# EDGAR Filing Document

**Accession Number:** 0001081400
**File Stem:** 0001193125-26-087822
**Filing Date:** 2026-3
**Character Count:** 1664803
**Document Hash:** 8d3dd02927c846bf027b5d8a34010e90
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-087822.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0001193125-26-087822

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**EFFECTIVENESS DATE**: 20260303

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09253
- **FILM NUMBER:** 26713121

**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 California Limited-Term Tax-Free fund (Series ID: S000007389)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020269 | Class A             | SFCIX           |
| C000150654 | Institutional Class | SFCNX           |

### Allspring California Tax-Free Fund (Series ID: S000007390)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020272 | Class A             | SCTAX           |
| C000020274 | Class C             | SCTCX           |
| C000150655 | Institutional Class | SGTIX           |

### Allspring Minnesota Tax-Free Fund (Series ID: S000007392)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020281 | Class A             | NMTFX           |
| C000176497 | Institutional Class | WMTIX           |

### Allspring Wisconsin Tax-Free Fund (Series ID: S000007394)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000064975 | Class A             | WWTFX           |
| C000176498 | Institutional Class | WWTIX           |

### Allspring Intermediate Tax/AMT-Free Fund (Series ID: S000007396)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000053352 | Class A             | WFTAX           |
| C000053353 | Class C             | WFTFX           |
| C000064976 | Institutional Class | WITIX           |
| C000205243 | Class R6            | WFRTX           |

### Allspring Municipal Bond Fund (Series ID: S000007397)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020293 | Class A             | WMFAX           |
| C000020295 | Class C             | WMFCX           |
| C000020296 | Administrator Class | WMFDX           |
| C000064978 | Institutional Class | WMBIX           |
| C000205244 | Class R6            | WMBRX           |

### Allspring Short-Term Municipal Bond Fund (Series ID: S000007411)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020338 | Class C             | WSSCX           |
| C000064979 | Class A             | WSMAX           |
| C000064980 | Institutional Class | WSBIX           |
| C000205246 | Class R6            | WSSRX           |

### Allspring Ultra Short-Term Municipal Income Fund (Series ID: S000007412)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020340 | Class A             | SMAVX           |
| C000020341 | Institutional Class | SMAIX           |
| C000205247 | Class R6            | WUSRX           |
| C000220296 | Class A2            | WFUNX           |

### Allspring Pennsylvania Tax-Free Fund (Series ID: S000029095)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089441 | Class A             | EKVAX           |
| C000089444 | Institutional Class | EKVYX           |

### Allspring Strategic Municipal Bond Fund (Series ID: S000029115)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089514 | Class A             | VMPAX           |
| C000089516 | Class C             | DHICX           |
| C000123112 | Institutional Class | STRIX           |
| C000205251 | Class R6            | VMPRX           |

### Allspring High Yield Municipal Bond Fund (Series ID: S000039678)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000122980 | Institutional Class | WHYIX           |
| C000122981 | Class A             | WHYMX           |
| C000122982 | Class C             | WHYCX           |
| C000205252 | Class R6            | EKHRX           |

### Allspring Alternative Risk Premia Fund (Series ID: S000063608)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000206057 | Class R6            | WRPRX           |
| C000206058 | Institutional Class | WRPIX           |

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

![LOGO](g805823g0227121413400.jpg)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSRS

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

## 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: June 30
**Registrant is making a filing for 12 of its series:** Allspring Alternative Risk Premia Fund, Allspring California Limited-Term Tax-Free Fund, Allspring California Tax-Free Fund, Allspring High Yield Municipal Bond Fund, Allspring Intermediate Tax/AMT-Free Fund, Allspring Minnesota Tax-Free Fund, Allspring Municipal Bond Fund, Allspring Pennsylvania Tax-Free Fund, Allspring Short-Term Municipal Bond Fund, Allspring Strategic Municipal Bond Fund, Allspring Ultra Short-Term Municipal Income Fund and Allspring Wisconsin Tax-Free Fund.

#### Date of reporting period: December 31, 2025

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u>![Image](g805823if3c13af4e8d072294d77.jpg)

Semi-Annual Shareholder Report

# December 31, 2025

# Alternative Risk Premia Fund

# Class R6

# WRPRX
This semi-annual shareholder report contains important information about Alternative Risk Premia Fund for the period from July 1, 2025 to December 31, 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 consolidated costs for the past 6 months?
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 R6 | $33 | 0.62%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Consolidated Total net assets | $110198517 |
| Consolidated # of portfolio holdings | 70 |
| Consolidated Portfolio turnover rate | 0% |
| Consolidated Total advisory fees paid | $192399 |

---

## What did the Fund invest in?

### CONSOLIDATED NET ASSET EXPOSURE (%)

---

| | | |
|:---|:---|:---|
| Type | Long Position | Short Position |
| Bond futures | 43 | 110 |
| Commodity futures | 22 | 26 |
| Currency forwards | 117 | 84 |
| Equity index futures | 20 | 1 |

---

## 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

#### SAR4816 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

Semi-Annual Shareholder Report

# December 31, 2025

# Alternative Risk Premia Fund

# Institutional Class

# WRPIX
This semi-annual shareholder report contains important information about Alternative Risk Premia Fund for the period from July 1, 2025 to December 31, 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 consolidated costs for the past 6 months?
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 | $38 | 0.72%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Consolidated Total net assets | $110198517 |
| Consolidated # of portfolio holdings | 70 |
| Consolidated Portfolio turnover rate | 0% |
| Consolidated Total advisory fees paid | $192399 |

---

## What did the Fund invest in?

### CONSOLIDATED NET ASSET EXPOSURE (%)

---

| | | |
|:---|:---|:---|
| Type | Long Position | Short Position |
| Bond futures | 43 | 110 |
| Commodity futures | 22 | 26 |
| Currency forwards | 117 | 84 |
| Equity index futures | 20 | 1 |

---

## 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

#### SAR4723 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# California Limited-Term Tax-Free Fund

# Class A

# SFCIX
This semi-annual shareholder report contains important information about California Limited-Term Tax-Free Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $41 | 0.80%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $341132969 |
| # of portfolio holdings | 280 |
| Portfolio turnover rate | 10% |
| Total advisory fees paid | $597393 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| California Community Choice Financing Authority Clean Energy Project Series A, 4.00%, 10-1-2052 | 3.4 |
| California State University Series B-2, 0.55%, 11-1-2049 | 2.5 |
| California Community Choice Financing Authority Series B-2, 3.77%, 2-1-2052 | 1.9 |
| California Community Choice Financing Authority Series C, 5.25%, 1-1-2054 | 1.9 |
| California Community Choice Financing Authority Series A-1, 5.00%, 12-1-2053 | 1.8 |
| FHLMC Multifamily VRD Certificates Series M-057, 2.40%, 10-15-2029 | 1.7 |
| California Community Choice Financing Authority Series F, 5.50%, 10-1-2054 | 1.6 |
| New York Transportation Development Corp. Delta Air Lines, Inc. AMT, 5.00%, 1-1-2029 | 1.5 |
| Los Angeles Housing Authority Victory Boulevard Housing Partners LP Series A, 3.00%, 1-1-2046 | 1.5 |
| California Infrastructure & Economic Development Bank Colburn School, 4.22%, 8-1-2072 | 1.5 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 1.9 |
| AA/Aa | 42.9 |
| A/A | 26.8 |
| BBB/Baa | 20.2 |
| BB/Ba | 3.7 |
| B/B | 0.5 |
| Not Rated | 4.0 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 23.0 |
| 1-3 years | 28.9 |
| 3-5 years | 21.5 |
| 5-10 years | 25.9 |
| 10-20 years | 0.1 |
| 20-30 years | 0.6 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since July 1, 2025.

Effective September 4, 2025, Robert Miller was added as a portfolio manager of the Fund and effective November 1, 2025, Terry Goode and Kim Nakahara were no longer portfolio managers 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

#### SAR0033 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# California Limited-Term Tax-Free Fund

# Institutional Class

# SFCNX
This semi-annual shareholder report contains important information about California Limited-Term Tax-Free Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $26 | 0.50%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $341132969 |
| # of portfolio holdings | 280 |
| Portfolio turnover rate | 10% |
| Total advisory fees paid | $597393 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| California Community Choice Financing Authority Clean Energy Project Series A, 4.00%, 10-1-2052 | 3.4 |
| California State University Series B-2, 0.55%, 11-1-2049 | 2.5 |
| California Community Choice Financing Authority Series B-2, 3.77%, 2-1-2052 | 1.9 |
| California Community Choice Financing Authority Series C, 5.25%, 1-1-2054 | 1.9 |
| California Community Choice Financing Authority Series A-1, 5.00%, 12-1-2053 | 1.8 |
| FHLMC Multifamily VRD Certificates Series M-057, 2.40%, 10-15-2029 | 1.7 |
| California Community Choice Financing Authority Series F, 5.50%, 10-1-2054 | 1.6 |
| New York Transportation Development Corp. Delta Air Lines, Inc. AMT, 5.00%, 1-1-2029 | 1.5 |
| Los Angeles Housing Authority Victory Boulevard Housing Partners LP Series A, 3.00%, 1-1-2046 | 1.5 |
| California Infrastructure & Economic Development Bank Colburn School, 4.22%, 8-1-2072 | 1.5 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 1.9 |
| AA/Aa | 42.9 |
| A/A | 26.8 |
| BBB/Baa | 20.2 |
| BB/Ba | 3.7 |
| B/B | 0.5 |
| Not Rated | 4.0 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 23.0 |
| 1-3 years | 28.9 |
| 3-5 years | 21.5 |
| 5-10 years | 25.9 |
| 10-20 years | 0.1 |
| 20-30 years | 0.6 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since July 1, 2025.

Effective September 4, 2025, Robert Miller was added as a portfolio manager of the Fund and effective November 1, 2025, Terry Goode and Kim Nakahara were no longer portfolio managers 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

#### SAR3178 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# California Tax-Free Fund

# Class A

# SCTAX
This semi-annual shareholder report contains important information about California Tax-Free Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $38 | 0.74%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $555150047 |
| # of portfolio holdings | 228 |
| Portfolio turnover rate | 10% |
| Total advisory fees paid | $979673 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| California HFFA Cedars-Sinai Medical Center Obligated Group Series B, 4.00%, 8-15-2039 | 1.9 |
| State of California, 5.00%, 8-1-2046 | 1.8 |
| Los Angeles Unified School District Series A, 4.00%, 7-1-2040 | 1.8 |
| California Municipal Finance Authority Samuel Merritt University, 5.25%, 6-1-2053 | 1.8 |
| Santa Ana Unified School District Series B CAB, 0.00%, 8-1-2038 | 1.7 |
| California Infrastructure & Economic Development Bank Roseville Sustainable Energy Partner LLC Series A, 5.25%, 7-1-2054 | 1.6 |
| Los Angeles Department of Water & Power System Revenue Series C, 5.00%, 7-1-2054 | 1.5 |
| Hayward Unified School District COP, 5.25%, 8-1-2052 | 1.5 |
| San Francisco City & County Airport Commission San Francisco International Airport Series A AMT, 5.00%, 5-1-2047 | 1.4 |
| California Housing Finance Agency Class A Series 2, 4.00%, 3-20-2033 | 1.4 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 1 |
| AA/Aa | 30 |
| A/A | 33.2 |
| BBB/Baa | 21.1 |
| BB/Ba | 2.4 |
| B/B | 0.8 |
| Not Rated | 11.5 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 22.5 |
| 1-3 years | 15.2 |
| 3-5 years | 6.0 |
| 5-10 years | 27.9 |
| 10-20 years | 13.6 |
| 20-30 years | 14.2 |
| 30+ years | 0.6 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since July 1, 2025.

Effective September 4, 2025, Robert Miller was added as a portfolio manager of the Fund and effective November 1, 2025, Terry Goode and Kim Nakahara were no longer portfolio managers 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

#### SAR0032 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# California Tax-Free Fund

# Class C

# SCTCX
This semi-annual shareholder report contains important information about California Tax-Free Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $77 | 1.50%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $555150047 |
| # of portfolio holdings | 228 |
| Portfolio turnover rate | 10% |
| Total advisory fees paid | $979673 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| California HFFA Cedars-Sinai Medical Center Obligated Group Series B, 4.00%, 8-15-2039 | 1.9 |
| State of California, 5.00%, 8-1-2046 | 1.8 |
| Los Angeles Unified School District Series A, 4.00%, 7-1-2040 | 1.8 |
| California Municipal Finance Authority Samuel Merritt University, 5.25%, 6-1-2053 | 1.8 |
| Santa Ana Unified School District Series B CAB, 0.00%, 8-1-2038 | 1.7 |
| California Infrastructure & Economic Development Bank Roseville Sustainable Energy Partner LLC Series A, 5.25%, 7-1-2054 | 1.6 |
| Los Angeles Department of Water & Power System Revenue Series C, 5.00%, 7-1-2054 | 1.5 |
| Hayward Unified School District COP, 5.25%, 8-1-2052 | 1.5 |
| San Francisco City & County Airport Commission San Francisco International Airport Series A AMT, 5.00%, 5-1-2047 | 1.4 |
| California Housing Finance Agency Class A Series 2, 4.00%, 3-20-2033 | 1.4 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 1 |
| AA/Aa | 30 |
| A/A | 33.2 |
| BBB/Baa | 21.1 |
| BB/Ba | 2.4 |
| B/B | 0.8 |
| Not Rated | 11.5 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 22.5 |
| 1-3 years | 15.2 |
| 3-5 years | 6.0 |
| 5-10 years | 27.9 |
| 10-20 years | 13.6 |
| 20-30 years | 14.2 |
| 30+ years | 0.6 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since July 1, 2025.

Effective September 4, 2025, Robert Miller was added as a portfolio manager of the Fund and effective November 1, 2025, Terry Goode and Kim Nakahara were no longer portfolio managers 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

#### SAR0532 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# California Tax-Free Fund

# Institutional Class

# SGTIX
This semi-annual shareholder report contains important information about California Tax-Free Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $25 | 0.48%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $555150047 |
| # of portfolio holdings | 228 |
| Portfolio turnover rate | 10% |
| Total advisory fees paid | $979673 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| California HFFA Cedars-Sinai Medical Center Obligated Group Series B, 4.00%, 8-15-2039 | 1.9 |
| State of California, 5.00%, 8-1-2046 | 1.8 |
| Los Angeles Unified School District Series A, 4.00%, 7-1-2040 | 1.8 |
| California Municipal Finance Authority Samuel Merritt University, 5.25%, 6-1-2053 | 1.8 |
| Santa Ana Unified School District Series B CAB, 0.00%, 8-1-2038 | 1.7 |
| California Infrastructure & Economic Development Bank Roseville Sustainable Energy Partner LLC Series A, 5.25%, 7-1-2054 | 1.6 |
| Los Angeles Department of Water & Power System Revenue Series C, 5.00%, 7-1-2054 | 1.5 |
| Hayward Unified School District COP, 5.25%, 8-1-2052 | 1.5 |
| San Francisco City & County Airport Commission San Francisco International Airport Series A AMT, 5.00%, 5-1-2047 | 1.4 |
| California Housing Finance Agency Class A Series 2, 4.00%, 3-20-2033 | 1.4 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 1 |
| AA/Aa | 30 |
| A/A | 33.2 |
| BBB/Baa | 21.1 |
| BB/Ba | 2.4 |
| B/B | 0.8 |
| Not Rated | 11.5 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 22.5 |
| 1-3 years | 15.2 |
| 3-5 years | 6.0 |
| 5-10 years | 27.9 |
| 10-20 years | 13.6 |
| 20-30 years | 14.2 |
| 30+ years | 0.6 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since July 1, 2025.

Effective September 4, 2025, Robert Miller was added as a portfolio manager of the Fund and effective November 1, 2025, Terry Goode and Kim Nakahara were no longer portfolio managers 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

#### SAR3179 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# High Yield Municipal Bond Fund

# Class A

# WHYMX
This semi-annual shareholder report contains important information about High Yield Municipal Bond Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $41 | 0.80%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $187574732 |
| # of portfolio holdings | 184 |
| Portfolio turnover rate | 14% |
| Total advisory fees paid | $347401 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| New Hope Cultural Education Facilities Finance Corp. Bella Vida Forefront Living Obligated Group Series A, 6.50%, 10-1-2055 | 1.2 |
| MIDA Mountain Veterans Program Public Infrastructure District, 5.20%, 6-1-2054 | 1.2 |
| Shelby County Health & Educational Facilities Board Madrone Memphis Student Housing I LLC Series A1, 5.25%, 6-1-2056 | 1.2 |
| Indiana Finance Authority Methodist Hospitals, Inc. Obligated Group Series A, 5.50%, 9-15-2044 | 1.1 |
| Build NYC Resource Corp. South Bronx Charter School for International Cultures & The Arts Series A, 7.00%, 4-15-2053 | 1.1 |
| New York Transportation Development Corp. JFK NTO LLC AMT, 5.50%, 6-30-2054 | 1.1 |
| Lee County IDA Shell Point Obligated Group Series A, 5.25%, 11-15-2054 | 1.1 |
| Colorado Health Facilities Authority BSLC II Obligated Group, 5.25%, 9-15-2045 | 1.1 |
| City of New York Series 3, 2.55%, 4-1-2042 | 1.1 |
| Chicago Board of Education Series A, 5.75%, 12-1-2050 | 1.1 |

---

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

---

| | |
|:---|:---|
| AA/Aa | 1.8 |
| A/A | 8.2 |
| BBB/Baa | 26.2 |
| BB/Ba | 15.5 |
| B/B | 2.0 |
| CCC/Caa and below | 0.7 |
| Not Rated | 45.6 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 5.7 |
| 1-3 years | 3.2 |
| 3-5 years | 3.9 |
| 5-10 years | 29.8 |
| 10-20 years | 15.0 |
| 20-30 years | 40.8 |
| 30+ years | 1.6 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since July 1, 2025.

Effective November 1, 2025, Terry Goode 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

#### SAR3364 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# High Yield Municipal Bond Fund

# Class C

# WHYCX
This semi-annual shareholder report contains important information about High Yield Municipal Bond Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $80 | 1.55%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $187574732 |
| # of portfolio holdings | 184 |
| Portfolio turnover rate | 14% |
| Total advisory fees paid | $347401 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| New Hope Cultural Education Facilities Finance Corp. Bella Vida Forefront Living Obligated Group Series A, 6.50%, 10-1-2055 | 1.2 |
| MIDA Mountain Veterans Program Public Infrastructure District, 5.20%, 6-1-2054 | 1.2 |
| Shelby County Health & Educational Facilities Board Madrone Memphis Student Housing I LLC Series A1, 5.25%, 6-1-2056 | 1.2 |
| Indiana Finance Authority Methodist Hospitals, Inc. Obligated Group Series A, 5.50%, 9-15-2044 | 1.1 |
| Build NYC Resource Corp. South Bronx Charter School for International Cultures & The Arts Series A, 7.00%, 4-15-2053 | 1.1 |
| New York Transportation Development Corp. JFK NTO LLC AMT, 5.50%, 6-30-2054 | 1.1 |
| Lee County IDA Shell Point Obligated Group Series A, 5.25%, 11-15-2054 | 1.1 |
| Colorado Health Facilities Authority BSLC II Obligated Group, 5.25%, 9-15-2045 | 1.1 |
| City of New York Series 3, 2.55%, 4-1-2042 | 1.1 |
| Chicago Board of Education Series A, 5.75%, 12-1-2050 | 1.1 |

---

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

---

| | |
|:---|:---|
| AA/Aa | 1.8 |
| A/A | 8.2 |
| BBB/Baa | 26.2 |
| BB/Ba | 15.5 |
| B/B | 2.0 |
| CCC/Caa and below | 0.7 |
| Not Rated | 45.6 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 5.7 |
| 1-3 years | 3.2 |
| 3-5 years | 3.9 |
| 5-10 years | 29.8 |
| 10-20 years | 15.0 |
| 20-30 years | 40.8 |
| 30+ years | 1.6 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since July 1, 2025.

Effective November 1, 2025, Terry Goode 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

#### SAR3556 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# High Yield Municipal Bond Fund

# Class R6

# EKHRX
This semi-annual shareholder report contains important information about High Yield Municipal Bond Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $26 | 0.50%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $187574732 |
| # of portfolio holdings | 184 |
| Portfolio turnover rate | 14% |
| Total advisory fees paid | $347401 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| New Hope Cultural Education Facilities Finance Corp. Bella Vida Forefront Living Obligated Group Series A, 6.50%, 10-1-2055 | 1.2 |
| MIDA Mountain Veterans Program Public Infrastructure District, 5.20%, 6-1-2054 | 1.2 |
| Shelby County Health & Educational Facilities Board Madrone Memphis Student Housing I LLC Series A1, 5.25%, 6-1-2056 | 1.2 |
| Indiana Finance Authority Methodist Hospitals, Inc. Obligated Group Series A, 5.50%, 9-15-2044 | 1.1 |
| Build NYC Resource Corp. South Bronx Charter School for International Cultures & The Arts Series A, 7.00%, 4-15-2053 | 1.1 |
| New York Transportation Development Corp. JFK NTO LLC AMT, 5.50%, 6-30-2054 | 1.1 |
| Lee County IDA Shell Point Obligated Group Series A, 5.25%, 11-15-2054 | 1.1 |
| Colorado Health Facilities Authority BSLC II Obligated Group, 5.25%, 9-15-2045 | 1.1 |
| City of New York Series 3, 2.55%, 4-1-2042 | 1.1 |
| Chicago Board of Education Series A, 5.75%, 12-1-2050 | 1.1 |

---

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

---

| | |
|:---|:---|
| AA/Aa | 1.8 |
| A/A | 8.2 |
| BBB/Baa | 26.2 |
| BB/Ba | 15.5 |
| B/B | 2.0 |
| CCC/Caa and below | 0.7 |
| Not Rated | 45.6 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 5.7 |
| 1-3 years | 3.2 |
| 3-5 years | 3.9 |
| 5-10 years | 29.8 |
| 10-20 years | 15.0 |
| 20-30 years | 40.8 |
| 30+ years | 1.6 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since July 1, 2025.

Effective November 1, 2025, Terry Goode 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

#### SAR4808 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# High Yield Municipal Bond Fund

# Institutional Class

# WHYIX
This semi-annual shareholder report contains important information about High Yield Municipal Bond Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $28 | 0.54%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $187574732 |
| # of portfolio holdings | 184 |
| Portfolio turnover rate | 14% |
| Total advisory fees paid | $347401 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| New Hope Cultural Education Facilities Finance Corp. Bella Vida Forefront Living Obligated Group Series A, 6.50%, 10-1-2055 | 1.2 |
| MIDA Mountain Veterans Program Public Infrastructure District, 5.20%, 6-1-2054 | 1.2 |
| Shelby County Health & Educational Facilities Board Madrone Memphis Student Housing I LLC Series A1, 5.25%, 6-1-2056 | 1.2 |
| Indiana Finance Authority Methodist Hospitals, Inc. Obligated Group Series A, 5.50%, 9-15-2044 | 1.1 |
| Build NYC Resource Corp. South Bronx Charter School for International Cultures & The Arts Series A, 7.00%, 4-15-2053 | 1.1 |
| New York Transportation Development Corp. JFK NTO LLC AMT, 5.50%, 6-30-2054 | 1.1 |
| Lee County IDA Shell Point Obligated Group Series A, 5.25%, 11-15-2054 | 1.1 |
| Colorado Health Facilities Authority BSLC II Obligated Group, 5.25%, 9-15-2045 | 1.1 |
| City of New York Series 3, 2.55%, 4-1-2042 | 1.1 |
| Chicago Board of Education Series A, 5.75%, 12-1-2050 | 1.1 |

---

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

---

| | |
|:---|:---|
| AA/Aa | 1.8 |
| A/A | 8.2 |
| BBB/Baa | 26.2 |
| BB/Ba | 15.5 |
| B/B | 2.0 |
| CCC/Caa and below | 0.7 |
| Not Rated | 45.6 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 5.7 |
| 1-3 years | 3.2 |
| 3-5 years | 3.9 |
| 5-10 years | 29.8 |
| 10-20 years | 15.0 |
| 20-30 years | 40.8 |
| 30+ years | 1.6 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since July 1, 2025.

Effective November 1, 2025, Terry Goode 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

#### SAR3172 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Intermediate Tax/AMT-Free Fund

# Class A

# WFTAX
This semi-annual shareholder report contains important information about Intermediate Tax/AMT-Free Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $34 | 0.67%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $948625549 |
| # of portfolio holdings | 523 |
| Portfolio turnover rate | 8% |
| Total advisory fees paid | $1112511 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Wisconsin HEFA Ascension Health Credit Group Series A, 4.00%, 11-15-2039 | 1.5 |
| Commonwealth Financing Authority, 4.00%, 6-1-2039 | 1.1 |
| Bay Area Toll Authority Series A, 4.57%, 4-1-2036 | 1 |
| Black Belt Energy Gas District Series B, 5.00%, 10-1-2035 | 1 |
| Metropolitan Pier & Exposition Authority State of Illinois McCormick Place Expansion Project Fund Series A CAB, 0.00%, 6-15-2029 | 0.9 |
| Dallas Fort Worth International Airport Series B, 4.00%, 11-1-2045 | 0.9 |
| College Community School District Series A, 4.00%, 6-1-2042 | 0.8 |
| Public Authority for Colorado Energy, 6.50%, 11-15-2038 | 0.8 |
| South Carolina Public Service Authority Series E, 5.25%, 12-1-2036 | 0.8 |
| King County Public Hospital District No. 1, 5.00%, 12-1-2033 | 0.8 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 2.6 |
| AA/Aa | 33.6 |
| A/A | 38.3 |
| BBB/Baa | 18.4 |
| BB/Ba | 2.6 |
| B/B | 0.3 |
| Not rated | 4.2 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 17.3 |
| 1-3 years | 17.3 |
| 3-5 years | 23.0 |
| 5-10 years | 28.2 |
| 10-20 years | 14.0 |
| 30+ years | 0.2 |

---

## 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

#### SAR3322 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Intermediate Tax/AMT-Free Fund

# Class C

# WFTFX
This semi-annual shareholder report contains important information about Intermediate Tax/AMT-Free Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $73 | 1.42%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $948625549 |
| # of portfolio holdings | 523 |
| Portfolio turnover rate | 8% |
| Total advisory fees paid | $1112511 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Wisconsin HEFA Ascension Health Credit Group Series A, 4.00%, 11-15-2039 | 1.5 |
| Commonwealth Financing Authority, 4.00%, 6-1-2039 | 1.1 |
| Bay Area Toll Authority Series A, 4.57%, 4-1-2036 | 1 |
| Black Belt Energy Gas District Series B, 5.00%, 10-1-2035 | 1 |
| Metropolitan Pier & Exposition Authority State of Illinois McCormick Place Expansion Project Fund Series A CAB, 0.00%, 6-15-2029 | 0.9 |
| Dallas Fort Worth International Airport Series B, 4.00%, 11-1-2045 | 0.9 |
| College Community School District Series A, 4.00%, 6-1-2042 | 0.8 |
| Public Authority for Colorado Energy, 6.50%, 11-15-2038 | 0.8 |
| South Carolina Public Service Authority Series E, 5.25%, 12-1-2036 | 0.8 |
| King County Public Hospital District No. 1, 5.00%, 12-1-2033 | 0.8 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 2.6 |
| AA/Aa | 33.6 |
| A/A | 38.3 |
| BBB/Baa | 18.4 |
| BB/Ba | 2.6 |
| B/B | 0.3 |
| Not rated | 4.2 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 17.3 |
| 1-3 years | 17.3 |
| 3-5 years | 23.0 |
| 5-10 years | 28.2 |
| 10-20 years | 14.0 |
| 30+ years | 0.2 |

---

## 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

#### SAR3534 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Intermediate Tax/AMT-Free Fund

# Class R6

# WFRTX
This semi-annual shareholder report contains important information about Intermediate Tax/AMT-Free Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $15 | 0.30%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $948625549 |
| # of portfolio holdings | 523 |
| Portfolio turnover rate | 8% |
| Total advisory fees paid | $1112511 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Wisconsin HEFA Ascension Health Credit Group Series A, 4.00%, 11-15-2039 | 1.5 |
| Commonwealth Financing Authority, 4.00%, 6-1-2039 | 1.1 |
| Bay Area Toll Authority Series A, 4.57%, 4-1-2036 | 1 |
| Black Belt Energy Gas District Series B, 5.00%, 10-1-2035 | 1 |
| Metropolitan Pier & Exposition Authority State of Illinois McCormick Place Expansion Project Fund Series A CAB, 0.00%, 6-15-2029 | 0.9 |
| Dallas Fort Worth International Airport Series B, 4.00%, 11-1-2045 | 0.9 |
| College Community School District Series A, 4.00%, 6-1-2042 | 0.8 |
| Public Authority for Colorado Energy, 6.50%, 11-15-2038 | 0.8 |
| South Carolina Public Service Authority Series E, 5.25%, 12-1-2036 | 0.8 |
| King County Public Hospital District No. 1, 5.00%, 12-1-2033 | 0.8 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 2.6 |
| AA/Aa | 33.6 |
| A/A | 38.3 |
| BBB/Baa | 18.4 |
| BB/Ba | 2.6 |
| B/B | 0.3 |
| Not rated | 4.2 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 17.3 |
| 1-3 years | 17.3 |
| 3-5 years | 23.0 |
| 5-10 years | 28.2 |
| 10-20 years | 14.0 |
| 30+ years | 0.2 |

---

## 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

#### SAR4809 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Intermediate Tax/AMT-Free Fund

# Institutional Class

# WITIX
This semi-annual shareholder report contains important information about Intermediate Tax/AMT-Free Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $18 | 0.35%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $948625549 |
| # of portfolio holdings | 523 |
| Portfolio turnover rate | 8% |
| Total advisory fees paid | $1112511 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Wisconsin HEFA Ascension Health Credit Group Series A, 4.00%, 11-15-2039 | 1.5 |
| Commonwealth Financing Authority, 4.00%, 6-1-2039 | 1.1 |
| Bay Area Toll Authority Series A, 4.57%, 4-1-2036 | 1 |
| Black Belt Energy Gas District Series B, 5.00%, 10-1-2035 | 1 |
| Metropolitan Pier & Exposition Authority State of Illinois McCormick Place Expansion Project Fund Series A CAB, 0.00%, 6-15-2029 | 0.9 |
| Dallas Fort Worth International Airport Series B, 4.00%, 11-1-2045 | 0.9 |
| College Community School District Series A, 4.00%, 6-1-2042 | 0.8 |
| Public Authority for Colorado Energy, 6.50%, 11-15-2038 | 0.8 |
| South Carolina Public Service Authority Series E, 5.25%, 12-1-2036 | 0.8 |
| King County Public Hospital District No. 1, 5.00%, 12-1-2033 | 0.8 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 2.6 |
| AA/Aa | 33.6 |
| A/A | 38.3 |
| BBB/Baa | 18.4 |
| BB/Ba | 2.6 |
| B/B | 0.3 |
| Not rated | 4.2 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 17.3 |
| 1-3 years | 17.3 |
| 3-5 years | 23.0 |
| 5-10 years | 28.2 |
| 10-20 years | 14.0 |
| 30+ years | 0.2 |

---

## 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

#### SAR3158 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Minnesota Tax-Free Fund

# Class A

# NMTFX
This semi-annual shareholder report contains important information about Minnesota Tax-Free Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $43 | 0.84%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $180969314 |
| # of portfolio holdings | 213 |
| Portfolio turnover rate | 9% |
| Total advisory fees paid | $287895 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| City of Rochester Mayo Clinic, 5.00%, 11-15-2057 | 2.5 |
| State of Minnesota Office Building Project COP, 5.00%, 11-1-2042 | 1.8 |
| Minnesota Housing Finance Agency Series M, 4.85%, 7-1-2037 | 1.7 |
| City of Wadena Astera Health Series A, 5.00%, 12-1-2045 | 1.7 |
| City of St. Cloud CentraCare Health System Obligated Group, 4.00%, 5-1-2050 | 1.6 |
| State of Minnesota Department of Iron Range Resources & Rehabilitation Series A, 5.00%, 10-1-2039 | 1.5 |
| Minnesota HEFA St. Olaf College, 4.00%, 10-1-2046 | 1.4 |
| Duluth EDA Essentia Health Obligated Group Series A, 5.25%, 2-15-2053 | 1.4 |
| City of Forest Lake Kilkenny Senior Housing LP, 1.42%, 8-15-2038 | 1.3 |
| Minnesota Housing Finance Agency Series F AMT, 3.25%, 1-1-2041 | 1.3 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 16.7 |
| AA/Aa | 36.1 |
| A/A | 24.9 |
| BBB/Baa | 12.0 |
| BB/Ba | 3.6 |
| B/B | 1.5 |
| Not rated | 5.2 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 22.0 |
| 1-3 years | 13.6 |
| 3-5 years | 13.1 |
| 5-10 years | 38.2 |
| 10-20 years | 8.6 |
| 20-30 years | 4.4 |
| 30+ years | 0.1 |

---

## 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

#### SAR0003 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Minnesota Tax-Free Fund

# Institutional Class

# WMTIX
This semi-annual shareholder report contains important information about Minnesota Tax-Free Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $27 | 0.52%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $180969314 |
| # of portfolio holdings | 213 |
| Portfolio turnover rate | 9% |
| Total advisory fees paid | $287895 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| City of Rochester Mayo Clinic, 5.00%, 11-15-2057 | 2.5 |
| State of Minnesota Office Building Project COP, 5.00%, 11-1-2042 | 1.8 |
| Minnesota Housing Finance Agency Series M, 4.85%, 7-1-2037 | 1.7 |
| City of Wadena Astera Health Series A, 5.00%, 12-1-2045 | 1.7 |
| City of St. Cloud CentraCare Health System Obligated Group, 4.00%, 5-1-2050 | 1.6 |
| State of Minnesota Department of Iron Range Resources & Rehabilitation Series A, 5.00%, 10-1-2039 | 1.5 |
| Minnesota HEFA St. Olaf College, 4.00%, 10-1-2046 | 1.4 |
| Duluth EDA Essentia Health Obligated Group Series A, 5.25%, 2-15-2053 | 1.4 |
| City of Forest Lake Kilkenny Senior Housing LP, 1.42%, 8-15-2038 | 1.3 |
| Minnesota Housing Finance Agency Series F AMT, 3.25%, 1-1-2041 | 1.3 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 16.7 |
| AA/Aa | 36.1 |
| A/A | 24.9 |
| BBB/Baa | 12.0 |
| BB/Ba | 3.6 |
| B/B | 1.5 |
| Not rated | 5.2 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 22.0 |
| 1-3 years | 13.6 |
| 3-5 years | 13.1 |
| 5-10 years | 38.2 |
| 10-20 years | 8.6 |
| 20-30 years | 4.4 |
| 30+ years | 0.1 |

---

## 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

#### SAR4713 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Municipal Bond Fund

# Administrator Class

# WMFDX
This semi-annual shareholder report contains important information about Municipal Bond Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $31 | 0.60%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $8352435339 |
| # of portfolio holdings | 1593 |
| Portfolio turnover rate | 5% |
| Total advisory fees paid | $13459360 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Regional Transportation District Sales Tax Revenue FasTracks Project Series A, 5.00%, 11-1-2041 | 0.6 |
| County of Clark Series A, 5.00%, 5-1-2048 | 0.6 |
| Port of Portland Airport Revenue Series 30A AMT, 5.25%, 7-1-2049 | 0.6 |
| Southeast Energy Authority A Cooperative District Series F, 5.25%, 11-1-2055 | 0.6 |
| San Francisco City & County Airport Commission San Francisco International Airport Series B AMT, 5.00%, 5-1-2046 | 0.6 |
| Texas Transportation Finance Corp. Series A, 5.25%, 10-1-2050 | 0.5 |
| Texas Water Development Board State Water Implementation Revenue Fund Series B, 5.00%, 4-15-2049 | 0.5 |
| Metropolitan Pier & Exposition Authority State of Illinois McCormick Place Expansion Project Fund Series A CAB, 0.00%, 12-15-2030 | 0.5 |
| Fairfax County IDA Inova Health System Obligated Group, 5.00%, 5-15-2051 | 0.5 |
| Black Belt Energy Gas District Series B, 5.00%, 10-1-2035 | 0.5 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 5.7 |
| AA/Aa | 47.1 |
| A/A | 30.4 |
| BBB/Baa | 12.0 |
| BB/Ba | 1.7 |
| B/B | 0.1 |
| Not Rated | 3.0 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 16.6 |
| 1-3 years | 14.8 |
| 3-5 years | 13.3 |
| 5-10 years | 41.0 |
| 10-20 years | 10.1 |
| 20-30 years | 3.8 |
| 30+ years | 0.4 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since July 1, 2025.

Effective September 4, 2025, Adrian Van Poppel was added as a portfolio manager of the Fund and effective November 1, 2025, Terry Goode 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

#### SAR3707 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Municipal Bond Fund

# Class A

# WMFAX
This semi-annual shareholder report contains important information about Municipal Bond Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $36 | 0.71%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $8352435339 |
| # of portfolio holdings | 1593 |
| Portfolio turnover rate | 5% |
| Total advisory fees paid | $13459360 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Regional Transportation District Sales Tax Revenue FasTracks Project Series A, 5.00%, 11-1-2041 | 0.6 |
| County of Clark Series A, 5.00%, 5-1-2048 | 0.6 |
| Port of Portland Airport Revenue Series 30A AMT, 5.25%, 7-1-2049 | 0.6 |
| Southeast Energy Authority A Cooperative District Series F, 5.25%, 11-1-2055 | 0.6 |
| San Francisco City & County Airport Commission San Francisco International Airport Series B AMT, 5.00%, 5-1-2046 | 0.6 |
| Texas Transportation Finance Corp. Series A, 5.25%, 10-1-2050 | 0.5 |
| Texas Water Development Board State Water Implementation Revenue Fund Series B, 5.00%, 4-15-2049 | 0.5 |
| Metropolitan Pier & Exposition Authority State of Illinois McCormick Place Expansion Project Fund Series A CAB, 0.00%, 12-15-2030 | 0.5 |
| Fairfax County IDA Inova Health System Obligated Group, 5.00%, 5-15-2051 | 0.5 |
| Black Belt Energy Gas District Series B, 5.00%, 10-1-2035 | 0.5 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 5.7 |
| AA/Aa | 47.1 |
| A/A | 30.4 |
| BBB/Baa | 12.0 |
| BB/Ba | 1.7 |
| B/B | 0.1 |
| Not Rated | 3.0 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 16.6 |
| 1-3 years | 14.8 |
| 3-5 years | 13.3 |
| 5-10 years | 41.0 |
| 10-20 years | 10.1 |
| 20-30 years | 3.8 |
| 30+ years | 0.4 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since July 1, 2025.

Effective September 4, 2025, Adrian Van Poppel was added as a portfolio manager of the Fund and effective November 1, 2025, Terry Goode 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

#### SAR3317 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Municipal Bond Fund

# Class C

# WMFCX
This semi-annual shareholder report contains important information about Municipal Bond Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $76 | 1.49%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $8352435339 |
| # of portfolio holdings | 1593 |
| Portfolio turnover rate | 5% |
| Total advisory fees paid | $13459360 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Regional Transportation District Sales Tax Revenue FasTracks Project Series A, 5.00%, 11-1-2041 | 0.6 |
| County of Clark Series A, 5.00%, 5-1-2048 | 0.6 |
| Port of Portland Airport Revenue Series 30A AMT, 5.25%, 7-1-2049 | 0.6 |
| Southeast Energy Authority A Cooperative District Series F, 5.25%, 11-1-2055 | 0.6 |
| San Francisco City & County Airport Commission San Francisco International Airport Series B AMT, 5.00%, 5-1-2046 | 0.6 |
| Texas Transportation Finance Corp. Series A, 5.25%, 10-1-2050 | 0.5 |
| Texas Water Development Board State Water Implementation Revenue Fund Series B, 5.00%, 4-15-2049 | 0.5 |
| Metropolitan Pier & Exposition Authority State of Illinois McCormick Place Expansion Project Fund Series A CAB, 0.00%, 12-15-2030 | 0.5 |
| Fairfax County IDA Inova Health System Obligated Group, 5.00%, 5-15-2051 | 0.5 |
| Black Belt Energy Gas District Series B, 5.00%, 10-1-2035 | 0.5 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 5.7 |
| AA/Aa | 47.1 |
| A/A | 30.4 |
| BBB/Baa | 12.0 |
| BB/Ba | 1.7 |
| B/B | 0.1 |
| Not Rated | 3.0 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 16.6 |
| 1-3 years | 14.8 |
| 3-5 years | 13.3 |
| 5-10 years | 41.0 |
| 10-20 years | 10.1 |
| 20-30 years | 3.8 |
| 30+ years | 0.4 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since July 1, 2025.

Effective September 4, 2025, Adrian Van Poppel was added as a portfolio manager of the Fund and effective November 1, 2025, Terry Goode 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

#### SAR3528 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Municipal Bond Fund

# Class R6

# WMBRX
This semi-annual shareholder report contains important information about Municipal Bond Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $19 | 0.37%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $8352435339 |
| # of portfolio holdings | 1593 |
| Portfolio turnover rate | 5% |
| Total advisory fees paid | $13459360 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Regional Transportation District Sales Tax Revenue FasTracks Project Series A, 5.00%, 11-1-2041 | 0.6 |
| County of Clark Series A, 5.00%, 5-1-2048 | 0.6 |
| Port of Portland Airport Revenue Series 30A AMT, 5.25%, 7-1-2049 | 0.6 |
| Southeast Energy Authority A Cooperative District Series F, 5.25%, 11-1-2055 | 0.6 |
| San Francisco City & County Airport Commission San Francisco International Airport Series B AMT, 5.00%, 5-1-2046 | 0.6 |
| Texas Transportation Finance Corp. Series A, 5.25%, 10-1-2050 | 0.5 |
| Texas Water Development Board State Water Implementation Revenue Fund Series B, 5.00%, 4-15-2049 | 0.5 |
| Metropolitan Pier & Exposition Authority State of Illinois McCormick Place Expansion Project Fund Series A CAB, 0.00%, 12-15-2030 | 0.5 |
| Fairfax County IDA Inova Health System Obligated Group, 5.00%, 5-15-2051 | 0.5 |
| Black Belt Energy Gas District Series B, 5.00%, 10-1-2035 | 0.5 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 5.7 |
| AA/Aa | 47.1 |
| A/A | 30.4 |
| BBB/Baa | 12.0 |
| BB/Ba | 1.7 |
| B/B | 0.1 |
| Not Rated | 3.0 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 16.6 |
| 1-3 years | 14.8 |
| 3-5 years | 13.3 |
| 5-10 years | 41.0 |
| 10-20 years | 10.1 |
| 20-30 years | 3.8 |
| 30+ years | 0.4 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since July 1, 2025.

Effective September 4, 2025, Adrian Van Poppel was added as a portfolio manager of the Fund and effective November 1, 2025, Terry Goode 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

#### SAR4811 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Municipal Bond Fund

# Institutional Class

# WMBIX
This semi-annual shareholder report contains important information about Municipal Bond Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $22 | 0.42%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $8352435339 |
| # of portfolio holdings | 1593 |
| Portfolio turnover rate | 5% |
| Total advisory fees paid | $13459360 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Regional Transportation District Sales Tax Revenue FasTracks Project Series A, 5.00%, 11-1-2041 | 0.6 |
| County of Clark Series A, 5.00%, 5-1-2048 | 0.6 |
| Port of Portland Airport Revenue Series 30A AMT, 5.25%, 7-1-2049 | 0.6 |
| Southeast Energy Authority A Cooperative District Series F, 5.25%, 11-1-2055 | 0.6 |
| San Francisco City & County Airport Commission San Francisco International Airport Series B AMT, 5.00%, 5-1-2046 | 0.6 |
| Texas Transportation Finance Corp. Series A, 5.25%, 10-1-2050 | 0.5 |
| Texas Water Development Board State Water Implementation Revenue Fund Series B, 5.00%, 4-15-2049 | 0.5 |
| Metropolitan Pier & Exposition Authority State of Illinois McCormick Place Expansion Project Fund Series A CAB, 0.00%, 12-15-2030 | 0.5 |
| Fairfax County IDA Inova Health System Obligated Group, 5.00%, 5-15-2051 | 0.5 |
| Black Belt Energy Gas District Series B, 5.00%, 10-1-2035 | 0.5 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 5.7 |
| AA/Aa | 47.1 |
| A/A | 30.4 |
| BBB/Baa | 12.0 |
| BB/Ba | 1.7 |
| B/B | 0.1 |
| Not Rated | 3.0 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 16.6 |
| 1-3 years | 14.8 |
| 3-5 years | 13.3 |
| 5-10 years | 41.0 |
| 10-20 years | 10.1 |
| 20-30 years | 3.8 |
| 30+ years | 0.4 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since July 1, 2025.

Effective September 4, 2025, Adrian Van Poppel was added as a portfolio manager of the Fund and effective November 1, 2025, Terry Goode 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

#### SAR3160 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Pennsylvania Tax-Free Fund

# Class A

# EKVAX
This semi-annual shareholder report contains important information about Pennsylvania Tax-Free Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $38 | 0.73%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $94430520 |
| # of portfolio holdings | 128 |
| Portfolio turnover rate | 18% |
| Total advisory fees paid | $112258 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Kentucky Public Energy Authority Series C, 5.00%, 5-1-2036 | 2.2 |
| Lancaster County Hospital Authority Pennsylvania State Health Obligated Group, 5.00%, 11-1-2051 | 2.2 |
| Northampton County General Purpose Authority Lehigh University Series B, 3.32%, 11-15-2039 | 1.8 |
| Allegheny County Hospital Development Authority Health Network Obligated Group Series A, 4.00%, 4-1-2044 | 1.8 |
| Interboro School District, 5.50%, 8-15-2063 | 1.7 |
| Pennsylvania EDFA Villanova University, 5.00%, 8-1-2049 | 1.7 |
| Pennsylvania Housing Finance Agency Series 151-A, 5.00%, 4-1-2027 | 1.6 |
| West Shore School District, 5.00%, 11-15-2048 | 1.6 |
| Chester County IDA Longwood Gardens, Inc., 4.00%, 12-1-2046 | 1.6 |
| Pennsylvania Housing Finance Agency Fairhill Phase I LP, 3.15%, 1-1-2046 | 1.6 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 0.4 |
| AA/Aa | 41.5 |
| A/A | 37.2 |
| BBB/Baa | 15.0 |
| BB/Ba | 5.1 |
| Not Rated | 0.8 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 17.7 |
| 1-3 years | 15.1 |
| 3-5 years | 13.1 |
| 5-10 years | 26.6 |
| 10-20 years | 16.2 |
| 20-30 years | 11.3 |

---

## 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

#### SAR4301 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Pennsylvania Tax-Free Fund

# Institutional Class

# EKVYX
This semi-annual shareholder report contains important information about Pennsylvania Tax-Free Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $25 | 0.49%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $94430520 |
| # of portfolio holdings | 128 |
| Portfolio turnover rate | 18% |
| Total advisory fees paid | $112258 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Kentucky Public Energy Authority Series C, 5.00%, 5-1-2036 | 2.2 |
| Lancaster County Hospital Authority Pennsylvania State Health Obligated Group, 5.00%, 11-1-2051 | 2.2 |
| Northampton County General Purpose Authority Lehigh University Series B, 3.32%, 11-15-2039 | 1.8 |
| Allegheny County Hospital Development Authority Health Network Obligated Group Series A, 4.00%, 4-1-2044 | 1.8 |
| Interboro School District, 5.50%, 8-15-2063 | 1.7 |
| Pennsylvania EDFA Villanova University, 5.00%, 8-1-2049 | 1.7 |
| Pennsylvania Housing Finance Agency Series 151-A, 5.00%, 4-1-2027 | 1.6 |
| West Shore School District, 5.00%, 11-15-2048 | 1.6 |
| Chester County IDA Longwood Gardens, Inc., 4.00%, 12-1-2046 | 1.6 |
| Pennsylvania Housing Finance Agency Fairhill Phase I LP, 3.15%, 1-1-2046 | 1.6 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 0.4 |
| AA/Aa | 41.5 |
| A/A | 37.2 |
| BBB/Baa | 15.0 |
| BB/Ba | 5.1 |
| Not Rated | 0.8 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 17.7 |
| 1-3 years | 15.1 |
| 3-5 years | 13.1 |
| 5-10 years | 26.6 |
| 10-20 years | 16.2 |
| 20-30 years | 11.3 |

---

## 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

#### SAR0216 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Short-Term Municipal Bond Fund

# Class A

# WSMAX
This semi-annual shareholder report contains important information about Short-Term Municipal Bond Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $32 | 0.62%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1550345537 |
| # of portfolio holdings | 642 |
| Portfolio turnover rate | 16% |
| Total advisory fees paid | $2380057 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series B2, 5.00%, 2-15-2051 | 1.2 |
| City of Minneapolis Allina Health Obligated Group Series B, 5.00%, 11-15-2053 | 1.1 |
| South Dakota HEFA Sanford Obligated Group Series D-1, 3.37%, 7-1-2055 | 1 |
| Dallas Fort Worth International Airport Series A-2 AMT, 5.00%, 11-1-2050 | 1 |
| State of Illinois Series B, 5.00%, 5-1-2030 | 0.9 |
| City of Andover Series A, 3.50%, 10-1-2028 | 0.9 |
| Arizona IDA Diamond View at Ballpark Village LP, 2.76%, 7-1-2047 | 0.9 |
| PFA Series 202, 2.60%, 8-15-2044 | 0.8 |
| State of Ohio University Hospitals Health System, Inc. Obligated Group Series B, 3.55%, 1-15-2049 | 0.8 |
| Harris County Industrial Development Corp. Energy Transfer LP, 4.05%, 11-1-2050 | 0.7 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 3.7 |
| AA/Aa | 33.4 |
| A/A | 38.6 |
| BBB/Baa | 16.7 |
| BB/Ba | 2.1 |
| B/B | 0.3 |
| CCC/Caa and below | 0.5 |
| Note rated | 4.7 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 39.6 |
| 1-3 years | 28.9 |
| 3-5 years | 20.5 |
| 5-10 years | 8.6 |
| 10-20 years | 1.1 |
| 20-30 years | 1.2 |
| 30+ years | 0.1 |

---

## 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

#### SAR3330 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Short-Term Municipal Bond Fund

# Class C

# WSSCX
This semi-annual shareholder report contains important information about Short-Term Municipal Bond Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $70 | 1.38%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1550345537 |
| # of portfolio holdings | 642 |
| Portfolio turnover rate | 16% |
| Total advisory fees paid | $2380057 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series B2, 5.00%, 2-15-2051 | 1.2 |
| City of Minneapolis Allina Health Obligated Group Series B, 5.00%, 11-15-2053 | 1.1 |
| South Dakota HEFA Sanford Obligated Group Series D-1, 3.37%, 7-1-2055 | 1 |
| Dallas Fort Worth International Airport Series A-2 AMT, 5.00%, 11-1-2050 | 1 |
| State of Illinois Series B, 5.00%, 5-1-2030 | 0.9 |
| City of Andover Series A, 3.50%, 10-1-2028 | 0.9 |
| Arizona IDA Diamond View at Ballpark Village LP, 2.76%, 7-1-2047 | 0.9 |
| PFA Series 202, 2.60%, 8-15-2044 | 0.8 |
| State of Ohio University Hospitals Health System, Inc. Obligated Group Series B, 3.55%, 1-15-2049 | 0.8 |
| Harris County Industrial Development Corp. Energy Transfer LP, 4.05%, 11-1-2050 | 0.7 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 3.7 |
| AA/Aa | 33.4 |
| A/A | 38.6 |
| BBB/Baa | 16.7 |
| BB/Ba | 2.1 |
| B/B | 0.3 |
| CCC/Caa and below | 0.5 |
| Note rated | 4.7 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 39.6 |
| 1-3 years | 28.9 |
| 3-5 years | 20.5 |
| 5-10 years | 8.6 |
| 10-20 years | 1.1 |
| 20-30 years | 1.2 |
| 30+ years | 0.1 |

---

## 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

#### SAR3509 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Short-Term Municipal Bond Fund

# Class R6

# WSSRX
This semi-annual shareholder report contains important information about Short-Term Municipal Bond Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $18 | 0.35%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1550345537 |
| # of portfolio holdings | 642 |
| Portfolio turnover rate | 16% |
| Total advisory fees paid | $2380057 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series B2, 5.00%, 2-15-2051 | 1.2 |
| City of Minneapolis Allina Health Obligated Group Series B, 5.00%, 11-15-2053 | 1.1 |
| South Dakota HEFA Sanford Obligated Group Series D-1, 3.37%, 7-1-2055 | 1 |
| Dallas Fort Worth International Airport Series A-2 AMT, 5.00%, 11-1-2050 | 1 |
| State of Illinois Series B, 5.00%, 5-1-2030 | 0.9 |
| City of Andover Series A, 3.50%, 10-1-2028 | 0.9 |
| Arizona IDA Diamond View at Ballpark Village LP, 2.76%, 7-1-2047 | 0.9 |
| PFA Series 202, 2.60%, 8-15-2044 | 0.8 |
| State of Ohio University Hospitals Health System, Inc. Obligated Group Series B, 3.55%, 1-15-2049 | 0.8 |
| Harris County Industrial Development Corp. Energy Transfer LP, 4.05%, 11-1-2050 | 0.7 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 3.7 |
| AA/Aa | 33.4 |
| A/A | 38.6 |
| BBB/Baa | 16.7 |
| BB/Ba | 2.1 |
| B/B | 0.3 |
| CCC/Caa and below | 0.5 |
| Note rated | 4.7 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 39.6 |
| 1-3 years | 28.9 |
| 3-5 years | 20.5 |
| 5-10 years | 8.6 |
| 10-20 years | 1.1 |
| 20-30 years | 1.2 |
| 30+ years | 0.1 |

---

## 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

#### SAR4813 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Short-Term Municipal Bond Fund

# Institutional Class

# WSBIX
This semi-annual shareholder report contains important information about Short-Term Municipal Bond Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $20 | 0.40%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1550345537 |
| # of portfolio holdings | 642 |
| Portfolio turnover rate | 16% |
| Total advisory fees paid | $2380057 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series B2, 5.00%, 2-15-2051 | 1.2 |
| City of Minneapolis Allina Health Obligated Group Series B, 5.00%, 11-15-2053 | 1.1 |
| South Dakota HEFA Sanford Obligated Group Series D-1, 3.37%, 7-1-2055 | 1 |
| Dallas Fort Worth International Airport Series A-2 AMT, 5.00%, 11-1-2050 | 1 |
| State of Illinois Series B, 5.00%, 5-1-2030 | 0.9 |
| City of Andover Series A, 3.50%, 10-1-2028 | 0.9 |
| Arizona IDA Diamond View at Ballpark Village LP, 2.76%, 7-1-2047 | 0.9 |
| PFA Series 202, 2.60%, 8-15-2044 | 0.8 |
| State of Ohio University Hospitals Health System, Inc. Obligated Group Series B, 3.55%, 1-15-2049 | 0.8 |
| Harris County Industrial Development Corp. Energy Transfer LP, 4.05%, 11-1-2050 | 0.7 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 3.7 |
| AA/Aa | 33.4 |
| A/A | 38.6 |
| BBB/Baa | 16.7 |
| BB/Ba | 2.1 |
| B/B | 0.3 |
| CCC/Caa and below | 0.5 |
| Note rated | 4.7 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 39.6 |
| 1-3 years | 28.9 |
| 3-5 years | 20.5 |
| 5-10 years | 8.6 |
| 10-20 years | 1.1 |
| 20-30 years | 1.2 |
| 30+ years | 0.1 |

---

## 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

#### SAR3161 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Strategic Municipal Bond Fund

# Class A

# VMPAX
This semi-annual shareholder report contains important information about Strategic Municipal Bond Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $40 | 0.79%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1933126494 |
| # of portfolio holdings | 886 |
| Portfolio turnover rate | 11% |
| Total advisory fees paid | $3544042 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Main Street Natural Gas, Inc. Series C, 4.00%, 8-1-2052 | 1.4 |
| City of Chicago Series A, 5.00%, 1-1-2043 | 1.3 |
| HEFA of the State of Missouri BJC Healthcare Obligated Group Series C, 5.00%, 5-1-2052 | 1 |
| Southeast Energy Authority A Cooperative District Series F, 5.25%, 11-1-2055 | 0.9 |
| City of Dallas Waterworks & Sewer System Revenue Series A, 5.00%, 10-1-2029 | 0.9 |
| Central Plains Energy Project Series A-1, 5.00%, 8-1-2055 | 0.8 |
| California Community Choice Financing Authority Series C, 5.25%, 1-1-2054 | 0.8 |
| Kentucky Public Energy Authority Series C, 4.00%, 2-1-2050 | 0.8 |
| City of San Antonio Electric & Gas Systems Revenue Series A, 3.08%, 2-1-2055 | 0.8 |
| Bay Area Toll Authority Series D, 3.62%, 4-1-2056 | 0.7 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 3.7 |
| AA/Aa | 31.6 |
| A/A | 27.5 |
| BBB/Baa | 20.2 |
| BB/Ba | 6.1 |
| B/B | 1.2 |
| Note rated | 9.7 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 26.2 |
| 1-3 years | 19.7 |
| 3-5 years | 20.6 |
| 5-10 years | 23.7 |
| 10-20 years | 9.0 |
| 20-30 years | 0.6 |
| 30+ years | 0.2 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since July 1, 2025.

Effective November 1, 2025, Terry Goode 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

#### SAR4313 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Strategic Municipal Bond Fund

# Class C

# DHICX
This semi-annual shareholder report contains important information about Strategic Municipal Bond Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $79 | 1.54%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1933126494 |
| # of portfolio holdings | 886 |
| Portfolio turnover rate | 11% |
| Total advisory fees paid | $3544042 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Main Street Natural Gas, Inc. Series C, 4.00%, 8-1-2052 | 1.4 |
| City of Chicago Series A, 5.00%, 1-1-2043 | 1.3 |
| HEFA of the State of Missouri BJC Healthcare Obligated Group Series C, 5.00%, 5-1-2052 | 1 |
| Southeast Energy Authority A Cooperative District Series F, 5.25%, 11-1-2055 | 0.9 |
| City of Dallas Waterworks & Sewer System Revenue Series A, 5.00%, 10-1-2029 | 0.9 |
| Central Plains Energy Project Series A-1, 5.00%, 8-1-2055 | 0.8 |
| California Community Choice Financing Authority Series C, 5.25%, 1-1-2054 | 0.8 |
| Kentucky Public Energy Authority Series C, 4.00%, 2-1-2050 | 0.8 |
| City of San Antonio Electric & Gas Systems Revenue Series A, 3.08%, 2-1-2055 | 0.8 |
| Bay Area Toll Authority Series D, 3.62%, 4-1-2056 | 0.7 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 3.7 |
| AA/Aa | 31.6 |
| A/A | 27.5 |
| BBB/Baa | 20.2 |
| BB/Ba | 6.1 |
| B/B | 1.2 |
| Note rated | 9.7 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 26.2 |
| 1-3 years | 19.7 |
| 3-5 years | 20.6 |
| 5-10 years | 23.7 |
| 10-20 years | 9.0 |
| 20-30 years | 0.6 |
| 30+ years | 0.2 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since July 1, 2025.

Effective November 1, 2025, Terry Goode 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

#### SAR4503 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Strategic Municipal Bond Fund

# Class R6

# VMPRX
This semi-annual shareholder report contains important information about Strategic Municipal Bond Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $22 | 0.42%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1933126494 |
| # of portfolio holdings | 886 |
| Portfolio turnover rate | 11% |
| Total advisory fees paid | $3544042 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Main Street Natural Gas, Inc. Series C, 4.00%, 8-1-2052 | 1.4 |
| City of Chicago Series A, 5.00%, 1-1-2043 | 1.3 |
| HEFA of the State of Missouri BJC Healthcare Obligated Group Series C, 5.00%, 5-1-2052 | 1 |
| Southeast Energy Authority A Cooperative District Series F, 5.25%, 11-1-2055 | 0.9 |
| City of Dallas Waterworks & Sewer System Revenue Series A, 5.00%, 10-1-2029 | 0.9 |
| Central Plains Energy Project Series A-1, 5.00%, 8-1-2055 | 0.8 |
| California Community Choice Financing Authority Series C, 5.25%, 1-1-2054 | 0.8 |
| Kentucky Public Energy Authority Series C, 4.00%, 2-1-2050 | 0.8 |
| City of San Antonio Electric & Gas Systems Revenue Series A, 3.08%, 2-1-2055 | 0.8 |
| Bay Area Toll Authority Series D, 3.62%, 4-1-2056 | 0.7 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 3.7 |
| AA/Aa | 31.6 |
| A/A | 27.5 |
| BBB/Baa | 20.2 |
| BB/Ba | 6.1 |
| B/B | 1.2 |
| Note rated | 9.7 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 26.2 |
| 1-3 years | 19.7 |
| 3-5 years | 20.6 |
| 5-10 years | 23.7 |
| 10-20 years | 9.0 |
| 20-30 years | 0.6 |
| 30+ years | 0.2 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since July 1, 2025.

Effective November 1, 2025, Terry Goode 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

#### SAR4814 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Strategic Municipal Bond Fund

# Institutional Class

# STRIX
This semi-annual shareholder report contains important information about Strategic Municipal Bond Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $24 | 0.47%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1933126494 |
| # of portfolio holdings | 886 |
| Portfolio turnover rate | 11% |
| Total advisory fees paid | $3544042 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Main Street Natural Gas, Inc. Series C, 4.00%, 8-1-2052 | 1.4 |
| City of Chicago Series A, 5.00%, 1-1-2043 | 1.3 |
| HEFA of the State of Missouri BJC Healthcare Obligated Group Series C, 5.00%, 5-1-2052 | 1 |
| Southeast Energy Authority A Cooperative District Series F, 5.25%, 11-1-2055 | 0.9 |
| City of Dallas Waterworks & Sewer System Revenue Series A, 5.00%, 10-1-2029 | 0.9 |
| Central Plains Energy Project Series A-1, 5.00%, 8-1-2055 | 0.8 |
| California Community Choice Financing Authority Series C, 5.25%, 1-1-2054 | 0.8 |
| Kentucky Public Energy Authority Series C, 4.00%, 2-1-2050 | 0.8 |
| City of San Antonio Electric & Gas Systems Revenue Series A, 3.08%, 2-1-2055 | 0.8 |
| Bay Area Toll Authority Series D, 3.62%, 4-1-2056 | 0.7 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 3.7 |
| AA/Aa | 31.6 |
| A/A | 27.5 |
| BBB/Baa | 20.2 |
| BB/Ba | 6.1 |
| B/B | 1.2 |
| Note rated | 9.7 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 26.2 |
| 1-3 years | 19.7 |
| 3-5 years | 20.6 |
| 5-10 years | 23.7 |
| 10-20 years | 9.0 |
| 20-30 years | 0.6 |
| 30+ years | 0.2 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since July 1, 2025.

Effective November 1, 2025, Terry Goode 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

#### SAR3171 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Ultra Short-Term Municipal Income Fund

# Class A

# SMAVX
This semi-annual shareholder report contains important information about Ultra Short-Term Municipal Income Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $24 | 0.47%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1072067882 |
| # of portfolio holdings | 381 |
| Portfolio turnover rate | 22% |
| Total advisory fees paid | $659530 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| JPMorgan Chase Putters/Drivers Trust Series 2025-5088, 1.57%, 4-24-2026 | 1.9 |
| South Dakota HEFA Sanford Obligated Group Series D-2, 3.30%, 7-1-2055 | 1.9 |
| Connecticut State HEFA Yale-New Haven Health Obligated Group Series C-2, 2.25%, 7-1-2060 | 1.9 |
| Lee County IDA Health System, Inc. Obligated Group Series B, 3.86%, 4-1-2049 | 1.5 |
| Port of Port Arthur Navigation District Motiva Enterprises LLC Series E, 2.57%, 11-1-2040 | 1.4 |
| Board of Governors of Colorado State University System Series B, 2.42%, 3-1-2055 | 1.4 |
| PFA Series VRS220, 2.60%, 2-15-2055 | 1.4 |
| Indiana Finance Authority Duke Energy Indiana LLC Series A4, 2.55%, 12-1-2039 | 1.3 |
| Roswell Housing Authority, 3.35%, 9-1-2027 | 1.2 |
| Main Street Natural Gas, Inc. Series C, 4.00%, 8-1-2052 | 1.1 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 5.0 |
| AA/Aa | 43.5 |
| A/A | 36.0 |
| BBB/Baa | 7.8 |
| BB/Ba | 1.3 |
| CCC/Caa and below | 0.2 |
| Not Rated | 6.2 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 64.0 |
| 1-3 years | 21.0 |
| 3-5 years | 8.0 |
| 5-10 years | 1.3 |
| 10-20 years | 0.4 |
| 20-30 years | 4.9 |
| 30+ years | 0.4 |

---

## 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

#### SAR3011 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Ultra Short-Term Municipal Income Fund

# Class A2

# WFUNX
This semi-annual shareholder report contains important information about Ultra Short-Term Municipal Income Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 A2 | $20 | 0.40%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1072067882 |
| # of portfolio holdings | 381 |
| Portfolio turnover rate | 22% |
| Total advisory fees paid | $659530 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| JPMorgan Chase Putters/Drivers Trust Series 2025-5088, 1.57%, 4-24-2026 | 1.9 |
| South Dakota HEFA Sanford Obligated Group Series D-2, 3.30%, 7-1-2055 | 1.9 |
| Connecticut State HEFA Yale-New Haven Health Obligated Group Series C-2, 2.25%, 7-1-2060 | 1.9 |
| Lee County IDA Health System, Inc. Obligated Group Series B, 3.86%, 4-1-2049 | 1.5 |
| Port of Port Arthur Navigation District Motiva Enterprises LLC Series E, 2.57%, 11-1-2040 | 1.4 |
| Board of Governors of Colorado State University System Series B, 2.42%, 3-1-2055 | 1.4 |
| PFA Series VRS220, 2.60%, 2-15-2055 | 1.4 |
| Indiana Finance Authority Duke Energy Indiana LLC Series A4, 2.55%, 12-1-2039 | 1.3 |
| Roswell Housing Authority, 3.35%, 9-1-2027 | 1.2 |
| Main Street Natural Gas, Inc. Series C, 4.00%, 8-1-2052 | 1.1 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 5.0 |
| AA/Aa | 43.5 |
| A/A | 36.0 |
| BBB/Baa | 7.8 |
| BB/Ba | 1.3 |
| CCC/Caa and below | 0.2 |
| Not Rated | 6.2 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 64.0 |
| 1-3 years | 21.0 |
| 3-5 years | 8.0 |
| 5-10 years | 1.3 |
| 10-20 years | 0.4 |
| 20-30 years | 4.9 |
| 30+ years | 0.4 |

---

## 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

#### SAR5102 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Ultra Short-Term Municipal Income Fund

# Class R6

# WUSRX
This semi-annual shareholder report contains important information about Ultra Short-Term Municipal Income Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1072067882 |
| # of portfolio holdings | 381 |
| Portfolio turnover rate | 22% |
| Total advisory fees paid | $659530 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| JPMorgan Chase Putters/Drivers Trust Series 2025-5088, 1.57%, 4-24-2026 | 1.9 |
| South Dakota HEFA Sanford Obligated Group Series D-2, 3.30%, 7-1-2055 | 1.9 |
| Connecticut State HEFA Yale-New Haven Health Obligated Group Series C-2, 2.25%, 7-1-2060 | 1.9 |
| Lee County IDA Health System, Inc. Obligated Group Series B, 3.86%, 4-1-2049 | 1.5 |
| Port of Port Arthur Navigation District Motiva Enterprises LLC Series E, 2.57%, 11-1-2040 | 1.4 |
| Board of Governors of Colorado State University System Series B, 2.42%, 3-1-2055 | 1.4 |
| PFA Series VRS220, 2.60%, 2-15-2055 | 1.4 |
| Indiana Finance Authority Duke Energy Indiana LLC Series A4, 2.55%, 12-1-2039 | 1.3 |
| Roswell Housing Authority, 3.35%, 9-1-2027 | 1.2 |
| Main Street Natural Gas, Inc. Series C, 4.00%, 8-1-2052 | 1.1 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 5.0 |
| AA/Aa | 43.5 |
| A/A | 36.0 |
| BBB/Baa | 7.8 |
| BB/Ba | 1.3 |
| CCC/Caa and below | 0.2 |
| Not Rated | 6.2 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 64.0 |
| 1-3 years | 21.0 |
| 3-5 years | 8.0 |
| 5-10 years | 1.3 |
| 10-20 years | 0.4 |
| 20-30 years | 4.9 |
| 30+ years | 0.4 |

---

## 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

#### SAR4815 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Ultra Short-Term Municipal Income Fund

# Institutional Class

# SMAIX
This semi-annual shareholder report contains important information about Ultra Short-Term Municipal Income Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $13 | 0.25%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1072067882 |
| # of portfolio holdings | 381 |
| Portfolio turnover rate | 22% |
| Total advisory fees paid | $659530 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| JPMorgan Chase Putters/Drivers Trust Series 2025-5088, 1.57%, 4-24-2026 | 1.9 |
| South Dakota HEFA Sanford Obligated Group Series D-2, 3.30%, 7-1-2055 | 1.9 |
| Connecticut State HEFA Yale-New Haven Health Obligated Group Series C-2, 2.25%, 7-1-2060 | 1.9 |
| Lee County IDA Health System, Inc. Obligated Group Series B, 3.86%, 4-1-2049 | 1.5 |
| Port of Port Arthur Navigation District Motiva Enterprises LLC Series E, 2.57%, 11-1-2040 | 1.4 |
| Board of Governors of Colorado State University System Series B, 2.42%, 3-1-2055 | 1.4 |
| PFA Series VRS220, 2.60%, 2-15-2055 | 1.4 |
| Indiana Finance Authority Duke Energy Indiana LLC Series A4, 2.55%, 12-1-2039 | 1.3 |
| Roswell Housing Authority, 3.35%, 9-1-2027 | 1.2 |
| Main Street Natural Gas, Inc. Series C, 4.00%, 8-1-2052 | 1.1 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 5.0 |
| AA/Aa | 43.5 |
| A/A | 36.0 |
| BBB/Baa | 7.8 |
| BB/Ba | 1.3 |
| CCC/Caa and below | 0.2 |
| Not Rated | 6.2 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 64.0 |
| 1-3 years | 21.0 |
| 3-5 years | 8.0 |
| 5-10 years | 1.3 |
| 10-20 years | 0.4 |
| 20-30 years | 4.9 |
| 30+ years | 0.4 |

---

## 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

#### SAR3107 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Wisconsin Tax-Free Fund

# Class A

# WWTFX
This semi-annual shareholder report contains important information about Wisconsin Tax-Free Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $33 | 0.64%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $142577912 |
| # of portfolio holdings | 153 |
| Portfolio turnover rate | 8% |
| Total advisory fees paid | $210037 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Appleton RDA Fox Cities Performing Arts Center, Inc. Series B, 2.55%, 6-1-2036 | 5.3 |
| Wisconsin HEFA Beloit Health System Obligated Group, 4.00%, 7-1-2036 | 2.8 |
| Slinger RDA Village of Slinger Series A, 5.00%, 3-1-2045 | 2.7 |
| Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group Series B, 5.00%, 7-1-2044 | 2.4 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A, 5.50%, 12-1-2052 | 2.3 |
| Wisconsin Housing & EDA Flats at Bishops Woods LP Series E, 4.75%, 6-1-2043 | 2.2 |
| Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C, 5.00%, 2-15-2047 | 2.2 |
| Wisconsin Housing & EDA WHPC Madison Pool Project-2017 Obligated Group Series A, 4.85%, 7-1-2052 | 2.1 |
| Ashwaubenon CDA County of Brown CAB, 0.00%, 6-1-2049 | 1.8 |
| University of Wisconsin Hospitals & Clinics Authority Obligated Group Series B, 2.55%, 4-1-2048 | 1.8 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 1.3 |
| AA/Aa | 28.8 |
| A/A | 39.9 |
| BBB/Baa | 24.8 |
| BB/Ba | 0.2 |
| Not Rated | 5.0 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 31.2 |
| 1-3 years | 11.9 |
| 3-5 years | 11.3 |
| 5-10 years | 20.6 |
| 10-20 years | 18.6 |
| 20-30 years | 6.4 |

---

## 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

#### SAR3328 12-25
![Image](g805823if3c13af4e8d072294d77.jpg)

# Semi-Annual Shareholder Report

# December 31, 2025

# Wisconsin Tax-Free Fund

# Institutional Class

# WWTIX
This semi-annual shareholder report contains important information about Wisconsin Tax-Free Fund for the period from July 1, 2025 to December 31, 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 6 months?
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 | $27 | 0.52%<sup>Footnote Reference1</sup> |

---

---

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

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $142577912 |
| # of portfolio holdings | 153 |
| Portfolio turnover rate | 8% |
| Total advisory fees paid | $210037 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Appleton RDA Fox Cities Performing Arts Center, Inc. Series B, 2.55%, 6-1-2036 | 5.3 |
| Wisconsin HEFA Beloit Health System Obligated Group, 4.00%, 7-1-2036 | 2.8 |
| Slinger RDA Village of Slinger Series A, 5.00%, 3-1-2045 | 2.7 |
| Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group Series B, 5.00%, 7-1-2044 | 2.4 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A, 5.50%, 12-1-2052 | 2.3 |
| Wisconsin Housing & EDA Flats at Bishops Woods LP Series E, 4.75%, 6-1-2043 | 2.2 |
| Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C, 5.00%, 2-15-2047 | 2.2 |
| Wisconsin Housing & EDA WHPC Madison Pool Project-2017 Obligated Group Series A, 4.85%, 7-1-2052 | 2.1 |
| Ashwaubenon CDA County of Brown CAB, 0.00%, 6-1-2049 | 1.8 |
| University of Wisconsin Hospitals & Clinics Authority Obligated Group Series B, 2.55%, 4-1-2048 | 1.8 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 1.3 |
| AA/Aa | 28.8 |
| A/A | 39.9 |
| BBB/Baa | 24.8 |
| BB/Ba | 0.2 |
| Not Rated | 5.0 |

---

---

| | |
|:---|:---|
| 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. |

---

## EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 31.2 |
| 1-3 years | 11.9 |
| 3-5 years | 11.3 |
| 5-10 years | 20.6 |
| 10-20 years | 18.6 |
| 20-30 years | 6.4 |

---

## 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

#### SAR4716 12-25

------

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

Not applicable.

<u>ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT</u> 

Not applicable.

<u>ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES</u> 

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.

------

![](g805823imgc943fc461.jpg)

Allspring Strategic Municipal Bond Fund

Long Form Financial Statements

Semi-Annual Report

December 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_c965509e-e9ca-49f7-ba2b-759172a90c48_POI-PageBlank-45_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_c965509e-e9ca-49f7-ba2b-759172a90c48_FS-PageBlank-45_1)** |  |
| [Statement of assets and liabilities](#xx_c965509e-e9ca-49f7-ba2b-759172a90c48_FS-PageBlank-45_1) | 43 |
| [Statement of operations](#xx_c965509e-e9ca-49f7-ba2b-759172a90c48_FS-PageBlank-45_2) | 44 |
| [Statement of changes in net assets](#xx_c965509e-e9ca-49f7-ba2b-759172a90c48_FS-PageBlank-45_3) | 45 |
| [Financial highlights](#xx_c965509e-e9ca-49f7-ba2b-759172a90c48_FIHI-PageBlank-45_1) | 47 |
| **[Notes to financial statements](#xx_c965509e-e9ca-49f7-ba2b-759172a90c48_NTF-PageBlank-45_1)** | 51 |
| **[Other information](#xx_c965509e-e9ca-49f7-ba2b-759172a90c48_OI-PageBlank-45_1)** | 55 |
| [Item 8. Changes in and disagreements with accountants](#xx_c965509e-e9ca-49f7-ba2b-759172a90c48_OI-PageBlank-45_2) | 56 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_c965509e-e9ca-49f7-ba2b-759172a90c48_OI-PageBlank-45_2) | 56 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_c965509e-e9ca-49f7-ba2b-759172a90c48_OI-PageBlank-45_2) | 56 |
| [Item 11. Statement regarding basis for board](#xx_c965509e-e9ca-49f7-ba2b-759172a90c48_OI-PageBlank-45_2)['](#xx_c965509e-e9ca-49f7-ba2b-759172a90c48_OI-PageBlank-45_2)[s approval of investment](#xx_c965509e-e9ca-49f7-ba2b-759172a90c48_OI-PageBlank-45_2)<br> [advisory contract](#xx_c965509e-e9ca-49f7-ba2b-759172a90c48_OI-PageBlank-45_2)<br>| 56 |

---

Allspring Strategic Municipal Bond Fund \| 1

------

Portfolio of investments—December 31, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Municipal obligations: 98.53%** |  |  |  |  |
| **Alabama: 4.55%** |  |  |  |  |
| **Education revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Homewood Educational Building Authority CHF - Horizons I LLC <br> Series A<br>| 5.25<br> %<br>| &nbsp;&nbsp; 10-1-2034 | $260000 | &nbsp;&nbsp; $282848 |
| &nbsp;&nbsp; Homewood Educational Building Authority CHF - Horizons I LLC <br> Series A<br>| 5.25 | &nbsp;&nbsp; 10-1-2035 | 1010000 | &nbsp;&nbsp; 1092332 |
| &nbsp;&nbsp; Homewood Educational Building Authority CHF - Horizons I LLC <br> Series A<br>| 5.25 | &nbsp;&nbsp; 10-1-2036 | 1000000 | &nbsp;&nbsp; 1072465 |
|  |  |  |  | &nbsp;&nbsp; **2447645** |
| **Health revenue: 0.26%** |  |  |  |  |
| &nbsp;&nbsp; Alabama Special Care Facilities Financing Authority-Birmingham <br> Ascension Health Credit Group Series C<br>| 5.00 | &nbsp;&nbsp; 11-15-2046 | 5000000 | &nbsp;&nbsp; **5004286** |
| **Industrial development revenue: 0.19%** |  |  |  |  |
| &nbsp;&nbsp; Industrial Development Board of the City of Mobile Alabama Power <br> Co. Series Aøø<br>| 3.38 | &nbsp;&nbsp; 6-1-2034 | 3750000 | &nbsp;&nbsp; **3793426** |
| **Utilities revenue: 3.97%** |  |  |  |  |
| Black Belt Energy Gas District Project No. 6 Series Bøø | 4.00 | &nbsp;&nbsp; 10-1-2052 | 6500000 | &nbsp;&nbsp; 6527272 |
| Black Belt Energy Gas District Series B | 5.00 | &nbsp;&nbsp; 10-1-2035 | 3000000 | &nbsp;&nbsp; 3090039 |
| Black Belt Energy Gas District Series C-1øø | 5.25 | &nbsp;&nbsp; 2-1-2053 | 7800000 | &nbsp;&nbsp; 8235265 |
| Black Belt Energy Gas District Series Eøø | 5.00 | &nbsp;&nbsp; 12-1-2055 | 7600000 | &nbsp;&nbsp; 8127409 |
| JPMorgan Chase Putters/Drivers Trust Series 2025-5088144Aø | 1.57 | &nbsp;&nbsp; 4-24-2026 | 4085000 | &nbsp;&nbsp; 4085000 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 5 <br> Series Aøø<br>| 5.25 | &nbsp;&nbsp; 1-1-2054 | 11000000 | &nbsp;&nbsp; 11590463 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 6 <br> Series B (Royal Bank of Canada LIQ)øø<br>| 5.00 | &nbsp;&nbsp; 1-1-2054 | 5000000 | &nbsp;&nbsp; 5286881 |
| Southeast Energy Authority A Cooperative District Series A | 5.00 | &nbsp;&nbsp; 6-1-2033 | 1000000 | &nbsp;&nbsp; 1095018 |
| Southeast Energy Authority A Cooperative District Series A | 5.00 | &nbsp;&nbsp; 6-1-2034 | 1000000 | &nbsp;&nbsp; 1098424 |
| Southeast Energy Authority A Cooperative District Series E | 5.00 | &nbsp;&nbsp; 10-1-2030 | 8500000 | &nbsp;&nbsp; 9131931 |
| Southeast Energy Authority A Cooperative District Series Føø | 5.25 | &nbsp;&nbsp; 11-1-2055 | 15000000 | &nbsp;&nbsp; 16491796 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XL0560 (Morgan Stanley Bank LIQ)144Aø<br>| 3.42 | &nbsp;&nbsp; 5-1-2055 | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  |  |  | &nbsp;&nbsp; **76759498** |
|  |  |  |  | &nbsp;&nbsp; **88004855** |
| **Alaska: 0.42%** |  |  |  |  |
| **Airport revenue: 0.14%** |  |  |  |  |
| Alaska Railroad Corp. AMT (AG Insured) | 5.50 | &nbsp;&nbsp; 10-1-2035 | 1000000 | &nbsp;&nbsp; 1161642 |
| Alaska Railroad Corp. AMT (AG Insured) | 5.50 | &nbsp;&nbsp; 10-1-2036 | 1250000 | &nbsp;&nbsp; 1440349 |
|  |  |  |  | &nbsp;&nbsp; **2601991** |
| **Health revenue: 0.28%** |  |  |  |  |
| &nbsp;&nbsp; Alaska Industrial Development & Export Authority Dena' Nena' <br> Henash Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2027 | 1455000 | &nbsp;&nbsp; 1501080 |

---

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

2 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Alaska Industrial Development & Export Authority Dena' Nena' <br> Henash Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2028 | $1530000 | &nbsp;&nbsp; $1606168 |
| &nbsp;&nbsp; Alaska Industrial Development & Export Authority Dena' Nena' <br> Henash Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2029 | 2220000 | &nbsp;&nbsp; 2369103 |
|  |  |  |  | &nbsp;&nbsp; **5476351** |
|  |  |  |  | &nbsp;&nbsp; **8078342** |
| **Arizona: 1.42%** |  |  |  |  |
| **Education revenue: 0.59%** |  |  |  |  |
| Arizona IDA Agribusiness & Equine Center, Inc. Series B144A | 4.00 | &nbsp;&nbsp; 3-1-2027 | 425000 | &nbsp;&nbsp; 423014 |
| Arizona IDA Kipp NYC Public Charter Schools Series B | 4.00 | &nbsp;&nbsp; 7-1-2034 | 230000 | &nbsp;&nbsp; 228206 |
| Arizona IDA Kipp NYC Public Charter Schools Series B | 5.00 | &nbsp;&nbsp; 7-1-2029 | 160000 | &nbsp;&nbsp; 161062 |
| Arizona IDA Kipp NYC Public Charter Schools Series B | 5.00 | &nbsp;&nbsp; 7-1-2030 | 190000 | &nbsp;&nbsp; 191225 |
| Arizona IDA Kipp NYC Public Charter Schools Series B | 5.00 | &nbsp;&nbsp; 7-1-2031 | 200000 | &nbsp;&nbsp; 201220 |
| Arizona IDA Kipp NYC Public Charter Schools Series B | 5.00 | &nbsp;&nbsp; 7-1-2032 | 210000 | &nbsp;&nbsp; 211198 |
| Arizona IDA Kipp NYC Public Charter Schools Series B | 5.00 | &nbsp;&nbsp; 7-1-2033 | 220000 | &nbsp;&nbsp; 221147 |
| &nbsp;&nbsp; Arizona IDA Leman Academy of Excellence Obligated Group <br> Series A144A<br>| 4.50 | &nbsp;&nbsp; 7-1-2029 | 555000 | &nbsp;&nbsp; 555317 |
| &nbsp;&nbsp; IDA of the County of Pima American Leadership Academy, Inc. <br> Series 2022144A<br>| 4.00 | &nbsp;&nbsp; 6-15-2026 | 2585000 | &nbsp;&nbsp; 2584518 |
| &nbsp;&nbsp; IDA of the County of Pima American Leadership Academy, Inc. <br> Series 2022144A<br>| 4.00 | &nbsp;&nbsp; 6-15-2028 | 2785000 | &nbsp;&nbsp; 2781497 |
| IDA of the County of Pima Edkey, Inc. Obligated Group144A† | 3.50 | &nbsp;&nbsp; 7-1-2025 | 685000 | &nbsp;&nbsp; 548000 |
| Sierra Vista IDA American Leadership Academy, Inc.144A | 5.00 | &nbsp;&nbsp; 6-15-2034 | 1250000 | &nbsp;&nbsp; 1282802 |
| Sierra Vista IDA Wake Preparatory Academy | 5.25 | &nbsp;&nbsp; 6-15-2035 | 2000000 | &nbsp;&nbsp; 2056991 |
|  |  |  |  | &nbsp;&nbsp; **11446197** |
| **Health revenue: 0.03%** |  |  |  |  |
| Tempe IDA Life Care Village Obligated Group Series A | 4.00 | &nbsp;&nbsp; 12-1-2026 | 245000 | &nbsp;&nbsp; 245118 |
| Tempe IDA Life Care Village Obligated Group Series A | 4.00 | &nbsp;&nbsp; 12-1-2027 | 350000 | &nbsp;&nbsp; 350638 |
|  |  |  |  | &nbsp;&nbsp; **595756** |
| **Housing revenue: 0.25%** |  |  |  |  |
| Arizona IDA State of Nebraska | 5.00 | &nbsp;&nbsp; 2-1-2027 | 1255000 | &nbsp;&nbsp; 1287049 |
| Arizona IDA State of Nebraska | 5.00 | &nbsp;&nbsp; 5-1-2027 | 1125000 | &nbsp;&nbsp; 1160463 |
| Arizona IDA State of Nebraska | 5.00 | &nbsp;&nbsp; 8-1-2027 | 1205000 | &nbsp;&nbsp; 1250231 |
| Arizona IDA State of Nebraska | 5.00 | &nbsp;&nbsp; 11-1-2027 | 1000000 | &nbsp;&nbsp; 1043579 |
|  |  |  |  | &nbsp;&nbsp; **4741322** |
| **Industrial development revenue: 0.42%** |  |  |  |  |
| Chandler IDA Intel Corp. AMTøø | 4.00 | &nbsp;&nbsp; 6-1-2049 | 8000000 | &nbsp;&nbsp; **8110377** |
| **Resource recovery revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Maricopa County IDA Robert & Andrea Van Hofwegen Family LLC <br> (Farm Credit Services Southwest LOC)ø<br>| 3.36 | &nbsp;&nbsp; 8-1-2026 | 2500000 | &nbsp;&nbsp; **2500000** |
|  |  |  |  | &nbsp;&nbsp; **27393652** |

---

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

Allspring Strategic Municipal Bond Fund \| 3

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Arkansas: 0.33%** |  |  |  |  |
| **Industrial development revenue: 0.31%** |  |  |  |  |
| &nbsp;&nbsp; Arkansas Development Finance Authority Weyerhaeuser Co. <br> AMTøø<br>| 3.88<br> %<br>| &nbsp;&nbsp; 10-15-2065 | $6000000 | &nbsp;&nbsp; **$6005349** |
| **Tax revenue: 0.02%** |  |  |  |  |
| City of Cabot Sales & Use Tax Revenue Series B | 4.00 | &nbsp;&nbsp; 12-1-2029 | 230000 | &nbsp;&nbsp; 238232 |
| City of Cabot Sales & Use Tax Revenue Series B | 4.00 | &nbsp;&nbsp; 12-1-2030 | 125000 | &nbsp;&nbsp; 129579 |
|  |  |  |  | &nbsp;&nbsp; **367811** |
|  |  |  |  | &nbsp;&nbsp; **6373160** |
| **California: 5.26%** |  |  |  |  |
| **Education revenue: 0.18%** |  |  |  |  |
| &nbsp;&nbsp; California Municipal Finance Authority Nova Academy <br> Series A144A<br>| 4.00 | &nbsp;&nbsp; 6-15-2026 | 250000 | &nbsp;&nbsp; 249088 |
| &nbsp;&nbsp; California School Finance Authority Magnolia Educational & <br> Research Foundation144A<br>| 4.40 | &nbsp;&nbsp; 12-1-2026 | 3050000 | &nbsp;&nbsp; 3058469 |
| &nbsp;&nbsp; California School Finance Authority Rocketship Education <br> Obligated Group Series A144A<br>| 4.50 | &nbsp;&nbsp; 6-1-2027 | 250000 | &nbsp;&nbsp; 250297 |
|  |  |  |  | &nbsp;&nbsp; **3557854** |
| **GO revenue: 0.21%** |  |  |  |  |
| San Francisco Unified School District Series F&C | 4.00 | &nbsp;&nbsp; 6-15-2031 | 4000000 | &nbsp;&nbsp; **4003906** |
| **Health revenue: 0.72%** |  |  |  |  |
| California HFFA Kaiser Foundation Hospitals Series A-2 | 4.00 | &nbsp;&nbsp; 11-1-2044 | 6000000 | &nbsp;&nbsp; 5678274 |
| &nbsp;&nbsp; California PFA Henry Mayo Newhall Hospital Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 10-15-2026 | 415000 | &nbsp;&nbsp; 416544 |
| &nbsp;&nbsp; California PFA Henry Mayo Newhall Hospital Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 10-15-2027 | 400000 | &nbsp;&nbsp; 404736 |
| California PFA Kendal at Sonoma Obligated Group Series A144A | 5.00 | &nbsp;&nbsp; 11-15-2036 | 2000000 | &nbsp;&nbsp; 2011612 |
| California Statewide CDA Series A144A | 5.00 | &nbsp;&nbsp; 10-1-2028 | 5000000 | &nbsp;&nbsp; 5378983 |
|  |  |  |  | &nbsp;&nbsp; **13890149** |
| **Housing revenue: 0.65%** |  |  |  |  |
| California Housing Finance Agency Class A Series 2 | 4.00 | &nbsp;&nbsp; 3-20-2033 | 1280261 | &nbsp;&nbsp; 1311852 |
| &nbsp;&nbsp; California Municipal Finance Authority CHF - Davis II LLC (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 5-15-2026 | 400000 | &nbsp;&nbsp; 402984 |
| &nbsp;&nbsp; California Municipal Finance Authority CHF - Davis II LLC (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 5-15-2027 | 500000 | &nbsp;&nbsp; 514719 |
| &nbsp;&nbsp; California Municipal Finance Authority CHF - Davis II LLC (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 5-15-2028 | 400000 | &nbsp;&nbsp; 419639 |
| &nbsp;&nbsp; California Statewide CDA Uptown Newport Building Owner LP <br> Series BB (East West Bank LOC)ø<br>| 3.02 | &nbsp;&nbsp; 3-1-2057 | 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; PFA Class A Series 2025-VRS212 (Bank of America N.A. LOC, Bank of <br> America N.A. LIQ)144Aø<br>| 2.60 | &nbsp;&nbsp; 2-1-2055 | 5000000 | &nbsp;&nbsp; 5000000 |
|  |  |  |  | &nbsp;&nbsp; **12649194** |

---

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

4 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Miscellaneous revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; Independent Cities Finance Authority City of Compton Sales Tax <br> Revenue (AG Insured)144A<br>| 4.00<br> %<br>| &nbsp;&nbsp; 6-1-2026 | $350000 | &nbsp;&nbsp; **$351194** |
| **Tax revenue: 0.07%** |  |  |  |  |
| Riverside County PFA Project Area No. 1 Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2026 | 1250000 | &nbsp;&nbsp; **1251217** |
| **Transportation revenue: 0.82%** |  |  |  |  |
| Bay Area Toll Authority Series C (SIFMA Municipal Swap+0.45%)± | 3.77 | &nbsp;&nbsp; 4-1-2056 | 2000000 | &nbsp;&nbsp; 1997247 |
| Bay Area Toll Authority Series D (SIFMA Municipal Swap+0.30%)± | 3.62 | &nbsp;&nbsp; 4-1-2056 | 14000000 | &nbsp;&nbsp; 13881763 |
|  |  |  |  | &nbsp;&nbsp; **15879010** |
| **Utilities revenue: 2.59%** |  |  |  |  |
| California Community Choice Financing Authority Series 2024Høø | 5.00 | &nbsp;&nbsp; 1-1-2056 | 10000000 | &nbsp;&nbsp; 10943158 |
| California Community Choice Financing Authority Series B-1øø | 4.00 | &nbsp;&nbsp; 2-1-2052 | 5590000 | &nbsp;&nbsp; 5668907 |
| California Community Choice Financing Authority Series Cøø | 5.25 | &nbsp;&nbsp; 1-1-2054 | 15000000 | &nbsp;&nbsp; 15938120 |
| Central Valley Energy Authorityøø | 5.00 | &nbsp;&nbsp; 12-1-2055 | 10000000 | &nbsp;&nbsp; 10892945 |
| &nbsp;&nbsp; Southern California Public Power Authority Anaheim Electric <br> System Revenue Series Aøø<br>| 5.00 | &nbsp;&nbsp; 4-1-2055 | 6240000 | &nbsp;&nbsp; 6628197 |
|  |  |  |  | &nbsp;&nbsp; **50071327** |
|  |  |  |  | &nbsp;&nbsp; **101653851** |
| **Colorado: 1.33%** |  |  |  |  |
| **Airport revenue: 0.28%** |  |  |  |  |
| City & County of Denver Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 12-1-2030 | 5000000 | &nbsp;&nbsp; **5459753** |
| **Education revenue: 0.02%** |  |  |  |  |
| Colorado ECFA New Summit Academy Series A144A | 4.00 | &nbsp;&nbsp; 7-1-2031 | 305000 | &nbsp;&nbsp; **298220** |
| **GO revenue: 0.18%** |  |  |  |  |
| Aerotropolis Regional Transportation Authority144A | 5.50 | &nbsp;&nbsp; 12-1-2044 | 2000000 | &nbsp;&nbsp; 2027755 |
| Aviation Station North Metropolitan District No. 2 Series A | 4.00 | &nbsp;&nbsp; 12-1-2029 | 499000 | &nbsp;&nbsp; 498820 |
| Peak Metropolitan District No. 1 Series A144A | 4.00 | &nbsp;&nbsp; 12-1-2035 | 500000 | &nbsp;&nbsp; 453166 |
| Thompson Crossing Metropolitan District No. 4 | 3.50 | &nbsp;&nbsp; 12-1-2029 | 514000 | &nbsp;&nbsp; 505872 |
|  |  |  |  | &nbsp;&nbsp; **3485613** |
| **Health revenue: 0.49%** |  |  |  |  |
| &nbsp;&nbsp; Colorado Health Facilities Authority AdventHealth Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2043 | 6000000 | &nbsp;&nbsp; 5660745 |
| &nbsp;&nbsp; Colorado Health Facilities Authority Craig Hospital Obligated Group <br> Series B<br>| 5.00 | &nbsp;&nbsp; 12-1-2032 | 3350000 | &nbsp;&nbsp; 3722972 |
|  |  |  |  | &nbsp;&nbsp; **9383717** |
| **Miscellaneous revenue: 0.30%** |  |  |  |  |
| State of Colorado Series N COP | 4.00 | &nbsp;&nbsp; 3-15-2043 | 6000000 | &nbsp;&nbsp; **5891789** |
| **Utilities revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; City of Colorado Springs Utilities System Revenue Series B <br> (Barclays Bank plc SPA)ø<br>| 3.37 | &nbsp;&nbsp; 11-1-2036 | 1230000 | &nbsp;&nbsp; **1230000** |
|  |  |  |  | &nbsp;&nbsp; **25749092** |

---

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

Allspring Strategic Municipal Bond Fund \| 5

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Connecticut: 1.23%** |  |  |  |  |
| **Education revenue: 0.23%** |  |  |  |  |
| Connecticut State HEFA University of Hartford Series N | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2026 | $575000 | &nbsp;&nbsp; $576620 |
| Connecticut State HEFA University of Hartford Series N | 5.00 | &nbsp;&nbsp; 7-1-2027 | 430000 | &nbsp;&nbsp; 433699 |
| Connecticut State HEFA University of Hartford Series N | 5.00 | &nbsp;&nbsp; 7-1-2028 | 530000 | &nbsp;&nbsp; 537643 |
| Connecticut State HEFA Yale University Series A-2øø | 2.00 | &nbsp;&nbsp; 7-1-2042 | 1500000 | &nbsp;&nbsp; 1495007 |
| &nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority <br> Series B AMT<br>| 5.00 | &nbsp;&nbsp; 11-15-2026 | 940000 | &nbsp;&nbsp; 952627 |
| &nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority <br> Series B AMT<br>| 5.00 | &nbsp;&nbsp; 11-15-2027 | 330000 | &nbsp;&nbsp; 338303 |
| &nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority <br> Series C<br>| 5.00 | &nbsp;&nbsp; 11-15-2027 | 125000 | &nbsp;&nbsp; 127654 |
|  |  |  |  | &nbsp;&nbsp; **4461553** |
| **GO revenue: 0.23%** |  |  |  |  |
| City of Bridgeport Series A | 5.00 | &nbsp;&nbsp; 6-1-2026 | 1220000 | &nbsp;&nbsp; 1231506 |
| City of Bridgeport Series A | 5.00 | &nbsp;&nbsp; 6-1-2027 | 1425000 | &nbsp;&nbsp; 1471596 |
| City of Bridgeport Series A | 5.00 | &nbsp;&nbsp; 6-1-2028 | 1605000 | &nbsp;&nbsp; 1694163 |
|  |  |  |  | &nbsp;&nbsp; **4397265** |
| **Health revenue: 0.72%** |  |  |  |  |
| &nbsp;&nbsp; Connecticut State HEFA Hartford HealthCare Obligated Group <br> Series B-2øø<br>| 5.00 | &nbsp;&nbsp; 7-1-2053 | 7800000 | &nbsp;&nbsp; 7940985 |
| &nbsp;&nbsp; Connecticut State HEFA Yale-New Haven Health Obligated Group <br> Series C-2ø<br>| 2.25 | &nbsp;&nbsp; 7-1-2060 | 3000000 | &nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp; Stamford Housing Authority TJH Senior Living LLC Obligated Group <br> Series 2025D<br>| 4.25 | &nbsp;&nbsp; 10-1-2030 | 3000000 | &nbsp;&nbsp; 3030744 |
|  |  |  |  | &nbsp;&nbsp; **13971729** |
| **Housing revenue: 0.05%** |  |  |  |  |
| Connecticut HFA Series E-3 (State Street Bank & Trust Co. SPA)ø | 3.35 | &nbsp;&nbsp; 11-15-2050 | 1000000 | &nbsp;&nbsp; **1000000** |
|  |  |  |  | &nbsp;&nbsp; **23830547** |
| **District of Columbia: 0.40%** |  |  |  |  |
| **Airport revenue: 0.19%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2034 | 2000000 | &nbsp;&nbsp; 2232512 |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2040 | 1355000 | &nbsp;&nbsp; 1449248 |
|  |  |  |  | &nbsp;&nbsp; **3681760** |
| **Education revenue: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; District of Columbia Latin American Montessori Bilingual Public <br> Charter School Obligated Group<br>| 4.00 | &nbsp;&nbsp; 6-1-2030 | 740000 | &nbsp;&nbsp; 733888 |
| District of Columbia Two Rivers Public Charter School, Inc. | 3.00 | &nbsp;&nbsp; 6-1-2030 | 805000 | &nbsp;&nbsp; 786448 |
|  |  |  |  | &nbsp;&nbsp; **1520336** |

---

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

6 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XF1716 (Bank of America N.A. LIQ)144Aø<br>| 3.37<br> %<br>| &nbsp;&nbsp; 7-15-2059 | $2500000 | &nbsp;&nbsp; $**2500000** |
|  |  |  |  | &nbsp;&nbsp; **7702096** |
| **Florida: 4.64%** |  |  |  |  |
| **Airport revenue: 0.56%** |  |  |  |  |
| County of Lee Airport Revenue AMT | 5.25 | &nbsp;&nbsp; 10-1-2041 | 6000000 | &nbsp;&nbsp; 6505723 |
| Greater Orlando Aviation Authority United Airlines, Inc. AMT | 5.25 | &nbsp;&nbsp; 11-1-2035 | 4000000 | &nbsp;&nbsp; 4274028 |
|  |  |  |  | &nbsp;&nbsp; **10779751** |
| **Education revenue: 0.73%** |  |  |  |  |
| &nbsp;&nbsp; Capital Projects Finance Authority Navigator Academy of <br> Leadership, Inc. Obligated Group144A<br>| 5.00 | &nbsp;&nbsp; 6-15-2034 | 780000 | &nbsp;&nbsp; 791773 |
| Capital Trust Agency, Inc. Imagine-Pasco County LLC Series A144A | 3.00 | &nbsp;&nbsp; 12-15-2029 | 190000 | &nbsp;&nbsp; 177998 |
| &nbsp;&nbsp; Capital Trust Agency, Inc. Renaissance Charter School, Inc. <br> Series 2017 Obligated Group Series A144A<br>| 4.38 | &nbsp;&nbsp; 6-15-2027 | 270000 | &nbsp;&nbsp; 269408 |
| &nbsp;&nbsp; Capital Trust Agency, Inc. Renaissance Charter School, Inc. <br> Series 2019 Obligated Group Series A144A<br>| 4.00 | &nbsp;&nbsp; 6-15-2029 | 1270000 | &nbsp;&nbsp; 1249070 |
| Capital Trust Authority IDEA Florida, Inc. Series A144A | 5.13 | &nbsp;&nbsp; 6-15-2033 | 3000000 | &nbsp;&nbsp; 3112469 |
| &nbsp;&nbsp; Capital Trust Authority Independence Classical Academy Obligated <br> Group Series A144A<br>| 7.00 | &nbsp;&nbsp; 6-15-2044 | 1000000 | &nbsp;&nbsp; 1011125 |
| Florida Development Finance Corp. IDEA Florida, Inc.144A | 5.25 | &nbsp;&nbsp; 6-15-2029 | 2200000 | &nbsp;&nbsp; 2205714 |
| &nbsp;&nbsp; Florida Development Finance Corp. Renaissance Charter School, <br> Inc. Series 2020C/D Obligated Group Series C144A<br>| 4.00 | &nbsp;&nbsp; 9-15-2030 | 470000 | &nbsp;&nbsp; 458328 |
| &nbsp;&nbsp; Florida Higher Educational Facilities Financing Authority Institute of <br> Technology, Inc.<br>| 5.00 | &nbsp;&nbsp; 10-1-2027 | 650000 | &nbsp;&nbsp; 667780 |
| &nbsp;&nbsp; Florida Higher Educational Facilities Financing Authority Institute of <br> Technology, Inc.<br>| 5.00 | &nbsp;&nbsp; 10-1-2028 | 1050000 | &nbsp;&nbsp; 1094385 |
| &nbsp;&nbsp; Florida Higher Educational Facilities Financing Authority Institute of <br> Technology, Inc.<br>| 5.00 | &nbsp;&nbsp; 10-1-2029 | 1000000 | &nbsp;&nbsp; 1056272 |
| &nbsp;&nbsp; Palm Beach County Educational Facilities Authority Atlantic <br> University Obligated Group<br>| 4.00 | &nbsp;&nbsp; 10-1-2029 | 420000 | &nbsp;&nbsp; 423666 |
| &nbsp;&nbsp; Palm Beach County Educational Facilities Authority Atlantic <br> University Obligated Group<br>| 4.00 | &nbsp;&nbsp; 10-1-2030 | 870000 | &nbsp;&nbsp; 878470 |
| &nbsp;&nbsp; Palm Beach County Educational Facilities Authority Atlantic <br> University Obligated Group<br>| 4.00 | &nbsp;&nbsp; 10-1-2031 | 660000 | &nbsp;&nbsp; 665681 |
|  |  |  |  | &nbsp;&nbsp; **14062139** |
| **GO revenue: 0.65%** |  |  |  |  |
| County of Miami-Dade Series A | 4.00 | &nbsp;&nbsp; 7-1-2042 | 12605000 | &nbsp;&nbsp; **12631898** |
| **Health revenue: 0.49%** |  |  |  |  |
| &nbsp;&nbsp; City of South Miami Health Facilities Authority, Inc. Baptist Health <br> South Florida Obligated Group Series Bøø<br>| 5.00 | &nbsp;&nbsp; 8-15-2065 | 2000000 | &nbsp;&nbsp; 2156403 |
| &nbsp;&nbsp; Florida Local Government Finance Commission Ponte Vedra Pine <br> Co. LLC Obligated Group Series B-3144A<br>| 4.20 | &nbsp;&nbsp; 11-15-2030 | 2000000 | &nbsp;&nbsp; 2012441 |
| &nbsp;&nbsp; Hillsborough County IDA BayCare Obligated Group Series C (TD <br> Bank N.A. LOC)ø<br>| 2.35 | &nbsp;&nbsp; 11-1-2038 | 900000 | &nbsp;&nbsp; 900000 |

---

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

Allspring Strategic Municipal Bond Fund \| 7

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Martin County Health Facilities Authority Cleveland Clinic Health <br> System Obligated Group Series A<br>| 4.00<br> %<br>| &nbsp;&nbsp; 1-1-2046 | $3000000 | &nbsp;&nbsp; $2764650 |
| &nbsp;&nbsp; St. Johns County IDA Life Care Ponte Vedra Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-15-2029 | 225000 | &nbsp;&nbsp; 223850 |
| &nbsp;&nbsp; St. Johns County IDA Life Care Ponte Vedra Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-15-2030 | 200000 | &nbsp;&nbsp; 198717 |
| &nbsp;&nbsp; St. Johns County IDA Life Care Ponte Vedra Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-15-2031 | 205000 | &nbsp;&nbsp; 202968 |
| &nbsp;&nbsp; St. Johns County IDA Life Care Ponte Vedra Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-15-2036 | 1000000 | &nbsp;&nbsp; 953416 |
|  |  |  |  | &nbsp;&nbsp; **9412445** |
| **Industrial development revenue: 0.96%** |  |  |  |  |
| Florida Development Finance Corp. Waste Pro USA, Inc. AMT | 3.00 | &nbsp;&nbsp; 6-1-2032 | 1500000 | &nbsp;&nbsp; 1383770 |
| &nbsp;&nbsp; Florida Development Finance Corp. Waste Pro USA, Inc. <br> AMT144Aøø<br>| 4.45 | &nbsp;&nbsp; 7-1-2037 | 10000000 | &nbsp;&nbsp; 10079180 |
| Florida Development Finance Corp. Waste Pro USA, Inc. AMT144A | 5.00 | &nbsp;&nbsp; 5-1-2029 | 2000000 | &nbsp;&nbsp; 2018448 |
| Florida Development Finance Corp. Waste Pro USA, Inc. AMT144A | 5.25 | &nbsp;&nbsp; 8-1-2029 | 5000000 | &nbsp;&nbsp; 5149917 |
|  |  |  |  | &nbsp;&nbsp; **18631315** |
| **Miscellaneous revenue: 0.27%** |  |  |  |  |
| &nbsp;&nbsp; County of Pasco State of Florida Cigarette Tax Revenue Series A <br> (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 9-1-2036 | 600000 | &nbsp;&nbsp; 675650 |
| &nbsp;&nbsp; County of Pasco State of Florida Cigarette Tax Revenue Series A <br> (AG Insured)<br>| 5.50 | &nbsp;&nbsp; 9-1-2038 | 725000 | &nbsp;&nbsp; 816160 |
| &nbsp;&nbsp; Pinellas County IDA Drs. Kiran & Pallavi Patel 2017 Foundation for <br> Global Understanding, Inc.<br>| 5.00 | &nbsp;&nbsp; 7-1-2029 | 485000 | &nbsp;&nbsp; 495155 |
| &nbsp;&nbsp; Village Community Development District No. 15 Series 2023 Phase I <br> Special Assessment144A<br>| 4.38 | &nbsp;&nbsp; 5-1-2033 | 975000 | &nbsp;&nbsp; 1012225 |
| &nbsp;&nbsp; Village Community Development District No. 15 Series 2024 <br> Special Assessment144A<br>| 4.00 | &nbsp;&nbsp; 5-1-2034 | 1245000 | &nbsp;&nbsp; 1263633 |
| &nbsp;&nbsp; Village Community Development District No. 16 Series 2025 <br> Special Assessment<br>| 3.55 | &nbsp;&nbsp; 5-1-2030 | 1000000 | &nbsp;&nbsp; 1003182 |
|  |  |  |  | &nbsp;&nbsp; **5266005** |
| **Resource recovery revenue: 0.44%** |  |  |  |  |
| &nbsp;&nbsp; Florida Development Finance Corp. GFL Solid Waste Southeast LLC <br> Series A AMT144Aøø<br>| 4.38 | &nbsp;&nbsp; 10-1-2054 | 2000000 | &nbsp;&nbsp; 2023231 |
| &nbsp;&nbsp; Florida Development Finance Corp. Waste Management, Inc. <br> Series A AMTøø<br>| 3.40 | &nbsp;&nbsp; 9-1-2050 | 6400000 | &nbsp;&nbsp; 6426829 |
|  |  |  |  | &nbsp;&nbsp; **8450060** |
| **Transportation revenue: 0.07%** |  |  |  |  |
| County of Osceola Transportation Revenue Series A-1 | 5.00 | &nbsp;&nbsp; 10-1-2027 | 950000 | &nbsp;&nbsp; 974051 |
| County of Osceola Transportation Revenue Series A-1 | 5.00 | &nbsp;&nbsp; 10-1-2029 | 450000 | &nbsp;&nbsp; 473394 |
|  |  |  |  | &nbsp;&nbsp; **1447445** |
| **Water & sewer revenue: 0.47%** |  |  |  |  |
| Charlotte County IDA MSKP Town & Country Utility LLC AMT | 5.13 | &nbsp;&nbsp; 10-1-2035 | 300000 | &nbsp;&nbsp; 310140 |

---

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

8 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Water & sewer revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Charlotte County IDA MSKP Town & Country Utility LLC Series A <br> AMT144A<br>| 4.00<br> %<br>| &nbsp;&nbsp; 10-1-2041 | $1250000 | &nbsp;&nbsp; $1171535 |
| North Sumter County Utility Dependent District (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2029 | 1055000 | &nbsp;&nbsp; 1132781 |
| North Sumter County Utility Dependent District (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2030 | 1760000 | &nbsp;&nbsp; 1921595 |
| North Sumter County Utility Dependent District (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2031 | 1980000 | &nbsp;&nbsp; 2192850 |
| North Sumter County Utility Dependent District (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2032 | 2080000 | &nbsp;&nbsp; 2324139 |
|  |  |  |  | &nbsp;&nbsp; **9053040** |
|  |  |  |  | &nbsp;&nbsp; **89734098** |
| **Georgia: 4.78%** |  |  |  |  |
| **Education revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; Senoia Development Authority Georgia Charter Educational <br> Foundation, Inc. Obligated Group Series A144A<br>| 5.75 | &nbsp;&nbsp; 7-1-2034 | 710000 | &nbsp;&nbsp; **690247** |
| **Health revenue: 0.28%** |  |  |  |  |
| &nbsp;&nbsp; Cobb County Hospital Authority WellStar Health System Obligated <br> Group (Truist Bank LOC)ø<br>| 3.34 | &nbsp;&nbsp; 4-1-2034 | 5300000 | &nbsp;&nbsp; **5300000** |
| **Industrial development revenue: 0.19%** |  |  |  |  |
| &nbsp;&nbsp; George L Smith II Congress Center Authority Signia Hotel <br> Management LLC Series B144A<br>| 3.63 | &nbsp;&nbsp; 1-1-2031 | 2000000 | &nbsp;&nbsp; 1947101 |
| &nbsp;&nbsp; George L Smith II Congress Center Authority Signia Hotel <br> Management LLC Series B144A<br>| 5.00 | &nbsp;&nbsp; 1-1-2036 | 1750000 | &nbsp;&nbsp; 1794868 |
|  |  |  |  | &nbsp;&nbsp; **3741969** |
| **Tax revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Atlanta Development Authority Westside Tax Allocation District <br> Gulch Area Series A144A<br>| 5.00 | &nbsp;&nbsp; 4-1-2034 | 1500000 | &nbsp;&nbsp; 1530531 |
| &nbsp;&nbsp; Atlanta Development Authority Westside Tax Allocation District <br> Gulch Area Series A144A<br>| 5.50 | &nbsp;&nbsp; 4-1-2039 | 1000000 | &nbsp;&nbsp; 1030624 |
|  |  |  |  | &nbsp;&nbsp; **2561155** |
| **Utilities revenue: 4.14%** |  |  |  |  |
| Bartow County Development Authority Georgia Power Co.øø | 1.80 | &nbsp;&nbsp; 9-1-2029 | 1000000 | &nbsp;&nbsp; 927009 |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of the City of <br> Dalton<br>| 5.00 | &nbsp;&nbsp; 3-1-2026 | 600000 | &nbsp;&nbsp; 601825 |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of the City of <br> Dalton<br>| 5.00 | &nbsp;&nbsp; 3-1-2027 | 700000 | &nbsp;&nbsp; 715702 |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of the City of <br> Dalton<br>| 5.00 | &nbsp;&nbsp; 3-1-2028 | 850000 | &nbsp;&nbsp; 887231 |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of the City of <br> Dalton<br>| 5.00 | &nbsp;&nbsp; 3-1-2029 | 1000000 | &nbsp;&nbsp; 1063745 |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of the City of <br> Dalton<br>| 5.00 | &nbsp;&nbsp; 3-1-2030 | 1100000 | &nbsp;&nbsp; 1191518 |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of the City of <br> Dalton<br>| 5.00 | &nbsp;&nbsp; 3-1-2031 | 1000000 | &nbsp;&nbsp; 1082421 |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of the City of <br> Dalton<br>| 5.00 | &nbsp;&nbsp; 3-1-2032 | 1000000 | &nbsp;&nbsp; 1080344 |
| Main Street Natural Gas, Inc. Series A | 4.00 | &nbsp;&nbsp; 12-1-2028 | 3000000 | &nbsp;&nbsp; 3051989 |

---

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

Allspring Strategic Municipal Bond Fund \| 9

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |
| Main Street Natural Gas, Inc. Series A | 4.00<br> %<br>| &nbsp;&nbsp; 12-1-2029 | $4500000 | &nbsp;&nbsp; $4605840 |
| Main Street Natural Gas, Inc. Series B | 5.00 | &nbsp;&nbsp; 6-1-2028 | 2500000 | &nbsp;&nbsp; 2596032 |
| Main Street Natural Gas, Inc. Series B | 5.00 | &nbsp;&nbsp; 6-1-2029 | 1630000 | &nbsp;&nbsp; 1712087 |
| Main Street Natural Gas, Inc. Series Bøø | 5.00 | &nbsp;&nbsp; 7-1-2053 | 1665000 | &nbsp;&nbsp; 1757189 |
| Main Street Natural Gas, Inc. Series Cøø | 4.00 | &nbsp;&nbsp; 3-1-2050 | 10235000 | &nbsp;&nbsp; 10289372 |
| Main Street Natural Gas, Inc. Series Cøø | 4.00 | &nbsp;&nbsp; 5-1-2052 | 7265000 | &nbsp;&nbsp; 7399531 |
| Main Street Natural Gas, Inc. Series C144Aøø | 4.00 | &nbsp;&nbsp; 8-1-2052 | 28000000 | &nbsp;&nbsp; 27970818 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2027 | 300000 | &nbsp;&nbsp; 307400 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2028 | 400000 | &nbsp;&nbsp; 418189 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2029 | 400000 | &nbsp;&nbsp; 420498 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2030 | 350000 | &nbsp;&nbsp; 384038 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2032 | 1100000 | &nbsp;&nbsp; 1243516 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series B<br>| 5.00 | &nbsp;&nbsp; 1-1-2028 | 1000000 | &nbsp;&nbsp; 1032452 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series B<br>| 5.00 | &nbsp;&nbsp; 1-1-2029 | 910000 | &nbsp;&nbsp; 947033 |
| Municipal Electric Authority of Georgia Series A | 5.00 | &nbsp;&nbsp; 1-1-2027 | 2160000 | &nbsp;&nbsp; 2213281 |
| Municipal Electric Authority of Georgia Series A | 5.00 | &nbsp;&nbsp; 1-1-2028 | 2305000 | &nbsp;&nbsp; 2409812 |
| Municipal Electric Authority of Georgia Series A | 5.00 | &nbsp;&nbsp; 1-1-2029 | 1140000 | &nbsp;&nbsp; 1215713 |
| Municipal Electric Authority of Georgia Series A | 5.00 | &nbsp;&nbsp; 1-1-2030 | 1025000 | &nbsp;&nbsp; 1089008 |
| Municipal Electric Authority of Georgia Series A | 5.00 | &nbsp;&nbsp; 1-1-2031 | 1385000 | &nbsp;&nbsp; 1470928 |
|  |  |  |  | &nbsp;&nbsp; **80084521** |
|  |  |  |  | &nbsp;&nbsp; **92377892** |
| **Guam: 0.35%** |  |  |  |  |
| **Airport revenue: 0.04%** |  |  |  |  |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.25 | &nbsp;&nbsp; 10-1-2029 | 700000 | &nbsp;&nbsp; **740362** |
| **Miscellaneous revenue: 0.31%** |  |  |  |  |
| Guam Department of Education Series A COP | 4.25 | &nbsp;&nbsp; 2-1-2030 | 1105000 | &nbsp;&nbsp; 1110915 |
| Territory of Guam Series F | 5.00 | &nbsp;&nbsp; 1-1-2030 | 750000 | &nbsp;&nbsp; 804910 |
| Territory of Guam Series F | 5.00 | &nbsp;&nbsp; 1-1-2031 | 750000 | &nbsp;&nbsp; 814974 |
| Territory of Guam Series G | 5.00 | &nbsp;&nbsp; 1-1-2035 | 1500000 | &nbsp;&nbsp; 1684089 |
| Territory of Guam Series G | 5.00 | &nbsp;&nbsp; 1-1-2036 | 1415000 | &nbsp;&nbsp; 1554747 |
|  |  |  |  | &nbsp;&nbsp; **5969635** |
|  |  |  |  | &nbsp;&nbsp; **6709997** |
| **Hawaii: 0.26%** |  |  |  |  |
| **Airport revenue: 0.26%** |  |  |  |  |
| State of Hawaii Airports System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2043 | 5000000 | &nbsp;&nbsp; **5074202** |

---

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

10 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Idaho: 0.83%** |  |  |  |  |
| **Housing revenue: 0.21%** |  |  |  |  |
| &nbsp;&nbsp; Idaho Housing & Finance Association Series A (GNMA / FNMA / <br> FHLMC Insured)<br>| 6.00<br> %<br>| &nbsp;&nbsp; 7-1-2054 | $3690000 | &nbsp;&nbsp; **$4062123** |
| **Miscellaneous revenue: 0.62%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XF3474 <br> (Morgan Stanley Bank LIQ)144Aø<br>| 3.35 | &nbsp;&nbsp; 8-15-2049 | 12000000 | &nbsp;&nbsp; **12000000** |
|  |  |  |  | &nbsp;&nbsp; **16062123** |
| **Illinois: 12.32%** |  |  |  |  |
| **Airport revenue: 0.70%** |  |  |  |  |
| Chicago O'Hare International Airport Series B | 4.00 | &nbsp;&nbsp; 1-1-2044 | 7000000 | &nbsp;&nbsp; 6524616 |
| Chicago O'Hare International Airport Series C AMT | 5.00 | &nbsp;&nbsp; 1-1-2031 | 530000 | &nbsp;&nbsp; 575125 |
| Chicago O'Hare International Airport Series C AMT | 5.00 | &nbsp;&nbsp; 1-1-2032 | 400000 | &nbsp;&nbsp; 439206 |
| Chicago O'Hare International Airport Series C AMT | 5.00 | &nbsp;&nbsp; 1-1-2033 | 400000 | &nbsp;&nbsp; 436325 |
| Chicago O'Hare International Airport Series C AMT | 5.00 | &nbsp;&nbsp; 1-1-2034 | 325000 | &nbsp;&nbsp; 352969 |
| &nbsp;&nbsp; Illinois Finance Authority Centerpoint Joliet Terminal Railroad LLC <br> AMT144Aøø<br>| 4.80 | &nbsp;&nbsp; 12-1-2043 | 5000000 | &nbsp;&nbsp; 5161172 |
|  |  |  |  | &nbsp;&nbsp; **13489413** |
| **Education revenue: 0.68%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Acero Charter Schools, Inc. Obligated <br> Group144A<br>| 4.00 | &nbsp;&nbsp; 10-1-2028 | 580000 | &nbsp;&nbsp; 580381 |
| &nbsp;&nbsp; Illinois Finance Authority Acero Charter Schools, Inc. Obligated <br> Group144A<br>| 4.00 | &nbsp;&nbsp; 10-1-2030 | 625000 | &nbsp;&nbsp; 622454 |
| &nbsp;&nbsp; Illinois Finance Authority Acero Charter Schools, Inc. Obligated <br> Group144A<br>| 4.00 | &nbsp;&nbsp; 10-1-2031 | 985000 | &nbsp;&nbsp; 979113 |
| &nbsp;&nbsp; Illinois Finance Authority Acero Charter Schools, Inc. Obligated <br> Group144A<br>| 4.00 | &nbsp;&nbsp; 10-1-2032 | 680000 | &nbsp;&nbsp; 672516 |
| Illinois Finance Authority Art in Motion Series A144A | 4.00 | &nbsp;&nbsp; 7-1-2031 | 1445000 | &nbsp;&nbsp; 1298152 |
| Illinois Finance Authority Art in Motion Series A144A | 5.00 | &nbsp;&nbsp; 7-1-2041 | 4475000 | &nbsp;&nbsp; 3624809 |
| Illinois Finance Authority Bradley University Series C | 5.00 | &nbsp;&nbsp; 8-1-2028 | 1860000 | &nbsp;&nbsp; 1891660 |
| Southern Illinois University Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 4-1-2028 | 725000 | &nbsp;&nbsp; 740748 |
| Southern Illinois University Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2029 | 675000 | &nbsp;&nbsp; 716163 |
| Southern Illinois University Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2030 | 800000 | &nbsp;&nbsp; 861859 |
| Southern Illinois University Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2031 | 570000 | &nbsp;&nbsp; 623033 |
| Southern Illinois University Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2032 | 500000 | &nbsp;&nbsp; 552976 |
|  |  |  |  | &nbsp;&nbsp; **13163864** |
| **GO revenue: 7.00%** |  |  |  |  |
| Chicago Board of Education Dedicated Capital Improvement Tax | 5.25 | &nbsp;&nbsp; 4-1-2033 | 1375000 | &nbsp;&nbsp; 1523033 |
| Chicago Board of Education Dedicated Capital Improvement Tax | 5.25 | &nbsp;&nbsp; 4-1-2034 | 1625000 | &nbsp;&nbsp; 1791054 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2033 | 5300000 | &nbsp;&nbsp; 5333303 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2034 | 1500000 | &nbsp;&nbsp; 1505845 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2035 | 2560000 | &nbsp;&nbsp; 2565311 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2040 | 1500000 | &nbsp;&nbsp; 1469427 |
| Chicago Board of Education Series B | 5.00 | &nbsp;&nbsp; 12-1-2026 | 2000000 | &nbsp;&nbsp; 2014093 |
| Chicago Board of Education Series B | 5.00 | &nbsp;&nbsp; 12-1-2027 | 1625000 | &nbsp;&nbsp; 1649872 |
| Chicago Board of Education Series B | 5.00 | &nbsp;&nbsp; 12-1-2031 | 2500000 | &nbsp;&nbsp; 2554926 |

---

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

Allspring Strategic Municipal Bond Fund \| 11

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| Chicago Board of Education Series C | 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2034 | $1945000 | &nbsp;&nbsp; $1946362 |
| Chicago Board of Education Series C | 5.25 | &nbsp;&nbsp; 12-1-2039 | 5095000 | &nbsp;&nbsp; 5080750 |
| Chicago Board of Education Series C | 6.00 | &nbsp;&nbsp; 12-1-2038 | 8000000 | &nbsp;&nbsp; 8653230 |
| Chicago Board of Education Series H | 5.00 | &nbsp;&nbsp; 12-1-2036 | 4500000 | &nbsp;&nbsp; 4452024 |
| City of Berwyn Series A | 5.00 | &nbsp;&nbsp; 12-1-2028 | 3000000 | &nbsp;&nbsp; 3015684 |
| City of Berwyn Series A | 5.00 | &nbsp;&nbsp; 12-1-2029 | 2345000 | &nbsp;&nbsp; 2356997 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2027 | 8000000 | &nbsp;&nbsp; 8093816 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2028 | 6125000 | &nbsp;&nbsp; 6285444 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2043 | 25000000 | &nbsp;&nbsp; 24328755 |
| City of Chicago Series C | 5.00 | &nbsp;&nbsp; 1-1-2026 | 970000 | &nbsp;&nbsp; 970000 |
| City of Waukegan Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-30-2030 | 980000 | &nbsp;&nbsp; 989468 |
| City of Waukegan Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 12-30-2031 | 1000000 | &nbsp;&nbsp; 1001134 |
| &nbsp;&nbsp; Cook County Community Consolidated School District No. <br> 15 Palatine<br>| 5.00 | &nbsp;&nbsp; 12-1-2026 | 2540000 | &nbsp;&nbsp; 2544316 |
| Cook County School District No. 162 Matteson (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2044 | 1695000 | &nbsp;&nbsp; 1786383 |
| Cook County School District No. 99 Cicero (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2026 | 3030000 | &nbsp;&nbsp; 3091248 |
| Cook County School District No. 99 Cicero (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2027 | 2950000 | &nbsp;&nbsp; 3072701 |
| Cook County School District No. 99 Cicero (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2028 | 2285000 | &nbsp;&nbsp; 2429370 |
| County of Cook Series A | 5.00 | &nbsp;&nbsp; 11-15-2027 | 2000000 | &nbsp;&nbsp; 2083063 |
| County of Cook Series A | 5.00 | &nbsp;&nbsp; 11-15-2030 | 2200000 | &nbsp;&nbsp; 2238253 |
| County of Cook Series A | 5.00 | &nbsp;&nbsp; 11-15-2033 | 3850000 | &nbsp;&nbsp; 4200161 |
| &nbsp;&nbsp; Madison-Macoupin etc. Counties Community College District No. <br> 536 Series A (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 11-1-2026 | 1410000 | &nbsp;&nbsp; 1411987 |
| Peoria City School District No. 150 Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2028 | 950000 | &nbsp;&nbsp; 962494 |
| Peoria City School District No. 150 Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2029 | 4000000 | &nbsp;&nbsp; 4052848 |
| State of Illinois | 5.00 | &nbsp;&nbsp; 2-1-2026 | 2000000 | &nbsp;&nbsp; 2003487 |
| State of Illinois Series A | 5.00 | &nbsp;&nbsp; 10-1-2026 | 3000000 | &nbsp;&nbsp; 3048949 |
| State of Illinois Series A | 5.00 | &nbsp;&nbsp; 12-1-2035 | 650000 | &nbsp;&nbsp; 667583 |
| State of Illinois Series B | 5.00 | &nbsp;&nbsp; 5-1-2037 | 5000000 | &nbsp;&nbsp; 5418733 |
| &nbsp;&nbsp; Will County Community High School District No. 210 Lincoln-Way <br> CAB (AG Insured)¤<br>| 0.00 | &nbsp;&nbsp; 1-1-2026 | 8695000 | &nbsp;&nbsp; 8695000 |
|  |  |  |  | &nbsp;&nbsp; **135287104** |
| **Health revenue: 0.63%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Advocate Aurora Health Obligated Group <br> Series 2008 A-2<br>| 4.00 | &nbsp;&nbsp; 11-1-2030 | 1485000 | &nbsp;&nbsp; 1520583 |
| Illinois Finance Authority Ascension Health Credit Group Series C | 4.00 | &nbsp;&nbsp; 2-15-2041 | 160000 | &nbsp;&nbsp; 162072 |
| &nbsp;&nbsp; Illinois Finance Authority Endeavor Health Clinical Operations <br> Obligated Group Series C (JPMorgan Chase Bank N.A. SPA)ø<br>| 2.40 | &nbsp;&nbsp; 8-15-2049 | 2170000 | &nbsp;&nbsp; 2170000 |
| &nbsp;&nbsp; Illinois Finance Authority Lutheran Life Communities Obligated <br> Group Series A<br>| 4.00 | &nbsp;&nbsp; 11-1-2024 | 420000 | &nbsp;&nbsp; 290850 |
| &nbsp;&nbsp; Illinois Finance Authority University of Chicago Medical Center <br> Obligated Group Series A (JPMorgan Chase Bank N.A. LOC)ø<br>| 2.50 | &nbsp;&nbsp; 8-1-2044 | 7450000 | &nbsp;&nbsp; 7450000 |
| &nbsp;&nbsp; Illinois Finance Authority Washington & Jane Smith Community - <br> Orland Park<br>| 4.00 | &nbsp;&nbsp; 10-15-2028 | 670000 | &nbsp;&nbsp; 668519 |
|  |  |  |  | &nbsp;&nbsp; **12262024** |

---

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

12 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue: 0.74%** |  |  |  |  |
| Illinois Housing Development Authority Series C | 2.90<br> %<br>| &nbsp;&nbsp; 8-1-2031 | $1000000 | &nbsp;&nbsp; $979897 |
| &nbsp;&nbsp; Illinois Housing Development Authority Series D (GNMA / FNMA / <br> FHLMC Insured) (Bank of Montreal SPA)ø<br>| 2.39 | &nbsp;&nbsp; 4-1-2045 | 2200000 | &nbsp;&nbsp; 2200000 |
| Illinois Sports Facilities Authority | 5.00 | &nbsp;&nbsp; 6-15-2028 | 1000000 | &nbsp;&nbsp; 1030394 |
| Illinois Sports Facilities Authority (BAM Insured) | 5.00 | &nbsp;&nbsp; 6-15-2028 | 3015000 | &nbsp;&nbsp; 3150151 |
| Illinois Sports Facilities Authority (BAM Insured) | 5.00 | &nbsp;&nbsp; 6-15-2030 | 5250000 | &nbsp;&nbsp; 5601438 |
| Northern Illinois University (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2027 | 350000 | &nbsp;&nbsp; 360843 |
| Northern Illinois University (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2029 | 650000 | &nbsp;&nbsp; 689846 |
| Northern Illinois University (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2030 | 325000 | &nbsp;&nbsp; 349758 |
|  |  |  |  | &nbsp;&nbsp; **14362327** |
| **Miscellaneous revenue: 0.63%** |  |  |  |  |
| City of Chicago Lakeshore East Special Assessment Area144A | 3.20 | &nbsp;&nbsp; 12-1-2029 | 300000 | &nbsp;&nbsp; 290962 |
| City of Chicago Lakeshore East Special Assessment Area144A | 3.29 | &nbsp;&nbsp; 12-1-2030 | 325000 | &nbsp;&nbsp; 314621 |
| City of Chicago Lakeshore East Special Assessment Area144A | 3.38 | &nbsp;&nbsp; 12-1-2031 | 348000 | &nbsp;&nbsp; 334831 |
| City of Chicago Lakeshore East Special Assessment Area144A | 3.45 | &nbsp;&nbsp; 12-1-2032 | 275000 | &nbsp;&nbsp; 263983 |
| &nbsp;&nbsp; Illinois Finance Authority Field Museum of Natural History <br> (U.S. SOFR+1.15%)±<br>| 3.79 | &nbsp;&nbsp; 11-1-2034 | 3865000 | &nbsp;&nbsp; 3870404 |
| Illinois Sports Facilities Authority CAB (Ambac Insured)¤ | 0.00 | &nbsp;&nbsp; 6-15-2026 | 1740000 | &nbsp;&nbsp; 1713380 |
| Northern Illinois University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2033 | 815000 | &nbsp;&nbsp; 894824 |
| Northern Illinois University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2034 | 735000 | &nbsp;&nbsp; 809968 |
| Northern Illinois University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2035 | 825000 | &nbsp;&nbsp; 904087 |
| Northern Illinois University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2036 | 500000 | &nbsp;&nbsp; 545770 |
| Northern Illinois University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2037 | 600000 | &nbsp;&nbsp; 650604 |
| Northern Illinois University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2038 | 670000 | &nbsp;&nbsp; 722278 |
| Northern Illinois University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2039 | 750000 | &nbsp;&nbsp; 804290 |
|  |  |  |  | &nbsp;&nbsp; **12120002** |
| **Tax revenue: 1.26%** |  |  |  |  |
| County of Cook Sales Tax Revenue | 5.00 | &nbsp;&nbsp; 11-15-2029 | 1000000 | &nbsp;&nbsp; 1043085 |
| County of Cook Sales Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 11-15-2029 | 675000 | &nbsp;&nbsp; 733917 |
| County of Cook Sales Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 11-15-2030 | 3575000 | &nbsp;&nbsp; 3948977 |
| County of Cook Sales Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 11-15-2031 | 2250000 | &nbsp;&nbsp; 2484225 |
| Illinois Sports Facilities Authority (AG Insured) | 5.25 | &nbsp;&nbsp; 6-15-2032 | 5000000 | &nbsp;&nbsp; 5079698 |
| Sales Tax Securitization Corp. Series A | 5.00 | &nbsp;&nbsp; 1-1-2026 | 4815000 | &nbsp;&nbsp; 4815000 |
| Sales Tax Securitization Corp. Series A | 5.00 | &nbsp;&nbsp; 1-1-2027 | 1000000 | &nbsp;&nbsp; 1023273 |
| Sales Tax Securitization Corp. Series A | 5.00 | &nbsp;&nbsp; 1-1-2028 | 5000000 | &nbsp;&nbsp; 5200600 |
|  |  |  |  | &nbsp;&nbsp; **24328775** |
| **Utilities revenue: 0.16%** |  |  |  |  |
| Northern Illinois Municipal Power Agency Series A | 4.00 | &nbsp;&nbsp; 12-1-2032 | 3000000 | &nbsp;&nbsp; **3020111** |
| **Water & sewer revenue: 0.52%** |  |  |  |  |
| &nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue Series A (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2042 | 1500000 | &nbsp;&nbsp; 1615368 |
| &nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue Series B (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2031 | 3140000 | &nbsp;&nbsp; 3204523 |

---

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

Allspring Strategic Municipal Bond Fund \| 13

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Water & sewer revenue**(continued) |  |  |  |  |
| City of Chicago Waterworks Revenue | 5.00<br> %<br>| &nbsp;&nbsp; 11-1-2028 | $2560000 | &nbsp;&nbsp; $2607152 |
| City of Chicago Waterworks Revenue Series 2017-2 (AG Insured) | 5.00 | &nbsp;&nbsp; 11-1-2030 | 2620000 | &nbsp;&nbsp; 2714979 |
|  |  |  |  | &nbsp;&nbsp; **10142022** |
|  |  |  |  | &nbsp;&nbsp; **238175642** |
| **Indiana: 1.61%** |  |  |  |  |
| **Education revenue: 0.01%** |  |  |  |  |
| Indiana Finance Authority KIPP Indianapolis, Inc. Series A | 4.00 | &nbsp;&nbsp; 7-1-2030 | 187000 | &nbsp;&nbsp; **183972** |
| **Industrial development revenue: 0.20%** |  |  |  |  |
| City of Valparaiso Pratt Paper LLC AMT144A | 4.50 | &nbsp;&nbsp; 1-1-2034 | 2780000 | &nbsp;&nbsp; 2847738 |
| Indianapolis Local Public Improvement Bond Bank Series E | 5.00 | &nbsp;&nbsp; 3-1-2033 | 1000000 | &nbsp;&nbsp; 1071597 |
|  |  |  |  | &nbsp;&nbsp; **3919335** |
| **Miscellaneous revenue: 0.74%** |  |  |  |  |
| Indiana Bond Bank Hamilton Co. Projects CAB¤ | 0.00 | &nbsp;&nbsp; 7-15-2026 | 735000 | &nbsp;&nbsp; 721662 |
| Indiana Bond Bank Hamilton Co. Projects CAB¤ | 0.00 | &nbsp;&nbsp; 7-15-2027 | 630000 | &nbsp;&nbsp; 597385 |
| Indianapolis Local Public Improvement Bond Bank Series A | 5.00 | &nbsp;&nbsp; 6-1-2028 | 5710000 | &nbsp;&nbsp; 6018975 |
| Indianapolis Local Public Improvement Bond Bank Series A | 5.00 | &nbsp;&nbsp; 6-1-2030 | 6300000 | &nbsp;&nbsp; 6913435 |
|  |  |  |  | &nbsp;&nbsp; **14251457** |
| **Utilities revenue: 0.66%** |  |  |  |  |
| &nbsp;&nbsp; Indiana Finance Authority Indianapolis Power & Light Co. <br> Series Aøø<br>| 0.75 | &nbsp;&nbsp; 12-1-2038 | 3000000 | &nbsp;&nbsp; 2978582 |
| Indiana Finance Authority Ohio Valley Electric Corp. Series A | 4.25 | &nbsp;&nbsp; 11-1-2030 | 7630000 | &nbsp;&nbsp; 7838382 |
| Indiana Finance Authority Ohio Valley Electric Corp. Series B | 3.00 | &nbsp;&nbsp; 11-1-2030 | 2000000 | &nbsp;&nbsp; 1956064 |
|  |  |  |  | &nbsp;&nbsp; **12773028** |
|  |  |  |  | &nbsp;&nbsp; **31127792** |
| **Iowa: 0.70%** |  |  |  |  |
| **Education revenue: 0.06%** |  |  |  |  |
| Iowa Student Loan Liquidity Corp. Series B AMT | 5.00 | &nbsp;&nbsp; 12-1-2026 | 1215000 | &nbsp;&nbsp; **1232515** |
| **Health revenue: 0.19%** |  |  |  |  |
| Crawford County Memorial Hospital, Inc. BAN | 5.00 | &nbsp;&nbsp; 6-15-2027 | 1315000 | &nbsp;&nbsp; 1324978 |
| &nbsp;&nbsp; Iowa Finance Authority Lifespace Communities, Inc. Obligated <br> Group Series 2024 A&B<br>| 5.00 | &nbsp;&nbsp; 5-15-2039 | 2260000 | &nbsp;&nbsp; 2301946 |
|  |  |  |  | &nbsp;&nbsp; **3626924** |
| **Industrial development revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; Iowa Finance Authority John Maassen & Sons Partnership AMT <br> (Farm Credit Services America LOC)ø<br>| 3.45 | &nbsp;&nbsp; 11-1-2035 | 2075000 | &nbsp;&nbsp; **2075000** |
| **Utilities revenue: 0.26%** |  |  |  |  |
| PEFA, Inc. Gas Projectøø | 5.00 | &nbsp;&nbsp; 9-1-2049 | 4975000 | &nbsp;&nbsp; **5019611** |
| **Water & sewer revenue: 0.08%** |  |  |  |  |
| Xenia Rural Water District | 5.00 | &nbsp;&nbsp; 12-1-2031 | 1615000 | &nbsp;&nbsp; **1651110** |
|  |  |  |  | &nbsp;&nbsp; **13605160** |

---

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

14 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Kansas: 0.71%** |  |  |  |  |
| **GO revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp; Harvey County Unified School District 440 Halstead-Bentley (BAM <br> Insured)<br>| 5.00<br> %<br>| &nbsp;&nbsp; 9-1-2043 | $1655000 | &nbsp;&nbsp; **$1733245** |
| **Health revenue: 0.06%** |  |  |  |  |
| City of Wichita Presbyterian Manors Obligated Group | 5.00 | &nbsp;&nbsp; 5-15-2026 | 1105000 | &nbsp;&nbsp; **1104992** |
| **Tax revenue: 0.56%** |  |  |  |  |
| &nbsp;&nbsp; Wyandotte County-Kansas City Unified Government Sales Tax <br> Revenue CAB144A¤<br>| 0.00 | &nbsp;&nbsp; 9-1-2034 | 19260000 | &nbsp;&nbsp; **10898011** |
|  |  |  |  | &nbsp;&nbsp; **13736248** |
| **Kentucky: 2.36%** |  |  |  |  |
| **Education revenue: 0.09%** |  |  |  |  |
| City of Columbia Lindsey Wilson College, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2029 | 570000 | &nbsp;&nbsp; 561784 |
| City of Columbia Lindsey Wilson College, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2030 | 590000 | &nbsp;&nbsp; 577989 |
| City of Columbia Lindsey Wilson College, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2031 | 615000 | &nbsp;&nbsp; 597352 |
|  |  |  |  | &nbsp;&nbsp; **1737125** |
| **Health revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; Kentucky EDFA Norton Healthcare Obligated Group Series B CAB <br> (NPFGC Insured)¤<br>| 0.00 | &nbsp;&nbsp; 10-1-2026 | 3000000 | &nbsp;&nbsp; **2913778** |
| **Industrial development revenue: 0.13%** |  |  |  |  |
| County of Boone Duke Energy Kentucky, Inc. Series A | 3.70 | &nbsp;&nbsp; 8-1-2027 | 2500000 | &nbsp;&nbsp; **2515832** |
| **Miscellaneous revenue: 0.05%** |  |  |  |  |
| Kentucky State University COP (BAM Insured) | 3.00 | &nbsp;&nbsp; 11-1-2032 | 320000 | &nbsp;&nbsp; 317452 |
| Kentucky State University COP (BAM Insured) | 4.00 | &nbsp;&nbsp; 11-1-2033 | 130000 | &nbsp;&nbsp; 137038 |
| Kentucky State University COP (BAM Insured) | 4.00 | &nbsp;&nbsp; 11-1-2034 | 130000 | &nbsp;&nbsp; 136368 |
| Kentucky State University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-1-2029 | 200000 | &nbsp;&nbsp; 216441 |
| Kentucky State University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-1-2030 | 175000 | &nbsp;&nbsp; 192831 |
|  |  |  |  | &nbsp;&nbsp; **1000130** |
| **Utilities revenue: 1.94%** |  |  |  |  |
| County of Trimble Louisville Gas & Electric Co. Series A | 0.63 | &nbsp;&nbsp; 9-1-2026 | 3250000 | &nbsp;&nbsp; 3184047 |
| County of Trimble Louisville Gas & Electric Co. Series A AMTøø | 1.30 | &nbsp;&nbsp; 9-1-2044 | 6250000 | &nbsp;&nbsp; 5954406 |
| County of Trimble Louisville Gas & Electric Co. Series B AMT | 1.35 | &nbsp;&nbsp; 11-1-2027 | 6200000 | &nbsp;&nbsp; 5960976 |
| Kentucky Public Energy Authority Series Cøø | 4.00 | &nbsp;&nbsp; 2-1-2050 | 14960000 | &nbsp;&nbsp; 15154634 |
| Kentucky Public Energy Authority Series C | 5.00 | &nbsp;&nbsp; 5-1-2036 | 5000000 | &nbsp;&nbsp; 5310224 |
| &nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government Gas & <br> Electric Co. Series B AMT<br>| 1.35 | &nbsp;&nbsp; 11-1-2027 | 2000000 | &nbsp;&nbsp; 1917757 |
|  |  |  |  | &nbsp;&nbsp; **37482044** |
|  |  |  |  | &nbsp;&nbsp; **45648909** |

---

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

Allspring Strategic Municipal Bond Fund \| 15

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Louisiana: 1.56%** |  |  |  |  |
| **Airport revenue: 0.18%** |  |  |  |  |
| &nbsp;&nbsp; New Orleans Aviation Board Louis Armstrong New Orleans <br> International Airport CFC Revenue (AG Insured)<br>| 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2031 | $1250000 | &nbsp;&nbsp; $1304158 |
| &nbsp;&nbsp; New Orleans Aviation Board Louis Armstrong New Orleans <br> International Airport CFC Revenue (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2032 | 2000000 | &nbsp;&nbsp; 2084836 |
|  |  |  |  | &nbsp;&nbsp; **3388994** |
| **Industrial development revenue: 0.96%** |  |  |  |  |
| Parish of St. John the Baptist Marathon Oil Corp. Series 2017B-2øø | 2.38 | &nbsp;&nbsp; 6-1-2037 | 8330000 | &nbsp;&nbsp; 8310896 |
| Parish of St. John the Baptist Marathon Oil Corp. Series A-1øø | 4.05 | &nbsp;&nbsp; 6-1-2037 | 3250000 | &nbsp;&nbsp; 3269234 |
| Parish of St. John the Baptist Marathon Oil Corp. Series A-3øø | 2.20 | &nbsp;&nbsp; 6-1-2037 | 7000000 | &nbsp;&nbsp; 6977940 |
|  |  |  |  | &nbsp;&nbsp; **18558070** |
| **Miscellaneous revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; Louisiana Local Government Environmental Facilities & CDA Parish <br> of Jefferson144A<br>| 4.00 | &nbsp;&nbsp; 11-1-2044 | 1355000 | &nbsp;&nbsp; **1244004** |
| **Water & sewer revenue: 0.36%** |  |  |  |  |
| City of New Orleans Sewerage Service Revenue Series B | 5.00 | &nbsp;&nbsp; 6-1-2026 | 350000 | &nbsp;&nbsp; 353298 |
| City of New Orleans Sewerage Service Revenue Series B | 5.00 | &nbsp;&nbsp; 6-1-2027 | 600000 | &nbsp;&nbsp; 619603 |
| City of New Orleans Sewerage Service Revenue Series B | 5.00 | &nbsp;&nbsp; 6-1-2028 | 400000 | &nbsp;&nbsp; 419347 |
| City of New Orleans Sewerage Service Revenue Series B | 5.00 | &nbsp;&nbsp; 6-1-2029 | 600000 | &nbsp;&nbsp; 638622 |
| City of New Orleans Sewerage Service Revenue Series B | 5.00 | &nbsp;&nbsp; 6-1-2030 | 600000 | &nbsp;&nbsp; 646996 |
| East Baton Rouge Sewerage Commission Series Aøø | 1.30 | &nbsp;&nbsp; 2-1-2041 | 3500000 | &nbsp;&nbsp; 3300969 |
| Greater Ouachita Water Co. (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2034 | 985000 | &nbsp;&nbsp; 1007877 |
|  |  |  |  | &nbsp;&nbsp; **6986712** |
|  |  |  |  | &nbsp;&nbsp; **30177780** |
| **Maine: 1.16%** |  |  |  |  |
| **Health revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority Eastern <br> Maine Healthcare Systems Obligated Group Series C<br>| 5.00 | &nbsp;&nbsp; 7-1-2039 | 1865000 | &nbsp;&nbsp; 1978779 |
| Maine Health & Higher Educational Facilities Authority Series A | 5.00 | &nbsp;&nbsp; 7-1-2027 | 750000 | &nbsp;&nbsp; 773746 |
|  |  |  |  | &nbsp;&nbsp; **2752525** |
| **Housing revenue: 0.89%** |  |  |  |  |
| Maine State Housing Authority Series A | 3.20 | &nbsp;&nbsp; 11-15-2029 | 290000 | &nbsp;&nbsp; 293105 |
| Maine State Housing Authority Series A | 3.30 | &nbsp;&nbsp; 11-15-2030 | 150000 | &nbsp;&nbsp; 151582 |
| Maine State Housing Authority Series A | 3.45 | &nbsp;&nbsp; 11-15-2031 | 320000 | &nbsp;&nbsp; 325504 |
| Maine State Housing Authority Series A | 3.55 | &nbsp;&nbsp; 11-15-2032 | 530000 | &nbsp;&nbsp; 541704 |
| Maine State Housing Authority Series A | 3.70 | &nbsp;&nbsp; 11-15-2034 | 890000 | &nbsp;&nbsp; 896415 |
| Maine State Housing Authority Series A | 3.80 | &nbsp;&nbsp; 11-15-2035 | 345000 | &nbsp;&nbsp; 347408 |
| Maine State Housing Authority Series A | 3.90 | &nbsp;&nbsp; 11-15-2036 | 1305000 | &nbsp;&nbsp; 1312641 |
| Maine State Housing Authority Series A | 3.95 | &nbsp;&nbsp; 11-15-2037 | 765000 | &nbsp;&nbsp; 768794 |
| Maine State Housing Authority Series A | 4.10 | &nbsp;&nbsp; 11-15-2040 | 2470000 | &nbsp;&nbsp; 2460529 |

---

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

16 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| Maine State Housing Authority Series A | 4.50<br> %<br>| &nbsp;&nbsp; 11-15-2045 | $4955000 | &nbsp;&nbsp; $4920009 |
| &nbsp;&nbsp; Maine State Housing Authority Series C (Department of Housing <br> and Urban Development Insured)<br>| 4.55 | &nbsp;&nbsp; 11-15-2044 | 5045000 | &nbsp;&nbsp; 5082497 |
|  |  |  |  | &nbsp;&nbsp; **17100188** |
| **Resource recovery revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Finance Authority of Maine Casella Waste Systems, Inc. <br> AMT144Aøø<br>| 4.63 | &nbsp;&nbsp; 12-1-2047 | 2500000 | &nbsp;&nbsp; **2519015** |
|  |  |  |  | &nbsp;&nbsp; **22371728** |
| **Maryland: 1.19%** |  |  |  |  |
| **Education revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority <br> Stevenson University, Inc. Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2029 | 300000 | &nbsp;&nbsp; 314527 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority <br> Stevenson University, Inc. Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2031 | 350000 | &nbsp;&nbsp; 374688 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority <br> Stevenson University, Inc. Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2033 | 425000 | &nbsp;&nbsp; 450722 |
|  |  |  |  | &nbsp;&nbsp; **1139937** |
| **Health revenue: 0.82%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Adventist <br> Healthcare Obligated Group<br>| 5.00 | &nbsp;&nbsp; 1-1-2026 | 495000 | &nbsp;&nbsp; 495000 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Adventist <br> Healthcare Obligated Group<br>| 5.00 | &nbsp;&nbsp; 1-1-2027 | 430000 | &nbsp;&nbsp; 437108 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Adventist <br> Healthcare Obligated Group<br>| 5.00 | &nbsp;&nbsp; 1-1-2028 | 300000 | &nbsp;&nbsp; 309788 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Adventist <br> Healthcare Obligated Group<br>| 5.00 | &nbsp;&nbsp; 1-1-2029 | 290000 | &nbsp;&nbsp; 303705 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Adventist <br> Healthcare Obligated Group<br>| 5.00 | &nbsp;&nbsp; 1-1-2030 | 285000 | &nbsp;&nbsp; 302305 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Johns <br> Hopkins Health System Corp. Series C (Bank of America N.A. <br> LOC)ø<br>| 2.45 | &nbsp;&nbsp; 5-15-2053 | 10000000 | &nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority <br> TidalHealth Obligated Group Series C (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2028 | 300000 | &nbsp;&nbsp; 314636 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority <br> TidalHealth Obligated Group Series C (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2030 | 500000 | &nbsp;&nbsp; 543322 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority <br> TidalHealth Obligated Group Series C (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2035 | 300000 | &nbsp;&nbsp; 340789 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority <br> TidalHealth Obligated Group Series C (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2036 | 200000 | &nbsp;&nbsp; 225948 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority <br> TidalHealth Obligated Group Series C (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2037 | 240000 | &nbsp;&nbsp; 269146 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority <br> TidalHealth Obligated Group Series C (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2038 | 300000 | &nbsp;&nbsp; 333918 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority <br> TidalHealth Obligated Group Series C (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2039 | 250000 | &nbsp;&nbsp; 276729 |

---

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

Allspring Strategic Municipal Bond Fund \| 17

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority <br> TidalHealth Obligated Group Series C (AG Insured)<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2040 | $400000 | &nbsp;&nbsp; $438501 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority <br> TidalHealth Obligated Group Series C (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2042 | 715000 | &nbsp;&nbsp; 767324 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority <br> TidalHealth Obligated Group Series C (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2045 | 500000 | &nbsp;&nbsp; 519266 |
|  |  |  |  | &nbsp;&nbsp; **15877485** |
| **Housing revenue: 0.17%** |  |  |  |  |
| Maryland Stadium Authority Series A | 5.00 | &nbsp;&nbsp; 3-1-2036 | 2890000 | &nbsp;&nbsp; **3255592** |
| **Transportation revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Economic Development Corp. Purple Line Transit <br> Partners LLC Series A-P3 AMT<br>| 5.00 | &nbsp;&nbsp; 11-12-2028 | 2750000 | &nbsp;&nbsp; **2767311** |
|  |  |  |  | &nbsp;&nbsp; **23040325** |
| **Massachusetts: 1.84%** |  |  |  |  |
| **Airport revenue: 0.81%** |  |  |  |  |
| Massachusetts Port Authority Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2047 | 6670000 | &nbsp;&nbsp; 6695269 |
| Massachusetts Port Authority Series E AMT | 5.00 | &nbsp;&nbsp; 7-1-2031 | 1000000 | &nbsp;&nbsp; 1103844 |
| Massachusetts Port Authority Series E AMT | 5.00 | &nbsp;&nbsp; 7-1-2032 | 1500000 | &nbsp;&nbsp; 1650880 |
| Massachusetts Port Authority Series E AMT | 5.00 | &nbsp;&nbsp; 7-1-2033 | 3000000 | &nbsp;&nbsp; 3288992 |
| Massachusetts Port Authority Series E AMT | 5.00 | &nbsp;&nbsp; 7-1-2034 | 2615000 | &nbsp;&nbsp; 2855973 |
|  |  |  |  | &nbsp;&nbsp; **15594958** |
| **Education revenue: 0.58%** |  |  |  |  |
| Collegiate Charter School of Lowell | 5.00 | &nbsp;&nbsp; 6-15-2029 | 400000 | &nbsp;&nbsp; 401851 |
| Massachusetts Development Finance Agency Lasell University | 4.00 | &nbsp;&nbsp; 7-1-2029 | 340000 | &nbsp;&nbsp; 338125 |
| Massachusetts Development Finance Agency Lasell University | 4.00 | &nbsp;&nbsp; 7-1-2030 | 355000 | &nbsp;&nbsp; 351835 |
| Massachusetts Development Finance Agency Lasell University | 4.00 | &nbsp;&nbsp; 7-1-2031 | 370000 | &nbsp;&nbsp; 365518 |
| Massachusetts Educational Financing Authority Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2026 | 1000000 | &nbsp;&nbsp; 1008663 |
| Massachusetts Educational Financing Authority Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2027 | 1500000 | &nbsp;&nbsp; 1534661 |
| Massachusetts Educational Financing Authority Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2028 | 3250000 | &nbsp;&nbsp; 3372873 |
| Massachusetts Educational Financing Authority Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2029 | 1400000 | &nbsp;&nbsp; 1468564 |
| Massachusetts Educational Financing Authority Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2030 | 2230000 | &nbsp;&nbsp; 2382565 |
|  |  |  |  | &nbsp;&nbsp; **11224655** |
| **GO revenue: 0.35%** |  |  |  |  |
| Commonwealth of Massachusetts Series E | 4.00 | &nbsp;&nbsp; 9-1-2044 | 5000000 | &nbsp;&nbsp; 4847943 |
| Town of Tyngsborough | 4.00 | &nbsp;&nbsp; 10-15-2046 | 2035000 | &nbsp;&nbsp; 1977948 |
|  |  |  |  | &nbsp;&nbsp; **6825891** |
| **Health revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Milford Regional <br> Medical Center Obligated Group Series G<br>| 5.00 | &nbsp;&nbsp; 7-15-2026 | 150000 | &nbsp;&nbsp; 151915 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Milford Regional <br> Medical Center Obligated Group Series G<br>| 5.00 | &nbsp;&nbsp; 7-15-2027 | 160000 | &nbsp;&nbsp; 165916 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Milford Regional <br> Medical Center Obligated Group Series G<br>| 5.00 | &nbsp;&nbsp; 7-15-2028 | 175000 | &nbsp;&nbsp; 185712 |

---

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

18 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Milford Regional <br> Medical Center Obligated Group Series G<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-15-2029 | $300000 | &nbsp;&nbsp; $325484 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Milford Regional <br> Medical Center Obligated Group Series G<br>| 5.00 | &nbsp;&nbsp; 7-15-2030 | 320000 | &nbsp;&nbsp; 354471 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Milford Regional <br> Medical Center Obligated Group Series G<br>| 5.00 | &nbsp;&nbsp; 7-15-2031 | 350000 | &nbsp;&nbsp; 387702 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Milford Regional <br> Medical Center Obligated Group Series G<br>| 5.00 | &nbsp;&nbsp; 7-15-2032 | 400000 | &nbsp;&nbsp; 443088 |
|  |  |  |  | &nbsp;&nbsp; **2014288** |
|  |  |  |  | &nbsp;&nbsp; **35659792** |
| **Michigan: 0.65%** |  |  |  |  |
| **Education revenue: 0.26%** |  |  |  |  |
| Lake Superior State University (AG Insured) | 4.00 | &nbsp;&nbsp; 11-15-2029 | 1220000 | &nbsp;&nbsp; 1264866 |
| Lake Superior State University (AG Insured) | 4.00 | &nbsp;&nbsp; 11-15-2030 | 405000 | &nbsp;&nbsp; 423291 |
| Lake Superior State University (AG Insured) | 4.00 | &nbsp;&nbsp; 11-15-2031 | 400000 | &nbsp;&nbsp; 419227 |
| Michigan Finance Authority College for Creative Studies | 5.00 | &nbsp;&nbsp; 12-1-2026 | 840000 | &nbsp;&nbsp; 840428 |
| Michigan Finance Authority College for Creative Studies | 5.00 | &nbsp;&nbsp; 12-1-2027 | 585000 | &nbsp;&nbsp; 585321 |
| Michigan Finance Authority College for Creative Studies | 5.00 | &nbsp;&nbsp; 12-1-2028 | 535000 | &nbsp;&nbsp; 535303 |
| Michigan Finance Authority College for Creative Studies | 5.00 | &nbsp;&nbsp; 12-1-2029 | 590000 | &nbsp;&nbsp; 590365 |
| Michigan Finance Authority College for Creative Studies | 5.00 | &nbsp;&nbsp; 12-1-2030 | 400000 | &nbsp;&nbsp; 400235 |
|  |  |  |  | &nbsp;&nbsp; **5059036** |
| **GO revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025-<br> YX1437 (QSBLF Insured) (Barclays Bank plc LIQ)144Aø<br>| 3.37 | &nbsp;&nbsp; 5-1-2050 | 2470000 | &nbsp;&nbsp; **2470000** |
| **Industrial development revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; Michigan Strategic Fund Graphic Packaging International LLC <br> AMTøø<br>| 4.00 | &nbsp;&nbsp; 10-1-2061 | 2000000 | &nbsp;&nbsp; **1997870** |
| **Miscellaneous revenue: 0.16%** |  |  |  |  |
| Michigan Finance Authority Wayne County | 5.00 | &nbsp;&nbsp; 11-1-2028 | 865000 | &nbsp;&nbsp; 918826 |
| Michigan Finance Authority Wayne County | 5.00 | &nbsp;&nbsp; 11-1-2029 | 1500000 | &nbsp;&nbsp; 1596369 |
| &nbsp;&nbsp; Michigan Public Educational Facilities Authority Chandler Park <br> Academy<br>| 6.35 | &nbsp;&nbsp; 11-1-2028 | 550000 | &nbsp;&nbsp; 550456 |
|  |  |  |  | &nbsp;&nbsp; **3065651** |
|  |  |  |  | &nbsp;&nbsp; **12592557** |
| **Minnesota: 1.65%** |  |  |  |  |
| **Education revenue: 0.55%** |  |  |  |  |
| City of Minneapolis Northeast College Prep Series A | 5.00 | &nbsp;&nbsp; 7-1-2040 | 875000 | &nbsp;&nbsp; 757026 |
| City of Ramsey PACT Charter School Series A | 5.00 | &nbsp;&nbsp; 6-1-2032 | 6500000 | &nbsp;&nbsp; 6577072 |
| City of Woodbury Leadership Academy Series A | 4.00 | &nbsp;&nbsp; 7-1-2031 | 590000 | &nbsp;&nbsp; 574082 |
| City of Woodbury Leadership Academy Series A | 4.00 | &nbsp;&nbsp; 7-1-2041 | 850000 | &nbsp;&nbsp; 721152 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota Hmong College <br> Prep Academy Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2026 | 215000 | &nbsp;&nbsp; 215893 |

---

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

Allspring Strategic Municipal Bond Fund \| 19

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| Minnesota HEFA St. Catherine University Series A | 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2027 | $1035000 | &nbsp;&nbsp; $1059770 |
| Minnesota HEFA St. Catherine University Series A | 5.00 | &nbsp;&nbsp; 10-1-2029 | 660000 | &nbsp;&nbsp; 684158 |
|  |  |  |  | &nbsp;&nbsp; **10589153** |
| **Health revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; City of Minneapolis Fairview Health Services Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2033 | 2585000 | &nbsp;&nbsp; **2586765** |
| **Housing revenue: 0.35%** |  |  |  |  |
| &nbsp;&nbsp; City of Plymouth Lancaster Village Apartments LP LLP (FNMA LOC, <br> FNMA LIQ)ø<br>| 3.37 | &nbsp;&nbsp; 9-15-2031 | 135000 | &nbsp;&nbsp; 135000 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series D (GNMA / FNMA / <br> FHLMC Insured) (Royal Bank of Canada SPA)øø<br>| 3.25 | &nbsp;&nbsp; 1-1-2045 | 6540000 | &nbsp;&nbsp; 6540000 |
|  |  |  |  | &nbsp;&nbsp; **6675000** |
| **Miscellaneous revenue: 0.10%** |  |  |  |  |
| Minnesota Rural Water Finance Authority, Inc. BAN | 3.30 | &nbsp;&nbsp; 8-1-2026 | 2000000 | &nbsp;&nbsp; **2000477** |
| **Utilities revenue: 0.52%** |  |  |  |  |
| &nbsp;&nbsp; Minnesota Municipal Gas Agency Series B (U.S. SOFR+1.00%) <br> (Royal Bank of Canada LIQ)±<br>| 3.53 | &nbsp;&nbsp; 12-1-2052 | 10000000 | &nbsp;&nbsp; **10015488** |
|  |  |  |  | &nbsp;&nbsp; **31866883** |
| **Mississippi: 0.55%** |  |  |  |  |
| **Health revenue: 0.21%** |  |  |  |  |
| &nbsp;&nbsp; Mississippi Hospital Equipment & Facilities Authority North <br> Mississippi Medical Center Obligated Group Series IIøø<br>| 5.00 | &nbsp;&nbsp; 10-1-2040 | 3930000 | &nbsp;&nbsp; **4001287** |
| **Industrial development revenue: 0.19%** |  |  |  |  |
| County of Warren International Paper Co. Series A | 4.20 | &nbsp;&nbsp; 5-1-2034 | 3500000 | &nbsp;&nbsp; **3634092** |
| **Miscellaneous revenue: 0.15%** |  |  |  |  |
| Mississippi Development Bank City of Gulfport | 4.00 | &nbsp;&nbsp; 9-1-2029 | 620000 | &nbsp;&nbsp; 629878 |
| Mississippi Development Bank City of Gulfport | 4.00 | &nbsp;&nbsp; 9-1-2030 | 565000 | &nbsp;&nbsp; 573949 |
| Mississippi Development Bank City of Gulfport | 4.00 | &nbsp;&nbsp; 9-1-2031 | 400000 | &nbsp;&nbsp; 405977 |
| Mississippi Development Bank City of Gulfport | 4.00 | &nbsp;&nbsp; 9-1-2032 | 435000 | &nbsp;&nbsp; 440767 |
| Mississippi Development Bank City of Gulfport | 5.00 | &nbsp;&nbsp; 9-1-2026 | 225000 | &nbsp;&nbsp; 227977 |
| Mississippi Development Bank City of Gulfport | 5.00 | &nbsp;&nbsp; 9-1-2027 | 385000 | &nbsp;&nbsp; 391651 |
| Mississippi Development Bank City of Gulfport | 5.00 | &nbsp;&nbsp; 9-1-2028 | 315000 | &nbsp;&nbsp; 327836 |
|  |  |  |  | &nbsp;&nbsp; **2998035** |
|  |  |  |  | &nbsp;&nbsp; **10633414** |
| **Missouri: 1.89%** |  |  |  |  |
| **Airport revenue: 0.11%** |  |  |  |  |
| City of St. Louis Airport Revenue Series D AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2030 | 2090000 | &nbsp;&nbsp; **2143996** |
| **Education revenue: 0.18%** |  |  |  |  |
| &nbsp;&nbsp; HEFA of the State of Missouri A.T. Still University of Health <br> Sciences Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 925000 | &nbsp;&nbsp; 940857 |

---

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

20 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; HEFA of the State of Missouri A.T. Still University of Health <br> Sciences Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2027 | $975000 | &nbsp;&nbsp; $1002691 |
| &nbsp;&nbsp; HEFA of the State of Missouri A.T. Still University of Health <br> Sciences Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2028 | 1025000 | &nbsp;&nbsp; 1068848 |
| HEFA of the State of Missouri Webster University | 5.00 | &nbsp;&nbsp; 4-1-2026 | 500000 | &nbsp;&nbsp; 497795 |
|  |  |  |  | &nbsp;&nbsp; **3510191** |
| **Health revenue: 1.26%** |  |  |  |  |
| HEFA of the State of Missouri BJC Healthcare Obligated Group | 5.00 | &nbsp;&nbsp; 11-15-2030 | 5425000 | &nbsp;&nbsp; 5467901 |
| &nbsp;&nbsp; HEFA of the State of Missouri BJC Healthcare Obligated Group <br> Series Cøø<br>| 5.00 | &nbsp;&nbsp; 5-1-2052 | 18000000 | &nbsp;&nbsp; 18892553 |
|  |  |  |  | &nbsp;&nbsp; **24360454** |
| **Housing revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; Missouri Southern State University Auxiliary Enterprise System <br> Revenue<br>| 3.00 | &nbsp;&nbsp; 10-1-2026 | 195000 | &nbsp;&nbsp; 193661 |
| &nbsp;&nbsp; Missouri Southern State University Auxiliary Enterprise System <br> Revenue<br>| 4.00 | &nbsp;&nbsp; 10-1-2031 | 1000000 | &nbsp;&nbsp; 992559 |
|  |  |  |  | &nbsp;&nbsp; **1186220** |
| **Miscellaneous revenue: 0.27%** |  |  |  |  |
| Kansas City IDA Airport Revenue Series B AMT | 5.00 | &nbsp;&nbsp; 3-1-2028 | 3000000 | &nbsp;&nbsp; 3125052 |
| Kansas City IDA Airport Revenue Series B AMT | 5.00 | &nbsp;&nbsp; 3-1-2030 | 2000000 | &nbsp;&nbsp; 2112727 |
|  |  |  |  | &nbsp;&nbsp; **5237779** |
| **Tax revenue: 0.01%** |  |  |  |  |
| &nbsp;&nbsp; City of St. Ann Northwest Plaza Community Improvement District <br> Series A144A<br>| 4.63 | &nbsp;&nbsp; 11-1-2030 | 75000 | &nbsp;&nbsp; **73369** |
|  |  |  |  | &nbsp;&nbsp; **36512009** |
| **Nebraska: 1.12%** |  |  |  |  |
| **Airport revenue: 0.04%** |  |  |  |  |
| Lincoln Airport Authority AMT | 5.00 | &nbsp;&nbsp; 7-1-2029 | 835000 | &nbsp;&nbsp; **884584** |
| **Utilities revenue: 1.08%** |  |  |  |  |
| Central Plains Energy Project No. 3 Series A | 5.00 | &nbsp;&nbsp; 9-1-2026 | 3750000 | &nbsp;&nbsp; 3792181 |
| Central Plains Energy Project No. 3 Series A | 5.00 | &nbsp;&nbsp; 9-1-2027 | 1000000 | &nbsp;&nbsp; 1028341 |
| Central Plains Energy Project Series A-1øø | 5.00 | &nbsp;&nbsp; 8-1-2055 | 15000000 | &nbsp;&nbsp; 15984156 |
|  |  |  |  | &nbsp;&nbsp; **20804678** |
|  |  |  |  | &nbsp;&nbsp; **21689262** |
| **Nevada: 0.20%** |  |  |  |  |
| **Miscellaneous revenue: 0.09%** |  |  |  |  |
| City of Las Vegas Special Improvement District No. 816 | 2.00 | &nbsp;&nbsp; 6-1-2026 | 225000 | &nbsp;&nbsp; 223420 |
| City of Las Vegas Special Improvement District No. 816 | 2.25 | &nbsp;&nbsp; 6-1-2027 | 250000 | &nbsp;&nbsp; 244710 |
| City of Las Vegas Special Improvement District No. 816 | 2.50 | &nbsp;&nbsp; 6-1-2028 | 245000 | &nbsp;&nbsp; 237049 |
| City of Las Vegas Special Improvement District No. 816 | 2.50 | &nbsp;&nbsp; 6-1-2029 | 195000 | &nbsp;&nbsp; 185884 |
| City of Las Vegas Special Improvement District No. 816 | 2.63 | &nbsp;&nbsp; 6-1-2030 | 295000 | &nbsp;&nbsp; 277415 |

---

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

Allspring Strategic Municipal Bond Fund \| 21

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Miscellaneous revenue**(continued) |  |  |  |  |
| City of Las Vegas Special Improvement District No. 816 | 2.75<br> %<br>| &nbsp;&nbsp; 6-1-2031 | $225000 | &nbsp;&nbsp; $207755 |
| City of Las Vegas Special Improvement District No. 816 | 2.75 | &nbsp;&nbsp; 6-1-2033 | 505000 | &nbsp;&nbsp; 447510 |
|  |  |  |  | &nbsp;&nbsp; **1823743** |
| **Utilities revenue: 0.11%** |  |  |  |  |
| County of Washoe NV Sierra Pacific Power Co. Series C AMTøø | 4.13 | &nbsp;&nbsp; 3-1-2036 | 2000000 | &nbsp;&nbsp; **2044075** |
|  |  |  |  | &nbsp;&nbsp; **3867818** |
| **New Hampshire: 0.23%** |  |  |  |  |
| **Housing revenue: 0.12%** |  |  |  |  |
| New Hampshire Business Finance Authority Class A Series 1-A | 4.13 | &nbsp;&nbsp; 1-20-2034 | 2264802 | &nbsp;&nbsp; **2307193** |
| **Resource recovery revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; New Hampshire Business Finance Authority United Illuminating Co. <br> Series A<br>| 4.50 | &nbsp;&nbsp; 10-1-2033 | 2000000 | &nbsp;&nbsp; **2106943** |
|  |  |  |  | &nbsp;&nbsp; **4414136** |
| **New Jersey: 2.85%** |  |  |  |  |
| **Airport revenue: 0.14%** |  |  |  |  |
| New Jersey EDA Port Newark Container Terminal LLC AMT | 5.00 | &nbsp;&nbsp; 10-1-2026 | 2130000 | &nbsp;&nbsp; 2150525 |
| South Jersey Port Corp. Series B AMT | 5.00 | &nbsp;&nbsp; 1-1-2028 | 500000 | &nbsp;&nbsp; 518493 |
|  |  |  |  | &nbsp;&nbsp; **2669018** |
| **Education revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; Atlantic County Improvement Authority Stockton University <br> Series A (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2036 | 425000 | &nbsp;&nbsp; 440457 |
| &nbsp;&nbsp; Atlantic County Improvement Authority Stockton University <br> Series A (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2037 | 150000 | &nbsp;&nbsp; 154494 |
| &nbsp;&nbsp; Atlantic County Improvement Authority Stockton University <br> Series A (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2038 | 200000 | &nbsp;&nbsp; 204851 |
| &nbsp;&nbsp; Atlantic County Improvement Authority Stockton University <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2032 | 225000 | &nbsp;&nbsp; 249798 |
| &nbsp;&nbsp; Atlantic County Improvement Authority Stockton University <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2034 | 225000 | &nbsp;&nbsp; 247641 |
| &nbsp;&nbsp; Passaic County Improvement Authority Paterson Arts & <br> Science Charter School<br>| 4.25 | &nbsp;&nbsp; 7-1-2033 | 515000 | &nbsp;&nbsp; 527952 |
|  |  |  |  | &nbsp;&nbsp; **1825193** |
| **GO revenue: 0.32%** |  |  |  |  |
| Atlantic City Board of Education (AG Insured) | 4.00 | &nbsp;&nbsp; 4-1-2027 | 400000 | &nbsp;&nbsp; 406292 |
| Atlantic City Board of Education (AG Insured) | 4.00 | &nbsp;&nbsp; 4-1-2029 | 400000 | &nbsp;&nbsp; 414345 |
| Atlantic City Board of Education (AG Insured) | 4.00 | &nbsp;&nbsp; 4-1-2031 | 350000 | &nbsp;&nbsp; 362903 |
| Atlantic City Board of Education (AG Insured) | 4.00 | &nbsp;&nbsp; 4-1-2033 | 300000 | &nbsp;&nbsp; 307897 |
| Atlantic City Board of Education (AG Insured) | 4.00 | &nbsp;&nbsp; 4-1-2034 | 260000 | &nbsp;&nbsp; 266266 |
| New Jersey EDA Series GGG144A | 5.25 | &nbsp;&nbsp; 9-1-2026 | 2230000 | &nbsp;&nbsp; 2268763 |
| Newark Board of Education (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-15-2029 | 340000 | &nbsp;&nbsp; 366556 |
| Newark Board of Education (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-15-2030 | 325000 | &nbsp;&nbsp; 357144 |
| Newark Board of Education (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-15-2031 | 400000 | &nbsp;&nbsp; 446984 |

---

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

22 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| Newark Board of Education (BAM Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 7-15-2032 | $430000 | &nbsp;&nbsp; $480668 |
| Newark Board of Education (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-15-2033 | 520000 | &nbsp;&nbsp; 577305 |
|  |  |  |  | &nbsp;&nbsp; **6255123** |
| **Housing revenue: 1.77%** |  |  |  |  |
| Garden State Preservation Trust Series A (AG Insured) | 5.75 | &nbsp;&nbsp; 11-1-2028 | 3170000 | &nbsp;&nbsp; 3354987 |
| New Jersey EDA Motor Vehicle Surcharge Revenue Series A | 3.13 | &nbsp;&nbsp; 7-1-2029 | 5620000 | &nbsp;&nbsp; 5528359 |
| New Jersey EDA Motor Vehicle Surcharge Revenue Series A | 3.38 | &nbsp;&nbsp; 7-1-2030 | 9705000 | &nbsp;&nbsp; 9569544 |
| New Jersey EDA Series QQQ | 5.00 | &nbsp;&nbsp; 6-15-2030 | 1000000 | &nbsp;&nbsp; 1097503 |
| New Jersey EDA Series QQQ | 5.00 | &nbsp;&nbsp; 6-15-2031 | 500000 | &nbsp;&nbsp; 552628 |
| New Jersey TTFA Series A¤ | 0.00 | &nbsp;&nbsp; 12-15-2026 | 12000000 | &nbsp;&nbsp; 11676396 |
| New Jersey TTFA Series C CAB (Ambac Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2026 | 2545000 | &nbsp;&nbsp; 2476369 |
|  |  |  |  | &nbsp;&nbsp; **34255786** |
| **Industrial development revenue: 0.01%** |  |  |  |  |
| New Jersey EDA Elite Pharmaceuticals, Inc. Series A | 6.50 | &nbsp;&nbsp; 9-1-2030 | 185000 | &nbsp;&nbsp; **170051** |
| **Tax revenue: 0.08%** |  |  |  |  |
| New Jersey TTFA Series BB | 5.00 | &nbsp;&nbsp; 6-15-2030 | 1500000 | &nbsp;&nbsp; **1598233** |
| **Transportation revenue: 0.06%** |  |  |  |  |
| South Jersey Transportation Authority Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-1-2036 | 500000 | &nbsp;&nbsp; 557326 |
| South Jersey Transportation Authority Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-1-2037 | 500000 | &nbsp;&nbsp; 553825 |
|  |  |  |  | &nbsp;&nbsp; **1111151** |
| **Water & sewer revenue: 0.37%** |  |  |  |  |
| New Jersey EDA American Water Co., Inc. Series A AMTøø | 2.20 | &nbsp;&nbsp; 10-1-2039 | 5500000 | &nbsp;&nbsp; 5195155 |
| New Jersey EDA American Water Co., Inc. Series D AMTøø | 1.10 | &nbsp;&nbsp; 11-1-2029 | 2075000 | &nbsp;&nbsp; 1953400 |
|  |  |  |  | &nbsp;&nbsp; **7148555** |
|  |  |  |  | &nbsp;&nbsp; **55033110** |
| **New Mexico: 0.56%** |  |  |  |  |
| **Industrial development revenue: 0.49%** |  |  |  |  |
| City of Farmington Southern California Edison Co. Series A | 1.80 | &nbsp;&nbsp; 4-1-2029 | 10000000 | &nbsp;&nbsp; **9479245** |
| **Tax revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Winrock Town Center Tax Increment Development District No. <br> 1144A<br>| 3.75 | &nbsp;&nbsp; 5-1-2028 | 292000 | &nbsp;&nbsp; 289106 |
| &nbsp;&nbsp; Winrock Town Center Tax Increment Development District No. <br> 1144A<br>| 4.00 | &nbsp;&nbsp; 5-1-2033 | 1035000 | &nbsp;&nbsp; 1008618 |
|  |  |  |  | &nbsp;&nbsp; **1297724** |
|  |  |  |  | &nbsp;&nbsp; **10776969** |
| **New York: 10.13%** |  |  |  |  |
| **Airport revenue: 1.09%** |  |  |  |  |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 6.00 | &nbsp;&nbsp; 4-1-2035 | 3000000 | &nbsp;&nbsp; 3306218 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2039 | 1405000 | &nbsp;&nbsp; 1473602 |

---

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

Allspring Strategic Municipal Bond Fund \| 23

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airport revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK New Terminal <br> One LLC AMT<br>| 5.50<br> %<br>| &nbsp;&nbsp; 6-30-2039 | $1085000 | &nbsp;&nbsp; $1194973 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK New Terminal <br> One LLC AMT<br>| 6.00 | &nbsp;&nbsp; 6-30-2041 | 1115000 | &nbsp;&nbsp; 1250169 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK New Terminal <br> One LLC AMT<br>| 6.00 | &nbsp;&nbsp; 6-30-2042 | 1725000 | &nbsp;&nbsp; 1912336 |
| &nbsp;&nbsp; New York Transportation Development Corp. LaGuardia Gateway <br> Partners LLC Series A-P3 AMT<br>| 5.00 | &nbsp;&nbsp; 7-1-2046 | 10000000 | &nbsp;&nbsp; 9999569 |
| &nbsp;&nbsp; New York Transportation Development Corp. LaGuardia Gateway <br> Partners LLC Series A AMT (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2032 | 2000000 | &nbsp;&nbsp; 1998865 |
|  |  |  |  | &nbsp;&nbsp; **21135732** |
| **Education revenue: 1.33%** |  |  |  |  |
| Babylon L D Corp. II Series A | 5.75 | &nbsp;&nbsp; 2-1-2033 | 2265000 | &nbsp;&nbsp; 2383413 |
| Babylon L D Corp. II Series A | 6.40 | &nbsp;&nbsp; 2-1-2043 | 3720000 | &nbsp;&nbsp; 3816435 |
| &nbsp;&nbsp; Build NYC Resource Corp. Integration Charter Schools <br> Series A144A<br>| 4.00 | &nbsp;&nbsp; 6-1-2031 | 590000 | &nbsp;&nbsp; 547585 |
| &nbsp;&nbsp; Build NYC Resource Corp. Integration Charter Schools <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2036 | 525000 | &nbsp;&nbsp; 490691 |
| &nbsp;&nbsp; Build NYC Resource Corp. Integration Charter Schools <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2041 | 550000 | &nbsp;&nbsp; 486118 |
| Build NYC Resource Corp. REN 4520 83rd Street LLC Series A | 4.25 | &nbsp;&nbsp; 6-15-2035 | 1000000 | &nbsp;&nbsp; 993797 |
| &nbsp;&nbsp; Build NYC Resource Corp. South Bronx Charter School for <br> International Cultures & The Arts Series A144A<br>| 6.25 | &nbsp;&nbsp; 4-15-2033 | 1270000 | &nbsp;&nbsp; 1356479 |
| &nbsp;&nbsp; Build NYC Resource Corp. South Bronx Charter School for <br> International Cultures & The Arts Series B144A<br>| 6.25 | &nbsp;&nbsp; 4-15-2033 | 1120000 | &nbsp;&nbsp; 1195563 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter <br> School Series A<br>| 4.05 | &nbsp;&nbsp; 2-1-2031 | 1965000 | &nbsp;&nbsp; 1909273 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter <br> School Series A<br>| 4.45 | &nbsp;&nbsp; 2-1-2041 | 500000 | &nbsp;&nbsp; 434844 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter <br> School Series A<br>| 4.76 | &nbsp;&nbsp; 2-1-2027 | 400000 | &nbsp;&nbsp; 400117 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter <br> School Series A<br>| 5.45 | &nbsp;&nbsp; 2-1-2027 | 840000 | &nbsp;&nbsp; 843551 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter <br> School Series A<br>| 6.47 | &nbsp;&nbsp; 2-1-2033 | 1435000 | &nbsp;&nbsp; 1479909 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter <br> School Series B<br>| 4.76 | &nbsp;&nbsp; 2-1-2027 | 40000 | &nbsp;&nbsp; 40009 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Evergreen Charter <br> School, Inc. Series A<br>| 5.00 | &nbsp;&nbsp; 6-15-2032 | 7115000 | &nbsp;&nbsp; 7543864 |
| &nbsp;&nbsp; New York City Industrial Development Agency Churchill School & <br> Center for Learning Disabilities, Inc. (AG Insured)<br>| 2.25 | &nbsp;&nbsp; 10-1-2029 | 680000 | &nbsp;&nbsp; 650088 |
| New York State Dormitory Authority Iona College Series 2022 | 5.00 | &nbsp;&nbsp; 7-1-2030 | 625000 | &nbsp;&nbsp; 668540 |
| New York State Dormitory Authority Iona College Series 2022 | 5.00 | &nbsp;&nbsp; 7-1-2037 | 200000 | &nbsp;&nbsp; 211615 |
| New York State Dormitory Authority Iona College Series 2022 | 5.00 | &nbsp;&nbsp; 7-1-2042 | 275000 | &nbsp;&nbsp; 280620 |
|  |  |  |  | &nbsp;&nbsp; **25732511** |
| **GO revenue: 0.38%** |  |  |  |  |
| City of Cortland BAN | 4.50 | &nbsp;&nbsp; 5-15-2026 | 4962000 | &nbsp;&nbsp; 4970702 |

---

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

24 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| City of Poughkeepsie | 4.00<br> %<br>| &nbsp;&nbsp; 4-15-2029 | $245000 | &nbsp;&nbsp; $245722 |
| City of Poughkeepsie | 5.00 | &nbsp;&nbsp; 6-1-2031 | 600000 | &nbsp;&nbsp; 603897 |
| Village of Island Park Series A | 4.50 | &nbsp;&nbsp; 2-15-2030 | 100000 | &nbsp;&nbsp; 104248 |
| Village of Island Park Series A | 4.50 | &nbsp;&nbsp; 2-15-2031 | 105000 | &nbsp;&nbsp; 109762 |
| Village of Island Park Series A | 4.50 | &nbsp;&nbsp; 2-15-2033 | 120000 | &nbsp;&nbsp; 125571 |
| Village of Island Park Series A | 4.50 | &nbsp;&nbsp; 2-15-2034 | 125000 | &nbsp;&nbsp; 129968 |
| Village of Island Park Series A | 4.50 | &nbsp;&nbsp; 2-15-2035 | 125000 | &nbsp;&nbsp; 129520 |
| Village of Island Park Series A | 4.50 | &nbsp;&nbsp; 2-15-2036 | 135000 | &nbsp;&nbsp; 139320 |
| Village of Island Park Series A | 4.50 | &nbsp;&nbsp; 2-15-2037 | 65000 | &nbsp;&nbsp; 66556 |
| Village of Island Park Series A | 4.75 | &nbsp;&nbsp; 2-15-2038 | 145000 | &nbsp;&nbsp; 149270 |
| Village of Island Park Series A | 4.75 | &nbsp;&nbsp; 2-15-2039 | 155000 | &nbsp;&nbsp; 159326 |
| Village of Island Park Series A | 4.75 | &nbsp;&nbsp; 2-15-2040 | 165000 | &nbsp;&nbsp; 168528 |
| Village of Island Park Series A | 4.75 | &nbsp;&nbsp; 2-15-2041 | 170000 | &nbsp;&nbsp; 172552 |
|  |  |  |  | &nbsp;&nbsp; **7274942** |
| **Health revenue: 1.52%** |  |  |  |  |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2025-MIZ9208 (Mizuho Capital <br> Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144Aøø<br>| 3.55 | &nbsp;&nbsp; 8-10-2027 | 8000000 | &nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp; New York City Health & Hospitals Corp. Series B (TD Bank N.A. <br> LOC)ø<br>| 2.33 | &nbsp;&nbsp; 2-15-2031 | 1165000 | &nbsp;&nbsp; 1165000 |
| &nbsp;&nbsp; New York State Dormitory Authority Montefiore Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-1-2036 | 8000000 | &nbsp;&nbsp; 7645448 |
| &nbsp;&nbsp; New York State Dormitory Authority Montefiore Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-1-2037 | 3000000 | &nbsp;&nbsp; 2840371 |
| &nbsp;&nbsp; New York State Dormitory Authority Montefiore Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-1-2038 | 5965000 | &nbsp;&nbsp; 5613452 |
| &nbsp;&nbsp; New York State Dormitory Authority Montefiore Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2028 | 1400000 | &nbsp;&nbsp; 1459191 |
| &nbsp;&nbsp; New York State Dormitory Authority Montefiore Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2029 | 1350000 | &nbsp;&nbsp; 1427614 |
| &nbsp;&nbsp; Onondaga Civic Development Corp. Crouse Health Hospital, Inc. <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2029 | 115000 | &nbsp;&nbsp; 114547 |
| &nbsp;&nbsp; Onondaga Civic Development Corp. Crouse Health Hospital, Inc. <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2030 | 200000 | &nbsp;&nbsp; 199008 |
| &nbsp;&nbsp; Onondaga Civic Development Corp. Crouse Health Hospital, Inc. <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2032 | 250000 | &nbsp;&nbsp; 246989 |
| &nbsp;&nbsp; Onondaga Civic Development Corp. Crouse Health Hospital, Inc. <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2034 | 750000 | &nbsp;&nbsp; 730742 |
|  |  |  |  | &nbsp;&nbsp; **29442362** |
| **Housing revenue: 1.13%** |  |  |  |  |
| &nbsp;&nbsp; Empire State Development Corp. State of New York Sales Tax <br> Revenue Series A<br>| 4.00 | &nbsp;&nbsp; 3-15-2042 | 5000000 | &nbsp;&nbsp; 4929400 |
| New York City Housing Development Corp. Series A-2øø | 3.73 | &nbsp;&nbsp; 5-1-2063 | 5000000 | &nbsp;&nbsp; 5015568 |
| New York Liberty Development Corp. Series A | 1.70 | &nbsp;&nbsp; 11-15-2030 | 4000000 | &nbsp;&nbsp; 3607039 |
| New York Liberty Development Corp. Series A | 2.10 | &nbsp;&nbsp; 11-15-2032 | 5000000 | &nbsp;&nbsp; 4447196 |
| &nbsp;&nbsp; New York State Housing Finance Agency Series J-2 (Department of <br> Housing and Urban Development Insured)øø<br>| 1.10 | &nbsp;&nbsp; 11-1-2061 | 1310000 | &nbsp;&nbsp; 1264477 |

---

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

Allspring Strategic Municipal Bond Fund \| 25

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; State of New York Mortgage Agency Homeowner Mortgage <br> Revenue Series 235 AMT<br>| 1.05<br> %<br>| &nbsp;&nbsp; 4-1-2026 | $1275000 | &nbsp;&nbsp; $1264939 |
| &nbsp;&nbsp; State of New York Mortgage Agency Homeowner Mortgage <br> Revenue Series 235 AMT<br>| 1.15 | &nbsp;&nbsp; 10-1-2026 | 1335000 | &nbsp;&nbsp; 1305893 |
|  |  |  |  | &nbsp;&nbsp; **21834512** |
| **Industrial development revenue: 0.72%** |  |  |  |  |
| New York Liberty Development Corp. One Bryant Park LLC Class 3 | 2.80 | &nbsp;&nbsp; 9-15-2069 | 2000000 | &nbsp;&nbsp; 1868446 |
| &nbsp;&nbsp; New York Transportation Development Corp. American Airlines, Inc. <br> AMT<br>| 2.25 | &nbsp;&nbsp; 8-1-2026 | 420000 | &nbsp;&nbsp; 417632 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 4.00 | &nbsp;&nbsp; 10-1-2030 | 750000 | &nbsp;&nbsp; 764593 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2035 | 9250000 | &nbsp;&nbsp; 9648716 |
| &nbsp;&nbsp; New York Transportation Development Corp. Empire State Thruway <br> Partners LLC AMT<br>| 2.50 | &nbsp;&nbsp; 10-31-2031 | 750000 | &nbsp;&nbsp; 670807 |
| &nbsp;&nbsp; New York Transportation Development Corp. Empire State Thruway <br> Partners LLC AMT<br>| 4.00 | &nbsp;&nbsp; 10-31-2034 | 500000 | &nbsp;&nbsp; 504006 |
|  |  |  |  | &nbsp;&nbsp; **13874200** |
| **Miscellaneous revenue: 1.03%** |  |  |  |  |
| &nbsp;&nbsp; New York City Industrial Development Agency Queens Ballpark <br> Co. LLC Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2030 | 1750000 | &nbsp;&nbsp; 1894512 |
| Suffolk Regional Off-Track Betting Corp. | 5.00 | &nbsp;&nbsp; 12-1-2034 | 10000000 | &nbsp;&nbsp; 10322004 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority Metropolitan Transportation <br> Authority Payroll Mobility Tax Revenue Series A-2øø<br>| 2.00 | &nbsp;&nbsp; 5-15-2045 | 7900000 | &nbsp;&nbsp; 7612582 |
| Western Regional Off-Track Betting Corp.144A | 3.00 | &nbsp;&nbsp; 12-1-2026 | 135000 | &nbsp;&nbsp; 133473 |
|  |  |  |  | &nbsp;&nbsp; **19962571** |
| **Resource recovery revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp; New York State Environmental Facilities Corp. Casella Waste <br> Systems, Inc. Series R-1 AMT144Aøø<br>| 4.25 | &nbsp;&nbsp; 9-1-2050 | 1625000 | &nbsp;&nbsp; **1632295** |
| **Tax revenue: 1.59%** |  |  |  |  |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series A-1<br>| 4.00 | &nbsp;&nbsp; 8-1-2041 | 3000000 | &nbsp;&nbsp; 2966574 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series A-2 (Bank of America N.A. SPA)ø<br>| 2.50 | &nbsp;&nbsp; 5-1-2055 | 4000000 | &nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series A-3 (Mizuho Bank Limited SPA)ø<br>| 2.51 | &nbsp;&nbsp; 8-1-2043 | 2100000 | &nbsp;&nbsp; 2100000 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series B-1<br>| 4.00 | &nbsp;&nbsp; 8-1-2036 | 5000000 | &nbsp;&nbsp; 5033305 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series B-1<br>| 4.00 | &nbsp;&nbsp; 8-1-2042 | 5000000 | &nbsp;&nbsp; 4855687 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series C<br>| 5.00 | &nbsp;&nbsp; 5-1-2042 | 4000000 | &nbsp;&nbsp; 4309469 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series C-3<br>| 4.00 | &nbsp;&nbsp; 5-1-2042 | 7600000 | &nbsp;&nbsp; 7383826 |
|  |  |  |  | &nbsp;&nbsp; **30648861** |

---

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

26 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue: 0.01%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Transportation Authority Series G-1F <br> (U.S. SOFR+0.43%)±<br>| 2.96<br> %<br>| &nbsp;&nbsp; 11-1-2026 | $150000 | &nbsp;&nbsp; **$149936** |
| **Utilities revenue: 0.39%** |  |  |  |  |
| Long Island Power Authority Series Bøø | 1.50 | &nbsp;&nbsp; 9-1-2051 | 3500000 | &nbsp;&nbsp; 3459896 |
| &nbsp;&nbsp; New York State Energy Research & Development Authority Electric <br> & Gas Corp. Series C<br>| 4.00 | &nbsp;&nbsp; 4-1-2034 | 4000000 | &nbsp;&nbsp; 4140600 |
|  |  |  |  | &nbsp;&nbsp; **7600496** |
| **Water & sewer revenue: 0.85%** |  |  |  |  |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System (U.S. Bank N.A. SPA)ø<br>| 2.60 | &nbsp;&nbsp; 6-15-2043 | 10500000 | &nbsp;&nbsp; 10500000 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series AA<br>| 4.00 | &nbsp;&nbsp; 6-15-2040 | 6000000 | &nbsp;&nbsp; 6011133 |
|  |  |  |  | &nbsp;&nbsp; **16511133** |
|  |  |  |  | &nbsp;&nbsp; **195799551** |
| **North Carolina: 1.04%** |  |  |  |  |
| **Education revenue: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; North Carolina Capital Facilities Finance Agency Campbell <br> University, Inc. Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2028 | 450000 | &nbsp;&nbsp; 467463 |
| &nbsp;&nbsp; North Carolina Capital Facilities Finance Agency Campbell <br> University, Inc. Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2029 | 550000 | &nbsp;&nbsp; 578376 |
| &nbsp;&nbsp; North Carolina Capital Facilities Finance Agency Campbell <br> University, Inc. Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2030 | 450000 | &nbsp;&nbsp; 477989 |
|  |  |  |  | &nbsp;&nbsp; **1523828** |
| **Health revenue: 0.44%** |  |  |  |  |
| &nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority Atrium Health Obligated <br> Group Series B (JPMorgan Chase Bank N.A. SPA)ø<br>| 2.55 | &nbsp;&nbsp; 1-15-2038 | 5210000 | &nbsp;&nbsp; 5210000 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Friends Homes Obligated <br> Group Series B-1<br>| 2.55 | &nbsp;&nbsp; 9-1-2026 | 1575000 | &nbsp;&nbsp; 1562287 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Lutheran Services for the <br> Aging, Inc. Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 3-1-2029 | 275000 | &nbsp;&nbsp; 279102 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Lutheran Services for the <br> Aging, Inc. Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 3-1-2030 | 285000 | &nbsp;&nbsp; 290556 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Lutheran Services for the <br> Aging, Inc. Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 3-1-2031 | 290000 | &nbsp;&nbsp; 295994 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Lutheran Services for the <br> Aging, Inc. Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 3-1-2036 | 900000 | &nbsp;&nbsp; 898255 |
|  |  |  |  | &nbsp;&nbsp; **8536194** |
| **Housing revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; North Carolina Housing Finance Agency Series 54-A (GNMA / FNMA <br> / FHLMC Insured)<br>| 4.15 | &nbsp;&nbsp; 7-1-2039 | 2500000 | &nbsp;&nbsp; **2520066** |

---

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

Allspring Strategic Municipal Bond Fund \| 27

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Resource recovery revenue: 0.39%** |  |  |  |  |
| &nbsp;&nbsp; North Carolina Capital Facilities Finance Agency Republic Services, <br> Inc. AMTøø<br>| 3.35<br> %<br>| &nbsp;&nbsp; 6-1-2038 | $7500000 | &nbsp;&nbsp; $**7500000** |
|  |  |  |  | &nbsp;&nbsp; **20080088** |
| **North Dakota: 1.03%** |  |  |  |  |
| **GO revenue: 0.49%** |  |  |  |  |
| McKenzie County Public School District No. 1 Series A | 5.00 | &nbsp;&nbsp; 8-1-2026 | 1115000 | &nbsp;&nbsp; 1127877 |
| McKenzie County Public School District No. 1 Series A | 5.00 | &nbsp;&nbsp; 8-1-2027 | 1170000 | &nbsp;&nbsp; 1206372 |
| McKenzie County Public School District No. 1 Series A | 5.00 | &nbsp;&nbsp; 8-1-2028 | 1225000 | &nbsp;&nbsp; 1285772 |
| McKenzie County Public School District No. 1 Series A | 5.00 | &nbsp;&nbsp; 8-1-2029 | 1290000 | &nbsp;&nbsp; 1370478 |
| McKenzie County Public School District No. 1 Series A | 5.00 | &nbsp;&nbsp; 8-1-2030 | 1355000 | &nbsp;&nbsp; 1437398 |
| McKenzie County Public School District No. 1 Series A | 5.00 | &nbsp;&nbsp; 8-1-2031 | 1420000 | &nbsp;&nbsp; 1504284 |
| McKenzie County Public School District No. 1 Series A | 5.00 | &nbsp;&nbsp; 8-1-2032 | 1490000 | &nbsp;&nbsp; 1575622 |
|  |  |  |  | &nbsp;&nbsp; **9507803** |
| **Health revenue: 0.18%** |  |  |  |  |
| City of Grand Forks Altru Health System Obligated Group | 5.00 | &nbsp;&nbsp; 12-1-2029 | 1650000 | &nbsp;&nbsp; 1735112 |
| City of Grand Forks Altru Health System Obligated Group | 5.00 | &nbsp;&nbsp; 12-1-2030 | 1600000 | &nbsp;&nbsp; 1700291 |
|  |  |  |  | &nbsp;&nbsp; **3435403** |
| **Housing revenue: 0.36%** |  |  |  |  |
| North Dakota Housing Finance Agency Series D | 3.95 | &nbsp;&nbsp; 1-1-2035 | 2075000 | &nbsp;&nbsp; 2125513 |
| North Dakota Housing Finance Agency Series D | 3.95 | &nbsp;&nbsp; 7-1-2035 | 2375000 | &nbsp;&nbsp; 2429318 |
| North Dakota Housing Finance Agency Series D | 4.00 | &nbsp;&nbsp; 1-1-2036 | 1175000 | &nbsp;&nbsp; 1199321 |
| North Dakota Housing Finance Agency Series D | 4.00 | &nbsp;&nbsp; 7-1-2036 | 1225000 | &nbsp;&nbsp; 1244793 |
|  |  |  |  | &nbsp;&nbsp; **6998945** |
|  |  |  |  | &nbsp;&nbsp; **19942151** |
| **Ohio: 1.24%** |  |  |  |  |
| **Education revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; Allen County Port Authority University of Northwestern Ohio <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-1-2031 | 650000 | &nbsp;&nbsp; 645978 |
| Port of Greater Cincinnati Development Authorityøø | 4.38 | &nbsp;&nbsp; 6-15-2056 | 2340000 | &nbsp;&nbsp; 2326819 |
|  |  |  |  | &nbsp;&nbsp; **2972797** |
| **Health revenue: 0.29%** |  |  |  |  |
| County of Hamilton UC Health Obligated Group | 5.00 | &nbsp;&nbsp; 9-15-2027 | 615000 | &nbsp;&nbsp; 632517 |
| County of Hamilton UC Health Obligated Group | 5.00 | &nbsp;&nbsp; 9-15-2028 | 650000 | &nbsp;&nbsp; 679762 |
| &nbsp;&nbsp; County of Montgomery Premier Health Partners Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2033 | 4000000 | &nbsp;&nbsp; 4204402 |
|  |  |  |  | &nbsp;&nbsp; **5516681** |
| **Tax revenue: 0.34%** |  |  |  |  |
| City of Akron Income Tax Revenue | 4.00 | &nbsp;&nbsp; 12-1-2029 | 4515000 | &nbsp;&nbsp; 4725354 |
| City of Akron Income Tax Revenue | 4.00 | &nbsp;&nbsp; 12-1-2030 | 1830000 | &nbsp;&nbsp; 1911249 |
|  |  |  |  | &nbsp;&nbsp; **6636603** |

---

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

28 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue: 0.46%** |  |  |  |  |
| &nbsp;&nbsp; American Municipal Power, Inc. Fremont Energy Center Revenue <br> Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 2-15-2031 | $1700000 | &nbsp;&nbsp; $1887938 |
| &nbsp;&nbsp; Ohio Air Quality Development Authority Valley Electric Corp. <br> Series A<br>| 3.25 | &nbsp;&nbsp; 9-1-2029 | 7000000 | &nbsp;&nbsp; 6978625 |
|  |  |  |  | &nbsp;&nbsp; **8866563** |
|  |  |  |  | &nbsp;&nbsp; **23992644** |
| **Oklahoma: 1.37%** |  |  |  |  |
| **Education revenue: 0.24%** |  |  |  |  |
| &nbsp;&nbsp; Oklahoma County Finance Authority Aerospace Science & <br> Technology Education Center, Inc.144A<br>| 5.25 | &nbsp;&nbsp; 6-15-2034 | 750000 | &nbsp;&nbsp; 761425 |
| &nbsp;&nbsp; Oklahoma Development Finance Authority University Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 8-1-2026 | 975000 | &nbsp;&nbsp; 981321 |
| &nbsp;&nbsp; Oklahoma Development Finance Authority University Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 8-1-2027 | 1370000 | &nbsp;&nbsp; 1398106 |
| &nbsp;&nbsp; Oklahoma Development Finance Authority University Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 8-1-2028 | 715000 | &nbsp;&nbsp; 733627 |
| &nbsp;&nbsp; Oklahoma Development Finance Authority University Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 8-1-2029 | 755000 | &nbsp;&nbsp; 781470 |
|  |  |  |  | &nbsp;&nbsp; **4655949** |
| **Housing revenue: 0.80%** |  |  |  |  |
| &nbsp;&nbsp; Murray County Educational Facilities Authority Independent School <br> District No. 10 Davis<br>| 5.00 | &nbsp;&nbsp; 9-1-2033 | 1465000 | &nbsp;&nbsp; 1579493 |
| &nbsp;&nbsp; Murray County Educational Facilities Authority Independent School <br> District No. 10 Davis<br>| 5.00 | &nbsp;&nbsp; 9-1-2034 | 1545000 | &nbsp;&nbsp; 1667552 |
| &nbsp;&nbsp; Murray County Educational Facilities Authority Independent School <br> District No. 10 Davis<br>| 5.00 | &nbsp;&nbsp; 9-1-2035 | 1620000 | &nbsp;&nbsp; 1743916 |
| Muskogee Industrial Trust Independent School District No. 20 | 4.00 | &nbsp;&nbsp; 9-1-2028 | 2500000 | &nbsp;&nbsp; 2521000 |
| Muskogee Industrial Trust Independent School District No. 20 | 5.00 | &nbsp;&nbsp; 9-1-2026 | 1810000 | &nbsp;&nbsp; 1829262 |
| &nbsp;&nbsp; Oklahoma County Finance Authority Independent School District <br> No. 41 Western Heights<br>| 5.00 | &nbsp;&nbsp; 9-1-2034 | 2000000 | &nbsp;&nbsp; 2128385 |
| &nbsp;&nbsp; Oklahoma County Finance Authority Independent School District <br> No. 41 Western Heights<br>| 5.00 | &nbsp;&nbsp; 9-1-2035 | 3750000 | &nbsp;&nbsp; 3966040 |
|  |  |  |  | &nbsp;&nbsp; **15435648** |
| **Industrial development revenue: 0.12%** |  |  |  |  |
| Tulsa Municipal Airport Trust Trustees American Airlines, Inc. AMT | 6.25 | &nbsp;&nbsp; 12-1-2035 | 2000000 | &nbsp;&nbsp; **2289930** |
| **Tax revenue: 0.21%** |  |  |  |  |
| Tulsa Public Facilities Authority | 4.00 | &nbsp;&nbsp; 10-1-2027 | 4050000 | &nbsp;&nbsp; **4088206** |
|  |  |  |  | &nbsp;&nbsp; **26469733** |
| **Oregon: 0.72%** |  |  |  |  |
| **Airport revenue: 0.35%** |  |  |  |  |
| Port of Portland Airport Revenue Series 30A AMT | 5.00 | &nbsp;&nbsp; 7-1-2033 | 6000000 | &nbsp;&nbsp; **6740531** |
| **GO revenue: 0.20%** |  |  |  |  |
| City of Redmond Airport Expansion Projects Series A AMT | 5.00 | &nbsp;&nbsp; 6-1-2032 | 950000 | &nbsp;&nbsp; 1053936 |

---

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

Allspring Strategic Municipal Bond Fund \| 29

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| City of Redmond Airport Expansion Projects Series A AMT | 5.00<br> %<br>| &nbsp;&nbsp; 6-1-2034 | $1060000 | &nbsp;&nbsp; $1194369 |
| City of Redmond Airport Expansion Projects Series A AMT | 5.00 | &nbsp;&nbsp; 6-1-2036 | 1450000 | &nbsp;&nbsp; 1627841 |
|  |  |  |  | &nbsp;&nbsp; **3876146** |
| **Health revenue: 0.17%** |  |  |  |  |
| &nbsp;&nbsp; Oregon State Facilities Authority Samaritan Health Services, Inc. <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 125000 | &nbsp;&nbsp; 126251 |
| &nbsp;&nbsp; Oregon State Facilities Authority Samaritan Health Services, Inc. <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2027 | 300000 | &nbsp;&nbsp; 308000 |
| &nbsp;&nbsp; Oregon State Facilities Authority Samaritan Health Services, Inc. <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2031 | 1750000 | &nbsp;&nbsp; 1755448 |
| &nbsp;&nbsp; Yamhill County Hospital Authority Friendsview Manor Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2036 | 1145000 | &nbsp;&nbsp; 1156302 |
|  |  |  |  | &nbsp;&nbsp; **3346001** |
|  |  |  |  | &nbsp;&nbsp; **13962678** |
| **Pennsylvania: 5.85%** |  |  |  |  |
| **Airport revenue: 0.29%** |  |  |  |  |
| Allegheny County Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2030 | 3000000 | &nbsp;&nbsp; 3217198 |
| Allegheny County Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2031 | 2250000 | &nbsp;&nbsp; 2441566 |
|  |  |  |  | &nbsp;&nbsp; **5658764** |
| **Education revenue: 1.16%** |  |  |  |  |
| Chester County IDA Avon Grove Charter School | 5.00 | &nbsp;&nbsp; 3-1-2027 | 2100000 | &nbsp;&nbsp; 2116362 |
| Chester County IDA Avon Grove Charter School Series A | 4.00 | &nbsp;&nbsp; 12-15-2027 | 535000 | &nbsp;&nbsp; 537786 |
| Chester County IDA Collegium Charter School144A | 5.00 | &nbsp;&nbsp; 10-15-2032 | 2280000 | &nbsp;&nbsp; 2310243 |
| &nbsp;&nbsp; General Authority of Southcentral Pennsylvania York College <br> Series TT2<br>| 5.00 | &nbsp;&nbsp; 5-1-2029 | 245000 | &nbsp;&nbsp; 259416 |
| &nbsp;&nbsp; General Authority of Southcentral Pennsylvania York College <br> Series TT2<br>| 5.00 | &nbsp;&nbsp; 5-1-2030 | 395000 | &nbsp;&nbsp; 424874 |
| &nbsp;&nbsp; General Authority of Southcentral Pennsylvania York College <br> Series TT2<br>| 5.00 | &nbsp;&nbsp; 5-1-2031 | 485000 | &nbsp;&nbsp; 528873 |
| &nbsp;&nbsp; Lehigh County General Purpose Authority Valley Academy Regional <br> Charter School<br>| 4.00 | &nbsp;&nbsp; 6-1-2030 | 1175000 | &nbsp;&nbsp; 1192148 |
| Pennsylvania Higher Education Assistance Agency Series 1A AMT | 5.00 | &nbsp;&nbsp; 6-1-2030 | 3250000 | &nbsp;&nbsp; 3435764 |
| Pennsylvania Higher Education Assistance Agency Series 1A AMT | 5.00 | &nbsp;&nbsp; 6-1-2031 | 3500000 | &nbsp;&nbsp; 3722235 |
| Pennsylvania Higher Education Assistance Agency Series A | 5.00 | &nbsp;&nbsp; 6-1-2028 | 600000 | &nbsp;&nbsp; 616446 |
| Pennsylvania Higher Education Assistance Agency Series A | 5.00 | &nbsp;&nbsp; 6-1-2030 | 800000 | &nbsp;&nbsp; 842387 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Pennsylvania's <br> State System of Higher Education Series AT-1<br>| 4.00 | &nbsp;&nbsp; 6-15-2035 | 2000000 | &nbsp;&nbsp; 2000011 |
| Philadelphia IDA Frankford Valley Foundation for Literacy144A | 4.50 | &nbsp;&nbsp; 6-15-2034 | 1250000 | &nbsp;&nbsp; 1259406 |
| Philadelphia IDA Independence Charter School West | 4.00 | &nbsp;&nbsp; 6-15-2029 | 200000 | &nbsp;&nbsp; 196453 |
| &nbsp;&nbsp; Philadelphia IDA Mathematics Science & Technology Community <br> Charter School Series A<br>| 4.50 | &nbsp;&nbsp; 8-1-2026 | 490000 | &nbsp;&nbsp; 491561 |
| &nbsp;&nbsp; Philadelphia IDA Mathematics Science & Technology Community <br> Charter School Series B<br>| 4.88 | &nbsp;&nbsp; 8-1-2026 | 320000 | &nbsp;&nbsp; 320877 |

---

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

30 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| Philadelphia IDA Tacony Academy Charter School144A | 5.00<br> %<br>| &nbsp;&nbsp; 6-15-2033 | $1630000 | &nbsp;&nbsp; $1646857 |
| Philadelphia IDA Tacony Academy Charter School144A | 5.38 | &nbsp;&nbsp; 6-15-2038 | 500000 | &nbsp;&nbsp; 504810 |
|  |  |  |  | &nbsp;&nbsp; **22406509** |
| **GO revenue: 1.14%** |  |  |  |  |
| Armstrong School District Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 3-15-2029 | 920000 | &nbsp;&nbsp; 981065 |
| City of Philadelphia Series B (Truist Bank LOC)ø | 3.34 | &nbsp;&nbsp; 8-1-2031 | 4500000 | &nbsp;&nbsp; 4500000 |
| Laurel Highlands School District (BAM Insured) | 3.00 | &nbsp;&nbsp; 2-1-2030 | 675000 | &nbsp;&nbsp; 675112 |
| Laurel Highlands School District (BAM Insured) | 4.00 | &nbsp;&nbsp; 2-1-2027 | 980000 | &nbsp;&nbsp; 990586 |
| Laurel Highlands School District (BAM Insured) | 4.00 | &nbsp;&nbsp; 2-1-2029 | 1150000 | &nbsp;&nbsp; 1178273 |
| Lower Moreland Township School District | 4.00 | &nbsp;&nbsp; 11-1-2043 | 1000000 | &nbsp;&nbsp; 1000055 |
| Phoenixville Area School District | 4.00 | &nbsp;&nbsp; 11-15-2038 | 4290000 | &nbsp;&nbsp; 4372860 |
| Phoenixville Area School District | 4.00 | &nbsp;&nbsp; 11-15-2039 | 2870000 | &nbsp;&nbsp; 2914013 |
| School District of Philadelphia Series A | 5.00 | &nbsp;&nbsp; 9-1-2030 | 2500000 | &nbsp;&nbsp; 2695027 |
| School District of Philadelphia Series A | 5.00 | &nbsp;&nbsp; 9-1-2031 | 2500000 | &nbsp;&nbsp; 2692141 |
|  |  |  |  | &nbsp;&nbsp; **21999132** |
| **Health revenue: 1.19%** |  |  |  |  |
| &nbsp;&nbsp; Bucks County IDA Grand View Hospital/Sellersville Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 1350000 | &nbsp;&nbsp; 1359891 |
| &nbsp;&nbsp; Bucks County IDA Grand View Hospital/Sellersville Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 7-1-2028 | 1500000 | &nbsp;&nbsp; 1556638 |
| &nbsp;&nbsp; Bucks County IDA Grand View Hospital/Sellersville Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 7-1-2031 | 1120000 | &nbsp;&nbsp; 1207978 |
| Bucks County IDA St. Luke's Hospital Obligated Group | 4.00 | &nbsp;&nbsp; 8-15-2031 | 750000 | &nbsp;&nbsp; 763496 |
| Bucks County IDA St. Luke's Hospital Obligated Group | 4.00 | &nbsp;&nbsp; 8-15-2032 | 1390000 | &nbsp;&nbsp; 1412963 |
| &nbsp;&nbsp; Lancaster County Hospital Authority University of Pennsylvania <br> Health System Obligated Group<br>| 5.00 | &nbsp;&nbsp; 8-15-2046 | 5500000 | &nbsp;&nbsp; 5516798 |
| Lancaster IDA Landis Homes Obligated Group | 4.00 | &nbsp;&nbsp; 7-1-2031 | 300000 | &nbsp;&nbsp; 301295 |
| Lancaster IDA Landis Homes Obligated Group | 4.00 | &nbsp;&nbsp; 7-1-2037 | 345000 | &nbsp;&nbsp; 340557 |
| &nbsp;&nbsp; Pennsylvania EDFA Presbyterian Homes Obligated Group <br> Series B-2<br>| 5.25 | &nbsp;&nbsp; 7-1-2046 | 1000000 | &nbsp;&nbsp; 1010807 |
| Pennsylvania EDFA UPMC Obligated Group Series A | 4.00 | &nbsp;&nbsp; 11-15-2042 | 1000000 | &nbsp;&nbsp; 939435 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Thomas <br> Jefferson University Obligated Group Series D-2 (PNC Bank <br> N.A.)ø<br>| 2.55 | &nbsp;&nbsp; 11-1-2061 | 2000000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp; Philadelphia IDA Children's Hospital of Philadelphia Obligated <br> Group Series B-1 (JPMorgan Chase Bank N.A. SPA)ø<br>| 2.48 | &nbsp;&nbsp; 7-1-2054 | 5310000 | &nbsp;&nbsp; 5310000 |
| Westmoreland County IDA Excela Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 7-1-2027 | 1200000 | &nbsp;&nbsp; 1225596 |
|  |  |  |  | &nbsp;&nbsp; **22945454** |
| **Housing revenue: 0.98%** |  |  |  |  |
| &nbsp;&nbsp; Pennsylvania EDFA Commonwealth of Pennsylvania Motor License <br> Fund AMT<br>| 5.00 | &nbsp;&nbsp; 6-30-2032 | 2770000 | &nbsp;&nbsp; 3033174 |
| Pennsylvania Housing Finance Agency Series 128A AMT | 4.75 | &nbsp;&nbsp; 4-1-2033 | 110000 | &nbsp;&nbsp; 110201 |
| Pennsylvania Housing Finance Agency Series 142-A | 4.20 | &nbsp;&nbsp; 10-1-2035 | 4475000 | &nbsp;&nbsp; 4626804 |
| Pennsylvania Housing Finance Agency Series 142-A | 4.50 | &nbsp;&nbsp; 10-1-2038 | 5800000 | &nbsp;&nbsp; 6030431 |

---

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

Allspring Strategic Municipal Bond Fund \| 31

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| Pennsylvania Housing Finance Agency Series 142-A | 5.50<br> %<br>| &nbsp;&nbsp; 10-1-2053 | $2575000 | &nbsp;&nbsp; $2711176 |
| &nbsp;&nbsp; State Public School Building Authority School District of <br> Philadelphia Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 6-1-2033 | 2500000 | &nbsp;&nbsp; 2537984 |
|  |  |  |  | &nbsp;&nbsp; **19049770** |
| **Miscellaneous revenue: 0.00%** |  |  |  |  |
| &nbsp;&nbsp; Delaware Valley Regional Finance Authority Series C (Ambac <br> Insured)<br>| 7.75 | &nbsp;&nbsp; 7-1-2027 | 80000 | &nbsp;&nbsp; **85849** |
| **Resource recovery revenue: 0.55%** |  |  |  |  |
| Pennsylvania EDFA Noble Environmental, Inc.144A | 6.88 | &nbsp;&nbsp; 9-1-2047 | 3500000 | &nbsp;&nbsp; 3628138 |
| Pennsylvania EDFA Republic Services, Inc. AMTøø | 3.65 | &nbsp;&nbsp; 6-1-2044 | 7000000 | &nbsp;&nbsp; 7000000 |
|  |  |  |  | &nbsp;&nbsp; **10628138** |
| **Tax revenue: 0.12%** |  |  |  |  |
| &nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority<br>| 5.00 | &nbsp;&nbsp; 5-1-2029 | 500000 | &nbsp;&nbsp; 526679 |
| &nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority<br>| 5.00 | &nbsp;&nbsp; 5-1-2030 | 500000 | &nbsp;&nbsp; 533584 |
| &nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority<br>| 5.00 | &nbsp;&nbsp; 5-1-2031 | 550000 | &nbsp;&nbsp; 593148 |
| &nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority<br>| 5.00 | &nbsp;&nbsp; 5-1-2032 | 600000 | &nbsp;&nbsp; 652062 |
|  |  |  |  | &nbsp;&nbsp; **2305473** |
| **Transportation revenue: 0.26%** |  |  |  |  |
| Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2027 | 570000 | &nbsp;&nbsp; 578572 |
| Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2028 | 1185000 | &nbsp;&nbsp; 1202383 |
| Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2029 | 410000 | &nbsp;&nbsp; 416331 |
| Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2030 | 425000 | &nbsp;&nbsp; 431698 |
| Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2031 | 440000 | &nbsp;&nbsp; 446968 |
| Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2032 | 460000 | &nbsp;&nbsp; 466566 |
| Pennsylvania Turnpike Commission Series 2017-3 | 5.00 | &nbsp;&nbsp; 12-1-2040 | 1365000 | &nbsp;&nbsp; 1402298 |
|  |  |  |  | &nbsp;&nbsp; **4944816** |
| **Water & sewer revenue: 0.16%** |  |  |  |  |
| Luzerne County IDA Pennsylvania-American Water Co. AMTøø | 2.45 | &nbsp;&nbsp; 12-1-2039 | 3250000 | &nbsp;&nbsp; **3007666** |
|  |  |  |  | &nbsp;&nbsp; **113031571** |
| **Rhode Island: 0.24%** |  |  |  |  |
| **GO revenue: 0.02%** |  |  |  |  |
| City of Providence Series A | 5.00 | &nbsp;&nbsp; 1-15-2026 | 450000 | &nbsp;&nbsp; **450308** |
| **Housing revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp; Providence Public Building Authority Capital Improvement Program <br> Projects Series A (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 9-15-2043 | 1000000 | &nbsp;&nbsp; 1079956 |
| &nbsp;&nbsp; Rhode Island Health & Educational Building Corp. PRG - <br> Properties LLC Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2038 | 700000 | &nbsp;&nbsp; 756851 |

---

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

32 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Rhode Island Health & Educational Building Corp. PRG - <br> Properties LLC Series A (AG Insured)<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2040 | $740000 | &nbsp;&nbsp; $785852 |
| &nbsp;&nbsp; Rhode Island Health & Educational Building Corp. PRG - <br> Properties LLC Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2045 | 1500000 | &nbsp;&nbsp; 1534907 |
| Rhode Island Housing & Mortgage Finance Corp. Series 10-A | 6.50 | &nbsp;&nbsp; 4-1-2027 | 15000 | &nbsp;&nbsp; 15035 |
|  |  |  |  | &nbsp;&nbsp; **4172601** |
|  |  |  |  | &nbsp;&nbsp; **4622909** |
| **South Carolina: 0.81%** |  |  |  |  |
| **Airport revenue: 0.06%** |  |  |  |  |
| Charleston County Airport District Series A AMT | 5.25 | &nbsp;&nbsp; 7-1-2041 | 1000000 | &nbsp;&nbsp; **1087570** |
| **Education revenue: 0.26%** |  |  |  |  |
| &nbsp;&nbsp; South Carolina Jobs-EDA American Leadership Academy - <br> Lexington Series A<br>| 5.50 | &nbsp;&nbsp; 6-15-2033 | 5000000 | &nbsp;&nbsp; **4947946** |
| **Health revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; South Carolina Jobs-EDA Bishop Gadsden Episcopal Retirement <br> Community Obligated Group<br>| 5.00 | &nbsp;&nbsp; 4-1-2036 | 1270000 | &nbsp;&nbsp; **1378772** |
| **Miscellaneous revenue: 0.01%** |  |  |  |  |
| County of Berkeley Nexton Improvement District | 4.00 | &nbsp;&nbsp; 11-1-2030 | 280000 | &nbsp;&nbsp; **278316** |
| **Utilities revenue: 0.41%** |  |  |  |  |
| South Carolina Public Service Authority Series A | 5.00 | &nbsp;&nbsp; 12-1-2031 | 2850000 | &nbsp;&nbsp; 3141636 |
| South Carolina Public Service Authority Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2045 | 4500000 | &nbsp;&nbsp; 4753333 |
|  |  |  |  | &nbsp;&nbsp; **7894969** |
|  |  |  |  | &nbsp;&nbsp; **15587573** |
| **South Dakota: 0.52%** |  |  |  |  |
| **Health revenue: 0.52%** |  |  |  |  |
| South Dakota HEFA Sanford Obligated Group Series D-2ø | 3.30 | &nbsp;&nbsp; 7-1-2055 | 10000000 | &nbsp;&nbsp; **10000000** |
| **Tennessee: 1.16%** |  |  |  |  |
| **GO revenue: 0.16%** |  |  |  |  |
| Town of Collierville Series A | 4.00 | &nbsp;&nbsp; 1-1-2046 | 3150000 | &nbsp;&nbsp; **3047826** |
| **Utilities revenue: 1.00%** |  |  |  |  |
| Tennergy Corp. Series Aøø | 4.00 | &nbsp;&nbsp; 12-1-2051 | 1190000 | &nbsp;&nbsp; 1210214 |
| Tennergy Corp. Series Aøø | 5.50 | &nbsp;&nbsp; 10-1-2053 | 8010000 | &nbsp;&nbsp; 8591685 |
| Tennessee Energy Acquisition Corp. Series A | 5.00 | &nbsp;&nbsp; 12-1-2035 | 8000000 | &nbsp;&nbsp; 8602317 |
| Tennessee Energy Acquisition Corp. Series B | 5.63 | &nbsp;&nbsp; 9-1-2026 | 925000 | &nbsp;&nbsp; 936662 |
|  |  |  |  | &nbsp;&nbsp; **19340878** |
|  |  |  |  | &nbsp;&nbsp; **22388704** |
| **Texas: 8.14%** |  |  |  |  |
| **Airport revenue: 0.52%** |  |  |  |  |
| City of El Paso Airport Revenue | 5.00 | &nbsp;&nbsp; 8-15-2027 | 835000 | &nbsp;&nbsp; 866997 |
| City of El Paso Airport Revenue | 5.00 | &nbsp;&nbsp; 8-15-2028 | 880000 | &nbsp;&nbsp; 935067 |

---

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

Allspring Strategic Municipal Bond Fund \| 33

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airport revenue**(continued) |  |  |  |  |
| City of El Paso Airport Revenue | 5.00<br> %<br>| &nbsp;&nbsp; 8-15-2029 | $920000 | &nbsp;&nbsp; $996508 |
| City of El Paso Airport Revenue | 5.00 | &nbsp;&nbsp; 8-15-2030 | 970000 | &nbsp;&nbsp; 1070678 |
| &nbsp;&nbsp; City of Houston Airport System Revenue United Airlines, Inc. <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 1750000 | &nbsp;&nbsp; 1777925 |
| Dallas Fort Worth International Airport Series A-2 AMTøø | 5.00 | &nbsp;&nbsp; 11-1-2050 | 4000000 | &nbsp;&nbsp; 4377183 |
|  |  |  |  | &nbsp;&nbsp; **10024358** |
| **Education revenue: 1.05%** |  |  |  |  |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. BASIS Texas Charter <br> Schools, Inc.144A<br>| 4.13 | &nbsp;&nbsp; 6-15-2034 | 785000 | &nbsp;&nbsp; 783478 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. BASIS Texas Charter <br> Schools, Inc.144A<br>| 4.25 | &nbsp;&nbsp; 6-15-2039 | 1075000 | &nbsp;&nbsp; 1035602 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. BASIS Texas Charter <br> Schools, Inc.144A<br>| 5.00 | &nbsp;&nbsp; 6-15-2030 | 2460000 | &nbsp;&nbsp; 2545047 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Harmony Public Schools <br> Series A<br>| 4.00 | &nbsp;&nbsp; 2-15-2029 | 300000 | &nbsp;&nbsp; 307898 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Harmony Public Schools <br> Series A<br>| 4.00 | &nbsp;&nbsp; 2-15-2030 | 305000 | &nbsp;&nbsp; 314760 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Harmony Public Schools <br> Series A<br>| 4.00 | &nbsp;&nbsp; 2-15-2031 | 315000 | &nbsp;&nbsp; 326467 |
| Arlington Higher Education Finance Corp. Leadership Prep School | 4.00 | &nbsp;&nbsp; 6-15-2044 | 400000 | &nbsp;&nbsp; 382664 |
| Arlington Higher Education Finance Corp. Leadership Prep School | 4.00 | &nbsp;&nbsp; 6-15-2049 | 250000 | &nbsp;&nbsp; 226042 |
| Arlington Higher Education Finance Corp. Leadership Prep School | 5.00 | &nbsp;&nbsp; 6-15-2039 | 225000 | &nbsp;&nbsp; 247726 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. School of Excellence in <br> Education Series A<br>| 4.00 | &nbsp;&nbsp; 2-15-2031 | 1090000 | &nbsp;&nbsp; 1037656 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. School of Excellence in <br> Education Series A144A<br>| 5.00 | &nbsp;&nbsp; 2-15-2032 | 500000 | &nbsp;&nbsp; 499079 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Wayside Schools <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-15-2029 | 80000 | &nbsp;&nbsp; 79366 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Wayside Schools <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-15-2030 | 85000 | &nbsp;&nbsp; 83913 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Wayside Schools <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-15-2031 | 80000 | &nbsp;&nbsp; 78698 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Wayside Schools <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2026 | 200000 | &nbsp;&nbsp; 200956 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Wayside Schools <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2027 | 205000 | &nbsp;&nbsp; 207562 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Wayside Schools <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2028 | 75000 | &nbsp;&nbsp; 76510 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. IDEA Public Schools <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2029 | 315000 | &nbsp;&nbsp; 334678 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. IDEA Public Schools <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2030 | 385000 | &nbsp;&nbsp; 414504 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. IDEA Public Schools <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2031 | 435000 | &nbsp;&nbsp; 473214 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. IDEA Public Schools <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2032 | 515000 | &nbsp;&nbsp; 564099 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. Valor Texas Education <br> Foundation Series A144A<br>| 5.50 | &nbsp;&nbsp; 6-15-2033 | 4880000 | &nbsp;&nbsp; 4987432 |

---

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

34 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Cumberland <br> Academy, Inc. Series A144A<br>| 4.00<br> %<br>| &nbsp;&nbsp; 8-15-2030 | $1290000 | &nbsp;&nbsp; $1230794 |
| Odessa Junior College District (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2029 | 650000 | &nbsp;&nbsp; 675396 |
| Odessa Junior College District (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2030 | 870000 | &nbsp;&nbsp; 913166 |
| Odessa Junior College District (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2031 | 220000 | &nbsp;&nbsp; 232820 |
| Odessa Junior College District (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2032 | 460000 | &nbsp;&nbsp; 484858 |
| Odessa Junior College District (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2033 | 710000 | &nbsp;&nbsp; 745048 |
| Odessa Junior College District (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2034 | 500000 | &nbsp;&nbsp; 522641 |
| Odessa Junior College District (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2035 | 290000 | &nbsp;&nbsp; 301057 |
|  |  |  |  | &nbsp;&nbsp; **20313131** |
| **GO revenue: 1.00%** |  |  |  |  |
| Brazosport Independent School District Series A | 4.00 | &nbsp;&nbsp; 2-15-2029 | 2355000 | &nbsp;&nbsp; 2387309 |
| City of Houston Series A | 4.00 | &nbsp;&nbsp; 3-1-2044 | 2500000 | &nbsp;&nbsp; 2319784 |
| City of Round Rock | 4.00 | &nbsp;&nbsp; 8-15-2043 | 1875000 | &nbsp;&nbsp; 1824978 |
| County of Bexar | 4.00 | &nbsp;&nbsp; 6-15-2041 | 5000000 | &nbsp;&nbsp; 5000199 |
| County of Hale (BAM Insured) | 4.00 | &nbsp;&nbsp; 3-15-2042 | 2195000 | &nbsp;&nbsp; 2199405 |
| Fort Bend Independent School District Series Bøø | 0.72 | &nbsp;&nbsp; 8-1-2051 | 1205000 | &nbsp;&nbsp; 1184270 |
| Harris Montgomery Counties Municipal Utility District No. 386 | 4.00 | &nbsp;&nbsp; 9-1-2032 | 1450000 | &nbsp;&nbsp; 1450429 |
| Klein Independent School District | 3.63 | &nbsp;&nbsp; 2-1-2033 | 1010000 | &nbsp;&nbsp; 1010447 |
| North East Independent School Districtøø | 3.75 | &nbsp;&nbsp; 8-1-2049 | 1915000 | &nbsp;&nbsp; 1937659 |
|  |  |  |  | &nbsp;&nbsp; **19314480** |
| **Health revenue: 0.77%** |  |  |  |  |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Texas <br> Children's Hospital Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 10-1-2041 | 3205000 | &nbsp;&nbsp; 3156162 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Brazos <br> Presbyterian Homes Obligated Group<br>| 5.25 | &nbsp;&nbsp; 1-1-2036 | 1000000 | &nbsp;&nbsp; 1093759 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Children's <br> Health System of Texas Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2026 | 2000000 | &nbsp;&nbsp; 2026393 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Westminster <br> Manor Obligated Group<br>| 5.00 | &nbsp;&nbsp; 11-1-2035 | 615000 | &nbsp;&nbsp; 671220 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Westminster <br> Manor Obligated Group<br>| 5.00 | &nbsp;&nbsp; 11-1-2040 | 2200000 | &nbsp;&nbsp; 2320882 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. <br> Cumberland Rest, Inc. Obligated Group<br>| 5.00 | &nbsp;&nbsp; 10-1-2040 | 440000 | &nbsp;&nbsp; 460372 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. <br> Methodist Hospitals of Dallas Obligated Group Series B (TD Bank <br> N.A. LOC)ø<br>| 2.45 | &nbsp;&nbsp; 10-1-2041 | 5200000 | &nbsp;&nbsp; 5200000 |
|  |  |  |  | &nbsp;&nbsp; **14928788** |
| **Housing revenue: 0.66%** |  |  |  |  |
| &nbsp;&nbsp; County of Wise Weatherford College of the Parker County Junior <br> College District<br>| 5.00 | &nbsp;&nbsp; 8-15-2028 | 1630000 | &nbsp;&nbsp; 1683290 |
| &nbsp;&nbsp; County of Wise Weatherford College of the Parker County Junior <br> College District<br>| 5.00 | &nbsp;&nbsp; 8-15-2031 | 680000 | &nbsp;&nbsp; 724897 |
| &nbsp;&nbsp; County of Wise Weatherford College of the Parker County Junior <br> College District<br>| 5.00 | &nbsp;&nbsp; 8-15-2034 | 980000 | &nbsp;&nbsp; 1032618 |
| FW Chaparral PFC Chaparral Ranch Project | 4.00 | &nbsp;&nbsp; 10-1-2035 | 3000000 | &nbsp;&nbsp; 2999175 |

---

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

Allspring Strategic Municipal Bond Fund \| 35

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| Legacy Denton Public Facility Corp. Roselawn Village Ltd.øø | 3.15<br> %<br>| &nbsp;&nbsp; 11-1-2043 | $2500000 | &nbsp;&nbsp; $2501761 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Bella Vida <br> Forefront Living Obligated Group Series 2025B-3<br>| 4.25 | &nbsp;&nbsp; 10-1-2030 | 2000000 | &nbsp;&nbsp; 2005837 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Bella Vida <br> Forefront Living Obligated Group Series A<br>| 5.50 | &nbsp;&nbsp; 10-1-2035 | 750000 | &nbsp;&nbsp; 788905 |
| &nbsp;&nbsp; Travis County Housing Finance Corp. Austin Gateway <br> Apartments LPøø<br>| 4.13 | &nbsp;&nbsp; 6-1-2045 | 1000000 | &nbsp;&nbsp; 1001998 |
|  |  |  |  | &nbsp;&nbsp; **12738481** |
| **Industrial development revenue: 0.90%** |  |  |  |  |
| &nbsp;&nbsp; Brazoria County Industrial Development Corp. Aleon Renewable <br> Metals LLC AMT144A†øø<br>| 10.00 | &nbsp;&nbsp; 6-1-2042 | 2812106 | &nbsp;&nbsp; 281211 |
| &nbsp;&nbsp; City of Houston Airport System Revenue United Airlines, Inc. <br> Series B AMT<br>| 5.25 | &nbsp;&nbsp; 7-15-2032 | 2070000 | &nbsp;&nbsp; 2212464 |
| &nbsp;&nbsp; City of Houston Airport System Revenue United Airlines, Inc. <br> Series B AMT<br>| 5.25 | &nbsp;&nbsp; 7-15-2033 | 3175000 | &nbsp;&nbsp; 3406273 |
| Harris County Industrial Development Corp. Energy Transfer LPøø | 4.05 | &nbsp;&nbsp; 11-1-2050 | 6000000 | &nbsp;&nbsp; 6174006 |
| &nbsp;&nbsp; Mission Economic Development Corp. Graphic Packaging <br> International LLC AMTøø<br>| 5.00 | &nbsp;&nbsp; 12-1-2064 | 2500000 | &nbsp;&nbsp; 2591021 |
| &nbsp;&nbsp; Port of Beaumont Navigation District Jefferson 2020 Bond Lessee & <br> Borrower LLC Obligated Group Series A AMT144A<br>| 2.50 | &nbsp;&nbsp; 1-1-2030 | 800000 | &nbsp;&nbsp; 748946 |
| &nbsp;&nbsp; Port of Beaumont Navigation District Jefferson 2020 Bond Lessee & <br> Borrower LLC Obligated Group Series A AMT144A<br>| 2.63 | &nbsp;&nbsp; 1-1-2031 | 800000 | &nbsp;&nbsp; 740775 |
| &nbsp;&nbsp; Port of Beaumont Navigation District Jefferson 2020 Bond Lessee & <br> Borrower LLC Obligated Group Series A AMT144A<br>| 2.75 | &nbsp;&nbsp; 1-1-2036 | 1500000 | &nbsp;&nbsp; 1237877 |
|  |  |  |  | &nbsp;&nbsp; **17392573** |
| **Miscellaneous revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; Lower Colorado River Authority Transmission Services Corp. <br> Series A (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 5-15-2043 | 1250000 | &nbsp;&nbsp; **1224114** |
| **Resource recovery revenue: 0.71%** |  |  |  |  |
| &nbsp;&nbsp; Brazoria County Industrial Development Corp. Aleon Renewable <br> Metals LLC AMT144A†<br>| 12.00 | &nbsp;&nbsp; 6-1-2043 | 4686843 | &nbsp;&nbsp; 468684 |
| Mission Economic Development Corp. Republic Services, Inc. AMT | 3.50 | &nbsp;&nbsp; 1-1-2026 | 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; Port of Port Arthur Navigation District Motiva Enterprises LLC <br> Series Bø<br>| 2.57 | &nbsp;&nbsp; 4-1-2040 | 3135000 | &nbsp;&nbsp; 3135000 |
| &nbsp;&nbsp; Port of Port Arthur Navigation District Motiva Enterprises LLC <br> Series Dø<br>| 2.52 | &nbsp;&nbsp; 11-1-2040 | 5000000 | &nbsp;&nbsp; 5000000 |
|  |  |  |  | &nbsp;&nbsp; **13603684** |
| **Transportation revenue: 0.34%** |  |  |  |  |
| County of Harris Toll Road Revenue Series B | 5.00 | &nbsp;&nbsp; 8-15-2026 | 1280000 | &nbsp;&nbsp; 1282259 |
| &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp. NTE <br> Mobility Partners LLC Series A<br>| 5.00 | &nbsp;&nbsp; 12-31-2030 | 1000000 | &nbsp;&nbsp; 1075292 |

---

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

36 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp. NTE <br> Mobility Partners LLC Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 12-31-2032 | $1000000 | &nbsp;&nbsp; $1070542 |
| &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp. NTE <br> Mobility Partners LLC Series A<br>| 5.00 | &nbsp;&nbsp; 12-31-2033 | 3000000 | &nbsp;&nbsp; 3196069 |
|  |  |  |  | &nbsp;&nbsp; **6624162** |
| **Utilities revenue: 1.01%** |  |  |  |  |
| City of San Antonio Electric & Gas Systems Revenue Series Aøø | 3.08 | &nbsp;&nbsp; 2-1-2055 | 15000000 | &nbsp;&nbsp; 15050369 |
| Lower Colorado River Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 5-15-2030 | 990000 | &nbsp;&nbsp; 1088847 |
| Lower Colorado River Authority Series Bøø | 5.00 | &nbsp;&nbsp; 5-15-2045 | 3000000 | &nbsp;&nbsp; 3317875 |
|  |  |  |  | &nbsp;&nbsp; **19457091** |
| **Water & sewer revenue: 1.12%** |  |  |  |  |
| City of Dallas Waterworks & Sewer System Revenue Series A | 5.00 | &nbsp;&nbsp; 10-1-2029 | 16225000 | &nbsp;&nbsp; 16490618 |
| City of Garland Water & Sewer System Revenue | 4.00 | &nbsp;&nbsp; 3-1-2042 | 1185000 | &nbsp;&nbsp; 1170273 |
| San Antonio Water System Series A (Truist Bank SPA)ø | 2.50 | &nbsp;&nbsp; 5-1-2054 | 4000000 | &nbsp;&nbsp; 4000000 |
|  |  |  |  | &nbsp;&nbsp; **21660891** |
|  |  |  |  | &nbsp;&nbsp; **157281753** |
| **Utah: 1.01%** |  |  |  |  |
| **Airport revenue: 0.20%** |  |  |  |  |
| City of Salt Lake City Airport Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2029 | 1000000 | &nbsp;&nbsp; 1047284 |
| City of Salt Lake City Airport Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2031 | 2705000 | &nbsp;&nbsp; 2824385 |
|  |  |  |  | &nbsp;&nbsp; **3871669** |
| **Education revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; Utah Charter School Finance Authority Freedom Academy <br> Foundation Series A144A<br>| 3.25 | &nbsp;&nbsp; 6-15-2031 | 425000 | &nbsp;&nbsp; 392412 |
| &nbsp;&nbsp; Utah Charter School Finance Authority Ronald Wilson Reagan <br> Academy Series A144A<br>| 3.50 | &nbsp;&nbsp; 2-15-2026 | 290000 | &nbsp;&nbsp; 289475 |
|  |  |  |  | &nbsp;&nbsp; **681887** |
| **Health revenue: 0.08%** |  |  |  |  |
| County of Utah Intermountain Healthcare Obligated Group Series A | 4.00 | &nbsp;&nbsp; 5-15-2043 | 1635000 | &nbsp;&nbsp; **1564820** |
| **Housing revenue: 0.15%** |  |  |  |  |
| Utah Housing Corp. Series C (GNMA / FNMA / FHLMC Insured) | 6.00 | &nbsp;&nbsp; 7-1-2054 | 2585000 | &nbsp;&nbsp; **2842537** |
| **Miscellaneous revenue: 0.41%** |  |  |  |  |
| &nbsp;&nbsp; MIDA Mountain Village Public Infrastructure District Assessment <br> Area No. 2144A<br>| 4.00 | &nbsp;&nbsp; 8-1-2026 | 900000 | &nbsp;&nbsp; 900622 |
| &nbsp;&nbsp; MIDA Mountain Village Public Infrastructure District Assessment <br> Area No. 2144A<br>| 4.00 | &nbsp;&nbsp; 8-1-2028 | 915000 | &nbsp;&nbsp; 919998 |
| &nbsp;&nbsp; MIDA Mountain Village Public Infrastructure District Assessment <br> Area No. 2144A<br>| 4.00 | &nbsp;&nbsp; 8-1-2029 | 480000 | &nbsp;&nbsp; 483313 |
| &nbsp;&nbsp; MIDA Mountain Village Public Infrastructure District Assessment <br> Area No. 2144A<br>| 4.00 | &nbsp;&nbsp; 8-1-2030 | 580000 | &nbsp;&nbsp; 582903 |

---

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

Allspring Strategic Municipal Bond Fund \| 37

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Miscellaneous revenue**(continued) |  |  |  |  |
| Point Phase 1 Public Infrastructure District No. 1 Series A-1 | 5.13<br> %<br>| &nbsp;&nbsp; 3-1-2035 | $1780000 | &nbsp;&nbsp; $1861589 |
| &nbsp;&nbsp; Wakara Ridge Public Infrastructure District Ridge Assessment <br> Area144A<br>| 5.63 | &nbsp;&nbsp; 12-1-2054 | 3150000 | &nbsp;&nbsp; 3214507 |
|  |  |  |  | &nbsp;&nbsp; **7962932** |
| **Tax revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; MIDA Mountain Veterans Program Public Infrastructure <br> District144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2044 | 1000000 | &nbsp;&nbsp; 1001223 |
| &nbsp;&nbsp; MIDA Mountain Village Public Infrastructure District Military <br> Recreation Facility Project Area Series 2144A<br>| 5.50 | &nbsp;&nbsp; 6-15-2039 | 1500000 | &nbsp;&nbsp; 1540882 |
|  |  |  |  | &nbsp;&nbsp; **2542105** |
|  |  |  |  | &nbsp;&nbsp; **19465950** |
| **Vermont: 0.11%** |  |  |  |  |
| **Housing revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; Vermont Housing Finance Agency Series A (GNMA / FNMA / FHLMC <br> Insured)<br>| 3.75 | &nbsp;&nbsp; 11-1-2050 | 650000 | &nbsp;&nbsp; **650730** |
| **Resource recovery revenue: 0.08%** |  |  |  |  |
| Vermont EDA Casella Waste Systems, Inc. Series A AMT144Aøø | 4.38 | &nbsp;&nbsp; 6-1-2052 | 1500000 | &nbsp;&nbsp; **1509747** |
|  |  |  |  | &nbsp;&nbsp; **2160477** |
| **Virginia: 2.10%** |  |  |  |  |
| **Education revenue: 0.05%** |  |  |  |  |
| Virginia College Building Authority Regent University | 5.00 | &nbsp;&nbsp; 6-1-2029 | 330000 | &nbsp;&nbsp; 345438 |
| Virginia College Building Authority Regent University | 5.00 | &nbsp;&nbsp; 6-1-2030 | 350000 | &nbsp;&nbsp; 370724 |
| Virginia College Building Authority Regent University | 5.00 | &nbsp;&nbsp; 6-1-2031 | 300000 | &nbsp;&nbsp; 320704 |
|  |  |  |  | &nbsp;&nbsp; **1036866** |
| **GO revenue: 0.13%** |  |  |  |  |
| County of Arlington Series A | 4.00 | &nbsp;&nbsp; 8-1-2040 | 2500000 | &nbsp;&nbsp; **2556223** |
| **Health revenue: 0.37%** |  |  |  |  |
| Roanoke County EDA Friendship Foundationøø | 5.50 | &nbsp;&nbsp; 9-1-2058 | 350000 | &nbsp;&nbsp; 346358 |
| &nbsp;&nbsp; Winchester EDA Valley Health Obligated Group Series B-1 (Truist <br> Bank LOC)ø<br>| 2.45 | &nbsp;&nbsp; 1-1-2054 | 4800000 | &nbsp;&nbsp; 4800000 |
| &nbsp;&nbsp; Winchester EDA Valley Health Obligated Group Series B-2 (Truist <br> Bank LOC)ø<br>| 2.45 | &nbsp;&nbsp; 1-1-2054 | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  |  |  | &nbsp;&nbsp; **7146358** |
| **Housing revenue: 0.48%** |  |  |  |  |
| Virginia College Building Authority Series C | 4.00 | &nbsp;&nbsp; 2-1-2036 | 2625000 | &nbsp;&nbsp; 2638962 |
| Virginia Housing Development Authority Series A | 3.90 | &nbsp;&nbsp; 3-1-2037 | 955000 | &nbsp;&nbsp; 960237 |
| Virginia Housing Development Authority Series A | 3.95 | &nbsp;&nbsp; 9-1-2037 | 825000 | &nbsp;&nbsp; 829400 |
| Virginia Housing Development Authority Series A | 4.10 | &nbsp;&nbsp; 9-1-2040 | 1390000 | &nbsp;&nbsp; 1390969 |
| Virginia Housing Development Authority Series A | 4.45 | &nbsp;&nbsp; 9-1-2045 | 3500000 | &nbsp;&nbsp; 3479010 |
|  |  |  |  | &nbsp;&nbsp; **9298578** |

---

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

38 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue: 0.86%** |  |  |  |  |
| &nbsp;&nbsp; Toll Road Investors Partnership II LP Series 1999-B (NPFGC <br> Insured)144A¤<br>| 0.00<br> %<br>| &nbsp;&nbsp; 2-15-2029 | $10000000 | &nbsp;&nbsp; $8292105 |
| &nbsp;&nbsp; Virginia Small Business Financing Authority 95 Express Lanes LLC <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2032 | 3225000 | &nbsp;&nbsp; 3500578 |
| &nbsp;&nbsp; Virginia Small Business Financing Authority 95 Express Lanes LLC <br> AMT<br>| 5.00 | &nbsp;&nbsp; 7-1-2032 | 2800000 | &nbsp;&nbsp; 3033238 |
| &nbsp;&nbsp; Virginia Small Business Financing Authority Elizabeth River <br> Crossings OpCo. LLC AMT<br>| 4.00 | &nbsp;&nbsp; 7-1-2029 | 1750000 | &nbsp;&nbsp; 1783134 |
|  |  |  |  | &nbsp;&nbsp; **16609055** |
| **Utilities revenue: 0.21%** |  |  |  |  |
| York County EDA Virginia Electric & Power Co. Series Aøø | 3.65 | &nbsp;&nbsp; 5-1-2033 | 4000000 | &nbsp;&nbsp; **4049080** |
|  |  |  |  | &nbsp;&nbsp; **40696160** |
| **Washington: 1.91%** |  |  |  |  |
| **Airport revenue: 0.16%** |  |  |  |  |
| Port of Seattle Series A AMT | 5.00 | &nbsp;&nbsp; 5-1-2036 | 2030000 | &nbsp;&nbsp; 2067668 |
| Washington EDFA AMTøø | 5.88 | &nbsp;&nbsp; 12-1-2045 | 1000000 | &nbsp;&nbsp; 1004489 |
|  |  |  |  | &nbsp;&nbsp; **3072157** |
| **GO revenue: 0.10%** |  |  |  |  |
| City of Seattle | 4.00 | &nbsp;&nbsp; 12-1-2040 | 1900000 | &nbsp;&nbsp; **1897562** |
| **Health revenue: 0.83%** |  |  |  |  |
| Jefferson County Public Hospital District No. 2 Series A | 5.75 | &nbsp;&nbsp; 12-1-2033 | 2140000 | &nbsp;&nbsp; 2186006 |
| King County Public Hospital District No. 4 Series A | 5.50 | &nbsp;&nbsp; 12-1-2035 | 2750000 | &nbsp;&nbsp; 2762937 |
| Skagit County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2029 | 3975000 | &nbsp;&nbsp; 4023926 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority CommonSpirit Health <br> Obligated Group Series B-3øø<br>| 5.00 | &nbsp;&nbsp; 8-1-2049 | 3000000 | &nbsp;&nbsp; 3004398 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Providence St. Joseph <br> Health Obligated Group Series D<br>| 5.00 | &nbsp;&nbsp; 10-1-2038 | 3000000 | &nbsp;&nbsp; 3003401 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Providence St. Joseph <br> Health Obligated Group Series D<br>| 5.00 | &nbsp;&nbsp; 10-1-2041 | 1000000 | &nbsp;&nbsp; 1000854 |
|  |  |  |  | &nbsp;&nbsp; **15981522** |
| **Housing revenue: 0.65%** |  |  |  |  |
| King County Housing Authority | 2.00 | &nbsp;&nbsp; 10-1-2033 | 600000 | &nbsp;&nbsp; 522636 |
| King County Housing Authority | 2.13 | &nbsp;&nbsp; 10-1-2036 | 2000000 | &nbsp;&nbsp; 1662852 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 10-1-2029 | 225000 | &nbsp;&nbsp; 230925 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 10-1-2030 | 200000 | &nbsp;&nbsp; 207228 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 10-1-2031 | 290000 | &nbsp;&nbsp; 297313 |
| Snohomish County Housing Authority | 5.00 | &nbsp;&nbsp; 4-1-2027 | 1130000 | &nbsp;&nbsp; 1155623 |
| Snohomish County Housing Authority | 5.00 | &nbsp;&nbsp; 4-1-2028 | 1610000 | &nbsp;&nbsp; 1674282 |
| Snohomish County Housing Authority | 5.00 | &nbsp;&nbsp; 4-1-2029 | 1690000 | &nbsp;&nbsp; 1789727 |
| &nbsp;&nbsp; Washington State Housing Finance Commission Downtowner <br> Apartments Project (FHLMC LIQ)<br>| 3.70 | &nbsp;&nbsp; 7-1-2030 | 5000000 | &nbsp;&nbsp; 5127059 |
|  |  |  |  | &nbsp;&nbsp; **12667645** |

---

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

Allspring Strategic Municipal Bond Fund \| 39

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue: 0.17%** |  |  |  |  |
| &nbsp;&nbsp; City of Seattle Municipal Light & Power Revenue Series B (SIFMA <br> Municipal Swap+0.25%)±<br>| 3.57<br> %<br>| &nbsp;&nbsp; 5-1-2045 | $3250000 | &nbsp;&nbsp; $**3233074** |
|  |  |  |  | &nbsp;&nbsp; **36851960** |
| **West Virginia: 0.49%** |  |  |  |  |
| **Education revenue: 0.05%** |  |  |  |  |
| West Virginia University Series Bøø | 5.00 | &nbsp;&nbsp; 10-1-2041 | 1000000 | &nbsp;&nbsp; **1071429** |
| **Tax revenue: 0.17%** |  |  |  |  |
| &nbsp;&nbsp; County of Monongalia Building Commission Development District <br> No. 4 Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2033 | 400000 | &nbsp;&nbsp; 417964 |
| &nbsp;&nbsp; County of Monongalia Building Commission Development District <br> No. 4 Series A144A<br>| 5.75 | &nbsp;&nbsp; 6-1-2043 | 880000 | &nbsp;&nbsp; 930932 |
| Monongalia County Commission Excise Tax District Series A144A | 4.13 | &nbsp;&nbsp; 6-1-2043 | 830000 | &nbsp;&nbsp; 737151 |
| Monongalia County Commission Excise Tax District Series A144A | 4.50 | &nbsp;&nbsp; 6-1-2027 | 1175000 | &nbsp;&nbsp; 1180008 |
|  |  |  |  | &nbsp;&nbsp; **3266055** |
| **Utilities revenue: 0.27%** |  |  |  |  |
| West Virginia EDA Wheeling Power Co. Series 2013A AMTøø | 3.00 | &nbsp;&nbsp; 6-1-2037 | 5245000 | &nbsp;&nbsp; **5200943** |
|  |  |  |  | &nbsp;&nbsp; **9538427** |
| **Wisconsin: 1.71%** |  |  |  |  |
| **Education revenue: 0.30%** |  |  |  |  |
| PFA Corvian Community School, Inc. Series A144A | 4.00 | &nbsp;&nbsp; 6-15-2029 | 585000 | &nbsp;&nbsp; 567361 |
| PFA Corvian Community School, Inc. Series A144A | 4.25 | &nbsp;&nbsp; 6-15-2029 | 530000 | &nbsp;&nbsp; 518340 |
| PFA Estancia Valley Classical Academy Series A144A | 4.00 | &nbsp;&nbsp; 7-1-2031 | 1095000 | &nbsp;&nbsp; 1036356 |
| PFA Mater Academy of Nevada Series A144A | 5.00 | &nbsp;&nbsp; 12-15-2034 | 795000 | &nbsp;&nbsp; 826569 |
| PFA Nevada Charter Academies Series A144A | 4.00 | &nbsp;&nbsp; 7-15-2029 | 400000 | &nbsp;&nbsp; 399161 |
| PFA Roseman University of Health Sciences144A | 4.00 | &nbsp;&nbsp; 4-1-2032 | 785000 | &nbsp;&nbsp; 775215 |
| PFA Triad Math & Science Academy Co. | 4.25 | &nbsp;&nbsp; 6-15-2027 | 325000 | &nbsp;&nbsp; 326652 |
| PFA Triad Math & Science Academy Co. | 5.00 | &nbsp;&nbsp; 6-15-2032 | 725000 | &nbsp;&nbsp; 761346 |
| &nbsp;&nbsp; PFA Unity Classical Charter School; A Challenge Foundation <br> Academy144A<br>| 5.75 | &nbsp;&nbsp; 7-1-2033 | 485000 | &nbsp;&nbsp; 504898 |
|  |  |  |  | &nbsp;&nbsp; **5715898** |
| **GO revenue: 0.26%** |  |  |  |  |
| City of Milwaukee Series B2 (AG Insured) | 5.00 | &nbsp;&nbsp; 4-1-2035 | 2200000 | &nbsp;&nbsp; 2505298 |
| City of Milwaukee Series B2 (AG Insured) | 5.00 | &nbsp;&nbsp; 4-1-2036 | 2235000 | &nbsp;&nbsp; 2528105 |
|  |  |  |  | &nbsp;&nbsp; **5033403** |
| **Health revenue: 0.54%** |  |  |  |  |
| PFA Texas Biomedical Research Institute Series A | 5.00 | &nbsp;&nbsp; 6-1-2029 | 175000 | &nbsp;&nbsp; 184681 |
| PFA Texas Biomedical Research Institute Series A | 5.00 | &nbsp;&nbsp; 6-1-2030 | 175000 | &nbsp;&nbsp; 186978 |
| PFA Texas Biomedical Research Institute Series A | 5.00 | &nbsp;&nbsp; 6-1-2031 | 275000 | &nbsp;&nbsp; 296631 |
| PFA Texas Biomedical Research Institute Series A | 5.00 | &nbsp;&nbsp; 6-1-2032 | 350000 | &nbsp;&nbsp; 375587 |
| PFA Texas Biomedical Research Institute Series A | 5.00 | &nbsp;&nbsp; 6-1-2033 | 550000 | &nbsp;&nbsp; 586589 |
| PFA Texas Biomedical Research Institute Series A | 5.00 | &nbsp;&nbsp; 6-1-2034 | 570000 | &nbsp;&nbsp; 607058 |
| PFA Washoe Barton Medical Clinic Series A144A | 4.00 | &nbsp;&nbsp; 12-1-2031 | 700000 | &nbsp;&nbsp; 699272 |
| Wisconsin HEFA Ascension Health Credit Group Series A | 4.00 | &nbsp;&nbsp; 11-15-2036 | 3000000 | &nbsp;&nbsp; 3002184 |

---

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

40 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| Wisconsin HEFA Beloit Health System Obligated Group | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2027 | $1145000 | &nbsp;&nbsp; $1178728 |
| Wisconsin HEFA Beloit Health System Obligated Group | 5.00 | &nbsp;&nbsp; 7-1-2028 | 600000 | &nbsp;&nbsp; 629568 |
| &nbsp;&nbsp; Wisconsin HEFA St. Camillus Health System Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2027 | 375000 | &nbsp;&nbsp; 381343 |
| &nbsp;&nbsp; Wisconsin HEFA St. Camillus Health System Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2028 | 1405000 | &nbsp;&nbsp; 1442772 |
| Wisconsin HEFA St. John's Communities, Inc. Obligated Group | 4.00 | &nbsp;&nbsp; 9-15-2029 | 895000 | &nbsp;&nbsp; 901390 |
|  |  |  |  | &nbsp;&nbsp; **10472781** |
| **Industrial development revenue: 0.09%** |  |  |  |  |
| PFA Customer Facility Charge-SA LLC Series A | 3.75 | &nbsp;&nbsp; 2-1-2032 | 850000 | &nbsp;&nbsp; 844931 |
| &nbsp;&nbsp; PFA UNC Charlotte Marriott Hotel & Conference Center <br> Series A144A<br>| 4.00 | &nbsp;&nbsp; 9-1-2036 | 1000000 | &nbsp;&nbsp; 964699 |
|  |  |  |  | &nbsp;&nbsp; **1809630** |
| **Miscellaneous revenue: 0.52%** |  |  |  |  |
| PFA Astro Texas Land Projects144A | 5.00 | &nbsp;&nbsp; 12-15-2036 | 3955953 | &nbsp;&nbsp; 3918485 |
| Wisconsin Center District Series C CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2029 | 1050000 | &nbsp;&nbsp; 931539 |
| Wisconsin Center District Series C CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2031 | 1350000 | &nbsp;&nbsp; 1118955 |
| Wisconsin Center District Series D CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2028 | 260000 | &nbsp;&nbsp; 238685 |
| Wisconsin Center District Series D CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2029 | 390000 | &nbsp;&nbsp; 347350 |
| Wisconsin Center District Series D CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2030 | 550000 | &nbsp;&nbsp; 474264 |
| &nbsp;&nbsp; Wisconsin HEFA Forensic Science & Protective Medicine <br> Collaboration, Inc.144A<br>| 5.00 | &nbsp;&nbsp; 8-1-2027 | 3000000 | &nbsp;&nbsp; 3025084 |
|  |  |  |  | &nbsp;&nbsp; **10054362** |
|  |  |  |  | &nbsp;&nbsp; **33086074** |
| **Total municipal obligations (Cost $1,926,742,430)** |  |  |  | &nbsp;&nbsp; **1904631844** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 0.45%** |  |  |  |  |
| **Investment companies: 0.45%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.71 | 8802041 | &nbsp;&nbsp; **8802041** |
| **Total short-term investments (Cost $8,802,041)** |  |  |  | &nbsp;&nbsp; **8802041** |
| **Total investments in securities (Cost $1,935,544,471)** | 98.98<br> %<br>|  |  | &nbsp;&nbsp; 1913433885 |
| Other assets and liabilities, net | 1.02 |  |  | &nbsp;&nbsp; 19692609 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$1933126494** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| † | Non-income-earning security |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ¤ | 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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Allspring Strategic Municipal Bond Fund \| 41

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AG | Assured Guaranty Incorporation |
| Ambac | Ambac Financial Group Incorporated |
| AMT | Alternative minimum tax |
| BAM | Build America Mutual Assurance Company |
| BAN | Bond anticipation note |
| CAB | Capital appreciation bond |
| CDA | Community Development Authority |
| CHF | Collegiate Housing Foundation |
| COP | Certificate of participation |
| ECFA | Educational & Cultural Facilities Authority |
| EDA | Economic Development Authority |
| EDFA | Economic Development Finance Authority |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General obligation |
| HEFA | Health & Educational Facilities Authority |
| HFA | Housing Finance Authority |
| HFFA | Health Facilities Financing Authority |
| IDA | Industrial Development Authority |
| LIQ | Liquidity agreement |
| LOC | Letter of credit |
| NPFGC | National Public Finance Guarantee Corporation |
| PFA | Public Finance Authority |
| QSBLF | Qualified School Board Loan Fund Insured |
| RDA | Redevelopment Authority |
| SIFMA | Securities Industry and Financial Markets Association |
| SOFR | Secured Overnight Financing Rate |
| SPA | Standby purchase agreement |
| TTFA | Transportation Trust Fund Authority |

---

**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>| $15214567 | $233050843 | $(239463369)<br>| $0 | $0 | $8802041 | 8802041 | $149395 |

---

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

42 \| Allspring Strategic Municipal Bond Fund

------

Statement of assets and liabilities—December 31, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $1,926,742,430) | $1904631844 |
| Investments in affiliated securities, at value (cost $8,802,041) | 8802041 |
| Cash | 247640 |
| Receivable for interest | 19822528 |
| Receivable for investments sold | 2202800 |
| Receivable for Fund shares sold | 1872434 |
| Prepaid expenses and other assets | 68273 |
| **Total assets** | **1937647560** |
| Liabilities |  |
| Payable for Fund shares redeemed | 2761802 |
| Dividends payable | 821683 |
| Management fee payable | 621429 |
| Administration fees payable | 154507 |
| Shareholder servicing fees payable | 70268 |
| Distribution fee payable | 8813 |
| Trustees' fees and expenses payable | 912 |
| Accrued expenses and other liabilities | 81652 |
| **Total liabilities** | **4521066** |
| **Total net assets**  | **$1933126494** |
| Net assets consist of |  |
| Paid-in capital | $2000824091 |
| Total distributable loss | (67697597)<br>|
| **Total net assets** | **$1933126494** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $304438036 |
| Shares outstanding–Class A<sup>1</sup> <br>| 34189102 |
| Net asset value per share–Class A | $8.90 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $9.27 |
| Net assets–Class C | $13190804 |
| Shares outstanding–Class C<sup>1</sup> <br>| 1476192 |
| Net asset value per share–Class C | $8.94 |
| Net assets–Class R6 | $5226081 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 586618 |
| Net asset value per share–Class R6 | $8.91 |
| Net assets–Institutional Class | $1610271573 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 180878541 |
| Net asset value per share–Institutional Class | $8.90 |

---

<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 financial statements.

Allspring Strategic Municipal Bond Fund \| 43

------

Statement of operations—six months ended December 31, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $29219621 |
| Income from affiliated securities | 149395 |
| **Total investment income** | **29369016** |
| Expenses |  |
| Management fee | 3568276 |
| Administration fees |  |
| Class A | 235604 |
| Class C | 10838 |
| Class R6 | 897 |
| Administrator Class | 4428 <br><sup>1</sup><br>|
| Institutional Class | 634745 |
| Shareholder servicing fees |  |
| Class A | 392220 |
| Class C | 18016 |
| Administrator Class | 10995 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 54049 |
| Custody and accounting fees | 34678 |
| Professional fees | 46226 |
| Registration fees | 64454 |
| Shareholder report expenses | 34725 |
| Trustees' fees and expenses | 11594 |
| Other fees and expenses | 25684 |
| **Total expenses** | **5147429** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (24234)<br>|
| Class A | (556)<br>|
| Institutional Class | (208)<br>|
| **Net expenses** | **5122431** |
| **Net investment income** | **24246585** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized losses on investments**  | **(3511573)**<br>|
| **Net change in unrealized gains (losses) on investments** | **37127000** |
| **Net realized and unrealized gains (losses) on investments** | **33615427** |
| **Net increase in net assets resulting from operations** | **$57862012** |

---

<sup>1</sup> For the period from July 1, 2025 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.

44 \| Allspring Strategic Municipal Bond Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> December 31, 2025<br> (unaudited) | Six months ended<br> December 31, 2025<br> (unaudited) | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $24246585 |  | &nbsp;&nbsp; $53348171 |
| Net realized losses on investments |  | &nbsp;&nbsp; (3511573)<br>|  | &nbsp;&nbsp; (2174300)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 37127000 |  | &nbsp;&nbsp; (1445015)<br>|
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **57862012** |  | &nbsp;&nbsp; **49728856** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (4039390)<br>|  | &nbsp;&nbsp; (8261334)<br>|
| Class C |  | &nbsp;&nbsp; (131553)<br>|  | &nbsp;&nbsp; (314200)<br>|
| Class R6 |  | &nbsp;&nbsp; (87932)<br>|  | &nbsp;&nbsp; (541589)<br>|
| Administrator Class |  | &nbsp;&nbsp; (118326 )<sup>1</sup><br>|  | &nbsp;&nbsp; (749548)<br>|
| Institutional Class |  | &nbsp;&nbsp; (22964401)<br>|  | &nbsp;&nbsp; (43480303)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(27341602)**<br>|  | &nbsp;&nbsp; **(53346974)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 2618934 | &nbsp;&nbsp; 23206982 | &nbsp;&nbsp; 5932717 | &nbsp;&nbsp; 52231038 |
| Class C | 62842 | &nbsp;&nbsp; 559468 | &nbsp;&nbsp; 150668 | &nbsp;&nbsp; 1336205 |
| Class R6 | 12214 | &nbsp;&nbsp; 107194 | &nbsp;&nbsp; 293936 | &nbsp;&nbsp; 2590951 |
| Administrator Class | 39244 <br><sup>1</sup><br>| &nbsp;&nbsp; 343966 <br><sup>1</sup><br>| &nbsp;&nbsp; 254905 | &nbsp;&nbsp; 2253894 |
| Institutional Class | 23077645 | &nbsp;&nbsp; 204111819 | &nbsp;&nbsp; 69949338 | &nbsp;&nbsp; 616271118 |
|  |  | &nbsp;&nbsp; 228329429 |  | &nbsp;&nbsp; 674683206 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 404737 | &nbsp;&nbsp; 3584437 | &nbsp;&nbsp; 838198 | &nbsp;&nbsp; 7395991 |
| Class C | 14260 | &nbsp;&nbsp; 126721 | &nbsp;&nbsp; 33953 | &nbsp;&nbsp; 300639 |
| Class R6 | 7653 | &nbsp;&nbsp; 67802 | &nbsp;&nbsp; 15051 | &nbsp;&nbsp; 132780 |
| Administrator Class | 9967 <br><sup>1</sup><br>| &nbsp;&nbsp; 87409 <br><sup>1</sup><br>| &nbsp;&nbsp; 79243 | &nbsp;&nbsp; 699250 |
| Institutional Class | 2183232 | &nbsp;&nbsp; 19330349 | &nbsp;&nbsp; 4176045 | &nbsp;&nbsp; 36835346 |
|  |  | &nbsp;&nbsp; 23196718 |  | &nbsp;&nbsp; 45364006 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (4522463)<br>| &nbsp;&nbsp; (40044924)<br>| &nbsp;&nbsp; (9533289)<br>| &nbsp;&nbsp; (83991034)<br>|
| Class C | (308416)<br>| &nbsp;&nbsp; (2742718)<br>| &nbsp;&nbsp; (667815)<br>| &nbsp;&nbsp; (5899557)<br>|
| Class R6 | (128274)<br>| &nbsp;&nbsp; (1138909)<br>| &nbsp;&nbsp; (2196457)<br>| &nbsp;&nbsp; (19319501)<br>|
| Administrator Class | (98473 )<sup>1</sup><br>| &nbsp;&nbsp; (861254 )<sup>1</sup><br>| &nbsp;&nbsp; (1987242)<br>| &nbsp;&nbsp; (17535532)<br>|
| Institutional Class | (20313710)<br>| &nbsp;&nbsp; (179588658)<br>| &nbsp;&nbsp; (63636961)<br>| &nbsp;&nbsp; (559978911)<br>|
|  |  | &nbsp;&nbsp; (224376463)<br>|  | &nbsp;&nbsp; (686724535)<br>|

---

<sup>1</sup> For the period from July 1, 2025 to September 12, 2025

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

Allspring Strategic Municipal Bond Fund \| 45

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> December 31, 2025<br> (unaudited) | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Administrator Class<br>(2410741 )<sup>2</sup><br>| &nbsp;&nbsp; $(21441127 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Institutional Class<br>2410117 <br><sup>2</sup><br>| &nbsp;&nbsp; 21441127 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net increase in net assets resulting from capital share transactions** | &nbsp;&nbsp; **27149684** |  | &nbsp;&nbsp; **33322677** |
| **Total increase in net assets** | &nbsp;&nbsp; **57670094** |  | &nbsp;&nbsp; **29704559** |
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **1875456400** |  | &nbsp;&nbsp; **1845751841** |
| **End of period** | &nbsp;&nbsp; **$1933126494** |  | &nbsp;&nbsp; **$1875456400** |

---

<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.

46 \| Allspring Strategic Municipal Bond Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.76** | &nbsp;&nbsp; **$8.78** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$9.33** | &nbsp;&nbsp; **$9.17** |
| Net investment income | 0.10 <br><sup>1</sup><br>| 0.22 <br><sup>1</sup><br>| 0.20 <br><sup>1</sup><br>| 0.17 | 0.13 | 0.14 |
| Net realized and unrealized gains (losses) on investments | 0.16 | &nbsp;&nbsp; (0.02)<br>| 0.11 | 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.65)<br>| 0.16 |
| Total from investment operations | 0.26 | 0.20 | 0.31 | 0.17 | &nbsp;&nbsp; (0.52)<br>| 0.30 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.12)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Net asset value, end of period** | **$8.90** | &nbsp;&nbsp; **$8.76** | &nbsp;&nbsp; **$8.78** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$9.33** |
| **Total return**<sup>3</sup> <br>| **2.92%**<br>| **2.34%**<br>| **3.58%**<br>| **2.03%**<br>| &nbsp;&nbsp; **(5.66)%**<br>| **3.26%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.80<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>|
| Net expenses | 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.80<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>|
| Net investment income | 2.25<br> %<br>| 2.54<br> %<br>| 2.36<br> %<br>| 2.00<br> %<br>| 1.38<br> %<br>| 1.47<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 11<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (000s omitted) | $304438 | &nbsp;&nbsp; $312709 | &nbsp;&nbsp; $337409 | &nbsp;&nbsp; $407928 | &nbsp;&nbsp; $508573 | &nbsp;&nbsp; $622409 |

---

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

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

Allspring Strategic Municipal Bond Fund \| 47

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class C | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.79** | &nbsp;&nbsp; **$8.81** | &nbsp;&nbsp; **$8.71** | &nbsp;&nbsp; **$8.71** | &nbsp;&nbsp; **$9.36** | &nbsp;&nbsp; **$9.20** |
| Net investment income | 0.07 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.14 <br><sup>1</sup><br>| 0.12 | 0.06 | 0.07 |
| Net realized and unrealized gains (losses) on investments | 0.16 | &nbsp;&nbsp; (0.02)<br>| 0.10 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.65)<br>| 0.16 |
| Total from investment operations | 0.23 | 0.14 | 0.24 | 0.11 | &nbsp;&nbsp; (0.59)<br>| 0.23 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.08)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.07)<br>|
| **Net asset value, end of period** | **$8.94** | &nbsp;&nbsp; **$8.79** | &nbsp;&nbsp; **$8.81** | &nbsp;&nbsp; **$8.71** | &nbsp;&nbsp; **$8.71** | &nbsp;&nbsp; **$9.36** |
| **Total return**<sup>2</sup> <br>| **2.64%**<br>| **1.57%**<br>| **2.81%**<br>| **1.27%**<br>| &nbsp;&nbsp; **(6.34)%**<br>| **2.49%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.54<br> %<br>| 1.54<br> %<br>| 1.54<br> %<br>| 1.55<br> %<br>| 1.54<br> %<br>| 1.54<br> %<br>|
| Net expenses | 1.54<br> %<br>| 1.54<br> %<br>| 1.54<br> %<br>| 1.55<br> %<br>| 1.54<br> %<br>| 1.54<br> %<br>|
| Net investment income | 1.50<br> %<br>| 1.78<br> %<br>| 1.61<br> %<br>| 1.24<br> %<br>| 0.62<br> %<br>| 0.72<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 11<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (000s omitted) | $13191 | &nbsp;&nbsp; $15014 | &nbsp;&nbsp; $19291 | &nbsp;&nbsp; $27858 | &nbsp;&nbsp; $39696 | &nbsp;&nbsp; $56483 |

---

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

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

48 \| Allspring Strategic Municipal Bond Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class R6 | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.77** | &nbsp;&nbsp; **$8.78** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$9.33** | &nbsp;&nbsp; **$9.17** |
| Net investment income | 0.12 <br><sup>1</sup><br>| 0.25 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.21 | 0.16 | 0.17 |
| Net realized and unrealized gains (losses) on investments | 0.15 | 0.00 | 0.10 | 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.65)<br>| 0.16 |
| Total from investment operations | 0.27 | 0.25 | 0.34 | 0.21 | &nbsp;&nbsp; (0.49)<br>| 0.33 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.13)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.17)<br>|
| **Net asset value, end of period** | **$8.91** | &nbsp;&nbsp; **$8.77** | &nbsp;&nbsp; **$8.78** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$9.33** |
| **Total return**<sup>3</sup> <br>| **3.11%**<br>| **2.83%**<br>| **3.97%**<br>| **2.42%**<br>| &nbsp;&nbsp; **(5.30)%**<br>| **3.65%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>|
| Net expenses | 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>|
| Net investment income | 2.62<br> %<br>| 2.88<br> %<br>| 2.74<br> %<br>| 2.45<br> %<br>| 1.74<br> %<br>| 1.85<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 11<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (000s omitted) | $5226 | &nbsp;&nbsp; $6093 | &nbsp;&nbsp; $22661 | &nbsp;&nbsp; $24490 | &nbsp;&nbsp; $11008 | &nbsp;&nbsp; $17590 |

---

&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> 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. 

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

Allspring Strategic Municipal Bond Fund \| 49

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.76** | &nbsp;&nbsp; **$8.77** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$9.32** | &nbsp;&nbsp; **$9.17** |
| Net investment income | 0.12 <br><sup>1</sup><br>| 0.25 <br><sup>1</sup><br>| 0.23 <br><sup>1</sup><br>| 0.20 | 0.16 | 0.17 |
| Net realized and unrealized gains (losses) on investments | 0.15 | &nbsp;&nbsp; (0.01)<br>| 0.09 | 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.64)<br>| 0.15 |
| Total from investment operations | 0.27 | 0.24 | 0.32 | 0.20 | &nbsp;&nbsp; (0.48)<br>| 0.32 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.13)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.17)<br>|
| **Net asset value, end of period** | **$8.90** | &nbsp;&nbsp; **$8.76** | &nbsp;&nbsp; **$8.77** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$9.32** |
| **Total return**<sup>3</sup> <br>| **3.09%**<br>| **2.78%**<br>| **3.80%**<br>| **2.37%**<br>| &nbsp;&nbsp; **(5.25)%**<br>| **3.49%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.47<br> %<br>| 0.47<br> %<br>| 0.47<br> %<br>| 0.47<br> %<br>| 0.46<br> %<br>| 0.46<br> %<br>|
| Net expenses | 0.47<br> %<br>| 0.47<br> %<br>| 0.47<br> %<br>| 0.47<br> %<br>| 0.46<br> %<br>| 0.46<br> %<br>|
| Net investment income | 2.57<br> %<br>| 2.86<br> %<br>| 2.69<br> %<br>| 2.33<br> %<br>| 1.71<br> %<br>| 1.80<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 11<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (000s omitted) | $1610272 | &nbsp;&nbsp; $1520096 | &nbsp;&nbsp; $1430315 | &nbsp;&nbsp; $1501879 | &nbsp;&nbsp; $1806507 | &nbsp;&nbsp; $2262320 |

---

&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> 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. 

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

50 \| Allspring Strategic Municipal Bond Fund

------

Notes to financial statements (unaudited)

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 Strategic Municipal Bond 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.

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.

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.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. 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 Strategic Municipal Bond Fund \| 51

------

Notes to financial statements (unaudited)

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 December 31, 2025, the aggregate cost of all investments for federal income tax purposes was $1,936,388,400 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $14353465 |
| Gross unrealized losses | &nbsp;&nbsp; (37307980)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(22954515)**<br>|

---

As of June 30, 2025, the Fund had capital loss carryforwards which consisted of $17,141,136 in short-term capital losses and $21,253,558 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;

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 December 31, 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:** |  |  |  |  |
| **Municipal obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $1904631844 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $1904631844 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 8802041 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8802041 |
| **Total assets** | &nbsp;&nbsp; **$8802041** | &nbsp;&nbsp;&nbsp; **$1904631844** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1913433885** |

---

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

At December 31, 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

52 \| Allspring Strategic Municipal Bond Fund

------

Notes to financial statements (unaudited)

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 | 0.400<br> %<br>|
| Next $500 million | 0.375 |
| Next $2 billion | 0.350 |
| Next $2 billion | 0.325 |
| Next $5 billion | 0.290 |
| Over $10 billion | 0.280 |

---

For the six months ended December 31, 2025, the management fee was equivalent to an annual rate of 0.37% 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 | 0.15<br> %<br>|
| Class C | 0.15 |
| Class R6 | 0.03 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or 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 October 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 December 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.79<br> %<br>|
| Class C | 1.54 |
| Class R6 | 0.42 |
| Institutional Class | 0.47 |

---

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 six months ended December 31, 2025, Allspring Funds Distributor received $1,797 from the sale of Class A shares and $3,557 in contingent deferred sales charges from redemptions of Class A shares. No contingent deferred sales charges were incurred by Class C shares for the six months ended December 31, 2025.

Allspring Strategic Municipal Bond Fund \| 53

------

Notes to financial statements (unaudited)

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 had $223,015,000, $129,710,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the six months ended December 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2025 were $214,986,404 and $193,450,478, 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 six months ended December 31, 2025, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

8. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined 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.

9. 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 includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

54 \| Allspring Strategic Municipal Bond Fund

------

Other information (unaudited)

Other information

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 Strategic Municipal Bond Fund \| 55

------

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.

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Not applicable

56 \| Allspring Strategic Municipal Bond Fund

------

![](g805823imgc943fc461.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**

![](g805823imgf38aaa152.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.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS4313 12-25**

------

![](g805823imge95404251.jpg)

Allspring Pennsylvania Tax-Free Fund

Long Form Financial Statements

Semi-Annual Report

December 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_6ee61ccc-dd24-4618-812a-c49977f433ea_POI-PageBlank-46_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_6ee61ccc-dd24-4618-812a-c49977f433ea_FS-PageBlank-46_1)** |  |
| [Statement of assets and liabilities](#xx_6ee61ccc-dd24-4618-812a-c49977f433ea_FS-PageBlank-46_1) | 8 |
| [Statement of operations](#xx_6ee61ccc-dd24-4618-812a-c49977f433ea_FS-PageBlank-46_2) | 9 |
| [Statement of changes in net assets](#xx_6ee61ccc-dd24-4618-812a-c49977f433ea_FS-PageBlank-46_3) | 10 |
| [Financial highlights](#xx_6ee61ccc-dd24-4618-812a-c49977f433ea_FIHI-PageBlank-46_1) | 11 |
| **[Notes to financial statements](#xx_6ee61ccc-dd24-4618-812a-c49977f433ea_NTF-PageBlank-46_1)** | 13 |
| **[Other information](#xx_6ee61ccc-dd24-4618-812a-c49977f433ea_OI-PageBlank-46_1)** | 17 |
| [Item 8. Changes in and disagreements with accountants](#xx_6ee61ccc-dd24-4618-812a-c49977f433ea_OI-PageBlank-46_2) | 18 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_6ee61ccc-dd24-4618-812a-c49977f433ea_OI-PageBlank-46_2) | 18 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_6ee61ccc-dd24-4618-812a-c49977f433ea_OI-PageBlank-46_2) | 18 |
| [Item 11. Statement regarding basis for board](#xx_6ee61ccc-dd24-4618-812a-c49977f433ea_OI-PageBlank-46_2)['](#xx_6ee61ccc-dd24-4618-812a-c49977f433ea_OI-PageBlank-46_2)[s approval of investment](#xx_6ee61ccc-dd24-4618-812a-c49977f433ea_OI-PageBlank-46_2)<br> [advisory contract](#xx_6ee61ccc-dd24-4618-812a-c49977f433ea_OI-PageBlank-46_2)<br>| 18 |

---

Allspring Pennsylvania Tax-Free Fund \| 1

------

Portfolio of investments—December 31, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Municipal obligations: 99.79%** |  |  |  |  |
| **Alabama: 0.84%** |  |  |  |  |
| **Utilities revenue: 0.84%** |  |  |  |  |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 5 <br> Series Aøø<br>| 5.25<br> %<br>| &nbsp;&nbsp; 1-1-2054 | $750000 | &nbsp;&nbsp; $**790259** |
| **California: 1.12%** |  |  |  |  |
| **Utilities revenue: 1.12%** |  |  |  |  |
| &nbsp;&nbsp; California Community Choice Financing Authority Clean Energy Project <br> Series Cøø<br>| 5.00 | &nbsp;&nbsp; 12-1-2055 | 1000000 | &nbsp;&nbsp; **1061390** |
| **Guam: 1.94%** |  |  |  |  |
| **Airport revenue: 0.83%** |  |  |  |  |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.25 | &nbsp;&nbsp; 10-1-2031 | 200000 | &nbsp;&nbsp; 216726 |
| Port Authority of Guam Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2032 | 550000 | &nbsp;&nbsp; 568054 |
|  |  |  |  | &nbsp;&nbsp; **784780** |
| **Miscellaneous revenue: 1.11%** |  |  |  |  |
| Territory of Guam Series F | 4.00 | &nbsp;&nbsp; 1-1-2042 | 500000 | &nbsp;&nbsp; 482079 |
| Territory of Guam Series G | 5.00 | &nbsp;&nbsp; 1-1-2035 | 500000 | &nbsp;&nbsp; 561363 |
|  |  |  |  | &nbsp;&nbsp; **1043442** |
|  |  |  |  | &nbsp;&nbsp; **1828222** |
| **Illinois: 1.60%** |  |  |  |  |
| **Airport revenue: 0.52%** |  |  |  |  |
| &nbsp;&nbsp; Chicago O'Hare International Airport Customer Facility Charge Revenue <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2030 | 450000 | &nbsp;&nbsp; **489470** |
| **GO revenue: 1.08%** |  |  |  |  |
| City of Chicago Series A | 5.50 | &nbsp;&nbsp; 1-1-2041 | 1000000 | &nbsp;&nbsp; **1020172** |
|  |  |  |  | &nbsp;&nbsp; **1509642** |
| **Kentucky: 2.25%** |  |  |  |  |
| **Utilities revenue: 2.25%** |  |  |  |  |
| Kentucky Public Energy Authority Series C | 5.00 | &nbsp;&nbsp; 5-1-2036 | 2000000 | &nbsp;&nbsp; **2124089** |
| **Pennsylvania: 91.48%** |  |  |  |  |
| **Airport revenue: 2.66%** |  |  |  |  |
| Allegheny County Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2051 | 1500000 | &nbsp;&nbsp; 1500198 |
| Allegheny County Airport Authority Series B | 5.00 | &nbsp;&nbsp; 1-1-2056 | 1000000 | &nbsp;&nbsp; 1011125 |
|  |  |  |  | &nbsp;&nbsp; **2511323** |
| **Education revenue: 20.48%** |  |  |  |  |
| &nbsp;&nbsp; Allentown Commercial & IDA Executive Education Academy Charter <br> School144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2050 | 1000000 | &nbsp;&nbsp; 942470 |
| Chester County IDA Avon Grove Charter School | 5.00 | &nbsp;&nbsp; 3-1-2027 | 500000 | &nbsp;&nbsp; 503896 |
| Chester County IDA Avon Grove Charter School Series A | 5.00 | &nbsp;&nbsp; 12-15-2047 | 1160000 | &nbsp;&nbsp; 1117493 |
| Chester County IDA Collegium Charter School Series A | 5.13 | &nbsp;&nbsp; 10-15-2037 | 1000000 | &nbsp;&nbsp; 985678 |
| Cumberland County Municipal Authority Dickinson College | 5.00 | &nbsp;&nbsp; 5-1-2032 | 940000 | &nbsp;&nbsp; 946183 |
| General Authority of Southcentral Pennsylvania York College Series TT2 | 4.00 | &nbsp;&nbsp; 5-1-2032 | 330000 | &nbsp;&nbsp; 334595 |

---

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

2 \| Allspring Pennsylvania Tax-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| General Authority of Southcentral Pennsylvania York College Series TT2 | 4.00<br> %<br>| &nbsp;&nbsp; 5-1-2033 | $315000 | &nbsp;&nbsp; $318188 |
| General Authority of Southcentral Pennsylvania York College Series TT2 | 4.00 | &nbsp;&nbsp; 5-1-2034 | 550000 | &nbsp;&nbsp; 553786 |
| &nbsp;&nbsp; Lehigh County General Purpose Authority Valley Academy Regional <br> Charter School<br>| 4.00 | &nbsp;&nbsp; 6-1-2032 | 675000 | &nbsp;&nbsp; 682446 |
| Lehigh County IDA Seven Generations Charter School Series A | 4.00 | &nbsp;&nbsp; 5-1-2051 | 750000 | &nbsp;&nbsp; 573952 |
| Montgomery County IDA Public School of Germantown Series A | 4.00 | &nbsp;&nbsp; 10-1-2041 | 450000 | &nbsp;&nbsp; 412190 |
| Montgomery County IDA Public School of Germantown Series A | 4.00 | &nbsp;&nbsp; 10-1-2046 | 225000 | &nbsp;&nbsp; 195554 |
| Montgomery County IDA Public School of Germantown Series A | 4.00 | &nbsp;&nbsp; 10-1-2051 | 825000 | &nbsp;&nbsp; 688626 |
| &nbsp;&nbsp; Northampton County General Purpose Authority Lehigh University <br> Series B (TD Bank N.A. SPA)ø<br>| 3.32 | &nbsp;&nbsp; 11-15-2039 | 1680000 | &nbsp;&nbsp; 1680000 |
| &nbsp;&nbsp; Northeastern Pennsylvania Hospital & Education Authority Wilkes <br> University Series B<br>| 5.25 | &nbsp;&nbsp; 3-1-2037 | 1000000 | &nbsp;&nbsp; 1002650 |
| Pennsylvania EDFA Villanova University | 5.00 | &nbsp;&nbsp; 8-1-2049 | 1500000 | &nbsp;&nbsp; 1571026 |
| Pennsylvania Higher Education Assistance Agency Series 1A AMT | 5.00 | &nbsp;&nbsp; 6-1-2031 | 1000000 | &nbsp;&nbsp; 1063496 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Ursinus College <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2026 | 500000 | &nbsp;&nbsp; 505458 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Ursinus College <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2027 | 300000 | &nbsp;&nbsp; 305934 |
| Pennsylvania State University | 5.00 | &nbsp;&nbsp; 9-1-2042 | 865000 | &nbsp;&nbsp; 932744 |
| Philadelphia IDA Green Woods Charter School Series A | 5.00 | &nbsp;&nbsp; 6-15-2032 | 235000 | &nbsp;&nbsp; 243496 |
| Philadelphia IDA Independence Charter School West | 5.00 | &nbsp;&nbsp; 6-15-2039 | 250000 | &nbsp;&nbsp; 243110 |
| Philadelphia IDA Performing Arts Charter School144A | 5.00 | &nbsp;&nbsp; 6-15-2029 | 220000 | &nbsp;&nbsp; 224827 |
| Philadelphia IDA Performing Arts Charter School144A | 5.00 | &nbsp;&nbsp; 6-15-2030 | 145000 | &nbsp;&nbsp; 147916 |
| Philadelphia IDA Tacony Academy Charter School144A | 5.50 | &nbsp;&nbsp; 6-15-2043 | 500000 | &nbsp;&nbsp; 495043 |
| &nbsp;&nbsp; Philadelphia IDA West Philadelphia Achievement Charter Elementary <br> School<br>| 7.50 | &nbsp;&nbsp; 5-1-2031 | 1285000 | &nbsp;&nbsp; 1287706 |
| Swarthmore Borough Authority | 5.00 | &nbsp;&nbsp; 9-15-2041 | 350000 | &nbsp;&nbsp; 384413 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-XL0539 <br> (Morgan Stanley Bank LIQ)144Aø<br>| 3.35 | &nbsp;&nbsp; 8-1-2054 | 1000000 | &nbsp;&nbsp; 1000000 |
|  |  |  |  | &nbsp;&nbsp; **19342876** |
| **GO revenue: 15.90%** |  |  |  |  |
| Allentown City School District (AG Insured) | 5.00 | &nbsp;&nbsp; 6-1-2049 | 300000 | &nbsp;&nbsp; 311677 |
| Blue Mountain School District Series B (AG Insured) | 4.00 | &nbsp;&nbsp; 8-1-2036 | 350000 | &nbsp;&nbsp; 357095 |
| City of Oil City Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2039 | 315000 | &nbsp;&nbsp; 317937 |
| City of Oil City Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2040 | 250000 | &nbsp;&nbsp; 252874 |
| City of Oil City Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2041 | 250000 | &nbsp;&nbsp; 252204 |
| City of Oil City Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2042 | 200000 | &nbsp;&nbsp; 200766 |
| City of Pittsburgh | 5.00 | &nbsp;&nbsp; 9-1-2043 | 600000 | &nbsp;&nbsp; 630929 |
| City of Pittsburgh | 5.00 | &nbsp;&nbsp; 9-1-2044 | 400000 | &nbsp;&nbsp; 421521 |
| Coatesville School District Series C CAB (BAM Insured)¤ | 0.00 | &nbsp;&nbsp; 10-1-2033 | 1000000 | &nbsp;&nbsp; 738934 |
| Commonwealth of Pennsylvania Series 2ND | 4.00 | &nbsp;&nbsp; 9-15-2034 | 500000 | &nbsp;&nbsp; 503373 |
| Conestoga Valley School District Series A | 4.00 | &nbsp;&nbsp; 2-1-2043 | 500000 | &nbsp;&nbsp; 500102 |
| Highlands School District (AG Insured) | 5.00 | &nbsp;&nbsp; 4-15-2035 | 295000 | &nbsp;&nbsp; 322275 |
| Interboro School District (AG Insured) | 5.50 | &nbsp;&nbsp; 8-15-2063 | 1500000 | &nbsp;&nbsp; 1594082 |
| Mechanicsburg Area School District (AG Insured) | 5.00 | &nbsp;&nbsp; 5-15-2051 | 1100000 | &nbsp;&nbsp; 1129427 |
| Penn Delco School District | 4.00 | &nbsp;&nbsp; 6-1-2045 | 1000000 | &nbsp;&nbsp; 975464 |
| Pequea Valley School District | 4.00 | &nbsp;&nbsp; 5-15-2049 | 750000 | &nbsp;&nbsp; 707433 |

---

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

Allspring Pennsylvania Tax-Free Fund \| 3

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| School District of Philadelphia Series B | 5.00<br> %<br>| &nbsp;&nbsp; 9-1-2043 | $1235000 | &nbsp;&nbsp; $1263853 |
| School District of Philadelphia Series B | 5.00 | &nbsp;&nbsp; 9-1-2048 | 1000000 | &nbsp;&nbsp; 1027324 |
| State College Area School District | 5.00 | &nbsp;&nbsp; 3-15-2040 | 1500000 | &nbsp;&nbsp; 1500286 |
| West Shore School District | 5.00 | &nbsp;&nbsp; 11-15-2048 | 1500000 | &nbsp;&nbsp; 1512991 |
| Wilkes-Barre Area School District (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-15-2027 | 100000 | &nbsp;&nbsp; 102317 |
| Wilkes-Barre Area School District (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-15-2029 | 50000 | &nbsp;&nbsp; 52952 |
| Wilkes-Barre Area School District (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-15-2030 | 70000 | &nbsp;&nbsp; 75133 |
| Wyalusing Area School District | 5.00 | &nbsp;&nbsp; 4-1-2040 | 100000 | &nbsp;&nbsp; 110034 |
| Wyalusing Area School District | 5.00 | &nbsp;&nbsp; 4-1-2045 | 145000 | &nbsp;&nbsp; 151169 |
|  |  |  |  | &nbsp;&nbsp; **15012152** |
| **Health revenue: 26.15%** |  |  |  |  |
| &nbsp;&nbsp; Allegheny County Hospital Development Authority Health Network <br> Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 4-1-2044 | 1810000 | &nbsp;&nbsp; 1674621 |
| &nbsp;&nbsp; Allegheny County Hospital Development Authority UPMC Obligated <br> Group (SIFMA Municipal Swap+0.70%)±<br>| 4.02 | &nbsp;&nbsp; 11-15-2047 | 1000000 | &nbsp;&nbsp; 991021 |
| Bucks County IDA St. Luke's Hospital Obligated Group | 4.00 | &nbsp;&nbsp; 8-15-2050 | 400000 | &nbsp;&nbsp; 344253 |
| County of Lehigh Valley Health Network Obligated Group Series A | 4.00 | &nbsp;&nbsp; 7-1-2049 | 1105000 | &nbsp;&nbsp; 958384 |
| &nbsp;&nbsp; Cumberland County Municipal Authority Lutheran Senior Services East <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 1-1-2028 | 805000 | &nbsp;&nbsp; 805802 |
| Dauphin County General Authority UPMC Obligated Group Series A | 5.00 | &nbsp;&nbsp; 6-1-2035 | 1000000 | &nbsp;&nbsp; 1006651 |
| Doylestown Hospital Authority Obligated Group Series A | 5.00 | &nbsp;&nbsp; 7-1-2049 | 250000 | &nbsp;&nbsp; 255388 |
| &nbsp;&nbsp; East Hempfield Township IDA Willow Valley Communities Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 12-1-2028 | 450000 | &nbsp;&nbsp; 450244 |
| &nbsp;&nbsp; East Hempfield Township IDA Willow Valley Communities Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 12-1-2029 | 375000 | &nbsp;&nbsp; 375208 |
| Geisinger Authority Kaiser Obligated Group Series A | 4.00 | &nbsp;&nbsp; 4-1-2050 | 1000000 | &nbsp;&nbsp; 870705 |
| Geisinger Authority Kaiser Obligated Group Series A | 5.00 | &nbsp;&nbsp; 6-1-2041 | 1000000 | &nbsp;&nbsp; 1000534 |
| Geisinger Authority Kaiser Obligated Group Series A-1 | 5.00 | &nbsp;&nbsp; 2-15-2045 | 1000000 | &nbsp;&nbsp; 1006101 |
| &nbsp;&nbsp; Lancaster County Hospital Authority Pennsylvania State Health <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 11-1-2051 | 2125000 | &nbsp;&nbsp; 2119941 |
| &nbsp;&nbsp; Lancaster County Hospital Authority St. Anne's Retirement Community <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 3-1-2045 | 500000 | &nbsp;&nbsp; 433048 |
| Lancaster IDA Willow Valley Communities Obligated Group | 5.00 | &nbsp;&nbsp; 12-1-2044 | 895000 | &nbsp;&nbsp; 890871 |
| &nbsp;&nbsp; Lancaster Municipal Authority Garden Spot Village Obligated Group <br> Series B<br>| 5.00 | &nbsp;&nbsp; 5-1-2054 | 400000 | &nbsp;&nbsp; 389864 |
| Lancaster Municipal Authority Luthercare Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2055 | 1000000 | &nbsp;&nbsp; 961447 |
| &nbsp;&nbsp; Montgomery County Higher Education & Health Authority Thomas <br> Jefferson University Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 5-1-2047 | 575000 | &nbsp;&nbsp; 582129 |
| &nbsp;&nbsp; Montgomery County Higher Education & Health Authority Thomas <br> Jefferson University Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 5-1-2052 | 1000000 | &nbsp;&nbsp; 1005789 |
| &nbsp;&nbsp; Montgomery County IDA ACTS Retirement-Life Communities, Inc. <br> Obligated Group Series C<br>| 5.00 | &nbsp;&nbsp; 11-15-2045 | 1000000 | &nbsp;&nbsp; 1008010 |
| Montgomery County IDA Waverly Heights Ltd. Obligated Group | 5.00 | &nbsp;&nbsp; 12-1-2044 | 1000000 | &nbsp;&nbsp; 1002702 |
| Pennsylvania EDFA Presbyterian Homes Obligated Group Series B-1 | 5.25 | &nbsp;&nbsp; 7-1-2049 | 500000 | &nbsp;&nbsp; 501048 |
| Pennsylvania EDFA UPMC Obligated Group Series A-1 | 4.00 | &nbsp;&nbsp; 4-15-2037 | 700000 | &nbsp;&nbsp; 709440 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Health System <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 8-15-2049 | 1000000 | &nbsp;&nbsp; 1018657 |

---

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

4 \| Allspring Pennsylvania Tax-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Health System <br> Obligated Group Series A (Bank of America N.A. LOC)ø<br>| 2.42<br> %<br>| &nbsp;&nbsp; 1-1-2038 | $700000 | &nbsp;&nbsp; $700000 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Thomas Jefferson <br> University Obligated Group Series D-2ø<br>| 2.55 | &nbsp;&nbsp; 11-1-2061 | 500000 | &nbsp;&nbsp; 500000 |
| &nbsp;&nbsp; Philadelphia IDA Children's Hospital of Philadelphia Obligated Group <br> Series B-2 (JPMorgan Chase Bank N.A. SPA)ø<br>| 2.48 | &nbsp;&nbsp; 7-1-2054 | 800000 | &nbsp;&nbsp; 800000 |
| &nbsp;&nbsp; Philadelphia IDA Greater Delaware Valley Society of Transplant <br> Surgeons (TD Bank N.A. LOC)ø<br>| 3.36 | &nbsp;&nbsp; 12-1-2034 | 155000 | &nbsp;&nbsp; 155000 |
| &nbsp;&nbsp; St. Mary Hospital Authority Trinity Health Corp. Obligated Group <br> Series PA<br>| 5.00 | &nbsp;&nbsp; 12-1-2048 | 1000000 | &nbsp;&nbsp; 1008665 |
| &nbsp;&nbsp; West Cornwall Township Municipal Authority Lebanon Valley Brethren <br> Home Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2041 | 370000 | &nbsp;&nbsp; 339970 |
| &nbsp;&nbsp; West Cornwall Township Municipal Authority Lebanon Valley Brethren <br> Home Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2046 | 525000 | &nbsp;&nbsp; 441086 |
| Westmoreland County IDA Excela Health Obligated Group Series A | 4.00 | &nbsp;&nbsp; 7-1-2037 | 400000 | &nbsp;&nbsp; 388218 |
|  |  |  |  | &nbsp;&nbsp; **24694797** |
| **Housing revenue: 10.70%** |  |  |  |  |
| Chester County IDA University Student Housing LLC Series A | 5.00 | &nbsp;&nbsp; 8-1-2030 | 415000 | &nbsp;&nbsp; 415188 |
| &nbsp;&nbsp; Delaware County Vocational & Technical School Authority Delaware <br> County Intermediate Unit (BAM Insured)<br>| 5.50 | &nbsp;&nbsp; 11-1-2050 | 1000000 | &nbsp;&nbsp; 1054310 |
| &nbsp;&nbsp; Pennsylvania EDFA Commonwealth of Pennsylvania Motor License Fund <br> AMT<br>| 5.75 | &nbsp;&nbsp; 6-30-2048 | 750000 | &nbsp;&nbsp; 784724 |
| Pennsylvania Housing Finance Agency | 4.45 | &nbsp;&nbsp; 10-1-2044 | 1000000 | &nbsp;&nbsp; 1003845 |
| &nbsp;&nbsp; Pennsylvania Housing Finance Agency Darby Housing LP (FNMA <br> Insured)<br>| 4.90 | &nbsp;&nbsp; 6-1-2041 | 997000 | &nbsp;&nbsp; 1028534 |
| &nbsp;&nbsp; Pennsylvania Housing Finance Agency Fairhill Phase I LP (Department of <br> Housing and Urban Development Insured)øø<br>| 3.15 | &nbsp;&nbsp; 1-1-2046 | 1500000 | &nbsp;&nbsp; 1504077 |
| Pennsylvania Housing Finance Agency Series 145A | 4.80 | &nbsp;&nbsp; 10-1-2051 | 645000 | &nbsp;&nbsp; 639111 |
| Pennsylvania Housing Finance Agency Series 151-A | 5.00 | &nbsp;&nbsp; 10-1-2026 | 700000 | &nbsp;&nbsp; 711472 |
| Pennsylvania Housing Finance Agency Series 151-A | 5.00 | &nbsp;&nbsp; 4-1-2027 | 1485000 | &nbsp;&nbsp; 1524926 |
| &nbsp;&nbsp; State Public School Building Authority Chester Upland School District <br> Series B<br>| 5.25 | &nbsp;&nbsp; 9-15-2030 | 540000 | &nbsp;&nbsp; 562949 |
| &nbsp;&nbsp; State Public School Building Authority Chester Upland School District <br> Series C (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 9-15-2026 | 875000 | &nbsp;&nbsp; 876222 |
|  |  |  |  | &nbsp;&nbsp; **10105358** |
| **Miscellaneous revenue: 3.54%** |  |  |  |  |
| Chester County IDA Longwood Gardens, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2046 | 1595000 | &nbsp;&nbsp; 1505293 |
| Pennsylvania EDFA Philadelphia Water Department | 4.00 | &nbsp;&nbsp; 1-1-2030 | 1000000 | &nbsp;&nbsp; 1025491 |
| Philadelphia IDA Series A | 5.00 | &nbsp;&nbsp; 2-15-2038 | 785000 | &nbsp;&nbsp; 814272 |
|  |  |  |  | &nbsp;&nbsp; **3345056** |
| **Resource recovery revenue: 0.55%** |  |  |  |  |
| Pennsylvania EDFA Noble Environmental, Inc.144A | 6.88 | &nbsp;&nbsp; 9-1-2047 | 500000 | &nbsp;&nbsp; **518306** |
| **Tax revenue: 0.55%** |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority | 5.00 | &nbsp;&nbsp; 5-1-2042 | 500000 | &nbsp;&nbsp; **517340** |

---

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

Allspring Pennsylvania Tax-Free Fund \| 5

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue: 2.92%** |  |  |  |  |
| Delaware River Joint Toll Bridge Commission | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2042 | $580000 | &nbsp;&nbsp; $591185 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue Series B | 5.00 | &nbsp;&nbsp; 12-1-2048 | 1000000 | &nbsp;&nbsp; 1016232 |
| Pennsylvania Turnpike Commission Series A | 4.00 | &nbsp;&nbsp; 12-1-2043 | 810000 | &nbsp;&nbsp; 802922 |
| Pennsylvania Turnpike Commission Series A | 5.25 | &nbsp;&nbsp; 12-1-2053 | 330000 | &nbsp;&nbsp; 349505 |
|  |  |  |  | &nbsp;&nbsp; **2759844** |
| **Utilities revenue: 2.15%** |  |  |  |  |
| Philadelphia Gas Works Co. Series 15th | 5.00 | &nbsp;&nbsp; 8-1-2047 | 1000000 | &nbsp;&nbsp; 1007305 |
| Philadelphia Gas Works Co. Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 8-1-2050 | 1000000 | &nbsp;&nbsp; 1024399 |
|  |  |  |  | &nbsp;&nbsp; **2031704** |
| **Water & sewer revenue: 5.88%** |  |  |  |  |
| Allegheny County Sanitary Authority | 5.25 | &nbsp;&nbsp; 12-1-2055 | 500000 | &nbsp;&nbsp; 527569 |
| Capital Region Water Sewer Revenue | 5.00 | &nbsp;&nbsp; 7-15-2037 | 1000000 | &nbsp;&nbsp; 1022644 |
| City of Philadelphia Water & Wastewater Revenue Series C | 5.00 | &nbsp;&nbsp; 6-1-2042 | 555000 | &nbsp;&nbsp; 593837 |
| Erie Sewer Authority (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2046 | 850000 | &nbsp;&nbsp; 871296 |
| Luzerne County IDA Pennsylvania-American Water Co. AMTøø | 2.45 | &nbsp;&nbsp; 12-1-2039 | 500000 | &nbsp;&nbsp; 462718 |
| Pittsburgh Water & Sewer Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 9-1-2048 | 1000000 | &nbsp;&nbsp; 1036484 |
| Pittsburgh Water & Sewer Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 9-1-2055 | 1000000 | &nbsp;&nbsp; 1035667 |
|  |  |  |  | &nbsp;&nbsp; **5550215** |
|  |  |  |  | &nbsp;&nbsp; **86388971** |
| **South Carolina: 0.56%** |  |  |  |  |
| **Utilities revenue: 0.56%** |  |  |  |  |
| Patriots Energy Group Financing Agency Series A1øø | 5.25 | &nbsp;&nbsp; 10-1-2054 | 500000 | &nbsp;&nbsp; **534270** |
| **Total municipal obligations (Cost $96,533,919)** |  |  |  | &nbsp;&nbsp; **94236843** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 0.63%** |  |  |  |  |
| **Investment companies: 0.63%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.71 | 592443 | &nbsp;&nbsp; **592443** |
| **Total short-term investments (Cost $592,443)** |  |  |  | &nbsp;&nbsp; **592443** |
| **Total investments in securities (Cost $97,126,362)** | 100.42<br> %<br>|  |  | &nbsp;&nbsp; 94829286 |
| Other assets and liabilities, net | (0.42)<br>|  |  | &nbsp;&nbsp; (398766)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$94430520** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ♠ | The 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;

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

6 \| Allspring Pennsylvania Tax-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AG | Assured Guaranty Incorporation |
| AMT | Alternative minimum tax |
| BAM | Build America Mutual Assurance Company |
| CAB | Capital appreciation bond |
| EDFA | Economic Development Finance Authority |
| FNMA | Federal National Mortgage Association |
| GO | General obligation |
| IDA | Industrial Development Authority |
| LIQ | Liquidity agreement |
| LOC | Letter of credit |
| SIFMA | Securities Industry and Financial Markets Association |
| SPA | Standby purchase agreement |

---

**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>| $1285806 | $18851278 | $(19544641)<br>| $0 | $0 | $592443 | 592443 | $18855 |

---

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

Allspring Pennsylvania Tax-Free Fund \| 7

------

Statement of assets and liabilities—December 31, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $96,533,919) | $94236843 |
| Investments in affiliated securities, at value (cost $592,443) | 592443 |
| Receivable for interest | 1024990 |
| Receivable for Fund shares sold | 34806 |
| Prepaid expenses and other assets | 37681 |
| **Total assets** | **95926763** |
| Liabilities |  |
| Payable for investments purchased | 1020963 |
| Payable for Fund shares redeemed | 322088 |
| Dividends payable | 75922 |
| Management fee payable | 18179 |
| Administration fees payable | 8274 |
| Shareholder servicing fees payable | 6133 |
| Trustees' fees and expenses payable | 2422 |
| Accrued expenses and other liabilities | 42262 |
| **Total liabilities** | **1496243** |
| **Total net assets**  | **$94430520** |
| Net assets consist of |  |
| Paid-in capital | $98756890 |
| Total distributable loss | (4326370)<br>|
| **Total net assets** | **$94430520** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $27966624 |
| Shares outstanding–Class A<sup>1</sup> <br>| 2611250 |
| Net asset value per share–Class A | $10.71 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $11.21 |
| Net assets–Institutional Class | $66463896 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 6205415 |
| Net asset value per share–Institutional Class | $10.71 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

8 \| Allspring Pennsylvania Tax-Free Fund

------

Statement of operations—six months ended December 31, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $1837022 |
| Income from affiliated securities | 18855 |
| **Total investment income** | **1855877** |
| Expenses |  |
| Management fee | 187452 |
| Administration fees |  |
| Class A | 20745 |
| Class C | 866 <br><sup>1</sup><br>|
| Institutional Class | 25961 |
| Shareholder servicing fees |  |
| Class A | 34554 |
| Class C | 1441 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 4324 <br><sup>1</sup><br>|
| Custody and accounting fees | 2727 |
| Professional fees | 25859 |
| Registration fees | 32168 |
| Shareholder report expenses | 11580 |
| Trustees' fees and expenses | 2534 |
| Other fees and expenses | 4507 |
| **Total expenses** | **354718** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (75194)<br>|
| Class A | (10324)<br>|
| **Net expenses** | **269200** |
| **Net investment income** | **1586677** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized losses on investments**  | **(1682)**<br>|
| **Net change in unrealized gains (losses) on investments** | **2241536** |
| **Net realized and unrealized gains (losses) on investments** | **2239854** |
| **Net increase in net assets resulting from operations** | **$3826531** |

---

<sup>1</sup> For the period from July 1, 2025 to November 14, 2025. Effective at the close of business on November 14, 2025, Class C shares were converted to Class A shares and are no longer offered by the Fund.

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

Allspring Pennsylvania Tax-Free Fund \| 9

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> December 31, 2025<br> (unaudited) | Six months ended<br> December 31, 2025<br> (unaudited) | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $1586677 |  | &nbsp;&nbsp; $2993166 |
| Net realized losses on investments |  | &nbsp;&nbsp; (1682)<br>|  | &nbsp;&nbsp; (1050691)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 2241536 |  | &nbsp;&nbsp; (1148154)<br>|
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **3826531** |  | &nbsp;&nbsp; **794321** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (444847)<br>|  | &nbsp;&nbsp; (894976)<br>|
| Class C |  | &nbsp;&nbsp; (14247 )<sup>1</sup><br>|  | &nbsp;&nbsp; (36990)<br>|
| Institutional Class |  | &nbsp;&nbsp; (1123379)<br>|  | &nbsp;&nbsp; (2058636)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(1582473)**<br>|  | &nbsp;&nbsp; **(2990602)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 56806 | &nbsp;&nbsp; 594705 | &nbsp;&nbsp; 139762 | &nbsp;&nbsp; 1488826 |
| Class C | 17089 <br><sup>1</sup><br>| &nbsp;&nbsp; 178096 <br><sup>1</sup><br>| &nbsp;&nbsp; 46126 | &nbsp;&nbsp; 487474 |
| Institutional Class | 804532 | &nbsp;&nbsp; 8556101 | &nbsp;&nbsp; 1340905 | &nbsp;&nbsp; 14198026 |
|  |  | &nbsp;&nbsp; 9328902 |  | &nbsp;&nbsp; 16174326 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 39684 | &nbsp;&nbsp; 420524 | &nbsp;&nbsp; 79642 | &nbsp;&nbsp; 851143 |
| Class C | 1187 <br><sup>1</sup><br>| &nbsp;&nbsp; 12495 <br><sup>1</sup><br>| &nbsp;&nbsp; 3430 | &nbsp;&nbsp; 36591 |
| Institutional Class | 69047 | &nbsp;&nbsp; 731719 | &nbsp;&nbsp; 121332 | &nbsp;&nbsp; 1295918 |
|  |  | &nbsp;&nbsp; 1164738 |  | &nbsp;&nbsp; 2183652 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (232822)<br>| &nbsp;&nbsp; (2463430)<br>| &nbsp;&nbsp; (448504)<br>| &nbsp;&nbsp; (4812808)<br>|
| Class C | (7053 )<sup>1</sup><br>| &nbsp;&nbsp; (74728 )<sup>1</sup><br>| &nbsp;&nbsp; (86503)<br>| &nbsp;&nbsp; (922932)<br>|
| Institutional Class | (798870)<br>| &nbsp;&nbsp; (8428239)<br>| &nbsp;&nbsp; (979981)<br>| &nbsp;&nbsp; (10427425)<br>|
|  |  | &nbsp;&nbsp; (10966397)<br>|  | &nbsp;&nbsp; (16163165)<br>|
| Share conversions |  |  |  |  |
| Class A | 146215 <br><sup>2</sup><br>| &nbsp;&nbsp; 1568479 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Class C | (146461 )<sup>2</sup><br>| &nbsp;&nbsp; (1568479 )<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; **(472757)**<br>|  | &nbsp;&nbsp; **2194813** |
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **1771301** |  | &nbsp;&nbsp; **(1468)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **92659219** |  | &nbsp;&nbsp; **92660687** |
| **End of period** |  | &nbsp;&nbsp; **$94430520** |  | &nbsp;&nbsp; **$92659219** |

---

<sup>1</sup> For the period from July 1, 2025 to November 14, 2025

<sup>2</sup> Effective at the close of business on November 14, 2025, Class C shares were converted to Class A shares and are no longer offered by the Fund.

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

10 \| Allspring Pennsylvania Tax-Free Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.45** | &nbsp;&nbsp; **$10.71** | &nbsp;&nbsp; **$10.61** | &nbsp;&nbsp; **$10.71** | &nbsp;&nbsp; **$11.97** | &nbsp;&nbsp; **$11.75** |
| Net investment income | 0.17 <br><sup>1</sup><br>| 0.33 <br><sup>1</sup><br>| 0.32 <br><sup>1</sup><br>| 0.31 <br><sup>1</sup><br>| 0.28 | 0.31 |
| Net realized and unrealized gains (losses) on investments | 0.26 | &nbsp;&nbsp; (0.26)<br>| 0.10 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (1.26)<br>| 0.22 |
| Total from investment operations | 0.43 | 0.07 | 0.42 | 0.21 | &nbsp;&nbsp; (0.98)<br>| 0.53 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.17)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.31)<br>|
| **Net asset value, end of period** | **$10.71** | &nbsp;&nbsp; **$10.45** | &nbsp;&nbsp; **$10.71** | &nbsp;&nbsp; **$10.61** | &nbsp;&nbsp; **$10.71** | &nbsp;&nbsp; **$11.97** |
| **Total return**<sup>2</sup> <br>| **4.16%** <br>| **0.65%**<br>| **4.06%**<br>| **1.97%**<br>| &nbsp;&nbsp; **(8.32)%**<br>| **4.52%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.97<br> %<br>| 0.97<br> %<br>| 0.98<br> %<br>| 0.97<br> %<br>| 0.94<br> %<br>| 0.94<br> %<br>|
| Net expenses | 0.73<br> %<br>| 0.73<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>|
| Net investment income | 3.23<br> %<br>| 3.10<br> %<br>| 3.03<br> %<br>| 2.88<br> %<br>| 2.41<br> %<br>| 2.64<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 18<br> %<br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 21<br> %<br>|
| Net assets, end of period (000s omitted) | $27967 | &nbsp;&nbsp; $27183 | &nbsp;&nbsp; $30317 | &nbsp;&nbsp; $33065 | &nbsp;&nbsp; $34755 | &nbsp;&nbsp; $41945 |

---

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

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

Allspring Pennsylvania Tax-Free Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.45** | &nbsp;&nbsp; **$10.71** | &nbsp;&nbsp; **$10.61** | &nbsp;&nbsp; **$10.71** | &nbsp;&nbsp; **$11.97** | &nbsp;&nbsp; **$11.75** |
| Net investment income | 0.19 <br><sup>1</sup><br>| 0.36 <br><sup>1</sup><br>| 0.34 <br><sup>1</sup><br>| 0.33 <br><sup>1</sup><br>| 0.31 | 0.34 |
| Net realized and unrealized gains (losses) on investments | 0.26 | &nbsp;&nbsp; (0.26)<br>| 0.11 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (1.26)<br>| 0.21 |
| Total from investment operations | 0.45 | 0.10 | 0.45 | 0.23 | &nbsp;&nbsp; (0.95)<br>| 0.55 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.19)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.33)<br>|
| **Net asset value, end of period** | **$10.71** | &nbsp;&nbsp; **$10.45** | &nbsp;&nbsp; **$10.71** | &nbsp;&nbsp; **$10.61** | &nbsp;&nbsp; **$10.71** | &nbsp;&nbsp; **$11.97** |
| **Total return**<sup>2</sup> <br>| **4.29%**<br>| **0.89%**<br>| **4.32%**<br>| **2.23%**<br>| &nbsp;&nbsp; **(8.10)%**<br>| **4.78%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.65<br> %<br>| 0.65<br> %<br>| 0.66<br> %<br>| 0.65<br> %<br>| 0.61<br> %<br>| 0.61<br> %<br>|
| Net expenses | 0.49<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>|
| Net investment income | 3.47<br> %<br>| 3.35<br> %<br>| 3.28<br> %<br>| 3.14<br> %<br>| 2.66<br> %<br>| 2.88<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 18<br> %<br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 21<br> %<br>|
| Net assets, end of period (000s omitted) | $66464 | &nbsp;&nbsp; $64066 | &nbsp;&nbsp; $60503 | &nbsp;&nbsp; $68626 | &nbsp;&nbsp; $70610 | &nbsp;&nbsp; $81964 |

---

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

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

12 \| Allspring Pennsylvania Tax-Free Fund

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Notes to financial statements (unaudited)

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 Pennsylvania Tax-Free Fund (the "Fund") which is a diversified series of the Trust.

Effective at the close of business on November 14, 2025, Class C shares became Class A shares in a tax-free conversion. Shareholders of Class C received Class A shares at a value equal to the value of their Class C shares immediately prior to the conversion. Class C 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.

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.

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.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. 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 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.

Allspring Pennsylvania Tax-Free Fund \| 13

------

Notes to financial statements (unaudited)

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 December 31, 2025, the aggregate cost of all investments for federal income tax purposes was $97,123,111 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $479831 |
| Gross unrealized losses | &nbsp;&nbsp; (2773656)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(2293825)**<br>|

---

As of June 30, 2025, the Fund had capital loss carryforwards which consisted of $277,481 in short-term capital losses and $1,748,482 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;

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 December 31, 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:** |  |  |  |  |
| **Municipal obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $94236843 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $94236843 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 592443 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 592443 |
| **Total assets** | &nbsp;&nbsp; **$592443** | &nbsp;&nbsp;&nbsp; **$94236843** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$94829286** |

---

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

At December 31, 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

14 \| Allspring Pennsylvania Tax-Free Fund

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Notes to financial statements (unaudited)

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 | 0.400<br> %<br>|
| Next $500 million | 0.375 |
| Next $2 billion | 0.350 |
| Next $2 billion | 0.325 |
| Next $5 billion | 0.290 |
| Over $10 billion | 0.280 |

---

For the six months ended December 31, 2025, the management fee was equivalent to an annual rate of 0.40% 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 | 0.15<br> %<br>|
| Class C | 0.15 |
| 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 October 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 December 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.74<br> %<br>|
| Institutional Class | 0.49 |

---

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 six months ended December 31, 2025, Allspring Funds Distributor received $381 from the sale of Class A shares and $184 in contingent deferred sales charges from redemptions of Class A shares. No contingent deferred sales charges were incurred by Class C shares for the six months ended December 31, 2025.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Class C 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.

Allspring Pennsylvania Tax-Free Fund \| 15

------

Notes to financial statements (unaudited)

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 had $3,800,000, $6,800,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the six months ended December 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2025 were $17,148,360 and $15,207,067, 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 six months ended December 31, 2025, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state or territory of the U.S. Therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt fund. As of the end of the period, the Fund's investments were concentrated in the state of Pennsylvania.

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 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 includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

16 \| Allspring Pennsylvania Tax-Free Fund

------

Other information (unaudited)

Other information

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 Pennsylvania Tax-Free Fund \| 17

------

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.

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Not applicable

18 \| Allspring Pennsylvania Tax-Free Fund

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![](g805823imge95404251.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**

![](g805823img1404ab312.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.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS4301 12-25**

------

![](g805823img2b1af6131.jpg)

Allspring California Limited-Term

Tax-Free Fund

Long Form Financial Statements

Semi-Annual Report

December 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_318718b4-339b-4068-b047-f89c8daa2e1c_POI-PageBlank-47_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_318718b4-339b-4068-b047-f89c8daa2e1c_FS-PageBlank-47_1)** |  |
| [Statement of assets and liabilities](#xx_318718b4-339b-4068-b047-f89c8daa2e1c_FS-PageBlank-47_1) | 13 |
| [Statement of operations](#xx_318718b4-339b-4068-b047-f89c8daa2e1c_FS-PageBlank-47_2) | 14 |
| [Statement of changes in net assets](#xx_318718b4-339b-4068-b047-f89c8daa2e1c_FS-PageBlank-47_3) | 15 |
| [Financial highlights](#xx_318718b4-339b-4068-b047-f89c8daa2e1c_FIHI-PageBlank-47_1) | 17 |
| **[Notes to financial statements](#xx_318718b4-339b-4068-b047-f89c8daa2e1c_NTF-PageBlank-47_1)** | 19 |
| **[Other information](#xx_318718b4-339b-4068-b047-f89c8daa2e1c_OI-PageBlank-47_1)** | 23 |
| [Item 8. Changes in and disagreements with accountants](#xx_318718b4-339b-4068-b047-f89c8daa2e1c_OI-PageBlank-47_2) | 24 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_318718b4-339b-4068-b047-f89c8daa2e1c_OI-PageBlank-47_2) | 24 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_318718b4-339b-4068-b047-f89c8daa2e1c_OI-PageBlank-47_2) | 24 |
| [Item 11. Statement regarding basis for board](#xx_318718b4-339b-4068-b047-f89c8daa2e1c_OI-PageBlank-47_2)['](#xx_318718b4-339b-4068-b047-f89c8daa2e1c_OI-PageBlank-47_2)[s approval of investment](#xx_318718b4-339b-4068-b047-f89c8daa2e1c_OI-PageBlank-47_2)<br> [advisory contract](#xx_318718b4-339b-4068-b047-f89c8daa2e1c_OI-PageBlank-47_2)<br>| 24 |

---

Allspring California Limited-Term Tax-Free Fund \| 1

------

Portfolio of investments—December 31, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Municipal obligations: 98.94%** |  |  |  |  |
| **Alabama: 0.86%** |  |  |  |  |
| **Utilities revenue: 0.86%** |  |  |  |  |
| Black Belt Energy Gas District Series Eøø | 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2055 | $2750000 | &nbsp;&nbsp; $**2940839** |
| **California: 94.56%** |  |  |  |  |
| **Airport revenue: 7.93%** |  |  |  |  |
| &nbsp;&nbsp; California Municipal Finance Authority LAX Integrated Express <br> Solutions LLC Series A-P3 AMT<br>| 5.00 | &nbsp;&nbsp; 6-30-2027 | 450000 | &nbsp;&nbsp; 459917 |
| &nbsp;&nbsp; California Municipal Finance Authority LAX Integrated Express <br> Solutions LLC Series A-P3 AMT<br>| 5.00 | &nbsp;&nbsp; 6-30-2028 | 390000 | &nbsp;&nbsp; 403029 |
| &nbsp;&nbsp; California Municipal Finance Authority LAX Integrated Express <br> Solutions LLC Series A-P3 AMT<br>| 5.00 | &nbsp;&nbsp; 12-31-2029 | 3815000 | &nbsp;&nbsp; 3944849 |
| City of Los Angeles Department of Airports Series B AMT | 5.00 | &nbsp;&nbsp; 5-15-2026 | 2500000 | &nbsp;&nbsp; 2521164 |
| City of Los Angeles Department of Airports Series C AMT | 5.00 | &nbsp;&nbsp; 5-15-2028 | 2000000 | &nbsp;&nbsp; 2098709 |
| City of Los Angeles Department of Airports Series D AMT | 5.00 | &nbsp;&nbsp; 5-15-2028 | 2705000 | &nbsp;&nbsp; 2838504 |
| &nbsp;&nbsp; City of Palm Springs Passenger Facility Charge Revenue AMT (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 6-1-2027 | 1205000 | &nbsp;&nbsp; 1214398 |
| County of Sacramento Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2031 | 740000 | &nbsp;&nbsp; 814556 |
| County of Sacramento Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2032 | 875000 | &nbsp;&nbsp; 974363 |
| Port of Los Angeles Series A-1 AMT | 5.00 | &nbsp;&nbsp; 8-1-2033 | 520000 | &nbsp;&nbsp; 591147 |
| San Diego County Regional Airport Authority Series C AMT | 5.00 | &nbsp;&nbsp; 7-1-2027 | 750000 | &nbsp;&nbsp; 768766 |
| San Diego County Regional Airport Authority Series C AMT | 5.00 | &nbsp;&nbsp; 7-1-2028 | 1000000 | &nbsp;&nbsp; 1048813 |
| San Diego County Regional Airport Authority Series C AMT | 5.00 | &nbsp;&nbsp; 7-1-2029 | 1000000 | &nbsp;&nbsp; 1063540 |
| &nbsp;&nbsp; San Francisco City & County Airport Commission San Francisco <br> International Airport Series B (Barclays Bank plc LOC)ø<br>| 1.25 | &nbsp;&nbsp; 5-1-2058 | 2000000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp; San Francisco City & County Airport Commission San Francisco <br> International Airport Series C AMT<br>| 5.00 | &nbsp;&nbsp; 5-1-2028 | 4600000 | &nbsp;&nbsp; 4824377 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates <br> Series XF3488144Aø<br>| 3.39 | &nbsp;&nbsp; 5-15-2050 | 1500000 | &nbsp;&nbsp; 1500000 |
|  |  |  |  | &nbsp;&nbsp; **27066132** |
| **Education revenue: 8.64%** |  |  |  |  |
| &nbsp;&nbsp; California Educational Facilities Authority Loma Linda University <br> Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2026 | 325000 | &nbsp;&nbsp; 326558 |
| &nbsp;&nbsp; California Infrastructure & Economic Development Bank Colburn <br> School (SIFMA Municipal Swap+0.90%)±<br>| 4.22 | &nbsp;&nbsp; 8-1-2072 | 5000000 | &nbsp;&nbsp; 4998026 |
| California Municipal Finance Authority Biola University, Inc. | 5.00 | &nbsp;&nbsp; 10-1-2027 | 790000 | &nbsp;&nbsp; 814325 |
| &nbsp;&nbsp; California Municipal Finance Authority California Baptist University <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 11-1-2035 | 960000 | &nbsp;&nbsp; 1020786 |
| California Municipal Finance Authority Institute of the Arts | 4.00 | &nbsp;&nbsp; 10-1-2033 | 250000 | &nbsp;&nbsp; 255193 |
| California Municipal Finance Authority Institute of the Arts | 4.00 | &nbsp;&nbsp; 10-1-2035 | 350000 | &nbsp;&nbsp; 354029 |
| California Municipal Finance Authority Lutheran University | 5.00 | &nbsp;&nbsp; 10-1-2026 | 300000 | &nbsp;&nbsp; 303801 |
| &nbsp;&nbsp; California Municipal Finance Authority Palmdale Aerospace Academy, <br> Inc. Series A144A<br>| 3.88 | &nbsp;&nbsp; 7-1-2028 | 605000 | &nbsp;&nbsp; 593159 |
| &nbsp;&nbsp; California School Finance Authority Aspire Public Schools Obligated <br> Group Series A144A<br>| 2.13 | &nbsp;&nbsp; 8-1-2031 | 500000 | &nbsp;&nbsp; 452974 |
| &nbsp;&nbsp; California School Finance Authority Bright Star Schools Obligated <br> Group144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2027 | 420000 | &nbsp;&nbsp; 422165 |

---

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

2 \| Allspring California Limited-Term Tax-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; California School Finance Authority Classical Academy Obligated <br> Group Series A144A<br>| 3.00<br> %<br>| &nbsp;&nbsp; 10-1-2031 | $375000 | &nbsp;&nbsp; $361117 |
| &nbsp;&nbsp; California School Finance Authority Granada Hills Charter High <br> School Obligated Group Series A144A<br>| 4.00 | &nbsp;&nbsp; 7-1-2029 | 410000 | &nbsp;&nbsp; 415860 |
| &nbsp;&nbsp; California School Finance Authority Hawking STEAM Charter Schools, <br> Inc.144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 420000 | &nbsp;&nbsp; 422538 |
| &nbsp;&nbsp; California School Finance Authority Hawking STEAM Charter Schools, <br> Inc.144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 440000 | &nbsp;&nbsp; 448379 |
| &nbsp;&nbsp; California School Finance Authority Hawking STEAM Charter Schools, <br> Inc.144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2028 | 465000 | &nbsp;&nbsp; 479238 |
| &nbsp;&nbsp; California School Finance Authority Hawking STEAM Charter Schools, <br> Inc.144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2029 | 485000 | &nbsp;&nbsp; 505633 |
| &nbsp;&nbsp; California School Finance Authority Hawking STEAM Charter Schools, <br> Inc.144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2030 | 510000 | &nbsp;&nbsp; 531210 |
| &nbsp;&nbsp; California School Finance Authority Hawking STEAM Charter Schools, <br> Inc.144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2031 | 535000 | &nbsp;&nbsp; 556543 |
| &nbsp;&nbsp; California School Finance Authority Hawking STEAM Charter Schools, <br> Inc.144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2032 | 565000 | &nbsp;&nbsp; 586136 |
| &nbsp;&nbsp; California School Finance Authority Magnolia Educational & Research <br> Foundation144A<br>| 4.40 | &nbsp;&nbsp; 12-1-2026 | 1450000 | &nbsp;&nbsp; 1454026 |
| &nbsp;&nbsp; California School Finance Authority Magnolia Public Schools <br> Obligated Group Series A144A<br>| 4.25 | &nbsp;&nbsp; 7-1-2035 | 830000 | &nbsp;&nbsp; 839632 |
| &nbsp;&nbsp; California School Finance Authority Rocketship Education Obligated <br> Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2026 | 120000 | &nbsp;&nbsp; 119801 |
| California State University Series B-2øø | 0.55 | &nbsp;&nbsp; 11-1-2049 | 8625000 | &nbsp;&nbsp; 8451815 |
| California State University Series B-3øø | 3.13 | &nbsp;&nbsp; 11-1-2051 | 1500000 | &nbsp;&nbsp; 1500483 |
| California Statewide CDA CHF - Irvine LLC Series A | 5.00 | &nbsp;&nbsp; 5-15-2032 | 2055000 | &nbsp;&nbsp; 2107416 |
| Fullerton PFA Marshall B Ketchum University Series A | 4.00 | &nbsp;&nbsp; 2-1-2029 | 360000 | &nbsp;&nbsp; 375052 |
| Fullerton PFA Marshall B Ketchum University Series A | 4.00 | &nbsp;&nbsp; 2-1-2031 | 415000 | &nbsp;&nbsp; 432745 |
| Fullerton PFA Marshall B Ketchum University Series A | 4.00 | &nbsp;&nbsp; 2-1-2033 | 325000 | &nbsp;&nbsp; 336041 |
|  |  |  |  | &nbsp;&nbsp; **29464681** |
| **GO revenue: 5.81%** |  |  |  |  |
| Carlsbad Unified School District Series B | 3.00 | &nbsp;&nbsp; 8-1-2031 | 300000 | &nbsp;&nbsp; 304736 |
| Carlsbad Unified School District Series B | 3.00 | &nbsp;&nbsp; 8-1-2032 | 350000 | &nbsp;&nbsp; 353646 |
| Carlsbad Unified School District Series B | 3.00 | &nbsp;&nbsp; 8-1-2034 | 300000 | &nbsp;&nbsp; 299189 |
| Carlsbad Unified School District Series B | 3.00 | &nbsp;&nbsp; 8-1-2035 | 250000 | &nbsp;&nbsp; 247572 |
| Carlsbad Unified School District Series B | 3.00 | &nbsp;&nbsp; 8-1-2036 | 350000 | &nbsp;&nbsp; 344045 |
| El Rancho Unified School District BAN CAB¤ | 0.00 | &nbsp;&nbsp; 8-1-2028 | 2000000 | &nbsp;&nbsp; 1865835 |
| &nbsp;&nbsp; Local Public Schools Funding Authority School Improvement District <br> No. 2016-1 Series B (AG Insured)<br>| 3.00 | &nbsp;&nbsp; 8-1-2033 | 225000 | &nbsp;&nbsp; 224784 |
| &nbsp;&nbsp; Local Public Schools Funding Authority School Improvement District <br> No. 2016-1 Series B (AG Insured)<br>| 3.00 | &nbsp;&nbsp; 8-1-2034 | 375000 | &nbsp;&nbsp; 371729 |
| &nbsp;&nbsp; Local Public Schools Funding Authority School Improvement District <br> No. 2016-1 Series B (AG Insured)<br>| 3.00 | &nbsp;&nbsp; 8-1-2035 | 520000 | &nbsp;&nbsp; 510095 |
| Parlier Unified School District BAN | 4.00 | &nbsp;&nbsp; 2-1-2029 | 2000000 | &nbsp;&nbsp; 2028312 |
| Peralta Community College District | 5.00 | &nbsp;&nbsp; 8-1-2034 | 3200000 | &nbsp;&nbsp; 3867635 |
| Pittsburg Unified School District (AG Insured) | 4.00 | &nbsp;&nbsp; 8-1-2031 | 150000 | &nbsp;&nbsp; 156794 |
| Pittsburg Unified School District (AG Insured) | 4.00 | &nbsp;&nbsp; 8-1-2032 | 250000 | &nbsp;&nbsp; 260641 |

---

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

Allspring California Limited-Term Tax-Free Fund \| 3

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| Sacramento City Unified School District Series G (AG Insured) | 4.00<br> %<br>| &nbsp;&nbsp; 8-1-2030 | $150000 | &nbsp;&nbsp; $159854 |
| Sacramento City Unified School District Series G (AG Insured) | 4.00 | &nbsp;&nbsp; 8-1-2031 | 200000 | &nbsp;&nbsp; 213041 |
| Sacramento City Unified School District Series G (AG Insured) | 4.00 | &nbsp;&nbsp; 8-1-2032 | 200000 | &nbsp;&nbsp; 212074 |
| Sacramento City Unified School District Series G (AG Insured) | 4.00 | &nbsp;&nbsp; 8-1-2033 | 200000 | &nbsp;&nbsp; 211181 |
| San Bernardino City Unified School District Series A (AG Insured) | 1.25 | &nbsp;&nbsp; 8-1-2029 | 435000 | &nbsp;&nbsp; 399303 |
| San Gorgonio Memorial Health Care District | 4.00 | &nbsp;&nbsp; 8-1-2027 | 1090000 | &nbsp;&nbsp; 1072465 |
| San Gorgonio Memorial Health Care District | 4.00 | &nbsp;&nbsp; 8-1-2030 | 580000 | &nbsp;&nbsp; 550478 |
| San Lucas Union Elementary School District BAN | 5.00 | &nbsp;&nbsp; 8-1-2030 | 1100000 | &nbsp;&nbsp; 1200181 |
| Sierra Kings Health Care District | 5.00 | &nbsp;&nbsp; 8-1-2032 | 1240000 | &nbsp;&nbsp; 1241163 |
| State of California | 5.00 | &nbsp;&nbsp; 3-1-2035 | 500000 | &nbsp;&nbsp; 597618 |
| Stockton Unified School District Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 8-1-2032 | 900000 | &nbsp;&nbsp; 1052575 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025-XF8079 <br> (Bank of America N.A. LIQ)144Aø<br>| 2.15 | &nbsp;&nbsp; 8-1-2052 | 2065000 | &nbsp;&nbsp; 2065000 |
|  |  |  |  | &nbsp;&nbsp; **19809946** |
| **Health revenue: 10.99%** |  |  |  |  |
| &nbsp;&nbsp; California HFFA Adventist Health System/West Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 12-1-2028 | 900000 | &nbsp;&nbsp; 949540 |
| &nbsp;&nbsp; California HFFA Adventist Health System/West Obligated Group <br> Series Aøø<br>| 5.00 | &nbsp;&nbsp; 3-1-2040 | 4000000 | &nbsp;&nbsp; 4139932 |
| &nbsp;&nbsp; California HFFA Episcopal Communities & Services for Seniors <br> Obligated Group Series A<br>| 3.85 | &nbsp;&nbsp; 11-15-2027 | 2600000 | &nbsp;&nbsp; 2601847 |
| California HFFA On Lok Senior Health Services Obligated Group | 3.00 | &nbsp;&nbsp; 8-1-2028 | 400000 | &nbsp;&nbsp; 397751 |
| California HFFA On Lok Senior Health Services Obligated Group | 3.00 | &nbsp;&nbsp; 8-1-2030 | 210000 | &nbsp;&nbsp; 208117 |
| &nbsp;&nbsp; California HFFA Providence St. Joseph Health Obligated Group <br> Series Cøø<br>| 5.00 | &nbsp;&nbsp; 10-1-2050 | 4000000 | &nbsp;&nbsp; 4304470 |
| California HFFA Scripps Health Obligated Group Series B-2øø | 5.00 | &nbsp;&nbsp; 11-15-2061 | 1200000 | &nbsp;&nbsp; 1335848 |
| California HFFA Stanford Health Care Obligated Group Series B | 5.00 | &nbsp;&nbsp; 8-15-2035 | 2000000 | &nbsp;&nbsp; 2440199 |
| California Municipal Finance Authority Aldersly Series B-1 | 4.00 | &nbsp;&nbsp; 11-15-2028 | 595000 | &nbsp;&nbsp; 597376 |
| California Municipal Finance Authority Aldersly Series B-2 | 3.75 | &nbsp;&nbsp; 11-15-2028 | 570000 | &nbsp;&nbsp; 570133 |
| &nbsp;&nbsp; California Municipal Finance Authority Carmel Valley Manor Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 5-15-2026 | 185000 | &nbsp;&nbsp; 186724 |
| &nbsp;&nbsp; California Municipal Finance Authority Community Hospitals of <br> Central California Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 2-1-2027 | 1000000 | &nbsp;&nbsp; 1017384 |
| &nbsp;&nbsp; California Municipal Finance Authority Eisenhower Medical Center <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 1750000 | &nbsp;&nbsp; 1793761 |
| &nbsp;&nbsp; California Municipal Finance Authority Eisenhower Medical Center <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2029 | 400000 | &nbsp;&nbsp; 408549 |
| &nbsp;&nbsp; California Municipal Finance Authority Eskaton Properties, Inc. <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 11-15-2032 | 1155000 | &nbsp;&nbsp; 1268965 |
| California Municipal Finance Authority Healthright 360 Series A144A | 5.00 | &nbsp;&nbsp; 11-1-2029 | 810000 | &nbsp;&nbsp; 828911 |
| &nbsp;&nbsp; California Municipal Finance Authority Open Door Community Health <br> Centers<br>| 4.00 | &nbsp;&nbsp; 9-15-2030 | 790000 | &nbsp;&nbsp; 837363 |
| &nbsp;&nbsp; California Municipal Finance Authority Open Door Community Health <br> Centers<br>| 4.00 | &nbsp;&nbsp; 9-15-2033 | 890000 | &nbsp;&nbsp; 944478 |
| California Municipal Finance Authority PRS Obligated Group Series A | 5.00 | &nbsp;&nbsp; 4-1-2030 | 195000 | &nbsp;&nbsp; 208856 |
| California Municipal Finance Authority PRS Obligated Group Series A | 5.00 | &nbsp;&nbsp; 4-1-2031 | 210000 | &nbsp;&nbsp; 227556 |
| California Municipal Finance Authority PRS Obligated Group Series A | 5.00 | &nbsp;&nbsp; 4-1-2032 | 310000 | &nbsp;&nbsp; 339262 |
| California Municipal Finance Authority PRS Obligated Group Series A | 5.00 | &nbsp;&nbsp; 4-1-2033 | 490000 | &nbsp;&nbsp; 539890 |

---

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

4 \| Allspring California Limited-Term Tax-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| California Municipal Finance Authority PRS Obligated Group Series A | 5.00<br> %<br>| &nbsp;&nbsp; 4-1-2034 | $410000 | &nbsp;&nbsp; $454213 |
| California PFA Henry Mayo Newhall Hospital Obligated Group | 5.00 | &nbsp;&nbsp; 10-15-2030 | 1165000 | &nbsp;&nbsp; 1177788 |
| California PFA Henry Mayo Newhall Hospital Obligated Group | 5.00 | &nbsp;&nbsp; 10-15-2033 | 500000 | &nbsp;&nbsp; 504397 |
| &nbsp;&nbsp; California PFA Henry Mayo Newhall Hospital Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 10-15-2028 | 360000 | &nbsp;&nbsp; 366313 |
| &nbsp;&nbsp; California PFA Henry Mayo Newhall Hospital Obligated Group <br> Series Bøø<br>| 4.00 | &nbsp;&nbsp; 10-15-2051 | 690000 | &nbsp;&nbsp; 677744 |
| California PFA PIH Health, Inc. Obligated Group Series A | 5.00 | &nbsp;&nbsp; 6-1-2033 | 1655000 | &nbsp;&nbsp; 1863728 |
| California Statewide CDA Emanate Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 4-1-2028 | 755000 | &nbsp;&nbsp; 791850 |
| California Statewide CDA Emanate Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 4-1-2029 | 795000 | &nbsp;&nbsp; 850809 |
| California Statewide CDA Hebrew Home for Aged Disabled | 5.00 | &nbsp;&nbsp; 11-1-2030 | 900000 | &nbsp;&nbsp; 918236 |
| &nbsp;&nbsp; California Statewide CDA Loma Linda University Medical Center <br> Obligated Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 12-1-2026 | 250000 | &nbsp;&nbsp; 252993 |
| &nbsp;&nbsp; California Statewide CDA Loma Linda University Medical Center <br> Obligated Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 12-1-2027 | 300000 | &nbsp;&nbsp; 310263 |
| &nbsp;&nbsp; California Statewide CDA Loma Linda University Medical Center <br> Obligated Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 12-1-2028 | 250000 | &nbsp;&nbsp; 260830 |
| California Statewide CDA Odd Fellows Home Series A | 5.00 | &nbsp;&nbsp; 4-1-2026 | 275000 | &nbsp;&nbsp; 276600 |
| Sierra View Local Health Care District | 5.00 | &nbsp;&nbsp; 7-1-2027 | 630000 | &nbsp;&nbsp; 647158 |
| Sierra View Local Health Care District | 5.00 | &nbsp;&nbsp; 7-1-2029 | 630000 | &nbsp;&nbsp; 668934 |
| Washington Township Health Care District Series A | 4.00 | &nbsp;&nbsp; 7-1-2033 | 275000 | &nbsp;&nbsp; 280198 |
| Washington Township Health Care District Series A | 5.00 | &nbsp;&nbsp; 7-1-2029 | 350000 | &nbsp;&nbsp; 371618 |
| Washington Township Health Care District Series A | 5.00 | &nbsp;&nbsp; 7-1-2030 | 300000 | &nbsp;&nbsp; 323487 |
| Washington Township Health Care District Series A | 5.00 | &nbsp;&nbsp; 7-1-2031 | 325000 | &nbsp;&nbsp; 349318 |
|  |  |  |  | &nbsp;&nbsp; **37493389** |
| **Housing revenue: 18.15%** |  |  |  |  |
| &nbsp;&nbsp; California Enterprise Development Authority Provident Group-SDSU <br> Properties LLC Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2029 | 200000 | &nbsp;&nbsp; 210838 |
| &nbsp;&nbsp; California Enterprise Development Authority Provident Group-SDSU <br> Properties LLC Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2030 | 325000 | &nbsp;&nbsp; 346724 |
| &nbsp;&nbsp; California Housing Finance Agency Del Sur Family Housing LP <br> Series Vøø<br>| 5.00 | &nbsp;&nbsp; 5-1-2054 | 500000 | &nbsp;&nbsp; 506037 |
| California Housing Finance Agency Class A Series 2 | 4.00 | &nbsp;&nbsp; 3-20-2033 | 4463842 | &nbsp;&nbsp; 4573990 |
| California Housing Finance Agency Class A Series 2021-1 | 3.50 | &nbsp;&nbsp; 11-20-2035 | 2777162 | &nbsp;&nbsp; 2751269 |
| California Housing Finance Agency Series A (FHA Insured) | 3.90 | &nbsp;&nbsp; 2-1-2033 | 500000 | &nbsp;&nbsp; 517017 |
| California Housing Finance Agency Series A (FHA Insured) | 3.95 | &nbsp;&nbsp; 8-1-2033 | 450000 | &nbsp;&nbsp; 466176 |
| California Housing Finance Agency Series A (FHA Insured) | 4.00 | &nbsp;&nbsp; 2-1-2034 | 565000 | &nbsp;&nbsp; 590819 |
| California Housing Finance Agency Series A (FHA Insured) | 4.05 | &nbsp;&nbsp; 8-1-2034 | 365000 | &nbsp;&nbsp; 381844 |
| California Housing Finance Agency Series A (FHA Insured) | 4.10 | &nbsp;&nbsp; 2-1-2035 | 620000 | &nbsp;&nbsp; 648043 |
| California Housing Finance Agency Series A (FHA Insured) | 4.15 | &nbsp;&nbsp; 8-1-2035 | 350000 | &nbsp;&nbsp; 365984 |
| California Municipal Finance Authority CHF - Davis I LLC | 5.00 | &nbsp;&nbsp; 5-15-2027 | 2000000 | &nbsp;&nbsp; 2051808 |
| &nbsp;&nbsp; California Municipal Finance Authority CHF - Davis II LLC (BAM <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 5-15-2032 | 700000 | &nbsp;&nbsp; 731246 |
| &nbsp;&nbsp; California Municipal Finance Authority CHF - Davis II LLC (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 5-15-2029 | 400000 | &nbsp;&nbsp; 427390 |
| &nbsp;&nbsp; California Municipal Finance Authority CHF - Davis II LLC (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 5-15-2030 | 450000 | &nbsp;&nbsp; 488931 |

---

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

Allspring California Limited-Term Tax-Free Fund \| 5

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; California Municipal Finance Authority CHF - Davis II LLC (BAM <br> Insured)<br>| 5.00<br> %<br>| &nbsp;&nbsp; 5-15-2031 | $400000 | &nbsp;&nbsp; $440774 |
| &nbsp;&nbsp; California Municipal Finance Authority Placer 712 LP Series A <br> (Department of Housing and Urban Development Insured)øø<br>| 3.20 | &nbsp;&nbsp; 9-1-2045 | 1250000 | &nbsp;&nbsp; 1250883 |
| California Municipal Finance Authority PSI Rehab LP Series A-2øø | 3.00 | &nbsp;&nbsp; 8-1-2029 | 1000000 | &nbsp;&nbsp; 999979 |
| &nbsp;&nbsp; California Municipal Finance Authority San Jose South 1st Street <br> Associates LP Series A-2øø<br>| 3.45 | &nbsp;&nbsp; 12-1-2029 | 4400000 | &nbsp;&nbsp; 4450998 |
| &nbsp;&nbsp; California Municipal Finance Authority Second Street Family LP <br> Series Aøø<br>| 2.93 | &nbsp;&nbsp; 12-1-2045 | 3000000 | &nbsp;&nbsp; 3007445 |
| California Municipal Finance Authority Series A-1øø | 3.15 | &nbsp;&nbsp; 8-1-2059 | 1500000 | &nbsp;&nbsp; 1502956 |
| California Municipal Finance Authority Southwestern Law School | 4.00 | &nbsp;&nbsp; 11-1-2031 | 175000 | &nbsp;&nbsp; 178973 |
| California Municipal Finance Authority Southwestern Law School | 5.00 | &nbsp;&nbsp; 11-1-2026 | 275000 | &nbsp;&nbsp; 278656 |
| California Municipal Finance Authority Southwestern Law School | 5.00 | &nbsp;&nbsp; 11-1-2027 | 290000 | &nbsp;&nbsp; 299107 |
| California Municipal Finance Authority Southwestern Law School | 5.00 | &nbsp;&nbsp; 11-1-2028 | 200000 | &nbsp;&nbsp; 208984 |
| California Municipal Finance Authority Southwestern Law School | 5.00 | &nbsp;&nbsp; 11-1-2029 | 210000 | &nbsp;&nbsp; 222385 |
| California Municipal Finance Authority Southwestern Law School | 5.00 | &nbsp;&nbsp; 11-1-2030 | 220000 | &nbsp;&nbsp; 235608 |
| &nbsp;&nbsp; California Municipal Finance Authority Wildomar Family Housing LP <br> Series Bøø<br>| 3.05 | &nbsp;&nbsp; 12-1-2064 | 2300000 | &nbsp;&nbsp; 2306330 |
| &nbsp;&nbsp; California PFA P3 Irvine SL Holdings LLC Obligated Group <br> Series A144A<br>| 5.70 | &nbsp;&nbsp; 6-1-2034 | 750000 | &nbsp;&nbsp; 779937 |
| California Statewide CDA CHF - Irvine LLC | 5.00 | &nbsp;&nbsp; 5-15-2032 | 1250000 | &nbsp;&nbsp; 1258671 |
| California Statewide CDA CHF - Irvine LLC (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-15-2026 | 1605000 | &nbsp;&nbsp; 1616974 |
| California Statewide CDA CHF - Irvine LLC (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-15-2033 | 1000000 | &nbsp;&nbsp; 1096912 |
| &nbsp;&nbsp; California Statewide CDA Lancer Educational Housing LLC <br> Series A144A<br>| 3.00 | &nbsp;&nbsp; 6-1-2029 | 485000 | &nbsp;&nbsp; 471217 |
| &nbsp;&nbsp; California Statewide CDA Uptown Newport Building Owner LP <br> Series BB (East West Bank LOC)ø<br>| 3.02 | &nbsp;&nbsp; 3-1-2057 | 1000000 | &nbsp;&nbsp; 1000000 |
| City of San Jose Series A-2øø | 3.00 | &nbsp;&nbsp; 3-1-2030 | 2500000 | &nbsp;&nbsp; 2510728 |
| Compton PFA144A | 4.00 | &nbsp;&nbsp; 9-1-2027 | 850000 | &nbsp;&nbsp; 849989 |
| El Centro Financing Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2026 | 140000 | &nbsp;&nbsp; 141644 |
| El Centro Financing Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2027 | 365000 | &nbsp;&nbsp; 371719 |
| El Centro Financing Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2028 | 255000 | &nbsp;&nbsp; 262034 |
| El Centro Financing Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2029 | 265000 | &nbsp;&nbsp; 274709 |
| El Centro Financing Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2030 | 275000 | &nbsp;&nbsp; 286888 |
| El Centro Financing Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2031 | 285000 | &nbsp;&nbsp; 298355 |
| FHLMC Multifamily VRD Certificates Series M-057 | 2.40 | &nbsp;&nbsp; 10-15-2029 | 5900000 | &nbsp;&nbsp; 5661950 |
| Lancaster Financing Authority Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-1-2032 | 820000 | &nbsp;&nbsp; 941914 |
| Lancaster Financing Authority Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-1-2033 | 500000 | &nbsp;&nbsp; 581105 |
| Lancaster Financing Authority Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-1-2034 | 500000 | &nbsp;&nbsp; 586512 |
| Lancaster Financing Authority Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-1-2035 | 530000 | &nbsp;&nbsp; 615496 |
| Los Angeles County Public Works Financing Authority Series D | 5.00 | &nbsp;&nbsp; 12-1-2027 | 1605000 | &nbsp;&nbsp; 1609094 |
| &nbsp;&nbsp; Los Angeles Housing Authority Victory Boulevard Housing <br> Partners LP Series Aøø<br>| 3.00 | &nbsp;&nbsp; 1-1-2046 | 5000000 | &nbsp;&nbsp; 5013620 |
| &nbsp;&nbsp; Sacramento County Housing Authority Series C (FNMA Insured, FNMA <br> LIQ)ø<br>| 2.50 | &nbsp;&nbsp; 7-15-2029 | 230000 | &nbsp;&nbsp; 230000 |

---

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

6 \| Allspring California Limited-Term Tax-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; San Diego Housing Authority, Inc. Bernardo Family Housing LP <br> Series Bøø<br>| 5.00<br> %<br>| &nbsp;&nbsp; 5-1-2057 | $1500000 | &nbsp;&nbsp; $1519697 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> BAML6010 (Bank of America N.A. LOC, Bank of America N.A. <br> LIQ)144Aø<br>| 3.34 | &nbsp;&nbsp; 12-18-2053 | 3500000 | &nbsp;&nbsp; 3500000 |
|  |  |  |  | &nbsp;&nbsp; **61920359** |
| **Industrial development revenue: 0.61%** |  |  |  |  |
| California Statewide CDA Southern California Edison Co. Series C | 4.50 | &nbsp;&nbsp; 11-1-2033 | 2000000 | &nbsp;&nbsp; **2099919** |
| **Miscellaneous revenue: 8.33%** |  |  |  |  |
| &nbsp;&nbsp; California Housing Finance Agency City & County of San Francisco <br> Series N<br>| 5.00 | &nbsp;&nbsp; 4-1-2029 | 630000 | &nbsp;&nbsp; 674226 |
| &nbsp;&nbsp; California Housing Finance Agency City & County of San Francisco <br> Series N<br>| 5.00 | &nbsp;&nbsp; 4-1-2031 | 730000 | &nbsp;&nbsp; 806413 |
| &nbsp;&nbsp; California Municipal Finance Authority San Bernardino Municipal <br> Water Department (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 8-1-2031 | 1455000 | &nbsp;&nbsp; 1470572 |
| California Statewide CDA Series 2021A | 4.00 | &nbsp;&nbsp; 9-2-2027 | 390000 | &nbsp;&nbsp; 391697 |
| California Statewide CDA Series 2021A | 4.00 | &nbsp;&nbsp; 9-2-2028 | 260000 | &nbsp;&nbsp; 262048 |
| City of Irvine Assessment District No. 21-1 | 4.00 | &nbsp;&nbsp; 9-2-2029 | 1220000 | &nbsp;&nbsp; 1273758 |
| City of Irvine Assessment District No. 21-1 (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-2-2033 | 270000 | &nbsp;&nbsp; 283031 |
| City of Irvine Reassessment District No. 25-1 (AG Insured) | 5.00 | &nbsp;&nbsp; 9-2-2031 | 400000 | &nbsp;&nbsp; 453213 |
| City of Irvine Reassessment District No. 25-1 (AG Insured) | 5.00 | &nbsp;&nbsp; 9-2-2032 | 500000 | &nbsp;&nbsp; 573804 |
| City of Los Angeles | 5.00 | &nbsp;&nbsp; 6-25-2026 | 3000000 | &nbsp;&nbsp; 3040529 |
| County of Santa Barbara Series B AMT COP | 5.00 | &nbsp;&nbsp; 12-1-2029 | 600000 | &nbsp;&nbsp; 635892 |
| &nbsp;&nbsp; Independent Cities Finance Authority City of Compton Sales Tax <br> Revenue (AG Insured)144A<br>| 4.00 | &nbsp;&nbsp; 6-1-2028 | 500000 | &nbsp;&nbsp; 510467 |
| &nbsp;&nbsp; Independent Cities Finance Authority City of Compton Sales Tax <br> Revenue (AG Insured)144A<br>| 4.00 | &nbsp;&nbsp; 6-1-2030 | 550000 | &nbsp;&nbsp; 570021 |
| Irvine Ranch Water District COP | 5.00 | &nbsp;&nbsp; 3-1-2030 | 2215000 | &nbsp;&nbsp; 2254584 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2029 | 485000 | &nbsp;&nbsp; 494934 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2030 | 505000 | &nbsp;&nbsp; 516049 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2031 | 525000 | &nbsp;&nbsp; 536657 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2032 | 550000 | &nbsp;&nbsp; 558930 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2033 | 570000 | &nbsp;&nbsp; 577906 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2034 | 595000 | &nbsp;&nbsp; 604386 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2025-MIZ9221 (Mizuho Capital <br> Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144Aøø<br>| 3.50 | &nbsp;&nbsp; 12-29-2027 | 4815000 | &nbsp;&nbsp; 4815000 |
| Mountain House PFA Community Services District Series A | 5.00 | &nbsp;&nbsp; 12-1-2029 | 520000 | &nbsp;&nbsp; 557343 |
| Mountain House PFA Community Services District Series A | 5.00 | &nbsp;&nbsp; 12-1-2030 | 710000 | &nbsp;&nbsp; 759288 |
| Mountain House PFA Community Services District Series A | 5.00 | &nbsp;&nbsp; 12-1-2031 | 745000 | &nbsp;&nbsp; 794034 |
| &nbsp;&nbsp; Municipal Water District of Orange County Water Facilities Corp. <br> Series A COP (Bank of America N.A. LOC)ø<br>| 1.65 | &nbsp;&nbsp; 8-1-2042 | 2000000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp; Southern California Public Power Authority Anaheim Electric System <br> Revenue Series Bøø<br>| 3.70 | &nbsp;&nbsp; 7-1-2040 | 3000000 | &nbsp;&nbsp; 3006140 |
|  |  |  |  | &nbsp;&nbsp; **28420922** |

---

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

Allspring California Limited-Term Tax-Free Fund \| 7

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Resource recovery revenue: 0.29%** |  |  |  |  |
| &nbsp;&nbsp; California Municipal Finance Authority Waste Management, Inc. <br> Series B AMTøø<br>| 3.38<br> %<br>| &nbsp;&nbsp; 9-1-2050 | $1000000 | &nbsp;&nbsp; **$994342** |
| **Tax revenue: 9.15%** |  |  |  |  |
| &nbsp;&nbsp; California Statewide CDA Community Facilities District No. 2015-01 <br> Area No. 2<br>| 5.00 | &nbsp;&nbsp; 9-1-2027 | 145000 | &nbsp;&nbsp; 148206 |
| &nbsp;&nbsp; Cathedral City Redevelopment Successor Agency Merged <br> Redevelopment Area Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2026 | 585000 | &nbsp;&nbsp; 592271 |
| &nbsp;&nbsp; Cathedral City Redevelopment Successor Agency Merged <br> Redevelopment Area Series B<br>| 5.00 | &nbsp;&nbsp; 8-1-2026 | 810000 | &nbsp;&nbsp; 820208 |
| &nbsp;&nbsp; Cathedral City Redevelopment Successor Agency Merged <br> Redevelopment Project Series C (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 8-1-2027 | 580000 | &nbsp;&nbsp; 592761 |
| &nbsp;&nbsp; Cathedral City Redevelopment Successor Agency Merged <br> Redevelopment Project Series C (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 8-1-2029 | 500000 | &nbsp;&nbsp; 524606 |
| &nbsp;&nbsp; Cathedral City Redevelopment Successor Agency Merged <br> Redevelopment Project Series C (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 8-1-2031 | 600000 | &nbsp;&nbsp; 640732 |
| &nbsp;&nbsp; City & County of San Francisco Community Facilities District No. <br> 2016-1 Area No. 1 Series 2021<br>| 4.00 | &nbsp;&nbsp; 9-1-2032 | 350000 | &nbsp;&nbsp; 355599 |
| &nbsp;&nbsp; City & County of San Francisco Community Facilities District No. <br> 2016-1 Area No. 1 Series 2021<br>| 4.00 | &nbsp;&nbsp; 9-1-2033 | 865000 | &nbsp;&nbsp; 875449 |
| &nbsp;&nbsp; City & County of San Francisco Community Facilities District No. <br> 2016-1 Area No. 1 Series 2021<br>| 4.00 | &nbsp;&nbsp; 9-1-2034 | 700000 | &nbsp;&nbsp; 706141 |
| &nbsp;&nbsp; City & County of San Francisco Community Facilities District No. <br> 2016-1 Area No. 2 Series A144A<br>| 4.00 | &nbsp;&nbsp; 9-1-2032 | 955000 | &nbsp;&nbsp; 970792 |
| &nbsp;&nbsp; City & County of San Francisco Infrastructure & Revitalization <br> Financing District No. 1 Facilities Series A144A<br>| 5.00 | &nbsp;&nbsp; 9-1-2027 | 210000 | &nbsp;&nbsp; 216531 |
| City of Fontana Community Facilities District No. 90 | 4.00 | &nbsp;&nbsp; 9-1-2026 | 110000 | &nbsp;&nbsp; 110463 |
| City of Fontana Community Facilities District No. 90 | 4.00 | &nbsp;&nbsp; 9-1-2027 | 125000 | &nbsp;&nbsp; 126409 |
| City of Fontana Community Facilities District No. 90 | 4.00 | &nbsp;&nbsp; 9-1-2028 | 255000 | &nbsp;&nbsp; 259601 |
| City of Fontana Community Facilities District No. 90 | 4.00 | &nbsp;&nbsp; 9-1-2030 | 140000 | &nbsp;&nbsp; 144371 |
| City of Fontana Community Facilities District No. 90 | 4.00 | &nbsp;&nbsp; 9-1-2032 | 300000 | &nbsp;&nbsp; 309611 |
| &nbsp;&nbsp; City of Roseville Fiddyment Ranch Community Facilities District No. 1 <br> Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2029 | 1595000 | &nbsp;&nbsp; 1644282 |
| City of Sacramento Transient Occupancy Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 6-1-2027 | 575000 | &nbsp;&nbsp; 594362 |
| &nbsp;&nbsp; City of San Clemente Community Facilities District No. 2006-1 (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2032 | 635000 | &nbsp;&nbsp; 724954 |
| &nbsp;&nbsp; City of San Clemente Community Facilities District No. 2006-1 (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2033 | 650000 | &nbsp;&nbsp; 751556 |
| &nbsp;&nbsp; City of San Clemente Community Facilities District No. 2006-1 (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2034 | 600000 | &nbsp;&nbsp; 701706 |
| City of San Diego Community Facilities District No. 2 | 4.00 | &nbsp;&nbsp; 9-1-2030 | 435000 | &nbsp;&nbsp; 452943 |
| &nbsp;&nbsp; Hollister Redevelopment Successor Agency Community <br> Development Project (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 700000 | &nbsp;&nbsp; 701386 |
| Jurupa PFA (AG Insured) | 5.00 | &nbsp;&nbsp; 9-1-2033 | 1400000 | &nbsp;&nbsp; 1649676 |
| Jurupa PFA (AG Insured) | 5.00 | &nbsp;&nbsp; 9-1-2034 | 1300000 | &nbsp;&nbsp; 1548145 |
| &nbsp;&nbsp; Lake Elsinore Facilities Financing Authority Successor Agency <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2034 | 1650000 | &nbsp;&nbsp; 1943594 |
| &nbsp;&nbsp; Lancaster Redevelopment Successor Agency Combined <br> Redevelopment Project Areas (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 8-1-2029 | 400000 | &nbsp;&nbsp; 405945 |

---

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

8 \| Allspring California Limited-Term Tax-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Mountain House Community Facilities District No. 2024-1 <br> Improvement Area No. 1<br>| 4.25<br> %<br>| &nbsp;&nbsp; 9-1-2035 | $400000 | &nbsp;&nbsp; $406019 |
| Oakdale Community Redevelopment Agency Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 6-1-2027 | 350000 | &nbsp;&nbsp; 360294 |
| &nbsp;&nbsp; Richmond County Redevelopment Successor Agency Series A (BAM <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 9-1-2027 | 1150000 | &nbsp;&nbsp; 1170086 |
| &nbsp;&nbsp; River Islands PFA Community Facilities District No. 2003-1 Area No. 1 <br> Series A-1 (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2026 | 130000 | &nbsp;&nbsp; 132091 |
| &nbsp;&nbsp; River Islands PFA Community Facilities District No. 2003-1 Area No. 1 <br> Series A-1 (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2027 | 225000 | &nbsp;&nbsp; 234164 |
| &nbsp;&nbsp; River Islands PFA Community Facilities District No. 2003-1 Area No. 1 <br> Series A-1 (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2028 | 200000 | &nbsp;&nbsp; 213027 |
| &nbsp;&nbsp; River Islands PFA Community Facilities District No. 2003-1 Area No. 1 <br> Series A-1 (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2029 | 200000 | &nbsp;&nbsp; 217833 |
| &nbsp;&nbsp; River Islands PFA Community Facilities District No. 2003-1 Area No. 1 <br> Series A-1 (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2030 | 325000 | &nbsp;&nbsp; 361347 |
| River Islands PFA Community Facilities District No. 2021-1 | 4.00 | &nbsp;&nbsp; 9-1-2030 | 200000 | &nbsp;&nbsp; 200549 |
| River Islands PFA Community Facilities District No. 2021-1 | 4.00 | &nbsp;&nbsp; 9-1-2031 | 500000 | &nbsp;&nbsp; 501095 |
| Roseville Finance Authority Series A | 5.00 | &nbsp;&nbsp; 9-1-2029 | 300000 | &nbsp;&nbsp; 313098 |
| San Francisco Bay Area Rapid Transit District Sales Tax Revenue | 2.25 | &nbsp;&nbsp; 7-1-2031 | 5205000 | &nbsp;&nbsp; 4958244 |
| Southern California Logistics Airport Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2035 | 370000 | &nbsp;&nbsp; 442095 |
| Southern California Logistics Airport Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2036 | 410000 | &nbsp;&nbsp; 485303 |
| Southern California Logistics Airport Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2037 | 435000 | &nbsp;&nbsp; 510204 |
| Temescal Valley Water District PFA (AG Insured) | 5.00 | &nbsp;&nbsp; 9-1-2033 | 550000 | &nbsp;&nbsp; 638408 |
| Temescal Valley Water District PFA (AG Insured) | 5.00 | &nbsp;&nbsp; 9-1-2034 | 500000 | &nbsp;&nbsp; 586857 |
| &nbsp;&nbsp; Tracy Community Facilities District No. 2016-01 Improvement Area <br> No. 1<br>| 5.00 | &nbsp;&nbsp; 9-1-2028 | 425000 | &nbsp;&nbsp; 438347 |
| &nbsp;&nbsp; Transbay Joint Powers Authority Redevelopment Project Tax <br> Increment Revenue Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2029 | 500000 | &nbsp;&nbsp; 528136 |
|  |  |  |  | &nbsp;&nbsp; **31209497** |
| **Tobacco revenue: 0.92%** |  |  |  |  |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Los Angeles County <br> Securitization Corp. Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2030 | 450000 | &nbsp;&nbsp; 481133 |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Los Angeles County <br> Securitization Corp. Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2031 | 550000 | &nbsp;&nbsp; 585260 |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Los Angeles County <br> Securitization Corp. Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2032 | 300000 | &nbsp;&nbsp; 317342 |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Sonoma County <br> Securitization Corp. Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2029 | 950000 | &nbsp;&nbsp; 1013038 |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Sonoma County <br> Securitization Corp. Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2030 | 200000 | &nbsp;&nbsp; 215970 |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Sonoma County <br> Securitization Corp. Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2031 | 225000 | &nbsp;&nbsp; 243359 |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Sonoma County <br> Securitization Corp. Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2032 | 250000 | &nbsp;&nbsp; 268633 |
|  |  |  |  | &nbsp;&nbsp; **3124735** |
| **Transportation revenue: 1.06%** |  |  |  |  |
| Bay Area Toll Authority Series A (Barclays Bank plc LOC)ø | 1.70 | &nbsp;&nbsp; 4-1-2055 | 1200000 | &nbsp;&nbsp; 1200000 |

---

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

Allspring California Limited-Term Tax-Free Fund \| 9

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue**(continued) |  |  |  |  |
| Bay Area Toll Authority Series E (SIFMA Municipal Swap+0.41%)± | 3.73<br> %<br>| &nbsp;&nbsp; 4-1-2056 | $1500000 | &nbsp;&nbsp; $1478177 |
| San Joaquin Hills Transportation Corridor Agency Series A | 5.00 | &nbsp;&nbsp; 1-15-2030 | 865000 | &nbsp;&nbsp; 937712 |
|  |  |  |  | &nbsp;&nbsp; **3615889** |
| **Utilities revenue: 17.35%** |  |  |  |  |
| &nbsp;&nbsp; California Community Choice Financing Authority Clean Energy <br> Project Series Aøø<br>| 4.00 | &nbsp;&nbsp; 10-1-2052 | 11650000 | &nbsp;&nbsp; 11761674 |
| &nbsp;&nbsp; California Community Choice Financing Authority Clean Energy <br> Project Series Cøø<br>| 5.00 | &nbsp;&nbsp; 12-1-2055 | 2000000 | &nbsp;&nbsp; 2122780 |
| California Community Choice Financing Authority Series 2024Høø | 5.00 | &nbsp;&nbsp; 1-1-2056 | 2000000 | &nbsp;&nbsp; 2188632 |
| California Community Choice Financing Authority Series A-1 | 4.00 | &nbsp;&nbsp; 2-1-2027 | 2290000 | &nbsp;&nbsp; 2309357 |
| California Community Choice Financing Authority Series A-1 | 4.00 | &nbsp;&nbsp; 2-1-2028 | 2810000 | &nbsp;&nbsp; 2852243 |
| California Community Choice Financing Authority Series A-1øø | 5.00 | &nbsp;&nbsp; 12-1-2053 | 6000000 | &nbsp;&nbsp; 6289084 |
| &nbsp;&nbsp; California Community Choice Financing Authority Series B-2 (SIFMA <br> Municipal Swap+0.45%)±<br>| 3.77 | &nbsp;&nbsp; 2-1-2052 | 7000000 | &nbsp;&nbsp; 6606277 |
| California Community Choice Financing Authority Series Cøø | 5.25 | &nbsp;&nbsp; 1-1-2054 | 6000000 | &nbsp;&nbsp; 6375248 |
| California Community Choice Financing Authority Series Føø | 5.50 | &nbsp;&nbsp; 10-1-2054 | 4935000 | &nbsp;&nbsp; 5385346 |
| California Statewide CDA Southern California Edison Co. Series A | 1.75 | &nbsp;&nbsp; 9-1-2029 | 1500000 | &nbsp;&nbsp; 1409041 |
| City of Vernon Electric System Revenue Series 2022-A | 5.00 | &nbsp;&nbsp; 8-1-2026 | 600000 | &nbsp;&nbsp; 606895 |
| Los Angeles Department of Water & Power System Revenue Series A | 5.00 | &nbsp;&nbsp; 7-1-2028 | 1000000 | &nbsp;&nbsp; 1045067 |
| Los Angeles Department of Water & Power System Revenue Series B | 5.00 | &nbsp;&nbsp; 7-1-2030 | 4000000 | &nbsp;&nbsp; 4394519 |
| Southern California Public Power Authority Magnolia Power Project | 5.00 | &nbsp;&nbsp; 7-1-2033 | 1230000 | &nbsp;&nbsp; 1347272 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-ZF3207 <br> (Morgan Stanley Bank LIQ)144Aø<br>| 3.57 | &nbsp;&nbsp; 2-1-2054 | 4500000 | &nbsp;&nbsp; 4500000 |
|  |  |  |  | &nbsp;&nbsp; **59193435** |
| **Water & sewer revenue: 5.33%** |  |  |  |  |
| California PCFA Channelside Water Resources LP AMT144A | 5.00 | &nbsp;&nbsp; 7-1-2031 | 2885000 | &nbsp;&nbsp; 3093680 |
| &nbsp;&nbsp; Los Angeles Department of Water & Power Water System Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2030 | 3000000 | &nbsp;&nbsp; 3227565 |
| &nbsp;&nbsp; Los Angeles Department of Water & Power Water System Revenue <br> Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2034 | 1500000 | &nbsp;&nbsp; 1729790 |
| &nbsp;&nbsp; Los Angeles Department of Water & Power Water System Revenue <br> Series C<br>| 5.00 | &nbsp;&nbsp; 7-1-2033 | 3000000 | &nbsp;&nbsp; 3424033 |
| Lower Tule River Irrigation District Series A | 5.00 | &nbsp;&nbsp; 8-1-2027 | 680000 | &nbsp;&nbsp; 702226 |
| Lower Tule River Irrigation District Series A | 5.00 | &nbsp;&nbsp; 8-1-2031 | 700000 | &nbsp;&nbsp; 769726 |
| Middle Fork Project Finance Authority | 5.00 | &nbsp;&nbsp; 4-1-2029 | 3525000 | &nbsp;&nbsp; 3705676 |
| &nbsp;&nbsp; San Diego Public Facilities Financing Authority Water Utility Revenue <br> Series B<br>| 5.00 | &nbsp;&nbsp; 8-1-2030 | 1500000 | &nbsp;&nbsp; 1521795 |
|  |  |  |  | &nbsp;&nbsp; **18174491** |
|  |  |  |  | &nbsp;&nbsp; **322587737** |
| **Guam: 1.16%** |  |  |  |  |
| **Utilities revenue: 0.52%** |  |  |  |  |
| Guam Power Authority Series A | 5.00 | &nbsp;&nbsp; 10-1-2031 | 750000 | &nbsp;&nbsp; 825955 |
| Guam Power Authority Series A | 5.00 | &nbsp;&nbsp; 10-1-2032 | 850000 | &nbsp;&nbsp; 947331 |
|  |  |  |  | &nbsp;&nbsp; **1773286** |

---

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

10 \| Allspring California Limited-Term Tax-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Water & sewer revenue: 0.64%** |  |  |  |  |
| &nbsp;&nbsp; Guam Government Waterworks Authority Water & Wastewater <br> System Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2026 | $350000 | &nbsp;&nbsp; $353258 |
| &nbsp;&nbsp; Guam Government Waterworks Authority Water & Wastewater <br> System Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 300000 | &nbsp;&nbsp; 308374 |
| &nbsp;&nbsp; Guam Government Waterworks Authority Water & Wastewater <br> System Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 500000 | &nbsp;&nbsp; 504655 |
| &nbsp;&nbsp; Guam Government Waterworks Authority Water & Wastewater <br> System Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 1000000 | &nbsp;&nbsp; 1027914 |
|  |  |  |  | &nbsp;&nbsp; **2194201** |
|  |  |  |  | &nbsp;&nbsp; **3967487** |
| **New York: 1.64%** |  |  |  |  |
| **Airport revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series A AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2032 | 400000 | &nbsp;&nbsp; **427023** |
| **Industrial development revenue: 1.51%** |  |  |  |  |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2029 | 5000000 | &nbsp;&nbsp; **5153451** |
|  |  |  |  | &nbsp;&nbsp; **5580474** |
| **Texas: 0.72%** |  |  |  |  |
| **Industrial development revenue: 0.72%** |  |  |  |  |
| City of Houston Airport System Revenue United Airlines, Inc. AMT | 5.00 | &nbsp;&nbsp; 7-1-2029 | 2460000 | &nbsp;&nbsp; **2462720** |
| **Total municipal obligations (Cost $338,113,372)** |  |  |  | &nbsp;&nbsp; **337539257** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 0.09%** |  |  |  |  |
| **Investment companies: 0.09%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.71 | 298250 | &nbsp;&nbsp; **298250** |
| **Total short-term investments (Cost $298,250)** |  |  |  | &nbsp;&nbsp; **298250** |
| **Total investments in securities (Cost $338,411,622)** | 99.03<br> %<br>|  |  | &nbsp;&nbsp; 337837507 |
| Other assets and liabilities, net | 0.97 |  |  | &nbsp;&nbsp; 3295462 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$341132969** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| 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 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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Allspring California Limited-Term Tax-Free Fund \| 11

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AG | Assured Guaranty Incorporation |
| AMT | Alternative minimum tax |
| BAM | Build America Mutual Assurance Company |
| BAN | Bond anticipation note |
| CAB | Capital appreciation bond |
| CDA | Community Development Authority |
| CHF | Collegiate Housing Foundation |
| COP | Certificate of participation |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GO | General obligation |
| HFFA | Health Facilities Financing Authority |
| LIQ | Liquidity agreement |
| LOC | Letter of credit |
| PCFA | Pollution Control Financing Authority |
| PFA | Public Finance Authority |
| SIFMA | Securities Industry and Financial Markets Association |

---

**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>| $3306068 | $47600564 | $(50608382)<br>| $0 | $0 | $298250 | 298250 | $31750 |

---

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

12 \| Allspring California Limited-Term Tax-Free Fund

------

Statement of assets and liabilities—December 31, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $338,113,372) | $337539257 |
| Investments in affiliated securities, at value (cost $298,250) | 298250 |
| Receivable for interest | 3667434 |
| Receivable for investments sold | 595000 |
| Receivable for Fund shares sold | 113247 |
| Prepaid expenses and other assets | 41608 |
| **Total assets** | **342254796** |
| Liabilities |  |
| Overdraft due to custodian bank | 494544 |
| Payable for Fund shares redeemed | 275802 |
| Dividends payable | 152168 |
| Management fee payable | 107089 |
| Administration fees payable | 26971 |
| Shareholder servicing fees payable | 11195 |
| Trustees' fees and expenses payable | 1913 |
| Accrued expenses and other liabilities | 52145 |
| **Total liabilities** | **1121827** |
| **Total net assets**  | **$341132969** |
| Net assets consist of |  |
| Paid-in capital | $359237670 |
| Total distributable loss | (18104701)<br>|
| **Total net assets** | **$341132969** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $51077064 |
| Shares outstanding–Class A<sup>1</sup> <br>| 4950515 |
| Net asset value per share–Class A | $10.32 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $10.53 |
| Net assets–Institutional Class | $290055905 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 28555134 |
| Net asset value per share–Institutional Class | $10.16 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/98 of net asset value. On investments of $100,000 or more, the offering price is reduced.

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

Allspring California Limited-Term Tax-Free Fund \| 13

------

Statement of operations—six months ended December 31, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $5123513 |
| Income from affiliated securities | 31750 |
| **Total investment income** | **5155263** |
| Expenses |  |
| Management fee | 682307 |
| Administration fees |  |
| Class A | 37384 |
| Class C | 101 <br><sup>1</sup><br>|
| Administrator Class | 10054 <br><sup>2</sup><br>|
| Institutional Class | 108327 |
| Shareholder servicing fees |  |
| Class A | 62298 |
| Class C | 168 <br><sup>1</sup><br>|
| Administrator Class | 25134 <br><sup>2</sup><br>|
| Distribution fee |  |
| Class C | 504 <br><sup>1</sup><br>|
| Custody and accounting fees | 6723 |
| Professional fees | 29240 |
| Registration fees | 38909 |
| Shareholder report expenses | 14397 |
| Trustees' fees and expenses | 3828 |
| Other fees and expenses | 8291 |
| **Total expenses** | **1027665** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (84914)<br>|
| Class A | (5035)<br>|
| **Net expenses** | **937716** |
| **Net investment income** | **4217547** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments**  | **245544** |
| **Net change in unrealized gains (losses) on investments** | **4558545** |
| **Net realized and unrealized gains (losses) on investments** | **4804089** |
| **Net increase in net assets resulting from operations** | **$9021636** |

---

<sup>1</sup> For the period from July 1, 2025 to November 14, 2025. Effective at the close of business on November 14, 2025, Class C shares were converted to Class A shares and are no longer offered by the Fund.

<sup>2</sup> For the period from July 1, 2025 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.

14 \| Allspring California Limited-Term Tax-Free Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> December 31, 2025<br> (unaudited) | Six months ended<br> December 31, 2025<br> (unaudited) | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $4217547 |  | &nbsp;&nbsp; $7434333 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 245544 |  | &nbsp;&nbsp; (332517)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 4558545 |  | &nbsp;&nbsp; 3818719 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **9021636** |  | &nbsp;&nbsp; **10920535** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (548789)<br>|  | &nbsp;&nbsp; (1022598)<br>|
| Class C |  | &nbsp;&nbsp; (975 )<sup>1</sup><br>|  | &nbsp;&nbsp; (6344)<br>|
| Administrator Class |  | &nbsp;&nbsp; (238702 )<sup>2</sup><br>|  | &nbsp;&nbsp; (1019674)<br>|
| Institutional Class |  | &nbsp;&nbsp; (3387766)<br>|  | &nbsp;&nbsp; (5357977)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(4176232)**<br>|  | &nbsp;&nbsp; **(7406593)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 586791 | &nbsp;&nbsp; 6034922 | &nbsp;&nbsp; 630617 | &nbsp;&nbsp; 6381028 |
| Class C | 14 <br><sup>1</sup><br>| &nbsp;&nbsp; 147 <br><sup>1</sup><br>| &nbsp;&nbsp; 7561 | &nbsp;&nbsp; 76801 |
| Administrator Class | 259603 <br><sup>2</sup><br>| &nbsp;&nbsp; 2616750 <br><sup>2</sup><br>| &nbsp;&nbsp; 1204552 | &nbsp;&nbsp; 11974118 |
| Institutional Class | 4173741 | &nbsp;&nbsp; 42207629 | &nbsp;&nbsp; 9810237 | &nbsp;&nbsp; 97846317 |
|  |  | &nbsp;&nbsp; 50859448 |  | &nbsp;&nbsp; 116278264 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 49482 | &nbsp;&nbsp; 508983 | &nbsp;&nbsp; 91458 | &nbsp;&nbsp; 928777 |
| Class C | 84 <br><sup>1</sup><br>| &nbsp;&nbsp; 863 <br><sup>1</sup><br>| &nbsp;&nbsp; 622 | &nbsp;&nbsp; 6321 |
| Administrator Class | 19335 <br><sup>2</sup><br>| &nbsp;&nbsp; 194706 <br><sup>2</sup><br>| &nbsp;&nbsp; 101892 | &nbsp;&nbsp; 1019060 |
| Institutional Class | 260508 | &nbsp;&nbsp; 2639138 | &nbsp;&nbsp; 396713 | &nbsp;&nbsp; 3966968 |
|  |  | &nbsp;&nbsp; 3343690 |  | &nbsp;&nbsp; 5921126 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (325525)<br>| &nbsp;&nbsp; (3350105)<br>| &nbsp;&nbsp; (955420)<br>| &nbsp;&nbsp; (9688774)<br>|
| Class C | (11098 )<sup>1</sup><br>| &nbsp;&nbsp; (113107 )<sup>1</sup><br>| &nbsp;&nbsp; (52461)<br>| &nbsp;&nbsp; (532611)<br>|
| Administrator Class | (669059 )<sup>2</sup><br>| &nbsp;&nbsp; (6764705 )<sup>2</sup><br>| &nbsp;&nbsp; (1155524)<br>| &nbsp;&nbsp; (11527313)<br>|
| Institutional Class | (3247198)<br>| &nbsp;&nbsp; (32935298)<br>| &nbsp;&nbsp; (10038166)<br>| &nbsp;&nbsp; (100192582)<br>|
|  |  | &nbsp;&nbsp; (43163215)<br>|  | &nbsp;&nbsp; (121941280)<br>|

---

<sup>1</sup> For the period from July 1, 2025 to November 14, 2025

<sup>2</sup> For the period from July 1, 2025 to September 12, 2025

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

Allspring California Limited-Term Tax-Free Fund \| 15

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> December 31, 2025<br> (unaudited) | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Class A<br>16141 <br><sup>3</sup><br>| &nbsp;&nbsp; $166395 <br><sup>3</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Class C<br>(16145 )<sup>3</sup><br>| &nbsp;&nbsp; (166395 )<sup>3</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Administrator Class<br>(4422844 )<sup>4</sup><br>| &nbsp;&nbsp; (45047990 )<sup>4</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class<br>4424060 <br><sup>4</sup><br>| &nbsp;&nbsp; 45047990 <br><sup>4</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net increase in net assets resulting from capital share transactions** | &nbsp;&nbsp; **11039923** |  | &nbsp;&nbsp; **258110** |
| **Total increase in net assets** | &nbsp;&nbsp; **15885327** |  | &nbsp;&nbsp; **3772052** |
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **325247642** |  | &nbsp;&nbsp; **321475590** |
| **End of period** | &nbsp;&nbsp; **$341132969** |  | &nbsp;&nbsp; **$325247642** |

---

<sup>3</sup> Effective at the close of business on November 14, 2025, Class C shares were converted to Class A shares and are no longer offered by the Fund.

<sup>4</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.

16 \| Allspring California Limited-Term Tax-Free Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.17** | &nbsp;&nbsp; **$10.06** | &nbsp;&nbsp; **$10.01** | &nbsp;&nbsp; **$10.03** | &nbsp;&nbsp; **$10.76** | &nbsp;&nbsp; **$10.71** |
| Net investment income | 0.12 <br><sup>1</sup><br>| 0.22 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.19 <br><sup>1</sup><br>| 0.15 <br><sup>1</sup><br>| 0.16 |
| Net realized and unrealized gains (losses) on investments | 0.14 | 0.11 | 0.08 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.73)<br>| 0.05 |
| Total from investment operations | 0.26 | 0.33 | 0.29 | 0.17 | &nbsp;&nbsp; (0.58)<br>| 0.21 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.11)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.16)<br>|
| **Net asset value, end of period** | **$10.32** | &nbsp;&nbsp; **$10.17** | &nbsp;&nbsp; **$10.06** | &nbsp;&nbsp; **$10.01** | &nbsp;&nbsp; **$10.03** | &nbsp;&nbsp; **$10.76** |
| **Total return**<sup>2</sup> <br>| **2.60%**<br>| **3.33%**<br>| **2.90%**<br>| **1.73%**<br>| &nbsp;&nbsp; **(5.42)%**<br>| **1.99%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.86<br> %<br>| 0.87<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>|
| Net expenses | 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>|
| Net investment income | 2.23<br> %<br>| 2.20<br> %<br>| 2.15<br> %<br>| 1.92<br> %<br>| 1.44<br> %<br>| 1.51<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 10<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 18<br> %<br>|
| Net assets, end of period (000s omitted) | $51077 | &nbsp;&nbsp; $47025 | &nbsp;&nbsp; $48881 | &nbsp;&nbsp; $77258 | &nbsp;&nbsp; $84928 | &nbsp;&nbsp; $106602 |

---

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

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

Allspring California Limited-Term Tax-Free Fund \| 17

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.01** | &nbsp;&nbsp; **$9.91** | &nbsp;&nbsp; **$9.85** | &nbsp;&nbsp; **$9.87** | &nbsp;&nbsp; **$10.59** | &nbsp;&nbsp; **$10.54** |
| Net investment income | 0.13 <br><sup>1</sup><br>| 0.25 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.22 <br><sup>1</sup><br>| 0.18 | 0.19 |
| Net realized and unrealized gains (losses) on investments | 0.15 | 0.10 | 0.08 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.72)<br>| 0.05 |
| Total from investment operations | 0.28 | 0.35 | 0.32 | 0.20 | &nbsp;&nbsp; (0.54)<br>| 0.24 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.13)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.19)<br>|
| **Net asset value, end of period** | **$10.16** | &nbsp;&nbsp; **$10.01** | &nbsp;&nbsp; **$9.91** | &nbsp;&nbsp; **$9.85** | &nbsp;&nbsp; **$9.87** | &nbsp;&nbsp; **$10.59** |
| **Total return**<sup>2</sup> <br>| **2.78%**<br>| **3.56%**<br>| **3.33%**<br>| **2.04%**<br>| &nbsp;&nbsp; **(5.15)%**<br>| **2.31%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.54<br> %<br>| 0.55<br> %<br>| 0.54<br> %<br>| 0.53<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>|
| Net expenses | 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Net investment income | 2.53<br> %<br>| 2.50<br> %<br>| 2.46<br> %<br>| 2.19<br> %<br>| 1.74<br> %<br>| 1.81<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 10<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 18<br> %<br>|
| Net assets, end of period (000s omitted) | $290056 | &nbsp;&nbsp; $229742 | &nbsp;&nbsp; $225670 | &nbsp;&nbsp; $251508 | &nbsp;&nbsp; $383847 | &nbsp;&nbsp; $396495 |

---

&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.

18 \| Allspring California Limited-Term Tax-Free Fund

------

Notes to financial statements (unaudited)

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 California Limited-Term Tax-Free Fund (the "Fund") which is a diversified series of the Trust.

Effective at the close of business on September 12, 2025, Administrator Class shares were converted to 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. Additionally, effective at the close of business on November 14, 2025, Class C shares were converted to Class A shares in a tax-free conversion. Shareholders of Class C received Class A shares at a value equal to the value of their Class C shares immediately prior to the conversion. Class C 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.

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.

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.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. 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 California Limited-Term Tax-Free Fund \| 19

------

Notes to financial statements (unaudited)

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 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 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 December 31, 2025, the aggregate cost of all investments for federal income tax purposes was $338,208,175 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $4182598 |
| Gross unrealized losses | &nbsp;&nbsp; (4553266)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(370668)**<br>|

---

As of June 30, 2025, the Fund had capital loss carryforwards which consisted of $11,028,957 in short-term capital losses and $6,993,152 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;

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 December 31, 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:** |  |  |  |  |
| **Municipal obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $337539257 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $337539257 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 298250 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 298250 |
| **Total assets** | &nbsp;&nbsp; **$298250** | &nbsp;&nbsp;&nbsp; **$337539257** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$337837507** |

---

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

At December 31, 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

20 \| Allspring California Limited-Term Tax-Free Fund

------

Notes to financial statements (unaudited)

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 | 0.400<br> %<br>|
| Next $500 million | 0.375 |
| Next $2 billion | 0.350 |
| Next $2 billion | 0.325 |
| Next $5 billion | 0.290 |
| Over $10 billion | 0.280 |

---

For the six months ended December 31, 2025, the management fee was equivalent to an annual rate of 0.40% 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 | 0.15<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 October 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 December 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.80<br> %<br>|
| Institutional Class | 0.50 |

---

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 six months ended December 31, 2025, Allspring Funds Distributor received $312 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended December 31, 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.

Allspring California Limited-Term Tax-Free Fund \| 21

------

Notes to financial statements (unaudited)

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 had $25,500,000, $20,200,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the six months ended December 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2025 were $37,154,374 and $30,262,851, 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 six months ended December 31, 2025, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state or territory of the U.S. Therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt fund. As of the end of the period, the Fund's investments were concentrated in the state of California.

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 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 includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

22 \| Allspring California Limited-Term Tax-Free Fund

------

Other information (unaudited)

Other information

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 California Limited-Term Tax-Free 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.

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Not applicable

24 \| Allspring California Limited-Term Tax-Free Fund

------

![](g805823img2b1af6131.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**

![](g805823imgb49a07402.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.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS0033 12-25**

------

![](g805823img894e11841.jpg)

Allspring California Tax-Free Fund

Long Form Financial Statements

Semi-Annual Report

December 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_d3e0051b-6512-4dc0-b961-6166f59d5304_POI-PageBlank-48_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_d3e0051b-6512-4dc0-b961-6166f59d5304_FS-PageBlank-48_1)** |  |
| [Statement of assets and liabilities](#xx_d3e0051b-6512-4dc0-b961-6166f59d5304_FS-PageBlank-48_1) | 11 |
| [Statement of operations](#xx_d3e0051b-6512-4dc0-b961-6166f59d5304_FS-PageBlank-48_2) | 12 |
| [Statement of changes in net assets](#xx_d3e0051b-6512-4dc0-b961-6166f59d5304_FS-PageBlank-48_3) | 13 |
| [Financial highlights](#xx_d3e0051b-6512-4dc0-b961-6166f59d5304_FIHI-PageBlank-48_1) | 14 |
| **[Notes to financial statements](#xx_d3e0051b-6512-4dc0-b961-6166f59d5304_NTF-PageBlank-48_1)** | 17 |
| **[Other information](#xx_d3e0051b-6512-4dc0-b961-6166f59d5304_OI-PageBlank-48_1)** | 22 |
| [Item 8. Changes in and disagreements with accountants](#xx_d3e0051b-6512-4dc0-b961-6166f59d5304_OI-PageBlank-48_2) | 23 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_d3e0051b-6512-4dc0-b961-6166f59d5304_OI-PageBlank-48_2) | 23 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_d3e0051b-6512-4dc0-b961-6166f59d5304_OI-PageBlank-48_2) | 23 |
| [Item 11. Statement regarding basis for board](#xx_d3e0051b-6512-4dc0-b961-6166f59d5304_OI-PageBlank-48_2)['](#xx_d3e0051b-6512-4dc0-b961-6166f59d5304_OI-PageBlank-48_2)[s approval of investment](#xx_d3e0051b-6512-4dc0-b961-6166f59d5304_OI-PageBlank-48_2)<br> [advisory contract](#xx_d3e0051b-6512-4dc0-b961-6166f59d5304_OI-PageBlank-48_2)<br>| 23 |

---

Allspring California Tax-Free Fund \| 1

------

Portfolio of investments—December 31, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Municipal obligations: 98.37%** |  |  |  |  |
| **Alabama: 0.53%** |  |  |  |  |
| **Utilities revenue: 0.53%** |  |  |  |  |
| Black Belt Energy Gas District Series Eøø | 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2055 | $2750000 | &nbsp;&nbsp; $**2940839** |
| **California: 97.43%** |  |  |  |  |
| **Airport revenue: 9.17%** |  |  |  |  |
| &nbsp;&nbsp; Burbank-Glendale-Pasadena Airport Authority Brick Campaign <br> Series B AMT<br>| 5.25 | &nbsp;&nbsp; 7-1-2054 | 5260000 | &nbsp;&nbsp; 5450633 |
| &nbsp;&nbsp; California Municipal Finance Authority LAX Integrated Express <br> Solutions LLC Series A-P3 AMT<br>| 5.00 | &nbsp;&nbsp; 12-31-2043 | 5730000 | &nbsp;&nbsp; 5757128 |
| City of Los Angeles Department of Airports Series A AMT | 5.00 | &nbsp;&nbsp; 5-15-2047 | 5000000 | &nbsp;&nbsp; 5013290 |
| County of Sacramento Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2036 | 900000 | &nbsp;&nbsp; 1009853 |
| County of Sacramento Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2037 | 750000 | &nbsp;&nbsp; 834092 |
| County of Sacramento Airport System Revenue Series C AMT | 5.00 | &nbsp;&nbsp; 7-1-2038 | 3000000 | &nbsp;&nbsp; 3090487 |
| Norman Y Mineta San Jose International Airport SJC Series A AMT | 5.00 | &nbsp;&nbsp; 3-1-2047 | 4000000 | &nbsp;&nbsp; 4004080 |
| Norman Y Mineta San Jose International Airport SJC Series B | 5.00 | &nbsp;&nbsp; 3-1-2042 | 1750000 | &nbsp;&nbsp; 1776173 |
| San Diego County Regional Airport Authority Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2056 | 6040000 | &nbsp;&nbsp; 6104359 |
| &nbsp;&nbsp; San Francisco City & County Airport Commission San Francisco <br> International Airport Series A AMT<br>| 4.00 | &nbsp;&nbsp; 5-1-2052 | 3500000 | &nbsp;&nbsp; 3042685 |
| &nbsp;&nbsp; San Francisco City & County Airport Commission San Francisco <br> International Airport Series A AMT<br>| 5.00 | &nbsp;&nbsp; 5-1-2047 | 7715000 | &nbsp;&nbsp; 7734860 |
| &nbsp;&nbsp; San Francisco City & County Airport Commission San Francisco <br> International Airport Series A AMT<br>| 5.00 | &nbsp;&nbsp; 5-1-2049 | 5000000 | &nbsp;&nbsp; 5030986 |
| &nbsp;&nbsp; San Francisco City & County Airport Commission San Francisco <br> International Airport Series A AMT<br>| 5.25 | &nbsp;&nbsp; 5-1-2049 | 2000000 | &nbsp;&nbsp; 2079965 |
|  |  |  |  | &nbsp;&nbsp; **50928591** |
| **Education revenue: 9.85%** |  |  |  |  |
| &nbsp;&nbsp; California Educational Facilities Authority Loma Linda University <br> Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2042 | 2645000 | &nbsp;&nbsp; 2659977 |
| &nbsp;&nbsp; California Infrastructure & Economic Development Bank Equitable <br> School Revolving Fund LLC Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 11-1-2054 | 1250000 | &nbsp;&nbsp; 1263427 |
| California Municipal Finance Authority Biola University, Inc. | 5.00 | &nbsp;&nbsp; 10-1-2035 | 600000 | &nbsp;&nbsp; 612890 |
| California Municipal Finance Authority Institute of the Arts | 4.00 | &nbsp;&nbsp; 10-1-2046 | 1930000 | &nbsp;&nbsp; 1725589 |
| California Municipal Finance Authority Institute of the Arts | 4.00 | &nbsp;&nbsp; 10-1-2051 | 1150000 | &nbsp;&nbsp; 990707 |
| &nbsp;&nbsp; California Municipal Finance Authority Literacy First Charter School <br> Issuer LLC Series A<br>| 5.00 | &nbsp;&nbsp; 12-1-2039 | 1390000 | &nbsp;&nbsp; 1436291 |
| &nbsp;&nbsp; California Municipal Finance Authority Literacy First Charter School <br> Issuer LLC Series A<br>| 5.00 | &nbsp;&nbsp; 12-1-2049 | 750000 | &nbsp;&nbsp; 752470 |
| California Municipal Finance Authority Samuel Merritt University | 5.25 | &nbsp;&nbsp; 6-1-2053 | 9500000 | &nbsp;&nbsp; 9771607 |
| &nbsp;&nbsp; California Municipal Finance Authority STREAM Charter School <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-15-2041 | 925000 | &nbsp;&nbsp; 896369 |
| &nbsp;&nbsp; California Municipal Finance Authority STREAM Charter School <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-15-2051 | 1390000 | &nbsp;&nbsp; 1246804 |
| &nbsp;&nbsp; California Municipal Finance Authority University of the Pacific <br> Series A<br>| 4.00 | &nbsp;&nbsp; 11-1-2042 | 1600000 | &nbsp;&nbsp; 1596715 |
| &nbsp;&nbsp; California School Finance Authority Alliance for College Ready Public <br> Schools Obligated Group144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2049 | 1000000 | &nbsp;&nbsp; 1016941 |

---

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

2 \| Allspring California Tax-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; California School Finance Authority Aspire Public Schools Obligated <br> Group Series A144A<br>| 4.00<br> %<br>| &nbsp;&nbsp; 8-1-2051 | $775000 | &nbsp;&nbsp; $643474 |
| &nbsp;&nbsp; California School Finance Authority Aspire Public Schools Obligated <br> Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 8-1-2050 | 3540000 | &nbsp;&nbsp; 3410243 |
| &nbsp;&nbsp; California School Finance Authority Bright Star Schools Obligated <br> Group144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2047 | 1000000 | &nbsp;&nbsp; 919795 |
| &nbsp;&nbsp; California School Finance Authority Bright Star Schools Obligated <br> Group144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2054 | 1000000 | &nbsp;&nbsp; 891316 |
| &nbsp;&nbsp; California School Finance Authority Girls Athletic Leadership Schools <br> Los Angeles Series A144A<br>| 4.00 | &nbsp;&nbsp; 6-1-2051 | 905000 | &nbsp;&nbsp; 654012 |
| &nbsp;&nbsp; California School Finance Authority Green Dot Public Schools <br> Obligated Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 8-1-2035 | 2525000 | &nbsp;&nbsp; 2526877 |
| &nbsp;&nbsp; California School Finance Authority Kipp SoCal Public Schools <br> Obligated Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2035 | 1000000 | &nbsp;&nbsp; 1000790 |
| &nbsp;&nbsp; California School Finance Authority Kipp SoCal Public Schools <br> Obligated Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2049 | 1000000 | &nbsp;&nbsp; 996534 |
| &nbsp;&nbsp; California School Finance Authority Lifeline Education Charter <br> School, Inc. Series A144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2045 | 800000 | &nbsp;&nbsp; 769421 |
| &nbsp;&nbsp; California School Finance Authority Magnolia Public Schools <br> Obligated Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2045 | 1700000 | &nbsp;&nbsp; 1692604 |
| &nbsp;&nbsp; California School Finance Authority Rex & Margaret Fortune School of <br> Education Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2044 | 2000000 | &nbsp;&nbsp; 1876611 |
| &nbsp;&nbsp; California School Finance Authority Rocketship Education Obligated <br> Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2036 | 945000 | &nbsp;&nbsp; 945180 |
| &nbsp;&nbsp; California School Finance Authority Rocketship Education Obligated <br> Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2046 | 2100000 | &nbsp;&nbsp; 1962801 |
| California State University Series A | 5.00 | &nbsp;&nbsp; 11-1-2047 | 1000000 | &nbsp;&nbsp; 1013507 |
| California Statewide CDA Baptist University Series A144A | 5.00 | &nbsp;&nbsp; 11-1-2032 | 1135000 | &nbsp;&nbsp; 1155902 |
| California Statewide CDA Baptist University Series A144A | 5.00 | &nbsp;&nbsp; 11-1-2041 | 2875000 | &nbsp;&nbsp; 2880958 |
| Fullerton PFA Marshall B Ketchum University Series A | 4.00 | &nbsp;&nbsp; 2-1-2051 | 2500000 | &nbsp;&nbsp; 2270370 |
| University of California Ltd. Project Series K | 4.00 | &nbsp;&nbsp; 5-15-2046 | 5295000 | &nbsp;&nbsp; 5100708 |
|  |  |  |  | &nbsp;&nbsp; **54680890** |
| **GO revenue: 11.93%** |  |  |  |  |
| Bassett Unified School District Series B (BAM Insured) | 5.00 | &nbsp;&nbsp; 8-1-2027 | 1050000 | &nbsp;&nbsp; 1052163 |
| Cerritos Community College District Series D CAB¤ | 0.00 | &nbsp;&nbsp; 8-1-2033 | 1500000 | &nbsp;&nbsp; 1205588 |
| &nbsp;&nbsp; College of the Sequoias Visalia Area Improvement District No. 2 <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2054 | 4000000 | &nbsp;&nbsp; 4199572 |
| Compton Community College District Series C CAB¤ | 0.00 | &nbsp;&nbsp; 8-1-2035 | 3445000 | &nbsp;&nbsp; 2543350 |
| Delano Joint Union High School District Series B (AG Insured) | 5.75 | &nbsp;&nbsp; 8-1-2035 | 4510000 | &nbsp;&nbsp; 4520923 |
| Long Beach Unified School District Series A | 5.50 | &nbsp;&nbsp; 8-1-2026 | 95000 | &nbsp;&nbsp; 96017 |
| Los Angeles Unified School District Series A | 4.00 | &nbsp;&nbsp; 7-1-2040 | 10000000 | &nbsp;&nbsp; 9999727 |
| Merced Union High School District Series C CAB¤ | 0.00 | &nbsp;&nbsp; 8-1-2032 | 3380000 | &nbsp;&nbsp; 2808163 |
| Paramount Unified School District CAB¤ | 0.00 | &nbsp;&nbsp; 8-1-2033 | 2500000 | &nbsp;&nbsp; 1983963 |
| Pomona Unified School District Series A (NPFGC Insured) | 6.55 | &nbsp;&nbsp; 8-1-2029 | 720000 | &nbsp;&nbsp; 772488 |
| San Diego Unified School District Series I | 4.00 | &nbsp;&nbsp; 7-1-2047 | 2025000 | &nbsp;&nbsp; 1922921 |
| San Gorgonio Memorial Health Care District | 5.00 | &nbsp;&nbsp; 8-1-2032 | 1750000 | &nbsp;&nbsp; 1730373 |
| San Gorgonio Memorial Health Care District | 5.50 | &nbsp;&nbsp; 8-1-2028 | 2525000 | &nbsp;&nbsp; 2525478 |
| San Rafael City High School District Series C | 4.00 | &nbsp;&nbsp; 8-1-2043 | 1500000 | &nbsp;&nbsp; 1481813 |

---

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

Allspring California Tax-Free Fund \| 3

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| Santa Ana Unified School District Series B CAB (AG Insured)¤ | 0.00<br> %<br>| &nbsp;&nbsp; 8-1-2038 | $15000000 | &nbsp;&nbsp; $9606850 |
| Sierra Kings Health Care District | 5.00 | &nbsp;&nbsp; 8-1-2028 | 1000000 | &nbsp;&nbsp; 1001014 |
| Sierra Kings Health Care District | 5.00 | &nbsp;&nbsp; 8-1-2032 | 1500000 | &nbsp;&nbsp; 1501406 |
| Sierra Kings Health Care District | 5.00 | &nbsp;&nbsp; 8-1-2037 | 1750000 | &nbsp;&nbsp; 1750990 |
| State of California | 5.00 | &nbsp;&nbsp; 3-1-2045 | 1000000 | &nbsp;&nbsp; 1085206 |
| State of California | 5.00 | &nbsp;&nbsp; 8-1-2046 | 10000000 | &nbsp;&nbsp; 10060592 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025-XF8079 <br> (Bank of America N.A. LIQ)144Aø<br>| 2.15 | &nbsp;&nbsp; 8-1-2052 | 1000000 | &nbsp;&nbsp; 1000000 |
| Tulare Local Health Care District (BAM Insured) | 4.00 | &nbsp;&nbsp; 8-1-2039 | 1850000 | &nbsp;&nbsp; 1853116 |
| Washington Township Health Care District Series B | 5.50 | &nbsp;&nbsp; 8-1-2038 | 1500000 | &nbsp;&nbsp; 1509879 |
|  |  |  |  | &nbsp;&nbsp; **66211592** |
| **Health revenue: 19.00%** |  |  |  |  |
| &nbsp;&nbsp; California HFFA Adventist Health System/West Obligated Group <br> Series A<br>| 5.25 | &nbsp;&nbsp; 12-1-2044 | 1750000 | &nbsp;&nbsp; 1846156 |
| &nbsp;&nbsp; California HFFA Cedars-Sinai Medical Center Obligated Group <br> Series B<br>| 4.00 | &nbsp;&nbsp; 8-15-2039 | 10500000 | &nbsp;&nbsp; 10500089 |
| California HFFA CommonSpirit Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2054 | 5000000 | &nbsp;&nbsp; 5142510 |
| &nbsp;&nbsp; California HFFA Episcopal Communities & Services for Seniors <br> Obligated Group Series B<br>| 5.25 | &nbsp;&nbsp; 11-15-2053 | 1250000 | &nbsp;&nbsp; 1278334 |
| California HFFA Kaiser Foundation Hospitals Series A-2 | 4.00 | &nbsp;&nbsp; 11-1-2051 | 3000000 | &nbsp;&nbsp; 2689636 |
| &nbsp;&nbsp; California HFFA Lundquist Institute for Biomedical Innovation at <br> Harbor-UCLA Medical Center<br>| 5.00 | &nbsp;&nbsp; 9-1-2048 | 6095000 | &nbsp;&nbsp; 5917267 |
| California HFFA Marshall Medical Center Series A | 4.00 | &nbsp;&nbsp; 11-1-2040 | 1375000 | &nbsp;&nbsp; 1362183 |
| California HFFA On Lok Senior Health Services Obligated Group | 5.00 | &nbsp;&nbsp; 8-1-2040 | 700000 | &nbsp;&nbsp; 726038 |
| California HFFA On Lok Senior Health Services Obligated Group | 5.00 | &nbsp;&nbsp; 8-1-2050 | 1000000 | &nbsp;&nbsp; 1003733 |
| California HFFA Sutter Health Obligated Group Series A | 4.00 | &nbsp;&nbsp; 11-15-2048 | 5000000 | &nbsp;&nbsp; 4540639 |
| California HFFA Sutter Health Obligated Group Series B | 5.00 | &nbsp;&nbsp; 11-15-2046 | 2960000 | &nbsp;&nbsp; 2976019 |
| &nbsp;&nbsp; California Infrastructure & Economic Development Bank Roseville <br> Sustainable Energy Partner LLC Series A<br>| 5.25 | &nbsp;&nbsp; 7-1-2054 | 8945000 | &nbsp;&nbsp; 9091736 |
| &nbsp;&nbsp; California Municipal Finance Authority Community Hospitals of <br> Central California Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 2-1-2051 | 1500000 | &nbsp;&nbsp; 1296622 |
| &nbsp;&nbsp; California Municipal Finance Authority Eisenhower Medical Center <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2047 | 1400000 | &nbsp;&nbsp; 1400501 |
| &nbsp;&nbsp; California Municipal Finance Authority Eskaton Properties, Inc. <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 11-15-2044 | 1500000 | &nbsp;&nbsp; 1533115 |
| &nbsp;&nbsp; California Municipal Finance Authority HumanGood California <br> Obligated Group<br>| 4.00 | &nbsp;&nbsp; 10-1-2049 | 2250000 | &nbsp;&nbsp; 1974691 |
| California Municipal Finance Authority Inland Christian Home, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2039 | 1240000 | &nbsp;&nbsp; 1263641 |
| California Municipal Finance Authority Inland Christian Home, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2049 | 2915000 | &nbsp;&nbsp; 2684805 |
| &nbsp;&nbsp; California Municipal Finance Authority Open Door Community Health <br> Centers<br>| 4.00 | &nbsp;&nbsp; 9-15-2046 | 3300000 | &nbsp;&nbsp; 3083907 |
| &nbsp;&nbsp; California Municipal Finance Authority Palomar Health Obligated <br> Group Series A COP (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 11-1-2052 | 1500000 | &nbsp;&nbsp; 1478861 |
| California Municipal Finance Authority PRS Obligated Group Series A | 5.00 | &nbsp;&nbsp; 4-1-2044 | 1415000 | &nbsp;&nbsp; 1460743 |
| California Municipal Finance Authority PRS Obligated Group Series A | 5.00 | &nbsp;&nbsp; 4-1-2049 | 1300000 | &nbsp;&nbsp; 1314756 |
| California Municipal Finance Authority PRS Obligated Group Series A | 5.00 | &nbsp;&nbsp; 4-1-2054 | 1540000 | &nbsp;&nbsp; 1546668 |
| &nbsp;&nbsp; California Municipal Finance Authority Town & Country Manor of the <br> Christian & Missionary Alliance<br>| 5.00 | &nbsp;&nbsp; 7-1-2049 | 2650000 | &nbsp;&nbsp; 2725601 |

---

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

4 \| Allspring California Tax-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| California PFA Henry Mayo Newhall Hospital Obligated Group | 5.00<br> %<br>| &nbsp;&nbsp; 10-15-2037 | $500000 | &nbsp;&nbsp; $502718 |
| California PFA Henry Mayo Newhall Hospital Obligated Group | 5.00 | &nbsp;&nbsp; 10-15-2047 | 5365000 | &nbsp;&nbsp; 5270865 |
| California PFA Kendal at Sonoma Obligated Group Series A144A | 5.00 | &nbsp;&nbsp; 11-15-2051 | 1255000 | &nbsp;&nbsp; 1115926 |
| California PFA Kendal at Sonoma Obligated Group Series A144A | 5.00 | &nbsp;&nbsp; 11-15-2056 | 1235000 | &nbsp;&nbsp; 1079771 |
| California Statewide CDA 899 Charleston | 5.00 | &nbsp;&nbsp; 11-1-2049 | 2500000 | &nbsp;&nbsp; 2622784 |
| &nbsp;&nbsp; California Statewide CDA Adventist Health System/West Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 3-1-2045 | 2500000 | &nbsp;&nbsp; 2501703 |
| &nbsp;&nbsp; California Statewide CDA Adventist Health System/West Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 3-1-2048 | 5000000 | &nbsp;&nbsp; 5022112 |
| &nbsp;&nbsp; California Statewide CDA Enloe Medical Center Obligated Group <br> Series A (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 8-15-2052 | 2000000 | &nbsp;&nbsp; 2044764 |
| California Statewide CDA John Muir Health Obligated Group Series A | 5.25 | &nbsp;&nbsp; 12-1-2054 | 2000000 | &nbsp;&nbsp; 2100481 |
| &nbsp;&nbsp; California Statewide CDA Loma Linda University Medical Center <br> Obligated Group Series A<br>| 5.25 | &nbsp;&nbsp; 12-1-2044 | 5150000 | &nbsp;&nbsp; 5164830 |
| &nbsp;&nbsp; California Statewide CDA Marin General Hospital Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2036 | 700000 | &nbsp;&nbsp; 717877 |
| &nbsp;&nbsp; California Statewide CDA Marin General Hospital Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2037 | 500000 | &nbsp;&nbsp; 511402 |
| &nbsp;&nbsp; California Statewide CDA Marin General Hospital Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2038 | 450000 | &nbsp;&nbsp; 459129 |
| California Statewide CDA Odd Fellows Home Series A | 4.00 | &nbsp;&nbsp; 4-1-2043 | 1900000 | &nbsp;&nbsp; 1905490 |
| California Statewide CDA Odd Fellows Home Series A | 4.13 | &nbsp;&nbsp; 4-1-2053 | 1000000 | &nbsp;&nbsp; 950301 |
| &nbsp;&nbsp; Regents of the University of California Medical Center Pooled <br> Revenue Series P<br>| 4.00 | &nbsp;&nbsp; 5-15-2053 | 4000000 | &nbsp;&nbsp; 3688562 |
| Washington Township Health Care District Series A | 5.00 | &nbsp;&nbsp; 7-1-2042 | 1000000 | &nbsp;&nbsp; 1002238 |
|  |  |  |  | &nbsp;&nbsp; **105499204** |
| **Housing revenue: 10.17%** |  |  |  |  |
| California Enterprise Development Authority Riverside County | 4.00 | &nbsp;&nbsp; 11-1-2049 | 1900000 | &nbsp;&nbsp; 1763159 |
| California Housing Finance Agency Class A Series 2 | 4.00 | &nbsp;&nbsp; 3-20-2033 | 7361499 | &nbsp;&nbsp; 7543148 |
| &nbsp;&nbsp; California Housing Finance Agency Class A Series 2021-2 (FHLMC <br> Insured)<br>| 3.75 | &nbsp;&nbsp; 3-25-2035 | 131615 | &nbsp;&nbsp; 133263 |
| &nbsp;&nbsp; California Infrastructure & Economic Development Bank South <br> Monterey County Joint Union High School District<br>| 5.75 | &nbsp;&nbsp; 8-15-2029 | 1765000 | &nbsp;&nbsp; 1767178 |
| &nbsp;&nbsp; California Municipal Finance Authority Caritas Corp. CMFA Mobile <br> Home Park Financing 2024 Portfolio Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2049 | 1225000 | &nbsp;&nbsp; 1252890 |
| &nbsp;&nbsp; California Municipal Finance Authority Caritas Corp. CMFA Mobile <br> Home Park Financing 2024 Portfolio Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2054 | 1800000 | &nbsp;&nbsp; 1830402 |
| California Municipal Finance Authority Caritas Projects Series A | 5.00 | &nbsp;&nbsp; 8-15-2029 | 500000 | &nbsp;&nbsp; 515604 |
| California Municipal Finance Authority Caritas Projects Series B | 4.00 | &nbsp;&nbsp; 8-15-2051 | 1340000 | &nbsp;&nbsp; 1134211 |
| California Municipal Finance Authority CHF - Davis I LLC | 5.00 | &nbsp;&nbsp; 5-15-2051 | 6700000 | &nbsp;&nbsp; 6701746 |
| &nbsp;&nbsp; California Municipal Finance Authority CHF - Davis II LLC (BAM <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 5-15-2037 | 700000 | &nbsp;&nbsp; 716889 |
| &nbsp;&nbsp; California Municipal Finance Authority CHF - Davis II LLC (BAM <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 5-15-2038 | 750000 | &nbsp;&nbsp; 765073 |
| &nbsp;&nbsp; California Municipal Finance Authority CHF - Davis II LLC (BAM <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 5-15-2040 | 1100000 | &nbsp;&nbsp; 1108469 |
| California Municipal Finance Authority CHF - Riverside II LLC | 5.00 | &nbsp;&nbsp; 5-15-2052 | 5650000 | &nbsp;&nbsp; 5553730 |
| California Municipal Finance Authority Southwestern Law School | 4.00 | &nbsp;&nbsp; 11-1-2041 | 575000 | &nbsp;&nbsp; 529530 |

---

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

Allspring California Tax-Free Fund \| 5

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; California PFA P3 Irvine SL Holdings LLC Obligated Group <br> Series A144A<br>| 6.20<br> %<br>| &nbsp;&nbsp; 6-1-2044 | $2000000 | &nbsp;&nbsp; $1974670 |
| &nbsp;&nbsp; California Statewide CDA Community Improvement Authority 1818 <br> Platinum Triangle-Anaheim Series B144A<br>| 4.00 | &nbsp;&nbsp; 4-1-2057 | 1000000 | &nbsp;&nbsp; 737278 |
| &nbsp;&nbsp; California Statewide CDA Community Improvement Authority Altana <br> Apartments Series A-2144A<br>| 4.00 | &nbsp;&nbsp; 10-1-2056 | 2000000 | &nbsp;&nbsp; 1671688 |
| &nbsp;&nbsp; California Statewide CDA Community Improvement Authority Theo <br> Apartments Series B144A<br>| 4.00 | &nbsp;&nbsp; 5-1-2057 | 1500000 | &nbsp;&nbsp; 1049741 |
| &nbsp;&nbsp; California Statewide CDA Community Improvement Authority Towne <br> at Glendale Apartments144A<br>| 5.00 | &nbsp;&nbsp; 9-1-2037 | 775000 | &nbsp;&nbsp; 789783 |
| CMFA Special Finance Agency XII Allure Apartments Series A-2144A | 4.38 | &nbsp;&nbsp; 8-1-2049 | 2000000 | &nbsp;&nbsp; 1699096 |
| CMFA Special Finance Agency Latitude33 Series A-2144A | 4.00 | &nbsp;&nbsp; 12-1-2045 | 1500000 | &nbsp;&nbsp; 1118996 |
| Compton PFA144A | 4.00 | &nbsp;&nbsp; 9-1-2027 | 2395000 | &nbsp;&nbsp; 2394970 |
| &nbsp;&nbsp; Fresno Joint Powers Financing Authority Master Lease Projects <br> Series A (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 4-1-2046 | 1225000 | &nbsp;&nbsp; 1180134 |
| &nbsp;&nbsp; Independent Cities Finance Authority Millennium Housing of <br> California<br>| 5.00 | &nbsp;&nbsp; 5-15-2048 | 2000000 | &nbsp;&nbsp; 2018382 |
| Independent Cities Finance Authority San Juan Mobile Estates | 5.00 | &nbsp;&nbsp; 8-15-2030 | 855000 | &nbsp;&nbsp; 856230 |
| &nbsp;&nbsp; Independent Cities Finance Authority Santa Rosa Leisure Mobile <br> Home Park<br>| 5.00 | &nbsp;&nbsp; 8-15-2046 | 1570000 | &nbsp;&nbsp; 1575596 |
| Modesto Irrigation District Electric System Revenue Series A | 5.00 | &nbsp;&nbsp; 10-1-2040 | 3500000 | &nbsp;&nbsp; 3503177 |
| Montclair Financing Authority Public Facilities Projects (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2035 | 2400000 | &nbsp;&nbsp; 2403326 |
| &nbsp;&nbsp; Sacramento City Schools Joint Powers Financing Authority Unified <br> School District Series A (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 3-1-2040 | 2165000 | &nbsp;&nbsp; 2166951 |
|  |  |  |  | &nbsp;&nbsp; **56455310** |
| **Miscellaneous revenue: 6.65%** |  |  |  |  |
| &nbsp;&nbsp; City of Porterville Water Revenue System Financing Project COP (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 8-15-2050 | 1000000 | &nbsp;&nbsp; 953966 |
| City of Upland San Antonio Regional Hospital Obligated Group COP | 5.00 | &nbsp;&nbsp; 1-1-2047 | 1955000 | &nbsp;&nbsp; 1964398 |
| Hayward Unified School District COP | 5.25 | &nbsp;&nbsp; 8-1-2052 | 8000000 | &nbsp;&nbsp; 8074454 |
| &nbsp;&nbsp; Independent Cities Finance Authority City of Compton Sales Tax <br> Revenue (AG Insured)144A<br>| 4.00 | &nbsp;&nbsp; 6-1-2041 | 1700000 | &nbsp;&nbsp; 1722807 |
| &nbsp;&nbsp; Independent Cities Finance Authority City of Compton Sales Tax <br> Revenue (AG Insured)144A<br>| 4.00 | &nbsp;&nbsp; 6-1-2051 | 750000 | &nbsp;&nbsp; 708380 |
| &nbsp;&nbsp; Jefferson Union High School District Teacher & Staff Housing Project <br> COP (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 8-1-2045 | 1400000 | &nbsp;&nbsp; 1353541 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2038 | 2615000 | &nbsp;&nbsp; 2551522 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2041 | 2250000 | &nbsp;&nbsp; 2137423 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2046 | 4395000 | &nbsp;&nbsp; 3941553 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2051 | 2340000 | &nbsp;&nbsp; 2013890 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2025-MIZ9221 (Mizuho Capital <br> Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144Aøø<br>| 3.50 | &nbsp;&nbsp; 12-29-2027 | 3000000 | &nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp; Municipal Water District of Orange County Water Facilities Corp. <br> Series A COP (Bank of America N.A. LOC)ø<br>| 1.65 | &nbsp;&nbsp; 8-1-2042 | 3300000 | &nbsp;&nbsp; 3300000 |
| North Coast County Water District COP (AG Insured) | 4.00 | &nbsp;&nbsp; 10-1-2051 | 1745000 | &nbsp;&nbsp; 1648826 |
| &nbsp;&nbsp; Sutter Butte Flood Control Agency Assessment District (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2040 | 3545000 | &nbsp;&nbsp; 3549258 |
|  |  |  |  | &nbsp;&nbsp; **36920018** |

---

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

6 \| Allspring California Tax-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Resource recovery revenue: 1.70%** |  |  |  |  |
| &nbsp;&nbsp; California Municipal Finance Authority Waste Management, Inc. <br> Series A AMTøø<br>| 3.45<br> %<br>| &nbsp;&nbsp; 10-1-2041 | $7400000 | &nbsp;&nbsp; $7422312 |
| &nbsp;&nbsp; California Municipal Finance Authority Waste Management, Inc. <br> Series B AMTøø<br>| 3.38 | &nbsp;&nbsp; 9-1-2050 | 2000000 | &nbsp;&nbsp; 1988683 |
|  |  |  |  | &nbsp;&nbsp; **9410995** |
| **Tax revenue: 11.06%** |  |  |  |  |
| California Statewide CDA Community Facilities District No. 2017 | 5.00 | &nbsp;&nbsp; 9-1-2048 | 5000000 | &nbsp;&nbsp; 5020749 |
| &nbsp;&nbsp; Chino Community Facilities District No. 2003-3 Improvement Area <br> No. 7<br>| 5.00 | &nbsp;&nbsp; 9-1-2048 | 2500000 | &nbsp;&nbsp; 2522186 |
| Chula Vista Community Facilities District No. 06-1 Area No. 1 | 5.00 | &nbsp;&nbsp; 9-1-2043 | 445000 | &nbsp;&nbsp; 451319 |
| Chula Vista Community Facilities District No. 06-1 Area No. 1 | 5.00 | &nbsp;&nbsp; 9-1-2048 | 895000 | &nbsp;&nbsp; 902496 |
| &nbsp;&nbsp; City & County of San Francisco Community Facilities District No. <br> 2014-1 Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2052 | 1000000 | &nbsp;&nbsp; 1028567 |
| &nbsp;&nbsp; City & County of San Francisco Community Facilities District No. <br> 2016-1 Area No. 1 Series 2021<br>| 4.00 | &nbsp;&nbsp; 9-1-2041 | 1000000 | &nbsp;&nbsp; 933128 |
| &nbsp;&nbsp; City & County of San Francisco Community Facilities District No. <br> 2016-1 Area No. 2 Series A144A<br>| 4.00 | &nbsp;&nbsp; 9-1-2052 | 1750000 | &nbsp;&nbsp; 1494154 |
| &nbsp;&nbsp; City of Belmont Community Facilities District No. 2000-1 Series A <br> (Ambac Insured)<br>| 5.75 | &nbsp;&nbsp; 8-1-2030 | 2730000 | &nbsp;&nbsp; 2972307 |
| City of Fremont Community Facilities District No. 1 | 5.00 | &nbsp;&nbsp; 9-1-2040 | 2700000 | &nbsp;&nbsp; 2702360 |
| &nbsp;&nbsp; Corona Community Facilities District No. 2018-1 Improvement Area <br> No. 1 Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2048 | 1000000 | &nbsp;&nbsp; 1005329 |
| &nbsp;&nbsp; Corona-Norco Unified School District Community Facilities District <br> No. 16-1<br>| 5.00 | &nbsp;&nbsp; 9-1-2048 | 1500000 | &nbsp;&nbsp; 1509204 |
| &nbsp;&nbsp; County of San Bernardino Community Facilities District No. 2006-1 <br> Area No. 6<br>| 5.00 | &nbsp;&nbsp; 9-1-2048 | 1200000 | &nbsp;&nbsp; 1207363 |
| &nbsp;&nbsp; Inglewood Redevelopment Successor Agency Merged <br> Redevelopment Project Series A (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 5-1-2038 | 305000 | &nbsp;&nbsp; 311986 |
| Inland Valley Development Agency Series A | 5.25 | &nbsp;&nbsp; 9-1-2037 | 4000000 | &nbsp;&nbsp; 4030856 |
| Lafayette Redevelopment Successor Agency Project (AG Insured) | 5.00 | &nbsp;&nbsp; 8-1-2033 | 1500000 | &nbsp;&nbsp; 1503393 |
| Lafayette Redevelopment Successor Agency Project (AG Insured) | 5.00 | &nbsp;&nbsp; 8-1-2038 | 1635000 | &nbsp;&nbsp; 1637510 |
| &nbsp;&nbsp; Lancaster Redevelopment Successor Agency Combined <br> Redevelopment Project Areas (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 8-1-2033 | 1200000 | &nbsp;&nbsp; 1216368 |
| Marina Redevelopment Successor Agency Series A | 5.00 | &nbsp;&nbsp; 9-1-2033 | 340000 | &nbsp;&nbsp; 349753 |
| Marina Redevelopment Successor Agency Series A | 5.00 | &nbsp;&nbsp; 9-1-2038 | 400000 | &nbsp;&nbsp; 406968 |
| Marina Redevelopment Successor Agency Series B | 5.00 | &nbsp;&nbsp; 9-1-2033 | 250000 | &nbsp;&nbsp; 257171 |
| Marina Redevelopment Successor Agency Series B | 5.00 | &nbsp;&nbsp; 9-1-2038 | 250000 | &nbsp;&nbsp; 255302 |
| Oakland Redevelopment Successor Agency Series TE (AG Insured) | 5.00 | &nbsp;&nbsp; 9-1-2035 | 2545000 | &nbsp;&nbsp; 2548947 |
| Oakland Redevelopment Successor Agency Series TE (AG Insured) | 5.00 | &nbsp;&nbsp; 9-1-2036 | 4000000 | &nbsp;&nbsp; 4005652 |
| Orange County Community Facilities District No. 2015-1 Series A | 5.25 | &nbsp;&nbsp; 8-15-2045 | 1950000 | &nbsp;&nbsp; 1952321 |
| &nbsp;&nbsp; River Islands PFA Community Facilities District No. 2016-1 (AG <br> Insured)<br>| 5.25 | &nbsp;&nbsp; 9-1-2052 | 2000000 | &nbsp;&nbsp; 2103445 |
| River Islands PFA Community Facilities District No. 2023-1 Area No. 2 | 5.00 | &nbsp;&nbsp; 9-1-2054 | 2500000 | &nbsp;&nbsp; 2481723 |
| Riverside County Community Facilities Districts No. 05-8 | 5.00 | &nbsp;&nbsp; 9-1-2048 | 1600000 | &nbsp;&nbsp; 1615796 |
| &nbsp;&nbsp; Romoland School District Community Facilities District No. 2004-1 <br> Area No. 4<br>| 5.00 | &nbsp;&nbsp; 9-1-2048 | 3000000 | &nbsp;&nbsp; 3030367 |

---

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

Allspring California Tax-Free Fund \| 7

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; San Francisco City & County Redevelopment Successor Agency <br> Mission Bay South Redevelopment Area Tax Increment Financing <br> District Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 8-1-2043 | $2500000 | &nbsp;&nbsp; $2501443 |
| &nbsp;&nbsp; San Francisco City & County Redevelopment Successor Agency <br> Transbay Infrastructure Project Series B (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 8-1-2046 | 1500000 | &nbsp;&nbsp; 1517484 |
| &nbsp;&nbsp; Sonoma Community Development Successor Agency <br> Redevelopment Project (NPFGC Insured)<br>| 5.00 | &nbsp;&nbsp; 6-1-2033 | 1325000 | &nbsp;&nbsp; 1339096 |
| Southern California Logistics Airport Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2038 | 500000 | &nbsp;&nbsp; 582483 |
| Southern California Logistics Airport Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2039 | 500000 | &nbsp;&nbsp; 577816 |
| Southern California Logistics Airport Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2040 | 500000 | &nbsp;&nbsp; 571897 |
| &nbsp;&nbsp; Tejon Ranch Public Facilities Finance Authority Community Facilities <br> District No. 2008-1 Series 2024-A<br>| 5.00 | &nbsp;&nbsp; 9-1-2054 | 1000000 | &nbsp;&nbsp; 1003555 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-XG0484 <br> (BAM Insured) (Royal Bank of Canada LIQ)144Aø<br>| 3.38 | &nbsp;&nbsp; 9-1-2049 | 100000 | &nbsp;&nbsp; 100000 |
| &nbsp;&nbsp; Tracy Community Facilities District No. 2016-01 Improvement Area <br> No. 1<br>| 5.00 | &nbsp;&nbsp; 9-1-2048 | 2750000 | &nbsp;&nbsp; 2766190 |
| Union City Community Redevelopment Successor Agency Series A | 5.00 | &nbsp;&nbsp; 10-1-2036 | 1000000 | &nbsp;&nbsp; 1001444 |
|  |  |  |  | &nbsp;&nbsp; **61418128** |
| **Tobacco revenue: 0.65%** |  |  |  |  |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Los Angeles County <br> Securitization Corp. Series B-2 CAB¤<br>| 0.00 | &nbsp;&nbsp; 6-1-2055 | 14000000 | &nbsp;&nbsp; 2657361 |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Merced County <br> Tobacco Funding Corp. Series B<br>| 5.00 | &nbsp;&nbsp; 6-1-2050 | 1025000 | &nbsp;&nbsp; 956206 |
|  |  |  |  | &nbsp;&nbsp; **3613567** |
| **Transportation revenue: 1.41%** |  |  |  |  |
| Bay Area Toll Authority Series A (Barclays Bank plc LOC)ø | 1.70 | &nbsp;&nbsp; 4-1-2055 | 2000000 | &nbsp;&nbsp; 2000000 |
| Bay Area Toll Authority Series B (Barclays Bank plc LOC)ø | 1.75 | &nbsp;&nbsp; 4-1-2055 | 4000000 | &nbsp;&nbsp; 4000000 |
| Riverside County Transportation Commission Series B-1 | 4.00 | &nbsp;&nbsp; 6-1-2046 | 2000000 | &nbsp;&nbsp; 1812165 |
|  |  |  |  | &nbsp;&nbsp; **7812165** |
| **Utilities revenue: 12.71%** |  |  |  |  |
| &nbsp;&nbsp; California Community Choice Financing Authority Clean Energy <br> Project Series A-1øø<br>| 5.00 | &nbsp;&nbsp; 5-1-2054 | 5000000 | &nbsp;&nbsp; 5358623 |
| &nbsp;&nbsp; California Community Choice Financing Authority Clean Energy <br> Project Series Cøø<br>| 5.00 | &nbsp;&nbsp; 12-1-2055 | 5000000 | &nbsp;&nbsp; 5306950 |
| California Community Choice Financing Authority Series B-1øø | 4.00 | &nbsp;&nbsp; 2-1-2052 | 1345000 | &nbsp;&nbsp; 1363986 |
| California Community Choice Financing Authority Series Cøø | 5.25 | &nbsp;&nbsp; 1-1-2054 | 2500000 | &nbsp;&nbsp; 2656353 |
| California Community Choice Financing Authority Series Døø | 5.00 | &nbsp;&nbsp; 10-1-2055 | 5000000 | &nbsp;&nbsp; 5184383 |
| California Community Choice Financing Authority Series Eøø | 5.00 | &nbsp;&nbsp; 2-1-2055 | 4000000 | &nbsp;&nbsp; 4291631 |
| California Community Choice Financing Authority Series F | 5.00 | &nbsp;&nbsp; 11-1-2033 | 5000000 | &nbsp;&nbsp; 5435464 |
| California Community Choice Financing Authority Series Føø | 5.00 | &nbsp;&nbsp; 2-1-2055 | 2000000 | &nbsp;&nbsp; 2162193 |
| California Community Choice Financing Authority Series Gøø | 5.00 | &nbsp;&nbsp; 11-1-2055 | 4500000 | &nbsp;&nbsp; 4682168 |
| California Community Choice Financing Authority Series Gøø | 5.25 | &nbsp;&nbsp; 11-1-2054 | 5000000 | &nbsp;&nbsp; 5311380 |
| City of Glendale Electric Revenue | 5.00 | &nbsp;&nbsp; 2-1-2054 | 5000000 | &nbsp;&nbsp; 5187880 |
| Imperial Irrigation District Electric System Revenue Series C | 5.00 | &nbsp;&nbsp; 11-1-2038 | 2500000 | &nbsp;&nbsp; 2514675 |
| &nbsp;&nbsp; Los Angeles Department of Water & Power System Revenue Series A <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2042 | 750000 | &nbsp;&nbsp; 815591 |

---

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

8 \| Allspring California Tax-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |
| Los Angeles Department of Water & Power System Revenue Series C | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2054 | $8000000 | &nbsp;&nbsp; $8219032 |
| M-S-R Energy Authority Series B | 7.00 | &nbsp;&nbsp; 11-1-2034 | 4000000 | &nbsp;&nbsp; 4873943 |
| M-S-R Energy Authority Series C | 6.13 | &nbsp;&nbsp; 11-1-2029 | 695000 | &nbsp;&nbsp; 735823 |
| Northern California Energy Authorityøø | 5.00 | &nbsp;&nbsp; 12-1-2054 | 2000000 | &nbsp;&nbsp; 2132095 |
| Redding Joint Powers Financing Authority Series A | 5.00 | &nbsp;&nbsp; 6-1-2032 | 440000 | &nbsp;&nbsp; 440897 |
| San Joaquin Valley Clean Energy Authority Series Aøø | 5.50 | &nbsp;&nbsp; 1-1-2056 | 3000000 | &nbsp;&nbsp; 3386961 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-ZF3207 <br> (Morgan Stanley Bank LIQ)144Aø<br>| 3.57 | &nbsp;&nbsp; 2-1-2054 | 500000 | &nbsp;&nbsp; 500000 |
|  |  |  |  | &nbsp;&nbsp; **70560028** |
| **Water & sewer revenue: 3.13%** |  |  |  |  |
| &nbsp;&nbsp; Adelanto Public Utility Authority Utility System Project Series A (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2039 | 2000000 | &nbsp;&nbsp; 2049057 |
| California PCFA Channelside Water Resources LP AMT144A | 5.00 | &nbsp;&nbsp; 11-21-2045 | 2615000 | &nbsp;&nbsp; 2684804 |
| City of Compton Sewer Revenue | 6.00 | &nbsp;&nbsp; 9-1-2039 | 1775000 | &nbsp;&nbsp; 1813742 |
| City of Tulare Sewer Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 11-15-2041 | 1500000 | &nbsp;&nbsp; 1501680 |
| Florin Resource Conservation District Series A (NPFGC Insured) | 5.00 | &nbsp;&nbsp; 9-1-2032 | 2000000 | &nbsp;&nbsp; 2003470 |
| &nbsp;&nbsp; Los Angeles Department of Water & Power Water System Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2030 | 2000000 | &nbsp;&nbsp; 2151710 |
| &nbsp;&nbsp; Los Angeles Department of Water & Power Water System Revenue <br> Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2035 | 1000000 | &nbsp;&nbsp; 1163487 |
| Merced Irrigation District Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2038 | 4000000 | &nbsp;&nbsp; 4016868 |
|  |  |  |  | &nbsp;&nbsp; **17384818** |
|  |  |  |  | &nbsp;&nbsp; **540895306** |
| **Guam: 0.41%** |  |  |  |  |
| **Miscellaneous revenue: 0.18%** |  |  |  |  |
| Territory of Guam Series F | 4.00 | &nbsp;&nbsp; 1-1-2036 | 1000000 | &nbsp;&nbsp; **1013595** |
| **Water & sewer revenue: 0.23%** |  |  |  |  |
| Guam Government Waterworks Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2050 | 1250000 | &nbsp;&nbsp; **1257324** |
|  |  |  |  | &nbsp;&nbsp; **2270919** |
| **Total municipal obligations (Cost $556,640,586)** |  |  |  | &nbsp;&nbsp; **546107064** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 0.49%** |  |  |  |  |
| **Investment companies: 0.49%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.71 | 2741549 | &nbsp;&nbsp; **2741549** |
| **Total short-term investments (Cost $2,741,549)** |  |  |  | &nbsp;&nbsp; **2741549** |
| **Total investments in securities (Cost $559,382,135)** | 98.86<br> %<br>|  |  | &nbsp;&nbsp; 548848613 |
| Other assets and liabilities, net | 1.14 |  |  | &nbsp;&nbsp; 6301434 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$555150047** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Allspring California Tax-Free Fund \| 9

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | |
|:---|:---|
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| ♠ | 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: |
| AG | Assured Guaranty Incorporation |
| Ambac | Ambac Financial Group Incorporated |
| AMT | Alternative minimum tax |
| BAM | Build America Mutual Assurance Company |
| CAB | Capital appreciation bond |
| CDA | Community Development Authority |
| CHF | Collegiate Housing Foundation |
| COP | Certificate of participation |
| FHLMC | Federal Home Loan Mortgage Corporation |
| GO | General obligation |
| HFFA | Health Facilities Financing Authority |
| LIQ | Liquidity agreement |
| LOC | Letter of credit |
| NPFGC | National Public Finance Guarantee Corporation |
| PCFA | Pollution Control Financing Authority |
| PFA | Public Finance Authority |

---

**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>| $1758369 | $49581124 | $(48597944)<br>| $0 | $0 | $2741549 | 2741549 | $30802 |

---

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

10 \| Allspring California Tax-Free Fund

------

Statement of assets and liabilities—December 31, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $556,640,586) | $546107064 |
| Investments in affiliated securities, at value (cost $2,741,549) | 2741549 |
| Cash | 143278 |
| Receivable for interest | 7237219 |
| Receivable for Fund shares sold | 271426 |
| Receivable for investments sold | 160000 |
| Prepaid expenses and other assets | 50049 |
| **Total assets** | **556710585** |
| Liabilities |  |
| Payable for Fund shares redeemed | 945007 |
| Dividends payable | 284397 |
| Management fee payable | 164872 |
| Administration fees payable | 52845 |
| Shareholder servicing fees payable | 49473 |
| Distribution fee payable | 4270 |
| Trustees' fees and expenses payable | 1721 |
| Accrued expenses and other liabilities | 57953 |
| **Total liabilities** | **1560538** |
| **Total net assets**  | **$555150047** |
| Net assets consist of |  |
| Paid-in capital | $655507220 |
| Total distributable loss | (100357173)<br>|
| **Total net assets** | **$555150047** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $221618268 |
| Shares outstanding–Class A<sup>1</sup> <br>| 21226092 |
| Net asset value per share–Class A | $10.44 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $10.93 |
| Net assets–Class C | $6504384 |
| Shares outstanding–Class C<sup>1</sup> <br>| 610927 |
| Net asset value per share–Class C | $10.65 |
| Net assets–Institutional Class | $327027395 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 31261272 |
| Net asset value per share–Institutional Class | $10.46 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Allspring California Tax-Free Fund \| 11

------

Statement of operations—six months ended December 31, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $11476535 |
| Income from affiliated securities | 30802 |
| **Total investment income** | **11507337** |
| Expenses |  |
| Management fee | 1112088 |
| Administration fees |  |
| Class A | 167657 |
| Class C | 4800 |
| Administrator Class | 9634 <br><sup>1</sup><br>|
| Institutional Class | 123944 |
| Shareholder servicing fees |  |
| Class A | 278582 |
| Class C | 8000 |
| Administrator Class | 23927 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 24001 |
| Custody and accounting fees | 11082 |
| Professional fees | 33210 |
| Registration fees | 38750 |
| Shareholder report expenses | 16531 |
| Trustees' fees and expenses | 5519 |
| Other fees and expenses | 14866 |
| **Total expenses** | **1872591** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (132415)<br>|
| Class A | (61387)<br>|
| Class C | (1631)<br>|
| Institutional Class | (197)<br>|
| **Net expenses** | **1676961** |
| **Net investment income** | **9830376** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | (5249268)<br>|
| Futures contracts | 394549 |
| **Net realized losses on investments**  | **(4854719)**<br>|
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 17861980 |
| Futures contracts | (314389)<br>|
| **Net change in unrealized gains (losses) on investments** | **17547591** |
| **Net realized and unrealized gains (losses) on investments** | **12692872** |
| **Net increase in net assets resulting from operations** | **$22523248** |

---

<sup>1</sup> For the period from July 1, 2025 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.

12 \| Allspring California Tax-Free Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> December 31, 2025<br> (unaudited) | Six months ended<br> December 31, 2025<br> (unaudited) | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $9830376 |  | &nbsp;&nbsp; $21404680 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; (4854719)<br>|  | &nbsp;&nbsp; 97615 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 17547591 |  | &nbsp;&nbsp; (21834873)<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **22523248** |  | &nbsp;&nbsp; **(332578)**<br>|
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (3758009)<br>|  | &nbsp;&nbsp; (8754049)<br>|
| Class C |  | &nbsp;&nbsp; (83506)<br>|  | &nbsp;&nbsp; (169347)<br>|
| Administrator Class |  | &nbsp;&nbsp; (347798 )<sup>1</sup><br>|  | &nbsp;&nbsp; (1935162)<br>|
| Institutional Class |  | &nbsp;&nbsp; (5617447)<br>|  | &nbsp;&nbsp; (10542397)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(9806760)**<br>|  | &nbsp;&nbsp; **(21400955)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 2189070 | &nbsp;&nbsp; 22752838 | &nbsp;&nbsp; 1128958 | &nbsp;&nbsp; 11877628 |
| Class C | 49925 | &nbsp;&nbsp; 521556 | &nbsp;&nbsp; 92660 | &nbsp;&nbsp; 1000238 |
| Administrator Class | 675663 <br><sup>1</sup><br>| &nbsp;&nbsp; 6876764 <br><sup>1</sup><br>| &nbsp;&nbsp; 1044575 | &nbsp;&nbsp; 10965452 |
| Institutional Class | 5907087 | &nbsp;&nbsp; 60878918 | &nbsp;&nbsp; 10290651 | &nbsp;&nbsp; 108070704 |
|  |  | &nbsp;&nbsp; 91030076 |  | &nbsp;&nbsp; 131914022 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 342786 | &nbsp;&nbsp; 3541023 | &nbsp;&nbsp; 787802 | &nbsp;&nbsp; 8295421 |
| Class C | 7877 | &nbsp;&nbsp; 83031 | &nbsp;&nbsp; 15773 | &nbsp;&nbsp; 169192 |
| Administrator Class | 25781 <br><sup>1</sup><br>| &nbsp;&nbsp; 261278 <br><sup>1</sup><br>| &nbsp;&nbsp; 169927 | &nbsp;&nbsp; 1792326 |
| Institutional Class | 423643 | &nbsp;&nbsp; 4391242 | &nbsp;&nbsp; 748031 | &nbsp;&nbsp; 7881593 |
|  |  | &nbsp;&nbsp; 8276574 |  | &nbsp;&nbsp; 18138532 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (3422812)<br>| &nbsp;&nbsp; (35343609)<br>| &nbsp;&nbsp; (7419438)<br>| &nbsp;&nbsp; (78092339)<br>|
| Class C | (31951)<br>| &nbsp;&nbsp; (336235)<br>| &nbsp;&nbsp; (240232)<br>| &nbsp;&nbsp; (2597196)<br>|
| Administrator Class | (812536 )<sup>1</sup><br>| &nbsp;&nbsp; (8238998 )<sup>1</sup><br>| &nbsp;&nbsp; (3505196)<br>| &nbsp;&nbsp; (37061011)<br>|
| Institutional Class | (6410071)<br>| &nbsp;&nbsp; (66139363)<br>| &nbsp;&nbsp; (12188422)<br>| &nbsp;&nbsp; (127699352)<br>|
|  |  | &nbsp;&nbsp; (110058205)<br>|  | &nbsp;&nbsp; (245449898)<br>|
| Share conversions |  |  |  |  |
| Administrator Class | (4457241 )<sup>2</sup><br>| &nbsp;&nbsp; (46335699 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class | 4455613 <br><sup>2</sup><br>| &nbsp;&nbsp; 46335699 <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; **(10751555)**<br>|  | &nbsp;&nbsp; **(95397344)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **1964933** |  | &nbsp;&nbsp; **(117130877)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **553185114** |  | &nbsp;&nbsp; **670315991** |
| **End of period** |  | &nbsp;&nbsp; **$555150047** |  | &nbsp;&nbsp; **$553185114** |

---

<sup>1</sup> For the period from July 1, 2025 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.

Allspring California Tax-Free Fund \| 13

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.20** | &nbsp;&nbsp; **$10.59** | &nbsp;&nbsp; **$10.52** | &nbsp;&nbsp; **$10.65** | &nbsp;&nbsp; **$12.13** | &nbsp;&nbsp; **$11.91** |
| Net investment income | 0.18 <br><sup>1</sup><br>| 0.35 <br><sup>1</sup><br>| 0.35 <br><sup>1</sup><br>| 0.33 | 0.30 | 0.32 |
| Net realized and unrealized gains (losses) on investments | 0.24 | &nbsp;&nbsp; (0.39)<br>| 0.07 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (1.48)<br>| 0.22 |
| Total from investment operations | 0.42 | &nbsp;&nbsp; (0.04)<br>| 0.42 | 0.20 | &nbsp;&nbsp; (1.18)<br>| 0.54 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.32)<br>|
| **Net asset value, end of period** | **$10.44** | &nbsp;&nbsp; **$10.20** | &nbsp;&nbsp; **$10.59** | &nbsp;&nbsp; **$10.52** | &nbsp;&nbsp; **$10.65** | &nbsp;&nbsp; **$12.13** |
| **Total return**<sup>2</sup> <br>| **4.10%**<br>| &nbsp;&nbsp; **(0.41)%**<br>| **4.08%**<br>| **1.90%**<br>| &nbsp;&nbsp; **(9.90)%**<br>| **4.59%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.84<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.81<br> %<br>| 0.81<br> %<br>|
| Net expenses | 0.74<br> %<br>| 0.74<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income | 3.37<br> %<br>| 3.34<br> %<br>| 3.33<br> %<br>| 3.10<br> %<br>| 2.57<br> %<br>| 2.66<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 10<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 9<br> %<br>|
| Net assets, end of period (000s omitted) | $221618 | &nbsp;&nbsp; $225623 | &nbsp;&nbsp; $292433 | &nbsp;&nbsp; $331000 | &nbsp;&nbsp; $412553 | &nbsp;&nbsp; $486668 |

---

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

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

14 \| Allspring California Tax-Free Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class C | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.40** | &nbsp;&nbsp; **$10.80** | &nbsp;&nbsp; **$10.73** | &nbsp;&nbsp; **$10.86** | &nbsp;&nbsp; **$12.37** | &nbsp;&nbsp; **$12.14** |
| Net investment income | 0.14 <br><sup>1</sup><br>| 0.28 <br><sup>1</sup><br>| 0.27 <br><sup>1</sup><br>| 0.26 | 0.22 | 0.24 |
| Net realized and unrealized gains (losses) on investments | 0.25 | &nbsp;&nbsp; (0.40)<br>| 0.07 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.51)<br>| 0.23 |
| Total from investment operations | 0.39 | &nbsp;&nbsp; (0.12)<br>| 0.34 | 0.12 | &nbsp;&nbsp; (1.29)<br>| 0.47 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.14)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Net asset value, end of period** | **$10.65** | &nbsp;&nbsp; **$10.40** | &nbsp;&nbsp; **$10.80** | &nbsp;&nbsp; **$10.73** | &nbsp;&nbsp; **$10.86** | &nbsp;&nbsp; **$12.37** |
| **Total return**<sup>2</sup> <br>| **3.76%**<br>| &nbsp;&nbsp; **(1.19)%**<br>| **3.29%**<br>| **1.16%**<br>| &nbsp;&nbsp; **(10.58)%**<br>| **3.86%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.59<br> %<br>| 1.58<br> %<br>| 1.58<br> %<br>| 1.58<br> %<br>| 1.56<br> %<br>| 1.56<br> %<br>|
| Net expenses | 1.50<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>|
| Net investment income | 2.62<br> %<br>| 2.58<br> %<br>| 2.58<br> %<br>| 2.35<br> %<br>| 1.80<br> %<br>| 1.91<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 10<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 9<br> %<br>|
| Net assets, end of period (000s omitted) | $6504 | &nbsp;&nbsp; $6086 | &nbsp;&nbsp; $7740 | &nbsp;&nbsp; $9864 | &nbsp;&nbsp; $11548 | &nbsp;&nbsp; $19066 |

---

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

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

Allspring California Tax-Free Fund \| 15

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.22** | &nbsp;&nbsp; **$10.61** | &nbsp;&nbsp; **$10.54** | &nbsp;&nbsp; **$10.67** | &nbsp;&nbsp; **$12.16** | &nbsp;&nbsp; **$11.93** |
| Net investment income | 0.19 <br><sup>1</sup><br>| 0.38 <br><sup>1</sup><br>| 0.37 <br><sup>1</sup><br>| 0.36 | 0.33 | 0.35 |
| Net realized and unrealized gains (losses) on investments | 0.24 | &nbsp;&nbsp; (0.39)<br>| 0.08 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (1.49)<br>| 0.23 |
| Total from investment operations | 0.43 | &nbsp;&nbsp; (0.01)<br>| 0.45 | 0.23 | &nbsp;&nbsp; (1.16)<br>| 0.58 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.19)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.35)<br>|
| **Net asset value, end of period** | **$10.46** | &nbsp;&nbsp; **$10.22** | &nbsp;&nbsp; **$10.61** | &nbsp;&nbsp; **$10.54** | &nbsp;&nbsp; **$10.67** | &nbsp;&nbsp; **$12.16** |
| **Total return**<sup>2</sup> <br>| **4.23%**<br>| &nbsp;&nbsp; **(0.14)%**<br>| **4.35%**<br>| **2.18%**<br>| &nbsp;&nbsp; **(9.71)%**<br>| **4.96%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.52<br> %<br>| 0.52<br> %<br>| 0.51<br> %<br>| 0.50<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>|
| Net expenses | 0.48<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>|
| Net investment income | 3.63<br> %<br>| 3.60<br> %<br>| 3.59<br> %<br>| 3.36<br> %<br>| 2.83<br> %<br>| 2.93<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 10<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 9<br> %<br>|
| Net assets, end of period (000s omitted) | $327027 | &nbsp;&nbsp; $274799 | &nbsp;&nbsp; $297410 | &nbsp;&nbsp; $242279 | &nbsp;&nbsp; $304666 | &nbsp;&nbsp; $384108 |

---

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

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

16 \| Allspring California Tax-Free Fund

------

Notes to financial statements (unaudited)

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 California Tax-Free 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.

Futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates 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.

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.

Allspring California Tax-Free Fund \| 17

------

Notes to financial statements (unaudited)

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. 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 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 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 December 31, 2025, the aggregate cost of all investments for federal income tax purposes was $559,802,530 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $7527538 |
| Gross unrealized losses | &nbsp;&nbsp; (18481455)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(10953917)**<br>|

---

As of June 30, 2025, the Fund had capital loss carryforwards which consisted of $48,349,052 in short-term capital losses and $36,222,366 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;

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 December 31, 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:** |  |  |  |  |
| **Municipal obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $546107064 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $546107064 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 2741549 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2741549 |
| **Total assets** | &nbsp;&nbsp; **$2741549** | &nbsp;&nbsp;&nbsp; **$546107064** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$548848613** |

---

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

18 \| Allspring California Tax-Free Fund

------

Notes to financial statements (unaudited)

At December 31, 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 | 0.400<br> %<br>|
| Next $500 million | 0.375 |
| Next $2 billion | 0.350 |
| Next $2 billion | 0.325 |
| Next $5 billion | 0.290 |
| Over $10 billion | 0.280 |

---

For the six months ended December 31, 2025, the management fee was equivalent to an annual rate of 0.40% 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 | 0.15<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 October 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 December 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.75<br> %<br>|
| Class C | 1.50 |
| Institutional Class | 0.48 |

---

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 California Tax-Free Fund \| 19

------

Notes to financial statements (unaudited)

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended December 31, 2025, Allspring Funds Distributor received $2,276 from the sale of Class A shares and $443 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended December 31, 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 had $25,600,000, $34,500,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the six months ended December 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2025 were $50,720,874 and $67,326,366, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended December 31, 2025, the Fund entered into futures contracts as a tactical move to take advantage of dislocation in the market. The Fund had an average notional amount of $7,900,145 in long futures contracts during the six months ended December 31, 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.

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 six months ended December 31, 2025, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state or territory of the U.S. Therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt fund. As of the end of the period, the Fund's investments were concentrated in the state of California.

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 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

20 \| Allspring California Tax-Free Fund

------

Notes to financial statements (unaudited)

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 includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

Allspring California Tax-Free Fund \| 21

------

Other information (unaudited)

Other information

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 California Tax-Free 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.

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Not applicable

Allspring California Tax-Free Fund \| 23

------

*This page is intentionally left blank.*

------

![](g805823img894e11841.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**

![](g805823img5aa525a62.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.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS0032 12-25**

------

![](g805823imgebf5f4861.jpg)

Allspring Minnesota Tax-Free Fund

Long Form Financial Statements

Semi-Annual Report

December 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_06aee529-86c8-429c-8245-6fd5249e1925_POI-PageBlank-49_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_06aee529-86c8-429c-8245-6fd5249e1925_FS-PageBlank-49_1)** |  |
| [Statement of assets and liabilities](#xx_06aee529-86c8-429c-8245-6fd5249e1925_FS-PageBlank-49_1) | 9 |
| [Statement of operations](#xx_06aee529-86c8-429c-8245-6fd5249e1925_FS-PageBlank-49_2) | 10 |
| [Statement of changes in net assets](#xx_06aee529-86c8-429c-8245-6fd5249e1925_FS-PageBlank-49_3) | 11 |
| [Financial highlights](#xx_06aee529-86c8-429c-8245-6fd5249e1925_FIHI-PageBlank-49_1) | 13 |
| **[Notes to financial statements](#xx_06aee529-86c8-429c-8245-6fd5249e1925_NTF-PageBlank-49_1)** | 15 |
| **[Other information](#xx_06aee529-86c8-429c-8245-6fd5249e1925_OI-PageBlank-49_1)** | 19 |
| [Item 8. Changes in and disagreements with accountants](#xx_06aee529-86c8-429c-8245-6fd5249e1925_OI-PageBlank-49_2) | 20 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_06aee529-86c8-429c-8245-6fd5249e1925_OI-PageBlank-49_2) | 20 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_06aee529-86c8-429c-8245-6fd5249e1925_OI-PageBlank-49_2) | 20 |
| [Item 11. Statement regarding basis for board](#xx_06aee529-86c8-429c-8245-6fd5249e1925_OI-PageBlank-49_2)['](#xx_06aee529-86c8-429c-8245-6fd5249e1925_OI-PageBlank-49_2)[s approval of investment](#xx_06aee529-86c8-429c-8245-6fd5249e1925_OI-PageBlank-49_2)<br> [advisory contract](#xx_06aee529-86c8-429c-8245-6fd5249e1925_OI-PageBlank-49_2)<br>| 20 |

---

Allspring Minnesota Tax-Free Fund \| 1

------

Portfolio of investments—December 31, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Municipal obligations: 98.43%** |  |  |  |  |
| **California: 0.59%** |  |  |  |  |
| **Utilities revenue: 0.59%** |  |  |  |  |
| &nbsp;&nbsp; California Community Choice Financing Authority Clean Energy Project <br> Series Cøø<br>| 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2055 | $1000000 | &nbsp;&nbsp; $**1061390** |
| **Guam: 2.98%** |  |  |  |  |
| **Airport revenue: 0.47%** |  |  |  |  |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.25 | &nbsp;&nbsp; 10-1-2038 | 200000 | &nbsp;&nbsp; 217502 |
| Antonio B Won Pat International Airport Authority Series B | 5.00 | &nbsp;&nbsp; 10-1-2028 | 100000 | &nbsp;&nbsp; 104132 |
| Antonio B Won Pat International Airport Authority Series B | 5.00 | &nbsp;&nbsp; 10-1-2029 | 225000 | &nbsp;&nbsp; 237635 |
| Port Authority of Guam Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2031 | 285000 | &nbsp;&nbsp; 294604 |
|  |  |  |  | &nbsp;&nbsp; **853873** |
| **Miscellaneous revenue: 0.31%** |  |  |  |  |
| Territory of Guam Series G | 5.00 | &nbsp;&nbsp; 1-1-2035 | 500000 | &nbsp;&nbsp; **561363** |
| **Utilities revenue: 0.42%** |  |  |  |  |
| Guam Power Authority Series A | 5.00 | &nbsp;&nbsp; 10-1-2042 | 250000 | &nbsp;&nbsp; 261497 |
| Guam Power Authority Series A | 5.00 | &nbsp;&nbsp; 10-1-2043 | 230000 | &nbsp;&nbsp; 238404 |
| Guam Power Authority Series A | 5.00 | &nbsp;&nbsp; 10-1-2044 | 250000 | &nbsp;&nbsp; 257368 |
|  |  |  |  | &nbsp;&nbsp; **757269** |
| **Water & sewer revenue: 1.78%** |  |  |  |  |
| Guam Government Waterworks Authority | 5.00 | &nbsp;&nbsp; 1-1-2046 | 1500000 | &nbsp;&nbsp; 1500698 |
| &nbsp;&nbsp; Guam Government Waterworks Authority Water & Wastewater System <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2044 | 885000 | &nbsp;&nbsp; 913060 |
| &nbsp;&nbsp; Guam Government Waterworks Authority Water & Wastewater System <br> Series A<br>| 5.50 | &nbsp;&nbsp; 7-1-2043 | 750000 | &nbsp;&nbsp; 811478 |
|  |  |  |  | &nbsp;&nbsp; **3225236** |
|  |  |  |  | &nbsp;&nbsp; **5397741** |
| **Kentucky: 0.59%** |  |  |  |  |
| **Utilities revenue: 0.59%** |  |  |  |  |
| Kentucky Public Energy Authority Series C | 5.00 | &nbsp;&nbsp; 5-1-2036 | 1000000 | &nbsp;&nbsp; **1062045** |
| **Minnesota: 94.23%** |  |  |  |  |
| **Airport revenue: 2.49%** |  |  |  |  |
| Minneapolis-St. Paul Metropolitan Airports Commission Series A | 5.00 | &nbsp;&nbsp; 1-1-2031 | 485000 | &nbsp;&nbsp; 495539 |
| Minneapolis-St. Paul Metropolitan Airports Commission Series A | 5.00 | &nbsp;&nbsp; 1-1-2052 | 2250000 | &nbsp;&nbsp; 2298229 |
| &nbsp;&nbsp; Minneapolis-St. Paul Metropolitan Airports Commission Series A (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 1-1-2054 | 500000 | &nbsp;&nbsp; 457663 |
| Minneapolis-St. Paul Metropolitan Airports Commission Series C | 5.00 | &nbsp;&nbsp; 1-1-2046 | 1000000 | &nbsp;&nbsp; 1006264 |
| Minneapolis-St. Paul Metropolitan Airports Commission Series D AMT | 5.00 | &nbsp;&nbsp; 1-1-2041 | 250000 | &nbsp;&nbsp; 251707 |
|  |  |  |  | &nbsp;&nbsp; **4509402** |
| **Education revenue: 16.59%** |  |  |  |  |
| City of Cologne Academy Series A | 5.00 | &nbsp;&nbsp; 7-1-2029 | 485000 | &nbsp;&nbsp; 485213 |
| City of Cologne Academy Series A | 5.00 | &nbsp;&nbsp; 7-1-2034 | 500000 | &nbsp;&nbsp; 500123 |
| City of Columbus New Millennium Academy Series A | 5.50 | &nbsp;&nbsp; 7-1-2030 | 1000000 | &nbsp;&nbsp; 1000099 |

---

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

2 \| Allspring Minnesota Tax-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| City of Deephaven Eagle Ridge Academy Series A | 4.00<br> %<br>| &nbsp;&nbsp; 7-1-2026 | $100000 | &nbsp;&nbsp; $99960 |
| City of Deephaven Eagle Ridge Academy Series A | 4.00 | &nbsp;&nbsp; 7-1-2027 | 100000 | &nbsp;&nbsp; 99998 |
| City of Deephaven Eagle Ridge Academy Series A | 5.25 | &nbsp;&nbsp; 7-1-2037 | 400000 | &nbsp;&nbsp; 400255 |
| City of Deephaven Eagle Ridge Academy Series A | 5.25 | &nbsp;&nbsp; 7-1-2040 | 500000 | &nbsp;&nbsp; 500198 |
| City of Forest Lake International Language Academy Series A | 5.50 | &nbsp;&nbsp; 8-1-2036 | 500000 | &nbsp;&nbsp; 500364 |
| City of Ham Lake DaVinci Academy of Arts & Science Series A | 4.00 | &nbsp;&nbsp; 7-1-2028 | 330000 | &nbsp;&nbsp; 325264 |
| City of Ham Lake DaVinci Academy of Arts & Science Series A | 5.00 | &nbsp;&nbsp; 7-1-2031 | 625000 | &nbsp;&nbsp; 626029 |
| City of Hugo Noble Academy Series A | 5.00 | &nbsp;&nbsp; 7-1-2029 | 490000 | &nbsp;&nbsp; 490242 |
| City of Minneapolis Northeast College Prep Series A | 5.00 | &nbsp;&nbsp; 7-1-2055 | 700000 | &nbsp;&nbsp; 517082 |
| City of Otsego Kaleidoscope Charter School Series A | 5.00 | &nbsp;&nbsp; 9-1-2034 | 1015000 | &nbsp;&nbsp; 1007211 |
| City of Ramsey PACT Charter School Series A | 5.00 | &nbsp;&nbsp; 6-1-2032 | 1000000 | &nbsp;&nbsp; 1011857 |
| City of St. Cloud Athlos Academy Series A144A† | 5.25 | &nbsp;&nbsp; 6-1-2032 | 355000 | &nbsp;&nbsp; 262700 |
| City of St. Cloud STRIDE Academy Series A | 5.00 | &nbsp;&nbsp; 4-1-2036 | 750000 | &nbsp;&nbsp; 699964 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota Conservatory for <br> Performing Artists Series A<br>| 4.00 | &nbsp;&nbsp; 3-1-2028 | 95000 | &nbsp;&nbsp; 92360 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota Hmong College Prep <br> Academy Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2026 | 205000 | &nbsp;&nbsp; 205851 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota Hmong College Prep <br> Academy Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2055 | 400000 | &nbsp;&nbsp; 364055 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota Hmong College Prep <br> Academy Series A<br>| 5.25 | &nbsp;&nbsp; 9-1-2031 | 1000000 | &nbsp;&nbsp; 1007847 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota Hope Community <br> Academy Series A<br>| 5.00 | &nbsp;&nbsp; 12-1-2034 | 1645000 | &nbsp;&nbsp; 1522881 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota Twin Cities German <br> Immersion School<br>| 5.00 | &nbsp;&nbsp; 7-1-2055 | 750000 | &nbsp;&nbsp; 661475 |
| Minnesota HEFA Carleton College | 5.00 | &nbsp;&nbsp; 3-1-2053 | 1500000 | &nbsp;&nbsp; 1562341 |
| Minnesota HEFA College of St. Benedict | 4.00 | &nbsp;&nbsp; 3-1-2036 | 410000 | &nbsp;&nbsp; 398254 |
| Minnesota HEFA College of St. Scholastica, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2040 | 1000000 | &nbsp;&nbsp; 895797 |
| Minnesota HEFA College of St. Scholastica, Inc. Series 7R | 4.25 | &nbsp;&nbsp; 12-1-2027 | 175000 | &nbsp;&nbsp; 175016 |
| Minnesota HEFA Hamline University Series B | 5.00 | &nbsp;&nbsp; 10-1-2035 | 1000000 | &nbsp;&nbsp; 1006381 |
| Minnesota HEFA St. Catherine University Series A | 5.00 | &nbsp;&nbsp; 10-1-2045 | 2000000 | &nbsp;&nbsp; 1947152 |
| Minnesota HEFA St. John's University | 4.00 | &nbsp;&nbsp; 10-1-2034 | 200000 | &nbsp;&nbsp; 205970 |
| Minnesota HEFA St. John's University | 4.00 | &nbsp;&nbsp; 10-1-2035 | 170000 | &nbsp;&nbsp; 174326 |
| Minnesota HEFA St. John's University | 4.00 | &nbsp;&nbsp; 10-1-2039 | 200000 | &nbsp;&nbsp; 201442 |
| Minnesota HEFA St. John's University | 4.00 | &nbsp;&nbsp; 10-1-2040 | 355000 | &nbsp;&nbsp; 356619 |
| Minnesota HEFA St. Olaf College | 4.00 | &nbsp;&nbsp; 10-1-2046 | 2750000 | &nbsp;&nbsp; 2558255 |
| Minnesota HEFA University of St. Thomas/Minneapolis | 4.00 | &nbsp;&nbsp; 10-1-2041 | 515000 | &nbsp;&nbsp; 510606 |
| Minnesota HEFA University of St. Thomas/Minneapolis | 5.00 | &nbsp;&nbsp; 10-1-2040 | 750000 | &nbsp;&nbsp; 785178 |
| Minnesota HEFA University of St. Thomas/Minneapolis Series 8-L | 5.00 | &nbsp;&nbsp; 4-1-2035 | 750000 | &nbsp;&nbsp; 753665 |
| Minnesota HEFA University of St. Thomas/Minneapolis Series A | 5.00 | &nbsp;&nbsp; 10-1-2026 | 295000 | &nbsp;&nbsp; 299617 |
| Minnesota HEFA University of St. Thomas/Minneapolis Series A | 5.00 | &nbsp;&nbsp; 10-1-2052 | 1000000 | &nbsp;&nbsp; 1016112 |
| Minnesota HEFA University of St. Thomas/Minneapolis Series B | 5.00 | &nbsp;&nbsp; 10-1-2036 | 775000 | &nbsp;&nbsp; 832722 |
| Minnesota Office of Higher Education AMT | 4.00 | &nbsp;&nbsp; 11-1-2037 | 595000 | &nbsp;&nbsp; 595268 |
| Minnesota Office of Higher Education AMT | 5.00 | &nbsp;&nbsp; 11-1-2026 | 700000 | &nbsp;&nbsp; 709025 |
| Minnesota Office of Higher Education AMT | 5.00 | &nbsp;&nbsp; 11-1-2027 | 500000 | &nbsp;&nbsp; 513645 |
| Minnesota Office of Higher Education AMT | 5.00 | &nbsp;&nbsp; 11-1-2033 | 1000000 | &nbsp;&nbsp; 1072335 |

---

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

Allspring Minnesota Tax-Free Fund \| 3

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| University of Minnesota Series A | 5.00<br> %<br>| &nbsp;&nbsp; 4-1-2034 | $270000 | &nbsp;&nbsp; $287921 |
| University of Minnesota Series A | 5.00 | &nbsp;&nbsp; 9-1-2042 | 770000 | &nbsp;&nbsp; 785748 |
|  |  |  |  | &nbsp;&nbsp; **30024423** |
| **GO revenue: 24.43%** |  |  |  |  |
| Alexandria Lake Area Sanitation District (AG Insured) | 4.13 | &nbsp;&nbsp; 2-1-2044 | 325000 | &nbsp;&nbsp; 317332 |
| Becker Independent School District No. 726 Series B | 4.00 | &nbsp;&nbsp; 2-1-2026 | 100000 | &nbsp;&nbsp; 100100 |
| Brainerd Independent School District No. 181 Series A | 4.00 | &nbsp;&nbsp; 2-1-2039 | 2000000 | &nbsp;&nbsp; 2009547 |
| Brainerd Independent School District No. 181 Series A | 4.00 | &nbsp;&nbsp; 2-1-2042 | 2060000 | &nbsp;&nbsp; 2063928 |
| Brainerd Independent School District No. 181 Series A | 4.00 | &nbsp;&nbsp; 2-1-2043 | 225000 | &nbsp;&nbsp; 225129 |
| Canby Independent School District No. 891 Series A | 4.00 | &nbsp;&nbsp; 2-1-2043 | 1320000 | &nbsp;&nbsp; 1329515 |
| Chisholm Independent School District No. 695 Series A | 6.00 | &nbsp;&nbsp; 2-1-2029 | 500000 | &nbsp;&nbsp; 552397 |
| Chisholm Independent School District No. 695 Series A | 6.00 | &nbsp;&nbsp; 2-1-2030 | 750000 | &nbsp;&nbsp; 852995 |
| City of Chaska Series C | 5.00 | &nbsp;&nbsp; 2-1-2030 | 230000 | &nbsp;&nbsp; 251301 |
| City of Elk River Series A | 3.00 | &nbsp;&nbsp; 12-1-2044 | 2000000 | &nbsp;&nbsp; 1619813 |
| City of Virginia Series A | 5.00 | &nbsp;&nbsp; 2-1-2032 | 405000 | &nbsp;&nbsp; 423371 |
| City of Waite Park Series A | 5.00 | &nbsp;&nbsp; 12-15-2050 | 1675000 | &nbsp;&nbsp; 1750214 |
| County of Hennepin Series A | 5.00 | &nbsp;&nbsp; 12-1-2033 | 160000 | &nbsp;&nbsp; 167140 |
| County of Hennepin Series A | 5.00 | &nbsp;&nbsp; 12-1-2037 | 910000 | &nbsp;&nbsp; 942851 |
| County of Hennepin Series A | 5.00 | &nbsp;&nbsp; 12-1-2041 | 2610000 | &nbsp;&nbsp; 2809481 |
| County of Hennepin Series A | 5.00 | &nbsp;&nbsp; 12-1-2043 | 1500000 | &nbsp;&nbsp; 1626750 |
| County of Hennepin Series B | 5.00 | &nbsp;&nbsp; 12-1-2029 | 450000 | &nbsp;&nbsp; 459002 |
| County of Rice Series A | 4.00 | &nbsp;&nbsp; 2-1-2048 | 1500000 | &nbsp;&nbsp; 1449885 |
| Duluth Independent School District No. 709 Series C CAB¤ | 0.00 | &nbsp;&nbsp; 2-1-2033 | 1075000 | &nbsp;&nbsp; 831902 |
| Gibbon Independent School District No. 2365 Series A | 5.00 | &nbsp;&nbsp; 2-1-2041 | 300000 | &nbsp;&nbsp; 321771 |
| Gibbon Independent School District No. 2365 Series A | 5.00 | &nbsp;&nbsp; 2-1-2048 | 1700000 | &nbsp;&nbsp; 1763547 |
| Goodridge Independent School District No. 561 Series A | 4.00 | &nbsp;&nbsp; 2-1-2042 | 550000 | &nbsp;&nbsp; 554004 |
| Hastings Independent School District No. 200 Series A CAB¤ | 0.00 | &nbsp;&nbsp; 2-1-2032 | 1305000 | &nbsp;&nbsp; 1049438 |
| Hastings Independent School District No. 200 Series A CAB¤ | 0.00 | &nbsp;&nbsp; 2-1-2033 | 1145000 | &nbsp;&nbsp; 883612 |
| Hawley Independent School District No. 150 Series A | 5.00 | &nbsp;&nbsp; 2-1-2040 | 750000 | &nbsp;&nbsp; 790439 |
| Hawley Independent School District No. 150 Series A | 5.00 | &nbsp;&nbsp; 2-1-2041 | 440000 | &nbsp;&nbsp; 461116 |
| Hopkins Independent School District No. 270 Series A | 4.00 | &nbsp;&nbsp; 2-1-2031 | 170000 | &nbsp;&nbsp; 172945 |
| Jordan Independent School District No. 717 Series A | 5.00 | &nbsp;&nbsp; 2-1-2035 | 150000 | &nbsp;&nbsp; 165190 |
| Jordan Independent School District No. 717 Series A | 5.00 | &nbsp;&nbsp; 2-1-2039 | 500000 | &nbsp;&nbsp; 535954 |
| Marshall County Independent School District No. 441 Series A | 5.00 | &nbsp;&nbsp; 2-1-2037 | 250000 | &nbsp;&nbsp; 273246 |
| Marshall County Independent School District No. 441 Series A | 5.00 | &nbsp;&nbsp; 2-1-2038 | 250000 | &nbsp;&nbsp; 269809 |
| Minneapolis Special School District No. 1 Series A | 4.00 | &nbsp;&nbsp; 2-1-2040 | 1150000 | &nbsp;&nbsp; 1168418 |
| Nashwauk Keewatin Independent School District No. 319 Series A | 4.00 | &nbsp;&nbsp; 2-1-2042 | 320000 | &nbsp;&nbsp; 323294 |
| Nashwauk Keewatin Independent School District No. 319 Series A | 4.00 | &nbsp;&nbsp; 2-1-2043 | 785000 | &nbsp;&nbsp; 789217 |
| &nbsp;&nbsp; Red Lake County Central Independent School District No. 2906 <br> Series A<br>| 5.00 | &nbsp;&nbsp; 2-1-2033 | 310000 | &nbsp;&nbsp; 353423 |
| Rock Ridge Independent School District No. 2909 Series A | 5.00 | &nbsp;&nbsp; 2-1-2035 | 405000 | &nbsp;&nbsp; 451961 |
| Sartell-St. Stephen Independent School District No. 748 Series A | 5.00 | &nbsp;&nbsp; 2-1-2027 | 200000 | &nbsp;&nbsp; 200367 |
| &nbsp;&nbsp; South Washington County Independent School District No. 833 <br> Series A<br>| 4.00 | &nbsp;&nbsp; 2-1-2043 | 1680000 | &nbsp;&nbsp; 1680682 |
| State of Minnesota Series A | 5.00 | &nbsp;&nbsp; 8-1-2034 | 2190000 | &nbsp;&nbsp; 2217814 |
| State of Minnesota Series A | 5.00 | &nbsp;&nbsp; 8-1-2035 | 1000000 | &nbsp;&nbsp; 1096522 |
| State of Minnesota Series A | 5.00 | &nbsp;&nbsp; 8-1-2039 | 1750000 | &nbsp;&nbsp; 1884220 |

---

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

4 \| Allspring Minnesota Tax-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| State of Minnesota Series A | 5.00<br> %<br>| &nbsp;&nbsp; 8-1-2041 | $1785000 | &nbsp;&nbsp; $1964216 |
| State of Minnesota Series B | 4.00 | &nbsp;&nbsp; 8-1-2031 | 250000 | &nbsp;&nbsp; 258731 |
| State of Minnesota Series B | 4.00 | &nbsp;&nbsp; 8-1-2043 | 1000000 | &nbsp;&nbsp; 998681 |
| State of Minnesota Series B | 4.00 | &nbsp;&nbsp; 8-1-2044 | 1500000 | &nbsp;&nbsp; 1475730 |
| State of Minnesota Series B | 5.00 | &nbsp;&nbsp; 8-1-2028 | 250000 | &nbsp;&nbsp; 265867 |
| Stillwater Independent School District No. 834 Series A | 5.00 | &nbsp;&nbsp; 2-1-2040 | 1000000 | &nbsp;&nbsp; 1084425 |
| Worthington Independent School District No. 518 Series A | 4.00 | &nbsp;&nbsp; 2-1-2030 | 440000 | &nbsp;&nbsp; 440538 |
| Worthington Independent School District No. 518 Series A | 4.00 | &nbsp;&nbsp; 2-1-2032 | 530000 | &nbsp;&nbsp; 530629 |
|  |  |  |  | &nbsp;&nbsp; **44208459** |
| **Health revenue: 18.25%** |  |  |  |  |
| City of Center City Hazelden Betty Ford Foundation Series 2025B | 5.00 | &nbsp;&nbsp; 11-1-2047 | 1500000 | &nbsp;&nbsp; 1526067 |
| City of Maple Grove Hospital Corp. | 5.00 | &nbsp;&nbsp; 5-1-2030 | 850000 | &nbsp;&nbsp; 863087 |
| City of Maple Grove Hospital Corp. | 5.00 | &nbsp;&nbsp; 5-1-2031 | 500000 | &nbsp;&nbsp; 507410 |
| City of Maple Grove Hospital Corp. | 5.00 | &nbsp;&nbsp; 5-1-2032 | 725000 | &nbsp;&nbsp; 735216 |
| City of Minneapolis Allina Health Obligated Group | 4.00 | &nbsp;&nbsp; 11-15-2038 | 975000 | &nbsp;&nbsp; 979298 |
| City of Minneapolis Allina Health Obligated Group Series Bøø | 5.00 | &nbsp;&nbsp; 11-15-2053 | 1000000 | &nbsp;&nbsp; 1086215 |
| City of Minneapolis Fairview Health Services Obligated Group Series A | 5.00 | &nbsp;&nbsp; 11-15-2033 | 2000000 | &nbsp;&nbsp; 2001365 |
| City of Minneapolis Fairview Health Services Obligated Group Series A | 5.00 | &nbsp;&nbsp; 11-15-2035 | 390000 | &nbsp;&nbsp; 403243 |
| City of Minneapolis Fairview Health Services Obligated Group Series A | 5.00 | &nbsp;&nbsp; 11-15-2036 | 1100000 | &nbsp;&nbsp; 1133822 |
| City of Minneapolis Fairview Health Services Obligated Group Series A | 5.00 | &nbsp;&nbsp; 11-15-2049 | 1000000 | &nbsp;&nbsp; 973353 |
| City of Plato Glencoe Regional Health Services | 5.00 | &nbsp;&nbsp; 4-1-2041 | 550000 | &nbsp;&nbsp; 551771 |
| City of Rochester Mayo Clinic | 5.00 | &nbsp;&nbsp; 11-15-2057 | 4500000 | &nbsp;&nbsp; 4613468 |
| City of St. Cloud CentraCare Health System Obligated Group | 4.00 | &nbsp;&nbsp; 5-1-2050 | 3235000 | &nbsp;&nbsp; 2881603 |
| City of St. Cloud CentraCare Health System Obligated Group | 5.00 | &nbsp;&nbsp; 5-1-2048 | 1500000 | &nbsp;&nbsp; 1518117 |
| City of St. Cloud CentraCare Health System Obligated Group | 5.00 | &nbsp;&nbsp; 5-1-2054 | 550000 | &nbsp;&nbsp; 560414 |
| City of St. Cloud CentraCare Health System Obligated Group Series A | 5.00 | &nbsp;&nbsp; 5-1-2028 | 300000 | &nbsp;&nbsp; 302199 |
| City of Wadena Astera Health Series A | 5.00 | &nbsp;&nbsp; 12-1-2045 | 2900000 | &nbsp;&nbsp; 3005491 |
| Duluth EDA Essentia Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 2-15-2048 | 650000 | &nbsp;&nbsp; 655572 |
| Duluth EDA Essentia Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 2-15-2058 | 1450000 | &nbsp;&nbsp; 1458944 |
| Duluth EDA Essentia Health Obligated Group Series A | 5.25 | &nbsp;&nbsp; 2-15-2053 | 2500000 | &nbsp;&nbsp; 2514802 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota Fairview Health <br> Services Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2034 | 565000 | &nbsp;&nbsp; 579169 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota Fairview Health <br> Services Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2047 | 500000 | &nbsp;&nbsp; 489288 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota HealthPartners <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 7-1-2033 | 1500000 | &nbsp;&nbsp; 1682897 |
| &nbsp;&nbsp; Minnesota Agricultural & Economic Development Board <br> HealthPartners Obligated Group<br>| 5.25 | &nbsp;&nbsp; 1-1-2047 | 1500000 | &nbsp;&nbsp; 1567444 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XF1876 (Bank <br> of America N.A. LIQ)144Aø<br>| 3.35 | &nbsp;&nbsp; 11-15-2053 | 435000 | &nbsp;&nbsp; 435000 |
|  |  |  |  | &nbsp;&nbsp; **33025255** |
| **Housing revenue: 14.43%** |  |  |  |  |
| City of Burnsville Bridgeway Apartments LP LLPø | 1.42 | &nbsp;&nbsp; 10-15-2033 | 1500000 | &nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp; City of Forest Lake Kilkenny Senior Housing LP (FNMA LOC, FNMA <br> LIQ)ø<br>| 1.42 | &nbsp;&nbsp; 8-15-2038 | 2335000 | &nbsp;&nbsp; 2335000 |

---

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

Allspring Minnesota Tax-Free Fund \| 5

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; City of Marshall Southwest & West Central Service Cooperatives <br> Series A<br>| 5.13<br> %<br>| &nbsp;&nbsp; 2-1-2041 | $1075000 | &nbsp;&nbsp; $1135381 |
| &nbsp;&nbsp; City of Marshall Southwest & West Central Service Cooperatives <br> Series A<br>| 5.38 | &nbsp;&nbsp; 2-1-2045 | 720000 | &nbsp;&nbsp; 751401 |
| &nbsp;&nbsp; City of Marshall Southwest & West Central Service Cooperatives <br> Series A<br>| 6.00 | &nbsp;&nbsp; 2-1-2032 | 440000 | &nbsp;&nbsp; 502883 |
| City of Minneapolis Riverton Community Housing | 5.00 | &nbsp;&nbsp; 8-1-2032 | 760000 | &nbsp;&nbsp; 760593 |
| &nbsp;&nbsp; City of New London EDA Southwest & West Central Service <br> Cooperatives Series A<br>| 4.50 | &nbsp;&nbsp; 2-1-2033 | 500000 | &nbsp;&nbsp; 506260 |
| &nbsp;&nbsp; City of New London EDA Southwest & West Central Service <br> Cooperatives Series A<br>| 5.00 | &nbsp;&nbsp; 2-1-2038 | 880000 | &nbsp;&nbsp; 888239 |
| &nbsp;&nbsp; City of Shakopee Senior Housing Revenue Benedictine Living <br> Community of Shakopee LLC Obligated Group<br>| 5.63 | &nbsp;&nbsp; 11-1-2045 | 750000 | &nbsp;&nbsp; 754958 |
| &nbsp;&nbsp; Dakota County Community Development Agency Roers Burnsville <br> Affordable Apartments Owner LLC (FNMA Insured)<br>| 4.20 | &nbsp;&nbsp; 5-1-2043 | 1500000 | &nbsp;&nbsp; 1466834 |
| Minnesota Housing Finance Agency Series A | 4.00 | &nbsp;&nbsp; 8-1-2031 | 300000 | &nbsp;&nbsp; 312889 |
| Minnesota Housing Finance Agency Series A AMT | 5.00 | &nbsp;&nbsp; 8-1-2027 | 1665000 | &nbsp;&nbsp; 1673271 |
| Minnesota Housing Finance Agency Series A AMT | 5.00 | &nbsp;&nbsp; 8-1-2032 | 500000 | &nbsp;&nbsp; 500861 |
| Minnesota Housing Finance Agency Series B | 5.00 | &nbsp;&nbsp; 8-1-2029 | 320000 | &nbsp;&nbsp; 345866 |
| Minnesota Housing Finance Agency Series B | 5.00 | &nbsp;&nbsp; 8-1-2030 | 465000 | &nbsp;&nbsp; 511397 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series B (GNMA / FNMA / FHLMC <br> Insured)<br>| 4.10 | &nbsp;&nbsp; 7-1-2038 | 945000 | &nbsp;&nbsp; 959831 |
| Minnesota Housing Finance Agency Series D | 4.00 | &nbsp;&nbsp; 8-1-2031 | 675000 | &nbsp;&nbsp; 712207 |
| Minnesota Housing Finance Agency Series D | 5.00 | &nbsp;&nbsp; 8-1-2028 | 200000 | &nbsp;&nbsp; 211710 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series E (GNMA / FNMA / FHLMC <br> Insured)<br>| 1.75 | &nbsp;&nbsp; 1-1-2028 | 630000 | &nbsp;&nbsp; 606634 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series E (GNMA / FNMA / FHLMC <br> Insured)<br>| 1.75 | &nbsp;&nbsp; 7-1-2028 | 490000 | &nbsp;&nbsp; 467769 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series F AMT (GNMA / FNMA / <br> FHLMC Insured) (Royal Bank of Canada SPA)ø<br>| 3.25 | &nbsp;&nbsp; 1-1-2041 | 2325000 | &nbsp;&nbsp; 2325000 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series F (GNMA / FNMA / FHLMC <br> Insured)<br>| 4.85 | &nbsp;&nbsp; 7-1-2045 | 1000000 | &nbsp;&nbsp; 1014981 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series K AMT (GNMA / FNMA / <br> FHLMC Insured)<br>| 3.05 | &nbsp;&nbsp; 7-1-2027 | 515000 | &nbsp;&nbsp; 510639 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series L (GNMA / FNMA / FHLMC <br> Insured)<br>| 4.95 | &nbsp;&nbsp; 1-1-2050 | 1500000 | &nbsp;&nbsp; 1502402 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series M (GNMA / FNMA / FHLMC <br> Insured)<br>| 4.85 | &nbsp;&nbsp; 7-1-2037 | 2900000 | &nbsp;&nbsp; 3037858 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series O (GNMA / FNMA / FHLMC <br> Insured)<br>| 4.65 | &nbsp;&nbsp; 7-1-2041 | 805000 | &nbsp;&nbsp; 829650 |
|  |  |  |  | &nbsp;&nbsp; **26124514** |
| **Miscellaneous revenue: 9.91%** |  |  |  |  |
| Anoka-Hennepin Independent School District No. 11 Series A COP | 5.00 | &nbsp;&nbsp; 2-1-2034 | 1000000 | &nbsp;&nbsp; 1006971 |
| City of Center City Hazelden Betty Ford Foundation | 4.00 | &nbsp;&nbsp; 11-1-2030 | 250000 | &nbsp;&nbsp; 256081 |
| City of Center City Hazelden Betty Ford Foundation | 4.00 | &nbsp;&nbsp; 11-1-2031 | 250000 | &nbsp;&nbsp; 255775 |
| City of Center City Hazelden Betty Ford Foundation | 4.00 | &nbsp;&nbsp; 11-1-2034 | 300000 | &nbsp;&nbsp; 304969 |
| &nbsp;&nbsp; City of White Bear Lake Young Men's Christian Association of the <br> Greater Twin Cities<br>| 5.00 | &nbsp;&nbsp; 6-1-2032 | 1000000 | &nbsp;&nbsp; 1042952 |

---

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

6 \| Allspring Minnesota Tax-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Miscellaneous revenue**(continued) |  |  |  |  |
| Duluth Independent School District No. 709 Series B COP | 5.00<br> %<br>| &nbsp;&nbsp; 2-1-2026 | $395000 | &nbsp;&nbsp; $395656 |
| Lake Agassiz Education Cooperative No. 0397-52 Series A COP | 3.00 | &nbsp;&nbsp; 2-1-2028 | 290000 | &nbsp;&nbsp; 287362 |
| Lake Agassiz Education Cooperative No. 0397-52 Series A COP | 3.00 | &nbsp;&nbsp; 2-1-2029 | 300000 | &nbsp;&nbsp; 295683 |
| Lake Agassiz Education Cooperative No. 0397-52 Series A COP | 3.00 | &nbsp;&nbsp; 2-1-2030 | 310000 | &nbsp;&nbsp; 303675 |
| Minnetonka Independent School District No. 276 Series C COP | 5.00 | &nbsp;&nbsp; 2-1-2041 | 1125000 | &nbsp;&nbsp; 1212105 |
| &nbsp;&nbsp; Northeastern Metropolitan Intermediate School District No. 916 <br> Series B COP<br>| 5.00 | &nbsp;&nbsp; 2-1-2034 | 1500000 | &nbsp;&nbsp; 1502557 |
| Plymouth Intermediate District No. 287 Series A COP | 4.00 | &nbsp;&nbsp; 5-1-2026 | 500000 | &nbsp;&nbsp; 500415 |
| Plymouth Intermediate District No. 287 Series A COP | 4.00 | &nbsp;&nbsp; 5-1-2027 | 1000000 | &nbsp;&nbsp; 1001010 |
| St. Cloud Independent School District No. 742 COP | 5.00 | &nbsp;&nbsp; 2-1-2032 | 500000 | &nbsp;&nbsp; 500856 |
| St. Cloud Independent School District No. 742 COP | 5.00 | &nbsp;&nbsp; 2-1-2034 | 350000 | &nbsp;&nbsp; 350597 |
| &nbsp;&nbsp; State of Minnesota Department of Iron Range Resources & <br> Rehabilitation Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2029 | 970000 | &nbsp;&nbsp; 1050195 |
| &nbsp;&nbsp; State of Minnesota Department of Iron Range Resources & <br> Rehabilitation Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2039 | 2490000 | &nbsp;&nbsp; 2773306 |
| State of Minnesota Office Building Project COP | 5.00 | &nbsp;&nbsp; 11-1-2042 | 3000000 | &nbsp;&nbsp; 3272074 |
| State of Minnesota Office Building Project COP | 5.00 | &nbsp;&nbsp; 11-1-2043 | 1500000 | &nbsp;&nbsp; 1620767 |
|  |  |  |  | &nbsp;&nbsp; **17933006** |
| **Utilities revenue: 7.46%** |  |  |  |  |
| Central Minnesota Municipal Power Agency (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2042 | 350000 | &nbsp;&nbsp; 352529 |
| Central Minnesota Municipal Power Agency (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2029 | 315000 | &nbsp;&nbsp; 336493 |
| Central Minnesota Municipal Power Agency (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2030 | 210000 | &nbsp;&nbsp; 229002 |
| City of Mountain Lake Electric Revenue Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2026 | 90000 | &nbsp;&nbsp; 91280 |
| City of Mountain Lake Electric Revenue Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2029 | 170000 | &nbsp;&nbsp; 180762 |
| City of Mountain Lake Electric Revenue Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2030 | 150000 | &nbsp;&nbsp; 161658 |
| City of Mountain Lake Electric Revenue Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2031 | 120000 | &nbsp;&nbsp; 130758 |
| City of Mountain Lake Electric Revenue Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2042 | 200000 | &nbsp;&nbsp; 208895 |
| City of Mountain Lake Electric Revenue Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2045 | 260000 | &nbsp;&nbsp; 264966 |
| City of Rochester Electric Utility Revenue Series A | 5.00 | &nbsp;&nbsp; 12-1-2037 | 500000 | &nbsp;&nbsp; 508502 |
| Minnesota Municipal Power Agency | 5.00 | &nbsp;&nbsp; 10-1-2047 | 500000 | &nbsp;&nbsp; 501069 |
| Northern Municipal Power Agency | 5.00 | &nbsp;&nbsp; 1-1-2031 | 1485000 | &nbsp;&nbsp; 1631606 |
| Northern Municipal Power Agency | 5.00 | &nbsp;&nbsp; 1-1-2036 | 100000 | &nbsp;&nbsp; 101940 |
| Northern Municipal Power Agency | 5.00 | &nbsp;&nbsp; 1-1-2041 | 1500000 | &nbsp;&nbsp; 1518645 |
| &nbsp;&nbsp; Sauk Centre Public Utilities Commission Electric Revenue Series A (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 12-1-2037 | 250000 | &nbsp;&nbsp; 258476 |
| &nbsp;&nbsp; Sauk Centre Public Utilities Commission Electric Revenue Series A (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2034 | 100000 | &nbsp;&nbsp; 111889 |
| Southern Minnesota Municipal Power Agency Series A | 5.00 | &nbsp;&nbsp; 1-1-2031 | 520000 | &nbsp;&nbsp; 520000 |
| Southern Minnesota Municipal Power Agency Series A | 5.00 | &nbsp;&nbsp; 1-1-2041 | 480000 | &nbsp;&nbsp; 480000 |
| Southern Minnesota Municipal Power Agency Series A | 5.00 | &nbsp;&nbsp; 1-1-2045 | 800000 | &nbsp;&nbsp; 859426 |
| St. Paul Port Authority District Energy Obligated Group Series 1 | 3.00 | &nbsp;&nbsp; 10-1-2027 | 100000 | &nbsp;&nbsp; 99473 |
| St. Paul Port Authority District Energy Obligated Group Series 1 | 3.00 | &nbsp;&nbsp; 10-1-2034 | 225000 | &nbsp;&nbsp; 217760 |
| St. Paul Port Authority District Energy Obligated Group Series 1 | 4.00 | &nbsp;&nbsp; 10-1-2028 | 400000 | &nbsp;&nbsp; 406212 |
| St. Paul Port Authority District Energy Obligated Group Series 1 | 4.00 | &nbsp;&nbsp; 10-1-2041 | 500000 | &nbsp;&nbsp; 489545 |
| &nbsp;&nbsp; Western Minnesota Municipal Power Agency Red Rock Hydroelectric <br> Project Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2049 | 1500000 | &nbsp;&nbsp; 1518618 |

---

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

Allspring Minnesota Tax-Free Fund \| 7

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |  |
| Western Minnesota Municipal Power Agency Series A |  | 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2032 | $555000 | &nbsp;&nbsp; $555000 |
| Western Minnesota Municipal Power Agency Series A |  | 5.00 | &nbsp;&nbsp; 1-1-2036 | 1650000 | &nbsp;&nbsp; 1763996 |
|  |  |  |  |  | &nbsp;&nbsp; **13498500** |
| **Water & sewer revenue: 0.67%** |  |  |  |  |  |
| City of St. Paul Water Revenue Series A |  | 4.00 | &nbsp;&nbsp; 12-1-2045 | 1215000 | &nbsp;&nbsp; **1210594** |
|  |  |  |  |  | &nbsp;&nbsp; **170534153** |
| **New York: 0.04%** |  |  |  |  |  |
| **Health revenue: 0.04%** |  |  |  |  |  |
| &nbsp;&nbsp; Westchester County Local Development Corp. Kendal on Hudson <br> Obligated Group Series B<br>|  | 5.00 | &nbsp;&nbsp; 1-1-2027 | 75000 | &nbsp;&nbsp; **75849** |
| **Total municipal obligations (Cost $180,524,363)** |  |  |  |  | &nbsp;&nbsp; **178131178** |
| **Total investments in securities (Cost $180,524,363)** | 98.43<br> %<br>|  |  |  | &nbsp;&nbsp; 178131178 |
| Other assets and liabilities, net | 1.57 |  |  |  | &nbsp;&nbsp; 2838136 |
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$180969314** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| † | Non-income-earning security |
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AG | Assured Guaranty Incorporation |
| AMT | Alternative minimum tax |
| CAB | Capital appreciation bond |
| COP | Certificate of participation |
| EDA | Economic Development Authority |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General obligation |
| HEFA | Health & Educational Facilities Authority |
| LIQ | Liquidity agreement |
| LOC | Letter of credit |
| RDA | Redevelopment Authority |
| SPA | Standby purchase agreement |

---

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

8 \| Allspring Minnesota Tax-Free Fund

------

Statement of assets and liabilities—December 31, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $180,524,363) | $178131178 |
| Cash | 299166 |
| Receivable for interest | 2479374 |
| Receivable for investments sold | 400001 |
| Receivable for Fund shares sold | 50594 |
| Prepaid expenses and other assets | 38001 |
| **Total assets** | **181398314** |
| Liabilities |  |
| Payable for Fund shares redeemed | 228038 |
| Dividends payable | 83774 |
| Management fee payable | 52842 |
| Professional fees payable | 34645 |
| Administration fees payable | 13702 |
| Shareholder servicing fees payable | 4028 |
| Trustees' fees and expenses payable | 2292 |
| Accrued expenses and other liabilities | 9679 |
| **Total liabilities** | **429000** |
| **Total net assets**  | **$180969314** |
| Net assets consist of |  |
| Paid-in capital | $185976373 |
| Total distributable loss | (5007059)<br>|
| **Total net assets** | **$180969314** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $18863939 |
| Shares outstanding–Class A<sup>1</sup> <br>| 1867630 |
| Net asset value per share–Class A | $10.10 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $10.58 |
| Net assets–Institutional Class | $162105375 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 16040109 |
| Net asset value per share–Institutional Class | $10.11 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Allspring Minnesota Tax-Free Fund \| 9

------

Statement of operations—six months ended December 31, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $3384791 |
| Expenses |  |
| Management fee | 356871 |
| Administration fees |  |
| Class A | 14308 |
| Class C | 356 <br><sup>1</sup><br>|
| Administrator Class | 4053 <br><sup>2</sup><br>|
| Institutional Class | 60266 |
| Shareholder servicing fees |  |
| Class A | 23727 |
| Class C | 577 <br><sup>1</sup><br>|
| Administrator Class | 10105 <br><sup>2</sup><br>|
| Distribution fee |  |
| Class C | 1733 <br><sup>1</sup><br>|
| Custody and accounting fees | 4298 |
| Professional fees | 26933 |
| Registration fees | 41884 |
| Shareholder report expenses | 13200 |
| Trustees' fees and expenses | 2966 |
| Other fees and expenses | 7560 |
| **Total expenses** | **568837** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (68976)<br>|
| Class A | (49)<br>|
| Institutional Class | (101)<br>|
| **Net expenses** | **499711** |
| **Net investment income** | **2885080** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments**  | **103882** |
| **Net change in unrealized gains (losses) on investments** | **4611569** |
| **Net realized and unrealized gains (losses) on investments** | **4715451** |
| **Net increase in net assets resulting from operations** | **$7600531** |

---

<sup>1</sup> For the period from July 1, 2025 to November 14, 2025. Effective at the close of business on November 14, 2025, Class C shares were converted to Class A shares and are no longer offered by the Fund.

<sup>2</sup> For the period from July 1, 2025 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.

10 \| Allspring Minnesota Tax-Free Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> December 31, 2025<br> (unaudited) | Six months ended<br> December 31, 2025<br> (unaudited) | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $2885080 |  | &nbsp;&nbsp; $5253434 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 103882 |  | &nbsp;&nbsp; (481782)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 4611569 |  | &nbsp;&nbsp; (2705120)<br>|
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **7600531** |  | &nbsp;&nbsp; **2066532** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (282588)<br>|  | &nbsp;&nbsp; (550590)<br>|
| Class C |  | &nbsp;&nbsp; (5259 )<sup>1</sup><br>|  | &nbsp;&nbsp; (18827)<br>|
| Administrator Class |  | &nbsp;&nbsp; (131086 )<sup>2</sup><br>|  | &nbsp;&nbsp; (689831)<br>|
| Institutional Class |  | &nbsp;&nbsp; (2475218)<br>|  | &nbsp;&nbsp; (4304872)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(2894151)**<br>|  | &nbsp;&nbsp; **(5564120)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 263715 | &nbsp;&nbsp; 2628263 | &nbsp;&nbsp; 343958 | &nbsp;&nbsp; 3446863 |
| Class C | 14013 <br><sup>1</sup><br>| &nbsp;&nbsp; 137632 <br><sup>1</sup><br>| &nbsp;&nbsp; 6771 | &nbsp;&nbsp; 68573 |
| Administrator Class | 165898 <br><sup>2</sup><br>| &nbsp;&nbsp; 1630369 <br><sup>2</sup><br>| &nbsp;&nbsp; 359272 | &nbsp;&nbsp; 3604382 |
| Institutional Class | 2880999 | &nbsp;&nbsp; 28667107 | &nbsp;&nbsp; 6819660 | &nbsp;&nbsp; 67690324 |
|  |  | &nbsp;&nbsp; 33063371 |  | &nbsp;&nbsp; 74810142 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 28077 | &nbsp;&nbsp; 280355 | &nbsp;&nbsp; 54784 | &nbsp;&nbsp; 548271 |
| Class C | 461 <br><sup>1</sup><br>| &nbsp;&nbsp; 4584 <br><sup>1</sup><br>| &nbsp;&nbsp; 1876 | &nbsp;&nbsp; 18816 |
| Administrator Class | 10819 <br><sup>2</sup><br>| &nbsp;&nbsp; 106080 <br><sup>2</sup><br>| &nbsp;&nbsp; 68833 | &nbsp;&nbsp; 689418 |
| Institutional Class | 204615 | &nbsp;&nbsp; 2047213 | &nbsp;&nbsp; 357855 | &nbsp;&nbsp; 3584393 |
|  |  | &nbsp;&nbsp; 2438232 |  | &nbsp;&nbsp; 4840898 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (431687)<br>| &nbsp;&nbsp; (4321062)<br>| &nbsp;&nbsp; (454563)<br>| &nbsp;&nbsp; (4565313)<br>|
| Class C | (4771 )<sup>1</sup><br>| &nbsp;&nbsp; (48170 )<sup>1</sup><br>| &nbsp;&nbsp; (53435)<br>| &nbsp;&nbsp; (531155)<br>|
| Administrator Class | (134738 )<sup>2</sup><br>| &nbsp;&nbsp; (1324840 )<sup>2</sup><br>| &nbsp;&nbsp; (864456)<br>| &nbsp;&nbsp; (8646717)<br>|
| Institutional Class | (2675766)<br>| &nbsp;&nbsp; (26609144)<br>| &nbsp;&nbsp; (6551876)<br>| &nbsp;&nbsp; (65196112)<br>|
|  |  | &nbsp;&nbsp; (32303216)<br>|  | &nbsp;&nbsp; (78939297)<br>|

---

<sup>1</sup> For the period from July 1, 2025 to November 14, 2025

<sup>2</sup> For the period from July 1, 2025 to September 12, 2025

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

Allspring Minnesota Tax-Free Fund \| 11

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> December 31, 2025<br> (unaudited) | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Class A<br>63337 <br><sup>3</sup><br>| &nbsp;&nbsp; $639618 <br><sup>3</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Class C<br>(63329 )<sup>3</sup><br>| &nbsp;&nbsp; (639618 )<sup>3</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Administrator Class<br>(1975545 )<sup>4</sup><br>| &nbsp;&nbsp; (19782906 )<sup>4</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class<br>1974421 <br><sup>4</sup><br>| &nbsp;&nbsp; 19782906 <br><sup>4</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net increase in net assets resulting from capital share transactions** | &nbsp;&nbsp; **3198387** |  | &nbsp;&nbsp; **711743** |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; **7904767** |  | &nbsp;&nbsp; **(2785845)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **173064547** |  | &nbsp;&nbsp; **175850392** |
| **End of period** | &nbsp;&nbsp; **$180969314** |  | &nbsp;&nbsp; **$173064547** |

---

<sup>3</sup> Effective at the close of business on November 14, 2025, Class C shares were converted to Class A shares and are no longer offered by the Fund.

<sup>4</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.

12 \| Allspring Minnesota Tax-Free Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.84** | &nbsp;&nbsp; **$10.05** | &nbsp;&nbsp; **$10.07** | &nbsp;&nbsp; **$10.11** | &nbsp;&nbsp; **$11.02** | &nbsp;&nbsp; **$10.86** |
| Net investment income | 0.15 <br><sup>1</sup><br>| 0.28 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.18 | 0.20 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.26 | &nbsp;&nbsp; (0.19)<br>| 0.01 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.90)<br>| 0.16 |
| Total from investment operations | 0.41 | 0.09 | 0.25 | 0.17 | &nbsp;&nbsp; (0.72)<br>| 0.36 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.15)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.20)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| 0.00 |
| Total distributions to shareholders | (0.15)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.20)<br>|
| **Net asset value, end of period** | **$10.10** | &nbsp;&nbsp; **$9.84** | &nbsp;&nbsp; **$10.05** | &nbsp;&nbsp; **$10.07** | &nbsp;&nbsp; **$10.11** | &nbsp;&nbsp; **$11.02** |
| **Total return**<sup>2</sup> <br>| **4.18%**<br>| **0.85%**<br>| **2.58%**<br>| **1.73%**<br>| &nbsp;&nbsp; **(6.59)%**<br>| **3.32%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.91<br> %<br>| 0.91<br> %<br>| 0.91<br> %<br>| 0.91<br> %<br>| 0.91<br> %<br>| 0.92<br> %<br>|
| Net expenses | 0.84<br> %<br>| 0.84<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>|
| Net investment income | 2.95<br> %<br>| 2.79<br> %<br>| 2.46<br> %<br>| 2.10<br> %<br>| 1.67<br> %<br>| 1.80<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 9<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 9<br> %<br>|
| Net assets, end of period (000s omitted) | $18864 | &nbsp;&nbsp; $19123 | &nbsp;&nbsp; $20090 | &nbsp;&nbsp; $22841 | &nbsp;&nbsp; $27431 | &nbsp;&nbsp; $31586 |

---

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

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

Allspring Minnesota Tax-Free Fund \| 13

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.84** | &nbsp;&nbsp; **$10.05** | &nbsp;&nbsp; **$10.07** | &nbsp;&nbsp; **$10.12** | &nbsp;&nbsp; **$11.02** | &nbsp;&nbsp; **$10.87** |
| Net investment income | 0.17 <br><sup>1</sup><br>| 0.31 <br><sup>1</sup><br>| 0.28 <br><sup>1</sup><br>| 0.25 <br><sup>1</sup><br>| 0.21 | 0.23 |
| Net realized and unrealized gains (losses) on investments | 0.27 | &nbsp;&nbsp; (0.19)<br>| 0.01 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.89)<br>| 0.15 |
| Total from investment operations | 0.44 | 0.12 | 0.29 | 0.20 | &nbsp;&nbsp; (0.68)<br>| 0.38 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.17)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| 0.00 |
| Total distributions to shareholders | (0.17)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.23)<br>|
| **Net asset value, end of period** | **$10.11** | &nbsp;&nbsp; **$9.84** | &nbsp;&nbsp; **$10.05** | &nbsp;&nbsp; **$10.07** | &nbsp;&nbsp; **$10.12** | &nbsp;&nbsp; **$11.02** |
| **Total return**<sup>2</sup> <br>| **4.46%**<br>| **1.17%**<br>| **2.91%**<br>| **1.96%**<br>| &nbsp;&nbsp; **(6.19)%**<br>| **3.56%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.59<br> %<br>| 0.59<br> %<br>| 0.60<br> %<br>| 0.59<br> %<br>| 0.58<br> %<br>| 0.59<br> %<br>|
| Net expenses | 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>|
| Net investment income | 3.28<br> %<br>| 3.10<br> %<br>| 2.79<br> %<br>| 2.45<br> %<br>| 2.01<br> %<br>| 2.13<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 9<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 9<br> %<br>|
| Net assets, end of period (000s omitted) | $162105 | &nbsp;&nbsp; $134396 | &nbsp;&nbsp; $130966 | &nbsp;&nbsp; $119956 | &nbsp;&nbsp; $104175 | &nbsp;&nbsp; $91787 |

---

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

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

14 \| Allspring Minnesota Tax-Free Fund

------

Notes to financial statements (unaudited)

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 Minnesota Tax-Free Fund (the "Fund") which is a diversified series of the Trust.

Effective at the close of business on September 12, 2025, Administrator Class shares were converted to 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. Additionally, effective at the close of business on November 14, 2025, Class C shares were converted to Class A shares in a tax-free conversion. Shareholders of Class C received Class A shares at a value equal to the value of their Class C shares immediately prior to the conversion. Class C 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.

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.

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.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. 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 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.

Allspring Minnesota Tax-Free Fund \| 15

------

Notes to financial statements (unaudited)

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 December 31, 2025, the aggregate cost of all investments for federal income tax purposes was $180,539,856 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $1212373 |
| Gross unrealized losses | &nbsp;&nbsp; (3621051)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(2408678)**<br>|

---

As of June 30, 2025, the Fund had capital loss carryforwards which consisted of $311,467 in short-term capital losses and $2,402,066 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;

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 December 31, 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:** |  |  |  |  |
| **Municipal obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $178131178 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $178131178 |
| **Total assets** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$178131178** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$178131178** |

---

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

At December 31, 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

16 \| Allspring Minnesota Tax-Free Fund

------

Notes to financial statements (unaudited)

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 | 0.400<br> %<br>|
| Next $500 million | 0.375 |
| Next $2 billion | 0.350 |
| Next $2 billion | 0.325 |
| Next $5 billion | 0.290 |
| Over $10 billion | 0.280 |

---

For the six months ended December 31, 2025, the management fee was equivalent to an annual rate of 0.40% 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 | 0.15<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 October 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 December 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.84<br> %<br>|
| 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.

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended December 31, 2025, Allspring Funds Distributor received $5 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended December 31, 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.

Allspring Minnesota Tax-Free Fund \| 17

------

Notes to financial statements (unaudited)

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 had $16,300,000, $9,000,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the six months ended December 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2025 were $15,612,232 and $16,238,542, 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 six months ended December 31, 2025, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state or territory of the U.S. Therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt fund. As of the end of the period, the Fund's investments were concentrated in the state of Minnesota.

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 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 includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

18 \| Allspring Minnesota Tax-Free Fund

------

Other information (unaudited)

Other information

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 Minnesota Tax-Free Fund \| 19

------

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.

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Not Applicable

20 \| Allspring Minnesota Tax-Free Fund

------

![](g805823imgebf5f4861.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**

![](g805823imgfdb2e1ac2.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.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS0003 12-25**

------

![](g805823img6ee07d0b1.jpg)

Allspring Intermediate Tax/AMT-Free Fund

Long Form Financial Statements

Semi-Annual Report

December 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_727b084e-ec1c-41f1-9a80-bc814c3f781a_POI-PageBlank-50_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_727b084e-ec1c-41f1-9a80-bc814c3f781a_FS-PageBlank-50_1)** |  |
| [Statement of assets and liabilities](#xx_727b084e-ec1c-41f1-9a80-bc814c3f781a_FS-PageBlank-50_1) | 28 |
| [Statement of operations](#xx_727b084e-ec1c-41f1-9a80-bc814c3f781a_FS-PageBlank-50_2) | 29 |
| [Statement of changes in net assets](#xx_727b084e-ec1c-41f1-9a80-bc814c3f781a_FS-PageBlank-50_3) | 30 |
| [Financial highlights](#xx_727b084e-ec1c-41f1-9a80-bc814c3f781a_FIHI-PageBlank-50_1) | 32 |
| **[Notes to financial statements](#xx_727b084e-ec1c-41f1-9a80-bc814c3f781a_NTF-PageBlank-50_1)** | 36 |
| **[Other information](#xx_727b084e-ec1c-41f1-9a80-bc814c3f781a_OI-PageBlank-50_1)** | 40 |
| [Item 8. Changes in and disagreements with accountants](#xx_727b084e-ec1c-41f1-9a80-bc814c3f781a_OI-PageBlank-50_2) | 41 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_727b084e-ec1c-41f1-9a80-bc814c3f781a_OI-PageBlank-50_2) | 41 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_727b084e-ec1c-41f1-9a80-bc814c3f781a_OI-PageBlank-50_2) | 41 |
| [Item 11. Statement regarding basis for board](#xx_727b084e-ec1c-41f1-9a80-bc814c3f781a_OI-PageBlank-50_2)['](#xx_727b084e-ec1c-41f1-9a80-bc814c3f781a_OI-PageBlank-50_2)[s approval of investment](#xx_727b084e-ec1c-41f1-9a80-bc814c3f781a_OI-PageBlank-50_2)<br> [advisory contract](#xx_727b084e-ec1c-41f1-9a80-bc814c3f781a_OI-PageBlank-50_2)<br>| 41 |

---

Allspring Intermediate Tax/AMT-Free Fund \| 1

------

Portfolio of investments—December 31, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Municipal obligations: 99.17%** |  |  |  |  |
| **Alabama: 7.10%** |  |  |  |  |
| **Education revenue: 0.36%** |  |  |  |  |
| Auburn University Series A | 4.00<br> %<br>| &nbsp;&nbsp; 6-1-2033 | $1000000 | &nbsp;&nbsp; $1003542 |
| University of West Alabama (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2033 | 595000 | &nbsp;&nbsp; 610708 |
| University of West Alabama (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2035 | 865000 | &nbsp;&nbsp; 890510 |
| University of West Alabama (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2037 | 920000 | &nbsp;&nbsp; 939054 |
|  |  |  |  | &nbsp;&nbsp; **3443814** |
| **Utilities revenue: 6.74%** |  |  |  |  |
| Black Belt Energy Gas District Series Aøø | 5.25 | &nbsp;&nbsp; 5-1-2055 | 1000000 | &nbsp;&nbsp; 1086065 |
| Black Belt Energy Gas District Series B | 5.00 | &nbsp;&nbsp; 10-1-2035 | 9000000 | &nbsp;&nbsp; 9270117 |
| Black Belt Energy Gas District Series Cøø | 5.00 | &nbsp;&nbsp; 5-1-2055 | 5000000 | &nbsp;&nbsp; 5360802 |
| Black Belt Energy Gas District Series C-1øø | 5.25 | &nbsp;&nbsp; 2-1-2053 | 3000000 | &nbsp;&nbsp; 3167410 |
| Black Belt Energy Gas District Series Eøø | 5.00 | &nbsp;&nbsp; 12-1-2055 | 2500000 | &nbsp;&nbsp; 2673490 |
| Energy Southeast A Cooperative District Series A | 5.00 | &nbsp;&nbsp; 11-1-2035 | 5000000 | &nbsp;&nbsp; 5297658 |
| Southeast Alabama Gas Supply District Project No. 1 Series Aøø | 5.00 | &nbsp;&nbsp; 8-1-2054 | 3000000 | &nbsp;&nbsp; 3220525 |
| Southeast Alabama Gas Supply District Project No. 2øø | 5.00 | &nbsp;&nbsp; 6-1-2049 | 3000000 | &nbsp;&nbsp; 3218864 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 2 <br> Series Bøø<br>| 4.00 | &nbsp;&nbsp; 12-1-2051 | 1000000 | &nbsp;&nbsp; 1010111 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 5 <br> Series Aøø<br>| 5.25 | &nbsp;&nbsp; 1-1-2054 | 5000000 | &nbsp;&nbsp; 5268393 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 6 <br> Series B (Royal Bank of Canada LIQ)øø<br>| 5.00 | &nbsp;&nbsp; 1-1-2054 | 5000000 | &nbsp;&nbsp; 5286880 |
| Southeast Energy Authority A Cooperative District Series Aøø | 5.00 | &nbsp;&nbsp; 1-1-2056 | 2500000 | &nbsp;&nbsp; 2604813 |
| Southeast Energy Authority A Cooperative District Series D | 5.00 | &nbsp;&nbsp; 9-1-2035 | 3000000 | &nbsp;&nbsp; 3254731 |
| Southeast Energy Authority A Cooperative District Series E | 5.00 | &nbsp;&nbsp; 10-1-2030 | 5000000 | &nbsp;&nbsp; 5371724 |
| Southeast Energy Authority A Cooperative District Series F | 5.25 | &nbsp;&nbsp; 11-1-2035 | 2080000 | &nbsp;&nbsp; 2324683 |
| Southeast Energy Authority A Cooperative District Series Føø | 5.25 | &nbsp;&nbsp; 11-1-2055 | 5000000 | &nbsp;&nbsp; 5497265 |
|  |  |  |  | &nbsp;&nbsp; **63913531** |
|  |  |  |  | &nbsp;&nbsp; **67357345** |
| **Alaska: 0.44%** |  |  |  |  |
| **Health revenue: 0.44%** |  |  |  |  |
| &nbsp;&nbsp; Alaska Industrial Development & Export Authority Dena' Nena' <br> Henash Series A<br>| 4.00 | &nbsp;&nbsp; 10-1-2037 | 2635000 | &nbsp;&nbsp; 2637333 |
| &nbsp;&nbsp; Alaska Industrial Development & Export Authority Dena' Nena' <br> Henash Series A<br>| 4.00 | &nbsp;&nbsp; 10-1-2039 | 1575000 | &nbsp;&nbsp; 1552738 |
|  |  |  |  | &nbsp;&nbsp; **4190071** |
| **Arizona: 1.57%** |  |  |  |  |
| **Education revenue: 0.75%** |  |  |  |  |
| Arizona IDA Kipp NYC Public Charter Schools Series A | 4.00 | &nbsp;&nbsp; 7-1-2034 | 335000 | &nbsp;&nbsp; 332387 |
| Arizona IDA Kipp NYC Public Charter Schools Series A | 4.00 | &nbsp;&nbsp; 7-1-2035 | 345000 | &nbsp;&nbsp; 339664 |
| Arizona IDA Kipp NYC Public Charter Schools Series A | 4.00 | &nbsp;&nbsp; 7-1-2036 | 315000 | &nbsp;&nbsp; 306806 |
| Arizona IDA Kipp NYC Public Charter Schools Series A | 5.00 | &nbsp;&nbsp; 7-1-2033 | 315000 | &nbsp;&nbsp; 331509 |
| Arizona IDA Kipp NYC Public Charter Schools Series B | 4.00 | &nbsp;&nbsp; 7-1-2035 | 240000 | &nbsp;&nbsp; 236288 |
| Arizona IDA Kipp NYC Public Charter Schools Series B | 4.00 | &nbsp;&nbsp; 7-1-2036 | 220000 | &nbsp;&nbsp; 214277 |
| Glendale IDA Midwestern University Obligated Group | 5.00 | &nbsp;&nbsp; 5-15-2042 | 1350000 | &nbsp;&nbsp; 1455643 |

---

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

2 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| Pima County Community College District | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2035 | $600000 | &nbsp;&nbsp; $627557 |
| Pima County Community College District | 5.00 | &nbsp;&nbsp; 7-1-2036 | 500000 | &nbsp;&nbsp; 521476 |
| Sierra Vista IDA American Leadership Academy, Inc.144A | 5.00 | &nbsp;&nbsp; 6-15-2044 | 730000 | &nbsp;&nbsp; 692598 |
| Sierra Vista IDA Wake Preparatory Academy | 5.25 | &nbsp;&nbsp; 6-15-2035 | 2000000 | &nbsp;&nbsp; 2056991 |
|  |  |  |  | &nbsp;&nbsp; **7115196** |
| **Health revenue: 0.08%** |  |  |  |  |
| Tempe IDA Life Care Village Obligated Group Series A | 4.00 | &nbsp;&nbsp; 12-1-2028 | 370000 | &nbsp;&nbsp; 371236 |
| Tempe IDA Life Care Village Obligated Group Series A | 4.00 | &nbsp;&nbsp; 12-1-2029 | 385000 | &nbsp;&nbsp; 386801 |
|  |  |  |  | &nbsp;&nbsp; **758037** |
| **Miscellaneous revenue: 0.53%** |  |  |  |  |
| City of Phoenix Civic Improvement Corp. Airport Revenue Series D | 4.00 | &nbsp;&nbsp; 7-1-2040 | 5000000 | &nbsp;&nbsp; **5011657** |
| **Utilities revenue: 0.21%** |  |  |  |  |
| &nbsp;&nbsp; Coconino County Pollution Control Corp. Nevada Power Co. <br> Series Bøø<br>| 3.75 | &nbsp;&nbsp; 3-1-2039 | 2000000 | &nbsp;&nbsp; **2002191** |
|  |  |  |  | &nbsp;&nbsp; **14887081** |
| **Arkansas: 0.25%** |  |  |  |  |
| **Miscellaneous revenue: 0.25%** |  |  |  |  |
| &nbsp;&nbsp; Arkansas Development Finance Authority Public Safety Charges <br> Revenue Division of Emergency Management Project<br>| 4.00 | &nbsp;&nbsp; 6-1-2033 | 500000 | &nbsp;&nbsp; 507531 |
| &nbsp;&nbsp; Arkansas Development Finance Authority Public Safety Charges <br> Revenue Division of Emergency Management Project<br>| 4.00 | &nbsp;&nbsp; 6-1-2035 | 1000000 | &nbsp;&nbsp; 1012705 |
| &nbsp;&nbsp; Arkansas Development Finance Authority Public Safety Charges <br> Revenue Division of Emergency Management Project<br>| 4.00 | &nbsp;&nbsp; 6-1-2036 | 850000 | &nbsp;&nbsp; 859664 |
|  |  |  |  | &nbsp;&nbsp; **2379900** |
| **California: 5.23%** |  |  |  |  |
| **GO revenue: 0.76%** |  |  |  |  |
| Alisal Union School District Series A (BAM Insured) | 5.25 | &nbsp;&nbsp; 8-1-2042 | 1500000 | &nbsp;&nbsp; 1540160 |
| Patterson Joint Unified School District Series B CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2033 | 3000000 | &nbsp;&nbsp; 2391445 |
| State of California | 4.00 | &nbsp;&nbsp; 8-1-2038 | 1000000 | &nbsp;&nbsp; 1002301 |
| Sylvan Union School District CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2032 | 2800000 | &nbsp;&nbsp; 2312747 |
|  |  |  |  | &nbsp;&nbsp; **7246653** |
| **Housing revenue: 0.09%** |  |  |  |  |
| California Housing Finance Agency Class A Series 2 | 4.00 | &nbsp;&nbsp; 3-20-2033 | 853508 | &nbsp;&nbsp; **874568** |
| **Transportation revenue: 1.04%** |  |  |  |  |
| Bay Area Toll Authority Series A (SIFMA Municipal Swap+1.25%)± | 4.57 | &nbsp;&nbsp; 4-1-2036 | 9810000 | &nbsp;&nbsp; **9828066** |
| **Utilities revenue: 3.34%** |  |  |  |  |
| &nbsp;&nbsp; California Community Choice Financing Authority Clean Energy <br> Project Series B-1øø<br>| 5.00 | &nbsp;&nbsp; 7-1-2053 | 4000000 | &nbsp;&nbsp; 4203021 |
| &nbsp;&nbsp; California Community Choice Financing Authority Clean Energy <br> Project Series Cøø<br>| 5.00 | &nbsp;&nbsp; 12-1-2055 | 5000000 | &nbsp;&nbsp; 5306950 |
| California Community Choice Financing Authority Series B-1øø | 4.00 | &nbsp;&nbsp; 2-1-2052 | 1500000 | &nbsp;&nbsp; 1521174 |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 3

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |
| California Community Choice Financing Authority Series C | 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2031 | $830000 | &nbsp;&nbsp; $877106 |
| California Community Choice Financing Authority Series F | 5.00 | &nbsp;&nbsp; 11-1-2033 | 2000000 | &nbsp;&nbsp; 2174186 |
| California Community Choice Financing Authority Series G | 5.00 | &nbsp;&nbsp; 12-1-2035 | 2750000 | &nbsp;&nbsp; 3017576 |
| Central Valley Energy Authorityøø | 5.00 | &nbsp;&nbsp; 12-1-2055 | 3000000 | &nbsp;&nbsp; 3267883 |
| City of Vernon Electric System Revenue Series 2022-A | 5.00 | &nbsp;&nbsp; 8-1-2031 | 1160000 | &nbsp;&nbsp; 1277437 |
| Los Angeles Department of Water & Power System Revenue Series B | 5.00 | &nbsp;&nbsp; 7-1-2039 | 2095000 | &nbsp;&nbsp; 2235836 |
| M-S-R Energy Authority Series B | 7.00 | &nbsp;&nbsp; 11-1-2034 | 2035000 | &nbsp;&nbsp; 2479619 |
| M-S-R Energy Authority Series C | 7.00 | &nbsp;&nbsp; 11-1-2034 | 3000000 | &nbsp;&nbsp; 3655457 |
| San Joaquin Valley Clean Energy Authority Series Aøø | 5.50 | &nbsp;&nbsp; 1-1-2056 | 1500000 | &nbsp;&nbsp; 1693480 |
|  |  |  |  | &nbsp;&nbsp; **31709725** |
|  |  |  |  | &nbsp;&nbsp; **49659012** |
| **Colorado: 1.81%** |  |  |  |  |
| **Airport revenue: 0.35%** |  |  |  |  |
| City & County of Denver Airport System Revenue Series C | 5.25 | &nbsp;&nbsp; 11-15-2039 | 1295000 | &nbsp;&nbsp; 1445265 |
| City & County of Denver Airport System Revenue Series C | 5.25 | &nbsp;&nbsp; 11-15-2040 | 670000 | &nbsp;&nbsp; 741955 |
| City & County of Denver Airport System Revenue Series C | 5.25 | &nbsp;&nbsp; 11-15-2041 | 570000 | &nbsp;&nbsp; 625926 |
| City & County of Denver Airport System Revenue Series C | 5.25 | &nbsp;&nbsp; 11-15-2042 | 500000 | &nbsp;&nbsp; 544360 |
|  |  |  |  | &nbsp;&nbsp; **3357506** |
| **GO revenue: 0.24%** |  |  |  |  |
| Mesa County Valley School District No. 51 Grand Junction | 5.50 | &nbsp;&nbsp; 12-1-2035 | 2175000 | &nbsp;&nbsp; **2273980** |
| **Health revenue: 0.12%** |  |  |  |  |
| &nbsp;&nbsp; Colorado Health Facilities Authority Craig Hospital Obligated Group <br> Series B<br>| 5.00 | &nbsp;&nbsp; 12-1-2032 | 1000000 | &nbsp;&nbsp; **1111335** |
| **Tax revenue: 0.28%** |  |  |  |  |
| Regional Transportation District Denver Transit Partners LLC Series A | 5.00 | &nbsp;&nbsp; 7-15-2028 | 885000 | &nbsp;&nbsp; 921567 |
| Regional Transportation District Denver Transit Partners LLC Series A | 5.00 | &nbsp;&nbsp; 1-15-2029 | 600000 | &nbsp;&nbsp; 629612 |
| Regional Transportation District Denver Transit Partners LLC Series A | 5.00 | &nbsp;&nbsp; 1-15-2030 | 1000000 | &nbsp;&nbsp; 1065162 |
|  |  |  |  | &nbsp;&nbsp; **2616341** |
| **Utilities revenue: 0.76%** |  |  |  |  |
| Public Authority for Colorado Energy | 6.50 | &nbsp;&nbsp; 11-15-2038 | 6000000 | &nbsp;&nbsp; **7244355** |
| **Water & sewer revenue: 0.06%** |  |  |  |  |
| Central Weld County Water District (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2033 | 500000 | &nbsp;&nbsp; **524956** |
|  |  |  |  | &nbsp;&nbsp; **17128473** |
| **Connecticut: 0.95%** |  |  |  |  |
| **Education revenue: 0.05%** |  |  |  |  |
| Connecticut State HEFA University of Hartford Series N | 5.00 | &nbsp;&nbsp; 7-1-2029 | 480000 | &nbsp;&nbsp; **489068** |
| **Health revenue: 0.64%** |  |  |  |  |
| Connecticut State HEFA Stamford Hospital Obligated Group Series M | 4.00 | &nbsp;&nbsp; 7-1-2035 | 1000000 | &nbsp;&nbsp; 1022398 |
| Connecticut State HEFA Stamford Hospital Obligated Group Series M | 4.00 | &nbsp;&nbsp; 7-1-2038 | 2000000 | &nbsp;&nbsp; 2003873 |

---

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

4 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Connecticut State HEFA Yale-New Haven Health Obligated Group <br> Series C-2ø<br>| 2.25<br> %<br>| &nbsp;&nbsp; 7-1-2060 | $1000000 | &nbsp;&nbsp; $1000000 |
| &nbsp;&nbsp; Stamford Housing Authority TJH Senior Living LLC Obligated Group <br> Series 2025D<br>| 4.25 | &nbsp;&nbsp; 10-1-2030 | 2045000 | &nbsp;&nbsp; 2065957 |
|  |  |  |  | &nbsp;&nbsp; **6092228** |
| **Housing revenue: 0.15%** |  |  |  |  |
| Connecticut State HEFA Sacred Heart University, Inc. Series K | 4.00 | &nbsp;&nbsp; 7-1-2045 | 1500000 | &nbsp;&nbsp; **1386567** |
| **Tax revenue: 0.11%** |  |  |  |  |
| State of Connecticut Special Tax Revenue Series A | 4.00 | &nbsp;&nbsp; 9-1-2036 | 1000000 | &nbsp;&nbsp; **1001782** |
|  |  |  |  | &nbsp;&nbsp; **8969645** |
| **District of Columbia: 0.48%** |  |  |  |  |
| **Miscellaneous revenue: 0.08%** |  |  |  |  |
| Washington Convention & Sports Authority Series A | 4.00 | &nbsp;&nbsp; 10-1-2034 | 750000 | &nbsp;&nbsp; **774669** |
| **Tax revenue: 0.26%** |  |  |  |  |
| Washington Convention & Sports Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2033 | 720000 | &nbsp;&nbsp; 748320 |
| Washington Convention & Sports Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2034 | 650000 | &nbsp;&nbsp; 671380 |
| Washington Convention & Sports Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2035 | 1000000 | &nbsp;&nbsp; 1026484 |
|  |  |  |  | &nbsp;&nbsp; **2446184** |
| **Transportation revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll Road Revenue <br> Series B<br>| 5.00 | &nbsp;&nbsp; 10-1-2034 | 1250000 | &nbsp;&nbsp; **1325250** |
|  |  |  |  | &nbsp;&nbsp; **4546103** |
| **Florida: 6.23%** |  |  |  |  |
| **Airport revenue: 0.74%** |  |  |  |  |
| County of Miami-Dade Aviation Revenue | 5.00 | &nbsp;&nbsp; 10-1-2041 | 2000000 | &nbsp;&nbsp; 2013090 |
| County of Miami-Dade Aviation Revenue Series A | 4.00 | &nbsp;&nbsp; 10-1-2035 | 1600000 | &nbsp;&nbsp; 1635044 |
| County of Miami-Dade Aviation Revenue Series A | 4.00 | &nbsp;&nbsp; 10-1-2041 | 1200000 | &nbsp;&nbsp; 1180233 |
| Jacksonville Port Authority Series B | 5.00 | &nbsp;&nbsp; 11-1-2035 | 2045000 | &nbsp;&nbsp; 2154737 |
|  |  |  |  | &nbsp;&nbsp; **6983104** |
| **Education revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp; Capital Projects Finance Authority Imagine School at North Port, Inc. <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-15-2035 | 1100000 | &nbsp;&nbsp; 1109558 |
| &nbsp;&nbsp; Capital Projects Finance Authority Navigator Academy of Leadership, <br> Inc. Obligated Group144A<br>| 5.00 | &nbsp;&nbsp; 6-15-2044 | 1000000 | &nbsp;&nbsp; 946537 |
|  |  |  |  | &nbsp;&nbsp; **2056095** |
| **Health revenue: 1.48%** |  |  |  |  |
| Lee County IDA Health System, Inc. Obligated Group Series 2019A-1 | 5.00 | &nbsp;&nbsp; 4-1-2036 | 4500000 | &nbsp;&nbsp; 4710737 |
| Lee County IDA Shell Point Obligated Group | 5.00 | &nbsp;&nbsp; 11-15-2039 | 4140000 | &nbsp;&nbsp; 4254797 |
| Lee County IDA Shell Point Obligated Group Series B-3 | 4.13 | &nbsp;&nbsp; 11-15-2029 | 1500000 | &nbsp;&nbsp; 1507941 |
| &nbsp;&nbsp; Miami-Dade County Health Facilities Authority Variety Children's <br> Hospital Obligated Group<br>| 5.00 | &nbsp;&nbsp; 8-1-2031 | 500000 | &nbsp;&nbsp; 517026 |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 5

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Miami-Dade County Health Facilities Authority Variety Children's <br> Hospital Obligated Group<br>| 5.00<br> %<br>| &nbsp;&nbsp; 8-1-2033 | $1645000 | &nbsp;&nbsp; $1696859 |
| South Broward Hospital District Obligated Group Series A | 4.00 | &nbsp;&nbsp; 5-1-2044 | 1500000 | &nbsp;&nbsp; 1370689 |
|  |  |  |  | &nbsp;&nbsp; **14058049** |
| **Miscellaneous revenue: 1.65%** |  |  |  |  |
| &nbsp;&nbsp; City of Orlando Tourist Development Tax Revenue Series A (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 11-1-2032 | 2000000 | &nbsp;&nbsp; 2072693 |
| &nbsp;&nbsp; City of Orlando Tourist Development Tax Revenue Series A (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 11-1-2033 | 4500000 | &nbsp;&nbsp; 4656822 |
| &nbsp;&nbsp; City of Orlando Tourist Development Tax Revenue Series A (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 11-1-2034 | 600000 | &nbsp;&nbsp; 619979 |
| &nbsp;&nbsp; County of Pasco State of Florida Cigarette Tax Revenue Series A (AG <br> Insured)<br>| 5.50 | &nbsp;&nbsp; 9-1-2042 | 500000 | &nbsp;&nbsp; 544852 |
| Duval County Public Schools Series A COP (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2035 | 2000000 | &nbsp;&nbsp; 2152269 |
| Monroe County School District Series A COP | 5.00 | &nbsp;&nbsp; 6-1-2034 | 1500000 | &nbsp;&nbsp; 1542600 |
| Monroe County School District Series A COP | 5.00 | &nbsp;&nbsp; 6-1-2035 | 1000000 | &nbsp;&nbsp; 1027158 |
| &nbsp;&nbsp; Village Community Development District No. 15 Series 2023 Phase I <br> Special Assessment144A<br>| 4.85 | &nbsp;&nbsp; 5-1-2038 | 980000 | &nbsp;&nbsp; 1016458 |
| &nbsp;&nbsp; Village Community Development District No. 15 Series 2024 Special <br> Assessment144A<br>| 4.20 | &nbsp;&nbsp; 5-1-2039 | 995000 | &nbsp;&nbsp; 986475 |
| &nbsp;&nbsp; Village Community Development District No. 16 Series 2025 Special <br> Assessment<br>| 4.00 | &nbsp;&nbsp; 5-1-2035 | 1000000 | &nbsp;&nbsp; 1009071 |
|  |  |  |  | &nbsp;&nbsp; **15628377** |
| **Tax revenue: 0.56%** |  |  |  |  |
| &nbsp;&nbsp; Miami Beach Redevelopment Agency City Center/Historic <br> Convention Village Redevelopment & Revitalization (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 2-1-2040 | 2000000 | &nbsp;&nbsp; 2181318 |
| Polk County School District | 5.00 | &nbsp;&nbsp; 10-1-2033 | 2915000 | &nbsp;&nbsp; 3132082 |
|  |  |  |  | &nbsp;&nbsp; **5313400** |
| **Transportation revenue: 0.36%** |  |  |  |  |
| County of Osceola Transportation Revenue Series A-1 | 5.00 | &nbsp;&nbsp; 10-1-2034 | 375000 | &nbsp;&nbsp; 391394 |
| County of Osceola Transportation Revenue Series A-1 | 5.00 | &nbsp;&nbsp; 10-1-2035 | 400000 | &nbsp;&nbsp; 416108 |
| County of Osceola Transportation Revenue Series A-1 | 5.00 | &nbsp;&nbsp; 10-1-2036 | 600000 | &nbsp;&nbsp; 621723 |
| County of Osceola Transportation Revenue Series A-1 | 5.00 | &nbsp;&nbsp; 10-1-2037 | 525000 | &nbsp;&nbsp; 541882 |
| Miami-Dade County Expressway Authority Series A | 5.00 | &nbsp;&nbsp; 7-1-2044 | 1500000 | &nbsp;&nbsp; 1492304 |
|  |  |  |  | &nbsp;&nbsp; **3463411** |
| **Utilities revenue: 0.29%** |  |  |  |  |
| Fort Pierce Utilities Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2035 | 500000 | &nbsp;&nbsp; 553924 |
| Fort Pierce Utilities Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2037 | 1040000 | &nbsp;&nbsp; 1141236 |
| &nbsp;&nbsp; Putnam County Development Authority Seminole Electric <br> Cooperative, Inc. Series B<br>| 5.00 | &nbsp;&nbsp; 3-15-2042 | 1000000 | &nbsp;&nbsp; 1015791 |
|  |  |  |  | &nbsp;&nbsp; **2710951** |
| **Water & sewer revenue: 0.93%** |  |  |  |  |
| North Sumter County Utility Dependent District (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2031 | 500000 | &nbsp;&nbsp; 540945 |
| North Sumter County Utility Dependent District (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2032 | 950000 | &nbsp;&nbsp; 1024676 |

---

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

6 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Water & sewer revenue**(continued) |  |  |  |  |
| North Sumter County Utility Dependent District (BAM Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2035 | $1290000 | &nbsp;&nbsp; $1377610 |
| North Sumter County Utility Dependent District (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2036 | 880000 | &nbsp;&nbsp; 936073 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2029 | 400000 | &nbsp;&nbsp; 432150 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2031 | 200000 | &nbsp;&nbsp; 223518 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2033 | 800000 | &nbsp;&nbsp; 886632 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2034 | 900000 | &nbsp;&nbsp; 993620 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2035 | 750000 | &nbsp;&nbsp; 824194 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2037 | 1500000 | &nbsp;&nbsp; 1633342 |
|  |  |  |  | &nbsp;&nbsp; **8872760** |
|  |  |  |  | &nbsp;&nbsp; **59086147** |
| **Georgia: 3.80%** |  |  |  |  |
| **Education revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp; Senoia Development Authority Georgia Charter Educational <br> Foundation, Inc. Obligated Group Series A144A<br>| 5.75 | &nbsp;&nbsp; 7-1-2039 | 940000 | &nbsp;&nbsp; **869071** |
| **Industrial development revenue: 0.05%** |  |  |  |  |
| George L Smith II Congress Center Authority Series A | 4.00 | &nbsp;&nbsp; 1-1-2036 | 500000 | &nbsp;&nbsp; **502194** |
| **Tax revenue: 0.43%** |  |  |  |  |
| &nbsp;&nbsp; Atlanta Development Authority Westside Tax Allocation District Gulch <br> Area Series A144A<br>| 5.00 | &nbsp;&nbsp; 4-1-2034 | 1000000 | &nbsp;&nbsp; 1020354 |
| Metropolitan Atlanta Rapid Transit Authority Series C | 4.00 | &nbsp;&nbsp; 7-1-2035 | 3000000 | &nbsp;&nbsp; 3039240 |
|  |  |  |  | &nbsp;&nbsp; **4059594** |
| **Utilities revenue: 3.23%** |  |  |  |  |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of The City of <br> Dalton<br>| 4.00 | &nbsp;&nbsp; 3-1-2033 | 1100000 | &nbsp;&nbsp; 1131304 |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of The City of <br> Dalton<br>| 4.00 | &nbsp;&nbsp; 3-1-2034 | 1200000 | &nbsp;&nbsp; 1226525 |
| Main Street Natural Gas, Inc. Series A | 5.00 | &nbsp;&nbsp; 5-15-2029 | 2600000 | &nbsp;&nbsp; 2728575 |
| Main Street Natural Gas, Inc. Series Aøø | 5.00 | &nbsp;&nbsp; 6-1-2053 | 5000000 | &nbsp;&nbsp; 5271299 |
| Main Street Natural Gas, Inc. Series Aøø | 5.00 | &nbsp;&nbsp; 5-1-2054 | 3000000 | &nbsp;&nbsp; 3223136 |
| Main Street Natural Gas, Inc. Series Bøø | 5.00 | &nbsp;&nbsp; 12-1-2054 | 2235000 | &nbsp;&nbsp; 2391438 |
| Main Street Natural Gas, Inc. Series C144Aøø | 4.00 | &nbsp;&nbsp; 8-1-2052 | 1500000 | &nbsp;&nbsp; 1498437 |
| Main Street Natural Gas, Inc. Series Døø | 5.00 | &nbsp;&nbsp; 5-1-2054 | 3000000 | &nbsp;&nbsp; 3174099 |
| Main Street Natural Gas, Inc. Series E-1øø | 5.00 | &nbsp;&nbsp; 12-1-2053 | 5000000 | &nbsp;&nbsp; 5350609 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia General Resolution Projects <br> Subordinated Bonds Series A<br>| 4.00 | &nbsp;&nbsp; 1-1-2036 | 1500000 | &nbsp;&nbsp; 1527116 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project <br> Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2032 | 525000 | &nbsp;&nbsp; 551344 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project <br> Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2034 | 930000 | &nbsp;&nbsp; 973002 |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 7

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project <br> Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2035 | $600000 | &nbsp;&nbsp; $626649 |
| Municipal Electric Authority of Georgia Series A | 5.00 | &nbsp;&nbsp; 1-1-2035 | 925000 | &nbsp;&nbsp; 974747 |
|  |  |  |  | &nbsp;&nbsp; **30648280** |
|  |  |  |  | &nbsp;&nbsp; **36079139** |
| **Guam: 0.15%** |  |  |  |  |
| **Miscellaneous revenue: 0.15%** |  |  |  |  |
| Territory of Guam Series F | 4.00 | &nbsp;&nbsp; 1-1-2042 | 1500000 | &nbsp;&nbsp; **1446238** |
| **Hawaii: 0.12%** |  |  |  |  |
| **Airport revenue: 0.12%** |  |  |  |  |
| State of Hawaii Harbor System Revenue Series C | 4.00 | &nbsp;&nbsp; 7-1-2036 | 500000 | &nbsp;&nbsp; 515747 |
| State of Hawaii Harbor System Revenue Series C | 4.00 | &nbsp;&nbsp; 7-1-2037 | 600000 | &nbsp;&nbsp; 616208 |
|  |  |  |  | &nbsp;&nbsp; **1131955** |
| **Illinois: 11.40%** |  |  |  |  |
| **Airport revenue: 1.42%** |  |  |  |  |
| Chicago Midway International Airport Series B | 4.00 | &nbsp;&nbsp; 1-1-2035 | 2860000 | &nbsp;&nbsp; 2860000 |
| Chicago Midway International Airport Series B | 5.00 | &nbsp;&nbsp; 1-1-2046 | 2000000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp; Chicago O'Hare International Airport Customer Facility Charge <br> Revenue (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 1-1-2039 | 1190000 | &nbsp;&nbsp; 1313981 |
| &nbsp;&nbsp; Chicago O'Hare International Airport Customer Facility Charge <br> Revenue (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 1-1-2040 | 1700000 | &nbsp;&nbsp; 1852586 |
| Chicago O'Hare International Airport Series A | 4.00 | &nbsp;&nbsp; 1-1-2038 | 1000000 | &nbsp;&nbsp; 1003932 |
| Chicago O'Hare International Airport Series B | 4.00 | &nbsp;&nbsp; 1-1-2044 | 2985000 | &nbsp;&nbsp; 2782283 |
| Chicago O'Hare International Airport Series B | 5.00 | &nbsp;&nbsp; 1-1-2036 | 1530000 | &nbsp;&nbsp; 1607645 |
|  |  |  |  | &nbsp;&nbsp; **13420427** |
| **Education revenue: 0.77%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Acero Charter Schools, Inc. Obligated <br> Group144A<br>| 4.00 | &nbsp;&nbsp; 10-1-2034 | 440000 | &nbsp;&nbsp; 428348 |
| &nbsp;&nbsp; Illinois Finance Authority Acero Charter Schools, Inc. Obligated <br> Group144A<br>| 4.00 | &nbsp;&nbsp; 10-1-2035 | 1025000 | &nbsp;&nbsp; 986914 |
| Illinois Finance Authority Bradley University Series A | 4.00 | &nbsp;&nbsp; 8-1-2035 | 805000 | &nbsp;&nbsp; 775273 |
| Illinois Finance Authority Bradley University Series C | 5.00 | &nbsp;&nbsp; 8-1-2032 | 2500000 | &nbsp;&nbsp; 2533751 |
| &nbsp;&nbsp; Illinois Finance Authority Provident Group - UIUC Properties LLC <br> Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 450000 | &nbsp;&nbsp; 457883 |
| &nbsp;&nbsp; Illinois Finance Authority Provident Group - UIUC Properties LLC <br> Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2031 | 400000 | &nbsp;&nbsp; 429253 |
| &nbsp;&nbsp; Illinois Finance Authority Provident Group - UIUC Properties LLC <br> Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2039 | 700000 | &nbsp;&nbsp; 731321 |
| Southern Illinois University Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 4-1-2029 | 400000 | &nbsp;&nbsp; 412612 |
| Southern Illinois University Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 4-1-2030 | 525000 | &nbsp;&nbsp; 546532 |
|  |  |  |  | &nbsp;&nbsp; **7301887** |
| **GO revenue: 3.83%** |  |  |  |  |
| Chicago Board of Education Dedicated Capital Improvement Tax | 5.00 | &nbsp;&nbsp; 4-1-2041 | 2250000 | &nbsp;&nbsp; 2316116 |

---

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

8 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| Chicago Board of Education Series A | 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2042 | $1975000 | &nbsp;&nbsp; $1909821 |
| Chicago Board of Education Series B | 5.00 | &nbsp;&nbsp; 12-1-2030 | 3000000 | &nbsp;&nbsp; 3082517 |
| Chicago Board of Education Series C | 5.25 | &nbsp;&nbsp; 12-1-2039 | 5000000 | &nbsp;&nbsp; 4986015 |
| Chicago Board of Education Series H | 5.00 | &nbsp;&nbsp; 12-1-2036 | 1650000 | &nbsp;&nbsp; 1632409 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2039 | 1000000 | &nbsp;&nbsp; 1014011 |
| City of Chicago Series A | 5.25 | &nbsp;&nbsp; 1-1-2045 | 3000000 | &nbsp;&nbsp; 2930819 |
| City of Chicago Series A | 5.50 | &nbsp;&nbsp; 1-1-2039 | 4750000 | &nbsp;&nbsp; 4980699 |
| City of Chicago Series A | 5.50 | &nbsp;&nbsp; 1-1-2040 | 1000000 | &nbsp;&nbsp; 1036760 |
| County of Cook | 5.00 | &nbsp;&nbsp; 11-15-2034 | 1300000 | &nbsp;&nbsp; 1314769 |
| County of Cook Series A | 5.00 | &nbsp;&nbsp; 11-15-2029 | 1000000 | &nbsp;&nbsp; 1018167 |
| County of Sangamon (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-15-2036 | 450000 | &nbsp;&nbsp; 458032 |
| County of Sangamon (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-15-2040 | 300000 | &nbsp;&nbsp; 301491 |
| &nbsp;&nbsp; Madison Bond etc. Counties Community Unit School District No. 5 <br> Highland Series B (AG Insured)<br>| 5.50 | &nbsp;&nbsp; 2-1-2033 | 600000 | &nbsp;&nbsp; 665580 |
| &nbsp;&nbsp; Madison Bond etc. Counties Community Unit School District No. 5 <br> Highland Series B (AG Insured)<br>| 5.50 | &nbsp;&nbsp; 2-1-2038 | 1635000 | &nbsp;&nbsp; 1771965 |
| &nbsp;&nbsp; Sangamon Logan & Menard Counties Community Unit School District <br> No. 15 Williamsville Series B (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 12-1-2037 | 700000 | &nbsp;&nbsp; 703854 |
| &nbsp;&nbsp; Sangamon Logan & Menard Counties Community Unit School District <br> No. 15 Williamsville Series B (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2034 | 400000 | &nbsp;&nbsp; 421867 |
| &nbsp;&nbsp; Sangamon Logan & Menard Counties Community Unit School District <br> No. 15 Williamsville Series B (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2035 | 450000 | &nbsp;&nbsp; 473555 |
| &nbsp;&nbsp; Sangamon Logan & Menard Counties Community Unit School District <br> No. 15 Williamsville Series B (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2036 | 500000 | &nbsp;&nbsp; 524172 |
| South Sangamon Water Commission (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2029 | 525000 | &nbsp;&nbsp; 536443 |
| South Sangamon Water Commission (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2030 | 600000 | &nbsp;&nbsp; 617539 |
| South Sangamon Water Commission (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2031 | 625000 | &nbsp;&nbsp; 646505 |
| South Sangamon Water Commission (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2033 | 500000 | &nbsp;&nbsp; 512972 |
| South Sangamon Water Commission (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2036 | 570000 | &nbsp;&nbsp; 577906 |
| South Sangamon Water Commission (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2037 | 525000 | &nbsp;&nbsp; 531363 |
| State of Illinois Series A | 5.00 | &nbsp;&nbsp; 3-1-2033 | 1000000 | &nbsp;&nbsp; 1103016 |
| &nbsp;&nbsp; Stephenson County School District No. 145 Freeport Series A (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 2-1-2033 | 285000 | &nbsp;&nbsp; 299341 |
|  |  |  |  | &nbsp;&nbsp; **36367704** |
| **Health revenue: 0.34%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Ann & Robert H Lurie Children's Hospital of <br> Chicago Obligated Group<br>| 5.00 | &nbsp;&nbsp; 8-15-2034 | 1000000 | &nbsp;&nbsp; 1023690 |
| &nbsp;&nbsp; Illinois Finance Authority Lutheran Life Communities Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2035 | 900000 | &nbsp;&nbsp; 623250 |
| &nbsp;&nbsp; Illinois Finance Authority Moorings of Arlington Heights LLC <br> Obligated Group Series B<br>| 3.65 | &nbsp;&nbsp; 5-1-2031 | 1000000 | &nbsp;&nbsp; 1000756 |
| Illinois Finance Authority University of Illinois | 5.00 | &nbsp;&nbsp; 10-1-2032 | 520000 | &nbsp;&nbsp; 550071 |
|  |  |  |  | &nbsp;&nbsp; **3197767** |
| **Housing revenue: 1.66%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Housing Development Authority Series E (GNMA / FNMA / <br> FHLMC Insured)<br>| 4.10 | &nbsp;&nbsp; 10-1-2039 | 2115000 | &nbsp;&nbsp; 2120771 |
| Illinois Sports Facilities Authority | 5.00 | &nbsp;&nbsp; 6-15-2028 | 1000000 | &nbsp;&nbsp; 1030394 |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 9

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series A CAB (NPFGC Insured)¤<br>| 0.00<br> %<br>| &nbsp;&nbsp; 6-15-2029 | $10000000 | &nbsp;&nbsp; $8955824 |
| Northern Illinois University (BAM Insured) | 4.00 | &nbsp;&nbsp; 10-1-2033 | 1000000 | &nbsp;&nbsp; 1030383 |
| Northern Illinois University (BAM Insured) | 4.00 | &nbsp;&nbsp; 10-1-2036 | 1650000 | &nbsp;&nbsp; 1663427 |
| Northern Illinois University (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2031 | 900000 | &nbsp;&nbsp; 974158 |
|  |  |  |  | &nbsp;&nbsp; **15774957** |
| **Miscellaneous revenue: 0.20%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Lake Cook Kane & McHenry Counties <br> Community Unit School District 220 Barrington<br>| 4.00 | &nbsp;&nbsp; 12-1-2039 | 1855000 | &nbsp;&nbsp; **1868765** |
| **Tax revenue: 2.60%** |  |  |  |  |
| County of Cook Sales Tax Revenue | 5.00 | &nbsp;&nbsp; 11-15-2033 | 4000000 | &nbsp;&nbsp; 4153304 |
| County of Cook Sales Tax Revenue | 5.25 | &nbsp;&nbsp; 11-15-2035 | 4000000 | &nbsp;&nbsp; 4157372 |
| County of Cook Sales Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 11-15-2036 | 1160000 | &nbsp;&nbsp; 1253790 |
| County of Cook Sales Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 11-15-2037 | 1625000 | &nbsp;&nbsp; 1747025 |
| Illinois Sports Facilities Authority (AG Insured) | 5.25 | &nbsp;&nbsp; 6-15-2030 | 4000000 | &nbsp;&nbsp; 4064124 |
| Illinois Sports Facilities Authority (AG Insured) | 5.25 | &nbsp;&nbsp; 6-15-2032 | 3000000 | &nbsp;&nbsp; 3047819 |
| Sales Tax Securitization Corp. Series A | 4.00 | &nbsp;&nbsp; 1-1-2039 | 1250000 | &nbsp;&nbsp; 1246605 |
| Sales Tax Securitization Corp. Series C | 5.25 | &nbsp;&nbsp; 1-1-2035 | 4700000 | &nbsp;&nbsp; 4955681 |
|  |  |  |  | &nbsp;&nbsp; **24625720** |
| **Transportation revenue: 0.15%** |  |  |  |  |
| Illinois State Toll Highway Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2038 | 1355000 | &nbsp;&nbsp; **1463447** |
| **Water & sewer revenue: 0.43%** |  |  |  |  |
| City of Chicago Waterworks Revenue (AG Insured) | 5.25 | &nbsp;&nbsp; 11-1-2033 | 2000000 | &nbsp;&nbsp; 2072486 |
| City of Chicago Waterworks Revenue Series B (AG Insured) | 4.00 | &nbsp;&nbsp; 11-1-2040 | 2000000 | &nbsp;&nbsp; 2021408 |
|  |  |  |  | &nbsp;&nbsp; **4093894** |
|  |  |  |  | &nbsp;&nbsp; **108114568** |
| **Indiana: 1.02%** |  |  |  |  |
| **Health revenue: 0.38%** |  |  |  |  |
| &nbsp;&nbsp; Indiana Finance Authority University Health, Inc. Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-1-2040 | 3655000 | &nbsp;&nbsp; **3654897** |
| **Housing revenue: 0.23%** |  |  |  |  |
| &nbsp;&nbsp; IPS Multi-School Building Corp. Indianapolis Board of School <br> Commissioners<br>| 5.00 | &nbsp;&nbsp; 7-15-2042 | 1150000 | &nbsp;&nbsp; 1240306 |
| &nbsp;&nbsp; North West Hendricks Multi-Building Corp. North West Hendricks <br> School Corp.<br>| 4.00 | &nbsp;&nbsp; 7-15-2031 | 900000 | &nbsp;&nbsp; 928609 |
|  |  |  |  | &nbsp;&nbsp; **2168915** |
| **Industrial development revenue: 0.30%** |  |  |  |  |
| Indiana Finance Authority Ohio Valley Electric Corp. Series B | 2.50 | &nbsp;&nbsp; 11-1-2030 | 2925000 | &nbsp;&nbsp; **2803826** |
| **Utilities revenue: 0.11%** |  |  |  |  |
| Indiana Finance Authority Ohio Valley Electric Corp. Series A | 4.25 | &nbsp;&nbsp; 11-1-2030 | 1000000 | &nbsp;&nbsp; **1027311** |
|  |  |  |  | &nbsp;&nbsp; **9654949** |

---

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

10 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Iowa: 1.56%** |  |  |  |  |
| **GO revenue: 0.83%** |  |  |  |  |
| College Community School District Series A | 4.00<br> %<br>| &nbsp;&nbsp; 6-1-2042 | $7885000 | &nbsp;&nbsp; **$7876533** |
| **Housing revenue: 0.24%** |  |  |  |  |
| City of Altoona Series C | 5.00 | &nbsp;&nbsp; 6-1-2027 | 2310000 | &nbsp;&nbsp; **2330399** |
| **Tax revenue: 0.17%** |  |  |  |  |
| &nbsp;&nbsp; Pleasant Valley Community School District Infrastructure <br> Sales Service & Use Tax (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2043 | 1645000 | &nbsp;&nbsp; **1610309** |
| **Utilities revenue: 0.32%** |  |  |  |  |
| PEFA, Inc. Gas Projectøø | 5.00 | &nbsp;&nbsp; 9-1-2049 | 3000000 | &nbsp;&nbsp; **3026901** |
|  |  |  |  | &nbsp;&nbsp; **14844142** |
| **Kansas: 0.26%** |  |  |  |  |
| **Health revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; City of Manhattan Meadowlark Hills Retirement Community <br> Obligated Group Series B2<br>| 3.75 | &nbsp;&nbsp; 6-1-2031 | 1000000 | &nbsp;&nbsp; **1001121** |
| **Tax revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; Wyandotte County-Kansas City Unified Government Sales Tax <br> Revenue CAB144A¤<br>| 0.00 | &nbsp;&nbsp; 9-1-2034 | 2600000 | &nbsp;&nbsp; **1471175** |
|  |  |  |  | &nbsp;&nbsp; **2472296** |
| **Kentucky: 0.69%** |  |  |  |  |
| **Education revenue: 0.17%** |  |  |  |  |
| Kentucky Bond Development Corp. Centre College | 4.00 | &nbsp;&nbsp; 6-1-2030 | 170000 | &nbsp;&nbsp; 176266 |
| Kentucky Bond Development Corp. Centre College | 4.00 | &nbsp;&nbsp; 6-1-2031 | 260000 | &nbsp;&nbsp; 270961 |
| Kentucky Bond Development Corp. Centre College | 4.00 | &nbsp;&nbsp; 6-1-2032 | 230000 | &nbsp;&nbsp; 238986 |
| Kentucky Bond Development Corp. Centre College | 4.00 | &nbsp;&nbsp; 6-1-2033 | 180000 | &nbsp;&nbsp; 185501 |
| Kentucky Bond Development Corp. Centre College | 4.00 | &nbsp;&nbsp; 6-1-2035 | 460000 | &nbsp;&nbsp; 467063 |
| Kentucky Bond Development Corp. Centre College | 4.00 | &nbsp;&nbsp; 6-1-2036 | 235000 | &nbsp;&nbsp; 237320 |
|  |  |  |  | &nbsp;&nbsp; **1576097** |
| **Health revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government Norton <br> Healthcare Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2038 | 600000 | &nbsp;&nbsp; **658639** |
| **Miscellaneous revenue: 0.13%** |  |  |  |  |
| Kentucky Interlocal School Transportation Association COP | 4.00 | &nbsp;&nbsp; 3-1-2033 | 1235000 | &nbsp;&nbsp; **1256837** |
| **Transportation revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority Series B <br> CAB¤<br>| 0.00 | &nbsp;&nbsp; 7-1-2029 | 1400000 | &nbsp;&nbsp; **1209895** |
| **Utilities revenue: 0.19%** |  |  |  |  |
| Kentucky Public Energy Authority Series C | 5.00 | &nbsp;&nbsp; 5-1-2036 | 1750000 | &nbsp;&nbsp; **1858578** |
|  |  |  |  | &nbsp;&nbsp; **6560046** |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 11

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Louisiana: 2.24%** |  |  |  |  |
| **Airport revenue: 0.30%** |  |  |  |  |
| &nbsp;&nbsp; New Orleans Aviation Board Louis Armstrong International <br> Airport CFC Revenue (AG Insured)<br>| 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2035 | $2000000 | &nbsp;&nbsp; $2075568 |
| &nbsp;&nbsp; New Orleans Aviation Board Louis Armstrong International Airport <br> Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2033 | 750000 | &nbsp;&nbsp; 763534 |
|  |  |  |  | &nbsp;&nbsp; **2839102** |
| **Education revenue: 0.61%** |  |  |  |  |
| Louisiana PFA Loyola University New Orleans CCAB | 5.00 | &nbsp;&nbsp; 10-1-2027 | 3150000 | &nbsp;&nbsp; 3228616 |
| Louisiana PFA Loyola University New Orleans CCAB | 5.00 | &nbsp;&nbsp; 10-1-2028 | 2500000 | &nbsp;&nbsp; 2593692 |
|  |  |  |  | &nbsp;&nbsp; **5822308** |
| **Miscellaneous revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp; Louisiana PFA Roman Catholic Church of the Archdiocese of New <br> Orleans<br>| 5.00 | &nbsp;&nbsp; 7-1-2024 | 1000000 | &nbsp;&nbsp; 405000 |
| &nbsp;&nbsp; Louisiana PFA Roman Catholic Church of the Archdiocese of New <br> Orleans<br>| 5.00 | &nbsp;&nbsp; 7-1-2025 | 600000 | &nbsp;&nbsp; 243000 |
| &nbsp;&nbsp; Louisiana PFA Roman Catholic Church of the Archdiocese of New <br> Orleans<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 500000 | &nbsp;&nbsp; 202500 |
|  |  |  |  | &nbsp;&nbsp; **850500** |
| **Tax revenue: 0.22%** |  |  |  |  |
| Jefferson Sales Tax District Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2031 | 1000000 | &nbsp;&nbsp; 1042358 |
| Jefferson Sales Tax District Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2032 | 1000000 | &nbsp;&nbsp; 1039374 |
|  |  |  |  | &nbsp;&nbsp; **2081732** |
| **Water & sewer revenue: 1.02%** |  |  |  |  |
| City of New Orleans Sewerage Service Revenue Series B | 5.00 | &nbsp;&nbsp; 6-1-2032 | 1000000 | &nbsp;&nbsp; 1084602 |
| City of New Orleans Sewerage Service Revenue Series B | 5.00 | &nbsp;&nbsp; 6-1-2033 | 695000 | &nbsp;&nbsp; 750948 |
| City of New Orleans Sewerage Service Revenue Series B | 5.00 | &nbsp;&nbsp; 6-1-2034 | 600000 | &nbsp;&nbsp; 647125 |
| &nbsp;&nbsp; City of New Orleans Sewerage Service Revenue Series B (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 6-1-2035 | 400000 | &nbsp;&nbsp; 412963 |
| &nbsp;&nbsp; City of New Orleans Sewerage Service Revenue Series B (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 6-1-2036 | 325000 | &nbsp;&nbsp; 334425 |
| &nbsp;&nbsp; City of New Orleans Sewerage Service Revenue Series B (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 6-1-2037 | 335000 | &nbsp;&nbsp; 342824 |
| City of Shreveport Water & Sewer Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2034 | 2500000 | &nbsp;&nbsp; 2789093 |
| Greater Ouachita Water Co. (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2030 | 500000 | &nbsp;&nbsp; 520074 |
| Greater Ouachita Water Co. (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2031 | 600000 | &nbsp;&nbsp; 622916 |
| Greater Ouachita Water Co. (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2032 | 1655000 | &nbsp;&nbsp; 1712610 |
| Greater Ouachita Water Co. (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2039 | 425000 | &nbsp;&nbsp; 430162 |
|  |  |  |  | &nbsp;&nbsp; **9647742** |
|  |  |  |  | &nbsp;&nbsp; **21241384** |
| **Maine: 0.88%** |  |  |  |  |
| **Education revenue: 0.56%** |  |  |  |  |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority University of <br> New England Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2029 | 1015000 | &nbsp;&nbsp; 1043271 |

---

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

12 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority University of <br> New England Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2030 | $1200000 | &nbsp;&nbsp; $1233449 |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority University of <br> New England Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2032 | 1415000 | &nbsp;&nbsp; 1452541 |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority University of <br> New England Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2033 | 1485000 | &nbsp;&nbsp; 1522752 |
|  |  |  |  | &nbsp;&nbsp; **5252013** |
| **Health revenue: 0.32%** |  |  |  |  |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority Obligated <br> Group Series A<br>| 4.00 | &nbsp;&nbsp; 7-1-2036 | 800000 | &nbsp;&nbsp; 817658 |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority Obligated <br> Group Series A<br>| 4.00 | &nbsp;&nbsp; 7-1-2037 | 1150000 | &nbsp;&nbsp; 1163605 |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2035 | 1000000 | &nbsp;&nbsp; 1071412 |
|  |  |  |  | &nbsp;&nbsp; **3052675** |
|  |  |  |  | &nbsp;&nbsp; **8304688** |
| **Maryland: 0.99%** |  |  |  |  |
| **Education revenue: 0.43%** |  |  |  |  |
| City of Westminster McDaniel College, Inc. | 5.00 | &nbsp;&nbsp; 11-1-2026 | 2450000 | &nbsp;&nbsp; 2480762 |
| &nbsp;&nbsp; Maryland Economic Development Corp. University Park Phase I & II at <br> Salisbury University<br>| 5.00 | &nbsp;&nbsp; 6-1-2027 | 215000 | &nbsp;&nbsp; 215132 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Stevenson <br> University, Inc. Series A<br>| 4.00 | &nbsp;&nbsp; 6-1-2035 | 470000 | &nbsp;&nbsp; 469971 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Stevenson <br> University, Inc. Series A<br>| 4.00 | &nbsp;&nbsp; 6-1-2037 | 450000 | &nbsp;&nbsp; 442397 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Stevenson <br> University, Inc. Series A<br>| 4.00 | &nbsp;&nbsp; 6-1-2039 | 500000 | &nbsp;&nbsp; 482405 |
|  |  |  |  | &nbsp;&nbsp; **4090667** |
| **GO revenue: 0.32%** |  |  |  |  |
| County of Baltimore | 4.00 | &nbsp;&nbsp; 3-1-2042 | 3000000 | &nbsp;&nbsp; **3003554** |
| **Health revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority UPMC <br> Obligated Group Series B<br>| 4.00 | &nbsp;&nbsp; 4-15-2040 | 950000 | &nbsp;&nbsp; **927611** |
| **Tax revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; County of Howard Downtown Columbia Development District <br> Series A144A<br>| 4.00 | &nbsp;&nbsp; 2-15-2028 | 360000 | &nbsp;&nbsp; 360121 |
| &nbsp;&nbsp; County of Howard Downtown Columbia Development District <br> Series A144A<br>| 4.13 | &nbsp;&nbsp; 2-15-2034 | 1000000 | &nbsp;&nbsp; 992582 |
|  |  |  |  | &nbsp;&nbsp; **1352703** |
|  |  |  |  | &nbsp;&nbsp; **9374535** |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 13

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Massachusetts: 0.25%** |  |  |  |  |
| **Health revenue: 0.25%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Development Finance Agency GingerCare Living, Inc. <br> Obligated Group Series 2024B-1144A<br>| 4.75<br> %<br>| &nbsp;&nbsp; 12-1-2029 | $1000000 | &nbsp;&nbsp; $1000285 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Tufts Medicine <br> Obligated Group Series C (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2033 | 525000 | &nbsp;&nbsp; 573139 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Tufts Medicine <br> Obligated Group Series C (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2034 | 500000 | &nbsp;&nbsp; 541999 |
| &nbsp;&nbsp; Massachusetts HEFA Mass General Brigham, Inc. (TD Bank N.A. <br> LOC)ø<br>| 2.81 | &nbsp;&nbsp; 7-1-2040 | 300000 | &nbsp;&nbsp; 300000 |
|  |  |  |  | &nbsp;&nbsp; **2415423** |
| **Michigan: 1.67%** |  |  |  |  |
| **Airport revenue: 0.15%** |  |  |  |  |
| Wayne County Airport Authority Detroit Metropolitan Series A | 5.00 | &nbsp;&nbsp; 12-1-2032 | 800000 | &nbsp;&nbsp; 828598 |
| Wayne County Airport Authority Detroit Metropolitan Series A | 5.00 | &nbsp;&nbsp; 12-1-2034 | 600000 | &nbsp;&nbsp; 621581 |
|  |  |  |  | &nbsp;&nbsp; **1450179** |
| **Education revenue: 0.09%** |  |  |  |  |
| Flint International Academy | 5.50 | &nbsp;&nbsp; 10-1-2027 | 855000 | &nbsp;&nbsp; **855335** |
| **GO revenue: 0.38%** |  |  |  |  |
| County of Kent | 5.00 | &nbsp;&nbsp; 6-1-2030 | 1040000 | &nbsp;&nbsp; 1049977 |
| Pinckney Community Schools (QSBLF Insured) | 5.00 | &nbsp;&nbsp; 5-1-2026 | 2505000 | &nbsp;&nbsp; 2507865 |
|  |  |  |  | &nbsp;&nbsp; **3557842** |
| **Health revenue: 0.69%** |  |  |  |  |
| &nbsp;&nbsp; Grand Rapids Economic Development Corp. Michigan Christian <br> Home Obligated Group Series B3<br>| 4.13 | &nbsp;&nbsp; 11-1-2030 | 3500000 | &nbsp;&nbsp; 3502597 |
| &nbsp;&nbsp; Michigan Finance Authority Trinity Health Corp. Obligated Group <br> Series 2013-2<br>| 4.00 | &nbsp;&nbsp; 12-1-2035 | 3000000 | &nbsp;&nbsp; 3049018 |
|  |  |  |  | &nbsp;&nbsp; **6551615** |
| **Water & sewer revenue: 0.36%** |  |  |  |  |
| &nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System Revenue <br> Series C<br>| 5.00 | &nbsp;&nbsp; 7-1-2030 | 3350000 | &nbsp;&nbsp; **3388999** |
|  |  |  |  | &nbsp;&nbsp; **15803970** |
| **Minnesota: 0.04%** |  |  |  |  |
| **Health revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; City of Rochester Mayo Clinic Series B (Northern Trust Company <br> SPA)ø<br>| 2.35 | &nbsp;&nbsp; 11-15-2038 | 340000 | &nbsp;&nbsp; **340000** |
| **Mississippi: 0.33%** |  |  |  |  |
| **Health revenue: 0.33%** |  |  |  |  |
| &nbsp;&nbsp; Mississippi Hospital Equipment & Facilities Authority North <br> Mississippi Medical Center Obligated Group Series IV<br>| 5.00 | &nbsp;&nbsp; 10-1-2037 | 1000000 | &nbsp;&nbsp; 1048421 |

---

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

14 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Mississippi Hospital Equipment & Facilities Authority North <br> Mississippi Medical Center Obligated Group Series IV<br>| 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2038 | $1000000 | &nbsp;&nbsp; $1046275 |
| &nbsp;&nbsp; Mississippi Hospital Equipment & Facilities Authority North <br> Mississippi Medical Center Obligated Group Series IV<br>| 5.00 | &nbsp;&nbsp; 10-1-2039 | 1000000 | &nbsp;&nbsp; 1035109 |
|  |  |  |  | &nbsp;&nbsp; **3129805** |
| **Missouri: 0.47%** |  |  |  |  |
| **Education revenue: 0.25%** |  |  |  |  |
| HEFA of the State of Missouri Webster University | 5.00 | &nbsp;&nbsp; 4-1-2027 | 2450000 | &nbsp;&nbsp; **2399822** |
| **Health revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp; HEFA of the State of Missouri BJC Healthcare Obligated Group <br> Series Cøø<br>| 5.00 | &nbsp;&nbsp; 5-1-2052 | 2000000 | &nbsp;&nbsp; **2099172** |
|  |  |  |  | &nbsp;&nbsp; **4498994** |
| **Nebraska: 0.46%** |  |  |  |  |
| **Health revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Douglas County Hospital Authority No. 2 Children's Hospital <br> Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2038 | 1200000 | &nbsp;&nbsp; **1211360** |
| **Utilities revenue: 0.33%** |  |  |  |  |
| Central Plains Energy Project Series A-1øø | 5.00 | &nbsp;&nbsp; 8-1-2055 | 3000000 | &nbsp;&nbsp; **3196831** |
|  |  |  |  | &nbsp;&nbsp; **4408191** |
| **Nevada: 0.68%** |  |  |  |  |
| **GO revenue: 0.68%** |  |  |  |  |
| Clark County School District Series A | 4.00 | &nbsp;&nbsp; 6-15-2034 | 6410000 | &nbsp;&nbsp; **6484419** |
| **New Hampshire: 0.62%** |  |  |  |  |
| **Health revenue: 0.37%** |  |  |  |  |
| &nbsp;&nbsp; New Hampshire HEFA Act Dartmouth-Hitchcock Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-1-2043 | 3730000 | &nbsp;&nbsp; **3526866** |
| **Housing revenue: 0.25%** |  |  |  |  |
| New Hampshire Business Finance Authority Class A Series 1-A | 4.13 | &nbsp;&nbsp; 1-20-2034 | 2264802 | &nbsp;&nbsp; **2307193** |
|  |  |  |  | &nbsp;&nbsp; **5834059** |
| **New Jersey: 1.94%** |  |  |  |  |
| **Airport revenue: 0.22%** |  |  |  |  |
| South Jersey Port Corp. Series S-1 | 5.00 | &nbsp;&nbsp; 1-1-2028 | 2130000 | &nbsp;&nbsp; **2132907** |
| **Housing revenue: 1.12%** |  |  |  |  |
| Garden State Preservation Trust Series A (AG Insured) | 5.75 | &nbsp;&nbsp; 11-1-2028 | 3170000 | &nbsp;&nbsp; 3354987 |
| New Jersey EDA Motor Vehicle Surcharge Revenue Series A | 3.13 | &nbsp;&nbsp; 7-1-2029 | 445000 | &nbsp;&nbsp; 437744 |
| New Jersey EDA Motor Vehicle Surcharge Revenue Series A | 5.00 | &nbsp;&nbsp; 7-1-2033 | 3850000 | &nbsp;&nbsp; 3915958 |
| New Jersey TTFA Series A¤ | 0.00 | &nbsp;&nbsp; 12-15-2030 | 2000000 | &nbsp;&nbsp; 1724594 |
| North Hudson Sewerage Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 6-1-2038 | 1000000 | &nbsp;&nbsp; 1164430 |
|  |  |  |  | &nbsp;&nbsp; **10597713** |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 15

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue: 0.60%** |  |  |  |  |
| New Jersey TTFA Series AA | 5.00<br> %<br>| &nbsp;&nbsp; 6-15-2036 | $2000000 | &nbsp;&nbsp; $2169974 |
| New Jersey TTFA Series AA | 5.00 | &nbsp;&nbsp; 6-15-2038 | 3250000 | &nbsp;&nbsp; 3492614 |
|  |  |  |  | &nbsp;&nbsp; **5662588** |
|  |  |  |  | &nbsp;&nbsp; **18393208** |
| **New Mexico: 0.38%** |  |  |  |  |
| **GO revenue: 0.13%** |  |  |  |  |
| Albuquerque Municipal School District No. 12 | 5.00 | &nbsp;&nbsp; 8-1-2034 | 1150000 | &nbsp;&nbsp; **1211870** |
| **Industrial development revenue: 0.25%** |  |  |  |  |
| City of Farmington Southern California Edison Co. | 1.80 | &nbsp;&nbsp; 4-1-2029 | 2540000 | &nbsp;&nbsp; **2407728** |
|  |  |  |  | &nbsp;&nbsp; **3619598** |
| **New York: 7.21%** |  |  |  |  |
| **Airport revenue: 0.76%** |  |  |  |  |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series C<br>| 5.00 | &nbsp;&nbsp; 12-1-2035 | 1000000 | &nbsp;&nbsp; 1081611 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series C<br>| 5.00 | &nbsp;&nbsp; 12-1-2038 | 3000000 | &nbsp;&nbsp; 3200316 |
| Port Authority of New York & New Jersey Series 211 | 4.00 | &nbsp;&nbsp; 9-1-2043 | 3000000 | &nbsp;&nbsp; 2929888 |
|  |  |  |  | &nbsp;&nbsp; **7211815** |
| **Education revenue: 2.20%** |  |  |  |  |
| Babylon L D Corp. II Series A | 6.40 | &nbsp;&nbsp; 2-1-2043 | 2000000 | &nbsp;&nbsp; 2051846 |
| Build NYC Resource Corp. REN 4520 83rd Street LLC Series A | 4.25 | &nbsp;&nbsp; 6-15-2035 | 850000 | &nbsp;&nbsp; 844728 |
| &nbsp;&nbsp; Build NYC Resource Corp. Success Academy Charter Schools, Inc. <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 9-1-2038 | 1480000 | &nbsp;&nbsp; 1578319 |
| &nbsp;&nbsp; Dutchess County Local Development Corp. Culinary Institute of <br> America Series A-1<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 335000 | &nbsp;&nbsp; 338241 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 4.45 | &nbsp;&nbsp; 2-1-2041 | 5500000 | &nbsp;&nbsp; 4783286 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 5.53 | &nbsp;&nbsp; 2-1-2040 | 2725000 | &nbsp;&nbsp; 2688071 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 5.89 | &nbsp;&nbsp; 2-1-2032 | 2745000 | &nbsp;&nbsp; 2777153 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 6.24 | &nbsp;&nbsp; 2-1-2047 | 1750000 | &nbsp;&nbsp; 1730457 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series B<br>| 5.57 | &nbsp;&nbsp; 2-1-2041 | 4140000 | &nbsp;&nbsp; 4059685 |
|  |  |  |  | &nbsp;&nbsp; **20851786** |
| **GO revenue: 0.27%** |  |  |  |  |
| City of New York Series D-1 | 5.25 | &nbsp;&nbsp; 5-1-2040 | 1500000 | &nbsp;&nbsp; 1634383 |
| City of Yonkers Series F (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-15-2036 | 450000 | &nbsp;&nbsp; 504706 |
| City of Yonkers Series F (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-15-2037 | 425000 | &nbsp;&nbsp; 473228 |
|  |  |  |  | &nbsp;&nbsp; **2612317** |

---

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

16 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.48%** |  |  |  |  |
| &nbsp;&nbsp; Monroe County Industrial Development Corp. Rochester Regional <br> Health Obligated Group Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2031 | $4225000 | &nbsp;&nbsp; **$4550342** |
| **Industrial development revenue: 0.10%** |  |  |  |  |
| New York Liberty Development Corp. One Bryant Park LLC Class 3 | 2.80 | &nbsp;&nbsp; 9-15-2069 | 1000000 | &nbsp;&nbsp; **934223** |
| **Miscellaneous revenue: 0.11%** |  |  |  |  |
| Suffolk Regional Off-Track Betting Corp. | 5.00 | &nbsp;&nbsp; 12-1-2034 | 1000000 | &nbsp;&nbsp; **1032200** |
| **Tax revenue: 2.47%** |  |  |  |  |
| &nbsp;&nbsp; Empire State Development Corp. Personal Income Tax Revenue <br> Series C<br>| 4.00 | &nbsp;&nbsp; 3-15-2037 | 3000000 | &nbsp;&nbsp; 3045298 |
| Metropolitan Transportation Authority Dedicated Tax Fund Series A | 5.25 | &nbsp;&nbsp; 11-15-2034 | 2000000 | &nbsp;&nbsp; 2038477 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series B-1<br>| 4.00 | &nbsp;&nbsp; 11-1-2041 | 5485000 | &nbsp;&nbsp; 5439687 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series C-1<br>| 4.00 | &nbsp;&nbsp; 5-1-2044 | 2000000 | &nbsp;&nbsp; 1909640 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series E-1<br>| 4.00 | &nbsp;&nbsp; 2-1-2041 | 3000000 | &nbsp;&nbsp; 2966485 |
| &nbsp;&nbsp; New York State Dormitory Authority Personal Income Tax Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 2-15-2031 | 3000000 | &nbsp;&nbsp; 3041170 |
| &nbsp;&nbsp; New York State Dormitory Authority Personal Income Tax Revenue <br> Series D<br>| 4.00 | &nbsp;&nbsp; 2-15-2039 | 5000000 | &nbsp;&nbsp; 5036084 |
|  |  |  |  | &nbsp;&nbsp; **23476841** |
| **Transportation revenue: 0.60%** |  |  |  |  |
| Metropolitan Transportation Authority Series B | 5.00 | &nbsp;&nbsp; 11-15-2033 | 2175000 | &nbsp;&nbsp; 2209875 |
| Metropolitan Transportation Authority Series D | 5.00 | &nbsp;&nbsp; 11-15-2031 | 3415000 | &nbsp;&nbsp; 3473166 |
|  |  |  |  | &nbsp;&nbsp; **5683041** |
| **Utilities revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp; New York State Energy Research & Development Authority Electric & <br> Gas Corp. Series C<br>| 4.00 | &nbsp;&nbsp; 4-1-2034 | 2000000 | &nbsp;&nbsp; **2070300** |
|  |  |  |  | &nbsp;&nbsp; **68422865** |
| **North Carolina: 0.11%** |  |  |  |  |
| **Water & sewer revenue: 0.11%** |  |  |  |  |
| City of Mebane Combined Utilities Revenue | 4.00 | &nbsp;&nbsp; 8-1-2043 | 1025000 | &nbsp;&nbsp; **1014092** |
| **Ohio: 2.08%** |  |  |  |  |
| **Education revenue: 0.64%** |  |  |  |  |
| Northeast Ohio Medical University (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2032 | 315000 | &nbsp;&nbsp; 348218 |
| Northeast Ohio Medical University (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2033 | 890000 | &nbsp;&nbsp; 977887 |
| Northeast Ohio Medical University (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2036 | 1025000 | &nbsp;&nbsp; 1108197 |
| Northeast Ohio Medical University (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2038 | 1070000 | &nbsp;&nbsp; 1146780 |
| Northeast Ohio Medical University (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2040 | 1260000 | &nbsp;&nbsp; 1323045 |
| Ohio Higher Educational Facility Commission Xavier University | 5.00 | &nbsp;&nbsp; 5-1-2029 | 1080000 | &nbsp;&nbsp; 1146712 |
|  |  |  |  | &nbsp;&nbsp; **6050839** |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 17

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.53%** |  |  |  |  |
| County of Hamilton UC Health Obligated Group | 5.00<br> %<br>| &nbsp;&nbsp; 9-15-2035 | $1100000 | &nbsp;&nbsp; $1151553 |
| &nbsp;&nbsp; State of Ohio University Hospitals Health System, Inc. Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 1-15-2036 | 3500000 | &nbsp;&nbsp; 3930685 |
|  |  |  |  | &nbsp;&nbsp; **5082238** |
| **Housing revenue: 0.23%** |  |  |  |  |
| &nbsp;&nbsp; Clermont County Port Authority West Clermont Local School District <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2026 | 600000 | &nbsp;&nbsp; 600973 |
| &nbsp;&nbsp; Clermont County Port Authority West Clermont Local School District <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2028 | 1250000 | &nbsp;&nbsp; 1251984 |
| RiverSouth Authority Series A | 5.75 | &nbsp;&nbsp; 12-1-2027 | 295000 | &nbsp;&nbsp; 295090 |
|  |  |  |  | &nbsp;&nbsp; **2148047** |
| **Miscellaneous revenue: 0.10%** |  |  |  |  |
| Warrensville Heights City School District Series B COP (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-1-2037 | 1000000 | &nbsp;&nbsp; **1004646** |
| **Tobacco revenue: 0.22%** |  |  |  |  |
| Buckeye Tobacco Settlement Financing Authority Class 1 Series A-2 | 4.00 | &nbsp;&nbsp; 6-1-2038 | 2100000 | &nbsp;&nbsp; **2056425** |
| **Utilities revenue: 0.36%** |  |  |  |  |
| City of Hamilton Electric System Revenue (BAM Insured) | 4.00 | &nbsp;&nbsp; 10-1-2034 | 710000 | &nbsp;&nbsp; 731392 |
| City of Hamilton Electric System Revenue (BAM Insured) | 4.00 | &nbsp;&nbsp; 10-1-2035 | 1000000 | &nbsp;&nbsp; 1025601 |
| &nbsp;&nbsp; Cleveland Department of Public Utilities Division of Public Power (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 11-15-2033 | 625000 | &nbsp;&nbsp; 650676 |
| Ohio Air Quality Development Authority Valley Electric Corp. Series A | 3.25 | &nbsp;&nbsp; 9-1-2029 | 1000000 | &nbsp;&nbsp; 996946 |
|  |  |  |  | &nbsp;&nbsp; **3404615** |
|  |  |  |  | &nbsp;&nbsp; **19746810** |
| **Oklahoma: 2.81%** |  |  |  |  |
| **Education revenue: 0.08%** |  |  |  |  |
| Oklahoma State University Series A | 4.00 | &nbsp;&nbsp; 9-1-2036 | 750000 | &nbsp;&nbsp; **770474** |
| **Housing revenue: 2.47%** |  |  |  |  |
| &nbsp;&nbsp; Canadian County Educational Facilities Authority Independent School <br> District No. 69 Mustang<br>| 5.00 | &nbsp;&nbsp; 9-1-2028 | 2180000 | &nbsp;&nbsp; 2211442 |
| &nbsp;&nbsp; Carter County Public Facilities Authority Independent School District <br> No. 27 Plainview<br>| 5.00 | &nbsp;&nbsp; 12-1-2026 | 1000000 | &nbsp;&nbsp; 1021035 |
| &nbsp;&nbsp; Carter County Public Facilities Authority Independent School District <br> No. 27 Plainview<br>| 5.00 | &nbsp;&nbsp; 12-1-2028 | 1285000 | &nbsp;&nbsp; 1312687 |
| &nbsp;&nbsp; Cleveland County Educational Facilities Authority Independent <br> School District No. 40 Noble<br>| 5.00 | &nbsp;&nbsp; 9-1-2027 | 700000 | &nbsp;&nbsp; 725233 |
| &nbsp;&nbsp; Cleveland County Educational Facilities Authority Independent <br> School District No. 40 Noble<br>| 5.00 | &nbsp;&nbsp; 9-1-2028 | 400000 | &nbsp;&nbsp; 414119 |
| &nbsp;&nbsp; Cleveland County Educational Facilities Authority Independent <br> School District No. 40 Noble<br>| 5.00 | &nbsp;&nbsp; 9-1-2029 | 250000 | &nbsp;&nbsp; 258442 |
| &nbsp;&nbsp; Cleveland County Educational Facilities Authority Independent <br> School District No. 40 Noble<br>| 5.00 | &nbsp;&nbsp; 9-1-2031 | 675000 | &nbsp;&nbsp; 696842 |
| &nbsp;&nbsp; Comanche County Educational Facilities Authority Independent <br> School District No. 16 Elgin Series A<br>| 5.00 | &nbsp;&nbsp; 12-1-2032 | 1600000 | &nbsp;&nbsp; 1677649 |

---

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

18 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Dewey County Educational Facilities Authority Independent School <br> District No. 8 Seiling<br>| 5.00<br> %<br>| &nbsp;&nbsp; 9-1-2027 | $1240000 | &nbsp;&nbsp; $1257395 |
| &nbsp;&nbsp; Garvin County Educational Facilities Authority Independent School <br> District No. 9 Lindsay<br>| 5.00 | &nbsp;&nbsp; 9-1-2026 | 1000000 | &nbsp;&nbsp; 1001401 |
| &nbsp;&nbsp; Garvin County Educational Facilities Authority Independent School <br> District No. 9 Lindsay<br>| 5.00 | &nbsp;&nbsp; 9-1-2027 | 1245000 | &nbsp;&nbsp; 1247201 |
| &nbsp;&nbsp; Grady County School Finance Authority Independent School District <br> No. 97 Tuttle<br>| 5.00 | &nbsp;&nbsp; 9-1-2028 | 1160000 | &nbsp;&nbsp; 1161802 |
| Muskogee Industrial Trust Independent School District No. 20 | 4.00 | &nbsp;&nbsp; 9-1-2029 | 3000000 | &nbsp;&nbsp; 3033819 |
| Muskogee Industrial Trust Independent School District No. 20 | 4.00 | &nbsp;&nbsp; 9-1-2032 | 3000000 | &nbsp;&nbsp; 3036043 |
| Oklahoma Development Finance Authority Series B | 5.00 | &nbsp;&nbsp; 6-1-2032 | 550000 | &nbsp;&nbsp; 590951 |
| &nbsp;&nbsp; Pontotoc County Educational Facilities Authority Ada Public Schools <br> Project<br>| 4.00 | &nbsp;&nbsp; 9-1-2032 | 450000 | &nbsp;&nbsp; 469553 |
| &nbsp;&nbsp; Pontotoc County Educational Facilities Authority Ada Public Schools <br> Project<br>| 4.00 | &nbsp;&nbsp; 9-1-2033 | 800000 | &nbsp;&nbsp; 831612 |
| &nbsp;&nbsp; Pontotoc County Educational Facilities Authority Ada Public Schools <br> Project<br>| 4.00 | &nbsp;&nbsp; 9-1-2034 | 625000 | &nbsp;&nbsp; 647266 |
| &nbsp;&nbsp; Pontotoc County Educational Facilities Authority Ada Public Schools <br> Project<br>| 4.00 | &nbsp;&nbsp; 9-1-2035 | 810000 | &nbsp;&nbsp; 835565 |
| &nbsp;&nbsp; Pontotoc County Educational Facilities Authority Ada Public Schools <br> Project<br>| 4.00 | &nbsp;&nbsp; 9-1-2036 | 1000000 | &nbsp;&nbsp; 1023754 |
|  |  |  |  | &nbsp;&nbsp; **23453811** |
| **Tax revenue: 0.26%** |  |  |  |  |
| Oklahoma City Public Property Authority Hotel Tax | 5.00 | &nbsp;&nbsp; 10-1-2027 | 1140000 | &nbsp;&nbsp; 1141748 |
| Oklahoma City Public Property Authority Hotel Tax | 5.00 | &nbsp;&nbsp; 10-1-2028 | 1265000 | &nbsp;&nbsp; 1266975 |
|  |  |  |  | &nbsp;&nbsp; **2408723** |
|  |  |  |  | &nbsp;&nbsp; **26633008** |
| **Oregon: 0.46%** |  |  |  |  |
| **Airport revenue: 0.14%** |  |  |  |  |
| Port of Portland Airport Revenue Series 26-A | 4.00 | &nbsp;&nbsp; 7-1-2037 | 565000 | &nbsp;&nbsp; 574638 |
| Port of Portland Airport Revenue Series 26-B | 5.00 | &nbsp;&nbsp; 7-1-2037 | 705000 | &nbsp;&nbsp; 758193 |
|  |  |  |  | &nbsp;&nbsp; **1332831** |
| **Health revenue: 0.32%** |  |  |  |  |
| &nbsp;&nbsp; Medford Hospital Facilities Authority Asante Health System Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2037 | 1400000 | &nbsp;&nbsp; 1488128 |
| &nbsp;&nbsp; Oregon State Facilities Authority Samaritan Health Services, Inc. <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 1500000 | &nbsp;&nbsp; 1515008 |
|  |  |  |  | &nbsp;&nbsp; **3003136** |
|  |  |  |  | &nbsp;&nbsp; **4335967** |
| **Pennsylvania: 10.95%** |  |  |  |  |
| **Airport revenue: 0.05%** |  |  |  |  |
| City of Philadelphia Airport Revenue Series A | 5.00 | &nbsp;&nbsp; 7-1-2031 | 450000 | &nbsp;&nbsp; **464428** |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 19

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue: 0.73%** |  |  |  |  |
| &nbsp;&nbsp; Allentown Commercial & IDA Executive Education Academy Charter <br> School144A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2040 | $1490000 | &nbsp;&nbsp; $1507892 |
| Chester County IDA Collegium Charter School Series A | 5.00 | &nbsp;&nbsp; 10-15-2027 | 645000 | &nbsp;&nbsp; 648862 |
| &nbsp;&nbsp; Northeastern Pennsylvania Hospital & Education Authority Wilkes <br> University Series A<br>| 5.00 | &nbsp;&nbsp; 3-1-2026 | 885000 | &nbsp;&nbsp; 886146 |
| &nbsp;&nbsp; Northeastern Pennsylvania Hospital & Education Authority Wilkes <br> University Series A<br>| 5.00 | &nbsp;&nbsp; 3-1-2028 | 660000 | &nbsp;&nbsp; 660800 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Pennsylvania's <br> State System of Higher Education Series AT-1<br>| 4.00 | &nbsp;&nbsp; 6-15-2035 | 2000000 | &nbsp;&nbsp; 2000011 |
| Philadelphia IDA Frankford Valley Foundation for Literacy144A | 5.00 | &nbsp;&nbsp; 6-15-2039 | 1000000 | &nbsp;&nbsp; 1014529 |
| &nbsp;&nbsp; Philadelphia IDA West Philadelphia Achievement Charter Elementary <br> School<br>| 7.00 | &nbsp;&nbsp; 5-1-2026 | 170000 | &nbsp;&nbsp; 170328 |
|  |  |  |  | &nbsp;&nbsp; **6888568** |
| **GO revenue: 3.03%** |  |  |  |  |
| Central Dauphin School District | 5.00 | &nbsp;&nbsp; 2-1-2030 | 1110000 | &nbsp;&nbsp; 1124033 |
| City of Philadelphia Series A | 4.00 | &nbsp;&nbsp; 5-1-2037 | 1115000 | &nbsp;&nbsp; 1146104 |
| City of Reading Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-1-2026 | 1000000 | &nbsp;&nbsp; 1016611 |
| McKeesport Area School District Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 10-1-2035 | 5505000 | &nbsp;&nbsp; 5603279 |
| Norristown Area School District (BAM Insured) | 5.00 | &nbsp;&nbsp; 9-1-2035 | 2035000 | &nbsp;&nbsp; 2055627 |
| Reading School District (AG Insured) | 5.00 | &nbsp;&nbsp; 3-1-2037 | 2000000 | &nbsp;&nbsp; 2034100 |
| Reading School District (AG Insured) | 5.00 | &nbsp;&nbsp; 3-1-2038 | 1735000 | &nbsp;&nbsp; 1764178 |
| School District of Philadelphia Series A | 5.00 | &nbsp;&nbsp; 9-1-2032 | 2300000 | &nbsp;&nbsp; 2468514 |
| School District of Philadelphia Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2039 | 2000000 | &nbsp;&nbsp; 2046216 |
| School District of Philadelphia Series F | 5.00 | &nbsp;&nbsp; 9-1-2029 | 5000000 | &nbsp;&nbsp; 5074801 |
| School District of Philadelphia Series F | 5.00 | &nbsp;&nbsp; 9-1-2031 | 1240000 | &nbsp;&nbsp; 1258386 |
| School District of Philadelphia Series F | 5.00 | &nbsp;&nbsp; 9-1-2032 | 2595000 | &nbsp;&nbsp; 2632273 |
| Scranton School District Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 6-1-2037 | 500000 | &nbsp;&nbsp; 520044 |
|  |  |  |  | &nbsp;&nbsp; **28744166** |
| **Health revenue: 3.16%** |  |  |  |  |
| &nbsp;&nbsp; Allegheny County Hospital Development Authority UPMC Obligated <br> Group Series A<br>| 4.00 | &nbsp;&nbsp; 7-15-2037 | 2000000 | &nbsp;&nbsp; 2006068 |
| Bucks County IDA Grand View Hospital/Sellersville Obligated Group | 5.00 | &nbsp;&nbsp; 7-1-2038 | 2800000 | &nbsp;&nbsp; 2924883 |
| &nbsp;&nbsp; Cumberland County Municipal Authority Lutheran Senior Services <br> East Obligated Group<br>| 5.00 | &nbsp;&nbsp; 1-1-2026 | 560000 | &nbsp;&nbsp; 560000 |
| &nbsp;&nbsp; Cumberland County Municipal Authority Lutheran Senior Services <br> East Obligated Group<br>| 5.00 | &nbsp;&nbsp; 1-1-2027 | 480000 | &nbsp;&nbsp; 480458 |
| &nbsp;&nbsp; Cumberland County Municipal Authority Pennsylvania State Health <br> Obligated Group<br>| 4.00 | &nbsp;&nbsp; 11-1-2044 | 1190000 | &nbsp;&nbsp; 1111589 |
| &nbsp;&nbsp; Doylestown Hospital Authority Health System Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2041 | 2500000 | &nbsp;&nbsp; 2512291 |
| Geisinger Authority Kaiser Obligated Group Series A | 4.00 | &nbsp;&nbsp; 4-1-2039 | 5000000 | &nbsp;&nbsp; 4963349 |
| Geisinger Authority Kaiser Obligated Group Series A-2 | 4.00 | &nbsp;&nbsp; 2-15-2039 | 1000000 | &nbsp;&nbsp; 992115 |
| &nbsp;&nbsp; Hospitals & Higher Education Facilities Authority of Philadelphia <br> Temple University Health System Obligated Group (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2036 | 2505000 | &nbsp;&nbsp; 2749184 |
| &nbsp;&nbsp; Montgomery County Higher Education & Health Authority Thomas <br> Jefferson University Obligated Group<br>| 4.00 | &nbsp;&nbsp; 9-1-2037 | 1000000 | &nbsp;&nbsp; 1002237 |
| Pennsylvania EDFA UPMC Obligated Group Series A | 4.00 | &nbsp;&nbsp; 11-15-2037 | 2540000 | &nbsp;&nbsp; 2547699 |

---

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

20 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| Pennsylvania EDFA UPMC Obligated Group Series A-1 | 5.00<br> %<br>| &nbsp;&nbsp; 4-15-2031 | $1000000 | &nbsp;&nbsp; $1082994 |
| Pennsylvania EDFA UPMC Obligated Group Series A-1 | 5.00 | &nbsp;&nbsp; 4-15-2034 | 1650000 | &nbsp;&nbsp; 1761571 |
| Pennsylvania EDFA UPMC Obligated Group Series A-1 | 5.00 | &nbsp;&nbsp; 4-15-2035 | 1450000 | &nbsp;&nbsp; 1545467 |
| Pennsylvania EDFA UPMC Obligated Group Series B | 4.00 | &nbsp;&nbsp; 3-15-2040 | 1250000 | &nbsp;&nbsp; 1223479 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Health System <br> Obligated Group Series A (Bank of America N.A. LOC)ø<br>| 2.42 | &nbsp;&nbsp; 1-1-2038 | 800000 | &nbsp;&nbsp; 800000 |
| &nbsp;&nbsp; Union County Hospital Authority WellSpan Evangelical Community <br> Hospital Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 8-1-2043 | 1750000 | &nbsp;&nbsp; 1760981 |
|  |  |  |  | &nbsp;&nbsp; **30024365** |
| **Housing revenue: 1.40%** |  |  |  |  |
| Pennsylvania Housing Finance Agency Series 142-A | 4.15 | &nbsp;&nbsp; 10-1-2034 | 1500000 | &nbsp;&nbsp; 1555489 |
| Philadelphia Municipal Authority | 5.00 | &nbsp;&nbsp; 4-1-2031 | 3630000 | &nbsp;&nbsp; 3717540 |
| Philadelphia Municipal Authority | 5.00 | &nbsp;&nbsp; 4-1-2034 | 1800000 | &nbsp;&nbsp; 1838061 |
| &nbsp;&nbsp; State Public School Building Authority Chester Upland School District <br> Series B<br>| 5.25 | &nbsp;&nbsp; 9-15-2030 | 1985000 | &nbsp;&nbsp; 2069358 |
| &nbsp;&nbsp; State Public School Building Authority Harrisburg School District <br> Series B-2 (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2026 | 645000 | &nbsp;&nbsp; 646061 |
| &nbsp;&nbsp; State Public School Building Authority Harrisburg School District <br> Series B-2 (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2027 | 360000 | &nbsp;&nbsp; 360649 |
| &nbsp;&nbsp; State Public School Building Authority School District of Philadelphia <br> Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2034 | 1750000 | &nbsp;&nbsp; 1773901 |
| York County School of Technology Authority Series B (BAM Insured) | 5.00 | &nbsp;&nbsp; 2-15-2027 | 800000 | &nbsp;&nbsp; 801328 |
| York County School of Technology Authority Series B (BAM Insured) | 5.00 | &nbsp;&nbsp; 2-15-2029 | 500000 | &nbsp;&nbsp; 500813 |
|  |  |  |  | &nbsp;&nbsp; **13263200** |
| **Miscellaneous revenue: 0.75%** |  |  |  |  |
| Commonwealth of Pennsylvania Series A COP | 5.00 | &nbsp;&nbsp; 7-1-2029 | 480000 | &nbsp;&nbsp; 502032 |
| &nbsp;&nbsp; State Public School Building Authority Harrisburg School District <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2028 | 3020000 | &nbsp;&nbsp; 3075193 |
| &nbsp;&nbsp; State Public School Building Authority Harrisburg School District <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2033 | 3505000 | &nbsp;&nbsp; 3555401 |
|  |  |  |  | &nbsp;&nbsp; **7132626** |
| **Tax revenue: 0.25%** |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority | 5.00 | &nbsp;&nbsp; 5-1-2033 | 700000 | &nbsp;&nbsp; 757889 |
| Allentown Neighborhood Improvement Zone Development Authority | 5.00 | &nbsp;&nbsp; 5-1-2034 | 750000 | &nbsp;&nbsp; 808464 |
| Allentown Neighborhood Improvement Zone Development Authority | 5.00 | &nbsp;&nbsp; 5-1-2035 | 750000 | &nbsp;&nbsp; 804319 |
|  |  |  |  | &nbsp;&nbsp; **2370672** |
| **Tobacco revenue: 1.14%** |  |  |  |  |
| Commonwealth Financing Authority (AG Insured) | 4.00 | &nbsp;&nbsp; 6-1-2039 | 11000000 | &nbsp;&nbsp; **10832680** |
| **Transportation revenue: 0.44%** |  |  |  |  |
| Pennsylvania Turnpike Commission Series E CCAB (AG Insured) | 6.00 | &nbsp;&nbsp; 12-1-2030 | 3910000 | &nbsp;&nbsp; **4137998** |
|  |  |  |  | &nbsp;&nbsp; **103858703** |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 21

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **South Carolina: 2.12%** |  |  |  |  |
| **Education revenue: 0.21%** |  |  |  |  |
| &nbsp;&nbsp; South Carolina Jobs-EDA American Leadership Academy - Lexington <br> Series A<br>| 5.50<br> %<br>| &nbsp;&nbsp; 6-15-2033 | $2000000 | &nbsp;&nbsp; **$1979178** |
| **Health revenue: 0.25%** |  |  |  |  |
| &nbsp;&nbsp; South Carolina Jobs-EDA Bishop Gadsden Episcopal Retirement <br> Community Obligated Group<br>| 5.00 | &nbsp;&nbsp; 4-1-2041 | 1095000 | &nbsp;&nbsp; 1132233 |
| South Carolina Jobs-EDA Novant Health Obligated Group Series A | 5.50 | &nbsp;&nbsp; 11-1-2046 | 1135000 | &nbsp;&nbsp; 1223106 |
|  |  |  |  | &nbsp;&nbsp; **2355339** |
| **Utilities revenue: 1.66%** |  |  |  |  |
| South Carolina Public Service Authority Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2045 | 4500000 | &nbsp;&nbsp; 4753332 |
| South Carolina Public Service Authority Series E (AG Insured) | 5.25 | &nbsp;&nbsp; 12-1-2036 | 6385000 | &nbsp;&nbsp; 7203570 |
| South Carolina Public Service Authority Series E (AG Insured) | 5.25 | &nbsp;&nbsp; 12-1-2037 | 3445000 | &nbsp;&nbsp; 3860690 |
|  |  |  |  | &nbsp;&nbsp; **15817592** |
|  |  |  |  | &nbsp;&nbsp; **20152109** |
| **Tennessee: 1.80%** |  |  |  |  |
| **Airport revenue: 0.28%** |  |  |  |  |
| Metropolitan Nashville Airport Authority Series A | 5.25 | &nbsp;&nbsp; 7-1-2047 | 2500000 | &nbsp;&nbsp; **2628643** |
| **Health revenue: 0.41%** |  |  |  |  |
| &nbsp;&nbsp; Shelby County Health Educational & Housing Facilities Board <br> Methodist Le Bonheur Healthcare Obligated Group Series A (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 6-1-2035 | 3500000 | &nbsp;&nbsp; **3935371** |
| **Housing revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; Chattanooga Health Educational & Housing Facility Board CDFI Phase <br> I LLC<br>| 5.00 | &nbsp;&nbsp; 10-1-2028 | 1000000 | &nbsp;&nbsp; **1000437** |
| **Utilities revenue: 1.00%** |  |  |  |  |
| Tennergy Corp. Series Aøø | 5.50 | &nbsp;&nbsp; 10-1-2053 | 3000000 | &nbsp;&nbsp; 3217860 |
| Tennessee Energy Acquisition Corp. Gas Project Series A-1øø | 5.00 | &nbsp;&nbsp; 5-1-2053 | 3500000 | &nbsp;&nbsp; 3598340 |
| Tennessee Energy Acquisition Corp. Series Aøø | 5.00 | &nbsp;&nbsp; 5-1-2052 | 2500000 | &nbsp;&nbsp; 2670730 |
|  |  |  |  | &nbsp;&nbsp; **9486930** |
|  |  |  |  | &nbsp;&nbsp; **17051381** |
| **Texas: 7.06%** |  |  |  |  |
| **Airport revenue: 1.68%** |  |  |  |  |
| City of Houston Airport System Revenue Series D | 5.00 | &nbsp;&nbsp; 7-1-2035 | 2000000 | &nbsp;&nbsp; 2093674 |
| Dallas Fort Worth International Airport | 4.00 | &nbsp;&nbsp; 11-1-2045 | 3245000 | &nbsp;&nbsp; 3068419 |
| Dallas Fort Worth International Airport Series A | 4.00 | &nbsp;&nbsp; 11-1-2034 | 2500000 | &nbsp;&nbsp; 2595196 |
| Dallas Fort Worth International Airport Series B | 4.00 | &nbsp;&nbsp; 11-1-2045 | 8630000 | &nbsp;&nbsp; 8160387 |
|  |  |  |  | &nbsp;&nbsp; **15917676** |

---

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

22 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue: 0.19%** |  |  |  |  |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. BASIS Texas Charter <br> Schools, Inc.144A<br>| 4.25<br> %<br>| &nbsp;&nbsp; 6-15-2039 | $1075000 | &nbsp;&nbsp; $1035603 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. BASIS Texas Charter <br> Schools, Inc.144A<br>| 4.50 | &nbsp;&nbsp; 6-15-2044 | 830000 | &nbsp;&nbsp; 761274 |
|  |  |  |  | &nbsp;&nbsp; **1796877** |
| **GO revenue: 1.73%** |  |  |  |  |
| Bexar County Hospital District | 5.00 | &nbsp;&nbsp; 2-15-2037 | 1250000 | &nbsp;&nbsp; 1294552 |
| City of Eagle Pass (AG Insured) | 4.00 | &nbsp;&nbsp; 3-1-2037 | 695000 | &nbsp;&nbsp; 704621 |
| City of Irving | 4.00 | &nbsp;&nbsp; 9-15-2044 | 2010000 | &nbsp;&nbsp; 1938269 |
| City of San Antonio | 5.00 | &nbsp;&nbsp; 8-1-2036 | 3990000 | &nbsp;&nbsp; 4175455 |
| County of El Paso Series A | 5.00 | &nbsp;&nbsp; 2-15-2031 | 2000000 | &nbsp;&nbsp; 2004832 |
| County of El Paso Series A | 5.00 | &nbsp;&nbsp; 2-15-2032 | 2120000 | &nbsp;&nbsp; 2124994 |
| Fort Bend County Municipal Utility District No. 182 (BAM Insured) | 5.25 | &nbsp;&nbsp; 9-1-2030 | 1185000 | &nbsp;&nbsp; 1277410 |
| Viridian Municipal Management District (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-1-2030 | 710000 | &nbsp;&nbsp; 710436 |
| Waller Consolidated Independent School District (BAM Insured) | 5.00 | &nbsp;&nbsp; 2-15-2040 | 2000000 | &nbsp;&nbsp; 2171107 |
|  |  |  |  | &nbsp;&nbsp; **16401676** |
| **Health revenue: 0.60%** |  |  |  |  |
| &nbsp;&nbsp; Greater Texas Cultural Education Facilities Finance Corp. Texas <br> Biomedical Research Institute Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2041 | 3000000 | &nbsp;&nbsp; 3094439 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. Baylor <br> Scott & White Health Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2042 | 2520000 | &nbsp;&nbsp; 2422397 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. Methodist <br> Hospitals of Dallas Obligated Group Series B (TD Bank N.A. LOC)ø<br>| 2.45 | &nbsp;&nbsp; 10-1-2041 | 200000 | &nbsp;&nbsp; 200000 |
|  |  |  |  | &nbsp;&nbsp; **5716836** |
| **Housing revenue: 0.58%** |  |  |  |  |
| Austin Community College District Public Facility Corp. Series C | 5.00 | &nbsp;&nbsp; 8-1-2030 | 500000 | &nbsp;&nbsp; 517954 |
| FW Chaparral PFC Chaparral Ranch Project | 4.00 | &nbsp;&nbsp; 10-1-2035 | 5000000 | &nbsp;&nbsp; 4998624 |
|  |  |  |  | &nbsp;&nbsp; **5516578** |
| **Miscellaneous revenue: 0.11%** |  |  |  |  |
| Nueces River Authority City of Corpus Christi Utility System Revenue | 5.00 | &nbsp;&nbsp; 7-15-2026 | 1000000 | &nbsp;&nbsp; **1001602** |
| **Resource recovery revenue: 0.60%** |  |  |  |  |
| &nbsp;&nbsp; Port of Port Arthur Navigation District Motiva Enterprises LLC <br> Series Dø<br>| 2.52 | &nbsp;&nbsp; 11-1-2040 | 5675000 | &nbsp;&nbsp; **5675000** |
| **Tax revenue: 0.16%** |  |  |  |  |
| &nbsp;&nbsp; Old Spanish Trail-Alemda Corridors RDA City of Houston <br> Reinvestment Zone No. 7 (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 9-1-2031 | 1540000 | &nbsp;&nbsp; **1569332** |
| **Transportation revenue: 1.28%** |  |  |  |  |
| Grand Parkway Transportation Corp. Series A | 5.00 | &nbsp;&nbsp; 10-1-2034 | 1500000 | &nbsp;&nbsp; 1573524 |
| North Texas Tollway Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2039 | 3750000 | &nbsp;&nbsp; 4221933 |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 23

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp. NTE <br> Mobility Partners LLC Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 12-31-2035 | $3000000 | &nbsp;&nbsp; $3178888 |
| &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp. NTE <br> Mobility Partners LLC Series A<br>| 5.00 | &nbsp;&nbsp; 12-31-2036 | 3015000 | &nbsp;&nbsp; 3181121 |
|  |  |  |  | &nbsp;&nbsp; **12155466** |
| **Water & sewer revenue: 0.13%** |  |  |  |  |
| North Harris County Regional Water Authority (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-15-2029 | 1215000 | &nbsp;&nbsp; **1217206** |
|  |  |  |  | &nbsp;&nbsp; **66968249** |
| **Utah: 0.70%** |  |  |  |  |
| **Education revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; Utah Charter School Finance Authority Freedom Academy <br> Foundation144A<br>| 4.50 | &nbsp;&nbsp; 6-15-2027 | 360000 | &nbsp;&nbsp; **358190** |
| **Health revenue: 0.29%** |  |  |  |  |
| County of Utah Intermountain Healthcare Obligated Group Series A | 4.00 | &nbsp;&nbsp; 5-15-2043 | 1000000 | &nbsp;&nbsp; 957076 |
| County of Utah Intermountain Healthcare Obligated Group Series A | 4.00 | &nbsp;&nbsp; 5-15-2045 | 2000000 | &nbsp;&nbsp; 1831246 |
|  |  |  |  | &nbsp;&nbsp; **2788322** |
| **Housing revenue: 0.37%** |  |  |  |  |
| Utah Housing Corp. Series C (GNMA / FNMA / FHLMC Insured) | 4.05 | &nbsp;&nbsp; 1-1-2039 | 1270000 | &nbsp;&nbsp; 1276459 |
| West Valley City Municipal Building Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 2-1-2032 | 1555000 | &nbsp;&nbsp; 1587306 |
| West Valley City Municipal Building Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 2-1-2033 | 645000 | &nbsp;&nbsp; 656744 |
|  |  |  |  | &nbsp;&nbsp; **3520509** |
|  |  |  |  | &nbsp;&nbsp; **6667021** |
| **Virginia: 0.22%** |  |  |  |  |
| **Housing revenue: 0.16%** |  |  |  |  |
| Virginia College Building Authority Series C | 4.00 | &nbsp;&nbsp; 2-1-2036 | 1500000 | &nbsp;&nbsp; **1507978** |
| **Tax revenue: 0.06%** |  |  |  |  |
| Marquis CDA of York County Virginia CCAB144A | 7.50 | &nbsp;&nbsp; 9-1-2045 | 386000 | &nbsp;&nbsp; 135100 |
| Marquis CDA of York County Virginia Series B | 5.63 | &nbsp;&nbsp; 9-1-2041 | 1274000 | &nbsp;&nbsp; 445900 |
| Marquis CDA of York County Virginia Series C CAB¤ | 0.00 | &nbsp;&nbsp; 9-1-2041 | 1772000 | &nbsp;&nbsp; 4430 |
|  |  |  |  | &nbsp;&nbsp; **585430** |
|  |  |  |  | &nbsp;&nbsp; **2093408** |
| **Washington: 4.26%** |  |  |  |  |
| **GO revenue: 2.04%** |  |  |  |  |
| King County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2026 | 775000 | &nbsp;&nbsp; 789903 |
| King County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2029 | 1600000 | &nbsp;&nbsp; 1628863 |
| King County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2031 | 6665000 | &nbsp;&nbsp; 6776162 |
| King County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2032 | 2905000 | &nbsp;&nbsp; 2952135 |
| King County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2033 | 7045000 | &nbsp;&nbsp; 7152929 |
|  |  |  |  | &nbsp;&nbsp; **19299992** |

---

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

24 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.41%** |  |  |  |  |
| King County Public Hospital District No. 4 Series A | 5.50<br> %<br>| &nbsp;&nbsp; 12-1-2035 | $1000000 | &nbsp;&nbsp; $1004704 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority CommonSpirit Health <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2042 | 1550000 | &nbsp;&nbsp; 1660319 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Providence St. Joseph <br> Health Obligated Group Series D<br>| 5.00 | &nbsp;&nbsp; 10-1-2041 | 1225000 | &nbsp;&nbsp; 1226046 |
|  |  |  |  | &nbsp;&nbsp; **3891069** |
| **Housing revenue: 1.51%** |  |  |  |  |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 6-1-2026 | 560000 | &nbsp;&nbsp; 562251 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 12-1-2026 | 430000 | &nbsp;&nbsp; 433946 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 6-1-2027 | 590000 | &nbsp;&nbsp; 596223 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 12-1-2027 | 400000 | &nbsp;&nbsp; 406163 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 6-1-2028 | 360000 | &nbsp;&nbsp; 366712 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 12-1-2028 | 375000 | &nbsp;&nbsp; 383477 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 12-1-2029 | 960000 | &nbsp;&nbsp; 984193 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 12-1-2030 | 575000 | &nbsp;&nbsp; 596245 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 12-1-2031 | 450000 | &nbsp;&nbsp; 460132 |
| Snohomish County Housing Authority | 5.00 | &nbsp;&nbsp; 4-1-2032 | 1955000 | &nbsp;&nbsp; 2069036 |
| Snohomish County Housing Authority | 5.00 | &nbsp;&nbsp; 4-1-2033 | 1550000 | &nbsp;&nbsp; 1635712 |
| Snohomish County Housing Authority | 5.00 | &nbsp;&nbsp; 4-1-2034 | 655000 | &nbsp;&nbsp; 693942 |
| &nbsp;&nbsp; Washington State Housing Finance Commission Downtowner <br> Apartments Project (FHLMC LIQ)<br>| 3.70 | &nbsp;&nbsp; 7-1-2030 | 5000000 | &nbsp;&nbsp; 5127059 |
|  |  |  |  | &nbsp;&nbsp; **14315091** |
| **Miscellaneous revenue: 0.18%** |  |  |  |  |
| State of Washington Series B COP | 5.00 | &nbsp;&nbsp; 7-1-2037 | 1585000 | &nbsp;&nbsp; **1680150** |
| **Resource recovery revenue: 0.12%** |  |  |  |  |
| City of Seattle Solid Waste Revenue | 4.00 | &nbsp;&nbsp; 6-1-2033 | 1175000 | &nbsp;&nbsp; **1178663** |
|  |  |  |  | &nbsp;&nbsp; **40364965** |
| **West Virginia: 0.90%** |  |  |  |  |
| **Health revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; West Virginia Hospital Finance Authority United Health System <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2031 | 375000 | &nbsp;&nbsp; 384162 |
| &nbsp;&nbsp; West Virginia Hospital Finance Authority United Health System <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2032 | 980000 | &nbsp;&nbsp; 1002495 |
|  |  |  |  | &nbsp;&nbsp; **1386657** |
| **Miscellaneous revenue: 0.75%** |  |  |  |  |
| &nbsp;&nbsp; County of Ohio Special District Excise Tax Revenue Fort Henry <br> Economic Opportunity Development District Excise Tax Revenue <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 6-1-2034 | 1000000 | &nbsp;&nbsp; 1112834 |
| &nbsp;&nbsp; County of Ohio Special District Excise Tax Revenue Fort Henry <br> Economic Opportunity Development District Excise Tax Revenue <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 6-1-2036 | 1050000 | &nbsp;&nbsp; 1162853 |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 25

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Miscellaneous revenue**(continued) |  |  |  |  |  |
| West Virginia EDA Lottery Excess Lottery Revenue Series A |  | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2038 | $2980000 | &nbsp;&nbsp; $3097878 |
| West Virginia Lottery Excess Lottery Revenue Series A |  | 5.00 | &nbsp;&nbsp; 7-1-2029 | 1755000 | &nbsp;&nbsp; 1758144 |
|  |  |  |  |  | &nbsp;&nbsp; **7131709** |
|  |  |  |  |  | &nbsp;&nbsp; **8518366** |
| **Wisconsin: 4.48%** |  |  |  |  |  |
| **Education revenue: 0.07%** |  |  |  |  |  |
| PFA Mater Academy of Nevada Series A144A |  | 5.00 | &nbsp;&nbsp; 12-15-2039 | 700000 | &nbsp;&nbsp; **707158** |
| **GO revenue: 0.67%** |  |  |  |  |  |
| City of Milwaukee Series B4 (AG Insured) |  | 5.00 | &nbsp;&nbsp; 4-1-2038 | 1495000 | &nbsp;&nbsp; 1633136 |
| City of Milwaukee Series N3 (AG Insured) |  | 5.00 | &nbsp;&nbsp; 4-1-2033 | 4190000 | &nbsp;&nbsp; 4741452 |
|  |  |  |  |  | &nbsp;&nbsp; **6374588** |
| **Health revenue: 2.32%** |  |  |  |  |  |
| Wisconsin HEFA Ascension Health Credit Group Series A |  | 4.00 | &nbsp;&nbsp; 11-15-2039 | 14975000 | &nbsp;&nbsp; 14652886 |
| Wisconsin HEFA Ascension Health Credit Group Series A |  | 4.50 | &nbsp;&nbsp; 11-15-2039 | 1225000 | &nbsp;&nbsp; 1226290 |
| Wisconsin HEFA Ascension Health Credit Group Series A |  | 5.00 | &nbsp;&nbsp; 11-15-2035 | 5000000 | &nbsp;&nbsp; 5026456 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A |  | 5.00 | &nbsp;&nbsp; 12-1-2039 | 1000000 | &nbsp;&nbsp; 1093952 |
|  |  |  |  |  | &nbsp;&nbsp; **21999584** |
| **Housing revenue: 1.20%** |  |  |  |  |  |
| Milwaukee RDA Board of School Directors |  | 5.00 | &nbsp;&nbsp; 11-15-2029 | 420000 | &nbsp;&nbsp; 426577 |
| Milwaukee RDA Board of School Directors |  | 5.00 | &nbsp;&nbsp; 11-15-2030 | 635000 | &nbsp;&nbsp; 644944 |
| PFA City of Boynton Beach |  | 4.00 | &nbsp;&nbsp; 7-1-2030 | 2090000 | &nbsp;&nbsp; 2168894 |
| PFA City of Boynton Beach |  | 5.00 | &nbsp;&nbsp; 7-1-2035 | 3590000 | &nbsp;&nbsp; 3746350 |
| &nbsp;&nbsp; PFA Eastern Michigan University Campus Living LLC Series A-1 (BAM <br> Insured)<br>|  | 5.25 | &nbsp;&nbsp; 7-1-2034 | 1000000 | &nbsp;&nbsp; 1115076 |
| &nbsp;&nbsp; PFA Eastern Michigan University Campus Living LLC Series A-1 (BAM <br> Insured)<br>|  | 5.25 | &nbsp;&nbsp; 7-1-2035 | 1000000 | &nbsp;&nbsp; 1109549 |
| &nbsp;&nbsp; PFA Eastern Michigan University Campus Living LLC Series A-1 (BAM <br> Insured)<br>|  | 5.25 | &nbsp;&nbsp; 7-1-2036 | 1000000 | &nbsp;&nbsp; 1103317 |
| &nbsp;&nbsp; PFA Eastern Michigan University Campus Living LLC Series A-1 (BAM <br> Insured)<br>|  | 5.25 | &nbsp;&nbsp; 7-1-2037 | 1000000 | &nbsp;&nbsp; 1096235 |
|  |  |  |  |  | &nbsp;&nbsp; **11410942** |
| **Miscellaneous revenue: 0.22%** |  |  |  |  |  |
| Wisconsin Center District Series C CAB (AG Insured)¤ |  | 0.00 | &nbsp;&nbsp; 12-15-2034 | 1250000 | &nbsp;&nbsp; 918515 |
| Wisconsin Center District Series C CAB (AG Insured)¤ |  | 0.00 | &nbsp;&nbsp; 12-15-2035 | 1600000 | &nbsp;&nbsp; 1124501 |
|  |  |  |  |  | &nbsp;&nbsp; **2043016** |
|  |  |  |  |  | &nbsp;&nbsp; **42535288** |
| **Total municipal obligations (Cost $947,316,903)** |  |  |  |  | &nbsp;&nbsp; **940717616** |
| **Total investments in securities (Cost $947,316,903)** | 99.17<br> %<br>|  |  |  | &nbsp;&nbsp; 940717616 |
| Other assets and liabilities, net | 0.83 |  |  |  | &nbsp;&nbsp; 7907933 |
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$948625549** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

26 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | |
|:---|:---|
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AG | Assured Guaranty Incorporation |
| BAM | Build America Mutual Assurance Company |
| CAB | Capital appreciation bond |
| CCAB | Convertible capital appreciation bond |
| CDA | Community Development Authority |
| COP | Certificate of participation |
| EDA | Economic Development Authority |
| EDFA | Economic Development Finance Authority |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General obligation |
| HEFA | Health & Educational Facilities Authority |
| IDA | Industrial Development Authority |
| LIQ | Liquidity agreement |
| LOC | Letter of credit |
| NPFGC | National Public Finance Guarantee Corporation |
| PFA | Public Finance Authority |
| QSBLF | Qualified School Board Loan Fund Insured |
| RDA | Redevelopment Authority |
| SIFMA | Securities Industry and Financial Markets Association |
| SPA | Standby purchase agreement |
| TTFA | Transportation Trust Fund Authority |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 27

------

Statement of assets and liabilities—December 31, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $947,316,903) | $940717616 |
| Cash | 297412 |
| Receivable for interest | 10330695 |
| Receivable for Fund shares sold | 364767 |
| Prepaid expenses and other assets | 53720 |
| **Total assets** | **951764210** |
| Liabilities |  |
| Payable for Fund shares redeemed | 2227285 |
| Dividends payable | 524572 |
| Management fee payable | 196540 |
| Administration fees payable | 70290 |
| Shareholder servicing fees payable | 35709 |
| Distribution fee payable | 3242 |
| Trustees' fees and expenses payable | 1102 |
| Accrued expenses and other liabilities | 79921 |
| **Total liabilities** | **3138661** |
| **Total net assets**  | **$948625549** |
| Net assets consist of |  |
| Paid-in capital | $968610152 |
| Total distributable loss | (19984603)<br>|
| **Total net assets** | **$948625549** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $158302945 |
| Shares outstanding–Class A<sup>1</sup> <br>| 14435274 |
| Net asset value per share–Class A | $10.97 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $11.31 |
| Net assets–Class C | $4999883 |
| Shares outstanding–Class C<sup>1</sup> <br>| 455931 |
| Net asset value per share–Class C | $10.97 |
| Net assets–Class R6 | $138687389 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 12632079 |
| Net asset value per share–Class R6 | $10.98 |
| Net assets–Institutional Class | $646635332 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 58877691 |
| Net asset value per share–Institutional Class | $10.98 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/97 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.

28 \| Allspring Intermediate Tax/AMT-Free Fund

------

Statement of operations—six months ended December 31, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $16898825 |
| Expenses |  |
| Management fee | 1836053 |
| Administration fees |  |
| Class A | 118440 |
| Class C | 3789 |
| Class R6 | 22128 |
| Administrator Class | 2673 <br><sup>1</sup><br>|
| Institutional Class | 251812 |
| Shareholder servicing fees |  |
| Class A | 197087 |
| Class C | 6311 |
| Administrator Class | 6596 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 18932 |
| Custody and accounting fees | 16173 |
| Professional fees | 42470 |
| Registration fees | 57210 |
| Shareholder report expenses | 26435 |
| Trustees' fees and expenses | 7351 |
| Other fees and expenses | 13890 |
| **Total expenses** | **2627350** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (723542)<br>|
| Class A | (2361)<br>|
| Institutional Class | (124)<br>|
| **Net expenses** | **1901323** |
| **Net investment income** | **14997502** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments**  | **690924** |
| **Net change in unrealized gains (losses) on investments** | **18354746** |
| **Net realized and unrealized gains (losses) on investments** | **19045670** |
| **Net increase in net assets resulting from operations** | **$34043172** |

---

<sup>1</sup> For the period from July 1, 2025 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 Intermediate Tax/AMT-Free Fund \| 29

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> December 31, 2025<br> (unaudited) | Six months ended<br> December 31, 2025<br> (unaudited) | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $14997502 |  | &nbsp;&nbsp; $29403787 |
| Net realized gains on investments |  | &nbsp;&nbsp; 690924 |  | &nbsp;&nbsp; 864408 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 18354746 |  | &nbsp;&nbsp; (9287875)<br>|
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **34043172** |  | &nbsp;&nbsp; **20980320** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (2292219)<br>|  | &nbsp;&nbsp; (4845269)<br>|
| Class C |  | &nbsp;&nbsp; (54219)<br>|  | &nbsp;&nbsp; (124587)<br>|
| Class R6 |  | &nbsp;&nbsp; (2408216)<br>|  | &nbsp;&nbsp; (5699754)<br>|
| Administrator Class |  | &nbsp;&nbsp; (78434 )<sup>1</sup><br>|  | &nbsp;&nbsp; (430591)<br>|
| Institutional Class |  | &nbsp;&nbsp; (10139617)<br>|  | &nbsp;&nbsp; (18255321)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(14972705)**<br>|  | &nbsp;&nbsp; **(29355522)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 1454977 | &nbsp;&nbsp; 15875772 | &nbsp;&nbsp; 921313 | &nbsp;&nbsp; 10027354 |
| Class C | 78747 | &nbsp;&nbsp; 856758 | &nbsp;&nbsp; 65214 | &nbsp;&nbsp; 710686 |
| Class R6 | 696681 | &nbsp;&nbsp; 7572996 | &nbsp;&nbsp; 2252958 | &nbsp;&nbsp; 24490783 |
| Administrator Class | 5879 <br><sup>1</sup><br>| &nbsp;&nbsp; 63126 <br><sup>1</sup><br>| &nbsp;&nbsp; 31942 | &nbsp;&nbsp; 347031 |
| Institutional Class | 10285863 | &nbsp;&nbsp; 111676517 | &nbsp;&nbsp; 21294736 | &nbsp;&nbsp; 230869256 |
|  |  | &nbsp;&nbsp; 136045169 |  | &nbsp;&nbsp; 266445110 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 200386 | &nbsp;&nbsp; 2179865 | &nbsp;&nbsp; 427868 | &nbsp;&nbsp; 4649086 |
| Class C | 4957 | &nbsp;&nbsp; 53927 | &nbsp;&nbsp; 11170 | &nbsp;&nbsp; 121431 |
| Class R6 | 50627 | &nbsp;&nbsp; 551287 | &nbsp;&nbsp; 93442 | &nbsp;&nbsp; 1016004 |
| Administrator Class | 5343 <br><sup>1</sup><br>| &nbsp;&nbsp; 57382 <br><sup>1</sup><br>| &nbsp;&nbsp; 35871 | &nbsp;&nbsp; 390071 |
| Institutional Class | 863182 | &nbsp;&nbsp; 9406014 | &nbsp;&nbsp; 1571255 | &nbsp;&nbsp; 17090821 |
|  |  | &nbsp;&nbsp; 12248475 |  | &nbsp;&nbsp; 23267413 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (1685278)<br>| &nbsp;&nbsp; (18371821)<br>| &nbsp;&nbsp; (3646685)<br>| &nbsp;&nbsp; (39657134)<br>|
| Class C | (98964)<br>| &nbsp;&nbsp; (1076124)<br>| &nbsp;&nbsp; (214420)<br>| &nbsp;&nbsp; (2334415)<br>|
| Class R6 | (2217891)<br>| &nbsp;&nbsp; (24073126)<br>| &nbsp;&nbsp; (11469397)<br>| &nbsp;&nbsp; (125033777)<br>|
| Administrator Class | (54160 )<sup>1</sup><br>| &nbsp;&nbsp; (582124 )<sup>1</sup><br>| &nbsp;&nbsp; (409749)<br>| &nbsp;&nbsp; (4462974)<br>|
| Institutional Class | (7688459)<br>| &nbsp;&nbsp; (83633337)<br>| &nbsp;&nbsp; (19597946)<br>| &nbsp;&nbsp; (212372229)<br>|
|  |  | &nbsp;&nbsp; (127736532)<br>|  | &nbsp;&nbsp; (383860529)<br>|

---

<sup>1</sup> For the period from July 1, 2025 to September 12, 2025

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

30 \| Allspring Intermediate Tax/AMT-Free Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> December 31, 2025<br> (unaudited) | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Administrator Class<br>(1170895 )<sup>2</sup><br>| &nbsp;&nbsp; $(12788751 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Institutional Class<br>1169921 <br><sup>2</sup><br>| &nbsp;&nbsp; 12788751 <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; **20557112** |  | &nbsp;&nbsp; **(94148006)**<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; **39627579** |  | &nbsp;&nbsp; **(102523208)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **908997970** |  | &nbsp;&nbsp; **1011521178** |
| **End of period** | &nbsp;&nbsp; **$948625549** |  | &nbsp;&nbsp; **$908997970** |

---

<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 Intermediate Tax/AMT-Free Fund \| 31

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.74** | &nbsp;&nbsp; **$10.85** | &nbsp;&nbsp; **$10.82** | &nbsp;&nbsp; **$10.84** | &nbsp;&nbsp; **$11.92** | &nbsp;&nbsp; **$11.72** |
| Net investment income | 0.16 <br><sup>1</sup><br>| 0.31 <br><sup>1</sup><br>| 0.31 <br><sup>1</sup><br>| 0.29 | 0.26 | 0.26 |
| Net realized and unrealized gains (losses) on investments | 0.23 | &nbsp;&nbsp; (0.11)<br>| 0.03 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (1.08)<br>| 0.20 |
| Total from investment operations | 0.39 | 0.20 | 0.34 | 0.27 | &nbsp;&nbsp; (0.82)<br>| 0.46 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.16)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.26)<br>|
| **Net asset value, end of period** | **$10.97** | &nbsp;&nbsp; **$10.74** | &nbsp;&nbsp; **$10.85** | &nbsp;&nbsp; **$10.82** | &nbsp;&nbsp; **$10.84** | &nbsp;&nbsp; **$11.92** |
| **Total return**<sup>2</sup> <br>| **3.64%**<br>| **1.87%**<br>| **3.19%**<br>| **2.50%**<br>| &nbsp;&nbsp; **(7.00)%**<br>| **3.92%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.82<br> %<br>| 0.82<br> %<br>| 0.82<br> %<br>| 0.82<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>|
| Net expenses | 0.67<br> %<br>| 0.66<br> %<br>| 0.67<br> %<br>| 0.69<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>|
| Net investment income | 2.91<br> %<br>| 2.88<br> %<br>| 2.85<br> %<br>| 2.66<br> %<br>| 2.22<br> %<br>| 2.16<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 8<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 12<br> %<br>|
| Net assets, end of period (000s omitted) | $158303 | &nbsp;&nbsp; $155426 | &nbsp;&nbsp; $181851 | &nbsp;&nbsp; $204701 | &nbsp;&nbsp; $200566 | &nbsp;&nbsp; $246130 |

---

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

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

32 \| Allspring Intermediate Tax/AMT-Free Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class C | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.75** | &nbsp;&nbsp; **$10.85** | &nbsp;&nbsp; **$10.82** | &nbsp;&nbsp; **$10.84** | &nbsp;&nbsp; **$11.92** | &nbsp;&nbsp; **$11.72** |
| Net investment income | 0.12 <br><sup>1</sup><br>| 0.23 <br><sup>1</sup><br>| 0.22 <br><sup>1</sup><br>| 0.21 | 0.17 | 0.17 |
| Net realized and unrealized gains (losses) on investments | 0.22 | &nbsp;&nbsp; (0.10)<br>| 0.04 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (1.08)<br>| 0.20 |
| Total from investment operations | 0.34 | 0.13 | 0.26 | 0.19 | &nbsp;&nbsp; (0.91)<br>| 0.37 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.12)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.17)<br>|
| **Net asset value, end of period** | **$10.97** | &nbsp;&nbsp; **$10.75** | &nbsp;&nbsp; **$10.85** | &nbsp;&nbsp; **$10.82** | &nbsp;&nbsp; **$10.84** | &nbsp;&nbsp; **$11.92** |
| **Total return**<sup>2</sup> <br>| **3.16%**<br>| **1.19%**<br>| **2.42%**<br>| **1.73%**<br>| &nbsp;&nbsp; **(7.70)%**<br>| **3.14%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.57<br> %<br>| 1.57<br> %<br>| 1.57<br> %<br>| 1.57<br> %<br>| 1.55<br> %<br>| 1.55<br> %<br>|
| Net expenses | 1.42<br> %<br>| 1.42<br> %<br>| 1.42<br> %<br>| 1.44<br> %<br>| 1.45<br> %<br>| 1.45<br> %<br>|
| Net investment income | 2.15<br> %<br>| 2.11<br> %<br>| 2.09<br> %<br>| 1.89<br> %<br>| 1.46<br> %<br>| 1.40<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 8<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 12<br> %<br>|
| Net assets, end of period (000s omitted) | $5000 | &nbsp;&nbsp; $5063 | &nbsp;&nbsp; $6609 | &nbsp;&nbsp; $7268 | &nbsp;&nbsp; $8268 | &nbsp;&nbsp; $11990 |

---

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

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

Allspring Intermediate Tax/AMT-Free Fund \| 33

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class R6 | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.76** | &nbsp;&nbsp; **$10.86** | &nbsp;&nbsp; **$10.83** | &nbsp;&nbsp; **$10.85** | &nbsp;&nbsp; **$11.93** | &nbsp;&nbsp; **$11.74** |
| Net investment income | 0.18 <br><sup>1</sup><br>| 0.35 <br><sup>1</sup><br>| 0.35 <br><sup>1</sup><br>| 0.33 | 0.29 | 0.29 |
| Net realized and unrealized gains (losses) on investments | 0.22 | &nbsp;&nbsp; (0.10)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (1.08)<br>| 0.19 |
| Total from investment operations | 0.40 | 0.25 | 0.38 | 0.30 | &nbsp;&nbsp; (0.79)<br>| 0.48 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | **$10.98** | &nbsp;&nbsp; **$10.76** | &nbsp;&nbsp; **$10.86** | &nbsp;&nbsp; **$10.83** | &nbsp;&nbsp; **$10.85** | &nbsp;&nbsp; **$11.93** |
| **Total return**<sup>2</sup> <br>| **3.74%**<br>| **2.33%**<br>| **3.57%**<br>| **2.82%**<br>| &nbsp;&nbsp; **(6.71)%**<br>| **4.14%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.45<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.42<br> %<br>|
| Net expenses | 0.30<br> %<br>| 0.30<br> %<br>| 0.30<br> %<br>| 0.38<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>|
| Net investment income | 3.27<br> %<br>| 3.23<br> %<br>| 3.22<br> %<br>| 2.93<br> %<br>| 2.50<br> %<br>| 2.44<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 8<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 12<br> %<br>|
| Net assets, end of period (000s omitted) | $138687 | &nbsp;&nbsp; $151707 | &nbsp;&nbsp; $252256 | &nbsp;&nbsp; $269729 | &nbsp;&nbsp; $476328 | &nbsp;&nbsp; $728547 |

---

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

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

34 \| Allspring Intermediate Tax/AMT-Free Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.76** | &nbsp;&nbsp; **$10.87** | &nbsp;&nbsp; **$10.84** | &nbsp;&nbsp; **$10.85** | &nbsp;&nbsp; **$11.94** | &nbsp;&nbsp; **$11.74** |
| Net investment income | 0.18 <br><sup>1</sup><br>| 0.35 <br><sup>1</sup><br>| 0.34 <br><sup>1</sup><br>| 0.32 | 0.29 | 0.29 |
| Net realized and unrealized gains (losses) on investments | 0.22 | &nbsp;&nbsp; (0.11)<br>| 0.03 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.09)<br>| 0.20 |
| Total from investment operations | 0.40 | 0.24 | 0.37 | 0.31 | &nbsp;&nbsp; (0.80)<br>| 0.49 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | **$10.98** | &nbsp;&nbsp; **$10.76** | &nbsp;&nbsp; **$10.87** | &nbsp;&nbsp; **$10.84** | &nbsp;&nbsp; **$10.85** | &nbsp;&nbsp; **$11.94** |
| **Total return**<sup>2</sup> <br>| **3.71%**<br>| **2.19%**<br>| **3.52%**<br>| **2.87%**<br>| &nbsp;&nbsp; **(6.84)%**<br>| **4.17%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.49<br> %<br>| 0.48<br> %<br>| 0.47<br> %<br>|
| Net expenses | 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.43<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>|
| Net investment income | 3.23<br> %<br>| 3.19<br> %<br>| 3.17<br> %<br>| 2.90<br> %<br>| 2.47<br> %<br>| 2.40<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 8<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 12<br> %<br>|
| Net assets, end of period (000s omitted) | $646635 | &nbsp;&nbsp; $583751 | &nbsp;&nbsp; $553916 | &nbsp;&nbsp; $569446 | &nbsp;&nbsp; $761944 | &nbsp;&nbsp; $925392 |

---

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

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

Allspring Intermediate Tax/AMT-Free Fund \| 35

------

Notes to financial statements (unaudited)

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 Intermediate Tax/AMT-Free 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.

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.

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.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. 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 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 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.

36 \| Allspring Intermediate Tax/AMT-Free Fund

------

Notes to financial statements (unaudited)

As of December 31, 2025, the aggregate cost of all investments for federal income tax purposes was $947,826,035 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $10358408 |
| Gross unrealized losses | &nbsp;&nbsp; (17466827)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(7108419)**<br>|

---

As of June 30, 2025, the Fund had capital loss carryforwards which consisted of $8,473,531 in short-term capital losses and $5,117,464 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;

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 December 31, 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:** |  |  |  |  |
| **Municipal obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $940717616 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $940717616 |
| **Total assets** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$940717616** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$940717616** |

---

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

At December 31, 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 Intermediate Tax/AMT-Free Fund \| 37

------

Notes to financial statements (unaudited)

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 | 0.400<br> %<br>|
| Next $500 million | 0.375 |
| Next $2 billion | 0.350 |
| Next $2 billion | 0.325 |
| Next $5 billion | 0.290 |
| Over $10 billion | 0.280 |

---

For the six months ended December 31, 2025, the management fee was equivalent to an annual rate of 0.39% 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 | 0.15<br> %<br>|
| Class C | 0.15 |
| Class R6 | 0.03 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or 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 October 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 December 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.67<br> %<br>|
| Class C | 1.42 |
| Class R6 | 0.30 |
| Institutional Class | 0.35 |

---

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 six months ended December 31, 2025, Allspring Funds Distributor received $2,106 from the sale of Class A shares and $750 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended December 31, 2025.

38 \| Allspring Intermediate Tax/AMT-Free Fund

------

Notes to financial statements (unaudited)

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 had $39,950,000, $54,065,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the six months ended December 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2025 were $112,016,791 and $74,844,835, 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 six months ended December 31, 2025, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

8. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined 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.

9. 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 includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

Allspring Intermediate Tax/AMT-Free Fund \| 39

------

Other information (unaudited)

Other information

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**.

40 \| Allspring Intermediate Tax/AMT-Free 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.

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Not applicable

Allspring Intermediate Tax/AMT-Free Fund \| 41

------

![](g805823img6ee07d0b1.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**

![](g805823img82ea8f322.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.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS3322 12-25**

------

![](g805823imgab84dd821.jpg)

Allspring Municipal Bond Fund

Long Form Financial Statements

Semi-Annual Report

December 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_cf290931-0a25-4069-9e01-4246e88e4691_POI-PageBlank-51_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_cf290931-0a25-4069-9e01-4246e88e4691_FS-PageBlank-51_1)** |  |
| [Statement of assets and liabilities](#xx_cf290931-0a25-4069-9e01-4246e88e4691_FS-PageBlank-51_1) | 67 |
| [Statement of operations](#xx_cf290931-0a25-4069-9e01-4246e88e4691_FS-PageBlank-51_2) | 68 |
| [Statement of changes in net assets](#xx_cf290931-0a25-4069-9e01-4246e88e4691_FS-PageBlank-51_3) | 69 |
| [Financial highlights](#xx_cf290931-0a25-4069-9e01-4246e88e4691_FIHI-PageBlank-51_1) | 70 |
| **[Notes to financial statements](#xx_cf290931-0a25-4069-9e01-4246e88e4691_NTF-PageBlank-51_1)** | 75 |
| **[Other information](#xx_cf290931-0a25-4069-9e01-4246e88e4691_OI-PageBlank-51_1)** | 79 |
| [Item 8. Changes in and disagreements with accountants](#xx_cf290931-0a25-4069-9e01-4246e88e4691_OI-PageBlank-51_2) | 80 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_cf290931-0a25-4069-9e01-4246e88e4691_OI-PageBlank-51_2) | 80 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_cf290931-0a25-4069-9e01-4246e88e4691_OI-PageBlank-51_2) | 80 |
| [Item 11. Statement regarding basis for board](#xx_cf290931-0a25-4069-9e01-4246e88e4691_OI-PageBlank-51_2)['](#xx_cf290931-0a25-4069-9e01-4246e88e4691_OI-PageBlank-51_2)[s approval of investment](#xx_cf290931-0a25-4069-9e01-4246e88e4691_OI-PageBlank-51_2)<br> [advisory contract](#xx_cf290931-0a25-4069-9e01-4246e88e4691_OI-PageBlank-51_2)<br>| 80 |

---

Allspring Municipal Bond Fund \| 1

------

Portfolio of investments—December 31, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Municipal obligations: 98.98%** |  |  |  |  |
| **Alabama: 5.40%** |  |  |  |  |
| **Airport revenue: 0.05%** |  |  |  |  |
| Birmingham Airport Authority (BAM Insured) | 4.00<br> %<br>| &nbsp;&nbsp; 7-1-2036 | $500000 | &nbsp;&nbsp; $512630 |
| Birmingham Airport Authority (BAM Insured) | 4.00 | &nbsp;&nbsp; 7-1-2037 | 500000 | &nbsp;&nbsp; 508529 |
| Birmingham Airport Authority (BAM Insured) | 4.00 | &nbsp;&nbsp; 7-1-2038 | 400000 | &nbsp;&nbsp; 405196 |
| Birmingham Airport Authority (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-1-2029 | 750000 | &nbsp;&nbsp; 810586 |
| Birmingham Airport Authority (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-1-2030 | 500000 | &nbsp;&nbsp; 551322 |
| Birmingham Airport Authority (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-1-2032 | 600000 | &nbsp;&nbsp; 657822 |
| Birmingham Airport Authority (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-1-2033 | 650000 | &nbsp;&nbsp; 710331 |
|  |  |  |  | &nbsp;&nbsp; **4156416** |
| **Education revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; Homewood Educational Building Authority CHF - Horizons II LLC <br> Series C<br>| 5.50 | &nbsp;&nbsp; 10-1-2054 | 6700000 | &nbsp;&nbsp; 6757671 |
| &nbsp;&nbsp; Jacksonville Public Educational Building Authority JSU Foundation <br> Project Series A (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 8-1-2048 | 4500000 | &nbsp;&nbsp; 4617569 |
|  |  |  |  | &nbsp;&nbsp; **11375240** |
| **Health revenue: 0.31%** |  |  |  |  |
| &nbsp;&nbsp; Alabama Special Care Facilities Financing Authority-Birmingham <br> Ascension Health Credit Group Series B<br>| 5.00 | &nbsp;&nbsp; 11-15-2046 | 11000000 | &nbsp;&nbsp; 11009428 |
| Health Care Authority for Baptist Health Series A | 5.00 | &nbsp;&nbsp; 11-15-2031 | 11970000 | &nbsp;&nbsp; 13048982 |
| UAB Medicine Finance Authority Obligated Group Series B | 5.00 | &nbsp;&nbsp; 9-1-2034 | 1000000 | &nbsp;&nbsp; 1078802 |
| UAB Medicine Finance Authority Obligated Group Series B | 5.00 | &nbsp;&nbsp; 9-1-2035 | 1000000 | &nbsp;&nbsp; 1074059 |
|  |  |  |  | &nbsp;&nbsp; **26211271** |
| **Housing revenue: 0.09%** |  |  |  |  |
| Huntsville Public Building Authority | 5.00 | &nbsp;&nbsp; 2-1-2052 | 7000000 | &nbsp;&nbsp; **7159223** |
| **Industrial development revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; Selma Industrial Development Board International Paper Co. <br> Series A<br>| 4.20 | &nbsp;&nbsp; 5-1-2034 | 5000000 | &nbsp;&nbsp; **5191559** |
| **Tax revenue: 0.12%** |  |  |  |  |
| Birmingham-Jefferson Civic Center Authority Series A | 5.00 | &nbsp;&nbsp; 7-1-2048 | 10000000 | &nbsp;&nbsp; **10063009** |
| **Utilities revenue: 4.60%** |  |  |  |  |
| Black Belt Energy Gas Districtøø | 4.00 | &nbsp;&nbsp; 6-1-2051 | 5500000 | &nbsp;&nbsp; 5625980 |
| Black Belt Energy Gas District Series Aøø | 5.25 | &nbsp;&nbsp; 5-1-2055 | 2000000 | &nbsp;&nbsp; 2172131 |
| Black Belt Energy Gas District Series B | 5.00 | &nbsp;&nbsp; 10-1-2035 | 40000000 | &nbsp;&nbsp; 41200520 |
| Black Belt Energy Gas District Series Cøø | 5.00 | &nbsp;&nbsp; 5-1-2055 | 22750000 | &nbsp;&nbsp; 24391651 |
| Black Belt Energy Gas District Series Cøø | 5.50 | &nbsp;&nbsp; 10-1-2054 | 4750000 | &nbsp;&nbsp; 5219848 |
| Black Belt Energy Gas District Series C144Aøø | 5.50 | &nbsp;&nbsp; 11-1-2056 | 20000000 | &nbsp;&nbsp; 21195822 |
| Black Belt Energy Gas District Series C-1øø | 5.25 | &nbsp;&nbsp; 2-1-2053 | 23000000 | &nbsp;&nbsp; 24283474 |
| Black Belt Energy Gas District Series Eøø | 5.00 | &nbsp;&nbsp; 12-1-2055 | 15500000 | &nbsp;&nbsp; 16575636 |
| Energy Southeast A Cooperative District Series A | 5.00 | &nbsp;&nbsp; 11-1-2035 | 5000000 | &nbsp;&nbsp; 5297659 |
| JPMorgan Chase Putters/Drivers Trust Series 2025-5088144Aø | 1.57 | &nbsp;&nbsp; 4-24-2026 | 34250000 | &nbsp;&nbsp; 34250000 |
| Southeast Alabama Gas Supply District Project No. 1 Series Aøø | 5.00 | &nbsp;&nbsp; 8-1-2054 | 16000000 | &nbsp;&nbsp; 17176134 |
| Southeast Alabama Gas Supply District Project No. 2øø | 5.00 | &nbsp;&nbsp; 6-1-2049 | 20000000 | &nbsp;&nbsp; 21459090 |

---

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

2 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 1 <br> Series Aøø<br>| 4.00<br> %<br>| &nbsp;&nbsp; 11-1-2051 | $2465000 | &nbsp;&nbsp; $2493910 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 2 <br> Series Bøø<br>| 4.00 | &nbsp;&nbsp; 12-1-2051 | 3000000 | &nbsp;&nbsp; 3030332 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 5 <br> Series Aøø<br>| 5.25 | &nbsp;&nbsp; 1-1-2054 | 25000000 | &nbsp;&nbsp; 26341962 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 6 <br> Series B (Royal Bank of Canada LIQ)øø<br>| 5.00 | &nbsp;&nbsp; 1-1-2054 | 18000000 | &nbsp;&nbsp; 19032770 |
| Southeast Energy Authority A Cooperative District Series Aøø | 5.00 | &nbsp;&nbsp; 1-1-2056 | 9000000 | &nbsp;&nbsp; 9377328 |
| Southeast Energy Authority A Cooperative District Series Cøø | 5.00 | &nbsp;&nbsp; 10-1-2055 | 12000000 | &nbsp;&nbsp; 12964562 |
| Southeast Energy Authority A Cooperative District Series D | 5.00 | &nbsp;&nbsp; 9-1-2035 | 9000000 | &nbsp;&nbsp; 9764192 |
| Southeast Energy Authority A Cooperative District Series E | 5.00 | &nbsp;&nbsp; 10-1-2030 | 20000000 | &nbsp;&nbsp; 21486896 |
| Southeast Energy Authority A Cooperative District Series F | 5.25 | &nbsp;&nbsp; 11-1-2035 | 5000000 | &nbsp;&nbsp; 5588180 |
| Southeast Energy Authority A Cooperative District Series Føø | 5.25 | &nbsp;&nbsp; 11-1-2055 | 45000000 | &nbsp;&nbsp; 49475389 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XL0560 (Morgan Stanley Bank LIQ)144Aø<br>| 3.42 | &nbsp;&nbsp; 5-1-2055 | 3360000 | &nbsp;&nbsp; 3360000 |
| &nbsp;&nbsp; West Jefferson Industrial Development Board Alabama Power Co. <br> AMTø<br>| 3.70 | &nbsp;&nbsp; 8-1-2063 | 2500000 | &nbsp;&nbsp; 2500000 |
|  |  |  |  | &nbsp;&nbsp; **384263466** |
| **Water & sewer revenue: 0.03%** |  |  |  |  |
| Madison Water & Wastewater Board | 5.25 | &nbsp;&nbsp; 12-1-2053 | 2500000 | &nbsp;&nbsp; **2640936** |
|  |  |  |  | &nbsp;&nbsp; **451061120** |
| **Alaska: 0.09%** |  |  |  |  |
| **Airport revenue: 0.04%** |  |  |  |  |
| Alaska Railroad Corp. AMT (AG Insured) | 5.50 | &nbsp;&nbsp; 10-1-2040 | 1080000 | &nbsp;&nbsp; 1204163 |
| Alaska Railroad Corp. AMT (AG Insured) | 5.50 | &nbsp;&nbsp; 10-1-2054 | 2250000 | &nbsp;&nbsp; 2346699 |
|  |  |  |  | &nbsp;&nbsp; **3550862** |
| **Health revenue: 0.05%** |  |  |  |  |
| &nbsp;&nbsp; Alaska Industrial Development & Export Authority Dena' Nena' <br> Henash Series A<br>| 4.00 | &nbsp;&nbsp; 10-1-2036 | 2000000 | &nbsp;&nbsp; 2009738 |
| &nbsp;&nbsp; Alaska Industrial Development & Export Authority Dena' Nena' <br> Henash Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2033 | 1930000 | &nbsp;&nbsp; 2037751 |
|  |  |  |  | &nbsp;&nbsp; **4047489** |
|  |  |  |  | &nbsp;&nbsp; **7598351** |
| **Arizona: 0.88%** |  |  |  |  |
| **Education revenue: 0.22%** |  |  |  |  |
| Glendale IDA Midwestern University Obligated Group | 5.00 | &nbsp;&nbsp; 5-15-2045 | 2000000 | &nbsp;&nbsp; 2095410 |
| &nbsp;&nbsp; IDA of the County of Pima American Leadership Academy, Inc. <br> Series 2022144A<br>| 4.00 | &nbsp;&nbsp; 6-15-2029 | 2905000 | &nbsp;&nbsp; 2895658 |
| &nbsp;&nbsp; IDA of the County of Pima American Leadership Academy, Inc. <br> Series 2022144A<br>| 4.00 | &nbsp;&nbsp; 6-15-2041 | 3195000 | &nbsp;&nbsp; 2804933 |
| IDA of the County of Pima Noah Webster Schools-Mesa Series A | 7.00 | &nbsp;&nbsp; 12-15-2043 | 3225000 | &nbsp;&nbsp; 3226921 |
| La Paz County IDA Imagine Desert West Middle, Inc. Series A144A | 5.75 | &nbsp;&nbsp; 6-15-2038 | 1085000 | &nbsp;&nbsp; 1083333 |
| La Paz County IDA Imagine Desert West Middle, Inc. Series A144A | 5.88 | &nbsp;&nbsp; 6-15-2048 | 2435000 | &nbsp;&nbsp; 2279246 |

---

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

Allspring Municipal Bond Fund \| 3

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| Sierra Vista IDA American Leadership Academy, Inc.144A | 5.00<br> %<br>| &nbsp;&nbsp; 6-15-2044 | $1000000 | &nbsp;&nbsp; $948764 |
| Sierra Vista IDA Wake Preparatory Academy | 6.25 | &nbsp;&nbsp; 6-15-2045 | 3000000 | &nbsp;&nbsp; 3061884 |
|  |  |  |  | &nbsp;&nbsp; **18396149** |
| **GO revenue: 0.04%** |  |  |  |  |
| Maricopa County Special Health Care District Series D | 4.00 | &nbsp;&nbsp; 7-1-2035 | 3500000 | &nbsp;&nbsp; **3645452** |
| **Health revenue: 0.18%** |  |  |  |  |
| Maricopa County IDA Banner Health Obligated Group Series A | 4.00 | &nbsp;&nbsp; 1-1-2041 | 15750000 | &nbsp;&nbsp; **15285025** |
| **Housing revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; City of Phoenix Civic Improvement Corp. Airport Revenue Series B <br> AMT<br>| 5.00 | &nbsp;&nbsp; 7-1-2044 | 5570000 | &nbsp;&nbsp; **5668735** |
| **Industrial development revenue: 0.11%** |  |  |  |  |
| Chandler IDA Intel Corp. AMTøø | 4.00 | &nbsp;&nbsp; 6-1-2049 | 5000000 | &nbsp;&nbsp; 5068985 |
| Maricopa County IDA Commercial Metals Co. AMT144A | 4.00 | &nbsp;&nbsp; 10-15-2047 | 4000000 | &nbsp;&nbsp; 3385030 |
| &nbsp;&nbsp; Maricopa County Pollution Control Corp. Southern California Edison <br> Co.<br>| 2.40 | &nbsp;&nbsp; 6-1-2035 | 1000000 | &nbsp;&nbsp; 854536 |
|  |  |  |  | &nbsp;&nbsp; **9308551** |
| **Miscellaneous revenue: 0.23%** |  |  |  |  |
| City of Phoenix Civic Improvement Corp. Airport Revenue Series D | 4.00 | &nbsp;&nbsp; 7-1-2040 | 3000000 | &nbsp;&nbsp; 3006994 |
| City of Phoenix Civic Improvement Corp. Water System Revenue | 5.00 | &nbsp;&nbsp; 7-1-2034 | 8805000 | &nbsp;&nbsp; 8892894 |
| Navajo Nation Series A144A | 5.50 | &nbsp;&nbsp; 12-1-2030 | 7275000 | &nbsp;&nbsp; 7283775 |
|  |  |  |  | &nbsp;&nbsp; **19183663** |
| **Water & sewer revenue: 0.03%** |  |  |  |  |
| City of Mesa Utility System Revenue | 4.00 | &nbsp;&nbsp; 7-1-2042 | 1000000 | &nbsp;&nbsp; 996477 |
| City of Mesa Utility System Revenue | 4.00 | &nbsp;&nbsp; 7-1-2043 | 1000000 | &nbsp;&nbsp; 996134 |
|  |  |  |  | &nbsp;&nbsp; **1992611** |
|  |  |  |  | &nbsp;&nbsp; **73480186** |
| **Arkansas: 0.07%** |  |  |  |  |
| **Industrial development revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; Arkansas Development Finance Authority Weyerhaeuser Co. <br> AMTøø<br>| 3.88 | &nbsp;&nbsp; 10-15-2065 | 3000000 | &nbsp;&nbsp; **3002675** |
| **Miscellaneous revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; Arkansas Development Finance Authority Public Safety Charges <br> Revenue Division of Emergency Management Project<br>| 4.00 | &nbsp;&nbsp; 6-1-2038 | 1170000 | &nbsp;&nbsp; 1178913 |
| &nbsp;&nbsp; Arkansas Development Finance Authority Public Safety Charges <br> Revenue Division of Emergency Management Project<br>| 4.00 | &nbsp;&nbsp; 6-1-2039 | 1000000 | &nbsp;&nbsp; 1005657 |
| &nbsp;&nbsp; Arkansas Development Finance Authority Public Safety Charges <br> Revenue Division of Emergency Management Project<br>| 4.00 | &nbsp;&nbsp; 6-1-2040 | 500000 | &nbsp;&nbsp; 501488 |
|  |  |  |  | &nbsp;&nbsp; **2686058** |
|  |  |  |  | &nbsp;&nbsp; **5688733** |

---

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

4 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **California: 5.76%** |  |  |  |  |
| **Airport revenue: 1.62%** |  |  |  |  |
| &nbsp;&nbsp; Burbank-Glendale-Pasadena Airport Authority Brick Campaign <br> Series B AMT<br>| 5.25<br> %<br>| &nbsp;&nbsp; 7-1-2054 | $6500000 | &nbsp;&nbsp; $6735573 |
| City of Los Angeles Department of Airports Series A AMT | 5.00 | &nbsp;&nbsp; 5-15-2034 | 1465000 | &nbsp;&nbsp; 1524342 |
| City of Los Angeles Department of Airports Series A AMT | 5.25 | &nbsp;&nbsp; 5-15-2041 | 2500000 | &nbsp;&nbsp; 2715413 |
| City of Los Angeles Department of Airports Series A AMT | 5.25 | &nbsp;&nbsp; 5-15-2042 | 2000000 | &nbsp;&nbsp; 2152669 |
| City of Los Angeles Department of Airports Series A AMT | 5.25 | &nbsp;&nbsp; 5-15-2048 | 18000000 | &nbsp;&nbsp; 18318903 |
| City of Los Angeles Department of Airports Series B AMT | 5.00 | &nbsp;&nbsp; 5-15-2034 | 1750000 | &nbsp;&nbsp; 1760014 |
| City of Los Angeles Department of Airports Series B AMT | 5.00 | &nbsp;&nbsp; 5-15-2046 | 9000000 | &nbsp;&nbsp; 9010079 |
| City of Los Angeles Department of Airports Series G AMT | 5.25 | &nbsp;&nbsp; 5-15-2047 | 3000000 | &nbsp;&nbsp; 3115897 |
| City of Los Angeles Department of Airports Series H AMT | 5.00 | &nbsp;&nbsp; 5-15-2047 | 1750000 | &nbsp;&nbsp; 1788012 |
| City of Los Angeles Department of Airports Series H AMT | 5.50 | &nbsp;&nbsp; 5-15-2047 | 5000000 | &nbsp;&nbsp; 5270195 |
| &nbsp;&nbsp; County of Sacramento Airport System Revenue Series D AMT (AG <br> Insured)<br>| 5.25 | &nbsp;&nbsp; 7-1-2050 | 7300000 | &nbsp;&nbsp; 7652445 |
| Port of Oakland Series H AMT | 5.00 | &nbsp;&nbsp; 5-1-2026 | 2500000 | &nbsp;&nbsp; 2516648 |
| Port of Oakland Series H AMT | 5.00 | &nbsp;&nbsp; 5-1-2029 | 1875000 | &nbsp;&nbsp; 2001795 |
| San Diego County Regional Airport Authority Series B AMT | 5.25 | &nbsp;&nbsp; 7-1-2037 | 2500000 | &nbsp;&nbsp; 2867045 |
| San Diego County Regional Airport Authority Series B AMT | 5.25 | &nbsp;&nbsp; 7-1-2038 | 2500000 | &nbsp;&nbsp; 2845744 |
| San Diego County Regional Airport Authority Series B AMT | 5.25 | &nbsp;&nbsp; 7-1-2039 | 5345000 | &nbsp;&nbsp; 6041643 |
| San Diego County Regional Airport Authority Series B AMT | 5.25 | &nbsp;&nbsp; 7-1-2040 | 3600000 | &nbsp;&nbsp; 4016489 |
| &nbsp;&nbsp; San Francisco City & County Airport Commission San Francisco <br> International Airport Series A AMT<br>| 5.25 | &nbsp;&nbsp; 5-1-2042 | 6390000 | &nbsp;&nbsp; 6476293 |
| &nbsp;&nbsp; San Francisco City & County Airport Commission San Francisco <br> International Airport Series B AMT<br>| 5.00 | &nbsp;&nbsp; 5-1-2046 | 48630000 | &nbsp;&nbsp; 48647035 |
|  |  |  |  | &nbsp;&nbsp; **135456234** |
| **Education revenue: 0.01%** |  |  |  |  |
| &nbsp;&nbsp; California School Finance Authority Aspire Public Schools Obligated <br> Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 8-1-2042 | 1000000 | &nbsp;&nbsp; **1002784** |
| **GO revenue: 0.80%** |  |  |  |  |
| Alhambra Unified School District Series B CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2031 | 9675000 | &nbsp;&nbsp; 8278711 |
| Alhambra Unified School District Series B CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2032 | 3795000 | &nbsp;&nbsp; 3148864 |
| Alhambra Unified School District Series B CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2034 | 5000000 | &nbsp;&nbsp; 3856671 |
| Alhambra Unified School District Series B CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2035 | 6700000 | &nbsp;&nbsp; 4960443 |
| Colton Joint Unified School District Series B CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2031 | 1000000 | &nbsp;&nbsp; 853635 |
| Colton Joint Unified School District Series B CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2032 | 1000000 | &nbsp;&nbsp; 824910 |
| Colton Joint Unified School District Series B CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2033 | 1000000 | &nbsp;&nbsp; 795365 |
| Compton Community College District Series C CAB¤ | 0.00 | &nbsp;&nbsp; 8-1-2032 | 2515000 | &nbsp;&nbsp; 2075995 |
| Compton Community College District Series C CAB¤ | 0.00 | &nbsp;&nbsp; 8-1-2033 | 2000000 | &nbsp;&nbsp; 1593107 |
| El Monte Union High School District CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 6-1-2030 | 2000000 | &nbsp;&nbsp; 1766105 |
| El Monte Union High School District CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 6-1-2031 | 2000000 | &nbsp;&nbsp; 1711936 |
| El Monte Union High School District CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 6-1-2032 | 1660000 | &nbsp;&nbsp; 1373163 |
| El Monte Union High School District CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 6-1-2033 | 1230000 | &nbsp;&nbsp; 980769 |
| Los Angeles Unified School District Series QRR | 4.00 | &nbsp;&nbsp; 7-1-2049 | 4000000 | &nbsp;&nbsp; 3809801 |
| Ontario Montclair School District (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2028 | 1500000 | &nbsp;&nbsp; 1399732 |
| Ontario Montclair School District (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2030 | 2000000 | &nbsp;&nbsp; 1766835 |
| San Diego Unified School District Series C CAB¤ | 0.00 | &nbsp;&nbsp; 7-1-2031 | 2000000 | &nbsp;&nbsp; 1731718 |
| San Diego Unified School District Series C CAB¤ | 0.00 | &nbsp;&nbsp; 7-1-2033 | 1000000 | &nbsp;&nbsp; 809516 |

---

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

Allspring Municipal Bond Fund \| 5

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| San Diego Unified School District Series C CAB¤ | 0.00<br> %<br>| &nbsp;&nbsp; 7-1-2034 | $2000000 | &nbsp;&nbsp; $1559720 |
| San Diego Unified School District Series I | 4.00 | &nbsp;&nbsp; 7-1-2047 | 12000000 | &nbsp;&nbsp; 11395090 |
| State of California | 4.00 | &nbsp;&nbsp; 8-1-2038 | 4800000 | &nbsp;&nbsp; 4811045 |
| Whittier City School District Series C | 5.25 | &nbsp;&nbsp; 8-1-2046 | 4850000 | &nbsp;&nbsp; 4938650 |
| Wiseburn School District Series B CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2034 | 2530000 | &nbsp;&nbsp; 1953373 |
|  |  |  |  | &nbsp;&nbsp; **66395154** |
| **Health revenue: 0.39%** |  |  |  |  |
| California HFFA Kaiser Foundation Hospitals Series A-2 | 4.00 | &nbsp;&nbsp; 11-1-2044 | 10000000 | &nbsp;&nbsp; 9463790 |
| California HFFA Sutter Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 11-15-2048 | 3000000 | &nbsp;&nbsp; 3024475 |
| California Statewide CDA Series A144A | 5.00 | &nbsp;&nbsp; 10-1-2028 | 12000000 | &nbsp;&nbsp; 12909558 |
| &nbsp;&nbsp; Regents of the University of California Medical Center Pooled <br> Revenue Series L<br>| 4.00 | &nbsp;&nbsp; 5-15-2037 | 7525000 | &nbsp;&nbsp; 7535038 |
|  |  |  |  | &nbsp;&nbsp; **32932861** |
| **Housing revenue: 0.49%** |  |  |  |  |
| California Housing Finance Agency Class A Series 2 | 4.00 | &nbsp;&nbsp; 3-20-2033 | 2773899 | &nbsp;&nbsp; 2842346 |
| &nbsp;&nbsp; California Statewide CDA Community Improvement Authority <br> Pasadena Portfolio Series B144A<br>| 4.00 | &nbsp;&nbsp; 12-1-2056 | 1500000 | &nbsp;&nbsp; 1135239 |
| &nbsp;&nbsp; California Statewide CDA Uptown Newport Building Owner LP <br> Series BB (East West Bank LOC)ø<br>| 3.02 | &nbsp;&nbsp; 3-1-2057 | 16520000 | &nbsp;&nbsp; 16520000 |
| Ontario PFA Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 11-1-2047 | 2750000 | &nbsp;&nbsp; 2871282 |
| Pasadena PFA Series A CAB¤ | 0.00 | &nbsp;&nbsp; 3-1-2027 | 2095000 | &nbsp;&nbsp; 2035351 |
| Pasadena PFA Series A CAB¤ | 0.00 | &nbsp;&nbsp; 3-1-2028 | 4450000 | &nbsp;&nbsp; 4214435 |
| Pasadena PFA Series A CAB¤ | 0.00 | &nbsp;&nbsp; 3-1-2029 | 4520000 | &nbsp;&nbsp; 4172139 |
| Pasadena PFA Series A CAB¤ | 0.00 | &nbsp;&nbsp; 3-1-2031 | 2185000 | &nbsp;&nbsp; 1912671 |
| Pasadena PFA Series A CAB¤ | 0.00 | &nbsp;&nbsp; 3-1-2032 | 2000000 | &nbsp;&nbsp; 1697904 |
| Pasadena PFA Series A CAB¤ | 0.00 | &nbsp;&nbsp; 3-1-2033 | 4295000 | &nbsp;&nbsp; 3525695 |
|  |  |  |  | &nbsp;&nbsp; **40927062** |
| **Miscellaneous revenue: 0.22%** |  |  |  |  |
| City of Los Angeles | 5.00 | &nbsp;&nbsp; 6-25-2026 | 5000000 | &nbsp;&nbsp; 5067548 |
| Hayward Unified School District COP | 5.25 | &nbsp;&nbsp; 8-1-2047 | 5000000 | &nbsp;&nbsp; 5055303 |
| Mesa Water District COP | 4.00 | &nbsp;&nbsp; 3-15-2039 | 500000 | &nbsp;&nbsp; 518221 |
| Mesa Water District COP | 4.00 | &nbsp;&nbsp; 3-15-2040 | 500000 | &nbsp;&nbsp; 515148 |
| Mesa Water District COP | 4.00 | &nbsp;&nbsp; 3-15-2045 | 1200000 | &nbsp;&nbsp; 1206065 |
| &nbsp;&nbsp; Municipal Water District of Orange County Water Facilities Corp. <br> Series A COP (Bank of America N.A. LOC)ø<br>| 1.65 | &nbsp;&nbsp; 8-1-2042 | 1700000 | &nbsp;&nbsp; 1700000 |
| &nbsp;&nbsp; Southern California Public Power Authority Anaheim Electric <br> System Revenue Series Bøø<br>| 3.70 | &nbsp;&nbsp; 7-1-2040 | 4000000 | &nbsp;&nbsp; 4008187 |
|  |  |  |  | &nbsp;&nbsp; **18070472** |
| **Resource recovery revenue: 0.08%** |  |  |  |  |
| California PCFA Republic Services, Inc. AMT144Aø | 3.80 | &nbsp;&nbsp; 7-1-2043 | 6500000 | &nbsp;&nbsp; **6498037** |
| **Tax revenue: 0.06%** |  |  |  |  |
| San Diego County Regional Transportation Commission Series A | 5.00 | &nbsp;&nbsp; 4-1-2048 | 915000 | &nbsp;&nbsp; 917453 |

---

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

6 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Santa Clara Valley Transportation Authority Series A-1 (Sumitomo <br> Mitsui Banking Corp. LOC)ø<br>| 2.10<br> %<br>| &nbsp;&nbsp; 6-1-2055 | $2000000 | &nbsp;&nbsp; $2000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XG0484 (BAM Insured) (Royal Bank of Canada LIQ)144Aø<br>| 3.38 | &nbsp;&nbsp; 9-1-2049 | 1900000 | &nbsp;&nbsp; 1900000 |
|  |  |  |  | &nbsp;&nbsp; **4817453** |
| **Tobacco revenue: 0.01%** |  |  |  |  |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Los Angeles <br> County Securitization Corp. Series A<br>| 4.00 | &nbsp;&nbsp; 6-1-2039 | 500000 | &nbsp;&nbsp; 477342 |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Los Angeles <br> County Securitization Corp. Series A<br>| 4.00 | &nbsp;&nbsp; 6-1-2040 | 300000 | &nbsp;&nbsp; 283538 |
|  |  |  |  | &nbsp;&nbsp; **760880** |
| **Transportation revenue: 0.28%** |  |  |  |  |
| Bay Area Toll Authority Series A (SIFMA Municipal Swap+1.25%)± | 4.57 | &nbsp;&nbsp; 4-1-2036 | 23545000 | &nbsp;&nbsp; **23588360** |
| **Utilities revenue: 1.63%** |  |  |  |  |
| &nbsp;&nbsp; California Community Choice Financing Authority Clean Energy <br> Project Series B-1øø<br>| 5.00 | &nbsp;&nbsp; 7-1-2053 | 15000000 | &nbsp;&nbsp; 15761328 |
| &nbsp;&nbsp; California Community Choice Financing Authority Clean Energy <br> Project Series Cøø<br>| 5.00 | &nbsp;&nbsp; 12-1-2055 | 11000000 | &nbsp;&nbsp; 11675290 |
| California Community Choice Financing Authority Series 2024Høø | 5.00 | &nbsp;&nbsp; 1-1-2056 | 6000000 | &nbsp;&nbsp; 6565895 |
| California Community Choice Financing Authority Series B-1øø | 4.00 | &nbsp;&nbsp; 2-1-2052 | 2360000 | &nbsp;&nbsp; 2393313 |
| California Community Choice Financing Authority Series Cøø | 5.25 | &nbsp;&nbsp; 1-1-2054 | 15000000 | &nbsp;&nbsp; 15938119 |
| California Community Choice Financing Authority Series F | 5.00 | &nbsp;&nbsp; 11-1-2033 | 7000000 | &nbsp;&nbsp; 7609650 |
| California Community Choice Financing Authority Series Føø | 5.50 | &nbsp;&nbsp; 10-1-2054 | 11350000 | &nbsp;&nbsp; 12385751 |
| California Community Choice Financing Authority Series G | 5.00 | &nbsp;&nbsp; 12-1-2035 | 10000000 | &nbsp;&nbsp; 10973002 |
| California Community Choice Financing Authority Series Gøø | 5.00 | &nbsp;&nbsp; 11-1-2055 | 7500000 | &nbsp;&nbsp; 7803613 |
| Central Valley Energy Authorityøø | 5.00 | &nbsp;&nbsp; 12-1-2055 | 14000000 | &nbsp;&nbsp; 15250123 |
| City of Vernon Electric System Revenue Series 2022-A | 5.00 | &nbsp;&nbsp; 8-1-2039 | 450000 | &nbsp;&nbsp; 482092 |
| City of Vernon Electric System Revenue Series 2022-A | 5.00 | &nbsp;&nbsp; 8-1-2040 | 375000 | &nbsp;&nbsp; 399287 |
| City of Vernon Electric System Revenue Series 2022-A | 5.00 | &nbsp;&nbsp; 8-1-2041 | 420000 | &nbsp;&nbsp; 443361 |
| City of Victorville Electric Revenue Series A | 5.00 | &nbsp;&nbsp; 5-1-2036 | 1210000 | &nbsp;&nbsp; 1355727 |
| City of Victorville Electric Revenue Series A | 5.00 | &nbsp;&nbsp; 5-1-2037 | 1005000 | &nbsp;&nbsp; 1120688 |
| &nbsp;&nbsp; Los Angeles Department of Water & Power System Revenue <br> Series A (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 7-1-2044 | 1250000 | &nbsp;&nbsp; 1356564 |
| &nbsp;&nbsp; Los Angeles Department of Water & Power System Revenue <br> Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2031 | 5000000 | &nbsp;&nbsp; 5581591 |
| M-S-R Energy Authority Series B | 6.13 | &nbsp;&nbsp; 11-1-2029 | 10500000 | &nbsp;&nbsp; 11116749 |
| San Joaquin Valley Clean Energy Authority Series Aøø | 5.50 | &nbsp;&nbsp; 1-1-2056 | 4000000 | &nbsp;&nbsp; 4515948 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XF1635 (Royal Bank of Canada LOC, Royal Bank of Canada <br> LIQ)144Aø<br>| 3.34 | &nbsp;&nbsp; 10-1-2028 | 3675000 | &nbsp;&nbsp; 3675000 |
|  |  |  |  | &nbsp;&nbsp; **136403091** |
| **Water & sewer revenue: 0.17%** |  |  |  |  |
| &nbsp;&nbsp; City of San Francisco Public Utilities Commission Water Revenue <br> Series A<br>| 4.00 | &nbsp;&nbsp; 11-1-2039 | 10000000 | &nbsp;&nbsp; 10007549 |

---

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

Allspring Municipal Bond Fund \| 7

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Water & sewer revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Los Angeles Department of Water & Power Water System Revenue <br> Series B<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2048 | $4000000 | &nbsp;&nbsp; $4029922 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XF1956 <br> (Bank of America N.A. LIQ)144Aø<br>| 2.18 | &nbsp;&nbsp; 6-1-2054 | 450000 | &nbsp;&nbsp; 450000 |
|  |  |  |  | &nbsp;&nbsp; **14487471** |
|  |  |  |  | &nbsp;&nbsp; **481339859** |
| **Colorado: 3.97%** |  |  |  |  |
| **Airport revenue: 0.48%** |  |  |  |  |
| City & County of Denver Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 12-1-2027 | 10000000 | &nbsp;&nbsp; 10381960 |
| City & County of Denver Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 12-1-2034 | 21855000 | &nbsp;&nbsp; 23914240 |
| City & County of Denver Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 12-1-2037 | 3130000 | &nbsp;&nbsp; 3234031 |
| City & County of Denver Airport System Revenue Series B | 5.25 | &nbsp;&nbsp; 11-15-2053 | 2000000 | &nbsp;&nbsp; 2106131 |
|  |  |  |  | &nbsp;&nbsp; **39636362** |
| **Education revenue: 0.13%** |  |  |  |  |
| Colorado ECFA Alexander Dawson School LLC | 5.00 | &nbsp;&nbsp; 2-15-2040 | 1000000 | &nbsp;&nbsp; 1001238 |
| Colorado ECFA Aspen Ridge Preparatory School, Inc.144A | 4.13 | &nbsp;&nbsp; 7-1-2026 | 130000 | &nbsp;&nbsp; 129983 |
| Colorado ECFA Ben Franklin Academy | 5.00 | &nbsp;&nbsp; 7-1-2036 | 750000 | &nbsp;&nbsp; 750693 |
| Colorado ECFA Community Leadership Academy, Inc. | 7.00 | &nbsp;&nbsp; 8-1-2033 | 810000 | &nbsp;&nbsp; 811891 |
| Colorado ECFA DCS Montessori Charter School | 5.00 | &nbsp;&nbsp; 7-15-2037 | 1150000 | &nbsp;&nbsp; 1151444 |
| Colorado ECFA New Summit Academy Series A144A | 4.00 | &nbsp;&nbsp; 7-1-2051 | 715000 | &nbsp;&nbsp; 526597 |
| Colorado ECFA Prospect Ridge Academy Series A | 5.00 | &nbsp;&nbsp; 3-15-2035 | 2000000 | &nbsp;&nbsp; 2104331 |
| Colorado ECFA Twin Peaks Charter Academy Series A | 6.50 | &nbsp;&nbsp; 3-15-2043 | 1290000 | &nbsp;&nbsp; 1286807 |
| Colorado ECFA Union Colony Schools | 5.00 | &nbsp;&nbsp; 4-1-2048 | 715000 | &nbsp;&nbsp; 716148 |
| Colorado ECFA University Laboratory School144A | 5.00 | &nbsp;&nbsp; 12-15-2028 | 600000 | &nbsp;&nbsp; 600497 |
| Colorado School of Mines Series A (AG Insured) | 5.25 | &nbsp;&nbsp; 12-1-2047 | 1730000 | &nbsp;&nbsp; 1826310 |
|  |  |  |  | &nbsp;&nbsp; **10905939** |
| **GO revenue: 0.44%** |  |  |  |  |
| Aerotropolis Regional Transportation Authority144A | 5.50 | &nbsp;&nbsp; 12-1-2044 | 6500000 | &nbsp;&nbsp; 6590204 |
| Baseline Metropolitan District No. 1 Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2049 | 1500000 | &nbsp;&nbsp; 1558107 |
| Broadway Station Metropolitan District No. 3 Series A | 5.00 | &nbsp;&nbsp; 12-1-2049 | 1250000 | &nbsp;&nbsp; 973438 |
| Canyons Metropolitan District No. 5 Series A (BAM Insured) | 5.25 | &nbsp;&nbsp; 12-1-2059 | 2000000 | &nbsp;&nbsp; 2069221 |
| Cornerstar Metropolitan District Series A | 5.25 | &nbsp;&nbsp; 12-1-2047 | 1000000 | &nbsp;&nbsp; 969668 |
| Grand River Hospital District (AG Insured) | 5.25 | &nbsp;&nbsp; 12-1-2035 | 1750000 | &nbsp;&nbsp; 1831972 |
| Midtown Clear Creek Metropolitan District Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2053 | 3000000 | &nbsp;&nbsp; 3135778 |
| Park 70 Metropolitan District | 5.00 | &nbsp;&nbsp; 12-1-2046 | 1000000 | &nbsp;&nbsp; 979428 |
| Thompson Crossing Metropolitan District No. 4 | 5.00 | &nbsp;&nbsp; 12-1-2049 | 2125000 | &nbsp;&nbsp; 2038477 |
| Weld County School District No. RE-4 | 5.25 | &nbsp;&nbsp; 12-1-2047 | 13000000 | &nbsp;&nbsp; 13786724 |
| Wheatlands Metropolitan District (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2030 | 650000 | &nbsp;&nbsp; 650930 |
| &nbsp;&nbsp; Wiggins School District No. RE-50J Adams Morgan & Weld Counties <br> (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 12-1-2046 | 2335000 | &nbsp;&nbsp; 2242790 |
|  |  |  |  | &nbsp;&nbsp; **36826737** |
| **Health revenue: 0.87%** |  |  |  |  |
| Aspen Valley Hospital District | 5.00 | &nbsp;&nbsp; 10-15-2033 | 600000 | &nbsp;&nbsp; 600395 |

---

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

8 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Colorado Health Facilities Authority AdventHealth Obligated Group <br> Series A<br>| 4.00<br> %<br>| &nbsp;&nbsp; 11-15-2043 | $5500000 | &nbsp;&nbsp; $5189016 |
| &nbsp;&nbsp; Colorado Health Facilities Authority AdventHealth Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2048 | 5000000 | &nbsp;&nbsp; 4500602 |
| &nbsp;&nbsp; Colorado Health Facilities Authority Christian Living Neighborhoods <br> Obligated Group<br>| 4.00 | &nbsp;&nbsp; 1-1-2042 | 1000000 | &nbsp;&nbsp; 897576 |
| &nbsp;&nbsp; Colorado Health Facilities Authority CommonSpirit Health <br> Obligated Group Series A-2<br>| 5.00 | &nbsp;&nbsp; 8-1-2044 | 4000000 | &nbsp;&nbsp; 4058193 |
| &nbsp;&nbsp; Colorado Health Facilities Authority Intermountain Healthcare <br> Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 5-15-2052 | 25000000 | &nbsp;&nbsp; 22838672 |
| &nbsp;&nbsp; Colorado Health Facilities Authority Intermountain Healthcare <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 5-15-2054 | 19355000 | &nbsp;&nbsp; 19737404 |
| &nbsp;&nbsp; Colorado Health Facilities Authority Parkview Medical Center <br> Project Series A<br>| 4.00 | &nbsp;&nbsp; 9-1-2045 | 500000 | &nbsp;&nbsp; 532201 |
| &nbsp;&nbsp; Colorado Health Facilities Authority Sanford Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2039 | 5000000 | &nbsp;&nbsp; 5231777 |
| &nbsp;&nbsp; Colorado Health Facilities Authority Sanford Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2044 | 8000000 | &nbsp;&nbsp; 8156691 |
| Denver Health & Hospital Authority Series A144A | 5.00 | &nbsp;&nbsp; 12-1-2034 | 500000 | &nbsp;&nbsp; 508539 |
|  |  |  |  | &nbsp;&nbsp; **72251066** |
| **Miscellaneous revenue: 0.71%** |  |  |  |  |
| City of Westminster Series A COP | 5.00 | &nbsp;&nbsp; 12-1-2035 | 2000000 | &nbsp;&nbsp; 2002843 |
| Colorado Bridge Enterprise High Performance Transportation AMT | 4.00 | &nbsp;&nbsp; 12-31-2029 | 2705000 | &nbsp;&nbsp; 2731207 |
| Colorado Bridge Enterprise High Performance Transportation AMT | 4.00 | &nbsp;&nbsp; 6-30-2030 | 3115000 | &nbsp;&nbsp; 3144463 |
| Colorado Bridge Enterprise High Performance Transportation AMT | 4.00 | &nbsp;&nbsp; 6-30-2031 | 665000 | &nbsp;&nbsp; 670910 |
| E-470 Public Highway Authority Series A CAB (NPFGC Insured)¤ | 0.00 | &nbsp;&nbsp; 9-1-2034 | 4000000 | &nbsp;&nbsp; 3025205 |
| State of Colorado COP | 6.00 | &nbsp;&nbsp; 12-15-2039 | 4225000 | &nbsp;&nbsp; 4935604 |
| State of Colorado COP | 6.00 | &nbsp;&nbsp; 12-15-2041 | 17500000 | &nbsp;&nbsp; 20126556 |
| State of Colorado Series A COP | 4.00 | &nbsp;&nbsp; 12-15-2038 | 8150000 | &nbsp;&nbsp; 8343593 |
| State of Colorado Series A COP | 4.00 | &nbsp;&nbsp; 12-15-2039 | 3250000 | &nbsp;&nbsp; 3290018 |
| State of Colorado Series N COP | 4.00 | &nbsp;&nbsp; 3-15-2043 | 7900000 | &nbsp;&nbsp; 7757522 |
| Westminster Public Schools COP (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2048 | 3500000 | &nbsp;&nbsp; 3554995 |
|  |  |  |  | &nbsp;&nbsp; **59582916** |
| **Tax revenue: 0.67%** |  |  |  |  |
| City & County of Denver Pledged Excise Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 8-1-2044 | 3000000 | &nbsp;&nbsp; 3013134 |
| &nbsp;&nbsp; Regional Transportation District Sales Tax Revenue FasTracks <br> Project Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2041 | 50945000 | &nbsp;&nbsp; 51440680 |
| &nbsp;&nbsp; Regional Transportation District Denver Transit Partners LLC <br> Series A<br>| 4.00 | &nbsp;&nbsp; 7-15-2039 | 800000 | &nbsp;&nbsp; 793269 |
| &nbsp;&nbsp; Regional Transportation District Denver Transit Partners LLC <br> Series A<br>| 5.00 | &nbsp;&nbsp; 1-15-2031 | 500000 | &nbsp;&nbsp; 539658 |
| &nbsp;&nbsp; Regional Transportation District Denver Transit Partners LLC <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-15-2031 | 500000 | &nbsp;&nbsp; 539107 |
|  |  |  |  | &nbsp;&nbsp; **56325848** |

---

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

Allspring Municipal Bond Fund \| 9

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp; Colorado High Performance Transportation Enterprise Plenary <br> Roads Denver LLC AMT<br>| 5.75<br> %<br>| &nbsp;&nbsp; 1-1-2044 | $3360000 | &nbsp;&nbsp; $3362393 |
| E-470 Public Highway Authority Series A | 5.00 | &nbsp;&nbsp; 9-1-2034 | 1300000 | &nbsp;&nbsp; 1421086 |
| E-470 Public Highway Authority Series A | 5.00 | &nbsp;&nbsp; 9-1-2035 | 1250000 | &nbsp;&nbsp; 1360470 |
| E-470 Public Highway Authority Series A | 5.00 | &nbsp;&nbsp; 9-1-2036 | 1400000 | &nbsp;&nbsp; 1515863 |
|  |  |  |  | &nbsp;&nbsp; **7659812** |
| **Utilities revenue: 0.54%** |  |  |  |  |
| City of Colorado Springs Utilities System Revenue Series A | 5.25 | &nbsp;&nbsp; 11-15-2054 | 28125000 | &nbsp;&nbsp; 29907959 |
| Public Authority for Colorado Energy | 6.50 | &nbsp;&nbsp; 11-15-2038 | 12495000 | &nbsp;&nbsp; 15086368 |
|  |  |  |  | &nbsp;&nbsp; **44994327** |
| **Water & sewer revenue: 0.04%** |  |  |  |  |
| Central Weld County Water District (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2035 | 800000 | &nbsp;&nbsp; 832155 |
| Central Weld County Water District (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2037 | 400000 | &nbsp;&nbsp; 409988 |
| Central Weld County Water District (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2038 | 400000 | &nbsp;&nbsp; 408057 |
| Central Weld County Water District (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2039 | 450000 | &nbsp;&nbsp; 456409 |
| Central Weld County Water District (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2040 | 500000 | &nbsp;&nbsp; 503996 |
| City of Boulder Water & Sewer Revenue | 5.00 | &nbsp;&nbsp; 12-1-2043 | 125000 | &nbsp;&nbsp; 136562 |
| East Cherry Creek Valley Water & Sanitation District | 5.00 | &nbsp;&nbsp; 11-15-2032 | 750000 | &nbsp;&nbsp; 750995 |
|  |  |  |  | &nbsp;&nbsp; **3498162** |
|  |  |  |  | &nbsp;&nbsp; **331681169** |
| **Connecticut: 0.84%** |  |  |  |  |
| **Education revenue: 0.23%** |  |  |  |  |
| Connecticut State HEFA Quinnipiac University Series N | 5.00 | &nbsp;&nbsp; 7-1-2048 | 5000000 | &nbsp;&nbsp; 5101029 |
| Connecticut State HEFA Trustees of Trinity College Series R | 4.00 | &nbsp;&nbsp; 6-1-2045 | 2500000 | &nbsp;&nbsp; 2313829 |
| Connecticut State HEFA Trustees of Trinity College Series R | 5.00 | &nbsp;&nbsp; 6-1-2037 | 950000 | &nbsp;&nbsp; 1014662 |
| Connecticut State HEFA Trustees of Trinity College Series R | 5.00 | &nbsp;&nbsp; 6-1-2038 | 1000000 | &nbsp;&nbsp; 1063812 |
| Connecticut State HEFA Trustees of Trinity College Series R | 5.00 | &nbsp;&nbsp; 6-1-2039 | 1600000 | &nbsp;&nbsp; 1695715 |
| Connecticut State HEFA Trustees of Trinity College Series R | 5.00 | &nbsp;&nbsp; 6-1-2040 | 1100000 | &nbsp;&nbsp; 1157976 |
| &nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority <br> Series B AMT<br>| 3.25 | &nbsp;&nbsp; 11-15-2036 | 1120000 | &nbsp;&nbsp; 1048178 |
| &nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority <br> Series B AMT<br>| 5.00 | &nbsp;&nbsp; 11-15-2027 | 610000 | &nbsp;&nbsp; 625348 |
| &nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority <br> Series B AMT<br>| 5.00 | &nbsp;&nbsp; 11-15-2028 | 530000 | &nbsp;&nbsp; 553264 |
| &nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority <br> Series B AMT<br>| 5.00 | &nbsp;&nbsp; 11-15-2029 | 465000 | &nbsp;&nbsp; 488063 |
| University of Connecticut Series A | 5.00 | &nbsp;&nbsp; 2-15-2039 | 1510000 | &nbsp;&nbsp; 1608755 |
| University of Connecticut Series A | 5.00 | &nbsp;&nbsp; 2-15-2040 | 2500000 | &nbsp;&nbsp; 2642423 |
|  |  |  |  | &nbsp;&nbsp; **19313054** |
| **GO revenue: 0.10%** |  |  |  |  |
| City of Bridgeport Series A | 4.00 | &nbsp;&nbsp; 6-1-2039 | 1750000 | &nbsp;&nbsp; 1768770 |
| City of New Britain Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 3-1-2047 | 1855000 | &nbsp;&nbsp; 1917448 |

---

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

10 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| City of New Haven Series A (AG Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 8-1-2039 | $3000000 | &nbsp;&nbsp; $3134629 |
| State of Connecticut Series B | 5.00 | &nbsp;&nbsp; 6-1-2041 | 1250000 | &nbsp;&nbsp; 1335416 |
|  |  |  |  | &nbsp;&nbsp; **8156263** |
| **Health revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Connecticut State HEFA Children's Medical Center Obligated Group <br> Series E<br>| 5.25 | &nbsp;&nbsp; 7-15-2048 | 3700000 | &nbsp;&nbsp; 3882072 |
| &nbsp;&nbsp; Connecticut State HEFA McLean Affiliates Obligated Group <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 1-1-2045 | 1000000 | &nbsp;&nbsp; 886807 |
| &nbsp;&nbsp; Connecticut State HEFA Stamford Hospital Obligated Group <br> Series M<br>| 5.00 | &nbsp;&nbsp; 7-1-2032 | 2705000 | &nbsp;&nbsp; 2966732 |
| &nbsp;&nbsp; Connecticut State HEFA Stamford Hospital Obligated Group <br> Series M<br>| 5.00 | &nbsp;&nbsp; 7-1-2033 | 3000000 | &nbsp;&nbsp; 3279255 |
|  |  |  |  | &nbsp;&nbsp; **11014866** |
| **Housing revenue: 0.03%** |  |  |  |  |
| Connecticut HFA Series A-3 (Bank of America N.A. SPA)ø | 3.32 | &nbsp;&nbsp; 5-15-2048 | 900000 | &nbsp;&nbsp; 900000 |
| Connecticut HFA Series E-3 (State Street Bank & Trust Co. SPA)ø | 3.35 | &nbsp;&nbsp; 11-15-2050 | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  |  |  | &nbsp;&nbsp; **2900000** |
| **Tax revenue: 0.35%** |  |  |  |  |
| State of Connecticut Special Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 5-1-2040 | 1700000 | &nbsp;&nbsp; 1804522 |
| State of Connecticut Special Tax Revenue Series A | 5.25 | &nbsp;&nbsp; 7-1-2043 | 3000000 | &nbsp;&nbsp; 3255656 |
| State of Connecticut Special Tax Revenue Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 5-1-2038 | 5000000 | &nbsp;&nbsp; 5163800 |
| State of Connecticut Special Tax Revenue Series B | 5.00 | &nbsp;&nbsp; 10-1-2036 | 5000000 | &nbsp;&nbsp; 5260672 |
| State of Connecticut Special Tax Revenue Series B | 5.00 | &nbsp;&nbsp; 10-1-2037 | 7500000 | &nbsp;&nbsp; 7867229 |
| State of Connecticut Special Tax Revenue Series D | 4.00 | &nbsp;&nbsp; 11-1-2039 | 2000000 | &nbsp;&nbsp; 2035290 |
| State of Connecticut Special Tax Revenue Series D | 4.00 | &nbsp;&nbsp; 11-1-2040 | 3500000 | &nbsp;&nbsp; 3527034 |
|  |  |  |  | &nbsp;&nbsp; **28914203** |
|  |  |  |  | &nbsp;&nbsp; **70298386** |
| **Delaware: 0.13%** |  |  |  |  |
| **Education revenue: 0.02%** |  |  |  |  |
| County of Kent Charter School, Inc. Series A | 4.00 | &nbsp;&nbsp; 5-1-2041 | 2575000 | &nbsp;&nbsp; **2201237** |
| **Transportation revenue: 0.11%** |  |  |  |  |
| Delaware River & Bay Authority | 4.00 | &nbsp;&nbsp; 1-1-2039 | 650000 | &nbsp;&nbsp; 667265 |
| Delaware River & Bay Authority | 4.00 | &nbsp;&nbsp; 1-1-2040 | 485000 | &nbsp;&nbsp; 494921 |
| Delaware River & Bay Authority | 4.00 | &nbsp;&nbsp; 1-1-2041 | 320000 | &nbsp;&nbsp; 324801 |
| Delaware River & Bay Authority | 4.00 | &nbsp;&nbsp; 1-1-2042 | 550000 | &nbsp;&nbsp; 554575 |
| Delaware River & Bay Authority | 4.00 | &nbsp;&nbsp; 1-1-2046 | 1000000 | &nbsp;&nbsp; 967274 |
| Delaware River & Bay Authority | 5.00 | &nbsp;&nbsp; 1-1-2039 | 450000 | &nbsp;&nbsp; 497112 |
| Delaware River & Bay Authority | 5.00 | &nbsp;&nbsp; 1-1-2040 | 465000 | &nbsp;&nbsp; 510144 |
| Delaware River & Bay Authority | 5.00 | &nbsp;&nbsp; 1-1-2041 | 500000 | &nbsp;&nbsp; 544810 |
| Delaware River & Bay Authority | 5.00 | &nbsp;&nbsp; 1-1-2042 | 520000 | &nbsp;&nbsp; 562350 |
| Delaware Transportation Authority US 301 Project Revenue | 5.00 | &nbsp;&nbsp; 6-1-2055 | 3950000 | &nbsp;&nbsp; 3950351 |
|  |  |  |  | &nbsp;&nbsp; **9073603** |
|  |  |  |  | &nbsp;&nbsp; **11274840** |

---

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

Allspring Municipal Bond Fund \| 11

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **District of Columbia: 1.01%** |  |  |  |  |
| **Airport revenue: 0.28%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 4.00<br> %<br>| &nbsp;&nbsp; 10-1-2038 | $2500000 | &nbsp;&nbsp; $2508237 |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 4.00 | &nbsp;&nbsp; 10-1-2039 | 3405000 | &nbsp;&nbsp; 3397027 |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2031 | 7500000 | &nbsp;&nbsp; 7589641 |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2032 | 5000000 | &nbsp;&nbsp; 5502306 |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.25 | &nbsp;&nbsp; 10-1-2046 | 3890000 | &nbsp;&nbsp; 4060354 |
|  |  |  |  | &nbsp;&nbsp; **23057565** |
| **Education revenue: 0.11%** |  |  |  |  |
| District of Columbia Georgetown University Series Aøø | 5.00 | &nbsp;&nbsp; 4-1-2060 | 7000000 | &nbsp;&nbsp; 7903242 |
| District of Columbia Two Rivers Public Charter School, Inc. | 5.00 | &nbsp;&nbsp; 6-1-2050 | 1500000 | &nbsp;&nbsp; 1413779 |
|  |  |  |  | &nbsp;&nbsp; **9317021** |
| **GO revenue: 0.19%** |  |  |  |  |
| District of Columbia Series A | 5.00 | &nbsp;&nbsp; 6-1-2037 | 5000000 | &nbsp;&nbsp; 5128786 |
| District of Columbia Series A | 5.00 | &nbsp;&nbsp; 10-15-2044 | 10000000 | &nbsp;&nbsp; 10275609 |
|  |  |  |  | &nbsp;&nbsp; **15404395** |
| **Health revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; District of Columbia Children's National Medical Center Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 7-15-2044 | 7575000 | &nbsp;&nbsp; 7577601 |
| &nbsp;&nbsp; District of Columbia MedStar Health Obligated Group Series A (TD <br> Bank N.A. LOC)ø<br>| 2.35 | &nbsp;&nbsp; 8-15-2038 | 4340000 | &nbsp;&nbsp; 4340000 |
|  |  |  |  | &nbsp;&nbsp; **11917601** |
| **Housing revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XX1403 <br> (Barclays Bank plc LIQ)144Aø<br>| 3.35 | &nbsp;&nbsp; 7-15-2053 | 3990000 | &nbsp;&nbsp; 3990000 |
| &nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated Revenue <br> Series A<br>| 4.00 | &nbsp;&nbsp; 7-15-2045 | 1000000 | &nbsp;&nbsp; 946068 |
| &nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated Revenue <br> Series A<br>| 4.00 | &nbsp;&nbsp; 7-15-2046 | 3540000 | &nbsp;&nbsp; 3289413 |
| &nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-15-2054 | 4250000 | &nbsp;&nbsp; 4363361 |
|  |  |  |  | &nbsp;&nbsp; **12588842** |
| **Miscellaneous revenue: 0.03%** |  |  |  |  |
| Washington Convention & Sports Authority Series A | 4.00 | &nbsp;&nbsp; 10-1-2036 | 670000 | &nbsp;&nbsp; 684938 |
| Washington Convention & Sports Authority Series A | 4.00 | &nbsp;&nbsp; 10-1-2037 | 1115000 | &nbsp;&nbsp; 1133258 |
| Washington Convention & Sports Authority Series A | 4.00 | &nbsp;&nbsp; 10-1-2039 | 640000 | &nbsp;&nbsp; 645126 |
|  |  |  |  | &nbsp;&nbsp; **2463322** |
| **Tax revenue: 0.07%** |  |  |  |  |
| District of Columbia Income Tax Revenue Series A | 5.25 | &nbsp;&nbsp; 5-1-2048 | 3000000 | &nbsp;&nbsp; 3176884 |

---

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

12 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue**(continued) |  |  |  |  |
| Washington Convention & Sports Authority Series B | 4.00<br> %<br>| &nbsp;&nbsp; 10-1-2037 | $1000000 | &nbsp;&nbsp; $1016375 |
| Washington Convention & Sports Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2038 | 1000000 | &nbsp;&nbsp; 1011366 |
| Washington Convention & Sports Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2039 | 1000000 | &nbsp;&nbsp; 1008009 |
|  |  |  |  | &nbsp;&nbsp; **6212634** |
| **Water & sewer revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; District of Columbia Water & Sewer Authority Series B-2 (TD Bank <br> N.A. SPA)ø<br>| 2.50 | &nbsp;&nbsp; 10-1-2054 | 3500000 | &nbsp;&nbsp; **3500000** |
|  |  |  |  | &nbsp;&nbsp; **84461380** |
| **Florida: 8.03%** |  |  |  |  |
| **Airport revenue: 2.06%** |  |  |  |  |
| County of Broward Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2034 | 1750000 | &nbsp;&nbsp; 1857317 |
| County of Broward Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2036 | 12440000 | &nbsp;&nbsp; 12449824 |
| County of Broward Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2038 | 2000000 | &nbsp;&nbsp; 2092622 |
| County of Broward Airport System Revenue Series Q-1 | 4.00 | &nbsp;&nbsp; 10-1-2042 | 4800000 | &nbsp;&nbsp; 4661973 |
| County of Broward Port Facilities Revenue AMT | 5.50 | &nbsp;&nbsp; 9-1-2050 | 10000000 | &nbsp;&nbsp; 10619411 |
| County of Broward Port Facilities Revenue Series B AMT | 4.00 | &nbsp;&nbsp; 9-1-2044 | 7300000 | &nbsp;&nbsp; 6653094 |
| County of Lee Airport Revenue AMT (AG Insured) | 5.25 | &nbsp;&nbsp; 10-1-2054 | 4500000 | &nbsp;&nbsp; 4650348 |
| County of Miami-Dade Aviation Revenue Series A | 4.00 | &nbsp;&nbsp; 10-1-2038 | 3250000 | &nbsp;&nbsp; 3275809 |
| County of Miami-Dade Aviation Revenue Series A | 4.00 | &nbsp;&nbsp; 10-1-2041 | 1500000 | &nbsp;&nbsp; 1475291 |
| County of Miami-Dade Aviation Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2049 | 18750000 | &nbsp;&nbsp; 18847558 |
| County of Miami-Dade Aviation Revenue Series B AMT | 5.00 | &nbsp;&nbsp; 10-1-2040 | 18000000 | &nbsp;&nbsp; 18254707 |
| County of Miami-Dade Seaport Department Series A AMT | 5.25 | &nbsp;&nbsp; 10-1-2052 | 2000000 | &nbsp;&nbsp; 2029723 |
| Greater Orlando Aviation Authority Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2046 | 3000000 | &nbsp;&nbsp; 3045700 |
| Greater Orlando Aviation Authority United Airlines, Inc. AMT | 5.25 | &nbsp;&nbsp; 11-1-2035 | 3000000 | &nbsp;&nbsp; 3205521 |
| Greater Orlando Aviation Authority United Airlines, Inc. AMT | 5.50 | &nbsp;&nbsp; 11-1-2036 | 1900000 | &nbsp;&nbsp; 2059305 |
| Hillsborough County Aviation Authority Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2048 | 7000000 | &nbsp;&nbsp; 7024565 |
| Hillsborough County Aviation Authority Series B AMT | 5.50 | &nbsp;&nbsp; 10-1-2049 | 20000000 | &nbsp;&nbsp; 21232020 |
| Hillsborough County Aviation Authority Series E AMT | 5.00 | &nbsp;&nbsp; 10-1-2048 | 10000000 | &nbsp;&nbsp; 10070872 |
| Hillsborough County Aviation Authority Series F | 5.00 | &nbsp;&nbsp; 10-1-2048 | 20570000 | &nbsp;&nbsp; 20927840 |
| Jacksonville Port Authority Series B | 5.00 | &nbsp;&nbsp; 11-1-2044 | 4080000 | &nbsp;&nbsp; 4182534 |
| Jacksonville Port Authority Series B | 5.00 | &nbsp;&nbsp; 11-1-2048 | 9870000 | &nbsp;&nbsp; 9995224 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XG0443 (Royal Bank of Canada LOC, Royal Bank of Canada <br> LIQ)144Aø<br>| 3.38 | &nbsp;&nbsp; 4-1-2038 | 3445000 | &nbsp;&nbsp; 3445000 |
|  |  |  |  | &nbsp;&nbsp; **172056258** |
| **Education revenue: 0.45%** |  |  |  |  |
| &nbsp;&nbsp; Capital Projects Finance Authority Imagine School at North Port, <br> Inc. Series A144A<br>| 6.25 | &nbsp;&nbsp; 6-15-2045 | 2000000 | &nbsp;&nbsp; 2021287 |
| &nbsp;&nbsp; Capital Projects Finance Authority IPS Enterprises, Inc. Projects <br> Series A144A<br>| 7.00 | &nbsp;&nbsp; 6-15-2030 | 10500000 | &nbsp;&nbsp; 10827900 |
| &nbsp;&nbsp; Capital Projects Finance Authority Navigator Academy of <br> Leadership, Inc. Obligated Group144A<br>| 5.00 | &nbsp;&nbsp; 6-15-2054 | 1200000 | &nbsp;&nbsp; 1084918 |
| &nbsp;&nbsp; Capital Trust Agency, Inc. Renaissance Charter School, Inc. <br> Series 2019 Obligated Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-15-2039 | 3610000 | &nbsp;&nbsp; 3527483 |
| Capital Trust Authority IDEA Florida, Inc. Series A144A | 6.25 | &nbsp;&nbsp; 6-15-2053 | 4950000 | &nbsp;&nbsp; 5029614 |

---

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

Allspring Municipal Bond Fund \| 13

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Capital Trust Authority Independence Classical Academy Obligated <br> Group Series A144A<br>| 7.00<br> %<br>| &nbsp;&nbsp; 6-15-2044 | $1380000 | &nbsp;&nbsp; $1395353 |
| &nbsp;&nbsp; Florida Development Finance Corp. Cornerstone Charter Academy, <br> Inc. Obligated Group144A<br>| 5.00 | &nbsp;&nbsp; 10-1-2042 | 1605000 | &nbsp;&nbsp; 1572186 |
| &nbsp;&nbsp; Florida Higher Educational Facilities Financing Authority <br> Jacksonville University Series A-1144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2048 | 2000000 | &nbsp;&nbsp; 1763174 |
| &nbsp;&nbsp; Volusia County Educational Facility Authority Embry-Riddle <br> Aeronautical University, Inc. Series A<br>| 5.00 | &nbsp;&nbsp; 10-15-2044 | 6500000 | &nbsp;&nbsp; 6679565 |
| &nbsp;&nbsp; Volusia County Educational Facility Authority Embry-Riddle <br> Aeronautical University, Inc. Series A<br>| 5.00 | &nbsp;&nbsp; 10-15-2049 | 4000000 | &nbsp;&nbsp; 4071371 |
|  |  |  |  | &nbsp;&nbsp; **37972851** |
| **GO revenue: 0.53%** |  |  |  |  |
| City of Doral Parks & Recreation Project | 4.00 | &nbsp;&nbsp; 7-1-2042 | 3610000 | &nbsp;&nbsp; 3629282 |
| City of Miami Beach Series A | 5.25 | &nbsp;&nbsp; 5-1-2053 | 7000000 | &nbsp;&nbsp; 7363761 |
| County of Miami-Dade Series 2014-A | 5.00 | &nbsp;&nbsp; 7-1-2043 | 12935000 | &nbsp;&nbsp; 12982427 |
| County of Miami-Dade Series A | 4.00 | &nbsp;&nbsp; 7-1-2042 | 5000000 | &nbsp;&nbsp; 5010669 |
| School Board of Miami-Dade County | 5.00 | &nbsp;&nbsp; 3-15-2046 | 15000000 | &nbsp;&nbsp; 15016533 |
|  |  |  |  | &nbsp;&nbsp; **44002672** |
| **Health revenue: 1.39%** |  |  |  |  |
| &nbsp;&nbsp; Capital Trust Authority Shands Teaching Hospital & Clinics <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 12-1-2035 | 8000000 | &nbsp;&nbsp; 9110760 |
| &nbsp;&nbsp; City of Atlantic Beach Naval Continuing Care Retirement <br> Foundation Obligated Group Series B<br>| 5.63 | &nbsp;&nbsp; 11-15-2043 | 5000000 | &nbsp;&nbsp; 5003119 |
| &nbsp;&nbsp; City of Jacksonville Baptist Health System Obligated Group <br> Series Dø<br>| 3.36 | &nbsp;&nbsp; 8-1-2036 | 2305000 | &nbsp;&nbsp; 2305000 |
| &nbsp;&nbsp; City of Jacksonville Baptist Health System Obligated Group <br> Series Eø<br>| 3.36 | &nbsp;&nbsp; 8-1-2036 | 1330000 | &nbsp;&nbsp; 1330000 |
| City of Jacksonville Genesis Health, Inc. Obligated Group | 4.00 | &nbsp;&nbsp; 11-1-2045 | 3500000 | &nbsp;&nbsp; 3172989 |
| City of Lakeland Regional Health Systems Obligated Group | 5.00 | &nbsp;&nbsp; 11-15-2044 | 4000000 | &nbsp;&nbsp; 4203849 |
| City of Lakeland Regional Health Systems Obligated Group | 5.00 | &nbsp;&nbsp; 11-15-2045 | 3500000 | &nbsp;&nbsp; 3647192 |
| City of Tampa BayCare Obligated Group Series A | 4.00 | &nbsp;&nbsp; 11-15-2046 | 3000000 | &nbsp;&nbsp; 2665507 |
| &nbsp;&nbsp; City of Tampa H Lee Moffitt Cancer Center & Research Institute <br> Obligated Group Series B<br>| 4.00 | &nbsp;&nbsp; 7-1-2038 | 1025000 | &nbsp;&nbsp; 1021016 |
| &nbsp;&nbsp; City of Tampa H Lee Moffitt Cancer Center & Research Institute <br> Obligated Group Series B<br>| 4.00 | &nbsp;&nbsp; 7-1-2045 | 2500000 | &nbsp;&nbsp; 2274620 |
| &nbsp;&nbsp; City of Tampa H Lee Moffitt Cancer Center & Research Institute <br> Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2040 | 700000 | &nbsp;&nbsp; 736078 |
| &nbsp;&nbsp; Florida Development Finance Corp. Health Sciences Center, Inc. <br> Obligated Group Series A<br>| 5.25 | &nbsp;&nbsp; 8-1-2049 | 6000000 | &nbsp;&nbsp; 6167797 |
| &nbsp;&nbsp; Florida Local Government Finance Commission Ponte Vedra Pine <br> Co. LLC Obligated Group Series B-3144A<br>| 4.20 | &nbsp;&nbsp; 11-15-2030 | 4750000 | &nbsp;&nbsp; 4779546 |
| &nbsp;&nbsp; Highlands County Health Facilities Authority AdventHealth <br> Obligated Group Series Aø<br>| 1.30 | &nbsp;&nbsp; 11-15-2037 | 15550000 | &nbsp;&nbsp; 15550000 |
| Hillsborough County IDA BayCare Obligated Group Series C | 4.13 | &nbsp;&nbsp; 11-15-2051 | 5000000 | &nbsp;&nbsp; 4631562 |
| Holmes County Hospital Corp. | 6.00 | &nbsp;&nbsp; 11-1-2038 | 2500000 | &nbsp;&nbsp; 2150245 |
| Lee County IDA Shell Point Obligated Group | 5.00 | &nbsp;&nbsp; 11-15-2044 | 11265000 | &nbsp;&nbsp; 11318555 |
| Lee County IDA Shell Point Obligated Group | 5.00 | &nbsp;&nbsp; 11-15-2049 | 5500000 | &nbsp;&nbsp; 5416027 |

---

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

14 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| Lee County IDA Shell Point Obligated Group Series A | 5.25<br> %<br>| &nbsp;&nbsp; 11-15-2044 | $2525000 | &nbsp;&nbsp; $2600292 |
| Lee County IDA Shell Point Obligated Group Series A | 5.25 | &nbsp;&nbsp; 11-15-2054 | 5290000 | &nbsp;&nbsp; 5326598 |
| &nbsp;&nbsp; Miami-Dade County Health Facilities Authority Series A (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 8-1-2046 | 5000000 | &nbsp;&nbsp; 4738920 |
| Sarasota County Public Hospital District Obligated Group | 5.00 | &nbsp;&nbsp; 7-1-2052 | 10355000 | &nbsp;&nbsp; 10502306 |
| South Broward Hospital District Obligated Group | 4.00 | &nbsp;&nbsp; 5-1-2048 | 2120000 | &nbsp;&nbsp; 1981500 |
| South Broward Hospital District Obligated Group Series A | 4.00 | &nbsp;&nbsp; 5-1-2044 | 5000000 | &nbsp;&nbsp; 4568965 |
| &nbsp;&nbsp; St. Johns County IDA Life Care Ponte Vedra Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-15-2046 | 1500000 | &nbsp;&nbsp; 1212824 |
|  |  |  |  | &nbsp;&nbsp; **116415267** |
| **Housing revenue: 0.30%** |  |  |  |  |
| City of Orlando Series B | 5.00 | &nbsp;&nbsp; 10-1-2033 | 1525000 | &nbsp;&nbsp; 1527526 |
| City of Orlando Series B | 5.00 | &nbsp;&nbsp; 10-1-2035 | 1680000 | &nbsp;&nbsp; 1682623 |
| City of Orlando Series B | 5.00 | &nbsp;&nbsp; 10-1-2036 | 1765000 | &nbsp;&nbsp; 1767727 |
| Florida Housing Finance Corp. Journet Place LP Series 1144A | 7.60 | &nbsp;&nbsp; 12-15-2047 | 725000 | &nbsp;&nbsp; 744411 |
| Lee County School Board Series A COP | 5.25 | &nbsp;&nbsp; 8-1-2050 | 18000000 | &nbsp;&nbsp; 18971372 |
|  |  |  |  | &nbsp;&nbsp; **24693659** |
| **Industrial development revenue: 0.26%** |  |  |  |  |
| County of Broward Convention Center Hotel Revenue | 5.00 | &nbsp;&nbsp; 1-1-2047 | 10000000 | &nbsp;&nbsp; 10354110 |
| Florida Development Finance Corp. Waste Pro USA, Inc. AMT | 3.00 | &nbsp;&nbsp; 6-1-2032 | 3500000 | &nbsp;&nbsp; 3228797 |
| Florida Development Finance Corp. Waste Pro USA, Inc. AMT144A | 5.25 | &nbsp;&nbsp; 8-1-2029 | 7500000 | &nbsp;&nbsp; 7724875 |
|  |  |  |  | &nbsp;&nbsp; **21307782** |
| **Miscellaneous revenue: 1.02%** |  |  |  |  |
| City of Daytona Beach Series B | 5.50 | &nbsp;&nbsp; 9-1-2049 | 1415000 | &nbsp;&nbsp; 1529427 |
| &nbsp;&nbsp; City of Orlando Contract Tourist Development Tax Revenue (AG <br> Insured)<br>| 5.25 | &nbsp;&nbsp; 11-1-2041 | 2500000 | &nbsp;&nbsp; 2742213 |
| &nbsp;&nbsp; City of Orlando Contract Tourist Development Tax Revenue (AG <br> Insured)<br>| 5.25 | &nbsp;&nbsp; 11-1-2042 | 3500000 | &nbsp;&nbsp; 3795297 |
| &nbsp;&nbsp; City of Orlando Contract Tourist Development Tax Revenue (AG <br> Insured)<br>| 5.25 | &nbsp;&nbsp; 11-1-2044 | 3000000 | &nbsp;&nbsp; 3191922 |
| County of Broward Tourist Development Tax Revenue | 4.00 | &nbsp;&nbsp; 9-1-2047 | 15000000 | &nbsp;&nbsp; 13516839 |
| County of Miami-Dade Series A | 5.00 | &nbsp;&nbsp; 4-1-2051 | 25000000 | &nbsp;&nbsp; 25821767 |
| &nbsp;&nbsp; County of Pasco State of Florida Cigarette Tax Revenue Series A <br> (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2048 | 1000000 | &nbsp;&nbsp; 1019080 |
| &nbsp;&nbsp; County of Pasco State of Florida Cigarette Tax Revenue Series A <br> (AG Insured)<br>| 5.50 | &nbsp;&nbsp; 9-1-2044 | 875000 | &nbsp;&nbsp; 938588 |
| Duval County Public Schools Series A COP (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2034 | 2000000 | &nbsp;&nbsp; 2160929 |
| Duval County Public Schools Series A COP (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2035 | 3000000 | &nbsp;&nbsp; 3228403 |
| &nbsp;&nbsp; Indigo Community Development District Special Assessment <br> Series C<br>| 7.00 | &nbsp;&nbsp; 5-1-2030 | 2536248 | &nbsp;&nbsp; 1420299 |
| &nbsp;&nbsp; Julington Creek Plantation Community Development District <br> Series 2023 Assessment (AG Insured)<br>| 4.38 | &nbsp;&nbsp; 5-1-2045 | 1000000 | &nbsp;&nbsp; 973252 |
| &nbsp;&nbsp; Julington Creek Plantation Community Development District <br> Series 2023 Assessment (AG Insured)<br>| 4.63 | &nbsp;&nbsp; 5-1-2054 | 2995000 | &nbsp;&nbsp; 2901448 |
| &nbsp;&nbsp; Lakeside Plantation Community Development District Special <br> Assessment Series A<br>| 6.95 | &nbsp;&nbsp; 5-1-2031 | 611000 | &nbsp;&nbsp; 612288 |

---

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

Allspring Municipal Bond Fund \| 15

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Miscellaneous revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Marshall Creek Community Development District Series 2002 <br> Special Assessment<br>| 5.00<br> %<br>| &nbsp;&nbsp; 5-1-2032 | $1170000 | &nbsp;&nbsp; $1172946 |
| &nbsp;&nbsp; Marshall Creek Community Development District Series 2016 <br> Special Assessment<br>| 6.32 | &nbsp;&nbsp; 5-1-2045 | 105000 | &nbsp;&nbsp; 105118 |
| Okaloosa County School Board COP (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2049 | 5000000 | &nbsp;&nbsp; 5171457 |
| &nbsp;&nbsp; Pinellas County IDA Drs. Kiran & Pallavi Patel 2017 Foundation for <br> Global Understanding, Inc.<br>| 5.00 | &nbsp;&nbsp; 7-1-2039 | 2000000 | &nbsp;&nbsp; 2016429 |
| St. Johns County School Board Series A COP (AG Insured) | 5.25 | &nbsp;&nbsp; 7-1-2047 | 5000000 | &nbsp;&nbsp; 5255448 |
| St. Johns County School Board Series A COP (AG Insured) | 5.50 | &nbsp;&nbsp; 7-1-2049 | 3000000 | &nbsp;&nbsp; 3215978 |
| &nbsp;&nbsp; Village Community Development District No. 15 Series 2023 Phase I <br> Special Assessment144A<br>| 5.00 | &nbsp;&nbsp; 5-1-2043 | 1965000 | &nbsp;&nbsp; 2001543 |
| &nbsp;&nbsp; Village Community Development District No. 15 Series 2024 <br> Special Assessment144A<br>| 4.55 | &nbsp;&nbsp; 5-1-2044 | 995000 | &nbsp;&nbsp; 960347 |
| &nbsp;&nbsp; Village Community Development District No. 16 Series 2025 <br> Special Assessment<br>| 4.00 | &nbsp;&nbsp; 5-1-2035 | 1500000 | &nbsp;&nbsp; 1513607 |
|  |  |  |  | &nbsp;&nbsp; **85264625** |
| **Resource recovery revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; Florida Development Finance Corp. GFL Solid Waste Southeast LLC <br> Series A AMT144Aøø<br>| 4.38 | &nbsp;&nbsp; 10-1-2054 | 3000000 | &nbsp;&nbsp; **3034847** |
| **Tax revenue: 0.33%** |  |  |  |  |
| County of Lee Local Option Gas Tax Revenue | 5.25 | &nbsp;&nbsp; 8-1-2049 | 5000000 | &nbsp;&nbsp; 5172255 |
| &nbsp;&nbsp; Miami Beach Redevelopment Agency City Center/Historic <br> Convention Village Redevelopment & Revitalization (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 2-1-2041 | 6000000 | &nbsp;&nbsp; 6470248 |
| &nbsp;&nbsp; Miami Beach Redevelopment Agency City Center/Historic <br> Convention Village Redevelopment & Revitalization (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 2-1-2043 | 10500000 | &nbsp;&nbsp; 11058172 |
| &nbsp;&nbsp; Southeast Overtown Park West Community Redevelopment <br> Agency Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 3-1-2039 | 2200000 | &nbsp;&nbsp; 2410942 |
| &nbsp;&nbsp; Southeast Overtown Park West Community Redevelopment <br> Agency Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 3-1-2040 | 2225000 | &nbsp;&nbsp; 2412095 |
|  |  |  |  | &nbsp;&nbsp; **27523712** |
| **Transportation revenue: 0.48%** |  |  |  |  |
| Central Florida Expressway Authority (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2039 | 6070000 | &nbsp;&nbsp; 6178508 |
| Central Florida Expressway Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2049 | 6000000 | &nbsp;&nbsp; 6316502 |
| Central Florida Expressway Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2054 | 7500000 | &nbsp;&nbsp; 7822065 |
| County of Osceola Transportation Revenue Series A-1 | 5.00 | &nbsp;&nbsp; 10-1-2044 | 4250000 | &nbsp;&nbsp; 4300822 |
| Miami-Dade County Expressway Authority Series A | 5.00 | &nbsp;&nbsp; 7-1-2040 | 8040000 | &nbsp;&nbsp; 8075201 |
| Miami-Dade County Expressway Authority Series A | 5.00 | &nbsp;&nbsp; 7-1-2044 | 3500000 | &nbsp;&nbsp; 3482043 |
| Sunshine Skyway Bridge Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2038 | 4185000 | &nbsp;&nbsp; 4240794 |
|  |  |  |  | &nbsp;&nbsp; **40415935** |
| **Utilities revenue: 0.08%** |  |  |  |  |
| City of Lakeland Department of Electric Utilities | 5.00 | &nbsp;&nbsp; 10-1-2048 | 1250000 | &nbsp;&nbsp; 1351189 |
| Fort Pierce Utilities Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2038 | 1000000 | &nbsp;&nbsp; 1089624 |

---

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

16 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |
| Fort Pierce Utilities Authority Series A (AG Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2042 | $1000000 | &nbsp;&nbsp; $1063639 |
| &nbsp;&nbsp; Putnam County Development Authority Seminole Electric <br> Cooperative, Inc. Series B<br>| 5.00 | &nbsp;&nbsp; 3-15-2042 | 3000000 | &nbsp;&nbsp; 3047373 |
|  |  |  |  | &nbsp;&nbsp; **6551825** |
| **Water & sewer revenue: 1.09%** |  |  |  |  |
| Charlotte County IDA MSKP Town & Country Utility LLC AMT | 5.88 | &nbsp;&nbsp; 10-1-2045 | 700000 | &nbsp;&nbsp; 727912 |
| County of Manatee Public Utilities Revenue | 4.00 | &nbsp;&nbsp; 10-1-2048 | 3345000 | &nbsp;&nbsp; 3145903 |
| County of Miami-Dade Water & Sewer System Revenue | 4.00 | &nbsp;&nbsp; 10-1-2046 | 8100000 | &nbsp;&nbsp; 7568249 |
| County of Miami-Dade Water & Sewer System Revenue Series A | 5.25 | &nbsp;&nbsp; 10-1-2054 | 4715000 | &nbsp;&nbsp; 4949750 |
| Florida Keys Aqueduct Authority Series A | 5.00 | &nbsp;&nbsp; 9-1-2041 | 2750000 | &nbsp;&nbsp; 2752874 |
| JEA Water & Sewer System Revenue Series A | 5.50 | &nbsp;&nbsp; 10-1-2054 | 10000000 | &nbsp;&nbsp; 10763042 |
| &nbsp;&nbsp; Lakewood Ranch Stewardship District Utility Revenue System <br> Acquisition Project (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 10-1-2048 | 2605000 | &nbsp;&nbsp; 2727155 |
| &nbsp;&nbsp; Lakewood Ranch Stewardship District Utility Revenue System <br> Acquisition Project (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 10-1-2053 | 4000000 | &nbsp;&nbsp; 4187025 |
| North Sumter County Utility Dependent District | 5.00 | &nbsp;&nbsp; 10-1-2049 | 3250000 | &nbsp;&nbsp; 3307476 |
| North Sumter County Utility Dependent District (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2044 | 7000000 | &nbsp;&nbsp; 7199390 |
| Tampa Bay Water Series A | 5.25 | &nbsp;&nbsp; 10-1-2054 | 30000000 | &nbsp;&nbsp; 31834950 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025-<br> XM1210 (AG Insured) (Royal Bank of Canada LOC, Royal Bank of <br> Canada LIQ)144Aø<br>| 3.35 | &nbsp;&nbsp; 4-1-2031 | 3590000 | &nbsp;&nbsp; 3590000 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2046 | 8250000 | &nbsp;&nbsp; 8520968 |
|  |  |  |  | &nbsp;&nbsp; **91274694** |
|  |  |  |  | &nbsp;&nbsp; **670514127** |
| **Georgia: 3.03%** |  |  |  |  |
| **Airport revenue: 0.11%** |  |  |  |  |
| City of Atlanta Airport Passenger Facility Charge Series D AMT | 4.00 | &nbsp;&nbsp; 7-1-2034 | 8765000 | &nbsp;&nbsp; **8896915** |
| **Education revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; Development Authority of Cobb County Learning Center <br> Foundation of Central Cobb, Inc. Series A<br>| 6.38 | &nbsp;&nbsp; 7-1-2025 | 1705000 | &nbsp;&nbsp; 1193500 |
| &nbsp;&nbsp; Development Authority of Cobb County Northwest Classical <br> Academy, Inc. Series A144A<br>| 5.20 | &nbsp;&nbsp; 6-15-2033 | 850000 | &nbsp;&nbsp; 872981 |
| Private Colleges & Universities Authority Emory University Series B | 5.00 | &nbsp;&nbsp; 9-1-2048 | 4000000 | &nbsp;&nbsp; 4097925 |
| Private Colleges & Universities Authority Mercer University | 5.00 | &nbsp;&nbsp; 10-1-2040 | 5000000 | &nbsp;&nbsp; 5001964 |
| &nbsp;&nbsp; Senoia Development Authority Georgia Charter Educational <br> Foundation, Inc. Obligated Group Series A144A<br>| 6.25 | &nbsp;&nbsp; 7-1-2044 | 1490000 | &nbsp;&nbsp; 1342558 |
|  |  |  |  | &nbsp;&nbsp; **12508928** |
| **Health revenue: 0.23%** |  |  |  |  |
| &nbsp;&nbsp; Brookhaven Development Authority Children's Healthcare of <br> Atlanta Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2038 | 1500000 | &nbsp;&nbsp; 1591527 |
| &nbsp;&nbsp; Cobb County Hospital Authority WellStar Health System Obligated <br> Group (Truist Bank LOC)ø<br>| 3.34 | &nbsp;&nbsp; 4-1-2034 | 4700000 | &nbsp;&nbsp; 4700000 |
| &nbsp;&nbsp; Cobb County Kennestone Hospital Authority WellStar Health <br> System Obligated Group Series A (Bank of America N.A. LOC)ø<br>| 3.35 | &nbsp;&nbsp; 4-1-2047 | 4600000 | &nbsp;&nbsp; 4600000 |

---

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

Allspring Municipal Bond Fund \| 17

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Development Authority for Fulton County Shepherd Center, Inc. <br> (Truist Bank LOC)ø<br>| 2.52<br> %<br>| &nbsp;&nbsp; 9-1-2035 | $3200000 | &nbsp;&nbsp; $3200000 |
| &nbsp;&nbsp; Development Authority for Fulton County WellStar Health System <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2047 | 2250000 | &nbsp;&nbsp; 2259403 |
| &nbsp;&nbsp; Glynn-Brunswick Memorial Hospital Authority Southeast Georgia <br> Health System Obligated Group<br>| 5.00 | &nbsp;&nbsp; 8-1-2034 | 2580000 | &nbsp;&nbsp; 2582185 |
|  |  |  |  | &nbsp;&nbsp; **18933115** |
| **Housing revenue: 0.14%** |  |  |  |  |
| Georgia HFA Series A | 4.60 | &nbsp;&nbsp; 12-1-2049 | 12000000 | &nbsp;&nbsp; **11823441** |
| **Industrial development revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; George L Smith II Congress Center Authority Signia Hotel <br> Management LLC Series B144A<br>| 5.00 | &nbsp;&nbsp; 1-1-2054 | 3000000 | &nbsp;&nbsp; **2849119** |
| **Tax revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp; Atlanta Development Authority Westside Tax Allocation District <br> Gulch Area Series A144A<br>| 5.50 | &nbsp;&nbsp; 4-1-2039 | 2000000 | &nbsp;&nbsp; 2061248 |
| Metropolitan Atlanta Rapid Transit Authority Series C | 4.00 | &nbsp;&nbsp; 7-1-2035 | 5000000 | &nbsp;&nbsp; 5065400 |
|  |  |  |  | &nbsp;&nbsp; **7126648** |
| **Utilities revenue: 2.28%** |  |  |  |  |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of the City of <br> Dalton<br>| 4.00 | &nbsp;&nbsp; 3-1-2040 | 1000000 | &nbsp;&nbsp; 991498 |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of the City of <br> Dalton<br>| 4.00 | &nbsp;&nbsp; 3-1-2041 | 1000000 | &nbsp;&nbsp; 971781 |
| &nbsp;&nbsp; Development Authority of Burke County Georgia Power Co. <br> Series 1995<br>| 2.20 | &nbsp;&nbsp; 10-1-2032 | 1500000 | &nbsp;&nbsp; 1323075 |
| &nbsp;&nbsp; Development Authority of Monroe County Georgia Power Co. <br> Series 2øø<br>| 3.88 | &nbsp;&nbsp; 10-1-2048 | 3000000 | &nbsp;&nbsp; 3004362 |
| Main Street Natural Gas, Inc. Series Aøø | 4.00 | &nbsp;&nbsp; 7-1-2052 | 8500000 | &nbsp;&nbsp; 8581845 |
| Main Street Natural Gas, Inc. Series A | 5.00 | &nbsp;&nbsp; 6-1-2030 | 1000000 | &nbsp;&nbsp; 1061916 |
| Main Street Natural Gas, Inc. Series A | 5.00 | &nbsp;&nbsp; 5-15-2032 | 3745000 | &nbsp;&nbsp; 3914678 |
| Main Street Natural Gas, Inc. Series Aøø | 5.00 | &nbsp;&nbsp; 6-1-2053 | 16000000 | &nbsp;&nbsp; 16868158 |
| Main Street Natural Gas, Inc. Series Aøø | 5.00 | &nbsp;&nbsp; 5-1-2054 | 17200000 | &nbsp;&nbsp; 18479310 |
| Main Street Natural Gas, Inc. Series B | 5.00 | &nbsp;&nbsp; 6-1-2027 | 1700000 | &nbsp;&nbsp; 1737940 |
| Main Street Natural Gas, Inc. Series B | 5.00 | &nbsp;&nbsp; 6-1-2028 | 2900000 | &nbsp;&nbsp; 3011397 |
| Main Street Natural Gas, Inc. Series B | 5.00 | &nbsp;&nbsp; 6-1-2029 | 3300000 | &nbsp;&nbsp; 3466187 |
| Main Street Natural Gas, Inc. Series Bøø | 5.00 | &nbsp;&nbsp; 7-1-2053 | 9215000 | &nbsp;&nbsp; 9725224 |
| Main Street Natural Gas, Inc. Series Bøø | 5.00 | &nbsp;&nbsp; 12-1-2055 | 25000000 | &nbsp;&nbsp; 26618933 |
| Main Street Natural Gas, Inc. Series C144Aøø | 4.00 | &nbsp;&nbsp; 8-1-2052 | 36550000 | &nbsp;&nbsp; 36511908 |
| Main Street Natural Gas, Inc. Series Døø | 5.00 | &nbsp;&nbsp; 5-1-2054 | 14500000 | &nbsp;&nbsp; 15341480 |
| Main Street Natural Gas, Inc. Series Eøø | 5.00 | &nbsp;&nbsp; 5-1-2055 | 14500000 | &nbsp;&nbsp; 15467076 |
| Main Street Natural Gas, Inc. Series E-1øø | 5.00 | &nbsp;&nbsp; 12-1-2053 | 1550000 | &nbsp;&nbsp; 1658689 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2037 | 1100000 | &nbsp;&nbsp; 1140997 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2038 | 1100000 | &nbsp;&nbsp; 1136630 |

---

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

18 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A<br>| 5.25<br> %<br>| &nbsp;&nbsp; 7-1-2064 | $8000000 | &nbsp;&nbsp; $8265462 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2049 | 6750000 | &nbsp;&nbsp; 6768081 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Project One Subordinated B <br> Series A<br>| 4.00 | &nbsp;&nbsp; 1-1-2040 | 1075000 | &nbsp;&nbsp; 1075520 |
| Municipal Electric Authority of Georgia Series A | 5.00 | &nbsp;&nbsp; 1-1-2044 | 3580000 | &nbsp;&nbsp; 3625915 |
|  |  |  |  | &nbsp;&nbsp; **190748062** |
|  |  |  |  | &nbsp;&nbsp; **252886228** |
| **Guam: 0.12%** |  |  |  |  |
| **Airport revenue: 0.03%** |  |  |  |  |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.25 | &nbsp;&nbsp; 10-1-2035 | 530000 | &nbsp;&nbsp; 581467 |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.25 | &nbsp;&nbsp; 10-1-2036 | 1000000 | &nbsp;&nbsp; 1091844 |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.38 | &nbsp;&nbsp; 10-1-2043 | 750000 | &nbsp;&nbsp; 782531 |
| Port Authority of Guam Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2030 | 500000 | &nbsp;&nbsp; 518176 |
|  |  |  |  | &nbsp;&nbsp; **2974018** |
| **Housing revenue: 0.00%** |  |  |  |  |
| Guam Housing Corp. Series A (FHLMC Insured) | 5.75 | &nbsp;&nbsp; 9-1-2031 | 40000 | &nbsp;&nbsp; **40296** |
| **Miscellaneous revenue: 0.07%** |  |  |  |  |
| Territory of Guam Series F | 4.00 | &nbsp;&nbsp; 1-1-2042 | 2750000 | &nbsp;&nbsp; 2651436 |
| Territory of Guam Series G | 5.25 | &nbsp;&nbsp; 1-1-2037 | 1850000 | &nbsp;&nbsp; 2048659 |
| Territory of Guam Series G | 5.25 | &nbsp;&nbsp; 1-1-2040 | 1000000 | &nbsp;&nbsp; 1085239 |
|  |  |  |  | &nbsp;&nbsp; **5785334** |
| **Water & sewer revenue: 0.02%** |  |  |  |  |
| Guam Government Waterworks Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2050 | 1600000 | &nbsp;&nbsp; **1609374** |
|  |  |  |  | &nbsp;&nbsp; **10409022** |
| **Hawaii: 0.21%** |  |  |  |  |
| **Airport revenue: 0.21%** |  |  |  |  |
| State of Hawaii Airports System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2034 | 6800000 | &nbsp;&nbsp; 7303402 |
| State of Hawaii Airports System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2048 | 7000000 | &nbsp;&nbsp; 7045809 |
| State of Hawaii Harbor System Revenue Series A AMT | 4.00 | &nbsp;&nbsp; 7-1-2033 | 1250000 | &nbsp;&nbsp; 1281469 |
| State of Hawaii Harbor System Revenue Series A AMT | 4.00 | &nbsp;&nbsp; 7-1-2034 | 875000 | &nbsp;&nbsp; 894494 |
| State of Hawaii Harbor System Revenue Series A AMT | 4.00 | &nbsp;&nbsp; 7-1-2035 | 625000 | &nbsp;&nbsp; 635808 |
| State of Hawaii Harbor System Revenue Series A AMT | 4.00 | &nbsp;&nbsp; 7-1-2036 | 300000 | &nbsp;&nbsp; 304172 |
| State of Hawaii Harbor System Revenue Series C | 4.00 | &nbsp;&nbsp; 7-1-2040 | 425000 | &nbsp;&nbsp; 429798 |
|  |  |  |  | &nbsp;&nbsp; **17894952** |
| **Idaho: 0.09%** |  |  |  |  |
| **Education revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Idaho Housing & Finance Association Legacy Public Charter School, <br> Inc. Series A<br>| 5.85 | &nbsp;&nbsp; 5-1-2033 | 440000 | &nbsp;&nbsp; 440429 |
| &nbsp;&nbsp; Idaho Housing & Finance Association Legacy Public Charter School, <br> Inc. Series A<br>| 6.25 | &nbsp;&nbsp; 5-1-2043 | 1365000 | &nbsp;&nbsp; 1365997 |

---

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

Allspring Municipal Bond Fund \| 19

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Idaho Housing & Finance Association Liberty Charter School, Inc. <br> Series A144A<br>| 4.00<br> %<br>| &nbsp;&nbsp; 6-1-2030 | $830000 | &nbsp;&nbsp; $831591 |
| &nbsp;&nbsp; Idaho Housing & Finance Association Liberty Charter School, Inc. <br> Series A144A<br>| 4.00 | &nbsp;&nbsp; 6-1-2038 | 1715000 | &nbsp;&nbsp; 1598706 |
| &nbsp;&nbsp; Idaho Housing & Finance Association North Star Charter School, <br> Inc. Series A<br>| 6.75 | &nbsp;&nbsp; 7-1-2048 | 1322876 | &nbsp;&nbsp; 1329060 |
| &nbsp;&nbsp; Idaho Housing & Finance Association North Star Charter School, <br> Inc. Series B CAB144A¤<br>| 0.00 | &nbsp;&nbsp; 7-1-2049 | 1276564 | &nbsp;&nbsp; 228324 |
|  |  |  |  | &nbsp;&nbsp; **5794107** |
| **Resource recovery revenue: 0.02%** |  |  |  |  |
| Southern Idaho Regional Solid Waste District | 4.00 | &nbsp;&nbsp; 3-1-2028 | 2000000 | &nbsp;&nbsp; **2022586** |
|  |  |  |  | &nbsp;&nbsp; **7816693** |
| **Illinois: 10.54%** |  |  |  |  |
| **Airport revenue: 0.74%** |  |  |  |  |
| Chicago Midway International Airport Series B | 5.00 | &nbsp;&nbsp; 1-1-2046 | 12000000 | &nbsp;&nbsp; 12620144 |
| &nbsp;&nbsp; Chicago O'Hare International Airport Customer Facility Charge <br> Revenue (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 1-1-2041 | 1950000 | &nbsp;&nbsp; 2107001 |
| &nbsp;&nbsp; Chicago O'Hare International Airport Customer Facility Charge <br> Revenue (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 1-1-2043 | 1660000 | &nbsp;&nbsp; 1764086 |
| Chicago O'Hare International Airport Series A | 4.00 | &nbsp;&nbsp; 1-1-2035 | 7500000 | &nbsp;&nbsp; 7639906 |
| Chicago O'Hare International Airport Series A | 5.00 | &nbsp;&nbsp; 1-1-2034 | 5000000 | &nbsp;&nbsp; 5367898 |
| Chicago O'Hare International Airport Series B | 5.00 | &nbsp;&nbsp; 1-1-2039 | 10250000 | &nbsp;&nbsp; 10376762 |
| Chicago O'Hare International Airport Series B | 5.00 | &nbsp;&nbsp; 1-1-2053 | 7500000 | &nbsp;&nbsp; 7550296 |
| Chicago O'Hare International Airport Series E (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2039 | 1500000 | &nbsp;&nbsp; 1517967 |
| &nbsp;&nbsp; Chicago O'Hare International Airport Transportation Infrastructure <br> Purpose Obligated Group AMT<br>| 5.00 | &nbsp;&nbsp; 7-1-2038 | 1000000 | &nbsp;&nbsp; 1017239 |
| &nbsp;&nbsp; Illinois Finance Authority Centerpoint Joliet Terminal Railroad LLC <br> AMT144Aøø<br>| 4.80 | &nbsp;&nbsp; 12-1-2043 | 7000000 | &nbsp;&nbsp; 7225641 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XX1446 <br> (BAM Insured) (Barclays Bank plc LIQ)144Aø<br>| 3.44 | &nbsp;&nbsp; 1-1-2060 | 5000000 | &nbsp;&nbsp; 5000000 |
|  |  |  |  | &nbsp;&nbsp; **62186940** |
| **Education revenue: 0.25%** |  |  |  |  |
| &nbsp;&nbsp; Board of Trustees of the University of Illinois Auxiliary Facilities <br> System Series A CAB (NPFGC Insured)¤<br>| 0.00 | &nbsp;&nbsp; 4-1-2026 | 2355000 | &nbsp;&nbsp; 2337220 |
| &nbsp;&nbsp; Board of Trustees of the University of Illinois Auxiliary Facilities <br> System Series A CAB (NPFGC Insured)¤<br>| 0.00 | &nbsp;&nbsp; 4-1-2027 | 2435000 | &nbsp;&nbsp; 2343459 |
| &nbsp;&nbsp; Illinois Finance Authority Acero Charter Schools, Inc. Obligated <br> Group144A<br>| 4.00 | &nbsp;&nbsp; 10-1-2042 | 1250000 | &nbsp;&nbsp; 1085662 |
| Illinois Finance Authority Bradley University Series A | 4.00 | &nbsp;&nbsp; 8-1-2043 | 750000 | &nbsp;&nbsp; 651222 |
| Illinois Finance Authority Chicago School - California, Inc. | 5.25 | &nbsp;&nbsp; 4-1-2039 | 1180000 | &nbsp;&nbsp; 1262847 |
| Illinois Finance Authority Chicago School - California, Inc. | 5.25 | &nbsp;&nbsp; 4-1-2042 | 1835000 | &nbsp;&nbsp; 1889023 |
| Illinois Finance Authority Chicago School - California, Inc. | 5.25 | &nbsp;&nbsp; 4-1-2044 | 1200000 | &nbsp;&nbsp; 1217703 |
| Illinois Finance Authority University of Chicago Series A | 5.00 | &nbsp;&nbsp; 10-1-2036 | 1500000 | &nbsp;&nbsp; 1751521 |
| Illinois Finance Authority University of Chicago Series A | 5.00 | &nbsp;&nbsp; 10-1-2037 | 1350000 | &nbsp;&nbsp; 1577177 |
| Illinois Finance Authority University of Chicago Series A | 5.00 | &nbsp;&nbsp; 10-1-2038 | 1500000 | &nbsp;&nbsp; 1754408 |
| Illinois Finance Authority University of Chicago Series A | 5.25 | &nbsp;&nbsp; 5-15-2048 | 2385000 | &nbsp;&nbsp; 2501851 |

---

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

20 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| Southern Illinois University Series A (BAM Insured) | 4.00<br> %<br>| &nbsp;&nbsp; 4-1-2035 | $500000 | &nbsp;&nbsp; $515229 |
| Southern Illinois University Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 4-1-2037 | 1000000 | &nbsp;&nbsp; 1015984 |
| Southern Illinois University Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2032 | 500000 | &nbsp;&nbsp; 546811 |
|  |  |  |  | &nbsp;&nbsp; **20450117** |
| **GO revenue: 3.40%** |  |  |  |  |
| Chicago Board of Education Dedicated Capital Improvement Tax | 5.75 | &nbsp;&nbsp; 4-1-2048 | 10000000 | &nbsp;&nbsp; 10494747 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2035 | 6630000 | &nbsp;&nbsp; 6643755 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2036 | 6000000 | &nbsp;&nbsp; 6000194 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2040 | 2000000 | &nbsp;&nbsp; 1959236 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2042 | 6555000 | &nbsp;&nbsp; 6338672 |
| Chicago Board of Education Series B-1 CAB (NPFGC Insured)¤ | 0.00 | &nbsp;&nbsp; 12-1-2026 | 4245000 | &nbsp;&nbsp; 4106215 |
| Chicago Board of Education Series C | 5.25 | &nbsp;&nbsp; 12-1-2039 | 9000000 | &nbsp;&nbsp; 8974828 |
| Chicago Board of Education Series D | 5.00 | &nbsp;&nbsp; 12-1-2046 | 15000000 | &nbsp;&nbsp; 13701806 |
| Chicago Board of Education Series H | 5.00 | &nbsp;&nbsp; 12-1-2036 | 5905000 | &nbsp;&nbsp; 5842045 |
| Chicago Board of Education Series H | 5.00 | &nbsp;&nbsp; 12-1-2046 | 4000000 | &nbsp;&nbsp; 3681276 |
| Chicago Park District Series C (BAM Insured) | 4.00 | &nbsp;&nbsp; 1-1-2041 | 4025000 | &nbsp;&nbsp; 3894982 |
| Chicago Park District Series D (BAM Insured) | 4.00 | &nbsp;&nbsp; 1-1-2034 | 4555000 | &nbsp;&nbsp; 4659160 |
| Chicago Park District Series E | 5.00 | &nbsp;&nbsp; 11-15-2028 | 1655000 | &nbsp;&nbsp; 1675546 |
| City of Chicago CAB (NPFGC Insured)¤ | 0.00 | &nbsp;&nbsp; 1-1-2030 | 5995000 | &nbsp;&nbsp; 5232824 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2034 | 11790000 | &nbsp;&nbsp; 12296700 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2043 | 4000000 | &nbsp;&nbsp; 3892601 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2044 | 15000000 | &nbsp;&nbsp; 14405547 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2045 | 24000000 | &nbsp;&nbsp; 22741822 |
| City of Chicago Series A | 5.25 | &nbsp;&nbsp; 1-1-2037 | 1950000 | &nbsp;&nbsp; 2039787 |
| City of Chicago Series A | 5.25 | &nbsp;&nbsp; 1-1-2045 | 5475000 | &nbsp;&nbsp; 5348744 |
| City of Chicago Series A | 5.50 | &nbsp;&nbsp; 1-1-2039 | 5000000 | &nbsp;&nbsp; 5242841 |
| City of Chicago Series A | 5.50 | &nbsp;&nbsp; 1-1-2040 | 1000000 | &nbsp;&nbsp; 1036760 |
| City of Chicago Series A | 5.50 | &nbsp;&nbsp; 1-1-2041 | 1500000 | &nbsp;&nbsp; 1530259 |
| City of Chicago Series A | 5.50 | &nbsp;&nbsp; 1-1-2043 | 1500000 | &nbsp;&nbsp; 1514945 |
| City of Chicago Series B | 4.00 | &nbsp;&nbsp; 1-1-2038 | 6615000 | &nbsp;&nbsp; 6109271 |
| City of Chicago Series C | 6.00 | &nbsp;&nbsp; 1-1-2043 | 2000000 | &nbsp;&nbsp; 2132967 |
| City of Chicago Series C CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 1-1-2026 | 7360000 | &nbsp;&nbsp; 7360000 |
| City of Chicago Series E | 6.00 | &nbsp;&nbsp; 1-1-2044 | 1500000 | &nbsp;&nbsp; 1586954 |
| City of Peoria Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 1-1-2029 | 2000000 | &nbsp;&nbsp; 2126415 |
| Cook County Community College District No. 508 (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2035 | 1370000 | &nbsp;&nbsp; 1515458 |
| Cook County Community College District No. 508 (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2036 | 1150000 | &nbsp;&nbsp; 1260642 |
| Cook County Community College District No. 508 (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2037 | 1250000 | &nbsp;&nbsp; 1359994 |
| Cook County Community College District No. 508 (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2038 | 1000000 | &nbsp;&nbsp; 1081953 |
| Cook County Community College District No. 508 (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2040 | 3500000 | &nbsp;&nbsp; 3730125 |
| Cook County Community College District No. 508 (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2043 | 1650000 | &nbsp;&nbsp; 1710081 |
| &nbsp;&nbsp; DuPage & Will Counties Community School District No. 204 Indian <br> Prairie<br>| 5.00 | &nbsp;&nbsp; 1-15-2045 | 5000000 | &nbsp;&nbsp; 5235558 |
| &nbsp;&nbsp; Kane & DuPage Counties Community Unit School District No. <br> 303 St. Charles<br>| 4.00 | &nbsp;&nbsp; 1-1-2043 | 2325000 | &nbsp;&nbsp; 2296609 |
| &nbsp;&nbsp; Kane & DuPage Counties Community Unit School District No. <br> 303 St. Charles<br>| 4.00 | &nbsp;&nbsp; 7-1-2044 | 6050000 | &nbsp;&nbsp; 5887179 |

---

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

Allspring Municipal Bond Fund \| 21

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Kendall Kane & Will Counties Community Unit School District No. <br> 308 CAB (AG Insured)¤<br>| 0.00<br> %<br>| &nbsp;&nbsp; 2-1-2026 | $5050000 | &nbsp;&nbsp; $5036893 |
| &nbsp;&nbsp; Kendall Kane & Will Counties Community Unit School District No. <br> 308 CAB (AG Insured)¤<br>| 0.00 | &nbsp;&nbsp; 2-1-2027 | 12050000 | &nbsp;&nbsp; 11635616 |
| Macon County School District No. 61 Decatur Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2036 | 6000000 | &nbsp;&nbsp; 6051377 |
| &nbsp;&nbsp; Madison Bond etc. Counties Community Unit School District No. 5 <br> Highland Series B (AG Insured)<br>| 5.50 | &nbsp;&nbsp; 2-1-2040 | 1265000 | &nbsp;&nbsp; 1359562 |
| &nbsp;&nbsp; Metropolitan Water Reclamation District of Greater Chicago <br> Series C<br>| 5.00 | &nbsp;&nbsp; 12-1-2045 | 10000000 | &nbsp;&nbsp; 10029187 |
| &nbsp;&nbsp; Metropolitan Water Reclamation District of Greater Chicago <br> Series C<br>| 5.25 | &nbsp;&nbsp; 12-1-2032 | 1565000 | &nbsp;&nbsp; 1822605 |
| &nbsp;&nbsp; Sangamon Logan & Menard Counties Community Unit School <br> District No. 15 Williamsville Series B (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 12-1-2044 | 1500000 | &nbsp;&nbsp; 1359785 |
| State of Illinois | 5.00 | &nbsp;&nbsp; 11-1-2027 | 1175000 | &nbsp;&nbsp; 1195298 |
| State of Illinois | 5.50 | &nbsp;&nbsp; 1-1-2030 | 2900000 | &nbsp;&nbsp; 3184845 |
| State of Illinois Series 1 (NPFGC Insured) | 6.00 | &nbsp;&nbsp; 11-1-2026 | 785000 | &nbsp;&nbsp; 800410 |
| State of Illinois Series A | 5.00 | &nbsp;&nbsp; 3-1-2046 | 2500000 | &nbsp;&nbsp; 2544861 |
| State of Illinois Series A | 5.50 | &nbsp;&nbsp; 3-1-2042 | 3500000 | &nbsp;&nbsp; 3764622 |
| State of Illinois Series B | 5.00 | &nbsp;&nbsp; 10-1-2028 | 2750000 | &nbsp;&nbsp; 2905779 |
| State of Illinois Series B | 5.50 | &nbsp;&nbsp; 5-1-2047 | 6500000 | &nbsp;&nbsp; 6811866 |
| State of Illinois Series C | 4.00 | &nbsp;&nbsp; 10-1-2038 | 4820000 | &nbsp;&nbsp; 4745129 |
| State of Illinois Series C | 5.00 | &nbsp;&nbsp; 11-1-2029 | 2965000 | &nbsp;&nbsp; 3072155 |
| Village of Bolingbrook Series A | 4.00 | &nbsp;&nbsp; 1-1-2030 | 3420000 | &nbsp;&nbsp; 3432841 |
| Village of New Lenox | 4.00 | &nbsp;&nbsp; 12-15-2041 | 4275000 | &nbsp;&nbsp; 4299211 |
| &nbsp;&nbsp; Will County Community High School District No. 210 Lincoln-Way <br> CAB (AG Insured)¤<br>| 0.00 | &nbsp;&nbsp; 1-1-2026 | 7000000 | &nbsp;&nbsp; 7000000 |
| &nbsp;&nbsp; Will County Community High School District No. 210 Lincoln-Way <br> Series B CAB (BAM Insured)¤<br>| 0.00 | &nbsp;&nbsp; 1-1-2032 | 400000 | &nbsp;&nbsp; 325616 |
| &nbsp;&nbsp; Will County Community High School District No. 210 Lincoln-Way <br> Series B CAB (BAM Insured)¤<br>| 0.00 | &nbsp;&nbsp; 1-1-2033 | 2830000 | &nbsp;&nbsp; 2209822 |
| &nbsp;&nbsp; Will County Community Unit School District No. 209-U Wilmington <br> Series A (AG Insured)<br>| 5.50 | &nbsp;&nbsp; 2-1-2041 | 3660000 | &nbsp;&nbsp; 3901613 |
|  |  |  |  | &nbsp;&nbsp; **284137591** |
| **Health revenue: 1.49%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Carle Foundation Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-15-2040 | 8600000 | &nbsp;&nbsp; 8425404 |
| &nbsp;&nbsp; Illinois Finance Authority Carle Foundation Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-15-2048 | 7450000 | &nbsp;&nbsp; 6677308 |
| &nbsp;&nbsp; Illinois Finance Authority Carle Foundation Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 2-15-2045 | 30350000 | &nbsp;&nbsp; 30440173 |
| &nbsp;&nbsp; Illinois Finance Authority Lutheran Life Communities Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2040 | 4900000 | &nbsp;&nbsp; 3393250 |
| &nbsp;&nbsp; Illinois Finance Authority Northwestern Memorial Healthcare <br> Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 7-15-2039 | 2250000 | &nbsp;&nbsp; 2249880 |
| &nbsp;&nbsp; Illinois Finance Authority Northwestern Memorial Healthcare <br> Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 7-15-2047 | 25185000 | &nbsp;&nbsp; 22786335 |
| &nbsp;&nbsp; Illinois Finance Authority OSF Healthcare System Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2045 | 12980000 | &nbsp;&nbsp; 12979943 |

---

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

22 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority University of Chicago Medical Center <br> Obligated Group Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 8-15-2047 | $30000000 | &nbsp;&nbsp; $30600195 |
| &nbsp;&nbsp; Illinois Finance Authority University of Chicago Medical Center <br> Obligated Group Series Aøø<br>| 5.00 | &nbsp;&nbsp; 8-15-2054 | 5000000 | &nbsp;&nbsp; 5379196 |
| Illinois Finance Authority University of Illinois | 4.00 | &nbsp;&nbsp; 10-1-2050 | 2000000 | &nbsp;&nbsp; 1728525 |
|  |  |  |  | &nbsp;&nbsp; **124660209** |
| **Housing revenue: 1.43%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Housing Development Authority Series E (GNMA / FNMA / <br> FHLMC Insured)<br>| 4.45 | &nbsp;&nbsp; 4-1-2043 | 2790000 | &nbsp;&nbsp; 2809924 |
| &nbsp;&nbsp; Illinois Housing Development Authority South Park Preservation LP <br> Series B (FHA Insured) (State Street Bank & Trust Co. SPA)ø<br>| 3.36 | &nbsp;&nbsp; 1-1-2066 | 6540000 | &nbsp;&nbsp; 6540000 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series A<br>| 4.00 | &nbsp;&nbsp; 12-15-2042 | 2500000 | &nbsp;&nbsp; 2383512 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series A CAB (NPFGC Insured)¤<br>| 0.00 | &nbsp;&nbsp; 12-15-2026 | 12245000 | &nbsp;&nbsp; 11896904 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series A CAB (NPFGC Insured)¤<br>| 0.00 | &nbsp;&nbsp; 6-15-2029 | 12085000 | &nbsp;&nbsp; 10823113 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series A CAB (NPFGC Insured)¤<br>| 0.00 | &nbsp;&nbsp; 12-15-2029 | 24950000 | &nbsp;&nbsp; 21989176 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series A CAB (NPFGC Insured)¤<br>| 0.00 | &nbsp;&nbsp; 12-15-2030 | 49500000 | &nbsp;&nbsp; 42145973 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series A CAB (NPFGC Insured)¤<br>| 0.00 | &nbsp;&nbsp; 6-15-2031 | 10060000 | &nbsp;&nbsp; 8417715 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series A CAB (NPFGC Insured)¤<br>| 0.00 | &nbsp;&nbsp; 12-15-2031 | 9800000 | &nbsp;&nbsp; 8056447 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series B<br>| 5.00 | &nbsp;&nbsp; 6-15-2053 | 3000000 | &nbsp;&nbsp; 3001221 |
| Northern Illinois University (BAM Insured) | 4.00 | &nbsp;&nbsp; 10-1-2037 | 1650000 | &nbsp;&nbsp; 1655237 |
|  |  |  |  | &nbsp;&nbsp; **119719222** |
| **Miscellaneous revenue: 0.37%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Field Museum of Natural History <br> (U.S. SOFR+1.15%)±<br>| 3.79 | &nbsp;&nbsp; 11-1-2034 | 2655000 | &nbsp;&nbsp; 2658712 |
| Illinois Finance Authority Shedd Aquarium Society | 5.00 | &nbsp;&nbsp; 6-1-2044 | 4000000 | &nbsp;&nbsp; 4193604 |
| Illinois Finance Authority Shedd Aquarium Society | 5.00 | &nbsp;&nbsp; 6-1-2047 | 5000000 | &nbsp;&nbsp; 5170399 |
| Illinois Sports Facilities Authority CAB (Ambac Insured)¤ | 0.00 | &nbsp;&nbsp; 6-15-2026 | 2030000 | &nbsp;&nbsp; 1998944 |
| &nbsp;&nbsp; Illinois State University Capital Improvement Project COP (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 4-1-2050 | 12240000 | &nbsp;&nbsp; 12470178 |
| &nbsp;&nbsp; Northeastern Illinois University Capital Improvement Project (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2042 | 1200000 | &nbsp;&nbsp; 1243876 |
| &nbsp;&nbsp; Northeastern Illinois University Capital Improvement Project (BAM <br> Insured)<br>| 5.25 | &nbsp;&nbsp; 7-1-2050 | 1635000 | &nbsp;&nbsp; 1678376 |
| &nbsp;&nbsp; Northeastern Illinois University Capital Improvement Project (BAM <br> Insured)<br>| 5.75 | &nbsp;&nbsp; 7-1-2045 | 1650000 | &nbsp;&nbsp; 1767748 |
|  |  |  |  | &nbsp;&nbsp; **31181837** |
| **Tax revenue: 1.75%** |  |  |  |  |
| Chicago Transit Authority Sales Tax Receipts Fund | 5.00 | &nbsp;&nbsp; 12-1-2046 | 21500000 | &nbsp;&nbsp; 21576383 |

---

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

Allspring Municipal Bond Fund \| 23

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue**(continued) |  |  |  |  |
| Chicago Transit Authority Sales Tax Receipts Fund Series A | 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2045 | $2440000 | &nbsp;&nbsp; $2499614 |
| &nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund Series A (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2046 | 10000000 | &nbsp;&nbsp; 10375050 |
| County of Cook Sales Tax Revenue Series A | 4.00 | &nbsp;&nbsp; 11-15-2041 | 2000000 | &nbsp;&nbsp; 1968607 |
| County of Cook Sales Tax Revenue Series A | 5.25 | &nbsp;&nbsp; 11-15-2045 | 5000000 | &nbsp;&nbsp; 5279623 |
| Illinois Sports Facilities Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 6-15-2026 | 4775000 | &nbsp;&nbsp; 4789444 |
| Illinois Sports Facilities Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 6-15-2027 | 8845000 | &nbsp;&nbsp; 8863104 |
| Illinois Sports Facilities Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 6-15-2028 | 4030000 | &nbsp;&nbsp; 4094012 |
| Illinois Sports Facilities Authority (AG Insured) | 5.25 | &nbsp;&nbsp; 6-15-2032 | 13190000 | &nbsp;&nbsp; 13400245 |
| Regional Transportation Authority Series A (AG Insured) | 5.75 | &nbsp;&nbsp; 6-1-2034 | 15000000 | &nbsp;&nbsp; 17195202 |
| Regional Transportation Authority Series A (NPFGC Insured) | 6.00 | &nbsp;&nbsp; 7-1-2027 | 7275000 | &nbsp;&nbsp; 7496268 |
| Regional Transportation Authority Series A (NPFGC Insured) | 6.00 | &nbsp;&nbsp; 7-1-2033 | 5000000 | &nbsp;&nbsp; 5781316 |
| Regional Transportation Authority Series B (NPFGC Insured) | 5.50 | &nbsp;&nbsp; 6-1-2027 | 8865000 | &nbsp;&nbsp; 9092439 |
| Sales Tax Securitization Corp. Series A | 4.00 | &nbsp;&nbsp; 1-1-2038 | 8950000 | &nbsp;&nbsp; 8971384 |
| Sales Tax Securitization Corp. Series A | 4.00 | &nbsp;&nbsp; 1-1-2048 | 5430000 | &nbsp;&nbsp; 4823157 |
| State of Illinois Sales Tax Revenue Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 6-15-2034 | 2000000 | &nbsp;&nbsp; 2026092 |
| State of Illinois Sales Tax Revenue Series A (BAM Insured) | 4.13 | &nbsp;&nbsp; 6-15-2037 | 1945000 | &nbsp;&nbsp; 1962102 |
| State of Illinois Sales Tax Revenue Series C | 5.00 | &nbsp;&nbsp; 6-15-2028 | 3500000 | &nbsp;&nbsp; 3681959 |
| State of Illinois Sales Tax Revenue Series D | 4.00 | &nbsp;&nbsp; 6-15-2030 | 12000000 | &nbsp;&nbsp; 12033026 |
|  |  |  |  | &nbsp;&nbsp; **145909027** |
| **Transportation revenue: 0.63%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Centerpoint Joliet Terminal Railroad LLC <br> AMT144Aøø<br>| 4.13 | &nbsp;&nbsp; 12-1-2043 | 20000000 | &nbsp;&nbsp; 19964854 |
| Illinois State Toll Highway Authority Series A | 4.00 | &nbsp;&nbsp; 1-1-2042 | 1250000 | &nbsp;&nbsp; 1230771 |
| Illinois State Toll Highway Authority Series A | 4.00 | &nbsp;&nbsp; 1-1-2046 | 265000 | &nbsp;&nbsp; 243267 |
| Illinois State Toll Highway Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2038 | 5000000 | &nbsp;&nbsp; 5644424 |
| Illinois State Toll Highway Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2040 | 6000000 | &nbsp;&nbsp; 6005608 |
| Illinois State Toll Highway Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2046 | 15245000 | &nbsp;&nbsp; 15735971 |
| Public Building Commission of Chicago (Ambac Insured) | 5.25 | &nbsp;&nbsp; 3-1-2027 | 3400000 | &nbsp;&nbsp; 3485871 |
|  |  |  |  | &nbsp;&nbsp; **52310766** |
| **Utilities revenue: 0.04%** |  |  |  |  |
| Northern Illinois Municipal Power Agency Series A | 4.00 | &nbsp;&nbsp; 12-1-2033 | 3430000 | &nbsp;&nbsp; **3448605** |
| **Water & sewer revenue: 0.44%** |  |  |  |  |
| &nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue Series A (AG <br> Insured)<br>| 5.25 | &nbsp;&nbsp; 1-1-2058 | 5000000 | &nbsp;&nbsp; 5192291 |
| &nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue Series A (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2043 | 2000000 | &nbsp;&nbsp; 2134243 |
| City of Chicago Waterworks Revenue (AG Insured) | 5.25 | &nbsp;&nbsp; 11-1-2032 | 3250000 | &nbsp;&nbsp; 3373239 |
| City of Chicago Waterworks Revenue Series A (AG Insured) | 5.25 | &nbsp;&nbsp; 11-1-2048 | 5000000 | &nbsp;&nbsp; 5208260 |
| City of Chicago Waterworks Revenue Series A (AG Insured) | 5.50 | &nbsp;&nbsp; 11-1-2062 | 4780000 | &nbsp;&nbsp; 5054912 |
| City of Chicago Waterworks Revenue Series B (AG Insured) | 4.00 | &nbsp;&nbsp; 11-1-2040 | 4000000 | &nbsp;&nbsp; 4042815 |
| City of Joliet Waterworks & Sewerage Revenue (BAM Insured) | 5.25 | &nbsp;&nbsp; 1-1-2050 | 5000000 | &nbsp;&nbsp; 5209785 |

---

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

24 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Water & sewer revenue**(continued) |  |  |  |  |
| Grand Prairie Water Commission (BAM Insured) | 5.25<br> %<br>| &nbsp;&nbsp; 1-1-2050 | $1000000 | &nbsp;&nbsp; $1053974 |
| &nbsp;&nbsp; Illinois Finance Authority State of Illinois Water Revolving Fund - <br> Clean Water Program<br>| 4.00 | &nbsp;&nbsp; 7-1-2038 | 5000000 | &nbsp;&nbsp; 5045039 |
|  |  |  |  | &nbsp;&nbsp; **36314558** |
|  |  |  |  | &nbsp;&nbsp; **880318872** |
| **Indiana: 1.48%** |  |  |  |  |
| **Education revenue: 0.21%** |  |  |  |  |
| Indiana Finance Authority DePauw University Series A | 5.00 | &nbsp;&nbsp; 7-1-2047 | 17000000 | &nbsp;&nbsp; 16749446 |
| Indiana Finance Authority KIPP Indianapolis, Inc. Series A | 5.00 | &nbsp;&nbsp; 7-1-2040 | 350000 | &nbsp;&nbsp; 339294 |
|  |  |  |  | &nbsp;&nbsp; **17088740** |
| **Health revenue: 0.24%** |  |  |  |  |
| &nbsp;&nbsp; Indiana Finance Authority Franciscan Alliance, Inc. Obligated Group <br> Series C<br>| 4.00 | &nbsp;&nbsp; 11-1-2033 | 12885000 | &nbsp;&nbsp; 13063881 |
| &nbsp;&nbsp; Indiana Finance Authority Franciscan Alliance, Inc. Obligated Group <br> Series C<br>| 4.00 | &nbsp;&nbsp; 11-1-2036 | 5000000 | &nbsp;&nbsp; 5042358 |
| &nbsp;&nbsp; Indiana Finance Authority Marion General Hospital, Inc. Obligated <br> Group Series A<br>| 4.00 | &nbsp;&nbsp; 7-1-2045 | 2560000 | &nbsp;&nbsp; 2304982 |
|  |  |  |  | &nbsp;&nbsp; **20411221** |
| **Housing revenue: 0.27%** |  |  |  |  |
| Greater Clark Building Corp. Greater Clark County Schools | 6.00 | &nbsp;&nbsp; 7-15-2038 | 5000000 | &nbsp;&nbsp; 5775990 |
| Hobart Building Corp. School City | 4.00 | &nbsp;&nbsp; 7-15-2035 | 2295000 | &nbsp;&nbsp; 2334644 |
| Indiana Housing & CDA TWG Cowan LPøø | 3.35 | &nbsp;&nbsp; 1-1-2043 | 3100000 | &nbsp;&nbsp; 3118542 |
| IPS Multi-School Building Corp. Board of School Commissioners | 5.00 | &nbsp;&nbsp; 7-15-2044 | 2000000 | &nbsp;&nbsp; 2105443 |
| Northwestern School Building Corp. | 4.00 | &nbsp;&nbsp; 1-15-2043 | 3005000 | &nbsp;&nbsp; 2973270 |
| Northwestern School Building Corp. | 6.00 | &nbsp;&nbsp; 7-15-2039 | 850000 | &nbsp;&nbsp; 959267 |
| Tippecanoe County School Building Corp. Series B | 6.00 | &nbsp;&nbsp; 7-15-2036 | 1000000 | &nbsp;&nbsp; 1196934 |
| Tippecanoe County School Building Corp. Series B | 6.00 | &nbsp;&nbsp; 7-15-2038 | 1000000 | &nbsp;&nbsp; 1184167 |
| Tippecanoe County School Building Corp. Series B | 6.00 | &nbsp;&nbsp; 7-15-2041 | 1750000 | &nbsp;&nbsp; 2022160 |
| Tippecanoe County School Building Corp. Series B | 6.00 | &nbsp;&nbsp; 1-15-2043 | 1000000 | &nbsp;&nbsp; 1135531 |
|  |  |  |  | &nbsp;&nbsp; **22805948** |
| **Industrial development revenue: 0.07%** |  |  |  |  |
| City of Valparaiso Pratt Paper LLC AMT144A | 4.88 | &nbsp;&nbsp; 1-1-2044 | 6000000 | &nbsp;&nbsp; **6006722** |
| **Miscellaneous revenue: 0.27%** |  |  |  |  |
| Carmel Local Public Improvement Bond Bank Series 2016 | 5.00 | &nbsp;&nbsp; 7-15-2031 | 6000000 | &nbsp;&nbsp; 6061467 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank Series A (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 6-1-2039 | 10535000 | &nbsp;&nbsp; 10658710 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank Series A (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 6-1-2041 | 3000000 | &nbsp;&nbsp; 3012287 |
| Indianapolis Local Public Improvement Bond Bank Series B | 5.25 | &nbsp;&nbsp; 2-1-2048 | 3000000 | &nbsp;&nbsp; 3160961 |
|  |  |  |  | &nbsp;&nbsp; **22893425** |

---

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

Allspring Municipal Bond Fund \| 25

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue: 0.05%** |  |  |  |  |
| &nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank Courthouse & <br> Jail Project Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 2-1-2049 | $4000000 | &nbsp;&nbsp; **$4061243** |
| **Utilities revenue: 0.26%** |  |  |  |  |
| Indiana Finance Authority Ohio Valley Electric Corp. Series A | 3.00 | &nbsp;&nbsp; 11-1-2030 | 4650000 | &nbsp;&nbsp; 4560014 |
| Indiana Finance Authority Ohio Valley Electric Corp. Series A | 4.25 | &nbsp;&nbsp; 11-1-2030 | 3000000 | &nbsp;&nbsp; 3081933 |
| Indiana Finance Authority Ohio Valley Electric Corp. Series C | 3.00 | &nbsp;&nbsp; 11-1-2030 | 4000000 | &nbsp;&nbsp; 3912128 |
| Indiana Municipal Power Agency Series A | 5.00 | &nbsp;&nbsp; 1-1-2042 | 10000000 | &nbsp;&nbsp; 10061656 |
|  |  |  |  | &nbsp;&nbsp; **21615731** |
| **Water & sewer revenue: 0.11%** |  |  |  |  |
| City of Fishers Sewage Works Revenue (BAM Insured) | 4.00 | &nbsp;&nbsp; 7-1-2043 | 3450000 | &nbsp;&nbsp; 3414003 |
| City of Fishers Sewage Works Revenue (BAM Insured) | 4.00 | &nbsp;&nbsp; 7-1-2045 | 3160000 | &nbsp;&nbsp; 3076063 |
| Evansville Waterworks District Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-1-2047 | 2250000 | &nbsp;&nbsp; 2307705 |
|  |  |  |  | &nbsp;&nbsp; **8797771** |
|  |  |  |  | &nbsp;&nbsp; **123680801** |
| **Iowa: 0.06%** |  |  |  |  |
| **GO revenue: 0.04%** |  |  |  |  |
| City of Cedar Rapids Series A | 4.00 | &nbsp;&nbsp; 6-1-2048 | 3630000 | &nbsp;&nbsp; **3473415** |
| **Housing revenue: 0.02%** |  |  |  |  |
| City of Altoona Series C | 5.00 | &nbsp;&nbsp; 6-1-2031 | 1805000 | &nbsp;&nbsp; **1820138** |
|  |  |  |  | &nbsp;&nbsp; **5293553** |
| **Kansas: 0.25%** |  |  |  |  |
| **GO revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Johnson County Unified School District No. 512 Shawnee Mission <br> Series A<br>| 4.00 | &nbsp;&nbsp; 10-1-2043 | 3000000 | &nbsp;&nbsp; 3003258 |
| &nbsp;&nbsp; Wyandotte County Unified School District No. 203 Piper Series A <br> (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 9-1-2052 | 2500000 | &nbsp;&nbsp; 2597469 |
|  |  |  |  | &nbsp;&nbsp; **5600727** |
| **Tax revenue: 0.18%** |  |  |  |  |
| &nbsp;&nbsp; Wyandotte County-Kansas City Unified Government Sales Tax <br> Revenue CAB144A¤<br>| 0.00 | &nbsp;&nbsp; 9-1-2034 | 27180000 | &nbsp;&nbsp; **15379436** |
|  |  |  |  | &nbsp;&nbsp; **20980163** |
| **Kentucky: 1.20%** |  |  |  |  |
| **Education revenue: 0.05%** |  |  |  |  |
| County of Boyle Centre College of Kentucky Series A | 5.25 | &nbsp;&nbsp; 6-1-2049 | 2550000 | &nbsp;&nbsp; 2573221 |
| Kentucky Bond Development Corp. Centre College | 4.00 | &nbsp;&nbsp; 6-1-2046 | 800000 | &nbsp;&nbsp; 677530 |
| Kentucky Bond Development Corp. Centre College | 4.00 | &nbsp;&nbsp; 6-1-2051 | 1250000 | &nbsp;&nbsp; 1017483 |
|  |  |  |  | &nbsp;&nbsp; **4268234** |
| **Health revenue: 0.26%** |  |  |  |  |
| County of Warren Bowling Green Community Hospital Corp. | 5.25 | &nbsp;&nbsp; 4-1-2054 | 3000000 | &nbsp;&nbsp; 3110014 |
| &nbsp;&nbsp; Kentucky EDFA Baptist Healthcare System Obligated Group <br> Series B<br>| 5.00 | &nbsp;&nbsp; 8-15-2041 | 5000000 | &nbsp;&nbsp; 5095044 |

---

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

26 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Kentucky EDFA Baptist Healthcare System Obligated Group <br> Series B<br>| 5.00<br> %<br>| &nbsp;&nbsp; 8-15-2046 | $2070000 | &nbsp;&nbsp; $2088794 |
| &nbsp;&nbsp; Kentucky EDFA Norton Healthcare Obligated Group Series B CAB <br> (NPFGC Insured)¤<br>| 0.00 | &nbsp;&nbsp; 10-1-2028 | 5140000 | &nbsp;&nbsp; 4614822 |
| &nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government Norton <br> Healthcare Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2040 | 3300000 | &nbsp;&nbsp; 3566447 |
| &nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government Norton <br> Healthcare Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2041 | 3000000 | &nbsp;&nbsp; 3209175 |
|  |  |  |  | &nbsp;&nbsp; **21684296** |
| **Housing revenue: 0.17%** |  |  |  |  |
| Fayette County School District Finance Corp. Series A | 4.00 | &nbsp;&nbsp; 5-1-2038 | 5600000 | &nbsp;&nbsp; 5570875 |
| Kentucky Bond Corp. Series D | 4.50 | &nbsp;&nbsp; 2-1-2052 | 2355000 | &nbsp;&nbsp; 2352402 |
| &nbsp;&nbsp; Kentucky State Property & Building Commission Project No. 124 <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 11-1-2039 | 6000000 | &nbsp;&nbsp; 6405106 |
|  |  |  |  | &nbsp;&nbsp; **14328383** |
| **Industrial development revenue: 0.05%** |  |  |  |  |
| County of Trimble Kentucky Utilities Co. AMTøø | 4.70 | &nbsp;&nbsp; 6-1-2054 | 4000000 | &nbsp;&nbsp; **4030105** |
| **Miscellaneous revenue: 0.03%** |  |  |  |  |
| Kentucky State University COP (BAM Insured) | 4.00 | &nbsp;&nbsp; 11-1-2046 | 640000 | &nbsp;&nbsp; 618697 |
| Kentucky State University COP (BAM Insured) | 4.00 | &nbsp;&nbsp; 11-1-2051 | 1000000 | &nbsp;&nbsp; 923552 |
| Kentucky State University COP (BAM Insured) | 4.00 | &nbsp;&nbsp; 11-1-2056 | 1000000 | &nbsp;&nbsp; 912929 |
|  |  |  |  | &nbsp;&nbsp; **2455178** |
| **Transportation revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority Series B <br> CAB¤<br>| 0.00 | &nbsp;&nbsp; 7-1-2030 | 2000000 | &nbsp;&nbsp; 1616633 |
| &nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority Series B <br> CAB¤<br>| 0.00 | &nbsp;&nbsp; 7-1-2031 | 2780000 | &nbsp;&nbsp; 2096627 |
| &nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority Series B <br> CAB¤<br>| 0.00 | &nbsp;&nbsp; 7-1-2032 | 2500000 | &nbsp;&nbsp; 1762585 |
| &nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority Series C <br> CCAB<br>| 6.40 | &nbsp;&nbsp; 7-1-2033 | 1000000 | &nbsp;&nbsp; 1167841 |
| &nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority Series C <br> CCAB<br>| 6.45 | &nbsp;&nbsp; 7-1-2034 | 2505000 | &nbsp;&nbsp; 2920835 |
|  |  |  |  | &nbsp;&nbsp; **9564521** |
| **Utilities revenue: 0.53%** |  |  |  |  |
| Kentucky Public Energy Authority Series A-1øø | 5.25 | &nbsp;&nbsp; 4-1-2054 | 17250000 | &nbsp;&nbsp; 18629743 |
| Kentucky Public Energy Authority Series C | 5.00 | &nbsp;&nbsp; 5-1-2036 | 24000000 | &nbsp;&nbsp; 25489073 |
|  |  |  |  | &nbsp;&nbsp; **44118816** |
|  |  |  |  | &nbsp;&nbsp; **100449533** |
| **Louisiana: 1.54%** |  |  |  |  |
| **Airport revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; New Orleans Aviation Board Louis Armstrong International <br> Airport CFC Revenue (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2036 | 1750000 | &nbsp;&nbsp; 1812521 |

---

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

Allspring Municipal Bond Fund \| 27

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airport revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; New Orleans Aviation Board Louis Armstrong International <br> Airport CFC Revenue (AG Insured)<br>| 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2037 | $1750000 | &nbsp;&nbsp; $1808454 |
| &nbsp;&nbsp; New Orleans Aviation Board Louis Armstrong International <br> Airport CFC Revenue (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2038 | 1500000 | &nbsp;&nbsp; 1546761 |
| &nbsp;&nbsp; New Orleans Aviation Board Louis Armstrong International Airport <br> Series B AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2048 | 1145000 | &nbsp;&nbsp; 1145229 |
| Port New Orleans Board of Commissioners Series E AMT | 5.00 | &nbsp;&nbsp; 4-1-2040 | 2000000 | &nbsp;&nbsp; 2061661 |
|  |  |  |  | &nbsp;&nbsp; **8374626** |
| **GO revenue: 0.02%** |  |  |  |  |
| City of New Orleans Series A | 5.00 | &nbsp;&nbsp; 12-1-2046 | 2000000 | &nbsp;&nbsp; **2044080** |
| **Health revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; PFA Series VRS209 (Bank of America N.A. LOC, Bank of America N.A. <br> LIQ)144Aø<br>| 2.60 | &nbsp;&nbsp; 12-1-2052 | 5000000 | &nbsp;&nbsp; **5000000** |
| **Industrial development revenue: 0.33%** |  |  |  |  |
| Louisiana Offshore Terminal Authority Loop LLC Series 2013Cøø | 4.20 | &nbsp;&nbsp; 9-1-2034 | 5200000 | &nbsp;&nbsp; 5291473 |
| Louisiana Offshore Terminal Authority Loop LLC Series Aøø | 4.20 | &nbsp;&nbsp; 9-1-2033 | 15000000 | &nbsp;&nbsp; 15251419 |
| Parish of St. James NuStar Logistics LPøø | 3.70 | &nbsp;&nbsp; 8-1-2041 | 4000000 | &nbsp;&nbsp; 4050982 |
| Parish of St. John the Baptist Marathon Oil Corp. Series Cøø | 3.30 | &nbsp;&nbsp; 6-1-2037 | 3000000 | &nbsp;&nbsp; 3036550 |
|  |  |  |  | &nbsp;&nbsp; **27630424** |
| **Miscellaneous revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; Louisiana Local Government Environmental Facilities & CDA Parish <br> of Jefferson144A<br>| 4.00 | &nbsp;&nbsp; 11-1-2044 | 1555000 | &nbsp;&nbsp; **1427620** |
| **Tax revenue: 0.43%** |  |  |  |  |
| Ernest N Morial New Orleans Exhibition Hall Authority | 5.25 | &nbsp;&nbsp; 7-15-2048 | 10000000 | &nbsp;&nbsp; 10339651 |
| Ernest N Morial New Orleans Exhibition Hall Authority | 5.50 | &nbsp;&nbsp; 7-15-2053 | 5000000 | &nbsp;&nbsp; 5232806 |
| Louisiana Stadium & Exposition District Series A | 5.25 | &nbsp;&nbsp; 7-1-2053 | 20000000 | &nbsp;&nbsp; 20723870 |
|  |  |  |  | &nbsp;&nbsp; **36296327** |
| **Transportation revenue: 0.28%** |  |  |  |  |
| Louisiana PFA Calcasieu Bridge Partners LLC AMT | 5.50 | &nbsp;&nbsp; 9-1-2054 | 13020000 | &nbsp;&nbsp; 13245853 |
| Louisiana PFA Calcasieu Bridge Partners LLC AMT | 5.50 | &nbsp;&nbsp; 9-1-2059 | 10000000 | &nbsp;&nbsp; 10097098 |
|  |  |  |  | &nbsp;&nbsp; **23342951** |
| **Utilities revenue: 0.08%** |  |  |  |  |
| City of Lafayette Utilities Revenue Electric Projects (AG Insured) | 5.00 | &nbsp;&nbsp; 11-1-2049 | 6000000 | &nbsp;&nbsp; **6232093** |
| **Water & sewer revenue: 0.22%** |  |  |  |  |
| City of New Orleans Sewerage Service Revenue Series B | 4.00 | &nbsp;&nbsp; 6-1-2050 | 1200000 | &nbsp;&nbsp; 1070817 |
| City of New Orleans Sewerage Service Revenue Series B | 5.00 | &nbsp;&nbsp; 6-1-2045 | 1500000 | &nbsp;&nbsp; 1528688 |
| &nbsp;&nbsp; City of New Orleans Sewerage Service Revenue Series B (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 6-1-2038 | 350000 | &nbsp;&nbsp; 356213 |
| &nbsp;&nbsp; City of New Orleans Sewerage Service Revenue Series B (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 6-1-2039 | 400000 | &nbsp;&nbsp; 405687 |

---

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

28 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Water & sewer revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; City of New Orleans Sewerage Service Revenue Series B (AG <br> Insured)<br>| 4.00<br> %<br>| &nbsp;&nbsp; 6-1-2040 | $350000 | &nbsp;&nbsp; $353750 |
| City of Shreveport Water & Sewer Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2037 | 2325000 | &nbsp;&nbsp; 2591972 |
| City of Shreveport Water & Sewer Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2038 | 1550000 | &nbsp;&nbsp; 1718805 |
| City of Shreveport Water & Sewer Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2040 | 1750000 | &nbsp;&nbsp; 1907425 |
| City of Shreveport Water & Sewer Revenue Series B (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2036 | 730000 | &nbsp;&nbsp; 737237 |
| City of Shreveport Water & Sewer Revenue Series B (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2044 | 1000000 | &nbsp;&nbsp; 938541 |
| East Baton Rouge Sewerage Commission Series Aøø | 1.30 | &nbsp;&nbsp; 2-1-2041 | 6075000 | &nbsp;&nbsp; 5729538 |
| Greater Ouachita Water Co. (BAM Insured) | 4.50 | &nbsp;&nbsp; 9-1-2053 | 1150000 | &nbsp;&nbsp; 1094498 |
|  |  |  |  | &nbsp;&nbsp; **18433171** |
|  |  |  |  | &nbsp;&nbsp; **128781292** |
| **Maine: 0.16%** |  |  |  |  |
| **Health revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority Obligated <br> Group Series A<br>| 4.00 | &nbsp;&nbsp; 7-1-2040 | 1700000 | &nbsp;&nbsp; 1701802 |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority Obligated <br> Group Series A<br>| 4.00 | &nbsp;&nbsp; 7-1-2045 | 4500000 | &nbsp;&nbsp; 4231201 |
| Maine Health & Higher Educational Facilities Authority Series A | 5.00 | &nbsp;&nbsp; 7-1-2028 | 1445000 | &nbsp;&nbsp; 1489335 |
| Maine Health & Higher Educational Facilities Authority Series A | 5.00 | &nbsp;&nbsp; 7-1-2029 | 1535000 | &nbsp;&nbsp; 1653871 |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority Series A (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2046 | 500000 | &nbsp;&nbsp; 479509 |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority Series A (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2050 | 1000000 | &nbsp;&nbsp; 938916 |
|  |  |  |  | &nbsp;&nbsp; **10494634** |
| **Resource recovery revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; Finance Authority of Maine Casella Waste Systems, Inc. Series R <br> AMT144A<br>| 5.00 | &nbsp;&nbsp; 8-1-2035 | 2500000 | &nbsp;&nbsp; **2579674** |
|  |  |  |  | &nbsp;&nbsp; **13074308** |
| **Maryland: 0.18%** |  |  |  |  |
| **Education revenue: 0.00%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Economic Development Corp. University Park Phase I & II <br> at Salisbury University<br>| 5.00 | &nbsp;&nbsp; 6-1-2027 | 100000 | &nbsp;&nbsp; 100062 |
| &nbsp;&nbsp; Maryland Economic Development Corp. University Park Phase I & II <br> at Salisbury University<br>| 5.00 | &nbsp;&nbsp; 6-1-2030 | 200000 | &nbsp;&nbsp; 200107 |
|  |  |  |  | &nbsp;&nbsp; **300169** |
| **Health revenue: 0.07%** |  |  |  |  |
| County of Montgomery Trinity Health Corp. Obligated Group | 4.00 | &nbsp;&nbsp; 12-1-2044 | 5000000 | &nbsp;&nbsp; 4708218 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Frederick <br> Health, Inc. Obligated Group<br>| 4.00 | &nbsp;&nbsp; 7-1-2045 | 745000 | &nbsp;&nbsp; 673971 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Frederick <br> Health, Inc. Obligated Group<br>| 4.00 | &nbsp;&nbsp; 7-1-2050 | 850000 | &nbsp;&nbsp; 736362 |
|  |  |  |  | &nbsp;&nbsp; **6118551** |

---

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

Allspring Municipal Bond Fund \| 29

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue: 0.04%** |  |  |  |  |
| Maryland Stadium Authority Series A | 5.00<br> %<br>| &nbsp;&nbsp; 9-1-2037 | $3000000 | &nbsp;&nbsp; **$3339714** |
| **Tax revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Economic Development Corp. City of Baltimore Port <br> Covington Development District<br>| 4.00 | &nbsp;&nbsp; 9-1-2050 | 2500000 | &nbsp;&nbsp; **2093057** |
| **Transportation revenue: 0.03%** |  |  |  |  |
| Maryland State Transportation Authority Facilities Projects | 4.00 | &nbsp;&nbsp; 7-1-2050 | 2190000 | &nbsp;&nbsp; **2053734** |
| **Water & sewer revenue: 0.01%** |  |  |  |  |
| City of Baltimore Water Utility Fund Series A | 4.00 | &nbsp;&nbsp; 7-1-2039 | 500000 | &nbsp;&nbsp; 506612 |
| City of Baltimore Water Utility Fund Series A | 4.00 | &nbsp;&nbsp; 7-1-2040 | 500000 | &nbsp;&nbsp; 503271 |
|  |  |  |  | &nbsp;&nbsp; **1009883** |
|  |  |  |  | &nbsp;&nbsp; **14915108** |
| **Massachusetts: 3.07%** |  |  |  |  |
| **Airport revenue: 0.19%** |  |  |  |  |
| Massachusetts Port Authority Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2039 | 4005000 | &nbsp;&nbsp; 4310855 |
| Massachusetts Port Authority Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2042 | 2000000 | &nbsp;&nbsp; 2097905 |
| Massachusetts Port Authority Series E AMT | 5.00 | &nbsp;&nbsp; 7-1-2046 | 1975000 | &nbsp;&nbsp; 2018448 |
| Massachusetts Port Authority Series E AMT | 5.00 | &nbsp;&nbsp; 7-1-2051 | 7000000 | &nbsp;&nbsp; 7077430 |
|  |  |  |  | &nbsp;&nbsp; **15504638** |
| **Education revenue: 0.23%** |  |  |  |  |
| Collegiate Charter School of Lowell | 5.00 | &nbsp;&nbsp; 6-15-2039 | 1000000 | &nbsp;&nbsp; 1001332 |
| Collegiate Charter School of Lowell | 5.00 | &nbsp;&nbsp; 6-15-2049 | 1750000 | &nbsp;&nbsp; 1661477 |
| Massachusetts Development Finance Agency Lasell University | 4.00 | &nbsp;&nbsp; 7-1-2045 | 2400000 | &nbsp;&nbsp; 2024564 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Northeastern <br> University<br>| 5.00 | &nbsp;&nbsp; 10-1-2044 | 7000000 | &nbsp;&nbsp; 7428571 |
| Massachusetts Development Finance Agency Suffolk University | 4.00 | &nbsp;&nbsp; 7-1-2051 | 1000000 | &nbsp;&nbsp; 826903 |
| Massachusetts Development Finance Agency Suffolk University | 6.00 | &nbsp;&nbsp; 7-1-2050 | 2750000 | &nbsp;&nbsp; 2926536 |
| Massachusetts Educational Financing Authority Series B AMT | 4.25 | &nbsp;&nbsp; 7-1-2032 | 1800000 | &nbsp;&nbsp; 1834871 |
| University of Massachusetts Building Authority Series 1 | 5.00 | &nbsp;&nbsp; 11-1-2036 | 1590000 | &nbsp;&nbsp; 1592028 |
|  |  |  |  | &nbsp;&nbsp; **19296282** |
| **GO revenue: 1.09%** |  |  |  |  |
| City of Revere | 4.00 | &nbsp;&nbsp; 8-1-2047 | 4000000 | &nbsp;&nbsp; 3830721 |
| Commonwealth of Massachusetts | 4.00 | &nbsp;&nbsp; 5-1-2045 | 20000000 | &nbsp;&nbsp; 19129908 |
| Commonwealth of Massachusetts Series A | 5.00 | &nbsp;&nbsp; 5-1-2053 | 13000000 | &nbsp;&nbsp; 13419930 |
| Commonwealth of Massachusetts Series A | 5.00 | &nbsp;&nbsp; 1-1-2054 | 13500000 | &nbsp;&nbsp; 13979303 |
| Commonwealth of Massachusetts Series D | 5.00 | &nbsp;&nbsp; 10-1-2053 | 13540000 | &nbsp;&nbsp; 13998165 |
| Commonwealth of Massachusetts Series E | 5.00 | &nbsp;&nbsp; 11-1-2050 | 15540000 | &nbsp;&nbsp; 15956974 |
| Commonwealth of Massachusetts Series E | 5.25 | &nbsp;&nbsp; 9-1-2048 | 1765000 | &nbsp;&nbsp; 1810290 |
| Commonwealth of Massachusetts Series F | 5.00 | &nbsp;&nbsp; 11-1-2041 | 5000000 | &nbsp;&nbsp; 5118853 |
| Town of Tyngsborough | 4.00 | &nbsp;&nbsp; 10-15-2048 | 4275000 | &nbsp;&nbsp; 4107049 |
|  |  |  |  | &nbsp;&nbsp; **91351193** |

---

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

30 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.81%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Beth Israel Lahey <br> Health Obligated Group Series F<br>| 5.00<br> %<br>| &nbsp;&nbsp; 8-15-2045 | $4950000 | &nbsp;&nbsp; $4951453 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Beth Israel Lahey <br> Health Obligated Group Series N (AG Insured)<br>| 5.50 | &nbsp;&nbsp; 7-1-2050 | 10000000 | &nbsp;&nbsp; 10649451 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Boston Medical <br> Center Corp. Obligated Group Series D<br>| 5.00 | &nbsp;&nbsp; 7-1-2044 | 6000000 | &nbsp;&nbsp; 5901610 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Boston Medical <br> Center Corp. Obligated Group Series E<br>| 5.00 | &nbsp;&nbsp; 7-1-2035 | 5115000 | &nbsp;&nbsp; 5140170 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Boston Medical <br> Center Corp. Obligated Group Series E<br>| 5.00 | &nbsp;&nbsp; 7-1-2036 | 2750000 | &nbsp;&nbsp; 2761761 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Boston Medical <br> Center Corp. Obligated Group Series G<br>| 5.25 | &nbsp;&nbsp; 7-1-2048 | 7805000 | &nbsp;&nbsp; 7910624 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Dana-Farber Cancer <br> Institute Obligated Group Series N<br>| 5.00 | &nbsp;&nbsp; 12-1-2046 | 3000000 | &nbsp;&nbsp; 3014073 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Mass General <br> Brigham, Inc. Series A-2<br>| 4.00 | &nbsp;&nbsp; 7-1-2040 | 1000000 | &nbsp;&nbsp; 1002455 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Mass General <br> Brigham, Inc. Series A-2<br>| 4.00 | &nbsp;&nbsp; 7-1-2041 | 1200000 | &nbsp;&nbsp; 1193012 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Mass General <br> Brigham, Inc. Series D<br>| 5.00 | &nbsp;&nbsp; 7-1-2054 | 15000000 | &nbsp;&nbsp; 15340074 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Mass General <br> Brigham, Inc. Series Q<br>| 5.00 | &nbsp;&nbsp; 7-1-2047 | 6085000 | &nbsp;&nbsp; 6101200 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Tufts Medicine <br> Obligated Group Series C (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 10-1-2045 | 3835000 | &nbsp;&nbsp; 3527230 |
| &nbsp;&nbsp; Massachusetts HEFA Mass General Brigham, Inc. (TD Bank N.A. <br> LOC)ø<br>| 2.81 | &nbsp;&nbsp; 7-1-2040 | 445000 | &nbsp;&nbsp; 445000 |
|  |  |  |  | &nbsp;&nbsp; **67938113** |
| **Miscellaneous revenue: 0.12%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Bay Transportation Authority Assessment Revenue <br> Series A-2<br>| 5.00 | &nbsp;&nbsp; 7-1-2052 | 9450000 | &nbsp;&nbsp; **9767945** |
| **Tax revenue: 0.63%** |  |  |  |  |
| &nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2047 | 6485000 | &nbsp;&nbsp; 6546847 |
| &nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2048 | 11510000 | &nbsp;&nbsp; 11676340 |
| &nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2049 | 16500000 | &nbsp;&nbsp; 16796263 |
| &nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund Revenue <br> Series B<br>| 5.00 | &nbsp;&nbsp; 6-1-2051 | 10000000 | &nbsp;&nbsp; 10363625 |
| &nbsp;&nbsp; Massachusetts Bay Transportation Authority Sales Tax Revenue <br> Series A-1<br>| 4.00 | &nbsp;&nbsp; 7-1-2040 | 6920000 | &nbsp;&nbsp; 6998283 |
|  |  |  |  | &nbsp;&nbsp; **52381358** |
|  |  |  |  | &nbsp;&nbsp; **256239529** |
| **Michigan: 1.71%** |  |  |  |  |
| **Airport revenue: 0.19%** |  |  |  |  |
| Wayne County Airport Authority Detroit Metropolitan Series B AMT | 5.00 | &nbsp;&nbsp; 12-1-2041 | 1145000 | &nbsp;&nbsp; 1191088 |

---

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

Allspring Municipal Bond Fund \| 31

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airport revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Wayne County Airport Authority Detroit Metropolitan Series B (BAM <br> Insured)<br>| 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2046 | $1400000 | &nbsp;&nbsp; $1427837 |
| Wayne County Airport Authority Detroit Metropolitan Series G AMT | 5.00 | &nbsp;&nbsp; 12-1-2033 | 12305000 | &nbsp;&nbsp; 13638569 |
|  |  |  |  | &nbsp;&nbsp; **16257494** |
| **Education revenue: 0.07%** |  |  |  |  |
| Michigan Finance Authority Bradford Academy | 4.30 | &nbsp;&nbsp; 9-1-2030 | 705000 | &nbsp;&nbsp; 670854 |
| Michigan Finance Authority Bradford Academy | 4.80 | &nbsp;&nbsp; 9-1-2040 | 1205000 | &nbsp;&nbsp; 1035926 |
| Michigan Finance Authority Bradford Academy | 5.00 | &nbsp;&nbsp; 9-1-2050 | 4530000 | &nbsp;&nbsp; 3530882 |
| Michigan Public Educational Facilities Authority Crescent Academy | 7.00 | &nbsp;&nbsp; 10-1-2036 | 910000 | &nbsp;&nbsp; 910638 |
|  |  |  |  | &nbsp;&nbsp; **6148300** |
| **GO revenue: 0.07%** |  |  |  |  |
| Okemos Public Schools Series II (QSBLF Insured) | 5.00 | &nbsp;&nbsp; 5-1-2049 | 2250000 | &nbsp;&nbsp; 2351709 |
| Okemos Public Schools Series II (QSBLF Insured) | 5.00 | &nbsp;&nbsp; 5-1-2054 | 3000000 | &nbsp;&nbsp; 3110088 |
|  |  |  |  | &nbsp;&nbsp; **5461797** |
| **Health revenue: 0.30%** |  |  |  |  |
| &nbsp;&nbsp; Kentwood Economic Development Corp. Holland Home Obligated <br> Group Series 2021<br>| 4.00 | &nbsp;&nbsp; 11-15-2045 | 750000 | &nbsp;&nbsp; 636631 |
| &nbsp;&nbsp; Kentwood Economic Development Corp. Holland Home Obligated <br> Group Series 2022<br>| 4.00 | &nbsp;&nbsp; 11-15-2031 | 860000 | &nbsp;&nbsp; 867857 |
| &nbsp;&nbsp; Michigan Finance Authority Corewell Health Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2044 | 4000000 | &nbsp;&nbsp; 4001549 |
| &nbsp;&nbsp; Michigan Finance Authority McLaren Health Care Corp. Obligated <br> Group Series A<br>| 4.00 | &nbsp;&nbsp; 2-15-2047 | 3000000 | &nbsp;&nbsp; 2688508 |
| &nbsp;&nbsp; Michigan Finance Authority Trinity Health Corp. Obligated Group <br> Series 2016MI<br>| 5.00 | &nbsp;&nbsp; 12-1-2034 | 8055000 | &nbsp;&nbsp; 8127816 |
| &nbsp;&nbsp; Michigan Finance Authority Trinity Health Corp. Obligated Group <br> Series 2017-MI<br>| 5.00 | &nbsp;&nbsp; 12-1-2046 | 8700000 | &nbsp;&nbsp; 8755543 |
|  |  |  |  | &nbsp;&nbsp; **25077904** |
| **Housing revenue: 0.54%** |  |  |  |  |
| Michigan Municipal Bond Authority Series C (Ambac Insured) | 4.75 | &nbsp;&nbsp; 5-1-2027 | 2355000 | &nbsp;&nbsp; 2383646 |
| Michigan State Building Authority Series Iø | 3.42 | &nbsp;&nbsp; 4-15-2059 | 28280000 | &nbsp;&nbsp; 28280000 |
| Michigan State Building Authority Series I | 5.00 | &nbsp;&nbsp; 4-15-2041 | 14295000 | &nbsp;&nbsp; 14463553 |
|  |  |  |  | &nbsp;&nbsp; **45127199** |
| **Miscellaneous revenue: 0.07%** |  |  |  |  |
| Michigan Finance Authority County of Wayne | 4.00 | &nbsp;&nbsp; 11-1-2048 | 6000000 | &nbsp;&nbsp; **5441257** |
| **Utilities revenue: 0.12%** |  |  |  |  |
| Lansing Board of Water & Light Series A | 5.25 | &nbsp;&nbsp; 7-1-2054 | 9600000 | &nbsp;&nbsp; **10210593** |
| **Water & sewer revenue: 0.35%** |  |  |  |  |
| &nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System Revenue <br> Series C<br>| 5.00 | &nbsp;&nbsp; 7-1-2036 | 6905000 | &nbsp;&nbsp; 6967397 |

---

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

32 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Water & sewer revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Great Lakes Water Authority Water Supply System Revenue <br> Series D<br>| 4.00<br> %<br>| &nbsp;&nbsp; 7-1-2032 | $11000000 | &nbsp;&nbsp; $11042589 |
| &nbsp;&nbsp; Great Lakes Water Authority Water Supply System Revenue <br> Series D (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2033 | 11000000 | &nbsp;&nbsp; 11055838 |
|  |  |  |  | &nbsp;&nbsp; **29065824** |
|  |  |  |  | &nbsp;&nbsp; **142790368** |
| **Minnesota: 0.41%** |  |  |  |  |
| **GO revenue: 0.02%** |  |  |  |  |
| County of Hennepin Series A | 5.00 | &nbsp;&nbsp; 12-1-2037 | 1000000 | &nbsp;&nbsp; 1036100 |
| Shakopee Independent School District No. 720 Series A | 4.00 | &nbsp;&nbsp; 2-1-2030 | 225000 | &nbsp;&nbsp; 228768 |
| Shakopee Independent School District No. 720 Series A | 4.00 | &nbsp;&nbsp; 2-1-2032 | 240000 | &nbsp;&nbsp; 243882 |
|  |  |  |  | &nbsp;&nbsp; **1508750** |
| **Health revenue: 0.23%** |  |  |  |  |
| &nbsp;&nbsp; City of Minneapolis Fairview Health Services Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2048 | 2315000 | &nbsp;&nbsp; 1967728 |
| &nbsp;&nbsp; City of Minneapolis Fairview Health Services Obligated Group <br> Series C (Bank of America N.A. LOC)ø<br>| 2.55 | &nbsp;&nbsp; 11-15-2048 | 5000000 | &nbsp;&nbsp; 5000000 |
| City of St. Cloud CentraCare Health System Obligated Group | 5.00 | &nbsp;&nbsp; 5-1-2048 | 1500000 | &nbsp;&nbsp; 1518117 |
| &nbsp;&nbsp; Minnesota Agricultural & Economic Development Board <br> HealthPartners Obligated Group<br>| 5.25 | &nbsp;&nbsp; 1-1-2047 | 10000000 | &nbsp;&nbsp; 10449628 |
|  |  |  |  | &nbsp;&nbsp; **18935473** |
| **Housing revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp; City of Forest Lake Kilkenny Senior Housing LP (FNMA LOC, FNMA <br> LIQ)ø<br>| 1.42 | &nbsp;&nbsp; 8-15-2038 | 100000 | &nbsp;&nbsp; 100000 |
| &nbsp;&nbsp; City of Oak Park Heights VSSA Boutwells Landing LLC (FHLMC <br> LIQ)ø<br>| 3.29 | &nbsp;&nbsp; 11-1-2035 | 7715000 | &nbsp;&nbsp; 7715000 |
|  |  |  |  | &nbsp;&nbsp; **7815000** |
| **Miscellaneous revenue: 0.02%** |  |  |  |  |
| Minnesota Rural Water Finance Authority, Inc. BAN | 3.30 | &nbsp;&nbsp; 8-1-2026 | 2000000 | &nbsp;&nbsp; **2000477** |
| **Utilities revenue: 0.05%** |  |  |  |  |
| City of Rochester Electric Utility Revenue Series A | 5.00 | &nbsp;&nbsp; 12-1-2042 | 3895000 | &nbsp;&nbsp; **3948548** |
|  |  |  |  | &nbsp;&nbsp; **34208248** |
| **Mississippi: 0.26%** |  |  |  |  |
| **Industrial development revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; Mississippi Business Finance Corp. Waste Pro USA, Inc. Series A <br> AMT144Aøø<br>| 4.38 | &nbsp;&nbsp; 2-1-2048 | 12500000 | &nbsp;&nbsp; **12503945** |
| **Miscellaneous revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Mississippi Development Bank City of Jackson Water & Sewer <br> System Revenue (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2030 | 4660000 | &nbsp;&nbsp; 4703211 |
| Mississippi Development Bank Lamar County School District | 5.25 | &nbsp;&nbsp; 6-1-2045 | 1075000 | &nbsp;&nbsp; 1149448 |
|  |  |  |  | &nbsp;&nbsp; **5852659** |

---

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

Allspring Municipal Bond Fund \| 33

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tobacco revenue: 0.04%** |  |  |  |  |
| State of Mississippi ABC Revenues | 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2049 | $3000000 | &nbsp;&nbsp; $**3113145** |
|  |  |  |  | &nbsp;&nbsp; **21469749** |
| **Missouri: 0.43%** |  |  |  |  |
| **GO revenue: 0.06%** |  |  |  |  |
| St. Louis School District | 4.00 | &nbsp;&nbsp; 4-1-2030 | 4840000 | &nbsp;&nbsp; **4855681** |
| **Miscellaneous revenue: 0.31%** |  |  |  |  |
| Kansas City IDA Airport Revenue Series B AMT | 5.00 | &nbsp;&nbsp; 3-1-2037 | 3000000 | &nbsp;&nbsp; 3114571 |
| Kansas City IDA Airport Revenue Series B AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 3-1-2049 | 23075000 | &nbsp;&nbsp; 23244982 |
|  |  |  |  | &nbsp;&nbsp; **26359553** |
| **Water & sewer revenue: 0.06%** |  |  |  |  |
| City of Kansas City Water Revenue Series A | 5.00 | &nbsp;&nbsp; 12-1-2048 | 4500000 | &nbsp;&nbsp; **4709573** |
|  |  |  |  | &nbsp;&nbsp; **35924807** |
| **Nebraska: 0.69%** |  |  |  |  |
| **Health revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; Douglas County Hospital Authority No. 2 Children's Hospital <br> Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2040 | 1150000 | &nbsp;&nbsp; **1145407** |
| **Miscellaneous revenue: 0.18%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series CF7037 (AG <br> Insured) (Citibank N.A. LIQ)144Aø<br>| 3.34 | &nbsp;&nbsp; 1-1-2041 | 15000000 | &nbsp;&nbsp; **15000000** |
| **Utilities revenue: 0.49%** |  |  |  |  |
| Central Plains Energy Project No. 3 Series A | 5.00 | &nbsp;&nbsp; 9-1-2033 | 6000000 | &nbsp;&nbsp; 6620253 |
| Central Plains Energy Project Series A-1øø | 5.00 | &nbsp;&nbsp; 8-1-2055 | 32355000 | &nbsp;&nbsp; 34477825 |
|  |  |  |  | &nbsp;&nbsp; **41098078** |
|  |  |  |  | &nbsp;&nbsp; **57243485** |
| **Nevada: 1.40%** |  |  |  |  |
| **GO revenue: 1.23%** |  |  |  |  |
| City of Henderson Series A-1 | 4.00 | &nbsp;&nbsp; 6-1-2045 | 4610000 | &nbsp;&nbsp; 4478966 |
| City of Henderson Series B-1 | 4.00 | &nbsp;&nbsp; 6-1-2039 | 4060000 | &nbsp;&nbsp; 4133981 |
| City of Henderson Series B-1 | 4.00 | &nbsp;&nbsp; 6-1-2040 | 3340000 | &nbsp;&nbsp; 3378234 |
| City of Las Vegas Series A | 4.00 | &nbsp;&nbsp; 2-1-2038 | 1335000 | &nbsp;&nbsp; 1357721 |
| Clark County School District Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 6-15-2035 | 9585000 | &nbsp;&nbsp; 9691076 |
| Clark County School District Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 6-15-2036 | 850000 | &nbsp;&nbsp; 872845 |
| Clark County School District Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 6-15-2037 | 900000 | &nbsp;&nbsp; 918715 |
| Clark County School District Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 6-15-2038 | 850000 | &nbsp;&nbsp; 863998 |
| Clark County School District Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 6-15-2039 | 1000000 | &nbsp;&nbsp; 1011255 |
| Clark County School District Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 6-15-2032 | 900000 | &nbsp;&nbsp; 989999 |
| Clark County School District Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 6-15-2033 | 825000 | &nbsp;&nbsp; 903143 |
| Clark County School District Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 6-15-2034 | 950000 | &nbsp;&nbsp; 1035009 |
| Clark County School District Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 6-15-2035 | 1000000 | &nbsp;&nbsp; 1085602 |
| County of Clark Series A | 5.00 | &nbsp;&nbsp; 6-1-2043 | 9360000 | &nbsp;&nbsp; 9583893 |
| County of Clark Series A | 5.00 | &nbsp;&nbsp; 5-1-2048 | 50215000 | &nbsp;&nbsp; 51075901 |

---

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

34 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| County of Clark Series C | 4.00<br> %<br>| &nbsp;&nbsp; 7-1-2032 | $6000000 | &nbsp;&nbsp; $6089708 |
| Las Vegas Valley Water District Series A | 4.00 | &nbsp;&nbsp; 6-1-2034 | 4600000 | &nbsp;&nbsp; 4876824 |
|  |  |  |  | &nbsp;&nbsp; **102346870** |
| **Industrial development revenue: 0.01%** |  |  |  |  |
| County of Clark Southern California Edison Co. | 2.10 | &nbsp;&nbsp; 6-1-2031 | 1250000 | &nbsp;&nbsp; **1141469** |
| **Tax revenue: 0.16%** |  |  |  |  |
| &nbsp;&nbsp; County of Clark Sales & Excise Tax Revenue Streets & Highway <br> Project<br>| 4.00 | &nbsp;&nbsp; 7-1-2043 | 4500000 | &nbsp;&nbsp; 4471427 |
| &nbsp;&nbsp; Las Vegas Convention & Visitors Authority Clark County Combined <br> Room Tax Revenue Series B<br>| 4.00 | &nbsp;&nbsp; 7-1-2049 | 10000000 | &nbsp;&nbsp; 9062370 |
|  |  |  |  | &nbsp;&nbsp; **13533797** |
|  |  |  |  | &nbsp;&nbsp; **117022136** |
| **New Hampshire: 0.91%** |  |  |  |  |
| **Education revenue: 0.27%** |  |  |  |  |
| &nbsp;&nbsp; New Hampshire Business Finance Authority University of Nevada <br> Reno Series A (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 6-1-2051 | 10000000 | &nbsp;&nbsp; 10414087 |
| New Hampshire HEFA Act University System | 5.00 | &nbsp;&nbsp; 7-1-2040 | 6000000 | &nbsp;&nbsp; 6004281 |
| New Hampshire HEFA Act University System (BAM Insured) | 5.25 | &nbsp;&nbsp; 7-1-2048 | 5860000 | &nbsp;&nbsp; 6211633 |
|  |  |  |  | &nbsp;&nbsp; **22630001** |
| **Health revenue: 0.33%** |  |  |  |  |
| New Hampshire HEFA Act Concord Hospital Obligated Group | 5.00 | &nbsp;&nbsp; 10-1-2047 | 5000000 | &nbsp;&nbsp; 5026098 |
| &nbsp;&nbsp; New Hampshire HEFA Act Dartmouth-Hitchcock Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2036 | 2660000 | &nbsp;&nbsp; 2744466 |
| &nbsp;&nbsp; RBC Municipal Products, Inc. Trust Series 2025-C24 (Royal Bank of <br> Canada LOC, Royal Bank of Canada LIQ)144Aø<br>| 3.36 | &nbsp;&nbsp; 11-1-2041 | 20000000 | &nbsp;&nbsp; 20000000 |
|  |  |  |  | &nbsp;&nbsp; **27770564** |
| **Housing revenue: 0.07%** |  |  |  |  |
| New Hampshire Business Finance Authority Class A Series 1-A | 4.13 | &nbsp;&nbsp; 1-20-2034 | 5888486 | &nbsp;&nbsp; **5998701** |
| **Resource recovery revenue: 0.24%** |  |  |  |  |
| &nbsp;&nbsp; New Hampshire Business Finance Authority United Illuminating Co. <br> Series A<br>| 4.50 | &nbsp;&nbsp; 10-1-2033 | 2560000 | &nbsp;&nbsp; 2696887 |
| &nbsp;&nbsp; New Hampshire Business Finance Authority Waste Management, <br> Inc. Series A AMTøø<br>| 4.00 | &nbsp;&nbsp; 10-1-2033 | 17000000 | &nbsp;&nbsp; 17015718 |
|  |  |  |  | &nbsp;&nbsp; **19712605** |
|  |  |  |  | &nbsp;&nbsp; **76111871** |
| **New Jersey: 1.36%** |  |  |  |  |
| **Airport revenue: 0.01%** |  |  |  |  |
| South Jersey Port Corp. Series S-1 | 5.00 | &nbsp;&nbsp; 1-1-2039 | 1350000 | &nbsp;&nbsp; **1350991** |
| **Education revenue: 0.01%** |  |  |  |  |
| &nbsp;&nbsp; Atlantic County Improvement Authority Stockton University <br> Series A (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2047 | 750000 | &nbsp;&nbsp; **689951** |

---

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

Allspring Municipal Bond Fund \| 35

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.00%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority AHS Hospital <br> Corp. Series B (Bank of America N.A. LOC)ø<br>| 0.85<br> %<br>| &nbsp;&nbsp; 7-1-2036 | $100000 | &nbsp;&nbsp; **$100000** |
| **Housing revenue: 0.92%** |  |  |  |  |
| Garden State Preservation Trust Series A (AG Insured) | 5.75 | &nbsp;&nbsp; 11-1-2028 | 9510000 | &nbsp;&nbsp; 10064961 |
| New Jersey EDA Motor Vehicle Surcharge Revenue Series A | 3.13 | &nbsp;&nbsp; 7-1-2029 | 2620000 | &nbsp;&nbsp; 2577277 |
| New Jersey EDA Portal North Bridge Project Series A | 5.00 | &nbsp;&nbsp; 11-1-2038 | 5000000 | &nbsp;&nbsp; 5485537 |
| New Jersey EDA Portal North Bridge Project Series A | 5.25 | &nbsp;&nbsp; 11-1-2041 | 3000000 | &nbsp;&nbsp; 3262814 |
| New Jersey TTFA Series A¤ | 0.00 | &nbsp;&nbsp; 12-15-2026 | 1150000 | &nbsp;&nbsp; 1118988 |
| New Jersey TTFA Series A¤ | 0.00 | &nbsp;&nbsp; 12-15-2028 | 10100000 | &nbsp;&nbsp; 9261194 |
| New Jersey TTFA Series A¤ | 0.00 | &nbsp;&nbsp; 12-15-2029 | 11875000 | &nbsp;&nbsp; 10568134 |
| New Jersey TTFA Series A¤ | 0.00 | &nbsp;&nbsp; 12-15-2030 | 8000000 | &nbsp;&nbsp; 6898376 |
| New Jersey TTFA Series A¤ | 0.00 | &nbsp;&nbsp; 12-15-2031 | 4500000 | &nbsp;&nbsp; 3749577 |
| New Jersey TTFA Series A CAB¤ | 0.00 | &nbsp;&nbsp; 12-15-2039 | 10000000 | &nbsp;&nbsp; 5792336 |
| New Jersey TTFA Series AA | 5.00 | &nbsp;&nbsp; 6-15-2038 | 2000000 | &nbsp;&nbsp; 2189889 |
| New Jersey TTFA Series CC | 5.25 | &nbsp;&nbsp; 6-15-2046 | 6000000 | &nbsp;&nbsp; 6697098 |
| Union County Utilities Authority Covanta Union LLC Series A AMT | 5.25 | &nbsp;&nbsp; 12-1-2031 | 8950000 | &nbsp;&nbsp; 8965972 |
|  |  |  |  | &nbsp;&nbsp; **76632153** |
| **Industrial development revenue: 0.05%** |  |  |  |  |
| New Jersey EDA United Airlines, Inc. | 5.25 | &nbsp;&nbsp; 9-15-2029 | 4210000 | &nbsp;&nbsp; **4215462** |
| **Miscellaneous revenue: 0.24%** |  |  |  |  |
| New Jersey TTFA Series A | 4.25 | &nbsp;&nbsp; 6-15-2040 | 4375000 | &nbsp;&nbsp; 4451663 |
| New Jersey TTFA Series AA | 5.25 | &nbsp;&nbsp; 6-15-2050 | 7000000 | &nbsp;&nbsp; 7367981 |
| &nbsp;&nbsp; Newark Housing Authority Port Authority of New York & New Jersey <br> (NPFGC Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2032 | 7620000 | &nbsp;&nbsp; 8198366 |
|  |  |  |  | &nbsp;&nbsp; **20018010** |
| **Tax revenue: 0.04%** |  |  |  |  |
| New Jersey TTFA Series AA | 5.00 | &nbsp;&nbsp; 6-15-2039 | 3000000 | &nbsp;&nbsp; **3205999** |
| **Transportation revenue: 0.09%** |  |  |  |  |
| South Jersey Transportation Authority Series A | 5.00 | &nbsp;&nbsp; 11-1-2041 | 1000000 | &nbsp;&nbsp; 1060320 |
| South Jersey Transportation Authority Series A | 5.25 | &nbsp;&nbsp; 11-1-2052 | 1500000 | &nbsp;&nbsp; 1539498 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XX1405 <br> (Barclays Bank plc LIQ)144Aø<br>| 2.53 | &nbsp;&nbsp; 1-1-2055 | 5035000 | &nbsp;&nbsp; 5035000 |
|  |  |  |  | &nbsp;&nbsp; **7634818** |
|  |  |  |  | &nbsp;&nbsp; **113847384** |
| **New Mexico: 0.14%** |  |  |  |  |
| **Industrial development revenue: 0.14%** |  |  |  |  |
| City of Farmington Southern California Edison Co. | 1.80 | &nbsp;&nbsp; 4-1-2029 | 5000000 | &nbsp;&nbsp; 4739623 |
| City of Farmington Southern California Edison Co. Series B | 1.80 | &nbsp;&nbsp; 4-1-2029 | 7000000 | &nbsp;&nbsp; 6635471 |
|  |  |  |  | &nbsp;&nbsp; **11375094** |

---

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

36 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **New York: 11.75%** |  |  |  |  |
| **Airport revenue: 2.00%** |  |  |  |  |
| &nbsp;&nbsp; Build NYC Resource Corp. Transportation Infrastructure Purpose <br> Obligated Group AMT<br>| 5.50<br> %<br>| &nbsp;&nbsp; 7-1-2044 | $1000000 | &nbsp;&nbsp; $1060995 |
| &nbsp;&nbsp; Build NYC Resource Corp. Transportation Infrastructure Purpose <br> Obligated Group AMT<br>| 5.50 | &nbsp;&nbsp; 7-1-2045 | 1250000 | &nbsp;&nbsp; 1316723 |
| &nbsp;&nbsp; Build NYC Resource Corp. Transportation Infrastructure Purpose <br> Obligated Group AMT<br>| 5.50 | &nbsp;&nbsp; 7-1-2050 | 5500000 | &nbsp;&nbsp; 5711902 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.63 | &nbsp;&nbsp; 4-1-2040 | 6250000 | &nbsp;&nbsp; 6557434 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 6.00 | &nbsp;&nbsp; 4-1-2035 | 3000000 | &nbsp;&nbsp; 3306218 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2037 | 2000000 | &nbsp;&nbsp; 2120519 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2038 | 3000000 | &nbsp;&nbsp; 3166909 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2039 | 13000000 | &nbsp;&nbsp; 13634748 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2042 | 3385000 | &nbsp;&nbsp; 3464159 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series A AMT<br>| 4.00 | &nbsp;&nbsp; 12-1-2039 | 700000 | &nbsp;&nbsp; 686140 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series A AMT<br>| 4.00 | &nbsp;&nbsp; 12-1-2040 | 900000 | &nbsp;&nbsp; 868722 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series A AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2032 | 1000000 | &nbsp;&nbsp; 1067558 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series A AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2037 | 700000 | &nbsp;&nbsp; 729865 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series C<br>| 5.00 | &nbsp;&nbsp; 12-1-2035 | 2475000 | &nbsp;&nbsp; 2676988 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series C<br>| 5.00 | &nbsp;&nbsp; 12-1-2036 | 1750000 | &nbsp;&nbsp; 1883142 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series C<br>| 5.00 | &nbsp;&nbsp; 12-1-2037 | 1750000 | &nbsp;&nbsp; 1873765 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK Millennium <br> Partners LLC Series A AMT<br>| 5.50 | &nbsp;&nbsp; 12-31-2054 | 17000000 | &nbsp;&nbsp; 17341678 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK Millennium <br> Partners LLC Series A AMT (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 12-31-2054 | 5000000 | &nbsp;&nbsp; 5068989 |
| New York Transportation Development Corp. JFK NTO LLC AMT | 5.50 | &nbsp;&nbsp; 6-30-2054 | 3000000 | &nbsp;&nbsp; 3035386 |
| New York Transportation Development Corp. JFK NTO LLC AMT | 5.50 | &nbsp;&nbsp; 6-30-2060 | 18000000 | &nbsp;&nbsp; 18145759 |
| New York Transportation Development Corp. JFK NTO LLC AMT | 6.00 | &nbsp;&nbsp; 6-30-2044 | 2000000 | &nbsp;&nbsp; 2179419 |
| New York Transportation Development Corp. JFK NTO LLC AMT | 6.00 | &nbsp;&nbsp; 6-30-2050 | 2500000 | &nbsp;&nbsp; 2657833 |
| New York Transportation Development Corp. JFK NTO LLC AMT | 6.00 | &nbsp;&nbsp; 6-30-2054 | 6500000 | &nbsp;&nbsp; 6718445 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK NTO LLC AMT (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 6-30-2049 | 5000000 | &nbsp;&nbsp; 5036104 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK NTO LLC AMT (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 6-30-2054 | 5000000 | &nbsp;&nbsp; 4987075 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK NTO LLC AMT <br> (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 6-30-2049 | 5000000 | &nbsp;&nbsp; 5120072 |

---

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

Allspring Municipal Bond Fund \| 37

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airport revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; New York Transportation Development Corp. LaGuardia Gateway <br> Partners LLC Series A-P3 AMT<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2041 | $3250000 | &nbsp;&nbsp; $3250259 |
| &nbsp;&nbsp; New York Transportation Development Corp. LaGuardia Gateway <br> Partners LLC Series A-P3 AMT<br>| 5.00 | &nbsp;&nbsp; 7-1-2046 | 10435000 | &nbsp;&nbsp; 10434550 |
| Port Authority of New York & New Jersey Series 205th | 5.25 | &nbsp;&nbsp; 11-15-2039 | 16580000 | &nbsp;&nbsp; 17168550 |
| Port Authority of New York & New Jersey Series 211 | 4.00 | &nbsp;&nbsp; 9-1-2043 | 7000000 | &nbsp;&nbsp; 6836406 |
| Port Authority of New York & New Jersey Series 211 | 5.00 | &nbsp;&nbsp; 9-1-2048 | 2000000 | &nbsp;&nbsp; 2040807 |
| Port Authority of New York & New Jersey Series 218 AMT | 4.00 | &nbsp;&nbsp; 11-1-2041 | 2275000 | &nbsp;&nbsp; 2229744 |
| Port Authority of New York & New Jersey Series 221 AMT | 4.00 | &nbsp;&nbsp; 7-15-2045 | 5000000 | &nbsp;&nbsp; 4612654 |
|  |  |  |  | &nbsp;&nbsp; **166989517** |
| **Education revenue: 0.77%** |  |  |  |  |
| Babylon L D Corp. II Series A | 6.65 | &nbsp;&nbsp; 2-1-2053 | 7265000 | &nbsp;&nbsp; 7333792 |
| Build NYC Resource Corp. REN 4520 83rd Street LLC Series A | 4.75 | &nbsp;&nbsp; 6-15-2040 | 1000000 | &nbsp;&nbsp; 988690 |
| Build NYC Resource Corp. REN 4520 83rd Street LLC Series A | 5.25 | &nbsp;&nbsp; 6-15-2045 | 1000000 | &nbsp;&nbsp; 987587 |
| &nbsp;&nbsp; Build NYC Resource Corp. South Bronx Charter School for <br> International Cultures & The Arts Series A144A<br>| 6.75 | &nbsp;&nbsp; 4-15-2043 | 2000000 | &nbsp;&nbsp; 2069943 |
| &nbsp;&nbsp; Build NYC Resource Corp. South Bronx Charter School for <br> International Cultures & The Arts Series B144A<br>| 6.75 | &nbsp;&nbsp; 4-15-2043 | 3290000 | &nbsp;&nbsp; 3403107 |
| &nbsp;&nbsp; Build NYC Resource Corp. Success Academy Charter Schools, Inc. <br> Obligated Group<br>| 4.00 | &nbsp;&nbsp; 9-1-2040 | 3400000 | &nbsp;&nbsp; 3355568 |
| &nbsp;&nbsp; Build NYC Resource Corp. Success Academy Charter Schools, Inc. <br> Obligated Group<br>| 4.00 | &nbsp;&nbsp; 9-1-2041 | 3450000 | &nbsp;&nbsp; 3365805 |
| &nbsp;&nbsp; Build NYC Resource Corp. Success Academy Charter Schools, Inc. <br> Obligated Group<br>| 4.00 | &nbsp;&nbsp; 9-1-2044 | 1025000 | &nbsp;&nbsp; 962169 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter <br> School Series A<br>| 4.60 | &nbsp;&nbsp; 2-1-2051 | 5000000 | &nbsp;&nbsp; 3862846 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter <br> School Series A<br>| 5.73 | &nbsp;&nbsp; 2-1-2050 | 10030000 | &nbsp;&nbsp; 9177164 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Evergreen Charter <br> School, Inc. Series A<br>| 5.25 | &nbsp;&nbsp; 6-15-2042 | 6085000 | &nbsp;&nbsp; 6172119 |
| &nbsp;&nbsp; Monroe County Industrial Development Corp. University of <br> Rochester Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2053 | 7000000 | &nbsp;&nbsp; 7283102 |
| New York State Dormitory Authority Barnard College Series A | 4.00 | &nbsp;&nbsp; 7-1-2045 | 1270000 | &nbsp;&nbsp; 1150819 |
| New York State Dormitory Authority Barnard College Series A | 4.00 | &nbsp;&nbsp; 7-1-2049 | 1000000 | &nbsp;&nbsp; 867579 |
| &nbsp;&nbsp; New York State Dormitory Authority Icahn School of Medicine at <br> Mount Sinai Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2040 | 3000000 | &nbsp;&nbsp; 3000374 |
| New York State Dormitory Authority Iona College Series 2022 | 5.00 | &nbsp;&nbsp; 7-1-2027 | 335000 | &nbsp;&nbsp; 343822 |
| New York State Dormitory Authority Series A | 5.00 | &nbsp;&nbsp; 7-1-2049 | 4265000 | &nbsp;&nbsp; 4374659 |
| New York State Dormitory Authority St. John's University Series A | 4.00 | &nbsp;&nbsp; 7-1-2048 | 2000000 | &nbsp;&nbsp; 1755358 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XM1250 <br> (Royal Bank of Canada LIQ)144Aø<br>| 3.34 | &nbsp;&nbsp; 12-1-2032 | 4060000 | &nbsp;&nbsp; 4060000 |
|  |  |  |  | &nbsp;&nbsp; **64514503** |
| **GO revenue: 1.72%** |  |  |  |  |
| City of New York Series A-1 | 5.25 | &nbsp;&nbsp; 9-1-2042 | 8750000 | &nbsp;&nbsp; 9381599 |
| City of New York Series A-1 | 5.25 | &nbsp;&nbsp; 9-1-2043 | 21165000 | &nbsp;&nbsp; 22571524 |
| City of New York Series A6 (JPMorgan Chase Bank N.A. SPA)ø | 2.50 | &nbsp;&nbsp; 8-1-2044 | 18080000 | &nbsp;&nbsp; 18080000 |
| City of New York Series B-1 | 5.00 | &nbsp;&nbsp; 10-1-2038 | 2650000 | &nbsp;&nbsp; 2794287 |

---

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

38 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| City of New York Series C | 4.00<br> %<br>| &nbsp;&nbsp; 8-1-2039 | $3000000 | &nbsp;&nbsp; $3018932 |
| City of New York Series C | 5.25 | &nbsp;&nbsp; 3-1-2053 | 37500000 | &nbsp;&nbsp; 39140831 |
| City of New York Series D-1 | 5.25 | &nbsp;&nbsp; 5-1-2041 | 6000000 | &nbsp;&nbsp; 6462029 |
| City of New York Series D-1 | 5.25 | &nbsp;&nbsp; 5-1-2042 | 1000000 | &nbsp;&nbsp; 1069004 |
| City of New York Series E1 | 5.25 | &nbsp;&nbsp; 4-1-2047 | 10000000 | &nbsp;&nbsp; 10467668 |
| City of New York Series E-1 | 5.00 | &nbsp;&nbsp; 3-1-2039 | 8800000 | &nbsp;&nbsp; 9082564 |
| City of New York Series F-1 | 5.00 | &nbsp;&nbsp; 3-1-2043 | 4000000 | &nbsp;&nbsp; 4164051 |
| City of New York Series F-1 | 5.00 | &nbsp;&nbsp; 3-1-2050 | 6500000 | &nbsp;&nbsp; 6615114 |
| City of Yonkers Series C (AG Insured) | 5.00 | &nbsp;&nbsp; 3-15-2036 | 2000000 | &nbsp;&nbsp; 2243175 |
| City of Yonkers Series C (AG Insured) | 5.00 | &nbsp;&nbsp; 3-15-2037 | 1100000 | &nbsp;&nbsp; 1226487 |
| City of Yonkers Series C (AG Insured) | 5.00 | &nbsp;&nbsp; 3-15-2038 | 1140000 | &nbsp;&nbsp; 1263914 |
| City of Yonkers Series F (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-15-2040 | 850000 | &nbsp;&nbsp; 929707 |
| City of Yonkers Series F (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-15-2041 | 750000 | &nbsp;&nbsp; 812130 |
| City of Yonkers Series F (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-15-2042 | 1000000 | &nbsp;&nbsp; 1072846 |
| Village of Valley Stream Series A BAN | 5.13 | &nbsp;&nbsp; 5-8-2026 | 3000000 | &nbsp;&nbsp; 3009100 |
|  |  |  |  | &nbsp;&nbsp; **143404962** |
| **Health revenue: 0.45%** |  |  |  |  |
| &nbsp;&nbsp; New York State Dormitory Authority Catholic Health System <br> Obligated Group Series B (Manufacturers & Traders LOC)ø<br>| 3.42 | &nbsp;&nbsp; 7-1-2048 | 9425000 | &nbsp;&nbsp; 9425000 |
| &nbsp;&nbsp; New York State Dormitory Authority Montefiore Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-1-2036 | 9615000 | &nbsp;&nbsp; 9188873 |
| &nbsp;&nbsp; New York State Dormitory Authority Montefiore Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-1-2037 | 9965000 | &nbsp;&nbsp; 9434765 |
| &nbsp;&nbsp; New York State Dormitory Authority Montefiore Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 9-1-2038 | 2890000 | &nbsp;&nbsp; 2703788 |
| &nbsp;&nbsp; New York State Dormitory Authority Mount Sinai Hospital Obligated <br> Group<br>| 5.25 | &nbsp;&nbsp; 7-1-2050 | 6000000 | &nbsp;&nbsp; 6023004 |
| &nbsp;&nbsp; Westchester County Local Development Corp. Health Care Corp. <br> Obligated Group (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 11-1-2034 | 1000000 | &nbsp;&nbsp; 1134628 |
|  |  |  |  | &nbsp;&nbsp; **37910058** |
| **Housing revenue: 0.29%** |  |  |  |  |
| &nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Revenue <br> Series S-3A<br>| 4.00 | &nbsp;&nbsp; 7-15-2038 | 8500000 | &nbsp;&nbsp; 8564647 |
| New York State Dormitory Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2034 | 5000 | &nbsp;&nbsp; 5326 |
| &nbsp;&nbsp; New York State Thruway Authority Personal Income Tax Revenue <br> Series A-1<br>| 4.00 | &nbsp;&nbsp; 3-15-2044 | 5000000 | &nbsp;&nbsp; 4833016 |
| &nbsp;&nbsp; State of New York Mortgage Agency Homeowner Mortgage <br> Revenue Series 247 (TD Bank N.A. SPA)ø<br>| 2.35 | &nbsp;&nbsp; 10-1-2052 | 3600000 | &nbsp;&nbsp; 3600000 |
| &nbsp;&nbsp; Yonkers Industrial Development Agency New Community School <br> Project<br>| 5.00 | &nbsp;&nbsp; 5-1-2047 | 5000000 | &nbsp;&nbsp; 5195097 |
| &nbsp;&nbsp; Yonkers Industrial Development Agency New Community School <br> Project<br>| 5.25 | &nbsp;&nbsp; 5-1-2051 | 1600000 | &nbsp;&nbsp; 1676777 |
|  |  |  |  | &nbsp;&nbsp; **23874863** |
| **Industrial development revenue: 0.80%** |  |  |  |  |
| New York Liberty Development Corp. One Bryant Park LLC Class 3 | 2.80 | &nbsp;&nbsp; 9-15-2069 | 1000000 | &nbsp;&nbsp; 934223 |

---

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

Allspring Municipal Bond Fund \| 39

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Industrial development revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; New York State Energy Research & Development Authority <br> Rochester Gas & Electric Corp. Series B<br>| 3.80<br> %<br>| &nbsp;&nbsp; 8-1-2032 | $5000000 | &nbsp;&nbsp; $5162901 |
| &nbsp;&nbsp; New York Transportation Development Corp. American Airlines, Inc. <br> AMT<br>| 3.00 | &nbsp;&nbsp; 8-1-2031 | 2000000 | &nbsp;&nbsp; 1897517 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2032 | 12000000 | &nbsp;&nbsp; 12339518 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2034 | 5005000 | &nbsp;&nbsp; 5118221 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2035 | 20000000 | &nbsp;&nbsp; 20862088 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2040 | 18500000 | &nbsp;&nbsp; 18755933 |
| &nbsp;&nbsp; New York Transportation Development Corp. Empire State Thruway <br> Partners LLC AMT<br>| 4.00 | &nbsp;&nbsp; 10-31-2046 | 1515000 | &nbsp;&nbsp; 1346970 |
|  |  |  |  | &nbsp;&nbsp; **66417371** |
| **Miscellaneous revenue: 0.64%** |  |  |  |  |
| Hudson Yards Infrastructure Corp. Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 2-15-2047 | 8000000 | &nbsp;&nbsp; 7484986 |
| &nbsp;&nbsp; New York City Industrial Development Agency Queens Ballpark <br> Co. LLC Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2031 | 1000000 | &nbsp;&nbsp; 1100681 |
| &nbsp;&nbsp; New York Liberty Development Corp. Port Authority of New York & <br> New Jersey Series 1<br>| 4.00 | &nbsp;&nbsp; 2-15-2043 | 4500000 | &nbsp;&nbsp; 4392779 |
| New York State Dormitory Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2034 | 1745000 | &nbsp;&nbsp; 1835130 |
| New York State Dormitory Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2035 | 1000000 | &nbsp;&nbsp; 1049302 |
| Suffolk Regional Off-Track Betting Corp. | 6.00 | &nbsp;&nbsp; 12-1-2053 | 3000000 | &nbsp;&nbsp; 3044298 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025-<br> XL0583 (JPMorgan Chase Bank N.A. LIQ)144Aø<br>| 2.65 | &nbsp;&nbsp; 12-1-2032 | 6605000 | &nbsp;&nbsp; 6605000 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority Metropolitan Transportation <br> Authority Payroll Mobility Tax Revenue Series A<br>| 5.00 | &nbsp;&nbsp; 5-15-2047 | 15000000 | &nbsp;&nbsp; 15477085 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority Metropolitan Transportation <br> Authority Payroll Mobility Tax Revenue Series C<br>| 5.00 | &nbsp;&nbsp; 5-15-2047 | 8000000 | &nbsp;&nbsp; 8254446 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority Metropolitan Transportation <br> Authority Payroll Mobility Tax Revenue Series C-1A<br>| 4.00 | &nbsp;&nbsp; 5-15-2042 | 2250000 | &nbsp;&nbsp; 2222946 |
| Western Regional Off-Track Betting Corp.144A | 4.13 | &nbsp;&nbsp; 12-1-2041 | 2650000 | &nbsp;&nbsp; 2416502 |
|  |  |  |  | &nbsp;&nbsp; **53883155** |
| **Resource recovery revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; New York State Environmental Facilities Corp. Waste Management, <br> Inc. AMTøø<br>| 3.40 | &nbsp;&nbsp; 5-1-2030 | 3750000 | &nbsp;&nbsp; **3750447** |
| **Tax revenue: 2.83%** |  |  |  |  |
| &nbsp;&nbsp; Empire State Development Corp. Personal Income Tax Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 3-15-2041 | 3750000 | &nbsp;&nbsp; 3968650 |
| &nbsp;&nbsp; Empire State Development Corp. Personal Income Tax Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 3-15-2042 | 4075000 | &nbsp;&nbsp; 4287823 |
| &nbsp;&nbsp; Empire State Development Corp. Personal Income Tax Revenue <br> Series C<br>| 4.00 | &nbsp;&nbsp; 3-15-2042 | 8045000 | &nbsp;&nbsp; 7903385 |
| &nbsp;&nbsp; Empire State Development Corp. Personal Income Tax Revenue <br> Series C<br>| 5.00 | &nbsp;&nbsp; 3-15-2047 | 8000000 | &nbsp;&nbsp; 8228796 |

---

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

40 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Empire State Development Corp. Personal Income Tax Revenue <br> Series E<br>| 4.00<br> %<br>| &nbsp;&nbsp; 3-15-2043 | $8040000 | &nbsp;&nbsp; $7800573 |
| &nbsp;&nbsp; Empire State Development Corp. Personal Income Tax Revenue <br> Series E<br>| 4.00 | &nbsp;&nbsp; 3-15-2046 | 5670000 | &nbsp;&nbsp; 5238346 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series A<br>| 5.00 | &nbsp;&nbsp; 5-1-2045 | 5000000 | &nbsp;&nbsp; 5288481 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series A-1<br>| 4.00 | &nbsp;&nbsp; 8-1-2041 | 1900000 | &nbsp;&nbsp; 1878830 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series A2<br>| 5.00 | &nbsp;&nbsp; 5-1-2038 | 5000000 | &nbsp;&nbsp; 5278159 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series A-2<br>| 5.00 | &nbsp;&nbsp; 8-1-2037 | 12140000 | &nbsp;&nbsp; 12502378 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series A-2 (Bank of America N.A. SPA)ø<br>| 2.50 | &nbsp;&nbsp; 5-1-2055 | 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series B<br>| 5.25 | &nbsp;&nbsp; 5-1-2048 | 4000000 | &nbsp;&nbsp; 4242799 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series B<br>| 5.50 | &nbsp;&nbsp; 5-1-2044 | 5770000 | &nbsp;&nbsp; 6308691 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series B<br>| 5.50 | &nbsp;&nbsp; 5-1-2047 | 7040000 | &nbsp;&nbsp; 7559789 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series B-1<br>| 4.00 | &nbsp;&nbsp; 8-1-2041 | 5580000 | &nbsp;&nbsp; 5498860 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series B-1<br>| 4.00 | &nbsp;&nbsp; 11-1-2041 | 5000000 | &nbsp;&nbsp; 4958693 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series B-1<br>| 4.00 | &nbsp;&nbsp; 8-1-2042 | 10000000 | &nbsp;&nbsp; 9711375 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series C-1<br>| 5.00 | &nbsp;&nbsp; 5-1-2050 | 11105000 | &nbsp;&nbsp; 11443976 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series C-3<br>| 4.00 | &nbsp;&nbsp; 5-1-2043 | 2335000 | &nbsp;&nbsp; 2242586 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series C-3<br>| 4.00 | &nbsp;&nbsp; 5-1-2044 | 10710000 | &nbsp;&nbsp; 10174150 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series D<br>| 5.00 | &nbsp;&nbsp; 5-1-2049 | 3900000 | &nbsp;&nbsp; 4029788 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series D-1<br>| 5.50 | &nbsp;&nbsp; 11-1-2045 | 21670000 | &nbsp;&nbsp; 23262153 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series E-1<br>| 4.00 | &nbsp;&nbsp; 2-1-2038 | 4000000 | &nbsp;&nbsp; 4056938 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series F-1<br>| 5.00 | &nbsp;&nbsp; 5-1-2042 | 2390000 | &nbsp;&nbsp; 2429563 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series F-1<br>| 5.00 | &nbsp;&nbsp; 2-1-2049 | 7695000 | &nbsp;&nbsp; 7936526 |
| &nbsp;&nbsp; New York State Dormitory Authority Personal Income Tax Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 2-15-2034 | 3790000 | &nbsp;&nbsp; 3837326 |
| &nbsp;&nbsp; New York State Dormitory Authority Personal Income Tax Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 3-15-2043 | 6750000 | &nbsp;&nbsp; 6958933 |
| &nbsp;&nbsp; New York State Dormitory Authority Personal Income Tax Revenue <br> Series A<br>| 5.25 | &nbsp;&nbsp; 3-15-2052 | 4500000 | &nbsp;&nbsp; 4729346 |

---

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

Allspring Municipal Bond Fund \| 41

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; New York State Dormitory Authority Personal Income Tax Revenue <br> Series D<br>| 4.00<br> %<br>| &nbsp;&nbsp; 2-15-2039 | $5000000 | &nbsp;&nbsp; $5036084 |
| &nbsp;&nbsp; New York State Dormitory Authority Personal Income Tax Revenue <br> Series D<br>| 5.00 | &nbsp;&nbsp; 2-15-2048 | 12500000 | &nbsp;&nbsp; 12790420 |
| &nbsp;&nbsp; New York State Dormitory Authority Personal Income Tax Revenue <br> Series E<br>| 4.00 | &nbsp;&nbsp; 3-15-2042 | 6000000 | &nbsp;&nbsp; 5866663 |
| &nbsp;&nbsp; New York State Dormitory Authority Personal Income Tax Revenue <br> Series E<br>| 4.00 | &nbsp;&nbsp; 3-15-2044 | 2700000 | &nbsp;&nbsp; 2589302 |
| New York State Dormitory Authority Sales Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 3-15-2054 | 5000000 | &nbsp;&nbsp; 5175432 |
| &nbsp;&nbsp; New York State Thruway Authority Personal Income Tax Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 3-15-2048 | 10000000 | &nbsp;&nbsp; 10321932 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XF1942 <br> (Bank of America N.A. LIQ)144Aø<br>| 3.35 | &nbsp;&nbsp; 11-1-2045 | 3520000 | &nbsp;&nbsp; 3520000 |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue Series A-1 | 5.25 | &nbsp;&nbsp; 5-15-2064 | 4000000 | &nbsp;&nbsp; 4162552 |
|  |  |  |  | &nbsp;&nbsp; **236219298** |
| **Transportation revenue: 0.90%** |  |  |  |  |
| Metropolitan Transportation Authority Series A | 5.25 | &nbsp;&nbsp; 11-15-2049 | 10000000 | &nbsp;&nbsp; 10471317 |
| Metropolitan Transportation Authority Series A-1 (AG Insured) | 4.00 | &nbsp;&nbsp; 11-15-2041 | 3740000 | &nbsp;&nbsp; 3652139 |
| Metropolitan Transportation Authority Series A2 | 5.00 | &nbsp;&nbsp; 11-15-2027 | 12640000 | &nbsp;&nbsp; 13040833 |
| Metropolitan Transportation Authority Series C | 5.00 | &nbsp;&nbsp; 11-15-2040 | 3425000 | &nbsp;&nbsp; 3541630 |
| Metropolitan Transportation Authority Series C (AG Insured) | 5.00 | &nbsp;&nbsp; 11-15-2041 | 9700000 | &nbsp;&nbsp; 10021600 |
| Metropolitan Transportation Authority Series C (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-15-2042 | 3005000 | &nbsp;&nbsp; 3088574 |
| Triborough Bridge & Tunnel Authority Series A | 5.00 | &nbsp;&nbsp; 11-15-2044 | 3975000 | &nbsp;&nbsp; 4071755 |
| Triborough Bridge & Tunnel Authority Series A | 5.00 | &nbsp;&nbsp; 11-15-2046 | 10000000 | &nbsp;&nbsp; 10597945 |
| Triborough Bridge & Tunnel Authority Series A | 5.00 | &nbsp;&nbsp; 11-15-2047 | 4000000 | &nbsp;&nbsp; 4151200 |
| Triborough Bridge & Tunnel Authority Series A | 5.00 | &nbsp;&nbsp; 11-15-2049 | 7750000 | &nbsp;&nbsp; 7954432 |
| Triborough Bridge & Tunnel Authority Series A | 5.50 | &nbsp;&nbsp; 11-15-2057 | 4000000 | &nbsp;&nbsp; 4253984 |
|  |  |  |  | &nbsp;&nbsp; **74845409** |
| **Utilities revenue: 0.12%** |  |  |  |  |
| Long Island Power Authority Series Bøø | 3.00 | &nbsp;&nbsp; 9-1-2055 | 10000000 | &nbsp;&nbsp; **10019336** |
| **Water & sewer revenue: 1.19%** |  |  |  |  |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series AA<br>| 5.25 | &nbsp;&nbsp; 6-15-2053 | 5000000 | &nbsp;&nbsp; 5278542 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series AA-1<br>| 5.25 | &nbsp;&nbsp; 6-15-2052 | 5250000 | &nbsp;&nbsp; 5504559 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series AA-1 (JPMorgan Chase Bank N.A. SPA)ø<br>| 2.50 | &nbsp;&nbsp; 6-15-2050 | 2000000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series AA-4 (State Street Bank & Trust Co. SPA)ø<br>| 2.50 | &nbsp;&nbsp; 6-15-2049 | 3000000 | &nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series BB-1<br>| 5.00 | &nbsp;&nbsp; 6-15-2046 | 8000000 | &nbsp;&nbsp; 8094163 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series BB-1<br>| 5.25 | &nbsp;&nbsp; 6-15-2054 | 7000000 | &nbsp;&nbsp; 7348912 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series BB-1 (Bank of America N.A. SPA)ø<br>| 2.50 | &nbsp;&nbsp; 6-15-2049 | 4000000 | &nbsp;&nbsp; 4000000 |

---

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

42 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Water & sewer revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series CC-1<br>| 5.00<br> %<br>| &nbsp;&nbsp; 6-15-2049 | $12240000 | &nbsp;&nbsp; $12543369 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series CC-1<br>| 5.25 | &nbsp;&nbsp; 6-15-2054 | 11005000 | &nbsp;&nbsp; 11574081 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series DD<br>| 5.25 | &nbsp;&nbsp; 6-15-2047 | 24940000 | &nbsp;&nbsp; 25819141 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series DD1<br>| 5.00 | &nbsp;&nbsp; 6-15-2048 | 3000000 | &nbsp;&nbsp; 3043645 |
| &nbsp;&nbsp; New York State Environmental Facilities Corp. Revolving Fund <br> Series B<br>| 5.00 | &nbsp;&nbsp; 6-15-2048 | 10035000 | &nbsp;&nbsp; 10306023 |
| Western Nassau County Water Authority Series A | 4.00 | &nbsp;&nbsp; 4-1-2046 | 1100000 | &nbsp;&nbsp; 1045808 |
|  |  |  |  | &nbsp;&nbsp; **99558243** |
|  |  |  |  | &nbsp;&nbsp; **981387162** |
| **North Carolina: 0.57%** |  |  |  |  |
| **Airport revenue: 0.04%** |  |  |  |  |
| Raleigh Durham Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 5-1-2035 | 3400000 | &nbsp;&nbsp; **3618497** |
| **Education revenue: 0.03%** |  |  |  |  |
| North Carolina Capital Facilities Finance Agency Meredith College | 5.00 | &nbsp;&nbsp; 6-1-2038 | 500000 | &nbsp;&nbsp; 490555 |
| &nbsp;&nbsp; North Carolina Capital Facilities Finance Agency Wake Forest <br> University<br>| 5.00 | &nbsp;&nbsp; 1-1-2033 | 1000000 | &nbsp;&nbsp; 1009225 |
| University of North Carolina at Asheville | 5.00 | &nbsp;&nbsp; 6-1-2042 | 625000 | &nbsp;&nbsp; 626411 |
|  |  |  |  | &nbsp;&nbsp; **2126191** |
| **Health revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority Atrium Health Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 1-15-2036 | 500000 | &nbsp;&nbsp; 528431 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Carolina Meadows, Inc. <br> Obligated Group<br>| 5.25 | &nbsp;&nbsp; 12-1-2054 | 2500000 | &nbsp;&nbsp; 2528855 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Deerfield Episcopal <br> Retirement Community Obligated Group<br>| 5.00 | &nbsp;&nbsp; 11-1-2031 | 1500000 | &nbsp;&nbsp; 1521079 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Duke University Health <br> System, Inc. Obligated Group Series E (Royal Bank of Canada <br> SPA)ø<br>| 1.30 | &nbsp;&nbsp; 6-1-2055 | 4125000 | &nbsp;&nbsp; 4125000 |
| &nbsp;&nbsp; North Carolina Medical Care Commission FirstHealth of the <br> Carolinas, Inc. Series D (Truist Bank LOC)ø<br>| 2.45 | &nbsp;&nbsp; 10-1-2032 | 1640000 | &nbsp;&nbsp; 1640000 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Forest at Duke, Inc. <br> Obligated Group<br>| 4.00 | &nbsp;&nbsp; 9-1-2051 | 1100000 | &nbsp;&nbsp; 897899 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Presbyterian Homes <br> Obligated Group Series C<br>| 4.00 | &nbsp;&nbsp; 10-1-2031 | 1500000 | &nbsp;&nbsp; 1505841 |
|  |  |  |  | &nbsp;&nbsp; **12747105** |

---

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

Allspring Municipal Bond Fund \| 43

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; North Carolina Capital Facilities Finance Agency Obligated Group <br> Series A (Department of Housing and Urban Development <br> Insured)<br>| 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2034 | $2250000 | &nbsp;&nbsp; $2260818 |
| &nbsp;&nbsp; North Carolina Housing Finance Agency Series 54-A (GNMA / FNMA <br> / FHLMC Insured)<br>| 4.55 | &nbsp;&nbsp; 7-1-2044 | 1000000 | &nbsp;&nbsp; 1008510 |
|  |  |  |  | &nbsp;&nbsp; **3269328** |
| **Miscellaneous revenue: 0.01%** |  |  |  |  |
| City of Charlotte Series C COP | 5.00 | &nbsp;&nbsp; 6-1-2030 | 1000000 | &nbsp;&nbsp; **1001925** |
| **Resource recovery revenue: 0.12%** |  |  |  |  |
| &nbsp;&nbsp; North Carolina Capital Facilities Finance Agency Republic Services, <br> Inc. AMTøø<br>| 3.35 | &nbsp;&nbsp; 6-1-2038 | 10000000 | &nbsp;&nbsp; **10000000** |
| **Transportation revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; North Carolina Department of Transportation I-77 Mobility <br> Partners LLC AMT<br>| 5.00 | &nbsp;&nbsp; 6-30-2028 | 1275000 | &nbsp;&nbsp; 1276664 |
| North Carolina Turnpike Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2049 | 4500000 | &nbsp;&nbsp; 4574021 |
| North Carolina Turnpike Authority Series A | 5.00 | &nbsp;&nbsp; 7-1-2042 | 500000 | &nbsp;&nbsp; 502016 |
| North Carolina Turnpike Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2054 | 6000000 | &nbsp;&nbsp; 6135666 |
|  |  |  |  | &nbsp;&nbsp; **12488367** |
| **Water & sewer revenue: 0.03%** |  |  |  |  |
| City of Mebane Combined Utilities Revenue | 4.00 | &nbsp;&nbsp; 8-1-2049 | 2675000 | &nbsp;&nbsp; **2555475** |
|  |  |  |  | &nbsp;&nbsp; **47806888** |
| **North Dakota: 0.42%** |  |  |  |  |
| **Housing revenue: 0.26%** |  |  |  |  |
| &nbsp;&nbsp; North Dakota Housing Finance Agency Series C (TD Bank N.A. <br> SPA)ø<br>| 1.37 | &nbsp;&nbsp; 1-1-2046 | 6960000 | &nbsp;&nbsp; 6960000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XG0619 <br> (Morgan Stanley LIQ)144Aø<br>| 3.35 | &nbsp;&nbsp; 7-1-2045 | 15000000 | &nbsp;&nbsp; 15000000 |
|  |  |  |  | &nbsp;&nbsp; **21960000** |
| **Miscellaneous revenue: 0.11%** |  |  |  |  |
| University of North Dakota Series A COP | 5.00 | &nbsp;&nbsp; 4-1-2057 | 9000000 | &nbsp;&nbsp; **9089399** |
| **Water & sewer revenue: 0.05%** |  |  |  |  |
| North Dakota PFA Series A | 5.00 | &nbsp;&nbsp; 10-1-2038 | 3780000 | &nbsp;&nbsp; **3962840** |
|  |  |  |  | &nbsp;&nbsp; **35012239** |
| **Ohio: 1.50%** |  |  |  |  |
| **Airport revenue: 0.08%** |  |  |  |  |
| Columbus Regional Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2040 | 6000000 | &nbsp;&nbsp; **6422385** |
| **Education revenue: 0.16%** |  |  |  |  |
| &nbsp;&nbsp; Allen County Port Authority University of Northwestern Ohio <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-1-2035 | 650000 | &nbsp;&nbsp; 629133 |
| &nbsp;&nbsp; Allen County Port Authority University of Northwestern Ohio <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-1-2040 | 720000 | &nbsp;&nbsp; 655595 |

---

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

44 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| Ohio Higher Educational Facility Commission Kenyon College | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2037 | $3100000 | &nbsp;&nbsp; $3421962 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XF3114 <br> (Morgan Stanley Bank LIQ)144Aø<br>| 3.35 | &nbsp;&nbsp; 10-1-2053 | 5750000 | &nbsp;&nbsp; 5750000 |
| University of Akron Series A | 5.00 | &nbsp;&nbsp; 1-1-2038 | 3000000 | &nbsp;&nbsp; 3016450 |
|  |  |  |  | &nbsp;&nbsp; **13473140** |
| **GO revenue: 0.11%** |  |  |  |  |
| State of Ohio Series A | 5.00 | &nbsp;&nbsp; 2-1-2036 | 4265000 | &nbsp;&nbsp; 4273296 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025-<br> XM1208 (Royal Bank of Canada LIQ)144Aø<br>| 3.35 | &nbsp;&nbsp; 12-1-2030 | 5200000 | &nbsp;&nbsp; 5200000 |
|  |  |  |  | &nbsp;&nbsp; **9473296** |
| **Health revenue: 0.56%** |  |  |  |  |
| &nbsp;&nbsp; City of Middleburg Heights Southwest General Health Center <br> Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 8-1-2041 | 4830000 | &nbsp;&nbsp; 4605497 |
| &nbsp;&nbsp; City of Middleburg Heights Southwest General Health Center <br> Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 8-1-2047 | 3000000 | &nbsp;&nbsp; 2617093 |
| &nbsp;&nbsp; Cleveland-Cuyahoga County Port Authority Centers for Dialysis <br> Care Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 12-1-2047 | 5205000 | &nbsp;&nbsp; 4949314 |
| County of Franklin OhioHealth Obligated Group Series A | 4.00 | &nbsp;&nbsp; 5-15-2047 | 1000000 | &nbsp;&nbsp; 927966 |
| County of Franklin Trinity Health Corp. Obligated Group Series A | 4.00 | &nbsp;&nbsp; 12-1-2044 | 3450000 | &nbsp;&nbsp; 3257108 |
| County of Franklin Trinity Health Corp. Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2047 | 5000000 | &nbsp;&nbsp; 5037914 |
| &nbsp;&nbsp; County of Hamilton Cincinnati Children's Hospital Medical Center <br> Obligated Group Series CC<br>| 5.00 | &nbsp;&nbsp; 11-15-2041 | 2250000 | &nbsp;&nbsp; 2568585 |
| County of Hamilton UC Health Obligated Group | 5.00 | &nbsp;&nbsp; 9-15-2045 | 7500000 | &nbsp;&nbsp; 7503303 |
| County of Lucas Promedica Healthcare Obligated Group Series A | 5.25 | &nbsp;&nbsp; 11-15-2048 | 4250000 | &nbsp;&nbsp; 4182789 |
| &nbsp;&nbsp; County of Montgomery Premier Health Partners Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2039 | 3000000 | &nbsp;&nbsp; 2919843 |
| &nbsp;&nbsp; State of Ohio Children's Hospital Medical Center of Akron Obligated <br> Group Series A<br>| 5.25 | &nbsp;&nbsp; 8-15-2048 | 5000000 | &nbsp;&nbsp; 5328016 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XG0507 (Royal Bank of Canada LIQ)144Aø<br>| 3.35 | &nbsp;&nbsp; 11-15-2041 | 2800000 | &nbsp;&nbsp; 2800000 |
|  |  |  |  | &nbsp;&nbsp; **46697428** |
| **Housing revenue: 0.47%** |  |  |  |  |
| Ohio Water Development Authority | 5.00 | &nbsp;&nbsp; 12-1-2035 | 5390000 | &nbsp;&nbsp; 5467605 |
| Ohio Water Development Authority | 5.00 | &nbsp;&nbsp; 12-1-2036 | 2000000 | &nbsp;&nbsp; 2026449 |
| RiverSouth Authority Series A | 5.75 | &nbsp;&nbsp; 12-1-2027 | 1200000 | &nbsp;&nbsp; 1200367 |
| State of Ohio Department of Rehabilitation & Correction Series Bø | 2.45 | &nbsp;&nbsp; 10-1-2045 | 10000000 | &nbsp;&nbsp; 10000000 |
| State of Ohio Department of Transportation AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 12-31-2026 | 2030000 | &nbsp;&nbsp; 2032327 |
| State of Ohio Department of Transportation AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 12-31-2028 | 1610000 | &nbsp;&nbsp; 1612786 |
| State of Ohio Department of Transportation AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 12-31-2030 | 2250000 | &nbsp;&nbsp; 2253857 |
| State of Ohio Department of Transportation AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 12-31-2035 | 12000000 | &nbsp;&nbsp; 12017144 |
| State of Ohio Department of Transportation AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 12-31-2039 | 2500000 | &nbsp;&nbsp; 2500105 |
|  |  |  |  | &nbsp;&nbsp; **39110640** |
| **Tax revenue: 0.06%** |  |  |  |  |
| County of Franklin Sales Tax Revenue | 5.00 | &nbsp;&nbsp; 6-1-2048 | 5000000 | &nbsp;&nbsp; **5101462** |

---

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

Allspring Municipal Bond Fund \| 45

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; Port of Greater Cincinnati Development Authority 3CDC Master <br> Parking LLC Obligated Group Series A (AG Insured)<br>| 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2050 | $1000000 | &nbsp;&nbsp; $1021392 |
| &nbsp;&nbsp; Summit County Development Finance Authority University of Akron <br> Parking Project<br>| 5.50 | &nbsp;&nbsp; 12-1-2043 | 1700000 | &nbsp;&nbsp; 1804521 |
|  |  |  |  | &nbsp;&nbsp; **2825913** |
| **Utilities revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; Ohio Air Quality Development Authority Duke Energy Corp. Series A <br> AMTøø<br>| 4.25 | &nbsp;&nbsp; 11-1-2039 | 2000000 | &nbsp;&nbsp; **2031248** |
|  |  |  |  | &nbsp;&nbsp; **125135512** |
| **Oklahoma: 0.81%** |  |  |  |  |
| **Airport revenue: 0.35%** |  |  |  |  |
| Oklahoma City Airport Trust AMT | 5.00 | &nbsp;&nbsp; 7-1-2043 | 9000000 | &nbsp;&nbsp; 9110204 |
| Oklahoma City Airport Trust AMT | 5.00 | &nbsp;&nbsp; 7-1-2047 | 11500000 | &nbsp;&nbsp; 11542028 |
| Tulsa Airports Improvement Trust Series A AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 6-1-2043 | 4485000 | &nbsp;&nbsp; 4527793 |
| Tulsa Airports Improvement Trust Series A AMT (AG Insured) | 5.25 | &nbsp;&nbsp; 6-1-2048 | 3770000 | &nbsp;&nbsp; 3807296 |
|  |  |  |  | &nbsp;&nbsp; **28987321** |
| **Education revenue: 0.01%** |  |  |  |  |
| &nbsp;&nbsp; Oklahoma County Finance Authority Aerospace Science & <br> Technology Education Center, Inc.144A<br>| 6.00 | &nbsp;&nbsp; 6-15-2044 | 1000000 | &nbsp;&nbsp; **979955** |
| **Health revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Oklahoma Development Finance Authority INTEGRIS Health <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2032 | 2365000 | &nbsp;&nbsp; 2368812 |
| &nbsp;&nbsp; Oklahoma Development Finance Authority INTEGRIS Health <br> Obligated Group Series Bø<br>| 3.90 | &nbsp;&nbsp; 8-15-2031 | 2660000 | &nbsp;&nbsp; 2660000 |
| &nbsp;&nbsp; Oklahoma Development Finance Authority INTEGRIS Health <br> Obligated Group Series Cø<br>| 3.65 | &nbsp;&nbsp; 8-15-2031 | 1230000 | &nbsp;&nbsp; 1230000 |
|  |  |  |  | &nbsp;&nbsp; **6258812** |
| **Housing revenue: 0.28%** |  |  |  |  |
| &nbsp;&nbsp; Garfield County Educational Facilities Authority Independent <br> School District No. 57 Enid Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2030 | 2000000 | &nbsp;&nbsp; 2023554 |
| &nbsp;&nbsp; Garfield County Educational Facilities Authority Independent <br> School District No. 57 Enid Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2031 | 1145000 | &nbsp;&nbsp; 1158409 |
| Muskogee Industrial Trust Independent School District No. 20 | 4.00 | &nbsp;&nbsp; 9-1-2030 | 4440000 | &nbsp;&nbsp; 4511828 |
| Muskogee Industrial Trust Independent School District No. 20 | 4.00 | &nbsp;&nbsp; 9-1-2031 | 5520000 | &nbsp;&nbsp; 5602649 |
| Muskogee Industrial Trust Independent School District No. 20 | 4.00 | &nbsp;&nbsp; 9-1-2032 | 4000000 | &nbsp;&nbsp; 4048058 |
| &nbsp;&nbsp; Oklahoma Development Finance Authority State University <br> Series A<br>| 5.25 | &nbsp;&nbsp; 6-1-2037 | 4535000 | &nbsp;&nbsp; 5044913 |
| &nbsp;&nbsp; Pontotoc County Educational Facilities Authority Ada Public <br> Schools Project<br>| 4.00 | &nbsp;&nbsp; 9-1-2040 | 1000000 | &nbsp;&nbsp; 984152 |
|  |  |  |  | &nbsp;&nbsp; **23373563** |

---

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

46 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue: 0.02%** |  |  |  |  |
| Oklahoma Turnpike Authority Series A | 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2042 | $1000000 | &nbsp;&nbsp; $1000000 |
| Oklahoma Turnpike Authority Series B | 5.00 | &nbsp;&nbsp; 1-1-2042 | 1000000 | &nbsp;&nbsp; 1101562 |
|  |  |  |  | &nbsp;&nbsp; **2101562** |
| **Utilities revenue: 0.08%** |  |  |  |  |
| Oklahoma Municipal Power Authority Series A (AG Insured) | 5.25 | &nbsp;&nbsp; 1-1-2051 | 6000000 | &nbsp;&nbsp; **6390460** |
|  |  |  |  | &nbsp;&nbsp; **68091673** |
| **Oregon: 1.48%** |  |  |  |  |
| **Airport revenue: 1.00%** |  |  |  |  |
| Port of Portland Airport Revenue Series 24B AMT | 5.00 | &nbsp;&nbsp; 7-1-2034 | 1905000 | &nbsp;&nbsp; 1933350 |
| Port of Portland Airport Revenue Series 30A AMT | 5.25 | &nbsp;&nbsp; 7-1-2049 | 48000000 | &nbsp;&nbsp; 49987930 |
| Port of Portland Airport Revenue Series 30A AMT | 5.25 | &nbsp;&nbsp; 7-1-2054 | 31000000 | &nbsp;&nbsp; 32013973 |
|  |  |  |  | &nbsp;&nbsp; **83935253** |
| **GO revenue: 0.03%** |  |  |  |  |
| Washington County School District No. 13 Banks Series A CAB¤ | 0.00 | &nbsp;&nbsp; 6-15-2044 | 2500000 | &nbsp;&nbsp; 1050158 |
| Washington County School District No. 13 Banks Series A CAB¤ | 0.00 | &nbsp;&nbsp; 6-15-2051 | 5000000 | &nbsp;&nbsp; 1406216 |
|  |  |  |  | &nbsp;&nbsp; **2456374** |
| **Health revenue: 0.37%** |  |  |  |  |
| &nbsp;&nbsp; Astoria Hospital Facilities Authority Columbia Lutheran Charities <br> Obligated Group<br>| 5.25 | &nbsp;&nbsp; 8-1-2054 | 4500000 | &nbsp;&nbsp; 4514582 |
| &nbsp;&nbsp; Clackamas County Hospital Facility Authority Rose Villa, Inc. <br> Obligated Group Series A<br>| 5.13 | &nbsp;&nbsp; 11-15-2040 | 500000 | &nbsp;&nbsp; 503081 |
| &nbsp;&nbsp; Clackamas County Hospital Facility Authority Rose Villa, Inc. <br> Obligated Group Series A<br>| 5.25 | &nbsp;&nbsp; 11-15-2050 | 500000 | &nbsp;&nbsp; 482334 |
| &nbsp;&nbsp; Clackamas County Hospital Facility Authority Rose Villa, Inc. <br> Obligated Group Series A<br>| 5.38 | &nbsp;&nbsp; 11-15-2055 | 1000000 | &nbsp;&nbsp; 976484 |
| &nbsp;&nbsp; Medford Hospital Facilities Authority Asante Health System <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2045 | 4390000 | &nbsp;&nbsp; 4480143 |
| &nbsp;&nbsp; Medford Hospital Facilities Authority Asante Health System <br> Obligated Group Series A (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 8-15-2045 | 13650000 | &nbsp;&nbsp; 12727918 |
| Oregon Health & Science University Obligated Group Series A | 4.00 | &nbsp;&nbsp; 7-1-2044 | 2000000 | &nbsp;&nbsp; 1924994 |
| Salem Hospital Facility Authority Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 5-15-2046 | 5000000 | &nbsp;&nbsp; 5009206 |
|  |  |  |  | &nbsp;&nbsp; **30618742** |
| **Utilities revenue: 0.08%** |  |  |  |  |
| City of Eugene Electric Utility System Revenue | 5.00 | &nbsp;&nbsp; 8-1-2049 | 4500000 | &nbsp;&nbsp; 4731851 |
| City of Eugene Electric Utility System Revenue Series A | 4.00 | &nbsp;&nbsp; 8-1-2045 | 1260000 | &nbsp;&nbsp; 1218350 |
| City of Eugene Electric Utility System Revenue Series A | 4.00 | &nbsp;&nbsp; 8-1-2049 | 800000 | &nbsp;&nbsp; 742306 |
|  |  |  |  | &nbsp;&nbsp; **6692507** |
|  |  |  |  | &nbsp;&nbsp; **123702876** |
| **Pennsylvania: 5.88%** |  |  |  |  |
| **Airport revenue: 0.49%** |  |  |  |  |
| Allegheny County Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2036 | 10000000 | &nbsp;&nbsp; 10630154 |
| Allegheny County Airport Authority Series A AMT (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2046 | 2000000 | &nbsp;&nbsp; 1795476 |

---

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

Allspring Municipal Bond Fund \| 47

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airport revenue**(continued) |  |  |  |  |
| City of Philadelphia Airport Revenue Series B AMT | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2029 | $1000000 | &nbsp;&nbsp; $1031444 |
| City of Philadelphia Airport Revenue Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2031 | 750000 | &nbsp;&nbsp; 771264 |
| City of Philadelphia Airport Revenue Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2042 | 7860000 | &nbsp;&nbsp; 7922943 |
| City of Philadelphia Airport Revenue Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2047 | 9950000 | &nbsp;&nbsp; 9959522 |
| City of Philadelphia Airport Revenue Series B AMT | 5.25 | &nbsp;&nbsp; 7-1-2041 | 1700000 | &nbsp;&nbsp; 1860492 |
| City of Philadelphia Airport Revenue Series B AMT | 5.25 | &nbsp;&nbsp; 7-1-2045 | 2000000 | &nbsp;&nbsp; 2109469 |
| City of Philadelphia Airport Revenue Series C AMT | 4.00 | &nbsp;&nbsp; 7-1-2037 | 1695000 | &nbsp;&nbsp; 1699438 |
| City of Philadelphia Airport Revenue Series C AMT | 4.00 | &nbsp;&nbsp; 7-1-2038 | 1260000 | &nbsp;&nbsp; 1255840 |
| City of Philadelphia Airport Revenue Series C AMT | 4.00 | &nbsp;&nbsp; 7-1-2039 | 1830000 | &nbsp;&nbsp; 1806269 |
|  |  |  |  | &nbsp;&nbsp; **40842311** |
| **Education revenue: 0.28%** |  |  |  |  |
| &nbsp;&nbsp; Allentown Commercial & IDA Executive Education Academy Charter <br> School144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2035 | 1690000 | &nbsp;&nbsp; 1750789 |
| &nbsp;&nbsp; Allentown Commercial & IDA Executive Education Academy Charter <br> School144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2045 | 2500000 | &nbsp;&nbsp; 2413856 |
| &nbsp;&nbsp; Allentown Commercial & IDA Executive Education Academy Charter <br> School144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2050 | 1000000 | &nbsp;&nbsp; 942470 |
| Pennsylvania Higher Education Assistance Agency Series 1A AMT | 5.00 | &nbsp;&nbsp; 6-1-2032 | 3000000 | &nbsp;&nbsp; 3221998 |
| Pennsylvania Higher Education Assistance Agency Series 1A AMT | 5.00 | &nbsp;&nbsp; 6-1-2034 | 3000000 | &nbsp;&nbsp; 3200853 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Drexel <br> University Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 5-1-2046 | 4885000 | &nbsp;&nbsp; 5013513 |
| Philadelphia IDA Frankford Valley Foundation for Literacy144A | 5.00 | &nbsp;&nbsp; 6-15-2043 | 2500000 | &nbsp;&nbsp; 2454446 |
| Philadelphia IDA St. Joseph's University Series C | 4.00 | &nbsp;&nbsp; 11-1-2038 | 1000000 | &nbsp;&nbsp; 1003425 |
| Philadelphia IDA Tacony Academy Charter School144A | 5.50 | &nbsp;&nbsp; 6-15-2043 | 1250000 | &nbsp;&nbsp; 1237607 |
| &nbsp;&nbsp; State Public School Building Authority Community College Of <br> Philadelphia Series A (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 6-15-2026 | 2000000 | &nbsp;&nbsp; 2002164 |
|  |  |  |  | &nbsp;&nbsp; **23241121** |
| **GO revenue: 0.61%** |  |  |  |  |
| City of Philadelphia Series A | 5.25 | &nbsp;&nbsp; 8-1-2044 | 2500000 | &nbsp;&nbsp; 2748887 |
| Cumberland Valley School District Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 11-15-2044 | 1275000 | &nbsp;&nbsp; 1335701 |
| Cumberland Valley School District Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 11-15-2047 | 3600000 | &nbsp;&nbsp; 3711926 |
| Interboro School District (AG Insured) | 5.50 | &nbsp;&nbsp; 8-15-2063 | 1580000 | &nbsp;&nbsp; 1679100 |
| North Pocono School District Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 9-15-2029 | 2170000 | &nbsp;&nbsp; 2241936 |
| North Pocono School District Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 9-15-2032 | 1750000 | &nbsp;&nbsp; 1796288 |
| School District of Philadelphia Series A | 4.00 | &nbsp;&nbsp; 9-1-2037 | 2365000 | &nbsp;&nbsp; 2409299 |
| School District of Philadelphia Series A | 4.00 | &nbsp;&nbsp; 9-1-2038 | 1700000 | &nbsp;&nbsp; 1725634 |
| School District of Philadelphia Series A | 5.00 | &nbsp;&nbsp; 9-1-2044 | 4140000 | &nbsp;&nbsp; 4228711 |
| School District of Philadelphia Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2040 | 5500000 | &nbsp;&nbsp; 5562767 |
| School District of Philadelphia Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2041 | 7000000 | &nbsp;&nbsp; 7047806 |
| School District of Philadelphia Series F | 5.00 | &nbsp;&nbsp; 9-1-2035 | 3820000 | &nbsp;&nbsp; 3868546 |
| State College Area School District | 5.00 | &nbsp;&nbsp; 3-15-2040 | 5000000 | &nbsp;&nbsp; 5000955 |
| West Mifflin School District (AG Insured) | 5.00 | &nbsp;&nbsp; 4-1-2026 | 1200000 | &nbsp;&nbsp; 1206416 |
| West Mifflin School District (AG Insured) | 5.00 | &nbsp;&nbsp; 4-1-2027 | 1000000 | &nbsp;&nbsp; 1016590 |
| Williamsport Area School District (AG Insured) | 4.00 | &nbsp;&nbsp; 3-1-2032 | 1440000 | &nbsp;&nbsp; 1440437 |
| Williamsport Area School District (AG Insured) | 4.00 | &nbsp;&nbsp; 3-1-2033 | 1490000 | &nbsp;&nbsp; 1490462 |

---

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

48 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| Williamsport Area School District (AG Insured) | 4.00<br> %<br>| &nbsp;&nbsp; 3-1-2034 | $1555000 | &nbsp;&nbsp; $1555500 |
| Williamsport Area School District (AG Insured) | 4.00 | &nbsp;&nbsp; 3-1-2035 | 1205000 | &nbsp;&nbsp; 1205348 |
|  |  |  |  | &nbsp;&nbsp; **51272309** |
| **Health revenue: 1.56%** |  |  |  |  |
| &nbsp;&nbsp; Allegheny County Hospital Development Authority Health Network <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2047 | 5000000 | &nbsp;&nbsp; 4996198 |
| &nbsp;&nbsp; Allegheny County Hospital Development Authority UPMC Obligated <br> Group (SIFMA Municipal Swap+0.70%)±<br>| 4.02 | &nbsp;&nbsp; 11-15-2047 | 10000000 | &nbsp;&nbsp; 9910207 |
| &nbsp;&nbsp; Allegheny County Hospital Development Authority UPMC Obligated <br> Group Series A<br>| 4.00 | &nbsp;&nbsp; 7-15-2039 | 2250000 | &nbsp;&nbsp; 2225401 |
| &nbsp;&nbsp; Chester County HEFA Main Line Health System, Inc. Obligated <br> Group Series A<br>| 4.00 | &nbsp;&nbsp; 9-1-2050 | 3500000 | &nbsp;&nbsp; 3105739 |
| Geisinger Authority Kaiser Obligated Group Series A-1 | 4.00 | &nbsp;&nbsp; 2-15-2047 | 22000000 | &nbsp;&nbsp; 19558011 |
| &nbsp;&nbsp; Hospitals & Higher Education Facilities Authority of Philadelphia <br> Temple University Health System Obligated Group<br>| 5.00 | &nbsp;&nbsp; 7-1-2033 | 1000000 | &nbsp;&nbsp; 1014660 |
| &nbsp;&nbsp; Hospitals & Higher Education Facilities Authority of Philadelphia <br> Temple University Health System Obligated Group (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2037 | 4175000 | &nbsp;&nbsp; 4543488 |
| &nbsp;&nbsp; Lancaster County Hospital Authority University of Pennsylvania <br> Health System Obligated Group<br>| 5.00 | &nbsp;&nbsp; 8-15-2046 | 10000000 | &nbsp;&nbsp; 10030541 |
| &nbsp;&nbsp; Lancaster Municipal Authority Garden Spot Village Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 5-1-2044 | 1200000 | &nbsp;&nbsp; 1214053 |
| &nbsp;&nbsp; Montgomery County Higher Education & Health Authority Thomas <br> Jefferson University Obligated Group<br>| 4.00 | &nbsp;&nbsp; 9-1-2035 | 2750000 | &nbsp;&nbsp; 2780111 |
| &nbsp;&nbsp; Montgomery County Higher Education & Health Authority Thomas <br> Jefferson University Obligated Group<br>| 4.00 | &nbsp;&nbsp; 9-1-2038 | 1000000 | &nbsp;&nbsp; 995504 |
| &nbsp;&nbsp; Montgomery County Higher Education & Health Authority Thomas <br> Jefferson University Obligated Group<br>| 5.00 | &nbsp;&nbsp; 9-1-2031 | 4100000 | &nbsp;&nbsp; 4392588 |
| &nbsp;&nbsp; Montgomery County Higher Education & Health Authority Thomas <br> Jefferson University Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2043 | 3085000 | &nbsp;&nbsp; 3129119 |
| &nbsp;&nbsp; Northampton County General Purpose Authority St. Luke's Hospital <br> Obligated Group Series A-1 (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 8-15-2049 | 6000000 | &nbsp;&nbsp; 6144916 |
| &nbsp;&nbsp; Northampton County General Purpose Authority St. Luke's Hospital <br> Obligated Group Series A-1 (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 8-15-2053 | 10000000 | &nbsp;&nbsp; 10490809 |
| &nbsp;&nbsp; Pennsylvania EDFA Presbyterian Homes Obligated Group <br> Series B-1<br>| 5.25 | &nbsp;&nbsp; 7-1-2049 | 1250000 | &nbsp;&nbsp; 1252619 |
| &nbsp;&nbsp; Pennsylvania EDFA Presbyterian Homes Obligated Group <br> Series B-2<br>| 5.25 | &nbsp;&nbsp; 7-1-2046 | 1500000 | &nbsp;&nbsp; 1516211 |
| Pennsylvania EDFA UPMC Obligated Group Series A | 4.00 | &nbsp;&nbsp; 2-15-2042 | 6000000 | &nbsp;&nbsp; 5664539 |
| Pennsylvania EDFA UPMC Obligated Group Series A | 4.00 | &nbsp;&nbsp; 11-15-2042 | 4000000 | &nbsp;&nbsp; 3757739 |
| Pennsylvania EDFA UPMC Obligated Group Series A | 5.00 | &nbsp;&nbsp; 2-15-2036 | 1000000 | &nbsp;&nbsp; 1089047 |
| Pennsylvania EDFA UPMC Obligated Group Series A | 5.00 | &nbsp;&nbsp; 2-15-2038 | 2150000 | &nbsp;&nbsp; 2313388 |
| Pennsylvania EDFA UPMC Obligated Group Series A | 5.00 | &nbsp;&nbsp; 2-15-2039 | 3500000 | &nbsp;&nbsp; 3749136 |
| Pennsylvania EDFA UPMC Obligated Group Series A-1 | 4.00 | &nbsp;&nbsp; 4-15-2045 | 6500000 | &nbsp;&nbsp; 5900798 |
| Pennsylvania EDFA UPMC Obligated Group Series B | 4.00 | &nbsp;&nbsp; 3-15-2040 | 3000000 | &nbsp;&nbsp; 2936350 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Health System <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 8-15-2049 | 7000000 | &nbsp;&nbsp; 7130600 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Health System <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2042 | 3000000 | &nbsp;&nbsp; 3043066 |

---

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

Allspring Municipal Bond Fund \| 49

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| Quakertown General Authority LifeQuest Obligated Group Series C | 4.50<br> %<br>| &nbsp;&nbsp; 7-1-2027 | $315000 | &nbsp;&nbsp; $310752 |
| Quakertown General Authority LifeQuest Obligated Group Series C | 5.00 | &nbsp;&nbsp; 7-1-2032 | 1000000 | &nbsp;&nbsp; 972699 |
| &nbsp;&nbsp; Union County Hospital Authority WellSpan Evangelical Community <br> Hospital Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 8-1-2043 | 4000000 | &nbsp;&nbsp; 4025098 |
| Westmoreland County IDA Excela Health Obligated Group Series A | 4.00 | &nbsp;&nbsp; 7-1-2037 | 625000 | &nbsp;&nbsp; 606591 |
| Westmoreland County IDA Excela Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 7-1-2029 | 700000 | &nbsp;&nbsp; 731420 |
| Westmoreland County IDA Excela Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 7-1-2030 | 550000 | &nbsp;&nbsp; 580058 |
|  |  |  |  | &nbsp;&nbsp; **130111456** |
| **Housing revenue: 0.85%** |  |  |  |  |
| Chester County School Authority Intermediate Unit (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2041 | 1745000 | &nbsp;&nbsp; 1873126 |
| Pennsylvania EDFA Bridges Finco LP | 5.00 | &nbsp;&nbsp; 12-31-2030 | 600000 | &nbsp;&nbsp; 603297 |
| Pennsylvania EDFA Bridges Finco LP | 5.00 | &nbsp;&nbsp; 12-31-2034 | 16375000 | &nbsp;&nbsp; 16448995 |
| &nbsp;&nbsp; Pennsylvania EDFA Commonwealth of Pennsylvania Motor License <br> Fund AMT<br>| 5.75 | &nbsp;&nbsp; 6-30-2048 | 6000000 | &nbsp;&nbsp; 6277791 |
| &nbsp;&nbsp; Pennsylvania EDFA Commonwealth of Pennsylvania Motor License <br> Fund AMT<br>| 6.00 | &nbsp;&nbsp; 6-30-2061 | 2500000 | &nbsp;&nbsp; 2634384 |
| Pennsylvania Housing Finance Agency | 4.45 | &nbsp;&nbsp; 10-1-2044 | 3000000 | &nbsp;&nbsp; 3011534 |
| Pennsylvania Housing Finance Agency Series 142-A | 5.00 | &nbsp;&nbsp; 10-1-2043 | 5900000 | &nbsp;&nbsp; 6094492 |
| Pennsylvania Housing Finance Agency Series 142-A | 5.50 | &nbsp;&nbsp; 10-1-2053 | 2575000 | &nbsp;&nbsp; 2711176 |
| &nbsp;&nbsp; State Public School Building Authority School District of <br> Philadelphia Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2034 | 1915000 | &nbsp;&nbsp; 1941154 |
| &nbsp;&nbsp; State Public School Building Authority School District of <br> Philadelphia Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2035 | 16715000 | &nbsp;&nbsp; 16929719 |
| &nbsp;&nbsp; State Public School Building Authority School District of <br> Philadelphia Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 6-1-2030 | 3800000 | &nbsp;&nbsp; 3862896 |
| &nbsp;&nbsp; State Public School Building Authority School District of <br> Philadelphia Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 6-1-2031 | 5000000 | &nbsp;&nbsp; 5081851 |
| Waverly Township Municipal Authority (BAM Insured) | 4.00 | &nbsp;&nbsp; 2-15-2030 | 1065000 | &nbsp;&nbsp; 1094461 |
| Waverly Township Municipal Authority (BAM Insured) | 4.00 | &nbsp;&nbsp; 2-15-2031 | 1110000 | &nbsp;&nbsp; 1139639 |
| Waverly Township Municipal Authority (BAM Insured) | 4.00 | &nbsp;&nbsp; 2-15-2032 | 1155000 | &nbsp;&nbsp; 1183875 |
|  |  |  |  | &nbsp;&nbsp; **70888390** |
| **Miscellaneous revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; Delaware Valley Regional Finance Authority Series C (Ambac <br> Insured)<br>| 7.75 | &nbsp;&nbsp; 7-1-2027 | 2635000 | &nbsp;&nbsp; **2827652** |
| **Resource recovery revenue: 0.43%** |  |  |  |  |
| Pennsylvania EDFA Noble Environmental, Inc.144A | 6.88 | &nbsp;&nbsp; 9-1-2047 | 10000000 | &nbsp;&nbsp; 10366108 |
| Pennsylvania EDFA Republic Services, Inc. AMTøø | 3.65 | &nbsp;&nbsp; 6-1-2044 | 7000000 | &nbsp;&nbsp; 7000000 |
| Pennsylvania EDFA Republic Services, Inc. Series A AMTøø | 3.45 | &nbsp;&nbsp; 4-1-2034 | 3250000 | &nbsp;&nbsp; 3250074 |
| Pennsylvania EDFA Waste Management Obligated Group AMTøø | 3.40 | &nbsp;&nbsp; 8-1-2045 | 15000000 | &nbsp;&nbsp; 15002042 |
|  |  |  |  | &nbsp;&nbsp; **35618224** |
| **Tax revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority<br>| 5.00 | &nbsp;&nbsp; 5-1-2036 | 750000 | &nbsp;&nbsp; 799993 |

---

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

50 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority<br>| 5.00<br> %<br>| &nbsp;&nbsp; 5-1-2042 | $2000000 | &nbsp;&nbsp; $2069361 |
| Southeastern Pennsylvania Transportation Authority | 5.25 | &nbsp;&nbsp; 6-1-2047 | 3000000 | &nbsp;&nbsp; 3148757 |
|  |  |  |  | &nbsp;&nbsp; **6018111** |
| **Tobacco revenue: 0.28%** |  |  |  |  |
| Commonwealth Financing Authority (AG Insured) | 4.00 | &nbsp;&nbsp; 6-1-2039 | 24000000 | &nbsp;&nbsp; **23634938** |
| **Transportation revenue: 1.03%** |  |  |  |  |
| Pennsylvania EDFA Parking System Revenue Series A (AG Insured) | 4.13 | &nbsp;&nbsp; 1-1-2044 | 1140000 | &nbsp;&nbsp; 1119595 |
| Pennsylvania EDFA Parking System Revenue Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2032 | 2110000 | &nbsp;&nbsp; 2351899 |
| Pennsylvania EDFA Parking System Revenue Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2033 | 2455000 | &nbsp;&nbsp; 2714197 |
| Pennsylvania EDFA Parking System Revenue Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2039 | 1500000 | &nbsp;&nbsp; 1579521 |
| &nbsp;&nbsp; Pennsylvania Turnpike Commission Oil Franchise Tax Revenue <br> Series B<br>| 5.00 | &nbsp;&nbsp; 12-1-2043 | 6000000 | &nbsp;&nbsp; 6163992 |
| &nbsp;&nbsp; Pennsylvania Turnpike Commission Oil Franchise Tax Revenue <br> Series B<br>| 5.25 | &nbsp;&nbsp; 12-1-2048 | 5145000 | &nbsp;&nbsp; 5263326 |
| Pennsylvania Turnpike Commission Series 1st | 5.00 | &nbsp;&nbsp; 12-1-2040 | 1000000 | &nbsp;&nbsp; 1099257 |
| Pennsylvania Turnpike Commission Series 1st | 5.00 | &nbsp;&nbsp; 12-1-2041 | 3000000 | &nbsp;&nbsp; 3266483 |
| Pennsylvania Turnpike Commission Series 2nd | 5.00 | &nbsp;&nbsp; 12-1-2035 | 9900000 | &nbsp;&nbsp; 10287155 |
| Pennsylvania Turnpike Commission Series A | 5.00 | &nbsp;&nbsp; 12-1-2044 | 8905000 | &nbsp;&nbsp; 9232144 |
| Pennsylvania Turnpike Commission Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2049 | 8095000 | &nbsp;&nbsp; 7557082 |
| Pennsylvania Turnpike Commission Series A-1 | 5.00 | &nbsp;&nbsp; 12-1-2047 | 1750000 | &nbsp;&nbsp; 1773771 |
| Pennsylvania Turnpike Commission Series B | 4.00 | &nbsp;&nbsp; 12-1-2046 | 3000000 | &nbsp;&nbsp; 2837469 |
| Pennsylvania Turnpike Commission Series B | 5.25 | &nbsp;&nbsp; 12-1-2052 | 8250000 | &nbsp;&nbsp; 8669753 |
| Pennsylvania Turnpike Commission Series B-1 | 5.00 | &nbsp;&nbsp; 6-1-2028 | 1450000 | &nbsp;&nbsp; 1499852 |
| Pennsylvania Turnpike Commission Series B-1 | 5.25 | &nbsp;&nbsp; 6-1-2047 | 9960000 | &nbsp;&nbsp; 10091500 |
| Pennsylvania Turnpike Commission Series B-2 | 5.00 | &nbsp;&nbsp; 6-1-2027 | 1260000 | &nbsp;&nbsp; 1301201 |
| Pennsylvania Turnpike Commission Series B-2 | 5.00 | &nbsp;&nbsp; 6-1-2031 | 5000000 | &nbsp;&nbsp; 5166299 |
| Pennsylvania Turnpike Commission Series C | 5.00 | &nbsp;&nbsp; 12-1-2046 | 4125000 | &nbsp;&nbsp; 4296554 |
|  |  |  |  | &nbsp;&nbsp; **86271050** |
| **Utilities revenue: 0.06%** |  |  |  |  |
| Philadelphia Gas Works Co. Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 8-1-2045 | 5000000 | &nbsp;&nbsp; **4834720** |
| **Water & sewer revenue: 0.19%** |  |  |  |  |
| City of Philadelphia Water & Wastewater Revenue Series B | 5.00 | &nbsp;&nbsp; 7-1-2033 | 8000000 | &nbsp;&nbsp; 8011162 |
| City of Philadelphia Water & Wastewater Revenue Series C | 5.00 | &nbsp;&nbsp; 6-1-2042 | 2200000 | &nbsp;&nbsp; 2353948 |
| Luzerne County IDA Pennsylvania-American Water Co. AMTøø | 2.45 | &nbsp;&nbsp; 12-1-2039 | 5500000 | &nbsp;&nbsp; 5089897 |
|  |  |  |  | &nbsp;&nbsp; **15455007** |
|  |  |  |  | &nbsp;&nbsp; **491015289** |
| **Rhode Island: 0.27%** |  |  |  |  |
| **Airport revenue: 0.03%** |  |  |  |  |
| Rhode Island Commerce Corp. Airport Corp. | 5.00 | &nbsp;&nbsp; 7-1-2031 | 2115000 | &nbsp;&nbsp; **2204725** |
| **Education revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; Rhode Island Health & Educational Building Corp. Providence <br> College Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2046 | 1855000 | &nbsp;&nbsp; **1899282** |

---

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

Allspring Municipal Bond Fund \| 51

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue: 0.01%** |  |  |  |  |
| &nbsp;&nbsp; Providence Public Building Authority Capital Improvement Projects <br> Series A (AG Insured)<br>| 5.25<br> %<br>| &nbsp;&nbsp; 9-15-2044 | $1000000 | &nbsp;&nbsp; **$1070311** |
| **Miscellaneous revenue: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; Rhode Island Health & Educational Building Corp. City of <br> Providence Series G (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 5-15-2042 | 2000000 | &nbsp;&nbsp; 2173303 |
| &nbsp;&nbsp; Rhode Island Health & Educational Building Corp. City of <br> Providence Series G (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 5-15-2043 | 2335000 | &nbsp;&nbsp; 2509714 |
| &nbsp;&nbsp; Rhode Island Health & Educational Building Corp. City of <br> Providence Series G (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 5-15-2044 | 2100000 | &nbsp;&nbsp; 2238467 |
|  |  |  |  | &nbsp;&nbsp; **6921484** |
| **Tax revenue: 0.13%** |  |  |  |  |
| Rhode Island Turnpike & Bridge Authority Series A | 5.00 | &nbsp;&nbsp; 10-1-2040 | 10640000 | &nbsp;&nbsp; **10663264** |
|  |  |  |  | &nbsp;&nbsp; **22759066** |
| **South Carolina: 1.39%** |  |  |  |  |
| **Education revenue: 0.29%** |  |  |  |  |
| &nbsp;&nbsp; South Carolina Jobs-EDA American Leadership Academy - <br> Lexington Series A<br>| 5.50 | &nbsp;&nbsp; 6-15-2033 | 16000000 | &nbsp;&nbsp; 15833426 |
| University of South Carolina Series A | 5.00 | &nbsp;&nbsp; 5-1-2043 | 8155000 | &nbsp;&nbsp; 8247002 |
|  |  |  |  | &nbsp;&nbsp; **24080428** |
| **Health revenue: 0.08%** |  |  |  |  |
| South Carolina Jobs-EDA Novant Health Obligated Group Series A | 5.50 | &nbsp;&nbsp; 11-1-2046 | 6000000 | &nbsp;&nbsp; **6465758** |
| **Housing revenue: 0.00%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XF3079 (Mizuho Capital Markets LLC LOC, Mizuho Capital <br> Markets LLC LIQ)144Aø<br>| 3.60 | &nbsp;&nbsp; 7-1-2028 | 236000 | &nbsp;&nbsp; **236000** |
| **Utilities revenue: 1.02%** |  |  |  |  |
| Patriots Energy Group Financing Agency Series A1øø | 5.25 | &nbsp;&nbsp; 10-1-2054 | 2000000 | &nbsp;&nbsp; 2137080 |
| Patriots Energy Group Financing Agency Series B-1øø | 5.25 | &nbsp;&nbsp; 2-1-2054 | 10000000 | &nbsp;&nbsp; 10810526 |
| South Carolina Public Service Authority Series A | 4.00 | &nbsp;&nbsp; 12-1-2040 | 1500000 | &nbsp;&nbsp; 1486781 |
| South Carolina Public Service Authority Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2049 | 17500000 | &nbsp;&nbsp; 18273658 |
| South Carolina Public Service Authority Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2054 | 18000000 | &nbsp;&nbsp; 18656764 |
| South Carolina Public Service Authority Series E | 5.75 | &nbsp;&nbsp; 12-1-2047 | 31250000 | &nbsp;&nbsp; 33560662 |
|  |  |  |  | &nbsp;&nbsp; **84925471** |
|  |  |  |  | &nbsp;&nbsp; **115707657** |
| **South Dakota: 0.38%** |  |  |  |  |
| **GO revenue: 0.07%** |  |  |  |  |
| County of Lincoln COP | 5.00 | &nbsp;&nbsp; 12-1-2048 | 6000000 | &nbsp;&nbsp; **6218306** |
| **Health revenue: 0.26%** |  |  |  |  |
| South Dakota HEFA Avera Health Obligated Group | 5.00 | &nbsp;&nbsp; 7-1-2046 | 10000000 | &nbsp;&nbsp; 10066145 |

---

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

52 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| South Dakota HEFA Avera Health Obligated Group Series A | 5.25<br> %<br>| &nbsp;&nbsp; 7-1-2054 | $10000000 | &nbsp;&nbsp; $10497982 |
| South Dakota HEFA Sanford Obligated Group Series B | 5.00 | &nbsp;&nbsp; 11-1-2040 | 1200000 | &nbsp;&nbsp; 1336135 |
|  |  |  |  | &nbsp;&nbsp; **21900262** |
| **Housing revenue: 0.05%** |  |  |  |  |
| &nbsp;&nbsp; South Dakota Board of Regents Housing & Auxiliary Facilities <br> System<br>| 5.00 | &nbsp;&nbsp; 4-1-2026 | 1540000 | &nbsp;&nbsp; 1548770 |
| &nbsp;&nbsp; South Dakota Board of Regents Housing & Auxiliary Facilities <br> System<br>| 5.00 | &nbsp;&nbsp; 4-1-2032 | 1010000 | &nbsp;&nbsp; 1042442 |
| &nbsp;&nbsp; South Dakota Board of Regents Housing & Auxiliary Facilities <br> System<br>| 5.00 | &nbsp;&nbsp; 4-1-2033 | 1250000 | &nbsp;&nbsp; 1288035 |
|  |  |  |  | &nbsp;&nbsp; **3879247** |
|  |  |  |  | &nbsp;&nbsp; **31997815** |
| **Tennessee: 1.81%** |  |  |  |  |
| **Airport revenue: 0.31%** |  |  |  |  |
| Metropolitan Knoxville Airport Authority Series A | 5.25 | &nbsp;&nbsp; 6-1-2049 | 4250000 | &nbsp;&nbsp; 4481924 |
| Metropolitan Nashville Airport Authority Series B AMT | 5.25 | &nbsp;&nbsp; 7-1-2047 | 15750000 | &nbsp;&nbsp; 16281110 |
| Metropolitan Nashville Airport Authority Series B AMT | 5.50 | &nbsp;&nbsp; 7-1-2052 | 5000000 | &nbsp;&nbsp; 5219716 |
|  |  |  |  | &nbsp;&nbsp; **25982750** |
| **Health revenue: 0.45%** |  |  |  |  |
| &nbsp;&nbsp; Chattanooga Health Educational & Housing Facility Board Erlanger <br> Health Obligated Group<br>| 5.25 | &nbsp;&nbsp; 12-1-2049 | 8500000 | &nbsp;&nbsp; 8816050 |
| &nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & <br> Educational Facilities Board Vanderbilt University Medical Center <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2046 | 4000000 | &nbsp;&nbsp; 4003795 |
| &nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & <br> Educational Facilities Board Vanderbilt University Medical Center <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2048 | 2750000 | &nbsp;&nbsp; 2760726 |
| &nbsp;&nbsp; Shelby County Health Educational & Housing Facilities Board <br> Methodist Le Bonheur Healthcare Obligated Group Series A (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 6-1-2035 | 16000000 | &nbsp;&nbsp; 17990269 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2022-<br> BAML5024 (Bank of America N.A. LOC, Bank of America N.A. <br> LIQ)144Aø<br>| 2.58 | &nbsp;&nbsp; 9-1-2036 | 3965000 | &nbsp;&nbsp; 3965000 |
|  |  |  |  | &nbsp;&nbsp; **37535840** |
| **Miscellaneous revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Sports <br> Authority Stadium Project Series A (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 7-1-2048 | 4000000 | &nbsp;&nbsp; 4199611 |
| &nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Sports <br> Authority Stadium Project Series B (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2041 | 2015000 | &nbsp;&nbsp; 2164019 |
| &nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Sports <br> Authority Stadium Project Series B (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2043 | 2515000 | &nbsp;&nbsp; 2650959 |
|  |  |  |  | &nbsp;&nbsp; **9014589** |
| **Utilities revenue: 0.94%** |  |  |  |  |
| Tennergy Corp. Series Aøø | 4.00 | &nbsp;&nbsp; 12-1-2051 | 29050000 | &nbsp;&nbsp; 29543458 |

---

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

Allspring Municipal Bond Fund \| 53

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |
| Tennergy Corp. Series Aøø | 5.50<br> %<br>| &nbsp;&nbsp; 10-1-2053 | $10000000 | &nbsp;&nbsp; $10726199 |
| Tennessee Energy Acquisition Corp. Gas Project Series A-1øø | 5.00 | &nbsp;&nbsp; 5-1-2053 | 13000000 | &nbsp;&nbsp; 13365262 |
| Tennessee Energy Acquisition Corp. Series A | 5.00 | &nbsp;&nbsp; 12-1-2035 | 20000000 | &nbsp;&nbsp; 21505792 |
| Tennessee Energy Acquisition Corp. Series Aøø | 5.00 | &nbsp;&nbsp; 5-1-2052 | 2640000 | &nbsp;&nbsp; 2820291 |
| Tennessee Energy Acquisition Corp. Series A | 5.25 | &nbsp;&nbsp; 9-1-2026 | 605000 | &nbsp;&nbsp; 611155 |
|  |  |  |  | &nbsp;&nbsp; **78572157** |
|  |  |  |  | &nbsp;&nbsp; **151105336** |
| **Texas: 9.14%** |  |  |  |  |
| **Airport revenue: 0.49%** |  |  |  |  |
| City of Austin Airport System Revenue AMT | 5.00 | &nbsp;&nbsp; 11-15-2039 | 8000000 | &nbsp;&nbsp; 8001787 |
| City of Austin Airport System Revenue AMT | 5.00 | &nbsp;&nbsp; 11-15-2040 | 3000000 | &nbsp;&nbsp; 3167766 |
| City of Austin Airport System Revenue AMT | 5.00 | &nbsp;&nbsp; 11-15-2044 | 3500000 | &nbsp;&nbsp; 3500782 |
| City of Houston Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2041 | 4750000 | &nbsp;&nbsp; 4839984 |
| Dallas Fort Worth International Airport Series A-1 AMT | 5.25 | &nbsp;&nbsp; 11-1-2043 | 5000000 | &nbsp;&nbsp; 5335719 |
| Dallas Fort Worth International Airport Series A-2 AMTøø | 5.00 | &nbsp;&nbsp; 11-1-2050 | 5000000 | &nbsp;&nbsp; 5471479 |
| Dallas Fort Worth International Airport Series B | 5.00 | &nbsp;&nbsp; 11-1-2050 | 8000000 | &nbsp;&nbsp; 8257992 |
| Port Authority of Houston of Harris County | 4.00 | &nbsp;&nbsp; 10-1-2039 | 2500000 | &nbsp;&nbsp; 2536078 |
|  |  |  |  | &nbsp;&nbsp; **41111587** |
| **Education revenue: 0.44%** |  |  |  |  |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. BASIS Texas Charter <br> Schools, Inc.144A<br>| 4.88 | &nbsp;&nbsp; 6-15-2059 | 1000000 | &nbsp;&nbsp; 892403 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. BASIS Texas Charter <br> Schools, Inc.144A<br>| 5.00 | &nbsp;&nbsp; 6-15-2064 | 1200000 | &nbsp;&nbsp; 1074825 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. BASIS Texas Charter <br> Schools, Inc.144A<br>| 5.13 | &nbsp;&nbsp; 6-15-2040 | 2735000 | &nbsp;&nbsp; 2800467 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. School of Excellence in <br> Education Series A144A<br>| 6.00 | &nbsp;&nbsp; 2-15-2042 | 500000 | &nbsp;&nbsp; 494115 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. IDEA Public Schools <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-15-2047 | 3000000 | &nbsp;&nbsp; 2662961 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. IDEA Public Schools <br> Series T<br>| 4.00 | &nbsp;&nbsp; 8-15-2047 | 2500000 | &nbsp;&nbsp; 2317806 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. International Leadership of <br> Texas, Inc. Series A<br>| 5.25 | &nbsp;&nbsp; 2-15-2045 | 4225000 | &nbsp;&nbsp; 4476407 |
| Clifton Higher Education Finance Corp. Series Bøø | 4.00 | &nbsp;&nbsp; 2-15-2055 | 8000000 | &nbsp;&nbsp; 8355110 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. Valor Texas Education <br> Foundation Series A144A<br>| 5.50 | &nbsp;&nbsp; 6-15-2033 | 2945000 | &nbsp;&nbsp; 3009833 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. Valor Texas Education <br> Foundation Series A144A<br>| 6.00 | &nbsp;&nbsp; 6-15-2048 | 3000000 | &nbsp;&nbsp; 2842171 |
| Southwest Higher Education Authority, Inc. Methodist University | 5.00 | &nbsp;&nbsp; 10-1-2030 | 1460000 | &nbsp;&nbsp; 1510640 |
| Southwest Higher Education Authority, Inc. Methodist University | 5.00 | &nbsp;&nbsp; 10-1-2032 | 650000 | &nbsp;&nbsp; 670675 |
| Southwest Higher Education Authority, Inc. Methodist University | 5.00 | &nbsp;&nbsp; 10-1-2039 | 750000 | &nbsp;&nbsp; 765562 |
| Southwest Higher Education Authority, Inc. Methodist University | 5.00 | &nbsp;&nbsp; 10-1-2040 | 1000000 | &nbsp;&nbsp; 1018562 |
| Southwest Higher Education Authority, Inc. Methodist University | 5.00 | &nbsp;&nbsp; 10-1-2041 | 900000 | &nbsp;&nbsp; 915045 |
| University of Houston Series A | 5.00 | &nbsp;&nbsp; 2-15-2047 | 3000000 | &nbsp;&nbsp; 3100090 |
|  |  |  |  | &nbsp;&nbsp; **36906672** |

---

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

54 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue: 2.54%** |  |  |  |  |
| Alamo Community College District | 5.00<br> %<br>| &nbsp;&nbsp; 8-15-2040 | $2500000 | &nbsp;&nbsp; $2752620 |
| Alamo Community College District | 5.00 | &nbsp;&nbsp; 8-15-2046 | 6150000 | &nbsp;&nbsp; 6467357 |
| City of Aubrey Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 2-15-2049 | 3000000 | &nbsp;&nbsp; 2692817 |
| City of Bastrop | 4.00 | &nbsp;&nbsp; 8-1-2045 | 5715000 | &nbsp;&nbsp; 5304964 |
| City of DeSoto | 4.00 | &nbsp;&nbsp; 2-15-2041 | 2340000 | &nbsp;&nbsp; 2354367 |
| City of El Paso | 4.00 | &nbsp;&nbsp; 8-15-2031 | 6500000 | &nbsp;&nbsp; 6531348 |
| City of Georgetown | 4.00 | &nbsp;&nbsp; 8-15-2043 | 2140000 | &nbsp;&nbsp; 2117028 |
| City of Houston Series A | 4.00 | &nbsp;&nbsp; 3-1-2034 | 1000000 | &nbsp;&nbsp; 1007799 |
| City of Houston Series A | 5.25 | &nbsp;&nbsp; 3-1-2049 | 20000000 | &nbsp;&nbsp; 21275006 |
| City of Hutto (BAM Insured) | 4.13 | &nbsp;&nbsp; 8-1-2049 | 5000000 | &nbsp;&nbsp; 4745775 |
| City of Palestine (AG Insured) | 4.00 | &nbsp;&nbsp; 2-15-2051 | 4000000 | &nbsp;&nbsp; 3590192 |
| City of Port Isabel144A | 5.10 | &nbsp;&nbsp; 2-15-2049 | 880000 | &nbsp;&nbsp; 841588 |
| City of San Antonio | 5.00 | &nbsp;&nbsp; 2-1-2039 | 2355000 | &nbsp;&nbsp; 2659896 |
| City of San Antonio | 5.00 | &nbsp;&nbsp; 2-1-2045 | 3095000 | &nbsp;&nbsp; 3297271 |
| City of Sugar Land | 5.00 | &nbsp;&nbsp; 2-15-2030 | 1250000 | &nbsp;&nbsp; 1282576 |
| City of Waco Series A | 5.25 | &nbsp;&nbsp; 2-1-2054 | 6000000 | &nbsp;&nbsp; 6365155 |
| County of Dallas | 5.00 | &nbsp;&nbsp; 8-15-2042 | 4275000 | &nbsp;&nbsp; 4599307 |
| County of Travis Series A | 5.00 | &nbsp;&nbsp; 3-1-2036 | 12470000 | &nbsp;&nbsp; 13228094 |
| County of Travis Series A | 5.00 | &nbsp;&nbsp; 3-1-2039 | 6250000 | &nbsp;&nbsp; 6572892 |
| Denton Independent School District | 5.00 | &nbsp;&nbsp; 8-15-2053 | 8000000 | &nbsp;&nbsp; 8237326 |
| Denton Independent School District Series B1øø | 4.00 | &nbsp;&nbsp; 8-15-2055 | 5000000 | &nbsp;&nbsp; 5165570 |
| El Paso County Hospital District (AG Insured) | 5.00 | &nbsp;&nbsp; 8-15-2042 | 4615000 | &nbsp;&nbsp; 4887829 |
| El Paso County Hospital District (AG Insured) | 5.00 | &nbsp;&nbsp; 8-15-2043 | 3500000 | &nbsp;&nbsp; 3670093 |
| Fort Worth Independent School District | 5.00 | &nbsp;&nbsp; 2-15-2047 | 5935000 | &nbsp;&nbsp; 6025514 |
| Harris County Flood Control District Series A | 4.00 | &nbsp;&nbsp; 9-15-2042 | 3545000 | &nbsp;&nbsp; 3543571 |
| Hays Consolidated Independent School District | 5.25 | &nbsp;&nbsp; 2-15-2042 | 1500000 | &nbsp;&nbsp; 1661106 |
| Hays Consolidated Independent School District | 5.25 | &nbsp;&nbsp; 2-15-2043 | 2000000 | &nbsp;&nbsp; 2193020 |
| Montgomery County Municipal Utility District No. 108 (AG Insured) | 4.00 | &nbsp;&nbsp; 9-1-2050 | 4260000 | &nbsp;&nbsp; 3708716 |
| Nacogdoches Independent School District | 5.00 | &nbsp;&nbsp; 2-15-2049 | 8560000 | &nbsp;&nbsp; 8763115 |
| Northside Independent School Districtøø | 3.55 | &nbsp;&nbsp; 6-1-2050 | 4500000 | &nbsp;&nbsp; 4554367 |
| Pasadena Independent School District | 5.00 | &nbsp;&nbsp; 2-15-2047 | 6250000 | &nbsp;&nbsp; 6473502 |
| Salado Independent School District | 5.00 | &nbsp;&nbsp; 2-15-2049 | 1605000 | &nbsp;&nbsp; 1627667 |
| San Antonio Independent School District | 5.00 | &nbsp;&nbsp; 8-15-2048 | 10140000 | &nbsp;&nbsp; 10142641 |
| Socorro Independent School District | 4.00 | &nbsp;&nbsp; 8-15-2040 | 5000000 | &nbsp;&nbsp; 4995572 |
| Splendora Independent School District | 5.00 | &nbsp;&nbsp; 2-15-2054 | 8820000 | &nbsp;&nbsp; 9129419 |
| Spring Independent School District | 5.25 | &nbsp;&nbsp; 8-15-2045 | 6315000 | &nbsp;&nbsp; 6879200 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XG0506 (Toronto-Dominion Bank LIQ)144Aø<br>| 3.36 | &nbsp;&nbsp; 8-1-2053 | 5285000 | &nbsp;&nbsp; 5285000 |
| Viridian Municipal Management District (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-1-2033 | 555000 | &nbsp;&nbsp; 555211 |
| Viridian Municipal Management District (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-1-2034 | 1465000 | &nbsp;&nbsp; 1465431 |
| Viridian Municipal Management District (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-1-2035 | 1520000 | &nbsp;&nbsp; 1520290 |
| Viridian Municipal Management District (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-1-2036 | 1585000 | &nbsp;&nbsp; 1585145 |
| Waller Consolidated Independent School District (BAM Insured) | 5.00 | &nbsp;&nbsp; 2-15-2041 | 5005000 | &nbsp;&nbsp; 5389475 |
| Waller Consolidated Independent School District (BAM Insured) | 5.00 | &nbsp;&nbsp; 2-15-2043 | 6885000 | &nbsp;&nbsp; 7310926 |
|  |  |  |  | &nbsp;&nbsp; **212455758** |

---

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

Allspring Municipal Bond Fund \| 55

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.57%** |  |  |  |  |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Texas <br> Children's Hospital Obligated Group<br>| 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2027 | $3000000 | &nbsp;&nbsp; $3003443 |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Texas <br> Children's Hospital Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 10-1-2037 | 3000000 | &nbsp;&nbsp; 3025912 |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Texas <br> Children's Hospital Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 10-1-2038 | 2300000 | &nbsp;&nbsp; 2314861 |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Texas <br> Children's Hospital Obligated Group Series A (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 10-1-2037 | 3000000 | &nbsp;&nbsp; 3047960 |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Texas <br> Children's Hospital Obligated Group Series A (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 10-1-2038 | 3000000 | &nbsp;&nbsp; 3035074 |
| Midland County Hospital District Series A (BAM Insured) | 5.25 | &nbsp;&nbsp; 5-15-2054 | 3000000 | &nbsp;&nbsp; 3116725 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Brazos <br> Presbyterian Homes Obligated Group<br>| 5.25 | &nbsp;&nbsp; 1-1-2036 | 1520000 | &nbsp;&nbsp; 1662513 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Children's <br> Health System of Texas Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 8-15-2033 | 2050000 | &nbsp;&nbsp; 2067064 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Children's <br> Health System of Texas Obligated Group Series A<br>| 5.25 | &nbsp;&nbsp; 8-15-2045 | 10000000 | &nbsp;&nbsp; 10754327 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. Baylor <br> Scott & White Health Obligated Group Series D<br>| 5.50 | &nbsp;&nbsp; 11-15-2047 | 7025000 | &nbsp;&nbsp; 7433009 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. <br> CHRISTUS Health Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2053 | 5625000 | &nbsp;&nbsp; 5714405 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. <br> Cumberland Rest, Inc. Obligated Group<br>| 5.00 | &nbsp;&nbsp; 10-1-2044 | 1375000 | &nbsp;&nbsp; 1386826 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. <br> Cumberland Rest, Inc. Obligated Group<br>| 5.00 | &nbsp;&nbsp; 10-1-2049 | 1000000 | &nbsp;&nbsp; 983829 |
|  |  |  |  | &nbsp;&nbsp; **47545948** |
| **Housing revenue: 0.26%** |  |  |  |  |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2024-MIZ9158 (Mizuho Capital <br> Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144Aø<br>| 3.55 | &nbsp;&nbsp; 3-1-2038 | 1120000 | &nbsp;&nbsp; 1120000 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Bella Vida <br> Forefront Living Obligated Group Series 2025B-2<br>| 4.63 | &nbsp;&nbsp; 10-1-2030 | 2775000 | &nbsp;&nbsp; 2786811 |
| &nbsp;&nbsp; Texas Department of Housing & Community Affairs Series A (GNMA <br> Insured)<br>| 5.13 | &nbsp;&nbsp; 9-1-2048 | 3000000 | &nbsp;&nbsp; 3059960 |
| &nbsp;&nbsp; Texas Department of Housing & Community Affairs Series A (GNMA <br> Insured)<br>| 5.25 | &nbsp;&nbsp; 9-1-2053 | 3000000 | &nbsp;&nbsp; 3064995 |
| Texas PFA Facilities Commission | 4.00 | &nbsp;&nbsp; 2-1-2036 | 2175000 | &nbsp;&nbsp; 2200114 |
| Texas PFA Facilities Commission Series 2019 | 4.00 | &nbsp;&nbsp; 2-1-2034 | 5000000 | &nbsp;&nbsp; 5100511 |
| Texas PFA Facilities Commission Series 2019 | 4.00 | &nbsp;&nbsp; 2-1-2035 | 2000000 | &nbsp;&nbsp; 2032532 |
| &nbsp;&nbsp; Travis County Housing Finance Corp. Austin Gateway <br> Apartments LPøø<br>| 4.13 | &nbsp;&nbsp; 6-1-2045 | 2000000 | &nbsp;&nbsp; 2003997 |
|  |  |  |  | &nbsp;&nbsp; **21368920** |
| **Industrial development revenue: 0.37%** |  |  |  |  |
| &nbsp;&nbsp; City of Houston Airport System Revenue United Airlines, Inc. <br> Series B AMT<br>| 5.25 | &nbsp;&nbsp; 7-15-2034 | 15000000 | &nbsp;&nbsp; 16138686 |
| &nbsp;&nbsp; City of Houston Airport System Revenue United Airlines, Inc. <br> Series B AMT<br>| 5.50 | &nbsp;&nbsp; 7-15-2035 | 4000000 | &nbsp;&nbsp; 4365419 |

---

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

56 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Industrial development revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; City of Houston Airport System Revenue United Airlines, Inc. <br> Series B-2 AMT<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-15-2027 | $2500000 | &nbsp;&nbsp; $2540963 |
| Harris County Industrial Development Corp. Energy Transfer LPøø | 4.05 | &nbsp;&nbsp; 11-1-2050 | 5000000 | &nbsp;&nbsp; 5145005 |
| &nbsp;&nbsp; Port of Beaumont Navigation District Jefferson 2020 Bond Lessee & <br> Borrower LLC Obligated Group Series A AMT144A<br>| 5.13 | &nbsp;&nbsp; 1-1-2044 | 2000000 | &nbsp;&nbsp; 1955873 |
| &nbsp;&nbsp; Port of Beaumont Navigation District Jefferson 2020 Bond Lessee & <br> Borrower LLC Obligated Group Series A AMT144A<br>| 5.25 | &nbsp;&nbsp; 1-1-2054 | 1000000 | &nbsp;&nbsp; 953772 |
|  |  |  |  | &nbsp;&nbsp; **31099718** |
| **Miscellaneous revenue: 0.62%** |  |  |  |  |
| &nbsp;&nbsp; Greater Texoma Utility Authority City of Sherman Water & Sewer <br> System Revenue (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2048 | 20000000 | &nbsp;&nbsp; 20604850 |
| &nbsp;&nbsp; Greater Texoma Utility Authority City of Sherman Water & Sewer <br> System Revenue (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2040 | 1000000 | &nbsp;&nbsp; 1098673 |
| &nbsp;&nbsp; Greater Texoma Utility Authority City of Sherman Water & Sewer <br> System Revenue (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 10-1-2044 | 2000000 | &nbsp;&nbsp; 2150900 |
| &nbsp;&nbsp; Greater Texoma Utility Authority City of Sherman Water & Sewer <br> System Revenue Series A (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 10-1-2048 | 10000000 | &nbsp;&nbsp; 10452535 |
| &nbsp;&nbsp; Greater Texoma Utility Authority City of Sherman Water & Sewer <br> System Revenue Series R (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2049 | 10000000 | &nbsp;&nbsp; 10345614 |
| &nbsp;&nbsp; Lower Colorado River Authority Transmission Services Corp. <br> Series A<br>| 5.50 | &nbsp;&nbsp; 5-15-2047 | 1990000 | &nbsp;&nbsp; 2115714 |
| &nbsp;&nbsp; Lower Colorado River Authority Transmission Services Corp. <br> Series A (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 5-15-2043 | 5000000 | &nbsp;&nbsp; 4896455 |
|  |  |  |  | &nbsp;&nbsp; **51664741** |
| **Resource recovery revenue: 0.18%** |  |  |  |  |
| Mission Economic Development Corp. Republic Services, Inc. AMT | 3.50 | &nbsp;&nbsp; 1-1-2026 | 6050000 | &nbsp;&nbsp; 6050000 |
| &nbsp;&nbsp; Mission Economic Development Corp. Republic Services, Inc. <br> Series A AMTø<br>| 3.45 | &nbsp;&nbsp; 5-1-2050 | 8750000 | &nbsp;&nbsp; 8751186 |
|  |  |  |  | &nbsp;&nbsp; **14801186** |
| **Tax revenue: 0.18%** |  |  |  |  |
| City of Dallas Fair Park Venue Project144Aøø | 6.25 | &nbsp;&nbsp; 8-15-2053 | 6825000 | &nbsp;&nbsp; 6828769 |
| &nbsp;&nbsp; Old Spanish Trail-Alemda Corridors RDA City of Houston <br> Reinvestment Zone No. 7 (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 9-1-2036 | 1125000 | &nbsp;&nbsp; 1126050 |
| &nbsp;&nbsp; Old Spanish Trail-Alemda Corridors RDA City of Houston <br> Reinvestment Zone No. 7 (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 9-1-2037 | 1430000 | &nbsp;&nbsp; 1430611 |
| &nbsp;&nbsp; VIA Metropolitan Transit Advanced Transportation District Sales Tax <br> Revenue<br>| 5.00 | &nbsp;&nbsp; 8-1-2049 | 5500000 | &nbsp;&nbsp; 5771105 |
|  |  |  |  | &nbsp;&nbsp; **15156535** |
| **Transportation revenue: 0.94%** |  |  |  |  |
| Central Texas Regional Mobility Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2044 | 3000000 | &nbsp;&nbsp; 3085528 |
| Central Texas Regional Mobility Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2049 | 2450000 | &nbsp;&nbsp; 2496629 |
| Central Texas Regional Mobility Authority Series B | 4.00 | &nbsp;&nbsp; 1-1-2041 | 800000 | &nbsp;&nbsp; 797013 |
| Central Texas Regional Mobility Authority Series B | 5.00 | &nbsp;&nbsp; 1-1-2046 | 1600000 | &nbsp;&nbsp; 1643972 |
| Central Texas Turnpike System Series C | 5.00 | &nbsp;&nbsp; 8-15-2042 | 5000000 | &nbsp;&nbsp; 5409348 |
| County of Harris Toll Road Revenue | 4.00 | &nbsp;&nbsp; 8-15-2050 | 3175000 | &nbsp;&nbsp; 2829420 |

---

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

Allspring Municipal Bond Fund \| 57

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue**(continued) |  |  |  |  |
| Grand Parkway Transportation Corp. Series B CCAB | 4.95<br> %<br>| &nbsp;&nbsp; 10-1-2029 | $1015000 | &nbsp;&nbsp; $1075038 |
| Grand Parkway Transportation Corp. Series B CCAB | 5.05 | &nbsp;&nbsp; 10-1-2030 | 2000000 | &nbsp;&nbsp; 2135667 |
| Grand Parkway Transportation Corp. Series C | 4.00 | &nbsp;&nbsp; 10-1-2039 | 2500000 | &nbsp;&nbsp; 2510745 |
| North Texas Tollway Authority Series A | 5.25 | &nbsp;&nbsp; 1-1-2038 | 3500000 | &nbsp;&nbsp; 3873664 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XF3487 <br> (Morgan Stanley Bank LIQ)144Aø<br>| 3.39 | &nbsp;&nbsp; 10-1-2055 | 6400000 | &nbsp;&nbsp; 6400000 |
| &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp. NTE <br> Mobility Partners LLC Series A<br>| 4.00 | &nbsp;&nbsp; 12-31-2037 | 3000000 | &nbsp;&nbsp; 3012804 |
| Texas Transportation Finance Corp. Series A | 5.25 | &nbsp;&nbsp; 10-1-2050 | 41000000 | &nbsp;&nbsp; 43607252 |
|  |  |  |  | &nbsp;&nbsp; **78877080** |
| **Utilities revenue: 0.63%** |  |  |  |  |
| City of San Antonio Electric & Gas Systems Revenue Series B | 5.25 | &nbsp;&nbsp; 2-1-2049 | 5000000 | &nbsp;&nbsp; 5316890 |
| City of San Antonio Electric & Gas Systems Revenue Series D | 5.25 | &nbsp;&nbsp; 2-1-2049 | 6455000 | &nbsp;&nbsp; 6883609 |
| City of San Antonio Electric & Gas Systems Revenue Series D | 5.25 | &nbsp;&nbsp; 2-1-2054 | 15000000 | &nbsp;&nbsp; 15900437 |
| &nbsp;&nbsp; Lower Colorado River Authority LCRA Transmission Services Corp. <br> Series A (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 5-15-2043 | 7000000 | &nbsp;&nbsp; 7616036 |
| Lower Colorado River Authority Series Bøø | 5.00 | &nbsp;&nbsp; 5-15-2045 | 10000000 | &nbsp;&nbsp; 11059584 |
| Texas Municipal Gas Acquisition & Supply Corp. III | 5.00 | &nbsp;&nbsp; 12-15-2032 | 5000000 | &nbsp;&nbsp; 5396993 |
|  |  |  |  | &nbsp;&nbsp; **52173549** |
| **Water & sewer revenue: 1.92%** |  |  |  |  |
| City of Austin Water & Wastewater System Revenue | 5.00 | &nbsp;&nbsp; 11-15-2045 | 15065000 | &nbsp;&nbsp; 15165148 |
| City of Brownsville Utilities System Revenue (BAM Insured) | 5.00 | &nbsp;&nbsp; 9-1-2046 | 1000000 | &nbsp;&nbsp; 1027658 |
| City of Brownsville Utilities System Revenue (BAM Insured) | 5.00 | &nbsp;&nbsp; 9-1-2051 | 1000000 | &nbsp;&nbsp; 1020591 |
| City of Dallas Waterworks & Sewer System Revenue Series A | 5.00 | &nbsp;&nbsp; 10-1-2030 | 3810000 | &nbsp;&nbsp; 3816223 |
| City of Dallas Waterworks & Sewer System Revenue Series A | 5.00 | &nbsp;&nbsp; 10-1-2047 | 12000000 | &nbsp;&nbsp; 12648966 |
| City of Houston Combined Utility System Revenue Series A | 4.00 | &nbsp;&nbsp; 11-15-2046 | 2800000 | &nbsp;&nbsp; 2643087 |
| City of McKinney Waterworks & Sewer System Revenue | 4.00 | &nbsp;&nbsp; 3-15-2044 | 8320000 | &nbsp;&nbsp; 8016914 |
| San Antonio Water System Series A | 5.00 | &nbsp;&nbsp; 5-15-2043 | 7000000 | &nbsp;&nbsp; 7162149 |
| San Antonio Water System Series A (Truist Bank SPA)ø | 2.50 | &nbsp;&nbsp; 5-1-2054 | 15200000 | &nbsp;&nbsp; 15200000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XF3259 (Bank of America N.A. LIQ)144Aø<br>| 2.60 | &nbsp;&nbsp; 10-15-2051 | 7175000 | &nbsp;&nbsp; 7175000 |
| Texas Water Development Board State Revolving Fund | 4.00 | &nbsp;&nbsp; 8-1-2038 | 2500000 | &nbsp;&nbsp; 2554258 |
| &nbsp;&nbsp; Texas Water Development Board State Water Implementation <br> Revenue Fund Series A<br>| 4.00 | &nbsp;&nbsp; 10-15-2036 | 5000000 | &nbsp;&nbsp; 5031835 |
| &nbsp;&nbsp; Texas Water Development Board State Water Implementation <br> Revenue Fund Series A<br>| 4.00 | &nbsp;&nbsp; 10-15-2037 | 15650000 | &nbsp;&nbsp; 15762333 |
| &nbsp;&nbsp; Texas Water Development Board State Water Implementation <br> Revenue Fund Series A<br>| 4.00 | &nbsp;&nbsp; 10-15-2038 | 6500000 | &nbsp;&nbsp; 6600248 |
| &nbsp;&nbsp; Texas Water Development Board State Water Implementation <br> Revenue Fund Series A<br>| 4.00 | &nbsp;&nbsp; 10-15-2044 | 9905000 | &nbsp;&nbsp; 9662645 |
| &nbsp;&nbsp; Texas Water Development Board State Water Implementation <br> Revenue Fund Series B<br>| 5.00 | &nbsp;&nbsp; 4-15-2049 | 42000000 | &nbsp;&nbsp; 42840592 |

---

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

58 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Water & sewer revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Trinity River Authority Denton Creek Wastewater Treatment System <br> Revenue<br>| 4.00<br> %<br>| &nbsp;&nbsp; 2-1-2043 | $2625000 | &nbsp;&nbsp; $2525567 |
| &nbsp;&nbsp; Trinity River Authority Denton Creek Wastewater Treatment System <br> Revenue<br>| 4.00 | &nbsp;&nbsp; 2-1-2044 | 1380000 | &nbsp;&nbsp; 1307049 |
|  |  |  |  | &nbsp;&nbsp; **160160263** |
|  |  |  |  | &nbsp;&nbsp; **763321957** |
| **Utah: 0.86%** |  |  |  |  |
| **Airport revenue: 0.50%** |  |  |  |  |
| City of Salt Lake City Airport Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2034 | 5910000 | &nbsp;&nbsp; 6402482 |
| City of Salt Lake City Airport Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2035 | 5000000 | &nbsp;&nbsp; 5393330 |
| City of Salt Lake City Airport Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2036 | 2500000 | &nbsp;&nbsp; 2584707 |
| City of Salt Lake City Airport Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2043 | 2500000 | &nbsp;&nbsp; 2530612 |
| City of Salt Lake City Airport Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2048 | 5500000 | &nbsp;&nbsp; 5532135 |
| City of Salt Lake City Airport Revenue Series A AMT | 5.25 | &nbsp;&nbsp; 7-1-2048 | 13500000 | &nbsp;&nbsp; 13919237 |
| City of Salt Lake City Airport Revenue Series B | 5.00 | &nbsp;&nbsp; 7-1-2043 | 1500000 | &nbsp;&nbsp; 1532942 |
| City of Salt Lake City Airport Revenue Series B | 5.00 | &nbsp;&nbsp; 7-1-2048 | 3500000 | &nbsp;&nbsp; 3548400 |
|  |  |  |  | &nbsp;&nbsp; **41443845** |
| **Health revenue: 0.12%** |  |  |  |  |
| County of Utah Intermountain Healthcare Obligated Group Series A | 4.00 | &nbsp;&nbsp; 5-15-2041 | 8220000 | &nbsp;&nbsp; 8140339 |
| County of Utah Intermountain Healthcare Obligated Group Series A | 4.00 | &nbsp;&nbsp; 5-15-2045 | 2000000 | &nbsp;&nbsp; 1831246 |
|  |  |  |  | &nbsp;&nbsp; **9971585** |
| **Housing revenue: 0.01%** |  |  |  |  |
| Utah Housing Corp. Series C (GNMA / FNMA / FHLMC Insured) | 4.70 | &nbsp;&nbsp; 1-1-2054 | 1240000 | &nbsp;&nbsp; **1240176** |
| **Miscellaneous revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; MIDA Mountain Village Public Infrastructure District Assessment <br> Area No. 2144A<br>| 4.00 | &nbsp;&nbsp; 8-1-2050 | 1385000 | &nbsp;&nbsp; 1180268 |
| Point Phase 1 Public Infrastructure District No. 1 Series A-1 | 5.88 | &nbsp;&nbsp; 3-1-2045 | 2000000 | &nbsp;&nbsp; 2066045 |
|  |  |  |  | &nbsp;&nbsp; **3246313** |
| **Tax revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; Downtown Revitalization Public Infrastructure District Salt Lake City <br> Revitalization Sales Tax Revenue Series C144A<br>| 5.00 | &nbsp;&nbsp; 7-15-2035 | 2075000 | &nbsp;&nbsp; 2089687 |
| Utah Telecommunication Open Infrastructure Agency | 5.50 | &nbsp;&nbsp; 6-1-2040 | 1000000 | &nbsp;&nbsp; 1116768 |
|  |  |  |  | &nbsp;&nbsp; **3206455** |
| **Water & sewer revenue: 0.15%** |  |  |  |  |
| Timpanogos Special Service District | 5.00 | &nbsp;&nbsp; 6-1-2054 | 12000000 | &nbsp;&nbsp; **12436996** |
|  |  |  |  | &nbsp;&nbsp; **71545370** |
| **Virginia: 1.15%** |  |  |  |  |
| **Health revenue: 0.72%** |  |  |  |  |
| &nbsp;&nbsp; Albemarle County EDA Sentara Healthcare Obligated Group <br> Series A (TD Bank N.A. SPA)ø<br>| 2.30 | &nbsp;&nbsp; 10-1-2048 | 495000 | &nbsp;&nbsp; 495000 |
| Fairfax County IDA Inova Health System Obligated Group | 5.00 | &nbsp;&nbsp; 5-15-2051 | 40000000 | &nbsp;&nbsp; 41200552 |

---

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

Allspring Municipal Bond Fund \| 59

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| Fairfax County IDA Inova Health System Obligated Group Series A | 4.00<br> %<br>| &nbsp;&nbsp; 5-15-2048 | $3000000 | &nbsp;&nbsp; $2767746 |
| Roanoke County EDA Friendship Foundationøø | 5.50 | &nbsp;&nbsp; 9-1-2058 | 1495000 | &nbsp;&nbsp; 1479444 |
| &nbsp;&nbsp; Virginia Beach Development Authority Westminster-Canterbury on <br> Chesapeake Bay Obligated Group Series B-3<br>| 5.38 | &nbsp;&nbsp; 9-1-2029 | 4000000 | &nbsp;&nbsp; 4045736 |
| &nbsp;&nbsp; Virginia Commonwealth University Health System Authority <br> Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2046 | 4270000 | &nbsp;&nbsp; 4303776 |
| &nbsp;&nbsp; Virginia Small Business Financing Authority Carilion Clinic Obligated <br> Group Series A (Truist Bank LOC)ø<br>| 2.50 | &nbsp;&nbsp; 7-1-2042 | 5500000 | &nbsp;&nbsp; 5500000 |
| &nbsp;&nbsp; Winchester EDA Valley Health Obligated Group Series B-1 (Truist <br> Bank LOC)ø<br>| 2.45 | &nbsp;&nbsp; 1-1-2054 | 200000 | &nbsp;&nbsp; 200000 |
|  |  |  |  | &nbsp;&nbsp; **59992254** |
| **Housing revenue: 0.12%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> BAML6039 (Bank of America N.A. LOC, Bank of America N.A. <br> LIQ)144Aø<br>| 2.65 | &nbsp;&nbsp; 8-31-2027 | 7560000 | &nbsp;&nbsp; 7560000 |
| Virginia Commonwealth Transportation Board | 4.00 | &nbsp;&nbsp; 5-15-2046 | 3000000 | &nbsp;&nbsp; 2877007 |
|  |  |  |  | &nbsp;&nbsp; **10437007** |
| **Tax revenue: 0.01%** |  |  |  |  |
| Marquis CDA of York County Virginia CCAB144A | 7.50 | &nbsp;&nbsp; 9-1-2045 | 397000 | &nbsp;&nbsp; 138950 |
| Marquis CDA of York County Virginia Series B | 5.63 | &nbsp;&nbsp; 9-1-2041 | 1310000 | &nbsp;&nbsp; 458500 |
| Marquis CDA of York County Virginia Series C CAB¤ | 0.00 | &nbsp;&nbsp; 9-1-2041 | 1824000 | &nbsp;&nbsp; 4560 |
|  |  |  |  | &nbsp;&nbsp; **602010** |
| **Transportation revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; Virginia Small Business Financing Authority 95 Express Lanes LLC <br> AMT<br>| 4.00 | &nbsp;&nbsp; 1-1-2040 | 1800000 | &nbsp;&nbsp; 1730956 |
| &nbsp;&nbsp; Virginia Small Business Financing Authority 95 Express Lanes LLC <br> AMT<br>| 4.00 | &nbsp;&nbsp; 1-1-2048 | 6000000 | &nbsp;&nbsp; 5241647 |
| &nbsp;&nbsp; Virginia Small Business Financing Authority Elizabeth River <br> Crossings OpCo. LLC AMT<br>| 4.00 | &nbsp;&nbsp; 7-1-2029 | 1450000 | &nbsp;&nbsp; 1477454 |
| &nbsp;&nbsp; Virginia Small Business Financing Authority Elizabeth River <br> Crossings OpCo. LLC AMT<br>| 4.00 | &nbsp;&nbsp; 1-1-2040 | 3250000 | &nbsp;&nbsp; 3148518 |
|  |  |  |  | &nbsp;&nbsp; **11598575** |
| **Utilities revenue: 0.16%** |  |  |  |  |
| Wise County IDA Virginia Electric & Power Co. Series Aøø | 3.13 | &nbsp;&nbsp; 10-1-2040 | 13250000 | &nbsp;&nbsp; **13296719** |
|  |  |  |  | &nbsp;&nbsp; **95926565** |
| **Washington: 3.18%** |  |  |  |  |
| **Airport revenue: 1.05%** |  |  |  |  |
| Port of Seattle AMT | 5.00 | &nbsp;&nbsp; 4-1-2044 | 16000000 | &nbsp;&nbsp; 16234822 |
| Port of Seattle Series B AMT | 5.00 | &nbsp;&nbsp; 8-1-2047 | 2900000 | &nbsp;&nbsp; 2953334 |
| Port of Seattle Series B AMT | 5.25 | &nbsp;&nbsp; 7-1-2043 | 15500000 | &nbsp;&nbsp; 16608248 |
| Port of Seattle Series B AMT | 5.25 | &nbsp;&nbsp; 7-1-2049 | 24000000 | &nbsp;&nbsp; 24794126 |
| Port of Seattle Series B AMT | 5.50 | &nbsp;&nbsp; 8-1-2047 | 3850000 | &nbsp;&nbsp; 4037661 |
| Port of Seattle Series C AMT | 5.00 | &nbsp;&nbsp; 8-1-2046 | 7865000 | &nbsp;&nbsp; 7989556 |

---

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

60 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airport revenue**(continued) |  |  |  |  |
| Port of Seattle Series C AMT | 5.25<br> %<br>| &nbsp;&nbsp; 5-1-2042 | $12000000 | &nbsp;&nbsp; $12134929 |
| Washington EDFA AMTøø | 5.88 | &nbsp;&nbsp; 12-1-2045 | 2500000 | &nbsp;&nbsp; 2511223 |
|  |  |  |  | &nbsp;&nbsp; **87263899** |
| **Education revenue: 0.09%** |  |  |  |  |
| University of Washington | 5.00 | &nbsp;&nbsp; 4-1-2048 | 5000000 | &nbsp;&nbsp; 5043038 |
| Washington Higher Education Facilities Authority Seattle University | 4.00 | &nbsp;&nbsp; 5-1-2045 | 1000000 | &nbsp;&nbsp; 905729 |
| Washington Higher Education Facilities Authority Seattle University | 5.00 | &nbsp;&nbsp; 5-1-2030 | 760000 | &nbsp;&nbsp; 820037 |
| Washington Higher Education Facilities Authority Seattle University | 5.00 | &nbsp;&nbsp; 5-1-2032 | 335000 | &nbsp;&nbsp; 361929 |
| Washington Higher Education Facilities Authority Seattle University | 5.00 | &nbsp;&nbsp; 5-1-2033 | 300000 | &nbsp;&nbsp; 322782 |
|  |  |  |  | &nbsp;&nbsp; **7453515** |
| **GO revenue: 1.10%** |  |  |  |  |
| City of Seattle | 4.00 | &nbsp;&nbsp; 12-1-2040 | 2500000 | &nbsp;&nbsp; 2496792 |
| Clark County School District No. 114 Evergreen | 4.00 | &nbsp;&nbsp; 12-1-2034 | 2500000 | &nbsp;&nbsp; 2559505 |
| County of Grant | 5.25 | &nbsp;&nbsp; 12-1-2047 | 3500000 | &nbsp;&nbsp; 3678389 |
| Grant County Public Hospital District No. 2 | 5.00 | &nbsp;&nbsp; 12-1-2038 | 4000000 | &nbsp;&nbsp; 4154071 |
| King County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2029 | 8940000 | &nbsp;&nbsp; 9101274 |
| King County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2035 | 9430000 | &nbsp;&nbsp; 9548928 |
| King County School District No. 210 Federal Way | 4.00 | &nbsp;&nbsp; 12-1-2033 | 10000000 | &nbsp;&nbsp; 10198636 |
| King County School District No. 414 Lake Washington | 5.00 | &nbsp;&nbsp; 12-1-2034 | 1000000 | &nbsp;&nbsp; 1051183 |
| Port of Seattle Series B AMT | 5.00 | &nbsp;&nbsp; 6-1-2047 | 9825000 | &nbsp;&nbsp; 10109606 |
| Port of Seattle Series B AMT | 5.00 | &nbsp;&nbsp; 6-1-2049 | 1000000 | &nbsp;&nbsp; 1025388 |
| State of Washington Series B | 5.00 | &nbsp;&nbsp; 8-1-2037 | 6400000 | &nbsp;&nbsp; 6461791 |
| State of Washington Series 2017-A | 5.00 | &nbsp;&nbsp; 8-1-2033 | 1500000 | &nbsp;&nbsp; 1518208 |
| State of Washington Series 2017-A | 5.00 | &nbsp;&nbsp; 8-1-2040 | 3500000 | &nbsp;&nbsp; 3526544 |
| State of Washington Series 2017-A | 5.00 | &nbsp;&nbsp; 8-1-2041 | 2500000 | &nbsp;&nbsp; 2516951 |
| State of Washington Series C | 5.00 | &nbsp;&nbsp; 2-1-2044 | 16000000 | &nbsp;&nbsp; 16839866 |
| State of Washington Series F | 5.00 | &nbsp;&nbsp; 6-1-2038 | 6500000 | &nbsp;&nbsp; 7076101 |
|  |  |  |  | &nbsp;&nbsp; **91863233** |
| **Health revenue: 0.44%** |  |  |  |  |
| Jefferson County Public Hospital District No. 2 Series A | 5.75 | &nbsp;&nbsp; 12-1-2033 | 3645000 | &nbsp;&nbsp; 3723361 |
| Jefferson County Public Hospital District No. 2 Series A | 6.63 | &nbsp;&nbsp; 12-1-2043 | 3510000 | &nbsp;&nbsp; 3703260 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority CommonSpirit Health <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2045 | 2500000 | &nbsp;&nbsp; 2607590 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority CommonSpirit Health <br> Obligated Group Series A-2<br>| 5.00 | &nbsp;&nbsp; 8-1-2038 | 3000000 | &nbsp;&nbsp; 3120207 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Fred Hutchinson <br> Cancer Center Obligated Group<br>| 4.00 | &nbsp;&nbsp; 9-1-2045 | 3000000 | &nbsp;&nbsp; 2791938 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Fred Hutchinson <br> Cancer Center Obligated Group144A<br>| 4.00 | &nbsp;&nbsp; 12-1-2045 | 2450000 | &nbsp;&nbsp; 2275198 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Fred Hutchinson <br> Cancer Center Obligated Group<br>| 5.00 | &nbsp;&nbsp; 9-1-2040 | 1000000 | &nbsp;&nbsp; 1048360 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Multicare Health <br> System Obligated Group Series B<br>| 4.00 | &nbsp;&nbsp; 8-15-2039 | 4000000 | &nbsp;&nbsp; 3965160 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Providence St. Joseph <br> Health Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2042 | 6285000 | &nbsp;&nbsp; 6287283 |

---

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

Allspring Municipal Bond Fund \| 61

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Providence St. Joseph <br> Health Obligated Group Series D<br>| 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2041 | $6000000 | &nbsp;&nbsp; $6005123 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Seattle Children's <br> Hospital Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2047 | 1055000 | &nbsp;&nbsp; 1061712 |
|  |  |  |  | &nbsp;&nbsp; **36589192** |
| **Housing revenue: 0.21%** |  |  |  |  |
| &nbsp;&nbsp; Fircrest Properties Washington Department of Social & Health <br> Services<br>| 5.50 | &nbsp;&nbsp; 6-1-2049 | 3000000 | &nbsp;&nbsp; 3225473 |
| &nbsp;&nbsp; FYI Properties State of Washington Consolidated Technology <br> Services<br>| 5.00 | &nbsp;&nbsp; 6-1-2037 | 7395000 | &nbsp;&nbsp; 7687958 |
| &nbsp;&nbsp; FYI Properties State of Washington Consolidated Technology <br> Services<br>| 5.00 | &nbsp;&nbsp; 6-1-2038 | 1750000 | &nbsp;&nbsp; 1814420 |
| &nbsp;&nbsp; FYI Properties State of Washington Consolidated Technology <br> Services<br>| 5.00 | &nbsp;&nbsp; 6-1-2039 | 5000000 | &nbsp;&nbsp; 5170871 |
|  |  |  |  | &nbsp;&nbsp; **17898722** |
| **Miscellaneous revenue: 0.10%** |  |  |  |  |
| State of Washington Series A COP | 5.00 | &nbsp;&nbsp; 7-1-2038 | 3265000 | &nbsp;&nbsp; 3344432 |
| State of Washington Series B COP | 5.00 | &nbsp;&nbsp; 7-1-2039 | 1745000 | &nbsp;&nbsp; 1837903 |
| State of Washington Series B COP | 5.00 | &nbsp;&nbsp; 7-1-2040 | 1480000 | &nbsp;&nbsp; 1550986 |
| State of Washington Series B COP | 5.00 | &nbsp;&nbsp; 7-1-2041 | 1555000 | &nbsp;&nbsp; 1622143 |
|  |  |  |  | &nbsp;&nbsp; **8355464** |
| **Utilities revenue: 0.13%** |  |  |  |  |
| City of Seattle Municipal Light & Power Revenue Series A | 4.00 | &nbsp;&nbsp; 7-1-2043 | 8210000 | &nbsp;&nbsp; 8097082 |
| City of Seattle Municipal Light & Power Revenue Series A | 4.00 | &nbsp;&nbsp; 1-1-2047 | 3360000 | &nbsp;&nbsp; 3146341 |
|  |  |  |  | &nbsp;&nbsp; **11243423** |
| **Water & sewer revenue: 0.06%** |  |  |  |  |
| County of King Sewer Revenue | 5.00 | &nbsp;&nbsp; 7-1-2042 | 4660000 | &nbsp;&nbsp; **4783477** |
|  |  |  |  | &nbsp;&nbsp; **265450925** |
| **West Virginia: 0.25%** |  |  |  |  |
| **GO revenue: 0.03%** |  |  |  |  |
| Ohio County Board of Education | 3.00 | &nbsp;&nbsp; 6-1-2026 | 2680000 | &nbsp;&nbsp; **2681736** |
| **Health revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; West Virginia Hospital Finance Authority United Health System <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2043 | 4750000 | &nbsp;&nbsp; **4975221** |
| **Housing revenue: 0.07%** |  |  |  |  |
| West Virginia Housing Development Fund Series A | 4.55 | &nbsp;&nbsp; 11-1-2049 | 6020000 | &nbsp;&nbsp; **5949215** |
| **Miscellaneous revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; County of Ohio Special District Excise Tax Revenue Fort Henry <br> Economic Opportunity Development District Excise Tax Revenue <br> Series A (AG Insured)<br>| 5.50 | &nbsp;&nbsp; 6-1-2054 | 2250000 | &nbsp;&nbsp; **2385904** |

---

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

62 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue: 0.06%** |  |  |  |  |
| Monongalia County Commission Excise Tax District Series A144A | 4.13<br> %<br>| &nbsp;&nbsp; 6-1-2043 | $1475000 | &nbsp;&nbsp; $1309997 |
| Monongalia County Commission Excise Tax District Series A144A | 5.50 | &nbsp;&nbsp; 6-1-2037 | 2500000 | &nbsp;&nbsp; 2533716 |
| Monongalia County Commission Excise Tax District Series A144A | 5.75 | &nbsp;&nbsp; 6-1-2043 | 675000 | &nbsp;&nbsp; 682053 |
|  |  |  |  | &nbsp;&nbsp; **4525766** |
|  |  |  |  | &nbsp;&nbsp; **20517842** |
| **Wisconsin: 2.72%** |  |  |  |  |
| **Education revenue: 0.56%** |  |  |  |  |
| PFA Carolina International School Series A144A | 6.75 | &nbsp;&nbsp; 8-1-2033 | 2060000 | &nbsp;&nbsp; 2062171 |
| PFA Carolina International School Series A144A | 7.00 | &nbsp;&nbsp; 8-1-2043 | 1575000 | &nbsp;&nbsp; 1576182 |
| PFA Carolina International School Series A144A | 7.20 | &nbsp;&nbsp; 8-1-2048 | 940000 | &nbsp;&nbsp; 940663 |
| PFA Nevada Charter Academies Series A144A | 5.00 | &nbsp;&nbsp; 7-15-2039 | 1375000 | &nbsp;&nbsp; 1376021 |
| PFA Northwest Nazarene University, Inc. | 4.25 | &nbsp;&nbsp; 10-1-2049 | 5410000 | &nbsp;&nbsp; 4566377 |
| PFA University of Kansas | 5.00 | &nbsp;&nbsp; 3-1-2046 | 15000000 | &nbsp;&nbsp; 15000295 |
| Wisconsin HEFA Marquette University | 5.00 | &nbsp;&nbsp; 10-1-2031 | 6690000 | &nbsp;&nbsp; 7446580 |
| Wisconsin HEFA Marquette University | 5.00 | &nbsp;&nbsp; 10-1-2032 | 7040000 | &nbsp;&nbsp; 7930344 |
| Wisconsin HEFA Medical College of Wisconsin, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2046 | 5000000 | &nbsp;&nbsp; 4491331 |
| Wisconsin HEFA Medical College of Wisconsin, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2051 | 1680000 | &nbsp;&nbsp; 1460580 |
|  |  |  |  | &nbsp;&nbsp; **46850544** |
| **GO revenue: 0.15%** |  |  |  |  |
| City of Milwaukee Series B4 (AG Insured) | 5.00 | &nbsp;&nbsp; 4-1-2038 | 3000000 | &nbsp;&nbsp; 3277196 |
| City of Milwaukee Series N3 (AG Insured) | 5.00 | &nbsp;&nbsp; 4-1-2032 | 4160000 | &nbsp;&nbsp; 4658398 |
| Verona Area School District | 4.00 | &nbsp;&nbsp; 4-1-2027 | 3385000 | &nbsp;&nbsp; 3397198 |
| Verona Area School District | 4.00 | &nbsp;&nbsp; 4-1-2028 | 1380000 | &nbsp;&nbsp; 1385415 |
|  |  |  |  | &nbsp;&nbsp; **12718207** |
| **Health revenue: 0.86%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XF3230 (BAM Insured) (Barclays Bank plc LIQ)144Aø<br>| 3.42 | &nbsp;&nbsp; 2-15-2054 | 3000000 | &nbsp;&nbsp; 3000000 |
| Wisconsin HEFA Ascension Health Credit Group Series A | 4.00 | &nbsp;&nbsp; 11-15-2046 | 3000000 | &nbsp;&nbsp; 2884117 |
| Wisconsin HEFA Ascension Health Credit Group Series A | 4.50 | &nbsp;&nbsp; 11-15-2039 | 9925000 | &nbsp;&nbsp; 9935454 |
| Wisconsin HEFA Ascension Health Credit Group Series A | 5.00 | &nbsp;&nbsp; 11-15-2035 | 12000000 | &nbsp;&nbsp; 12063493 |
| Wisconsin HEFA Ascension Health Credit Group Series B2 | 4.00 | &nbsp;&nbsp; 11-15-2043 | 5000000 | &nbsp;&nbsp; 4797164 |
| Wisconsin HEFA Aspirus, Inc. Obligated Group | 5.00 | &nbsp;&nbsp; 8-15-2052 | 9000000 | &nbsp;&nbsp; 8967654 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2041 | 1315000 | &nbsp;&nbsp; 1414955 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2042 | 2000000 | &nbsp;&nbsp; 2133459 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2043 | 3540000 | &nbsp;&nbsp; 3744255 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.50 | &nbsp;&nbsp; 12-1-2052 | 2000000 | &nbsp;&nbsp; 2137461 |
| Wisconsin HEFA Children's Hospital of Wisconsin Obligated Group | 4.00 | &nbsp;&nbsp; 8-15-2050 | 5000000 | &nbsp;&nbsp; 4511434 |
| &nbsp;&nbsp; Wisconsin HEFA Froedtert ThedaCare Health Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 4-1-2041 | 6000000 | &nbsp;&nbsp; 5922251 |
| &nbsp;&nbsp; Wisconsin HEFA Froedtert ThedaCare Health Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2048 | 6405000 | &nbsp;&nbsp; 6419131 |

---

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

Allspring Municipal Bond Fund \| 63

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series A (BAM Insured)<br>| 5.25<br> %<br>| &nbsp;&nbsp; 2-15-2054 | $2500000 | &nbsp;&nbsp; $2612438 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System, Inc. Series A <br> (Barclays Bank plc LOC)ø<br>| 2.50 | &nbsp;&nbsp; 2-15-2050 | 1500000 | &nbsp;&nbsp; 1500000 |
|  |  |  |  | &nbsp;&nbsp; **72043266** |
| **Housing revenue: 0.40%** |  |  |  |  |
| PFA CHF - Wilmington LLC (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2026 | 1360000 | &nbsp;&nbsp; 1371111 |
| PFA CHF - Wilmington LLC (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2027 | 1675000 | &nbsp;&nbsp; 1716911 |
| PFA CHF - Wilmington LLC (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2028 | 2025000 | &nbsp;&nbsp; 2117775 |
| PFA CHF - Wilmington LLC (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2029 | 2190000 | &nbsp;&nbsp; 2294247 |
| PFA CHF - Wilmington LLC (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2030 | 2300000 | &nbsp;&nbsp; 2406170 |
| PFA CHF - Wilmington LLC (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2031 | 1415000 | &nbsp;&nbsp; 1478766 |
| PFA CHF - Wilmington LLC (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2048 | 16775000 | &nbsp;&nbsp; 16826707 |
| PFA CHF - Wilmington LLC (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2053 | 5000000 | &nbsp;&nbsp; 5004162 |
|  |  |  |  | &nbsp;&nbsp; **33215849** |
| **Industrial development revenue: 0.08%** |  |  |  |  |
| PFA Customer Facility Charge-SA LLC Series A | 5.00 | &nbsp;&nbsp; 2-1-2042 | 2500000 | &nbsp;&nbsp; 2558104 |
| PFA Customer Facility Charge-SA LLC Series B144A | 5.50 | &nbsp;&nbsp; 2-1-2042 | 4000000 | &nbsp;&nbsp; 4152956 |
|  |  |  |  | &nbsp;&nbsp; **6711060** |
| **Miscellaneous revenue: 0.33%** |  |  |  |  |
| &nbsp;&nbsp; Appleton RDA Fox Cities Performing Arts Center, Inc. Series B <br> (Thrivent Financial Lutherans LOC)ø<br>| 2.55 | &nbsp;&nbsp; 6-1-2036 | 16200000 | &nbsp;&nbsp; 16200000 |
| Wisconsin Center District Series C CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2037 | 1600000 | &nbsp;&nbsp; 1019433 |
| Wisconsin Center District Series C CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2038 | 1600000 | &nbsp;&nbsp; 967642 |
| Wisconsin Center District Series D CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2045 | 14715000 | &nbsp;&nbsp; 5808650 |
| &nbsp;&nbsp; Wisconsin HEFA Forensic Science & Protective Medicine <br> Collaboration, Inc.144A<br>| 5.00 | &nbsp;&nbsp; 8-1-2027 | 3000000 | &nbsp;&nbsp; 3025084 |
|  |  |  |  | &nbsp;&nbsp; **27020809** |
| **Tax revenue: 0.34%** |  |  |  |  |
| Village of Mount Pleasant Tax Increment District No. 5 Series A | 5.00 | &nbsp;&nbsp; 4-1-2043 | 20205000 | &nbsp;&nbsp; 20728255 |
| Village of Mount Pleasant Tax Increment District No. 5 Series A | 5.00 | &nbsp;&nbsp; 4-1-2048 | 6910000 | &nbsp;&nbsp; 6987235 |
| &nbsp;&nbsp; Village of Mount Pleasant Tax Increment District No. 5 Series A <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 4-1-2048 | 650000 | &nbsp;&nbsp; 658653 |
|  |  |  |  | &nbsp;&nbsp; **28374143** |
|  |  |  |  | &nbsp;&nbsp; **226933878** |
| **Total municipal obligations (Cost $8,374,788,584)** |  |  |  | &nbsp;&nbsp; **8267549397** |

---

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

64 \| Allspring Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 0.03%** |  |  |  |  |
| **Investment companies: 0.03%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.71<br> %<br>| 2543464 | &nbsp;&nbsp; **$2543464** |
| **Total short-term investments (Cost $2,543,464)** |  |  |  | &nbsp;&nbsp; **2543464** |
| **Total investments in securities (Cost $8,377,332,048)** | 99.01<br> %<br>|  |  | &nbsp;&nbsp; 8270092861 |
| Other assets and liabilities, net | 0.99 |  |  | &nbsp;&nbsp; 82342478 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$8352435339** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ♠ | The 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: |
| AG | Assured Guaranty Incorporation |
| Ambac | Ambac Financial Group Incorporated |
| AMT | Alternative minimum tax |
| BAM | Build America Mutual Assurance Company |
| BAN | Bond anticipation note |
| CAB | Capital appreciation bond |
| CCAB | Convertible capital appreciation bond |
| CDA | Community Development Authority |
| CHF | Collegiate Housing Foundation |
| COP | Certificate of participation |
| ECFA | Educational & Cultural Facilities Authority |
| EDA | Economic Development Authority |
| EDFA | Economic Development Finance Authority |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General obligation |
| HEFA | Health & Educational Facilities Authority |
| HFA | Housing Finance Authority |
| HFFA | Health Facilities Financing Authority |
| IDA | Industrial Development Authority |
| LIQ | Liquidity agreement |
| LOC | Letter of credit |
| NPFGC | National Public Finance Guarantee Corporation |
| NTO | New Terminal One |
| PCFA | Pollution Control Financing Authority |
| PFA | Public Finance Authority |
| QSBLF | Qualified School Board Loan Fund Insured |
| RDA | Redevelopment Authority |
| SIFMA | Securities Industry and Financial Markets Association |
| SOFR | Secured Overnight Financing Rate |
| SPA | Standby purchase agreement |
| TTFA | Transportation Trust Fund Authority |

---

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

Allspring Municipal Bond Fund \| 65

------

Portfolio of investments—December 31, 2025 (unaudited)

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <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>| $8140968 | $490093912 | $(495691416)<br>| $0 | $0 | $2543464 | 2543464 | $235323 |

---

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

66 \| Allspring Municipal Bond Fund

------

Statement of assets and liabilities—December 31, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $8,374,788,584) | $8267549397 |
| Investments in affiliated securities, at value (cost $2,543,464) | 2543464 |
| Cash | 2173809 |
| Receivable for interest | 96989657 |
| Receivable for Fund shares sold | 5451430 |
| Receivable for investments sold | 1130057 |
| Prepaid expenses and other assets | 250503 |
| **Total assets** | **8376088317** |
| Liabilities |  |
| Payable for Fund shares redeemed | 13914680 |
| Dividends payable | 6325038 |
| Management fee payable | 2270356 |
| Administration fees payable | 574708 |
| Shareholder servicing fees payable | 425039 |
| Distribution fee payable | 7593 |
| Accrued expenses and other liabilities | 135564 |
| **Total liabilities** | **23652978** |
| **Total net assets**  | **$8352435339** |
| Net assets consist of |  |
| Paid-in capital | $8609608538 |
| Total distributable loss | (257173199)<br>|
| **Total net assets** | **$8352435339** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $628235418 |
| Shares outstanding–Class A<sup>1</sup> <br>| 64732439 |
| Net asset value per share–Class A | $9.71 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $10.17 |
| Net assets–Class C | $11451308 |
| Shares outstanding–Class C<sup>1</sup> <br>| 1180384 |
| Net asset value per share–Class C | $9.70 |
| Net assets–Class R6 | $1658292193 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 170851939 |
| Net asset value per share–Class R6 | $9.71 |
| Net assets–Administrator Class | $1309741017 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 134915866 |
| Net asset value per share–Administrator Class | $9.71 |
| Net assets–Institutional Class | $4744715403 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 488946256 |
| Net asset value per share–Institutional Class | $9.70 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Allspring Municipal Bond Fund \| 67

------

Statement of operations—six months ended December 31, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $154640417 |
| Income from affiliated securities | 235323 |
| **Total investment income** | **154875740** |
| Expenses |  |
| Management fee | 13459360 |
| Administration fees |  |
| Class A | 497317 |
| Class C | 10602 |
| Class R6 | 240274 |
| Administrator Class | 650694 |
| Institutional Class | 1878766 |
| Shareholder servicing fees |  |
| Class A | 826764 |
| Class C | 17629 |
| Administrator Class | 1626226 |
| Distribution fee |  |
| Class C | 52859 |
| Custody and accounting fees | 151413 |
| Professional fees | 62231 |
| Registration fees | 252388 |
| Shareholder report expenses | 80776 |
| Trustees' fees and expenses | 37854 |
| Other fees and expenses | 82686 |
| **Total expenses** | **19927839** |
| Less: Fee waivers and/or expense reimbursements |  |
| Class A | (112360)<br>|
| Administrator Class | (593900)<br>|
| **Net expenses** | **19221579** |
| **Net investment income** | **135654161** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized losses on investments**  | **(24822)**<br>|
| **Net change in unrealized gains (losses) on investments** | **186424115** |
| **Net realized and unrealized gains (losses) on investments** | **186399293** |
| **Net increase in net assets resulting from operations** | **$322053454** |

---

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

68 \| Allspring Municipal Bond Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> December 31, 2025<br> (unaudited) | Six months ended<br> December 31, 2025<br> (unaudited) | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $135654161 |  | &nbsp;&nbsp; $262400436 |
| Net realized losses on investments |  | &nbsp;&nbsp; (24822)<br>|  | &nbsp;&nbsp; (38020688)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 186424115 |  | &nbsp;&nbsp; (187847836)<br>|
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **322053454** |  | &nbsp;&nbsp; **36531912** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (10351990)<br>|  | &nbsp;&nbsp; (22170821)<br>|
| Class C |  | &nbsp;&nbsp; (165164)<br>|  | &nbsp;&nbsp; (421021)<br>|
| Class R6 |  | &nbsp;&nbsp; (27747659)<br>|  | &nbsp;&nbsp; (50697810)<br>|
| Administrator Class |  | &nbsp;&nbsp; (21033862)<br>|  | &nbsp;&nbsp; (39125934)<br>|
| Institutional Class |  | &nbsp;&nbsp; (80158398)<br>|  | &nbsp;&nbsp; (150485529)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(139457073)**<br>|  | &nbsp;&nbsp; **(262901115)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 3135908 | &nbsp;&nbsp; 30173004 | &nbsp;&nbsp; 4578152 | &nbsp;&nbsp; 44360388 |
| Class C | 77598 | &nbsp;&nbsp; 746045 | &nbsp;&nbsp; 231192 | &nbsp;&nbsp; 2242440 |
| Class R6 | 32400708 | &nbsp;&nbsp; 310645869 | &nbsp;&nbsp; 98385097 | &nbsp;&nbsp; 947426317 |
| Administrator Class | 4409542 | &nbsp;&nbsp; 42466681 | &nbsp;&nbsp; 19637589 | &nbsp;&nbsp; 187389496 |
| Institutional Class | 69888429 | &nbsp;&nbsp; 669701853 | &nbsp;&nbsp; 226529946 | &nbsp;&nbsp; 2211671535 |
|  |  | &nbsp;&nbsp; 1053733452 |  | &nbsp;&nbsp; 3393090176 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 942635 | &nbsp;&nbsp; 9068855 | &nbsp;&nbsp; 2006428 | &nbsp;&nbsp; 19476087 |
| Class C | 16013 | &nbsp;&nbsp; 153892 | &nbsp;&nbsp; 40026 | &nbsp;&nbsp; 388612 |
| Class R6 | 1071184 | &nbsp;&nbsp; 10311763 | &nbsp;&nbsp; 1391586 | &nbsp;&nbsp; 13486881 |
| Administrator Class | 2168422 | &nbsp;&nbsp; 20867281 | &nbsp;&nbsp; 4019446 | &nbsp;&nbsp; 39008741 |
| Institutional Class | 6903723 | &nbsp;&nbsp; 66426395 | &nbsp;&nbsp; 12888818 | &nbsp;&nbsp; 125024972 |
|  |  | &nbsp;&nbsp; 106828186 |  | &nbsp;&nbsp; 197385293 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (9384307)<br>| &nbsp;&nbsp; (90327601)<br>| &nbsp;&nbsp; (13509391)<br>| &nbsp;&nbsp; (130918540)<br>|
| Class C | (551931)<br>| &nbsp;&nbsp; (5331138)<br>| &nbsp;&nbsp; (671889)<br>| &nbsp;&nbsp; (6520231)<br>|
| Class R6 | (20658614)<br>| &nbsp;&nbsp; (197690785)<br>| &nbsp;&nbsp; (76897875)<br>| &nbsp;&nbsp; (735695041)<br>|
| Administrator Class | (6317247)<br>| &nbsp;&nbsp; (60555428)<br>| &nbsp;&nbsp; (16756438)<br>| &nbsp;&nbsp; (162822377)<br>|
| Institutional Class | (56480862)<br>| &nbsp;&nbsp; (542895134)<br>| &nbsp;&nbsp; (129622419)<br>| &nbsp;&nbsp; (1251209769)<br>|
|  |  | &nbsp;&nbsp; (896800086)<br>|  | &nbsp;&nbsp; (2287165958)<br>|
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **263761552** |  | &nbsp;&nbsp; **1303309511** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **446357933** |  | &nbsp;&nbsp; **1076940308** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **7906077406** |  | &nbsp;&nbsp; **6829137098** |
| **End of period** |  | &nbsp;&nbsp; **$8352435339** |  | &nbsp;&nbsp; **$7906077406** |

---

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

Allspring Municipal Bond Fund \| 69

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.49** | &nbsp;&nbsp; **$9.75** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$10.83** | &nbsp;&nbsp; **$10.55** |
| Net investment income | 0.15 <br><sup>1</sup><br>| 0.30 <br><sup>1</sup><br>| 0.28 <br><sup>1</sup><br>| 0.26 | 0.23 | 0.24 |
| Net realized and unrealized gains (losses) on investments | 0.22 | &nbsp;&nbsp; (0.26)<br>| 0.05 | 0.01 | &nbsp;&nbsp; (1.13)<br>| 0.28 |
| Total from investment operations | 0.37 | 0.04 | 0.33 | 0.27 | &nbsp;&nbsp; (0.90)<br>| 0.52 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.15)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Net asset value, end of period** | **$9.71** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.75** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$10.83** |
| **Total return**<sup>2</sup> <br>| **3.94%**<br>| **0.41%**<br>| **3.48%**<br>| **2.85%**<br>| &nbsp;&nbsp; **(8.47)%**<br>| **4.95%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.74<br> %<br>| 0.74<br> %<br>| 0.75<br> %<br>| 0.77<br> %<br>| 0.77<br> %<br>| 0.77<br> %<br>|
| Net expenses | 0.71<br> %<br>| 0.73<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>|
| Net investment income | 3.03<br> %<br>| 3.10<br> %<br>| 2.97<br> %<br>| 2.72<br> %<br>| 2.16<br> %<br>| 2.22<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 5<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 16<br> %<br>|
| Net assets, end of period (000s omitted) | $628235 | &nbsp;&nbsp; $664741 | &nbsp;&nbsp; $750036 | &nbsp;&nbsp; $819019 | &nbsp;&nbsp; $902671 | &nbsp;&nbsp; $1110503 |

---

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

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

70 \| Allspring Municipal Bond Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class C | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.49** | &nbsp;&nbsp; **$9.74** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$10.83** | &nbsp;&nbsp; **$10.55** |
| Net investment income | 0.11 <br><sup>1</sup><br>| 0.23 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.19 | 0.15 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.21 | &nbsp;&nbsp; (0.25)<br>| 0.04 | 0.01 | &nbsp;&nbsp; (1.13)<br>| 0.28 |
| Total from investment operations | 0.32 | &nbsp;&nbsp; (0.02)<br>| 0.25 | 0.20 | &nbsp;&nbsp; (0.98)<br>| 0.44 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.11)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.16)<br>|
| **Net asset value, end of period** | **$9.70** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.74** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$10.83** |
| **Total return**<sup>2</sup> <br>| **3.42%**<br>| &nbsp;&nbsp; **(0.26)%**<br>| **2.60%**<br>| **2.08%**<br>| &nbsp;&nbsp; **(9.16)%**<br>| **4.16%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.49<br> %<br>| 1.49<br> %<br>| 1.50<br> %<br>| 1.51<br> %<br>| 1.51<br> %<br>| 1.51<br> %<br>|
| Net expenses | 1.49<br> %<br>| 1.49<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>|
| Net investment income | 2.25<br> %<br>| 2.33<br> %<br>| 2.22<br> %<br>| 1.95<br> %<br>| 1.40<br> %<br>| 1.47<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 5<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 16<br> %<br>|
| Net assets, end of period (000s omitted) | $11451 | &nbsp;&nbsp; $15548 | &nbsp;&nbsp; $19868 | &nbsp;&nbsp; $25302 | &nbsp;&nbsp; $34561 | &nbsp;&nbsp; $50251 |

---

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

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

Allspring Municipal Bond Fund \| 71

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class R6 | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.49** | &nbsp;&nbsp; **$9.75** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$10.83** | &nbsp;&nbsp; **$10.55** |
| Net investment income | 0.16 <br><sup>1</sup><br>| 0.34 <br><sup>1</sup><br>| 0.32 <br><sup>1</sup><br>| 0.30 | 0.26 | 0.28 |
| Net realized and unrealized gains (losses) on investments | 0.23 | &nbsp;&nbsp; (0.26)<br>| 0.04 | 0.01 | &nbsp;&nbsp; (1.13)<br>| 0.28 |
| Total from investment operations | 0.39 | 0.08 | 0.36 | 0.31 | &nbsp;&nbsp; (0.87)<br>| 0.56 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.17)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.28)<br>|
| **Net asset value, end of period** | **$9.71** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.75** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$10.83** |
| **Total return**<sup>2</sup> <br>| **4.11%**<br>| **0.76%**<br>| **3.86%**<br>| **3.23%**<br>| &nbsp;&nbsp; **(8.14)%**<br>| **5.33%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.37<br> %<br>| 0.37<br> %<br>| 0.38<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>|
| Net expenses | 0.37<br> %<br>| 0.37<br> %<br>| 0.38<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>|
| Net investment income | 3.37<br> %<br>| 3.46<br> %<br>| 3.35<br> %<br>| 3.10<br> %<br>| 2.55<br> %<br>| 2.58<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 5<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 16<br> %<br>|
| Net assets, end of period (000s omitted) | $1658292 | &nbsp;&nbsp; $1500099 | &nbsp;&nbsp; $1317275 | &nbsp;&nbsp; $809611 | &nbsp;&nbsp; $612487 | &nbsp;&nbsp; $373876 |

---

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

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

72 \| Allspring Municipal Bond Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Administrator Class | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.49** | &nbsp;&nbsp; **$9.75** | &nbsp;&nbsp; **$9.72** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$10.84** | &nbsp;&nbsp; **$10.56** |
| Net investment income | 0.15 <br><sup>1</sup><br>| 0.31 <br><sup>1</sup><br>| 0.30 <br><sup>1</sup><br>| 0.28 | 0.24 | 0.25 |
| Net realized and unrealized gains (losses) on investments | 0.23 | &nbsp;&nbsp; (0.26)<br>| 0.03 | 0.02 | &nbsp;&nbsp; (1.14)<br>| 0.28 |
| Total from investment operations | 0.38 | 0.05 | 0.33 | 0.30 | &nbsp;&nbsp; (0.90)<br>| 0.53 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.16)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.25)<br>|
| **Net asset value, end of period** | **$9.71** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.75** | &nbsp;&nbsp; **$9.72** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$10.84** |
| **Total return**<sup>2</sup> <br>| **3.99%**<br>| **0.53%**<br>| **3.52%**<br>| **3.11%**<br>| &nbsp;&nbsp; **(8.42)%**<br>| **5.10%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.69<br> %<br>| 0.69<br> %<br>| 0.70<br> %<br>| 0.71<br> %<br>| 0.71<br> %<br>| 0.71<br> %<br>|
| Net expenses | 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income | 3.14<br> %<br>| 3.23<br> %<br>| 3.12<br> %<br>| 2.89<br> %<br>| 2.31<br> %<br>| 2.37<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 5<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 16<br> %<br>|
| Net assets, end of period (000s omitted) | $1309741 | &nbsp;&nbsp; $1278379 | &nbsp;&nbsp; $1245369 | &nbsp;&nbsp; $1263910 | &nbsp;&nbsp; $1034623 | &nbsp;&nbsp; $1000652 |

---

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

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

Allspring Municipal Bond Fund \| 73

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.49** | &nbsp;&nbsp; **$9.74** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$10.83** | &nbsp;&nbsp; **$10.55** |
| Net investment income | 0.16 <br><sup>1</sup><br>| 0.33 <br><sup>1</sup><br>| 0.32 <br><sup>1</sup><br>| 0.29 | 0.26 | 0.27 |
| Net realized and unrealized gains (losses) on investments | 0.22 | &nbsp;&nbsp; (0.25)<br>| 0.03 | 0.01 | &nbsp;&nbsp; (1.13)<br>| 0.28 |
| Total from investment operations | 0.38 | 0.08 | 0.35 | 0.30 | &nbsp;&nbsp; (0.87)<br>| 0.55 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.17)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.27)<br>|
| **Net asset value, end of period** | **$9.70** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.74** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$10.83** |
| **Total return**<sup>2</sup> <br>| **3.98%**<br>| **0.81%**<br>| **3.70%**<br>| **3.18%**<br>| &nbsp;&nbsp; **(8.19)%**<br>| **5.28%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.42<br> %<br>| 0.42<br> %<br>| 0.43<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>|
| Net expenses | 0.42<br> %<br>| 0.42<br> %<br>| 0.43<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>|
| Net investment income | 3.32<br> %<br>| 3.41<br> %<br>| 3.29<br> %<br>| 3.05<br> %<br>| 2.47<br> %<br>| 2.53<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 5<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 16<br> %<br>|
| Net assets, end of period (000s omitted) | $4744715 | &nbsp;&nbsp; $4447310 | &nbsp;&nbsp; $3496589 | &nbsp;&nbsp; $3433747 | &nbsp;&nbsp; $2735568 | &nbsp;&nbsp; $3043109 |

---

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

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

74 \| Allspring Municipal Bond Fund

------

Notes to financial statements (unaudited)

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 Municipal Bond 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.

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.

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.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. 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 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.

Allspring Municipal Bond Fund \| 75

------

Notes to financial statements (unaudited)

The Fund's income and federal excise tax returns and all financial records supporting those returns for the 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 December 31, 2025, the aggregate cost of all investments for federal income tax purposes was $8,378,523,822 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $74284866 |
| Gross unrealized losses | &nbsp;&nbsp; (182715827)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(108430961)**<br>|

---

As of June 30, 2025, the Fund had capital loss carryforwards which consisted of $86,779,332 in short-term capital losses and $58,397,698 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;

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 December 31, 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:** |  |  |  |  |
| **Municipal obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $8267549397 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $8267549397 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 2543464 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2543464 |
| **Total assets** | &nbsp;&nbsp; **$2543464** | &nbsp;&nbsp;&nbsp; **$8267549397** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$8270092861** |

---

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

At December 31, 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

76 \| Allspring Municipal Bond Fund

------

Notes to financial statements (unaudited)

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 | 0.400<br> %<br>|
| Next $500 million | 0.375 |
| Next $2 billion | 0.350 |
| Next $2 billion | 0.325 |
| Next $5 billion | 0.290 |
| Over $10 billion | 0.280 |

---

For the six months ended December 31, 2025, the management fee was equivalent to an annual rate of 0.33% 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 | 0.15<br> %<br>|
| Class C | 0.15 |
| Class R6 | 0.03 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or 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 October 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 December 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.75<br> %<br>|
| Class C | 1.50 |
| Class R6 | 0.40 |
| Administrator Class | 0.60 |
| Institutional Class | 0.45 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares 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 six months ended December 31, 2025, Allspring Funds Distributor received $3,936 from the sale of Class A shares and $6,128 and $554 in contingent deferred sales charges from redemptions of Class A and Class C shares, respectively.

Allspring Municipal Bond Fund \| 77

------

Notes to financial statements (unaudited)

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 had $987,243,090, $815,365,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the six months ended December 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2025 were $940,963,248 and $368,467,310, 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 six months ended December 31, 2025, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

8. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined 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.

9. 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 includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

78 \| Allspring Municipal Bond Fund

------

Other information (unaudited)

Other information

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 Municipal Bond Fund \| 79

------

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.

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Not applicable

80 \| Allspring Municipal Bond Fund

------

![](g805823imgab84dd821.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**

![](g805823imga3ff43192.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.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS3317 12-25**

------

![](g805823img6f082f921.jpg)

Allspring Short-Term Municipal Bond Fund

Long Form Financial Statements

Semi-Annual Report

December 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_304f54b7-feb 5-4808-903d-f9f62ed7693d_POI-PageBlank-52_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_304f54b7-feb 5-4808-903d-f9f62ed7693d_FS-PageBlank-52_1)** |  |
| [Statement of assets and liabilities](#xx_304f54b7-feb 5-4808-903d-f9f62ed7693d_FS-PageBlank-52_1) | 35 |
| [Statement of operations](#xx_304f54b7-feb 5-4808-903d-f9f62ed7693d_FS-PageBlank-52_2) | 36 |
| [Statement of changes in net assets](#xx_304f54b7-feb 5-4808-903d-f9f62ed7693d_FS-PageBlank-52_3) | 37 |
| [Financial highlights](#xx_304f54b7-feb 5-4808-903d-f9f62ed7693d_FIHI-PageBlank-52_1) | 39 |
| **[Notes to financial statements](#xx_304f54b7-feb 5-4808-903d-f9f62ed7693d_NTF-PageBlank-52_1)** | 43 |
| **[Other information](#xx_304f54b7-feb 5-4808-903d-f9f62ed7693d_OI-PageBlank-52_1)** | 47 |
| [Item 8. Changes in and disagreements with accountants](#xx_304f54b7-feb 5-4808-903d-f9f62ed7693d_OI-PageBlank-52_2) | 48 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_304f54b7-feb 5-4808-903d-f9f62ed7693d_OI-PageBlank-52_2) | 48 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_304f54b7-feb 5-4808-903d-f9f62ed7693d_OI-PageBlank-52_2) | 48 |
| [Item 11. Statement regarding basis for board](#xx_304f54b7-feb 5-4808-903d-f9f62ed7693d_OI-PageBlank-52_2)['](#xx_304f54b7-feb 5-4808-903d-f9f62ed7693d_OI-PageBlank-52_2)[s approval of investment](#xx_304f54b7-feb 5-4808-903d-f9f62ed7693d_OI-PageBlank-52_2)<br> [advisory contract](#xx_304f54b7-feb 5-4808-903d-f9f62ed7693d_OI-PageBlank-52_2)<br>| 48 |

---

Allspring Short-Term Municipal Bond Fund \| 1

------

Portfolio of investments—December 31, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Principal | Value |
| **Closed-end fund obligations: 0.65%** |  |  |
| **Massachusetts: 0.65%** |  |  |
| &nbsp;&nbsp; Nuveen AMT-Free Quality Municipal Income Fund Preferred Shares <br> Series 4-4895 (100 shares) 3.40%144Aø<br>| $10000000 | &nbsp;&nbsp; **$10000000** |
| **Total closed-end fund obligations (Cost $10,000,000)** |  | &nbsp;&nbsp; **10000000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>|  |  |
| **Municipal obligations: 97.90%** |  |  |  |  |
| **Alabama: 3.69%** |  |  |  |  |
| **Airport revenue: 0.09%** |  |  |  |  |
| Birmingham Airport Authority (BAM Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2026 | 900000 | &nbsp;&nbsp; 910471 |
| Birmingham Airport Authority (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-1-2027 | 500000 | &nbsp;&nbsp; 517406 |
|  |  |  |  | &nbsp;&nbsp; **1427877** |
| **Housing revenue: 0.36%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XX1353 <br> (Barclays Bank plc LIQ)144Aø<br>| 3.35 | &nbsp;&nbsp; 10-1-2054 | 5505000 | &nbsp;&nbsp; **5505000** |
| **Industrial development revenue: 0.19%** |  |  |  |  |
| &nbsp;&nbsp; Industrial Development Board of the City of Mobile Alabama Power <br> Co.øø<br>| 3.30 | &nbsp;&nbsp; 7-15-2034 | 3000000 | &nbsp;&nbsp; **3001677** |
| **Utilities revenue: 3.05%** |  |  |  |  |
| Black Belt Energy Gas District Project No. 7 Series C-1øø | 4.00 | &nbsp;&nbsp; 10-1-2052 | 3900000 | &nbsp;&nbsp; 3916363 |
| &nbsp;&nbsp; Black Belt Energy Gas District Project No. 7 Series C-2 (SIFMA <br> Municipal Swap+0.35%)±<br>| 3.67 | &nbsp;&nbsp; 10-1-2052 | 6000000 | &nbsp;&nbsp; 5947944 |
| Black Belt Energy Gas District Series Cøø | 5.00 | &nbsp;&nbsp; 5-1-2055 | 10000000 | &nbsp;&nbsp; 10721605 |
| Black Belt Energy Gas District Series C144A | 5.25 | &nbsp;&nbsp; 8-1-2027 | 1135000 | &nbsp;&nbsp; 1149196 |
| Black Belt Energy Gas District Series C144A | 5.25 | &nbsp;&nbsp; 8-1-2028 | 1355000 | &nbsp;&nbsp; 1382883 |
| Black Belt Energy Gas District Series C144A | 5.25 | &nbsp;&nbsp; 8-1-2029 | 1990000 | &nbsp;&nbsp; 2042839 |
| Black Belt Energy Gas District Series C144A | 5.25 | &nbsp;&nbsp; 8-1-2030 | 1740000 | &nbsp;&nbsp; 1794155 |
| &nbsp;&nbsp; Black Belt Energy Gas District Series D1 (Royal Bank of Canada <br> LIQ)øø<br>| 4.00 | &nbsp;&nbsp; 7-1-2052 | 3500000 | &nbsp;&nbsp; 3528830 |
| &nbsp;&nbsp; Chatom Industrial Development Board PowerSouth Energy <br> Cooperative (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 8-1-2026 | 500000 | &nbsp;&nbsp; 505919 |
| &nbsp;&nbsp; Chatom Industrial Development Board PowerSouth Energy <br> Cooperative Series A (National Rural Utility Finance SPA)ø<br>| 3.38 | &nbsp;&nbsp; 8-1-2037 | 1910000 | &nbsp;&nbsp; 1908952 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 3 <br> Series A-1øø<br>| 5.50 | &nbsp;&nbsp; 1-1-2053 | 2000000 | &nbsp;&nbsp; 2143997 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 6 <br> Series B (Royal Bank of Canada LIQ)øø<br>| 5.00 | &nbsp;&nbsp; 1-1-2054 | 4500000 | &nbsp;&nbsp; 4758192 |
| Southeast Energy Authority A Cooperative District Series A | 5.00 | &nbsp;&nbsp; 6-1-2032 | 825000 | &nbsp;&nbsp; 890498 |
| Southeast Energy Authority A Cooperative District Series F | 5.25 | &nbsp;&nbsp; 11-1-2032 | 5865000 | &nbsp;&nbsp; 6511743 |
|  |  |  |  | &nbsp;&nbsp; **47203116** |
|  |  |  |  | &nbsp;&nbsp; **57137670** |
| **Alaska: 0.48%** |  |  |  |  |
| **Airport revenue: 0.30%** |  |  |  |  |
| Alaska Railroad Corp. AMT | 5.50 | &nbsp;&nbsp; 10-1-2028 | 320000 | &nbsp;&nbsp; 336486 |

---

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

2 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airport revenue**(continued) |  |  |  |  |
| Alaska Railroad Corp. AMT | 5.50<br> %<br>| &nbsp;&nbsp; 10-1-2029 | $350000 | &nbsp;&nbsp; $374404 |
| State of Alaska International Airports System Series C AMT | 5.00 | &nbsp;&nbsp; 10-1-2026 | 3000000 | &nbsp;&nbsp; 3048070 |
| State of Alaska International Airports System Series C AMT | 5.00 | &nbsp;&nbsp; 10-1-2028 | 775000 | &nbsp;&nbsp; 818424 |
|  |  |  |  | &nbsp;&nbsp; **4577384** |
| **Health revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; Alaska Industrial Development & Export Authority Dena' Nena' <br> Henash Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 385000 | &nbsp;&nbsp; **389880** |
| **Miscellaneous revenue: 0.16%** |  |  |  |  |
| Alaska Municipal Bond Bank Authority | 5.00 | &nbsp;&nbsp; 12-1-2026 | 1350000 | &nbsp;&nbsp; 1377806 |
| Alaska Municipal Bond Bank Authority Series 2 AMT | 5.00 | &nbsp;&nbsp; 12-1-2027 | 535000 | &nbsp;&nbsp; 553524 |
| Alaska Municipal Bond Bank Authority Series 2 AMT | 5.00 | &nbsp;&nbsp; 12-1-2028 | 560000 | &nbsp;&nbsp; 589384 |
|  |  |  |  | &nbsp;&nbsp; **2520714** |
|  |  |  |  | &nbsp;&nbsp; **7487978** |
| **Arizona: 2.29%** |  |  |  |  |
| **Airport revenue: 0.13%** |  |  |  |  |
| City of Phoenix Civic Improvement Corp. Airport Revenue AMT | 5.00 | &nbsp;&nbsp; 7-1-2026 | 2000000 | &nbsp;&nbsp; **2020590** |
| **Education revenue: 0.02%** |  |  |  |  |
| Arizona IDA Kipp NYC Public Charter Schools Series B | 5.00 | &nbsp;&nbsp; 7-1-2027 | 170000 | &nbsp;&nbsp; 171175 |
| Arizona IDA Kipp NYC Public Charter Schools Series B | 5.00 | &nbsp;&nbsp; 7-1-2028 | 175000 | &nbsp;&nbsp; 176154 |
|  |  |  |  | &nbsp;&nbsp; **347329** |
| **GO revenue: 0.06%** |  |  |  |  |
| Vistancia Community Facilities District (BAM Insured) | 4.00 | &nbsp;&nbsp; 7-15-2026 | 900000 | &nbsp;&nbsp; **906152** |
| **Health revenue: 0.21%** |  |  |  |  |
| &nbsp;&nbsp; Arizona Health Facilities Authority Series B (SIFMA Municipal <br> Swap+0.25%)±<br>| 3.57 | &nbsp;&nbsp; 1-1-2046 | 3235000 | &nbsp;&nbsp; **3217212** |
| **Housing revenue: 0.89%** |  |  |  |  |
| Arizona IDA Diamond View at Ballpark Village LPøø | 2.76 | &nbsp;&nbsp; 7-1-2047 | 14000000 | &nbsp;&nbsp; **13806723** |
| **Industrial development revenue: 0.34%** |  |  |  |  |
| Chandler IDA Intel Corp. AMTøø | 4.10 | &nbsp;&nbsp; 12-1-2037 | 2500000 | &nbsp;&nbsp; 2518361 |
| Chandler IDA Intel Corp. Series 1 AMTøø | 5.00 | &nbsp;&nbsp; 9-1-2042 | 2670000 | &nbsp;&nbsp; 2720357 |
|  |  |  |  | &nbsp;&nbsp; **5238718** |
| **Resource recovery revenue: 0.64%** |  |  |  |  |
| IDA of the City of Phoenix Republic Services, Inc. Series D AMTøø | 3.45 | &nbsp;&nbsp; 12-1-2035 | 10000000 | &nbsp;&nbsp; **9999879** |
|  |  |  |  | &nbsp;&nbsp; **35536603** |
| **Arkansas: 0.49%** |  |  |  |  |
| **Industrial development revenue: 0.16%** |  |  |  |  |
| &nbsp;&nbsp; Arkansas Development Finance Authority Weyerhaeuser Co. <br> AMTøø<br>| 3.88 | &nbsp;&nbsp; 10-15-2065 | 2500000 | &nbsp;&nbsp; **2502229** |

---

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

Allspring Short-Term Municipal Bond Fund \| 3

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue: 0.33%** |  |  |  |  |
| City of Cabot Sales & Use Tax Revenue Series B | 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2028 | $435000 | &nbsp;&nbsp; $462949 |
| City of Springdale Sales & Use Tax Revenue Series B (BAM Insured) | 5.00 | &nbsp;&nbsp; 8-1-2030 | 100000 | &nbsp;&nbsp; 109341 |
| City of Springdale Sales & Use Tax Revenue Series B (BAM Insured) | 5.00 | &nbsp;&nbsp; 8-1-2031 | 310000 | &nbsp;&nbsp; 338002 |
| City of West Memphis Sales & Use Tax Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 6-1-2031 | 1880000 | &nbsp;&nbsp; 2068871 |
| City of West Memphis Sales & Use Tax Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 6-1-2032 | 1965000 | &nbsp;&nbsp; 2183606 |
|  |  |  |  | &nbsp;&nbsp; **5162769** |
|  |  |  |  | &nbsp;&nbsp; **7664998** |
| **California: 4.03%** |  |  |  |  |
| **Airport revenue: 0.49%** |  |  |  |  |
| City of Los Angeles Department of Airports Series D AMT | 5.00 | &nbsp;&nbsp; 5-15-2027 | 2500000 | &nbsp;&nbsp; 2568867 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XF3488 <br> (Morgan Stanley Bank LIQ)144Aø<br>| 3.39 | &nbsp;&nbsp; 5-15-2050 | 5080000 | &nbsp;&nbsp; 5080000 |
|  |  |  |  | &nbsp;&nbsp; **7648867** |
| **GO revenue: 0.32%** |  |  |  |  |
| San Francisco Unified School District Series F&C | 4.00 | &nbsp;&nbsp; 6-15-2031 | 4995000 | &nbsp;&nbsp; **4999877** |
| **Health revenue: 0.69%** |  |  |  |  |
| &nbsp;&nbsp; California HFFA Episcopal Communities & Services for Seniors <br> Obligated Group Series A<br>| 3.85 | &nbsp;&nbsp; 11-15-2027 | 1800000 | &nbsp;&nbsp; 1801279 |
| &nbsp;&nbsp; California HFFA Episcopal Communities & Services for Seniors <br> Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 11-15-2028 | 200000 | &nbsp;&nbsp; 209885 |
| &nbsp;&nbsp; California HFFA Episcopal Communities & Services for Seniors <br> Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 11-15-2029 | 200000 | &nbsp;&nbsp; 213254 |
| &nbsp;&nbsp; California HFFA Episcopal Communities & Services for Seniors <br> Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 11-15-2031 | 500000 | &nbsp;&nbsp; 547305 |
| &nbsp;&nbsp; California Statewide CDA Adventist Health System/West Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 3-1-2031 | 1415000 | &nbsp;&nbsp; 1419667 |
| &nbsp;&nbsp; California Statewide CDA Emanate Health Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2026 | 570000 | &nbsp;&nbsp; 573032 |
| &nbsp;&nbsp; California Statewide CDA Emanate Health Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2027 | 845000 | &nbsp;&nbsp; 868255 |
| Palomar Health Obligated Group | 5.00 | &nbsp;&nbsp; 11-1-2028 | 5000000 | &nbsp;&nbsp; 4991394 |
|  |  |  |  | &nbsp;&nbsp; **10624071** |
| **Miscellaneous revenue: 0.27%** |  |  |  |  |
| &nbsp;&nbsp; California Municipal Finance Authority Palomar Health Obligated <br> Group COP144A<br>| 5.00 | &nbsp;&nbsp; 11-1-2027 | 3000000 | &nbsp;&nbsp; 2843028 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2026 | 435000 | &nbsp;&nbsp; 435960 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2027 | 450000 | &nbsp;&nbsp; 453873 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2028 | 470000 | &nbsp;&nbsp; 477106 |
|  |  |  |  | &nbsp;&nbsp; **4209967** |
| **Tax revenue: 0.08%** |  |  |  |  |
| Riverside County PFA Project Area No. 1 Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2026 | 1250000 | &nbsp;&nbsp; **1251217** |

---

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

4 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue: 0.82%** |  |  |  |  |
| Bay Area Toll Authority Series C (SIFMA Municipal Swap+0.45%)± | 3.77<br> %<br>| &nbsp;&nbsp; 4-1-2056 | $2750000 | &nbsp;&nbsp; $2746215 |
| Bay Area Toll Authority Series D (SIFMA Municipal Swap+0.30%)± | 3.62 | &nbsp;&nbsp; 4-1-2056 | 10000000 | &nbsp;&nbsp; 9915545 |
|  |  |  |  | &nbsp;&nbsp; **12661760** |
| **Utilities revenue: 1.36%** |  |  |  |  |
| California Community Choice Financing Authority Series B-1øø | 4.00 | &nbsp;&nbsp; 2-1-2052 | 7000000 | &nbsp;&nbsp; 7098810 |
| California Community Choice Financing Authority Series C | 5.00 | &nbsp;&nbsp; 10-1-2028 | 475000 | &nbsp;&nbsp; 492058 |
| California Community Choice Financing Authority Series C | 5.00 | &nbsp;&nbsp; 10-1-2029 | 675000 | &nbsp;&nbsp; 707914 |
| California Community Choice Financing Authority Series C | 5.00 | &nbsp;&nbsp; 10-1-2030 | 1500000 | &nbsp;&nbsp; 1590673 |
| &nbsp;&nbsp; Long Beach Bond Finance Authority Series B (U.S. SOFR 3 <br> Month+1.43%)±<br>| 4.19 | &nbsp;&nbsp; 11-15-2026 | 2000000 | &nbsp;&nbsp; 2009097 |
| &nbsp;&nbsp; Southern California Public Power Authority Anaheim Electric <br> System Revenue Series Aøø<br>| 5.00 | &nbsp;&nbsp; 4-1-2055 | 8710000 | &nbsp;&nbsp; 9251859 |
|  |  |  |  | &nbsp;&nbsp; **21150411** |
|  |  |  |  | &nbsp;&nbsp; **62546170** |
| **Colorado: 0.65%** |  |  |  |  |
| **Health revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; Colorado Health Facilities Authority AdventHealth Obligated Group <br> Series Bøø<br>| 5.00 | &nbsp;&nbsp; 11-15-2049 | 900000 | &nbsp;&nbsp; **917983** |
| **Miscellaneous revenue: 0.38%** |  |  |  |  |
| Colorado Bridge Enterprise High Performance Transportation AMT | 4.00 | &nbsp;&nbsp; 6-30-2026 | 4050000 | &nbsp;&nbsp; 4061239 |
| &nbsp;&nbsp; Colorado Science & Technology Park Metropolitan District No. 1 <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2030 | 675000 | &nbsp;&nbsp; 735848 |
| &nbsp;&nbsp; Colorado Science & Technology Park Metropolitan District No. 1 <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2031 | 1000000 | &nbsp;&nbsp; 1097002 |
|  |  |  |  | &nbsp;&nbsp; **5894089** |
| **Tax revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; Regional Transportation District Denver Transit Partners LLC <br> Series A<br>| 4.00 | &nbsp;&nbsp; 7-15-2033 | 500000 | &nbsp;&nbsp; 518647 |
| &nbsp;&nbsp; Thornton Development Authority East 144th Avenue & I-25 Urban <br> Renewal Area<br>| 5.00 | &nbsp;&nbsp; 12-1-2030 | 375000 | &nbsp;&nbsp; 409284 |
|  |  |  |  | &nbsp;&nbsp; **927931** |
| **Transportation revenue: 0.12%** |  |  |  |  |
| E-470 Public Highway Authority Series A | 5.00 | &nbsp;&nbsp; 9-1-2026 | 1750000 | &nbsp;&nbsp; **1776747** |
| **Water & sewer revenue: 0.03%** |  |  |  |  |
| Central Weld County Water District (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2027 | 500000 | &nbsp;&nbsp; **521768** |
|  |  |  |  | &nbsp;&nbsp; **10038518** |

---

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

Allspring Short-Term Municipal Bond Fund \| 5

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Connecticut: 1.12%** |  |  |  |  |
| **Education revenue: 0.36%** |  |  |  |  |
| Connecticut State HEFA Yale University Series B-2øø | 3.20<br> %<br>| &nbsp;&nbsp; 7-1-2037 | $5000000 | &nbsp;&nbsp; $5012795 |
| &nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority <br> Series B AMT<br>| 5.00 | &nbsp;&nbsp; 11-15-2026 | 585000 | &nbsp;&nbsp; 592858 |
|  |  |  |  | &nbsp;&nbsp; **5605653** |
| **GO revenue: 0.13%** |  |  |  |  |
| City of Bridgeport Series C | 5.00 | &nbsp;&nbsp; 2-15-2026 | 1325000 | &nbsp;&nbsp; 1328537 |
| Town of Hamden Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 8-1-2026 | 710000 | &nbsp;&nbsp; 718824 |
|  |  |  |  | &nbsp;&nbsp; **2047361** |
| **Health revenue: 0.32%** |  |  |  |  |
| &nbsp;&nbsp; Connecticut State HEFA Stamford Hospital Obligated Group <br> Series M<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 375000 | &nbsp;&nbsp; 378062 |
| &nbsp;&nbsp; Connecticut State HEFA Stamford Hospital Obligated Group <br> Series M<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 250000 | &nbsp;&nbsp; 256768 |
| &nbsp;&nbsp; Connecticut State HEFA Stamford Hospital Obligated Group <br> Series M<br>| 5.00 | &nbsp;&nbsp; 7-1-2028 | 300000 | &nbsp;&nbsp; 313230 |
| &nbsp;&nbsp; Connecticut State HEFA Yale-New Haven Health Obligated Group <br> Series C-2ø<br>| 2.25 | &nbsp;&nbsp; 7-1-2060 | 4000000 | &nbsp;&nbsp; 4000000 |
|  |  |  |  | &nbsp;&nbsp; **4948060** |
| **Tax revenue: 0.31%** |  |  |  |  |
| State of Connecticut Special Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 5-1-2026 | 1200000 | &nbsp;&nbsp; 1209749 |
| State of Connecticut Special Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 5-1-2027 | 3400000 | &nbsp;&nbsp; 3513084 |
|  |  |  |  | &nbsp;&nbsp; **4722833** |
|  |  |  |  | &nbsp;&nbsp; **17323907** |
| **District of Columbia: 0.61%** |  |  |  |  |
| **Airport revenue: 0.61%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 1180000 | &nbsp;&nbsp; 1199965 |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2027 | 1000000 | &nbsp;&nbsp; 1036165 |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2028 | 1000000 | &nbsp;&nbsp; 1057661 |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2031 | 1000000 | &nbsp;&nbsp; 1011952 |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2032 | 5045000 | &nbsp;&nbsp; 5106467 |
|  |  |  |  | &nbsp;&nbsp; **9412210** |
| **Florida: 3.34%** |  |  |  |  |
| **Education revenue: 0.16%** |  |  |  |  |
| Capital Projects Finance Authority Corp. 2000F Series A-1 | 5.00 | &nbsp;&nbsp; 10-1-2026 | 1000000 | &nbsp;&nbsp; 1011188 |
| &nbsp;&nbsp; Florida Higher Educational Facilities Financing Authority Institute of <br> Technology, Inc.<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 750000 | &nbsp;&nbsp; 757449 |

---

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

6 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Palm Beach County Educational Facilities Authority Atlantic <br> University Obligated Group<br>| 4.00<br> %<br>| &nbsp;&nbsp; 10-1-2026 | $250000 | &nbsp;&nbsp; $250824 |
| &nbsp;&nbsp; Palm Beach County Educational Facilities Authority Atlantic <br> University Obligated Group<br>| 4.00 | &nbsp;&nbsp; 10-1-2027 | 255000 | &nbsp;&nbsp; 256093 |
| &nbsp;&nbsp; Palm Beach County Educational Facilities Authority Atlantic <br> University Obligated Group<br>| 4.00 | &nbsp;&nbsp; 10-1-2028 | 270000 | &nbsp;&nbsp; 271846 |
|  |  |  |  | &nbsp;&nbsp; **2547400** |
| **Health revenue: 1.23%** |  |  |  |  |
| &nbsp;&nbsp; City of South Miami Health Facilities Authority, Inc. Baptist Health <br> South Florida Obligated Group Series Bøø<br>| 5.00 | &nbsp;&nbsp; 8-15-2065 | 4000000 | &nbsp;&nbsp; 4312806 |
| Halifax Hospital Medical Center Obligated Group | 5.00 | &nbsp;&nbsp; 6-1-2029 | 1360000 | &nbsp;&nbsp; 1370129 |
| Highlands County Health Facilities Authority Series Dø | 2.55 | &nbsp;&nbsp; 11-15-2060 | 5000000 | &nbsp;&nbsp; 5000000 |
| Lee County IDA Shell Point Obligated Group Series B-2 | 4.38 | &nbsp;&nbsp; 11-15-2029 | 775000 | &nbsp;&nbsp; 779092 |
| Lee County IDA Shell Point Obligated Group Series B-3 | 4.13 | &nbsp;&nbsp; 11-15-2029 | 2500000 | &nbsp;&nbsp; 2513235 |
| &nbsp;&nbsp; Palm Beach County Health Facilities Authority ACTS Retirement-Life <br> Communities, Inc. Obligated Group<br>| 5.00 | &nbsp;&nbsp; 11-15-2032 | 4500000 | &nbsp;&nbsp; 4559914 |
| &nbsp;&nbsp; St. Johns County IDA Life Care Ponte Vedra Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-15-2026 | 185000 | &nbsp;&nbsp; 184609 |
| &nbsp;&nbsp; St. Johns County IDA Life Care Ponte Vedra Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-15-2027 | 215000 | &nbsp;&nbsp; 214243 |
| &nbsp;&nbsp; St. Johns County IDA Life Care Ponte Vedra Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-15-2028 | 200000 | &nbsp;&nbsp; 199127 |
|  |  |  |  | &nbsp;&nbsp; **19133155** |
| **Housing revenue: 0.59%** |  |  |  |  |
| &nbsp;&nbsp; Florida Housing Finance Corp. Residences at Marina Village LLC <br> Series Søø<br>| 2.85 | &nbsp;&nbsp; 10-1-2043 | 4000000 | &nbsp;&nbsp; 3959778 |
| Lee County HFA MHP Lee I LLCøø | 3.50 | &nbsp;&nbsp; 12-1-2042 | 2850000 | &nbsp;&nbsp; 2866890 |
| Polk County HFA Cypress Oaks Preservation Ltd.øø | 3.15 | &nbsp;&nbsp; 12-1-2028 | 2250000 | &nbsp;&nbsp; 2251921 |
|  |  |  |  | &nbsp;&nbsp; **9078589** |
| **Miscellaneous revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; Village Community Development District No. 15 Series 2023 Phase I <br> Special Assessment144A<br>| 4.25 | &nbsp;&nbsp; 5-1-2028 | 535000 | &nbsp;&nbsp; **541266** |
| **Resource recovery revenue: 0.24%** |  |  |  |  |
| &nbsp;&nbsp; Florida Development Finance Corp. GFL Solid Waste Southeast LLC <br> Series A AMT144Aøø<br>| 4.38 | &nbsp;&nbsp; 10-1-2054 | 1250000 | &nbsp;&nbsp; 1264520 |
| Miami-Dade County IDA Waste Management, Inc. Series B AMTøø | 4.00 | &nbsp;&nbsp; 11-1-2048 | 2500000 | &nbsp;&nbsp; 2500209 |
|  |  |  |  | &nbsp;&nbsp; **3764729** |
| **Tax revenue: 0.39%** |  |  |  |  |
| Leon County School District | 4.00 | &nbsp;&nbsp; 9-1-2026 | 6000000 | &nbsp;&nbsp; **6005336** |
| **Transportation revenue: 0.44%** |  |  |  |  |
| City of Miami Parking System Revenue (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2029 | 1945000 | &nbsp;&nbsp; 2089113 |

---

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

Allspring Short-Term Municipal Bond Fund \| 7

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue**(continued) |  |  |  |  |
| County of Osceola Transportation Revenue Series A-1 | 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2026 | $735000 | &nbsp;&nbsp; $742794 |
| Miami-Dade County Expressway Authority Series A | 5.00 | &nbsp;&nbsp; 7-1-2028 | 4000000 | &nbsp;&nbsp; 4006340 |
|  |  |  |  | &nbsp;&nbsp; **6838247** |
| **Utilities revenue: 0.06%** |  |  |  |  |
| Orlando Utilities Commission Series Bøø | 1.25 | &nbsp;&nbsp; 10-1-2046 | 1000000 | &nbsp;&nbsp; **918738** |
| **Water & sewer revenue: 0.19%** |  |  |  |  |
| North Sumter County Utility Dependent District (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2027 | 680000 | &nbsp;&nbsp; 703544 |
| North Sumter County Utility Dependent District (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2028 | 1360000 | &nbsp;&nbsp; 1433915 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 400000 | &nbsp;&nbsp; 406561 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2027 | 200000 | &nbsp;&nbsp; 207549 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2028 | 250000 | &nbsp;&nbsp; 264810 |
|  |  |  |  | &nbsp;&nbsp; **3016379** |
|  |  |  |  | &nbsp;&nbsp; **51843839** |
| **Georgia: 4.01%** |  |  |  |  |
| **Health revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp; Cobb County Kennestone Hospital Authority WellStar Health <br> System Obligated Group Series A (Bank of America N.A. LOC)ø<br>| 3.35 | &nbsp;&nbsp; 4-1-2047 | 400000 | &nbsp;&nbsp; 400000 |
| &nbsp;&nbsp; Cobb County Kennestone Hospital Authority WellStar Health <br> System Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 4-1-2026 | 1000000 | &nbsp;&nbsp; 1005444 |
|  |  |  |  | &nbsp;&nbsp; **1405444** |
| **Utilities revenue: 3.92%** |  |  |  |  |
| Bartow County Development Authority Georgia Power Co.øø | 3.95 | &nbsp;&nbsp; 12-1-2032 | 3000000 | &nbsp;&nbsp; 3047876 |
| &nbsp;&nbsp; Development Authority of Burke County Georgia Power Co. <br> Series 2øø<br>| 3.30 | &nbsp;&nbsp; 12-1-2049 | 2500000 | &nbsp;&nbsp; 2510190 |
| &nbsp;&nbsp; Development Authority of Burke County Georgia Power Co. <br> Series 4thøø<br>| 3.80 | &nbsp;&nbsp; 10-1-2032 | 8500000 | &nbsp;&nbsp; 8524247 |
| &nbsp;&nbsp; Development Authority of Monroe County Georgia Power Co. <br> Series 1støø<br>| 1.00 | &nbsp;&nbsp; 7-1-2049 | 2500000 | &nbsp;&nbsp; 2459899 |
| Main Street Energy, Inc. Energy project Series D | 5.00 | &nbsp;&nbsp; 12-1-2031 | 2200000 | &nbsp;&nbsp; 2372722 |
| Main Street Natural Gas, Inc. Series A | 4.00 | &nbsp;&nbsp; 12-1-2027 | 4000000 | &nbsp;&nbsp; 4048329 |
| Main Street Natural Gas, Inc. Series A | 4.00 | &nbsp;&nbsp; 12-1-2028 | 3345000 | &nbsp;&nbsp; 3402968 |
| Main Street Natural Gas, Inc. Series Aøø | 4.00 | &nbsp;&nbsp; 7-1-2052 | 1000000 | &nbsp;&nbsp; 1009629 |
| Main Street Natural Gas, Inc. Series A | 5.00 | &nbsp;&nbsp; 6-1-2028 | 1500000 | &nbsp;&nbsp; 1557619 |
| Main Street Natural Gas, Inc. Series Bøø | 5.00 | &nbsp;&nbsp; 12-1-2052 | 8000000 | &nbsp;&nbsp; 8366302 |
| Main Street Natural Gas, Inc. Series Bøø | 5.00 | &nbsp;&nbsp; 7-1-2053 | 3000000 | &nbsp;&nbsp; 3166107 |
| Main Street Natural Gas, Inc. Series Bøø | 5.00 | &nbsp;&nbsp; 12-1-2054 | 2000000 | &nbsp;&nbsp; 2139990 |
| Main Street Natural Gas, Inc. Series C144Aøø | 4.00 | &nbsp;&nbsp; 8-1-2052 | 11000000 | &nbsp;&nbsp; 10988536 |
| Main Street Natural Gas, Inc. Series E | 5.00 | &nbsp;&nbsp; 12-1-2028 | 2225000 | &nbsp;&nbsp; 2324808 |
| Main Street Natural Gas, Inc. Series E | 5.00 | &nbsp;&nbsp; 12-1-2029 | 2750000 | &nbsp;&nbsp; 2909573 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2026 | 300000 | &nbsp;&nbsp; 300000 |

---

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

8 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A (AG Insured)<br>| 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2027 | $165000 | &nbsp;&nbsp; $169119 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 300000 | &nbsp;&nbsp; 311297 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2028 | 200000 | &nbsp;&nbsp; 209134 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2028 | 300000 | &nbsp;&nbsp; 317085 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2029 | 600000 | &nbsp;&nbsp; 646779 |
|  |  |  |  | &nbsp;&nbsp; **60782209** |
|  |  |  |  | &nbsp;&nbsp; **62187653** |
| **Guam: 0.66%** |  |  |  |  |
| **Airport revenue: 0.03%** |  |  |  |  |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2028 | 480000 | &nbsp;&nbsp; **495857** |
| **Miscellaneous revenue: 0.27%** |  |  |  |  |
| Territory of Guam Series F | 5.00 | &nbsp;&nbsp; 1-1-2028 | 500000 | &nbsp;&nbsp; 518491 |
| Territory of Guam Series F | 5.00 | &nbsp;&nbsp; 1-1-2029 | 1000000 | &nbsp;&nbsp; 1055236 |
| Territory of Guam Series G | 5.00 | &nbsp;&nbsp; 1-1-2029 | 2500000 | &nbsp;&nbsp; 2636633 |
|  |  |  |  | &nbsp;&nbsp; **4210360** |
| **Utilities revenue: 0.26%** |  |  |  |  |
| Guam Power Authority Series A | 5.00 | &nbsp;&nbsp; 10-1-2026 | 3265000 | &nbsp;&nbsp; 3312720 |
| Guam Power Authority Series A | 5.00 | &nbsp;&nbsp; 10-1-2030 | 600000 | &nbsp;&nbsp; 651840 |
|  |  |  |  | &nbsp;&nbsp; **3964560** |
| **Water & sewer revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; Guam Government Waterworks Authority Water & Wastewater <br> System Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 450000 | &nbsp;&nbsp; 462561 |
| &nbsp;&nbsp; Guam Government Waterworks Authority Water & Wastewater <br> System Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2028 | 1000000 | &nbsp;&nbsp; 1045762 |
|  |  |  |  | &nbsp;&nbsp; **1508323** |
|  |  |  |  | &nbsp;&nbsp; **10179100** |
| **Hawaii: 1.52%** |  |  |  |  |
| **GO revenue: 0.32%** |  |  |  |  |
| State of Hawaii Series FB | 4.00 | &nbsp;&nbsp; 4-1-2029 | 5000000 | &nbsp;&nbsp; **5012970** |
| **Housing revenue: 0.60%** |  |  |  |  |
| &nbsp;&nbsp; City & County of Honolulu Komohale Maunakea Venture LP <br> (Department of Housing and Urban Development Insured)øø<br>| 5.00 | &nbsp;&nbsp; 6-1-2027 | 4500000 | &nbsp;&nbsp; 4534762 |
| City & County of Honolulu Komohale West Loch Venture LPøø | 5.00 | &nbsp;&nbsp; 5-1-2029 | 4500000 | &nbsp;&nbsp; 4687788 |
|  |  |  |  | &nbsp;&nbsp; **9222550** |
| **Miscellaneous revenue: 0.41%** |  |  |  |  |
| State of Hawaii Airports System Revenue AMT COP | 5.25 | &nbsp;&nbsp; 8-1-2026 | 6350000 | &nbsp;&nbsp; **6362977** |

---

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

Allspring Short-Term Municipal Bond Fund \| 9

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue: 0.19%** |  |  |  |  |
| State of Hawaii Department of Budget & Finance Series A AMT | 3.10<br> %<br>| &nbsp;&nbsp; 5-1-2026 | $3000000 | &nbsp;&nbsp; $**2983817** |
|  |  |  |  | &nbsp;&nbsp; **23582314** |
| **Illinois: 8.75%** |  |  |  |  |
| **Airport revenue: 0.89%** |  |  |  |  |
| Chicago Midway International Airport Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2030 | 3755000 | &nbsp;&nbsp; 4010817 |
| Chicago Midway International Airport Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2031 | 4000000 | &nbsp;&nbsp; 4325183 |
| Chicago Midway International Airport Series B | 5.00 | &nbsp;&nbsp; 1-1-2029 | 175000 | &nbsp;&nbsp; 186889 |
| &nbsp;&nbsp; Chicago O'Hare International Airport Customer Facility Charge <br> Revenue (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2029 | 315000 | &nbsp;&nbsp; 335836 |
| Chicago O'Hare International Airport Series C AMT | 5.00 | &nbsp;&nbsp; 1-1-2031 | 4500000 | &nbsp;&nbsp; 4883132 |
|  |  |  |  | &nbsp;&nbsp; **13741857** |
| **Education revenue: 0.37%** |  |  |  |  |
| Illinois Finance Authority Benedictine University | 5.00 | &nbsp;&nbsp; 10-1-2027 | 630000 | &nbsp;&nbsp; 624878 |
| Illinois Finance Authority DePaul University Series A | 5.00 | &nbsp;&nbsp; 10-1-2028 | 2585000 | &nbsp;&nbsp; 2622701 |
| Southern Illinois University Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 4-1-2026 | 825000 | &nbsp;&nbsp; 826967 |
| Southern Illinois University Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 4-1-2027 | 780000 | &nbsp;&nbsp; 789574 |
| Southern Illinois University Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2027 | 400000 | &nbsp;&nbsp; 409223 |
| Southern Illinois University Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2028 | 500000 | &nbsp;&nbsp; 521091 |
|  |  |  |  | &nbsp;&nbsp; **5794434** |
| **GO revenue: 4.91%** |  |  |  |  |
| &nbsp;&nbsp; Boone McHenry & DeKalb Counties Community Unit School District <br> 100 Series B<br>| 4.00 | &nbsp;&nbsp; 1-1-2028 | 2100000 | &nbsp;&nbsp; 2151643 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2031 | 1710000 | &nbsp;&nbsp; 1734168 |
| Chicago Board of Education Series A (NPFGC Insured) | 5.50 | &nbsp;&nbsp; 12-1-2026 | 790000 | &nbsp;&nbsp; 798647 |
| Chicago Board of Education Series B | 5.00 | &nbsp;&nbsp; 12-1-2032 | 1000000 | &nbsp;&nbsp; 1011268 |
| Chicago Board of Education Series C | 5.25 | &nbsp;&nbsp; 12-1-2030 | 860000 | &nbsp;&nbsp; 893069 |
| Chicago Board of Education Series C | 5.25 | &nbsp;&nbsp; 12-1-2031 | 1220000 | &nbsp;&nbsp; 1269839 |
| Chicago Park District Series A | 5.00 | &nbsp;&nbsp; 1-1-2028 | 1000000 | &nbsp;&nbsp; 1000000 |
| Chicago Park District Series A | 5.00 | &nbsp;&nbsp; 1-1-2031 | 1000000 | &nbsp;&nbsp; 1000000 |
| Chicago Park District Series B | 5.00 | &nbsp;&nbsp; 1-1-2029 | 1500000 | &nbsp;&nbsp; 1596457 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2026 | 5000000 | &nbsp;&nbsp; 5000000 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2027 | 6380000 | &nbsp;&nbsp; 6454818 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2028 | 3000000 | &nbsp;&nbsp; 3068750 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2029 | 340000 | &nbsp;&nbsp; 351667 |
| City of Chicago Series B | 4.00 | &nbsp;&nbsp; 1-1-2030 | 6316000 | &nbsp;&nbsp; 6348008 |
| City of Chicago Series B | 5.00 | &nbsp;&nbsp; 1-1-2031 | 4000000 | &nbsp;&nbsp; 4213710 |
| City of Chicago Series B | 5.00 | &nbsp;&nbsp; 1-1-2032 | 1500000 | &nbsp;&nbsp; 1589013 |
| City of Geneva | 4.00 | &nbsp;&nbsp; 2-1-2027 | 450000 | &nbsp;&nbsp; 455619 |
| City of Geneva | 4.00 | &nbsp;&nbsp; 2-1-2028 | 280000 | &nbsp;&nbsp; 286941 |
| &nbsp;&nbsp; Cook County Township High School District No. 227 Rich Township <br> Series B (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 12-1-2031 | 2000000 | &nbsp;&nbsp; 2083188 |
| County of Cook Series A | 5.00 | &nbsp;&nbsp; 11-15-2026 | 1950000 | &nbsp;&nbsp; 1988984 |
| &nbsp;&nbsp; Grundy Kendall & Will Counties Community High School District No. <br> 111 Minooka<br>| 4.00 | &nbsp;&nbsp; 5-1-2026 | 635000 | &nbsp;&nbsp; 637472 |

---

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

10 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Grundy Kendall & Will Counties Community High School District No. <br> 111 Minooka<br>| 4.00<br> %<br>| &nbsp;&nbsp; 5-1-2027 | $500000 | &nbsp;&nbsp; $507547 |
| &nbsp;&nbsp; Kane Cook & DuPage etc. Counties Community College District No. <br> 509 Elgin Series B<br>| 4.00 | &nbsp;&nbsp; 12-15-2026 | 960000 | &nbsp;&nbsp; 972903 |
| &nbsp;&nbsp; Kane Cook & DuPage etc. Counties Community College District No. <br> 509 Elgin Series B<br>| 4.00 | &nbsp;&nbsp; 12-15-2027 | 795000 | &nbsp;&nbsp; 816805 |
| Macon County School District No. 61 Decatur Series C (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2027 | 600000 | &nbsp;&nbsp; 607083 |
| State of Illinois Series A | 5.00 | &nbsp;&nbsp; 5-1-2032 | 2000000 | &nbsp;&nbsp; 2085433 |
| State of Illinois Series B | 5.00 | &nbsp;&nbsp; 5-1-2030 | 13500000 | &nbsp;&nbsp; 14646092 |
| State of Illinois Series D | 5.00 | &nbsp;&nbsp; 11-1-2027 | 9975000 | &nbsp;&nbsp; 10366224 |
| Village of Bolingbrook Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2030 | 1000000 | &nbsp;&nbsp; 1041238 |
| Village of Matteson Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-1-2027 | 575000 | &nbsp;&nbsp; 586113 |
| Village of Matteson Series C (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-1-2026 | 200000 | &nbsp;&nbsp; 201767 |
| Village of Matteson Series C (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-1-2027 | 300000 | &nbsp;&nbsp; 305630 |
|  |  |  |  | &nbsp;&nbsp; **76070096** |
| **Health revenue: 1.02%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Advocate Aurora Health Obligated Group <br> Series 2008 A-2<br>| 4.00 | &nbsp;&nbsp; 11-1-2030 | 1775000 | &nbsp;&nbsp; 1817532 |
| &nbsp;&nbsp; Illinois Finance Authority Moorings of Arlington Heights LLC <br> Obligated Group Series B<br>| 3.65 | &nbsp;&nbsp; 5-1-2031 | 1230000 | &nbsp;&nbsp; 1230930 |
| &nbsp;&nbsp; Illinois Finance Authority Northwestern Memorial Healthcare <br> Obligated Group Series C (Barclays Bank plc SPA)ø<br>| 2.45 | &nbsp;&nbsp; 7-15-2055 | 4000000 | &nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp; Illinois Finance Authority OSF Healthcare System Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2027 | 800000 | &nbsp;&nbsp; 800775 |
| &nbsp;&nbsp; Illinois Finance Authority OSF Healthcare System Obligated Group <br> Series B-2øø<br>| 5.00 | &nbsp;&nbsp; 5-15-2050 | 4175000 | &nbsp;&nbsp; 4200614 |
| &nbsp;&nbsp; Illinois Finance Authority Presbyterian Homes Obligated Group <br> Series B (SIFMA Municipal Swap+0.70%)±<br>| 4.02 | &nbsp;&nbsp; 5-1-2042 | 2250000 | &nbsp;&nbsp; 2243404 |
| Illinois Finance Authority University of Illinois | 5.00 | &nbsp;&nbsp; 10-1-2026 | 600000 | &nbsp;&nbsp; 606668 |
| &nbsp;&nbsp; Illinois Finance Authority Washington & Jane Smith Community - <br> Orland Park<br>| 4.00 | &nbsp;&nbsp; 10-15-2026 | 465000 | &nbsp;&nbsp; 464406 |
| &nbsp;&nbsp; Illinois Finance Authority Washington & Jane Smith Community - <br> Orland Park<br>| 4.00 | &nbsp;&nbsp; 10-15-2027 | 480000 | &nbsp;&nbsp; 479083 |
|  |  |  |  | &nbsp;&nbsp; **15843412** |
| **Housing revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series B<br>| 5.00 | &nbsp;&nbsp; 12-15-2030 | 1535000 | &nbsp;&nbsp; **1662295** |
| **Industrial development revenue: 0.28%** |  |  |  |  |
| County of Peoria Caterpillar, Inc.ø | 3.82 | &nbsp;&nbsp; 2-1-2030 | 4300000 | &nbsp;&nbsp; **4300000** |
| **Miscellaneous revenue: 0.13%** |  |  |  |  |
| City of Chicago Lakeshore East Special Assessment Area144A | 3.04 | &nbsp;&nbsp; 12-1-2028 | 241000 | &nbsp;&nbsp; 234453 |
| Northern Illinois University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2030 | 760000 | &nbsp;&nbsp; 814005 |
| Northern Illinois University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2031 | 860000 | &nbsp;&nbsp; 932980 |
|  |  |  |  | &nbsp;&nbsp; **1981438** |

---

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

Allspring Short-Term Municipal Bond Fund \| 11

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue: 0.50%** |  |  |  |  |
| Sales Tax Securitization Corp. Series A | 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2028 | $5000000 | &nbsp;&nbsp; $5200600 |
| State of Illinois Sales Tax Revenue Series C | 4.00 | &nbsp;&nbsp; 6-15-2027 | 370000 | &nbsp;&nbsp; 371147 |
| State of Illinois Sales Tax Revenue Series C (BAM Insured) | 4.00 | &nbsp;&nbsp; 6-15-2030 | 890000 | &nbsp;&nbsp; 892370 |
| State of Illinois Sales Tax Revenue Series D | 5.00 | &nbsp;&nbsp; 6-15-2027 | 1275000 | &nbsp;&nbsp; 1285895 |
|  |  |  |  | &nbsp;&nbsp; **7750012** |
| **Transportation revenue: 0.13%** |  |  |  |  |
| Illinois State Toll Highway Authority Series C | 5.00 | &nbsp;&nbsp; 1-1-2027 | 2050000 | &nbsp;&nbsp; **2099975** |
| **Water & sewer revenue: 0.41%** |  |  |  |  |
| City of Chicago Waterworks Revenue | 5.00 | &nbsp;&nbsp; 11-1-2028 | 2500000 | &nbsp;&nbsp; 2546047 |
| City of Chicago Waterworks Revenue (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-1-2030 | 3500000 | &nbsp;&nbsp; 3564757 |
| City of Waukegan Water & Sewer System Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 12-30-2027 | 280000 | &nbsp;&nbsp; 291987 |
|  |  |  |  | &nbsp;&nbsp; **6402791** |
|  |  |  |  | &nbsp;&nbsp; **135646310** |
| **Indiana: 1.91%** |  |  |  |  |
| **Housing revenue: 0.94%** |  |  |  |  |
| &nbsp;&nbsp; Indiana Finance Authority Marion County Capital Improvement <br> Board Series A<br>| 5.00 | &nbsp;&nbsp; 2-1-2030 | 8080000 | &nbsp;&nbsp; 8763065 |
| Indiana Housing & CDA Vita Lifestyle - Lafayette LLCøø | 2.74 | &nbsp;&nbsp; 10-1-2045 | 3500000 | &nbsp;&nbsp; 3460680 |
| Mishawaka RDA Consolidated Allocation Area (BAM Insured) | 5.00 | &nbsp;&nbsp; 2-15-2027 | 1025000 | &nbsp;&nbsp; 1050971 |
| Tippecanoe County School Building Corp. Series B | 5.00 | &nbsp;&nbsp; 1-15-2028 | 175000 | &nbsp;&nbsp; 182893 |
| Tippecanoe County School Building Corp. Series B | 5.00 | &nbsp;&nbsp; 7-15-2028 | 225000 | &nbsp;&nbsp; 237617 |
| Tippecanoe County School Building Corp. Series B | 5.00 | &nbsp;&nbsp; 1-15-2029 | 275000 | &nbsp;&nbsp; 293254 |
| Tippecanoe County School Building Corp. Series B | 5.00 | &nbsp;&nbsp; 1-15-2030 | 500000 | &nbsp;&nbsp; 543245 |
|  |  |  |  | &nbsp;&nbsp; **14531725** |
| **Industrial development revenue: 0.10%** |  |  |  |  |
| City of Whiting BP Products North America, Inc. Series A AMTøø | 4.40 | &nbsp;&nbsp; 3-1-2046 | 1500000 | &nbsp;&nbsp; **1573986** |
| **Miscellaneous revenue: 0.59%** |  |  |  |  |
| Indianapolis Local Public Improvement Bond Bank Series A | 5.00 | &nbsp;&nbsp; 6-1-2026 | 3000000 | &nbsp;&nbsp; 3028519 |
| Indianapolis Local Public Improvement Bond Bank Series A | 5.00 | &nbsp;&nbsp; 6-1-2027 | 6000000 | &nbsp;&nbsp; 6195179 |
|  |  |  |  | &nbsp;&nbsp; **9223698** |
| **Utilities revenue: 0.28%** |  |  |  |  |
| City of Rockport Indiana Michigan Power Co. Series Aøø | 3.70 | &nbsp;&nbsp; 6-1-2047 | 4250000 | &nbsp;&nbsp; **4336880** |
|  |  |  |  | &nbsp;&nbsp; **29666289** |
| **Iowa: 0.19%** |  |  |  |  |
| **GO revenue: 0.11%** |  |  |  |  |
| City of Indianola | 3.00 | &nbsp;&nbsp; 6-1-2027 | 855000 | &nbsp;&nbsp; 856408 |
| City of Indianola | 4.00 | &nbsp;&nbsp; 6-1-2028 | 880000 | &nbsp;&nbsp; 907994 |
|  |  |  |  | &nbsp;&nbsp; **1764402** |

---

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

12 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.08%** |  |  |  |  |
| Crawford County Memorial Hospital, Inc. BAN | 5.00<br> %<br>| &nbsp;&nbsp; 6-15-2027 | $1200000 | &nbsp;&nbsp; $**1209105** |
|  |  |  |  | &nbsp;&nbsp; **2973507** |
| **Kansas: 1.34%** |  |  |  |  |
| **GO revenue: 1.01%** |  |  |  |  |
| City of Andover Series A | 3.50 | &nbsp;&nbsp; 10-1-2028 | 14000000 | &nbsp;&nbsp; 14061900 |
| City of Topeka Series A | 3.00 | &nbsp;&nbsp; 10-1-2026 | 1000000 | &nbsp;&nbsp; 1001707 |
| &nbsp;&nbsp; Harvey County Unified School District 440 Halstead-Bentley (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2029 | 185000 | &nbsp;&nbsp; 198757 |
| &nbsp;&nbsp; Harvey County Unified School District 440 Halstead-Bentley (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2030 | 125000 | &nbsp;&nbsp; 136649 |
| &nbsp;&nbsp; Harvey County Unified School District 440 Halstead-Bentley (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2031 | 300000 | &nbsp;&nbsp; 332909 |
|  |  |  |  | &nbsp;&nbsp; **15731922** |
| **Housing revenue: 0.33%** |  |  |  |  |
| County of Shawnee Union at Tower District LP Series Aøø | 3.75 | &nbsp;&nbsp; 5-1-2059 | 5000000 | &nbsp;&nbsp; **5043910** |
|  |  |  |  | &nbsp;&nbsp; **20775832** |
| **Kentucky: 1.72%** |  |  |  |  |
| **Education revenue: 0.10%** |  |  |  |  |
| City of Columbia Lindsey Wilson College, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2027 | 525000 | &nbsp;&nbsp; 522284 |
| City of Columbia Lindsey Wilson College, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2028 | 545000 | &nbsp;&nbsp; 539511 |
| Kentucky Bond Development Corp. Centre College | 4.00 | &nbsp;&nbsp; 6-1-2026 | 210000 | &nbsp;&nbsp; 210862 |
| Kentucky Bond Development Corp. Centre College | 4.00 | &nbsp;&nbsp; 6-1-2028 | 250000 | &nbsp;&nbsp; 255591 |
|  |  |  |  | &nbsp;&nbsp; **1528248** |
| **Industrial development revenue: 0.18%** |  |  |  |  |
| County of Boone Duke Energy Kentucky, Inc. Series A | 3.70 | &nbsp;&nbsp; 8-1-2027 | 2750000 | &nbsp;&nbsp; **2767415** |
| **Miscellaneous revenue: 0.09%** |  |  |  |  |
| Kentucky Interlocal School Transportation Association COP | 4.00 | &nbsp;&nbsp; 3-1-2027 | 1075000 | &nbsp;&nbsp; 1089756 |
| Kentucky State University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-1-2027 | 160000 | &nbsp;&nbsp; 166334 |
| Kentucky State University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-1-2028 | 200000 | &nbsp;&nbsp; 212215 |
|  |  |  |  | &nbsp;&nbsp; **1468305** |
| **Utilities revenue: 1.35%** |  |  |  |  |
| County of Trimble Louisville Gas & Electric Co. Series A AMTøø | 1.30 | &nbsp;&nbsp; 9-1-2044 | 6000000 | &nbsp;&nbsp; 5716230 |
| Kentucky Public Energy Authority Series A-1 | 5.00 | &nbsp;&nbsp; 7-1-2029 | 1400000 | &nbsp;&nbsp; 1476633 |
| Kentucky Public Energy Authority Series A-1øø | 5.25 | &nbsp;&nbsp; 4-1-2054 | 6000000 | &nbsp;&nbsp; 6479910 |
| &nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government Gas & <br> Electric Co. Series B AMT<br>| 1.35 | &nbsp;&nbsp; 11-1-2027 | 7500000 | &nbsp;&nbsp; 7191589 |
|  |  |  |  | &nbsp;&nbsp; **20864362** |
|  |  |  |  | &nbsp;&nbsp; **26628330** |

---

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

Allspring Short-Term Municipal Bond Fund \| 13

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Louisiana: 1.96%** |  |  |  |  |
| **Health revenue: 0.54%** |  |  |  |  |
| &nbsp;&nbsp; Louisiana PFA Children's Medical Center Obligated Group <br> Series A3øø<br>| 5.00<br> %<br>| &nbsp;&nbsp; 6-1-2045 | $3250000 | &nbsp;&nbsp; $3389047 |
| &nbsp;&nbsp; PFA Series VRS209 (Bank of America N.A. LOC, Bank of America N.A. <br> LIQ)144Aø<br>| 2.60 | &nbsp;&nbsp; 12-1-2052 | 5000000 | &nbsp;&nbsp; 5000000 |
|  |  |  |  | &nbsp;&nbsp; **8389047** |
| **Housing revenue: 0.71%** |  |  |  |  |
| Louisiana Housing Corp. King Oaks V LPøø | 2.70 | &nbsp;&nbsp; 10-1-2045 | 2000000 | &nbsp;&nbsp; 1978276 |
| Louisiana Housing Corp. NSAEB 603 LLC (FHA Insured)øø | 3.15 | &nbsp;&nbsp; 4-1-2030 | 9000000 | &nbsp;&nbsp; 9020549 |
|  |  |  |  | &nbsp;&nbsp; **10998825** |
| **Industrial development revenue: 0.65%** |  |  |  |  |
| Louisiana PFA Waste Pro USA, Inc.144Aøø | 4.38 | &nbsp;&nbsp; 5-1-2053 | 10000000 | &nbsp;&nbsp; **10012342** |
| **Water & sewer revenue: 0.06%** |  |  |  |  |
| East Baton Rouge Sewerage Commission Series Aøø | 1.30 | &nbsp;&nbsp; 2-1-2041 | 1000000 | &nbsp;&nbsp; **943134** |
|  |  |  |  | &nbsp;&nbsp; **30343348** |
| **Maine: 0.03%** |  |  |  |  |
| **Health revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 500000 | &nbsp;&nbsp; **505321** |
| **Maryland: 1.45%** |  |  |  |  |
| **Health revenue: 0.88%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Johns <br> Hopkins Health System Corp. Series A<br>| 5.00 | &nbsp;&nbsp; 5-15-2032 | 4500000 | &nbsp;&nbsp; 5084899 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Johns <br> Hopkins Health System Corp. Series C (Bank of America N.A. <br> LOC)ø<br>| 2.45 | &nbsp;&nbsp; 5-15-2053 | 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Luminis <br> Health Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2031 | 3500000 | &nbsp;&nbsp; 3583629 |
|  |  |  |  | &nbsp;&nbsp; **13668528** |
| **Housing revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Economic Development Corp. PRG-Towson Place <br> Properties LLC Series A-1<br>| 5.00 | &nbsp;&nbsp; 6-1-2029 | 935000 | &nbsp;&nbsp; **985206** |
| **Transportation revenue: 0.39%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Economic Development Corp. Purple Line Transit <br> Partners LLC Series A-P3 AMT<br>| 5.00 | &nbsp;&nbsp; 11-12-2028 | 6000000 | &nbsp;&nbsp; **6037770** |
| **Water & sewer revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; Washington Suburban Sanitary Commission Series B BAN (TD Bank <br> N.A. SPA)ø<br>| 2.50 | &nbsp;&nbsp; 6-1-2027 | 1735000 | &nbsp;&nbsp; **1735000** |
|  |  |  |  | &nbsp;&nbsp; **22426504** |

---

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

14 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Massachusetts: 0.16%** |  |  |  |  |
| **Education revenue: 0.05%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Springfield College <br> Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 6-1-2026 | $420000 | &nbsp;&nbsp; $422153 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Springfield College <br> Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2027 | 440000 | &nbsp;&nbsp; 444103 |
|  |  |  |  | &nbsp;&nbsp; **866256** |
| **Health revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Tufts Medicine <br> Obligated Group Series C (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 300000 | &nbsp;&nbsp; 304584 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Tufts Medicine <br> Obligated Group Series C (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2027 | 410000 | &nbsp;&nbsp; 426610 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Tufts Medicine <br> Obligated Group Series F<br>| 5.50 | &nbsp;&nbsp; 10-1-2031 | 400000 | &nbsp;&nbsp; 440385 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Tufts Medicine <br> Obligated Group Series F<br>| 5.50 | &nbsp;&nbsp; 10-1-2032 | 450000 | &nbsp;&nbsp; 500487 |
|  |  |  |  | &nbsp;&nbsp; **1672066** |
|  |  |  |  | &nbsp;&nbsp; **2538322** |
| **Michigan: 1.92%** |  |  |  |  |
| **Airport revenue: 0.09%** |  |  |  |  |
| Gerald R Ford International Airport Authority AMT | 5.00 | &nbsp;&nbsp; 1-1-2029 | 150000 | &nbsp;&nbsp; 159299 |
| Gerald R Ford International Airport Authority AMT | 5.00 | &nbsp;&nbsp; 1-1-2031 | 1110000 | &nbsp;&nbsp; 1216335 |
|  |  |  |  | &nbsp;&nbsp; **1375634** |
| **Education revenue: 0.08%** |  |  |  |  |
| Lake Superior State University (AG Insured) | 4.00 | &nbsp;&nbsp; 11-15-2026 | 390000 | &nbsp;&nbsp; 393365 |
| Lake Superior State University (AG Insured) | 4.00 | &nbsp;&nbsp; 11-15-2027 | 405000 | &nbsp;&nbsp; 412787 |
| Lake Superior State University (AG Insured) | 4.00 | &nbsp;&nbsp; 11-15-2028 | 405000 | &nbsp;&nbsp; 416015 |
|  |  |  |  | &nbsp;&nbsp; **1222167** |
| **GO revenue: 0.04%** |  |  |  |  |
| Clawson Public Schools (QSBLF Insured) | 4.00 | &nbsp;&nbsp; 5-1-2026 | 285000 | &nbsp;&nbsp; 286232 |
| Clawson Public Schools (QSBLF Insured) | 4.00 | &nbsp;&nbsp; 5-1-2028 | 300000 | &nbsp;&nbsp; 309223 |
|  |  |  |  | &nbsp;&nbsp; **595455** |
| **Health revenue: 0.49%** |  |  |  |  |
| &nbsp;&nbsp; Michigan Finance Authority Bronson Health Care Group Obligated <br> Group Series Cøø<br>| 3.75 | &nbsp;&nbsp; 11-15-2049 | 7600000 | &nbsp;&nbsp; **7599559** |
| **Housing revenue: 0.27%** |  |  |  |  |
| Michigan State Building Authority Series Iø | 3.42 | &nbsp;&nbsp; 4-15-2059 | 1990000 | &nbsp;&nbsp; 1990000 |
| &nbsp;&nbsp; Michigan State Housing Development Authority Flats Phase I Ltd. <br> Dividend Housing Association LLCøø<br>| 3.80 | &nbsp;&nbsp; 7-1-2041 | 2250000 | &nbsp;&nbsp; 2256698 |
|  |  |  |  | &nbsp;&nbsp; **4246698** |

---

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

Allspring Short-Term Municipal Bond Fund \| 15

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Industrial development revenue: 0.32%** |  |  |  |  |
| Michigan Strategic Fund Consumers Energy Co. AMTøø | 3.35<br> %<br>| &nbsp;&nbsp; 10-1-2049 | $3000000 | &nbsp;&nbsp; $2995877 |
| &nbsp;&nbsp; Michigan Strategic Fund Graphic Packaging International LLC <br> AMTøø<br>| 4.00 | &nbsp;&nbsp; 10-1-2061 | 2000000 | &nbsp;&nbsp; 1997870 |
|  |  |  |  | &nbsp;&nbsp; **4993747** |
| **Utilities revenue: 0.63%** |  |  |  |  |
| Michigan Strategic Fund DTE Electric Co. Series 2023DT AMTøø | 3.88 | &nbsp;&nbsp; 6-1-2053 | 10000000 | &nbsp;&nbsp; **9806316** |
|  |  |  |  | &nbsp;&nbsp; **29839576** |
| **Minnesota: 1.70%** |  |  |  |  |
| **Health revenue: 1.43%** |  |  |  |  |
| City of Maple Grove Hospital Corp. | 5.00 | &nbsp;&nbsp; 5-1-2031 | 1000000 | &nbsp;&nbsp; 1014819 |
| City of Minneapolis Allina Health Obligated Group Series Bøø | 5.00 | &nbsp;&nbsp; 11-15-2053 | 15935000 | &nbsp;&nbsp; 17308828 |
| &nbsp;&nbsp; City of Minneapolis Fairview Health Services Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2030 | 1000000 | &nbsp;&nbsp; 1000789 |
| City of Rochester Mayo Clinic Series Bøø | 5.00 | &nbsp;&nbsp; 11-15-2055 | 2500000 | &nbsp;&nbsp; 2792763 |
|  |  |  |  | &nbsp;&nbsp; **22117199** |
| **Housing revenue: 0.21%** |  |  |  |  |
| &nbsp;&nbsp; City of Forest Lake Kilkenny Senior Housing LP (FNMA LOC, FNMA <br> LIQ)ø<br>| 1.42 | &nbsp;&nbsp; 8-15-2038 | 1170000 | &nbsp;&nbsp; 1170000 |
| &nbsp;&nbsp; City of Marshall Southwest & West Central Service Cooperatives <br> Series A<br>| 6.00 | &nbsp;&nbsp; 2-1-2026 | 180000 | &nbsp;&nbsp; 180384 |
| &nbsp;&nbsp; City of Marshall Southwest & West Central Service Cooperatives <br> Series A<br>| 6.00 | &nbsp;&nbsp; 2-1-2027 | 330000 | &nbsp;&nbsp; 339687 |
| &nbsp;&nbsp; City of Marshall Southwest & West Central Service Cooperatives <br> Series A<br>| 6.00 | &nbsp;&nbsp; 2-1-2028 | 345000 | &nbsp;&nbsp; 364704 |
| &nbsp;&nbsp; City of Marshall Southwest & West Central Service Cooperatives <br> Series A<br>| 6.00 | &nbsp;&nbsp; 2-1-2029 | 370000 | &nbsp;&nbsp; 399892 |
| &nbsp;&nbsp; City of Marshall Southwest & West Central Service Cooperatives <br> Series A<br>| 6.00 | &nbsp;&nbsp; 2-1-2030 | 390000 | &nbsp;&nbsp; 430863 |
| &nbsp;&nbsp; City of Marshall Southwest & West Central Service Cooperatives <br> Series A<br>| 6.00 | &nbsp;&nbsp; 2-1-2031 | 415000 | &nbsp;&nbsp; 467583 |
|  |  |  |  | &nbsp;&nbsp; **3353113** |
| **Utilities revenue: 0.06%** |  |  |  |  |
| Central Minnesota Municipal Power Agency (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2027 | 400000 | &nbsp;&nbsp; 409146 |
| Central Minnesota Municipal Power Agency (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2028 | 500000 | &nbsp;&nbsp; 522825 |
|  |  |  |  | &nbsp;&nbsp; **931971** |
|  |  |  |  | &nbsp;&nbsp; **26402283** |
| **Mississippi: 0.01%** |  |  |  |  |
| **Industrial development revenue: 0.01%** |  |  |  |  |
| Mississippi Business Finance Corp. Power Co. AMTø | 2.60 | &nbsp;&nbsp; 5-1-2028 | 120000 | &nbsp;&nbsp; **120000** |
| **Missouri: 1.04%** |  |  |  |  |
| **Education revenue: 0.17%** |  |  |  |  |
| HEFA of the State of Missouri Webster University | 5.00 | &nbsp;&nbsp; 4-1-2026 | 2630000 | &nbsp;&nbsp; **2618398** |

---

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

16 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.38%** |  |  |  |  |
| &nbsp;&nbsp; HEFA of the State of Missouri Lutheran Senior Services Obligated <br> Group Series 2025A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 2-1-2028 | $1865000 | &nbsp;&nbsp; $1917168 |
| &nbsp;&nbsp; HEFA of the State of Missouri SSM Health Care Obligated Group <br> Series Aøø<br>| 5.00 | &nbsp;&nbsp; 6-1-2039 | 3000000 | &nbsp;&nbsp; 3138319 |
| Joplin IDA Freeman Health System Obligated Group | 5.00 | &nbsp;&nbsp; 2-15-2031 | 850000 | &nbsp;&nbsp; 932957 |
|  |  |  |  | &nbsp;&nbsp; **5988444** |
| **Housing revenue: 0.34%** |  |  |  |  |
| County of Jackson Series A | 5.00 | &nbsp;&nbsp; 12-1-2026 | 2985000 | &nbsp;&nbsp; 3045611 |
| County of Jackson Series A | 5.00 | &nbsp;&nbsp; 12-1-2030 | 2040000 | &nbsp;&nbsp; 2252912 |
|  |  |  |  | &nbsp;&nbsp; **5298523** |
| **Industrial development revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; Missouri State Environmental Improvement & Energy Resources <br> Authority Evergy Metro, Inc. AMTøø<br>| 4.05 | &nbsp;&nbsp; 5-1-2038 | 1625000 | &nbsp;&nbsp; **1657444** |
| **Miscellaneous revenue: 0.04%** |  |  |  |  |
| County of Barry COP | 5.00 | &nbsp;&nbsp; 10-1-2028 | 610000 | &nbsp;&nbsp; **634305** |
|  |  |  |  | &nbsp;&nbsp; **16197114** |
| **Montana: 0.19%** |  |  |  |  |
| **Health revenue: 0.17%** |  |  |  |  |
| &nbsp;&nbsp; Montana Facility Finance Authority Billings Clinic Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2027 | 500000 | &nbsp;&nbsp; 516018 |
| &nbsp;&nbsp; Montana Facility Finance Authority Billings Clinic Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2028 | 2015000 | &nbsp;&nbsp; 2118048 |
|  |  |  |  | &nbsp;&nbsp; **2634066** |
| **Tax revenue: 0.02%** |  |  |  |  |
| Big Sky Resort Area District Cold Smoke Project (AG Insured)%% | 5.00 | &nbsp;&nbsp; 7-1-2032 | 250000 | &nbsp;&nbsp; **282724** |
|  |  |  |  | &nbsp;&nbsp; **2916790** |
| **Nebraska: 0.75%** |  |  |  |  |
| **Airport revenue: 0.07%** |  |  |  |  |
| Lincoln Airport Authority AMT | 5.00 | &nbsp;&nbsp; 7-1-2028 | 1000000 | &nbsp;&nbsp; **1042632** |
| **Housing revenue: 0.32%** |  |  |  |  |
| City of Lincoln Central at South Haymarket LPøø | 3.37 | &nbsp;&nbsp; 1-10-2048 | 5000000 | &nbsp;&nbsp; **5040055** |
| **Utilities revenue: 0.36%** |  |  |  |  |
| Central Plains Energy Project No. 3 Series A | 5.00 | &nbsp;&nbsp; 9-1-2031 | 1685000 | &nbsp;&nbsp; 1831356 |
| Central Plains Energy Project No. 4 Series Aøø | 5.00 | &nbsp;&nbsp; 5-1-2054 | 3500000 | &nbsp;&nbsp; 3732873 |
|  |  |  |  | &nbsp;&nbsp; **5564229** |
|  |  |  |  | &nbsp;&nbsp; **11646916** |
| **Nevada: 0.33%** |  |  |  |  |
| **GO revenue: 0.33%** |  |  |  |  |
| Clark County School District Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 6-15-2027 | 5000000 | &nbsp;&nbsp; **5173192** |

---

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

Allspring Short-Term Municipal Bond Fund \| 17

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **New Jersey: 1.15%** |  |  |  |  |
| **Education revenue: 0.17%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority <br> Series 1-A AMT<br>| 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2030 | $2500000 | &nbsp;&nbsp; **$2654621** |
| **GO revenue: 0.31%** |  |  |  |  |
| City of Newark BAN | 4.00 | &nbsp;&nbsp; 12-11-2026 | 4000000 | &nbsp;&nbsp; 4042319 |
| Newark Board of Education (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-15-2027 | 350000 | &nbsp;&nbsp; 363260 |
| Newark Board of Education (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-15-2028 | 350000 | &nbsp;&nbsp; 369707 |
|  |  |  |  | &nbsp;&nbsp; **4775286** |
| **Housing revenue: 0.34%** |  |  |  |  |
| New Jersey Health Care Facilities Financing Authority | 5.00 | &nbsp;&nbsp; 9-15-2026 | 2000000 | &nbsp;&nbsp; 2033223 |
| New Jersey TTFA Series A-1 | 5.00 | &nbsp;&nbsp; 6-15-2030 | 3265000 | &nbsp;&nbsp; 3294760 |
|  |  |  |  | &nbsp;&nbsp; **5327983** |
| **Water & sewer revenue: 0.33%** |  |  |  |  |
| New Jersey EDA American Water Co., Inc. Series B AMTøø | 3.75 | &nbsp;&nbsp; 11-1-2034 | 5000000 | &nbsp;&nbsp; **5058134** |
|  |  |  |  | &nbsp;&nbsp; **17816024** |
| **New Mexico: 1.32%** |  |  |  |  |
| **Housing revenue: 0.26%** |  |  |  |  |
| County of Santa Fe Cresta Ranch Apartments LLPøø | 3.29 | &nbsp;&nbsp; 12-10-2049 | 4000000 | &nbsp;&nbsp; **4018697** |
| **Industrial development revenue: 0.65%** |  |  |  |  |
| City of Farmington Public Service Co. of New Mexico Series Døø | 3.90 | &nbsp;&nbsp; 6-1-2040 | 10000000 | &nbsp;&nbsp; **10132928** |
| **Utilities revenue: 0.41%** |  |  |  |  |
| New Mexico Municipal Energy Acquisition Authority | 5.00 | &nbsp;&nbsp; 5-1-2026 | 950000 | &nbsp;&nbsp; 955539 |
| New Mexico Municipal Energy Acquisition Authorityøø | 5.00 | &nbsp;&nbsp; 6-1-2054 | 5000000 | &nbsp;&nbsp; 5336998 |
|  |  |  |  | &nbsp;&nbsp; **6292537** |
|  |  |  |  | &nbsp;&nbsp; **20444162** |
| **New York: 8.34%** |  |  |  |  |
| **Airport revenue: 0.70%** |  |  |  |  |
| Albany County Airport Authority Series B AMT | 5.00 | &nbsp;&nbsp; 12-15-2026 | 1070000 | &nbsp;&nbsp; 1089320 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2027 | 5000000 | &nbsp;&nbsp; 5170199 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series A AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2026 | 490000 | &nbsp;&nbsp; 497861 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series A AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2027 | 500000 | &nbsp;&nbsp; 517020 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series A AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2028 | 500000 | &nbsp;&nbsp; 524414 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series A AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2029 | 500000 | &nbsp;&nbsp; 530897 |
| &nbsp;&nbsp; New York Transportation Development Corp. LaGuardia Gateway <br> Partners LLC Series A-P3 AMT<br>| 4.00 | &nbsp;&nbsp; 7-1-2031 | 2525000 | &nbsp;&nbsp; 2509204 |
|  |  |  |  | &nbsp;&nbsp; **10838915** |

---

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

18 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue: 0.27%** |  |  |  |  |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter <br> School Series A<br>| 4.05<br> %<br>| &nbsp;&nbsp; 2-1-2031 | $815000 | &nbsp;&nbsp; $791887 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter <br> School Series B<br>| 4.76 | &nbsp;&nbsp; 2-1-2027 | 360000 | &nbsp;&nbsp; 360084 |
| New York State Dormitory Authority Iona College Series 2022 | 5.00 | &nbsp;&nbsp; 7-1-2028 | 825000 | &nbsp;&nbsp; 858379 |
| New York State Dormitory Authority Pace University Series A | 5.25 | &nbsp;&nbsp; 5-1-2028 | 250000 | &nbsp;&nbsp; 260769 |
| New York State Dormitory Authority Pace University Series A | 5.25 | &nbsp;&nbsp; 5-1-2030 | 500000 | &nbsp;&nbsp; 539077 |
| New York State Dormitory Authority Pace University Series A | 5.25 | &nbsp;&nbsp; 5-1-2031 | 375000 | &nbsp;&nbsp; 410426 |
| &nbsp;&nbsp; St. Lawrence County Industrial Development Agency University <br> Project<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 400000 | &nbsp;&nbsp; 404158 |
| &nbsp;&nbsp; St. Lawrence County Industrial Development Agency University <br> Project<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 510000 | &nbsp;&nbsp; 525780 |
|  |  |  |  | &nbsp;&nbsp; **4150560** |
| **GO revenue: 1.54%** |  |  |  |  |
| City of Cortland BAN | 4.50 | &nbsp;&nbsp; 5-15-2026 | 6000000 | &nbsp;&nbsp; 6010522 |
| City of Ithaca BAN | 4.25 | &nbsp;&nbsp; 2-13-2026 | 9740111 | &nbsp;&nbsp; 9749500 |
| City of Mount Vernon BAN144A | 5.00 | &nbsp;&nbsp; 5-29-2026 | 7533000 | &nbsp;&nbsp; 7567046 |
| City of Poughkeepsie | 4.00 | &nbsp;&nbsp; 4-15-2027 | 480000 | &nbsp;&nbsp; 480033 |
|  |  |  |  | &nbsp;&nbsp; **23807101** |
| **Health revenue: 0.24%** |  |  |  |  |
| &nbsp;&nbsp; Broome County Local Development Corp. United Health Services <br> Hospitals Obligated Group (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 4-1-2026 | 500000 | &nbsp;&nbsp; 502435 |
| &nbsp;&nbsp; Broome County Local Development Corp. United Health Services <br> Hospitals Obligated Group (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 4-1-2027 | 950000 | &nbsp;&nbsp; 974021 |
| &nbsp;&nbsp; Monroe County Industrial Development Corp. Rochester Regional <br> Health Obligated Group<br>| 5.00 | &nbsp;&nbsp; 12-1-2031 | 1150000 | &nbsp;&nbsp; 1164110 |
| &nbsp;&nbsp; New York State Dormitory Authority Montefiore Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2026 | 1000000 | &nbsp;&nbsp; 1010278 |
|  |  |  |  | &nbsp;&nbsp; **3650844** |
| **Housing revenue: 0.62%** |  |  |  |  |
| New York City Housing Development Corp. Series A-2øø | 3.70 | &nbsp;&nbsp; 5-1-2063 | 5500000 | &nbsp;&nbsp; 5501860 |
| New York City Housing Development Corp. Series G-2 AMT | 2.00 | &nbsp;&nbsp; 5-1-2026 | 535000 | &nbsp;&nbsp; 532142 |
| New York Liberty Development Corp. Series A | 1.20 | &nbsp;&nbsp; 11-15-2028 | 2500000 | &nbsp;&nbsp; 2303346 |
| &nbsp;&nbsp; New York State Housing Finance Agency Series J-2 (Department of <br> Housing and Urban Development Insured)øø<br>| 1.10 | &nbsp;&nbsp; 11-1-2061 | 1310000 | &nbsp;&nbsp; 1264477 |
|  |  |  |  | &nbsp;&nbsp; **9601825** |
| **Industrial development revenue: 0.88%** |  |  |  |  |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 4.00 | &nbsp;&nbsp; 10-1-2030 | 2500000 | &nbsp;&nbsp; 2548642 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2026 | 3965000 | &nbsp;&nbsp; 3965000 |

---

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

Allspring Short-Term Municipal Bond Fund \| 19

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Industrial development revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2027 | $2000000 | &nbsp;&nbsp; $2033101 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2028 | 5000000 | &nbsp;&nbsp; 5161232 |
|  |  |  |  | &nbsp;&nbsp; **13707975** |
| **Miscellaneous revenue: 1.40%** |  |  |  |  |
| &nbsp;&nbsp; New York City Industrial Development Agency Queens Ballpark <br> Co. LLC Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2030 | 1000000 | &nbsp;&nbsp; 1082578 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority Metropolitan Transportation <br> Authority Payroll Mobility Tax Revenue Series A-2øø<br>| 2.00 | &nbsp;&nbsp; 5-15-2045 | 6000000 | &nbsp;&nbsp; 5781708 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority Metropolitan Transportation <br> Authority Payroll Mobility Tax Revenue Series B<br>| 5.00 | &nbsp;&nbsp; 5-15-2026 | 10000000 | &nbsp;&nbsp; 10092495 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority Metropolitan Transportation <br> Authority Payroll Mobility Tax Revenue Series C<br>| 5.00 | &nbsp;&nbsp; 11-15-2031 | 3500000 | &nbsp;&nbsp; 3990097 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority Real Estate Transfer Tax <br> Series A<br>| 5.00 | &nbsp;&nbsp; 12-1-2029 | 750000 | &nbsp;&nbsp; 822914 |
|  |  |  |  | &nbsp;&nbsp; **21769792** |
| **Resource recovery revenue: 0.16%** |  |  |  |  |
| &nbsp;&nbsp; New York State Environmental Facilities Corp. Casella Waste <br> Systems, Inc. Series R-1 AMT144Aøø<br>| 4.25 | &nbsp;&nbsp; 9-1-2050 | 1250000 | &nbsp;&nbsp; 1255612 |
| &nbsp;&nbsp; New York State Environmental Facilities Corp. Casella Waste <br> Systems, Inc. Series R-2 AMT144Aøø<br>| 5.13 | &nbsp;&nbsp; 9-1-2050 | 1200000 | &nbsp;&nbsp; 1247394 |
|  |  |  |  | &nbsp;&nbsp; **2503006** |
| **Tax revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series A4 (Bank of America N.A. SPA)ø<br>| 2.50 | &nbsp;&nbsp; 8-1-2041 | 600000 | &nbsp;&nbsp; **600000** |
| **Transportation revenue: 1.99%** |  |  |  |  |
| Metropolitan Transportation Authority Series A | 5.00 | &nbsp;&nbsp; 11-15-2031 | 4000000 | &nbsp;&nbsp; 4476227 |
| Metropolitan Transportation Authority Series A2 | 5.00 | &nbsp;&nbsp; 11-15-2028 | 3500000 | &nbsp;&nbsp; 3563096 |
| Metropolitan Transportation Authority Series A-2øø | 5.00 | &nbsp;&nbsp; 11-15-2045 | 8310000 | &nbsp;&nbsp; 8958992 |
| Metropolitan Transportation Authority Series B | 5.00 | &nbsp;&nbsp; 11-15-2028 | 365000 | &nbsp;&nbsp; 388940 |
| Metropolitan Transportation Authority Series B | 5.00 | &nbsp;&nbsp; 11-15-2031 | 8000000 | &nbsp;&nbsp; 8952454 |
| Metropolitan Transportation Authority Series D | 5.00 | &nbsp;&nbsp; 11-15-2026 | 4475000 | &nbsp;&nbsp; 4567963 |
|  |  |  |  | &nbsp;&nbsp; **30907672** |
| **Utilities revenue: 0.36%** |  |  |  |  |
| Long Island Power Authority Series Bøø | 1.50 | &nbsp;&nbsp; 9-1-2051 | 5590000 | &nbsp;&nbsp; **5525948** |
| **Water & sewer revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series DD<br>| 5.00 | &nbsp;&nbsp; 6-15-2026 | 2225000 | &nbsp;&nbsp; **2250539** |
|  |  |  |  | &nbsp;&nbsp; **129314177** |

---

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

20 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **North Carolina: 0.20%** |  |  |  |  |
| **Health revenue: 0.12%** |  |  |  |  |
| &nbsp;&nbsp; North Carolina Medical Care Commission Caromont Health <br> Obligated Group Series Bøø<br>| 5.00<br> %<br>| &nbsp;&nbsp; 2-1-2051 | $1000000 | &nbsp;&nbsp; $1001655 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Lutheran Services for the <br> Aging, Inc. Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 3-1-2026 | 245000 | &nbsp;&nbsp; 245520 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Lutheran Services for the <br> Aging, Inc. Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 3-1-2027 | 295000 | &nbsp;&nbsp; 299784 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Lutheran Services for the <br> Aging, Inc. Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 3-1-2028 | 305000 | &nbsp;&nbsp; 314288 |
|  |  |  |  | &nbsp;&nbsp; **1861247** |
| **Housing revenue: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; North Carolina Capital Facilities Finance Agency Obligated Group <br> Series A (Department of Housing and Urban Development <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2028 | 1155000 | &nbsp;&nbsp; **1165649** |
|  |  |  |  | &nbsp;&nbsp; **3026896** |
| **North Dakota: 0.59%** |  |  |  |  |
| **Health revenue: 0.59%** |  |  |  |  |
| City of Grand Forks Altru Health System Obligated Group | 5.00 | &nbsp;&nbsp; 12-1-2026 | 435000 | &nbsp;&nbsp; 440796 |
| City of Grand Forks Altru Health System Obligated Group | 5.00 | &nbsp;&nbsp; 12-1-2027 | 1125000 | &nbsp;&nbsp; 1155254 |
| City of Grand Forks Altru Health System Obligated Group | 5.00 | &nbsp;&nbsp; 12-1-2028 | 1525000 | &nbsp;&nbsp; 1586009 |
| City of Grand Forks Altru Health System Obligated Group | 5.00 | &nbsp;&nbsp; 12-1-2029 | 1750000 | &nbsp;&nbsp; 1840270 |
| City of Grand Forks Altru Health System Obligated Group | 5.00 | &nbsp;&nbsp; 12-1-2030 | 3410000 | &nbsp;&nbsp; 3623745 |
| &nbsp;&nbsp; City of Grand Forks Altru Health System Obligated Group Series A <br> (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2030 | 200000 | &nbsp;&nbsp; 217417 |
| &nbsp;&nbsp; City of Grand Forks Altru Health System Obligated Group Series A <br> (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2031 | 325000 | &nbsp;&nbsp; 357766 |
|  |  |  |  | &nbsp;&nbsp; **9221257** |
| **Ohio: 4.33%** |  |  |  |  |
| **Airport revenue: 0.21%** |  |  |  |  |
| Columbus Regional Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2030 | 3000000 | &nbsp;&nbsp; **3214863** |
| **GO revenue: 0.23%** |  |  |  |  |
| City of Cleveland Series A | 5.00 | &nbsp;&nbsp; 12-1-2026 | 3610000 | &nbsp;&nbsp; **3616570** |
| **Health revenue: 1.78%** |  |  |  |  |
| &nbsp;&nbsp; County of Allen Hospital Facilities Revenue Bon Secours Mercy <br> Health, Inc. Series B-1øø<br>| 5.00 | &nbsp;&nbsp; 10-1-2049 | 10000000 | &nbsp;&nbsp; 10314082 |
| County of Hamilton UC Health Obligated Group | 5.00 | &nbsp;&nbsp; 9-15-2026 | 655000 | &nbsp;&nbsp; 659883 |
| &nbsp;&nbsp; State of Ohio University Hospitals Health System, Inc. Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 1-15-2028 | 4000000 | &nbsp;&nbsp; 4161116 |
| &nbsp;&nbsp; State of Ohio University Hospitals Health System, Inc. Obligated <br> Group Series Bø<br>| 3.55 | &nbsp;&nbsp; 1-15-2049 | 12400000 | &nbsp;&nbsp; 12400000 |
|  |  |  |  | &nbsp;&nbsp; **27535081** |

---

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

Allspring Short-Term Municipal Bond Fund \| 21

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue: 0.95%** |  |  |  |  |
| &nbsp;&nbsp; Columbus-Franklin County Finance Authority South High Street <br> Apartments LPøø<br>| 3.19<br> %<br>| &nbsp;&nbsp; 6-1-2044 | $3000000 | &nbsp;&nbsp; $3009472 |
| Ohio Housing Finance Agency at Main LLCøø | 3.70 | &nbsp;&nbsp; 11-1-2047 | 1800000 | &nbsp;&nbsp; 1818165 |
| State of Ohio Series Cø | 2.35 | &nbsp;&nbsp; 10-1-2036 | 5630000 | &nbsp;&nbsp; 5630000 |
| Summit County Development Finance Authority RC Heights LLCøø | 2.80 | &nbsp;&nbsp; 10-1-2044 | 4300000 | &nbsp;&nbsp; 4237877 |
|  |  |  |  | &nbsp;&nbsp; **14695514** |
| **Industrial development revenue: 0.24%** |  |  |  |  |
| &nbsp;&nbsp; Ohio Air Quality Development Authority Valley Electric Corp. <br> Series A<br>| 2.88 | &nbsp;&nbsp; 2-1-2026 | 3750000 | &nbsp;&nbsp; **3748257** |
| **Miscellaneous revenue: 0.04%** |  |  |  |  |
| Dayton City School District COP | 3.00 | &nbsp;&nbsp; 12-1-2026 | 180000 | &nbsp;&nbsp; 179987 |
| Dayton City School District COP | 3.00 | &nbsp;&nbsp; 12-1-2027 | 270000 | &nbsp;&nbsp; 269892 |
| Dayton City School District COP | 4.00 | &nbsp;&nbsp; 12-1-2028 | 230000 | &nbsp;&nbsp; 235702 |
|  |  |  |  | &nbsp;&nbsp; **685581** |
| **Tax revenue: 0.37%** |  |  |  |  |
| City of Akron Income Tax Revenue | 4.00 | &nbsp;&nbsp; 12-1-2027 | 3540000 | &nbsp;&nbsp; 3629830 |
| City of Akron Income Tax Revenue | 4.00 | &nbsp;&nbsp; 12-1-2028 | 2000000 | &nbsp;&nbsp; 2073903 |
|  |  |  |  | &nbsp;&nbsp; **5703733** |
| **Utilities revenue: 0.42%** |  |  |  |  |
| &nbsp;&nbsp; American Municipal Power, Inc. AMP Fremont Energy Center <br> Revenue Series A<br>| 5.00 | &nbsp;&nbsp; 2-15-2027 | 400000 | &nbsp;&nbsp; 410412 |
| &nbsp;&nbsp; American Municipal Power, Inc. AMP Fremont Energy Center <br> Revenue Series A<br>| 5.00 | &nbsp;&nbsp; 2-15-2029 | 350000 | &nbsp;&nbsp; 374796 |
| &nbsp;&nbsp; American Municipal Power, Inc. Combined Hydroelectric Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 2-15-2026 | 1500000 | &nbsp;&nbsp; 1504041 |
| &nbsp;&nbsp; American Municipal Power, Inc. Combined Hydroelectric Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 2-15-2027 | 1600000 | &nbsp;&nbsp; 1641648 |
| &nbsp;&nbsp; Ohio Air Quality Development Authority Dayton Power & Light Co. <br> Series A AMTøø<br>| 4.25 | &nbsp;&nbsp; 11-1-2040 | 2550000 | &nbsp;&nbsp; 2589133 |
|  |  |  |  | &nbsp;&nbsp; **6520030** |
| **Water & sewer revenue: 0.09%** |  |  |  |  |
| City of Fairview Park BAN144A | 4.00 | &nbsp;&nbsp; 11-19-2026 | 1350000 | &nbsp;&nbsp; **1363036** |
|  |  |  |  | &nbsp;&nbsp; **67082665** |
| **Oklahoma: 2.20%** |  |  |  |  |
| **Health revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Oklahoma Development Finance Authority INTEGRIS Health <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2031 | 2000000 | &nbsp;&nbsp; **2003476** |
| **Housing revenue: 1.97%** |  |  |  |  |
| &nbsp;&nbsp; Cleveland County Educational Facilities Authority Independent <br> School District No. 29 Norman Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2030 | 2540000 | &nbsp;&nbsp; 2772926 |
| &nbsp;&nbsp; Creek County Educational Facilities Authority Independent School <br> District No. 2 Bristow<br>| 5.00 | &nbsp;&nbsp; 9-1-2031 | 3900000 | &nbsp;&nbsp; 4253265 |

---

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

22 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Kingfisher Special Projects Authority Independent School District <br> No. 7<br>| 4.00<br> %<br>| &nbsp;&nbsp; 3-1-2026 | $2005000 | &nbsp;&nbsp; $2008353 |
| &nbsp;&nbsp; McIntosh County Educational Facilities Authority Independent <br> School District No. 19 Checotah<br>| 2.00 | &nbsp;&nbsp; 9-1-2027 | 415000 | &nbsp;&nbsp; 401928 |
| &nbsp;&nbsp; Murray County Educational Facilities Authority Murray County <br> Independent School District No. 10 Davis<br>| 5.00 | &nbsp;&nbsp; 9-1-2030 | 630000 | &nbsp;&nbsp; 668893 |
| &nbsp;&nbsp; Murray County Educational Facilities Authority Murray County <br> Independent School District No. 10 Davis<br>| 5.00 | &nbsp;&nbsp; 9-1-2031 | 665000 | &nbsp;&nbsp; 711373 |
| &nbsp;&nbsp; Murray County Educational Facilities Authority Murray County <br> Independent School District No. 10 Davis<br>| 5.00 | &nbsp;&nbsp; 9-1-2032 | 1395000 | &nbsp;&nbsp; 1496726 |
| &nbsp;&nbsp; Oklahoma County Finance Authority Independent School District <br> No. 41 Western Heights<br>| 5.00 | &nbsp;&nbsp; 9-1-2030 | 2120000 | &nbsp;&nbsp; 2237811 |
| &nbsp;&nbsp; Oklahoma County Finance Authority Independent School District <br> No. 41 Western Heights<br>| 5.00 | &nbsp;&nbsp; 9-1-2031 | 1250000 | &nbsp;&nbsp; 1324686 |
| &nbsp;&nbsp; Oklahoma County Finance Authority Independent School District <br> No. 9 Jones<br>| 4.00 | &nbsp;&nbsp; 9-1-2026 | 590000 | &nbsp;&nbsp; 593177 |
| &nbsp;&nbsp; Oklahoma Housing Finance Agency Reserve at Chisholm Creek <br> Apartments LPøø<br>| 3.00 | &nbsp;&nbsp; 10-1-2047 | 6000000 | &nbsp;&nbsp; 6000774 |
| Oklahoma Industries Authority Independent School District No. 89 | 5.00 | &nbsp;&nbsp; 4-1-2030 | 2500000 | &nbsp;&nbsp; 2741255 |
| &nbsp;&nbsp; Tulsa County Industrial Authority Independent School District No. <br> 13 Glenpool<br>| 5.00 | &nbsp;&nbsp; 9-1-2030 | 460000 | &nbsp;&nbsp; 501401 |
| &nbsp;&nbsp; Tulsa County Industrial Authority Independent School District No. <br> 13 Glenpool<br>| 5.00 | &nbsp;&nbsp; 9-1-2031 | 500000 | &nbsp;&nbsp; 552646 |
| &nbsp;&nbsp; Tulsa County Industrial Authority Independent School District No. 3 <br> Broken Arrow<br>| 5.00 | &nbsp;&nbsp; 9-1-2031 | 835000 | &nbsp;&nbsp; 922919 |
| &nbsp;&nbsp; Tulsa County Industrial Authority Tulsa County Independent School <br> District No. 11 Owasso<br>| 5.00 | &nbsp;&nbsp; 9-1-2028 | 1300000 | &nbsp;&nbsp; 1375121 |
| &nbsp;&nbsp; Washington County Educational Facilities Authority Independent <br> School District No. 7 Dewey<br>| 5.00 | &nbsp;&nbsp; 9-1-2031 | 445000 | &nbsp;&nbsp; 475303 |
| Weatherford Industrial Trust Independent School District No. 26 | 5.00 | &nbsp;&nbsp; 3-1-2027 | 1475000 | &nbsp;&nbsp; 1506861 |
|  |  |  |  | &nbsp;&nbsp; **30545418** |
| **Miscellaneous revenue: 0.05%** |  |  |  |  |
| Kay County Public Buildings Authority Sales Tax Revenue | 2.38 | &nbsp;&nbsp; 4-1-2026 | 750000 | &nbsp;&nbsp; **746493** |
| **Tax revenue: 0.05%** |  |  |  |  |
| Jackson County Facilities Authority Courthouse Project | 4.00 | &nbsp;&nbsp; 10-1-2027 | 810000 | &nbsp;&nbsp; **823359** |
|  |  |  |  | &nbsp;&nbsp; **34118746** |
| **Oregon: 1.88%** |  |  |  |  |
| **Airport revenue: 0.78%** |  |  |  |  |
| Port of Portland Airport Revenue Series 26-C AMT | 5.00 | &nbsp;&nbsp; 7-1-2026 | 1240000 | &nbsp;&nbsp; 1252397 |
| Port of Portland Airport Revenue Series 30A AMT | 5.00 | &nbsp;&nbsp; 7-1-2030 | 10000000 | &nbsp;&nbsp; 10893285 |
|  |  |  |  | &nbsp;&nbsp; **12145682** |
| **GO revenue: 0.77%** |  |  |  |  |
| Port of Morrow Series A | 4.00 | &nbsp;&nbsp; 6-1-2026 | 345000 | &nbsp;&nbsp; 345808 |

---

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

Allspring Short-Term Municipal Bond Fund \| 23

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| Port of Morrow Series A | 4.00<br> %<br>| &nbsp;&nbsp; 6-1-2027 | $535000 | &nbsp;&nbsp; $539771 |
| State of Oregon Article XI-Q State Projects Series A | 5.00 | &nbsp;&nbsp; 5-1-2028 | 10485000 | &nbsp;&nbsp; 11100677 |
|  |  |  |  | &nbsp;&nbsp; **11986256** |
| **Industrial development revenue: 0.33%** |  |  |  |  |
| &nbsp;&nbsp; Oregon State Business Development Commission Intel Corp. <br> Series 232øø<br>| 3.80 | &nbsp;&nbsp; 12-1-2040 | 5000000 | &nbsp;&nbsp; **5053729** |
|  |  |  |  | &nbsp;&nbsp; **29185667** |
| **Pennsylvania: 3.66%** |  |  |  |  |
| **Airport revenue: 0.43%** |  |  |  |  |
| Allegheny County Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2027 | 2000000 | &nbsp;&nbsp; 2041975 |
| Allegheny County Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2028 | 2000000 | &nbsp;&nbsp; 2077082 |
| City of Philadelphia Airport Revenue Series A | 5.00 | &nbsp;&nbsp; 7-1-2026 | 1160000 | &nbsp;&nbsp; 1173668 |
| City of Philadelphia Airport Revenue Series A | 5.00 | &nbsp;&nbsp; 7-1-2027 | 1400000 | &nbsp;&nbsp; 1450203 |
|  |  |  |  | &nbsp;&nbsp; **6742928** |
| **Education revenue: 0.87%** |  |  |  |  |
| Huntingdon County General Authority Juniata College Series T | 5.00 | &nbsp;&nbsp; 10-1-2027 | 385000 | &nbsp;&nbsp; 393886 |
| Huntingdon County General Authority Juniata College Series T | 5.00 | &nbsp;&nbsp; 10-1-2028 | 415000 | &nbsp;&nbsp; 428903 |
| &nbsp;&nbsp; Lehigh County General Purpose Authority Valley Academy Regional <br> Charter School<br>| 4.00 | &nbsp;&nbsp; 6-1-2026 | 1005000 | &nbsp;&nbsp; 1006110 |
| &nbsp;&nbsp; Lehigh County General Purpose Authority Valley Academy Regional <br> Charter School<br>| 4.00 | &nbsp;&nbsp; 6-1-2028 | 1090000 | &nbsp;&nbsp; 1099454 |
| &nbsp;&nbsp; Northampton County General Purpose Authority Lehigh University <br> Series B (TD Bank N.A. SPA)ø<br>| 3.32 | &nbsp;&nbsp; 11-15-2039 | 1000000 | &nbsp;&nbsp; 1000000 |
| Pennsylvania Higher Education Assistance Agency Series A | 5.00 | &nbsp;&nbsp; 6-1-2026 | 1475000 | &nbsp;&nbsp; 1483417 |
| Pennsylvania Higher Education Assistance Agency Series A | 5.00 | &nbsp;&nbsp; 6-1-2028 | 500000 | &nbsp;&nbsp; 513705 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Drexel <br> University Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 5-1-2029 | 1115000 | &nbsp;&nbsp; 1190552 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Drexel <br> University Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 5-1-2030 | 1795000 | &nbsp;&nbsp; 1951466 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority York College <br> Series T4øø<br>| 4.50 | &nbsp;&nbsp; 5-1-2033 | 2985000 | &nbsp;&nbsp; 2992025 |
| Philadelphia IDA Frankford Valley Foundation for Literacy144A | 4.50 | &nbsp;&nbsp; 6-15-2029 | 1395000 | &nbsp;&nbsp; 1404713 |
|  |  |  |  | &nbsp;&nbsp; **13464231** |
| **GO revenue: 0.41%** |  |  |  |  |
| Allentown City School District (BAM Insured) | 5.00 | &nbsp;&nbsp; 2-1-2027 | 3875000 | &nbsp;&nbsp; 3955251 |
| Borough of Dunmore Series A (AG Insured) | 2.00 | &nbsp;&nbsp; 9-1-2027 | 200000 | &nbsp;&nbsp; 195119 |
| Borough of Dunmore Series A (AG Insured) | 2.00 | &nbsp;&nbsp; 9-1-2028 | 220000 | &nbsp;&nbsp; 211486 |
| City of Oil City Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2026 | 200000 | &nbsp;&nbsp; 202327 |
| City of Oil City Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2027 | 195000 | &nbsp;&nbsp; 199544 |
| City of Oil City Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2028 | 200000 | &nbsp;&nbsp; 206544 |
| Laurel Highlands School District (BAM Insured) | 4.00 | &nbsp;&nbsp; 2-1-2027 | 1325000 | &nbsp;&nbsp; 1340442 |
|  |  |  |  | &nbsp;&nbsp; **6310713** |

---

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

24 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.90%** |  |  |  |  |
| Doylestown Hospital Authority Obligated Group Series A | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2027 | $1305000 | &nbsp;&nbsp; $1306595 |
| &nbsp;&nbsp; Jefferson County Hospital Authority Punxsutawney Area Hospital, <br> Inc.144A<br>| 4.50 | &nbsp;&nbsp; 1-15-2027 | 7000000 | &nbsp;&nbsp; 7015505 |
| &nbsp;&nbsp; Lancaster County Hospital Authority Masonic Villages of the Grand <br> Lodge of Pennsylvania<br>| 5.00 | &nbsp;&nbsp; 11-1-2030 | 2030000 | &nbsp;&nbsp; 2169731 |
| &nbsp;&nbsp; Lancaster Municipal Authority Garden Spot Village Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 5-1-2029 | 190000 | &nbsp;&nbsp; 199648 |
| &nbsp;&nbsp; Lancaster Municipal Authority Garden Spot Village Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 5-1-2031 | 210000 | &nbsp;&nbsp; 225944 |
| Monroeville Finance Authority UPMC Obligated Group Series C | 5.00 | &nbsp;&nbsp; 5-15-2029 | 440000 | &nbsp;&nbsp; 471578 |
| Monroeville Finance Authority UPMC Obligated Group Series C | 5.00 | &nbsp;&nbsp; 5-15-2030 | 515000 | &nbsp;&nbsp; 561744 |
| Westmoreland County IDA Excela Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 7-1-2029 | 1935000 | &nbsp;&nbsp; 2021853 |
|  |  |  |  | &nbsp;&nbsp; **13972598** |
| **Housing revenue: 0.17%** |  |  |  |  |
| Pennsylvania EDFA Bridges Finco LP | 5.00 | &nbsp;&nbsp; 12-31-2030 | 1835000 | &nbsp;&nbsp; 1845083 |
| Pennsylvania Housing Finance Agency Series 128A AMT | 4.75 | &nbsp;&nbsp; 4-1-2033 | 510000 | &nbsp;&nbsp; 510933 |
| Pennsylvania Housing Finance Agency Series 137 | 5.00 | &nbsp;&nbsp; 4-1-2026 | 240000 | &nbsp;&nbsp; 241288 |
|  |  |  |  | &nbsp;&nbsp; **2597304** |
| **Miscellaneous revenue: 0.56%** |  |  |  |  |
| &nbsp;&nbsp; Delaware Valley Regional Finance Authority Series B (Bank of <br> America N.A. LOC)ø<br>| 2.43 | &nbsp;&nbsp; 12-1-2060 | 6000000 | &nbsp;&nbsp; 6000000 |
| Pennsylvania EDFA Philadelphia Water Department | 4.00 | &nbsp;&nbsp; 1-1-2026 | 615000 | &nbsp;&nbsp; 615000 |
| &nbsp;&nbsp; Sports & Exhibition Authority of Pittsburgh & Allegheny County <br> Regional Asset District Sales Tax Revenue (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 2-1-2026 | 2000000 | &nbsp;&nbsp; 2003589 |
|  |  |  |  | &nbsp;&nbsp; **8618589** |
| **Tax revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority<br>| 5.00 | &nbsp;&nbsp; 5-1-2026 | 500000 | &nbsp;&nbsp; 501803 |
| &nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority<br>| 5.00 | &nbsp;&nbsp; 5-1-2027 | 500000 | &nbsp;&nbsp; 510754 |
| &nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority<br>| 5.00 | &nbsp;&nbsp; 5-1-2028 | 500000 | &nbsp;&nbsp; 518794 |
|  |  |  |  | &nbsp;&nbsp; **1531351** |
| **Transportation revenue: 0.15%** |  |  |  |  |
| Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2026 | 545000 | &nbsp;&nbsp; 548694 |
| Pennsylvania Turnpike Commission (TD Bank N.A. LOC)ø | 3.36 | &nbsp;&nbsp; 12-1-2039 | 1500000 | &nbsp;&nbsp; 1500000 |
| Pennsylvania Turnpike Commission Series B | 5.00 | &nbsp;&nbsp; 12-1-2026 | 350000 | &nbsp;&nbsp; 357848 |
|  |  |  |  | &nbsp;&nbsp; **2406542** |
| **Water & sewer revenue: 0.07%** |  |  |  |  |
| Allegheny County Sanitary Authority Series A | 5.00 | &nbsp;&nbsp; 6-1-2026 | 850000 | &nbsp;&nbsp; 858405 |
| Allegheny County Sanitary Authority Series A | 5.00 | &nbsp;&nbsp; 6-1-2027 | 300000 | &nbsp;&nbsp; 309810 |
|  |  |  |  | &nbsp;&nbsp; **1168215** |
|  |  |  |  | &nbsp;&nbsp; **56812471** |

---

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

Allspring Short-Term Municipal Bond Fund \| 25

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Rhode Island: 0.11%** |  |  |  |  |
| **Housing revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; Providence Public Building Authority Capital Improvement Program <br> Projects Series A (AG Insured)<br>| 5.00<br> %<br>| &nbsp;&nbsp; 9-15-2030 | $1500000 | &nbsp;&nbsp; $**1639389** |
| **South Carolina: 0.63%** |  |  |  |  |
| **GO revenue: 0.23%** |  |  |  |  |
| &nbsp;&nbsp; County of Colleton General Obligation Capital Project (BAM <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2027 | 3535000 | &nbsp;&nbsp; **3608634** |
| **Health revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; South Carolina Jobs-EDA Beaufort Memorial Hospital Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 11-15-2030 | 250000 | &nbsp;&nbsp; **264628** |
| **Housing revenue: 0.26%** |  |  |  |  |
| South Carolina State Housing Finance & Development Authorityøø | 3.25 | &nbsp;&nbsp; 1-1-2046 | 4000000 | &nbsp;&nbsp; **4013718** |
| **Utilities revenue: 0.12%** |  |  |  |  |
| South Carolina Public Service Authority Series A | 5.00 | &nbsp;&nbsp; 12-1-2031 | 850000 | &nbsp;&nbsp; 953294 |
| South Carolina Public Service Authority Series C | 5.00 | &nbsp;&nbsp; 12-1-2026 | 400000 | &nbsp;&nbsp; 408162 |
| South Carolina Public Service Authority Series C | 5.00 | &nbsp;&nbsp; 12-1-2027 | 420000 | &nbsp;&nbsp; 438678 |
|  |  |  |  | &nbsp;&nbsp; **1800134** |
|  |  |  |  | &nbsp;&nbsp; **9687114** |
| **South Dakota: 2.06%** |  |  |  |  |
| **Health revenue: 1.61%** |  |  |  |  |
| South Dakota HEFA Sanford Obligated Group Series D-1ø | 3.37 | &nbsp;&nbsp; 7-1-2055 | 15000000 | &nbsp;&nbsp; 15000000 |
| South Dakota HEFA Sanford Obligated Group Series D-2ø | 3.30 | &nbsp;&nbsp; 7-1-2055 | 10000000 | &nbsp;&nbsp; 10000000 |
|  |  |  |  | &nbsp;&nbsp; **25000000** |
| **Housing revenue: 0.45%** |  |  |  |  |
| &nbsp;&nbsp; South Dakota Housing Development Authority Series G (GNMA / <br> FNMA / FHLMC Insured) (Bank of America N.A. SPA)ø<br>| 2.50 | &nbsp;&nbsp; 11-1-2050 | 7000000 | &nbsp;&nbsp; **7000000** |
|  |  |  |  | &nbsp;&nbsp; **32000000** |
| **Tennessee: 1.56%** |  |  |  |  |
| **Airport revenue: 0.30%** |  |  |  |  |
| Metropolitan Nashville Airport Authority Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2027 | 675000 | &nbsp;&nbsp; 694383 |
| Metropolitan Nashville Airport Authority Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2028 | 1000000 | &nbsp;&nbsp; 1049305 |
| Metropolitan Nashville Airport Authority Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2029 | 2675000 | &nbsp;&nbsp; 2858712 |
|  |  |  |  | &nbsp;&nbsp; **4602400** |
| **Health revenue: 0.74%** |  |  |  |  |
| &nbsp;&nbsp; City of Jackson West Tennessee Healthcare Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2029 | 770000 | &nbsp;&nbsp; 805723 |
| &nbsp;&nbsp; Rutherford County Health & Educational Facilities Board Ascension <br> Health Credit Group Series B-1øø<br>| 5.00 | &nbsp;&nbsp; 11-15-2048 | 3500000 | &nbsp;&nbsp; 3826707 |
| &nbsp;&nbsp; Shelby County Health Educational & Housing Facilities Board <br> Methodist Le Bonheur Healthcare Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 5-1-2028 | 330000 | &nbsp;&nbsp; 337654 |

---

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

26 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Shelby County Health Educational & Housing Facilities Board <br> Methodist Le Bonheur Healthcare Obligated Group Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 5-1-2029 | $2685000 | &nbsp;&nbsp; $2746042 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2022-<br> BAML5024 (Bank of America N.A. LOC, Bank of America N.A. <br> LIQ)144Aø<br>| 2.58 | &nbsp;&nbsp; 9-1-2036 | 3750000 | &nbsp;&nbsp; 3750000 |
|  |  |  |  | &nbsp;&nbsp; **11466126** |
| **Housing revenue: 0.21%** |  |  |  |  |
| McMinnville-Warren County Industrial Development Boardøø | 2.75 | &nbsp;&nbsp; 9-1-2029 | 3250000 | &nbsp;&nbsp; **3237167** |
| **Utilities revenue: 0.31%** |  |  |  |  |
| &nbsp;&nbsp; City of Memphis Memphis Light Gas & Water Division Electric <br> System Revenue Series A<br>| 5.00 | &nbsp;&nbsp; 12-1-2026 | 600000 | &nbsp;&nbsp; 613498 |
| &nbsp;&nbsp; City of Memphis Memphis Light Gas & Water Division Electric <br> System Revenue Series A<br>| 5.00 | &nbsp;&nbsp; 12-1-2027 | 450000 | &nbsp;&nbsp; 471380 |
| Tennergy Corp. Series A | 5.50 | &nbsp;&nbsp; 12-1-2028 | 1000000 | &nbsp;&nbsp; 1054639 |
| Tennergy Corp. Series Aøø | 5.50 | &nbsp;&nbsp; 10-1-2053 | 2500000 | &nbsp;&nbsp; 2681550 |
|  |  |  |  | &nbsp;&nbsp; **4821067** |
|  |  |  |  | &nbsp;&nbsp; **24126760** |
| **Texas: 15.03%** |  |  |  |  |
| **Airport revenue: 1.90%** |  |  |  |  |
| City of Houston Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2026 | 1000000 | &nbsp;&nbsp; 1010444 |
| City of Houston Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2027 | 1000000 | &nbsp;&nbsp; 1028715 |
| City of Houston Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2030 | 4250000 | &nbsp;&nbsp; 4594220 |
| City of Houston Airport System Revenue Series A AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2028 | 3000000 | &nbsp;&nbsp; 3147916 |
| City of Houston Airport System Revenue Series B | 5.00 | &nbsp;&nbsp; 7-1-2026 | 1500000 | &nbsp;&nbsp; 1517078 |
| Dallas Fort Worth International Airport Series A-2 AMTøø | 5.00 | &nbsp;&nbsp; 11-1-2050 | 14000000 | &nbsp;&nbsp; 14820694 |
| Love Field Airport Modernization Corp. Dallas Airport Revenue AMT | 5.00 | &nbsp;&nbsp; 11-1-2026 | 3250000 | &nbsp;&nbsp; 3301273 |
|  |  |  |  | &nbsp;&nbsp; **29420340** |
| **Education revenue: 0.30%** |  |  |  |  |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Harmony Public Schools <br> Series A<br>| 4.00 | &nbsp;&nbsp; 2-15-2027 | 350000 | &nbsp;&nbsp; 355005 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Harmony Public Schools <br> Series A<br>| 4.00 | &nbsp;&nbsp; 2-15-2028 | 290000 | &nbsp;&nbsp; 295031 |
| Clifton Higher Education Finance Corp. Braination, Inc. | 5.00 | &nbsp;&nbsp; 8-15-2030 | 200000 | &nbsp;&nbsp; 218489 |
| Clifton Higher Education Finance Corp. Braination, Inc. | 5.00 | &nbsp;&nbsp; 8-15-2031 | 205000 | &nbsp;&nbsp; 227247 |
| Clifton Higher Education Finance Corp. Braination, Inc. | 5.00 | &nbsp;&nbsp; 8-15-2032 | 215000 | &nbsp;&nbsp; 240801 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. IDEA Public Schools <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2027 | 500000 | &nbsp;&nbsp; 514329 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. IDEA Public Schools <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2028 | 300000 | &nbsp;&nbsp; 313867 |
| Clifton Higher Education Finance Corp. Series Bøø | 4.00 | &nbsp;&nbsp; 2-15-2055 | 1000000 | &nbsp;&nbsp; 1044389 |
| Odessa Junior College District (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2028 | 400000 | &nbsp;&nbsp; 411141 |
| Texas PFA Southern University (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-1-2028 | 1000000 | &nbsp;&nbsp; 1006752 |
|  |  |  |  | &nbsp;&nbsp; **4627051** |

---

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

Allspring Short-Term Municipal Bond Fund \| 27

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue: 2.38%** |  |  |  |  |
| Alvarado Independent School Districtøø | 4.00<br> %<br>| &nbsp;&nbsp; 2-15-2052 | $2500000 | &nbsp;&nbsp; $2582785 |
| Andrews County Hospital District | 5.00 | &nbsp;&nbsp; 3-15-2027 | 1750000 | &nbsp;&nbsp; 1788080 |
| City of Port Arthur (BAM Insured) | 5.00 | &nbsp;&nbsp; 2-15-2026 | 290000 | &nbsp;&nbsp; 290746 |
| City of Port Arthur (BAM Insured) | 5.00 | &nbsp;&nbsp; 2-15-2027 | 310000 | &nbsp;&nbsp; 317516 |
| City of Port Arthur (BAM Insured) | 5.00 | &nbsp;&nbsp; 2-15-2028 | 365000 | &nbsp;&nbsp; 381509 |
| Dallas Independent School District Series A-1øø | 5.00 | &nbsp;&nbsp; 2-15-2055 | 5000000 | &nbsp;&nbsp; 5013103 |
| Denton Independent School District Series B2øø | 4.00 | &nbsp;&nbsp; 8-15-2055 | 2000000 | &nbsp;&nbsp; 2116050 |
| Fort Bend Independent School District Series Bøø | 0.72 | &nbsp;&nbsp; 8-1-2051 | 1200000 | &nbsp;&nbsp; 1179356 |
| Katy Independent School District Series Cøø | 4.00 | &nbsp;&nbsp; 8-15-2050 | 6000000 | &nbsp;&nbsp; 6044144 |
| Northside Independent School Districtøø | 3.55 | &nbsp;&nbsp; 6-1-2050 | 5000000 | &nbsp;&nbsp; 5060407 |
| Pasadena Independent School District Series A | 4.00 | &nbsp;&nbsp; 2-15-2032 | 4000000 | &nbsp;&nbsp; 4002794 |
| Round Rock Independent School District Series Aøø | 5.00 | &nbsp;&nbsp; 8-1-2044 | 5000000 | &nbsp;&nbsp; 5517959 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XF3417 <br> (Barclays Bank plc LIQ)144Aø<br>| 3.35 | &nbsp;&nbsp; 2-15-2055 | 2665000 | &nbsp;&nbsp; 2665000 |
|  |  |  |  | &nbsp;&nbsp; **36959449** |
| **Health revenue: 2.19%** |  |  |  |  |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Houston <br> Methodist Hospital Obligated Group Series A (Bank of America <br> N.A. SPA)ø<br>| 2.50 | &nbsp;&nbsp; 12-1-2060 | 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Memorial <br> Hermann Health System Obligated Group Series Bøø<br>| 5.00 | &nbsp;&nbsp; 6-1-2050 | 5000000 | &nbsp;&nbsp; 5271587 |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Texas <br> Children's Hospital Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2031 | 5000000 | &nbsp;&nbsp; 5618132 |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Texas <br> Children's Hospital Obligated Group Series Bøø<br>| 5.00 | &nbsp;&nbsp; 10-1-2051 | 8500000 | &nbsp;&nbsp; 9412327 |
| Midland County Hospital District Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-15-2030 | 850000 | &nbsp;&nbsp; 927552 |
| Midland County Hospital District Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-15-2031 | 900000 | &nbsp;&nbsp; 996929 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Brazos <br> Presbyterian Homes Obligated Group<br>| 5.00 | &nbsp;&nbsp; 1-1-2032 | 1120000 | &nbsp;&nbsp; 1195042 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. Baylor <br> Scott & White Health Obligated Group Series Eøø<br>| 5.00 | &nbsp;&nbsp; 11-15-2052 | 4000000 | &nbsp;&nbsp; 4019594 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. Buckner <br> Retirement Services, Inc. Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2026 | 1440000 | &nbsp;&nbsp; 1453887 |
|  |  |  |  | &nbsp;&nbsp; **33895050** |
| **Housing revenue: 1.55%** |  |  |  |  |
| Alamo Area Housing Finance Corp. Cedar Bluff Apartments LPøø | 3.39 | &nbsp;&nbsp; 7-10-2044 | 5250000 | &nbsp;&nbsp; 5307897 |
| Housing Options, Inc. Culbreath LPøø | 3.75 | &nbsp;&nbsp; 11-1-2045 | 4000000 | &nbsp;&nbsp; 4061571 |
| Houston Housing Finance Corp. Cordova Apartments LPøø | 3.65 | &nbsp;&nbsp; 2-1-2048 | 3700000 | &nbsp;&nbsp; 3733669 |
| Legacy Denton Public Facility Corp. Roselawn Village Ltd.øø | 3.15 | &nbsp;&nbsp; 11-1-2043 | 3000000 | &nbsp;&nbsp; 3002114 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2024-MIZ9158 (Mizuho Capital <br> Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144Aø<br>| 3.55 | &nbsp;&nbsp; 3-1-2038 | 1850000 | &nbsp;&nbsp; 1850000 |
| &nbsp;&nbsp; Travis County Housing Finance Corp. Austin Gateway <br> Apartments LPøø<br>| 4.13 | &nbsp;&nbsp; 6-1-2045 | 2000000 | &nbsp;&nbsp; 2003997 |
| &nbsp;&nbsp; Victory Street Public Facility Corp. Independence Heights <br> Apartments II LPøø<br>| 3.15 | &nbsp;&nbsp; 1-1-2047 | 4000000 | &nbsp;&nbsp; 4006092 |
|  |  |  |  | &nbsp;&nbsp; **23965340** |

---

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

28 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Industrial development revenue: 1.57%** |  |  |  |  |
| City of Houston Airport System Revenue United Airlines, Inc. | 5.00<br> %<br>| &nbsp;&nbsp; 7-15-2028 | $4500000 | &nbsp;&nbsp; $4623571 |
| &nbsp;&nbsp; City of Houston Airport System Revenue United Airlines, Inc. <br> Series B AMT<br>| 5.25 | &nbsp;&nbsp; 7-15-2026 | 4000000 | &nbsp;&nbsp; 4029588 |
| Harris County Industrial Development Corp. Energy Transfer LPøø | 4.05 | &nbsp;&nbsp; 11-1-2050 | 11000000 | &nbsp;&nbsp; 11319011 |
| &nbsp;&nbsp; Mission Economic Development Corp. Graphic Packaging <br> International LLC AMTøø<br>| 5.00 | &nbsp;&nbsp; 12-1-2064 | 2500000 | &nbsp;&nbsp; 2591021 |
| &nbsp;&nbsp; Port of Beaumont Navigation District Jefferson 2020 Bond Lessee & <br> Borrower LLC Obligated Group Series A AMT144A<br>| 1.88 | &nbsp;&nbsp; 1-1-2026 | 800000 | &nbsp;&nbsp; 800000 |
| &nbsp;&nbsp; Port of Beaumont Navigation District Jefferson 2020 Bond Lessee & <br> Borrower LLC Obligated Group Series A AMT144A<br>| 2.00 | &nbsp;&nbsp; 1-1-2027 | 525000 | &nbsp;&nbsp; 513877 |
| &nbsp;&nbsp; Port of Beaumont Navigation District Jefferson 2020 Bond Lessee & <br> Borrower LLC Obligated Group Series A AMT144A<br>| 2.13 | &nbsp;&nbsp; 1-1-2028 | 575000 | &nbsp;&nbsp; 552491 |
|  |  |  |  | &nbsp;&nbsp; **24429559** |
| **Miscellaneous revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp; Greater Texoma Utility Authority City of Sherman Water & Sewer <br> System Revenue (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2029 | 420000 | &nbsp;&nbsp; 455473 |
| &nbsp;&nbsp; Greater Texoma Utility Authority City of Sherman Water & Sewer <br> System Revenue (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2030 | 1520000 | &nbsp;&nbsp; 1680152 |
| &nbsp;&nbsp; Greater Texoma Utility Authority City of Sherman Water & Sewer <br> System Revenue Series A (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2029 | 400000 | &nbsp;&nbsp; 433784 |
| &nbsp;&nbsp; Greater Texoma Utility Authority City of Sherman Water & Sewer <br> System Revenue Series A (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2030 | 750000 | &nbsp;&nbsp; 829023 |
|  |  |  |  | &nbsp;&nbsp; **3398432** |
| **Resource recovery revenue: 1.98%** |  |  |  |  |
| &nbsp;&nbsp; Matagorda County Navigation District No. 1 AEP Texas, Inc. Series A <br> (Ambac Insured)<br>| 4.40 | &nbsp;&nbsp; 5-1-2030 | 4130000 | &nbsp;&nbsp; 4308241 |
| Mission Economic Development Corp. Republic Services, Inc. AMT | 3.50 | &nbsp;&nbsp; 1-1-2026 | 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; Mission Economic Development Corp. Waste Management, Inc. <br> AMTøø<br>| 4.00 | &nbsp;&nbsp; 11-1-2048 | 3000000 | &nbsp;&nbsp; 3000251 |
| &nbsp;&nbsp; Port of Port Arthur Navigation District Motiva Enterprises LLC <br> Series Bø<br>| 2.57 | &nbsp;&nbsp; 4-1-2040 | 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; Port of Port Arthur Navigation District Motiva Enterprises LLC <br> Series Cø<br>| 2.55 | &nbsp;&nbsp; 4-1-2040 | 3400000 | &nbsp;&nbsp; 3400000 |
| &nbsp;&nbsp; Port of Port Arthur Navigation District Motiva Enterprises LLC <br> Series Dø<br>| 2.52 | &nbsp;&nbsp; 11-1-2040 | 10000000 | &nbsp;&nbsp; 10000000 |
|  |  |  |  | &nbsp;&nbsp; **30708492** |
| **Tax revenue: 0.39%** |  |  |  |  |
| &nbsp;&nbsp; Baytown Municipal Development District Convention Center Hotel <br> Revenue Series C<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 510000 | &nbsp;&nbsp; 515035 |
| &nbsp;&nbsp; Baytown Municipal Development District Convention Center Hotel <br> Revenue Series C<br>| 5.00 | &nbsp;&nbsp; 10-1-2027 | 845000 | &nbsp;&nbsp; 864243 |
| City of Dallas Hotel Occupancy Tax Revenue | 4.00 | &nbsp;&nbsp; 8-15-2028 | 1290000 | &nbsp;&nbsp; 1296729 |
| City of Dallas Fair Park Venue Project144Aøø | 6.25 | &nbsp;&nbsp; 8-15-2053 | 3415000 | &nbsp;&nbsp; 3416886 |
|  |  |  |  | &nbsp;&nbsp; **6092893** |

---

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

Allspring Short-Term Municipal Bond Fund \| 29

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue: 1.54%** |  |  |  |  |
| Central Texas Turnpike System Series Bøø | 5.00<br> %<br>| &nbsp;&nbsp; 8-15-2042 | $10000000 | &nbsp;&nbsp; $10790907 |
| Central Texas Turnpike System Series C | 5.00 | &nbsp;&nbsp; 8-15-2031 | 3500000 | &nbsp;&nbsp; 3915848 |
| County of Fort Bend Toll Road Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 3-1-2030 | 450000 | &nbsp;&nbsp; 491860 |
| County of Fort Bend Toll Road Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 3-1-2031 | 600000 | &nbsp;&nbsp; 667454 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XF3487 <br> (Morgan Stanley Bank LIQ)144Aø<br>| 3.39 | &nbsp;&nbsp; 10-1-2055 | 8000000 | &nbsp;&nbsp; 8000000 |
|  |  |  |  | &nbsp;&nbsp; **23866069** |
| **Utilities revenue: 0.78%** |  |  |  |  |
| Lower Colorado River Authority | 5.00 | &nbsp;&nbsp; 5-15-2027 | 2000000 | &nbsp;&nbsp; 2065487 |
| Lower Colorado River Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 5-15-2027 | 1385000 | &nbsp;&nbsp; 1428835 |
| Lower Colorado River Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 5-15-2028 | 2285000 | &nbsp;&nbsp; 2413280 |
| &nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. II (SIFMA Municipal <br> Swap+0.55%)±<br>| 3.87 | &nbsp;&nbsp; 9-15-2027 | 3645000 | &nbsp;&nbsp; 3637334 |
| Texas Municipal Power Agency (AG Insured) | 3.00 | &nbsp;&nbsp; 9-1-2026 | 950000 | &nbsp;&nbsp; 950805 |
| Texas Municipal Power Agency (AG Insured) | 3.00 | &nbsp;&nbsp; 9-1-2027 | 1600000 | &nbsp;&nbsp; 1601488 |
|  |  |  |  | &nbsp;&nbsp; **12097229** |
| **Water & sewer revenue: 0.23%** |  |  |  |  |
| San Antonio Water System Series A (Truist Bank SPA)ø | 2.50 | &nbsp;&nbsp; 5-1-2054 | 3500000 | &nbsp;&nbsp; **3500000** |
|  |  |  |  | &nbsp;&nbsp; **232959904** |
| **Utah: 0.07%** |  |  |  |  |
| **Telecom revenue: 0.02%** |  |  |  |  |
| Utah Infrastructure Agency | 3.00 | &nbsp;&nbsp; 10-15-2026 | 310000 | &nbsp;&nbsp; **308703** |
| **Utilities revenue: 0.05%** |  |  |  |  |
| Southern Utah Valley Power Systems (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-15-2030 | 385000 | &nbsp;&nbsp; 420496 |
| Southern Utah Valley Power Systems (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-15-2031 | 300000 | &nbsp;&nbsp; 332795 |
|  |  |  |  | &nbsp;&nbsp; **753291** |
|  |  |  |  | &nbsp;&nbsp; **1061994** |
| **Vermont: 0.26%** |  |  |  |  |
| **Housing revenue: 0.26%** |  |  |  |  |
| Vermont Housing Finance Agency Series E-2 (FHA Insured) | 3.50 | &nbsp;&nbsp; 11-1-2026 | 4000000 | &nbsp;&nbsp; **4002292** |
| **Virginia: 1.93%** |  |  |  |  |
| **Airport revenue: 0.10%** |  |  |  |  |
| Virginia Port Authority Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2029 | 1500000 | &nbsp;&nbsp; **1514062** |
| **Education revenue: 0.31%** |  |  |  |  |
| Virginia College Building Authority Regent University | 5.00 | &nbsp;&nbsp; 6-1-2026 | 300000 | &nbsp;&nbsp; 301624 |
| Virginia College Building Authority Regent University | 5.00 | &nbsp;&nbsp; 6-1-2027 | 275000 | &nbsp;&nbsp; 280484 |
| Virginia College Building Authority Regent University | 5.00 | &nbsp;&nbsp; 6-1-2028 | 300000 | &nbsp;&nbsp; 310107 |
| Virginia Small Business Financing Authority Hampton University | 5.00 | &nbsp;&nbsp; 10-1-2030 | 1125000 | &nbsp;&nbsp; 1210190 |
| Virginia Small Business Financing Authority Hampton University | 5.00 | &nbsp;&nbsp; 10-1-2031 | 1050000 | &nbsp;&nbsp; 1142024 |
| Virginia Small Business Financing Authority Hampton University | 5.00 | &nbsp;&nbsp; 10-1-2032 | 1490000 | &nbsp;&nbsp; 1631593 |
|  |  |  |  | &nbsp;&nbsp; **4876022** |

---

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

30 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.23%** |  |  |  |  |
| &nbsp;&nbsp; Virginia Small Business Financing Authority Carilion Clinic Obligated <br> Group Series A (Truist Bank LOC)ø<br>| 2.50<br> %<br>| &nbsp;&nbsp; 7-1-2042 | $3500000 | &nbsp;&nbsp; **$3500000** |
| **Housing revenue: 0.39%** |  |  |  |  |
| Arlington County IDA Park Shirlington Preservation LP Series A | 5.00 | &nbsp;&nbsp; 1-1-2026 | 6000000 | &nbsp;&nbsp; **6000000** |
| **Tax revenue: 0.06%** |  |  |  |  |
| Marquis CDA of York County Virginia CCAB144A | 7.50 | &nbsp;&nbsp; 9-1-2045 | 680000 | &nbsp;&nbsp; 238000 |
| Marquis CDA of York County Virginia Series A | 5.10 | &nbsp;&nbsp; 9-1-2036 | 2169000 | &nbsp;&nbsp; 759150 |
| Marquis CDA of York County Virginia Series C CAB¤ | 0.00 | &nbsp;&nbsp; 9-1-2041 | 3493000 | &nbsp;&nbsp; 8733 |
|  |  |  |  | &nbsp;&nbsp; **1005883** |
| **Transportation revenue: 0.25%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XF3444 <br> (Morgan Stanley Bank LIQ)144Aø<br>| 3.37 | &nbsp;&nbsp; 6-1-2052 | 3870000 | &nbsp;&nbsp; **3870000** |
| **Utilities revenue: 0.59%** |  |  |  |  |
| Louisa IDA Virginia Electric & Power Co. Series Aøø | 3.65 | &nbsp;&nbsp; 11-1-2035 | 9000000 | &nbsp;&nbsp; **9110429** |
|  |  |  |  | &nbsp;&nbsp; **29876396** |
| **Washington: 1.77%** |  |  |  |  |
| **Airport revenue: 0.06%** |  |  |  |  |
| Washington EDFA AMTøø | 5.88 | &nbsp;&nbsp; 12-1-2045 | 1000000 | &nbsp;&nbsp; **1004489** |
| **GO revenue: 0.41%** |  |  |  |  |
| City of Seattle Series A | 4.00 | &nbsp;&nbsp; 4-1-2031 | 2395000 | &nbsp;&nbsp; 2403132 |
| State of Washington | 5.00 | &nbsp;&nbsp; 6-1-2026 | 1570000 | &nbsp;&nbsp; 1586242 |
| Tacoma Metropolitan Park District | 5.00 | &nbsp;&nbsp; 12-1-2026 | 2250000 | &nbsp;&nbsp; 2298396 |
|  |  |  |  | &nbsp;&nbsp; **6287770** |
| **Health revenue: 0.66%** |  |  |  |  |
| Skagit County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2027 | 3655000 | &nbsp;&nbsp; 3705336 |
| Skagit County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2028 | 2000000 | &nbsp;&nbsp; 2026119 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority CommonSpirit Health <br> Obligated Group Series B-3øø<br>| 5.00 | &nbsp;&nbsp; 8-1-2049 | 4125000 | &nbsp;&nbsp; 4131047 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Fred Hutchinson <br> Cancer Center Obligated Group144A<br>| 5.00 | &nbsp;&nbsp; 12-1-2026 | 285000 | &nbsp;&nbsp; 290946 |
|  |  |  |  | &nbsp;&nbsp; **10153448** |
| **Housing revenue: 0.46%** |  |  |  |  |
| &nbsp;&nbsp; FYI Properties State of Washington Consolidated Technology <br> Services<br>| 5.00 | &nbsp;&nbsp; 6-1-2027 | 1000000 | &nbsp;&nbsp; 1032699 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 10-1-2027 | 300000 | &nbsp;&nbsp; 303976 |
| Snohomish County Housing Authority | 5.00 | &nbsp;&nbsp; 4-1-2026 | 730000 | &nbsp;&nbsp; 733425 |
| &nbsp;&nbsp; Washington State Housing Finance Commission Downtowner <br> Apartments Project (FHLMC LIQ)<br>| 3.70 | &nbsp;&nbsp; 7-1-2030 | 5000000 | &nbsp;&nbsp; 5127059 |
|  |  |  |  | &nbsp;&nbsp; **7197159** |

---

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

Allspring Short-Term Municipal Bond Fund \| 31

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue: 0.18%** |  |  |  |  |
| Energy Northwest Bonneville Power Administration Series A | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2030 | $2500000 | &nbsp;&nbsp; $**2773212** |
|  |  |  |  | &nbsp;&nbsp; **27416078** |
| **West Virginia: 0.32%** |  |  |  |  |
| **Resource recovery revenue: 0.16%** |  |  |  |  |
| West Virginia EDA Kentucky Power Co. Series 2014-A AMTøø | 4.70 | &nbsp;&nbsp; 4-1-2036 | 2500000 | &nbsp;&nbsp; **2510227** |
| **Utilities revenue: 0.16%** |  |  |  |  |
| West Virginia EDA Appalachian Power Co. Series A AMTøø | 3.30 | &nbsp;&nbsp; 1-1-2041 | 2500000 | &nbsp;&nbsp; **2518996** |
|  |  |  |  | &nbsp;&nbsp; **5029223** |
| **Wisconsin: 3.92%** |  |  |  |  |
| **Airport revenue: 0.05%** |  |  |  |  |
| County of Milwaukee Airport Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 12-1-2030 | 710000 | &nbsp;&nbsp; **775285** |
| **GO revenue: 0.16%** |  |  |  |  |
| County of Buffalo | 4.00 | &nbsp;&nbsp; 9-1-2029 | 650000 | &nbsp;&nbsp; 668769 |
| Monroe School District (AG Insured) | 5.00 | &nbsp;&nbsp; 3-1-2030 | 675000 | &nbsp;&nbsp; 735368 |
| Oshkosh Area School District | 5.00 | &nbsp;&nbsp; 3-1-2026 | 1000000 | &nbsp;&nbsp; 1003387 |
|  |  |  |  | &nbsp;&nbsp; **2407524** |
| **Health revenue: 2.72%** |  |  |  |  |
| &nbsp;&nbsp; PFA Series 202 (Bank of America N.A. LOC, Bank of America N.A. <br> LIQ)144Aø<br>| 2.60 | &nbsp;&nbsp; 8-15-2044 | 12500000 | &nbsp;&nbsp; 12500000 |
| PFA Texas Biomedical Research Institute Series A | 5.00 | &nbsp;&nbsp; 6-1-2027 | 200000 | &nbsp;&nbsp; 204990 |
| PFA Texas Biomedical Research Institute Series A | 5.00 | &nbsp;&nbsp; 6-1-2028 | 225000 | &nbsp;&nbsp; 234110 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XF3230 (BAM Insured) (Barclays Bank plc LIQ)144Aø<br>| 3.42 | &nbsp;&nbsp; 2-15-2054 | 1275000 | &nbsp;&nbsp; 1275000 |
| &nbsp;&nbsp; Wisconsin HEFA Advocate Aurora Health Obligated Group Series C-<br> 3øø<br>| 5.00 | &nbsp;&nbsp; 8-15-2054 | 1250000 | &nbsp;&nbsp; 1262414 |
| Wisconsin HEFA Beloit Health System Obligated Group | 5.00 | &nbsp;&nbsp; 7-1-2026 | 1060000 | &nbsp;&nbsp; 1070230 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 2-15-2029 | 2500000 | &nbsp;&nbsp; 2648673 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series B2øø<br>| 5.00 | &nbsp;&nbsp; 2-15-2051 | 18300000 | &nbsp;&nbsp; 18575633 |
| &nbsp;&nbsp; Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2029 | 1000000 | &nbsp;&nbsp; 1002733 |
| &nbsp;&nbsp; Wisconsin HEFA St. Camillus Health System Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2026 | 355000 | &nbsp;&nbsp; 357454 |
| &nbsp;&nbsp; Wisconsin HEFA St. Camillus Health System Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2030 | 1035000 | &nbsp;&nbsp; 1071455 |
| Wisconsin HEFA St. John's Communities, Inc. Obligated Group | 4.00 | &nbsp;&nbsp; 9-15-2026 | 795000 | &nbsp;&nbsp; 795149 |
| Wisconsin HEFA St. John's Communities, Inc. Obligated Group | 4.00 | &nbsp;&nbsp; 9-15-2028 | 860000 | &nbsp;&nbsp; 863893 |
| &nbsp;&nbsp; Wisconsin HEFA St. John's Communities, Inc. Obligated Group <br> Series B<br>| 4.00 | &nbsp;&nbsp; 9-15-2027 | 140000 | &nbsp;&nbsp; 140201 |
| &nbsp;&nbsp; Wisconsin HEFA St. John's Communities, Inc. Obligated Group <br> Series B<br>| 4.00 | &nbsp;&nbsp; 9-15-2028 | 195000 | &nbsp;&nbsp; 195883 |
|  |  |  |  | &nbsp;&nbsp; **42197818** |

---

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

32 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Industrial development revenue: 0.09%** |  |  |  |  |
| PFA Waste Management, Inc. Series A-2 AMT | 2.88<br> %<br>| &nbsp;&nbsp; 5-1-2027 | $1400000 | &nbsp;&nbsp; **$1383105** |
| **Miscellaneous revenue: 0.53%** |  |  |  |  |
| Cambridge School District | 4.00 | &nbsp;&nbsp; 9-2-2026 | 2250000 | &nbsp;&nbsp; 2264575 |
| Village of Johnson Creek Series A | 3.50 | &nbsp;&nbsp; 5-1-2030 | 2395000 | &nbsp;&nbsp; 2398956 |
| &nbsp;&nbsp; Wisconsin HEFA Forensic Science & Protective Medicine <br> Collaboration, Inc.144A<br>| 5.00 | &nbsp;&nbsp; 8-1-2027 | 3500000 | &nbsp;&nbsp; 3529265 |
|  |  |  |  | &nbsp;&nbsp; **8192796** |
| **Tax revenue: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; Southeast Wisconsin Professional Baseball Park District Series A <br> (NPFGC Insured)<br>| 5.50 | &nbsp;&nbsp; 12-15-2026 | 1190000 | &nbsp;&nbsp; **1221031** |
| **Utilities revenue: 0.19%** |  |  |  |  |
| PFA Duke Energy Progress LLC Series A-1øø | 3.30 | &nbsp;&nbsp; 10-1-2046 | 3000000 | &nbsp;&nbsp; **3004060** |
| **Water & sewer revenue: 0.10%** |  |  |  |  |
| Town of Clayton Water & Sewer System Revenue Series C BAN | 2.00 | &nbsp;&nbsp; 6-1-2026 | 1600000 | &nbsp;&nbsp; **1588062** |
|  |  |  |  | &nbsp;&nbsp; **60769681** |
| **Wyoming: 0.23%** |  |  |  |  |
| **Health revenue: 0.23%** |  |  |  |  |
| Sublette County Hospital District Construction Project Series A | 5.00 | &nbsp;&nbsp; 6-15-2026 | 3500000 | &nbsp;&nbsp; **3500702** |
| **Total municipal obligations (Cost $1,517,463,035)** |  |  |  | &nbsp;&nbsp; **1517832192** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 0.51%** |  |  |  |  |
| **Investment companies: 0.51%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞## |  | 3.71 | 8010473 | &nbsp;&nbsp; **8010473** |
| **Total short-term investments (Cost $8,010,473)** |  |  |  | &nbsp;&nbsp; **8010473** |
| **Total investments in securities (Cost $1,535,473,508)** | 99.06<br> %<br>|  |  | &nbsp;&nbsp; 1535842665 |
| Other assets and liabilities, net | 0.94 |  |  | &nbsp;&nbsp; 14502872 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$1550345537** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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>|
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| %% | The security is purchased on a when-issued basis. |
| ¤ | 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.

Allspring Short-Term Municipal Bond Fund \| 33

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AG | Assured Guaranty Incorporation |
| Ambac | Ambac Financial Group Incorporated |
| AMT | Alternative minimum tax |
| BAM | Build America Mutual Assurance Company |
| BAN | Bond anticipation note |
| CAB | Capital appreciation bond |
| CCAB | Convertible capital appreciation bond |
| CDA | Community Development Authority |
| COP | Certificate of participation |
| EDA | Economic Development Authority |
| EDFA | Economic Development Finance Authority |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General obligation |
| HEFA | Health & Educational Facilities Authority |
| HFA | Housing Finance Authority |
| HFFA | Health Facilities Financing Authority |
| IDA | Industrial Development Authority |
| LIQ | Liquidity agreement |
| LOC | Letter of credit |
| NPFGC | National Public Finance Guarantee Corporation |
| PFA | Public Finance Authority |
| QSBLF | Qualified School Board Loan Fund Insured |
| RDA | Redevelopment Authority |
| SIFMA | Securities Industry and Financial Markets Association |
| SOFR | Secured Overnight Financing Rate |
| SPA | Standby purchase agreement |
| TTFA | Transportation Trust Fund Authority |

---

**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>| $11230843 | $261133975 | $(264354345)<br>| $0 | $0 | $8010473 | 8010473 | $150504 |

---

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

34 \| Allspring Short-Term Municipal Bond Fund

------

Statement of assets and liabilities—December 31, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $1,527,463,035) | $1527832192 |
| Investments in affiliated securities, at value (cost $8,010,473) | 8010473 |
| Cash | 150339 |
| Receivable for interest | 15527745 |
| Receivable for Fund shares sold | 985668 |
| Receivable for investments sold | 485000 |
| **Total assets** | **1552991417** |
| Liabilities |  |
| Payable for Fund shares redeemed | 1223257 |
| Dividends payable | 430457 |
| Management fee payable | 381831 |
| Payable for when-issued transactions | 281937 |
| Administration fees payable | 120381 |
| Shareholder servicing fees payable | 65681 |
| Distribution fee payable | 2985 |
| Trustees' fees and expenses payable | 963 |
| Accrued expenses and other liabilities | 138388 |
| **Total liabilities** | **2645880** |
| **Total net assets**  | **$1550345537** |
| Net assets consist of |  |
| Paid-in capital | $1612282578 |
| Total distributable loss | (61937041)<br>|
| **Total net assets** | **$1550345537** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $296508295 |
| Shares outstanding–Class A<sup>1</sup> <br>| 30329978 |
| Net asset value per share–Class A | $9.78 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $9.98 |
| Net assets–Class C | $4520674 |
| Shares outstanding–Class C<sup>1</sup> <br>| 462413 |
| Net asset value per share–Class C | $9.78 |
| Net assets–Class R6 | $140789593 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 14373904 |
| Net asset value per share–Class R6 | $9.79 |
| Net assets–Institutional Class | $1108526975 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 113196212 |
| Net asset value per share–Institutional Class | $9.79 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/98 of net asset value. On investments of $100,000 or more, the offering price is reduced.

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

Allspring Short-Term Municipal Bond Fund \| 35

------

Statement of operations—six months ended December 31, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $24523223 |
| Income from affiliated securities | 150504 |
| **Total investment income** | **24673727** |
| Expenses |  |
| Management fee | 2705049 |
| Administration fees |  |
| Class A | 225018 |
| Class C | 3653 |
| Class R6 | 21051 |
| Administrator Class | 346 <br><sup>1</sup><br>|
| Institutional Class | 456294 |
| Shareholder servicing fees |  |
| Class A | 374790 |
| Class C | 6088 |
| Administrator Class | 858 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 18264 |
| Custody and accounting fees | 30445 |
| Professional fees | 44776 |
| Registration fees | 2 |
| Shareholder report expenses | 55879 |
| Trustees' fees and expenses | 10110 |
| Other fees and expenses | 18804 |
| **Total expenses** | **3971427** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (324992)<br>|
| Class A | (150843)<br>|
| Class C | (2214)<br>|
| **Net expenses** | **3493378** |
| **Net investment income** | **21180349** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments**  | **142060** |
| **Net change in unrealized gains (losses) on investments** | **10968098** |
| **Net realized and unrealized gains (losses) on investments** | **11110158** |
| **Net increase in net assets resulting from operations** | **$32290507** |

---

<sup>1</sup> For the period from July 1, 2025 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.

36 \| Allspring Short-Term Municipal Bond Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> December 31, 2025<br> (unaudited) | Six months ended<br> December 31, 2025<br> (unaudited) | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $21180349 |  | &nbsp;&nbsp; $41457646 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 142060 |  | &nbsp;&nbsp; (1374778)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 10968098 |  | &nbsp;&nbsp; 19924410 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **32290507** |  | &nbsp;&nbsp; **60007278** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (3611854)<br>|  | &nbsp;&nbsp; (7744467)<br>|
| Class C |  | &nbsp;&nbsp; (40108)<br>|  | &nbsp;&nbsp; (77953)<br>|
| Class R6 |  | &nbsp;&nbsp; (1880821)<br>|  | &nbsp;&nbsp; (3603650)<br>|
| Administrator Class |  | &nbsp;&nbsp; (8232 )<sup>1</sup><br>|  | &nbsp;&nbsp; (38177)<br>|
| Institutional Class |  | &nbsp;&nbsp; (14994061)<br>|  | &nbsp;&nbsp; (29945853)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(20535076)**<br>|  | &nbsp;&nbsp; **(41410100)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 1681090 | &nbsp;&nbsp; 16423622 | &nbsp;&nbsp; 2077957 | &nbsp;&nbsp; 20093707 |
| Class C | 58893 | &nbsp;&nbsp; 575264 | &nbsp;&nbsp; 107478 | &nbsp;&nbsp; 1039611 |
| Class R6 | 1462762 | &nbsp;&nbsp; 14303454 | &nbsp;&nbsp; 2551190 | &nbsp;&nbsp; 24718023 |
| Administrator Class | 2986 <br><sup>1</sup><br>| &nbsp;&nbsp; 29084 <br><sup>1</sup><br>| &nbsp;&nbsp; 56730 | &nbsp;&nbsp; 547659 |
| Institutional Class | 13427436 | &nbsp;&nbsp; 131332373 | &nbsp;&nbsp; 40482902 | &nbsp;&nbsp; 391632915 |
|  |  | &nbsp;&nbsp; 162663797 |  | &nbsp;&nbsp; 438031915 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 356317 | &nbsp;&nbsp; 3479496 | &nbsp;&nbsp; 756313 | &nbsp;&nbsp; 7322559 |
| Class C | 3994 | &nbsp;&nbsp; 39008 | &nbsp;&nbsp; 7923 | &nbsp;&nbsp; 76714 |
| Class R6 | 144954 | &nbsp;&nbsp; 1417935 | &nbsp;&nbsp; 266834 | &nbsp;&nbsp; 2588051 |
| Administrator Class | 598 <br><sup>1</sup><br>| &nbsp;&nbsp; 5820 <br><sup>1</sup><br>| &nbsp;&nbsp; 3405 | &nbsp;&nbsp; 32956 |
| Institutional Class | 1401467 | &nbsp;&nbsp; 13706544 | &nbsp;&nbsp; 2930890 | &nbsp;&nbsp; 28428658 |
|  |  | &nbsp;&nbsp; 18648803 |  | &nbsp;&nbsp; 38448938 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (2896950)<br>| &nbsp;&nbsp; (28255225)<br>| &nbsp;&nbsp; (6236689)<br>| &nbsp;&nbsp; (60334159)<br>|
| Class C | (85931)<br>| &nbsp;&nbsp; (839314)<br>| &nbsp;&nbsp; (92719)<br>| &nbsp;&nbsp; (896911)<br>|
| Class R6 | (1139204)<br>| &nbsp;&nbsp; (11141416)<br>| &nbsp;&nbsp; (3369088)<br>| &nbsp;&nbsp; (32629070)<br>|
| Administrator Class | (5059 )<sup>1</sup><br>| &nbsp;&nbsp; (49497 )<sup>1</sup><br>| &nbsp;&nbsp; (58363)<br>| &nbsp;&nbsp; (564034)<br>|
| Institutional Class | (15923954)<br>| &nbsp;&nbsp; (155822186)<br>| &nbsp;&nbsp; (58376589)<br>| &nbsp;&nbsp; (566015189)<br>|
|  |  | &nbsp;&nbsp; (196107638)<br>|  | &nbsp;&nbsp; (660439363)<br>|

---

<sup>1</sup> For the period from July 1, 2025 to September 12, 2025

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

Allspring Short-Term Municipal Bond Fund \| 37

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> December 31, 2025<br> (unaudited) | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Administrator Class<br>(168073 )<sup>2</sup><br>| &nbsp;&nbsp; $(1647467 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Institutional Class<br>167707 <br><sup>2</sup><br>| &nbsp;&nbsp; 1647467 <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; **(14795038)**<br>|  | &nbsp;&nbsp; **(183958510)**<br>|
| **Total decrease in net assets** | &nbsp;&nbsp; **(3039607)**<br>|  | &nbsp;&nbsp; **(165361332)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **1553385144** |  | &nbsp;&nbsp; **1718746476** |
| **End of period** | &nbsp;&nbsp; **$1550345537** |  | &nbsp;&nbsp; **$1553385144** |

---

<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.

38 \| Allspring Short-Term Municipal Bond Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.70** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$9.52** | &nbsp;&nbsp; **$9.54** | &nbsp;&nbsp; **$9.95** | &nbsp;&nbsp; **$9.92** |
| Net investment income | 0.12 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.22 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.10 | 0.12 |
| Net realized and unrealized gains (losses) on investments | 0.08 | 0.10 | 0.08 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.41)<br>| 0.03 |
| Total from investment operations | 0.20 | 0.34 | 0.30 | 0.15 | &nbsp;&nbsp; (0.31)<br>| 0.15 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.12)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.12)<br>|
| **Net asset value, end of period** | **$9.78** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$9.52** | &nbsp;&nbsp; **$9.54** | &nbsp;&nbsp; **$9.95** |
| **Total return**<sup>2</sup> <br>| **2.05%**<br>| **3.53%**<br>| **3.24%**<br>| **1.53%**<br>| &nbsp;&nbsp; **(3.09)%**<br>| **1.52%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.76<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.77<br> %<br>|
| Net expenses | 0.62<br> %<br>| 0.61<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>|
| Net investment income | 2.49<br> %<br>| 2.44<br> %<br>| 2.30<br> %<br>| 1.71<br> %<br>| 1.05<br> %<br>| 1.20<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 16<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 20<br> %<br>|
| Net assets, end of period (000s omitted) | $296508 | &nbsp;&nbsp; $302621 | &nbsp;&nbsp; $332104 | &nbsp;&nbsp; $397949 | &nbsp;&nbsp; $522582 | &nbsp;&nbsp; $685618 |

---

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

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

Allspring Short-Term Municipal Bond Fund \| 39

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class C | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.70** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$9.52** | &nbsp;&nbsp; **$9.54** | &nbsp;&nbsp; **$9.95** | &nbsp;&nbsp; **$9.92** |
| Net investment income | 0.09 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.15 <br><sup>1</sup><br>| 0.09 <br><sup>1</sup><br>| 0.03 | 0.05 |
| Net realized and unrealized gains (losses) on investments | 0.07 | 0.10 | 0.08 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.41)<br>| 0.03 |
| Total from investment operations | 0.16 | 0.26 | 0.23 | 0.07 | &nbsp;&nbsp; (0.38)<br>| 0.08 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.08)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.05)<br>|
| **Net asset value, end of period** | **$9.78** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$9.52** | &nbsp;&nbsp; **$9.54** | &nbsp;&nbsp; **$9.95** |
| **Total return**<sup>2</sup> <br>| **1.66%**<br>| **2.74%**<br>| **2.47%**<br>| **0.77%**<br>| &nbsp;&nbsp; **(3.82)%**<br>| **0.76%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.51<br> %<br>| 1.51<br> %<br>| 1.51<br> %<br>| 1.51<br> %<br>| 1.51<br> %<br>| 1.51<br> %<br>|
| Net expenses | 1.38<br> %<br>| 1.38<br> %<br>| 1.38<br> %<br>| 1.38<br> %<br>| 1.38<br> %<br>| 1.38<br> %<br>|
| Net investment income | 1.73<br> %<br>| 1.67<br> %<br>| 1.55<br> %<br>| 0.97<br> %<br>| 0.30<br> %<br>| 0.45<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 16<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 20<br> %<br>|
| Net assets, end of period (000s omitted) | $4521 | &nbsp;&nbsp; $4710 | &nbsp;&nbsp; $4443 | &nbsp;&nbsp; $4731 | &nbsp;&nbsp; $5058 | &nbsp;&nbsp; $6962 |

---

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

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

40 \| Allspring Short-Term Municipal Bond Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class R6 | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.72** | &nbsp;&nbsp; **$9.62** | &nbsp;&nbsp; **$9.53** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$9.97** | &nbsp;&nbsp; **$9.94** |
| Net investment income | 0.14 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.19 <br><sup>1</sup><br>| 0.13 | 0.15 |
| Net realized and unrealized gains (losses) on investments | 0.06 | 0.10 | 0.10 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.41)<br>| 0.03 |
| Total from investment operations | 0.20 | 0.36 | 0.34 | 0.16 | &nbsp;&nbsp; (0.28)<br>| 0.18 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.13)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.15)<br>|
| **Net asset value, end of period** | **$9.79** | &nbsp;&nbsp; **$9.72** | &nbsp;&nbsp; **$9.62** | &nbsp;&nbsp; **$9.53** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$9.97** |
| **Total return**<sup>2</sup> <br>| **2.09%**<br>| **3.80%**<br>| **3.63%**<br>| **1.70%**<br>| &nbsp;&nbsp; **(2.82)%**<br>| **1.80%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.39<br> %<br>|
| Net expenses | 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>|
| Net investment income | 2.76<br> %<br>| 2.70<br> %<br>| 2.58<br> %<br>| 1.96<br> %<br>| 1.33<br> %<br>| 1.48<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 16<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 20<br> %<br>|
| Net assets, end of period (000s omitted) | $140790 | &nbsp;&nbsp; $135178 | &nbsp;&nbsp; $139057 | &nbsp;&nbsp; $179524 | &nbsp;&nbsp; $346080 | &nbsp;&nbsp; $439530 |

---

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

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

Allspring Short-Term Municipal Bond Fund \| 41

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.72** | &nbsp;&nbsp; **$9.62** | &nbsp;&nbsp; **$9.53** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$9.97** | &nbsp;&nbsp; **$9.94** |
| Net investment income | 0.13 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.19 <br><sup>1</sup><br>| 0.13 | 0.14 |
| Net realized and unrealized gains (losses) on investments | 0.07 | 0.10 | 0.10 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.41)<br>| 0.03 |
| Total from investment operations | 0.20 | 0.36 | 0.34 | 0.16 | &nbsp;&nbsp; (0.28)<br>| 0.17 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.13)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Net asset value, end of period** | **$9.79** | &nbsp;&nbsp; **$9.72** | &nbsp;&nbsp; **$9.62** | &nbsp;&nbsp; **$9.53** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$9.97** |
| **Total return**<sup>2</sup> <br>| **2.06%**<br>| **3.75%**<br>| **3.58%**<br>| **1.65%**<br>| &nbsp;&nbsp; **(2.86)%**<br>| **1.75%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.44<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.44<br> %<br>|
| Net expenses | 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>|
| Net investment income | 2.71<br> %<br>| 2.65<br> %<br>| 2.53<br> %<br>| 1.96<br> %<br>| 1.29<br> %<br>| 1.42<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 16<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 20<br> %<br>|
| Net assets, end of period (000s omitted) | $1108527 | &nbsp;&nbsp; $1109231 | &nbsp;&nbsp; $1241533 | &nbsp;&nbsp; $1406099 | &nbsp;&nbsp; $1155172 | &nbsp;&nbsp; $1390537 |

---

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

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

42 \| Allspring Short-Term Municipal Bond Fund

------

Notes to financial statements (unaudited)

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 Short-Term Municipal Bond 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.

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.

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.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. 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 Short-Term Municipal Bond Fund \| 43

------

Notes to financial statements (unaudited)

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 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 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 December 31, 2025, the aggregate cost of all investments for federal income tax purposes was $1,535,719,264 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $10451007 |
| Gross unrealized losses | &nbsp;&nbsp; (10327606)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$123401** |

---

As of June 30, 2025, the Fund had capital loss carryforwards which consisted of $8,898,682 in short-term capital losses and $53,722,611 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;

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 December 31, 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:** |  |  |  |  |
| **Closed-end fund obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $10000000 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $10000000 |
| **Municipal obligations** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1517832192 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1517832192 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 8010473 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8010473 |
| **Total assets** | &nbsp;&nbsp; **$8010473** | &nbsp;&nbsp;&nbsp; **$1527832192** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1535842665** |

---

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

At December 31, 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

44 \| Allspring Short-Term Municipal Bond Fund

------

Notes to financial statements (unaudited)

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 $1 billion | 0.350<br> %<br>|
| Next $4 billion | 0.325 |
| Next $3 billion | 0.290 |
| Next $2 billion | 0.265 |
| Over $10 billion | 0.255 |

---

For the six months ended December 31, 2025, the advisory fee was equivalent to an annual rate of 0.34% 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 | 0.15<br> %<br>|
| Class C | 0.15 |
| Class R6 | 0.03 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or 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 October 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 December 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.63<br> %<br>|
| Class C | 1.38 |
| Class R6 | 0.35 |
| Institutional Class | 0.40 |

---

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 six months ended December 31, 2025, Allspring Funds Distributor received $1,045 from the sale of Class A shares and $914 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended December 31, 2025.

Allspring Short-Term Municipal Bond Fund \| 45

------

Notes to financial statements (unaudited)

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 had $226,025,000, $210,105,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the six months ended December 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2025 were $266,103,979 and $226,038,766, 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 six months ended December 31, 2025, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

8. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined 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.

9. 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 includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

46 \| Allspring Short-Term Municipal Bond Fund

------

Other information (unaudited)

Other information

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 Short-Term Municipal Bond Fund \| 47

------

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.

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Not applicable

48 \| Allspring Short-Term Municipal Bond Fund

------

![](g805823img6f082f921.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**

![](g805823img52796c422.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.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS3330 12-25**

------

![](g805823img7343196e1.jpg)

Allspring Wisconsin Tax-Free Fund

Long Form Financial Statements

Semi-Annual Report

December 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_f9b82e25-6d6c-438f-929b-611a70ff3e8d_POI-PageBlank-53_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_f9b82e25-6d6c-438f-929b-611a70ff3e8d_FS-PageBlank-53_1)** |  |
| [Statement of assets and liabilities](#xx_f9b82e25-6d6c-438f-929b-611a70ff3e8d_FS-PageBlank-53_1) | 9 |
| [Statement of operations](#xx_f9b82e25-6d6c-438f-929b-611a70ff3e8d_FS-PageBlank-53_2) | 10 |
| [Statement of changes in net assets](#xx_f9b82e25-6d6c-438f-929b-611a70ff3e8d_FS-PageBlank-53_3) | 11 |
| [Financial highlights](#xx_f9b82e25-6d6c-438f-929b-611a70ff3e8d_FIHI-PageBlank-53_1) | 12 |
| **[Notes to financial statements](#xx_f9b82e25-6d6c-438f-929b-611a70ff3e8d_NTF-PageBlank-53_1)** | 14 |
| **[Other information](#xx_f9b82e25-6d6c-438f-929b-611a70ff3e8d_OI-PageBlank-53_1)** | 18 |
| [Item 8. Changes in and disagreements with accountants](#xx_f9b82e25-6d6c-438f-929b-611a70ff3e8d_OI-PageBlank-53_2) | 19 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_f9b82e25-6d6c-438f-929b-611a70ff3e8d_OI-PageBlank-53_2) | 19 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_f9b82e25-6d6c-438f-929b-611a70ff3e8d_OI-PageBlank-53_2) | 19 |
| [Item 11. Statement regarding basis for board](#xx_f9b82e25-6d6c-438f-929b-611a70ff3e8d_OI-PageBlank-53_2)['](#xx_f9b82e25-6d6c-438f-929b-611a70ff3e8d_OI-PageBlank-53_2)[s approval of investment](#xx_f9b82e25-6d6c-438f-929b-611a70ff3e8d_OI-PageBlank-53_2)<br> [advisory contract](#xx_f9b82e25-6d6c-438f-929b-611a70ff3e8d_OI-PageBlank-53_2)<br>| 19 |

---

Allspring Wisconsin Tax-Free Fund \| 1

------

Portfolio of investments—December 31, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Municipal obligations: 98.46%** |  |  |  |  |
| **Alabama: 0.94%** |  |  |  |  |
| **Utilities revenue: 0.94%** |  |  |  |  |
| Black Belt Energy Gas District Series Aøø | 5.25<br> %<br>| &nbsp;&nbsp; 5-1-2055 | $510000 | &nbsp;&nbsp; $553893 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 5 <br> Series Aøø<br>| 5.25 | &nbsp;&nbsp; 1-1-2054 | 750000 | &nbsp;&nbsp; 790259 |
|  |  |  |  | &nbsp;&nbsp; **1344152** |
| **California: 1.12%** |  |  |  |  |
| **Utilities revenue: 1.12%** |  |  |  |  |
| &nbsp;&nbsp; California Community Choice Financing Authority Clean Energy Project <br> Series Cøø<br>| 5.00 | &nbsp;&nbsp; 12-1-2055 | 1000000 | &nbsp;&nbsp; 1061390 |
| California Community Choice Financing Authority Series C | 5.00 | &nbsp;&nbsp; 10-1-2031 | 500000 | &nbsp;&nbsp; 528377 |
|  |  |  |  | &nbsp;&nbsp; **1589767** |
| **Florida: 0.18%** |  |  |  |  |
| **Resource recovery revenue: 0.18%** |  |  |  |  |
| &nbsp;&nbsp; Florida Development Finance Corp. GFL Solid Waste Southeast LLC <br> Series A AMT144Aøø<br>| 4.38 | &nbsp;&nbsp; 10-1-2054 | 250000 | &nbsp;&nbsp; **252904** |
| **Guam: 6.49%** |  |  |  |  |
| **Airport revenue: 2.00%** |  |  |  |  |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2027 | 300000 | &nbsp;&nbsp; 307048 |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2028 | 100000 | &nbsp;&nbsp; 103653 |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2030 | 270000 | &nbsp;&nbsp; 286332 |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2031 | 400000 | &nbsp;&nbsp; 428307 |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.25 | &nbsp;&nbsp; 10-1-2031 | 250000 | &nbsp;&nbsp; 270907 |
| Port Authority of Guam Series A | 5.00 | &nbsp;&nbsp; 7-1-2048 | 1000000 | &nbsp;&nbsp; 1004770 |
| Port Authority of Guam Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2034 | 445000 | &nbsp;&nbsp; 457045 |
|  |  |  |  | &nbsp;&nbsp; **2858062** |
| **Miscellaneous revenue: 0.34%** |  |  |  |  |
| Territory of Guam Series F | 4.00 | &nbsp;&nbsp; 1-1-2042 | 500000 | &nbsp;&nbsp; **482079** |
| **Tax revenue: 0.75%** |  |  |  |  |
| Territory of Guam Hotel Occupancy Tax Series A | 5.00 | &nbsp;&nbsp; 11-1-2035 | 1000000 | &nbsp;&nbsp; **1064791** |
| **Utilities revenue: 0.75%** |  |  |  |  |
| Guam Power Authority Series A | 5.00 | &nbsp;&nbsp; 10-1-2026 | 500000 | &nbsp;&nbsp; 507308 |
| Guam Power Authority Series A | 5.00 | &nbsp;&nbsp; 10-1-2038 | 550000 | &nbsp;&nbsp; 560828 |
|  |  |  |  | &nbsp;&nbsp; **1068136** |
| **Water & sewer revenue: 2.65%** |  |  |  |  |
| Guam Government Waterworks Authority | 5.00 | &nbsp;&nbsp; 7-1-2027 | 500000 | &nbsp;&nbsp; 504212 |
| Guam Government Waterworks Authority | 5.00 | &nbsp;&nbsp; 7-1-2034 | 500000 | &nbsp;&nbsp; 512224 |
| Guam Government Waterworks Authority | 5.00 | &nbsp;&nbsp; 1-1-2046 | 2215000 | &nbsp;&nbsp; 2216030 |
| Guam Government Waterworks Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2050 | 545000 | &nbsp;&nbsp; 548193 |
|  |  |  |  | &nbsp;&nbsp; **3780659** |
|  |  |  |  | &nbsp;&nbsp; **9253727** |

---

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

2 \| Allspring Wisconsin Tax-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Illinois: 1.64%** |  |  |  |  |
| **GO revenue: 1.46%** |  |  |  |  |
| City of Chicago Series A | 5.50<br> %<br>| &nbsp;&nbsp; 1-1-2041 | $1000000 | &nbsp;&nbsp; $1020173 |
| City of Chicago Series B | 5.00 | &nbsp;&nbsp; 1-1-2031 | 1000000 | &nbsp;&nbsp; 1053427 |
|  |  |  |  | &nbsp;&nbsp; **2073600** |
| **Miscellaneous revenue: 0.18%** |  |  |  |  |
| City of Chicago Lakeshore East Special Assessment Area144A | 2.69 | &nbsp;&nbsp; 12-1-2026 | 266000 | &nbsp;&nbsp; **262540** |
|  |  |  |  | &nbsp;&nbsp; **2336140** |
| **Kentucky: 1.49%** |  |  |  |  |
| **Utilities revenue: 1.49%** |  |  |  |  |
| Kentucky Public Energy Authority Series C | 5.00 | &nbsp;&nbsp; 5-1-2036 | 2000000 | &nbsp;&nbsp; **2124089** |
| **Minnesota: 1.87%** |  |  |  |  |
| **Health revenue: 0.84%** |  |  |  |  |
| City of Center City Hazelden Betty Ford Foundation Series 2025B | 5.00 | &nbsp;&nbsp; 11-1-2044 | 1165000 | &nbsp;&nbsp; **1202955** |
| **Housing revenue: 1.03%** |  |  |  |  |
| &nbsp;&nbsp; Dakota County Community Development Agency Roers Burnsville <br> Affordable Apartments Owner LLC (FNMA Insured)<br>| 4.20 | &nbsp;&nbsp; 5-1-2043 | 1500000 | &nbsp;&nbsp; **1466834** |
|  |  |  |  | &nbsp;&nbsp; **2669789** |
| **New Jersey: 0.31%** |  |  |  |  |
| **Education revenue: 0.31%** |  |  |  |  |
| &nbsp;&nbsp; Camden County Improvement Authority KIPP Cooper Norcross <br> Obligated Group<br>| 6.00 | &nbsp;&nbsp; 6-15-2047 | 425000 | &nbsp;&nbsp; **443358** |
| **New York: 1.70%** |  |  |  |  |
| **Education revenue: 1.00%** |  |  |  |  |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 4.45 | &nbsp;&nbsp; 2-1-2041 | 500000 | &nbsp;&nbsp; 434844 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 6.24 | &nbsp;&nbsp; 2-1-2047 | 1000000 | &nbsp;&nbsp; 988833 |
|  |  |  |  | &nbsp;&nbsp; **1423677** |
| **GO revenue: 0.70%** |  |  |  |  |
| City of Ithaca BAN | 4.25 | &nbsp;&nbsp; 2-13-2026 | 1000000 | &nbsp;&nbsp; **1000964** |
|  |  |  |  | &nbsp;&nbsp; **2424641** |
| **Pennsylvania: 3.31%** |  |  |  |  |
| **Education revenue: 0.63%** |  |  |  |  |
| &nbsp;&nbsp; Lehigh County General Purpose Authority Valley Academy Regional <br> Charter School<br>| 4.00 | &nbsp;&nbsp; 6-1-2032 | 600000 | &nbsp;&nbsp; 606619 |
| Pennsylvania EDFA Villanova University | 5.00 | &nbsp;&nbsp; 8-1-2043 | 270000 | &nbsp;&nbsp; 289823 |
|  |  |  |  | &nbsp;&nbsp; **896442** |
| **GO revenue: 0.65%** |  |  |  |  |
| School District of Philadelphia Series B | 5.00 | &nbsp;&nbsp; 9-1-2048 | 895000 | &nbsp;&nbsp; **919455** |

---

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

Allspring Wisconsin Tax-Free Fund \| 3

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 2.03%** |  |  |  |  |
| Lancaster IDA Willow Valley Communities Obligated Group | 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2044 | $890000 | &nbsp;&nbsp; $885894 |
| &nbsp;&nbsp; Montgomery County Higher Education & Health Authority Thomas <br> Jefferson University Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 5-1-2052 | 2000000 | &nbsp;&nbsp; 2011579 |
|  |  |  |  | &nbsp;&nbsp; **2897473** |
|  |  |  |  | &nbsp;&nbsp; **4713370** |
| **Puerto Rico: 2.49%** |  |  |  |  |
| **Health revenue: 1.33%** |  |  |  |  |
| &nbsp;&nbsp; Puerto Rico Industrial Tourist Educational Medical & Environmental <br> Control Facilities Financing Authority Hospital Auxilio Mutuo <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 205000 | &nbsp;&nbsp; 206411 |
| &nbsp;&nbsp; Puerto Rico Industrial Tourist Educational Medical & Environmental <br> Control Facilities Financing Authority Hospital Auxilio Mutuo <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 7-1-2031 | 435000 | &nbsp;&nbsp; 468267 |
| &nbsp;&nbsp; Puerto Rico Industrial Tourist Educational Medical & Environmental <br> Control Facilities Financing Authority Hospital Auxilio Mutuo <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 7-1-2032 | 925000 | &nbsp;&nbsp; 991380 |
| &nbsp;&nbsp; Puerto Rico Industrial Tourist Educational Medical & Environmental <br> Control Facilities Financing Authority Hospital Auxilio Mutuo <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 7-1-2034 | 220000 | &nbsp;&nbsp; 233315 |
|  |  |  |  | &nbsp;&nbsp; **1899373** |
| **Miscellaneous revenue: 1.16%** |  |  |  |  |
| &nbsp;&nbsp; Puerto Rico Industrial Tourist Educational Medical & Environmental <br> Control Facilities Financing Authority Hospital de la Concepcion, <br> Inc. Series A<br>| 3.55 | &nbsp;&nbsp; 11-15-2030 | 1645000 | &nbsp;&nbsp; **1657852** |
|  |  |  |  | &nbsp;&nbsp; **3557225** |
| **Texas: 2.02%** |  |  |  |  |
| **Education revenue: 0.70%** |  |  |  |  |
| Hale Center Education Facilities Corp. Wayland Baptist University | 5.00 | &nbsp;&nbsp; 3-1-2027 | 990000 | &nbsp;&nbsp; **1005131** |
| **GO revenue: 1.32%** |  |  |  |  |
| Denton Independent School District | 4.00 | &nbsp;&nbsp; 8-15-2048 | 2000000 | &nbsp;&nbsp; **1879485** |
|  |  |  |  | &nbsp;&nbsp; **2884616** |
| **Wisconsin: 74.90%** |  |  |  |  |
| **Education revenue: 7.98%** |  |  |  |  |
| PFA Cincinnati Classical Academy Series A144A | 5.88 | &nbsp;&nbsp; 6-15-2054 | 500000 | &nbsp;&nbsp; 491925 |
| Wisconsin HEFA Hmong American Peace Academy Ltd. | 4.00 | &nbsp;&nbsp; 3-15-2030 | 495000 | &nbsp;&nbsp; 499979 |
| Wisconsin HEFA Hmong American Peace Academy Ltd. | 4.00 | &nbsp;&nbsp; 3-15-2040 | 1555000 | &nbsp;&nbsp; 1494640 |
| Wisconsin HEFA Lawrence University | 4.00 | &nbsp;&nbsp; 2-1-2045 | 1685000 | &nbsp;&nbsp; 1470759 |
| Wisconsin HEFA Medical College of Wisconsin, Inc. | 5.00 | &nbsp;&nbsp; 12-1-2041 | 2000000 | &nbsp;&nbsp; 2102235 |
| &nbsp;&nbsp; Wisconsin HEFA Milwaukee School of Engineering Series B (AG <br> Insured)<br>| 2.00 | &nbsp;&nbsp; 4-1-2038 | 1200000 | &nbsp;&nbsp; 916869 |
| &nbsp;&nbsp; Wisconsin HEFA Milwaukee School of Engineering Series B (AG <br> Insured)<br>| 2.13 | &nbsp;&nbsp; 4-1-2039 | 1000000 | &nbsp;&nbsp; 751241 |
| &nbsp;&nbsp; Wisconsin HEFA Milwaukee School of Engineering Series B (AG <br> Insured)<br>| 2.13 | &nbsp;&nbsp; 4-1-2040 | 1000000 | &nbsp;&nbsp; 719501 |

---

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

4 \| Allspring Wisconsin Tax-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Wisconsin HEFA Milwaukee School of Engineering Series B (AG <br> Insured)<br>| 2.25<br> %<br>| &nbsp;&nbsp; 4-1-2041 | $750000 | &nbsp;&nbsp; $533923 |
| &nbsp;&nbsp; Wisconsin HEFA Milwaukee School of Engineering Series B (AG <br> Insured)<br>| 2.25 | &nbsp;&nbsp; 4-1-2042 | 1000000 | &nbsp;&nbsp; 695752 |
| &nbsp;&nbsp; Wisconsin HEFA Milwaukee Science Education Consortium, Inc. <br> Series A<br>| 4.50 | &nbsp;&nbsp; 3-15-2033 | 665000 | &nbsp;&nbsp; 676102 |
| &nbsp;&nbsp; Wisconsin HEFA Milwaukee Science Education Consortium, Inc. <br> Series A<br>| 5.00 | &nbsp;&nbsp; 3-15-2053 | 1100000 | &nbsp;&nbsp; 1025968 |
|  |  |  |  | &nbsp;&nbsp; **11378894** |
| **GO revenue: 1.49%** |  |  |  |  |
| City of Milwaukee Series N5 (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2039 | 1915000 | &nbsp;&nbsp; **2125852** |
| **Health revenue: 22.98%** |  |  |  |  |
| PFA UNC Health Appalachian Obligated Group Series A | 5.00 | &nbsp;&nbsp; 7-1-2037 | 275000 | &nbsp;&nbsp; 282604 |
| PFA UNC Health Appalachian Obligated Group Series A | 5.00 | &nbsp;&nbsp; 7-1-2038 | 375000 | &nbsp;&nbsp; 383882 |
| &nbsp;&nbsp; University of Wisconsin Hospitals & Clinics Authority Obligated Group <br> Series B (JPMorgan Chase Bank N.A. SPA)ø<br>| 2.55 | &nbsp;&nbsp; 4-1-2048 | 2500000 | &nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp; University of Wisconsin Hospitals & Clinics Authority Obligated Group <br> Series C (U.S. Bank N.A. SPA)ø<br>| 2.45 | &nbsp;&nbsp; 4-1-2054 | 500000 | &nbsp;&nbsp; 500000 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2027 | 175000 | &nbsp;&nbsp; 182116 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2029 | 150000 | &nbsp;&nbsp; 162357 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2039 | 500000 | &nbsp;&nbsp; 546976 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.50 | &nbsp;&nbsp; 12-1-2052 | 3095000 | &nbsp;&nbsp; 3307720 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series B | 5.25 | &nbsp;&nbsp; 12-1-2048 | 2035000 | &nbsp;&nbsp; 2157239 |
| Wisconsin HEFA Beloit Health System Obligated Group | 4.00 | &nbsp;&nbsp; 7-1-2036 | 4000000 | &nbsp;&nbsp; 4039584 |
| Wisconsin HEFA Beloit Health System Obligated Group | 5.00 | &nbsp;&nbsp; 7-1-2028 | 50000 | &nbsp;&nbsp; 52464 |
| Wisconsin HEFA Beloit Health System Obligated Group | 5.00 | &nbsp;&nbsp; 7-1-2029 | 1270000 | &nbsp;&nbsp; 1357177 |
| Wisconsin HEFA Chiara Housing & Services, Inc. Obligated Group | 5.63 | &nbsp;&nbsp; 7-1-2035 | 575000 | &nbsp;&nbsp; 604364 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series A<br>| 3.00 | &nbsp;&nbsp; 2-15-2031 | 230000 | &nbsp;&nbsp; 222722 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series C<br>| 3.25 | &nbsp;&nbsp; 2-15-2032 | 185000 | &nbsp;&nbsp; 180147 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series C<br>| 5.00 | &nbsp;&nbsp; 2-15-2027 | 400000 | &nbsp;&nbsp; 409916 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series C<br>| 5.00 | &nbsp;&nbsp; 2-15-2028 | 650000 | &nbsp;&nbsp; 665436 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series C<br>| 5.00 | &nbsp;&nbsp; 2-15-2029 | 500000 | &nbsp;&nbsp; 511701 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series C<br>| 5.00 | &nbsp;&nbsp; 2-15-2047 | 3135000 | &nbsp;&nbsp; 3141424 |
| Wisconsin HEFA Masonic Home Obligated Group Series A | 4.00 | &nbsp;&nbsp; 8-15-2030 | 100000 | &nbsp;&nbsp; 99928 |
| Wisconsin HEFA Masonic Home Obligated Group Series A | 4.00 | &nbsp;&nbsp; 8-15-2031 | 75000 | &nbsp;&nbsp; 74745 |
| Wisconsin HEFA Masonic Home Obligated Group Series A | 4.00 | &nbsp;&nbsp; 8-15-2041 | 2145000 | &nbsp;&nbsp; 1953140 |
| Wisconsin HEFA Masonic Home Obligated Group Series A | 4.00 | &nbsp;&nbsp; 8-15-2046 | 850000 | &nbsp;&nbsp; 708406 |
| Wisconsin HEFA Masonic Home Obligated Group Series A | 4.00 | &nbsp;&nbsp; 8-15-2051 | 500000 | &nbsp;&nbsp; 398193 |
| Wisconsin HEFA PHW Menomonee Falls, Inc. | 6.00 | &nbsp;&nbsp; 10-1-2054 | 1000000 | &nbsp;&nbsp; 1028306 |
| &nbsp;&nbsp; Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2044 | 1350000 | &nbsp;&nbsp; 1355402 |

---

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

Allspring Wisconsin Tax-Free Fund \| 5

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group <br> Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2049 | $550000 | &nbsp;&nbsp; $551275 |
| &nbsp;&nbsp; Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group <br> Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2044 | 3485000 | &nbsp;&nbsp; 3486206 |
| Wisconsin HEFA St. John's Communities, Inc. Obligated Group | 4.00 | &nbsp;&nbsp; 9-15-2030 | 935000 | &nbsp;&nbsp; 943710 |
| Wisconsin HEFA St. John's Communities, Inc. Obligated Group | 4.00 | &nbsp;&nbsp; 9-15-2045 | 650000 | &nbsp;&nbsp; 555519 |
| &nbsp;&nbsp; Wisconsin HEFA St. John's Communities, Inc. Obligated Group <br> Series B<br>| 4.00 | &nbsp;&nbsp; 9-15-2045 | 475000 | &nbsp;&nbsp; 405956 |
|  |  |  |  | &nbsp;&nbsp; **32768615** |
| **Housing revenue: 32.61%** |  |  |  |  |
| Ashwaubenon CDA County of Brown | 3.00 | &nbsp;&nbsp; 6-1-2044 | 1680000 | &nbsp;&nbsp; 1364413 |
| Ashwaubenon CDA County of Brown | 4.00 | &nbsp;&nbsp; 6-1-2030 | 250000 | &nbsp;&nbsp; 261582 |
| Ashwaubenon CDA County of Brown | 4.00 | &nbsp;&nbsp; 6-1-2031 | 1310000 | &nbsp;&nbsp; 1366663 |
| Ashwaubenon CDA County of Brown CAB¤ | 0.00 | &nbsp;&nbsp; 6-1-2049 | 8000000 | &nbsp;&nbsp; 2526814 |
| Green Bay Housing Authority University Village Housing, Inc. | 2.00 | &nbsp;&nbsp; 4-1-2028 | 125000 | &nbsp;&nbsp; 119100 |
| Green Bay Housing Authority University Village Housing, Inc. | 2.00 | &nbsp;&nbsp; 4-1-2029 | 250000 | &nbsp;&nbsp; 233699 |
| Green Bay Housing Authority University Village Housing, Inc. | 2.00 | &nbsp;&nbsp; 4-1-2030 | 875000 | &nbsp;&nbsp; 802812 |
| Green Bay Housing Authority University Village Housing, Inc. | 5.00 | &nbsp;&nbsp; 4-1-2039 | 1500000 | &nbsp;&nbsp; 1609315 |
| Kaukauna RDA | 3.75 | &nbsp;&nbsp; 6-1-2032 | 850000 | &nbsp;&nbsp; 850385 |
| Kaukauna RDA | 4.00 | &nbsp;&nbsp; 6-1-2028 | 425000 | &nbsp;&nbsp; 425432 |
| Kaukauna RDA | 4.00 | &nbsp;&nbsp; 6-1-2035 | 900000 | &nbsp;&nbsp; 900395 |
| Milwaukee RDA Board of School Directors | 5.00 | &nbsp;&nbsp; 11-15-2028 | 325000 | &nbsp;&nbsp; 330090 |
| Milwaukee RDA Board of School Directors | 5.00 | &nbsp;&nbsp; 11-15-2030 | 195000 | &nbsp;&nbsp; 198054 |
| Milwaukee RDA Board of School Directors | 5.00 | &nbsp;&nbsp; 11-15-2033 | 750000 | &nbsp;&nbsp; 761486 |
| Milwaukee RDA Board of School Directors | 5.00 | &nbsp;&nbsp; 11-15-2034 | 675000 | &nbsp;&nbsp; 684582 |
| Milwaukee RDA Board of School Directors | 5.00 | &nbsp;&nbsp; 11-15-2036 | 500000 | &nbsp;&nbsp; 505938 |
| Milwaukee RDA Public Schools Series A | 5.00 | &nbsp;&nbsp; 11-15-2027 | 1020000 | &nbsp;&nbsp; 1036505 |
| Milwaukee RDA Public Schools Series A | 5.00 | &nbsp;&nbsp; 11-15-2028 | 1000000 | &nbsp;&nbsp; 1015660 |
| Milwaukee RDA Public Schools Series A | 5.00 | &nbsp;&nbsp; 11-15-2031 | 750000 | &nbsp;&nbsp; 761745 |
| New Richmond CDA Series A | 4.00 | &nbsp;&nbsp; 9-1-2042 | 200000 | &nbsp;&nbsp; 197599 |
| New Richmond CDA Series A | 4.25 | &nbsp;&nbsp; 9-1-2045 | 200000 | &nbsp;&nbsp; 194619 |
| New Richmond CDA Series A | 4.38 | &nbsp;&nbsp; 9-1-2047 | 150000 | &nbsp;&nbsp; 144993 |
| New Richmond CDA Series A | 4.63 | &nbsp;&nbsp; 9-1-2055 | 820000 | &nbsp;&nbsp; 802688 |
| New Richmond CDA Series A | 5.00 | &nbsp;&nbsp; 9-1-2031 | 100000 | &nbsp;&nbsp; 111684 |
| New Richmond CDA Series A | 5.00 | &nbsp;&nbsp; 9-1-2033 | 120000 | &nbsp;&nbsp; 136719 |
| New Richmond CDA Series A | 5.00 | &nbsp;&nbsp; 9-1-2034 | 115000 | &nbsp;&nbsp; 129253 |
| New Richmond CDA Series A | 5.00 | &nbsp;&nbsp; 9-1-2036 | 100000 | &nbsp;&nbsp; 111207 |
| New Richmond CDA Series A | 5.00 | &nbsp;&nbsp; 9-1-2039 | 150000 | &nbsp;&nbsp; 164570 |
| New Richmond CDA Series A | 5.00 | &nbsp;&nbsp; 9-1-2040 | 100000 | &nbsp;&nbsp; 108283 |
| Slinger RDA Village of Slinger Series A | 5.00 | &nbsp;&nbsp; 3-1-2045 | 3670000 | &nbsp;&nbsp; 3882409 |
| Weston CDA Village of Weston Tax Incremental District No. 1 Series A | 2.25 | &nbsp;&nbsp; 10-1-2026 | 940000 | &nbsp;&nbsp; 933379 |
| Weston CDA Village of Weston Tax Incremental District No. 1 Series A | 2.40 | &nbsp;&nbsp; 10-1-2027 | 570000 | &nbsp;&nbsp; 561220 |
| Wisconsin Center District Milwaukee Arena Project | 4.00 | &nbsp;&nbsp; 12-15-2032 | 1100000 | &nbsp;&nbsp; 1106960 |
| Wisconsin Center District Milwaukee Arena Project | 4.00 | &nbsp;&nbsp; 12-15-2033 | 920000 | &nbsp;&nbsp; 924894 |
| Wisconsin Center District Milwaukee Arena Project | 4.00 | &nbsp;&nbsp; 12-15-2034 | 2000000 | &nbsp;&nbsp; 2011310 |
| Wisconsin Center District Milwaukee Arena Project | 5.00 | &nbsp;&nbsp; 12-15-2026 | 85000 | &nbsp;&nbsp; 85844 |
| Wisconsin Center District Milwaukee Arena Project | 5.00 | &nbsp;&nbsp; 12-15-2028 | 200000 | &nbsp;&nbsp; 202056 |

---

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

6 \| Allspring Wisconsin Tax-Free Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| Wisconsin Center District Milwaukee Arena Project | 5.00<br> %<br>| &nbsp;&nbsp; 12-15-2032 | $85000 | &nbsp;&nbsp; $85728 |
| Wisconsin Dells CDA Tax Incremental District No. 2 | 4.00 | &nbsp;&nbsp; 3-1-2026 | 440000 | &nbsp;&nbsp; 439773 |
| Wisconsin Dells CDA Tax Incremental District No. 3 Series B | 3.35 | &nbsp;&nbsp; 3-1-2026 | 530000 | &nbsp;&nbsp; 528881 |
| Wisconsin Housing & EDA Housing Revenue Series A | 3.38 | &nbsp;&nbsp; 5-1-2057 | 635000 | &nbsp;&nbsp; 484892 |
| Wisconsin Housing & EDA Housing Revenue Series A | 3.40 | &nbsp;&nbsp; 11-1-2032 | 955000 | &nbsp;&nbsp; 957933 |
| Wisconsin Housing & EDA Housing Revenue Series Bøø | 3.75 | &nbsp;&nbsp; 11-1-2055 | 1375000 | &nbsp;&nbsp; 1384268 |
| Wisconsin Housing & EDA Housing Revenue Series C | 3.88 | &nbsp;&nbsp; 11-1-2035 | 1100000 | &nbsp;&nbsp; 1100331 |
| &nbsp;&nbsp; Wisconsin Housing & EDA Housing Revenue Series C (Department of <br> Housing and Urban Development Insured)<br>| 0.95 | &nbsp;&nbsp; 5-1-2026 | 205000 | &nbsp;&nbsp; 203007 |
| &nbsp;&nbsp; Wisconsin Housing & EDA Housing Revenue Series C (Department of <br> Housing and Urban Development Insured)<br>| 1.00 | &nbsp;&nbsp; 11-1-2026 | 330000 | &nbsp;&nbsp; 322434 |
| &nbsp;&nbsp; Wisconsin Housing & EDA Housing Revenue Series C (Department of <br> Housing and Urban Development Insured)<br>| 1.20 | &nbsp;&nbsp; 5-1-2027 | 310000 | &nbsp;&nbsp; 300186 |
| &nbsp;&nbsp; Wisconsin Housing & EDA Housing Revenue Series C (Department of <br> Housing and Urban Development Insured)<br>| 1.35 | &nbsp;&nbsp; 11-1-2027 | 345000 | &nbsp;&nbsp; 331256 |
| Wisconsin Housing & EDA East National LLC Series Jøø | 5.00 | &nbsp;&nbsp; 8-1-2058 | 2100000 | &nbsp;&nbsp; 2121341 |
| Wisconsin Housing & EDA East Washington Apts LLC Series Iøø | 5.00 | &nbsp;&nbsp; 11-1-2058 | 2288000 | &nbsp;&nbsp; 2336317 |
| &nbsp;&nbsp; Wisconsin Housing & EDA Flats at Bishops Woods LP Series E (FNMA <br> Insured)<br>| 4.75 | &nbsp;&nbsp; 6-1-2043 | 3000000 | &nbsp;&nbsp; 3176760 |
| Wisconsin Housing & EDA Multifamily Housing Revenue Series A AMT | 4.05 | &nbsp;&nbsp; 12-1-2049 | 800000 | &nbsp;&nbsp; 729095 |
| &nbsp;&nbsp; Wisconsin Housing & EDA WHPC Madison Pool Project-2017 Obligated <br> Group Series A<br>| 4.55 | &nbsp;&nbsp; 7-1-2037 | 165000 | &nbsp;&nbsp; 166588 |
| &nbsp;&nbsp; Wisconsin Housing & EDA WHPC Madison Pool Project-2017 Obligated <br> Group Series A<br>| 4.70 | &nbsp;&nbsp; 7-1-2047 | 1300000 | &nbsp;&nbsp; 1301544 |
| &nbsp;&nbsp; Wisconsin Housing & EDA WHPC Madison Pool Project-2017 Obligated <br> Group Series A<br>| 4.85 | &nbsp;&nbsp; 7-1-2052 | 3000000 | &nbsp;&nbsp; 2963663 |
|  |  |  |  | &nbsp;&nbsp; **46498354** |
| **Miscellaneous revenue: 8.53%** |  |  |  |  |
| &nbsp;&nbsp; Appleton RDA Fox Cities Performing Arts Center, Inc. Series B (Thrivent <br> Financial Lutherans LOC)ø<br>| 2.55 | &nbsp;&nbsp; 6-1-2036 | 7500000 | &nbsp;&nbsp; 7500000 |
| Wisconsin Center District (AG Insured) | 5.25 | &nbsp;&nbsp; 12-15-2027 | 630000 | &nbsp;&nbsp; 650518 |
| Wisconsin Center District Series A CAB (BAM Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2033 | 2285000 | &nbsp;&nbsp; 1723530 |
| Wisconsin Center District Series A CAB (NPFGC Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2027 | 100000 | &nbsp;&nbsp; 94444 |
| Wisconsin Center District Series C CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2028 | 1075000 | &nbsp;&nbsp; 984002 |
| Wisconsin Center District Series C CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2030 | 595000 | &nbsp;&nbsp; 510570 |
| Wisconsin Center District Series D CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2045 | 1750000 | &nbsp;&nbsp; 690801 |
|  |  |  |  | &nbsp;&nbsp; **12153865** |
| **Tax revenue: 0.96%** |  |  |  |  |
| &nbsp;&nbsp; Southeast Wisconsin Professional Baseball Park District (NPFGC <br> Insured)¤<br>| 0.00 | &nbsp;&nbsp; 12-15-2027 | 270000 | &nbsp;&nbsp; 255382 |
| &nbsp;&nbsp; Southeast Wisconsin Professional Baseball Park District (NPFGC <br> Insured)¤<br>| 0.00 | &nbsp;&nbsp; 12-15-2028 | 245000 | &nbsp;&nbsp; 225368 |
| &nbsp;&nbsp; Southeast Wisconsin Professional Baseball Park District Series A <br> (NPFGC Insured)<br>| 5.50 | &nbsp;&nbsp; 12-15-2026 | 865000 | &nbsp;&nbsp; 887556 |
|  |  |  |  | &nbsp;&nbsp; **1368306** |

---

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

Allspring Wisconsin Tax-Free Fund \| 7

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue: 0.35%** |  |  |  |  |  |
| PFA Duke Energy Progress LLC Series A-1øø |  | 3.30<br> %<br>| &nbsp;&nbsp; 10-1-2046 | $500000 | &nbsp;&nbsp; $**500677** |
|  |  |  |  |  | &nbsp;&nbsp; **106794563** |
| **Total municipal obligations (Cost $144,646,088)** |  |  |  |  | &nbsp;&nbsp; **140388341** |
| **Total investments in securities (Cost $144,646,088)** | 98.46<br> %<br>|  |  |  | &nbsp;&nbsp; 140388341 |
| Other assets and liabilities, net | 1.54 |  |  |  | &nbsp;&nbsp; 2189571 |
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$142577912** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AG | Assured Guaranty Incorporation |
| AMT | Alternative minimum tax |
| BAM | Build America Mutual Assurance Company |
| BAN | Bond anticipation note |
| CAB | Capital appreciation bond |
| CDA | Community Development Authority |
| EDA | Economic Development Authority |
| EDFA | Economic Development Finance Authority |
| FNMA | Federal National Mortgage Association |
| GO | General obligation |
| HEFA | Health & Educational Facilities Authority |
| IDA | Industrial Development Authority |
| LOC | Letter of credit |
| NPFGC | National Public Finance Guarantee Corporation |
| PFA | Public Finance Authority |
| RDA | Redevelopment Authority |
| SPA | Standby purchase agreement |

---

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

8 \| Allspring Wisconsin Tax-Free Fund

------

Statement of assets and liabilities—December 31, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $144,646,088) | $140388341 |
| Cash | 1274788 |
| Receivable for interest | 1636967 |
| Receivable for Fund shares sold | 680592 |
| Prepaid expenses and other assets | 33012 |
| **Total assets** | **144013700** |
| Liabilities |  |
| Payable for investments purchased | 1020963 |
| Payable for Fund shares redeemed | 254943 |
| Management fee payable | 32107 |
| Dividends payable | 26253 |
| Administration fees payable | 13477 |
| Shareholder servicing fees payable | 12991 |
| Trustees' fees and expenses payable | 2306 |
| Accrued expenses and other liabilities | 72748 |
| **Total liabilities** | **1435788** |
| **Total net assets**  | **$142577912** |
| Net assets consist of |  |
| Paid-in capital | $147587466 |
| Total distributable loss | (5009554)<br>|
| **Total net assets** | **$142577912** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $59790327 |
| Shares outstanding–Class A<sup>1</sup> <br>| 5684585 |
| Net asset value per share–Class A | $10.52 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $11.02 |
| Net assets–Institutional Class | $82787585 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 7870330 |
| Net asset value per share–Institutional Class | $10.52 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Allspring Wisconsin Tax-Free Fund \| 9

------

Statement of operations—six months ended December 31, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $2511186 |
| Expenses |  |
| Management fee | 272030 |
| Administration fees |  |
| Class A | 42773 |
| Class C | 1411 <br><sup>1</sup><br>|
| Institutional Class | 30836 |
| Shareholder servicing fees |  |
| Class A | 71269 |
| Class C | 2345 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 7036 <br><sup>1</sup><br>|
| Custody and accounting fees | 3255 |
| Professional fees | 25476 |
| Registration fees | 38632 |
| Shareholder report expenses | 12096 |
| Trustees' fees and expenses | 2755 |
| Other fees and expenses | 5328 |
| **Total expenses** | **515242** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (61993)<br>|
| Class A | (56200)<br>|
| **Net expenses** | **397049** |
| **Net investment income** | **2114137** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments**  | **4768** |
| **Net change in unrealized gains (losses) on investments** | **3727375** |
| **Net realized and unrealized gains (losses) on investments** | **3732143** |
| **Net increase in net assets resulting from operations** | **$5846280** |

---

<sup>1</sup> For the period from July 1, 2025 to November 14, 2025. Effective at the close of business on November 14, 2025, Class C shares were converted to Class A shares and are no longer offered by the Fund.

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

10 \| Allspring Wisconsin Tax-Free Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> December 31, 2025<br> (unaudited) | Six months ended<br> December 31, 2025<br> (unaudited) | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $2114137 |  | &nbsp;&nbsp; $3814856 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 4768 |  | &nbsp;&nbsp; (184222)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 3727375 |  | &nbsp;&nbsp; (1329227)<br>|
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **5846280** |  | &nbsp;&nbsp; **2301407** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (869151)<br>|  | &nbsp;&nbsp; (1605019)<br>|
| Class C |  | &nbsp;&nbsp; (21048 )<sup>1</sup><br>|  | &nbsp;&nbsp; (57759)<br>|
| Institutional Class |  | &nbsp;&nbsp; (1221414)<br>|  | &nbsp;&nbsp; (2145275)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(2111613)**<br>|  | &nbsp;&nbsp; **(3808053)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 443767 | &nbsp;&nbsp; 4601110 | &nbsp;&nbsp; 472804 | &nbsp;&nbsp; 4908104 |
| Class C | 20839 <br><sup>1</sup><br>| &nbsp;&nbsp; 215984 <br><sup>1</sup><br>| &nbsp;&nbsp; 47823 | &nbsp;&nbsp; 495939 |
| Institutional Class | 1711466 | &nbsp;&nbsp; 17807242 | &nbsp;&nbsp; 2237723 | &nbsp;&nbsp; 23178154 |
|  |  | &nbsp;&nbsp; 22624336 |  | &nbsp;&nbsp; 28582197 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 76637 | &nbsp;&nbsp; 797502 | &nbsp;&nbsp; 142092 | &nbsp;&nbsp; 1473500 |
| Class C | 1746 <br><sup>1</sup><br>| &nbsp;&nbsp; 18059 <br><sup>1</sup><br>| &nbsp;&nbsp; 5396 | &nbsp;&nbsp; 55942 |
| Institutional Class | 115036 | &nbsp;&nbsp; 1197081 | &nbsp;&nbsp; 202278 | &nbsp;&nbsp; 2096697 |
|  |  | &nbsp;&nbsp; 2012642 |  | &nbsp;&nbsp; 3626139 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (292297)<br>| &nbsp;&nbsp; (3037048)<br>| &nbsp;&nbsp; (857616)<br>| &nbsp;&nbsp; (8840968)<br>|
| Class C | (36018 )<sup>1</sup><br>| &nbsp;&nbsp; (372108 )<sup>1</sup><br>| &nbsp;&nbsp; (77665)<br>| &nbsp;&nbsp; (799117)<br>|
| Institutional Class | (1271776)<br>| &nbsp;&nbsp; (13133852)<br>| &nbsp;&nbsp; (1486720)<br>| &nbsp;&nbsp; (15373596)<br>|
|  |  | &nbsp;&nbsp; (16543008)<br>|  | &nbsp;&nbsp; (25013681)<br>|
| Share conversions |  |  |  |  |
| Class A | 233541 <br><sup>2</sup><br>| &nbsp;&nbsp; 2455850 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Class C | (233559 )<sup>2</sup><br>| &nbsp;&nbsp; (2455850 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **8093970** |  | &nbsp;&nbsp; **7194655** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **11828637** |  | &nbsp;&nbsp; **5688009** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **130749275** |  | &nbsp;&nbsp; **125061266** |
| **End of period** |  | &nbsp;&nbsp; **$142577912** |  | &nbsp;&nbsp; **$130749275** |

---

<sup>1</sup> For the period from July 1, 2025 to November 14, 2025

<sup>2</sup> Effective at the close of business on November 14, 2025, Class C shares were converted to Class A shares and are no longer offered by the Fund.

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

Allspring Wisconsin Tax-Free Fund \| 11

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.23** | &nbsp;&nbsp; **$10.34** | &nbsp;&nbsp; **$10.25** | &nbsp;&nbsp; **$10.30** | &nbsp;&nbsp; **$11.28** | &nbsp;&nbsp; **$11.12** |
| Net investment income | 0.16 <br><sup>1</sup><br>| 0.30 <br><sup>1</sup><br>| 0.27 <br><sup>1</sup><br>| 0.25 | 0.20 | 0.21 |
| Net realized and unrealized gains (losses) on investments | 0.29 | &nbsp;&nbsp; (0.11)<br>| 0.09 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.97)<br>| 0.16 |
| Total from investment operations | 0.45 | 0.19 | 0.36 | 0.20 | &nbsp;&nbsp; (0.77)<br>| 0.37 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.16)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| 0.00 |
| Total distributions to shareholders | (0.16)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.21)<br>|
| **Net asset value, end of period** | **$10.52** | &nbsp;&nbsp; **$10.23** | &nbsp;&nbsp; **$10.34** | &nbsp;&nbsp; **$10.25** | &nbsp;&nbsp; **$10.30** | &nbsp;&nbsp; **$11.28** |
| **Total return**<sup>2</sup> <br>| **4.42%**<br>| **1.79%**<br>| **3.58%**<br>| **1.95%**<br>| &nbsp;&nbsp; **(6.93)%**<br>| **3.37%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.93<br> %<br>| 0.94<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>| 0.92<br> %<br>| 0.92<br> %<br>|
| Net expenses | 0.64<br> %<br>| 0.68<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.69<br> %<br>| 0.68<br> %<br>|
| Net investment income | 3.05<br> %<br>| 2.85<br> %<br>| 2.67<br> %<br>| 2.41<br> %<br>| 1.79<br> %<br>| 1.88<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 8<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 10<br> %<br>|
| Net assets, end of period (000s omitted) | $59790 | &nbsp;&nbsp; $53408 | &nbsp;&nbsp; $56490 | &nbsp;&nbsp; $63820 | &nbsp;&nbsp; $66388 | &nbsp;&nbsp; $76836 |

---

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

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

12 \| Allspring Wisconsin Tax-Free Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.23** | &nbsp;&nbsp; **$10.34** | &nbsp;&nbsp; **$10.25** | &nbsp;&nbsp; **$10.30** | &nbsp;&nbsp; **$11.28** | &nbsp;&nbsp; **$11.12** |
| Net investment income | 0.17 <br><sup>1</sup><br>| 0.31 <br><sup>1</sup><br>| 0.29 <br><sup>1</sup><br>| 0.27 | 0.22 | 0.23 |
| Net realized and unrealized gains (losses) on investments | 0.29 | &nbsp;&nbsp; (0.11)<br>| 0.09 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.97)<br>| 0.16 |
| Total from investment operations | 0.46 | 0.20 | 0.38 | 0.22 | &nbsp;&nbsp; (0.75)<br>| 0.39 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.17)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| 0.00 |
| Total distributions to shareholders | (0.17)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.23)<br>|
| **Net asset value, end of period** | **$10.52** | &nbsp;&nbsp; **$10.23** | &nbsp;&nbsp; **$10.34** | &nbsp;&nbsp; **$10.25** | &nbsp;&nbsp; **$10.30** | &nbsp;&nbsp; **$11.28** |
| **Total return**<sup>2</sup> <br>| **4.49%**<br>| **1.95%**<br>| **3.77%**<br>| **2.13%**<br>| &nbsp;&nbsp; **(6.78)%**<br>| **3.54%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.61<br> %<br>| 0.62<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.59<br> %<br>| 0.59<br> %<br>|
| Net expenses | 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>|
| Net investment income | 3.17<br> %<br>| 3.02<br> %<br>| 2.85<br> %<br>| 2.59<br> %<br>| 1.96<br> %<br>| 2.04<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 8<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 10<br> %<br>|
| Net assets, end of period (000s omitted) | $82788 | &nbsp;&nbsp; $74816 | &nbsp;&nbsp; $65766 | &nbsp;&nbsp; $77605 | &nbsp;&nbsp; $78887 | &nbsp;&nbsp; $88620 |

---

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

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

Allspring Wisconsin Tax-Free Fund \| 13

------

Notes to financial statements (unaudited)

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 Wisconsin Tax-Free Fund (the "Fund") which is a non-diversified series of the Trust.

Effective at the close of business on November 14, 2025, Class C shares became Class A shares in a tax-free conversion. Shareholders of Class C received Class A shares at a value equal to the value of their Class C shares immediately prior to the conversion. Class C 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.

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.

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.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. 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 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.

14 \| Allspring Wisconsin Tax-Free Fund

------

Notes to financial statements (unaudited)

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 December 31, 2025, the aggregate cost of all investments for federal income tax purposes was $144,646,507 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $1073346 |
| Gross unrealized losses | &nbsp;&nbsp; (5331512)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(4258166)**<br>|

---

As of June 30, 2025, the Fund had capital loss carryforwards which consisted of $98,160 in short-term capital losses and $664,778 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;

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 December 31, 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:** |  |  |  |  |
| **Municipal obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $140388341 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $140388341 |
| **Total assets** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$140388341** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$140388341** |

---

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

At December 31, 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 Wisconsin Tax-Free Fund \| 15

------

Notes to financial statements (unaudited)

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 | 0.400<br> %<br>|
| Next $500 million | 0.375 |
| Next $2 billion | 0.350 |
| Next $2 billion | 0.325 |
| Next $5 billion | 0.290 |
| Over $10 billion | 0.280 |

---

For the six months ended December 31, 2025, the management fee was equivalent to an annual rate of 0.40% 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 | 0.15<br> %<br>|
| Class C | 0.15 |
| 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 October 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 December 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.70<br> %<br>|
| 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.

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended December 31, 2025, Allspring Funds Distributor received $1,132 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended December 31, 2025.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Class C 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.

16 \| Allspring Wisconsin Tax-Free Fund

------

Notes to financial statements (unaudited)

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 had $2,500,000, $4,900,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the six months ended December 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2025 were $12,076,186 and $10,552,052, 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 six months ended December 31, 2025, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state or territory of the U.S. Therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt fund. As of the end of the period, the Fund's investments were concentrated in the state of Wisconsin.

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 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 includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

Allspring Wisconsin Tax-Free Fund \| 17

------

Other information (unaudited)

Other information

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**.

18 \| Allspring Wisconsin Tax-Free 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.

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Not applicable

Allspring Wisconsin Tax-Free Fund \| 19

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*This page is intentionally left blank.*

------

![](g805823img7343196e1.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**

![](g805823imgd71f48202.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.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS3328 12-25**

------

![](g805823img46b209ee1.jpg)

Allspring Ultra Short-Term Municipal Income Fund

Long Form Financial Statements

Semi-Annual Report

December 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_88cb41bb-5f9a-4537-9226-38c35431b7a8_POI-PageBlank-54_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_88cb41bb-5f9a-4537-9226-38c35431b7a8_FS-PageBlank-54_1)** |  |
| [Statement of assets and liabilities](#xx_88cb41bb-5f9a-4537-9226-38c35431b7a8_FS-PageBlank-54_1) | 25 |
| [Statement of operations](#xx_88cb41bb-5f9a-4537-9226-38c35431b7a8_FS-PageBlank-54_2) | 26 |
| [Statement of changes in net assets](#xx_88cb41bb-5f9a-4537-9226-38c35431b7a8_FS-PageBlank-54_3) | 27 |
| [Financial highlights](#xx_88cb41bb-5f9a-4537-9226-38c35431b7a8_FIHI-PageBlank-54_1) | 29 |
| **[Notes to financial statements](#xx_88cb41bb-5f9a-4537-9226-38c35431b7a8_NTF-PageBlank-54_1)** | 33 |
| **[Other information](#xx_88cb41bb-5f9a-4537-9226-38c35431b7a8_OI-PageBlank-54_1)** | 37 |
| [Item 8. Changes in and disagreements with accountants](#xx_88cb41bb-5f9a-4537-9226-38c35431b7a8_OI-PageBlank-54_2) | 38 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_88cb41bb-5f9a-4537-9226-38c35431b7a8_OI-PageBlank-54_2) | 38 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_88cb41bb-5f9a-4537-9226-38c35431b7a8_OI-PageBlank-54_2) | 38 |
| [Item 11. Statement regarding basis for board](#xx_88cb41bb-5f9a-4537-9226-38c35431b7a8_OI-PageBlank-54_2)['](#xx_88cb41bb-5f9a-4537-9226-38c35431b7a8_OI-PageBlank-54_2)[s approval of investment](#xx_88cb41bb-5f9a-4537-9226-38c35431b7a8_OI-PageBlank-54_2)<br> [advisory contract](#xx_88cb41bb-5f9a-4537-9226-38c35431b7a8_OI-PageBlank-54_2)<br>| 38 |

---

Allspring Ultra Short-Term Municipal Income Fund \| 1

------

Portfolio of investments—December 31, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Principal | Value |
| **Closed-end fund obligations: 1.26%** |  |  |
| **California: 0.44%** |  |  |
| &nbsp;&nbsp; Nuveen AMT-Free Municipal Credit Income Fund Preferred Shares <br> Series C (25 shares) 3.71%144Aø<br>| $2500000 | &nbsp;&nbsp; $2500000 |
| &nbsp;&nbsp; Nuveen California AMT-Free Quality Municipal Income Fund <br> Preferred Shares Series A (22 shares) 3.77%144Aø<br>| 2200000 | &nbsp;&nbsp; 2200000 |
|  |  | &nbsp;&nbsp; **4700000** |
| **Massachusetts: 0.82%** |  |  |
| &nbsp;&nbsp; Nuveen AMT-Free Municipal Credit Income Fund Preferred Shares <br> Series B (38 shares) 3.77%144Aø<br>| 3750000 | &nbsp;&nbsp; 3750000 |
| &nbsp;&nbsp; Nuveen AMT-Free Quality Municipal Income Fund Preferred Shares <br> Series 4-4895 (50 shares) 3.40%144Aø<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; **8750000** |
| **Total closed-end fund obligations (Cost $13,450,000)** |  | &nbsp;&nbsp; **13450000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>|  |  |
| **Municipal obligations: 95.68%** |  |  |  |  |
| **Alabama: 4.61%** |  |  |  |  |
| **Health revenue: 0.32%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025-<br> BAML5063 (SIFMA Municipal Swap+0.20%) (Bank of America <br> N.A. LOC, Bank of America N.A. LIQ)144A±<br>| 3.52<br> %<br>| &nbsp;&nbsp; 11-1-2054 | 3425000 | &nbsp;&nbsp; **3425000** |
| **Housing revenue: 0.18%** |  |  |  |  |
| Alabama HFA Fred Marshall Court Ltd. Series Føø | 3.15 | &nbsp;&nbsp; 12-1-2028 | 1900000 | &nbsp;&nbsp; **1901704** |
| **Industrial development revenue: 0.19%** |  |  |  |  |
| &nbsp;&nbsp; Industrial Development Board of the City of Mobile Alabama Power <br> Co.øø<br>| 3.30 | &nbsp;&nbsp; 7-15-2034 | 2000000 | &nbsp;&nbsp; **2001118** |
| **Utilities revenue: 3.92%** |  |  |  |  |
| Black Belt Energy Gas District Series C | 5.50 | &nbsp;&nbsp; 6-1-2027 | 1270000 | &nbsp;&nbsp; 1306699 |
| Black Belt Energy Gas District Series C | 5.50 | &nbsp;&nbsp; 6-1-2028 | 1600000 | &nbsp;&nbsp; 1679902 |
| &nbsp;&nbsp; Black Belt Energy Gas District Series D2 (U.S. SOFR+1.40%) (Royal <br> Bank of Canada LIQ)±<br>| 3.93 | &nbsp;&nbsp; 7-1-2052 | 3500000 | &nbsp;&nbsp; 3520442 |
| Black Belt Energy Gas District Series E | 5.00 | &nbsp;&nbsp; 5-1-2029 | 1790000 | &nbsp;&nbsp; 1882170 |
| &nbsp;&nbsp; Chatom Industrial Development Board PowerSouth Energy <br> Cooperative Series A (National Rural Utility Finance SPA)ø<br>| 3.38 | &nbsp;&nbsp; 8-1-2037 | 1750000 | &nbsp;&nbsp; 1749039 |
| JPMorgan Chase Putters/Drivers Trust Series 2025-5088144Aø | 1.57 | &nbsp;&nbsp; 4-24-2026 | 20000000 | &nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 5 <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 1750000 | &nbsp;&nbsp; 1763607 |
| Southeast Energy Authority A Cooperative District Series E | 5.00 | &nbsp;&nbsp; 10-1-2027 | 2300000 | &nbsp;&nbsp; 2378799 |
| Southeast Energy Authority A Cooperative District Series F | 5.25 | &nbsp;&nbsp; 11-1-2026 | 3000000 | &nbsp;&nbsp; 3052435 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> ZF3199 (Morgan Stanley Bank LIQ)144Aø<br>| 3.57 | &nbsp;&nbsp; 4-1-2054 | 2755000 | &nbsp;&nbsp; 2755000 |
| &nbsp;&nbsp; West Jefferson Industrial Development Board Alabama Power Co. <br> AMTø<br>| 3.70 | &nbsp;&nbsp; 8-1-2063 | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  |  |  | &nbsp;&nbsp; **42088093** |
|  |  |  |  | &nbsp;&nbsp; **49415915** |

---

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

2 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Alaska: 0.34%** |  |  |  |  |
| **Airport revenue: 0.20%** |  |  |  |  |
| State of Alaska International Airports System Series C AMT | 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2029 | $2040000 | &nbsp;&nbsp; **$2189801** |
| **Health revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; Alaska Industrial Development & Export Authority Dena' Nena' <br> Henash Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2027 | 1455000 | &nbsp;&nbsp; **1501080** |
|  |  |  |  | &nbsp;&nbsp; **3690881** |
| **Arizona: 1.91%** |  |  |  |  |
| **Health revenue: 0.30%** |  |  |  |  |
| &nbsp;&nbsp; Arizona Health Facilities Authority Series B (SIFMA Municipal <br> Swap+0.25%)±<br>| 3.57 | &nbsp;&nbsp; 1-1-2046 | 3235000 | &nbsp;&nbsp; **3217212** |
| **Housing revenue: 0.86%** |  |  |  |  |
| Arizona IDA Diamond View at Ballpark Village LPøø | 2.76 | &nbsp;&nbsp; 7-1-2047 | 4180000 | &nbsp;&nbsp; 4122293 |
| Arizona IDA TWG Glendale LPøø | 5.00 | &nbsp;&nbsp; 3-1-2045 | 1100000 | &nbsp;&nbsp; 1107287 |
| IDA of the County of Pima Flats at Ballpark Village LP Series 2025øø | 2.71 | &nbsp;&nbsp; 10-1-2059 | 4000000 | &nbsp;&nbsp; 3957616 |
|  |  |  |  | &nbsp;&nbsp; **9187196** |
| **Industrial development revenue: 0.28%** |  |  |  |  |
| Chandler IDA Intel Corp. AMTøø | 4.00 | &nbsp;&nbsp; 6-1-2049 | 3000000 | &nbsp;&nbsp; **3041391** |
| **Resource recovery revenue: 0.19%** |  |  |  |  |
| IDA of the City of Phoenix Republic Services, Inc. Series D AMTøø | 3.45 | &nbsp;&nbsp; 12-1-2035 | 2000000 | &nbsp;&nbsp; **1999976** |
| **Utilities revenue: 0.28%** |  |  |  |  |
| &nbsp;&nbsp; Coconino County Pollution Control Corp. Nevada Power Co. <br> Series A AMTøø<br>| 4.13 | &nbsp;&nbsp; 9-1-2032 | 3000000 | &nbsp;&nbsp; **3004887** |
|  |  |  |  | &nbsp;&nbsp; **20450662** |
| **Arkansas: 0.16%** |  |  |  |  |
| **Tax revenue: 0.16%** |  |  |  |  |
| City of Springdale Sales & Use Tax Revenue Series B (BAM Insured) | 5.00 | &nbsp;&nbsp; 8-1-2026 | 125000 | &nbsp;&nbsp; 126661 |
| City of Springdale Sales & Use Tax Revenue Series B (BAM Insured) | 5.00 | &nbsp;&nbsp; 8-1-2027 | 100000 | &nbsp;&nbsp; 103706 |
| City of West Memphis Sales & Use Tax Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 6-1-2028 | 1420000 | &nbsp;&nbsp; 1490649 |
|  |  |  |  | &nbsp;&nbsp; **1721016** |
| **California: 4.62%** |  |  |  |  |
| **Education revenue: 0.19%** |  |  |  |  |
| &nbsp;&nbsp; California School Finance Authority Magnolia Educational & <br> Research Foundation144A<br>| 4.40 | &nbsp;&nbsp; 12-1-2026 | 2000000 | &nbsp;&nbsp; **2005553** |
| **GO revenue: 0.19%** |  |  |  |  |
| Parlier Unified School District BAN | 4.00 | &nbsp;&nbsp; 2-1-2029 | 2000000 | &nbsp;&nbsp; 2028312 |
| State of California | 5.00 | &nbsp;&nbsp; 3-1-2028 | 55000 | &nbsp;&nbsp; 55101 |
|  |  |  |  | &nbsp;&nbsp; **2083413** |
| **Health revenue: 1.25%** |  |  |  |  |
| &nbsp;&nbsp; California HFFA Adventist Health System/West Obligated Group <br> Series Aøø<br>| 5.00 | &nbsp;&nbsp; 3-1-2040 | 540000 | &nbsp;&nbsp; 558891 |

---

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

Allspring Ultra Short-Term Municipal Income Fund \| 3

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; California HFFA Providence St. Joseph Health Obligated Group <br> Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2027 | $600000 | &nbsp;&nbsp; $601039 |
| California Statewide CDA Series A144A | 5.00 | &nbsp;&nbsp; 10-1-2028 | 9200000 | &nbsp;&nbsp; 9897328 |
| Palomar Health Obligated Group | 5.00 | &nbsp;&nbsp; 11-1-2028 | 2345000 | &nbsp;&nbsp; 2340964 |
|  |  |  |  | &nbsp;&nbsp; **13398222** |
| **Housing revenue: 0.95%** |  |  |  |  |
| &nbsp;&nbsp; PFA Class A Series 2025-VRS212 (Bank of America N.A. LOC, Bank of <br> America N.A. LIQ)144Aø<br>| 2.60 | &nbsp;&nbsp; 2-1-2055 | 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025- <br> CF7005 (Citibank N.A. LOC, Citibank N.A. LIQ)144Aø<br>| 3.44 | &nbsp;&nbsp; 9-1-2048 | 5186726 | &nbsp;&nbsp; 5186726 |
|  |  |  |  | &nbsp;&nbsp; **10186726** |
| **Miscellaneous revenue: 1.23%** |  |  |  |  |
| City of Los Angeles | 5.00 | &nbsp;&nbsp; 6-25-2026 | 10000000 | &nbsp;&nbsp; 10135096 |
| &nbsp;&nbsp; Southern California Public Power Authority Anaheim Electric <br> System Revenue Series Bøø<br>| 3.70 | &nbsp;&nbsp; 7-1-2040 | 3000000 | &nbsp;&nbsp; 3006140 |
|  |  |  |  | &nbsp;&nbsp; **13141236** |
| **Resource recovery revenue: 0.33%** |  |  |  |  |
| &nbsp;&nbsp; California Municipal Finance Authority Republic Services, Inc. <br> Series B AMTø<br>| 3.85 | &nbsp;&nbsp; 7-1-2051 | 550000 | &nbsp;&nbsp; 549963 |
| California PCFA Republic Services, Inc. AMT144Aø | 3.80 | &nbsp;&nbsp; 7-1-2043 | 3000000 | &nbsp;&nbsp; 2999094 |
|  |  |  |  | &nbsp;&nbsp; **3549057** |
| **Utilities revenue: 0.25%** |  |  |  |  |
| California Community Choice Financing Authority Series C | 5.00 | &nbsp;&nbsp; 10-1-2027 | 675000 | &nbsp;&nbsp; 690360 |
| City of Vernon Electric System Revenue Series A | 5.00 | &nbsp;&nbsp; 4-1-2026 | 420000 | &nbsp;&nbsp; 422023 |
| City of Vernon Electric System Revenue Series A | 5.00 | &nbsp;&nbsp; 10-1-2026 | 585000 | &nbsp;&nbsp; 593672 |
| &nbsp;&nbsp; Southern California Public Power Authority Anaheim Electric <br> System Revenue Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2027 | 400000 | &nbsp;&nbsp; 410420 |
| &nbsp;&nbsp; Southern California Public Power Authority Anaheim Electric <br> System Revenue Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2028 | 500000 | &nbsp;&nbsp; 521179 |
|  |  |  |  | &nbsp;&nbsp; **2637654** |
| **Water & sewer revenue: 0.23%** |  |  |  |  |
| &nbsp;&nbsp; Los Angeles Department of Water & Power Water System Revenue <br> Series C<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 2450000 | &nbsp;&nbsp; **2476934** |
|  |  |  |  | &nbsp;&nbsp; **49478795** |
| **Colorado: 2.22%** |  |  |  |  |
| **Airport revenue: 0.38%** |  |  |  |  |
| City & County of Denver Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 11-15-2030 | 4000000 | &nbsp;&nbsp; **4152854** |
| **Education revenue: 1.40%** |  |  |  |  |
| &nbsp;&nbsp; Board of Governors of Colorado State University System Series B <br> (Bank of America N.A. SPA)ø<br>| 2.42 | &nbsp;&nbsp; 3-1-2055 | 15000000 | &nbsp;&nbsp; **15000000** |

---

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

4 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.29%** |  |  |  |  |
| &nbsp;&nbsp; Colorado Health Facilities Authority Intermountain Healthcare <br> Obligated Group Series Fø<br>| 1.37<br> %<br>| &nbsp;&nbsp; 5-15-2062 | $3100000 | &nbsp;&nbsp; **$3100000** |
| **Miscellaneous revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Colorado Science & Technology Park Metropolitan District No. 1 <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2028 | 795000 | &nbsp;&nbsp; 839785 |
| &nbsp;&nbsp; Colorado Science & Technology Park Metropolitan District No. 1 <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2029 | 500000 | &nbsp;&nbsp; 537436 |
|  |  |  |  | &nbsp;&nbsp; **1377221** |
| **Utilities revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; City of Colorado Springs Utilities System Revenue Series C <br> (Sumitomo Mitsui Banking Corp. SPA)ø<br>| 3.32 | &nbsp;&nbsp; 11-1-2028 | 195000 | &nbsp;&nbsp; **195000** |
|  |  |  |  | &nbsp;&nbsp; **23825075** |
| **Connecticut: 2.56%** |  |  |  |  |
| **Education revenue: 0.44%** |  |  |  |  |
| Connecticut State HEFA Yale University Series Aøø | 2.80 | &nbsp;&nbsp; 7-1-2048 | 1700000 | &nbsp;&nbsp; 1699967 |
| Connecticut State HEFA Yale University Series A-3øø | 2.95 | &nbsp;&nbsp; 7-1-2049 | 3000000 | &nbsp;&nbsp; 3016953 |
|  |  |  |  | &nbsp;&nbsp; **4716920** |
| **Health revenue: 2.12%** |  |  |  |  |
| &nbsp;&nbsp; Connecticut State HEFA Yale-New Haven Health Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 2735000 | &nbsp;&nbsp; 2766140 |
| &nbsp;&nbsp; Connecticut State HEFA Yale-New Haven Health Obligated Group <br> Series C-2ø<br>| 2.25 | &nbsp;&nbsp; 7-1-2060 | 20000000 | &nbsp;&nbsp; 20000000 |
|  |  |  |  | &nbsp;&nbsp; **22766140** |
|  |  |  |  | &nbsp;&nbsp; **27483060** |
| **District of Columbia: 0.52%** |  |  |  |  |
| **Airport revenue: 0.24%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2029 | 2355000 | &nbsp;&nbsp; **2528799** |
| **Water & sewer revenue: 0.28%** |  |  |  |  |
| &nbsp;&nbsp; District of Columbia Water & Sewer Authority Series B-2 (TD Bank <br> N.A. SPA)ø<br>| 2.50 | &nbsp;&nbsp; 10-1-2054 | 3000000 | &nbsp;&nbsp; **3000000** |
|  |  |  |  | &nbsp;&nbsp; **5528799** |
| **Florida: 5.80%** |  |  |  |  |
| **Airport revenue: 0.56%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series CF7044 (AG <br> Insured) (Citibank N.A. LIQ)144Aø<br>| 3.47 | &nbsp;&nbsp; 10-1-2040 | 6000000 | &nbsp;&nbsp; **6000000** |
| **Health revenue: 2.51%** |  |  |  |  |
| &nbsp;&nbsp; City of South Miami Health Facilities Authority, Inc. Baptist Health <br> South Florida Obligated Group Series Bøø<br>| 5.00 | &nbsp;&nbsp; 8-15-2065 | 3000000 | &nbsp;&nbsp; 3234605 |

---

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

Allspring Ultra Short-Term Municipal Income Fund \| 5

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Escambia County Health Facilities Authority ACTS Retirement-Life <br> Communities, Inc. Obligated Group Series B (AG Insured) (TD <br> Bank N.A. SPA)ø<br>| 2.50<br> %<br>| &nbsp;&nbsp; 11-15-2029 | $2950000 | &nbsp;&nbsp; $2950000 |
| Highlands County Health Facilities Authority Series Dø | 2.55 | &nbsp;&nbsp; 11-15-2060 | 2000000 | &nbsp;&nbsp; 2000000 |
| Lee County IDA Health System, Inc. Obligated Group Series Bø | 3.86 | &nbsp;&nbsp; 4-1-2049 | 16100000 | &nbsp;&nbsp; 16100000 |
| &nbsp;&nbsp; PFA Class A Series VRS214 (Bank of America N.A. LOC, Bank of <br> America N.A. LIQ)144Aø<br>| 1.43 | &nbsp;&nbsp; 12-1-2055 | 2665000 | &nbsp;&nbsp; 2665000 |
|  |  |  |  | &nbsp;&nbsp; **26949605** |
| **Housing revenue: 1.79%** |  |  |  |  |
| &nbsp;&nbsp; Florida Housing Finance Corp. Culmer Apartments LTD Series C <br> (Department of Housing and Urban Development Insured)øø<br>| 3.08 | &nbsp;&nbsp; 12-1-2026 | 3000000 | &nbsp;&nbsp; 2999505 |
| &nbsp;&nbsp; Florida Housing Finance Corp. Residences at Marina Village LLC <br> Series Søø<br>| 2.85 | &nbsp;&nbsp; 10-1-2043 | 2000000 | &nbsp;&nbsp; 1979889 |
| &nbsp;&nbsp; Florida Housing Finance Corp. Vineland Family Apartments Ltd. <br> Series Eøø<br>| 3.80 | &nbsp;&nbsp; 6-1-2042 | 3500000 | &nbsp;&nbsp; 3506897 |
| Lee County HFA Lofts on Lemon II LLC Series Bøø | 3.13 | &nbsp;&nbsp; 10-1-2029 | 2000000 | &nbsp;&nbsp; 2002966 |
| Miami-Dade County HFA Residences at Palm Court LLC Series Bøø | 2.95 | &nbsp;&nbsp; 9-1-2029 | 2700000 | &nbsp;&nbsp; 2689273 |
| Pinellas County HFA Archway Flats on 4th LLLPøø | 3.75 | &nbsp;&nbsp; 4-1-2044 | 6000000 | &nbsp;&nbsp; 6051258 |
|  |  |  |  | &nbsp;&nbsp; **19229788** |
| **Miscellaneous revenue: 0.38%** |  |  |  |  |
| &nbsp;&nbsp; Palm Beach County School District Series A Certificate of <br> Participation<br>| 5.00 | &nbsp;&nbsp; 8-1-2026 | 4000000 | &nbsp;&nbsp; **4052497** |
| **Utilities revenue: 0.56%** |  |  |  |  |
| &nbsp;&nbsp; City of Gainesville Utilities System Revenue Series B (Truist Bank <br> SPA)ø<br>| 2.55 | &nbsp;&nbsp; 10-1-2042 | 5990000 | &nbsp;&nbsp; **5990000** |
|  |  |  |  | &nbsp;&nbsp; **62221890** |
| **Georgia: 3.75%** |  |  |  |  |
| **Health revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; Gainesville & Hall County Hospital Authority Northeast Georgia <br> Health System Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 2-15-2026 | 700000 | &nbsp;&nbsp; **701783** |
| **Housing revenue: 1.39%** |  |  |  |  |
| &nbsp;&nbsp; Columbus County Housing Authority HACG RAD II LP (Department <br> of Housing and Urban Development Insured)øø<br>| 3.30 | &nbsp;&nbsp; 11-1-2028 | 2250000 | &nbsp;&nbsp; 2262282 |
| Roswell Housing Authority (Northern Trust Company LOC)ø | 3.35 | &nbsp;&nbsp; 9-1-2027 | 12600000 | &nbsp;&nbsp; 12600000 |
|  |  |  |  | &nbsp;&nbsp; **14862282** |
| **Utilities revenue: 2.30%** |  |  |  |  |
| Development Authority of Burke County Georgia Power Co.øø | 3.35 | &nbsp;&nbsp; 11-1-2048 | 4000000 | &nbsp;&nbsp; 4033410 |
| &nbsp;&nbsp; Development Authority of Monroe County Georgia Power Co. <br> Series 1støø<br>| 1.00 | &nbsp;&nbsp; 7-1-2049 | 1875000 | &nbsp;&nbsp; 1844924 |
| Main Street Energy, Inc. Energy Project Series D | 5.00 | &nbsp;&nbsp; 12-1-2029 | 1500000 | &nbsp;&nbsp; 1589863 |
| Main Street Energy, Inc. Energy Project Series D | 5.00 | &nbsp;&nbsp; 12-1-2030 | 1750000 | &nbsp;&nbsp; 1872059 |
| Main Street Natural Gas, Inc. Series C144Aøø | 4.00 | &nbsp;&nbsp; 8-1-2052 | 12000000 | &nbsp;&nbsp; 11987494 |
| Main Street Natural Gas, Inc. Series E | 5.00 | &nbsp;&nbsp; 12-1-2026 | 2745000 | &nbsp;&nbsp; 2787300 |

---

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

6 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A (AG Insured)<br>| 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2026 | $225000 | &nbsp;&nbsp; $225000 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 300000 | &nbsp;&nbsp; 303714 |
|  |  |  |  | &nbsp;&nbsp; **24643764** |
|  |  |  |  | &nbsp;&nbsp; **40207829** |
| **Guam: 0.10%** |  |  |  |  |
| **Water & sewer revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; Guam Government Waterworks Authority Water & Wastewater <br> System Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 400000 | &nbsp;&nbsp; 403724 |
| &nbsp;&nbsp; Guam Government Waterworks Authority Water & Wastewater <br> System Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 650000 | &nbsp;&nbsp; 656052 |
|  |  |  |  | &nbsp;&nbsp; **1059776** |
| **Hawaii: 0.85%** |  |  |  |  |
| **GO revenue: 0.57%** |  |  |  |  |
| State of Hawaii Series FB | 4.00 | &nbsp;&nbsp; 4-1-2029 | 6155000 | &nbsp;&nbsp; **6170966** |
| **Utilities revenue: 0.28%** |  |  |  |  |
| State of Hawaii Department of Budget & Finance Series A AMT | 3.10 | &nbsp;&nbsp; 5-1-2026 | 3000000 | &nbsp;&nbsp; **2983817** |
|  |  |  |  | &nbsp;&nbsp; **9154783** |
| **Idaho: 0.55%** |  |  |  |  |
| **Housing revenue: 0.28%** |  |  |  |  |
| Idaho Housing & Finance Associationøø | 3.35 | &nbsp;&nbsp; 6-10-2050 | 3000000 | &nbsp;&nbsp; **3019124** |
| **Resource recovery revenue: 0.27%** |  |  |  |  |
| Southern Idaho Regional Solid Waste District | 4.00 | &nbsp;&nbsp; 3-1-2028 | 2810000 | &nbsp;&nbsp; **2841733** |
|  |  |  |  | &nbsp;&nbsp; **5860857** |
| **Illinois: 4.97%** |  |  |  |  |
| **Airport revenue: 1.20%** |  |  |  |  |
| Chicago Midway International Airport Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2028 | 1200000 | &nbsp;&nbsp; 1242942 |
| Chicago Midway International Airport Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2029 | 1000000 | &nbsp;&nbsp; 1052279 |
| Chicago Midway International Airport Series B | 5.00 | &nbsp;&nbsp; 1-1-2027 | 390000 | &nbsp;&nbsp; 398960 |
| Chicago Midway International Airport Series B | 5.00 | &nbsp;&nbsp; 1-1-2028 | 225000 | &nbsp;&nbsp; 235276 |
| Chicago Midway International Airport Series C AMT | 5.00 | &nbsp;&nbsp; 1-1-2026 | 3000000 | &nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XX1446 <br> (BAM Insured) (Barclays Bank plc LIQ)144Aø<br>| 3.44 | &nbsp;&nbsp; 1-1-2060 | 7000000 | &nbsp;&nbsp; 7000000 |
|  |  |  |  | &nbsp;&nbsp; **12929457** |
| **Education revenue: 0.09%** |  |  |  |  |
| Illinois Finance Authority Bradley University | 5.00 | &nbsp;&nbsp; 8-1-2026 | 325000 | &nbsp;&nbsp; 328190 |
| Illinois Finance Authority Chicago School - California, Inc. | 5.00 | &nbsp;&nbsp; 4-1-2029 | 575000 | &nbsp;&nbsp; 602758 |
|  |  |  |  | &nbsp;&nbsp; **930948** |
| **GO revenue: 0.86%** |  |  |  |  |
| Chicago Board of Education Series B | 5.25 | &nbsp;&nbsp; 12-1-2028 | 350000 | &nbsp;&nbsp; 360203 |

---

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

Allspring Ultra Short-Term Municipal Income Fund \| 7

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| Chicago Board of Education Series C | 5.25<br> %<br>| &nbsp;&nbsp; 12-1-2027 | $675000 | &nbsp;&nbsp; $688404 |
| Chicago Board of Education Series C | 5.25 | &nbsp;&nbsp; 12-1-2029 | 1100000 | &nbsp;&nbsp; 1140109 |
| City of Peoria Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 1-1-2026 | 500000 | &nbsp;&nbsp; 500000 |
| South Sangamon Water Commission (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2026 | 500000 | &nbsp;&nbsp; 500000 |
| State of Illinois | 5.00 | &nbsp;&nbsp; 1-1-2030 | 2500000 | &nbsp;&nbsp; 2503835 |
| State of Illinois (AG Insured) | 4.00 | &nbsp;&nbsp; 2-1-2030 | 1500000 | &nbsp;&nbsp; 1515237 |
| State of Illinois Series C | 5.00 | &nbsp;&nbsp; 11-1-2029 | 1940000 | &nbsp;&nbsp; 2010112 |
|  |  |  |  | &nbsp;&nbsp; **9217900** |
| **Health revenue: 1.51%** |  |  |  |  |
| Illinois Finance Authority Ascension Health Credit Group Series C | 5.00 | &nbsp;&nbsp; 2-15-2028 | 1535000 | &nbsp;&nbsp; 1572105 |
| &nbsp;&nbsp; Illinois Finance Authority Endeavor Health Clinical Operations <br> Obligated Group Series D (JPMorgan Chase Bank N.A. SPA)ø<br>| 2.45 | &nbsp;&nbsp; 8-15-2057 | 9755000 | &nbsp;&nbsp; 9755000 |
| &nbsp;&nbsp; Illinois Finance Authority OSF Healthcare System Obligated Group <br> Series B-2øø<br>| 5.00 | &nbsp;&nbsp; 5-15-2050 | 2820000 | &nbsp;&nbsp; 2837301 |
| &nbsp;&nbsp; Illinois Finance Authority Presbyterian Homes Obligated Group <br> Series B (SIFMA Municipal Swap+0.70%)±<br>| 4.02 | &nbsp;&nbsp; 5-1-2042 | 2000000 | &nbsp;&nbsp; 1994137 |
|  |  |  |  | &nbsp;&nbsp; **16158543** |
| **Housing revenue: 0.97%** |  |  |  |  |
| City of Chicago New City Redevelopment LPøø | 3.50 | &nbsp;&nbsp; 8-1-2027 | 2150000 | &nbsp;&nbsp; 2153956 |
| &nbsp;&nbsp; Illinois Housing Development Authority 6900 Crandon LIHTC LLC <br> (FHA Insured)øø<br>| 5.00 | &nbsp;&nbsp; 2-1-2027 | 2000000 | &nbsp;&nbsp; 2002994 |
| &nbsp;&nbsp; Illinois Housing Development Authority Corcoran I LLC (Department <br> of Housing and Urban Development Insured)øø<br>| 3.15 | &nbsp;&nbsp; 7-1-2029 | 2200000 | &nbsp;&nbsp; 2202155 |
| &nbsp;&nbsp; Illinois Housing Development Authority Lakeside Preservation LLC <br> Series Bøø<br>| 3.15 | &nbsp;&nbsp; 8-1-2029 | 1500000 | &nbsp;&nbsp; 1501353 |
| &nbsp;&nbsp; Illinois Housing Development Authority Maywood SLF I LP Series A <br> (FHA Insured) (FHLB SPA)ø<br>| 3.36 | &nbsp;&nbsp; 1-1-2064 | 980000 | &nbsp;&nbsp; 980000 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series B<br>| 4.00 | &nbsp;&nbsp; 12-15-2027 | 1500000 | &nbsp;&nbsp; 1525665 |
|  |  |  |  | &nbsp;&nbsp; **10366123** |
| **Miscellaneous revenue: 0.18%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Field Museum of Natural History <br> (U.S. SOFR+1.15%)±<br>| 3.79 | &nbsp;&nbsp; 11-1-2034 | 1935000 | &nbsp;&nbsp; **1937705** |
| **Water & sewer revenue: 0.16%** |  |  |  |  |
| City of Chicago Wastewater Transmission Revenue Series A | 5.00 | &nbsp;&nbsp; 1-1-2026 | 500000 | &nbsp;&nbsp; 500000 |
| City of Chicago Wastewater Transmission Revenue Series A | 5.00 | &nbsp;&nbsp; 1-1-2027 | 600000 | &nbsp;&nbsp; 613194 |
| City of Chicago Wastewater Transmission Revenue Series A | 5.00 | &nbsp;&nbsp; 1-1-2028 | 600000 | &nbsp;&nbsp; 626699 |
|  |  |  |  | &nbsp;&nbsp; **1739893** |
|  |  |  |  | &nbsp;&nbsp; **53280569** |
| **Indiana: 3.89%** |  |  |  |  |
| **Airport revenue: 0.14%** |  |  |  |  |
| Indianapolis Local Public Improvement Bond Bank Series I2 AMT | 5.00 | &nbsp;&nbsp; 1-1-2026 | 1500000 | &nbsp;&nbsp; **1500000** |

---

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

8 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue: 1.21%** |  |  |  |  |
| &nbsp;&nbsp; Indiana Finance Authority Marion County Capital Improvement <br> Board Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 2-1-2030 | $5000000 | &nbsp;&nbsp; $5422689 |
| Lebanon Middle School Building Corp. Series B | 5.00 | &nbsp;&nbsp; 1-15-2026 | 1200000 | &nbsp;&nbsp; 1200852 |
| &nbsp;&nbsp; Wayne Township School Building Corp. Wayne Township <br> Metropolitan School District Series B<br>| 5.00 | &nbsp;&nbsp; 1-15-2027 | 1400000 | &nbsp;&nbsp; 1429792 |
| &nbsp;&nbsp; Westfield High School Building Corp. Westfield-Washington <br> Schools Series B<br>| 5.00 | &nbsp;&nbsp; 1-15-2026 | 1580000 | &nbsp;&nbsp; 1581064 |
| Westfield RDA | 5.00 | &nbsp;&nbsp; 7-1-2026 | 520000 | &nbsp;&nbsp; 525351 |
| Westfield RDA | 5.00 | &nbsp;&nbsp; 1-1-2027 | 535000 | &nbsp;&nbsp; 546223 |
| &nbsp;&nbsp; Westfield-Washington Multi-School Building Corp. Westfield-<br> Washington Schools Series B (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 7-15-2028 | 1070000 | &nbsp;&nbsp; 1128656 |
| &nbsp;&nbsp; Westfield-Washington Multi-School Building Corp. Westfield-<br> Washington Schools Series B (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 1-15-2029 | 1050000 | &nbsp;&nbsp; 1118749 |
|  |  |  |  | &nbsp;&nbsp; **12953376** |
| **Industrial development revenue: 1.99%** |  |  |  |  |
| City of Jeffersonville Metals USA, Inc. (Bank of America N.A. LOC)ø | 3.70 | &nbsp;&nbsp; 12-1-2027 | 740000 | &nbsp;&nbsp; 740000 |
| City of Whiting BP Products North America, Inc. Series A AMTøø | 5.00 | &nbsp;&nbsp; 12-1-2044 | 6380000 | &nbsp;&nbsp; 6438706 |
| &nbsp;&nbsp; Indiana Finance Authority Duke Energy Indiana LLC Series A4 <br> (Sumitomo Mitsui Banking Corp. LOC)ø<br>| 2.55 | &nbsp;&nbsp; 12-1-2039 | 14100000 | &nbsp;&nbsp; 14100000 |
|  |  |  |  | &nbsp;&nbsp; **21278706** |
| **Utilities revenue: 0.38%** |  |  |  |  |
| City of Rockport Indiana Michigan Power Co. Series Aøø | 3.70 | &nbsp;&nbsp; 6-1-2047 | 4000000 | &nbsp;&nbsp; **4081770** |
| **Water & sewer revenue: 0.17%** |  |  |  |  |
| &nbsp;&nbsp; City of Indianapolis Department of Public Utilities Water System <br> Revenue Series B<br>| 5.00 | &nbsp;&nbsp; 10-1-2028 | 1835000 | &nbsp;&nbsp; **1865438** |
|  |  |  |  | &nbsp;&nbsp; **41679290** |
| **Iowa: 0.32%** |  |  |  |  |
| **Industrial development revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; Iowa Finance Authority Gevo Iowa RNG LLC AMT (Citibank N.A. <br> LOC)øø<br>| 3.88 | &nbsp;&nbsp; 1-1-2042 | 1445000 | &nbsp;&nbsp; **1443502** |
| **Utilities revenue: 0.18%** |  |  |  |  |
| PEFA, Inc. Gas Projectøø | 5.00 | &nbsp;&nbsp; 9-1-2049 | 1920000 | &nbsp;&nbsp; **1937217** |
|  |  |  |  | &nbsp;&nbsp; **3380719** |
| **Kansas: 1.78%** |  |  |  |  |
| **GO revenue: 1.78%** |  |  |  |  |
| City of Manhattan (BAM Insured) | 5.00 | &nbsp;&nbsp; 6-15-2028 | 4000000 | &nbsp;&nbsp; 4034230 |
| City of Manhattan Series 1 (BAM Insured) | 5.00 | &nbsp;&nbsp; 6-15-2027 | 2380000 | &nbsp;&nbsp; 2384187 |
| City of Park City Series 1 | 3.63 | &nbsp;&nbsp; 10-1-2027 | 5105000 | &nbsp;&nbsp; 5106242 |
| City of Topeka Series A | 3.00 | &nbsp;&nbsp; 10-1-2026 | 4680000 | &nbsp;&nbsp; 4687990 |
| &nbsp;&nbsp; Harvey County Unified School District 440 Halstead-Bentley (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2026 | 280000 | &nbsp;&nbsp; 283997 |
| &nbsp;&nbsp; Harvey County Unified School District 440 Halstead-Bentley (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2027 | 330000 | &nbsp;&nbsp; 341677 |

---

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

Allspring Ultra Short-Term Municipal Income Fund \| 9

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Harvey County Unified School District 440 Halstead-Bentley (BAM <br> Insured)<br>| 5.00<br> %<br>| &nbsp;&nbsp; 9-1-2028 | $380000 | &nbsp;&nbsp; $400855 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025-<br> ZF1819 (BAM Insured) (Royal Bank of Canada LOC, Royal Bank of <br> Canada LIQ)144Aø<br>| 3.35 | &nbsp;&nbsp; 9-1-2032 | 1875000 | &nbsp;&nbsp; 1875000 |
|  |  |  |  | &nbsp;&nbsp; **19114178** |
| **Kentucky: 1.21%** |  |  |  |  |
| **Miscellaneous revenue: 0.46%** |  |  |  |  |
| Kentucky Interlocal School Transportation Association COP | 4.00 | &nbsp;&nbsp; 3-1-2028 | 705000 | &nbsp;&nbsp; 721514 |
| Rural Water Financing Agency City of Millington Series A | 3.70 | &nbsp;&nbsp; 5-1-2027 | 4225000 | &nbsp;&nbsp; 4194244 |
|  |  |  |  | &nbsp;&nbsp; **4915758** |
| **Utilities revenue: 0.10%** |  |  |  |  |
| Kentucky Public Energy Authority Series A-1 | 5.00 | &nbsp;&nbsp; 7-1-2026 | 500000 | &nbsp;&nbsp; 503816 |
| Kentucky Public Energy Authority Series A-1 | 5.00 | &nbsp;&nbsp; 7-1-2027 | 525000 | &nbsp;&nbsp; 537294 |
|  |  |  |  | &nbsp;&nbsp; **1041110** |
| **Water & sewer revenue: 0.65%** |  |  |  |  |
| Rural Water Financing Agency County of Macon Series B | 3.05 | &nbsp;&nbsp; 5-1-2027 | 7000000 | &nbsp;&nbsp; **7000204** |
|  |  |  |  | &nbsp;&nbsp; **12957072** |
| **Louisiana: 0.50%** |  |  |  |  |
| **Industrial development revenue: 0.29%** |  |  |  |  |
| Parish of St. John the Baptist Marathon Oil Corp. Series A-1øø | 4.05 | &nbsp;&nbsp; 6-1-2037 | 1000000 | &nbsp;&nbsp; 1005918 |
| Parish of St. John the Baptist Marathon Oil Corp. Series Cøø | 3.30 | &nbsp;&nbsp; 6-1-2037 | 2000000 | &nbsp;&nbsp; 2024367 |
|  |  |  |  | &nbsp;&nbsp; **3030285** |
| **Water & sewer revenue: 0.21%** |  |  |  |  |
| City of New Orleans Water System Revenue | 5.00 | &nbsp;&nbsp; 12-1-2026 | 835000 | &nbsp;&nbsp; 836419 |
| City of Shreveport Water & Sewer Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2028 | 1365000 | &nbsp;&nbsp; 1439823 |
|  |  |  |  | &nbsp;&nbsp; **2276242** |
|  |  |  |  | &nbsp;&nbsp; **5306527** |
| **Maryland: 0.50%** |  |  |  |  |
| **Health revenue: 0.47%** |  |  |  |  |
| &nbsp;&nbsp; Residual Interest Bond Floater Trust Various States Series 2022-024 <br> (Barclays Bank plc LOC, Barclays Bank plc LIQ)144Aø<br>| 3.67 | &nbsp;&nbsp; 11-15-2049 | 5000000 | &nbsp;&nbsp; **5000000** |
| **Housing revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Economic Development Corp. PRG-Towson Place <br> Properties LLC Series A-1<br>| 5.00 | &nbsp;&nbsp; 6-1-2028 | 300000 | &nbsp;&nbsp; **311587** |
|  |  |  |  | &nbsp;&nbsp; **5311587** |
| **Massachusetts: 0.36%** |  |  |  |  |
| **GO revenue: 0.12%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series ZL0339 <br> (Morgan Stanley Bank LIQ)144Aø<br>| 3.34 | &nbsp;&nbsp; 10-1-2047 | 1335000 | &nbsp;&nbsp; **1335000** |

---

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

10 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.24%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts HEFA Mass General Brigham, Inc. Series G-2 (AG <br> Insured)€<br>| 2.50<br> %<br>| &nbsp;&nbsp; 7-1-2042 | $2520000 | &nbsp;&nbsp; $**2520000** |
|  |  |  |  | &nbsp;&nbsp; **3855000** |
| **Michigan: 0.55%** |  |  |  |  |
| **GO revenue: 0.37%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025-<br> YX1437 (QSBLF Insured) (Barclays Bank plc LIQ)144Aø<br>| 3.37 | &nbsp;&nbsp; 5-1-2050 | 4000000 | &nbsp;&nbsp; **4000000** |
| **Health revenue: 0.18%** |  |  |  |  |
| &nbsp;&nbsp; Kent Hospital Finance Authority Corewell Health Obligated Group <br> (SIFMA Municipal Swap+0.25%)±<br>| 3.57 | &nbsp;&nbsp; 1-15-2047 | 1935000 | &nbsp;&nbsp; **1935000** |
|  |  |  |  | &nbsp;&nbsp; **5935000** |
| **Minnesota: 1.64%** |  |  |  |  |
| **Airport revenue: 0.46%** |  |  |  |  |
| &nbsp;&nbsp; Minneapolis-St. Paul Metropolitan Airports Commission Series B <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2026 | 2160000 | &nbsp;&nbsp; 2160000 |
| &nbsp;&nbsp; Minneapolis-St. Paul Metropolitan Airports Commission Series B <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2028 | 2700000 | &nbsp;&nbsp; 2809391 |
|  |  |  |  | &nbsp;&nbsp; **4969391** |
| **GO revenue: 0.10%** |  |  |  |  |
| City of Kiester Series A | 4.00 | &nbsp;&nbsp; 12-1-2026 | 1000000 | &nbsp;&nbsp; **1003673** |
| **Health revenue: 0.29%** |  |  |  |  |
| &nbsp;&nbsp; City of Rochester Mayo Clinic Series B (Northern Trust Company <br> SPA)ø<br>| 2.35 | &nbsp;&nbsp; 11-15-2038 | 1000000 | &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota Fairview Health <br> Services Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2028 | 1100000 | &nbsp;&nbsp; 1133943 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XF1876 <br> (Bank of America N.A. LIQ)144Aø<br>| 3.35 | &nbsp;&nbsp; 11-15-2053 | 1000000 | &nbsp;&nbsp; 1000000 |
|  |  |  |  | &nbsp;&nbsp; **3133943** |
| **Housing revenue: 0.34%** |  |  |  |  |
| &nbsp;&nbsp; City of Oak Park Heights VSSA Boutwells Landing LLC (FHLMC <br> LIQ)ø<br>| 3.29 | &nbsp;&nbsp; 11-1-2035 | 785000 | &nbsp;&nbsp; 785000 |
| &nbsp;&nbsp; City of Plymouth Lancaster Village Apartments LP LLP (FNMA LOC, <br> FNMA LIQ)ø<br>| 3.37 | &nbsp;&nbsp; 9-15-2031 | 905000 | &nbsp;&nbsp; 905000 |
| Minnesota Housing Finance Agency Series F-2 | 3.70 | &nbsp;&nbsp; 8-1-2026 | 1965000 | &nbsp;&nbsp; 1965693 |
|  |  |  |  | &nbsp;&nbsp; **3655693** |
| **Miscellaneous revenue: 0.19%** |  |  |  |  |
| Minnesota Rural Water Finance Authority, Inc. BAN | 3.30 | &nbsp;&nbsp; 8-1-2026 | 2000000 | &nbsp;&nbsp; **2000477** |

---

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

Allspring Ultra Short-Term Municipal Income Fund \| 11

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue: 0.26%** |  |  |  |  |
| Northern Municipal Power Agency | 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2026 | $1130000 | &nbsp;&nbsp; $1130000 |
| &nbsp;&nbsp; Southern Minnesota Municipal Power Agency Series A CAB (NPFGC <br> Insured)¤<br>| 0.00 | &nbsp;&nbsp; 1-1-2026 | 1695000 | &nbsp;&nbsp; 1695000 |
|  |  |  |  | &nbsp;&nbsp; **2825000** |
|  |  |  |  | &nbsp;&nbsp; **17588177** |
| **Missouri: 0.68%** |  |  |  |  |
| **GO revenue: 0.07%** |  |  |  |  |
| South Metropolitan Fire Protection District | 5.00 | &nbsp;&nbsp; 3-1-2026 | 760000 | &nbsp;&nbsp; **763131** |
| **Health revenue: 0.61%** |  |  |  |  |
| &nbsp;&nbsp; HEFA of the State of Missouri BJC Healthcare Obligated Group <br> Series Cøø<br>| 5.00 | &nbsp;&nbsp; 5-1-2052 | 5000000 | &nbsp;&nbsp; 5247932 |
| &nbsp;&nbsp; HEFA of the State of Missouri Lutheran Senior Services Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 2-1-2026 | 475000 | &nbsp;&nbsp; 475465 |
| &nbsp;&nbsp; HEFA of the State of Missouri Lutheran Senior Services Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 2-1-2027 | 760000 | &nbsp;&nbsp; 770823 |
|  |  |  |  | &nbsp;&nbsp; **6494220** |
|  |  |  |  | &nbsp;&nbsp; **7257351** |
| **Nebraska: 0.24%** |  |  |  |  |
| **Tax revenue: 0.24%** |  |  |  |  |
| City of McCook | 4.50 | &nbsp;&nbsp; 9-1-2027 | 2500000 | &nbsp;&nbsp; **2530752** |
| **Nevada: 0.19%** |  |  |  |  |
| **Tax revenue: 0.19%** |  |  |  |  |
| Sparks Tourism Improvement District No. 1 Sales Tax Revenue | 3.88 | &nbsp;&nbsp; 6-15-2028 | 2000000 | &nbsp;&nbsp; **2002398** |
| **New Hampshire: 0.28%** |  |  |  |  |
| **Education revenue: 0.19%** |  |  |  |  |
| &nbsp;&nbsp; New Hampshire HEFA Act Trustees of Dartmouth College <br> Series Aøø<br>| 3.30 | &nbsp;&nbsp; 6-1-2040 | 2000000 | &nbsp;&nbsp; **2006632** |
| **Resource recovery revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp; New Hampshire Business Finance Authority Waste Management, <br> Inc. Series A AMTøø<br>| 4.00 | &nbsp;&nbsp; 10-1-2033 | 1000000 | &nbsp;&nbsp; **1000925** |
|  |  |  |  | &nbsp;&nbsp; **3007557** |
| **New Jersey: 1.42%** |  |  |  |  |
| **Education revenue: 0.25%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority <br> Series 1-A AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2029 | 2500000 | &nbsp;&nbsp; **2644127** |
| **GO revenue: 0.70%** |  |  |  |  |
| City of Newark BAN | 4.00 | &nbsp;&nbsp; 12-11-2026 | 6000000 | &nbsp;&nbsp; 6063479 |
| City of Newark Series B BAN | 4.50 | &nbsp;&nbsp; 5-7-2026 | 1500000 | &nbsp;&nbsp; 1507071 |
|  |  |  |  | &nbsp;&nbsp; **7570550** |

---

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

12 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue: 0.47%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XF1675 (Toronto-Dominion Bank LOC, Toronto-Dominion Bank <br> LIQ)144Aø<br>| 3.36<br> %<br>| &nbsp;&nbsp; 6-15-2050 | $5000000 | &nbsp;&nbsp; $**5000000** |
|  |  |  |  | &nbsp;&nbsp; **15214677** |
| **New Mexico: 0.99%** |  |  |  |  |
| **Housing revenue: 0.84%** |  |  |  |  |
| County of Santa Fe Cresta Ranch Apartments LLPøø | 3.29 | &nbsp;&nbsp; 12-10-2049 | 3000000 | &nbsp;&nbsp; 3014023 |
| &nbsp;&nbsp; New Mexico Mortgage Finance Authority JLG ABQ 2023 LLLP <br> (Department of Housing and Urban Development Insured)øø<br>| 2.97 | &nbsp;&nbsp; 2-1-2042 | 2000000 | &nbsp;&nbsp; 1998938 |
| &nbsp;&nbsp; New Mexico Mortgage Finance Authority Class I Series G-2 (GNMA / <br> FNMA / FHLMC Insured)øø<br>| 3.00 | &nbsp;&nbsp; 9-1-2057 | 4000000 | &nbsp;&nbsp; 4000189 |
|  |  |  |  | &nbsp;&nbsp; **9013150** |
| **Utilities revenue: 0.15%** |  |  |  |  |
| New Mexico Municipal Energy Acquisition Authority | 5.00 | &nbsp;&nbsp; 5-1-2028 | 640000 | &nbsp;&nbsp; 665938 |
| New Mexico Municipal Energy Acquisition Authority | 5.00 | &nbsp;&nbsp; 5-1-2029 | 850000 | &nbsp;&nbsp; 898165 |
|  |  |  |  | &nbsp;&nbsp; **1564103** |
|  |  |  |  | &nbsp;&nbsp; **10577253** |
| **New York: 7.92%** |  |  |  |  |
| **Education revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; Albany Industrial Development Agency Research Foundation of <br> State University of New York Series Aø<br>| 3.43 | &nbsp;&nbsp; 7-1-2032 | 1640000 | &nbsp;&nbsp; **1640000** |
| **GO revenue: 2.50%** |  |  |  |  |
| City of Cortland BAN | 4.50 | &nbsp;&nbsp; 5-15-2026 | 4000000 | &nbsp;&nbsp; 4007015 |
| City of Ithaca BAN | 4.25 | &nbsp;&nbsp; 2-13-2026 | 3000000 | &nbsp;&nbsp; 3002891 |
| City of Ithaca BAN | 4.50 | &nbsp;&nbsp; 7-17-2026 | 1700000 | &nbsp;&nbsp; 1710937 |
| City of Mount Vernon144A | 4.50 | &nbsp;&nbsp; 12-23-2026 | 3000000 | &nbsp;&nbsp; 3019996 |
| City of Mount Vernon BAN144A | 5.00 | &nbsp;&nbsp; 5-29-2026 | 4000000 | &nbsp;&nbsp; 4018078 |
| City of New York Series 2ø | 2.55 | &nbsp;&nbsp; 4-1-2042 | 3000000 | &nbsp;&nbsp; 3000000 |
| City of New York Series A2 (Mizuho Bank Limited LOC)ø | 2.50 | &nbsp;&nbsp; 10-1-2038 | 100000 | &nbsp;&nbsp; 100000 |
| City of New York Series A3 (Mizuho Bank Limited LOC)ø | 2.50 | &nbsp;&nbsp; 10-1-2040 | 200000 | &nbsp;&nbsp; 200000 |
| City of New York Series C-4 (AG Insured)€ | 2.00 | &nbsp;&nbsp; 1-1-2032 | 800000 | &nbsp;&nbsp; 800000 |
| City of New York Series D-3 (State Street Bank & Trust Co. SPA)ø | 2.50 | &nbsp;&nbsp; 5-1-2052 | 5000000 | &nbsp;&nbsp; 5000000 |
| Village of Valley Stream Series A BAN | 5.13 | &nbsp;&nbsp; 5-8-2026 | 1915000 | &nbsp;&nbsp; 1920809 |
|  |  |  |  | &nbsp;&nbsp; **26779726** |
| **Housing revenue: 0.56%** |  |  |  |  |
| New York City Housing Development Corp. Series A-2øø | 3.70 | &nbsp;&nbsp; 5-1-2063 | 6000000 | &nbsp;&nbsp; **6002029** |
| **Industrial development revenue: 1.26%** |  |  |  |  |
| &nbsp;&nbsp; New York State Energy Research & Development Authority National <br> Grid Generation LLC Series A (Ambac Insured)€<br>| 4.45 | &nbsp;&nbsp; 10-1-2028 | 1350000 | &nbsp;&nbsp; 1350000 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2026 | 5665000 | &nbsp;&nbsp; 5665000 |

---

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

Allspring Ultra Short-Term Municipal Income Fund \| 13

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Industrial development revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2027 | $5000000 | &nbsp;&nbsp; $5082752 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2030 | 1335000 | &nbsp;&nbsp; 1375016 |
|  |  |  |  | &nbsp;&nbsp; **13472768** |
| **Miscellaneous revenue: 1.15%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series MS0041 <br> (Morgan Stanley Municipal Funding LOC, Morgan Stanley <br> Municipal Funding LIQ)144Aø<br>| 3.72 | &nbsp;&nbsp; 5-1-2026 | 10000000 | &nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series ZF8056 <br> (Bank of America N.A. LIQ)144Aø<br>| 3.35 | &nbsp;&nbsp; 5-15-2051 | 2375000 | &nbsp;&nbsp; 2375000 |
|  |  |  |  | &nbsp;&nbsp; **12375000** |
| **Transportation revenue: 0.85%** |  |  |  |  |
| Metropolitan Transportation Authority Series A2 | 5.00 | &nbsp;&nbsp; 11-15-2027 | 2000000 | &nbsp;&nbsp; 2036515 |
| Metropolitan Transportation Authority Series B | 5.00 | &nbsp;&nbsp; 11-15-2026 | 7000000 | &nbsp;&nbsp; 7145417 |
|  |  |  |  | &nbsp;&nbsp; **9181932** |
| **Utilities revenue: 0.47%** |  |  |  |  |
| Long Island Power Authority Series Bøø | 3.00 | &nbsp;&nbsp; 9-1-2055 | 5000000 | &nbsp;&nbsp; **5009668** |
| **Water & sewer revenue: 0.98%** |  |  |  |  |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series AA-1 (JPMorgan Chase Bank N.A. SPA)ø<br>| 2.50 | &nbsp;&nbsp; 6-15-2050 | 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series BB-1 (Bank of America N.A. SPA)ø<br>| 2.50 | &nbsp;&nbsp; 6-15-2049 | 3000000 | &nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XX1445 <br> (Barclays Bank plc LIQ)144Aø<br>| 3.34 | &nbsp;&nbsp; 6-15-2055 | 2500000 | &nbsp;&nbsp; 2500000 |
|  |  |  |  | &nbsp;&nbsp; **10500000** |
|  |  |  |  | &nbsp;&nbsp; **84961123** |
| **North Carolina: 0.74%** |  |  |  |  |
| **Airport revenue: 0.08%** |  |  |  |  |
| Raleigh Durham Airport Authority Series C (TD Bank N.A. LOC)ø | 3.32 | &nbsp;&nbsp; 5-1-2036 | 835000 | &nbsp;&nbsp; **835000** |
| **Health revenue: 0.43%** |  |  |  |  |
| &nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority Atrium Health Obligated <br> Group Series H (JPMorgan Chase Bank N.A. SPA)ø<br>| 2.55 | &nbsp;&nbsp; 1-15-2048 | 900000 | &nbsp;&nbsp; 900000 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Duke University Health <br> System, Inc. Obligated Group Series C (Royal Bank of Canada <br> SPA)ø<br>| 2.45 | &nbsp;&nbsp; 6-1-2055 | 3750000 | &nbsp;&nbsp; 3750000 |
|  |  |  |  | &nbsp;&nbsp; **4650000** |
| **Resource recovery revenue: 0.23%** |  |  |  |  |
| &nbsp;&nbsp; North Carolina Capital Facilities Finance Agency Republic Services, <br> Inc. AMTøø<br>| 3.35 | &nbsp;&nbsp; 6-1-2038 | 2500000 | &nbsp;&nbsp; **2500000** |
|  |  |  |  | &nbsp;&nbsp; **7985000** |

---

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

14 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Ohio: 4.91%** |  |  |  |  |
| **Education revenue: 0.55%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> MS0027 (Morgan Stanley Bank LOC, Morgan Stanley Bank <br> LIQ)144Aø<br>| 3.52<br> %<br>| &nbsp;&nbsp; 1-15-2031 | $5920000 | &nbsp;&nbsp; **$5920000** |
| **GO revenue: 1.27%** |  |  |  |  |
| Akron City School District | 4.00 | &nbsp;&nbsp; 8-6-2026 | 3500000 | &nbsp;&nbsp; 3526165 |
| City of Forest Park BAN | 4.25 | &nbsp;&nbsp; 5-19-2026 | 1000000 | &nbsp;&nbsp; 1005157 |
| City of Lancaster BAN | 4.13 | &nbsp;&nbsp; 6-10-2026 | 1500000 | &nbsp;&nbsp; 1507514 |
| City of North Olmsted BAN144A | 4.00 | &nbsp;&nbsp; 6-24-2026 | 2500000 | &nbsp;&nbsp; 2512493 |
| City of Warrensville Heights BAN144A | 4.50 | &nbsp;&nbsp; 6-24-2026 | 2000000 | &nbsp;&nbsp; 2014637 |
| County of Trumbull BAN144A | 4.00 | &nbsp;&nbsp; 3-12-2026 | 2041000 | &nbsp;&nbsp; 2044887 |
| Township of Mifflin BAN | 5.00 | &nbsp;&nbsp; 2-12-2026 | 1050000 | &nbsp;&nbsp; 1051760 |
|  |  |  |  | &nbsp;&nbsp; **13662613** |
| **Health revenue: 2.25%** |  |  |  |  |
| &nbsp;&nbsp; County of Allen Hospital Facilities Revenue Bon Secours Mercy <br> Health, Inc. Series B-1øø<br>| 5.00 | &nbsp;&nbsp; 10-1-2049 | 5000000 | &nbsp;&nbsp; 5157041 |
| &nbsp;&nbsp; County of Franklin Nationwide Children's Hospital, Inc. Series B-2 <br> (JPMorgan Chase Bank N.A. SPA)ø<br>| 2.55 | &nbsp;&nbsp; 11-1-2065 | 8200000 | &nbsp;&nbsp; 8200000 |
| &nbsp;&nbsp; Ohio Higher Educational Facility Commission Cleveland Clinic <br> Health System Obligated Group (Barclays Bank plc SPA)ø<br>| 2.45 | &nbsp;&nbsp; 1-1-2043 | 6000000 | &nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp; State of Ohio University Hospitals Health System, Inc. Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 1-15-2027 | 2250000 | &nbsp;&nbsp; 2294893 |
| &nbsp;&nbsp; State of Ohio University Hospitals Health System, Inc. Obligated <br> Group Series B (JPMorgan Chase Bank N.A. LOC)ø<br>| 2.45 | &nbsp;&nbsp; 1-15-2050 | 2500000 | &nbsp;&nbsp; 2500000 |
|  |  |  |  | &nbsp;&nbsp; **24151934** |
| **Housing revenue: 0.38%** |  |  |  |  |
| Ohio HFA Pebble Brooke Owner LPøø | 3.35 | &nbsp;&nbsp; 7-1-2043 | 4000000 | &nbsp;&nbsp; **4032435** |
| **Miscellaneous revenue: 0.19%** |  |  |  |  |
| County of Cuyahoga Convention Hotel Project COP | 5.00 | &nbsp;&nbsp; 12-1-2026 | 2000000 | &nbsp;&nbsp; **2039006** |
| **Resource recovery revenue: 0.19%** |  |  |  |  |
| &nbsp;&nbsp; Ohio Air Quality Development Authority American Electric Power <br> Co, Inc. Series A AMT<br>| 3.75 | &nbsp;&nbsp; 1-1-2029 | 2000000 | &nbsp;&nbsp; **2011882** |
| **Utilities revenue: 0.08%** |  |  |  |  |
| American Municipal Power, Inc. Series 2025A | 5.00 | &nbsp;&nbsp; 2-15-2029 | 765000 | &nbsp;&nbsp; **812160** |
|  |  |  |  | &nbsp;&nbsp; **52630030** |
| **Oklahoma: 2.87%** |  |  |  |  |
| **Education revenue: 0.07%** |  |  |  |  |
| University of Oklahoma Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-1-2027 | 700000 | &nbsp;&nbsp; **725834** |
| **GO revenue: 0.41%** |  |  |  |  |
| &nbsp;&nbsp; Garfield County Independent School District No. 56 Pioneer-<br> Pleasant Vale Series A<br>| 3.38 | &nbsp;&nbsp; 11-1-2027 | 400000 | &nbsp;&nbsp; 399831 |

---

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

Allspring Ultra Short-Term Municipal Income Fund \| 15

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Garfield County Independent School District No. 56 Pioneer-<br> Pleasant Vale Series A<br>| 3.38<br> %<br>| &nbsp;&nbsp; 11-1-2028 | $375000 | &nbsp;&nbsp; $374212 |
| &nbsp;&nbsp; Garfield County Independent School District No. 56 Pioneer-<br> Pleasant Vale Series A<br>| 3.38 | &nbsp;&nbsp; 11-1-2029 | 400000 | &nbsp;&nbsp; 398273 |
| &nbsp;&nbsp; Garfield County Independent School District No. 56 Pioneer-<br> Pleasant Vale Series A<br>| 3.38 | &nbsp;&nbsp; 11-1-2030 | 150000 | &nbsp;&nbsp; 149538 |
| Lincoln County Independent School District No. 103 Prague | 4.50 | &nbsp;&nbsp; 6-1-2026 | 1005000 | &nbsp;&nbsp; 1009928 |
| McClain County Independent School District No. 1 Newcastle | 5.00 | &nbsp;&nbsp; 7-1-2026 | 2035000 | &nbsp;&nbsp; 2056142 |
|  |  |  |  | &nbsp;&nbsp; **4387924** |
| **Health revenue: 0.40%** |  |  |  |  |
| &nbsp;&nbsp; Oklahoma Development Finance Authority INTEGRIS Health <br> Obligated Group Series Bø<br>| 3.90 | &nbsp;&nbsp; 8-15-2031 | 4255000 | &nbsp;&nbsp; **4255000** |
| **Housing revenue: 1.26%** |  |  |  |  |
| &nbsp;&nbsp; Garfield County Educational Facilities Authority Independent <br> School District No. 57 Enid Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2027 | 1780000 | &nbsp;&nbsp; 1802614 |
| &nbsp;&nbsp; Oklahoma County Finance Authority Independent School District <br> No. 41 Western Heights<br>| 5.00 | &nbsp;&nbsp; 9-1-2027 | 2150000 | &nbsp;&nbsp; 2193339 |
| Oklahoma HFA Villages at a New Leaf II LP Series 2025øø | 3.40 | &nbsp;&nbsp; 7-1-2028 | 1525000 | &nbsp;&nbsp; 1534648 |
| Oklahoma Housing Finance Agency Lakeshore Pointe LLCøø | 3.35 | &nbsp;&nbsp; 12-1-2027 | 5000000 | &nbsp;&nbsp; 5016358 |
| Oklahoma Industries Authority Independent School District No. 89 | 5.00 | &nbsp;&nbsp; 4-1-2026 | 1050000 | &nbsp;&nbsp; 1055614 |
| &nbsp;&nbsp; Texas County Development Authority Texas County Independent <br> School District No. 8 Guymon<br>| 5.00 | &nbsp;&nbsp; 10-1-2028 | 900000 | &nbsp;&nbsp; 953365 |
| &nbsp;&nbsp; Tulsa County Industrial Authority Tulsa County Independent School <br> District No. 11 Owasso<br>| 5.00 | &nbsp;&nbsp; 9-1-2026 | 1000000 | &nbsp;&nbsp; 1013746 |
|  |  |  |  | &nbsp;&nbsp; **13569684** |
| **Utilities revenue: 0.52%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XX1441 (AG <br> Insured) (Barclays Bank plc LIQ)144Aø<br>| 3.42 | &nbsp;&nbsp; 1-1-2056 | 5625000 | &nbsp;&nbsp; **5625000** |
| **Water & sewer revenue: 0.21%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XF1572 (Royal Bank of Canada LIQ)144Aø<br>| 3.35 | &nbsp;&nbsp; 10-1-2045 | 2220000 | &nbsp;&nbsp; **2220000** |
|  |  |  |  | &nbsp;&nbsp; **30783442** |
| **Oregon: 1.85%** |  |  |  |  |
| **Airport revenue: 0.46%** |  |  |  |  |
| Port of Portland Airport Revenue Series 30-A AMT | 5.00 | &nbsp;&nbsp; 7-1-2029 | 3960000 | &nbsp;&nbsp; 4231962 |
| Port of Portland Airport Revenue Series 30-B AMT | 5.00 | &nbsp;&nbsp; 7-1-2026 | 675000 | &nbsp;&nbsp; 681749 |
|  |  |  |  | &nbsp;&nbsp; **4913711** |

---

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

16 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue: 1.39%** |  |  |  |  |
| &nbsp;&nbsp; State of Oregon Housing & Community Services Department Civic <br> Station Housing LP Series Qøø<br>| 3.13<br> %<br>| &nbsp;&nbsp; 7-1-2044 | $4600000 | &nbsp;&nbsp; $4611151 |
| &nbsp;&nbsp; State of Oregon Housing & Community Services Department <br> Series D (Bank of America N.A. LIQ)ø<br>| 2.50 | &nbsp;&nbsp; 1-1-2051 | 10335000 | &nbsp;&nbsp; 10335000 |
|  |  |  |  | &nbsp;&nbsp; **14946151** |
|  |  |  |  | &nbsp;&nbsp; **19859862** |
| **Pennsylvania: 3.22%** |  |  |  |  |
| **Education revenue: 0.35%** |  |  |  |  |
| Chester County IDA Avon Grove Charter School | 5.00 | &nbsp;&nbsp; 3-1-2027 | 2250000 | &nbsp;&nbsp; 2267531 |
| Huntingdon County General Authority Juniata College Series T | 5.00 | &nbsp;&nbsp; 10-1-2026 | 430000 | &nbsp;&nbsp; 433700 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XL0539 (Morgan Stanley Bank LIQ)144Aø<br>| 3.35 | &nbsp;&nbsp; 8-1-2054 | 1000000 | &nbsp;&nbsp; 1000000 |
|  |  |  |  | &nbsp;&nbsp; **3701231** |
| **GO revenue: 0.21%** |  |  |  |  |
| Borough of Dunmore Series A (AG Insured) | 2.00 | &nbsp;&nbsp; 9-1-2026 | 170000 | &nbsp;&nbsp; 168203 |
| School District of Philadelphia Series A | 5.00 | &nbsp;&nbsp; 9-1-2030 | 2055000 | &nbsp;&nbsp; 2058732 |
|  |  |  |  | &nbsp;&nbsp; **2226935** |
| **Health revenue: 1.70%** |  |  |  |  |
| &nbsp;&nbsp; Allegheny County Hospital Development Authority UPMC Obligated <br> Group (SIFMA Municipal Swap+0.70%)±<br>| 4.02 | &nbsp;&nbsp; 11-15-2047 | 6000000 | &nbsp;&nbsp; 5946124 |
| Central Bradford Progress Authority Guthrie Clinic Series Dø | 3.96 | &nbsp;&nbsp; 12-1-2041 | 6795000 | &nbsp;&nbsp; 6795000 |
| &nbsp;&nbsp; Lancaster County Hospital Authority Masonic Villages of the Grand <br> Lodge of Pennsylvania<br>| 5.50 | &nbsp;&nbsp; 11-1-2027 | 890000 | &nbsp;&nbsp; 927716 |
| &nbsp;&nbsp; Montgomery County Higher Education & Health Authority Thomas <br> Jefferson University Obligated Group Series Dø<br>| 4.06 | &nbsp;&nbsp; 9-1-2050 | 1550000 | &nbsp;&nbsp; 1550000 |
| &nbsp;&nbsp; Philadelphia IDA Children's Hospital of Philadelphia Obligated <br> Group Series B-2 (JPMorgan Chase Bank N.A. SPA)ø<br>| 2.48 | &nbsp;&nbsp; 7-1-2054 | 1200000 | &nbsp;&nbsp; 1200000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2019-<br> XG0223 (Bank of America N.A. LOC, Bank of America N.A. <br> LIQ)144Aø<br>| 3.37 | &nbsp;&nbsp; 7-15-2043 | 1850000 | &nbsp;&nbsp; 1850000 |
|  |  |  |  | &nbsp;&nbsp; **18268840** |
| **Housing revenue: 0.54%** |  |  |  |  |
| &nbsp;&nbsp; Pennsylvania Housing Finance Agency Fairhill Phase I LP <br> (Department of Housing and Urban Development Insured)øø<br>| 3.15 | &nbsp;&nbsp; 1-1-2046 | 3500000 | &nbsp;&nbsp; 3509512 |
| &nbsp;&nbsp; State Public School Building Authority School District of <br> Philadelphia Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2027 | 2250000 | &nbsp;&nbsp; 2294359 |
|  |  |  |  | &nbsp;&nbsp; **5803871** |
| **Miscellaneous revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp; Delaware Valley Regional Finance Authority Series B (Bank of <br> America N.A. LOC)ø<br>| 2.43 | &nbsp;&nbsp; 12-1-2060 | 1000000 | &nbsp;&nbsp; **1000000** |

---

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

Allspring Ultra Short-Term Municipal Income Fund \| 17

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Resource recovery revenue: 0.33%** |  |  |  |  |
| Pennsylvania EDFA Republic Services, Inc. Series A AMTøø | 3.45<br> %<br>| &nbsp;&nbsp; 4-1-2034 | $2500000 | &nbsp;&nbsp; $2500057 |
| Pennsylvania EDFA Waste Management, Inc. Series B AMTøø | 1.10 | &nbsp;&nbsp; 6-1-2031 | 1000000 | &nbsp;&nbsp; 977448 |
|  |  |  |  | &nbsp;&nbsp; **3477505** |
|  |  |  |  | &nbsp;&nbsp; **34478382** |
| **Puerto Rico: 0.15%** |  |  |  |  |
| **Miscellaneous revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; Puerto Rico Industrial Tourist Educational Medical & Environmental <br> Control Facilities Financing Authority Hospital de la Concepcion, <br> Inc. Series A<br>| 3.55 | &nbsp;&nbsp; 11-15-2030 | 1645000 | &nbsp;&nbsp; **1657852** |
| **Rhode Island: 0.47%** |  |  |  |  |
| **GO revenue: 0.47%** |  |  |  |  |
| Bristol Warren Regional School District Series 1-BAN | 5.00 | &nbsp;&nbsp; 6-4-2026 | 5000000 | &nbsp;&nbsp; **5046961** |
| **South Carolina: 0.38%** |  |  |  |  |
| **Health revenue: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; South Carolina Jobs-EDA Beaufort Memorial Hospital Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 11-15-2027 | 250000 | &nbsp;&nbsp; 256468 |
| &nbsp;&nbsp; South Carolina Jobs-EDA Beaufort Memorial Hospital Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 11-15-2028 | 275000 | &nbsp;&nbsp; 285528 |
| &nbsp;&nbsp; South Carolina Jobs-EDA Beaufort Memorial Hospital Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 11-15-2029 | 250000 | &nbsp;&nbsp; 262381 |
|  |  |  |  | &nbsp;&nbsp; **804377** |
| **Resource recovery revenue: 0.30%** |  |  |  |  |
| South Carolina Jobs-EDA Enerra SC-1 LLC AMT144Aøø | 3.70 | &nbsp;&nbsp; 12-15-2027 | 3250000 | &nbsp;&nbsp; **3249618** |
|  |  |  |  | &nbsp;&nbsp; **4053995** |
| **South Dakota: 2.61%** |  |  |  |  |
| **Health revenue: 1.86%** |  |  |  |  |
| South Dakota HEFA Sanford Obligated Group Series D-2ø | 3.30 | &nbsp;&nbsp; 7-1-2055 | 20000000 | &nbsp;&nbsp; **20000000** |
| **Housing revenue: 0.75%** |  |  |  |  |
| &nbsp;&nbsp; South Dakota Housing Development Authority Series G (GNMA / <br> FNMA / FHLMC Insured) (Bank of America N.A. SPA)ø<br>| 2.50 | &nbsp;&nbsp; 11-1-2050 | 8000000 | &nbsp;&nbsp; **8000000** |
|  |  |  |  | &nbsp;&nbsp; **28000000** |
| **Tennessee: 3.30%** |  |  |  |  |
| **Housing revenue: 0.99%** |  |  |  |  |
| &nbsp;&nbsp; Chattanooga Health Educational & Housing Facility Board One <br> Westside Phase 1B LPøø<br>| 3.60 | &nbsp;&nbsp; 6-1-2048 | 2000000 | &nbsp;&nbsp; 2019743 |
| &nbsp;&nbsp; Health Educational & Housing Facility Board of the City of Memphis <br> APP Pershing Park Partners LLLP (FHA Insured)øø<br>| 3.25 | &nbsp;&nbsp; 11-1-2029 | 4000000 | &nbsp;&nbsp; 4013690 |

---

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

18 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Jackson Health Educational & Housing Facility Board Cottages of <br> Bluecreek LLC (Department of Housing and Urban Development <br> Insured)øø<br>| 4.00<br> %<br>| &nbsp;&nbsp; 4-1-2045 | $1550000 | &nbsp;&nbsp; $1574255 |
| &nbsp;&nbsp; Knox County Health Educational & Housing Facility Board Pines <br> III LP (Department of Housing and Urban Development <br> Insured)øø<br>| 3.10 | &nbsp;&nbsp; 9-1-2029 | 3000000 | &nbsp;&nbsp; 3001081 |
|  |  |  |  | &nbsp;&nbsp; **10608769** |
| **Resource recovery revenue: 0.26%** |  |  |  |  |
| Lewisburg Industrial Development Board AMTøø | 3.40 | &nbsp;&nbsp; 7-2-2035 | 2750000 | &nbsp;&nbsp; **2750328** |
| **Utilities revenue: 2.05%** |  |  |  |  |
| &nbsp;&nbsp; Residual Interest Bond Floater Trust Various States Series 2025-<br> 1008 (Barclays Bank plc LIQ)144Aø<br>| 3.40 | &nbsp;&nbsp; 12-1-2055 | 6905000 | &nbsp;&nbsp; 6905000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2022-<br> XM1024 (Morgan Stanley Bank LIQ)144Aø<br>| 3.46 | &nbsp;&nbsp; 5-1-2052 | 7500000 | &nbsp;&nbsp; 7500000 |
| Tennergy Corp. Series A | 5.00 | &nbsp;&nbsp; 6-1-2028 | 275000 | &nbsp;&nbsp; 286544 |
| Tennergy Corp. Series A | 5.00 | &nbsp;&nbsp; 6-1-2029 | 860000 | &nbsp;&nbsp; 909940 |
| Tennessee Energy Acquisition Corp. Gas Project Series A-1øø | 5.00 | &nbsp;&nbsp; 5-1-2053 | 3500000 | &nbsp;&nbsp; 3598340 |
| Tennessee Energy Acquisition Corp. Series B | 5.63 | &nbsp;&nbsp; 9-1-2026 | 2750000 | &nbsp;&nbsp; 2784670 |
|  |  |  |  | &nbsp;&nbsp; **21984494** |
|  |  |  |  | &nbsp;&nbsp; **35343591** |
| **Texas: 12.97%** |  |  |  |  |
| **Airport revenue: 1.81%** |  |  |  |  |
| City of El Paso Airport Revenue AMT | 5.00 | &nbsp;&nbsp; 8-15-2026 | 2000000 | &nbsp;&nbsp; 2023430 |
| City of Houston Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2028 | 1500000 | &nbsp;&nbsp; 1570637 |
| City of Houston Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2029 | 1665000 | &nbsp;&nbsp; 1771362 |
| City of Houston Airport System Revenue Series A AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2026 | 1000000 | &nbsp;&nbsp; 1010939 |
| City of Houston Airport System Revenue Series A AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2027 | 3000000 | &nbsp;&nbsp; 3090594 |
| Dallas Fort Worth International Airport Series A-1 AMT | 5.00 | &nbsp;&nbsp; 11-1-2026 | 2000000 | &nbsp;&nbsp; 2035854 |
| Dallas Fort Worth International Airport Series A-2 AMTøø | 5.00 | &nbsp;&nbsp; 11-1-2050 | 7500000 | &nbsp;&nbsp; 7939657 |
|  |  |  |  | &nbsp;&nbsp; **19442473** |
| **Education revenue: 0.42%** |  |  |  |  |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Harmony Public Schools <br> Series A<br>| 4.00 | &nbsp;&nbsp; 2-15-2026 | 280000 | &nbsp;&nbsp; 280401 |
| Clifton Higher Education Finance Corp. Braination, Inc. | 5.00 | &nbsp;&nbsp; 8-15-2028 | 360000 | &nbsp;&nbsp; 380284 |
| Clifton Higher Education Finance Corp. Braination, Inc. | 5.00 | &nbsp;&nbsp; 8-15-2029 | 380000 | &nbsp;&nbsp; 408752 |
| Hale Center Education Facilities Corp. Wayland Baptist University | 5.00 | &nbsp;&nbsp; 3-1-2026 | 675000 | &nbsp;&nbsp; 676366 |
| University of North Texas System Series A | 5.00 | &nbsp;&nbsp; 4-15-2026 | 2700000 | &nbsp;&nbsp; 2718308 |
|  |  |  |  | &nbsp;&nbsp; **4464111** |
| **GO revenue: 3.66%** |  |  |  |  |
| City of Austin | 5.00 | &nbsp;&nbsp; 9-1-2026 | 4000000 | &nbsp;&nbsp; 4065390 |
| City of DeSoto | 5.00 | &nbsp;&nbsp; 2-15-2026 | 3740000 | &nbsp;&nbsp; 3750256 |
| Denton Independent School District Series B1øø | 4.00 | &nbsp;&nbsp; 8-15-2055 | 4000000 | &nbsp;&nbsp; 4132456 |
| El Paso Independent School Districtøø | 5.00 | &nbsp;&nbsp; 2-1-2040 | 2250000 | &nbsp;&nbsp; 2253060 |

---

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

Allspring Ultra Short-Term Municipal Income Fund \| 19

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| Harris County Hospital District | 5.00<br> %<br>| &nbsp;&nbsp; 2-15-2029 | $2570000 | &nbsp;&nbsp; $2745862 |
| Hutto Independent School Districtøø | 4.00 | &nbsp;&nbsp; 2-1-2055 | 2000000 | &nbsp;&nbsp; 2065251 |
| Kilgore Independent School Districtøø | 4.00 | &nbsp;&nbsp; 2-15-2052 | 2650000 | &nbsp;&nbsp; 2669497 |
| North East Independent School Districtøø | 3.75 | &nbsp;&nbsp; 8-1-2049 | 2875000 | &nbsp;&nbsp; 2909018 |
| Northside Independent School Districtøø | 3.55 | &nbsp;&nbsp; 6-1-2050 | 5000000 | &nbsp;&nbsp; 5060408 |
| Northside Independent School District Series Bøø | 3.45 | &nbsp;&nbsp; 8-1-2054 | 2465000 | &nbsp;&nbsp; 2482776 |
| Plainview Independent School District Series Bøø | 4.00 | &nbsp;&nbsp; 2-15-2050 | 2035000 | &nbsp;&nbsp; 2049972 |
| Ponder Independent School Districtøø | 4.00 | &nbsp;&nbsp; 2-15-2051 | 2000000 | &nbsp;&nbsp; 2036853 |
| State of Texas Series A | 3.20 | &nbsp;&nbsp; 10-1-2028 | 3000000 | &nbsp;&nbsp; 3000671 |
|  |  |  |  | &nbsp;&nbsp; **39221470** |
| **Health revenue: 1.35%** |  |  |  |  |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Texas <br> Medical Center Obligated Group Series Aøø<br>| 5.00 | &nbsp;&nbsp; 5-15-2050 | 3000000 | &nbsp;&nbsp; 3280255 |
| Midland County Hospital District Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-15-2026 | 700000 | &nbsp;&nbsp; 705614 |
| Midland County Hospital District Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-15-2027 | 700000 | &nbsp;&nbsp; 721189 |
| Midland County Hospital District Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-15-2028 | 760000 | &nbsp;&nbsp; 799099 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Brazos <br> Presbyterian Homes Obligated Group<br>| 5.00 | &nbsp;&nbsp; 1-1-2030 | 890000 | &nbsp;&nbsp; 936242 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Brazos <br> Presbyterian Homes Obligated Group<br>| 5.00 | &nbsp;&nbsp; 1-1-2031 | 1400000 | &nbsp;&nbsp; 1485194 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. Baylor <br> Scott & White Health Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2028 | 3945000 | &nbsp;&nbsp; 3978421 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. <br> Methodist Hospitals of Dallas Obligated Group Series B (TD Bank <br> N.A. LOC)ø<br>| 2.45 | &nbsp;&nbsp; 10-1-2041 | 2600000 | &nbsp;&nbsp; 2600000 |
|  |  |  |  | &nbsp;&nbsp; **14506014** |
| **Housing revenue: 1.23%** |  |  |  |  |
| &nbsp;&nbsp; City of Dallas Housing Finance Corp. Mondello Apartments LLC <br> (FHA Insured)øø<br>| 5.00 | &nbsp;&nbsp; 8-1-2027 | 1785000 | &nbsp;&nbsp; 1804068 |
| FW Chaparral PFC Chaparral Ranch Project | 3.13 | &nbsp;&nbsp; 10-1-2030 | 2000000 | &nbsp;&nbsp; 1979210 |
| &nbsp;&nbsp; Legacy Denton Public Facility Corp. 2100 Spencer Road TX <br> Owner LPøø<br>| 2.70 | &nbsp;&nbsp; 10-1-2043 | 4200000 | &nbsp;&nbsp; 4147935 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2024-MIZ9158 (Mizuho Capital <br> Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144Aø<br>| 3.55 | &nbsp;&nbsp; 3-1-2038 | 2780000 | &nbsp;&nbsp; 2780000 |
| THF Public Facility Corp. THF Covington Acres LPøø | 3.34 | &nbsp;&nbsp; 2-1-2044 | 2500000 | &nbsp;&nbsp; 2521598 |
|  |  |  |  | &nbsp;&nbsp; **13232811** |
| **Industrial development revenue: 0.50%** |  |  |  |  |
| &nbsp;&nbsp; City of Houston Airport System Revenue United Airlines, Inc. <br> Series B AMT<br>| 5.25 | &nbsp;&nbsp; 7-15-2026 | 2000000 | &nbsp;&nbsp; 2014794 |
| &nbsp;&nbsp; City of Houston Airport System Revenue United Airlines, Inc. <br> Series C AMT<br>| 5.00 | &nbsp;&nbsp; 7-15-2028 | 3250000 | &nbsp;&nbsp; 3339246 |
|  |  |  |  | &nbsp;&nbsp; **5354040** |
| **Resource recovery revenue: 2.44%** |  |  |  |  |
| Mission Economic Development Corp. Republic Services, Inc. AMT | 3.50 | &nbsp;&nbsp; 1-1-2026 | 5000000 | &nbsp;&nbsp; 5000000 |

---

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

20 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Resource recovery revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Mission Economic Development Corp. Waste Management, Inc. <br> AMTøø<br>| 4.00<br> %<br>| &nbsp;&nbsp; 11-1-2048 | $4000000 | &nbsp;&nbsp; $4000335 |
| &nbsp;&nbsp; Port of Port Arthur Navigation District Motiva Enterprises LLC <br> Series Dø<br>| 2.52 | &nbsp;&nbsp; 11-1-2040 | 2200000 | &nbsp;&nbsp; 2200000 |
| &nbsp;&nbsp; Port of Port Arthur Navigation District Motiva Enterprises LLC <br> Series Eø<br>| 2.57 | &nbsp;&nbsp; 11-1-2040 | 15000000 | &nbsp;&nbsp; 15000000 |
|  |  |  |  | &nbsp;&nbsp; **26200335** |
| **Tax revenue: 0.71%** |  |  |  |  |
| City of Dallas Hotel Occupancy Tax Revenue | 4.00 | &nbsp;&nbsp; 8-15-2027 | 2000000 | &nbsp;&nbsp; 2012912 |
| City of Houston Hotel Occupancy Tax & Special Revenue | 5.00 | &nbsp;&nbsp; 9-1-2029 | 1500000 | &nbsp;&nbsp; 1502486 |
| Harris County-Houston Sports Authority Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 11-15-2026 | 4000000 | &nbsp;&nbsp; 4072715 |
|  |  |  |  | &nbsp;&nbsp; **7588113** |
| **Transportation revenue: 0.13%** |  |  |  |  |
| County of Fort Bend Toll Road Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 3-1-2027 | 500000 | &nbsp;&nbsp; 513417 |
| County of Fort Bend Toll Road Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 3-1-2028 | 450000 | &nbsp;&nbsp; 472215 |
| County of Fort Bend Toll Road Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 3-1-2029 | 400000 | &nbsp;&nbsp; 428492 |
|  |  |  |  | &nbsp;&nbsp; **1414124** |
| **Utilities revenue: 0.52%** |  |  |  |  |
| City of San Antonio Electric & Gas Systems Revenueøø | 3.65 | &nbsp;&nbsp; 2-1-2053 | 3000000 | &nbsp;&nbsp; 3010519 |
| City of San Antonio Electric & Gas Systems Revenue Series Aøø | 3.08 | &nbsp;&nbsp; 2-1-2055 | 2500000 | &nbsp;&nbsp; 2508395 |
|  |  |  |  | &nbsp;&nbsp; **5518914** |
| **Water & sewer revenue: 0.20%** |  |  |  |  |
| San Antonio Water System Series A (Truist Bank SPA)ø | 2.50 | &nbsp;&nbsp; 5-1-2054 | 2100000 | &nbsp;&nbsp; **2100000** |
|  |  |  |  | &nbsp;&nbsp; **139042405** |
| **Utah: 0.16%** |  |  |  |  |
| **Airport revenue: 0.09%** |  |  |  |  |
| City of Salt Lake City Airport Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2026 | 1000000 | &nbsp;&nbsp; **1010691** |
| **Utilities revenue: 0.07%** |  |  |  |  |
| Southern Utah Valley Power Systems (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-15-2028 | 400000 | &nbsp;&nbsp; 421516 |
| Southern Utah Valley Power Systems (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-15-2029 | 285000 | &nbsp;&nbsp; 305765 |
|  |  |  |  | &nbsp;&nbsp; **727281** |
|  |  |  |  | &nbsp;&nbsp; **1737972** |
| **Vermont: 0.37%** |  |  |  |  |
| **Housing revenue: 0.37%** |  |  |  |  |
| Vermont Housing Finance Agency Series E-2 (FHA Insured) | 3.50 | &nbsp;&nbsp; 11-1-2026 | 4000000 | &nbsp;&nbsp; **4002292** |
| **Virginia: 0.84%** |  |  |  |  |
| **Education revenue: 0.11%** |  |  |  |  |
| Virginia Small Business Financing Authority Hampton University | 5.00 | &nbsp;&nbsp; 10-1-2028 | 1205000 | &nbsp;&nbsp; **1260744** |

---

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

Allspring Ultra Short-Term Municipal Income Fund \| 21

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Isle of Wight County EDA Riverside Healthcare Association <br> Obligated Group (AG Insured)<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2026 | $500000 | &nbsp;&nbsp; $505172 |
| &nbsp;&nbsp; Isle of Wight County EDA Riverside Healthcare Association <br> Obligated Group (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 500000 | &nbsp;&nbsp; 516214 |
| &nbsp;&nbsp; Isle of Wight County EDA Riverside Healthcare Association <br> Obligated Group (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2028 | 350000 | &nbsp;&nbsp; 369160 |
|  |  |  |  | &nbsp;&nbsp; **1390546** |
| **Miscellaneous revenue: 0.13%** |  |  |  |  |
| Rappahannock Regional Jail Authority | 5.00 | &nbsp;&nbsp; 10-1-2026 | 1375000 | &nbsp;&nbsp; **1376694** |
| **Utilities revenue: 0.47%** |  |  |  |  |
| Louisa IDA Virginia Electric & Power Co. Series Bøø | 3.13 | &nbsp;&nbsp; 11-1-2035 | 5000000 | &nbsp;&nbsp; **5017630** |
|  |  |  |  | &nbsp;&nbsp; **9045614** |
| **Washington: 0.19%** |  |  |  |  |
| **GO revenue: 0.19%** |  |  |  |  |
| County of King | 4.00 | &nbsp;&nbsp; 7-1-2029 | 2000000 | &nbsp;&nbsp; **2035774** |
| **West Virginia: 0.23%** |  |  |  |  |
| **Resource recovery revenue: 0.23%** |  |  |  |  |
| West Virginia EDA Kentucky Power Co. Series 2014-A AMTøø | 4.70 | &nbsp;&nbsp; 4-1-2036 | 2500000 | &nbsp;&nbsp; **2510226** |
| **Wisconsin: 4.80%** |  |  |  |  |
| **GO revenue: 0.73%** |  |  |  |  |
| City of Manitowoc | 4.25 | &nbsp;&nbsp; 8-1-2027 | 4035000 | &nbsp;&nbsp; 4085120 |
| City of Milwaukee Series N3 (AG Insured) | 5.00 | &nbsp;&nbsp; 4-1-2029 | 690000 | &nbsp;&nbsp; 736930 |
| County of Dane Series C AMT | 4.00 | &nbsp;&nbsp; 6-1-2026 | 1000000 | &nbsp;&nbsp; 1003979 |
| Pardeeville Area School District | 4.00 | &nbsp;&nbsp; 8-28-2026 | 2000000 | &nbsp;&nbsp; 2011892 |
|  |  |  |  | &nbsp;&nbsp; **7837921** |
| **Health revenue: 1.01%** |  |  |  |  |
| &nbsp;&nbsp; University of Wisconsin Hospitals & Clinics Authority Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2027 | 850000 | &nbsp;&nbsp; 873921 |
| &nbsp;&nbsp; University of Wisconsin Hospitals & Clinics Authority Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2028 | 900000 | &nbsp;&nbsp; 946361 |
| &nbsp;&nbsp; University of Wisconsin Hospitals & Clinics Authority Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2029 | 850000 | &nbsp;&nbsp; 912986 |
| &nbsp;&nbsp; Wisconsin HEFA Advocate Aurora Health Obligated Group Series B-<br> 2øø<br>| 5.00 | &nbsp;&nbsp; 8-15-2054 | 2250000 | &nbsp;&nbsp; 2272345 |
| Wisconsin HEFA Hospital Sisters Services Obligated Group Series A | 5.00 | &nbsp;&nbsp; 8-15-2029 | 3500000 | &nbsp;&nbsp; 3759571 |
| &nbsp;&nbsp; Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 670000 | &nbsp;&nbsp; 671124 |
| &nbsp;&nbsp; Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 1415000 | &nbsp;&nbsp; 1418823 |
|  |  |  |  | &nbsp;&nbsp; **10855131** |

---

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

22 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue: 0.28%** |  |  |  |  |
| &nbsp;&nbsp; Wisconsin Housing & EDA Home Ownership Revenue Series D <br> (GNMA / FNMA / FHLMC Insured) (Royal Bank of Canada SPA)ø<br>| 3.25<br> %<br>| &nbsp;&nbsp; 3-1-2042 | $1915000 | &nbsp;&nbsp; $1915000 |
| Wisconsin Housing & EDA Flats at Bishops Woods LP Series Føø | 5.00 | &nbsp;&nbsp; 12-1-2027 | 1100000 | &nbsp;&nbsp; 1119933 |
|  |  |  |  | &nbsp;&nbsp; **3034933** |
| **Miscellaneous revenue: 2.17%** |  |  |  |  |
| Peshtigo School District BAN | 4.75 | &nbsp;&nbsp; 3-1-2027 | 2500000 | &nbsp;&nbsp; 2502857 |
| &nbsp;&nbsp; PFA Series VRS220 (Bank of America N.A. LOC, Bank of America N.A. <br> LIQ)144Aø<br>| 2.60 | &nbsp;&nbsp; 2-15-2055 | 14750000 | &nbsp;&nbsp; 14750000 |
| Town of Clayton Series B | 2.00 | &nbsp;&nbsp; 6-1-2026 | 1000000 | &nbsp;&nbsp; 993221 |
| Village of Johnson Creek Series A | 3.50 | &nbsp;&nbsp; 5-1-2030 | 2000000 | &nbsp;&nbsp; 2003304 |
| &nbsp;&nbsp; Wisconsin HEFA Forensic Science & Protective Medicine <br> Collaboration, Inc.144A<br>| 5.00 | &nbsp;&nbsp; 8-1-2027 | 3000000 | &nbsp;&nbsp; 3025084 |
|  |  |  |  | &nbsp;&nbsp; **23274466** |
| **Utilities revenue: 0.28%** |  |  |  |  |
| PFA Duke Energy Progress LLC Series A-1øø | 3.30 | &nbsp;&nbsp; 10-1-2046 | 3000000 | &nbsp;&nbsp; **3004060** |
| **Water & sewer revenue: 0.33%** |  |  |  |  |
| Town of Clayton Water & Sewer System Revenue Series C BAN | 2.00 | &nbsp;&nbsp; 6-1-2026 | 1500000 | &nbsp;&nbsp; 1488808 |
| Village of Sharon Combined Utility System Revenue Series A BAN | 5.00 | &nbsp;&nbsp; 12-1-2026 | 2000000 | &nbsp;&nbsp; 2011931 |
|  |  |  |  | &nbsp;&nbsp; **3500739** |
|  |  |  |  | &nbsp;&nbsp; **51507250** |
| **Wyoming: 0.19%** |  |  |  |  |
| **Health revenue: 0.19%** |  |  |  |  |
| Sublette County Hospital District Construction Project Series A | 5.00 | &nbsp;&nbsp; 6-15-2026 | 2000000 | &nbsp;&nbsp; **2000401** |
| **Total municipal obligations (Cost $1,023,419,139)** |  |  |  | &nbsp;&nbsp; **1025779617** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 1.01%** |  |  |  |  |
| **Investment companies: 1.01%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.71 | 10811616 | &nbsp;&nbsp; **10811616** |
| **Total short-term investments (Cost $10,811,616)** |  |  |  | &nbsp;&nbsp; **10811616** |
| **Total investments in securities (Cost $1,047,680,755)** | 97.95<br> %<br>|  |  | &nbsp;&nbsp; 1050041233 |
| Other assets and liabilities, net | 2.05 |  |  | &nbsp;&nbsp; 22026649 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$1072067882** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Allspring Ultra Short-Term Municipal Income Fund \| 23

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | |
|:---|:---|
| 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>|
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| € | The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the <br> rate in effect at period end.<br>|
| ¤ | 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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AG | Assured Guaranty Incorporation |
| Ambac | Ambac Financial Group Incorporated |
| AMT | Alternative minimum tax |
| BAM | Build America Mutual Assurance Company |
| BAN | Bond anticipation note |
| CAB | Capital appreciation bond |
| CDA | Community Development Authority |
| COP | Certificate of participation |
| EDA | Economic Development Authority |
| EDFA | Economic Development Finance Authority |
| FHA | Federal Housing Administration |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General obligation |
| HEFA | Health & Educational Facilities Authority |
| HFA | Housing Finance Authority |
| HFFA | Health Facilities Financing Authority |
| IDA | Industrial Development Authority |
| LIQ | Liquidity agreement |
| LOC | Letter of credit |
| NPFGC | National Public Finance Guarantee Corporation |
| PCFA | Pollution Control Financing Authority |
| PFA | Public Finance Authority |
| QSBLF | Qualified School Board Loan Fund Insured |
| RDA | Redevelopment Authority |
| SIFMA | Securities Industry and Financial Markets Association |
| SOFR | Secured Overnight Financing Rate |
| SPA | Standby purchase agreement |

---

**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>| $4672374 | $238428339 | $(232289097)<br>| $0 | $0 | $10811616 | 10811616 | $111631 |

---

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

24 \| Allspring Ultra Short-Term Municipal Income Fund

------

Statement of assets and liabilities—December 31, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $1,036,869,139) | $1039229617 |
| Investments in affiliated securities, at value (cost $10,811,616) | 10811616 |
| Cash | 3369 |
| Receivable for Fund shares sold | 15233193 |
| Receivable for interest | 9298204 |
| Receivable for investments sold | 59999 |
| Prepaid expenses and other assets | 101230 |
| **Total assets** | **1074737228** |
| Liabilities |  |
| Payable for Fund shares redeemed | 1787238 |
| Dividends payable | 577008 |
| Management fee payable | 100931 |
| Administration fees payable | 82977 |
| Shareholder servicing fees payable | 57107 |
| Trustees' fees and expenses payable | 959 |
| Accrued expenses and other liabilities | 63126 |
| **Total liabilities** | **2669346** |
| **Total net assets**  | **$1072067882** |
| Net assets consist of |  |
| Paid-in capital | $1100610486 |
| Total distributable loss | (28542604)<br>|
| **Total net assets** | **$1072067882** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $147986318 |
| Shares outstanding–Class A<sup>1</sup> <br>| 15286929 |
| Net asset value per share–Class A | $9.68 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $9.88 |
| Net assets–Class A2 | $220656623 |
| Shares outstanding–Class A2<sup>1</sup> <br>| 22790037 |
| Net asset value per share–Class A2 | $9.68 |
| Net assets–Class R6 | $224597110 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 23200840 |
| Net asset value per share–Class R6 | $9.68 |
| Net assets–Institutional Class | $478827831 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 49447010 |
| Net asset value per share–Institutional Class | $9.68 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/98 of net asset value. On investments of $100,000 or more, the offering price is reduced.

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

Allspring Ultra Short-Term Municipal Income Fund \| 25

------

Statement of operations—six months ended December 31, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $15366478 |
| Income from affiliated securities | 111631 |
| **Total investment income** | **15478109** |
| Expenses |  |
| Management fee | 1189212 |
| Administration fees |  |
| Class A | 109235 |
| Class A2 | 85282 |
| Class C | 1155 <br><sup>1</sup><br>|
| Class R6 | 32898 |
| Administrator Class | 1574 <br><sup>2</sup><br>|
| Institutional Class | 187393 |
| Shareholder servicing fees |  |
| Class A | 182005 |
| Class A2 | 84838 |
| Class C | 1870 <br><sup>1</sup><br>|
| Administrator Class | 3922 <br><sup>2</sup><br>|
| Distribution fee |  |
| Class C | 5608 <br><sup>1</sup><br>|
| Custody and accounting fees | 19618 |
| Professional fees | 30716 |
| Registration fees | 77394 |
| Shareholder report expenses | 21376 |
| Trustees' fees and expenses | 6308 |
| Other fees and expenses | 12047 |
| **Total expenses** | **2052451** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (529682)<br>|
| Class A | (78209)<br>|
| Class A2 | (42214)<br>|
| Institutional Class | (12147)<br>|
| **Net expenses** | **1390199** |
| **Net investment income** | **14087910** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments**  | **276280** |
| **Net change in unrealized gains (losses) on investments** | **1414931** |
| **Net realized and unrealized gains (losses) on investments** | **1691211** |
| **Net increase in net assets resulting from operations** | **$15779121** |

---

<sup>1</sup> For the period from July 1, 2025 to November 14, 2025. Effective at the close of business on November 14, 2025, Class C shares were converted to Class A shares and are no longer offered by the Fund.

<sup>2</sup> For the period from July 1, 2025 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.

26 \| Allspring Ultra Short-Term Municipal Income Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> December 31, 2025<br> (unaudited) | Six months ended<br> December 31, 2025<br> (unaudited) | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $14087910 |  | &nbsp;&nbsp; $22952022 |
| Net realized gains on investments |  | &nbsp;&nbsp; 276280 |  | &nbsp;&nbsp; 352612 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 1414931 |  | &nbsp;&nbsp; 5096567 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **15779121** |  | &nbsp;&nbsp; **28401201** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (2017722)<br>|  | &nbsp;&nbsp; (3890466)<br>|
| Class A2 |  | &nbsp;&nbsp; (1621840)<br>|  | &nbsp;&nbsp; (1277198)<br>|
| Class C |  | &nbsp;&nbsp; (15308 )<sup>1</sup><br>|  | &nbsp;&nbsp; (38938)<br>|
| Class R6 |  | &nbsp;&nbsp; (3329624)<br>|  | &nbsp;&nbsp; (7745186)<br>|
| Administrator Class |  | &nbsp;&nbsp; (42657 )<sup>2</sup><br>|  | &nbsp;&nbsp; (189485)<br>|
| Institutional Class |  | &nbsp;&nbsp; (7009503)<br>|  | &nbsp;&nbsp; (9417748)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(14036654)**<br>|  | &nbsp;&nbsp; **(22559021)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 1920723 | &nbsp;&nbsp; 18595942 | &nbsp;&nbsp; 1823025 | &nbsp;&nbsp; 17558969 |
| Class A2 | 21959024 | &nbsp;&nbsp; 212587519 | &nbsp;&nbsp; 3936921 | &nbsp;&nbsp; 37944434 |
| Class C | 27921 <br><sup>1</sup><br>| &nbsp;&nbsp; 268268 <br><sup>1</sup><br>| &nbsp;&nbsp; 20081 | &nbsp;&nbsp; 191968 |
| Class R6 | 5123320 | &nbsp;&nbsp; 49600476 | &nbsp;&nbsp; 14864215 | &nbsp;&nbsp; 143224318 |
| Administrator Class | 3 <br><sup>2</sup><br>| &nbsp;&nbsp; 27 <br><sup>2</sup><br>| &nbsp;&nbsp; 143144 | &nbsp;&nbsp; 1378493 |
| Institutional Class | 25389018 | &nbsp;&nbsp; 245936977 | &nbsp;&nbsp; 33708852 | &nbsp;&nbsp; 324808562 |
|  |  | &nbsp;&nbsp; 526989209 |  | &nbsp;&nbsp; 525106744 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 195693 | &nbsp;&nbsp; 1894308 | &nbsp;&nbsp; 378013 | &nbsp;&nbsp; 3645925 |
| Class A2 | 164716 | &nbsp;&nbsp; 1594903 | &nbsp;&nbsp; 132347 | &nbsp;&nbsp; 1276616 |
| Class C | 289 <br><sup>1</sup><br>| &nbsp;&nbsp; 2772 <br><sup>1</sup><br>| &nbsp;&nbsp; 449 | &nbsp;&nbsp; 4293 |
| Class R6 | 80481 | &nbsp;&nbsp; 779057 | &nbsp;&nbsp; 125789 | &nbsp;&nbsp; 1213235 |
| Administrator Class | 3542 <br><sup>2</sup><br>| &nbsp;&nbsp; 34304 <br><sup>2</sup><br>| &nbsp;&nbsp; 19309 | &nbsp;&nbsp; 186274 |
| Institutional Class | 688086 | &nbsp;&nbsp; 6662985 | &nbsp;&nbsp; 898853 | &nbsp;&nbsp; 8671119 |
|  |  | &nbsp;&nbsp; 10968329 |  | &nbsp;&nbsp; 14997462 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (1164994)<br>| &nbsp;&nbsp; (11277863)<br>| &nbsp;&nbsp; (2787536)<br>| &nbsp;&nbsp; (26871461)<br>|
| Class A2 | (4726818)<br>| &nbsp;&nbsp; (45764699)<br>| &nbsp;&nbsp; (2026395)<br>| &nbsp;&nbsp; (19539531)<br>|
| Class C | (13701 )<sup>1</sup><br>| &nbsp;&nbsp; (131768 )<sup>1</sup><br>| &nbsp;&nbsp; (57106)<br>| &nbsp;&nbsp; (545219)<br>|
| Class R6 | (5030580)<br>| &nbsp;&nbsp; (48703443)<br>| &nbsp;&nbsp; (19326691)<br>| &nbsp;&nbsp; (186265623)<br>|
| Administrator Class | (21361 )<sup>2</sup><br>| &nbsp;&nbsp; (206939 )<sup>2</sup><br>| &nbsp;&nbsp; (69798)<br>| &nbsp;&nbsp; (672987)<br>|
| Institutional Class | (19069593)<br>| &nbsp;&nbsp; (184690061)<br>| &nbsp;&nbsp; (28186789)<br>| &nbsp;&nbsp; (272020095)<br>|
|  |  | &nbsp;&nbsp; (290774773)<br>|  | &nbsp;&nbsp; (505914916)<br>|

---

<sup>1</sup> For the period from July 1, 2025 to November 14, 2025

<sup>2</sup> For the period from July 1, 2025 to September 12, 2025

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

Allspring Ultra Short-Term Municipal Income Fund \| 27

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> December 31, 2025<br> (unaudited) | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Class A<br>214429 <br><sup>3</sup><br>| &nbsp;&nbsp; $2074190 <br><sup>3</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Class C<br>(216217 )<sup>3</sup><br>| &nbsp;&nbsp; (2074190 )<sup>3</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Administrator Class<br>(770149 )<sup>4</sup><br>| &nbsp;&nbsp; (7477375 )<sup>4</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class<br>770085 <br><sup>4</sup><br>| &nbsp;&nbsp; 7477375 <br><sup>4</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net increase in net assets resulting from capital share transactions** | &nbsp;&nbsp; **247182765** |  | &nbsp;&nbsp; **34189290** |
| **Total increase in net assets** | &nbsp;&nbsp; **248925232** |  | &nbsp;&nbsp; **40031470** |
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **823142650** |  | &nbsp;&nbsp; **783111180** |
| **End of period** | &nbsp;&nbsp; **$1072067882** |  | &nbsp;&nbsp; **$823142650** |

---

<sup>3</sup> Effective at the close of business on November 14, 2025, Class C shares were converted to Class A shares and are no longer offered by the Fund.

<sup>4</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.

28 \| Allspring Ultra Short-Term Municipal Income Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.66** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.45** | &nbsp;&nbsp; **$9.61** | &nbsp;&nbsp; **$9.59** |
| Net investment income | 0.14 <br><sup>1</sup><br>| 0.27 <br><sup>1</sup><br>| 0.23 <br><sup>1</sup><br>| 0.13 <br><sup>1</sup><br>| 0.03 | 0.04 |
| Net realized and unrealized gains (losses) on investments | 0.02 | 0.06 | 0.10 | 0.04 | &nbsp;&nbsp; (0.16)<br>| 0.02 |
| Total from investment operations | 0.16 | 0.33 | 0.33 | 0.17 | &nbsp;&nbsp; (0.13)<br>| 0.06 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.14)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.04)<br>|
| **Net asset value, end of period** | **$9.68** | &nbsp;&nbsp; **$9.66** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.45** | &nbsp;&nbsp; **$9.61** |
| **Total return**<sup>2</sup> <br>| **1.61%**<br>| **3.47%**<br>| **3.57%**<br>| **1.83%**<br>| &nbsp;&nbsp; **(1.38)%**<br>| **0.62%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.68<br> %<br>| 0.68<br> %<br>| 0.66<br> %<br>| 0.67<br> %<br>| 0.66<br> %<br>| 0.66<br> %<br>|
| Net expenses | 0.47<br> %<br>| 0.48<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Net investment income | 2.78<br> %<br>| 2.85<br> %<br>| 2.40<br> %<br>| 1.37<br> %<br>| 0.29<br> %<br>| 0.42<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 22<br> %<br>| &nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 30<br> %<br>|
| Net assets, end of period (000s omitted) | $147986 | &nbsp;&nbsp; $136405 | &nbsp;&nbsp; $141123 | &nbsp;&nbsp; $224086 | &nbsp;&nbsp; $291008 | &nbsp;&nbsp; $317609 |

---

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

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

Allspring Ultra Short-Term Municipal Income Fund \| 29

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A2 | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.66** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.45** | &nbsp;&nbsp; **$9.61** | &nbsp;&nbsp; **$9.59** |
| Net investment income | 0.14 <br><sup>1</sup><br>| 0.28 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.14 <br><sup>1</sup><br>| 0.03 | 0.04 |
| Net realized and unrealized gains (losses) on investments | 0.02 | 0.06 | 0.10 | 0.04 | &nbsp;&nbsp; (0.16)<br>| 0.02 |
| Total from investment operations | 0.16 | 0.34 | 0.34 | 0.18 | &nbsp;&nbsp; (0.13)<br>| 0.06 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.14)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.04)<br>|
| **Net asset value, end of period** | **$9.68** | &nbsp;&nbsp; **$9.66** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.45** | &nbsp;&nbsp; **$9.61** |
| **Total return**<sup>2</sup> <br>| **1.65%**<br>| **3.56%**<br>| **3.67%**<br>| **1.93%**<br>| &nbsp;&nbsp; **(1.36)%**<br>| **0.62%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.58<br> %<br>| 0.58<br> %<br>| 0.56<br> %<br>| 0.57<br> %<br>| 0.64<br> %<br>| 0.66<br> %<br>|
| Net expenses | 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.48<br> %<br>| 0.50<br> %<br>|
| Net investment income | 2.86<br> %<br>| 2.94<br> %<br>| 2.56<br> %<br>| 1.45<br> %<br>| 0.29<br> %<br>| 0.40<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 22<br> %<br>| &nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 30<br> %<br>|
| Net assets, end of period (000s omitted) | $220657 | &nbsp;&nbsp; $52099 | &nbsp;&nbsp; $32151 | &nbsp;&nbsp; $22782 | &nbsp;&nbsp; $39575 | &nbsp;&nbsp; $42354 |

---

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

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

30 \| Allspring Ultra Short-Term Municipal Income Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class R6 | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.66** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.45** | &nbsp;&nbsp; **$9.61** | &nbsp;&nbsp; **$9.59** |
| Net investment income | 0.15 <br><sup>1</sup><br>| 0.30 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.15 <br><sup>1</sup><br>| 0.06 | 0.07 |
| Net realized and unrealized gains (losses) on investments | 0.02 | 0.06 | 0.10 | 0.05 | &nbsp;&nbsp; (0.16)<br>| 0.02 |
| Total from investment operations | 0.17 | 0.36 | 0.36 | 0.20 | &nbsp;&nbsp; (0.10)<br>| 0.09 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.15)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.07)<br>|
| **Net asset value, end of period** | **$9.68** | &nbsp;&nbsp; **$9.66** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.45** | &nbsp;&nbsp; **$9.61** |
| **Total return**<sup>2</sup> <br>| **1.75%**<br>| **3.77%**<br>| **3.88%**<br>| **2.13%**<br>| &nbsp;&nbsp; **(1.09)%**<br>| **0.92%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.31<br> %<br>| 0.31<br> %<br>| 0.29<br> %<br>| 0.29<br> %<br>| 0.28<br> %<br>| 0.28<br> %<br>|
| Net expenses | 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>|
| Net investment income | 3.05<br> %<br>| 3.12<br> %<br>| 2.74<br> %<br>| 1.61<br> %<br>| 0.56<br> %<br>| 0.71<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 22<br> %<br>| &nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 30<br> %<br>|
| Net assets, end of period (000s omitted) | $224597 | &nbsp;&nbsp; $222436 | &nbsp;&nbsp; $262581 | &nbsp;&nbsp; $272993 | &nbsp;&nbsp; $668633 | &nbsp;&nbsp; $1032413 |

---

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

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

Allspring Ultra Short-Term Municipal Income Fund \| 31

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.66** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.45** | &nbsp;&nbsp; **$9.61** | &nbsp;&nbsp; **$9.59** |
| Net investment income | 0.15 <br><sup>1</sup><br>| 0.30 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.15 <br><sup>1</sup><br>| 0.05 | 0.06 |
| Net realized and unrealized gains (losses) on investments | 0.02 | 0.05 | 0.10 | 0.05 | &nbsp;&nbsp; (0.16)<br>| 0.02 |
| Total from investment operations | 0.17 | 0.35 | 0.36 | 0.20 | &nbsp;&nbsp; (0.11)<br>| 0.08 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.15)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.06)<br>|
| **Net asset value, end of period** | **$9.68** | &nbsp;&nbsp; **$9.66** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.45** | &nbsp;&nbsp; **$9.61** |
| **Total return**<sup>2</sup> <br>| **1.73%**<br>| **3.72%**<br>| **3.83%**<br>| **2.08%**<br>| &nbsp;&nbsp; **(1.14)%**<br>| **0.87%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.37<br> %<br>| 0.36<br> %<br>| 0.34<br> %<br>| 0.34<br> %<br>| 0.33<br> %<br>| 0.33<br> %<br>|
| Net expenses | 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>|
| Net investment income | 3.00<br> %<br>| 3.08<br> %<br>| 2.70<br> %<br>| 1.58<br> %<br>| 0.52<br> %<br>| 0.66<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 22<br> %<br>| &nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 30<br> %<br>|
| Net assets, end of period (000s omitted) | $478828 | &nbsp;&nbsp; $402658 | &nbsp;&nbsp; $338315 | &nbsp;&nbsp; $315246 | &nbsp;&nbsp; $734360 | &nbsp;&nbsp; $783690 |

---

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

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

32 \| Allspring Ultra Short-Term Municipal Income Fund

------

Notes to financial statements (unaudited)

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 Ultra Short-Term Municipal Income Fund (the "Fund") which is a diversified series of the Trust.

Effective at the close of business on September 12, 2025, Administrator Class shares were converted to 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. Additionally, effective at the close of business on November 14, 2025, Class C shares were converted to Class A shares in a tax-free conversion. Shareholders of Class C received Class A shares at a value equal to the value of their Class C shares immediately prior to the conversion. Class C 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.

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.

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.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. 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 Ultra Short-Term Municipal Income Fund \| 33

------

Notes to financial statements (unaudited)

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 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 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 December 31, 2025, the aggregate cost of all investments for federal income tax purposes was $1,047,714,896 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $2866338 |
| Gross unrealized losses | &nbsp;&nbsp; (540001)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$2326337** |

---

As of June 30, 2025, the Fund had capital loss carryforwards which consisted of $5,280,159 in short-term capital losses and $25,917,487 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;

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 December 31, 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:** |  |  |  |  |
| **Closed-end fund obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $13450000 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $13450000 |
| **Municipal obligations** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1025779617 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1025779617 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 10811616 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 10811616 |
| **Total assets** | &nbsp;&nbsp; **$10811616** | &nbsp;&nbsp;&nbsp; **$1039229617** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1050041233** |

---

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

At December 31, 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

34 \| Allspring Ultra Short-Term Municipal Income Fund

------

Notes to financial statements (unaudited)

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 $1 billion | 0.250<br> %<br>|
| Next $4 billion | 0.225 |
| Next $5 billion | 0.190 |
| Over $10 billion | 0.180 |

---

For the six months ended December 31, 2025, the management fee was equivalent to an annual rate of 0.25% 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 | 0.15<br> %<br>|
| Class A2 | 0.15 |
| Class C | 0.15 |
| Class R6 | 0.03 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or 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 October 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 December 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.50<br> %<br>|
| Class A2 | 0.40 |
| Class R6 | 0.20 |
| Institutional Class | 0.25 |

---

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 six months ended December 31, 2025, Allspring Funds Distributor received $1,851 from the sale of Class A shares and $317 in contingent deferred sales charges from redemptions of Class A shares. No contingent deferred sales charges were incurred by Class C shares for the six months ended December 31, 2025.

Allspring Ultra Short-Term Municipal Income Fund \| 35

------

Notes to financial statements (unaudited)

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. Class A2 shares are charged a fee at an annual rate up to 0.15% of its average daily net assets. 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 had $168,220,000, $117,595,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the six months ended December 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2025 were $203,931,312 and $138,262,218, 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 six months ended December 31, 2025, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

8. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined 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.

9. 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 includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

36 \| Allspring Ultra Short-Term Municipal Income Fund

------

Other information (unaudited)

Other information

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 Ultra Short-Term Municipal Income Fund \| 37

------

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.

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Not Applicable

38 \| Allspring Ultra Short-Term Municipal Income Fund

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![](g805823img46b209ee1.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**

![](g805823img5ab2a72d2.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.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS3011 12-25**

------

![](g805823img4306cd1c1.jpg)

Allspring High Yield Municipal Bond Fund

Long Form Financial Statements

Semi-Annual Report

December 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_a90e8958-4e8a-4d64-a9ad-dcb06870191a_POI-PageBlank-55_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_a90e8958-4e8a-4d64-a9ad-dcb06870191a_FS-PageBlank-55_1)** |  |
| [Statement of assets and liabilities](#xx_a90e8958-4e8a-4d64-a9ad-dcb06870191a_FS-PageBlank-55_1) | 15 |
| [Statement of operations](#xx_a90e8958-4e8a-4d64-a9ad-dcb06870191a_FS-PageBlank-55_2) | 16 |
| [Statement of changes in net assets](#xx_a90e8958-4e8a-4d64-a9ad-dcb06870191a_FS-PageBlank-55_3) | 17 |
| [Financial highlights](#xx_a90e8958-4e8a-4d64-a9ad-dcb06870191a_FIHI-PageBlank-55_1) | 19 |
| **[Notes to financial statements](#xx_a90e8958-4e8a-4d64-a9ad-dcb06870191a_NTF-PageBlank-55_1)** | 23 |
| **[Other information](#xx_a90e8958-4e8a-4d64-a9ad-dcb06870191a_OI-PageBlank-55_1)** | 27 |
| [Item 8. Changes in and disagreements with accountants](#xx_a90e8958-4e8a-4d64-a9ad-dcb06870191a_OI-PageBlank-55_2) | 28 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_a90e8958-4e8a-4d64-a9ad-dcb06870191a_OI-PageBlank-55_2) | 28 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_a90e8958-4e8a-4d64-a9ad-dcb06870191a_OI-PageBlank-55_2) | 28 |
| [Item 11. Statement regarding basis for board](#xx_a90e8958-4e8a-4d64-a9ad-dcb06870191a_OI-PageBlank-55_2)['](#xx_a90e8958-4e8a-4d64-a9ad-dcb06870191a_OI-PageBlank-55_2)[s approval of investment](#xx_a90e8958-4e8a-4d64-a9ad-dcb06870191a_OI-PageBlank-55_2)<br> [advisory contract](#xx_a90e8958-4e8a-4d64-a9ad-dcb06870191a_OI-PageBlank-55_2)<br>| 28 |

---

Allspring High Yield Municipal Bond Fund \| 1

------

Portfolio of investments—December 31, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Municipal obligations: 98.39%** |  |  |  |  |
| **Alabama: 2.95%** |  |  |  |  |
| **Education revenue: 0.54%** |  |  |  |  |
| &nbsp;&nbsp; Homewood Educational Building Authority CHF - Horizons II LLC <br> Series C<br>| 5.50<br> %<br>| &nbsp;&nbsp; 10-1-2054 | $1000000 | &nbsp;&nbsp; **$1008608** |
| **Resource recovery revenue: 1.02%** |  |  |  |  |
| Mobile County IDA AM/NS Calvert LLC Series A AMT | 5.00 | &nbsp;&nbsp; 6-1-2054 | 2000000 | &nbsp;&nbsp; **1908822** |
| **Utilities revenue: 1.39%** |  |  |  |  |
| Black Belt Energy Gas District Series B | 5.00 | &nbsp;&nbsp; 10-1-2035 | 1500000 | &nbsp;&nbsp; 1545019 |
| Black Belt Energy Gas District Series Eøø | 5.00 | &nbsp;&nbsp; 12-1-2055 | 1000000 | &nbsp;&nbsp; 1069396 |
|  |  |  |  | &nbsp;&nbsp; **2614415** |
|  |  |  |  | &nbsp;&nbsp; **5531845** |
| **Arizona: 0.96%** |  |  |  |  |
| **Education revenue: 0.48%** |  |  |  |  |
| Sierra Vista IDA American Leadership Academy, Inc.144A | 5.00 | &nbsp;&nbsp; 6-15-2054 | 1000000 | &nbsp;&nbsp; **897627** |
| **Health revenue: 0.48%** |  |  |  |  |
| Tempe IDA Mirabella at ASU, Inc. Series A144A | 6.13 | &nbsp;&nbsp; 10-1-2052 | 1400000 | &nbsp;&nbsp; **900508** |
|  |  |  |  | &nbsp;&nbsp; **1798135** |
| **Arkansas: 0.53%** |  |  |  |  |
| **Industrial development revenue: 0.53%** |  |  |  |  |
| &nbsp;&nbsp; Arkansas Development Finance Authority United States Steel Corp. <br> AMT<br>| 5.45 | &nbsp;&nbsp; 9-1-2052 | 1000000 | &nbsp;&nbsp; **1000505** |
| **California: 2.93%** |  |  |  |  |
| **Airport revenue: 0.54%** |  |  |  |  |
| &nbsp;&nbsp; California Municipal Finance Authority LAX Integrated Express <br> Solutions LLC Series A-P3 AMT<br>| 5.00 | &nbsp;&nbsp; 12-31-2043 | 1000000 | &nbsp;&nbsp; **1004735** |
| **Education revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; California Infrastructure & Economic Development Bank WFCS <br> Holdings II LLC Series A-1144A<br>| 5.00 | &nbsp;&nbsp; 1-1-2056 | 250000 | &nbsp;&nbsp; **214508** |
| **Health revenue: 0.24%** |  |  |  |  |
| California PFA Kendal at Sonoma Obligated Group Series A144A | 5.00 | &nbsp;&nbsp; 11-15-2046 | 500000 | &nbsp;&nbsp; **457472** |
| **Housing revenue: 1.47%** |  |  |  |  |
| &nbsp;&nbsp; California PFA P3 Irvine SL Holdings LLC Obligated Group <br> Series A144A<br>| 6.50 | &nbsp;&nbsp; 6-1-2054 | 2000000 | &nbsp;&nbsp; 1956346 |
| &nbsp;&nbsp; California Statewide CDA Community Improvement Authority 1818 <br> Platinum Triangle-Anaheim Series B144A<br>| 4.00 | &nbsp;&nbsp; 4-1-2057 | 500000 | &nbsp;&nbsp; 368639 |
| Compton PFA144A | 4.00 | &nbsp;&nbsp; 9-1-2027 | 425000 | &nbsp;&nbsp; 424995 |
|  |  |  |  | &nbsp;&nbsp; **2749980** |
| **Utilities revenue: 0.57%** |  |  |  |  |
| California Community Choice Financing Authority Series Cøø | 5.25 | &nbsp;&nbsp; 1-1-2054 | 1000000 | &nbsp;&nbsp; **1062541** |
|  |  |  |  | &nbsp;&nbsp; **5489236** |

---

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

2 \| Allspring High Yield Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Colorado: 10.39%** |  |  |  |  |
| **Education revenue: 0.22%** |  |  |  |  |
| Colorado ECFA New Summit Academy Series A144A | 4.00<br> %<br>| &nbsp;&nbsp; 7-1-2061 | $600000 | &nbsp;&nbsp; **$415370** |
| **GO revenue: 7.02%** |  |  |  |  |
| Aerotropolis Regional Transportation Authority144A | 5.75 | &nbsp;&nbsp; 12-1-2054 | 1015000 | &nbsp;&nbsp; 1015131 |
| Canyons Metropolitan District No. 5 Series B | 6.50 | &nbsp;&nbsp; 12-15-2054 | 1000000 | &nbsp;&nbsp; 997709 |
| Cornerstar Metropolitan District Series A | 5.25 | &nbsp;&nbsp; 12-1-2047 | 1000000 | &nbsp;&nbsp; 969669 |
| Denver International Business Center Metropolitan District No. 1 | 6.00 | &nbsp;&nbsp; 12-1-2048 | 1141000 | &nbsp;&nbsp; 1143899 |
| Mineral Business Improvement District Series A144A | 5.75 | &nbsp;&nbsp; 12-1-2054 | 1250000 | &nbsp;&nbsp; 1257948 |
| Mirabelle Metropolitan District No. 2 Series B | 6.13 | &nbsp;&nbsp; 12-15-2049 | 1591000 | &nbsp;&nbsp; 1577526 |
| Riverpark Metropolitan District/Arapahoe County | 6.38 | &nbsp;&nbsp; 12-1-2054 | 1150000 | &nbsp;&nbsp; 1174759 |
| St. Vrain Lakes Metropolitan District No. 2 Series B | 6.38 | &nbsp;&nbsp; 11-15-2054 | 1000000 | &nbsp;&nbsp; 995709 |
| St. Vrain Lakes Metropolitan District No. 4 Series A CCAB144A¤ | 0.00 | &nbsp;&nbsp; 9-20-2054 | 1000000 | &nbsp;&nbsp; 707136 |
| &nbsp;&nbsp; Sterling Ranch Community Authority Board Metropolitan District No. 4 <br> Subdistrict B Series A144A<br>| 5.75 | &nbsp;&nbsp; 12-1-2054 | 1500000 | &nbsp;&nbsp; 1507834 |
| Trails at Crowfoot Metropolitan District No. 3 Series B | 6.88 | &nbsp;&nbsp; 12-15-2052 | 500000 | &nbsp;&nbsp; 500215 |
| Village Metropolitan District Series A | 5.75 | &nbsp;&nbsp; 12-1-2055 | 1300000 | &nbsp;&nbsp; 1311355 |
|  |  |  |  | &nbsp;&nbsp; **13158890** |
| **Housing revenue: 1.07%** |  |  |  |  |
| Colorado Health Facilities Authority BSLC II Obligated Group | 5.25 | &nbsp;&nbsp; 9-15-2045 | 2000000 | &nbsp;&nbsp; **2006477** |
| **Miscellaneous revenue: 0.79%** |  |  |  |  |
| Pinery Commercial Metropolitan District No. 2 | 5.75 | &nbsp;&nbsp; 12-1-2054 | 1500000 | &nbsp;&nbsp; **1490148** |
| **Tax revenue: 1.02%** |  |  |  |  |
| Palisade Metropolitan District No. 2 Series B CCAB144A¤ | 0.00 | &nbsp;&nbsp; 12-15-2054 | 1000000 | &nbsp;&nbsp; 954007 |
| Pueblo Urban Renewal Authority Sales Tax Revenue | 5.00 | &nbsp;&nbsp; 6-1-2036 | 1000000 | &nbsp;&nbsp; 967247 |
|  |  |  |  | &nbsp;&nbsp; **1921254** |
| **Transportation revenue: 0.27%** |  |  |  |  |
| &nbsp;&nbsp; Colorado High Performance Transportation Enterprise Plenary Roads <br> Denver LLC AMT<br>| 5.75 | &nbsp;&nbsp; 1-1-2044 | 500000 | &nbsp;&nbsp; **500356** |
|  |  |  |  | &nbsp;&nbsp; **19492495** |
| **Connecticut: 0.81%** |  |  |  |  |
| **Health revenue: 0.81%** |  |  |  |  |
| &nbsp;&nbsp; Stamford Housing Authority TJH Senior Living LLC Obligated Group <br> Series 2025D<br>| 6.50 | &nbsp;&nbsp; 10-1-2055 | 1500000 | &nbsp;&nbsp; **1526293** |
| **Delaware: 0.27%** |  |  |  |  |
| **Health revenue: 0.27%** |  |  |  |  |
| &nbsp;&nbsp; Delaware State EDA ACTS Retirement-Life Communities, Inc. <br> Obligated Group Series B<br>| 5.25 | &nbsp;&nbsp; 11-15-2053 | 500000 | &nbsp;&nbsp; **504102** |

---

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

Allspring High Yield Municipal Bond Fund \| 3

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **District of Columbia: 1.66%** |  |  |  |  |
| **Education revenue: 1.49%** |  |  |  |  |
| District of Columbia Rocketship DC Obligated Group Series A | 5.75<br> %<br>| &nbsp;&nbsp; 6-1-2054 | $1000000 | &nbsp;&nbsp; $970911 |
| District of Columbia Two Rivers Public Charter School, Inc. | 5.00 | &nbsp;&nbsp; 6-1-2050 | 1940000 | &nbsp;&nbsp; 1828487 |
|  |  |  |  | &nbsp;&nbsp; **2799398** |
| **Tobacco revenue: 0.17%** |  |  |  |  |
| District of Columbia Tobacco Settlement Financing Corp. | 6.75 | &nbsp;&nbsp; 5-15-2040 | 305000 | &nbsp;&nbsp; **314555** |
|  |  |  |  | &nbsp;&nbsp; **3113953** |
| **Florida: 7.98%** |  |  |  |  |
| **Education revenue: 2.70%** |  |  |  |  |
| &nbsp;&nbsp; Capital Projects Finance Authority IPS Enterprises, Inc. Projects <br> Series A144A<br>| 7.00 | &nbsp;&nbsp; 6-15-2030 | 1000000 | &nbsp;&nbsp; 1031228 |
| &nbsp;&nbsp; Capital Trust Agency, Inc. Pineapple Cove Classical Academy, Inc. <br> Series A144A<br>| 5.13 | &nbsp;&nbsp; 7-1-2039 | 2000000 | &nbsp;&nbsp; 1965934 |
| Capital Trust Authority Kipp Miami Obligated Group Series A144A | 6.00 | &nbsp;&nbsp; 6-15-2054 | 655000 | &nbsp;&nbsp; 663220 |
| &nbsp;&nbsp; Florida Development Finance Corp. Global Outreach Charter Academy <br> Obligated Group Series A144A<br>| 4.00 | &nbsp;&nbsp; 6-30-2056 | 625000 | &nbsp;&nbsp; 403470 |
| Miami-Dade County IDA Youth Co-Op, Inc. Series A144A | 6.00 | &nbsp;&nbsp; 9-15-2045 | 1000000 | &nbsp;&nbsp; 1000067 |
|  |  |  |  | &nbsp;&nbsp; **5063919** |
| **Health revenue: 3.43%** |  |  |  |  |
| &nbsp;&nbsp; City of Venice Southwest Florida Retirement Center, Inc. Obligated <br> Group Series A144A<br>| 5.50 | &nbsp;&nbsp; 1-1-2055 | 1000000 | &nbsp;&nbsp; 974900 |
| &nbsp;&nbsp; Florida Local Government Finance Commission Ponte Vedra Pine <br> Co. LLC Obligated Group Series B-3144A<br>| 4.20 | &nbsp;&nbsp; 11-15-2030 | 500000 | &nbsp;&nbsp; 503110 |
| Holmes County Hospital Corp. | 6.00 | &nbsp;&nbsp; 11-1-2038 | 250000 | &nbsp;&nbsp; 215024 |
| &nbsp;&nbsp; Lee County IDA Cypress Cove at Healthpark Florida Obligated Group <br> Series A<br>| 5.25 | &nbsp;&nbsp; 10-1-2052 | 1000000 | &nbsp;&nbsp; 932695 |
| Lee County IDA Shell Point Obligated Group Series A | 5.25 | &nbsp;&nbsp; 11-15-2054 | 2000000 | &nbsp;&nbsp; 2013837 |
| &nbsp;&nbsp; Orange County Health Facilities Authority Presbyterian Retirement <br> Communities, Inc. Obligated Group<br>| 5.00 | &nbsp;&nbsp; 8-1-2054 | 1000000 | &nbsp;&nbsp; 984499 |
| St. Johns County IDA Life Care Ponte Vedra Obligated Group Series A | 4.00 | &nbsp;&nbsp; 12-15-2046 | 1000000 | &nbsp;&nbsp; 808550 |
|  |  |  |  | &nbsp;&nbsp; **6432615** |
| **Housing revenue: 0.76%** |  |  |  |  |
| &nbsp;&nbsp; Capital Projects Finance Authority Trilogy Community Development <br> Foundation, Inc. Obligated Group Series A144A<br>| 7.25 | &nbsp;&nbsp; 1-1-2055 | 500000 | &nbsp;&nbsp; 521408 |
| &nbsp;&nbsp; Capital Projects Finance Authority UnionWest Properties LLC <br> Series 2024A-1144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2054 | 1000000 | &nbsp;&nbsp; 912350 |
|  |  |  |  | &nbsp;&nbsp; **1433758** |
| **Miscellaneous revenue: 0.87%** |  |  |  |  |
| &nbsp;&nbsp; Village Community Development District No. 15 Series 2023 Phase I <br> Special Assessment144A<br>| 5.25 | &nbsp;&nbsp; 5-1-2054 | 975000 | &nbsp;&nbsp; 979762 |
| &nbsp;&nbsp; Village Community Development District No. 16 Series 2025 Special <br> Assessment<br>| 4.88 | &nbsp;&nbsp; 5-1-2045 | 650000 | &nbsp;&nbsp; 651703 |
|  |  |  |  | &nbsp;&nbsp; **1631465** |

---

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

4 \| Allspring High Yield Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Water & sewer revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp; Charlotte County IDA MSKP Town & Country Utility LLC Series A <br> AMT144A<br>| 4.00<br> %<br>| &nbsp;&nbsp; 10-1-2051 | $500000 | &nbsp;&nbsp; $**408453** |
|  |  |  |  | &nbsp;&nbsp; **14970210** |
| **Georgia: 1.69%** |  |  |  |  |
| **Housing revenue: 0.40%** |  |  |  |  |
| &nbsp;&nbsp; Development Authority of Cobb County Kennesaw State University <br> Real Estate Obligated Group 2015 ABC Series C<br>| 5.00 | &nbsp;&nbsp; 7-15-2028 | 745000 | &nbsp;&nbsp; **745501** |
| **Industrial development revenue: 0.74%** |  |  |  |  |
| &nbsp;&nbsp; George L Smith II Congress Center Authority Signia Hotel <br> Management LLC Series B144A<br>| 5.00 | &nbsp;&nbsp; 1-1-2054 | 1460000 | &nbsp;&nbsp; **1386571** |
| **Tax revenue: 0.55%** |  |  |  |  |
| &nbsp;&nbsp; Atlanta Development Authority Westside Tax Allocation District Gulch <br> Area Series A144A<br>| 5.50 | &nbsp;&nbsp; 4-1-2039 | 1000000 | &nbsp;&nbsp; **1030624** |
|  |  |  |  | &nbsp;&nbsp; **3162696** |
| **Guam: 0.28%** |  |  |  |  |
| **Airport revenue: 0.28%** |  |  |  |  |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.38 | &nbsp;&nbsp; 10-1-2043 | 500000 | &nbsp;&nbsp; **521687** |
| **Idaho: 0.13%** |  |  |  |  |
| **Education revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Idaho Housing & Finance Association Legacy Public Charter School, <br> Inc. Series A<br>| 6.25 | &nbsp;&nbsp; 5-1-2043 | 250000 | &nbsp;&nbsp; **250183** |
| **Illinois: 5.18%** |  |  |  |  |
| **Education revenue: 0.49%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Acero Charter Schools, Inc. Obligated <br> Group144A<br>| 4.00 | &nbsp;&nbsp; 10-1-2042 | 250000 | &nbsp;&nbsp; 217132 |
| Illinois Finance Authority Art in Motion Series A144A | 5.00 | &nbsp;&nbsp; 7-1-2051 | 1000000 | &nbsp;&nbsp; 710838 |
|  |  |  |  | &nbsp;&nbsp; **927970** |
| **GO revenue: 2.75%** |  |  |  |  |
| Chicago Board of Education Dedicated Capital Improvement Tax | 5.75 | &nbsp;&nbsp; 4-1-2048 | 500000 | &nbsp;&nbsp; 524737 |
| Chicago Board of Education Series A | 5.75 | &nbsp;&nbsp; 12-1-2050 | 2000000 | &nbsp;&nbsp; 1988687 |
| Chicago Board of Education Series C | 6.00 | &nbsp;&nbsp; 12-1-2038 | 1500000 | &nbsp;&nbsp; 1622481 |
| City of Chicago Series A | 5.50 | &nbsp;&nbsp; 1-1-2041 | 500000 | &nbsp;&nbsp; 510086 |
| City of Chicago Series A | 5.50 | &nbsp;&nbsp; 1-1-2043 | 500000 | &nbsp;&nbsp; 504982 |
|  |  |  |  | &nbsp;&nbsp; **5150973** |
| **Housing revenue: 0.53%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series A<br>| 5.00 | &nbsp;&nbsp; 6-15-2050 | 1000000 | &nbsp;&nbsp; **994712** |
| **Miscellaneous revenue: 0.81%** |  |  |  |  |
| Illinois Finance Authority Chicago Theatre Group, Inc. Series A144A | 6.13 | &nbsp;&nbsp; 10-1-2050 | 1500000 | &nbsp;&nbsp; **1517868** |

---

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

Allspring High Yield Municipal Bond Fund \| 5

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue: 0.60%** |  |  |  |  |
| Village of Hillside Mannheim Redevelopment Project Area | 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2030 | $1125000 | &nbsp;&nbsp; $**1132683** |
|  |  |  |  | &nbsp;&nbsp; **9724206** |
| **Indiana: 3.01%** |  |  |  |  |
| **Health revenue: 1.92%** |  |  |  |  |
| Indiana Finance Authority Hendricks County Hospital Obligated Group | 5.25 | &nbsp;&nbsp; 3-1-2054 | 1500000 | &nbsp;&nbsp; 1545063 |
| &nbsp;&nbsp; Indiana Finance Authority Methodist Hospitals, Inc. Obligated Group <br> Series A<br>| 5.50 | &nbsp;&nbsp; 9-15-2044 | 2000000 | &nbsp;&nbsp; 2045753 |
|  |  |  |  | &nbsp;&nbsp; **3590816** |
| **Industrial development revenue: 1.09%** |  |  |  |  |
| City of Valparaiso Pratt Paper LLC AMT144A | 5.00 | &nbsp;&nbsp; 1-1-2054 | 500000 | &nbsp;&nbsp; 486117 |
| Indianapolis Local Public Improvement Bond Bank Series E | 6.00 | &nbsp;&nbsp; 3-1-2053 | 1500000 | &nbsp;&nbsp; 1563597 |
|  |  |  |  | &nbsp;&nbsp; **2049714** |
|  |  |  |  | &nbsp;&nbsp; **5640530** |
| **Iowa: 1.27%** |  |  |  |  |
| **Health revenue: 0.90%** |  |  |  |  |
| &nbsp;&nbsp; Iowa Finance Authority Lifespace Communities, Inc. Obligated Group <br> Series 2024 A&B<br>| 5.00 | &nbsp;&nbsp; 5-15-2049 | 1000000 | &nbsp;&nbsp; 929846 |
| Iowa Finance Authority Presbyterian Homes Mill Pond Apartment, Inc. | 5.50 | &nbsp;&nbsp; 10-1-2045 | 750000 | &nbsp;&nbsp; 757186 |
|  |  |  |  | &nbsp;&nbsp; **1687032** |
| **Housing revenue: 0.37%** |  |  |  |  |
| City of Stuart Series B | 5.25 | &nbsp;&nbsp; 6-1-2045 | 680000 | &nbsp;&nbsp; **684483** |
|  |  |  |  | &nbsp;&nbsp; **2371515** |
| **Kansas: 1.68%** |  |  |  |  |
| **Health revenue: 1.00%** |  |  |  |  |
| City of Wichita Presbyterian Manors Obligated Group Series VIII | 5.88 | &nbsp;&nbsp; 5-15-2050 | 1000000 | &nbsp;&nbsp; 946601 |
| &nbsp;&nbsp; Kansas Development Finance Authority Village Shalom Obligated <br> Group Series A<br>| 5.25 | &nbsp;&nbsp; 11-15-2033 | 1000000 | &nbsp;&nbsp; 933737 |
|  |  |  |  | &nbsp;&nbsp; **1880338** |
| **Tax revenue: 0.68%** |  |  |  |  |
| &nbsp;&nbsp; Wyandotte County-Kansas City Unified Government Sales Tax <br> Revenue CAB144A¤<br>| 0.00 | &nbsp;&nbsp; 9-1-2034 | 2250000 | &nbsp;&nbsp; **1273132** |
|  |  |  |  | &nbsp;&nbsp; **3153470** |
| **Kentucky: 0.53%** |  |  |  |  |
| **Health revenue: 0.53%** |  |  |  |  |
| Kentucky EDFA Kenton Housing Obligated Group | 5.50 | &nbsp;&nbsp; 11-15-2035 | 1000000 | &nbsp;&nbsp; **988166** |
| **Louisiana: 0.70%** |  |  |  |  |
| **Airport revenue: 0.70%** |  |  |  |  |
| &nbsp;&nbsp; New Orleans Aviation Board Louis Armstrong International Airport <br> Series B AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2048 | 1305000 | &nbsp;&nbsp; **1305261** |

---

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

6 \| Allspring High Yield Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Maryland: 1.21%** |  |  |  |  |
| **Tax revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Economic Development Corp. City of Baltimore Port <br> Covington Development District<br>| 4.00<br> %<br>| &nbsp;&nbsp; 9-1-2050 | $500000 | &nbsp;&nbsp; **$418611** |
| **Transportation revenue: 0.99%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Economic Development Corp. Purple Line Transit <br> Partners LLC Series B AMT<br>| 5.25 | &nbsp;&nbsp; 6-30-2055 | 1900000 | &nbsp;&nbsp; **1853191** |
|  |  |  |  | &nbsp;&nbsp; **2271802** |
| **Massachusetts: 0.54%** |  |  |  |  |
| **Health revenue: 0.54%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Salem Community Corp. <br> Obligated Group<br>| 5.13 | &nbsp;&nbsp; 1-1-2040 | 1000000 | &nbsp;&nbsp; **1003399** |
| **Michigan: 0.24%** |  |  |  |  |
| **Education revenue: 0.20%** |  |  |  |  |
| Michigan Finance Authority Bradford Academy | 4.80 | &nbsp;&nbsp; 9-1-2040 | 150000 | &nbsp;&nbsp; 128954 |
| Michigan Public Educational Facilities Authority Crescent Academy | 7.00 | &nbsp;&nbsp; 10-1-2036 | 245000 | &nbsp;&nbsp; 245172 |
|  |  |  |  | &nbsp;&nbsp; **374126** |
| **Miscellaneous revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; Michigan Public Educational Facilities Authority Chandler Park <br> Academy<br>| 6.35 | &nbsp;&nbsp; 11-1-2028 | 80000 | &nbsp;&nbsp; **80066** |
|  |  |  |  | &nbsp;&nbsp; **454192** |
| **Minnesota: 1.65%** |  |  |  |  |
| **Education revenue: 1.30%** |  |  |  |  |
| City of Deephaven Eagle Ridge Academy Series A | 5.00 | &nbsp;&nbsp; 7-1-2030 | 195000 | &nbsp;&nbsp; 195160 |
| City of Ramsey PACT Charter School Series A | 5.00 | &nbsp;&nbsp; 6-1-2032 | 1000000 | &nbsp;&nbsp; 1011857 |
| City of St. Cloud Athlos Academy Series A144A† | 5.25 | &nbsp;&nbsp; 6-1-2032 | 1000000 | &nbsp;&nbsp; 740000 |
| City of Woodbury Leadership Academy Series A | 4.00 | &nbsp;&nbsp; 7-1-2051 | 660000 | &nbsp;&nbsp; 487465 |
|  |  |  |  | &nbsp;&nbsp; **2434482** |
| **Housing revenue: 0.35%** |  |  |  |  |
| City of Minneapolis Riverton Community Housing | 4.70 | &nbsp;&nbsp; 8-1-2026 | 310000 | &nbsp;&nbsp; 310031 |
| City of Minneapolis Riverton Community Housing | 4.80 | &nbsp;&nbsp; 8-1-2027 | 350000 | &nbsp;&nbsp; 350098 |
|  |  |  |  | &nbsp;&nbsp; **660129** |
|  |  |  |  | &nbsp;&nbsp; **3094611** |
| **Missouri: 0.66%** |  |  |  |  |
| **Health revenue: 0.66%** |  |  |  |  |
| &nbsp;&nbsp; HEFA of the State of Missouri Lutheran Senior Services Obligated <br> Group Series A<br>| 5.25 | &nbsp;&nbsp; 2-1-2054 | 1250000 | &nbsp;&nbsp; **1242958** |
| **New Jersey: 1.26%** |  |  |  |  |
| **Airport revenue: 0.27%** |  |  |  |  |
| New Jersey EDA Port Newark Container Terminal LLC AMT | 5.00 | &nbsp;&nbsp; 10-1-2047 | 500000 | &nbsp;&nbsp; **500103** |

---

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

Allspring High Yield Municipal Bond Fund \| 7

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue: 0.90%** |  |  |  |  |
| &nbsp;&nbsp; Camden County Improvement Authority Prep High School <br> Project144A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-15-2042 | $1175000 | &nbsp;&nbsp; $1187213 |
| &nbsp;&nbsp; Passaic County Improvement Authority Paterson Arts & <br> Science Charter School<br>| 5.38 | &nbsp;&nbsp; 7-1-2053 | 500000 | &nbsp;&nbsp; 507999 |
|  |  |  |  | &nbsp;&nbsp; **1695212** |
| **Industrial development revenue: 0.09%** |  |  |  |  |
| New Jersey EDA United Airlines, Inc. | 5.25 | &nbsp;&nbsp; 9-15-2029 | 175000 | &nbsp;&nbsp; **175227** |
|  |  |  |  | &nbsp;&nbsp; **2370542** |
| **New York: 13.11%** |  |  |  |  |
| **Airport revenue: 5.29%** |  |  |  |  |
| New York Transportation Development Corp. Delta Air Lines, Inc. AMT | 5.63 | &nbsp;&nbsp; 4-1-2040 | 1000000 | &nbsp;&nbsp; 1049189 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2041 | 1660000 | &nbsp;&nbsp; 1713517 |
| New York Transportation Development Corp. JFK NTO LLC AMT | 5.50 | &nbsp;&nbsp; 6-30-2039 | 1000000 | &nbsp;&nbsp; 1101358 |
| New York Transportation Development Corp. JFK NTO LLC AMT | 5.50 | &nbsp;&nbsp; 6-30-2054 | 2000000 | &nbsp;&nbsp; 2023591 |
| New York Transportation Development Corp. JFK NTO LLC AMT | 6.00 | &nbsp;&nbsp; 6-30-2054 | 1000000 | &nbsp;&nbsp; 1033607 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK NTO LLC AMT (AG <br> Insured)<br>| 5.13 | &nbsp;&nbsp; 6-30-2060 | 1000000 | &nbsp;&nbsp; 1004162 |
| &nbsp;&nbsp; New York Transportation Development Corp. LaGuardia Gateway <br> Partners LLC Series A-P3 AMT<br>| 5.00 | &nbsp;&nbsp; 7-1-2046 | 1000000 | &nbsp;&nbsp; 999957 |
| &nbsp;&nbsp; New York Transportation Development Corp. LaGuardia Gateway <br> Partners LLC Series A-P3 AMT<br>| 5.25 | &nbsp;&nbsp; 1-1-2050 | 1000000 | &nbsp;&nbsp; 1000034 |
|  |  |  |  | &nbsp;&nbsp; **9925415** |
| **Education revenue: 4.48%** |  |  |  |  |
| &nbsp;&nbsp; Build NYC Resource Corp. East Harlem Scholars Academy Charter <br> School Obligated Group144A<br>| 5.75 | &nbsp;&nbsp; 6-1-2052 | 1000000 | &nbsp;&nbsp; 990145 |
| &nbsp;&nbsp; Build NYC Resource Corp. Hellenic Classical Charter Schools <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 12-1-2041 | 1200000 | &nbsp;&nbsp; 1157680 |
| &nbsp;&nbsp; Build NYC Resource Corp. South Bronx Charter School for <br> International Cultures & The Arts Series A144A<br>| 7.00 | &nbsp;&nbsp; 4-15-2053 | 2000000 | &nbsp;&nbsp; 2041713 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 4.60 | &nbsp;&nbsp; 2-1-2051 | 500000 | &nbsp;&nbsp; 386284 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 5.73 | &nbsp;&nbsp; 2-1-2050 | 1000000 | &nbsp;&nbsp; 914971 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Evergreen Charter School, <br> Inc. Series A<br>| 5.25 | &nbsp;&nbsp; 6-15-2052 | 2000000 | &nbsp;&nbsp; 1918971 |
| New York State Dormitory Authority St. Joseph's University/Brooklyn | 4.00 | &nbsp;&nbsp; 7-1-2035 | 400000 | &nbsp;&nbsp; 366235 |
| New York State Dormitory Authority St. Joseph's University/Brooklyn | 5.00 | &nbsp;&nbsp; 7-1-2051 | 750000 | &nbsp;&nbsp; 631451 |
|  |  |  |  | &nbsp;&nbsp; **8407450** |
| **GO revenue: 1.07%** |  |  |  |  |
| City of New York Series 3ø | 2.55 | &nbsp;&nbsp; 4-1-2042 | 2000000 | &nbsp;&nbsp; **2000000** |
| **Health revenue: 1.73%** |  |  |  |  |
| &nbsp;&nbsp; New York State Dormitory Authority White Plains Hospital Obligated <br> Group<br>| 5.25 | &nbsp;&nbsp; 10-1-2049 | 1000000 | &nbsp;&nbsp; 1012771 |

---

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

8 \| Allspring High Yield Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Onondaga Civic Development Corp. Crouse Health Hospital, Inc. <br> Obligated Group Series A<br>| 5.38<br> %<br>| &nbsp;&nbsp; 8-1-2054 | $1500000 | &nbsp;&nbsp; $1303055 |
| &nbsp;&nbsp; Westchester County Local Development Corp. Health Care Corp. <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 11-1-2046 | 1000000 | &nbsp;&nbsp; 925234 |
|  |  |  |  | &nbsp;&nbsp; **3241060** |
| **Miscellaneous revenue: 0.54%** |  |  |  |  |
| Suffolk Regional Off-Track Betting Corp. | 6.00 | &nbsp;&nbsp; 12-1-2053 | 1000000 | &nbsp;&nbsp; **1014766** |
|  |  |  |  | &nbsp;&nbsp; **24588691** |
| **North Carolina: 0.81%** |  |  |  |  |
| **Health revenue: 0.81%** |  |  |  |  |
| &nbsp;&nbsp; North Carolina Medical Care Commission Carolina Meadows, Inc. <br> Obligated Group<br>| 5.25 | &nbsp;&nbsp; 12-1-2054 | 1500000 | &nbsp;&nbsp; **1517313** |
| **Ohio: 1.81%** |  |  |  |  |
| **Health revenue: 0.77%** |  |  |  |  |
| County of Muskingum Genesis Healthcare System Obligated Group | 5.00 | &nbsp;&nbsp; 2-15-2048 | 1500000 | &nbsp;&nbsp; **1437854** |
| **Housing revenue: 1.04%** |  |  |  |  |
| State of Ohio Department of Transportation AMT | 5.00 | &nbsp;&nbsp; 6-30-2053 | 2000000 | &nbsp;&nbsp; **1957566** |
|  |  |  |  | &nbsp;&nbsp; **3395420** |
| **Oklahoma: 0.52%** |  |  |  |  |
| **Housing revenue: 0.52%** |  |  |  |  |
| &nbsp;&nbsp; Murray County Educational Facilities Authority Murray County <br> Independent School District No. 10 Davis<br>| 4.75 | &nbsp;&nbsp; 9-1-2043 | 1000000 | &nbsp;&nbsp; **975851** |
| **Pennsylvania: 4.16%** |  |  |  |  |
| **Education revenue: 1.02%** |  |  |  |  |
| &nbsp;&nbsp; Allentown Commercial & IDA Executive Education Academy Charter <br> School144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2050 | 1250000 | &nbsp;&nbsp; 1178087 |
| Philadelphia IDA Independence Charter School West | 5.00 | &nbsp;&nbsp; 6-15-2039 | 750000 | &nbsp;&nbsp; 729331 |
|  |  |  |  | &nbsp;&nbsp; **1907418** |
| **Health revenue: 2.31%** |  |  |  |  |
| &nbsp;&nbsp; Lancaster County Hospital Authority Penn State Health Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 11-1-2051 | 1000000 | &nbsp;&nbsp; 997619 |
| Lancaster Municipal Authority Luthercare Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2055 | 1500000 | &nbsp;&nbsp; 1442171 |
| &nbsp;&nbsp; Montgomery County Higher Education & Health Authority Thomas <br> Jefferson University Obligated Group Series Dø<br>| 4.06 | &nbsp;&nbsp; 9-1-2050 | 250000 | &nbsp;&nbsp; 250000 |
| Pennsylvania EDFA Presbyterian Homes Obligated Group Series B-1 | 5.25 | &nbsp;&nbsp; 7-1-2049 | 750000 | &nbsp;&nbsp; 751572 |
| Quakertown General Authority LifeQuest Obligated Group Series C | 5.30 | &nbsp;&nbsp; 7-1-2042 | 1000000 | &nbsp;&nbsp; 902846 |
|  |  |  |  | &nbsp;&nbsp; **4344208** |
| **Resource recovery revenue: 0.83%** |  |  |  |  |
| Pennsylvania EDFA Noble Environmental, Inc.144A | 6.88 | &nbsp;&nbsp; 9-1-2047 | 1500000 | &nbsp;&nbsp; **1554916** |
|  |  |  |  | &nbsp;&nbsp; **7806542** |

---

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

Allspring High Yield Municipal Bond Fund \| 9

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Puerto Rico: 0.77%** |  |  |  |  |
| **Tax revenue: 0.77%** |  |  |  |  |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series A-1 | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2058 | $1500000 | &nbsp;&nbsp; $**1444133** |
| **South Carolina: 3.58%** |  |  |  |  |
| **Education revenue: 0.80%** |  |  |  |  |
| &nbsp;&nbsp; South Carolina Jobs-EDA Columbia College/SC Obligated Group <br> Series A<br>| 5.75 | &nbsp;&nbsp; 10-1-2045 | 500000 | &nbsp;&nbsp; 470158 |
| South Carolina Jobs-EDA Riverwalk Academy Series A144A | 7.00 | &nbsp;&nbsp; 6-15-2043 | 1000000 | &nbsp;&nbsp; 1025601 |
|  |  |  |  | &nbsp;&nbsp; **1495759** |
| **Health revenue: 1.98%** |  |  |  |  |
| South Carolina Jobs-EDA Beaufort Memorial Hospital Obligated Group | 5.75 | &nbsp;&nbsp; 11-15-2054 | 1750000 | &nbsp;&nbsp; 1790154 |
| &nbsp;&nbsp; South Carolina Jobs-EDA Bishop Gadsden Episcopal Retirement <br> Community Obligated Group<br>| 5.13 | &nbsp;&nbsp; 4-1-2046 | 750000 | &nbsp;&nbsp; 745405 |
| &nbsp;&nbsp; South Carolina Jobs-EDA Bishop Gadsden Episcopal Retirement <br> Community Obligated Group<br>| 5.38 | &nbsp;&nbsp; 4-1-2056 | 250000 | &nbsp;&nbsp; 248769 |
| &nbsp;&nbsp; South Carolina Jobs-EDA Episcopal Home at Still Hopes Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2048 | 1000000 | &nbsp;&nbsp; 937507 |
|  |  |  |  | &nbsp;&nbsp; **3721835** |
| **Housing revenue: 0.80%** |  |  |  |  |
| &nbsp;&nbsp; South Carolina Jobs-EDA Connexion Communities Obligated Group <br> Series A-1144A<br>| 6.25 | &nbsp;&nbsp; 10-15-2042 | 1500000 | &nbsp;&nbsp; **1505460** |
|  |  |  |  | &nbsp;&nbsp; **6723054** |
| **Tennessee: 2.12%** |  |  |  |  |
| **Housing revenue: 1.85%** |  |  |  |  |
| &nbsp;&nbsp; Knox County Health Educational & Housing Facility Board Provident <br> Group - UTK Properties LLC Series A-1 (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 7-1-2049 | 1250000 | &nbsp;&nbsp; 1295841 |
| &nbsp;&nbsp; Shelby County Health & Educational Facilities Board Madrone <br> Memphis Student Housing I LLC Series A1144A<br>| 5.25 | &nbsp;&nbsp; 6-1-2056 | 2250000 | &nbsp;&nbsp; 2171491 |
|  |  |  |  | &nbsp;&nbsp; **3467332** |
| **Tax revenue: 0.27%** |  |  |  |  |
| &nbsp;&nbsp; Nashville Metropolitan Development & Housing Agency Fifth & <br> Broadway Redevelopment Area144A<br>| 5.13 | &nbsp;&nbsp; 6-1-2036 | 500000 | &nbsp;&nbsp; **507910** |
|  |  |  |  | &nbsp;&nbsp; **3975242** |
| **Texas: 5.15%** |  |  |  |  |
| **Education revenue: 1.45%** |  |  |  |  |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. LTTS Charter School, Inc. <br> Series A<br>| 7.00 | &nbsp;&nbsp; 3-1-2034 | 320000 | &nbsp;&nbsp; 320266 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. School of Excellence in <br> Education Series A144A<br>| 6.38 | &nbsp;&nbsp; 2-15-2052 | 1500000 | &nbsp;&nbsp; 1440079 |
| Arlington Higher Education Finance Corp. Wayside Schools Series A | 4.00 | &nbsp;&nbsp; 8-15-2046 | 860000 | &nbsp;&nbsp; 693477 |
| &nbsp;&nbsp; Pottsboro Higher Education Finance Corp. Imagine International <br> Academy of North Texas LLC Series A<br>| 3.88 | &nbsp;&nbsp; 8-15-2026 | 265000 | &nbsp;&nbsp; 263905 |
|  |  |  |  | &nbsp;&nbsp; **2717727** |

---

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

10 \| Allspring High Yield Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue: 0.45%** |  |  |  |  |
| City of Port Isabel144A | 5.10<br> %<br>| &nbsp;&nbsp; 2-15-2049 | $875000 | &nbsp;&nbsp; **$836806** |
| **Health revenue: 0.93%** |  |  |  |  |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. Buckner <br> Retirement Services, Inc. Obligated Group<br>| 5.00 | &nbsp;&nbsp; 11-15-2046 | 1000000 | &nbsp;&nbsp; 959660 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. Cumberland <br> Rest, Inc. Obligated Group<br>| 5.00 | &nbsp;&nbsp; 10-1-2049 | 800000 | &nbsp;&nbsp; 787063 |
|  |  |  |  | &nbsp;&nbsp; **1746723** |
| **Housing revenue: 1.20%** |  |  |  |  |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Bella Vida <br> Forefront Living Obligated Group Series A<br>| 6.50 | &nbsp;&nbsp; 10-1-2055 | 2180000 | &nbsp;&nbsp; **2251977** |
| **Industrial development revenue: 0.80%** |  |  |  |  |
| &nbsp;&nbsp; City of Houston Airport System Revenue United Airlines, Inc. Series B <br> AMT<br>| 5.50 | &nbsp;&nbsp; 7-15-2035 | 500000 | &nbsp;&nbsp; 545677 |
| &nbsp;&nbsp; Port of Beaumont Navigation District Jefferson 2020 Bond Lessee & <br> Borrower LLC Obligated Group Series A AMT144A<br>| 5.25 | &nbsp;&nbsp; 1-1-2054 | 1000000 | &nbsp;&nbsp; 953772 |
|  |  |  |  | &nbsp;&nbsp; **1499449** |
| **Tax revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp; Baytown Municipal Development District Convention Center Hotel <br> Revenue Series B144A<br>| 5.00 | &nbsp;&nbsp; 10-1-2050 | 500000 | &nbsp;&nbsp; **412558** |
| **Utilities revenue: 0.10%** |  |  |  |  |
| SA Energy Acquisition Public Facility Corp. | 5.50 | &nbsp;&nbsp; 8-1-2027 | 190000 | &nbsp;&nbsp; **195793** |
|  |  |  |  | &nbsp;&nbsp; **9661033** |
| **Utah: 5.42%** |  |  |  |  |
| **Education revenue: 0.78%** |  |  |  |  |
| &nbsp;&nbsp; Utah Charter School Finance Authority Freedom Academy Foundation <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-15-2041 | 1570000 | &nbsp;&nbsp; **1454158** |
| **GO revenue: 0.80%** |  |  |  |  |
| Soleil Hills Public Infrastructure District No. 1 Series A144A | 5.88 | &nbsp;&nbsp; 3-1-2055 | 1500000 | &nbsp;&nbsp; **1501010** |
| **Miscellaneous revenue: 1.09%** |  |  |  |  |
| &nbsp;&nbsp; MIDA Mountain Village Public Infrastructure District Assessment Area <br> No. 2144A<br>| 4.00 | &nbsp;&nbsp; 8-1-2050 | 925000 | &nbsp;&nbsp; 788265 |
| Wood Ranch Public Infrastructure District Assessment Area No. 1144A | 5.63 | &nbsp;&nbsp; 12-1-2053 | 1247268 | &nbsp;&nbsp; 1258064 |
|  |  |  |  | &nbsp;&nbsp; **2046329** |
| **Tax revenue: 2.75%** |  |  |  |  |
| MIDA Mountain Veterans Program Public Infrastructure District144A | 5.20 | &nbsp;&nbsp; 6-1-2054 | 2250000 | &nbsp;&nbsp; 2222993 |
| &nbsp;&nbsp; MIDA Mountain Village Public Infrastructure District Military Recreation <br> Facility Project Area Series 2144A<br>| 6.00 | &nbsp;&nbsp; 6-15-2054 | 500000 | &nbsp;&nbsp; 513261 |

---

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

Allspring High Yield Municipal Bond Fund \| 11

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue**(continued) |  |  |  |  |
| South Salt Lake Redevelopment Agency144A | 6.25<br> %<br>| &nbsp;&nbsp; 4-15-2046 | $1500000 | &nbsp;&nbsp; $1513507 |
| UIPA Crossroads Public Infrastructure District AJL Project Area144A | 4.38 | &nbsp;&nbsp; 6-1-2052 | 1000000 | &nbsp;&nbsp; 915513 |
|  |  |  |  | &nbsp;&nbsp; **5165274** |
|  |  |  |  | &nbsp;&nbsp; **10166771** |
| **Virginia: 1.31%** |  |  |  |  |
| **Health revenue: 0.29%** |  |  |  |  |
| Roanoke County EDA Friendship Foundationøø | 5.50 | &nbsp;&nbsp; 9-1-2058 | 550000 | &nbsp;&nbsp; **544277** |
| **Transportation revenue: 1.02%** |  |  |  |  |
| &nbsp;&nbsp; Virginia Small Business Financing Authority I-66 Express Mobility <br> Partners LLC AMT<br>| 5.00 | &nbsp;&nbsp; 12-31-2052 | 2000000 | &nbsp;&nbsp; **1915175** |
|  |  |  |  | &nbsp;&nbsp; **2459452** |
| **Washington: 4.19%** |  |  |  |  |
| **Airport revenue: 0.40%** |  |  |  |  |
| Washington EDFA AMTøø | 5.88 | &nbsp;&nbsp; 12-1-2045 | 750000 | &nbsp;&nbsp; **753367** |
| **Health revenue: 2.88%** |  |  |  |  |
| Jefferson County Public Hospital District No. 2 Series A | 6.88 | &nbsp;&nbsp; 12-1-2053 | 1500000 | &nbsp;&nbsp; 1563441 |
| King County Public Hospital District No. 4 Series A | 6.63 | &nbsp;&nbsp; 12-1-2045 | 1000000 | &nbsp;&nbsp; 1011410 |
| Skagit County Public Hospital District No. 1 | 5.50 | &nbsp;&nbsp; 12-1-2054 | 1000000 | &nbsp;&nbsp; 1024445 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Fred Hutchinson Cancer <br> Center Obligated Group<br>| 5.00 | &nbsp;&nbsp; 9-1-2050 | 750000 | &nbsp;&nbsp; 757191 |
| &nbsp;&nbsp; Washington State Housing Finance Commission Eastside Retirement <br> Association Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2048 | 1050000 | &nbsp;&nbsp; 1039395 |
|  |  |  |  | &nbsp;&nbsp; **5395882** |
| **Housing revenue: 0.91%** |  |  |  |  |
| &nbsp;&nbsp; Washington State Housing Finance Commission German Retirement <br> Home of the State of Washington Obligated Group Series A144A<br>| 5.75 | &nbsp;&nbsp; 1-1-2053 | 1290000 | &nbsp;&nbsp; 1240905 |
| &nbsp;&nbsp; Washington State Housing Finance Commission Provident Group-SH I <br> Properties LLC<br>| 5.00 | &nbsp;&nbsp; 7-1-2054 | 500000 | &nbsp;&nbsp; 473292 |
|  |  |  |  | &nbsp;&nbsp; **1714197** |
|  |  |  |  | &nbsp;&nbsp; **7863446** |
| **West Virginia: 1.47%** |  |  |  |  |
| **Tax revenue: 1.47%** |  |  |  |  |
| County of Ohio Highlands Project | 5.25 | &nbsp;&nbsp; 6-1-2053 | 1000000 | &nbsp;&nbsp; 991599 |
| Monongalia County Commission Excise Tax District Series A144A | 5.75 | &nbsp;&nbsp; 6-1-2043 | 1750000 | &nbsp;&nbsp; 1768287 |
|  |  |  |  | &nbsp;&nbsp; **2759886** |
| **Wisconsin: 5.46%** |  |  |  |  |
| **Education revenue: 3.71%** |  |  |  |  |
| PFA Contemporary Science Center, Inc. Series A144A | 5.63 | &nbsp;&nbsp; 7-1-2045 | 1000000 | &nbsp;&nbsp; 999958 |
| PFA Estancia Valley Classical Academy Series A144A | 4.25 | &nbsp;&nbsp; 7-1-2051 | 1000000 | &nbsp;&nbsp; 712095 |
| PFA Triad Math & Science Academy Co. | 5.00 | &nbsp;&nbsp; 6-15-2042 | 1140000 | &nbsp;&nbsp; 1138431 |
| PFA Triad Math & Science Academy Co. | 5.25 | &nbsp;&nbsp; 6-15-2052 | 1610000 | &nbsp;&nbsp; 1558978 |

---

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

12 \| Allspring High Yield Municipal Bond Fund

------

Portfolio of investments—December 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| PFA Uwharrie Charter Academy Series A144A | 5.00<br> %<br>| &nbsp;&nbsp; 6-15-2042 | $1310000 | &nbsp;&nbsp; $1307451 |
| PFA Wilson Preparatory Academy Series A144A | 5.00 | &nbsp;&nbsp; 6-15-2039 | 1285000 | &nbsp;&nbsp; 1255628 |
|  |  |  |  | &nbsp;&nbsp; **6972541** |
| **Health revenue: 1.47%** |  |  |  |  |
| Wisconsin HEFA Illinois Senior Housing, Inc. Series A | 5.25 | &nbsp;&nbsp; 8-1-2048 | 1500000 | &nbsp;&nbsp; 1264217 |
| Wisconsin HEFA Masonic Home Obligated Group Series A | 5.75 | &nbsp;&nbsp; 8-15-2054 | 1450000 | &nbsp;&nbsp; 1488148 |
|  |  |  |  | &nbsp;&nbsp; **2752365** |
| **Housing revenue: 0.28%** |  |  |  |  |
| &nbsp;&nbsp; PFA Eastern Michigan University Campus Living LLC Series A-1 (BAM <br> Insured)<br>| 5.50 | &nbsp;&nbsp; 7-1-2052 | 500000 | &nbsp;&nbsp; **521945** |
|  |  |  |  | &nbsp;&nbsp; **10246851** |
| **Total municipal obligations (Cost $189,343,153)** |  |  |  | &nbsp;&nbsp; **184565677** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 0.30%** |  |  |  |  |
| **Investment companies: 0.30%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.71 | 555789 | &nbsp;&nbsp; **555789** |
| **Total short-term investments (Cost $555,789)** |  |  |  | &nbsp;&nbsp; **555789** |
| **Total investments in securities (Cost $189,898,942)** | 98.69<br> %<br>|  |  | &nbsp;&nbsp; 185121466 |
| Other assets and liabilities, net | 1.31 |  |  | &nbsp;&nbsp; 2453266 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$187574732** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| † | Non-income-earning security |
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| ♠ | 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: |
| AG | Assured Guaranty Incorporation |
| AMT | Alternative minimum tax |
| BAM | Build America Mutual Assurance Company |
| CAB | Capital appreciation bond |
| CCAB | Convertible capital appreciation bond |
| CDA | Community Development Authority |
| CHF | Collegiate Housing Foundation |
| ECFA | Educational & Cultural Facilities Authority |
| EDA | Economic Development Authority |
| EDFA | Economic Development Finance Authority |
| GO | General obligation |
| HEFA | Health & Educational Facilities Authority |
| IDA | Industrial Development Authority |
| NTO | New Terminal One |
| PFA | Public Finance Authority |

---

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

Allspring High Yield Municipal Bond Fund \| 13

------

Portfolio of investments—December 31, 2025 (unaudited)

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <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>| $2291592 | $37399451 | $(39135254)<br>| $0 | $0 | $555789 | 555789 | $27546 |

---

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

14 \| Allspring High Yield Municipal Bond Fund

------

Statement of assets and liabilities—December 31, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $189,343,153) | $184565677 |
| Investments in affiliated securities, at value (cost $555,789) | 555789 |
| Cash | 15528 |
| Receivable for interest | 2334417 |
| Receivable for Fund shares sold | 892952 |
| Prepaid expenses and other assets | 64386 |
| **Total assets** | **188428749** |
| Liabilities |  |
| Payable for Fund shares redeemed | 686820 |
| Management fee payable | 55772 |
| Dividends payable | 28528 |
| Administration fees payable | 16251 |
| Shareholder servicing fees payable | 10706 |
| Distribution fee payable | 3738 |
| Trustees' fees and expenses payable | 2244 |
| Accrued expenses and other liabilities | 49958 |
| **Total liabilities** | **854017** |
| **Total net assets**  | **$187574732** |
| Net assets consist of |  |
| Paid-in capital | $200630923 |
| Total distributable loss | (13056191)<br>|
| **Total net assets** | **$187574732** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $43107830 |
| Shares outstanding–Class A<sup>1</sup> <br>| 4617104 |
| Net asset value per share–Class A | $9.34 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $9.78 |
| Net assets–Class C | $5777254 |
| Shares outstanding–Class C<sup>1</sup> <br>| 618767 |
| Net asset value per share–Class C | $9.34 |
| Net assets–Class R6 | $473563 |
| Shares outstanding–Class R6<sup>1</sup>  | 50629 |
| Net asset value per share–Class R6 | $9.35 |
| Net assets–Institutional Class | $138216085 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 14804603 |
| Net asset value per share–Institutional Class | $9.34 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Allspring High Yield Municipal Bond Fund \| 15

------

Statement of operations—six months ended December 31, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $4211214 |
| Income from affiliated securities | 27546 |
| **Total investment income** | **4238760** |
| Expenses |  |
| Management fee | 489449 |
| Administration fees |  |
| Class A | 32514 |
| Class C | 4472 |
| Class R6 | 71 |
| Administrator Class | 1122 <br><sup>1</sup><br>|
| Institutional Class | 57487 |
| Shareholder servicing fees |  |
| Class A | 54189 |
| Class C | 7397 |
| Administrator Class | 2793 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 22153 |
| Custody and accounting fees | 4455 |
| Professional fees | 26319 |
| Registration fees | 55225 |
| Shareholder report expenses | 16052 |
| Trustees' fees and expenses | 3064 |
| Other fees and expenses | 6708 |
| **Total expenses** | **783470** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (142048)<br>|
| Class A | (16844)<br>|
| Class C | (1950)<br>|
| Class R6 | (12)<br>|
| Institutional Class | (4340)<br>|
| **Net expenses** | **618276** |
| **Net investment income** | **3620484** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized losses on investments**  | **(2671027)**<br>|
| **Net change in unrealized gains (losses) on investments** | **7893735** |
| **Net realized and unrealized gains (losses) on investments** | **5222708** |
| **Net increase in net assets resulting from operations** | **$8843192** |

---

<sup>1</sup> For the period from July 1, 2025 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.

16 \| Allspring High Yield Municipal Bond Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> December 31, 2025<br> (unaudited) | Six months ended<br> December 31, 2025<br> (unaudited) | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $3620484 |  | &nbsp;&nbsp; $8607099 |
| Net realized losses on investments |  | &nbsp;&nbsp; (2671027)<br>|  | &nbsp;&nbsp; (425136)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 7893735 |  | &nbsp;&nbsp; (8864804)<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **8843192** |  | &nbsp;&nbsp; **(682841)**<br>|
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (978865)<br>|  | &nbsp;&nbsp; (2000647)<br>|
| Class C |  | &nbsp;&nbsp; (112127)<br>|  | &nbsp;&nbsp; (234590)<br>|
| Class R6 |  | &nbsp;&nbsp; (11370)<br>|  | &nbsp;&nbsp; (8739)<br>|
| Administrator Class |  | &nbsp;&nbsp; (52720 )<sup>1</sup><br>|  | &nbsp;&nbsp; (245352)<br>|
| Institutional Class |  | &nbsp;&nbsp; (3425144)<br>|  | &nbsp;&nbsp; (6175838)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(4580226)**<br>|  | &nbsp;&nbsp; **(8665166)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 582770 | &nbsp;&nbsp; 5414477 | &nbsp;&nbsp; 1347626 | &nbsp;&nbsp; 12839119 |
| Class C | 33917 | &nbsp;&nbsp; 310950 | &nbsp;&nbsp; 197465 | &nbsp;&nbsp; 1883472 |
| Class R6 | 45 | &nbsp;&nbsp; 423 | &nbsp;&nbsp; 47724 | &nbsp;&nbsp; 450680 |
| Administrator Class | 29621 <br><sup>1</sup><br>| &nbsp;&nbsp; 266304 <br><sup>1</sup><br>| &nbsp;&nbsp; 58012 | &nbsp;&nbsp; 547150 |
| Institutional Class | 2806829 | &nbsp;&nbsp; 25760211 | &nbsp;&nbsp; 7843867 | &nbsp;&nbsp; 74056510 |
|  |  | &nbsp;&nbsp; 31752365 |  | &nbsp;&nbsp; 89776931 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 103640 | &nbsp;&nbsp; 954666 | &nbsp;&nbsp; 206548 | &nbsp;&nbsp; 1959456 |
| Class C | 12067 | &nbsp;&nbsp; 111152 | &nbsp;&nbsp; 24651 | &nbsp;&nbsp; 233796 |
| Class R6 | 1226 | &nbsp;&nbsp; 11306 | &nbsp;&nbsp; 938 | &nbsp;&nbsp; 8769 |
| Administrator Class | 4732 <br><sup>1</sup><br>| &nbsp;&nbsp; 42544 <br><sup>1</sup><br>| &nbsp;&nbsp; 25766 | &nbsp;&nbsp; 244442 |
| Institutional Class | 369556 | &nbsp;&nbsp; 3402959 | &nbsp;&nbsp; 650970 | &nbsp;&nbsp; 6164997 |
|  |  | &nbsp;&nbsp; 4522627 |  | &nbsp;&nbsp; 8611460 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (846066)<br>| &nbsp;&nbsp; (7793539)<br>| &nbsp;&nbsp; (1371940)<br>| &nbsp;&nbsp; (12923398)<br>|
| Class C | (101673)<br>| &nbsp;&nbsp; (932768)<br>| &nbsp;&nbsp; (210166)<br>| &nbsp;&nbsp; (1982127)<br>|
| Class R6 | (1156)<br>| &nbsp;&nbsp; (10665)<br>| &nbsp;&nbsp; (812)<br>| &nbsp;&nbsp; (7570)<br>|
| Administrator Class | (7754 )<sup>1</sup><br>| &nbsp;&nbsp; (69925 )<sup>1</sup><br>| &nbsp;&nbsp; (81132)<br>| &nbsp;&nbsp; (769213)<br>|
| Institutional Class | (4253647)<br>| &nbsp;&nbsp; (39250183)<br>| &nbsp;&nbsp; (4439263)<br>| &nbsp;&nbsp; (41358305)<br>|
|  |  | &nbsp;&nbsp; (48057080)<br>|  | &nbsp;&nbsp; (57040613)<br>|

---

<sup>1</sup> For the period from July 1, 2025 to September 12, 2025

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

Allspring High Yield Municipal Bond Fund \| 17

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> December 31, 2025<br> (unaudited) | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Administrator Class<br>(616645 )<sup>2</sup><br>| &nbsp;&nbsp; $(5697610 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Institutional Class<br>616992 <br><sup>2</sup><br>| &nbsp;&nbsp; 5697610 <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; **(11782088)**<br>|  | &nbsp;&nbsp; **41347778** |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; **(7519122)**<br>|  | &nbsp;&nbsp; **31999771** |
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **195093854** |  | &nbsp;&nbsp; **163094083** |
| **End of period** | &nbsp;&nbsp; **$187574732** |  | &nbsp;&nbsp; **$195093854** |

---

<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.

18 \| Allspring High Yield Municipal Bond Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.14** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$9.42** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$11.16** | &nbsp;&nbsp; **$10.43** |
| Net investment income | 0.16 <br><sup>1</sup><br>| 0.41 <br><sup>1</sup><br>| 0.41 <br><sup>1</sup><br>| 0.39 <br><sup>1</sup><br>| 0.38 | 0.41 |
| Net realized and unrealized gains (losses) on investments | 0.25 | &nbsp;&nbsp; (0.42)<br>| 0.15 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.56)<br>| 0.73 |
| Total from investment operations | 0.41 | &nbsp;&nbsp; (0.01)<br>| 0.56 | 0.25 | &nbsp;&nbsp; (1.18)<br>| 1.14 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.21)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.41)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.04)<br>| 0.00 |
| Total distributions to shareholders | (0.21)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.41)<br>|
| **Net asset value, end of period** | **$9.34** | &nbsp;&nbsp; **$9.14** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$9.42** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$11.16** |
| **Total return**<sup>2</sup> <br>| **4.53%**<br>| &nbsp;&nbsp; **(0.16)%**<br>| **6.22%**<br>| **2.71%**<br>| &nbsp;&nbsp; **(10.84)%**<br>| **10.98%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.01<br> %<br>| 1.02<br> %<br>| 1.07<br> %<br>| 1.07<br> %<br>| 1.10<br> %<br>| 1.14<br> %<br>|
| Net expenses | 0.80<br> %<br>| 0.79<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>|
| Net investment income | 3.52<br> %<br>| 4.30<br> %<br>| 4.48<br> %<br>| 4.13<br> %<br>| 3.61<br> %<br>| 3.74<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 14<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 55<br> %<br>|
| Net assets, end of period (000s omitted) | $43108 | &nbsp;&nbsp; $43637 | &nbsp;&nbsp; $43935 | &nbsp;&nbsp; $41963 | &nbsp;&nbsp; $37138 | &nbsp;&nbsp; $37514 |

---

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

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

Allspring High Yield Municipal Bond Fund \| 19

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class C | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.14** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$9.42** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$11.16** | &nbsp;&nbsp; **$10.44** |
| Net investment income | 0.13 <br><sup>1</sup><br>| 0.34 <br><sup>1</sup><br>| 0.34 <br><sup>1</sup><br>| 0.32 <br><sup>1</sup><br>| 0.30 | 0.32 |
| Net realized and unrealized gains (losses) on investments | 0.25 | &nbsp;&nbsp; (0.42)<br>| 0.15 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.55)<br>| 0.72 |
| Total from investment operations | 0.38 | &nbsp;&nbsp; (0.08)<br>| 0.49 | 0.18 | &nbsp;&nbsp; (1.25)<br>| 1.04 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.32)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.04)<br>| 0.00 |
| Total distributions to shareholders | (0.18)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.32)<br>|
| **Net asset value, end of period** | **$9.34** | &nbsp;&nbsp; **$9.14** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$9.42** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$11.16** |
| **Total return**<sup>2</sup> <br>| **4.14%**<br>| &nbsp;&nbsp; **(0.92)%**<br>| **5.43%**<br>| **1.94%**<br>| &nbsp;&nbsp; **(11.51)%**<br>| **10.14%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.76<br> %<br>| 1.77<br> %<br>| 1.79<br> %<br>| 1.80<br> %<br>| 1.84<br> %<br>| 1.89<br> %<br>|
| Net expenses | 1.55<br> %<br>| 1.55<br> %<br>| 1.55<br> %<br>| 1.55<br> %<br>| 1.55<br> %<br>| 1.55<br> %<br>|
| Net investment income | 2.77<br> %<br>| 3.55<br> %<br>| 3.72<br> %<br>| 3.39<br> %<br>| 2.84<br> %<br>| 3.02<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 14<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 55<br> %<br>|
| Net assets, end of period (000s omitted) | $5777 | &nbsp;&nbsp; $6161 | &nbsp;&nbsp; $6335 | &nbsp;&nbsp; $7185 | &nbsp;&nbsp; $6435 | &nbsp;&nbsp; $8471 |

---

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

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

20 \| Allspring High Yield Municipal Bond Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class R6 | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.15** | &nbsp;&nbsp; **$9.59** | &nbsp;&nbsp; **$9.44** | &nbsp;&nbsp; **$9.59** | &nbsp;&nbsp; **$11.16** | &nbsp;&nbsp; **$10.44** |
| Net investment income | 0.18 <br><sup>1</sup><br>| 0.44 <br><sup>1</sup><br>| 0.44 <br><sup>1</sup><br>| 0.42 <br><sup>1</sup><br>| 0.42 | 0.44 |
| Net realized and unrealized gains (losses) on investments | 0.24 | &nbsp;&nbsp; (0.44)<br>| 0.16 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (1.55)<br>| 0.71 |
| Total from investment operations | 0.42 | 0.00 | 0.60 | 0.27 | &nbsp;&nbsp; (1.13)<br>| 1.15 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.22)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.43)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.04)<br>| 0.00 |
| Total distributions to shareholders | (0.22)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.43)<br>|
| **Net asset value, end of period** | **$9.35** | &nbsp;&nbsp; **$9.15** | &nbsp;&nbsp; **$9.59** | &nbsp;&nbsp; **$9.44** | &nbsp;&nbsp; **$9.59** | &nbsp;&nbsp; **$11.16** |
| **Total return**<sup>2</sup> <br>| **4.69%**<br>| &nbsp;&nbsp; **(0.08)%**<br>| **6.65%**<br>| **2.90%**<br>| &nbsp;&nbsp; **(10.53)%**<br>| **11.28%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.64<br> %<br>| 0.65<br> %<br>| 0.69<br> %<br>| 0.69<br> %<br>| 0.72<br> %<br>| 0.76<br> %<br>|
| Net expenses | 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Net investment income | 3.82<br> %<br>| 4.74<br> %<br>| 4.78<br> %<br>| 4.43<br> %<br>| 3.91<br> %<br>| 4.07<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 14<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 55<br> %<br>|
| Net assets, end of period (000s omitted) | $474 | &nbsp;&nbsp; $462 | &nbsp;&nbsp; $26 | &nbsp;&nbsp; $24 | &nbsp;&nbsp; $23 | &nbsp;&nbsp; $26 |

---

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

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

Allspring High Yield Municipal Bond Fund \| 21

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.13** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$9.42** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$11.15** | &nbsp;&nbsp; **$10.43** |
| Net investment income | 0.18 <br><sup>1</sup><br>| 0.43 <br><sup>1</sup><br>| 0.44 <br><sup>1</sup><br>| 0.42 <br><sup>1</sup><br>| 0.41 | 0.43 |
| Net realized and unrealized gains (losses) on investments | 0.25 | &nbsp;&nbsp; (0.43)<br>| 0.15 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.55)<br>| 0.72 |
| Total from investment operations | 0.43 | 0.00 | 0.59 | 0.28 | &nbsp;&nbsp; (1.14)<br>| 1.15 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.22)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.43)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.04)<br>| 0.00 |
| Total distributions to shareholders | (0.22)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.43)<br>|
| **Net asset value, end of period** | **$9.34** | &nbsp;&nbsp; **$9.13** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$9.42** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$11.15** |
| **Total return**<sup>2</sup> <br>| **4.78%**<br>| &nbsp;&nbsp; **(0.03)%**<br>| **6.49%**<br>| **2.97%**<br>| &nbsp;&nbsp; **(10.54)%**<br>| **11.15%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.69<br> %<br>| 0.70<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>| 0.77<br> %<br>| 0.81<br> %<br>|
| Net expenses | 0.54<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>|
| Net investment income | 3.77<br> %<br>| 4.56<br> %<br>| 4.73<br> %<br>| 4.40<br> %<br>| 3.87<br> %<br>| 4.00<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 14<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 55<br> %<br>|
| Net assets, end of period (000s omitted) | $138216 | &nbsp;&nbsp; $139440 | &nbsp;&nbsp; $107178 | &nbsp;&nbsp; $94747 | &nbsp;&nbsp; $56771 | &nbsp;&nbsp; $44440 |

---

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

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

22 \| Allspring High Yield Municipal Bond Fund

------

Notes to financial statements (unaudited)

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 High Yield Municipal Bond 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.

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.

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.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. 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 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 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.

Allspring High Yield Municipal Bond Fund \| 23

------

Notes to financial statements (unaudited)

As of December 31, 2025, the aggregate cost of all investments for federal income tax purposes was $190,248,117 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $1750558 |
| Gross unrealized losses | &nbsp;&nbsp; (6877209)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(5126651)**<br>|

---

As of June 30, 2025, the Fund had capital loss carryforwards which consisted of $2,701,655 in short-term capital losses and $1,715,957 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;

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 December 31, 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:** |  |  |  |  |
| **Municipal obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $184565677 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $184565677 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 555789 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 555789 |
| **Total assets** | &nbsp;&nbsp; **$555789** | &nbsp;&nbsp;&nbsp; **$184565677** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$185121466** |

---

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

At December 31, 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

24 \| Allspring High Yield Municipal Bond Fund

------

Notes to financial statements (unaudited)

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 | 0.500<br> %<br>|
| Next $500 million | 0.475 |
| Next $2 billion | 0.450 |
| Next $2 billion | 0.425 |
| Next $5 billion | 0.390 |
| Over $10 billion | 0.380 |

---

For the six months ended December 31, 2025, the management fee was equivalent to an annual rate of 0.50% 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 | 0.15<br> %<br>|
| Class C | 0.15 |
| Class R6 | 0.03 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or 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 October 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 December 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.80<br> %<br>|
| Class C | 1.55 |
| Class R6 | 0.50 |
| Institutional Class | 0.55 |

---

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 six months ended December 31, 2025, Allspring Funds Distributor received $362 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended December 31, 2025.

Allspring High Yield Municipal Bond Fund \| 25

------

Notes to financial statements (unaudited)

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 had $4,000,000, $8,065,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the six months ended December 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2025 were $26,446,503 and $33,087,413, 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 six months ended December 31, 2025, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

8. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined 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.

9. 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 includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

26 \| Allspring High Yield Municipal Bond Fund

------

Other information (unaudited)

Other information

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 High Yield Municipal Bond Fund \| 27

------

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.

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Not applicable

28 \| Allspring High Yield Municipal Bond Fund

------

![](g805823img4306cd1c1.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**

![](g805823img6892b9c62.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.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS3364 12-25**

------

![](g805823imgeda1172b1.jpg)

Allspring Alternative Risk Premia Fund

Long Form Financial Statements

Semi-Annual Report

December 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Consolidated portfolio of investments](#xx_aaa7ebc0-9a3e-4420-b97f-828b83b5b8b9_POI-PageBlank-57_1)** | 2 |
| **[Item 7. Consolidated financial statements and financial highlights](#xx_aaa7ebc0-9a3e-4420-b97f-828b83b5b8b9_FS-PageBlank-57_1)** |  |
| [Consolidated statement of assets and liabilities](#xx_aaa7ebc0-9a3e-4420-b97f-828b83b5b8b9_FS-PageBlank-57_1) | 5 |
| [Consolidated statement of operations](#xx_aaa7ebc0-9a3e-4420-b97f-828b83b5b8b9_FS-PageBlank-57_2) | 6 |
| [Consolidated statement of changes in net assets](#xx_aaa7ebc0-9a3e-4420-b97f-828b83b5b8b9_FS-PageBlank-57_3) | 7 |
| [Consolidated financial highlights](#xx_aaa7ebc0-9a3e-4420-b97f-828b83b5b8b9_FIHI-PageBlank-57_1) | 8 |
| **[Notes to consolidated financial statements](#xx_aaa7ebc0-9a3e-4420-b97f-828b83b5b8b9_NTF-PageBlank-57_1)** | 10 |
| **[Other information](#xx_aaa7ebc0-9a3e-4420-b97f-828b83b5b8b9_OI-PageBlank-57_1)** | 17 |
| [Item 8. Changes in and disagreements with accountants](#xx_aaa7ebc0-9a3e-4420-b97f-828b83b5b8b9_OI-PageBlank-57_2) | 18 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_aaa7ebc0-9a3e-4420-b97f-828b83b5b8b9_OI-PageBlank-57_2) | 18 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_aaa7ebc0-9a3e-4420-b97f-828b83b5b8b9_OI-PageBlank-57_2) | 18 |
| [Item 11. Statement regarding basis for board](#xx_aaa7ebc0-9a3e-4420-b97f-828b83b5b8b9_OI-PageBlank-57_2)['](#xx_aaa7ebc0-9a3e-4420-b97f-828b83b5b8b9_OI-PageBlank-57_2)[s approval of investment](#xx_aaa7ebc0-9a3e-4420-b97f-828b83b5b8b9_OI-PageBlank-57_2)<br> [advisory contract](#xx_aaa7ebc0-9a3e-4420-b97f-828b83b5b8b9_OI-PageBlank-57_2)<br>| 18 |

---

Allspring Alternative Risk Premia Fund \| 1

------

Consolidated portfolio of investments—December 31, 2025 (unaudited)

Consolidated portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Yield | Shares | Value |
| **Short-term investments: 92.92%** |  |  |  |
| **Investment companies: 23.96%** |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞\* | 3.71<br> %<br>| 26402506 | &nbsp;&nbsp; $**26402506** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Maturity <br>date<br>| Principal |  |
| **U.S. Treasury securities: 68.96%** |  |  |  |  |  |
| U.S. Treasury Bills☼ |  | 3.58 | &nbsp;&nbsp; 1-15-2026 | $20000000 | &nbsp;&nbsp; 19974438 |
| U.S. Treasury Bills☼ |  | 3.63 | &nbsp;&nbsp; 3-19-2026 | 5000000 | &nbsp;&nbsp; 4962774 |
| U.S. Treasury Bills☼ |  | 3.64 | &nbsp;&nbsp; 3-12-2026 | 30000000 | &nbsp;&nbsp; 29796084 |
| U.S. Treasury Bills☼ |  | 3.76 | &nbsp;&nbsp; 1-22-2026 | 21300000 | &nbsp;&nbsp; 21257952 |
|  |  |  |  |  | &nbsp;&nbsp; **75991248** |
| **Total short-term investments (Cost $102,368,120)** |  |  |  |  | &nbsp;&nbsp; **102393754** |
| **Total investments in securities (Cost $102,368,120)** | 92.92<br> %<br>|  |  |  | &nbsp;&nbsp; 102393754 |
| Other assets and liabilities, net | 7.08 |  |  |  | &nbsp;&nbsp; 7804763 |
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$110198517** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ♠ | 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. |
| \* | A portion of the holding represents an investment held in Alt Risk Premia Special Investments (Cayman) Ltd., the consolidated entity. |
| ☼ | Zero coupon security. The rate represents the current yield to maturity. |

---

**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>| $11707904 | $112420281 | $(97725679)<br>| $0 | $0 | $26402506 | 26402506 | $403520 |

---

**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 | 19999701 | AUD | 30155000 | Goldman Sachs International | 3-18-2026 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $(125909)<br>|
| BRL | 76433000 | USD | 13632926 | Goldman Sachs International | 3-18-2026 | &nbsp;&nbsp;&nbsp; 82049 | &nbsp;&nbsp;&nbsp; 0 |
| CAD | 8238000 | USD | 5972595 | Goldman Sachs International | 3-18-2026 | &nbsp;&nbsp;&nbsp; 48920 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 22255223 | CHF | 17684000 | Goldman Sachs International | 3-18-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (240189)<br>|
| CLP | 3855912000 | USD | 4177677 | Goldman Sachs International | 3-18-2026 | &nbsp;&nbsp;&nbsp; 109087 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 10685182 | CZK | 222177000 | Goldman Sachs International | 3-18-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (134454)<br>|
| EUR | 9758000 | USD | 11412859 | Goldman Sachs International | 3-18-2026 | &nbsp;&nbsp;&nbsp; 93410 | &nbsp;&nbsp;&nbsp; 0 |
| GBP | 12541000 | USD | 16703734 | Goldman Sachs International | 3-18-2026 | &nbsp;&nbsp;&nbsp; 197816 | &nbsp;&nbsp;&nbsp; 0 |
| HUF | 2238135000 | USD | 6753168 | Goldman Sachs International | 3-18-2026 | &nbsp;&nbsp;&nbsp; 57767 | &nbsp;&nbsp;&nbsp; 0 |
| INR | 793894000 | USD | 8762434 | Goldman Sachs International | 3-18-2026 | &nbsp;&nbsp;&nbsp; 21900 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 11219108 | JPY | 1739893000 | Goldman Sachs International | 3-18-2026 | &nbsp;&nbsp;&nbsp; 42546 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 27390124 | KRW | 40115575000 | Goldman Sachs International | 3-18-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (536215)<br>|

---

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

2 \| Allspring Alternative Risk Premia Fund

------

Consolidated portfolio of investments—December 31, 2025 (unaudited)

**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>|
| MXN | 78496000 | USD | 4270729 | Goldman Sachs International | 3-18-2026 | &nbsp;&nbsp;&nbsp; $57504 | &nbsp;&nbsp;&nbsp; $0 |
| NOK | 12858000 | USD | 1265377 | Goldman Sachs International | 3-18-2026 | &nbsp;&nbsp;&nbsp; 9914 | &nbsp;&nbsp;&nbsp; 0 |
| NZD | 29918000 | USD | 17350944 | Goldman Sachs International | 3-18-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (79068)<br>|
| PLN | 17812000 | USD | 4901756 | Goldman Sachs International | 3-18-2026 | &nbsp;&nbsp;&nbsp; 57858 | &nbsp;&nbsp;&nbsp; 0 |
| SEK | 37297000 | USD | 4021890 | Goldman Sachs International | 3-18-2026 | &nbsp;&nbsp;&nbsp; 44634 | &nbsp;&nbsp;&nbsp; 0 |
| ZAR | 261737000 | USD | 15284805 | Goldman Sachs International | 3-18-2026 | &nbsp;&nbsp;&nbsp; 440413 | &nbsp;&nbsp;&nbsp; 0 |
| IDR | 224716000000 | USD | 13439952 | Goldman Sachs International | 3-25-2026 | &nbsp;&nbsp;&nbsp; 23024 | &nbsp;&nbsp;&nbsp; 0 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **$1286842** | &nbsp;&nbsp;&nbsp; **$(1115835)**<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** |  |  |  |  |  |  |
| CAC 40 Index | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 1-16-2026 | &nbsp;&nbsp; $3443749 | &nbsp;&nbsp; $3449729 | &nbsp;&nbsp; $5980 | &nbsp;&nbsp; $0 |
| LME Copper Futures\*\* | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 1-19-2026 | &nbsp;&nbsp; 1679819 | &nbsp;&nbsp; 1869899 | &nbsp;&nbsp; 190080 | &nbsp;&nbsp; 0 |
| LME Lead Futures\*\* | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 1-19-2026 | &nbsp;&nbsp; 2227784 | &nbsp;&nbsp; 2228153 | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 0 |
| LME Primary Aluminum Futures\*\* | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 1-19-2026 | &nbsp;&nbsp; 1192262 | &nbsp;&nbsp; 1265990 | &nbsp;&nbsp; 73728 | &nbsp;&nbsp; 0 |
| LME Zinc Futures\*\* | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 1-19-2026 | &nbsp;&nbsp; 2143062 | &nbsp;&nbsp; 2165492 | &nbsp;&nbsp; 22430 | &nbsp;&nbsp; 0 |
| Light Sweet Crude Oil Futures\*\* | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 1-20-2026 | &nbsp;&nbsp; 1120105 | &nbsp;&nbsp; 1090980 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (29125)<br>|
| Brent Crude Oil Futures\*\* | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 1-30-2026 | &nbsp;&nbsp; 1438769 | &nbsp;&nbsp; 1399550 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (39219)<br>|
| NY Harbor ULSD Futures\*\* | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 1-30-2026 | &nbsp;&nbsp; 2242007 | &nbsp;&nbsp; 2227575 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (14432)<br>|
| Reformulated Gasoline Blendstock for Oxygen Blending <br> Futures\*\*<br>| &nbsp;&nbsp; 47 | &nbsp;&nbsp; 1-30-2026 | &nbsp;&nbsp; 3425063 | &nbsp;&nbsp; 3385410 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (39653)<br>|
| Gas Oil Futures\*\* | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 2-12-2026 | &nbsp;&nbsp; 3378302 | &nbsp;&nbsp; 3224000 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (154302)<br>|
| Gold 100 Troy Ounces Futures\*\* | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 2-25-2026 | &nbsp;&nbsp; 2559320 | &nbsp;&nbsp; 2604660 | &nbsp;&nbsp; 45340 | &nbsp;&nbsp; 0 |
| Live Cattle Futures\*\* | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 2-27-2026 | &nbsp;&nbsp; 1494243 | &nbsp;&nbsp; 1667520 | &nbsp;&nbsp; 173277 | &nbsp;&nbsp; 0 |
| TOPIX Index | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3-12-2026 | &nbsp;&nbsp; 215117 | &nbsp;&nbsp; 217920 | &nbsp;&nbsp; 2803 | &nbsp;&nbsp; 0 |
| Soybean Futures\*\* | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 3-13-2026 | &nbsp;&nbsp; 1189987 | &nbsp;&nbsp; 1099875 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (90112)<br>|
| 10-Year Australian Bond | &nbsp;&nbsp; 529 | &nbsp;&nbsp; 3-16-2026 | &nbsp;&nbsp; 38672485 | &nbsp;&nbsp; 38650957 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (21528)<br>|
| LME Copper Futures\*\* | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 3-16-2026 | &nbsp;&nbsp; 1722510 | &nbsp;&nbsp; 1866075 | &nbsp;&nbsp; 143565 | &nbsp;&nbsp; 0 |
| C Coffee Futures\*\* | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 3-19-2026 | &nbsp;&nbsp; 3201478 | &nbsp;&nbsp; 3007969 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (193509)<br>|
| S&P ASX Share Price Index 200 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 3-19-2026 | &nbsp;&nbsp; 3453573 | &nbsp;&nbsp; 3473957 | &nbsp;&nbsp; 20384 | &nbsp;&nbsp; 0 |
| S&P/TSX 60 Index | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 3-19-2026 | &nbsp;&nbsp; 3781278 | &nbsp;&nbsp; 3798273 | &nbsp;&nbsp; 16995 | &nbsp;&nbsp; 0 |
| 10-Year Canadian Bond | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 3-20-2026 | &nbsp;&nbsp; 8289333 | &nbsp;&nbsp; 8192510 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (96823)<br>|
| DAX Index | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3-20-2026 | &nbsp;&nbsp; 2149744 | &nbsp;&nbsp; 2176177 | &nbsp;&nbsp; 26433 | &nbsp;&nbsp; 0 |
| E-Mini Russell 2000 Index | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3-20-2026 | &nbsp;&nbsp; 257315 | &nbsp;&nbsp; 249800 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (7515)<br>|
| Euro STOXX 50 Index | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 3-20-2026 | &nbsp;&nbsp; 3255208 | &nbsp;&nbsp; 3294885 | &nbsp;&nbsp; 39677 | &nbsp;&nbsp; 0 |
| FTSE 100 Index | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 3-20-2026 | &nbsp;&nbsp; 4623070 | &nbsp;&nbsp; 4689992 | &nbsp;&nbsp; 66922 | &nbsp;&nbsp; 0 |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3-20-2026 | &nbsp;&nbsp; 277290 | &nbsp;&nbsp; 282280 | &nbsp;&nbsp; 4990 | &nbsp;&nbsp; 0 |
| **Short** |  |  |  |  |  |  |
| LME Copper Futures\*\* | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; 1-19-2026 | &nbsp;&nbsp; (1729466)<br>| &nbsp;&nbsp; (1869899)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (140433)<br>|
| LME Lead Futures\*\* | &nbsp;&nbsp; (45)<br>| &nbsp;&nbsp; 1-19-2026 | &nbsp;&nbsp; (2225302)<br>| &nbsp;&nbsp; (2228153)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (2851)<br>|
| LME Nickel Futures\*\* | &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp; 1-19-2026 | &nbsp;&nbsp; (1500959)<br>| &nbsp;&nbsp; (1687648)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (186689)<br>|
| LME Primary Aluminum Futures\*\* | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; 1-19-2026 | &nbsp;&nbsp; (432867)<br>| &nbsp;&nbsp; (446820)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (13953)<br>|
| Henry Hub Natural Gas Futures\*\* | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; 1-28-2026 | &nbsp;&nbsp; (184490)<br>| &nbsp;&nbsp; (184300)<br>| &nbsp;&nbsp; 190 | &nbsp;&nbsp; 0 |
| Lean Hogs Futures\*\* | &nbsp;&nbsp; (60)<br>| &nbsp;&nbsp; 2-13-2026 | &nbsp;&nbsp; (1894909)<br>| &nbsp;&nbsp; (2042400)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (147491)<br>|
| LME Lead Futures\*\* | &nbsp;&nbsp; (45)<br>| &nbsp;&nbsp; 2-16-2026 | &nbsp;&nbsp; (2241708)<br>| &nbsp;&nbsp; (2247413)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (5705)<br>|
| Number 11 World Sugar Futures\*\* | &nbsp;&nbsp; (110)<br>| &nbsp;&nbsp; 2-27-2026 | &nbsp;&nbsp; (1830709)<br>| &nbsp;&nbsp; (1849232)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (18523)<br>|
| 10-Year Euro BUND Index | &nbsp;&nbsp; (206)<br>| &nbsp;&nbsp; 3-6-2026 | &nbsp;&nbsp; (31151862)<br>| &nbsp;&nbsp; (30883574)<br>| &nbsp;&nbsp; 268288 | &nbsp;&nbsp; 0 |
| Number 2 Cotton Futures\*\* | &nbsp;&nbsp; (151)<br>| &nbsp;&nbsp; 3-9-2026 | &nbsp;&nbsp; (4891270)<br>| &nbsp;&nbsp; (4852385)<br>| &nbsp;&nbsp; 38885 | &nbsp;&nbsp; 0 |
| 10-Year Japanese Bond | &nbsp;&nbsp; (36)<br>| &nbsp;&nbsp; 3-13-2026 | &nbsp;&nbsp; (30614974)<br>| &nbsp;&nbsp; (30431307)<br>| &nbsp;&nbsp; 183667 | &nbsp;&nbsp; 0 |

---

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

Allspring Alternative Risk Premia Fund \| 3

------

Consolidated portfolio of investments—December 31, 2025 (unaudited)

**Futures contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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>|
| **Short** (continued) |  |  |  |  |  |  |
| Corn Futures\*\* | &nbsp;&nbsp; (226)<br>| &nbsp;&nbsp; 3-13-2026 | &nbsp;&nbsp; $(4961909)<br>| &nbsp;&nbsp; $(4974825)<br>| &nbsp;&nbsp; $0 | &nbsp;&nbsp; $(12916)<br>|
| Hard Red Winter Wheat Futures\*\* | &nbsp;&nbsp; (134)<br>| &nbsp;&nbsp; 3-13-2026 | &nbsp;&nbsp; (3519000)<br>| &nbsp;&nbsp; (3448825)<br>| &nbsp;&nbsp; 70175 | &nbsp;&nbsp; 0 |
| Soybean Meal Futures\*\* | &nbsp;&nbsp; (100)<br>| &nbsp;&nbsp; 3-13-2026 | &nbsp;&nbsp; (3163645)<br>| &nbsp;&nbsp; (2994000)<br>| &nbsp;&nbsp; 169645 | &nbsp;&nbsp; 0 |
| Soybean Oil Futures\*\* | &nbsp;&nbsp; (83)<br>| &nbsp;&nbsp; 3-13-2026 | &nbsp;&nbsp; (2648538)<br>| &nbsp;&nbsp; (2418288)<br>| &nbsp;&nbsp; 230250 | &nbsp;&nbsp; 0 |
| Wheat Futures\*\* | &nbsp;&nbsp; (90)<br>| &nbsp;&nbsp; 3-13-2026 | &nbsp;&nbsp; (2426306)<br>| &nbsp;&nbsp; (2281500)<br>| &nbsp;&nbsp; 144806 | &nbsp;&nbsp; 0 |
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; (325)<br>| &nbsp;&nbsp; 3-20-2026 | &nbsp;&nbsp; (36688586)<br>| &nbsp;&nbsp; (36542188)<br>| &nbsp;&nbsp; 146398 | &nbsp;&nbsp; 0 |
| E-Mini NASDAQ 100 Index | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 3-20-2026 | &nbsp;&nbsp; (509238)<br>| &nbsp;&nbsp; (509135)<br>| &nbsp;&nbsp; 103 | &nbsp;&nbsp; 0 |
| E-Mini S&P 500 Index | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 3-20-2026 | &nbsp;&nbsp; (688860)<br>| &nbsp;&nbsp; (689250)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (390)<br>|
| Long Gilt Futures | &nbsp;&nbsp; (192)<br>| &nbsp;&nbsp; 3-27-2026 | &nbsp;&nbsp; (23475928)<br>| &nbsp;&nbsp; (23647150)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (171222)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$2085380** | &nbsp;&nbsp; **$(1386391)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* Represents an investment held in Alt Risk Premia Special Investments (Cayman) Ltd., the consolidated entity.

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

4 \| Allspring Alternative Risk Premia Fund

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Consolidated statement of assets and liabilities—December 31, 2025 (unaudited)

Consolidated financial statements

Consolidated statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $75,965,614) | $75991248 |
| Investments in affiliated securities, at value (cost $26,402,506) | 26402506 |
| Cash at broker segregated for futures contracts | 7695297 |
| Foreign currency, at value (cost $31) | 83 |
| Unrealized gains on forward foreign currency contracts | 1286842 |
| Receivable for daily variation margin on open futures contracts | 265919 |
| Receivable for interest | 82681 |
| Prepaid expenses and other assets | 104804 |
| **Total assets** | **111829380** |
| Liabilities |  |
| Unrealized losses on forward foreign currency contracts | 1115835 |
| Payable for daily variation margin on open futures contracts | 303188 |
| Management fee payable | 36504 |
| Administration fees payable | 2883 |
| Trustees' fees and expenses payable | 2346 |
| Accrued expenses and other liabilities | 170107 |
| **Total liabilities** | **1630863** |
| **Total net assets**  | **$110198517** |
| Net assets consist of |  |
| Paid-in capital | $109586010 |
| Total distributable earnings | 612507 |
| **Total net assets** | **$110198517** |
| Computation of net asset value per share |  |
| Net assets–Class R6 | $110164316 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 13487264 |
| Net asset value per share–Class R6 | $8.17 |
| Net assets–Institutional Class | $34201 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 4198 |
| Net asset value per share–Institutional Class | $8.15 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

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

Allspring Alternative Risk Premia Fund \| 5

------

Consolidated Statement of operations — six months ended December 31, 2025 (unaudited)

Consolidated statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $1737582 |
| Income from affiliated securities | 403520 |
| **Total investment income** | **2141102** |
| Expenses |  |
| Management fee | 321690 |
| Administration fees |  |
| Class R6 | 16079 |
| Institutional Class | 22 |
| Custody and accounting fees | 49619 |
| Professional fees | 45658 |
| Registration fees | 14704 |
| Shareholder report expenses | 8340 |
| Trustees' fees and expenses | 2636 |
| Other fees and expenses | 2972 |
| **Total expenses** | **461720** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (129291)<br>|
| **Net expenses** | **332429** |
| **Net investment income** | **1808673** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | 1285 |
| Foreign currency and foreign currency translations | 6119 |
| Forward foreign currency contracts | 3427720 |
| Futures contracts | 3153153 |
| **Net realized gains on investments**  | **6588277** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 36730 |
| Foreign currency and foreign currency translations | 1 |
| Forward foreign currency contracts | 397335 |
| Futures contracts | 584714 |
| **Net change in unrealized gains (losses) on investments** | **1018780** |
| **Net realized and unrealized gains (losses) on investments** | **7607057** |
| **Net increase in net assets resulting from operations** | **$9415730** |

---

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

6 \| Allspring Alternative Risk Premia Fund

------

Consolidated statement of changes in net assets

Consolidated statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> December 31, 2025<br> (unaudited) | Six months ended<br> December 31, 2025<br> (unaudited) | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $1808673 |  | &nbsp;&nbsp; $4370445 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 6588277 |  | &nbsp;&nbsp; (711680)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 1018780 |  | &nbsp;&nbsp; (2405143)<br>|
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **9415730** |  | &nbsp;&nbsp; **1253622** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class R6 |  | &nbsp;&nbsp; (7452076)<br>|  | &nbsp;&nbsp; (3802786)<br>|
| Institutional Class |  | &nbsp;&nbsp; (2287)<br>|  | &nbsp;&nbsp; (1023)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(7454363)**<br>|  | &nbsp;&nbsp; **(3803809)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class R6 | 1753 | &nbsp;&nbsp; 14942 | &nbsp;&nbsp; 449236 | &nbsp;&nbsp; 3646997 |
| Reinvestment of distributions |  |  |  |  |
| Class R6 | 911012 | &nbsp;&nbsp; 7452076 | &nbsp;&nbsp; 464321 | &nbsp;&nbsp; 3802786 |
| Institutional Class | 280 | &nbsp;&nbsp; 2287 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 1023 |
|  |  | &nbsp;&nbsp; 7454363 |  | &nbsp;&nbsp; 3803809 |
| Payment for shares redeemed |  |  |  |  |
| Class R6 | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (2451415)<br>| &nbsp;&nbsp; (20685661)<br>|
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (20685661)<br>|
| **Net increase (decrease) in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **7469305** |  | &nbsp;&nbsp; **(13234855)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **9430672** |  | &nbsp;&nbsp; **(15785042)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **100767845** |  | &nbsp;&nbsp; **116552887** |
| **End of period** |  | &nbsp;&nbsp; **$110198517** |  | &nbsp;&nbsp; **$100767845** |

---

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

Allspring Alternative Risk Premia Fund \| 7

------

Consolidated financial highlights

Consolidated financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class R6 | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.01** | &nbsp;&nbsp; **$8.26** | &nbsp;&nbsp; **$8.26** | &nbsp;&nbsp; **$9.13** | &nbsp;&nbsp; **$8.46** | &nbsp;&nbsp; **$8.02** |
| Net investment income (loss) | 0.14 <br><sup>1</sup><br>| 0.32 <br><sup>1</sup><br>| 0.37 <br><sup>1</sup><br>| 0.33 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.05 )<sup>1</sup><br>|
| Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.02 | 0.00 | 0.00 |
| Net realized and unrealized gains (losses) on investments | 0.61 | &nbsp;&nbsp; (0.29)<br>| 0.00 | 0.01 | 0.78 | 0.49 |
| Total from investment operations | 0.75 | 0.03 | 0.37 | 0.36 | 0.67 | 0.44 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.59)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.83)<br>| 0.00 | 0.00 |
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.40)<br>| 0.00 | 0.00 |
| Total distributions to shareholders | (0.59)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.23)<br>| 0.00 | 0.00 |
| **Net asset value, end of period** | **$8.17** | &nbsp;&nbsp; **$8.01** | &nbsp;&nbsp; **$8.26** | &nbsp;&nbsp; **$8.26** | &nbsp;&nbsp; **$9.13** | &nbsp;&nbsp; **$8.46** |
| **Total return**<sup>2</sup> <br>| **9.39%**<br>| **0.27%**<br>| **4.71%**<br>| **4.44** <br>**%\***<br>| **7.92%**<br>| **5.49%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.86<br> %<br>| 0.93<br> %<br>| 1.39<br> %<br>| 1.48<br> %<br>| 1.15<br> %<br>| 1.09<br> %<br>|
| Net expenses | 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>|
| Net investment income (loss) | 3.37<br> %<br>| 3.94<br> %<br>| 4.53<br> %<br>| 2.56<br> %<br>| &nbsp;&nbsp; (0.56)%<br>| &nbsp;&nbsp; (0.58)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Net assets, end of period (000s omitted) | $110164 | &nbsp;&nbsp; $100737 | &nbsp;&nbsp; $116522 | &nbsp;&nbsp; $36891 | &nbsp;&nbsp; $54205 | &nbsp;&nbsp; $72039 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* For year ended June 30, 2023, the Fund received a payment from an affiliate that had an impact of 0.25% on total return.

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

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

8 \| Allspring Alternative Risk Premia Fund

------

Consolidated financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>December 31, 2025 <br>(unaudited) | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | Six months ended <br>December 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$7.99** | &nbsp;&nbsp; **$8.23** | &nbsp;&nbsp; **$8.23** | &nbsp;&nbsp; **$9.10** | &nbsp;&nbsp; **$8.44** | &nbsp;&nbsp; **$8.02** |
| Net investment income (loss) | 0.14 <br><sup>1</sup><br>| 0.32 <br><sup>1</sup><br>| 0.35 <br><sup>1</sup><br>| 0.29 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.05)<br>|
| Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.02 | 0.00 | 0.00 |
| Net realized and unrealized gains (losses) on investments | 0.60 | &nbsp;&nbsp; (0.29)<br>| 0.01 | 0.05 | 0.76 | 0.47 |
| Total from investment operations | 0.74 | 0.03 | 0.36 | 0.36 | 0.66 | 0.42 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.58)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.83)<br>| 0.00 | 0.00 |
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.40)<br>| 0.00 | 0.00 |
| Total distributions to shareholders | (0.58)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (1.23)<br>| 0.00 | 0.00 |
| **Net asset value, end of period** | **$8.15** | &nbsp;&nbsp; **$7.99** | &nbsp;&nbsp; **$8.23** | &nbsp;&nbsp; **$8.23** | &nbsp;&nbsp; **$9.10** | &nbsp;&nbsp; **$8.44** |
| **Total return**<sup>2</sup> <br>| **9.30%**<br>| **0.29%**<br>| **4.63%**<br>| **4.43** <br>**%\***<br>| **7.82%**<br>| **5.24%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.97<br> %<br>| 1.03<br> %<br>| 1.92<br> %<br>| 1.62<br> %<br>| 1.35<br> %<br>| 1.21<br> %<br>|
| Net expenses | 0.72<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>|
| Net investment income (loss) | 3.26<br> %<br>| 3.88<br> %<br>| 4.34<br> %<br>| 2.65<br> %<br>| &nbsp;&nbsp; (0.53)%<br>| &nbsp;&nbsp; (0.68)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Net assets, end of period (000s omitted) | $34 | &nbsp;&nbsp; $31 | &nbsp;&nbsp; $31 | &nbsp;&nbsp; $951 | &nbsp;&nbsp; $933 | &nbsp;&nbsp; $21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* For year ended June 30, 2023, the Fund received a payment from an affiliate that had an impact of 0.25% on total return.

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

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

Allspring Alternative Risk Premia Fund \| 9

------

Notes to consolidated financial statements (unaudited)

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 Alternative Risk Premia Fund (the "Fund") which is a diversified series of the Trust.

2. INVESTMENT IN SUBSIDIARY

The Fund invests in direct or indirect investments in various derivatives, including commodity-linked derivatives, through Alt Risk Premia Special Investments (Cayman) Ltd. (the "Subsidiary"), a wholly owned subsidiary incorporated on October 2, 2018 under the laws of the Cayman Islands as an exempted segregated portfolio company with limited liability. As of December 31, 2025, the Subsidiary had $13,124,146 of investments in affiliates and cash at broker segregated for futures contacts representing 99.33% of its net assets. As of December 31, 2025, the Fund held $13,212,545 in the Subsidiary, representing 13.62% of the Fund's net assets prior to consolidation.

The consolidated financial statements of the Fund include the financial results of the Subsidiary. The Consolidated portfolio of investments includes positions of the Fund and the Subsidiary and the consolidated financial statements include the accounts of the Fund and the Subsidiary. Accordingly, all interfund balances and transactions between the Fund and the Subsidiary have been eliminated in consolidation.

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.

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, LLC ("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.

10 \| Allspring Alternative Risk Premia Fund

------

Notes to consolidated financial statements (unaudited)

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 the Subsidiary 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 and the Subsidiary may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates, security values and commodity prices and is subject to interest rate risk, equity price risk and commodity 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 Subsidiary 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 and the Subsidiary 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 and the Subsidiary are 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 Consolidated statement of assets and liabilities. Should the Fund and the Subsidiary fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund's and the Subsidiary's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Consolidated 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 ("OTC swaps") or centrally cleared with a central clearinghouse.

The Fund entered into OTC swaps. For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Consolidated statement of assets and liabilities and amortized over the term of the contract. The daily fluctuations in market value are recorded as unrealized gains or losses on OTC swaps in the Consolidated statement of assets and liabilities. Payments received or paid are recorded in the Consolidated statement of operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Consolidated statement of operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

***Total return basket swaps***

The Fund may enter into total return basket swap contracts to obtain exposure to a custom basket of long and short securities and/or futures contracts without owning such securities and/or futures contracts. The Fund has the ability to trade in and out of the long and short positions within the swap and receives the economic benefits and risks equivalent to direct investments in these positions. Under the terms of the contract, the Fund and the counterparty exchange periodic payments based on the total return of reference assets within a basket for a specified interest rate. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. To the extent the total return of the reference assets exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from, or make a payment to, the counterparty. Positions within the swap are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses on swap contracts in the Consolidated statement of operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

The Fund is exposed to risks if the counterparty defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates or in the price of the reference securities in the basket. In addition to counterparty credit risk, the Fund is subject to liquidity risk if there is no market for the contracts and is exposed to the market risk associated with the reference securities in the basket.

Allspring Alternative Risk Premia Fund \| 11

------

Notes to consolidated financial statements (unaudited)

Security transactions and income recognition

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

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.

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 Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. 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 December 31, 2025, the aggregate cost of all investments for federal income tax purposes was $102,496,339 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $3397856 |
| Gross unrealized losses | &nbsp;&nbsp; (2630445)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$767411** |

---

As of June 30, 2025, the Fund had capital loss carryforwards which consisted of $2,342,525 in short-term capital losses and $2,080,500 in long-term capital losses.

Class allocations

The separate classes of shares offered by the Fund differ principally in 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.

12 \| Allspring Alternative Risk Premia Fund

------

Notes to consolidated financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of December 31, 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:** |  |  |  |  |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; $26402506 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $26402506 |
| *U.S. Treasury securities* | &nbsp;&nbsp; 75991248 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 75991248 |
|  | &nbsp;&nbsp; 102393754 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 102393754 |
| **Forward foreign currency contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1286842 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1286842 |
| **Futures contracts** | &nbsp;&nbsp; 2085380 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2085380 |
| **Total assets** | &nbsp;&nbsp; **$104479134** | &nbsp;&nbsp;&nbsp; **$1286842** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$105765976** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Forward foreign currency contracts** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $1115835 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $1115835 |
| **Futures contracts** | &nbsp;&nbsp; 1386391 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1386391 |
| **Total liabilities** | &nbsp;&nbsp; **$1386391** | &nbsp;&nbsp;&nbsp; **$1115835** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$2502226** |

---

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 Consolidated portfolio of investments. For futures contracts, the current day's variation margin is reported on the Consolidated 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 Consolidated portfolio of investments.

At December 31, 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 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 | 0.600<br> %<br>|
| Next $500 million | 0.575 |
| Next $2 billion | 0.550 |
| Next $2 billion | 0.525 |
| Next $5 billion | 0.490 |
| Over $10 billion | 0.480 |

---

For the six months ended December 31, 2025, the management fee was equivalent to an annual rate of 0.60% of the Fund's average daily net assets.

The Subsidiary has entered into 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 does not pay Allspring Funds Management a fee for its services.

Allspring Funds Management has retained the services of certain subavisers to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments") and Allspring Global Investments (UK) Limited ("Allspring UK"), each an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, serves as subadvisers 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

Allspring Alternative Risk Premia Fund \| 13

------

Notes to consolidated financial statements (unaudited)

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 R6 | 0.03<br> %<br>|
| 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 October 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 December 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class R6 | 0.62<br> %<br>|
| Institutional Class | 0.72 |

---

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 six months ended December 31, 2025.

6. INVESTMENT PORTFOLIO TRANSACTIONS

For the six months December 31, 2025, the Fund did not have any purchases and sales of securities, excluding any short-term securities.

7. DERIVATIVE TRANSACTIONS

During the six months ended December 31, 2025, in order to provide investors with exposure to sources of excess return (known as alternative risk premia), the Fund and the Subsidiary entered into both long and short positions in equities, fixed income, currencies and commodities directly or with derivatives. The derivative holdings included futures contracts and forward foreign currency contracts.

The volume of the Fund's derivative activity during the six months ended December 31, 2025 was as follows:

---

| | |
|:---|:---|
| **Forward foreign currency contracts** |  |
| Average contract amounts to buy | &nbsp;&nbsp; $163519638 |
| Average contract amounts to sell | &nbsp;&nbsp; 152035934 |
| **Futures contracts** |  |
| Average notional balance on long futures | &nbsp;&nbsp; $110119114 |
| Average notional balance on short futures | &nbsp;&nbsp; 113899365 |

---

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 December 31, 2025 by primary risk type on the Consolidated statement of assets and liabilities was as follows for the Fund:

14 \| Allspring Alternative Risk Premia Fund

------

Notes to consolidated financial statements (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Commodity <br>risk<br>| Equity <br>risk<br>| Foreign <br> Currency <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $0 | $1286842 | $1286842 |
| Futures contracts | &nbsp;&nbsp; 598,353 <br>\*<br>| 1,302,740 <br>\*<br>| 184,287 <br>\*<br>| 0 | 2085380 |
|  | &nbsp;&nbsp; $598353 | $1302740 | $184287 | $1286842 | $3372222 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $0 | $1115835 | $1115835 |
| Futures contracts | &nbsp;&nbsp; 289,573 <br>\*<br>| 1,088,913 <br>\*<br>| 7,905 <br>\*<br>| 0 | 1386391 |
|  | &nbsp;&nbsp; $289573 | $1088913 | $7905 | $1115835 | $2502226 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Consolidated portfolio of investments. For futures contracts, only the current day's variation margin as of December 31, 2025 is reported separately on the Consolidated statement of assets and liabilities. 

The effect of derivative instruments on the Consolidated statement of operations for the six months ended December 31, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Commodity <br>risk<br>| Equity <br>risk<br>| Foreign <br> 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** | **Net realized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $0 | $3427720 | $3427720 |
| Futures contracts | &nbsp;&nbsp; 288793 | 1260927 | 1603433 | 0 | 3153153 |
|  | &nbsp;&nbsp; $288793 | $1260927 | $1603433 | $3427720 | $6580873 |
| **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** | **Net change in unrealized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $0 | $397335 | $397335 |
| Futures contracts | &nbsp;&nbsp; 156302 | 376529 | 51883 | 0 | 584714 |
|  | &nbsp;&nbsp; $156302 | $376529 | $51883 | $397335 | $982049 |

---

For certain types of derivative transactions, the Fund and the Subsidiary have 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 and the Subsidiary 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 and the Subsidiary under ISDA Master Agreements or similar agreements, if any, are reported separately in the Consolidated statement of assets and liabilities. Securities pledged as collateral, if any, are noted in the Consolidated 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 Consolidated 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 Consolidated 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>Consolidated <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>|
| Goldman Sachs International | &nbsp;&nbsp; $1286842 | $(1115835)<br>| $0 | $171007 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of liabilities in the <br>Consolidated <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>|
| Goldman Sachs International | &nbsp;&nbsp; $1115835 | $(1115835)<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.

Allspring Alternative Risk Premia Fund \| 15

------

Notes to consolidated financial statements (unaudited)

&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 six months ended December 31, 2025, there were no borrowings by the Fund under the agreement.

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 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 Consolidated statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Consolidated 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 includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

16 \| Allspring Alternative Risk Premia Fund

------

Other information (unaudited)

Other information

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 Alternative Risk Premia Fund \| 17

------

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.

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Not applicable

18 \| Allspring Alternative Risk Premia Fund

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![](g805823imgeda1172b1.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**

![](g805823img880ce47a2.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.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS4816 12-25**

------

<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 CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END 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 CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION</u> 

Not applicable.

------

<u>ITEM 19. EXHIBITS</u> 

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.](d805823dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.](d805823dex99906cert.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. |

---

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#### 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: | February 25, 2026 |

---

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: | February 25, 2026 |
| By: | /s/Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
| Date: | February 25, 2026 |

---

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g805823g0227121413400.jpg)

**<u>CERTIFICATION</u>**

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Alternative Risk Premia Fund, Allspring California Limited-Term Tax-Free Fund, Allspring California Tax-Free Fund, Allspring High Yield Municipal Bond Fund, Allspring Intermediate Tax/AMT-Free Fund, Allspring Minnesota Tax-Free Fund, Allspring Municipal Bond Fund, Allspring Pennsylvania Tax-Free Fund, Allspring Short-Term Municipal Bond Fund, Allspring Strategic Municipal Bond Fund, Allspring Ultra Short-Term Municipal Income Fund and Allspring Wisconsin Tax-Free 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

------

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 control 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.

Date: February 25, 2026

---

| |
|:---|
|  /s/ John Kenney |
|  John Kenney |
|  President (Principal Executive Officer) |
|  Allspring Funds Trust |

---

## Exhibit 99.906

![LOGO](g805823g0227121413400.jpg)

**<u>CERTIFICATION</u>**

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Alternative Risk Premia Fund, Allspring California Limited-Term Tax-Free Fund, Allspring California Tax-Free Fund, Allspring High Yield Municipal Bond Fund, Allspring Intermediate Tax/AMT-Free Fund, Allspring Minnesota Tax-Free Fund, Allspring Municipal Bond Fund, Allspring Pennsylvania Tax-Free Fund, Allspring Short-Term Municipal Bond Fund, Allspring Strategic Municipal Bond Fund, Allspring Ultra Short-Term Municipal Income Fund and Allspring Wisconsin Tax-Free 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

------

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 control 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.

Date: February 25, 2026

---

| |
|:---|
|  /s/ Jeremy DePalma |
|  Jeremy DePalma |
|  Treasurer (Principal Financial Officer) |
|  Allspring Funds Trust |

---

------

**Exhibit 19(b)**![LOGO](g805823g0227121413400.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-CSRS for the six months ended December 31, 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: February 25, 2026

---

| | |
|:---|:---|
|  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-CSRS with the Securities and Exchange Commission.

------

![LOGO](g805823g0227121413400.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-CSRS for the six months ended December 31, 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: February 25, 2026

---

| | |
|:---|:---|
|  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-CSRS with the Securities and Exchange Commission.