# EDGAR Filing Document

**Accession Number:** 0001081400
**File Stem:** 0001193125-26-253062
**Filing Date:** 2026-6
**Character Count:** 917714
**Document Hash:** 81095bc95eaba1bd1e94295fcc38b878
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-253062.hdr.sgml**: 20260602

**ACCESSION NUMBER**: 0001193125-26-253062

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260602

**DATE AS OF CHANGE**: 20260602

**EFFECTIVENESS DATE**: 20260602

**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:** 261054736

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

![LOGO](g100566g91u34.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: September 30
**Registrant is making a filing for 10 of its series**: Allspring Common Stock Fund, Allspring Diversified Capital Builder Fund, Allspring Diversified Income Builder Fund, Allspring Income Plus Fund, Allspring Index Asset Allocation Fund, Allspring Managed Account CoreBuilder<sup>®</sup> Shares - Series SP, Allspring Mid Cap Growth Fund, Allspring Opportunity Fund, Allspring SMID Cap Growth Fund and Allspring Special Mid Cap Value Fund.

#### Date of reporting period: March 31, 2026

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u>![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

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

# March 31, 2026

# APSPX
This semi-annual shareholder report contains important information about Managed Account CoreBuilder<sup>®</sup> Shares - Series SP for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-888-877-9275.

## 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 |
| Managed Account CoreBuilder<sup>®</sup> Shares - Series SP | $0 | 0.00%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $27273947 |
| # of portfolio holdings | 176 |
| Portfolio turnover rate | 89% |
| Total advisory fees paid | $0 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Asset-backed securities | 29.3 |
| Corporate bonds and notes | 24.1 |
| Non-agency mortgage-backed securities | 19.2 |
| U.S. Treasury securities | 12.3 |
| Foreign government bonds | 5.6 |
| Yankee corporate bonds and notes | 4.8 |
| Yankee government bonds | 2.3 |
| Foreign corporate bonds and notes | 2.1 |
| Agency securities | 0.3 |

---

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

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.50%, 2-15-2029 | 6.3 |
| U.S. Treasury Notes, 3.63%, 8-31-2027 | 2.7 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class C, 5.76%, 2-15-2042 | 1.7 |
| RCKT Mortgage Trust Series 2024-CES2 Class A2, 6.39%, 4-25-2044 | 1.3 |
| OneMain Financial Issuance Trust Series 2023-2A Class A2, 5.17%, 9-15-2036 | 1.3 |
| Avant Loans Funding Trust Series 2024-REV1 Class B, 6.17%, 10-15-2033 | 1.3 |
| BX Trust Series 2024-BIO Class A, 5.31%, 2-15-2041 | 1.3 |
| Venture 44 CLO Ltd. Series 2021-44A Class A1NR, 4.81%, 10-20-2034 | 1.3 |
| Vital Care Issuer LLC Series 2025-1A Class A2, 6.74%, 1-30-2056 | 1.2 |
| U.S. Treasury Notes, 3.50%, 3-15-2029 | 1.2 |

---

## 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

#### SAR4906 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Diversified Capital Builder Fund

# March 31, 2026

# EKBAX

## Class A
This semi-annual shareholder report contains important information about Diversified Capital Builder Fund for the period from October 1, 2025 to March 31, 2026. 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 | $57 | 1.06%<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 | $1936932064 |
| # of portfolio holdings | 99 |
| Portfolio turnover rate | 15% |
| Total advisory fees paid | $5331813 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Common stocks | 87.0 |
| Corporate bonds and notes | 12.5 |
| Yankee corporate bonds and notes | 0.5 |

---

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

---

| | |
|:---|:---|
| Micron Technology, Inc. | 4.7 |
| Advanced Micro Devices, Inc. | 3.8 |
| Amphenol Corp. Class A | 3.6 |
| Curtiss-Wright Corp. | 3.3 |
| Marvell Technology, Inc. | 3.0 |
| Cheniere Energy, Inc. | 2.9 |
| Targa Resources Corp. | 2.8 |
| Teledyne Technologies, Inc. | 2.8 |
| SLB Ltd. | 2.7 |
| Baker Hughes Co. Class A | 2.5 |

---

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

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

#### SAR4324 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Diversified Capital Builder Fund

# March 31, 2026

# EKBCX

## Class C
This semi-annual shareholder report contains important information about Diversified Capital Builder Fund for the period from October 1, 2025 to March 31, 2026. 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 | $97 | 1.81%<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 | $1936932064 |
| # of portfolio holdings | 99 |
| Portfolio turnover rate | 15% |
| Total advisory fees paid | $5331813 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Common stocks | 87.0 |
| Corporate bonds and notes | 12.5 |
| Yankee corporate bonds and notes | 0.5 |

---

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

---

| | |
|:---|:---|
| Micron Technology, Inc. | 4.7 |
| Advanced Micro Devices, Inc. | 3.8 |
| Amphenol Corp. Class A | 3.6 |
| Curtiss-Wright Corp. | 3.3 |
| Marvell Technology, Inc. | 3.0 |
| Cheniere Energy, Inc. | 2.9 |
| Targa Resources Corp. | 2.8 |
| Teledyne Technologies, Inc. | 2.8 |
| SLB Ltd. | 2.7 |
| Baker Hughes Co. Class A | 2.5 |

---

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

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

#### SAR4516 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Diversified Capital Builder Fund

# March 31, 2026

# EKBYX

## Institutional Class
This semi-annual shareholder report contains important information about Diversified Capital Builder Fund for the period from October 1, 2025 to March 31, 2026. 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 | $40 | 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 | $1936932064 |
| # of portfolio holdings | 99 |
| Portfolio turnover rate | 15% |
| Total advisory fees paid | $5331813 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Common stocks | 87.0 |
| Corporate bonds and notes | 12.5 |
| Yankee corporate bonds and notes | 0.5 |

---

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

---

| | |
|:---|:---|
| Micron Technology, Inc. | 4.7 |
| Advanced Micro Devices, Inc. | 3.8 |
| Amphenol Corp. Class A | 3.6 |
| Curtiss-Wright Corp. | 3.3 |
| Marvell Technology, Inc. | 3.0 |
| Cheniere Energy, Inc. | 2.9 |
| Targa Resources Corp. | 2.8 |
| Teledyne Technologies, Inc. | 2.8 |
| SLB Ltd. | 2.7 |
| Baker Hughes Co. Class A | 2.5 |

---

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

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

#### SAR0747 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Diversified Income Builder Fund

# March 31, 2026

# EKSAX

## Class A
This semi-annual shareholder report contains important information about Diversified Income Builder Fund for the period from October 1, 2025 to March 31, 2026. 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 | $42 | 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 | $513080622 |
| # of portfolio holdings | 452 |
| Portfolio turnover rate | 30% |
| Total advisory fees paid | $681926 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate bonds and notes | 35.5 |
| Common stocks | 31.1 |
| Investment companies | 11.3 |
| Yankee corporate bonds and notes | 10.5 |
| Foreign corporate bonds and notes | 6.6 |
| Municipal obligations | 2.8 |
| Loans | 1.5 |
| Preferred stocks | 0.6 |
| Asset-backed securities | 0.1 |

---

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

---

| | |
|:---|:---|
| iShares 3-7 Year Treasury Bond ETF | 3.6 |
| iShares 1-3 Year Treasury Bond ETF | 3.2 |
| iShares MSCI Brazil ETF | 2.5 |
| NVIDIA Corp. | 1.2 |
| Apple, Inc. | 0.9 |
| Alphabet, Inc. Class A | 0.9 |
| Microsoft Corp. | 0.7 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 0.7 |
| Sompo Holdings, Inc. | 0.6 |
| Broadcom, Inc. | 0.5 |

---

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

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

#### SAR4304 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Diversified Income Builder Fund

# March 31, 2026

# EKSCX

## Class C
This semi-annual shareholder report contains important information about Diversified Income Builder Fund for the period from October 1, 2025 to March 31, 2026. 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 | $80 | 1.59%<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 | $513080622 |
| # of portfolio holdings | 452 |
| Portfolio turnover rate | 30% |
| Total advisory fees paid | $681926 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate bonds and notes | 35.5 |
| Common stocks | 31.1 |
| Investment companies | 11.3 |
| Yankee corporate bonds and notes | 10.5 |
| Foreign corporate bonds and notes | 6.6 |
| Municipal obligations | 2.8 |
| Loans | 1.5 |
| Preferred stocks | 0.6 |
| Asset-backed securities | 0.1 |

---

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

---

| | |
|:---|:---|
| iShares 3-7 Year Treasury Bond ETF | 3.6 |
| iShares 1-3 Year Treasury Bond ETF | 3.2 |
| iShares MSCI Brazil ETF | 2.5 |
| NVIDIA Corp. | 1.2 |
| Apple, Inc. | 0.9 |
| Alphabet, Inc. Class A | 0.9 |
| Microsoft Corp. | 0.7 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 0.7 |
| Sompo Holdings, Inc. | 0.6 |
| Broadcom, Inc. | 0.5 |

---

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

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

#### SAR0424 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Diversified Income Builder Fund

# March 31, 2026

# EKSRX

## Class R6
This semi-annual shareholder report contains important information about Diversified Income Builder Fund for the period from October 1, 2025 to March 31, 2026. 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 | $21 | 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 | $513080622 |
| # of portfolio holdings | 452 |
| Portfolio turnover rate | 30% |
| Total advisory fees paid | $681926 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate bonds and notes | 35.5 |
| Common stocks | 31.1 |
| Investment companies | 11.3 |
| Yankee corporate bonds and notes | 10.5 |
| Foreign corporate bonds and notes | 6.6 |
| Municipal obligations | 2.8 |
| Loans | 1.5 |
| Preferred stocks | 0.6 |
| Asset-backed securities | 0.1 |

---

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

---

| | |
|:---|:---|
| iShares 3-7 Year Treasury Bond ETF | 3.6 |
| iShares 1-3 Year Treasury Bond ETF | 3.2 |
| iShares MSCI Brazil ETF | 2.5 |
| NVIDIA Corp. | 1.2 |
| Apple, Inc. | 0.9 |
| Alphabet, Inc. Class A | 0.9 |
| Microsoft Corp. | 0.7 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 0.7 |
| Sompo Holdings, Inc. | 0.6 |
| Broadcom, Inc. | 0.5 |

---

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

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

#### SAR4806 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Diversified Income Builder Fund

# March 31, 2026

# EKSYX

## Institutional Class
This semi-annual shareholder report contains important information about Diversified Income Builder Fund for the period from October 1, 2025 to March 31, 2026. 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 | $26 | 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 | $513080622 |
| # of portfolio holdings | 452 |
| Portfolio turnover rate | 30% |
| Total advisory fees paid | $681926 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate bonds and notes | 35.5 |
| Common stocks | 31.1 |
| Investment companies | 11.3 |
| Yankee corporate bonds and notes | 10.5 |
| Foreign corporate bonds and notes | 6.6 |
| Municipal obligations | 2.8 |
| Loans | 1.5 |
| Preferred stocks | 0.6 |
| Asset-backed securities | 0.1 |

---

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

---

| | |
|:---|:---|
| iShares 3-7 Year Treasury Bond ETF | 3.6 |
| iShares 1-3 Year Treasury Bond ETF | 3.2 |
| iShares MSCI Brazil ETF | 2.5 |
| NVIDIA Corp. | 1.2 |
| Apple, Inc. | 0.9 |
| Alphabet, Inc. Class A | 0.9 |
| Microsoft Corp. | 0.7 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 0.7 |
| Sompo Holdings, Inc. | 0.6 |
| Broadcom, Inc. | 0.5 |

---

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

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

#### SAR4700 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Mid Cap Growth Fund

# March 31, 2026

# SENAX

## Class A
This semi-annual shareholder report contains important information about Mid Cap Growth Fund for the period from October 1, 2025 to March 31, 2026. 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 | $54 | 1.13%<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 | $571313402 |
| # of portfolio holdings | 51 |
| Portfolio turnover rate | 27% |
| Total advisory fees paid | $2267183 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 33.6 |
| Consumer discretionary | 18.8 |
| Health care | 17.4 |
| Information technology | 16.1 |
| Communication services | 8.4 |
| Utilities | 3.4 |
| Financials | 2.3 |

---

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

---

| | |
|:---|:---|
| Vertiv Holdings Co. Class A | 5.0 |
| Quanta Services, Inc. | 4.2 |
| Cloudflare, Inc. Class A | 3.5 |
| Vistra Corp. | 3.4 |
| Cencora, Inc. | 3.2 |
| Marriott International, Inc. Class A | 3.1 |
| Viking Holdings Ltd. | 3.1 |
| Live Nation Entertainment, Inc. | 2.9 |
| Monolithic Power Systems, Inc. | 2.8 |
| Axon Enterprise, Inc. | 2.7 |

---

## 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

#### SAR3018 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Mid Cap Growth Fund

# March 31, 2026

# WENRX

## Class R6
This semi-annual shareholder report contains important information about Mid Cap Growth Fund for the period from October 1, 2025 to March 31, 2026. 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 | $38 | 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 | $571313402 |
| # of portfolio holdings | 51 |
| Portfolio turnover rate | 27% |
| Total advisory fees paid | $2267183 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 33.6 |
| Consumer discretionary | 18.8 |
| Health care | 17.4 |
| Information technology | 16.1 |
| Communication services | 8.4 |
| Utilities | 3.4 |
| Financials | 2.3 |

---

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

---

| | |
|:---|:---|
| Vertiv Holdings Co. Class A | 5.0 |
| Quanta Services, Inc. | 4.2 |
| Cloudflare, Inc. Class A | 3.5 |
| Vistra Corp. | 3.4 |
| Cencora, Inc. | 3.2 |
| Marriott International, Inc. Class A | 3.1 |
| Viking Holdings Ltd. | 3.1 |
| Live Nation Entertainment, Inc. | 2.9 |
| Monolithic Power Systems, Inc. | 2.8 |
| Axon Enterprise, Inc. | 2.7 |

---

## 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

#### SAR4665 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Mid Cap Growth Fund

# March 31, 2026

# WFEIX

## Institutional Class
This semi-annual shareholder report contains important information about Mid Cap Growth Fund for the period from October 1, 2025 to March 31, 2026. 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 | $41 | 0.85%<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 | $571313402 |
| # of portfolio holdings | 51 |
| Portfolio turnover rate | 27% |
| Total advisory fees paid | $2267183 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 33.6 |
| Consumer discretionary | 18.8 |
| Health care | 17.4 |
| Information technology | 16.1 |
| Communication services | 8.4 |
| Utilities | 3.4 |
| Financials | 2.3 |

---

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

---

| | |
|:---|:---|
| Vertiv Holdings Co. Class A | 5.0 |
| Quanta Services, Inc. | 4.2 |
| Cloudflare, Inc. Class A | 3.5 |
| Vistra Corp. | 3.4 |
| Cencora, Inc. | 3.2 |
| Marriott International, Inc. Class A | 3.1 |
| Viking Holdings Ltd. | 3.1 |
| Live Nation Entertainment, Inc. | 2.9 |
| Monolithic Power Systems, Inc. | 2.8 |
| Axon Enterprise, Inc. | 2.7 |

---

## 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

#### SAR3118 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# SMID Cap Growth Fund

# March 31, 2026

# WFDDX

## Administrator Class
This semi-annual shareholder report contains important information about SMID Cap Growth Fund for the period from October 1, 2025 to March 31, 2026. 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 |
| Administrator Class | $55 | 1.14%<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 | $807593695 |
| # of portfolio holdings | 72 |
| Portfolio turnover rate | 49% |
| Total advisory fees paid | $3267599 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 34.8 |
| Health care | 24.0 |
| Information technology | 18.6 |
| Consumer discretionary | 14.0 |
| Financials | 3.3 |
| Real estate | 2.0 |
| Communication services | 1.9 |
| Utilities | 1.4 |

---

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

---

| | |
|:---|:---|
| Comfort Systems USA, Inc. | 3.4 |
| Carpenter Technology Corp. | 2.5 |
| RBC Bearings, Inc. | 2.3 |
| Modine Manufacturing Co. | 2.3 |
| Liberty Live Holdings, Inc. Class C | 2.2 |
| Construction Partners, Inc. Class A | 2.2 |
| Curtiss-Wright Corp. | 2.2 |
| Bloom Energy Corp. Class A | 2.2 |
| Viavi Solutions, Inc. | 2.1 |
| Insmed, Inc. | 2.1 |

---

## 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

#### SAR3703 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# SMID Cap Growth Fund

# March 31, 2026

# WFDAX

## Class A
This semi-annual shareholder report contains important information about SMID Cap Growth Fund for the period from October 1, 2025 to March 31, 2026. 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 | $57 | 1.18%<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 | $807593695 |
| # of portfolio holdings | 72 |
| Portfolio turnover rate | 49% |
| Total advisory fees paid | $3267599 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 34.8 |
| Health care | 24.0 |
| Information technology | 18.6 |
| Consumer discretionary | 14.0 |
| Financials | 3.3 |
| Real estate | 2.0 |
| Communication services | 1.9 |
| Utilities | 1.4 |

---

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

---

| | |
|:---|:---|
| Comfort Systems USA, Inc. | 3.4 |
| Carpenter Technology Corp. | 2.5 |
| RBC Bearings, Inc. | 2.3 |
| Modine Manufacturing Co. | 2.3 |
| Liberty Live Holdings, Inc. Class C | 2.2 |
| Construction Partners, Inc. Class A | 2.2 |
| Curtiss-Wright Corp. | 2.2 |
| Bloom Energy Corp. Class A | 2.2 |
| Viavi Solutions, Inc. | 2.1 |
| Insmed, Inc. | 2.1 |

---

## 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

#### SAR3321 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# SMID Cap Growth Fund

# March 31, 2026

# WFDRX

## Class R6
This semi-annual shareholder report contains important information about SMID Cap Growth Fund for the period from October 1, 2025 to March 31, 2026. 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 | $38 | 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 | $807593695 |
| # of portfolio holdings | 72 |
| Portfolio turnover rate | 49% |
| Total advisory fees paid | $3267599 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 34.8 |
| Health care | 24.0 |
| Information technology | 18.6 |
| Consumer discretionary | 14.0 |
| Financials | 3.3 |
| Real estate | 2.0 |
| Communication services | 1.9 |
| Utilities | 1.4 |

---

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

---

| | |
|:---|:---|
| Comfort Systems USA, Inc. | 3.4 |
| Carpenter Technology Corp. | 2.5 |
| RBC Bearings, Inc. | 2.3 |
| Modine Manufacturing Co. | 2.3 |
| Liberty Live Holdings, Inc. Class C | 2.2 |
| Construction Partners, Inc. Class A | 2.2 |
| Curtiss-Wright Corp. | 2.2 |
| Bloom Energy Corp. Class A | 2.2 |
| Viavi Solutions, Inc. | 2.1 |
| Insmed, Inc. | 2.1 |

---

## 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

#### SAR4659 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# SMID Cap Growth Fund

# March 31, 2026

# WFDSX

## Institutional Class
This semi-annual shareholder report contains important information about SMID Cap Growth Fund for the period from October 1, 2025 to March 31, 2026. 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 | $43 | 0.89%<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 | $807593695 |
| # of portfolio holdings | 72 |
| Portfolio turnover rate | 49% |
| Total advisory fees paid | $3267599 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 34.8 |
| Health care | 24.0 |
| Information technology | 18.6 |
| Consumer discretionary | 14.0 |
| Financials | 3.3 |
| Real estate | 2.0 |
| Communication services | 1.9 |
| Utilities | 1.4 |

---

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

---

| | |
|:---|:---|
| Comfort Systems USA, Inc. | 3.4 |
| Carpenter Technology Corp. | 2.5 |
| RBC Bearings, Inc. | 2.3 |
| Modine Manufacturing Co. | 2.3 |
| Liberty Live Holdings, Inc. Class C | 2.2 |
| Construction Partners, Inc. Class A | 2.2 |
| Curtiss-Wright Corp. | 2.2 |
| Bloom Energy Corp. Class A | 2.2 |
| Viavi Solutions, Inc. | 2.1 |
| Insmed, Inc. | 2.1 |

---

## 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

#### SAR3123 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Common Stock Fund

# March 31, 2026

# SCSAX

## Class A
This semi-annual shareholder report contains important information about Common Stock Fund for the period from October 1, 2025 to March 31, 2026. 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 | $60 | 1.20%<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 | $576953039 |
| # of portfolio holdings | 97 |
| Portfolio turnover rate | 44% |
| Total advisory fees paid | $2407059 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 26.9 |
| Information technology | 17.4 |
| Financials | 15.1 |
| Health care | 14.1 |
| Consumer discretionary | 8.9 |
| Materials | 7.6 |
| Real estate | 4.5 |
| Energy | 2.6 |
| Communication services | 1.5 |
| Utilities | 1.4 |

---

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

---

| | |
|:---|:---|
| ON Semiconductor Corp. | 2.2 |
| Kirby Corp. | 1.9 |
| Marvell Technology, Inc. | 1.8 |
| QXO, Inc. | 1.8 |
| WESCO International, Inc. | 1.7 |
| Dynatrace, Inc. | 1.6 |
| API Group Corp. | 1.6 |
| HealthEquity, Inc. | 1.6 |
| Ameris Bancorp | 1.6 |
| Littelfuse, Inc. | 1.6 |

---

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

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

#### SAR3301 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Common Stock Fund

# March 31, 2026

# SCSRX

## Class R6
This semi-annual shareholder report contains important information about Common Stock Fund for the period from October 1, 2025 to March 31, 2026. 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 | $41 | 0.83%<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 | $576953039 |
| # of portfolio holdings | 97 |
| Portfolio turnover rate | 44% |
| Total advisory fees paid | $2407059 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 26.9 |
| Information technology | 17.4 |
| Financials | 15.1 |
| Health care | 14.1 |
| Consumer discretionary | 8.9 |
| Materials | 7.6 |
| Real estate | 4.5 |
| Energy | 2.6 |
| Communication services | 1.5 |
| Utilities | 1.4 |

---

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

---

| | |
|:---|:---|
| ON Semiconductor Corp. | 2.2 |
| Kirby Corp. | 1.9 |
| Marvell Technology, Inc. | 1.8 |
| QXO, Inc. | 1.8 |
| WESCO International, Inc. | 1.7 |
| Dynatrace, Inc. | 1.6 |
| API Group Corp. | 1.6 |
| HealthEquity, Inc. | 1.6 |
| Ameris Bancorp | 1.6 |
| Littelfuse, Inc. | 1.6 |

---

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

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

#### SAR4658 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Common Stock Fund

# March 31, 2026

# SCNSX

## Institutional Class
This semi-annual shareholder report contains important information about Common Stock Fund for the period from October 1, 2025 to March 31, 2026. 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 | $42 | 0.85%<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 | $576953039 |
| # of portfolio holdings | 97 |
| Portfolio turnover rate | 44% |
| Total advisory fees paid | $2407059 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 26.9 |
| Information technology | 17.4 |
| Financials | 15.1 |
| Health care | 14.1 |
| Consumer discretionary | 8.9 |
| Materials | 7.6 |
| Real estate | 4.5 |
| Energy | 2.6 |
| Communication services | 1.5 |
| Utilities | 1.4 |

---

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

---

| | |
|:---|:---|
| ON Semiconductor Corp. | 2.2 |
| Kirby Corp. | 1.9 |
| Marvell Technology, Inc. | 1.8 |
| QXO, Inc. | 1.8 |
| WESCO International, Inc. | 1.7 |
| Dynatrace, Inc. | 1.6 |
| API Group Corp. | 1.6 |
| HealthEquity, Inc. | 1.6 |
| Ameris Bancorp | 1.6 |
| Littelfuse, Inc. | 1.6 |

---

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

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

#### SAR4139 03-26
![Image](g100566g00w84.jpg)

# Semi-Annual Shareholder Report

# March 31, 2026

# Income Plus Fund

# Class A

# WSIAX
This semi-annual shareholder report contains important information about Income Plus Fund for the period from October 1, 2025 to March 31, 2026. 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 | $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 | $205693313 |
| # of portfolio holdings | 449 |
| Portfolio turnover rate | 208% |
| Total advisory fees paid | $185656 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| GNMA, 5.50%, 4-21-2056 | 8.8 |
| FNMA, 5.00%, 4-13-2056 | 6.6 |
| FNMA, 6.00%, 4-13-2056 | 6.4 |
| U.S. Treasury Bonds, 4.63%, 2-15-2046 | 3.2 |
| Italy, 2.20%, 2-28-2028 | 2.0 |
| Brazil, 10.00%, 1-1-2031 | 2.0 |
| Spain, 2.60%, 5-31-2031 | 2.0 |
| French Republic, 2.70%, 2-25-2031 | 2.0 |
| FHLMC, 5.50%, 10-1-2054 | 2.0 |
| Colombia TES, 5.75%, 11-3-2027 | 2.0 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 5.5 |
| AA/Aa | 35.6 |
| A/A | 12.8 |
| BBB/Baa | 19.8 |
| BB/Ba | 15.1 |
| B/B | 7.0 |
| CCC/Caa and below | 2.4 |
| Not rated | 1.4 |
| Other | 0.4 |

---

---

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

---

## PORTFOLIO ALLOCATION

## (% OF LONG-TERM INVESTMENT)

---

| | |
|:---|:---|
| Agency securities | 24.5 |
| Corporate bonds and notes | 23.5 |
| Foreign government bonds | 17.8 |
| Foreign corporate bonds and notes | 10.1 |
| Yankee corporate bonds and notes | 7.7 |
| Asset-backed securities | 5.6 |
| U.S. Treasury securities | 5.0 |
| Yankee government bonds | 2.2 |
| Non-agency mortgage-backed securities | 2.1 |
| Loans | 0.7 |
| Investment companies | 0.7 |
| Common stocks | 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

#### SAR3365 03-26
![Image](g100566g00w84.jpg)

# Semi-Annual Shareholder Report

# March 31, 2026

# Income Plus Fund

# Institutional Class

# WSINX
This semi-annual shareholder report contains important information about Income Plus Fund for the period from October 1, 2025 to March 31, 2026. 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 | 0.39%<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 | $205693313 |
| # of portfolio holdings | 449 |
| Portfolio turnover rate | 208% |
| Total advisory fees paid | $185656 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| GNMA, 5.50%, 4-21-2056 | 8.8 |
| FNMA, 5.00%, 4-13-2056 | 6.6 |
| FNMA, 6.00%, 4-13-2056 | 6.4 |
| U.S. Treasury Bonds, 4.63%, 2-15-2046 | 3.2 |
| Italy, 2.20%, 2-28-2028 | 2.0 |
| Brazil, 10.00%, 1-1-2031 | 2.0 |
| Spain, 2.60%, 5-31-2031 | 2.0 |
| French Republic, 2.70%, 2-25-2031 | 2.0 |
| FHLMC, 5.50%, 10-1-2054 | 2.0 |
| Colombia TES, 5.75%, 11-3-2027 | 2.0 |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 5.5 |
| AA/Aa | 35.6 |
| A/A | 12.8 |
| BBB/Baa | 19.8 |
| BB/Ba | 15.1 |
| B/B | 7.0 |
| CCC/Caa and below | 2.4 |
| Not rated | 1.4 |
| Other | 0.4 |

---

---

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

---

## PORTFOLIO ALLOCATION

## (% OF LONG-TERM INVESTMENT)

---

| | |
|:---|:---|
| Agency securities | 24.5 |
| Corporate bonds and notes | 23.5 |
| Foreign government bonds | 17.8 |
| Foreign corporate bonds and notes | 10.1 |
| Yankee corporate bonds and notes | 7.7 |
| Asset-backed securities | 5.6 |
| U.S. Treasury securities | 5.0 |
| Yankee government bonds | 2.2 |
| Non-agency mortgage-backed securities | 2.1 |
| Loans | 0.7 |
| Investment companies | 0.7 |
| Common stocks | 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

#### SAR3173 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Index Asset Allocation Fund

# March 31, 2026

# WFAIX

## Administrator Class
This semi-annual shareholder report contains important information about Index Asset Allocation Fund for the period from October 1, 2025 to March 31, 2026. 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 |
| Administrator Class | $45 | 0.90%<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 | $1157135553 |
| # of portfolio holdings | 610 |
| Portfolio turnover rate | 3% |
| Total advisory fees paid | $3636170 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | | |
|:---|:---|:---|
| Fund | Neutral Allocation | Effective Allocation<sup>Footnote Reference1</sup> |
| Stock Funds | 60.0 | 61.0 |
| Bond Funds | 40.0 | 39.0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Effective allocation is subject to change and may have changed since the date specified. Effective allocation excludes cash, and percent totals may not add to 100% due to rounding. |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 4.5 |
| Apple, Inc. | 4.0 |
| Microsoft Corp. | 2.9 |
| Amazon.com, Inc. | 2.2 |
| U.S. Treasury Notes, 1.38%, 10-31-2028 | 1.9 |
| U.S. Treasury Bonds, 6.13%, 8-15-2029 | 1.8 |
| Alphabet, Inc. Class A | 1.8 |
| U.S. Treasury Notes, 1.38%, 11-15-2031 | 1.7 |
| Broadcom, Inc. | 1.6 |
| U.S. Treasury Bonds, 6.38%, 8-15-2027 | 1.4 |

---

## 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

#### SAR0461 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Index Asset Allocation Fund

# March 31, 2026

# SFAAX

## Class A
This semi-annual shareholder report contains important information about Index Asset Allocation Fund for the period from October 1, 2025 to March 31, 2026. 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 | $53 | 1.06%<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 | $1157135553 |
| # of portfolio holdings | 610 |
| Portfolio turnover rate | 3% |
| Total advisory fees paid | $3636170 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | | |
|:---|:---|:---|
| Fund | Neutral Allocation | Effective Allocation<sup>Footnote Reference1</sup> |
| Stock Funds | 60.0 | 61.0 |
| Bond Funds | 40.0 | 39.0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Effective allocation is subject to change and may have changed since the date specified. Effective allocation excludes cash, and percent totals may not add to 100% due to rounding. |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 4.5 |
| Apple, Inc. | 4.0 |
| Microsoft Corp. | 2.9 |
| Amazon.com, Inc. | 2.2 |
| U.S. Treasury Notes, 1.38%, 10-31-2028 | 1.9 |
| U.S. Treasury Bonds, 6.13%, 8-15-2029 | 1.8 |
| Alphabet, Inc. Class A | 1.8 |
| U.S. Treasury Notes, 1.38%, 11-15-2031 | 1.7 |
| Broadcom, Inc. | 1.6 |
| U.S. Treasury Bonds, 6.38%, 8-15-2027 | 1.4 |

---

## 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

#### SAR0458 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Index Asset Allocation Fund

# March 31, 2026

# WFALX

## Class C
This semi-annual shareholder report contains important information about Index Asset Allocation Fund for the period from October 1, 2025 to March 31, 2026. 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 | $90 | 1.82%<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 | $1157135553 |
| # of portfolio holdings | 610 |
| Portfolio turnover rate | 3% |
| Total advisory fees paid | $3636170 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | | |
|:---|:---|:---|
| Fund | Neutral Allocation | Effective Allocation<sup>Footnote Reference1</sup> |
| Stock Funds | 60.0 | 61.0 |
| Bond Funds | 40.0 | 39.0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Effective allocation is subject to change and may have changed since the date specified. Effective allocation excludes cash, and percent totals may not add to 100% due to rounding. |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 4.5 |
| Apple, Inc. | 4.0 |
| Microsoft Corp. | 2.9 |
| Amazon.com, Inc. | 2.2 |
| U.S. Treasury Notes, 1.38%, 10-31-2028 | 1.9 |
| U.S. Treasury Bonds, 6.13%, 8-15-2029 | 1.8 |
| Alphabet, Inc. Class A | 1.8 |
| U.S. Treasury Notes, 1.38%, 11-15-2031 | 1.7 |
| Broadcom, Inc. | 1.6 |
| U.S. Treasury Bonds, 6.38%, 8-15-2027 | 1.4 |

---

## 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

#### SAR0460 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Index Asset Allocation Fund

# March 31, 2026

# WFATX

## Institutional Class
This semi-annual shareholder report contains important information about Index Asset Allocation Fund for the period from October 1, 2025 to March 31, 2026. 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 | $37 | 0.75%<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 | $1157135553 |
| # of portfolio holdings | 610 |
| Portfolio turnover rate | 3% |
| Total advisory fees paid | $3636170 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | | |
|:---|:---|:---|
| Fund | Neutral Allocation | Effective Allocation<sup>Footnote Reference1</sup> |
| Stock Funds | 60.0 | 61.0 |
| Bond Funds | 40.0 | 39.0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Effective allocation is subject to change and may have changed since the date specified. Effective allocation excludes cash, and percent totals may not add to 100% due to rounding. |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 4.5 |
| Apple, Inc. | 4.0 |
| Microsoft Corp. | 2.9 |
| Amazon.com, Inc. | 2.2 |
| U.S. Treasury Notes, 1.38%, 10-31-2028 | 1.9 |
| U.S. Treasury Bonds, 6.13%, 8-15-2029 | 1.8 |
| Alphabet, Inc. Class A | 1.8 |
| U.S. Treasury Notes, 1.38%, 11-15-2031 | 1.7 |
| Broadcom, Inc. | 1.6 |
| U.S. Treasury Bonds, 6.38%, 8-15-2027 | 1.4 |

---

## 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

#### SAR4712 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Opportunity Fund

# March 31, 2026

# WOFDX

## Administrator Class
This semi-annual shareholder report contains important information about Opportunity Fund for the period from October 1, 2025 to March 31, 2026. 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 |
| Administrator Class | $45 | 0.93%<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 | $1685182416 |
| # of portfolio holdings | 74 |
| Portfolio turnover rate | 21% |
| Total advisory fees paid | $6425944 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 30.2 |
| Industrials | 14.6 |
| Financials | 14.0 |
| Communication services | 11.6 |
| Consumer discretionary | 10.3 |
| Health care | 9.5 |
| Materials | 3.3 |
| Utilities | 2.5 |
| Real estate | 2.4 |
| Consumer staples | 1.6 |

---

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

---

| | |
|:---|:---|
| Amazon.com, Inc. | 6.5 |
| Alphabet, Inc. Class C | 6.0 |
| Microsoft Corp. | 5.7 |
| Apple, Inc. | 4.9 |
| NVIDIA Corp. | 4.4 |
| Meta Platforms, Inc. Class A | 4.2 |
| Mastercard, Inc. Class A | 2.8 |
| Marvell Technology, Inc. | 2.5 |
| Charles Schwab Corp. | 2.4 |
| Regal Rexnord Corp. | 2.1 |

---

## 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

#### SAR3606 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Opportunity Fund

# March 31, 2026

# SOPVX

## Class A
This semi-annual shareholder report contains important information about Opportunity Fund for the period from October 1, 2025 to March 31, 2026. 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 | $54 | 1.12%<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 | $1685182416 |
| # of portfolio holdings | 74 |
| Portfolio turnover rate | 21% |
| Total advisory fees paid | $6425944 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 30.2 |
| Industrials | 14.6 |
| Financials | 14.0 |
| Communication services | 11.6 |
| Consumer discretionary | 10.3 |
| Health care | 9.5 |
| Materials | 3.3 |
| Utilities | 2.5 |
| Real estate | 2.4 |
| Consumer staples | 1.6 |

---

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

---

| | |
|:---|:---|
| Amazon.com, Inc. | 6.5 |
| Alphabet, Inc. Class C | 6.0 |
| Microsoft Corp. | 5.7 |
| Apple, Inc. | 4.9 |
| NVIDIA Corp. | 4.4 |
| Meta Platforms, Inc. Class A | 4.2 |
| Mastercard, Inc. Class A | 2.8 |
| Marvell Technology, Inc. | 2.5 |
| Charles Schwab Corp. | 2.4 |
| Regal Rexnord Corp. | 2.1 |

---

## 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

#### SAR3002 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Opportunity Fund

# March 31, 2026

# WOFRX

## Class R6
This semi-annual shareholder report contains important information about Opportunity Fund for the period from October 1, 2025 to March 31, 2026. 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 | $35 | 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

---

| | |
|:---|:---|
| Total net assets | $1685182416 |
| # of portfolio holdings | 74 |
| Portfolio turnover rate | 21% |
| Total advisory fees paid | $6425944 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 30.2 |
| Industrials | 14.6 |
| Financials | 14.0 |
| Communication services | 11.6 |
| Consumer discretionary | 10.3 |
| Health care | 9.5 |
| Materials | 3.3 |
| Utilities | 2.5 |
| Real estate | 2.4 |
| Consumer staples | 1.6 |

---

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

---

| | |
|:---|:---|
| Amazon.com, Inc. | 6.5 |
| Alphabet, Inc. Class C | 6.0 |
| Microsoft Corp. | 5.7 |
| Apple, Inc. | 4.9 |
| NVIDIA Corp. | 4.4 |
| Meta Platforms, Inc. Class A | 4.2 |
| Mastercard, Inc. Class A | 2.8 |
| Marvell Technology, Inc. | 2.5 |
| Charles Schwab Corp. | 2.4 |
| Regal Rexnord Corp. | 2.1 |

---

## 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

#### SAR4823 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Opportunity Fund

# March 31, 2026

# WOFNX

## Institutional Class
This semi-annual shareholder report contains important information about Opportunity Fund for the period from October 1, 2025 to March 31, 2026. 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 | $36 | 0.75%<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 | $1685182416 |
| # of portfolio holdings | 74 |
| Portfolio turnover rate | 21% |
| Total advisory fees paid | $6425944 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 30.2 |
| Industrials | 14.6 |
| Financials | 14.0 |
| Communication services | 11.6 |
| Consumer discretionary | 10.3 |
| Health care | 9.5 |
| Materials | 3.3 |
| Utilities | 2.5 |
| Real estate | 2.4 |
| Consumer staples | 1.6 |

---

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

---

| | |
|:---|:---|
| Amazon.com, Inc. | 6.5 |
| Alphabet, Inc. Class C | 6.0 |
| Microsoft Corp. | 5.7 |
| Apple, Inc. | 4.9 |
| NVIDIA Corp. | 4.4 |
| Meta Platforms, Inc. Class A | 4.2 |
| Mastercard, Inc. Class A | 2.8 |
| Marvell Technology, Inc. | 2.5 |
| Charles Schwab Corp. | 2.4 |
| Regal Rexnord Corp. | 2.1 |

---

## 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

#### SAR4140 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Special Mid Cap Value Fund

# March 31, 2026

# WFMDX

## Administrator Class
This semi-annual shareholder report contains important information about Special Mid Cap Value Fund for the period from October 1, 2025 to March 31, 2026. 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 |
| Administrator Class | $53 | 1.05%<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 | $12838100163 |
| # of portfolio holdings | 67 |
| Portfolio turnover rate | 18% |
| Total advisory fees paid | $43724208 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 22.8 |
| Information technology | 13.9 |
| Financials | 11.3 |
| Health care | 10.1 |
| Materials | 9.8 |
| Energy | 8.7 |
| Utilities | 8.7 |
| Consumer discretionary | 5.9 |
| Consumer staples | 5.8 |
| Real estate | 2.9 |
| Communication services | 0.1 |

---

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

---

| | |
|:---|:---|
| American Electric Power Co., Inc. | 3.4 |
| Keysight Technologies, Inc. | 3.4 |
| Labcorp Holdings, Inc. | 3.2 |
| FirstEnergy Corp. | 3.1 |
| Church & Dwight Co., Inc. | 2.8 |
| Republic Services, Inc. Class A | 2.8 |
| Baker Hughes Co. Class A | 2.7 |
| Qnity Electronics, Inc. | 2.5 |
| Fifth Third Bancorp | 2.3 |
| RPM International, Inc. | 2.3 |

---

## 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

#### SAR3704 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Special Mid Cap Value Fund

# March 31, 2026

# WFPAX

## Class A
This semi-annual shareholder report contains important information about Special Mid Cap Value Fund for the period from October 1, 2025 to March 31, 2026. 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 | $57 | 1.12%<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 | $12838100163 |
| # of portfolio holdings | 67 |
| Portfolio turnover rate | 18% |
| Total advisory fees paid | $43724208 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 22.8 |
| Information technology | 13.9 |
| Financials | 11.3 |
| Health care | 10.1 |
| Materials | 9.8 |
| Energy | 8.7 |
| Utilities | 8.7 |
| Consumer discretionary | 5.9 |
| Consumer staples | 5.8 |
| Real estate | 2.9 |
| Communication services | 0.1 |

---

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

---

| | |
|:---|:---|
| American Electric Power Co., Inc. | 3.4 |
| Keysight Technologies, Inc. | 3.4 |
| Labcorp Holdings, Inc. | 3.2 |
| FirstEnergy Corp. | 3.1 |
| Church & Dwight Co., Inc. | 2.8 |
| Republic Services, Inc. Class A | 2.8 |
| Baker Hughes Co. Class A | 2.7 |
| Qnity Electronics, Inc. | 2.5 |
| Fifth Third Bancorp | 2.3 |
| RPM International, Inc. | 2.3 |

---

## 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

#### SAR3323 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Special Mid Cap Value Fund

# March 31, 2026

# WFPCX

## Class C
This semi-annual shareholder report contains important information about Special Mid Cap Value Fund for the period from October 1, 2025 to March 31, 2026. 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 | $95 | 1.87%<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 | $12838100163 |
| # of portfolio holdings | 67 |
| Portfolio turnover rate | 18% |
| Total advisory fees paid | $43724208 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 22.8 |
| Information technology | 13.9 |
| Financials | 11.3 |
| Health care | 10.1 |
| Materials | 9.8 |
| Energy | 8.7 |
| Utilities | 8.7 |
| Consumer discretionary | 5.9 |
| Consumer staples | 5.8 |
| Real estate | 2.9 |
| Communication services | 0.1 |

---

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

---

| | |
|:---|:---|
| American Electric Power Co., Inc. | 3.4 |
| Keysight Technologies, Inc. | 3.4 |
| Labcorp Holdings, Inc. | 3.2 |
| FirstEnergy Corp. | 3.1 |
| Church & Dwight Co., Inc. | 2.8 |
| Republic Services, Inc. Class A | 2.8 |
| Baker Hughes Co. Class A | 2.7 |
| Qnity Electronics, Inc. | 2.5 |
| Fifth Third Bancorp | 2.3 |
| RPM International, Inc. | 2.3 |

---

## 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

#### SAR3535 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Special Mid Cap Value Fund

# March 31, 2026

# WFPRX

## Class R6
This semi-annual shareholder report contains important information about Special Mid Cap Value Fund for the period from October 1, 2025 to March 31, 2026. 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 | $36 | 0.70%<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 | $12838100163 |
| # of portfolio holdings | 67 |
| Portfolio turnover rate | 18% |
| Total advisory fees paid | $43724208 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 22.8 |
| Information technology | 13.9 |
| Financials | 11.3 |
| Health care | 10.1 |
| Materials | 9.8 |
| Energy | 8.7 |
| Utilities | 8.7 |
| Consumer discretionary | 5.9 |
| Consumer staples | 5.8 |
| Real estate | 2.9 |
| Communication services | 0.1 |

---

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

---

| | |
|:---|:---|
| American Electric Power Co., Inc. | 3.4 |
| Keysight Technologies, Inc. | 3.4 |
| Labcorp Holdings, Inc. | 3.2 |
| FirstEnergy Corp. | 3.1 |
| Church & Dwight Co., Inc. | 2.8 |
| Republic Services, Inc. Class A | 2.8 |
| Baker Hughes Co. Class A | 2.7 |
| Qnity Electronics, Inc. | 2.5 |
| Fifth Third Bancorp | 2.3 |
| RPM International, Inc. | 2.3 |

---

## 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

#### SAR4662 03-26
![Image](g100566g00w84.jpg)

Semi-Annual Shareholder Report

# Special Mid Cap Value Fund

# March 31, 2026

# WFMIX

## Institutional Class
This semi-annual shareholder report contains important information about Special Mid Cap Value Fund for the period from October 1, 2025 to March 31, 2026. 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 | $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 | $12838100163 |
| # of portfolio holdings | 67 |
| Portfolio turnover rate | 18% |
| Total advisory fees paid | $43724208 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 22.8 |
| Information technology | 13.9 |
| Financials | 11.3 |
| Health care | 10.1 |
| Materials | 9.8 |
| Energy | 8.7 |
| Utilities | 8.7 |
| Consumer discretionary | 5.9 |
| Consumer staples | 5.8 |
| Real estate | 2.9 |
| Communication services | 0.1 |

---

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

---

| | |
|:---|:---|
| American Electric Power Co., Inc. | 3.4 |
| Keysight Technologies, Inc. | 3.4 |
| Labcorp Holdings, Inc. | 3.2 |
| FirstEnergy Corp. | 3.1 |
| Church & Dwight Co., Inc. | 2.8 |
| Republic Services, Inc. Class A | 2.8 |
| Baker Hughes Co. Class A | 2.7 |
| Qnity Electronics, Inc. | 2.5 |
| Fifth Third Bancorp | 2.3 |
| RPM International, Inc. | 2.3 |

---

## 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

#### SAR3138 03-26

------

<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.

------

![](g100566img261097521.jpg)

Allspring Managed Account

Allspring Managed Account *CoreBuilder*® Shares – Series SP

Long Form Financial Statements

Semi-Annual Report

March 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_d370316b-75dc-4bd8-a8a7-5f6a036c0190_POI-PageBlank-1025_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_d370316b-75dc-4bd8-a8a7-5f6a036c0190_FS-PageBlank-1025_1)** |  |
| [Statement of assets and liabilities](#xx_d370316b-75dc-4bd8-a8a7-5f6a036c0190_FS-PageBlank-1025_1) | 11 |
| [Statement of operations](#xx_d370316b-75dc-4bd8-a8a7-5f6a036c0190_FS-PageBlank-1025_2) | 12 |
| [Statement of changes in net assets](#xx_d370316b-75dc-4bd8-a8a7-5f6a036c0190_FS-PageBlank-1025_3) | 13 |
| [Financial highlights](#xx_d370316b-75dc-4bd8-a8a7-5f6a036c0190_FIHI-PageBlank-1025_1) | 14 |
| **[Notes to financial statements](#xx_d370316b-75dc-4bd8-a8a7-5f6a036c0190_NTF-PageBlank-1025_1)** | 15 |
| **[Other information](#xx_d370316b-75dc-4bd8-a8a7-5f6a036c0190_OI-PageBlank-1025_1)** | 22 |
| [Item 8. Changes in and disagreements with accountants](#xx_d370316b-75dc-4bd8-a8a7-5f6a036c0190_OI-PageBlank-1025_2) | 23 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_d370316b-75dc-4bd8-a8a7-5f6a036c0190_OI-PageBlank-1025_2) | 23 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_d370316b-75dc-4bd8-a8a7-5f6a036c0190_OI-PageBlank-1025_2) | 23 |
| [Item 11. Statement regarding basis for board](#xx_d370316b-75dc-4bd8-a8a7-5f6a036c0190_OI-PageBlank-1025_2)['](#xx_d370316b-75dc-4bd8-a8a7-5f6a036c0190_OI-PageBlank-1025_2)[s approval of investment](#xx_d370316b-75dc-4bd8-a8a7-5f6a036c0190_OI-PageBlank-1025_2)<br> [advisory contract](#xx_d370316b-75dc-4bd8-a8a7-5f6a036c0190_OI-PageBlank-1025_2)<br>| 23 |

---

Allspring Managed Account \| 1

------

Portfolio of investments—March 31, 2026 (unaudited)

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Agency securities: 0.33%** |  |  |  |  |
| GNMA%% | 5.00<br> %<br>| &nbsp;&nbsp; 4-21-2056 | $90000 | &nbsp;&nbsp; $89127 |
| **Total agency securities (Cost $88,938)** |  |  |  | &nbsp;&nbsp; **89127** |
| **Asset-backed securities: 27.99%** |  |  |  |  |
| &nbsp;&nbsp; ACREC LLC Series 2025-FL3 Class A (U.S. SOFR 1 <br> Month+1.31%)144A±<br>| 4.99 | &nbsp;&nbsp; 8-18-2042 | 100000 | &nbsp;&nbsp; 99630 |
| Affirm Asset Securitization Trust Series 2024-B Class A144A | 4.62 | &nbsp;&nbsp; 9-15-2029 | 250000 | &nbsp;&nbsp; 250479 |
| Aqua Finance Issuer Trust Series 2026-A Class A144A | 4.76 | &nbsp;&nbsp; 4-17-2051 | 100000 | &nbsp;&nbsp; 99500 |
| Avant Loans Funding Trust Series 2024-REV1 Class B144A | 6.17 | &nbsp;&nbsp; 10-15-2033 | 350000 | &nbsp;&nbsp; 350530 |
| &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC Series 2023-6A <br> Class A144A<br>| 5.81 | &nbsp;&nbsp; 12-20-2029 | 200000 | &nbsp;&nbsp; 206121 |
| &nbsp;&nbsp; BDS LLC Series 2025-FL14 Class A (U.S. SOFR 1 <br> Month+1.28%)144A±<br>| 4.96 | &nbsp;&nbsp; 10-17-2042 | 100000 | &nbsp;&nbsp; 99600 |
| BHG Securitization Trust Series 2021-A Class A144A | 1.42 | &nbsp;&nbsp; 11-17-2033 | 62842 | &nbsp;&nbsp; 62551 |
| &nbsp;&nbsp; BSPRT Issuer LLC Series 2025-FL12 Class A (U.S. SOFR 1 <br> Month+1.39%)144A±<br>| 5.06 | &nbsp;&nbsp; 1-17-2043 | 205000 | &nbsp;&nbsp; 204666 |
| Carvana Auto Receivables Trust Series 2024-P2 Class A3 | 5.33 | &nbsp;&nbsp; 7-10-2029 | 249458 | &nbsp;&nbsp; 251098 |
| &nbsp;&nbsp; ClickLease Equipment Receivables Trust Series 2024-1 <br> Class C144A<br>| 8.40 | &nbsp;&nbsp; 2-15-2030 | 161927 | &nbsp;&nbsp; 162939 |
| Cloud Capital Holdco LP Series 2024-1A Class A2144A | 5.78 | &nbsp;&nbsp; 11-22-2049 | 185000 | &nbsp;&nbsp; 185016 |
| CoreVest American Finance Trust Series 2021-3 Class B144A | 2.49 | &nbsp;&nbsp; 10-15-2054 | 300000 | &nbsp;&nbsp; 294825 |
| Driven Brands Funding LLC Series 2021-1A Class A2144A | 2.79 | &nbsp;&nbsp; 10-20-2051 | 326932 | &nbsp;&nbsp; 294918 |
| Exeter Automobile Receivables Trust Series 2021-3A Class D | 1.55 | &nbsp;&nbsp; 6-15-2027 | 73877 | &nbsp;&nbsp; 73366 |
| &nbsp;&nbsp; FS Rialto Issuer LLC Series 2026-FL11 Class AS (U.S. SOFR 1 <br> Month+1.65%)144A±<br>| 5.32 | &nbsp;&nbsp; 1-19-2044 | 120000 | &nbsp;&nbsp; 119597 |
| &nbsp;&nbsp; Gracie Point International Funding LLC Series 2025-1A Class A <br> (30 Day Average U.S. SOFR+1.50%)144A±<br>| 5.17 | &nbsp;&nbsp; 8-15-2028 | 105000 | &nbsp;&nbsp; 105119 |
| &nbsp;&nbsp; GS REFT Issuer Ltd. Series 2026-FL1 Class A (U.S. SOFR 1 <br> Month+1.50%)144A±<br>| 5.17 | &nbsp;&nbsp; 4-19-2043 | 100000 | &nbsp;&nbsp; 99941 |
| Hertz Vehicle Financing III LLC Series 2023-4A Class A144A | 6.15 | &nbsp;&nbsp; 3-25-2030 | 150000 | &nbsp;&nbsp; 155937 |
| Lyra Music Assets Delaware LP Series 2024-2A Class A2144A | 5.76 | &nbsp;&nbsp; 12-22-2064 | 254330 | &nbsp;&nbsp; 255709 |
| &nbsp;&nbsp; MF1 Ltd. Series 2021-FL7 Class E (U.S. SOFR 1 <br> Month+2.91%)144A±<br>| 6.59 | &nbsp;&nbsp; 10-16-2036 | 250000 | &nbsp;&nbsp; 244821 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2021-EA <br> Class A144A<br>| 0.97 | &nbsp;&nbsp; 12-16-2069 | 294302 | &nbsp;&nbsp; 263360 |
| Neighborly Issuer LLC Series 2023-1A Class A2144A | 7.31 | &nbsp;&nbsp; 1-30-2053 | 232800 | &nbsp;&nbsp; 233476 |
| NMEF Funding LLC Series 2026-A Class A3144A | 4.20 | &nbsp;&nbsp; 2-15-2034 | 189000 | &nbsp;&nbsp; 187849 |
| NMEF Funding LLC Series 2026-A Class C144A | 4.71 | &nbsp;&nbsp; 2-15-2034 | 300000 | &nbsp;&nbsp; 297447 |
| &nbsp;&nbsp; OneMain Financial Issuance Trust Series 2023-2A Class A2 (30 <br> Day Average U.S. SOFR+1.50%)144A±<br>| 5.17 | &nbsp;&nbsp; 9-15-2036 | 350000 | &nbsp;&nbsp; 352186 |
| Pagaya AI Debt Grantor Trust Series 2025-7 Class B144A | 5.06 | &nbsp;&nbsp; 5-15-2033 | 299947 | &nbsp;&nbsp; 298182 |
| Pagaya AI Debt Grantor Trust Series 2026-1 Class A2144A | 4.74 | &nbsp;&nbsp; 9-15-2033 | 135000 | &nbsp;&nbsp; 134794 |
| PFS Financing Corp. Series 2025-D Class A144A | 4.47 | &nbsp;&nbsp; 5-15-2030 | 200000 | &nbsp;&nbsp; 200289 |
| RCKT Mortgage Trust Series 2024-CES2 Class A2144A±± | 6.39 | &nbsp;&nbsp; 4-25-2044 | 349530 | &nbsp;&nbsp; 352459 |
| SEB Funding LLC Series 2024-1A Class A2144A | 7.39 | &nbsp;&nbsp; 4-30-2054 | 160000 | &nbsp;&nbsp; 162843 |
| Service Experts Issuer LLC Series 2025-1A Class A144A | 5.38 | &nbsp;&nbsp; 1-20-2037 | 182825 | &nbsp;&nbsp; 182020 |
| &nbsp;&nbsp; Starwood Ltd. Series 2022-FL3 Class A (30 Day Average <br> U.S. SOFR+1.35%)144A±<br>| 5.02 | &nbsp;&nbsp; 11-15-2038 | 35221 | &nbsp;&nbsp; 35133 |

---

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

2 \| Allspring Managed Account

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| Subway Funding LLC Series 2024-3A Class A2I144A | 5.25<br> %<br>| &nbsp;&nbsp; 7-30-2054 | $143188 | &nbsp;&nbsp; $141349 |
| Switch ABS Issuer LLC Series 2024-2A Class A2144A | 5.44 | &nbsp;&nbsp; 6-25-2054 | 325000 | &nbsp;&nbsp; 318578 |
| Towd Point Mortgage Trust Series 2023-CES1 Class A1A144A±± | 6.75 | &nbsp;&nbsp; 7-25-2063 | 182220 | &nbsp;&nbsp; 182325 |
| &nbsp;&nbsp; Venture 44 CLO Ltd. Series 2021-44A Class A1NR (U.S. SOFR 3 <br> Month+1.14%)144A±<br>| 4.81 | &nbsp;&nbsp; 10-20-2034 | 350000 | &nbsp;&nbsp; 348693 |
| Vital Care Issuer LLC Series 2025-1A Class A2144A | 6.74 | &nbsp;&nbsp; 1-30-2056 | 325000 | &nbsp;&nbsp; 326654 |
| **Total asset-backed securities (Cost $7,691,040)** |  |  |  | &nbsp;&nbsp; **7634000** |
| **Corporate bonds and notes: 23.02%** |  |  |  |  |
| **Basic materials: 1.27%** |  |  |  |  |
| **Chemicals: 1.27%** |  |  |  |  |
| Chemours Co.144A | 5.75 | &nbsp;&nbsp; 11-15-2028 | 76000 | &nbsp;&nbsp; 75250 |
| LYB International Finance III LLC | 5.13 | &nbsp;&nbsp; 1-15-2031 | 65000 | &nbsp;&nbsp; 65079 |
| Syensqo Finance America LLC144A | 5.65 | &nbsp;&nbsp; 6-4-2029 | 200000 | &nbsp;&nbsp; 204690 |
|  |  |  |  | &nbsp;&nbsp; **345019** |
| **Communications: 1.60%** |  |  |  |  |
| **Internet: 0.18%** |  |  |  |  |
| Airbnb, Inc. | 4.40 | &nbsp;&nbsp; 3-16-2029 | 50000 | &nbsp;&nbsp; **49934** |
| **Media: 0.86%** |  |  |  |  |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 6.10 | &nbsp;&nbsp; 6-1-2029 | 135000 | &nbsp;&nbsp; 139840 |
| Discovery Communications LLC | 3.63 | &nbsp;&nbsp; 5-15-2030 | 100000 | &nbsp;&nbsp; 92972 |
|  |  |  |  | &nbsp;&nbsp; **232812** |
| **Telecommunications: 0.56%** |  |  |  |  |
| Frontier California, Inc. Series F | 6.75 | &nbsp;&nbsp; 5-15-2027 | 150000 | &nbsp;&nbsp; **153000** |
| **Consumer, cyclical: 1.56%** |  |  |  |  |
| **Airlines: 0.56%** |  |  |  |  |
| American Airlines Pass-Through Trust Series 2015-1 Class A | 3.38 | &nbsp;&nbsp; 5-1-2027 | 94817 | &nbsp;&nbsp; 93618 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.144A | 4.75 | &nbsp;&nbsp; 10-20-2028 | 59584 | &nbsp;&nbsp; 59497 |
|  |  |  |  | &nbsp;&nbsp; **153115** |
| **Retail: 0.74%** |  |  |  |  |
| Advance Auto Parts, Inc. | 5.95 | &nbsp;&nbsp; 3-9-2028 | 200000 | &nbsp;&nbsp; **203293** |
| **Toys/games/hobbies: 0.26%** |  |  |  |  |
| Mattel, Inc.144A | 5.88 | &nbsp;&nbsp; 12-15-2027 | 70000 | &nbsp;&nbsp; **69997** |
| **Consumer, non-cyclical: 4.61%** |  |  |  |  |
| **Beverages: 0.92%** |  |  |  |  |
| Maple Parent Holdings Corp.144A | 4.75 | &nbsp;&nbsp; 3-26-2029 | 250000 | &nbsp;&nbsp; **249960** |
| **Commercial services: 0.72%** |  |  |  |  |
| Global Payments, Inc. | 4.88 | &nbsp;&nbsp; 11-15-2030 | 200000 | &nbsp;&nbsp; **196408** |

---

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

Allspring Managed Account \| 3

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Cosmetics/Personal Care: 0.20%** |  |  |  |  |
| &nbsp;&nbsp; Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International <br> U.S. LLC144A<br>| 4.75<br> %<br>| &nbsp;&nbsp; 1-15-2029 | $55000 | &nbsp;&nbsp; **$53531** |
| **Food: 0.37%** |  |  |  |  |
| Mars, Inc.144A | 4.60 | &nbsp;&nbsp; 3-1-2028 | 100000 | &nbsp;&nbsp; **100603** |
| **Healthcare-products: 0.72%** |  |  |  |  |
| Thermo Fisher Scientific, Inc. | 4.22 | &nbsp;&nbsp; 2-12-2031 | 200000 | &nbsp;&nbsp; **197899** |
| **Healthcare-services: 1.33%** |  |  |  |  |
| Centene Corp. | 2.63 | &nbsp;&nbsp; 8-1-2031 | 175000 | &nbsp;&nbsp; 146325 |
| Molina Healthcare, Inc.144A | 4.38 | &nbsp;&nbsp; 6-15-2028 | 225000 | &nbsp;&nbsp; 217567 |
|  |  |  |  | &nbsp;&nbsp; **363892** |
| **Pharmaceuticals: 0.35%** |  |  |  |  |
| AdaptHealth LLC144A | 4.63 | &nbsp;&nbsp; 8-1-2029 | 100000 | &nbsp;&nbsp; **95275** |
| **Energy: 1.85%** |  |  |  |  |
| **Oil & gas: 0.73%** |  |  |  |  |
| Hilcorp Energy I LP/Hilcorp Finance Co.144A | 6.25 | &nbsp;&nbsp; 11-1-2028 | 200000 | &nbsp;&nbsp; **200401** |
| **Pipelines: 1.12%** |  |  |  |  |
| Kinetik Holdings LP144A | 6.63 | &nbsp;&nbsp; 12-15-2028 | 300000 | &nbsp;&nbsp; **305077** |
| **Financial: 7.04%** |  |  |  |  |
| **Diversified financial services: 3.16%** |  |  |  |  |
| Ares Finance Co. II LLC144A | 3.25 | &nbsp;&nbsp; 6-15-2030 | 35000 | &nbsp;&nbsp; 32789 |
| Capital One Financial Corp. (U.S. SOFR+1.15%)± | 4.72 | &nbsp;&nbsp; 1-30-2032 | 245000 | &nbsp;&nbsp; 241284 |
| Citadel Finance LLC144A | 4.75 | &nbsp;&nbsp; 2-14-2029 | 250000 | &nbsp;&nbsp; 244946 |
| Citadel LP144A | 6.00 | &nbsp;&nbsp; 1-23-2030 | 55000 | &nbsp;&nbsp; 56620 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.144A | 2.88 | &nbsp;&nbsp; 10-15-2026 | 100000 | &nbsp;&nbsp; 98918 |
| Takeoff Merger Sub, Inc.144A | 4.40 | &nbsp;&nbsp; 3-24-2028 | 75000 | &nbsp;&nbsp; 74598 |
| TPG Operating Group II LP | 4.88 | &nbsp;&nbsp; 5-15-2031 | 80000 | &nbsp;&nbsp; 78462 |
| Western Union Co. | 4.75 | &nbsp;&nbsp; 6-15-2029 | 35000 | &nbsp;&nbsp; 34688 |
|  |  |  |  | &nbsp;&nbsp; **862305** |
| **Insurance: 1.82%** |  |  |  |  |
| Lincoln Financial Global Funding144A | 4.63 | &nbsp;&nbsp; 8-18-2030 | 225000 | &nbsp;&nbsp; 222640 |
| PartnerRe Finance B LLC | 3.70 | &nbsp;&nbsp; 7-2-2029 | 115000 | &nbsp;&nbsp; 111790 |
| Protective Life Corp.144A | 4.70 | &nbsp;&nbsp; 1-15-2031 | 80000 | &nbsp;&nbsp; 79229 |
| SiriusPoint Ltd. | 7.00 | &nbsp;&nbsp; 4-5-2029 | 80000 | &nbsp;&nbsp; 83487 |
|  |  |  |  | &nbsp;&nbsp; **497146** |
| **Investment Companies: 1.20%** |  |  |  |  |
| Apollo Debt Solutions BDC144A | 5.70 | &nbsp;&nbsp; 1-23-2031 | 70000 | &nbsp;&nbsp; 68287 |
| Ares Capital Corp. BDC | 5.10 | &nbsp;&nbsp; 1-15-2031 | 65000 | &nbsp;&nbsp; 62497 |
| Ares Capital Corp. BDC | 5.88 | &nbsp;&nbsp; 3-1-2029 | 55000 | &nbsp;&nbsp; 55390 |

---

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

4 \| Allspring Managed Account

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Investment Companies**(continued) |  |  |  |  |
| Blue Owl Capital Corp. BDC | 5.95<br> %<br>| &nbsp;&nbsp; 3-15-2029 | $80000 | &nbsp;&nbsp; $79038 |
| Golub Capital Private Credit Fund BDC144A | 5.60 | &nbsp;&nbsp; 4-15-2031 | 65000 | &nbsp;&nbsp; 62028 |
|  |  |  |  | &nbsp;&nbsp; **327240** |
| **REITs: 0.86%** |  |  |  |  |
| American Tower Trust #1144A | 5.49 | &nbsp;&nbsp; 3-15-2028 | 35000 | &nbsp;&nbsp; 35388 |
| Brandywine Operating Partnership LP | 8.30 | &nbsp;&nbsp; 3-15-2028 | 100000 | &nbsp;&nbsp; 101759 |
| Piedmont Operating Partnership LP | 9.25 | &nbsp;&nbsp; 7-20-2028 | 35000 | &nbsp;&nbsp; 38219 |
| WEA Finance LLC144A | 2.88 | &nbsp;&nbsp; 1-15-2027 | 60000 | &nbsp;&nbsp; 59257 |
|  |  |  |  | &nbsp;&nbsp; **234623** |
| **Industrial: 1.74%** |  |  |  |  |
| **Aerospace/defense: 0.38%** |  |  |  |  |
| Honeywell Aerospace, Inc.144A | 4.00 | &nbsp;&nbsp; 3-16-2029 | 105000 | &nbsp;&nbsp; **104020** |
| **Engineering & construction: 0.96%** |  |  |  |  |
| Jacobs Solutions, Inc. | 4.75 | &nbsp;&nbsp; 3-3-2031 | 70000 | &nbsp;&nbsp; 69020 |
| MasTec, Inc.144A | 4.50 | &nbsp;&nbsp; 8-15-2028 | 195000 | &nbsp;&nbsp; 192884 |
|  |  |  |  | &nbsp;&nbsp; **261904** |
| **Miscellaneous manufacturing: 0.40%** |  |  |  |  |
| Entegris, Inc.144A | 4.75 | &nbsp;&nbsp; 4-15-2029 | 110000 | &nbsp;&nbsp; **108738** |
| **Technology: 2.07%** |  |  |  |  |
| **Computers: 0.15%** |  |  |  |  |
| Hewlett Packard Enterprise Co. | 4.50 | &nbsp;&nbsp; 3-23-2028 | 40000 | &nbsp;&nbsp; **40002** |
| **Software: 1.92%** |  |  |  |  |
| Fair Isaac Corp.144A | 4.00 | &nbsp;&nbsp; 6-15-2028 | 200000 | &nbsp;&nbsp; 194085 |
| Fidelity National Information Services, Inc. | 4.45 | &nbsp;&nbsp; 3-10-2028 | 55000 | &nbsp;&nbsp; 54846 |
| Salesforce, Inc. | 4.50 | &nbsp;&nbsp; 3-15-2028 | 275000 | &nbsp;&nbsp; 275071 |
|  |  |  |  | &nbsp;&nbsp; **524002** |
| **Utilities: 1.28%** |  |  |  |  |
| **Electric: 1.28%** |  |  |  |  |
| Niagara Mohawk Power Corp.144A | 4.65 | &nbsp;&nbsp; 10-3-2030 | 125000 | &nbsp;&nbsp; 124500 |
| PacifiCorp | 5.10 | &nbsp;&nbsp; 4-15-2031 | 120000 | &nbsp;&nbsp; 120304 |
| Vistra Operations Co. LLC144A | 5.00 | &nbsp;&nbsp; 7-31-2027 | 105000 | &nbsp;&nbsp; 104630 |
|  |  |  |  | &nbsp;&nbsp; **349434** |
| **Total corporate bonds and notes (Cost $6,301,687)** |  |  |  | &nbsp;&nbsp; **6279630** |
| **Foreign corporate bonds and notes: 2.03%** |  |  |  |  |
| **Communications: 0.78%** |  |  |  |  |
| **Media: 0.39%** |  |  |  |  |
| Ziggo BV | 2.88 | &nbsp;&nbsp; 1-15-2030 | 100000 | &nbsp;&nbsp; **106160** |
| **Telecommunications: 0.39%** |  |  |  |  |
| Fibercop SpA | 1.63 | &nbsp;&nbsp; 1-18-2029 | 100000 | &nbsp;&nbsp; **107859** |

---

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

Allspring Managed Account \| 5

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Consumer, cyclical: 0.42%** |  |  |  |  |  |
| **Leisure time: 0.42%** |  |  |  |  |  |
| TUI AG | 5.88<br> %<br>| &nbsp;&nbsp; 3-15-2029 | EUR | 100000 | &nbsp;&nbsp; **$115166** |
| **Financial: 0.41%** |  |  |  |  |  |
| **Real estate: 0.41%** |  |  |  |  |  |
| Aroundtown SA | 3.50 | &nbsp;&nbsp; 5-13-2030 | EUR | 100000 | &nbsp;&nbsp; **110695** |
| **Industrial: 0.42%** |  |  |  |  |  |
| **Building materials: 0.42%** |  |  |  |  |  |
| Heidelberg Materials Finance Luxembourg SA | 3.00 | &nbsp;&nbsp; 7-10-2030 | EUR | 100000 | &nbsp;&nbsp; **113158** |
| **Total foreign corporate bonds and notes (Cost $562,296)** |  |  |  |  | &nbsp;&nbsp; **553038** |
| **Foreign government bonds: 5.30%** |  |  |  |  |  |
| **Australia: 0.62%** |  |  |  |  |  |
| Australia | 2.25 | &nbsp;&nbsp; 5-21-2028 | AUD | 100000 | &nbsp;&nbsp; 65639 |
| Australia | 2.75 | &nbsp;&nbsp; 11-21-2027 | AUD | 100000 | &nbsp;&nbsp; 66923 |
| New South Wales Treasury Corp. | 3.00 | &nbsp;&nbsp; 4-20-2029 | AUD | 55000 | &nbsp;&nbsp; 35933 |
|  |  |  |  |  | &nbsp;&nbsp; **168495** |
| **Belgium: 0.23%** |  |  |  |  |  |
| Kingdom of Belgium144A | 1.00 | &nbsp;&nbsp; 6-22-2031 | EUR | 60000 | &nbsp;&nbsp; **62559** |
| **Brazil: 0.49%** |  |  |  |  |  |
| Brazil | 10.00 | &nbsp;&nbsp; 1-1-2031 | BRL | 800000 | &nbsp;&nbsp; **134950** |
| **Chile: 0.11%** |  |  |  |  |  |
| Republic of Chile144A | 4.70 | &nbsp;&nbsp; 9-1-2030 | CLP | 30000000 | &nbsp;&nbsp; **31586** |
| **Colombia: 0.50%** |  |  |  |  |  |
| Colombia TES | 5.75 | &nbsp;&nbsp; 11-3-2027 | COP | 560000000 | &nbsp;&nbsp; **135329** |
| **Czech Republic: 0.23%** |  |  |  |  |  |
| Czech Republic | 5.00 | &nbsp;&nbsp; 9-30-2030 | CZK | 1330000 | &nbsp;&nbsp; **64039** |
| **France: 0.48%** |  |  |  |  |  |
| French Republic144A | 2.70 | &nbsp;&nbsp; 2-25-2031 | EUR | 115000 | &nbsp;&nbsp; **130251** |
| **Germany: 0.25%** |  |  |  |  |  |
| Bundesobligation | 2.50 | &nbsp;&nbsp; 4-16-2031 | EUR | 60000 | &nbsp;&nbsp; **68588** |
| **Italy: 0.50%** |  |  |  |  |  |
| Italy | 2.20 | &nbsp;&nbsp; 2-28-2028 | EUR | 120000 | &nbsp;&nbsp; **136982** |
| **Mexico: 0.25%** |  |  |  |  |  |
| Mexico | 8.50 | &nbsp;&nbsp; 2-28-2030 | MXN | 1215000 | &nbsp;&nbsp; **67318** |
| **South Africa: 0.23%** |  |  |  |  |  |
| Republic of South Africa | 8.00 | &nbsp;&nbsp; 1-31-2030 | ZAR | 1060000 | &nbsp;&nbsp; **61955** |

---

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

6 \| Allspring Managed Account

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Spain: 0.52%** |  |  |  |  |
| Spain | 2.60<br> %<br>| &nbsp;&nbsp; 5-31-2031 | 125000 | &nbsp;&nbsp; **$141712** |
| **Sweden: 0.24%** |  |  |  |  |
| Sweden | 0.13 | &nbsp;&nbsp; 5-12-2031 | 700000 | &nbsp;&nbsp; **65303** |
| **United Kingdom: 0.65%** |  |  |  |  |
| U.K. Gilts | 4.13 | &nbsp;&nbsp; 3-7-2031 | 35000 | &nbsp;&nbsp; 45611 |
| U.K. Gilts | 4.38 | &nbsp;&nbsp; 3-7-2028 | 25000 | &nbsp;&nbsp; 33064 |
| U.K. Gilts | 4.38 | &nbsp;&nbsp; 3-7-2030 | 75000 | &nbsp;&nbsp; 99090 |
|  |  |  |  | &nbsp;&nbsp; **177765** |
| **Total foreign government bonds (Cost $1,472,028)** |  |  |  | &nbsp;&nbsp; **1446832** |
| **Non-agency mortgage-backed securities: 18.39%** |  |  |  |  |
| A&D Mortgage Trust Series 2024-NQM5 Class A1144A | 5.70 | &nbsp;&nbsp; 11-25-2069 | $271069 | &nbsp;&nbsp; 272050 |
| &nbsp;&nbsp; BRAVO Residential Funding Trust Series 2023-NQM1 <br> Class A1144A±±<br>| 5.76 | &nbsp;&nbsp; 1-25-2063 | 313299 | &nbsp;&nbsp; 312088 |
| &nbsp;&nbsp; BX Trust Series 2024-BIO Class A (U.S. SOFR 1 <br> Month+1.64%)144A±<br>| 5.31 | &nbsp;&nbsp; 2-15-2041 | 350000 | &nbsp;&nbsp; 349122 |
| &nbsp;&nbsp; BX Trust Series 2025-DELC Class C (U.S. SOFR 1 <br> Month+2.20%)144A±<br>| 5.87 | &nbsp;&nbsp; 12-15-2042 | 100000 | &nbsp;&nbsp; 99750 |
| CSMC Trust Series 2018-RPL9 Class A144A±± | 3.85 | &nbsp;&nbsp; 9-25-2057 | 294705 | &nbsp;&nbsp; 283135 |
| &nbsp;&nbsp; Finance of America Structured Securities Trust Series 2025-S1 <br> Class A1144A<br>| 3.50 | &nbsp;&nbsp; 2-25-2075 | 229325 | &nbsp;&nbsp; 222035 |
| GCAT Trust Series 2022-NQM3 Class A1144A±± | 4.35 | &nbsp;&nbsp; 4-25-2067 | 315120 | &nbsp;&nbsp; 314041 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust Series 2024-RPL4 <br> Class A1144A±±<br>| 3.90 | &nbsp;&nbsp; 9-25-2061 | 309128 | &nbsp;&nbsp; 301774 |
| &nbsp;&nbsp; HAVN Trust Series 2025-MOB Class B (U.S. SOFR 1 <br> Month+2.40%)144A±<br>| 6.07 | &nbsp;&nbsp; 10-15-2035 | 125000 | &nbsp;&nbsp; 123949 |
| JPMorgan Mortgage Trust Series 2025-7MPR Class A1D144A±± | 5.32 | &nbsp;&nbsp; 2-25-2056 | 99500 | &nbsp;&nbsp; 99187 |
| &nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-<br> C30 Class B±±<br>| 3.31 | &nbsp;&nbsp; 9-15-2049 | 270000 | &nbsp;&nbsp; 253218 |
| Morgan Stanley Capital I Trust Series 2014-150E Class A144A | 3.91 | &nbsp;&nbsp; 9-9-2032 | 270000 | &nbsp;&nbsp; 249857 |
| &nbsp;&nbsp; New Residential Mortgage Loan Trust Series 2019-RPL3 <br> Class A1144A±±<br>| 2.75 | &nbsp;&nbsp; 7-25-2059 | 105354 | &nbsp;&nbsp; 102081 |
| &nbsp;&nbsp; New Residential Mortgage Loan Trust Series 2020-RPL1 <br> Class A1144A±±<br>| 2.75 | &nbsp;&nbsp; 11-25-2059 | 35447 | &nbsp;&nbsp; 34021 |
| &nbsp;&nbsp; OBX Trust Series 2020-EXP1 Class 2A1 (U.S. SOFR 1 <br> Month+0.86%)144A±<br>| 4.54 | &nbsp;&nbsp; 2-25-2060 | 247538 | &nbsp;&nbsp; 243347 |
| OBX Trust Series 2022-NQM7 Class A1144A±± | 5.11 | &nbsp;&nbsp; 8-25-2062 | 206735 | &nbsp;&nbsp; 206029 |
| &nbsp;&nbsp; One New York Plaza Trust Series 2020-1NYP Class A (U.S. SOFR 1 <br> Month+1.06%)144A±<br>| 4.74 | &nbsp;&nbsp; 1-15-2036 | 330368 | &nbsp;&nbsp; 317979 |
| PRKCM Trust Series 2022-AFC1 Class A1A144A±± | 4.10 | &nbsp;&nbsp; 4-25-2057 | 130978 | &nbsp;&nbsp; 130398 |
| RCKT Mortgage Trust Series 2024-CES9 Class A1A144A±± | 5.58 | &nbsp;&nbsp; 12-25-2044 | 250944 | &nbsp;&nbsp; 251938 |
| &nbsp;&nbsp; SPGN Trust Series 2026-TFLM Class C (U.S. SOFR 1 <br> Month+1.80%)144A±<br>| 5.47 | &nbsp;&nbsp; 2-15-2041 | 135000 | &nbsp;&nbsp; 134241 |

---

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

Allspring Managed Account \| 7

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Non-agency mortgage-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; Starwood Mortgage Residential Trust Series 2020-1 <br> Class A3144A±±<br>| 2.56<br> %<br>| &nbsp;&nbsp; 2-25-2050 | $273147 | &nbsp;&nbsp; $262553 |
| &nbsp;&nbsp; SWCH Commercial Mortgage Trust Series 2025-DATA Class C <br> (U.S. SOFR 1 Month+2.09%)144A±<br>| 5.76 | &nbsp;&nbsp; 2-15-2042 | 460000 | &nbsp;&nbsp; 452813 |
| **Total non-agency mortgage-backed securities (Cost $5,034,597)** |  |  |  | &nbsp;&nbsp; **5015606** |
| **U.S. Treasury securities: 11.77%** |  |  |  |  |
| U.S. Treasury Notes | 3.50 | &nbsp;&nbsp; 2-15-2029 | 1720000 | &nbsp;&nbsp; 1705084 |
| U.S. Treasury Notes | 3.50 | &nbsp;&nbsp; 3-15-2029 | 325000 | &nbsp;&nbsp; 322131 |
| U.S. Treasury Notes | 3.50 | &nbsp;&nbsp; 2-28-2031 | 200000 | &nbsp;&nbsp; 196125 |
| U.S. Treasury Notes | 3.63 | &nbsp;&nbsp; 8-31-2027 | 725000 | &nbsp;&nbsp; 722848 |
| U.S. Treasury Notes | 3.75 | &nbsp;&nbsp; 1-31-2031 | 267000 | &nbsp;&nbsp; 264726 |
| **Total U.S. Treasury securities (Cost $3,231,249)** |  |  |  | &nbsp;&nbsp; **3210914** |
| **Yankee corporate bonds and notes: 4.55%** |  |  |  |  |
| **Communications: 0.20%** |  |  |  |  |
| **Media: 0.20%** |  |  |  |  |
| Videotron Ltd.144A | 3.63 | &nbsp;&nbsp; 6-15-2029 | 55000 | &nbsp;&nbsp; **53233** |
| **Consumer, cyclical: 0.22%** |  |  |  |  |
| **Apparel: 0.13%** |  |  |  |  |
| Gildan Activewear, Inc.144A | 4.70 | &nbsp;&nbsp; 10-7-2030 | 35000 | &nbsp;&nbsp; **34631** |
| **Leisure time: 0.09%** |  |  |  |  |
| Carnival Corp.144A | 7.00 | &nbsp;&nbsp; 8-15-2029 | 25000 | &nbsp;&nbsp; **25934** |
| **Consumer, non-cyclical: 0.75%** |  |  |  |  |
| **Pharmaceuticals: 0.75%** |  |  |  |  |
| Teva Pharmaceutical Finance Netherlands III BV | 6.75 | &nbsp;&nbsp; 3-1-2028 | 200000 | &nbsp;&nbsp; **204982** |
| **Financial: 1.58%** |  |  |  |  |
| **Banks: 0.47%** |  |  |  |  |
| Bank of Montreal Series J (U.S. SOFR+0.97%)± | 4.44 | &nbsp;&nbsp; 1-14-2032 | 130000 | &nbsp;&nbsp; **127996** |
| **Diversified financial services: 1.11%** |  |  |  |  |
| Avolon Holdings Funding Ltd.144A | 5.75 | &nbsp;&nbsp; 11-15-2029 | 35000 | &nbsp;&nbsp; 35863 |
| Brookfield Asset Management Ltd. | 4.65 | &nbsp;&nbsp; 11-15-2030 | 270000 | &nbsp;&nbsp; 267604 |
|  |  |  |  | &nbsp;&nbsp; **303467** |
| **Government securities: 0.73%** |  |  |  |  |
| **Multi-national: 0.73%** |  |  |  |  |
| Banque Ouest Africaine de Developpement144A | 5.00 | &nbsp;&nbsp; 7-27-2027 | 200000 | &nbsp;&nbsp; **198775** |
| **Industrial: 0.41%** |  |  |  |  |
| **Electronics: 0.41%** |  |  |  |  |
| Flex Ltd. | 4.88 | &nbsp;&nbsp; 6-15-2029 | 110000 | &nbsp;&nbsp; **110424** |

---

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

8 \| Allspring Managed Account

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities: 0.66%** |  |  |  |  |
| **Electric: 0.66%** |  |  |  |  |
| Emera, Inc. Series 16-A (U.S. SOFR 3 Month+5.44%)± | 6.75<br> %<br>| &nbsp;&nbsp; 6-15-2076 | $180000 | &nbsp;&nbsp; $**180257** |
| **Total yankee corporate bonds and notes (Cost $1,245,259)** |  |  |  | &nbsp;&nbsp; **1239699** |
| **Yankee government bonds: 2.16%** |  |  |  |  |
| **Israel: 0.72%** |  |  |  |  |
| Israel | 4.50 | &nbsp;&nbsp; 1-13-2031 | 200000 | &nbsp;&nbsp; **195808** |
| **Mexico: 0.72%** |  |  |  |  |
| Mexico | 4.75 | &nbsp;&nbsp; 3-22-2031 | 200000 | &nbsp;&nbsp; **195100** |
| **Saudi Arabia: 0.72%** |  |  |  |  |
| Saudi Arabia144A | 4.13 | &nbsp;&nbsp; 1-12-2029 | 200000 | &nbsp;&nbsp; **196943** |
| **Total yankee government bonds (Cost $598,171)** |  |  |  | &nbsp;&nbsp; **587851** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 3.97%** |  |  |  |  |
| **Investment companies: 3.97%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞## |  | 3.60 | 1082883 | &nbsp;&nbsp; **1082883** |
| **Total short-term investments (Cost $1,082,883)** |  |  |  | &nbsp;&nbsp; **1082883** |
| **Total investments in securities (Cost $27,308,148)** | 99.51<br> %<br>|  |  | &nbsp;&nbsp; 27139580 |
| Other assets and liabilities, net | 0.49 |  |  | &nbsp;&nbsp; 134367 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$27273947** |

---

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

---

| | |
|:---|:---|
| %% | The security is purchased on a when-issued basis. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ±± | The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality <br> and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end.<br>|
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |
| ## | All or a portion of this security is segregated as collateral for when-issued securities. |

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AUD | Australian dollar |
| BDC | Business Development Company |
| BRL | Brazilian real |
| CLO | Collateralized loan obligation |
| CLP | Chile peso |
| COP | Colombian peso |
| CZK | Czech Republic koruna |
| EUR | Euro |
| GBP | Great British pound |
| GNMA | Government National Mortgage Association |
| MXN | Mexican peso |
| REIT | Real estate investment trust |
| SEK | Sweden krona |
| SOFR | Secured Overnight Financing Rate |
| ZAR | South African rand |

---

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

Allspring Managed Account \| 9

------

Portfolio of investments—March 31, 2026 (unaudited)

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <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>| $749683 | $8807571 | $(8474371)<br>| $0 | $0 | $1082883 | 1082883 | $9251 |

---

**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 | 1278761 | EUR | 1100000 | Goldman Sachs International | 4-9-2026 | &nbsp;&nbsp;&nbsp; $6911 | &nbsp;&nbsp;&nbsp; $0 |
| USD | 137921 | EUR | 119000 | Morgan Stanley, Inc. | 4-9-2026 | &nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp; 0 |
| EUR | 258000 | USD | 298721 | Morgan Stanley, Inc. | 4-9-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (414)<br>|
| USD | 147281 | COP | 546000000 | Morgan Stanley, Inc. | 4-13-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (1077)<br>|
| USD | 64560 | ZAR | 1090000 | Bank of New York Mellon Corp. | 4-20-2026 | &nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 68719 | SGD | 88000 | Bank of New York Mellon Corp. | 4-23-2026 | &nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 0 |
| SGD | 88000 | USD | 68927 | State Street Bank & Trust Co. | 4-23-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (379)<br>|
| USD | 56797 | BRL | 300000 | State Street Bank & Trust Co. | 5-11-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (681)<br>|
| USD | 13508 | BRL | 71000 | State Street Bank & Trust Co. | 5-11-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (95)<br>|
| USD | 167003 | AUD | 238000 | Bank of New York Mellon Corp. | 5-18-2026 | &nbsp;&nbsp;&nbsp; 2894 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 33253 | CLP | 30185000 | Bank of New York Mellon Corp. | 5-18-2026 | &nbsp;&nbsp;&nbsp; 643 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 176107 | GBP | 129000 | Bank of New York Mellon Corp. | 5-18-2026 | &nbsp;&nbsp;&nbsp; 5377 | &nbsp;&nbsp;&nbsp; 0 |
| GBP | 17500 | USD | 23429 | Morgan Stanley, Inc. | 5-18-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (268)<br>|
| USD | 32140 | GBP | 24000 | Bank of New York Mellon Corp. | 5-18-2026 | &nbsp;&nbsp;&nbsp; 376 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 66150 | SEK | 620000 | Bank of New York Mellon Corp. | 6-18-2026 | &nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 65357 | CZK | 1390000 | Goldman Sachs International | 6-30-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (169)<br>|
| USD | 132564 | MXN | 2413000 | Bank of New York Mellon Corp. | 6-30-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (1088)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **$17335** | &nbsp;&nbsp;&nbsp; **$(4171)**<br>|

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| 2-Year U.S. Treasury Notes | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 6-30-2026 | &nbsp;&nbsp; $19856113 | &nbsp;&nbsp; $19707305 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $(148808)<br>|
| **Short** |  |  |  |  |  |  |
| 5-Year Euro-BOBL Futures | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; 6-8-2026 | &nbsp;&nbsp; (406392)<br>| &nbsp;&nbsp; (400260)<br>| &nbsp;&nbsp; 6132 | &nbsp;&nbsp; 0 |
| 5-Year U.S. Treasury Notes | &nbsp;&nbsp; (128)<br>| &nbsp;&nbsp; 6-30-2026 | &nbsp;&nbsp; (14037583)<br>| &nbsp;&nbsp; (13847000)<br>| &nbsp;&nbsp; 190583 | &nbsp;&nbsp; 0 |
|  |  |  |  |  | &nbsp;&nbsp; **$196715** | &nbsp;&nbsp; **$(148808)**<br>|

---

**Centrally cleared credit default swap contracts** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference index | Fixed rate | &nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp; Maturity <br>date<br>| Notional <br>amount | Notional <br>amount | Value | Premiums <br>paid <br>(received)<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Buy Protection** |  |  |  |  |  |  |  |  |  |
| Markit CDX North American High Yield Series 44  | 5.00% | Quarterly | 6-20-2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 118800 | &nbsp;&nbsp; $7122 | &nbsp;&nbsp; $7345 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $(223)<br>|

---

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

10 \| Allspring Managed Account

------

Statement of assets and liabilities—March 31, 2026 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $26,225,265) | $26056697 |
| Investments in affiliated securities, at value (cost $1,082,883) | 1082883 |
| Cash | 10 |
| Cash at broker segregated for futures contracts | 185000 |
| Segregated cash for swap contracts | 8653 |
| Foreign currency, at value (cost $2) | 2 |
| Receivable for investments sold | 327047 |
| Receivable for interest | 172826 |
| Unrealized gains on forward foreign currency contracts | 17335 |
| Receivable for daily variation margin on open futures contracts | 7422 |
| Receivable from manager | 3167 |
| Receivable for daily variation margin on centrally cleared swap contracts | 1005 |
| Prepaid expenses and other assets | 23 |
| **Total assets** | **27862070** |
| Liabilities |  |
| Payable for investments purchased | 565642 |
| Payable for daily variation margin on open futures contracts | 18277 |
| Unrealized losses on forward foreign currency contracts | 4171 |
| Accrued expenses and other liabilities | 33 |
| **Total liabilities** | **588123** |
| **Total net assets**  | **$27273947** |
| Net assets consist of |  |
| Paid-in capital | $27399439 |
| Total distributable loss | (125492)<br>|
| **Total net assets** | **$27273947** |
| Computation of net asset value per share |  |
| Net assets | $27273947 |
| Shares outstanding<sup>1</sup> <br>| 1369854 |
| Net asset value per share | $19.91 |

---

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

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

Allspring Managed Account \| 11

------

Statement of operations—six months ended March 31, 2026 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest (net of foreign withholding taxes of $268) | $667788 |
| Income from affiliated securities | 9251 |
| **Total investment income** | **677039** |
| Expenses |  |
| Custody and accounting fees | 5055 |
| Professional fees | 9129 |
| Registration fees | 7492 |
| Shareholder report expenses | 9967 |
| Trustees' fees and expenses | 4523 |
| Other fees and expenses | 7452 |
| **Total expenses** | **43618** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (43618)<br>|
| **Net expenses** | **0** |
| **Net investment income** | **677039** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities (net of foreign capital gains tax of $330) | 141001 |
| Foreign currency and foreign currency translations | (9748)<br>|
| Forward foreign currency contracts | 16312 |
| Futures contracts | (37026)<br>|
| Swap contracts | 1119 |
| **Net realized gains on investments**  | **111658** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities (net of deferred foreign capital gains tax of $20) | (377199)<br>|
| Foreign currency and foreign currency translations | 14 |
| Forward foreign currency contracts | (390)<br>|
| Futures contracts | 23900 |
| Swap contracts | (1499)<br>|
| **Net change in unrealized gains (losses) on investments** | **(355174)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(243516)**<br>|
| **Net increase in net assets resulting from operations** | **$433523** |

---

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

12 \| Allspring Managed Account

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> March 31, 2026<br> (unaudited) | Six months ended<br> March 31, 2026<br> (unaudited) | Year ended<br> September 30, 2025<sup>1</sup> | Year ended<br> September 30, 2025<sup>1</sup> |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $677039 |  | &nbsp;&nbsp; $1114811 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 111658 |  | &nbsp;&nbsp; (178095)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (355174)<br>|  | &nbsp;&nbsp; 247382 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **433523** |  | &nbsp;&nbsp; **1184098** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  | &nbsp;&nbsp; (718076)<br>|  | &nbsp;&nbsp; (1025037)<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold | 708 | &nbsp;&nbsp; 14200 | &nbsp;&nbsp; 1283769 | &nbsp;&nbsp; 25675419 |
| Reinvestment of distributions | 35150 | &nbsp;&nbsp; 704342 | &nbsp;&nbsp; 50227 | &nbsp;&nbsp; 1005478 |
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **718542** |  | &nbsp;&nbsp; **26680897** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **433989** |  | &nbsp;&nbsp; **26839958** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **26839958** |  | &nbsp;&nbsp; **0** |
| **End of period** |  | &nbsp;&nbsp; **$27273947** |  | &nbsp;&nbsp; **$26839958** |

---

<sup>1</sup> For the period from December 10, 2024 (commencement of operations) to September 30, 2025

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

Allspring Managed Account \| 13

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | |
|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 |
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025<sup>1</sup> <br>|
| **Net asset value, beginning of period** | **$20.12** | &nbsp;&nbsp; **$20.00** |
| Net investment income | 0.50 <br><sup>2</sup><br>| 0.85 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.18)<br>| 0.06 |
| Total from investment operations | 0.32 | 0.91 |
| **Distributions to shareholders from** |  |  |
| Net investment income | (0.51)<br>| &nbsp;&nbsp; (0.79)<br>|
| Net realized gains | (0.02)<br>| 0.00 |
| Total distributions to shareholders | (0.53)<br>| &nbsp;&nbsp; (0.79)<br>|
| **Net asset value, end of period** | **$19.91** | &nbsp;&nbsp; **$20.12** |
| **Total return**<sup>3</sup> <br>| **1.61%**<br>| **4.62%**<br>|
| **Ratios to average net assets (annualized)** |  |  |
| Gross expenses | 0.32<br> %<br>| 0.51<br> %<br>|
| Net expenses | 0.00 %<sup>4</sup><br>| 0.00 %<sup>4</sup><br>|
| Net investment income | 5.00<br> %<br>| 5.27<br> %<br>|
| **Supplemental data** |  |  |
| Portfolio turnover rate | 89<br> %<br>| &nbsp;&nbsp; 131<br> %<br>|
| Net assets, end of period (000s omitted) | $27274 | &nbsp;&nbsp; $26840 |

---

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

<sup>1</sup> For the period from December 10, 2024 (commencement of operations) to September 30, 2025

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> The manager has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for services provided by the Fund's securities lending agent (if any), interest, taxes, leverage expenses, and other expenses not incurred in the ordinary course of the Fund's business. This commitment has an indefinite term. 

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

14 \| Allspring Managed Account

------

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 Managed Account CoreBuilder® Shares - Series SP (the "Fund") which is a diversified series of the Trust.

The Fund is a special purpose fund invested primarily in debt securities and is intended to be used in combination with selected individual securities to effectively model institutional-level investment strategies. The Fund is intended to help enable certain separately managed account investors to achieve greater diversification than smaller managed accounts might otherwise achieve.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

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

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management, LLC ("Allspring Funds Management").

Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management.

Futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Swap contracts are valued at the evaluated price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund's commitment to purchase when-issued securities. Securities purchased on a

Allspring Managed Account \| 15

------

Notes to financial statements (unaudited)

when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Forward foreign currency contracts

A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund's maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and is subject to interest rate risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of assets and liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of operations.

Swap contracts

Swap contracts are agreements between the Fund and a counterparty to exchange a series of cash flows over a specified period. Swap agreements are privately negotiated contracts between the Fund that are entered into as bilateral contracts in the over-the-counter ("OTC") market or centrally cleared ("centrally cleared swaps") with a central clearinghouse.

The Fund entered into centrally cleared swaps. In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the Fund's counterparty on the swap agreement becomes the CCP. Upon entering into a centrally cleared swap, the Fund is required to deposit an initial margin with the broker in the form of cash or securities. Securities deposited as initial margin are designated in the Portfolio of investments and cash deposited is shown as cash segregated for centrally cleared swaps in the Statement of assets and liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). The variation margin is recorded as an unrealized gain (or loss) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of assets and liabilities. Payments received from (paid to) the counterparty are recorded as realized gains (losses) in the Statement of operations when the contract is closed.

***Credit default swaps***

The Fund may enter into credit default swaps for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or a basket of single-name issuers or traded indexes. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name's weight in the index. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the protection seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring).

The Fund may enter into credit default swaps as either the seller of protection or the buyer of protection. If the Fund is the buyer of protection and a credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. If the Fund is the seller of protection and a credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

16 \| Allspring Managed Account

------

Notes to financial statements (unaudited)

As the seller of protection, the Fund is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Fund could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates.

By entering into credit default swap contracts, the Fund is exposed to credit risk. In addition, certain credit default swap contracts entered into by the Fund provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements.

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status. Paydown gains and losses are included in interest income.

Interest earned on cash balances held at the custodian is recorded as interest income.

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

Distributions to shareholders

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

Federal and other taxes

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

The Fund's income and federal excise tax returns and all financial records supporting those returns for the fiscal year since commencement of operations are subject to examination by the federal and Delaware revenue authorities. The Fund is not subject to examination by federal and state tax authorities for taxes before 2024, the year the Fund commenced operations.

As of March 31, 2026, the aggregate cost of all investments for federal income tax purposes was $27,501,843 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $267280 |
| Gross unrealized losses | &nbsp;&nbsp; (568695)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(301415)**<br>|

---

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

• Level 1—quoted prices in active markets for identical securities

• Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

Allspring Managed Account \| 17

------

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Agency securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $89127 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $89127 |
| **Asset-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7634000 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7634000 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6279630 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6279630 |
| **Foreign corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 553038 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 553038 |
| **Foreign government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1446832 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1446832 |
| **Non-agency mortgage-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5015606 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5015606 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 3210914 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3210914 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1239699 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1239699 |
| **Yankee government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 587851 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 587851 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 1082883 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1082883 |
|  | &nbsp;&nbsp; 4293797 | &nbsp;&nbsp;&nbsp; 22845783 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 27139580 |
| **Forward foreign currency contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 17335 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 17335 |
| **Futures contracts** | &nbsp;&nbsp; 196715 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 196715 |
| **Total assets** | &nbsp;&nbsp; **$4490512** | &nbsp;&nbsp;&nbsp; **$22863118** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$27353630** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Forward foreign currency contracts** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $4171 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $4171 |
| **Futures contracts** | &nbsp;&nbsp; 148808 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 148808 |
| **Swap contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 223 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 223 |
| **Total liabilities** | &nbsp;&nbsp; **$148808** | &nbsp;&nbsp;&nbsp; **$4394** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$153202** |

---

Futures contracts, forward foreign currency contracts and swap contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following the Portfolio of investments. For futures contracts and centrally cleared swap contracts, the current day's variation margin is reported on the Statement of assets and liabilities. All other assets and liabilities are reported at their market value at measurement date.

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

At March 31, 2026, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

The Trust has entered into an investment management contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The manager is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund. For providing these services, Allspring Funds Management does not receive a fee from the Fund but is entitled to receive fees from separately managed account sponsors of the wrap-fee programs. Out of these fees, Allspring Funds Management pays Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, for its services as the subadviser to the Fund.

Generally, no ordinary operating fees or expenses are charged to the Fund. Allspring Funds Management has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund including acquired fund fees and expenses, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for services provided by the Fund's securities lending agent (if any), interest, taxes, leverage expenses, and other expenses not incurred in the ordinary course of the Fund's business. This commitment has an indefinite term.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions for the six months ended March 31, 2026.

18 \| Allspring Managed Account

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Notes to financial statements (unaudited)

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended March 31, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11516044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12198120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14326407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9524439 |

---

6. DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2026, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio and forward foreign currency contracts for economic hedging purposes and entered into swap contracts as a substitute for taking a position in the underlying security or basket of securities or to potentially enhance the Fund's total return.

The volume of the Fund's derivative activity during the six months ended March 31, 2026 was as follows:

---

| | |
|:---|:---|
| **Forward foreign currency contracts** |  |
| Average contract amounts to buy | &nbsp;&nbsp; $268055 |
| Average contract amounts to sell | &nbsp;&nbsp; 2573584 |
| **Futures contracts** |  |
| Average notional balance on long futures | &nbsp;&nbsp; $18814241 |
| Average notional balance on short futures | &nbsp;&nbsp; 14196223 |
| **Swap contracts** |  |
| Average notional balance | &nbsp;&nbsp; $119486 |

---

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 March 31, 2026 by primary risk type on the Statement of assets and liabilities was as follows for the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Credit <br>risk<br>| Foreign Currency <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $17335 | $17335 |
| Futures contracts | &nbsp;&nbsp; 196,715 <br>\*<br>| 0 | 0 | 196715 |
|  | &nbsp;&nbsp; $196715 | $0 | $17335 | $214050 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $4171 | $4171 |
| Futures contracts | &nbsp;&nbsp; 148,808 <br>\*<br>| 0 | 0 | 148808 |
| Swap contracts | &nbsp;&nbsp; 0 | 223 <br>\*<br>| 0 | 223 |
|  | &nbsp;&nbsp; $148808 | $223 | $4171 | $153202 |

---

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

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of investments. For futures contracts and centrally cleared swap contracts, only the current day's variation margin as of March 31, 2026 is reported separately on the Statement of assets and liabilities. 

The effect of derivative instruments on the Statement of operations for the six months ended March 31, 2026 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Credit <br>risk<br>| Foreign currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $16312 | $16312 |
| Futures contracts | &nbsp;&nbsp; (37026)<br>| 0 | 0 | (37026)<br>|
| Swap contracts | &nbsp;&nbsp; 0 | 1119 | 0 | 1119 |
|  | &nbsp;&nbsp; $(37026)<br>| $1119 | $16312 | $(19595)<br>|
| **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $(390)<br>| $(390)<br>|
| Futures contracts | &nbsp;&nbsp; 23900 | 0 | 0 | 23900 |
| Swap contracts | &nbsp;&nbsp; 0 | (1499)<br>| 0 | (1499)<br>|
|  | &nbsp;&nbsp; $23900 | $(1499)<br>| $(390)<br>| $22011 |

---

Allspring Managed Account \| 19

------

Notes to financial statements (unaudited)

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements ("ISDA Master Agreements") or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument's assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statement of assets and liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of assets and liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of assets and liabilities to the net amounts by counterparty, including any collateral exposure, for OTC derivatives is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of assets in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>received<br>| Net amount <br>of assets<br>|
| Bank of New York Mellon Corp. | &nbsp;&nbsp; $10095 | $(1088)<br>| $0 | $9007 |
| Goldman Sachs International | &nbsp;&nbsp; 6911 | (169)<br>| 0 | 6742 |
| Morgan Stanley, Inc. | &nbsp;&nbsp; 329 | (329)<br>| 0 | 0 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of liabilities in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>pledged<sup>1</sup> <br>| Net amount <br>of liabilities<br>|
| Bank of New York Mellon Corp. | &nbsp;&nbsp; $1088 | $(1088)<br>| $0 | $0 |
| Goldman Sachs International | &nbsp;&nbsp; 169 | (169)<br>| 0 | 0 |
| Morgan Stanley, Inc. | &nbsp;&nbsp; 1759 | (329)<br>| 0 | 1430 |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 1155 | 0 | 0 | 1155 |

---

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

<sup>1</sup> Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the six months ended March 31, 2026, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISK

Concentration risk exists when a shareholder owns a large amount of shares of the Fund. A fund with a concentration of ownership may be more affected by the investment activity of those shareholders than would be a fund that does not have any ownership concentration. As of March 31, 2026, Allspring Funds Management or one of its affiliates owned 98% of the Fund.

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

20 \| Allspring Managed Account

------

Notes to financial statements (unaudited)

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.

Allspring Managed Account \| 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 Managed Account

------

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 Managed Account \| 23

------

![](g100566img261097521.jpg)

For more information

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

Allspring Funds

Attn: Managed Account Services

P.O. Box 1450

Milwaukee, WI 53201

Website: **allspringglobal.com**

Telephone: **1-888-877-9275**

![](g100566imga743081d2.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-888-877-9275*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

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

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

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

**NCSRS4906 03-26**

------

![](g100566img2f0b4bb21.jpg)

Allspring Diversified Capital Builder Fund

Long Form Financial Statements

Semi-Annual Report

March 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_035ebb65-6de1-4184-a3ad-3068d23a32a5_POI-PageBlank-27_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_035ebb65-6de1-4184-a3ad-3068d23a32a5_FS-PageBlank-27_1)** |  |
| [Statement of assets and liabilities](#xx_035ebb65-6de1-4184-a3ad-3068d23a32a5_FS-PageBlank-27_1) | 8 |
| [Statement of operations](#xx_035ebb65-6de1-4184-a3ad-3068d23a32a5_FS-PageBlank-27_2) | 9 |
| [Statement of changes in net assets](#xx_035ebb65-6de1-4184-a3ad-3068d23a32a5_FS-PageBlank-27_3) | 10 |
| [Financial highlights](#xx_035ebb65-6de1-4184-a3ad-3068d23a32a5_FIHI-PageBlank-27_1) | 11 |
| **[Notes to financial statements](#xx_035ebb65-6de1-4184-a3ad-3068d23a32a5_NTF-PageBlank-27_1)** | 14 |
| **[Other information](#xx_035ebb65-6de1-4184-a3ad-3068d23a32a5_OI-PageBlank-27_1)** | 19 |
| [Item 8. Changes in and disagreements with accountants](#xx_035ebb65-6de1-4184-a3ad-3068d23a32a5_OI-PageBlank-27_2) | 20 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_035ebb65-6de1-4184-a3ad-3068d23a32a5_OI-PageBlank-27_2) | 20 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_035ebb65-6de1-4184-a3ad-3068d23a32a5_OI-PageBlank-27_2) | 20 |
| [Item 11. Statement regarding basis for board](#xx_035ebb65-6de1-4184-a3ad-3068d23a32a5_OI-PageBlank-27_2)['](#xx_035ebb65-6de1-4184-a3ad-3068d23a32a5_OI-PageBlank-27_2)[s approval of investment](#xx_035ebb65-6de1-4184-a3ad-3068d23a32a5_OI-PageBlank-27_2)<br> [advisory contract](#xx_035ebb65-6de1-4184-a3ad-3068d23a32a5_OI-PageBlank-27_2)<br>| 20 |

---

Allspring Diversified Capital Builder Fund \| 1

------

Portfolio of investments—March 31, 2026 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 86.79%** |  |  |
| **Energy: 17.81%** |  |  |
| **Energy equipment & services: 5.17%** |  |  |
| Baker Hughes Co. Class A | 800000 | &nbsp;&nbsp; $48840000 |
| SLB Ltd. | 1000000 | &nbsp;&nbsp; 51390000 |
|  |  | &nbsp;&nbsp; **100230000** |
| **Oil, gas & consumable fuels: 12.64%** |  |  |
| Antero Resources Corp.† | 200000 | &nbsp;&nbsp; 8488000 |
| Cheniere Energy, Inc. | 195000 | &nbsp;&nbsp; 55333200 |
| Devon Energy Corp. | 700000 | &nbsp;&nbsp; 35224000 |
| EOG Resources, Inc. | 200000 | &nbsp;&nbsp; 28914000 |
| EQT Corp. | 330000 | &nbsp;&nbsp; 21001200 |
| ONEOK, Inc. | 390000 | &nbsp;&nbsp; 35252100 |
| Targa Resources Corp. | 220000 | &nbsp;&nbsp; 55160600 |
| Williams Cos., Inc. | 75000 | &nbsp;&nbsp; 5458500 |
|  |  | &nbsp;&nbsp; **244831600** |
| **Financials: 1.45%** |  |  |
| **Banks: 1.45%** |  |  |
| PNC Financial Services Group, Inc. | 135000 | &nbsp;&nbsp; **28092150** |
| **Health care: 6.78%** |  |  |
| **Biotechnology: 1.41%** |  |  |
| AbbVie, Inc. | 65000 | &nbsp;&nbsp; 14136850 |
| Neurocrine Biosciences, Inc.† | 100000 | &nbsp;&nbsp; 13174000 |
|  |  | &nbsp;&nbsp; **27310850** |
| **Health care equipment & supplies: 1.56%** |  |  |
| Boston Scientific Corp.† | 480000 | &nbsp;&nbsp; **30120000** |
| **Health care providers & services: 2.07%** |  |  |
| Cardinal Health, Inc. | 55000 | &nbsp;&nbsp; 11622050 |
| McKesson Corp. | 33000 | &nbsp;&nbsp; 28556880 |
|  |  | &nbsp;&nbsp; **40178930** |
| **Life sciences tools & services: 0.35%** |  |  |
| IQVIA Holdings, Inc.† | 40000 | &nbsp;&nbsp; **6821600** |
| **Pharmaceuticals: 1.39%** |  |  |
| Eli Lilly & Co. | 3000 | &nbsp;&nbsp; 2759310 |
| Merck & Co., Inc. | 200000 | &nbsp;&nbsp; 24058000 |
|  |  | &nbsp;&nbsp; **26817310** |
| **Industrials: 24.89%** |  |  |
| **Aerospace & defense: 6.67%** |  |  |
| ATI, Inc.† | 270000 | &nbsp;&nbsp; 39274200 |
| Curtiss-Wright Corp. | 93000 | &nbsp;&nbsp; 63344160 |

---

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

2 \| Allspring Diversified Capital Builder Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Aerospace & defense**(continued) |  |  |
| General Electric Co. | 60000 | &nbsp;&nbsp; $17026200 |
| HEICO Corp. | 35000 | &nbsp;&nbsp; 9597000 |
|  |  | &nbsp;&nbsp; **129241560** |
| **Commercial services & supplies: 2.12%** |  |  |
| Cintas Corp. | 90000 | &nbsp;&nbsp; 15222600 |
| Clean Harbors, Inc.† | 90000 | &nbsp;&nbsp; 25805700 |
|  |  | &nbsp;&nbsp; **41028300** |
| **Electrical equipment: 7.80%** |  |  |
| AMETEK, Inc. | 145000 | &nbsp;&nbsp; 31082200 |
| Eaton Corp. PLC | 98000 | &nbsp;&nbsp; 35051660 |
| Emerson Electric Co. | 315000 | &nbsp;&nbsp; 41271300 |
| Regal Rexnord Corp. | 59000 | &nbsp;&nbsp; 11048340 |
| Vertiv Holdings Co. Class A | 130000 | &nbsp;&nbsp; 32575400 |
|  |  | &nbsp;&nbsp; **151028900** |
| **Machinery: 6.05%** |  |  |
| Crane Co. | 90000 | &nbsp;&nbsp; 15390000 |
| Flowserve Corp. | 355000 | &nbsp;&nbsp; 26096050 |
| ITT, Inc. | 110000 | &nbsp;&nbsp; 20958300 |
| Oshkosh Corp. | 20000 | &nbsp;&nbsp; 2944200 |
| Parker-Hannifin Corp. | 17000 | &nbsp;&nbsp; 15219080 |
| Timken Co. | 190000 | &nbsp;&nbsp; 19108300 |
| Westinghouse Air Brake Technologies Corp. | 70000 | &nbsp;&nbsp; 17493700 |
|  |  | &nbsp;&nbsp; **117209630** |
| **Professional services: 2.25%** |  |  |
| Leidos Holdings, Inc. | 280000 | &nbsp;&nbsp; **43545600** |
| **Information technology: 29.40%** |  |  |
| **Electronic equipment, instruments & components: 8.39%** |  |  |
| Amphenol Corp. Class A | 550000 | &nbsp;&nbsp; 69492500 |
| Jabil, Inc. | 145000 | &nbsp;&nbsp; 38516350 |
| Teledyne Technologies, Inc.† | 90000 | &nbsp;&nbsp; 54450900 |
|  |  | &nbsp;&nbsp; **162459750** |
| **IT services: 2.00%** |  |  |
| International Business Machines Corp. | 160000 | &nbsp;&nbsp; **38782400** |
| **Semiconductors & semiconductor equipment: 15.80%** |  |  |
| Advanced Micro Devices, Inc.† | 360000 | &nbsp;&nbsp; 73234800 |
| Broadcom, Inc. | 155000 | &nbsp;&nbsp; 47974050 |
| Marvell Technology, Inc. | 585000 | &nbsp;&nbsp; 57944250 |
| Micron Technology, Inc. | 270000 | &nbsp;&nbsp; 91216800 |
| NVIDIA Corp. | 205000 | &nbsp;&nbsp; 35752000 |
|  |  | &nbsp;&nbsp; **306121900** |
| **Software: 3.21%** |  |  |
| Adobe, Inc.† | 25000 | &nbsp;&nbsp; 6077000 |

---

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

Allspring Diversified Capital Builder Fund \| 3

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Software**(continued) |  |  |
| Autodesk, Inc.† | 5000 | &nbsp;&nbsp; $1197000 |
| Microsoft Corp. | 105000 | &nbsp;&nbsp; 38867850 |
| Synopsys, Inc.† | 40295 | &nbsp;&nbsp; 15976162 |
|  |  | &nbsp;&nbsp; **62118012** |
| **Materials: 0.63%** |  |  |
| **Chemicals: 0.63%** |  |  |
| Westlake Corp. | 105000 | &nbsp;&nbsp; **12266100** |
| **Real estate: 0.11%** |  |  |
| **Specialized REITs: 0.11%** |  |  |
| Iron Mountain, Inc. | 20000 | &nbsp;&nbsp; **2042800** |
| **Utilities: 5.72%** |  |  |
| **Electric utilities: 1.49%** |  |  |
| American Electric Power Co., Inc. | 10000 | &nbsp;&nbsp; 1310800 |
| NRG Energy, Inc. | 160000 | &nbsp;&nbsp; 23382400 |
| PPL Corp. | 110000 | &nbsp;&nbsp; 4202000 |
|  |  | &nbsp;&nbsp; **28895200** |
| **Gas utilities: 0.72%** |  |  |
| Atmos Energy Corp. | 75000 | &nbsp;&nbsp; **13854000** |
| **Independent power and renewable electricity producers: 2.13%** |  |  |
| Vistra Corp. | 275000 | &nbsp;&nbsp; **41340750** |
| **Multi-utilities: 1.38%** |  |  |
| CenterPoint Energy, Inc. | 70000 | &nbsp;&nbsp; 3021200 |
| CMS Energy Corp. | 140000 | &nbsp;&nbsp; 10861200 |
| DTE Energy Co. | 75000 | &nbsp;&nbsp; 10966500 |
| NiSource, Inc. | 40000 | &nbsp;&nbsp; 1866400 |
|  |  | &nbsp;&nbsp; **26715300** |
| **Total common stocks (Cost $1,014,225,194)** |  | &nbsp;&nbsp; **1681052642** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal |  |
| **Corporate bonds and notes: 12.44%** |  |  |  |  |
| **Basic materials: 0.76%** |  |  |  |  |
| **Iron/steel: 0.76%** |  |  |  |  |
| Cleveland-Cliffs, Inc.144A | 6.75<br> %<br>| &nbsp;&nbsp; 4-15-2030 | $15000000 | &nbsp;&nbsp; **14624901** |
| **Consumer, cyclical: 0.39%** |  |  |  |  |
| **Retail: 0.39%** |  |  |  |  |
| Genuine Parts Co. | 6.88 | &nbsp;&nbsp; 11-1-2033 | 7000000 | &nbsp;&nbsp; **7562173** |
| **Consumer, non-cyclical: 2.98%** |  |  |  |  |
| **Commercial services: 0.44%** |  |  |  |  |
| Valvoline, Inc.144A | 3.63 | &nbsp;&nbsp; 6-15-2031 | 9495000 | &nbsp;&nbsp; **8581013** |

---

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

4 \| Allspring Diversified Capital Builder Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Food: 0.71%** |  |  |  |  |
| Post Holdings, Inc.144A | 4.50<br> %<br>| &nbsp;&nbsp; 9-15-2031 | $8435000 | &nbsp;&nbsp; $7842959 |
| Post Holdings, Inc.144A | 6.25 | &nbsp;&nbsp; 2-15-2032 | 4000000 | &nbsp;&nbsp; 4041356 |
| Post Holdings, Inc.144A | 6.38 | &nbsp;&nbsp; 3-1-2033 | 2000000 | &nbsp;&nbsp; 1970285 |
|  |  |  |  | &nbsp;&nbsp; **13854600** |
| **Healthcare-services: 1.46%** |  |  |  |  |
| Charles River Laboratories International, Inc.144A | 4.00 | &nbsp;&nbsp; 3-15-2031 | 9200000 | &nbsp;&nbsp; 8558695 |
| DaVita, Inc.144A | 4.63 | &nbsp;&nbsp; 6-1-2030 | 7550000 | &nbsp;&nbsp; 7259440 |
| Encompass Health Corp. | 4.63 | &nbsp;&nbsp; 4-1-2031 | 5500000 | &nbsp;&nbsp; 5309252 |
| IQVIA, Inc.144A | 6.25 | &nbsp;&nbsp; 6-1-2032 | 7000000 | &nbsp;&nbsp; 7108437 |
|  |  |  |  | &nbsp;&nbsp; **28235824** |
| **Household products/wares: 0.37%** |  |  |  |  |
| ACCO Brands Corp.144A | 4.25 | &nbsp;&nbsp; 3-15-2029 | 2000000 | &nbsp;&nbsp; 1785528 |
| Spectrum Brands, Inc.144A | 3.88 | &nbsp;&nbsp; 3-15-2031 | 6200000 | &nbsp;&nbsp; 5351324 |
|  |  |  |  | &nbsp;&nbsp; **7136852** |
| **Financial: 1.25%** |  |  |  |  |
| **REITs: 1.25%** |  |  |  |  |
| Iron Mountain, Inc.144A | 4.50 | &nbsp;&nbsp; 2-15-2031 | 12350000 | &nbsp;&nbsp; 11597180 |
| Iron Mountain, Inc.144A | 6.25 | &nbsp;&nbsp; 1-15-2033 | 5000000 | &nbsp;&nbsp; 4984012 |
| SBA Communications Corp. | 3.13 | &nbsp;&nbsp; 2-1-2029 | 8000000 | &nbsp;&nbsp; 7580566 |
|  |  |  |  | &nbsp;&nbsp; **24161758** |
| **Industrial: 4.24%** |  |  |  |  |
| **Aerospace/defense: 1.02%** |  |  |  |  |
| ATI, Inc. | 7.25 | &nbsp;&nbsp; 8-15-2030 | 6532000 | &nbsp;&nbsp; 6773482 |
| TransDigm, Inc. | 4.63 | &nbsp;&nbsp; 1-15-2029 | 9000000 | &nbsp;&nbsp; 8842716 |
| TransDigm, Inc.144A | 6.63 | &nbsp;&nbsp; 3-1-2032 | 4000000 | &nbsp;&nbsp; 4079480 |
|  |  |  |  | &nbsp;&nbsp; **19695678** |
| **Electrical components & equipment: 0.67%** |  |  |  |  |
| WESCO Distribution, Inc.144A | 6.38 | &nbsp;&nbsp; 3-15-2033 | 12716000 | &nbsp;&nbsp; **12954578** |
| **Electronics: 0.44%** |  |  |  |  |
| TTM Technologies, Inc.144A | 4.00 | &nbsp;&nbsp; 3-1-2029 | 8890000 | &nbsp;&nbsp; **8537593** |
| **Engineering & construction: 0.48%** |  |  |  |  |
| Dycom Industries, Inc.144A | 4.50 | &nbsp;&nbsp; 4-15-2029 | 9720000 | &nbsp;&nbsp; **9428262** |
| **Environmental control: 0.80%** |  |  |  |  |
| Clean Harbors, Inc.144A | 6.38 | &nbsp;&nbsp; 2-1-2031 | 14000000 | &nbsp;&nbsp; 14218059 |
| Stericycle, Inc.144A | 3.88 | &nbsp;&nbsp; 1-15-2029 | 1310000 | &nbsp;&nbsp; 1297458 |
|  |  |  |  | &nbsp;&nbsp; **15515517** |
| **Machinery-diversified: 0.58%** |  |  |  |  |
| ESAB Corp.144A | 6.25 | &nbsp;&nbsp; 4-15-2029 | 11015000 | &nbsp;&nbsp; **11179112** |

---

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

Allspring Diversified Capital Builder Fund \| 5

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Packaging & containers: 0.25%** |  |  |  |  |
| Ball Corp. | 2.88<br> %<br>| &nbsp;&nbsp; 8-15-2030 | $2000000 | &nbsp;&nbsp; $1820354 |
| Sealed Air Corp.144A | 5.00 | &nbsp;&nbsp; 4-15-2029 | 3000000 | &nbsp;&nbsp; 3022500 |
|  |  |  |  | &nbsp;&nbsp; **4842854** |
| **Technology: 0.55%** |  |  |  |  |
| **Semiconductors: 0.55%** |  |  |  |  |
| Synaptics, Inc.144A | 4.00 | &nbsp;&nbsp; 6-15-2029 | 11185000 | &nbsp;&nbsp; **10591214** |
| **Utilities: 2.27%** |  |  |  |  |
| **Electric: 2.27%** |  |  |  |  |
| NRG Energy, Inc.144A | 5.25 | &nbsp;&nbsp; 6-15-2029 | 1000000 | &nbsp;&nbsp; 990057 |
| NRG Energy, Inc.144A | 6.00 | &nbsp;&nbsp; 1-15-2036 | 10000000 | &nbsp;&nbsp; 9909071 |
| NRG Energy, Inc.144A | 6.25 | &nbsp;&nbsp; 11-1-2034 | 14000000 | &nbsp;&nbsp; 14111611 |
| Vistra Operations Co. LLC144A | 4.38 | &nbsp;&nbsp; 5-1-2029 | 12000000 | &nbsp;&nbsp; 11716478 |
| Vistra Operations Co. LLC144A | 7.75 | &nbsp;&nbsp; 10-15-2031 | 7000000 | &nbsp;&nbsp; 7332371 |
|  |  |  |  | &nbsp;&nbsp; **44059588** |
| **Total corporate bonds and notes (Cost $245,179,944)** |  |  |  | &nbsp;&nbsp; **240961517** |
| **Yankee corporate bonds and notes: 0.50%** |  |  |  |  |
| **Basic materials: 0.17%** |  |  |  |  |
| **Chemicals: 0.17%** |  |  |  |  |
| Methanex Corp. | 5.25 | &nbsp;&nbsp; 12-15-2029 | 3293000 | &nbsp;&nbsp; **3260162** |
| **Industrial: 0.09%** |  |  |  |  |
| **Electronics: 0.09%** |  |  |  |  |
| Sensata Technologies BV144A | 4.00 | &nbsp;&nbsp; 4-15-2029 | 1779000 | &nbsp;&nbsp; **1716663** |
| **Technology: 0.24%** |  |  |  |  |
| **Computers: 0.24%** |  |  |  |  |
| Seagate Data Storage Technology Pte. Ltd.144A | 3.13 | &nbsp;&nbsp; 7-15-2029 | 1500000 | &nbsp;&nbsp; 1340820 |
| Seagate Data Storage Technology Pte. Ltd.144A | 4.09 | &nbsp;&nbsp; 6-1-2029 | 3488000 | &nbsp;&nbsp; 3375839 |
|  |  |  |  | &nbsp;&nbsp; **4716659** |
| **Total yankee corporate bonds and notes (Cost $9,890,189)** |  |  |  | &nbsp;&nbsp; **9693484** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 0.29%** |  |  |  |  |
| **Investment companies: 0.29%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.60 | 5621163 | &nbsp;&nbsp; **5621163** |
| **Total short-term investments (Cost $5,621,163)** |  |  |  | &nbsp;&nbsp; **5621163** |
| **Total investments in securities (Cost $1,274,916,490)** | 100.02<br> %<br>|  |  | &nbsp;&nbsp; 1937328806 |
| Other assets and liabilities, net | (0.02)<br>|  |  | &nbsp;&nbsp; (396742)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$1936932064** |

---

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

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

6 \| Allspring Diversified Capital Builder Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | |
|:---|:---|
| † | Non-income-earning security |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<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: <br> REIT Real estate investment trust

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $21477966 | $208079441 | $(223936244)<br>| $0 | $0 | $5621163 | 5621163 | $130960 |

---

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

Allspring Diversified Capital Builder Fund \| 7

------

Statement of assets and liabilities—March 31, 2026 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $1,269,295,327) | $1931707643 |
| Investments in affiliated securities, at value (cost $5,621,163) | 5621163 |
| Cash | 47 |
| Receivable for dividends and interest | 4884452 |
| Receivable for Fund shares sold | 2090064 |
| Prepaid expenses and other assets | 87743 |
| **Total assets** | **1944391112** |
| Liabilities |  |
| Payable for investments purchased | 4638206 |
| Payable for Fund shares redeemed | 1177172 |
| Management fee payable | 978756 |
| Administration fees payable | 283482 |
| Shareholder servicing fees payable | 239985 |
| Distribution fee payable | 86271 |
| Accrued expenses and other liabilities | 55176 |
| **Total liabilities** | **7459048** |
| **Total net assets**  | **$1936932064** |
| Net assets consist of |  |
| Paid-in capital | $1162452571 |
| Total distributable earnings | 774479493 |
| **Total net assets** | **$1936932064** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $978822104 |
| Shares outstanding–Class A<sup>1</sup> <br>| 60230108 |
| Net asset value per share–Class A | $16.25 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $17.24 |
| Net assets–Class C | $133098993 |
| Shares outstanding–Class C<sup>1</sup> <br>| 8275480 |
| Net asset value per share–Class C | $16.08 |
| Net assets–Institutional Class | $825010967 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 51319352 |
| Net asset value per share–Institutional Class | $16.08 |

---

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

<sup>2</sup> Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

8 \| Allspring Diversified Capital Builder Fund

------

Statement of operations—six months ended March 31, 2026 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends | $8048592 |
| Interest | 6905969 |
| Income from affiliated securities | 130960 |
| **Total investment income** | **15085521** |
| Expenses |  |
| Management fee | 5331813 |
| Administration fees |  |
| Class A | 944502 |
| Class C | 130277 |
| Institutional Class | 473247 |
| Shareholder servicing fees |  |
| Class A | 1180627 |
| Class C | 162828 |
| Distribution fee |  |
| Class C | 488273 |
| Custody and accounting fees | 25481 |
| Professional fees | 27542 |
| Registration fees | 64488 |
| Shareholder report expenses | 43088 |
| Trustees' fees and expenses | 9969 |
| Other fees and expenses | 16962 |
| **Total expenses** | **8899097** |
| Less: Fee waivers and/or expense reimbursements |  |
| Class A | (17887)<br>|
| Class C | (3)<br>|
| Institutional Class | (27)<br>|
| **Net expenses** | **8881180** |
| **Net investment income** | **6204341** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments**  | **112061145** |
| **Net change in unrealized gains (losses) on investments** | **116145637** |
| **Net realized and unrealized gains (losses) on investments** | **228206782** |
| **Net increase in net assets resulting from operations** | **$234411123** |

---

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

Allspring Diversified Capital Builder Fund \| 9

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> March 31, 2026<br> (unaudited) | Six months ended<br> March 31, 2026<br> (unaudited) | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $6204341 |  | &nbsp;&nbsp; $11556958 |
| Net realized gains on investments |  | &nbsp;&nbsp; 112061145 |  | &nbsp;&nbsp; 150266000 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 116145637 |  | &nbsp;&nbsp; 66638054 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **234411123** |  | &nbsp;&nbsp; **228461012** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (78761230)<br>|  | &nbsp;&nbsp; (41879141)<br>|
| Class C |  | &nbsp;&nbsp; (10518968)<br>|  | &nbsp;&nbsp; (6380859)<br>|
| Administrator Class |  | &nbsp;&nbsp; N/A |  | &nbsp;&nbsp; (500204 )<sup>1</sup><br>|
| Institutional Class |  | &nbsp;&nbsp; (60591333)<br>|  | &nbsp;&nbsp; (36223822)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(149871531)**<br>|  | &nbsp;&nbsp; **(84984026)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 3012285 | &nbsp;&nbsp; 48723372 | &nbsp;&nbsp; 4630450 | &nbsp;&nbsp; 64790355 |
| Class C | 875617 | &nbsp;&nbsp; 13971360 | &nbsp;&nbsp; 1453056 | &nbsp;&nbsp; 20153379 |
| Administrator Class | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 94984 <br><sup>1</sup><br>| &nbsp;&nbsp; 1343707 <br><sup>1</sup><br>|
| Institutional Class | 9634612 | &nbsp;&nbsp; 155209420 | &nbsp;&nbsp; 9480787 | &nbsp;&nbsp; 132159812 |
|  |  | &nbsp;&nbsp; 217904152 |  | &nbsp;&nbsp; 218447253 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 5039180 | &nbsp;&nbsp; 75380701 | &nbsp;&nbsp; 2859648 | &nbsp;&nbsp; 39980434 |
| Class C | 687365 | &nbsp;&nbsp; 10145567 | &nbsp;&nbsp; 448321 | &nbsp;&nbsp; 6200546 |
| Administrator Class | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 35710 <br><sup>1</sup><br>| &nbsp;&nbsp; 498332 <br><sup>1</sup><br>|
| Institutional Class | 3723219 | &nbsp;&nbsp; 55212700 | &nbsp;&nbsp; 2351146 | &nbsp;&nbsp; 32569052 |
|  |  | &nbsp;&nbsp; 140738968 |  | &nbsp;&nbsp; 79248364 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (4082632)<br>| &nbsp;&nbsp; (65768736)<br>| &nbsp;&nbsp; (7030058)<br>| &nbsp;&nbsp; (97760160)<br>|
| Class C | (1324422)<br>| &nbsp;&nbsp; (21150937)<br>| &nbsp;&nbsp; (3817533)<br>| &nbsp;&nbsp; (52273426)<br>|
| Administrator Class | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; (219313 )<sup>1</sup><br>| &nbsp;&nbsp; (2988304 )<sup>1</sup><br>|
| Institutional Class | (3686608)<br>| &nbsp;&nbsp; (58600772)<br>| &nbsp;&nbsp; (15885460)<br>| &nbsp;&nbsp; (205548777)<br>|
|  |  | &nbsp;&nbsp; (145520445)<br>|  | &nbsp;&nbsp; (358570667)<br>|
| Share conversions |  |  |  |  |
| Administrator Class | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; (600576 )<sup>2</sup><br>| &nbsp;&nbsp; (9173265 )<sup>2</sup><br>|
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 606713 <br><sup>2</sup><br>| &nbsp;&nbsp; 9173265 <br><sup>2</sup><br>|
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net increase (decrease) in net assets resulting from capital share** <br> **transactions**<br>|  | &nbsp;&nbsp; **213122675** |  | &nbsp;&nbsp; **(60875050)**<br>|
| **Total increase in net assets** |  | &nbsp;&nbsp; **297662267** |  | &nbsp;&nbsp; **82601936** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **1639269797** |  | &nbsp;&nbsp; **1556667861** |
| **End of period** |  | &nbsp;&nbsp; **$1936932064** |  | &nbsp;&nbsp; **$1639269797** |

---

<sup>1</sup> For the period from October 1, 2024 to September 12, 2025

<sup>2</sup> Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

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

10 \| Allspring Diversified Capital Builder Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class A | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$15.54** | &nbsp;&nbsp; **$14.02** | &nbsp;&nbsp; **$11.01** | &nbsp;&nbsp; **$10.29** | &nbsp;&nbsp; **$12.64** | &nbsp;&nbsp; **$10.88** |
| Net investment income | 0.05 <br><sup>1</sup><br>| 0.10 <br><sup>1</sup><br>| 0.07 <br><sup>1</sup><br>| 0.11 | 0.10 <br><sup>1</sup><br>| 0.09 |
| Net realized and unrealized gains (losses) on investments | 2.07 | 2.17 | 3.63 | 1.89 | &nbsp;&nbsp; (1.50)<br>| 1.87 |
| Total from investment operations | 2.12 | 2.27 | 3.70 | 2.00 | &nbsp;&nbsp; (1.40)<br>| 1.96 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.05)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.10)<br>|
| Net realized gains | (1.36)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.10)<br>|
| Total distributions to shareholders | (1.41)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.20)<br>|
| **Net asset value, end of period** | **$16.25** | &nbsp;&nbsp; **$15.54** | &nbsp;&nbsp; **$14.02** | &nbsp;&nbsp; **$11.01** | &nbsp;&nbsp; **$10.29** | &nbsp;&nbsp; **$12.64** |
| **Total return**<sup>2</sup> <br>| **14.42%**<br>| **16.81%**<br>| **35.05%**<br>| **20.16%**<br>| &nbsp;&nbsp; **(12.45)%**<br>| **18.18%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.06<br> %<br>| 1.08<br> %<br>| 1.08<br> %<br>| 1.11<br> %<br>| 1.11<br> %<br>| 1.11<br> %<br>|
| Net expenses | 1.06<br> %<br>| 1.07<br> %<br>| 1.07<br> %<br>| 1.11<br> %<br>| 1.10<br> %<br>| 1.11<br> %<br>|
| Net investment income | 0.61<br> %<br>| 0.69<br> %<br>| 0.57<br> %<br>| 0.99<br> %<br>| 0.77<br> %<br>| 0.76<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 15<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 28<br> %<br>|
| Net assets, end of period (000s omitted) | $978822 | &nbsp;&nbsp; $874484 | &nbsp;&nbsp; $782252 | &nbsp;&nbsp; $583064 | &nbsp;&nbsp; $534863 | &nbsp;&nbsp; $657696 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

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

Allspring Diversified Capital Builder Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class C | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$15.41** | &nbsp;&nbsp; **$13.91** | &nbsp;&nbsp; **$10.96** | &nbsp;&nbsp; **$10.24** | &nbsp;&nbsp; **$12.58** | &nbsp;&nbsp; **$10.86** |
| Net investment income (loss) | (0.01 )<sup>1</sup><br>| &nbsp;&nbsp; (0.01 )<sup>1</sup><br>| &nbsp;&nbsp; (0.02 )<sup>1</sup><br>| 0.02 | 0.00 <br><sup>12</sup><br>| 0.00 <br><sup>12</sup><br>|
| Net realized and unrealized gains (losses) on investments | 2.04 | 2.16 | 3.59 | 1.89 | &nbsp;&nbsp; (1.48)<br>| 1.86 |
| Total from investment operations | 2.03 | 2.15 | 3.57 | 1.91 | &nbsp;&nbsp; (1.48)<br>| 1.86 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.00 )<sup>3</sup><br>| &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| 0.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.04)<br>|
| Net realized gains | (1.36)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.10)<br>|
| Total distributions to shareholders | (1.36)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Net asset value, end of period** | **$16.08** | &nbsp;&nbsp; **$15.41** | &nbsp;&nbsp; **$13.91** | &nbsp;&nbsp; **$10.96** | &nbsp;&nbsp; **$10.24** | &nbsp;&nbsp; **$12.58** |
| **Total return**<sup>4</sup> <br>| **13.93%**<br>| **16.03%**<br>| **33.96%**<br>| **19.36%**<br>| &nbsp;&nbsp; **(13.12)%**<br>| **17.25%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.81<br> %<br>| 1.83<br> %<br>| 1.83<br> %<br>| 1.86<br> %<br>| 1.85<br> %<br>| 1.86<br> %<br>|
| Net expenses | 1.81<br> %<br>| 1.83<br> %<br>| 1.83<br> %<br>| 1.86<br> %<br>| 1.85<br> %<br>| 1.86<br> %<br>|
| Net investment income (loss) | (0.14)%<br>| &nbsp;&nbsp; (0.08)%<br>| &nbsp;&nbsp; (0.18)%<br>| 0.24<br> %<br>| 0.02<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 15<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 28<br> %<br>|
| Net assets, end of period (000s omitted) | $133099 | &nbsp;&nbsp; $123829 | &nbsp;&nbsp; $138491 | &nbsp;&nbsp; $106152 | &nbsp;&nbsp; $100367 | &nbsp;&nbsp; $127209 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

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

12 \| Allspring Diversified Capital Builder Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Institutional Class | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$15.39** | &nbsp;&nbsp; **$13.89** | &nbsp;&nbsp; **$10.91** | &nbsp;&nbsp; **$10.20** | &nbsp;&nbsp; **$12.54** | &nbsp;&nbsp; **$10.79** |
| Net investment income | 0.07 <br><sup>1</sup><br>| 0.14 <br><sup>1</sup><br>| 0.11 <br><sup>1</sup><br>| 0.14 | 0.13 <br><sup>1</sup><br>| 0.13 |
| Net realized and unrealized gains (losses) on investments | 2.05 | 2.15 | 3.60 | 1.88 | &nbsp;&nbsp; (1.48)<br>| 1.86 |
| Total from investment operations | 2.12 | 2.29 | 3.71 | 2.02 | &nbsp;&nbsp; (1.35)<br>| 1.99 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.07)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized gains | (1.36)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.10)<br>|
| Total distributions to shareholders | (1.43)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Net asset value, end of period** | **$16.08** | &nbsp;&nbsp; **$15.39** | &nbsp;&nbsp; **$13.89** | &nbsp;&nbsp; **$10.91** | &nbsp;&nbsp; **$10.20** | &nbsp;&nbsp; **$12.54** |
| **Total return**<sup>2</sup> <br>| **14.61%**<br>| **17.20%**<br>| **35.50%**<br>| **20.62%**<br>| &nbsp;&nbsp; **(12.19)%**<br>| **18.51%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.74<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.78<br> %<br>| 0.78<br> %<br>| 0.78<br> %<br>|
| Net expenses | 0.74<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.78<br> %<br>| 0.77<br> %<br>| 0.78<br> %<br>|
| Net investment income | 0.93<br> %<br>| 1.00<br> %<br>| 0.89<br> %<br>| 1.32<br> %<br>| 1.10<br> %<br>| 1.09<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 15<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 28<br> %<br>|
| Net assets, end of period (000s omitted) | $825011 | &nbsp;&nbsp; $640957 | &nbsp;&nbsp; $626256 | &nbsp;&nbsp; $330452 | &nbsp;&nbsp; $290545 | &nbsp;&nbsp; $358519 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized.

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

Allspring Diversified Capital Builder 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 Diversified Capital Builder Fund (the "Fund") which is a diversified series of the Trust.

Effective at the close of business on September 12, 2025, Administrator Class shares became Institutional Class shares in a tax-free conversion. Shareholders of Administrator Class received Institutional Class shares at a value equal to the value of their Administrator Class shares immediately prior to the conversion. Administrator Class shares are no longer offered by the Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

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

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

When-issued transactions

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

14 \| Allspring Diversified Capital Builder Fund

------

Notes to financial statements (unaudited)

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2026, the aggregate cost of all investments for federal income tax purposes was $1,274,981,720 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $700976248 |
| Gross unrealized losses | &nbsp;&nbsp; (38629162)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$662347086** |

---

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

• Level 1—quoted prices in active markets for identical securities

• Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

Allspring Diversified Capital Builder Fund \| 15

------

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Energy* | &nbsp;&nbsp; $345061600 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $345061600 |
| *Financials* | &nbsp;&nbsp; 28092150 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 28092150 |
| *Health care* | &nbsp;&nbsp; 131248690 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 131248690 |
| *Industrials* | &nbsp;&nbsp; 482053990 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 482053990 |
| *Information technology* | &nbsp;&nbsp; 569482062 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 569482062 |
| *Materials* | &nbsp;&nbsp; 12266100 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12266100 |
| *Real estate* | &nbsp;&nbsp; 2042800 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2042800 |
| *Utilities* | &nbsp;&nbsp; 110805250 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 110805250 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 240961517 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 240961517 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9693484 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9693484 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 5621163 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5621163 |
| **Total assets** | &nbsp;&nbsp; **$1686673805** | &nbsp;&nbsp;&nbsp; **$250655001** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1937328806** |

---

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

At March 31, 2026, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.650<br> %<br>|
| Next $500 million | 0.600 |
| Next $2 billion | 0.550 |
| Next $2 billion | 0.525 |
| Next $5 billion | 0.490 |
| Over $10 billion | 0.480 |

---

For the six months ended March 31, 2026, the management fee was equivalent to an annual rate of 0.59% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As

16 \| Allspring Diversified Capital Builder Fund

------

Notes to 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 A | 0.20<br> %<br>|
| Class C | 0.20 |
| Institutional Class | 0.13 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through January 31, 2027 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 March 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.11<br> %<br>|
| Class C | 1.86 |
| Institutional Class | 0.78 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2026, Allspring Funds Distributor received $31,315 from the sale of Class A shares and $5,799 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 March 31, 2026.

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.

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 March 31, 2026.

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 March 31, 2026 were $345,373,319 and $266,151,870, 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 March 31, 2026, there were no borrowings by the Fund under the agreement.

Allspring Diversified Capital Builder Fund \| 17

------

Notes to financial statements (unaudited)

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

7. CONCENTRATION RISKS

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

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.

18 \| Allspring Diversified Capital Builder 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 Diversified Capital Builder 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 Diversified Capital Builder Fund

------

![](g100566img2f0b4bb21.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**

![](g100566img4f39a0822.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.**

**NCSRS4324 03-26**

------

![](g100566img40bdebda1.jpg)

Allspring Diversified Income Builder Fund

Long Form Financial Statements

Semi-Annual Report

March 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_6b1291b7-4a47-4f49-9c66-3ceeb5a15815_POI-PageBlank-26_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_6b1291b7-4a47-4f49-9c66-3ceeb5a15815_FS-PageBlank-26_1)** |  |
| [Statement of assets and liabilities](#xx_6b1291b7-4a47-4f49-9c66-3ceeb5a15815_FS-PageBlank-26_1) | 23 |
| [Statement of operations](#xx_6b1291b7-4a47-4f49-9c66-3ceeb5a15815_FS-PageBlank-26_3) | 25 |
| [Statement of changes in net assets](#xx_6b1291b7-4a47-4f49-9c66-3ceeb5a15815_FS-PageBlank-26_4) | 26 |
| [Financial highlights](#xx_6b1291b7-4a47-4f49-9c66-3ceeb5a15815_FIHI-PageBlank-26_1) | 28 |
| **[Notes to financial statements](#xx_6b1291b7-4a47-4f49-9c66-3ceeb5a15815_NTF-PageBlank-26_1)** | 32 |
| **[Other information](#xx_6b1291b7-4a47-4f49-9c66-3ceeb5a15815_OI-PageBlank-26_1)** | 40 |
| [Item 8. Changes in and disagreements with accountants](#xx_6b1291b7-4a47-4f49-9c66-3ceeb5a15815_OI-PageBlank-26_2) | 41 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_6b1291b7-4a47-4f49-9c66-3ceeb5a15815_OI-PageBlank-26_2) | 41 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_6b1291b7-4a47-4f49-9c66-3ceeb5a15815_OI-PageBlank-26_2) | 41 |
| [Item 11. Statement regarding basis for board](#xx_6b1291b7-4a47-4f49-9c66-3ceeb5a15815_OI-PageBlank-26_2)['](#xx_6b1291b7-4a47-4f49-9c66-3ceeb5a15815_OI-PageBlank-26_2)[s approval of investment](#xx_6b1291b7-4a47-4f49-9c66-3ceeb5a15815_OI-PageBlank-26_2)<br> [advisory contract](#xx_6b1291b7-4a47-4f49-9c66-3ceeb5a15815_OI-PageBlank-26_2)<br>| 41 |

---

Allspring Diversified Income Builder Fund \| 1

------

Portfolio of investments—March 31, 2026 (unaudited)

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Asset-backed securities: 0.08%** |  |  |  |  |
| Uniti Fiber ABS Issuer LLC Series 2025-1A Class B144A | 6.37<br> %<br>| &nbsp;&nbsp; 4-20-2055 | $380000 | &nbsp;&nbsp; $386210 |
| **Total asset-backed securities (Cost $380,000)** |  |  |  | &nbsp;&nbsp; **386210** |

---

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

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Common stocks: 25.80%** |  |  |
| **Communication services: 1.80%** |  |  |
| **Diversified telecommunication services: 0.32%** |  |  |
| AT&T, Inc. | 57185 | &nbsp;&nbsp; **1657793** |
| **Interactive media & services: 1.20%** |  |  |
| Alphabet, Inc. Class A | 15430 | &nbsp;&nbsp; 4437051 |
| Meta Platforms, Inc. Class A | 3020 | &nbsp;&nbsp; 1727832 |
|  |  | &nbsp;&nbsp; **6164883** |
| **Media: 0.28%** |  |  |
| Publicis Groupe SA | 17415 | &nbsp;&nbsp; **1441431** |
| **Consumer discretionary: 2.61%** |  |  |
| **Automobiles: 0.80%** |  |  |
| General Motors Co. | 21702 | &nbsp;&nbsp; 1616799 |
| Mercedes-Benz Group AG | 18879 | &nbsp;&nbsp; 1160358 |
| Tesla, Inc.† | 3584 | &nbsp;&nbsp; 1332352 |
|  |  | &nbsp;&nbsp; **4109509** |
| **Broadline retail: 0.53%** |  |  |
| Amazon.com, Inc.† | 13002 | &nbsp;&nbsp; **2708134** |
| **Hotels, restaurants & leisure: 0.35%** |  |  |
| Booking Holdings, Inc. | 428 | &nbsp;&nbsp; **1802017** |
| **Household durables: 0.49%** |  |  |
| Haier Smart Home Co. Ltd. Class H | 351200 | &nbsp;&nbsp; 940847 |
| Sony Group Corp. | 75900 | &nbsp;&nbsp; 1581963 |
|  |  | &nbsp;&nbsp; **2522810** |
| **Specialty retail: 0.44%** |  |  |
| Gap, Inc. | 40679 | &nbsp;&nbsp; 984432 |
| Sanrio Co. Ltd. | 204500 | &nbsp;&nbsp; 1271427 |
|  |  | &nbsp;&nbsp; **2255859** |
| **Consumer staples: 1.14%** |  |  |
| **Consumer staples distribution & retail: 0.95%** |  |  |
| Dollar General Corp. | 8754 | &nbsp;&nbsp; 1039363 |
| Target Corp. | 9037 | &nbsp;&nbsp; 1095284 |
| U.S. Foods Holding Corp.† | 14670 | &nbsp;&nbsp; 1352721 |
| Walmart, Inc. | 11401 | &nbsp;&nbsp; 1416916 |
|  |  | &nbsp;&nbsp; **4904284** |

---

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

2 \| Allspring Diversified Income Builder Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Food products: 0.19%** |  |  |
| Cal-Maine Foods, Inc. | 12301 | &nbsp;&nbsp; **$973624** |
| **Energy: 0.88%** |  |  |
| **Independent power and renewable electricity producers: 0.18%** |  |  |
| Enviva, Inc. (Acquired 12-06-2024, cost $281,101)‡†˃ | 51516 | &nbsp;&nbsp; **927288** |
| **Oil, gas & consumable fuels: 0.70%** |  |  |
| APA Corp. | 51724 | &nbsp;&nbsp; 2195167 |
| Sunococorp LLC | 22347 | &nbsp;&nbsp; 1377692 |
|  |  | &nbsp;&nbsp; **3572859** |
| **Financials: 5.40%** |  |  |
| **Banks: 2.81%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 91034 | &nbsp;&nbsp; 1966294 |
| Barclays PLC | 248893 | &nbsp;&nbsp; 1302578 |
| China Construction Bank Corp. Class H | 1509000 | &nbsp;&nbsp; 1628533 |
| Citigroup, Inc. | 21503 | &nbsp;&nbsp; 2438655 |
| Citizens Financial Group, Inc. | 25964 | &nbsp;&nbsp; 1557061 |
| DBS Group Holdings Ltd. | 41600 | &nbsp;&nbsp; 1851205 |
| ING Groep NV | 55766 | &nbsp;&nbsp; 1447500 |
| Svenska Handelsbanken AB Class A | 91847 | &nbsp;&nbsp; 1210885 |
| UniCredit SpA | 14098 | &nbsp;&nbsp; 1011444 |
|  |  | &nbsp;&nbsp; **14414155** |
| **Capital markets: 0.76%** |  |  |
| 3i Group PLC | 29948 | &nbsp;&nbsp; 976035 |
| Plus500 Ltd. | 27535 | &nbsp;&nbsp; 1491292 |
| Virtu Financial, Inc. Class A | 32721 | &nbsp;&nbsp; 1439070 |
|  |  | &nbsp;&nbsp; **3906397** |
| **Insurance: 1.83%** |  |  |
| Aegon Ltd. | 176269 | &nbsp;&nbsp; 1289095 |
| BB Seguridade Participacoes SA | 272511 | &nbsp;&nbsp; 1831348 |
| Ping An Insurance Group Co. of China Ltd. Class H | 177000 | &nbsp;&nbsp; 1360990 |
| Power Corp. of Canada | 43003 | &nbsp;&nbsp; 2070240 |
| Sompo Holdings, Inc. | 72700 | &nbsp;&nbsp; 2830083 |
|  |  | &nbsp;&nbsp; **9381756** |
| **Health care: 2.23%** |  |  |
| **Biotechnology: 0.73%** |  |  |
| Gilead Sciences, Inc. | 15356 | &nbsp;&nbsp; 2140166 |
| Regeneron Pharmaceuticals, Inc. | 2046 | &nbsp;&nbsp; 1580821 |
|  |  | &nbsp;&nbsp; **3720987** |
| **Health care providers & services: 0.06%** |  |  |
| Modivcare Topco LLC† | 59005 | &nbsp;&nbsp; **324528** |
| **Pharmaceuticals: 1.44%** |  |  |
| Bristol-Myers Squibb Co. | 31882 | &nbsp;&nbsp; 1933643 |
| Eli Lilly & Co. | 1996 | &nbsp;&nbsp; 1835861 |

---

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

Allspring Diversified Income Builder Fund \| 3

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Pharmaceuticals**(continued) |  |  |
| Merck & Co., Inc. | 16536 | &nbsp;&nbsp; $1989115 |
| Pfizer, Inc. | 57758 | &nbsp;&nbsp; 1621845 |
|  |  | &nbsp;&nbsp; **7380464** |
| **Industrials: 1.99%** |  |  |
| **Aerospace & defense: 0.29%** |  |  |
| Carpenter Technology Corp. | 3764 | &nbsp;&nbsp; **1483580** |
| **Construction & engineering: 0.68%** |  |  |
| Bouygues SA | 38804 | &nbsp;&nbsp; 2248952 |
| Valmont Industries, Inc. | 3150 | &nbsp;&nbsp; 1258646 |
|  |  | &nbsp;&nbsp; **3507598** |
| **Electrical equipment: 0.26%** |  |  |
| nVent Electric PLC | 11236 | &nbsp;&nbsp; **1328994** |
| **Industrial conglomerates: 0.23%** |  |  |
| Siemens AG | 4780 | &nbsp;&nbsp; **1164571** |
| **Professional services: 0.26%** |  |  |
| Recruit Holdings Co. Ltd. | 30200 | &nbsp;&nbsp; **1315812** |
| **Trading companies & distributors: 0.27%** |  |  |
| Ferguson Enterprises, Inc. | 6003 | &nbsp;&nbsp; **1400260** |
| **Information technology: 7.17%** |  |  |
| **Communications equipment: 0.31%** |  |  |
| Arista Networks, Inc.† | 12832 | &nbsp;&nbsp; **1575513** |
| **Electronic equipment, instruments & components: 0.51%** |  |  |
| Amphenol Corp. Class A | 8351 | &nbsp;&nbsp; 1055149 |
| TD SYNNEX Corp. | 9171 | &nbsp;&nbsp; 1547239 |
|  |  | &nbsp;&nbsp; **2602388** |
| **IT services: 0.51%** |  |  |
| International Business Machines Corp. | 6925 | &nbsp;&nbsp; 1678551 |
| Okta, Inc.† | 11903 | &nbsp;&nbsp; 936885 |
|  |  | &nbsp;&nbsp; **2615436** |
| **Semiconductors & semiconductor equipment: 2.70%** |  |  |
| Broadcom, Inc. | 8842 | &nbsp;&nbsp; 2736687 |
| KLA Corp. | 997 | &nbsp;&nbsp; 1467993 |
| NVIDIA Corp. | 35087 | &nbsp;&nbsp; 6119173 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 10455 | &nbsp;&nbsp; 3533267 |
|  |  | &nbsp;&nbsp; **13857120** |
| **Software: 1.41%** |  |  |
| Atlassian Corp. Class A† | 16921 | &nbsp;&nbsp; 1154858 |
| Microsoft Corp. | 9960 | &nbsp;&nbsp; 3686893 |

---

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

4 \| Allspring Diversified Income Builder Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Software**(continued) |  |  |
| Pegasystems, Inc. | 28415 | &nbsp;&nbsp; $1209343 |
| SAP SE | 7099 | &nbsp;&nbsp; 1210256 |
|  |  | &nbsp;&nbsp; **7261350** |
| **Technology hardware, storage & peripherals: 1.73%** |  |  |
| Apple, Inc. | 18048 | &nbsp;&nbsp; 4580402 |
| Samsung Electronics Co. Ltd. | 23380 | &nbsp;&nbsp; 2734555 |
| Seagate Technology Holdings PLC | 3979 | &nbsp;&nbsp; 1558813 |
|  |  | &nbsp;&nbsp; **8873770** |
| **Materials: 0.54%** |  |  |
| **Metals & mining: 0.54%** |  |  |
| Fortescue Ltd. | 101909 | &nbsp;&nbsp; 1456239 |
| Rio Tinto PLC | 14196 | &nbsp;&nbsp; 1317015 |
|  |  | &nbsp;&nbsp; **2773254** |
| **Real estate: 1.05%** |  |  |
| **Health care REITs: 0.33%** |  |  |
| Omega Healthcare Investors, Inc. | 38928 | &nbsp;&nbsp; **1705825** |
| **Retail REITs: 0.41%** |  |  |
| Brixmor Property Group, Inc. | 72831 | &nbsp;&nbsp; **2097533** |
| **Specialized REITs: 0.31%** |  |  |
| VICI Properties, Inc. Class A | 58193 | &nbsp;&nbsp; **1589832** |
| **Utilities: 0.99%** |  |  |
| **Electric utilities: 0.69%** |  |  |
| Axia Energia | 141482 | &nbsp;&nbsp; 1599503 |
| Enel SpA | 176499 | &nbsp;&nbsp; 1929633 |
|  |  | &nbsp;&nbsp; **3529136** |
| **Multi-utilities: 0.30%** |  |  |
| Engie SA | 47641 | &nbsp;&nbsp; **1535348** |
| **Total common stocks (Cost $97,980,347)** |  | &nbsp;&nbsp; **132386098** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal |  |
| **Corporate bonds and notes: 29.46%** |  |  |  |  |
| **Basic materials: 0.89%** |  |  |  |  |
| **Chemicals: 0.65%** |  |  |  |  |
| Celanese U.S. Holdings LLC | 6.50<br> %<br>| &nbsp;&nbsp; 4-15-2030 | $925000 | &nbsp;&nbsp; 943956 |
| Celanese U.S. Holdings LLC | 7.38 | &nbsp;&nbsp; 7-15-2032 | 325000 | &nbsp;&nbsp; 339220 |
| Chemours Co.144A | 7.88 | &nbsp;&nbsp; 3-15-2034 | 360000 | &nbsp;&nbsp; 359895 |
| Chemours Co.144A | 8.00 | &nbsp;&nbsp; 1-15-2033 | 865000 | &nbsp;&nbsp; 869724 |
| SCIH Salt Holdings, Inc.144A | 6.63 | &nbsp;&nbsp; 5-1-2029 | 855000 | &nbsp;&nbsp; 850725 |
|  |  |  |  | &nbsp;&nbsp; **3363520** |

---

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

Allspring Diversified Income Builder Fund \| 5

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Iron/steel: 0.24%** |  |  |  |  |
| Cleveland-Cliffs, Inc.144A | 7.00<br> %<br>| &nbsp;&nbsp; 3-15-2032 | $1265000 | &nbsp;&nbsp; **$1223954** |
| **Communications: 4.10%** |  |  |  |  |
| **Advertising: 0.40%** |  |  |  |  |
| Clear Channel Outdoor Holdings, Inc.144A | 7.13 | &nbsp;&nbsp; 2-15-2031 | 980000 | &nbsp;&nbsp; 1026741 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.144A | 4.63 | &nbsp;&nbsp; 3-15-2030 | 225000 | &nbsp;&nbsp; 217086 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.144A | 7.38 | &nbsp;&nbsp; 2-15-2031 | 800000 | &nbsp;&nbsp; 834171 |
|  |  |  |  | &nbsp;&nbsp; **2077998** |
| **Internet: 0.53%** |  |  |  |  |
| Arches Buyer, Inc.144A | 4.25 | &nbsp;&nbsp; 6-1-2028 | 250000 | &nbsp;&nbsp; 240697 |
| Arches Buyer, Inc.144A | 6.13 | &nbsp;&nbsp; 12-1-2028 | 885000 | &nbsp;&nbsp; 847571 |
| Match Group Holdings II LLC144A | 5.63 | &nbsp;&nbsp; 2-15-2029 | 360000 | &nbsp;&nbsp; 355480 |
| Match Group Holdings II LLC144A | 6.13 | &nbsp;&nbsp; 9-15-2033 | 440000 | &nbsp;&nbsp; 427598 |
| Wayfair LLC144A | 6.75 | &nbsp;&nbsp; 11-15-2032 | 845000 | &nbsp;&nbsp; 851415 |
|  |  |  |  | &nbsp;&nbsp; **2722761** |
| **Media: 1.90%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.25 | &nbsp;&nbsp; 1-15-2034 | 1215000 | &nbsp;&nbsp; 1039425 |
| CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.50 | &nbsp;&nbsp; 8-15-2030 | 2235000 | &nbsp;&nbsp; 2088559 |
| CCO Holdings LLC/CCO Holdings Capital Corp. | 4.50 | &nbsp;&nbsp; 5-1-2032 | 740000 | &nbsp;&nbsp; 661020 |
| CCO Holdings LLC/CCO Holdings Capital Corp.144A | 5.38 | &nbsp;&nbsp; 6-1-2029 | 400000 | &nbsp;&nbsp; 394501 |
| CSC Holdings LLC144A | 3.38 | &nbsp;&nbsp; 2-15-2031 | 750000 | &nbsp;&nbsp; 440586 |
| CSC Holdings LLC144A | 5.50 | &nbsp;&nbsp; 4-15-2027 | 1000000 | &nbsp;&nbsp; 867394 |
| CSC Holdings LLC144A | 5.75 | &nbsp;&nbsp; 1-15-2030 | 335000 | &nbsp;&nbsp; 127160 |
| CSC Holdings LLC144A | 11.25 | &nbsp;&nbsp; 5-15-2028 | 595000 | &nbsp;&nbsp; 486201 |
| &nbsp;&nbsp; DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, <br> Inc.144A<br>| 5.88 | &nbsp;&nbsp; 8-15-2027 | 135000 | &nbsp;&nbsp; 134858 |
| DISH DBS Corp.144A | 5.75 | &nbsp;&nbsp; 12-1-2028 | 210000 | &nbsp;&nbsp; 203110 |
| DISH Network Corp.144A | 11.75 | &nbsp;&nbsp; 11-15-2027 | 1220000 | &nbsp;&nbsp; 1256899 |
| Gray Media, Inc.144A | 9.63 | &nbsp;&nbsp; 7-15-2032 | 625000 | &nbsp;&nbsp; 624960 |
| Paramount Global (U.S. SOFR 3 Month+3.90%)± | 6.25 | &nbsp;&nbsp; 2-28-2057 | 575000 | &nbsp;&nbsp; 385250 |
| Sirius XM Radio LLC144A | 4.13 | &nbsp;&nbsp; 7-1-2030 | 1095000 | &nbsp;&nbsp; 1025278 |
|  |  |  |  | &nbsp;&nbsp; **9735201** |
| **Telecommunications: 1.27%** |  |  |  |  |
| EchoStar Corp. (PIK at 6.75%)¥ | 6.75 | &nbsp;&nbsp; 11-30-2030 | 2251256 | &nbsp;&nbsp; 2273224 |
| Level 3 Financing, Inc.144A | 3.63 | &nbsp;&nbsp; 1-15-2029 | 525000 | &nbsp;&nbsp; 492188 |
| Level 3 Financing, Inc.144A | 6.88 | &nbsp;&nbsp; 6-30-2033 | 515000 | &nbsp;&nbsp; 524435 |
| Level 3 Financing, Inc.144A | 8.50 | &nbsp;&nbsp; 1-15-2036 | 780000 | &nbsp;&nbsp; 813861 |
| SV RNO Property Owner 1 LLC144A | 5.88 | &nbsp;&nbsp; 3-1-2031 | 495000 | &nbsp;&nbsp; 489304 |
| &nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC144A<br>| 8.63 | &nbsp;&nbsp; 6-15-2032 | 225000 | &nbsp;&nbsp; 229159 |
| &nbsp;&nbsp; Windstream Services LLC/Windstream Escrow Finance <br> Corp.144A<br>| 8.25 | &nbsp;&nbsp; 10-1-2031 | 785000 | &nbsp;&nbsp; 820448 |
| WULF Compute LLC144A | 7.75 | &nbsp;&nbsp; 10-15-2030 | 815000 | &nbsp;&nbsp; 861194 |
|  |  |  |  | &nbsp;&nbsp; **6503813** |

---

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

6 \| Allspring Diversified Income Builder Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Consumer, cyclical: 5.25%** |  |  |  |  |
| **Airlines: 0.00%** |  |  |  |  |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.144A | 5.50<br> %<br>| &nbsp;&nbsp; 4-20-2026 | $27084 | &nbsp;&nbsp; **$27094** |
| **Apparel: 0.26%** |  |  |  |  |
| Beach Acquisition Bidco LLC (PIK at 10.75%)144A¥ | 10.00 | &nbsp;&nbsp; 7-15-2033 | 1274862 | &nbsp;&nbsp; **1357750** |
| **Auto manufacturers: 0.03%** |  |  |  |  |
| Nissan Motor Acceptance Co. LLC144A | 7.05 | &nbsp;&nbsp; 9-15-2028 | 140000 | &nbsp;&nbsp; **142182** |
| **Auto parts & equipment: 0.45%** |  |  |  |  |
| Adient Global Holdings Ltd.144A | 7.50 | &nbsp;&nbsp; 2-15-2033 | 820000 | &nbsp;&nbsp; 829024 |
| Adient Global Holdings Ltd.144A | 8.25 | &nbsp;&nbsp; 4-15-2031 | 115000 | &nbsp;&nbsp; 119289 |
| American Axle & Manufacturing, Inc. | 5.00 | &nbsp;&nbsp; 10-1-2029 | 415000 | &nbsp;&nbsp; 395887 |
| American Axle & Manufacturing, Inc.144A | 7.75 | &nbsp;&nbsp; 10-15-2033 | 290000 | &nbsp;&nbsp; 282315 |
| ZF North America Capital, Inc.144A | 6.88 | &nbsp;&nbsp; 4-23-2032 | 390000 | &nbsp;&nbsp; 370540 |
| ZF North America Capital, Inc.144A | 7.50 | &nbsp;&nbsp; 3-24-2031 | 310000 | &nbsp;&nbsp; 304518 |
|  |  |  |  | &nbsp;&nbsp; **2301573** |
| **Distribution/wholesale: 0.03%** |  |  |  |  |
| RB Global Holdings, Inc.144A | 7.75 | &nbsp;&nbsp; 3-15-2031 | 140000 | &nbsp;&nbsp; **145012** |
| **Entertainment: 0.94%** |  |  |  |  |
| Churchill Downs, Inc.144A | 6.75 | &nbsp;&nbsp; 5-1-2031 | 525000 | &nbsp;&nbsp; 534871 |
| Cinemark USA, Inc.144A | 7.00 | &nbsp;&nbsp; 8-1-2032 | 1740000 | &nbsp;&nbsp; 1787827 |
| Discovery Global Holdings, Inc. | 4.05 | &nbsp;&nbsp; 3-15-2029 | 505000 | &nbsp;&nbsp; 488588 |
| Discovery Global Holdings, Inc. | 4.28 | &nbsp;&nbsp; 3-15-2032 | 310000 | &nbsp;&nbsp; 274350 |
| Discovery Global Holdings, Inc. | 5.05 | &nbsp;&nbsp; 3-15-2042 | 400000 | &nbsp;&nbsp; 263522 |
| Six Flags Entertainment Corp.144A | 7.25 | &nbsp;&nbsp; 5-15-2031 | 160000 | &nbsp;&nbsp; 154050 |
| &nbsp;&nbsp; Six Flags Entertainment Corp./Canada's Wonderland <br> Co./Millennium Operations LLC144A<br>| 8.63 | &nbsp;&nbsp; 1-15-2032 | 460000 | &nbsp;&nbsp; 460742 |
| &nbsp;&nbsp; Six Flags Entertainment Corp./Six Flags Theme Parks, <br> Inc./Canada's Wonderland Co.144A<br>| 6.63 | &nbsp;&nbsp; 5-1-2032 | 885000 | &nbsp;&nbsp; 882874 |
|  |  |  |  | &nbsp;&nbsp; **4846824** |
| **Home builders: 0.60%** |  |  |  |  |
| Ashton Woods USA LLC/Ashton Woods Finance Co.144A | 6.88 | &nbsp;&nbsp; 8-1-2033 | 930000 | &nbsp;&nbsp; 897204 |
| Century Communities, Inc.144A | 6.63 | &nbsp;&nbsp; 9-15-2033 | 400000 | &nbsp;&nbsp; 391858 |
| K Hovnanian Enterprises, Inc.144A | 8.38 | &nbsp;&nbsp; 10-1-2033 | 740000 | &nbsp;&nbsp; 731781 |
| LGI Homes, Inc.144A | 8.75 | &nbsp;&nbsp; 12-15-2028 | 750000 | &nbsp;&nbsp; 767349 |
| Tri Pointe Homes, Inc. | 5.70 | &nbsp;&nbsp; 6-15-2028 | 270000 | &nbsp;&nbsp; 272272 |
|  |  |  |  | &nbsp;&nbsp; **3060464** |
| **Home furnishings: 0.09%** |  |  |  |  |
| Whirlpool Corp. | 6.13 | &nbsp;&nbsp; 6-15-2030 | 470000 | &nbsp;&nbsp; **458897** |
| **Housewares: 0.30%** |  |  |  |  |
| Central Garden & Pet Co. | 4.13 | &nbsp;&nbsp; 10-15-2030 | 325000 | &nbsp;&nbsp; 305766 |

---

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

Allspring Diversified Income Builder Fund \| 7

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housewares**(continued) |  |  |  |  |
| Newell Brands, Inc. | 6.38<br> %<br>| &nbsp;&nbsp; 5-15-2030 | $460000 | &nbsp;&nbsp; $441561 |
| Newell Brands, Inc.144A | 8.50 | &nbsp;&nbsp; 6-1-2028 | 755000 | &nbsp;&nbsp; 779311 |
|  |  |  |  | &nbsp;&nbsp; **1526638** |
| **Leisure time: 0.46%** |  |  |  |  |
| NCL Corp. Ltd.144A | 6.25 | &nbsp;&nbsp; 9-15-2033 | 1175000 | &nbsp;&nbsp; 1140148 |
| NCL Corp. Ltd.144A | 6.75 | &nbsp;&nbsp; 2-1-2032 | 280000 | &nbsp;&nbsp; 277875 |
| NCL Corp. Ltd.144A | 7.75 | &nbsp;&nbsp; 2-15-2029 | 330000 | &nbsp;&nbsp; 343571 |
| Viking Cruises Ltd.144A | 5.88 | &nbsp;&nbsp; 10-15-2033 | 190000 | &nbsp;&nbsp; 187589 |
| Viking Cruises Ltd.144A | 7.00 | &nbsp;&nbsp; 2-15-2029 | 400000 | &nbsp;&nbsp; 400736 |
|  |  |  |  | &nbsp;&nbsp; **2349919** |
| **Lodging: 0.20%** |  |  |  |  |
| Genting New York LLC/GENNY Capital, Inc.144A | 7.25 | &nbsp;&nbsp; 10-1-2029 | 525000 | &nbsp;&nbsp; 527113 |
| Hilton Domestic Operating Co., Inc.144A | 6.13 | &nbsp;&nbsp; 4-1-2032 | 480000 | &nbsp;&nbsp; 487201 |
|  |  |  |  | &nbsp;&nbsp; **1014314** |
| **Retail: 1.89%** |  |  |  |  |
| Advance Auto Parts, Inc.144A | 7.38 | &nbsp;&nbsp; 8-1-2033 | 960000 | &nbsp;&nbsp; 972288 |
| Carvana Co.144A | 9.00 | &nbsp;&nbsp; 6-1-2030 | 1430000 | &nbsp;&nbsp; 1487562 |
| Carvana Co.144A | 9.00 | &nbsp;&nbsp; 6-1-2031 | 405000 | &nbsp;&nbsp; 437928 |
| FirstCash, Inc.144A | 4.63 | &nbsp;&nbsp; 9-1-2028 | 405000 | &nbsp;&nbsp; 397877 |
| FirstCash, Inc.144A | 6.88 | &nbsp;&nbsp; 3-1-2032 | 785000 | &nbsp;&nbsp; 800086 |
| Lithia Motors, Inc.144A | 4.38 | &nbsp;&nbsp; 1-15-2031 | 505000 | &nbsp;&nbsp; 474610 |
| Macy's Retail Holdings LLC144A | 6.13 | &nbsp;&nbsp; 3-15-2032 | 460000 | &nbsp;&nbsp; 451876 |
| Michaels Cos., Inc.144A | 8.50 | &nbsp;&nbsp; 3-15-2033 | 420000 | &nbsp;&nbsp; 408868 |
| Michaels Cos., Inc.144A | 11.00 | &nbsp;&nbsp; 3-15-2034 | 925000 | &nbsp;&nbsp; 861362 |
| Petco Health & Wellness Co., Inc.144A | 8.25 | &nbsp;&nbsp; 2-1-2031 | 120000 | &nbsp;&nbsp; 119836 |
| PetSmart LLC/PetSmart Finance Corp.144A | 7.50 | &nbsp;&nbsp; 9-15-2032 | 880000 | &nbsp;&nbsp; 884286 |
| PetSmart LLC/PetSmart Finance Corp.144A | 10.00 | &nbsp;&nbsp; 9-15-2033 | 595000 | &nbsp;&nbsp; 593633 |
| QXO Building Products, Inc.144A | 6.75 | &nbsp;&nbsp; 4-30-2032 | 700000 | &nbsp;&nbsp; 713994 |
| Sally Holdings LLC/Sally Capital, Inc. | 6.75 | &nbsp;&nbsp; 4-1-2032 | 370000 | &nbsp;&nbsp; 378755 |
| Sonic Automotive, Inc.144A | 4.63 | &nbsp;&nbsp; 11-15-2029 | 260000 | &nbsp;&nbsp; 252051 |
| Sonic Automotive, Inc.144A | 4.88 | &nbsp;&nbsp; 11-15-2031 | 495000 | &nbsp;&nbsp; 469176 |
|  |  |  |  | &nbsp;&nbsp; **9704188** |
| **Consumer, non-cyclical: 4.84%** |  |  |  |  |
| **Commercial services: 2.06%** |  |  |  |  |
| ADT Security Corp.144A | 5.88 | &nbsp;&nbsp; 10-15-2033 | 275000 | &nbsp;&nbsp; 266340 |
| Allied Universal Holdco LLC144A | 7.88 | &nbsp;&nbsp; 2-15-2031 | 520000 | &nbsp;&nbsp; 536232 |
| Block, Inc. | 6.50 | &nbsp;&nbsp; 5-15-2032 | 920000 | &nbsp;&nbsp; 928401 |
| CoreCivic, Inc. | 8.25 | &nbsp;&nbsp; 4-15-2029 | 930000 | &nbsp;&nbsp; 970858 |
| GEO Group, Inc. | 8.63 | &nbsp;&nbsp; 4-15-2029 | 725000 | &nbsp;&nbsp; 752936 |
| GEO Group, Inc. | 10.25 | &nbsp;&nbsp; 4-15-2031 | 725000 | &nbsp;&nbsp; 773418 |
| Grand Canyon University | 5.13 | &nbsp;&nbsp; 10-1-2028 | 1000000 | &nbsp;&nbsp; 985890 |
| Herc Holdings, Inc.144A | 7.00 | &nbsp;&nbsp; 6-15-2030 | 920000 | &nbsp;&nbsp; 943339 |
| Herc Holdings, Inc.144A | 7.25 | &nbsp;&nbsp; 6-15-2033 | 865000 | &nbsp;&nbsp; 886402 |
| Service Corp. International | 5.75 | &nbsp;&nbsp; 10-15-2032 | 660000 | &nbsp;&nbsp; 658730 |

---

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

8 \| Allspring Diversified Income Builder Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Commercial services**(continued) |  |  |  |  |
| Sotheby's/BidFair Holdings, Inc.144A | 5.88<br> %<br>| &nbsp;&nbsp; 6-1-2029 | $1280000 | &nbsp;&nbsp; $1201738 |
| Stetson University, Inc. Series 2019 | 4.09 | &nbsp;&nbsp; 12-1-2059 | 1500000 | &nbsp;&nbsp; 951876 |
| Veritiv Operating Co.144A | 10.50 | &nbsp;&nbsp; 11-30-2030 | 670000 | &nbsp;&nbsp; 696296 |
|  |  |  |  | &nbsp;&nbsp; **10552456** |
| **Food: 0.24%** |  |  |  |  |
| Industrial F&B Investments III, Inc.144A | 7.75 | &nbsp;&nbsp; 2-11-2033 | 485000 | &nbsp;&nbsp; 490021 |
| Lamb Weston Holdings, Inc.144A | 4.38 | &nbsp;&nbsp; 1-31-2032 | 500000 | &nbsp;&nbsp; 464476 |
| Performance Food Group, Inc.144A | 6.13 | &nbsp;&nbsp; 9-15-2032 | 260000 | &nbsp;&nbsp; 260481 |
|  |  |  |  | &nbsp;&nbsp; **1214978** |
| **Healthcare-services: 2.17%** |  |  |  |  |
| CHS/Community Health Systems, Inc.144A | 5.25 | &nbsp;&nbsp; 5-15-2030 | 355000 | &nbsp;&nbsp; 334581 |
| CHS/Community Health Systems, Inc.144A | 6.00 | &nbsp;&nbsp; 1-15-2029 | 475000 | &nbsp;&nbsp; 469656 |
| CHS/Community Health Systems, Inc.144A | 6.88 | &nbsp;&nbsp; 4-15-2029 | 440000 | &nbsp;&nbsp; 423121 |
| CHS/Community Health Systems, Inc.144A | 10.88 | &nbsp;&nbsp; 1-15-2032 | 380000 | &nbsp;&nbsp; 407687 |
| Concentra Health Services, Inc.144A | 6.88 | &nbsp;&nbsp; 7-15-2032 | 760000 | &nbsp;&nbsp; 785737 |
| DaVita, Inc.144A | 6.88 | &nbsp;&nbsp; 9-1-2032 | 1820000 | &nbsp;&nbsp; 1864457 |
| Eastern Maine Healthcare Systems | 5.02 | &nbsp;&nbsp; 7-1-2036 | 1000000 | &nbsp;&nbsp; 744964 |
| IQVIA, Inc.144A | 6.25 | &nbsp;&nbsp; 6-1-2032 | 225000 | &nbsp;&nbsp; 228485 |
| Molina Healthcare, Inc.144A | 6.25 | &nbsp;&nbsp; 1-15-2033 | 365000 | &nbsp;&nbsp; 353901 |
| MPH Acquisition Holdings LLC144A | 5.75 | &nbsp;&nbsp; 12-31-2030 | 235163 | &nbsp;&nbsp; 179903 |
| MPH Acquisition Holdings LLC (PIK at 0.75%)144A¥ | 6.75 | &nbsp;&nbsp; 3-31-2031 | 399975 | &nbsp;&nbsp; 267983 |
| MPH Acquisition Holdings LLC (PIK at 5.00%)144A¥ | 11.50 | &nbsp;&nbsp; 12-31-2030 | 302248 | &nbsp;&nbsp; 272080 |
| Pediatrix Medical Group, Inc.144A | 5.38 | &nbsp;&nbsp; 2-15-2030 | 390000 | &nbsp;&nbsp; 383875 |
| Radiology Partners, Inc.144A | 8.50 | &nbsp;&nbsp; 7-15-2032 | 730000 | &nbsp;&nbsp; 740125 |
| Star Parent, Inc.144A | 9.00 | &nbsp;&nbsp; 10-1-2030 | 1150000 | &nbsp;&nbsp; 1191401 |
| Surgery Center Holdings, Inc.144A | 7.25 | &nbsp;&nbsp; 4-15-2032 | 430000 | &nbsp;&nbsp; 422334 |
| Tenet Healthcare Corp. | 6.75 | &nbsp;&nbsp; 5-15-2031 | 1125000 | &nbsp;&nbsp; 1149900 |
| Toledo Hospital | 6.02 | &nbsp;&nbsp; 11-15-2048 | 1000000 | &nbsp;&nbsp; 946562 |
|  |  |  |  | &nbsp;&nbsp; **11166752** |
| **Pharmaceuticals: 0.37%** |  |  |  |  |
| AdaptHealth LLC144A | 5.13 | &nbsp;&nbsp; 3-1-2030 | 795000 | &nbsp;&nbsp; 761707 |
| Endo Finance Holdings LP144A | 8.50 | &nbsp;&nbsp; 4-15-2031 | 1105000 | &nbsp;&nbsp; 1157017 |
|  |  |  |  | &nbsp;&nbsp; **1918724** |
| **Energy: 3.08%** |  |  |  |  |
| **Energy-alternate sources: 0.14%** |  |  |  |  |
| Enviva Partners LP/Enviva Partners Finance Corp.144A♦† | 6.50 | &nbsp;&nbsp; 1-15-2026 | 2460000 | &nbsp;&nbsp; 0 |
| TerraForm Power Operating LLC144A | 5.00 | &nbsp;&nbsp; 1-31-2028 | 710000 | &nbsp;&nbsp; 702172 |
|  |  |  |  | &nbsp;&nbsp; **702172** |
| **Oil & gas: 0.72%** |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.144A | 7.50 | &nbsp;&nbsp; 10-1-2029 | 375000 | &nbsp;&nbsp; 391112 |
| California Resources Corp.144A | 7.00 | &nbsp;&nbsp; 1-15-2034 | 475000 | &nbsp;&nbsp; 478877 |
| California Resources Corp.144A | 8.25 | &nbsp;&nbsp; 6-15-2029 | 449000 | &nbsp;&nbsp; 469756 |
| Caturus Energy LLC144A | 8.50 | &nbsp;&nbsp; 2-15-2030 | 145000 | &nbsp;&nbsp; 150454 |

---

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

Allspring Diversified Income Builder Fund \| 9

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Oil & gas**(continued) |  |  |  |  |
| Hilcorp Energy I LP/Hilcorp Finance Co.144A | 6.00<br> %<br>| &nbsp;&nbsp; 2-1-2031 | $1255000 | &nbsp;&nbsp; $1219774 |
| Nabors Industries, Inc.144A | 9.13 | &nbsp;&nbsp; 1-31-2030 | 470000 | &nbsp;&nbsp; 493496 |
| SM Energy Co.144A | 9.63 | &nbsp;&nbsp; 6-15-2033 | 450000 | &nbsp;&nbsp; 497125 |
|  |  |  |  | &nbsp;&nbsp; **3700594** |
| **Oil & gas services: 0.48%** |  |  |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp.144A | 6.63 | &nbsp;&nbsp; 9-1-2032 | 740000 | &nbsp;&nbsp; 754545 |
| Bristow Group, Inc.144A | 6.75 | &nbsp;&nbsp; 2-1-2033 | 880000 | &nbsp;&nbsp; 889453 |
| SESI LLC144A | 7.88 | &nbsp;&nbsp; 9-30-2030 | 710000 | &nbsp;&nbsp; 723996 |
| &nbsp;&nbsp; USA Compression Partners LP/USA Compression Finance <br> Corp.144A<br>| 6.25 | &nbsp;&nbsp; 10-1-2033 | 115000 | &nbsp;&nbsp; 114638 |
|  |  |  |  | &nbsp;&nbsp; **2482632** |
| **Pipelines: 1.74%** |  |  |  |  |
| &nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance <br> Corp.144A<br>| 5.75 | &nbsp;&nbsp; 10-15-2033 | 330000 | &nbsp;&nbsp; 326339 |
| Buckeye Partners LP144A | 6.88 | &nbsp;&nbsp; 7-1-2029 | 260000 | &nbsp;&nbsp; 267600 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC144A | 5.50 | &nbsp;&nbsp; 6-15-2031 | 150000 | &nbsp;&nbsp; 146286 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC144A | 7.50 | &nbsp;&nbsp; 12-15-2033 | 1255000 | &nbsp;&nbsp; 1317076 |
| Excelerate Energy LP144A | 8.00 | &nbsp;&nbsp; 5-15-2030 | 780000 | &nbsp;&nbsp; 816353 |
| Harvest Midstream I LP144A | 7.50 | &nbsp;&nbsp; 9-1-2028 | 960000 | &nbsp;&nbsp; 969313 |
| Hess Midstream Operations LP144A | 5.50 | &nbsp;&nbsp; 10-15-2030 | 225000 | &nbsp;&nbsp; 223222 |
| Hess Midstream Operations LP144A | 6.50 | &nbsp;&nbsp; 6-1-2029 | 145000 | &nbsp;&nbsp; 148121 |
| Prairie Acquiror LP144A | 9.00 | &nbsp;&nbsp; 8-1-2029 | 500000 | &nbsp;&nbsp; 516493 |
| Rockies Express Pipeline LLC144A | 6.75 | &nbsp;&nbsp; 3-15-2033 | 240000 | &nbsp;&nbsp; 247053 |
| &nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance <br> Corp.144A<br>| 6.00 | &nbsp;&nbsp; 12-31-2030 | 1050000 | &nbsp;&nbsp; 1044652 |
| Venture Global LNG, Inc.144A | 8.38 | &nbsp;&nbsp; 6-1-2031 | 445000 | &nbsp;&nbsp; 462789 |
| Venture Global LNG, Inc.144A | 9.88 | &nbsp;&nbsp; 2-1-2032 | 525000 | &nbsp;&nbsp; 563844 |
| &nbsp;&nbsp; Venture Global LNG, Inc. (5 Year Treasury Constant <br> Maturity+5.44%)144Aʊ±<br>| 9.00 | &nbsp;&nbsp; 9-30-2029 | 900000 | &nbsp;&nbsp; 896441 |
| Venture Global Plaquemines LNG LLC144A | 7.50 | &nbsp;&nbsp; 5-1-2033 | 870000 | &nbsp;&nbsp; 956307 |
|  |  |  |  | &nbsp;&nbsp; **8901889** |
| **Financial: 5.79%** |  |  |  |  |
| **Banks: 0.84%** |  |  |  |  |
| &nbsp;&nbsp; Citigroup, Inc. Series HH (5 Year Treasury Constant <br> Maturity+3.00%)ʊ±<br>| 6.63 | &nbsp;&nbsp; 2-15-2031 | 2135000 | &nbsp;&nbsp; 2136602 |
| &nbsp;&nbsp; PNC Financial Services Group, Inc. Series U (5 Year Treasury <br> Constant Maturity+3.00%)ʊ±<br>| 6.00 | &nbsp;&nbsp; 5-15-2027 | 1070000 | &nbsp;&nbsp; 1069434 |
| &nbsp;&nbsp; Wells Fargo & Co. (5 Year Treasury Constant <br> Maturity+2.77%)ʊ±<br>| 6.85 | &nbsp;&nbsp; 9-15-2029 | 1035000 | &nbsp;&nbsp; 1072886 |
|  |  |  |  | &nbsp;&nbsp; **4278922** |
| **Diversified financial services: 1.91%** |  |  |  |  |
| Azorra Finance Ltd.144A | 7.25 | &nbsp;&nbsp; 1-15-2031 | 720000 | &nbsp;&nbsp; 726977 |
| Encore Capital Group, Inc.144A | 9.25 | &nbsp;&nbsp; 4-1-2029 | 575000 | &nbsp;&nbsp; 601594 |
| EZCORP, Inc.144A | 7.38 | &nbsp;&nbsp; 4-1-2032 | 390000 | &nbsp;&nbsp; 407399 |

---

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

10 \| Allspring Diversified Income Builder Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Diversified financial services**(continued) |  |  |  |  |
| Jane Street Group/JSG Finance, Inc.144A | 6.13<br> %<br>| &nbsp;&nbsp; 11-1-2032 | $275000 | &nbsp;&nbsp; $271944 |
| Jane Street Group/JSG Finance, Inc.144A | 6.75 | &nbsp;&nbsp; 5-1-2033 | 430000 | &nbsp;&nbsp; 436264 |
| Jane Street Group/JSG Finance, Inc.144A | 7.13 | &nbsp;&nbsp; 4-30-2031 | 860000 | &nbsp;&nbsp; 884042 |
| Jefferson Capital Holdings LLC144A | 8.25 | &nbsp;&nbsp; 5-15-2030 | 230000 | &nbsp;&nbsp; 239367 |
| Jefferson Capital Holdings LLC144A | 9.50 | &nbsp;&nbsp; 2-15-2029 | 425000 | &nbsp;&nbsp; 445914 |
| OneMain Finance Corp. | 7.13 | &nbsp;&nbsp; 9-15-2032 | 1105000 | &nbsp;&nbsp; 1088266 |
| OneMain Finance Corp. | 7.88 | &nbsp;&nbsp; 3-15-2030 | 930000 | &nbsp;&nbsp; 959739 |
| PRA Group, Inc.144A | 5.00 | &nbsp;&nbsp; 10-1-2029 | 535000 | &nbsp;&nbsp; 493887 |
| Provident Funding Associates LP/PFG Finance Corp.144A | 9.75 | &nbsp;&nbsp; 9-15-2029 | 710000 | &nbsp;&nbsp; 728884 |
| Rocket Cos., Inc.144A | 6.13 | &nbsp;&nbsp; 8-1-2030 | 270000 | &nbsp;&nbsp; 272491 |
| Rocket Cos., Inc.144A | 6.50 | &nbsp;&nbsp; 8-1-2029 | 100000 | &nbsp;&nbsp; 101126 |
| Rocket Cos., Inc.144A | 7.13 | &nbsp;&nbsp; 2-1-2032 | 800000 | &nbsp;&nbsp; 824586 |
| United Wholesale Mortgage LLC144A | 5.50 | &nbsp;&nbsp; 4-15-2029 | 1180000 | &nbsp;&nbsp; 1104464 |
| United Wholesale Mortgage LLC144A | 6.25 | &nbsp;&nbsp; 3-15-2031 | 240000 | &nbsp;&nbsp; 218565 |
|  |  |  |  | &nbsp;&nbsp; **9805509** |
| **Insurance: 1.42%** |  |  |  |  |
| &nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br> Issuer144A<br>| 7.38 | &nbsp;&nbsp; 10-1-2032 | 2045000 | &nbsp;&nbsp; 2025473 |
| AmWINS Group, Inc.144A | 6.38 | &nbsp;&nbsp; 2-15-2029 | 315000 | &nbsp;&nbsp; 316824 |
| Asurion LLC/Asurion Co-Issuer, Inc.144A | 8.00 | &nbsp;&nbsp; 12-31-2032 | 235000 | &nbsp;&nbsp; 243800 |
| Asurion LLC/Asurion Co-Issuer, Inc.144A | 8.38 | &nbsp;&nbsp; 2-1-2034 | 860000 | &nbsp;&nbsp; 834942 |
| &nbsp;&nbsp; Athene Holding Ltd. (5 Year Treasury Constant <br> Maturity+2.58%)±<br>| 6.88 | &nbsp;&nbsp; 6-28-2055 | 420000 | &nbsp;&nbsp; 392680 |
| &nbsp;&nbsp; Baldwin Insurance Group Holdings LLC/Baldwin Insurance <br> Group Holdings Finance144A<br>| 7.13 | &nbsp;&nbsp; 5-15-2031 | 525000 | &nbsp;&nbsp; 527661 |
| Broadstreet Partners Group LLC144A | 5.88 | &nbsp;&nbsp; 4-15-2029 | 1105000 | &nbsp;&nbsp; 1076891 |
| &nbsp;&nbsp; Global Atlantic Fin Co. (5 Year Treasury Constant <br> Maturity+3.55%)144A±<br>| 7.25 | &nbsp;&nbsp; 3-1-2056 | 410000 | &nbsp;&nbsp; 386451 |
| HUB International Ltd.144A | 5.63 | &nbsp;&nbsp; 12-1-2029 | 365000 | &nbsp;&nbsp; 354067 |
| HUB International Ltd.144A | 7.25 | &nbsp;&nbsp; 6-15-2030 | 125000 | &nbsp;&nbsp; 128050 |
| HUB International Ltd.144A | 7.38 | &nbsp;&nbsp; 1-31-2032 | 990000 | &nbsp;&nbsp; 1009763 |
|  |  |  |  | &nbsp;&nbsp; **7296602** |
| **Investment Companies: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc. (5 Year Treasury <br> Constant Maturity+4.30%)±<br>| 8.00 | &nbsp;&nbsp; 6-1-2056 | 395000 | &nbsp;&nbsp; **408739** |
| **REITs: 1.54%** |  |  |  |  |
| Blackstone Mortgage Trust, Inc.144A | 7.75 | &nbsp;&nbsp; 12-1-2029 | 465000 | &nbsp;&nbsp; 488575 |
| Brandywine Operating Partnership LP | 6.13 | &nbsp;&nbsp; 1-15-2031 | 280000 | &nbsp;&nbsp; 249676 |
| Brandywine Operating Partnership LP | 8.88 | &nbsp;&nbsp; 4-12-2029 | 375000 | &nbsp;&nbsp; 380700 |
| Iron Mountain, Inc.144A | 4.50 | &nbsp;&nbsp; 2-15-2031 | 440000 | &nbsp;&nbsp; 413179 |
| Iron Mountain, Inc.144A | 5.25 | &nbsp;&nbsp; 7-15-2030 | 1765000 | &nbsp;&nbsp; 1714798 |
| &nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance <br> Corp.144A<br>| 7.00 | &nbsp;&nbsp; 7-15-2031 | 725000 | &nbsp;&nbsp; 749451 |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK <br> Finance Co-Issuer144A<br>| 5.88 | &nbsp;&nbsp; 10-1-2028 | 395000 | &nbsp;&nbsp; 393101 |

---

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

Allspring Diversified Income Builder Fund \| 11

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **REITs**(continued) |  |  |  |  |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK <br> Finance Co-Issuer144A<br>| 7.00<br> %<br>| &nbsp;&nbsp; 2-1-2030 | $735000 | &nbsp;&nbsp; $743999 |
| RHP Hotel Properties LP/RHP Finance Corp.144A | 5.75 | &nbsp;&nbsp; 3-15-2034 | 795000 | &nbsp;&nbsp; 784549 |
| RHP Hotel Properties LP/RHP Finance Corp.144A | 6.50 | &nbsp;&nbsp; 6-15-2033 | 735000 | &nbsp;&nbsp; 748433 |
| Starwood Property Trust, Inc.144A | 6.50 | &nbsp;&nbsp; 7-1-2030 | 675000 | &nbsp;&nbsp; 689357 |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC144A | 6.00 | &nbsp;&nbsp; 1-15-2030 | 135000 | &nbsp;&nbsp; 126978 |
| Vornado Realty LP | 5.75 | &nbsp;&nbsp; 2-1-2033 | 440000 | &nbsp;&nbsp; 431476 |
|  |  |  |  | &nbsp;&nbsp; **7914272** |
| **Industrial: 2.21%** |  |  |  |  |
| **Aerospace/defense: 0.42%** |  |  |  |  |
| TransDigm, Inc.144A | 6.63 | &nbsp;&nbsp; 3-1-2032 | 2095000 | &nbsp;&nbsp; **2136628** |
| **Building materials: 0.37%** |  |  |  |  |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.144A | 6.63 | &nbsp;&nbsp; 12-15-2030 | 950000 | &nbsp;&nbsp; 966206 |
| Quikrete Holdings, Inc.144A | 6.38 | &nbsp;&nbsp; 3-1-2032 | 185000 | &nbsp;&nbsp; 187591 |
| Quikrete Holdings, Inc.144A | 6.75 | &nbsp;&nbsp; 3-1-2033 | 405000 | &nbsp;&nbsp; 411334 |
| Standard Building Solutions, Inc.144A | 6.25 | &nbsp;&nbsp; 8-1-2033 | 335000 | &nbsp;&nbsp; 331233 |
|  |  |  |  | &nbsp;&nbsp; **1896364** |
| **Electrical components & equipment: 0.34%** |  |  |  |  |
| Energizer Holdings, Inc.144A | 4.38 | &nbsp;&nbsp; 3-31-2029 | 815000 | &nbsp;&nbsp; 775484 |
| WESCO Distribution, Inc.144A | 6.63 | &nbsp;&nbsp; 3-15-2032 | 950000 | &nbsp;&nbsp; 972353 |
|  |  |  |  | &nbsp;&nbsp; **1747837** |
| **Electronics: 0.02%** |  |  |  |  |
| Sensata Technologies, Inc.144A | 6.63 | &nbsp;&nbsp; 7-15-2032 | 80000 | &nbsp;&nbsp; **81599** |
| **Environmental control: 0.08%** |  |  |  |  |
| Clean Harbors, Inc.144A | 6.38 | &nbsp;&nbsp; 2-1-2031 | 380000 | &nbsp;&nbsp; **385919** |
| **Machinery-diversified: 0.18%** |  |  |  |  |
| Chart Industries, Inc.144A | 7.50 | &nbsp;&nbsp; 1-1-2030 | 230000 | &nbsp;&nbsp; 238949 |
| Chart Industries, Inc.144A | 9.50 | &nbsp;&nbsp; 1-1-2031 | 455000 | &nbsp;&nbsp; 477975 |
| TK Elevator U.S. Newco, Inc.144A | 5.25 | &nbsp;&nbsp; 7-15-2027 | 200000 | &nbsp;&nbsp; 199477 |
|  |  |  |  | &nbsp;&nbsp; **916401** |
| **Miscellaneous manufacturing: 0.05%** |  |  |  |  |
| Entegris, Inc.144A | 5.95 | &nbsp;&nbsp; 6-15-2030 | 265000 | &nbsp;&nbsp; **266671** |
| **Packaging & containers: 0.18%** |  |  |  |  |
| Clydesdale Acquisition Holdings, Inc.144A | 8.75 | &nbsp;&nbsp; 4-15-2030 | 1010000 | &nbsp;&nbsp; **942405** |
| **Transportation: 0.15%** |  |  |  |  |
| Genesee & Wyoming, Inc.144A | 6.25 | &nbsp;&nbsp; 4-15-2032 | 765000 | &nbsp;&nbsp; **774142** |
| **Trucking & leasing: 0.42%** |  |  |  |  |
| FTAI Aviation Investors LLC144A | 5.50 | &nbsp;&nbsp; 5-1-2028 | 735000 | &nbsp;&nbsp; 734740 |

---

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

12 \| Allspring Diversified Income Builder Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Trucking & leasing**(continued) |  |  |  |  |
| FTAI Aviation Investors LLC144A | 7.00<br> %<br>| &nbsp;&nbsp; 5-1-2031 | $1085000 | &nbsp;&nbsp; $1112266 |
| FTAI Aviation Investors LLC144A | 7.00 | &nbsp;&nbsp; 6-15-2032 | 310000 | &nbsp;&nbsp; 317786 |
|  |  |  |  | &nbsp;&nbsp; **2164792** |
| **Technology: 1.68%** |  |  |  |  |
| **Computers: 0.16%** |  |  |  |  |
| Diebold Nixdorf, Inc.144A | 7.75 | &nbsp;&nbsp; 3-31-2030 | 780000 | &nbsp;&nbsp; **811073** |
| **Office/business equipment: 0.09%** |  |  |  |  |
| Zebra Technologies Corp.144A | 6.50 | &nbsp;&nbsp; 6-1-2032 | 490000 | &nbsp;&nbsp; **493340** |
| **Software: 1.43%** |  |  |  |  |
| AthenaHealth Group, Inc.144A | 6.50 | &nbsp;&nbsp; 2-15-2030 | 1280000 | &nbsp;&nbsp; 1201438 |
| Cloud Software Group, Inc.144A | 8.25 | &nbsp;&nbsp; 6-30-2032 | 1345000 | &nbsp;&nbsp; 1275645 |
| Cloud Software Group, Inc.144A | 9.00 | &nbsp;&nbsp; 9-30-2029 | 960000 | &nbsp;&nbsp; 926087 |
| CoreWeave, Inc.144A | 9.00 | &nbsp;&nbsp; 2-1-2031 | 925000 | &nbsp;&nbsp; 880155 |
| Ellucian Holdings, Inc.144A | 6.50 | &nbsp;&nbsp; 12-1-2029 | 305000 | &nbsp;&nbsp; 297913 |
| OAK-Eagle Acquireco, Inc.144A%% | 7.25 | &nbsp;&nbsp; 7-1-2033 | 385000 | &nbsp;&nbsp; 398896 |
| OAK-Eagle Acquireco, Inc.144A%% | 8.75 | &nbsp;&nbsp; 7-1-2034 | 400000 | &nbsp;&nbsp; 418757 |
| Rocket Software, Inc.144A | 6.50 | &nbsp;&nbsp; 2-15-2029 | 165000 | &nbsp;&nbsp; 148499 |
| Rocket Software, Inc.144A | 9.00 | &nbsp;&nbsp; 11-28-2028 | 855000 | &nbsp;&nbsp; 853716 |
| SS&C Technologies, Inc.144A | 6.50 | &nbsp;&nbsp; 6-1-2032 | 920000 | &nbsp;&nbsp; 920031 |
|  |  |  |  | &nbsp;&nbsp; **7321137** |
| **Utilities: 1.62%** |  |  |  |  |
| **Electric: 1.62%** |  |  |  |  |
| AES Corp. (5 Year Treasury Constant Maturity+2.89%)± | 6.95 | &nbsp;&nbsp; 7-15-2055 | 400000 | &nbsp;&nbsp; 373192 |
| AES Corp. (5 Year Treasury Constant Maturity+3.20%)± | 7.60 | &nbsp;&nbsp; 1-15-2055 | 325000 | &nbsp;&nbsp; 322373 |
| Duke Energy Corp. (5 Year Treasury Constant Maturity+2.59%)± | 6.45 | &nbsp;&nbsp; 9-1-2054 | 1015000 | &nbsp;&nbsp; 1048132 |
| &nbsp;&nbsp; Edison International (5 Year Treasury Constant <br> Maturity+3.86%)±<br>| 8.13 | &nbsp;&nbsp; 6-15-2053 | 420000 | &nbsp;&nbsp; 427605 |
| &nbsp;&nbsp; EUSHI Finance, Inc. (5 Year Treasury Constant <br> Maturity+3.14%)±<br>| 7.63 | &nbsp;&nbsp; 12-15-2054 | 960000 | &nbsp;&nbsp; 990883 |
| PacifiCorp (5 Year Treasury Constant Maturity+3.29%)± | 7.13 | &nbsp;&nbsp; 8-15-2056 | 665000 | &nbsp;&nbsp; 628211 |
| &nbsp;&nbsp; Pattern Energy Operations LP/Pattern Energy Operations, <br> Inc.144A<br>| 4.50 | &nbsp;&nbsp; 8-15-2028 | 925000 | &nbsp;&nbsp; 903220 |
| PG&E Corp. | 5.25 | &nbsp;&nbsp; 7-1-2030 | 750000 | &nbsp;&nbsp; 740094 |
| PG&E Corp. (5 Year Treasury Constant Maturity+3.88%)± | 7.38 | &nbsp;&nbsp; 3-15-2055 | 1140000 | &nbsp;&nbsp; 1147313 |
| Sempra (5 Year Treasury Constant Maturity+2.87%)± | 4.13 | &nbsp;&nbsp; 4-1-2052 | 410000 | &nbsp;&nbsp; 398729 |
| Vistra Corp. (5 Year Treasury Constant Maturity+5.74%)144Aʊ± | 7.00 | &nbsp;&nbsp; 12-15-2026 | 445000 | &nbsp;&nbsp; 445571 |
| &nbsp;&nbsp; Vistra Corp. Series C (5 Year Treasury Constant <br> Maturity+5.05%)144Aʊ±<br>| 8.88 | &nbsp;&nbsp; 1-15-2029 | 820000 | &nbsp;&nbsp; 883973 |
|  |  |  |  | &nbsp;&nbsp; **8309296** |
| **Total corporate bonds and notes (Cost $150,916,609)** |  |  |  | &nbsp;&nbsp; **151153947** |

---

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

Allspring Diversified Income Builder Fund \| 13

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Foreign corporate bonds and notes: 5.50%** |  |  |  |  |  |
| **Financial: 5.50%** |  |  |  |  |  |
| **Banks: 4.34%** |  |  |  |  |  |
| &nbsp;&nbsp; Abanca Corp. Bancaria SA (EURIBOR ICE Swap Rate <br> 11:00am+3.89%)ʊ±<br>| 6.13<br> %<br>| &nbsp;&nbsp; 9-19-2031 | EUR | 1600000 | &nbsp;&nbsp; $1832624 |
| &nbsp;&nbsp; ABN AMRO Bank NV (EUR Swap Annual (vs. 6 Month EURIBOR) 5 <br> Year+3.90%)ʊ±<br>| 4.75 | &nbsp;&nbsp; 9-22-2027 | EUR | 1000000 | &nbsp;&nbsp; 1154405 |
| AIB Group PLC (EURIBOR ICE Swap Rate 11:00am+4.39%)ʊ± | 7.13 | &nbsp;&nbsp; 10-30-2029 | EUR | 1000000 | &nbsp;&nbsp; 1206192 |
| &nbsp;&nbsp; Banco de Sabadell SA (EUR Swap Annual (vs. 6 Month EURIBOR) <br> 5 Year+4.28%)ʊ±<br>| 6.50 | &nbsp;&nbsp; 5-20-2031 | EUR | 1200000 | &nbsp;&nbsp; 1401148 |
| Bankinter SA (EURIBOR ICE Swap Rate 11:00am+3.86%)ʊ± | 6.00 | &nbsp;&nbsp; 6-30-2030 | EUR | 1000000 | &nbsp;&nbsp; 1150836 |
| Barclays PLC (EURIBOR ICE Swap Rate 11:00am+3.56%)ʊ± | 6.13 | &nbsp;&nbsp; 12-15-2035 | EUR | 500000 | &nbsp;&nbsp; 551923 |
| &nbsp;&nbsp; Barclays PLC (ICE Swap Rate GBP SONIA 11:00am 5 <br> Year+4.69%)ʊ±<br>| 8.38 | &nbsp;&nbsp; 9-15-2031 | GBP | 600000 | &nbsp;&nbsp; 812029 |
| CaixaBank SA (EURIBOR ICE Swap Rate 11:00am+5.14%)ʊ± | 8.25 | &nbsp;&nbsp; 3-13-2029 | EUR | 800000 | &nbsp;&nbsp; 996336 |
| &nbsp;&nbsp; Credit Agricole SA (EURIBOR ICE Swap Rate <br> 11:00am+4.44%)ʊ±<br>| 7.25 | &nbsp;&nbsp; 9-23-2028 | EUR | 1300000 | &nbsp;&nbsp; 1574231 |
| &nbsp;&nbsp; Deutsche Bank AG (EURIBOR ICE Swap Rate <br> 11:00am+4.04%)ʊ±<br>| 6.75 | &nbsp;&nbsp; 10-30-2034 | EUR | 400000 | &nbsp;&nbsp; 455983 |
| &nbsp;&nbsp; Deutsche Bank AG (EURIBOR ICE Swap Rate <br> 11:00am+5.11%)ʊ±<br>| 7.38 | &nbsp;&nbsp; 10-30-2031 | EUR | 600000 | &nbsp;&nbsp; 718019 |
| &nbsp;&nbsp; Intesa Sanpaolo SpA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 <br> Year+5.85%)ʊ±<br>| 5.50 | &nbsp;&nbsp; 3-1-2028 | EUR | 1200000 | &nbsp;&nbsp; 1388113 |
| Investec PLC (UK Gilts 5 Year+6.57%)ʊ± | 10.50 | &nbsp;&nbsp; 8-28-2029 | GBP | 500000 | &nbsp;&nbsp; 718768 |
| KBC Group NV (EURIBOR ICE Swap Rate 11:00am+3.99%)ʊ± | 6.25 | &nbsp;&nbsp; 9-17-2031 | EUR | 1000000 | &nbsp;&nbsp; 1173367 |
| Lloyds Banking Group PLC (UK Gilts 5 Year+5.88%)ʊ± | 8.50 | &nbsp;&nbsp; 9-27-2027 | GBP | 1000000 | &nbsp;&nbsp; 1364043 |
| NatWest Group PLC (UK Gilts 5 Year+3.29%)ʊ± | 7.50 | &nbsp;&nbsp; 2-28-2032 | GBP | 1300000 | &nbsp;&nbsp; 1710314 |
| &nbsp;&nbsp; Nykredit Realkredit AS (EURIBOR ICE Swap Rate <br> 11:00am+2.87%)ʊ±<br>| 5.25 | &nbsp;&nbsp; 8-24-2031 | EUR | 1000000 | &nbsp;&nbsp; 1141710 |
| &nbsp;&nbsp; Raiffeisen Bank International AG (EURIBOR ICE Swap Rate <br> 11:00am+3.63%)ʊ±<br>| 6.20 | &nbsp;&nbsp; 6-15-2032 | EUR | 1000000 | &nbsp;&nbsp; 1107946 |
| &nbsp;&nbsp; Unicaja Banco SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 <br> Year+5.02%)ʊ±<br>| 4.88 | &nbsp;&nbsp; 11-28-2026 | EUR | 600000 | &nbsp;&nbsp; 692643 |
| &nbsp;&nbsp; UniCredit SpA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 <br> Year+4.61%)ʊ±<br>| 4.45 | &nbsp;&nbsp; 12-3-2027 | EUR | 1000000 | &nbsp;&nbsp; 1137491 |
|  |  |  |  |  | &nbsp;&nbsp; **22288121** |
| **Insurance: 0.79%** |  |  |  |  |  |
| Achmea BV (EURIBOR ICE Swap Rate 11:00am+3.74%)ʊ± | 6.13 | &nbsp;&nbsp; 1-28-2035 | EUR | 1350000 | &nbsp;&nbsp; 1549641 |
| &nbsp;&nbsp; ASR Nederland NV (EURIBOR ICE Swap Rate <br> 11:00am+4.03%)ʊ±<br>| 6.63 | &nbsp;&nbsp; 12-27-2031 | EUR | 900000 | &nbsp;&nbsp; 1082877 |
| Aviva PLC (UK Gilts 5 Year+4.65%)ʊ± | 6.88 | &nbsp;&nbsp; 12-15-2031 | GBP | 750000 | &nbsp;&nbsp; 980955 |
| &nbsp;&nbsp; BPCE Assurances SA (EURIBOR ICE Swap Rate <br> 11:00am+3.42%)ʊ±<br>| 5.75 | &nbsp;&nbsp; 4-22-2032 | EUR | 400000 | &nbsp;&nbsp; 451572 |
|  |  |  |  |  | &nbsp;&nbsp; **4065045** |

---

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

14 \| Allspring Diversified Income Builder Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Savings & loans: 0.37%** |  |  |  |  |  |
| Coventry Building Society (UK Gilts 5 Year+4.73%)ʊ± | 8.75<br> %<br>| &nbsp;&nbsp; 6-11-2029 | GBP | 400000 | &nbsp;&nbsp; $542996 |
| Nationwide Building Society (UK Gilts 5 Year+3.85%)ʊ± | 7.50 | &nbsp;&nbsp; 12-20-2030 | GBP | 1000000 | &nbsp;&nbsp; 1325583 |
|  |  |  |  |  | &nbsp;&nbsp; **1868579** |
| **Total foreign corporate bonds and notes (Cost $26,947,407)** |  |  |  |  | &nbsp;&nbsp; **28221745** |

---

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

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Investment companies: 9.39%** |  |  |
| **Exchange-traded funds: 9.39%** |  |  |
| iShares 1-3 Year Treasury Bond ETF | 198671 | &nbsp;&nbsp; 16404265 |
| iShares 3-7 Year Treasury Bond ETF | 156937 | &nbsp;&nbsp; 18612728 |
| iShares MSCI Brazil ETF | 340500 | &nbsp;&nbsp; 13071795 |
| KKR Income Opportunities Fund | 1213 | &nbsp;&nbsp; 13343 |
| Neuberger High Yield Strategies Fund, Inc. | 5806 | &nbsp;&nbsp; 37623 |
| PGIM High Yield Bond Fund, Inc. | 322 | &nbsp;&nbsp; 4238 |
| Western Asset Global High Income Fund, Inc. | 1456 | &nbsp;&nbsp; 8590 |
| **Total investment companies (Cost $47,866,122)** |  | &nbsp;&nbsp; **48152582** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |
| **Loans: 1.20%** |  |  |  |  |
| **Communications: 0.22%** |  |  |  |  |
| **Media: 0.14%** |  |  |  |  |
| DIRECTV Financing LLC (U.S. SOFR 3 Month+5.25%)± | 9.18 | &nbsp;&nbsp; 8-2-2029 | $578407 | &nbsp;&nbsp; 579222 |
| EW Scripps Co. (U.S. SOFR 1 Month+5.75%)± | 9.54 | &nbsp;&nbsp; 6-30-2028 | 166045 | &nbsp;&nbsp; 166773 |
|  |  |  |  | &nbsp;&nbsp; **745995** |
| **Telecommunications: 0.08%** |  |  |  |  |
| Connect Finco Sarl (U.S. SOFR 1 Month+4.50%)± | 8.17 | &nbsp;&nbsp; 9-27-2029 | 396962 | &nbsp;&nbsp; **397271** |
| **Consumer, cyclical: 0.28%** |  |  |  |  |
| **Airlines: 0.08%** |  |  |  |  |
| Vista Management Holding, Inc. (U.S. SOFR 3 Month+3.75%)± | 7.41 | &nbsp;&nbsp; 4-1-2031 | 447950 | &nbsp;&nbsp; **442633** |
| **Housewares: 0.11%** |  |  |  |  |
| American Greetings Corp. (U.S. SOFR 1 Month+5.75%)± | 9.42 | &nbsp;&nbsp; 10-30-2029 | 553063 | &nbsp;&nbsp; **550851** |
| **Retail: 0.09%** |  |  |  |  |
| Petco Health & Wellness Co., Inc. (U.S. SOFR 3 Month+4.25%)± | 7.95 | &nbsp;&nbsp; 2-3-2031 | 455000 | &nbsp;&nbsp; **443780** |
| **Consumer, non-cyclical: 0.15%** |  |  |  |  |
| **Healthcare-products: 0.06%** |  |  |  |  |
| Bausch & Lomb Corp. (U.S. SOFR 1 Month+3.75%)± | 7.42 | &nbsp;&nbsp; 1-15-2031 | 298500 | &nbsp;&nbsp; **298873** |
| **Healthcare-services: 0.09%** |  |  |  |  |
| Modivcare Buyer LLC (U.S. SOFR 3 Month+4.25%)± | 7.95 | &nbsp;&nbsp; 12-30-2032 | 435448 | &nbsp;&nbsp; 401157 |
| MPH Acquisition Holdings LLC (U.S. SOFR 3 Month+3.75%)± | 7.42 | &nbsp;&nbsp; 12-31-2030 | 49656 | &nbsp;&nbsp; 49444 |
|  |  |  |  | &nbsp;&nbsp; **450601** |

---

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

Allspring Diversified Income Builder Fund \| 15

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Energy: 0.13%** |  |  |  |  |
| **Pipelines: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Crescent Midstream Intermediate Holdings LLC (U.S. SOFR 3 <br> Month+3.75%)±<br>| 7.42<br> %<br>| &nbsp;&nbsp; 2-18-2033 | $415000 | &nbsp;&nbsp; $415863 |
| Prairie Acquiror LP (U.S. SOFR 1 Month+3.25%)± | 6.92 | &nbsp;&nbsp; 8-1-2029 | 264639 | &nbsp;&nbsp; 264837 |
|  |  |  |  | &nbsp;&nbsp; **680700** |
| **Financial: 0.05%** |  |  |  |  |
| **Insurance: 0.05%** |  |  |  |  |
| Asurion LLC (U.S. SOFR 1 Month+4.25%)± | 7.92 | &nbsp;&nbsp; 9-19-2030 | 271498 | &nbsp;&nbsp; **268048** |
| **Industrial: 0.27%** |  |  |  |  |
| **Machinery-diversified: 0.11%** |  |  |  |  |
| TK Elevator Midco GmbH (U.S. SOFR 1 Month+2.75%)± | 6.48 | &nbsp;&nbsp; 4-30-2030 | 575000 | &nbsp;&nbsp; **575598** |
| **Packaging & containers: 0.16%** |  |  |  |  |
| &nbsp;&nbsp; Mauser Packaging Solutions Holding Co. (U.S. SOFR 3 <br> Month+3.50%)±<br>| 7.16 | &nbsp;&nbsp; 4-15-2030 | 415000 | &nbsp;&nbsp; 400325 |
| Owens-Illinois, Inc. (U.S. SOFR 1 Month+3.00%)± | 6.67 | &nbsp;&nbsp; 9-30-2032 | 418950 | &nbsp;&nbsp; 414061 |
|  |  |  |  | &nbsp;&nbsp; **814386** |
| **Technology: 0.10%** |  |  |  |  |
| **Computers: 0.07%** |  |  |  |  |
| McAfee Corp. (U.S. SOFR 1 Month+3.00%)± | 6.67 | &nbsp;&nbsp; 3-1-2029 | 375250 | &nbsp;&nbsp; **333973** |
| **Software: 0.03%** |  |  |  |  |
| Rocket Software, Inc. (U.S. SOFR 1 Month+3.75%)± | 7.42 | &nbsp;&nbsp; 11-28-2028 | 181320 | &nbsp;&nbsp; **173557** |
| **Total loans (Cost $6,272,489)** |  |  |  | &nbsp;&nbsp; **6176266** |
| **Municipal obligations: 2.30%** |  |  |  |  |
| **California: 0.31%** |  |  |  |  |
| **Education revenue: 0.16%** |  |  |  |  |
| California PFA EEC, Inc. Series B144A | 5.00 | &nbsp;&nbsp; 6-15-2031 | 860000 | &nbsp;&nbsp; **833887** |
| **Tobacco revenue: 0.15%** |  |  |  |  |
| Golden State Tobacco Securitization Corp. Series A-1 | 4.21 | &nbsp;&nbsp; 6-1-2050 | 1000000 | &nbsp;&nbsp; **757368** |
|  |  |  |  | &nbsp;&nbsp; **1591255** |
| **Colorado: 0.08%** |  |  |  |  |
| **Health revenue: 0.08%** |  |  |  |  |
| Denver Health & Hospital Authority Series B | 5.15 | &nbsp;&nbsp; 12-1-2026 | 445000 | &nbsp;&nbsp; **445255** |
| **Florida: 0.25%** |  |  |  |  |
| **Education revenue: 0.05%** |  |  |  |  |
| &nbsp;&nbsp; Florida Higher Educational Facilities Financing Authority <br> Jacksonville University Series A-2144A<br>| 5.43 | &nbsp;&nbsp; 6-1-2027 | 255000 | &nbsp;&nbsp; **255583** |

---

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

16 \| Allspring Diversified Income Builder Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Water & sewer revenue: 0.20%** |  |  |  |  |
| &nbsp;&nbsp; Charlotte County IDA MSKP Town & Country Utility LLC <br> Series B144A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2036 | $1105000 | &nbsp;&nbsp; $**1017180** |
|  |  |  |  | &nbsp;&nbsp; **1272763** |
| **Georgia: 0.02%** |  |  |  |  |
| **Health revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; Development Authority of Cobb County Presbyterian Village <br> Austell, Inc. Series B144A<br>| 5.75 | &nbsp;&nbsp; 12-1-2028 | 100000 | &nbsp;&nbsp; **99232** |
| **Guam: 0.11%** |  |  |  |  |
| **Airport revenue: 0.11%** |  |  |  |  |
| Antonio B Won Pat International Airport Authority Series A | 4.46 | &nbsp;&nbsp; 10-1-2043 | 675000 | &nbsp;&nbsp; **580177** |
| **Illinois: 0.20%** |  |  |  |  |
| **GO revenue: 0.20%** |  |  |  |  |
| Chicago Board of Education Series E | 6.04 | &nbsp;&nbsp; 12-1-2029 | 1025000 | &nbsp;&nbsp; **1011665** |
| **Indiana: 0.09%** |  |  |  |  |
| **Health revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp; County of Knox Good Samaritan Hospital Obligated Group <br> Series B<br>| 5.90 | &nbsp;&nbsp; 4-1-2034 | 480000 | &nbsp;&nbsp; **478414** |
| **Iowa: 0.23%** |  |  |  |  |
| **Housing revenue: 0.23%** |  |  |  |  |
| City of Coralville Series C | 5.00 | &nbsp;&nbsp; 5-1-2030 | 1200000 | &nbsp;&nbsp; **1199930** |
| **Louisiana: 0.08%** |  |  |  |  |
| **Health revenue: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; Louisiana Local Government Environmental Facilities & CDA Glen <br> Retirement System Obligated Group Series B<br>| 5.75 | &nbsp;&nbsp; 1-1-2029 | 405000 | &nbsp;&nbsp; **397149** |
| **New Jersey: 0.19%** |  |  |  |  |
| **Education revenue: 0.19%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey Educational Facilities Authority Georgian Court <br> University A New Jersey Non Profit Corp. Series H<br>| 4.25 | &nbsp;&nbsp; 7-1-2028 | 1000000 | &nbsp;&nbsp; **970121** |
| **New York: 0.24%** |  |  |  |  |
| **Education revenue: 0.20%** |  |  |  |  |
| &nbsp;&nbsp; New York State Dormitory Authority St. John's University <br> Series B<br>| 3.43 | &nbsp;&nbsp; 7-1-2051 | 1465000 | &nbsp;&nbsp; **999416** |
| **Health revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; Jefferson County Civic Facility Development Corp. Samaritan <br> Medical Center Obligated Group Series B<br>| 4.25 | &nbsp;&nbsp; 11-1-2028 | 115000 | &nbsp;&nbsp; **112303** |
| **Utilities revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; New York State Energy Research & Development Authority <br> Series A<br>| 4.81 | &nbsp;&nbsp; 4-1-2034 | 105000 | &nbsp;&nbsp; **105000** |
|  |  |  |  | &nbsp;&nbsp; **1216719** |

---

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

Allspring Diversified Income Builder Fund \| 17

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Oklahoma: 0.10%** |  |  |  |  |
| **Health revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; Oklahoma Development Finance Authority OU Medicine <br> Obligated Group Series C<br>| 5.45<br> %<br>| &nbsp;&nbsp; 8-15-2028 | $500000 | &nbsp;&nbsp; **$497397** |
| **Texas: 0.32%** |  |  |  |  |
| **Industrial development revenue: 0.32%** |  |  |  |  |
| &nbsp;&nbsp; Port of Beaumont IDA Jefferson 2020 Bond Lessee & <br> Borrower LLC Obligated Group Series B144A<br>| 4.10 | &nbsp;&nbsp; 1-1-2028 | 700000 | &nbsp;&nbsp; 636379 |
| &nbsp;&nbsp; Port of Beaumont Navigation District Jefferson 2020 Bond <br> Lessee & Borrower LLC Obligated Group Series B144A<br>| 10.00 | &nbsp;&nbsp; 7-1-2026 | 1000000 | &nbsp;&nbsp; 1000851 |
|  |  |  |  | &nbsp;&nbsp; **1637230** |
| **Wisconsin: 0.08%** |  |  |  |  |
| **Education revenue: 0.08%** |  |  |  |  |
| PFA Burrell College of Osteopathic Medicine LLC144A | 5.13 | &nbsp;&nbsp; 6-1-2028 | 430000 | &nbsp;&nbsp; **425075** |
| **Total municipal obligations (Cost $12,337,129)** |  |  |  | &nbsp;&nbsp; **11822382** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Dividend <br>rate<br>| Shares |  |
| **Preferred stocks: 0.46%** |  |  |  |
| **Energy: 0.46%** |  |  |  |
| **Oil, gas & consumable fuels: 0.46%** |  |  |  |
| Petroleo Brasileiro SA | 0.13 | 251251 | &nbsp;&nbsp; **2360761** |
| **Total preferred stocks (Cost $1,727,667)** |  |  | &nbsp;&nbsp; **2360761** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Expiration <br>date<br>|  |  |
| **Rights: 0.00%** |  |  |  |
| **Investment Companies: 0.00%** |  |  |  |
| Neuberger High Yield Strategies Fund, Inc.† | &nbsp;&nbsp; 4-15-2026 | 5806 | &nbsp;&nbsp; **46** |
| **Total rights (Cost $0)** |  |  | &nbsp;&nbsp; **46** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal |  |
| **Yankee corporate bonds and notes: 8.72%** |  |  |  |  |
| **Communications: 1.43%** |  |  |  |  |
| **Internet: 0.24%** |  |  |  |  |
| Rakuten Group, Inc.144A | 9.75 | &nbsp;&nbsp; 4-15-2029 | $1140000 | &nbsp;&nbsp; **1214781** |
| **Media: 0.40%** |  |  |  |  |
| Virgin Media Finance PLC144A | 5.00 | &nbsp;&nbsp; 7-15-2030 | 340000 | &nbsp;&nbsp; 278596 |
| Virgin Media Secured Finance PLC144A | 4.50 | &nbsp;&nbsp; 8-15-2030 | 1115000 | &nbsp;&nbsp; 988836 |
| VZ Secured Financing BV144A | 5.00 | &nbsp;&nbsp; 1-15-2032 | 910000 | &nbsp;&nbsp; 780049 |
|  |  |  |  | &nbsp;&nbsp; **2047481** |

---

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

18 \| Allspring Diversified Income Builder Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Telecommunications: 0.79%** |  |  |  |  |
| &nbsp;&nbsp; Rogers Communications, Inc. (5 Year Treasury Constant <br> Maturity+2.62%)±<br>| 7.13<br> %<br>| &nbsp;&nbsp; 4-15-2055 | $1575000 | &nbsp;&nbsp; $1611679 |
| Telecom Italia Capital SA | 7.20 | &nbsp;&nbsp; 7-18-2036 | 440000 | &nbsp;&nbsp; 475163 |
| TELUS Corp. (5 Year Treasury Constant Maturity+2.52%)± | 6.63 | &nbsp;&nbsp; 6-9-2056 | 155000 | &nbsp;&nbsp; 151088 |
| TELUS Corp. (5 Year Treasury Constant Maturity+2.77%)± | 6.63 | &nbsp;&nbsp; 10-15-2055 | 860000 | &nbsp;&nbsp; 860315 |
| Zegona Finance PLC144A | 8.63 | &nbsp;&nbsp; 7-15-2029 | 944000 | &nbsp;&nbsp; 988885 |
|  |  |  |  | &nbsp;&nbsp; **4087130** |
| **Consumer, cyclical: 0.87%** |  |  |  |  |
| **Airlines: 0.35%** |  |  |  |  |
| Air Canada Pass-Through Trust Series 2020-1 Class C144A | 10.50 | &nbsp;&nbsp; 7-15-2026 | 350000 | &nbsp;&nbsp; 353859 |
| Latam Airlines Group SA144A | 7.63 | &nbsp;&nbsp; 1-7-2031 | 365000 | &nbsp;&nbsp; 368650 |
| Latam Airlines Group SA144A | 7.88 | &nbsp;&nbsp; 4-15-2030 | 710000 | &nbsp;&nbsp; 717100 |
| &nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding, <br> Inc.144A<br>| 6.38 | &nbsp;&nbsp; 2-1-2030 | 420000 | &nbsp;&nbsp; 362716 |
|  |  |  |  | &nbsp;&nbsp; **1802325** |
| **Auto manufacturers: 0.10%** |  |  |  |  |
| Nissan Motor Co. Ltd.144A | 8.13 | &nbsp;&nbsp; 7-17-2035 | 525000 | &nbsp;&nbsp; **540142** |
| **Entertainment: 0.08%** |  |  |  |  |
| Banijay Entertainment SASU144A | 8.13 | &nbsp;&nbsp; 5-1-2029 | 380000 | &nbsp;&nbsp; **390111** |
| **Leisure time: 0.34%** |  |  |  |  |
| Carnival Corp.144A | 5.75 | &nbsp;&nbsp; 8-1-2032 | 835000 | &nbsp;&nbsp; 834728 |
| Carnival Corp.144A | 6.13 | &nbsp;&nbsp; 2-15-2033 | 920000 | &nbsp;&nbsp; 929223 |
|  |  |  |  | &nbsp;&nbsp; **1763951** |
| **Consumer, non-cyclical: 1.23%** |  |  |  |  |
| **Cosmetics/Personal Care: 0.41%** |  |  |  |  |
| Opal Bidco SAS144A | 6.50 | &nbsp;&nbsp; 3-31-2032 | 1030000 | &nbsp;&nbsp; 1030993 |
| Perrigo Finance Unlimited Co. | 6.13 | &nbsp;&nbsp; 9-30-2032 | 1195000 | &nbsp;&nbsp; 1090355 |
|  |  |  |  | &nbsp;&nbsp; **2121348** |
| **Food: 0.22%** |  |  |  |  |
| Froneri Lux Finco Sarl144A | 6.00 | &nbsp;&nbsp; 8-1-2032 | 1155000 | &nbsp;&nbsp; **1125995** |
| **Healthcare-products: 0.13%** |  |  |  |  |
| Bausch & Lomb Corp.144A | 8.38 | &nbsp;&nbsp; 10-1-2028 | 630000 | &nbsp;&nbsp; **650475** |
| **Pharmaceuticals: 0.47%** |  |  |  |  |
| 1261229 BC Ltd.144A | 10.00 | &nbsp;&nbsp; 4-15-2032 | 1490000 | &nbsp;&nbsp; 1525528 |
| Bausch Health Cos., Inc.144A | 6.25 | &nbsp;&nbsp; 2-15-2029 | 270000 | &nbsp;&nbsp; 202500 |
| Teva Pharmaceutical Finance Netherlands III BV | 8.13 | &nbsp;&nbsp; 9-15-2031 | 600000 | &nbsp;&nbsp; 670752 |
|  |  |  |  | &nbsp;&nbsp; **2398780** |

---

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

Allspring Diversified Income Builder Fund \| 19

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Energy: 0.10%** |  |  |  |  |
| **Oil & gas: 0.10%** |  |  |  |  |
| Borr IHC Ltd./Borr Finance LLC144A | 10.00<br> %<br>| &nbsp;&nbsp; 11-15-2028 | $251830 | &nbsp;&nbsp; $258030 |
| Saturn Oil & Gas, Inc.144A | 9.63 | &nbsp;&nbsp; 6-15-2029 | 229000 | &nbsp;&nbsp; 239719 |
|  |  |  |  | &nbsp;&nbsp; **497749** |
| **Financial: 4.26%** |  |  |  |  |
| **Banks: 3.79%** |  |  |  |  |
| &nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (5 Year Treasury Constant <br> Maturity+5.10%)ʊ±<br>| 9.38 | &nbsp;&nbsp; 3-19-2029 | 900000 | &nbsp;&nbsp; 972343 |
| &nbsp;&nbsp; Banco del Estado de Chile (5 Year Treasury Constant <br> Maturity+3.23%)144Aʊ±<br>| 7.95 | &nbsp;&nbsp; 5-2-2029 | 590000 | &nbsp;&nbsp; 621040 |
| &nbsp;&nbsp; Banco Santander SA (5 Year Treasury Constant <br> Maturity+5.31%)ʊ±<br>| 9.63 | &nbsp;&nbsp; 11-21-2028 | 800000 | &nbsp;&nbsp; 861712 |
| &nbsp;&nbsp; Barclays PLC (USD SOFR ICE Swap Rate 11:00am NY 5 <br> Year+5.78%)ʊ±<br>| 9.63 | &nbsp;&nbsp; 12-15-2029 | 800000 | &nbsp;&nbsp; 872604 |
| &nbsp;&nbsp; BNP Paribas SA (5 Year Treasury Constant <br> Maturity+2.85%)144Aʊ±<br>| 6.88 | &nbsp;&nbsp; 12-15-2033 | 715000 | &nbsp;&nbsp; 690898 |
| BNP Paribas SA (5 Year Treasury Constant Maturity+2.85%)ʊ± | 6.88 | &nbsp;&nbsp; 12-15-2033 | 1500000 | &nbsp;&nbsp; 1449436 |
| &nbsp;&nbsp; BNP Paribas SA (5 Year Treasury Constant <br> Maturity+3.73%)144Aʊ±<br>| 8.00 | &nbsp;&nbsp; 8-22-2031 | 825000 | &nbsp;&nbsp; 859520 |
| BNP Paribas SA (5 Year Treasury Constant Maturity+4.35%)ʊ± | 8.50 | &nbsp;&nbsp; 8-14-2028 | 1400000 | &nbsp;&nbsp; 1458313 |
| Danske Bank AS (5 Year Treasury Constant Maturity+2.55%)ʊ± | 6.60 | &nbsp;&nbsp; 3-25-2033 | 2000000 | &nbsp;&nbsp; 1952260 |
| &nbsp;&nbsp; HSBC Holdings PLC (5 Year Treasury Constant <br> Maturity+2.91%)ʊ±<br>| 6.75 | &nbsp;&nbsp; 3-24-2031 | 1000000 | &nbsp;&nbsp; 989331 |
| ING Groep NV (5 Year Treasury Constant Maturity+3.51%)ʊ± | 4.88 | &nbsp;&nbsp; 5-16-2029 | 1000000 | &nbsp;&nbsp; 941968 |
| &nbsp;&nbsp; Lloyds Banking Group PLC (5 Year Treasury Constant <br> Maturity+2.68%)ʊ±<br>| 6.63 | &nbsp;&nbsp; 9-27-2035 | 500000 | &nbsp;&nbsp; 477395 |
| Nordea Bank Abp (5 Year Treasury Constant Maturity+2.72%)ʊ± | 6.75 | &nbsp;&nbsp; 11-10-2033 | 1000000 | &nbsp;&nbsp; 997155 |
| &nbsp;&nbsp; Societe Generale SA (5 Year Treasury Constant <br> Maturity+5.39%)ʊ±<br>| 9.38 | &nbsp;&nbsp; 11-22-2027 | 1200000 | &nbsp;&nbsp; 1254689 |
| &nbsp;&nbsp; Standard Chartered PLC (5 Year Treasury Constant <br> Maturity+2.87%)ʊ±<br>| 7.00 | &nbsp;&nbsp; 11-14-2035 | 1500000 | &nbsp;&nbsp; 1471526 |
| &nbsp;&nbsp; Svenska Handelsbanken AB (5 Year Treasury Constant <br> Maturity+4.05%)ʊ±<br>| 4.75 | &nbsp;&nbsp; 3-1-2031 | 1000000 | &nbsp;&nbsp; 927189 |
| &nbsp;&nbsp; UBS Group AG (5 Year Treasury Constant <br> Maturity+3.40%)144Aʊ±<br>| 4.88 | &nbsp;&nbsp; 2-12-2027 | 395000 | &nbsp;&nbsp; 390030 |
| &nbsp;&nbsp; UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5 <br> Year+3.24%)144Aʊ±<br>| 6.63 | &nbsp;&nbsp; 1-8-2031 | 1085000 | &nbsp;&nbsp; 1056545 |
| &nbsp;&nbsp; UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5 <br> Year+3.24%)ʊ±<br>| 6.63 | &nbsp;&nbsp; 1-8-2031 | 1000000 | &nbsp;&nbsp; 973774 |
| &nbsp;&nbsp; UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5 <br> Year+4.16%)144Aʊ±<br>| 7.75 | &nbsp;&nbsp; 4-12-2031 | 245000 | &nbsp;&nbsp; 252453 |
|  |  |  |  | &nbsp;&nbsp; **19470181** |
| **Diversified financial services: 0.47%** |  |  |  |  |
| GGAM Finance Ltd.144A | 5.88 | &nbsp;&nbsp; 3-15-2030 | 725000 | &nbsp;&nbsp; 722350 |
| Global Aircraft Leasing Co. Ltd.144A | 8.75 | &nbsp;&nbsp; 9-1-2027 | 965000 | &nbsp;&nbsp; 979031 |
| goeasy Ltd.144A | 7.63 | &nbsp;&nbsp; 7-1-2029 | 800000 | &nbsp;&nbsp; 702059 |
|  |  |  |  | &nbsp;&nbsp; **2403440** |

---

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

20 \| Allspring Diversified Income Builder Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Industrial: 0.38%** |  |  |  |  |
| **Electronics: 0.18%** |  |  |  |  |
| Sensata Technologies BV144A | 5.88<br> %<br>| &nbsp;&nbsp; 9-1-2030 | $920000 | &nbsp;&nbsp; **$921664** |
| **Packaging & containers: 0.20%** |  |  |  |  |
| Trivium Packaging Finance BV144A | 8.25 | &nbsp;&nbsp; 7-15-2030 | 426000 | &nbsp;&nbsp; 445716 |
| Trivium Packaging Finance BV144A | 12.25 | &nbsp;&nbsp; 1-15-2031 | 530000 | &nbsp;&nbsp; 573836 |
|  |  |  |  | &nbsp;&nbsp; **1019552** |
| **Technology: 0.25%** |  |  |  |  |
| **Computers: 0.17%** |  |  |  |  |
| Seagate Data Storage Technology Pte. Ltd.144A | 8.50 | &nbsp;&nbsp; 7-15-2031 | 835000 | &nbsp;&nbsp; **875452** |
| **Semiconductors: 0.08%** |  |  |  |  |
| Kioxia Holdings Corp.144A | 6.63 | &nbsp;&nbsp; 7-24-2033 | 395000 | &nbsp;&nbsp; **405991** |
| **Utilities: 0.20%** |  |  |  |  |
| **Electric: 0.20%** |  |  |  |  |
| &nbsp;&nbsp; Algonquin Power & Utilities Corp. (5 Year Treasury Constant <br> Maturity+3.25%)±<br>| 4.75 | &nbsp;&nbsp; 1-18-2082 | 1050000 | &nbsp;&nbsp; **1021211** |
| **Total yankee corporate bonds and notes (Cost $45,022,891)** |  |  |  | &nbsp;&nbsp; **44757759** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 15.49%** |  |  |  |  |
| **Investment companies: 15.49%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞## |  | 3.60 | 79455830 | &nbsp;&nbsp; **79455830** |
| **Total short-term investments (Cost $79,455,830)** |  |  |  | &nbsp;&nbsp; **79455830** |
| **Total investments in securities (Cost $468,906,491)** | 98.40<br> %<br>|  |  | &nbsp;&nbsp; 504873626 |
| Other assets and liabilities, net | 1.60 |  |  | &nbsp;&nbsp; 8206996 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$513080622** |

---

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

---

| |
|:---|
| The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| Non-income-earning security |
| Security is valued using significant unobservable inputs. |
| Restricted security as to resale, excluding Rule 144A securities. The Fund held a restricted security with current value of $927,288 (original cost of $281,101), <br> representing 0.18% of its net assets as of period end.<br>|
| Variable rate investment. The rate shown is the rate in effect at period end. |
| ¥A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities or a combination of both. <br> The rate shown is the rate in effect at period end.<br>|
| The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
| The security is purchased on a when-issued basis. |
| The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| The rate represents the 7-day annualized yield at period end. |
| All or a portion of this security is segregated as collateral for when-issued securities. |

---

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

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

Allspring Diversified Income Builder Fund \| 21

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| ADR | American depositary receipt |
| CDA | Community Development Authority |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| GBP | Great British pound |
| GO | General obligation |
| IDA | Industrial Development Authority |
| PFA | Public Finance Authority |
| REIT | Real estate investment trust |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Index Average |

---

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund <br> Select Class<br>| $7366210 | $214435359 | $(142345739)<br>| $0 | $0 | $79455830 | 79455830 | $788738 |

---

**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 | 17046958 | EUR | 14650000 | Bank of New York Mellon Corp. | 4-9-2026 | &nbsp;&nbsp;&nbsp; $169800 | &nbsp;&nbsp;&nbsp; $0 |
| USD | 4570561 | EUR | 3950000 | State Street Bank & Trust Co. | 4-9-2026 | &nbsp;&nbsp;&nbsp; 20064 | &nbsp;&nbsp;&nbsp; 0 |
| EUR | 208107 | USD | 240000 | Bank of New York Mellon Corp. | 4-9-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (256)<br>|
| USD | 6700786 | GBP | 5020000 | State Street Bank & Trust Co. | 4-9-2026 | &nbsp;&nbsp;&nbsp; 82280 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1042385 | GBP | 780000 | State Street Bank & Trust Co. | 4-9-2026 | &nbsp;&nbsp;&nbsp; 14011 | &nbsp;&nbsp;&nbsp; 0 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **$286155** | &nbsp;&nbsp;&nbsp; **$(256)**<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** |  |  |  |  |  |  |
| OMX Stockholm 30 Index | &nbsp;&nbsp; 579 | &nbsp;&nbsp; 4-17-2026 | &nbsp;&nbsp; $18199200 | &nbsp;&nbsp; $17859327 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $(339873)<br>|
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 6-18-2026 | &nbsp;&nbsp; 41036057 | &nbsp;&nbsp; 40976297 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (59760)<br>|
| 5-Year U.S. Treasury Notes | &nbsp;&nbsp; 397 | &nbsp;&nbsp; 6-30-2026 | &nbsp;&nbsp; 43464853 | &nbsp;&nbsp; 42947336 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (517517)<br>|
| **Short** |  |  |  |  |  |  |
| E-Mini S&P 500 Index | &nbsp;&nbsp; (103)<br>| &nbsp;&nbsp; 6-18-2026 | &nbsp;&nbsp; (34643313)<br>| &nbsp;&nbsp; (33839362)<br>| &nbsp;&nbsp; 803951 | &nbsp;&nbsp; 0 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; (56)<br>| &nbsp;&nbsp; 6-18-2026 | &nbsp;&nbsp; (6623242)<br>| &nbsp;&nbsp; (6527500)<br>| &nbsp;&nbsp; 95742 | &nbsp;&nbsp; 0 |
| MSCI Emerging Markets Index | &nbsp;&nbsp; (108)<br>| &nbsp;&nbsp; 6-19-2026 | &nbsp;&nbsp; (7893155)<br>| &nbsp;&nbsp; (7854840)<br>| &nbsp;&nbsp; 38315 | &nbsp;&nbsp; 0 |
|  |  |  |  |  | &nbsp;&nbsp; **$938008** | &nbsp;&nbsp; **$(917150)**<br>|

---

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

22 \| Allspring Diversified Income Builder Fund

------

Statement of assets and liabilities—March 31, 2026 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $389,450,661) | $425417796 |
| Investments in affiliated securities, at value (cost $79,455,830) | 79455830 |
| Cash | 729197 |
| Cash at broker segregated for futures contracts | 5275636 |
| Segregated cash for forward foreign currency contracts | 3037 |
| Foreign currency, at value (cost $80,119) | 80386 |
| Receivable for dividends and interest | 4728080 |
| Receivable for investments sold | 1680569 |
| Receivable for daily variation margin on open futures contracts | 348734 |
| Unrealized gains on forward foreign currency contracts | 286155 |
| Receivable for Fund shares sold | 154770 |
| Prepaid expenses and other assets | 46841 |
| **Total assets** | **518207031** |
| Liabilities |  |
| Payable for investments purchased | 3260553 |
| Payable for daily variation margin on open futures contracts | 1235625 |
| Cash collateral due to broker for forward foreign currency contracts | 270000 |
| Management fee payable | 127555 |
| Payable for Fund shares redeemed | 54027 |
| Administration fees payable | 50302 |
| Shareholder servicing fees payable | 40669 |
| Distribution fee payable | 18271 |
| Trustees' fees and expenses payable | 844 |
| Unrealized losses on forward foreign currency contracts | 256 |
| Accrued expenses and other liabilities | 68307 |
| **Total liabilities** | **5126409** |
| **Total net assets**  | **$513080622** |
| Net assets consist of |  |
| Paid-in capital | $510549883 |
| Total distributable earnings | 2530739 |
| **Total net assets** | **$513080622** |

---

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

Allspring Diversified Income Builder Fund \| 23

------

Statement of assets and liabilities—March 31, 2026 (unaudited)

Statement of assets and liabilities

---

| | |
|:---|:---|
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $161641405 |
| Shares outstanding–Class A<sup>1</sup> <br>| 24732885 |
| Net asset value per share–Class A | $6.54 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $6.94 |
| Net assets–Class C | $28370489 |
| Shares outstanding–Class C<sup>1</sup> <br>| 4325638 |
| Net asset value per share–Class C | $6.56 |
| Net assets–Class R6 | $195216331 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 30860974 |
| Net asset value per share–Class R6 | $6.33 |
| Net assets–Institutional Class | $127852397 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 20242709 |
| Net asset value per share–Institutional Class | $6.32 |

---

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

<sup>2</sup> Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

24 \| Allspring Diversified Income Builder Fund

------

Statement of operations—six months ended March 31, 2026 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $7373389 |
| Dividends (net of foreign withholdings taxes of $101,676) | 2471236 |
| Income from affiliated securities | 788738 |
| **Total investment income** | **10633363** |
| Expenses |  |
| Management fee | 1174826 |
| Administration fees |  |
| Class A | 163483 |
| Class C | 30186 |
| Class R6 | 16786 |
| Institutional Class | 79075 |
| Shareholder servicing fees |  |
| Class A | 204354 |
| Class C | 37491 |
| Distribution fee |  |
| Class C | 113027 |
| Custody and accounting fees | 17789 |
| Professional fees | 40488 |
| Registration fees | 51323 |
| Shareholder report expenses | 27808 |
| Trustees' fees and expenses | 4292 |
| Other fees and expenses | 18464 |
| **Total expenses** | **1979392** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (492900)<br>|
| Class A | (8640)<br>|
| Institutional Class | (3772)<br>|
| **Net expenses** | **1474080** |
| **Net investment income** | **9159283** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities (net of foreign capital gains tax of $(77)) | 8118557 |
| Foreign currency and foreign currency translations | 22106 |
| Forward foreign currency contracts | 370299 |
| Futures contracts | 2054823 |
| **Net realized gains on investments**  | **10565785** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | (7975844)<br>|
| Foreign currency and foreign currency translations | (6891)<br>|
| Forward foreign currency contracts | 237754 |
| Futures contracts | (418465)<br>|
| **Net change in unrealized gains (losses) on investments** | **(8163446)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **2402339** |
| **Net increase in net assets resulting from operations** | **$11561622** |

---

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

Allspring Diversified Income Builder Fund \| 25

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> March 31, 2026<br> (unaudited) | Six months ended<br> March 31, 2026<br> (unaudited) | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $9159283 |  | &nbsp;&nbsp; $17967062 |
| Net realized gains on investments |  | &nbsp;&nbsp; 10565785 |  | &nbsp;&nbsp; 2923688 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (8163446)<br>|  | &nbsp;&nbsp; 20163420 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **11561622** |  | &nbsp;&nbsp; **41054170** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (3990723)<br>|  | &nbsp;&nbsp; (8148557)<br>|
| Class C |  | &nbsp;&nbsp; (625870)<br>|  | &nbsp;&nbsp; (1697152)<br>|
| Class R6 |  | &nbsp;&nbsp; (3353428)<br>|  | &nbsp;&nbsp; (2897487)<br>|
| Administrator Class |  | &nbsp;&nbsp; N/A |  | &nbsp;&nbsp; (89280 )<sup>1</sup><br>|
| Institutional Class |  | &nbsp;&nbsp; (3264414)<br>|  | &nbsp;&nbsp; (6567074)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(11234435)**<br>|  | &nbsp;&nbsp; **(19399550)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 1388573 | &nbsp;&nbsp; 9174001 | &nbsp;&nbsp; 3430227 | &nbsp;&nbsp; 21170320 |
| Class C | 359290 | &nbsp;&nbsp; 2391996 | &nbsp;&nbsp; 557115 | &nbsp;&nbsp; 3457213 |
| Class R6 | 22676114 | &nbsp;&nbsp; 143779320 | &nbsp;&nbsp; 190745 | &nbsp;&nbsp; 1124593 |
| Administrator Class | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 16113 <br><sup>1</sup><br>| &nbsp;&nbsp; 96225 <br><sup>1</sup><br>|
| Institutional Class | 3641701 | &nbsp;&nbsp; 23328675 | &nbsp;&nbsp; 5219984 | &nbsp;&nbsp; 31402954 |
|  |  | &nbsp;&nbsp; 178673992 |  | &nbsp;&nbsp; 57251305 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 560734 | &nbsp;&nbsp; 3702489 | &nbsp;&nbsp; 1220915 | &nbsp;&nbsp; 7525410 |
| Class C | 92742 | &nbsp;&nbsp; 614538 | &nbsp;&nbsp; 269791 | &nbsp;&nbsp; 1663759 |
| Class R6 | 524754 | &nbsp;&nbsp; 3353428 | &nbsp;&nbsp; 485165 | &nbsp;&nbsp; 2897030 |
| Administrator Class | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 15025 <br><sup>1</sup><br>| &nbsp;&nbsp; 89279 <br><sup>1</sup><br>|
| Institutional Class | 500203 | &nbsp;&nbsp; 3195353 | &nbsp;&nbsp; 1000538 | &nbsp;&nbsp; 5974596 |
|  |  | &nbsp;&nbsp; 10865808 |  | &nbsp;&nbsp; 18150074 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (1936289)<br>| &nbsp;&nbsp; (12820750)<br>| &nbsp;&nbsp; (3598063)<br>| &nbsp;&nbsp; (22218765)<br>|
| Class C | (1014993)<br>| &nbsp;&nbsp; (6732523)<br>| &nbsp;&nbsp; (3237839)<br>| &nbsp;&nbsp; (19986391)<br>|
| Class R6 | (120678)<br>| &nbsp;&nbsp; (766564)<br>| &nbsp;&nbsp; (1459027)<br>| &nbsp;&nbsp; (8592430)<br>|
| Administrator Class | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; (225408 )<sup>1</sup><br>| &nbsp;&nbsp; (1335877 )<sup>1</sup><br>|
| Institutional Class | (2442823)<br>| &nbsp;&nbsp; (15609954)<br>| &nbsp;&nbsp; (6002965)<br>| &nbsp;&nbsp; (36323945)<br>|
|  |  | &nbsp;&nbsp; (35929791)<br>|  | &nbsp;&nbsp; (88457408)<br>|

---

<sup>1</sup> For the period from October 1, 2024 to September 12, 2025

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

26 \| Allspring Diversified Income Builder Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> March 31, 2026<br> (unaudited) | Six months ended<br> March 31, 2026<br> (unaudited) | Year ended<br> September 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |  |
| Share conversions |  |  |  |
| Administrator Class | N/A | &nbsp;&nbsp; $N/A<br>&nbsp;&nbsp; (255047 )<sup>2</sup><br>| &nbsp;&nbsp; $(1602332 )<sup>2</sup><br>|
| Institutional Class | 0 | &nbsp;&nbsp; 0<br>&nbsp;&nbsp; 255360 <br><sup>2</sup><br>| &nbsp;&nbsp; 1602332 <br><sup>2</sup><br>|
|  |  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| **Net increase (decrease) in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **153610009** | &nbsp;&nbsp; **(13056029)**<br>|
| **Total increase in net assets** |  | &nbsp;&nbsp; **153937196** | &nbsp;&nbsp; **8598591** |
| Net assets |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **359143426** | &nbsp;&nbsp; **350544835** |
| **End of period** |  | &nbsp;&nbsp; **$513080622** | &nbsp;&nbsp; **$359143426** |

---

<sup>2</sup> Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

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

Allspring Diversified Income Builder Fund \| 27

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class A | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$6.52** | &nbsp;&nbsp; **$6.12** | &nbsp;&nbsp; **$5.39** | &nbsp;&nbsp; **$5.14** | &nbsp;&nbsp; **$6.42** | &nbsp;&nbsp; **$5.95** |
| Net investment income | 0.14 <br><sup>1</sup><br>| 0.32 <br><sup>1</sup><br>| 0.30 <br><sup>1</sup><br>| 0.25 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.19 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.04 | 0.42 | 0.74 | 0.26 | &nbsp;&nbsp; (1.27)<br>| 0.49 |
| Total from investment operations | 0.18 | 0.74 | 1.04 | 0.51 | &nbsp;&nbsp; (1.06)<br>| 0.68 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.16)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.21)<br>|
| **Net asset value, end of period** | **$6.54** | &nbsp;&nbsp; **$6.52** | &nbsp;&nbsp; **$6.12** | &nbsp;&nbsp; **$5.39** | &nbsp;&nbsp; **$5.14** | &nbsp;&nbsp; **$6.42** |
| **Total return**<sup>2</sup> <br>| **2.78%**<br>| **12.51%**<br>| **19.67%**<br>| **9.95%**<br>| &nbsp;&nbsp; **(16.86)%**<br>| **11.58%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.08<br> %<br>| 1.10<br> %<br>| 1.08 %\*<br>| 1.18<br> %<br>| 1.13<br> %<br>| 1.08<br> %<br>|
| Net expenses | 0.84<br> %<br>| 0.83<br> %<br>| 0.84 %\*<br>| 0.84<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>|
| Net investment income | 4.13<br> %<br>| 5.13<br> %<br>| 5.09 %\*<br>| 4.56<br> %<br>| 3.38<br> %<br>| 3.07<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 30<br> %<br>| &nbsp;&nbsp; 83<br> %<br>| &nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp; 86<br> %<br>| &nbsp;&nbsp; 87<br> %<br>|
| Net assets, end of period (000s omitted) | $161641 | &nbsp;&nbsp; $161131 | &nbsp;&nbsp; $144904 | &nbsp;&nbsp; $137643 | &nbsp;&nbsp; $156487 | &nbsp;&nbsp; $218615 |

---

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

\* Ratios include dividends on securities sold short in the amount of 0.00%.

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

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

28 \| Allspring Diversified Income Builder Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class C | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$6.54** | &nbsp;&nbsp; **$6.15** | &nbsp;&nbsp; **$5.41** | &nbsp;&nbsp; **$5.15** | &nbsp;&nbsp; **$6.44** | &nbsp;&nbsp; **$5.97** |
| Net investment income | 0.11 <br><sup>1</sup><br>| 0.27 <br><sup>1</sup><br>| 0.25 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.17 | 0.15 |
| Net realized and unrealized gains (losses) on investments | 0.05 | 0.41 | 0.75 | 0.26 | &nbsp;&nbsp; (1.28)<br>| 0.48 |
| Total from investment operations | 0.16 | 0.68 | 1.00 | 0.47 | &nbsp;&nbsp; (1.11)<br>| 0.63 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.14)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>|
| **Net asset value, end of period** | **$6.56** | &nbsp;&nbsp; **$6.54** | &nbsp;&nbsp; **$6.15** | &nbsp;&nbsp; **$5.41** | &nbsp;&nbsp; **$5.15** | &nbsp;&nbsp; **$6.44** |
| **Total return**<sup>2</sup> <br>| **2.40%**<br>| **11.46%**<br>| **18.88%**<br>| **9.28%**<br>| &nbsp;&nbsp; **(17.61)%**<br>| **10.70%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.82<br> %<br>| 1.85<br> %<br>| 1.83 %\*<br>| 1.93<br> %<br>| 1.87<br> %<br>| 1.83<br> %<br>|
| Net expenses | 1.59<br> %<br>| 1.59<br> %<br>| 1.59 %\*<br>| 1.60<br> %<br>| 1.60<br> %<br>| 1.60<br> %<br>|
| Net investment income | 3.37<br> %<br>| 4.33<br> %<br>| 4.29 %\*<br>| 3.80<br> %<br>| 2.61<br> %<br>| 2.31<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 30<br> %<br>| &nbsp;&nbsp; 83<br> %<br>| &nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp; 86<br> %<br>| &nbsp;&nbsp; 87<br> %<br>|
| Net assets, end of period (000s omitted) | $28370 | &nbsp;&nbsp; $31981 | &nbsp;&nbsp; $44857 | &nbsp;&nbsp; $54373 | &nbsp;&nbsp; $68612 | &nbsp;&nbsp; $103956 |

---

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

\* Ratios include dividends on securities sold short in the amount of 0.00%.

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

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

Allspring Diversified Income Builder Fund \| 29

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class R6 | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$6.31** | &nbsp;&nbsp; **$5.94** | &nbsp;&nbsp; **$5.24** | &nbsp;&nbsp; **$5.00** | &nbsp;&nbsp; **$6.26** | &nbsp;&nbsp; **$5.81** |
| Net investment income | 0.15 <br><sup>1</sup><br>| 0.33 <br><sup>1</sup><br>| 0.31 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.24 | 0.23 |
| Net realized and unrealized gains (losses) on investments | 0.04 | 0.40 | 0.72 | 0.26 | &nbsp;&nbsp; (1.25)<br>| 0.46 |
| Total from investment operations | 0.19 | 0.73 | 1.03 | 0.52 | &nbsp;&nbsp; (1.01)<br>| 0.69 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.17)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Net asset value, end of period** | **$6.33** | &nbsp;&nbsp; **$6.31** | &nbsp;&nbsp; **$5.94** | &nbsp;&nbsp; **$5.24** | &nbsp;&nbsp; **$5.00** | &nbsp;&nbsp; **$6.26** |
| **Total return**<sup>2</sup> <br>| **3.09%**<br>| **12.86%**<br>| **20.18%**<br>| **10.52%**<br>| &nbsp;&nbsp; **(16.61)%**<br>| **11.99%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.65<br> %<br>| 0.68<br> %<br>| 0.66 %\*<br>| 0.76<br> %<br>| 0.70<br> %<br>| 0.65<br> %<br>|
| Net expenses | 0.42<br> %<br>| 0.42<br> %<br>| 0.42 %\*<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>|
| Net investment income | 4.60<br> %<br>| 5.53<br> %<br>| 5.52 %\*<br>| 4.99<br> %<br>| 3.83<br> %<br>| 3.52<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 30<br> %<br>| &nbsp;&nbsp; 83<br> %<br>| &nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp; 86<br> %<br>| &nbsp;&nbsp; 87<br> %<br>|
| Net assets, end of period (000s omitted) | $195216 | &nbsp;&nbsp; $49117 | &nbsp;&nbsp; $50876 | &nbsp;&nbsp; $47557 | &nbsp;&nbsp; $51102 | &nbsp;&nbsp; $47544 |

---

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

\* Ratios include dividends on securities sold short in the amount of 0.00%.

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

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

30 \| Allspring Diversified Income Builder Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Institutional Class | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$6.30** | &nbsp;&nbsp; **$5.93** | &nbsp;&nbsp; **$5.24** | &nbsp;&nbsp; **$5.00** | &nbsp;&nbsp; **$6.26** | &nbsp;&nbsp; **$5.80** |
| Net investment income | 0.14 <br><sup>1</sup><br>| 0.32 <br><sup>1</sup><br>| 0.30 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.22 <br><sup>1</sup><br>| 0.21 |
| Net realized and unrealized gains (losses) on investments | 0.05 | 0.41 | 0.72 | 0.25 | &nbsp;&nbsp; (1.24)<br>| 0.48 |
| Total from investment operations | 0.19 | 0.73 | 1.02 | 0.51 | &nbsp;&nbsp; (1.02)<br>| 0.69 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.17)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.23)<br>|
| **Net asset value, end of period** | **$6.32** | &nbsp;&nbsp; **$6.30** | &nbsp;&nbsp; **$5.93** | &nbsp;&nbsp; **$5.24** | &nbsp;&nbsp; **$5.00** | &nbsp;&nbsp; **$6.26** |
| **Total return**<sup>2</sup> <br>| **3.05%**<br>| **12.77%**<br>| **19.87%**<br>| **10.41%**<br>| &nbsp;&nbsp; **(16.69)%**<br>| **12.08%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.76<br> %<br>| 0.78<br> %<br>| 0.76 %\*<br>| 0.85<br> %<br>| 0.79<br> %<br>| 0.75<br> %<br>|
| Net expenses | 0.52<br> %<br>| 0.52<br> %<br>| 0.52 %\*<br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>|
| Net investment income | 4.44<br> %<br>| 5.42<br> %<br>| 5.37 %\*<br>| 4.87<br> %<br>| 3.67<br> %<br>| 3.40<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 30<br> %<br>| &nbsp;&nbsp; 83<br> %<br>| &nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp; 86<br> %<br>| &nbsp;&nbsp; 87<br> %<br>|
| Net assets, end of period (000s omitted) | $127852 | &nbsp;&nbsp; $116915 | &nbsp;&nbsp; $107238 | &nbsp;&nbsp; $112338 | &nbsp;&nbsp; $148499 | &nbsp;&nbsp; $249764 |

---

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

\* Ratios include dividends on securities sold short in the amount of 0.00%.

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

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

Allspring Diversified Income Builder Fund \| 31

------

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 Diversified Income Builder Fund (the "Fund") which is a diversified series of the Trust.

Effective at the close of business on September 12, 2025, Administrator Class shares became Institutional Class shares in a tax-free conversion. Shareholders of Administrator Class received Institutional Class shares at a value equal to the value of their Administrator Class shares immediately prior to the conversion. Administrator Class shares are no longer offered by the Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

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

Equity securities, exchange-traded funds and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management, LLC ("Allspring Funds Management").

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On March 31, 2026, such fair value pricing was not used in pricing foreign securities.

Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management.

Options that are listed on a foreign or domestic exchange or market are valued at the closing mid-price. Non-listed options and swap contracts are valued at the evaluated price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

32 \| Allspring Diversified Income Builder Fund

------

Notes to financial statements (unaudited)

transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

When-issued transactions

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

Loans

The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is selling the participation. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market and any unrealized gains or losses are recorded in the Statement of assets and liabilities.

Forward foreign currency contracts

A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund's maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and security values and is subject to interest rate risk and equity price risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of assets and liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of operations.

Options

The Fund may write covered call options or secured put options on individual securities and/or indexes. When the Fund writes an option, an amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current market value of the written option. Premiums received from written options that expire unexercised are recognized as realized gains on the expiration date. For exercised options, the difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in calculating the realized gain or loss on the sale. If a put option is exercised, the premium reduces the cost of the security purchased. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security and/or index underlying the written option.

Allspring Diversified Income Builder Fund \| 33

------

Notes to financial statements (unaudited)

The Fund may sell a security it does not own as a result of an exercised written call option. The Fund records the proceeds as a liability which is marked-to-market daily based upon quotations from an independent pricing service or an independent broker-dealer and any change in value is recorded as an unrealized gain or loss. Any interest or dividends accrued on such securities during the period are recorded as an expense on the Statement of operations. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the closing of a short sale if the market price at the closing is less than or greater than, respectively, the proceeds originally received.

The Fund may also purchase call or put options. Premiums paid are included in the Statement of assets and liabilities as investments, the values of which are subsequently adjusted based on the current market values of the options. Premiums paid for purchased options that expire are recognized as realized losses on the expiration date. Premiums paid for purchased options that are exercised or closed are added to the amount paid or offset against the proceeds received for the underlying security to determine the realized gain or loss. The risk of loss associated with purchased options is limited to the premium paid.

Options traded on an exchange are regulated and terms of the options are standardized. The Fund is subject to equity price risk. Purchased options traded over-the-counter expose the Fund to counterparty risk in the event the counterparty does not perform. This risk can be mitigated by having a master netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund's exposure to the counterparty.

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status. Paydown gains and losses are included in interest income.

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Interest earned on cash balances held at the custodian is recorded as interest income.

Income dividends and capital gain distributions from investment companies are recorded on the ex-dividend date. Capital gain distributions from investment companies are treated as realized gains.

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2026, the aggregate cost of all investments for federal income tax purposes was $473,625,353 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $45794895 |
| Gross unrealized losses | &nbsp;&nbsp; (14239865)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$31555030** |

---

As of September 30, 2025, the Fund had capital loss carryforwards which consisted of $34,529,795 in short-term capital losses and $6,105,497 in long-term capital losses.

34 \| Allspring Diversified Income Builder Fund

------

Notes to financial statements (unaudited)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

• Level 1—quoted prices in active markets for identical securities

• Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

Allspring Diversified Income Builder Fund \| 35

------

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Asset-backed securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $386210 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $386210 |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; 7822676 | &nbsp;&nbsp;&nbsp; 1441431 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9264107 |
| *Consumer discretionary* | &nbsp;&nbsp; 8443734 | &nbsp;&nbsp;&nbsp; 4954595 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 13398329 |
| *Consumer staples* | &nbsp;&nbsp; 5877908 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5877908 |
| *Energy* | &nbsp;&nbsp; 3572859 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 927288 | &nbsp;&nbsp;&nbsp; 4500147 |
| *Financials* | &nbsp;&nbsp; 9336374 | &nbsp;&nbsp;&nbsp; 18365934 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 27702308 |
| *Health care* | &nbsp;&nbsp; 11101451 | &nbsp;&nbsp;&nbsp; 324528 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 11425979 |
| *Industrials* | &nbsp;&nbsp; 5471480 | &nbsp;&nbsp;&nbsp; 4729335 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 10200815 |
| *Information technology* | &nbsp;&nbsp; 32840766 | &nbsp;&nbsp;&nbsp; 3944811 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 36785577 |
| *Materials* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2773254 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2773254 |
| *Real estate* | &nbsp;&nbsp; 5393190 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5393190 |
| *Utilities* | &nbsp;&nbsp; 1599503 | &nbsp;&nbsp;&nbsp; 3464981 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5064484 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 151153947 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 151153947 |
| **Foreign corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 28221745 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 28221745 |
| **Investment companies** | &nbsp;&nbsp; 48152582 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 48152582 |
| **Loans** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6176266 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6176266 |
| **Municipal obligations** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 11822382 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 11822382 |
| **Preferred stocks** |  |  |  |  |
| *Energy* | &nbsp;&nbsp; 2360761 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2360761 |
| **Rights** |  |  |  |  |
| *Investment Companies* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 46 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 44757759 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 44757759 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 79455830 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 79455830 |
|  | &nbsp;&nbsp; 221429114 | &nbsp;&nbsp;&nbsp; 282517224 | &nbsp;&nbsp;&nbsp; 927288 | &nbsp;&nbsp;&nbsp; 504873626 |
| **Forward foreign currency contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 286155 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 286155 |
| **Futures contracts** | &nbsp;&nbsp; 938008 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 938008 |
| **Total assets** | &nbsp;&nbsp; **$222367122** | &nbsp;&nbsp;&nbsp; **$282803379** | &nbsp;&nbsp;&nbsp; **$927288** | &nbsp;&nbsp;&nbsp; **$506097789** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Forward foreign currency contracts** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $256 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $256 |
| **Futures contracts** | &nbsp;&nbsp; 917150 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 917150 |
| **Total liabilities** | &nbsp;&nbsp; **$917150** | &nbsp;&nbsp;&nbsp; **$256** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$917406** |

---

Futures contracts and forward foreign currency contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following the Portfolio of investments. For futures contracts, the current day's variation margin is reported on the Statement of assets and liabilities. All other assets and liabilities are reported at their market value at measurement date.

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

At March 31, 2026, 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

36 \| Allspring Diversified Income Builder 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 | 0.550<br> %<br>|
| Next $500 million | 0.525 |
| Next $2 billion | 0.500 |
| Next $2 billion | 0.475 |
| Next $5 billion | 0.440 |
| Over $10 billion | 0.430 |

---

For the six months ended March 31, 2026, the management fee was equivalent to an annual rate of 0.55% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Class R6 | 0.03 |
| Institutional Class | 0.13 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through January 31, 2027 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 March 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.84<br> %<br>|
| Class C | 1.59 |
| Class R6 | 0.42 |
| Institutional Class | 0.52 |

---

Distribution fee

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

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 March 31, 2026, Allspring Funds Distributor received $13,176 from the sale of Class A shares and $703 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 March 31, 2026.

Allspring Diversified Income Builder Fund \| 37

------

Notes to financial statements (unaudited)

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.

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 March 31, 2026.

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 March 31, 2026 were $200,054,472 and $116,375,677, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2026, the Fund entered into futures contracts and forward foreign currency contracts for economic hedging purposes.

The volume of the Fund's derivative activity during the six months ended March 31, 2026 was as follows:

---

| | |
|:---|:---|
| **Forward foreign currency contracts** |  |
| Average contract amounts to buy | &nbsp;&nbsp; $350293 |
| Average contract amounts to sell | &nbsp;&nbsp; 24658643 |
| **Futures contracts** |  |
| Average notional balance on long futures | &nbsp;&nbsp; $129146635 |
| Average notional balance on short futures | &nbsp;&nbsp; 9892373 |

---

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 March 31, 2026 by primary risk type was as follows for the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Equity <br>risk<br>| Foreign Currency <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $286155 | $286155 |
| Futures contracts | &nbsp;&nbsp; 95,742 <br>\*<br>| 842,266 <br>\*<br>| 0 | 938008 |
|  | &nbsp;&nbsp; $95742 | $842266 | $286155 | $1224163 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $256 | $256 |
| Futures contracts | &nbsp;&nbsp; 577,277 <br>\*<br>| 339,873 <br>\*<br>| 0 | 917150 |
|  | &nbsp;&nbsp; $577277 | $339873 | $256 | $917406 |

---

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

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of investments. For futures contracts, only the current day's variation margin as of March 31, 2026 is reported separately on the Statement of assets and liabilities. 

The effect of derivative instruments on the Statement of operations for the six months ended March 31, 2026 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Equity <br>risk<br>| Foreign currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $370299 | $370299 |
| Futures contracts | &nbsp;&nbsp; (1007676)<br>| 3062499 | 0 | 2054823 |
|  | &nbsp;&nbsp; $(1007676)<br>| $3062499 | $370299 | $2425122 |
| **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 | $237754 | $237754 |
| Futures contracts | &nbsp;&nbsp; (72832)<br>| (345633)<br>| 0 | (418465)<br>|
|  | &nbsp;&nbsp; $(72832)<br>| $(345633)<br>| $237754 | $(180711)<br>|

---

38 \| Allspring Diversified Income Builder Fund

------

Notes to financial statements (unaudited)

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements ("ISDA Master Agreements") or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument's assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statement of assets and liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of assets and liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of assets and liabilities to the net amounts by counterparty, including any collateral exposure, for OTC derivatives is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of assets in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>received<br>| Net amount <br>of assets<br>|
| Bank of New York Mellon Corp. | &nbsp;&nbsp; $169800 | $(256)<br>| $(169544)<br>| $0 |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 116355 | 0 | 0 | 116355 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of liabilities in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>pledged<sup>1</sup> <br>| Net amount <br>of liabilities<br>|
| Bank of New York Mellon Corp. | &nbsp;&nbsp; $256 | $(256)<br>| $0 | $0 |

---

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

<sup>1</sup> Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the six months ended March 31, 2026, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISKS

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

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 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.

Allspring Diversified Income Builder 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 Diversified Income Builder 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 Diversified Income Builder Fund \| 41

------

![](g100566img40bdebda1.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**

![](g100566imgc53753192.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.**

**NCSRS4304 03-26**

------

![](g100566imgac488b081.jpg)

Allspring Mid Cap Growth Fund

Long Form Financial Statements

Semi-Annual Report

March 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_f44ad1a1-b587-4be0-873d-a8e39d24d06c_POI-PageBlank-31_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_f44ad1a1-b587-4be0-873d-a8e39d24d06c_FS-PageBlank-31_1)** |  |
| [Statement of assets and liabilities](#xx_f44ad1a1-b587-4be0-873d-a8e39d24d06c_FS-PageBlank-31_1) | 6 |
| [Statement of operations](#xx_f44ad1a1-b587-4be0-873d-a8e39d24d06c_FS-PageBlank-31_2) | 7 |
| [Statement of changes in net assets](#xx_f44ad1a1-b587-4be0-873d-a8e39d24d06c_FS-PageBlank-31_3) | 8 |
| [Financial highlights](#xx_f44ad1a1-b587-4be0-873d-a8e39d24d06c_FIHI-PageBlank-31_1) | 10 |
| **[Notes to financial statements](#xx_f44ad1a1-b587-4be0-873d-a8e39d24d06c_NTF-PageBlank-31_1)** | 13 |
| **[Other information](#xx_f44ad1a1-b587-4be0-873d-a8e39d24d06c_OI-PageBlank-31_1)** | 17 |
| [Item 8. Changes in and disagreements with accountants](#xx_f44ad1a1-b587-4be0-873d-a8e39d24d06c_OI-PageBlank-31_2) | 18 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_f44ad1a1-b587-4be0-873d-a8e39d24d06c_OI-PageBlank-31_2) | 18 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_f44ad1a1-b587-4be0-873d-a8e39d24d06c_OI-PageBlank-31_2) | 18 |
| [Item 11. Statement regarding basis for board](#xx_f44ad1a1-b587-4be0-873d-a8e39d24d06c_OI-PageBlank-31_2)['](#xx_f44ad1a1-b587-4be0-873d-a8e39d24d06c_OI-PageBlank-31_2)[s approval of investment](#xx_f44ad1a1-b587-4be0-873d-a8e39d24d06c_OI-PageBlank-31_2)<br> [advisory contract](#xx_f44ad1a1-b587-4be0-873d-a8e39d24d06c_OI-PageBlank-31_2)<br>| 18 |

---

Allspring Mid Cap Growth Fund \| 1

------

Portfolio of investments—March 31, 2026 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.31%** |  |  |
| **Communication services: 8.19%** |  |  |
| **Entertainment: 8.19%** |  |  |
| Live Nation Entertainment, Inc.† | 110027 | &nbsp;&nbsp; $16780218 |
| Roblox Corp. Class A† | 213575 | &nbsp;&nbsp; 12079802 |
| Spotify Technology SA† | 11042 | &nbsp;&nbsp; 5354376 |
| TKO Group Holdings, Inc. Class A | 62412 | &nbsp;&nbsp; 12585380 |
|  |  | &nbsp;&nbsp; **46799776** |
| **Consumer discretionary: 18.53%** |  |  |
| **Automobiles: 1.82%** |  |  |
| Ferrari NV | 30775 | &nbsp;&nbsp; **10415799** |
| **Broadline retail: 1.89%** |  |  |
| MercadoLibre, Inc.† | 6253 | &nbsp;&nbsp; **10811562** |
| **Hotels, restaurants & leisure: 8.59%** |  |  |
| DoorDash, Inc. Class A† | 52235 | &nbsp;&nbsp; 7843085 |
| Hyatt Hotels Corp. Class A | 39885 | &nbsp;&nbsp; 5735064 |
| Marriott International, Inc. Class A | 54899 | &nbsp;&nbsp; 17955816 |
| Viking Holdings Ltd.† | 238466 | &nbsp;&nbsp; 17522482 |
|  |  | &nbsp;&nbsp; **49056447** |
| **Household durables: 1.19%** |  |  |
| PulteGroup, Inc. | 57701 | &nbsp;&nbsp; **6786214** |
| **Specialty retail: 5.04%** |  |  |
| Burlington Stores, Inc.† | 45555 | &nbsp;&nbsp; 14822686 |
| Carvana Co. Class A† | 44490 | &nbsp;&nbsp; 13986766 |
|  |  | &nbsp;&nbsp; **28809452** |
| **Financials: 2.25%** |  |  |
| **Capital markets: 1.08%** |  |  |
| Robinhood Markets, Inc. Class A† | 89132 | &nbsp;&nbsp; **6176848** |
| **Financial services: 1.17%** |  |  |
| Affirm Holdings, Inc.† | 145631 | &nbsp;&nbsp; **6672812** |
| **Health care: 17.12%** |  |  |
| **Biotechnology: 5.19%** |  |  |
| Alnylam Pharmaceuticals, Inc.† | 36449 | &nbsp;&nbsp; 12059881 |
| argenx SE ADR† | 7595 | &nbsp;&nbsp; 5546249 |
| Natera, Inc.† | 60172 | &nbsp;&nbsp; 12033798 |
|  |  | &nbsp;&nbsp; **29639928** |
| **Health care equipment & supplies: 3.95%** |  |  |
| Edwards Lifesciences Corp.† | 104777 | &nbsp;&nbsp; 8390542 |
| IDEXX Laboratories, Inc.† | 25253 | &nbsp;&nbsp; 14189408 |
|  |  | &nbsp;&nbsp; **22579950** |

---

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

2 \| Allspring Mid Cap Growth Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care providers & services: 5.31%** |  |  |
| Cencora, Inc. | 58672 | &nbsp;&nbsp; $18431222 |
| Guardant Health, Inc.† | 63320 | &nbsp;&nbsp; 5848869 |
| RadNet, Inc.† | 108781 | &nbsp;&nbsp; 6079770 |
|  |  | &nbsp;&nbsp; **30359861** |
| **Life sciences tools & services: 1.09%** |  |  |
| Repligen Corp.† | 52688 | &nbsp;&nbsp; **6207700** |
| **Pharmaceuticals: 1.58%** |  |  |
| Teva Pharmaceutical Industries Ltd. ADR† | 300262 | &nbsp;&nbsp; **9043891** |
| **Industrials: 33.09%** |  |  |
| **Aerospace & defense: 9.52%** |  |  |
| Axon Enterprise, Inc.† | 36989 | &nbsp;&nbsp; 15708858 |
| Carpenter Technology Corp. | 38610 | &nbsp;&nbsp; 15218132 |
| Curtiss-Wright Corp. | 19110 | &nbsp;&nbsp; 13016203 |
| Howmet Aerospace, Inc. | 45280 | &nbsp;&nbsp; 10435229 |
|  |  | &nbsp;&nbsp; **54378422** |
| **Commercial services & supplies: 2.75%** |  |  |
| Cintas Corp. | 34515 | &nbsp;&nbsp; 5837867 |
| RB Global, Inc. | 102789 | &nbsp;&nbsp; 9852326 |
|  |  | &nbsp;&nbsp; **15690193** |
| **Construction & engineering: 8.08%** |  |  |
| Comfort Systems USA, Inc. | 9274 | &nbsp;&nbsp; 12788753 |
| Construction Partners, Inc. Class A† | 87015 | &nbsp;&nbsp; 9669107 |
| Quanta Services, Inc. | 43197 | &nbsp;&nbsp; 23716017 |
|  |  | &nbsp;&nbsp; **46173877** |
| **Electrical equipment: 4.98%** |  |  |
| Vertiv Holdings Co. Class A | 113425 | &nbsp;&nbsp; **28422036** |
| **Ground transportation: 1.42%** |  |  |
| Saia, Inc.† | 23135 | &nbsp;&nbsp; **8126863** |
| **Machinery: 2.53%** |  |  |
| RBC Bearings, Inc.† | 26590 | &nbsp;&nbsp; **14441561** |
| **Professional services: 1.59%** |  |  |
| UL Solutions, Inc. Class A | 106126 | &nbsp;&nbsp; **9096059** |
| **Trading companies & distributors: 2.22%** |  |  |
| Applied Industrial Technologies, Inc. | 47830 | &nbsp;&nbsp; **12690256** |
| **Information technology: 15.77%** |  |  |
| **Communications equipment: 1.66%** |  |  |
| Viavi Solutions, Inc.† | 285464 | &nbsp;&nbsp; **9500242** |
| **Electronic equipment, instruments & components: 1.30%** |  |  |
| Teledyne Technologies, Inc.† | 12220 | &nbsp;&nbsp; **7393222** |

---

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

Allspring Mid Cap Growth Fund \| 3

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **IT services: 5.19%** |  |  |
| Cloudflare, Inc. Class A† | 97789 | &nbsp;&nbsp; $20177782 |
| MongoDB, Inc. Class A† | 20436 | &nbsp;&nbsp; 5002120 |
| Snowflake, Inc.† | 29506 | &nbsp;&nbsp; 4450095 |
|  |  | &nbsp;&nbsp; **29629997** |
| **Semiconductors & semiconductor equipment: 3.99%** |  |  |
| Entegris, Inc. | 57567 | &nbsp;&nbsp; 6749155 |
| Monolithic Power Systems, Inc. | 14684 | &nbsp;&nbsp; 16054751 |
|  |  | &nbsp;&nbsp; **22803906** |
| **Software: 3.63%** |  |  |
| AppLovin Corp. Class A† | 12992 | &nbsp;&nbsp; 5170816 |
| Fair Isaac Corp.† | 8857 | &nbsp;&nbsp; 9455202 |
| Guidewire Software, Inc.† | 40916 | &nbsp;&nbsp; 6119397 |
|  |  | &nbsp;&nbsp; **20745415** |
| **Utilities: 3.36%** |  |  |
| **Independent power and renewable electricity producers: 3.36%** |  |  |
| Vistra Corp. | 127690 | &nbsp;&nbsp; **19195638** |
| **Total common stocks (Cost $415,988,492)** |  | &nbsp;&nbsp; **561647927** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 1.79%** |  |  |  |  |
| **Investment companies: 1.79%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.60<br> %<br>| 10228601 | &nbsp;&nbsp; **10228601** |
| **Total short-term investments (Cost $10,228,601)** |  |  |  | &nbsp;&nbsp; **10228601** |
| **Total investments in securities (Cost $426,217,093)** | 100.10<br> %<br>|  |  | &nbsp;&nbsp; 571876528 |
| Other assets and liabilities, net | (0.10)<br>|  |  | &nbsp;&nbsp; (563126)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$571313402** |

---

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

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

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

Abbreviations: <br> ADR American depositary receipt

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

4 \| Allspring Mid Cap Growth Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <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>| $1720927 | $67988538 | $(59480864)<br>| $0 | $0 | $10228601 | 10228601 | $65924 |

---

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

Allspring Mid Cap Growth Fund \| 5

------

Statement of assets and liabilities—March 31, 2026 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $415,988,492) | $561647927 |
| Investments in affiliated securities, at value (cost $10,228,601) | 10228601 |
| Cash | 3 |
| Receivable for investments sold | 1416015 |
| Receivable for dividends | 100366 |
| Receivable for Fund shares sold | 7228 |
| Prepaid expenses and other assets | 64347 |
| **Total assets** | **573464487** |
| Liabilities |  |
| Payable for investments purchased | 1134794 |
| Payable for Fund shares redeemed | 409600 |
| Management fee payable | 343737 |
| Shareholder servicing fees payable | 119795 |
| Administration fees payable | 98700 |
| Trustees' fees and expenses payable | 170 |
| Accrued expenses and other liabilities | 44289 |
| **Total liabilities** | **2151085** |
| **Total net assets**  | **$571313402** |
| Net assets consist of |  |
| Paid-in capital | $409048787 |
| Total distributable earnings | 162264615 |
| **Total net assets** | **$571313402** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $545256422 |
| Shares outstanding–Class A<sup>1</sup> <br>| 11835480 |
| Net asset value per share–Class A | $46.07 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $48.88 |
| Net assets–Class R6 | $1526091 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 26440 |
| Net asset value per share–Class R6 | $57.72 |
| Net assets–Institutional Class | $24530889 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 429183 |
| Net asset value per share–Institutional Class | $57.16 |

---

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

<sup>2</sup> Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

6 \| Allspring Mid Cap Growth Fund

------

Statement of operations—six months ended March 31, 2026 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $16,961) | $765362 |
| Income from affiliated securities | 65924 |
| Interest | 729 |
| **Total investment income** | **832015** |
| Expenses |  |
| Management fee | 2329741 |
| Administration fees |  |
| Class A | 595994 |
| Class C | 87 <br><sup>1</sup><br>|
| Class R6 | 271 |
| Institutional Class | 17941 |
| Shareholder servicing fees |  |
| Class A | 744985 |
| Class C | 109 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 320 <br><sup>1</sup><br>|
| Custody and accounting fees | 8905 |
| Professional fees | 23899 |
| Registration fees | 63148 |
| Shareholder report expenses | 24583 |
| Trustees' fees and expenses | 6093 |
| Other fees and expenses | 11319 |
| **Total expenses** | **3827395** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (62558)<br>|
| Class A | (276423)<br>|
| Institutional Class | (6821)<br>|
| **Net expenses** | **3481593** |
| **Net investment loss** | **(2649578)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | 19842860 |
| Foreign currency and foreign currency translations | (19)<br>|
| **Net realized gains on investments**  | **19842841** |
| **Net change in unrealized gains (losses) on investments** | **(61853726)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(42010885)**<br>|
| **Net decrease in net assets resulting from operations** | **$(44660463)**<br>|

---

<sup>1</sup> For the period from October 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 Mid Cap Growth Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> March 31, 2026<br> (unaudited) | Six months ended<br> March 31, 2026<br> (unaudited) | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(2649578)<br>|  | &nbsp;&nbsp; $(5622175)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 19842841 |  | &nbsp;&nbsp; 80253535 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (61853726)<br>|  | &nbsp;&nbsp; 35139898 |
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **(44660463)**<br>|  | &nbsp;&nbsp; **109771258** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (64730493)<br>|  | &nbsp;&nbsp; (58092029)<br>|
| Class C |  | &nbsp;&nbsp; 0 <br><sup>1</sup><br>|  | &nbsp;&nbsp; (80513)<br>|
| Class R6 |  | &nbsp;&nbsp; (164325)<br>|  | &nbsp;&nbsp; (287524)<br>|
| Administrator Class |  | &nbsp;&nbsp; N/A |  | &nbsp;&nbsp; (180360 )<sup>2</sup><br>|
| Institutional Class |  | &nbsp;&nbsp; (2532617)<br>|  | &nbsp;&nbsp; (2855090)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(67427435)**<br>|  | &nbsp;&nbsp; **(61495516)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 60433 | &nbsp;&nbsp; 3036723 | &nbsp;&nbsp; 91105 | &nbsp;&nbsp; 4519650 |
| Class C | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 1985 | &nbsp;&nbsp; 79602 |
| Class R6 | 9382 | &nbsp;&nbsp; 580753 | &nbsp;&nbsp; 16714 | &nbsp;&nbsp; 1068590 |
| Administrator Class | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 4085 <br><sup>2</sup><br>| &nbsp;&nbsp; 236477 <br><sup>2</sup><br>|
| Institutional Class | 29489 | &nbsp;&nbsp; 1889507 | &nbsp;&nbsp; 139497 | &nbsp;&nbsp; 8592595 |
|  |  | &nbsp;&nbsp; 5506983 |  | &nbsp;&nbsp; 14496914 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 1246800 | &nbsp;&nbsp; 61205434 | &nbsp;&nbsp; 1069467 | &nbsp;&nbsp; 54671124 |
| Class C | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 2129 | &nbsp;&nbsp; 80513 |
| Class R6 | 2630 | &nbsp;&nbsp; 161590 | &nbsp;&nbsp; 4579 | &nbsp;&nbsp; 285765 |
| Administrator Class | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 3174 <br><sup>2</sup><br>| &nbsp;&nbsp; 178900 <br><sup>2</sup><br>|
| Institutional Class | 39829 | &nbsp;&nbsp; 2423574 | &nbsp;&nbsp; 45304 | &nbsp;&nbsp; 2804335 |
|  |  | &nbsp;&nbsp; 63790598 |  | &nbsp;&nbsp; 58020637 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (736873)<br>| &nbsp;&nbsp; (37332480)<br>| &nbsp;&nbsp; (1230912)<br>| &nbsp;&nbsp; (62359948)<br>|
| Class C | (541 )<sup>1</sup><br>| &nbsp;&nbsp; (21956 )<sup>1</sup><br>| &nbsp;&nbsp; (11351)<br>| &nbsp;&nbsp; (427701)<br>|
| Class R6 | (15247)<br>| &nbsp;&nbsp; (942210)<br>| &nbsp;&nbsp; (131908)<br>| &nbsp;&nbsp; (8750727)<br>|
| Administrator Class | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; (9076 )<sup>2</sup><br>| &nbsp;&nbsp; (509739 )<sup>2</sup><br>|
| Institutional Class | (74162)<br>| &nbsp;&nbsp; (4608562)<br>| &nbsp;&nbsp; (293222)<br>| &nbsp;&nbsp; (17978014)<br>|
|  |  | &nbsp;&nbsp; (42905208)<br>|  | &nbsp;&nbsp; (90026129)<br>|

---

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

<sup>2</sup> For the period from October 1, 2024 to September 12, 2025

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

8 \| Allspring Mid Cap Growth Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> March 31, 2026<br> (unaudited) | Six months ended<br> March 31, 2026<br> (unaudited) | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Shares |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |  |
| Class A | 5845 <br><sup>3</sup><br>| &nbsp;&nbsp; $316413 <br><sup>3</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Class C | (7960 )<sup>3</sup><br>| &nbsp;&nbsp; (316413 )<sup>3</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Administrator Class | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; (32694 )<sup>4</sup><br>| &nbsp;&nbsp; (1999532 )<sup>4</sup><br>|
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 29714 <br><sup>4</sup><br>| &nbsp;&nbsp; 1999532 <br><sup>4</sup><br>|
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net increase (decrease) in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **26392373** |  | &nbsp;&nbsp; **(17508578)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(85695525)**<br>|  | &nbsp;&nbsp; **30767164** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **657008927** |  | &nbsp;&nbsp; **626241763** |
| **End of period** |  | &nbsp;&nbsp; **$571313402** |  | &nbsp;&nbsp; **$657008927** |

---

<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.

Allspring Mid Cap Growth Fund \| 9

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class A | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$55.54** | &nbsp;&nbsp; **$51.51** | &nbsp;&nbsp; **$39.62** | &nbsp;&nbsp; **$35.92** | &nbsp;&nbsp; **$76.01** | &nbsp;&nbsp; **$64.21** |
| Net investment loss | (0.22 )<sup>1</sup><br>| &nbsp;&nbsp; (0.46 )<sup>1</sup><br>| &nbsp;&nbsp; (0.38 )<sup>1</sup><br>| &nbsp;&nbsp; (0.32 )<sup>1</sup><br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.77 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (3.39)<br>| 9.70 | 13.36 | 4.02 | &nbsp;&nbsp; (28.31)<br>| 19.17 |
| Total from investment operations | (3.61)<br>| 9.24 | 12.98 | 3.70 | &nbsp;&nbsp; (28.86)<br>| 18.40 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (5.86)<br>| &nbsp;&nbsp; (5.21)<br>| &nbsp;&nbsp; (1.09)<br>| 0.00 | &nbsp;&nbsp; (11.23)<br>| &nbsp;&nbsp; (6.60)<br>|
| **Net asset value, end of period** | **$46.07** | &nbsp;&nbsp; **$55.54** | &nbsp;&nbsp; **$51.51** | &nbsp;&nbsp; **$39.62** | &nbsp;&nbsp; **$35.92** | &nbsp;&nbsp; **$76.01** |
| **Total return**<sup>2</sup> <br>| **(7.15)%**<br>| **18.82%**<br>| **33.36%**<br>| **10.27%**<br>| &nbsp;&nbsp; **(44.27)%**<br>| **29.90%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.24<br> %<br>| 1.25<br> %<br>| 1.23<br> %<br>| 1.25<br> %<br>| 1.23<br> %<br>| 1.21<br> %<br>|
| Net expenses | 1.13<br> %<br>| 1.14<br> %<br>| 1.16<br> %<br>| 1.17<br> %<br>| 1.16<br> %<br>| 1.17<br> %<br>|
| Net investment loss | (0.86)%<br>| &nbsp;&nbsp; (0.91)%<br>| &nbsp;&nbsp; (0.83)%<br>| &nbsp;&nbsp; (0.80)%<br>| &nbsp;&nbsp; (1.03)%<br>| &nbsp;&nbsp; (1.06)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 27<br> %<br>| &nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 41<br> %<br>|
| Net assets, end of period (000s omitted) | $545256 | &nbsp;&nbsp; $625391 | &nbsp;&nbsp; $583572 | &nbsp;&nbsp; $490533 | &nbsp;&nbsp; $490694 | &nbsp;&nbsp; $990030 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

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

10 \| Allspring Mid Cap Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class R6 | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$67.99** | &nbsp;&nbsp; **$61.78** | &nbsp;&nbsp; **$47.16** | &nbsp;&nbsp; **$42.59** | &nbsp;&nbsp; **$87.70** | &nbsp;&nbsp; **$72.94** |
| Net investment loss | (0.17 )<sup>1</sup><br>| &nbsp;&nbsp; (0.34 )<sup>1</sup><br>| &nbsp;&nbsp; (0.25 )<sup>1</sup><br>| &nbsp;&nbsp; (0.20 )<sup>1</sup><br>| &nbsp;&nbsp; (0.40 )<sup>1</sup><br>| &nbsp;&nbsp; (0.57 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (4.24)<br>| 11.76 | 15.96 | 4.77 | &nbsp;&nbsp; (33.48)<br>| 21.93 |
| Total from investment operations | (4.41)<br>| 11.42 | 15.71 | 4.57 | &nbsp;&nbsp; (33.88)<br>| 21.36 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (5.86)<br>| &nbsp;&nbsp; (5.21)<br>| &nbsp;&nbsp; (1.09)<br>| 0.00 | &nbsp;&nbsp; (11.23)<br>| &nbsp;&nbsp; (6.60)<br>|
| **Net asset value, end of period** | **$57.72** | &nbsp;&nbsp; **$67.99** | &nbsp;&nbsp; **$61.78** | &nbsp;&nbsp; **$47.16** | &nbsp;&nbsp; **$42.59** | &nbsp;&nbsp; **$87.70** |
| **Total return**<sup>2</sup> <br>| **(7.01)%**<br>| **19.24%**<br>| **33.82%**<br>| **10.70%**<br>| &nbsp;&nbsp; **(44.07)%**<br>| **30.41%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.82<br> %<br>| 0.82<br> %<br>| 0.81<br> %<br>| 0.83<br> %<br>| 0.80<br> %<br>| 0.78<br> %<br>|
| Net expenses | 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.79<br> %<br>| 0.78<br> %<br>|
| Net investment loss | (0.54)%<br>| &nbsp;&nbsp; (0.54)%<br>| &nbsp;&nbsp; (0.47)%<br>| &nbsp;&nbsp; (0.43)%<br>| &nbsp;&nbsp; (0.66)%<br>| &nbsp;&nbsp; (0.68)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 27<br> %<br>| &nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 41<br> %<br>|
| Net assets, end of period (000s omitted) | $1526 | &nbsp;&nbsp; $2018 | &nbsp;&nbsp; $8668 | &nbsp;&nbsp; $56539 | &nbsp;&nbsp; $51082 | &nbsp;&nbsp; $94430 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized.

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

Allspring Mid Cap Growth Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Institutional Class | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$67.40** | &nbsp;&nbsp; **$61.32** | &nbsp;&nbsp; **$46.84** | &nbsp;&nbsp; **$42.33** | &nbsp;&nbsp; **$87.27** | &nbsp;&nbsp; **$72.66** |
| Net investment loss | (0.18 )<sup>1</sup><br>| &nbsp;&nbsp; (0.38 )<sup>1</sup><br>| &nbsp;&nbsp; (0.28 )<sup>1</sup><br>| &nbsp;&nbsp; (0.23 )<sup>1</sup><br>| &nbsp;&nbsp; (0.44 )<sup>1</sup><br>| &nbsp;&nbsp; (0.62 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (4.20)<br>| 11.67 | 15.85 | 4.74 | &nbsp;&nbsp; (33.27)<br>| 21.83 |
| Total from investment operations | (4.38)<br>| 11.29 | 15.57 | 4.51 | &nbsp;&nbsp; (33.71)<br>| 21.21 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (5.86)<br>| &nbsp;&nbsp; (5.21)<br>| &nbsp;&nbsp; (1.09)<br>| 0.00 | &nbsp;&nbsp; (11.23)<br>| &nbsp;&nbsp; (6.60)<br>|
| **Net asset value, end of period** | **$57.16** | &nbsp;&nbsp; **$67.40** | &nbsp;&nbsp; **$61.32** | &nbsp;&nbsp; **$46.84** | &nbsp;&nbsp; **$42.33** | &nbsp;&nbsp; **$87.27** |
| **Total return**<sup>2</sup> <br>| **(7.03)%**<br>| **19.17%**<br>| **33.75%**<br>| **10.65%**<br>| &nbsp;&nbsp; **(44.11)%**<br>| **30.31%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.92<br> %<br>| 0.93<br> %<br>| 0.91<br> %<br>| 0.92<br> %<br>| 0.90<br> %<br>| 0.88<br> %<br>|
| Net expenses | 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>|
| Net investment loss | (0.58)%<br>| &nbsp;&nbsp; (0.62)%<br>| &nbsp;&nbsp; (0.52)%<br>| &nbsp;&nbsp; (0.49)%<br>| &nbsp;&nbsp; (0.72)%<br>| &nbsp;&nbsp; (0.74)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 27<br> %<br>| &nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 41<br> %<br>|
| Net assets, end of period (000s omitted) | $24531 | &nbsp;&nbsp; $29253 | &nbsp;&nbsp; $31440 | &nbsp;&nbsp; $26530 | &nbsp;&nbsp; $35710 | &nbsp;&nbsp; $78349 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized.

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

12 \| Allspring Mid Cap Growth 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 Mid Cap Growth Fund (the "Fund") which is a diversified series of the Trust.

Effective at the close of business on September 12, 2025, Administrator Class shares 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.

Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Security transactions and income recognition

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

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

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time

Allspring Mid Cap Growth Fund \| 13

------

Notes to financial statements (unaudited)

of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund's fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

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

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

As of March 31, 2026, the aggregate cost of all investments for federal income tax purposes was $426,793,856 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $167615958 |
| Gross unrealized losses | &nbsp;&nbsp; (22533286)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$145082672** |

---

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $46799776 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $46799776 |
| *Consumer discretionary* | &nbsp;&nbsp; 105879474 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 105879474 |
| *Financials* | &nbsp;&nbsp; 12849660 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12849660 |
| *Health care* | &nbsp;&nbsp; 97831330 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 97831330 |
| *Industrials* | &nbsp;&nbsp; 189019267 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 189019267 |
| *Information technology* | &nbsp;&nbsp; 90072782 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 90072782 |
| *Utilities* | &nbsp;&nbsp; 19195638 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 19195638 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 10228601 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 10228601 |
| **Total assets** | &nbsp;&nbsp; **$571876528** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$571876528** |

---

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

At March 31, 2026, the Fund did not have any transfers into/out of Level 3.

14 \| Allspring Mid Cap Growth Fund

------

Notes to financial statements (unaudited)

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.750<br> %<br>|
| Next $500 million | 0.725 |
| Next $1 billion | 0.700 |
| Next $2 billion | 0.675 |
| Next $1 billion | 0.650 |
| Next $5 billion | 0.640 |
| Next $2 billion | 0.630 |
| Next $4 billion | 0.620 |
| Over $16 billion | 0.610 |

---

For the six months ended March 31, 2026, the management fee was equivalent to an annual rate of 0.74% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Class R6 | 0.03 |
| Institutional Class | 0.13 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through January 31, 2027 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 March 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.18<br> %<br>|
| Class R6 | 0.80 |
| Institutional Class | 0.85 |

---

Allspring Mid Cap Growth Fund \| 15

------

Notes to financial statements (unaudited)

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 March 31, 2026, Allspring Funds Distributor received $520 from the sale of Class A shares and $10 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 March 31, 2026.

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.

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 March 31, 2026.

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 March 31, 2026 were $168,857,782 and $220,301,312, 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 March 31, 2026, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISKS

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

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.

16 \| Allspring Mid Cap Growth 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 Mid Cap Growth 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 Mid Cap Growth Fund

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![](g100566imgac488b081.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**

![](g100566img017eb8212.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.**

**NCSRS3018 03-26**

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![](g100566imgd5c6864d1.jpg)

Allspring SMID Cap Growth Fund

Long Form Financial Statements

Semi-Annual Report

March 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_7be26728-0b54-4b69-b7f3-c2751f1eee16_POI-PageBlank-30_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_7be26728-0b54-4b69-b7f3-c2751f1eee16_FS-PageBlank-30_1)** |  |
| [Statement of assets and liabilities](#xx_7be26728-0b54-4b69-b7f3-c2751f1eee16_FS-PageBlank-30_1) | 6 |
| [Statement of operations](#xx_7be26728-0b54-4b69-b7f3-c2751f1eee16_FS-PageBlank-30_2) | 7 |
| [Statement of changes in net assets](#xx_7be26728-0b54-4b69-b7f3-c2751f1eee16_FS-PageBlank-30_3) | 8 |
| [Financial highlights](#xx_7be26728-0b54-4b69-b7f3-c2751f1eee16_FIHI-PageBlank-30_1) | 10 |
| **[Notes to financial statements](#xx_7be26728-0b54-4b69-b7f3-c2751f1eee16_NTF-PageBlank-30_1)** | 14 |
| **[Other information](#xx_7be26728-0b54-4b69-b7f3-c2751f1eee16_OI-PageBlank-30_1)** | 18 |
| [Item 8. Changes in and disagreements with accountants](#xx_7be26728-0b54-4b69-b7f3-c2751f1eee16_OI-PageBlank-30_2) | 19 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_7be26728-0b54-4b69-b7f3-c2751f1eee16_OI-PageBlank-30_2) | 19 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_7be26728-0b54-4b69-b7f3-c2751f1eee16_OI-PageBlank-30_2) | 19 |
| [Item 11. Statement regarding basis for board](#xx_7be26728-0b54-4b69-b7f3-c2751f1eee16_OI-PageBlank-30_2)['](#xx_7be26728-0b54-4b69-b7f3-c2751f1eee16_OI-PageBlank-30_2)[s approval of investment](#xx_7be26728-0b54-4b69-b7f3-c2751f1eee16_OI-PageBlank-30_2)<br> [advisory contract](#xx_7be26728-0b54-4b69-b7f3-c2751f1eee16_OI-PageBlank-30_2)<br>| 19 |

---

Allspring SMID Cap Growth Fund \| 1

------

Portfolio of investments—March 31, 2026 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 99.11%** |  |  |
| **Communication services: 1.86%** |  |  |
| **Entertainment: 1.86%** |  |  |
| TKO Group Holdings, Inc. Class A | 74370 | &nbsp;&nbsp; **$14996710** |
| **Consumer discretionary: 13.90%** |  |  |
| **Broadline retail: 1.04%** |  |  |
| MercadoLibre, Inc.† | 4853 | &nbsp;&nbsp; **8390934** |
| **Diversified consumer services: 2.22%** |  |  |
| Liberty Live Holdings, Inc. Class C† | 190851 | &nbsp;&nbsp; **17960987** |
| **Hotels, restaurants & leisure: 6.25%** |  |  |
| Cava Group, Inc.† | 136474 | &nbsp;&nbsp; 11040747 |
| Dutch Bros, Inc. Class A† | 235664 | &nbsp;&nbsp; 11938738 |
| Hyatt Hotels Corp. Class A | 94207 | &nbsp;&nbsp; 13546025 |
| Viking Holdings Ltd.† | 189730 | &nbsp;&nbsp; 13941360 |
|  |  | &nbsp;&nbsp; **50466870** |
| **Household durables: 1.88%** |  |  |
| SharkNinja, Inc.† | 75688 | &nbsp;&nbsp; 8015359 |
| Taylor Morrison Home Corp. Class A† | 122379 | &nbsp;&nbsp; 7127353 |
|  |  | &nbsp;&nbsp; **15142712** |
| **Specialty retail: 2.51%** |  |  |
| Burlington Stores, Inc.† | 42536 | &nbsp;&nbsp; 13840364 |
| Chewy, Inc. Class A† | 237601 | &nbsp;&nbsp; 6415227 |
|  |  | &nbsp;&nbsp; **20255591** |
| **Financials: 3.27%** |  |  |
| **Capital markets: 1.70%** |  |  |
| Marex Group PLC | 21905 | &nbsp;&nbsp; 976525 |
| Miami International Holdings, Inc.† | 326978 | &nbsp;&nbsp; 12725984 |
|  |  | &nbsp;&nbsp; **13702509** |
| **Financial services: 1.57%** |  |  |
| Affirm Holdings, Inc.† | 277478 | &nbsp;&nbsp; **12714042** |
| **Health care: 23.74%** |  |  |
| **Biotechnology: 8.89%** |  |  |
| Ascendis Pharma AS ADR† | 51783 | &nbsp;&nbsp; 11844326 |
| Bridgebio Pharma, Inc.† | 93813 | &nbsp;&nbsp; 6966553 |
| Insmed, Inc.† | 104095 | &nbsp;&nbsp; 17021614 |
| Natera, Inc.† | 55194 | &nbsp;&nbsp; 11038248 |
| Neurocrine Biosciences, Inc.† | 63334 | &nbsp;&nbsp; 8343621 |
| Twist Bioscience Corp.† | 135919 | &nbsp;&nbsp; 6458871 |
| Vericel Corp.† | 192581 | &nbsp;&nbsp; 6195331 |
| Xenon Pharmaceuticals, Inc.† | 66915 | &nbsp;&nbsp; 3891107 |
|  |  | &nbsp;&nbsp; **71759671** |

---

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

2 \| Allspring SMID Cap Growth Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care equipment & supplies: 3.46%** |  |  |
| Glaukos Corp.† | 111722 | &nbsp;&nbsp; $12027990 |
| iRhythm Holdings, Inc.† | 134779 | &nbsp;&nbsp; 15906618 |
|  |  | &nbsp;&nbsp; **27934608** |
| **Health care providers & services: 7.29%** |  |  |
| Alignment Healthcare, Inc.† | 307913 | &nbsp;&nbsp; 5425427 |
| BrightSpring Health Services, Inc.† | 200680 | &nbsp;&nbsp; 8550975 |
| Encompass Health Corp. | 93858 | &nbsp;&nbsp; 9078884 |
| Guardant Health, Inc.† | 160539 | &nbsp;&nbsp; 14828987 |
| RadNet, Inc.† | 196722 | &nbsp;&nbsp; 10994793 |
| Tenet Healthcare Corp.† | 53045 | &nbsp;&nbsp; 10010122 |
|  |  | &nbsp;&nbsp; **58889188** |
| **Life sciences tools & services: 1.17%** |  |  |
| Bio-Techne Corp. | 22639 | &nbsp;&nbsp; 1183114 |
| Repligen Corp.† | 70208 | &nbsp;&nbsp; 8271907 |
|  |  | &nbsp;&nbsp; **9455021** |
| **Pharmaceuticals: 2.93%** |  |  |
| Elanco Animal Health, Inc.† | 367448 | &nbsp;&nbsp; 8793031 |
| Teva Pharmaceutical Industries Ltd. ADR† | 493704 | &nbsp;&nbsp; 14870364 |
|  |  | &nbsp;&nbsp; **23663395** |
| **Industrials: 34.50%** |  |  |
| **Aerospace & defense: 8.78%** |  |  |
| ATI, Inc.† | 69390 | &nbsp;&nbsp; 10093469 |
| Carpenter Technology Corp. | 50766 | &nbsp;&nbsp; 20009419 |
| Curtiss-Wright Corp. | 25951 | &nbsp;&nbsp; 17675745 |
| Kratos Defense & Security Solutions, Inc.† | 79598 | &nbsp;&nbsp; 5612455 |
| Mercury Systems, Inc.† | 164172 | &nbsp;&nbsp; 11969781 |
| York Space Systems, Inc.† | 250634 | &nbsp;&nbsp; 5556556 |
|  |  | &nbsp;&nbsp; **70917425** |
| **Building products: 2.28%** |  |  |
| Modine Manufacturing Co.† | 84847 | &nbsp;&nbsp; **18387193** |
| **Commercial services & supplies: 3.61%** |  |  |
| Casella Waste Systems, Inc. Class A† | 204528 | &nbsp;&nbsp; 16227252 |
| RB Global, Inc. | 134664 | &nbsp;&nbsp; 12907544 |
|  |  | &nbsp;&nbsp; **29134796** |
| **Construction & engineering: 7.24%** |  |  |
| Argan, Inc. | 24676 | &nbsp;&nbsp; 13439783 |
| Comfort Systems USA, Inc. | 19787 | &nbsp;&nbsp; 27286075 |
| Construction Partners, Inc. Class A† | 159930 | &nbsp;&nbsp; 17771422 |
|  |  | &nbsp;&nbsp; **58497280** |

---

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

Allspring SMID Cap Growth Fund \| 3

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Electrical equipment: 2.80%** |  |  |
| Bloom Energy Corp. Class A† | 128749 | &nbsp;&nbsp; $17444202 |
| Power Solutions International, Inc.† | 85421 | &nbsp;&nbsp; 5200431 |
|  |  | &nbsp;&nbsp; **22644633** |
| **Ground transportation: 2.36%** |  |  |
| Saia, Inc.† | 26386 | &nbsp;&nbsp; 9268874 |
| XPO, Inc.† | 50137 | &nbsp;&nbsp; 9754153 |
|  |  | &nbsp;&nbsp; **19023027** |
| **Machinery: 2.28%** |  |  |
| RBC Bearings, Inc.† | 33973 | &nbsp;&nbsp; **18451416** |
| **Professional services: 1.52%** |  |  |
| UL Solutions, Inc. Class A | 142872 | &nbsp;&nbsp; **12245559** |
| **Trading companies & distributors: 3.63%** |  |  |
| Applied Industrial Technologies, Inc. | 45241 | &nbsp;&nbsp; 12003342 |
| SiteOne Landscape Supply, Inc.† | 69002 | &nbsp;&nbsp; 9184856 |
| Xometry, Inc. Class A† | 198171 | &nbsp;&nbsp; 8093304 |
|  |  | &nbsp;&nbsp; **29281502** |
| **Information technology: 18.47%** |  |  |
| **Communications equipment: 2.11%** |  |  |
| Viavi Solutions, Inc.† | 513488 | &nbsp;&nbsp; **17088881** |
| **Electronic equipment, instruments & components: 6.09%** |  |  |
| Celestica, Inc.† | 43904 | &nbsp;&nbsp; 12366878 |
| Fabrinet† | 26013 | &nbsp;&nbsp; 13566300 |
| Novanta, Inc.† | 105862 | &nbsp;&nbsp; 12503361 |
| Teledyne Technologies, Inc.† | 17779 | &nbsp;&nbsp; 10756473 |
|  |  | &nbsp;&nbsp; **49193012** |
| **IT services: 3.25%** |  |  |
| DigitalOcean Holdings, Inc.† | 72329 | &nbsp;&nbsp; 6204381 |
| MongoDB, Inc. Class A† | 38118 | &nbsp;&nbsp; 9330143 |
| Twilio, Inc. Class A† | 85000 | &nbsp;&nbsp; 10694700 |
|  |  | &nbsp;&nbsp; **26229224** |
| **Semiconductors & semiconductor equipment: 4.58%** |  |  |
| Credo Technology Group Holding Ltd.† | 102675 | &nbsp;&nbsp; 9638102 |
| Entegris, Inc. | 103747 | &nbsp;&nbsp; 12163298 |
| Impinj, Inc.† | 52065 | &nbsp;&nbsp; 5347076 |
| Monolithic Power Systems, Inc. | 8996 | &nbsp;&nbsp; 9835777 |
|  |  | &nbsp;&nbsp; **36984253** |
| **Software: 2.44%** |  |  |
| Guidewire Software, Inc.† | 98972 | &nbsp;&nbsp; 14802252 |
| Tyler Technologies, Inc.† | 14304 | &nbsp;&nbsp; 4897404 |
|  |  | &nbsp;&nbsp; **19699656** |

---

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

4 \| Allspring SMID Cap Growth Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Real estate: 2.02%** |  |  |
| **Real estate management & development: 2.02%** |  |  |
| Jones Lang LaSalle, Inc.† | 53736 | &nbsp;&nbsp; **$16352939** |
| **Utilities: 1.35%** |  |  |
| **Independent power and renewable electricity producers: 1.35%** |  |  |
| Talen Energy Corp.† | 34281 | &nbsp;&nbsp; **10943524** |
| **Total common stocks (Cost $638,793,399)** |  | &nbsp;&nbsp; **800406558** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 0.59%** |  |  |  |  |
| **Investment companies: 0.59%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.60<br> %<br>| 4779637 | &nbsp;&nbsp; **4779637** |
| **Total short-term investments (Cost $4,779,637)** |  |  |  | &nbsp;&nbsp; **4779637** |
| **Total investments in securities (Cost $643,573,036)** | 99.70<br> %<br>|  |  | &nbsp;&nbsp; 805186195 |
| Other assets and liabilities, net | 0.30 |  |  | &nbsp;&nbsp; 2407500 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$807593695** |

---

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

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

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

Abbreviations: <br> ADR American depositary receipt

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $4220964 | $168736410 | $(168177737)<br>| $0 | $0 | $4779637 | 4779637 | $166676 |

---

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

Allspring SMID Cap Growth Fund \| 5

------

Statement of assets and liabilities—March 31, 2026 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $638,793,399) | $800406558 |
| Investments in affiliated securities, at value (cost $4,779,637) | 4779637 |
| Cash | 172 |
| Receivable for investments sold | 6406811 |
| Receivable for Fund shares sold | 333638 |
| Receivable for dividends | 81658 |
| Prepaid expenses and other assets | 45912 |
| **Total assets** | **812054386** |
| Liabilities |  |
| Payable for investments purchased | 3403890 |
| Management fee payable | 507769 |
| Payable for Fund shares redeemed | 326970 |
| Administration fees payable | 97085 |
| Shareholder servicing fees payable | 73794 |
| Trustees' fees and expenses payable | 343 |
| Accrued expenses and other liabilities | 50840 |
| **Total liabilities** | **4460691** |
| **Total net assets**  | **$807593695** |
| Net assets consist of |  |
| Paid-in capital | $620795460 |
| Total distributable earnings | 186798235 |
| **Total net assets** | **$807593695** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $307074345 |
| Shares outstanding–Class A<sup>1</sup> <br>| 14218740 |
| Net asset value per share–Class A | $21.60 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $22.92 |
| Net assets–Class R6 | $143894001 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 5201980 |
| Net asset value per share–Class R6 | $27.66 |
| Net assets–Administrator Class | $33795543 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 1429619 |
| Net asset value per share–Administrator Class | $23.64 |
| Net assets–Institutional Class | $322829806 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 11943240 |
| Net asset value per share–Institutional Class | $27.03 |

---

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

<sup>2</sup> Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

6 \| Allspring SMID Cap Growth Fund

------

Statement of operations—six months ended March 31, 2026 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $12,396) | $632927 |
| Income from affiliated securities | 166676 |
| Interest | 1738 |
| **Total investment income** | **801341** |
| Expenses |  |
| Management fee | 3486300 |
| Administration fees |  |
| Class A | 340040 |
| Class C | 536 <br><sup>1</sup><br>|
| Class R6 | 24059 |
| Administrator Class | 26170 |
| Institutional Class | 230877 |
| Shareholder servicing fees |  |
| Class A | 424675 |
| Class C | 670 <br><sup>1</sup><br>|
| Administrator Class | 48555 |
| Distribution fee |  |
| Class C | 1988 <br><sup>1</sup><br>|
| Custody and accounting fees | 15887 |
| Professional fees | 22742 |
| Registration fees | 42146 |
| Shareholder report expenses | 30815 |
| Trustees' fees and expenses | 7638 |
| Other fees and expenses | 21748 |
| **Total expenses** | **4724846** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (218701)<br>|
| Class A | (43697)<br>|
| Administrator Class | (2)<br>|
| **Net expenses** | **4462446** |
| **Net investment loss** | **(3661105)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments**  | **36305291** |
| **Net change in unrealized gains (losses) on investments** | **(86538688)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(50233397)**<br>|
| **Net decrease in net assets resulting from operations** | **$(53894502)**<br>|

---

<sup>1</sup> For the period from October 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 SMID Cap Growth Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> March 31, 2026<br> (unaudited) | Six months ended<br> March 31, 2026<br> (unaudited) | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(3661105)<br>|  | &nbsp;&nbsp; $(7986823)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 36305291 |  | &nbsp;&nbsp; 146071880 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (86538688)<br>|  | &nbsp;&nbsp; (68307802)<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **(53894502)**<br>|  | &nbsp;&nbsp; **69777255** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (54489704)<br>|  | &nbsp;&nbsp; (36981041)<br>|
| Class C |  | &nbsp;&nbsp; 0 <br><sup>1</sup><br>|  | &nbsp;&nbsp; (336902)<br>|
| Class R6 |  | &nbsp;&nbsp; (20600435)<br>|  | &nbsp;&nbsp; (18398144)<br>|
| Administrator Class |  | &nbsp;&nbsp; (6084978)<br>|  | &nbsp;&nbsp; (4404183)<br>|
| Institutional Class |  | &nbsp;&nbsp; (46773341)<br>|  | &nbsp;&nbsp; (30894971)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(127948458)**<br>|  | &nbsp;&nbsp; **(91015241)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 133053 | &nbsp;&nbsp; 3207550 | &nbsp;&nbsp; 281750 | &nbsp;&nbsp; 7372906 |
| Class C | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 11682 | &nbsp;&nbsp; 217068 |
| Class R6 | 331210 | &nbsp;&nbsp; 10272248 | &nbsp;&nbsp; 803776 | &nbsp;&nbsp; 26013457 |
| Administrator Class | 80967 | &nbsp;&nbsp; 2214096 | &nbsp;&nbsp; 198491 | &nbsp;&nbsp; 5566343 |
| Institutional Class | 579241 | &nbsp;&nbsp; 17230242 | &nbsp;&nbsp; 1584459 | &nbsp;&nbsp; 50348502 |
|  |  | &nbsp;&nbsp; 32924136 |  | &nbsp;&nbsp; 89518276 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 2306348 | &nbsp;&nbsp; 52953756 | &nbsp;&nbsp; 1321112 | &nbsp;&nbsp; 35987085 |
| Class C | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 17618 | &nbsp;&nbsp; 326822 |
| Class R6 | 685948 | &nbsp;&nbsp; 20146276 | &nbsp;&nbsp; 538340 | &nbsp;&nbsp; 18045142 |
| Administrator Class | 241566 | &nbsp;&nbsp; 6070559 | &nbsp;&nbsp; 149526 | &nbsp;&nbsp; 4396056 |
| Institutional Class | 1439265 | &nbsp;&nbsp; 41321293 | &nbsp;&nbsp; 836068 | &nbsp;&nbsp; 27506624 |
|  |  | &nbsp;&nbsp; 120491884 |  | &nbsp;&nbsp; 86261729 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (1404489)<br>| &nbsp;&nbsp; (34577810)<br>| &nbsp;&nbsp; (3200951)<br>| &nbsp;&nbsp; (83624100)<br>|
| Class C | (4942 )<sup>1</sup><br>| &nbsp;&nbsp; (91022 )<sup>1</sup><br>| &nbsp;&nbsp; (50257)<br>| &nbsp;&nbsp; (907654)<br>|
| Class R6 | (935056)<br>| &nbsp;&nbsp; (29745045)<br>| &nbsp;&nbsp; (3874288)<br>| &nbsp;&nbsp; (123889864)<br>|
| Administrator Class | (338349)<br>| &nbsp;&nbsp; (8885289)<br>| &nbsp;&nbsp; (683441)<br>| &nbsp;&nbsp; (19256342)<br>|
| Institutional Class | (1376367)<br>| &nbsp;&nbsp; (41787949)<br>| &nbsp;&nbsp; (3305767)<br>| &nbsp;&nbsp; (105307455)<br>|
|  |  | &nbsp;&nbsp; (115087115)<br>|  | &nbsp;&nbsp; (332985415)<br>|

---

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

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

8 \| Allspring SMID Cap Growth Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> March 31, 2026<br> (unaudited) | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Class A<br>73944 <br><sup>2</sup><br>| &nbsp;&nbsp; $1971686 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Class C<br>(109395 )<sup>2</sup><br>| &nbsp;&nbsp; (1971686 )<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; **38328905** |  | &nbsp;&nbsp; **(157205410)**<br>|
| **Total decrease in net assets** | &nbsp;&nbsp; **(143514055)**<br>|  | &nbsp;&nbsp; **(178443396)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **951107750** |  | &nbsp;&nbsp; **1129551146** |
| **End of period** | &nbsp;&nbsp; **$807593695** |  | &nbsp;&nbsp; **$951107750** |

---

<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 SMID Cap Growth Fund \| 9

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class A | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$27.37** | &nbsp;&nbsp; **$27.92** | &nbsp;&nbsp; **$21.43** | &nbsp;&nbsp; **$19.73** | &nbsp;&nbsp; **$47.48** | &nbsp;&nbsp; **$39.95** |
| Net investment loss | (0.12 )<sup>1</sup><br>| &nbsp;&nbsp; (0.26 )<sup>1</sup><br>| &nbsp;&nbsp; (0.20 )<sup>1</sup><br>| &nbsp;&nbsp; (0.17 )<sup>1</sup><br>| &nbsp;&nbsp; (0.30 )<sup>1</sup><br>| &nbsp;&nbsp; (0.53)<br>|
| Net realized and unrealized gains (losses) on investments | (1.36)<br>| 2.30 | 6.69 | 2.16 | &nbsp;&nbsp; (14.84)<br>| 10.51 |
| Total from investment operations | (1.48)<br>| 2.04 | 6.49 | 1.99 | &nbsp;&nbsp; (15.14)<br>| 9.98 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (4.29)<br>| &nbsp;&nbsp; (2.59)<br>| 0.00 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (12.61)<br>| &nbsp;&nbsp; (2.45)<br>|
| **Net asset value, end of period** | **$21.60** | &nbsp;&nbsp; **$27.37** | &nbsp;&nbsp; **$27.92** | &nbsp;&nbsp; **$21.43** | &nbsp;&nbsp; **$19.73** | &nbsp;&nbsp; **$47.48** |
| **Total return**<sup>2</sup> <br>| **(6.33)%**<br>| **7.33%**<br>| **30.28%**<br>| **10.08%**<br>| &nbsp;&nbsp; **(42.03)%**<br>| **25.48%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.26<br> %<br>| 1.26<br> %<br>| 1.24<br> %<br>| 1.24<br> %<br>| 1.21<br> %<br>| 1.19<br> %<br>|
| Net expenses | 1.18<br> %<br>| 1.17<br> %<br>| 1.18<br> %<br>| 1.20<br> %<br>| 1.19<br> %<br>| 1.18<br> %<br>|
| Net investment loss | (1.01)%<br>| &nbsp;&nbsp; (0.97)%<br>| &nbsp;&nbsp; (0.82)%<br>| &nbsp;&nbsp; (0.77)%<br>| &nbsp;&nbsp; (1.08)%<br>| &nbsp;&nbsp; (1.08)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 49<br> %<br>| &nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 51<br> %<br>|
| Net assets, end of period (000s omitted) | $307074 | &nbsp;&nbsp; $358863 | &nbsp;&nbsp; $410614 | &nbsp;&nbsp; $386119 | &nbsp;&nbsp; $414018 | &nbsp;&nbsp; $875257 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

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

10 \| Allspring SMID Cap Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class R6 | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$33.79** | &nbsp;&nbsp; **$33.77** | &nbsp;&nbsp; **$25.83** | &nbsp;&nbsp; **$23.63** | &nbsp;&nbsp; **$54.02** | &nbsp;&nbsp; **$44.98** |
| Net investment loss | (0.09 )<sup>1</sup><br>| &nbsp;&nbsp; (0.19 )<sup>1</sup><br>| &nbsp;&nbsp; (0.12 )<sup>1</sup><br>| &nbsp;&nbsp; (0.09 )<sup>1</sup><br>| &nbsp;&nbsp; (0.22 )<sup>1</sup><br>| &nbsp;&nbsp; (0.35 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (1.75)<br>| 2.80 | 8.06 | 2.58 | &nbsp;&nbsp; (17.56)<br>| 11.84 |
| Total from investment operations | (1.84)<br>| 2.61 | 7.94 | 2.49 | &nbsp;&nbsp; (17.78)<br>| 11.49 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (4.29)<br>| &nbsp;&nbsp; (2.59)<br>| 0.00 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (12.61)<br>| &nbsp;&nbsp; (2.45)<br>|
| **Net asset value, end of period** | **$27.66** | &nbsp;&nbsp; **$33.79** | &nbsp;&nbsp; **$33.77** | &nbsp;&nbsp; **$25.83** | &nbsp;&nbsp; **$23.63** | &nbsp;&nbsp; **$54.02** |
| **Total return**<sup>2</sup> <br>| **(6.18)%**<br>| **7.78%**<br>| **30.74%**<br>| **10.58%**<br>| &nbsp;&nbsp; **(41.80)%**<br>| **26.01%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.84<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>| 0.81<br> %<br>| 0.78<br> %<br>| 0.76<br> %<br>|
| Net expenses | 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.78<br> %<br>| 0.76<br> %<br>|
| Net investment loss | (0.61)%<br>| &nbsp;&nbsp; (0.59)%<br>| &nbsp;&nbsp; (0.42)%<br>| &nbsp;&nbsp; (0.36)%<br>| &nbsp;&nbsp; (0.66)%<br>| &nbsp;&nbsp; (0.66)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 49<br> %<br>| &nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 51<br> %<br>|
| Net assets, end of period (000s omitted) | $143894 | &nbsp;&nbsp; $172995 | &nbsp;&nbsp; $258437 | &nbsp;&nbsp; $287218 | &nbsp;&nbsp; $353183 | &nbsp;&nbsp; $771279 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized.

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

Allspring SMID Cap Growth Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Administrator Class | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$29.55** | &nbsp;&nbsp; **$29.94** | &nbsp;&nbsp; **$22.97** | &nbsp;&nbsp; **$21.12** | &nbsp;&nbsp; **$49.83** | &nbsp;&nbsp; **$41.79** |
| Net investment loss | (0.13 )<sup>1</sup><br>| &nbsp;&nbsp; (0.27 )<sup>1</sup><br>| &nbsp;&nbsp; (0.20 )<sup>1</sup><br>| &nbsp;&nbsp; (0.16 )<sup>1</sup><br>| &nbsp;&nbsp; (0.30 )<sup>1</sup><br>| &nbsp;&nbsp; (0.49 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (1.49)<br>| 2.47 | 7.17 | 2.30 | &nbsp;&nbsp; (15.80)<br>| 10.98 |
| Total from investment operations | (1.62)<br>| 2.20 | 6.97 | 2.14 | &nbsp;&nbsp; (16.10)<br>| 10.49 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (4.29)<br>| &nbsp;&nbsp; (2.59)<br>| 0.00 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (12.61)<br>| &nbsp;&nbsp; (2.45)<br>|
| **Net asset value, end of period** | **$23.64** | &nbsp;&nbsp; **$29.55** | &nbsp;&nbsp; **$29.94** | &nbsp;&nbsp; **$22.97** | &nbsp;&nbsp; **$21.12** | &nbsp;&nbsp; **$49.83** |
| **Total return**<sup>2</sup> <br>| **(6.34)%**<br>| **7.38%**<br>| **30.34%**<br>| **10.18%**<br>| &nbsp;&nbsp; **(41.98)%**<br>| **25.58%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.18<br> %<br>| 1.19<br> %<br>| 1.16<br> %<br>| 1.12<br> %<br>| 1.09<br> %<br>| 1.11<br> %<br>|
| Net expenses | 1.14<br> %<br>| 1.14<br> %<br>| 1.14<br> %<br>| 1.11<br> %<br>| 1.09<br> %<br>| 1.11<br> %<br>|
| Net investment loss | (0.96)%<br>| &nbsp;&nbsp; (0.94)%<br>| &nbsp;&nbsp; (0.77)%<br>| &nbsp;&nbsp; (0.69)%<br>| &nbsp;&nbsp; (0.98)%<br>| &nbsp;&nbsp; (1.01)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 49<br> %<br>| &nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 51<br> %<br>|
| Net assets, end of period (000s omitted) | $33796 | &nbsp;&nbsp; $42712 | &nbsp;&nbsp; $53313 | &nbsp;&nbsp; $48826 | &nbsp;&nbsp; $70724 | &nbsp;&nbsp; $189022 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized.

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

12 \| Allspring SMID Cap Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Institutional Class | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$33.13** | &nbsp;&nbsp; **$33.19** | &nbsp;&nbsp; **$25.41** | &nbsp;&nbsp; **$23.27** | &nbsp;&nbsp; **$53.45** | &nbsp;&nbsp; **$44.57** |
| Net investment loss | (0.11 )<sup>1</sup><br>| &nbsp;&nbsp; (0.22 )<sup>1</sup><br>| &nbsp;&nbsp; (0.15 )<sup>1</sup><br>| &nbsp;&nbsp; (0.12 )<sup>1</sup><br>| &nbsp;&nbsp; (0.25 )<sup>1</sup><br>| &nbsp;&nbsp; (0.40 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (1.70)<br>| 2.75 | 7.93 | 2.55 | &nbsp;&nbsp; (17.32)<br>| 11.73 |
| Total from investment operations | (1.81)<br>| 2.53 | 7.78 | 2.43 | &nbsp;&nbsp; (17.57)<br>| 11.33 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (4.29)<br>| &nbsp;&nbsp; (2.59)<br>| 0.00 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (12.61)<br>| &nbsp;&nbsp; (2.45)<br>|
| **Net asset value, end of period** | **$27.03** | &nbsp;&nbsp; **$33.13** | &nbsp;&nbsp; **$33.19** | &nbsp;&nbsp; **$25.41** | &nbsp;&nbsp; **$23.27** | &nbsp;&nbsp; **$53.45** |
| **Total return**<sup>2</sup> <br>| **(6.22)%**<br>| **7.66%**<br>| **30.62%**<br>| **10.49%**<br>| &nbsp;&nbsp; **(41.88)%**<br>| **25.91%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.94<br> %<br>| 0.94<br> %<br>| 0.92<br> %<br>| 0.91<br> %<br>| 0.88<br> %<br>| 0.86<br> %<br>|
| Net expenses | 0.89<br> %<br>| 0.89<br> %<br>| 0.89<br> %<br>| 0.89<br> %<br>| 0.88<br> %<br>| 0.86<br> %<br>|
| Net investment loss | (0.71)%<br>| &nbsp;&nbsp; (0.69)%<br>| &nbsp;&nbsp; (0.52)%<br>| &nbsp;&nbsp; (0.46)%<br>| &nbsp;&nbsp; (0.76)%<br>| &nbsp;&nbsp; (0.76)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 49<br> %<br>| &nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 51<br> %<br>|
| Net assets, end of period (000s omitted) | $322830 | &nbsp;&nbsp; $374420 | &nbsp;&nbsp; $404506 | &nbsp;&nbsp; $425304 | &nbsp;&nbsp; $517465 | &nbsp;&nbsp; $1090159 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized.

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

Allspring SMID Cap Growth 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 SMID Cap Growth 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.

Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Security transactions and income recognition

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

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

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions to shareholders

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

Federal and other taxes

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

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

14 \| Allspring SMID Cap Growth Fund

------

Notes to financial statements (unaudited)

As of March 31, 2026, the aggregate cost of all investments for federal income tax purposes was $651,031,338 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $205623443 |
| Gross unrealized losses | &nbsp;&nbsp; (51468586)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$154154857** |

---

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $14996710 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $14996710 |
| *Consumer discretionary* | &nbsp;&nbsp; 112217094 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 112217094 |
| *Financials* | &nbsp;&nbsp; 26416551 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 26416551 |
| *Health care* | &nbsp;&nbsp; 191701883 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 191701883 |
| *Industrials* | &nbsp;&nbsp; 278582831 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 278582831 |
| *Information technology* | &nbsp;&nbsp; 149195026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 149195026 |
| *Real estate* | &nbsp;&nbsp; 16352939 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 16352939 |
| *Utilities* | &nbsp;&nbsp; 10943524 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 10943524 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 4779637 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4779637 |
| **Total assets** | &nbsp;&nbsp; **$805186195** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$805186195** |

---

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

At March 31, 2026, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds

Allspring SMID Cap Growth Fund \| 15

------

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 | 0.800<br> %<br>|
| Next $500 million | 0.750 |
| Next $1 billion | 0.700 |
| Next $2 billion | 0.675 |
| Next $1 billion | 0.650 |
| Next $5 billion | 0.640 |
| Over $10 billion | 0.630 |

---

For the six months ended March 31, 2026, the management fee was equivalent to an annual rate of 0.78% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Class R6 | 0.03 |
| Administrator Class | 0.13 |
| Institutional Class | 0.13 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through January 31, 2027 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 March 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.21<br> %<br>|
| Class R6 | 0.79 |
| Administrator Class | 1.14 |
| Institutional Class | 0.89 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2026, Allspring Funds Distributor received $406 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 March 31, 2026.

16 \| Allspring SMID Cap Growth 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 did not have any interfund transactions during the six months ended March 31, 2026.

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 March 31, 2026 were $436,168,149 and $517,675,147, 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 March 31, 2026, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISKS

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

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.

Allspring SMID Cap Growth 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 SMID Cap Growth Fund

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

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

Not applicable

Allspring SMID Cap Growth Fund \| 19

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![](g100566imgd5c6864d1.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**

![](g100566imge39d25162.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.**

**NCSRS3321 03-26**

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![](g100566imgc47744711.jpg)

Allspring Common Stock Fund

Long Form Financial Statements

Semi-Annual Report

March 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_9c9b22b3-f3df-4fcf-bcec-e34b1813fd6e_POI-PageBlank-29_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_9c9b22b3-f3df-4fcf-bcec-e34b1813fd6e_FS-PageBlank-29_1)** |  |
| [Statement of assets and liabilities](#xx_9c9b22b3-f3df-4fcf-bcec-e34b1813fd6e_FS-PageBlank-29_1) | 7 |
| [Statement of operations](#xx_9c9b22b3-f3df-4fcf-bcec-e34b1813fd6e_FS-PageBlank-29_2) | 8 |
| [Statement of changes in net assets](#xx_9c9b22b3-f3df-4fcf-bcec-e34b1813fd6e_FS-PageBlank-29_3) | 9 |
| [Financial highlights](#xx_9c9b22b3-f3df-4fcf-bcec-e34b1813fd6e_FIHI-PageBlank-29_1) | 11 |
| **[Notes to financial statements](#xx_9c9b22b3-f3df-4fcf-bcec-e34b1813fd6e_NTF-PageBlank-29_1)** | 14 |
| **[Other information](#xx_9c9b22b3-f3df-4fcf-bcec-e34b1813fd6e_OI-PageBlank-29_1)** | 19 |
| [Item 8. Changes in and disagreements with accountants](#xx_9c9b22b3-f3df-4fcf-bcec-e34b1813fd6e_OI-PageBlank-29_2) | 20 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_9c9b22b3-f3df-4fcf-bcec-e34b1813fd6e_OI-PageBlank-29_2) | 20 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_9c9b22b3-f3df-4fcf-bcec-e34b1813fd6e_OI-PageBlank-29_2) | 20 |
| [Item 11. Statement regarding basis for board](#xx_9c9b22b3-f3df-4fcf-bcec-e34b1813fd6e_OI-PageBlank-29_2)['](#xx_9c9b22b3-f3df-4fcf-bcec-e34b1813fd6e_OI-PageBlank-29_2)[s approval of investment](#xx_9c9b22b3-f3df-4fcf-bcec-e34b1813fd6e_OI-PageBlank-29_2)<br> [advisory contract](#xx_9c9b22b3-f3df-4fcf-bcec-e34b1813fd6e_OI-PageBlank-29_2)<br>| 20 |

---

Allspring Common Stock Fund \| 1

------

Portfolio of investments—March 31, 2026 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.64%** |  |  |
| **Communication services: 1.44%** |  |  |
| **Entertainment: 1.44%** |  |  |
| Roku, Inc.† | 87739 | &nbsp;&nbsp; **$8301864** |
| **Consumer discretionary: 8.83%** |  |  |
| **Automobile components: 0.91%** |  |  |
| Gentherm, Inc.† | 188692 | &nbsp;&nbsp; **5241864** |
| **Hotels, restaurants & leisure: 1.26%** |  |  |
| Planet Fitness, Inc. Class A† | 97416 | &nbsp;&nbsp; **7245802** |
| **Household durables: 1.42%** |  |  |
| Toll Brothers, Inc. | 60083 | &nbsp;&nbsp; **8199527** |
| **Specialty retail: 4.71%** |  |  |
| Burlington Stores, Inc.† | 24342 | &nbsp;&nbsp; 7920400 |
| Chewy, Inc. Class A† | 178335 | &nbsp;&nbsp; 4815045 |
| National Vision Holdings, Inc.† | 279876 | &nbsp;&nbsp; 7248788 |
| Revolve Group, Inc.† | 319116 | &nbsp;&nbsp; 7215213 |
|  |  | &nbsp;&nbsp; **27199446** |
| **Textiles, apparel & luxury goods: 0.53%** |  |  |
| Tapestry, Inc. | 21877 | &nbsp;&nbsp; **3087063** |
| **Energy: 2.64%** |  |  |
| **Oil, gas & consumable fuels: 2.64%** |  |  |
| Antero Resources Corp.† | 145555 | &nbsp;&nbsp; 6177354 |
| Coterra Energy, Inc. | 185642 | &nbsp;&nbsp; 6523460 |
| Teekay Corp. Ltd. | 207947 | &nbsp;&nbsp; 2539033 |
|  |  | &nbsp;&nbsp; **15239847** |
| **Financials: 14.88%** |  |  |
| **Banks: 7.16%** |  |  |
| Ameris Bancorp | 119377 | &nbsp;&nbsp; 9310212 |
| Axos Financial, Inc.† | 80095 | &nbsp;&nbsp; 6815284 |
| Customers Bancorp, Inc.† | 25694 | &nbsp;&nbsp; 1783421 |
| Popular, Inc. | 46632 | &nbsp;&nbsp; 6256615 |
| Texas Capital Bancshares, Inc.† | 83241 | &nbsp;&nbsp; 7897906 |
| Wintrust Financial Corp. | 66603 | &nbsp;&nbsp; 9253821 |
|  |  | &nbsp;&nbsp; **41317259** |
| **Capital markets: 2.14%** |  |  |
| Cboe Global Markets, Inc. | 15376 | &nbsp;&nbsp; 4321732 |
| Raymond James Financial, Inc. | 39249 | &nbsp;&nbsp; 5682863 |
| StoneX Group, Inc.† | 29137 | &nbsp;&nbsp; 2349899 |
|  |  | &nbsp;&nbsp; **12354494** |
| **Insurance: 5.58%** |  |  |
| Arch Capital Group Ltd.† | 62537 | &nbsp;&nbsp; 6002926 |
| Axis Capital Holdings Ltd. | 61887 | &nbsp;&nbsp; 6275961 |

---

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

2 \| Allspring Common Stock Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Insurance**(continued) |  |  |
| First American Financial Corp. | 90730 | &nbsp;&nbsp; $5470112 |
| Reinsurance Group of America, Inc. | 41883 | &nbsp;&nbsp; 8550833 |
| Unum Group | 80329 | &nbsp;&nbsp; 5866427 |
|  |  | &nbsp;&nbsp; **32166259** |
| **Health care: 13.85%** |  |  |
| **Biotechnology: 3.81%** |  |  |
| ACADIA Pharmaceuticals, Inc.† | 72253 | &nbsp;&nbsp; 1608352 |
| Arrowhead Pharmaceuticals, Inc.† | 35258 | &nbsp;&nbsp; 2210677 |
| Catalyst Pharmaceuticals, Inc.† | 68937 | &nbsp;&nbsp; 1706880 |
| Exelixis, Inc.† | 42717 | &nbsp;&nbsp; 1832132 |
| Janux Therapeutics, Inc.† | 113729 | &nbsp;&nbsp; 1580833 |
| Monte Rosa Therapeutics, Inc.† | 101498 | &nbsp;&nbsp; 1669642 |
| Praxis Precision Medicines, Inc.† | 4936 | &nbsp;&nbsp; 1590330 |
| Protagonist Therapeutics, Inc.† | 17652 | &nbsp;&nbsp; 1860521 |
| PTC Therapeutics, Inc.† | 25580 | &nbsp;&nbsp; 1742765 |
| Roivant Sciences Ltd.† | 82200 | &nbsp;&nbsp; 2276940 |
| United Therapeutics Corp.† | 6601 | &nbsp;&nbsp; 3914261 |
|  |  | &nbsp;&nbsp; **21993333** |
| **Health care equipment & supplies: 2.41%** |  |  |
| Haemonetics Corp.† | 102098 | &nbsp;&nbsp; 5754244 |
| LivaNova PLC† | 128145 | &nbsp;&nbsp; 8144896 |
|  |  | &nbsp;&nbsp; **13899140** |
| **Health care providers & services: 2.14%** |  |  |
| HealthEquity, Inc.† | 111751 | &nbsp;&nbsp; 9339031 |
| Humana, Inc. | 17178 | &nbsp;&nbsp; 2978494 |
|  |  | &nbsp;&nbsp; **12317525** |
| **Life sciences tools & services: 5.19%** |  |  |
| Azenta, Inc.† | 366044 | &nbsp;&nbsp; 7734510 |
| Bio-Rad Laboratories, Inc. Class A† | 25838 | &nbsp;&nbsp; 7202342 |
| Bruker Corp. | 228111 | &nbsp;&nbsp; 8239369 |
| ICON PLC ADR† | 61333 | &nbsp;&nbsp; 6787110 |
|  |  | &nbsp;&nbsp; **29963331** |
| **Pharmaceuticals: 0.30%** |  |  |
| Amneal Pharmaceuticals, Inc.† | 140036 | &nbsp;&nbsp; **1740647** |
| **Industrials: 26.54%** |  |  |
| **Aerospace & defense: 4.00%** |  |  |
| BWX Technologies, Inc. | 44198 | &nbsp;&nbsp; 9038049 |
| Melrose Industries PLC | 982494 | &nbsp;&nbsp; 6657574 |
| V2X, Inc.† | 107799 | &nbsp;&nbsp; 7384231 |
|  |  | &nbsp;&nbsp; **23079854** |
| **Building products: 3.27%** |  |  |
| AAON, Inc. | 61278 | &nbsp;&nbsp; 5070755 |

---

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

Allspring Common Stock Fund \| 3

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Building products**(continued) |  |  |
| AZZ, Inc. | 57173 | &nbsp;&nbsp; $7154057 |
| Carlisle Cos., Inc. | 19885 | &nbsp;&nbsp; 6634034 |
|  |  | &nbsp;&nbsp; **18858846** |
| **Commercial services & supplies: 1.79%** |  |  |
| Montrose Environmental Group, Inc.† | 293226 | &nbsp;&nbsp; 6418717 |
| Republic Services, Inc. Class A | 17805 | &nbsp;&nbsp; 3899651 |
|  |  | &nbsp;&nbsp; **10318368** |
| **Construction & engineering: 3.24%** |  |  |
| API Group Corp.† | 231401 | &nbsp;&nbsp; 9376369 |
| Comfort Systems USA, Inc. | 4135 | &nbsp;&nbsp; 5702124 |
| Sterling Infrastructure, Inc.† | 8920 | &nbsp;&nbsp; 3632848 |
|  |  | &nbsp;&nbsp; **18711341** |
| **Electrical equipment: 3.68%** |  |  |
| Allient, Inc. | 156616 | &nbsp;&nbsp; 9254439 |
| Nextpower, Inc. Class A† | 22734 | &nbsp;&nbsp; 2740584 |
| Regal Rexnord Corp. | 49445 | &nbsp;&nbsp; 9259071 |
|  |  | &nbsp;&nbsp; **21254094** |
| **Machinery: 1.19%** |  |  |
| ESAB Corp. | 70970 | &nbsp;&nbsp; **6859960** |
| **Marine transportation: 1.95%** |  |  |
| Kirby Corp.† | 84656 | &nbsp;&nbsp; **11249089** |
| **Passenger airlines: 1.22%** |  |  |
| Alaska Air Group, Inc.† | 190553 | &nbsp;&nbsp; **7008539** |
| **Trading companies & distributors: 6.20%** |  |  |
| Applied Industrial Technologies, Inc. | 33621 | &nbsp;&nbsp; 8920324 |
| Herc Holdings, Inc. | 72101 | &nbsp;&nbsp; 7177655 |
| QXO, Inc.† | 523410 | &nbsp;&nbsp; 10164622 |
| WESCO International, Inc. | 34828 | &nbsp;&nbsp; 9529637 |
|  |  | &nbsp;&nbsp; **35792238** |
| **Information technology: 17.16%** |  |  |
| **Communications equipment: 0.51%** |  |  |
| Ciena Corp.† | 7617 | &nbsp;&nbsp; **2957148** |
| **Electronic equipment, instruments & components: 6.14%** |  |  |
| Littelfuse, Inc. | 27434 | &nbsp;&nbsp; 9309728 |
| Mirion Technologies, Inc. Class A† | 389624 | &nbsp;&nbsp; 7243110 |
| Ralliant Corp. | 171576 | &nbsp;&nbsp; 7135846 |
| Sanmina Corp.† | 10582 | &nbsp;&nbsp; 1371851 |
| Teledyne Technologies, Inc.† | 12323 | &nbsp;&nbsp; 7455538 |
| TTM Technologies, Inc.† | 29970 | &nbsp;&nbsp; 2919677 |
|  |  | &nbsp;&nbsp; **35435750** |

---

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

4 \| Allspring Common Stock Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **IT services: 1.33%** |  |  |
| Okta, Inc.† | 97028 | &nbsp;&nbsp; **$7637074** |
| **Semiconductors & semiconductor equipment: 5.63%** |  |  |
| Allegro MicroSystems, Inc.† | 228727 | &nbsp;&nbsp; 7211762 |
| Credo Technology Group Holding Ltd.† | 20148 | &nbsp;&nbsp; 1891293 |
| Marvell Technology, Inc. | 106301 | &nbsp;&nbsp; 10529114 |
| ON Semiconductor Corp.† | 207740 | &nbsp;&nbsp; 12863261 |
|  |  | &nbsp;&nbsp; **32495430** |
| **Software: 2.97%** |  |  |
| CCC Intelligent Solutions Holdings, Inc.† | 967800 | &nbsp;&nbsp; 5806800 |
| Cipher Digital, Inc.† | 83238 | &nbsp;&nbsp; 1071273 |
| D-Wave Quantum, Inc.† | 54279 | &nbsp;&nbsp; 783246 |
| Dynatrace, Inc.† | 255614 | &nbsp;&nbsp; 9452606 |
|  |  | &nbsp;&nbsp; **17113925** |
| **Technology hardware, storage & peripherals: 0.58%** |  |  |
| Sandisk Corp.† | 5299 | &nbsp;&nbsp; **3366666** |
| **Materials: 7.52%** |  |  |
| **Chemicals: 2.84%** |  |  |
| Ashland, Inc. | 134450 | &nbsp;&nbsp; 7476764 |
| Westlake Corp. | 76278 | &nbsp;&nbsp; 8910796 |
|  |  | &nbsp;&nbsp; **16387560** |
| **Containers & packaging: 1.11%** |  |  |
| Crown Holdings, Inc. | 63829 | &nbsp;&nbsp; **6398857** |
| **Metals & mining: 2.23%** |  |  |
| Century Aluminum Co.† | 41547 | &nbsp;&nbsp; 2438394 |
| Coeur Mining, Inc.† | 134465 | &nbsp;&nbsp; 2523908 |
| Commercial Metals Co. | 128821 | &nbsp;&nbsp; 7913474 |
|  |  | &nbsp;&nbsp; **12875776** |
| **Paper & forest products: 1.34%** |  |  |
| Louisiana-Pacific Corp. | 105979 | &nbsp;&nbsp; **7709972** |
| **Real estate: 4.42%** |  |  |
| **Health care REITs: 0.44%** |  |  |
| Omega Healthcare Investors, Inc. | 58036 | &nbsp;&nbsp; **2543138** |
| **Industrial REITs: 1.57%** |  |  |
| Terreno Realty Corp. | 146983 | &nbsp;&nbsp; **9027696** |
| **Residential REITs: 1.49%** |  |  |
| Sun Communities, Inc. | 68352 | &nbsp;&nbsp; **8609618** |
| **Specialized REITs: 0.92%** |  |  |
| SBA Communications Corp. Class A | 30875 | &nbsp;&nbsp; **5313896** |

---

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

Allspring Common Stock Fund \| 5

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Utilities: 1.36%** |  |  |
| **Independent power and renewable electricity producers: 1.36%** |  |  |
| Talen Energy Corp.† | 24522 | &nbsp;&nbsp; $**7828158** |
| **Total common stocks (Cost $468,284,128)** |  | &nbsp;&nbsp; **569100394** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 0.67%** |  |  |  |  |
| **Investment companies: 0.67%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.60<br> %<br>| 3879535 | &nbsp;&nbsp; **3879535** |
| **Total short-term investments (Cost $3,879,535)** |  |  |  | &nbsp;&nbsp; **3879535** |
| **Total investments in securities (Cost $472,163,663)** | 99.31<br> %<br>|  |  | &nbsp;&nbsp; 572979929 |
| Other assets and liabilities, net | 0.69 |  |  | &nbsp;&nbsp; 3973110 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$576953039** |

---

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

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

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

Abbreviations: <br> ADR American depositary receipt <br> REIT Real estate investment trust

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $4986689 | $78533872 | $(79641026)<br>| $0 | $0 | $3879535 | 3879535 | $86323 |

---

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

6 \| Allspring Common Stock Fund

------

Statement of assets and liabilities—March 31, 2026 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $468,284,128) | $569100394 |
| Investments in affiliated securities, at value (cost $3,879,535) | 3879535 |
| Foreign currency, at value (cost $71) | 76 |
| Receivable for investments sold | 4627080 |
| Receivable for dividends | 426791 |
| Receivable for Fund shares sold | 19180 |
| Prepaid expenses and other assets | 45302 |
| **Total assets** | **578098358** |
| Liabilities |  |
| Payable for Fund shares redeemed | 491985 |
| Management fee payable | 378993 |
| Shareholder servicing fees payable | 119301 |
| Administration fees payable | 98182 |
| Trustees' fees and expenses payable | 370 |
| Accrued expenses and other liabilities | 56488 |
| **Total liabilities** | **1145319** |
| **Total net assets**  | **$576953039** |
| Net assets consist of |  |
| Paid-in capital | $436744025 |
| Total distributable earnings | 140209014 |
| **Total net assets** | **$576953039** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $550761690 |
| Shares outstanding–Class A<sup>1</sup> <br>| 33942158 |
| Net asset value per share–Class A | $16.23 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $17.22 |
| Net assets–Class R6 | $3629828 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 194140 |
| Net asset value per share–Class R6 | $18.70 |
| Net assets–Institutional Class | $22561521 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 1216461 |
| Net asset value per share–Institutional Class | $18.55 |

---

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

<sup>2</sup> Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Allspring Common Stock Fund \| 7

------

Statement of operations—six months ended March 31, 2026 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $3,526) | $2075728 |
| Income from affiliated securities | 86323 |
| Interest | 1004 |
| **Total investment income** | **2163055** |
| Expenses |  |
| Management fee | 2493226 |
| Administration fees |  |
| Class A | 598134 |
| Class C | 167 <br><sup>1</sup><br>|
| Class R6 | 735 |
| Institutional Class | 18469 |
| Shareholder servicing fees |  |
| Class A | 747032 |
| Class C | 209 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 511 <br><sup>1</sup><br>|
| Custody and accounting fees | 13971 |
| Professional fees | 26184 |
| Registration fees | 43414 |
| Shareholder report expenses | 19209 |
| Trustees' fees and expenses | 6390 |
| Other fees and expenses | 10422 |
| **Total expenses** | **3978073** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (86167)<br>|
| Class A | (147457)<br>|
| Institutional Class | (10912)<br>|
| **Net expenses** | **3733537** |
| **Net investment loss** | **(1570482)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | 61962657 |
| Foreign currency and foreign currency translations | 1642 |
| **Net realized gains on investments**  | **61964299** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | (61574589)<br>|
| Foreign currency and foreign currency translations | (1731)<br>|
| **Net change in unrealized gains (losses) on investments** | **(61576320)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **387979** |
| **Net decrease in net assets resulting from operations** | **$(1182503)**<br>|

---

<sup>1</sup> For the period from October 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.

8 \| Allspring Common Stock Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> March 31, 2026<br> (unaudited) | Six months ended<br> March 31, 2026<br> (unaudited) | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(1570482)<br>|  | &nbsp;&nbsp; $(361512)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 61964299 |  | &nbsp;&nbsp; 27823980 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (61576320)<br>|  | &nbsp;&nbsp; (51211723)<br>|
| **Net decrease in net assets resulting from operations** |  | &nbsp;&nbsp; **(1182503)**<br>|  | &nbsp;&nbsp; **(23749255)**<br>|
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (25543662)<br>|  | &nbsp;&nbsp; (41978446)<br>|
| Class C |  | &nbsp;&nbsp; 0 <br><sup>1</sup><br>|  | &nbsp;&nbsp; (114745)<br>|
| Class R6 |  | &nbsp;&nbsp; (193586)<br>|  | &nbsp;&nbsp; (325254)<br>|
| Administrator Class |  | &nbsp;&nbsp; N/A |  | &nbsp;&nbsp; (66931 )<sup>2</sup><br>|
| Institutional Class |  | &nbsp;&nbsp; (978110)<br>|  | &nbsp;&nbsp; (2810180)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(26715358)**<br>|  | &nbsp;&nbsp; **(45295556)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 106890 | &nbsp;&nbsp; 1833736 | &nbsp;&nbsp; 283130 | &nbsp;&nbsp; 4842320 |
| Class C | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 8264 | &nbsp;&nbsp; 65420 |
| Class R6 | 29755 | &nbsp;&nbsp; 580758 | &nbsp;&nbsp; 150602 | &nbsp;&nbsp; 2961198 |
| Administrator Class | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 1441 <br><sup>2</sup><br>| &nbsp;&nbsp; 26808 <br><sup>2</sup><br>|
| Institutional Class | 129616 | &nbsp;&nbsp; 2541412 | &nbsp;&nbsp; 239933 | &nbsp;&nbsp; 4680292 |
|  |  | &nbsp;&nbsp; 4955906 |  | &nbsp;&nbsp; 12576038 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 1412143 | &nbsp;&nbsp; 24020553 | &nbsp;&nbsp; 2183359 | &nbsp;&nbsp; 39540624 |
| Class C | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 15218 | &nbsp;&nbsp; 114745 |
| Class R6 | 9887 | &nbsp;&nbsp; 193586 | &nbsp;&nbsp; 15743 | &nbsp;&nbsp; 325248 |
| Administrator Class | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 3233 <br><sup>2</sup><br>| &nbsp;&nbsp; 63307 <br><sup>2</sup><br>|
| Institutional Class | 50186 | &nbsp;&nbsp; 974601 | &nbsp;&nbsp; 136780 | &nbsp;&nbsp; 2805360 |
|  |  | &nbsp;&nbsp; 25188740 |  | &nbsp;&nbsp; 42849284 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (3677619)<br>| &nbsp;&nbsp; (63076313)<br>| &nbsp;&nbsp; (5767745)<br>| &nbsp;&nbsp; (99720622)<br>|
| Class C | (4728 )<sup>1</sup><br>| &nbsp;&nbsp; (32933 )<sup>1</sup><br>| &nbsp;&nbsp; (46001)<br>| &nbsp;&nbsp; (344569)<br>|
| Class R6 | (181920)<br>| &nbsp;&nbsp; (3614878)<br>| &nbsp;&nbsp; (106873)<br>| &nbsp;&nbsp; (2072214)<br>|
| Administrator Class | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; (13422 )<sup>2</sup><br>| &nbsp;&nbsp; (233360 )<sup>2</sup><br>|
| Institutional Class | (708881)<br>| &nbsp;&nbsp; (13893176)<br>| &nbsp;&nbsp; (1463631)<br>| &nbsp;&nbsp; (28059915)<br>|
|  |  | &nbsp;&nbsp; (80617300)<br>|  | &nbsp;&nbsp; (130430680)<br>|

---

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

<sup>2</sup> For the period from October 1, 2024 to September 12, 2025

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

Allspring Common Stock Fund \| 9

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> March 31, 2026<br> (unaudited) | Six months ended<br> March 31, 2026<br> (unaudited) | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |  |
| Class A | 36941 <br><sup>3</sup><br>| &nbsp;&nbsp; $619617 <br><sup>3</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Class C | (89367 )<sup>3</sup><br>| &nbsp;&nbsp; (619617 )<sup>3</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Administrator Class | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; (52103 )<sup>4</sup><br>| &nbsp;&nbsp; (965208 )<sup>4</sup><br>|
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 49648 <br><sup>4</sup><br>| &nbsp;&nbsp; 965208 <br><sup>4</sup><br>|
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(50472654)**<br>|  | &nbsp;&nbsp; **(75005358)**<br>|
| **Total decrease in net assets** |  | &nbsp;&nbsp; **(78370515)**<br>|  | &nbsp;&nbsp; **(144050169)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **655323554** |  | &nbsp;&nbsp; **799373723** |
| **End of period** |  | &nbsp;&nbsp; **$576953039** |  | &nbsp;&nbsp; **$655323554** |

---

<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.

10 \| Allspring Common Stock Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class A | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$17.04** | &nbsp;&nbsp; **$18.62** | &nbsp;&nbsp; **$15.89** | &nbsp;&nbsp; **$16.31** | &nbsp;&nbsp; **$24.46** | &nbsp;&nbsp; **$17.88** |
| Net investment loss | (0.04 )<sup>1</sup><br>| &nbsp;&nbsp; (0.01 )<sup>1</sup><br>| &nbsp;&nbsp; (0.05 )<sup>1</sup><br>| &nbsp;&nbsp; (0.05 )<sup>1</sup><br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.12)<br>|
| Net realized and unrealized gains (losses) on investments | (0.03)<br>| &nbsp;&nbsp; (0.47)<br>| 3.39 | 2.34 | &nbsp;&nbsp; (3.79)<br>| 7.75 |
| Total from investment operations | (0.07)<br>| &nbsp;&nbsp; (0.48)<br>| 3.34 | 2.29 | &nbsp;&nbsp; (3.91)<br>| 7.63 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (0.74)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp; (1.05)<br>|
| **Net asset value, end of period** | **$16.23** | &nbsp;&nbsp; **$17.04** | &nbsp;&nbsp; **$18.62** | &nbsp;&nbsp; **$15.89** | &nbsp;&nbsp; **$16.31** | &nbsp;&nbsp; **$24.46** |
| **Total return**<sup>2</sup> <br>| **(0.61)%**<br>| &nbsp;&nbsp; **(2.93)%**<br>| **21.60%**<br>| **14.48%**<br>| &nbsp;&nbsp; **(20.08)%**<br>| **43.77%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.28<br> %<br>| 1.27<br> %<br>| 1.26<br> %<br>| 1.27<br> %<br>| 1.26<br> %<br>| 1.25<br> %<br>|
| Net expenses | 1.20<br> %<br>| 1.19<br> %<br>| 1.21<br> %<br>| 1.23<br> %<br>| 1.23<br> %<br>| 1.23<br> %<br>|
| Net investment loss | (0.52)%<br>| &nbsp;&nbsp; (0.07)%<br>| &nbsp;&nbsp; (0.27)%<br>| &nbsp;&nbsp; (0.30)%<br>| &nbsp;&nbsp; (0.58)%<br>| &nbsp;&nbsp; (0.50)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 44<br> %<br>| &nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 48<br> %<br>|
| Net assets, end of period (000s omitted) | $550762 | &nbsp;&nbsp; $614352 | &nbsp;&nbsp; $733100 | &nbsp;&nbsp; $686143 | &nbsp;&nbsp; $684178 | &nbsp;&nbsp; $945399 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

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

Allspring Common Stock Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class R6 | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$19.49** | &nbsp;&nbsp; **$21.08** | &nbsp;&nbsp; **$17.84** | &nbsp;&nbsp; **$17.94** | &nbsp;&nbsp; **$26.41** | &nbsp;&nbsp; **$19.16** |
| Net investment income (loss) | (0.01 )<sup>1</sup><br>| 0.06 <br><sup>1</sup><br>| 0.02 <br><sup>1</sup><br>| 0.02 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.04 )<sup>1</sup><br>| &nbsp;&nbsp; (0.02 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.04)<br>| &nbsp;&nbsp; (0.55)<br>| 3.83 | 2.59 | &nbsp;&nbsp; (4.19)<br>| 8.32 |
| Total from investment operations | (0.05)<br>| &nbsp;&nbsp; (0.49)<br>| 3.85 | 2.61 | &nbsp;&nbsp; (4.23)<br>| 8.30 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (0.74)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp; (1.05)<br>|
| **Net asset value, end of period** | **$18.70** | &nbsp;&nbsp; **$19.49** | &nbsp;&nbsp; **$21.08** | &nbsp;&nbsp; **$17.84** | &nbsp;&nbsp; **$17.94** | &nbsp;&nbsp; **$26.41** |
| **Total return**<sup>2</sup> <br>| **(0.43)%**<br>| &nbsp;&nbsp; **(2.63)%**<br>| **22.11%**<br>| **15.00%**<br>| &nbsp;&nbsp; **(19.77)%**<br>| **44.37%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.86<br> %<br>| 0.86<br> %<br>| 0.84<br> %<br>| 0.84<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>|
| Net expenses | 0.83<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>|
| Net investment income (loss) | (0.12)%<br>| 0.28<br> %<br>| 0.12<br> %<br>| 0.09<br> %<br>| &nbsp;&nbsp; (0.17)%<br>| &nbsp;&nbsp; (0.09)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 44<br> %<br>| &nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 48<br> %<br>|
| Net assets, end of period (000s omitted) | $3630 | &nbsp;&nbsp; $6555 | &nbsp;&nbsp; $5837 | &nbsp;&nbsp; $6378 | &nbsp;&nbsp; $27209 | &nbsp;&nbsp; $35280 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized.

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

12 \| Allspring Common Stock Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Institutional Class | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$19.34** | &nbsp;&nbsp; **$20.93** | &nbsp;&nbsp; **$17.72** | &nbsp;&nbsp; **$17.85** | &nbsp;&nbsp; **$26.30** | &nbsp;&nbsp; **$19.09** |
| Net investment income (loss) | (0.01 )<sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.02 <br><sup>1</sup><br>| 0.02 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.04 )<sup>1</sup><br>| &nbsp;&nbsp; (0.03 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.04)<br>| &nbsp;&nbsp; (0.54)<br>| 3.80 | 2.56 | &nbsp;&nbsp; (4.17)<br>| 8.29 |
| Total from investment operations | (0.05)<br>| &nbsp;&nbsp; (0.49)<br>| 3.82 | 2.58 | &nbsp;&nbsp; (4.21)<br>| 8.26 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (0.74)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp; (1.05)<br>|
| **Net asset value, end of period** | **$18.55** | &nbsp;&nbsp; **$19.34** | &nbsp;&nbsp; **$20.93** | &nbsp;&nbsp; **$17.72** | &nbsp;&nbsp; **$17.85** | &nbsp;&nbsp; **$26.30** |
| **Total return**<sup>2</sup> <br>| **(0.43)%**<br>| &nbsp;&nbsp; **(2.65)%**<br>| **22.09%**<br>| **14.89%**<br>| &nbsp;&nbsp; **(19.78)%**<br>| **44.32%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.96<br> %<br>| 0.95<br> %<br>| 0.94<br> %<br>| 0.94<br> %<br>| 0.93<br> %<br>| 0.92<br> %<br>|
| Net expenses | 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>|
| Net investment income (loss) | (0.15)%<br>| 0.27<br> %<br>| 0.10<br> %<br>| 0.09<br> %<br>| &nbsp;&nbsp; (0.20)%<br>| &nbsp;&nbsp; (0.14)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 44<br> %<br>| &nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 48<br> %<br>|
| Net assets, end of period (000s omitted) | $22562 | &nbsp;&nbsp; $33753 | &nbsp;&nbsp; $58240 | &nbsp;&nbsp; $75148 | &nbsp;&nbsp; $74701 | &nbsp;&nbsp; $98202 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized.

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

Allspring Common Stock 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 Common Stock Fund (the "Fund") which is a diversified series of the Trust.

Effective at the close of business on September 12, 2025, Administrator Class shares 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.

Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management, LLC ("Allspring Funds Management").

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On March 31, 2026, such fair value pricing was used in pricing certain foreign securities.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

14 \| Allspring Common Stock Fund

------

Notes to financial statements (unaudited)

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2026, the aggregate cost of all investments for federal income tax purposes was $483,900,904 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $138609710 |
| Gross unrealized losses | &nbsp;&nbsp; (49530685)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$89079025** |

---

As of September 30, 2025, the Fund had current year deferred post-October capital losses and a qualified late-year ordinary loss which were both recognized on the first day of the current fiscal year in the following amounts:

---

| | |
|:---|:---|
| Deferred post-October <br>capital losses<br>|  |
| Short-Term | Late-Year Ordinary Loss <br>Deferred<br>|
| &nbsp;&nbsp;&nbsp; $3603006 | &nbsp;&nbsp; $360630 |

---

Class allocations

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

Allspring Common Stock Fund \| 15

------

Notes to financial statements (unaudited)

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

• Level 1—quoted prices in active markets for identical securities

• Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $8301864 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $8301864 |
| *Consumer discretionary* | &nbsp;&nbsp; 50973702 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 50973702 |
| *Energy* | &nbsp;&nbsp; 15239847 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 15239847 |
| *Financials* | &nbsp;&nbsp; 85838012 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 85838012 |
| *Health care* | &nbsp;&nbsp; 79913976 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 79913976 |
| *Industrials* | &nbsp;&nbsp; 146474755 | &nbsp;&nbsp;&nbsp; 6657574 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 153132329 |
| *Information technology* | &nbsp;&nbsp; 99005993 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 99005993 |
| *Materials* | &nbsp;&nbsp; 43372165 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 43372165 |
| *Real estate* | &nbsp;&nbsp; 25494348 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 25494348 |
| *Utilities* | &nbsp;&nbsp; 7828158 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7828158 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 3879535 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3879535 |
| **Total assets** | &nbsp;&nbsp; **$566322355** | &nbsp;&nbsp;&nbsp; **$6657574** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$572979929** |

---

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

At March 31, 2026, 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 | 0.800<br> %<br>|
| Next $500 million | 0.750 |
| Next $1 billion | 0.700 |
| Next $2 billion | 0.675 |
| Next $1 billion | 0.650 |
| Next $5 billion | 0.640 |
| Over $10 billion | 0.630 |

---

16 \| Allspring Common Stock Fund

------

Notes to financial statements (unaudited)

For the six months ended March 31, 2026, the management fee was equivalent to an annual rate of 0.79% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Class R6 | 0.03 |
| Institutional Class | 0.13 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through January 31, 2027 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 March 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.25<br> %<br>|
| Class R6 | 0.83 |
| Institutional Class | 0.85 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2026, Allspring Funds Distributor received $130 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 March 31, 2026.

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.

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 March 31, 2026.

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 March 31, 2026 were $273,111,586 and $354,798,086, respectively.

Allspring Common Stock Fund \| 17

------

Notes to financial statements (unaudited)

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

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 March 31, 2026, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISKS

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

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.

18 \| Allspring Common Stock 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 Common Stock 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 Common Stock Fund

------

![](g100566imgc47744711.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**

![](g100566img4fc3391a2.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.**

**NCSRS3301 03-26**

------

![](g100566img17b0955d1.jpg)

Allspring Income Plus Fund

Long Form Financial Statements

Semi-Annual Report

March 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_5a82c5a2-a2bb-40b0-9b8a-e6861561496a_POI-PageBlank-34_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_5a82c5a2-a2bb-40b0-9b8a-e6861561496a_FS-PageBlank-34_1)** |  |
| [Statement of assets and liabilities](#xx_5a82c5a2-a2bb-40b0-9b8a-e6861561496a_FS-PageBlank-34_1) | 22 |
| [Statement of operations](#xx_5a82c5a2-a2bb-40b0-9b8a-e6861561496a_FS-PageBlank-34_2) | 23 |
| [Statement of changes in net assets](#xx_5a82c5a2-a2bb-40b0-9b8a-e6861561496a_FS-PageBlank-34_4) | 25 |
| [Financial highlights](#xx_5a82c5a2-a2bb-40b0-9b8a-e6861561496a_FIHI-PageBlank-34_1) | 27 |
| **[Notes to financial statements](#xx_5a82c5a2-a2bb-40b0-9b8a-e6861561496a_NTF-PageBlank-34_1)** | 29 |
| **[Other information](#xx_5a82c5a2-a2bb-40b0-9b8a-e6861561496a_OI-PageBlank-34_1)** | 37 |
| [Item 8. Changes in and disagreements with accountants](#xx_5a82c5a2-a2bb-40b0-9b8a-e6861561496a_OI-PageBlank-34_2) | 38 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_5a82c5a2-a2bb-40b0-9b8a-e6861561496a_OI-PageBlank-34_2) | 38 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_5a82c5a2-a2bb-40b0-9b8a-e6861561496a_OI-PageBlank-34_2) | 38 |
| [Item 11. Statement regarding basis for board](#xx_5a82c5a2-a2bb-40b0-9b8a-e6861561496a_OI-PageBlank-34_2)['](#xx_5a82c5a2-a2bb-40b0-9b8a-e6861561496a_OI-PageBlank-34_2)[s approval of investment](#xx_5a82c5a2-a2bb-40b0-9b8a-e6861561496a_OI-PageBlank-34_2)<br> [advisory contract](#xx_5a82c5a2-a2bb-40b0-9b8a-e6861561496a_OI-PageBlank-34_2)<br>| 38 |

---

Allspring Income Plus Fund \| 1

------

Portfolio of investments—March 31, 2026 (unaudited)

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Agency securities: 29.46%** |  |  |  |  |
| FHLMC | 5.50<br> %<br>| &nbsp;&nbsp; 10-1-2054 | $4028436 | &nbsp;&nbsp; $4049373 |
| FHLMC | 5.50 | &nbsp;&nbsp; 11-1-2054 | 372321 | &nbsp;&nbsp; 374237 |
| FHLMC | 5.50 | &nbsp;&nbsp; 6-1-2055 | 2832492 | &nbsp;&nbsp; 2847727 |
| FNMA%% | 5.00 | &nbsp;&nbsp; 4-13-2056 | 13820000 | &nbsp;&nbsp; 13628270 |
| FNMA%% | 5.50 | &nbsp;&nbsp; 4-13-2056 | 2800000 | &nbsp;&nbsp; 2812897 |
| FNMA%% | 6.00 | &nbsp;&nbsp; 4-13-2056 | 12995000 | &nbsp;&nbsp; 13246167 |
| GNMA | 5.00 | &nbsp;&nbsp; 12-20-2054 | 1415247 | &nbsp;&nbsp; 1403402 |
| GNMA%% | 5.00 | &nbsp;&nbsp; 4-21-2056 | 1745000 | &nbsp;&nbsp; 1728078 |
| GNMA | 5.50 | &nbsp;&nbsp; 12-20-2054 | 2347719 | &nbsp;&nbsp; 2369760 |
| GNMA%% | 5.50 | &nbsp;&nbsp; 4-21-2056 | 18030000 | &nbsp;&nbsp; 18144828 |
| **Total agency securities (Cost $60,694,983)** |  |  |  | &nbsp;&nbsp; **60604739** |
| **Asset-backed securities: 6.77%** |  |  |  |  |
| ACHM Trust Series 2023-HE2 Class A144A±± | 7.50 | &nbsp;&nbsp; 10-25-2038 | 181179 | &nbsp;&nbsp; 188718 |
| ACHM Trust Series 2025-HE1 Class A144A±± | 5.92 | &nbsp;&nbsp; 3-25-2055 | 490833 | &nbsp;&nbsp; 496690 |
| AFN ABSPROP001 LLC Series 2019-1A Class A2144A | 4.46 | &nbsp;&nbsp; 5-20-2049 | 682844 | &nbsp;&nbsp; 618093 |
| Aqua Finance Issuer Trust Series 2026-A Class A144A | 4.76 | &nbsp;&nbsp; 4-17-2051 | 215000 | &nbsp;&nbsp; 213926 |
| Aqua Finance Trust Series 2019-A Class A144A | 3.14 | &nbsp;&nbsp; 7-16-2040 | 64547 | &nbsp;&nbsp; 62850 |
| Aqua Finance Trust Series 2021-A Class A144A | 1.54 | &nbsp;&nbsp; 7-17-2046 | 152531 | &nbsp;&nbsp; 139994 |
| BHG Securitization Trust Series 2021-A Class A144A | 1.42 | &nbsp;&nbsp; 11-17-2033 | 28279 | &nbsp;&nbsp; 28148 |
| Bojangles Issuer LLC Series 2024-1A Class A2144A | 6.58 | &nbsp;&nbsp; 11-20-2054 | 696500 | &nbsp;&nbsp; 700634 |
| Camber Credit Auto Trust Series 2026-1A Class A144A | 5.63 | &nbsp;&nbsp; 12-15-2031 | 474494 | &nbsp;&nbsp; 483896 |
| Centersquare Issuer LLC Series 2024-1A Class A2144A | 5.20 | &nbsp;&nbsp; 10-26-2054 | 1000000 | &nbsp;&nbsp; 965642 |
| Centersquare Issuer LLC Series 2025-1A Class A2144A | 5.50 | &nbsp;&nbsp; 3-26-2055 | 780000 | &nbsp;&nbsp; 755943 |
| Cogent IPv4 LLC Series 2024-1A Class A2144A | 7.92 | &nbsp;&nbsp; 5-25-2054 | 740000 | &nbsp;&nbsp; 763752 |
| &nbsp;&nbsp; Commonbond Student Loan Trust Series 2018-CGS <br> Class C144A<br>| 4.35 | &nbsp;&nbsp; 2-25-2046 | 66652 | &nbsp;&nbsp; 57449 |
| FIGRE Trust Series 2023-HE1 Class A144A | 5.85 | &nbsp;&nbsp; 3-25-2053 | 334985 | &nbsp;&nbsp; 338103 |
| FIGRE Trust Series 2023-HE2 Class A144A±± | 6.51 | &nbsp;&nbsp; 5-25-2053 | 230382 | &nbsp;&nbsp; 234988 |
| Five Guys Holdings, Inc. Series 2023-1A Class A2144A | 7.55 | &nbsp;&nbsp; 1-26-2054 | 177750 | &nbsp;&nbsp; 181043 |
| FREED Mortgage Trust Series 2022-HE1 Class A144A±± | 7.00 | &nbsp;&nbsp; 10-25-2037 | 207696 | &nbsp;&nbsp; 212484 |
| &nbsp;&nbsp; FS Rialto Issuer LLC Series 2021-FL3 Class B (U.S. SOFR 1 <br> Month+1.91%)144A±<br>| 5.59 | &nbsp;&nbsp; 11-16-2036 | 1000000 | &nbsp;&nbsp; 1004450 |
| &nbsp;&nbsp; GS REFT Issuer Ltd. Series 2026-FL1 Class A (U.S. SOFR 1 <br> Month+1.50%)144A±<br>| 5.17 | &nbsp;&nbsp; 4-19-2043 | 210000 | &nbsp;&nbsp; 209877 |
| Jimmy Johns Funding LLC Series 2017-1A Class A2II144A | 4.85 | &nbsp;&nbsp; 7-30-2047 | 227125 | &nbsp;&nbsp; 225928 |
| Jonah Energy ABS I LLC Series 2022-1 Class A1144A | 7.20 | &nbsp;&nbsp; 12-10-2037 | 301418 | &nbsp;&nbsp; 305608 |
| &nbsp;&nbsp; Lafayette Federal Credit Union Asset Trust Series 2026-HI1A <br> Class A2144A<br>| 5.38 | &nbsp;&nbsp; 1-25-2046 | 235342 | &nbsp;&nbsp; 233692 |
| &nbsp;&nbsp; Laurel Road Prime Student Loan Trust Series 2017-C <br> Class C144A<br>| 3.29 | &nbsp;&nbsp; 11-25-2042 | 79248 | &nbsp;&nbsp; 79022 |
| MNR ABS Issuer I LLC‡ | 8.12 | &nbsp;&nbsp; 12-15-2038 | 139789 | &nbsp;&nbsp; 142585 |
| NBC Funding LLC Series 2024-1A Class A2144A | 6.75 | &nbsp;&nbsp; 7-30-2054 | 895950 | &nbsp;&nbsp; 911414 |
| &nbsp;&nbsp; New Economy Assets - Phase 1 Sponsor LLC Series 2021-1 <br> Class B1144A<br>| 2.41 | &nbsp;&nbsp; 10-20-2061 | 330000 | &nbsp;&nbsp; 207696 |
| NMEF Funding LLC Series 2025-A Class B144A | 5.18 | &nbsp;&nbsp; 7-15-2032 | 445000 | &nbsp;&nbsp; 447874 |
| Octane Receivables Trust Series 2023-1A Class B144A | 5.96 | &nbsp;&nbsp; 7-20-2029 | 81329 | &nbsp;&nbsp; 81508 |
| OWN Equipment Fund III LLC Series 2025-2M Class A144A | 5.42 | &nbsp;&nbsp; 3-27-2034 | 506611 | &nbsp;&nbsp; 504649 |

---

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

2 \| Allspring Income Plus Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| Pagaya AI Debt Trust Series 2025-4 Class A2144A | 5.37<br> %<br>| &nbsp;&nbsp; 1-17-2033 | $539532 | &nbsp;&nbsp; $541853 |
| &nbsp;&nbsp; Starwood LLC Series 2025-SIF5A Class A (U.S. SOFR 3 <br> Month+1.55%)144A±<br>| 5.22 | &nbsp;&nbsp; 4-15-2037 | 875000 | &nbsp;&nbsp; 874979 |
| &nbsp;&nbsp; Store Master Funding I-VII XIV XIX XX XXIV Series 2023-1A <br> Class A1144A<br>| 6.19 | &nbsp;&nbsp; 6-20-2053 | 492917 | &nbsp;&nbsp; 493836 |
| Switch ABS Issuer LLC Series 2025-2A Class A22144A | 5.37 | &nbsp;&nbsp; 10-25-2055 | 215000 | &nbsp;&nbsp; 210821 |
| Uniti Fiber ABS Issuer LLC Series 2025-1A Class A2144A | 5.88 | &nbsp;&nbsp; 4-20-2055 | 1000000 | &nbsp;&nbsp; 1015316 |
| **Total asset-backed securities (Cost $14,090,786)** |  |  |  | &nbsp;&nbsp; **13933461** |

---

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

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Common stocks: 0.07%** |  |  |
| **Consumer staples: 0.00%** |  |  |
| **Consumer staples distribution & retail: 0.00%** |  |  |
| Casino Guichard Perrachon SA† | 1285 | &nbsp;&nbsp; **240** |
| **Energy: 0.07%** |  |  |
| **Independent power and renewable electricity producers:** <br> **0.07%** |  |  |
| Enviva, Inc. (Acquired 12-6-2024, cost $45,706)‡†˃ | 8376 | &nbsp;&nbsp; **150768** |
| **Financials: 0.00%** |  |  |
| **Financial services: 0.00%** |  |  |
| Unifin Financiera SAB de CV♦† | 78042 | &nbsp;&nbsp; **0** |
| **Total common stocks (Cost $472,765)** |  | &nbsp;&nbsp; **151008** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |
| **Corporate bonds and notes: 28.22%** |  |  |  |  |
| **Basic materials: 1.09%** |  |  |  |  |
| **Chemicals: 0.81%** |  |  |  |  |
| Air Products & Chemicals, Inc. | 4.00 | &nbsp;&nbsp; 3-3-2035 | $300000 | &nbsp;&nbsp; 347572 |
| Celanese U.S. Holdings LLC | 7.38 | &nbsp;&nbsp; 7-15-2032 | 415000 | &nbsp;&nbsp; 433158 |
| Chemours Co.144A## | 8.00 | &nbsp;&nbsp; 1-15-2033 | 550000 | &nbsp;&nbsp; 553003 |
| LYB International Finance III LLC | 5.50 | &nbsp;&nbsp; 3-1-2034 | 65000 | &nbsp;&nbsp; 64610 |
| LYB International Finance III LLC | 5.88 | &nbsp;&nbsp; 1-15-2036 | 255000 | &nbsp;&nbsp; 255843 |
|  |  |  |  | &nbsp;&nbsp; **1654186** |
| **Iron/steel: 0.28%** |  |  |  |  |
| Cleveland-Cliffs, Inc.144A | 4.88 | &nbsp;&nbsp; 3-1-2031 | 40000 | &nbsp;&nbsp; 35927 |
| Cleveland-Cliffs, Inc.144A## | 7.00 | &nbsp;&nbsp; 3-15-2032 | 560000 | &nbsp;&nbsp; 541829 |
|  |  |  |  | &nbsp;&nbsp; **577756** |
| **Communications: 5.06%** |  |  |  |  |
| **Internet: 1.63%** |  |  |  |  |
| Alphabet, Inc. | 5.65 | &nbsp;&nbsp; 2-15-2056 | 310000 | &nbsp;&nbsp; 309003 |
| Amazon.com, Inc.## | 4.25 | &nbsp;&nbsp; 3-13-2031 | 660000 | &nbsp;&nbsp; 655135 |
| Amazon.com, Inc. | 4.88 | &nbsp;&nbsp; 3-13-2036 | 430000 | &nbsp;&nbsp; 426081 |
| Amazon.com, Inc. | 5.80 | &nbsp;&nbsp; 3-13-2056 | 365000 | &nbsp;&nbsp; 364707 |

---

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

Allspring Income Plus Fund \| 3

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Internet**(continued) |  |  |  |  |
| Arches Buyer, Inc.144A | 6.13<br> %<br>| &nbsp;&nbsp; 12-1-2028 | $345000 | &nbsp;&nbsp; $330409 |
| Booking Holdings, Inc. | 4.13 | &nbsp;&nbsp; 5-12-2033 | 145000 | &nbsp;&nbsp; 169388 |
| Meta Platforms, Inc. | 4.88 | &nbsp;&nbsp; 11-15-2035 | 425000 | &nbsp;&nbsp; 416943 |
| Meta Platforms, Inc. | 5.63 | &nbsp;&nbsp; 11-15-2055 | 400000 | &nbsp;&nbsp; 374956 |
| Wayfair LLC144A | 6.75 | &nbsp;&nbsp; 11-15-2032 | 305000 | &nbsp;&nbsp; 307315 |
|  |  |  |  | &nbsp;&nbsp; **3353937** |
| **Media: 1.98%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.144A## | 4.25 | &nbsp;&nbsp; 1-15-2034 | 880000 | &nbsp;&nbsp; 752834 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital##<br>| 2.80 | &nbsp;&nbsp; 4-1-2031 | 610000 | &nbsp;&nbsp; 547662 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 3.90 | &nbsp;&nbsp; 6-1-2052 | 95000 | &nbsp;&nbsp; 60476 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 6.10 | &nbsp;&nbsp; 6-1-2029 | 235000 | &nbsp;&nbsp; 243425 |
| Comcast Corp. | 2.94 | &nbsp;&nbsp; 11-1-2056 | 120000 | &nbsp;&nbsp; 66476 |
| Comcast Corp. | 5.50 | &nbsp;&nbsp; 5-15-2064 | 205000 | &nbsp;&nbsp; 181554 |
| CSC Holdings LLC144A | 5.50 | &nbsp;&nbsp; 4-15-2027 | 170000 | &nbsp;&nbsp; 147457 |
| CSC Holdings LLC144A | 11.25 | &nbsp;&nbsp; 5-15-2028 | 325000 | &nbsp;&nbsp; 265572 |
| DISH Network Corp.144A | 11.75 | &nbsp;&nbsp; 11-15-2027 | 205000 | &nbsp;&nbsp; 211200 |
| Gray Media, Inc.144A | 9.63 | &nbsp;&nbsp; 7-15-2032 | 425000 | &nbsp;&nbsp; 424973 |
| News Corp.144A | 3.88 | &nbsp;&nbsp; 5-15-2029 | 280000 | &nbsp;&nbsp; 270221 |
| News Corp.144A | 5.13 | &nbsp;&nbsp; 2-15-2032 | 380000 | &nbsp;&nbsp; 371532 |
| Paramount Global (U.S. SOFR 3 Month+3.90%)± | 6.25 | &nbsp;&nbsp; 2-28-2057 | 510000 | &nbsp;&nbsp; 341700 |
| Time Warner Cable LLC | 5.50 | &nbsp;&nbsp; 9-1-2041 | 220000 | &nbsp;&nbsp; 189607 |
|  |  |  |  | &nbsp;&nbsp; **4074689** |
| **Telecommunications: 1.45%** |  |  |  |  |
| AT&T, Inc. | 3.55 | &nbsp;&nbsp; 9-15-2055 | 270000 | &nbsp;&nbsp; 175598 |
| AT&T, Inc.## | 5.70 | &nbsp;&nbsp; 11-1-2054 | 625000 | &nbsp;&nbsp; 585206 |
| Level 3 Financing, Inc.144A | 3.75 | &nbsp;&nbsp; 7-15-2029 | 60000 | &nbsp;&nbsp; 55650 |
| Level 3 Financing, Inc.144A | 7.00 | &nbsp;&nbsp; 3-31-2034 | 295000 | &nbsp;&nbsp; 301958 |
| Level 3 Financing, Inc.144A | 8.50 | &nbsp;&nbsp; 1-15-2036 | 430000 | &nbsp;&nbsp; 448667 |
| SV RNO Property Owner 1 LLC144A | 5.88 | &nbsp;&nbsp; 3-1-2031 | 435000 | &nbsp;&nbsp; 429994 |
| T-Mobile USA, Inc. | 5.25 | &nbsp;&nbsp; 6-15-2055 | 260000 | &nbsp;&nbsp; 231258 |
| Verizon Communications, Inc. | 5.00 | &nbsp;&nbsp; 1-15-2036 | 455000 | &nbsp;&nbsp; 445576 |
| Verizon Communications, Inc. | 5.88 | &nbsp;&nbsp; 11-30-2055 | 170000 | &nbsp;&nbsp; 165355 |
| WULF Compute LLC144A | 7.75 | &nbsp;&nbsp; 10-15-2030 | 140000 | &nbsp;&nbsp; 147935 |
|  |  |  |  | &nbsp;&nbsp; **2987197** |
| **Consumer, cyclical: 3.13%** |  |  |  |  |
| **Airlines: 0.26%** |  |  |  |  |
| American Airlines Pass-Through Trust Series 2015-1 Class A | 3.38 | &nbsp;&nbsp; 5-1-2027 | 341342 | &nbsp;&nbsp; 337025 |
| Southwest Airlines Co. | 5.25 | &nbsp;&nbsp; 11-15-2035 | 160000 | &nbsp;&nbsp; 150177 |
| United Airlines Pass-Through Trust Series 2020-1 Class A | 5.88 | &nbsp;&nbsp; 10-15-2027 | 45585 | &nbsp;&nbsp; 46346 |
|  |  |  |  | &nbsp;&nbsp; **533548** |

---

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

4 \| Allspring Income Plus Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Apparel: 0.67%** |  |  |  |  |
| Beach Acquisition Bidco LLC144A | 5.25<br> %<br>| &nbsp;&nbsp; 7-15-2032 | $425000 | &nbsp;&nbsp; $471141 |
| Beach Acquisition Bidco LLC (PIK at 10.75%)144A¥## | 10.00 | &nbsp;&nbsp; 7-15-2033 | 690401 | &nbsp;&nbsp; 735289 |
| Crocs, Inc.144A | 4.13 | &nbsp;&nbsp; 8-15-2031 | 190000 | &nbsp;&nbsp; 170968 |
|  |  |  |  | &nbsp;&nbsp; **1377398** |
| **Auto manufacturers: 0.21%** |  |  |  |  |
| Ford Motor Credit Co. LLC | 5.42 | &nbsp;&nbsp; 4-9-2031 | 440000 | &nbsp;&nbsp; **432093** |
| **Auto parts & equipment: 0.24%** |  |  |  |  |
| Adient Global Holdings Ltd.144A | 7.50 | &nbsp;&nbsp; 2-15-2033 | 295000 | &nbsp;&nbsp; 298246 |
| American Axle & Manufacturing, Inc. | 5.00 | &nbsp;&nbsp; 10-1-2029 | 215000 | &nbsp;&nbsp; 205098 |
|  |  |  |  | &nbsp;&nbsp; **503344** |
| **Entertainment: 0.21%** |  |  |  |  |
| &nbsp;&nbsp; Six Flags Entertainment Corp./Canada's Wonderland <br> Co./Millennium Operations LLC144A<br>| 8.63 | &nbsp;&nbsp; 1-15-2032 | 440000 | &nbsp;&nbsp; **440710** |
| **Home builders: 0.53%** |  |  |  |  |
| Century Communities, Inc.144A | 6.63 | &nbsp;&nbsp; 9-15-2033 | 450000 | &nbsp;&nbsp; 440840 |
| K Hovnanian Enterprises, Inc.144A## | 8.38 | &nbsp;&nbsp; 10-1-2033 | 625000 | &nbsp;&nbsp; 618058 |
| LGI Homes, Inc.144A | 8.75 | &nbsp;&nbsp; 12-15-2028 | 20000 | &nbsp;&nbsp; 20463 |
|  |  |  |  | &nbsp;&nbsp; **1079361** |
| **Housewares: 0.02%** |  |  |  |  |
| Newell Brands, Inc. | 6.38 | &nbsp;&nbsp; 5-15-2030 | 40000 | &nbsp;&nbsp; **38397** |
| **Lodging: 0.04%** |  |  |  |  |
| Las Vegas Sands Corp. | 6.20 | &nbsp;&nbsp; 8-15-2034 | 80000 | &nbsp;&nbsp; **81975** |
| **Retail: 0.73%** |  |  |  |  |
| Michaels Cos., Inc.144A | 8.50 | &nbsp;&nbsp; 3-15-2033 | 425000 | &nbsp;&nbsp; 413735 |
| PetSmart LLC/PetSmart Finance Corp.144A | 7.50 | &nbsp;&nbsp; 9-15-2032 | 510000 | &nbsp;&nbsp; 512484 |
| PetSmart LLC/PetSmart Finance Corp.144A## | 10.00 | &nbsp;&nbsp; 9-15-2033 | 580000 | &nbsp;&nbsp; 578668 |
|  |  |  |  | &nbsp;&nbsp; **1504887** |
| **Toys/games/hobbies: 0.22%** |  |  |  |  |
| Mattel, Inc. | 5.45 | &nbsp;&nbsp; 11-1-2041 | 220000 | &nbsp;&nbsp; 199213 |
| Mattel, Inc.144A | 5.88 | &nbsp;&nbsp; 12-15-2027 | 250000 | &nbsp;&nbsp; 249988 |
|  |  |  |  | &nbsp;&nbsp; **449201** |
| **Consumer, non-cyclical: 2.56%** |  |  |  |  |
| **Commercial services: 1.43%** |  |  |  |  |
| GEO Group, Inc. | 10.25 | &nbsp;&nbsp; 4-15-2031 | 125000 | &nbsp;&nbsp; 133348 |
| Global Payments, Inc.## | 4.88 | &nbsp;&nbsp; 11-15-2030 | 625000 | &nbsp;&nbsp; 613776 |
| Global Payments, Inc.## | 4.88 | &nbsp;&nbsp; 3-17-2031 | 595000 | &nbsp;&nbsp; 699713 |
| Global Payments, Inc. | 5.20 | &nbsp;&nbsp; 11-15-2032 | 235000 | &nbsp;&nbsp; 228116 |
| Global Payments, Inc. | 5.95 | &nbsp;&nbsp; 8-15-2052 | 60000 | &nbsp;&nbsp; 55212 |
| &nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance Sub, <br> Inc.144A<br>| 5.50 | &nbsp;&nbsp; 5-15-2033 | 350000 | &nbsp;&nbsp; 381390 |

---

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

Allspring Income Plus Fund \| 5

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Commercial services**(continued) |  |  |  |  |
| Sotheby's/BidFair Holdings, Inc.144A | 5.88<br> %<br>| &nbsp;&nbsp; 6-1-2029 | $425000 | &nbsp;&nbsp; $399014 |
| &nbsp;&nbsp; Toll Road Investors Partnership II LP Series 1999-B (NPFGC <br> Insured)144A¤<br>| 0.00 | &nbsp;&nbsp; 2-15-2027 | 200000 | &nbsp;&nbsp; 190111 |
| Upbound Group, Inc.144A | 6.38 | &nbsp;&nbsp; 2-15-2029 | 255000 | &nbsp;&nbsp; 247101 |
|  |  |  |  | &nbsp;&nbsp; **2947781** |
| **Cosmetics/Personal Care: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Coty, Inc./HFC Prestige Products, Inc./HFC Prestige <br> International U.S. LLC144A<br>| 4.75 | &nbsp;&nbsp; 1-15-2029 | 150000 | &nbsp;&nbsp; **145995** |
| **Food: 0.20%** |  |  |  |  |
| Mars, Inc.144A | 5.70 | &nbsp;&nbsp; 5-1-2055 | 415000 | &nbsp;&nbsp; **404655** |
| **Healthcare-products: 0.23%** |  |  |  |  |
| Abbott Laboratories | 4.65 | &nbsp;&nbsp; 3-15-2036 | 275000 | &nbsp;&nbsp; 268911 |
| Abbott Laboratories | 5.50 | &nbsp;&nbsp; 3-15-2056 | 205000 | &nbsp;&nbsp; 201008 |
|  |  |  |  | &nbsp;&nbsp; **469919** |
| **Healthcare-services: 0.50%** |  |  |  |  |
| CHS/Community Health Systems, Inc.144A | 10.88 | &nbsp;&nbsp; 1-15-2032 | 176000 | &nbsp;&nbsp; 188824 |
| Radiology Partners, Inc.144A | 8.50 | &nbsp;&nbsp; 7-15-2032 | 400000 | &nbsp;&nbsp; 405548 |
| Star Parent, Inc.144A | 9.00 | &nbsp;&nbsp; 10-1-2030 | 400000 | &nbsp;&nbsp; 414400 |
| UnitedHealth Group, Inc. | 5.95 | &nbsp;&nbsp; 6-15-2055 | 25000 | &nbsp;&nbsp; 25185 |
|  |  |  |  | &nbsp;&nbsp; **1033957** |
| **Pharmaceuticals: 0.13%** |  |  |  |  |
| EMD Finance LLC144A | 4.63 | &nbsp;&nbsp; 10-15-2032 | 265000 | &nbsp;&nbsp; **261233** |
| **Energy: 2.86%** |  |  |  |  |
| **Energy-alternate sources: 0.11%** |  |  |  |  |
| Enviva Partners LP/Enviva Partners Finance Corp.144A♦† | 6.50 | &nbsp;&nbsp; 1-15-2026 | 400000 | &nbsp;&nbsp; 0 |
| TerraForm Power Operating LLC144A | 4.75 | &nbsp;&nbsp; 1-15-2030 | 239000 | &nbsp;&nbsp; 228909 |
|  |  |  |  | &nbsp;&nbsp; **228909** |
| **Oil & gas: 0.55%** |  |  |  |  |
| APA Corp. | 5.25 | &nbsp;&nbsp; 2-1-2042 | 93000 | &nbsp;&nbsp; 79410 |
| California Resources Corp.144A | 8.25 | &nbsp;&nbsp; 6-15-2029 | 92000 | &nbsp;&nbsp; 96253 |
| ConocoPhillips Co. | 5.65 | &nbsp;&nbsp; 1-15-2065 | 75000 | &nbsp;&nbsp; 71317 |
| Hilcorp Energy I LP/Hilcorp Finance Co.144A | 6.00 | &nbsp;&nbsp; 2-1-2031 | 455000 | &nbsp;&nbsp; 442229 |
| Nabors Industries, Inc.144A | 9.13 | &nbsp;&nbsp; 1-31-2030 | 220000 | &nbsp;&nbsp; 230998 |
| SM Energy Co.144A | 9.63 | &nbsp;&nbsp; 6-15-2033 | 190000 | &nbsp;&nbsp; 209897 |
|  |  |  |  | &nbsp;&nbsp; **1130104** |
| **Oil & gas services: 0.75%** |  |  |  |  |
| &nbsp;&nbsp; Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, <br> Inc.##<br>| 5.85 | &nbsp;&nbsp; 6-15-2056 | 560000 | &nbsp;&nbsp; 547984 |
| Bristow Group, Inc.144A | 6.75 | &nbsp;&nbsp; 2-1-2033 | 425000 | &nbsp;&nbsp; 429565 |

---

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

6 \| Allspring Income Plus Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Oil & gas services**(continued) |  |  |  |  |
| Schlumberger Holdings Corp.144A | 4.85<br> %<br>| &nbsp;&nbsp; 5-15-2033 | $215000 | &nbsp;&nbsp; $214665 |
| SESI LLC144A | 7.88 | &nbsp;&nbsp; 9-30-2030 | 340000 | &nbsp;&nbsp; 346702 |
|  |  |  |  | &nbsp;&nbsp; **1538916** |
| **Pipelines: 1.45%** |  |  |  |  |
| CQP Holdco LP/BIP-V Chinook Holdco LLC144A | 7.50 | &nbsp;&nbsp; 12-15-2033 | 188000 | &nbsp;&nbsp; 197299 |
| Energy Transfer LP | 5.95 | &nbsp;&nbsp; 5-15-2054 | 415000 | &nbsp;&nbsp; 389136 |
| Energy Transfer LP | 6.20 | &nbsp;&nbsp; 4-1-2055 | 165000 | &nbsp;&nbsp; 160191 |
| &nbsp;&nbsp; Energy Transfer LP (5 Year Treasury Constant <br> Maturity+4.02%)±<br>| 8.00 | &nbsp;&nbsp; 5-15-2054 | 70000 | &nbsp;&nbsp; 73318 |
| MPLX LP | 5.30 | &nbsp;&nbsp; 4-1-2036 | 255000 | &nbsp;&nbsp; 251352 |
| Prairie Acquiror LP144A | 9.00 | &nbsp;&nbsp; 8-1-2029 | 410000 | &nbsp;&nbsp; 423524 |
| &nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance <br> Corp.144A<br>| 6.00 | &nbsp;&nbsp; 12-31-2030 | 385000 | &nbsp;&nbsp; 383039 |
| Venture Global LNG, Inc.144A | 8.38 | &nbsp;&nbsp; 6-1-2031 | 150000 | &nbsp;&nbsp; 155996 |
| &nbsp;&nbsp; Venture Global LNG, Inc. (5 Year Treasury Constant <br> Maturity+5.44%)144Aʊ±<br>| 9.00 | &nbsp;&nbsp; 9-30-2029 | 505000 | &nbsp;&nbsp; 503003 |
| Venture Global Plaquemines LNG LLC144A | 7.50 | &nbsp;&nbsp; 5-1-2033 | 410000 | &nbsp;&nbsp; 450674 |
|  |  |  |  | &nbsp;&nbsp; **2987532** |
| **Financial: 9.19%** |  |  |  |  |
| **Banks: 2.46%** |  |  |  |  |
| Bank of America Corp. (U.S. SOFR+1.74%)± | 5.52 | &nbsp;&nbsp; 10-25-2035 | 170000 | &nbsp;&nbsp; 169996 |
| Bank of America Corp. (U.S. SOFR+1.91%)± | 5.43 | &nbsp;&nbsp; 8-15-2035 | 400000 | &nbsp;&nbsp; 399065 |
| &nbsp;&nbsp; Bank of America Corp. Series OO (5 Year Treasury Constant <br> Maturity+2.68%)ʊ±<br>| 6.63 | &nbsp;&nbsp; 5-1-2030 | 205000 | &nbsp;&nbsp; 210175 |
| Citigroup, Inc. (U.S. SOFR+1.49%)± | 5.17 | &nbsp;&nbsp; 9-11-2036 | 225000 | &nbsp;&nbsp; 223041 |
| &nbsp;&nbsp; Citigroup, Inc. Series HH (5 Year Treasury Constant <br> Maturity+3.00%)ʊ±<br>| 6.63 | &nbsp;&nbsp; 2-15-2031 | 315000 | &nbsp;&nbsp; 315236 |
| Goldman Sachs Group, Inc. (U.S. SOFR+0.96%)± | 4.52 | &nbsp;&nbsp; 1-21-2032 | 425000 | &nbsp;&nbsp; 418558 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. Series T (5 Year Treasury <br> Constant Maturity+2.97%)ʊ±<br>| 3.80 | &nbsp;&nbsp; 5-10-2026 | 520000 | &nbsp;&nbsp; 517246 |
| JPMorgan Chase & Co. (U.S. SOFR+1.64%)±## | 5.58 | &nbsp;&nbsp; 7-23-2036 | 780000 | &nbsp;&nbsp; 789911 |
| &nbsp;&nbsp; Morgan Stanley (5 Year Treasury Constant <br> Maturity+1.17%)±<br>| 5.31 | &nbsp;&nbsp; 1-18-2041 | 270000 | &nbsp;&nbsp; 260637 |
| Morgan Stanley (U.S. SOFR+1.18%)± | 5.07 | &nbsp;&nbsp; 1-30-2037 | 490000 | &nbsp;&nbsp; 480062 |
| Morgan Stanley (U.S. SOFR+1.29%)±## | 2.94 | &nbsp;&nbsp; 1-21-2033 | 750000 | &nbsp;&nbsp; 674354 |
| Wells Fargo & Co. (U.S. SOFR+2.06%)±## | 6.49 | &nbsp;&nbsp; 10-23-2034 | 550000 | &nbsp;&nbsp; 595515 |
|  |  |  |  | &nbsp;&nbsp; **5053796** |
| **Diversified financial services: 2.08%** |  |  |  |  |
| American Express Co. (U.S. SOFR+1.24%)± | 4.80 | &nbsp;&nbsp; 10-24-2036 | 485000 | &nbsp;&nbsp; 468951 |
| Ares Finance Co. II LLC144A | 3.25 | &nbsp;&nbsp; 6-15-2030 | 260000 | &nbsp;&nbsp; 243571 |
| BlackRock Funding, Inc. | 5.25 | &nbsp;&nbsp; 3-14-2054 | 300000 | &nbsp;&nbsp; 279058 |
| Capital One Financial Corp. (U.S. SOFR+1.51%)±## | 5.40 | &nbsp;&nbsp; 1-30-2037 | 690000 | &nbsp;&nbsp; 676108 |
| Citadel Finance LLC144A | 5.15 | &nbsp;&nbsp; 2-14-2031 | 300000 | &nbsp;&nbsp; 292940 |
| Citadel LP144A | 6.38 | &nbsp;&nbsp; 1-23-2032 | 290000 | &nbsp;&nbsp; 300568 |
| Computershare U.S., Inc. | 1.13 | &nbsp;&nbsp; 10-7-2031 | 440000 | &nbsp;&nbsp; 433943 |

---

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

Allspring Income Plus Fund \| 7

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Diversified financial services**(continued) |  |  |  |  |
| Equitable America Global Funding144A | 4.95<br> %<br>| &nbsp;&nbsp; 6-9-2030 | $525000 | &nbsp;&nbsp; $524430 |
| Jefferson Capital Holdings LLC144A | 8.25 | &nbsp;&nbsp; 5-15-2030 | 400000 | &nbsp;&nbsp; 416290 |
| PRA Group, Inc.144A | 5.00 | &nbsp;&nbsp; 10-1-2029 | 185000 | &nbsp;&nbsp; 170783 |
| Provident Funding Associates LP/PFG Finance Corp.144A | 9.75 | &nbsp;&nbsp; 9-15-2029 | 290000 | &nbsp;&nbsp; 297713 |
| United Wholesale Mortgage LLC144A | 5.50 | &nbsp;&nbsp; 4-15-2029 | 35000 | &nbsp;&nbsp; 32760 |
| Western Union Co. | 4.75 | &nbsp;&nbsp; 6-15-2029 | 150000 | &nbsp;&nbsp; 148664 |
|  |  |  |  | &nbsp;&nbsp; **4285779** |
| **Insurance: 2.76%** |  |  |  |  |
| &nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br> Issuer144A<br>| 7.38 | &nbsp;&nbsp; 10-1-2032 | 525000 | &nbsp;&nbsp; 519987 |
| Asurion LLC/Asurion Co-Issuer, Inc.144A | 8.38 | &nbsp;&nbsp; 2-1-2034 | 545000 | &nbsp;&nbsp; 529120 |
| Athene Global Funding144A | 5.03 | &nbsp;&nbsp; 7-17-2030 | 380000 | &nbsp;&nbsp; 375783 |
| Athene Global Funding144A | 5.54 | &nbsp;&nbsp; 8-22-2035 | 470000 | &nbsp;&nbsp; 461416 |
| Broadstreet Partners Group LLC144A | 5.88 | &nbsp;&nbsp; 4-15-2029 | 325000 | &nbsp;&nbsp; 316733 |
| &nbsp;&nbsp; Global Atlantic Fin Co. (5 Year Treasury Constant <br> Maturity+3.55%)144A±<br>| 7.25 | &nbsp;&nbsp; 3-1-2056 | 420000 | &nbsp;&nbsp; 395876 |
| Guardian Life Insurance Co. of America144A | 4.85 | &nbsp;&nbsp; 1-24-2077 | 145000 | &nbsp;&nbsp; 117025 |
| MetLife, Inc. | 6.40 | &nbsp;&nbsp; 12-15-2036 | 360000 | &nbsp;&nbsp; 367574 |
| MetLife, Inc. (5 Year Treasury Constant Maturity+1.82%)± | 5.85 | &nbsp;&nbsp; 3-15-2056 | 275000 | &nbsp;&nbsp; 269910 |
| New York Life Insurance Co.144A | 5.88 | &nbsp;&nbsp; 5-15-2033 | 310000 | &nbsp;&nbsp; 325498 |
| Northwestern Mutual Life Insurance Co.144A | 6.17 | &nbsp;&nbsp; 5-29-2055 | 285000 | &nbsp;&nbsp; 292743 |
| &nbsp;&nbsp; PartnerRe Finance B LLC (5 Year Treasury Constant <br> Maturity+3.82%)±<br>| 4.50 | &nbsp;&nbsp; 10-1-2050 | 45000 | &nbsp;&nbsp; 43080 |
| Protective Life Corp.144A | 4.70 | &nbsp;&nbsp; 1-15-2031 | 505000 | &nbsp;&nbsp; 500135 |
| &nbsp;&nbsp; Prudential Financial, Inc. (5 Year Treasury Constant <br> Maturity+3.04%)±<br>| 3.70 | &nbsp;&nbsp; 10-1-2050 | 455000 | &nbsp;&nbsp; 413338 |
| RGA Global Funding144A | 4.60 | &nbsp;&nbsp; 11-25-2030 | 340000 | &nbsp;&nbsp; 336018 |
| RGA Global Funding144A | 5.05 | &nbsp;&nbsp; 12-6-2031 | 410000 | &nbsp;&nbsp; 410054 |
|  |  |  |  | &nbsp;&nbsp; **5674290** |
| **Investment Companies: 1.05%** |  |  |  |  |
| Ares Capital Corp. BDC | 5.10 | &nbsp;&nbsp; 1-15-2031 | 410000 | &nbsp;&nbsp; 394214 |
| Ares Capital Corp. BDC | 5.50 | &nbsp;&nbsp; 9-1-2030 | 240000 | &nbsp;&nbsp; 235720 |
| Ares Capital Corp. BDC | 5.88 | &nbsp;&nbsp; 3-1-2029 | 135000 | &nbsp;&nbsp; 135957 |
| Blue Owl Capital Corp. BDC## | 2.63 | &nbsp;&nbsp; 1-15-2027 | 1105000 | &nbsp;&nbsp; 1077717 |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc. (5 Year Treasury <br> Constant Maturity+4.30%)±<br>| 8.00 | &nbsp;&nbsp; 6-1-2056 | 300000 | &nbsp;&nbsp; 310435 |
|  |  |  |  | &nbsp;&nbsp; **2154043** |
| **Real estate: 0.11%** |  |  |  |  |
| CBRE Services, Inc. | 4.90 | &nbsp;&nbsp; 1-15-2033 | 221000 | &nbsp;&nbsp; **217933** |
| **REITs: 0.73%** |  |  |  |  |
| Alexandria Real Estate Equities, Inc. | 5.15 | &nbsp;&nbsp; 4-15-2053 | 185000 | &nbsp;&nbsp; 160711 |
| Essential Properties LP | 2.95 | &nbsp;&nbsp; 7-15-2031 | 295000 | &nbsp;&nbsp; 265727 |
| Essential Properties LP | 5.40 | &nbsp;&nbsp; 12-1-2035 | 330000 | &nbsp;&nbsp; 324391 |
| &nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital <br> Finance Corp.144A<br>| 7.00 | &nbsp;&nbsp; 7-15-2031 | 440000 | &nbsp;&nbsp; 454839 |

---

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

8 \| Allspring Income Plus Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **REITs**(continued) |  |  |  |  |
| Piedmont Operating Partnership LP | 9.25<br> %<br>| &nbsp;&nbsp; 7-20-2028 | $130000 | &nbsp;&nbsp; $141957 |
| Vornado Realty LP | 5.75 | &nbsp;&nbsp; 2-1-2033 | 165000 | &nbsp;&nbsp; 161804 |
|  |  |  |  | &nbsp;&nbsp; **1509429** |
| **Industrial: 0.71%** |  |  |  |  |
| **Engineering & construction: 0.34%** |  |  |  |  |
| Jacobs Solutions, Inc. | 4.75 | &nbsp;&nbsp; 3-3-2031 | 385000 | &nbsp;&nbsp; 379611 |
| MasTec, Inc.144A | 4.50 | &nbsp;&nbsp; 8-15-2028 | 325000 | &nbsp;&nbsp; 321473 |
|  |  |  |  | &nbsp;&nbsp; **701084** |
| **Miscellaneous manufacturing: 0.14%** |  |  |  |  |
| Entegris, Inc.144A | 4.75 | &nbsp;&nbsp; 4-15-2029 | 300000 | &nbsp;&nbsp; **296559** |
| **Packaging & containers: 0.23%** |  |  |  |  |
| Clydesdale Acquisition Holdings, Inc.144A | 8.75 | &nbsp;&nbsp; 4-15-2030 | 500000 | &nbsp;&nbsp; **466537** |
| **Technology: 1.97%** |  |  |  |  |
| **Computers: 0.22%** |  |  |  |  |
| Booz Allen Hamilton, Inc. | 5.95 | &nbsp;&nbsp; 8-4-2033 | 70000 | &nbsp;&nbsp; 71435 |
| Hewlett Packard Enterprise Co. | 5.60 | &nbsp;&nbsp; 10-15-2054 | 200000 | &nbsp;&nbsp; 178533 |
| Kyndryl Holdings, Inc. | 4.10 | &nbsp;&nbsp; 10-15-2041 | 285000 | &nbsp;&nbsp; 198456 |
|  |  |  |  | &nbsp;&nbsp; **448424** |
| **Semiconductors: 0.37%** |  |  |  |  |
| Foundry JV Holdco LLC144A | 5.88 | &nbsp;&nbsp; 1-25-2034 | 225000 | &nbsp;&nbsp; 227812 |
| Foundry JV Holdco LLC144A | 6.20 | &nbsp;&nbsp; 1-25-2037 | 310000 | &nbsp;&nbsp; 320350 |
| Intel Corp. | 2.80 | &nbsp;&nbsp; 8-12-2041 | 255000 | &nbsp;&nbsp; 175151 |
| Intel Corp. | 3.25 | &nbsp;&nbsp; 11-15-2049 | 85000 | &nbsp;&nbsp; 53703 |
|  |  |  |  | &nbsp;&nbsp; **777016** |
| **Software: 1.38%** |  |  |  |  |
| AthenaHealth Group, Inc.144A## | 6.50 | &nbsp;&nbsp; 2-15-2030 | 685000 | &nbsp;&nbsp; 642957 |
| Cloud Software Group, Inc.144A | 8.25 | &nbsp;&nbsp; 6-30-2032 | 430000 | &nbsp;&nbsp; 407827 |
| Cloud Software Group, Inc.144A | 9.00 | &nbsp;&nbsp; 9-30-2029 | 85000 | &nbsp;&nbsp; 81997 |
| Oracle Corp. | 4.45 | &nbsp;&nbsp; 9-26-2030 | 375000 | &nbsp;&nbsp; 361381 |
| Oracle Corp. | 4.55 | &nbsp;&nbsp; 2-4-2029 | 145000 | &nbsp;&nbsp; 143168 |
| Oracle Corp.## | 5.70 | &nbsp;&nbsp; 2-4-2036 | 575000 | &nbsp;&nbsp; 552856 |
| Oracle Corp. | 5.95 | &nbsp;&nbsp; 9-26-2055 | 485000 | &nbsp;&nbsp; 408016 |
| Salesforce, Inc. | 6.55 | &nbsp;&nbsp; 3-15-2056 | 235000 | &nbsp;&nbsp; 235815 |
|  |  |  |  | &nbsp;&nbsp; **2834017** |
| **Utilities: 1.65%** |  |  |  |  |
| **Electric: 1.59%** |  |  |  |  |
| AES Corp. (5 Year Treasury Constant Maturity+3.20%)± | 7.60 | &nbsp;&nbsp; 1-15-2055 | 30000 | &nbsp;&nbsp; 29758 |
| Basin Electric Power Cooperative144A | 5.85 | &nbsp;&nbsp; 10-15-2055 | 235000 | &nbsp;&nbsp; 228566 |
| &nbsp;&nbsp; Dominion Energy, Inc. (5 Year Treasury Constant <br> Maturity+2.21%)±<br>| 6.63 | &nbsp;&nbsp; 5-15-2055 | 100000 | &nbsp;&nbsp; 101531 |
| Duke Energy Corp. | 3.10 | &nbsp;&nbsp; 6-15-2028 | 200000 | &nbsp;&nbsp; 229343 |
| Duke Energy Corp. | 3.85 | &nbsp;&nbsp; 6-15-2034 | 235000 | &nbsp;&nbsp; 265994 |

---

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

Allspring Income Plus Fund \| 9

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Electric**(continued) |  |  |  |  |
| &nbsp;&nbsp; EUSHI Finance, Inc. (5 Year Treasury Constant <br> Maturity+3.14%)±<br>| 7.63<br> %<br>| &nbsp;&nbsp; 12-15-2054 | $210000 | &nbsp;&nbsp; $216756 |
| Evergy, Inc. (5 Year Treasury Constant Maturity+2.56%)± | 6.65 | &nbsp;&nbsp; 6-1-2055 | 90000 | &nbsp;&nbsp; 90607 |
| Niagara Mohawk Power Corp.144A## | 6.00 | &nbsp;&nbsp; 7-3-2055 | 635000 | &nbsp;&nbsp; 623576 |
| Oglethorpe Power Corp. | 4.25 | &nbsp;&nbsp; 4-1-2046 | 125000 | &nbsp;&nbsp; 97250 |
| PacifiCorp | 5.45 | &nbsp;&nbsp; 4-15-2033 | 400000 | &nbsp;&nbsp; 401282 |
| PG&E Corp. | 5.25 | &nbsp;&nbsp; 7-1-2030 | 40000 | &nbsp;&nbsp; 39472 |
| PG&E Corp. (5 Year Treasury Constant Maturity+3.88%)±## | 7.38 | &nbsp;&nbsp; 3-15-2055 | 550000 | &nbsp;&nbsp; 553528 |
| Sempra (5 Year Treasury Constant Maturity+2.35%)± | 6.63 | &nbsp;&nbsp; 4-1-2055 | 385000 | &nbsp;&nbsp; 384988 |
|  |  |  |  | &nbsp;&nbsp; **3262651** |
| **Water: 0.06%** |  |  |  |  |
| Essential Utilities, Inc. | 5.13 | &nbsp;&nbsp; 3-15-2036 | 130000 | &nbsp;&nbsp; **128184** |
| **Total corporate bonds and notes (Cost $58,230,410)** |  |  |  | &nbsp;&nbsp; **58047422** |
| **Foreign corporate bonds and notes: 12.13%** |  |  |  |  |
| **Basic materials: 0.13%** |  |  |  |  |
| **Chemicals: 0.13%** |  |  |  |  |
| INEOS Finance PLC | 6.63 | &nbsp;&nbsp; 5-15-2028 | 235000 | &nbsp;&nbsp; **263630** |
| **Communications: 2.92%** |  |  |  |  |
| **Media: 0.24%** |  |  |  |  |
| Ziggo BV | 2.88 | &nbsp;&nbsp; 1-15-2030 | 460000 | &nbsp;&nbsp; **488335** |
| **Telecommunications: 2.68%** |  |  |  |  |
| British Telecommunications PLC (UK Gilts 5 Year+3.82%)± | 8.38 | &nbsp;&nbsp; 12-20-2083 | 295000 | &nbsp;&nbsp; 409684 |
| BT Finance PLC | 3.38 | &nbsp;&nbsp; 11-17-2032 | 400000 | &nbsp;&nbsp; 448872 |
| Chorus Ltd. | 3.53 | &nbsp;&nbsp; 11-26-2032 | 325000 | &nbsp;&nbsp; 365486 |
| Chorus Ltd. | 3.63 | &nbsp;&nbsp; 9-7-2029 | 295000 | &nbsp;&nbsp; 341104 |
| Fibercop SpA | 1.63 | &nbsp;&nbsp; 1-18-2029 | 575000 | &nbsp;&nbsp; 620191 |
| Koninklijke KPN NV | 3.88 | &nbsp;&nbsp; 7-3-2031 | 300000 | &nbsp;&nbsp; 350772 |
| SES SA (EURIBOR ICE Swap Rate 11:00am+3.23%)± | 5.50 | &nbsp;&nbsp; 9-12-2054 | 400000 | &nbsp;&nbsp; 450218 |
| TDC Net AS | 5.62 | &nbsp;&nbsp; 2-6-2030 | 400000 | &nbsp;&nbsp; 485666 |
| Telecom Italia SpA | 1.63 | &nbsp;&nbsp; 1-18-2029 | 200000 | &nbsp;&nbsp; 217698 |
| Telefonica Emisiones SA | 4.18 | &nbsp;&nbsp; 11-21-2033 | 400000 | &nbsp;&nbsp; 462077 |
| &nbsp;&nbsp; Telefonica Europe BV (EUR Swap Annual (vs. 6 Month <br> EURIBOR) 7 Year+3.35%)ʊ±<br>| 6.14 | &nbsp;&nbsp; 2-3-2030 | 200000 | &nbsp;&nbsp; 240094 |
| VMED O2 U.K. Financing I PLC | 5.63 | &nbsp;&nbsp; 4-15-2032 | 390000 | &nbsp;&nbsp; 412949 |
| &nbsp;&nbsp; Vodafone Group PLC (EUR Swap Annual (vs. 6 Month <br> EURIBOR) 5 Year+3.48%)±<br>| 3.00 | &nbsp;&nbsp; 8-27-2080 | 260000 | &nbsp;&nbsp; 282456 |
| Zegona Finance PLC144A | 6.75 | &nbsp;&nbsp; 7-15-2029 | 351000 | &nbsp;&nbsp; 421048 |
|  |  |  |  | &nbsp;&nbsp; **5508315** |
| **Consumer, cyclical: 1.72%** |  |  |  |  |
| **Auto manufacturers: 0.38%** |  |  |  |  |
| BMW International Investment BV | 3.50 | &nbsp;&nbsp; 1-22-2033 | 200000 | &nbsp;&nbsp; 227523 |
| RCI Banque SA | 3.63 | &nbsp;&nbsp; 11-3-2032 | 500000 | &nbsp;&nbsp; 559499 |
|  |  |  |  | &nbsp;&nbsp; **787022** |

---

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

10 \| Allspring Income Plus Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Auto parts & equipment: 0.15%** |  |  |  |  |  |
| Mahle GmbH | 6.50<br> %<br>| &nbsp;&nbsp; 5-2-2031 | EUR | 255000 | &nbsp;&nbsp; **$298025** |
| **Entertainment: 0.18%** |  |  |  |  |  |
| Universal Music Group NV | 4.00 | &nbsp;&nbsp; 6-13-2031 | EUR | 320000 | &nbsp;&nbsp; **373121** |
| **Leisure time: 0.39%** |  |  |  |  |  |
| TUI AG | 5.88 | &nbsp;&nbsp; 3-15-2029 | EUR | 700000 | &nbsp;&nbsp; **806160** |
| **Lodging: 0.23%** |  |  |  |  |  |
| Essendi SA | 6.38 | &nbsp;&nbsp; 10-15-2029 | EUR | 415000 | &nbsp;&nbsp; **482116** |
| **Retail: 0.28%** |  |  |  |  |  |
| Dufry One BV | 4.50 | &nbsp;&nbsp; 5-23-2032 | EUR | 400000 | &nbsp;&nbsp; 456812 |
| Fressnapf Holding SE | 5.25 | &nbsp;&nbsp; 10-31-2031 | EUR | 100000 | &nbsp;&nbsp; 112983 |
|  |  |  |  |  | &nbsp;&nbsp; **569795** |
| **Toys/games/hobbies: 0.11%** |  |  |  |  |  |
| Asmodee Group AB | 5.75 | &nbsp;&nbsp; 12-15-2029 | EUR | 186667 | &nbsp;&nbsp; **222111** |
| **Consumer, non-cyclical: 0.95%** |  |  |  |  |  |
| **Agriculture: 0.23%** |  |  |  |  |  |
| Tereos Finance Groupe I SA | 5.88 | &nbsp;&nbsp; 4-30-2030 | EUR | 425000 | &nbsp;&nbsp; **470954** |
| **Commercial services: 0.48%** |  |  |  |  |  |
| Amber Finco PLC | 6.63 | &nbsp;&nbsp; 7-15-2029 | EUR | 280000 | &nbsp;&nbsp; 332110 |
| Motability Operations Group PLC | 4.00 | &nbsp;&nbsp; 1-22-2037 | EUR | 335000 | &nbsp;&nbsp; 375903 |
| Nexi SpA | 2.13 | &nbsp;&nbsp; 4-30-2029 | EUR | 250000 | &nbsp;&nbsp; 273706 |
|  |  |  |  |  | &nbsp;&nbsp; **981719** |
| **Food: 0.24%** |  |  |  |  |  |
| Iceland Bondco PLC | 4.38 | &nbsp;&nbsp; 5-15-2028 | GBP | 400000 | &nbsp;&nbsp; **503137** |
| **Energy: 0.95%** |  |  |  |  |  |
| **Oil & gas: 0.72%** |  |  |  |  |  |
| Var Energi ASA | 3.88 | &nbsp;&nbsp; 3-12-2031 | EUR | 265000 | &nbsp;&nbsp; 304567 |
| Var Energi ASA (EURIBOR ICE Swap Rate 11:00am+4.77%)± | 7.86 | &nbsp;&nbsp; 11-15-2083 | EUR | 200000 | &nbsp;&nbsp; 249330 |
| &nbsp;&nbsp; Wintershall Dea Finance 2 BV (EURIBOR ICE Swap Rate <br> 11:00am+3.94%)ʊ±<br>| 6.12 | &nbsp;&nbsp; 5-8-2030 | EUR | 415000 | &nbsp;&nbsp; 484746 |
| &nbsp;&nbsp; Wintershall Dea Finance 2 BV Series NC8 (EUR Swap Annual <br> (vs. 6 Month EURIBOR) 5 Year+3.32%)ʊ±<br>| 3.00 | &nbsp;&nbsp; 7-20-2028 | EUR | 400000 | &nbsp;&nbsp; 440983 |
|  |  |  |  |  | &nbsp;&nbsp; **1479626** |
| **Oil & gas services: 0.23%** |  |  |  |  |  |
| OEG Finance PLC | 7.25 | &nbsp;&nbsp; 9-27-2029 | EUR | 400000 | &nbsp;&nbsp; **476203** |
| **Financial: 2.67%** |  |  |  |  |  |
| **Banks: 1.48%** |  |  |  |  |  |
| &nbsp;&nbsp; ABN AMRO Bank NV (EUR Swap Annual (vs. 6 Month <br> EURIBOR) 5 Year+3.90%)ʊ±<br>| 4.75 | &nbsp;&nbsp; 9-22-2027 | EUR | 400000 | &nbsp;&nbsp; 461762 |

---

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

Allspring Income Plus Fund \| 11

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Banks**(continued) |  |  |  |  |  |
| &nbsp;&nbsp; BAWAG Group AG (EURIBOR ICE Swap Rate <br> 11:00am+5.05%)ʊ±<br>| 7.25<br> %<br>| &nbsp;&nbsp; 9-18-2029 | EUR | 200000 | &nbsp;&nbsp; $237672 |
| &nbsp;&nbsp; CaixaBank SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 <br> Year+3.55%)±<br>| 6.25 | &nbsp;&nbsp; 2-23-2033 | EUR | 400000 | &nbsp;&nbsp; 479869 |
| Deutsche Bank AG (3 Month EURIBOR+2.95%)± | 5.00 | &nbsp;&nbsp; 9-5-2030 | EUR | 200000 | &nbsp;&nbsp; 239418 |
| &nbsp;&nbsp; KBC Group NV (EURIBOR ICE Swap Rate <br> 11:00am+4.93%)ʊ±<br>| 8.00 | &nbsp;&nbsp; 9-5-2028 | EUR | 200000 | &nbsp;&nbsp; 246541 |
| &nbsp;&nbsp; Raiffeisen Bank International AG (EURIBOR ICE Swap Rate <br> 11:00am+1.60%)±<br>| 1.38 | &nbsp;&nbsp; 6-17-2033 | EUR | 200000 | &nbsp;&nbsp; 219128 |
| &nbsp;&nbsp; Raiffeisen Bank International AG (EURIBOR ICE Swap Rate <br> 11:00am+5.20%)±<br>| 7.38 | &nbsp;&nbsp; 12-20-2032 | EUR | 400000 | &nbsp;&nbsp; 483247 |
| &nbsp;&nbsp; Societe Generale SA (EURIBOR ICE Swap Rate <br> 11:00am+1.65%)±<br>| 3.75 | &nbsp;&nbsp; 5-17-2035 | EUR | 600000 | &nbsp;&nbsp; 678945 |
|  |  |  |  |  | &nbsp;&nbsp; **3046582** |
| **Insurance: 0.52%** |  |  |  |  |  |
| AXA SA | 3.63 | &nbsp;&nbsp; 1-10-2033 | EUR | 400000 | &nbsp;&nbsp; 461373 |
| NN Group NV (3 Month EURIBOR+4.20%)± | 5.25 | &nbsp;&nbsp; 3-1-2043 | EUR | 205000 | &nbsp;&nbsp; 248662 |
| Sampo Oyj (3 Month EURIBOR+3.60%)± | 2.50 | &nbsp;&nbsp; 9-3-2052 | EUR | 355000 | &nbsp;&nbsp; 366758 |
|  |  |  |  |  | &nbsp;&nbsp; **1076793** |
| **Real estate: 0.49%** |  |  |  |  |  |
| Aroundtown SA | 3.50 | &nbsp;&nbsp; 5-13-2030 | EUR | 500000 | &nbsp;&nbsp; 553477 |
| &nbsp;&nbsp; Castellum AB (EUR Swap Annual (vs. 6 Month EURIBOR) 5 <br> Year+3.45%)ʊ±<br>| 3.13 | &nbsp;&nbsp; 12-2-2026 | EUR | 400000 | &nbsp;&nbsp; 448618 |
|  |  |  |  |  | &nbsp;&nbsp; **1002095** |
| **Savings & loans: 0.18%** |  |  |  |  |  |
| Nationwide Building Society (3 Month EURIBOR+1.15%)± | 3.83 | &nbsp;&nbsp; 7-24-2032 | EUR | 325000 | &nbsp;&nbsp; **374842** |
| **Government securities: 0.32%** |  |  |  |  |  |
| **Multi-national: 0.32%** |  |  |  |  |  |
| Asian Development Bank | 6.20 | &nbsp;&nbsp; 10-6-2026 | INR | 18450000 | &nbsp;&nbsp; 191970 |
| Banque Ouest Africaine de Developpement | 2.75 | &nbsp;&nbsp; 1-22-2033 | EUR | 485000 | &nbsp;&nbsp; 468034 |
|  |  |  |  |  | &nbsp;&nbsp; **660004** |
| **Industrial: 0.68%** |  |  |  |  |  |
| **Building materials: 0.39%** |  |  |  |  |  |
| Heidelberg Materials Finance Luxembourg SA | 3.00 | &nbsp;&nbsp; 7-10-2030 | EUR | 700000 | &nbsp;&nbsp; **792106** |
| **Environmental control: 0.23%** |  |  |  |  |  |
| Luna 2.5 Sarl144A | 5.50 | &nbsp;&nbsp; 7-1-2032 | EUR | 420000 | &nbsp;&nbsp; **477499** |
| **Transportation: 0.06%** |  |  |  |  |  |
| Ocado Group PLC | 10.50 | &nbsp;&nbsp; 8-8-2029 | GBP | 100000 | &nbsp;&nbsp; **130265** |
| **Technology: 0.11%** |  |  |  |  |  |
| **Computers: 0.11%** |  |  |  |  |  |
| Almaviva-The Italian Innovation Co. SpA144A | 5.00 | &nbsp;&nbsp; 10-30-2030 | EUR | 213000 | &nbsp;&nbsp; **233304** |

---

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

12 \| Allspring Income Plus Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Utilities: 1.68%** |  |  |  |  |  |
| **Electric: 1.02%** |  |  |  |  |  |
| Contact Energy Ltd. | 3.54<br> %<br>| &nbsp;&nbsp; 11-3-2032 | EUR | 400000 | &nbsp;&nbsp; $449360 |
| Engie SA | 2.13 | &nbsp;&nbsp; 3-30-2032 | EUR | 400000 | &nbsp;&nbsp; 424416 |
| Engie SA | 3.63 | &nbsp;&nbsp; 3-6-2031 | EUR | 300000 | &nbsp;&nbsp; 347238 |
| &nbsp;&nbsp; Iberdrola Finanzas SA (EURIBOR ICE Swap Rate <br> 11:00am+1.36%)ʊ±<br>| 3.75 | &nbsp;&nbsp; 8-5-2031 | EUR | 400000 | &nbsp;&nbsp; 446350 |
| Vattenfall AB (UK Gilts 5 Year+1.90%)± | 2.50 | &nbsp;&nbsp; 6-29-2083 | GBP | 350000 | &nbsp;&nbsp; 435662 |
|  |  |  |  |  | &nbsp;&nbsp; **2103026** |
| **Gas: 0.41%** |  |  |  |  |  |
| APA Infrastructure Ltd. | 2.00 | &nbsp;&nbsp; 7-15-2030 | EUR | 595000 | &nbsp;&nbsp; 641930 |
| Centrica PLC (UK Gilts 5 Year+2.51%)± | 6.50 | &nbsp;&nbsp; 5-21-2055 | GBP | 150000 | &nbsp;&nbsp; 199037 |
|  |  |  |  |  | &nbsp;&nbsp; **840967** |
| **Water: 0.25%** |  |  |  |  |  |
| &nbsp;&nbsp; Holding d'Infrastructures des Metiers de l'Environnement <br> SAS<br>| 4.88 | &nbsp;&nbsp; 10-24-2029 | EUR | 431000 | &nbsp;&nbsp; **506009** |
| **Total foreign corporate bonds and notes (Cost $24,488,664)** |  |  |  |  | &nbsp;&nbsp; **24953761** |
| **Foreign government bonds: 21.41%** |  |  |  |  |  |
| **Australia: 2.49%** |  |  |  |  |  |
| Australia## | 2.25 | &nbsp;&nbsp; 5-21-2028 | AUD | 3150000 | &nbsp;&nbsp; 2067632 |
| Australia## | 2.75 | &nbsp;&nbsp; 11-21-2027 | AUD | 3005000 | &nbsp;&nbsp; 2011018 |
| New South Wales Treasury Corp.## | 3.00 | &nbsp;&nbsp; 4-20-2029 | AUD | 1585000 | &nbsp;&nbsp; 1035524 |
|  |  |  |  |  | &nbsp;&nbsp; **5114174** |
| **Belgium: 0.99%** |  |  |  |  |  |
| Kingdom of Belgium144A## | 3.40 | &nbsp;&nbsp; 6-22-2036 | EUR | 1800000 | &nbsp;&nbsp; **2041292** |
| **Brazil: 2.01%** |  |  |  |  |  |
| Brazil## | 10.00 | &nbsp;&nbsp; 1-1-2031 | BRL | 24500000 | &nbsp;&nbsp; **4132839** |
| **Chile: 0.52%** |  |  |  |  |  |
| Republic of Chile144A## | 4.70 | &nbsp;&nbsp; 9-1-2030 | CLP | 1015000000 | &nbsp;&nbsp; **1068677** |
| **Colombia: 1.96%** |  |  |  |  |  |
| Colombia TES## | 5.75 | &nbsp;&nbsp; 11-3-2027 | COP | 16707000000 | &nbsp;&nbsp; **4037394** |
| **Czech Republic: 0.98%** |  |  |  |  |  |
| Czech Republic## | 5.00 | &nbsp;&nbsp; 9-30-2030 | CZK | 41920000 | &nbsp;&nbsp; **2018429** |
| **France: 1.99%** |  |  |  |  |  |
| French Republic144A## | 2.70 | &nbsp;&nbsp; 2-25-2031 | EUR | 3615000 | &nbsp;&nbsp; **4094413** |
| **Germany: 1.01%** |  |  |  |  |  |
| Bundesobligation## | 2.50 | &nbsp;&nbsp; 4-16-2031 | EUR | 1820000 | &nbsp;&nbsp; **2080503** |
| **Italy: 2.04%** |  |  |  |  |  |
| Italy## | 2.20 | &nbsp;&nbsp; 2-28-2028 | EUR | 3675000 | &nbsp;&nbsp; **4195078** |

---

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

Allspring Income Plus Fund \| 13

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Mexico: 0.99%** |  |  |  |  |  |
| Mexico## | 8.50<br> %<br>| &nbsp;&nbsp; 2-28-2030 | MXN | 36625000 | &nbsp;&nbsp; **$2029221** |
| **South Africa: 0.99%** |  |  |  |  |  |
| Republic of South Africa## | 8.00 | &nbsp;&nbsp; 1-31-2030 | ZAR | 34785000 | &nbsp;&nbsp; **2033119** |
| **Spain: 2.00%** |  |  |  |  |  |
| Spain## | 2.60 | &nbsp;&nbsp; 5-31-2031 | EUR | 3630000 | &nbsp;&nbsp; **4115312** |
| **Sweden: 0.99%** |  |  |  |  |  |
| Sweden## | 0.13 | &nbsp;&nbsp; 5-12-2031 | SEK | 21900000 | &nbsp;&nbsp; **2043065** |
| **United Kingdom: 2.45%** |  |  |  |  |  |
| U.K. Gilts## | 4.38 | &nbsp;&nbsp; 3-7-2028 | GBP | 770000 | &nbsp;&nbsp; 1018387 |
| U.K. Gilts## | 4.38 | &nbsp;&nbsp; 3-7-2030 | GBP | 1540000 | &nbsp;&nbsp; 2034655 |
| U.K. Gilts## | 4.75 | &nbsp;&nbsp; 10-22-2035 | GBP | 1514000 | &nbsp;&nbsp; 1977831 |
|  |  |  |  |  | &nbsp;&nbsp; **5030873** |
| **Total foreign government bonds (Cost $44,461,855)** |  |  |  |  | &nbsp;&nbsp; **44034389** |

---

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

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Investment companies: 0.81%** |  |  |
| **Exchange-traded funds: 0.81%** |  |  |
| State Street SPDR Portfolio High Yield Bond ETF | 25664 | &nbsp;&nbsp; 598485 |
| Vanguard Short-Term Corporate Bond ETF | 13498 | &nbsp;&nbsp; 1069986 |
| **Total investment companies (Cost $1,657,972)** |  | &nbsp;&nbsp; **1668471** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |
| **Loans: 0.87%** |  |  |  |  |
| **Consumer, cyclical: 0.70%** |  |  |  |  |
| **Airlines: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; Vista Management Holding, Inc. (U.S. SOFR 3 <br> Month+3.75%)±<br>| 7.41 | &nbsp;&nbsp; 4-1-2031 | $34650 | &nbsp;&nbsp; **34239** |
| **Entertainment: 0.24%** |  |  |  |  |
| Crown Finance U.S., Inc. (U.S. SOFR 1 Month+4.50%)± | 8.17 | &nbsp;&nbsp; 12-2-2031 | 490062 | &nbsp;&nbsp; **484471** |
| **Housewares: 0.17%** |  |  |  |  |
| American Greetings Corp. (U.S. SOFR 1 Month+5.75%)± | 9.42 | &nbsp;&nbsp; 10-30-2029 | 349088 | &nbsp;&nbsp; **347691** |
| **Retail: 0.27%** |  |  |  |  |
| &nbsp;&nbsp; Petco Health & Wellness Co., Inc. (U.S. SOFR 3 <br> Month+4.25%)±<br>| 7.95 | &nbsp;&nbsp; 2-3-2031 | 580000 | &nbsp;&nbsp; **565697** |
| **Industrial: 0.15%** |  |  |  |  |
| **Packaging & containers: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; Mauser Packaging Solutions Holding Co. (U.S. SOFR 3 <br> Month+3.50%)±<br>| 7.16 | &nbsp;&nbsp; 4-15-2030 | 315000 | &nbsp;&nbsp; **303862** |

---

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

14 \| Allspring Income Plus Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Technology: 0.02%** |  |  |  |  |
| **Software: 0.02%** |  |  |  |  |
| Rocket Software, Inc. (U.S. SOFR 1 Month+3.75%)± | 7.42<br> %<br>| &nbsp;&nbsp; 11-28-2028 | $48783 | &nbsp;&nbsp; $**46694** |
| **Total loans (Cost $1,807,477)** |  |  |  | &nbsp;&nbsp; **1782654** |
| **Municipal obligations: 0.01%** |  |  |  |  |
| **Illinois: 0.01%** |  |  |  |  |
| **GO revenue: 0.01%** |  |  |  |  |
| City of Chicago Series E | 6.05 | &nbsp;&nbsp; 1-1-2029 | 25000 | &nbsp;&nbsp; **25219** |
| **Total municipal obligations (Cost $25,367)** |  |  |  | &nbsp;&nbsp; **25219** |
| **Non-agency mortgage-backed securities: 2.46%** |  |  |  |  |
| &nbsp;&nbsp; Brean Asset-Backed Securities Trust Series 2021-RM2 <br> Class A144A±±<br>| 1.75 | &nbsp;&nbsp; 10-25-2061 | 703585 | &nbsp;&nbsp; 693068 |
| BX Trust Series 2022-CLS Class C144A | 6.79 | &nbsp;&nbsp; 10-13-2027 | 750000 | &nbsp;&nbsp; 736337 |
| &nbsp;&nbsp; BX Trust Series 2025-VOLT Class B (U.S. SOFR 1 <br> Month+2.10%)144A±<br>| 5.77 | &nbsp;&nbsp; 12-15-2044 | 300000 | &nbsp;&nbsp; 297750 |
| &nbsp;&nbsp; Hudson's Bay Simon JV Trust Series 2015-HB10 <br> Class A10144A<br>| 4.15 | &nbsp;&nbsp; 8-5-2034 | 535000 | &nbsp;&nbsp; 512596 |
| JPMorgan Mortgage Trust Series 2017-6 Class B5144A±± | 3.78 | &nbsp;&nbsp; 12-25-2048 | 385562 | &nbsp;&nbsp; 309159 |
| MFA Trust Series 2020-NQM3 Class M1144A±± | 2.65 | &nbsp;&nbsp; 1-26-2065 | 1000000 | &nbsp;&nbsp; 934243 |
| MFA Trust Series 2021-NQM1 Class A1144A±± | 1.15 | &nbsp;&nbsp; 4-25-2065 | 44713 | &nbsp;&nbsp; 42060 |
| &nbsp;&nbsp; SDAL Trust Series 2025-DAL Class B (U.S. SOFR 1 <br> Month+2.94%)144A±<br>| 6.61 | &nbsp;&nbsp; 4-15-2042 | 500000 | &nbsp;&nbsp; 499801 |
| &nbsp;&nbsp; SFAVE Commercial Mortgage Securities Trust Series 2015-<br> 5AVE Class D144A±±<br>| 4.39 | &nbsp;&nbsp; 1-5-2043 | 700000 | &nbsp;&nbsp; 517665 |
| TRK Trust Series 2021-INV2 Class A2144A±± | 2.12 | &nbsp;&nbsp; 11-25-2056 | 522929 | &nbsp;&nbsp; 473132 |
| Verus Securitization Trust Series 2021-2 Class A1144A±± | 1.03 | &nbsp;&nbsp; 2-25-2066 | 52479 | &nbsp;&nbsp; 47962 |
| &nbsp;&nbsp; **Total non-agency mortgage-backed securities (Cost** <br> **$5,401,301)**<br>|  |  |  | &nbsp;&nbsp; **5063773** |
| **U.S. Treasury securities: 6.00%** |  |  |  |  |
| U.S. Treasury Bonds## | 4.63 | &nbsp;&nbsp; 11-15-2045 | 2395000 | &nbsp;&nbsp; 2310052 |
| U.S. Treasury Bonds## | 4.63 | &nbsp;&nbsp; 2-15-2046 | 6809000 | &nbsp;&nbsp; 6564302 |
| U.S. Treasury Bonds## | 4.63 | &nbsp;&nbsp; 11-15-2055 | 570000 | &nbsp;&nbsp; 544617 |
| U.S. Treasury Notes## | 3.50 | &nbsp;&nbsp; 2-28-2031 | 240000 | &nbsp;&nbsp; 235350 |
| U.S. Treasury Notes## | 4.13 | &nbsp;&nbsp; 2-15-2036 | 2725000 | &nbsp;&nbsp; 2682422 |
| **Total U.S. Treasury securities (Cost $12,603,719)** |  |  |  | &nbsp;&nbsp; **12336743** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Expiration <br>date<br>| Shares |  |
| **Warrants: 0.00%** |  |  |  |
| **Consumer staples: 0.00%** |  |  |  |
| **Consumer staples distribution & retail: 0.00%** |  |  |  |
| Casino Guichard Perrachon SA♦‡† | &nbsp;&nbsp; 4-27-2029 | 128399 | &nbsp;&nbsp; **74** |
| **Total warrants (Cost $0)** |  |  | &nbsp;&nbsp; **74** |

---

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

Allspring Income Plus Fund \| 15

------

Portfolio of investments—March 31, 2026 (unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Yankee corporate bonds and notes: 9.24%** |  |  |  |  |
| **Basic materials: 0.38%** |  |  |  |  |
| **Chemicals: 0.23%** |  |  |  |  |
| Braskem Netherlands Finance BV144A | 7.25<br> %<br>| &nbsp;&nbsp; 2-13-2033 | $600000 | &nbsp;&nbsp; $275910 |
| Orbia Advance Corp. SAB de CV144A | 7.50 | &nbsp;&nbsp; 5-13-2035 | 200000 | &nbsp;&nbsp; 190618 |
|  |  |  |  | &nbsp;&nbsp; **466528** |
| **Mining: 0.15%** |  |  |  |  |
| Rio Tinto Finance USA PLC | 5.88 | &nbsp;&nbsp; 3-14-2065 | 320000 | &nbsp;&nbsp; **318766** |
| **Communications: 0.55%** |  |  |  |  |
| **Media: 0.02%** |  |  |  |  |
| Virgin Media Secured Finance PLC144A | 4.50 | &nbsp;&nbsp; 8-15-2030 | 45000 | &nbsp;&nbsp; **39908** |
| **Telecommunications: 0.53%** |  |  |  |  |
| &nbsp;&nbsp; Rogers Communications, Inc. (5 Year Treasury Constant <br> Maturity+2.62%)±<br>| 7.13 | &nbsp;&nbsp; 4-15-2055 | 600000 | &nbsp;&nbsp; 613973 |
| TELUS Corp. (5 Year Treasury Constant Maturity+2.52%)± | 6.63 | &nbsp;&nbsp; 6-9-2056 | 200000 | &nbsp;&nbsp; 194952 |
| TELUS Corp. (5 Year Treasury Constant Maturity+2.71%)± | 7.00 | &nbsp;&nbsp; 10-15-2055 | 280000 | &nbsp;&nbsp; 285838 |
|  |  |  |  | &nbsp;&nbsp; **1094763** |
| **Consumer, cyclical: 0.78%** |  |  |  |  |
| **Airlines: 0.34%** |  |  |  |  |
| Latam Airlines Group SA144A | 7.63 | &nbsp;&nbsp; 1-7-2031 | 410000 | &nbsp;&nbsp; 414100 |
| &nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding, <br> Inc.144A<br>| 6.38 | &nbsp;&nbsp; 2-1-2030 | 325000 | &nbsp;&nbsp; 280673 |
|  |  |  |  | &nbsp;&nbsp; **694773** |
| **Apparel: 0.06%** |  |  |  |  |
| Gildan Activewear, Inc.144A | 5.40 | &nbsp;&nbsp; 10-7-2035 | 130000 | &nbsp;&nbsp; **126734** |
| **Leisure time: 0.38%** |  |  |  |  |
| Royal Caribbean Cruises Ltd. | 5.25 | &nbsp;&nbsp; 2-27-2038 | 150000 | &nbsp;&nbsp; 142697 |
| Royal Caribbean Cruises Ltd.144A | 5.63 | &nbsp;&nbsp; 9-30-2031 | 50000 | &nbsp;&nbsp; 50493 |
| Royal Caribbean Cruises Ltd.144A | 6.00 | &nbsp;&nbsp; 2-1-2033 | 585000 | &nbsp;&nbsp; 590845 |
|  |  |  |  | &nbsp;&nbsp; **784035** |
| **Consumer, non-cyclical: 0.71%** |  |  |  |  |
| **Beverages: 0.28%** |  |  |  |  |
| Coca-Cola Icecek AS144A | 4.50 | &nbsp;&nbsp; 1-20-2029 | 595000 | &nbsp;&nbsp; **569706** |
| **Pharmaceuticals: 0.43%** |  |  |  |  |
| 1261229 BC Ltd.144A | 10.00 | &nbsp;&nbsp; 4-15-2032 | 735000 | &nbsp;&nbsp; 752525 |
| Bausch Health Cos., Inc.144A | 6.25 | &nbsp;&nbsp; 2-15-2029 | 180000 | &nbsp;&nbsp; 135000 |
|  |  |  |  | &nbsp;&nbsp; **887525** |
| **Energy: 0.80%** |  |  |  |  |
| **Oil & gas: 0.60%** |  |  |  |  |
| Aker BP ASA144A | 5.80 | &nbsp;&nbsp; 10-1-2054 | 155000 | &nbsp;&nbsp; 141666 |

---

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

16 \| Allspring Income Plus Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Oil & gas**(continued) |  |  |  |  |
| Borr IHC Ltd./Borr Finance LLC144A | 10.00<br> %<br>| &nbsp;&nbsp; 11-15-2028 | $192073 | &nbsp;&nbsp; $196802 |
| &nbsp;&nbsp; BP Capital Markets PLC (5 Year Treasury Constant <br> Maturity+4.40%)ʊ±<br>| 4.88 | &nbsp;&nbsp; 3-22-2030 | 900000 | &nbsp;&nbsp; 888492 |
|  |  |  |  | &nbsp;&nbsp; **1226960** |
| **Pipelines: 0.20%** |  |  |  |  |
| &nbsp;&nbsp; Enbridge, Inc. Series 20-A (5 Year Treasury Constant <br> Maturity+5.31%)±<br>| 5.75 | &nbsp;&nbsp; 7-15-2080 | 415000 | &nbsp;&nbsp; **414181** |
| **Financial: 4.92%** |  |  |  |  |
| **Banks: 3.45%** |  |  |  |  |
| Banco Bradesco SA144A | 5.38 | &nbsp;&nbsp; 1-20-2031 | 745000 | &nbsp;&nbsp; 734495 |
| &nbsp;&nbsp; Banco Mercantil del Norte SA (5 Year Treasury Constant <br> Maturity+4.07%)144Aʊ±<br>| 8.38 | &nbsp;&nbsp; 5-20-2031 | 650000 | &nbsp;&nbsp; 667875 |
| &nbsp;&nbsp; Banco Nacional de Comercio Exterior SNC (5 Year Treasury <br> Constant Maturity+2.00%)144A±<br>| 2.72 | &nbsp;&nbsp; 8-11-2031 | 650000 | &nbsp;&nbsp; 637268 |
| Banco Santander Chile144A | 4.55 | &nbsp;&nbsp; 11-20-2030 | 95000 | &nbsp;&nbsp; 93754 |
| &nbsp;&nbsp; Bancolombia SA (5 Year Treasury Constant <br> Maturity+4.32%)±<br>| 8.63 | &nbsp;&nbsp; 12-24-2034 | 200000 | &nbsp;&nbsp; 209727 |
| Barclays PLC (U.S. SOFR+1.23%)± | 5.37 | &nbsp;&nbsp; 2-25-2031 | 680000 | &nbsp;&nbsp; 691810 |
| &nbsp;&nbsp; BBVA Mexico SA Institucion De Banca Multiple Grupo <br> Financiero (5 Year Treasury Constant <br> Maturity+4.31%)144A±<br>| 5.88 | &nbsp;&nbsp; 9-13-2034 | 720000 | &nbsp;&nbsp; 707109 |
| &nbsp;&nbsp; BNP Paribas SA (5 Year Treasury Constant <br> Maturity+4.90%)144Aʊ±<br>| 7.75 | &nbsp;&nbsp; 8-16-2029 | 270000 | &nbsp;&nbsp; 278502 |
| &nbsp;&nbsp; Commonwealth Bank of Australia (1 Year Treasury Constant <br> Maturity+1.32%)144A±<br>| 5.93 | &nbsp;&nbsp; 3-14-2046 | 425000 | &nbsp;&nbsp; 424391 |
| HSBC Holdings PLC (U.S. SOFR+1.57%)± | 5.24 | &nbsp;&nbsp; 5-13-2031 | 605000 | &nbsp;&nbsp; 613521 |
| &nbsp;&nbsp; Lloyds Banking Group PLC (5 Year Treasury Constant <br> Maturity+4.82%)ʊ±<br>| 6.75 | &nbsp;&nbsp; 6-27-2026 | 220000 | &nbsp;&nbsp; 220932 |
| &nbsp;&nbsp; National Australia Bank Ltd. (5 Year Treasury Constant <br> Maturity+1.70%)144A±<br>| 3.35 | &nbsp;&nbsp; 1-12-2037 | 930000 | &nbsp;&nbsp; 841090 |
| &nbsp;&nbsp; UBS Group AG (1 Year Treasury Constant <br> Maturity+1.77%)144A±<br>| 5.70 | &nbsp;&nbsp; 2-8-2035 | 510000 | &nbsp;&nbsp; 522810 |
| &nbsp;&nbsp; UBS Group AG (5 Year Treasury Constant <br> Maturity+3.40%)144Aʊ±<br>| 4.88 | &nbsp;&nbsp; 2-12-2027 | 200000 | &nbsp;&nbsp; 197484 |
| &nbsp;&nbsp; UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5 <br> Year+3.63%)144Aʊ±<br>| 6.85 | &nbsp;&nbsp; 9-10-2029 | 265000 | &nbsp;&nbsp; 262623 |
|  |  |  |  | &nbsp;&nbsp; **7103391** |
| **Diversified financial services: 0.78%** |  |  |  |  |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust (5 <br> Year Treasury Constant Maturity+2.72%)±<br>| 6.95 | &nbsp;&nbsp; 3-10-2055 | 650000 | &nbsp;&nbsp; 665260 |
| Avolon Holdings Funding Ltd.144A | 5.75 | &nbsp;&nbsp; 11-15-2029 | 265000 | &nbsp;&nbsp; 271530 |
| Brookfield Asset Management Ltd. | 6.08 | &nbsp;&nbsp; 9-15-2055 | 120000 | &nbsp;&nbsp; 118549 |
| Global Aircraft Leasing Co. Ltd.144A | 8.75 | &nbsp;&nbsp; 9-1-2027 | 315000 | &nbsp;&nbsp; 319580 |
| Macquarie AirFinance Holdings Ltd.144A | 6.40 | &nbsp;&nbsp; 3-26-2029 | 175000 | &nbsp;&nbsp; 181321 |
| Unifin Financiera SAB de CV144A† | 9.88 | &nbsp;&nbsp; 1-28-2029 | 600000 | &nbsp;&nbsp; 51600 |
|  |  |  |  | &nbsp;&nbsp; **1607840** |

---

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

Allspring Income Plus Fund \| 17

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Insurance: 0.33%** |  |  |  |  |
| Aspen Insurance Holdings Ltd. | 5.75<br> %<br>| &nbsp;&nbsp; 7-1-2030 | $270000 | &nbsp;&nbsp; $278407 |
| RenaissanceRe Holdings Ltd. | 5.80 | &nbsp;&nbsp; 4-1-2035 | 390000 | &nbsp;&nbsp; 398896 |
|  |  |  |  | &nbsp;&nbsp; **677303** |
| **Private equity: 0.27%** |  |  |  |  |
| Brookfield Finance, Inc. | 5.33 | &nbsp;&nbsp; 1-15-2036 | 565000 | &nbsp;&nbsp; **553204** |
| **REITs: 0.09%** |  |  |  |  |
| Equinix Asia Financing Corp. Pte. Ltd. | 4.40 | &nbsp;&nbsp; 3-15-2031 | 180000 | &nbsp;&nbsp; **176201** |
| **Government securities: 0.30%** |  |  |  |  |
| **Multi-national: 0.30%** |  |  |  |  |
| African Export-Import Bank144A | 3.80 | &nbsp;&nbsp; 5-17-2031 | 705000 | &nbsp;&nbsp; **625391** |
| **Industrial: 0.49%** |  |  |  |  |
| **Engineering & construction: 0.02%** |  |  |  |  |
| CIMIC Finance USA Pty. Ltd.144A | 7.00 | &nbsp;&nbsp; 3-25-2034 | 35000 | &nbsp;&nbsp; **37255** |
| **Packaging & containers: 0.23%** |  |  |  |  |
| Trivium Packaging Finance BV144A | 12.25 | &nbsp;&nbsp; 1-15-2031 | 445000 | &nbsp;&nbsp; **481806** |
| **Trucking & leasing: 0.24%** |  |  |  |  |
| Avolon Holdings Funding Ltd.144A | 4.90 | &nbsp;&nbsp; 10-10-2030 | 300000 | &nbsp;&nbsp; 297910 |
| SMBC Aviation Capital Finance DAC144A | 5.25 | &nbsp;&nbsp; 11-26-2035 | 200000 | &nbsp;&nbsp; 195277 |
|  |  |  |  | &nbsp;&nbsp; **493187** |
| **Utilities: 0.31%** |  |  |  |  |
| **Electric: 0.31%** |  |  |  |  |
| Comision Federal de Electricidad144A | 3.88 | &nbsp;&nbsp; 7-26-2033 | 615000 | &nbsp;&nbsp; 526664 |
| Emera, Inc. Series 16-A (U.S. SOFR 3 Month+5.44%)± | 6.75 | &nbsp;&nbsp; 6-15-2076 | 100000 | &nbsp;&nbsp; 100143 |
|  |  |  |  | &nbsp;&nbsp; **626807** |
| **Total yankee corporate bonds and notes (Cost $19,555,846)** |  |  |  | &nbsp;&nbsp; **19006264** |
| **Yankee government bonds: 2.63%** |  |  |  |  |
| **Argentina: 0.91%** |  |  |  |  |
| Argentinaøø## | 4.13 | &nbsp;&nbsp; 7-9-2035 | 415000 | &nbsp;&nbsp; 298800 |
| City of Buenos Aires144A## | 7.80 | &nbsp;&nbsp; 11-26-2033 | 615000 | &nbsp;&nbsp; 622712 |
| Province of Santa Fe144A## | 8.10 | &nbsp;&nbsp; 12-11-2034 | 645000 | &nbsp;&nbsp; 614717 |
| Provincia de Cordoba144Aøø## | 6.88 | &nbsp;&nbsp; 2-1-2029 | 332619 | &nbsp;&nbsp; 321809 |
|  |  |  |  | &nbsp;&nbsp; **1858038** |
| **Israel: 0.47%** |  |  |  |  |
| Israel## | 4.50 | &nbsp;&nbsp; 1-13-2031 | 625000 | &nbsp;&nbsp; 611898 |
| Israel## | 5.75 | &nbsp;&nbsp; 3-12-2054 | 370000 | &nbsp;&nbsp; 343912 |
|  |  |  |  | &nbsp;&nbsp; **955810** |
| **Ivory Coast: 0.24%** |  |  |  |  |
| Ivory Coast144A## | 8.25 | &nbsp;&nbsp; 1-30-2037 | 485000 | &nbsp;&nbsp; **497607** |

---

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

18 \| Allspring Income Plus Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Mexico: 0.55%** |  |  |  |  |
| Mexico## | 5.63<br> %<br>| &nbsp;&nbsp; 9-22-2035 | $485000 | &nbsp;&nbsp; $469238 |
| Mexico## | 6.35 | &nbsp;&nbsp; 2-9-2035 | 445000 | &nbsp;&nbsp; 454590 |
| Mexico## | 3.77 | &nbsp;&nbsp; 5-24-2061 | 355000 | &nbsp;&nbsp; 211846 |
|  |  |  |  | &nbsp;&nbsp; **1135674** |
| **Panama: 0.11%** |  |  |  |  |
| Panama## | 4.50 | &nbsp;&nbsp; 1-19-2063 | 310000 | &nbsp;&nbsp; **226378** |
| **Trinidad and Tobago: 0.35%** |  |  |  |  |
| Trinidad & Tobago144A## | 6.50 | &nbsp;&nbsp; 1-28-2036 | 730000 | &nbsp;&nbsp; **725255** |
| **Total yankee government bonds (Cost $5,394,662)** |  |  |  | &nbsp;&nbsp; **5398762** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 2.51%** |  |  |  |  |
| **Investment companies: 2.51%** |  |  |  |  |
| &nbsp;&nbsp; Allspring Government Money Market Fund Select <br> Class♠∞##<br>|  | 3.60 | 5162796 | &nbsp;&nbsp; **5162796** |
| **Total short-term investments (Cost $5,162,796)** |  |  |  | &nbsp;&nbsp; **5162796** |
| **Total investments in securities (Cost $254,048,603)** | 122.59<br> %<br>|  |  | &nbsp;&nbsp; 252169536 |
| Other assets and liabilities, net | (22.59)<br>|  |  | &nbsp;&nbsp; (46476223)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$205693313** |

---

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

---

| |
|:---|
| The security is purchased on a when-issued basis. |
| The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality <br> and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end.<br>|
| Variable rate investment. The rate shown is the rate in effect at period end. |
| Security is valued using significant unobservable inputs. |
| Non-income-earning security |
| Restricted security as to resale, excluding Rule 144A securities. The Fund held a restricted security with current value of $150,768 (original cost of $45,706), <br> representing 0.07% of its net assets as of period end.<br>|
| The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| All or a portion of this security is segregated as collateral for when-issued securities. |
| ¥A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities or a combination of both. <br> The rate shown is the rate in effect at period end.<br>|
| The security is issued in zero coupon form with no periodic interest payments. |
| Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
| The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| The rate represents the 7-day annualized yield at period end. |

---

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

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

Allspring Income Plus Fund \| 19

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AUD | Australian dollar |
| BDC | Business Development Company |
| BRL | Brazilian real |
| CLP | Chile peso |
| COP | Colombian peso |
| CZK | Czech Republic koruna |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GBP | Great British pound |
| GNMA | Government National Mortgage Association |
| GO | General obligation |
| INR | Indian rupee |
| MXN | Mexican peso |
| NPFGC | National Public Finance Guarantee Corporation |
| REIT | Real estate investment trust |
| SEK | Sweden krona |
| SOFR | Secured Overnight Financing Rate |
| ZAR | South African rand |

---

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $4514164 | $54846558 | $(54197926)<br>| $0 | $0 | $5162796 | 5162796 | $70070 |

---

**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 | 39467215 | EUR | 33950000 | Goldman Sachs International | 4-9-2026 | &nbsp;&nbsp;&nbsp; $213300 | &nbsp;&nbsp;&nbsp; $0 |
| EUR | 370000 | USD | 430811 | Goldman Sachs International | 4-9-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (3007)<br>|
| USD | 258473 | EUR | 224000 | State Street Bank & Trust Co. | 4-9-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (522)<br>|
| USD | 4270900 | EUR | 3685000 | Morgan Stanley, Inc. | 4-9-2026 | &nbsp;&nbsp;&nbsp; 10203 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1996102 | EUR | 1724000 | Morgan Stanley, Inc. | 4-9-2026 | &nbsp;&nbsp;&nbsp; 2767 | &nbsp;&nbsp;&nbsp; 0 |
| EUR | 1523000 | USD | 1759456 | Morgan Stanley, Inc. | 4-9-2026 | &nbsp;&nbsp;&nbsp; 1478 | &nbsp;&nbsp;&nbsp; 0 |
| EUR | 555000 | USD | 640329 | State Street Bank & Trust Co. | 4-9-2026 | &nbsp;&nbsp;&nbsp; 1378 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 253071 | EUR | 220000 | State Street Bank & Trust Co. | 4-9-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (1299)<br>|
| EUR | 225000 | USD | 257700 | State Street Bank & Trust Co. | 4-9-2026 | &nbsp;&nbsp;&nbsp; 2451 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 375104 | EUR | 325000 | Bank of New York Mellon Corp. | 4-9-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (670)<br>|
| USD | 4271957 | COP | 15837000000 | Morgan Stanley, Inc. | 4-13-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (31225)<br>|
| COP | 267500000 | USD | 72741 | Morgan Stanley, Inc. | 4-13-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (57)<br>|
| ZAR | 1627000 | USD | 95330 | State Street Bank & Trust Co. | 4-20-2026 | &nbsp;&nbsp;&nbsp; 692 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 2219333 | ZAR | 37470000 | Bank of New York Mellon Corp. | 4-20-2026 | &nbsp;&nbsp;&nbsp; 7931 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 2048289 | SGD | 2623000 | Bank of New York Mellon Corp. | 4-23-2026 | &nbsp;&nbsp;&nbsp; 5086 | &nbsp;&nbsp;&nbsp; 0 |
| SGD | 2623000 | USD | 2054506 | State Street Bank & Trust Co. | 4-23-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (11303)<br>|
| USD | 2202764 | BRL | 11635000 | State Street Bank & Trust Co. | 5-11-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (26406)<br>|
| AUD | 230000 | USD | 158945 | State Street Bank & Trust Co. | 5-18-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (351)<br>|

---

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

20 \| Allspring Income Plus Fund

------

Portfolio of investments—March 31, 2026 (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>|
| USD | 5436734 | AUD | 7748000 | Bank of New York Mellon Corp. | 5-18-2026 | &nbsp;&nbsp;&nbsp; $94200 | &nbsp;&nbsp;&nbsp; $0 |
| USD | 147770 | CLP | 135000000 | Bank of New York Mellon Corp. | 5-18-2026 | &nbsp;&nbsp;&nbsp; 1929 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 966125 | CLP | 877000000 | Bank of New York Mellon Corp. | 5-18-2026 | &nbsp;&nbsp;&nbsp; 18695 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 6850408 | GBP | 5018000 | Bank of New York Mellon Corp. | 5-18-2026 | &nbsp;&nbsp;&nbsp; 209145 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 124219 | GBP | 92000 | State Street Bank & Trust Co. | 5-18-2026 | &nbsp;&nbsp;&nbsp; 2458 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 215879 | GBP | 160000 | State Street Bank & Trust Co. | 5-18-2026 | &nbsp;&nbsp;&nbsp; 4121 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 100056 | GBP | 75000 | Bank of New York Mellon Corp. | 5-18-2026 | &nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp;&nbsp; 0 |
| GBP | 80026 | USD | 107036 | Morgan Stanley, Inc. | 5-18-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (1123)<br>|
| GBP | 770000 | USD | 1030881 | Morgan Stanley, Inc. | 5-18-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (11795)<br>|
| USD | 2136960 | GBP | 1605000 | Bank of New York Mellon Corp. | 5-18-2026 | &nbsp;&nbsp;&nbsp; 12761 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1069993 | GBP | 799000 | Bank of New York Mellon Corp. | 5-18-2026 | &nbsp;&nbsp;&nbsp; 12526 | &nbsp;&nbsp;&nbsp; 0 |
| GBP | 120000 | USD | 160299 | State Street Bank & Trust Co. | 5-18-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (1481)<br>|
| NOK | 20550000 | USD | 2143028 | Bank of New York Mellon Corp. | 5-18-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (21225)<br>|
| USD | 3611591 | SEK | 33850000 | Bank of New York Mellon Corp. | 6-18-2026 | &nbsp;&nbsp;&nbsp; 21994 | &nbsp;&nbsp;&nbsp; 0 |
| NZD | 2580000 | USD | 1515077 | Bank of New York Mellon Corp. | 6-22-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (28273)<br>|
| USD | 2054750 | CZK | 43700000 | Goldman Sachs International | 6-30-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (5307)<br>|
| USD | 4084659 | MXN | 74351000 | Bank of New York Mellon Corp. | 6-30-2026 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (33532)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **$623910** | &nbsp;&nbsp;&nbsp; **$(177576)**<br>|

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| 2-Year U.S. Treasury Notes | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 6-30-2026 | &nbsp;&nbsp; $28107205 | &nbsp;&nbsp; $28005117 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $(102088)<br>|
| **Short** |  |  |  |  |  |  |
| 10-Year Euro BUND Index | &nbsp;&nbsp; (36)<br>| &nbsp;&nbsp; 6-8-2026 | &nbsp;&nbsp; (5323603)<br>| &nbsp;&nbsp; (5217554)<br>| &nbsp;&nbsp; 106049 | &nbsp;&nbsp; 0 |
| 2-Year Euro SCHATZ | &nbsp;&nbsp; (32)<br>| &nbsp;&nbsp; 6-8-2026 | &nbsp;&nbsp; (3944449)<br>| &nbsp;&nbsp; (3911397)<br>| &nbsp;&nbsp; 33052 | &nbsp;&nbsp; 0 |
| 5-Year Euro-BOBL Futures | &nbsp;&nbsp; (85)<br>| &nbsp;&nbsp; 6-8-2026 | &nbsp;&nbsp; (11514442)<br>| &nbsp;&nbsp; (11340682)<br>| &nbsp;&nbsp; 173760 | &nbsp;&nbsp; 0 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; (38)<br>| &nbsp;&nbsp; 6-18-2026 | &nbsp;&nbsp; (4582252)<br>| &nbsp;&nbsp; (4429375)<br>| &nbsp;&nbsp; 152877 | &nbsp;&nbsp; 0 |
| 5-Year U.S. Treasury Notes | &nbsp;&nbsp; (80)<br>| &nbsp;&nbsp; 6-30-2026 | &nbsp;&nbsp; (8767926)<br>| &nbsp;&nbsp; (8654375)<br>| &nbsp;&nbsp; 113551 | &nbsp;&nbsp; 0 |
|  |  |  |  |  | &nbsp;&nbsp; **$579289** | &nbsp;&nbsp; **$(102088)**<br>|

---

**Centrally cleared credit default swap contracts** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference index | Fixed rate | &nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp; Maturity <br>date<br>| Notional <br>amount | Notional <br>amount | Value | Premiums <br>paid <br>(received)<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Buy Protection** |  |  |  |  |  |  |  |  |  |
| CDX North American Investment Grade, <br> Series 45 <br>| 1.00% | Quarterly | 12-20-2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 6045000 | &nbsp;&nbsp; $109146 | &nbsp;&nbsp; $99119 | &nbsp;&nbsp; $10027 | &nbsp;&nbsp; $0 |
| Markit CDX North American High Yield <br> Series 44 <br>| 5.00 | Quarterly | 6-20-2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5964750 | &nbsp;&nbsp; 357598 | &nbsp;&nbsp; 373499 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (15901)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; **$10027** | &nbsp;&nbsp; **$(15901)**<br>|

---

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

Allspring Income Plus Fund \| 21

------

Statement of assets and liabilities—March 31, 2026 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $248,885,807) | $247006740 |
| Investments in affiliated securities, at value (cost $5,162,796) | 5162796 |
| Cash at broker segregated for futures contracts | 1459000 |
| Segregated cash for swap contracts | 517650 |
| Segregated cash for when-issued securities | 260000 |
| Foreign currency, at value (cost $2) | 2 |
| Receivable for investments sold | 29475440 |
| Receivable for interest | 2438378 |
| Unrealized gains on forward foreign currency contracts | 623910 |
| Receivable for Fund shares sold | 99057 |
| Receivable for daily variation margin on centrally cleared swap contracts | 62306 |
| Receivable for daily variation margin on open futures contracts | 10732 |
| Prepaid expenses and other assets | 64083 |
| **Total assets** | **287180094** |
| Liabilities |  |
| Payable for investments purchased | 78859717 |
| Overdraft due to custodian bank | 1567056 |
| Cash collateral due to broker for forward foreign currency contracts | 640000 |
| Unrealized losses on forward foreign currency contracts | 177576 |
| Payable for Fund shares redeemed | 100789 |
| Payable for daily variation margin on open futures contracts | 36160 |
| Management fee payable | 33756 |
| Administration fees payable | 15299 |
| Shareholder servicing fees payable | 3096 |
| Trustees' fees and expenses payable | 926 |
| Accrued expenses and other liabilities | 52406 |
| **Total liabilities** | **81486781** |
| **Total net assets**  | **$205693313** |
| Net assets consist of |  |
| Paid-in capital | $219081441 |
| Total distributable loss | (13388128)<br>|
| **Total net assets** | **$205693313** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $14484461 |
| Shares outstanding–Class A<sup>1</sup> <br>| 1649681 |
| Net asset value per share–Class A | $8.78 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $9.15 |
| Net assets–Institutional Class | $191208852 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 21839608 |
| Net asset value per share–Institutional Class | $8.76 |

---

<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.

22 \| Allspring Income Plus Fund

------

Statement of operations—six months ended March 31, 2026 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest (net of foreign withholding taxes of $1,097) | $5766445 |
| Income from affiliated securities | 70070 |
| Dividends | 27405 |
| **Total investment income** | **5863920** |
| Expenses |  |
| Management fee | 556417 |
| Administration fees |  |
| Class A | 10681 |
| Class C | 98 <br><sup>1</sup><br>|
| Institutional Class | 79037 |
| Shareholder servicing fees |  |
| Class A | 17765 |
| Class C | 163 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 487 <br><sup>1</sup><br>|
| Custody and accounting fees | 17748 |
| Professional fees | 32560 |
| Registration fees | 63534 |
| Shareholder report expenses | 15202 |
| Trustees' fees and expenses | 3861 |
| Other fees and expenses | 9981 |
| **Total expenses** | **807534** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (370761)<br>|
| Class A | (154)<br>|
| **Net expenses** | **436619** |
| **Net investment income** | **5427301** |

---

<sup>1</sup> For the period from October 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 Income Plus Fund \| 23

------

Statement of operations—six months ended March 31, 2026 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | $1014285 |
| Foreign currency and foreign currency translations | (157035)<br>|
| Forward foreign currency contracts | 183668 |
| Futures contracts | 203506 |
| Swap contracts | 77965 |
| **Net realized gains on investments**  | **1322389** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities (net of deferred foreign capital gains tax of $605) | (5314782)<br>|
| Foreign currency and foreign currency translations | (26228)<br>|
| Forward foreign currency contracts | 97212 |
| Futures contracts | 333317 |
| Swap contracts | (72142)<br>|
| **Net change in unrealized gains (losses) on investments** | **(4982623)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(3660234)**<br>|
| **Net increase in net assets resulting from operations** | **$1767067** |

---

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

24 \| Allspring Income Plus Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> March 31, 2026<br> (unaudited) | Six months ended<br> March 31, 2026<br> (unaudited) | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $5427301 |  | &nbsp;&nbsp; $10846514 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 1322389 |  | &nbsp;&nbsp; (1536465)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (4982623)<br>|  | &nbsp;&nbsp; 934930 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **1767067** |  | &nbsp;&nbsp; **10244979** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (369717)<br>|  | &nbsp;&nbsp; (786648)<br>|
| Class C |  | &nbsp;&nbsp; (1573 )<sup>1</sup><br>|  | &nbsp;&nbsp; (32608)<br>|
| Administrator Class |  | &nbsp;&nbsp; N/A |  | &nbsp;&nbsp; (22772 )<sup>2</sup><br>|
| Institutional Class |  | &nbsp;&nbsp; (5416863)<br>|  | &nbsp;&nbsp; (11630269)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(5788153)**<br>|  | &nbsp;&nbsp; **(12472297)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 304705 | &nbsp;&nbsp; 2718027 | &nbsp;&nbsp; 309520 | &nbsp;&nbsp; 2732940 |
| Class C | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 3339 | &nbsp;&nbsp; 29639 |
| Administrator Class | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 28694 <br><sup>2</sup><br>| &nbsp;&nbsp; 253681 <br><sup>2</sup><br>|
| Institutional Class | 2582531 | &nbsp;&nbsp; 22976465 | &nbsp;&nbsp; 14783143 | &nbsp;&nbsp; 130497994 |
|  |  | &nbsp;&nbsp; 25694492 |  | &nbsp;&nbsp; 133514254 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 41373 | &nbsp;&nbsp; 368295 | &nbsp;&nbsp; 88849 | &nbsp;&nbsp; 783926 |
| Class C | 174 <br><sup>1</sup><br>| &nbsp;&nbsp; 1573 <br><sup>1</sup><br>| &nbsp;&nbsp; 3670 | &nbsp;&nbsp; 32595 |
| Administrator Class | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 2555 <br><sup>2</sup><br>| &nbsp;&nbsp; 22772 <br><sup>2</sup><br>|
| Institutional Class | 610029 | &nbsp;&nbsp; 5416863 | &nbsp;&nbsp; 1295360 | &nbsp;&nbsp; 11400083 |
|  |  | &nbsp;&nbsp; 5786731 |  | &nbsp;&nbsp; 12239376 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (270012)<br>| &nbsp;&nbsp; (2409022)<br>| &nbsp;&nbsp; (610318)<br>| &nbsp;&nbsp; (5411742)<br>|
| Class C | (707 )<sup>1</sup><br>| &nbsp;&nbsp; (6382 )<sup>1</sup><br>| &nbsp;&nbsp; (48338)<br>| &nbsp;&nbsp; (429117)<br>|
| Administrator Class | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; (24195 )<sup>2</sup><br>| &nbsp;&nbsp; (216346 )<sup>2</sup><br>|
| Institutional Class | (3686768)<br>| &nbsp;&nbsp; (32686454)<br>| &nbsp;&nbsp; (21336693)<br>| &nbsp;&nbsp; (187783557)<br>|
|  |  | &nbsp;&nbsp; (35101858)<br>|  | &nbsp;&nbsp; (193840762)<br>|

---

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

<sup>2</sup> For the period from October 1, 2024 to September 12, 2025

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

Allspring Income Plus Fund \| 25

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> March 31, 2026<br> (unaudited) | Six months ended<br> March 31, 2026<br> (unaudited) | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |  |
| Class A | 56426 <br><sup>3</sup><br>| &nbsp;&nbsp; $503854 <br><sup>3</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Class C | (56062 )<sup>3</sup><br>| &nbsp;&nbsp; (503854 )<sup>3</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Administrator Class | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; (51049 )<sup>4</sup><br>| &nbsp;&nbsp; (463586 )<sup>4</sup><br>|
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 51742 <br><sup>4</sup><br>| &nbsp;&nbsp; 463586 <br><sup>4</sup><br>|
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(3620635)**<br>|  | &nbsp;&nbsp; **(48087132)**<br>|
| **Total decrease in net assets** |  | &nbsp;&nbsp; **(7641721)**<br>|  | &nbsp;&nbsp; **(50314450)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **213335034** |  | &nbsp;&nbsp; **263649484** |
| **End of period** |  | &nbsp;&nbsp; **$205693313** |  | &nbsp;&nbsp; **$213335034** |

---

<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.

26 \| Allspring Income Plus Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class A | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.95** | &nbsp;&nbsp; **$8.98** | &nbsp;&nbsp; **$8.43** | &nbsp;&nbsp; **$8.38** | &nbsp;&nbsp; **$10.12** | &nbsp;&nbsp; **$9.64** |
| Net investment income | 0.21 <br><sup>1</sup><br>| 0.43 <br><sup>1</sup><br>| 0.43 <br><sup>1</sup><br>| 0.38 <br><sup>1</sup><br>| 0.28 <br><sup>1</sup><br>| 0.27 |
| Net realized and unrealized gains (losses) on investments | (0.15)<br>| 0.03 | 0.60 | 0.05 | &nbsp;&nbsp; (1.41)<br>| 0.51 |
| Total from investment operations | 0.06 | 0.46 | 1.03 | 0.43 | &nbsp;&nbsp; (1.13)<br>| 0.78 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.23)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.30)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.25)<br>| 0.00 |
| Total distributions to shareholders | (0.23)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.30)<br>|
| **Net asset value, end of period** | **$8.78** | &nbsp;&nbsp; **$8.95** | &nbsp;&nbsp; **$8.98** | &nbsp;&nbsp; **$8.43** | &nbsp;&nbsp; **$8.38** | &nbsp;&nbsp; **$10.12** |
| **Total return**<sup>2</sup> <br>| **0.68%**<br>| **5.35%**<br>| **12.64%**<br>| **5.14%**<br>| &nbsp;&nbsp; **(11.77)%**<br>| **8.18%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.06<br> %<br>| 1.10<br> %<br>| 1.02<br> %<br>| 1.09<br> %<br>| 1.07<br> %<br>| 1.07<br> %<br>|
| Net expenses | 0.71<br> %<br>| 0.71<br> %<br>| 0.71<br> %<br>| 0.81<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>|
| Net investment income | 4.83<br> %<br>| 4.88<br> %<br>| 4.98<br> %<br>| 4.44<br> %<br>| 3.09<br> %<br>| 3.00<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 208<br> %<br>| &nbsp;&nbsp; 486<br> %<br>| &nbsp;&nbsp; 350<br> %<br>| &nbsp;&nbsp; 182<br> %<br>| &nbsp;&nbsp; 113<br> %<br>| &nbsp;&nbsp; 128<br> %<br>|
| Net assets, end of period (000s omitted) | $14484 | &nbsp;&nbsp; $13574 | &nbsp;&nbsp; $15534 | &nbsp;&nbsp; $16212 | &nbsp;&nbsp; $13960 | &nbsp;&nbsp; $2667 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

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

Allspring Income Plus Fund \| 27

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Institutional Class | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.92** | &nbsp;&nbsp; **$8.96** | &nbsp;&nbsp; **$8.41** | &nbsp;&nbsp; **$8.36** | &nbsp;&nbsp; **$10.10** | &nbsp;&nbsp; **$9.63** |
| Net investment income | 0.23 <br><sup>1</sup><br>| 0.46 <br><sup>1</sup><br>| 0.46 <br><sup>1</sup><br>| 0.40 <br><sup>1</sup><br>| 0.32 | 0.33 |
| Net realized and unrealized gains (losses) on investments | (0.14)<br>| 0.02 | 0.60 | 0.06 | &nbsp;&nbsp; (1.43)<br>| 0.47 |
| Total from investment operations | 0.09 | 0.48 | 1.06 | 0.46 | &nbsp;&nbsp; (1.11)<br>| 0.80 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.25)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.33)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.25)<br>| 0.00 |
| Total distributions to shareholders | (0.25)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.33)<br>|
| **Net asset value, end of period** | **$8.76** | &nbsp;&nbsp; **$8.92** | &nbsp;&nbsp; **$8.96** | &nbsp;&nbsp; **$8.41** | &nbsp;&nbsp; **$8.36** | &nbsp;&nbsp; **$10.10** |
| **Total return**<sup>2</sup> <br>| **0.95%**<br>| **5.58%**<br>| **13.04%**<br>| **5.50%**<br>| &nbsp;&nbsp; **(11.53)%**<br>| **8.43%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.74<br> %<br>| 0.77<br> %<br>| 0.70<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>|
| Net expenses | 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.50<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income | 5.14<br> %<br>| 5.18<br> %<br>| 5.29<br> %<br>| 4.74<br> %<br>| 3.33<br> %<br>| 3.34<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 208<br> %<br>| &nbsp;&nbsp; 486<br> %<br>| &nbsp;&nbsp; 350<br> %<br>| &nbsp;&nbsp; 182<br> %<br>| &nbsp;&nbsp; 113<br> %<br>| &nbsp;&nbsp; 128<br> %<br>|
| Net assets, end of period (000s omitted) | $191209 | &nbsp;&nbsp; $199251 | &nbsp;&nbsp; $246831 | &nbsp;&nbsp; $140492 | &nbsp;&nbsp; $141671 | &nbsp;&nbsp; $163806 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized.

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

28 \| Allspring Income Plus 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 Income Plus Fund (the "Fund") which is a diversified series of the Trust.

Effective at the close of business on September 12, 2025, Administrator Class shares 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.

Equity securities, exchange-traded funds and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management, LLC ("Allspring Funds Management").

Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management.

Swap contracts are valued at the evaluated price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible 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.

Allspring Income Plus Fund \| 29

------

Notes to financial statements (unaudited)

When-issued transactions

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

Loans

The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is selling the participation. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market and any unrealized gains or losses are recorded in the Statement of assets and liabilities.

Forward foreign currency contracts

A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund's maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and is subject to interest rate risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of assets and liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the 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 market or centrally cleared ("centrally cleared swaps") with a central clearinghouse.

The Fund entered into centrally cleared swaps. In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the Fund's counterparty on the swap agreement becomes the CCP. Upon entering into a centrally cleared swap, the Fund is required to deposit an initial margin with the broker in the form of cash or securities. Securities deposited as initial margin are designated in the Portfolio of investments and cash deposited is shown as cash segregated for centrally cleared swaps in the Statement of assets and liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). The variation margin is recorded as an unrealized gain (or loss) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of assets and liabilities. Payments received from (paid to) the counterparty are recorded as realized gains (losses) in the Statement of operations when the contract is closed.

***Credit default swaps***

The Fund may enter into credit default swaps for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or a basket of single-name issuers or traded indexes. An index credit default swap references all the names

30 \| Allspring Income Plus Fund

------

Notes to financial statements (unaudited)

in the index, and if a credit event is triggered, the credit event is settled based on that name's weight in the index. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the protection seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring).

The Fund may enter into credit default swaps as either the seller of protection or the buyer of protection. If the Fund is the buyer of protection and a credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. If the Fund is the seller of protection and a credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

As the seller of protection, the Fund is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Fund could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates.

By entering into credit default swap contracts, the Fund is exposed to credit risk. In addition, certain credit default swap contracts entered into by the Fund provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements.

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status. Paydown gains and losses are included in interest income.

Dividend income is recognized on the ex-dividend date.

Interest earned on cash balances held at the custodian is recorded as interest income.

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

Income dividends and capital gain distributions from investment companies are recorded on the ex-dividend date. Capital gain distributions from investment companies are treated as realized gains.

Distributions to shareholders

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

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 March 31, 2026, the aggregate cost of all investments for federal income tax purposes was $257,891,413 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $3837845 |
| Gross unrealized losses | &nbsp;&nbsp; (8642061)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(4804216)**<br>|

---

As of September 30, 2025, the Fund had capital loss carryforwards which consisted of $1,746,278 in short-term capital losses and $8,719,226 in long-term capital losses.

Allspring Income Plus Fund \| 31

------

Notes to financial statements (unaudited)

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Agency securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $60604739 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $60604739 |
| **Asset-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 13790876 | &nbsp;&nbsp;&nbsp; 142585 | &nbsp;&nbsp;&nbsp; 13933461 |
| **Common stocks** |  |  |  |  |
| *Consumer staples* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 240 |
| *Energy* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 150768 | &nbsp;&nbsp;&nbsp; 150768 |
| *Financials* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 58047422 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 58047422 |
| **Foreign corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 24953761 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 24953761 |
| **Foreign government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 44034389 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 44034389 |
| **Investment companies** | &nbsp;&nbsp; 1668471 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1668471 |
| **Loans** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1782654 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1782654 |
| **Municipal obligations** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 25219 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 25219 |
| **Non-agency mortgage-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5063773 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5063773 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 12336743 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12336743 |
| **Warrants** |  |  |  |  |
| *Consumer staples* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 74 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 19006264 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 19006264 |
| **Yankee government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5398762 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5398762 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 5162796 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5162796 |
|  | &nbsp;&nbsp; 19168010 | &nbsp;&nbsp;&nbsp; 232708099 | &nbsp;&nbsp;&nbsp; 293427 | &nbsp;&nbsp;&nbsp; 252169536 |
| **Forward foreign currency contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 623910 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 623910 |
| **Futures contracts** | &nbsp;&nbsp; 579289 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 579289 |
| **Swap contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 10027 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 10027 |
| **Total assets** | &nbsp;&nbsp; **$19747299** | &nbsp;&nbsp;&nbsp; **$233342036** | &nbsp;&nbsp;&nbsp; **$293427** | &nbsp;&nbsp;&nbsp; **$253382762** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Forward foreign currency contracts** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $177576 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $177576 |
| **Futures contracts** | &nbsp;&nbsp; 102088 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 102088 |
| **Swap contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 15901 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 15901 |
| **Total liabilities** | &nbsp;&nbsp; **$102088** | &nbsp;&nbsp;&nbsp; **$193477** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$295565** |

---

32 \| Allspring Income Plus Fund

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Notes to financial statements (unaudited)

Futures contracts, forward foreign currency contracts and swap contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following the Portfolio of investments. For futures contracts and centrally cleared swap contracts, the current day's variation margin is reported on the Statement of assets and liabilities. All other assets and liabilities are reported at their market value at measurement date.

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

At March 31, 2026, the Fund had no material 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 | 0.525<br> %<br>|
| Next $500 million | 0.500 |
| Next $2 billion | 0.475 |
| Next $2 billion | 0.450 |
| Next $5 billion | 0.415 |
| Over $10 billion | 0.405 |

---

For the six months ended March 31, 2026, the management fee was equivalent to an annual rate of 0.525% 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 January 31, 2027 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 March 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.71<br> %<br>|
| Institutional Class | 0.39 |

---

Allspring Income Plus Fund \| 33

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Notes to financial statements (unaudited)

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 March 31, 2026, Allspring Funds Distributor received $251 from the sale of Class A shares and $89 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 March 31, 2026.

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.

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 March 31, 2026.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended March 31, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $446852416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $105671702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $487614083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $75654431 |

---

6. DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2026, the Fund entered into futures contracts and forward foreign currency contracts for hedging purpose and entered into swap contracts

The volume of the Fund's derivative activity during the six months ended March 31, 2026 was as follows:

---

| | |
|:---|:---|
| **Forward foreign currency contracts** |  |
| Average contract amounts to buy | &nbsp;&nbsp; $6227703 |
| Average contract amounts to sell | &nbsp;&nbsp; 71922278 |
| **Futures contracts** |  |
| Average notional balance on long futures | &nbsp;&nbsp; $10462812 |
| Average notional balance on short futures | &nbsp;&nbsp; 44371065 |
| **Swap contracts** |  |
| Average notional balance | &nbsp;&nbsp; $5056921 |

---

The credit default swap transactions may contain provisions for early termination in the event the net assets of the Fund declines below specific levels identified by the counterparty. If these levels are triggered, the counterparty may terminate the transaction and seek payment or request full collateralization of the derivative transactions in net liability positions.

A summary of the location of derivative instruments on the financial statements by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of March 31, 2026 by primary risk type on the Statement of assets and liabilities was as follows for the Fund:

34 \| Allspring Income Plus Fund

------

Notes to financial statements (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Credit <br>risk<br>| Foreign Currency <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $623910 | $623910 |
| Futures contracts | &nbsp;&nbsp; 579,289 <br>\*<br>| 0 | 0 | 579289 |
| Swap contracts | &nbsp;&nbsp; 0 | 10,027 <br>\*<br>| 0 | 10027 |
|  | &nbsp;&nbsp; $579289 | $10027 | $623910 | $1213226 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $177576 | $177576 |
| Futures contracts | &nbsp;&nbsp; 102,088 <br>\*<br>| 0 | 0 | 102088 |
| Swap contracts | &nbsp;&nbsp; 0 | 15,901 <br>\*<br>| 0 | 15901 |
|  | &nbsp;&nbsp; $102088 | $15901 | $177576 | $295565 |

---

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

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of investments. For futures contracts and centrally cleared swap contracts, only the current day's variation margin as of March 31, 2026 is reported separately on the Statement of assets and liabilities. 

The effect of derivative instruments on the Statement of operations for the six months ended March 31, 2026 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Credit <br>risk<br>| Foreign currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $183668 | $183668 |
| Futures contracts | &nbsp;&nbsp; 203506 | 0 | 0 | 203506 |
| Swap contracts | &nbsp;&nbsp; 0 | 77965 | 0 | 77965 |
|  | &nbsp;&nbsp; $203506 | $77965 | $183668 | $465139 |
| **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 | $97212 | $97212 |
| Futures contracts | &nbsp;&nbsp; 333317 | 0 | 0 | 333317 |
| Swap contracts | &nbsp;&nbsp; 0 | (72142)<br>| 0 | (72142)<br>|
|  | &nbsp;&nbsp; $333317 | $(72142)<br>| $97212 | $358387 |

---

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements ("ISDA Master Agreements") or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument's assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statement of assets and liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of assets and liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of assets and liabilities to the net amounts by counterparty, including any collateral exposure, for OTC derivatives is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of assets in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>received<br>| Net amount <br>of assets<br>|
| Bank of New York Mellon Corp. | &nbsp;&nbsp; $385062 | $(83700)<br>| $(301362)<br>| $0 |
| Goldman Sachs International | &nbsp;&nbsp; 213300 | (8314)<br>| (204986)<br>| 0 |
| Morgan Stanley, Inc. | &nbsp;&nbsp; 14448 | (14448)<br>| 0 | 0 |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 11100 | (11100)<br>| 0 | 0 |

---

Allspring Income Plus Fund \| 35

------

Notes to financial statements (unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of liabilities in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>pledged<sup>1</sup> <br>| Net amount <br>of liabilities<br>|
| Bank of New York Mellon Corp. | &nbsp;&nbsp; $83700 | $(83700)<br>| $0 | $0 |
| Goldman Sachs International | &nbsp;&nbsp; 8314 | (8314)<br>| 0 | 0 |
| Morgan Stanley, Inc. | &nbsp;&nbsp; 44200 | (14448)<br>| 0 | 29752 |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 41362 | (11100)<br>| 0 | 30262 |

---

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

<sup>1</sup> Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the six months ended March 31, 2026, there were no borrowings by the Fund under the agreement.

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.

36 \| Allspring Income Plus 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 Income Plus 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 Income Plus Fund

------

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------

*This page is intentionally left blank.*

------

![](g100566img17b0955d1.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**

![](g100566imgf4ab4f9e2.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.**

**NCSRS3365 03-26**

------

![](g100566img1c76b51e1.jpg)

Allspring Index Asset Allocation Fund

Long Form Financial Statements

Semi-Annual Report

March 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_a6b8efed-cf65-4a70-b9c1-2f35d07805ca_POI-PageBlank-35_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_a6b8efed-cf65-4a70-b9c1-2f35d07805ca_FS-PageBlank-35_1)** |  |
| [Statement of assets and liabilities](#xx_a6b8efed-cf65-4a70-b9c1-2f35d07805ca_FS-PageBlank-35_1) | 20 |
| [Statement of operations](#xx_a6b8efed-cf65-4a70-b9c1-2f35d07805ca_FS-PageBlank-35_2) | 21 |
| [Statement of changes in net assets](#xx_a6b8efed-cf65-4a70-b9c1-2f35d07805ca_FS-PageBlank-35_3) | 22 |
| [Financial highlights](#xx_a6b8efed-cf65-4a70-b9c1-2f35d07805ca_FIHI-PageBlank-35_1) | 23 |
| **[Notes to financial statements](#xx_a6b8efed-cf65-4a70-b9c1-2f35d07805ca_NTF-PageBlank-35_1)** | 27 |
| **[Other information](#xx_a6b8efed-cf65-4a70-b9c1-2f35d07805ca_OI-PageBlank-35_1)** | 33 |
| [Item 8. Changes in and disagreements with accountants](#xx_a6b8efed-cf65-4a70-b9c1-2f35d07805ca_OI-PageBlank-35_2) | 34 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_a6b8efed-cf65-4a70-b9c1-2f35d07805ca_OI-PageBlank-35_2) | 34 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_a6b8efed-cf65-4a70-b9c1-2f35d07805ca_OI-PageBlank-35_2) | 34 |
| [Item 11. Statement regarding basis for board](#xx_a6b8efed-cf65-4a70-b9c1-2f35d07805ca_OI-PageBlank-35_2)['](#xx_a6b8efed-cf65-4a70-b9c1-2f35d07805ca_OI-PageBlank-35_2)[s approval of investment](#xx_a6b8efed-cf65-4a70-b9c1-2f35d07805ca_OI-PageBlank-35_2)<br> [advisory contract](#xx_a6b8efed-cf65-4a70-b9c1-2f35d07805ca_OI-PageBlank-35_2)<br>| 34 |

---

Allspring Index Asset Allocation Fund \| 1

------

Portfolio of investments—March 31, 2026 (unaudited)

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Agency securities: 0.00%** |  |  |  |  |
| FNMA Series 2002-T1 Class A4 | 9.50<br> %<br>| &nbsp;&nbsp; 11-25-2031 | $9631 | &nbsp;&nbsp; $10538 |
| **Total agency securities (Cost $9,631)** |  |  |  | &nbsp;&nbsp; **10538** |

---

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

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Common stocks: 59.36%** |  |  |
| **Communication services: 6.11%** |  |  |
| **Diversified telecommunication services: 0.55%** |  |  |
| AT&T, Inc. | 86021 | &nbsp;&nbsp; 2493749 |
| Comcast Corp. Class A | 44093 | &nbsp;&nbsp; 1265910 |
| Verizon Communications, Inc. | 51817 | &nbsp;&nbsp; 2601213 |
|  |  | &nbsp;&nbsp; **6360872** |
| **Entertainment: 0.81%** |  |  |
| Electronic Arts, Inc. | 2768 | &nbsp;&nbsp; 564312 |
| Live Nation Entertainment, Inc.† | 1940 | &nbsp;&nbsp; 295869 |
| Netflix, Inc.† | 51881 | &nbsp;&nbsp; 4988358 |
| Take-Two Interactive Software, Inc.† | 2139 | &nbsp;&nbsp; 422453 |
| TKO Group Holdings, Inc. Class A | 815 | &nbsp;&nbsp; 164345 |
| Walt Disney Co. | 21768 | &nbsp;&nbsp; 2098000 |
| Warner Bros Discovery, Inc.† | 30454 | &nbsp;&nbsp; 836267 |
|  |  | &nbsp;&nbsp; **9369604** |
| **Interactive media & services: 4.53%** |  |  |
| Alphabet, Inc. Class A | 71539 | &nbsp;&nbsp; 20571755 |
| Alphabet, Inc. Class C | 57466 | &nbsp;&nbsp; 16484697 |
| Meta Platforms, Inc. Class A | 26875 | &nbsp;&nbsp; 15375993 |
|  |  | &nbsp;&nbsp; **52432445** |
| **Media: 0.11%** |  |  |
| Charter Communications, Inc. Class A† | 1058 | &nbsp;&nbsp; 228401 |
| EchoStar Corp. Class A† | 1654 | &nbsp;&nbsp; 193634 |
| Fox Corp. Class A | 2466 | &nbsp;&nbsp; 144014 |
| Fox Corp. Class B | 1739 | &nbsp;&nbsp; 92341 |
| News Corp. Class A | 4549 | &nbsp;&nbsp; 113407 |
| News Corp. Class B | 1502 | &nbsp;&nbsp; 42822 |
| Omnicom Group, Inc. | 3866 | &nbsp;&nbsp; 291148 |
| Paramount Skydance Corp. Class B | 3819 | &nbsp;&nbsp; 34447 |
| The Trade Desk, Inc. Class A† | 5411 | &nbsp;&nbsp; 122776 |
|  |  | &nbsp;&nbsp; **1262990** |
| **Wireless telecommunication services: 0.11%** |  |  |
| T-Mobile U.S., Inc. | 5822 | &nbsp;&nbsp; **1222795** |
| **Consumer discretionary: 5.86%** |  |  |
| **Automobile components: 0.02%** |  |  |
| Aptiv PLC† | 2614 | &nbsp;&nbsp; **181516** |

---

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

2 \| Allspring Index Asset Allocation Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Automobiles: 1.23%** |  |  |
| Ford Motor Co. | 48151 | &nbsp;&nbsp; $555663 |
| General Motors Co. | 11108 | &nbsp;&nbsp; 827546 |
| Tesla, Inc.† | 34559 | &nbsp;&nbsp; 12847308 |
|  |  | &nbsp;&nbsp; **14230517** |
| **Broadline retail: 2.21%** |  |  |
| Amazon.com, Inc.† | 120036 | &nbsp;&nbsp; 24999898 |
| eBay, Inc. | 5554 | &nbsp;&nbsp; 505525 |
|  |  | &nbsp;&nbsp; **25505423** |
| **Distributors: 0.02%** |  |  |
| Genuine Parts Co. | 1709 | &nbsp;&nbsp; 180726 |
| Pool Corp. | 403 | &nbsp;&nbsp; 81539 |
|  |  | &nbsp;&nbsp; **262265** |
| **Hotels, restaurants & leisure: 1.06%** |  |  |
| Airbnb, Inc. Class A† | 5205 | &nbsp;&nbsp; 657287 |
| Booking Holdings, Inc. | 396 | &nbsp;&nbsp; 1667287 |
| Carnival Corp. | 14133 | &nbsp;&nbsp; 365762 |
| Chipotle Mexican Grill, Inc. Class A† | 16004 | &nbsp;&nbsp; 512288 |
| Darden Restaurants, Inc. | 1415 | &nbsp;&nbsp; 277397 |
| Domino's Pizza, Inc. | 382 | &nbsp;&nbsp; 137058 |
| DoorDash, Inc. Class A† | 4594 | &nbsp;&nbsp; 689789 |
| Expedia Group, Inc. | 1438 | &nbsp;&nbsp; 332020 |
| Hilton Worldwide Holdings, Inc. | 2817 | &nbsp;&nbsp; 856593 |
| Las Vegas Sands Corp. | 3715 | &nbsp;&nbsp; 200164 |
| Marriott International, Inc. Class A | 2703 | &nbsp;&nbsp; 884070 |
| McDonald's Corp. | 8751 | &nbsp;&nbsp; 2719723 |
| MGM Resorts International† | 2358 | &nbsp;&nbsp; 87270 |
| Norwegian Cruise Line Holdings Ltd.† | 5594 | &nbsp;&nbsp; 104608 |
| Royal Caribbean Cruises Ltd. | 3091 | &nbsp;&nbsp; 850581 |
| Starbucks Corp. | 13999 | &nbsp;&nbsp; 1254171 |
| Wynn Resorts Ltd. | 1037 | &nbsp;&nbsp; 105307 |
| Yum! Brands, Inc. | 3412 | &nbsp;&nbsp; 530498 |
|  |  | &nbsp;&nbsp; **12231873** |
| **Household durables: 0.14%** |  |  |
| D.R. Horton, Inc. | 3311 | &nbsp;&nbsp; 454336 |
| Garmin Ltd. | 2009 | &nbsp;&nbsp; 466108 |
| Lennar Corp. Class A | 2651 | &nbsp;&nbsp; 230213 |
| NVR, Inc.† | 34 | &nbsp;&nbsp; 224054 |
| PulteGroup, Inc. | 2361 | &nbsp;&nbsp; 277677 |
|  |  | &nbsp;&nbsp; **1652388** |
| **Leisure products: 0.01%** |  |  |
| Hasbro, Inc. | 1638 | &nbsp;&nbsp; **153317** |
| **Specialty retail: 1.03%** |  |  |
| AutoZone, Inc.† | 204 | &nbsp;&nbsp; 689067 |

---

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

Allspring Index Asset Allocation Fund \| 3

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Specialty retail**(continued) |  |  |
| Best Buy Co., Inc. | 2394 | &nbsp;&nbsp; $153695 |
| Carvana Co. Class A† | 1738 | &nbsp;&nbsp; 546392 |
| Home Depot, Inc. | 12233 | &nbsp;&nbsp; 4023311 |
| Lowe's Cos., Inc. | 6893 | &nbsp;&nbsp; 1628678 |
| O'Reilly Automotive, Inc.† | 10345 | &nbsp;&nbsp; 954947 |
| Ross Stores, Inc. | 3974 | &nbsp;&nbsp; 860888 |
| TJX Cos., Inc. | 13645 | &nbsp;&nbsp; 2179107 |
| Tractor Supply Co. | 6493 | &nbsp;&nbsp; 294133 |
| Ulta Beauty, Inc.† | 545 | &nbsp;&nbsp; 284877 |
| Williams-Sonoma, Inc. | 1467 | &nbsp;&nbsp; 267478 |
|  |  | &nbsp;&nbsp; **11882573** |
| **Textiles, apparel & luxury goods: 0.14%** |  |  |
| Deckers Outdoor Corp.† | 1744 | &nbsp;&nbsp; 174557 |
| lululemon athletica, Inc.† | 1312 | &nbsp;&nbsp; 200867 |
| NIKE, Inc. Class B | 14641 | &nbsp;&nbsp; 773337 |
| Ralph Lauren Corp. Class A | 475 | &nbsp;&nbsp; 163395 |
| Tapestry, Inc. | 2488 | &nbsp;&nbsp; 351082 |
|  |  | &nbsp;&nbsp; **1663238** |
| **Consumer staples: 3.12%** |  |  |
| **Beverages: 0.67%** |  |  |
| Brown-Forman Corp. Class B | 2100 | &nbsp;&nbsp; 55524 |
| Coca-Cola Co. | 47571 | &nbsp;&nbsp; 3617775 |
| Constellation Brands, Inc. Class A | 1726 | &nbsp;&nbsp; 258900 |
| Keurig Dr Pepper, Inc. | 16694 | &nbsp;&nbsp; 439553 |
| Molson Coors Beverage Co. Class B | 2080 | &nbsp;&nbsp; 89565 |
| Monster Beverage Corp.† | 8764 | &nbsp;&nbsp; 635039 |
| PepsiCo, Inc. | 16793 | &nbsp;&nbsp; 2607785 |
|  |  | &nbsp;&nbsp; **7704141** |
| **Consumer staples distribution & retail: 1.24%** |  |  |
| Costco Wholesale Corp. | 5454 | &nbsp;&nbsp; 5434529 |
| Dollar General Corp. | 2705 | &nbsp;&nbsp; 321165 |
| Dollar Tree, Inc.† | 2272 | &nbsp;&nbsp; 248807 |
| Kroger Co. | 7154 | &nbsp;&nbsp; 517663 |
| Sysco Corp. | 5885 | &nbsp;&nbsp; 419777 |
| Target Corp. | 5564 | &nbsp;&nbsp; 674357 |
| Walmart, Inc. | 53864 | &nbsp;&nbsp; 6694218 |
|  |  | &nbsp;&nbsp; **14310516** |
| **Food products: 0.27%** |  |  |
| Archer-Daniels-Midland Co. | 5905 | &nbsp;&nbsp; 429234 |
| Bunge Global SA | 1663 | &nbsp;&nbsp; 211533 |
| Campbell's Co. | 2418 | &nbsp;&nbsp; 53849 |
| Conagra Brands, Inc. | 5878 | &nbsp;&nbsp; 92402 |
| General Mills, Inc. | 6557 | &nbsp;&nbsp; 244051 |
| Hershey Co. | 1821 | &nbsp;&nbsp; 378568 |
| Hormel Foods Corp. | 3583 | &nbsp;&nbsp; 81155 |

---

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

4 \| Allspring Index Asset Allocation Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Food products**(continued) |  |  |
| J.M. Smucker Co. | 1311 | &nbsp;&nbsp; $126433 |
| Kraft Heinz Co. | 10473 | &nbsp;&nbsp; 235538 |
| McCormick & Co., Inc. | 3116 | &nbsp;&nbsp; 157171 |
| Mondelez International, Inc. Class A | 15751 | &nbsp;&nbsp; 907888 |
| Tyson Foods, Inc. Class A | 3466 | &nbsp;&nbsp; 222067 |
|  |  | &nbsp;&nbsp; **3139889** |
| **Household products: 0.50%** |  |  |
| Church & Dwight Co., Inc. | 2908 | &nbsp;&nbsp; 271375 |
| Clorox Co. | 1486 | &nbsp;&nbsp; 153994 |
| Colgate-Palmolive Co. | 9905 | &nbsp;&nbsp; 844203 |
| Kimberly-Clark Corp. | 4079 | &nbsp;&nbsp; 393501 |
| Procter & Gamble Co. | 28557 | &nbsp;&nbsp; 4124773 |
|  |  | &nbsp;&nbsp; **5787846** |
| **Personal care products: 0.05%** |  |  |
| Estee Lauder Cos., Inc. Class A | 3038 | &nbsp;&nbsp; 218037 |
| Kenvue, Inc. | 23543 | &nbsp;&nbsp; 405882 |
|  |  | &nbsp;&nbsp; **623919** |
| **Tobacco: 0.39%** |  |  |
| Altria Group, Inc. | 20627 | &nbsp;&nbsp; 1361176 |
| Philip Morris International, Inc. | 19128 | &nbsp;&nbsp; 3162623 |
|  |  | &nbsp;&nbsp; **4523799** |
| **Energy: 2.38%** |  |  |
| **Energy equipment & services: 0.18%** |  |  |
| Baker Hughes Co. Class A | 12143 | &nbsp;&nbsp; 741330 |
| Halliburton Co. | 10292 | &nbsp;&nbsp; 401285 |
| SLB Ltd. | 18374 | &nbsp;&nbsp; 944240 |
|  |  | &nbsp;&nbsp; **2086855** |
| **Oil, gas & consumable fuels: 2.20%** |  |  |
| APA Corp. | 4358 | &nbsp;&nbsp; 184954 |
| Chevron Corp. | 23034 | &nbsp;&nbsp; 4765735 |
| ConocoPhillips | 15055 | &nbsp;&nbsp; 1987260 |
| Coterra Energy, Inc. | 9322 | &nbsp;&nbsp; 327575 |
| Devon Energy Corp. | 7622 | &nbsp;&nbsp; 383539 |
| Diamondback Energy, Inc. | 2385 | &nbsp;&nbsp; 471729 |
| EOG Resources, Inc. | 6667 | &nbsp;&nbsp; 963848 |
| EQT Corp. | 7668 | &nbsp;&nbsp; 487992 |
| Expand Energy Corp. | 2927 | &nbsp;&nbsp; 321326 |
| Exxon Mobil Corp. | 51350 | &nbsp;&nbsp; 8712041 |
| Kinder Morgan, Inc. | 24057 | &nbsp;&nbsp; 806631 |
| Marathon Petroleum Corp. | 3625 | &nbsp;&nbsp; 885152 |
| Occidental Petroleum Corp. | 8837 | &nbsp;&nbsp; 574405 |
| ONEOK, Inc. | 7732 | &nbsp;&nbsp; 698895 |
| Phillips 66 | 4951 | &nbsp;&nbsp; 901973 |
| Targa Resources Corp. | 2638 | &nbsp;&nbsp; 661426 |

---

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

Allspring Index Asset Allocation Fund \| 5

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Oil, gas & consumable fuels**(continued) |  |  |
| Texas Pacific Land Corp. | 712 | &nbsp;&nbsp; $337887 |
| Valero Energy Corp. | 3748 | &nbsp;&nbsp; 926056 |
| Williams Cos., Inc. | 15006 | &nbsp;&nbsp; 1092137 |
|  |  | &nbsp;&nbsp; **25490561** |
| **Financials: 7.48%** |  |  |
| **Banks: 2.08%** |  |  |
| Bank of America Corp. | 81535 | &nbsp;&nbsp; 3974831 |
| Citigroup, Inc. | 21473 | &nbsp;&nbsp; 2435253 |
| Citizens Financial Group, Inc. | 5222 | &nbsp;&nbsp; 313163 |
| Fifth Third Bancorp | 11060 | &nbsp;&nbsp; 513848 |
| Huntington Bancshares, Inc. | 24942 | &nbsp;&nbsp; 390342 |
| JPMorgan Chase & Co. | 33130 | &nbsp;&nbsp; 9745521 |
| KeyCorp | 11514 | &nbsp;&nbsp; 230856 |
| M&T Bank Corp. | 1866 | &nbsp;&nbsp; 385739 |
| PNC Financial Services Group, Inc. | 4963 | &nbsp;&nbsp; 1032751 |
| Regions Financial Corp. | 10666 | &nbsp;&nbsp; 278596 |
| Truist Financial Corp. | 15513 | &nbsp;&nbsp; 713133 |
| U.S. Bancorp | 19100 | &nbsp;&nbsp; 993391 |
| Wells Fargo & Co. | 38001 | &nbsp;&nbsp; 3025260 |
|  |  | &nbsp;&nbsp; **24032684** |
| **Capital markets: 1.91%** |  |  |
| Ameriprise Financial, Inc. | 1122 | &nbsp;&nbsp; 498617 |
| Ares Management Corp. Class A | 2531 | &nbsp;&nbsp; 276132 |
| Bank of New York Mellon Corp. | 8457 | &nbsp;&nbsp; 1003254 |
| BlackRock, Inc. | 1773 | &nbsp;&nbsp; 1705112 |
| Blackstone, Inc. | 9200 | &nbsp;&nbsp; 1057908 |
| Cboe Global Markets, Inc. | 1286 | &nbsp;&nbsp; 361456 |
| Charles Schwab Corp. | 20524 | &nbsp;&nbsp; 1928846 |
| CME Group, Inc. | 4431 | &nbsp;&nbsp; 1308696 |
| Coinbase Global, Inc. Class A† | 2741 | &nbsp;&nbsp; 478606 |
| FactSet Research Systems, Inc. | 456 | &nbsp;&nbsp; 98947 |
| Franklin Resources, Inc. | 3775 | &nbsp;&nbsp; 89166 |
| Goldman Sachs Group, Inc. | 3685 | &nbsp;&nbsp; 3117473 |
| Interactive Brokers Group, Inc. Class A | 5473 | &nbsp;&nbsp; 367074 |
| Intercontinental Exchange, Inc. | 6978 | &nbsp;&nbsp; 1097500 |
| Invesco Ltd. | 5456 | &nbsp;&nbsp; 132526 |
| KKR & Co., Inc. | 8435 | &nbsp;&nbsp; 780238 |
| Moody's Corp. | 1885 | &nbsp;&nbsp; 822331 |
| Morgan Stanley | 14783 | &nbsp;&nbsp; 2432838 |
| MSCI, Inc. Class A | 903 | &nbsp;&nbsp; 486726 |
| Nasdaq, Inc. | 5518 | &nbsp;&nbsp; 468423 |
| Northern Trust Corp. | 2290 | &nbsp;&nbsp; 319615 |
| Raymond James Financial, Inc. | 2155 | &nbsp;&nbsp; 312023 |
| Robinhood Markets, Inc. Class A† | 9711 | &nbsp;&nbsp; 672972 |
| S&P Global, Inc. | 3760 | &nbsp;&nbsp; 1599278 |

---

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

6 \| Allspring Index Asset Allocation Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Capital markets**(continued) |  |  |
| State Street Corp. | 3429 | &nbsp;&nbsp; $433974 |
| T. Rowe Price Group, Inc. | 2686 | &nbsp;&nbsp; 242116 |
|  |  | &nbsp;&nbsp; **22091847** |
| **Consumer finance: 0.32%** |  |  |
| American Express Co. | 6581 | &nbsp;&nbsp; 1990621 |
| Capital One Financial Corp. | 7681 | &nbsp;&nbsp; 1401245 |
| Synchrony Financial | 4271 | &nbsp;&nbsp; 290513 |
|  |  | &nbsp;&nbsp; **3682379** |
| **Financial services: 2.15%** |  |  |
| Apollo Global Management, Inc. | 5706 | &nbsp;&nbsp; 635763 |
| Berkshire Hathaway, Inc. Class B† | 22532 | &nbsp;&nbsp; 10797334 |
| Block, Inc.† | 6730 | &nbsp;&nbsp; 405011 |
| Corpay, Inc.† | 860 | &nbsp;&nbsp; 250251 |
| Fidelity National Information Services, Inc. | 6363 | &nbsp;&nbsp; 298488 |
| Fiserv, Inc.† | 6609 | &nbsp;&nbsp; 368782 |
| Global Payments, Inc. | 2924 | &nbsp;&nbsp; 196785 |
| Jack Henry & Associates, Inc. | 887 | &nbsp;&nbsp; 140182 |
| Mastercard, Inc. Class A | 10007 | &nbsp;&nbsp; 5000098 |
| PayPal Holdings, Inc. | 11313 | &nbsp;&nbsp; 511687 |
| Visa, Inc. Class A | 20657 | &nbsp;&nbsp; 6243372 |
|  |  | &nbsp;&nbsp; **24847753** |
| **Insurance: 1.02%** |  |  |
| Aflac, Inc. | 5736 | &nbsp;&nbsp; 629297 |
| Allstate Corp. | 3195 | &nbsp;&nbsp; 662451 |
| American International Group, Inc. | 6593 | &nbsp;&nbsp; 496123 |
| Aon PLC Class A | 2636 | &nbsp;&nbsp; 850848 |
| Arch Capital Group Ltd.† | 4393 | &nbsp;&nbsp; 421684 |
| Arthur J Gallagher & Co. | 3158 | &nbsp;&nbsp; 683960 |
| Assurant, Inc. | 615 | &nbsp;&nbsp; 133953 |
| Brown & Brown, Inc. | 3597 | &nbsp;&nbsp; 234560 |
| Chubb Ltd. | 4469 | &nbsp;&nbsp; 1456581 |
| Cincinnati Financial Corp. | 1917 | &nbsp;&nbsp; 301640 |
| Erie Indemnity Co. Class A | 312 | &nbsp;&nbsp; 78409 |
| Everest Group Ltd. | 500 | &nbsp;&nbsp; 163425 |
| Globe Life, Inc. | 978 | &nbsp;&nbsp; 136108 |
| Hartford Insurance Group, Inc. | 3427 | &nbsp;&nbsp; 463433 |
| Loews Corp. | 2076 | &nbsp;&nbsp; 221592 |
| Marsh & McLennan Cos., Inc. | 5949 | &nbsp;&nbsp; 1031854 |
| MetLife, Inc. | 6764 | &nbsp;&nbsp; 478350 |
| Principal Financial Group, Inc. | 2431 | &nbsp;&nbsp; 219057 |
| Progressive Corp. | 7202 | &nbsp;&nbsp; 1427725 |
| Prudential Financial, Inc. | 4276 | &nbsp;&nbsp; 417723 |
| Travelers Cos., Inc. | 2657 | &nbsp;&nbsp; 774994 |
| W.R. Berkley Corp. | 3661 | &nbsp;&nbsp; 242651 |
| Willis Towers Watson PLC | 1168 | &nbsp;&nbsp; 339538 |
|  |  | &nbsp;&nbsp; **11865956** |

---

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

Allspring Index Asset Allocation Fund \| 7

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care: 5.62%** |  |  |
| **Biotechnology: 1.06%** |  |  |
| AbbVie, Inc. | 21717 | &nbsp;&nbsp; $4723230 |
| Amgen, Inc. | 6617 | &nbsp;&nbsp; 2328192 |
| Biogen, Inc.† | 1803 | &nbsp;&nbsp; 330544 |
| Gilead Sciences, Inc. | 15245 | &nbsp;&nbsp; 2124696 |
| Incyte Corp.† | 2054 | &nbsp;&nbsp; 193323 |
| Moderna, Inc.† | 4273 | &nbsp;&nbsp; 217068 |
| Regeneron Pharmaceuticals, Inc. | 1239 | &nbsp;&nbsp; 957301 |
| Vertex Pharmaceuticals, Inc.† | 3121 | &nbsp;&nbsp; 1393651 |
|  |  | &nbsp;&nbsp; **12268005** |
| **Health care equipment & supplies: 1.06%** |  |  |
| Abbott Laboratories | 21367 | &nbsp;&nbsp; 2193750 |
| Align Technology, Inc.† | 820 | &nbsp;&nbsp; 140572 |
| Baxter International, Inc. | 6322 | &nbsp;&nbsp; 106210 |
| Becton Dickinson & Co. | 3499 | &nbsp;&nbsp; 550148 |
| Boston Scientific Corp.† | 18223 | &nbsp;&nbsp; 1143493 |
| Cooper Cos., Inc.† | 2408 | &nbsp;&nbsp; 172172 |
| DexCom, Inc.† | 4729 | &nbsp;&nbsp; 296981 |
| Edwards Lifesciences Corp.† | 7131 | &nbsp;&nbsp; 571050 |
| GE HealthCare Technologies, Inc. | 5600 | &nbsp;&nbsp; 398608 |
| Hologic, Inc.† | 2735 | &nbsp;&nbsp; 206739 |
| IDEXX Laboratories, Inc.† | 981 | &nbsp;&nbsp; 551214 |
| Insulet Corp.† | 864 | &nbsp;&nbsp; 181302 |
| Intuitive Surgical, Inc.† | 4364 | &nbsp;&nbsp; 2011760 |
| Medtronic PLC | 15753 | &nbsp;&nbsp; 1364997 |
| ResMed, Inc. | 1790 | &nbsp;&nbsp; 401819 |
| Solventum Corp.† | 1812 | &nbsp;&nbsp; 118324 |
| STERIS PLC | 1205 | &nbsp;&nbsp; 266462 |
| Stryker Corp. | 4232 | &nbsp;&nbsp; 1390593 |
| Zimmer Biomet Holdings, Inc. | 2435 | &nbsp;&nbsp; 220173 |
|  |  | &nbsp;&nbsp; **12286367** |
| **Health care providers & services: 0.92%** |  |  |
| Cardinal Health, Inc. | 2892 | &nbsp;&nbsp; 611108 |
| Cencora, Inc. | 2390 | &nbsp;&nbsp; 750795 |
| Centene Corp.† | 5740 | &nbsp;&nbsp; 187928 |
| Cigna Group | 3237 | &nbsp;&nbsp; 863470 |
| CVS Health Corp. | 15633 | &nbsp;&nbsp; 1122762 |
| DaVita, Inc.† | 410 | &nbsp;&nbsp; 63013 |
| Elevance Health, Inc. | 2712 | &nbsp;&nbsp; 793938 |
| HCA Healthcare, Inc. | 1923 | &nbsp;&nbsp; 910040 |
| Henry Schein, Inc.† | 1230 | &nbsp;&nbsp; 90651 |
| Humana, Inc. | 1482 | &nbsp;&nbsp; 256964 |
| Labcorp Holdings, Inc. | 1019 | &nbsp;&nbsp; 271879 |
| McKesson Corp. | 1505 | &nbsp;&nbsp; 1302367 |
| Quest Diagnostics, Inc. | 1352 | &nbsp;&nbsp; 264965 |

---

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

8 \| Allspring Index Asset Allocation Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care providers & services**(continued) |  |  |
| UnitedHealth Group, Inc. | 11131 | &nbsp;&nbsp; $3011937 |
| Universal Health Services, Inc. Class B | 679 | &nbsp;&nbsp; 121521 |
|  |  | &nbsp;&nbsp; **10623338** |
| **Life sciences tools & services: 0.49%** |  |  |
| Agilent Technologies, Inc. | 3475 | &nbsp;&nbsp; 396080 |
| Bio-Techne Corp. | 1922 | &nbsp;&nbsp; 100444 |
| Charles River Laboratories International, Inc.† | 605 | &nbsp;&nbsp; 104362 |
| Danaher Corp. | 7731 | &nbsp;&nbsp; 1465798 |
| IQVIA Holdings, Inc.† | 2084 | &nbsp;&nbsp; 355405 |
| Mettler-Toledo International, Inc.† | 250 | &nbsp;&nbsp; 315300 |
| Revvity, Inc. | 1393 | &nbsp;&nbsp; 122041 |
| Thermo Fisher Scientific, Inc. | 4617 | &nbsp;&nbsp; 2269394 |
| Waters Corp.† | 1205 | &nbsp;&nbsp; 358849 |
| West Pharmaceutical Services, Inc. | 884 | &nbsp;&nbsp; 221566 |
|  |  | &nbsp;&nbsp; **5709239** |
| **Pharmaceuticals: 2.09%** |  |  |
| Bristol-Myers Squibb Co. | 25024 | &nbsp;&nbsp; 1517706 |
| Eli Lilly & Co. | 9737 | &nbsp;&nbsp; 8955801 |
| Johnson & Johnson | 29612 | &nbsp;&nbsp; 7238357 |
| Merck & Co., Inc. | 30498 | &nbsp;&nbsp; 3668604 |
| Pfizer, Inc. | 69865 | &nbsp;&nbsp; 1961809 |
| Viatris, Inc. | 14153 | &nbsp;&nbsp; 191207 |
| Zoetis, Inc. | 5187 | &nbsp;&nbsp; 613155 |
|  |  | &nbsp;&nbsp; **24146639** |
| **Industrials: 5.35%** |  |  |
| **Aerospace & defense: 1.38%** |  |  |
| Axon Enterprise, Inc.† | 970 | &nbsp;&nbsp; 411949 |
| Boeing Co.† | 9650 | &nbsp;&nbsp; 1920640 |
| General Dynamics Corp. | 3118 | &nbsp;&nbsp; 1070160 |
| General Electric Co. | 12888 | &nbsp;&nbsp; 3657228 |
| Howmet Aerospace, Inc. | 4927 | &nbsp;&nbsp; 1135477 |
| Huntington Ingalls Industries, Inc. | 482 | &nbsp;&nbsp; 183112 |
| L3Harris Technologies, Inc. | 2295 | &nbsp;&nbsp; 792119 |
| Lockheed Martin Corp. | 2488 | &nbsp;&nbsp; 1503722 |
| Northrop Grumman Corp. | 1639 | &nbsp;&nbsp; 1118191 |
| RTX Corp. | 16494 | &nbsp;&nbsp; 3181693 |
| Textron, Inc. | 2140 | &nbsp;&nbsp; 187378 |
| TransDigm Group, Inc. | 694 | &nbsp;&nbsp; 804318 |
|  |  | &nbsp;&nbsp; **15965987** |
| **Air freight & logistics: 0.20%** |  |  |
| CH Robinson Worldwide, Inc. | 1458 | &nbsp;&nbsp; 242130 |
| Expeditors International of Washington, Inc. | 1647 | &nbsp;&nbsp; 235900 |
| FedEx Corp. | 2658 | &nbsp;&nbsp; 946726 |
| United Parcel Service, Inc. Class B | 9081 | &nbsp;&nbsp; 893389 |
|  |  | &nbsp;&nbsp; **2318145** |

---

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

Allspring Index Asset Allocation Fund \| 9

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Building products: 0.29%** |  |  |
| A.O. Smith Corp. | 1381 | &nbsp;&nbsp; $91063 |
| Allegion PLC | 1057 | &nbsp;&nbsp; 153571 |
| Builders FirstSource, Inc.† | 1359 | &nbsp;&nbsp; 111886 |
| Carrier Global Corp. | 9654 | &nbsp;&nbsp; 543617 |
| Johnson Controls International PLC | 7521 | &nbsp;&nbsp; 984875 |
| Lennox International, Inc. | 392 | &nbsp;&nbsp; 181939 |
| Masco Corp. | 2502 | &nbsp;&nbsp; 151046 |
| Trane Technologies PLC | 2720 | &nbsp;&nbsp; 1133533 |
|  |  | &nbsp;&nbsp; **3351530** |
| **Commercial services & supplies: 0.27%** |  |  |
| Cintas Corp. | 4177 | &nbsp;&nbsp; 706498 |
| Copart, Inc.† | 10943 | &nbsp;&nbsp; 363308 |
| Republic Services, Inc. Class A | 2472 | &nbsp;&nbsp; 541417 |
| Rollins, Inc. | 3606 | &nbsp;&nbsp; 192597 |
| Veralto Corp. | 3051 | &nbsp;&nbsp; 269769 |
| Waste Management, Inc. | 4560 | &nbsp;&nbsp; 1047842 |
|  |  | &nbsp;&nbsp; **3121431** |
| **Construction & engineering: 0.17%** |  |  |
| Comfort Systems USA, Inc. | 432 | &nbsp;&nbsp; 595724 |
| EMCOR Group, Inc. | 550 | &nbsp;&nbsp; 406070 |
| Quanta Services, Inc. | 1832 | &nbsp;&nbsp; 1005805 |
|  |  | &nbsp;&nbsp; **2007599** |
| **Electrical equipment: 0.71%** |  |  |
| AMETEK, Inc. | 2829 | &nbsp;&nbsp; 606424 |
| Eaton Corp. PLC | 4773 | &nbsp;&nbsp; 1707159 |
| Emerson Electric Co. | 6906 | &nbsp;&nbsp; 904824 |
| GE Vernova, Inc. | 3312 | &nbsp;&nbsp; 2891045 |
| Generac Holdings, Inc.† | 721 | &nbsp;&nbsp; 140833 |
| Hubbell, Inc. Class B | 653 | &nbsp;&nbsp; 320453 |
| Rockwell Automation, Inc. | 1381 | &nbsp;&nbsp; 495613 |
| Vertiv Holdings Co. Class A | 4701 | &nbsp;&nbsp; 1177977 |
|  |  | &nbsp;&nbsp; **8244328** |
| **Ground transportation: 0.51%** |  |  |
| CSX Corp. | 22850 | &nbsp;&nbsp; 937993 |
| J.B. Hunt Transport Services, Inc. | 918 | &nbsp;&nbsp; 194524 |
| Norfolk Southern Corp. | 2759 | &nbsp;&nbsp; 791833 |
| Old Dominion Freight Line, Inc. | 2261 | &nbsp;&nbsp; 441799 |
| Uber Technologies, Inc.† | 25290 | &nbsp;&nbsp; 1819110 |
| Union Pacific Corp. | 7291 | &nbsp;&nbsp; 1768942 |
|  |  | &nbsp;&nbsp; **5954201** |
| **Industrial conglomerates: 0.23%** |  |  |
| 3M Co. | 6472 | &nbsp;&nbsp; 939928 |
| Honeywell International, Inc. | 7801 | &nbsp;&nbsp; 1763260 |
|  |  | &nbsp;&nbsp; **2703188** |

---

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

10 \| Allspring Index Asset Allocation Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Machinery: 1.10%** |  |  |
| Caterpillar, Inc. | 5717 | &nbsp;&nbsp; $4050266 |
| Cummins, Inc. | 1698 | &nbsp;&nbsp; 913558 |
| Deere & Co. | 3098 | &nbsp;&nbsp; 1745103 |
| Dover Corp. | 1657 | &nbsp;&nbsp; 345402 |
| Fortive Corp. | 3851 | &nbsp;&nbsp; 212883 |
| IDEX Corp. | 920 | &nbsp;&nbsp; 174386 |
| Illinois Tool Works, Inc. | 3223 | &nbsp;&nbsp; 838915 |
| Ingersoll Rand, Inc. | 4373 | &nbsp;&nbsp; 350365 |
| Nordson Corp. | 650 | &nbsp;&nbsp; 172939 |
| Otis Worldwide Corp. | 4777 | &nbsp;&nbsp; 368211 |
| PACCAR, Inc. | 6456 | &nbsp;&nbsp; 745668 |
| Parker-Hannifin Corp. | 1551 | &nbsp;&nbsp; 1388517 |
| Pentair PLC | 2011 | &nbsp;&nbsp; 175178 |
| Snap-on, Inc. | 638 | &nbsp;&nbsp; 231734 |
| Stanley Black & Decker, Inc. | 1903 | &nbsp;&nbsp; 135227 |
| Westinghouse Air Brake Technologies Corp. | 2095 | &nbsp;&nbsp; 523562 |
| Xylem, Inc. | 2993 | &nbsp;&nbsp; 357664 |
|  |  | &nbsp;&nbsp; **12729578** |
| **Passenger airlines: 0.10%** |  |  |
| Delta Air Lines, Inc. | 7982 | &nbsp;&nbsp; 530644 |
| Southwest Airlines Co. | 6037 | &nbsp;&nbsp; 226810 |
| United Airlines Holdings, Inc.† | 3974 | &nbsp;&nbsp; 365886 |
|  |  | &nbsp;&nbsp; **1123340** |
| **Professional services: 0.23%** |  |  |
| Automatic Data Processing, Inc. | 4948 | &nbsp;&nbsp; 1005335 |
| Broadridge Financial Solutions, Inc. | 1435 | &nbsp;&nbsp; 233159 |
| Equifax, Inc. | 1479 | &nbsp;&nbsp; 266323 |
| Jacobs Solutions, Inc. | 1443 | &nbsp;&nbsp; 183665 |
| Leidos Holdings, Inc. | 1571 | &nbsp;&nbsp; 244322 |
| Paychex, Inc. | 3970 | &nbsp;&nbsp; 365716 |
| Verisk Analytics, Inc. Class A | 1713 | &nbsp;&nbsp; 325042 |
|  |  | &nbsp;&nbsp; **2623562** |
| **Trading companies & distributors: 0.16%** |  |  |
| Fastenal Co. | 14109 | &nbsp;&nbsp; 654658 |
| United Rentals, Inc. | 774 | &nbsp;&nbsp; 563905 |
| WW Grainger, Inc. | 538 | &nbsp;&nbsp; 586856 |
|  |  | &nbsp;&nbsp; **1805419** |
| **Information technology: 19.53%** |  |  |
| **Communications equipment: 0.66%** |  |  |
| Arista Networks, Inc.† | 12688 | &nbsp;&nbsp; 1557833 |
| Ciena Corp.† | 1731 | &nbsp;&nbsp; 672026 |
| Cisco Systems, Inc. | 48550 | &nbsp;&nbsp; 3766994 |
| F5, Inc.† | 694 | &nbsp;&nbsp; 200795 |

---

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

Allspring Index Asset Allocation Fund \| 11

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Communications equipment**(continued) |  |  |
| Lumentum Holdings, Inc.† | 877 | &nbsp;&nbsp; $616321 |
| Motorola Solutions, Inc. | 2036 | &nbsp;&nbsp; 883563 |
|  |  | &nbsp;&nbsp; **7697532** |
| **Electronic equipment, instruments & components: 0.53%** |  |  |
| Amphenol Corp. Class A | 15104 | &nbsp;&nbsp; 1908390 |
| CDW Corp. | 1600 | &nbsp;&nbsp; 193632 |
| Coherent Corp.† | 2304 | &nbsp;&nbsp; 548836 |
| Corning, Inc. | 9593 | &nbsp;&nbsp; 1304360 |
| Jabil, Inc. | 1298 | &nbsp;&nbsp; 344788 |
| Keysight Technologies, Inc.† | 2108 | &nbsp;&nbsp; 595236 |
| TE Connectivity PLC | 3606 | &nbsp;&nbsp; 753726 |
| Teledyne Technologies, Inc.† | 577 | &nbsp;&nbsp; 349091 |
| Zebra Technologies Corp. Class A† | 604 | &nbsp;&nbsp; 126284 |
|  |  | &nbsp;&nbsp; **6124343** |
| **IT services: 0.47%** |  |  |
| Accenture PLC Class A | 7561 | &nbsp;&nbsp; 1499271 |
| Akamai Technologies, Inc.† | 1768 | &nbsp;&nbsp; 203055 |
| Cognizant Technology Solutions Corp. Class A | 5877 | &nbsp;&nbsp; 360554 |
| EPAM Systems, Inc.† | 679 | &nbsp;&nbsp; 91937 |
| Gartner, Inc.† | 866 | &nbsp;&nbsp; 137122 |
| GoDaddy, Inc. Class A† | 1661 | &nbsp;&nbsp; 137315 |
| International Business Machines Corp. | 11486 | &nbsp;&nbsp; 2784091 |
| VeriSign, Inc. | 1014 | &nbsp;&nbsp; 251837 |
|  |  | &nbsp;&nbsp; **5465182** |
| **Semiconductors & semiconductor equipment: 8.59%** |  |  |
| Advanced Micro Devices, Inc.† | 20034 | &nbsp;&nbsp; 4075517 |
| Analog Devices, Inc. | 6004 | &nbsp;&nbsp; 1910112 |
| Applied Materials, Inc. | 9753 | &nbsp;&nbsp; 3333478 |
| Broadcom, Inc. | 58260 | &nbsp;&nbsp; 18032053 |
| First Solar, Inc.† | 1319 | &nbsp;&nbsp; 260186 |
| Intel Corp.† | 57695 | &nbsp;&nbsp; 2546080 |
| KLA Corp. | 1611 | &nbsp;&nbsp; 2372052 |
| Lam Research Corp. | 15345 | &nbsp;&nbsp; 3278613 |
| Microchip Technology, Inc. | 6649 | &nbsp;&nbsp; 429592 |
| Micron Technology, Inc. | 13830 | &nbsp;&nbsp; 4672327 |
| Monolithic Power Systems, Inc. | 599 | &nbsp;&nbsp; 654917 |
| NVIDIA Corp. | 298592 | &nbsp;&nbsp; 52074445 |
| NXP Semiconductors NV | 3093 | &nbsp;&nbsp; 608888 |
| ON Semiconductor Corp.† | 4842 | &nbsp;&nbsp; 299817 |
| Qnity Electronics, Inc. | 2574 | &nbsp;&nbsp; 296988 |
| QUALCOMM, Inc. | 13111 | &nbsp;&nbsp; 1688435 |
| Skyworks Solutions, Inc. | 1848 | &nbsp;&nbsp; 98960 |
| Teradyne, Inc. | 1924 | &nbsp;&nbsp; 570389 |
| Texas Instruments, Inc. | 11152 | &nbsp;&nbsp; 2165049 |
|  |  | &nbsp;&nbsp; **99367898** |

---

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

12 \| Allspring Index Asset Allocation Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Software: 4.90%** |  |  |
| Adobe, Inc.† | 5044 | &nbsp;&nbsp; $1226096 |
| AppLovin Corp. Class A† | 3330 | &nbsp;&nbsp; 1325340 |
| Autodesk, Inc.† | 2605 | &nbsp;&nbsp; 623637 |
| Cadence Design Systems, Inc.† | 3345 | &nbsp;&nbsp; 929475 |
| Crowdstrike Holdings, Inc. Class A† | 3098 | &nbsp;&nbsp; 1209490 |
| Datadog, Inc. Class A† | 4034 | &nbsp;&nbsp; 476214 |
| Fair Isaac Corp.† | 291 | &nbsp;&nbsp; 310654 |
| Fortinet, Inc.† | 7767 | &nbsp;&nbsp; 634719 |
| Gen Digital, Inc. | 6772 | &nbsp;&nbsp; 127517 |
| Intuit, Inc. | 3419 | &nbsp;&nbsp; 1478307 |
| Microsoft Corp. | 91244 | &nbsp;&nbsp; 33775792 |
| Oracle Corp. | 20836 | &nbsp;&nbsp; 3065184 |
| Palantir Technologies, Inc. Class A† | 28069 | &nbsp;&nbsp; 4105933 |
| Palo Alto Networks, Inc.† | 9929 | &nbsp;&nbsp; 1591817 |
| PTC, Inc.† | 1462 | &nbsp;&nbsp; 208320 |
| Roper Technologies, Inc. | 1310 | &nbsp;&nbsp; 463557 |
| Salesforce, Inc. | 11514 | &nbsp;&nbsp; 2149318 |
| ServiceNow, Inc.† | 12853 | &nbsp;&nbsp; 1343781 |
| Synopsys, Inc.† | 2351 | &nbsp;&nbsp; 932124 |
| Trimble, Inc.† | 2924 | &nbsp;&nbsp; 190733 |
| Tyler Technologies, Inc.† | 529 | &nbsp;&nbsp; 181119 |
| Workday, Inc. Class A† | 2617 | &nbsp;&nbsp; 340001 |
|  |  | &nbsp;&nbsp; **56689128** |
| **Technology hardware, storage & peripherals: 4.38%** |  |  |
| Apple, Inc. | 180398 | &nbsp;&nbsp; 45783208 |
| Dell Technologies, Inc. Class C | 3652 | &nbsp;&nbsp; 599403 |
| Hewlett Packard Enterprise Co. | 16328 | &nbsp;&nbsp; 388770 |
| HP, Inc. | 11280 | &nbsp;&nbsp; 216689 |
| NetApp, Inc. | 2434 | &nbsp;&nbsp; 249217 |
| Sandisk Corp.† | 1814 | &nbsp;&nbsp; 1152507 |
| Seagate Technology Holdings PLC | 2680 | &nbsp;&nbsp; 1049917 |
| Super Micro Computer, Inc.† | 6183 | &nbsp;&nbsp; 140787 |
| Western Digital Corp. | 4166 | &nbsp;&nbsp; 1126861 |
|  |  | &nbsp;&nbsp; **50707359** |
| **Materials: 1.24%** |  |  |
| **Chemicals: 0.70%** |  |  |
| Air Products & Chemicals, Inc. | 2736 | &nbsp;&nbsp; 794781 |
| Albemarle Corp. | 1448 | &nbsp;&nbsp; 259959 |
| CF Industries Holdings, Inc. | 1917 | &nbsp;&nbsp; 248903 |
| Corteva, Inc. | 8264 | &nbsp;&nbsp; 691780 |
| Dow, Inc. | 8817 | &nbsp;&nbsp; 367228 |
| DuPont de Nemours, Inc. | 5028 | &nbsp;&nbsp; 230282 |
| Ecolab, Inc. | 3132 | &nbsp;&nbsp; 833175 |
| International Flavors & Fragrances, Inc. | 3147 | &nbsp;&nbsp; 228315 |
| Linde PLC | 5738 | &nbsp;&nbsp; 2844671 |
| LyondellBasell Industries NV Class A | 3164 | &nbsp;&nbsp; 254892 |
| Mosaic Co. | 3900 | &nbsp;&nbsp; 99450 |

---

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

Allspring Index Asset Allocation Fund \| 13

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Chemicals**(continued) |  |  |
| PPG Industries, Inc. | 2757 | &nbsp;&nbsp; $294668 |
| Sherwin-Williams Co. | 2833 | &nbsp;&nbsp; 908118 |
|  |  | &nbsp;&nbsp; **8056222** |
| **Construction materials: 0.15%** |  |  |
| CRH PLC | 8236 | &nbsp;&nbsp; 865768 |
| Martin Marietta Materials, Inc. | 741 | &nbsp;&nbsp; 436212 |
| Vulcan Materials Co. | 1624 | &nbsp;&nbsp; 442215 |
|  |  | &nbsp;&nbsp; **1744195** |
| **Containers & packaging: 0.11%** |  |  |
| Amcor PLC | 5678 | &nbsp;&nbsp; 225700 |
| Avery Dennison Corp. | 950 | &nbsp;&nbsp; 164046 |
| Ball Corp. | 3293 | &nbsp;&nbsp; 194649 |
| International Paper Co. | 6488 | &nbsp;&nbsp; 231622 |
| Packaging Corp. of America | 1098 | &nbsp;&nbsp; 233018 |
| Smurfit Westrock PLC | 6419 | &nbsp;&nbsp; 255797 |
|  |  | &nbsp;&nbsp; **1304832** |
| **Metals & mining: 0.28%** |  |  |
| Freeport-McMoRan, Inc. | 17660 | &nbsp;&nbsp; 1038055 |
| Newmont Corp. | 13409 | &nbsp;&nbsp; 1451524 |
| Nucor Corp. | 2812 | &nbsp;&nbsp; 475509 |
| Steel Dynamics, Inc. | 1687 | &nbsp;&nbsp; 303660 |
|  |  | &nbsp;&nbsp; **3268748** |
| **Real estate: 1.16%** |  |  |
| **Health care REITs: 0.21%** |  |  |
| Alexandria Real Estate Equities, Inc. | 1917 | &nbsp;&nbsp; 88987 |
| Healthpeak Properties, Inc. | 8541 | &nbsp;&nbsp; 140329 |
| Ventas, Inc. | 5836 | &nbsp;&nbsp; 477268 |
| Welltower, Inc. | 8574 | &nbsp;&nbsp; 1695165 |
|  |  | &nbsp;&nbsp; **2401749** |
| **Hotel & resort REITs: 0.01%** |  |  |
| Host Hotels & Resorts, Inc. | 7859 | &nbsp;&nbsp; **150578** |
| **Industrial REITs: 0.13%** |  |  |
| Prologis, Inc. | 11422 | &nbsp;&nbsp; **1509760** |
| **Office REITs: 0.01%** |  |  |
| BXP, Inc. | 1812 | &nbsp;&nbsp; **94043** |
| **Real estate management & development: 0.06%** |  |  |
| CBRE Group, Inc. Class A† | 3570 | &nbsp;&nbsp; 483592 |
| CoStar Group, Inc.† | 5208 | &nbsp;&nbsp; 210091 |
|  |  | &nbsp;&nbsp; **693683** |
| **Residential REITs: 0.12%** |  |  |
| AvalonBay Communities, Inc. | 1740 | &nbsp;&nbsp; 284229 |

---

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

14 \| Allspring Index Asset Allocation Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Residential REITs**(continued) |  |  |
| Camden Property Trust | 1271 | &nbsp;&nbsp; $124126 |
| Equity Residential | 4225 | &nbsp;&nbsp; 249909 |
| Essex Property Trust, Inc. | 792 | &nbsp;&nbsp; 191664 |
| Invitation Homes, Inc. | 6930 | &nbsp;&nbsp; 172211 |
| Mid-America Apartment Communities, Inc. | 1436 | &nbsp;&nbsp; 175364 |
| UDR, Inc. | 3695 | &nbsp;&nbsp; 124817 |
|  |  | &nbsp;&nbsp; **1322320** |
| **Retail REITs: 0.16%** |  |  |
| Federal Realty Investment Trust | 965 | &nbsp;&nbsp; 102492 |
| Kimco Realty Corp. | 8283 | &nbsp;&nbsp; 186119 |
| Realty Income Corp. | 11304 | &nbsp;&nbsp; 691579 |
| Regency Centers Corp. | 2023 | &nbsp;&nbsp; 153060 |
| Simon Property Group, Inc. | 3996 | &nbsp;&nbsp; 745374 |
|  |  | &nbsp;&nbsp; **1878624** |
| **Specialized REITs: 0.46%** |  |  |
| American Tower Corp. | 5752 | &nbsp;&nbsp; 992680 |
| Crown Castle, Inc. | 5351 | &nbsp;&nbsp; 435090 |
| Digital Realty Trust, Inc. | 3968 | &nbsp;&nbsp; 715073 |
| Equinix, Inc. | 1207 | &nbsp;&nbsp; 1183150 |
| Extra Space Storage, Inc. | 2608 | &nbsp;&nbsp; 341987 |
| Iron Mountain, Inc. | 3635 | &nbsp;&nbsp; 371279 |
| Public Storage | 1941 | &nbsp;&nbsp; 525778 |
| SBA Communications Corp. Class A | 1309 | &nbsp;&nbsp; 225292 |
| VICI Properties, Inc. Class A | 13133 | &nbsp;&nbsp; 358794 |
| Weyerhaeuser Co. | 8854 | &nbsp;&nbsp; 216303 |
|  |  | &nbsp;&nbsp; **5365426** |
| **Utilities: 1.51%** |  |  |
| **Electric utilities: 1.00%** |  |  |
| Alliant Energy Corp. | 3159 | &nbsp;&nbsp; 226690 |
| American Electric Power Co., Inc. | 6646 | &nbsp;&nbsp; 871158 |
| Constellation Energy Corp. | 3829 | &nbsp;&nbsp; 1069248 |
| Duke Energy Corp. | 9556 | &nbsp;&nbsp; 1251263 |
| Edison International | 4728 | &nbsp;&nbsp; 345995 |
| Entergy Corp. | 5558 | &nbsp;&nbsp; 624497 |
| Evergy, Inc. | 2829 | &nbsp;&nbsp; 231752 |
| Eversource Energy | 4610 | &nbsp;&nbsp; 319381 |
| Exelon Corp. | 12569 | &nbsp;&nbsp; 616132 |
| FirstEnergy Corp. | 6388 | &nbsp;&nbsp; 323616 |
| NextEra Energy, Inc. | 25591 | &nbsp;&nbsp; 2376892 |
| NRG Energy, Inc. | 2610 | &nbsp;&nbsp; 381425 |
| PG&E Corp. | 27008 | &nbsp;&nbsp; 474531 |
| Pinnacle West Capital Corp. | 1471 | &nbsp;&nbsp; 148203 |
| PPL Corp. | 9090 | &nbsp;&nbsp; 347238 |
| Southern Co. | 13530 | &nbsp;&nbsp; 1305916 |
| Xcel Energy, Inc. | 7269 | &nbsp;&nbsp; 577449 |
|  |  | &nbsp;&nbsp; **11491386** |

---

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

Allspring Index Asset Allocation Fund \| 15

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Gas utilities: 0.03%** |  |  |
| Atmos Energy Corp. | 2033 | &nbsp;&nbsp; **$375536** |
| **Independent power and renewable electricity producers: 0.06%** |  |  |
| AES Corp. | 8750 | &nbsp;&nbsp; 123287 |
| Vistra Corp. | 3914 | &nbsp;&nbsp; 588392 |
|  |  | &nbsp;&nbsp; **711679** |
| **Multi-utilities: 0.39%** |  |  |
| Ameren Corp. | 3396 | &nbsp;&nbsp; 373288 |
| CenterPoint Energy, Inc. | 8022 | &nbsp;&nbsp; 346230 |
| CMS Energy Corp. | 3765 | &nbsp;&nbsp; 292089 |
| Consolidated Edison, Inc. | 4435 | &nbsp;&nbsp; 501953 |
| Dominion Energy, Inc. | 10493 | &nbsp;&nbsp; 648677 |
| DTE Energy Co. | 2552 | &nbsp;&nbsp; 373154 |
| NiSource, Inc. | 5880 | &nbsp;&nbsp; 274361 |
| Public Service Enterprise Group, Inc. | 6133 | &nbsp;&nbsp; 496466 |
| Sempra | 8020 | &nbsp;&nbsp; 779303 |
| WEC Energy Group, Inc. | 3999 | &nbsp;&nbsp; 462964 |
|  |  | &nbsp;&nbsp; **4548485** |
| **Water utilities: 0.03%** |  |  |
| American Water Works Co., Inc. | 2398 | &nbsp;&nbsp; **326344** |
| **Total common stocks (Cost $131,913,453)** |  | &nbsp;&nbsp; **686876909** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal |  |
| **Non-agency mortgage-backed securities: 0.00%** |  |  |  |  |
| &nbsp;&nbsp; Citigroup Mortgage Loan Trust, Inc. Series 2004-HYB4 Class AA <br> (U.S. SOFR 1 Month+0.44%)±<br>| 4.12<br> %<br>| &nbsp;&nbsp; 12-25-2034 | $1737 | &nbsp;&nbsp; 1677 |
| **Total non-agency mortgage-backed securities (Cost $1,737)** |  |  |  | &nbsp;&nbsp; **1677** |
| **U.S. Treasury securities: 37.45%** |  |  |  |  |
| U.S. Treasury Bonds | 1.13 | &nbsp;&nbsp; 5-15-2040 | 13555000 | &nbsp;&nbsp; 8538591 |
| U.S. Treasury Bonds | 1.13 | &nbsp;&nbsp; 8-15-2040 | 100000 | &nbsp;&nbsp; 62340 |
| U.S. Treasury Bonds | 1.38 | &nbsp;&nbsp; 11-15-2040 | 5100000 | &nbsp;&nbsp; 3285117 |
| U.S. Treasury Bonds | 1.88 | &nbsp;&nbsp; 2-15-2041 | 2825000 | &nbsp;&nbsp; 1957085 |
| U.S. Treasury Bonds | 2.00 | &nbsp;&nbsp; 11-15-2041 | 1700000 | &nbsp;&nbsp; 1175656 |
| U.S. Treasury Bonds | 2.00 | &nbsp;&nbsp; 8-15-2051 | 1200000 | &nbsp;&nbsp; 683203 |
| U.S. Treasury Bonds | 2.25 | &nbsp;&nbsp; 2-15-2052 | 11040000 | &nbsp;&nbsp; 6653325 |
| U.S. Treasury Bonds | 2.75 | &nbsp;&nbsp; 8-15-2047 | 1864000 | &nbsp;&nbsp; 1318998 |
| U.S. Treasury Bonds | 2.75 | &nbsp;&nbsp; 11-15-2047 | 1853000 | &nbsp;&nbsp; 1307016 |
| U.S. Treasury Bonds | 2.88 | &nbsp;&nbsp; 11-15-2046 | 3221000 | &nbsp;&nbsp; 2354476 |
| U.S. Treasury Bonds | 2.88 | &nbsp;&nbsp; 5-15-2049 | 1500000 | &nbsp;&nbsp; 1066406 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 5-15-2042 | 776000 | &nbsp;&nbsp; 618436 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 11-15-2045 | 834000 | &nbsp;&nbsp; 630419 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 2-15-2047 | 1889000 | &nbsp;&nbsp; 1407453 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 5-15-2047 | 1921000 | &nbsp;&nbsp; 1427693 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 2-15-2048 | 2119000 | &nbsp;&nbsp; 1562597 |

---

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

16 \| Allspring Index Asset Allocation Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |
| U.S. Treasury Bonds | 3.00<br> %<br>| &nbsp;&nbsp; 8-15-2048 | $2099000 | &nbsp;&nbsp; $1540469 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 2-15-2049 | 5114000 | &nbsp;&nbsp; 3735018 |
| U.S. Treasury Bonds | 3.13 | &nbsp;&nbsp; 11-15-2041 | 846000 | &nbsp;&nbsp; 692266 |
| U.S. Treasury Bonds | 3.13 | &nbsp;&nbsp; 2-15-2042 | 919000 | &nbsp;&nbsp; 748482 |
| U.S. Treasury Bonds | 3.13 | &nbsp;&nbsp; 5-15-2048 | 2283000 | &nbsp;&nbsp; 1718047 |
| U.S. Treasury Bonds | 3.38 | &nbsp;&nbsp; 11-15-2048 | 19141000 | &nbsp;&nbsp; 14999516 |
| U.S. Treasury Bonds | 3.50 | &nbsp;&nbsp; 2-15-2039 | 731000 | &nbsp;&nbsp; 659499 |
| U.S. Treasury Bonds | 3.63 | &nbsp;&nbsp; 2-15-2044 | 1547000 | &nbsp;&nbsp; 1314104 |
| U.S. Treasury Bonds | 3.63 | &nbsp;&nbsp; 2-15-2053 | 615000 | &nbsp;&nbsp; 493586 |
| U.S. Treasury Bonds | 3.75 | &nbsp;&nbsp; 8-15-2041 | 929000 | &nbsp;&nbsp; 828479 |
| U.S. Treasury Bonds | 3.75 | &nbsp;&nbsp; 11-15-2043 | 1660000 | &nbsp;&nbsp; 1438364 |
| U.S. Treasury Bonds | 3.88 | &nbsp;&nbsp; 8-15-2040 | 946000 | &nbsp;&nbsp; 867068 |
| U.S. Treasury Bonds | 4.25 | &nbsp;&nbsp; 5-15-2039 | 681000 | &nbsp;&nbsp; 660969 |
| U.S. Treasury Bonds | 4.25 | &nbsp;&nbsp; 11-15-2040 | 977000 | &nbsp;&nbsp; 931508 |
| U.S. Treasury Bonds | 4.25 | &nbsp;&nbsp; 2-15-2054 | 4900000 | &nbsp;&nbsp; 4389328 |
| U.S. Treasury Bonds | 4.38 | &nbsp;&nbsp; 2-15-2038 | 81000 | &nbsp;&nbsp; 80848 |
| U.S. Treasury Bonds | 4.38 | &nbsp;&nbsp; 11-15-2039 | 2857000 | &nbsp;&nbsp; 2786468 |
| U.S. Treasury Bonds | 4.38 | &nbsp;&nbsp; 5-15-2040 | 1078000 | &nbsp;&nbsp; 1047050 |
| U.S. Treasury Bonds | 4.38 | &nbsp;&nbsp; 5-15-2041 | 842000 | &nbsp;&nbsp; 810918 |
| U.S. Treasury Bonds | 4.50 | &nbsp;&nbsp; 5-15-2038 | 428000 | &nbsp;&nbsp; 431060 |
| U.S. Treasury Bonds | 4.50 | &nbsp;&nbsp; 8-15-2039 | 721000 | &nbsp;&nbsp; 714128 |
| U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 2-15-2040 | 730000 | &nbsp;&nbsp; 729487 |
| U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 5-15-2054 | 12450000 | &nbsp;&nbsp; 11870783 |
| U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 2-15-2055 | 1100000 | &nbsp;&nbsp; 1049168 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 2-15-2037 | 264000 | &nbsp;&nbsp; 273426 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 2-15-2041 | 5284000 | &nbsp;&nbsp; 5312691 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 5-15-2055 | 2200000 | &nbsp;&nbsp; 2142164 |
| U.S. Treasury Bonds | 5.00 | &nbsp;&nbsp; 5-15-2037 | 375000 | &nbsp;&nbsp; 396870 |
| U.S. Treasury Bonds | 5.25 | &nbsp;&nbsp; 11-15-2028 | 479000 | &nbsp;&nbsp; 495859 |
| U.S. Treasury Bonds | 5.25 | &nbsp;&nbsp; 2-15-2029 | 499000 | &nbsp;&nbsp; 519174 |
| U.S. Treasury Bonds | 5.38 | &nbsp;&nbsp; 2-15-2031 | 8152000 | &nbsp;&nbsp; 8662774 |
| U.S. Treasury Bonds | 6.13 | &nbsp;&nbsp; 11-15-2027 | 525000 | &nbsp;&nbsp; 544093 |
| U.S. Treasury Bonds | 6.13 | &nbsp;&nbsp; 8-15-2029 | 19343000 | &nbsp;&nbsp; 20714389 |
| U.S. Treasury Bonds | 6.25 | &nbsp;&nbsp; 5-15-2030 | 4378000 | &nbsp;&nbsp; 4765008 |
| U.S. Treasury Bonds | 6.38 | &nbsp;&nbsp; 8-15-2027 | 16124000 | &nbsp;&nbsp; 16677003 |
| U.S. Treasury Notes | 0.38 | &nbsp;&nbsp; 7-31-2027 | 11371000 | &nbsp;&nbsp; 10863747 |
| U.S. Treasury Notes | 0.38 | &nbsp;&nbsp; 9-30-2027 | 3141000 | &nbsp;&nbsp; 2983827 |
| U.S. Treasury Notes | 0.50 | &nbsp;&nbsp; 4-30-2027 | 2015000 | &nbsp;&nbsp; 1945716 |
| U.S. Treasury Notes | 0.50 | &nbsp;&nbsp; 5-31-2027 | 2282000 | &nbsp;&nbsp; 2196336 |
| U.S. Treasury Notes | 0.50 | &nbsp;&nbsp; 6-30-2027 | 2520000 | &nbsp;&nbsp; 2419003 |
| U.S. Treasury Notes | 0.50 | &nbsp;&nbsp; 8-31-2027 | 2918000 | &nbsp;&nbsp; 2784752 |
| U.S. Treasury Notes | 0.50 | &nbsp;&nbsp; 10-31-2027 | 3418000 | &nbsp;&nbsp; 3244029 |
| U.S. Treasury Notes | 0.63 | &nbsp;&nbsp; 3-31-2027 | 14431000 | &nbsp;&nbsp; 13998493 |
| U.S. Treasury Notes | 0.63 | &nbsp;&nbsp; 11-30-2027 | 7236000 | &nbsp;&nbsp; 6864024 |
| U.S. Treasury Notes | 0.63 | &nbsp;&nbsp; 12-31-2027 | 252000 | &nbsp;&nbsp; 238426 |
| U.S. Treasury Notes | 0.63 | &nbsp;&nbsp; 5-15-2030 | 13375000 | &nbsp;&nbsp; 11715664 |
| U.S. Treasury Notes | 0.63 | &nbsp;&nbsp; 8-15-2030 | 11482000 | &nbsp;&nbsp; 9971399 |
| U.S. Treasury Notes | 0.75 | &nbsp;&nbsp; 1-31-2028 | 14000 | &nbsp;&nbsp; 13243 |

---

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

Allspring Index Asset Allocation Fund \| 17

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |
| U.S. Treasury Notes | 0.88<br> %<br>| &nbsp;&nbsp; 11-15-2030 | $2681000 | &nbsp;&nbsp; $2336659 |
| U.S. Treasury Notes | 1.13 | &nbsp;&nbsp; 2-29-2028 | 4178000 | &nbsp;&nbsp; 3971874 |
| U.S. Treasury Notes | 1.13 | &nbsp;&nbsp; 2-15-2031 | 7183000 | &nbsp;&nbsp; 6296910 |
| U.S. Treasury Notes | 1.25 | &nbsp;&nbsp; 3-31-2028 | 4152000 | &nbsp;&nbsp; 3948617 |
| U.S. Treasury Notes | 1.25 | &nbsp;&nbsp; 4-30-2028 | 4224000 | &nbsp;&nbsp; 4008675 |
| U.S. Treasury Notes | 1.25 | &nbsp;&nbsp; 5-31-2028 | 4167000 | &nbsp;&nbsp; 3946279 |
| U.S. Treasury Notes | 1.25 | &nbsp;&nbsp; 9-30-2028 | 15145000 | &nbsp;&nbsp; 14223285 |
| U.S. Treasury Notes | 1.25 | &nbsp;&nbsp; 8-15-2031 | 8087000 | &nbsp;&nbsp; 7018947 |
| U.S. Treasury Notes | 1.38 | &nbsp;&nbsp; 10-31-2028 | 23135000 | &nbsp;&nbsp; 21755937 |
| U.S. Treasury Notes | 1.38 | &nbsp;&nbsp; 11-15-2031 | 23180000 | &nbsp;&nbsp; 20101406 |
| U.S. Treasury Notes | 1.50 | &nbsp;&nbsp; 2-15-2030 | 4305000 | &nbsp;&nbsp; 3939411 |
| U.S. Treasury Notes | 1.63 | &nbsp;&nbsp; 8-15-2029 | 2854000 | &nbsp;&nbsp; 2655892 |
| U.S. Treasury Notes | 1.63 | &nbsp;&nbsp; 5-15-2031 | 7512000 | &nbsp;&nbsp; 6699472 |
| U.S. Treasury Notes | 2.25 | &nbsp;&nbsp; 2-15-2027 | 3350000 | &nbsp;&nbsp; 3306518 |
| U.S. Treasury Notes | 2.25 | &nbsp;&nbsp; 8-15-2027 | 3338000 | &nbsp;&nbsp; 3267589 |
| U.S. Treasury Notes | 2.25 | &nbsp;&nbsp; 11-15-2027 | 3248000 | &nbsp;&nbsp; 3167181 |
| U.S. Treasury Notes | 2.38 | &nbsp;&nbsp; 5-15-2027 | 3375000 | &nbsp;&nbsp; 3322002 |
| U.S. Treasury Notes | 2.38 | &nbsp;&nbsp; 3-31-2029 | 6100000 | &nbsp;&nbsp; 5850520 |
| U.S. Treasury Notes | 2.38 | &nbsp;&nbsp; 5-15-2029 | 3295000 | &nbsp;&nbsp; 3154705 |
| U.S. Treasury Notes | 2.63 | &nbsp;&nbsp; 2-15-2029 | 3512000 | &nbsp;&nbsp; 3397860 |
| U.S. Treasury Notes | 2.75 | &nbsp;&nbsp; 2-15-2028 | 4229000 | &nbsp;&nbsp; 4147889 |
| U.S. Treasury Notes | 2.75 | &nbsp;&nbsp; 8-15-2032 | 2430000 | &nbsp;&nbsp; 2247465 |
| U.S. Treasury Notes | 2.88 | &nbsp;&nbsp; 5-15-2028 | 4397000 | &nbsp;&nbsp; 4313354 |
| U.S. Treasury Notes | 2.88 | &nbsp;&nbsp; 8-15-2028 | 4422000 | &nbsp;&nbsp; 4328724 |
| U.S. Treasury Notes | 3.13 | &nbsp;&nbsp; 11-15-2028 | 3621000 | &nbsp;&nbsp; 3557915 |
| U.S. Treasury Notes | 3.38 | &nbsp;&nbsp; 5-15-2033 | 2640000 | &nbsp;&nbsp; 2514909 |
| U.S. Treasury Notes | 3.50 | &nbsp;&nbsp; 9-30-2027 | 8400000 | &nbsp;&nbsp; 8358984 |
| U.S. Treasury Notes | 3.63 | &nbsp;&nbsp; 8-31-2030 | 300000 | &nbsp;&nbsp; 296320 |
| U.S. Treasury Notes | 3.88 | &nbsp;&nbsp; 8-15-2033 | 12035000 | &nbsp;&nbsp; 11814515 |
| U.S. Treasury Notes | 4.00 | &nbsp;&nbsp; 2-29-2028 | 10900000 | &nbsp;&nbsp; 10935766 |
| U.S. Treasury Notes | 4.00 | &nbsp;&nbsp; 10-31-2029 | 2100000 | &nbsp;&nbsp; 2108367 |
| U.S. Treasury Notes | 4.13 | &nbsp;&nbsp; 8-31-2030 | 2700000 | &nbsp;&nbsp; 2720777 |
| U.S. Treasury Notes | 4.13 | &nbsp;&nbsp; 2-15-2036 | 8400000 | &nbsp;&nbsp; 8268750 |
| U.S. Treasury Notes | 4.25 | &nbsp;&nbsp; 5-15-2035 | 600000 | &nbsp;&nbsp; 598406 |
| U.S. Treasury Notes | 4.38 | &nbsp;&nbsp; 5-15-2034 | 16150000 | &nbsp;&nbsp; 16320332 |
| U.S. Treasury Notes | 4.63 | &nbsp;&nbsp; 2-15-2035 | 5900000 | &nbsp;&nbsp; 6053492 |
| **Total U.S. Treasury securities (Cost $450,730,750)** |  |  |  | &nbsp;&nbsp; **433283238** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 2.65%** |  |  |  |  |
| **Investment companies: 2.65%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.60 | 30696081 | &nbsp;&nbsp; **30696081** |
| **Total short-term investments (Cost $30,696,081)** |  |  |  | &nbsp;&nbsp; **30696081** |
| **Total investments in securities (Cost $613,351,652)** | 99.46<br> %<br>|  |  | &nbsp;&nbsp; 1150868443 |
| Other assets and liabilities, net | 0.54 |  |  | &nbsp;&nbsp; 6267110 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$1157135553** |

---

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

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

18 \| Allspring Index Asset Allocation Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | |
|:---|:---|
| † | Non-income-earning security |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| FNMA | Federal National Mortgage Association |
| REIT | Real estate investment trust |
| SOFR | Secured Overnight Financing Rate |

---

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund <br> Select Class<br>| $34814219 | $125750112 | $(129868250)<br>| $0 | $0 | $30696081 | 30696081 | $736608 |

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 223 | &nbsp;&nbsp; 6-18-2026 | &nbsp;&nbsp; $25251783 | &nbsp;&nbsp; $24763453 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $(488330)<br>|
| E-Mini S&P 500 Index | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 6-18-2026 | &nbsp;&nbsp; 10027633 | &nbsp;&nbsp; 9856125 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (171508)<br>|
| **Short** |  |  |  |  |  |  |
| E-Mini S&P 500 Index | &nbsp;&nbsp; (88)<br>| &nbsp;&nbsp; 6-18-2026 | &nbsp;&nbsp; (29598171)<br>| &nbsp;&nbsp; (28911300)<br>| &nbsp;&nbsp; 686871 | &nbsp;&nbsp; 0 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; (300)<br>| &nbsp;&nbsp; 6-18-2026 | &nbsp;&nbsp; (36144601)<br>| &nbsp;&nbsp; (34968750)<br>| &nbsp;&nbsp; 1175851 | &nbsp;&nbsp; 0 |
|  |  |  |  |  | &nbsp;&nbsp; **$1862722** | &nbsp;&nbsp; **$(659838)**<br>|

---

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

Allspring Index Asset Allocation Fund \| 19

------

Statement of assets and liabilities—March 31, 2026 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $582,655,571) | $1120172362 |
| Investments in affiliated securities, at value (cost $30,696,081) | 30696081 |
| Cash | 3454 |
| Cash at broker segregated for futures contracts | 4936160 |
| Receivable for dividends and interest | 3228718 |
| Receivable for Fund shares sold | 559127 |
| Receivable for daily variation margin on open futures contracts | 326015 |
| Prepaid expenses and other assets | 87823 |
| **Total assets** | **1160009740** |
| Liabilities |  |
| Payable for Fund shares redeemed | 934149 |
| Payable for daily variation margin on open futures contracts | 868625 |
| Management fee payable | 578976 |
| Shareholder servicing fees payable | 225659 |
| Administration fees payable | 187321 |
| Distribution fee payable | 25533 |
| Accrued expenses and other liabilities | 53924 |
| **Total liabilities** | **2874187** |
| **Total net assets**  | **$1157135553** |
| Net assets consist of |  |
| Paid-in capital | $624403762 |
| Total distributable earnings | 532731791 |
| **Total net assets** | **$1157135553** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $901339366 |
| Shares outstanding–Class A<sup>1</sup> <br>| 24387718 |
| Net asset value per share–Class A | $36.96 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $39.21 |
| Net assets–Class C | $39304894 |
| Shares outstanding–Class C<sup>1</sup> <br>| 2239346 |
| Net asset value per share–Class C | $17.55 |
| Net assets–Administrator Class | $103134856 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 2784946 |
| Net asset value per share–Administrator Class | $37.03 |
| Net assets–Institutional Class | $113356437 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 3071880 |
| Net asset value per share–Institutional Class | $36.90 |

---

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

<sup>2</sup> Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

20 \| Allspring Index Asset Allocation Fund

------

Statement of operations—six months ended March 31, 2026 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $7677282 |
| Dividends (net of foreign withholdings taxes of $969) | 4322405 |
| Income from affiliated securities | 736608 |
| **Total investment income** | **12736295** |
| Expenses |  |
| Management fee | 3767845 |
| Administration fees |  |
| Class A | 948607 |
| Class C | 45887 |
| Administrator Class | 75492 |
| Institutional Class | 80275 |
| Shareholder servicing fees |  |
| Class A | 1185759 |
| Class C | 57170 |
| Administrator Class | 144295 |
| Distribution fee |  |
| Class C | 171278 |
| Custody and accounting fees | 33610 |
| Professional fees | 25126 |
| Registration fees | 25857 |
| Shareholder report expenses | 31892 |
| Trustees' fees and expenses | 9370 |
| Other fees and expenses | 65376 |
| **Total expenses** | **6667839** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (131675)<br>|
| Class A | (26783)<br>|
| Class C | (9)<br>|
| Administrator Class | (57914)<br>|
| **Net expenses** | **6451458** |
| **Net investment income** | **6284837** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | 53690000 |
| Futures contracts | 2853336 |
| **Net realized gains on investments**  | **56543336** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | (72306685)<br>|
| Futures contracts | (404532)<br>|
| **Net change in unrealized gains (losses) on investments** | **(72711217)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(16167881)**<br>|
| **Net decrease in net assets resulting from operations** | **$(9883044)**<br>|

---

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

Allspring Index Asset Allocation Fund \| 21

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> March 31, 2026<br> (unaudited) | Six months ended<br> March 31, 2026<br> (unaudited) | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $6284837 |  | &nbsp;&nbsp; $14054535 |
| Net realized gains on investments |  | &nbsp;&nbsp; 56543336 |  | &nbsp;&nbsp; 111035889 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (72711217)<br>|  | &nbsp;&nbsp; (15690909)<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **(9883044)**<br>|  | &nbsp;&nbsp; **109399515** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (104635476)<br>|  | &nbsp;&nbsp; (109370793)<br>|
| Class C |  | &nbsp;&nbsp; (9692383)<br>|  | &nbsp;&nbsp; (13719939)<br>|
| Administrator Class |  | &nbsp;&nbsp; (12702803)<br>|  | &nbsp;&nbsp; (16857090)<br>|
| Institutional Class |  | &nbsp;&nbsp; (13956781)<br>|  | &nbsp;&nbsp; (17989572)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(140987443)**<br>|  | &nbsp;&nbsp; **(157937394)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 316900 | &nbsp;&nbsp; 12530583 | &nbsp;&nbsp; 818198 | &nbsp;&nbsp; 32447636 |
| Class C | 114452 | &nbsp;&nbsp; 2212820 | &nbsp;&nbsp; 188296 | &nbsp;&nbsp; 4073472 |
| Administrator Class | 111029 | &nbsp;&nbsp; 4507900 | &nbsp;&nbsp; 466263 | &nbsp;&nbsp; 18622278 |
| Institutional Class | 305857 | &nbsp;&nbsp; 12069785 | &nbsp;&nbsp; 592085 | &nbsp;&nbsp; 23669844 |
|  |  | &nbsp;&nbsp; 31321088 |  | &nbsp;&nbsp; 78813230 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 2666582 | &nbsp;&nbsp; 101478423 | &nbsp;&nbsp; 2660800 | &nbsp;&nbsp; 105483114 |
| Class C | 523535 | &nbsp;&nbsp; 9470182 | &nbsp;&nbsp; 634785 | &nbsp;&nbsp; 13381510 |
| Administrator Class | 331453 | &nbsp;&nbsp; 12636782 | &nbsp;&nbsp; 422752 | &nbsp;&nbsp; 16771010 |
| Institutional Class | 314103 | &nbsp;&nbsp; 11941967 | &nbsp;&nbsp; 400965 | &nbsp;&nbsp; 15878064 |
|  |  | &nbsp;&nbsp; 135527354 |  | &nbsp;&nbsp; 151513698 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (1657550)<br>| &nbsp;&nbsp; (65506375)<br>| &nbsp;&nbsp; (2884342)<br>| &nbsp;&nbsp; (114430598)<br>|
| Class C | (691980)<br>| &nbsp;&nbsp; (13249255)<br>| &nbsp;&nbsp; (1684282)<br>| &nbsp;&nbsp; (35873718)<br>|
| Administrator Class | (920512)<br>| &nbsp;&nbsp; (37602715)<br>| &nbsp;&nbsp; (1231804)<br>| &nbsp;&nbsp; (49593170)<br>|
| Institutional Class | (638576)<br>| &nbsp;&nbsp; (25149900)<br>| &nbsp;&nbsp; (1479504)<br>| &nbsp;&nbsp; (58337800)<br>|
|  |  | &nbsp;&nbsp; (141508245)<br>|  | &nbsp;&nbsp; (258235286)<br>|
| **Net increase (decrease) in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **25340197** |  | &nbsp;&nbsp; **(27908358)**<br>|
| **Total decrease in net assets** |  | &nbsp;&nbsp; **(125530290)**<br>|  | &nbsp;&nbsp; **(76446237)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **1282665843** |  | &nbsp;&nbsp; **1359112080** |
| **End of period** |  | &nbsp;&nbsp; **$1157135553** |  | &nbsp;&nbsp; **$1282665843** |

---

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

22 \| Allspring Index Asset Allocation Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class A | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$41.87** | &nbsp;&nbsp; **$43.18** | &nbsp;&nbsp; **$36.72** | &nbsp;&nbsp; **$34.96** | &nbsp;&nbsp; **$43.74** | &nbsp;&nbsp; **$38.89** |
| Net investment income | 0.20 <br><sup>1</sup><br>| 0.43 <br><sup>1</sup><br>| 0.42 <br><sup>1</sup><br>| 0.33 <br><sup>1</sup><br>| 0.21 | 0.19 |
| Net realized and unrealized gains (losses) on investments | (0.50)<br>| 3.18 | 8.91 | 3.25 | &nbsp;&nbsp; (6.23)<br>| 5.97 |
| Total from investment operations | (0.30)<br>| 3.61 | 9.33 | 3.58 | &nbsp;&nbsp; (6.02)<br>| 6.16 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.21)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.12)<br>|
| Net realized gains | (4.40)<br>| &nbsp;&nbsp; (4.49)<br>| &nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp; (1.19)<br>|
| Total distributions to shareholders | (4.61)<br>| &nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp; (1.31)<br>|
| **Net asset value, end of period** | **$36.96** | &nbsp;&nbsp; **$41.87** | &nbsp;&nbsp; **$43.18** | &nbsp;&nbsp; **$36.72** | &nbsp;&nbsp; **$34.96** | &nbsp;&nbsp; **$43.74** |
| **Total return**<sup>2</sup> <br>| **(0.98)%**<br>| **9.11%**<br>| **26.75%**<br>| **10.41%**<br>| &nbsp;&nbsp; **(14.91)%**<br>| **16.18%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.09<br> %<br>| 1.08<br> %<br>| 1.11<br> %<br>| 1.13<br> %<br>| 1.10<br> %<br>| 1.09<br> %<br>|
| Net expenses | 1.06<br> %<br>| 1.06<br> %<br>| 1.06<br> %<br>| 1.07<br> %<br>| 1.08<br> %<br>| 1.08<br> %<br>|
| Net investment income | 1.00<br> %<br>| 1.08<br> %<br>| 1.06<br> %<br>| 0.91<br> %<br>| 0.52<br> %<br>| 0.46<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 3<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (000s omitted) | $901339 | &nbsp;&nbsp; $965693 | &nbsp;&nbsp; $970143 | &nbsp;&nbsp; $821312 | &nbsp;&nbsp; $802444 | &nbsp;&nbsp; $1013263 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

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

Allspring Index Asset Allocation Fund \| 23

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class C | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$22.21** | &nbsp;&nbsp; **$25.04** | &nbsp;&nbsp; **$22.25** | &nbsp;&nbsp; **$21.15** | &nbsp;&nbsp; **$26.46** | &nbsp;&nbsp; **$23.64** |
| Net investment income (loss) | 0.02 <br><sup>1</sup><br>| 0.07 <br><sup>1</sup><br>| 0.07 <br><sup>1</sup><br>| 0.03 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.08)<br>|
| Net realized and unrealized gains (losses) on investments | (0.21)<br>| 1.73 | 5.22 | 1.97 | &nbsp;&nbsp; (3.75)<br>| 3.63 |
| Total from investment operations | (0.19)<br>| 1.80 | 5.29 | 2.00 | &nbsp;&nbsp; (3.82)<br>| 3.55 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.07)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.05)<br>| 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>|
| Net realized gains | (4.40)<br>| &nbsp;&nbsp; (4.49)<br>| &nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (0.72)<br>|
| Total distributions to shareholders | (4.47)<br>| &nbsp;&nbsp; (4.63)<br>| &nbsp;&nbsp; (2.50)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (0.73)<br>|
| **Net asset value, end of period** | **$17.55** | &nbsp;&nbsp; **$22.21** | &nbsp;&nbsp; **$25.04** | &nbsp;&nbsp; **$22.25** | &nbsp;&nbsp; **$21.15** | &nbsp;&nbsp; **$26.46** |
| **Total return**<sup>2</sup> <br>| **(1.37)%**<br>| **8.31%**<br>| **25.80%**<br>| **9.57%**<br>| &nbsp;&nbsp; **(15.56)%**<br>| **15.31%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.84<br> %<br>| 1.83<br> %<br>| 1.85<br> %<br>| 1.87<br> %<br>| 1.85<br> %<br>| 1.84<br> %<br>|
| Net expenses | 1.82<br> %<br>| 1.82<br> %<br>| 1.82<br> %<br>| 1.83<br> %<br>| 1.83<br> %<br>| 1.83<br> %<br>|
| Net investment income (loss) | 0.24<br> %<br>| 0.32<br> %<br>| 0.31<br> %<br>| 0.15<br> %<br>| &nbsp;&nbsp; (0.24)%<br>| &nbsp;&nbsp; (0.29)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 3<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (000s omitted) | $39305 | &nbsp;&nbsp; $50938 | &nbsp;&nbsp; $79001 | &nbsp;&nbsp; $94684 | &nbsp;&nbsp; $110992 | &nbsp;&nbsp; $150795 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

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

24 \| Allspring Index Asset Allocation Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Administrator Class | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$41.93** | &nbsp;&nbsp; **$43.19** | &nbsp;&nbsp; **$36.72** | &nbsp;&nbsp; **$34.96** | &nbsp;&nbsp; **$43.80** | &nbsp;&nbsp; **$38.89** |
| Net investment income | 0.23 <br><sup>1</sup><br>| 0.50 <br><sup>1</sup><br>| 0.48 <br><sup>1</sup><br>| 0.40 <br><sup>1</sup><br>| 0.28 | 0.26 |
| Net realized and unrealized gains (losses) on investments | (0.51)<br>| 3.18 | 8.91 | 3.25 | &nbsp;&nbsp; (6.22)<br>| 5.98 |
| Total from investment operations | (0.28)<br>| 3.68 | 9.39 | 3.65 | &nbsp;&nbsp; (5.94)<br>| 6.24 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.22)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized gains | (4.40)<br>| &nbsp;&nbsp; (4.49)<br>| &nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp; (1.19)<br>|
| Total distributions to shareholders | (4.62)<br>| &nbsp;&nbsp; (4.94)<br>| &nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp; (2.90)<br>| &nbsp;&nbsp; (1.33)<br>|
| **Net asset value, end of period** | **$37.03** | &nbsp;&nbsp; **$41.93** | &nbsp;&nbsp; **$43.19** | &nbsp;&nbsp; **$36.72** | &nbsp;&nbsp; **$34.96** | &nbsp;&nbsp; **$43.80** |
| **Total return**<sup>2</sup> <br>| **(0.92)%**<br>| **9.31%**<br>| **26.95%**<br>| **10.61%**<br>| &nbsp;&nbsp; **(14.77)%**<br>| **16.40%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.02<br> %<br>| 1.01<br> %<br>| 1.03<br> %<br>| 1.05<br> %<br>| 1.02<br> %<br>| 1.01<br> %<br>|
| Net expenses | 0.90<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>|
| Net investment income | 1.16<br> %<br>| 1.25<br> %<br>| 1.23<br> %<br>| 1.08<br> %<br>| 0.69<br> %<br>| 0.63<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 3<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (000s omitted) | $103135 | &nbsp;&nbsp; $136815 | &nbsp;&nbsp; $155739 | &nbsp;&nbsp; $214064 | &nbsp;&nbsp; $259704 | &nbsp;&nbsp; $358573 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized.

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

Allspring Index Asset Allocation Fund \| 25

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Institutional Class | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$41.81** | &nbsp;&nbsp; **$43.12** | &nbsp;&nbsp; **$36.67** | &nbsp;&nbsp; **$34.91** | &nbsp;&nbsp; **$43.79** | &nbsp;&nbsp; **$38.84** |
| Net investment income | 0.26 <br><sup>1</sup><br>| 0.56 <br><sup>1</sup><br>| 0.54 <br><sup>1</sup><br>| 0.45 <br><sup>1</sup><br>| 0.33 | 0.33 |
| Net realized and unrealized gains (losses) on investments | (0.51)<br>| 3.17 | 8.90 | 3.25 | &nbsp;&nbsp; (6.20)<br>| 5.97 |
| Total from investment operations | (0.25)<br>| 3.73 | 9.44 | 3.70 | &nbsp;&nbsp; (5.87)<br>| 6.30 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.26)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.16)<br>|
| Net realized gains | (4.40)<br>| &nbsp;&nbsp; (4.49)<br>| &nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp; (1.19)<br>|
| Total distributions to shareholders | (4.66)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (1.35)<br>|
| **Net asset value, end of period** | **$36.90** | &nbsp;&nbsp; **$41.81** | &nbsp;&nbsp; **$43.12** | &nbsp;&nbsp; **$36.67** | &nbsp;&nbsp; **$34.91** | &nbsp;&nbsp; **$43.79** |
| **Total return**<sup>2</sup> <br>| **(0.84)%**<br>| **9.46%**<br>| **27.15%**<br>| **10.79%**<br>| &nbsp;&nbsp; **(14.64)%**<br>| **16.57%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.77<br> %<br>| 0.76<br> %<br>| 0.79<br> %<br>| 0.80<br> %<br>| 0.77<br> %<br>| 0.76<br> %<br>|
| Net expenses | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income | 1.32<br> %<br>| 1.40<br> %<br>| 1.38<br> %<br>| 1.23<br> %<br>| 0.85<br> %<br>| 0.79<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 3<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (000s omitted) | $113356 | &nbsp;&nbsp; $129220 | &nbsp;&nbsp; $154228 | &nbsp;&nbsp; $133787 | &nbsp;&nbsp; $150936 | &nbsp;&nbsp; $165569 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized.

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

26 \| Allspring Index Asset Allocation 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 Index Asset Allocation Fund (the "Fund") which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

Equity securities, exchange-traded funds and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

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

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and security values and is subject to interest rate risk and equity price risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of assets and liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of operations.

Security transactions and income recognition

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

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Interest earned on cash balances held at the custodian is recorded as interest income.

Allspring Index Asset Allocation Fund \| 27

------

Notes to financial statements (unaudited)

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2026, the aggregate cost of all investments for federal income tax purposes was $654,050,722 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $566416234 |
| Gross unrealized losses | &nbsp;&nbsp; (68395629)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$498020605** |

---

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

• Level 1—quoted prices in active markets for identical securities

• Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

28 \| Allspring Index Asset Allocation Fund

------

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Agency securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $10538 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $10538 |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; 70648706 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 70648706 |
| *Consumer discretionary* | &nbsp;&nbsp; 67763110 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 67763110 |
| *Consumer staples* | &nbsp;&nbsp; 36090110 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 36090110 |
| *Energy* | &nbsp;&nbsp; 27577416 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 27577416 |
| *Financials* | &nbsp;&nbsp; 86520619 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 86520619 |
| *Health care* | &nbsp;&nbsp; 65033588 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 65033588 |
| *Industrials* | &nbsp;&nbsp; 61948308 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 61948308 |
| *Information technology* | &nbsp;&nbsp; 226051442 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 226051442 |
| *Materials* | &nbsp;&nbsp; 14373997 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14373997 |
| *Real estate* | &nbsp;&nbsp; 13416183 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 13416183 |
| *Utilities* | &nbsp;&nbsp; 17453430 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 17453430 |
| **Non-agency mortgage-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1677 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1677 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 433283238 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 433283238 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 30696081 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 30696081 |
|  | &nbsp;&nbsp; 1150856228 | &nbsp;&nbsp;&nbsp; 12215 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1150868443 |
| **Futures contracts** | &nbsp;&nbsp; 1862722 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1862722 |
| **Total assets** | &nbsp;&nbsp; **$1152718950** | &nbsp;&nbsp;&nbsp; **$12215** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1152731165** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Futures contracts** | &nbsp;&nbsp; $659838 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $659838 |
| **Total liabilities** | &nbsp;&nbsp; **$659838** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$659838** |

---

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

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

At March 31, 2026, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.650<br> %<br>|
| Next $500 million | 0.600 |
| Next $2 billion | 0.550 |
| Next $2 billion | 0.525 |
| Next $5 billion | 0.490 |
| Over $10 billion | 0.480 |

---

For the six months ended March 31, 2026, the management fee was equivalent to an annual rate of 0.61% of the Fund's average daily net assets.

Allspring Index Asset Allocation Fund \| 29

------

Notes to financial statements (unaudited)

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Administrator Class | 0.13 |
| Institutional Class | 0.13 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through January 31, 2027 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 March 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.07<br> %<br>|
| Class C | 1.82 |
| Administrator Class | 0.90 |
| Institutional Class | 0.75 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2026, Allspring Funds Distributor received $6,659 from the sale of Class A shares and $715 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 March 31, 2026.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended March 31, 2026.

30 \| Allspring Index Asset Allocation Fund

------

Notes to financial statements (unaudited)

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended March 31, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32407371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8197654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51951398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $71344857 |

---

6. DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2026, the Fund entered into futures contracts to manage the duration of the portfolio and to gain market exposure to certain asset classes by implementing tactical asset allocation shifts. The Fund had an average notional amount of $195,222,946 in long futures contracts and $31,098,780 in short futures contracts during the six months ended March 31, 2026.

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

The fair value of derivative instruments as of March 31, 2026 by primary risk type was as follows for the Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Equity <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Futures contracts | &nbsp;&nbsp; $1,175,851 <br>\*<br>| $686,871 <br>\*<br>| $1862722 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Futures contracts | &nbsp;&nbsp; $488,330 <br>\*<br>| $171,508 <br>\*<br>| $659838 |

---

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

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of investments. For futures contracts, only the current day's variation margin as of March 31, 2026 is reported separately on the Statement of assets and liabilities. 

The effect of derivative instruments on the Statement of operations for the six months ended March 31, 2026 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Equity <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $(1151064)<br>| $4004400 | $2853336 |
| **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $965833 | $(1370365)<br>| $(404532)<br>|

---

7. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the six months ended March 31, 2026, there were no borrowings by the Fund under the agreement.

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

Allspring Index Asset Allocation Fund \| 31

------

Notes to financial statements (unaudited)

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.

32 \| Allspring Index Asset Allocation 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 Index Asset Allocation Fund \| 33

------

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

34 \| Allspring Index Asset Allocation Fund

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![](g100566img1c76b51e1.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**

![](g100566imgdd060a012.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.**

**NCSRS0458 03-26**

------

![](g100566img965453881.jpg)

Allspring Opportunity Fund

Long Form Financial Statements

Semi-Annual Report

March 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_fb7fc843-a75c-43a7-87e0-d5cc1ce06fef_POI-PageBlank-33_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_fb7fc843-a75c-43a7-87e0-d5cc1ce06fef_FS-PageBlank-33_1)** |  |
| [Statement of assets and liabilities](#xx_fb7fc843-a75c-43a7-87e0-d5cc1ce06fef_FS-PageBlank-33_1) | 6 |
| [Statement of operations](#xx_fb7fc843-a75c-43a7-87e0-d5cc1ce06fef_FS-PageBlank-33_2) | 7 |
| [Statement of changes in net assets](#xx_fb7fc843-a75c-43a7-87e0-d5cc1ce06fef_FS-PageBlank-33_4) | 9 |
| [Financial highlights](#xx_fb7fc843-a75c-43a7-87e0-d5cc1ce06fef_FIHI-PageBlank-33_1) | 11 |
| **[Notes to financial statements](#xx_fb7fc843-a75c-43a7-87e0-d5cc1ce06fef_NTF-PageBlank-33_1)** | 15 |
| **[Other information](#xx_fb7fc843-a75c-43a7-87e0-d5cc1ce06fef_OI-PageBlank-33_1)** | 20 |
| [Item 8. Changes in and disagreements with accountants](#xx_fb7fc843-a75c-43a7-87e0-d5cc1ce06fef_OI-PageBlank-33_2) | 21 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_fb7fc843-a75c-43a7-87e0-d5cc1ce06fef_OI-PageBlank-33_2) | 21 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_fb7fc843-a75c-43a7-87e0-d5cc1ce06fef_OI-PageBlank-33_2) | 21 |
| [Item 11. Statement regarding basis for board](#xx_fb7fc843-a75c-43a7-87e0-d5cc1ce06fef_OI-PageBlank-33_2)['](#xx_fb7fc843-a75c-43a7-87e0-d5cc1ce06fef_OI-PageBlank-33_2)[s approval of investment](#xx_fb7fc843-a75c-43a7-87e0-d5cc1ce06fef_OI-PageBlank-33_2)<br> [advisory contract](#xx_fb7fc843-a75c-43a7-87e0-d5cc1ce06fef_OI-PageBlank-33_2)<br>| 21 |

---

Allspring Opportunity Fund \| 1

------

Portfolio of investments—March 31, 2026 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 99.23%** |  |  |
| **Communication services: 11.53%** |  |  |
| **Entertainment: 1.28%** |  |  |
| Spotify Technology SA† | 44512 | &nbsp;&nbsp; **$21584314** |
| **Interactive media & services: 10.25%** |  |  |
| Alphabet, Inc. Class C | 353096 | &nbsp;&nbsp; 101289119 |
| Meta Platforms, Inc. Class A | 124865 | &nbsp;&nbsp; 71439012 |
|  |  | &nbsp;&nbsp; **172728131** |
| **Consumer discretionary: 10.25%** |  |  |
| **Broadline retail: 6.47%** |  |  |
| Amazon.com, Inc.† | 523027 | &nbsp;&nbsp; **108930833** |
| **Hotels, restaurants & leisure: 1.65%** |  |  |
| DraftKings, Inc. Class A† | 503522 | &nbsp;&nbsp; 10886146 |
| Starbucks Corp. | 189077 | &nbsp;&nbsp; 16939408 |
|  |  | &nbsp;&nbsp; **27825554** |
| **Specialty retail: 2.13%** |  |  |
| Burlington Stores, Inc.† | 44540 | &nbsp;&nbsp; 14492426 |
| Home Depot, Inc. | 65190 | &nbsp;&nbsp; 21440339 |
|  |  | &nbsp;&nbsp; **35932765** |
| **Consumer staples: 1.53%** |  |  |
| **Consumer staples distribution & retail: 0.91%** |  |  |
| Costco Wholesale Corp. | 15470 | &nbsp;&nbsp; **15414772** |
| **Household products: 0.62%** |  |  |
| Church & Dwight Co., Inc. | 111207 | &nbsp;&nbsp; **10377837** |
| **Financials: 13.91%** |  |  |
| **Banks: 1.86%** |  |  |
| Axos Financial, Inc.† | 80529 | &nbsp;&nbsp; 6852213 |
| Citigroup, Inc. | 83859 | &nbsp;&nbsp; 9510449 |
| First BanCorp | 221406 | &nbsp;&nbsp; 4729232 |
| Popular, Inc. | 41855 | &nbsp;&nbsp; 5615685 |
| Wells Fargo & Co. | 58972 | &nbsp;&nbsp; 4694761 |
|  |  | &nbsp;&nbsp; **31402340** |
| **Capital markets: 6.08%** |  |  |
| Charles Schwab Corp. | 421741 | &nbsp;&nbsp; 39635219 |
| Interactive Brokers Group, Inc. Class A | 73042 | &nbsp;&nbsp; 4898927 |
| Intercontinental Exchange, Inc. | 192540 | &nbsp;&nbsp; 30282691 |
| S&P Global, Inc. | 39203 | &nbsp;&nbsp; 16674604 |
| Virtu Financial, Inc. Class A | 249176 | &nbsp;&nbsp; 10958761 |
|  |  | &nbsp;&nbsp; **102450202** |
| **Consumer finance: 1.13%** |  |  |
| Capital One Financial Corp. | 104780 | &nbsp;&nbsp; **19115015** |

---

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

2 \| Allspring Opportunity Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financial services: 2.85%** |  |  |
| Mastercard, Inc. Class A | 96045 | &nbsp;&nbsp; **$47989845** |
| **Insurance: 1.99%** |  |  |
| Marsh & McLennan Cos., Inc. | 91744 | &nbsp;&nbsp; 15912997 |
| Unum Group | 240579 | &nbsp;&nbsp; 17569484 |
|  |  | &nbsp;&nbsp; **33482481** |
| **Health care: 9.44%** |  |  |
| **Biotechnology: 2.07%** |  |  |
| Exelixis, Inc.† | 210816 | &nbsp;&nbsp; 9041898 |
| Gilead Sciences, Inc. | 59812 | &nbsp;&nbsp; 8335998 |
| Incyte Corp.† | 46635 | &nbsp;&nbsp; 4389286 |
| Monte Rosa Therapeutics, Inc.† | 207241 | &nbsp;&nbsp; 3409115 |
| United Therapeutics Corp.† | 16372 | &nbsp;&nbsp; 9708269 |
|  |  | &nbsp;&nbsp; **34884566** |
| **Health care equipment & supplies: 0.94%** |  |  |
| Medtronic PLC | 182408 | &nbsp;&nbsp; **15805653** |
| **Health care providers & services: 1.08%** |  |  |
| McKesson Corp. | 13365 | &nbsp;&nbsp; 11565536 |
| UnitedHealth Group, Inc. | 24247 | &nbsp;&nbsp; 6560996 |
|  |  | &nbsp;&nbsp; **18126532** |
| **Life sciences tools & services: 3.49%** |  |  |
| Agilent Technologies, Inc. | 192437 | &nbsp;&nbsp; 21933969 |
| Bio-Rad Laboratories, Inc. Class A† | 47028 | &nbsp;&nbsp; 13109055 |
| Thermo Fisher Scientific, Inc. | 48360 | &nbsp;&nbsp; 23770391 |
|  |  | &nbsp;&nbsp; **58813415** |
| **Pharmaceuticals: 1.86%** |  |  |
| Amneal Pharmaceuticals, Inc.† | 343357 | &nbsp;&nbsp; 4267928 |
| Eli Lilly & Co. | 18676 | &nbsp;&nbsp; 17177625 |
| Harmony Biosciences Holdings, Inc.† | 140237 | &nbsp;&nbsp; 3928038 |
| Phibro Animal Health Corp. Class A | 108811 | &nbsp;&nbsp; 6018336 |
|  |  | &nbsp;&nbsp; **31391927** |
| **Industrials: 14.49%** |  |  |
| **Aerospace & defense: 4.65%** |  |  |
| BWX Technologies, Inc. | 117437 | &nbsp;&nbsp; 24014692 |
| HEICO Corp. Class A | 127407 | &nbsp;&nbsp; 26894344 |
| Melrose Industries PLC | 4055724 | &nbsp;&nbsp; 27482387 |
|  |  | &nbsp;&nbsp; **78391423** |
| **Building products: 2.48%** |  |  |
| Carlisle Cos., Inc. | 49295 | &nbsp;&nbsp; 16445798 |
| Trane Technologies PLC | 60980 | &nbsp;&nbsp; 25412805 |
|  |  | &nbsp;&nbsp; **41858603** |

---

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

Allspring Opportunity Fund \| 3

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Commercial services & supplies: 1.72%** |  |  |
| Republic Services, Inc. Class A | 132349 | &nbsp;&nbsp; **$28987078** |
| **Construction & engineering: 0.62%** |  |  |
| EMCOR Group, Inc. | 14019 | &nbsp;&nbsp; **10350368** |
| **Electrical equipment: 2.70%** |  |  |
| Regal Rexnord Corp. | 188031 | &nbsp;&nbsp; 35210685 |
| Vertiv Holdings Co. Class A | 41245 | &nbsp;&nbsp; 10335172 |
|  |  | &nbsp;&nbsp; **45545857** |
| **Professional services: 0.92%** |  |  |
| TransUnion | 224238 | &nbsp;&nbsp; **15515027** |
| **Trading companies & distributors: 1.40%** |  |  |
| QXO, Inc.† | 1215818 | &nbsp;&nbsp; **23611186** |
| **Information technology: 29.95%** |  |  |
| **Electronic equipment, instruments & components: 3.05%** |  |  |
| Amphenol Corp. Class A | 202789 | &nbsp;&nbsp; 25622390 |
| Teledyne Technologies, Inc.† | 42757 | &nbsp;&nbsp; 25868413 |
|  |  | &nbsp;&nbsp; **51490803** |
| **Semiconductors & semiconductor equipment: 12.10%** |  |  |
| Broadcom, Inc. | 61828 | &nbsp;&nbsp; 19136384 |
| Marvell Technology, Inc. | 418706 | &nbsp;&nbsp; 41472829 |
| NVIDIA Corp. | 428752 | &nbsp;&nbsp; 74774349 |
| ON Semiconductor Corp.† | 427588 | &nbsp;&nbsp; 26476249 |
| Texas Instruments, Inc. | 174918 | &nbsp;&nbsp; 33958580 |
| Ultra Clean Holdings, Inc.† | 129320 | &nbsp;&nbsp; 8041118 |
|  |  | &nbsp;&nbsp; **203859509** |
| **Software: 9.91%** |  |  |
| AppLovin Corp. Class A† | 3959 | &nbsp;&nbsp; 1575682 |
| Dynatrace, Inc.† | 483459 | &nbsp;&nbsp; 17878314 |
| Microsoft Corp. | 258582 | &nbsp;&nbsp; 95719299 |
| Salesforce, Inc. | 143499 | &nbsp;&nbsp; 26786958 |
| ServiceNow, Inc.† | 195542 | &nbsp;&nbsp; 20443916 |
| Zoom Communications, Inc. Class A† | 58067 | &nbsp;&nbsp; 4668006 |
|  |  | &nbsp;&nbsp; **167072175** |
| **Technology hardware, storage & peripherals: 4.89%** |  |  |
| Apple, Inc. | 324421 | &nbsp;&nbsp; **82334806** |
| **Materials: 3.30%** |  |  |
| **Chemicals: 2.14%** |  |  |
| Ashland, Inc. | 223118 | &nbsp;&nbsp; 12407592 |
| Sherwin-Williams Co. | 73692 | &nbsp;&nbsp; 23621971 |
|  |  | &nbsp;&nbsp; **36029563** |

---

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

4 \| Allspring Opportunity Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Containers & packaging: 0.59%** |  |  |
| International Paper Co. | 276448 | &nbsp;&nbsp; **$9869194** |
| **Metals & mining: 0.57%** |  |  |
| Newmont Corp. | 89322 | &nbsp;&nbsp; **9669106** |
| **Real estate: 2.38%** |  |  |
| **Industrial REITs: 1.43%** |  |  |
| Prologis, Inc. | 182182 | &nbsp;&nbsp; **24080817** |
| **Specialized REITs: 0.95%** |  |  |
| American Tower Corp. | 92724 | &nbsp;&nbsp; **16002308** |
| **Utilities: 2.45%** |  |  |
| **Electric utilities: 2.45%** |  |  |
| Constellation Energy Corp. | 72859 | &nbsp;&nbsp; 20345876 |
| Xcel Energy, Inc. | 264784 | &nbsp;&nbsp; 21034441 |
|  |  | &nbsp;&nbsp; **41380317** |
| **Total common stocks (Cost $1,008,069,073)** |  | &nbsp;&nbsp; **1672304322** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 0.84%** |  |  |  |  |
| **Investment companies: 0.84%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.60<br> %<br>| 14129276 | &nbsp;&nbsp; **14129276** |
| **Total short-term investments (Cost $14,129,276)** |  |  |  | &nbsp;&nbsp; **14129276** |
| **Total investments in securities (Cost $1,022,198,349)** | 100.07<br> %<br>|  |  | &nbsp;&nbsp; 1686433598 |
| Other assets and liabilities, net | (0.07)<br>|  |  | &nbsp;&nbsp; (1251182)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$1685182416** |

---

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

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

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

Abbreviations: <br> REIT Real estate investment trust

**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>| $26587980 | $107793290 | $(120251994)<br>| $0 | $0 | $14129276 | 14129276 | $311816 |

---

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

Allspring Opportunity Fund \| 5

------

Statement of assets and liabilities—March 31, 2026 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $1,008,069,073) | $1672304322 |
| Investments in affiliated securities, at value (cost $14,129,276) | 14129276 |
| Cash | 64962 |
| Foreign currency, at value (cost $109) | 116 |
| Receivable for dividends | 1395503 |
| Receivable for Fund shares sold | 67848 |
| Prepaid expenses and other assets | 73216 |
| **Total assets** | **1688035243** |
| Liabilities |  |
| Management fee payable | 1005473 |
| Payable for Fund shares redeemed | 978858 |
| Shareholder servicing fees payable | 534787 |
| Administration fees payable | 278225 |
| Trustees' fees and expenses payable | 192 |
| Accrued expenses and other liabilities | 55292 |
| **Total liabilities** | **2852827** |
| **Total net assets**  | **$1685182416** |
| Net assets consist of |  |
| Paid-in capital | $910848600 |
| Total distributable earnings | 774333816 |
| **Total net assets** | **$1685182416** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $1415921020 |
| Shares outstanding–Class A<sup>1</sup> <br>| 30560804 |
| Net asset value per share–Class A | $46.33 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $49.16 |
| Net assets–Class R6 | $286677 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 4939 |
| Net asset value per share–Class R6 | $58.05 |
| Net assets–Administrator Class | $238920944 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 4321476 |
| Net asset value per share–Administrator Class | $55.29 |
| Net assets–Institutional Class | $30053775 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 518709 |
| Net asset value per share–Institutional Class | $57.94 |

---

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

<sup>2</sup> Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

6 \| Allspring Opportunity Fund

------

Statement of operations—six months ended March 31, 2026 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $3,139) | $7250627 |
| Income from affiliated securities | 311816 |
| Interest | 1739 |
| **Total investment income** | **7564182** |
| Expenses |  |
| Management fee | 6621334 |
| Administration fees |  |
| Class A | 1546011 |
| Class C | 277 <br><sup>1</sup><br>|
| Class R6 | 75 |
| Administrator Class | 168956 |
| Institutional Class | 20578 |
| Shareholder servicing fees |  |
| Class A | 1932465 |
| Class C | 347 <br><sup>1</sup><br>|
| Administrator Class | 322818 |
| Distribution fee |  |
| Class C | 932 <br><sup>1</sup><br>|
| Custody and accounting fees | 30629 |
| Professional fees | 27902 |
| Registration fees | 61558 |
| Shareholder report expenses | 38670 |
| Trustees' fees and expenses | 11025 |
| Other fees and expenses | 24720 |
| **Total expenses** | **10808297** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (195390)<br>|
| Class A | (423999)<br>|
| Class R6 | (75)<br>|
| Administrator Class | (216628)<br>|
| Institutional Class | (16132)<br>|
| **Net expenses** | **9956073** |
| **Net investment loss** | **(2391891)**<br>|

---

<sup>1</sup> For the period from October 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 Opportunity Fund \| 7

------

Statement of operations—six months ended March 31, 2026 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | $117276252 |
| Foreign currency and foreign currency translations | 17889 |
| **Net realized gains on investments**  | **117294141** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | (208447419)<br>|
| Foreign currency and foreign currency translations | (4037)<br>|
| **Net change in unrealized gains (losses) on investments** | **(208451456)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(91157315)**<br>|
| **Net decrease in net assets resulting from operations** | **$(93549206)**<br>|

---

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

8 \| Allspring Opportunity Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> March 31, 2026<br> (unaudited) | Six months ended<br> March 31, 2026<br> (unaudited) | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(2391891)<br>|  | &nbsp;&nbsp; $(194636)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 117294141 |  | &nbsp;&nbsp; 153379017 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (208451456)<br>|  | &nbsp;&nbsp; (28218329)<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **(93549206)**<br>|  | &nbsp;&nbsp; **124966052** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (130547250)<br>|  | &nbsp;&nbsp; (145152925)<br>|
| Class C |  | &nbsp;&nbsp; 0 <br><sup>1</sup><br>|  | &nbsp;&nbsp; (140674)<br>|
| Class R6 |  | &nbsp;&nbsp; (30175)<br>|  | &nbsp;&nbsp; (23084)<br>|
| Administrator Class |  | &nbsp;&nbsp; (18702664)<br>|  | &nbsp;&nbsp; (20603316)<br>|
| Institutional Class |  | &nbsp;&nbsp; (2219479)<br>|  | &nbsp;&nbsp; (2317822)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(151499568)**<br>|  | &nbsp;&nbsp; **(168237821)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 84662 | &nbsp;&nbsp; 4328982 | &nbsp;&nbsp; 144260 | &nbsp;&nbsp; 7346042 |
| Class C | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 3401 | &nbsp;&nbsp; 147032 |
| Class R6 | 4424 | &nbsp;&nbsp; 280017 | &nbsp;&nbsp; 3444 | &nbsp;&nbsp; 221864 |
| Administrator Class | 5184 | &nbsp;&nbsp; 310440 | &nbsp;&nbsp; 23043 | &nbsp;&nbsp; 1404865 |
| Institutional Class | 113108 | &nbsp;&nbsp; 7100550 | &nbsp;&nbsp; 108981 | &nbsp;&nbsp; 6692708 |
|  |  | &nbsp;&nbsp; 12019989 |  | &nbsp;&nbsp; 15812511 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 2584922 | &nbsp;&nbsp; 126583624 | &nbsp;&nbsp; 2669945 | &nbsp;&nbsp; 140599330 |
| Class C | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 3125 | &nbsp;&nbsp; 140674 |
| Class R6 | 493 | &nbsp;&nbsp; 30175 | &nbsp;&nbsp; 358 | &nbsp;&nbsp; 23084 |
| Administrator Class | 300449 | &nbsp;&nbsp; 17546241 | &nbsp;&nbsp; 308621 | &nbsp;&nbsp; 19088225 |
| Institutional Class | 36232 | &nbsp;&nbsp; 2216325 | &nbsp;&nbsp; 35925 | &nbsp;&nbsp; 2315341 |
|  |  | &nbsp;&nbsp; 146376365 |  | &nbsp;&nbsp; 162166654 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (2079979)<br>| &nbsp;&nbsp; (105385293)<br>| &nbsp;&nbsp; (3466741)<br>| &nbsp;&nbsp; (176931791)<br>|
| Class C | (445 )<sup>1</sup><br>| &nbsp;&nbsp; (20274 )<sup>1</sup><br>| &nbsp;&nbsp; (12970)<br>| &nbsp;&nbsp; (567753)<br>|
| Class R6 | (7766)<br>| &nbsp;&nbsp; (471822)<br>| &nbsp;&nbsp; (1321)<br>| &nbsp;&nbsp; (84541)<br>|
| Administrator Class | (258539)<br>| &nbsp;&nbsp; (15523544)<br>| &nbsp;&nbsp; (392944)<br>| &nbsp;&nbsp; (23718942)<br>|
| Institutional Class | (107542)<br>| &nbsp;&nbsp; (6701336)<br>| &nbsp;&nbsp; (164131)<br>| &nbsp;&nbsp; (10322371)<br>|
|  |  | &nbsp;&nbsp; (128102269)<br>|  | &nbsp;&nbsp; (211625398)<br>|

---

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

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

Allspring Opportunity Fund \| 9

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> March 31, 2026<br> (unaudited) | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Class A<br>20031 <br><sup>2</sup><br>| &nbsp;&nbsp; $1052707 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Class C<br>(23605 )<sup>2</sup><br>| &nbsp;&nbsp; (1052707 )<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; **30294085** |  | &nbsp;&nbsp; **(33646233)**<br>|
| **Total decrease in net assets** | &nbsp;&nbsp; **(214754689)**<br>|  | &nbsp;&nbsp; **(76918002)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **1899937105** |  | &nbsp;&nbsp; **1976855107** |
| **End of period** | &nbsp;&nbsp; **$1685182416** |  | &nbsp;&nbsp; **$1899937105** |

---

<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 Opportunity Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class A | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$53.38** | &nbsp;&nbsp; **$54.52** | &nbsp;&nbsp; **$44.06** | &nbsp;&nbsp; **$40.84** | &nbsp;&nbsp; **$57.30** | &nbsp;&nbsp; **$45.64** |
| Net investment loss | (0.07 )<sup>1</sup><br>| &nbsp;&nbsp; (0.02 )<sup>1</sup><br>| &nbsp;&nbsp; (0.03 )<sup>1</sup><br>| &nbsp;&nbsp; (0.08 )<sup>1</sup><br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.20)<br>|
| Net realized and unrealized gains (losses) on investments | (2.52)<br>| 3.71 | 12.39 | 7.61 | &nbsp;&nbsp; (9.64)<br>| 14.95 |
| Total from investment operations | (2.59)<br>| 3.69 | 12.36 | 7.53 | &nbsp;&nbsp; (9.86)<br>| 14.75 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.02)<br>|
| Net realized gains | (4.46)<br>| &nbsp;&nbsp; (4.83)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp; (3.07)<br>|
| Total distributions to shareholders | (4.46)<br>| &nbsp;&nbsp; (4.83)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp; (3.09)<br>|
| **Net asset value, end of period** | **$46.33** | &nbsp;&nbsp; **$53.38** | &nbsp;&nbsp; **$54.52** | &nbsp;&nbsp; **$44.06** | &nbsp;&nbsp; **$40.84** | &nbsp;&nbsp; **$57.30** |
| **Total return**<sup>2</sup> <br>| **(5.29)%**<br>| **6.89%**<br>| **28.88%**<br>| **19.42%**<br>| &nbsp;&nbsp; **(20.07)%**<br>| **33.63%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.19<br> %<br>| 1.19<br> %<br>| 1.19<br> %<br>| 1.20<br> %<br>| 1.19<br> %<br>| 1.20<br> %<br>|
| Net expenses | 1.12<br> %<br>| 1.13<br> %<br>| 1.15<br> %<br>| 1.17<br> %<br>| 1.16<br> %<br>| 1.17<br> %<br>|
| Net investment loss | (0.29)%<br>| &nbsp;&nbsp; (0.04)%<br>| &nbsp;&nbsp; (0.05)%<br>| &nbsp;&nbsp; (0.18)%<br>| &nbsp;&nbsp; (0.43)%<br>| &nbsp;&nbsp; (0.37)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 21<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 29<br> %<br>|
| Net assets, end of period (000s omitted) | $1415921 | &nbsp;&nbsp; $1598744 | &nbsp;&nbsp; $1668461 | &nbsp;&nbsp; $1424188 | &nbsp;&nbsp; $1309459 | &nbsp;&nbsp; $1782585 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

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

Allspring Opportunity Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class R6 | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$65.62** | &nbsp;&nbsp; **$65.72** | &nbsp;&nbsp; **$52.53** | &nbsp;&nbsp; **$47.73** | &nbsp;&nbsp; **$65.66** | &nbsp;&nbsp; **$51.83** |
| Net investment income | 0.04 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.23 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.01 <br><sup>1</sup><br>| 0.04 |
| Net realized and unrealized gains (losses) on investments | (3.15)<br>| 4.49 | 14.86 | 8.95 | &nbsp;&nbsp; (11.34)<br>| 17.06 |
| Total from investment operations | (3.11)<br>| 4.73 | 15.09 | 9.11 | &nbsp;&nbsp; (11.33)<br>| 17.10 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.20)<br>|
| Net realized gains | (4.46)<br>| &nbsp;&nbsp; (4.83)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp; (3.07)<br>|
| Total distributions to shareholders | (4.46)<br>| &nbsp;&nbsp; (4.83)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp; (3.27)<br>|
| **Net asset value, end of period** | **$58.05** | &nbsp;&nbsp; **$65.62** | &nbsp;&nbsp; **$65.72** | &nbsp;&nbsp; **$52.53** | &nbsp;&nbsp; **$47.73** | &nbsp;&nbsp; **$65.66** |
| **Total return**<sup>2</sup> <br>| **(5.09)%**<br>| **7.32%**<br>| **29.44%**<br>| **19.96%**<br>| &nbsp;&nbsp; **(19.72)%**<br>| **34.23%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.77<br> %<br>| 0.77<br> %<br>| 0.77<br> %<br>| 0.79<br> %<br>| 0.75<br> %<br>| 0.76<br> %<br>|
| Net expenses | 0.72<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.73<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>|
| Net investment income | 0.12<br> %<br>| 0.39<br> %<br>| 0.38<br> %<br>| 0.31<br> %<br>| 0.01<br> %<br>| 0.08<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 21<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 29<br> %<br>|
| Net assets, end of period (000s omitted) | $287 | &nbsp;&nbsp; $511 | &nbsp;&nbsp; $349 | &nbsp;&nbsp; $174 | &nbsp;&nbsp; $28 | &nbsp;&nbsp; $35 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized.

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

12 \| Allspring Opportunity Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Administrator Class | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$62.78** | &nbsp;&nbsp; **$63.20** | &nbsp;&nbsp; **$50.72** | &nbsp;&nbsp; **$46.33** | &nbsp;&nbsp; **$64.07** | &nbsp;&nbsp; **$50.68** |
| Net investment income (loss) | (0.03 )<sup>1</sup><br>| 0.08 <br><sup>1</sup><br>| 0.07 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.00 )<sup>12</sup><br>| &nbsp;&nbsp; (0.14 )<sup>1</sup><br>| &nbsp;&nbsp; (0.10)<br>|
| Net realized and unrealized gains (losses) on investments | (3.00)<br>| 4.33 | 14.31 | 8.70 | &nbsp;&nbsp; (11.00)<br>| 16.65 |
| Total from investment operations | (3.03)<br>| 4.41 | 14.38 | 8.70 | &nbsp;&nbsp; (11.14)<br>| 16.55 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.09)<br>|
| Net realized gains | (4.46)<br>| &nbsp;&nbsp; (4.83)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp; (3.07)<br>|
| Total distributions to shareholders | (4.46)<br>| &nbsp;&nbsp; (4.83)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp; (3.16)<br>|
| **Net asset value, end of period** | **$55.29** | &nbsp;&nbsp; **$62.78** | &nbsp;&nbsp; **$63.20** | &nbsp;&nbsp; **$50.72** | &nbsp;&nbsp; **$46.33** | &nbsp;&nbsp; **$64.07** |
| **Total return**<sup>3</sup> <br>| **(5.20)%**<br>| **7.09%**<br>| **29.08%**<br>| **19.63%**<br>| &nbsp;&nbsp; **(19.91)%**<br>| **33.87%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.12<br> %<br>| 1.12<br> %<br>| 1.12<br> %<br>| 1.12<br> %<br>| 1.11<br> %<br>| 1.12<br> %<br>|
| Net expenses | 0.93<br> %<br>| 0.95<br> %<br>| 0.98<br> %<br>| 0.99<br> %<br>| 0.97<br> %<br>| 0.98<br> %<br>|
| Net investment income (loss) | (0.11)%<br>| 0.14<br> %<br>| 0.11<br> %<br>| &nbsp;&nbsp; (0.00)%<br>| &nbsp;&nbsp; (0.24)%<br>| &nbsp;&nbsp; (0.18)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 21<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 29<br> %<br>|
| Net assets, end of period (000s omitted) | $238921 | &nbsp;&nbsp; $268344 | &nbsp;&nbsp; $274035 | &nbsp;&nbsp; $231186 | &nbsp;&nbsp; $209340 | &nbsp;&nbsp; $281217 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is more than $(0.005).

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

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

Allspring Opportunity Fund \| 13

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Institutional Class | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$65.52** | &nbsp;&nbsp; **$65.64** | &nbsp;&nbsp; **$52.48** | &nbsp;&nbsp; **$47.70** | &nbsp;&nbsp; **$65.64** | &nbsp;&nbsp; **$51.83** |
| Net investment income (loss) | 0.02 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.13 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.01 )<sup>1</sup><br>| 0.03 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (3.14)<br>| 4.50 | 14.85 | 8.96 | &nbsp;&nbsp; (11.33)<br>| 17.04 |
| Total from investment operations | (3.12)<br>| 4.71 | 15.06 | 9.09 | &nbsp;&nbsp; (11.34)<br>| 17.07 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.19)<br>|
| Net realized gains | (4.46)<br>| &nbsp;&nbsp; (4.83)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp; (3.07)<br>|
| Total distributions to shareholders | (4.46)<br>| &nbsp;&nbsp; (4.83)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp; (3.26)<br>|
| **Net asset value, end of period** | **$57.94** | &nbsp;&nbsp; **$65.52** | &nbsp;&nbsp; **$65.64** | &nbsp;&nbsp; **$52.48** | &nbsp;&nbsp; **$47.70** | &nbsp;&nbsp; **$65.64** |
| **Total return**<sup>2</sup> <br>| **(5.11)%**<br>| **7.30%**<br>| **29.41%**<br>| **19.93%**<br>| &nbsp;&nbsp; **(19.76)%**<br>| **34.20%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.87<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>| 0.86<br> %<br>| 0.87<br> %<br>|
| Net expenses | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income (loss) | 0.07<br> %<br>| 0.34<br> %<br>| 0.35<br> %<br>| 0.24<br> %<br>| &nbsp;&nbsp; (0.01)%<br>| 0.05<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 21<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 29<br> %<br>|
| Net assets, end of period (000s omitted) | $30054 | &nbsp;&nbsp; $31247 | &nbsp;&nbsp; $32567 | &nbsp;&nbsp; $27107 | &nbsp;&nbsp; $23437 | &nbsp;&nbsp; $29303 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized.

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

14 \| Allspring Opportunity 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 Opportunity 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.

Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management, LLC ("Allspring Funds Management").

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On March 31, 2026, such fair value pricing was used in pricing certain foreign securities.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Security transactions and income recognition

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

Allspring Opportunity Fund \| 15

------

Notes to financial statements (unaudited)

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2026, the aggregate cost of all investments for federal income tax purposes was $1,026,953,621 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $711240858 |
| Gross unrealized losses | &nbsp;&nbsp; (51760881)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$659479977** |

---

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.

16 \| Allspring Opportunity Fund

------

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $194312445 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $194312445 |
| *Consumer discretionary* | &nbsp;&nbsp; 172689152 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 172689152 |
| *Consumer staples* | &nbsp;&nbsp; 25792609 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 25792609 |
| *Financials* | &nbsp;&nbsp; 234439883 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 234439883 |
| *Health care* | &nbsp;&nbsp; 159022093 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 159022093 |
| *Industrials* | &nbsp;&nbsp; 216777155 | &nbsp;&nbsp;&nbsp; 27482387 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 244259542 |
| *Information technology* | &nbsp;&nbsp; 504757293 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 504757293 |
| *Materials* | &nbsp;&nbsp; 55567863 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 55567863 |
| *Real estate* | &nbsp;&nbsp; 40083125 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 40083125 |
| *Utilities* | &nbsp;&nbsp; 41380317 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 41380317 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 14129276 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14129276 |
| **Total assets** | &nbsp;&nbsp; **$1658951211** | &nbsp;&nbsp;&nbsp; **$27482387** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1686433598** |

---

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

At March 31, 2026, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.750<br> %<br>|
| Next $500 million | 0.725 |
| Next $1 billion | 0.700 |
| Next $2 billion | 0.675 |
| Next $1 billion | 0.650 |
| Next $5 billion | 0.640 |
| Next $2 billion | 0.630 |
| Next $4 billion | 0.620 |
| Over $16 billion | 0.610 |

---

For the six months ended March 31, 2026, the management fee was equivalent to an annual rate of 0.72% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As

Allspring Opportunity Fund \| 17

------

Notes to 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 A | 0.20<br> %<br>|
| Class C | 0.20 |
| Class R6 | 0.03 |
| Administrator Class | 0.13 |
| Institutional Class | 0.13 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through January 31, 2027 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 March 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.17<br> %<br>|
| Class R6 | 0.72 |
| Administrator Class | 1.00 |
| Institutional Class | 0.75 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2026, Allspring Funds Distributor received $1,148 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 March 31, 2026.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended March 31, 2026.

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 March 31, 2026 were $390,041,539 and $499,727,998, 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 March 31, 2026, there were no borrowings by the Fund under the agreement.

18 \| Allspring Opportunity Fund

------

Notes to financial statements (unaudited)

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

7. CONCENTRATION RISKS

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

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.

Allspring Opportunity Fund \| 19

------

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**.

20 \| Allspring Opportunity 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 Opportunity Fund \| 21

------

![](g100566img965453881.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**

![](g100566imgd3476e452.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.**

**NCSRS3002 03-26**

------

![](g100566img80e4c5ea1.jpg)

Allspring Special Mid Cap Value Fund

Long Form Financial Statements

Semi-Annual Report

March 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_fb8d8351-83de-4356-be00-8acf7b48b014_POI-PageBlank-32_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_fb8d8351-83de-4356-be00-8acf7b48b014_FS-PageBlank-32_1)** |  |
| [Statement of assets and liabilities](#xx_fb8d8351-83de-4356-be00-8acf7b48b014_FS-PageBlank-32_1) | 7 |
| [Statement of operations](#xx_fb8d8351-83de-4356-be00-8acf7b48b014_FS-PageBlank-32_2) | 8 |
| [Statement of changes in net assets](#xx_fb8d8351-83de-4356-be00-8acf7b48b014_FS-PageBlank-32_3) | 9 |
| [Financial highlights](#xx_fb8d8351-83de-4356-be00-8acf7b48b014_FIHI-PageBlank-32_1) | 10 |
| **[Notes to financial statements](#xx_fb8d8351-83de-4356-be00-8acf7b48b014_NTF-PageBlank-32_1)** | 15 |
| **[Other information](#xx_fb8d8351-83de-4356-be00-8acf7b48b014_OI-PageBlank-32_1)** | 20 |
| [Item 8. Changes in and disagreements with accountants](#xx_fb8d8351-83de-4356-be00-8acf7b48b014_OI-PageBlank-32_2) | 21 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_fb8d8351-83de-4356-be00-8acf7b48b014_OI-PageBlank-32_2) | 21 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_fb8d8351-83de-4356-be00-8acf7b48b014_OI-PageBlank-32_2) | 21 |
| [Item 11. Statement regarding basis for board](#xx_fb8d8351-83de-4356-be00-8acf7b48b014_OI-PageBlank-32_2)['](#xx_fb8d8351-83de-4356-be00-8acf7b48b014_OI-PageBlank-32_2)[s approval of investment](#xx_fb8d8351-83de-4356-be00-8acf7b48b014_OI-PageBlank-32_2)<br> [advisory contract](#xx_fb8d8351-83de-4356-be00-8acf7b48b014_OI-PageBlank-32_2)<br>| 21 |

---

Allspring Special Mid Cap Value Fund \| 1

------

Portfolio of investments—March 31, 2026 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 97.10%** |  |  |
| **Communication services: 0.07%** |  |  |
| **Media: 0.07%** |  |  |
| NIQ Global Intelligence PLC† | 806467 | &nbsp;&nbsp; **$9169530** |
| **Consumer discretionary: 5.78%** |  |  |
| **Automobile components: 1.26%** |  |  |
| Aptiv PLC† | 2319530 | &nbsp;&nbsp; **161068163** |
| **Household durables: 1.86%** |  |  |
| D.R. Horton, Inc. | 456200 | &nbsp;&nbsp; 62599764 |
| Somnigroup International, Inc. | 2384744 | &nbsp;&nbsp; 176280277 |
|  |  | &nbsp;&nbsp; **238880041** |
| **Specialty retail: 1.70%** |  |  |
| AutoZone, Inc.† | 64700 | &nbsp;&nbsp; **218542366** |
| **Textiles, apparel & luxury goods: 0.96%** |  |  |
| PVH Corp. | 1765600 | &nbsp;&nbsp; **123168256** |
| **Consumer staples: 5.65%** |  |  |
| **Beverages: 2.83%** |  |  |
| Keurig Dr Pepper, Inc. | 10203414 | &nbsp;&nbsp; 268655891 |
| Primo Brands Corp. Class A | 5027600 | &nbsp;&nbsp; 94669708 |
|  |  | &nbsp;&nbsp; **363325599** |
| **Household products: 2.82%** |  |  |
| Church & Dwight Co., Inc. | 3881550 | &nbsp;&nbsp; **362226246** |
| **Energy: 8.50%** |  |  |
| **Energy equipment & services: 2.71%** |  |  |
| Baker Hughes Co. Class A | 5708800 | &nbsp;&nbsp; **348522240** |
| **Oil, gas & consumable fuels: 5.79%** |  |  |
| EOG Resources, Inc. | 1682150 | &nbsp;&nbsp; 243188425 |
| EQT Corp. | 4099300 | &nbsp;&nbsp; 260879452 |
| Valero Energy Corp. | 966450 | &nbsp;&nbsp; 238790466 |
|  |  | &nbsp;&nbsp; **742858343** |
| **Financials: 10.93%** |  |  |
| **Banks: 4.25%** |  |  |
| Fifth Third Bancorp | 6413611 | &nbsp;&nbsp; 297976367 |
| First Citizens BancShares, Inc. Class A | 64600 | &nbsp;&nbsp; 121749036 |
| Regions Financial Corp. | 4810650 | &nbsp;&nbsp; 125654178 |
|  |  | &nbsp;&nbsp; **545379581** |
| **Capital markets: 0.00%** |  |  |
| Pershing Square Tontine Holdings Ltd.♦† | 7483000 | &nbsp;&nbsp; **7** |
| **Insurance: 4.94%** |  |  |
| Arch Capital Group Ltd.† | 2805150 | &nbsp;&nbsp; 269266349 |

---

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

2 \| Allspring Special Mid Cap Value Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Insurance**(continued) |  |  |
| Brown & Brown, Inc. | 2008700 | &nbsp;&nbsp; $130987327 |
| Loews Corp. | 2186950 | &nbsp;&nbsp; 233435043 |
|  |  | &nbsp;&nbsp; **633688719** |
| **Mortgage real estate investment trusts (REITs): 1.74%** |  |  |
| Annaly Capital Management, Inc. | 10557380 | &nbsp;&nbsp; **223288587** |
| **Health care: 9.73%** |  |  |
| **Health care equipment & supplies: 1.91%** |  |  |
| Alcon AG | 3256850 | &nbsp;&nbsp; **245403647** |
| **Health care providers & services: 3.16%** |  |  |
| Labcorp Holdings, Inc. | 1521300 | &nbsp;&nbsp; **405898053** |
| **Life sciences tools & services: 4.66%** |  |  |
| Charles River Laboratories International, Inc.† | 1453264 | &nbsp;&nbsp; 250688040 |
| Qiagen NV | 1982039 | &nbsp;&nbsp; 79360842 |
| Revvity, Inc. | 1746900 | &nbsp;&nbsp; 153045909 |
| Waters Corp.† | 385200 | &nbsp;&nbsp; 114712560 |
|  |  | &nbsp;&nbsp; **597807351** |
| **Industrials: 22.13%** |  |  |
| **Aerospace & defense: 2.79%** |  |  |
| L3Harris Technologies, Inc. | 286050 | &nbsp;&nbsp; 98730161 |
| StandardAero, Inc.† | 10037947 | &nbsp;&nbsp; 259280171 |
|  |  | &nbsp;&nbsp; **358010332** |
| **Building products: 1.12%** |  |  |
| Carlisle Cos., Inc. | 259803 | &nbsp;&nbsp; 86675477 |
| Owens Corning | 529900 | &nbsp;&nbsp; 57345778 |
|  |  | &nbsp;&nbsp; **144021255** |
| **Commercial services & supplies: 3.16%** |  |  |
| Copart, Inc.† | 1406900 | &nbsp;&nbsp; 46709080 |
| Republic Services, Inc. Class A | 1638050 | &nbsp;&nbsp; 358765711 |
|  |  | &nbsp;&nbsp; **405474791** |
| **Construction & engineering: 0.85%** |  |  |
| API Group Corp.† | 2688399 | &nbsp;&nbsp; **108933927** |
| **Ground transportation: 3.40%** |  |  |
| Canadian Pacific Kansas City Ltd. | 3071300 | &nbsp;&nbsp; 241588458 |
| Knight-Swift Transportation Holdings, Inc. | 3385300 | &nbsp;&nbsp; 194925574 |
|  |  | &nbsp;&nbsp; **436514032** |
| **Machinery: 5.54%** |  |  |
| Donaldson Co., Inc. | 716700 | &nbsp;&nbsp; 60826329 |
| Gates Industrial Corp. PLC† | 9973127 | &nbsp;&nbsp; 225492401 |
| Ingersoll Rand, Inc. | 1077400 | &nbsp;&nbsp; 86321288 |

---

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

Allspring Special Mid Cap Value Fund \| 3

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Machinery**(continued) |  |  |
| Mueller Industries, Inc. | 1006600 | &nbsp;&nbsp; $111531280 |
| Toro Co. | 2435800 | &nbsp;&nbsp; 227601152 |
|  |  | &nbsp;&nbsp; **711772450** |
| **Professional services: 2.64%** |  |  |
| Booz Allen Hamilton Holding Corp. Class A | 2135000 | &nbsp;&nbsp; 166594050 |
| Jacobs Solutions, Inc. | 1350000 | &nbsp;&nbsp; 171828000 |
|  |  | &nbsp;&nbsp; **338422050** |
| **Trading companies & distributors: 2.63%** |  |  |
| AerCap Holdings NV | 1618994 | &nbsp;&nbsp; 222093597 |
| WESCO International, Inc. | 424400 | &nbsp;&nbsp; 116124328 |
|  |  | &nbsp;&nbsp; **338217925** |
| **Information technology: 13.56%** |  |  |
| **Electronic equipment, instruments & components: 5.67%** |  |  |
| CDW Corp. | 1943900 | &nbsp;&nbsp; 235250778 |
| Keysight Technologies, Inc.† | 1526000 | &nbsp;&nbsp; 430896620 |
| Novanta, Inc.† | 519200 | &nbsp;&nbsp; 61322712 |
|  |  | &nbsp;&nbsp; **727470110** |
| **IT services: 1.38%** |  |  |
| Okta, Inc.† | 2249900 | &nbsp;&nbsp; **177089629** |
| **Semiconductors & semiconductor equipment: 6.51%** |  |  |
| ON Semiconductor Corp.† | 4231550 | &nbsp;&nbsp; 262017576 |
| Qnity Electronics, Inc. | 2811028 | &nbsp;&nbsp; 324336411 |
| Teradyne, Inc. | 842064 | &nbsp;&nbsp; 249638293 |
|  |  | &nbsp;&nbsp; **835992280** |
| **Materials: 9.51%** |  |  |
| **Chemicals: 3.47%** |  |  |
| Eastman Chemical Co. | 1993100 | &nbsp;&nbsp; 152113392 |
| RPM International, Inc. | 2954600 | &nbsp;&nbsp; 293687240 |
|  |  | &nbsp;&nbsp; **445800632** |
| **Construction materials: 3.09%** |  |  |
| Amrize Ltd.† | 2579300 | &nbsp;&nbsp; 144492386 |
| Vulcan Materials Co. | 927450 | &nbsp;&nbsp; 252544635 |
|  |  | &nbsp;&nbsp; **397037021** |
| **Containers & packaging: 1.08%** |  |  |
| Graphic Packaging Holding Co. | 13876700 | &nbsp;&nbsp; **137934398** |
| **Metals & mining: 1.87%** |  |  |
| Freeport-McMoRan, Inc. | 2891250 | &nbsp;&nbsp; 169947675 |
| Nucor Corp. | 417500 | &nbsp;&nbsp; 70599250 |
|  |  | &nbsp;&nbsp; **240546925** |

---

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

4 \| Allspring Special Mid Cap Value Fund

------

Portfolio of investments—March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Real estate: 2.80%** |  |  |
| **Real estate management & development: 1.24%** |  |  |
| CBRE Group, Inc. Class A† | 1174500 | &nbsp;&nbsp; **$159097770** |
| **Specialized REITs: 1.56%** |  |  |
| Weyerhaeuser Co. | 8201350 | &nbsp;&nbsp; **200358981** |
| **Utilities: 8.44%** |  |  |
| **Electric utilities: 6.44%** |  |  |
| American Electric Power Co., Inc. | 3304300 | &nbsp;&nbsp; 433127644 |
| FirstEnergy Corp. | 7770650 | &nbsp;&nbsp; 393661129 |
|  |  | &nbsp;&nbsp; **826788773** |
| **Water utilities: 2.00%** |  |  |
| American Water Works Co., Inc. | 1889450 | &nbsp;&nbsp; **257135250** |
| **Total common stocks (Cost $9,689,411,607)** |  | &nbsp;&nbsp; **12465845260** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Expiration <br>date<br>|  |  |
| **Rights: 0.00%** |  |  |  |
| **Financials: 0.00%** |  |  |  |
| **Capital markets: 0.00%** |  |  |  |
| Pershing Square Holdings Ltd.♦† | &nbsp;&nbsp; 9-23-2033 | 2255595 | &nbsp;&nbsp; **0** |
| **Total rights (Cost $0)** |  |  | &nbsp;&nbsp; **0** |
| **Warrants: 0.00%** |  |  |  |
| **Financials: 0.00%** |  |  |  |
| **Capital markets: 0.00%** |  |  |  |
| Pershing Square Holdings Ltd.♦† | &nbsp;&nbsp; 7-24-2027 | 769690 | &nbsp;&nbsp; **0** |
| **Total warrants (Cost $4,560,928)** |  |  | &nbsp;&nbsp; **0** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 2.84%** |  |  |  |  |
| **Investment companies: 2.84%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.60<br> %<br>| 364662761 | &nbsp;&nbsp; **364662761** |
| **Total short-term investments (Cost $364,662,761)** |  |  |  | &nbsp;&nbsp; **364662761** |
| **Total investments in securities (Cost $10,058,635,296)** | 99.94<br> %<br>|  |  | &nbsp;&nbsp; 12830508021 |
| Other assets and liabilities, net | 0.06 |  |  | &nbsp;&nbsp; 7592142 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$12838100163** |

---

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

---

| |
|:---|
| Non-income-earning security |
| The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| The rate represents the 7-day annualized yield at period end. |

---

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

Abbreviations: <br> REIT Real estate investment trust

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

Allspring Special Mid Cap Value Fund \| 5

------

Portfolio of investments—March 31, 2026 (unaudited)

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market <br> Fund Select Class<br>| $188164226 | $1678483736 | $(1501985201)<br>| $0 | $0 | $364662761 | 364662761 | $5752378 |

---

Transactions with issuers that were no longer affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Common stocks** |  |  |  |  |  |  |  |  |
| Graphic Packaging Holding Co. | $300781115 | $0 | $(20007515)<br>| $(23640431)<br>| $(119198771)<br>| $137934398 | 13876700 | $3217082 |

---

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

6 \| Allspring Special Mid Cap Value Fund

------

Statement of assets and liabilities—March 31, 2026 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $9,693,972,535) | $12465845260 |
| Investments in affiliated securities, at value (cost $364,662,761) | 364662761 |
| Cash | 2398 |
| Receivable for investments sold | 23995020 |
| Receivable for dividends | 20673643 |
| Receivable for Fund shares sold | 13419035 |
| Prepaid expenses and other assets | 302735 |
| **Total assets** | **12888900852** |
| Liabilities |  |
| Payable for investments purchased | 21719599 |
| Payable for Fund shares redeemed | 20074168 |
| Management fee payable | 7267970 |
| Administration fees payable | 1243472 |
| Shareholder servicing fees payable | 321230 |
| Distribution fee payable | 36751 |
| Trustees' fees and expenses payable | 825 |
| Accrued expenses and other liabilities | 136674 |
| **Total liabilities** | **50800689** |
| **Total net assets**  | **$12838100163** |
| Net assets consist of |  |
| Paid-in capital | $9556736832 |
| Total distributable earnings | 3281363331 |
| **Total net assets** | **$12838100163** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $1226672780 |
| Shares outstanding–Class A<sup>1</sup> <br>| 27195726 |
| Net asset value per share–Class A | $45.11 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $47.86 |
| Net assets–Class C | $56420369 |
| Shares outstanding–Class C<sup>1</sup> <br>| 1353985 |
| Net asset value per share–Class C | $41.67 |
| Net assets–Class R6 | $3201528469 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 67909155 |
| Net asset value per share–Class R6 | $47.14 |
| Net assets–Administrator Class | $201391427 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 4327194 |
| Net asset value per share–Administrator Class | $46.54 |
| Net assets–Institutional Class | $8152087118 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 173303390 |
| Net asset value per share–Institutional Class | $47.04 |

---

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

<sup>2</sup> Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Allspring Special Mid Cap Value Fund \| 7

------

Statement of operations—six months ended March 31, 2026 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $220,106) | $100764090 |
| Income from affiliated securities | 5752378 |
| Interest | 10755 |
| **Total investment income** | **106527223** |
| Expenses |  |
| Management fee | 43724208 |
| Administration fees |  |
| Class A | 1279262 |
| Class C | 62151 |
| Class R6 | 499428 |
| Administrator Class | 144411 |
| Institutional Class | 5509137 |
| Shareholder servicing fees |  |
| Class A | 1599078 |
| Class C | 77559 |
| Administrator Class | 276449 |
| Distribution fee |  |
| Class C | 232482 |
| Custody and accounting fees | 196328 |
| Professional fees | 47057 |
| Registration fees | 191105 |
| Shareholder report expenses | 446747 |
| Trustees' fees and expenses | 54516 |
| Other fees and expenses | 168610 |
| **Total expenses** | **54508528** |
| Less: Fee waivers and/or expense reimbursements |  |
| Class A | (32156)<br>|
| Class C | (2)<br>|
| Administrator Class | (178)<br>|
| **Net expenses** | **54476192** |
| **Net investment income** | **52051031** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | 615428623 |
| Foreign currency and foreign currency translations | (1937)<br>|
| **Net realized gains on investments**  | **615426686** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | (162570381)<br>|
| Foreign currency and foreign currency translations | (1904)<br>|
| **Net change in unrealized gains (losses) on investments** | **(162572285)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **452854401** |
| **Net increase in net assets resulting from operations** | **$504905432** |

---

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

8 \| Allspring Special Mid Cap Value Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> March 31, 2026<br> (unaudited) | Six months ended<br> March 31, 2026<br> (unaudited) | Year ended<br> September 30, 2025 | Year ended<br> September 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $52051031 |  | &nbsp;&nbsp; $173106772 |
| Net realized gains on investments |  | &nbsp;&nbsp; 615426686 |  | &nbsp;&nbsp; 1173088484 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (162572285)<br>|  | &nbsp;&nbsp; (1171021137)<br>|
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **504905432** |  | &nbsp;&nbsp; **175174119** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (131516005)<br>|  | &nbsp;&nbsp; (107057874)<br>|
| Class C |  | &nbsp;&nbsp; (6401486)<br>|  | &nbsp;&nbsp; (6168177)<br>|
| Class R6 |  | &nbsp;&nbsp; (340106635)<br>|  | &nbsp;&nbsp; (284398053)<br>|
| Administrator Class |  | &nbsp;&nbsp; (21967512)<br>|  | &nbsp;&nbsp; (21102378)<br>|
| Institutional Class |  | &nbsp;&nbsp; (860264827)<br>|  | &nbsp;&nbsp; (605419621)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(1360256465)**<br>|  | &nbsp;&nbsp; **(1024146103)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 1659417 | &nbsp;&nbsp; 77287593 | &nbsp;&nbsp; 3910885 | &nbsp;&nbsp; 185359300 |
| Class C | 47293 | &nbsp;&nbsp; 2025130 | &nbsp;&nbsp; 173582 | &nbsp;&nbsp; 7679127 |
| Class R6 | 5125942 | &nbsp;&nbsp; 249623985 | &nbsp;&nbsp; 16362088 | &nbsp;&nbsp; 813497001 |
| Administrator Class | 193014 | &nbsp;&nbsp; 9328079 | &nbsp;&nbsp; 512631 | &nbsp;&nbsp; 25111533 |
| Institutional Class | 18571755 | &nbsp;&nbsp; 894735177 | &nbsp;&nbsp; 51206316 | &nbsp;&nbsp; 2508290167 |
|  |  | &nbsp;&nbsp; 1232999964 |  | &nbsp;&nbsp; 3539937128 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 2710291 | &nbsp;&nbsp; 121224248 | &nbsp;&nbsp; 2073812 | &nbsp;&nbsp; 99452698 |
| Class C | 146934 | &nbsp;&nbsp; 6041901 | &nbsp;&nbsp; 130647 | &nbsp;&nbsp; 5834281 |
| Class R6 | 6695231 | &nbsp;&nbsp; 313601955 | &nbsp;&nbsp; 5290808 | &nbsp;&nbsp; 263842791 |
| Administrator Class | 472507 | &nbsp;&nbsp; 21812301 | &nbsp;&nbsp; 425779 | &nbsp;&nbsp; 20999898 |
| Institutional Class | 17805797 | &nbsp;&nbsp; 831722564 | &nbsp;&nbsp; 11677455 | &nbsp;&nbsp; 581229204 |
|  |  | &nbsp;&nbsp; 1294402969 |  | &nbsp;&nbsp; 971358872 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (4077024)<br>| &nbsp;&nbsp; (189496020)<br>| &nbsp;&nbsp; (8790602)<br>| &nbsp;&nbsp; (414064835)<br>|
| Class C | (340423)<br>| &nbsp;&nbsp; (14756498)<br>| &nbsp;&nbsp; (801550)<br>| &nbsp;&nbsp; (35053956)<br>|
| Class R6 | (11482473)<br>| &nbsp;&nbsp; (561504055)<br>| &nbsp;&nbsp; (24760878)<br>| &nbsp;&nbsp; (1203041122)<br>|
| Administrator Class | (1275699)<br>| &nbsp;&nbsp; (61215496)<br>| &nbsp;&nbsp; (1974499)<br>| &nbsp;&nbsp; (96574677)<br>|
| Institutional Class | (34472701)<br>| &nbsp;&nbsp; (1668236959)<br>| &nbsp;&nbsp; (50552615)<br>| &nbsp;&nbsp; (2479287020)<br>|
|  |  | &nbsp;&nbsp; (2495209028)<br>|  | &nbsp;&nbsp; (4228021610)<br>|
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **32193905** |  | &nbsp;&nbsp; **283274390** |
| **Total decrease in net assets** |  | &nbsp;&nbsp; **(823157128)**<br>|  | &nbsp;&nbsp; **(565697594)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **13661257291** |  | &nbsp;&nbsp; **14226954885** |
| **End of period** |  | &nbsp;&nbsp; **$12838100163** |  | &nbsp;&nbsp; **$13661257291** |

---

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

Allspring Special Mid Cap Value Fund \| 9

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class A | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$48.43** | &nbsp;&nbsp; **$51.52** | &nbsp;&nbsp; **$42.93** | &nbsp;&nbsp; **$40.97** | &nbsp;&nbsp; **$49.22** | &nbsp;&nbsp; **$35.33** |
| Net investment income | 0.11 <br><sup>1</sup><br>| 0.47 <br><sup>1</sup><br>| 0.44 <br><sup>1</sup><br>| 0.37 | 0.22 | 0.13 |
| Net realized and unrealized gains (losses) on investments | 1.55 | 0.11 | 10.55 | 5.32 | &nbsp;&nbsp; (3.63)<br>| 13.91 |
| Total from investment operations | 1.66 | 0.58 | 10.99 | 5.69 | &nbsp;&nbsp; (3.41)<br>| 14.04 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.36)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net realized gains | (4.62)<br>| &nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (4.73)<br>| 0.00 |
| Total distributions to shareholders | (4.98)<br>| &nbsp;&nbsp; (3.67)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (0.15)<br>|
| **Net asset value, end of period** | **$45.11** | &nbsp;&nbsp; **$48.43** | &nbsp;&nbsp; **$51.52** | &nbsp;&nbsp; **$42.93** | &nbsp;&nbsp; **$40.97** | &nbsp;&nbsp; **$49.22** |
| **Total return**<sup>2</sup> <br>| **3.59%**<br>| **1.25%**<br>| **26.73%**<br>| **13.89%**<br>| &nbsp;&nbsp; **(8.32)%**<br>| **39.83%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.12<br> %<br>| 1.12<br> %<br>| 1.12<br> %<br>| 1.13<br> %<br>| 1.12<br> %<br>| 1.13<br> %<br>|
| Net expenses | 1.12<br> %<br>| 1.12<br> %<br>| 1.11<br> %<br>| 1.13<br> %<br>| 1.12<br> %<br>| 1.13<br> %<br>|
| Net investment income | 0.48<br> %<br>| 0.99<br> %<br>| 0.96<br> %<br>| 0.94<br> %<br>| 0.55<br> %<br>| 0.17<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 18<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 38<br> %<br>|
| Net assets, end of period (000s omitted) | $1226673 | &nbsp;&nbsp; $1302952 | &nbsp;&nbsp; $1530576 | &nbsp;&nbsp; $1334415 | &nbsp;&nbsp; $1098924 | &nbsp;&nbsp; $1131411 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

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

10 \| Allspring Special Mid Cap Value Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class C | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$44.93** | &nbsp;&nbsp; **$48.04** | &nbsp;&nbsp; **$40.05** | &nbsp;&nbsp; **$38.43** | &nbsp;&nbsp; **$46.68** | &nbsp;&nbsp; **$33.63** |
| Net investment income (loss) | (0.06 )<sup>1</sup><br>| 0.11 <br><sup>1</sup><br>| 0.09 <br><sup>1</sup><br>| 0.03 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.25 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.44 | 0.09 | 9.85 | 5.00 | &nbsp;&nbsp; (3.41)<br>| 13.30 |
| Total from investment operations | 1.38 | 0.20 | 9.94 | 5.03 | &nbsp;&nbsp; (3.52)<br>| 13.05 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.12)<br>| 0.00 | 0.00 | 0.00 | 0.00 |
| Net realized gains | (4.62)<br>| &nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (4.73)<br>| 0.00 |
| Total distributions to shareholders | (4.64)<br>| &nbsp;&nbsp; (3.31)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (4.73)<br>| 0.00 |
| **Net asset value, end of period** | **$41.67** | &nbsp;&nbsp; **$44.93** | &nbsp;&nbsp; **$48.04** | &nbsp;&nbsp; **$40.05** | &nbsp;&nbsp; **$38.43** | &nbsp;&nbsp; **$46.68** |
| **Total return**<sup>2</sup> <br>| **3.20%**<br>| **0.48%**<br>| **25.81%**<br>| **13.03%**<br>| &nbsp;&nbsp; **(9.03)%**<br>| **38.80%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.87<br> %<br>| 1.87<br> %<br>| 1.87<br> %<br>| 1.88<br> %<br>| 1.87<br> %<br>| 1.88<br> %<br>|
| Net expenses | 1.87<br> %<br>| 1.87<br> %<br>| 1.87<br> %<br>| 1.88<br> %<br>| 1.87<br> %<br>| 1.88<br> %<br>|
| Net investment income (loss) | (0.28)%<br>| 0.24<br> %<br>| 0.20<br> %<br>| 0.17<br> %<br>| &nbsp;&nbsp; (0.22)%<br>| &nbsp;&nbsp; (0.58)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 18<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 38<br> %<br>|
| Net assets, end of period (000s omitted) | $56420 | &nbsp;&nbsp; $67410 | &nbsp;&nbsp; $95952 | &nbsp;&nbsp; $106431 | &nbsp;&nbsp; $108314 | &nbsp;&nbsp; $132741 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

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

Allspring Special Mid Cap Value Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Class R6 | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$50.49** | &nbsp;&nbsp; **$53.55** | &nbsp;&nbsp; **$44.53** | &nbsp;&nbsp; **$42.36** | &nbsp;&nbsp; **$50.72** | &nbsp;&nbsp; **$36.39** |
| Net investment income | 0.22 <br><sup>1</sup><br>| 0.69 <br><sup>1</sup><br>| 0.66 <br><sup>1</sup><br>| 0.59 | 0.46 | 0.29 |
| Net realized and unrealized gains (losses) on investments | 1.61 | 0.12 | 10.94 | 5.49 | &nbsp;&nbsp; (3.79)<br>| 14.36 |
| Total from investment operations | 1.83 | 0.81 | 11.60 | 6.08 | &nbsp;&nbsp; (3.33)<br>| 14.65 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.56)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.32)<br>|
| Net realized gains | (4.62)<br>| &nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (4.73)<br>| 0.00 |
| Total distributions to shareholders | (5.18)<br>| &nbsp;&nbsp; (3.87)<br>| &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp; (3.91)<br>| &nbsp;&nbsp; (5.03)<br>| &nbsp;&nbsp; (0.32)<br>|
| **Net asset value, end of period** | **$47.14** | &nbsp;&nbsp; **$50.49** | &nbsp;&nbsp; **$53.55** | &nbsp;&nbsp; **$44.53** | &nbsp;&nbsp; **$42.36** | &nbsp;&nbsp; **$50.72** |
| **Total return**<sup>2</sup> <br>| **3.79%**<br>| **1.68%**<br>| **27.24%**<br>| **14.38%**<br>| &nbsp;&nbsp; **(7.93)%**<br>| **40.44%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.69<br> %<br>| 0.70<br> %<br>|
| Net expenses | 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.69<br> %<br>| 0.70<br> %<br>|
| Net investment income | 0.89<br> %<br>| 1.41<br> %<br>| 1.38<br> %<br>| 1.37<br> %<br>| 0.96<br> %<br>| 0.60<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 18<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 38<br> %<br>|
| Net assets, end of period (000s omitted) | $3201528 | &nbsp;&nbsp; $3411705 | &nbsp;&nbsp; $3784977 | &nbsp;&nbsp; $3208044 | &nbsp;&nbsp; $2537407 | &nbsp;&nbsp; $2925693 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized.

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

12 \| Allspring Special Mid Cap Value Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Administrator Class | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$49.83** | &nbsp;&nbsp; **$52.91** | &nbsp;&nbsp; **$44.02** | &nbsp;&nbsp; **$41.90** | &nbsp;&nbsp; **$50.22** | &nbsp;&nbsp; **$36.02** |
| Net investment income | 0.13 <br><sup>1</sup><br>| 0.51 <br><sup>1</sup><br>| 0.48 <br><sup>1</sup><br>| 0.46 | 0.39 | 0.23 |
| Net realized and unrealized gains (losses) on investments | 1.59 | 0.11 | 10.83 | 5.40 | &nbsp;&nbsp; (3.85)<br>| 14.13 |
| Total from investment operations | 1.72 | 0.62 | 11.31 | 5.86 | &nbsp;&nbsp; (3.46)<br>| 14.36 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.39)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.16)<br>|
| Net realized gains | (4.62)<br>| &nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (4.73)<br>| 0.00 |
| Total distributions to shareholders | (5.01)<br>| &nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp; (4.86)<br>| &nbsp;&nbsp; (0.16)<br>|
| **Net asset value, end of period** | **$46.54** | &nbsp;&nbsp; **$49.83** | &nbsp;&nbsp; **$52.91** | &nbsp;&nbsp; **$44.02** | &nbsp;&nbsp; **$41.90** | &nbsp;&nbsp; **$50.22** |
| **Total return**<sup>2</sup> <br>| **3.62%**<br>| **1.31%**<br>| **26.81%**<br>| **13.99%**<br>| &nbsp;&nbsp; **(8.26)%**<br>| **39.96%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.05<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>| 1.04<br> %<br>| 1.05<br> %<br>|
| Net expenses | 1.05<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>| 1.04<br> %<br>| 1.05<br> %<br>|
| Net investment income | 0.54<br> %<br>| 1.05<br> %<br>| 1.02<br> %<br>| 1.00<br> %<br>| 0.60<br> %<br>| 0.25<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 18<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 38<br> %<br>|
| Net assets, end of period (000s omitted) | $201391 | &nbsp;&nbsp; $246046 | &nbsp;&nbsp; $316031 | &nbsp;&nbsp; $307586 | &nbsp;&nbsp; $293286 | &nbsp;&nbsp; $389512 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized.

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

Allspring Special Mid Cap Value Fund \| 13

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>March 31, 2026 <br>(unaudited) | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 | Year ended September 30 |
| Institutional Class | Six months ended <br>March 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$50.37** | &nbsp;&nbsp; **$53.43** | &nbsp;&nbsp; **$44.43** | &nbsp;&nbsp; **$42.28** | &nbsp;&nbsp; **$50.63** | &nbsp;&nbsp; **$36.33** |
| Net investment income | 0.19 <br><sup>1</sup><br>| 0.64 <br><sup>1</sup><br>| 0.61 <br><sup>1</sup><br>| 0.56 | 0.42 | 0.24 |
| Net realized and unrealized gains (losses) on investments | 1.61 | 0.12 | 10.93 | 5.45 | &nbsp;&nbsp; (3.78)<br>| 14.35 |
| Total from investment operations | 1.80 | 0.76 | 11.54 | 6.01 | &nbsp;&nbsp; (3.36)<br>| 14.59 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.51)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.29)<br>|
| Net realized gains | (4.62)<br>| &nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (4.73)<br>| 0.00 |
| Total distributions to shareholders | (5.13)<br>| &nbsp;&nbsp; (3.82)<br>| &nbsp;&nbsp; (2.54)<br>| &nbsp;&nbsp; (3.86)<br>| &nbsp;&nbsp; (4.99)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | **$47.04** | &nbsp;&nbsp; **$50.37** | &nbsp;&nbsp; **$53.43** | &nbsp;&nbsp; **$44.43** | &nbsp;&nbsp; **$42.28** | &nbsp;&nbsp; **$50.63** |
| **Total return**<sup>2</sup> <br>| **3.74%**<br>| **1.58%**<br>| **27.14%**<br>| **14.24%**<br>| &nbsp;&nbsp; **(8.01)%**<br>| **40.30%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.79<br> %<br>| 0.80<br> %<br>|
| Net expenses | 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.79<br> %<br>| 0.80<br> %<br>|
| Net investment income | 0.79<br> %<br>| 1.30<br> %<br>| 1.28<br> %<br>| 1.26<br> %<br>| 0.86<br> %<br>| 0.50<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 18<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 38<br> %<br>|
| Net assets, end of period (000s omitted) | $8152087 | &nbsp;&nbsp; $8633144 | &nbsp;&nbsp; $8499419 | &nbsp;&nbsp; $6933240 | &nbsp;&nbsp; $6208455 | &nbsp;&nbsp; $7209810 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized.

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

14 \| Allspring Special Mid Cap Value 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 Special Mid Cap Value Fund (the "Fund") which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Security transactions and income recognition

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

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

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

Distributions to shareholders

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

Allspring Special Mid Cap Value Fund \| 15

------

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 March 31, 2026, the aggregate cost of all investments for federal income tax purposes was $10,085,041,635 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $3433083403 |
| Gross unrealized losses | &nbsp;&nbsp; (687617017)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$2745466386** |

---

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.

16 \| Allspring Special Mid Cap Value Fund

------

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $9169530 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $9169530 |
| *Consumer discretionary* | &nbsp;&nbsp; 741658826 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 741658826 |
| *Consumer staples* | &nbsp;&nbsp; 725551845 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 725551845 |
| *Energy* | &nbsp;&nbsp; 1091380583 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1091380583 |
| *Financials* | &nbsp;&nbsp; 1402356887 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1402356894 |
| *Health care* | &nbsp;&nbsp; 1249109051 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1249109051 |
| *Industrials* | &nbsp;&nbsp; 2841366762 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2841366762 |
| *Information technology* | &nbsp;&nbsp; 1740552019 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1740552019 |
| *Materials* | &nbsp;&nbsp; 1221318976 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1221318976 |
| *Real estate* | &nbsp;&nbsp; 359456751 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 359456751 |
| *Utilities* | &nbsp;&nbsp; 1083924023 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1083924023 |
| **Rights** |  |  |  |  |
| *Financials* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| **Warrants** |  |  |  |  |
| *Financials* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 364662761 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 364662761 |
| **Total assets** | &nbsp;&nbsp; **$12830508014** | &nbsp;&nbsp;&nbsp; **$7** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$12830508021** |

---

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

At March 31, 2026, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.750<br> %<br>|
| Next $500 million | 0.725 |
| Next $1 billion | 0.700 |
| Next $2 billion | 0.675 |
| Next $1 billion | 0.650 |
| Next $5 billion | 0.640 |
| Next $2 billion | 0.630 |
| Next $4 billion | 0.620 |
| Over $16 billion | 0.610 |

---

For the six months ended March 31, 2026, the management fee was equivalent to an annual rate of 0.65% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Allspring Special Mid Cap Value Fund \| 17

------

Notes to financial statements (unaudited)

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Class R6 | 0.03 |
| Administrator Class | 0.13 |
| Institutional Class | 0.13 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through January 31, 2027 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 March 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.15<br> %<br>|
| Class C | 1.90 |
| Class R6 | 0.73 |
| Administrator Class | 1.08 |
| Institutional Class | 0.83 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2026, Allspring Funds Distributor received $5,656 from the sale of Class A shares and $1,500 and $4,124 in contingent deferred sales charges from redemptions of Class A and Class C shares, respectively.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended March 31, 2026.

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 March 31, 2026 were $2,402,874,506 and $3,838,116,840, respectively.

18 \| Allspring Special Mid Cap Value Fund

------

Notes to financial statements (unaudited)

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

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 March 31, 2026, 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.

Allspring Special Mid Cap Value Fund \| 19

------

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**.

20 \| Allspring Special Mid Cap Value 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 Special Mid Cap Value Fund \| 21

------

![](g100566img80e4c5ea1.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**

![](g100566img45099b132.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.**

**NCSRS3323 03-26**

------

<u>ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u>

Changes in and Disagreements with Accountants for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Proxy Disclosures for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

------

<u>ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT</u>

The registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 13. PORTFOLIO MANAGERS OF</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 14. PURCHASES OF EQUITY SECURITIES BY</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</u>

Not applicable.

<u>ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</u> 

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees that have been implemented since the registrant's last provided disclosure in response to the requirements of this Item.

<u>ITEM 16. CONTROLS AND PROCEDURES</u> 

(a) The President and Treasurer have concluded that the Allspring Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

<u>ITEM 17. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION</u> 

Not applicable.

------

<u>ITEM 19. EXHIBITS</u> 

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.](d100566dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.](d100566dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Allspring Funds Trust | Allspring Funds Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: May 21, 2026 | Date: May 21, 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: May 21, 2026 | Date: May 21, 2026 |
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
| Date: May 21, 2026 | Date: May 21, 2026 |

---

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g100566g0529010816145.jpg)

**<u>CERTIFICATION</u>**

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Common Stock Fund, Allspring Diversified Capital Builder Fund, Allspring Diversified Income Builder Fund, Allspring Income Plus Fund, Allspring Index Asset Allocation Fund, Allspring Managed Account CoreBuilder<sup>®</sup> Shares - Series SP, Allspring Mid Cap Growth Fund, Allspring Opportunity Fund, Allspring SMID Cap Growth Fund and Allspring Special Mid Cap Value Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal 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.

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| |
|:---|
| Date: May 21, 2026 |
| /s/ John Kenney |
| John Kenney |
| President (Principal Executive Officer) |
| Allspring Funds Trust |

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![LOGO](g100566g0529010816145.jpg)

**<u>CERTIFICATION</u>**

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Common Stock Fund, Allspring Diversified Capital Builder Fund, Allspring Diversified Income Builder Fund, Allspring Income Plus Fund, Allspring Index Asset Allocation Fund, Allspring Managed Account CoreBuilder<sup>®</sup> Shares - Series SP, Allspring Mid Cap Growth Fund, Allspring Opportunity Fund, Allspring SMID Cap Growth Fund and Allspring Special Mid Cap Value Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal 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.

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| |
|:---|
|  Date: May 21, 2026 |
|  /s/ Jeremy DePalma |
|  Jeremy DePalma |
|  Treasurer (Principal Financial Officer) |
|  Allspring Funds Trust |

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## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g100566g0529010816145.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 March 31, 2026 (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: May 21, 2026

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| | |
|:---|:---|
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
|  | Allspring Funds Trust |

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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.

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![LOGO](g100566g0529010816145.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 March 31, 2026 (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: May 21, 2026

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| | |
|:---|:---|
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  | Allspring Funds Trust |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.