029 | 9000000 | &nbsp;&nbsp; 8819755 |
| TransDigm, Inc.144A | 6.63 | &nbsp;&nbsp; 3-1-2032 | 4000000 | &nbsp;&nbsp; 4118180 |
|  |  |  |  | &nbsp;&nbsp; **19794478** |
| **Electrical components & equipment: 0.19%** |  |  |  |  |
| WESCO Distribution, Inc.144A | 6.38 | &nbsp;&nbsp; 3-15-2033 | 3000000 | &nbsp;&nbsp; **3109884** |
| **Electronics: 0.52%** |  |  |  |  |
| TTM Technologies, Inc.144A | 4.00 | &nbsp;&nbsp; 3-1-2029 | 8890000 | &nbsp;&nbsp; **8547121** |
| **Engineering & construction: 0.58%** |  |  |  |  |
| Dycom Industries, Inc.144A | 4.50 | &nbsp;&nbsp; 4-15-2029 | 9720000 | &nbsp;&nbsp; **9492981** |
| **Environmental control: 0.95%** |  |  |  |  |
| Clean Harbors, Inc.144A | 6.38 | &nbsp;&nbsp; 2-1-2031 | 14000000 | &nbsp;&nbsp; 14336476 |
| Stericycle, Inc.144A | 3.88 | &nbsp;&nbsp; 1-15-2029 | 1310000 | &nbsp;&nbsp; 1301744 |
|  |  |  |  | &nbsp;&nbsp; **15638220** |

---

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

Allspring Diversified Capital Builder Fund \| 5

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Machinery-diversified: 0.69%** |  |  |  |  |
| ESAB Corp.144A | 6.25<br> %<br>| &nbsp;&nbsp; 4-15-2029 | $11015000 | &nbsp;&nbsp; **$11315742** |
| **Packaging & containers: 0.29%** |  |  |  |  |
| Ball Corp. | 2.88 | &nbsp;&nbsp; 8-15-2030 | 2000000 | &nbsp;&nbsp; 1816885 |
| Sealed Air Corp.144A | 5.00 | &nbsp;&nbsp; 4-15-2029 | 3000000 | &nbsp;&nbsp; 2983262 |
|  |  |  |  | &nbsp;&nbsp; **4800147** |
| **Technology: 0.65%** |  |  |  |  |
| **Semiconductors: 0.65%** |  |  |  |  |
| Synaptics, Inc.144A | 4.00 | &nbsp;&nbsp; 6-15-2029 | 11185000 | &nbsp;&nbsp; **10702393** |
| **Utilities: 2.72%** |  |  |  |  |
| **Electric: 2.72%** |  |  |  |  |
| NRG Energy, Inc.144A | 5.25 | &nbsp;&nbsp; 6-15-2029 | 1000000 | &nbsp;&nbsp; 996763 |
| NRG Energy, Inc.144A%% | 6.00 | &nbsp;&nbsp; 1-15-2036 | 10000000 | &nbsp;&nbsp; 10001436 |
| NRG Energy, Inc.144A | 6.25 | &nbsp;&nbsp; 11-1-2034 | 14000000 | &nbsp;&nbsp; 14351274 |
| Vistra Operations Co. LLC144A | 4.38 | &nbsp;&nbsp; 5-1-2029 | 12000000 | &nbsp;&nbsp; 11748731 |
| Vistra Operations Co. LLC144A | 7.75 | &nbsp;&nbsp; 10-15-2031 | 7000000 | &nbsp;&nbsp; 7407344 |
|  |  |  |  | &nbsp;&nbsp; **44505548** |
| **Total corporate bonds and notes (Cost $230,555,028)** |  |  |  | &nbsp;&nbsp; **228908669** |
| **Yankee corporate bonds and notes: 0.98%** |  |  |  |  |
| **Basic materials: 0.20%** |  |  |  |  |
| **Chemicals: 0.20%** |  |  |  |  |
| Methanex Corp. | 5.25 | &nbsp;&nbsp; 12-15-2029 | 3293000 | &nbsp;&nbsp; **3288145** |
| **Industrial: 0.17%** |  |  |  |  |
| **Electronics: 0.17%** |  |  |  |  |
| Sensata Technologies BV144A | 4.00 | &nbsp;&nbsp; 4-15-2029 | 2880000 | &nbsp;&nbsp; **2763856** |
| **Technology: 0.61%** |  |  |  |  |
| **Computers: 0.61%** |  |  |  |  |
| Seagate Data Storage Technology Pte. Ltd.144A | 3.13 | &nbsp;&nbsp; 7-15-2029 | 1500000 | &nbsp;&nbsp; 1299208 |
| Seagate Data Storage Technology Pte. Ltd.144A | 4.09 | &nbsp;&nbsp; 6-1-2029 | 3488000 | &nbsp;&nbsp; 3374392 |
| Seagate Data Storage Technology Pte. Ltd.144A | 8.50 | &nbsp;&nbsp; 7-15-2031 | 5000000 | &nbsp;&nbsp; 5293290 |
|  |  |  |  | &nbsp;&nbsp; **9966890** |
| **Total yankee corporate bonds and notes (Cost $16,310,019)** |  |  |  | &nbsp;&nbsp; **16018891** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 1.31%** |  |  |  |  |
| **Investment companies: 1.31%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞## |  | 4.07 | 21477966 | &nbsp;&nbsp; **21477966** |
| **Total short-term investments (Cost $21,477,966)** |  |  |  | &nbsp;&nbsp; **21477966** |
| **Total investments in securities (Cost $1,100,512,830)** | 100.46<br> %<br>|  |  | &nbsp;&nbsp; 1646779509 |
| Other assets and liabilities, net | (0.46)<br>|  |  | &nbsp;&nbsp; (7509712)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$1639269797** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

6 \| Allspring Diversified Capital Builder Fund

------

Portfolio of investments—September 30, 2025

---

| | |
|:---|:---|
| † | 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 <br> 1933.<br>|
| %% | The security is purchased on a when-issued basis. |
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |
| ## | All or a portion of this security is segregated as collateral for when-issued securities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations: <br> REIT Real estate investment trust

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund <br> Select Class<br>| $1654794 | $252906349 | $(233083177)<br>| $0 | $0 | $21477966 | 21477966 | $345714 |

---

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

Allspring Diversified Capital Builder Fund \| 7

------

Statement of assets and liabilities—September 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $1,079,034,864) | $1625301543 |
| Investments in affiliated securities, at value (cost $21,477,966) | 21477966 |
| Cash | 302 |
| Receivable for dividends and interest | 4386246 |
| Receivable for investments sold | 2513924 |
| Receivable for Fund shares sold | 562492 |
| Prepaid expenses and other assets | 74314 |
| **Total assets** | **1654316787** |
| Liabilities |  |
| Payable for when-issued transactions | 10000000 |
| Payable for investments purchased | 2005742 |
| Payable for Fund shares redeemed | 1693068 |
| Management fee payable | 787356 |
| Administration fees payable | 227889 |
| Shareholder servicing fees payable | 202259 |
| Distribution fee payable | 74997 |
| Trustees' fees and expenses payable | 102 |
| Accrued expenses and other liabilities | 55577 |
| **Total liabilities** | **15046990** |
| **Total net assets**  | **$1639269797** |
| Net assets consist of |  |
| Paid-in capital | $949329896 |
| Total distributable earnings | 689939901 |
| **Total net assets** | **$1639269797** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $874483660 |
| Shares outstanding–Class A<sup>1</sup> <br>| 56261275 |
| Net asset value per share–Class A | $15.54 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $16.49 |
| Net assets–Class C | $123828679 |
| Shares outstanding–Class C<sup>1</sup> <br>| 8036920 |
| Net asset value per share–Class C | $15.41 |
| Net assets–Institutional Class | $640957458 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 41648129 |
| Net asset value per share–Institutional Class | $15.39 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> 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.

8 \| Allspring Diversified Capital Builder Fund

------

Statement of operations—year ended September 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest (net of foreign withholding taxes of $1,484) | $13616242 |
| Dividends | 13166843 |
| Income from affiliated securities | 345714 |
| **Total investment income** | **27128799** |
| Expenses |  |
| Management fee | 9249348 |
| Administration fees |  |
| Class A | 1598530 |
| Class C | 252091 |
| Administrator Class | 11264 <br><sup>1</sup><br>|
| Institutional Class | 794737 |
| Shareholder servicing fees |  |
| Class A | 1998163 |
| Class C | 315114 |
| Administrator Class | 21580 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 945289 |
| Custody and accounting fees | 53338 |
| Professional fees | 64516 |
| Registration fees | 161948 |
| Shareholder report expenses | 90126 |
| Trustees' fees and expenses | 19091 |
| Other fees and expenses | 41144 |
| **Total expenses** | **15616279** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (174)<br>|
| Class A | (44251)<br>|
| Class C | (13)<br>|
| **Net expenses** | **15571841** |
| **Net investment income** | **11556958** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments**  | **150266000** |
| **Net change in unrealized gains (losses) on investments** | **66638054** |
| **Net realized and unrealized gains (losses) on investments** | **216904054** |
| **Net increase in net assets resulting from operations** | **$228461012** |

---

<sup>1</sup> For the period from October 1, 2024 to September 12, 2025. Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

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

Allspring Diversified Capital Builder Fund \| 9

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2024 | Year ended<br> September 30, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $11556958 |  | &nbsp;&nbsp; $8163774 |
| Net realized gains on investments |  | &nbsp;&nbsp; 150266000 |  | &nbsp;&nbsp; 72873243 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 66638054 |  | &nbsp;&nbsp; 293483296 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **228461012** |  | &nbsp;&nbsp; **374520313** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (41879141)<br>|  | &nbsp;&nbsp; (36792729)<br>|
| Class C |  | &nbsp;&nbsp; (6380859)<br>|  | &nbsp;&nbsp; (5986522)<br>|
| Administrator Class |  | &nbsp;&nbsp; (500204 )<sup>1</sup><br>|  | &nbsp;&nbsp; (538916)<br>|
| Institutional Class |  | &nbsp;&nbsp; (36223822)<br>|  | &nbsp;&nbsp; (23341499)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(84984026)**<br>|  | &nbsp;&nbsp; **(66659666)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 4630450 | &nbsp;&nbsp; 64790355 | &nbsp;&nbsp; 6511330 | &nbsp;&nbsp; 82229398 |
| Class C | 1453056 | &nbsp;&nbsp; 20153379 | &nbsp;&nbsp; 2295375 | &nbsp;&nbsp; 29292969 |
| Administrator Class | 94984 <br><sup>1</sup><br>| &nbsp;&nbsp; 1343707 <br><sup>1</sup><br>| &nbsp;&nbsp; 381476 | &nbsp;&nbsp; 4849025 |
| Institutional Class | 9480787 | &nbsp;&nbsp; 132159812 | &nbsp;&nbsp; 19879539 | &nbsp;&nbsp; 250576773 |
|  |  | &nbsp;&nbsp; 218447253 |  | &nbsp;&nbsp; 366948165 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 2859648 | &nbsp;&nbsp; 39980434 | &nbsp;&nbsp; 3057299 | &nbsp;&nbsp; 35030112 |
| Class C | 448321 | &nbsp;&nbsp; 6200546 | &nbsp;&nbsp; 523170 | &nbsp;&nbsp; 5886415 |
| Administrator Class | 35710 <br><sup>1</sup><br>| &nbsp;&nbsp; 498332 <br><sup>1</sup><br>| &nbsp;&nbsp; 46847 | &nbsp;&nbsp; 537223 |
| Institutional Class | 2351146 | &nbsp;&nbsp; 32569052 | &nbsp;&nbsp; 1846063 | &nbsp;&nbsp; 21209679 |
|  |  | &nbsp;&nbsp; 79248364 |  | &nbsp;&nbsp; 62663429 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (7030058)<br>| &nbsp;&nbsp; (97760160)<br>| &nbsp;&nbsp; (6718383)<br>| &nbsp;&nbsp; (84564975)<br>|
| Class C | (3817533)<br>| &nbsp;&nbsp; (52273426)<br>| &nbsp;&nbsp; (2551979)<br>| &nbsp;&nbsp; (32096294)<br>|
| Administrator Class | (219313 )<sup>1</sup><br>| &nbsp;&nbsp; (2988304 )<sup>1</sup><br>| &nbsp;&nbsp; (493567)<br>| &nbsp;&nbsp; (6310280)<br>|
| Institutional Class | (15885460)<br>| &nbsp;&nbsp; (205548777)<br>| &nbsp;&nbsp; (6914272)<br>| &nbsp;&nbsp; (85814956)<br>|
|  |  | &nbsp;&nbsp; (358570667)<br>|  | &nbsp;&nbsp; (208786505)<br>|
| Share conversions |  |  |  |  |
| Administrator Class | (600576 )<sup>2</sup><br>| &nbsp;&nbsp; (9173265 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class | 606713 <br><sup>2</sup><br>| &nbsp;&nbsp; 9173265 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net increase (decrease) in net assets resulting from capital share** <br> **transactions**<br>|  | &nbsp;&nbsp; **(60875050)**<br>|  | &nbsp;&nbsp; **220825089** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **82601936** |  | &nbsp;&nbsp; **528685736** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **1556667861** |  | &nbsp;&nbsp; **1027982125** |
| **End of period** |  | &nbsp;&nbsp; **$1639269797** |  | &nbsp;&nbsp; **$1556667861** |

---

<sup>1</sup> For the period from October 1, 2024 to September 12, 2025

<sup>2</sup> Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

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

10 \| Allspring Diversified Capital Builder Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$14.02** | &nbsp;&nbsp; **$11.01** | &nbsp;&nbsp; **$10.29** | &nbsp;&nbsp; **$12.64** | &nbsp;&nbsp; **$10.88** |
| Net investment income | 0.10 <br><sup>1</sup><br>| 0.07 <br><sup>1</sup><br>| 0.11 | 0.10 <br><sup>1</sup><br>| 0.09 |
| Net realized and unrealized gains (losses) on investments | 2.17 | 3.63 | 1.89 | &nbsp;&nbsp; (1.50)<br>| 1.87 |
| Total from investment operations | 2.27 | 3.70 | 2.00 | &nbsp;&nbsp; (1.40)<br>| 1.96 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.10)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.10)<br>|
| Net realized gains | (0.65)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.10)<br>|
| Total distributions to shareholders | (0.75)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.20)<br>|
| **Net asset value, end of period** | **$15.54** | &nbsp;&nbsp; **$14.02** | &nbsp;&nbsp; **$11.01** | &nbsp;&nbsp; **$10.29** | &nbsp;&nbsp; **$12.64** |
| **Total return**<sup>2</sup> <br>| **16.81%**<br>| **35.05%**<br>| **20.16%**<br>| &nbsp;&nbsp; **(12.45)%**<br>| **18.18%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.08<br> %<br>| 1.08<br> %<br>| 1.11<br> %<br>| 1.11<br> %<br>| 1.11<br> %<br>|
| Net expenses | 1.07<br> %<br>| 1.07<br> %<br>| 1.11<br> %<br>| 1.10<br> %<br>| 1.11<br> %<br>|
| Net investment income | 0.69<br> %<br>| 0.57<br> %<br>| 0.99<br> %<br>| 0.77<br> %<br>| 0.76<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 20<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 28<br> %<br>|
| Net assets, end of period (000s omitted) | $874484 | &nbsp;&nbsp; $782252 | &nbsp;&nbsp; $583064 | &nbsp;&nbsp; $534863 | &nbsp;&nbsp; $657696 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

Allspring Diversified Capital Builder Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$13.91** | &nbsp;&nbsp; **$10.96** | &nbsp;&nbsp; **$10.24** | &nbsp;&nbsp; **$12.58** | &nbsp;&nbsp; **$10.86** |
| Net investment income (loss) | (0.01 )<sup>1</sup><br>| &nbsp;&nbsp; (0.02 )<sup>1</sup><br>| 0.02 | 0.00 <br><sup>12</sup><br>| 0.00 <br><sup>12</sup><br>|
| Net realized and unrealized gains (losses) on investments | 2.16 | 3.59 | 1.89 | &nbsp;&nbsp; (1.48)<br>| 1.86 |
| Total from investment operations | 2.15 | 3.57 | 1.91 | &nbsp;&nbsp; (1.48)<br>| 1.86 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.00 )<sup>3</sup><br>| 0.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.04)<br>|
| Net realized gains | (0.65)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.10)<br>|
| Total distributions to shareholders | (0.65)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Net asset value, end of period** | **$15.41** | &nbsp;&nbsp; **$13.91** | &nbsp;&nbsp; **$10.96** | &nbsp;&nbsp; **$10.24** | &nbsp;&nbsp; **$12.58** |
| **Total return**<sup>4</sup> <br>| **16.03%**<br>| **33.96%**<br>| **19.36%**<br>| &nbsp;&nbsp; **(13.12)%**<br>| **17.25%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.83<br> %<br>| 1.83<br> %<br>| 1.86<br> %<br>| 1.85<br> %<br>| 1.86<br> %<br>|
| Net expenses | 1.83<br> %<br>| 1.83<br> %<br>| 1.86<br> %<br>| 1.85<br> %<br>| 1.86<br> %<br>|
| Net investment income (loss) | (0.08)%<br>| &nbsp;&nbsp; (0.18)%<br>| 0.24<br> %<br>| 0.02<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 20<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 28<br> %<br>|
| Net assets, end of period (000s omitted) | $123829 | &nbsp;&nbsp; $138491 | &nbsp;&nbsp; $106152 | &nbsp;&nbsp; $100367 | &nbsp;&nbsp; $127209 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

12 \| Allspring Diversified Capital Builder Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$13.89** | &nbsp;&nbsp; **$10.91** | &nbsp;&nbsp; **$10.20** | &nbsp;&nbsp; **$12.54** | &nbsp;&nbsp; **$10.79** |
| Net investment income | 0.14 <br><sup>1</sup><br>| 0.11 <br><sup>1</sup><br>| 0.14 | 0.13 <br><sup>1</sup><br>| 0.13 |
| Net realized and unrealized gains (losses) on investments | 2.15 | 3.60 | 1.88 | &nbsp;&nbsp; (1.48)<br>| 1.86 |
| Total from investment operations | 2.29 | 3.71 | 2.02 | &nbsp;&nbsp; (1.35)<br>| 1.99 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.14)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized gains | (0.65)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.10)<br>|
| Total distributions to shareholders | (0.79)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Net asset value, end of period** | **$15.39** | &nbsp;&nbsp; **$13.89** | &nbsp;&nbsp; **$10.91** | &nbsp;&nbsp; **$10.20** | &nbsp;&nbsp; **$12.54** |
| **Total return**<sup>2</sup> <br>| **17.20%**<br>| **35.50%**<br>| **20.62%**<br>| &nbsp;&nbsp; **(12.19)%**<br>| **18.51%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.76<br> %<br>| 0.76<br> %<br>| 0.78<br> %<br>| 0.78<br> %<br>| 0.78<br> %<br>|
| Net expenses | 0.76<br> %<br>| 0.76<br> %<br>| 0.78<br> %<br>| 0.77<br> %<br>| 0.78<br> %<br>|
| Net investment income | 1.00<br> %<br>| 0.89<br> %<br>| 1.32<br> %<br>| 1.10<br> %<br>| 1.09<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 20<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 28<br> %<br>|
| Net assets, end of period (000s omitted) | $640957 | &nbsp;&nbsp; $626256 | &nbsp;&nbsp; $330452 | &nbsp;&nbsp; $290545 | &nbsp;&nbsp; $358519 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring Diversified Capital Builder Fund \| 13

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Notes to financial statements

Notes to financial statements

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 Diversified Capital Builder Fund (the "Fund") which is a diversified series of the Trust.

Effective at the close of business on September 12, 2025, Administrator Class shares became Institutional Class shares in a tax-free conversion. Shareholders of Administrator Class received Institutional Class shares at a value equal to the value of their Administrator Class shares immediately prior to the conversion. Administrator Class shares are no longer offered by the Fund.

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 ("GAAP") 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.

Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

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 (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

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

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund's commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund 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.

Dividend income is recognized on the ex-dividend date.

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 earned on cash balances held at the custodian is recorded as interest income.

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

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

14 \| Allspring Diversified Capital Builder Fund

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Notes to financial statements

Distributions to shareholders

Distributions to shareholders are recorded on the ex-dividend date and paid from net investment income quarterly 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. GAAP. 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, as applicable, 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 September 30, 2025, the aggregate cost of all investments for federal income tax purposes was $1,100,578,060 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $593919191 |
| Gross unrealized losses | &nbsp;&nbsp; (47717742)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$546201449** |

---

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.&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

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

Allspring Diversified Capital Builder Fund \| 15

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Notes to financial statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Consumer discretionary* | &nbsp;&nbsp; $2772000 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $2772000 |
| *Energy* | &nbsp;&nbsp; 240023050 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 240023050 |
| *Financials* | &nbsp;&nbsp; 6027900 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6027900 |
| *Health care* | &nbsp;&nbsp; 81178100 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 81178100 |
| *Industrials* | &nbsp;&nbsp; 373734173 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 373734173 |
| *Information technology* | &nbsp;&nbsp; 595406610 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 595406610 |
| *Materials* | &nbsp;&nbsp; 14106000 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14106000 |
| *Real estate* | &nbsp;&nbsp; 8155200 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8155200 |
| *Utilities* | &nbsp;&nbsp; 58970950 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 58970950 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 228908669 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 228908669 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 16018891 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 16018891 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 21477966 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 21477966 |
| **Total assets** | &nbsp;&nbsp; **$1401851949** | &nbsp;&nbsp;&nbsp; **$244927560** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1646779509** |

---

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

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

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, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.650<br> %<br>|
| Next $500 million | 0.600 |
| Next $2 billion | 0.550 |
| Next $2 billion | 0.525 |
| Next $5 billion | 0.490 |
| Over $10 billion | 0.480 |

---

For the year ended September 30, 2025, the management fee was equivalent to an annual rate of 0.60% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

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

16 \| Allspring Diversified Capital Builder Fund

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Notes to financial statements

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 and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Administrator Class | 0.13 |
| Institutional Class | 0.13 |

---

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 reimbursed 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. Allspring Funds Management has contractually committed through January 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of September 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.11<br> %<br>|
| Class C | 1.86 |
| Institutional Class | 0.78 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares 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"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.

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 year ended September 30, 2025, Allspring Funds Distributor received $47,496 from the sale of Class A shares and $13,934 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended September 30, 2025.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund 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. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended September 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2025 were $301,724,626 and $435,120,983, respectively.

6. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 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 or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended September 30, 2025, there were no borrowings by the Fund under the agreement.

Allspring Diversified Capital Builder Fund \| 17

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Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 |
|  | 2025 | 2024 |
| **Ordinary income** | $11693620 | $8242285 |
| **Long-term capital gain** | 73290406 | 58417381 |

---

As of September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>gains<br>|
| &nbsp;&nbsp;&nbsp; $477240 | &nbsp;&nbsp; $143314435 | &nbsp;&nbsp;&nbsp; $546201449 |

---

8. CONCENTRATION RISKS

As of the end of the period, the Fund concentrated its portfolio of investments in information technology and industrials 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

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.

10. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined in *Segment Reporting (Topic 280)*, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

11. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

18 \| Allspring Diversified Capital Builder Fund

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Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Diversified Capital Builder Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g774251img81f925632.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

November 20, 2025

Allspring Diversified Capital Builder Fund \| 19

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Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 100% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2025.

Pursuant to Section 852 of the Internal Revenue Code, $73,290,406 was designated as a 20% rate gain distribution for the fiscal year ended

September 30, 2025.

Pursuant to Section 854 of the Internal Revenue Code, $11,693,620 of income dividends paid during the fiscal year ended September 30, 2025 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2025, $5,691,416 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, 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.

Quarterly portfolio holdings information

The Fund 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. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

20 \| Allspring Diversified Capital Builder Fund

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Diversified Capital Builder Fund \| 21

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Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Diversified Capital Builder Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.[1] In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

22 \| Allspring Diversified Capital Builder Fund

------

Other information (unaudited)

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Diversified Capital Builder Blended Index, for all periods under review, except for the five-year period under review, which was in range of the investment performance of its benchmark index.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups for each share class, except Institutional Class, which was lower than the median net operating expense ratios of the expense Groups.

It was noted that the Board had approved a proposal to convert Administrator Class shares into Institutional Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of the average rates for the expense Groups for each share class, except Institutional Class, which was lower than the sum of the average rates for the expense Groups.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Diversified Capital Builder Fund \| 23

------

Other information (unaudited)

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

24 \| Allspring Diversified Capital Builder Fund

------

![](g774251img419ffe1b1.jpg)

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: **1-800-260-5969**

![](g774251imgf71477f73.gif)

*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<sup>TM</sup> 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.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR4324 09-25**

------

![](g774251img253ca7d11.jpg)

Allspring Common Stock Fund

Long Form Financial Statements

Annual Report

September 30, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_fee15683-2f96-44a6-9f1c-35539a074202_POI-PageBlank-29_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_fee15683-2f96-44a6-9f1c-35539a074202_FS-PageBlank-29_1)** |  |
| [Statement of assets and liabilities](#xx_fee15683-2f96-44a6-9f1c-35539a074202_FS-PageBlank-29_1) | 7 |
| [Statement of operations](#xx_fee15683-2f96-44a6-9f1c-35539a074202_FS-PageBlank-29_2) | 8 |
| [Statement of changes in net assets](#xx_fee15683-2f96-44a6-9f1c-35539a074202_FS-PageBlank-29_4) | 10 |
| [Financial highlights](#xx_fee15683-2f96-44a6-9f1c-35539a074202_FIHI-PageBlank-29_1) | 12 |
| **[Notes to financial statements](#xx_fee15683-2f96-44a6-9f1c-35539a074202_NTF-PageBlank-29_1)** | 16 |
| **[Report of independent registered public accounting firm](#xx_fee15683-2f96-44a6-9f1c-35539a074202_AUD-PageBlank-29_1)** | 22 |
| **[Other information](#xx_fee15683-2f96-44a6-9f1c-35539a074202_OI-PageBlank-29_1)** | 23 |
| [Item 8. Changes in and disagreements with accountants](#xx_fee15683-2f96-44a6-9f1c-35539a074202_OI-PageBlank-29_2) | 24 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_fee15683-2f96-44a6-9f1c-35539a074202_OI-PageBlank-29_2) | 24 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_fee15683-2f96-44a6-9f1c-35539a074202_OI-PageBlank-29_2) | 24 |
| [Item 11. Statement regarding basis for board](#xx_fee15683-2f96-44a6-9f1c-35539a074202_OI-PageBlank-29_3)['](#xx_fee15683-2f96-44a6-9f1c-35539a074202_OI-PageBlank-29_3)[s approval of investment](#xx_fee15683-2f96-44a6-9f1c-35539a074202_OI-PageBlank-29_3)<br> [advisory contract](#xx_fee15683-2f96-44a6-9f1c-35539a074202_OI-PageBlank-29_3)<br>| 25 |

---

Allspring Common Stock Fund \| 1

------

Portfolio of investments—September 30, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 97.73%** |  |  |
| **Communication services: 1.43%** |  |  |
| **Entertainment: 1.43%** |  |  |
| Roku, Inc.† | 93544 | &nbsp;&nbsp; **$9366561** |
| **Consumer discretionary: 13.40%** |  |  |
| **Automobile components: 1.10%** |  |  |
| Gentherm, Inc.† | 211006 | &nbsp;&nbsp; **7186864** |
| **Diversified consumer services: 0.51%** |  |  |
| Service Corp. International | 40487 | &nbsp;&nbsp; **3369328** |
| **Hotels, restaurants & leisure: 2.80%** |  |  |
| DraftKings, Inc. Class A† | 187468 | &nbsp;&nbsp; 7011303 |
| Planet Fitness, Inc. Class A† | 108984 | &nbsp;&nbsp; 11312540 |
|  |  | &nbsp;&nbsp; **18323843** |
| **Household durables: 1.35%** |  |  |
| Toll Brothers, Inc. | 64015 | &nbsp;&nbsp; **8843032** |
| **Specialty retail: 7.64%** |  |  |
| AutoNation, Inc.† | 41426 | &nbsp;&nbsp; 9062766 |
| Burlington Stores, Inc.† | 37274 | &nbsp;&nbsp; 9486233 |
| Chewy, Inc. Class A† | 260927 | &nbsp;&nbsp; 10554497 |
| National Vision Holdings, Inc.† | 429228 | &nbsp;&nbsp; 12529165 |
| Revolve Group, Inc.† | 395509 | &nbsp;&nbsp; 8424342 |
|  |  | &nbsp;&nbsp; **50057003** |
| **Consumer staples: 0.56%** |  |  |
| **Household products: 0.56%** |  |  |
| Church & Dwight Co., Inc. | 42242 | &nbsp;&nbsp; **3701667** |
| **Energy: 2.26%** |  |  |
| **Oil, gas & consumable fuels: 2.26%** |  |  |
| Antero Resources Corp.† | 287225 | &nbsp;&nbsp; 9639271 |
| Coterra Energy, Inc. | 218266 | &nbsp;&nbsp; 5161991 |
|  |  | &nbsp;&nbsp; **14801262** |
| **Financials: 18.27%** |  |  |
| **Banks: 5.67%** |  |  |
| Ameris Bancorp | 145223 | &nbsp;&nbsp; 10646298 |
| Axos Financial, Inc.† | 85590 | &nbsp;&nbsp; 7245194 |
| Webster Financial Corp. | 165787 | &nbsp;&nbsp; 9854379 |
| Wintrust Financial Corp. | 70976 | &nbsp;&nbsp; 9400061 |
|  |  | &nbsp;&nbsp; **37145932** |
| **Capital markets: 2.84%** |  |  |
| Cboe Global Markets, Inc. | 35455 | &nbsp;&nbsp; 8695339 |
| Raymond James Financial, Inc. | 57196 | &nbsp;&nbsp; 9872029 |
|  |  | &nbsp;&nbsp; **18567368** |

---

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

2 \| Allspring Common Stock Fund

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financial services: 1.52%** |  |  |
| Essent Group Ltd. | 156828 | &nbsp;&nbsp; **$9967988** |
| **Insurance: 8.24%** |  |  |
| Arch Capital Group Ltd. | 96171 | &nbsp;&nbsp; 8725595 |
| Axis Capital Holdings Ltd. | 87132 | &nbsp;&nbsp; 8347246 |
| First American Financial Corp. | 137210 | &nbsp;&nbsp; 8814370 |
| HCI Group, Inc. | 39029 | &nbsp;&nbsp; 7490836 |
| Reinsurance Group of America, Inc. | 52670 | &nbsp;&nbsp; 10119487 |
| Unum Group | 135268 | &nbsp;&nbsp; 10521145 |
|  |  | &nbsp;&nbsp; **54018679** |
| **Health care: 8.86%** |  |  |
| **Health care equipment & supplies: 2.05%** |  |  |
| Haemonetics Corp.† | 108866 | &nbsp;&nbsp; 5306129 |
| LivaNova PLC† | 155046 | &nbsp;&nbsp; 8121309 |
|  |  | &nbsp;&nbsp; **13427438** |
| **Health care providers & services: 2.75%** |  |  |
| HealthEquity, Inc.† | 118328 | &nbsp;&nbsp; 11213945 |
| Humana, Inc. | 26171 | &nbsp;&nbsp; 6808909 |
|  |  | &nbsp;&nbsp; **18022854** |
| **Health care technology: 0.45%** |  |  |
| Schrodinger, Inc.† | 147310 | &nbsp;&nbsp; **2955039** |
| **Life sciences tools & services: 3.61%** |  |  |
| Azenta, Inc.† | 257499 | &nbsp;&nbsp; 7395371 |
| Bio-Rad Laboratories, Inc. Class A† | 42251 | &nbsp;&nbsp; 11846758 |
| Bruker Corp. | 136568 | &nbsp;&nbsp; 4437094 |
|  |  | &nbsp;&nbsp; **23679223** |
| **Industrials: 22.35%** |  |  |
| **Aerospace & defense: 3.71%** |  |  |
| BWX Technologies, Inc. | 64897 | &nbsp;&nbsp; 11965060 |
| Melrose Industries PLC | 1508965 | &nbsp;&nbsp; 12355025 |
|  |  | &nbsp;&nbsp; **24320085** |
| **Building products: 4.88%** |  |  |
| AAON, Inc. | 110826 | &nbsp;&nbsp; 10355581 |
| AZZ, Inc. | 80689 | &nbsp;&nbsp; 8805591 |
| Carlisle Cos., Inc. | 39006 | &nbsp;&nbsp; 12831414 |
|  |  | &nbsp;&nbsp; **31992586** |
| **Commercial services & supplies: 1.53%** |  |  |
| Republic Services, Inc. Class A | 43738 | &nbsp;&nbsp; **10036996** |
| **Construction & engineering: 1.63%** |  |  |
| API Group Corp.† | 310795 | &nbsp;&nbsp; **10682024** |

---

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

Allspring Common Stock Fund \| 3

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Electrical equipment: 3.36%** |  |  |
| Allient, Inc. | 251470 | &nbsp;&nbsp; $11253282 |
| Regal Rexnord Corp. | 75109 | &nbsp;&nbsp; 10773635 |
|  |  | &nbsp;&nbsp; **22026917** |
| **Marine transportation: 1.35%** |  |  |
| Kirby Corp.† | 105668 | &nbsp;&nbsp; **8817995** |
| **Passenger airlines: 1.10%** |  |  |
| Alaska Air Group, Inc.† | 144992 | &nbsp;&nbsp; **7217702** |
| **Professional services: 1.27%** |  |  |
| TransUnion | 99085 | &nbsp;&nbsp; **8301341** |
| **Trading companies & distributors: 3.52%** |  |  |
| Herc Holdings, Inc. | 59770 | &nbsp;&nbsp; 6972768 |
| QXO, Inc.† | 587983 | &nbsp;&nbsp; 11206956 |
| WESCO International, Inc. | 23135 | &nbsp;&nbsp; 4893053 |
|  |  | &nbsp;&nbsp; **23072777** |
| **Information technology: 16.98%** |  |  |
| **Electronic equipment, instruments & components: 4.85%** |  |  |
| Littelfuse, Inc. | 37633 | &nbsp;&nbsp; 9747323 |
| Ralliant Corp. | 196421 | &nbsp;&nbsp; 8589490 |
| Teledyne Technologies, Inc.† | 22936 | &nbsp;&nbsp; 13441414 |
|  |  | &nbsp;&nbsp; **31778227** |
| **IT services: 1.63%** |  |  |
| Okta, Inc.† | 116279 | &nbsp;&nbsp; **10662784** |
| **Semiconductors & semiconductor equipment: 5.56%** |  |  |
| Allegro MicroSystems, Inc.† | 267296 | &nbsp;&nbsp; 7805043 |
| Marvell Technology, Inc. | 234553 | &nbsp;&nbsp; 19718871 |
| ON Semiconductor Corp.† | 181133 | &nbsp;&nbsp; 8931668 |
|  |  | &nbsp;&nbsp; **36455582** |
| **Software: 4.94%** |  |  |
| CCC Intelligent Solutions Holdings, Inc.† | 1012980 | &nbsp;&nbsp; 9228248 |
| Dynatrace, Inc.† | 222282 | &nbsp;&nbsp; 10769563 |
| Q2 Holdings, Inc.† | 75069 | &nbsp;&nbsp; 5434245 |
| SPS Commerce, Inc.† | 66829 | &nbsp;&nbsp; 6959572 |
|  |  | &nbsp;&nbsp; **32391628** |
| **Materials: 8.06%** |  |  |
| **Chemicals: 2.33%** |  |  |
| Ashland, Inc. | 116115 | &nbsp;&nbsp; 5563069 |
| Westlake Corp. | 126229 | &nbsp;&nbsp; 9727207 |
|  |  | &nbsp;&nbsp; **15290276** |

---

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

4 \| Allspring Common Stock Fund

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Containers & packaging: 2.66%** |  |  |
| Crown Holdings, Inc. | 96592 | &nbsp;&nbsp; $9329821 |
| International Paper Co. | 174921 | &nbsp;&nbsp; 8116335 |
|  |  | &nbsp;&nbsp; **17446156** |
| **Metals & mining: 1.42%** |  |  |
| Commercial Metals Co. | 161984 | &nbsp;&nbsp; **9278444** |
| **Paper & forest products: 1.65%** |  |  |
| Louisiana-Pacific Corp. | 121260 | &nbsp;&nbsp; **10772738** |
| **Real estate: 5.56%** |  |  |
| **Industrial REITs: 1.28%** |  |  |
| Terreno Realty Corp. | 148400 | &nbsp;&nbsp; **8421700** |
| **Residential REITs: 1.44%** |  |  |
| Sun Communities, Inc. | 73210 | &nbsp;&nbsp; **9444090** |
| **Specialized REITs: 2.84%** |  |  |
| CubeSmart | 220942 | &nbsp;&nbsp; 8983502 |
| SBA Communications Corp. Class A | 49736 | &nbsp;&nbsp; 9616455 |
|  |  | &nbsp;&nbsp; **18599957** |
| **Total common stocks (Cost $482,808,798)** |  | &nbsp;&nbsp; **640444086** |
| **Investment companies: 1.59%** |  |  |
| **Exchange-traded funds: 1.59%** |  |  |
| SPDR S&P Biotech ETF | 104009 | &nbsp;&nbsp; **10421702** |
| **Total investment companies (Cost $5,666,135)** |  | &nbsp;&nbsp; **10421702** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 0.76%** |  |  |  |  |
| **Investment companies: 0.76%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.07<br> %<br>| 4986689 | &nbsp;&nbsp; **4986689** |
| **Total short-term investments (Cost $4,986,689)** |  |  |  | &nbsp;&nbsp; **4986689** |
| **Total investments in securities (Cost $493,461,622)** | 100.08<br> %<br>|  |  | &nbsp;&nbsp; 655852477 |
| Other assets and liabilities, net | (0.08)<br>|  |  | &nbsp;&nbsp; (528923)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$655323554** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations: <br> REIT Real estate investment trust

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

Allspring Common Stock Fund \| 5

------

Portfolio of investments—September 30, 2025

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $4265814 | $179871302 | $(179150427)<br>| $0 | $0 | $4986689 | 4986689 | $276495 |

---

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

6 \| Allspring Common Stock Fund

------

Statement of assets and liabilities—September 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $488,474,933) | $650865788 |
| Investments in affiliated securities, at value (cost $4,986,689) | 4986689 |
| Foreign currency, at value (cost $71) | 77 |
| Receivable for dividends | 428340 |
| Receivable for Fund shares sold | 21784 |
| Prepaid expenses and other assets | 50031 |
| **Total assets** | **656352709** |
| Liabilities |  |
| Management fee payable | 413069 |
| Payable for Fund shares redeemed | 297279 |
| Shareholder servicing fees payable | 128762 |
| Administration fees payable | 106748 |
| Trustees' fees and expenses payable | 803 |
| Distribution fee payable | 351 |
| Accrued expenses and other liabilities | 82143 |
| **Total liabilities** | **1029155** |
| **Total net assets**  | **$655323554** |
| Net assets consist of |  |
| Paid-in capital | $487216679 |
| Total distributable earnings | 168106875 |
| **Total net assets** | **$655323554** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $614352191 |
| Shares outstanding–Class A<sup>1</sup> <br>| 36063803 |
| Net asset value per share–Class A | $17.04 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $18.08 |
| Net assets–Class C | $663243 |
| Shares outstanding–Class C<sup>1</sup> <br>| 94095 |
| Net asset value per share–Class C | $7.05 |
| Net assets–Class R6 | $6555483 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 336418 |
| Net asset value per share–Class R6 | $19.49 |
| Net assets–Institutional Class | $33752637 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 1745540 |
| Net asset value per share–Institutional Class | $19.34 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> 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.

Allspring Common Stock Fund \| 7

------

Statement of operations—year ended September 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends | $7601026 |
| Income from affiliated securities | 276495 |
| Interest | 693 |
| **Total investment income** | **7878214** |
| Expenses |  |
| Management fee | 5548165 |
| Administration fees |  |
| Class A | 1311399 |
| Class C | 1506 |
| Class R6 | 1963 |
| Administrator Class | 1326 <br><sup>1</sup><br>|
| Institutional Class | 55125 |
| Shareholder servicing fees |  |
| Class A | 1637883 |
| Class C | 1876 |
| Administrator Class | 2540 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 4776 |
| Custody and accounting fees | 38750 |
| Professional fees | 56780 |
| Registration fees | 96334 |
| Shareholder report expenses | 42333 |
| Trustees' fees and expenses | 12056 |
| Other fees and expenses | 29597 |
| **Total expenses** | **8842409** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (170390)<br>|
| Class A | (396731)<br>|
| Class R6 | (379)<br>|
| Institutional Class | (35183)<br>|
| **Net expenses** | **8239726** |
| **Net investment loss** | **(361512)**<br>|

---

<sup>1</sup> For the period from October 1, 2024 to September 12, 2025. Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

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

8 \| Allspring Common Stock Fund

------

Statement of operations—year ended September 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | $27822840 |
| Foreign currency and foreign currency translations | 1140 |
| **Net realized gains on investments**  | **27823980** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | (51215132)<br>|
| Foreign currency and foreign currency translations | 3409 |
| **Net change in unrealized gains (losses) on investments** | **(51211723)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(23387743)**<br>|
| **Net decrease in net assets resulting from operations** | **$(23749255)**<br>|

---

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

Allspring Common Stock Fund \| 9

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2024 | Year ended<br> September 30, 2024 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(361512)<br>|  | &nbsp;&nbsp; $(1838363)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 27823980 |  | &nbsp;&nbsp; 48078870 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (51211723)<br>|  | &nbsp;&nbsp; 108726647 |
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **(23749255)**<br>|  | &nbsp;&nbsp; **154967154** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (41978446)<br>|  | &nbsp;&nbsp; (25647705)<br>|
| Class C |  | &nbsp;&nbsp; (114745)<br>|  | &nbsp;&nbsp; (87239)<br>|
| Class R6 |  | &nbsp;&nbsp; (325254)<br>|  | &nbsp;&nbsp; (201162)<br>|
| Administrator Class |  | &nbsp;&nbsp; (66931 )<sup>1</sup><br>|  | &nbsp;&nbsp; (37933)<br>|
| Institutional Class |  | &nbsp;&nbsp; (2810180)<br>|  | &nbsp;&nbsp; (2465513)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(45295556)**<br>|  | &nbsp;&nbsp; **(28439552)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 283130 | &nbsp;&nbsp; 4842320 | &nbsp;&nbsp; 245876 | &nbsp;&nbsp; 4188714 |
| Class C | 8264 | &nbsp;&nbsp; 65420 | &nbsp;&nbsp; 12027 | &nbsp;&nbsp; 94309 |
| Class R6 | 150602 | &nbsp;&nbsp; 2961198 | &nbsp;&nbsp; 79172 | &nbsp;&nbsp; 1522437 |
| Administrator Class | 1441 <br><sup>1</sup><br>| &nbsp;&nbsp; 26808 <br><sup>1</sup><br>| &nbsp;&nbsp; 4096 | &nbsp;&nbsp; 77381 |
| Institutional Class | 239933 | &nbsp;&nbsp; 4680292 | &nbsp;&nbsp; 263165 | &nbsp;&nbsp; 5072291 |
|  |  | &nbsp;&nbsp; 12576038 |  | &nbsp;&nbsp; 10955132 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 2183359 | &nbsp;&nbsp; 39540624 | &nbsp;&nbsp; 1496401 | &nbsp;&nbsp; 24256663 |
| Class C | 15218 | &nbsp;&nbsp; 114745 | &nbsp;&nbsp; 11493 | &nbsp;&nbsp; 84361 |
| Class R6 | 15743 | &nbsp;&nbsp; 325248 | &nbsp;&nbsp; 10913 | &nbsp;&nbsp; 199591 |
| Administrator Class | 3233 <br><sup>1</sup><br>| &nbsp;&nbsp; 63307 <br><sup>1</sup><br>| &nbsp;&nbsp; 2062 | &nbsp;&nbsp; 35933 |
| Institutional Class | 136780 | &nbsp;&nbsp; 2805360 | &nbsp;&nbsp; 135423 | &nbsp;&nbsp; 2460641 |
|  |  | &nbsp;&nbsp; 42849284 |  | &nbsp;&nbsp; 27037189 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (5767745)<br>| &nbsp;&nbsp; (99720622)<br>| &nbsp;&nbsp; (5570716)<br>| &nbsp;&nbsp; (95517303)<br>|
| Class C | (46001)<br>| &nbsp;&nbsp; (344569)<br>| &nbsp;&nbsp; (51477)<br>| &nbsp;&nbsp; (413853)<br>|
| Class R6 | (106873)<br>| &nbsp;&nbsp; (2072214)<br>| &nbsp;&nbsp; (170722)<br>| &nbsp;&nbsp; (3310178)<br>|
| Administrator Class | (13422 )<sup>1</sup><br>| &nbsp;&nbsp; (233360 )<sup>1</sup><br>| &nbsp;&nbsp; (22454)<br>| &nbsp;&nbsp; (397809)<br>|
| Institutional Class | (1463631)<br>| &nbsp;&nbsp; (28059915)<br>| &nbsp;&nbsp; (1857001)<br>| &nbsp;&nbsp; (35576838)<br>|
|  |  | &nbsp;&nbsp; (130430680)<br>|  | &nbsp;&nbsp; (135215981)<br>|

---

<sup>1</sup> For the period from October 1, 2024 to September 12, 2025

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

10 \| Allspring Common Stock Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2024 | Year ended<br> September 30, 2024 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Administrator Class<br>(52103 )<sup>2</sup><br>| &nbsp;&nbsp; $(965208 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Institutional Class<br>49648 <br><sup>2</sup><br>| &nbsp;&nbsp; 965208 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net decrease in net assets resulting from capital share transactions** | &nbsp;&nbsp; **(75005358)**<br>|  | &nbsp;&nbsp; **(97223660)**<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; **(144050169)**<br>|  | &nbsp;&nbsp; **29303942** |
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **799373723** |  | &nbsp;&nbsp; **770069781** |
| **End of period** | &nbsp;&nbsp; **$655323554** |  | &nbsp;&nbsp; **$799373723** |

---

<sup>2</sup> Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

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

Allspring Common Stock Fund \| 11

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$18.62** | &nbsp;&nbsp; **$15.89** | &nbsp;&nbsp; **$16.31** | &nbsp;&nbsp; **$24.46** | &nbsp;&nbsp; **$17.88** |
| Net investment loss | (0.01 )<sup>1</sup><br>| &nbsp;&nbsp; (0.05 )<sup>1</sup><br>| &nbsp;&nbsp; (0.05 )<sup>1</sup><br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.12)<br>|
| Net realized and unrealized gains (losses) on investments | (0.47)<br>| 3.39 | 2.34 | &nbsp;&nbsp; (3.79)<br>| 7.75 |
| Total from investment operations | (0.48)<br>| 3.34 | 2.29 | &nbsp;&nbsp; (3.91)<br>| 7.63 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (1.10)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp; (1.05)<br>|
| **Net asset value, end of period** | **$17.04** | &nbsp;&nbsp; **$18.62** | &nbsp;&nbsp; **$15.89** | &nbsp;&nbsp; **$16.31** | &nbsp;&nbsp; **$24.46** |
| **Total return**<sup>2</sup> <br>| **(2.93)%**<br>| **21.60%**<br>| **14.48%**<br>| &nbsp;&nbsp; **(20.08)%**<br>| **43.77%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.27<br> %<br>| 1.26<br> %<br>| 1.27<br> %<br>| 1.26<br> %<br>| 1.25<br> %<br>|
| Net expenses | 1.19<br> %<br>| 1.21<br> %<br>| 1.23<br> %<br>| 1.23<br> %<br>| 1.23<br> %<br>|
| Net investment loss | (0.07)%<br>| &nbsp;&nbsp; (0.27)%<br>| &nbsp;&nbsp; (0.30)%<br>| &nbsp;&nbsp; (0.58)%<br>| &nbsp;&nbsp; (0.50)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 56<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 48<br> %<br>|
| Net assets, end of period (000s omitted) | $614352 | &nbsp;&nbsp; $733100 | &nbsp;&nbsp; $686143 | &nbsp;&nbsp; $684178 | &nbsp;&nbsp; $945399 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

12 \| Allspring Common Stock Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.38** | &nbsp;&nbsp; **$7.52** | &nbsp;&nbsp; **$9.05** | &nbsp;&nbsp; **$15.45** | &nbsp;&nbsp; **$11.70** |
| Net investment loss | (0.06 )<sup>1</sup><br>| &nbsp;&nbsp; (0.08 )<sup>1</sup><br>| &nbsp;&nbsp; (0.08 )<sup>1</sup><br>| &nbsp;&nbsp; (0.14 )<sup>1</sup><br>| &nbsp;&nbsp; (0.18 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.17)<br>| 1.55 | 1.26 | &nbsp;&nbsp; (2.02)<br>| 4.98 |
| Total from investment operations | (0.23)<br>| 1.47 | 1.18 | &nbsp;&nbsp; (2.16)<br>| 4.80 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (1.10)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp; (1.05)<br>|
| **Net asset value, end of period** | **$7.05** | &nbsp;&nbsp; **$8.38** | &nbsp;&nbsp; **$7.52** | &nbsp;&nbsp; **$9.05** | &nbsp;&nbsp; **$15.45** |
| **Total return**<sup>2</sup> <br>| **(3.61)%**<br>| **20.72%**<br>| **13.64%**<br>| &nbsp;&nbsp; **(20.56)%**<br>| **42.64%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.91<br> %<br>| 1.94<br> %<br>| 1.95<br> %<br>| 1.88<br> %<br>| 1.99<br> %<br>|
| Net expenses | 1.90<br> %<br>| 1.94<br> %<br>| 1.95<br> %<br>| 1.88<br> %<br>| 1.99<br> %<br>|
| Net investment loss | (0.79)%<br>| &nbsp;&nbsp; (0.99)%<br>| &nbsp;&nbsp; (1.02)%<br>| &nbsp;&nbsp; (1.23)%<br>| &nbsp;&nbsp; (1.26)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 56<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 48<br> %<br>|
| Net assets, end of period (000s omitted) | $663 | &nbsp;&nbsp; $977 | &nbsp;&nbsp; $1087 | &nbsp;&nbsp; $1314 | &nbsp;&nbsp; $2405 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

Allspring Common Stock Fund \| 13

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class R6 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$21.08** | &nbsp;&nbsp; **$17.84** | &nbsp;&nbsp; **$17.94** | &nbsp;&nbsp; **$26.41** | &nbsp;&nbsp; **$19.16** |
| Net investment income (loss) | 0.06 <br><sup>1</sup><br>| 0.02 <br><sup>1</sup><br>| 0.02 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.04 )<sup>1</sup><br>| &nbsp;&nbsp; (0.02 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.55)<br>| 3.83 | 2.59 | &nbsp;&nbsp; (4.19)<br>| 8.32 |
| Total from investment operations | (0.49)<br>| 3.85 | 2.61 | &nbsp;&nbsp; (4.23)<br>| 8.30 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (1.10)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp; (1.05)<br>|
| **Net asset value, end of period** | **$19.49** | &nbsp;&nbsp; **$21.08** | &nbsp;&nbsp; **$17.84** | &nbsp;&nbsp; **$17.94** | &nbsp;&nbsp; **$26.41** |
| **Total return**<sup>2</sup> <br>| **(2.63)%**<br>| **22.11%**<br>| **15.00%**<br>| &nbsp;&nbsp; **(19.77)%**<br>| **44.37%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.86<br> %<br>| 0.84<br> %<br>| 0.84<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>|
| Net expenses | 0.83<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>|
| Net investment income (loss) | 0.28<br> %<br>| 0.12<br> %<br>| 0.09<br> %<br>| &nbsp;&nbsp; (0.17)%<br>| &nbsp;&nbsp; (0.09)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 56<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 48<br> %<br>|
| Net assets, end of period (000s omitted) | $6555 | &nbsp;&nbsp; $5837 | &nbsp;&nbsp; $6378 | &nbsp;&nbsp; $27209 | &nbsp;&nbsp; $35280 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

14 \| Allspring Common Stock Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$20.93** | &nbsp;&nbsp; **$17.72** | &nbsp;&nbsp; **$17.85** | &nbsp;&nbsp; **$26.30** | &nbsp;&nbsp; **$19.09** |
| Net investment income (loss) | 0.05 <br><sup>1</sup><br>| 0.02 <br><sup>1</sup><br>| 0.02 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.04 )<sup>1</sup><br>| &nbsp;&nbsp; (0.03 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.54)<br>| 3.80 | 2.56 | &nbsp;&nbsp; (4.17)<br>| 8.29 |
| Total from investment operations | (0.49)<br>| 3.82 | 2.58 | &nbsp;&nbsp; (4.21)<br>| 8.26 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (1.10)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp; (1.05)<br>|
| **Net asset value, end of period** | **$19.34** | &nbsp;&nbsp; **$20.93** | &nbsp;&nbsp; **$17.72** | &nbsp;&nbsp; **$17.85** | &nbsp;&nbsp; **$26.30** |
| **Total return**<sup>2</sup> <br>| **(2.65)%**<br>| **22.09%**<br>| **14.89%**<br>| &nbsp;&nbsp; **(19.78)%**<br>| **44.32%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.95<br> %<br>| 0.94<br> %<br>| 0.94<br> %<br>| 0.93<br> %<br>| 0.92<br> %<br>|
| Net expenses | 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>|
| Net investment income (loss) | 0.27<br> %<br>| 0.10<br> %<br>| 0.09<br> %<br>| &nbsp;&nbsp; (0.20)%<br>| &nbsp;&nbsp; (0.14)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 56<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 48<br> %<br>|
| Net assets, end of period (000s omitted) | $33753 | &nbsp;&nbsp; $58240 | &nbsp;&nbsp; $75148 | &nbsp;&nbsp; $74701 | &nbsp;&nbsp; $98202 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring Common Stock Fund \| 15

------

Notes to financial statements

Notes to financial statements

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 Common Stock Fund (the "Fund") which is a diversified series of the Trust.

Effective at the close of business on September 12, 2025, Administrator Class shares became Institutional Class shares in a tax-free conversion. Shareholders of Administrator Class received Institutional Class shares at a value equal to the value of their Administrator Class shares immediately prior to the conversion. Administrator Class shares are no longer offered by the Fund.

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 ("GAAP") 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.

Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

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 Valuation 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 implemented by Allspring Funds Management 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 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 September 30, 2025, such fair value pricing was not used in pricing foreign securities.

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

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

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.

16 \| Allspring Common Stock Fund

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Notes to financial statements

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.

Interest earned on cash balances held at the custodian is recorded as interest income.

Income dividends and capital gain distributions from investment companies are recorded on the ex-dividend date. Capital gain distributions from investment companies are treated as realized gains.

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

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. GAAP. 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, as applicable, 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 September 30, 2025, the aggregate cost of all investments for federal income tax purposes was $505,198,863 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $180385750 |
| Gross unrealized losses | &nbsp;&nbsp; (29732136)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$150653614** |

---

As of September 30, 2025, the Fund had current year deferred post-October capital losses and a qualified late-year ordinary loss which will both be recognized on the first day of the following fiscal year in the following amounts:

Deferred post-October capital losses <br> <u> Short-Term </u> <u> Late-Year Ordinary Loss Deferred </u> <br> 3,603,006 360,630

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.&nbsp;&nbsp;&nbsp;&nbsp;

Allspring Common Stock Fund \| 17

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Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $9366561 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $9366561 |
| *Consumer discretionary* | &nbsp;&nbsp; 87780070 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 87780070 |
| *Consumer staples* | &nbsp;&nbsp; 3701667 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3701667 |
| *Energy* | &nbsp;&nbsp; 14801262 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14801262 |
| *Financials* | &nbsp;&nbsp; 119699967 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 119699967 |
| *Health care* | &nbsp;&nbsp; 58084554 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 58084554 |
| *Industrials* | &nbsp;&nbsp; 146468423 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 146468423 |
| *Information technology* | &nbsp;&nbsp; 111288221 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 111288221 |
| *Materials* | &nbsp;&nbsp; 52787614 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 52787614 |
| *Real estate* | &nbsp;&nbsp; 36465747 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 36465747 |
| **Investment companies** | &nbsp;&nbsp; 10421702 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 10421702 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 4986689 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4986689 |
| **Total assets** | &nbsp;&nbsp; **$655852477** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$655852477** |

---

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

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

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, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds

18 \| Allspring Common Stock Fund

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Notes to financial statements

Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.800<br> %<br>|
| Next $500 million | 0.750 |
| Next $1 billion | 0.700 |
| Next $2 billion | 0.675 |
| Next $1 billion | 0.650 |
| Next $5 billion | 0.640 |
| Over $10 billion | 0.630 |

---

For the year ended September 30, 2025, the management fee was equivalent to an annual rate of 0.79% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

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 and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Class R6 | 0.03 |
| Administrator Class | 0.13 |
| Institutional Class | 0.13 |

---

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 reimbursed 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. Allspring Funds Management has contractually committed through January 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of September 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.25<br> %<br>|
| Class C | 2.00 |
| Class R6 | 0.83 |
| Institutional Class | 0.85 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares 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"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.

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 year ended September 30, 2025, Allspring Funds Distributor received $398 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended September 30, 2025.

Allspring Common Stock Fund \| 19

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Notes to financial statements

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund 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. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended September 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2025 were $393,527,270 and $515,213,863, respectively.

6. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 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 or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended September 30, 2025, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 |
|  | 2025 | 2024 |
| **Ordinary income** | $11795951 | $7329047 |
| **Long-term capital gain** | 33499605 | 21110505 |

---

As of September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Post-October <br>capital <br>losses <br>deferred<br>|
| &nbsp;&nbsp;&nbsp; Undistributed <br>long-term <br>gain<br>| Unrealized <br>gains<br>| &nbsp;&nbsp;&nbsp; Late-year <br>ordinary <br>losses <br>deferred<br>| Short-term |
| &nbsp;&nbsp;&nbsp; $21414715 | &nbsp;&nbsp; $150657712 | &nbsp;&nbsp;&nbsp; $360630 | &nbsp;&nbsp;&nbsp; $3603006 |

---

8. 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.

9. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined in *Segment Reporting (Topic 280)*, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's

20 \| Allspring Common Stock Fund

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Notes to financial statements

single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

11. CLASS CONVERSION

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on or about the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C was closed to new investors and additional investments from existing shareholders.

Allspring Common Stock Fund \| 21

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Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Common Stock Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g774251imgf53d8f1d2.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

November 20, 2025

22 \| Allspring Common Stock Fund

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Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 40% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2025.

Pursuant to Section 852 of the Internal Revenue Code, $33,499,605 was designated as a 20% rate gain distribution for the fiscal year ended

September 30, 2025.

Pursuant to Section 854 of the Internal Revenue Code, $5,647,015 of income dividends paid during the fiscal year ended September 30, 2025 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2025, $11,795,951 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, 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.

Quarterly portfolio holdings information

The Fund 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. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

Allspring Common Stock Fund \| 23

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

24 \| Allspring Common Stock Fund

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Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Common Stock Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

Allspring Common Stock Fund \| 25

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Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was in range of the average investment performance of the Universe for the ten-year period under review, but lower for all other periods under review. The Board also noted that the investment performance of the Fund was lower than the investment performance of its benchmark index, the Russell 2500™ Index, for all periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to the investment decisions and market factors that affected the Fund's investment performance.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups for each share class.

It was noted that the Board had approved a proposal to convert Administrator Class shares into Institutional Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of the average rates for the expense Groups for each share class, except for Class A in which it was higher than the average rates for the expense Groups.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

26 \| Allspring Common Stock Fund

------

Other information (unaudited)

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

Allspring Common Stock Fund \| 27

------

*This page is intentionally left blank.*

------

![](g774251img253ca7d11.jpg)

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: **1-800-260-5969**

![](g774251img977f84813.gif)

*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<sup>TM</sup> 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.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR3301 09-25**

------

![](g774251imgd06aa8601.jpg)

Allspring SMID Cap Growth Fund

Long Form Financial Statements

Annual Report

September 30, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_7aea43d9-dadb-4046-bcf0-8683f061f8c4_POI-PageBlank-30_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_7aea43d9-dadb-4046-bcf0-8683f061f8c4_FS-PageBlank-30_1)** |  |
| [Statement of assets and liabilities](#xx_7aea43d9-dadb-4046-bcf0-8683f061f8c4_FS-PageBlank-30_1) | 6 |
| [Statement of operations](#xx_7aea43d9-dadb-4046-bcf0-8683f061f8c4_FS-PageBlank-30_2) | 7 |
| [Statement of changes in net assets](#xx_7aea43d9-dadb-4046-bcf0-8683f061f8c4_FS-PageBlank-30_3) | 8 |
| [Financial highlights](#xx_7aea43d9-dadb-4046-bcf0-8683f061f8c4_FIHI-PageBlank-30_1) | 9 |
| **[Notes to financial statements](#xx_7aea43d9-dadb-4046-bcf0-8683f061f8c4_NTF-PageBlank-30_1)** | 14 |
| **[Report of independent registered public accounting firm](#xx_7aea43d9-dadb-4046-bcf0-8683f061f8c4_AUD-PageBlank-30_1)** | 19 |
| **[Other information](#xx_7aea43d9-dadb-4046-bcf0-8683f061f8c4_OI-PageBlank-30_1)** | 20 |
| [Item 8. Changes in and disagreements with accountants](#xx_7aea43d9-dadb-4046-bcf0-8683f061f8c4_OI-PageBlank-30_2) | 21 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_7aea43d9-dadb-4046-bcf0-8683f061f8c4_OI-PageBlank-30_2) | 21 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_7aea43d9-dadb-4046-bcf0-8683f061f8c4_OI-PageBlank-30_2) | 21 |
| [Item 11. Statement regarding basis for board](#xx_7aea43d9-dadb-4046-bcf0-8683f061f8c4_OI-PageBlank-30_3)['](#xx_7aea43d9-dadb-4046-bcf0-8683f061f8c4_OI-PageBlank-30_3)[s approval of investment](#xx_7aea43d9-dadb-4046-bcf0-8683f061f8c4_OI-PageBlank-30_3)<br> [advisory contract](#xx_7aea43d9-dadb-4046-bcf0-8683f061f8c4_OI-PageBlank-30_3)<br>| 22 |

---

Allspring SMID Cap Growth Fund \| 1

------

Portfolio of investments—September 30, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.09%** |  |  |
| **Communication services: 3.63%** |  |  |
| **Entertainment: 3.63%** |  |  |
| Liberty Media Corp.-Liberty Live Class C† | 167979 | &nbsp;&nbsp; $16288924 |
| TKO Group Holdings, Inc. Class A | 90203 | &nbsp;&nbsp; 18217398 |
|  |  | &nbsp;&nbsp; **34506322** |
| **Consumer discretionary: 12.85%** |  |  |
| **Broadline retail: 1.30%** |  |  |
| MercadoLibre, Inc.† | 5288 | &nbsp;&nbsp; **12357739** |
| **Diversified consumer services: 1.47%** |  |  |
| Adtalem Global Education, Inc.† | 90424 | &nbsp;&nbsp; **13965987** |
| **Hotels, restaurants & leisure: 5.24%** |  |  |
| Dutch Bros, Inc. Class A† | 231193 | &nbsp;&nbsp; 12100641 |
| Hyatt Hotels Corp. Class A | 81774 | &nbsp;&nbsp; 11606184 |
| Viking Holdings Ltd.† | 207877 | &nbsp;&nbsp; 12921634 |
| Wingstop, Inc. | 52479 | &nbsp;&nbsp; 13207915 |
|  |  | &nbsp;&nbsp; **49836374** |
| **Household durables: 2.26%** |  |  |
| SharkNinja, Inc.† | 88542 | &nbsp;&nbsp; 9133108 |
| Taylor Morrison Home Corp. Class A† | 186829 | &nbsp;&nbsp; 12332582 |
|  |  | &nbsp;&nbsp; **21465690** |
| **Specialty retail: 2.58%** |  |  |
| Burlington Stores, Inc.† | 42319 | &nbsp;&nbsp; 10770185 |
| Chewy, Inc. Class A† | 340988 | &nbsp;&nbsp; 13792965 |
|  |  | &nbsp;&nbsp; **24563150** |
| **Financials: 7.26%** |  |  |
| **Capital markets: 1.33%** |  |  |
| Miami International Holdings, Inc.† | 120963 | &nbsp;&nbsp; 4869970 |
| Robinhood Markets, Inc. Class A† | 54541 | &nbsp;&nbsp; 7809181 |
|  |  | &nbsp;&nbsp; **12679151** |
| **Financial services: 4.59%** |  |  |
| Affirm Holdings, Inc.† | 215170 | &nbsp;&nbsp; 15724624 |
| Equitable Holdings, Inc. | 373090 | &nbsp;&nbsp; 18945510 |
| Toast, Inc. Class A† | 245510 | &nbsp;&nbsp; 8963570 |
|  |  | &nbsp;&nbsp; **43633704** |
| **Insurance: 1.34%** |  |  |
| Ryan Specialty Holdings, Inc. Class A | 225243 | &nbsp;&nbsp; **12694695** |
| **Health care: 20.75%** |  |  |
| **Biotechnology: 6.31%** |  |  |
| ADMA Biologics, Inc.† | 406139 | &nbsp;&nbsp; 5953998 |
| Ascendis Pharma AS ADR† | 56227 | &nbsp;&nbsp; 11178490 |

---

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

2 \| Allspring SMID Cap Growth Fund

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Biotechnology**(continued) |  |  |
| Insmed, Inc.† | 85158 | &nbsp;&nbsp; $12263603 |
| Natera, Inc.† | 53029 | &nbsp;&nbsp; 8536078 |
| Neurocrine Biosciences, Inc.† | 76196 | &nbsp;&nbsp; 10696394 |
| Soleno Therapeutics, Inc.† | 70416 | &nbsp;&nbsp; 4760122 |
| Vericel Corp.† | 211000 | &nbsp;&nbsp; 6640170 |
|  |  | &nbsp;&nbsp; **60028855** |
| **Health care equipment & supplies: 4.67%** |  |  |
| Glaukos Corp.† | 88431 | &nbsp;&nbsp; 7211548 |
| iRhythm Technologies, Inc.† | 119346 | &nbsp;&nbsp; 20526319 |
| Penumbra, Inc.† | 65719 | &nbsp;&nbsp; 16647937 |
|  |  | &nbsp;&nbsp; **44385804** |
| **Health care providers & services: 7.46%** |  |  |
| Guardant Health, Inc.† | 175040 | &nbsp;&nbsp; 10936499 |
| HealthEquity, Inc.† | 165760 | &nbsp;&nbsp; 15709075 |
| Option Care Health, Inc.† | 404746 | &nbsp;&nbsp; 11235749 |
| RadNet, Inc.† | 264839 | &nbsp;&nbsp; 20183380 |
| Tenet Healthcare Corp.† | 63292 | &nbsp;&nbsp; 12850808 |
|  |  | &nbsp;&nbsp; **70915511** |
| **Life sciences tools & services: 1.07%** |  |  |
| Repligen Corp.† | 76233 | &nbsp;&nbsp; **10190065** |
| **Pharmaceuticals: 1.24%** |  |  |
| Teva Pharmaceutical Industries Ltd. ADR† | 584324 | &nbsp;&nbsp; **11803345** |
| **Industrials: 25.66%** |  |  |
| **Aerospace & defense: 4.54%** |  |  |
| ATI, Inc.† | 99550 | &nbsp;&nbsp; 8097397 |
| Curtiss-Wright Corp. | 36169 | &nbsp;&nbsp; 19637597 |
| Mercury Systems, Inc.† | 200451 | &nbsp;&nbsp; 15514907 |
|  |  | &nbsp;&nbsp; **43249901** |
| **Building products: 1.14%** |  |  |
| AAON, Inc. | 116130 | &nbsp;&nbsp; **10851187** |
| **Commercial services & supplies: 4.19%** |  |  |
| Casella Waste Systems, Inc. Class A† | 208920 | &nbsp;&nbsp; 19822330 |
| RB Global, Inc. | 113830 | &nbsp;&nbsp; 12334619 |
| Tetra Tech, Inc. | 229835 | &nbsp;&nbsp; 7671892 |
|  |  | &nbsp;&nbsp; **39828841** |
| **Construction & engineering: 6.38%** |  |  |
| Argan, Inc. | 50260 | &nbsp;&nbsp; 13572713 |
| Construction Partners, Inc. Class A† | 168719 | &nbsp;&nbsp; 21427313 |
| EMCOR Group, Inc. | 39498 | &nbsp;&nbsp; 25655531 |
|  |  | &nbsp;&nbsp; **60655557** |

---

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

Allspring SMID Cap Growth Fund \| 3

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Electrical equipment: 0.58%** |  |  |
| Power Solutions International, Inc.† | 55993 | &nbsp;&nbsp; **$5499632** |
| **Ground transportation: 1.18%** |  |  |
| Saia, Inc.† | 37447 | &nbsp;&nbsp; **11210134** |
| **Machinery: 2.95%** |  |  |
| ESAB Corp. | 101670 | &nbsp;&nbsp; 11360606 |
| RBC Bearings, Inc.† | 42827 | &nbsp;&nbsp; 16714950 |
|  |  | &nbsp;&nbsp; **28075556** |
| **Professional services: 2.01%** |  |  |
| Parsons Corp.† | 120640 | &nbsp;&nbsp; 10003469 |
| UL Solutions, Inc. Class A | 128370 | &nbsp;&nbsp; 9096298 |
|  |  | &nbsp;&nbsp; **19099767** |
| **Trading companies & distributors: 2.69%** |  |  |
| Applied Industrial Technologies, Inc. | 58064 | &nbsp;&nbsp; 15157607 |
| SiteOne Landscape Supply, Inc.† | 81105 | &nbsp;&nbsp; 10446324 |
|  |  | &nbsp;&nbsp; **25603931** |
| **Information technology: 21.65%** |  |  |
| **Electronic equipment, instruments & components: 4.37%** |  |  |
| Celestica, Inc.† | 86171 | &nbsp;&nbsp; 21230811 |
| Novanta, Inc.† | 92001 | &nbsp;&nbsp; 9213900 |
| Teledyne Technologies, Inc.† | 19039 | &nbsp;&nbsp; 11157616 |
|  |  | &nbsp;&nbsp; **41602327** |
| **Semiconductors & semiconductor equipment: 5.43%** |  |  |
| Astera Labs, Inc.† | 69788 | &nbsp;&nbsp; 13664490 |
| Impinj, Inc.† | 50204 | &nbsp;&nbsp; 9074373 |
| Monolithic Power Systems, Inc. | 13908 | &nbsp;&nbsp; 12804261 |
| Rambus, Inc.† | 154162 | &nbsp;&nbsp; 16063681 |
|  |  | &nbsp;&nbsp; **51606805** |
| **Software: 11.85%** |  |  |
| Clearwater Analytics Holdings, Inc. Class A† | 693692 | &nbsp;&nbsp; 12500330 |
| Commvault Systems, Inc.† | 90868 | &nbsp;&nbsp; 17154061 |
| Guidewire Software, Inc.† | 66348 | &nbsp;&nbsp; 15250751 |
| Procore Technologies, Inc.† | 190243 | &nbsp;&nbsp; 13872519 |
| SailPoint, Inc.† | 344273 | &nbsp;&nbsp; 7601548 |
| Samsara, Inc. Class A† | 273656 | &nbsp;&nbsp; 10193686 |
| ServiceTitan, Inc. Class A† | 83603 | &nbsp;&nbsp; 8429690 |
| Tyler Technologies, Inc.† | 23799 | &nbsp;&nbsp; 12450685 |
| Varonis Systems, Inc. Class B† | 265431 | &nbsp;&nbsp; 15254320 |
|  |  | &nbsp;&nbsp; **112707590** |
| **Materials: 1.90%** |  |  |
| **Metals & mining: 1.90%** |  |  |
| Carpenter Technology Corp. | 73782 | &nbsp;&nbsp; **18116432** |

---

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

4 \| Allspring SMID Cap Growth Fund

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Real estate: 1.56%** |  |  |
| **Real estate management & development: 1.56%** |  |  |
| Jones Lang LaSalle, Inc.† | 49890 | &nbsp;&nbsp; **$14881189** |
| **Utilities: 2.83%** |  |  |
| **Independent power and renewable electricity producers: 2.83%** |  |  |
| Talen Energy Corp.† | 63278 | &nbsp;&nbsp; **26917196** |
| **Total common stocks (Cost $684,780,590)** |  | &nbsp;&nbsp; **932932437** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 0.44%** |  |  |  |  |
| **Investment companies: 0.44%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.07<br> %<br>| 4220964 | &nbsp;&nbsp; **4220964** |
| **Total short-term investments (Cost $4,220,964)** |  |  |  | &nbsp;&nbsp; **4220964** |
| **Total investments in securities (Cost $689,001,554)** | 98.53<br> %<br>|  |  | &nbsp;&nbsp; 937153401 |
| Other assets and liabilities, net | 1.47 |  |  | &nbsp;&nbsp; 13954349 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$951107750** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations: <br> ADR American depositary receipt

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $3714757 | $326982322 | $(326476115)<br>| $0 | $0 | $4220964 | 4220964 | $345234 |

---

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

Allspring SMID Cap Growth Fund \| 5

------

Statement of assets and liabilities—September 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $684,780,590) | $932932437 |
| Investments in affiliated securities, at value (cost $4,220,964) | 4220964 |
| Cash | 3 |
| Receivable for investments sold | 11387945 |
| Receivable for Fund shares sold | 6208465 |
| Receivable for dividends | 49246 |
| Prepaid expenses and other assets | 56966 |
| **Total assets** | **954856026** |
| Liabilities |  |
| Payable for investments purchased | 2362655 |
| Payable for Fund shares redeemed | 573211 |
| Management fee payable | 571639 |
| Administration fees payable | 109683 |
| Shareholder servicing fees payable | 84476 |
| Distribution fee payable | 1317 |
| Trustees' fees and expenses payable | 558 |
| Accrued expenses and other liabilities | 44737 |
| **Total liabilities** | **3748276** |
| **Total net assets**  | **$951107750** |
| Net assets consist of |  |
| Paid-in capital | $582466555 |
| Total distributable earnings | 368641195 |
| **Total net assets** | **$951107750** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $358862881 |
| Shares outstanding–Class A<sup>1</sup> <br>| 13109884 |
| Net asset value per share–Class A | $27.37 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $29.04 |
| Net assets–Class C | $2117733 |
| Shares outstanding–Class C<sup>1</sup> <br>| 114337 |
| Net asset value per share–Class C | $18.52 |
| Net assets–Class R6 | $172995166 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 5119878 |
| Net asset value per share–Class R6 | $33.79 |
| Net assets–Administrator Class | $42711648 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 1445435 |
| Net asset value per share–Administrator Class | $29.55 |
| Net assets–Institutional Class | $374420322 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 11301101 |
| Net asset value per share–Institutional Class | $33.13 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> 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.

6 \| Allspring SMID Cap Growth Fund

------

Statement of operations—year ended September 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $25,559) | $1625141 |
| Income from affiliated securities | 345234 |
| Interest | 8911 |
| **Total investment income** | **1979286** |
| Expenses |  |
| Management fee | 7768403 |
| Administration fees |  |
| Class A | 756428 |
| Class C | 4703 |
| Class R6 | 58986 |
| Administrator Class | 63105 |
| Institutional Class | 493726 |
| Shareholder servicing fees |  |
| Class A | 945173 |
| Class C | 5870 |
| Administrator Class | 121227 |
| Distribution fee |  |
| Class C | 17520 |
| Custody and accounting fees | 40675 |
| Professional fees | 54066 |
| Registration fees | 82098 |
| Shareholder report expenses | 67355 |
| Trustees' fees and expenses | 14435 |
| Interest expense | 4479 |
| Other fees and expenses | 66448 |
| **Total expenses** | **10564697** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (411012)<br>|
| Class A | (167233)<br>|
| Class C | (7)<br>|
| Administrator Class | (8)<br>|
| Institutional Class | (20328)<br>|
| **Net expenses** | **9966109** |
| **Net investment loss** | **(7986823)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments**  | **146071880** |
| **Net change in unrealized gains (losses) on investments** | **(68307802)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **77764078** |
| **Net increase in net assets resulting from operations** | **$69777255** |

---

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

Allspring SMID Cap Growth Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2024 | Year ended<br> September 30, 2024 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(7986823)<br>|  | &nbsp;&nbsp; $(7046425)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 146071880 |  | &nbsp;&nbsp; 157405177 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (68307802)<br>|  | &nbsp;&nbsp; 156534358 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **69777255** |  | &nbsp;&nbsp; **306893110** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (36981041)<br>|  | &nbsp;&nbsp; 0 |
| Class C |  | &nbsp;&nbsp; (336902)<br>|  | &nbsp;&nbsp; 0 |
| Class R6 |  | &nbsp;&nbsp; (18398144)<br>|  | &nbsp;&nbsp; 0 |
| Administrator Class |  | &nbsp;&nbsp; (4404183)<br>|  | &nbsp;&nbsp; 0 |
| Institutional Class |  | &nbsp;&nbsp; (30894971)<br>|  | &nbsp;&nbsp; 0 |
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(91015241)**<br>|  | &nbsp;&nbsp; **0** |
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 281750 | &nbsp;&nbsp; 7372906 | &nbsp;&nbsp; 444049 | &nbsp;&nbsp; 10770592 |
| Class C | 11682 | &nbsp;&nbsp; 217068 | &nbsp;&nbsp; 13647 | &nbsp;&nbsp; 246450 |
| Class R6 | 803776 | &nbsp;&nbsp; 26013457 | &nbsp;&nbsp; 1480279 | &nbsp;&nbsp; 44494152 |
| Administrator Class | 198491 | &nbsp;&nbsp; 5566343 | &nbsp;&nbsp; 353172 | &nbsp;&nbsp; 8648190 |
| Institutional Class | 1584459 | &nbsp;&nbsp; 50348502 | &nbsp;&nbsp; 2045572 | &nbsp;&nbsp; 60215008 |
|  |  | &nbsp;&nbsp; 89518276 |  | &nbsp;&nbsp; 124374392 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 1321112 | &nbsp;&nbsp; 35987085 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Class C | 17618 | &nbsp;&nbsp; 326822 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Class R6 | 538340 | &nbsp;&nbsp; 18045142 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Administrator Class | 149526 | &nbsp;&nbsp; 4396056 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class | 836068 | &nbsp;&nbsp; 27506624 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 86261729 |  | &nbsp;&nbsp; 0 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (3200951)<br>| &nbsp;&nbsp; (83624100)<br>| &nbsp;&nbsp; (3751114)<br>| &nbsp;&nbsp; (92194209)<br>|
| Class C | (50257)<br>| &nbsp;&nbsp; (907654)<br>| &nbsp;&nbsp; (83886)<br>| &nbsp;&nbsp; (1459188)<br>|
| Class R6 | (3874288)<br>| &nbsp;&nbsp; (123889864)<br>| &nbsp;&nbsp; (4949079)<br>| &nbsp;&nbsp; (144842709)<br>|
| Administrator Class | (683441)<br>| &nbsp;&nbsp; (19256342)<br>| &nbsp;&nbsp; (697639)<br>| &nbsp;&nbsp; (18484856)<br>|
| Institutional Class | (3305767)<br>| &nbsp;&nbsp; (105307455)<br>| &nbsp;&nbsp; (6597714)<br>| &nbsp;&nbsp; (195353494)<br>|
|  |  | &nbsp;&nbsp; (332985415)<br>|  | &nbsp;&nbsp; (452334456)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(157205410)**<br>|  | &nbsp;&nbsp; **(327960064)**<br>|
| **Total decrease in net assets** |  | &nbsp;&nbsp; **(178443396)**<br>|  | &nbsp;&nbsp; **(21066954)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **1129551146** |  | &nbsp;&nbsp; **1150618100** |
| **End of period** |  | &nbsp;&nbsp; **$951107750** |  | &nbsp;&nbsp; **$1129551146** |

---

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

8 \| Allspring SMID Cap Growth Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$27.92** | &nbsp;&nbsp; **$21.43** | &nbsp;&nbsp; **$19.73** | &nbsp;&nbsp; **$47.48** | &nbsp;&nbsp; **$39.95** |
| Net investment loss | (0.26 )<sup>1</sup><br>| &nbsp;&nbsp; (0.20 )<sup>1</sup><br>| &nbsp;&nbsp; (0.17 )<sup>1</sup><br>| &nbsp;&nbsp; (0.30 )<sup>1</sup><br>| &nbsp;&nbsp; (0.53)<br>|
| Net realized and unrealized gains (losses) on investments | 2.30 | 6.69 | 2.16 | &nbsp;&nbsp; (14.84)<br>| 10.51 |
| Total from investment operations | 2.04 | 6.49 | 1.99 | &nbsp;&nbsp; (15.14)<br>| 9.98 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (2.59)<br>| 0.00 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (12.61)<br>| &nbsp;&nbsp; (2.45)<br>|
| **Net asset value, end of period** | **$27.37** | &nbsp;&nbsp; **$27.92** | &nbsp;&nbsp; **$21.43** | &nbsp;&nbsp; **$19.73** | &nbsp;&nbsp; **$47.48** |
| **Total return**<sup>2</sup> <br>| **7.33%**<br>| **30.28%**<br>| **10.08%**<br>| &nbsp;&nbsp; **(42.03)%**<br>| **25.48%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.26<br> %<br>| 1.24<br> %<br>| 1.24<br> %<br>| 1.21<br> %<br>| 1.19<br> %<br>|
| Net expenses | 1.17<br> %<br>| 1.18<br> %<br>| 1.20<br> %<br>| 1.19<br> %<br>| 1.18<br> %<br>|
| Net investment loss | (0.97)%<br>| &nbsp;&nbsp; (0.82)%<br>| &nbsp;&nbsp; (0.77)%<br>| &nbsp;&nbsp; (1.08)%<br>| &nbsp;&nbsp; (1.08)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 74<br> %<br>| &nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 51<br> %<br>|
| Net assets, end of period (000s omitted) | $358863 | &nbsp;&nbsp; $410614 | &nbsp;&nbsp; $386119 | &nbsp;&nbsp; $414018 | &nbsp;&nbsp; $875257 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

Allspring SMID Cap Growth Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$19.81** | &nbsp;&nbsp; **$15.33** | &nbsp;&nbsp; **$14.30** | &nbsp;&nbsp; **$38.31** | &nbsp;&nbsp; **$32.88** |
| Net investment loss | (0.32 )<sup>1</sup><br>| &nbsp;&nbsp; (0.28 )<sup>1</sup><br>| &nbsp;&nbsp; (0.24 )<sup>1</sup><br>| &nbsp;&nbsp; (0.42 )<sup>1</sup><br>| &nbsp;&nbsp; (0.70 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.62 | 4.76 | 1.56 | &nbsp;&nbsp; (10.98)<br>| 8.58 |
| Total from investment operations | 1.30 | 4.48 | 1.32 | &nbsp;&nbsp; (11.40)<br>| 7.88 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (2.59)<br>| 0.00 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (12.61)<br>| &nbsp;&nbsp; (2.45)<br>|
| **Net asset value, end of period** | **$18.52** | &nbsp;&nbsp; **$19.81** | &nbsp;&nbsp; **$15.33** | &nbsp;&nbsp; **$14.30** | &nbsp;&nbsp; **$38.31** |
| **Total return**<sup>2</sup> <br>| **6.52%**<br>| **29.22%**<br>| **9.28%**<br>| &nbsp;&nbsp; **(42.48)%**<br>| **24.52%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 2.00<br> %<br>| 1.98<br> %<br>| 1.98<br> %<br>| 1.94<br> %<br>| 1.94<br> %<br>|
| Net expenses | 1.96<br> %<br>| 1.96<br> %<br>| 1.97<br> %<br>| 1.94<br> %<br>| 1.94<br> %<br>|
| Net investment loss | (1.76)%<br>| &nbsp;&nbsp; (1.59)%<br>| &nbsp;&nbsp; (1.54)%<br>| &nbsp;&nbsp; (1.84)%<br>| &nbsp;&nbsp; (1.84)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 74<br> %<br>| &nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 51<br> %<br>|
| Net assets, end of period (000s omitted) | $2118 | &nbsp;&nbsp; $2681 | &nbsp;&nbsp; $3151 | &nbsp;&nbsp; $3622 | &nbsp;&nbsp; $17909 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

10 \| Allspring SMID Cap Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class R6 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$33.77** | &nbsp;&nbsp; **$25.83** | &nbsp;&nbsp; **$23.63** | &nbsp;&nbsp; **$54.02** | &nbsp;&nbsp; **$44.98** |
| Net investment loss | (0.19 )<sup>1</sup><br>| &nbsp;&nbsp; (0.12 )<sup>1</sup><br>| &nbsp;&nbsp; (0.09 )<sup>1</sup><br>| &nbsp;&nbsp; (0.22 )<sup>1</sup><br>| &nbsp;&nbsp; (0.35 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 2.80 | 8.06 | 2.58 | &nbsp;&nbsp; (17.56)<br>| 11.84 |
| Total from investment operations | 2.61 | 7.94 | 2.49 | &nbsp;&nbsp; (17.78)<br>| 11.49 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (2.59)<br>| 0.00 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (12.61)<br>| &nbsp;&nbsp; (2.45)<br>|
| **Net asset value, end of period** | **$33.79** | &nbsp;&nbsp; **$33.77** | &nbsp;&nbsp; **$25.83** | &nbsp;&nbsp; **$23.63** | &nbsp;&nbsp; **$54.02** |
| **Total return**<sup>2</sup> <br>| **7.78%**<br>| **30.74%**<br>| **10.58%**<br>| &nbsp;&nbsp; **(41.80)%**<br>| **26.01%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.83<br> %<br>| 0.82<br> %<br>| 0.81<br> %<br>| 0.78<br> %<br>| 0.76<br> %<br>|
| Net expenses | 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.78<br> %<br>| 0.76<br> %<br>|
| Net investment loss | (0.59)%<br>| &nbsp;&nbsp; (0.42)%<br>| &nbsp;&nbsp; (0.36)%<br>| &nbsp;&nbsp; (0.66)%<br>| &nbsp;&nbsp; (0.66)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 74<br> %<br>| &nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 51<br> %<br>|
| Net assets, end of period (000s omitted) | $172995 | &nbsp;&nbsp; $258437 | &nbsp;&nbsp; $287218 | &nbsp;&nbsp; $353183 | &nbsp;&nbsp; $771279 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring SMID Cap Growth Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$29.94** | &nbsp;&nbsp; **$22.97** | &nbsp;&nbsp; **$21.12** | &nbsp;&nbsp; **$49.83** | &nbsp;&nbsp; **$41.79** |
| Net investment loss | (0.27 )<sup>1</sup><br>| &nbsp;&nbsp; (0.20 )<sup>1</sup><br>| &nbsp;&nbsp; (0.16 )<sup>1</sup><br>| &nbsp;&nbsp; (0.30 )<sup>1</sup><br>| &nbsp;&nbsp; (0.49 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 2.47 | 7.17 | 2.30 | &nbsp;&nbsp; (15.80)<br>| 10.98 |
| Total from investment operations | 2.20 | 6.97 | 2.14 | &nbsp;&nbsp; (16.10)<br>| 10.49 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (2.59)<br>| 0.00 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (12.61)<br>| &nbsp;&nbsp; (2.45)<br>|
| **Net asset value, end of period** | **$29.55** | &nbsp;&nbsp; **$29.94** | &nbsp;&nbsp; **$22.97** | &nbsp;&nbsp; **$21.12** | &nbsp;&nbsp; **$49.83** |
| **Total return**<sup>2</sup> <br>| **7.38%**<br>| **30.34%**<br>| **10.18%**<br>| &nbsp;&nbsp; **(41.98)%**<br>| **25.58%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.19<br> %<br>| 1.16<br> %<br>| 1.12<br> %<br>| 1.09<br> %<br>| 1.11<br> %<br>|
| Net expenses | 1.14<br> %<br>| 1.14<br> %<br>| 1.11<br> %<br>| 1.09<br> %<br>| 1.11<br> %<br>|
| Net investment loss | (0.94)%<br>| &nbsp;&nbsp; (0.77)%<br>| &nbsp;&nbsp; (0.69)%<br>| &nbsp;&nbsp; (0.98)%<br>| &nbsp;&nbsp; (1.01)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 74<br> %<br>| &nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 51<br> %<br>|
| Net assets, end of period (000s omitted) | $42712 | &nbsp;&nbsp; $53313 | &nbsp;&nbsp; $48826 | &nbsp;&nbsp; $70724 | &nbsp;&nbsp; $189022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

12 \| Allspring SMID Cap Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$33.19** | &nbsp;&nbsp; **$25.41** | &nbsp;&nbsp; **$23.27** | &nbsp;&nbsp; **$53.45** | &nbsp;&nbsp; **$44.57** |
| Net investment loss | (0.22 )<sup>1</sup><br>| &nbsp;&nbsp; (0.15 )<sup>1</sup><br>| &nbsp;&nbsp; (0.12 )<sup>1</sup><br>| &nbsp;&nbsp; (0.25 )<sup>1</sup><br>| &nbsp;&nbsp; (0.40 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 2.75 | 7.93 | 2.55 | &nbsp;&nbsp; (17.32)<br>| 11.73 |
| Total from investment operations | 2.53 | 7.78 | 2.43 | &nbsp;&nbsp; (17.57)<br>| 11.33 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (2.59)<br>| 0.00 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (12.61)<br>| &nbsp;&nbsp; (2.45)<br>|
| **Net asset value, end of period** | **$33.13** | &nbsp;&nbsp; **$33.19** | &nbsp;&nbsp; **$25.41** | &nbsp;&nbsp; **$23.27** | &nbsp;&nbsp; **$53.45** |
| **Total return**<sup>2</sup> <br>| **7.66%**<br>| **30.62%**<br>| **10.49%**<br>| &nbsp;&nbsp; **(41.88)%**<br>| **25.91%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.94<br> %<br>| 0.92<br> %<br>| 0.91<br> %<br>| 0.88<br> %<br>| 0.86<br> %<br>|
| Net expenses | 0.89<br> %<br>| 0.89<br> %<br>| 0.89<br> %<br>| 0.88<br> %<br>| 0.86<br> %<br>|
| Net investment loss | (0.69)%<br>| &nbsp;&nbsp; (0.52)%<br>| &nbsp;&nbsp; (0.46)%<br>| &nbsp;&nbsp; (0.76)%<br>| &nbsp;&nbsp; (0.76)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 74<br> %<br>| &nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 51<br> %<br>|
| Net assets, end of period (000s omitted) | $374420 | &nbsp;&nbsp; $404506 | &nbsp;&nbsp; $425304 | &nbsp;&nbsp; $517465 | &nbsp;&nbsp; $1090159 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring SMID Cap Growth Fund \| 13

------

Notes to financial statements

Notes to financial statements

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 SMID Cap Growth Fund (the "Fund") which is a diversified series of the Trust.

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 ("GAAP") 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.

Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

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

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

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.

Interest earned on cash balances held at the custodian is recorded as interest income.

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. GAAP. 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, as applicable, 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 September 30, 2025, the aggregate cost of all investments for federal income tax purposes was $696,459,856 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $264659596 |
| Gross unrealized losses | &nbsp;&nbsp; (23966051)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$240693545** |

---

14 \| Allspring SMID Cap Growth Fund

------

Notes to financial statements

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.&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $34506322 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $34506322 |
| *Consumer discretionary* | &nbsp;&nbsp; 122188940 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 122188940 |
| *Financials* | &nbsp;&nbsp; 69007550 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 69007550 |
| *Health care* | &nbsp;&nbsp; 197323580 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 197323580 |
| *Industrials* | &nbsp;&nbsp; 244074506 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 244074506 |
| *Information technology* | &nbsp;&nbsp; 205916722 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 205916722 |
| *Materials* | &nbsp;&nbsp; 18116432 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 18116432 |
| *Real estate* | &nbsp;&nbsp; 14881189 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14881189 |
| *Utilities* | &nbsp;&nbsp; 26917196 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 26917196 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 4220964 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4220964 |
| **Total assets** | &nbsp;&nbsp; **$937153401** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$937153401** |

---

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

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

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, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds

Allspring SMID Cap Growth Fund \| 15

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Notes to financial statements

Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.800<br> %<br>|
| Next $500 million | 0.750 |
| Next $1 billion | 0.700 |
| Next $2 billion | 0.675 |
| Next $1 billion | 0.650 |
| Next $5 billion | 0.640 |
| Over $10 billion | 0.630 |

---

For the year ended September 30, 2025, the management fee was equivalent to an annual rate of 0.77% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

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 and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Class R6 | 0.03 |
| Administrator Class | 0.13 |
| Institutional Class | 0.13 |

---

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 reimbursed 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. Allspring Funds Management has contractually committed through January 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of September 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.21<br> %<br>|
| Class C | 1.96 |
| Class R6 | 0.79 |
| Administrator Class | 1.14 |
| Institutional Class | 0.89 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares 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"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.

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 year ended September 30, 2025, Allspring Funds Distributor received $860 from the sale of Class A shares and $150 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended September 30, 2025.

16 \| Allspring SMID Cap Growth Fund

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Notes to financial statements

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund 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. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended September 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2025 were $734,978,408 and $1,008,022,383, respectively.

6. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 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 or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

During the year ended September 30, 2025, the Fund had average borrowings outstanding of $98,904 at an average rate of 4.53% and paid interest in the amount of $4,479. The maximum amount borrowed during the year ended September 30, 2025 was $7,300,000.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 |
|  | 2025 | 2024 |
| **Ordinary income** | $8970036 | $0 |
| **Long-term capital gain** | 82045205 | 0 |

---

As of September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>gains<br>|
| &nbsp;&nbsp;&nbsp; $3747988 | &nbsp;&nbsp; $124199859 | &nbsp;&nbsp;&nbsp; $240693545 |

---

8. CONCENTRATION RISKS

As of the end of the period, the Fund concentrated its portfolio of investments in the industrials 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

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.

10. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined in *Segment Reporting (Topic 280)*, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the

Allspring SMID Cap Growth Fund \| 17

------

Notes to financial statements

Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

11. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

12. CLASS CONVERSION

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on or about the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C was closed to new investors and additional investments from existing shareholders.

18 \| Allspring SMID Cap Growth Fund

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring SMID Cap Growth Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g774251img12a5e4db2.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

November 20, 2025

Allspring SMID Cap Growth Fund \| 19

------

Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 23% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2025.

Pursuant to Section 852 of the Internal Revenue Code, $82,045,205 was designated as a 20% rate gain distribution for the fiscal year ended

September 30, 2025.

Pursuant to Section 854 of the Internal Revenue Code, $2,247,297 of income dividends paid during the fiscal year ended September 30, 2025 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2025, $8,970,036 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, 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.

Quarterly portfolio holdings information

The Fund 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. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

20 \| Allspring SMID Cap Growth Fund

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring SMID Cap Growth Fund \| 21

------

Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring SMID Cap Growth Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

22 \| Allspring SMID Cap Growth Fund

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one-year period under review, but lower for all other periods under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Russell 2500 Growth Index, for the one-year period under review, in range of the investment performance of its benchmark index for the ten-year period under review, and lower than the investment performance of its benchmark index for the three- and five-year periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to the investment decisions and market factors that affected the Fund's investment performance.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups for Class A and Institutional Class, equal to the median net operating expense ratios of the expense Groups for Class R6, and higher than the median net operating expense ratios of the expense Groups for Administrator Class.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of the average rates for the expense Groups for Institutional Class and Class R6, and higher than the sum of the average rates for the expense Groups for Class A and Administrator Class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Allspring SMID Cap Growth Fund \| 23

------

Other information (unaudited)

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

24 \| Allspring SMID Cap Growth Fund

------

![](g774251imgd06aa8601.jpg)

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: **1-800-260-5969**

![](g774251img098af7763.gif)

*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<sup>TM</sup> 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.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR3321 09-25**

------

![](g774251imge5e7c3ee1.jpg)

Allspring Mid Cap Growth Fund

Long Form Financial Statements

Annual Report

September 30, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_19f64e84-f7be-4a04-be3b-d5e0217c2c3e_POI-PageBlank-31_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_19f64e84-f7be-4a04-be3b-d5e0217c2c3e_FS-PageBlank-31_1)** |  |
| [Statement of assets and liabilities](#xx_19f64e84-f7be-4a04-be3b-d5e0217c2c3e_FS-PageBlank-31_1) | 6 |
| [Statement of operations](#xx_19f64e84-f7be-4a04-be3b-d5e0217c2c3e_FS-PageBlank-31_2) | 7 |
| [Statement of changes in net assets](#xx_19f64e84-f7be-4a04-be3b-d5e0217c2c3e_FS-PageBlank-31_3) | 8 |
| [Financial highlights](#xx_19f64e84-f7be-4a04-be3b-d5e0217c2c3e_FIHI-PageBlank-31_1) | 10 |
| **[Notes to financial statements](#xx_19f64e84-f7be-4a04-be3b-d5e0217c2c3e_NTF-PageBlank-31_1)** | 14 |
| **[Report of independent registered public accounting firm](#xx_19f64e84-f7be-4a04-be3b-d5e0217c2c3e_AUD-PageBlank-31_1)** | 19 |
| **[Other information](#xx_19f64e84-f7be-4a04-be3b-d5e0217c2c3e_OI-PageBlank-31_1)** | 20 |
| [Item 8. Changes in and disagreements with accountants](#xx_19f64e84-f7be-4a04-be3b-d5e0217c2c3e_OI-PageBlank-31_2) | 21 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_19f64e84-f7be-4a04-be3b-d5e0217c2c3e_OI-PageBlank-31_2) | 21 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_19f64e84-f7be-4a04-be3b-d5e0217c2c3e_OI-PageBlank-31_2) | 21 |
| [Item 11. Statement regarding basis for board](#xx_19f64e84-f7be-4a04-be3b-d5e0217c2c3e_OI-PageBlank-31_3)['](#xx_19f64e84-f7be-4a04-be3b-d5e0217c2c3e_OI-PageBlank-31_3)[s approval of investment](#xx_19f64e84-f7be-4a04-be3b-d5e0217c2c3e_OI-PageBlank-31_3)<br> [advisory contract](#xx_19f64e84-f7be-4a04-be3b-d5e0217c2c3e_OI-PageBlank-31_3)<br>| 22 |

---

Allspring Mid Cap Growth Fund \| 1

------

Portfolio of investments—September 30, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 99.71%** |  |  |
| **Communication services: 11.05%** |  |  |
| **Entertainment: 11.05%** |  |  |
| Live Nation Entertainment, Inc.† | 99003 | &nbsp;&nbsp; $16177090 |
| Nintendo Co. Ltd. ADR | 547182 | &nbsp;&nbsp; 11676864 |
| Roblox Corp. Class A† | 161683 | &nbsp;&nbsp; 22396329 |
| Spotify Technology SA† | 11042 | &nbsp;&nbsp; 7707316 |
| TKO Group Holdings, Inc. Class A | 72407 | &nbsp;&nbsp; 14623318 |
|  |  | &nbsp;&nbsp; **72580917** |
| **Consumer discretionary: 16.08%** |  |  |
| **Broadline retail: 1.98%** |  |  |
| MercadoLibre, Inc.† | 5575 | &nbsp;&nbsp; **13028441** |
| **Hotels, restaurants & leisure: 8.39%** |  |  |
| DoorDash, Inc. Class A† | 43203 | &nbsp;&nbsp; 11750784 |
| DraftKings, Inc. Class A† | 227028 | &nbsp;&nbsp; 8490847 |
| Hilton Worldwide Holdings, Inc. | 77342 | &nbsp;&nbsp; 20065608 |
| Viking Holdings Ltd.† | 238466 | &nbsp;&nbsp; 14823047 |
|  |  | &nbsp;&nbsp; **55130286** |
| **Household durables: 1.35%** |  |  |
| PulteGroup, Inc. | 67356 | &nbsp;&nbsp; **8899748** |
| **Specialty retail: 4.36%** |  |  |
| Burlington Stores, Inc.† | 46473 | &nbsp;&nbsp; 11827378 |
| Carvana Co. Class A† | 44490 | &nbsp;&nbsp; 16783408 |
|  |  | &nbsp;&nbsp; **28610786** |
| **Financials: 9.39%** |  |  |
| **Capital markets: 3.96%** |  |  |
| Coinbase Global, Inc. Class A† | 13017 | &nbsp;&nbsp; 4393107 |
| LPL Financial Holdings, Inc. | 26682 | &nbsp;&nbsp; 8876835 |
| Robinhood Markets, Inc. Class A† | 89132 | &nbsp;&nbsp; 12761920 |
|  |  | &nbsp;&nbsp; **26031862** |
| **Financial services: 4.38%** |  |  |
| Affirm Holdings, Inc.† | 125950 | &nbsp;&nbsp; 9204426 |
| Equitable Holdings, Inc. | 204306 | &nbsp;&nbsp; 10374658 |
| Toast, Inc. Class A† | 251543 | &nbsp;&nbsp; 9183835 |
|  |  | &nbsp;&nbsp; **28762919** |
| **Insurance: 1.05%** |  |  |
| Ryan Specialty Holdings, Inc. Class A | 122106 | &nbsp;&nbsp; **6881894** |
| **Health care: 16.78%** |  |  |
| **Biotechnology: 5.78%** |  |  |
| Alnylam Pharmaceuticals, Inc.† | 40790 | &nbsp;&nbsp; 18600240 |

---

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

2 \| Allspring Mid Cap Growth Fund

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Biotechnology**(continued) |  |  |
| Argenx SE ADR† | 10788 | &nbsp;&nbsp; $7956797 |
| Natera, Inc.† | 71095 | &nbsp;&nbsp; 11444162 |
|  |  | &nbsp;&nbsp; **38001199** |
| **Health care equipment & supplies: 4.01%** |  |  |
| IDEXX Laboratories, Inc.† | 25253 | &nbsp;&nbsp; 16133889 |
| Penumbra, Inc.† | 40446 | &nbsp;&nbsp; 10245781 |
|  |  | &nbsp;&nbsp; **26379670** |
| **Health care providers & services: 4.77%** |  |  |
| Cencora, Inc. | 47772 | &nbsp;&nbsp; 14930183 |
| Guardant Health, Inc.† | 63320 | &nbsp;&nbsp; 3956233 |
| RadNet, Inc.† | 163194 | &nbsp;&nbsp; 12437015 |
|  |  | &nbsp;&nbsp; **31323431** |
| **Life sciences tools & services: 1.07%** |  |  |
| Repligen Corp.† | 52688 | &nbsp;&nbsp; **7042805** |
| **Pharmaceuticals: 1.15%** |  |  |
| Teva Pharmaceutical Industries Ltd. ADR† | 373214 | &nbsp;&nbsp; **7538923** |
| **Industrials: 22.05%** |  |  |
| **Aerospace & defense: 5.93%** |  |  |
| Axon Enterprise, Inc.† | 22453 | &nbsp;&nbsp; 16113171 |
| Curtiss-Wright Corp. | 25708 | &nbsp;&nbsp; 13957902 |
| Howmet Aerospace, Inc. | 45280 | &nbsp;&nbsp; 8885294 |
|  |  | &nbsp;&nbsp; **38956367** |
| **Commercial services & supplies: 3.12%** |  |  |
| RB Global, Inc. | 87702 | &nbsp;&nbsp; 9503389 |
| Waste Connections, Inc. | 62482 | &nbsp;&nbsp; 10984335 |
|  |  | &nbsp;&nbsp; **20487724** |
| **Construction & engineering: 4.43%** |  |  |
| EMCOR Group, Inc. | 17259 | &nbsp;&nbsp; 11210411 |
| Quanta Services, Inc. | 43197 | &nbsp;&nbsp; 17901701 |
|  |  | &nbsp;&nbsp; **29112112** |
| **Electrical equipment: 2.81%** |  |  |
| Vertiv Holdings Co. Class A | 122653 | &nbsp;&nbsp; **18503431** |
| **Ground transportation: 1.17%** |  |  |
| Saia, Inc.† | 25610 | &nbsp;&nbsp; **7666610** |
| **Machinery: 1.79%** |  |  |
| RBC Bearings, Inc.† | 30151 | &nbsp;&nbsp; **11767634** |

---

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

Allspring Mid Cap Growth Fund \| 3

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Trading companies & distributors: 2.80%** |  |  |
| Applied Industrial Technologies, Inc. | 44470 | &nbsp;&nbsp; $11608893 |
| SiteOne Landscape Supply, Inc.† | 52802 | &nbsp;&nbsp; 6800898 |
|  |  | &nbsp;&nbsp; **18409791** |
| **Information technology: 17.16%** |  |  |
| **Electronic equipment, instruments & components: 1.09%** |  |  |
| Teledyne Technologies, Inc.† | 12220 | &nbsp;&nbsp; **7161409** |
| **IT services: 2.99%** |  |  |
| Cloudflare, Inc. Class A† | 67979 | &nbsp;&nbsp; 14587614 |
| Snowflake, Inc.† | 22364 | &nbsp;&nbsp; 5044200 |
|  |  | &nbsp;&nbsp; **19631814** |
| **Semiconductors & semiconductor equipment: 2.74%** |  |  |
| Monolithic Power Systems, Inc. | 19523 | &nbsp;&nbsp; **17973655** |
| **Software: 10.34%** |  |  |
| AppLovin Corp. Class A† | 17436 | &nbsp;&nbsp; 12528464 |
| Commvault Systems, Inc.† | 34839 | &nbsp;&nbsp; 6576906 |
| Fair Isaac Corp.† | 8857 | &nbsp;&nbsp; 13254766 |
| Guidewire Software, Inc.† | 21298 | &nbsp;&nbsp; 4895558 |
| Procore Technologies, Inc.† | 112608 | &nbsp;&nbsp; 8211375 |
| Samsara, Inc. Class A† | 249383 | &nbsp;&nbsp; 9289517 |
| Tyler Technologies, Inc.† | 25244 | &nbsp;&nbsp; 13206651 |
|  |  | &nbsp;&nbsp; **67963237** |
| **Materials: 3.39%** |  |  |
| **Construction materials: 1.95%** |  |  |
| Vulcan Materials Co. | 41524 | &nbsp;&nbsp; **12773613** |
| **Metals & mining: 1.44%** |  |  |
| Carpenter Technology Corp. | 38610 | &nbsp;&nbsp; **9480299** |
| **Utilities: 3.81%** |  |  |
| **Independent power and renewable electricity producers: 3.81%** |  |  |
| Vistra Corp. | 127690 | &nbsp;&nbsp; **25017025** |
| **Total common stocks (Cost $447,604,441)** |  | &nbsp;&nbsp; **655117602** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 0.26%** |  |  |  |  |
| **Investment companies: 0.26%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.07<br> %<br>| 1720927 | &nbsp;&nbsp; **1720927** |
| **Total short-term investments (Cost $1,720,927)** |  |  |  | &nbsp;&nbsp; **1720927** |
| **Total investments in securities (Cost $449,325,368)** | 99.97<br> %<br>|  |  | &nbsp;&nbsp; 656838529 |
| Other assets and liabilities, net | 0.03 |  |  | &nbsp;&nbsp; 170398 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$657008927** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

4 \| Allspring Mid Cap Growth Fund

------

Portfolio of investments—September 30, 2025

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations: <br> ADR American depositary receipt

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $4789725 | $137243964 | $(140312762)<br>| $0 | $0 | $1720927 | 1720927 | $161250 |

---

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

Allspring Mid Cap Growth Fund \| 5

------

Statement of assets and liabilities—September 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $447,604,441) | $655117602 |
| Investments in affiliated securities, at value (cost $1,720,927) | 1720927 |
| Cash | 3 |
| Receivable for investments sold | 5591587 |
| Receivable for Fund shares sold | 110456 |
| Receivable for dividends | 92983 |
| Prepaid expenses and other assets | 92093 |
| **Total assets** | **662725651** |
| Liabilities |  |
| Payable for investments purchased | 4894745 |
| Management fee payable | 367816 |
| Shareholder servicing fees payable | 128931 |
| Administration fees payable | 106200 |
| Payable for Fund shares redeemed | 90683 |
| Trustees' fees and expenses payable | 877 |
| Distribution fee payable | 212 |
| Accrued expenses and other liabilities | 127260 |
| **Total liabilities** | **5716724** |
| **Total net assets**  | **$657008927** |
| Net assets consist of |  |
| Paid-in capital | $382656414 |
| Total distributable earnings | 274352513 |
| **Total net assets** | **$657008927** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $625391221 |
| Shares outstanding–Class A<sup>1</sup> <br>| 11259275 |
| Net asset value per share–Class A | $55.54 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $58.93 |
| Net assets–Class C | $347098 |
| Shares outstanding–Class C<sup>1</sup> <br>| 8501 |
| Net asset value per share–Class C | $40.83 |
| Net assets–Class R6 | $2017526 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 29675 |
| Net asset value per share–Class R6 | $67.99 |
| Net assets–Institutional Class | $29253082 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 434027 |
| Net asset value per share–Institutional Class | $67.40 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> 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.

6 \| Allspring Mid Cap Growth Fund

------

Statement of operations—year ended September 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $29,574) | $1273871 |
| Income from affiliated securities | 161250 |
| Interest | 144 |
| **Total investment income** | **1435265** |
| Expenses |  |
| Management fee | 4673958 |
| Administration fees |  |
| Class A | 1180893 |
| Class C | 927 |
| Class R6 | 1124 |
| Administrator Class | 2388 <br><sup>1</sup><br>|
| Institutional Class | 40232 |
| Shareholder servicing fees |  |
| Class A | 1476116 |
| Class C | 1156 |
| Administrator Class | 3464 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 3438 |
| Custody and accounting fees | 9843 |
| Professional fees | 52191 |
| Registration fees | 155160 |
| Shareholder report expenses | 51722 |
| Trustees' fees and expenses | 11014 |
| Other fees and expenses | 35038 |
| **Total expenses** | **7698664** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (125469)<br>|
| Class A | (498438)<br>|
| Class C | (163)<br>|
| Institutional Class | (17154)<br>|
| **Net expenses** | **7057440** |
| **Net investment loss** | **(5622175)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | 80253648 |
| Foreign currency and foreign currency translations | (113)<br>|
| **Net realized gains on investments**  | **80253535** |
| **Net change in unrealized gains (losses) on investments** | **35139898** |
| **Net realized and unrealized gains (losses) on investments** | **115393433** |
| **Net increase in net assets resulting from operations** | **$109771258** |

---

<sup>1</sup> For the period from October 1, 2024 to September 12, 2025. Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

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

Allspring Mid Cap Growth Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2024 | Year ended<br> September 30, 2024 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(5622175)<br>|  | &nbsp;&nbsp; $(4894355)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 80253535 |  | &nbsp;&nbsp; 65032717 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 35139898 |  | &nbsp;&nbsp; 119039393 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **109771258** |  | &nbsp;&nbsp; **179177755** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (58092029)<br>|  | &nbsp;&nbsp; (13133463)<br>|
| Class C |  | &nbsp;&nbsp; (80513)<br>|  | &nbsp;&nbsp; (20718)<br>|
| Class R6 |  | &nbsp;&nbsp; (287524)<br>|  | &nbsp;&nbsp; (1220732)<br>|
| Administrator Class |  | &nbsp;&nbsp; (180360 )<sup>1</sup><br>|  | &nbsp;&nbsp; (66556)<br>|
| Institutional Class |  | &nbsp;&nbsp; (2855090)<br>|  | &nbsp;&nbsp; (591818)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(61495516)**<br>|  | &nbsp;&nbsp; **(15033287)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 91105 | &nbsp;&nbsp; 4519650 | &nbsp;&nbsp; 76505 | &nbsp;&nbsp; 3442175 |
| Class C | 1985 | &nbsp;&nbsp; 79602 | &nbsp;&nbsp; 1370 | &nbsp;&nbsp; 50005 |
| Class R6 | 16714 | &nbsp;&nbsp; 1068590 | &nbsp;&nbsp; 59562 | &nbsp;&nbsp; 3152815 |
| Administrator Class | 4085 <br><sup>1</sup><br>| &nbsp;&nbsp; 236477 <br><sup>1</sup><br>| &nbsp;&nbsp; 21922 | &nbsp;&nbsp; 1041268 |
| Institutional Class | 139497 | &nbsp;&nbsp; 8592595 | &nbsp;&nbsp; 158417 | &nbsp;&nbsp; 8710962 |
|  |  | &nbsp;&nbsp; 14496914 |  | &nbsp;&nbsp; 16397225 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 1069467 | &nbsp;&nbsp; 54671124 | &nbsp;&nbsp; 293587 | &nbsp;&nbsp; 12389381 |
| Class C | 2129 | &nbsp;&nbsp; 80513 | &nbsp;&nbsp; 602 | &nbsp;&nbsp; 19562 |
| Class R6 | 4579 | &nbsp;&nbsp; 285765 | &nbsp;&nbsp; 24178 | &nbsp;&nbsp; 1220262 |
| Administrator Class | 3174 <br><sup>1</sup><br>| &nbsp;&nbsp; 178900 <br><sup>1</sup><br>| &nbsp;&nbsp; 1437 | &nbsp;&nbsp; 66252 |
| Institutional Class | 45304 | &nbsp;&nbsp; 2804335 | &nbsp;&nbsp; 11499 | &nbsp;&nbsp; 576313 |
|  |  | &nbsp;&nbsp; 58020637 |  | &nbsp;&nbsp; 14271770 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (1230912)<br>| &nbsp;&nbsp; (62359948)<br>| &nbsp;&nbsp; (1419970)<br>| &nbsp;&nbsp; (64576545)<br>|
| Class C | (11351)<br>| &nbsp;&nbsp; (427701)<br>| &nbsp;&nbsp; (7972)<br>| &nbsp;&nbsp; (271908)<br>|
| Class R6 | (131908)<br>| &nbsp;&nbsp; (8750727)<br>| &nbsp;&nbsp; (1142389)<br>| &nbsp;&nbsp; (65784173)<br>|
| Administrator Class | (9076 )<sup>1</sup><br>| &nbsp;&nbsp; (509739 )<sup>1</sup><br>| &nbsp;&nbsp; (45155)<br>| &nbsp;&nbsp; (2264271)<br>|
| Institutional Class | (293222)<br>| &nbsp;&nbsp; (17978014)<br>| &nbsp;&nbsp; (223597)<br>| &nbsp;&nbsp; (12376763)<br>|
|  |  | &nbsp;&nbsp; (90026129)<br>|  | &nbsp;&nbsp; (145273660)<br>|

---

<sup>1</sup> For the period from October 1, 2024 to September 12, 2025

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

8 \| Allspring Mid Cap Growth Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2024 | Year ended<br> September 30, 2024 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Administrator Class<br>(32694 )<sup>2</sup><br>| &nbsp;&nbsp; $(1999532 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Institutional Class<br>29714 <br><sup>2</sup><br>| &nbsp;&nbsp; 1999532 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net decrease in net assets resulting from capital share transactions** | &nbsp;&nbsp; **(17508578)**<br>|  | &nbsp;&nbsp; **(114604665)**<br>|
| **Total increase in net assets** | &nbsp;&nbsp; **30767164** |  | &nbsp;&nbsp; **49539803** |
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **626241763** |  | &nbsp;&nbsp; **576701960** |
| **End of period** | &nbsp;&nbsp; **$657008927** |  | &nbsp;&nbsp; **$626241763** |

---

<sup>2</sup> Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

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

Allspring Mid Cap Growth Fund \| 9

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$51.51** | &nbsp;&nbsp; **$39.62** | &nbsp;&nbsp; **$35.92** | &nbsp;&nbsp; **$76.01** | &nbsp;&nbsp; **$64.21** |
| Net investment loss | (0.46 )<sup>1</sup><br>| &nbsp;&nbsp; (0.38 )<sup>1</sup><br>| &nbsp;&nbsp; (0.32 )<sup>1</sup><br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.77 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 9.70 | 13.36 | 4.02 | &nbsp;&nbsp; (28.31)<br>| 19.17 |
| Total from investment operations | 9.24 | 12.98 | 3.70 | &nbsp;&nbsp; (28.86)<br>| 18.40 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (5.21)<br>| &nbsp;&nbsp; (1.09)<br>| 0.00 | &nbsp;&nbsp; (11.23)<br>| &nbsp;&nbsp; (6.60)<br>|
| **Net asset value, end of period** | **$55.54** | &nbsp;&nbsp; **$51.51** | &nbsp;&nbsp; **$39.62** | &nbsp;&nbsp; **$35.92** | &nbsp;&nbsp; **$76.01** |
| **Total return**<sup>2</sup> <br>| **18.82%**<br>| **33.36%**<br>| **10.27%**<br>| &nbsp;&nbsp; **(44.27)%**<br>| **29.90%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.25<br> %<br>| 1.23<br> %<br>| 1.25<br> %<br>| 1.23<br> %<br>| 1.21<br> %<br>|
| Net expenses | 1.14<br> %<br>| 1.16<br> %<br>| 1.17<br> %<br>| 1.16<br> %<br>| 1.17<br> %<br>|
| Net investment loss | (0.91)%<br>| &nbsp;&nbsp; (0.83)%<br>| &nbsp;&nbsp; (0.80)%<br>| &nbsp;&nbsp; (1.03)%<br>| &nbsp;&nbsp; (1.06)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 69<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 41<br> %<br>|
| Net assets, end of period (000s omitted) | $625391 | &nbsp;&nbsp; $583572 | &nbsp;&nbsp; $490533 | &nbsp;&nbsp; $490694 | &nbsp;&nbsp; $990030 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

10 \| Allspring Mid Cap Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$39.41** | &nbsp;&nbsp; **$30.78** | &nbsp;&nbsp; **$28.12** | &nbsp;&nbsp; **$62.41** | &nbsp;&nbsp; **$54.11** |
| Net investment loss | (0.64 )<sup>1</sup><br>| &nbsp;&nbsp; (0.56 )<sup>1</sup><br>| &nbsp;&nbsp; (0.48 )<sup>1</sup><br>| &nbsp;&nbsp; (0.75 )<sup>1</sup><br>| &nbsp;&nbsp; (1.10 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 7.27 | 10.28 | 3.14 | &nbsp;&nbsp; (22.31)<br>| 16.00 |
| Total from investment operations | 6.63 | 9.72 | 2.66 | &nbsp;&nbsp; (23.06)<br>| 14.90 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (5.21)<br>| &nbsp;&nbsp; (1.09)<br>| 0.00 | &nbsp;&nbsp; (11.23)<br>| &nbsp;&nbsp; (6.60)<br>|
| **Net asset value, end of period** | **$40.83** | &nbsp;&nbsp; **$39.41** | &nbsp;&nbsp; **$30.78** | &nbsp;&nbsp; **$28.12** | &nbsp;&nbsp; **$62.41** |
| **Total return**<sup>2</sup> <br>| **17.88%**<br>| **32.32%**<br>| **9.46%**<br>| &nbsp;&nbsp; **(44.71)%**<br>| **28.92%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.98<br> %<br>| 1.97<br> %<br>| 1.99<br> %<br>| 1.96<br> %<br>| 1.96<br> %<br>|
| Net expenses | 1.93<br> %<br>| 1.93<br> %<br>| 1.93<br> %<br>| 1.93<br> %<br>| 1.93<br> %<br>|
| Net investment loss | (1.69)%<br>| &nbsp;&nbsp; (1.60)%<br>| &nbsp;&nbsp; (1.57)%<br>| &nbsp;&nbsp; (1.80)%<br>| &nbsp;&nbsp; (1.82)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 69<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 41<br> %<br>|
| Net assets, end of period (000s omitted) | $347 | &nbsp;&nbsp; $620 | &nbsp;&nbsp; $669 | &nbsp;&nbsp; $943 | &nbsp;&nbsp; $2509 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

Allspring Mid Cap Growth Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class R6 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$61.78** | &nbsp;&nbsp; **$47.16** | &nbsp;&nbsp; **$42.59** | &nbsp;&nbsp; **$87.70** | &nbsp;&nbsp; **$72.94** |
| Net investment loss | (0.34 )<sup>1</sup><br>| &nbsp;&nbsp; (0.25 )<sup>1</sup><br>| &nbsp;&nbsp; (0.20 )<sup>1</sup><br>| &nbsp;&nbsp; (0.40 )<sup>1</sup><br>| &nbsp;&nbsp; (0.57 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 11.76 | 15.96 | 4.77 | &nbsp;&nbsp; (33.48)<br>| 21.93 |
| Total from investment operations | 11.42 | 15.71 | 4.57 | &nbsp;&nbsp; (33.88)<br>| 21.36 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (5.21)<br>| &nbsp;&nbsp; (1.09)<br>| 0.00 | &nbsp;&nbsp; (11.23)<br>| &nbsp;&nbsp; (6.60)<br>|
| **Net asset value, end of period** | **$67.99** | &nbsp;&nbsp; **$61.78** | &nbsp;&nbsp; **$47.16** | &nbsp;&nbsp; **$42.59** | &nbsp;&nbsp; **$87.70** |
| **Total return**<sup>2</sup> <br>| **19.24%**<br>| **33.82%**<br>| **10.70%**<br>| &nbsp;&nbsp; **(44.07)%**<br>| **30.41%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.82<br> %<br>| 0.81<br> %<br>| 0.83<br> %<br>| 0.80<br> %<br>| 0.78<br> %<br>|
| Net expenses | 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.79<br> %<br>| 0.78<br> %<br>|
| Net investment loss | (0.54)%<br>| &nbsp;&nbsp; (0.47)%<br>| &nbsp;&nbsp; (0.43)%<br>| &nbsp;&nbsp; (0.66)%<br>| &nbsp;&nbsp; (0.68)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 69<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 41<br> %<br>|
| Net assets, end of period (000s omitted) | $2018 | &nbsp;&nbsp; $8668 | &nbsp;&nbsp; $56539 | &nbsp;&nbsp; $51082 | &nbsp;&nbsp; $94430 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

12 \| Allspring Mid Cap Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$61.32** | &nbsp;&nbsp; **$46.84** | &nbsp;&nbsp; **$42.33** | &nbsp;&nbsp; **$87.27** | &nbsp;&nbsp; **$72.66** |
| Net investment loss | (0.38 )<sup>1</sup><br>| &nbsp;&nbsp; (0.28 )<sup>1</sup><br>| &nbsp;&nbsp; (0.23 )<sup>1</sup><br>| &nbsp;&nbsp; (0.44 )<sup>1</sup><br>| &nbsp;&nbsp; (0.62 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 11.67 | 15.85 | 4.74 | &nbsp;&nbsp; (33.27)<br>| 21.83 |
| Total from investment operations | 11.29 | 15.57 | 4.51 | &nbsp;&nbsp; (33.71)<br>| 21.21 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (5.21)<br>| &nbsp;&nbsp; (1.09)<br>| 0.00 | &nbsp;&nbsp; (11.23)<br>| &nbsp;&nbsp; (6.60)<br>|
| **Net asset value, end of period** | **$67.40** | &nbsp;&nbsp; **$61.32** | &nbsp;&nbsp; **$46.84** | &nbsp;&nbsp; **$42.33** | &nbsp;&nbsp; **$87.27** |
| **Total return**<sup>2</sup> <br>| **19.17%**<br>| **33.75%**<br>| **10.65%**<br>| &nbsp;&nbsp; **(44.11)%**<br>| **30.31%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.93<br> %<br>| 0.91<br> %<br>| 0.92<br> %<br>| 0.90<br> %<br>| 0.88<br> %<br>|
| Net expenses | 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>|
| Net investment loss | (0.62)%<br>| &nbsp;&nbsp; (0.52)%<br>| &nbsp;&nbsp; (0.49)%<br>| &nbsp;&nbsp; (0.72)%<br>| &nbsp;&nbsp; (0.74)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 69<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 41<br> %<br>|
| Net assets, end of period (000s omitted) | $29253 | &nbsp;&nbsp; $31440 | &nbsp;&nbsp; $26530 | &nbsp;&nbsp; $35710 | &nbsp;&nbsp; $78349 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring Mid Cap Growth Fund \| 13

------

Notes to financial statements

Notes to financial statements

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 Mid Cap Growth Fund (the "Fund") which is a diversified series of the Trust.

Effective at the close of business on September 12, 2025, Administrator Class shares became Institutional Class shares in a tax-free conversion. Shareholders of Administrator Class received Institutional Class shares at a value equal to the value of their Administrator Class shares immediately prior to the conversion. Administrator Class shares are no longer offered by the Fund.

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 ("GAAP") 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.

Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

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

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

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.

Interest earned on cash balances held at the custodian is recorded as interest income.

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. GAAP. 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.

14 \| Allspring Mid Cap Growth Fund

------

Notes to financial statements

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, as applicable, 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 September 30, 2025, the aggregate cost of all investments for federal income tax purposes was $449,902,131 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $218632301 |
| Gross unrealized losses | &nbsp;&nbsp; (11695903)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$206936398** |

---

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.&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $72580917 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $72580917 |
| *Consumer discretionary* | &nbsp;&nbsp; 105669261 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 105669261 |
| *Financials* | &nbsp;&nbsp; 61676675 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 61676675 |
| *Health care* | &nbsp;&nbsp; 110286028 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 110286028 |
| *Industrials* | &nbsp;&nbsp; 144903669 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 144903669 |
| *Information technology* | &nbsp;&nbsp; 112730115 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 112730115 |
| *Materials* | &nbsp;&nbsp; 22253912 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 22253912 |
| *Utilities* | &nbsp;&nbsp; 25017025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 25017025 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 1720927 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1720927 |
| **Total assets** | &nbsp;&nbsp; **$656838529** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$656838529** |

---

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

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

Allspring Mid Cap Growth Fund \| 15

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.750<br> %<br>|
| Next $500 million | 0.725 |
| Next $1 billion | 0.700 |
| Next $2 billion | 0.675 |
| Next $1 billion | 0.650 |
| Next $5 billion | 0.640 |
| Next $2 billion | 0.630 |
| Next $4 billion | 0.620 |
| Over $16 billion | 0.610 |

---

For the year ended September 30, 2025, the management fee was equivalent to an annual rate of 0.74% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

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 and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Class R6 | 0.03 |
| Administrator Class | 0.13 |
| Institutional Class | 0.13 |

---

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 reimbursed 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. Allspring Funds Management has contractually committed through January 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of September 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.18<br> %<br>|
| Class C | 1.93 |
| Class R6 | 0.80 |
| Institutional Class | 0.85 |

---

16 \| Allspring Mid Cap Growth Fund

------

Notes to financial statements

Distribution fee

The Trust has adopted a distribution plan for Class C shares 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"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.

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 year ended September 30, 2025, Allspring Funds Distributor received $1,830 from the sale of Class A shares and $42 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended September 30, 2025.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund 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. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended September 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2025 were $431,281,825 and $515,939,257, respectively.

6. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 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 or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended September 30, 2025, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 |
|  | 2025 | 2024 |
| **Long-term capital gain** | $61495516 | $15033287 |

---

As of September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>gains<br>|
| &nbsp;&nbsp;&nbsp; $7349405 | &nbsp;&nbsp; $60077796 | &nbsp;&nbsp;&nbsp; $206936398 |

---

8. 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.

Allspring Mid Cap Growth Fund \| 17

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

9. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined in *Segment Reporting (Topic 280)*, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

11. CLASS CONVERSION

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on or about the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C was closed to new investors and additional investments from existing shareholders.

18 \| Allspring Mid Cap Growth Fund

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Mid Cap Growth Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g774251imga1ef6fa02.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

November 20, 2025

Allspring Mid Cap Growth Fund \| 19

------

Other information (unaudited)

Other information

Tax information

Pursuant to Section 852 of the Internal Revenue Code, $61,495,516 was designated as a 20% rate gain distribution for the fiscal year ended

September 30, 2025.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, 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.

Quarterly portfolio holdings information

The Fund 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. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

20 \| Allspring Mid Cap Growth Fund

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Mid Cap Growth Fund \| 21

------

Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Mid Cap Growth Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

22 \| Allspring Mid Cap Growth Fund

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one-year period under review, in range of the average investment performance of the Universe for the ten-year period under review, and lower than the average investment performance of the Universe for the three- and five-year periods under review. The Board also noted that the investment performance of the Fund was lower than the investment performance of its benchmark index, the Russell Midcap Growth Index, for all periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to market factors that affected the Fund's investment performance. The Board also took note of the Fund's outperformance relative to the Universe for the one-year period under review.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups for Class A, equal to the median net operating expense ratios of the expense Groups for Institutional Class and Class R6, and higher than the median net operating expense ratios of the expense Groups for Administrator Class.

It was noted that the Board had approved a proposal to convert Administrator Class shares into Institutional Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of the average rates for the expense Groups for Institutional Class and Class R6, and higher than the sum of the average rates for the expense Groups for Class A and Administrative Class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Allspring Mid Cap Growth Fund \| 23

------

Other information (unaudited)

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

24 \| Allspring Mid Cap Growth Fund

------

![](g774251imge5e7c3ee1.jpg)

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: **1-800-260-5969**

![](g774251img82fd00a43.gif)

*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<sup>TM</sup> 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.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR3018 09-25**

------

![](g774251img3279e4dd1.jpg)

Allspring Special Mid Cap Value Fund

Long Form Financial Statements

Annual Report

September 30, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_837f1589-1309-442a-a367-10938474f302_POI-PageBlank-32_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_837f1589-1309-442a-a367-10938474f302_FS-PageBlank-32_1)** |  |
| [Statement of assets and liabilities](#xx_837f1589-1309-442a-a367-10938474f302_FS-PageBlank-32_1) | 7 |
| [Statement of operations](#xx_837f1589-1309-442a-a367-10938474f302_FS-PageBlank-32_2) | 8 |
| [Statement of changes in net assets](#xx_837f1589-1309-442a-a367-10938474f302_FS-PageBlank-32_3) | 9 |
| [Financial highlights](#xx_837f1589-1309-442a-a367-10938474f302_FIHI-PageBlank-32_1) | 11 |
| **[Notes to financial statements](#xx_837f1589-1309-442a-a367-10938474f302_NTF-PageBlank-32_1)** | 16 |
| **[Report of independent registered public accounting firm](#xx_837f1589-1309-442a-a367-10938474f302_AUD-PageBlank-32_1)** | 22 |
| **[Other information](#xx_837f1589-1309-442a-a367-10938474f302_OI-PageBlank-32_1)** | 23 |
| [Item 8. Changes in and disagreements with accountants](#xx_837f1589-1309-442a-a367-10938474f302_OI-PageBlank-32_2) | 24 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_837f1589-1309-442a-a367-10938474f302_OI-PageBlank-32_2) | 24 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_837f1589-1309-442a-a367-10938474f302_OI-PageBlank-32_2) | 24 |
| [Item 11. Statement regarding basis for board](#xx_837f1589-1309-442a-a367-10938474f302_OI-PageBlank-32_3)['](#xx_837f1589-1309-442a-a367-10938474f302_OI-PageBlank-32_3)[s approval of investment](#xx_837f1589-1309-442a-a367-10938474f302_OI-PageBlank-32_3)<br> [advisory contract](#xx_837f1589-1309-442a-a367-10938474f302_OI-PageBlank-32_3)<br>| 25 |

---

Allspring Special Mid Cap Value Fund \| 1

------

Portfolio of investments—September 30, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.52%** |  |  |
| **Communication services: 0.26%** |  |  |
| **Media: 0.26%** |  |  |
| NIQ Global Intelligence PLC† | 2290411 | &nbsp;&nbsp; **$35959453** |
| **Consumer discretionary: 6.58%** |  |  |
| **Automobile components: 1.44%** |  |  |
| Aptiv PLC† | 2285130 | &nbsp;&nbsp; **197023909** |
| **Household durables: 2.78%** |  |  |
| D.R. Horton, Inc. | 1171500 | &nbsp;&nbsp; 198534105 |
| Somnigroup International, Inc. | 1458544 | &nbsp;&nbsp; 122999015 |
| TopBuild Corp.† | 149200 | &nbsp;&nbsp; 58316312 |
|  |  | &nbsp;&nbsp; **379849432** |
| **Specialty retail: 1.30%** |  |  |
| AutoZone, Inc.† | 41300 | &nbsp;&nbsp; **177186912** |
| **Textiles, apparel & luxury goods: 1.06%** |  |  |
| PVH Corp. | 1724500 | &nbsp;&nbsp; **144461365** |
| **Consumer staples: 4.30%** |  |  |
| **Beverages: 2.71%** |  |  |
| Keurig Dr Pepper, Inc. | 11858514 | &nbsp;&nbsp; 302510692 |
| Primo Brands Corp. Class A | 3076200 | &nbsp;&nbsp; 67984020 |
|  |  | &nbsp;&nbsp; **370494712** |
| **Household products: 1.59%** |  |  |
| Church & Dwight Co., Inc. | 2473950 | &nbsp;&nbsp; **216792239** |
| **Energy: 6.89%** |  |  |
| **Energy equipment & services: 2.20%** |  |  |
| Baker Hughes Co. Class A | 6180700 | &nbsp;&nbsp; **301123704** |
| **Oil, gas & consumable fuels: 4.69%** |  |  |
| EOG Resources, Inc. | 1685950 | &nbsp;&nbsp; 189028714 |
| EQT Corp. | 4346600 | &nbsp;&nbsp; 236585438 |
| Valero Energy Corp. | 1259350 | &nbsp;&nbsp; 214416931 |
|  |  | &nbsp;&nbsp; **640031083** |
| **Financials: 15.46%** |  |  |
| **Banks: 4.00%** |  |  |
| Fifth Third Bancorp | 6864750 | &nbsp;&nbsp; 305824612 |
| First Citizens BancShares, Inc. Class A | 31700 | &nbsp;&nbsp; 56716372 |
| Regions Financial Corp. | 6982650 | &nbsp;&nbsp; 184132481 |
|  |  | &nbsp;&nbsp; **546673465** |
| **Capital markets: 2.92%** |  |  |
| Jefferies Financial Group, Inc. | 6092550 | &nbsp;&nbsp; 398574621 |
| Pershing Square Tontine Holdings Ltd.♦† | 7483000 | &nbsp;&nbsp; 7 |
|  |  | &nbsp;&nbsp; **398574628** |

---

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

2 \| Allspring Special Mid Cap Value Fund

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financial services: 1.15%** |  |  |
| Euronet Worldwide, Inc.† | 1786450 | &nbsp;&nbsp; **$156868175** |
| **Insurance: 5.29%** |  |  |
| Arch Capital Group Ltd. | 2989850 | &nbsp;&nbsp; 271269090 |
| Brown & Brown, Inc. | 2264100 | &nbsp;&nbsp; 212349939 |
| Loews Corp. | 2387150 | &nbsp;&nbsp; 239645989 |
|  |  | &nbsp;&nbsp; **723265018** |
| **Mortgage real estate investment trusts (REITs): 2.10%** |  |  |
| Annaly Capital Management, Inc. | 14221799 | &nbsp;&nbsp; **287422558** |
| **Health care: 10.83%** |  |  |
| **Health care equipment & supplies: 2.06%** |  |  |
| Alcon AG | 2290250 | &nbsp;&nbsp; 170646527 |
| Hologic, Inc.† | 1644900 | &nbsp;&nbsp; 111014301 |
|  |  | &nbsp;&nbsp; **281660828** |
| **Health care providers & services: 4.37%** |  |  |
| Humana, Inc. | 778500 | &nbsp;&nbsp; 202542345 |
| Labcorp Holdings, Inc. | 1375000 | &nbsp;&nbsp; 394707500 |
|  |  | &nbsp;&nbsp; **597249845** |
| **Life sciences tools & services: 4.40%** |  |  |
| Charles River Laboratories International, Inc.† | 1806864 | &nbsp;&nbsp; 282701941 |
| ICON PLC ADR† | 887000 | &nbsp;&nbsp; 155225000 |
| Qiagen NV | 2390189 | &nbsp;&nbsp; 106793645 |
| Revvity, Inc. | 636500 | &nbsp;&nbsp; 55789225 |
|  |  | &nbsp;&nbsp; **600509811** |
| **Industrials: 21.96%** |  |  |
| **Aerospace & defense: 2.92%** |  |  |
| L3Harris Technologies, Inc. | 632050 | &nbsp;&nbsp; 193034390 |
| StandardAero, Inc.† | 7528500 | &nbsp;&nbsp; 205452765 |
|  |  | &nbsp;&nbsp; **398487155** |
| **Building products: 1.16%** |  |  |
| Carlisle Cos., Inc. | 484103 | &nbsp;&nbsp; **159250523** |
| **Commercial services & supplies: 1.45%** |  |  |
| Republic Services, Inc. Class A | 863050 | &nbsp;&nbsp; **198052714** |
| **Construction & engineering: 0.90%** |  |  |
| API Group Corp.† | 3591199 | &nbsp;&nbsp; **123429510** |
| **Ground transportation: 2.91%** |  |  |
| Canadian Pacific Kansas City Ltd. | 3429700 | &nbsp;&nbsp; 255478353 |
| Knight-Swift Transportation Holdings, Inc. | 3587500 | &nbsp;&nbsp; 141742125 |
|  |  | &nbsp;&nbsp; **397220478** |

---

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

Allspring Special Mid Cap Value Fund \| 3

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Machinery: 5.01%** |  |  |
| Donaldson Co., Inc. | 765400 | &nbsp;&nbsp; $62647990 |
| Gates Industrial Corp. PLC† | 9587927 | &nbsp;&nbsp; 237972348 |
| Ingersoll Rand, Inc. | 1321500 | &nbsp;&nbsp; 109182330 |
| Mueller Industries, Inc. | 600400 | &nbsp;&nbsp; 60706444 |
| Toro Co. | 2812400 | &nbsp;&nbsp; 214304880 |
|  |  | &nbsp;&nbsp; **684813992** |
| **Professional services: 3.78%** |  |  |
| Booz Allen Hamilton Holding Corp. Class A | 1958100 | &nbsp;&nbsp; 195712095 |
| Jacobs Solutions, Inc. | 2139700 | &nbsp;&nbsp; 320655442 |
|  |  | &nbsp;&nbsp; **516367537** |
| **Trading companies & distributors: 3.83%** |  |  |
| AerCap Holdings NV | 2449294 | &nbsp;&nbsp; 296364574 |
| WESCO International, Inc. | 1071400 | &nbsp;&nbsp; 226601100 |
|  |  | &nbsp;&nbsp; **522965674** |
| **Information technology: 9.18%** |  |  |
| **Electronic equipment, instruments & components: 2.92%** |  |  |
| CDW Corp. | 1306000 | &nbsp;&nbsp; 208019680 |
| Keysight Technologies, Inc.† | 1093700 | &nbsp;&nbsp; 191310004 |
|  |  | &nbsp;&nbsp; **399329684** |
| **IT services: 1.83%** |  |  |
| Amdocs Ltd. | 2575050 | &nbsp;&nbsp; 211282853 |
| Okta, Inc.† | 418100 | &nbsp;&nbsp; 38339770 |
|  |  | &nbsp;&nbsp; **249622623** |
| **Semiconductors & semiconductor equipment: 4.43%** |  |  |
| ON Semiconductor Corp.† | 4232050 | &nbsp;&nbsp; 208682385 |
| Teradyne, Inc. | 2876800 | &nbsp;&nbsp; 395962752 |
|  |  | &nbsp;&nbsp; **604645137** |
| **Materials: 9.34%** |  |  |
| **Chemicals: 1.55%** |  |  |
| Eastman Chemical Co. | 780400 | &nbsp;&nbsp; 49204220 |
| RPM International, Inc. | 1381000 | &nbsp;&nbsp; 162792280 |
|  |  | &nbsp;&nbsp; **211996500** |
| **Construction materials: 3.58%** |  |  |
| Amrize Ltd.† | 2567200 | &nbsp;&nbsp; 124586216 |
| Vulcan Materials Co. | 1186250 | &nbsp;&nbsp; 364914225 |
|  |  | &nbsp;&nbsp; **489500441** |
| **Containers & packaging: 2.66%** |  |  |
| AptarGroup, Inc. | 463300 | &nbsp;&nbsp; 61924678 |
| Graphic Packaging Holding Co.♠ | 15369500 | &nbsp;&nbsp; 300781115 |
|  |  | &nbsp;&nbsp; **362705793** |

---

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

4 \| Allspring Special Mid Cap Value Fund

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Metals & mining: 1.55%** |  |  |
| Freeport-McMoRan, Inc. | 3957550 | &nbsp;&nbsp; $155215111 |
| Nucor Corp. | 417500 | &nbsp;&nbsp; 56542025 |
|  |  | &nbsp;&nbsp; **211757136** |
| **Real estate: 6.53%** |  |  |
| **Office REITs: 1.29%** |  |  |
| BXP, Inc. | 2362300 | &nbsp;&nbsp; **175613382** |
| **Real estate management & development: 1.47%** |  |  |
| CBRE Group, Inc. Class A† | 1275000 | &nbsp;&nbsp; **200889000** |
| **Specialized REITs: 3.77%** |  |  |
| CubeSmart | 3885500 | &nbsp;&nbsp; 157984430 |
| Gaming & Leisure Properties, Inc. | 3270985 | &nbsp;&nbsp; 152460611 |
| Weyerhaeuser Co. | 8273450 | &nbsp;&nbsp; 205098825 |
|  |  | &nbsp;&nbsp; **515543866** |
| **Utilities: 7.19%** |  |  |
| **Electric utilities: 5.46%** |  |  |
| American Electric Power Co., Inc. | 3627300 | &nbsp;&nbsp; 408071253 |
| FirstEnergy Corp. | 7379650 | &nbsp;&nbsp; 338135563 |
|  |  | &nbsp;&nbsp; **746206816** |
| **Water utilities: 1.73%** |  |  |
| American Water Works Co., Inc. | 1693950 | &nbsp;&nbsp; **235780900** |
| **Total common stocks (Cost $10,520,321,964)** |  | &nbsp;&nbsp; **13459325998** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Expiration <br>date<br>|  |  |
| **Rights: 0.00%** |  |  |  |
| **Financials: 0.00%** |  |  |  |
| **Capital markets: 0.00%** |  |  |  |
| Pershing Square Holdings Ltd.♦† | &nbsp;&nbsp; 9-23-2033 | 2255595 | &nbsp;&nbsp; **0** |
| **Total rights (Cost $0)** |  |  | &nbsp;&nbsp; **0** |
| **Warrants: 0.00%** |  |  |  |
| **Financials: 0.00%** |  |  |  |
| **Capital markets: 0.00%** |  |  |  |
| Pershing Square Holdings Ltd.♦† | &nbsp;&nbsp; 7-24-2027 | 769690 | &nbsp;&nbsp; **0** |
| **Total warrants (Cost $4,560,928)** |  |  | &nbsp;&nbsp; **0** |

---

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

Allspring Special Mid Cap Value Fund \| 5

------

Portfolio of investments—September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 1.38%** |  |  |  |  |
| **Investment companies: 1.38%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.07<br> %<br>| 188164226 | &nbsp;&nbsp; **$188164226** |
| **Total short-term investments (Cost $188,164,226)** |  |  |  | &nbsp;&nbsp; **188164226** |
| **Total investments in securities (Cost $10,713,047,118)** | 99.90<br> %<br>|  |  | &nbsp;&nbsp; 13647490224 |
| Other assets and liabilities, net | 0.10 |  |  | &nbsp;&nbsp; 13767067 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$13661257291** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Non-income-earning security |
| The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| The rate represents the 7-day annualized yield at period end. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations: <br> ADR American depositary receipt <br> REIT Real estate investment trust

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market <br> Fund Select Class<br>| $662433599 | $2749435716 | $(3223705089)<br>| $0 | $0 | $188164226 | 188164226 | $17849234 |
| Graphic Packaging Holding Co. | 351990804 | 83149321 | 0 | 0 | (134359010)<br>| 300781115 | 15369500 | 5896177 |
|  |  |  |  | **$0** | **$(134359010)**<br>| **$488945341** |  | **$23745411** |

---

Transactions with issuers that were no longer affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Common stocks** |  |  |  |  |  |  |  |  |
| Euronet Worldwide, Inc.† | $240806403 | $0 | $(63137513)<br>| $2212176 | $(23012891)<br>| $156868175 | 1786450 | $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>†</sup> Non-income-earning security

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

6 \| Allspring Special Mid Cap Value Fund

------

Statement of assets and liabilities—September 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $10,137,984,774) | $13158544883 |
| Investments in affiliated securities, at value (cost $575,062,344) | 488945341 |
| Cash | 3863 |
| Receivable for dividends | 25594353 |
| Receivable for investments sold | 20531580 |
| Receivable for Fund shares sold | 14669354 |
| Prepaid expenses and other assets | 424126 |
| **Total assets** | **13708713500** |
| Liabilities |  |
| Payable for Fund shares redeemed | 19195190 |
| Payable for investments purchased | 18896293 |
| Management fee payable | 7438743 |
| Administration fees payable | 1277427 |
| Shareholder servicing fees payable | 336251 |
| Distribution fee payable | 42338 |
| Trustees' fees and expenses payable | 595 |
| Accrued expenses and other liabilities | 269372 |
| **Total liabilities** | **47456209** |
| **Total net assets**  | **$13661257291** |
| Net assets consist of |  |
| Paid-in capital | $9524542927 |
| Total distributable earnings | 4136714364 |
| **Total net assets** | **$13661257291** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $1302951547 |
| Shares outstanding–Class A<sup>1</sup> <br>| 26903042 |
| Net asset value per share–Class A | $48.43 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $51.38 |
| Net assets–Class C | $67409995 |
| Shares outstanding–Class C<sup>1</sup> <br>| 1500181 |
| Net asset value per share–Class C | $44.93 |
| Net assets–Class R6 | $3411704811 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 67570455 |
| Net asset value per share–Class R6 | $50.49 |
| Net assets–Administrator Class | $246046474 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 4937372 |
| Net asset value per share–Administrator Class | $49.83 |
| Net assets–Institutional Class | $8633144464 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 171398539 |
| Net asset value per share–Institutional Class | $50.37 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> 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.

Allspring Special Mid Cap Value Fund \| 7

------

Statement of operations—year ended September 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $453,518) | $259627555 |
| Income from affiliated securities | 23745411 |
| Interest | 39255 |
| **Total investment income** | **283412221** |
| Expenses |  |
| Management fee | 88022071 |
| Administration fees |  |
| Class A | 2764702 |
| Class C | 156856 |
| Class R6 | 1062374 |
| Administrator Class | 349092 |
| Institutional Class | 10645304 |
| Shareholder servicing fees |  |
| Class A | 3455877 |
| Class C | 195702 |
| Administrator Class | 669321 |
| Distribution fee |  |
| Class C | 587059 |
| Custody and accounting fees | 404644 |
| Professional fees | 204903 |
| Registration fees | 487586 |
| Shareholder report expenses | 913882 |
| Trustees' fees and expenses | 125629 |
| Other fees and expenses | 350001 |
| **Total expenses** | **110395003** |
| Less: Fee waivers and/or expense reimbursements |  |
| Class A | (89080)<br>|
| Administrator Class | (474)<br>|
| **Net expenses** | **110305449** |
| **Net investment income** | **173106772** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | 1173079824 |
| Foreign currency and foreign currency translations | 8660 |
| **Net realized gains on investments**  | **1173088484** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | (1036663137)<br>|
| Affiliated securities | (134359010)<br>|
| Foreign currency and foreign currency translations | 1010 |
| **Net change in unrealized gains (losses) on investments** | **(1171021137)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **2067347** |
| **Net increase in net assets resulting from operations** | **$175174119** |

---

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

8 \| Allspring Special Mid Cap Value Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2024 | Year ended<br> September 30, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $173106772 |  | &nbsp;&nbsp; $157809293 |
| Net realized gains on investments |  | &nbsp;&nbsp; 1173088484 |  | &nbsp;&nbsp; 828323074 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (1171021137)<br>|  | &nbsp;&nbsp; 2059255377 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **175174119** |  | &nbsp;&nbsp; **3045387744** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (107057874)<br>|  | &nbsp;&nbsp; (72575389)<br>|
| Class C |  | &nbsp;&nbsp; (6168177)<br>|  | &nbsp;&nbsp; (4859037)<br>|
| Class R6 |  | &nbsp;&nbsp; (284398053)<br>|  | &nbsp;&nbsp; (180956781)<br>|
| Administrator Class |  | &nbsp;&nbsp; (21102378)<br>|  | &nbsp;&nbsp; (16081852)<br>|
| Institutional Class |  | &nbsp;&nbsp; (605419621)<br>|  | &nbsp;&nbsp; (390251708)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(1024146103)**<br>|  | &nbsp;&nbsp; **(664724767)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 3910885 | &nbsp;&nbsp; 185359300 | &nbsp;&nbsp; 4882582 | &nbsp;&nbsp; 227755761 |
| Class C | 173582 | &nbsp;&nbsp; 7679127 | &nbsp;&nbsp; 179228 | &nbsp;&nbsp; 7681803 |
| Class R6 | 16362088 | &nbsp;&nbsp; 813497001 | &nbsp;&nbsp; 16743128 | &nbsp;&nbsp; 808040769 |
| Administrator Class | 512631 | &nbsp;&nbsp; 25111533 | &nbsp;&nbsp; 776405 | &nbsp;&nbsp; 37300168 |
| Institutional Class | 51206316 | &nbsp;&nbsp; 2508290167 | &nbsp;&nbsp; 49147245 | &nbsp;&nbsp; 2385408261 |
|  |  | &nbsp;&nbsp; 3539937128 |  | &nbsp;&nbsp; 3466186762 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 2073812 | &nbsp;&nbsp; 99452698 | &nbsp;&nbsp; 1562560 | &nbsp;&nbsp; 67331371 |
| Class C | 130647 | &nbsp;&nbsp; 5834281 | &nbsp;&nbsp; 115958 | &nbsp;&nbsp; 4623250 |
| Class R6 | 5290808 | &nbsp;&nbsp; 263842791 | &nbsp;&nbsp; 3705131 | &nbsp;&nbsp; 166003927 |
| Administrator Class | 425779 | &nbsp;&nbsp; 20999898 | &nbsp;&nbsp; 361867 | &nbsp;&nbsp; 16007557 |
| Institutional Class | 11677455 | &nbsp;&nbsp; 581229204 | &nbsp;&nbsp; 8381897 | &nbsp;&nbsp; 374702181 |
|  |  | &nbsp;&nbsp; 971358872 |  | &nbsp;&nbsp; 628668286 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (8790602)<br>| &nbsp;&nbsp; (414064835)<br>| &nbsp;&nbsp; (9940435)<br>| &nbsp;&nbsp; (458881439)<br>|
| Class C | (801550)<br>| &nbsp;&nbsp; (35053956)<br>| &nbsp;&nbsp; (982343)<br>| &nbsp;&nbsp; (42171459)<br>|
| Class R6 | (24760878)<br>| &nbsp;&nbsp; (1203041122)<br>| &nbsp;&nbsp; (22102537)<br>| &nbsp;&nbsp; (1049235535)<br>|
| Administrator Class | (1974499)<br>| &nbsp;&nbsp; (96574677)<br>| &nbsp;&nbsp; (2369943)<br>| &nbsp;&nbsp; (111325969)<br>|
| Institutional Class | (50552615)<br>| &nbsp;&nbsp; (2479287020)<br>| &nbsp;&nbsp; (55944959)<br>| &nbsp;&nbsp; (2666758504)<br>|
|  |  | &nbsp;&nbsp; (4228021610)<br>|  | &nbsp;&nbsp; (4328372906)<br>|

---

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

Allspring Special Mid Cap Value Fund \| 9

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2024 | Year ended<br> September 30, 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Net asset value of shares issued in acquisition |  |  |  |  |
| Class A | 0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; 2119683 | &nbsp;&nbsp; $96889975 |
| Class C | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 27382 | &nbsp;&nbsp; 1172263 |
| Class R6 | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 283445 | &nbsp;&nbsp; 13434335 |
| Administrator Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 216950 | &nbsp;&nbsp; 10179714 |
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1445839 | &nbsp;&nbsp; 68416152 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 190092439 |
| **Net increase (decrease) in net assets resulting from capital share** <br> **transactions**<br>|  | &nbsp;&nbsp; **283274390** |  | &nbsp;&nbsp; **(43425419)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(565697594)**<br>|  | &nbsp;&nbsp; **2337237558** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **14226954885** |  | &nbsp;&nbsp; **11889717327** |
| **End of period** |  | &nbsp;&nbsp; **$13661257291** |  | &nbsp;&nbsp; **$14226954885** |

---

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

10 \| Allspring Special Mid Cap Value Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$51.52** | &nbsp;&nbsp; **$42.93** | &nbsp;&nbsp; **$40.97** | &nbsp;&nbsp; **$49.22** | &nbsp;&nbsp; **$35.33** |
| Net investment income | 0.47 <br><sup>1</sup><br>| 0.44 <br><sup>1</sup><br>| 0.37 | 0.22 | 0.13 |
| Net realized and unrealized gains (losses) on investments | 0.11 | 10.55 | 5.32 | &nbsp;&nbsp; (3.63)<br>| 13.91 |
| Total from investment operations | 0.58 | 10.99 | 5.69 | &nbsp;&nbsp; (3.41)<br>| 14.04 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.48)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net realized gains | (3.19)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (4.73)<br>| 0.00 |
| Total distributions to shareholders | (3.67)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (0.15)<br>|
| **Net asset value, end of period** | **$48.43** | &nbsp;&nbsp; **$51.52** | &nbsp;&nbsp; **$42.93** | &nbsp;&nbsp; **$40.97** | &nbsp;&nbsp; **$49.22** |
| **Total return**<sup>2</sup> <br>| **1.25%**<br>| **26.73%**<br>| **13.89%**<br>| &nbsp;&nbsp; **(8.32)%**<br>| **39.83%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.12<br> %<br>| 1.12<br> %<br>| 1.13<br> %<br>| 1.12<br> %<br>| 1.13<br> %<br>|
| Net expenses | 1.12<br> %<br>| 1.11<br> %<br>| 1.13<br> %<br>| 1.12<br> %<br>| 1.13<br> %<br>|
| Net investment income | 0.99<br> %<br>| 0.96<br> %<br>| 0.94<br> %<br>| 0.55<br> %<br>| 0.17<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 38<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 38<br> %<br>|
| Net assets, end of period (000s omitted) | $1302952 | &nbsp;&nbsp; $1530576 | &nbsp;&nbsp; $1334415 | &nbsp;&nbsp; $1098924 | &nbsp;&nbsp; $1131411 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

Allspring Special Mid Cap Value Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$48.04** | &nbsp;&nbsp; **$40.05** | &nbsp;&nbsp; **$38.43** | &nbsp;&nbsp; **$46.68** | &nbsp;&nbsp; **$33.63** |
| Net investment income (loss) | 0.11 <br><sup>1</sup><br>| 0.09 <br><sup>1</sup><br>| 0.03 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.25 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.09 | 9.85 | 5.00 | &nbsp;&nbsp; (3.41)<br>| 13.30 |
| Total from investment operations | 0.20 | 9.94 | 5.03 | &nbsp;&nbsp; (3.52)<br>| 13.05 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.12)<br>| 0.00 | 0.00 | 0.00 | 0.00 |
| Net realized gains | (3.19)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (4.73)<br>| 0.00 |
| Total distributions to shareholders | (3.31)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (4.73)<br>| 0.00 |
| **Net asset value, end of period** | **$44.93** | &nbsp;&nbsp; **$48.04** | &nbsp;&nbsp; **$40.05** | &nbsp;&nbsp; **$38.43** | &nbsp;&nbsp; **$46.68** |
| **Total return**<sup>2</sup> <br>| **0.48%**<br>| **25.81%**<br>| **13.03%**<br>| &nbsp;&nbsp; **(9.03)%**<br>| **38.80%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.87<br> %<br>| 1.87<br> %<br>| 1.88<br> %<br>| 1.87<br> %<br>| 1.88<br> %<br>|
| Net expenses | 1.87<br> %<br>| 1.87<br> %<br>| 1.88<br> %<br>| 1.87<br> %<br>| 1.88<br> %<br>|
| Net investment income (loss) | 0.24<br> %<br>| 0.20<br> %<br>| 0.17<br> %<br>| &nbsp;&nbsp; (0.22)%<br>| &nbsp;&nbsp; (0.58)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 38<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 38<br> %<br>|
| Net assets, end of period (000s omitted) | $67410 | &nbsp;&nbsp; $95952 | &nbsp;&nbsp; $106431 | &nbsp;&nbsp; $108314 | &nbsp;&nbsp; $132741 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

12 \| Allspring Special Mid Cap Value Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class R6 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$53.55** | &nbsp;&nbsp; **$44.53** | &nbsp;&nbsp; **$42.36** | &nbsp;&nbsp; **$50.72** | &nbsp;&nbsp; **$36.39** |
| Net investment income | 0.69 <br><sup>1</sup><br>| 0.66 <br><sup>1</sup><br>| 0.59 | 0.46 | 0.29 |
| Net realized and unrealized gains (losses) on investments | 0.12 | 10.94 | 5.49 | &nbsp;&nbsp; (3.79)<br>| 14.36 |
| Total from investment operations | 0.81 | 11.60 | 6.08 | &nbsp;&nbsp; (3.33)<br>| 14.65 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.68)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.32)<br>|
| Net realized gains | (3.19)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (4.73)<br>| 0.00 |
| Total distributions to shareholders | (3.87)<br>| &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp; (3.91)<br>| &nbsp;&nbsp; (5.03)<br>| &nbsp;&nbsp; (0.32)<br>|
| **Net asset value, end of period** | **$50.49** | &nbsp;&nbsp; **$53.55** | &nbsp;&nbsp; **$44.53** | &nbsp;&nbsp; **$42.36** | &nbsp;&nbsp; **$50.72** |
| **Total return**<sup>2</sup> <br>| **1.68%**<br>| **27.24%**<br>| **14.38%**<br>| &nbsp;&nbsp; **(7.93)%**<br>| **40.44%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.69<br> %<br>| 0.70<br> %<br>|
| Net expenses | 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.69<br> %<br>| 0.70<br> %<br>|
| Net investment income | 1.41<br> %<br>| 1.38<br> %<br>| 1.37<br> %<br>| 0.96<br> %<br>| 0.60<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 38<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 38<br> %<br>|
| Net assets, end of period (000s omitted) | $3411705 | &nbsp;&nbsp; $3784977 | &nbsp;&nbsp; $3208044 | &nbsp;&nbsp; $2537407 | &nbsp;&nbsp; $2925693 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring Special Mid Cap Value Fund \| 13

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$52.91** | &nbsp;&nbsp; **$44.02** | &nbsp;&nbsp; **$41.90** | &nbsp;&nbsp; **$50.22** | &nbsp;&nbsp; **$36.02** |
| Net investment income | 0.51 <br><sup>1</sup><br>| 0.48 <br><sup>1</sup><br>| 0.46 | 0.39 | 0.23 |
| Net realized and unrealized gains (losses) on investments | 0.11 | 10.83 | 5.40 | &nbsp;&nbsp; (3.85)<br>| 14.13 |
| Total from investment operations | 0.62 | 11.31 | 5.86 | &nbsp;&nbsp; (3.46)<br>| 14.36 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.51)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.16)<br>|
| Net realized gains | (3.19)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (4.73)<br>| 0.00 |
| Total distributions to shareholders | (3.70)<br>| &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp; (4.86)<br>| &nbsp;&nbsp; (0.16)<br>|
| **Net asset value, end of period** | **$49.83** | &nbsp;&nbsp; **$52.91** | &nbsp;&nbsp; **$44.02** | &nbsp;&nbsp; **$41.90** | &nbsp;&nbsp; **$50.22** |
| **Total return**<sup>2</sup> <br>| **1.31%**<br>| **26.81%**<br>| **13.99%**<br>| &nbsp;&nbsp; **(8.26)%**<br>| **39.96%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.05<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>| 1.04<br> %<br>| 1.05<br> %<br>|
| Net expenses | 1.05<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>| 1.04<br> %<br>| 1.05<br> %<br>|
| Net investment income | 1.05<br> %<br>| 1.02<br> %<br>| 1.00<br> %<br>| 0.60<br> %<br>| 0.25<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 38<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 38<br> %<br>|
| Net assets, end of period (000s omitted) | $246046 | &nbsp;&nbsp; $316031 | &nbsp;&nbsp; $307586 | &nbsp;&nbsp; $293286 | &nbsp;&nbsp; $389512 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

14 \| Allspring Special Mid Cap Value Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$53.43** | &nbsp;&nbsp; **$44.43** | &nbsp;&nbsp; **$42.28** | &nbsp;&nbsp; **$50.63** | &nbsp;&nbsp; **$36.33** |
| Net investment income | 0.64 <br><sup>1</sup><br>| 0.61 <br><sup>1</sup><br>| 0.56 | 0.42 | 0.24 |
| Net realized and unrealized gains (losses) on investments | 0.12 | 10.93 | 5.45 | &nbsp;&nbsp; (3.78)<br>| 14.35 |
| Total from investment operations | 0.76 | 11.54 | 6.01 | &nbsp;&nbsp; (3.36)<br>| 14.59 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.63)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.29)<br>|
| Net realized gains | (3.19)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (4.73)<br>| 0.00 |
| Total distributions to shareholders | (3.82)<br>| &nbsp;&nbsp; (2.54)<br>| &nbsp;&nbsp; (3.86)<br>| &nbsp;&nbsp; (4.99)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | **$50.37** | &nbsp;&nbsp; **$53.43** | &nbsp;&nbsp; **$44.43** | &nbsp;&nbsp; **$42.28** | &nbsp;&nbsp; **$50.63** |
| **Total return**<sup>2</sup> <br>| **1.58%**<br>| **27.14%**<br>| **14.24%**<br>| &nbsp;&nbsp; **(8.01)%**<br>| **40.30%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.79<br> %<br>| 0.80<br> %<br>|
| Net expenses | 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.79<br> %<br>| 0.80<br> %<br>|
| Net investment income | 1.30<br> %<br>| 1.28<br> %<br>| 1.26<br> %<br>| 0.86<br> %<br>| 0.50<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 38<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 38<br> %<br>|
| Net assets, end of period (000s omitted) | $8633144 | &nbsp;&nbsp; $8499419 | &nbsp;&nbsp; $6933240 | &nbsp;&nbsp; $6208455 | &nbsp;&nbsp; $7209810 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring Special Mid Cap Value Fund \| 15

------

Notes to financial statements

Notes to financial statements

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 Special Mid Cap Value Fund (the "Fund") which is a diversified series of the Trust.

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 ("GAAP") 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.

Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

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

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

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Options

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

The Fund may sell a security it does not own as a result of an exercised written call option. The Fund records the proceeds as a liability which is marked-to-market daily based upon quotations from an independent pricing service or an independent broker-dealer and any change in value is recorded as an unrealized gain or loss. Any interest or dividends accrued on such securities during the period are recorded as an expense on the Statement of operations. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the closing of a short sale if the market price at the closing is less than or greater than, respectively, the proceeds originally received.

16 \| Allspring Special Mid Cap Value Fund

------

Notes to financial statements

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

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

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.

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

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. GAAP. 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, as applicable, 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 September 30, 2025, the aggregate cost of all investments for federal income tax purposes was $10,739,453,457 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $3558406079 |
| Gross unrealized losses | &nbsp;&nbsp; (650369312)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$2908036767** |

---

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.&nbsp;&nbsp;&nbsp;&nbsp;

Allspring Special Mid Cap Value Fund \| 17

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $35959453 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $35959453 |
| *Consumer discretionary* | &nbsp;&nbsp; 898521618 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 898521618 |
| *Consumer staples* | &nbsp;&nbsp; 587286951 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 587286951 |
| *Energy* | &nbsp;&nbsp; 941154787 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 941154787 |
| *Financials* | &nbsp;&nbsp; 2112803837 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2112803844 |
| *Health care* | &nbsp;&nbsp; 1479420484 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1479420484 |
| *Industrials* | &nbsp;&nbsp; 3000587583 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3000587583 |
| *Information technology* | &nbsp;&nbsp; 1253597444 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1253597444 |
| *Materials* | &nbsp;&nbsp; 1275959870 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1275959870 |
| *Real estate* | &nbsp;&nbsp; 892046248 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 892046248 |
| *Utilities* | &nbsp;&nbsp; 981987716 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 981987716 |
| **Rights** |  |  |  |  |
| *Financials* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| **Warrants** |  |  |  |  |
| *Financials* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 188164226 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 188164226 |
| **Total assets** | &nbsp;&nbsp; **$13647490217** | &nbsp;&nbsp;&nbsp; **$7** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$13647490224** |

---

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

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

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, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds

18 \| Allspring Special Mid Cap Value Fund

------

Notes to financial statements

Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.750<br> %<br>|
| Next $500 million | 0.725 |
| Next $1 billion | 0.700 |
| Next $2 billion | 0.675 |
| Next $1 billion | 0.650 |
| Next $5 billion | 0.640 |
| Next $2 billion | 0.630 |
| Next $4 billion | 0.620 |
| Over $16 billion | 0.610 |

---

For the year ended September 30, 2025, the management fee was equivalent to an annual rate of 0.65% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

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 and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Class R6 | 0.03 |
| Administrator Class | 0.13 |
| Institutional Class | 0.13 |

---

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 reimbursed 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. Allspring Funds Management has contractually committed through January 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of September 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.15<br> %<br>|
| Class C | 1.90 |
| Class R6 | 0.73 |
| Administrator Class | 1.08 |
| Institutional Class | 0.83 |

---

Distribution fee

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

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 year ended September 30, 2025, Allspring Funds Distributor received $28,782 from the sale of Class A shares and $12,000 and $3,320 in contingent deferred sales charges from redemptions of Class A and Class C shares, respectively.

Allspring Special Mid Cap Value Fund \| 19

------

Notes to financial statements

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund 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. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended September 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2025 were $4,931,079,312 and $5,029,113,581, respectively.

6. ACQUISITION

After the close of business on February 23, 2024, the Fund acquired the net assets of Allspring C&B Mid Cap Value Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Class A, Class C, Class R6, Administrator Class and Institutional Class shares of Allspring C&B Mid Cap Value Fund received Class A, Class C, Class R6, Administrator Class and Institutional Class shares, respectively, of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Allspring C&B Mid Cap Value Fund for 4,093,299 shares of the Fund valued at $190,092,439 at an exchange ratio of 0.66, 0.61, 0.65, 0.66 and 0.65 for Class A, Class C, Class R6, Administrator Class and Institutional Class shares, respectively. The investment portfolio of Allspring C&B Mid Cap Value Fund with a fair value of $197,862,214, identified cost of $184,956,851 and unrealized gains (losses) of $12,905,363 at February 23, 2024 was the principal assets acquired by the Fund. The aggregate net assets of Allspring C&B Mid Cap Value Fund and the Fund immediately prior to the acquisition were $190,092,439 and $12,652,366,791, respectively. The aggregate net assets of the Fund immediately after the acquisition were $12,842,459,230. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Allspring C&B Mid Cap Value Fund was carried forward to align with ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed October 1, 2023, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the year ended September 30, 2024 would have been as follows:

---

| | |
|:---|:---|
| **Net investment income** | &nbsp;&nbsp; $158453596 |
| **Net realized and unrealized gains (losses) on investments** | &nbsp;&nbsp; 2966884022 |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp; $3125337618 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Allspring C&B Mid Cap Value Fund that have been included in the Fund's Statement of operations since February 24, 2024.

7. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 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 or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended September 30, 2025, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 |
|  | 2025 | 2024 |
| **Ordinary income** | $241840458 | $195273289 |
| **Long-term capital gain** | 782305645 | 469451478 |

---

20 \| Allspring Special Mid Cap Value Fund

------

Notes to financial statements

As of September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>gains<br>|
| &nbsp;&nbsp;&nbsp; $177685212 | &nbsp;&nbsp; $1050991359 | &nbsp;&nbsp;&nbsp; $2908037779 |

---

9. 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.

10. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined in *Segment Reporting (Topic 280)*, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

11. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

Allspring Special Mid Cap Value Fund \| 21

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Special Mid Cap Value Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g774251img900637722.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

November 20, 2025

22 \| Allspring Special Mid Cap Value Fund

------

Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 78% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2025.

Pursuant to Section 852 of the Internal Revenue Code, $782,305,645 was designated as a 20% rate gain distribution for the fiscal year ended

September 30, 2025.

Pursuant to Section 854 of the Internal Revenue Code, $197,748,814 of income dividends paid during the fiscal year ended September 30, 2025 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2025, $11,280,552 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended September 30, 2025, $67,308,292 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, 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.

Quarterly portfolio holdings information

The Fund 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. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

Allspring Special Mid Cap Value Fund \| 23

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

24 \| Allspring Special Mid Cap Value Fund

------

Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Special Mid Cap Value Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

Allspring Special Mid Cap Value Fund \| 25

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for one-, five-, and ten-year periods under review, and in range of the average investment performance of the Universe for three-year period under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Russell Midcap® Value Index, for the three-, five-, and ten-year periods under review, but lower for the one-year period under review.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the average rates for the expense Groups for each share class, except for the Class A and Class R6 in which they were higher than the average rates for the expense Groups.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

26 \| Allspring Special Mid Cap Value Fund

------

Other information (unaudited)

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

Allspring Special Mid Cap Value Fund \| 27

------

*This page is intentionally left blank.*

------

![](g774251img3279e4dd1.jpg)

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: **1-800-260-5969**

![](g774251img89dc49dd3.gif)

*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<sup>TM</sup> 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.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR3323 09-25**

------

![](g774251img2b0e35271.jpg)

Allspring Opportunity Fund

Long Form Financial Statements

Annual Report

September 30, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_e4d5f156-4043-43b9-807c-3a74923dbdbe_POI-PageBlank-33_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_e4d5f156-4043-43b9-807c-3a74923dbdbe_FS-PageBlank-33_1)** |  |
| [Statement of assets and liabilities](#xx_e4d5f156-4043-43b9-807c-3a74923dbdbe_FS-PageBlank-33_1) | 6 |
| [Statement of operations](#xx_e4d5f156-4043-43b9-807c-3a74923dbdbe_FS-PageBlank-33_2) | 7 |
| [Statement of changes in net assets](#xx_e4d5f156-4043-43b9-807c-3a74923dbdbe_FS-PageBlank-33_3) | 8 |
| [Financial highlights](#xx_e4d5f156-4043-43b9-807c-3a74923dbdbe_FIHI-PageBlank-33_1) | 9 |
| **[Notes to financial statements](#xx_e4d5f156-4043-43b9-807c-3a74923dbdbe_NTF-PageBlank-33_1)** | 14 |
| **[Report of independent registered public accounting firm](#xx_e4d5f156-4043-43b9-807c-3a74923dbdbe_AUD-PageBlank-33_1)** | 19 |
| **[Other information](#xx_e4d5f156-4043-43b9-807c-3a74923dbdbe_OI-PageBlank-33_1)** | 20 |
| [Item 8. Changes in and disagreements with accountants](#xx_e4d5f156-4043-43b9-807c-3a74923dbdbe_OI-PageBlank-33_2) | 21 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_e4d5f156-4043-43b9-807c-3a74923dbdbe_OI-PageBlank-33_2) | 21 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_e4d5f156-4043-43b9-807c-3a74923dbdbe_OI-PageBlank-33_2) | 21 |
| [Item 11. Statement regarding basis for board](#xx_e4d5f156-4043-43b9-807c-3a74923dbdbe_OI-PageBlank-33_3)['](#xx_e4d5f156-4043-43b9-807c-3a74923dbdbe_OI-PageBlank-33_3)[s approval of investment](#xx_e4d5f156-4043-43b9-807c-3a74923dbdbe_OI-PageBlank-33_3)<br> [advisory contract](#xx_e4d5f156-4043-43b9-807c-3a74923dbdbe_OI-PageBlank-33_3)<br>| 22 |

---

Allspring Opportunity Fund \| 1

------

Portfolio of investments—September 30, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.64%** |  |  |
| **Communication services: 10.37%** |  |  |
| **Interactive media & services: 10.37%** |  |  |
| Alphabet, Inc. Class C | 443967 | &nbsp;&nbsp; $108128163 |
| Meta Platforms, Inc. Class A | 121010 | &nbsp;&nbsp; 88867324 |
|  |  | &nbsp;&nbsp; **196995487** |
| **Consumer discretionary: 12.78%** |  |  |
| **Broadline retail: 6.22%** |  |  |
| Amazon.com, Inc.† | 538443 | &nbsp;&nbsp; **118225929** |
| **Hotels, restaurants & leisure: 2.21%** |  |  |
| DraftKings, Inc. Class A† | 518363 | &nbsp;&nbsp; 19386776 |
| Starbucks Corp. | 267268 | &nbsp;&nbsp; 22610873 |
|  |  | &nbsp;&nbsp; **41997649** |
| **Specialty retail: 4.35%** |  |  |
| Burlington Stores, Inc.† | 89292 | &nbsp;&nbsp; 22724814 |
| Home Depot, Inc. | 94638 | &nbsp;&nbsp; 38346371 |
| Ulta Beauty, Inc.† | 39293 | &nbsp;&nbsp; 21483448 |
|  |  | &nbsp;&nbsp; **82554633** |
| **Consumer staples: 2.59%** |  |  |
| **Consumer staples distribution & retail: 1.51%** |  |  |
| Sysco Corp. | 349603 | &nbsp;&nbsp; **28786311** |
| **Household products: 1.08%** |  |  |
| Church & Dwight Co., Inc. | 234119 | &nbsp;&nbsp; **20515848** |
| **Financials: 12.23%** |  |  |
| **Capital markets: 5.43%** |  |  |
| Charles Schwab Corp. | 473853 | &nbsp;&nbsp; 45238746 |
| Intercontinental Exchange, Inc. | 215956 | &nbsp;&nbsp; 36384267 |
| S&P Global, Inc. | 44221 | &nbsp;&nbsp; 21522803 |
|  |  | &nbsp;&nbsp; **103145816** |
| **Consumer finance: 1.21%** |  |  |
| Capital One Financial Corp. | 108583 | &nbsp;&nbsp; **23082574** |
| **Financial services: 3.22%** |  |  |
| Mastercard, Inc. Class A | 107413 | &nbsp;&nbsp; **61097589** |
| **Insurance: 2.37%** |  |  |
| Marsh & McLennan Cos., Inc. | 93041 | &nbsp;&nbsp; 18750553 |
| Unum Group | 338115 | &nbsp;&nbsp; 26298584 |
|  |  | &nbsp;&nbsp; **45049137** |
| **Health care: 5.99%** |  |  |
| **Health care equipment & supplies: 1.21%** |  |  |
| Medtronic PLC | 241865 | &nbsp;&nbsp; **23035223** |

---

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

2 \| Allspring Opportunity Fund

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care providers & services: 1.09%** |  |  |
| UnitedHealth Group, Inc. | 60204 | &nbsp;&nbsp; **$20788441** |
| **Life sciences tools & services: 3.69%** |  |  |
| Agilent Technologies, Inc. | 185127 | &nbsp;&nbsp; 23761050 |
| Bio-Rad Laboratories, Inc. Class A† | 70803 | &nbsp;&nbsp; 19852453 |
| Thermo Fisher Scientific, Inc. | 54491 | &nbsp;&nbsp; 26429225 |
|  |  | &nbsp;&nbsp; **70042728** |
| **Industrials: 14.44%** |  |  |
| **Aerospace & defense: 5.33%** |  |  |
| BWX Technologies, Inc. | 164065 | &nbsp;&nbsp; 30248664 |
| HEICO Corp. Class A | 127172 | &nbsp;&nbsp; 32313133 |
| Melrose Industries PLC | 4719565 | &nbsp;&nbsp; 38642609 |
|  |  | &nbsp;&nbsp; **101204406** |
| **Building products: 2.87%** |  |  |
| Carlisle Cos., Inc. | 106217 | &nbsp;&nbsp; 34941144 |
| Trane Technologies PLC | 46509 | &nbsp;&nbsp; 19624938 |
|  |  | &nbsp;&nbsp; **54566082** |
| **Commercial services & supplies: 1.66%** |  |  |
| Republic Services, Inc. Class A | 137036 | &nbsp;&nbsp; **31447021** |
| **Electrical equipment: 2.00%** |  |  |
| Regal Rexnord Corp. | 264836 | &nbsp;&nbsp; **37988076** |
| **Professional services: 1.19%** |  |  |
| TransUnion | 270891 | &nbsp;&nbsp; **22695248** |
| **Trading companies & distributors: 1.39%** |  |  |
| QXO, Inc.† | 1390101 | &nbsp;&nbsp; **26495325** |
| **Information technology: 30.56%** |  |  |
| **Electronic equipment, instruments & components: 3.89%** |  |  |
| Amphenol Corp. Class A | 257986 | &nbsp;&nbsp; 31925767 |
| Teledyne Technologies, Inc.† | 71596 | &nbsp;&nbsp; 41958120 |
|  |  | &nbsp;&nbsp; **73883887** |
| **Semiconductors & semiconductor equipment: 10.01%** |  |  |
| Marvell Technology, Inc. | 670771 | &nbsp;&nbsp; 56391718 |
| NVIDIA Corp. | 344111 | &nbsp;&nbsp; 64204230 |
| ON Semiconductor Corp.† | 479373 | &nbsp;&nbsp; 23637883 |
| Texas Instruments, Inc. | 250439 | &nbsp;&nbsp; 46013158 |
|  |  | &nbsp;&nbsp; **190246989** |
| **Software: 11.77%** |  |  |
| Dynatrace, Inc.† | 466994 | &nbsp;&nbsp; 22625859 |
| Microsoft Corp. | 233016 | &nbsp;&nbsp; 120690637 |
| Salesforce, Inc. | 159662 | &nbsp;&nbsp; 37839894 |

---

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

Allspring Opportunity Fund \| 3

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Software**(continued) |  |  |
| ServiceNow, Inc.† | 14521 | &nbsp;&nbsp; $13363386 |
| Workday, Inc. Class A† | 120601 | &nbsp;&nbsp; 29032279 |
|  |  | &nbsp;&nbsp; **223552055** |
| **Technology hardware, storage & peripherals: 4.89%** |  |  |
| Apple, Inc. | 364670 | &nbsp;&nbsp; **92855922** |
| **Materials: 4.78%** |  |  |
| **Chemicals: 3.44%** |  |  |
| Ashland, Inc. | 422817 | &nbsp;&nbsp; 20257162 |
| Sherwin-Williams Co. | 75865 | &nbsp;&nbsp; 26269015 |
| Westlake Corp. | 244880 | &nbsp;&nbsp; 18870453 |
|  |  | &nbsp;&nbsp; **65396630** |
| **Containers & packaging: 1.34%** |  |  |
| International Paper Co. | 547887 | &nbsp;&nbsp; **25421957** |
| **Real estate: 4.90%** |  |  |
| **Industrial REITs: 1.43%** |  |  |
| Prologis, Inc. | 237899 | &nbsp;&nbsp; **27244193** |
| **Real estate management & development: 0.74%** |  |  |
| CoStar Group, Inc.† | 166215 | &nbsp;&nbsp; **14023560** |
| **Residential REITs: 1.41%** |  |  |
| Sun Communities, Inc. | 207626 | &nbsp;&nbsp; **26783754** |
| **Specialized REITs: 1.32%** |  |  |
| American Tower Corp. | 130349 | &nbsp;&nbsp; **25068720** |
| **Total common stocks (Cost $1,001,508,522)** |  | &nbsp;&nbsp; **1874191190** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 1.40%** |  |  |  |  |
| **Investment companies: 1.40%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.07<br> %<br>| 26587980 | &nbsp;&nbsp; **26587980** |
| **Total short-term investments (Cost $26,587,980)** |  |  |  | &nbsp;&nbsp; **26587980** |
| **Total investments in securities (Cost $1,028,096,502)** | 100.04<br> %<br>|  |  | &nbsp;&nbsp; 1900779170 |
| Other assets and liabilities, net | (0.04)<br>|  |  | &nbsp;&nbsp; (842065)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$1899937105** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations: <br> REIT Real estate investment trust

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

4 \| Allspring Opportunity Fund

------

Portfolio of investments—September 30, 2025

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund <br> Select Class<br>| $36958073 | $234329528 | $(244699621)<br>| $0 | $0 | $26587980 | 26587980 | $1115085 |

---

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

Allspring Opportunity Fund \| 5

------

Statement of assets and liabilities—September 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $1,001,508,522) | $1874191190 |
| Investments in affiliated securities, at value (cost $26,587,980) | 26587980 |
| Foreign currency, at value (cost $109) | 118 |
| Receivable for dividends | 1707611 |
| Receivable for Fund shares sold | 23238 |
| Prepaid expenses and other assets | 86246 |
| **Total assets** | **1902596383** |
| Liabilities |  |
| Management fee payable | 1061715 |
| Shareholder servicing fees payable | 822185 |
| Payable for Fund shares redeemed | 421662 |
| Administration fees payable | 296453 |
| Distribution fee payable | 633 |
| Trustees' fees and expenses payable | 507 |
| Accrued expenses and other liabilities | 56123 |
| **Total liabilities** | **2659278** |
| **Total net assets**  | **$1899937105** |
| Net assets consist of |  |
| Paid-in capital | $880554515 |
| Total distributable earnings | 1019382590 |
| **Total net assets** | **$1899937105** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $1598744161 |
| Shares outstanding–Class A<sup>1</sup> <br>| 29951168 |
| Net asset value per share–Class A | $53.38 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $56.64 |
| Net assets–Class C | $1090514 |
| Shares outstanding–Class C<sup>1</sup> <br>| 24050 |
| Net asset value per share–Class C | $45.34 |
| Net assets–Class R6 | $511064 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 7788 |
| Net asset value per share–Class R6 | $65.62 |
| Net assets–Administrator Class | $268344301 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 4274382 |
| Net asset value per share–Administrator Class | $62.78 |
| Net assets–Institutional Class | $31247065 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 476911 |
| Net asset value per share–Institutional Class | $65.52 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> 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.

6 \| Allspring Opportunity Fund

------

Statement of operations—year ended September 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends | $19415597 |
| Income from affiliated securities | 1115085 |
| Interest | 399 |
| **Total investment income** | **20531081** |
| Expenses |  |
| Management fee | 13562074 |
| Administration fees |  |
| Class A | 3178444 |
| Class C | 2572 |
| Class R6 | 117 |
| Administrator Class | 341169 |
| Institutional Class | 39830 |
| Shareholder servicing fees |  |
| Class A | 3973054 |
| Class C | 3210 |
| Administrator Class | 650332 |
| Distribution fee |  |
| Class C | 8967 |
| Custody and accounting fees | 72064 |
| Professional fees | 60836 |
| Registration fees | 139504 |
| Shareholder report expenses | 74892 |
| Trustees' fees and expenses | 23360 |
| Other fees and expenses | 60683 |
| **Total expenses** | **22191108** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (420536)<br>|
| Class A | (628354)<br>|
| Class R6 | (117)<br>|
| Administrator Class | (384870)<br>|
| Institutional Class | (31514)<br>|
| **Net expenses** | **20725717** |
| **Net investment loss** | **(194636)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | 153374843 |
| Foreign currency and foreign currency translations | 4174 |
| **Net realized gains on investments**  | **153379017** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | (28223856)<br>|
| Foreign currency and foreign currency translations | 5527 |
| **Net change in unrealized gains (losses) on investments** | **(28218329)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **125160688** |
| **Net increase in net assets resulting from operations** | **$124966052** |

---

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

Allspring Opportunity Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2024 | Year ended<br> September 30, 2024 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(194636)<br>|  | &nbsp;&nbsp; $(443884)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 153379017 |  | &nbsp;&nbsp; 171791165 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (28218329)<br>|  | &nbsp;&nbsp; 294762805 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **124966052** |  | &nbsp;&nbsp; **466110086** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (145152925)<br>|  | &nbsp;&nbsp; (60356131)<br>|
| Class C |  | &nbsp;&nbsp; (140674)<br>|  | &nbsp;&nbsp; (67168)<br>|
| Class R6 |  | &nbsp;&nbsp; (23084)<br>|  | &nbsp;&nbsp; (8935)<br>|
| Administrator Class |  | &nbsp;&nbsp; (20603316)<br>|  | &nbsp;&nbsp; (8509577)<br>|
| Institutional Class |  | &nbsp;&nbsp; (2317822)<br>|  | &nbsp;&nbsp; (992927)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(168237821)**<br>|  | &nbsp;&nbsp; **(69934738)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 144260 | &nbsp;&nbsp; 7346042 | &nbsp;&nbsp; 164200 | &nbsp;&nbsp; 7960413 |
| Class C | 3401 | &nbsp;&nbsp; 147032 | &nbsp;&nbsp; 1258 | &nbsp;&nbsp; 54120 |
| Class R6 | 3444 | &nbsp;&nbsp; 221864 | &nbsp;&nbsp; 1907 | &nbsp;&nbsp; 105621 |
| Administrator Class | 23043 | &nbsp;&nbsp; 1404865 | &nbsp;&nbsp; 26873 | &nbsp;&nbsp; 1572814 |
| Institutional Class | 108981 | &nbsp;&nbsp; 6692708 | &nbsp;&nbsp; 187859 | &nbsp;&nbsp; 10901614 |
|  |  | &nbsp;&nbsp; 15812511 |  | &nbsp;&nbsp; 20594582 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 2669945 | &nbsp;&nbsp; 140599330 | &nbsp;&nbsp; 1278860 | &nbsp;&nbsp; 58622947 |
| Class C | 3125 | &nbsp;&nbsp; 140674 | &nbsp;&nbsp; 1652 | &nbsp;&nbsp; 66111 |
| Class R6 | 358 | &nbsp;&nbsp; 23084 | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 8935 |
| Administrator Class | 308621 | &nbsp;&nbsp; 19088225 | &nbsp;&nbsp; 148123 | &nbsp;&nbsp; 7860908 |
| Institutional Class | 35925 | &nbsp;&nbsp; 2315341 | &nbsp;&nbsp; 17989 | &nbsp;&nbsp; 989756 |
|  |  | &nbsp;&nbsp; 162166654 |  | &nbsp;&nbsp; 67548657 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (3466741)<br>| &nbsp;&nbsp; (176931791)<br>| &nbsp;&nbsp; (3164427)<br>| &nbsp;&nbsp; (155570046)<br>|
| Class C | (12970)<br>| &nbsp;&nbsp; (567753)<br>| &nbsp;&nbsp; (8347)<br>| &nbsp;&nbsp; (352941)<br>|
| Class R6 | (1321)<br>| &nbsp;&nbsp; (84541)<br>| &nbsp;&nbsp; (75)<br>| &nbsp;&nbsp; (4156)<br>|
| Administrator Class | (392944)<br>| &nbsp;&nbsp; (23718942)<br>| &nbsp;&nbsp; (397752)<br>| &nbsp;&nbsp; (22526454)<br>|
| Institutional Class | (164131)<br>| &nbsp;&nbsp; (10322371)<br>| &nbsp;&nbsp; (226202)<br>| &nbsp;&nbsp; (13057758)<br>|
|  |  | &nbsp;&nbsp; (211625398)<br>|  | &nbsp;&nbsp; (191511355)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(33646233)**<br>|  | &nbsp;&nbsp; **(103368116)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(76918002)**<br>|  | &nbsp;&nbsp; **292807232** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **1976855107** |  | &nbsp;&nbsp; **1684047875** |
| **End of period** |  | &nbsp;&nbsp; **$1899937105** |  | &nbsp;&nbsp; **$1976855107** |

---

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

8 \| Allspring Opportunity Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$54.52** | &nbsp;&nbsp; **$44.06** | &nbsp;&nbsp; **$40.84** | &nbsp;&nbsp; **$57.30** | &nbsp;&nbsp; **$45.64** |
| Net investment loss | (0.02 )<sup>1</sup><br>| &nbsp;&nbsp; (0.03 )<sup>1</sup><br>| &nbsp;&nbsp; (0.08 )<sup>1</sup><br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.20)<br>|
| Net realized and unrealized gains (losses) on investments | 3.71 | 12.39 | 7.61 | &nbsp;&nbsp; (9.64)<br>| 14.95 |
| Total from investment operations | 3.69 | 12.36 | 7.53 | &nbsp;&nbsp; (9.86)<br>| 14.75 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.02)<br>|
| Net realized gains | (4.83)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp; (3.07)<br>|
| Total distributions to shareholders | (4.83)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp; (3.09)<br>|
| **Net asset value, end of period** | **$53.38** | &nbsp;&nbsp; **$54.52** | &nbsp;&nbsp; **$44.06** | &nbsp;&nbsp; **$40.84** | &nbsp;&nbsp; **$57.30** |
| **Total return**<sup>2</sup> <br>| **6.89%**<br>| **28.88%**<br>| **19.42%**<br>| &nbsp;&nbsp; **(20.07)%**<br>| **33.63%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.19<br> %<br>| 1.19<br> %<br>| 1.20<br> %<br>| 1.19<br> %<br>| 1.20<br> %<br>|
| Net expenses | 1.13<br> %<br>| 1.15<br> %<br>| 1.17<br> %<br>| 1.16<br> %<br>| 1.17<br> %<br>|
| Net investment loss | (0.04)%<br>| &nbsp;&nbsp; (0.05)%<br>| &nbsp;&nbsp; (0.18)%<br>| &nbsp;&nbsp; (0.43)%<br>| &nbsp;&nbsp; (0.37)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 21<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 29<br> %<br>|
| Net assets, end of period (000s omitted) | $1598744 | &nbsp;&nbsp; $1668461 | &nbsp;&nbsp; $1424188 | &nbsp;&nbsp; $1309459 | &nbsp;&nbsp; $1782585 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

Allspring Opportunity Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$47.33** | &nbsp;&nbsp; **$38.76** | &nbsp;&nbsp; **$36.63** | &nbsp;&nbsp; **$52.32** | &nbsp;&nbsp; **$42.19** |
| Net investment loss | (0.35 )<sup>1</sup><br>| &nbsp;&nbsp; (0.34 )<sup>1</sup><br>| &nbsp;&nbsp; (0.35 )<sup>1</sup><br>| &nbsp;&nbsp; (0.50 )<sup>1</sup><br>| &nbsp;&nbsp; (0.55 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 3.19 | 10.81 | 6.79 | &nbsp;&nbsp; (8.59)<br>| 13.75 |
| Total from investment operations | 2.84 | 10.47 | 6.44 | &nbsp;&nbsp; (9.09)<br>| 13.20 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (4.83)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp; (3.07)<br>|
| **Net asset value, end of period** | **$45.34** | &nbsp;&nbsp; **$47.33** | &nbsp;&nbsp; **$38.76** | &nbsp;&nbsp; **$36.63** | &nbsp;&nbsp; **$52.32** |
| **Total return**<sup>2</sup> <br>| **6.08%**<br>| **27.92%**<br>| **18.60%**<br>| &nbsp;&nbsp; **(20.55)%** <br><sup>3</sup><br>| **32.65%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.89<br> %<br>| 1.89<br> %<br>| 1.90<br> %<br>| 1.85<br> %<br>| 1.92<br> %<br>|
| Net expenses | 1.88<br> %<br>| 1.89<br> %<br>| 1.89<br> %<br>| 1.84<br> %<br>| 1.91<br> %<br>|
| Net investment loss | (0.80)%<br>| &nbsp;&nbsp; (0.79)%<br>| &nbsp;&nbsp; (0.90)%<br>| &nbsp;&nbsp; (1.11)%<br>| &nbsp;&nbsp; (1.12)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 21<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 29<br> %<br>|
| Net assets, end of period (000s omitted) | $1091 | &nbsp;&nbsp; $1443 | &nbsp;&nbsp; $1393 | &nbsp;&nbsp; $1450 | &nbsp;&nbsp; $2073 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

<sup>3</sup> During the year ended September 30, 2022, the Fund received payments from a service provider which had a 0.09% impact on the total return.

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

10 \| Allspring Opportunity Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class R6 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$65.72** | &nbsp;&nbsp; **$52.53** | &nbsp;&nbsp; **$47.73** | &nbsp;&nbsp; **$65.66** | &nbsp;&nbsp; **$51.83** |
| Net investment income | 0.24 <br><sup>1</sup><br>| 0.23 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.01 <br><sup>1</sup><br>| 0.04 |
| Net realized and unrealized gains (losses) on investments | 4.49 | 14.86 | 8.95 | &nbsp;&nbsp; (11.34)<br>| 17.06 |
| Total from investment operations | 4.73 | 15.09 | 9.11 | &nbsp;&nbsp; (11.33)<br>| 17.10 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.20)<br>|
| Net realized gains | (4.83)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp; (3.07)<br>|
| Total distributions to shareholders | (4.83)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp; (3.27)<br>|
| **Net asset value, end of period** | **$65.62** | &nbsp;&nbsp; **$65.72** | &nbsp;&nbsp; **$52.53** | &nbsp;&nbsp; **$47.73** | &nbsp;&nbsp; **$65.66** |
| **Total return**<sup>2</sup> <br>| **7.32%**<br>| **29.44%**<br>| **19.96%**<br>| &nbsp;&nbsp; **(19.72)%**<br>| **34.23%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.77<br> %<br>| 0.77<br> %<br>| 0.79<br> %<br>| 0.75<br> %<br>| 0.76<br> %<br>|
| Net expenses | 0.72<br> %<br>| 0.72<br> %<br>| 0.73<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>|
| Net investment income | 0.39<br> %<br>| 0.38<br> %<br>| 0.31<br> %<br>| 0.01<br> %<br>| 0.08<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 21<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 29<br> %<br>|
| Net assets, end of period (000s omitted) | $511 | &nbsp;&nbsp; $349 | &nbsp;&nbsp; $174 | &nbsp;&nbsp; $28 | &nbsp;&nbsp; $35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring Opportunity Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$63.20** | &nbsp;&nbsp; **$50.72** | &nbsp;&nbsp; **$46.33** | &nbsp;&nbsp; **$64.07** | &nbsp;&nbsp; **$50.68** |
| Net investment income (loss) | 0.08 <br><sup>1</sup><br>| 0.07 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.00 )<sup>12</sup><br>| &nbsp;&nbsp; (0.14 )<sup>1</sup><br>| &nbsp;&nbsp; (0.10)<br>|
| Net realized and unrealized gains (losses) on investments | 4.33 | 14.31 | 8.70 | &nbsp;&nbsp; (11.00)<br>| 16.65 |
| Total from investment operations | 4.41 | 14.38 | 8.70 | &nbsp;&nbsp; (11.14)<br>| 16.55 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.09)<br>|
| Net realized gains | (4.83)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp; (3.07)<br>|
| Total distributions to shareholders | (4.83)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp; (3.16)<br>|
| **Net asset value, end of period** | **$62.78** | &nbsp;&nbsp; **$63.20** | &nbsp;&nbsp; **$50.72** | &nbsp;&nbsp; **$46.33** | &nbsp;&nbsp; **$64.07** |
| **Total return**<sup>3</sup> <br>| **7.09%**<br>| **29.08%**<br>| **19.63%**<br>| &nbsp;&nbsp; **(19.91)%**<br>| **33.87%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.12<br> %<br>| 1.12<br> %<br>| 1.12<br> %<br>| 1.11<br> %<br>| 1.12<br> %<br>|
| Net expenses | 0.95<br> %<br>| 0.98<br> %<br>| 0.99<br> %<br>| 0.97<br> %<br>| 0.98<br> %<br>|
| Net investment income (loss) | 0.14<br> %<br>| 0.11<br> %<br>| &nbsp;&nbsp; (0.00)%<br>| &nbsp;&nbsp; (0.24)%<br>| &nbsp;&nbsp; (0.18)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 21<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 29<br> %<br>|
| Net assets, end of period (000s omitted) | $268344 | &nbsp;&nbsp; $274035 | &nbsp;&nbsp; $231186 | &nbsp;&nbsp; $209340 | &nbsp;&nbsp; $281217 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is more than $(0.005).

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

12 \| Allspring Opportunity Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$65.64** | &nbsp;&nbsp; **$52.48** | &nbsp;&nbsp; **$47.70** | &nbsp;&nbsp; **$65.64** | &nbsp;&nbsp; **$51.83** |
| Net investment income (loss) | 0.21 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.13 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.01 )<sup>1</sup><br>| 0.03 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 4.50 | 14.85 | 8.96 | &nbsp;&nbsp; (11.33)<br>| 17.04 |
| Total from investment operations | 4.71 | 15.06 | 9.09 | &nbsp;&nbsp; (11.34)<br>| 17.07 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.19)<br>|
| Net realized gains | (4.83)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp; (3.07)<br>|
| Total distributions to shareholders | (4.83)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp; (3.26)<br>|
| **Net asset value, end of period** | **$65.52** | &nbsp;&nbsp; **$65.64** | &nbsp;&nbsp; **$52.48** | &nbsp;&nbsp; **$47.70** | &nbsp;&nbsp; **$65.64** |
| **Total return**<sup>2</sup> <br>| **7.30%**<br>| **29.41%**<br>| **19.93%**<br>| &nbsp;&nbsp; **(19.76)%**<br>| **34.20%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.87<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>| 0.86<br> %<br>| 0.87<br> %<br>|
| Net expenses | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income (loss) | 0.34<br> %<br>| 0.35<br> %<br>| 0.24<br> %<br>| &nbsp;&nbsp; (0.01)%<br>| 0.05<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 21<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 29<br> %<br>|
| Net assets, end of period (000s omitted) | $31247 | &nbsp;&nbsp; $32567 | &nbsp;&nbsp; $27107 | &nbsp;&nbsp; $23437 | &nbsp;&nbsp; $29303 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring Opportunity Fund \| 13

------

Notes to financial statements

Notes to financial statements

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 Opportunity Fund (the "Fund") which is a diversified series of the Trust.

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 ("GAAP") 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.

Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

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 Valuation 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 implemented by Allspring Funds Management 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 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 September 30, 2025, such fair value pricing was not used in pricing foreign securities.

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

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

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.

14 \| Allspring Opportunity Fund

------

Notes to financial statements

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

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. GAAP. 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, as applicable, 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 September 30, 2025, the aggregate cost of all investments for federal income tax purposes was $1,032,851,774 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $906349293 |
| Gross unrealized losses | &nbsp;&nbsp; (38421897)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$867927396** |

---

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.&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

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

Allspring Opportunity Fund \| 15

------

Notes to financial statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $196995487 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $196995487 |
| *Consumer discretionary* | &nbsp;&nbsp; 242778211 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 242778211 |
| *Consumer staples* | &nbsp;&nbsp; 49302159 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 49302159 |
| *Financials* | &nbsp;&nbsp; 232375116 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 232375116 |
| *Health care* | &nbsp;&nbsp; 113866392 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 113866392 |
| *Industrials* | &nbsp;&nbsp; 274396158 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 274396158 |
| *Information technology* | &nbsp;&nbsp; 580538853 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 580538853 |
| *Materials* | &nbsp;&nbsp; 90818587 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 90818587 |
| *Real estate* | &nbsp;&nbsp; 93120227 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 93120227 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 26587980 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 26587980 |
| **Total assets** | &nbsp;&nbsp; **$1900779170** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1900779170** |

---

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

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

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, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.750<br> %<br>|
| Next $500 million | 0.725 |
| Next $1 billion | 0.700 |
| Next $2 billion | 0.675 |
| Next $1 billion | 0.650 |
| Next $5 billion | 0.640 |
| Next $2 billion | 0.630 |
| Next $4 billion | 0.620 |
| Over $16 billion | 0.610 |

---

For the year ended September 30, 2025, the management fee was equivalent to an annual rate of 0.72% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

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

16 \| Allspring Opportunity Fund

------

Notes to financial statements

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 and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Class R6 | 0.03 |
| Administrator Class | 0.13 |
| Institutional Class | 0.13 |

---

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 reimbursed 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. Allspring Funds Management has contractually committed through January 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of September 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.17<br> %<br>|
| Class C | 1.92 |
| Class R6 | 0.72 |
| Administrator Class | 1.00 |
| Institutional Class | 0.75 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares 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"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.

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 year ended September 30, 2025, Allspring Funds Distributor received $1,847 from the sale of Class A shares and $48 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended September 30, 2025.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund 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. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended September 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2025 were $396,015,401 and $588,286,140, respectively.

6. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 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

Allspring Opportunity Fund \| 17

------

Notes to financial statements

charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended September 30, 2025, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 |
|  | 2025 | 2024 |
| **Ordinary income** | $14025767 | $0 |
| **Long-term capital gain** | 154212054 | 69934738 |

---

As of September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>gains<br>|
| &nbsp;&nbsp;&nbsp; $13628988 | &nbsp;&nbsp; $137869953 | &nbsp;&nbsp;&nbsp; $867934596 |

---

8. CONCENTRATION RISKS

As of the end of the period, the Fund 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.

9. 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.

10. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined in *Segment Reporting (Topic 280)*, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

11. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

12. CLASS CONVERSION

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on or about the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C was closed to new investors and additional investments from existing shareholders.

18 \| Allspring Opportunity Fund

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Opportunity Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g774251img225e8f3b2.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

November 20, 2025

Allspring Opportunity Fund \| 19

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Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 77% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2025.

Pursuant to Section 852 of the Internal Revenue Code, $154,212,054 was designated as a 20% rate gain distribution for the fiscal year ended

September 30, 2025.

Pursuant to Section 854 of the Internal Revenue Code, $11,572,213 of income dividends paid during the fiscal year ended September 30, 2025 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2025, $14,025,767 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, 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.

Quarterly portfolio holdings information

The Fund 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. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

20 \| Allspring Opportunity Fund

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Opportunity Fund \| 21

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Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Opportunity Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

22 \| Allspring Opportunity Fund

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the five- and ten-year periods under review and lower than the average investment performance of the Universe for the one- and three-year periods under review. The Board also noted that the investment performance of the Fund was lower than the investment performance of its benchmark index, the Russell 3000 Index, for all periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund's investment performance. The Board also took note of the Fund's outperformance relative to the Universe over the longer time periods under review.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were in range or equal to the median net operating expense ratios of the expense Groups for Administrator Class, Institutional Class and Class R6, and higher than the median net operating expense ratios of the expense Groups for Class A.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of the average rates for the expense Groups for Administrator Class and Class R6, and higher than the sum of the average rates for the expense Groups for Class A and Institutional Class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Allspring Opportunity Fund \| 23

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Other information (unaudited)

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

24 \| Allspring Opportunity Fund

------

![](g774251img2b0e35271.jpg)

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: **1-800-260-5969**

![](g774251imga717dd3c3.gif)

*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<sup>TM</sup> 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.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR3002 09-25**

------

![](g774251imgdfea1dc31.jpg)

Allspring Income Plus Fund

Long Form Financial Statements

Annual Report

September 30, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_a01b044f-06e5-46c7-8b89-d0bd6f95a6ff_POI-PageBlank-34_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_a01b044f-06e5-46c7-8b89-d0bd6f95a6ff_FS-PageBlank-34_1)** |  |
| [Statement of assets and liabilities](#xx_a01b044f-06e5-46c7-8b89-d0bd6f95a6ff_FS-PageBlank-34_1) | 21 |
| [Consolidated statement of operations](#xx_a01b044f-06e5-46c7-8b89-d0bd6f95a6ff_FS-PageBlank-34_3) | 23 |
| [Consolidated statement of changes in net assets](#xx_a01b044f-06e5-46c7-8b89-d0bd6f95a6ff_FS-PageBlank-34_5) | 25 |
| [Consolidated financial highlights](#xx_a01b044f-06e5-46c7-8b89-d0bd6f95a6ff_FIHI-PageBlank-34_1) | 26 |
| **[Notes to consolidated financial statements](#xx_a01b044f-06e5-46c7-8b89-d0bd6f95a6ff_NTF-PageBlank-34_1)** | 29 |
| **[Report of independent registered public accounting firm](#xx_a01b044f-06e5-46c7-8b89-d0bd6f95a6ff_AUD-PageBlank-34_1)** | 38 |
| **[Other information](#xx_a01b044f-06e5-46c7-8b89-d0bd6f95a6ff_OI-PageBlank-34_1)** | 39 |
| [Item 8. Changes in and disagreements with accountants](#xx_a01b044f-06e5-46c7-8b89-d0bd6f95a6ff_OI-PageBlank-34_2) | 40 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_a01b044f-06e5-46c7-8b89-d0bd6f95a6ff_OI-PageBlank-34_2) | 40 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_a01b044f-06e5-46c7-8b89-d0bd6f95a6ff_OI-PageBlank-34_2) | 40 |
| [Item 11. Statement regarding basis for board](#xx_a01b044f-06e5-46c7-8b89-d0bd6f95a6ff_OI-PageBlank-34_3)['](#xx_a01b044f-06e5-46c7-8b89-d0bd6f95a6ff_OI-PageBlank-34_3)[s approval of investment](#xx_a01b044f-06e5-46c7-8b89-d0bd6f95a6ff_OI-PageBlank-34_3)<br> [advisory contract](#xx_a01b044f-06e5-46c7-8b89-d0bd6f95a6ff_OI-PageBlank-34_3)<br>| 41 |

---

Allspring Income Plus Fund \| 1

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Portfolio of investments—September 30, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Agency securities: 35.24%** |  |  |  |  |
| FHLMC | 5.50<br> %<br>| &nbsp;&nbsp; 10-1-2054 | $4594829 | &nbsp;&nbsp; $4635933 |
| FHLMC | 5.50 | &nbsp;&nbsp; 11-1-2054 | 417429 | &nbsp;&nbsp; 421162 |
| FHLMC | 5.50 | &nbsp;&nbsp; 6-1-2055 | 3221184 | &nbsp;&nbsp; 3249855 |
| FNMA%% | 5.00 | &nbsp;&nbsp; 10-14-2055 | 15305000 | &nbsp;&nbsp; 15177313 |
| FNMA%% | 5.50 | &nbsp;&nbsp; 10-15-2054 | 1650000 | &nbsp;&nbsp; 1663593 |
| FNMA%% | 6.00 | &nbsp;&nbsp; 10-15-2054 | 12220000 | &nbsp;&nbsp; 12483801 |
| GNMA%% | 5.00 | &nbsp;&nbsp; 10-15-2054 | 1985000 | &nbsp;&nbsp; 1974319 |
| GNMA | 5.00 | &nbsp;&nbsp; 12-20-2054 | 1497282 | &nbsp;&nbsp; 1491031 |
| GNMA%% | 5.50 | &nbsp;&nbsp; 10-15-2054 | 19140000 | &nbsp;&nbsp; 19282445 |
| GNMA | 5.50 | &nbsp;&nbsp; 12-20-2054 | 2801786 | &nbsp;&nbsp; 2826454 |
| GNMA%% | 6.00 | &nbsp;&nbsp; 10-15-2054 | 11765000 | &nbsp;&nbsp; 11965165 |
| **Total agency securities (Cost $75,157,345)** |  |  |  | &nbsp;&nbsp; **75171071** |
| **Asset-backed securities: 7.13%** |  |  |  |  |
| ACHM Trust Series 2023-HE2 Class A144A±± | 7.50 | &nbsp;&nbsp; 10-25-2038 | 261391 | &nbsp;&nbsp; 269397 |
| ACHM Trust Series 2025-HE1 Class A144A±± | 5.92 | &nbsp;&nbsp; 3-25-2055 | 550499 | &nbsp;&nbsp; 559658 |
| AFN ABSPROP001 LLC Series 2019-1A Class A2144A | 4.46 | &nbsp;&nbsp; 5-20-2049 | 684612 | &nbsp;&nbsp; 617611 |
| Aqua Finance Trust Series 2019-A Class A144A | 3.14 | &nbsp;&nbsp; 7-16-2040 | 76170 | &nbsp;&nbsp; 74303 |
| Aqua Finance Trust Series 2021-A Class A144A | 1.54 | &nbsp;&nbsp; 7-17-2046 | 189067 | &nbsp;&nbsp; 175245 |
| BHG Securitization Trust Series 2021-A Class A144A | 1.42 | &nbsp;&nbsp; 11-17-2033 | 69007 | &nbsp;&nbsp; 68274 |
| Bojangles Issuer LLC Series 2024-1A Class A2144A | 6.58 | &nbsp;&nbsp; 11-20-2054 | 700000 | &nbsp;&nbsp; 709785 |
| Centersquare Issuer LLC Series 2024-1A Class A2144A | 5.20 | &nbsp;&nbsp; 10-26-2054 | 1000000 | &nbsp;&nbsp; 993328 |
| Centersquare Issuer LLC Series 2025-1A Class A2144A | 5.50 | &nbsp;&nbsp; 3-26-2055 | 780000 | &nbsp;&nbsp; 761909 |
| Coinstar Funding LLC Series 2017-1A Class A2144A | 5.22 | &nbsp;&nbsp; 4-25-2047 | 1023012 | &nbsp;&nbsp; 946287 |
| &nbsp;&nbsp; Commonbond Student Loan Trust Series 2018-CGS <br> Class C144A<br>| 4.35 | &nbsp;&nbsp; 2-25-2046 | 66652 | &nbsp;&nbsp; 57328 |
| Driven Brands Funding LLC Series 2019-2A Class A2144A | 3.98 | &nbsp;&nbsp; 10-20-2049 | 321851 | &nbsp;&nbsp; 319474 |
| FIGRE Trust Series 2023-HE1 Class A144A | 5.85 | &nbsp;&nbsp; 3-25-2053 | 382216 | &nbsp;&nbsp; 387725 |
| FIGRE Trust Series 2023-HE2 Class A144A±± | 6.51 | &nbsp;&nbsp; 5-25-2053 | 262696 | &nbsp;&nbsp; 268636 |
| Five Guys Holdings, Inc. Series 2023-1A Class A2144A | 7.55 | &nbsp;&nbsp; 1-26-2054 | 178650 | &nbsp;&nbsp; 185819 |
| FREED Mortgage Trust Series 2022-HE1 Class A144A±± | 7.00 | &nbsp;&nbsp; 10-25-2037 | 251921 | &nbsp;&nbsp; 257012 |
| Frontier Issuer LLC Series 2023-1 Class A2144A | 6.60 | &nbsp;&nbsp; 8-20-2053 | 900000 | &nbsp;&nbsp; 914029 |
| &nbsp;&nbsp; FS Rialto Issuer LLC Series 2021-FL3 Class B (U.S. SOFR 1 <br> Month+1.91%)144A±<br>| 6.06 | &nbsp;&nbsp; 11-16-2036 | 1000000 | &nbsp;&nbsp; 993396 |
| Jimmy Johns Funding LLC Series 2017-1A Class A2II144A | 4.85 | &nbsp;&nbsp; 7-30-2047 | 229100 | &nbsp;&nbsp; 228123 |
| Jonah Energy ABS I LLC Series 2022-1 Class A1144A | 7.20 | &nbsp;&nbsp; 12-10-2037 | 364428 | &nbsp;&nbsp; 367183 |
| &nbsp;&nbsp; Laurel Road Prime Student Loan Trust Series 2017-C <br> Class C144A<br>| 3.29 | &nbsp;&nbsp; 11-25-2042 | 295202 | &nbsp;&nbsp; 292488 |
| MNR ABS Issuer I LLC‡ | 8.12 | &nbsp;&nbsp; 12-15-2038 | 176774 | &nbsp;&nbsp; 180203 |
| NBC Funding LLC Series 2024-1A Class A2144A | 6.75 | &nbsp;&nbsp; 7-30-2054 | 900475 | &nbsp;&nbsp; 920822 |
| &nbsp;&nbsp; New Economy Assets - Phase 1 Sponsor LLC Series 2021-1 <br> Class B1144A<br>| 2.41 | &nbsp;&nbsp; 10-20-2061 | 1500000 | &nbsp;&nbsp; 996220 |
| NMEF Funding LLC Series 2025-A Class B144A | 5.18 | &nbsp;&nbsp; 7-15-2032 | 445000 | &nbsp;&nbsp; 449528 |
| Octane Receivables Trust Series 2023-1A Class A144A | 5.87 | &nbsp;&nbsp; 5-21-2029 | 12174 | &nbsp;&nbsp; 12194 |
| Octane Receivables Trust Series 2023-1A Class B144A | 5.96 | &nbsp;&nbsp; 7-20-2029 | 160000 | &nbsp;&nbsp; 161106 |
| Pagaya AI Debt Trust Series 2025-4 Class A2144A | 5.37 | &nbsp;&nbsp; 1-17-2033 | 635000 | &nbsp;&nbsp; 640031 |
| &nbsp;&nbsp; Starwood LLC Series 2025-SIF5A Class A (U.S. SOFR 3 <br> Month+1.55%)144A±<br>| 5.80 | &nbsp;&nbsp; 4-15-2037 | 875000 | &nbsp;&nbsp; 877907 |

---

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

2 \| Allspring Income Plus Fund

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; Store Master Funding I-VII XIV XIX XX XXIV Series 2023-1A <br> Class A1144A<br>| 6.19<br> %<br>| &nbsp;&nbsp; 6-20-2053 | $494167 | &nbsp;&nbsp; $497762 |
| Uniti Fiber ABS Issuer LLC Series 2025-1A Class A2144A | 5.88 | &nbsp;&nbsp; 4-20-2055 | 1000000 | &nbsp;&nbsp; 1024016 |
| **Total asset-backed securities (Cost $15,665,119)** |  |  |  | &nbsp;&nbsp; **15206799** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Common stocks: 0.13%** |  |  |
| **Consumer staples: 0.00%** |  |  |
| **Consumer staples distribution & retail: 0.00%** |  |  |
| Casino Guichard Perrachon SA† | 1285 | &nbsp;&nbsp; **725** |
| **Energy: 0.13%** |  |  |
| **Independent power and renewable electricity producers:** <br> **0.13%** |  |  |
| Enviva, Inc.† | 16752 | &nbsp;&nbsp; **276408** |
| **Financials: 0.00%** |  |  |
| **Financial services: 0.00%** |  |  |
| Unifin Financiera SAB de CV♦† | 78042 | &nbsp;&nbsp; **0** |
| **Total common stocks (Cost $531,900)** |  | &nbsp;&nbsp; **277133** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |
| **Corporate bonds and notes: 23.51%** |  |  |  |  |
| **Basic materials: 0.60%** |  |  |  |  |
| **Chemicals: 0.19%** |  |  |  |  |
| Chemours Co.144A | 8.00 | &nbsp;&nbsp; 1-15-2033 | $325000 | &nbsp;&nbsp; 323266 |
| LYB International Finance III LLC | 5.50 | &nbsp;&nbsp; 3-1-2034 | 75000 | &nbsp;&nbsp; 75434 |
|  |  |  |  | &nbsp;&nbsp; **398700** |
| **Iron/steel: 0.41%** |  |  |  |  |
| Cleveland-Cliffs, Inc.144A | 4.88 | &nbsp;&nbsp; 3-1-2031 | 40000 | &nbsp;&nbsp; 37344 |
| Cleveland-Cliffs, Inc.144A | 7.00 | &nbsp;&nbsp; 3-15-2032 | 560000 | &nbsp;&nbsp; 565580 |
| Nucor Corp. | 5.10 | &nbsp;&nbsp; 6-1-2035 | 265000 | &nbsp;&nbsp; 269426 |
|  |  |  |  | &nbsp;&nbsp; **872350** |
| **Communications: 2.98%** |  |  |  |  |
| **Advertising: 0.02%** |  |  |  |  |
| Clear Channel Outdoor Holdings, Inc.144A | 7.50 | &nbsp;&nbsp; 3-15-2033 | 40000 | &nbsp;&nbsp; **41823** |
| **Internet: 0.48%** |  |  |  |  |
| Arches Buyer, Inc.144A | 6.13 | &nbsp;&nbsp; 12-1-2028 | 345000 | &nbsp;&nbsp; 338199 |
| Booking Holdings, Inc. | 4.13 | &nbsp;&nbsp; 5-12-2033 | 245000 | &nbsp;&nbsp; 301676 |
| Cablevision Lightpath LLC144A | 5.63 | &nbsp;&nbsp; 9-15-2028 | 390000 | &nbsp;&nbsp; 383633 |
|  |  |  |  | &nbsp;&nbsp; **1023508** |
| **Media: 1.64%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.25 | &nbsp;&nbsp; 1-15-2034 | 655000 | &nbsp;&nbsp; 566289 |

---

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

Allspring Income Plus Fund \| 3

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Media**(continued) |  |  |  |  |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 3.90<br> %<br>| &nbsp;&nbsp; 6-1-2052 | $170000 | &nbsp;&nbsp; $115140 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 6.10 | &nbsp;&nbsp; 6-1-2029 | 235000 | &nbsp;&nbsp; 246607 |
| Comcast Corp. | 2.94 | &nbsp;&nbsp; 11-1-2056 | 120000 | &nbsp;&nbsp; 71209 |
| CSC Holdings LLC144A | 5.50 | &nbsp;&nbsp; 4-15-2027 | 170000 | &nbsp;&nbsp; 161352 |
| CSC Holdings LLC144A | 11.25 | &nbsp;&nbsp; 5-15-2028 | 325000 | &nbsp;&nbsp; 300871 |
| DISH Network Corp.144A | 11.75 | &nbsp;&nbsp; 11-15-2027 | 205000 | &nbsp;&nbsp; 216943 |
| Gray Media, Inc.144A | 9.63 | &nbsp;&nbsp; 7-15-2032 | 425000 | &nbsp;&nbsp; 434196 |
| News Corp.144A | 3.88 | &nbsp;&nbsp; 5-15-2029 | 385000 | &nbsp;&nbsp; 371853 |
| News Corp.144A | 5.13 | &nbsp;&nbsp; 2-15-2032 | 315000 | &nbsp;&nbsp; 313235 |
| Paramount Global (U.S. SOFR 3 Month+3.90%)± | 6.25 | &nbsp;&nbsp; 2-28-2057 | 510000 | &nbsp;&nbsp; 502697 |
| Time Warner Cable LLC | 5.50 | &nbsp;&nbsp; 9-1-2041 | 220000 | &nbsp;&nbsp; 201617 |
|  |  |  |  | &nbsp;&nbsp; **3502009** |
| **Telecommunications: 0.84%** |  |  |  |  |
| AT&T, Inc. | 3.55 | &nbsp;&nbsp; 9-15-2055 | 270000 | &nbsp;&nbsp; 186062 |
| AT&T, Inc. | 5.70 | &nbsp;&nbsp; 11-1-2054 | 625000 | &nbsp;&nbsp; 617728 |
| EchoStar Corp. (PIK at 6.75%)¥ | 6.75 | &nbsp;&nbsp; 11-30-2030 | 518562 | &nbsp;&nbsp; 534611 |
| Level 3 Financing, Inc.144A | 3.75 | &nbsp;&nbsp; 7-15-2029 | 60000 | &nbsp;&nbsp; 51146 |
| Level 3 Financing, Inc.144A | 4.50 | &nbsp;&nbsp; 4-1-2030 | 120000 | &nbsp;&nbsp; 109650 |
| Level 3 Financing, Inc.144A | 7.00 | &nbsp;&nbsp; 3-31-2034 | 295000 | &nbsp;&nbsp; 300106 |
|  |  |  |  | &nbsp;&nbsp; **1799303** |
| **Consumer, cyclical: 3.61%** |  |  |  |  |
| **Airlines: 0.32%** |  |  |  |  |
| American Airlines Pass-Through Trust Series 2015-1 Class A | 3.38 | &nbsp;&nbsp; 5-1-2027 | 359654 | &nbsp;&nbsp; 353725 |
| JetBlue Airways Corp./JetBlue Loyalty LP144A | 9.88 | &nbsp;&nbsp; 9-20-2031 | 205000 | &nbsp;&nbsp; 207926 |
| United Airlines Pass-Through Trust Series 2020-1 Class B | 4.88 | &nbsp;&nbsp; 1-15-2026 | 58958 | &nbsp;&nbsp; 58959 |
| United Airlines Pass-Through Trust Series 2020-1 Class A | 5.88 | &nbsp;&nbsp; 10-15-2027 | 51629 | &nbsp;&nbsp; 53068 |
|  |  |  |  | &nbsp;&nbsp; **673678** |
| **Apparel: 0.65%** |  |  |  |  |
| Beach Acquisition Bidco LLC144A | 5.25 | &nbsp;&nbsp; 7-15-2032 | 425000 | &nbsp;&nbsp; 511487 |
| Beach Acquisition Bidco LLC (PIK at 10.75%)144A¥ | 10.00 | &nbsp;&nbsp; 7-15-2033 | 655000 | &nbsp;&nbsp; 706524 |
| Crocs, Inc.144A | 4.13 | &nbsp;&nbsp; 8-15-2031 | 190000 | &nbsp;&nbsp; 174068 |
|  |  |  |  | &nbsp;&nbsp; **1392079** |
| **Auto manufacturers: 0.33%** |  |  |  |  |
| Daimler Truck Finance North America LLC144A | 4.65 | &nbsp;&nbsp; 10-12-2030 | 220000 | &nbsp;&nbsp; 220311 |
| Ford Motor Credit Co. LLC | 5.73 | &nbsp;&nbsp; 9-5-2030 | 475000 | &nbsp;&nbsp; 478910 |
|  |  |  |  | &nbsp;&nbsp; **699221** |
| **Entertainment: 0.30%** |  |  |  |  |
| WarnerMedia Holdings, Inc. | 4.28 | &nbsp;&nbsp; 3-15-2032 | 268000 | &nbsp;&nbsp; 245555 |
| WarnerMedia Holdings, Inc. | 5.05 | &nbsp;&nbsp; 3-15-2042 | 430000 | &nbsp;&nbsp; 343278 |
| WarnerMedia Holdings, Inc. | 5.14 | &nbsp;&nbsp; 3-15-2052 | 74000 | &nbsp;&nbsp; 55130 |
|  |  |  |  | &nbsp;&nbsp; **643963** |

---

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

4 \| Allspring Income Plus Fund

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Home builders: 0.33%** |  |  |  |  |
| Century Communities, Inc.144A | 6.63<br> %<br>| &nbsp;&nbsp; 9-15-2033 | $450000 | &nbsp;&nbsp; $453942 |
| K Hovnanian Enterprises, Inc.144A | 8.38 | &nbsp;&nbsp; 10-1-2033 | 220000 | &nbsp;&nbsp; 225555 |
| LGI Homes, Inc.144A | 8.75 | &nbsp;&nbsp; 12-15-2028 | 20000 | &nbsp;&nbsp; 20996 |
|  |  |  |  | &nbsp;&nbsp; **700493** |
| **Housewares: 0.02%** |  |  |  |  |
| Newell Brands, Inc. | 6.38 | &nbsp;&nbsp; 5-15-2030 | 40000 | &nbsp;&nbsp; **39632** |
| **Leisure time: 0.33%** |  |  |  |  |
| Sabre Global, Inc.144A | 10.75 | &nbsp;&nbsp; 11-15-2029 | 734000 | &nbsp;&nbsp; **709337** |
| **Lodging: 0.33%** |  |  |  |  |
| Las Vegas Sands Corp. | 6.00 | &nbsp;&nbsp; 6-14-2030 | 390000 | &nbsp;&nbsp; 406123 |
| Las Vegas Sands Corp. | 6.20 | &nbsp;&nbsp; 8-15-2034 | 285000 | &nbsp;&nbsp; 298243 |
|  |  |  |  | &nbsp;&nbsp; **704366** |
| **Retail: 0.74%** |  |  |  |  |
| Macy's Retail Holdings LLC144A | 6.13 | &nbsp;&nbsp; 3-15-2032 | 305000 | &nbsp;&nbsp; 305294 |
| Michaels Cos., Inc.144A | 7.88 | &nbsp;&nbsp; 5-1-2029 | 215000 | &nbsp;&nbsp; 179525 |
| PetSmart LLC/PetSmart Finance Corp.144A | 7.50 | &nbsp;&nbsp; 9-15-2032 | 510000 | &nbsp;&nbsp; 510758 |
| PetSmart LLC/PetSmart Finance Corp.144A | 10.00 | &nbsp;&nbsp; 9-15-2033 | 580000 | &nbsp;&nbsp; 585312 |
|  |  |  |  | &nbsp;&nbsp; **1580889** |
| **Toys/games/hobbies: 0.26%** |  |  |  |  |
| Hasbro, Inc. | 6.05 | &nbsp;&nbsp; 5-14-2034 | 285000 | &nbsp;&nbsp; 298083 |
| Mattel, Inc.144A | 5.88 | &nbsp;&nbsp; 12-15-2027 | 250000 | &nbsp;&nbsp; 250569 |
|  |  |  |  | &nbsp;&nbsp; **548652** |
| **Consumer, non-cyclical: 2.72%** |  |  |  |  |
| **Agriculture: 0.32%** |  |  |  |  |
| BAT Capital Corp. | 5.63 | &nbsp;&nbsp; 8-15-2035 | 400000 | &nbsp;&nbsp; 415601 |
| BAT Capital Corp. | 6.25 | &nbsp;&nbsp; 8-15-2055 | 260000 | &nbsp;&nbsp; 271863 |
|  |  |  |  | &nbsp;&nbsp; **687464** |
| **Biotechnology: 0.09%** |  |  |  |  |
| Biogen, Inc. | 6.45 | &nbsp;&nbsp; 5-15-2055 | 180000 | &nbsp;&nbsp; **193006** |
| **Commercial services: 1.15%** |  |  |  |  |
| GEO Group, Inc. | 10.25 | &nbsp;&nbsp; 4-15-2031 | 125000 | &nbsp;&nbsp; 137540 |
| Global Payments, Inc. | 4.88 | &nbsp;&nbsp; 3-17-2031 | 595000 | &nbsp;&nbsp; 733915 |
| Global Payments, Inc. | 5.95 | &nbsp;&nbsp; 8-15-2052 | 70000 | &nbsp;&nbsp; 68688 |
| Hertz Corp.144A | 12.63 | &nbsp;&nbsp; 7-15-2029 | 340000 | &nbsp;&nbsp; 360450 |
| &nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance Sub, <br> Inc.144A<br>| 5.50 | &nbsp;&nbsp; 5-15-2033 | 350000 | &nbsp;&nbsp; 427869 |
| Sotheby's/BidFair Holdings, Inc.144A | 5.88 | &nbsp;&nbsp; 6-1-2029 | 425000 | &nbsp;&nbsp; 387252 |
| &nbsp;&nbsp; Toll Road Investors Partnership II LP Series 1999-B (NPFGC <br> Insured)144A¤<br>| 0.00 | &nbsp;&nbsp; 2-15-2027 | 200000 | &nbsp;&nbsp; 183697 |
| Upbound Group, Inc.144A | 6.38 | &nbsp;&nbsp; 2-15-2029 | 150000 | &nbsp;&nbsp; 148029 |
|  |  |  |  | &nbsp;&nbsp; **2447440** |

---

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

Allspring Income Plus Fund \| 5

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Food: 0.31%** |  |  |  |  |
| Kroger Co. | 5.50<br> %<br>| &nbsp;&nbsp; 9-15-2054 | $670000 | &nbsp;&nbsp; **$653022** |
| **Healthcare-services: 0.72%** |  |  |  |  |
| CHS/Community Health Systems, Inc.144A | 10.88 | &nbsp;&nbsp; 1-15-2032 | 220000 | &nbsp;&nbsp; 233001 |
| Radiology Partners, Inc.144A | 8.50 | &nbsp;&nbsp; 7-15-2032 | 400000 | &nbsp;&nbsp; 413935 |
| Star Parent, Inc.144A | 9.00 | &nbsp;&nbsp; 10-1-2030 | 400000 | &nbsp;&nbsp; 422877 |
| UnitedHealth Group, Inc. | 4.65 | &nbsp;&nbsp; 1-15-2031 | 445000 | &nbsp;&nbsp; 450969 |
| UnitedHealth Group, Inc. | 5.95 | &nbsp;&nbsp; 6-15-2055 | 25000 | &nbsp;&nbsp; 26065 |
|  |  |  |  | &nbsp;&nbsp; **1546847** |
| **Pharmaceuticals: 0.13%** |  |  |  |  |
| AbbVie, Inc. | 5.60 | &nbsp;&nbsp; 3-15-2055 | 270000 | &nbsp;&nbsp; **276260** |
| **Energy: 2.56%** |  |  |  |  |
| **Energy-alternate sources: 0.11%** |  |  |  |  |
| Enviva Partners LP/Enviva Partners Finance Corp.144A♦† | 6.50 | &nbsp;&nbsp; 1-15-2026 | 400000 | &nbsp;&nbsp; 0 |
| TerraForm Power Operating LLC144A | 4.75 | &nbsp;&nbsp; 1-15-2030 | 239000 | &nbsp;&nbsp; 230996 |
|  |  |  |  | &nbsp;&nbsp; **230996** |
| **Oil & gas: 0.90%** |  |  |  |  |
| APA Corp. | 5.25 | &nbsp;&nbsp; 2-1-2042 | 93000 | &nbsp;&nbsp; 75064 |
| BP Capital Markets America, Inc. | 5.23 | &nbsp;&nbsp; 11-17-2034 | 490000 | &nbsp;&nbsp; 506113 |
| California Resources Corp.144A | 8.25 | &nbsp;&nbsp; 6-15-2029 | 150000 | &nbsp;&nbsp; 156427 |
| Civitas Resources, Inc.144A | 9.63 | &nbsp;&nbsp; 6-15-2033 | 190000 | &nbsp;&nbsp; 200679 |
| ConocoPhillips Co. | 5.50 | &nbsp;&nbsp; 1-15-2055 | 390000 | &nbsp;&nbsp; 382063 |
| ConocoPhillips Co. | 5.65 | &nbsp;&nbsp; 1-15-2065 | 75000 | &nbsp;&nbsp; 73567 |
| Hilcorp Energy I LP/Hilcorp Finance Co.144A | 6.00 | &nbsp;&nbsp; 2-1-2031 | 165000 | &nbsp;&nbsp; 158905 |
| Nabors Industries, Inc.144A | 8.88 | &nbsp;&nbsp; 8-15-2031 | 155000 | &nbsp;&nbsp; 144353 |
| Nabors Industries, Inc.144A | 9.13 | &nbsp;&nbsp; 1-31-2030 | 220000 | &nbsp;&nbsp; 228800 |
|  |  |  |  | &nbsp;&nbsp; **1925971** |
| **Oil & gas services: 0.33%** |  |  |  |  |
| Oceaneering International, Inc. | 6.00 | &nbsp;&nbsp; 2-1-2028 | 155000 | &nbsp;&nbsp; 156917 |
| Schlumberger Holdings Corp.144A | 4.85 | &nbsp;&nbsp; 5-15-2033 | 215000 | &nbsp;&nbsp; 215969 |
| SESI LLC144A%% | 7.88 | &nbsp;&nbsp; 9-30-2030 | 340000 | &nbsp;&nbsp; 339830 |
|  |  |  |  | &nbsp;&nbsp; **712716** |
| **Pipelines: 1.22%** |  |  |  |  |
| &nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance <br> Corp.144A<br>| 6.63 | &nbsp;&nbsp; 2-1-2032 | 135000 | &nbsp;&nbsp; 139041 |
| Buckeye Partners LP | 5.85 | &nbsp;&nbsp; 11-15-2043 | 60000 | &nbsp;&nbsp; 55960 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC144A | 7.50 | &nbsp;&nbsp; 12-15-2033 | 188000 | &nbsp;&nbsp; 204018 |
| &nbsp;&nbsp; Energy Transfer LP (5 Year Treasury Constant <br> Maturity+4.02%)±<br>| 8.00 | &nbsp;&nbsp; 5-15-2054 | 70000 | &nbsp;&nbsp; 74803 |
| MPLX LP | 6.20 | &nbsp;&nbsp; 9-15-2055 | 180000 | &nbsp;&nbsp; 182096 |
| Prairie Acquiror LP144A | 9.00 | &nbsp;&nbsp; 8-1-2029 | 410000 | &nbsp;&nbsp; 426853 |
| Rockies Express Pipeline LLC144A | 6.88 | &nbsp;&nbsp; 4-15-2040 | 90000 | &nbsp;&nbsp; 92628 |
| &nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance <br> Corp.144A<br>| 6.00 | &nbsp;&nbsp; 12-31-2030 | 385000 | &nbsp;&nbsp; 380199 |

---

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

6 \| Allspring Income Plus Fund

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Pipelines**(continued) |  |  |  |  |
| Venture Global LNG, Inc.144A | 8.38<br> %<br>| &nbsp;&nbsp; 6-1-2031 | $150000 | &nbsp;&nbsp; $157496 |
| &nbsp;&nbsp; Venture Global LNG, Inc. (5 Year Treasury Constant <br> Maturity+5.44%)144Aʊ±<br>| 9.00 | &nbsp;&nbsp; 9-30-2029 | 440000 | &nbsp;&nbsp; 436075 |
| Venture Global Plaquemines LNG LLC144A | 7.50 | &nbsp;&nbsp; 5-1-2033 | 410000 | &nbsp;&nbsp; 453054 |
|  |  |  |  | &nbsp;&nbsp; **2602223** |
| **Financial: 7.37%** |  |  |  |  |
| **Banks: 2.75%** |  |  |  |  |
| Bank of America Corp. (U.S. SOFR+1.74%)± | 5.52 | &nbsp;&nbsp; 10-25-2035 | 195000 | &nbsp;&nbsp; 199738 |
| Bank of America Corp. (U.S. SOFR+1.91%)± | 5.43 | &nbsp;&nbsp; 8-15-2035 | 465000 | &nbsp;&nbsp; 474351 |
| &nbsp;&nbsp; Bank of America Corp. Series DD (U.S. SOFR 3 <br> Month+4.81%)ʊ±<br>| 6.30 | &nbsp;&nbsp; 3-10-2026 | 195000 | &nbsp;&nbsp; 196092 |
| &nbsp;&nbsp; Bank of America Corp. Series OO (5 Year Treasury Constant <br> Maturity+2.68%)ʊ±<br>| 6.63 | &nbsp;&nbsp; 5-1-2030 | 170000 | &nbsp;&nbsp; 176883 |
| Citigroup, Inc. (U.S. SOFR+1.49%)± | 5.17 | &nbsp;&nbsp; 9-11-2036 | 260000 | &nbsp;&nbsp; 262638 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. Series T (5 Year Treasury <br> Constant Maturity+2.97%)ʊ±<br>| 3.80 | &nbsp;&nbsp; 5-10-2026 | 520000 | &nbsp;&nbsp; 513684 |
| JPMorgan Chase & Co. (U.S. SOFR+1.55%)± | 5.53 | &nbsp;&nbsp; 11-29-2045 | 280000 | &nbsp;&nbsp; 287946 |
| JPMorgan Chase & Co. (U.S. SOFR+1.64%)± | 5.58 | &nbsp;&nbsp; 7-23-2036 | 915000 | &nbsp;&nbsp; 948564 |
| Morgan Stanley (U.S. SOFR+1.29%)± | 2.94 | &nbsp;&nbsp; 1-21-2033 | 620000 | &nbsp;&nbsp; 563675 |
| Morgan Stanley (U.S. SOFR+1.71%)± | 5.52 | &nbsp;&nbsp; 11-19-2055 | 440000 | &nbsp;&nbsp; 444765 |
| Santander Holdings USA, Inc. (U.S. SOFR+1.88%)± | 5.74 | &nbsp;&nbsp; 3-20-2031 | 190000 | &nbsp;&nbsp; 196151 |
| Santander Holdings USA, Inc. (U.S. SOFR+3.28%)± | 7.66 | &nbsp;&nbsp; 11-9-2031 | 70000 | &nbsp;&nbsp; 78404 |
| U.S. Bancorp (U.S. SOFR+1.86%)± | 5.68 | &nbsp;&nbsp; 1-23-2035 | 445000 | &nbsp;&nbsp; 468537 |
| U.S. Bancorp (U.S. SOFR+2.26%)± | 5.84 | &nbsp;&nbsp; 6-12-2034 | 330000 | &nbsp;&nbsp; 351644 |
| Wells Fargo & Co. (U.S. SOFR+2.06%)± | 6.49 | &nbsp;&nbsp; 10-23-2034 | 645000 | &nbsp;&nbsp; 716655 |
|  |  |  |  | &nbsp;&nbsp; **5879727** |
| **Diversified financial services: 0.82%** |  |  |  |  |
| Aircastle Ltd.144A | 5.95 | &nbsp;&nbsp; 2-15-2029 | 185000 | &nbsp;&nbsp; 192937 |
| Aircastle Ltd./Aircastle Ireland DAC144A | 5.25 | &nbsp;&nbsp; 3-15-2030 | 370000 | &nbsp;&nbsp; 377448 |
| Ares Finance Co. II LLC144A | 3.25 | &nbsp;&nbsp; 6-15-2030 | 285000 | &nbsp;&nbsp; 269190 |
| Citadel LP144A | 6.38 | &nbsp;&nbsp; 1-23-2032 | 240000 | &nbsp;&nbsp; 254020 |
| Computershare U.S., Inc. | 1.13 | &nbsp;&nbsp; 10-7-2031 | 440000 | &nbsp;&nbsp; 449610 |
| PRA Group, Inc.144A | 5.00 | &nbsp;&nbsp; 10-1-2029 | 185000 | &nbsp;&nbsp; 171806 |
| United Wholesale Mortgage LLC144A | 5.50 | &nbsp;&nbsp; 4-15-2029 | 35000 | &nbsp;&nbsp; 34519 |
|  |  |  |  | &nbsp;&nbsp; **1749530** |
| **Insurance: 2.17%** |  |  |  |  |
| Athene Global Funding144A | 5.03 | &nbsp;&nbsp; 7-17-2030 | 315000 | &nbsp;&nbsp; 320037 |
| Athene Global Funding144A | 5.54 | &nbsp;&nbsp; 8-22-2035 | 550000 | &nbsp;&nbsp; 557367 |
| Broadstreet Partners Group LLC144A | 5.88 | &nbsp;&nbsp; 4-15-2029 | 325000 | &nbsp;&nbsp; 324053 |
| Brown & Brown, Inc. | 4.90 | &nbsp;&nbsp; 6-23-2030 | 250000 | &nbsp;&nbsp; 253359 |
| Equitable America Global Funding144A | 4.95 | &nbsp;&nbsp; 6-9-2030 | 435000 | &nbsp;&nbsp; 443693 |
| Guardian Life Insurance Co. of America144A | 4.85 | &nbsp;&nbsp; 1-24-2077 | 145000 | &nbsp;&nbsp; 122098 |
| Jackson Financial, Inc. | 4.00 | &nbsp;&nbsp; 11-23-2051 | 325000 | &nbsp;&nbsp; 234471 |
| MetLife, Inc. | 6.40 | &nbsp;&nbsp; 12-15-2036 | 420000 | &nbsp;&nbsp; 441972 |
| New York Life Insurance Co.144A | 5.88 | &nbsp;&nbsp; 5-15-2033 | 260000 | &nbsp;&nbsp; 275424 |

---

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

Allspring Income Plus Fund \| 7

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Insurance**(continued) |  |  |  |  |
| Northwestern Mutual Life Insurance Co.144A | 6.17<br> %<br>| &nbsp;&nbsp; 5-29-2055 | $285000 | &nbsp;&nbsp; $306590 |
| Omnis Funding Trust144A | 6.72 | &nbsp;&nbsp; 5-15-2055 | 465000 | &nbsp;&nbsp; 501571 |
| &nbsp;&nbsp; PartnerRe Finance B LLC (5 Year Treasury Constant <br> Maturity+3.82%)±<br>| 4.50 | &nbsp;&nbsp; 10-1-2050 | 40000 | &nbsp;&nbsp; 37741 |
| &nbsp;&nbsp; Prudential Financial, Inc. (5 Year Treasury Constant <br> Maturity+3.04%)±<br>| 3.70 | &nbsp;&nbsp; 10-1-2050 | 380000 | &nbsp;&nbsp; 354954 |
| RGA Global Funding144A | 5.05 | &nbsp;&nbsp; 12-6-2031 | 440000 | &nbsp;&nbsp; 448659 |
|  |  |  |  | &nbsp;&nbsp; **4621989** |
| **Investment Companies: 0.90%** |  |  |  |  |
| Ares Capital Corp. BDC | 5.10 | &nbsp;&nbsp; 1-15-2031 | 410000 | &nbsp;&nbsp; 407043 |
| Ares Capital Corp. BDC | 5.50 | &nbsp;&nbsp; 9-1-2030 | 240000 | &nbsp;&nbsp; 242924 |
| Ares Capital Corp. BDC | 5.88 | &nbsp;&nbsp; 3-1-2029 | 185000 | &nbsp;&nbsp; 190339 |
| Blue Owl Capital Corp. BDC | 2.63 | &nbsp;&nbsp; 1-15-2027 | 1105000 | &nbsp;&nbsp; 1075077 |
|  |  |  |  | &nbsp;&nbsp; **1915383** |
| **REITs: 0.73%** |  |  |  |  |
| Brandywine Operating Partnership LP | 8.88 | &nbsp;&nbsp; 4-12-2029 | 35000 | &nbsp;&nbsp; 37988 |
| EPR Properties | 3.75 | &nbsp;&nbsp; 8-15-2029 | 180000 | &nbsp;&nbsp; 173288 |
| Essential Properties LP | 2.95 | &nbsp;&nbsp; 7-15-2031 | 245000 | &nbsp;&nbsp; 220807 |
| Essential Properties LP | 5.40 | &nbsp;&nbsp; 12-1-2035 | 485000 | &nbsp;&nbsp; 486820 |
| &nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital <br> Finance Corp.144A<br>| 7.00 | &nbsp;&nbsp; 7-15-2031 | 290000 | &nbsp;&nbsp; 304031 |
| Piedmont Operating Partnership LP | 9.25 | &nbsp;&nbsp; 7-20-2028 | 130000 | &nbsp;&nbsp; 144351 |
| WEA Finance LLC/Westfield U.K. & Europe Finance PLC144A | 4.75 | &nbsp;&nbsp; 9-17-2044 | 230000 | &nbsp;&nbsp; 199955 |
|  |  |  |  | &nbsp;&nbsp; **1567240** |
| **Industrial: 0.71%** |  |  |  |  |
| **Building materials: 0.32%** |  |  |  |  |
| Camelot Return Merger Sub, Inc.144A | 8.75 | &nbsp;&nbsp; 8-1-2028 | 320000 | &nbsp;&nbsp; 309602 |
| CP Atlas Buyer, Inc.144A | 9.75 | &nbsp;&nbsp; 7-15-2030 | 360000 | &nbsp;&nbsp; 377028 |
|  |  |  |  | &nbsp;&nbsp; **686630** |
| **Engineering & construction: 0.15%** |  |  |  |  |
| MasTec, Inc.144A | 4.50 | &nbsp;&nbsp; 8-15-2028 | 325000 | &nbsp;&nbsp; **324128** |
| **Packaging & containers: 0.24%** |  |  |  |  |
| Clydesdale Acquisition Holdings, Inc.144A | 8.75 | &nbsp;&nbsp; 4-15-2030 | 500000 | &nbsp;&nbsp; **513621** |
| **Technology: 1.54%** |  |  |  |  |
| **Computers: 0.11%** |  |  |  |  |
| Kyndryl Holdings, Inc. | 4.10 | &nbsp;&nbsp; 10-15-2041 | 285000 | &nbsp;&nbsp; **231227** |
| **Semiconductors: 0.51%** |  |  |  |  |
| Entegris, Inc.144A | 4.75 | &nbsp;&nbsp; 4-15-2029 | 200000 | &nbsp;&nbsp; 198285 |
| Foundry JV Holdco LLC144A | 5.88 | &nbsp;&nbsp; 1-25-2034 | 260000 | &nbsp;&nbsp; 270859 |
| Foundry JV Holdco LLC144A | 6.20 | &nbsp;&nbsp; 1-25-2037 | 360000 | &nbsp;&nbsp; 384008 |

---

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

8 \| Allspring Income Plus Fund

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Semiconductors**(continued) |  |  |  |  |
| Intel Corp. | 2.80<br> %<br>| &nbsp;&nbsp; 8-12-2041 | $255000 | &nbsp;&nbsp; $178365 |
| Intel Corp. | 3.25 | &nbsp;&nbsp; 11-15-2049 | 85000 | &nbsp;&nbsp; 56482 |
|  |  |  |  | &nbsp;&nbsp; **1087999** |
| **Software: 0.92%** |  |  |  |  |
| AthenaHealth Group, Inc.144A | 6.50 | &nbsp;&nbsp; 2-15-2030 | 535000 | &nbsp;&nbsp; 530623 |
| Cloud Software Group, Inc.144A | 8.25 | &nbsp;&nbsp; 6-30-2032 | 430000 | &nbsp;&nbsp; 456124 |
| Cloud Software Group, Inc.144A | 9.00 | &nbsp;&nbsp; 9-30-2029 | 170000 | &nbsp;&nbsp; 176325 |
| Oracle Corp. | 4.45 | &nbsp;&nbsp; 9-26-2030 | 310000 | &nbsp;&nbsp; 309848 |
| Oracle Corp. | 5.95 | &nbsp;&nbsp; 9-26-2055 | 485000 | &nbsp;&nbsp; 483508 |
|  |  |  |  | &nbsp;&nbsp; **1956428** |
| **Utilities: 1.42%** |  |  |  |  |
| **Electric: 1.42%** |  |  |  |  |
| AES Corp. (5 Year Treasury Constant Maturity+3.20%)± | 7.60 | &nbsp;&nbsp; 1-15-2055 | 30000 | &nbsp;&nbsp; 31076 |
| Baltimore Gas & Electric Co. | 5.45 | &nbsp;&nbsp; 6-1-2035 | 370000 | &nbsp;&nbsp; 384329 |
| &nbsp;&nbsp; Dominion Energy, Inc. (5 Year Treasury Constant <br> Maturity+2.21%)±<br>| 6.63 | &nbsp;&nbsp; 5-15-2055 | 115000 | &nbsp;&nbsp; 119017 |
| Duke Energy Corp. | 3.10 | &nbsp;&nbsp; 6-15-2028 | 200000 | &nbsp;&nbsp; 236908 |
| Duke Energy Corp. | 3.85 | &nbsp;&nbsp; 6-15-2034 | 235000 | &nbsp;&nbsp; 276146 |
| &nbsp;&nbsp; EUSHI Finance, Inc. (5 Year Treasury Constant <br> Maturity+3.14%)±<br>| 7.63 | &nbsp;&nbsp; 12-15-2054 | 210000 | &nbsp;&nbsp; 220166 |
| Evergy, Inc. (5 Year Treasury Constant Maturity+2.56%)± | 6.65 | &nbsp;&nbsp; 6-1-2055 | 110000 | &nbsp;&nbsp; 112651 |
| Niagara Mohawk Power Corp.144A | 6.00 | &nbsp;&nbsp; 7-3-2055 | 305000 | &nbsp;&nbsp; 314742 |
| NRG Energy, Inc.144A%% | 5.41 | &nbsp;&nbsp; 10-15-2035 | 205000 | &nbsp;&nbsp; 205697 |
| Oglethorpe Power Corp. | 4.25 | &nbsp;&nbsp; 4-1-2046 | 125000 | &nbsp;&nbsp; 99219 |
| PG&E Corp. | 5.25 | &nbsp;&nbsp; 7-1-2030 | 40000 | &nbsp;&nbsp; 39446 |
| PG&E Corp. (5 Year Treasury Constant Maturity+3.88%)± | 7.38 | &nbsp;&nbsp; 3-15-2055 | 550000 | &nbsp;&nbsp; 565043 |
| Sempra (5 Year Treasury Constant Maturity+2.35%)± | 6.63 | &nbsp;&nbsp; 4-1-2055 | 320000 | &nbsp;&nbsp; 324946 |
| &nbsp;&nbsp; Southern Co. Series B (5 Year Treasury Constant <br> Maturity+3.73%)±<br>| 4.00 | &nbsp;&nbsp; 1-15-2051 | 95000 | &nbsp;&nbsp; 94655 |
|  |  |  |  | &nbsp;&nbsp; **3024041** |
| **Total corporate bonds and notes (Cost $48,306,889)** |  |  |  | &nbsp;&nbsp; **50163891** |
| **Foreign corporate bonds and notes: 11.39%** |  |  |  |  |
| **Communications: 2.32%** |  |  |  |  |
| **Telecommunications: 2.32%** |  |  |  |  |
| British Telecommunications PLC (UK Gilts 5 Year+3.82%)± | 8.38 | &nbsp;&nbsp; 12-20-2083 | 295000 | &nbsp;&nbsp; 425714 |
| Chorus Ltd. | 3.63 | &nbsp;&nbsp; 9-7-2029 | 295000 | &nbsp;&nbsp; 354812 |
| Fibercop SpA | 1.63 | &nbsp;&nbsp; 1-18-2029 | 395000 | &nbsp;&nbsp; 433347 |
| Koninklijke KPN NV | 3.88 | &nbsp;&nbsp; 7-3-2031 | 300000 | &nbsp;&nbsp; 365756 |
| Lorca Telecom Bondco SA | 4.00 | &nbsp;&nbsp; 9-18-2027 | 400000 | &nbsp;&nbsp; 469583 |
| SES SA (EURIBOR ICE Swap Rate 11:00am+3.23%)± | 5.50 | &nbsp;&nbsp; 9-12-2054 | 400000 | &nbsp;&nbsp; 478640 |
| TDC Net AS | 5.62 | &nbsp;&nbsp; 2-6-2030 | 400000 | &nbsp;&nbsp; 501658 |
| Telecom Italia SpA | 1.63 | &nbsp;&nbsp; 1-18-2029 | 200000 | &nbsp;&nbsp; 224489 |
| Telefonica Emisiones SA | 4.18 | &nbsp;&nbsp; 11-21-2033 | 400000 | &nbsp;&nbsp; 485328 |
| VMED O2 U.K. Financing I PLC | 5.63 | &nbsp;&nbsp; 4-15-2032 | 390000 | &nbsp;&nbsp; 469376 |

---

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

Allspring Income Plus Fund \| 9

------

Portfolio of investments—September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Telecommunications**(continued) |  |  |  |  |  |
| &nbsp;&nbsp; Vodafone Group PLC (EUR Swap Annual (vs. 6 Month <br> EURIBOR) 5 Year+3.48%)±<br>| 3.00<br> %<br>| &nbsp;&nbsp; 8-27-2080 | EUR | 260000 | &nbsp;&nbsp; $294247 |
| Zegona Finance PLC144A | 6.75 | &nbsp;&nbsp; 7-15-2029 | EUR | 351000 | &nbsp;&nbsp; 436271 |
|  |  |  |  |  | &nbsp;&nbsp; **4939221** |
| **Consumer, cyclical: 1.78%** |  |  |  |  |  |
| **Airlines: 0.23%** |  |  |  |  |  |
| &nbsp;&nbsp; Deutsche Lufthansa AG (EURIBOR ICE Swap Rate <br> 11:00am+2.86%)±<br>| 5.25 | &nbsp;&nbsp; 1-15-2055 | EUR | 400000 | &nbsp;&nbsp; **484586** |
| **Auto manufacturers: 0.11%** |  |  |  |  |  |
| BMW International Investment BV | 3.50 | &nbsp;&nbsp; 1-22-2033 | EUR | 200000 | &nbsp;&nbsp; **236876** |
| **Auto parts & equipment: 0.15%** |  |  |  |  |  |
| Mahle GmbH | 6.50 | &nbsp;&nbsp; 5-2-2031 | EUR | 255000 | &nbsp;&nbsp; **309908** |
| **Entertainment: 0.26%** |  |  |  |  |  |
| Cirsa Finance International Sarl144A | 10.38 | &nbsp;&nbsp; 11-30-2027 | EUR | 42300 | &nbsp;&nbsp; 51199 |
| Universal Music Group NV | 4.00 | &nbsp;&nbsp; 6-13-2031 | EUR | 420000 | &nbsp;&nbsp; 511734 |
|  |  |  |  |  | &nbsp;&nbsp; **562933** |
| **Leisure time: 0.40%** |  |  |  |  |  |
| TUI AG | 5.88 | &nbsp;&nbsp; 3-15-2029 | EUR | 700000 | &nbsp;&nbsp; **853805** |
| **Lodging: 0.24%** |  |  |  |  |  |
| Essendi SA | 6.38 | &nbsp;&nbsp; 10-15-2029 | EUR | 415000 | &nbsp;&nbsp; **514203** |
| **Retail: 0.28%** |  |  |  |  |  |
| Dufry One BV | 4.50 | &nbsp;&nbsp; 5-23-2032 | EUR | 400000 | &nbsp;&nbsp; 482564 |
| Fressnapf Holding SE | 5.25 | &nbsp;&nbsp; 10-31-2031 | EUR | 100000 | &nbsp;&nbsp; 118984 |
|  |  |  |  |  | &nbsp;&nbsp; **601548** |
| **Toys/games/hobbies: 0.11%** |  |  |  |  |  |
| Asmodee Group AB | 5.75 | &nbsp;&nbsp; 12-15-2029 | EUR | 186667 | &nbsp;&nbsp; **230089** |
| **Consumer, non-cyclical: 1.40%** |  |  |  |  |  |
| **Agriculture: 0.24%** |  |  |  |  |  |
| Tereos Finance Groupe I SA | 5.88 | &nbsp;&nbsp; 4-30-2030 | EUR | 425000 | &nbsp;&nbsp; **499283** |
| **Commercial services: 0.50%** |  |  |  |  |  |
| Amber Finco PLC | 6.63 | &nbsp;&nbsp; 7-15-2029 | EUR | 280000 | &nbsp;&nbsp; 345518 |
| Nexi SpA | 2.13 | &nbsp;&nbsp; 4-30-2029 | EUR | 250000 | &nbsp;&nbsp; 283515 |
| Transurban Finance Co. Pty. Ltd. | 4.23 | &nbsp;&nbsp; 4-26-2033 | EUR | 100000 | &nbsp;&nbsp; 123182 |
| Verisure Holding AB144A | 9.25 | &nbsp;&nbsp; 10-15-2027 | EUR | 28000 | &nbsp;&nbsp; 33718 |
| Worldline SA | 4.13 | &nbsp;&nbsp; 9-12-2028 | EUR | 300000 | &nbsp;&nbsp; 287016 |
|  |  |  |  |  | &nbsp;&nbsp; **1072949** |

---

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

10 \| Allspring Income Plus Fund

------

Portfolio of investments—September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Food: 0.38%** |  |  |  |  |  |
| Flora Food Management BV | 6.88<br> %<br>| &nbsp;&nbsp; 7-2-2029 | EUR | 250000 | &nbsp;&nbsp; $293414 |
| Iceland Bondco PLC | 4.38 | &nbsp;&nbsp; 5-15-2028 | GBP | 400000 | &nbsp;&nbsp; 524133 |
|  |  |  |  |  | &nbsp;&nbsp; **817547** |
| **Healthcare-services: 0.28%** |  |  |  |  |  |
| Eurofins Scientific SE (3 Month EURIBOR+4.24%)ʊ± | 6.75 | &nbsp;&nbsp; 4-24-2028 | EUR | 475000 | &nbsp;&nbsp; **596001** |
| **Energy: 0.95%** |  |  |  |  |  |
| **Oil & gas: 0.72%** |  |  |  |  |  |
| Var Energi ASA | 3.88 | &nbsp;&nbsp; 3-12-2031 | EUR | 265000 | &nbsp;&nbsp; 314506 |
| Var Energi ASA (EURIBOR ICE Swap Rate 11:00am+4.77%)± | 7.86 | &nbsp;&nbsp; 11-15-2083 | EUR | 200000 | &nbsp;&nbsp; 260369 |
| &nbsp;&nbsp; Wintershall Dea Finance 2 BV (EURIBOR ICE Swap Rate <br> 11:00am+3.94%)ʊ±<br>| 6.12 | &nbsp;&nbsp; 5-8-2030 | EUR | 415000 | &nbsp;&nbsp; 509156 |
| &nbsp;&nbsp; Wintershall Dea Finance 2 BV Series NC8 (EUR Swap Annual <br> (vs. 6 Month EURIBOR) 5 Year+3.32%)ʊ±<br>| 3.00 | &nbsp;&nbsp; 7-20-2028 | EUR | 400000 | &nbsp;&nbsp; 452596 |
|  |  |  |  |  | &nbsp;&nbsp; **1536627** |
| **Oil & gas services: 0.23%** |  |  |  |  |  |
| OEG Finance PLC | 7.25 | &nbsp;&nbsp; 9-27-2029 | EUR | 400000 | &nbsp;&nbsp; **490837** |
| **Financial: 2.45%** |  |  |  |  |  |
| **Banks: 1.48%** |  |  |  |  |  |
| &nbsp;&nbsp; ABN AMRO Bank NV (EUR Swap Annual (vs. 6 Month <br> EURIBOR) 5 Year+3.90%)ʊ±<br>| 4.75 | &nbsp;&nbsp; 9-22-2027 | EUR | 400000 | &nbsp;&nbsp; 471734 |
| &nbsp;&nbsp; BAWAG Group AG (EURIBOR ICE Swap Rate <br> 11:00am+5.05%)ʊ±<br>| 7.25 | &nbsp;&nbsp; 9-18-2029 | EUR | 200000 | &nbsp;&nbsp; 250296 |
| &nbsp;&nbsp; CaixaBank SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 <br> Year+3.55%)±<br>| 6.25 | &nbsp;&nbsp; 2-23-2033 | EUR | 400000 | &nbsp;&nbsp; 502549 |
| Deutsche Bank AG (3 Month EURIBOR+2.95%)± | 5.00 | &nbsp;&nbsp; 9-5-2030 | EUR | 200000 | &nbsp;&nbsp; 250530 |
| &nbsp;&nbsp; KBC Group NV (EURIBOR ICE Swap Rate <br> 11:00am+4.93%)ʊ±<br>| 8.00 | &nbsp;&nbsp; 9-5-2028 | EUR | 200000 | &nbsp;&nbsp; 260933 |
| &nbsp;&nbsp; Raiffeisen Bank International AG (EURIBOR ICE Swap Rate <br> 11:00am+1.60%)±<br>| 1.38 | &nbsp;&nbsp; 6-17-2033 | EUR | 200000 | &nbsp;&nbsp; 223896 |
| &nbsp;&nbsp; Raiffeisen Bank International AG (EURIBOR ICE Swap Rate <br> 11:00am+5.20%)±<br>| 7.38 | &nbsp;&nbsp; 12-20-2032 | EUR | 400000 | &nbsp;&nbsp; 506410 |
| &nbsp;&nbsp; Societe Generale SA (EURIBOR ICE Swap Rate <br> 11:00am+1.65%)±<br>| 3.75 | &nbsp;&nbsp; 5-17-2035 | EUR | 600000 | &nbsp;&nbsp; 700529 |
|  |  |  |  |  | &nbsp;&nbsp; **3166877** |
| **Diversified financial services: 0.22%** |  |  |  |  |  |
| Sherwood Financing PLC | 4.50 | &nbsp;&nbsp; 11-15-2026 | EUR | 395000 | &nbsp;&nbsp; **462054** |
| **Insurance: 0.53%** |  |  |  |  |  |
| AXA SA | 3.63 | &nbsp;&nbsp; 1-10-2033 | EUR | 400000 | &nbsp;&nbsp; 485240 |
| NN Group NV (3 Month EURIBOR+4.20%)± | 5.25 | &nbsp;&nbsp; 3-1-2043 | EUR | 205000 | &nbsp;&nbsp; 260089 |
| Sampo Oyj (3 Month EURIBOR+3.60%)± | 2.50 | &nbsp;&nbsp; 9-3-2052 | EUR | 355000 | &nbsp;&nbsp; 386231 |
|  |  |  |  |  | &nbsp;&nbsp; **1131560** |

---

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

Allspring Income Plus Fund \| 11

------

Portfolio of investments—September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Real estate: 0.22%** |  |  |  |  |  |
| &nbsp;&nbsp; Castellum AB (EUR Swap Annual (vs. 6 Month EURIBOR) 5 <br> Year+3.45%)ʊ±<br>| 3.13<br> %<br>| &nbsp;&nbsp; 12-2-2026 | EUR | 400000 | &nbsp;&nbsp; **$464585** |
| **Government securities: 0.33%** |  |  |  |  |  |
| **Multi-national: 0.33%** |  |  |  |  |  |
| Asian Development Bank | 6.20 | &nbsp;&nbsp; 10-6-2026 | INR | 18450000 | &nbsp;&nbsp; 207213 |
| Banque Ouest Africaine de Developpement | 2.75 | &nbsp;&nbsp; 1-22-2033 | EUR | 485000 | &nbsp;&nbsp; 493241 |
|  |  |  |  |  | &nbsp;&nbsp; **700454** |
| **Industrial: 0.67%** |  |  |  |  |  |
| **Building materials: 0.44%** |  |  |  |  |  |
| Heidelberg Materials Finance Luxembourg SA | 3.00 | &nbsp;&nbsp; 7-10-2030 | EUR | 800000 | &nbsp;&nbsp; **938488** |
| **Environmental control: 0.23%** |  |  |  |  |  |
| Luna 2.5 Sarl144A | 5.50 | &nbsp;&nbsp; 7-1-2032 | EUR | 420000 | &nbsp;&nbsp; **501668** |
| **Technology: 0.36%** |  |  |  |  |  |
| **Computers: 0.36%** |  |  |  |  |  |
| Almaviva-The Italian Innovation Co. SpA144A | 5.00 | &nbsp;&nbsp; 10-30-2030 | EUR | 213000 | &nbsp;&nbsp; 254033 |
| Teleperformance SE | 5.75 | &nbsp;&nbsp; 11-22-2031 | EUR | 400000 | &nbsp;&nbsp; 509134 |
|  |  |  |  |  | &nbsp;&nbsp; **763167** |
| **Utilities: 1.13%** |  |  |  |  |  |
| **Electric: 0.58%** |  |  |  |  |  |
| Engie SA | 2.13 | &nbsp;&nbsp; 3-30-2032 | EUR | 400000 | &nbsp;&nbsp; 438435 |
| Engie SA | 3.63 | &nbsp;&nbsp; 3-6-2031 | EUR | 300000 | &nbsp;&nbsp; 360627 |
| Vattenfall AB (UK Gilts 5 Year+1.90%)± | 2.50 | &nbsp;&nbsp; 6-29-2083 | GBP | 350000 | &nbsp;&nbsp; 433900 |
|  |  |  |  |  | &nbsp;&nbsp; **1232962** |
| **Gas: 0.31%** |  |  |  |  |  |
| APA Infrastructure Ltd. | 2.00 | &nbsp;&nbsp; 7-15-2030 | EUR | 595000 | &nbsp;&nbsp; **662921** |
| **Water: 0.24%** |  |  |  |  |  |
| &nbsp;&nbsp; Holding d'Infrastructures des Metiers de l'Environnement <br> SAS<br>| 4.88 | &nbsp;&nbsp; 10-24-2029 | EUR | 431000 | &nbsp;&nbsp; **524835** |
| **Total foreign corporate bonds and notes (Cost $22,511,884)** |  |  |  |  | &nbsp;&nbsp; **24295984** |
| **Foreign government bonds: 13.01%** |  |  |  |  |  |
| **Australia: 0.96%** |  |  |  |  |  |
| New South Wales Treasury Corp. | 3.00 | &nbsp;&nbsp; 4-20-2029 | AUD | 1585000 | &nbsp;&nbsp; 1019732 |
| Queensland Treasury Corp.144A | 3.50 | &nbsp;&nbsp; 8-21-2030 | AUD | 1585000 | &nbsp;&nbsp; 1022061 |
|  |  |  |  |  | &nbsp;&nbsp; **2041793** |
| **Belgium: 0.98%** |  |  |  |  |  |
| European Union | 2.63 | &nbsp;&nbsp; 7-4-2028 | EUR | 1775000 | &nbsp;&nbsp; **2104133** |
| **Brazil: 1.73%** |  |  |  |  |  |
| Brazil## | 10.00 | &nbsp;&nbsp; 1-1-2027 | BRL | 20500000 | &nbsp;&nbsp; **3692063** |

---

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

12 \| Allspring Income Plus Fund

------

Portfolio of investments—September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Colombia: 1.90%** |  |  |  |  |  |
| Colombia TES## | 5.75<br> %<br>| &nbsp;&nbsp; 11-3-2027 | COP | 17000000000 | &nbsp;&nbsp; **$4051813** |
| **Czech Republic: 0.99%** |  |  |  |  |  |
| Czech Republic | 5.00 | &nbsp;&nbsp; 9-30-2030 | CZK | 41920000 | &nbsp;&nbsp; **2104936** |
| **France: 1.91%** |  |  |  |  |  |
| French Republic144A## | 2.70 | &nbsp;&nbsp; 2-25-2031 | EUR | 3495000 | &nbsp;&nbsp; **4077366** |
| **South Africa: 0.71%** |  |  |  |  |  |
| Republic of South Africa | 8.00 | &nbsp;&nbsp; 1-31-2030 | ZAR | 26005000 | &nbsp;&nbsp; **1510993** |
| **United Kingdom: 3.83%** |  |  |  |  |  |
| U.K. Gilts## | 3.75 | &nbsp;&nbsp; 3-7-2027 | GBP | 3925000 | &nbsp;&nbsp; 5260868 |
| U.K. Gilts## | 4.13 | &nbsp;&nbsp; 7-22-2029 | GBP | 2155000 | &nbsp;&nbsp; 2902861 |
|  |  |  |  |  | &nbsp;&nbsp; **8163729** |
| **Total foreign government bonds (Cost $27,130,235)** |  |  |  |  | &nbsp;&nbsp; **27746826** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Investment companies: 0.44%** |  |  |
| **Exchange-traded funds: 0.44%** |  |  |
| SPDR Portfolio High Yield Bond ETF | 39015 | &nbsp;&nbsp; **934019** |
| **Total investment companies (Cost $885,250)** |  | &nbsp;&nbsp; **934019** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |
| **Loans: 0.68%** |  |  |  |  |
| **Communications: 0.12%** |  |  |  |  |
| **Media: 0.00%** |  |  |  |  |
| DIRECTV Financing LLC (U.S. SOFR 3 Month+5.00%)± | 9.57 | &nbsp;&nbsp; 8-2-2027 | $9139 | &nbsp;&nbsp; **9140** |
| **Telecommunications: 0.12%** |  |  |  |  |
| CommScope, Inc. (U.S. SOFR 1 Month+4.75%)± | 8.91 | &nbsp;&nbsp; 12-17-2029 | 150000 | &nbsp;&nbsp; 151688 |
| Lumen Technologies, Inc. (U.S. SOFR 1 Month+2.35%)± | 6.63 | &nbsp;&nbsp; 4-15-2030 | 99491 | &nbsp;&nbsp; 98759 |
|  |  |  |  | &nbsp;&nbsp; **250447** |
| **Consumer, cyclical: 0.44%** |  |  |  |  |
| **Airlines: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; Vista Management Holding, Inc. (U.S. SOFR 3 <br> Month+3.75%)±<br>| 8.04 | &nbsp;&nbsp; 4-1-2031 | 34650 | &nbsp;&nbsp; **34838** |
| **Entertainment: 0.23%** |  |  |  |  |
| Crown Finance U.S., Inc. (U.S. SOFR 1 Month+4.50%)± | 8.78 | &nbsp;&nbsp; 12-2-2031 | 491294 | &nbsp;&nbsp; **489883** |
| **Housewares: 0.07%** |  |  |  |  |
| American Greetings Corp. (U.S. SOFR 1 Month+5.75%)± | 9.91 | &nbsp;&nbsp; 10-30-2029 | 153651 | &nbsp;&nbsp; **153651** |
| **Retail: 0.12%** |  |  |  |  |
| &nbsp;&nbsp; Petco Health & Wellness Co., Inc. (U.S. SOFR 3 <br> Month+3.25%)±<br>| 7.51 | &nbsp;&nbsp; 3-3-2028 | 260000 | &nbsp;&nbsp; **253001** |

---

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

Allspring Income Plus Fund \| 13

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Financial: 0.10%** |  |  |  |  |
| **Insurance: 0.10%** |  |  |  |  |
| Asurion LLC (U.S. SOFR 1 Month+5.25%)± | 9.53<br> %<br>| &nbsp;&nbsp; 1-31-2028 | $215000 | &nbsp;&nbsp; **$209087** |
| **Technology: 0.02%** |  |  |  |  |
| **Software: 0.02%** |  |  |  |  |
| Rocket Software, Inc. (U.S. SOFR 1 Month+3.75%)± | 7.91 | &nbsp;&nbsp; 11-28-2028 | 49029 | &nbsp;&nbsp; **49104** |
| **Total loans (Cost $1,449,769)** |  |  |  | &nbsp;&nbsp; **1449151** |
| **Municipal obligations: 0.01%** |  |  |  |  |
| **Illinois: 0.01%** |  |  |  |  |
| **GO revenue: 0.01%** |  |  |  |  |
| City of Chicago Series E | 6.05 | &nbsp;&nbsp; 1-1-2029 | 30000 | &nbsp;&nbsp; **30495** |
| **Total municipal obligations (Cost $30,514)** |  |  |  | &nbsp;&nbsp; **30495** |
| **Non-agency mortgage-backed securities: 2.49%** |  |  |  |  |
| &nbsp;&nbsp; Brean Asset-Backed Securities Trust Series 2021-RM2 <br> Class A144A±±<br>| 1.75 | &nbsp;&nbsp; 10-25-2061 | 731592 | &nbsp;&nbsp; 709682 |
| BX Trust Series 2022-CLS Class C144A | 6.79 | &nbsp;&nbsp; 10-13-2027 | 750000 | &nbsp;&nbsp; 738178 |
| &nbsp;&nbsp; Hudson's Bay Simon JV Trust Series 2015-HB10 <br> Class A10144A<br>| 4.15 | &nbsp;&nbsp; 8-5-2034 | 535000 | &nbsp;&nbsp; 534415 |
| JPMorgan Mortgage Trust Series 2017-6 Class B5144A±± | 3.78 | &nbsp;&nbsp; 12-25-2048 | 392790 | &nbsp;&nbsp; 316325 |
| MFA Trust Series 2020-NQM3 Class M1144A±± | 2.65 | &nbsp;&nbsp; 1-26-2065 | 1000000 | &nbsp;&nbsp; 938985 |
| MFA Trust Series 2021-NQM1 Class A1144A±± | 1.15 | &nbsp;&nbsp; 4-25-2065 | 49290 | &nbsp;&nbsp; 46429 |
| &nbsp;&nbsp; SDAL Trust Series 2025-DAL Class B (U.S. SOFR 1 <br> Month+2.94%)144A±<br>| 7.09 | &nbsp;&nbsp; 4-15-2042 | 500000 | &nbsp;&nbsp; 502709 |
| &nbsp;&nbsp; SFAVE Commercial Mortgage Securities Trust Series 2015-<br> 5AVE Class A2B144A±±<br>| 4.14 | &nbsp;&nbsp; 1-5-2043 | 505000 | &nbsp;&nbsp; 440663 |
| &nbsp;&nbsp; SFAVE Commercial Mortgage Securities Trust Series 2015-<br> 5AVE Class D144A±±<br>| 4.53 | &nbsp;&nbsp; 1-5-2043 | 700000 | &nbsp;&nbsp; 527619 |
| TRK Trust Series 2021-INV2 Class A2144A±± | 2.12 | &nbsp;&nbsp; 11-25-2056 | 566597 | &nbsp;&nbsp; 511976 |
| Verus Securitization Trust Series 2021-2 Class A1144A±± | 1.03 | &nbsp;&nbsp; 2-25-2066 | 58080 | &nbsp;&nbsp; 51918 |
| &nbsp;&nbsp; **Total non-agency mortgage-backed securities (Cost** <br> **$5,619,664)**<br>|  |  |  | &nbsp;&nbsp; **5318899** |
| **U.S. Treasury securities: 19.05%** |  |  |  |  |
| U.S. Treasury Bonds## | 3.00 | &nbsp;&nbsp; 2-15-2049 | 135000 | &nbsp;&nbsp; 101081 |
| U.S. Treasury Bonds## | 4.25 | &nbsp;&nbsp; 8-15-2054 | 1335000 | &nbsp;&nbsp; 1232372 |
| U.S. Treasury Bonds## | 4.50 | &nbsp;&nbsp; 11-15-2054 | 60000 | &nbsp;&nbsp; 57771 |
| U.S. Treasury Bonds## | 4.63 | &nbsp;&nbsp; 11-15-2044 | 195000 | &nbsp;&nbsp; 193187 |
| U.S. Treasury Bonds## | 4.75 | &nbsp;&nbsp; 2-15-2045 | 40000 | &nbsp;&nbsp; 40250 |
| U.S. Treasury Bonds## | 4.75 | &nbsp;&nbsp; 5-15-2055 | 115000 | &nbsp;&nbsp; 115359 |
| U.S. Treasury Notes## | 3.63 | &nbsp;&nbsp; 8-31-2027 | 14685000 | &nbsp;&nbsp; 14684427 |
| U.S. Treasury Notes## | 3.75 | &nbsp;&nbsp; 6-30-2027 | 8100000 | &nbsp;&nbsp; 8114555 |
| U.S. Treasury Notes## | 4.13 | &nbsp;&nbsp; 10-31-2026 | 4170000 | &nbsp;&nbsp; 4187918 |
| U.S. Treasury Notes## | 4.13 | &nbsp;&nbsp; 2-28-2027 | 9720000 | &nbsp;&nbsp; 9778092 |
| U.S. Treasury Notes## | 4.25 | &nbsp;&nbsp; 8-15-2035 | 2120000 | &nbsp;&nbsp; 2137225 |
| **Total U.S. Treasury securities (Cost $40,564,985)** |  |  |  | &nbsp;&nbsp; **40642237** |

---

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

14 \| Allspring Income Plus Fund

------

Portfolio of investments—September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Expiration <br>date<br>| Shares | Value |
| **Warrants: 0.00%** |  |  |  |
| **Consumer staples: 0.00%** |  |  |  |
| **Consumer staples distribution & retail: 0.00%** |  |  |  |
| Casino Guichard Perrachon SA♦† | &nbsp;&nbsp; 4-27-2029 | 128399 | &nbsp;&nbsp; $**75** |
| **Total warrants (Cost $0)** |  |  | &nbsp;&nbsp; **75** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal |  |
| **Yankee corporate bonds and notes: 9.71%** |  |  |  |  |
| **Basic materials: 0.37%** |  |  |  |  |
| **Chemicals: 0.22%** |  |  |  |  |
| Braskem Netherlands Finance BV144A | 7.25<br> %<br>| &nbsp;&nbsp; 2-13-2033 | $600000 | &nbsp;&nbsp; 230307 |
| Orbia Advance Corp. SAB de CV144A | 7.50 | &nbsp;&nbsp; 5-13-2035 | 220000 | &nbsp;&nbsp; 231440 |
|  |  |  |  | &nbsp;&nbsp; **461747** |
| **Mining: 0.15%** |  |  |  |  |
| Rio Tinto Finance USA PLC | 5.88 | &nbsp;&nbsp; 3-14-2065 | 320000 | &nbsp;&nbsp; **333362** |
| **Communications: 0.83%** |  |  |  |  |
| **Media: 0.02%** |  |  |  |  |
| Virgin Media Secured Finance PLC144A | 4.50 | &nbsp;&nbsp; 8-15-2030 | 45000 | &nbsp;&nbsp; **42428** |
| **Telecommunications: 0.81%** |  |  |  |  |
| NTT Finance Corp.144A | 4.88 | &nbsp;&nbsp; 7-16-2030 | 695000 | &nbsp;&nbsp; 706170 |
| NTT Finance Corp.144A | 5.17 | &nbsp;&nbsp; 7-16-2032 | 200000 | &nbsp;&nbsp; 204834 |
| &nbsp;&nbsp; Rogers Communications, Inc. (5 Year Treasury Constant <br> Maturity+2.62%)±<br>| 7.13 | &nbsp;&nbsp; 4-15-2055 | 600000 | &nbsp;&nbsp; 636098 |
| TELUS Corp. (5 Year Treasury Constant Maturity+2.71%)± | 7.00 | &nbsp;&nbsp; 10-15-2055 | 180000 | &nbsp;&nbsp; 189795 |
|  |  |  |  | &nbsp;&nbsp; **1736897** |
| **Consumer, cyclical: 0.58%** |  |  |  |  |
| **Airlines: 0.17%** |  |  |  |  |
| Latam Airlines Group SA144A | 7.63 | &nbsp;&nbsp; 1-7-2031 | 350000 | &nbsp;&nbsp; **362402** |
| **Apparel: 0.07%** |  |  |  |  |
| Gildan Activewear, Inc.144A%% | 5.40 | &nbsp;&nbsp; 10-7-2035 | 150000 | &nbsp;&nbsp; **150021** |
| **Leisure time: 0.34%** |  |  |  |  |
| Royal Caribbean Cruises Ltd.144A | 5.63 | &nbsp;&nbsp; 9-30-2031 | 50000 | &nbsp;&nbsp; 50984 |
| Royal Caribbean Cruises Ltd.144A | 6.00 | &nbsp;&nbsp; 2-1-2033 | 660000 | &nbsp;&nbsp; 676818 |
|  |  |  |  | &nbsp;&nbsp; **727802** |
| **Consumer, non-cyclical: 0.74%** |  |  |  |  |
| **Beverages: 0.28%** |  |  |  |  |
| Coca-Cola Icecek AS144A | 4.50 | &nbsp;&nbsp; 1-20-2029 | 595000 | &nbsp;&nbsp; **584897** |
| **Pharmaceuticals: 0.46%** |  |  |  |  |
| 1261229 BC Ltd.144A | 10.00 | &nbsp;&nbsp; 4-15-2032 | 735000 | &nbsp;&nbsp; 753413 |

---

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

Allspring Income Plus Fund \| 15

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Pharmaceuticals**(continued) |  |  |  |  |
| Bausch Health Cos., Inc.144A | 11.00<br> %<br>| &nbsp;&nbsp; 9-30-2028 | $150000 | &nbsp;&nbsp; $156003 |
| Teva Pharmaceutical Finance Netherlands III BV | 8.13 | &nbsp;&nbsp; 9-15-2031 | 70000 | &nbsp;&nbsp; 80036 |
|  |  |  |  | &nbsp;&nbsp; **989452** |
| **Energy: 1.13%** |  |  |  |  |
| **Oil & gas: 0.97%** |  |  |  |  |
| Aker BP ASA144A | 5.80 | &nbsp;&nbsp; 10-1-2054 | 330000 | &nbsp;&nbsp; 305947 |
| Borr IHC Ltd./Borr Finance LLC144A | 10.00 | &nbsp;&nbsp; 11-15-2028 | 400610 | &nbsp;&nbsp; 396988 |
| &nbsp;&nbsp; BP Capital Markets PLC (5 Year Treasury Constant <br> Maturity+4.40%)ʊ±<br>| 4.88 | &nbsp;&nbsp; 3-22-2030 | 745000 | &nbsp;&nbsp; 739734 |
| Eni SpA144A | 5.95 | &nbsp;&nbsp; 5-15-2054 | 430000 | &nbsp;&nbsp; 429858 |
| TotalEnergies Capital SA | 5.43 | &nbsp;&nbsp; 9-10-2064 | 195000 | &nbsp;&nbsp; 187758 |
|  |  |  |  | &nbsp;&nbsp; **2060285** |
| **Pipelines: 0.16%** |  |  |  |  |
| &nbsp;&nbsp; Enbridge, Inc. Series 20-A (5 Year Treasury Constant <br> Maturity+5.31%)±<br>| 5.75 | &nbsp;&nbsp; 7-15-2080 | 345000 | &nbsp;&nbsp; **348316** |
| **Financial: 4.91%** |  |  |  |  |
| **Banks: 3.47%** |  |  |  |  |
| AIB Group PLC (U.S. SOFR+1.65%)144A± | 5.32 | &nbsp;&nbsp; 5-15-2031 | 220000 | &nbsp;&nbsp; 226506 |
| &nbsp;&nbsp; Banco Industrial SA (5 Year Treasury Constant <br> Maturity+4.44%)144A±<br>| 4.88 | &nbsp;&nbsp; 1-29-2031 | 300000 | &nbsp;&nbsp; 298800 |
| &nbsp;&nbsp; Banco Mercantil del Norte SA (5 Year Treasury Constant <br> Maturity+4.07%)144Aʊ±<br>| 8.38 | &nbsp;&nbsp; 5-20-2031 | 650000 | &nbsp;&nbsp; 684417 |
| &nbsp;&nbsp; Banco Nacional de Comercio Exterior SNC (5 Year Treasury <br> Constant Maturity+2.00%)144A±<br>| 2.72 | &nbsp;&nbsp; 8-11-2031 | 385000 | &nbsp;&nbsp; 375202 |
| &nbsp;&nbsp; Bancolombia SA (5 Year Treasury Constant <br> Maturity+4.32%)±<br>| 8.63 | &nbsp;&nbsp; 12-24-2034 | 200000 | &nbsp;&nbsp; 215972 |
| Barclays PLC (U.S. SOFR+1.23%)± | 5.37 | &nbsp;&nbsp; 2-25-2031 | 265000 | &nbsp;&nbsp; 273255 |
| Barclays PLC (U.S. SOFR+1.59%)± | 5.79 | &nbsp;&nbsp; 2-25-2036 | 640000 | &nbsp;&nbsp; 667914 |
| &nbsp;&nbsp; BBVA Mexico SA Institucion De Banca Multiple Grupo <br> Financiero (5 Year Treasury Constant <br> Maturity+4.31%)144A±<br>| 5.88 | &nbsp;&nbsp; 9-13-2034 | 300000 | &nbsp;&nbsp; 300629 |
| &nbsp;&nbsp; BNP Paribas SA (5 Year Treasury Constant <br> Maturity+4.90%)144Aʊ±<br>| 7.75 | &nbsp;&nbsp; 8-16-2029 | 225000 | &nbsp;&nbsp; 238251 |
| &nbsp;&nbsp; Commonwealth Bank of Australia (1 Year Treasury Constant <br> Maturity+1.32%)144A±<br>| 5.93 | &nbsp;&nbsp; 3-14-2046 | 425000 | &nbsp;&nbsp; 440923 |
| &nbsp;&nbsp; Danske Bank AS (1 Year Treasury Constant <br> Maturity+1.75%)144A±<br>| 4.30 | &nbsp;&nbsp; 4-1-2028 | 650000 | &nbsp;&nbsp; 650603 |
| HSBC Holdings PLC (U.S. SOFR+1.57%)± | 5.24 | &nbsp;&nbsp; 5-13-2031 | 500000 | &nbsp;&nbsp; 514525 |
| &nbsp;&nbsp; Lloyds Banking Group PLC (5 Year Treasury Constant <br> Maturity+4.82%)ʊ±<br>| 6.75 | &nbsp;&nbsp; 6-27-2026 | 220000 | &nbsp;&nbsp; 222321 |
| &nbsp;&nbsp; National Australia Bank Ltd. (5 Year Treasury Constant <br> Maturity+1.70%)144A±<br>| 3.35 | &nbsp;&nbsp; 1-12-2037 | 1020000 | &nbsp;&nbsp; 924364 |
| &nbsp;&nbsp; NatWest Group PLC (5 Year Treasury Constant <br> Maturity+5.63%)ʊ±<br>| 6.00 | &nbsp;&nbsp; 12-29-2025 | 320000 | &nbsp;&nbsp; 320371 |
| &nbsp;&nbsp; UBS Group AG (1 Year Treasury Constant <br> Maturity+1.77%)144A±<br>| 5.70 | &nbsp;&nbsp; 2-8-2035 | 595000 | &nbsp;&nbsp; 626838 |

---

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

16 \| Allspring Income Plus Fund

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Banks**(continued) |  |  |  |  |
| &nbsp;&nbsp; UBS Group AG (5 Year Treasury Constant <br> Maturity+3.40%)144Aʊ±<br>| 4.88<br> %<br>| &nbsp;&nbsp; 2-12-2027 | $200000 | &nbsp;&nbsp; $196922 |
| &nbsp;&nbsp; UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5 <br> Year+3.63%)144Aʊ±<br>| 6.85 | &nbsp;&nbsp; 9-10-2029 | 220000 | &nbsp;&nbsp; 226860 |
|  |  |  |  | &nbsp;&nbsp; **7404673** |
| **Diversified financial services: 0.80%** |  |  |  |  |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust (5 <br> Year Treasury Constant Maturity+2.72%)±<br>| 6.95 | &nbsp;&nbsp; 3-10-2055 | 590000 | &nbsp;&nbsp; 617551 |
| Avolon Holdings Funding Ltd.144A | 2.75 | &nbsp;&nbsp; 2-21-2028 | 190000 | &nbsp;&nbsp; 182467 |
| Avolon Holdings Funding Ltd.144A | 5.75 | &nbsp;&nbsp; 11-15-2029 | 220000 | &nbsp;&nbsp; 228548 |
| Brookfield Asset Management Ltd. | 6.08 | &nbsp;&nbsp; 9-15-2055 | 120000 | &nbsp;&nbsp; 124517 |
| Global Aircraft Leasing Co. Ltd.144A | 8.75 | &nbsp;&nbsp; 9-1-2027 | 315000 | &nbsp;&nbsp; 325439 |
| Macquarie AirFinance Holdings Ltd.144A | 6.40 | &nbsp;&nbsp; 3-26-2029 | 175000 | &nbsp;&nbsp; 184296 |
| Unifin Financiera SAB de CV144A† | 9.88 | &nbsp;&nbsp; 1-28-2029 | 600000 | &nbsp;&nbsp; 36600 |
|  |  |  |  | &nbsp;&nbsp; **1699418** |
| **Insurance: 0.64%** |  |  |  |  |
| Aspen Insurance Holdings Ltd. | 5.75 | &nbsp;&nbsp; 7-1-2030 | 225000 | &nbsp;&nbsp; 235492 |
| Intact Financial Corp.144A | 5.46 | &nbsp;&nbsp; 9-22-2032 | 635000 | &nbsp;&nbsp; 654150 |
| RenaissanceRe Holdings Ltd. | 5.80 | &nbsp;&nbsp; 4-1-2035 | 455000 | &nbsp;&nbsp; 477079 |
|  |  |  |  | &nbsp;&nbsp; **1366721** |
| **Government securities: 0.11%** |  |  |  |  |
| **Multi-national: 0.11%** |  |  |  |  |
| African Export-Import Bank144A | 3.80 | &nbsp;&nbsp; 5-17-2031 | 260000 | &nbsp;&nbsp; **234007** |
| **Industrial: 0.50%** |  |  |  |  |
| **Engineering & construction: 0.02%** |  |  |  |  |
| CIMIC Finance USA Pty. Ltd.144A | 7.00 | &nbsp;&nbsp; 3-25-2034 | 40000 | &nbsp;&nbsp; **43557** |
| **Packaging & containers: 0.26%** |  |  |  |  |
| Trivium Packaging Finance BV144A | 12.25 | &nbsp;&nbsp; 1-15-2031 | 500000 | &nbsp;&nbsp; **541171** |
| **Trucking & leasing: 0.22%** |  |  |  |  |
| Avolon Holdings Funding Ltd.144A | 4.90 | &nbsp;&nbsp; 10-10-2030 | 250000 | &nbsp;&nbsp; 251368 |
| SMBC Aviation Capital Finance DAC144A | 5.45 | &nbsp;&nbsp; 5-3-2028 | 220000 | &nbsp;&nbsp; 225531 |
|  |  |  |  | &nbsp;&nbsp; **476899** |
| **Utilities: 0.54%** |  |  |  |  |
| **Electric: 0.54%** |  |  |  |  |
| Comision Federal de Electricidad144A | 3.88 | &nbsp;&nbsp; 7-26-2033 | 720000 | &nbsp;&nbsp; 636139 |
| Emera, Inc. Series 16-A (U.S. SOFR 3 Month+5.44%)± | 6.75 | &nbsp;&nbsp; 6-15-2076 | 100000 | &nbsp;&nbsp; 100513 |
| Enel Finance International NV144A | 4.38 | &nbsp;&nbsp; 9-30-2030 | 420000 | &nbsp;&nbsp; 417143 |
|  |  |  |  | &nbsp;&nbsp; **1153795** |
| **Total yankee corporate bonds and notes (Cost $20,782,452)** |  |  |  | &nbsp;&nbsp; **20717850** |

---

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

Allspring Income Plus Fund \| 17

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Yankee government bonds: 1.84%** |  |  |  |  |
| **Argentina: 0.23%** |  |  |  |  |
| Argentinaøø | 4.13<br> %<br>| &nbsp;&nbsp; 7-9-2035 | $260000 | &nbsp;&nbsp; $135070 |
| Provincia de Cordoba144Aøø | 6.88 | &nbsp;&nbsp; 12-10-2025 | 42413 | &nbsp;&nbsp; 42731 |
| Provincia de Cordoba144Aøø | 6.88 | &nbsp;&nbsp; 2-1-2029 | 332619 | &nbsp;&nbsp; 306010 |
|  |  |  |  | &nbsp;&nbsp; **483811** |
| **Dominican Republic: 0.25%** |  |  |  |  |
| Dominican Republic144A | 4.88 | &nbsp;&nbsp; 9-23-2032 | 300000 | &nbsp;&nbsp; 286290 |
| Dominican Republic144A | 7.05 | &nbsp;&nbsp; 2-3-2031 | 235000 | &nbsp;&nbsp; 253224 |
|  |  |  |  | &nbsp;&nbsp; **539514** |
| **Israel: 0.16%** |  |  |  |  |
| Israel | 5.75 | &nbsp;&nbsp; 3-12-2054 | 370000 | &nbsp;&nbsp; **349999** |
| **Ivory Coast: 0.15%** |  |  |  |  |
| Ivory Coast144A | 8.25 | &nbsp;&nbsp; 1-30-2037 | 300000 | &nbsp;&nbsp; **312858** |
| **Mexico: 0.63%** |  |  |  |  |
| Mexico | 5.63 | &nbsp;&nbsp; 9-22-2035 | 570000 | &nbsp;&nbsp; 567184 |
| Mexico | 6.35 | &nbsp;&nbsp; 2-9-2035 | 520000 | &nbsp;&nbsp; 549131 |
| Mexico | 3.77 | &nbsp;&nbsp; 5-24-2061 | 355000 | &nbsp;&nbsp; 223277 |
|  |  |  |  | &nbsp;&nbsp; **1339592** |
| **Panama: 0.11%** |  |  |  |  |
| Panama | 4.50 | &nbsp;&nbsp; 1-19-2063 | 310000 | &nbsp;&nbsp; **224573** |
| **Peru: 0.31%** |  |  |  |  |
| Corp. Financiera de Desarrollo SA144A | 5.95 | &nbsp;&nbsp; 4-30-2029 | 640000 | &nbsp;&nbsp; **668800** |
| **Total yankee government bonds (Cost $3,801,251)** |  |  |  | &nbsp;&nbsp; **3919147** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 2.11%** |  |  |  |  |
| **Investment companies: 2.11%** |  |  |  |  |
| &nbsp;&nbsp; Allspring Government Money Market Fund Select <br> Class♠∞##<br>|  | 4.07 | 4514164 | &nbsp;&nbsp; **4514164** |
| **Total short-term investments (Cost $4,514,164)** |  |  |  | &nbsp;&nbsp; **4514164** |
| **Total investments in securities (Cost $266,951,421)** | 126.74<br> %<br>|  |  | &nbsp;&nbsp; 270387741 |
| Other assets and liabilities, net | (26.74)<br>|  |  | &nbsp;&nbsp; (57052707)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$213335034** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

18 \| Allspring Income Plus Fund

------

Portfolio of investments—September 30, 2025

---

| |
|:---|
| The security is purchased on a when-issued basis. |
| The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| 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 <br> and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end.<br>|
| Variable rate investment. The rate shown is the rate in effect at period end. |
| Security is valued using significant unobservable inputs. |
| Non-income-earning security |
| The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| ¥A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities or a combination of both. <br> The rate shown is the rate in effect at period end.<br>|
| The security is issued in zero coupon form with no periodic interest payments. |
| Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
| All or a portion of this security is segregated as collateral for when-issued securities. |
| 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. |
| The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| The rate represents the 7-day annualized yield at period end. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AUD | Australian dollar |
| BDC | Business Development Company |
| BRL | Brazilian real |
| COP | Colombian peso |
| CZK | Czech Republic koruna |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GBP | Great British pound |
| GNMA | Government National Mortgage Association |
| GO | General obligation |
| INR | Indian rupee |
| NPFGC | National Public Finance Guarantee Corporation |
| REIT | Real estate investment trust |
| SOFR | Secured Overnight Financing Rate |
| ZAR | South African rand |

---

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $15122046 | $181646066 | $(192253948)<br>| $0 | $0 | $4514164 | 4514164 | $293860 |

---

**Forward foreign currency contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be <br>received | Currency to be <br>received | &nbsp;&nbsp;&nbsp; Currency to be <br>delivered | &nbsp;&nbsp;&nbsp; Currency to be <br>delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement <br>date<br>| &nbsp;&nbsp; Unrealized <br>gains<br>| &nbsp;&nbsp; Unrealized <br>losses<br>|
| USD | 4201900 | COP | 16587000000 | Morgan Stanley, Inc. | 12-30-2025 | &nbsp;&nbsp;&nbsp; $22070 | &nbsp;&nbsp;&nbsp; $0 |
| JPY | 304500000 | USD | 2096934 | Citibank N.A. | 12-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (19347)<br>|
| USD | 2077703 | JPY | 304500000 | Citibank N.A. | 12-30-2025 | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 3606350 | AUD | 5398000 | Citibank N.A. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 30865 | &nbsp;&nbsp;&nbsp; 0 |
| AUD | 1394000 | USD | 924053 | Citibank N.A. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (706)<br>|
| AUD | 804000 | USD | 532141 | Citibank N.A. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp; 0 |

---

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

Allspring Income Plus Fund \| 19

------

Portfolio of investments—September 30, 2025

**Forward foreign currency contracts** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be<br> received | Currency to be<br> received | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement<br> date<br>| &nbsp;&nbsp; Unrealized<br> gains<br>| &nbsp;&nbsp; Unrealized<br> losses<br>|
| USD | 3673165 | BRL | 19935000 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; $6017 | &nbsp;&nbsp;&nbsp; $0 |
| USD | 2100328 | CZK | 43700000 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (12198)<br>|
| EUR | 215000 | USD | 253445 | Citibank N.A. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 281 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 31926552 | EUR | 26869000 | Citibank N.A. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 217838 | &nbsp;&nbsp;&nbsp; 0 |
| EUR | 130000 | USD | 154902 | Citibank N.A. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (1486)<br>|
| USD | 590973 | GBP | 440000 | Citibank N.A. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (810)<br>|
| USD | 7368810 | GBP | 5398000 | Citibank N.A. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 108705 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1620954 | GBP | 1200000 | Citibank N.A. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 162130 | GBP | 120000 | Citibank N.A. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 735 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1443415 | ZAR | 25270000 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (10364)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **$394033** | &nbsp;&nbsp;&nbsp; **$(44911)**<br>|

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| Ultra Long Term U.S. Treasury Bond | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; $5497058 | &nbsp;&nbsp; $5642938 | &nbsp;&nbsp; $145880 | &nbsp;&nbsp; $0 |
| 2-Year U.S. Treasury Notes | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; 12496493 | &nbsp;&nbsp; 12503906 | &nbsp;&nbsp; 7413 | &nbsp;&nbsp; 0 |
| **Short** |  |  |  |  |  |  |
| 10-Year Euro BUND Index | &nbsp;&nbsp; (43)<br>| &nbsp;&nbsp; 12-8-2025 | &nbsp;&nbsp; (6466448)<br>| &nbsp;&nbsp; (6490751)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (24303)<br>|
| 2-Year Euro SCHATZ | &nbsp;&nbsp; (41)<br>| &nbsp;&nbsp; 12-8-2025 | &nbsp;&nbsp; (5154825)<br>| &nbsp;&nbsp; (5149598)<br>| &nbsp;&nbsp; 5227 | &nbsp;&nbsp; 0 |
| 5-Year Euro-BOBL Futures | &nbsp;&nbsp; (71)<br>| &nbsp;&nbsp; 12-8-2025 | &nbsp;&nbsp; (9826910)<br>| &nbsp;&nbsp; (9820358)<br>| &nbsp;&nbsp; 6552 | &nbsp;&nbsp; 0 |
| Ultra 10-Year U.S. Treasury Notes | &nbsp;&nbsp; (82)<br>| &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; (9343104)<br>| &nbsp;&nbsp; (9436406)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (93302)<br>|
| 5-Year U.S. Treasury Notes | &nbsp;&nbsp; (208)<br>| &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; (22809042)<br>| &nbsp;&nbsp; (22712625)<br>| &nbsp;&nbsp; 96417 | &nbsp;&nbsp; 0 |
|  |  |  |  |  | &nbsp;&nbsp; **$261489** | &nbsp;&nbsp; **$(117605)**<br>|

---

**Centrally cleared credit default swap contracts** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference index | Fixed rate | &nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp; Maturity <br>date<br>| Notional <br>amount | Notional <br>amount | Value | Premiums <br>paid <br>(received)<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Buy Protection** |  |  |  |  |  |  |  |  |  |
| Markit CDX Emerging Markets Index S42  | 5.00% | Quarterly | 6-20-2029 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1840000 | &nbsp;&nbsp; $152374 | &nbsp;&nbsp; $107784 | &nbsp;&nbsp; $44590 | &nbsp;&nbsp; $0 |
| Markit CDX North American High Yield <br> Series 44 <br>| 5.00 | Quarterly | 6-20-2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2065000 | &nbsp;&nbsp; 164717 | &nbsp;&nbsp; 143039 | &nbsp;&nbsp; 21678 | &nbsp;&nbsp; 0 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; **$66268** | &nbsp;&nbsp; **$0** |

---

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

20 \| Allspring Income Plus Fund

------

Statement of assets and liabilities—September 30, 2025

Consolidated Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $262,437,257) | $265873577 |
| Investments in affiliated securities, at value (cost $4,514,164) | 4514164 |
| Cash | 384 |
| Cash at broker segregated for futures contracts | 1459000 |
| Segregated cash for forward foreign currency contracts | 520000 |
| Segregated cash for swap contracts | 250642 |
| Foreign currency, at value (cost $639) | 639 |
| Receivable for interest | 2582047 |
| Receivable for Fund shares sold | 1401199 |
| Unrealized gains on forward foreign currency contracts | 394033 |
| Receivable for investments sold | 17639 |
| Receivable for daily variation margin on open futures contracts | 13202 |
| Prepaid expenses and other assets | 82080 |
| **Total assets** | **277108606** |
| Liabilities |  |
| Payable for when-issued transactions | 63580267 |
| Unrealized losses on forward foreign currency contracts | 44911 |
| Payable for daily variation margin on open futures contracts | 36230 |
| Management fee payable | 26017 |
| Payable for Fund shares redeemed | 21593 |
| Administration fees payable | 14700 |
| Shareholder servicing fees payable | 2951 |
| Payable for daily variation margin on centrally cleared swap contracts | 2307 |
| Trustees' fees and expenses payable | 2263 |
| Contingent tax liability | 605 |
| Distribution fee payable | 322 |
| Accrued expenses and other liabilities | 41406 |
| **Total liabilities** | **63773572** |
| **Total net assets**  | **$213335034** |
| Net assets consist of |  |
| Paid-in capital | $222702076 |
| Total distributable loss | (9367042)<br>|
| **Total net assets** | **$213335034** |

---

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

Allspring Income Plus Fund \| 21

------

Statement of assets and liabilities—September 30, 2025

Statement of assets and liabilities

---

| | |
|:---|:---|
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $13573840 |
| Shares outstanding–Class A<sup>1</sup> <br>| 1517189 |
| Net asset value per share–Class A | $8.95 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $9.32 |
| Net assets–Class C | $509776 |
| Shares outstanding–Class C<sup>1</sup> <br>| 56595 |
| Net asset value per share–Class C | $9.01 |
| Net assets–Institutional Class | $199251418 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 22333816 |
| Net asset value per share–Institutional Class | $8.92 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/96 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 consolidated financial statements.

22 \| Allspring Income Plus Fund

------

Consolidated Statement of operations— year ended September 30, 2025

Consolidated statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest (net of foreign withholding taxes of $24,829) | $11266981 |
| Income from affiliated securities | 293860 |
| Dividends | 157583 |
| **Total investment income** | **11718424** |
| Expenses |  |
| Management fee | 1101561 |
| Administration fees |  |
| Class A | 21325 |
| Class C | 1030 |
| Administrator Class | 416 <br><sup>1</sup><br>|
| Institutional Class | 155600 |
| Shareholder servicing fees |  |
| Class A | 35541 |
| Class C | 1711 |
| Administrator Class | 1040 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 5116 |
| Custody and accounting fees | 44661 |
| Professional fees | 84782 |
| Registration fees | 156844 |
| Shareholder report expenses | 29990 |
| Trustees' fees and expenses | 11536 |
| Other fees and expenses | 27279 |
| **Total expenses** | **1678432** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (804336)<br>|
| Class A | (2186)<br>|
| **Net expenses** | **871910** |
| **Net investment income** | **10846514** |

---

<sup>1</sup> For the period from October 1, 2024 to September 12, 2025. Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

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

Allspring Income Plus Fund \| 23

------

Consolidated Statement of operations— year ended September 30, 2025

Consolidated statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities (net of foreign capital gains tax of $9,507) | $(4007075)<br>|
| Foreign currency and foreign currency translations | (102967)<br>|
| Forward foreign currency contracts | 828385 |
| Futures contracts | 1542130 |
| Swap contracts | 203062 |
| **Net realized losses on investments**  | **(1536465)**<br>|
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities (net of deferred foreign capital gains tax of $605) | 134064 |
| Foreign currency and foreign currency translations | (11871)<br>|
| Forward foreign currency contracts | 478819 |
| Futures contracts | 283296 |
| Swap contracts | 50622 |
| **Net change in unrealized gains (losses) on investments** | **934930** |
| **Net realized and unrealized gains (losses) on investments** | **(601535)**<br>|
| **Net increase in net assets resulting from operations** | **$10244979** |

---

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

24 \| Allspring Income Plus Fund

------

Consolidated statement of changes in net assets

Consolidated statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2024 | Year ended<br> September 30, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $10846514 |  | &nbsp;&nbsp; $11824239 |
| Net realized losses on investments |  | &nbsp;&nbsp; (1536465)<br>|  | &nbsp;&nbsp; (4183297)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 934930 |  | &nbsp;&nbsp; 18462718 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **10244979** |  | &nbsp;&nbsp; **26103660** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (786648)<br>|  | &nbsp;&nbsp; (884260)<br>|
| Class C |  | &nbsp;&nbsp; (32608)<br>|  | &nbsp;&nbsp; (51604)<br>|
| Administrator Class |  | &nbsp;&nbsp; (22772 )<sup>1</sup><br>|  | &nbsp;&nbsp; (31219)<br>|
| Institutional Class |  | &nbsp;&nbsp; (11630269)<br>|  | &nbsp;&nbsp; (11813181)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(12472297)**<br>|  | &nbsp;&nbsp; **(12780264)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 309520 | &nbsp;&nbsp; 2732940 | &nbsp;&nbsp; 618530 | &nbsp;&nbsp; 5404379 |
| Class C | 3339 | &nbsp;&nbsp; 29639 | &nbsp;&nbsp; 24561 | &nbsp;&nbsp; 214868 |
| Administrator Class | 28694 <br><sup>1</sup><br>| &nbsp;&nbsp; 253681 <br><sup>1</sup><br>| &nbsp;&nbsp; 5357 | &nbsp;&nbsp; 47398 |
| Institutional Class | 14783143 | &nbsp;&nbsp; 130497994 | &nbsp;&nbsp; 16234174 | &nbsp;&nbsp; 141287853 |
|  |  | &nbsp;&nbsp; 133514254 |  | &nbsp;&nbsp; 146954498 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 88849 | &nbsp;&nbsp; 783926 | &nbsp;&nbsp; 102103 | &nbsp;&nbsp; 882378 |
| Class C | 3670 | &nbsp;&nbsp; 32595 | &nbsp;&nbsp; 5951 | &nbsp;&nbsp; 51604 |
| Administrator Class | 2555 <br><sup>1</sup><br>| &nbsp;&nbsp; 22772 <br><sup>1</sup><br>| &nbsp;&nbsp; 3596 | &nbsp;&nbsp; 31219 |
| Institutional Class | 1295360 | &nbsp;&nbsp; 11400083 | &nbsp;&nbsp; 1359579 | &nbsp;&nbsp; 11784431 |
|  |  | &nbsp;&nbsp; 12239376 |  | &nbsp;&nbsp; 12749632 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (610318)<br>| &nbsp;&nbsp; (5411742)<br>| &nbsp;&nbsp; (915549)<br>| &nbsp;&nbsp; (7986862)<br>|
| Class C | (48338)<br>| &nbsp;&nbsp; (429117)<br>| &nbsp;&nbsp; (79811)<br>| &nbsp;&nbsp; (700375)<br>|
| Administrator Class | (24195 )<sup>1</sup><br>| &nbsp;&nbsp; (216346 )<sup>1</sup><br>| &nbsp;&nbsp; (67173)<br>| &nbsp;&nbsp; (588234)<br>|
| Institutional Class | (21336693)<br>| &nbsp;&nbsp; (187783557)<br>| &nbsp;&nbsp; (6763910)<br>| &nbsp;&nbsp; (58923788)<br>|
|  |  | &nbsp;&nbsp; (193840762)<br>|  | &nbsp;&nbsp; (68199259)<br>|
| Share conversions |  |  |  |  |
| Administrator Class | (51049 )<sup>2</sup><br>| &nbsp;&nbsp; (463586 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class | 51742 <br><sup>2</sup><br>| &nbsp;&nbsp; 463586 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net increase (decrease) in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(48087132)**<br>|  | &nbsp;&nbsp; **91504871** |
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(50314450)**<br>|  | &nbsp;&nbsp; **104828267** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **263649484** |  | &nbsp;&nbsp; **158821217** |
| **End of period** |  | &nbsp;&nbsp; **$213335034** |  | &nbsp;&nbsp; **$263649484** |

---

<sup>1</sup> For the period from October 1, 2024 to September 12, 2025

<sup>2</sup> Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

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

Allspring Income Plus Fund \| 25

------

Consolidated financial highlights

Consolidated financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.98** | &nbsp;&nbsp; **$8.43** | &nbsp;&nbsp; **$8.38** | &nbsp;&nbsp; **$10.12** | &nbsp;&nbsp; **$9.64** |
| Net investment income | 0.43 <br><sup>1</sup><br>| 0.43 <br><sup>1</sup><br>| 0.38 <br><sup>1</sup><br>| 0.28 <br><sup>1</sup><br>| 0.27 |
| Net realized and unrealized gains (losses) on investments | 0.03 | 0.60 | 0.05 | &nbsp;&nbsp; (1.41)<br>| 0.51 |
| Total from investment operations | 0.46 | 1.03 | 0.43 | &nbsp;&nbsp; (1.13)<br>| 0.78 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.49)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.30)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.25)<br>| 0.00 |
| Total distributions to shareholders | (0.49)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.30)<br>|
| **Net asset value, end of period** | **$8.95** | &nbsp;&nbsp; **$8.98** | &nbsp;&nbsp; **$8.43** | &nbsp;&nbsp; **$8.38** | &nbsp;&nbsp; **$10.12** |
| **Total return**<sup>2</sup> <br>| **5.35%**<br>| **12.64%**<br>| **5.14%**<br>| &nbsp;&nbsp; **(11.77)%**<br>| **8.18%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.10<br> %<br>| 1.02<br> %<br>| 1.09<br> %<br>| 1.07<br> %<br>| 1.07<br> %<br>|
| Net expenses | 0.71<br> %<br>| 0.71<br> %<br>| 0.81<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>|
| Net investment income | 4.88<br> %<br>| 4.98<br> %<br>| 4.44<br> %<br>| 3.09<br> %<br>| 3.00<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 486<br> %<br>| &nbsp;&nbsp; 350<br> %<br>| &nbsp;&nbsp; 182<br> %<br>| &nbsp;&nbsp; 113<br> %<br>| &nbsp;&nbsp; 128<br> %<br>|
| Net assets, end of period (000s omitted) | $13574 | &nbsp;&nbsp; $15534 | &nbsp;&nbsp; $16212 | &nbsp;&nbsp; $13960 | &nbsp;&nbsp; $2667 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

26 \| Allspring Income Plus Fund

------

Consolidated financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.04** | &nbsp;&nbsp; **$8.48** | &nbsp;&nbsp; **$8.42** | &nbsp;&nbsp; **$10.16** | &nbsp;&nbsp; **$9.68** |
| Net investment income | 0.37 <br><sup>1</sup><br>| 0.37 <br><sup>1</sup><br>| 0.32 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.22 |
| Net realized and unrealized gains (losses) on investments | 0.02 | 0.61 | 0.05 | &nbsp;&nbsp; (1.41)<br>| 0.49 |
| Total from investment operations | 0.39 | 0.98 | 0.37 | &nbsp;&nbsp; (1.20)<br>| 0.71 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.42)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.25)<br>| 0.00 |
| Total distributions to shareholders | (0.42)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.23)<br>|
| **Net asset value, end of period** | **$9.01** | &nbsp;&nbsp; **$9.04** | &nbsp;&nbsp; **$8.48** | &nbsp;&nbsp; **$8.42** | &nbsp;&nbsp; **$10.16** |
| **Total return**<sup>2</sup> <br>| **4.53%**<br>| **11.83%**<br>| **4.45%**<br>| &nbsp;&nbsp; **(12.38)%** <br><sup>3</sup><br>| **7.36%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.84<br> %<br>| 1.77<br> %<br>| 1.83<br> %<br>| 1.77<br> %<br>| 1.82<br> %<br>|
| Net expenses | 1.46<br> %<br>| 1.46<br> %<br>| 1.56<br> %<br>| 1.63<br> %<br>| 1.65<br> %<br>|
| Net investment income | 4.13<br> %<br>| 4.21<br> %<br>| 3.68<br> %<br>| 2.30<br> %<br>| 2.23<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 486<br> %<br>| &nbsp;&nbsp; 350<br> %<br>| &nbsp;&nbsp; 182<br> %<br>| &nbsp;&nbsp; 113<br> %<br>| &nbsp;&nbsp; 128<br> %<br>|
| Net assets, end of period (000s omitted) | $510 | &nbsp;&nbsp; $885 | &nbsp;&nbsp; $1248 | &nbsp;&nbsp; $1059 | &nbsp;&nbsp; $1290 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

<sup>3</sup> During the year ended September 30, 2022, the Fund received payments from a service provider which had a 0.10% impact on the total return.

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

Allspring Income Plus Fund \| 27

------

Consolidated financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.96** | &nbsp;&nbsp; **$8.41** | &nbsp;&nbsp; **$8.36** | &nbsp;&nbsp; **$10.10** | &nbsp;&nbsp; **$9.63** |
| Net investment income | 0.46 <br><sup>1</sup><br>| 0.46 <br><sup>1</sup><br>| 0.40 <br><sup>1</sup><br>| 0.32 | 0.33 |
| Net realized and unrealized gains (losses) on investments | 0.02 | 0.60 | 0.06 | &nbsp;&nbsp; (1.43)<br>| 0.47 |
| Total from investment operations | 0.48 | 1.06 | 0.46 | &nbsp;&nbsp; (1.11)<br>| 0.80 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.52)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.33)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.25)<br>| 0.00 |
| Total distributions to shareholders | (0.52)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.33)<br>|
| **Net asset value, end of period** | **$8.92** | &nbsp;&nbsp; **$8.96** | &nbsp;&nbsp; **$8.41** | &nbsp;&nbsp; **$8.36** | &nbsp;&nbsp; **$10.10** |
| **Total return**<sup>2</sup> <br>| **5.58%**<br>| **13.04%**<br>| **5.50%**<br>| &nbsp;&nbsp; **(11.53)%**<br>| **8.43%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.77<br> %<br>| 0.70<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>|
| Net expenses | 0.39<br> %<br>| 0.39<br> %<br>| 0.50<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income | 5.18<br> %<br>| 5.29<br> %<br>| 4.74<br> %<br>| 3.33<br> %<br>| 3.34<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 486<br> %<br>| &nbsp;&nbsp; 350<br> %<br>| &nbsp;&nbsp; 182<br> %<br>| &nbsp;&nbsp; 113<br> %<br>| &nbsp;&nbsp; 128<br> %<br>|
| Net assets, end of period (000s omitted) | $199251 | &nbsp;&nbsp; $246831 | &nbsp;&nbsp; $140492 | &nbsp;&nbsp; $141671 | &nbsp;&nbsp; $163806 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

28 \| Allspring Income Plus Fund

------

Notes to consolidated financial statements

Notes to consolidated financial statements

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 consolidated financial statements report on the Allspring Income Plus Fund (the "Fund") which is a diversified series of the Trust.

Effective at the close of business on September 12, 2025, Administrator Class shares became Institutional Class shares in a tax-free conversion. Shareholders of Administrator Class received Institutional Class shares at a value equal to the value of their Administrator Class shares immediately prior to the conversion. Administrator Class shares are no longer offered by the Fund.

2. INVESTMENT IN SUBSIDIARY

The Fund invested, through October 22, 2024 (the "liquidation date") in Income Plus Special Investments (Cayman) Ltd. (the "Subsidiary"), a wholly owned subsidiary incorporated on July 11, 2019, under the laws of the Cayman Islands as an exempted segregated portfolio company with limited liability. The Fund was the sole shareholder of the Subsidiary. The financial statements of the Fund include the consolidated financial results of the Subsidiary for each of the periods presented through the liquidation date. Accordingly, all interfund balances and transactions between the Fund and the Subsidiary have been eliminated through the liquidation date.

The Subsidiary was liquidated on October 22, 2024 after all assets and liabilities of the Subsidiary were transferred to the Fund upon redemption of its interest in the Subsidiary. After elimination of interfund balances between the Fund and the Subsidiary, there was no change to the net assets of the Fund as a result of the liquidation.

3. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the consolidated financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles ("GAAP") 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 consolidated 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.

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.

Equity securities, exchange-traded funds and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

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 Valuation 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 implemented by Allspring Funds Management 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 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 September 30, 2025, such fair value pricing was not used in pricing foreign securities.

Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management.

Swap contracts are valued at the evaluated price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible

Allspring Income Plus Fund \| 29

------

Notes to consolidated financial statements

for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund's commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund 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.

Loans

The Fund 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 Fund purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is selling the participation. When the Fund 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. Unfunded loan commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market and any unrealized gains or losses are recorded in the Statement of assets and liabilities.

Forward foreign currency contracts

A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund's maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates 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 Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of assets and liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Consolidated statement of operations.

30 \| Allspring Income Plus Fund

------

Notes to consolidated financial statements

Swap contracts

Swap contracts are agreements between the Fund and a counterparty to exchange a series of cash flows over a specified period. Swap agreements are privately negotiated contracts between the Fund that are entered into as bilateral contracts in the over-the-counter market or centrally cleared ("centrally cleared swaps") with a central clearinghouse.

The Fund entered into centrally cleared swaps. In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the Fund's counterparty on the swap agreement becomes the CCP. Upon entering into a centrally cleared swap, the Fund is required to deposit an initial margin with the broker in the form of cash or securities. Securities deposited as initial margin are designated in the Portfolio of investments and cash deposited is shown as cash segregated for centrally cleared swaps in the Statement of assets and liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). The variation margin is recorded as an unrealized gain (or loss) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of assets and liabilities. Payments received from (paid to) the counterparty are recorded as realized gains (losses) in the Consolidated statement of operations when the contract is closed.

***Credit default swaps***

The Fund may enter into credit default swaps for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or a basket of single-name issuers or traded indexes. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name's weight in the index. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the protection seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring).

The Fund may enter into credit default swaps as either the seller of protection or the buyer of protection. If the Fund is the buyer of protection and a credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. If the Fund is the seller of protection and a credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

As the seller of protection, the Fund is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Fund could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates.

By entering into credit default swap contracts, the Fund is exposed to credit risk. In addition, certain credit default swap contracts entered into by the Fund provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements.

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.

Dividend income is recognized on the ex-dividend date.

Interest earned on cash balances held at the custodian is recorded as interest income.

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

Income dividends and capital gain distributions from investment companies are recorded on the ex-dividend date. Capital gain distributions from investment companies are treated as realized gains.

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. GAAP. 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.

Allspring Income Plus Fund \| 31

------

Notes to consolidated financial statements

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 Subsidiary was classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code through the liquidation date. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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, as applicable, 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 September 30, 2025, the aggregate cost of all investments for federal income tax purposes was $270,794,231 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $2976259 |
| Gross unrealized losses | &nbsp;&nbsp; (2572652)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$403607** |

---

Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. GAAP require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary difference causing such reclassification is due to liquidation of wholly owned Cayman Subsidiary. At September 30, 2025, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of assets and liabilities:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Paid-in <br>capital<br>| Total distributable <br>loss<br>|
| &nbsp;&nbsp;&nbsp; $(818903)<br>| &nbsp;&nbsp; $818903 |

---

As of September 30, 2025, the Fund had capital loss carryforwards which consist of $1,746,278 in short-term capital losses and $8,719,226 in long-term capital losses.

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.&nbsp;&nbsp;&nbsp;&nbsp;

4. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

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

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

32 \| Allspring Income Plus Fund

------

Notes to consolidated financial statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Agency securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $75171071 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $75171071 |
| **Asset-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 15026596 | &nbsp;&nbsp;&nbsp; 180203 | &nbsp;&nbsp;&nbsp; 15206799 |
| **Common stocks** |  |  |  |  |
| *Consumer staples* | &nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 725 |
| *Energy* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 276408 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 276408 |
| *Financials* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 50163891 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 50163891 |
| **Foreign corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 24295984 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 24295984 |
| **Foreign government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 27746826 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 27746826 |
| **Investment companies** | &nbsp;&nbsp; 934019 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 934019 |
| **Loans** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1449151 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1449151 |
| **Municipal obligations** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 30495 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 30495 |
| **Non-agency mortgage-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5318899 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5318899 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 40642237 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 40642237 |
| **Warrants** |  |  |  |  |
| *Consumer staples* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 75 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 20717850 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 20717850 |
| **Yankee government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3919147 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3919147 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 4514164 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4514164 |
|  | &nbsp;&nbsp; 46091145 | &nbsp;&nbsp;&nbsp; 224116393 | &nbsp;&nbsp;&nbsp; 180203 | &nbsp;&nbsp;&nbsp; 270387741 |
| **Forward foreign currency contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 394033 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 394033 |
| **Futures contracts** | &nbsp;&nbsp; 261489 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 261489 |
| **Swap contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 66268 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 66268 |
| **Total assets** | &nbsp;&nbsp; **$46352634** | &nbsp;&nbsp;&nbsp; **$224576694** | &nbsp;&nbsp;&nbsp; **$180203** | &nbsp;&nbsp;&nbsp; **$271109531** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Forward foreign currency contracts** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $44911 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $44911 |
| **Futures contracts** | &nbsp;&nbsp; 117605 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 117605 |
| **Total liabilities** | &nbsp;&nbsp; **$117605** | &nbsp;&nbsp;&nbsp; **$44911** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$162516** |

---

Futures contracts, forward foreign currency contracts and swap contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following the Portfolio of investments. For futures contracts and centrally cleared swap 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.

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

5. 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, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds

Allspring Income Plus Fund \| 33

------

Notes to consolidated financial statements

Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.525<br> %<br>|
| Next $500 million | 0.500 |
| Next $2 billion | 0.475 |
| Next $2 billion | 0.450 |
| Next $5 billion | 0.415 |
| Over $10 billion | 0.405 |

---

For the year ended September 30, 2025, the management fee was equivalent to an annual rate of 0.525% of the Fund's average daily net assets.

The Subsidiary, through its liquidation date, had a separate advisory contract with Allspring Funds Management to manage the investment and reinvestment of its assets in conformity with its investment objectives and restrictions. Under this agreement, the Subsidiary did not pay Allspring Funds Management a fee for its services.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

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 and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.15<br> %<br>|
| Class C | 0.15 |
| 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 reimbursed 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. Allspring Funds Management has contractually committed through January 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of September 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.71<br> %<br>|
| Class C | 1.46 |
| Institutional Class | 0.39 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares 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"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.

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 year ended September 30, 2025, Allspring Funds Distributor received $357 from the sale of Class A shares and $1,753 in contingent deferred sales charges from redemptions of Class A shares. No contingent deferred sales charges were incurred by Class C shares for the year ended September 30, 2025.

34 \| Allspring Income Plus Fund

------

Notes to consolidated financial statements

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund 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. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended September 30, 2025.

6. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended September 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1053551775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $201155832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1037517853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $261001880 |

---

7. DERIVATIVE TRANSACTIONS

During the year ended September 30, 2025, the Fund entered into futures contracts and forward foreign currency contracts for hedging purpose and entered into swap contracts as a substitute for taking a position in the underlying security or basket of securities or to potentially enhance the Fund's total return.

The volume of the Fund's derivative activity during the year ended September 30, 2025 was as follows:

---

| | |
|:---|:---|
| **Forward foreign currency contracts** |  |
| Average contract amounts to buy | &nbsp;&nbsp; $10615646 |
| Average contract amounts to sell | &nbsp;&nbsp; 63306751 |
| **Futures contracts** |  |
| Average notional balance on long futures | &nbsp;&nbsp; $18792780 |
| Average notional balance on short futures | &nbsp;&nbsp; 44313762 |
| **Swap contracts** |  |
| Average notional balance | &nbsp;&nbsp; $5844990 |

---

The credit default swap transactions may contain provisions for early termination in the event the net assets of the Fund declines below specific levels identified by the counterparty. If these levels are triggered, the counterparty may terminate the transaction and seek payment or request full collateralization of the derivative transactions in net liability positions.

A summary of the location of derivative instruments on the consolidated financial statements by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of September 30, 2025 by primary risk type on the Statement of assets and liabilities was as follows for the Fund:

Allspring Income Plus Fund \| 35

------

Notes to consolidated financial statements

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br> rate <br>risk<br>| Credit <br>risk<br>| Foreign currency <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $394033 | $394033 |
| Futures contracts | &nbsp;&nbsp; 261,489 <br>\*<br>| 0 | 0 | 261489 |
| Swap contracts | &nbsp;&nbsp; 0 | 66,268 <br>\*<br>| 0 | 66268 |
|  | &nbsp;&nbsp; $261489 | $66268 | $394033 | $721790 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $44911 | $44911 |
| Futures contracts | &nbsp;&nbsp; 117,605 <br>\*<br>| 0 | 0 | 117605 |
|  | &nbsp;&nbsp; $117605 | $0 | $44911 | $162516 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of investments. For futures contracts and centrally cleared swap contracts, only the current day's variation margin as of September 30, 2025 is reported separately on the Statement of assets and liabilities. 

The effect of derivative instruments on the Consolidated statement of operations for the year ended September 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | INTEREST <br> RATE <br>RISK<br>| Credit <br>risk<br>| Foreign currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $828385 | $828385 |
| Futures contracts | &nbsp;&nbsp; 1542130 | 0 | 0 | 1542130 |
| Swap contracts | &nbsp;&nbsp; 0 | 203062 | 0 | 203062 |
|  | &nbsp;&nbsp; $1542130 | $203062 | $828385 | $2573577 |
| **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $478819 | $478819 |
| Futures contracts | &nbsp;&nbsp; 283296 | 0 | 0 | 283296 |
| Swap contracts | &nbsp;&nbsp; 0 | 50622 | 0 | 50622 |
|  | &nbsp;&nbsp; $283296 | $50622 | $478819 | $812737 |

---

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements ("ISDA Master Agreements") or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument's assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statement of assets and liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of assets and liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of assets and liabilities to the net amounts by counterparty, including any collateral exposure, for OTC derivatives is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of assets in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>received<br>| Net amount <br>of assets<br>|
| Citibank N.A. | &nbsp;&nbsp; $365946 | $(22349)<br>| $0 | $343597 |
| Morgan Stanley, Inc. | &nbsp;&nbsp; 28087 | (22562)<br>| 0 | 5525 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of liabilities in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>pledged<sup>1</sup> <br>| Net amount <br>of liabilities<br>|
| Citibank N.A. | &nbsp;&nbsp; $22349 | $(22349)<br>| $0 | $0 |
| Morgan Stanley, Inc. | &nbsp;&nbsp; 22562 | (22562)<br>| 0 | 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty.

36 \| Allspring Income Plus Fund

------

Notes to consolidated financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 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 or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended September 30, 2025, there were no borrowings by the Fund under the agreement.

9. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 |
|  | 2025 | 2024 |
| **Ordinary income** | $12472297 | $12780264 |

---

As of September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Unrealized <br>gains<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $674703 | &nbsp;&nbsp; $423756 | &nbsp;&nbsp;&nbsp; $(10465504)<br>|

---

10. 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.

11. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined in *Segment Reporting (Topic 280)*, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's consolidated financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Consolidated statement of operations.

12. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

13. CLASS CONVERSION

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on or about the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C was closed to new investors and additional investments from existing shareholders.

Allspring Income Plus Fund \| 37

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated statement of assets and liabilities of Allspring Income Plus Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the consolidated portfolio of investments, as of September 30, 2025, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the consolidated financial statements) and the consolidated financial highlights for each of the years in the five-year period then ended. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the consolidated financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements and consolidated financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, transfer agents, agent banks and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g774251imgeae91a4b2.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

November 20, 2025

38 \| Allspring Income Plus Fund

------

Other information (unaudited)

Other information

Tax information

For the fiscal year ended September 30, 2025, $6,745,754 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended September 30, 2025, 12% of the ordinary income distributed was derived from interest on U.S. government securities.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, 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.

Quarterly portfolio holdings information

The Fund 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. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

Allspring Income Plus Fund \| 39

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Consolidated statement of operations.

40 \| Allspring Income Plus Fund

------

Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Income Plus Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

Allspring Income Plus Fund \| 41

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for all periods under review, except for the one-year period, which was in range of the average investment performance of the Universe. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Bloomberg U.S. Aggregate Bond Index, for all periods under review.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class.

It was noted that the Board had approved a proposal to convert Administrator Class shares into Institutional Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of the average rates for the expense Groups for each share class, except for Administrator Class, which was in range of the sum of the average rates for the expense Groups.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

42 \| Allspring Income Plus Fund

------

Other information (unaudited)

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

Allspring Income Plus Fund \| 43

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*This page is intentionally left blank.*

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![](g774251imgdfea1dc31.jpg)

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: **1-800-260-5969**

![](g774251imgefc0c83c3.gif)

*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<sup>TM</sup> 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.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR3365 09-25**

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![](g774251img611960651.jpg)

Allspring Index Asset Allocation Fund

Long Form Financial Statements

Annual Report

September 30, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_da2d1a54-d19d-463a-bb92-577f5cd49c19_POI-PageBlank-35_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_da2d1a54-d19d-463a-bb92-577f5cd49c19_FS-PageBlank-35_1)** |  |
| [Statement of assets and liabilities](#xx_da2d1a54-d19d-463a-bb92-577f5cd49c19_FS-PageBlank-35_1) | 20 |
| [Statement of operations](#xx_da2d1a54-d19d-463a-bb92-577f5cd49c19_FS-PageBlank-35_2) | 21 |
| [Statement of changes in net assets](#xx_da2d1a54-d19d-463a-bb92-577f5cd49c19_FS-PageBlank-35_3) | 22 |
| [Financial highlights](#xx_da2d1a54-d19d-463a-bb92-577f5cd49c19_FIHI-PageBlank-35_1) | 23 |
| **[Notes to financial statements](#xx_da2d1a54-d19d-463a-bb92-577f5cd49c19_NTF-PageBlank-35_1)** | 27 |
| **[Report of independent registered public accounting firm](#xx_da2d1a54-d19d-463a-bb92-577f5cd49c19_AUD-PageBlank-35_1)** | 33 |
| **[Other information](#xx_da2d1a54-d19d-463a-bb92-577f5cd49c19_OI-PageBlank-35_1)** | 34 |
| [Item 8. Changes in and disagreements with accountants](#xx_da2d1a54-d19d-463a-bb92-577f5cd49c19_OI-PageBlank-35_2) | 35 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_da2d1a54-d19d-463a-bb92-577f5cd49c19_OI-PageBlank-35_2) | 35 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_da2d1a54-d19d-463a-bb92-577f5cd49c19_OI-PageBlank-35_2) | 35 |
| [Item 11. Statement regarding basis for board](#xx_da2d1a54-d19d-463a-bb92-577f5cd49c19_OI-PageBlank-35_3)['](#xx_da2d1a54-d19d-463a-bb92-577f5cd49c19_OI-PageBlank-35_3)[s approval of investment](#xx_da2d1a54-d19d-463a-bb92-577f5cd49c19_OI-PageBlank-35_3)<br> [advisory contract](#xx_da2d1a54-d19d-463a-bb92-577f5cd49c19_OI-PageBlank-35_3)<br>| 36 |

---

Allspring Index Asset Allocation Fund \| 1

------

Portfolio of investments—September 30, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Agency securities: 0.00%** |  |  |  |  |
| FNMA Series 2002-T1 Class A4 | 9.50<br> %<br>| &nbsp;&nbsp; 11-25-2031 | $10292 | &nbsp;&nbsp; $11327 |
| **Total agency securities (Cost $10,292)** |  |  |  | &nbsp;&nbsp; **11327** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Common stocks: 59.70%** |  |  |
| **Communication services: 6.05%** |  |  |
| **Diversified telecommunication services: 0.41%** |  |  |
| AT&T, Inc. | 95973 | &nbsp;&nbsp; 2710278 |
| Verizon Communications, Inc. | 56592 | &nbsp;&nbsp; 2487218 |
|  |  | &nbsp;&nbsp; **5197496** |
| **Entertainment: 0.93%** |  |  |
| Electronic Arts, Inc. | 3022 | &nbsp;&nbsp; 609537 |
| Live Nation Entertainment, Inc.† | 2117 | &nbsp;&nbsp; 345918 |
| Netflix, Inc.† | 5703 | &nbsp;&nbsp; 6837441 |
| Take-Two Interactive Software, Inc.† | 2327 | &nbsp;&nbsp; 601203 |
| TKO Group Holdings, Inc. Class A | 926 | &nbsp;&nbsp; 187015 |
| Walt Disney Co. | 24132 | &nbsp;&nbsp; 2763114 |
| Warner Bros Discovery, Inc.† | 33230 | &nbsp;&nbsp; 648982 |
|  |  | &nbsp;&nbsp; **11993210** |
| **Interactive media & services: 4.35%** |  |  |
| Alphabet, Inc. Class A | 78076 | &nbsp;&nbsp; 18980276 |
| Alphabet, Inc. Class C | 62678 | &nbsp;&nbsp; 15265227 |
| Match Group, Inc. | 3230 | &nbsp;&nbsp; 114084 |
| Meta Platforms, Inc. Class A | 29112 | &nbsp;&nbsp; 21379270 |
|  |  | &nbsp;&nbsp; **55738857** |
| **Media: 0.24%** |  |  |
| Charter Communications, Inc. Class A† | 1247 | &nbsp;&nbsp; 343056 |
| Comcast Corp. Class A | 49430 | &nbsp;&nbsp; 1553091 |
| Fox Corp. Class A | 2818 | &nbsp;&nbsp; 177703 |
| Fox Corp. Class B | 1992 | &nbsp;&nbsp; 114122 |
| Interpublic Group of Cos., Inc. | 4916 | &nbsp;&nbsp; 137205 |
| News Corp. Class A | 5053 | &nbsp;&nbsp; 155178 |
| News Corp. Class B | 1670 | &nbsp;&nbsp; 57698 |
| Omnicom Group, Inc. | 2600 | &nbsp;&nbsp; 211978 |
| Paramount Skydance Corp. Class B | 4144 | &nbsp;&nbsp; 78404 |
| Trade Desk, Inc. Class A† | 5982 | &nbsp;&nbsp; 293178 |
|  |  | &nbsp;&nbsp; **3121613** |
| **Wireless telecommunication services: 0.12%** |  |  |
| T-Mobile U.S., Inc. | 6495 | &nbsp;&nbsp; **1554773** |
| **Consumer discretionary: 6.29%** |  |  |
| **Automobile components: 0.02%** |  |  |
| Aptiv PLC† | 2923 | &nbsp;&nbsp; **252021** |

---

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

2 \| Allspring Index Asset Allocation Fund

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Automobiles: 1.42%** |  |  |
| Ford Motor Co. | 52467 | &nbsp;&nbsp; $627505 |
| General Motors Co. | 12779 | &nbsp;&nbsp; 779136 |
| Tesla, Inc.† | 37664 | &nbsp;&nbsp; 16749934 |
|  |  | &nbsp;&nbsp; **18156575** |
| **Broadline retail: 2.27%** |  |  |
| Amazon.com, Inc.† | 130262 | &nbsp;&nbsp; 28601628 |
| eBay, Inc. | 6134 | &nbsp;&nbsp; 557887 |
|  |  | &nbsp;&nbsp; **29159515** |
| **Distributors: 0.04%** |  |  |
| Genuine Parts Co. | 1867 | &nbsp;&nbsp; 258766 |
| LKQ Corp. | 3453 | &nbsp;&nbsp; 105455 |
| Pool Corp. | 441 | &nbsp;&nbsp; 136741 |
|  |  | &nbsp;&nbsp; **500962** |
| **Hotels, restaurants & leisure: 1.12%** |  |  |
| Airbnb, Inc. Class A† | 5759 | &nbsp;&nbsp; 699258 |
| Booking Holdings, Inc. | 435 | &nbsp;&nbsp; 2348682 |
| Carnival Corp.† | 14572 | &nbsp;&nbsp; 421277 |
| Chipotle Mexican Grill, Inc. Class A† | 17997 | &nbsp;&nbsp; 705302 |
| Darden Restaurants, Inc. | 1571 | &nbsp;&nbsp; 299056 |
| Domino's Pizza, Inc. | 419 | &nbsp;&nbsp; 180886 |
| DoorDash, Inc. Class A† | 4968 | &nbsp;&nbsp; 1351246 |
| Expedia Group, Inc. | 1586 | &nbsp;&nbsp; 339008 |
| Hilton Worldwide Holdings, Inc. | 3157 | &nbsp;&nbsp; 819052 |
| Las Vegas Sands Corp. | 4146 | &nbsp;&nbsp; 223013 |
| Marriott International, Inc. Class A | 3024 | &nbsp;&nbsp; 787571 |
| McDonald's Corp. | 9578 | &nbsp;&nbsp; 2910658 |
| MGM Resorts International† | 2740 | &nbsp;&nbsp; 94968 |
| Norwegian Cruise Line Holdings Ltd.† | 6066 | &nbsp;&nbsp; 149406 |
| Royal Caribbean Cruises Ltd. | 3391 | &nbsp;&nbsp; 1097260 |
| Starbucks Corp. | 15257 | &nbsp;&nbsp; 1290742 |
| Wynn Resorts Ltd. | 1133 | &nbsp;&nbsp; 145330 |
| Yum! Brands, Inc. | 3725 | &nbsp;&nbsp; 566200 |
|  |  | &nbsp;&nbsp; **14428915** |
| **Household durables: 0.18%** |  |  |
| D.R. Horton, Inc. | 3721 | &nbsp;&nbsp; 630598 |
| Garmin Ltd. | 2196 | &nbsp;&nbsp; 540699 |
| Lennar Corp. Class A | 3055 | &nbsp;&nbsp; 385052 |
| Mohawk Industries, Inc.† | 701 | &nbsp;&nbsp; 90373 |
| NVR, Inc.† | 39 | &nbsp;&nbsp; 313352 |
| PulteGroup, Inc. | 2648 | &nbsp;&nbsp; 349880 |
|  |  | &nbsp;&nbsp; **2309954** |
| **Leisure products: 0.01%** |  |  |
| Hasbro, Inc. | 1788 | &nbsp;&nbsp; **135620** |

---

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

Allspring Index Asset Allocation Fund \| 3

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Specialty retail: 1.07%** |  |  |
| AutoZone, Inc.† | 225 | &nbsp;&nbsp; $965304 |
| Best Buy Co., Inc. | 2638 | &nbsp;&nbsp; 199486 |
| CarMax, Inc.† | 2014 | &nbsp;&nbsp; 90368 |
| Home Depot, Inc. | 13354 | &nbsp;&nbsp; 5410907 |
| Lowe's Cos., Inc. | 7522 | &nbsp;&nbsp; 1890354 |
| O'Reilly Automotive, Inc.† | 11389 | &nbsp;&nbsp; 1227848 |
| Ross Stores, Inc. | 4390 | &nbsp;&nbsp; 668992 |
| TJX Cos., Inc. | 14974 | &nbsp;&nbsp; 2164342 |
| Tractor Supply Co. | 7113 | &nbsp;&nbsp; 404516 |
| Ulta Beauty, Inc.† | 603 | &nbsp;&nbsp; 329690 |
| Williams-Sonoma, Inc. | 1651 | &nbsp;&nbsp; 322688 |
|  |  | &nbsp;&nbsp; **13674495** |
| **Textiles, apparel & luxury goods: 0.16%** |  |  |
| Deckers Outdoor Corp.† | 1991 | &nbsp;&nbsp; 201828 |
| lululemon athletica, Inc.† | 1464 | &nbsp;&nbsp; 260489 |
| NIKE, Inc. Class B | 15946 | &nbsp;&nbsp; 1111915 |
| Ralph Lauren Corp. Class A | 519 | &nbsp;&nbsp; 162738 |
| Tapestry, Inc. | 2793 | &nbsp;&nbsp; 316223 |
|  |  | &nbsp;&nbsp; **2053193** |
| **Consumer staples: 2.93%** |  |  |
| **Beverages: 0.59%** |  |  |
| Brown-Forman Corp. Class B | 2364 | &nbsp;&nbsp; 64017 |
| Coca-Cola Co. | 51988 | &nbsp;&nbsp; 3447844 |
| Constellation Brands, Inc. Class A | 1916 | &nbsp;&nbsp; 258028 |
| Keurig Dr Pepper, Inc. | 18233 | &nbsp;&nbsp; 465124 |
| Molson Coors Beverage Co. Class B | 2273 | &nbsp;&nbsp; 102853 |
| Monster Beverage Corp.† | 9567 | &nbsp;&nbsp; 643955 |
| PepsiCo, Inc. | 18376 | &nbsp;&nbsp; 2580725 |
|  |  | &nbsp;&nbsp; **7562546** |
| **Consumer staples distribution & retail: 1.07%** |  |  |
| Costco Wholesale Corp. | 5952 | &nbsp;&nbsp; 5509350 |
| Dollar General Corp. | 2954 | &nbsp;&nbsp; 305296 |
| Dollar Tree, Inc.† | 2605 | &nbsp;&nbsp; 245834 |
| Kroger Co. | 8164 | &nbsp;&nbsp; 550335 |
| Sysco Corp. | 6409 | &nbsp;&nbsp; 527717 |
| Target Corp. | 6099 | &nbsp;&nbsp; 547080 |
| Walmart, Inc. | 58912 | &nbsp;&nbsp; 6071471 |
|  |  | &nbsp;&nbsp; **13757083** |
| **Food products: 0.31%** |  |  |
| Archer-Daniels-Midland Co. | 6449 | &nbsp;&nbsp; 385263 |
| Bunge Global SA | 1880 | &nbsp;&nbsp; 152750 |
| Campbell's Co. | 2641 | &nbsp;&nbsp; 83403 |
| Conagra Brands, Inc. | 6430 | &nbsp;&nbsp; 117733 |
| General Mills, Inc. | 7177 | &nbsp;&nbsp; 361864 |
| Hershey Co. | 1988 | &nbsp;&nbsp; 371855 |

---

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

4 \| Allspring Index Asset Allocation Fund

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Food products**(continued) |  |  |
| Hormel Foods Corp. | 3912 | &nbsp;&nbsp; $96783 |
| J.M. Smucker Co. | 1432 | &nbsp;&nbsp; 155515 |
| Kellanova | 3609 | &nbsp;&nbsp; 296010 |
| Kraft Heinz Co. | 11438 | &nbsp;&nbsp; 297846 |
| Lamb Weston Holdings, Inc. | 1870 | &nbsp;&nbsp; 108610 |
| McCormick & Co., Inc. | 3396 | &nbsp;&nbsp; 227226 |
| Mondelez International, Inc. Class A | 17367 | &nbsp;&nbsp; 1084917 |
| Tyson Foods, Inc. Class A | 3835 | &nbsp;&nbsp; 208241 |
|  |  | &nbsp;&nbsp; **3948016** |
| **Household products: 0.53%** |  |  |
| Church & Dwight Co., Inc. | 3270 | &nbsp;&nbsp; 286550 |
| Clorox Co. | 1642 | &nbsp;&nbsp; 202459 |
| Colgate-Palmolive Co. | 10848 | &nbsp;&nbsp; 867189 |
| Kimberly-Clark Corp. | 4453 | &nbsp;&nbsp; 553686 |
| Procter & Gamble Co. | 31439 | &nbsp;&nbsp; 4830602 |
|  |  | &nbsp;&nbsp; **6740486** |
| **Personal care products: 0.05%** |  |  |
| Estee Lauder Cos., Inc. Class A | 3144 | &nbsp;&nbsp; 277049 |
| Kenvue, Inc. | 25758 | &nbsp;&nbsp; 418053 |
|  |  | &nbsp;&nbsp; **695102** |
| **Tobacco: 0.38%** |  |  |
| Altria Group, Inc. | 22548 | &nbsp;&nbsp; 1489521 |
| Philip Morris International, Inc. | 20893 | &nbsp;&nbsp; 3388844 |
|  |  | &nbsp;&nbsp; **4878365** |
| **Energy: 1.73%** |  |  |
| **Energy equipment & services: 0.13%** |  |  |
| Baker Hughes Co. Class A | 13233 | &nbsp;&nbsp; 644712 |
| Halliburton Co. | 11444 | &nbsp;&nbsp; 281523 |
| Schlumberger NV | 20025 | &nbsp;&nbsp; 688259 |
|  |  | &nbsp;&nbsp; **1614494** |
| **Oil, gas & consumable fuels: 1.60%** |  |  |
| APA Corp. | 4802 | &nbsp;&nbsp; 116593 |
| Chevron Corp. | 25831 | &nbsp;&nbsp; 4011296 |
| ConocoPhillips | 16763 | &nbsp;&nbsp; 1585612 |
| Coterra Energy, Inc. | 10243 | &nbsp;&nbsp; 242247 |
| Devon Energy Corp. | 8520 | &nbsp;&nbsp; 298711 |
| Diamondback Energy, Inc. | 2526 | &nbsp;&nbsp; 361471 |
| EOG Resources, Inc. | 7328 | &nbsp;&nbsp; 821615 |
| EQT Corp. | 8376 | &nbsp;&nbsp; 455906 |
| Expand Energy Corp. | 3196 | &nbsp;&nbsp; 339543 |
| Exxon Mobil Corp. | 57221 | &nbsp;&nbsp; 6451668 |
| Kinder Morgan, Inc. | 26246 | &nbsp;&nbsp; 743024 |
| Marathon Petroleum Corp. | 4081 | &nbsp;&nbsp; 786572 |
| Occidental Petroleum Corp. | 9646 | &nbsp;&nbsp; 455773 |

---

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

Allspring Index Asset Allocation Fund \| 5

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Oil, gas & consumable fuels**(continued) |  |  |
| ONEOK, Inc. | 8453 | &nbsp;&nbsp; $616815 |
| Phillips 66 | 5424 | &nbsp;&nbsp; 737772 |
| Targa Resources Corp. | 2888 | &nbsp;&nbsp; 483856 |
| Texas Pacific Land Corp. | 259 | &nbsp;&nbsp; 241813 |
| Valero Energy Corp. | 4170 | &nbsp;&nbsp; 709984 |
| Williams Cos., Inc. | 16391 | &nbsp;&nbsp; 1038370 |
|  |  | &nbsp;&nbsp; **20498641** |
| **Financials: 8.08%** |  |  |
| **Banks: 2.13%** |  |  |
| Bank of America Corp. | 91463 | &nbsp;&nbsp; 4718576 |
| Citigroup, Inc. | 24709 | &nbsp;&nbsp; 2507964 |
| Citizens Financial Group, Inc. | 5790 | &nbsp;&nbsp; 307796 |
| Fifth Third Bancorp | 8884 | &nbsp;&nbsp; 395782 |
| Huntington Bancshares, Inc. | 19675 | &nbsp;&nbsp; 339787 |
| JPMorgan Chase & Co. | 36907 | &nbsp;&nbsp; 11641575 |
| KeyCorp | 12510 | &nbsp;&nbsp; 233812 |
| M&T Bank Corp. | 2097 | &nbsp;&nbsp; 414409 |
| PNC Financial Services Group, Inc. | 5286 | &nbsp;&nbsp; 1062116 |
| Regions Financial Corp. | 11977 | &nbsp;&nbsp; 315833 |
| Truist Financial Corp. | 17307 | &nbsp;&nbsp; 791276 |
| U.S. Bancorp | 20887 | &nbsp;&nbsp; 1009469 |
| Wells Fargo & Co. | 42997 | &nbsp;&nbsp; 3604009 |
|  |  | &nbsp;&nbsp; **27342404** |
| **Capital markets: 2.08%** |  |  |
| Ameriprise Financial, Inc. | 1265 | &nbsp;&nbsp; 621431 |
| Bank of New York Mellon Corp. | 9466 | &nbsp;&nbsp; 1031415 |
| BlackRock, Inc. | 1933 | &nbsp;&nbsp; 2253627 |
| Blackstone, Inc. | 9893 | &nbsp;&nbsp; 1690219 |
| Cboe Global Markets, Inc. | 1404 | &nbsp;&nbsp; 344331 |
| Charles Schwab Corp. | 22902 | &nbsp;&nbsp; 2186454 |
| CME Group, Inc. | 4837 | &nbsp;&nbsp; 1306909 |
| Coinbase Global, Inc. Class A† | 3035 | &nbsp;&nbsp; 1024282 |
| FactSet Research Systems, Inc. | 507 | &nbsp;&nbsp; 145250 |
| Franklin Resources, Inc. | 4112 | &nbsp;&nbsp; 95111 |
| Goldman Sachs Group, Inc. | 4063 | &nbsp;&nbsp; 3235570 |
| Interactive Brokers Group, Inc. Class A | 5976 | &nbsp;&nbsp; 411208 |
| Intercontinental Exchange, Inc. | 7683 | &nbsp;&nbsp; 1294432 |
| Invesco Ltd. | 5986 | &nbsp;&nbsp; 137319 |
| KKR & Co., Inc. | 9208 | &nbsp;&nbsp; 1196580 |
| Moody's Corp. | 2071 | &nbsp;&nbsp; 986790 |
| Morgan Stanley | 16284 | &nbsp;&nbsp; 2588505 |
| MSCI, Inc. Class A | 1038 | &nbsp;&nbsp; 588972 |
| Nasdaq, Inc. | 6084 | &nbsp;&nbsp; 538130 |
| Northern Trust Corp. | 2567 | &nbsp;&nbsp; 345518 |
| Raymond James Financial, Inc. | 2382 | &nbsp;&nbsp; 411133 |
| Robinhood Markets, Inc. Class A† | 10388 | &nbsp;&nbsp; 1487354 |
| S&P Global, Inc. | 4194 | &nbsp;&nbsp; 2041262 |

---

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

6 \| Allspring Index Asset Allocation Fund

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Capital markets**(continued) |  |  |
| State Street Corp. | 3808 | &nbsp;&nbsp; $441766 |
| T. Rowe Price Group, Inc. | 2949 | &nbsp;&nbsp; 302685 |
|  |  | &nbsp;&nbsp; **26706253** |
| **Consumer finance: 0.36%** |  |  |
| American Express Co. | 7285 | &nbsp;&nbsp; 2419785 |
| Capital One Financial Corp. | 8583 | &nbsp;&nbsp; 1824574 |
| Synchrony Financial | 4994 | &nbsp;&nbsp; 354824 |
|  |  | &nbsp;&nbsp; **4599183** |
| **Financial services: 2.40%** |  |  |
| Apollo Global Management, Inc. | 6176 | &nbsp;&nbsp; 823076 |
| Berkshire Hathaway, Inc. Class B† | 24612 | &nbsp;&nbsp; 12373437 |
| Block, Inc.† | 7376 | &nbsp;&nbsp; 533064 |
| Corpay, Inc.† | 948 | &nbsp;&nbsp; 273081 |
| Fidelity National Information Services, Inc. | 7011 | &nbsp;&nbsp; 462305 |
| Fiserv, Inc.† | 7296 | &nbsp;&nbsp; 940673 |
| Global Payments, Inc. | 3256 | &nbsp;&nbsp; 270508 |
| Jack Henry & Associates, Inc. | 977 | &nbsp;&nbsp; 145505 |
| Mastercard, Inc. Class A | 11080 | &nbsp;&nbsp; 6302415 |
| PayPal Holdings, Inc.† | 12823 | &nbsp;&nbsp; 859910 |
| Visa, Inc. Class A | 22800 | &nbsp;&nbsp; 7783464 |
|  |  | &nbsp;&nbsp; **30767438** |
| **Insurance: 1.11%** |  |  |
| Aflac, Inc. | 6461 | &nbsp;&nbsp; 721694 |
| Allstate Corp. | 3537 | &nbsp;&nbsp; 759217 |
| American International Group, Inc. | 7436 | &nbsp;&nbsp; 584023 |
| Aon PLC Class A | 2894 | &nbsp;&nbsp; 1031943 |
| Arch Capital Group Ltd. | 4989 | &nbsp;&nbsp; 452652 |
| Arthur J Gallagher & Co. | 3441 | &nbsp;&nbsp; 1065815 |
| Assurant, Inc. | 677 | &nbsp;&nbsp; 146638 |
| Brown & Brown, Inc. | 3933 | &nbsp;&nbsp; 368876 |
| Chubb Ltd. | 4977 | &nbsp;&nbsp; 1404758 |
| Cincinnati Financial Corp. | 2099 | &nbsp;&nbsp; 331852 |
| Erie Indemnity Co. Class A | 341 | &nbsp;&nbsp; 108493 |
| Everest Group Ltd. | 563 | &nbsp;&nbsp; 197180 |
| Globe Life, Inc. | 1087 | &nbsp;&nbsp; 155408 |
| Hartford Insurance Group, Inc. | 3774 | &nbsp;&nbsp; 503414 |
| Loews Corp. | 2283 | &nbsp;&nbsp; 229190 |
| Marsh & McLennan Cos., Inc. | 6599 | &nbsp;&nbsp; 1329896 |
| MetLife, Inc. | 7498 | &nbsp;&nbsp; 617610 |
| Principal Financial Group, Inc. | 2721 | &nbsp;&nbsp; 225598 |
| Progressive Corp. | 7868 | &nbsp;&nbsp; 1943003 |
| Prudential Financial, Inc. | 4725 | &nbsp;&nbsp; 490172 |
| Travelers Cos., Inc. | 3022 | &nbsp;&nbsp; 843803 |
| W.R. Berkley Corp. | 4022 | &nbsp;&nbsp; 308166 |
| Willis Towers Watson PLC | 1309 | &nbsp;&nbsp; 452194 |
|  |  | &nbsp;&nbsp; **14271595** |

---

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

Allspring Index Asset Allocation Fund \| 7

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care: 5.29%** |  |  |
| **Biotechnology: 0.94%** |  |  |
| AbbVie, Inc. | 23711 | &nbsp;&nbsp; $5490045 |
| Amgen, Inc. | 7226 | &nbsp;&nbsp; 2039177 |
| Biogen, Inc.† | 1968 | &nbsp;&nbsp; 275677 |
| Gilead Sciences, Inc. | 16654 | &nbsp;&nbsp; 1848594 |
| Incyte Corp.† | 2202 | &nbsp;&nbsp; 186752 |
| Moderna, Inc.† | 4648 | &nbsp;&nbsp; 120058 |
| Regeneron Pharmaceuticals, Inc. | 1367 | &nbsp;&nbsp; 768623 |
| Vertex Pharmaceuticals, Inc.† | 3441 | &nbsp;&nbsp; 1347633 |
|  |  | &nbsp;&nbsp; **12076559** |
| **Health care equipment & supplies: 1.22%** |  |  |
| Abbott Laboratories | 23360 | &nbsp;&nbsp; 3128838 |
| Align Technology, Inc.† | 905 | &nbsp;&nbsp; 113324 |
| Baxter International, Inc. | 6894 | &nbsp;&nbsp; 156976 |
| Becton Dickinson & Co. | 3847 | &nbsp;&nbsp; 720043 |
| Boston Scientific Corp.† | 19888 | &nbsp;&nbsp; 1941665 |
| Cooper Cos., Inc.† | 2678 | &nbsp;&nbsp; 183604 |
| DexCom, Inc.† | 5264 | &nbsp;&nbsp; 354215 |
| Edwards Lifesciences Corp.† | 7880 | &nbsp;&nbsp; 612828 |
| GE HealthCare Technologies, Inc. | 6128 | &nbsp;&nbsp; 460213 |
| Hologic, Inc.† | 2985 | &nbsp;&nbsp; 201458 |
| IDEXX Laboratories, Inc.† | 1074 | &nbsp;&nbsp; 686168 |
| Insulet Corp.† | 945 | &nbsp;&nbsp; 291750 |
| Intuitive Surgical, Inc.† | 4811 | &nbsp;&nbsp; 2151624 |
| Medtronic PLC | 17197 | &nbsp;&nbsp; 1637842 |
| ResMed, Inc. | 1965 | &nbsp;&nbsp; 537879 |
| Solventum Corp.† | 1978 | &nbsp;&nbsp; 144394 |
| STERIS PLC | 1322 | &nbsp;&nbsp; 327116 |
| Stryker Corp. | 4618 | &nbsp;&nbsp; 1707136 |
| Zimmer Biomet Holdings, Inc. | 2659 | &nbsp;&nbsp; 261911 |
|  |  | &nbsp;&nbsp; **15618984** |
| **Health care providers & services: 0.99%** |  |  |
| Cardinal Health, Inc. | 3205 | &nbsp;&nbsp; 503057 |
| Cencora, Inc. | 2602 | &nbsp;&nbsp; 813203 |
| Centene Corp.† | 6262 | &nbsp;&nbsp; 223428 |
| Cigna Group | 3583 | &nbsp;&nbsp; 1032800 |
| CVS Health Corp. | 17024 | &nbsp;&nbsp; 1283439 |
| DaVita, Inc.† | 480 | &nbsp;&nbsp; 63778 |
| Elevance Health, Inc. | 3022 | &nbsp;&nbsp; 976469 |
| HCA Healthcare, Inc. | 2198 | &nbsp;&nbsp; 936788 |
| Henry Schein, Inc.† | 1384 | &nbsp;&nbsp; 91856 |
| Humana, Inc. | 1614 | &nbsp;&nbsp; 419914 |
| Labcorp Holdings, Inc. | 1115 | &nbsp;&nbsp; 320072 |
| McKesson Corp. | 1669 | &nbsp;&nbsp; 1289369 |
| Molina Healthcare, Inc.† | 727 | &nbsp;&nbsp; 139119 |
| Quest Diagnostics, Inc. | 1501 | &nbsp;&nbsp; 286060 |

---

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

8 \| Allspring Index Asset Allocation Fund

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care providers & services**(continued) |  |  |
| UnitedHealth Group, Inc. | 12156 | &nbsp;&nbsp; $4197467 |
| Universal Health Services, Inc. Class B | 757 | &nbsp;&nbsp; 154761 |
|  |  | &nbsp;&nbsp; **12731580** |
| **Life sciences tools & services: 0.49%** |  |  |
| Agilent Technologies, Inc. | 3813 | &nbsp;&nbsp; 489399 |
| Bio-Techne Corp. | 2104 | &nbsp;&nbsp; 117046 |
| Charles River Laboratories International, Inc.† | 661 | &nbsp;&nbsp; 103420 |
| Danaher Corp. | 8554 | &nbsp;&nbsp; 1695916 |
| IQVIA Holdings, Inc.† | 2282 | &nbsp;&nbsp; 433443 |
| Mettler-Toledo International, Inc.† | 276 | &nbsp;&nbsp; 338820 |
| Revvity, Inc. | 1558 | &nbsp;&nbsp; 136559 |
| Thermo Fisher Scientific, Inc. | 5068 | &nbsp;&nbsp; 2458081 |
| Waters Corp.† | 799 | &nbsp;&nbsp; 239548 |
| West Pharmaceutical Services, Inc. | 965 | &nbsp;&nbsp; 253148 |
|  |  | &nbsp;&nbsp; **6265380** |
| **Pharmaceuticals: 1.65%** |  |  |
| Bristol-Myers Squibb Co. | 27320 | &nbsp;&nbsp; 1232132 |
| Eli Lilly & Co. | 10671 | &nbsp;&nbsp; 8141973 |
| Johnson & Johnson | 32325 | &nbsp;&nbsp; 5993702 |
| Merck & Co., Inc. | 33525 | &nbsp;&nbsp; 2813753 |
| Pfizer, Inc. | 76312 | &nbsp;&nbsp; 1944430 |
| Viatris, Inc. | 15648 | &nbsp;&nbsp; 154915 |
| Zoetis, Inc. | 5948 | &nbsp;&nbsp; 870311 |
|  |  | &nbsp;&nbsp; **21151216** |
| **Industrials: 4.95%** |  |  |
| **Aerospace & defense: 1.33%** |  |  |
| Axon Enterprise, Inc.† | 1054 | &nbsp;&nbsp; 756393 |
| Boeing Co.† | 10149 | &nbsp;&nbsp; 2190459 |
| General Dynamics Corp. | 3389 | &nbsp;&nbsp; 1155649 |
| General Electric Co. | 14233 | &nbsp;&nbsp; 4281571 |
| Howmet Aerospace, Inc. | 5411 | &nbsp;&nbsp; 1061800 |
| Huntington Ingalls Industries, Inc. | 527 | &nbsp;&nbsp; 151729 |
| L3Harris Technologies, Inc. | 2511 | &nbsp;&nbsp; 766884 |
| Lockheed Martin Corp. | 2758 | &nbsp;&nbsp; 1376821 |
| Northrop Grumman Corp. | 1806 | &nbsp;&nbsp; 1100432 |
| RTX Corp. | 17966 | &nbsp;&nbsp; 3006251 |
| Textron, Inc. | 2392 | &nbsp;&nbsp; 202100 |
| TransDigm Group, Inc. | 756 | &nbsp;&nbsp; 996423 |
|  |  | &nbsp;&nbsp; **17046512** |
| **Air freight & logistics: 0.15%** |  |  |
| CH Robinson Worldwide, Inc. | 1585 | &nbsp;&nbsp; 209854 |
| Expeditors International of Washington, Inc. | 1822 | &nbsp;&nbsp; 223359 |
| FedEx Corp. | 2913 | &nbsp;&nbsp; 686914 |
| United Parcel Service, Inc. Class B | 9879 | &nbsp;&nbsp; 825193 |
|  |  | &nbsp;&nbsp; **1945320** |

---

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

Allspring Index Asset Allocation Fund \| 9

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Building products: 0.30%** |  |  |
| A.O. Smith Corp. | 1534 | &nbsp;&nbsp; $112611 |
| Allegion PLC | 1152 | &nbsp;&nbsp; 204307 |
| Builders FirstSource, Inc.† | 1484 | &nbsp;&nbsp; 179935 |
| Carrier Global Corp. | 10737 | &nbsp;&nbsp; 640999 |
| Johnson Controls International PLC | 8783 | &nbsp;&nbsp; 965691 |
| Lennox International, Inc. | 429 | &nbsp;&nbsp; 227095 |
| Masco Corp. | 2810 | &nbsp;&nbsp; 197796 |
| Trane Technologies PLC | 2987 | &nbsp;&nbsp; 1260395 |
|  |  | &nbsp;&nbsp; **3788829** |
| **Commercial services & supplies: 0.29%** |  |  |
| Cintas Corp. | 4597 | &nbsp;&nbsp; 943580 |
| Copart, Inc.† | 11940 | &nbsp;&nbsp; 536942 |
| Republic Services, Inc. Class A | 2724 | &nbsp;&nbsp; 625104 |
| Rollins, Inc. | 3773 | &nbsp;&nbsp; 221626 |
| Veralto Corp. | 3331 | &nbsp;&nbsp; 355118 |
| Waste Management, Inc. | 4974 | &nbsp;&nbsp; 1098408 |
|  |  | &nbsp;&nbsp; **3780778** |
| **Construction & engineering: 0.09%** |  |  |
| EMCOR Group, Inc. | 601 | &nbsp;&nbsp; 390373 |
| Quanta Services, Inc. | 2000 | &nbsp;&nbsp; 828840 |
|  |  | &nbsp;&nbsp; **1219213** |
| **Electrical equipment: 0.53%** |  |  |
| AMETEK, Inc. | 3100 | &nbsp;&nbsp; 582800 |
| Eaton Corp. PLC | 5225 | &nbsp;&nbsp; 1955456 |
| Emerson Electric Co. | 7554 | &nbsp;&nbsp; 990934 |
| GE Vernova, Inc. | 3654 | &nbsp;&nbsp; 2246844 |
| Generac Holdings, Inc.† | 788 | &nbsp;&nbsp; 131911 |
| Hubbell, Inc. Class B | 713 | &nbsp;&nbsp; 306811 |
| Rockwell Automation, Inc. | 1509 | &nbsp;&nbsp; 527441 |
|  |  | &nbsp;&nbsp; **6742197** |
| **Ground transportation: 0.54%** |  |  |
| CSX Corp. | 25022 | &nbsp;&nbsp; 888531 |
| J.B. Hunt Transport Services, Inc. | 1026 | &nbsp;&nbsp; 137659 |
| Norfolk Southern Corp. | 3011 | &nbsp;&nbsp; 904535 |
| Old Dominion Freight Line, Inc. | 2482 | &nbsp;&nbsp; 349416 |
| Uber Technologies, Inc.† | 27991 | &nbsp;&nbsp; 2742278 |
| Union Pacific Corp. | 7960 | &nbsp;&nbsp; 1881505 |
|  |  | &nbsp;&nbsp; **6903924** |
| **Industrial conglomerates: 0.23%** |  |  |
| 3M Co. | 7149 | &nbsp;&nbsp; 1109382 |
| Honeywell International, Inc. | 8522 | &nbsp;&nbsp; 1793881 |
|  |  | &nbsp;&nbsp; **2903263** |

---

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

10 \| Allspring Index Asset Allocation Fund

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Machinery: 0.90%** |  |  |
| Caterpillar, Inc. | 6288 | &nbsp;&nbsp; $3000319 |
| Cummins, Inc. | 1849 | &nbsp;&nbsp; 780962 |
| Deere & Co. | 3381 | &nbsp;&nbsp; 1545996 |
| Dover Corp. | 1841 | &nbsp;&nbsp; 307134 |
| Fortive Corp. | 4541 | &nbsp;&nbsp; 222464 |
| IDEX Corp. | 1011 | &nbsp;&nbsp; 164550 |
| Illinois Tool Works, Inc. | 3560 | &nbsp;&nbsp; 928306 |
| Ingersoll Rand, Inc. | 4855 | &nbsp;&nbsp; 401120 |
| Nordson Corp. | 721 | &nbsp;&nbsp; 163631 |
| Otis Worldwide Corp. | 5268 | &nbsp;&nbsp; 481653 |
| PACCAR, Inc. | 7048 | &nbsp;&nbsp; 692959 |
| Parker-Hannifin Corp. | 1715 | &nbsp;&nbsp; 1300227 |
| Pentair PLC | 2200 | &nbsp;&nbsp; 243672 |
| Snap-on, Inc. | 700 | &nbsp;&nbsp; 242571 |
| Stanley Black & Decker, Inc. | 2078 | &nbsp;&nbsp; 154458 |
| Westinghouse Air Brake Technologies Corp. | 2295 | &nbsp;&nbsp; 460079 |
| Xylem, Inc. | 3267 | &nbsp;&nbsp; 481883 |
|  |  | &nbsp;&nbsp; **11571984** |
| **Passenger airlines: 0.09%** |  |  |
| Delta Air Lines, Inc. | 8706 | &nbsp;&nbsp; 494065 |
| Southwest Airlines Co. | 7049 | &nbsp;&nbsp; 224934 |
| United Airlines Holdings, Inc.† | 4345 | &nbsp;&nbsp; 419293 |
|  |  | &nbsp;&nbsp; **1138292** |
| **Professional services: 0.33%** |  |  |
| Automatic Data Processing, Inc. | 5437 | &nbsp;&nbsp; 1595760 |
| Broadridge Financial Solutions, Inc. | 1572 | &nbsp;&nbsp; 374403 |
| Dayforce, Inc.† | 2143 | &nbsp;&nbsp; 147631 |
| Equifax, Inc. | 1662 | &nbsp;&nbsp; 426353 |
| Jacobs Solutions, Inc. | 1604 | &nbsp;&nbsp; 240375 |
| Leidos Holdings, Inc. | 1722 | &nbsp;&nbsp; 325389 |
| Paychex, Inc. | 4352 | &nbsp;&nbsp; 551660 |
| Paycom Software, Inc. | 672 | &nbsp;&nbsp; 139870 |
| Verisk Analytics, Inc. Class A | 1875 | &nbsp;&nbsp; 471581 |
|  |  | &nbsp;&nbsp; **4273022** |
| **Trading companies & distributors: 0.17%** |  |  |
| Fastenal Co. | 15404 | &nbsp;&nbsp; 755412 |
| United Rentals, Inc. | 864 | &nbsp;&nbsp; 824826 |
| WW Grainger, Inc. | 591 | &nbsp;&nbsp; 563200 |
|  |  | &nbsp;&nbsp; **2143438** |
| **Information technology: 20.76%** |  |  |
| **Communications equipment: 0.54%** |  |  |
| Arista Networks, Inc.† | 13833 | &nbsp;&nbsp; 2015606 |
| Cisco Systems, Inc. | 53151 | &nbsp;&nbsp; 3636591 |

---

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

Allspring Index Asset Allocation Fund \| 11

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Communications equipment**(continued) |  |  |
| F5, Inc.† | 771 | &nbsp;&nbsp; $249180 |
| Motorola Solutions, Inc. | 2236 | &nbsp;&nbsp; 1022501 |
|  |  | &nbsp;&nbsp; **6923878** |
| **Electronic equipment, instruments & components: 0.44%** |  |  |
| Amphenol Corp. Class A | 16387 | &nbsp;&nbsp; 2027891 |
| CDW Corp. | 1759 | &nbsp;&nbsp; 280174 |
| Corning, Inc. | 10463 | &nbsp;&nbsp; 858280 |
| Jabil, Inc. | 1440 | &nbsp;&nbsp; 312725 |
| Keysight Technologies, Inc.† | 2310 | &nbsp;&nbsp; 404065 |
| TE Connectivity PLC | 3966 | &nbsp;&nbsp; 870656 |
| Teledyne Technologies, Inc.† | 629 | &nbsp;&nbsp; 368619 |
| Trimble, Inc.† | 3194 | &nbsp;&nbsp; 260790 |
| Zebra Technologies Corp. Class A† | 682 | &nbsp;&nbsp; 202663 |
|  |  | &nbsp;&nbsp; **5585863** |
| **IT services: 0.55%** |  |  |
| Accenture PLC Class A | 8360 | &nbsp;&nbsp; 2061576 |
| Akamai Technologies, Inc.† | 1925 | &nbsp;&nbsp; 145838 |
| Cognizant Technology Solutions Corp. Class A | 6555 | &nbsp;&nbsp; 439644 |
| EPAM Systems, Inc.† | 748 | &nbsp;&nbsp; 112791 |
| Gartner, Inc.† | 1017 | &nbsp;&nbsp; 267339 |
| GoDaddy, Inc. Class A† | 1858 | &nbsp;&nbsp; 254230 |
| International Business Machines Corp. | 12503 | &nbsp;&nbsp; 3527846 |
| VeriSign, Inc. | 1128 | &nbsp;&nbsp; 315355 |
|  |  | &nbsp;&nbsp; **7124619** |
| **Semiconductors & semiconductor equipment: 8.22%** |  |  |
| Advanced Micro Devices, Inc.† | 21782 | &nbsp;&nbsp; 3524110 |
| Analog Devices, Inc. | 6661 | &nbsp;&nbsp; 1636608 |
| Applied Materials, Inc. | 10771 | &nbsp;&nbsp; 2205255 |
| Broadcom, Inc. | 63130 | &nbsp;&nbsp; 20827218 |
| First Solar, Inc.† | 1439 | &nbsp;&nbsp; 317343 |
| Intel Corp.† | 58748 | &nbsp;&nbsp; 1970995 |
| KLA Corp. | 1771 | &nbsp;&nbsp; 1910201 |
| Lam Research Corp. | 16987 | &nbsp;&nbsp; 2274559 |
| Microchip Technology, Inc. | 7244 | &nbsp;&nbsp; 465210 |
| Micron Technology, Inc. | 15021 | &nbsp;&nbsp; 2513314 |
| Monolithic Power Systems, Inc. | 643 | &nbsp;&nbsp; 591971 |
| NVIDIA Corp. | 327498 | &nbsp;&nbsp; 61104577 |
| NXP Semiconductors NV | 3384 | &nbsp;&nbsp; 770638 |
| ON Semiconductor Corp.† | 5489 | &nbsp;&nbsp; 270663 |
| QUALCOMM, Inc. | 14476 | &nbsp;&nbsp; 2408227 |
| Skyworks Solutions, Inc. | 1992 | &nbsp;&nbsp; 153344 |
| Teradyne, Inc. | 2135 | &nbsp;&nbsp; 293861 |
| Texas Instruments, Inc. | 12202 | &nbsp;&nbsp; 2241873 |
|  |  | &nbsp;&nbsp; **105479967** |

---

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

12 \| Allspring Index Asset Allocation Fund

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Software: 6.80%** |  |  |
| Adobe, Inc.† | 5694 | &nbsp;&nbsp; $2008559 |
| AppLovin Corp. Class A† | 3634 | &nbsp;&nbsp; 2611174 |
| Autodesk, Inc.† | 2872 | &nbsp;&nbsp; 912348 |
| Cadence Design Systems, Inc.† | 3657 | &nbsp;&nbsp; 1284558 |
| Crowdstrike Holdings, Inc. Class A† | 3345 | &nbsp;&nbsp; 1640321 |
| Datadog, Inc. Class A† | 4339 | &nbsp;&nbsp; 617874 |
| Fair Isaac Corp.† | 322 | &nbsp;&nbsp; 481883 |
| Fortinet, Inc.† | 8742 | &nbsp;&nbsp; 735027 |
| Gen Digital, Inc. | 7522 | &nbsp;&nbsp; 213550 |
| Intuit, Inc. | 3744 | &nbsp;&nbsp; 2556815 |
| Microsoft Corp. | 99768 | &nbsp;&nbsp; 51674836 |
| Oracle Corp. | 22243 | &nbsp;&nbsp; 6255621 |
| Palantir Technologies, Inc. Class A† | 30525 | &nbsp;&nbsp; 5568370 |
| Palo Alto Networks, Inc.† | 8965 | &nbsp;&nbsp; 1825453 |
| PTC, Inc.† | 1608 | &nbsp;&nbsp; 326456 |
| Roper Technologies, Inc. | 1444 | &nbsp;&nbsp; 720108 |
| Salesforce, Inc. | 12831 | &nbsp;&nbsp; 3040947 |
| ServiceNow, Inc.† | 2792 | &nbsp;&nbsp; 2569422 |
| Synopsys, Inc.† | 2484 | &nbsp;&nbsp; 1225581 |
| Tyler Technologies, Inc.† | 581 | &nbsp;&nbsp; 303956 |
| Workday, Inc. Class A† | 2899 | &nbsp;&nbsp; 697876 |
|  |  | &nbsp;&nbsp; **87270735** |
| **Technology hardware, storage & peripherals: 4.21%** |  |  |
| Apple, Inc. | 199188 | &nbsp;&nbsp; 50719241 |
| Dell Technologies, Inc. Class C | 4070 | &nbsp;&nbsp; 577004 |
| Hewlett Packard Enterprise Co. | 17613 | &nbsp;&nbsp; 432575 |
| HP, Inc. | 12607 | &nbsp;&nbsp; 343289 |
| NetApp, Inc. | 2686 | &nbsp;&nbsp; 318184 |
| Seagate Technology Holdings PLC | 2855 | &nbsp;&nbsp; 673951 |
| Super Micro Computer, Inc.† | 6729 | &nbsp;&nbsp; 322588 |
| Western Digital Corp. | 4656 | &nbsp;&nbsp; 558999 |
|  |  | &nbsp;&nbsp; **53945831** |
| **Materials: 1.06%** |  |  |
| **Chemicals: 0.65%** |  |  |
| Air Products & Chemicals, Inc. | 2987 | &nbsp;&nbsp; 814615 |
| Albemarle Corp. | 1580 | &nbsp;&nbsp; 128106 |
| CF Industries Holdings, Inc. | 2174 | &nbsp;&nbsp; 195008 |
| Corteva, Inc. | 9115 | &nbsp;&nbsp; 616448 |
| Dow, Inc. | 9514 | &nbsp;&nbsp; 218156 |
| DuPont de Nemours, Inc. | 5620 | &nbsp;&nbsp; 437798 |
| Eastman Chemical Co. | 1541 | &nbsp;&nbsp; 97160 |
| Ecolab, Inc. | 3426 | &nbsp;&nbsp; 938244 |
| International Flavors & Fragrances, Inc. | 3440 | &nbsp;&nbsp; 211698 |
| Linde PLC | 6294 | &nbsp;&nbsp; 2989650 |
| LyondellBasell Industries NV Class A | 3454 | &nbsp;&nbsp; 169384 |
| Mosaic Co. | 4260 | &nbsp;&nbsp; 147737 |

---

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

Allspring Index Asset Allocation Fund \| 13

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Chemicals**(continued) |  |  |
| PPG Industries, Inc. | 3029 | &nbsp;&nbsp; $318378 |
| Sherwin-Williams Co. | 3112 | &nbsp;&nbsp; 1077561 |
|  |  | &nbsp;&nbsp; **8359943** |
| **Construction materials: 0.08%** |  |  |
| Martin Marietta Materials, Inc. | 809 | &nbsp;&nbsp; 509897 |
| Vulcan Materials Co. | 1773 | &nbsp;&nbsp; 545410 |
|  |  | &nbsp;&nbsp; **1055307** |
| **Containers & packaging: 0.12%** |  |  |
| Amcor PLC | 30942 | &nbsp;&nbsp; 253106 |
| Avery Dennison Corp. | 1047 | &nbsp;&nbsp; 169792 |
| Ball Corp. | 3653 | &nbsp;&nbsp; 184184 |
| International Paper Co. | 7087 | &nbsp;&nbsp; 328837 |
| Packaging Corp. of America | 1200 | &nbsp;&nbsp; 261516 |
| Smurfit WestRock PLC | 7008 | &nbsp;&nbsp; 298330 |
|  |  | &nbsp;&nbsp; **1495765** |
| **Metals & mining: 0.21%** |  |  |
| Freeport-McMoRan, Inc. | 19271 | &nbsp;&nbsp; 755809 |
| Newmont Corp. | 14743 | &nbsp;&nbsp; 1242982 |
| Nucor Corp. | 3081 | &nbsp;&nbsp; 417260 |
| Steel Dynamics, Inc. | 1857 | &nbsp;&nbsp; 258921 |
|  |  | &nbsp;&nbsp; **2674972** |
| **Real estate: 1.16%** |  |  |
| **Health care REITs: 0.19%** |  |  |
| Alexandria Real Estate Equities, Inc. | 2089 | &nbsp;&nbsp; 174097 |
| Healthpeak Properties, Inc. | 9327 | &nbsp;&nbsp; 178612 |
| Ventas, Inc. | 6100 | &nbsp;&nbsp; 426939 |
| Welltower, Inc. | 8977 | &nbsp;&nbsp; 1599163 |
|  |  | &nbsp;&nbsp; **2378811** |
| **Hotel & resort REITs: 0.01%** |  |  |
| Host Hotels & Resorts, Inc. | 8582 | &nbsp;&nbsp; **146066** |
| **Industrial REITs: 0.11%** |  |  |
| Prologis, Inc. | 12456 | &nbsp;&nbsp; **1426461** |
| **Office REITs: 0.01%** |  |  |
| BXP, Inc. | 1977 | &nbsp;&nbsp; **146970** |
| **Real estate management & development: 0.09%** |  |  |
| CBRE Group, Inc. Class A† | 3934 | &nbsp;&nbsp; 619841 |
| CoStar Group, Inc.† | 5686 | &nbsp;&nbsp; 479728 |
|  |  | &nbsp;&nbsp; **1099569** |
| **Residential REITs: 0.13%** |  |  |
| AvalonBay Communities, Inc. | 1909 | &nbsp;&nbsp; 368762 |
| Camden Property Trust | 1434 | &nbsp;&nbsp; 153123 |

---

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

14 \| Allspring Index Asset Allocation Fund

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Residential REITs**(continued) |  |  |
| Equity Residential | 4665 | &nbsp;&nbsp; $301965 |
| Essex Property Trust, Inc. | 864 | &nbsp;&nbsp; 231258 |
| Invitation Homes, Inc. | 7570 | &nbsp;&nbsp; 222028 |
| Mid-America Apartment Communities, Inc. | 1571 | &nbsp;&nbsp; 219516 |
| UDR, Inc. | 4047 | &nbsp;&nbsp; 150791 |
|  |  | &nbsp;&nbsp; **1647443** |
| **Retail REITs: 0.16%** |  |  |
| Federal Realty Investment Trust | 1054 | &nbsp;&nbsp; 106781 |
| Kimco Realty Corp. | 9089 | &nbsp;&nbsp; 198594 |
| Realty Income Corp. | 12272 | &nbsp;&nbsp; 746015 |
| Regency Centers Corp. | 2193 | &nbsp;&nbsp; 159870 |
| Simon Property Group, Inc. | 4382 | &nbsp;&nbsp; 822370 |
|  |  | &nbsp;&nbsp; **2033630** |
| **Specialized REITs: 0.46%** |  |  |
| American Tower Corp. | 6285 | &nbsp;&nbsp; 1208731 |
| Crown Castle, Inc. | 5845 | &nbsp;&nbsp; 563984 |
| Digital Realty Trust, Inc. | 4303 | &nbsp;&nbsp; 743903 |
| Equinix, Inc. | 1314 | &nbsp;&nbsp; 1029178 |
| Extra Space Storage, Inc. | 2849 | &nbsp;&nbsp; 401538 |
| Iron Mountain, Inc. | 3964 | &nbsp;&nbsp; 404090 |
| Public Storage | 2119 | &nbsp;&nbsp; 612073 |
| SBA Communications Corp. Class A | 1441 | &nbsp;&nbsp; 278617 |
| VICI Properties, Inc. Class A | 14313 | &nbsp;&nbsp; 466747 |
| Weyerhaeuser Co. | 9684 | &nbsp;&nbsp; 240066 |
|  |  | &nbsp;&nbsp; **5948927** |
| **Utilities: 1.40%** |  |  |
| **Electric utilities: 0.90%** |  |  |
| Alliant Energy Corp. | 3449 | &nbsp;&nbsp; 232497 |
| American Electric Power Co., Inc. | 7178 | &nbsp;&nbsp; 807525 |
| Constellation Energy Corp. | 4193 | &nbsp;&nbsp; 1379791 |
| Duke Energy Corp. | 10437 | &nbsp;&nbsp; 1291579 |
| Edison International | 5165 | &nbsp;&nbsp; 285521 |
| Entergy Corp. | 5992 | &nbsp;&nbsp; 558394 |
| Evergy, Inc. | 3089 | &nbsp;&nbsp; 234826 |
| Eversource Energy | 4981 | &nbsp;&nbsp; 354348 |
| Exelon Corp. | 13556 | &nbsp;&nbsp; 610156 |
| FirstEnergy Corp. | 6975 | &nbsp;&nbsp; 319594 |
| NextEra Energy, Inc. | 27640 | &nbsp;&nbsp; 2086544 |
| NRG Energy, Inc. | 2596 | &nbsp;&nbsp; 420422 |
| PG&E Corp. | 29499 | &nbsp;&nbsp; 444845 |
| Pinnacle West Capital Corp. | 1603 | &nbsp;&nbsp; 143725 |
| PPL Corp. | 9926 | &nbsp;&nbsp; 368850 |
| Southern Co. | 14765 | &nbsp;&nbsp; 1399279 |
| Xcel Energy, Inc. | 7938 | &nbsp;&nbsp; 640200 |
|  |  | &nbsp;&nbsp; **11578096** |

---

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

Allspring Index Asset Allocation Fund \| 15

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Gas utilities: 0.03%** |  |  |
| Atmos Energy Corp. | 2155 | &nbsp;&nbsp; **$367966** |
| **Independent power and renewable electricity producers: 0.07%** |  |  |
| AES Corp. | 9557 | &nbsp;&nbsp; 125770 |
| Vistra Corp. | 4275 | &nbsp;&nbsp; 837558 |
|  |  | &nbsp;&nbsp; **963328** |
| **Multi-utilities: 0.37%** |  |  |
| Ameren Corp. | 3629 | &nbsp;&nbsp; 378795 |
| CenterPoint Energy, Inc. | 8763 | &nbsp;&nbsp; 340004 |
| CMS Energy Corp. | 4018 | &nbsp;&nbsp; 294359 |
| Consolidated Edison, Inc. | 4841 | &nbsp;&nbsp; 486617 |
| Dominion Energy, Inc. | 11455 | &nbsp;&nbsp; 700702 |
| DTE Energy Co. | 2786 | &nbsp;&nbsp; 394024 |
| NiSource, Inc. | 6320 | &nbsp;&nbsp; 273656 |
| Public Service Enterprise Group, Inc. | 6699 | &nbsp;&nbsp; 559099 |
| Sempra | 8758 | &nbsp;&nbsp; 788045 |
| WEC Energy Group, Inc. | 4320 | &nbsp;&nbsp; 495029 |
|  |  | &nbsp;&nbsp; **4710330** |
| **Water utilities: 0.03%** |  |  |
| American Water Works Co., Inc. | 2619 | &nbsp;&nbsp; **364539** |
| **Total common stocks (Cost $140,639,736)** |  | &nbsp;&nbsp; **765688312** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal |  |
| **Non-agency mortgage-backed securities: 0.00%** |  |  |  |  |
| &nbsp;&nbsp; Citigroup Mortgage Loan Trust, Inc. Series 2004-HYB4 Class AA <br> (U.S. SOFR 1 Month+0.44%)±<br>| 4.60<br> %<br>| &nbsp;&nbsp; 12-25-2034 | $1815 | &nbsp;&nbsp; 1731 |
| **Total non-agency mortgage-backed securities (Cost $1,815)** |  |  |  | &nbsp;&nbsp; **1731** |
| **U.S. Treasury securities: 35.47%** |  |  |  |  |
| U.S. Treasury Bonds | 1.13 | &nbsp;&nbsp; 5-15-2040 | 13555000 | &nbsp;&nbsp; 8632311 |
| U.S. Treasury Bonds | 1.13 | &nbsp;&nbsp; 8-15-2040 | 100000 | &nbsp;&nbsp; 63062 |
| U.S. Treasury Bonds | 1.38 | &nbsp;&nbsp; 11-15-2040 | 5100000 | &nbsp;&nbsp; 3327352 |
| U.S. Treasury Bonds | 1.88 | &nbsp;&nbsp; 2-15-2041 | 2825000 | &nbsp;&nbsp; 1985997 |
| U.S. Treasury Bonds | 2.00 | &nbsp;&nbsp; 11-15-2041 | 1700000 | &nbsp;&nbsp; 1193851 |
| U.S. Treasury Bonds | 2.00 | &nbsp;&nbsp; 8-15-2051 | 1200000 | &nbsp;&nbsp; 703031 |
| U.S. Treasury Bonds | 2.25 | &nbsp;&nbsp; 8-15-2046 | 556000 | &nbsp;&nbsp; 370956 |
| U.S. Treasury Bonds | 2.25 | &nbsp;&nbsp; 2-15-2052 | 11040000 | &nbsp;&nbsp; 6847819 |
| U.S. Treasury Bonds | 2.50 | &nbsp;&nbsp; 2-15-2046 | 1960000 | &nbsp;&nbsp; 1383561 |
| U.S. Treasury Bonds | 2.50 | &nbsp;&nbsp; 5-15-2046 | 1949000 | &nbsp;&nbsp; 1370467 |
| U.S. Treasury Bonds | 2.75 | &nbsp;&nbsp; 8-15-2047 | 1864000 | &nbsp;&nbsp; 1351254 |
| U.S. Treasury Bonds | 2.75 | &nbsp;&nbsp; 11-15-2047 | 1853000 | &nbsp;&nbsp; 1339299 |
| U.S. Treasury Bonds | 2.88 | &nbsp;&nbsp; 11-15-2046 | 3221000 | &nbsp;&nbsp; 2411724 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 5-15-2042 | 776000 | &nbsp;&nbsp; 629560 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 11-15-2045 | 834000 | &nbsp;&nbsp; 645796 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 2-15-2047 | 1889000 | &nbsp;&nbsp; 1442429 |

---

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

16 \| Allspring Index Asset Allocation Fund

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |
| U.S. Treasury Bonds | 3.00<br> %<br>| &nbsp;&nbsp; 5-15-2047 | $1921000 | &nbsp;&nbsp; $1462511 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 2-15-2048 | 2119000 | &nbsp;&nbsp; 1600176 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 8-15-2048 | 2099000 | &nbsp;&nbsp; 1578186 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 2-15-2049 | 5114000 | &nbsp;&nbsp; 3829107 |
| U.S. Treasury Bonds | 3.13 | &nbsp;&nbsp; 11-15-2041 | 846000 | &nbsp;&nbsp; 704691 |
| U.S. Treasury Bonds | 3.13 | &nbsp;&nbsp; 2-15-2042 | 919000 | &nbsp;&nbsp; 762483 |
| U.S. Treasury Bonds | 3.13 | &nbsp;&nbsp; 5-15-2048 | 2283000 | &nbsp;&nbsp; 1760407 |
| U.S. Treasury Bonds | 3.38 | &nbsp;&nbsp; 11-15-2048 | 19141000 | &nbsp;&nbsp; 15376354 |
| U.S. Treasury Bonds | 3.50 | &nbsp;&nbsp; 2-15-2039 | 731000 | &nbsp;&nbsp; 668751 |
| U.S. Treasury Bonds | 3.63 | &nbsp;&nbsp; 2-15-2044 | 1547000 | &nbsp;&nbsp; 1342808 |
| U.S. Treasury Bonds | 3.63 | &nbsp;&nbsp; 2-15-2053 | 615000 | &nbsp;&nbsp; 508456 |
| U.S. Treasury Bonds | 3.75 | &nbsp;&nbsp; 8-15-2041 | 929000 | &nbsp;&nbsp; 844265 |
| U.S. Treasury Bonds | 3.75 | &nbsp;&nbsp; 11-15-2043 | 1660000 | &nbsp;&nbsp; 1469813 |
| U.S. Treasury Bonds | 3.88 | &nbsp;&nbsp; 8-15-2040 | 946000 | &nbsp;&nbsp; 881812 |
| U.S. Treasury Bonds | 4.25 | &nbsp;&nbsp; 5-15-2039 | 681000 | &nbsp;&nbsp; 670466 |
| U.S. Treasury Bonds | 4.25 | &nbsp;&nbsp; 11-15-2040 | 977000 | &nbsp;&nbsp; 949255 |
| U.S. Treasury Bonds | 4.25 | &nbsp;&nbsp; 2-15-2054 | 4900000 | &nbsp;&nbsp; 4522930 |
| U.S. Treasury Bonds | 4.38 | &nbsp;&nbsp; 2-15-2038 | 81000 | &nbsp;&nbsp; 81687 |
| U.S. Treasury Bonds | 4.38 | &nbsp;&nbsp; 11-15-2039 | 2857000 | &nbsp;&nbsp; 2833787 |
| U.S. Treasury Bonds | 4.38 | &nbsp;&nbsp; 5-15-2040 | 1078000 | &nbsp;&nbsp; 1066757 |
| U.S. Treasury Bonds | 4.38 | &nbsp;&nbsp; 5-15-2041 | 842000 | &nbsp;&nbsp; 827364 |
| U.S. Treasury Bonds | 4.50 | &nbsp;&nbsp; 5-15-2038 | 428000 | &nbsp;&nbsp; 437162 |
| U.S. Treasury Bonds | 4.50 | &nbsp;&nbsp; 8-15-2039 | 721000 | &nbsp;&nbsp; 726351 |
| U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 2-15-2040 | 730000 | &nbsp;&nbsp; 742975 |
| U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 5-15-2054 | 12450000 | &nbsp;&nbsp; 12232125 |
| U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 2-15-2055 | 1100000 | &nbsp;&nbsp; 1081266 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 2-15-2037 | 264000 | &nbsp;&nbsp; 277190 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 2-15-2041 | 5284000 | &nbsp;&nbsp; 5420022 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 5-15-2055 | 2200000 | &nbsp;&nbsp; 2206875 |
| U.S. Treasury Bonds | 5.00 | &nbsp;&nbsp; 5-15-2037 | 375000 | &nbsp;&nbsp; 402041 |
| U.S. Treasury Bonds | 5.25 | &nbsp;&nbsp; 11-15-2028 | 479000 | &nbsp;&nbsp; 501434 |
| U.S. Treasury Bonds | 5.25 | &nbsp;&nbsp; 2-15-2029 | 499000 | &nbsp;&nbsp; 525119 |
| U.S. Treasury Bonds | 5.38 | &nbsp;&nbsp; 2-15-2031 | 8152000 | &nbsp;&nbsp; 8776137 |
| U.S. Treasury Bonds | 6.13 | &nbsp;&nbsp; 11-15-2027 | 525000 | &nbsp;&nbsp; 551681 |
| U.S. Treasury Bonds | 6.13 | &nbsp;&nbsp; 8-15-2029 | 19343000 | &nbsp;&nbsp; 21033246 |
| U.S. Treasury Bonds | 6.25 | &nbsp;&nbsp; 5-15-2030 | 4378000 | &nbsp;&nbsp; 4841965 |
| U.S. Treasury Bonds | 6.38 | &nbsp;&nbsp; 8-15-2027 | 16124000 | &nbsp;&nbsp; 16930830 |
| U.S. Treasury Notes | 0.38 | &nbsp;&nbsp; 7-31-2027 | 11371000 | &nbsp;&nbsp; 10720277 |
| U.S. Treasury Notes | 0.38 | &nbsp;&nbsp; 9-30-2027 | 3141000 | &nbsp;&nbsp; 2946528 |
| U.S. Treasury Notes | 0.50 | &nbsp;&nbsp; 4-30-2027 | 2015000 | &nbsp;&nbsp; 1918422 |
| U.S. Treasury Notes | 0.50 | &nbsp;&nbsp; 5-31-2027 | 2282000 | &nbsp;&nbsp; 2167009 |
| U.S. Treasury Notes | 0.50 | &nbsp;&nbsp; 6-30-2027 | 2520000 | &nbsp;&nbsp; 2387208 |
| U.S. Treasury Notes | 0.50 | &nbsp;&nbsp; 8-31-2027 | 2918000 | &nbsp;&nbsp; 2750557 |
| U.S. Treasury Notes | 0.50 | &nbsp;&nbsp; 10-31-2027 | 3418000 | &nbsp;&nbsp; 3206244 |
| U.S. Treasury Notes | 0.63 | &nbsp;&nbsp; 3-31-2027 | 14431000 | &nbsp;&nbsp; 13797389 |
| U.S. Treasury Notes | 0.63 | &nbsp;&nbsp; 11-30-2027 | 7236000 | &nbsp;&nbsp; 6790816 |
| U.S. Treasury Notes | 0.63 | &nbsp;&nbsp; 12-31-2027 | 3852000 | &nbsp;&nbsp; 3605683 |
| U.S. Treasury Notes | 0.63 | &nbsp;&nbsp; 5-15-2030 | 13375000 | &nbsp;&nbsp; 11626846 |

---

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

Allspring Index Asset Allocation Fund \| 17

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |
| U.S. Treasury Notes | 0.63<br> %<br>| &nbsp;&nbsp; 8-15-2030 | $11482000 | &nbsp;&nbsp; $9899188 |
| U.S. Treasury Notes | 0.75 | &nbsp;&nbsp; 1-31-2028 | 4214000 | &nbsp;&nbsp; 3946016 |
| U.S. Treasury Notes | 0.88 | &nbsp;&nbsp; 9-30-2026 | 23600000 | &nbsp;&nbsp; 22947866 |
| U.S. Treasury Notes | 0.88 | &nbsp;&nbsp; 11-15-2030 | 2681000 | &nbsp;&nbsp; 2324511 |
| U.S. Treasury Notes | 1.13 | &nbsp;&nbsp; 2-29-2028 | 4178000 | &nbsp;&nbsp; 3939723 |
| U.S. Treasury Notes | 1.13 | &nbsp;&nbsp; 2-15-2031 | 7183000 | &nbsp;&nbsp; 6276707 |
| U.S. Treasury Notes | 1.25 | &nbsp;&nbsp; 11-30-2026 | 10650000 | &nbsp;&nbsp; 10352549 |
| U.S. Treasury Notes | 1.25 | &nbsp;&nbsp; 3-31-2028 | 4152000 | &nbsp;&nbsp; 3919099 |
| U.S. Treasury Notes | 1.25 | &nbsp;&nbsp; 4-30-2028 | 4224000 | &nbsp;&nbsp; 3979305 |
| U.S. Treasury Notes | 1.25 | &nbsp;&nbsp; 5-31-2028 | 4167000 | &nbsp;&nbsp; 3917305 |
| U.S. Treasury Notes | 1.25 | &nbsp;&nbsp; 9-30-2028 | 15145000 | &nbsp;&nbsp; 14126262 |
| U.S. Treasury Notes | 1.25 | &nbsp;&nbsp; 8-15-2031 | 7687000 | &nbsp;&nbsp; 6648054 |
| U.S. Treasury Notes | 1.38 | &nbsp;&nbsp; 10-31-2028 | 23135000 | &nbsp;&nbsp; 21618573 |
| U.S. Treasury Notes | 1.38 | &nbsp;&nbsp; 11-15-2031 | 23180000 | &nbsp;&nbsp; 20063377 |
| U.S. Treasury Notes | 1.50 | &nbsp;&nbsp; 1-31-2027 | 1873000 | &nbsp;&nbsp; 1820029 |
| U.S. Treasury Notes | 1.50 | &nbsp;&nbsp; 2-15-2030 | 4305000 | &nbsp;&nbsp; 3925790 |
| U.S. Treasury Notes | 1.63 | &nbsp;&nbsp; 10-31-2026 | 1800000 | &nbsp;&nbsp; 1760625 |
| U.S. Treasury Notes | 1.63 | &nbsp;&nbsp; 8-15-2029 | 2854000 | &nbsp;&nbsp; 2647865 |
| U.S. Treasury Notes | 1.63 | &nbsp;&nbsp; 5-15-2031 | 7512000 | &nbsp;&nbsp; 6688908 |
| U.S. Treasury Notes | 2.00 | &nbsp;&nbsp; 11-15-2026 | 3370000 | &nbsp;&nbsp; 3306549 |
| U.S. Treasury Notes | 2.25 | &nbsp;&nbsp; 2-15-2027 | 3350000 | &nbsp;&nbsp; 3286010 |
| U.S. Treasury Notes | 2.25 | &nbsp;&nbsp; 8-15-2027 | 3338000 | &nbsp;&nbsp; 3255202 |
| U.S. Treasury Notes | 2.25 | &nbsp;&nbsp; 11-15-2027 | 3248000 | &nbsp;&nbsp; 3157665 |
| U.S. Treasury Notes | 2.38 | &nbsp;&nbsp; 5-15-2027 | 3375000 | &nbsp;&nbsp; 3307236 |
| U.S. Treasury Notes | 2.38 | &nbsp;&nbsp; 3-31-2029 | 6500000 | &nbsp;&nbsp; 6228320 |
| U.S. Treasury Notes | 2.38 | &nbsp;&nbsp; 5-15-2029 | 3295000 | &nbsp;&nbsp; 3151359 |
| U.S. Treasury Notes | 2.63 | &nbsp;&nbsp; 2-15-2029 | 3512000 | &nbsp;&nbsp; 3398134 |
| U.S. Treasury Notes | 2.75 | &nbsp;&nbsp; 2-15-2028 | 4229000 | &nbsp;&nbsp; 4145246 |
| U.S. Treasury Notes | 2.75 | &nbsp;&nbsp; 8-15-2032 | 2430000 | &nbsp;&nbsp; 2259046 |
| U.S. Treasury Notes | 2.88 | &nbsp;&nbsp; 5-15-2028 | 4397000 | &nbsp;&nbsp; 4314728 |
| U.S. Treasury Notes | 2.88 | &nbsp;&nbsp; 8-15-2028 | 4422000 | &nbsp;&nbsp; 4331660 |
| U.S. Treasury Notes | 3.13 | &nbsp;&nbsp; 11-15-2028 | 3621000 | &nbsp;&nbsp; 3565836 |
| U.S. Treasury Notes | 3.38 | &nbsp;&nbsp; 5-15-2033 | 2640000 | &nbsp;&nbsp; 2535844 |
| U.S. Treasury Notes | 3.88 | &nbsp;&nbsp; 8-15-2033 | 12035000 | &nbsp;&nbsp; 11935335 |
| U.S. Treasury Notes | 4.00 | &nbsp;&nbsp; 10-31-2029 | 2100000 | &nbsp;&nbsp; 2123625 |
| U.S. Treasury Notes | 4.25 | &nbsp;&nbsp; 5-15-2035 | 600000 | &nbsp;&nbsp; 605531 |
| U.S. Treasury Notes | 4.38 | &nbsp;&nbsp; 5-15-2034 | 16150000 | &nbsp;&nbsp; 16523469 |
| U.S. Treasury Notes | 4.63 | &nbsp;&nbsp; 9-15-2026 | 600000 | &nbsp;&nbsp; 605011 |
| U.S. Treasury Notes | 4.63 | &nbsp;&nbsp; 2-15-2035 | 5900000 | &nbsp;&nbsp; 6131391 |
| **Total U.S. Treasury securities (Cost $470,238,933)** |  |  |  | &nbsp;&nbsp; **455012882** |

---

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

18 \| Allspring Index Asset Allocation Fund

------

Portfolio of investments—September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 2.71%** |  |  |  |  |
| **Investment companies: 2.71%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.07<br> %<br>| 34814219 | &nbsp;&nbsp; **$34814219** |
| **Total short-term investments (Cost $34,814,219)** |  |  |  | &nbsp;&nbsp; **34814219** |
| **Total investments in securities (Cost $645,704,995)** | 97.88<br> %<br>|  |  | &nbsp;&nbsp; 1255528471 |
| Other assets and liabilities, net | 2.12 |  |  | &nbsp;&nbsp; 27137372 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$1282665843** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Non-income-earning security |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| FNMA | Federal National Mortgage Association |
| REIT | Real estate investment trust |
| SOFR | Secured Overnight Financing Rate |

---

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund <br> Select Class<br>| $35830226 | $259895413 | $(260911420)<br>| $0 | $0 | $34814219 | 34814219 | $1744184 |

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; $6640049 | &nbsp;&nbsp; $6637500 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $(2549)<br>|
| E-Mini S&P 500 Index | &nbsp;&nbsp; 406 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 134910897 | &nbsp;&nbsp; 136796625 | &nbsp;&nbsp; 1885728 | &nbsp;&nbsp; 0 |
| U.S. Long Term Bond | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 6933537 | &nbsp;&nbsp; 6995625 | &nbsp;&nbsp; 62088 | &nbsp;&nbsp; 0 |
| Ultra 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 712 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 82721074 | &nbsp;&nbsp; 81935625 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (785449)<br>|
| Ultra Long Term U.S. Treasury Bond | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 4949693 | &nbsp;&nbsp; 5042625 | &nbsp;&nbsp; 92932 | &nbsp;&nbsp; 0 |
| 2-Year U.S. Treasury Notes | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; 21471574 | &nbsp;&nbsp; 21465039 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (6535)<br>|
| 5-Year U.S. Treasury Notes | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; 11468648 | &nbsp;&nbsp; 11465508 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (3140)<br>|
| **Short** |  |  |  |  |  |  |
| Ultra Long Term U.S. Treasury Bond | &nbsp;&nbsp; (316)<br>| &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; (38304091)<br>| &nbsp;&nbsp; (37939750)<br>| &nbsp;&nbsp; 364341 | &nbsp;&nbsp; 0 |
|  |  |  |  |  | &nbsp;&nbsp; **$2405089** | &nbsp;&nbsp; **$(797673)**<br>|

---

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

Allspring Index Asset Allocation Fund \| 19

------

Statement of assets and liabilities—September 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $610,890,776) | $1220714252 |
| Investments in affiliated securities, at value (cost $34,814,219) | 34814219 |
| Cash | 3494 |
| Cash at broker segregated for futures contracts | 10878660 |
| Receivable for investments sold | 14797597 |
| Receivable for dividends and interest | 3282817 |
| Receivable for daily variation margin on open futures contracts | 701793 |
| Receivable for Fund shares sold | 322048 |
| Prepaid expenses and other assets | 69459 |
| **Total assets** | **1285584339** |
| Liabilities |  |
| Payable for Fund shares redeemed | 1713397 |
| Management fee payable | 619166 |
| Shareholder servicing fees payable | 235375 |
| Administration fees payable | 194314 |
| Payable for daily variation margin on open futures contracts | 73588 |
| Distribution fee payable | 31255 |
| Accrued expenses and other liabilities | 51401 |
| **Total liabilities** | **2918496** |
| **Total net assets**  | **$1282665843** |
| Net assets consist of |  |
| Paid-in capital | $599063565 |
| Total distributable earnings | 683602278 |
| **Total net assets** | **$1282665843** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $965693198 |
| Shares outstanding–Class A<sup>1</sup> <br>| 23061786 |
| Net asset value per share–Class A | $41.87 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $44.42 |
| Net assets–Class C | $50938080 |
| Shares outstanding–Class C<sup>1</sup> <br>| 2293339 |
| Net asset value per share–Class C | $22.21 |
| Net assets–Administrator Class | $136814989 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 3262976 |
| Net asset value per share–Administrator Class | $41.93 |
| Net assets–Institutional Class | $129219576 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 3090496 |
| Net asset value per share–Institutional Class | $41.81 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> 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.

20 \| Allspring Index Asset Allocation Fund

------

Statement of operations—year ended September 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $15520740 |
| Dividends (net of foreign withholdings taxes of $2,297) | 10191873 |
| Income from affiliated securities | 1744184 |
| **Total investment income** | **27456797** |
| Expenses |  |
| Management fee | 7789428 |
| Administration fees |  |
| Class A | 1873952 |
| Class C | 123016 |
| Administrator Class | 182721 |
| Institutional Class | 183115 |
| Shareholder servicing fees |  |
| Class A | 2342441 |
| Class C | 153255 |
| Administrator Class | 348499 |
| Distribution fee |  |
| Class C | 459644 |
| Custody and accounting fees | 49176 |
| Professional fees | 50238 |
| Registration fees | 47723 |
| Shareholder report expenses | 35758 |
| Trustees' fees and expenses | 16589 |
| Other fees and expenses | 92344 |
| **Total expenses** | **13747899** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (142270)<br>|
| Class A | (63157)<br>|
| Class C | (3)<br>|
| Administrator Class | (140207)<br>|
| **Net expenses** | **13402262** |
| **Net investment income** | **14054535** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | 122973212 |
| Futures contracts | (11937323)<br>|
| **Net realized gains on investments**  | **111035889** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | (14092426)<br>|
| Futures contracts | (1598483)<br>|
| **Net change in unrealized gains (losses) on investments** | **(15690909)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **95344980** |
| **Net increase in net assets resulting from operations** | **$109399515** |

---

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

Allspring Index Asset Allocation Fund \| 21

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2024 | Year ended<br> September 30, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $14054535 |  | &nbsp;&nbsp; $13918602 |
| Net realized gains on investments |  | &nbsp;&nbsp; 111035889 |  | &nbsp;&nbsp; 136421038 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (15690909)<br>|  | &nbsp;&nbsp; 158446309 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **109399515** |  | &nbsp;&nbsp; **308785949** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (109370793)<br>|  | &nbsp;&nbsp; (63353592)<br>|
| Class C |  | &nbsp;&nbsp; (13719939)<br>|  | &nbsp;&nbsp; (9894691)<br>|
| Administrator Class |  | &nbsp;&nbsp; (16857090)<br>|  | &nbsp;&nbsp; (14289051)<br>|
| Institutional Class |  | &nbsp;&nbsp; (17989572)<br>|  | &nbsp;&nbsp; (10584586)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(157937394)**<br>|  | &nbsp;&nbsp; **(98121920)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 818198 | &nbsp;&nbsp; 32447636 | &nbsp;&nbsp; 1104816 | &nbsp;&nbsp; 43316683 |
| Class C | 188296 | &nbsp;&nbsp; 4073472 | &nbsp;&nbsp; 317125 | &nbsp;&nbsp; 7292002 |
| Administrator Class | 466263 | &nbsp;&nbsp; 18622278 | &nbsp;&nbsp; 385309 | &nbsp;&nbsp; 15026972 |
| Institutional Class | 592085 | &nbsp;&nbsp; 23669844 | &nbsp;&nbsp; 768794 | &nbsp;&nbsp; 30174041 |
|  |  | &nbsp;&nbsp; 78813230 |  | &nbsp;&nbsp; 95809698 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 2660800 | &nbsp;&nbsp; 105483114 | &nbsp;&nbsp; 1646124 | &nbsp;&nbsp; 61212861 |
| Class C | 634785 | &nbsp;&nbsp; 13381510 | &nbsp;&nbsp; 447557 | &nbsp;&nbsp; 9532807 |
| Administrator Class | 422752 | &nbsp;&nbsp; 16771010 | &nbsp;&nbsp; 383484 | &nbsp;&nbsp; 14239539 |
| Institutional Class | 400965 | &nbsp;&nbsp; 15878064 | &nbsp;&nbsp; 245408 | &nbsp;&nbsp; 9146251 |
|  |  | &nbsp;&nbsp; 151513698 |  | &nbsp;&nbsp; 94131458 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (2884342)<br>| &nbsp;&nbsp; (114430598)<br>| &nbsp;&nbsp; (2649860)<br>| &nbsp;&nbsp; (103677079)<br>|
| Class C | (1684282)<br>| &nbsp;&nbsp; (35873718)<br>| &nbsp;&nbsp; (1865028)<br>| &nbsp;&nbsp; (42761343)<br>|
| Administrator Class | (1231804)<br>| &nbsp;&nbsp; (49593170)<br>| &nbsp;&nbsp; (2992935)<br>| &nbsp;&nbsp; (116425545)<br>|
| Institutional Class | (1479504)<br>| &nbsp;&nbsp; (58337800)<br>| &nbsp;&nbsp; (1085955)<br>| &nbsp;&nbsp; (42475737)<br>|
|  |  | &nbsp;&nbsp; (258235286)<br>|  | &nbsp;&nbsp; (305339704)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(27908358)**<br>|  | &nbsp;&nbsp; **(115398548)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(76446237)**<br>|  | &nbsp;&nbsp; **95265481** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **1359112080** |  | &nbsp;&nbsp; **1263846599** |
| **End of period** |  | &nbsp;&nbsp; **$1282665843** |  | &nbsp;&nbsp; **$1359112080** |

---

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

22 \| Allspring Index Asset Allocation Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$43.18** | &nbsp;&nbsp; **$36.72** | &nbsp;&nbsp; **$34.96** | &nbsp;&nbsp; **$43.74** | &nbsp;&nbsp; **$38.89** |
| Net investment income | 0.43 <br><sup>1</sup><br>| 0.42 <br><sup>1</sup><br>| 0.33 <br><sup>1</sup><br>| 0.21 | 0.19 |
| Net realized and unrealized gains (losses) on investments | 3.18 | 8.91 | 3.25 | &nbsp;&nbsp; (6.23)<br>| 5.97 |
| Total from investment operations | 3.61 | 9.33 | 3.58 | &nbsp;&nbsp; (6.02)<br>| 6.16 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.43)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.12)<br>|
| Net realized gains | (4.49)<br>| &nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp; (1.19)<br>|
| Total distributions to shareholders | (4.92)<br>| &nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp; (1.31)<br>|
| **Net asset value, end of period** | **$41.87** | &nbsp;&nbsp; **$43.18** | &nbsp;&nbsp; **$36.72** | &nbsp;&nbsp; **$34.96** | &nbsp;&nbsp; **$43.74** |
| **Total return**<sup>2</sup> <br>| **9.11%**<br>| **26.75%**<br>| **10.41%**<br>| &nbsp;&nbsp; **(14.91)%**<br>| **16.18%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.08<br> %<br>| 1.11<br> %<br>| 1.13<br> %<br>| 1.10<br> %<br>| 1.09<br> %<br>|
| Net expenses | 1.06<br> %<br>| 1.06<br> %<br>| 1.07<br> %<br>| 1.08<br> %<br>| 1.08<br> %<br>|
| Net investment income | 1.08<br> %<br>| 1.06<br> %<br>| 0.91<br> %<br>| 0.52<br> %<br>| 0.46<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 19<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (000s omitted) | $965693 | &nbsp;&nbsp; $970143 | &nbsp;&nbsp; $821312 | &nbsp;&nbsp; $802444 | &nbsp;&nbsp; $1013263 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

Allspring Index Asset Allocation Fund \| 23

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$25.04** | &nbsp;&nbsp; **$22.25** | &nbsp;&nbsp; **$21.15** | &nbsp;&nbsp; **$26.46** | &nbsp;&nbsp; **$23.64** |
| Net investment income (loss) | 0.07 <br><sup>1</sup><br>| 0.07 <br><sup>1</sup><br>| 0.03 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.08)<br>|
| Net realized and unrealized gains (losses) on investments | 1.73 | 5.22 | 1.97 | &nbsp;&nbsp; (3.75)<br>| 3.63 |
| Total from investment operations | 1.80 | 5.29 | 2.00 | &nbsp;&nbsp; (3.82)<br>| 3.55 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.14)<br>| &nbsp;&nbsp; (0.05)<br>| 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>|
| Net realized gains | (4.49)<br>| &nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (0.72)<br>|
| Total distributions to shareholders | (4.63)<br>| &nbsp;&nbsp; (2.50)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (0.73)<br>|
| **Net asset value, end of period** | **$22.21** | &nbsp;&nbsp; **$25.04** | &nbsp;&nbsp; **$22.25** | &nbsp;&nbsp; **$21.15** | &nbsp;&nbsp; **$26.46** |
| **Total return**<sup>2</sup> <br>| **8.31%**<br>| **25.80%**<br>| **9.57%**<br>| &nbsp;&nbsp; **(15.56)%**<br>| **15.31%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.83<br> %<br>| 1.85<br> %<br>| 1.87<br> %<br>| 1.85<br> %<br>| 1.84<br> %<br>|
| Net expenses | 1.82<br> %<br>| 1.82<br> %<br>| 1.83<br> %<br>| 1.83<br> %<br>| 1.83<br> %<br>|
| Net investment income (loss) | 0.32<br> %<br>| 0.31<br> %<br>| 0.15<br> %<br>| &nbsp;&nbsp; (0.24)%<br>| &nbsp;&nbsp; (0.29)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 19<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (000s omitted) | $50938 | &nbsp;&nbsp; $79001 | &nbsp;&nbsp; $94684 | &nbsp;&nbsp; $110992 | &nbsp;&nbsp; $150795 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

24 \| Allspring Index Asset Allocation Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$43.19** | &nbsp;&nbsp; **$36.72** | &nbsp;&nbsp; **$34.96** | &nbsp;&nbsp; **$43.80** | &nbsp;&nbsp; **$38.89** |
| Net investment income | 0.50 <br><sup>1</sup><br>| 0.48 <br><sup>1</sup><br>| 0.40 <br><sup>1</sup><br>| 0.28 | 0.26 |
| Net realized and unrealized gains (losses) on investments | 3.18 | 8.91 | 3.25 | &nbsp;&nbsp; (6.22)<br>| 5.98 |
| Total from investment operations | 3.68 | 9.39 | 3.65 | &nbsp;&nbsp; (5.94)<br>| 6.24 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.45)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized gains | (4.49)<br>| &nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp; (1.19)<br>|
| Total distributions to shareholders | (4.94)<br>| &nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp; (2.90)<br>| &nbsp;&nbsp; (1.33)<br>|
| **Net asset value, end of period** | **$41.93** | &nbsp;&nbsp; **$43.19** | &nbsp;&nbsp; **$36.72** | &nbsp;&nbsp; **$34.96** | &nbsp;&nbsp; **$43.80** |
| **Total return**<sup>2</sup> <br>| **9.31%**<br>| **26.95%**<br>| **10.61%**<br>| &nbsp;&nbsp; **(14.77)%**<br>| **16.40%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.01<br> %<br>| 1.03<br> %<br>| 1.05<br> %<br>| 1.02<br> %<br>| 1.01<br> %<br>|
| Net expenses | 0.90<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>|
| Net investment income | 1.25<br> %<br>| 1.23<br> %<br>| 1.08<br> %<br>| 0.69<br> %<br>| 0.63<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 19<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (000s omitted) | $136815 | &nbsp;&nbsp; $155739 | &nbsp;&nbsp; $214064 | &nbsp;&nbsp; $259704 | &nbsp;&nbsp; $358573 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring Index Asset Allocation Fund \| 25

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$43.12** | &nbsp;&nbsp; **$36.67** | &nbsp;&nbsp; **$34.91** | &nbsp;&nbsp; **$43.79** | &nbsp;&nbsp; **$38.84** |
| Net investment income | 0.56 <br><sup>1</sup><br>| 0.54 <br><sup>1</sup><br>| 0.45 <br><sup>1</sup><br>| 0.33 | 0.33 |
| Net realized and unrealized gains (losses) on investments | 3.17 | 8.90 | 3.25 | &nbsp;&nbsp; (6.20)<br>| 5.97 |
| Total from investment operations | 3.73 | 9.44 | 3.70 | &nbsp;&nbsp; (5.87)<br>| 6.30 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.55)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.16)<br>|
| Net realized gains | (4.49)<br>| &nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp; (1.19)<br>|
| Total distributions to shareholders | (5.04)<br>| &nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (1.35)<br>|
| **Net asset value, end of period** | **$41.81** | &nbsp;&nbsp; **$43.12** | &nbsp;&nbsp; **$36.67** | &nbsp;&nbsp; **$34.91** | &nbsp;&nbsp; **$43.79** |
| **Total return**<sup>2</sup> <br>| **9.46%**<br>| **27.15%**<br>| **10.79%**<br>| &nbsp;&nbsp; **(14.64)%**<br>| **16.57%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.76<br> %<br>| 0.79<br> %<br>| 0.80<br> %<br>| 0.77<br> %<br>| 0.76<br> %<br>|
| Net expenses | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income | 1.40<br> %<br>| 1.38<br> %<br>| 1.23<br> %<br>| 0.85<br> %<br>| 0.79<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 19<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (000s omitted) | $129220 | &nbsp;&nbsp; $154228 | &nbsp;&nbsp; $133787 | &nbsp;&nbsp; $150936 | &nbsp;&nbsp; $165569 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

26 \| Allspring Index Asset Allocation Fund

------

Notes to financial statements

Notes to financial statements

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 Asset Allocation Fund (the "Fund") which is a diversified series of the Trust.

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 ("GAAP") 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.

Equity securities, exchange-traded funds and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

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 (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

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

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and security values and is subject to interest rate risk and 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 Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of assets and liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund's payment obligations. When the contracts are closed, a realized gain or loss is recorded 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.Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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 earned on cash balances held at the custodian is recorded as interest income.

Allspring Index Asset Allocation Fund \| 27

------

Notes to financial statements

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

Distributions to shareholders

Distributions to shareholders are recorded on the ex-dividend date and paid from net investment income quarterly 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. GAAP. 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, as applicable, 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 September 30, 2025, the aggregate cost of all investments for federal income tax purposes was $686,404,065 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $594442768 |
| Gross unrealized losses | &nbsp;&nbsp; (23710946)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$570731822** |

---

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.&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

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

28 \| Allspring Index Asset Allocation Fund

------

Notes to financial statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Agency securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $11327 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $11327 |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; 77605949 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 77605949 |
| *Consumer discretionary* | &nbsp;&nbsp; 80671250 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 80671250 |
| *Consumer staples* | &nbsp;&nbsp; 37581598 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 37581598 |
| *Energy* | &nbsp;&nbsp; 22113135 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 22113135 |
| *Financials* | &nbsp;&nbsp; 103686873 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 103686873 |
| *Health care* | &nbsp;&nbsp; 67843719 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 67843719 |
| *Industrials* | &nbsp;&nbsp; 63456772 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 63456772 |
| *Information technology* | &nbsp;&nbsp; 266330893 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 266330893 |
| *Materials* | &nbsp;&nbsp; 13585987 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 13585987 |
| *Real estate* | &nbsp;&nbsp; 14827877 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14827877 |
| *Utilities* | &nbsp;&nbsp; 17984259 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 17984259 |
| **Non-agency mortgage-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1731 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1731 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 455012882 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 455012882 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 34814219 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 34814219 |
|  | &nbsp;&nbsp; 1255515413 | &nbsp;&nbsp;&nbsp; 13058 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1255528471 |
| **Futures contracts** | &nbsp;&nbsp; 2405089 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2405089 |
| **Total assets** | &nbsp;&nbsp; **$1257920502** | &nbsp;&nbsp;&nbsp; **$13058** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1257933560** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Futures contracts** | &nbsp;&nbsp; $797673 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $797673 |
| **Total liabilities** | &nbsp;&nbsp; **$797673** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$797673** |

---

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.

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

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, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.650<br> %<br>|
| Next $500 million | 0.600 |
| Next $2 billion | 0.550 |
| Next $2 billion | 0.525 |
| Next $5 billion | 0.490 |
| Over $10 billion | 0.480 |

---

For the year ended September 30, 2025, the management fee was equivalent to an annual rate of 0.61% of the Fund's average daily net assets.

Allspring Index Asset Allocation Fund \| 29

------

Notes to financial statements

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

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 and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Administrator Class | 0.13 |
| Institutional Class | 0.13 |

---

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 reimbursed 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. Allspring Funds Management has contractually committed through January 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of September 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.07<br> %<br>|
| Class C | 1.82 |
| Administrator Class | 0.90 |
| Institutional Class | 0.75 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares 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"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.

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 year ended September 30, 2025, Allspring Funds Distributor received $16,321 from the sale of Class A shares and $3,784 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended September 30, 2025.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund 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. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended September 30, 2025.

30 \| Allspring Index Asset Allocation Fund

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Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended September 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $191580986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36294229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $188017597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $226889896 |

---

6. DERIVATIVE TRANSACTIONS

During the year ended September 30, 2025, the Fund entered into futures contracts to manage the duration of the portfolio and to gain market exposure to certain asset classes by implementing tactical asset allocation shifts. The Fund had an average notional amount of $168,959,345 in long futures contracts and $38,467,719 in short futures contracts during the year ended September 30, 2025.

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.

The fair value of derivative instruments as of September 30, 2025 by primary risk type was as follows for the Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Equity <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Futures contracts | &nbsp;&nbsp; $519,361 <br>\*<br>| $1,885,728 <br>\*<br>| $2405089 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Futures contracts | &nbsp;&nbsp; $797,673 <br>\*<br>| $0 <br>\*<br>| $797673 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of investments. For futures contracts, only the current day's variation margin as of September 30, 2025 is reported separately on the Statement of assets and liabilities. 

The effect of derivative instruments on the Statement of operations for the year ended September 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | INTEREST RATE <br>RISK<br>| Equity <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $(12398903)<br>| $461580 | $(11937323)<br>|
| **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $(875045)<br>| $(723438)<br>| $(1598483)<br>|

---

7. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 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 or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended September 30, 2025, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended September 30 | Year ended September 30 |
|  | 2025 | 2024 |
| **Ordinary income** | $20317747 | $13844736 |
| **Long-term capital gain** | 137619647 | 84277184 |

---

As of September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>gains<br>|
| &nbsp;&nbsp;&nbsp; $654946 | &nbsp;&nbsp; $112215510 | &nbsp;&nbsp;&nbsp; $570731822 |

---

Allspring Index Asset Allocation Fund \| 31

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

9. 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.

10. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined in *Segment Reporting (Topic 280)*, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

11. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

32 \| Allspring Index Asset Allocation Fund

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Index Asset Allocation Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, transfer agent, and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g774251img9aa18d902.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

November 20, 2025

Allspring Index Asset Allocation Fund \| 33

------

Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 57% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2025.

Pursuant to Section 852 of the Internal Revenue Code, $137,619,647 was designated as a 20% rate gain distribution for the fiscal year ended

September 30, 2025.

Pursuant to Section 854 of the Internal Revenue Code, $12,055,864 of income dividends paid during the fiscal year ended September 30, 2025 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2025, $8,665,801 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended September 30, 2025, $6,279,809 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended September 30, 2025, 83% of the ordinary income distributed was derived from interest on U.S. government securities.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, 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.

Quarterly portfolio holdings information

The Fund 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. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

34 \| Allspring Index Asset Allocation Fund

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Index Asset Allocation Fund \| 35

------

Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Index Asset Allocation Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

36 \| Allspring Index Asset Allocation Fund

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Index Asset Allocation Blended Index, for the one-year period under review, in range of the investment performance of its benchmark index for the five-year period under review, and lower for the three- and ten-year periods under review. The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for Administrator Class, equal to the median net operating expense ratios of the expense Groups for Institutional Class, and higher than the median net operating expense ratios of the expense Groups for Class A.

The Board received information concerning, and discussed factors contributing to, the expenses of the Fund relative to the median net operating expense ratios of the expense Groups. The Board took note of the explanations for the Fund's expenses during these periods, including with respect to factors that affected the Fund's expenses.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of the average rates for the expense Groups for each share class except Class A, which was higher than the sum of the average rates for the expense Groups.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Allspring Index Asset Allocation Fund \| 37

------

Other information (unaudited)

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

38 \| Allspring Index Asset Allocation Fund

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![](g774251img611960651.jpg)

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: **1-800-260-5969**

![](g774251imgb71748533.gif)

*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<sup>TM</sup> 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.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR0458 09-25**

------

![](g774251img13a03aef1.jpg)

Allspring Managed Account

Allspring Managed Account *CoreBuilder*® Shares – Series SP

Long Form Financial Statements

Annual Report

September 30, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_f9ecba88-9a29-4931-9acf-e1e3a37cb5bc_POI-PageBlank-1025_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_f9ecba88-9a29-4931-9acf-e1e3a37cb5bc_FS-PageBlank-1025_1)** |  |
| [Statement of assets and liabilities](#xx_f9ecba88-9a29-4931-9acf-e1e3a37cb5bc_FS-PageBlank-1025_1) | 10 |
| [Statement of operations](#xx_f9ecba88-9a29-4931-9acf-e1e3a37cb5bc_FS-PageBlank-1025_2) | 11 |
| [Statement of changes in net assets](#xx_f9ecba88-9a29-4931-9acf-e1e3a37cb5bc_FS-PageBlank-1025_3) | 12 |
| [Financial highlights](#xx_f9ecba88-9a29-4931-9acf-e1e3a37cb5bc_FIHI-PageBlank-1025_1) | 13 |
| **[Notes to financial statements](#xx_f9ecba88-9a29-4931-9acf-e1e3a37cb5bc_NTF-PageBlank-1025_1)** | 14 |
| **[Report of independent registered public accounting firm](#xx_f9ecba88-9a29-4931-9acf-e1e3a37cb5bc_AUD-PageBlank-1025_1)** | 21 |
| **[Other information](#xx_f9ecba88-9a29-4931-9acf-e1e3a37cb5bc_OI-PageBlank-1025_1)** | 22 |
| [Item 8. Changes in and disagreements with accountants](#xx_f9ecba88-9a29-4931-9acf-e1e3a37cb5bc_OI-PageBlank-1025_2) | 23 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_f9ecba88-9a29-4931-9acf-e1e3a37cb5bc_OI-PageBlank-1025_2) | 23 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_f9ecba88-9a29-4931-9acf-e1e3a37cb5bc_OI-PageBlank-1025_2) | 23 |
| [Item 11. Statement regarding basis for board](#xx_f9ecba88-9a29-4931-9acf-e1e3a37cb5bc_OI-PageBlank-1025_3)['](#xx_f9ecba88-9a29-4931-9acf-e1e3a37cb5bc_OI-PageBlank-1025_3)[s approval of investment](#xx_f9ecba88-9a29-4931-9acf-e1e3a37cb5bc_OI-PageBlank-1025_3)<br> [advisory contract](#xx_f9ecba88-9a29-4931-9acf-e1e3a37cb5bc_OI-PageBlank-1025_3)<br>| 24 |

---

Allspring Managed Account \| 1

------

Portfolio of investments—September 30, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Agency securities: 3.12%** |  |  |  |  |
| FNMA%% | 5.00<br> %<br>| &nbsp;&nbsp; 10-14-2055 | $310000 | &nbsp;&nbsp; $307414 |
| GNMA%% | 5.00 | &nbsp;&nbsp; 10-15-2054 | 95000 | &nbsp;&nbsp; 94489 |
| GNMA%% | 5.50 | &nbsp;&nbsp; 10-15-2054 | 235000 | &nbsp;&nbsp; 236749 |
| GNMA | 5.50 | &nbsp;&nbsp; 12-20-2054 | 195695 | &nbsp;&nbsp; 197418 |
| **Total agency securities (Cost $835,637)** |  |  |  | &nbsp;&nbsp; **836070** |
| **Asset-backed securities: 24.83%** |  |  |  |  |
| &nbsp;&nbsp; ACREC LLC Series 2025-FL3 Class A (U.S. SOFR 1 <br> Month+1.31%)144A±<br>| 5.45 | &nbsp;&nbsp; 8-18-2042 | 100000 | &nbsp;&nbsp; 99904 |
| &nbsp;&nbsp; AmeriCredit Automobile Receivables Trust Series 2024-1 <br> Class A2B (30 Day Average U.S. SOFR+0.60%)±<br>| 4.99 | &nbsp;&nbsp; 2-18-2028 | 65927 | &nbsp;&nbsp; 65949 |
| Avant Loans Funding Trust Series 2024-REV1 Class B144A | 6.17 | &nbsp;&nbsp; 10-15-2033 | 350000 | &nbsp;&nbsp; 355872 |
| &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC Series 2023-6A <br> Class A144A<br>| 5.81 | &nbsp;&nbsp; 12-20-2029 | 350000 | &nbsp;&nbsp; 364530 |
| &nbsp;&nbsp; BDS LLC Series 2025-FL14 Class A (U.S. SOFR 1 <br> Month+1.28%)144A±<br>| 5.42 | &nbsp;&nbsp; 10-21-2042 | 100000 | &nbsp;&nbsp; 100125 |
| BHG Securitization Trust Series 2021-A Class A144A | 1.42 | &nbsp;&nbsp; 11-17-2033 | 153349 | &nbsp;&nbsp; 151719 |
| &nbsp;&nbsp; Brex Commercial Charge Card Master Trust Series 2024-1 <br> Class A1144A<br>| 6.05 | &nbsp;&nbsp; 7-15-2027 | 350000 | &nbsp;&nbsp; 352176 |
| Carvana Auto Receivables Trust Series 2023-P1 Class A3144A | 5.98 | &nbsp;&nbsp; 12-10-2027 | 122404 | &nbsp;&nbsp; 122837 |
| Carvana Auto Receivables Trust Series 2024-P2 Class A3 | 5.33 | &nbsp;&nbsp; 7-10-2029 | 340000 | &nbsp;&nbsp; 343003 |
| &nbsp;&nbsp; ClickLease Equipment Receivables Trust Series 2024-1 <br> Class C144A<br>| 8.40 | &nbsp;&nbsp; 2-15-2030 | 375000 | &nbsp;&nbsp; 380880 |
| Cloud Capital Holdco LP Series 2024-1A Class A2144A | 5.78 | &nbsp;&nbsp; 11-22-2049 | 185000 | &nbsp;&nbsp; 187928 |
| CoreVest American Finance Trust Series 2021-3 Class B144A | 2.49 | &nbsp;&nbsp; 10-15-2054 | 300000 | &nbsp;&nbsp; 292128 |
| Driven Brands Funding LLC Series 2021-1A Class A2144A | 2.79 | &nbsp;&nbsp; 10-20-2051 | 328682 | &nbsp;&nbsp; 309790 |
| Exeter Automobile Receivables Trust Series 2021-3A Class D | 1.55 | &nbsp;&nbsp; 6-15-2027 | 152817 | &nbsp;&nbsp; 151000 |
| &nbsp;&nbsp; Gracie Point International Funding LLC Series 2025-1A Class A <br> (30 Day Average U.S. SOFR+1.50%)144A±<br>| 5.85 | &nbsp;&nbsp; 8-15-2028 | 105000 | &nbsp;&nbsp; 105196 |
| &nbsp;&nbsp; HGI CRE CLO Ltd. Series 2021-FL2 Class A (U.S. SOFR 1 <br> Month+1.11%)144A±<br>| 5.26 | &nbsp;&nbsp; 9-17-2036 | 12115 | &nbsp;&nbsp; 12101 |
| &nbsp;&nbsp; MF1 Ltd. Series 2021-FL7 Class E (U.S. SOFR 1 <br> Month+2.91%)144A±<br>| 7.05 | &nbsp;&nbsp; 10-16-2036 | 250000 | &nbsp;&nbsp; 244166 |
| Neighborly Issuer LLC Series 2023-1A Class A2144A | 7.31 | &nbsp;&nbsp; 1-30-2053 | 234000 | &nbsp;&nbsp; 237038 |
| &nbsp;&nbsp; Nissan Master Owner Trust Receivables Series 2024-A Class A <br> (30 Day Average U.S. SOFR+0.67%)144A±<br>| 5.04 | &nbsp;&nbsp; 2-15-2028 | 350000 | &nbsp;&nbsp; 350280 |
| &nbsp;&nbsp; OneMain Financial Issuance Trust Series 2023-2A Class A2 (30 <br> Day Average U.S. SOFR+1.50%)144A±<br>| 5.87 | &nbsp;&nbsp; 9-15-2036 | 350000 | &nbsp;&nbsp; 353561 |
| RCKT Mortgage Trust Series 2024-CES2 Class A2144A±± | 6.39 | &nbsp;&nbsp; 4-25-2044 | 349530 | &nbsp;&nbsp; 354463 |
| &nbsp;&nbsp; Research-Driven Pagaya Motor Asset Trust VII Series 2022-3A <br> Class A144A<br>| 5.38 | &nbsp;&nbsp; 11-25-2030 | 27709 | &nbsp;&nbsp; 27717 |
| SEB Funding LLC Series 2024-1A Class A2144A | 7.39 | &nbsp;&nbsp; 4-30-2054 | 160000 | &nbsp;&nbsp; 163633 |
| Service Experts Issuer LLC Series 2025-1A Class A144A | 5.38 | &nbsp;&nbsp; 1-20-2037 | 197340 | &nbsp;&nbsp; 198019 |
| Sotheby's ArtFi Master Trust Series 2024-1A Class A1144A | 6.43 | &nbsp;&nbsp; 12-22-2031 | 350000 | &nbsp;&nbsp; 352267 |
| &nbsp;&nbsp; Starwood Ltd. Series 2022-FL3 Class A (30 Day Average <br> U.S. SOFR+1.35%)144A±<br>| 5.72 | &nbsp;&nbsp; 11-15-2038 | 143532 | &nbsp;&nbsp; 143002 |
| Subway Funding LLC Series 2024-3A Class A2I144A | 5.25 | &nbsp;&nbsp; 7-30-2054 | 143913 | &nbsp;&nbsp; 143908 |

---

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

2 \| Allspring Managed Account

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; Venture 44 CLO Ltd. Series 2021-44A Class A1NR (U.S. SOFR 3 <br> Month+1.14%)144A±<br>| 5.47<br> %<br>| &nbsp;&nbsp; 10-20-2034 | $350000 | &nbsp;&nbsp; $348551 |
| Westlake Flooring Master Trust Series 2024-1A Class B144A | 6.07 | &nbsp;&nbsp; 2-15-2028 | 350000 | &nbsp;&nbsp; 351573 |
| **Total asset-backed securities (Cost $6,649,014)** |  |  |  | &nbsp;&nbsp; **6663316** |
| **Corporate bonds and notes: 15.33%** |  |  |  |  |
| **Basic materials: 0.77%** |  |  |  |  |
| **Chemicals: 0.77%** |  |  |  |  |
| Syensqo Finance America LLC144A | 5.65 | &nbsp;&nbsp; 6-4-2029 | 200000 | &nbsp;&nbsp; **207042** |
| **Communications: 1.09%** |  |  |  |  |
| **Media: 0.53%** |  |  |  |  |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 6.10 | &nbsp;&nbsp; 6-1-2029 | 135000 | &nbsp;&nbsp; **141668** |
| **Telecommunications: 0.56%** |  |  |  |  |
| Frontier California, Inc. Series F | 6.75 | &nbsp;&nbsp; 5-15-2027 | 150000 | &nbsp;&nbsp; **151500** |
| **Consumer, cyclical: 3.45%** |  |  |  |  |
| **Airlines: 0.61%** |  |  |  |  |
| American Airlines Pass-Through Trust Series 2015-1 Class A | 3.38 | &nbsp;&nbsp; 5-1-2027 | 99904 | &nbsp;&nbsp; 98257 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.144A | 4.75 | &nbsp;&nbsp; 10-20-2028 | 65000 | &nbsp;&nbsp; 65365 |
|  |  |  |  | &nbsp;&nbsp; **163622** |
| **Auto manufacturers: 1.12%** |  |  |  |  |
| Nissan Motor Acceptance Co. LLC144A | 2.00 | &nbsp;&nbsp; 3-9-2026 | 100000 | &nbsp;&nbsp; 98391 |
| Volkswagen Group of America Finance LLC144A | 4.45 | &nbsp;&nbsp; 9-11-2027 | 200000 | &nbsp;&nbsp; 200486 |
|  |  |  |  | &nbsp;&nbsp; **298877** |
| **Lodging: 0.70%** |  |  |  |  |
| Las Vegas Sands Corp. | 6.00 | &nbsp;&nbsp; 8-15-2029 | 180000 | &nbsp;&nbsp; **187475** |
| **Retail: 0.76%** |  |  |  |  |
| Advance Auto Parts, Inc. | 5.95 | &nbsp;&nbsp; 3-9-2028 | 200000 | &nbsp;&nbsp; **204505** |
| **Toys/games/hobbies: 0.26%** |  |  |  |  |
| Mattel, Inc.144A | 5.88 | &nbsp;&nbsp; 12-15-2027 | 70000 | &nbsp;&nbsp; **70159** |
| **Consumer, non-cyclical: 0.57%** |  |  |  |  |
| **Commercial services: 0.19%** |  |  |  |  |
| UL Solutions, Inc. | 6.50 | &nbsp;&nbsp; 10-20-2028 | 50000 | &nbsp;&nbsp; **52649** |
| **Food: 0.38%** |  |  |  |  |
| Mars, Inc.144A | 4.60 | &nbsp;&nbsp; 3-1-2028 | 100000 | &nbsp;&nbsp; **101223** |
| **Energy: 0.77%** |  |  |  |  |
| **Pipelines: 0.77%** |  |  |  |  |
| Kinetik Holdings LP144A | 6.63 | &nbsp;&nbsp; 12-15-2028 | 200000 | &nbsp;&nbsp; **205284** |

---

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

Allspring Managed Account \| 3

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Financial: 5.66%** |  |  |  |  |
| **Banks: 0.57%** |  |  |  |  |
| Santander Holdings USA, Inc. (U.S. SOFR+1.61%)± | 5.47<br> %<br>| &nbsp;&nbsp; 3-20-2029 | $85000 | &nbsp;&nbsp; $86620 |
| U.S. Bancorp (U.S. SOFR+1.06%)± | 5.05 | &nbsp;&nbsp; 2-12-2031 | 65000 | &nbsp;&nbsp; 66666 |
|  |  |  |  | &nbsp;&nbsp; **153286** |
| **Diversified financial services: 1.09%** |  |  |  |  |
| Aircastle Ltd.144A | 6.50 | &nbsp;&nbsp; 7-18-2028 | 95000 | &nbsp;&nbsp; 99830 |
| Ares Finance Co. II LLC144A | 3.25 | &nbsp;&nbsp; 6-15-2030 | 40000 | &nbsp;&nbsp; 37781 |
| Citadel LP144A | 6.00 | &nbsp;&nbsp; 1-23-2030 | 55000 | &nbsp;&nbsp; 57166 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.144A | 2.88 | &nbsp;&nbsp; 10-15-2026 | 100000 | &nbsp;&nbsp; 97953 |
|  |  |  |  | &nbsp;&nbsp; **292730** |
| **Insurance: 2.05%** |  |  |  |  |
| Athene Global Funding | 0.37 | &nbsp;&nbsp; 9-10-2026 | 100000 | &nbsp;&nbsp; 115203 |
| Fortitude Global Funding144A%% | 4.63 | &nbsp;&nbsp; 10-6-2028 | 45000 | &nbsp;&nbsp; 45029 |
| Lincoln Financial Global Funding144A | 4.63 | &nbsp;&nbsp; 8-18-2030 | 225000 | &nbsp;&nbsp; 226356 |
| NMI Holdings, Inc. | 6.00 | &nbsp;&nbsp; 8-15-2029 | 50000 | &nbsp;&nbsp; 51677 |
| PartnerRe Finance B LLC | 3.70 | &nbsp;&nbsp; 7-2-2029 | 115000 | &nbsp;&nbsp; 112546 |
|  |  |  |  | &nbsp;&nbsp; **550811** |
| **Investment Companies: 1.06%** |  |  |  |  |
| Ares Capital Corp. BDC | 5.10 | &nbsp;&nbsp; 1-15-2031 | 65000 | &nbsp;&nbsp; 64531 |
| Ares Capital Corp. BDC | 5.88 | &nbsp;&nbsp; 3-1-2029 | 55000 | &nbsp;&nbsp; 56587 |
| Blue Owl Capital Corp. BDC | 5.95 | &nbsp;&nbsp; 3-15-2029 | 80000 | &nbsp;&nbsp; 81547 |
| HPS Corporate Lending Fund BDC144A | 5.45 | &nbsp;&nbsp; 11-15-2030 | 80000 | &nbsp;&nbsp; 79946 |
|  |  |  |  | &nbsp;&nbsp; **282611** |
| **REITs: 0.89%** |  |  |  |  |
| American Tower Trust #1144A | 5.49 | &nbsp;&nbsp; 3-15-2028 | 35000 | &nbsp;&nbsp; 35633 |
| Brandywine Operating Partnership LP | 8.30 | &nbsp;&nbsp; 3-15-2028 | 100000 | &nbsp;&nbsp; 106021 |
| Piedmont Operating Partnership LP | 9.25 | &nbsp;&nbsp; 7-20-2028 | 35000 | &nbsp;&nbsp; 38864 |
| WEA Finance LLC144A | 2.88 | &nbsp;&nbsp; 1-15-2027 | 60000 | &nbsp;&nbsp; 58783 |
|  |  |  |  | &nbsp;&nbsp; **239301** |
| **Industrial: 0.35%** |  |  |  |  |
| **Engineering & construction: 0.35%** |  |  |  |  |
| MasTec, Inc.144A | 4.50 | &nbsp;&nbsp; 8-15-2028 | 95000 | &nbsp;&nbsp; **94745** |
| **Technology: 0.97%** |  |  |  |  |
| **Computers: 0.56%** |  |  |  |  |
| Dell International LLC/EMC Corp.%% | 4.50 | &nbsp;&nbsp; 2-15-2031 | 150000 | &nbsp;&nbsp; **149653** |
| **Semiconductors: 0.41%** |  |  |  |  |
| Entegris, Inc.144A | 4.75 | &nbsp;&nbsp; 4-15-2029 | 110000 | &nbsp;&nbsp; **109057** |
| **Utilities: 1.70%** |  |  |  |  |
| **Electric: 1.70%** |  |  |  |  |
| Duke Energy Corp. | 3.10 | &nbsp;&nbsp; 6-15-2028 | 100000 | &nbsp;&nbsp; 118454 |
| Niagara Mohawk Power Corp.144A | 4.65 | &nbsp;&nbsp; 10-3-2030 | 125000 | &nbsp;&nbsp; 125578 |

---

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

4 \| Allspring Managed Account

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Electric**(continued) |  |  |  |  |
| Vistra Operations Co. LLC144A | 3.70<br> %<br>| &nbsp;&nbsp; 1-30-2027 | $10000 | &nbsp;&nbsp; $9907 |
| Vistra Operations Co. LLC144A | 5.00 | &nbsp;&nbsp; 7-31-2027 | 105000 | &nbsp;&nbsp; 104652 |
| XPLR Infrastructure Operating Partners LP144A | 3.88 | &nbsp;&nbsp; 10-15-2026 | 100000 | &nbsp;&nbsp; 98565 |
|  |  |  |  | &nbsp;&nbsp; **457156** |
| **Total corporate bonds and notes (Cost $4,052,704)** |  |  |  | &nbsp;&nbsp; **4113354** |
| **Foreign corporate bonds and notes: 2.96%** |  |  |  |  |
| **Communications: 1.26%** |  |  |  |  |
| **Telecommunications: 1.26%** |  |  |  |  |
| Eutelsat SA | 1.50 | &nbsp;&nbsp; 10-13-2028 | 100000 | &nbsp;&nbsp; 110064 |
| Fibercop SpA | 1.63 | &nbsp;&nbsp; 1-18-2029 | 100000 | &nbsp;&nbsp; 109708 |
| Lorca Telecom Bondco SA | 4.00 | &nbsp;&nbsp; 9-18-2027 | 100000 | &nbsp;&nbsp; 117396 |
|  |  |  |  | &nbsp;&nbsp; **337168** |
| **Consumer, cyclical: 0.45%** |  |  |  |  |
| **Leisure time: 0.45%** |  |  |  |  |
| TUI AG | 5.88 | &nbsp;&nbsp; 3-15-2029 | 100000 | &nbsp;&nbsp; **121972** |
| **Consumer, non-cyclical: 0.81%** |  |  |  |  |
| **Commercial services: 0.81%** |  |  |  |  |
| Amber Finco PLC | 6.63 | &nbsp;&nbsp; 7-15-2029 | 100000 | &nbsp;&nbsp; 123399 |
| Worldline SA | 4.13 | &nbsp;&nbsp; 9-12-2028 | 100000 | &nbsp;&nbsp; 95672 |
|  |  |  |  | &nbsp;&nbsp; **219071** |
| **Industrial: 0.44%** |  |  |  |  |
| **Building materials: 0.44%** |  |  |  |  |
| Heidelberg Materials Finance Luxembourg SA | 3.00 | &nbsp;&nbsp; 7-10-2030 | 100000 | &nbsp;&nbsp; **117311** |
| **Total foreign corporate bonds and notes (Cost $742,048)** |  |  |  | &nbsp;&nbsp; **795522** |
| **Foreign government bonds: 4.81%** |  |  |  |  |
| **Australia: 0.50%** |  |  |  |  |
| New South Wales Treasury Corp. | 3.00 | &nbsp;&nbsp; 4-20-2029 | 105000 | &nbsp;&nbsp; 67553 |
| Queensland Treasury Corp.144A | 3.50 | &nbsp;&nbsp; 8-21-2030 | 105000 | &nbsp;&nbsp; 67708 |
|  |  |  |  | &nbsp;&nbsp; **135261** |
| **Belgium: 0.51%** |  |  |  |  |
| European Union | 2.63 | &nbsp;&nbsp; 7-4-2028 | 115000 | &nbsp;&nbsp; **136324** |
| **Brazil: 0.70%** |  |  |  |  |
| Brazil¤ | 0.00 | &nbsp;&nbsp; 10-1-2025 | 1000000 | &nbsp;&nbsp; **187890** |
| **Colombia: 0.50%** |  |  |  |  |
| Colombia TES | 5.75 | &nbsp;&nbsp; 11-3-2027 | 560000000 | &nbsp;&nbsp; **133471** |
| **Czech Republic: 0.25%** |  |  |  |  |
| Czech Republic | 5.00 | &nbsp;&nbsp; 9-30-2030 | 1330000 | &nbsp;&nbsp; **66784** |

---

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

Allspring Managed Account \| 5

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **France: 1.13%** |  |  |  |  |
| French Republic144A | 2.70<br> %<br>| &nbsp;&nbsp; 2-25-2031 | 260000 | &nbsp;&nbsp; **$303323** |
| **South Africa: 0.27%** |  |  |  |  |
| Republic of South Africa | 8.00 | &nbsp;&nbsp; 1-31-2030 | 1260000 | &nbsp;&nbsp; **73211** |
| **United Kingdom: 0.95%** |  |  |  |  |
| U.K. Gilts | 4.13 | &nbsp;&nbsp; 7-22-2029 | 190000 | &nbsp;&nbsp; **255937** |
| **Total foreign government bonds (Cost $1,247,154)** |  |  |  | &nbsp;&nbsp; **1292201** |
| **Non-agency mortgage-backed securities: 24.87%** |  |  |  |  |
| A&D Mortgage Trust Series 2024-NQM5 Class A1144A | 5.70 | &nbsp;&nbsp; 11-25-2069 | $302495 | &nbsp;&nbsp; 304458 |
| BAHA Trust Series 2024-MAR Class B144A±± | 7.07 | &nbsp;&nbsp; 12-10-2041 | 350000 | &nbsp;&nbsp; 364635 |
| &nbsp;&nbsp; BRAVO Residential Funding Trust Series 2023-NQM1 <br> Class A1144A±±<br>| 5.76 | &nbsp;&nbsp; 1-25-2063 | 347737 | &nbsp;&nbsp; 347530 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust Series 2021-VOLT Class B <br> (U.S. SOFR 1 Month+1.06%)144A±<br>| 5.21 | &nbsp;&nbsp; 9-15-2036 | 339090 | &nbsp;&nbsp; 338030 |
| &nbsp;&nbsp; BX Trust Series 2021-ARIA Class A (U.S. SOFR 1 <br> Month+1.01%)144A±<br>| 5.16 | &nbsp;&nbsp; 10-15-2036 | 350000 | &nbsp;&nbsp; 349672 |
| &nbsp;&nbsp; BX Trust Series 2022-VAMF Class A (U.S. SOFR 1 <br> Month+0.85%)144A±<br>| 5.00 | &nbsp;&nbsp; 1-15-2039 | 260000 | &nbsp;&nbsp; 259756 |
| &nbsp;&nbsp; BX Trust Series 2024-BIO Class A (U.S. SOFR 1 <br> Month+1.64%)144A±<br>| 5.79 | &nbsp;&nbsp; 2-15-2041 | 350000 | &nbsp;&nbsp; 349453 |
| CSMC Trust Series 2018-RPL9 Class A144A±± | 3.85 | &nbsp;&nbsp; 9-25-2057 | 316105 | &nbsp;&nbsp; 305356 |
| &nbsp;&nbsp; Finance of America Structured Securities Trust Series 2025-S1 <br> Class A1144A<br>| 3.50 | &nbsp;&nbsp; 2-25-2075 | 240518 | &nbsp;&nbsp; 232444 |
| GCAT Trust Series 2022-NQM3 Class A1144A±± | 4.35 | &nbsp;&nbsp; 4-25-2067 | 325127 | &nbsp;&nbsp; 323975 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust Series 2024-RPL4 <br> Class A1144A±±<br>| 3.90 | &nbsp;&nbsp; 9-25-2061 | 326149 | &nbsp;&nbsp; 319032 |
| &nbsp;&nbsp; HAVN Trust Series 2025-MOB Class B (U.S. SOFR 1 <br> Month+2.40%)144A±%%<br>| 6.70 | &nbsp;&nbsp; 10-15-2027 | 125000 | &nbsp;&nbsp; 124997 |
| JPMorgan Mortgage Trust Series 2025-7MPR Class A1D144A±± | 5.32 | &nbsp;&nbsp; 2-25-2056 | 131935 | &nbsp;&nbsp; 132019 |
| &nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-<br> C30 Class B±±<br>| 3.31 | &nbsp;&nbsp; 9-15-2049 | 270000 | &nbsp;&nbsp; 253191 |
| Morgan Stanley Capital I Trust Series 2014-150E Class A144A | 3.91 | &nbsp;&nbsp; 9-9-2032 | 270000 | &nbsp;&nbsp; 244946 |
| &nbsp;&nbsp; New Residential Mortgage Loan Trust Series 2019-RPL3 <br> Class A1144A±±<br>| 2.75 | &nbsp;&nbsp; 7-25-2059 | 120794 | &nbsp;&nbsp; 116652 |
| &nbsp;&nbsp; New Residential Mortgage Loan Trust Series 2020-RPL1 <br> Class A1144A±±<br>| 2.75 | &nbsp;&nbsp; 11-25-2059 | 39814 | &nbsp;&nbsp; 38298 |
| &nbsp;&nbsp; OBX Trust Series 2020-EXP1 Class 2A1 (U.S. SOFR 1 <br> Month+0.86%)144A±<br>| 5.02 | &nbsp;&nbsp; 2-25-2060 | 277055 | &nbsp;&nbsp; 272153 |
| OBX Trust Series 2022-NQM7 Class A1144A±± | 5.11 | &nbsp;&nbsp; 8-25-2062 | 222791 | &nbsp;&nbsp; 222528 |
| &nbsp;&nbsp; One New York Plaza Trust Series 2020-1NYP Class A (U.S. SOFR 1 <br> Month+1.06%)144A±<br>| 5.22 | &nbsp;&nbsp; 1-15-2036 | 350000 | &nbsp;&nbsp; 344406 |
| PRKCM Trust Series 2022-AFC1 Class A1A144A±± | 4.10 | &nbsp;&nbsp; 4-25-2057 | 140014 | &nbsp;&nbsp; 139274 |
| RCKT Mortgage Trust Series 2024-CES9 Class A1A144A±± | 5.58 | &nbsp;&nbsp; 12-25-2044 | 301192 | &nbsp;&nbsp; 304390 |
| &nbsp;&nbsp; Starwood Mortgage Residential Trust Series 2020-1 <br> Class A3144A±±<br>| 2.56 | &nbsp;&nbsp; 2-25-2050 | 304839 | &nbsp;&nbsp; 291149 |

---

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

6 \| Allspring Managed Account

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Non-agency mortgage-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; SWCH Commercial Mortgage Trust Series 2025-DATA Class C <br> (U.S. SOFR 1 Month+2.09%)144A±<br>| 6.24<br> %<br>| &nbsp;&nbsp; 2-15-2042 | $460000 | &nbsp;&nbsp; $457987 |
| Towd Point Mortgage Trust Series 2023-CES1 Class A1A144A±± | 6.75 | &nbsp;&nbsp; 7-25-2063 | 237775 | &nbsp;&nbsp; 239541 |
| **Total non-agency mortgage-backed securities (Cost $6,662,148)** |  |  |  | &nbsp;&nbsp; **6675872** |
| **U.S. Treasury securities: 19.72%** |  |  |  |  |
| U.S. Treasury Notes | 3.63 | &nbsp;&nbsp; 8-31-2027 | 795000 | &nbsp;&nbsp; 794969 |
| U.S. Treasury Notes## | 3.75 | &nbsp;&nbsp; 6-30-2027 | 1585000 | &nbsp;&nbsp; 1587848 |
| U.S. Treasury Notes | 3.88 | &nbsp;&nbsp; 3-31-2027 | 625000 | &nbsp;&nbsp; 626856 |
| U.S. Treasury Notes | 3.88 | &nbsp;&nbsp; 7-31-2027 | 880000 | &nbsp;&nbsp; 883609 |
| U.S. Treasury Notes | 4.25 | &nbsp;&nbsp; 11-30-2026 | 1390000 | &nbsp;&nbsp; 1398199 |
| **Total U.S. Treasury securities (Cost $5,274,346)** |  |  |  | &nbsp;&nbsp; **5291481** |
| **Yankee corporate bonds and notes: 3.07%** |  |  |  |  |
| **Communications: 0.20%** |  |  |  |  |
| **Media: 0.20%** |  |  |  |  |
| Videotron Ltd.144A | 3.63 | &nbsp;&nbsp; 6-15-2029 | 55000 | &nbsp;&nbsp; **53321** |
| **Consumer, cyclical: 0.13%** |  |  |  |  |
| **Apparel: 0.13%** |  |  |  |  |
| Gildan Activewear, Inc.144A%% | 4.70 | &nbsp;&nbsp; 10-7-2030 | 35000 | &nbsp;&nbsp; **34947** |
| **Consumer, non-cyclical: 0.77%** |  |  |  |  |
| **Pharmaceuticals: 0.77%** |  |  |  |  |
| Teva Pharmaceutical Finance Netherlands III BV | 6.75 | &nbsp;&nbsp; 3-1-2028 | 200000 | &nbsp;&nbsp; **207605** |
| **Financial: 0.14%** |  |  |  |  |
| **Diversified financial services: 0.14%** |  |  |  |  |
| Avolon Holdings Funding Ltd.144A | 5.75 | &nbsp;&nbsp; 11-15-2029 | 35000 | &nbsp;&nbsp; **36360** |
| **Government securities: 0.75%** |  |  |  |  |
| **Multi-national: 0.75%** |  |  |  |  |
| Banque Ouest Africaine de Developpement144A | 5.00 | &nbsp;&nbsp; 7-27-2027 | 200000 | &nbsp;&nbsp; **200202** |
| **Industrial: 0.41%** |  |  |  |  |
| **Electronics: 0.41%** |  |  |  |  |
| Flex Ltd. | 4.88 | &nbsp;&nbsp; 6-15-2029 | 110000 | &nbsp;&nbsp; **111151** |
| **Utilities: 0.67%** |  |  |  |  |
| **Electric: 0.67%** |  |  |  |  |
| Emera, Inc. Series 16-A (U.S. SOFR 3 Month+5.44%)± | 6.75 | &nbsp;&nbsp; 6-15-2076 | 180000 | &nbsp;&nbsp; **180922** |
| **Total yankee corporate bonds and notes (Cost $819,605)** |  |  |  | &nbsp;&nbsp; **824508** |
| **Yankee government bonds: 0.74%** |  |  |  |  |
| **Mexico: 0.74%** |  |  |  |  |
| Mexico | 4.75 | &nbsp;&nbsp; 3-22-2031 | 200000 | &nbsp;&nbsp; **198250** |
| **Total yankee government bonds (Cost $199,267)** |  |  |  | &nbsp;&nbsp; **198250** |

---

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

Allspring Managed Account \| 7

------

Portfolio of investments—September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 2.79%** |  |  |  |  |
| **Investment companies: 2.79%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞## |  | 4.07<br> %<br>| 749683 | &nbsp;&nbsp; **$749683** |
| **Total short-term investments (Cost $749,683)** |  |  |  | &nbsp;&nbsp; **749683** |
| **Total investments in securities (Cost $27,231,606)** | 102.24<br> %<br>|  |  | &nbsp;&nbsp; 27440257 |
| Other assets and liabilities, net | (2.24)<br>|  |  | &nbsp;&nbsp; (600299)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$26839958** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| %% | The security is purchased on a when-issued basis. |
| 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 <br> 1933.<br>|
| ± | 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 <br> and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end.<br>|
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| ## | All or a portion of this security is segregated as collateral for when-issued securities. |
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AUD | Australian dollar |
| BDC | Business Development Company |
| BRL | Brazilian real |
| CLO | Collateralized loan obligation |
| COP | Colombian peso |
| CZK | Czech Republic koruna |
| EUR | Euro |
| FNMA | Federal National Mortgage Association |
| GBP | Great British pound |
| GNMA | Government National Mortgage Association |
| REIT | Real estate investment trust |
| SOFR | Secured Overnight Financing Rate |
| ZAR | South African rand |

---

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $0 | $39693278 | $(38943595)<br>| $0 | $0 | $749683 | 749683 | $29645 |

---

**Forward foreign currency contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be <br>received | Currency to be <br>received | &nbsp;&nbsp;&nbsp; Currency to be <br>delivered | &nbsp;&nbsp;&nbsp; Currency to be <br>delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement <br>date<br>| &nbsp;&nbsp; Unrealized <br>gains<br>| &nbsp;&nbsp; Unrealized <br>losses<br>|
| USD | 138315 | COP | 546000000 | Morgan Stanley, Inc. | 12-30-2025 | &nbsp;&nbsp;&nbsp; $727 | &nbsp;&nbsp;&nbsp; $0 |
| JPY | 18900000 | USD | 130162 | Morgan Stanley, Inc. | 12-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (1209)<br>|
| USD | 128950 | JPY | 18900000 | Morgan Stanley, Inc. | 12-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (3)<br>|

---

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

8 \| Allspring Managed Account

------

Portfolio of investments—September 30, 2025

**Forward foreign currency contracts** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be<br> received | Currency to be<br> received | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement<br> date<br>| &nbsp;&nbsp; Unrealized<br> gains<br>| &nbsp;&nbsp; Unrealized<br> losses<br>|
| USD | 130280 | AUD | 195000 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; $1118 | &nbsp;&nbsp;&nbsp; $0 |
| USD | 170438 | BRL | 925000 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 66807 | CZK | 1390000 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (388)<br>|
| USD | 1449639 | EUR | 1220000 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 9889 | &nbsp;&nbsp;&nbsp; 0 |
| EUR | 25000 | USD | 29805 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (302)<br>|
| USD | 266244 | GBP | 195000 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 3976 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 74256 | ZAR | 1300000 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (533)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **$15989** | &nbsp;&nbsp;&nbsp; **$(2435)**<br>|

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| 2-Year U.S. Treasury Notes | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; $18123513 | &nbsp;&nbsp; $18130664 | &nbsp;&nbsp; $7151 | &nbsp;&nbsp; $0 |
| **Short** |  |  |  |  |  |  |
| 5-Year Euro-BOBL Futures | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; 12-8-2025 | &nbsp;&nbsp; (553629)<br>| &nbsp;&nbsp; (553260)<br>| &nbsp;&nbsp; 369 | &nbsp;&nbsp; 0 |
| 5-Year U.S. Treasury Notes | &nbsp;&nbsp; (129)<br>| &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; (14102682)<br>| &nbsp;&nbsp; (14086195)<br>| &nbsp;&nbsp; 16487 | &nbsp;&nbsp; 0 |
|  |  |  |  |  | &nbsp;&nbsp; **$24007** | &nbsp;&nbsp; **$0** |

---

**Centrally cleared credit default swap contracts** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference index | Fixed rate | &nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp; Maturity <br>date<br>| Notional <br>amount | Notional <br>amount | Value | Premiums <br>paid <br>(received)<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Buy Protection** |  |  |  |  |  |  |  |  |  |
| Markit CDX North American High Yield Series 44  | 5.00% | Quarterly | 6-20-2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; $9572 | &nbsp;&nbsp; $8296 | &nbsp;&nbsp; $1276 | &nbsp;&nbsp; $0 |

---

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

Allspring Managed Account \| 9

------

Statement of assets and liabilities—September 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $26,481,923) | $26690574 |
| Investments in affiliated securities, at value (cost $749,683) | 749683 |
| Cash at broker segregated for futures contracts | 185000 |
| Segregated cash for swap contracts | 8653 |
| Foreign currency, at value (cost $67,259) | 67259 |
| Receivable for interest | 168808 |
| Receivable from manager | 16859 |
| Unrealized gains on forward foreign currency contracts | 15989 |
| Receivable for daily variation margin on open futures contracts | 9516 |
| Prepaid expenses and other assets | 329 |
| **Total assets** | **27912670** |
| Liabilities |  |
| Payable for when-issued transactions | 997580 |
| Payable for investments purchased | 67054 |
| Payable for daily variation margin on open futures contracts | 5133 |
| Unrealized losses on forward foreign currency contracts | 2435 |
| Payable for daily variation margin on centrally cleared swap contracts | 121 |
| Contingent tax liability | 20 |
| Overdraft due to custodian bank | 19 |
| Accrued expenses and other liabilities | 350 |
| **Total liabilities** | **1072712** |
| **Total net assets**  | **$26839958** |
| Net assets consist of |  |
| Paid-in capital | $26680897 |
| Total distributable earnings | 159061 |
| **Total net assets** | **$26839958** |
| Computation of net asset value per share |  |
| Net assets | $26839958 |
| Shares outstanding<sup>1</sup> <br>| 1333996 |
| Net asset value per share | $20.12 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

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

10 \| Allspring Managed Account

------

Statement of operations—year ended September 30, 2025<sup>1</sup>

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest (net of foreign withholding taxes of $766) | $1085166 |
| Income from affiliated securities | 29645 |
| **Total investment income** | **1114811** |
| Expenses |  |
| Custody and accounting fees | 6040 |
| Professional fees | 58181 |
| Registration fees | 26966 |
| Shareholder report expenses | 5630 |
| Trustees' fees and expenses | 6549 |
| Other fees and expenses | 3736 |
| **Total expenses** | **107102** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (107102)<br>|
| **Net expenses** | **0** |
| **Net investment income** | **1114811** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities (net of foreign capital gains tax of $176) | 63627 |
| Foreign currency and foreign currency translations | 4921 |
| Forward foreign currency contracts | (189382)<br>|
| Futures contracts | (56014)<br>|
| Swap contracts | (1247)<br>|
| **Net realized losses on investments**  | **(178095)**<br>|
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities (net of deferred foreign capital gains tax of $20) | 208631 |
| Foreign currency and foreign currency translations | (86)<br>|
| Forward foreign currency contracts | 13554 |
| Futures contracts | 24007 |
| Swap contracts | 1276 |
| **Net change in unrealized gains (losses) on investments** | **247382** |
| **Net realized and unrealized gains (losses) on investments** | **69287** |
| **Net increase in net assets resulting from operations** | **$1184098** |

---

<sup>1</sup> For the period from December 10, 2024 (commencement of operations) to September 30, 2025

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

Allspring Managed Account \| 11

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | Year ended<br> September 30, 2025<sup>1</sup> | Year ended<br> September 30, 2025<sup>1</sup> |
| Operations |  |  |
| Net investment income |  | &nbsp;&nbsp; $1114811 |
| Net realized losses on investments |  | &nbsp;&nbsp; (178095)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 247382 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **1184098** |
| Distributions to shareholders from |  |  |
| Net investment income and net realized gains |  | &nbsp;&nbsp; (1025037)<br>|
| Capital share transactions | Shares |  |
| Proceeds from shares sold | 1283769 | &nbsp;&nbsp; 25675419 |
| Reinvestment of distributions | 50227 | &nbsp;&nbsp; 1005478 |
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **26680897** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **26839958** |
| Net assets |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **0** |
| **End of period** |  | &nbsp;&nbsp; **$26839958** |

---

<sup>1</sup> For the period from December 10, 2024 (commencement of operations) to September 30, 2025

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

12 \| Allspring Managed Account

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Year ended September 30 |
|  | 2025<sup>1</sup> <br>|
| **Net asset value, beginning of period** | **$20.00** |
| Net investment income | 0.85 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.06 |
| Total from investment operations | 0.91 |
| **Distributions to shareholders from** |  |
| Net investment income | (0.79)<br>|
| **Net asset value, end of period** | **$20.12** |
| **Total return**<sup>3</sup> <br>| **4.62%**<br>|
| **Ratios to average net assets (annualized)** |  |
| Gross expenses | 0.51<br> %<br>|
| Net expenses | 0.00 %<sup>4</sup><br>|
| Net investment income | 5.27<br> %<br>|
| **Supplemental data** |  |
| Portfolio turnover rate | 131<br> %<br>|
| Net assets, end of period (000s omitted) | $26840 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period from December 10, 2024 (commencement of operations) to September 30, 2025

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> The manager has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for services provided by the Fund's securities lending agent (if any), interest, taxes, leverage expenses, and other expenses not incurred in the ordinary course of the Fund's business. This commitment has an indefinite term. 

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

Allspring Managed Account \| 13

------

Notes to financial statements

Notes to financial statements

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 Managed Account CoreBuilder® Shares - Series SP (the "Fund") which is a diversified series of the Trust.

The Fund is a special purpose fund invested primarily in debt securities and is intended to be used in combination with selected individual securities to effectively model institutional-level investment strategies. The Fund is intended to help enable certain separately managed account investors to achieve greater diversification than smaller managed accounts might otherwise achieve.

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 ("GAAP") 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.

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.

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 Valuation Committee at Allspring Funds Management, LLC ("Allspring Funds Management").

Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management.

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.

Swap contracts are valued at the evaluated price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund's commitment to purchase when-issued securities. Securities purchased on a

14 \| Allspring Managed Account

------

Notes to financial statements

when-issued basis are marked-to-market daily and the Fund 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.

Forward foreign currency contracts

A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund's maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates 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 Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of assets and liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of operations.

Swap contracts

Swap contracts are agreements between the Fund and a counterparty to exchange a series of cash flows over a specified period. Swap agreements are privately negotiated contracts between the Fund that are entered into as bilateral contracts in the over-the-counter ("OTC") market or centrally cleared ("centrally cleared swaps") with a central clearinghouse.

The Fund entered into centrally cleared swaps. In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the Fund's counterparty on the swap agreement becomes the CCP. Upon entering into a centrally cleared swap, the Fund is required to deposit an initial margin with the broker in the form of cash or securities. Securities deposited as initial margin are designated in the Portfolio of investments and cash deposited is shown as cash segregated for centrally cleared swaps in the Statement of assets and liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). The variation margin is recorded as an unrealized gain (or loss) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of assets and liabilities. Payments received from (paid to) the counterparty are recorded as realized gains (losses) in the Statement of operations when the contract is closed.

***Credit default swaps***

The Fund may enter into credit default swaps for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or a basket of single-name issuers or traded indexes. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name's weight in the index. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the protection seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring).

The Fund may enter into credit default swaps as either the seller of protection or the buyer of protection. If the Fund is the buyer of protection and a credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. If the Fund is the seller of protection and a credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

Allspring Managed Account \| 15

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Notes to financial statements

As the seller of protection, the Fund is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Fund could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates.

By entering into credit default swap contracts, the Fund is exposed to credit risk. In addition, certain credit default swap contracts entered into by the Fund provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements.

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.

Interest earned on cash balances held at the custodian is recorded as interest income.

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

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. GAAP. 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 qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt 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 fiscal year since commencement of operations are subject to examination by the federal and Delaware revenue authorities. The Fund is not subject to examination by federal and state tax authorities for taxes before 2024, the year the Fund commenced operations.

As of September 30, 2025, the aggregate cost of all investments for federal income tax purposes was $27,425,301 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $111072 |
| Gross unrealized losses | &nbsp;&nbsp; (48983)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$62089** |

---

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

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

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

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

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

16 \| Allspring Managed Account

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Notes to financial statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Agency securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $836070 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $836070 |
| **Asset-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6663316 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6663316 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4113354 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4113354 |
| **Foreign corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 795522 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 795522 |
| **Foreign government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1292201 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1292201 |
| **Non-agency mortgage-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6675872 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6675872 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 5291481 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5291481 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 824508 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 824508 |
| **Yankee government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 198250 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 198250 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 749683 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 749683 |
|  | &nbsp;&nbsp; 6041164 | &nbsp;&nbsp;&nbsp; 21399093 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 27440257 |
| **Forward foreign currency contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 15989 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 15989 |
| **Futures contracts** | &nbsp;&nbsp; 24007 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 24007 |
| **Swap contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1276 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1276 |
| **Total assets** | &nbsp;&nbsp; **$6065171** | &nbsp;&nbsp;&nbsp; **$21416358** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$27481529** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Forward foreign currency contracts** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $2435 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $2435 |
| **Total liabilities** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$2435** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$2435** |

---

Futures contracts, forward foreign currency contracts and swap contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following the Portfolio of investments. For futures contracts and centrally cleared swap 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.

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

4. TRANSACTIONS WITH AFFILIATES

The Trust has entered into an investment management 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 manager is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund. For providing these services, Allspring Funds Management does not receive a fee from the Fund but is entitled to receive fees from separately managed account sponsors of the wrap-fee programs. Out of these fees, Allspring Funds Management pays Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, for its services as the subadviser to the Fund.

Generally, no ordinary operating fees or expenses are charged to the Fund. Allspring Funds Management has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund including acquired fund fees and expenses, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for services provided by the Fund's securities lending agent (if any), interest, taxes, leverage expenses, and other expenses not incurred in the ordinary course of the Fund's business. This commitment has an indefinite term.

Interfund transactions

The Fund 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. Pursuant to these procedures, the Fund did not have any interfund transactions for the period from December 10, 2024 (commencement of operations) to September 30, 2025.

Allspring Managed Account \| 17

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Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the period from December 10, 2024 (commencement of operations) to September 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27839168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30934216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21739162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10923365 |

---

6. DERIVATIVE TRANSACTIONS

During the period from December 10, 2024 (commencement of operations) to September 30, 2025, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio. The Fund also entered into forward foreign currency contracts for economic hedging purposes.

The volume of the Fund's derivative activity during the period from December 10, 2024 (commencement of operations) to September 30, 2025 was as follows:

---

| | |
|:---|:---|
| **Forward foreign currency contracts** |  |
| Average contract amounts to buy | &nbsp;&nbsp; $214574 |
| Average contract amounts to sell | &nbsp;&nbsp; 1737481 |
| **Futures contracts** |  |
| Average notional balance on long futures | &nbsp;&nbsp; $10236961 |
| Average notional balance on short futures | &nbsp;&nbsp; 7733166 |
| **Swap contracts** |  |
| Average notional balance | &nbsp;&nbsp; $26154 |

---

A summary of the location of derivative instruments on the financial statements by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of September 30, 2025 by primary risk type on the Statement of assets and liabilities was as follows for the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Credit <br>risk<br>| Foreign currency <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $15989 | $15989 |
| Futures contracts | &nbsp;&nbsp; 24,007 <br>\*<br>| 0 | 0 | 24007 |
| Swap contracts | &nbsp;&nbsp; 0 | 1,276 <br>\*<br>| 0 | 1276 |
|  | &nbsp;&nbsp; $24007 | $1276 | $15989 | $41272 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $2435 | $2435 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of investments. For futures contracts and centrally cleared swap contracts, only the current day's variation margin as of September 30, 2025 is reported separately on the Statement of assets and liabilities. 

The effect of derivative instruments on the Statement of operations for the period from December 10, 2024 (commencement of operations) to September 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | INTEREST RATE <br>RISK<br>| Credit <br>risk<br>| Foreign currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $(189382)<br>| $(189382)<br>|
| Futures contracts | &nbsp;&nbsp; (56014)<br>| 0 | 0 | (56014)<br>|
| Swap contracts | &nbsp;&nbsp; 0 | (1247)<br>| 0 | (1247)<br>|
|  | &nbsp;&nbsp; $(56014)<br>| $(1247)<br>| $(189382)<br>| $(246643)<br>|
| **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $13554 | $13554 |
| Futures contracts | &nbsp;&nbsp; 24007 | 0 | 0 | 24007 |
| Swap contracts | &nbsp;&nbsp; 0 | 1276 | 0 | 1276 |
|  | &nbsp;&nbsp; $24007 | $1276 | $13554 | $38837 |

---

18 \| Allspring Managed Account

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Notes to financial statements

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements ("ISDA Master Agreements") or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument's assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statement of assets and liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of assets and liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of assets and liabilities to the net amounts by counterparty, including any collateral exposure, for OTC derivatives is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of assets in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>received<br>| Net amount <br>of assets<br>|
| Morgan Stanley, Inc. | &nbsp;&nbsp; $15989 | $(2435)<br>| $0 | $13554 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of liabilities in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>pledged<sup>1</sup> <br>| Net amount <br>of liabilities<br>|
| Morgan Stanley, Inc. | &nbsp;&nbsp; $2435 | $(2435)<br>| $0 | $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 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 or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the period from December 10, 2024 (commencement of operations) to September 30, 2025, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid for the period from December 10, 2024 (commencement of operations) to September 30, 2025, was $1,025,037 of ordinary income.

As of September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Unrealized <br>gains<br>|
| &nbsp;&nbsp;&nbsp; $97078 | &nbsp;&nbsp; $62089 |

---

9. CONCENTRATION RISK

Concentration risk exists when a shareholder owns a large amount of shares of the Fund. A fund with a concentration of ownership may be more affected by the investment activity of those shareholders than would be a fund that does not have any ownership concentration. As of September 30, 2025, Allspring Funds Management or one of its affiliates owned 98% of the Fund.

10. 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

Allspring Managed Account \| 19

------

Notes to financial statements

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.

11. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined in *Segment Reporting (Topic 280)*, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

12. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

20 \| Allspring Managed Account

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Managed Account CoreBuilder Shares - Series SP (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of September 30, 2025, the related statements of operations and changes in net assets for the period from December 10, 2024 (commencement of operations) to September 30, 2025, and the related notes (collectively, the financial statements) and the financial highlights for the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations, the changes in its net assets, and the financial highlights for the period from December 10, 2024 to September 30, 2025, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audit provides a reasonable basis for our opinion.

![](g774251imgadffe3352.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

November 20, 2025

Allspring Managed Account \| 21

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Other information (unaudited)

Other information

Tax information

For the fiscal year ended September 30, 2025, $884,607 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Pursuant to Section 852 of the Internal Revenue Code, 1% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended September 30, 2025.

For the fiscal year ended September 30, 2025, 12% of the ordinary income distributed was derived from interest on U.S. government securities.

For corporate shareholders, pursuant to Section 163(j) of the Internal Revenue Code, 95% of ordinary income dividends qualify as interest dividends for the fiscal year ended September 30, 2025.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, 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.

Quarterly portfolio holdings information

The Fund 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. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

22 \| Allspring Managed Account

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Managed Account \| 23

------

Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Managed Account CoreBuilder® Shares – Series SP (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the absence of compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

24 \| Allspring Managed Account

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board received and considered information regarding the "zero fee and expense" structure of the Fund. Specifically, the Board noted that the Fund's gross operating expense ratio and each of its various components, including management fees, administration fees, custody fees, Rule 12b-1 fees, and other fees, were zero. The Board also noted Allspring Funds Management's representations that the Fund is a special purpose mutual fund for use exclusively within Allspring Funds Management's separately managed account ("SMA") advisory business and, as such, Allspring Funds Management would assume and pay or reimburse the Fund under an Expense Assumption Agreement all of the ordinary operating expenses of the Fund, excluding portfolio transaction or other investment related costs, fees payable for services provided by the Fund's securities lending agent, interest, taxes, leverage expenses, and other expenses not incurred in the ordinary course of the Fund's business. The Board further noted that Allspring Funds Management is paid a negotiated fee by each SMA sponsor, and that the fee level is identical for all sponsors of SMAs that invest in the Fund.

The Board noted that it had previously reviewed and considered the Fund's performance, including in the context of the Fund's role as part of a larger SMA portfolio. In light of the Fund's unique fee and distribution structure and special purpose of the Fund, the Board did not conduct a comparative fee review relative to a peer group or universe. The Board took into account the performance information, the fee and distribution structure, and special purpose of the Fund in deciding to re-approve the Advisory Agreements for the Fund.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered that the contractual investment management fee rate payable by the Fund to Allspring Funds Management for investment advisory services and fund administration services (the "Management Agreement Rate") was zero, and also reviewed and considered that the Fund's other expenses would normally be zero, because of Allspring Funds Management's commitment to assume and pay or reimburse all of the ordinary operating expenses of the Fund under an Expense Assumption Agreement. The Board also considered that the fee rate payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services was also zero, and that any sub-advisory fees would be paid from the fees Allspring Funds Management receives from SMA sponsors and not by the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the absence of any compensation payable by the Fund to Allspring Funds Management pursuant to the Management Agreement and by Allspring Funds Management to the Sub-Adviser, in each case, was reasonable.

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

The Board acknowledged that Allspring Funds Management does not earn any fee revenue directly from the Fund, given its zero fee structure. Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

In light of the unique fee structure and special purpose of the Fund, the Board did not conduct an analysis of economies of scale in the context of reviewing the Fund's Advisory Agreements.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund.

The Board received and considered information about payments that Allspring Funds Management would receive from the SMA sponsors. The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized.

Allspring Managed Account \| 25

------

Other information (unaudited)

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the absence of any compensation payable by the Fund to Allspring Funds Management and by Allspring Funds Management to the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

26 \| Allspring Managed Account

------

*This page is intentionally left blank.*

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![](g774251img13a03aef1.jpg)

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

Attn: Managed Account Services

P.O. Box 1450

Milwaukee, WI 53201

Website: **allspringglobal.com**

Telephone: **1-888-877-9275**

![](g774251img1e19eb003.gif)

*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* ***1-888-877-9275*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

Allspring Global Investments<sup>TM</sup> 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.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR4906 09-25**

------

<u>ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u>

Changes in and Disagreements with Accountants for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Proxy Disclosures for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

------

<u>ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT</u>

The registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 13. PORTFOLIO MANAGERS OF</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 14. PURCHASES OF EQUITY SECURITIES BY</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</u>

Not applicable.

<u>ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</u> 

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.

<u>ITEM 16. CONTROLS AND PROCEDURES</u> 

(a) The President and Treasurer have concluded that the Allspring Funds 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 control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

<u>ITEM 17. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION</u> 

Not applicable.

------

<u>ITEM 19. EXHIBITS</u> 

---

| | |
|:---|:---|
| (a)(1) | [Code of Ethics.](d774251dex99codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.](d774251dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.](d774251dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

---

------

#### 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 Funds Trust | Allspring Funds Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
|  Date: November 20, 2025 | Date: November 20, 2025 |

---

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 Funds Trust | Allspring Funds Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: November 20, 2025 | Date: November 20, 2025 |
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  Date: November 20, 2025 | Date: November 20, 2025 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**Allspring Funds Trust** 

**Allspring Master Trust** 

**Allspring Variable Trust** 

**Allspring Exchange-Traded Funds Trust** 

**Allspring Global Dividend Opportunity Fund** 

**Allspring Income Opportunities Fund** 

**Allspring Multi-Sector Income Fund** 

**Allspring Utilities and High-Income Fund** 

**<u>Joint Code of Ethics for Principal Executive Officer and Senior Financial Officers</u>**

**I.** **Covered Officers / Purpose of the Code** 

This Code of Ethics ("Code") of Allspring Funds Trust, Allspring Master Trust, Allspring Variable Trust, Allspring Exchange-Traded Funds Trust, Allspring Global Dividend Opportunity Fund, Allspring Income Opportunities Fund, Allspring Multi-Sector Income Fund and Allspring Utilities and High Income Fund (collectively, the "Trusts" and each, "a Trust") applies to each Trust's Principal Executive Officer, Principal Financial Officer and any other Trust officer's listed on Exhibit A (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable financial disclosure in reports and documents that a Trust files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Both Actual and Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust. Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trust and Allspring Funds Management, LLC (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Adviser, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Each Covered Officer recognizes that, as an officer of a Trust, he or she has a duty to act in the best interests of the Trust and its shareholders. If a Covered Officer believes that his or her responsibilities as an officer or employee of the Adviser are likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as an officer of the Trust, he or she should consult with the Chief Legal Officer. Under appropriate circumstances, a Covered Officer should also consider whether to present the matter to the Board. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

\* \* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of a Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made or
contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of a Trust or its affiliated persons for reports
of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not engage in personal, business or professional relationships or dealings that would impair his or her
independence of judgment or adversely affect the performance of his or her duties in the best interests of the Trust and their shareholders.

------

There are some conflict of interest situations that should always be approved in advance by the Chief Legal Officer of the Trust (the "Chief Legal Officer") if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private for-profit company (provided, however, that a Covered Officer who is employed by another company (e.g., Allspring) may serve as a director of such company or any entity, controlling, controlled by, or under common control with, such company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquiring a financial interest in any company that provides services to the Trust (provided, however, that a
Covered Officer who is employed by another company (e.g., Allspring) may have an ownership interest in his or her employer or the employer's parent company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment or gifts from any person or company with which the Trust has current or
prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any consulting or employment relationship with any of the Trust's service providers, other than with the
primary employer of the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for
effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's primary employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust.

Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Board and the Trust's auditors, and to governmental regulators and self-regulatory organizations.

Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

Each Covered Officer should, consistent with his or her responsibilities, exercise appropriate supervision over and assist relevant Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner.

Each Covered Officer is responsible for the accuracy of the records and reports that he or she is responsible for maintaining. The books and records of the Trust shall meet the highest standards and accurately reflect the true nature of the transactions they record. The Covered Officers must not create false or misleading documents or accounting, financial or electronic records for any purpose, and must not direct any other person to do so. If a Covered Officer becomes aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Chief Legal Officer for a determination as to what, if any, corrective action is necessary or appropriate.

------

No undisclosed or unrecorded account or fund shall be established for any purpose. No false or misleading entries shall be made in a Trust's books or records for any reason. No disbursement of a Trust's assets shall be made without adequate supporting documentation or for any purpose other than as described in the Trust's documents or contracts.

A Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board: (i) that provided the basis for any amendment or waiver to this Code, and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter upon becoming a Covered Officer), affirm in writing (in the form
attached to this Code) to the Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm in writing (in the form attached to this Code) to the Board that he or she has
complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Chief Legal Officer of the Trust promptly if he or she knows of any violation of this Code. Failure to
do so is itself a violation of this Code.

The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. While the Chief Legal Officer in authorized to interpret this Code, an approval of a situation that is expressly prohibited by this Code is deemed to be a "waiver" and can be approved only by the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him
or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation will be reported to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Board concurs that a violation has occurred, it will consider appropriate action, which may include review
of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board will be responsible for granting waivers, as appropriate (a "waiver" is the approval of a
situation that is expressly prohibited by this Code); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

------

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trusts or the Adviser govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The codes of ethics adopted by the Trusts and the Adviser under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent Trustees.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except upon request of the SEC or another regulatory agency, or as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than Board and its counsel.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

**IX.** **Disclosure of Code of Ethics to the Public** 

Pursuant to Item 2(f) of Form N-CSR the registrant is required to disclose the Code of Ethics per one of the methods listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) File with the Commission, pursuant to Item 13(a)(1), a copy of its code of ethics that applies to the
registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this
Form N- CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made.

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**X.** **Interpretation of Code** 

This Code will not be interpreted or applied in any manner that would violate the legal rights of any Covered Officer as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Officer from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A Covered Officer does not need prior authorization of the Trust or Adviser before taking any such action and is not required to inform the Trust or Adviser if he or she chooses to take such action.

Amended: January 7, 2025

------

**Exhibit A** 

**Persons Covered by the Code** 

John Kenney, President of each Trust

Jeremy DePalma, Treasurer of each Trust

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g774251g1122073832523.jpg)

**<u>CERTIFICATION</u>**

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSR of Allspring Common Stock Fund, Allspring Diversified Capital Builder Fund, Allspring Diversified Income Builder Fund, Allspring Income Plus Fund, Allspring Index Asset Allocation Fund, Allspring Managed Account CoreBuilder<sup>®</sup> Shares - Series SP, Allspring Mid Cap Growth Fund, Allspring Opportunity Fund, Allspring SMID Cap Growth Fund and Allspring Special Mid Cap Value Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| |
|:---|
| Date: November 20, 2025 |
| /s/ John Kenney |
| John Kenney |
| President (Principal Executive Officer) |
| Allspring Funds Trust |

---

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![LOGO](g774251g1122073832523.jpg)

**<u>CERTIFICATION</u>**

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSR of Allspring Common Stock Fund, Allspring Diversified Capital Builder Fund, Allspring Diversified Income Builder Fund, Allspring Income Plus Fund, Allspring Index Asset Allocation Fund, Allspring Managed Account CoreBuilder<sup>®</sup> Shares - Series SP, Allspring Mid Cap Growth Fund, Allspring Opportunity Fund, Allspring SMID Cap Growth Fund and Allspring Special Mid Cap Value Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| |
|:---|
| Date: November 20, 2025 |
| /s/ Jeremy DePalma |
| Jeremy DePalma |
| Treasurer (Principal Financial Officer) |
| Allspring Funds Trust |

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## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g774251g1122073832523.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSR for the year ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: November 20, 2025

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| | |
|:---|:---|
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
|  | Allspring Funds Trust |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

------

![LOGO](g774251g1122073832523.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSR for the year ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: November 20, 2025

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| | |
|:---|:---|
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  | Allspring Funds Trust |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.