# EDGAR Filing Document

**Accession Number:** 0001081400
**File Stem:** 0001193125-25-193731
**Filing Date:** 2025-9
**Character Count:** 2349897
**Document Hash:** 191e589eca315a77d9bc2d9c804ad840
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-193731.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001193125-25-193731

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 106

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250902

**EFFECTIVENESS DATE**: 20250902

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09253
- **FILM NUMBER:** 251284099

**BUSINESS ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203
- **BUSINESS PHONE:** 833-568-4225

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

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

## Series and Classes Contracts Data

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020269 | Class A             | SFCIX           |
| C000020270 | Class C             | SFCCX           |
| C000020271 | Administrator Class | SCTIX           |
| C000150654 | Institutional Class | SFCNX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020272 | Class A             | SCTAX           |
| C000020274 | Class C             | SCTCX           |
| C000020275 | Administrator Class | SGCAX           |
| C000150655 | Institutional Class | SGTIX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020279 | Class C             | WMTCX           |
| C000020281 | Class A             | NMTFX           |
| C000020283 | Administrator Class | NWMIX           |
| C000176497 | Institutional Class | WMTIX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020285 | Class C             | WWTCX           |
| C000064975 | Class A             | WWTFX           |
| C000176498 | Institutional Class | WWTIX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000053352 | Class A             | WFTAX           |
| C000053353 | Class C             | WFTFX           |
| C000064976 | Institutional Class | WITIX           |
| C000064977 | Administrator Class | WFITX           |
| C000205243 | Class R6            | WFRTX           |

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

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

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020338 | Class C             | WSSCX           |
| C000064979 | Class A             | WSMAX           |
| C000064980 | Institutional Class | WSBIX           |
| C000092789 | Administrator Class | WSTMX           |
| C000205246 | Class R6            | WSSRX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020340 | Class A             | SMAVX           |
| C000020341 | Institutional Class | SMAIX           |
| C000064981 | Class C             | WFUSX           |
| C000092790 | Administrator Class | WUSMX           |
| C000205247 | Class R6            | WUSRX           |
| C000220296 | Class A2            | WFUNX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089441 | Class A             | EKVAX           |
| C000089443 | Class C             | EKVCX           |
| C000089444 | Institutional Class | EKVYX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089514 | Class A             | VMPAX           |
| C000089516 | Class C             | DHICX           |
| C000089517 | Administrator Class | VMPYX           |
| C000123112 | Institutional Class | STRIX           |
| C000205251 | Class R6            | VMPRX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000122979 | Administrator Class | WHYDX           |
| C000122980 | Institutional Class | WHYIX           |
| C000122981 | Class A             | WHYMX           |
| C000122982 | Class C             | WHYCX           |
| C000205252 | Class R6            | EKHRX           |

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

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

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

![LOGO](g97024g0827070413002.jpg)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

## Allspring Funds Trust

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

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

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

#### Matthew Prasse

#### Allspring Funds Management, LLC

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

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

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

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

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

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u>![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Alternative Risk Premia Fund

# Institutional Class

# WRPIX
This annual shareholder report contains important information about Alternative Risk Premia Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | CONSOLIDATED COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $72 | 0.72% |

---

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

## How did the Fund perform last year and what affected its performance?
Long positions in the Swedish krona and Hungarian forint benefited from central bank policies and currency dynamics. Canadian dollar long positions in 2025 captured the currency's recovery. Short Australian 10-year bond positions gained from rising Australian yields. Within commodities, natural gas positioning strongly contributed. At the strategy level, rates carry, FX sentiment, commodity curve momentum, rates curve momentum, and commodity price momentum contributed.

Among detractors were short Swiss franc positions, which suffered as the currency strengthened during risk-off periods and geopolitical tensions. Short Czech koruna positions also detracted as the currency performed well. The long British pound versus euro positioning faced headwinds from central bank policy divergence and regional dynamics. Long U.S. 10-year bond exposure detracted as yields rose. Gas, oil, and Brent positioning hurt performance. Equity market neutral performance also detracted and the exposure was liquidated. At the strategy level, commodity mean reversion detracted through coffee, live cattle, and gold. Cross- trend strategy suffered mainly through rates positions.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g56n58.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **ICE BofA 3-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **1/29/2019** | $9990 | $10001 | $10052 |
| **2/28/2019** | $9950 | $10019 | $10047 |
| **3/31/2019** | $9820 | $10041 | $10240 |
| **4/30/2019** | $9920 | $10060 | $10242 |
| **5/31/2019** | $9790 | $10083 | $10424 |
| **6/30/2019** | $9740 | $10105 | $10555 |
| **7/31/2019** | $9860 | $10124 | $10578 |
| **8/31/2019** | $9950 | $10144 | $10852 |
| **9/30/2019** | $9940 | $10162 | $10794 |
| **10/31/2019** | $9800 | $10182 | $10827 |
| **11/30/2019** | $9840 | $10194 | $10821 |
| **12/31/2019** | $9571 | $10209 | $10814 |
| **1/31/2020** | $9702 | $10223 | $11022 |
| **2/29/2020** | $9359 | $10238 | $11220 |
| **3/31/2020** | $8450 | $10268 | $11154 |
| **4/30/2020** | $8329 | $10268 | $11353 |
| **5/31/2020** | $8289 | $10269 | $11405 |
| **6/30/2020** | $8097 | $10270 | $11477 |
| **7/31/2020** | $8178 | $10272 | $11649 |
| **8/31/2020** | $8147 | $10273 | $11555 |
| **9/30/2020** | $8067 | $10274 | $11548 |
| **10/31/2020** | $7996 | $10275 | $11497 |
| **11/30/2020** | $7915 | $10276 | $11610 |
| **12/31/2020** | $7966 | $10277 | $11626 |
| **1/31/2021** | $8036 | $10278 | $11542 |
| **2/28/2021** | $8057 | $10279 | $11376 |
| **3/31/2021** | $8248 | $10280 | $11234 |
| **4/30/2021** | $8400 | $10280 | $11322 |
| **5/31/2021** | $8561 | $10280 | $11359 |
| **6/30/2021** | $8551 | $10280 | $11439 |
| **7/31/2021** | $8551 | $10280 | $11567 |
| **8/31/2021** | $8481 | $10281 | $11545 |
| **9/30/2021** | $8551 | $10281 | $11445 |
| **10/31/2021** | $8501 | $10281 | $11442 |
| **11/30/2021** | $8339 | $10281 | $11476 |
| **12/31/2021** | $8511 | $10282 | $11446 |
| **1/31/2022** | $8632 | $10282 | $11200 |
| **2/28/2022** | $8501 | $10283 | $11075 |
| **3/31/2022** | $8612 | $10286 | $10767 |
| **4/30/2022** | $8955 | $10288 | $10359 |
| **5/31/2022** | $9016 | $10295 | $10425 |
| **6/30/2022** | $9187 | $10297 | $10262 |
| **7/31/2022** | $9127 | $10302 | $10513 |
| **8/31/2022** | $9329 | $10319 | $10215 |
| **9/30/2022** | $9157 | $10344 | $9774 |
| **10/31/2022** | $9187 | $10361 | $9648 |
| **11/30/2022** | $9157 | $10394 | $10002 |
| **12/31/2022** | $9396 | $10432 | $9957 |
| **1/31/2023** | $9279 | $10464 | $10264 |
| **2/28/2023** | $9419 | $10499 | $9998 |
| **3/31/2023** | $9478 | $10544 | $10252 |
| **4/30/2023** | $9594 | $10577 | $10314 |
| **5/31/2023** | $9547 | $10618 | $10202 |
| **6/30/2023** | $9594 | $10667 | $10166 |
| **7/31/2023** | $9536 | $10709 | $10158 |
| **8/31/2023** | $9676 | $10758 | $10094 |
| **9/30/2023** | $9571 | $10807 | $9837 |
| **10/31/2023** | $9757 | $10855 | $9682 |
| **11/30/2023** | $9652 | $10904 | $10120 |
| **12/31/2023** | $9392 | $10955 | $10508 |
| **1/31/2024** | $9709 | $11002 | $10479 |
| **2/29/2024** | $9782 | $11047 | $10331 |
| **3/31/2024** | $9977 | $11096 | $10426 |
| **4/30/2024** | $9916 | $11144 | $10163 |
| **5/31/2024** | $9843 | $11197 | $10335 |
| **6/30/2024** | $10038 | $11243 | $10433 |
| **7/31/2024** | $9990 | $11294 | $10677 |
| **8/31/2024** | $9941 | $11348 | $10830 |
| **9/30/2024** | $9880 | $11397 | $10975 |
| **10/31/2024** | $9855 | $11440 | $10703 |
| **11/30/2024** | $10111 | $11484 | $10816 |
| **12/31/2024** | $10445 | $11530 | $10639 |
| **1/31/2025** | $10508 | $11573 | $10696 |
| **2/28/2025** | $10773 | $11609 | $10931 |
| **3/31/2025** | $10748 | $11648 | $10935 |
| **4/30/2025** | $10067 | $11688 | $10978 |
| **5/31/2025** | $10130 | $11731 | $10899 |
| **6/30/2025** | $10067 | $11769 | $11067 |

---

Alternative Risk Premia Fund

Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception (1/29/19)** |
| Institutional Class | 0.29 | 4.45 | 0.1 |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.68 | 2.76 | 2.57 |
| Bloomberg U.S. Aggregate Bond Index | 6.08 | (0.73) | 1.59 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Consolidated Total net assets | $100767845 |
| Consolidated # of portfolio holdings | 70 |
| Consolidated Portfolio turnover rate | 0% |
| Consolidated Total advisory fees paid | $320436 |

---

## What did the Fund invest in?

### CONSOLIDATED NET ASSET EXPOSURE (%)

---

| | | |
|:---|:---|:---|
| Type | Long Position | Short Position |
| Bond futures | 41 | 51 |
| Commodity futures | 42 | 43 |
| Currency forwards | 98 | 66 |
| Equity index futures | 23 | 2 |

---

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

Effective May 30, 2025, Elon Eznati was added as a portfolio manager for the Fund, and effective June 30, 2025, Chenfei Ma was removed as a portfolio manager for the Fund.

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

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

#### AR4723 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Alternative Risk Premia Fund

# Class R6

# WRPRX
This annual shareholder report contains important information about Alternative Risk Premia Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | CONSOLIDATED COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $62 | 0.62% |

---

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

## How did the Fund perform last year and what affected its performance?
Long positions in the Swedish krona and Hungarian forint benefited from central bank policies and currency dynamics. Canadian dollar long positions in 2025 captured the currency's recovery. Short Australian 10-year bond positions gained from rising Australian yields. Within commodities, natural gas positioning strongly contributed. At the strategy level, rates carry, FX sentiment, commodity curve momentum, rates curve momentum, and commodity price momentum contributed.

Among detractors were short Swiss franc positions, which suffered as the currency strengthened during risk-off periods and geopolitical tensions. Short Czech koruna positions also detracted as the currency performed well. The long British pound versus euro positioning faced headwinds from central bank policy divergence and regional dynamics. Long U.S. 10-year bond exposure detracted as yields rose. Gas, oil, and Brent positioning hurt performance. Equity market neutral performance also detracted and the exposure was liquidated. At the strategy level, commodity mean reversion detracted through coffee, live cattle, and gold. Cross- trend strategy suffered mainly through rates positions.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g81k19.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **ICE BofA 3-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **1/29/2019** | $9990 | $10001 | $10052 |
| **2/28/2019** | $9950 | $10019 | $10047 |
| **3/31/2019** | $9830 | $10041 | $10240 |
| **4/30/2019** | $9920 | $10060 | $10242 |
| **5/31/2019** | $9790 | $10083 | $10424 |
| **6/30/2019** | $9740 | $10105 | $10555 |
| **7/31/2019** | $9870 | $10124 | $10578 |
| **8/31/2019** | $9960 | $10144 | $10852 |
| **9/30/2019** | $9950 | $10162 | $10794 |
| **10/31/2019** | $9810 | $10182 | $10827 |
| **11/30/2019** | $9850 | $10194 | $10821 |
| **12/31/2019** | $9581 | $10209 | $10814 |
| **1/31/2020** | $9712 | $10223 | $11022 |
| **2/29/2020** | $9369 | $10238 | $11220 |
| **3/31/2020** | $8459 | $10268 | $11154 |
| **4/30/2020** | $8348 | $10268 | $11353 |
| **5/31/2020** | $8298 | $10269 | $11405 |
| **6/30/2020** | $8105 | $10270 | $11477 |
| **7/31/2020** | $8196 | $10272 | $11649 |
| **8/31/2020** | $8166 | $10273 | $11555 |
| **9/30/2020** | $8085 | $10274 | $11548 |
| **10/31/2020** | $8015 | $10275 | $11497 |
| **11/30/2020** | $7924 | $10276 | $11610 |
| **12/31/2020** | $7984 | $10277 | $11626 |
| **1/31/2021** | $8055 | $10278 | $11542 |
| **2/28/2021** | $8075 | $10279 | $11376 |
| **3/31/2021** | $8267 | $10280 | $11234 |
| **4/30/2021** | $8419 | $10280 | $11322 |
| **5/31/2021** | $8580 | $10280 | $11359 |
| **6/30/2021** | $8580 | $10280 | $11439 |
| **7/31/2021** | $8570 | $10280 | $11567 |
| **8/31/2021** | $8510 | $10281 | $11545 |
| **9/30/2021** | $8580 | $10281 | $11445 |
| **10/31/2021** | $8530 | $10281 | $11442 |
| **11/30/2021** | $8368 | $10281 | $11476 |
| **12/31/2021** | $8540 | $10282 | $11446 |
| **1/31/2022** | $8661 | $10282 | $11200 |
| **2/28/2022** | $8530 | $10283 | $11075 |
| **3/31/2022** | $8641 | $10286 | $10767 |
| **4/30/2022** | $8985 | $10288 | $10359 |
| **5/31/2022** | $9045 | $10295 | $10425 |
| **6/30/2022** | $9227 | $10297 | $10262 |
| **7/31/2022** | $9157 | $10302 | $10513 |
| **8/31/2022** | $9359 | $10319 | $10215 |
| **9/30/2022** | $9187 | $10344 | $9774 |
| **10/31/2022** | $9227 | $10361 | $9648 |
| **11/30/2022** | $9197 | $10394 | $10002 |
| **12/31/2022** | $9427 | $10432 | $9957 |
| **1/31/2023** | $9310 | $10464 | $10264 |
| **2/28/2023** | $9462 | $10499 | $9998 |
| **3/31/2023** | $9520 | $10544 | $10252 |
| **4/30/2023** | $9625 | $10577 | $10314 |
| **5/31/2023** | $9590 | $10618 | $10202 |
| **6/30/2023** | $9637 | $10667 | $10166 |
| **7/31/2023** | $9579 | $10709 | $10158 |
| **8/31/2023** | $9719 | $10758 | $10094 |
| **9/30/2023** | $9614 | $10807 | $9837 |
| **10/31/2023** | $9800 | $10855 | $9682 |
| **11/30/2023** | $9695 | $10904 | $10120 |
| **12/31/2023** | $9444 | $10955 | $10508 |
| **1/31/2024** | $9749 | $11002 | $10479 |
| **2/29/2024** | $9835 | $11047 | $10331 |
| **3/31/2024** | $10030 | $11096 | $10426 |
| **4/30/2024** | $9969 | $11144 | $10163 |
| **5/31/2024** | $9884 | $11197 | $10335 |
| **6/30/2024** | $10091 | $11243 | $10433 |
| **7/31/2024** | $10042 | $11294 | $10677 |
| **8/31/2024** | $9981 | $11348 | $10830 |
| **9/30/2024** | $9920 | $11397 | $10975 |
| **10/31/2024** | $9908 | $11440 | $10703 |
| **11/30/2024** | $10165 | $11484 | $10816 |
| **12/31/2024** | $10497 | $11530 | $10639 |
| **1/31/2025** | $10560 | $11573 | $10696 |
| **2/28/2025** | $10826 | $11609 | $10931 |
| **3/31/2025** | $10800 | $11648 | $10935 |
| **4/30/2025** | $10118 | $11688 | $10978 |
| **5/31/2025** | $10181 | $11731 | $10899 |
| **6/30/2025** | $10118 | $11769 | $11067 |

---

Alternative Risk Premia Fund

Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception (1/29/19)** |
| Class R6 | 0.27 | 4.54 | 0.18 |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.68 | 2.76 | 2.57 |
| Bloomberg U.S. Aggregate Bond Index | 6.08 | (0.73) | 1.59 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Consolidated Total net assets | $100767845 |
| Consolidated # of portfolio holdings | 70 |
| Consolidated Portfolio turnover rate | 0% |
| Consolidated Total advisory fees paid | $320436 |

---

## What did the Fund invest in?

### CONSOLIDATED NET ASSET EXPOSURE (%)

---

| | | |
|:---|:---|:---|
| Type | Long Position | Short Position |
| Bond futures | 41 | 51 |
| Commodity futures | 42 | 43 |
| Currency forwards | 98 | 66 |
| Equity index futures | 23 | 2 |

---

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

Effective May 30, 2025, Elon Eznati was added as a portfolio manager for the Fund, and effective June 30, 2025, Chenfei Ma was removed as a portfolio manager for the Fund.

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

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

#### AR4816 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# California Limited-Term Tax-Free Fund

# Institutional Class

# SFCNX
This annual shareholder report contains important information about California Limited-Term Tax-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $51 | 0.50% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were sector allocation and duration positioning while security selection in certain sectors detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g22o78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg California Municipal 1-5 Year Blend Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10044 | $10038 | $10072 |
| **8/31/2015** | $10051 | $10051 | $10092 |
| **9/30/2015** | $10104 | $10089 | $10165 |
| **10/31/2015** | $10129 | $10116 | $10206 |
| **11/30/2015** | $10136 | $10100 | $10246 |
| **12/31/2015** | $10160 | $10102 | $10318 |
| **1/31/2016** | $10232 | $10171 | $10441 |
| **2/29/2016** | $10267 | $10205 | $10458 |
| **3/31/2016** | $10263 | $10177 | $10491 |
| **4/30/2016** | $10307 | $10204 | $10568 |
| **5/31/2016** | $10295 | $10192 | $10597 |
| **6/30/2016** | $10379 | $10246 | $10765 |
| **7/31/2016** | $10395 | $10276 | $10772 |
| **8/31/2016** | $10401 | $10269 | $10786 |
| **9/30/2016** | $10389 | $10227 | $10733 |
| **10/31/2016** | $10338 | $10210 | $10620 |
| **11/30/2016** | $10095 | $10049 | $10224 |
| **12/31/2016** | $10141 | $10085 | $10344 |
| **1/31/2017** | $10197 | $10161 | $10412 |
| **2/28/2017** | $10244 | $10214 | $10484 |
| **3/31/2017** | $10251 | $10212 | $10507 |
| **4/30/2017** | $10297 | $10249 | $10583 |
| **5/31/2017** | $10372 | $10308 | $10751 |
| **6/30/2017** | $10349 | $10275 | $10713 |
| **7/31/2017** | $10406 | $10327 | $10799 |
| **8/31/2017** | $10462 | $10361 | $10882 |
| **9/30/2017** | $10420 | $10323 | $10826 |
| **10/31/2017** | $10407 | $10322 | $10853 |
| **11/30/2017** | $10337 | $10226 | $10795 |
| **12/31/2017** | $10383 | $10252 | $10907 |
| **1/31/2018** | $10332 | $10263 | $10779 |
| **2/28/2018** | $10311 | $10259 | $10747 |
| **3/31/2018** | $10309 | $10255 | $10787 |
| **4/30/2018** | $10287 | $10227 | $10748 |
| **5/31/2018** | $10365 | $10299 | $10871 |
| **6/30/2018** | $10383 | $10332 | $10880 |
| **7/31/2018** | $10411 | $10361 | $10907 |
| **8/31/2018** | $10409 | $10364 | $10935 |
| **9/30/2018** | $10378 | $10317 | $10864 |
| **10/31/2018** | $10347 | $10305 | $10797 |
| **11/30/2018** | $10406 | $10358 | $10917 |
| **12/31/2018** | $10476 | $10428 | $11047 |
| **1/31/2019** | $10545 | $10483 | $11131 |
| **2/28/2019** | $10575 | $10509 | $11190 |
| **3/31/2019** | $10634 | $10557 | $11367 |
| **4/30/2019** | $10644 | $10559 | $11410 |
| **5/31/2019** | $10723 | $10638 | $11567 |
| **6/30/2019** | $10763 | $10679 | $11610 |
| **7/31/2019** | $10823 | $10741 | $11704 |
| **8/31/2019** | $10872 | $10770 | $11888 |
| **9/30/2019** | $10820 | $10711 | $11793 |
| **10/31/2019** | $10848 | $10755 | $11814 |
| **11/30/2019** | $10866 | $10779 | $11844 |
| **12/31/2019** | $10884 | $10798 | $11880 |
| **1/31/2020** | $10985 | $10869 | $12093 |
| **2/29/2020** | $11035 | $10906 | $12249 |
| **3/31/2020** | $10725 | $10761 | $11805 |
| **4/30/2020** | $10671 | $10786 | $11657 |
| **5/31/2020** | $10866 | $11004 | $12028 |
| **6/30/2020** | $10935 | $11007 | $12126 |
| **7/31/2020** | $11026 | $11078 | $12331 |
| **8/31/2020** | $11011 | $11071 | $12273 |
| **9/30/2020** | $11017 | $11081 | $12275 |
| **10/31/2020** | $11012 | $11063 | $12239 |
| **11/30/2020** | $11080 | $11101 | $12423 |
| **12/31/2020** | $11128 | $11114 | $12499 |
| **1/31/2021** | $11155 | $11133 | $12579 |
| **2/28/2021** | $11089 | $11067 | $12379 |
| **3/31/2021** | $11116 | $11092 | $12455 |
| **4/30/2021** | $11165 | $11122 | $12560 |
| **5/31/2021** | $11182 | $11121 | $12597 |
| **6/30/2021** | $11188 | $11118 | $12632 |
| **7/31/2021** | $11235 | $11158 | $12736 |
| **8/31/2021** | $11218 | $11155 | $12690 |
| **9/30/2021** | $11160 | $11122 | $12598 |
| **10/31/2021** | $11143 | $11106 | $12561 |
| **11/30/2021** | $11170 | $11114 | $12668 |
| **12/31/2021** | $11185 | $11120 | $12689 |
| **1/31/2022** | $10977 | $10921 | $12341 |
| **2/28/2022** | $10931 | $10892 | $12297 |
| **3/31/2022** | $10743 | $10708 | $11898 |
| **4/30/2022** | $10599 | $10595 | $11569 |
| **5/31/2022** | $10669 | $10735 | $11741 |
| **6/30/2022** | $10611 | $10719 | $11549 |
| **7/31/2022** | $10757 | $10853 | $11854 |
| **8/31/2022** | $10635 | $10716 | $11594 |
| **9/30/2022** | $10437 | $10503 | $11149 |
| **10/31/2022** | $10435 | $10501 | $11057 |
| **11/30/2022** | $10649 | $10723 | $11574 |
| **12/31/2022** | $10680 | $10746 | $11607 |
| **1/31/2023** | $10852 | $10899 | $11940 |
| **2/28/2023** | $10700 | $10724 | $11670 |
| **3/31/2023** | $10841 | $10892 | $11929 |
| **4/30/2023** | $10829 | $10842 | $11902 |
| **5/31/2023** | $10773 | $10776 | $11799 |
| **6/30/2023** | $10827 | $10847 | $11917 |
| **7/31/2023** | $10848 | $10869 | $11964 |
| **8/31/2023** | $10814 | $10846 | $11792 |
| **9/30/2023** | $10669 | $10725 | $11446 |
| **10/31/2023** | $10614 | $10718 | $11349 |
| **11/30/2023** | $10972 | $11016 | $12069 |
| **12/31/2023** | $11142 | $11134 | $12350 |
| **1/31/2024** | $11123 | $11112 | $12287 |
| **2/29/2024** | $11138 | $11123 | $12303 |
| **3/31/2024** | $11142 | $11105 | $12302 |
| **4/30/2024** | $11101 | $11049 | $12150 |
| **5/31/2024** | $11082 | $11023 | $12114 |
| **6/30/2024** | $11187 | $11107 | $12300 |
| **7/31/2024** | $11269 | $11203 | $12412 |
| **8/31/2024** | $11382 | $11327 | $12510 |
| **9/30/2024** | $11451 | $11398 | $12633 |
| **10/31/2024** | $11372 | $11316 | $12449 |
| **11/30/2024** | $11464 | $11379 | $12664 |
| **12/31/2024** | $11396 | $11326 | $12480 |
| **1/31/2025** | $11442 | $11367 | $12542 |
| **2/28/2025** | $11512 | $11448 | $12667 |
| **3/31/2025** | $11478 | $11410 | $12452 |
| **4/30/2025** | $11457 | $11363 | $12352 |
| **5/31/2025** | $11503 | $11447 | $12360 |
| **6/30/2025** | $11585 | $11539 | $12437 |

---

# California Limited-Term Tax-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 3.56 | 1.16 | 1.48 |
| Bloomberg California Municipal 1-5 Year Blend Index | 3.89 | 0.95 | 1.44 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $325247642 |
| # of portfolio holdings | 290 |
| Portfolio turnover rate | 31% |
| Total advisory fees paid | $1070136 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 0.7 |
| AA/Aa | 40.1 |
| A/A | 28.8 |
| BBB/Baa | 21.0 |
| BB/Ba | 3.9 |
| B/B | 0.9 |
| Not Rated | 4.6 |

---

---

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

---

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

---

| | |
|:---|:---|
| California Community Choice Financing Authority Clean Energy Project Series A, 4.00%, 10-1-2052 | 3.6 |
| California State University Series B-2, 0.55%, 11-1-2049 | 2.5 |
| California Community Choice Financing Authority Series B-2, 2.37%, 2-1-2052 | 2.0 |
| California Community Choice Financing Authority Series C, 5.25%, 1-1-2054 | 1.9 |
| California Community Choice Financing Authority Series A-1, 5.00%, 12-1-2053 | 1.9 |
| FHLMC Multifamily VRD Certificates Series M-057, 2.40%, 10-15-2029 | 1.7 |
| California Community Choice Financing Authority Series F, 5.50%, 10-1-2054 | 1.6 |
| New York Transportation Development Corp. Delta Air Lines, Inc. AMT, 5.00%, 1-1-2029 | 1.6 |
| California HFFA Providence St. Joseph Health Obligated Group Series B-3, 2.00%, 10-1-2036 | 1.5 |
| California Infrastructure & Economic Development Bank Colburn School, 2.82%, 8-1-2072 | 1.5 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 14.1 |
| 1-3 years | 27.1 |
| 3-5 years | 23.6 |
| 5-10 years | 32.4 |
| 10-20 years | 2.8 |

---

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

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

#### AR3178 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# California Limited-Term Tax-Free Fund

# Class C

# SFCCX
This annual shareholder report contains important information about California Limited-Term Tax-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $157 | 1.55% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were sector allocation and duration positioning while security selection in certain sectors detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g20y77.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **Bloomberg California Municipal 1-5 Year Blend Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10035 | $10038 | $10072 |
| **8/31/2015** | $10032 | $10051 | $10092 |
| **9/30/2015** | $10077 | $10089 | $10165 |
| **10/31/2015** | $10092 | $10116 | $10206 |
| **11/30/2015** | $10090 | $10100 | $10246 |
| **12/31/2015** | $10105 | $10102 | $10318 |
| **1/31/2016** | $10176 | $10171 | $10441 |
| **2/29/2016** | $10193 | $10205 | $10458 |
| **3/31/2016** | $10180 | $10177 | $10491 |
| **4/30/2016** | $10215 | $10204 | $10568 |
| **5/31/2016** | $10194 | $10192 | $10597 |
| **6/30/2016** | $10276 | $10246 | $10765 |
| **7/31/2016** | $10274 | $10276 | $10772 |
| **8/31/2016** | $10271 | $10269 | $10786 |
| **9/30/2016** | $10251 | $10227 | $10733 |
| **10/31/2016** | $10192 | $10210 | $10620 |
| **11/30/2016** | $9939 | $10049 | $10224 |
| **12/31/2016** | $9975 | $10085 | $10344 |
| **1/31/2017** | $10020 | $10161 | $10412 |
| **2/28/2017** | $10067 | $10214 | $10484 |
| **3/31/2017** | $10065 | $10212 | $10507 |
| **4/30/2017** | $10101 | $10249 | $10583 |
| **5/31/2017** | $10165 | $10308 | $10751 |
| **6/30/2017** | $10135 | $10275 | $10713 |
| **7/31/2017** | $10180 | $10327 | $10799 |
| **8/31/2017** | $10225 | $10361 | $10882 |
| **9/30/2017** | $10177 | $10323 | $10826 |
| **10/31/2017** | $10156 | $10322 | $10853 |
| **11/30/2017** | $10079 | $10226 | $10795 |
| **12/31/2017** | $10115 | $10252 | $10907 |
| **1/31/2018** | $10057 | $10263 | $10779 |
| **2/28/2018** | $10020 | $10259 | $10747 |
| **3/31/2018** | $10018 | $10255 | $10787 |
| **4/30/2018** | $9990 | $10227 | $10748 |
| **5/31/2018** | $10055 | $10299 | $10871 |
| **6/30/2018** | $10064 | $10332 | $10880 |
| **7/31/2018** | $10082 | $10361 | $10907 |
| **8/31/2018** | $10072 | $10364 | $10935 |
| **9/30/2018** | $10024 | $10317 | $10864 |
| **10/31/2018** | $9986 | $10305 | $10797 |
| **11/30/2018** | $10044 | $10358 | $10917 |
| **12/31/2018** | $10101 | $10428 | $11047 |
| **1/31/2019** | $10148 | $10483 | $11131 |
| **2/28/2019** | $10178 | $10509 | $11190 |
| **3/31/2019** | $10226 | $10557 | $11367 |
| **4/30/2019** | $10216 | $10559 | $11410 |
| **5/31/2019** | $10292 | $10638 | $11567 |
| **6/30/2019** | $10322 | $10679 | $11610 |
| **7/31/2019** | $10369 | $10741 | $11704 |
| **8/31/2019** | $10407 | $10770 | $11888 |
| **9/30/2019** | $10348 | $10711 | $11793 |
| **10/31/2019** | $10366 | $10755 | $11814 |
| **11/30/2019** | $10375 | $10779 | $11844 |
| **12/31/2019** | $10382 | $10798 | $11880 |
| **1/31/2020** | $10468 | $10869 | $12093 |
| **2/29/2020** | $10506 | $10906 | $12249 |
| **3/31/2020** | $10207 | $10761 | $11805 |
| **4/30/2020** | $10139 | $10786 | $11657 |
| **5/31/2020** | $10321 | $11004 | $12028 |
| **6/30/2020** | $10378 | $11007 | $12126 |
| **7/31/2020** | $10453 | $11078 | $12331 |
| **8/31/2020** | $10430 | $11071 | $12273 |
| **9/30/2020** | $10427 | $11081 | $12275 |
| **10/31/2020** | $10403 | $11063 | $12239 |
| **11/30/2020** | $10468 | $11101 | $12423 |
| **12/31/2020** | $10503 | $11114 | $12499 |
| **1/31/2021** | $10519 | $11133 | $12579 |
| **2/28/2021** | $10450 | $11067 | $12379 |
| **3/31/2021** | $10466 | $11092 | $12455 |
| **4/30/2021** | $10503 | $11122 | $12560 |
| **5/31/2021** | $10509 | $11121 | $12597 |
| **6/30/2021** | $10506 | $11118 | $12632 |
| **7/31/2021** | $10540 | $11158 | $12736 |
| **8/31/2021** | $10516 | $11155 | $12690 |
| **9/30/2021** | $10453 | $11122 | $12598 |
| **10/31/2021** | $10418 | $11106 | $12561 |
| **11/30/2021** | $10444 | $11114 | $12668 |
| **12/31/2021** | $10439 | $11120 | $12689 |
| **1/31/2022** | $10239 | $10921 | $12341 |
| **2/28/2022** | $10198 | $10892 | $12297 |
| **3/31/2022** | $10008 | $10708 | $11898 |
| **4/30/2022** | $9857 | $10595 | $11569 |
| **5/31/2022** | $9923 | $10735 | $11741 |
| **6/30/2022** | $9861 | $10719 | $11549 |
| **7/31/2022** | $9987 | $10853 | $11854 |
| **8/31/2022** | $9856 | $10716 | $11594 |
| **9/30/2022** | $9667 | $10503 | $11149 |
| **10/31/2022** | $9657 | $10501 | $11057 |
| **11/30/2022** | $9854 | $10723 | $11574 |
| **12/31/2022** | $9864 | $10746 | $11607 |
| **1/31/2023** | $10021 | $10899 | $11940 |
| **2/28/2023** | $9876 | $10724 | $11670 |
| **3/31/2023** | $9995 | $10892 | $11929 |
| **4/30/2023** | $9966 | $10842 | $11902 |
| **5/31/2023** | $9907 | $10776 | $11799 |
| **6/30/2023** | $9947 | $10847 | $11917 |
| **7/31/2023** | $9964 | $10869 | $11964 |
| **8/31/2023** | $9930 | $10846 | $11792 |
| **9/30/2023** | $9788 | $10725 | $11446 |
| **10/31/2023** | $9736 | $10718 | $11349 |
| **11/30/2023** | $10057 | $11016 | $12069 |
| **12/31/2023** | $10218 | $11134 | $12350 |
| **1/31/2024** | $10199 | $11112 | $12287 |
| **2/29/2024** | $10211 | $11123 | $12303 |
| **3/31/2024** | $10201 | $11105 | $12302 |
| **4/30/2024** | $10163 | $11049 | $12150 |
| **5/31/2024** | $10143 | $11023 | $12114 |
| **6/30/2024** | $10236 | $11107 | $12300 |
| **7/31/2024** | $10317 | $11203 | $12412 |
| **8/31/2024** | $10407 | $11327 | $12510 |
| **9/30/2024** | $10467 | $11398 | $12633 |
| **10/31/2024** | $10404 | $11316 | $12449 |
| **11/30/2024** | $10474 | $11379 | $12664 |
| **12/31/2024** | $10421 | $11326 | $12480 |
| **1/31/2025** | $10449 | $11367 | $12542 |
| **2/28/2025** | $10521 | $11448 | $12667 |
| **3/31/2025** | $10478 | $11410 | $12452 |
| **4/30/2025** | $10456 | $11363 | $12352 |
| **5/31/2025** | $10506 | $11447 | $12360 |
| **6/30/2025** | $10577 | $11539 | $12437 |

---

# California Limited-Term Tax-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 2.56 | 0.1 | 0.56 |
| Class C with Load | 1.56 | 0.1 | 0.56 |
| Bloomberg California Municipal 1-5 Year Blend Index | 3.89 | 0.95 | 1.44 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $325247642 |
| # of portfolio holdings | 290 |
| Portfolio turnover rate | 31% |
| Total advisory fees paid | $1070136 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 0.7 |
| AA/Aa | 40.1 |
| A/A | 28.8 |
| BBB/Baa | 21.0 |
| BB/Ba | 3.9 |
| B/B | 0.9 |
| Not Rated | 4.6 |

---

---

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

---

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

---

| | |
|:---|:---|
| California Community Choice Financing Authority Clean Energy Project Series A, 4.00%, 10-1-2052 | 3.6 |
| California State University Series B-2, 0.55%, 11-1-2049 | 2.5 |
| California Community Choice Financing Authority Series B-2, 2.37%, 2-1-2052 | 2.0 |
| California Community Choice Financing Authority Series C, 5.25%, 1-1-2054 | 1.9 |
| California Community Choice Financing Authority Series A-1, 5.00%, 12-1-2053 | 1.9 |
| FHLMC Multifamily VRD Certificates Series M-057, 2.40%, 10-15-2029 | 1.7 |
| California Community Choice Financing Authority Series F, 5.50%, 10-1-2054 | 1.6 |
| New York Transportation Development Corp. Delta Air Lines, Inc. AMT, 5.00%, 1-1-2029 | 1.6 |
| California HFFA Providence St. Joseph Health Obligated Group Series B-3, 2.00%, 10-1-2036 | 1.5 |
| California Infrastructure & Economic Development Bank Colburn School, 2.82%, 8-1-2072 | 1.5 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 14.1 |
| 1-3 years | 27.1 |
| 3-5 years | 23.6 |
| 5-10 years | 32.4 |
| 10-20 years | 2.8 |

---

Significant fund changes

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

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

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

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

#### AR1809 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# California Limited-Term Tax-Free Fund

# Class A

# SFCIX
This annual shareholder report contains important information about California Limited-Term Tax-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

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

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were sector allocation and duration positioning while security selection in certain sectors detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g11u23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Bloomberg California Municipal 1-5 Year Blend Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $9801 | $10000 | $10000 |
| **7/31/2015** | $9841 | $10038 | $10072 |
| **8/31/2015** | $9845 | $10051 | $10092 |
| **9/30/2015** | $9895 | $10089 | $10165 |
| **10/31/2015** | $9926 | $10116 | $10206 |
| **11/30/2015** | $9920 | $10100 | $10246 |
| **12/31/2015** | $9942 | $10102 | $10318 |
| **1/31/2016** | $10018 | $10171 | $10441 |
| **2/29/2016** | $10040 | $10205 | $10458 |
| **3/31/2016** | $10034 | $10177 | $10491 |
| **4/30/2016** | $10084 | $10204 | $10568 |
| **5/31/2016** | $10060 | $10192 | $10597 |
| **6/30/2016** | $10148 | $10246 | $10765 |
| **7/31/2016** | $10161 | $10276 | $10772 |
| **8/31/2016** | $10155 | $10269 | $10786 |
| **9/30/2016** | $10141 | $10227 | $10733 |
| **10/31/2016** | $10090 | $10210 | $10620 |
| **11/30/2016** | $9855 | $10049 | $10224 |
| **12/31/2016** | $9896 | $10085 | $10344 |
| **1/31/2017** | $9947 | $10161 | $10412 |
| **2/28/2017** | $9991 | $10214 | $10484 |
| **3/31/2017** | $9995 | $10212 | $10507 |
| **4/30/2017** | $10037 | $10249 | $10583 |
| **5/31/2017** | $10106 | $10308 | $10751 |
| **6/30/2017** | $10083 | $10275 | $10713 |
| **7/31/2017** | $10135 | $10327 | $10799 |
| **8/31/2017** | $10186 | $10361 | $10882 |
| **9/30/2017** | $10144 | $10323 | $10826 |
| **10/31/2017** | $10129 | $10322 | $10853 |
| **11/30/2017** | $10059 | $10226 | $10795 |
| **12/31/2017** | $10102 | $10252 | $10907 |
| **1/31/2018** | $10050 | $10263 | $10779 |
| **2/28/2018** | $10019 | $10259 | $10747 |
| **3/31/2018** | $10024 | $10255 | $10787 |
| **4/30/2018** | $10001 | $10227 | $10748 |
| **5/31/2018** | $10073 | $10299 | $10871 |
| **6/30/2018** | $10088 | $10332 | $10880 |
| **7/31/2018** | $10113 | $10361 | $10907 |
| **8/31/2018** | $10108 | $10364 | $10935 |
| **9/30/2018** | $10067 | $10317 | $10864 |
| **10/31/2018** | $10045 | $10305 | $10797 |
| **11/30/2018** | $10099 | $10358 | $10917 |
| **12/31/2018** | $10163 | $10428 | $11047 |
| **1/31/2019** | $10227 | $10483 | $11131 |
| **2/28/2019** | $10254 | $10509 | $11190 |
| **3/31/2019** | $10308 | $10557 | $11367 |
| **4/30/2019** | $10305 | $10559 | $11410 |
| **5/31/2019** | $10388 | $10638 | $11567 |
| **6/30/2019** | $10424 | $10679 | $11610 |
| **7/31/2019** | $10479 | $10741 | $11704 |
| **8/31/2019** | $10523 | $10770 | $11888 |
| **9/30/2019** | $10471 | $10711 | $11793 |
| **10/31/2019** | $10495 | $10755 | $11814 |
| **11/30/2019** | $10510 | $10779 | $11844 |
| **12/31/2019** | $10525 | $10798 | $11880 |
| **1/31/2020** | $10618 | $10869 | $12093 |
| **2/29/2020** | $10674 | $10906 | $12249 |
| **3/31/2020** | $10366 | $10761 | $11805 |
| **4/30/2020** | $10304 | $10786 | $11657 |
| **5/31/2020** | $10496 | $11004 | $12028 |
| **6/30/2020** | $10560 | $11007 | $12126 |
| **7/31/2020** | $10643 | $11078 | $12331 |
| **8/31/2020** | $10627 | $11071 | $12273 |
| **9/30/2020** | $10630 | $11081 | $12275 |
| **10/31/2020** | $10623 | $11063 | $12239 |
| **11/30/2020** | $10685 | $11101 | $12423 |
| **12/31/2020** | $10728 | $11114 | $12499 |
| **1/31/2021** | $10761 | $11133 | $12579 |
| **2/28/2021** | $10686 | $11067 | $12379 |
| **3/31/2021** | $10710 | $11092 | $12455 |
| **4/30/2021** | $10754 | $11122 | $12560 |
| **5/31/2021** | $10767 | $11121 | $12597 |
| **6/30/2021** | $10770 | $11118 | $12632 |
| **7/31/2021** | $10813 | $11158 | $12736 |
| **8/31/2021** | $10794 | $11155 | $12690 |
| **9/30/2021** | $10736 | $11122 | $12598 |
| **10/31/2021** | $10718 | $11106 | $12561 |
| **11/30/2021** | $10741 | $11114 | $12668 |
| **12/31/2021** | $10743 | $11120 | $12689 |
| **1/31/2022** | $10543 | $10921 | $12341 |
| **2/28/2022** | $10508 | $10892 | $12297 |
| **3/31/2022** | $10318 | $10708 | $11898 |
| **4/30/2022** | $10169 | $10595 | $11569 |
| **5/31/2022** | $10244 | $10735 | $11741 |
| **6/30/2022** | $10186 | $10719 | $11549 |
| **7/31/2022** | $10322 | $10853 | $11854 |
| **8/31/2022** | $10194 | $10716 | $11594 |
| **9/30/2022** | $10005 | $10503 | $11149 |
| **10/31/2022** | $10000 | $10501 | $11057 |
| **11/30/2022** | $10211 | $10723 | $11574 |
| **12/31/2022** | $10228 | $10746 | $11607 |
| **1/31/2023** | $10398 | $10899 | $11940 |
| **2/28/2023** | $10252 | $10724 | $11670 |
| **3/31/2023** | $10383 | $10892 | $11929 |
| **4/30/2023** | $10359 | $10842 | $11902 |
| **5/31/2023** | $10304 | $10776 | $11799 |
| **6/30/2023** | $10363 | $10847 | $11917 |
| **7/31/2023** | $10380 | $10869 | $11964 |
| **8/31/2023** | $10345 | $10846 | $11792 |
| **9/30/2023** | $10197 | $10725 | $11446 |
| **10/31/2023** | $10142 | $10718 | $11349 |
| **11/30/2023** | $10477 | $11016 | $12069 |
| **12/31/2023** | $10645 | $11134 | $12350 |
| **1/31/2024** | $10625 | $11112 | $12287 |
| **2/29/2024** | $10637 | $11123 | $12303 |
| **3/31/2024** | $10628 | $11105 | $12302 |
| **4/30/2024** | $10587 | $11049 | $12150 |
| **5/31/2024** | $10567 | $11023 | $12114 |
| **6/30/2024** | $10664 | $11107 | $12300 |
| **7/31/2024** | $10749 | $11203 | $12412 |
| **8/31/2024** | $10842 | $11327 | $12510 |
| **9/30/2024** | $10904 | $11398 | $12633 |
| **10/31/2024** | $10838 | $11316 | $12449 |
| **11/30/2024** | $10912 | $11379 | $12664 |
| **12/31/2024** | $10856 | $11326 | $12480 |
| **1/31/2025** | $10886 | $11367 | $12542 |
| **2/28/2025** | $10960 | $11448 | $12667 |
| **3/31/2025** | $10915 | $11410 | $12452 |
| **4/30/2025** | $10893 | $11363 | $12352 |
| **5/31/2025** | $10945 | $11447 | $12360 |
| **6/30/2025** | $11019 | $11539 | $12437 |

---

# California Limited-Term Tax-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 3.33 | 0.86 | 1.18 |
| Class A with Load | 1.22 | 0.45 | 0.98 |
| Bloomberg California Municipal 1-5 Year Blend Index | 3.89 | 0.95 | 1.44 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $325247642 |
| # of portfolio holdings | 290 |
| Portfolio turnover rate | 31% |
| Total advisory fees paid | $1070136 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 0.7 |
| AA/Aa | 40.1 |
| A/A | 28.8 |
| BBB/Baa | 21.0 |
| BB/Ba | 3.9 |
| B/B | 0.9 |
| Not Rated | 4.6 |

---

---

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

---

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

---

| | |
|:---|:---|
| California Community Choice Financing Authority Clean Energy Project Series A, 4.00%, 10-1-2052 | 3.6 |
| California State University Series B-2, 0.55%, 11-1-2049 | 2.5 |
| California Community Choice Financing Authority Series B-2, 2.37%, 2-1-2052 | 2.0 |
| California Community Choice Financing Authority Series C, 5.25%, 1-1-2054 | 1.9 |
| California Community Choice Financing Authority Series A-1, 5.00%, 12-1-2053 | 1.9 |
| FHLMC Multifamily VRD Certificates Series M-057, 2.40%, 10-15-2029 | 1.7 |
| California Community Choice Financing Authority Series F, 5.50%, 10-1-2054 | 1.6 |
| New York Transportation Development Corp. Delta Air Lines, Inc. AMT, 5.00%, 1-1-2029 | 1.6 |
| California HFFA Providence St. Joseph Health Obligated Group Series B-3, 2.00%, 10-1-2036 | 1.5 |
| California Infrastructure & Economic Development Bank Colburn School, 2.82%, 8-1-2072 | 1.5 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 14.1 |
| 1-3 years | 27.1 |
| 3-5 years | 23.6 |
| 5-10 years | 32.4 |
| 10-20 years | 2.8 |

---

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

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

#### AR0033 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# California Limited-Term Tax-Free Fund

# Administrator Class

# SCTIX
This annual shareholder report contains important information about California Limited-Term Tax-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $61 | 0.60% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were sector allocation and duration positioning while security selection in certain sectors detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g89v06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrator Class** | **Bloomberg California Municipal 1-5 Year Blend Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10043 | $10038 | $10072 |
| **8/31/2015** | $10058 | $10051 | $10092 |
| **9/30/2015** | $10102 | $10089 | $10165 |
| **10/31/2015** | $10135 | $10116 | $10206 |
| **11/30/2015** | $10131 | $10100 | $10246 |
| **12/31/2015** | $10155 | $10102 | $10318 |
| **1/31/2016** | $10235 | $10171 | $10441 |
| **2/29/2016** | $10260 | $10205 | $10458 |
| **3/31/2016** | $10264 | $10177 | $10491 |
| **4/30/2016** | $10308 | $10204 | $10568 |
| **5/31/2016** | $10295 | $10192 | $10597 |
| **6/30/2016** | $10378 | $10246 | $10765 |
| **7/31/2016** | $10393 | $10276 | $10772 |
| **8/31/2016** | $10398 | $10269 | $10786 |
| **9/30/2016** | $10376 | $10227 | $10733 |
| **10/31/2016** | $10333 | $10210 | $10620 |
| **11/30/2016** | $10081 | $10049 | $10224 |
| **12/31/2016** | $10125 | $10085 | $10344 |
| **1/31/2017** | $10180 | $10161 | $10412 |
| **2/28/2017** | $10236 | $10214 | $10484 |
| **3/31/2017** | $10242 | $10212 | $10507 |
| **4/30/2017** | $10287 | $10249 | $10583 |
| **5/31/2017** | $10361 | $10308 | $10751 |
| **6/30/2017** | $10338 | $10275 | $10713 |
| **7/31/2017** | $10384 | $10327 | $10799 |
| **8/31/2017** | $10449 | $10361 | $10882 |
| **9/30/2017** | $10396 | $10323 | $10826 |
| **10/31/2017** | $10393 | $10322 | $10853 |
| **11/30/2017** | $10321 | $10226 | $10795 |
| **12/31/2017** | $10367 | $10252 | $10907 |
| **1/31/2018** | $10315 | $10263 | $10779 |
| **2/28/2018** | $10283 | $10259 | $10747 |
| **3/31/2018** | $10290 | $10255 | $10787 |
| **4/30/2018** | $10268 | $10227 | $10748 |
| **5/31/2018** | $10344 | $10299 | $10871 |
| **6/30/2018** | $10362 | $10332 | $10880 |
| **7/31/2018** | $10388 | $10361 | $10907 |
| **8/31/2018** | $10386 | $10364 | $10935 |
| **9/30/2018** | $10344 | $10317 | $10864 |
| **10/31/2018** | $10322 | $10305 | $10797 |
| **11/30/2018** | $10380 | $10358 | $10917 |
| **12/31/2018** | $10449 | $10428 | $11047 |
| **1/31/2019** | $10507 | $10483 | $11131 |
| **2/28/2019** | $10546 | $10509 | $11190 |
| **3/31/2019** | $10604 | $10557 | $11367 |
| **4/30/2019** | $10602 | $10559 | $11410 |
| **5/31/2019** | $10691 | $10638 | $11567 |
| **6/30/2019** | $10730 | $10679 | $11610 |
| **7/31/2019** | $10789 | $10741 | $11704 |
| **8/31/2019** | $10827 | $10770 | $11888 |
| **9/30/2019** | $10784 | $10711 | $11793 |
| **10/31/2019** | $10811 | $10755 | $11814 |
| **11/30/2019** | $10818 | $10779 | $11844 |
| **12/31/2019** | $10845 | $10798 | $11880 |
| **1/31/2020** | $10934 | $10869 | $12093 |
| **2/29/2020** | $10993 | $10906 | $12249 |
| **3/31/2020** | $10684 | $10761 | $11805 |
| **4/30/2020** | $10619 | $10786 | $11657 |
| **5/31/2020** | $10822 | $11004 | $12028 |
| **6/30/2020** | $10890 | $11007 | $12126 |
| **7/31/2020** | $10969 | $11078 | $12331 |
| **8/31/2020** | $10964 | $11071 | $12273 |
| **9/30/2020** | $10969 | $11081 | $12275 |
| **10/31/2020** | $10952 | $11063 | $12239 |
| **11/30/2020** | $11020 | $11101 | $12423 |
| **12/31/2020** | $11066 | $11114 | $12499 |
| **1/31/2021** | $11102 | $11133 | $12579 |
| **2/28/2021** | $11036 | $11067 | $12379 |
| **3/31/2021** | $11062 | $11092 | $12455 |
| **4/30/2021** | $11099 | $11122 | $12560 |
| **5/31/2021** | $11115 | $11121 | $12597 |
| **6/30/2021** | $11131 | $11118 | $12632 |
| **7/31/2021** | $11177 | $11158 | $12736 |
| **8/31/2021** | $11159 | $11155 | $12690 |
| **9/30/2021** | $11100 | $11122 | $12598 |
| **10/31/2021** | $11072 | $11106 | $12561 |
| **11/30/2021** | $11108 | $11114 | $12668 |
| **12/31/2021** | $11112 | $11120 | $12689 |
| **1/31/2022** | $10904 | $10921 | $12341 |
| **2/28/2022** | $10868 | $10892 | $12297 |
| **3/31/2022** | $10681 | $10708 | $11898 |
| **4/30/2022** | $10526 | $10595 | $11569 |
| **5/31/2022** | $10595 | $10735 | $11741 |
| **6/30/2022** | $10547 | $10719 | $11549 |
| **7/31/2022** | $10692 | $10853 | $11854 |
| **8/31/2022** | $10559 | $10716 | $11594 |
| **9/30/2022** | $10361 | $10503 | $11149 |
| **10/31/2022** | $10358 | $10501 | $11057 |
| **11/30/2022** | $10581 | $10723 | $11574 |
| **12/31/2022** | $10600 | $10746 | $11607 |
| **1/31/2023** | $10770 | $10899 | $11940 |
| **2/28/2023** | $10629 | $10724 | $11670 |
| **3/31/2023** | $10757 | $10892 | $11929 |
| **4/30/2023** | $10744 | $10842 | $11902 |
| **5/31/2023** | $10688 | $10776 | $11799 |
| **6/30/2023** | $10741 | $10847 | $11917 |
| **7/31/2023** | $10771 | $10869 | $11964 |
| **8/31/2023** | $10725 | $10846 | $11792 |
| **9/30/2023** | $10581 | $10725 | $11446 |
| **10/31/2023** | $10525 | $10718 | $11349 |
| **11/30/2023** | $10879 | $11016 | $12069 |
| **12/31/2023** | $11058 | $11134 | $12350 |
| **1/31/2024** | $11027 | $11112 | $12287 |
| **2/29/2024** | $11053 | $11123 | $12303 |
| **3/31/2024** | $11044 | $11105 | $12302 |
| **4/30/2024** | $11003 | $11049 | $12150 |
| **5/31/2024** | $10983 | $11023 | $12114 |
| **6/30/2024** | $11087 | $11107 | $12300 |
| **7/31/2024** | $11166 | $11203 | $12412 |
| **8/31/2024** | $11278 | $11327 | $12510 |
| **9/30/2024** | $11345 | $11398 | $12633 |
| **10/31/2024** | $11266 | $11316 | $12449 |
| **11/30/2024** | $11356 | $11379 | $12664 |
| **12/31/2024** | $11288 | $11326 | $12480 |
| **1/31/2025** | $11332 | $11367 | $12542 |
| **2/28/2025** | $11412 | $11448 | $12667 |
| **3/31/2025** | $11366 | $11410 | $12452 |
| **4/30/2025** | $11344 | $11363 | $12352 |
| **5/31/2025** | $11389 | $11447 | $12360 |
| **6/30/2025** | $11481 | $11539 | $12437 |

---

# California Limited-Term Tax-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 3.56 | 1.06 | 1.39 |
| Bloomberg California Municipal 1-5 Year Blend Index | 3.89 | 0.95 | 1.44 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $325247642 |
| # of portfolio holdings | 290 |
| Portfolio turnover rate | 31% |
| Total advisory fees paid | $1070136 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 0.7 |
| AA/Aa | 40.1 |
| A/A | 28.8 |
| BBB/Baa | 21.0 |
| BB/Ba | 3.9 |
| B/B | 0.9 |
| Not Rated | 4.6 |

---

---

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

---

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

---

| | |
|:---|:---|
| California Community Choice Financing Authority Clean Energy Project Series A, 4.00%, 10-1-2052 | 3.6 |
| California State University Series B-2, 0.55%, 11-1-2049 | 2.5 |
| California Community Choice Financing Authority Series B-2, 2.37%, 2-1-2052 | 2.0 |
| California Community Choice Financing Authority Series C, 5.25%, 1-1-2054 | 1.9 |
| California Community Choice Financing Authority Series A-1, 5.00%, 12-1-2053 | 1.9 |
| FHLMC Multifamily VRD Certificates Series M-057, 2.40%, 10-15-2029 | 1.7 |
| California Community Choice Financing Authority Series F, 5.50%, 10-1-2054 | 1.6 |
| New York Transportation Development Corp. Delta Air Lines, Inc. AMT, 5.00%, 1-1-2029 | 1.6 |
| California HFFA Providence St. Joseph Health Obligated Group Series B-3, 2.00%, 10-1-2036 | 1.5 |
| California Infrastructure & Economic Development Bank Colburn School, 2.82%, 8-1-2072 | 1.5 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 14.1 |
| 1-3 years | 27.1 |
| 3-5 years | 23.6 |
| 5-10 years | 32.4 |
| 10-20 years | 2.8 |

---

Significant fund changes

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

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025.

## 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

#### AR0633 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# California Tax-Free Fund

# Institutional Class

# SGTIX
This annual shareholder report contains important information about California Tax-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $48 | 0.48% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were sector allocation, security selection, and credit positioning while our long duration positioning detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g85n69.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg California Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10078 | $10075 | $10072 |
| **8/31/2015** | $10106 | $10103 | $10092 |
| **9/30/2015** | $10185 | $10173 | $10165 |
| **10/31/2015** | $10222 | $10210 | $10206 |
| **11/30/2015** | $10285 | $10250 | $10246 |
| **12/31/2015** | $10372 | $10327 | $10318 |
| **1/31/2016** | $10469 | $10441 | $10441 |
| **2/29/2016** | $10479 | $10458 | $10458 |
| **3/31/2016** | $10567 | $10493 | $10491 |
| **4/30/2016** | $10648 | $10572 | $10568 |
| **5/31/2016** | $10703 | $10602 | $10597 |
| **6/30/2016** | $10914 | $10770 | $10765 |
| **7/31/2016** | $10880 | $10775 | $10772 |
| **8/31/2016** | $10917 | $10793 | $10786 |
| **9/30/2016** | $10848 | $10727 | $10733 |
| **10/31/2016** | $10709 | $10602 | $10620 |
| **11/30/2016** | $10252 | $10193 | $10224 |
| **12/31/2016** | $10370 | $10313 | $10344 |
| **1/31/2017** | $10409 | $10394 | $10412 |
| **2/28/2017** | $10465 | $10455 | $10484 |
| **3/31/2017** | $10494 | $10475 | $10507 |
| **4/30/2017** | $10558 | $10548 | $10583 |
| **5/31/2017** | $10731 | $10724 | $10751 |
| **6/30/2017** | $10716 | $10689 | $10713 |
| **7/31/2017** | $10790 | $10783 | $10799 |
| **8/31/2017** | $10873 | $10849 | $10882 |
| **9/30/2017** | $10839 | $10798 | $10826 |
| **10/31/2017** | $10860 | $10833 | $10853 |
| **11/30/2017** | $10826 | $10775 | $10795 |
| **12/31/2017** | $10922 | $10893 | $10907 |
| **1/31/2018** | $10807 | $10763 | $10779 |
| **2/28/2018** | $10756 | $10728 | $10747 |
| **3/31/2018** | $10797 | $10776 | $10787 |
| **4/30/2018** | $10764 | $10733 | $10748 |
| **5/31/2018** | $10889 | $10877 | $10871 |
| **6/30/2018** | $10902 | $10881 | $10880 |
| **7/31/2018** | $10925 | $10907 | $10907 |
| **8/31/2018** | $10947 | $10941 | $10935 |
| **9/30/2018** | $10885 | $10857 | $10864 |
| **10/31/2018** | $10813 | $10782 | $10797 |
| **11/30/2018** | $10912 | $10894 | $10917 |
| **12/31/2018** | $11021 | $11014 | $11047 |
| **1/31/2019** | $11092 | $11086 | $11131 |
| **2/28/2019** | $11144 | $11141 | $11190 |
| **3/31/2019** | $11302 | $11324 | $11367 |
| **4/30/2019** | $11354 | $11374 | $11410 |
| **5/31/2019** | $11511 | $11541 | $11567 |
| **6/30/2019** | $11564 | $11580 | $11610 |
| **7/31/2019** | $11635 | $11677 | $11704 |
| **8/31/2019** | $11841 | $11866 | $11888 |
| **9/30/2019** | $11756 | $11778 | $11793 |
| **10/31/2019** | $11768 | $11798 | $11814 |
| **11/30/2019** | $11779 | $11825 | $11844 |
| **12/31/2019** | $11819 | $11859 | $11880 |
| **1/31/2020** | $12016 | $12072 | $12093 |
| **2/29/2020** | $12193 | $12228 | $12249 |
| **3/31/2020** | $11661 | $11801 | $11805 |
| **4/30/2020** | $11435 | $11675 | $11657 |
| **5/31/2020** | $11815 | $12070 | $12028 |
| **6/30/2020** | $11924 | $12139 | $12126 |
| **7/31/2020** | $12115 | $12348 | $12331 |
| **8/31/2020** | $12085 | $12266 | $12273 |
| **9/30/2020** | $12105 | $12263 | $12275 |
| **10/31/2020** | $12074 | $12229 | $12239 |
| **11/30/2020** | $12246 | $12418 | $12423 |
| **12/31/2020** | $12326 | $12469 | $12499 |
| **1/31/2021** | $12396 | $12529 | $12579 |
| **2/28/2021** | $12203 | $12301 | $12379 |
| **3/31/2021** | $12283 | $12386 | $12455 |
| **4/30/2021** | $12405 | $12485 | $12560 |
| **5/31/2021** | $12465 | $12519 | $12597 |
| **6/30/2021** | $12516 | $12552 | $12632 |
| **7/31/2021** | $12607 | $12656 | $12736 |
| **8/31/2021** | $12564 | $12613 | $12690 |
| **9/30/2021** | $12458 | $12520 | $12598 |
| **10/31/2021** | $12455 | $12485 | $12561 |
| **11/30/2021** | $12566 | $12596 | $12668 |
| **12/31/2021** | $12573 | $12621 | $12689 |
| **1/31/2022** | $12236 | $12247 | $12341 |
| **2/28/2022** | $12161 | $12210 | $12297 |
| **3/31/2022** | $11781 | $11804 | $11898 |
| **4/30/2022** | $11401 | $11461 | $11569 |
| **5/31/2022** | $11546 | $11655 | $11741 |
| **6/30/2022** | $11301 | $11474 | $11549 |
| **7/31/2022** | $11595 | $11798 | $11854 |
| **8/31/2022** | $11339 | $11545 | $11594 |
| **9/30/2022** | $10955 | $11118 | $11149 |
| **10/31/2022** | $10859 | $11046 | $11057 |
| **11/30/2022** | $11298 | $11553 | $11574 |
| **12/31/2022** | $11309 | $11591 | $11607 |
| **1/31/2023** | $11568 | $11904 | $11940 |
| **2/28/2023** | $11341 | $11633 | $11670 |
| **3/31/2023** | $11536 | $11886 | $11929 |
| **4/30/2023** | $11525 | $11857 | $11902 |
| **5/31/2023** | $11448 | $11757 | $11799 |
| **6/30/2023** | $11547 | $11874 | $11917 |
| **7/31/2023** | $11581 | $11922 | $11964 |
| **8/31/2023** | $11450 | $11784 | $11792 |
| **9/30/2023** | $11122 | $11446 | $11446 |
| **10/31/2023** | $10914 | $11347 | $11349 |
| **11/30/2023** | $11682 | $12040 | $12069 |
| **12/31/2023** | $11962 | $12312 | $12350 |
| **1/31/2024** | $11962 | $12262 | $12287 |
| **2/29/2024** | $11964 | $12276 | $12303 |
| **3/31/2024** | $11988 | $12260 | $12302 |
| **4/30/2024** | $11843 | $12104 | $12150 |
| **5/31/2024** | $11867 | $12067 | $12114 |
| **6/30/2024** | $12050 | $12236 | $12300 |
| **7/31/2024** | $12154 | $12345 | $12412 |
| **8/31/2024** | $12224 | $12448 | $12510 |
| **9/30/2024** | $12352 | $12575 | $12633 |
| **10/31/2024** | $12205 | $12404 | $12449 |
| **11/30/2024** | $12390 | $12600 | $12664 |
| **12/31/2024** | $12254 | $12438 | $12480 |
| **1/31/2025** | $12244 | $12455 | $12542 |
| **2/28/2025** | $12374 | $12593 | $12667 |
| **3/31/2025** | $12178 | $12378 | $12452 |
| **4/30/2025** | $12075 | $12249 | $12352 |
| **5/31/2025** | $11972 | $12273 | $12360 |
| **6/30/2025** | $12032 | $12362 | $12437 |

---

# California Tax-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | (0.14) | 0.18 | 1.87 |
| Bloomberg California Municipal Bond Index | 1.03 | 0.36 | 2.14 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $553185114 |
| # of portfolio holdings | 236 |
| Portfolio turnover rate | 14% |
| Total advisory fees paid | $2203885 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 0.6 |
| AA/Aa | 31.0 |
| A/A | 30.0 |
| BBB/Baa | 20.6 |
| BB/Ba | 4.2 |
| B/B | 0.8 |
| Not Rated | 12.8 |

---

---

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

---

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

---

| | |
|:---|:---|
| California HFFA Cedars-Sinai Medical Center Obligated Group Series B, 4.00%, 8-15-2039 | 1.8 |
| State of California, 5.00%, 8-1-2046 | 1.8 |
| California Municipal Finance Authority Samuel Merritt University, 5.25%, 6-1-2053 | 1.8 |
| California HFFA Children's Hospital Los Angeles Obligated Group Series A, 5.00%, 8-15-2047 | 1.7 |
| Santa Ana Unified School District Series B CAB, 0.00%, 8-1-2038 | 1.6 |
| California Infrastructure & Economic Development Bank Roseville Sustainable Energy Partner LLC Series A, 5.25%, 7-1-2054 | 1.6 |
| Long Beach Unified School District Series C, 4.00%, 8-1-2053 | 1.6 |
| Hayward Unified School District COP, 5.25%, 8-1-2052 | 1.5 |
| San Bernardino City Unified School District Series C, 5.00%, 8-1-2040 | 1.4 |
| Los Angeles Department of Water & Power System Revenue Series C, 5.00%, 7-1-2054 | 1.4 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 0.5 |
| 1-3 years | 0.9 |
| 3-5 years | 2.4 |
| 5-10 years | 10.7 |
| 10-20 years | 28.3 |
| 20-30 years | 55.1 |
| 30+ years | 2.1 |

---

Significant fund changes

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

The Fund is now considered a diversified fund under the Investment Company Act of 1940, as amended.

## 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

#### AR3179 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# California Tax-Free Fund

# Class C

# SCTCX
This annual shareholder report contains important information about California Tax-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $149 | 1.50% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were sector allocation, security selection, and credit positioning while our long duration positioning detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g41v08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **Bloomberg California Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10069 | $10075 | $10072 |
| **8/31/2015** | $10088 | $10103 | $10092 |
| **9/30/2015** | $10157 | $10173 | $10165 |
| **10/31/2015** | $10185 | $10210 | $10206 |
| **11/30/2015** | $10239 | $10250 | $10246 |
| **12/31/2015** | $10316 | $10327 | $10318 |
| **1/31/2016** | $10410 | $10441 | $10441 |
| **2/29/2016** | $10412 | $10458 | $10458 |
| **3/31/2016** | $10481 | $10493 | $10491 |
| **4/30/2016** | $10560 | $10572 | $10568 |
| **5/31/2016** | $10605 | $10602 | $10597 |
| **6/30/2016** | $10802 | $10770 | $10765 |
| **7/31/2016** | $10760 | $10775 | $10772 |
| **8/31/2016** | $10787 | $10793 | $10786 |
| **9/30/2016** | $10712 | $10727 | $10733 |
| **10/31/2016** | $10560 | $10602 | $10620 |
| **11/30/2016** | $10100 | $10193 | $10224 |
| **12/31/2016** | $10214 | $10313 | $10344 |
| **1/31/2017** | $10235 | $10394 | $10412 |
| **2/28/2017** | $10290 | $10455 | $10484 |
| **3/31/2017** | $10310 | $10475 | $10507 |
| **4/30/2017** | $10364 | $10548 | $10583 |
| **5/31/2017** | $10522 | $10724 | $10751 |
| **6/30/2017** | $10499 | $10689 | $10713 |
| **7/31/2017** | $10562 | $10783 | $10799 |
| **8/31/2017** | $10633 | $10849 | $10882 |
| **9/30/2017** | $10592 | $10798 | $10826 |
| **10/31/2017** | $10603 | $10833 | $10853 |
| **11/30/2017** | $10563 | $10775 | $10795 |
| **12/31/2017** | $10654 | $10893 | $10907 |
| **1/31/2018** | $10527 | $10763 | $10779 |
| **2/28/2018** | $10471 | $10728 | $10747 |
| **3/31/2018** | $10501 | $10776 | $10787 |
| **4/30/2018** | $10453 | $10733 | $10748 |
| **5/31/2018** | $10572 | $10877 | $10871 |
| **6/30/2018** | $10577 | $10881 | $10880 |
| **7/31/2018** | $10589 | $10907 | $10907 |
| **8/31/2018** | $10602 | $10941 | $10935 |
| **9/30/2018** | $10525 | $10857 | $10864 |
| **10/31/2018** | $10458 | $10782 | $10797 |
| **11/30/2018** | $10534 | $10894 | $10917 |
| **12/31/2018** | $10629 | $11014 | $11047 |
| **1/31/2019** | $10688 | $11086 | $11131 |
| **2/28/2019** | $10739 | $11141 | $11190 |
| **3/31/2019** | $10879 | $11324 | $11367 |
| **4/30/2019** | $10920 | $11374 | $11410 |
| **5/31/2019** | $11069 | $11541 | $11567 |
| **6/30/2019** | $11100 | $11580 | $11610 |
| **7/31/2019** | $11167 | $11677 | $11704 |
| **8/31/2019** | $11344 | $11866 | $11888 |
| **9/30/2019** | $11264 | $11778 | $11793 |
| **10/31/2019** | $11256 | $11798 | $11814 |
| **11/30/2019** | $11267 | $11825 | $11844 |
| **12/31/2019** | $11286 | $11859 | $11880 |
| **1/31/2020** | $11461 | $12072 | $12093 |
| **2/29/2020** | $11628 | $12228 | $12249 |
| **3/31/2020** | $11102 | $11801 | $11805 |
| **4/30/2020** | $10882 | $11675 | $11657 |
| **5/31/2020** | $11237 | $12070 | $12028 |
| **6/30/2020** | $11331 | $12139 | $12126 |
| **7/31/2020** | $11509 | $12348 | $12331 |
| **8/31/2020** | $11471 | $12266 | $12273 |
| **9/30/2020** | $11472 | $12263 | $12275 |
| **10/31/2020** | $11434 | $12229 | $12239 |
| **11/30/2020** | $11593 | $12418 | $12423 |
| **12/31/2020** | $11658 | $12469 | $12499 |
| **1/31/2021** | $11714 | $12529 | $12579 |
| **2/28/2021** | $11525 | $12301 | $12379 |
| **3/31/2021** | $11581 | $12386 | $12455 |
| **4/30/2021** | $11684 | $12485 | $12560 |
| **5/31/2021** | $11740 | $12519 | $12597 |
| **6/30/2021** | $11768 | $12552 | $12632 |
| **7/31/2021** | $11853 | $12656 | $12736 |
| **8/31/2021** | $11793 | $12613 | $12690 |
| **9/30/2021** | $11695 | $12520 | $12598 |
| **10/31/2021** | $11673 | $12485 | $12561 |
| **11/30/2021** | $11767 | $12596 | $12668 |
| **12/31/2021** | $11763 | $12621 | $12689 |
| **1/31/2022** | $11444 | $12247 | $12341 |
| **2/28/2022** | $11366 | $12210 | $12297 |
| **3/31/2022** | $10999 | $11804 | $11898 |
| **4/30/2022** | $10631 | $11461 | $11569 |
| **5/31/2022** | $10756 | $11655 | $11741 |
| **6/30/2022** | $10523 | $11474 | $11549 |
| **7/31/2022** | $10793 | $11798 | $11854 |
| **8/31/2022** | $10541 | $11545 | $11594 |
| **9/30/2022** | $10182 | $11118 | $11149 |
| **10/31/2022** | $10076 | $11046 | $11057 |
| **11/30/2022** | $10478 | $11553 | $11574 |
| **12/31/2022** | $10470 | $11591 | $11607 |
| **1/31/2023** | $10707 | $11904 | $11940 |
| **2/28/2023** | $10493 | $11633 | $11670 |
| **3/31/2023** | $10661 | $11886 | $11929 |
| **4/30/2023** | $10642 | $11857 | $11902 |
| **5/31/2023** | $10564 | $11757 | $11799 |
| **6/30/2023** | $10646 | $11874 | $11917 |
| **7/31/2023** | $10674 | $11922 | $11964 |
| **8/31/2023** | $10551 | $11784 | $11792 |
| **9/30/2023** | $10246 | $11446 | $11446 |
| **10/31/2023** | $10051 | $11347 | $11349 |
| **11/30/2023** | $10758 | $12040 | $12069 |
| **12/31/2023** | $11013 | $12312 | $12350 |
| **1/31/2024** | $11011 | $12262 | $12287 |
| **2/29/2024** | $11010 | $12276 | $12303 |
| **3/31/2024** | $11030 | $12260 | $12302 |
| **4/30/2024** | $10894 | $12104 | $12150 |
| **5/31/2024** | $10913 | $12067 | $12114 |
| **6/30/2024** | $11079 | $12236 | $12300 |
| **7/31/2024** | $11173 | $12345 | $12412 |
| **8/31/2024** | $11234 | $12448 | $12510 |
| **9/30/2024** | $11350 | $12575 | $12633 |
| **10/31/2024** | $11211 | $12404 | $12449 |
| **11/30/2024** | $11380 | $12600 | $12664 |
| **12/31/2024** | $11251 | $12438 | $12480 |
| **1/31/2025** | $11240 | $12455 | $12542 |
| **2/28/2025** | $11357 | $12593 | $12667 |
| **3/31/2025** | $11175 | $12378 | $12452 |
| **4/30/2025** | $11078 | $12249 | $12352 |
| **5/31/2025** | $10980 | $12273 | $12360 |
| **6/30/2025** | $11034 | $12362 | $12437 |

---

# California Tax-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | (1.19) | (0.84) | 0.99 |
| Class C with Load | (2.19) | (0.84) | 0.99 |
| Bloomberg California Municipal Bond Index | 1.03 | 0.36 | 2.14 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $553185114 |
| # of portfolio holdings | 236 |
| Portfolio turnover rate | 14% |
| Total advisory fees paid | $2203885 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 0.6 |
| AA/Aa | 31.0 |
| A/A | 30.0 |
| BBB/Baa | 20.6 |
| BB/Ba | 4.2 |
| B/B | 0.8 |
| Not Rated | 12.8 |

---

---

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

---

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

---

| | |
|:---|:---|
| California HFFA Cedars-Sinai Medical Center Obligated Group Series B, 4.00%, 8-15-2039 | 1.8 |
| State of California, 5.00%, 8-1-2046 | 1.8 |
| California Municipal Finance Authority Samuel Merritt University, 5.25%, 6-1-2053 | 1.8 |
| California HFFA Children's Hospital Los Angeles Obligated Group Series A, 5.00%, 8-15-2047 | 1.7 |
| Santa Ana Unified School District Series B CAB, 0.00%, 8-1-2038 | 1.6 |
| California Infrastructure & Economic Development Bank Roseville Sustainable Energy Partner LLC Series A, 5.25%, 7-1-2054 | 1.6 |
| Long Beach Unified School District Series C, 4.00%, 8-1-2053 | 1.6 |
| Hayward Unified School District COP, 5.25%, 8-1-2052 | 1.5 |
| San Bernardino City Unified School District Series C, 5.00%, 8-1-2040 | 1.4 |
| Los Angeles Department of Water & Power System Revenue Series C, 5.00%, 7-1-2054 | 1.4 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 0.5 |
| 1-3 years | 0.9 |
| 3-5 years | 2.4 |
| 5-10 years | 10.7 |
| 10-20 years | 28.3 |
| 20-30 years | 55.1 |
| 30+ years | 2.1 |

---

Significant fund changes

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

The Fund is now considered a diversified fund under the Investment Company Act of 1940, as amended.

## 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

#### AR0532 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# California Tax-Free Fund

# Class A

# SCTAX
This annual shareholder report contains important information about California Tax-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $74 | 0.74% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were sector allocation, security selection, and credit positioning while our long duration positioning detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g71t11.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Bloomberg California Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $9547 | $10000 | $10000 |
| **7/31/2015** | $9611 | $10075 | $10072 |
| **8/31/2015** | $9635 | $10103 | $10092 |
| **9/30/2015** | $9717 | $10173 | $10165 |
| **10/31/2015** | $9742 | $10210 | $10206 |
| **11/30/2015** | $9799 | $10250 | $10246 |
| **12/31/2015** | $9881 | $10327 | $10318 |
| **1/31/2016** | $9979 | $10441 | $10441 |
| **2/29/2016** | $9986 | $10458 | $10458 |
| **3/31/2016** | $10060 | $10493 | $10491 |
| **4/30/2016** | $10143 | $10572 | $10568 |
| **5/31/2016** | $10193 | $10602 | $10597 |
| **6/30/2016** | $10383 | $10770 | $10765 |
| **7/31/2016** | $10358 | $10775 | $10772 |
| **8/31/2016** | $10390 | $10793 | $10786 |
| **9/30/2016** | $10314 | $10727 | $10733 |
| **10/31/2016** | $10179 | $10602 | $10620 |
| **11/30/2016** | $9741 | $10193 | $10224 |
| **12/31/2016** | $9859 | $10313 | $10344 |
| **1/31/2017** | $9885 | $10394 | $10412 |
| **2/28/2017** | $9945 | $10455 | $10484 |
| **3/31/2017** | $9970 | $10475 | $10507 |
| **4/30/2017** | $10030 | $10548 | $10583 |
| **5/31/2017** | $10184 | $10724 | $10751 |
| **6/30/2017** | $10166 | $10689 | $10713 |
| **7/31/2017** | $10235 | $10783 | $10799 |
| **8/31/2017** | $10311 | $10849 | $10882 |
| **9/30/2017** | $10277 | $10798 | $10826 |
| **10/31/2017** | $10302 | $10833 | $10853 |
| **11/30/2017** | $10259 | $10775 | $10795 |
| **12/31/2017** | $10356 | $10893 | $10907 |
| **1/31/2018** | $10245 | $10763 | $10779 |
| **2/28/2018** | $10195 | $10728 | $10747 |
| **3/31/2018** | $10231 | $10776 | $10787 |
| **4/30/2018** | $10189 | $10733 | $10748 |
| **5/31/2018** | $10314 | $10877 | $10871 |
| **6/30/2018** | $10324 | $10881 | $10880 |
| **7/31/2018** | $10343 | $10907 | $10907 |
| **8/31/2018** | $10361 | $10941 | $10935 |
| **9/30/2018** | $10291 | $10857 | $10864 |
| **10/31/2018** | $10230 | $10782 | $10797 |
| **11/30/2018** | $10312 | $10894 | $10917 |
| **12/31/2018** | $10413 | $11014 | $11047 |
| **1/31/2019** | $10477 | $11086 | $11131 |
| **2/28/2019** | $10534 | $11141 | $11190 |
| **3/31/2019** | $10681 | $11324 | $11367 |
| **4/30/2019** | $10728 | $11374 | $11410 |
| **5/31/2019** | $10874 | $11541 | $11567 |
| **6/30/2019** | $10912 | $11580 | $11610 |
| **7/31/2019** | $10986 | $11677 | $11704 |
| **8/31/2019** | $11169 | $11866 | $11888 |
| **9/30/2019** | $11096 | $11778 | $11793 |
| **10/31/2019** | $11104 | $11798 | $11814 |
| **11/30/2019** | $11113 | $11825 | $11844 |
| **12/31/2019** | $11138 | $11859 | $11880 |
| **1/31/2020** | $11321 | $12072 | $12093 |
| **2/29/2020** | $11486 | $12228 | $12249 |
| **3/31/2020** | $10981 | $11801 | $11805 |
| **4/30/2020** | $10775 | $11675 | $11657 |
| **5/31/2020** | $11131 | $12070 | $12028 |
| **6/30/2020** | $11232 | $12139 | $12126 |
| **7/31/2020** | $11409 | $12348 | $12331 |
| **8/31/2020** | $11378 | $12266 | $12273 |
| **9/30/2020** | $11385 | $12263 | $12275 |
| **10/31/2020** | $11354 | $12229 | $12239 |
| **11/30/2020** | $11522 | $12418 | $12423 |
| **12/31/2020** | $11595 | $12469 | $12499 |
| **1/31/2021** | $11658 | $12529 | $12579 |
| **2/28/2021** | $11473 | $12301 | $12379 |
| **3/31/2021** | $11546 | $12386 | $12455 |
| **4/30/2021** | $11649 | $12485 | $12560 |
| **5/31/2021** | $11713 | $12519 | $12597 |
| **6/30/2021** | $11748 | $12552 | $12632 |
| **7/31/2021** | $11841 | $12656 | $12736 |
| **8/31/2021** | $11788 | $12613 | $12690 |
| **9/30/2021** | $11695 | $12520 | $12598 |
| **10/31/2021** | $11689 | $12485 | $12561 |
| **11/30/2021** | $11782 | $12596 | $12668 |
| **12/31/2021** | $11786 | $12621 | $12689 |
| **1/31/2022** | $11476 | $12247 | $12341 |
| **2/28/2022** | $11403 | $12210 | $12297 |
| **3/31/2022** | $11044 | $11804 | $11898 |
| **4/30/2022** | $10684 | $11461 | $11569 |
| **5/31/2022** | $10817 | $11655 | $11741 |
| **6/30/2022** | $10585 | $11474 | $11549 |
| **7/31/2022** | $10859 | $11798 | $11854 |
| **8/31/2022** | $10616 | $11545 | $11594 |
| **9/30/2022** | $10253 | $11118 | $11149 |
| **10/31/2022** | $10161 | $11046 | $11057 |
| **11/30/2022** | $10570 | $11553 | $11574 |
| **12/31/2022** | $10579 | $11591 | $11607 |
| **1/31/2023** | $10818 | $11904 | $11940 |
| **2/28/2023** | $10604 | $11633 | $11670 |
| **3/31/2023** | $10784 | $11886 | $11929 |
| **4/30/2023** | $10771 | $11857 | $11902 |
| **5/31/2023** | $10696 | $11757 | $11799 |
| **6/30/2023** | $10787 | $11874 | $11917 |
| **7/31/2023** | $10816 | $11922 | $11964 |
| **8/31/2023** | $10691 | $11784 | $11792 |
| **9/30/2023** | $10381 | $11446 | $11446 |
| **10/31/2023** | $10184 | $11347 | $11349 |
| **11/30/2023** | $10900 | $12040 | $12069 |
| **12/31/2023** | $11159 | $12312 | $12350 |
| **1/31/2024** | $11157 | $12262 | $12287 |
| **2/29/2024** | $11156 | $12276 | $12303 |
| **3/31/2024** | $11176 | $12260 | $12302 |
| **4/30/2024** | $11038 | $12104 | $12150 |
| **5/31/2024** | $11058 | $12067 | $12114 |
| **6/30/2024** | $11226 | $12236 | $12300 |
| **7/31/2024** | $11321 | $12345 | $12412 |
| **8/31/2024** | $11383 | $12448 | $12510 |
| **9/30/2024** | $11500 | $12575 | $12633 |
| **10/31/2024** | $11360 | $12404 | $12449 |
| **11/30/2024** | $11530 | $12600 | $12664 |
| **12/31/2024** | $11401 | $12438 | $12480 |
| **1/31/2025** | $11389 | $12455 | $12542 |
| **2/28/2025** | $11508 | $12593 | $12667 |
| **3/31/2025** | $11323 | $12378 | $12452 |
| **4/30/2025** | $11225 | $12249 | $12352 |
| **5/31/2025** | $11126 | $12273 | $12360 |
| **6/30/2025** | $11180 | $12362 | $12437 |

---

# California Tax-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | (0.41) | (0.09) | 1.59 |
| Class A with Load | (4.90) | (1.01) | 1.12 |
| Bloomberg California Municipal Bond Index | 1.03 | 0.36 | 2.14 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $553185114 |
| # of portfolio holdings | 236 |
| Portfolio turnover rate | 14% |
| Total advisory fees paid | $2203885 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 0.6 |
| AA/Aa | 31.0 |
| A/A | 30.0 |
| BBB/Baa | 20.6 |
| BB/Ba | 4.2 |
| B/B | 0.8 |
| Not Rated | 12.8 |

---

---

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

---

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

---

| | |
|:---|:---|
| California HFFA Cedars-Sinai Medical Center Obligated Group Series B, 4.00%, 8-15-2039 | 1.8 |
| State of California, 5.00%, 8-1-2046 | 1.8 |
| California Municipal Finance Authority Samuel Merritt University, 5.25%, 6-1-2053 | 1.8 |
| California HFFA Children's Hospital Los Angeles Obligated Group Series A, 5.00%, 8-15-2047 | 1.7 |
| Santa Ana Unified School District Series B CAB, 0.00%, 8-1-2038 | 1.6 |
| California Infrastructure & Economic Development Bank Roseville Sustainable Energy Partner LLC Series A, 5.25%, 7-1-2054 | 1.6 |
| Long Beach Unified School District Series C, 4.00%, 8-1-2053 | 1.6 |
| Hayward Unified School District COP, 5.25%, 8-1-2052 | 1.5 |
| San Bernardino City Unified School District Series C, 5.00%, 8-1-2040 | 1.4 |
| Los Angeles Department of Water & Power System Revenue Series C, 5.00%, 7-1-2054 | 1.4 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 0.5 |
| 1-3 years | 0.9 |
| 3-5 years | 2.4 |
| 5-10 years | 10.7 |
| 10-20 years | 28.3 |
| 20-30 years | 55.1 |
| 30+ years | 2.1 |

---

Significant fund changes

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

The Fund is now considered a diversified fund under the Investment Company Act of 1940, as amended.

## 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

#### AR0032 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# California Tax-Free Fund

# Administrator Class

# SGCAX
This annual shareholder report contains important information about California Tax-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $55 | 0.55% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were sector allocation, security selection, and credit positioning while our long duration positioning detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g95y10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrator Class** | **Bloomberg California Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10078 | $10075 | $10072 |
| **8/31/2015** | $10105 | $10103 | $10092 |
| **9/30/2015** | $10183 | $10173 | $10165 |
| **10/31/2015** | $10220 | $10210 | $10206 |
| **11/30/2015** | $10282 | $10250 | $10246 |
| **12/31/2015** | $10368 | $10327 | $10318 |
| **1/31/2016** | $10464 | $10441 | $10441 |
| **2/29/2016** | $10474 | $10458 | $10458 |
| **3/31/2016** | $10562 | $10493 | $10491 |
| **4/30/2016** | $10642 | $10572 | $10568 |
| **5/31/2016** | $10696 | $10602 | $10597 |
| **6/30/2016** | $10906 | $10770 | $10765 |
| **7/31/2016** | $10872 | $10775 | $10772 |
| **8/31/2016** | $10908 | $10793 | $10786 |
| **9/30/2016** | $10839 | $10727 | $10733 |
| **10/31/2016** | $10699 | $10602 | $10620 |
| **11/30/2016** | $10242 | $10193 | $10224 |
| **12/31/2016** | $10359 | $10313 | $10344 |
| **1/31/2017** | $10397 | $10394 | $10412 |
| **2/28/2017** | $10453 | $10455 | $10484 |
| **3/31/2017** | $10481 | $10475 | $10507 |
| **4/30/2017** | $10545 | $10548 | $10583 |
| **5/31/2017** | $10717 | $10724 | $10751 |
| **6/30/2017** | $10701 | $10689 | $10713 |
| **7/31/2017** | $10774 | $10783 | $10799 |
| **8/31/2017** | $10857 | $10849 | $10882 |
| **9/30/2017** | $10822 | $10798 | $10826 |
| **10/31/2017** | $10842 | $10833 | $10853 |
| **11/30/2017** | $10808 | $10775 | $10795 |
| **12/31/2017** | $10903 | $10893 | $10907 |
| **1/31/2018** | $10787 | $10763 | $10779 |
| **2/28/2018** | $10736 | $10728 | $10747 |
| **3/31/2018** | $10776 | $10776 | $10787 |
| **4/30/2018** | $10743 | $10733 | $10748 |
| **5/31/2018** | $10867 | $10877 | $10871 |
| **6/30/2018** | $10880 | $10881 | $10880 |
| **7/31/2018** | $10901 | $10907 | $10907 |
| **8/31/2018** | $10923 | $10941 | $10935 |
| **9/30/2018** | $10860 | $10857 | $10864 |
| **10/31/2018** | $10788 | $10782 | $10797 |
| **11/30/2018** | $10886 | $10894 | $10917 |
| **12/31/2018** | $10984 | $11014 | $11047 |
| **1/31/2019** | $11054 | $11086 | $11131 |
| **2/28/2019** | $11116 | $11141 | $11190 |
| **3/31/2019** | $11272 | $11324 | $11367 |
| **4/30/2019** | $11324 | $11374 | $11410 |
| **5/31/2019** | $11480 | $11541 | $11567 |
| **6/30/2019** | $11531 | $11580 | $11610 |
| **7/31/2019** | $11602 | $11677 | $11704 |
| **8/31/2019** | $11807 | $11866 | $11888 |
| **9/30/2019** | $11721 | $11778 | $11793 |
| **10/31/2019** | $11732 | $11798 | $11814 |
| **11/30/2019** | $11743 | $11825 | $11844 |
| **12/31/2019** | $11782 | $11859 | $11880 |
| **1/31/2020** | $11977 | $12072 | $12093 |
| **2/29/2020** | $12154 | $12228 | $12249 |
| **3/31/2020** | $11613 | $11801 | $11805 |
| **4/30/2020** | $11397 | $11675 | $11657 |
| **5/31/2020** | $11775 | $12070 | $12028 |
| **6/30/2020** | $11883 | $12139 | $12126 |
| **7/31/2020** | $12073 | $12348 | $12331 |
| **8/31/2020** | $12042 | $12266 | $12273 |
| **9/30/2020** | $12051 | $12263 | $12275 |
| **10/31/2020** | $12030 | $12229 | $12239 |
| **11/30/2020** | $12200 | $12418 | $12423 |
| **12/31/2020** | $12279 | $12469 | $12499 |
| **1/31/2021** | $12348 | $12529 | $12579 |
| **2/28/2021** | $12155 | $12301 | $12379 |
| **3/31/2021** | $12234 | $12386 | $12455 |
| **4/30/2021** | $12354 | $12485 | $12560 |
| **5/31/2021** | $12414 | $12519 | $12597 |
| **6/30/2021** | $12464 | $12552 | $12632 |
| **7/31/2021** | $12554 | $12656 | $12736 |
| **8/31/2021** | $12510 | $12613 | $12690 |
| **9/30/2021** | $12404 | $12520 | $12598 |
| **10/31/2021** | $12400 | $12485 | $12561 |
| **11/30/2021** | $12510 | $12596 | $12668 |
| **12/31/2021** | $12516 | $12621 | $12689 |
| **1/31/2022** | $12180 | $12247 | $12341 |
| **2/28/2022** | $12105 | $12210 | $12297 |
| **3/31/2022** | $11726 | $11804 | $11898 |
| **4/30/2022** | $11346 | $11461 | $11569 |
| **5/31/2022** | $11490 | $11655 | $11741 |
| **6/30/2022** | $11246 | $11474 | $11549 |
| **7/31/2022** | $11538 | $11798 | $11854 |
| **8/31/2022** | $11282 | $11545 | $11594 |
| **9/30/2022** | $10900 | $11118 | $11149 |
| **10/31/2022** | $10804 | $11046 | $11057 |
| **11/30/2022** | $11239 | $11553 | $11574 |
| **12/31/2022** | $11250 | $11591 | $11607 |
| **1/31/2023** | $11507 | $11904 | $11940 |
| **2/28/2023** | $11281 | $11633 | $11670 |
| **3/31/2023** | $11474 | $11886 | $11929 |
| **4/30/2023** | $11462 | $11857 | $11902 |
| **5/31/2023** | $11385 | $11757 | $11799 |
| **6/30/2023** | $11483 | $11874 | $11917 |
| **7/31/2023** | $11516 | $11922 | $11964 |
| **8/31/2023** | $11386 | $11784 | $11792 |
| **9/30/2023** | $11058 | $11446 | $11446 |
| **10/31/2023** | $10851 | $11347 | $11349 |
| **11/30/2023** | $11614 | $12040 | $12069 |
| **12/31/2023** | $11891 | $12312 | $12350 |
| **1/31/2024** | $11891 | $12262 | $12287 |
| **2/29/2024** | $11892 | $12276 | $12303 |
| **3/31/2024** | $11915 | $12260 | $12302 |
| **4/30/2024** | $11771 | $12104 | $12150 |
| **5/31/2024** | $11782 | $12067 | $12114 |
| **6/30/2024** | $11964 | $12236 | $12300 |
| **7/31/2024** | $12077 | $12345 | $12412 |
| **8/31/2024** | $12146 | $12448 | $12510 |
| **9/30/2024** | $12261 | $12575 | $12633 |
| **10/31/2024** | $12114 | $12404 | $12449 |
| **11/30/2024** | $12309 | $12600 | $12664 |
| **12/31/2024** | $12173 | $12438 | $12480 |
| **1/31/2025** | $12151 | $12455 | $12542 |
| **2/28/2025** | $12280 | $12593 | $12667 |
| **3/31/2025** | $12096 | $12378 | $12452 |
| **4/30/2025** | $11993 | $12249 | $12352 |
| **5/31/2025** | $11890 | $12273 | $12360 |
| **6/30/2025** | $11950 | $12362 | $12437 |

---

# California Tax-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | (0.12) | 0.11 | 1.8 |
| Bloomberg California Municipal Bond Index | 1.03 | 0.36 | 2.14 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $553185114 |
| # of portfolio holdings | 236 |
| Portfolio turnover rate | 14% |
| Total advisory fees paid | $2203885 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 0.6 |
| AA/Aa | 31.0 |
| A/A | 30.0 |
| BBB/Baa | 20.6 |
| BB/Ba | 4.2 |
| B/B | 0.8 |
| Not Rated | 12.8 |

---

---

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

---

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

---

| | |
|:---|:---|
| California HFFA Cedars-Sinai Medical Center Obligated Group Series B, 4.00%, 8-15-2039 | 1.8 |
| State of California, 5.00%, 8-1-2046 | 1.8 |
| California Municipal Finance Authority Samuel Merritt University, 5.25%, 6-1-2053 | 1.8 |
| California HFFA Children's Hospital Los Angeles Obligated Group Series A, 5.00%, 8-15-2047 | 1.7 |
| Santa Ana Unified School District Series B CAB, 0.00%, 8-1-2038 | 1.6 |
| California Infrastructure & Economic Development Bank Roseville Sustainable Energy Partner LLC Series A, 5.25%, 7-1-2054 | 1.6 |
| Long Beach Unified School District Series C, 4.00%, 8-1-2053 | 1.6 |
| Hayward Unified School District COP, 5.25%, 8-1-2052 | 1.5 |
| San Bernardino City Unified School District Series C, 5.00%, 8-1-2040 | 1.4 |
| Los Angeles Department of Water & Power System Revenue Series C, 5.00%, 7-1-2054 | 1.4 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 0.5 |
| 1-3 years | 0.9 |
| 3-5 years | 2.4 |
| 5-10 years | 10.7 |
| 10-20 years | 28.3 |
| 20-30 years | 55.1 |
| 30+ years | 2.1 |

---

Significant fund changes

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

The Fund is now considered a diversified fund under the Investment Company Act of 1940, as amended.

In addition, at a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025.

## 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

#### AR0632 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# High Yield Municipal Bond Fund

# Institutional Class

# WHYIX
This annual shareholder report contains important information about High Yield Municipal Bond Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $55 | 0.55% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributor to Fund performance was sector allocation, while our long duration and yield curve positioning detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g33h59.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **High Yield Municipal Bond Blended Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10060 | $9997 | $10072 |
| **8/31/2015** | $10063 | $10029 | $10092 |
| **9/30/2015** | $10154 | $10186 | $10165 |
| **10/31/2015** | $10226 | $10277 | $10206 |
| **11/30/2015** | $10317 | $10318 | $10246 |
| **12/31/2015** | $10444 | $10356 | $10318 |
| **1/31/2016** | $10554 | $10441 | $10441 |
| **2/29/2016** | $10566 | $10516 | $10458 |
| **3/31/2016** | $10635 | $10596 | $10491 |
| **4/30/2016** | $10725 | $10666 | $10568 |
| **5/31/2016** | $10813 | $10762 | $10597 |
| **6/30/2016** | $10971 | $11031 | $10765 |
| **7/31/2016** | $10979 | $11077 | $10772 |
| **8/31/2016** | $11010 | $11107 | $10786 |
| **9/30/2016** | $10991 | $11102 | $10733 |
| **10/31/2016** | $10882 | $10973 | $10620 |
| **11/30/2016** | $10357 | $10417 | $10224 |
| **12/31/2016** | $10429 | $10553 | $10344 |
| **1/31/2017** | $10434 | $10669 | $10412 |
| **2/28/2017** | $10522 | $10852 | $10484 |
| **3/31/2017** | $10631 | $10876 | $10507 |
| **4/30/2017** | $10740 | $10952 | $10583 |
| **5/31/2017** | $10900 | $11122 | $10751 |
| **6/30/2017** | $10914 | $11091 | $10713 |
| **7/31/2017** | $11013 | $11171 | $10799 |
| **8/31/2017** | $11153 | $11297 | $10882 |
| **9/30/2017** | $11167 | $11238 | $10826 |
| **10/31/2017** | $11214 | $11267 | $10853 |
| **11/30/2017** | $11221 | $11260 | $10795 |
| **12/31/2017** | $11366 | $11395 | $10907 |
| **1/31/2018** | $11321 | $11277 | $10779 |
| **2/28/2018** | $11319 | $11269 | $10747 |
| **3/31/2018** | $11403 | $11384 | $10787 |
| **4/30/2018** | $11422 | $11399 | $10748 |
| **5/31/2018** | $11571 | $11594 | $10871 |
| **6/30/2018** | $11610 | $11632 | $10880 |
| **7/31/2018** | $11670 | $11668 | $10907 |
| **8/31/2018** | $11708 | $11736 | $10935 |
| **9/30/2018** | $11690 | $11678 | $10864 |
| **10/31/2018** | $11625 | $11562 | $10797 |
| **11/30/2018** | $11688 | $11662 | $10917 |
| **12/31/2018** | $11793 | $11778 | $11047 |
| **1/31/2019** | $11865 | $11861 | $11131 |
| **2/28/2019** | $11951 | $11924 | $11190 |
| **3/31/2019** | $12149 | $12185 | $11367 |
| **4/30/2019** | $12236 | $12244 | $11410 |
| **5/31/2019** | $12426 | $12431 | $11567 |
| **6/30/2019** | $12504 | $12488 | $11610 |
| **7/31/2019** | $12593 | $12575 | $11704 |
| **8/31/2019** | $12820 | $12836 | $11888 |
| **9/30/2019** | $12796 | $12779 | $11793 |
| **10/31/2019** | $12829 | $12805 | $11814 |
| **11/30/2019** | $12874 | $12848 | $11844 |
| **12/31/2019** | $12918 | $12886 | $11880 |
| **1/31/2020** | $13114 | $13169 | $12093 |
| **2/29/2020** | $13311 | $13404 | $12249 |
| **3/31/2020** | $12057 | $12325 | $11805 |
| **4/30/2020** | $11714 | $12014 | $11657 |
| **5/31/2020** | $12056 | $12461 | $12028 |
| **6/30/2020** | $12423 | $12798 | $12126 |
| **7/31/2020** | $12682 | $13093 | $12331 |
| **8/31/2020** | $12703 | $13089 | $12273 |
| **9/30/2020** | $12737 | $13098 | $12275 |
| **10/31/2020** | $12758 | $13096 | $12239 |
| **11/30/2020** | $13008 | $13364 | $12423 |
| **12/31/2020** | $13199 | $13546 | $12499 |
| **1/31/2021** | $13364 | $13750 | $12579 |
| **2/28/2021** | $13173 | $13577 | $12379 |
| **3/31/2021** | $13301 | $13698 | $12455 |
| **4/30/2021** | $13501 | $13865 | $12560 |
| **5/31/2021** | $13629 | $13977 | $12597 |
| **6/30/2021** | $13808 | $14099 | $12632 |
| **7/31/2021** | $13951 | $14247 | $12736 |
| **8/31/2021** | $13920 | $14212 | $12690 |
| **9/30/2021** | $13802 | $14116 | $12598 |
| **10/31/2021** | $13720 | $14065 | $12561 |
| **11/30/2021** | $13875 | $14223 | $12668 |
| **12/31/2021** | $13905 | $14255 | $12689 |
| **1/31/2022** | $13581 | $13859 | $12341 |
| **2/28/2022** | $13421 | $13820 | $12297 |
| **3/31/2022** | $12957 | $13341 | $11898 |
| **4/30/2022** | $12529 | $12909 | $11569 |
| **5/31/2022** | $12725 | $13071 | $11741 |
| **6/30/2022** | $12353 | $12735 | $11549 |
| **7/31/2022** | $12784 | $13155 | $11854 |
| **8/31/2022** | $12543 | $12864 | $11594 |
| **9/30/2022** | $11963 | $12191 | $11149 |
| **10/31/2022** | $11759 | $12000 | $11057 |
| **11/30/2022** | $12329 | $12644 | $11574 |
| **12/31/2022** | $12269 | $12646 | $11607 |
| **1/31/2023** | $12672 | $13128 | $11940 |
| **2/28/2023** | $12400 | $12762 | $11670 |
| **3/31/2023** | $12566 | $12995 | $11929 |
| **4/30/2023** | $12625 | $13028 | $11902 |
| **5/31/2023** | $12564 | $12928 | $11799 |
| **6/30/2023** | $12719 | $13118 | $11917 |
| **7/31/2023** | $12740 | $13190 | $11964 |
| **8/31/2023** | $12598 | $12994 | $11792 |
| **9/30/2023** | $12184 | $12577 | $11446 |
| **10/31/2023** | $11905 | $12413 | $11349 |
| **11/30/2023** | $12724 | $13305 | $12069 |
| **12/31/2023** | $13080 | $13669 | $12350 |
| **1/31/2024** | $13147 | $13603 | $12287 |
| **2/29/2024** | $13243 | $13674 | $12303 |
| **3/31/2024** | $13325 | $13771 | $12302 |
| **4/30/2024** | $13170 | $13652 | $12150 |
| **5/31/2024** | $13252 | $13698 | $12114 |
| **6/30/2024** | $13544 | $13983 | $12300 |
| **7/31/2024** | $13649 | $14126 | $12412 |
| **8/31/2024** | $13774 | $14271 | $12510 |
| **9/30/2024** | $13955 | $14404 | $12633 |
| **10/31/2024** | $13793 | $14189 | $12449 |
| **11/30/2024** | $14003 | $14470 | $12664 |
| **12/31/2024** | $13810 | $14241 | $12480 |
| **1/31/2025** | $13889 | $14334 | $12542 |
| **2/28/2025** | $14044 | $14498 | $12667 |
| **3/31/2025** | $13820 | $14298 | $12452 |
| **4/30/2025** | $13551 | $14099 | $12352 |
| **5/31/2025** | $13486 | $14109 | $12360 |
| **6/30/2025** | $13540 | $14193 | $12437 |

---

# High Yield Municipal Bond Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | (0.03) | 1.74 | 3.08 |
| High Yield Municipal Bond Blended Index<sup>Footnote Reference\*</sup> | 1.50 | 2.09 | 3.56 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. The High Yield Municipal Bond Blended Index is composed 60% of the Bloomberg High Yield Municipal Bond Index and 40% of the Bloomberg Municipal Bond Index. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $195093854 |
| # of portfolio holdings | 197 |
| Portfolio turnover rate | 15% |
| Total advisory fees paid | $674282 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AA/Aa | 3.0 |
| A/A | 10.5 |
| BBB/Baa | 28.5 |
| BB/Ba | 11.3 |
| B/B | 1.9 |
| CCC/Caa and below | 0.7 |
| Not Rated | 44.1 |

---

---

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

---

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

---

| | |
|:---|:---|
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series A-1, 5.00%, 7-1-2058 | 1.4 |
| New Hope Cultural Education Facilities Finance Corp. Bella Vida Forefront Living Obligated Group Series A, 6.50%, 10-1-2055 | 1.1 |
| MIDA Mountain Veterans Program Public Infrastructure District, 5.20%, 6-1-2054 | 1.1 |
| Shelby County Health & Educational Facilities Board Madrone Memphis Student Housing I LLC Series A1, 5.25%, 6-1-2056 | 1.1 |
| Louisiana PFA Calcasieu Bridge Partners LLC AMT, 5.75%, 9-1-2064 | 1.1 |
| Build NYC Resource Corp. South Bronx Charter School For International Cultures & The Arts Series A, 7.00%, 4-15-2053 | 1 |
| Indiana Finance Authority Methodist Hospitals, Inc. Obligated Group Series A, 5.50%, 9-15-2044 | 1 |
| New York Transportation Development Corp. JFK NTO LLC AMT, 5.50%, 6-30-2054 | 1 |
| City of New York Series 3, 3.90%, 4-1-2042 | 1 |
| Aerotropolis Regional Transportation Authority, 5.75%, 12-1-2054 | 1 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 2.8 |
| 1-3 years | 1 |
| 3-5 years | 1.8 |
| 5-10 years | 3.2 |
| 10-20 years | 15.1 |
| 20-30 years | 65.8 |
| 30+ years | 10.3 |

---

Significant fund changes

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

Effective April 29, 2025, Nicholas Venditti, CFA was added as a portfolio manager to the Fund.

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

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

#### AR3172 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# High Yield Municipal Bond Fund

# Class R6

# EKHRX
This annual shareholder report contains important information about High Yield Municipal Bond Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $50 | 0.50% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributor to Fund performance was sector allocation, while our long duration and yield curve positioning detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g06h51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **High Yield Municipal Bond Blended Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10060 | $9997 | $10072 |
| **8/31/2015** | $10063 | $10029 | $10092 |
| **9/30/2015** | $10154 | $10186 | $10165 |
| **10/31/2015** | $10226 | $10277 | $10206 |
| **11/30/2015** | $10317 | $10318 | $10246 |
| **12/31/2015** | $10444 | $10356 | $10318 |
| **1/31/2016** | $10554 | $10441 | $10441 |
| **2/29/2016** | $10566 | $10516 | $10458 |
| **3/31/2016** | $10635 | $10596 | $10491 |
| **4/30/2016** | $10725 | $10666 | $10568 |
| **5/31/2016** | $10813 | $10762 | $10597 |
| **6/30/2016** | $10971 | $11031 | $10765 |
| **7/31/2016** | $10979 | $11077 | $10772 |
| **8/31/2016** | $11010 | $11107 | $10786 |
| **9/30/2016** | $10991 | $11102 | $10733 |
| **10/31/2016** | $10882 | $10973 | $10620 |
| **11/30/2016** | $10357 | $10417 | $10224 |
| **12/31/2016** | $10429 | $10553 | $10344 |
| **1/31/2017** | $10434 | $10669 | $10412 |
| **2/28/2017** | $10522 | $10852 | $10484 |
| **3/31/2017** | $10631 | $10876 | $10507 |
| **4/30/2017** | $10740 | $10952 | $10583 |
| **5/31/2017** | $10900 | $11122 | $10751 |
| **6/30/2017** | $10914 | $11091 | $10713 |
| **7/31/2017** | $11013 | $11171 | $10799 |
| **8/31/2017** | $11153 | $11297 | $10882 |
| **9/30/2017** | $11167 | $11238 | $10826 |
| **10/31/2017** | $11214 | $11267 | $10853 |
| **11/30/2017** | $11221 | $11260 | $10795 |
| **12/31/2017** | $11366 | $11395 | $10907 |
| **1/31/2018** | $11321 | $11277 | $10779 |
| **2/28/2018** | $11319 | $11269 | $10747 |
| **3/31/2018** | $11403 | $11384 | $10787 |
| **4/30/2018** | $11422 | $11399 | $10748 |
| **5/31/2018** | $11571 | $11594 | $10871 |
| **6/30/2018** | $11610 | $11632 | $10880 |
| **7/31/2018** | $11670 | $11668 | $10907 |
| **8/31/2018** | $11709 | $11736 | $10935 |
| **9/30/2018** | $11691 | $11678 | $10864 |
| **10/31/2018** | $11626 | $11562 | $10797 |
| **11/30/2018** | $11690 | $11662 | $10917 |
| **12/31/2018** | $11796 | $11778 | $11047 |
| **1/31/2019** | $11880 | $11861 | $11131 |
| **2/28/2019** | $11955 | $11924 | $11190 |
| **3/31/2019** | $12154 | $12185 | $11367 |
| **4/30/2019** | $12252 | $12244 | $11410 |
| **5/31/2019** | $12443 | $12431 | $11567 |
| **6/30/2019** | $12521 | $12488 | $11610 |
| **7/31/2019** | $12611 | $12575 | $11704 |
| **8/31/2019** | $12839 | $12836 | $11888 |
| **9/30/2019** | $12815 | $12779 | $11793 |
| **10/31/2019** | $12837 | $12805 | $11814 |
| **11/30/2019** | $12883 | $12848 | $11844 |
| **12/31/2019** | $12928 | $12886 | $11880 |
| **1/31/2020** | $13124 | $13169 | $12093 |
| **2/29/2020** | $13322 | $13404 | $12249 |
| **3/31/2020** | $12067 | $12325 | $11805 |
| **4/30/2020** | $11725 | $12014 | $11657 |
| **5/31/2020** | $12068 | $12461 | $12028 |
| **6/30/2020** | $12436 | $12798 | $12126 |
| **7/31/2020** | $12708 | $13093 | $12331 |
| **8/31/2020** | $12729 | $13089 | $12273 |
| **9/30/2020** | $12752 | $13098 | $12275 |
| **10/31/2020** | $12773 | $13096 | $12239 |
| **11/30/2020** | $13036 | $13364 | $12423 |
| **12/31/2020** | $13229 | $13546 | $12499 |
| **1/31/2021** | $13381 | $13750 | $12579 |
| **2/28/2021** | $13203 | $13577 | $12379 |
| **3/31/2021** | $13332 | $13698 | $12455 |
| **4/30/2021** | $13521 | $13865 | $12560 |
| **5/31/2021** | $13662 | $13977 | $12597 |
| **6/30/2021** | $13839 | $14099 | $12632 |
| **7/31/2021** | $13980 | $14247 | $12736 |
| **8/31/2021** | $13948 | $14212 | $12690 |
| **9/30/2021** | $13840 | $14116 | $12598 |
| **10/31/2021** | $13745 | $14065 | $12561 |
| **11/30/2021** | $13912 | $14223 | $12668 |
| **12/31/2021** | $13942 | $14255 | $12689 |
| **1/31/2022** | $13618 | $13859 | $12341 |
| **2/28/2022** | $13453 | $13820 | $12297 |
| **3/31/2022** | $12986 | $13341 | $11898 |
| **4/30/2022** | $12555 | $12909 | $11569 |
| **5/31/2022** | $12752 | $13071 | $11741 |
| **6/30/2022** | $12381 | $12735 | $11549 |
| **7/31/2022** | $12813 | $13155 | $11854 |
| **8/31/2022** | $12571 | $12864 | $11594 |
| **9/30/2022** | $11991 | $12191 | $11149 |
| **10/31/2022** | $11788 | $12000 | $11057 |
| **11/30/2022** | $12359 | $12644 | $11574 |
| **12/31/2022** | $12300 | $12646 | $11607 |
| **1/31/2023** | $12703 | $13128 | $11940 |
| **2/28/2023** | $12432 | $12762 | $11670 |
| **3/31/2023** | $12598 | $12995 | $11929 |
| **4/30/2023** | $12658 | $13028 | $11902 |
| **5/31/2023** | $12598 | $12928 | $11799 |
| **6/30/2023** | $12754 | $13118 | $11917 |
| **7/31/2023** | $12789 | $13190 | $11964 |
| **8/31/2023** | $12634 | $12994 | $11792 |
| **9/30/2023** | $12220 | $12577 | $11446 |
| **10/31/2023** | $11942 | $12413 | $11349 |
| **11/30/2023** | $12762 | $13305 | $12069 |
| **12/31/2023** | $13119 | $13669 | $12350 |
| **1/31/2024** | $13187 | $13603 | $12287 |
| **2/29/2024** | $13283 | $13674 | $12303 |
| **3/31/2024** | $13366 | $13771 | $12302 |
| **4/30/2024** | $13212 | $13652 | $12150 |
| **5/31/2024** | $13294 | $13698 | $12114 |
| **6/30/2024** | $13602 | $13983 | $12300 |
| **7/31/2024** | $13707 | $14126 | $12412 |
| **8/31/2024** | $13819 | $14271 | $12510 |
| **9/30/2024** | $14002 | $14404 | $12633 |
| **10/31/2024** | $13854 | $14189 | $12449 |
| **11/30/2024** | $14050 | $14470 | $12664 |
| **12/31/2024** | $13872 | $14241 | $12480 |
| **1/31/2025** | $13938 | $14334 | $12542 |
| **2/28/2025** | $14079 | $14498 | $12667 |
| **3/31/2025** | $13870 | $14298 | $12452 |
| **4/30/2025** | $13602 | $14099 | $12352 |
| **5/31/2025** | $13537 | $14109 | $12360 |
| **6/30/2025** | $13592 | $14193 | $12437 |

---

# High Yield Municipal Bond Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>Footnote Reference\*</sup> | (0.08) | 1.79 | 3.12 |
| High Yield Municipal Bond Blended Index<sup>Footnote Reference†</sup> | 1.50 | 2.09 | 3.56 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Historical performance shown for the Class R6 shares prior to their inception on July 31, 2018 reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. The High Yield Municipal Bond Blended Index is composed 60% of the Bloomberg High Yield Municipal Bond Index and 40% of the Bloomberg Municipal Bond Index. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $195093854 |
| # of portfolio holdings | 197 |
| Portfolio turnover rate | 15% |
| Total advisory fees paid | $674282 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AA/Aa | 3.0 |
| A/A | 10.5 |
| BBB/Baa | 28.5 |
| BB/Ba | 11.3 |
| B/B | 1.9 |
| CCC/Caa and below | 0.7 |
| Not Rated | 44.1 |

---

---

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

---

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

---

| | |
|:---|:---|
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series A-1, 5.00%, 7-1-2058 | 1.4 |
| New Hope Cultural Education Facilities Finance Corp. Bella Vida Forefront Living Obligated Group Series A, 6.50%, 10-1-2055 | 1.1 |
| MIDA Mountain Veterans Program Public Infrastructure District, 5.20%, 6-1-2054 | 1.1 |
| Shelby County Health & Educational Facilities Board Madrone Memphis Student Housing I LLC Series A1, 5.25%, 6-1-2056 | 1.1 |
| Louisiana PFA Calcasieu Bridge Partners LLC AMT, 5.75%, 9-1-2064 | 1.1 |
| Build NYC Resource Corp. South Bronx Charter School For International Cultures & The Arts Series A, 7.00%, 4-15-2053 | 1 |
| Indiana Finance Authority Methodist Hospitals, Inc. Obligated Group Series A, 5.50%, 9-15-2044 | 1 |
| New York Transportation Development Corp. JFK NTO LLC AMT, 5.50%, 6-30-2054 | 1 |
| City of New York Series 3, 3.90%, 4-1-2042 | 1 |
| Aerotropolis Regional Transportation Authority, 5.75%, 12-1-2054 | 1 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 2.8 |
| 1-3 years | 1 |
| 3-5 years | 1.8 |
| 5-10 years | 3.2 |
| 10-20 years | 15.1 |
| 20-30 years | 65.8 |
| 30+ years | 10.3 |

---

Significant fund changes

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

Effective April 29, 2025, Nicholas Venditti, CFA was added as a portfolio manager to the Fund.

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

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

#### AR4808 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# High Yield Municipal Bond Fund

# Class C

# WHYCX
This annual shareholder report contains important information about High Yield Municipal Bond Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $154 | 1.55% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributor to Fund performance was sector allocation, while our long duration and yield curve positioning detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g48d90.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **High Yield Municipal Bond Blended Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10062 | $9997 | $10072 |
| **8/31/2015** | $10056 | $10029 | $10092 |
| **9/30/2015** | $10139 | $10186 | $10165 |
| **10/31/2015** | $10202 | $10277 | $10206 |
| **11/30/2015** | $10274 | $10318 | $10246 |
| **12/31/2015** | $10392 | $10356 | $10318 |
| **1/31/2016** | $10493 | $10441 | $10441 |
| **2/29/2016** | $10496 | $10516 | $10458 |
| **3/31/2016** | $10555 | $10596 | $10491 |
| **4/30/2016** | $10646 | $10666 | $10568 |
| **5/31/2016** | $10714 | $10762 | $10597 |
| **6/30/2016** | $10862 | $11031 | $10765 |
| **7/31/2016** | $10861 | $11077 | $10772 |
| **8/31/2016** | $10892 | $11107 | $10786 |
| **9/30/2016** | $10855 | $11102 | $10733 |
| **10/31/2016** | $10748 | $10973 | $10620 |
| **11/30/2016** | $10212 | $10417 | $10224 |
| **12/31/2016** | $10274 | $10553 | $10344 |
| **1/31/2017** | $10270 | $10669 | $10412 |
| **2/28/2017** | $10359 | $10852 | $10484 |
| **3/31/2017** | $10446 | $10876 | $10507 |
| **4/30/2017** | $10545 | $10952 | $10583 |
| **5/31/2017** | $10704 | $11122 | $10751 |
| **6/30/2017** | $10699 | $11091 | $10713 |
| **7/31/2017** | $10786 | $11171 | $10799 |
| **8/31/2017** | $10914 | $11297 | $10882 |
| **9/30/2017** | $10919 | $11238 | $10826 |
| **10/31/2017** | $10956 | $11267 | $10853 |
| **11/30/2017** | $10953 | $11260 | $10795 |
| **12/31/2017** | $11086 | $11395 | $10907 |
| **1/31/2018** | $11043 | $11277 | $10779 |
| **2/28/2018** | $11022 | $11269 | $10747 |
| **3/31/2018** | $11094 | $11384 | $10787 |
| **4/30/2018** | $11104 | $11399 | $10748 |
| **5/31/2018** | $11239 | $11594 | $10871 |
| **6/30/2018** | $11267 | $11632 | $10880 |
| **7/31/2018** | $11316 | $11668 | $10907 |
| **8/31/2018** | $11344 | $11736 | $10935 |
| **9/30/2018** | $11317 | $11678 | $10864 |
| **10/31/2018** | $11244 | $11562 | $10797 |
| **11/30/2018** | $11296 | $11662 | $10917 |
| **12/31/2018** | $11388 | $11778 | $11047 |
| **1/31/2019** | $11448 | $11861 | $11131 |
| **2/28/2019** | $11522 | $11924 | $11190 |
| **3/31/2019** | $11704 | $12185 | $11367 |
| **4/30/2019** | $11778 | $12244 | $11410 |
| **5/31/2019** | $11950 | $12431 | $11567 |
| **6/30/2019** | $12015 | $12488 | $11610 |
| **7/31/2019** | $12101 | $12575 | $11704 |
| **8/31/2019** | $12298 | $12836 | $11888 |
| **9/30/2019** | $12265 | $12779 | $11793 |
| **10/31/2019** | $12286 | $12805 | $11814 |
| **11/30/2019** | $12319 | $12848 | $11844 |
| **12/31/2019** | $12351 | $12886 | $11880 |
| **1/31/2020** | $12528 | $13169 | $12093 |
| **2/29/2020** | $12706 | $13404 | $12249 |
| **3/31/2020** | $11499 | $12325 | $11805 |
| **4/30/2020** | $11163 | $12014 | $11657 |
| **5/31/2020** | $11479 | $12461 | $12028 |
| **6/30/2020** | $11820 | $12798 | $12126 |
| **7/31/2020** | $12056 | $13093 | $12331 |
| **8/31/2020** | $12077 | $13089 | $12273 |
| **9/30/2020** | $12087 | $13098 | $12275 |
| **10/31/2020** | $12097 | $13096 | $12239 |
| **11/30/2020** | $12336 | $13364 | $12423 |
| **12/31/2020** | $12507 | $13546 | $12499 |
| **1/31/2021** | $12640 | $13750 | $12579 |
| **2/28/2021** | $12461 | $13577 | $12379 |
| **3/31/2021** | $12572 | $13698 | $12455 |
| **4/30/2021** | $12738 | $13865 | $12560 |
| **5/31/2021** | $12860 | $13977 | $12597 |
| **6/30/2021** | $13019 | $14099 | $12632 |
| **7/31/2021** | $13131 | $14247 | $12736 |
| **8/31/2021** | $13090 | $14212 | $12690 |
| **9/30/2021** | $12980 | $14116 | $12598 |
| **10/31/2021** | $12880 | $14065 | $12561 |
| **11/30/2021** | $13027 | $14223 | $12668 |
| **12/31/2021** | $13032 | $14255 | $12689 |
| **1/31/2022** | $12730 | $13859 | $12341 |
| **2/28/2022** | $12558 | $13820 | $12297 |
| **3/31/2022** | $12114 | $13341 | $11898 |
| **4/30/2022** | $11704 | $12909 | $11569 |
| **5/31/2022** | $11877 | $13071 | $11741 |
| **6/30/2022** | $11521 | $12735 | $11549 |
| **7/31/2022** | $11912 | $13155 | $11854 |
| **8/31/2022** | $11678 | $12864 | $11594 |
| **9/30/2022** | $11128 | $12191 | $11149 |
| **10/31/2022** | $10929 | $12000 | $11057 |
| **11/30/2022** | $11450 | $12644 | $11574 |
| **12/31/2022** | $11385 | $12646 | $11607 |
| **1/31/2023** | $11748 | $13128 | $11940 |
| **2/28/2023** | $11488 | $12762 | $11670 |
| **3/31/2023** | $11631 | $12995 | $11929 |
| **4/30/2023** | $11676 | $13028 | $11902 |
| **5/31/2023** | $11611 | $12928 | $11799 |
| **6/30/2023** | $11744 | $13118 | $11917 |
| **7/31/2023** | $11761 | $13190 | $11964 |
| **8/31/2023** | $11628 | $12994 | $11792 |
| **9/30/2023** | $11243 | $12577 | $11446 |
| **10/31/2023** | $10983 | $12413 | $11349 |
| **11/30/2023** | $11736 | $13305 | $12069 |
| **12/31/2023** | $12062 | $13669 | $12350 |
| **1/31/2024** | $12121 | $13603 | $12287 |
| **2/29/2024** | $12207 | $13674 | $12303 |
| **3/31/2024** | $12281 | $13771 | $12302 |
| **4/30/2024** | $12135 | $13652 | $12150 |
| **5/31/2024** | $12208 | $13698 | $12114 |
| **6/30/2024** | $12475 | $13983 | $12300 |
| **7/31/2024** | $12582 | $14126 | $12412 |
| **8/31/2024** | $12681 | $14271 | $12510 |
| **9/30/2024** | $12846 | $14404 | $12633 |
| **10/31/2024** | $12693 | $14189 | $12449 |
| **11/30/2024** | $12884 | $14470 | $12664 |
| **12/31/2024** | $12717 | $14241 | $12480 |
| **1/31/2025** | $12774 | $14334 | $12542 |
| **2/28/2025** | $12914 | $14498 | $12667 |
| **3/31/2025** | $12706 | $14298 | $12452 |
| **4/30/2025** | $12457 | $14099 | $12352 |
| **5/31/2025** | $12394 | $14109 | $12360 |
| **6/30/2025** | $12455 | $14193 | $12437 |

---

# High Yield Municipal Bond Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | (0.92) | 0.75 | 2.22 |
| Class C with Load | (1.92) | 0.75 | 2.22 |
| High Yield Municipal Bond Blended Index<sup>Footnote Reference\*</sup> | 1.50 | 2.09 | 3.56 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. The High Yield Municipal Bond Blended Index is composed 60% of the Bloomberg High Yield Municipal Bond Index and 40% of the Bloomberg Municipal Bond Index. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $195093854 |
| # of portfolio holdings | 197 |
| Portfolio turnover rate | 15% |
| Total advisory fees paid | $674282 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AA/Aa | 3.0 |
| A/A | 10.5 |
| BBB/Baa | 28.5 |
| BB/Ba | 11.3 |
| B/B | 1.9 |
| CCC/Caa and below | 0.7 |
| Not Rated | 44.1 |

---

---

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

---

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

---

| | |
|:---|:---|
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series A-1, 5.00%, 7-1-2058 | 1.4 |
| New Hope Cultural Education Facilities Finance Corp. Bella Vida Forefront Living Obligated Group Series A, 6.50%, 10-1-2055 | 1.1 |
| MIDA Mountain Veterans Program Public Infrastructure District, 5.20%, 6-1-2054 | 1.1 |
| Shelby County Health & Educational Facilities Board Madrone Memphis Student Housing I LLC Series A1, 5.25%, 6-1-2056 | 1.1 |
| Louisiana PFA Calcasieu Bridge Partners LLC AMT, 5.75%, 9-1-2064 | 1.1 |
| Build NYC Resource Corp. South Bronx Charter School For International Cultures & The Arts Series A, 7.00%, 4-15-2053 | 1 |
| Indiana Finance Authority Methodist Hospitals, Inc. Obligated Group Series A, 5.50%, 9-15-2044 | 1 |
| New York Transportation Development Corp. JFK NTO LLC AMT, 5.50%, 6-30-2054 | 1 |
| City of New York Series 3, 3.90%, 4-1-2042 | 1 |
| Aerotropolis Regional Transportation Authority, 5.75%, 12-1-2054 | 1 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 2.8 |
| 1-3 years | 1 |
| 3-5 years | 1.8 |
| 5-10 years | 3.2 |
| 10-20 years | 15.1 |
| 20-30 years | 65.8 |
| 30+ years | 10.3 |

---

Significant fund changes

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

Effective April 29, 2025, Nicholas Venditti, CFA was added as a portfolio manager to the Fund.

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

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

#### AR3556 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# High Yield Municipal Bond Fund

# Class A

# WHYMX
This annual shareholder report contains important information about High Yield Municipal Bond Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $79 | 0.79% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributor to Fund performance was sector allocation, while our long duration and yield curve positioning detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g76i88.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **High Yield Municipal Bond Blended Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $9548 | $10000 | $10000 |
| **7/31/2015** | $9603 | $9997 | $10072 |
| **8/31/2015** | $9604 | $10029 | $10092 |
| **9/30/2015** | $9689 | $10186 | $10165 |
| **10/31/2015** | $9765 | $10277 | $10206 |
| **11/30/2015** | $9840 | $10318 | $10246 |
| **12/31/2015** | $9959 | $10356 | $10318 |
| **1/31/2016** | $10062 | $10441 | $10441 |
| **2/29/2016** | $10071 | $10516 | $10458 |
| **3/31/2016** | $10134 | $10596 | $10491 |
| **4/30/2016** | $10219 | $10666 | $10568 |
| **5/31/2016** | $10300 | $10762 | $10597 |
| **6/30/2016** | $10449 | $11031 | $10765 |
| **7/31/2016** | $10454 | $11077 | $10772 |
| **8/31/2016** | $10491 | $11107 | $10786 |
| **9/30/2016** | $10461 | $11102 | $10733 |
| **10/31/2016** | $10356 | $10973 | $10620 |
| **11/30/2016** | $9854 | $10417 | $10224 |
| **12/31/2016** | $9920 | $10553 | $10344 |
| **1/31/2017** | $9923 | $10669 | $10412 |
| **2/28/2017** | $10014 | $10852 | $10484 |
| **3/31/2017** | $10106 | $10876 | $10507 |
| **4/30/2017** | $10207 | $10952 | $10583 |
| **5/31/2017** | $10358 | $11122 | $10751 |
| **6/30/2017** | $10369 | $11091 | $10713 |
| **7/31/2017** | $10460 | $11171 | $10799 |
| **8/31/2017** | $10591 | $11297 | $10882 |
| **9/30/2017** | $10602 | $11238 | $10826 |
| **10/31/2017** | $10645 | $11267 | $10853 |
| **11/30/2017** | $10649 | $11260 | $10795 |
| **12/31/2017** | $10785 | $11395 | $10907 |
| **1/31/2018** | $10740 | $11277 | $10779 |
| **2/28/2018** | $10735 | $11269 | $10747 |
| **3/31/2018** | $10813 | $11384 | $10787 |
| **4/30/2018** | $10829 | $11399 | $10748 |
| **5/31/2018** | $10967 | $11594 | $10871 |
| **6/30/2018** | $11002 | $11632 | $10880 |
| **7/31/2018** | $11057 | $11668 | $10907 |
| **8/31/2018** | $11091 | $11736 | $10935 |
| **9/30/2018** | $11071 | $11678 | $10864 |
| **10/31/2018** | $11007 | $11562 | $10797 |
| **11/30/2018** | $11064 | $11662 | $10917 |
| **12/31/2018** | $11162 | $11778 | $11047 |
| **1/31/2019** | $11228 | $11861 | $11131 |
| **2/28/2019** | $11307 | $11924 | $11190 |
| **3/31/2019** | $11492 | $12185 | $11367 |
| **4/30/2019** | $11572 | $12244 | $11410 |
| **5/31/2019** | $11749 | $12431 | $11567 |
| **6/30/2019** | $11820 | $12488 | $11610 |
| **7/31/2019** | $11902 | $12575 | $11704 |
| **8/31/2019** | $12114 | $12836 | $11888 |
| **9/30/2019** | $12088 | $12779 | $11793 |
| **10/31/2019** | $12117 | $12805 | $11814 |
| **11/30/2019** | $12157 | $12848 | $11844 |
| **12/31/2019** | $12196 | $12886 | $11880 |
| **1/31/2020** | $12379 | $13169 | $12093 |
| **2/29/2020** | $12562 | $13404 | $12249 |
| **3/31/2020** | $11376 | $12325 | $11805 |
| **4/30/2020** | $11050 | $12014 | $11657 |
| **5/31/2020** | $11371 | $12461 | $12028 |
| **6/30/2020** | $11716 | $12798 | $12126 |
| **7/31/2020** | $11957 | $13093 | $12331 |
| **8/31/2020** | $11974 | $13089 | $12273 |
| **9/30/2020** | $12004 | $13098 | $12275 |
| **10/31/2020** | $12021 | $13096 | $12239 |
| **11/30/2020** | $12266 | $13364 | $12423 |
| **12/31/2020** | $12432 | $13546 | $12499 |
| **1/31/2021** | $12584 | $13750 | $12579 |
| **2/28/2021** | $12402 | $13577 | $12379 |
| **3/31/2021** | $12520 | $13698 | $12455 |
| **4/30/2021** | $12706 | $13865 | $12560 |
| **5/31/2021** | $12835 | $13977 | $12597 |
| **6/30/2021** | $13002 | $14099 | $12632 |
| **7/31/2021** | $13122 | $14247 | $12736 |
| **8/31/2021** | $13090 | $14212 | $12690 |
| **9/30/2021** | $12976 | $14116 | $12598 |
| **10/31/2021** | $12896 | $14065 | $12561 |
| **11/30/2021** | $13051 | $14223 | $12668 |
| **12/31/2021** | $13065 | $14255 | $12689 |
| **1/31/2022** | $12757 | $13859 | $12341 |
| **2/28/2022** | $12604 | $13820 | $12297 |
| **3/31/2022** | $12167 | $13341 | $11898 |
| **4/30/2022** | $11762 | $12909 | $11569 |
| **5/31/2022** | $11943 | $13071 | $11741 |
| **6/30/2022** | $11592 | $12735 | $11549 |
| **7/31/2022** | $11994 | $13155 | $11854 |
| **8/31/2022** | $11766 | $12864 | $11594 |
| **9/30/2022** | $11219 | $12191 | $11149 |
| **10/31/2022** | $11025 | $12000 | $11057 |
| **11/30/2022** | $11557 | $12644 | $11574 |
| **12/31/2022** | $11499 | $12646 | $11607 |
| **1/31/2023** | $11874 | $13128 | $11940 |
| **2/28/2023** | $11617 | $12762 | $11670 |
| **3/31/2023** | $11770 | $12995 | $11929 |
| **4/30/2023** | $11822 | $13028 | $11902 |
| **5/31/2023** | $11763 | $12928 | $11799 |
| **6/30/2023** | $11906 | $13118 | $11917 |
| **7/31/2023** | $11923 | $13190 | $11964 |
| **8/31/2023** | $11788 | $12994 | $11792 |
| **9/30/2023** | $11398 | $12577 | $11446 |
| **10/31/2023** | $11134 | $12413 | $11349 |
| **11/30/2023** | $11898 | $13305 | $12069 |
| **12/31/2023** | $12228 | $13669 | $12350 |
| **1/31/2024** | $12288 | $13603 | $12287 |
| **2/29/2024** | $12376 | $13674 | $12303 |
| **3/31/2024** | $12450 | $13771 | $12302 |
| **4/30/2024** | $12302 | $13652 | $12150 |
| **5/31/2024** | $12376 | $13698 | $12114 |
| **6/30/2024** | $12647 | $13983 | $12300 |
| **7/31/2024** | $12755 | $14126 | $12412 |
| **8/31/2024** | $12855 | $14271 | $12510 |
| **9/30/2024** | $13023 | $14404 | $12633 |
| **10/31/2024** | $12868 | $14189 | $12449 |
| **11/30/2024** | $13061 | $14470 | $12664 |
| **12/31/2024** | $12892 | $14241 | $12480 |
| **1/31/2025** | $12950 | $14334 | $12542 |
| **2/28/2025** | $13092 | $14498 | $12667 |
| **3/31/2025** | $12881 | $14298 | $12452 |
| **4/30/2025** | $12628 | $14099 | $12352 |
| **5/31/2025** | $12565 | $14109 | $12360 |
| **6/30/2025** | $12626 | $14193 | $12437 |

---

# High Yield Municipal Bond Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | (0.16) | 1.51 | 2.83 |
| Class A with Load | (4.65) | 0.58 | 2.36 |
| High Yield Municipal Bond Blended Index<sup>Footnote Reference\*</sup> | 1.50 | 2.09 | 3.56 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. The High Yield Municipal Bond Blended Index is composed 60% of the Bloomberg High Yield Municipal Bond Index and 40% of the Bloomberg Municipal Bond Index. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $195093854 |
| # of portfolio holdings | 197 |
| Portfolio turnover rate | 15% |
| Total advisory fees paid | $674282 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AA/Aa | 3.0 |
| A/A | 10.5 |
| BBB/Baa | 28.5 |
| BB/Ba | 11.3 |
| B/B | 1.9 |
| CCC/Caa and below | 0.7 |
| Not Rated | 44.1 |

---

---

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

---

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

---

| | |
|:---|:---|
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series A-1, 5.00%, 7-1-2058 | 1.4 |
| New Hope Cultural Education Facilities Finance Corp. Bella Vida Forefront Living Obligated Group Series A, 6.50%, 10-1-2055 | 1.1 |
| MIDA Mountain Veterans Program Public Infrastructure District, 5.20%, 6-1-2054 | 1.1 |
| Shelby County Health & Educational Facilities Board Madrone Memphis Student Housing I LLC Series A1, 5.25%, 6-1-2056 | 1.1 |
| Louisiana PFA Calcasieu Bridge Partners LLC AMT, 5.75%, 9-1-2064 | 1.1 |
| Build NYC Resource Corp. South Bronx Charter School For International Cultures & The Arts Series A, 7.00%, 4-15-2053 | 1 |
| Indiana Finance Authority Methodist Hospitals, Inc. Obligated Group Series A, 5.50%, 9-15-2044 | 1 |
| New York Transportation Development Corp. JFK NTO LLC AMT, 5.50%, 6-30-2054 | 1 |
| City of New York Series 3, 3.90%, 4-1-2042 | 1 |
| Aerotropolis Regional Transportation Authority, 5.75%, 12-1-2054 | 1 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 2.8 |
| 1-3 years | 1 |
| 3-5 years | 1.8 |
| 5-10 years | 3.2 |
| 10-20 years | 15.1 |
| 20-30 years | 65.8 |
| 30+ years | 10.3 |

---

Significant fund changes

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

Effective April 29, 2025, Nicholas Venditti, CFA was added as a portfolio manager to the Fund.

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

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

#### AR3364 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# High Yield Municipal Bond Fund

# Administrator Class

# WHYDX
This annual shareholder report contains important information about High Yield Municipal Bond Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $68 | 0.68% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributor to Fund performance was sector allocation, while our long duration and yield curve positioning detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g59g94.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrator Class** | **High Yield Municipal Bond Blended Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10069 | $9997 | $10072 |
| **8/31/2015** | $10071 | $10029 | $10092 |
| **9/30/2015** | $10160 | $10186 | $10165 |
| **10/31/2015** | $10231 | $10277 | $10206 |
| **11/30/2015** | $10311 | $10318 | $10246 |
| **12/31/2015** | $10436 | $10356 | $10318 |
| **1/31/2016** | $10555 | $10441 | $10441 |
| **2/29/2016** | $10555 | $10516 | $10458 |
| **3/31/2016** | $10623 | $10596 | $10491 |
| **4/30/2016** | $10722 | $10666 | $10568 |
| **5/31/2016** | $10798 | $10762 | $10597 |
| **6/30/2016** | $10965 | $11031 | $10765 |
| **7/31/2016** | $10961 | $11077 | $10772 |
| **8/31/2016** | $11001 | $11107 | $10786 |
| **9/30/2016** | $10981 | $11102 | $10733 |
| **10/31/2016** | $10871 | $10973 | $10620 |
| **11/30/2016** | $10335 | $10417 | $10224 |
| **12/31/2016** | $10406 | $10553 | $10344 |
| **1/31/2017** | $10420 | $10669 | $10412 |
| **2/28/2017** | $10506 | $10852 | $10484 |
| **3/31/2017** | $10603 | $10876 | $10507 |
| **4/30/2017** | $10710 | $10952 | $10583 |
| **5/31/2017** | $10880 | $11122 | $10751 |
| **6/30/2017** | $10882 | $11091 | $10713 |
| **7/31/2017** | $10978 | $11171 | $10799 |
| **8/31/2017** | $11117 | $11297 | $10882 |
| **9/30/2017** | $11129 | $11238 | $10826 |
| **10/31/2017** | $11175 | $11267 | $10853 |
| **11/30/2017** | $11180 | $11260 | $10795 |
| **12/31/2017** | $11335 | $11395 | $10907 |
| **1/31/2018** | $11288 | $11277 | $10779 |
| **2/28/2018** | $11274 | $11269 | $10747 |
| **3/31/2018** | $11356 | $11384 | $10787 |
| **4/30/2018** | $11374 | $11399 | $10748 |
| **5/31/2018** | $11521 | $11594 | $10871 |
| **6/30/2018** | $11558 | $11632 | $10880 |
| **7/31/2018** | $11617 | $11668 | $10907 |
| **8/31/2018** | $11664 | $11736 | $10935 |
| **9/30/2018** | $11634 | $11678 | $10864 |
| **10/31/2018** | $11567 | $11562 | $10797 |
| **11/30/2018** | $11628 | $11662 | $10917 |
| **12/31/2018** | $11732 | $11778 | $11047 |
| **1/31/2019** | $11802 | $11861 | $11131 |
| **2/28/2019** | $11886 | $11924 | $11190 |
| **3/31/2019** | $12082 | $12185 | $11367 |
| **4/30/2019** | $12178 | $12244 | $11410 |
| **5/31/2019** | $12354 | $12431 | $11567 |
| **6/30/2019** | $12441 | $12488 | $11610 |
| **7/31/2019** | $12528 | $12575 | $11704 |
| **8/31/2019** | $12752 | $12836 | $11888 |
| **9/30/2019** | $12726 | $12779 | $11793 |
| **10/31/2019** | $12746 | $12805 | $11814 |
| **11/30/2019** | $12789 | $12848 | $11844 |
| **12/31/2019** | $12832 | $12886 | $11880 |
| **1/31/2020** | $13025 | $13169 | $12093 |
| **2/29/2020** | $13219 | $13404 | $12249 |
| **3/31/2020** | $11972 | $12325 | $11805 |
| **4/30/2020** | $11630 | $12014 | $11657 |
| **5/31/2020** | $11968 | $12461 | $12028 |
| **6/30/2020** | $12332 | $12798 | $12126 |
| **7/31/2020** | $12599 | $13093 | $12331 |
| **8/31/2020** | $12618 | $13089 | $12273 |
| **9/30/2020** | $12638 | $13098 | $12275 |
| **10/31/2020** | $12658 | $13096 | $12239 |
| **11/30/2020** | $12917 | $13364 | $12423 |
| **12/31/2020** | $13105 | $13546 | $12499 |
| **1/31/2021** | $13254 | $13750 | $12579 |
| **2/28/2021** | $13076 | $13577 | $12379 |
| **3/31/2021** | $13201 | $13698 | $12455 |
| **4/30/2021** | $13386 | $13865 | $12560 |
| **5/31/2021** | $13524 | $13977 | $12597 |
| **6/30/2021** | $13700 | $14099 | $12632 |
| **7/31/2021** | $13840 | $14247 | $12736 |
| **8/31/2021** | $13796 | $14212 | $12690 |
| **9/30/2021** | $13689 | $14116 | $12598 |
| **10/31/2021** | $13607 | $14065 | $12561 |
| **11/30/2021** | $13759 | $14223 | $12668 |
| **12/31/2021** | $13787 | $14255 | $12689 |
| **1/31/2022** | $13464 | $13859 | $12341 |
| **2/28/2022** | $13304 | $13820 | $12297 |
| **3/31/2022** | $12844 | $13341 | $11898 |
| **4/30/2022** | $12405 | $12909 | $11569 |
| **5/31/2022** | $12598 | $13071 | $11741 |
| **6/30/2022** | $12241 | $12735 | $11549 |
| **7/31/2022** | $12654 | $13155 | $11854 |
| **8/31/2022** | $12414 | $12864 | $11594 |
| **9/30/2022** | $11839 | $12191 | $11149 |
| **10/31/2022** | $11635 | $12000 | $11057 |
| **11/30/2022** | $12198 | $12644 | $11574 |
| **12/31/2022** | $12151 | $12646 | $11607 |
| **1/31/2023** | $12534 | $13128 | $11940 |
| **2/28/2023** | $12264 | $12762 | $11670 |
| **3/31/2023** | $12426 | $12995 | $11929 |
| **4/30/2023** | $12483 | $13028 | $11902 |
| **5/31/2023** | $12422 | $12928 | $11799 |
| **6/30/2023** | $12573 | $13118 | $11917 |
| **7/31/2023** | $12606 | $13190 | $11964 |
| **8/31/2023** | $12464 | $12994 | $11792 |
| **9/30/2023** | $12039 | $12577 | $11446 |
| **10/31/2023** | $11762 | $12413 | $11349 |
| **11/30/2023** | $12570 | $13305 | $12069 |
| **12/31/2023** | $12920 | $13669 | $12350 |
| **1/31/2024** | $12998 | $13603 | $12287 |
| **2/29/2024** | $13078 | $13674 | $12303 |
| **3/31/2024** | $13158 | $13771 | $12302 |
| **4/30/2024** | $13003 | $13652 | $12150 |
| **5/31/2024** | $13082 | $13698 | $12114 |
| **6/30/2024** | $13383 | $13983 | $12300 |
| **7/31/2024** | $13484 | $14126 | $12412 |
| **8/31/2024** | $13592 | $14271 | $12510 |
| **9/30/2024** | $13770 | $14404 | $12633 |
| **10/31/2024** | $13622 | $14189 | $12449 |
| **11/30/2024** | $13813 | $14470 | $12664 |
| **12/31/2024** | $13635 | $14241 | $12480 |
| **1/31/2025** | $13697 | $14334 | $12542 |
| **2/28/2025** | $13849 | $14498 | $12667 |
| **3/31/2025** | $13627 | $14298 | $12452 |
| **4/30/2025** | $13375 | $14099 | $12352 |
| **5/31/2025** | $13310 | $14109 | $12360 |
| **6/30/2025** | $13362 | $14193 | $12437 |

---

# High Yield Municipal Bond Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | (0.16) | 1.62 | 2.94 |
| High Yield Municipal Bond Blended Index<sup>Footnote Reference\*</sup> | 1.50 | 2.09 | 3.56 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. The High Yield Municipal Bond Blended Index is composed 60% of the Bloomberg High Yield Municipal Bond Index and 40% of the Bloomberg Municipal Bond Index. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $195093854 |
| # of portfolio holdings | 197 |
| Portfolio turnover rate | 15% |
| Total advisory fees paid | $674282 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AA/Aa | 3.0 |
| A/A | 10.5 |
| BBB/Baa | 28.5 |
| BB/Ba | 11.3 |
| B/B | 1.9 |
| CCC/Caa and below | 0.7 |
| Not Rated | 44.1 |

---

---

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

---

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

---

| | |
|:---|:---|
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series A-1, 5.00%, 7-1-2058 | 1.4 |
| New Hope Cultural Education Facilities Finance Corp. Bella Vida Forefront Living Obligated Group Series A, 6.50%, 10-1-2055 | 1.1 |
| MIDA Mountain Veterans Program Public Infrastructure District, 5.20%, 6-1-2054 | 1.1 |
| Shelby County Health & Educational Facilities Board Madrone Memphis Student Housing I LLC Series A1, 5.25%, 6-1-2056 | 1.1 |
| Louisiana PFA Calcasieu Bridge Partners LLC AMT, 5.75%, 9-1-2064 | 1.1 |
| Build NYC Resource Corp. South Bronx Charter School For International Cultures & The Arts Series A, 7.00%, 4-15-2053 | 1 |
| Indiana Finance Authority Methodist Hospitals, Inc. Obligated Group Series A, 5.50%, 9-15-2044 | 1 |
| New York Transportation Development Corp. JFK NTO LLC AMT, 5.50%, 6-30-2054 | 1 |
| City of New York Series 3, 3.90%, 4-1-2042 | 1 |
| Aerotropolis Regional Transportation Authority, 5.75%, 12-1-2054 | 1 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 2.8 |
| 1-3 years | 1 |
| 3-5 years | 1.8 |
| 5-10 years | 3.2 |
| 10-20 years | 15.1 |
| 20-30 years | 65.8 |
| 30+ years | 10.3 |

---

Significant fund changes

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

Effective April 29, 2025, Nicholas Venditti, CFA was added as a portfolio manager to the Fund. At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025.

## 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

#### AR3772 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Intermediate Tax/AMT-Free Fund

# Institutional Class

# WITIX
This annual shareholder report contains important information about Intermediate Tax/AMT-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $35 | 0.35% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributor to Fund performance was our allocation to credit while our duration positioning detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g19w73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond 1-15 Year Blend Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10055 | $10061 | $10072 |
| **8/31/2015** | $10058 | $10080 | $10092 |
| **9/30/2015** | $10133 | $10151 | $10165 |
| **10/31/2015** | $10172 | $10190 | $10206 |
| **11/30/2015** | $10211 | $10211 | $10246 |
| **12/31/2015** | $10285 | $10265 | $10318 |
| **1/31/2016** | $10386 | $10387 | $10441 |
| **2/29/2016** | $10381 | $10405 | $10458 |
| **3/31/2016** | $10411 | $10415 | $10491 |
| **4/30/2016** | $10477 | $10478 | $10568 |
| **5/31/2016** | $10480 | $10482 | $10597 |
| **6/30/2016** | $10626 | $10612 | $10765 |
| **7/31/2016** | $10629 | $10626 | $10772 |
| **8/31/2016** | $10633 | $10630 | $10786 |
| **9/30/2016** | $10592 | $10592 | $10733 |
| **10/31/2016** | $10514 | $10506 | $10620 |
| **11/30/2016** | $10122 | $10167 | $10224 |
| **12/31/2016** | $10207 | $10266 | $10344 |
| **1/31/2017** | $10248 | $10338 | $10412 |
| **2/28/2017** | $10299 | $10407 | $10484 |
| **3/31/2017** | $10321 | $10425 | $10507 |
| **4/30/2017** | $10408 | $10499 | $10583 |
| **5/31/2017** | $10541 | $10637 | $10751 |
| **6/30/2017** | $10509 | $10596 | $10713 |
| **7/31/2017** | $10586 | $10674 | $10799 |
| **8/31/2017** | $10683 | $10744 | $10882 |
| **9/30/2017** | $10650 | $10694 | $10826 |
| **10/31/2017** | $10655 | $10710 | $10853 |
| **11/30/2017** | $10604 | $10623 | $10795 |
| **12/31/2017** | $10683 | $10711 | $10907 |
| **1/31/2018** | $10595 | $10617 | $10779 |
| **2/28/2018** | $10563 | $10590 | $10747 |
| **3/31/2018** | $10577 | $10613 | $10787 |
| **4/30/2018** | $10554 | $10585 | $10748 |
| **5/31/2018** | $10653 | $10684 | $10871 |
| **6/30/2018** | $10658 | $10703 | $10880 |
| **7/31/2018** | $10682 | $10737 | $10907 |
| **8/31/2018** | $10697 | $10756 | $10935 |
| **9/30/2018** | $10646 | $10697 | $10864 |
| **10/31/2018** | $10595 | $10653 | $10797 |
| **11/30/2018** | $10706 | $10761 | $10917 |
| **12/31/2018** | $10807 | $10880 | $11047 |
| **1/31/2019** | $10898 | $10972 | $11131 |
| **2/28/2019** | $10962 | $11025 | $11190 |
| **3/31/2019** | $11082 | $11153 | $11367 |
| **4/30/2019** | $11107 | $11176 | $11410 |
| **5/31/2019** | $11246 | $11312 | $11567 |
| **6/30/2019** | $11290 | $11359 | $11610 |
| **7/31/2019** | $11372 | $11448 | $11704 |
| **8/31/2019** | $11511 | $11581 | $11888 |
| **9/30/2019** | $11428 | $11487 | $11793 |
| **10/31/2019** | $11442 | $11517 | $11814 |
| **11/30/2019** | $11456 | $11544 | $11844 |
| **12/31/2019** | $11488 | $11580 | $11880 |
| **1/31/2020** | $11666 | $11758 | $12093 |
| **2/29/2020** | $11796 | $11869 | $12249 |
| **3/31/2020** | $11368 | $11523 | $11805 |
| **4/30/2020** | $11253 | $11441 | $11657 |
| **5/31/2020** | $11532 | $11765 | $12028 |
| **6/30/2020** | $11625 | $11833 | $12126 |
| **7/31/2020** | $11776 | $11999 | $12331 |
| **8/31/2020** | $11769 | $11959 | $12273 |
| **9/30/2020** | $11773 | $11969 | $12275 |
| **10/31/2020** | $11756 | $11939 | $12239 |
| **11/30/2020** | $11881 | $12071 | $12423 |
| **12/31/2020** | $11965 | $12128 | $12499 |
| **1/31/2021** | $12041 | $12186 | $12579 |
| **2/28/2021** | $11895 | $12032 | $12379 |
| **3/31/2021** | $11949 | $12089 | $12455 |
| **4/30/2021** | $12042 | $12165 | $12560 |
| **5/31/2021** | $12076 | $12182 | $12597 |
| **6/30/2021** | $12110 | $12198 | $12632 |
| **7/31/2021** | $12185 | $12287 | $12736 |
| **8/31/2021** | $12159 | $12262 | $12690 |
| **9/30/2021** | $12081 | $12187 | $12598 |
| **10/31/2021** | $12063 | $12151 | $12561 |
| **11/30/2021** | $12127 | $12216 | $12668 |
| **12/31/2021** | $12140 | $12233 | $12689 |
| **1/31/2022** | $11856 | $11934 | $12341 |
| **2/28/2022** | $11789 | $11897 | $12297 |
| **3/31/2022** | $11495 | $11581 | $11898 |
| **4/30/2022** | $11262 | $11338 | $11569 |
| **5/31/2022** | $11391 | $11498 | $11741 |
| **6/30/2022** | $11282 | $11401 | $11549 |
| **7/31/2022** | $11505 | $11655 | $11854 |
| **8/31/2022** | $11323 | $11454 | $11594 |
| **9/30/2022** | $11036 | $11106 | $11149 |
| **10/31/2022** | $10999 | $11064 | $11057 |
| **11/30/2022** | $11342 | $11452 | $11574 |
| **12/31/2022** | $11390 | $11505 | $11607 |
| **1/31/2023** | $11628 | $11764 | $11940 |
| **2/28/2023** | $11425 | $11543 | $11670 |
| **3/31/2023** | $11612 | $11767 | $11929 |
| **4/30/2023** | $11609 | $11734 | $11902 |
| **5/31/2023** | $11522 | $11631 | $11799 |
| **6/30/2023** | $11605 | $11718 | $11917 |
| **7/31/2023** | $11625 | $11764 | $11964 |
| **8/31/2023** | $11548 | $11646 | $11792 |
| **9/30/2023** | $11321 | $11384 | $11446 |
| **10/31/2023** | $11233 | $11337 | $11349 |
| **11/30/2023** | $11751 | $11885 | $12069 |
| **12/31/2023** | $11968 | $12110 | $12350 |
| **1/31/2024** | $11956 | $12064 | $12287 |
| **2/29/2024** | $11976 | $12076 | $12303 |
| **3/31/2024** | $11985 | $12075 | $12302 |
| **4/30/2024** | $11896 | $11951 | $12150 |
| **5/31/2024** | $11861 | $11880 | $12114 |
| **6/30/2024** | $12014 | $12034 | $12300 |
| **7/31/2024** | $12101 | $12140 | $12412 |
| **8/31/2024** | $12188 | $12248 | $12510 |
| **9/30/2024** | $12298 | $12348 | $12633 |
| **10/31/2024** | $12163 | $12191 | $12449 |
| **11/30/2024** | $12318 | $12341 | $12664 |
| **12/31/2024** | $12205 | $12217 | $12480 |
| **1/31/2025** | $12271 | $12300 | $12542 |
| **2/28/2025** | $12371 | $12421 | $12667 |
| **3/31/2025** | $12235 | $12264 | $12452 |
| **4/30/2025** | $12166 | $12189 | $12352 |
| **5/31/2025** | $12187 | $12257 | $12360 |
| **6/30/2025** | $12277 | $12351 | $12437 |

---

# Intermediate Tax/AMT-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 2.19 | 1.1 | 2.07 |
| Bloomberg Municipal Bond 1-15 Year Blend Index | 2.63 | 0.86 | 2.13 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $908997970 |
| # of portfolio holdings | 525 |
| Portfolio turnover rate | 10% |
| Total advisory fees paid | $2203165 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 2.9 |
| AA/Aa | 32.3 |
| A/A | 37.7 |
| BBB/Baa | 18.3 |
| BB/Ba | 2.7 |
| B/B | 0.3 |
| Not Rated | 5.8 |

---

---

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

---

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

---

| | |
|:---|:---|
| Wisconsin HEFA Ascension Health Credit Group Series A, 4.00%, 11-15-2039 | 1.5 |
| Tohopekaliga Water Authority, 5.00%, 10-1-2025 | 1.3 |
| Bay Area Toll Authority Series A, 3.17%, 4-1-2036 | 1.1 |
| Town of Clayton, 5.00%, 11-1-2028 | 1 |
| Metropolitan Pier & Exposition Authority State of Illinois McCormick Place Expansion Project Fund Series A CAB, 0.00%, 6-15-2029 | 1 |
| Dallas Fort Worth International Airport Series B, 4.00%, 11-1-2045 | 0.9 |
| College Community School District Series A, 4.00%, 6-1-2042 | 0.8 |
| King County Public Hospital District No. 1, 5.00%, 12-1-2033 | 0.8 |
| South Carolina Public Service Authority Series E, 5.25%, 12-1-2036 | 0.8 |
| King County Public Hospital District No. 1, 5.00%, 12-1-2031 | 0.7 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 4.5 |
| 1-3 years | 7.1 |
| 3-5 years | 14.4 |
| 5-10 years | 34.9 |
| 10-20 years | 36.4 |
| 20-30 years | 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

#### AR3158 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Intermediate Tax/AMT-Free Fund

# Class R6

# WFRTX
This annual shareholder report contains important information about Intermediate Tax/AMT-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $30 | 0.30% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributor to Fund performance was our allocation to credit while our duration positioning detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g30p54.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg Municipal Bond 1-15 Year Blend Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10055 | $10061 | $10072 |
| **8/31/2015** | $10058 | $10080 | $10092 |
| **9/30/2015** | $10133 | $10151 | $10165 |
| **10/31/2015** | $10172 | $10190 | $10206 |
| **11/30/2015** | $10211 | $10211 | $10246 |
| **12/31/2015** | $10285 | $10265 | $10318 |
| **1/31/2016** | $10386 | $10387 | $10441 |
| **2/29/2016** | $10381 | $10405 | $10458 |
| **3/31/2016** | $10411 | $10415 | $10491 |
| **4/30/2016** | $10477 | $10478 | $10568 |
| **5/31/2016** | $10480 | $10482 | $10597 |
| **6/30/2016** | $10626 | $10612 | $10765 |
| **7/31/2016** | $10629 | $10626 | $10772 |
| **8/31/2016** | $10633 | $10630 | $10786 |
| **9/30/2016** | $10592 | $10592 | $10733 |
| **10/31/2016** | $10514 | $10506 | $10620 |
| **11/30/2016** | $10122 | $10167 | $10224 |
| **12/31/2016** | $10207 | $10266 | $10344 |
| **1/31/2017** | $10248 | $10338 | $10412 |
| **2/28/2017** | $10299 | $10407 | $10484 |
| **3/31/2017** | $10321 | $10425 | $10507 |
| **4/30/2017** | $10408 | $10499 | $10583 |
| **5/31/2017** | $10541 | $10637 | $10751 |
| **6/30/2017** | $10509 | $10596 | $10713 |
| **7/31/2017** | $10586 | $10674 | $10799 |
| **8/31/2017** | $10683 | $10744 | $10882 |
| **9/30/2017** | $10650 | $10694 | $10826 |
| **10/31/2017** | $10655 | $10710 | $10853 |
| **11/30/2017** | $10604 | $10623 | $10795 |
| **12/31/2017** | $10683 | $10711 | $10907 |
| **1/31/2018** | $10595 | $10617 | $10779 |
| **2/28/2018** | $10563 | $10590 | $10747 |
| **3/31/2018** | $10577 | $10613 | $10787 |
| **4/30/2018** | $10554 | $10585 | $10748 |
| **5/31/2018** | $10653 | $10684 | $10871 |
| **6/30/2018** | $10658 | $10703 | $10880 |
| **7/31/2018** | $10682 | $10737 | $10907 |
| **8/31/2018** | $10697 | $10756 | $10935 |
| **9/30/2018** | $10647 | $10697 | $10864 |
| **10/31/2018** | $10597 | $10653 | $10797 |
| **11/30/2018** | $10698 | $10761 | $10917 |
| **12/31/2018** | $10809 | $10880 | $11047 |
| **1/31/2019** | $10901 | $10972 | $11131 |
| **2/28/2019** | $10956 | $11025 | $11190 |
| **3/31/2019** | $11076 | $11153 | $11367 |
| **4/30/2019** | $11111 | $11176 | $11410 |
| **5/31/2019** | $11241 | $11312 | $11567 |
| **6/30/2019** | $11285 | $11359 | $11610 |
| **7/31/2019** | $11377 | $11448 | $11704 |
| **8/31/2019** | $11508 | $11581 | $11888 |
| **9/30/2019** | $11435 | $11487 | $11793 |
| **10/31/2019** | $11440 | $11517 | $11814 |
| **11/30/2019** | $11463 | $11544 | $11844 |
| **12/31/2019** | $11496 | $11580 | $11880 |
| **1/31/2020** | $11675 | $11758 | $12093 |
| **2/29/2020** | $11796 | $11869 | $12249 |
| **3/31/2020** | $11367 | $11523 | $11805 |
| **4/30/2020** | $11263 | $11441 | $11657 |
| **5/31/2020** | $11543 | $11765 | $12028 |
| **6/30/2020** | $11636 | $11833 | $12126 |
| **7/31/2020** | $11788 | $11999 | $12331 |
| **8/31/2020** | $11772 | $11959 | $12273 |
| **9/30/2020** | $11776 | $11969 | $12275 |
| **10/31/2020** | $11770 | $11939 | $12239 |
| **11/30/2020** | $11895 | $12071 | $12423 |
| **12/31/2020** | $11970 | $12128 | $12499 |
| **1/31/2021** | $12056 | $12186 | $12579 |
| **2/28/2021** | $11900 | $12032 | $12379 |
| **3/31/2021** | $11965 | $12089 | $12455 |
| **4/30/2021** | $12059 | $12165 | $12560 |
| **5/31/2021** | $12093 | $12182 | $12597 |
| **6/30/2021** | $12118 | $12198 | $12632 |
| **7/31/2021** | $12204 | $12287 | $12736 |
| **8/31/2021** | $12178 | $12262 | $12690 |
| **9/30/2021** | $12100 | $12187 | $12598 |
| **10/31/2021** | $12073 | $12151 | $12561 |
| **11/30/2021** | $12148 | $12216 | $12668 |
| **12/31/2021** | $12151 | $12233 | $12689 |
| **1/31/2022** | $11866 | $11934 | $12341 |
| **2/28/2022** | $11800 | $11897 | $12297 |
| **3/31/2022** | $11506 | $11581 | $11898 |
| **4/30/2022** | $11273 | $11338 | $11569 |
| **5/31/2022** | $11413 | $11498 | $11741 |
| **6/30/2022** | $11305 | $11401 | $11549 |
| **7/31/2022** | $11528 | $11655 | $11854 |
| **8/31/2022** | $11346 | $11454 | $11594 |
| **9/30/2022** | $11059 | $11106 | $11149 |
| **10/31/2022** | $11023 | $11064 | $11057 |
| **11/30/2022** | $11356 | $11452 | $11574 |
| **12/31/2022** | $11405 | $11505 | $11607 |
| **1/31/2023** | $11655 | $11764 | $11940 |
| **2/28/2023** | $11451 | $11543 | $11670 |
| **3/31/2023** | $11639 | $11767 | $11929 |
| **4/30/2023** | $11637 | $11734 | $11902 |
| **5/31/2023** | $11539 | $11631 | $11799 |
| **6/30/2023** | $11623 | $11718 | $11917 |
| **7/31/2023** | $11654 | $11764 | $11964 |
| **8/31/2023** | $11578 | $11646 | $11792 |
| **9/30/2023** | $11339 | $11384 | $11446 |
| **10/31/2023** | $11252 | $11337 | $11349 |
| **11/30/2023** | $11772 | $11885 | $12069 |
| **12/31/2023** | $12000 | $12110 | $12350 |
| **1/31/2024** | $11989 | $12064 | $12287 |
| **2/29/2024** | $11999 | $12076 | $12303 |
| **3/31/2024** | $12008 | $12075 | $12302 |
| **4/30/2024** | $11930 | $11951 | $12150 |
| **5/31/2024** | $11896 | $11880 | $12114 |
| **6/30/2024** | $12039 | $12034 | $12300 |
| **7/31/2024** | $12137 | $12140 | $12412 |
| **8/31/2024** | $12225 | $12248 | $12510 |
| **9/30/2024** | $12325 | $12348 | $12633 |
| **10/31/2024** | $12201 | $12191 | $12449 |
| **11/30/2024** | $12346 | $12341 | $12664 |
| **12/31/2024** | $12244 | $12217 | $12480 |
| **1/31/2025** | $12299 | $12300 | $12542 |
| **2/28/2025** | $12412 | $12421 | $12667 |
| **3/31/2025** | $12264 | $12264 | $12452 |
| **4/30/2025** | $12207 | $12189 | $12352 |
| **5/31/2025** | $12229 | $12257 | $12360 |
| **6/30/2025** | $12320 | $12351 | $12437 |

---

# Intermediate Tax/AMT-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>Footnote Reference\*</sup> | 2.33 | 1.15 | 2.11 |
| Bloomberg Municipal Bond 1-15 Year Blend Index | 2.63 | 0.86 | 2.13 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Historical performance shown for the Class R6 shares prior to their inception on July 31, 2018 reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $908997970 |
| # of portfolio holdings | 525 |
| Portfolio turnover rate | 10% |
| Total advisory fees paid | $2203165 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 2.9 |
| AA/Aa | 32.3 |
| A/A | 37.7 |
| BBB/Baa | 18.3 |
| BB/Ba | 2.7 |
| B/B | 0.3 |
| Not Rated | 5.8 |

---

---

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

---

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

---

| | |
|:---|:---|
| Wisconsin HEFA Ascension Health Credit Group Series A, 4.00%, 11-15-2039 | 1.5 |
| Tohopekaliga Water Authority, 5.00%, 10-1-2025 | 1.3 |
| Bay Area Toll Authority Series A, 3.17%, 4-1-2036 | 1.1 |
| Town of Clayton, 5.00%, 11-1-2028 | 1 |
| Metropolitan Pier & Exposition Authority State of Illinois McCormick Place Expansion Project Fund Series A CAB, 0.00%, 6-15-2029 | 1 |
| Dallas Fort Worth International Airport Series B, 4.00%, 11-1-2045 | 0.9 |
| College Community School District Series A, 4.00%, 6-1-2042 | 0.8 |
| King County Public Hospital District No. 1, 5.00%, 12-1-2033 | 0.8 |
| South Carolina Public Service Authority Series E, 5.25%, 12-1-2036 | 0.8 |
| King County Public Hospital District No. 1, 5.00%, 12-1-2031 | 0.7 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 4.5 |
| 1-3 years | 7.1 |
| 3-5 years | 14.4 |
| 5-10 years | 34.9 |
| 10-20 years | 36.4 |
| 20-30 years | 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

#### AR4809 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Intermediate Tax/AMT-Free Fund

# Class C

# WFTFX
This annual shareholder report contains important information about Intermediate Tax/AMT-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $143 | 1.42% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributor to Fund performance was our allocation to credit while our duration positioning detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g17n78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **Bloomberg Municipal Bond 1-15 Year Blend Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10046 | $10061 | $10072 |
| **8/31/2015** | $10041 | $10080 | $10092 |
| **9/30/2015** | $10107 | $10151 | $10165 |
| **10/31/2015** | $10137 | $10190 | $10206 |
| **11/30/2015** | $10177 | $10211 | $10246 |
| **12/31/2015** | $10233 | $10265 | $10318 |
| **1/31/2016** | $10325 | $10387 | $10441 |
| **2/29/2016** | $10312 | $10405 | $10458 |
| **3/31/2016** | $10342 | $10415 | $10491 |
| **4/30/2016** | $10390 | $10478 | $10568 |
| **5/31/2016** | $10393 | $10482 | $10597 |
| **6/30/2016** | $10520 | $10612 | $10765 |
| **7/31/2016** | $10514 | $10626 | $10772 |
| **8/31/2016** | $10518 | $10630 | $10786 |
| **9/30/2016** | $10469 | $10592 | $10733 |
| **10/31/2016** | $10383 | $10506 | $10620 |
| **11/30/2016** | $9987 | $10167 | $10224 |
| **12/31/2016** | $10062 | $10266 | $10344 |
| **1/31/2017** | $10094 | $10338 | $10412 |
| **2/28/2017** | $10128 | $10407 | $10484 |
| **3/31/2017** | $10150 | $10425 | $10507 |
| **4/30/2017** | $10227 | $10499 | $10583 |
| **5/31/2017** | $10340 | $10637 | $10751 |
| **6/30/2017** | $10309 | $10596 | $10713 |
| **7/31/2017** | $10367 | $10674 | $10799 |
| **8/31/2017** | $10453 | $10744 | $10882 |
| **9/30/2017** | $10413 | $10694 | $10826 |
| **10/31/2017** | $10417 | $10710 | $10853 |
| **11/30/2017** | $10349 | $10623 | $10795 |
| **12/31/2017** | $10427 | $10711 | $10907 |
| **1/31/2018** | $10323 | $10617 | $10779 |
| **2/28/2018** | $10284 | $10590 | $10747 |
| **3/31/2018** | $10298 | $10613 | $10787 |
| **4/30/2018** | $10267 | $10585 | $10748 |
| **5/31/2018** | $10346 | $10684 | $10871 |
| **6/30/2018** | $10342 | $10703 | $10880 |
| **7/31/2018** | $10365 | $10737 | $10907 |
| **8/31/2018** | $10371 | $10756 | $10935 |
| **9/30/2018** | $10314 | $10697 | $10864 |
| **10/31/2018** | $10256 | $10653 | $10797 |
| **11/30/2018** | $10345 | $10761 | $10917 |
| **12/31/2018** | $10443 | $10880 | $11047 |
| **1/31/2019** | $10523 | $10972 | $11131 |
| **2/28/2019** | $10567 | $11025 | $11190 |
| **3/31/2019** | $10674 | $11153 | $11367 |
| **4/30/2019** | $10698 | $11176 | $11410 |
| **5/31/2019** | $10814 | $11312 | $11567 |
| **6/30/2019** | $10847 | $11359 | $11610 |
| **7/31/2019** | $10917 | $11448 | $11704 |
| **8/31/2019** | $11042 | $11581 | $11888 |
| **9/30/2019** | $10953 | $11487 | $11793 |
| **10/31/2019** | $10957 | $11517 | $11814 |
| **11/30/2019** | $10961 | $11544 | $11844 |
| **12/31/2019** | $10982 | $11580 | $11880 |
| **1/31/2020** | $11143 | $11758 | $12093 |
| **2/29/2020** | $11259 | $11869 | $12249 |
| **3/31/2020** | $10840 | $11523 | $11805 |
| **4/30/2020** | $10722 | $11441 | $11657 |
| **5/31/2020** | $10989 | $11765 | $12028 |
| **6/30/2020** | $11058 | $11833 | $12126 |
| **7/31/2020** | $11193 | $11999 | $12331 |
| **8/31/2020** | $11177 | $11959 | $12273 |
| **9/30/2020** | $11171 | $11969 | $12275 |
| **10/31/2020** | $11146 | $11939 | $12239 |
| **11/30/2020** | $11264 | $12071 | $12423 |
| **12/31/2020** | $11325 | $12128 | $12499 |
| **1/31/2021** | $11397 | $12186 | $12579 |
| **2/28/2021** | $11240 | $12032 | $12379 |
| **3/31/2021** | $11291 | $12089 | $12455 |
| **4/30/2021** | $11370 | $12165 | $12560 |
| **5/31/2021** | $11392 | $12182 | $12597 |
| **6/30/2021** | $11406 | $12198 | $12632 |
| **7/31/2021** | $11467 | $12287 | $12736 |
| **8/31/2021** | $11442 | $12262 | $12690 |
| **9/30/2021** | $11359 | $12187 | $12598 |
| **10/31/2021** | $11323 | $12151 | $12561 |
| **11/30/2021** | $11374 | $12216 | $12668 |
| **12/31/2021** | $11377 | $12233 | $12689 |
| **1/31/2022** | $11099 | $11934 | $12341 |
| **2/28/2022** | $11029 | $11897 | $12297 |
| **3/31/2022** | $10743 | $11581 | $11898 |
| **4/30/2022** | $10517 | $11338 | $11569 |
| **5/31/2022** | $10638 | $11498 | $11741 |
| **6/30/2022** | $10528 | $11401 | $11549 |
| **7/31/2022** | $10717 | $11655 | $11854 |
| **8/31/2022** | $10548 | $11454 | $11594 |
| **9/30/2022** | $10262 | $11106 | $11149 |
| **10/31/2022** | $10219 | $11064 | $11057 |
| **11/30/2022** | $10529 | $11452 | $11574 |
| **12/31/2022** | $10565 | $11505 | $11607 |
| **1/31/2023** | $10777 | $11764 | $11940 |
| **2/28/2023** | $10590 | $11543 | $11670 |
| **3/31/2023** | $10745 | $11767 | $11929 |
| **4/30/2023** | $10733 | $11734 | $11902 |
| **5/31/2023** | $10642 | $11631 | $11799 |
| **6/30/2023** | $10710 | $11718 | $11917 |
| **7/31/2023** | $10735 | $11764 | $11964 |
| **8/31/2023** | $10651 | $11646 | $11792 |
| **9/30/2023** | $10438 | $11384 | $11446 |
| **10/31/2023** | $10354 | $11337 | $11349 |
| **11/30/2023** | $10831 | $11885 | $12069 |
| **12/31/2023** | $11027 | $12110 | $12350 |
| **1/31/2024** | $11023 | $12064 | $12287 |
| **2/29/2024** | $11029 | $12076 | $12303 |
| **3/31/2024** | $11034 | $12075 | $12302 |
| **4/30/2024** | $10949 | $11951 | $12150 |
| **5/31/2024** | $10924 | $11880 | $12114 |
| **6/30/2024** | $11052 | $12034 | $12300 |
| **7/31/2024** | $11139 | $12140 | $12412 |
| **8/31/2024** | $11216 | $12248 | $12510 |
| **9/30/2024** | $11305 | $12348 | $12633 |
| **10/31/2024** | $11177 | $12191 | $12449 |
| **11/30/2024** | $11317 | $12341 | $12664 |
| **12/31/2024** | $11220 | $12217 | $12480 |
| **1/31/2025** | $11267 | $12300 | $12542 |
| **2/28/2025** | $11368 | $12421 | $12667 |
| **3/31/2025** | $11229 | $12264 | $12452 |
| **4/30/2025** | $11173 | $12189 | $12352 |
| **5/31/2025** | $11179 | $12257 | $12360 |
| **6/30/2025** | $11259 | $12351 | $12437 |

---

# Intermediate Tax/AMT-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 1.19 | 0.08 | 1.19 |
| Class C with Load | 0.19 | 0.08 | 1.19 |
| Bloomberg Municipal Bond 1-15 Year Blend Index | 2.63 | 0.86 | 2.13 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $908997970 |
| # of portfolio holdings | 525 |
| Portfolio turnover rate | 10% |
| Total advisory fees paid | $2203165 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 2.9 |
| AA/Aa | 32.3 |
| A/A | 37.7 |
| BBB/Baa | 18.3 |
| BB/Ba | 2.7 |
| B/B | 0.3 |
| Not Rated | 5.8 |

---

---

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

---

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

---

| | |
|:---|:---|
| Wisconsin HEFA Ascension Health Credit Group Series A, 4.00%, 11-15-2039 | 1.5 |
| Tohopekaliga Water Authority, 5.00%, 10-1-2025 | 1.3 |
| Bay Area Toll Authority Series A, 3.17%, 4-1-2036 | 1.1 |
| Town of Clayton, 5.00%, 11-1-2028 | 1 |
| Metropolitan Pier & Exposition Authority State of Illinois McCormick Place Expansion Project Fund Series A CAB, 0.00%, 6-15-2029 | 1 |
| Dallas Fort Worth International Airport Series B, 4.00%, 11-1-2045 | 0.9 |
| College Community School District Series A, 4.00%, 6-1-2042 | 0.8 |
| King County Public Hospital District No. 1, 5.00%, 12-1-2033 | 0.8 |
| South Carolina Public Service Authority Series E, 5.25%, 12-1-2036 | 0.8 |
| King County Public Hospital District No. 1, 5.00%, 12-1-2031 | 0.7 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 4.5 |
| 1-3 years | 7.1 |
| 3-5 years | 14.4 |
| 5-10 years | 34.9 |
| 10-20 years | 36.4 |
| 20-30 years | 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

#### AR3534 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Intermediate Tax/AMT-Free Fund

# Class A

# WFTAX
This annual shareholder report contains important information about Intermediate Tax/AMT-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $67 | 0.66% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributor to Fund performance was our allocation to credit while our duration positioning detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g53f94.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Bloomberg Municipal Bond 1-15 Year Blend Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $9700 | $10000 | $10000 |
| **7/31/2015** | $9751 | $10061 | $10072 |
| **8/31/2015** | $9752 | $10080 | $10092 |
| **9/30/2015** | $9822 | $10151 | $10165 |
| **10/31/2015** | $9858 | $10190 | $10206 |
| **11/30/2015** | $9902 | $10211 | $10246 |
| **12/31/2015** | $9964 | $10265 | $10318 |
| **1/31/2016** | $10059 | $10387 | $10441 |
| **2/29/2016** | $10052 | $10405 | $10458 |
| **3/31/2016** | $10088 | $10415 | $10491 |
| **4/30/2016** | $10141 | $10478 | $10568 |
| **5/31/2016** | $10151 | $10482 | $10597 |
| **6/30/2016** | $10281 | $10612 | $10765 |
| **7/31/2016** | $10282 | $10626 | $10772 |
| **8/31/2016** | $10292 | $10630 | $10786 |
| **9/30/2016** | $10250 | $10592 | $10733 |
| **10/31/2016** | $10173 | $10506 | $10620 |
| **11/30/2016** | $9791 | $10167 | $10224 |
| **12/31/2016** | $9871 | $10266 | $10344 |
| **1/31/2017** | $9909 | $10338 | $10412 |
| **2/28/2017** | $9947 | $10407 | $10484 |
| **3/31/2017** | $9976 | $10425 | $10507 |
| **4/30/2017** | $10057 | $10499 | $10583 |
| **5/31/2017** | $10174 | $10637 | $10751 |
| **6/30/2017** | $10150 | $10596 | $10713 |
| **7/31/2017** | $10214 | $10674 | $10799 |
| **8/31/2017** | $10305 | $10744 | $10882 |
| **9/30/2017** | $10272 | $10694 | $10826 |
| **10/31/2017** | $10283 | $10710 | $10853 |
| **11/30/2017** | $10222 | $10623 | $10795 |
| **12/31/2017** | $10305 | $10711 | $10907 |
| **1/31/2018** | $10209 | $10617 | $10779 |
| **2/28/2018** | $10177 | $10590 | $10747 |
| **3/31/2018** | $10197 | $10613 | $10787 |
| **4/30/2018** | $10173 | $10585 | $10748 |
| **5/31/2018** | $10257 | $10684 | $10871 |
| **6/30/2018** | $10260 | $10703 | $10880 |
| **7/31/2018** | $10289 | $10737 | $10907 |
| **8/31/2018** | $10302 | $10756 | $10935 |
| **9/30/2018** | $10251 | $10697 | $10864 |
| **10/31/2018** | $10200 | $10653 | $10797 |
| **11/30/2018** | $10295 | $10761 | $10917 |
| **12/31/2018** | $10399 | $10880 | $11047 |
| **1/31/2019** | $10485 | $10972 | $11131 |
| **2/28/2019** | $10535 | $11025 | $11190 |
| **3/31/2019** | $10648 | $11153 | $11367 |
| **4/30/2019** | $10679 | $11176 | $11410 |
| **5/31/2019** | $10802 | $11312 | $11567 |
| **6/30/2019** | $10841 | $11359 | $11610 |
| **7/31/2019** | $10918 | $11448 | $11704 |
| **8/31/2019** | $11050 | $11581 | $11888 |
| **9/30/2019** | $10968 | $11487 | $11793 |
| **10/31/2019** | $10979 | $11517 | $11814 |
| **11/30/2019** | $10989 | $11544 | $11844 |
| **12/31/2019** | $11018 | $11580 | $11880 |
| **1/31/2020** | $11187 | $11758 | $12093 |
| **2/29/2020** | $11309 | $11869 | $12249 |
| **3/31/2020** | $10896 | $11523 | $11805 |
| **4/30/2020** | $10784 | $11441 | $11657 |
| **5/31/2020** | $11059 | $11765 | $12028 |
| **6/30/2020** | $11136 | $11833 | $12126 |
| **7/31/2020** | $11279 | $11999 | $12331 |
| **8/31/2020** | $11270 | $11959 | $12273 |
| **9/30/2020** | $11271 | $11969 | $12275 |
| **10/31/2020** | $11253 | $11939 | $12239 |
| **11/30/2020** | $11379 | $12071 | $12423 |
| **12/31/2020** | $11448 | $12128 | $12499 |
| **1/31/2021** | $11528 | $12186 | $12579 |
| **2/28/2021** | $11376 | $12032 | $12379 |
| **3/31/2021** | $11435 | $12089 | $12455 |
| **4/30/2021** | $11512 | $12165 | $12560 |
| **5/31/2021** | $11552 | $12182 | $12597 |
| **6/30/2021** | $11573 | $12198 | $12632 |
| **7/31/2021** | $11642 | $12287 | $12736 |
| **8/31/2021** | $11624 | $12262 | $12690 |
| **9/30/2021** | $11547 | $12187 | $12598 |
| **10/31/2021** | $11518 | $12151 | $12561 |
| **11/30/2021** | $11577 | $12216 | $12668 |
| **12/31/2021** | $11587 | $12233 | $12689 |
| **1/31/2022** | $11312 | $11934 | $12341 |
| **2/28/2022** | $11247 | $11897 | $12297 |
| **3/31/2022** | $10963 | $11581 | $11898 |
| **4/30/2022** | $10738 | $11338 | $11569 |
| **5/31/2022** | $10869 | $11498 | $11741 |
| **6/30/2022** | $10763 | $11401 | $11549 |
| **7/31/2022** | $10963 | $11655 | $11854 |
| **8/31/2022** | $10797 | $11454 | $11594 |
| **9/30/2022** | $10511 | $11106 | $11149 |
| **10/31/2022** | $10474 | $11064 | $11057 |
| **11/30/2022** | $10798 | $11452 | $11574 |
| **12/31/2022** | $10842 | $11505 | $11607 |
| **1/31/2023** | $11067 | $11764 | $11940 |
| **2/28/2023** | $10881 | $11543 | $11670 |
| **3/31/2023** | $11047 | $11767 | $11929 |
| **4/30/2023** | $11041 | $11734 | $11902 |
| **5/31/2023** | $10955 | $11631 | $11799 |
| **6/30/2023** | $11032 | $11718 | $11917 |
| **7/31/2023** | $11058 | $11764 | $11964 |
| **8/31/2023** | $10971 | $11646 | $11792 |
| **9/30/2023** | $10752 | $11384 | $11446 |
| **10/31/2023** | $10665 | $11337 | $11349 |
| **11/30/2023** | $11156 | $11885 | $12069 |
| **12/31/2023** | $11358 | $12110 | $12350 |
| **1/31/2024** | $11354 | $12064 | $12287 |
| **2/29/2024** | $11360 | $12076 | $12303 |
| **3/31/2024** | $11366 | $12075 | $12302 |
| **4/30/2024** | $11278 | $11951 | $12150 |
| **5/31/2024** | $11252 | $11880 | $12114 |
| **6/30/2024** | $11384 | $12034 | $12300 |
| **7/31/2024** | $11474 | $12140 | $12412 |
| **8/31/2024** | $11553 | $12248 | $12510 |
| **9/30/2024** | $11644 | $12348 | $12633 |
| **10/31/2024** | $11513 | $12191 | $12449 |
| **11/30/2024** | $11657 | $12341 | $12664 |
| **12/31/2024** | $11557 | $12217 | $12480 |
| **1/31/2025** | $11605 | $12300 | $12542 |
| **2/28/2025** | $11709 | $12421 | $12667 |
| **3/31/2025** | $11566 | $12264 | $12452 |
| **4/30/2025** | $11509 | $12189 | $12352 |
| **5/31/2025** | $11515 | $12257 | $12360 |
| **6/30/2025** | $11597 | $12351 | $12437 |

---

# Intermediate Tax/AMT-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 1.87 | 0.81 | 1.8 |
| Class A with Load | (1.18) | 0.2 | 1.49 |
| Bloomberg Municipal Bond 1-15 Year Blend Index | 2.63 | 0.86 | 2.13 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $908997970 |
| # of portfolio holdings | 525 |
| Portfolio turnover rate | 10% |
| Total advisory fees paid | $2203165 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 2.9 |
| AA/Aa | 32.3 |
| A/A | 37.7 |
| BBB/Baa | 18.3 |
| BB/Ba | 2.7 |
| B/B | 0.3 |
| Not Rated | 5.8 |

---

---

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

---

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

---

| | |
|:---|:---|
| Wisconsin HEFA Ascension Health Credit Group Series A, 4.00%, 11-15-2039 | 1.5 |
| Tohopekaliga Water Authority, 5.00%, 10-1-2025 | 1.3 |
| Bay Area Toll Authority Series A, 3.17%, 4-1-2036 | 1.1 |
| Town of Clayton, 5.00%, 11-1-2028 | 1 |
| Metropolitan Pier & Exposition Authority State of Illinois McCormick Place Expansion Project Fund Series A CAB, 0.00%, 6-15-2029 | 1 |
| Dallas Fort Worth International Airport Series B, 4.00%, 11-1-2045 | 0.9 |
| College Community School District Series A, 4.00%, 6-1-2042 | 0.8 |
| King County Public Hospital District No. 1, 5.00%, 12-1-2033 | 0.8 |
| South Carolina Public Service Authority Series E, 5.25%, 12-1-2036 | 0.8 |
| King County Public Hospital District No. 1, 5.00%, 12-1-2031 | 0.7 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 4.5 |
| 1-3 years | 7.1 |
| 3-5 years | 14.4 |
| 5-10 years | 34.9 |
| 10-20 years | 36.4 |
| 20-30 years | 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

#### AR3322 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Intermediate Tax/AMT-Free Fund

# Administrator Class

# WFITX
This annual shareholder report contains important information about Intermediate Tax/AMT-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $60 | 0.59% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributor to Fund performance was our allocation to credit while our duration positioning detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g72l74.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrator Class** | **Bloomberg Municipal Bond 1-15 Year Blend Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10054 | $10061 | $10072 |
| **8/31/2015** | $10055 | $10080 | $10092 |
| **9/30/2015** | $10128 | $10151 | $10165 |
| **10/31/2015** | $10166 | $10190 | $10206 |
| **11/30/2015** | $10213 | $10211 | $10246 |
| **12/31/2015** | $10277 | $10265 | $10318 |
| **1/31/2016** | $10376 | $10387 | $10441 |
| **2/29/2016** | $10370 | $10405 | $10458 |
| **3/31/2016** | $10408 | $10415 | $10491 |
| **4/30/2016** | $10463 | $10478 | $10568 |
| **5/31/2016** | $10474 | $10482 | $10597 |
| **6/30/2016** | $10609 | $10612 | $10765 |
| **7/31/2016** | $10611 | $10626 | $10772 |
| **8/31/2016** | $10622 | $10630 | $10786 |
| **9/30/2016** | $10580 | $10592 | $10733 |
| **10/31/2016** | $10501 | $10506 | $10620 |
| **11/30/2016** | $10109 | $10167 | $10224 |
| **12/31/2016** | $10192 | $10266 | $10344 |
| **1/31/2017** | $10231 | $10338 | $10412 |
| **2/28/2017** | $10272 | $10407 | $10484 |
| **3/31/2017** | $10302 | $10425 | $10507 |
| **4/30/2017** | $10387 | $10499 | $10583 |
| **5/31/2017** | $10509 | $10637 | $10751 |
| **6/30/2017** | $10485 | $10596 | $10713 |
| **7/31/2017** | $10552 | $10674 | $10799 |
| **8/31/2017** | $10647 | $10744 | $10882 |
| **9/30/2017** | $10613 | $10694 | $10826 |
| **10/31/2017** | $10616 | $10710 | $10853 |
| **11/30/2017** | $10564 | $10623 | $10795 |
| **12/31/2017** | $10641 | $10711 | $10907 |
| **1/31/2018** | $10552 | $10617 | $10779 |
| **2/28/2018** | $10519 | $10590 | $10747 |
| **3/31/2018** | $10541 | $10613 | $10787 |
| **4/30/2018** | $10508 | $10585 | $10748 |
| **5/31/2018** | $10605 | $10684 | $10871 |
| **6/30/2018** | $10609 | $10703 | $10880 |
| **7/31/2018** | $10640 | $10737 | $10907 |
| **8/31/2018** | $10654 | $10756 | $10935 |
| **9/30/2018** | $10602 | $10697 | $10864 |
| **10/31/2018** | $10550 | $10653 | $10797 |
| **11/30/2018** | $10650 | $10761 | $10917 |
| **12/31/2018** | $10749 | $10880 | $11047 |
| **1/31/2019** | $10838 | $10972 | $11131 |
| **2/28/2019** | $10901 | $11025 | $11190 |
| **3/31/2019** | $11019 | $11153 | $11367 |
| **4/30/2019** | $11042 | $11176 | $11410 |
| **5/31/2019** | $11179 | $11312 | $11567 |
| **6/30/2019** | $11221 | $11359 | $11610 |
| **7/31/2019** | $11301 | $11448 | $11704 |
| **8/31/2019** | $11439 | $11581 | $11888 |
| **9/30/2019** | $11355 | $11487 | $11793 |
| **10/31/2019** | $11367 | $11517 | $11814 |
| **11/30/2019** | $11379 | $11544 | $11844 |
| **12/31/2019** | $11409 | $11580 | $11880 |
| **1/31/2020** | $11585 | $11758 | $12093 |
| **2/29/2020** | $11713 | $11869 | $12249 |
| **3/31/2020** | $11286 | $11523 | $11805 |
| **4/30/2020** | $11171 | $11441 | $11657 |
| **5/31/2020** | $11447 | $11765 | $12028 |
| **6/30/2020** | $11537 | $11833 | $12126 |
| **7/31/2020** | $11686 | $11999 | $12331 |
| **8/31/2020** | $11678 | $11959 | $12273 |
| **9/30/2020** | $11679 | $11969 | $12275 |
| **10/31/2020** | $11662 | $11939 | $12239 |
| **11/30/2020** | $11784 | $12071 | $12423 |
| **12/31/2020** | $11866 | $12128 | $12499 |
| **1/31/2021** | $11939 | $12186 | $12579 |
| **2/28/2021** | $11793 | $12032 | $12379 |
| **3/31/2021** | $11855 | $12089 | $12455 |
| **4/30/2021** | $11937 | $12165 | $12560 |
| **5/31/2021** | $11968 | $12182 | $12597 |
| **6/30/2021** | $12001 | $12198 | $12632 |
| **7/31/2021** | $12074 | $12287 | $12736 |
| **8/31/2021** | $12046 | $12262 | $12690 |
| **9/30/2021** | $11967 | $12187 | $12598 |
| **10/31/2021** | $11948 | $12151 | $12561 |
| **11/30/2021** | $12010 | $12216 | $12668 |
| **12/31/2021** | $12022 | $12233 | $12689 |
| **1/31/2022** | $11738 | $11934 | $12341 |
| **2/28/2022** | $11671 | $11897 | $12297 |
| **3/31/2022** | $11377 | $11581 | $11898 |
| **4/30/2022** | $11146 | $11338 | $11569 |
| **5/31/2022** | $11282 | $11498 | $11741 |
| **6/30/2022** | $11163 | $11401 | $11549 |
| **7/31/2022** | $11382 | $11655 | $11854 |
| **8/31/2022** | $11200 | $11454 | $11594 |
| **9/30/2022** | $10914 | $11106 | $11149 |
| **10/31/2022** | $10877 | $11064 | $11057 |
| **11/30/2022** | $11214 | $11452 | $11574 |
| **12/31/2022** | $11261 | $11505 | $11607 |
| **1/31/2023** | $11495 | $11764 | $11940 |
| **2/28/2023** | $11292 | $11543 | $11670 |
| **3/31/2023** | $11476 | $11767 | $11929 |
| **4/30/2023** | $11472 | $11734 | $11902 |
| **5/31/2023** | $11383 | $11631 | $11799 |
| **6/30/2023** | $11463 | $11718 | $11917 |
| **7/31/2023** | $11480 | $11764 | $11964 |
| **8/31/2023** | $11401 | $11646 | $11792 |
| **9/30/2023** | $11174 | $11384 | $11446 |
| **10/31/2023** | $11085 | $11337 | $11349 |
| **11/30/2023** | $11595 | $11885 | $12069 |
| **12/31/2023** | $11806 | $12110 | $12350 |
| **1/31/2024** | $11792 | $12064 | $12287 |
| **2/29/2024** | $11810 | $12076 | $12303 |
| **3/31/2024** | $11816 | $12075 | $12302 |
| **4/30/2024** | $11725 | $11951 | $12150 |
| **5/31/2024** | $11688 | $11880 | $12114 |
| **6/30/2024** | $11837 | $12034 | $12300 |
| **7/31/2024** | $11920 | $12140 | $12412 |
| **8/31/2024** | $12003 | $12248 | $12510 |
| **9/30/2024** | $12109 | $12348 | $12633 |
| **10/31/2024** | $11974 | $12191 | $12449 |
| **11/30/2024** | $12124 | $12341 | $12664 |
| **12/31/2024** | $12021 | $12217 | $12480 |
| **1/31/2025** | $12072 | $12300 | $12542 |
| **2/28/2025** | $12169 | $12421 | $12667 |
| **3/31/2025** | $12032 | $12264 | $12452 |
| **4/30/2025** | $11973 | $12189 | $12352 |
| **5/31/2025** | $11981 | $12257 | $12360 |
| **6/30/2025** | $12067 | $12351 | $12437 |

---

# Intermediate Tax/AMT-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 1.94 | 0.9 | 1.9 |
| Bloomberg Municipal Bond 1-15 Year Blend Index | 2.63 | 0.86 | 2.13 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $908997970 |
| # of portfolio holdings | 525 |
| Portfolio turnover rate | 10% |
| Total advisory fees paid | $2203165 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 2.9 |
| AA/Aa | 32.3 |
| A/A | 37.7 |
| BBB/Baa | 18.3 |
| BB/Ba | 2.7 |
| B/B | 0.3 |
| Not Rated | 5.8 |

---

---

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

---

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

---

| | |
|:---|:---|
| Wisconsin HEFA Ascension Health Credit Group Series A, 4.00%, 11-15-2039 | 1.5 |
| Tohopekaliga Water Authority, 5.00%, 10-1-2025 | 1.3 |
| Bay Area Toll Authority Series A, 3.17%, 4-1-2036 | 1.1 |
| Town of Clayton, 5.00%, 11-1-2028 | 1 |
| Metropolitan Pier & Exposition Authority State of Illinois McCormick Place Expansion Project Fund Series A CAB, 0.00%, 6-15-2029 | 1 |
| Dallas Fort Worth International Airport Series B, 4.00%, 11-1-2045 | 0.9 |
| College Community School District Series A, 4.00%, 6-1-2042 | 0.8 |
| King County Public Hospital District No. 1, 5.00%, 12-1-2033 | 0.8 |
| South Carolina Public Service Authority Series E, 5.25%, 12-1-2036 | 0.8 |
| King County Public Hospital District No. 1, 5.00%, 12-1-2031 | 0.7 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 4.5 |
| 1-3 years | 7.1 |
| 3-5 years | 14.4 |
| 5-10 years | 34.9 |
| 10-20 years | 36.4 |
| 20-30 years | 2.7 |

---

Significant fund changes

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

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025.

## 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

#### AR3718 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Minnesota Tax-Free Fund

# Institutional Class

# WMTIX
This annual shareholder report contains important information about Minnesota Tax-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $52 | 0.52% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were credit allocation and security selection while sector allocation detracted slightly.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g66e65.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Minnesota Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10056 | $10068 | $10072 |
| **8/31/2015** | $10084 | $10099 | $10092 |
| **9/30/2015** | $10131 | $10168 | $10165 |
| **10/31/2015** | $10160 | $10199 | $10206 |
| **11/30/2015** | $10188 | $10215 | $10246 |
| **12/31/2015** | $10257 | $10265 | $10318 |
| **1/31/2016** | $10341 | $10384 | $10441 |
| **2/29/2016** | $10349 | $10404 | $10458 |
| **3/31/2016** | $10385 | $10419 | $10491 |
| **4/30/2016** | $10440 | $10480 | $10568 |
| **5/31/2016** | $10468 | $10490 | $10597 |
| **6/30/2016** | $10610 | $10635 | $10765 |
| **7/31/2016** | $10608 | $10640 | $10772 |
| **8/31/2016** | $10615 | $10645 | $10786 |
| **9/30/2016** | $10593 | $10587 | $10733 |
| **10/31/2016** | $10530 | $10498 | $10620 |
| **11/30/2016** | $10245 | $10118 | $10224 |
| **12/31/2016** | $10325 | $10234 | $10344 |
| **1/31/2017** | $10351 | $10307 | $10412 |
| **2/28/2017** | $10405 | $10397 | $10484 |
| **3/31/2017** | $10430 | $10417 | $10507 |
| **4/30/2017** | $10485 | $10489 | $10583 |
| **5/31/2017** | $10609 | $10618 | $10751 |
| **6/30/2017** | $10595 | $10575 | $10713 |
| **7/31/2017** | $10651 | $10658 | $10799 |
| **8/31/2017** | $10726 | $10713 | $10882 |
| **9/30/2017** | $10703 | $10657 | $10826 |
| **10/31/2017** | $10709 | $10677 | $10853 |
| **11/30/2017** | $10675 | $10593 | $10795 |
| **12/31/2017** | $10756 | $10698 | $10907 |
| **1/31/2018** | $10662 | $10587 | $10779 |
| **2/28/2018** | $10639 | $10562 | $10747 |
| **3/31/2018** | $10676 | $10588 | $10787 |
| **4/30/2018** | $10642 | $10558 | $10748 |
| **5/31/2018** | $10730 | $10652 | $10871 |
| **6/30/2018** | $10747 | $10662 | $10880 |
| **7/31/2018** | $10774 | $10691 | $10907 |
| **8/31/2018** | $10781 | $10703 | $10935 |
| **9/30/2018** | $10747 | $10637 | $10864 |
| **10/31/2018** | $10692 | $10584 | $10797 |
| **11/30/2018** | $10770 | $10703 | $10917 |
| **12/31/2018** | $10869 | $10845 | $11047 |
| **1/31/2019** | $10937 | $10928 | $11131 |
| **2/28/2019** | $10984 | $10985 | $11190 |
| **3/31/2019** | $11113 | $11137 | $11367 |
| **4/30/2019** | $11159 | $11160 | $11410 |
| **5/31/2019** | $11278 | $11295 | $11567 |
| **6/30/2019** | $11324 | $11343 | $11610 |
| **7/31/2019** | $11412 | $11438 | $11704 |
| **8/31/2019** | $11552 | $11596 | $11888 |
| **9/30/2019** | $11492 | $11494 | $11793 |
| **10/31/2019** | $11495 | $11517 | $11814 |
| **11/30/2019** | $11509 | $11542 | $11844 |
| **12/31/2019** | $11543 | $11568 | $11880 |
| **1/31/2020** | $11704 | $11761 | $12093 |
| **2/29/2020** | $11822 | $11884 | $12249 |
| **3/31/2020** | $11450 | $11586 | $11805 |
| **4/30/2020** | $11312 | $11464 | $11657 |
| **5/31/2020** | $11624 | $11829 | $12028 |
| **6/30/2020** | $11712 | $11870 | $12126 |
| **7/31/2020** | $11874 | $12035 | $12331 |
| **8/31/2020** | $11842 | $11975 | $12273 |
| **9/30/2020** | $11864 | $11985 | $12275 |
| **10/31/2020** | $11842 | $11957 | $12239 |
| **11/30/2020** | $11961 | $12110 | $12423 |
| **12/31/2020** | $12015 | $12160 | $12499 |
| **1/31/2021** | $12068 | $12204 | $12579 |
| **2/28/2021** | $11926 | $12038 | $12379 |
| **3/31/2021** | $11969 | $12096 | $12455 |
| **4/30/2021** | $12066 | $12189 | $12560 |
| **5/31/2021** | $12108 | $12204 | $12597 |
| **6/30/2021** | $12129 | $12225 | $12632 |
| **7/31/2021** | $12215 | $12327 | $12736 |
| **8/31/2021** | $12191 | $12277 | $12690 |
| **9/30/2021** | $12100 | $12196 | $12598 |
| **10/31/2021** | $12087 | $12150 | $12561 |
| **11/30/2021** | $12150 | $12244 | $12668 |
| **12/31/2021** | $12162 | $12263 | $12689 |
| **1/31/2022** | $11925 | $11950 | $12341 |
| **2/28/2022** | $11879 | $11918 | $12297 |
| **3/31/2022** | $11620 | $11566 | $11898 |
| **4/30/2022** | $11384 | $11281 | $11569 |
| **5/31/2022** | $11492 | $11424 | $11741 |
| **6/30/2022** | $11367 | $11266 | $11549 |
| **7/31/2022** | $11591 | $11537 | $11854 |
| **8/31/2022** | $11421 | $11320 | $11594 |
| **9/30/2022** | $11104 | $10929 | $11149 |
| **10/31/2022** | $11048 | $10837 | $11057 |
| **11/30/2022** | $11410 | $11317 | $11574 |
| **12/31/2022** | $11421 | $11360 | $11607 |
| **1/31/2023** | $11660 | $11647 | $11940 |
| **2/28/2023** | $11446 | $11413 | $11670 |
| **3/31/2023** | $11630 | $11653 | $11929 |
| **4/30/2023** | $11610 | $11608 | $11902 |
| **5/31/2023** | $11531 | $11484 | $11799 |
| **6/30/2023** | $11602 | $11545 | $11917 |
| **7/31/2023** | $11627 | $11609 | $11964 |
| **8/31/2023** | $11514 | $11464 | $11792 |
| **9/30/2023** | $11262 | $11108 | $11446 |
| **10/31/2023** | $11149 | $11042 | $11349 |
| **11/30/2023** | $11691 | $11712 | $12069 |
| **12/31/2023** | $11908 | $11937 | $12350 |
| **1/31/2024** | $11892 | $11868 | $12287 |
| **2/29/2024** | $11913 | $11896 | $12303 |
| **3/31/2024** | $11909 | $11875 | $12302 |
| **4/30/2024** | $11802 | $11735 | $12150 |
| **5/31/2024** | $11788 | $11665 | $12114 |
| **6/30/2024** | $11940 | $11855 | $12300 |
| **7/31/2024** | $12022 | $11979 | $12412 |
| **8/31/2024** | $12093 | $12072 | $12510 |
| **9/30/2024** | $12200 | $12185 | $12633 |
| **10/31/2024** | $12079 | $12003 | $12449 |
| **11/30/2024** | $12244 | $12190 | $12664 |
| **12/31/2024** | $12130 | $12023 | $12480 |
| **1/31/2025** | $12149 | $12091 | $12542 |
| **2/28/2025** | $12254 | $12218 | $12667 |
| **3/31/2025** | $12104 | $12023 | $12452 |
| **4/30/2025** | $12026 | $11935 | $12352 |
| **5/31/2025** | $12010 | $11971 | $12360 |
| **6/30/2025** | $12080 | $12034 | $12437 |

---

# Minnesota Tax-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class<sup>Footnote Reference\*</sup> | 1.17 | 0.62 | 1.91 |
| Bloomberg Minnesota Municipal Bond Index | 1.51 | 0.27 | 1.87 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Historical performance shown for the Institutional Class shares prior to their inception on October 31, 2016 reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $173064547 |
| # of portfolio holdings | 216 |
| Portfolio turnover rate | 21% |
| Total advisory fees paid | $560742 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 16.9 |
| AA/Aa | 32.8 |
| A/A | 25.3 |
| BBB/Baa | 13.0 |
| BB/Ba | 4.8 |
| B/B | 1.5 |
| Not Rated | 5.7 |

---

---

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

---

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

---

| | |
|:---|:---|
| City of Rochester Mayo Clinic, 5.00%, 11-15-2057 | 2.6 |
| State of Minnesota Office Building Project COP, 5.00%, 11-1-2042 | 1.8 |
| Minnesota Housing Finance Agency Series M, 4.85%, 7-1-2037 | 1.8 |
| City of Minneapolis Fairview Health Services Obligated Group Series A, 5.00%, 11-15-2033 | 1.8 |
| City of Wadena Astera Health Series A, 5.00%, 12-1-2045 | 1.7 |
| City of St. Cloud CentraCare Health System Obligated Group, 4.00%, 5-1-2050 | 1.6 |
| State of Minnesota Department of Iron Range Resources & Rehabilitation Series A, 5.00%, 10-1-2039 | 1.6 |
| Duluth EDA Essentia Health Obligated Group Series A, 5.25%, 2-15-2053 | 1.4 |
| Minnesota Higher Education Facilities Authority St. Olaf College, 4.00%, 10-1-2046 | 1.4 |
| State of Minnesota Series A, 5.00%, 8-1-2034 | 1.3 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 3.3 |
| 1-3 years | 5.7 |
| 3-5 years | 7.1 |
| 5-10 years | 21.2 |
| 10-20 years | 37.7 |
| 20-30 years | 21.3 |
| 30+ years | 3.7 |

---

## 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

#### AR4713 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Minnesota Tax-Free Fund

# Class C

# WMTCX
This annual shareholder report contains important information about Minnesota Tax-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $159 | 1.59% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were credit allocation and security selection while sector allocation detracted slightly.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g79h60.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **Bloomberg Minnesota Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10047 | $10068 | $10072 |
| **8/31/2015** | $10058 | $10099 | $10092 |
| **9/30/2015** | $10097 | $10168 | $10165 |
| **10/31/2015** | $10117 | $10199 | $10206 |
| **11/30/2015** | $10146 | $10215 | $10246 |
| **12/31/2015** | $10196 | $10265 | $10318 |
| **1/31/2016** | $10280 | $10384 | $10441 |
| **2/29/2016** | $10271 | $10404 | $10458 |
| **3/31/2016** | $10298 | $10419 | $10491 |
| **4/30/2016** | $10354 | $10480 | $10568 |
| **5/31/2016** | $10372 | $10490 | $10597 |
| **6/30/2016** | $10495 | $10635 | $10765 |
| **7/31/2016** | $10484 | $10640 | $10772 |
| **8/31/2016** | $10492 | $10645 | $10786 |
| **9/30/2016** | $10451 | $10587 | $10733 |
| **10/31/2016** | $10381 | $10498 | $10620 |
| **11/30/2016** | $10082 | $10118 | $10224 |
| **12/31/2016** | $10161 | $10234 | $10344 |
| **1/31/2017** | $10177 | $10307 | $10412 |
| **2/28/2017** | $10223 | $10397 | $10484 |
| **3/31/2017** | $10238 | $10417 | $10507 |
| **4/30/2017** | $10273 | $10489 | $10583 |
| **5/31/2017** | $10385 | $10618 | $10751 |
| **6/30/2017** | $10362 | $10575 | $10713 |
| **7/31/2017** | $10407 | $10658 | $10799 |
| **8/31/2017** | $10471 | $10713 | $10882 |
| **9/30/2017** | $10439 | $10657 | $10826 |
| **10/31/2017** | $10444 | $10677 | $10853 |
| **11/30/2017** | $10392 | $10593 | $10795 |
| **12/31/2017** | $10462 | $10698 | $10907 |
| **1/31/2018** | $10370 | $10587 | $10779 |
| **2/28/2018** | $10330 | $10562 | $10747 |
| **3/31/2018** | $10356 | $10588 | $10787 |
| **4/30/2018** | $10314 | $10558 | $10748 |
| **5/31/2018** | $10390 | $10652 | $10871 |
| **6/30/2018** | $10397 | $10662 | $10880 |
| **7/31/2018** | $10414 | $10691 | $10907 |
| **8/31/2018** | $10421 | $10703 | $10935 |
| **9/30/2018** | $10369 | $10637 | $10864 |
| **10/31/2018** | $10307 | $10584 | $10797 |
| **11/30/2018** | $10373 | $10703 | $10917 |
| **12/31/2018** | $10459 | $10845 | $11047 |
| **1/31/2019** | $10514 | $10928 | $11131 |
| **2/28/2019** | $10550 | $10985 | $11190 |
| **3/31/2019** | $10675 | $11137 | $11367 |
| **4/30/2019** | $10700 | $11160 | $11410 |
| **5/31/2019** | $10804 | $11295 | $11567 |
| **6/30/2019** | $10849 | $11343 | $11610 |
| **7/31/2019** | $10913 | $11438 | $11704 |
| **8/31/2019** | $11037 | $11596 | $11888 |
| **9/30/2019** | $10970 | $11494 | $11793 |
| **10/31/2019** | $10963 | $11517 | $11814 |
| **11/30/2019** | $10966 | $11542 | $11844 |
| **12/31/2019** | $10989 | $11568 | $11880 |
| **1/31/2020** | $11132 | $11761 | $12093 |
| **2/29/2020** | $11245 | $11884 | $12249 |
| **3/31/2020** | $10870 | $11586 | $11805 |
| **4/30/2020** | $10730 | $11464 | $11657 |
| **5/31/2020** | $11027 | $11829 | $12028 |
| **6/30/2020** | $11089 | $11870 | $12126 |
| **7/31/2020** | $11233 | $12035 | $12331 |
| **8/31/2020** | $11192 | $11975 | $12273 |
| **9/30/2020** | $11203 | $11985 | $12275 |
| **10/31/2020** | $11182 | $11957 | $12239 |
| **11/30/2020** | $11285 | $12110 | $12423 |
| **12/31/2020** | $11325 | $12160 | $12499 |
| **1/31/2021** | $11355 | $12204 | $12579 |
| **2/28/2021** | $11222 | $12038 | $12379 |
| **3/31/2021** | $11251 | $12096 | $12455 |
| **4/30/2021** | $11323 | $12189 | $12560 |
| **5/31/2021** | $11362 | $12204 | $12597 |
| **6/30/2021** | $11372 | $12225 | $12632 |
| **7/31/2021** | $11442 | $12327 | $12736 |
| **8/31/2021** | $11398 | $12277 | $12690 |
| **9/30/2021** | $11314 | $12196 | $12598 |
| **10/31/2021** | $11291 | $12150 | $12561 |
| **11/30/2021** | $11340 | $12244 | $12668 |
| **12/31/2021** | $11341 | $12263 | $12689 |
| **1/31/2022** | $11110 | $11950 | $12341 |
| **2/28/2022** | $11057 | $11918 | $12297 |
| **3/31/2022** | $10806 | $11566 | $11898 |
| **4/30/2022** | $10566 | $11281 | $11569 |
| **5/31/2022** | $10658 | $11424 | $11741 |
| **6/30/2022** | $10543 | $11266 | $11549 |
| **7/31/2022** | $10740 | $11537 | $11854 |
| **8/31/2022** | $10573 | $11320 | $11594 |
| **9/30/2022** | $10260 | $10929 | $11149 |
| **10/31/2022** | $10209 | $10837 | $11057 |
| **11/30/2022** | $10524 | $11317 | $11574 |
| **12/31/2022** | $10535 | $11360 | $11607 |
| **1/31/2023** | $10735 | $11647 | $11940 |
| **2/28/2023** | $10540 | $11413 | $11670 |
| **3/31/2023** | $10700 | $11653 | $11929 |
| **4/30/2023** | $10672 | $11608 | $11902 |
| **5/31/2023** | $10581 | $11484 | $11799 |
| **6/30/2023** | $10649 | $11545 | $11917 |
| **7/31/2023** | $10658 | $11609 | $11964 |
| **8/31/2023** | $10551 | $11464 | $11792 |
| **9/30/2023** | $10317 | $11108 | $11446 |
| **10/31/2023** | $10211 | $11042 | $11349 |
| **11/30/2023** | $10716 | $11712 | $12069 |
| **12/31/2023** | $10901 | $11937 | $12350 |
| **1/31/2024** | $10884 | $11868 | $12287 |
| **2/29/2024** | $10900 | $11896 | $12303 |
| **3/31/2024** | $10894 | $11875 | $12302 |
| **4/30/2024** | $10803 | $11735 | $12150 |
| **5/31/2024** | $10787 | $11665 | $12114 |
| **6/30/2024** | $10924 | $11855 | $12300 |
| **7/31/2024** | $10985 | $11979 | $12412 |
| **8/31/2024** | $11057 | $12072 | $12510 |
| **9/30/2024** | $11152 | $12185 | $12633 |
| **10/31/2024** | $11028 | $12003 | $12449 |
| **11/30/2024** | $11176 | $12190 | $12664 |
| **12/31/2024** | $11069 | $12023 | $12480 |
| **1/31/2025** | $11083 | $12091 | $12542 |
| **2/28/2025** | $11176 | $12218 | $12667 |
| **3/31/2025** | $11036 | $12023 | $12452 |
| **4/30/2025** | $10963 | $11935 | $12352 |
| **5/31/2025** | $10956 | $11971 | $12360 |
| **6/30/2025** | $11017 | $12034 | $12437 |

---

# Minnesota Tax-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 0.09 | (0.41) | 0.97 |
| Class C with Load | (0.91) | (0.41) | 0.97 |
| Bloomberg Minnesota Municipal Bond Index | 1.51 | 0.27 | 1.87 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $173064547 |
| # of portfolio holdings | 216 |
| Portfolio turnover rate | 21% |
| Total advisory fees paid | $560742 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 16.9 |
| AA/Aa | 32.8 |
| A/A | 25.3 |
| BBB/Baa | 13.0 |
| BB/Ba | 4.8 |
| B/B | 1.5 |
| Not Rated | 5.7 |

---

---

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

---

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

---

| | |
|:---|:---|
| City of Rochester Mayo Clinic, 5.00%, 11-15-2057 | 2.6 |
| State of Minnesota Office Building Project COP, 5.00%, 11-1-2042 | 1.8 |
| Minnesota Housing Finance Agency Series M, 4.85%, 7-1-2037 | 1.8 |
| City of Minneapolis Fairview Health Services Obligated Group Series A, 5.00%, 11-15-2033 | 1.8 |
| City of Wadena Astera Health Series A, 5.00%, 12-1-2045 | 1.7 |
| City of St. Cloud CentraCare Health System Obligated Group, 4.00%, 5-1-2050 | 1.6 |
| State of Minnesota Department of Iron Range Resources & Rehabilitation Series A, 5.00%, 10-1-2039 | 1.6 |
| Duluth EDA Essentia Health Obligated Group Series A, 5.25%, 2-15-2053 | 1.4 |
| Minnesota Higher Education Facilities Authority St. Olaf College, 4.00%, 10-1-2046 | 1.4 |
| State of Minnesota Series A, 5.00%, 8-1-2034 | 1.3 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 3.3 |
| 1-3 years | 5.7 |
| 3-5 years | 7.1 |
| 5-10 years | 21.2 |
| 10-20 years | 37.7 |
| 20-30 years | 21.3 |
| 30+ years | 3.7 |

---

Significant fund changes

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

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

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

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

#### AR3527 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Minnesota Tax-Free Fund

# Class A

# NMTFX
This annual shareholder report contains important information about Minnesota Tax-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $84 | 0.84% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were credit allocation and security selection while sector allocation detracted slightly.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g18r82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Bloomberg Minnesota Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $9550 | $10000 | $10000 |
| **7/31/2015** | $9601 | $10068 | $10072 |
| **8/31/2015** | $9617 | $10099 | $10092 |
| **9/30/2015** | $9660 | $10168 | $10165 |
| **10/31/2015** | $9686 | $10199 | $10206 |
| **11/30/2015** | $9720 | $10215 | $10246 |
| **12/31/2015** | $9774 | $10265 | $10318 |
| **1/31/2016** | $9861 | $10384 | $10441 |
| **2/29/2016** | $9858 | $10404 | $10458 |
| **3/31/2016** | $9899 | $10419 | $10491 |
| **4/30/2016** | $9950 | $10480 | $10568 |
| **5/31/2016** | $9974 | $10490 | $10597 |
| **6/30/2016** | $10098 | $10635 | $10765 |
| **7/31/2016** | $10094 | $10640 | $10772 |
| **8/31/2016** | $10107 | $10645 | $10786 |
| **9/30/2016** | $10075 | $10587 | $10733 |
| **10/31/2016** | $10013 | $10498 | $10620 |
| **11/30/2016** | $9740 | $10118 | $10224 |
| **12/31/2016** | $9814 | $10234 | $10344 |
| **1/31/2017** | $9836 | $10307 | $10412 |
| **2/28/2017** | $9885 | $10397 | $10484 |
| **3/31/2017** | $9906 | $10417 | $10507 |
| **4/30/2017** | $9955 | $10489 | $10583 |
| **5/31/2017** | $10061 | $10618 | $10751 |
| **6/30/2017** | $10045 | $10575 | $10713 |
| **7/31/2017** | $10095 | $10658 | $10799 |
| **8/31/2017** | $10163 | $10713 | $10882 |
| **9/30/2017** | $10138 | $10657 | $10826 |
| **10/31/2017** | $10150 | $10677 | $10853 |
| **11/30/2017** | $10106 | $10593 | $10795 |
| **12/31/2017** | $10181 | $10698 | $10907 |
| **1/31/2018** | $10098 | $10587 | $10779 |
| **2/28/2018** | $10074 | $10562 | $10747 |
| **3/31/2018** | $10096 | $10588 | $10787 |
| **4/30/2018** | $10061 | $10558 | $10748 |
| **5/31/2018** | $10141 | $10652 | $10871 |
| **6/30/2018** | $10155 | $10662 | $10880 |
| **7/31/2018** | $10178 | $10691 | $10907 |
| **8/31/2018** | $10191 | $10703 | $10935 |
| **9/30/2018** | $10146 | $10637 | $10864 |
| **10/31/2018** | $10092 | $10584 | $10797 |
| **11/30/2018** | $10163 | $10703 | $10917 |
| **12/31/2018** | $10254 | $10845 | $11047 |
| **1/31/2019** | $10314 | $10928 | $11131 |
| **2/28/2019** | $10356 | $10985 | $11190 |
| **3/31/2019** | $10485 | $11137 | $11367 |
| **4/30/2019** | $10516 | $11160 | $11410 |
| **5/31/2019** | $10625 | $11295 | $11567 |
| **6/30/2019** | $10676 | $11343 | $11610 |
| **7/31/2019** | $10745 | $11438 | $11704 |
| **8/31/2019** | $10874 | $11596 | $11888 |
| **9/30/2019** | $10815 | $11494 | $11793 |
| **10/31/2019** | $10815 | $11517 | $11814 |
| **11/30/2019** | $10825 | $11542 | $11844 |
| **12/31/2019** | $10854 | $11568 | $11880 |
| **1/31/2020** | $11002 | $11761 | $12093 |
| **2/29/2020** | $11121 | $11884 | $12249 |
| **3/31/2020** | $10757 | $11586 | $11805 |
| **4/30/2020** | $10625 | $11464 | $11657 |
| **5/31/2020** | $10925 | $11829 | $12028 |
| **6/30/2020** | $10994 | $11870 | $12126 |
| **7/31/2020** | $11144 | $12035 | $12331 |
| **8/31/2020** | $11111 | $11975 | $12273 |
| **9/30/2020** | $11128 | $11985 | $12275 |
| **10/31/2020** | $11114 | $11957 | $12239 |
| **11/30/2020** | $11224 | $12110 | $12423 |
| **12/31/2020** | $11271 | $12160 | $12499 |
| **1/31/2021** | $11308 | $12204 | $12579 |
| **2/28/2021** | $11182 | $12038 | $12379 |
| **3/31/2021** | $11218 | $12096 | $12455 |
| **4/30/2021** | $11297 | $12189 | $12560 |
| **5/31/2021** | $11333 | $12204 | $12597 |
| **6/30/2021** | $11359 | $12225 | $12632 |
| **7/31/2021** | $11426 | $12327 | $12736 |
| **8/31/2021** | $11401 | $12277 | $12690 |
| **9/30/2021** | $11323 | $12196 | $12598 |
| **10/31/2021** | $11297 | $12150 | $12561 |
| **11/30/2021** | $11364 | $12244 | $12668 |
| **12/31/2021** | $11372 | $12263 | $12689 |
| **1/31/2022** | $11137 | $11950 | $12341 |
| **2/28/2022** | $11100 | $11918 | $12297 |
| **3/31/2022** | $10856 | $11566 | $11898 |
| **4/30/2022** | $10621 | $11281 | $11569 |
| **5/31/2022** | $10720 | $11424 | $11741 |
| **6/30/2022** | $10611 | $11266 | $11549 |
| **7/31/2022** | $10817 | $11537 | $11854 |
| **8/31/2022** | $10644 | $11320 | $11594 |
| **9/30/2022** | $10346 | $10929 | $11149 |
| **10/31/2022** | $10301 | $10837 | $11057 |
| **11/30/2022** | $10625 | $11317 | $11574 |
| **12/31/2022** | $10633 | $11360 | $11607 |
| **1/31/2023** | $10853 | $11647 | $11940 |
| **2/28/2023** | $10661 | $11413 | $11670 |
| **3/31/2023** | $10819 | $11653 | $11929 |
| **4/30/2023** | $10807 | $11608 | $11902 |
| **5/31/2023** | $10721 | $11484 | $11799 |
| **6/30/2023** | $10795 | $11545 | $11917 |
| **7/31/2023** | $10804 | $11609 | $11964 |
| **8/31/2023** | $10696 | $11464 | $11792 |
| **9/30/2023** | $10459 | $11108 | $11446 |
| **10/31/2023** | $10351 | $11042 | $11349 |
| **11/30/2023** | $10863 | $11712 | $12069 |
| **12/31/2023** | $11051 | $11937 | $12350 |
| **1/31/2024** | $11033 | $11868 | $12287 |
| **2/29/2024** | $11049 | $11896 | $12303 |
| **3/31/2024** | $11043 | $11875 | $12302 |
| **4/30/2024** | $10951 | $11735 | $12150 |
| **5/31/2024** | $10935 | $11665 | $12114 |
| **6/30/2024** | $11074 | $11855 | $12300 |
| **7/31/2024** | $11135 | $11979 | $12412 |
| **8/31/2024** | $11209 | $12072 | $12510 |
| **9/30/2024** | $11305 | $12185 | $12633 |
| **10/31/2024** | $11179 | $12003 | $12449 |
| **11/30/2024** | $11329 | $12190 | $12664 |
| **12/31/2024** | $11221 | $12023 | $12480 |
| **1/31/2025** | $11235 | $12091 | $12542 |
| **2/28/2025** | $11330 | $12218 | $12667 |
| **3/31/2025** | $11188 | $12023 | $12452 |
| **4/30/2025** | $11113 | $11935 | $12352 |
| **5/31/2025** | $11106 | $11971 | $12360 |
| **6/30/2025** | $11168 | $12034 | $12437 |

---

# Minnesota Tax-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 0.85 | 0.31 | 1.58 |
| Class A with Load | (3.69) | (0.61) | 1.11 |
| Bloomberg Minnesota Municipal Bond Index | 1.51 | 0.27 | 1.87 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $173064547 |
| # of portfolio holdings | 216 |
| Portfolio turnover rate | 21% |
| Total advisory fees paid | $560742 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 16.9 |
| AA/Aa | 32.8 |
| A/A | 25.3 |
| BBB/Baa | 13.0 |
| BB/Ba | 4.8 |
| B/B | 1.5 |
| Not Rated | 5.7 |

---

---

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

---

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

---

| | |
|:---|:---|
| City of Rochester Mayo Clinic, 5.00%, 11-15-2057 | 2.6 |
| State of Minnesota Office Building Project COP, 5.00%, 11-1-2042 | 1.8 |
| Minnesota Housing Finance Agency Series M, 4.85%, 7-1-2037 | 1.8 |
| City of Minneapolis Fairview Health Services Obligated Group Series A, 5.00%, 11-15-2033 | 1.8 |
| City of Wadena Astera Health Series A, 5.00%, 12-1-2045 | 1.7 |
| City of St. Cloud CentraCare Health System Obligated Group, 4.00%, 5-1-2050 | 1.6 |
| State of Minnesota Department of Iron Range Resources & Rehabilitation Series A, 5.00%, 10-1-2039 | 1.6 |
| Duluth EDA Essentia Health Obligated Group Series A, 5.25%, 2-15-2053 | 1.4 |
| Minnesota Higher Education Facilities Authority St. Olaf College, 4.00%, 10-1-2046 | 1.4 |
| State of Minnesota Series A, 5.00%, 8-1-2034 | 1.3 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 3.3 |
| 1-3 years | 5.7 |
| 3-5 years | 7.1 |
| 5-10 years | 21.2 |
| 10-20 years | 37.7 |
| 20-30 years | 21.3 |
| 30+ years | 3.7 |

---

## 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

#### AR0003 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Minnesota Tax-Free Fund

# Administrator Class

# NWMIX
This annual shareholder report contains important information about Minnesota Tax-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $59 | 0.59% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were credit allocation and security selection while sector allocation detracted slightly.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g26p54.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrator Class** | **Bloomberg Minnesota Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10056 | $10068 | $10072 |
| **8/31/2015** | $10084 | $10099 | $10092 |
| **9/30/2015** | $10131 | $10168 | $10165 |
| **10/31/2015** | $10160 | $10199 | $10206 |
| **11/30/2015** | $10188 | $10215 | $10246 |
| **12/31/2015** | $10257 | $10265 | $10318 |
| **1/31/2016** | $10341 | $10384 | $10441 |
| **2/29/2016** | $10349 | $10404 | $10458 |
| **3/31/2016** | $10385 | $10419 | $10491 |
| **4/30/2016** | $10440 | $10480 | $10568 |
| **5/31/2016** | $10468 | $10490 | $10597 |
| **6/30/2016** | $10610 | $10635 | $10765 |
| **7/31/2016** | $10608 | $10640 | $10772 |
| **8/31/2016** | $10615 | $10645 | $10786 |
| **9/30/2016** | $10593 | $10587 | $10733 |
| **10/31/2016** | $10530 | $10498 | $10620 |
| **11/30/2016** | $10235 | $10118 | $10224 |
| **12/31/2016** | $10315 | $10234 | $10344 |
| **1/31/2017** | $10340 | $10307 | $10412 |
| **2/28/2017** | $10394 | $10397 | $10484 |
| **3/31/2017** | $10418 | $10417 | $10507 |
| **4/30/2017** | $10472 | $10489 | $10583 |
| **5/31/2017** | $10595 | $10618 | $10751 |
| **6/30/2017** | $10580 | $10575 | $10713 |
| **7/31/2017** | $10635 | $10658 | $10799 |
| **8/31/2017** | $10710 | $10713 | $10882 |
| **9/30/2017** | $10685 | $10657 | $10826 |
| **10/31/2017** | $10690 | $10677 | $10853 |
| **11/30/2017** | $10656 | $10593 | $10795 |
| **12/31/2017** | $10736 | $10698 | $10907 |
| **1/31/2018** | $10641 | $10587 | $10779 |
| **2/28/2018** | $10618 | $10562 | $10747 |
| **3/31/2018** | $10643 | $10588 | $10787 |
| **4/30/2018** | $10619 | $10558 | $10748 |
| **5/31/2018** | $10706 | $10652 | $10871 |
| **6/30/2018** | $10722 | $10662 | $10880 |
| **7/31/2018** | $10738 | $10691 | $10907 |
| **8/31/2018** | $10755 | $10703 | $10935 |
| **9/30/2018** | $10720 | $10637 | $10864 |
| **10/31/2018** | $10655 | $10584 | $10797 |
| **11/30/2018** | $10742 | $10703 | $10917 |
| **12/31/2018** | $10840 | $10845 | $11047 |
| **1/31/2019** | $10906 | $10928 | $11131 |
| **2/28/2019** | $10953 | $10985 | $11190 |
| **3/31/2019** | $11081 | $11137 | $11367 |
| **4/30/2019** | $11127 | $11160 | $11410 |
| **5/31/2019** | $11244 | $11295 | $11567 |
| **6/30/2019** | $11290 | $11343 | $11610 |
| **7/31/2019** | $11366 | $11438 | $11704 |
| **8/31/2019** | $11516 | $11596 | $11888 |
| **9/30/2019** | $11455 | $11494 | $11793 |
| **10/31/2019** | $11457 | $11517 | $11814 |
| **11/30/2019** | $11470 | $11542 | $11844 |
| **12/31/2019** | $11503 | $11568 | $11880 |
| **1/31/2020** | $11663 | $11761 | $12093 |
| **2/29/2020** | $11780 | $11884 | $12249 |
| **3/31/2020** | $11408 | $11586 | $11805 |
| **4/30/2020** | $11270 | $11464 | $11657 |
| **5/31/2020** | $11580 | $11829 | $12028 |
| **6/30/2020** | $11667 | $11870 | $12126 |
| **7/31/2020** | $11828 | $12035 | $12331 |
| **8/31/2020** | $11795 | $11975 | $12273 |
| **9/30/2020** | $11816 | $11985 | $12275 |
| **10/31/2020** | $11804 | $11957 | $12239 |
| **11/30/2020** | $11922 | $12110 | $12423 |
| **12/31/2020** | $11975 | $12160 | $12499 |
| **1/31/2021** | $12016 | $12204 | $12579 |
| **2/28/2021** | $11874 | $12038 | $12379 |
| **3/31/2021** | $11927 | $12096 | $12455 |
| **4/30/2021** | $12012 | $12189 | $12560 |
| **5/31/2021** | $12053 | $12204 | $12597 |
| **6/30/2021** | $12084 | $12225 | $12632 |
| **7/31/2021** | $12158 | $12327 | $12736 |
| **8/31/2021** | $12133 | $12277 | $12690 |
| **9/30/2021** | $12042 | $12196 | $12598 |
| **10/31/2021** | $12028 | $12150 | $12561 |
| **11/30/2021** | $12101 | $12244 | $12668 |
| **12/31/2021** | $12101 | $12263 | $12689 |
| **1/31/2022** | $11864 | $11950 | $12341 |
| **2/28/2022** | $11817 | $11918 | $12297 |
| **3/31/2022** | $11570 | $11566 | $11898 |
| **4/30/2022** | $11323 | $11281 | $11569 |
| **5/31/2022** | $11430 | $11424 | $11741 |
| **6/30/2022** | $11316 | $11266 | $11549 |
| **7/31/2022** | $11527 | $11537 | $11854 |
| **8/31/2022** | $11357 | $11320 | $11594 |
| **9/30/2022** | $11041 | $10929 | $11149 |
| **10/31/2022** | $10995 | $10837 | $11057 |
| **11/30/2022** | $11343 | $11317 | $11574 |
| **12/31/2022** | $11354 | $11360 | $11607 |
| **1/31/2023** | $11591 | $11647 | $11940 |
| **2/28/2023** | $11389 | $11413 | $11670 |
| **3/31/2023** | $11560 | $11653 | $11929 |
| **4/30/2023** | $11550 | $11608 | $11902 |
| **5/31/2023** | $11459 | $11484 | $11799 |
| **6/30/2023** | $11541 | $11545 | $11917 |
| **7/31/2023** | $11553 | $11609 | $11964 |
| **8/31/2023** | $11439 | $11464 | $11792 |
| **9/30/2023** | $11189 | $11108 | $11446 |
| **10/31/2023** | $11076 | $11042 | $11349 |
| **11/30/2023** | $11625 | $11712 | $12069 |
| **12/31/2023** | $11829 | $11937 | $12350 |
| **1/31/2024** | $11812 | $11868 | $12287 |
| **2/29/2024** | $11832 | $11896 | $12303 |
| **3/31/2024** | $11827 | $11875 | $12302 |
| **4/30/2024** | $11731 | $11735 | $12150 |
| **5/31/2024** | $11705 | $11665 | $12114 |
| **6/30/2024** | $11855 | $11855 | $12300 |
| **7/31/2024** | $11936 | $11979 | $12412 |
| **8/31/2024** | $12017 | $12072 | $12510 |
| **9/30/2024** | $12123 | $12185 | $12633 |
| **10/31/2024** | $11990 | $12003 | $12449 |
| **11/30/2024** | $12153 | $12190 | $12664 |
| **12/31/2024** | $12039 | $12023 | $12480 |
| **1/31/2025** | $12057 | $12091 | $12542 |
| **2/28/2025** | $12161 | $12218 | $12667 |
| **3/31/2025** | $12011 | $12023 | $12452 |
| **4/30/2025** | $11934 | $11935 | $12352 |
| **5/31/2025** | $11928 | $11971 | $12360 |
| **6/30/2025** | $11997 | $12034 | $12437 |

---

# Minnesota Tax-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 1.2 | 0.56 | 1.84 |
| Bloomberg Minnesota Municipal Bond Index | 1.51 | 0.27 | 1.87 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $173064547 |
| # of portfolio holdings | 216 |
| Portfolio turnover rate | 21% |
| Total advisory fees paid | $560742 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 16.9 |
| AA/Aa | 32.8 |
| A/A | 25.3 |
| BBB/Baa | 13.0 |
| BB/Ba | 4.8 |
| B/B | 1.5 |
| Not Rated | 5.7 |

---

---

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

---

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

---

| | |
|:---|:---|
| City of Rochester Mayo Clinic, 5.00%, 11-15-2057 | 2.6 |
| State of Minnesota Office Building Project COP, 5.00%, 11-1-2042 | 1.8 |
| Minnesota Housing Finance Agency Series M, 4.85%, 7-1-2037 | 1.8 |
| City of Minneapolis Fairview Health Services Obligated Group Series A, 5.00%, 11-15-2033 | 1.8 |
| City of Wadena Astera Health Series A, 5.00%, 12-1-2045 | 1.7 |
| City of St. Cloud CentraCare Health System Obligated Group, 4.00%, 5-1-2050 | 1.6 |
| State of Minnesota Department of Iron Range Resources & Rehabilitation Series A, 5.00%, 10-1-2039 | 1.6 |
| Duluth EDA Essentia Health Obligated Group Series A, 5.25%, 2-15-2053 | 1.4 |
| Minnesota Higher Education Facilities Authority St. Olaf College, 4.00%, 10-1-2046 | 1.4 |
| State of Minnesota Series A, 5.00%, 8-1-2034 | 1.3 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 3.3 |
| 1-3 years | 5.7 |
| 3-5 years | 7.1 |
| 5-10 years | 21.2 |
| 10-20 years | 37.7 |
| 20-30 years | 21.3 |
| 30+ years | 3.7 |

---

Significant fund changes

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

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025.

## 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

#### AR0063 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Municipal Bond Fund

# Institutional Class

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $42 | 0.42% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were security selection and our credit allocation while our duration positioning detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g79k64.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 |
| **7/31/2015** | $10067 | $10072 |
| **8/31/2015** | $10056 | $10092 |
| **9/30/2015** | $10155 | $10165 |
| **10/31/2015** | $10223 | $10206 |
| **11/30/2015** | $10301 | $10246 |
| **12/31/2015** | $10395 | $10318 |
| **1/31/2016** | $10481 | $10441 |
| **2/29/2016** | $10461 | $10458 |
| **3/31/2016** | $10530 | $10491 |
| **4/30/2016** | $10609 | $10568 |
| **5/31/2016** | $10687 | $10597 |
| **6/30/2016** | $10835 | $10765 |
| **7/31/2016** | $10831 | $10772 |
| **8/31/2016** | $10868 | $10786 |
| **9/30/2016** | $10845 | $10733 |
| **10/31/2016** | $10761 | $10620 |
| **11/30/2016** | $10351 | $10224 |
| **12/31/2016** | $10443 | $10344 |
| **1/31/2017** | $10476 | $10412 |
| **2/28/2017** | $10551 | $10484 |
| **3/31/2017** | $10604 | $10507 |
| **4/30/2017** | $10689 | $10583 |
| **5/31/2017** | $10847 | $10751 |
| **6/30/2017** | $10805 | $10713 |
| **7/31/2017** | $10899 | $10799 |
| **8/31/2017** | $11004 | $10882 |
| **9/30/2017** | $11013 | $10826 |
| **10/31/2017** | $11042 | $10853 |
| **11/30/2017** | $11007 | $10795 |
| **12/31/2017** | $11096 | $10907 |
| **1/31/2018** | $11010 | $10779 |
| **2/28/2018** | $10988 | $10747 |
| **3/31/2018** | $11042 | $10787 |
| **4/30/2018** | $11020 | $10748 |
| **5/31/2018** | $11149 | $10871 |
| **6/30/2018** | $11169 | $10880 |
| **7/31/2018** | $11200 | $10907 |
| **8/31/2018** | $11209 | $10935 |
| **9/30/2018** | $11152 | $10864 |
| **10/31/2018** | $11094 | $10797 |
| **11/30/2018** | $11202 | $10917 |
| **12/31/2018** | $11332 | $11047 |
| **1/31/2019** | $11407 | $11131 |
| **2/28/2019** | $11472 | $11190 |
| **3/31/2019** | $11659 | $11367 |
| **4/30/2019** | $11712 | $11410 |
| **5/31/2019** | $11863 | $11567 |
| **6/30/2019** | $11914 | $11610 |
| **7/31/2019** | $11998 | $11704 |
| **8/31/2019** | $12196 | $11888 |
| **9/30/2019** | $12111 | $11793 |
| **10/31/2019** | $12127 | $11814 |
| **11/30/2019** | $12154 | $11844 |
| **12/31/2019** | $12182 | $11880 |
| **1/31/2020** | $12404 | $12093 |
| **2/29/2020** | $12581 | $12249 |
| **3/31/2020** | $11975 | $11805 |
| **4/30/2020** | $11783 | $11657 |
| **5/31/2020** | $12122 | $12028 |
| **6/30/2020** | $12254 | $12126 |
| **7/31/2020** | $12465 | $12331 |
| **8/31/2020** | $12433 | $12273 |
| **9/30/2020** | $12437 | $12275 |
| **10/31/2020** | $12406 | $12239 |
| **11/30/2020** | $12597 | $12423 |
| **12/31/2020** | $12694 | $12499 |
| **1/31/2021** | $12780 | $12579 |
| **2/28/2021** | $12583 | $12379 |
| **3/31/2021** | $12656 | $12455 |
| **4/30/2021** | $12788 | $12560 |
| **5/31/2021** | $12850 | $12597 |
| **6/30/2021** | $12900 | $12632 |
| **7/31/2021** | $13010 | $12736 |
| **8/31/2021** | $12964 | $12690 |
| **9/30/2021** | $12859 | $12598 |
| **10/31/2021** | $12849 | $12561 |
| **11/30/2021** | $12960 | $12668 |
| **12/31/2021** | $12973 | $12689 |
| **1/31/2022** | $12648 | $12341 |
| **2/28/2022** | $12578 | $12297 |
| **3/31/2022** | $12216 | $11898 |
| **4/30/2022** | $11901 | $11569 |
| **5/31/2022** | $12036 | $11741 |
| **6/30/2022** | $11844 | $11549 |
| **7/31/2022** | $12116 | $11854 |
| **8/31/2022** | $11862 | $11594 |
| **9/30/2022** | $11510 | $11149 |
| **10/31/2022** | $11392 | $11057 |
| **11/30/2022** | $11878 | $11574 |
| **12/31/2022** | $11883 | $11607 |
| **1/31/2023** | $12198 | $11940 |
| **2/28/2023** | $11969 | $11670 |
| **3/31/2023** | $12174 | $11929 |
| **4/30/2023** | $12194 | $11902 |
| **5/31/2023** | $12125 | $11799 |
| **6/30/2023** | $12220 | $11917 |
| **7/31/2023** | $12253 | $11964 |
| **8/31/2023** | $12109 | $11792 |
| **9/30/2023** | $11813 | $11446 |
| **10/31/2023** | $11656 | $11349 |
| **11/30/2023** | $12315 | $12069 |
| **12/31/2023** | $12579 | $12350 |
| **1/31/2024** | $12587 | $12287 |
| **2/29/2024** | $12596 | $12303 |
| **3/31/2024** | $12618 | $12302 |
| **4/30/2024** | $12511 | $12150 |
| **5/31/2024** | $12508 | $12114 |
| **6/30/2024** | $12673 | $12300 |
| **7/31/2024** | $12774 | $12412 |
| **8/31/2024** | $12861 | $12510 |
| **9/30/2024** | $12990 | $12633 |
| **10/31/2024** | $12829 | $12449 |
| **11/30/2024** | $13024 | $12664 |
| **12/31/2024** | $12889 | $12480 |
| **1/31/2025** | $12899 | $12542 |
| **2/28/2025** | $13015 | $12667 |
| **3/31/2025** | $12826 | $12452 |
| **4/30/2025** | $12743 | $12352 |
| **5/31/2025** | $12699 | $12360 |
| **6/30/2025** | $12776 | $12437 |

---

# Municipal Bond Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 0.81 | 0.84 | 2.48 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $7906077406 |
| # of portfolio holdings | 1557 |
| Portfolio turnover rate | 16% |
| Total advisory fees paid | $25500924 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 5.5 |
| AA/Aa | 46.5 |
| A/A | 30.9 |
| BBB/Baa | 12.7 |
| BB/Ba | 1.5 |
| B/B | 0.1 |
| Not Rated | 2.8 |

---

---

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

---

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

---

| | |
|:---|:---|
| Regional Transportation District Sales Tax Revenue FasTracks Project Series A, 5.00%, 11-1-2041 | 0.6 |
| County of Clark Series A, 5.00%, 5-1-2048 | 0.6 |
| Port of Portland Airport Revenue Series 30A AMT, 5.25%, 7-1-2049 | 0.6 |
| Southeast Energy Authority A Cooperative District Series F, 5.25%, 11-1-2055 | 0.6 |
| San Francisco City & County Airport Commission San Francisco International Airport Series B AMT, 5.00%, 5-1-2046 | 0.6 |
| Texas Water Development Board State Water Implementation Revenue Fund Series B, 5.00%, 4-15-2049 | 0.5 |
| Fairfax County IDA Inova Health System Obligated Group, 5.00%, 5-15-2051 | 0.5 |
| City of New York Series C, 5.25%, 3-1-2053 | 0.5 |
| Main Street Natural Gas, Inc. Series C, 4.00%, 8-1-2052 | 0.5 |
| Central Plains Energy Project Series A-1, 5.00%, 8-1-2055 | 0.4 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 10.5 |
| 1-3 years | 3.5 |
| 3-5 years | 5.7 |
| 5-10 years | 14.1 |
| 10-20 years | 30.1 |
| 20-30 years | 35.1 |
| 30+ years | 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

#### AR3160 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Municipal Bond Fund

# Class R6

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $37 | 0.37% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were security selection and our credit allocation while our duration positioning detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g90k64.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 |
| **7/31/2015** | $10067 | $10072 |
| **8/31/2015** | $10056 | $10092 |
| **9/30/2015** | $10155 | $10165 |
| **10/31/2015** | $10223 | $10206 |
| **11/30/2015** | $10301 | $10246 |
| **12/31/2015** | $10395 | $10318 |
| **1/31/2016** | $10481 | $10441 |
| **2/29/2016** | $10461 | $10458 |
| **3/31/2016** | $10530 | $10491 |
| **4/30/2016** | $10609 | $10568 |
| **5/31/2016** | $10687 | $10597 |
| **6/30/2016** | $10835 | $10765 |
| **7/31/2016** | $10831 | $10772 |
| **8/31/2016** | $10868 | $10786 |
| **9/30/2016** | $10845 | $10733 |
| **10/31/2016** | $10761 | $10620 |
| **11/30/2016** | $10351 | $10224 |
| **12/31/2016** | $10443 | $10344 |
| **1/31/2017** | $10476 | $10412 |
| **2/28/2017** | $10551 | $10484 |
| **3/31/2017** | $10604 | $10507 |
| **4/30/2017** | $10689 | $10583 |
| **5/31/2017** | $10847 | $10751 |
| **6/30/2017** | $10805 | $10713 |
| **7/31/2017** | $10899 | $10799 |
| **8/31/2017** | $11004 | $10882 |
| **9/30/2017** | $11013 | $10826 |
| **10/31/2017** | $11042 | $10853 |
| **11/30/2017** | $11007 | $10795 |
| **12/31/2017** | $11096 | $10907 |
| **1/31/2018** | $11010 | $10779 |
| **2/28/2018** | $10988 | $10747 |
| **3/31/2018** | $11042 | $10787 |
| **4/30/2018** | $11020 | $10748 |
| **5/31/2018** | $11149 | $10871 |
| **6/30/2018** | $11169 | $10880 |
| **7/31/2018** | $11200 | $10907 |
| **8/31/2018** | $11221 | $10935 |
| **9/30/2018** | $11164 | $10864 |
| **10/31/2018** | $11096 | $10797 |
| **11/30/2018** | $11204 | $10917 |
| **12/31/2018** | $11335 | $11047 |
| **1/31/2019** | $11411 | $11131 |
| **2/28/2019** | $11487 | $11190 |
| **3/31/2019** | $11663 | $11367 |
| **4/30/2019** | $11717 | $11410 |
| **5/31/2019** | $11880 | $11567 |
| **6/30/2019** | $11919 | $11610 |
| **7/31/2019** | $12004 | $11704 |
| **8/31/2019** | $12203 | $11888 |
| **9/30/2019** | $12129 | $11793 |
| **10/31/2019** | $12134 | $11814 |
| **11/30/2019** | $12162 | $11844 |
| **12/31/2019** | $12191 | $11880 |
| **1/31/2020** | $12413 | $12093 |
| **2/29/2020** | $12591 | $12249 |
| **3/31/2020** | $11997 | $11805 |
| **4/30/2020** | $11793 | $11657 |
| **5/31/2020** | $12133 | $12028 |
| **6/30/2020** | $12277 | $12126 |
| **7/31/2020** | $12478 | $12331 |
| **8/31/2020** | $12446 | $12273 |
| **9/30/2020** | $12451 | $12275 |
| **10/31/2020** | $12420 | $12239 |
| **11/30/2020** | $12624 | $12423 |
| **12/31/2020** | $12710 | $12499 |
| **1/31/2021** | $12796 | $12579 |
| **2/28/2021** | $12599 | $12379 |
| **3/31/2021** | $12673 | $12455 |
| **4/30/2021** | $12806 | $12560 |
| **5/31/2021** | $12869 | $12597 |
| **6/30/2021** | $12919 | $12632 |
| **7/31/2021** | $13029 | $12736 |
| **8/31/2021** | $12984 | $12690 |
| **9/30/2021** | $12880 | $12598 |
| **10/31/2021** | $12870 | $12561 |
| **11/30/2021** | $12982 | $12668 |
| **12/31/2021** | $12996 | $12689 |
| **1/31/2022** | $12671 | $12341 |
| **2/28/2022** | $12601 | $12297 |
| **3/31/2022** | $12238 | $11898 |
| **4/30/2022** | $11924 | $11569 |
| **5/31/2022** | $12072 | $11741 |
| **6/30/2022** | $11868 | $11549 |
| **7/31/2022** | $12140 | $11854 |
| **8/31/2022** | $11899 | $11594 |
| **9/30/2022** | $11534 | $11149 |
| **10/31/2022** | $11416 | $11057 |
| **11/30/2022** | $11904 | $11574 |
| **12/31/2022** | $11910 | $11607 |
| **1/31/2023** | $12226 | $11940 |
| **2/28/2023** | $12009 | $11670 |
| **3/31/2023** | $12203 | $11929 |
| **4/30/2023** | $12223 | $11902 |
| **5/31/2023** | $12155 | $11799 |
| **6/30/2023** | $12251 | $11917 |
| **7/31/2023** | $12284 | $11964 |
| **8/31/2023** | $12153 | $11792 |
| **9/30/2023** | $11857 | $11446 |
| **10/31/2023** | $11700 | $11349 |
| **11/30/2023** | $12361 | $12069 |
| **12/31/2023** | $12613 | $12350 |
| **1/31/2024** | $12622 | $12287 |
| **2/29/2024** | $12645 | $12303 |
| **3/31/2024** | $12654 | $12302 |
| **4/30/2024** | $12548 | $12150 |
| **5/31/2024** | $12557 | $12114 |
| **6/30/2024** | $12723 | $12300 |
| **7/31/2024** | $12812 | $12412 |
| **8/31/2024** | $12901 | $12510 |
| **9/30/2024** | $13030 | $12633 |
| **10/31/2024** | $12883 | $12449 |
| **11/30/2024** | $13065 | $12664 |
| **12/31/2024** | $12930 | $12480 |
| **1/31/2025** | $12941 | $12542 |
| **2/28/2025** | $13058 | $12667 |
| **3/31/2025** | $12868 | $12452 |
| **4/30/2025** | $12786 | $12352 |
| **5/31/2025** | $12742 | $12360 |
| **6/30/2025** | $12820 | $12437 |

---

# Municipal Bond Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>Footnote Reference\*</sup> | 0.76 | 0.87 | 2.52 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Historical performance shown for the Class R6 shares prior to their inception on July 31, 2018 reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $7906077406 |
| # of portfolio holdings | 1557 |
| Portfolio turnover rate | 16% |
| Total advisory fees paid | $25500924 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 5.5 |
| AA/Aa | 46.5 |
| A/A | 30.9 |
| BBB/Baa | 12.7 |
| BB/Ba | 1.5 |
| B/B | 0.1 |
| Not Rated | 2.8 |

---

---

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

---

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

---

| | |
|:---|:---|
| Regional Transportation District Sales Tax Revenue FasTracks Project Series A, 5.00%, 11-1-2041 | 0.6 |
| County of Clark Series A, 5.00%, 5-1-2048 | 0.6 |
| Port of Portland Airport Revenue Series 30A AMT, 5.25%, 7-1-2049 | 0.6 |
| Southeast Energy Authority A Cooperative District Series F, 5.25%, 11-1-2055 | 0.6 |
| San Francisco City & County Airport Commission San Francisco International Airport Series B AMT, 5.00%, 5-1-2046 | 0.6 |
| Texas Water Development Board State Water Implementation Revenue Fund Series B, 5.00%, 4-15-2049 | 0.5 |
| Fairfax County IDA Inova Health System Obligated Group, 5.00%, 5-15-2051 | 0.5 |
| City of New York Series C, 5.25%, 3-1-2053 | 0.5 |
| Main Street Natural Gas, Inc. Series C, 4.00%, 8-1-2052 | 0.5 |
| Central Plains Energy Project Series A-1, 5.00%, 8-1-2055 | 0.4 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 10.5 |
| 1-3 years | 3.5 |
| 3-5 years | 5.7 |
| 5-10 years | 14.1 |
| 10-20 years | 30.1 |
| 20-30 years | 35.1 |
| 30+ years | 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

#### AR4811 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Municipal Bond Fund

# Class C

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $149 | 1.49% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were security selection and our credit allocation while our duration positioning detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g50h49.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with Load** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 |
| **7/31/2015** | $10058 | $10072 |
| **8/31/2015** | $10039 | $10092 |
| **9/30/2015** | $10118 | $10165 |
| **10/31/2015** | $10187 | $10206 |
| **11/30/2015** | $10256 | $10246 |
| **12/31/2015** | $10341 | $10318 |
| **1/31/2016** | $10417 | $10441 |
| **2/29/2016** | $10389 | $10458 |
| **3/31/2016** | $10439 | $10491 |
| **4/30/2016** | $10518 | $10568 |
| **5/31/2016** | $10586 | $10597 |
| **6/30/2016** | $10714 | $10765 |
| **7/31/2016** | $10710 | $10772 |
| **8/31/2016** | $10727 | $10786 |
| **9/30/2016** | $10695 | $10733 |
| **10/31/2016** | $10613 | $10620 |
| **11/30/2016** | $10199 | $10224 |
| **12/31/2016** | $10282 | $10344 |
| **1/31/2017** | $10305 | $10412 |
| **2/28/2017** | $10370 | $10484 |
| **3/31/2017** | $10414 | $10507 |
| **4/30/2017** | $10488 | $10583 |
| **5/31/2017** | $10634 | $10751 |
| **6/30/2017** | $10583 | $10713 |
| **7/31/2017** | $10656 | $10799 |
| **8/31/2017** | $10760 | $10882 |
| **9/30/2017** | $10759 | $10826 |
| **10/31/2017** | $10768 | $10853 |
| **11/30/2017** | $10735 | $10795 |
| **12/31/2017** | $10812 | $10907 |
| **1/31/2018** | $10718 | $10779 |
| **2/28/2018** | $10678 | $10747 |
| **3/31/2018** | $10721 | $10787 |
| **4/30/2018** | $10701 | $10748 |
| **5/31/2018** | $10817 | $10871 |
| **6/30/2018** | $10827 | $10880 |
| **7/31/2018** | $10837 | $10907 |
| **8/31/2018** | $10847 | $10935 |
| **9/30/2018** | $10783 | $10864 |
| **10/31/2018** | $10717 | $10797 |
| **11/30/2018** | $10812 | $10917 |
| **12/31/2018** | $10928 | $11047 |
| **1/31/2019** | $10991 | $11131 |
| **2/28/2019** | $11044 | $11190 |
| **3/31/2019** | $11214 | $11367 |
| **4/30/2019** | $11255 | $11410 |
| **5/31/2019** | $11391 | $11567 |
| **6/30/2019** | $11429 | $11610 |
| **7/31/2019** | $11500 | $11704 |
| **8/31/2019** | $11679 | $11888 |
| **9/30/2019** | $11587 | $11793 |
| **10/31/2019** | $11581 | $11814 |
| **11/30/2019** | $11597 | $11844 |
| **12/31/2019** | $11625 | $11880 |
| **1/31/2020** | $11815 | $12093 |
| **2/29/2020** | $11973 | $12249 |
| **3/31/2020** | $11397 | $11805 |
| **4/30/2020** | $11204 | $11657 |
| **5/31/2020** | $11516 | $12028 |
| **6/30/2020** | $11631 | $12126 |
| **7/31/2020** | $11810 | $12331 |
| **8/31/2020** | $11780 | $12273 |
| **9/30/2020** | $11763 | $12275 |
| **10/31/2020** | $11734 | $12239 |
| **11/30/2020** | $11904 | $12423 |
| **12/31/2020** | $11985 | $12499 |
| **1/31/2021** | $12055 | $12579 |
| **2/28/2021** | $11848 | $12379 |
| **3/31/2021** | $11917 | $12455 |
| **4/30/2021** | $12032 | $12560 |
| **5/31/2021** | $12079 | $12597 |
| **6/30/2021** | $12116 | $12632 |
| **7/31/2021** | $12196 | $12736 |
| **8/31/2021** | $12142 | $12690 |
| **9/30/2021** | $12044 | $12598 |
| **10/31/2021** | $12013 | $12561 |
| **11/30/2021** | $12106 | $12668 |
| **12/31/2021** | $12119 | $12689 |
| **1/31/2022** | $11805 | $12341 |
| **2/28/2022** | $11718 | $12297 |
| **3/31/2022** | $11381 | $11898 |
| **4/30/2022** | $11078 | $11569 |
| **5/31/2022** | $11194 | $11741 |
| **6/30/2022** | $11006 | $11549 |
| **7/31/2022** | $11248 | $11854 |
| **8/31/2022** | $11002 | $11594 |
| **9/30/2022** | $10667 | $11149 |
| **10/31/2022** | $10547 | $11057 |
| **11/30/2022** | $10988 | $11574 |
| **12/31/2022** | $10983 | $11607 |
| **1/31/2023** | $11252 | $11940 |
| **2/28/2023** | $11043 | $11670 |
| **3/31/2023** | $11222 | $11929 |
| **4/30/2023** | $11219 | $11902 |
| **5/31/2023** | $11146 | $11799 |
| **6/30/2023** | $11235 | $11917 |
| **7/31/2023** | $11262 | $11964 |
| **8/31/2023** | $11126 | $11792 |
| **9/30/2023** | $10863 | $11446 |
| **10/31/2023** | $10717 | $11349 |
| **11/30/2023** | $11307 | $12069 |
| **12/31/2023** | $11546 | $12350 |
| **1/31/2024** | $11550 | $12287 |
| **2/29/2024** | $11568 | $12303 |
| **3/31/2024** | $11573 | $12302 |
| **4/30/2024** | $11472 | $12150 |
| **5/31/2024** | $11477 | $12114 |
| **6/30/2024** | $11626 | $12300 |
| **7/31/2024** | $11703 | $12412 |
| **8/31/2024** | $11780 | $12510 |
| **9/30/2024** | $11895 | $12633 |
| **10/31/2024** | $11757 | $12449 |
| **11/30/2024** | $11920 | $12664 |
| **12/31/2024** | $11792 | $12480 |
| **1/31/2025** | $11799 | $12542 |
| **2/28/2025** | $11903 | $12667 |
| **3/31/2025** | $11727 | $12452 |
| **4/30/2025** | $11648 | $12352 |
| **5/31/2025** | $11605 | $12360 |
| **6/30/2025** | $11673 | $12437 |

---

# Municipal Bond Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | (0.26) | (0.23) | 1.56 |
| Class C with Load | (1.26) | (0.23) | 1.56 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $7906077406 |
| # of portfolio holdings | 1557 |
| Portfolio turnover rate | 16% |
| Total advisory fees paid | $25500924 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 5.5 |
| AA/Aa | 46.5 |
| A/A | 30.9 |
| BBB/Baa | 12.7 |
| BB/Ba | 1.5 |
| B/B | 0.1 |
| Not Rated | 2.8 |

---

---

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

---

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

---

| | |
|:---|:---|
| Regional Transportation District Sales Tax Revenue FasTracks Project Series A, 5.00%, 11-1-2041 | 0.6 |
| County of Clark Series A, 5.00%, 5-1-2048 | 0.6 |
| Port of Portland Airport Revenue Series 30A AMT, 5.25%, 7-1-2049 | 0.6 |
| Southeast Energy Authority A Cooperative District Series F, 5.25%, 11-1-2055 | 0.6 |
| San Francisco City & County Airport Commission San Francisco International Airport Series B AMT, 5.00%, 5-1-2046 | 0.6 |
| Texas Water Development Board State Water Implementation Revenue Fund Series B, 5.00%, 4-15-2049 | 0.5 |
| Fairfax County IDA Inova Health System Obligated Group, 5.00%, 5-15-2051 | 0.5 |
| City of New York Series C, 5.25%, 3-1-2053 | 0.5 |
| Main Street Natural Gas, Inc. Series C, 4.00%, 8-1-2052 | 0.5 |
| Central Plains Energy Project Series A-1, 5.00%, 8-1-2055 | 0.4 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 10.5 |
| 1-3 years | 3.5 |
| 3-5 years | 5.7 |
| 5-10 years | 14.1 |
| 10-20 years | 30.1 |
| 20-30 years | 35.1 |
| 30+ years | 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

#### AR3528 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Municipal Bond Fund

# Class A

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $73 | 0.73% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were security selection and our credit allocation while our duration positioning detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g48g94.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with Load** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $9553 | $10000 |
| **7/31/2015** | $9614 | $10072 |
| **8/31/2015** | $9602 | $10092 |
| **9/30/2015** | $9693 | $10165 |
| **10/31/2015** | $9756 | $10206 |
| **11/30/2015** | $9828 | $10246 |
| **12/31/2015** | $9916 | $10318 |
| **1/31/2016** | $9995 | $10441 |
| **2/29/2016** | $9974 | $10458 |
| **3/31/2016** | $10037 | $10491 |
| **4/30/2016** | $10111 | $10568 |
| **5/31/2016** | $10182 | $10597 |
| **6/30/2016** | $10321 | $10765 |
| **7/31/2016** | $10315 | $10772 |
| **8/31/2016** | $10347 | $10786 |
| **9/30/2016** | $10322 | $10733 |
| **10/31/2016** | $10240 | $10620 |
| **11/30/2016** | $9847 | $10224 |
| **12/31/2016** | $9933 | $10344 |
| **1/31/2017** | $9962 | $10412 |
| **2/28/2017** | $10030 | $10484 |
| **3/31/2017** | $10079 | $10507 |
| **4/30/2017** | $10157 | $10583 |
| **5/31/2017** | $10305 | $10751 |
| **6/30/2017** | $10273 | $10713 |
| **7/31/2017** | $10349 | $10799 |
| **8/31/2017** | $10447 | $10882 |
| **9/30/2017** | $10452 | $10826 |
| **10/31/2017** | $10478 | $10853 |
| **11/30/2017** | $10442 | $10795 |
| **12/31/2017** | $10524 | $10907 |
| **1/31/2018** | $10439 | $10779 |
| **2/28/2018** | $10416 | $10747 |
| **3/31/2018** | $10465 | $10787 |
| **4/30/2018** | $10441 | $10748 |
| **5/31/2018** | $10562 | $10871 |
| **6/30/2018** | $10578 | $10880 |
| **7/31/2018** | $10604 | $10907 |
| **8/31/2018** | $10621 | $10935 |
| **9/30/2018** | $10554 | $10864 |
| **10/31/2018** | $10497 | $10797 |
| **11/30/2018** | $10596 | $10917 |
| **12/31/2018** | $10717 | $11047 |
| **1/31/2019** | $10785 | $11131 |
| **2/28/2019** | $10844 | $11190 |
| **3/31/2019** | $11018 | $11367 |
| **4/30/2019** | $11065 | $11410 |
| **5/31/2019** | $11215 | $11567 |
| **6/30/2019** | $11250 | $11610 |
| **7/31/2019** | $11326 | $11704 |
| **8/31/2019** | $11510 | $11888 |
| **9/30/2019** | $11437 | $11793 |
| **10/31/2019** | $11439 | $11814 |
| **11/30/2019** | $11462 | $11844 |
| **12/31/2019** | $11485 | $11880 |
| **1/31/2020** | $11691 | $12093 |
| **2/29/2020** | $11855 | $12249 |
| **3/31/2020** | $11281 | $11805 |
| **4/30/2020** | $11097 | $11657 |
| **5/31/2020** | $11413 | $12028 |
| **6/30/2020** | $11535 | $12126 |
| **7/31/2020** | $11731 | $12331 |
| **8/31/2020** | $11698 | $12273 |
| **9/30/2020** | $11699 | $12275 |
| **10/31/2020** | $11666 | $12239 |
| **11/30/2020** | $11843 | $12423 |
| **12/31/2020** | $11931 | $12499 |
| **1/31/2021** | $12008 | $12579 |
| **2/28/2021** | $11821 | $12379 |
| **3/31/2021** | $11886 | $12455 |
| **4/30/2021** | $12008 | $12560 |
| **5/31/2021** | $12063 | $12597 |
| **6/30/2021** | $12107 | $12632 |
| **7/31/2021** | $12206 | $12736 |
| **8/31/2021** | $12160 | $12690 |
| **9/30/2021** | $12058 | $12598 |
| **10/31/2021** | $12046 | $12561 |
| **11/30/2021** | $12147 | $12668 |
| **12/31/2021** | $12156 | $12689 |
| **1/31/2022** | $11848 | $12341 |
| **2/28/2022** | $11780 | $12297 |
| **3/31/2022** | $11437 | $11898 |
| **4/30/2022** | $11140 | $11569 |
| **5/31/2022** | $11275 | $11741 |
| **6/30/2022** | $11081 | $11549 |
| **7/31/2022** | $11332 | $11854 |
| **8/31/2022** | $11092 | $11594 |
| **9/30/2022** | $10760 | $11149 |
| **10/31/2022** | $10647 | $11057 |
| **11/30/2022** | $11098 | $11574 |
| **12/31/2022** | $11100 | $11607 |
| **1/31/2023** | $11391 | $11940 |
| **2/28/2023** | $11175 | $11670 |
| **3/31/2023** | $11363 | $11929 |
| **4/30/2023** | $11378 | $11902 |
| **5/31/2023** | $11312 | $11799 |
| **6/30/2023** | $11397 | $11917 |
| **7/31/2023** | $11424 | $11964 |
| **8/31/2023** | $11287 | $11792 |
| **9/30/2023** | $11021 | $11446 |
| **10/31/2023** | $10872 | $11349 |
| **11/30/2023** | $11470 | $12069 |
| **12/31/2023** | $11713 | $12350 |
| **1/31/2024** | $11718 | $12287 |
| **2/29/2024** | $11735 | $12303 |
| **3/31/2024** | $11740 | $12302 |
| **4/30/2024** | $11638 | $12150 |
| **5/31/2024** | $11643 | $12114 |
| **6/30/2024** | $11794 | $12300 |
| **7/31/2024** | $11872 | $12412 |
| **8/31/2024** | $11951 | $12510 |
| **9/30/2024** | $12067 | $12633 |
| **10/31/2024** | $11927 | $12449 |
| **11/30/2024** | $12092 | $12664 |
| **12/31/2024** | $11963 | $12480 |
| **1/31/2025** | $11969 | $12542 |
| **2/28/2025** | $12075 | $12667 |
| **3/31/2025** | $11896 | $12452 |
| **4/30/2025** | $11816 | $12352 |
| **5/31/2025** | $11773 | $12360 |
| **6/30/2025** | $11842 | $12437 |

---

# Municipal Bond Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 0.41 | 0.53 | 2.17 |
| Class A with Load | (4.12) | (0.40) | 1.7 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $7906077406 |
| # of portfolio holdings | 1557 |
| Portfolio turnover rate | 16% |
| Total advisory fees paid | $25500924 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 5.5 |
| AA/Aa | 46.5 |
| A/A | 30.9 |
| BBB/Baa | 12.7 |
| BB/Ba | 1.5 |
| B/B | 0.1 |
| Not Rated | 2.8 |

---

---

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

---

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

---

| | |
|:---|:---|
| Regional Transportation District Sales Tax Revenue FasTracks Project Series A, 5.00%, 11-1-2041 | 0.6 |
| County of Clark Series A, 5.00%, 5-1-2048 | 0.6 |
| Port of Portland Airport Revenue Series 30A AMT, 5.25%, 7-1-2049 | 0.6 |
| Southeast Energy Authority A Cooperative District Series F, 5.25%, 11-1-2055 | 0.6 |
| San Francisco City & County Airport Commission San Francisco International Airport Series B AMT, 5.00%, 5-1-2046 | 0.6 |
| Texas Water Development Board State Water Implementation Revenue Fund Series B, 5.00%, 4-15-2049 | 0.5 |
| Fairfax County IDA Inova Health System Obligated Group, 5.00%, 5-15-2051 | 0.5 |
| City of New York Series C, 5.25%, 3-1-2053 | 0.5 |
| Main Street Natural Gas, Inc. Series C, 4.00%, 8-1-2052 | 0.5 |
| Central Plains Energy Project Series A-1, 5.00%, 8-1-2055 | 0.4 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 10.5 |
| 1-3 years | 3.5 |
| 3-5 years | 5.7 |
| 5-10 years | 14.1 |
| 10-20 years | 30.1 |
| 20-30 years | 35.1 |
| 30+ years | 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

#### AR3317 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Municipal Bond Fund

# Administrator Class

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $60 | 0.60% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were security selection and our credit allocation while our duration positioning detracted.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g07c37.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrator Class** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 |
| **7/31/2015** | $10066 | $10072 |
| **8/31/2015** | $10054 | $10092 |
| **9/30/2015** | $10141 | $10165 |
| **10/31/2015** | $10208 | $10206 |
| **11/30/2015** | $10285 | $10246 |
| **12/31/2015** | $10378 | $10318 |
| **1/31/2016** | $10462 | $10441 |
| **2/29/2016** | $10441 | $10458 |
| **3/31/2016** | $10509 | $10491 |
| **4/30/2016** | $10597 | $10568 |
| **5/31/2016** | $10663 | $10597 |
| **6/30/2016** | $10810 | $10765 |
| **7/31/2016** | $10815 | $10772 |
| **8/31/2016** | $10840 | $10786 |
| **9/30/2016** | $10815 | $10733 |
| **10/31/2016** | $10741 | $10620 |
| **11/30/2016** | $10330 | $10224 |
| **12/31/2016** | $10422 | $10344 |
| **1/31/2017** | $10443 | $10412 |
| **2/28/2017** | $10516 | $10484 |
| **3/31/2017** | $10568 | $10507 |
| **4/30/2017** | $10652 | $10583 |
| **5/31/2017** | $10808 | $10751 |
| **6/30/2017** | $10775 | $10713 |
| **7/31/2017** | $10857 | $10799 |
| **8/31/2017** | $10971 | $10882 |
| **9/30/2017** | $10968 | $10826 |
| **10/31/2017** | $10996 | $10853 |
| **11/30/2017** | $10960 | $10795 |
| **12/31/2017** | $11058 | $10907 |
| **1/31/2018** | $10960 | $10779 |
| **2/28/2018** | $10937 | $10747 |
| **3/31/2018** | $10989 | $10787 |
| **4/30/2018** | $10977 | $10748 |
| **5/31/2018** | $11094 | $10871 |
| **6/30/2018** | $11112 | $10880 |
| **7/31/2018** | $11141 | $10907 |
| **8/31/2018** | $11160 | $10935 |
| **9/30/2018** | $11103 | $10864 |
| **10/31/2018** | $11033 | $10797 |
| **11/30/2018** | $11139 | $10917 |
| **12/31/2018** | $11267 | $11047 |
| **1/31/2019** | $11351 | $11131 |
| **2/28/2019** | $11414 | $11190 |
| **3/31/2019** | $11587 | $11367 |
| **4/30/2019** | $11638 | $11410 |
| **5/31/2019** | $11798 | $11567 |
| **6/30/2019** | $11836 | $11610 |
| **7/31/2019** | $11929 | $11704 |
| **8/31/2019** | $12124 | $11888 |
| **9/30/2019** | $12038 | $11793 |
| **10/31/2019** | $12041 | $11814 |
| **11/30/2019** | $12067 | $11844 |
| **12/31/2019** | $12093 | $11880 |
| **1/31/2020** | $12311 | $12093 |
| **2/29/2020** | $12485 | $12249 |
| **3/31/2020** | $11894 | $11805 |
| **4/30/2020** | $11701 | $11657 |
| **5/31/2020** | $12024 | $12028 |
| **6/30/2020** | $12165 | $12126 |
| **7/31/2020** | $12362 | $12331 |
| **8/31/2020** | $12329 | $12273 |
| **9/30/2020** | $12331 | $12275 |
| **10/31/2020** | $12310 | $12239 |
| **11/30/2020** | $12498 | $12423 |
| **12/31/2020** | $12592 | $12499 |
| **1/31/2021** | $12675 | $12579 |
| **2/28/2021** | $12466 | $12379 |
| **3/31/2021** | $12549 | $12455 |
| **4/30/2021** | $12667 | $12560 |
| **5/31/2021** | $12738 | $12597 |
| **6/30/2021** | $12786 | $12632 |
| **7/31/2021** | $12881 | $12736 |
| **8/31/2021** | $12834 | $12690 |
| **9/30/2021** | $12728 | $12598 |
| **10/31/2021** | $12717 | $12561 |
| **11/30/2021** | $12824 | $12668 |
| **12/31/2021** | $12836 | $12689 |
| **1/31/2022** | $12513 | $12341 |
| **2/28/2022** | $12441 | $12297 |
| **3/31/2022** | $12081 | $11898 |
| **4/30/2022** | $11769 | $11569 |
| **5/31/2022** | $11913 | $11741 |
| **6/30/2022** | $11709 | $11549 |
| **7/31/2022** | $11988 | $11854 |
| **8/31/2022** | $11736 | $11594 |
| **9/30/2022** | $11374 | $11149 |
| **10/31/2022** | $11256 | $11057 |
| **11/30/2022** | $11735 | $11574 |
| **12/31/2022** | $11750 | $11607 |
| **1/31/2023** | $12048 | $11940 |
| **2/28/2023** | $11832 | $11670 |
| **3/31/2023** | $12033 | $11929 |
| **4/30/2023** | $12038 | $11902 |
| **5/31/2023** | $11969 | $11799 |
| **6/30/2023** | $12074 | $11917 |
| **7/31/2023** | $12092 | $11964 |
| **8/31/2023** | $11960 | $11792 |
| **9/30/2023** | $11667 | $11446 |
| **10/31/2023** | $11511 | $11349 |
| **11/30/2023** | $12159 | $12069 |
| **12/31/2023** | $12417 | $12350 |
| **1/31/2024** | $12411 | $12287 |
| **2/29/2024** | $12431 | $12303 |
| **3/31/2024** | $12438 | $12302 |
| **4/30/2024** | $12331 | $12150 |
| **5/31/2024** | $12338 | $12114 |
| **6/30/2024** | $12499 | $12300 |
| **7/31/2024** | $12597 | $12412 |
| **8/31/2024** | $12668 | $12510 |
| **9/30/2024** | $12793 | $12633 |
| **10/31/2024** | $12646 | $12449 |
| **11/30/2024** | $12823 | $12664 |
| **12/31/2024** | $12688 | $12480 |
| **1/31/2025** | $12696 | $12542 |
| **2/28/2025** | $12809 | $12667 |
| **3/31/2025** | $12620 | $12452 |
| **4/30/2025** | $12550 | $12352 |
| **5/31/2025** | $12492 | $12360 |
| **6/30/2025** | $12566 | $12437 |

---

# Municipal Bond Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 0.53 | 0.65 | 2.31 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $7906077406 |
| # of portfolio holdings | 1557 |
| Portfolio turnover rate | 16% |
| Total advisory fees paid | $25500924 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 5.5 |
| AA/Aa | 46.5 |
| A/A | 30.9 |
| BBB/Baa | 12.7 |
| BB/Ba | 1.5 |
| B/B | 0.1 |
| Not Rated | 2.8 |

---

---

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

---

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

---

| | |
|:---|:---|
| Regional Transportation District Sales Tax Revenue FasTracks Project Series A, 5.00%, 11-1-2041 | 0.6 |
| County of Clark Series A, 5.00%, 5-1-2048 | 0.6 |
| Port of Portland Airport Revenue Series 30A AMT, 5.25%, 7-1-2049 | 0.6 |
| Southeast Energy Authority A Cooperative District Series F, 5.25%, 11-1-2055 | 0.6 |
| San Francisco City & County Airport Commission San Francisco International Airport Series B AMT, 5.00%, 5-1-2046 | 0.6 |
| Texas Water Development Board State Water Implementation Revenue Fund Series B, 5.00%, 4-15-2049 | 0.5 |
| Fairfax County IDA Inova Health System Obligated Group, 5.00%, 5-15-2051 | 0.5 |
| City of New York Series C, 5.25%, 3-1-2053 | 0.5 |
| Main Street Natural Gas, Inc. Series C, 4.00%, 8-1-2052 | 0.5 |
| Central Plains Energy Project Series A-1, 5.00%, 8-1-2055 | 0.4 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 10.5 |
| 1-3 years | 3.5 |
| 3-5 years | 5.7 |
| 5-10 years | 14.1 |
| 10-20 years | 30.1 |
| 20-30 years | 35.1 |
| 30+ years | 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

#### AR3707 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Pennsylvania Tax-Free Fund

# Institutional Class

# EKVYX
This annual shareholder report contains important information about Pennsylvania Tax-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $49 | 0.49% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the last year. However, the Bloomberg Municipal Bond Index finished the one-year period ending June 30, 2025, +1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to fund performance were security selection and our credit allocation while our duration positioning was the primary detractor.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g62i70.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Pennsylvania Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10074 | $10085 | $10072 |
| **8/31/2015** | $10097 | $10113 | $10092 |
| **9/30/2015** | $10163 | $10182 | $10165 |
| **10/31/2015** | $10202 | $10215 | $10206 |
| **11/30/2015** | $10242 | $10268 | $10246 |
| **12/31/2015** | $10306 | $10342 | $10318 |
| **1/31/2016** | $10403 | $10465 | $10441 |
| **2/29/2016** | $10415 | $10479 | $10458 |
| **3/31/2016** | $10436 | $10519 | $10491 |
| **4/30/2016** | $10500 | $10594 | $10568 |
| **5/31/2016** | $10519 | $10632 | $10597 |
| **6/30/2016** | $10688 | $10803 | $10765 |
| **7/31/2016** | $10691 | $10807 | $10772 |
| **8/31/2016** | $10710 | $10820 | $10786 |
| **9/30/2016** | $10658 | $10757 | $10733 |
| **10/31/2016** | $10552 | $10645 | $10620 |
| **11/30/2016** | $10162 | $10236 | $10224 |
| **12/31/2016** | $10279 | $10367 | $10344 |
| **1/31/2017** | $10307 | $10430 | $10412 |
| **2/28/2017** | $10372 | $10500 | $10484 |
| **3/31/2017** | $10410 | $10540 | $10507 |
| **4/30/2017** | $10485 | $10620 | $10583 |
| **5/31/2017** | $10632 | $10793 | $10751 |
| **6/30/2017** | $10626 | $10780 | $10713 |
| **7/31/2017** | $10683 | $10852 | $10799 |
| **8/31/2017** | $10768 | $10941 | $10882 |
| **9/30/2017** | $10735 | $10868 | $10826 |
| **10/31/2017** | $10756 | $10904 | $10853 |
| **11/30/2017** | $10723 | $10871 | $10795 |
| **12/31/2017** | $10818 | $10991 | $10907 |
| **1/31/2018** | $10729 | $10851 | $10779 |
| **2/28/2018** | $10706 | $10809 | $10747 |
| **3/31/2018** | $10738 | $10857 | $10787 |
| **4/30/2018** | $10705 | $10821 | $10748 |
| **5/31/2018** | $10812 | $10948 | $10871 |
| **6/30/2018** | $10826 | $10961 | $10880 |
| **7/31/2018** | $10848 | $10985 | $10907 |
| **8/31/2018** | $10861 | $11024 | $10935 |
| **9/30/2018** | $10817 | $10955 | $10864 |
| **10/31/2018** | $10773 | $10879 | $10797 |
| **11/30/2018** | $10863 | $10999 | $10917 |
| **12/31/2018** | $10982 | $11152 | $11047 |
| **1/31/2019** | $11062 | $11241 | $11131 |
| **2/28/2019** | $11115 | $11308 | $11190 |
| **3/31/2019** | $11263 | $11507 | $11367 |
| **4/30/2019** | $11295 | $11559 | $11410 |
| **5/31/2019** | $11453 | $11725 | $11567 |
| **6/30/2019** | $11504 | $11773 | $11610 |
| **7/31/2019** | $11594 | $11870 | $11704 |
| **8/31/2019** | $11762 | $12077 | $11888 |
| **9/30/2019** | $11686 | $11978 | $11793 |
| **10/31/2019** | $11688 | $12004 | $11814 |
| **11/30/2019** | $11700 | $12025 | $11844 |
| **12/31/2019** | $11730 | $12071 | $11880 |
| **1/31/2020** | $11919 | $12297 | $12093 |
| **2/29/2020** | $12059 | $12470 | $12249 |
| **3/31/2020** | $11641 | $12039 | $11805 |
| **4/30/2020** | $11480 | $11839 | $11657 |
| **5/31/2020** | $11739 | $12221 | $12028 |
| **6/30/2020** | $11838 | $12324 | $12126 |
| **7/31/2020** | $11979 | $12531 | $12331 |
| **8/31/2020** | $11958 | $12487 | $12273 |
| **9/30/2020** | $11978 | $12525 | $12275 |
| **10/31/2020** | $11967 | $12485 | $12239 |
| **11/30/2020** | $12107 | $12662 | $12423 |
| **12/31/2020** | $12187 | $12726 | $12499 |
| **1/31/2021** | $12277 | $12849 | $12579 |
| **2/28/2021** | $12152 | $12635 | $12379 |
| **3/31/2021** | $12199 | $12716 | $12455 |
| **4/30/2021** | $12308 | $12823 | $12560 |
| **5/31/2021** | $12366 | $12867 | $12597 |
| **6/30/2021** | $12404 | $12915 | $12632 |
| **7/31/2021** | $12503 | $13029 | $12736 |
| **8/31/2021** | $12467 | $12977 | $12690 |
| **9/30/2021** | $12368 | $12885 | $12598 |
| **10/31/2021** | $12363 | $12840 | $12561 |
| **11/30/2021** | $12463 | $12948 | $12668 |
| **12/31/2021** | $12479 | $12962 | $12689 |
| **1/31/2022** | $12190 | $12617 | $12341 |
| **2/28/2022** | $12124 | $12572 | $12297 |
| **3/31/2022** | $11813 | $12161 | $11898 |
| **4/30/2022** | $11482 | $11820 | $11569 |
| **5/31/2022** | $11574 | $11954 | $11741 |
| **6/30/2022** | $11400 | $11754 | $11549 |
| **7/31/2022** | $11630 | $12070 | $11854 |
| **8/31/2022** | $11413 | $11814 | $11594 |
| **9/30/2022** | $11047 | $11340 | $11149 |
| **10/31/2022** | $10958 | $11236 | $11057 |
| **11/30/2022** | $11364 | $11758 | $11574 |
| **12/31/2022** | $11383 | $11789 | $11607 |
| **1/31/2023** | $11672 | $12145 | $11940 |
| **2/28/2023** | $11443 | $11881 | $11670 |
| **3/31/2023** | $11626 | $12138 | $11929 |
| **4/30/2023** | $11635 | $12113 | $11902 |
| **5/31/2023** | $11557 | $11997 | $11799 |
| **6/30/2023** | $11654 | $12136 | $11917 |
| **7/31/2023** | $11674 | $12207 | $11964 |
| **8/31/2023** | $11540 | $12000 | $11792 |
| **9/30/2023** | $11262 | $11663 | $11446 |
| **10/31/2023** | $11106 | $11553 | $11349 |
| **11/30/2023** | $11761 | $12270 | $12069 |
| **12/31/2023** | $12016 | $12573 | $12350 |
| **1/31/2024** | $12036 | $12524 | $12287 |
| **2/29/2024** | $12036 | $12552 | $12303 |
| **3/31/2024** | $12068 | $12566 | $12302 |
| **4/30/2024** | $11944 | $12413 | $12150 |
| **5/31/2024** | $11965 | $12374 | $12114 |
| **6/30/2024** | $12158 | $12566 | $12300 |
| **7/31/2024** | $12248 | $12658 | $12412 |
| **8/31/2024** | $12326 | $12754 | $12510 |
| **9/30/2024** | $12463 | $12883 | $12633 |
| **10/31/2024** | $12324 | $12713 | $12449 |
| **11/30/2024** | $12508 | $12924 | $12664 |
| **12/31/2024** | $12369 | $12737 | $12480 |
| **1/31/2025** | $12392 | $12828 | $12542 |
| **2/28/2025** | $12508 | $12933 | $12667 |
| **3/31/2025** | $12323 | $12745 | $12452 |
| **4/30/2025** | $12253 | $12620 | $12352 |
| **5/31/2025** | $12206 | $12633 | $12360 |
| **6/30/2025** | $12265 | $12705 | $12437 |

---

# Pennsylvania Tax-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 0.89 | 0.71 | 2.06 |
| Bloomberg Pennsylvania Municipal Bond Index | 1.11 | 0.61 | 2.42 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $92659219 |
| # of portfolio holdings | 120 |
| Portfolio turnover rate | 23% |
| Total advisory fees paid | $219682 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 0.4 |
| AA/Aa | 42.5 |
| A/A | 36.3 |
| BBB/Baa | 15.1 |
| BB/Ba | 5.4 |
| Not rated | 0.3 |

---

---

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

---

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

---

| | |
|:---|:---|
| Bucks County Water & Sewer Authority Series A, 5.25%, 12-1-2047 | 2.5 |
| Tender Option Bond Trust Receipts/Certificates Series 2024-XL0539, 1.95%, 8-1-2054 | 2.2 |
| Pennsylvania Higher Educational Facilities Authority Health System Obligated Group Series A, 5.00%, 8-15-2047 | 2.1 |
| Pennsylvania Turnpike Commission Series A, 5.25%, 12-1-2053 | 2.1 |
| Lehigh County Authority City Division Fund CAB, 0.00%, 12-1-2030 | 1.8 |
| Allegheny County Hospital Development Authority Health Network Obligated Group Series A, 4.00%, 4-1-2044 | 1.7 |
| Interboro School District, 5.50%, 8-15-2063 | 1.7 |
| Pennsylvania EDFA Villanova University, 5.00%, 8-1-2049 | 1.7 |
| West Shore School District, 5.00%, 11-15-2048 | 1.6 |
| Pennsylvania Higher Educational Facilities Authority Health System Obligated Group, 5.00%, 8-15-2040 | 1.6 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 4.8 |
| 1-3 years | 4.6 |
| 3-5 years | 6.3 |
| 5-10 years | 16.2 |
| 10-20 years | 31.1 |
| 20-30 years | 33.5 |
| 30+ years | 3.5 |

---

## 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

#### AR0216 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Pennsylvania Tax-Free Fund

# Class C

# EKVCX
This annual shareholder report contains important information about Pennsylvania Tax-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $149 | 1.49% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the last year. However, the Bloomberg Municipal Bond Index finished the one-year period ending June 30, 2025, +1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to fund performance were security selection and our credit allocation while our duration positioning was the primary detractor.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g99l83.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **Bloomberg Pennsylvania Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10066 | $10085 | $10072 |
| **8/31/2015** | $10080 | $10113 | $10092 |
| **9/30/2015** | $10137 | $10182 | $10165 |
| **10/31/2015** | $10168 | $10215 | $10206 |
| **11/30/2015** | $10191 | $10268 | $10246 |
| **12/31/2015** | $10254 | $10342 | $10318 |
| **1/31/2016** | $10334 | $10465 | $10441 |
| **2/29/2016** | $10338 | $10479 | $10458 |
| **3/31/2016** | $10350 | $10519 | $10491 |
| **4/30/2016** | $10413 | $10594 | $10568 |
| **5/31/2016** | $10423 | $10632 | $10597 |
| **6/30/2016** | $10583 | $10803 | $10765 |
| **7/31/2016** | $10576 | $10807 | $10772 |
| **8/31/2016** | $10586 | $10820 | $10786 |
| **9/30/2016** | $10526 | $10757 | $10733 |
| **10/31/2016** | $10413 | $10645 | $10620 |
| **11/30/2016** | $10018 | $10236 | $10224 |
| **12/31/2016** | $10125 | $10367 | $10344 |
| **1/31/2017** | $10144 | $10430 | $10412 |
| **2/28/2017** | $10201 | $10500 | $10484 |
| **3/31/2017** | $10221 | $10540 | $10507 |
| **4/30/2017** | $10295 | $10620 | $10583 |
| **5/31/2017** | $10431 | $10793 | $10751 |
| **6/30/2017** | $10416 | $10780 | $10713 |
| **7/31/2017** | $10463 | $10852 | $10799 |
| **8/31/2017** | $10538 | $10941 | $10882 |
| **9/30/2017** | $10496 | $10868 | $10826 |
| **10/31/2017** | $10508 | $10904 | $10853 |
| **11/30/2017** | $10467 | $10871 | $10795 |
| **12/31/2017** | $10551 | $10991 | $10907 |
| **1/31/2018** | $10455 | $10851 | $10779 |
| **2/28/2018** | $10424 | $10809 | $10747 |
| **3/31/2018** | $10446 | $10857 | $10787 |
| **4/30/2018** | $10405 | $10821 | $10748 |
| **5/31/2018** | $10501 | $10948 | $10871 |
| **6/30/2018** | $10496 | $10961 | $10880 |
| **7/31/2018** | $10519 | $10985 | $10907 |
| **8/31/2018** | $10522 | $11024 | $10935 |
| **9/30/2018** | $10471 | $10955 | $10864 |
| **10/31/2018** | $10420 | $10879 | $10797 |
| **11/30/2018** | $10498 | $10999 | $10917 |
| **12/31/2018** | $10604 | $11152 | $11047 |
| **1/31/2019** | $10673 | $11241 | $11131 |
| **2/28/2019** | $10715 | $11308 | $11190 |
| **3/31/2019** | $10849 | $11507 | $11367 |
| **4/30/2019** | $10870 | $11559 | $11410 |
| **5/31/2019** | $11013 | $11725 | $11567 |
| **6/30/2019** | $11054 | $11773 | $11610 |
| **7/31/2019** | $11131 | $11870 | $11704 |
| **8/31/2019** | $11283 | $12077 | $11888 |
| **9/30/2019** | $11201 | $11978 | $11793 |
| **10/31/2019** | $11193 | $12004 | $11814 |
| **11/30/2019** | $11195 | $12025 | $11844 |
| **12/31/2019** | $11215 | $12071 | $11880 |
| **1/31/2020** | $11377 | $12297 | $12093 |
| **2/29/2020** | $11511 | $12470 | $12249 |
| **3/31/2020** | $11102 | $12039 | $11805 |
| **4/30/2020** | $10939 | $11839 | $11657 |
| **5/31/2020** | $11176 | $12221 | $12028 |
| **6/30/2020** | $11262 | $12324 | $12126 |
| **7/31/2020** | $11386 | $12531 | $12331 |
| **8/31/2020** | $11357 | $12487 | $12273 |
| **9/30/2020** | $11367 | $12525 | $12275 |
| **10/31/2020** | $11346 | $12485 | $12239 |
| **11/30/2020** | $11470 | $12662 | $12423 |
| **12/31/2020** | $11526 | $12726 | $12499 |
| **1/31/2021** | $11611 | $12849 | $12579 |
| **2/28/2021** | $11474 | $12635 | $12379 |
| **3/31/2021** | $11519 | $12716 | $12455 |
| **4/30/2021** | $11613 | $12823 | $12560 |
| **5/31/2021** | $11657 | $12867 | $12597 |
| **6/30/2021** | $11684 | $12915 | $12632 |
| **7/31/2021** | $11767 | $13029 | $12736 |
| **8/31/2021** | $11713 | $12977 | $12690 |
| **9/30/2021** | $11620 | $12885 | $12598 |
| **10/31/2021** | $11595 | $12840 | $12561 |
| **11/30/2021** | $11690 | $12948 | $12668 |
| **12/31/2021** | $11696 | $12962 | $12689 |
| **1/31/2022** | $11408 | $12617 | $12341 |
| **2/28/2022** | $11346 | $12572 | $12297 |
| **3/31/2022** | $11045 | $12161 | $11898 |
| **4/30/2022** | $10725 | $11820 | $11569 |
| **5/31/2022** | $10800 | $11954 | $11741 |
| **6/30/2022** | $10628 | $11754 | $11549 |
| **7/31/2022** | $10834 | $12070 | $11854 |
| **8/31/2022** | $10622 | $11814 | $11594 |
| **9/30/2022** | $10271 | $11340 | $11149 |
| **10/31/2022** | $10179 | $11236 | $11057 |
| **11/30/2022** | $10559 | $11758 | $11574 |
| **12/31/2022** | $10558 | $11789 | $11607 |
| **1/31/2023** | $10827 | $12145 | $11940 |
| **2/28/2023** | $10596 | $11881 | $11670 |
| **3/31/2023** | $10757 | $12138 | $11929 |
| **4/30/2023** | $10756 | $12113 | $11902 |
| **5/31/2023** | $10674 | $11997 | $11799 |
| **6/30/2023** | $10755 | $12136 | $11917 |
| **7/31/2023** | $10772 | $12207 | $11964 |
| **8/31/2023** | $10646 | $12000 | $11792 |
| **9/30/2023** | $10388 | $11663 | $11446 |
| **10/31/2023** | $10241 | $11553 | $11349 |
| **11/30/2023** | $10843 | $12270 | $12069 |
| **12/31/2023** | $11076 | $12573 | $12350 |
| **1/31/2024** | $11082 | $12524 | $12287 |
| **2/29/2024** | $11090 | $12552 | $12303 |
| **3/31/2024** | $11117 | $12566 | $12302 |
| **4/30/2024** | $11000 | $12413 | $12150 |
| **5/31/2024** | $11018 | $12374 | $12114 |
| **6/30/2024** | $11193 | $12566 | $12300 |
| **7/31/2024** | $11273 | $12658 | $12412 |
| **8/31/2024** | $11343 | $12754 | $12510 |
| **9/30/2024** | $11466 | $12883 | $12633 |
| **10/31/2024** | $11337 | $12713 | $12449 |
| **11/30/2024** | $11503 | $12924 | $12664 |
| **12/31/2024** | $11373 | $12737 | $12480 |
| **1/31/2025** | $11392 | $12828 | $12542 |
| **2/28/2025** | $11497 | $12933 | $12667 |
| **3/31/2025** | $11324 | $12745 | $12452 |
| **4/30/2025** | $11258 | $12620 | $12352 |
| **5/31/2025** | $11213 | $12633 | $12360 |
| **6/30/2025** | $11265 | $12705 | $12437 |

---

# Pennsylvania Tax-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | (0.12) | (0.30) | 1.2 |
| Class C with Load | (1.12) | (0.30) | 1.2 |
| Bloomberg Pennsylvania Municipal Bond Index | 1.11 | 0.61 | 2.42 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $92659219 |
| # of portfolio holdings | 120 |
| Portfolio turnover rate | 23% |
| Total advisory fees paid | $219682 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 0.4 |
| AA/Aa | 42.5 |
| A/A | 36.3 |
| BBB/Baa | 15.1 |
| BB/Ba | 5.4 |
| Not rated | 0.3 |

---

---

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

---

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

---

| | |
|:---|:---|
| Bucks County Water & Sewer Authority Series A, 5.25%, 12-1-2047 | 2.5 |
| Tender Option Bond Trust Receipts/Certificates Series 2024-XL0539, 1.95%, 8-1-2054 | 2.2 |
| Pennsylvania Higher Educational Facilities Authority Health System Obligated Group Series A, 5.00%, 8-15-2047 | 2.1 |
| Pennsylvania Turnpike Commission Series A, 5.25%, 12-1-2053 | 2.1 |
| Lehigh County Authority City Division Fund CAB, 0.00%, 12-1-2030 | 1.8 |
| Allegheny County Hospital Development Authority Health Network Obligated Group Series A, 4.00%, 4-1-2044 | 1.7 |
| Interboro School District, 5.50%, 8-15-2063 | 1.7 |
| Pennsylvania EDFA Villanova University, 5.00%, 8-1-2049 | 1.7 |
| West Shore School District, 5.00%, 11-15-2048 | 1.6 |
| Pennsylvania Higher Educational Facilities Authority Health System Obligated Group, 5.00%, 8-15-2040 | 1.6 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 4.8 |
| 1-3 years | 4.6 |
| 3-5 years | 6.3 |
| 5-10 years | 16.2 |
| 10-20 years | 31.1 |
| 20-30 years | 33.5 |
| 30+ years | 3.5 |

---

Significant fund changes

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

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

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

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

#### AR0416 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Pennsylvania Tax-Free Fund

# Class A

# EKVAX
This annual shareholder report contains important information about Pennsylvania Tax-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $73 | 0.73% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the last year. However, the Bloomberg Municipal Bond Index finished the one-year period ending June 30, 2025, +1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to fund performance were security selection and our credit allocation while our duration positioning was the primary detractor.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g51m84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Bloomberg Pennsylvania Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $9553 | $10000 | $10000 |
| **7/31/2015** | $9622 | $10085 | $10072 |
| **8/31/2015** | $9641 | $10113 | $10092 |
| **9/30/2015** | $9702 | $10182 | $10165 |
| **10/31/2015** | $9738 | $10215 | $10206 |
| **11/30/2015** | $9774 | $10268 | $10246 |
| **12/31/2015** | $9833 | $10342 | $10318 |
| **1/31/2016** | $9924 | $10465 | $10441 |
| **2/29/2016** | $9933 | $10479 | $10458 |
| **3/31/2016** | $9951 | $10519 | $10491 |
| **4/30/2016** | $10009 | $10594 | $10568 |
| **5/31/2016** | $10026 | $10632 | $10597 |
| **6/30/2016** | $10185 | $10803 | $10765 |
| **7/31/2016** | $10185 | $10807 | $10772 |
| **8/31/2016** | $10201 | $10820 | $10786 |
| **9/30/2016** | $10150 | $10757 | $10733 |
| **10/31/2016** | $10047 | $10645 | $10620 |
| **11/30/2016** | $9673 | $10236 | $10224 |
| **12/31/2016** | $9782 | $10367 | $10344 |
| **1/31/2017** | $9807 | $10430 | $10412 |
| **2/28/2017** | $9867 | $10500 | $10484 |
| **3/31/2017** | $9902 | $10540 | $10507 |
| **4/30/2017** | $9971 | $10620 | $10583 |
| **5/31/2017** | $10108 | $10793 | $10751 |
| **6/30/2017** | $10100 | $10780 | $10713 |
| **7/31/2017** | $10153 | $10852 | $10799 |
| **8/31/2017** | $10231 | $10941 | $10882 |
| **9/30/2017** | $10197 | $10868 | $10826 |
| **10/31/2017** | $10215 | $10904 | $10853 |
| **11/30/2017** | $10182 | $10871 | $10795 |
| **12/31/2017** | $10270 | $10991 | $10907 |
| **1/31/2018** | $10183 | $10851 | $10779 |
| **2/28/2018** | $10159 | $10809 | $10747 |
| **3/31/2018** | $10187 | $10857 | $10787 |
| **4/30/2018** | $10154 | $10821 | $10748 |
| **5/31/2018** | $10254 | $10948 | $10871 |
| **6/30/2018** | $10264 | $10961 | $10880 |
| **7/31/2018** | $10283 | $10985 | $10907 |
| **8/31/2018** | $10293 | $11024 | $10935 |
| **9/30/2018** | $10250 | $10955 | $10864 |
| **10/31/2018** | $10206 | $10879 | $10797 |
| **11/30/2018** | $10290 | $10999 | $10917 |
| **12/31/2018** | $10400 | $11152 | $11047 |
| **1/31/2019** | $10474 | $11241 | $11131 |
| **2/28/2019** | $10521 | $11308 | $11190 |
| **3/31/2019** | $10659 | $11507 | $11367 |
| **4/30/2019** | $10687 | $11559 | $11410 |
| **5/31/2019** | $10834 | $11725 | $11567 |
| **6/30/2019** | $10881 | $11773 | $11610 |
| **7/31/2019** | $10963 | $11870 | $11704 |
| **8/31/2019** | $11120 | $12077 | $11888 |
| **9/30/2019** | $11046 | $11978 | $11793 |
| **10/31/2019** | $11045 | $12004 | $11814 |
| **11/30/2019** | $11054 | $12025 | $11844 |
| **12/31/2019** | $11081 | $12071 | $11880 |
| **1/31/2020** | $11248 | $12297 | $12093 |
| **2/29/2020** | $11387 | $12470 | $12249 |
| **3/31/2020** | $10989 | $12039 | $11805 |
| **4/30/2020** | $10835 | $11839 | $11657 |
| **5/31/2020** | $11077 | $12221 | $12028 |
| **6/30/2020** | $11169 | $12324 | $12126 |
| **7/31/2020** | $11299 | $12531 | $12331 |
| **8/31/2020** | $11278 | $12487 | $12273 |
| **9/30/2020** | $11294 | $12525 | $12275 |
| **10/31/2020** | $11281 | $12485 | $12239 |
| **11/30/2020** | $11411 | $12662 | $12423 |
| **12/31/2020** | $11484 | $12726 | $12499 |
| **1/31/2021** | $11566 | $12849 | $12579 |
| **2/28/2021** | $11446 | $12635 | $12379 |
| **3/31/2021** | $11488 | $12716 | $12455 |
| **4/30/2021** | $11589 | $12823 | $12560 |
| **5/31/2021** | $11641 | $12867 | $12597 |
| **6/30/2021** | $11674 | $12915 | $12632 |
| **7/31/2021** | $11765 | $13029 | $12736 |
| **8/31/2021** | $11728 | $12977 | $12690 |
| **9/30/2021** | $11633 | $12885 | $12598 |
| **10/31/2021** | $11626 | $12840 | $12561 |
| **11/30/2021** | $11717 | $12948 | $12668 |
| **12/31/2021** | $11730 | $12962 | $12689 |
| **1/31/2022** | $11456 | $12617 | $12341 |
| **2/28/2022** | $11391 | $12572 | $12297 |
| **3/31/2022** | $11097 | $12161 | $11898 |
| **4/30/2022** | $10784 | $11820 | $11569 |
| **5/31/2022** | $10868 | $11954 | $11741 |
| **6/30/2022** | $10702 | $11754 | $11549 |
| **7/31/2022** | $10916 | $12070 | $11854 |
| **8/31/2022** | $10711 | $11814 | $11594 |
| **9/30/2022** | $10364 | $11340 | $11149 |
| **10/31/2022** | $10278 | $11236 | $11057 |
| **11/30/2022** | $10657 | $11758 | $11574 |
| **12/31/2022** | $10673 | $11789 | $11607 |
| **1/31/2023** | $10942 | $12145 | $11940 |
| **2/28/2023** | $10725 | $11881 | $11670 |
| **3/31/2023** | $10894 | $12138 | $11929 |
| **4/30/2023** | $10900 | $12113 | $11902 |
| **5/31/2023** | $10825 | $11997 | $11799 |
| **6/30/2023** | $10913 | $12136 | $11917 |
| **7/31/2023** | $10930 | $12207 | $11964 |
| **8/31/2023** | $10802 | $12000 | $11792 |
| **9/30/2023** | $10540 | $11663 | $11446 |
| **10/31/2023** | $10392 | $11553 | $11349 |
| **11/30/2023** | $11002 | $12270 | $12069 |
| **12/31/2023** | $11238 | $12573 | $12350 |
| **1/31/2024** | $11245 | $12524 | $12287 |
| **2/29/2024** | $11253 | $12552 | $12303 |
| **3/31/2024** | $11280 | $12566 | $12302 |
| **4/30/2024** | $11162 | $12413 | $12150 |
| **5/31/2024** | $11180 | $12374 | $12114 |
| **6/30/2024** | $11357 | $12566 | $12300 |
| **7/31/2024** | $11438 | $12658 | $12412 |
| **8/31/2024** | $11509 | $12754 | $12510 |
| **9/30/2024** | $11635 | $12883 | $12633 |
| **10/31/2024** | $11503 | $12713 | $12449 |
| **11/30/2024** | $11672 | $12924 | $12664 |
| **12/31/2024** | $11540 | $12737 | $12480 |
| **1/31/2025** | $11559 | $12828 | $12542 |
| **2/28/2025** | $11666 | $12933 | $12667 |
| **3/31/2025** | $11491 | $12745 | $12452 |
| **4/30/2025** | $11424 | $12620 | $12352 |
| **5/31/2025** | $11378 | $12633 | $12360 |
| **6/30/2025** | $11430 | $12705 | $12437 |

---

# Pennsylvania Tax-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 0.65 | 0.46 | 1.81 |
| Class A with Load | (3.84) | (0.45) | 1.35 |
| Bloomberg Pennsylvania Municipal Bond Index | 1.11 | 0.61 | 2.42 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $92659219 |
| # of portfolio holdings | 120 |
| Portfolio turnover rate | 23% |
| Total advisory fees paid | $219682 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 0.4 |
| AA/Aa | 42.5 |
| A/A | 36.3 |
| BBB/Baa | 15.1 |
| BB/Ba | 5.4 |
| Not rated | 0.3 |

---

---

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

---

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

---

| | |
|:---|:---|
| Bucks County Water & Sewer Authority Series A, 5.25%, 12-1-2047 | 2.5 |
| Tender Option Bond Trust Receipts/Certificates Series 2024-XL0539, 1.95%, 8-1-2054 | 2.2 |
| Pennsylvania Higher Educational Facilities Authority Health System Obligated Group Series A, 5.00%, 8-15-2047 | 2.1 |
| Pennsylvania Turnpike Commission Series A, 5.25%, 12-1-2053 | 2.1 |
| Lehigh County Authority City Division Fund CAB, 0.00%, 12-1-2030 | 1.8 |
| Allegheny County Hospital Development Authority Health Network Obligated Group Series A, 4.00%, 4-1-2044 | 1.7 |
| Interboro School District, 5.50%, 8-15-2063 | 1.7 |
| Pennsylvania EDFA Villanova University, 5.00%, 8-1-2049 | 1.7 |
| West Shore School District, 5.00%, 11-15-2048 | 1.6 |
| Pennsylvania Higher Educational Facilities Authority Health System Obligated Group, 5.00%, 8-15-2040 | 1.6 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 4.8 |
| 1-3 years | 4.6 |
| 3-5 years | 6.3 |
| 5-10 years | 16.2 |
| 10-20 years | 31.1 |
| 20-30 years | 33.5 |
| 30+ years | 3.5 |

---

## 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

#### AR4301 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Short-Term Municipal Bond Fund

# Institutional Class

# WSBIX
This annual shareholder report contains important information about Short-Term Municipal Bond Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $41 | 0.40% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were our allocation to credit and sector allocation while yield curve positioning was a slight detractor.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g20m50.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg 1-3 Year Composite Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10010 | $10024 | $10072 |
| **8/31/2015** | $10020 | $10037 | $10092 |
| **9/30/2015** | $10041 | $10061 | $10165 |
| **10/31/2015** | $10072 | $10079 | $10206 |
| **11/30/2015** | $10072 | $10062 | $10246 |
| **12/31/2015** | $10080 | $10059 | $10318 |
| **1/31/2016** | $10111 | $10106 | $10441 |
| **2/29/2016** | $10113 | $10133 | $10458 |
| **3/31/2016** | $10114 | $10114 | $10491 |
| **4/30/2016** | $10137 | $10132 | $10568 |
| **5/31/2016** | $10139 | $10130 | $10597 |
| **6/30/2016** | $10171 | $10165 | $10765 |
| **7/31/2016** | $10193 | $10189 | $10772 |
| **8/31/2016** | $10204 | $10174 | $10786 |
| **9/30/2016** | $10185 | $10143 | $10733 |
| **10/31/2016** | $10187 | $10141 | $10620 |
| **11/30/2016** | $10076 | $10054 | $10224 |
| **12/31/2016** | $10078 | $10078 | $10344 |
| **1/31/2017** | $10112 | $10132 | $10412 |
| **2/28/2017** | $10135 | $10178 | $10484 |
| **3/31/2017** | $10148 | $10177 | $10507 |
| **4/30/2017** | $10182 | $10200 | $10583 |
| **5/31/2017** | $10206 | $10237 | $10751 |
| **6/30/2017** | $10208 | $10217 | $10713 |
| **7/31/2017** | $10242 | $10252 | $10799 |
| **8/31/2017** | $10275 | $10285 | $10882 |
| **9/30/2017** | $10277 | $10262 | $10826 |
| **10/31/2017** | $10289 | $10261 | $10853 |
| **11/30/2017** | $10270 | $10188 | $10795 |
| **12/31/2017** | $10273 | $10203 | $10907 |
| **1/31/2018** | $10287 | $10225 | $10779 |
| **2/28/2018** | $10291 | $10236 | $10747 |
| **3/31/2018** | $10284 | $10228 | $10787 |
| **4/30/2018** | $10289 | $10208 | $10748 |
| **5/31/2018** | $10325 | $10253 | $10871 |
| **6/30/2018** | $10350 | $10291 | $10880 |
| **7/31/2018** | $10375 | $10319 | $10907 |
| **8/31/2018** | $10380 | $10315 | $10935 |
| **9/30/2018** | $10363 | $10284 | $10864 |
| **10/31/2018** | $10358 | $10286 | $10797 |
| **11/30/2018** | $10396 | $10328 | $10917 |
| **12/31/2018** | $10444 | $10382 | $11047 |
| **1/31/2019** | $10481 | $10427 | $11131 |
| **2/28/2019** | $10509 | $10456 | $11190 |
| **3/31/2019** | $10547 | $10493 | $11367 |
| **4/30/2019** | $10564 | $10497 | $11410 |
| **5/31/2019** | $10602 | $10551 | $11567 |
| **6/30/2019** | $10641 | $10591 | $11610 |
| **7/31/2019** | $10678 | $10639 | $11704 |
| **8/31/2019** | $10705 | $10660 | $11888 |
| **9/30/2019** | $10689 | $10621 | $11793 |
| **10/31/2019** | $10705 | $10660 | $11814 |
| **11/30/2019** | $10732 | $10681 | $11844 |
| **12/31/2019** | $10747 | $10700 | $11880 |
| **1/31/2020** | $10804 | $10755 | $12093 |
| **2/29/2020** | $10840 | $10784 | $12249 |
| **3/31/2020** | $10650 | $10683 | $11805 |
| **4/30/2020** | $10643 | $10703 | $11657 |
| **5/31/2020** | $10765 | $10860 | $12028 |
| **6/30/2020** | $10821 | $10871 | $12126 |
| **7/31/2020** | $10868 | $10917 | $12331 |
| **8/31/2020** | $10892 | $10917 | $12273 |
| **9/30/2020** | $10895 | $10928 | $12275 |
| **10/31/2020** | $10897 | $10914 | $12239 |
| **11/30/2020** | $10943 | $10937 | $12423 |
| **12/31/2020** | $10967 | $10953 | $12499 |
| **1/31/2021** | $11002 | $10975 | $12579 |
| **2/28/2021** | $10961 | $10954 | $12379 |
| **3/31/2021** | $10974 | $10972 | $12455 |
| **4/30/2021** | $10998 | $10989 | $12560 |
| **5/31/2021** | $11010 | $10992 | $12597 |
| **6/30/2021** | $11011 | $10992 | $12632 |
| **7/31/2021** | $11034 | $11018 | $12736 |
| **8/31/2021** | $11034 | $11015 | $12690 |
| **9/30/2021** | $11001 | $10997 | $12598 |
| **10/31/2021** | $11000 | $10988 | $12561 |
| **11/30/2021** | $11011 | $10991 | $12668 |
| **12/31/2021** | $11011 | $10992 | $12689 |
| **1/31/2022** | $10888 | $10865 | $12341 |
| **2/28/2022** | $10856 | $10843 | $12297 |
| **3/31/2022** | $10746 | $10707 | $11898 |
| **4/30/2022** | $10646 | $10632 | $11569 |
| **5/31/2022** | $10715 | $10737 | $11741 |
| **6/30/2022** | $10695 | $10734 | $11549 |
| **7/31/2022** | $10788 | $10824 | $11854 |
| **8/31/2022** | $10702 | $10710 | $11594 |
| **9/30/2022** | $10572 | $10568 | $11149 |
| **10/31/2022** | $10555 | $10573 | $11057 |
| **11/30/2022** | $10707 | $10737 | $11574 |
| **12/31/2022** | $10725 | $10743 | $11607 |
| **1/31/2023** | $10843 | $10862 | $11940 |
| **2/28/2023** | $10749 | $10732 | $11670 |
| **3/31/2023** | $10858 | $10873 | $11929 |
| **4/30/2023** | $10842 | $10831 | $11902 |
| **5/31/2023** | $10816 | $10793 | $11799 |
| **6/30/2023** | $10872 | $10852 | $11917 |
| **7/31/2023** | $10893 | $10877 | $11964 |
| **8/31/2023** | $10893 | $10868 | $11792 |
| **9/30/2023** | $10813 | $10792 | $11446 |
| **10/31/2023** | $10814 | $10814 | $11349 |
| **11/30/2023** | $11034 | $11027 | $12069 |
| **12/31/2023** | $11129 | $11112 | $12350 |
| **1/31/2024** | $11141 | $11098 | $12287 |
| **2/29/2024** | $11165 | $11113 | $12303 |
| **3/31/2024** | $11177 | $11103 | $12302 |
| **4/30/2024** | $11167 | $11082 | $12150 |
| **5/31/2024** | $11180 | $11093 | $12114 |
| **6/30/2024** | $11262 | $11168 | $12300 |
| **7/31/2024** | $11333 | $11253 | $12412 |
| **8/31/2024** | $11428 | $11345 | $12510 |
| **9/30/2024** | $11477 | $11393 | $12633 |
| **10/31/2024** | $11443 | $11346 | $12449 |
| **11/30/2024** | $11505 | $11397 | $12664 |
| **12/31/2024** | $11483 | $11376 | $12480 |
| **1/31/2025** | $11531 | $11435 | $12542 |
| **2/28/2025** | $11592 | $11494 | $12667 |
| **3/31/2025** | $11570 | $11493 | $12452 |
| **4/30/2025** | $11561 | $11461 | $12352 |
| **5/31/2025** | $11610 | $11530 | $12360 |
| **6/30/2025** | $11684 | $11601 | $12437 |

---

# Short-Term Municipal Bond Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 3.75 | 1.55 | 1.57 |
| Bloomberg 1-3 Year Composite Municipal Bond Index | 3.87 | 1.31 | 1.5 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1553385144 |
| # of portfolio holdings | 671 |
| Portfolio turnover rate | 31% |
| Total advisory fees paid | $4741083 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 4.1 |
| AA/Aa | 35.4 |
| A/A | 37.8 |
| BBB/Baa | 15.7 |
| BB/Ba | 1.5 |
| B/B | 0.8 |
| Not rated | 4.7 |

---

---

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

---

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

---

| | |
|:---|:---|
| Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series B2, 5.00%, 2-15-2051 | 1.2 |
| City of Minneapolis Allina Health Obligated Group Series B, 5.00%, 11-15-2053 | 1.1 |
| State of Illinois Series B, 5.00%, 5-1-2030 | 0.9 |
| State of Ohio University Hospitals Health System, Inc. Obligated Group Series B, 2.20%, 1-15-2049 | 0.8 |
| Housing & RDA of The City of St. Paul Minnesota HealthPartners Obligated Group Series A, 5.00%, 7-1-2031 | 0.7 |
| City of San Antonio Electric & Gas Systems Revenue, 1.75%, 2-1-2049 | 0.7 |
| State of Oregon Article XI-Q State Projects Series A, 5.00%, 5-1-2028 | 0.7 |
| Illinois Finance Authority Endeavor Health Clinical Operations Obligated Series C, 4.00%, 8-15-2049 | 0.7 |
| Port of Portland Airport Revenue Series 30A AMT, 5.00%, 7-1-2030 | 0.7 |
| Central Texas Turnpike System Series B, 5.00%, 8-15-2042 | 0.7 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 32.0 |
| 1-3 years | 32.9 |
| 3-5 years | 18.8 |
| 5-10 years | 16.0 |
| 10-20 years | 0.3 |

---

## 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

#### AR3161 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Short-Term Municipal Bond Fund

# Class R6

# WSSRX
This annual shareholder report contains important information about Short-Term Municipal Bond Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $36 | 0.35% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were our allocation to credit and sector allocation while yield curve positioning was a slight detractor.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g34m68.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg 1-3 Year Composite Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10010 | $10024 | $10072 |
| **8/31/2015** | $10020 | $10037 | $10092 |
| **9/30/2015** | $10041 | $10061 | $10165 |
| **10/31/2015** | $10072 | $10079 | $10206 |
| **11/30/2015** | $10072 | $10062 | $10246 |
| **12/31/2015** | $10080 | $10059 | $10318 |
| **1/31/2016** | $10111 | $10106 | $10441 |
| **2/29/2016** | $10113 | $10133 | $10458 |
| **3/31/2016** | $10114 | $10114 | $10491 |
| **4/30/2016** | $10137 | $10132 | $10568 |
| **5/31/2016** | $10139 | $10130 | $10597 |
| **6/30/2016** | $10171 | $10165 | $10765 |
| **7/31/2016** | $10193 | $10189 | $10772 |
| **8/31/2016** | $10204 | $10174 | $10786 |
| **9/30/2016** | $10185 | $10143 | $10733 |
| **10/31/2016** | $10187 | $10141 | $10620 |
| **11/30/2016** | $10076 | $10054 | $10224 |
| **12/31/2016** | $10078 | $10078 | $10344 |
| **1/31/2017** | $10112 | $10132 | $10412 |
| **2/28/2017** | $10135 | $10178 | $10484 |
| **3/31/2017** | $10148 | $10177 | $10507 |
| **4/30/2017** | $10182 | $10200 | $10583 |
| **5/31/2017** | $10206 | $10237 | $10751 |
| **6/30/2017** | $10208 | $10217 | $10713 |
| **7/31/2017** | $10242 | $10252 | $10799 |
| **8/31/2017** | $10275 | $10285 | $10882 |
| **9/30/2017** | $10277 | $10262 | $10826 |
| **10/31/2017** | $10289 | $10261 | $10853 |
| **11/30/2017** | $10270 | $10188 | $10795 |
| **12/31/2017** | $10273 | $10203 | $10907 |
| **1/31/2018** | $10287 | $10225 | $10779 |
| **2/28/2018** | $10291 | $10236 | $10747 |
| **3/31/2018** | $10284 | $10228 | $10787 |
| **4/30/2018** | $10289 | $10208 | $10748 |
| **5/31/2018** | $10325 | $10253 | $10871 |
| **6/30/2018** | $10350 | $10291 | $10880 |
| **7/31/2018** | $10375 | $10319 | $10907 |
| **8/31/2018** | $10380 | $10315 | $10935 |
| **9/30/2018** | $10364 | $10284 | $10864 |
| **10/31/2018** | $10370 | $10286 | $10797 |
| **11/30/2018** | $10408 | $10328 | $10917 |
| **12/31/2018** | $10446 | $10382 | $11047 |
| **1/31/2019** | $10484 | $10427 | $11131 |
| **2/28/2019** | $10512 | $10456 | $11190 |
| **3/31/2019** | $10550 | $10493 | $11367 |
| **4/30/2019** | $10568 | $10497 | $11410 |
| **5/31/2019** | $10617 | $10551 | $11567 |
| **6/30/2019** | $10646 | $10591 | $11610 |
| **7/31/2019** | $10684 | $10639 | $11704 |
| **8/31/2019** | $10711 | $10660 | $11888 |
| **9/30/2019** | $10695 | $10621 | $11793 |
| **10/31/2019** | $10723 | $10660 | $11814 |
| **11/30/2019** | $10739 | $10681 | $11844 |
| **12/31/2019** | $10755 | $10700 | $11880 |
| **1/31/2020** | $10812 | $10755 | $12093 |
| **2/29/2020** | $10849 | $10784 | $12249 |
| **3/31/2020** | $10659 | $10683 | $11805 |
| **4/30/2020** | $10653 | $10703 | $11657 |
| **5/31/2020** | $10775 | $10860 | $12028 |
| **6/30/2020** | $10832 | $10871 | $12126 |
| **7/31/2020** | $10879 | $10917 | $12331 |
| **8/31/2020** | $10904 | $10917 | $12273 |
| **9/30/2020** | $10907 | $10928 | $12275 |
| **10/31/2020** | $10910 | $10914 | $12239 |
| **11/30/2020** | $10956 | $10937 | $12423 |
| **12/31/2020** | $10981 | $10953 | $12499 |
| **1/31/2021** | $11016 | $10975 | $12579 |
| **2/28/2021** | $10976 | $10954 | $12379 |
| **3/31/2021** | $10989 | $10972 | $12455 |
| **4/30/2021** | $11013 | $10989 | $12560 |
| **5/31/2021** | $11025 | $10992 | $12597 |
| **6/30/2021** | $11027 | $10992 | $12632 |
| **7/31/2021** | $11061 | $11018 | $12736 |
| **8/31/2021** | $11051 | $11015 | $12690 |
| **9/30/2021** | $11030 | $10997 | $12598 |
| **10/31/2021** | $11019 | $10988 | $12561 |
| **11/30/2021** | $11030 | $10991 | $12668 |
| **12/31/2021** | $11030 | $10992 | $12689 |
| **1/31/2022** | $10907 | $10865 | $12341 |
| **2/28/2022** | $10876 | $10843 | $12297 |
| **3/31/2022** | $10765 | $10707 | $11898 |
| **4/30/2022** | $10666 | $10632 | $11569 |
| **5/31/2022** | $10736 | $10737 | $11741 |
| **6/30/2022** | $10717 | $10734 | $11549 |
| **7/31/2022** | $10809 | $10824 | $11854 |
| **8/31/2022** | $10724 | $10710 | $11594 |
| **9/30/2022** | $10594 | $10568 | $11149 |
| **10/31/2022** | $10578 | $10573 | $11057 |
| **11/30/2022** | $10731 | $10737 | $11574 |
| **12/31/2022** | $10749 | $10743 | $11607 |
| **1/31/2023** | $10868 | $10862 | $11940 |
| **2/28/2023** | $10774 | $10732 | $11670 |
| **3/31/2023** | $10883 | $10873 | $11929 |
| **4/30/2023** | $10880 | $10831 | $11902 |
| **5/31/2023** | $10854 | $10793 | $11799 |
| **6/30/2023** | $10899 | $10852 | $11917 |
| **7/31/2023** | $10921 | $10877 | $11964 |
| **8/31/2023** | $10921 | $10868 | $11792 |
| **9/30/2023** | $10853 | $10792 | $11446 |
| **10/31/2023** | $10843 | $10814 | $11349 |
| **11/30/2023** | $11064 | $11027 | $12069 |
| **12/31/2023** | $11171 | $11112 | $12350 |
| **1/31/2024** | $11171 | $11098 | $12287 |
| **2/29/2024** | $11197 | $11113 | $12303 |
| **3/31/2024** | $11221 | $11103 | $12302 |
| **4/30/2024** | $11200 | $11082 | $12150 |
| **5/31/2024** | $11212 | $11093 | $12114 |
| **6/30/2024** | $11295 | $11168 | $12300 |
| **7/31/2024** | $11367 | $11253 | $12412 |
| **8/31/2024** | $11463 | $11345 | $12510 |
| **9/30/2024** | $11513 | $11393 | $12633 |
| **10/31/2024** | $11479 | $11346 | $12449 |
| **11/30/2024** | $11541 | $11397 | $12664 |
| **12/31/2024** | $11520 | $11376 | $12480 |
| **1/31/2025** | $11569 | $11435 | $12542 |
| **2/28/2025** | $11631 | $11494 | $12667 |
| **3/31/2025** | $11609 | $11493 | $12452 |
| **4/30/2025** | $11600 | $11461 | $12352 |
| **5/31/2025** | $11650 | $11530 | $12360 |
| **6/30/2025** | $11724 | $11601 | $12437 |

---

# Short-Term Municipal Bond Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>Footnote Reference\*</sup> | 3.8 | 1.6 | 1.6 |
| Bloomberg 1-3 Year Composite Municipal Bond Index | 3.87 | 1.31 | 1.5 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Historical performance shown for the Class R6 shares prior to their inception on July 31, 2018 reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1553385144 |
| # of portfolio holdings | 671 |
| Portfolio turnover rate | 31% |
| Total advisory fees paid | $4741083 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 4.1 |
| AA/Aa | 35.4 |
| A/A | 37.8 |
| BBB/Baa | 15.7 |
| BB/Ba | 1.5 |
| B/B | 0.8 |
| Not rated | 4.7 |

---

---

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

---

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

---

| | |
|:---|:---|
| Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series B2, 5.00%, 2-15-2051 | 1.2 |
| City of Minneapolis Allina Health Obligated Group Series B, 5.00%, 11-15-2053 | 1.1 |
| State of Illinois Series B, 5.00%, 5-1-2030 | 0.9 |
| State of Ohio University Hospitals Health System, Inc. Obligated Group Series B, 2.20%, 1-15-2049 | 0.8 |
| Housing & RDA of The City of St. Paul Minnesota HealthPartners Obligated Group Series A, 5.00%, 7-1-2031 | 0.7 |
| City of San Antonio Electric & Gas Systems Revenue, 1.75%, 2-1-2049 | 0.7 |
| State of Oregon Article XI-Q State Projects Series A, 5.00%, 5-1-2028 | 0.7 |
| Illinois Finance Authority Endeavor Health Clinical Operations Obligated Series C, 4.00%, 8-15-2049 | 0.7 |
| Port of Portland Airport Revenue Series 30A AMT, 5.00%, 7-1-2030 | 0.7 |
| Central Texas Turnpike System Series B, 5.00%, 8-15-2042 | 0.7 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 32.0 |
| 1-3 years | 32.9 |
| 3-5 years | 18.8 |
| 5-10 years | 16.0 |
| 10-20 years | 0.3 |

---

## 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

#### AR4813 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Short-Term Municipal Bond Fund

# Class C

# WSSCX
This annual shareholder report contains important information about Short-Term Municipal Bond Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $140 | 1.38% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were our allocation to credit and sector allocation while yield curve positioning was a slight detractor.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g90a41.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **Bloomberg 1-3 Year Composite Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10012 | $10024 | $10072 |
| **8/31/2015** | $10004 | $10037 | $10092 |
| **9/30/2015** | $10017 | $10061 | $10165 |
| **10/31/2015** | $10040 | $10079 | $10206 |
| **11/30/2015** | $10032 | $10062 | $10246 |
| **12/31/2015** | $10032 | $10059 | $10318 |
| **1/31/2016** | $10054 | $10106 | $10441 |
| **2/29/2016** | $10058 | $10133 | $10458 |
| **3/31/2016** | $10041 | $10114 | $10491 |
| **4/30/2016** | $10055 | $10132 | $10568 |
| **5/31/2016** | $10059 | $10130 | $10597 |
| **6/30/2016** | $10073 | $10165 | $10765 |
| **7/31/2016** | $10096 | $10189 | $10772 |
| **8/31/2016** | $10089 | $10174 | $10786 |
| **9/30/2016** | $10062 | $10143 | $10733 |
| **10/31/2016** | $10056 | $10141 | $10620 |
| **11/30/2016** | $9937 | $10054 | $10224 |
| **12/31/2016** | $9931 | $10078 | $10344 |
| **1/31/2017** | $9956 | $10132 | $10412 |
| **2/28/2017** | $9972 | $10178 | $10484 |
| **3/31/2017** | $9976 | $10177 | $10507 |
| **4/30/2017** | $10002 | $10200 | $10583 |
| **5/31/2017** | $10017 | $10237 | $10751 |
| **6/30/2017** | $10011 | $10217 | $10713 |
| **7/31/2017** | $10037 | $10252 | $10799 |
| **8/31/2017** | $10071 | $10285 | $10882 |
| **9/30/2017** | $10054 | $10262 | $10826 |
| **10/31/2017** | $10057 | $10261 | $10853 |
| **11/30/2017** | $10031 | $10188 | $10795 |
| **12/31/2017** | $10025 | $10203 | $10907 |
| **1/31/2018** | $10031 | $10225 | $10779 |
| **2/28/2018** | $10027 | $10236 | $10747 |
| **3/31/2018** | $10022 | $10228 | $10787 |
| **4/30/2018** | $10008 | $10208 | $10748 |
| **5/31/2018** | $10035 | $10253 | $10871 |
| **6/30/2018** | $10051 | $10291 | $10880 |
| **7/31/2018** | $10068 | $10319 | $10907 |
| **8/31/2018** | $10063 | $10315 | $10935 |
| **9/30/2018** | $10039 | $10284 | $10864 |
| **10/31/2018** | $10036 | $10286 | $10797 |
| **11/30/2018** | $10064 | $10328 | $10917 |
| **12/31/2018** | $10093 | $10382 | $11047 |
| **1/31/2019** | $10120 | $10427 | $11131 |
| **2/28/2019** | $10139 | $10456 | $11190 |
| **3/31/2019** | $10178 | $10493 | $11367 |
| **4/30/2019** | $10176 | $10497 | $11410 |
| **5/31/2019** | $10215 | $10551 | $11567 |
| **6/30/2019** | $10233 | $10591 | $11610 |
| **7/31/2019** | $10261 | $10639 | $11704 |
| **8/31/2019** | $10278 | $10660 | $11888 |
| **9/30/2019** | $10254 | $10621 | $11793 |
| **10/31/2019** | $10271 | $10660 | $11814 |
| **11/30/2019** | $10279 | $10681 | $11844 |
| **12/31/2019** | $10285 | $10700 | $11880 |
| **1/31/2020** | $10331 | $10755 | $12093 |
| **2/29/2020** | $10358 | $10784 | $12249 |
| **3/31/2020** | $10167 | $10683 | $11805 |
| **4/30/2020** | $10152 | $10703 | $11657 |
| **5/31/2020** | $10260 | $10860 | $12028 |
| **6/30/2020** | $10305 | $10871 | $12126 |
| **7/31/2020** | $10352 | $10917 | $12331 |
| **8/31/2020** | $10356 | $10917 | $12273 |
| **9/30/2020** | $10360 | $10928 | $12275 |
| **10/31/2020** | $10343 | $10914 | $12239 |
| **11/30/2020** | $10379 | $10937 | $12423 |
| **12/31/2020** | $10393 | $10953 | $12499 |
| **1/31/2021** | $10418 | $10975 | $12579 |
| **2/28/2021** | $10371 | $10954 | $12379 |
| **3/31/2021** | $10374 | $10972 | $12455 |
| **4/30/2021** | $10388 | $10989 | $12560 |
| **5/31/2021** | $10391 | $10992 | $12597 |
| **6/30/2021** | $10384 | $10992 | $12632 |
| **7/31/2021** | $10407 | $11018 | $12736 |
| **8/31/2021** | $10388 | $11015 | $12690 |
| **9/30/2021** | $10359 | $10997 | $12598 |
| **10/31/2021** | $10339 | $10988 | $12561 |
| **11/30/2021** | $10341 | $10991 | $12668 |
| **12/31/2021** | $10333 | $10992 | $12689 |
| **1/31/2022** | $10208 | $10865 | $12341 |
| **2/28/2022** | $10171 | $10843 | $12297 |
| **3/31/2022** | $10058 | $10707 | $11898 |
| **4/30/2022** | $9957 | $10632 | $11569 |
| **5/31/2022** | $10024 | $10737 | $11741 |
| **6/30/2022** | $9987 | $10734 | $11549 |
| **7/31/2022** | $10065 | $10824 | $11854 |
| **8/31/2022** | $9976 | $10710 | $11594 |
| **9/30/2022** | $9847 | $10568 | $11149 |
| **10/31/2022** | $9823 | $10573 | $11057 |
| **11/30/2022** | $9957 | $10737 | $11574 |
| **12/31/2022** | $9965 | $10743 | $11607 |
| **1/31/2023** | $10077 | $10862 | $11940 |
| **2/28/2023** | $9972 | $10732 | $11670 |
| **3/31/2023** | $10064 | $10873 | $11929 |
| **4/30/2023** | $10052 | $10831 | $11902 |
| **5/31/2023** | $10020 | $10793 | $11799 |
| **6/30/2023** | $10063 | $10852 | $11917 |
| **7/31/2023** | $10081 | $10877 | $11964 |
| **8/31/2023** | $10068 | $10868 | $11792 |
| **9/30/2023** | $10003 | $10792 | $11446 |
| **10/31/2023** | $10002 | $10814 | $11349 |
| **11/30/2023** | $10193 | $11027 | $12069 |
| **12/31/2023** | $10289 | $11112 | $12350 |
| **1/31/2024** | $10287 | $11098 | $12287 |
| **2/29/2024** | $10308 | $11113 | $12303 |
| **3/31/2024** | $10328 | $11103 | $12302 |
| **4/30/2024** | $10306 | $11082 | $12150 |
| **5/31/2024** | $10315 | $11093 | $12114 |
| **6/30/2024** | $10389 | $11168 | $12300 |
| **7/31/2024** | $10464 | $11253 | $12412 |
| **8/31/2024** | $10539 | $11345 | $12510 |
| **9/30/2024** | $10582 | $11393 | $12633 |
| **10/31/2024** | $10549 | $11346 | $12449 |
| **11/30/2024** | $10604 | $11397 | $12664 |
| **12/31/2024** | $10581 | $11376 | $12480 |
| **1/31/2025** | $10624 | $11435 | $12542 |
| **2/28/2025** | $10679 | $11494 | $12667 |
| **3/31/2025** | $10668 | $11493 | $12452 |
| **4/30/2025** | $10646 | $11461 | $12352 |
| **5/31/2025** | $10700 | $11530 | $12360 |
| **6/30/2025** | $10756 | $11601 | $12437 |

---

# Short-Term Municipal Bond Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 2.74 | 0.55 | 0.73 |
| Class C with Load | 1.74 | 0.55 | 0.73 |
| Bloomberg 1-3 Year Composite Municipal Bond Index | 3.87 | 1.31 | 1.5 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1553385144 |
| # of portfolio holdings | 671 |
| Portfolio turnover rate | 31% |
| Total advisory fees paid | $4741083 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 4.1 |
| AA/Aa | 35.4 |
| A/A | 37.8 |
| BBB/Baa | 15.7 |
| BB/Ba | 1.5 |
| B/B | 0.8 |
| Not rated | 4.7 |

---

---

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

---

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

---

| | |
|:---|:---|
| Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series B2, 5.00%, 2-15-2051 | 1.2 |
| City of Minneapolis Allina Health Obligated Group Series B, 5.00%, 11-15-2053 | 1.1 |
| State of Illinois Series B, 5.00%, 5-1-2030 | 0.9 |
| State of Ohio University Hospitals Health System, Inc. Obligated Group Series B, 2.20%, 1-15-2049 | 0.8 |
| Housing & RDA of The City of St. Paul Minnesota HealthPartners Obligated Group Series A, 5.00%, 7-1-2031 | 0.7 |
| City of San Antonio Electric & Gas Systems Revenue, 1.75%, 2-1-2049 | 0.7 |
| State of Oregon Article XI-Q State Projects Series A, 5.00%, 5-1-2028 | 0.7 |
| Illinois Finance Authority Endeavor Health Clinical Operations Obligated Series C, 4.00%, 8-15-2049 | 0.7 |
| Port of Portland Airport Revenue Series 30A AMT, 5.00%, 7-1-2030 | 0.7 |
| Central Texas Turnpike System Series B, 5.00%, 8-15-2042 | 0.7 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 32.0 |
| 1-3 years | 32.9 |
| 3-5 years | 18.8 |
| 5-10 years | 16.0 |
| 10-20 years | 0.3 |

---

## 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

#### AR3509 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Short-Term Municipal Bond Fund

# Class A

# WSMAX
This annual shareholder report contains important information about Short-Term Municipal Bond Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $62 | 0.61% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were our allocation to credit and sector allocation while yield curve positioning was a slight detractor.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g66s38.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Bloomberg 1-3 Year Composite Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $9800 | $10000 | $10000 |
| **7/31/2015** | $9818 | $10024 | $10072 |
| **8/31/2015** | $9816 | $10037 | $10092 |
| **9/30/2015** | $9835 | $10061 | $10165 |
| **10/31/2015** | $9864 | $10079 | $10206 |
| **11/30/2015** | $9862 | $10062 | $10246 |
| **12/31/2015** | $9868 | $10059 | $10318 |
| **1/31/2016** | $9897 | $10106 | $10441 |
| **2/29/2016** | $9906 | $10133 | $10458 |
| **3/31/2016** | $9896 | $10114 | $10491 |
| **4/30/2016** | $9916 | $10132 | $10568 |
| **5/31/2016** | $9916 | $10130 | $10597 |
| **6/30/2016** | $9946 | $10165 | $10765 |
| **7/31/2016** | $9965 | $10189 | $10772 |
| **8/31/2016** | $9974 | $10174 | $10786 |
| **9/30/2016** | $9954 | $10143 | $10733 |
| **10/31/2016** | $9954 | $10141 | $10620 |
| **11/30/2016** | $9843 | $10054 | $10224 |
| **12/31/2016** | $9843 | $10078 | $10344 |
| **1/31/2017** | $9874 | $10132 | $10412 |
| **2/28/2017** | $9895 | $10178 | $10484 |
| **3/31/2017** | $9906 | $10177 | $10507 |
| **4/30/2017** | $9937 | $10200 | $10583 |
| **5/31/2017** | $9958 | $10237 | $10751 |
| **6/30/2017** | $9959 | $10217 | $10713 |
| **7/31/2017** | $9990 | $10252 | $10799 |
| **8/31/2017** | $10021 | $10285 | $10882 |
| **9/30/2017** | $10020 | $10262 | $10826 |
| **10/31/2017** | $10030 | $10261 | $10853 |
| **11/30/2017** | $10010 | $10188 | $10795 |
| **12/31/2017** | $10010 | $10203 | $10907 |
| **1/31/2018** | $10022 | $10225 | $10779 |
| **2/28/2018** | $10024 | $10236 | $10747 |
| **3/31/2018** | $10016 | $10228 | $10787 |
| **4/30/2018** | $10018 | $10208 | $10748 |
| **5/31/2018** | $10051 | $10253 | $10871 |
| **6/30/2018** | $10074 | $10291 | $10880 |
| **7/31/2018** | $10097 | $10319 | $10907 |
| **8/31/2018** | $10099 | $10315 | $10935 |
| **9/30/2018** | $10081 | $10284 | $10864 |
| **10/31/2018** | $10074 | $10286 | $10797 |
| **11/30/2018** | $10119 | $10328 | $10917 |
| **12/31/2018** | $10154 | $10382 | $11047 |
| **1/31/2019** | $10188 | $10427 | $11131 |
| **2/28/2019** | $10213 | $10456 | $11190 |
| **3/31/2019** | $10248 | $10493 | $11367 |
| **4/30/2019** | $10263 | $10497 | $11410 |
| **5/31/2019** | $10308 | $10551 | $11567 |
| **6/30/2019** | $10333 | $10591 | $11610 |
| **7/31/2019** | $10368 | $10639 | $11704 |
| **8/31/2019** | $10392 | $10660 | $11888 |
| **9/30/2019** | $10374 | $10621 | $11793 |
| **10/31/2019** | $10398 | $10660 | $11814 |
| **11/30/2019** | $10412 | $10681 | $11844 |
| **12/31/2019** | $10425 | $10700 | $11880 |
| **1/31/2020** | $10478 | $10755 | $12093 |
| **2/29/2020** | $10512 | $10784 | $12249 |
| **3/31/2020** | $10325 | $10683 | $11805 |
| **4/30/2020** | $10316 | $10703 | $11657 |
| **5/31/2020** | $10432 | $10860 | $12028 |
| **6/30/2020** | $10485 | $10871 | $12126 |
| **7/31/2020** | $10529 | $10917 | $12331 |
| **8/31/2020** | $10550 | $10917 | $12273 |
| **9/30/2020** | $10561 | $10928 | $12275 |
| **10/31/2020** | $10551 | $10914 | $12239 |
| **11/30/2020** | $10593 | $10937 | $12423 |
| **12/31/2020** | $10615 | $10953 | $12499 |
| **1/31/2021** | $10647 | $10975 | $12579 |
| **2/28/2021** | $10605 | $10954 | $12379 |
| **3/31/2021** | $10615 | $10972 | $12455 |
| **4/30/2021** | $10636 | $10989 | $12560 |
| **5/31/2021** | $10645 | $10992 | $12597 |
| **6/30/2021** | $10645 | $10992 | $12632 |
| **7/31/2021** | $10675 | $11018 | $12736 |
| **8/31/2021** | $10663 | $11015 | $12690 |
| **9/30/2021** | $10640 | $10997 | $12598 |
| **10/31/2021** | $10626 | $10988 | $12561 |
| **11/30/2021** | $10635 | $10991 | $12668 |
| **12/31/2021** | $10633 | $10992 | $12689 |
| **1/31/2022** | $10511 | $10865 | $12341 |
| **2/28/2022** | $10479 | $10843 | $12297 |
| **3/31/2022** | $10370 | $10707 | $11898 |
| **4/30/2022** | $10272 | $10632 | $11569 |
| **5/31/2022** | $10347 | $10737 | $11741 |
| **6/30/2022** | $10315 | $10734 | $11549 |
| **7/31/2022** | $10402 | $10824 | $11854 |
| **8/31/2022** | $10318 | $10710 | $11594 |
| **9/30/2022** | $10190 | $10568 | $11149 |
| **10/31/2022** | $10172 | $10573 | $11057 |
| **11/30/2022** | $10317 | $10737 | $11574 |
| **12/31/2022** | $10332 | $10743 | $11607 |
| **1/31/2023** | $10455 | $10862 | $11940 |
| **2/28/2023** | $10351 | $10732 | $11670 |
| **3/31/2023** | $10454 | $10873 | $11929 |
| **4/30/2023** | $10448 | $10831 | $11902 |
| **5/31/2023** | $10421 | $10793 | $11799 |
| **6/30/2023** | $10473 | $10852 | $11917 |
| **7/31/2023** | $10491 | $10877 | $11964 |
| **8/31/2023** | $10478 | $10868 | $11792 |
| **9/30/2023** | $10410 | $10792 | $11446 |
| **10/31/2023** | $10408 | $10814 | $11349 |
| **11/30/2023** | $10608 | $11027 | $12069 |
| **12/31/2023** | $10708 | $11112 | $12350 |
| **1/31/2024** | $10706 | $11098 | $12287 |
| **2/29/2024** | $10728 | $11113 | $12303 |
| **3/31/2024** | $10748 | $11103 | $12302 |
| **4/30/2024** | $10725 | $11082 | $12150 |
| **5/31/2024** | $10735 | $11093 | $12114 |
| **6/30/2024** | $10812 | $11168 | $12300 |
| **7/31/2024** | $10889 | $11253 | $12412 |
| **8/31/2024** | $10968 | $11345 | $12510 |
| **9/30/2024** | $11013 | $11393 | $12633 |
| **10/31/2024** | $10978 | $11346 | $12449 |
| **11/30/2024** | $11035 | $11397 | $12664 |
| **12/31/2024** | $11012 | $11376 | $12480 |
| **1/31/2025** | $11056 | $11435 | $12542 |
| **2/28/2025** | $11113 | $11494 | $12667 |
| **3/31/2025** | $11102 | $11493 | $12452 |
| **4/30/2025** | $11079 | $11461 | $12352 |
| **5/31/2025** | $11136 | $11530 | $12360 |
| **6/30/2025** | $11193 | $11601 | $12437 |

---

# Short-Term Municipal Bond Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 3.53 | 1.32 | 1.34 |
| Class A with Load | 1.46 | 0.91 | 1.13 |
| Bloomberg 1-3 Year Composite Municipal Bond Index | 3.87 | 1.31 | 1.5 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1553385144 |
| # of portfolio holdings | 671 |
| Portfolio turnover rate | 31% |
| Total advisory fees paid | $4741083 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 4.1 |
| AA/Aa | 35.4 |
| A/A | 37.8 |
| BBB/Baa | 15.7 |
| BB/Ba | 1.5 |
| B/B | 0.8 |
| Not rated | 4.7 |

---

---

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

---

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

---

| | |
|:---|:---|
| Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series B2, 5.00%, 2-15-2051 | 1.2 |
| City of Minneapolis Allina Health Obligated Group Series B, 5.00%, 11-15-2053 | 1.1 |
| State of Illinois Series B, 5.00%, 5-1-2030 | 0.9 |
| State of Ohio University Hospitals Health System, Inc. Obligated Group Series B, 2.20%, 1-15-2049 | 0.8 |
| Housing & RDA of The City of St. Paul Minnesota HealthPartners Obligated Group Series A, 5.00%, 7-1-2031 | 0.7 |
| City of San Antonio Electric & Gas Systems Revenue, 1.75%, 2-1-2049 | 0.7 |
| State of Oregon Article XI-Q State Projects Series A, 5.00%, 5-1-2028 | 0.7 |
| Illinois Finance Authority Endeavor Health Clinical Operations Obligated Series C, 4.00%, 8-15-2049 | 0.7 |
| Port of Portland Airport Revenue Series 30A AMT, 5.00%, 7-1-2030 | 0.7 |
| Central Texas Turnpike System Series B, 5.00%, 8-15-2042 | 0.7 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 32.0 |
| 1-3 years | 32.9 |
| 3-5 years | 18.8 |
| 5-10 years | 16.0 |
| 10-20 years | 0.3 |

---

## 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

#### AR3330 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Short-Term Municipal Bond Fund

# Administrator Class

# WSTMX
This annual shareholder report contains important information about Short-Term Municipal Bond Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $61 | 0.60% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, the main contributors to Fund performance were our allocation to credit and sector allocation while yield curve positioning was a slight detractor.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g74b06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrator Class** | **Bloomberg 1-3 Year Composite Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10018 | $10024 | $10072 |
| **8/31/2015** | $10017 | $10037 | $10092 |
| **9/30/2015** | $10027 | $10061 | $10165 |
| **10/31/2015** | $10046 | $10079 | $10206 |
| **11/30/2015** | $10056 | $10062 | $10246 |
| **12/31/2015** | $10062 | $10059 | $10318 |
| **1/31/2016** | $10091 | $10106 | $10441 |
| **2/29/2016** | $10091 | $10133 | $10458 |
| **3/31/2016** | $10080 | $10114 | $10491 |
| **4/30/2016** | $10112 | $10132 | $10568 |
| **5/31/2016** | $10112 | $10130 | $10597 |
| **6/30/2016** | $10142 | $10165 | $10765 |
| **7/31/2016** | $10162 | $10189 | $10772 |
| **8/31/2016** | $10162 | $10174 | $10786 |
| **9/30/2016** | $10152 | $10143 | $10733 |
| **10/31/2016** | $10141 | $10141 | $10620 |
| **11/30/2016** | $10039 | $10054 | $10224 |
| **12/31/2016** | $10039 | $10078 | $10344 |
| **1/31/2017** | $10071 | $10132 | $10412 |
| **2/28/2017** | $10093 | $10178 | $10484 |
| **3/31/2017** | $10094 | $10177 | $10507 |
| **4/30/2017** | $10126 | $10200 | $10583 |
| **5/31/2017** | $10158 | $10237 | $10751 |
| **6/30/2017** | $10159 | $10217 | $10713 |
| **7/31/2017** | $10192 | $10252 | $10799 |
| **8/31/2017** | $10223 | $10285 | $10882 |
| **9/30/2017** | $10223 | $10262 | $10826 |
| **10/31/2017** | $10233 | $10261 | $10853 |
| **11/30/2017** | $10202 | $10188 | $10795 |
| **12/31/2017** | $10213 | $10203 | $10907 |
| **1/31/2018** | $10215 | $10225 | $10779 |
| **2/28/2018** | $10217 | $10236 | $10747 |
| **3/31/2018** | $10219 | $10228 | $10787 |
| **4/30/2018** | $10222 | $10208 | $10748 |
| **5/31/2018** | $10256 | $10253 | $10871 |
| **6/30/2018** | $10280 | $10291 | $10880 |
| **7/31/2018** | $10293 | $10319 | $10907 |
| **8/31/2018** | $10305 | $10315 | $10935 |
| **9/30/2018** | $10288 | $10284 | $10864 |
| **10/31/2018** | $10281 | $10286 | $10797 |
| **11/30/2018** | $10316 | $10328 | $10917 |
| **12/31/2018** | $10362 | $10382 | $11047 |
| **1/31/2019** | $10398 | $10427 | $11131 |
| **2/28/2019** | $10423 | $10456 | $11190 |
| **3/31/2019** | $10459 | $10493 | $11367 |
| **4/30/2019** | $10475 | $10497 | $11410 |
| **5/31/2019** | $10511 | $10551 | $11567 |
| **6/30/2019** | $10547 | $10591 | $11610 |
| **7/31/2019** | $10583 | $10639 | $11704 |
| **8/31/2019** | $10608 | $10660 | $11888 |
| **9/30/2019** | $10579 | $10621 | $11793 |
| **10/31/2019** | $10604 | $10660 | $11814 |
| **11/30/2019** | $10618 | $10681 | $11844 |
| **12/31/2019** | $10642 | $10700 | $11880 |
| **1/31/2020** | $10697 | $10755 | $12093 |
| **2/29/2020** | $10731 | $10784 | $12249 |
| **3/31/2020** | $10541 | $10683 | $11805 |
| **4/30/2020** | $10532 | $10703 | $11657 |
| **5/31/2020** | $10640 | $10860 | $12028 |
| **6/30/2020** | $10694 | $10871 | $12126 |
| **7/31/2020** | $10750 | $10917 | $12331 |
| **8/31/2020** | $10761 | $10917 | $12273 |
| **9/30/2020** | $10772 | $10928 | $12275 |
| **10/31/2020** | $10773 | $10914 | $12239 |
| **11/30/2020** | $10806 | $10937 | $12423 |
| **12/31/2020** | $10839 | $10953 | $12499 |
| **1/31/2021** | $10861 | $10975 | $12579 |
| **2/28/2021** | $10818 | $10954 | $12379 |
| **3/31/2021** | $10840 | $10972 | $12455 |
| **4/30/2021** | $10862 | $10989 | $12560 |
| **5/31/2021** | $10871 | $10992 | $12597 |
| **6/30/2021** | $10871 | $10992 | $12632 |
| **7/31/2021** | $10892 | $11018 | $12736 |
| **8/31/2021** | $10890 | $11015 | $12690 |
| **9/30/2021** | $10856 | $10997 | $12598 |
| **10/31/2021** | $10845 | $10988 | $12561 |
| **11/30/2021** | $10867 | $10991 | $12668 |
| **12/31/2021** | $10856 | $10992 | $12689 |
| **1/31/2022** | $10735 | $10865 | $12341 |
| **2/28/2022** | $10703 | $10843 | $12297 |
| **3/31/2022** | $10591 | $10707 | $11898 |
| **4/30/2022** | $10491 | $10632 | $11569 |
| **5/31/2022** | $10558 | $10737 | $11741 |
| **6/30/2022** | $10537 | $10734 | $11549 |
| **7/31/2022** | $10626 | $10824 | $11854 |
| **8/31/2022** | $10539 | $10710 | $11594 |
| **9/30/2022** | $10409 | $10568 | $11149 |
| **10/31/2022** | $10391 | $10573 | $11057 |
| **11/30/2022** | $10539 | $10737 | $11574 |
| **12/31/2022** | $10555 | $10743 | $11607 |
| **1/31/2023** | $10670 | $10862 | $11940 |
| **2/28/2023** | $10575 | $10732 | $11670 |
| **3/31/2023** | $10681 | $10873 | $11929 |
| **4/30/2023** | $10664 | $10831 | $11902 |
| **5/31/2023** | $10636 | $10793 | $11799 |
| **6/30/2023** | $10689 | $10852 | $11917 |
| **7/31/2023** | $10708 | $10877 | $11964 |
| **8/31/2023** | $10706 | $10868 | $11792 |
| **9/30/2023** | $10626 | $10792 | $11446 |
| **10/31/2023** | $10625 | $10814 | $11349 |
| **11/30/2023** | $10840 | $11027 | $12069 |
| **12/31/2023** | $10931 | $11112 | $12350 |
| **1/31/2024** | $10941 | $11098 | $12287 |
| **2/29/2024** | $10963 | $11113 | $12303 |
| **3/31/2024** | $10973 | $11103 | $12302 |
| **4/30/2024** | $10961 | $11082 | $12150 |
| **5/31/2024** | $10971 | $11093 | $12114 |
| **6/30/2024** | $11050 | $11168 | $12300 |
| **7/31/2024** | $11118 | $11253 | $12412 |
| **8/31/2024** | $11199 | $11345 | $12510 |
| **9/30/2024** | $11256 | $11393 | $12633 |
| **10/31/2024** | $11221 | $11346 | $12449 |
| **11/30/2024** | $11280 | $11397 | $12664 |
| **12/31/2024** | $11245 | $11376 | $12480 |
| **1/31/2025** | $11302 | $11435 | $12542 |
| **2/28/2025** | $11360 | $11494 | $12667 |
| **3/31/2025** | $11336 | $11493 | $12452 |
| **4/30/2025** | $11325 | $11461 | $12352 |
| **5/31/2025** | $11371 | $11530 | $12360 |
| **6/30/2025** | $11442 | $11601 | $12437 |

---

# Short-Term Municipal Bond Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 3.54 | 1.36 | 1.36 |
| Bloomberg 1-3 Year Composite Municipal Bond Index | 3.87 | 1.31 | 1.5 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1553385144 |
| # of portfolio holdings | 671 |
| Portfolio turnover rate | 31% |
| Total advisory fees paid | $4741083 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 4.1 |
| AA/Aa | 35.4 |
| A/A | 37.8 |
| BBB/Baa | 15.7 |
| BB/Ba | 1.5 |
| B/B | 0.8 |
| Not rated | 4.7 |

---

---

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

---

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

---

| | |
|:---|:---|
| Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series B2, 5.00%, 2-15-2051 | 1.2 |
| City of Minneapolis Allina Health Obligated Group Series B, 5.00%, 11-15-2053 | 1.1 |
| State of Illinois Series B, 5.00%, 5-1-2030 | 0.9 |
| State of Ohio University Hospitals Health System, Inc. Obligated Group Series B, 2.20%, 1-15-2049 | 0.8 |
| Housing & RDA of The City of St. Paul Minnesota HealthPartners Obligated Group Series A, 5.00%, 7-1-2031 | 0.7 |
| City of San Antonio Electric & Gas Systems Revenue, 1.75%, 2-1-2049 | 0.7 |
| State of Oregon Article XI-Q State Projects Series A, 5.00%, 5-1-2028 | 0.7 |
| Illinois Finance Authority Endeavor Health Clinical Operations Obligated Series C, 4.00%, 8-15-2049 | 0.7 |
| Port of Portland Airport Revenue Series 30A AMT, 5.00%, 7-1-2030 | 0.7 |
| Central Texas Turnpike System Series B, 5.00%, 8-15-2042 | 0.7 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 32.0 |
| 1-3 years | 32.9 |
| 3-5 years | 18.8 |
| 5-10 years | 16.0 |
| 10-20 years | 0.3 |

---

Significant fund changes

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

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025.

## 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

#### AR3763 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Strategic Municipal Bond Fund

# Institutional Class

# STRIX
This annual shareholder report contains important information about Strategic Municipal Bond Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $48 | 0.47% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramifications weigh on the markets. For the period, our duration positioning was the main detractor while sector selection and credit allocation contributed to performance.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g42h04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Short-Intermediate Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10037 | $10047 | $10072 |
| **8/31/2015** | $10041 | $10060 | $10092 |
| **9/30/2015** | $10103 | $10118 | $10165 |
| **10/31/2015** | $10142 | $10157 | $10206 |
| **11/30/2015** | $10169 | $10157 | $10246 |
| **12/31/2015** | $10212 | $10183 | $10318 |
| **1/31/2016** | $10239 | $10284 | $10441 |
| **2/29/2016** | $10232 | $10312 | $10458 |
| **3/31/2016** | $10280 | $10296 | $10491 |
| **4/30/2016** | $10338 | $10343 | $10568 |
| **5/31/2016** | $10353 | $10334 | $10597 |
| **6/30/2016** | $10402 | $10421 | $10765 |
| **7/31/2016** | $10426 | $10446 | $10772 |
| **8/31/2016** | $10439 | $10440 | $10786 |
| **9/30/2016** | $10441 | $10409 | $10733 |
| **10/31/2016** | $10420 | $10361 | $10620 |
| **11/30/2016** | $10260 | $10109 | $10224 |
| **12/31/2016** | $10282 | $10168 | $10344 |
| **1/31/2017** | $10311 | $10247 | $10412 |
| **2/28/2017** | $10364 | $10315 | $10484 |
| **3/31/2017** | $10382 | $10323 | $10507 |
| **4/30/2017** | $10435 | $10385 | $10583 |
| **5/31/2017** | $10511 | $10484 | $10751 |
| **6/30/2017** | $10505 | $10449 | $10713 |
| **7/31/2017** | $10557 | $10515 | $10799 |
| **8/31/2017** | $10620 | $10571 | $10882 |
| **9/30/2017** | $10613 | $10516 | $10826 |
| **10/31/2017** | $10630 | $10520 | $10853 |
| **11/30/2017** | $10610 | $10421 | $10795 |
| **12/31/2017** | $10629 | $10476 | $10907 |
| **1/31/2018** | $10624 | $10435 | $10779 |
| **2/28/2018** | $10631 | $10414 | $10747 |
| **3/31/2018** | $10637 | $10418 | $10787 |
| **4/30/2018** | $10645 | $10388 | $10748 |
| **5/31/2018** | $10713 | $10472 | $10871 |
| **6/30/2018** | $10732 | $10501 | $10880 |
| **7/31/2018** | $10762 | $10538 | $10907 |
| **8/31/2018** | $10783 | $10542 | $10935 |
| **9/30/2018** | $10743 | $10492 | $10864 |
| **10/31/2018** | $10728 | $10472 | $10797 |
| **11/30/2018** | $10798 | $10555 | $10917 |
| **12/31/2018** | $10892 | $10653 | $11047 |
| **1/31/2019** | $10962 | $10742 | $11131 |
| **2/28/2019** | $11009 | $10789 | $11190 |
| **3/31/2019** | $11092 | $10871 | $11367 |
| **4/30/2019** | $11114 | $10880 | $11410 |
| **5/31/2019** | $11208 | $10991 | $11567 |
| **6/30/2019** | $11242 | $11039 | $11610 |
| **7/31/2019** | $11312 | $11117 | $11704 |
| **8/31/2019** | $11393 | $11195 | $11888 |
| **9/30/2019** | $11352 | $11113 | $11793 |
| **10/31/2019** | $11372 | $11154 | $11814 |
| **11/30/2019** | $11392 | $11179 | $11844 |
| **12/31/2019** | $11421 | $11211 | $11880 |
| **1/31/2020** | $11540 | $11342 | $12093 |
| **2/29/2020** | $11623 | $11413 | $12249 |
| **3/31/2020** | $11257 | $11143 | $11805 |
| **4/30/2020** | $11178 | $11121 | $11657 |
| **5/31/2020** | $11411 | $11396 | $12028 |
| **6/30/2020** | $11531 | $11441 | $12126 |
| **7/31/2020** | $11651 | $11565 | $12331 |
| **8/31/2020** | $11670 | $11548 | $12273 |
| **9/30/2020** | $11676 | $11561 | $12275 |
| **10/31/2020** | $11668 | $11537 | $12239 |
| **11/30/2020** | $11762 | $11615 | $12423 |
| **12/31/2020** | $11818 | $11656 | $12499 |
| **1/31/2021** | $11887 | $11696 | $12579 |
| **2/28/2021** | $11790 | $11588 | $12379 |
| **3/31/2021** | $11820 | $11632 | $12455 |
| **4/30/2021** | $11887 | $11680 | $12560 |
| **5/31/2021** | $11916 | $11686 | $12597 |
| **6/30/2021** | $11933 | $11691 | $12632 |
| **7/31/2021** | $12000 | $11758 | $12736 |
| **8/31/2021** | $11990 | $11747 | $12690 |
| **9/30/2021** | $11929 | $11694 | $12598 |
| **10/31/2021** | $11907 | $11663 | $12561 |
| **11/30/2021** | $11961 | $11692 | $12668 |
| **12/31/2021** | $11964 | $11706 | $12689 |
| **1/31/2022** | $11747 | $11459 | $12341 |
| **2/28/2022** | $11700 | $11425 | $12297 |
| **3/31/2022** | $11470 | $11180 | $11898 |
| **4/30/2022** | $11295 | $11007 | $11569 |
| **5/31/2022** | $11392 | $11157 | $11741 |
| **6/30/2022** | $11307 | $11117 | $11549 |
| **7/31/2022** | $11482 | $11310 | $11854 |
| **8/31/2022** | $11346 | $11141 | $11594 |
| **9/30/2022** | $11105 | $10866 | $11149 |
| **10/31/2022** | $11061 | $10843 | $11057 |
| **11/30/2022** | $11319 | $11132 | $11574 |
| **12/31/2022** | $11341 | $11177 | $11607 |
| **1/31/2023** | $11548 | $11386 | $11940 |
| **2/28/2023** | $11400 | $11189 | $11670 |
| **3/31/2023** | $11542 | $11383 | $11929 |
| **4/30/2023** | $11539 | $11340 | $11902 |
| **5/31/2023** | $11483 | $11248 | $11799 |
| **6/30/2023** | $11575 | $11321 | $11917 |
| **7/31/2023** | $11599 | $11357 | $11964 |
| **8/31/2023** | $11544 | $11282 | $11792 |
| **9/30/2023** | $11369 | $11101 | $11446 |
| **10/31/2023** | $11301 | $11084 | $11349 |
| **11/30/2023** | $11704 | $11489 | $12069 |
| **12/31/2023** | $11879 | $11661 | $12350 |
| **1/31/2024** | $11891 | $11625 | $12287 |
| **2/29/2024** | $11918 | $11633 | $12303 |
| **3/31/2024** | $11945 | $11619 | $12302 |
| **4/30/2024** | $11891 | $11528 | $12150 |
| **5/31/2024** | $11891 | $11462 | $12114 |
| **6/30/2024** | $12014 | $11582 | $12300 |
| **7/31/2024** | $12111 | $11689 | $12412 |
| **8/31/2024** | $12209 | $11818 | $12510 |
| **9/30/2024** | $12293 | $11898 | $12633 |
| **10/31/2024** | $12211 | $11775 | $12449 |
| **11/30/2024** | $12324 | $11876 | $12664 |
| **12/31/2024** | $12242 | $11793 | $12480 |
| **1/31/2025** | $12297 | $11871 | $12542 |
| **2/28/2025** | $12382 | $11973 | $12667 |
| **3/31/2025** | $12299 | $11888 | $12452 |
| **4/30/2025** | $12260 | $11826 | $12352 |
| **5/31/2025** | $12290 | $11923 | $12360 |
| **6/30/2025** | $12348 | $12024 | $12437 |

---

# Strategic Municipal Bond Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 2.78 | 1.38 | 2.13 |
| Bloomberg Short-Intermediate Municipal Bond Index | 3.81 | 1 | 1.86 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1875456400 |
| # of portfolio holdings | 890 |
| Portfolio turnover rate | 16% |
| Total advisory fees paid | $7057629 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 3.6 |
| AA/Aa | 30.9 |
| A/A | 28.1 |
| BBB/Baa | 20.6 |
| BB/Ba | 5.3 |
| B/B | 1.5 |
| Not Rated | 10.0 |

---

---

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

---

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

---

| | |
|:---|:---|
| Main Street Natural Gas, Inc. Series C, 4.00%, 8-1-2052 | 1.5 |
| City of Chicago Series A, 5.00%, 1-1-2043 | 1.3 |
| HEFA of the State of Missouri BJC Healthcare Obligated Group Series C, 5.00%, 5-1-2052 | 1 |
| City of Dallas Waterworks & Sewer System Revenue Series A, 5.00%, 10-1-2029 | 0.9 |
| Southeast Energy Authority A Cooperative District Series F, 5.25%, 11-1-2055 | 0.9 |
| Central Plains Energy Project Series A-1, 5.00%, 8-1-2055 | 0.8 |
| California Community Choice Financing Authority Series C, 5.25%, 1-1-2054 | 0.8 |
| Kentucky Public Energy Authority Series C, 4.00%, 2-1-2050 | 0.8 |
| State of Michigan Trunk Line Revenue Series A, 4.00%, 11-15-2046 | 0.8 |
| Bay Area Toll Authority Series D, 2.22%, 4-1-2056 | 0.7 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 13.6 |
| 1-3 years | 19.8 |
| 3-5 years | 17.5 |
| 5-10 years | 23.8 |
| 10-20 years | 20.9 |
| 20-30 years | 4.4 |

---

## 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

#### AR3171 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Strategic Municipal Bond Fund

# Class R6

# VMPRX
This annual shareholder report contains important information about Strategic Municipal Bond Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $43 | 0.42% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramifications weigh on the markets. For the period, our duration positioning was the main detractor while sector selection and credit allocation contributed to performance.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g67x47.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg Short-Intermediate Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10035 | $10047 | $10072 |
| **8/31/2015** | $10038 | $10060 | $10092 |
| **9/30/2015** | $10087 | $10118 | $10165 |
| **10/31/2015** | $10135 | $10157 | $10206 |
| **11/30/2015** | $10161 | $10157 | $10246 |
| **12/31/2015** | $10190 | $10183 | $10318 |
| **1/31/2016** | $10227 | $10284 | $10441 |
| **2/29/2016** | $10218 | $10312 | $10458 |
| **3/31/2016** | $10264 | $10296 | $10491 |
| **4/30/2016** | $10321 | $10343 | $10568 |
| **5/31/2016** | $10334 | $10334 | $10597 |
| **6/30/2016** | $10380 | $10421 | $10765 |
| **7/31/2016** | $10403 | $10446 | $10772 |
| **8/31/2016** | $10414 | $10440 | $10786 |
| **9/30/2016** | $10403 | $10409 | $10733 |
| **10/31/2016** | $10391 | $10361 | $10620 |
| **11/30/2016** | $10230 | $10109 | $10224 |
| **12/31/2016** | $10238 | $10168 | $10344 |
| **1/31/2017** | $10277 | $10247 | $10412 |
| **2/28/2017** | $10317 | $10315 | $10484 |
| **3/31/2017** | $10344 | $10323 | $10507 |
| **4/30/2017** | $10396 | $10385 | $10583 |
| **5/31/2017** | $10470 | $10484 | $10751 |
| **6/30/2017** | $10450 | $10449 | $10713 |
| **7/31/2017** | $10500 | $10515 | $10799 |
| **8/31/2017** | $10562 | $10571 | $10882 |
| **9/30/2017** | $10553 | $10516 | $10826 |
| **10/31/2017** | $10567 | $10520 | $10853 |
| **11/30/2017** | $10558 | $10421 | $10795 |
| **12/31/2017** | $10575 | $10476 | $10907 |
| **1/31/2018** | $10568 | $10435 | $10779 |
| **2/28/2018** | $10573 | $10414 | $10747 |
| **3/31/2018** | $10578 | $10418 | $10787 |
| **4/30/2018** | $10572 | $10388 | $10748 |
| **5/31/2018** | $10649 | $10472 | $10871 |
| **6/30/2018** | $10666 | $10501 | $10880 |
| **7/31/2018** | $10683 | $10538 | $10907 |
| **8/31/2018** | $10703 | $10542 | $10935 |
| **9/30/2018** | $10676 | $10492 | $10864 |
| **10/31/2018** | $10649 | $10472 | $10797 |
| **11/30/2018** | $10719 | $10555 | $10917 |
| **12/31/2018** | $10814 | $10653 | $11047 |
| **1/31/2019** | $10883 | $10742 | $11131 |
| **2/28/2019** | $10931 | $10789 | $11190 |
| **3/31/2019** | $11025 | $10871 | $11367 |
| **4/30/2019** | $11047 | $10880 | $11410 |
| **5/31/2019** | $11130 | $10991 | $11567 |
| **6/30/2019** | $11176 | $11039 | $11610 |
| **7/31/2019** | $11233 | $11117 | $11704 |
| **8/31/2019** | $11315 | $11195 | $11888 |
| **9/30/2019** | $11275 | $11113 | $11793 |
| **10/31/2019** | $11295 | $11154 | $11814 |
| **11/30/2019** | $11315 | $11179 | $11844 |
| **12/31/2019** | $11345 | $11211 | $11880 |
| **1/31/2020** | $11464 | $11342 | $12093 |
| **2/29/2020** | $11558 | $11413 | $12249 |
| **3/31/2020** | $11183 | $11143 | $11805 |
| **4/30/2020** | $11105 | $11121 | $11657 |
| **5/31/2020** | $11337 | $11396 | $12028 |
| **6/30/2020** | $11456 | $11441 | $12126 |
| **7/31/2020** | $11589 | $11565 | $12331 |
| **8/31/2020** | $11596 | $11548 | $12273 |
| **9/30/2020** | $11615 | $11561 | $12275 |
| **10/31/2020** | $11595 | $11537 | $12239 |
| **11/30/2020** | $11688 | $11615 | $12423 |
| **12/31/2020** | $11744 | $11656 | $12499 |
| **1/31/2021** | $11813 | $11696 | $12579 |
| **2/28/2021** | $11718 | $11588 | $12379 |
| **3/31/2021** | $11760 | $11632 | $12455 |
| **4/30/2021** | $11815 | $11680 | $12560 |
| **5/31/2021** | $11845 | $11686 | $12597 |
| **6/30/2021** | $11875 | $11691 | $12632 |
| **7/31/2021** | $11929 | $11758 | $12736 |
| **8/31/2021** | $11919 | $11747 | $12690 |
| **9/30/2021** | $11859 | $11694 | $12598 |
| **10/31/2021** | $11838 | $11663 | $12561 |
| **11/30/2021** | $11892 | $11692 | $12668 |
| **12/31/2021** | $11895 | $11706 | $12689 |
| **1/31/2022** | $11693 | $11459 | $12341 |
| **2/28/2022** | $11634 | $11425 | $12297 |
| **3/31/2022** | $11419 | $11180 | $11898 |
| **4/30/2022** | $11232 | $11007 | $11569 |
| **5/31/2022** | $11329 | $11157 | $11741 |
| **6/30/2022** | $11245 | $11117 | $11549 |
| **7/31/2022** | $11420 | $11310 | $11854 |
| **8/31/2022** | $11285 | $11141 | $11594 |
| **9/30/2022** | $11046 | $10866 | $11149 |
| **10/31/2022** | $11003 | $10843 | $11057 |
| **11/30/2022** | $11260 | $11132 | $11574 |
| **12/31/2022** | $11295 | $11177 | $11607 |
| **1/31/2023** | $11488 | $11386 | $11940 |
| **2/28/2023** | $11342 | $11189 | $11670 |
| **3/31/2023** | $11483 | $11383 | $11929 |
| **4/30/2023** | $11481 | $11340 | $11902 |
| **5/31/2023** | $11439 | $11248 | $11799 |
| **6/30/2023** | $11517 | $11321 | $11917 |
| **7/31/2023** | $11542 | $11357 | $11964 |
| **8/31/2023** | $11501 | $11282 | $11792 |
| **9/30/2023** | $11314 | $11101 | $11446 |
| **10/31/2023** | $11260 | $11084 | $11349 |
| **11/30/2023** | $11648 | $11489 | $12069 |
| **12/31/2023** | $11823 | $11661 | $12350 |
| **1/31/2024** | $11836 | $11625 | $12287 |
| **2/29/2024** | $11863 | $11633 | $12303 |
| **3/31/2024** | $11890 | $11619 | $12302 |
| **4/30/2024** | $11837 | $11528 | $12150 |
| **5/31/2024** | $11837 | $11462 | $12114 |
| **6/30/2024** | $11960 | $11582 | $12300 |
| **7/31/2024** | $12057 | $11689 | $12412 |
| **8/31/2024** | $12155 | $11818 | $12510 |
| **9/30/2024** | $12253 | $11898 | $12633 |
| **10/31/2024** | $12159 | $11775 | $12449 |
| **11/30/2024** | $12271 | $11876 | $12664 |
| **12/31/2024** | $12204 | $11793 | $12480 |
| **1/31/2025** | $12246 | $11871 | $12542 |
| **2/28/2025** | $12330 | $11973 | $12667 |
| **3/31/2025** | $12249 | $11888 | $12452 |
| **4/30/2025** | $12211 | $11826 | $12352 |
| **5/31/2025** | $12241 | $11923 | $12360 |
| **6/30/2025** | $12313 | $12024 | $12437 |

---

# Strategic Municipal Bond Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>Footnote Reference\*</sup> | 2.83 | 1.45 | 2.1 |
| Bloomberg Short-Intermediate Municipal Bond Index | 3.81 | 1 | 1.86 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Historical performance shown for the Class R6 shares prior to their inception on July 31, 2018 reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1875456400 |
| # of portfolio holdings | 890 |
| Portfolio turnover rate | 16% |
| Total advisory fees paid | $7057629 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 3.6 |
| AA/Aa | 30.9 |
| A/A | 28.1 |
| BBB/Baa | 20.6 |
| BB/Ba | 5.3 |
| B/B | 1.5 |
| Not Rated | 10.0 |

---

---

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

---

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

---

| | |
|:---|:---|
| Main Street Natural Gas, Inc. Series C, 4.00%, 8-1-2052 | 1.5 |
| City of Chicago Series A, 5.00%, 1-1-2043 | 1.3 |
| HEFA of the State of Missouri BJC Healthcare Obligated Group Series C, 5.00%, 5-1-2052 | 1 |
| City of Dallas Waterworks & Sewer System Revenue Series A, 5.00%, 10-1-2029 | 0.9 |
| Southeast Energy Authority A Cooperative District Series F, 5.25%, 11-1-2055 | 0.9 |
| Central Plains Energy Project Series A-1, 5.00%, 8-1-2055 | 0.8 |
| California Community Choice Financing Authority Series C, 5.25%, 1-1-2054 | 0.8 |
| Kentucky Public Energy Authority Series C, 4.00%, 2-1-2050 | 0.8 |
| State of Michigan Trunk Line Revenue Series A, 4.00%, 11-15-2046 | 0.8 |
| Bay Area Toll Authority Series D, 2.22%, 4-1-2056 | 0.7 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 13.6 |
| 1-3 years | 19.8 |
| 3-5 years | 17.5 |
| 5-10 years | 23.8 |
| 10-20 years | 20.9 |
| 20-30 years | 4.4 |

---

## 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

#### AR4814 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Strategic Municipal Bond Fund

# Class C

# DHICX
This annual shareholder report contains important information about Strategic Municipal Bond Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $155 | 1.54% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramifications weigh on the markets. For the period, our duration positioning was the main detractor while sector selection and credit allocation contributed to performance.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g96g50.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **Bloomberg Short-Intermediate Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10017 | $10047 | $10072 |
| **8/31/2015** | $10012 | $10060 | $10092 |
| **9/30/2015** | $10065 | $10118 | $10165 |
| **10/31/2015** | $10105 | $10157 | $10206 |
| **11/30/2015** | $10112 | $10157 | $10246 |
| **12/31/2015** | $10145 | $10183 | $10318 |
| **1/31/2016** | $10174 | $10284 | $10441 |
| **2/29/2016** | $10147 | $10312 | $10458 |
| **3/31/2016** | $10185 | $10296 | $10491 |
| **4/30/2016** | $10234 | $10343 | $10568 |
| **5/31/2016** | $10239 | $10334 | $10597 |
| **6/30/2016** | $10278 | $10421 | $10765 |
| **7/31/2016** | $10292 | $10446 | $10772 |
| **8/31/2016** | $10307 | $10440 | $10786 |
| **9/30/2016** | $10289 | $10409 | $10733 |
| **10/31/2016** | $10270 | $10361 | $10620 |
| **11/30/2016** | $10093 | $10109 | $10224 |
| **12/31/2016** | $10105 | $10168 | $10344 |
| **1/31/2017** | $10136 | $10247 | $10412 |
| **2/28/2017** | $10167 | $10315 | $10484 |
| **3/31/2017** | $10187 | $10323 | $10507 |
| **4/30/2017** | $10230 | $10385 | $10583 |
| **5/31/2017** | $10284 | $10484 | $10751 |
| **6/30/2017** | $10268 | $10449 | $10713 |
| **7/31/2017** | $10309 | $10515 | $10799 |
| **8/31/2017** | $10362 | $10571 | $10882 |
| **9/30/2017** | $10346 | $10516 | $10826 |
| **10/31/2017** | $10352 | $10520 | $10853 |
| **11/30/2017** | $10324 | $10421 | $10795 |
| **12/31/2017** | $10344 | $10476 | $10907 |
| **1/31/2018** | $10318 | $10435 | $10779 |
| **2/28/2018** | $10316 | $10414 | $10747 |
| **3/31/2018** | $10325 | $10418 | $10787 |
| **4/30/2018** | $10312 | $10388 | $10748 |
| **5/31/2018** | $10367 | $10472 | $10871 |
| **6/30/2018** | $10376 | $10501 | $10880 |
| **7/31/2018** | $10397 | $10538 | $10907 |
| **8/31/2018** | $10407 | $10542 | $10935 |
| **9/30/2018** | $10371 | $10492 | $10864 |
| **10/31/2018** | $10335 | $10472 | $10797 |
| **11/30/2018** | $10393 | $10555 | $10917 |
| **12/31/2018** | $10474 | $10653 | $11047 |
| **1/31/2019** | $10532 | $10742 | $11131 |
| **2/28/2019** | $10568 | $10789 | $11190 |
| **3/31/2019** | $10638 | $10871 | $11367 |
| **4/30/2019** | $10649 | $10880 | $11410 |
| **5/31/2019** | $10730 | $10991 | $11567 |
| **6/30/2019** | $10752 | $11039 | $11610 |
| **7/31/2019** | $10809 | $11117 | $11704 |
| **8/31/2019** | $10877 | $11195 | $11888 |
| **9/30/2019** | $10828 | $11113 | $11793 |
| **10/31/2019** | $10838 | $11154 | $11814 |
| **11/30/2019** | $10847 | $11179 | $11844 |
| **12/31/2019** | $10865 | $11211 | $11880 |
| **1/31/2020** | $10968 | $11342 | $12093 |
| **2/29/2020** | $11048 | $11413 | $12249 |
| **3/31/2020** | $10680 | $11143 | $11805 |
| **4/30/2020** | $10596 | $11121 | $11657 |
| **5/31/2020** | $10807 | $11396 | $12028 |
| **6/30/2020** | $10910 | $11441 | $12126 |
| **7/31/2020** | $11026 | $11565 | $12331 |
| **8/31/2020** | $11022 | $11548 | $12273 |
| **9/30/2020** | $11030 | $11561 | $12275 |
| **10/31/2020** | $11012 | $11537 | $12239 |
| **11/30/2020** | $11079 | $11615 | $12423 |
| **12/31/2020** | $11121 | $11656 | $12499 |
| **1/31/2021** | $11175 | $11696 | $12579 |
| **2/28/2021** | $11076 | $11588 | $12379 |
| **3/31/2021** | $11105 | $11632 | $12455 |
| **4/30/2021** | $11147 | $11680 | $12560 |
| **5/31/2021** | $11164 | $11686 | $12597 |
| **6/30/2021** | $11181 | $11691 | $12632 |
| **7/31/2021** | $11222 | $11758 | $12736 |
| **8/31/2021** | $11202 | $11747 | $12690 |
| **9/30/2021** | $11148 | $11694 | $12598 |
| **10/31/2021** | $11116 | $11663 | $12561 |
| **11/30/2021** | $11145 | $11692 | $12668 |
| **12/31/2021** | $11138 | $11706 | $12689 |
| **1/31/2022** | $10938 | $11459 | $12341 |
| **2/28/2022** | $10873 | $11425 | $12297 |
| **3/31/2022** | $10663 | $11180 | $11898 |
| **4/30/2022** | $10479 | $11007 | $11569 |
| **5/31/2022** | $10560 | $11157 | $11741 |
| **6/30/2022** | $10472 | $11117 | $11549 |
| **7/31/2022** | $10625 | $11310 | $11854 |
| **8/31/2022** | $10489 | $11141 | $11594 |
| **9/30/2022** | $10258 | $10866 | $11149 |
| **10/31/2022** | $10208 | $10843 | $11057 |
| **11/30/2022** | $10437 | $11132 | $11574 |
| **12/31/2022** | $10447 | $11177 | $11607 |
| **1/31/2023** | $10627 | $11386 | $11940 |
| **2/28/2023** | $10483 | $11189 | $11670 |
| **3/31/2023** | $10604 | $11383 | $11929 |
| **4/30/2023** | $10592 | $11340 | $11902 |
| **5/31/2023** | $10531 | $11248 | $11799 |
| **6/30/2023** | $10605 | $11321 | $11917 |
| **7/31/2023** | $10625 | $11357 | $11964 |
| **8/31/2023** | $10584 | $11282 | $11792 |
| **9/30/2023** | $10408 | $11101 | $11446 |
| **10/31/2023** | $10355 | $11084 | $11349 |
| **11/30/2023** | $10710 | $11489 | $12069 |
| **12/31/2023** | $10867 | $11661 | $12350 |
| **1/31/2024** | $10875 | $11625 | $12287 |
| **2/29/2024** | $10897 | $11633 | $12303 |
| **3/31/2024** | $10918 | $11619 | $12302 |
| **4/30/2024** | $10866 | $11528 | $12150 |
| **5/31/2024** | $10863 | $11462 | $12114 |
| **6/30/2024** | $10985 | $11582 | $12300 |
| **7/31/2024** | $11058 | $11689 | $12412 |
| **8/31/2024** | $11144 | $11818 | $12510 |
| **9/30/2024** | $11231 | $11898 | $12633 |
| **10/31/2024** | $11141 | $11775 | $12449 |
| **11/30/2024** | $11240 | $11876 | $12664 |
| **12/31/2024** | $11175 | $11793 | $12480 |
| **1/31/2025** | $11210 | $11871 | $12542 |
| **2/28/2025** | $11284 | $11973 | $12667 |
| **3/31/2025** | $11206 | $11888 | $12452 |
| **4/30/2025** | $11168 | $11826 | $12352 |
| **5/31/2025** | $11192 | $11923 | $12360 |
| **6/30/2025** | $11242 | $12024 | $12437 |

---

# Strategic Municipal Bond Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 1.57 | 0.3 | 1.18 |
| Class C with Load | 0.57 | 0.3 | 1.18 |
| Bloomberg Short-Intermediate Municipal Bond Index | 3.81 | 1 | 1.86 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1875456400 |
| # of portfolio holdings | 890 |
| Portfolio turnover rate | 16% |
| Total advisory fees paid | $7057629 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 3.6 |
| AA/Aa | 30.9 |
| A/A | 28.1 |
| BBB/Baa | 20.6 |
| BB/Ba | 5.3 |
| B/B | 1.5 |
| Not Rated | 10.0 |

---

---

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

---

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

---

| | |
|:---|:---|
| Main Street Natural Gas, Inc. Series C, 4.00%, 8-1-2052 | 1.5 |
| City of Chicago Series A, 5.00%, 1-1-2043 | 1.3 |
| HEFA of the State of Missouri BJC Healthcare Obligated Group Series C, 5.00%, 5-1-2052 | 1 |
| City of Dallas Waterworks & Sewer System Revenue Series A, 5.00%, 10-1-2029 | 0.9 |
| Southeast Energy Authority A Cooperative District Series F, 5.25%, 11-1-2055 | 0.9 |
| Central Plains Energy Project Series A-1, 5.00%, 8-1-2055 | 0.8 |
| California Community Choice Financing Authority Series C, 5.25%, 1-1-2054 | 0.8 |
| Kentucky Public Energy Authority Series C, 4.00%, 2-1-2050 | 0.8 |
| State of Michigan Trunk Line Revenue Series A, 4.00%, 11-15-2046 | 0.8 |
| Bay Area Toll Authority Series D, 2.22%, 4-1-2056 | 0.7 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 13.6 |
| 1-3 years | 19.8 |
| 3-5 years | 17.5 |
| 5-10 years | 23.8 |
| 10-20 years | 20.9 |
| 20-30 years | 4.4 |

---

## 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

#### AR4503 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Strategic Municipal Bond Fund

# Class A

# VMPAX
This annual shareholder report contains important information about Strategic Municipal Bond Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $80 | 0.79% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramifications weigh on the markets. For the period, our duration positioning was the main detractor while sector selection and credit allocation contributed to performance.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g32w63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Bloomberg Short-Intermediate Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $9601 | $10000 | $10000 |
| **7/31/2015** | $9634 | $10047 | $10072 |
| **8/31/2015** | $9635 | $10060 | $10092 |
| **9/30/2015** | $9692 | $10118 | $10165 |
| **10/31/2015** | $9737 | $10157 | $10206 |
| **11/30/2015** | $9750 | $10157 | $10246 |
| **12/31/2015** | $9788 | $10183 | $10318 |
| **1/31/2016** | $9822 | $10284 | $10441 |
| **2/29/2016** | $9802 | $10312 | $10458 |
| **3/31/2016** | $9845 | $10296 | $10491 |
| **4/30/2016** | $9898 | $10343 | $10568 |
| **5/31/2016** | $9910 | $10334 | $10597 |
| **6/30/2016** | $9954 | $10421 | $10765 |
| **7/31/2016** | $9974 | $10446 | $10772 |
| **8/31/2016** | $9994 | $10440 | $10786 |
| **9/30/2016** | $9983 | $10409 | $10733 |
| **10/31/2016** | $9960 | $10361 | $10620 |
| **11/30/2016** | $9805 | $10109 | $10224 |
| **12/31/2016** | $9823 | $10168 | $10344 |
| **1/31/2017** | $9859 | $10247 | $10412 |
| **2/28/2017** | $9895 | $10315 | $10484 |
| **3/31/2017** | $9921 | $10323 | $10507 |
| **4/30/2017** | $9969 | $10385 | $10583 |
| **5/31/2017** | $10028 | $10484 | $10751 |
| **6/30/2017** | $10019 | $10449 | $10713 |
| **7/31/2017** | $10065 | $10515 | $10799 |
| **8/31/2017** | $10123 | $10571 | $10882 |
| **9/30/2017** | $10114 | $10516 | $10826 |
| **10/31/2017** | $10126 | $10520 | $10853 |
| **11/30/2017** | $10105 | $10421 | $10795 |
| **12/31/2017** | $10131 | $10476 | $10907 |
| **1/31/2018** | $10112 | $10435 | $10779 |
| **2/28/2018** | $10116 | $10414 | $10747 |
| **3/31/2018** | $10119 | $10418 | $10787 |
| **4/30/2018** | $10124 | $10388 | $10748 |
| **5/31/2018** | $10185 | $10472 | $10871 |
| **6/30/2018** | $10201 | $10501 | $10880 |
| **7/31/2018** | $10227 | $10538 | $10907 |
| **8/31/2018** | $10243 | $10542 | $10935 |
| **9/30/2018** | $10214 | $10492 | $10864 |
| **10/31/2018** | $10185 | $10472 | $10797 |
| **11/30/2018** | $10249 | $10555 | $10917 |
| **12/31/2018** | $10336 | $10653 | $11047 |
| **1/31/2019** | $10399 | $10742 | $11131 |
| **2/28/2019** | $10441 | $10789 | $11190 |
| **3/31/2019** | $10517 | $10871 | $11367 |
| **4/30/2019** | $10535 | $10880 | $11410 |
| **5/31/2019** | $10621 | $10991 | $11567 |
| **6/30/2019** | $10650 | $11039 | $11610 |
| **7/31/2019** | $10713 | $11117 | $11704 |
| **8/31/2019** | $10788 | $11195 | $11888 |
| **9/30/2019** | $10746 | $11113 | $11793 |
| **10/31/2019** | $10762 | $11154 | $11814 |
| **11/30/2019** | $10778 | $11179 | $11844 |
| **12/31/2019** | $10803 | $11211 | $11880 |
| **1/31/2020** | $10912 | $11342 | $12093 |
| **2/29/2020** | $10999 | $11413 | $12249 |
| **3/31/2020** | $10638 | $11143 | $11805 |
| **4/30/2020** | $10561 | $11121 | $11657 |
| **5/31/2020** | $10778 | $11396 | $12028 |
| **6/30/2020** | $10888 | $11441 | $12126 |
| **7/31/2020** | $11011 | $11565 | $12331 |
| **8/31/2020** | $11014 | $11548 | $12273 |
| **9/30/2020** | $11028 | $11561 | $12275 |
| **10/31/2020** | $11006 | $11537 | $12239 |
| **11/30/2020** | $11091 | $11615 | $12423 |
| **12/31/2020** | $11141 | $11656 | $12499 |
| **1/31/2021** | $11202 | $11696 | $12579 |
| **2/28/2021** | $11109 | $11588 | $12379 |
| **3/31/2021** | $11146 | $11632 | $12455 |
| **4/30/2021** | $11194 | $11680 | $12560 |
| **5/31/2021** | $11218 | $11686 | $12597 |
| **6/30/2021** | $11243 | $11691 | $12632 |
| **7/31/2021** | $11291 | $11758 | $12736 |
| **8/31/2021** | $11278 | $11747 | $12690 |
| **9/30/2021** | $11218 | $11694 | $12598 |
| **10/31/2021** | $11194 | $11663 | $12561 |
| **11/30/2021** | $11242 | $11692 | $12668 |
| **12/31/2021** | $11241 | $11706 | $12689 |
| **1/31/2022** | $11046 | $11459 | $12341 |
| **2/28/2022** | $10987 | $11425 | $12297 |
| **3/31/2022** | $10781 | $11180 | $11898 |
| **4/30/2022** | $10601 | $11007 | $11569 |
| **5/31/2022** | $10689 | $11157 | $11741 |
| **6/30/2022** | $10607 | $11117 | $11549 |
| **7/31/2022** | $10768 | $11310 | $11854 |
| **8/31/2022** | $10637 | $11141 | $11594 |
| **9/30/2022** | $10409 | $10866 | $11149 |
| **10/31/2022** | $10365 | $10843 | $11057 |
| **11/30/2022** | $10604 | $11132 | $11574 |
| **12/31/2022** | $10621 | $11177 | $11607 |
| **1/31/2023** | $10812 | $11386 | $11940 |
| **2/28/2023** | $10671 | $11189 | $11670 |
| **3/31/2023** | $10801 | $11383 | $11929 |
| **4/30/2023** | $10795 | $11340 | $11902 |
| **5/31/2023** | $10752 | $11248 | $11799 |
| **6/30/2023** | $10822 | $11321 | $11917 |
| **7/31/2023** | $10842 | $11357 | $11964 |
| **8/31/2023** | $10800 | $11282 | $11792 |
| **9/30/2023** | $10621 | $11101 | $11446 |
| **10/31/2023** | $10567 | $11084 | $11349 |
| **11/30/2023** | $10929 | $11489 | $12069 |
| **12/31/2023** | $11089 | $11661 | $12350 |
| **1/31/2024** | $11097 | $11625 | $12287 |
| **2/29/2024** | $11120 | $11633 | $12303 |
| **3/31/2024** | $11141 | $11619 | $12302 |
| **4/30/2024** | $11088 | $11528 | $12150 |
| **5/31/2024** | $11085 | $11462 | $12114 |
| **6/30/2024** | $11210 | $11582 | $12300 |
| **7/31/2024** | $11284 | $11689 | $12412 |
| **8/31/2024** | $11372 | $11818 | $12510 |
| **9/30/2024** | $11461 | $11898 | $12633 |
| **10/31/2024** | $11369 | $11775 | $12449 |
| **11/30/2024** | $11470 | $11876 | $12664 |
| **12/31/2024** | $11404 | $11793 | $12480 |
| **1/31/2025** | $11440 | $11871 | $12542 |
| **2/28/2025** | $11515 | $11973 | $12667 |
| **3/31/2025** | $11436 | $11888 | $12452 |
| **4/30/2025** | $11396 | $11826 | $12352 |
| **5/31/2025** | $11421 | $11923 | $12360 |
| **6/30/2025** | $11472 | $12024 | $12437 |

---

# Strategic Municipal Bond Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 2.34 | 1.05 | 1.8 |
| Class A with Load | (1.80) | 0.23 | 1.38 |
| Bloomberg Short-Intermediate Municipal Bond Index | 3.81 | 1 | 1.86 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1875456400 |
| # of portfolio holdings | 890 |
| Portfolio turnover rate | 16% |
| Total advisory fees paid | $7057629 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 3.6 |
| AA/Aa | 30.9 |
| A/A | 28.1 |
| BBB/Baa | 20.6 |
| BB/Ba | 5.3 |
| B/B | 1.5 |
| Not Rated | 10.0 |

---

---

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

---

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

---

| | |
|:---|:---|
| Main Street Natural Gas, Inc. Series C, 4.00%, 8-1-2052 | 1.5 |
| City of Chicago Series A, 5.00%, 1-1-2043 | 1.3 |
| HEFA of the State of Missouri BJC Healthcare Obligated Group Series C, 5.00%, 5-1-2052 | 1 |
| City of Dallas Waterworks & Sewer System Revenue Series A, 5.00%, 10-1-2029 | 0.9 |
| Southeast Energy Authority A Cooperative District Series F, 5.25%, 11-1-2055 | 0.9 |
| Central Plains Energy Project Series A-1, 5.00%, 8-1-2055 | 0.8 |
| California Community Choice Financing Authority Series C, 5.25%, 1-1-2054 | 0.8 |
| Kentucky Public Energy Authority Series C, 4.00%, 2-1-2050 | 0.8 |
| State of Michigan Trunk Line Revenue Series A, 4.00%, 11-15-2046 | 0.8 |
| Bay Area Toll Authority Series D, 2.22%, 4-1-2056 | 0.7 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 13.6 |
| 1-3 years | 19.8 |
| 3-5 years | 17.5 |
| 5-10 years | 23.8 |
| 10-20 years | 20.9 |
| 20-30 years | 4.4 |

---

## 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

#### AR4313 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Strategic Municipal Bond Fund

# Administrator Class

# VMPYX
This annual shareholder report contains important information about Strategic Municipal Bond Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $68 | 0.67% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramifications weigh on the markets. For the period, our duration positioning was the main detractor while sector selection and credit allocation contributed to performance.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g47c16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrator Class** | **Bloomberg Short-Intermediate Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10035 | $10047 | $10072 |
| **8/31/2015** | $10038 | $10060 | $10092 |
| **9/30/2015** | $10087 | $10118 | $10165 |
| **10/31/2015** | $10135 | $10157 | $10206 |
| **11/30/2015** | $10161 | $10157 | $10246 |
| **12/31/2015** | $10190 | $10183 | $10318 |
| **1/31/2016** | $10227 | $10284 | $10441 |
| **2/29/2016** | $10218 | $10312 | $10458 |
| **3/31/2016** | $10264 | $10296 | $10491 |
| **4/30/2016** | $10321 | $10343 | $10568 |
| **5/31/2016** | $10334 | $10334 | $10597 |
| **6/30/2016** | $10380 | $10421 | $10765 |
| **7/31/2016** | $10403 | $10446 | $10772 |
| **8/31/2016** | $10414 | $10440 | $10786 |
| **9/30/2016** | $10403 | $10409 | $10733 |
| **10/31/2016** | $10391 | $10361 | $10620 |
| **11/30/2016** | $10230 | $10109 | $10224 |
| **12/31/2016** | $10238 | $10168 | $10344 |
| **1/31/2017** | $10277 | $10247 | $10412 |
| **2/28/2017** | $10317 | $10315 | $10484 |
| **3/31/2017** | $10344 | $10323 | $10507 |
| **4/30/2017** | $10396 | $10385 | $10583 |
| **5/31/2017** | $10470 | $10484 | $10751 |
| **6/30/2017** | $10450 | $10449 | $10713 |
| **7/31/2017** | $10500 | $10515 | $10799 |
| **8/31/2017** | $10562 | $10571 | $10882 |
| **9/30/2017** | $10553 | $10516 | $10826 |
| **10/31/2017** | $10567 | $10520 | $10853 |
| **11/30/2017** | $10558 | $10421 | $10795 |
| **12/31/2017** | $10575 | $10476 | $10907 |
| **1/31/2018** | $10568 | $10435 | $10779 |
| **2/28/2018** | $10573 | $10414 | $10747 |
| **3/31/2018** | $10578 | $10418 | $10787 |
| **4/30/2018** | $10572 | $10388 | $10748 |
| **5/31/2018** | $10649 | $10472 | $10871 |
| **6/30/2018** | $10666 | $10501 | $10880 |
| **7/31/2018** | $10683 | $10538 | $10907 |
| **8/31/2018** | $10701 | $10542 | $10935 |
| **9/30/2018** | $10672 | $10492 | $10864 |
| **10/31/2018** | $10643 | $10472 | $10797 |
| **11/30/2018** | $10723 | $10555 | $10917 |
| **12/31/2018** | $10803 | $10653 | $11047 |
| **1/31/2019** | $10870 | $10742 | $11131 |
| **2/28/2019** | $10915 | $10789 | $11190 |
| **3/31/2019** | $11007 | $10871 | $11367 |
| **4/30/2019** | $11027 | $10880 | $11410 |
| **5/31/2019** | $11106 | $10991 | $11567 |
| **6/30/2019** | $11150 | $11039 | $11610 |
| **7/31/2019** | $11205 | $11117 | $11704 |
| **8/31/2019** | $11284 | $11195 | $11888 |
| **9/30/2019** | $11241 | $11113 | $11793 |
| **10/31/2019** | $11259 | $11154 | $11814 |
| **11/30/2019** | $11276 | $11179 | $11844 |
| **12/31/2019** | $11315 | $11211 | $11880 |
| **1/31/2020** | $11431 | $11342 | $12093 |
| **2/29/2020** | $11511 | $11413 | $12249 |
| **3/31/2020** | $11134 | $11143 | $11805 |
| **4/30/2020** | $11054 | $11121 | $11657 |
| **5/31/2020** | $11295 | $11396 | $12028 |
| **6/30/2020** | $11411 | $11441 | $12126 |
| **7/31/2020** | $11528 | $11565 | $12331 |
| **8/31/2020** | $11533 | $11548 | $12273 |
| **9/30/2020** | $11549 | $11561 | $12275 |
| **10/31/2020** | $11539 | $11537 | $12239 |
| **11/30/2020** | $11617 | $11615 | $12423 |
| **12/31/2020** | $11682 | $11656 | $12499 |
| **1/31/2021** | $11736 | $11696 | $12579 |
| **2/28/2021** | $11651 | $11588 | $12379 |
| **3/31/2021** | $11678 | $11632 | $12455 |
| **4/30/2021** | $11730 | $11680 | $12560 |
| **5/31/2021** | $11757 | $11686 | $12597 |
| **6/30/2021** | $11784 | $11691 | $12632 |
| **7/31/2021** | $11835 | $11758 | $12736 |
| **8/31/2021** | $11823 | $11747 | $12690 |
| **9/30/2021** | $11773 | $11694 | $12598 |
| **10/31/2021** | $11749 | $11663 | $12561 |
| **11/30/2021** | $11788 | $11692 | $12668 |
| **12/31/2021** | $11801 | $11706 | $12689 |
| **1/31/2022** | $11584 | $11459 | $12341 |
| **2/28/2022** | $11536 | $11425 | $12297 |
| **3/31/2022** | $11308 | $11180 | $11898 |
| **4/30/2022** | $11120 | $11007 | $11569 |
| **5/31/2022** | $11213 | $11157 | $11741 |
| **6/30/2022** | $11141 | $11117 | $11549 |
| **7/31/2022** | $11312 | $11310 | $11854 |
| **8/31/2022** | $11175 | $11141 | $11594 |
| **9/30/2022** | $10936 | $10866 | $11149 |
| **10/31/2022** | $10878 | $10843 | $11057 |
| **11/30/2022** | $11143 | $11132 | $11574 |
| **12/31/2022** | $11163 | $11177 | $11607 |
| **1/31/2023** | $11364 | $11386 | $11940 |
| **2/28/2023** | $11217 | $11189 | $11670 |
| **3/31/2023** | $11354 | $11383 | $11929 |
| **4/30/2023** | $11350 | $11340 | $11902 |
| **5/31/2023** | $11293 | $11248 | $11799 |
| **6/30/2023** | $11367 | $11321 | $11917 |
| **7/31/2023** | $11403 | $11357 | $11964 |
| **8/31/2023** | $11347 | $11282 | $11792 |
| **9/30/2023** | $11172 | $11101 | $11446 |
| **10/31/2023** | $11103 | $11084 | $11349 |
| **11/30/2023** | $11498 | $11489 | $12069 |
| **12/31/2023** | $11667 | $11661 | $12350 |
| **1/31/2024** | $11677 | $11625 | $12287 |
| **2/29/2024** | $11702 | $11633 | $12303 |
| **3/31/2024** | $11726 | $11619 | $12302 |
| **4/30/2024** | $11671 | $11528 | $12150 |
| **5/31/2024** | $11669 | $11462 | $12114 |
| **6/30/2024** | $11788 | $11582 | $12300 |
| **7/31/2024** | $11880 | $11689 | $12412 |
| **8/31/2024** | $11961 | $11818 | $12510 |
| **9/30/2024** | $12055 | $11898 | $12633 |
| **10/31/2024** | $11959 | $11775 | $12449 |
| **11/30/2024** | $12067 | $11876 | $12664 |
| **12/31/2024** | $11998 | $11793 | $12480 |
| **1/31/2025** | $12037 | $11871 | $12542 |
| **2/28/2025** | $12132 | $11973 | $12667 |
| **3/31/2025** | $12036 | $11888 | $12452 |
| **4/30/2025** | $12009 | $11826 | $12352 |
| **5/31/2025** | $12036 | $11923 | $12360 |
| **6/30/2025** | $12091 | $12024 | $12437 |

---

# Strategic Municipal Bond Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 2.57 | 1.16 | 1.92 |
| Bloomberg Short-Intermediate Municipal Bond Index | 3.81 | 1 | 1.86 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1875456400 |
| # of portfolio holdings | 890 |
| Portfolio turnover rate | 16% |
| Total advisory fees paid | $7057629 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 3.6 |
| AA/Aa | 30.9 |
| A/A | 28.1 |
| BBB/Baa | 20.6 |
| BB/Ba | 5.3 |
| B/B | 1.5 |
| Not Rated | 10.0 |

---

---

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

---

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

---

| | |
|:---|:---|
| Main Street Natural Gas, Inc. Series C, 4.00%, 8-1-2052 | 1.5 |
| City of Chicago Series A, 5.00%, 1-1-2043 | 1.3 |
| HEFA of the State of Missouri BJC Healthcare Obligated Group Series C, 5.00%, 5-1-2052 | 1 |
| City of Dallas Waterworks & Sewer System Revenue Series A, 5.00%, 10-1-2029 | 0.9 |
| Southeast Energy Authority A Cooperative District Series F, 5.25%, 11-1-2055 | 0.9 |
| Central Plains Energy Project Series A-1, 5.00%, 8-1-2055 | 0.8 |
| California Community Choice Financing Authority Series C, 5.25%, 1-1-2054 | 0.8 |
| Kentucky Public Energy Authority Series C, 4.00%, 2-1-2050 | 0.8 |
| State of Michigan Trunk Line Revenue Series A, 4.00%, 11-15-2046 | 0.8 |
| Bay Area Toll Authority Series D, 2.22%, 4-1-2056 | 0.7 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 13.6 |
| 1-3 years | 19.8 |
| 3-5 years | 17.5 |
| 5-10 years | 23.8 |
| 10-20 years | 20.9 |
| 20-30 years | 4.4 |

---

Significant fund changes

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

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025.

## 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

#### AR4702 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Ultra Short-Term Municipal Income Fund

# Institutional Class

# SMAIX
This annual shareholder report contains important information about Ultra Short-Term Municipal Income Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $25 | 0.25% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, duration positioning, credit allocation, and sector and security selection were contributors to performance. There were no notable detractors.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g70f10.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Ultra Short-Term Municipal Income Blended Index** | **Bloomberg 1 Year Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **7/31/2015** | $10015 | $10007 | $10014 | $10072 |
| **8/31/2015** | $10021 | $10015 | $10030 | $10092 |
| **9/30/2015** | $10026 | $10021 | $10043 | $10165 |
| **10/31/2015** | $10042 | $10027 | $10053 | $10206 |
| **11/30/2015** | $10037 | $10020 | $10040 | $10246 |
| **12/31/2015** | $10044 | $10020 | $10039 | $10318 |
| **1/31/2016** | $10060 | $10035 | $10069 | $10441 |
| **2/29/2016** | $10055 | $10043 | $10085 | $10458 |
| **3/31/2016** | $10050 | $10036 | $10071 | $10491 |
| **4/30/2016** | $10067 | $10042 | $10082 | $10568 |
| **5/31/2016** | $10074 | $10045 | $10087 | $10597 |
| **6/30/2016** | $10091 | $10054 | $10105 | $10765 |
| **7/31/2016** | $10097 | $10064 | $10123 | $10772 |
| **8/31/2016** | $10103 | $10058 | $10107 | $10786 |
| **9/30/2016** | $10089 | $10049 | $10086 | $10733 |
| **10/31/2016** | $10097 | $10056 | $10093 | $10620 |
| **11/30/2016** | $10051 | $10035 | $10049 | $10224 |
| **12/31/2016** | $10048 | $10047 | $10069 | $10344 |
| **1/31/2017** | $10066 | $10067 | $10105 | $10412 |
| **2/28/2017** | $10074 | $10085 | $10139 | $10484 |
| **3/31/2017** | $10081 | $10087 | $10139 | $10507 |
| **4/30/2017** | $10100 | $10097 | $10155 | $10583 |
| **5/31/2017** | $10119 | $10109 | $10174 | $10751 |
| **6/30/2017** | $10127 | $10107 | $10165 | $10713 |
| **7/31/2017** | $10137 | $10122 | $10189 | $10799 |
| **8/31/2017** | $10155 | $10136 | $10212 | $10882 |
| **9/30/2017** | $10163 | $10132 | $10200 | $10826 |
| **10/31/2017** | $10171 | $10136 | $10201 | $10853 |
| **11/30/2017** | $10158 | $10116 | $10155 | $10795 |
| **12/31/2017** | $10168 | $10122 | $10162 | $10907 |
| **1/31/2018** | $10179 | $10141 | $10190 | $10779 |
| **2/28/2018** | $10189 | $10153 | $10208 | $10747 |
| **3/31/2018** | $10189 | $10154 | $10200 | $10787 |
| **4/30/2018** | $10191 | $10155 | $10191 | $10748 |
| **5/31/2018** | $10214 | $10177 | $10224 | $10871 |
| **6/30/2018** | $10236 | $10199 | $10260 | $10880 |
| **7/31/2018** | $10258 | $10216 | $10282 | $10907 |
| **8/31/2018** | $10260 | $10220 | $10278 | $10935 |
| **9/30/2018** | $10262 | $10217 | $10258 | $10864 |
| **10/31/2018** | $10265 | $10229 | $10267 | $10797 |
| **11/30/2018** | $10290 | $10252 | $10300 | $10917 |
| **12/31/2018** | $10315 | $10279 | $10338 | $11047 |
| **1/31/2019** | $10339 | $10303 | $10371 | $11131 |
| **2/28/2019** | $10353 | $10323 | $10394 | $11190 |
| **3/31/2019** | $10379 | $10345 | $10422 | $11367 |
| **4/30/2019** | $10393 | $10357 | $10430 | $11410 |
| **5/31/2019** | $10419 | $10385 | $10469 | $11567 |
| **6/30/2019** | $10434 | $10409 | $10501 | $11610 |
| **7/31/2019** | $10459 | $10434 | $10536 | $11704 |
| **8/31/2019** | $10473 | $10448 | $10551 | $11888 |
| **9/30/2019** | $10476 | $10444 | $10529 | $11793 |
| **10/31/2019** | $10501 | $10465 | $10559 | $11814 |
| **11/30/2019** | $10514 | $10480 | $10577 | $11844 |
| **12/31/2019** | $10527 | $10493 | $10593 | $11880 |
| **1/31/2020** | $10550 | $10516 | $10630 | $12093 |
| **2/29/2020** | $10562 | $10532 | $10652 | $12249 |
| **3/31/2020** | $10513 | $10510 | $10599 | $11805 |
| **4/30/2020** | $10506 | $10523 | $10623 | $11657 |
| **5/31/2020** | $10561 | $10576 | $10728 | $12028 |
| **6/30/2020** | $10583 | $10576 | $10728 | $12126 |
| **7/31/2020** | $10602 | $10590 | $10755 | $12331 |
| **8/31/2020** | $10609 | $10590 | $10757 | $12273 |
| **9/30/2020** | $10616 | $10594 | $10765 | $12275 |
| **10/31/2020** | $10622 | $10590 | $10756 | $12239 |
| **11/30/2020** | $10640 | $10597 | $10770 | $12423 |
| **12/31/2020** | $10645 | $10602 | $10779 | $12499 |
| **1/31/2021** | $10661 | $10611 | $10797 | $12579 |
| **2/28/2021** | $10656 | $10609 | $10793 | $12379 |
| **3/31/2021** | $10660 | $10613 | $10801 | $12455 |
| **4/30/2021** | $10666 | $10616 | $10809 | $12560 |
| **5/31/2021** | $10670 | $10618 | $10813 | $12597 |
| **6/30/2021** | $10675 | $10618 | $10812 | $12632 |
| **7/31/2021** | $10690 | $10625 | $10826 | $12736 |
| **8/31/2021** | $10683 | $10624 | $10824 | $12690 |
| **9/30/2021** | $10675 | $10618 | $10813 | $12598 |
| **10/31/2021** | $10668 | $10617 | $10810 | $12561 |
| **11/30/2021** | $10671 | $10619 | $10813 | $12668 |
| **12/31/2021** | $10675 | $10618 | $10812 | $12689 |
| **1/31/2022** | $10622 | $10583 | $10741 | $12341 |
| **2/28/2022** | $10604 | $10576 | $10727 | $12297 |
| **3/31/2022** | $10554 | $10533 | $10638 | $11898 |
| **4/30/2022** | $10515 | $10512 | $10595 | $11569 |
| **5/31/2022** | $10556 | $10554 | $10676 | $11741 |
| **6/30/2022** | $10553 | $10558 | $10679 | $11549 |
| **7/31/2022** | $10607 | $10591 | $10736 | $11854 |
| **8/31/2022** | $10562 | $10557 | $10651 | $11594 |
| **9/30/2022** | $10507 | $10520 | $10560 | $11149 |
| **10/31/2022** | $10521 | $10539 | $10573 | $11057 |
| **11/30/2022** | $10603 | $10613 | $10695 | $11574 |
| **12/31/2022** | $10618 | $10626 | $10690 | $11607 |
| **1/31/2023** | $10689 | $10687 | $10780 | $11940 |
| **2/28/2023** | $10650 | $10658 | $10688 | $11670 |
| **3/31/2023** | $10722 | $10734 | $10803 | $11929 |
| **4/30/2023** | $10716 | $10737 | $10772 | $11902 |
| **5/31/2023** | $10721 | $10751 | $10760 | $11799 |
| **6/30/2023** | $10773 | $10797 | $10811 | $11917 |
| **7/31/2023** | $10803 | $10829 | $10835 | $11964 |
| **8/31/2023** | $10813 | $10857 | $10846 | $11792 |
| **9/30/2023** | $10801 | $10855 | $10802 | $11446 |
| **10/31/2023** | $10838 | $10893 | $10831 | $11349 |
| **11/30/2023** | $10942 | $10993 | $10988 | $12069 |
| **12/31/2023** | $11001 | $11048 | $11052 | $12350 |
| **1/31/2024** | $11025 | $11058 | $11049 | $12287 |
| **2/29/2024** | $11050 | $11078 | $11066 | $12303 |
| **3/31/2024** | $11075 | $11093 | $11065 | $12302 |
| **4/30/2024** | $11100 | $11110 | $11066 | $12150 |
| **5/31/2024** | $11124 | $11139 | $11093 | $12114 |
| **6/30/2024** | $11185 | $11186 | $11156 | $12300 |
| **7/31/2024** | $11247 | $11236 | $11229 | $12412 |
| **8/31/2024** | $11298 | $11287 | $11303 | $12510 |
| **9/30/2024** | $11339 | $11320 | $11338 | $12633 |
| **10/31/2024** | $11344 | $11321 | $11310 | $12449 |
| **11/30/2024** | $11384 | $11357 | $11355 | $12664 |
| **12/31/2024** | $11389 | $11369 | $11352 | $12480 |
| **1/31/2025** | $11441 | $11410 | $11411 | $12542 |
| **2/28/2025** | $11481 | $11444 | $11459 | $12667 |
| **3/31/2025** | $11498 | $11463 | $11471 | $12452 |
| **4/30/2025** | $11506 | $11469 | $11451 | $12352 |
| **5/31/2025** | $11559 | $11508 | $11506 | $12360 |
| **6/30/2025** | $11601 | $11549 | $11566 | $12437 |

---

# Ultra Short-Term Municipal Income Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 3.72 | 1.85 | 1.5 |
| Ultra Short-Term Municipal Income Blended Index<sup>Footnote Reference\*</sup> | 3.25 | 1.78 | 1.45 |
| Bloomberg 1 Year Municipal Bond Index | 3.67 | 1.51 | 1.47 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. The Ultra Short-Term Municipal Income Blended Index is composed 50% of the Bloomberg 1 Year Municipal Bond Index and 50% of the iMoneyNet Tax-Free National Institutional Money Market Funds Average. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $823142650 |
| # of portfolio holdings | 368 |
| Portfolio turnover rate | 50% |
| Total advisory fees paid | $1076322 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 6.6 |
| AA/Aa | 37.0 |
| A/A | 36.2 |
| BBB/Baa | 8.8 |
| BB/Ba | 0.5 |
| B/B | 0.3 |
| Not Rated | 10.6 |

---

---

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

---

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

---

| | |
|:---|:---|
| Lee County IDA Health System, Inc. Obligated Group Series B, 2.52%, 4-1-2049 | 2 |
| Port of Port Arthur Navigation District Motiva Enterprises LLC Series E, 2.05%, 11-1-2040 | 1.8 |
| Appleton RDA Fox Cities Performing Arts Center, Inc. Series B, 2.20%, 6-1-2036 | 1.6 |
| Residual Interest Bond Floater Trust Various States Series 2024-012, 2.17%, 11-1-2064 | 1.5 |
| City of Los Angeles, 5.00%, 6-25-2026 | 1.2 |
| Tender Option Bond Trust Receipts/Certificates Series MS0041, 2.32%, 5-1-2026 | 1.2 |
| City of Dallas, 6.00%, 8-15-2053 | 1 |
| Central Bradford Progress Authority Guthrie Clinic Series D, 2.56%, 12-1-2041 | 0.9 |
| Rural Water Financing Agency County of Macon Series B, 3.05%, 5-1-2027 | 0.8 |
| City of Whiting BP Products North America, Inc. Series A AMT, 5.00%, 12-1-2044 | 0.8 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 55.7 |
| 1-3 years | 30.1 |
| 3-5 years | 13.1 |
| 5-10 years | 1.1 |

---

## 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

#### AR3107 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Ultra Short-Term Municipal Income Fund

# Class R6

# WUSRX
This annual shareholder report contains important information about Ultra Short-Term Municipal Income Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $20 | 0.20% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, duration positioning, credit allocation, and sector and security selection were contributors to performance. There were no notable detractors.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g07m60.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Ultra Short-Term Municipal Income Blended Index** | **Bloomberg 1 Year Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **7/31/2015** | $10015 | $10007 | $10014 | $10072 |
| **8/31/2015** | $10021 | $10015 | $10030 | $10092 |
| **9/30/2015** | $10026 | $10021 | $10043 | $10165 |
| **10/31/2015** | $10042 | $10027 | $10053 | $10206 |
| **11/30/2015** | $10037 | $10020 | $10040 | $10246 |
| **12/31/2015** | $10044 | $10020 | $10039 | $10318 |
| **1/31/2016** | $10060 | $10035 | $10069 | $10441 |
| **2/29/2016** | $10055 | $10043 | $10085 | $10458 |
| **3/31/2016** | $10050 | $10036 | $10071 | $10491 |
| **4/30/2016** | $10067 | $10042 | $10082 | $10568 |
| **5/31/2016** | $10074 | $10045 | $10087 | $10597 |
| **6/30/2016** | $10091 | $10054 | $10105 | $10765 |
| **7/31/2016** | $10097 | $10064 | $10123 | $10772 |
| **8/31/2016** | $10103 | $10058 | $10107 | $10786 |
| **9/30/2016** | $10089 | $10049 | $10086 | $10733 |
| **10/31/2016** | $10097 | $10056 | $10093 | $10620 |
| **11/30/2016** | $10051 | $10035 | $10049 | $10224 |
| **12/31/2016** | $10048 | $10047 | $10069 | $10344 |
| **1/31/2017** | $10066 | $10067 | $10105 | $10412 |
| **2/28/2017** | $10074 | $10085 | $10139 | $10484 |
| **3/31/2017** | $10081 | $10087 | $10139 | $10507 |
| **4/30/2017** | $10100 | $10097 | $10155 | $10583 |
| **5/31/2017** | $10119 | $10109 | $10174 | $10751 |
| **6/30/2017** | $10127 | $10107 | $10165 | $10713 |
| **7/31/2017** | $10137 | $10122 | $10189 | $10799 |
| **8/31/2017** | $10155 | $10136 | $10212 | $10882 |
| **9/30/2017** | $10163 | $10132 | $10200 | $10826 |
| **10/31/2017** | $10171 | $10136 | $10201 | $10853 |
| **11/30/2017** | $10158 | $10116 | $10155 | $10795 |
| **12/31/2017** | $10168 | $10122 | $10162 | $10907 |
| **1/31/2018** | $10179 | $10141 | $10190 | $10779 |
| **2/28/2018** | $10189 | $10153 | $10208 | $10747 |
| **3/31/2018** | $10189 | $10154 | $10200 | $10787 |
| **4/30/2018** | $10191 | $10155 | $10191 | $10748 |
| **5/31/2018** | $10214 | $10177 | $10224 | $10871 |
| **6/30/2018** | $10236 | $10199 | $10260 | $10880 |
| **7/31/2018** | $10258 | $10216 | $10282 | $10907 |
| **8/31/2018** | $10271 | $10220 | $10278 | $10935 |
| **9/30/2018** | $10263 | $10217 | $10258 | $10864 |
| **10/31/2018** | $10277 | $10229 | $10267 | $10797 |
| **11/30/2018** | $10291 | $10252 | $10300 | $10917 |
| **12/31/2018** | $10317 | $10279 | $10338 | $11047 |
| **1/31/2019** | $10342 | $10303 | $10371 | $11131 |
| **2/28/2019** | $10356 | $10323 | $10394 | $11190 |
| **3/31/2019** | $10382 | $10345 | $10422 | $11367 |
| **4/30/2019** | $10386 | $10357 | $10430 | $11410 |
| **5/31/2019** | $10423 | $10385 | $10469 | $11567 |
| **6/30/2019** | $10439 | $10409 | $10501 | $11610 |
| **7/31/2019** | $10464 | $10434 | $10536 | $11704 |
| **8/31/2019** | $10479 | $10448 | $10551 | $11888 |
| **9/30/2019** | $10482 | $10444 | $10529 | $11793 |
| **10/31/2019** | $10496 | $10465 | $10559 | $11814 |
| **11/30/2019** | $10510 | $10480 | $10577 | $11844 |
| **12/31/2019** | $10523 | $10493 | $10593 | $11880 |
| **1/31/2020** | $10558 | $10516 | $10630 | $12093 |
| **2/29/2020** | $10571 | $10532 | $10652 | $12249 |
| **3/31/2020** | $10521 | $10510 | $10599 | $11805 |
| **4/30/2020** | $10504 | $10523 | $10623 | $11657 |
| **5/31/2020** | $10571 | $10576 | $10728 | $12028 |
| **6/30/2020** | $10593 | $10576 | $10728 | $12126 |
| **7/31/2020** | $10613 | $10590 | $10755 | $12331 |
| **8/31/2020** | $10620 | $10590 | $10757 | $12273 |
| **9/30/2020** | $10627 | $10594 | $10765 | $12275 |
| **10/31/2020** | $10623 | $10590 | $10756 | $12239 |
| **11/30/2020** | $10652 | $10597 | $10770 | $12423 |
| **12/31/2020** | $10658 | $10602 | $10779 | $12499 |
| **1/31/2021** | $10675 | $10611 | $10797 | $12579 |
| **2/28/2021** | $10658 | $10609 | $10793 | $12379 |
| **3/31/2021** | $10674 | $10613 | $10801 | $12455 |
| **4/30/2021** | $10680 | $10616 | $10809 | $12560 |
| **5/31/2021** | $10685 | $10618 | $10813 | $12597 |
| **6/30/2021** | $10690 | $10618 | $10812 | $12632 |
| **7/31/2021** | $10706 | $10625 | $10826 | $12736 |
| **8/31/2021** | $10699 | $10624 | $10824 | $12690 |
| **9/30/2021** | $10692 | $10618 | $10813 | $12598 |
| **10/31/2021** | $10685 | $10617 | $10810 | $12561 |
| **11/30/2021** | $10689 | $10619 | $10813 | $12668 |
| **12/31/2021** | $10693 | $10618 | $10812 | $12689 |
| **1/31/2022** | $10641 | $10583 | $10741 | $12341 |
| **2/28/2022** | $10623 | $10576 | $10727 | $12297 |
| **3/31/2022** | $10573 | $10533 | $10638 | $11898 |
| **4/30/2022** | $10535 | $10512 | $10595 | $11569 |
| **5/31/2022** | $10576 | $10554 | $10676 | $11741 |
| **6/30/2022** | $10574 | $10558 | $10679 | $11549 |
| **7/31/2022** | $10617 | $10591 | $10736 | $11854 |
| **8/31/2022** | $10573 | $10557 | $10651 | $11594 |
| **9/30/2022** | $10529 | $10520 | $10560 | $11149 |
| **10/31/2022** | $10532 | $10539 | $10573 | $11057 |
| **11/30/2022** | $10626 | $10613 | $10695 | $11574 |
| **12/31/2022** | $10641 | $10626 | $10690 | $11607 |
| **1/31/2023** | $10702 | $10687 | $10780 | $11940 |
| **2/28/2023** | $10663 | $10658 | $10688 | $11670 |
| **3/31/2023** | $10747 | $10734 | $10803 | $11929 |
| **4/30/2023** | $10741 | $10737 | $10772 | $11902 |
| **5/31/2023** | $10747 | $10751 | $10760 | $11799 |
| **6/30/2023** | $10799 | $10797 | $10811 | $11917 |
| **7/31/2023** | $10819 | $10829 | $10835 | $11964 |
| **8/31/2023** | $10840 | $10857 | $10846 | $11792 |
| **9/30/2023** | $10829 | $10855 | $10802 | $11446 |
| **10/31/2023** | $10866 | $10893 | $10831 | $11349 |
| **11/30/2023** | $10971 | $10993 | $10988 | $12069 |
| **12/31/2023** | $11031 | $11048 | $11052 | $12350 |
| **1/31/2024** | $11056 | $11058 | $11049 | $12287 |
| **2/29/2024** | $11081 | $11078 | $11066 | $12303 |
| **3/31/2024** | $11106 | $11093 | $11065 | $12302 |
| **4/30/2024** | $11120 | $11110 | $11066 | $12150 |
| **5/31/2024** | $11157 | $11139 | $11093 | $12114 |
| **6/30/2024** | $11218 | $11186 | $11156 | $12300 |
| **7/31/2024** | $11281 | $11236 | $11229 | $12412 |
| **8/31/2024** | $11333 | $11287 | $11303 | $12510 |
| **9/30/2024** | $11373 | $11320 | $11338 | $12633 |
| **10/31/2024** | $11367 | $11321 | $11310 | $12449 |
| **11/30/2024** | $11420 | $11357 | $11355 | $12664 |
| **12/31/2024** | $11426 | $11369 | $11352 | $12480 |
| **1/31/2025** | $11478 | $11410 | $11411 | $12542 |
| **2/28/2025** | $11519 | $11444 | $11459 | $12667 |
| **3/31/2025** | $11537 | $11463 | $11471 | $12452 |
| **4/30/2025** | $11545 | $11469 | $11451 | $12352 |
| **5/31/2025** | $11587 | $11508 | $11506 | $12360 |
| **6/30/2025** | $11641 | $11549 | $11566 | $12437 |

---

# Ultra Short-Term Municipal Income Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>Footnote Reference\*</sup> | 3.77 | 1.91 | 1.53 |
| Ultra Short-Term Municipal Income Blended Index<sup>Footnote Reference†</sup> | 3.25 | 1.78 | 1.45 |
| Bloomberg 1 Year Municipal Bond Index | 3.67 | 1.51 | 1.47 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Historical performance shown for the Class R6 shares prior to their inception on July 31, 2018 reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. The Ultra Short-Term Municipal Income Blended Index is composed 50% of the Bloomberg 1 Year Municipal Bond Index and 50% of the iMoneyNet Tax-Free National Institutional Money Market Funds Average. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $823142650 |
| # of portfolio holdings | 368 |
| Portfolio turnover rate | 50% |
| Total advisory fees paid | $1076322 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 6.6 |
| AA/Aa | 37.0 |
| A/A | 36.2 |
| BBB/Baa | 8.8 |
| BB/Ba | 0.5 |
| B/B | 0.3 |
| Not Rated | 10.6 |

---

---

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

---

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

---

| | |
|:---|:---|
| Lee County IDA Health System, Inc. Obligated Group Series B, 2.52%, 4-1-2049 | 2 |
| Port of Port Arthur Navigation District Motiva Enterprises LLC Series E, 2.05%, 11-1-2040 | 1.8 |
| Appleton RDA Fox Cities Performing Arts Center, Inc. Series B, 2.20%, 6-1-2036 | 1.6 |
| Residual Interest Bond Floater Trust Various States Series 2024-012, 2.17%, 11-1-2064 | 1.5 |
| City of Los Angeles, 5.00%, 6-25-2026 | 1.2 |
| Tender Option Bond Trust Receipts/Certificates Series MS0041, 2.32%, 5-1-2026 | 1.2 |
| City of Dallas, 6.00%, 8-15-2053 | 1 |
| Central Bradford Progress Authority Guthrie Clinic Series D, 2.56%, 12-1-2041 | 0.9 |
| Rural Water Financing Agency County of Macon Series B, 3.05%, 5-1-2027 | 0.8 |
| City of Whiting BP Products North America, Inc. Series A AMT, 5.00%, 12-1-2044 | 0.8 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 55.7 |
| 1-3 years | 30.1 |
| 3-5 years | 13.1 |
| 5-10 years | 1.1 |

---

## 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

#### AR4815 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Ultra Short-Term Municipal Income Fund

# Class C

# WFUSX
This annual shareholder report contains important information about Ultra Short-Term Municipal Income Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $127 | 1.25% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, duration positioning, credit allocation, and sector and security selection were contributors to performance. There were no notable detractors.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g93y56.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C with Load** | **Ultra Short-Term Municipal Income Blended Index** | **Bloomberg 1 Year Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **7/31/2015** | $10000 | $10007 | $10014 | $10072 |
| **8/31/2015** | $10000 | $10015 | $10030 | $10092 |
| **9/30/2015** | $10000 | $10021 | $10043 | $10165 |
| **10/31/2015** | $10000 | $10027 | $10053 | $10206 |
| **11/30/2015** | $10000 | $10020 | $10040 | $10246 |
| **12/31/2015** | $9991 | $10020 | $10039 | $10318 |
| **1/31/2016** | $9991 | $10035 | $10069 | $10441 |
| **2/29/2016** | $9981 | $10043 | $10085 | $10458 |
| **3/31/2016** | $9981 | $10036 | $10071 | $10491 |
| **4/30/2016** | $9981 | $10042 | $10082 | $10568 |
| **5/31/2016** | $9981 | $10045 | $10087 | $10597 |
| **6/30/2016** | $9981 | $10054 | $10105 | $10765 |
| **7/31/2016** | $9981 | $10064 | $10123 | $10772 |
| **8/31/2016** | $9981 | $10058 | $10107 | $10786 |
| **9/30/2016** | $9960 | $10049 | $10086 | $10733 |
| **10/31/2016** | $9960 | $10056 | $10093 | $10620 |
| **11/30/2016** | $9896 | $10035 | $10049 | $10224 |
| **12/31/2016** | $9897 | $10047 | $10069 | $10344 |
| **1/31/2017** | $9897 | $10067 | $10105 | $10412 |
| **2/28/2017** | $9897 | $10085 | $10139 | $10484 |
| **3/31/2017** | $9897 | $10087 | $10139 | $10507 |
| **4/30/2017** | $9908 | $10097 | $10155 | $10583 |
| **5/31/2017** | $9918 | $10109 | $10174 | $10751 |
| **6/30/2017** | $9908 | $10107 | $10165 | $10713 |
| **7/31/2017** | $9918 | $10122 | $10189 | $10799 |
| **8/31/2017** | $9929 | $10136 | $10212 | $10882 |
| **9/30/2017** | $9918 | $10132 | $10200 | $10826 |
| **10/31/2017** | $9918 | $10136 | $10201 | $10853 |
| **11/30/2017** | $9908 | $10116 | $10155 | $10795 |
| **12/31/2017** | $9898 | $10122 | $10162 | $10907 |
| **1/31/2018** | $9899 | $10141 | $10190 | $10779 |
| **2/28/2018** | $9901 | $10153 | $10208 | $10747 |
| **3/31/2018** | $9892 | $10154 | $10200 | $10787 |
| **4/30/2018** | $9896 | $10155 | $10191 | $10748 |
| **5/31/2018** | $9910 | $10177 | $10224 | $10871 |
| **6/30/2018** | $9923 | $10199 | $10260 | $10880 |
| **7/31/2018** | $9925 | $10216 | $10282 | $10907 |
| **8/31/2018** | $9928 | $10220 | $10278 | $10935 |
| **9/30/2018** | $9911 | $10217 | $10258 | $10864 |
| **10/31/2018** | $9915 | $10229 | $10267 | $10797 |
| **11/30/2018** | $9931 | $10252 | $10300 | $10917 |
| **12/31/2018** | $9936 | $10279 | $10338 | $11047 |
| **1/31/2019** | $9951 | $10303 | $10371 | $11131 |
| **2/28/2019** | $9967 | $10323 | $10394 | $11190 |
| **3/31/2019** | $9972 | $10345 | $10422 | $11367 |
| **4/30/2019** | $9978 | $10357 | $10430 | $11410 |
| **5/31/2019** | $9993 | $10385 | $10469 | $11567 |
| **6/30/2019** | $10010 | $10409 | $10501 | $11610 |
| **7/31/2019** | $10025 | $10434 | $10536 | $11704 |
| **8/31/2019** | $10030 | $10448 | $10551 | $11888 |
| **9/30/2019** | $10023 | $10444 | $10529 | $11793 |
| **10/31/2019** | $10028 | $10465 | $10559 | $11814 |
| **11/30/2019** | $10032 | $10480 | $10577 | $11844 |
| **12/31/2019** | $10035 | $10493 | $10593 | $11880 |
| **1/31/2020** | $10049 | $10516 | $10630 | $12093 |
| **2/29/2020** | $10062 | $10532 | $10652 | $12249 |
| **3/31/2020** | $9994 | $10510 | $10599 | $11805 |
| **4/30/2020** | $9979 | $10523 | $10623 | $11657 |
| **5/31/2020** | $10023 | $10576 | $10728 | $12028 |
| **6/30/2020** | $10036 | $10576 | $10728 | $12126 |
| **7/31/2020** | $10046 | $10590 | $10755 | $12331 |
| **8/31/2020** | $10100 | $10590 | $10757 | $12273 |
| **9/30/2020** | $10100 | $10594 | $10765 | $12275 |
| **10/31/2020** | $10089 | $10590 | $10756 | $12239 |
| **11/30/2020** | $10100 | $10597 | $10770 | $12423 |
| **12/31/2020** | $10111 | $10602 | $10779 | $12499 |
| **1/31/2021** | $10122 | $10611 | $10797 | $12579 |
| **2/28/2021** | $10100 | $10609 | $10793 | $12379 |
| **3/31/2021** | $10101 | $10613 | $10801 | $12455 |
| **4/30/2021** | $10111 | $10616 | $10809 | $12560 |
| **5/31/2021** | $10111 | $10618 | $10813 | $12597 |
| **6/30/2021** | $10112 | $10618 | $10812 | $12632 |
| **7/31/2021** | $10112 | $10625 | $10826 | $12736 |
| **8/31/2021** | $10112 | $10624 | $10824 | $12690 |
| **9/30/2021** | $10090 | $10618 | $10813 | $12598 |
| **10/31/2021** | $10091 | $10617 | $10810 | $12561 |
| **11/30/2021** | $10091 | $10619 | $10813 | $12668 |
| **12/31/2021** | $10091 | $10618 | $10812 | $12689 |
| **1/31/2022** | $10038 | $10583 | $10741 | $12341 |
| **2/28/2022** | $10016 | $10576 | $10727 | $12297 |
| **3/31/2022** | $9963 | $10533 | $10638 | $11898 |
| **4/30/2022** | $9921 | $10512 | $10595 | $11569 |
| **5/31/2022** | $9953 | $10554 | $10676 | $11741 |
| **6/30/2022** | $9943 | $10558 | $10679 | $11549 |
| **7/31/2022** | $10028 | $10591 | $10736 | $11854 |
| **8/31/2022** | $9988 | $10557 | $10651 | $11594 |
| **9/30/2022** | $9927 | $10520 | $10560 | $11149 |
| **10/31/2022** | $9932 | $10539 | $10573 | $11057 |
| **11/30/2022** | $10001 | $10613 | $10695 | $11574 |
| **12/31/2022** | $10007 | $10626 | $10690 | $11607 |
| **1/31/2023** | $10056 | $10687 | $10780 | $11940 |
| **2/28/2023** | $10021 | $10658 | $10688 | $11670 |
| **3/31/2023** | $10081 | $10734 | $10803 | $11929 |
| **4/30/2023** | $10067 | $10737 | $10772 | $11902 |
| **5/31/2023** | $10063 | $10751 | $10760 | $11799 |
| **6/30/2023** | $10103 | $10797 | $10811 | $11917 |
| **7/31/2023** | $10130 | $10829 | $10835 | $11964 |
| **8/31/2023** | $10137 | $10857 | $10846 | $11792 |
| **9/30/2023** | $10124 | $10855 | $10802 | $11446 |
| **10/31/2023** | $10156 | $10893 | $10831 | $11349 |
| **11/30/2023** | $10251 | $10993 | $10988 | $12069 |
| **12/31/2023** | $10304 | $11048 | $11052 | $12350 |
| **1/31/2024** | $10325 | $11058 | $11049 | $12287 |
| **2/29/2024** | $10346 | $11078 | $11066 | $12303 |
| **3/31/2024** | $10367 | $11093 | $11065 | $12302 |
| **4/30/2024** | $10377 | $11110 | $11066 | $12150 |
| **5/31/2024** | $10409 | $11139 | $11093 | $12114 |
| **6/30/2024** | $10464 | $11186 | $11156 | $12300 |
| **7/31/2024** | $10520 | $11236 | $11229 | $12412 |
| **8/31/2024** | $10565 | $11287 | $11303 | $12510 |
| **9/30/2024** | $10601 | $11320 | $11338 | $12633 |
| **10/31/2024** | $10592 | $11321 | $11310 | $12449 |
| **11/30/2024** | $10639 | $11357 | $11355 | $12664 |
| **12/31/2024** | $10642 | $11369 | $11352 | $12480 |
| **1/31/2025** | $10687 | $11410 | $11411 | $12542 |
| **2/28/2025** | $10723 | $11444 | $11459 | $12667 |
| **3/31/2025** | $10738 | $11463 | $11471 | $12452 |
| **4/30/2025** | $10743 | $11469 | $11451 | $12352 |
| **5/31/2025** | $10779 | $11508 | $11506 | $12360 |
| **6/30/2025** | $10828 | $11549 | $11566 | $12437 |

---

# Ultra Short-Term Municipal Income Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 2.69 | 1.23 | 0.8 |
| Class C with Load | 1.69 | 1.23 | 0.8 |
| Ultra Short-Term Municipal Income Blended Index<sup>Footnote Reference\*</sup> | 3.25 | 1.78 | 1.45 |
| Bloomberg 1 Year Municipal Bond Index | 3.67 | 1.51 | 1.47 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. The Ultra Short-Term Municipal Income Blended Index is composed 50% of the Bloomberg 1 Year Municipal Bond Index and 50% of the iMoneyNet Tax-Free National Institutional Money Market Funds Average. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $823142650 |
| # of portfolio holdings | 368 |
| Portfolio turnover rate | 50% |
| Total advisory fees paid | $1076322 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 6.6 |
| AA/Aa | 37.0 |
| A/A | 36.2 |
| BBB/Baa | 8.8 |
| BB/Ba | 0.5 |
| B/B | 0.3 |
| Not Rated | 10.6 |

---

---

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

---

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

---

| | |
|:---|:---|
| Lee County IDA Health System, Inc. Obligated Group Series B, 2.52%, 4-1-2049 | 2 |
| Port of Port Arthur Navigation District Motiva Enterprises LLC Series E, 2.05%, 11-1-2040 | 1.8 |
| Appleton RDA Fox Cities Performing Arts Center, Inc. Series B, 2.20%, 6-1-2036 | 1.6 |
| Residual Interest Bond Floater Trust Various States Series 2024-012, 2.17%, 11-1-2064 | 1.5 |
| City of Los Angeles, 5.00%, 6-25-2026 | 1.2 |
| Tender Option Bond Trust Receipts/Certificates Series MS0041, 2.32%, 5-1-2026 | 1.2 |
| City of Dallas, 6.00%, 8-15-2053 | 1 |
| Central Bradford Progress Authority Guthrie Clinic Series D, 2.56%, 12-1-2041 | 0.9 |
| Rural Water Financing Agency County of Macon Series B, 3.05%, 5-1-2027 | 0.8 |
| City of Whiting BP Products North America, Inc. Series A AMT, 5.00%, 12-1-2044 | 0.8 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 55.7 |
| 1-3 years | 30.1 |
| 3-5 years | 13.1 |
| 5-10 years | 1.1 |

---

Significant fund changes

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

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

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

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

#### AR3543 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Ultra Short-Term Municipal Income Fund

# Class A

# SMAVX
This annual shareholder report contains important information about Ultra Short-Term Municipal Income Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $49 | 0.48% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, duration positioning, credit allocation, and sector and security selection were contributors to performance. There were no notable detractors.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g13q83.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Load** | **Ultra Short-Term Municipal Income Blended Index** | **Bloomberg 1 Year Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $9800 | $10000 | $10000 | $10000 |
| **7/31/2015** | $9813 | $10007 | $10014 | $10072 |
| **8/31/2015** | $9815 | $10015 | $10030 | $10092 |
| **9/30/2015** | $9818 | $10021 | $10043 | $10165 |
| **10/31/2015** | $9832 | $10027 | $10053 | $10206 |
| **11/30/2015** | $9824 | $10020 | $10040 | $10246 |
| **12/31/2015** | $9829 | $10020 | $10039 | $10318 |
| **1/31/2016** | $9841 | $10035 | $10069 | $10441 |
| **2/29/2016** | $9834 | $10043 | $10085 | $10458 |
| **3/31/2016** | $9827 | $10036 | $10071 | $10491 |
| **4/30/2016** | $9841 | $10042 | $10082 | $10568 |
| **5/31/2016** | $9845 | $10045 | $10087 | $10597 |
| **6/30/2016** | $9859 | $10054 | $10105 | $10765 |
| **7/31/2016** | $9863 | $10064 | $10123 | $10772 |
| **8/31/2016** | $9866 | $10058 | $10107 | $10786 |
| **9/30/2016** | $9851 | $10049 | $10086 | $10733 |
| **10/31/2016** | $9855 | $10056 | $10093 | $10620 |
| **11/30/2016** | $9808 | $10035 | $10049 | $10224 |
| **12/31/2016** | $9803 | $10047 | $10069 | $10344 |
| **1/31/2017** | $9818 | $10067 | $10105 | $10412 |
| **2/28/2017** | $9823 | $10085 | $10139 | $10484 |
| **3/31/2017** | $9828 | $10087 | $10139 | $10507 |
| **4/30/2017** | $9844 | $10097 | $10155 | $10583 |
| **5/31/2017** | $9860 | $10109 | $10174 | $10751 |
| **6/30/2017** | $9855 | $10107 | $10165 | $10713 |
| **7/31/2017** | $9872 | $10122 | $10189 | $10799 |
| **8/31/2017** | $9887 | $10136 | $10212 | $10882 |
| **9/30/2017** | $9892 | $10132 | $10200 | $10826 |
| **10/31/2017** | $9898 | $10136 | $10201 | $10853 |
| **11/30/2017** | $9883 | $10116 | $10155 | $10795 |
| **12/31/2017** | $9890 | $10122 | $10162 | $10907 |
| **1/31/2018** | $9898 | $10141 | $10190 | $10779 |
| **2/28/2018** | $9895 | $10153 | $10208 | $10747 |
| **3/31/2018** | $9903 | $10154 | $10200 | $10787 |
| **4/30/2018** | $9903 | $10155 | $10191 | $10748 |
| **5/31/2018** | $9922 | $10177 | $10224 | $10871 |
| **6/30/2018** | $9942 | $10199 | $10260 | $10880 |
| **7/31/2018** | $9950 | $10216 | $10282 | $10907 |
| **8/31/2018** | $9960 | $10220 | $10278 | $10935 |
| **9/30/2018** | $9959 | $10217 | $10258 | $10864 |
| **10/31/2018** | $9959 | $10229 | $10267 | $10797 |
| **11/30/2018** | $9981 | $10252 | $10300 | $10917 |
| **12/31/2018** | $10003 | $10279 | $10338 | $11047 |
| **1/31/2019** | $10024 | $10303 | $10371 | $11131 |
| **2/28/2019** | $10035 | $10323 | $10394 | $11190 |
| **3/31/2019** | $10057 | $10345 | $10422 | $11367 |
| **4/30/2019** | $10069 | $10357 | $10430 | $11410 |
| **5/31/2019** | $10091 | $10385 | $10469 | $11567 |
| **6/30/2019** | $10103 | $10409 | $10501 | $11610 |
| **7/31/2019** | $10125 | $10434 | $10536 | $11704 |
| **8/31/2019** | $10136 | $10448 | $10551 | $11888 |
| **9/30/2019** | $10136 | $10444 | $10529 | $11793 |
| **10/31/2019** | $10147 | $10465 | $10559 | $11814 |
| **11/30/2019** | $10157 | $10480 | $10577 | $11844 |
| **12/31/2019** | $10167 | $10493 | $10593 | $11880 |
| **1/31/2020** | $10198 | $10516 | $10630 | $12093 |
| **2/29/2020** | $10207 | $10532 | $10652 | $12249 |
| **3/31/2020** | $10157 | $10510 | $10599 | $11805 |
| **4/30/2020** | $10137 | $10523 | $10623 | $11657 |
| **5/31/2020** | $10199 | $10576 | $10728 | $12028 |
| **6/30/2020** | $10218 | $10576 | $10728 | $12126 |
| **7/31/2020** | $10234 | $10590 | $10755 | $12331 |
| **8/31/2020** | $10239 | $10590 | $10757 | $12273 |
| **9/30/2020** | $10243 | $10594 | $10765 | $12275 |
| **10/31/2020** | $10237 | $10590 | $10756 | $12239 |
| **11/30/2020** | $10262 | $10597 | $10770 | $12423 |
| **12/31/2020** | $10265 | $10602 | $10779 | $12499 |
| **1/31/2021** | $10279 | $10611 | $10797 | $12579 |
| **2/28/2021** | $10271 | $10609 | $10793 | $12379 |
| **3/31/2021** | $10274 | $10613 | $10801 | $12455 |
| **4/30/2021** | $10277 | $10616 | $10809 | $12560 |
| **5/31/2021** | $10279 | $10618 | $10813 | $12597 |
| **6/30/2021** | $10281 | $10618 | $10812 | $12632 |
| **7/31/2021** | $10294 | $10625 | $10826 | $12736 |
| **8/31/2021** | $10284 | $10624 | $10824 | $12690 |
| **9/30/2021** | $10275 | $10618 | $10813 | $12598 |
| **10/31/2021** | $10266 | $10617 | $10810 | $12561 |
| **11/30/2021** | $10267 | $10619 | $10813 | $12668 |
| **12/31/2021** | $10268 | $10618 | $10812 | $12689 |
| **1/31/2022** | $10216 | $10583 | $10741 | $12341 |
| **2/28/2022** | $10197 | $10576 | $10727 | $12297 |
| **3/31/2022** | $10146 | $10533 | $10638 | $11898 |
| **4/30/2022** | $10107 | $10512 | $10595 | $11569 |
| **5/31/2022** | $10144 | $10554 | $10676 | $11741 |
| **6/30/2022** | $10139 | $10558 | $10679 | $11549 |
| **7/31/2022** | $10178 | $10591 | $10736 | $11854 |
| **8/31/2022** | $10144 | $10557 | $10651 | $11594 |
| **9/30/2022** | $10089 | $10520 | $10560 | $11149 |
| **10/31/2022** | $10100 | $10539 | $10573 | $11057 |
| **11/30/2022** | $10176 | $10613 | $10695 | $11574 |
| **12/31/2022** | $10188 | $10626 | $10690 | $11607 |
| **1/31/2023** | $10244 | $10687 | $10780 | $11940 |
| **2/28/2023** | $10215 | $10658 | $10688 | $11670 |
| **3/31/2023** | $10282 | $10734 | $10803 | $11929 |
| **4/30/2023** | $10274 | $10737 | $10772 | $11902 |
| **5/31/2023** | $10277 | $10751 | $10760 | $11799 |
| **6/30/2023** | $10324 | $10797 | $10811 | $11917 |
| **7/31/2023** | $10351 | $10829 | $10835 | $11964 |
| **8/31/2023** | $10358 | $10857 | $10846 | $11792 |
| **9/30/2023** | $10345 | $10855 | $10802 | $11446 |
| **10/31/2023** | $10378 | $10893 | $10831 | $11349 |
| **11/30/2023** | $10475 | $10993 | $10988 | $12069 |
| **12/31/2023** | $10530 | $11048 | $11052 | $12350 |
| **1/31/2024** | $10551 | $11058 | $11049 | $12287 |
| **2/29/2024** | $10573 | $11078 | $11066 | $12303 |
| **3/31/2024** | $10594 | $11093 | $11065 | $12302 |
| **4/30/2024** | $10605 | $11110 | $11066 | $12150 |
| **5/31/2024** | $10637 | $11139 | $11093 | $12114 |
| **6/30/2024** | $10693 | $11186 | $11156 | $12300 |
| **7/31/2024** | $10750 | $11236 | $11229 | $12412 |
| **8/31/2024** | $10797 | $11287 | $11303 | $12510 |
| **9/30/2024** | $10833 | $11320 | $11338 | $12633 |
| **10/31/2024** | $10824 | $11321 | $11310 | $12449 |
| **11/30/2024** | $10872 | $11357 | $11355 | $12664 |
| **12/31/2024** | $10874 | $11369 | $11352 | $12480 |
| **1/31/2025** | $10921 | $11410 | $11411 | $12542 |
| **2/28/2025** | $10958 | $11444 | $11459 | $12667 |
| **3/31/2025** | $10973 | $11463 | $11471 | $12452 |
| **4/30/2025** | $10978 | $11469 | $11451 | $12352 |
| **5/31/2025** | $11015 | $11508 | $11506 | $12360 |
| **6/30/2025** | $11065 | $11549 | $11566 | $12437 |

---

# Ultra Short-Term Municipal Income Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 3.47 | 1.61 | 1.22 |
| Class A with Load | 1.41 | 1.2 | 1.02 |
| Ultra Short-Term Municipal Income Blended Index<sup>Footnote Reference\*</sup> | 3.25 | 1.78 | 1.45 |
| Bloomberg 1 Year Municipal Bond Index | 3.67 | 1.51 | 1.47 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. The Ultra Short-Term Municipal Income Blended Index is composed 50% of the Bloomberg 1 Year Municipal Bond Index and 50% of the iMoneyNet Tax-Free National Institutional Money Market Funds Average. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $823142650 |
| # of portfolio holdings | 368 |
| Portfolio turnover rate | 50% |
| Total advisory fees paid | $1076322 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 6.6 |
| AA/Aa | 37.0 |
| A/A | 36.2 |
| BBB/Baa | 8.8 |
| BB/Ba | 0.5 |
| B/B | 0.3 |
| Not Rated | 10.6 |

---

---

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

---

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

---

| | |
|:---|:---|
| Lee County IDA Health System, Inc. Obligated Group Series B, 2.52%, 4-1-2049 | 2 |
| Port of Port Arthur Navigation District Motiva Enterprises LLC Series E, 2.05%, 11-1-2040 | 1.8 |
| Appleton RDA Fox Cities Performing Arts Center, Inc. Series B, 2.20%, 6-1-2036 | 1.6 |
| Residual Interest Bond Floater Trust Various States Series 2024-012, 2.17%, 11-1-2064 | 1.5 |
| City of Los Angeles, 5.00%, 6-25-2026 | 1.2 |
| Tender Option Bond Trust Receipts/Certificates Series MS0041, 2.32%, 5-1-2026 | 1.2 |
| City of Dallas, 6.00%, 8-15-2053 | 1 |
| Central Bradford Progress Authority Guthrie Clinic Series D, 2.56%, 12-1-2041 | 0.9 |
| Rural Water Financing Agency County of Macon Series B, 3.05%, 5-1-2027 | 0.8 |
| City of Whiting BP Products North America, Inc. Series A AMT, 5.00%, 12-1-2044 | 0.8 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 55.7 |
| 1-3 years | 30.1 |
| 3-5 years | 13.1 |
| 5-10 years | 1.1 |

---

## 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

#### AR3011 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Ultra Short-Term Municipal Income Fund

# Administrator Class

# WUSMX
This annual shareholder report contains important information about Ultra Short-Term Municipal Income Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $51 | 0.50% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, duration positioning, credit allocation, and sector and security selection were contributors to performance. There were no notable detractors.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g89s01.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Administrator Class** | **Ultra Short-Term Municipal Income Blended Index** | **Bloomberg 1 Year Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **7/31/2015** | $10013 | $10007 | $10014 | $10072 |
| **8/31/2015** | $10017 | $10015 | $10030 | $10092 |
| **9/30/2015** | $10021 | $10021 | $10043 | $10165 |
| **10/31/2015** | $10035 | $10027 | $10053 | $10206 |
| **11/30/2015** | $10028 | $10020 | $10040 | $10246 |
| **12/31/2015** | $10033 | $10020 | $10039 | $10318 |
| **1/31/2016** | $10046 | $10035 | $10069 | $10441 |
| **2/29/2016** | $10040 | $10043 | $10085 | $10458 |
| **3/31/2016** | $10033 | $10036 | $10071 | $10491 |
| **4/30/2016** | $10048 | $10042 | $10082 | $10568 |
| **5/31/2016** | $10052 | $10045 | $10087 | $10597 |
| **6/30/2016** | $10068 | $10054 | $10105 | $10765 |
| **7/31/2016** | $10072 | $10064 | $10123 | $10772 |
| **8/31/2016** | $10076 | $10058 | $10107 | $10786 |
| **9/30/2016** | $10060 | $10049 | $10086 | $10733 |
| **10/31/2016** | $10066 | $10056 | $10093 | $10620 |
| **11/30/2016** | $10018 | $10035 | $10049 | $10224 |
| **12/31/2016** | $10013 | $10047 | $10069 | $10344 |
| **1/31/2017** | $10029 | $10067 | $10105 | $10412 |
| **2/28/2017** | $10036 | $10085 | $10139 | $10484 |
| **3/31/2017** | $10041 | $10087 | $10139 | $10507 |
| **4/30/2017** | $10058 | $10097 | $10155 | $10583 |
| **5/31/2017** | $10075 | $10109 | $10174 | $10751 |
| **6/30/2017** | $10071 | $10107 | $10165 | $10713 |
| **7/31/2017** | $10088 | $10122 | $10189 | $10799 |
| **8/31/2017** | $10104 | $10136 | $10212 | $10882 |
| **9/30/2017** | $10100 | $10132 | $10200 | $10826 |
| **10/31/2017** | $10106 | $10136 | $10201 | $10853 |
| **11/30/2017** | $10102 | $10116 | $10155 | $10795 |
| **12/31/2017** | $10110 | $10122 | $10162 | $10907 |
| **1/31/2018** | $10108 | $10141 | $10190 | $10779 |
| **2/28/2018** | $10116 | $10153 | $10208 | $10747 |
| **3/31/2018** | $10125 | $10154 | $10200 | $10787 |
| **4/30/2018** | $10125 | $10155 | $10191 | $10748 |
| **5/31/2018** | $10145 | $10177 | $10224 | $10871 |
| **6/30/2018** | $10166 | $10199 | $10260 | $10880 |
| **7/31/2018** | $10186 | $10216 | $10282 | $10907 |
| **8/31/2018** | $10185 | $10220 | $10278 | $10935 |
| **9/30/2018** | $10186 | $10217 | $10258 | $10864 |
| **10/31/2018** | $10186 | $10229 | $10267 | $10797 |
| **11/30/2018** | $10209 | $10252 | $10300 | $10917 |
| **12/31/2018** | $10232 | $10279 | $10338 | $11047 |
| **1/31/2019** | $10254 | $10303 | $10371 | $11131 |
| **2/28/2019** | $10266 | $10323 | $10394 | $11190 |
| **3/31/2019** | $10289 | $10345 | $10422 | $11367 |
| **4/30/2019** | $10302 | $10357 | $10430 | $11410 |
| **5/31/2019** | $10325 | $10385 | $10469 | $11567 |
| **6/30/2019** | $10338 | $10409 | $10501 | $11610 |
| **7/31/2019** | $10361 | $10434 | $10536 | $11704 |
| **8/31/2019** | $10373 | $10448 | $10551 | $11888 |
| **9/30/2019** | $10374 | $10444 | $10529 | $11793 |
| **10/31/2019** | $10385 | $10465 | $10559 | $11814 |
| **11/30/2019** | $10396 | $10480 | $10577 | $11844 |
| **12/31/2019** | $10407 | $10493 | $10593 | $11880 |
| **1/31/2020** | $10439 | $10516 | $10630 | $12093 |
| **2/29/2020** | $10449 | $10532 | $10652 | $12249 |
| **3/31/2020** | $10398 | $10510 | $10599 | $11805 |
| **4/30/2020** | $10390 | $10523 | $10623 | $11657 |
| **5/31/2020** | $10442 | $10576 | $10728 | $12028 |
| **6/30/2020** | $10461 | $10576 | $10728 | $12126 |
| **7/31/2020** | $10478 | $10590 | $10755 | $12331 |
| **8/31/2020** | $10483 | $10590 | $10757 | $12273 |
| **9/30/2020** | $10487 | $10594 | $10765 | $12275 |
| **10/31/2020** | $10492 | $10590 | $10756 | $12239 |
| **11/30/2020** | $10507 | $10597 | $10770 | $12423 |
| **12/31/2020** | $10510 | $10602 | $10779 | $12499 |
| **1/31/2021** | $10524 | $10611 | $10797 | $12579 |
| **2/28/2021** | $10516 | $10609 | $10793 | $12379 |
| **3/31/2021** | $10518 | $10613 | $10801 | $12455 |
| **4/30/2021** | $10521 | $10616 | $10809 | $12560 |
| **5/31/2021** | $10524 | $10618 | $10813 | $12597 |
| **6/30/2021** | $10526 | $10618 | $10812 | $12632 |
| **7/31/2021** | $10539 | $10625 | $10826 | $12736 |
| **8/31/2021** | $10529 | $10624 | $10824 | $12690 |
| **9/30/2021** | $10520 | $10618 | $10813 | $12598 |
| **10/31/2021** | $10510 | $10617 | $10810 | $12561 |
| **11/30/2021** | $10522 | $10619 | $10813 | $12668 |
| **12/31/2021** | $10513 | $10618 | $10812 | $12689 |
| **1/31/2022** | $10459 | $10583 | $10741 | $12341 |
| **2/28/2022** | $10439 | $10576 | $10727 | $12297 |
| **3/31/2022** | $10387 | $10533 | $10638 | $11898 |
| **4/30/2022** | $10347 | $10512 | $10595 | $11569 |
| **5/31/2022** | $10385 | $10554 | $10676 | $11741 |
| **6/30/2022** | $10380 | $10558 | $10679 | $11549 |
| **7/31/2022** | $10431 | $10591 | $10736 | $11854 |
| **8/31/2022** | $10385 | $10557 | $10651 | $11594 |
| **9/30/2022** | $10328 | $10520 | $10560 | $11149 |
| **10/31/2022** | $10340 | $10539 | $10573 | $11057 |
| **11/30/2022** | $10418 | $10613 | $10695 | $11574 |
| **12/31/2022** | $10430 | $10626 | $10690 | $11607 |
| **1/31/2023** | $10499 | $10687 | $10780 | $11940 |
| **2/28/2023** | $10458 | $10658 | $10688 | $11670 |
| **3/31/2023** | $10527 | $10734 | $10803 | $11929 |
| **4/30/2023** | $10518 | $10737 | $10772 | $11902 |
| **5/31/2023** | $10532 | $10751 | $10760 | $11799 |
| **6/30/2023** | $10570 | $10797 | $10811 | $11917 |
| **7/31/2023** | $10597 | $10829 | $10835 | $11964 |
| **8/31/2023** | $10604 | $10857 | $10846 | $11792 |
| **9/30/2023** | $10591 | $10855 | $10802 | $11446 |
| **10/31/2023** | $10624 | $10893 | $10831 | $11349 |
| **11/30/2023** | $10724 | $10993 | $10988 | $12069 |
| **12/31/2023** | $10780 | $11048 | $11052 | $12350 |
| **1/31/2024** | $10802 | $11058 | $11049 | $12287 |
| **2/29/2024** | $10824 | $11078 | $11066 | $12303 |
| **3/31/2024** | $10846 | $11093 | $11065 | $12302 |
| **4/30/2024** | $10868 | $11110 | $11066 | $12150 |
| **5/31/2024** | $10890 | $11139 | $11093 | $12114 |
| **6/30/2024** | $10947 | $11186 | $11156 | $12300 |
| **7/31/2024** | $11005 | $11236 | $11229 | $12412 |
| **8/31/2024** | $11053 | $11287 | $11303 | $12510 |
| **9/30/2024** | $11090 | $11320 | $11338 | $12633 |
| **10/31/2024** | $11093 | $11321 | $11310 | $12449 |
| **11/30/2024** | $11130 | $11357 | $11355 | $12664 |
| **12/31/2024** | $11133 | $11369 | $11352 | $12480 |
| **1/31/2025** | $11181 | $11410 | $11411 | $12542 |
| **2/28/2025** | $11218 | $11444 | $11459 | $12667 |
| **3/31/2025** | $11232 | $11463 | $11471 | $12452 |
| **4/30/2025** | $11238 | $11469 | $11451 | $12352 |
| **5/31/2025** | $11287 | $11508 | $11506 | $12360 |
| **6/30/2025** | $11326 | $11549 | $11566 | $12437 |

---

# Ultra Short-Term Municipal Income Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 3.46 | 1.6 | 1.25 |
| Ultra Short-Term Municipal Income Blended Index<sup>Footnote Reference\*</sup> | 3.25 | 1.78 | 1.45 |
| Bloomberg 1 Year Municipal Bond Index | 3.67 | 1.51 | 1.47 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. The Ultra Short-Term Municipal Income Blended Index is composed 50% of the Bloomberg 1 Year Municipal Bond Index and 50% of the iMoneyNet Tax-Free National Institutional Money Market Funds Average. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $823142650 |
| # of portfolio holdings | 368 |
| Portfolio turnover rate | 50% |
| Total advisory fees paid | $1076322 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 6.6 |
| AA/Aa | 37.0 |
| A/A | 36.2 |
| BBB/Baa | 8.8 |
| BB/Ba | 0.5 |
| B/B | 0.3 |
| Not Rated | 10.6 |

---

---

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

---

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

---

| | |
|:---|:---|
| Lee County IDA Health System, Inc. Obligated Group Series B, 2.52%, 4-1-2049 | 2 |
| Port of Port Arthur Navigation District Motiva Enterprises LLC Series E, 2.05%, 11-1-2040 | 1.8 |
| Appleton RDA Fox Cities Performing Arts Center, Inc. Series B, 2.20%, 6-1-2036 | 1.6 |
| Residual Interest Bond Floater Trust Various States Series 2024-012, 2.17%, 11-1-2064 | 1.5 |
| City of Los Angeles, 5.00%, 6-25-2026 | 1.2 |
| Tender Option Bond Trust Receipts/Certificates Series MS0041, 2.32%, 5-1-2026 | 1.2 |
| City of Dallas, 6.00%, 8-15-2053 | 1 |
| Central Bradford Progress Authority Guthrie Clinic Series D, 2.56%, 12-1-2041 | 0.9 |
| Rural Water Financing Agency County of Macon Series B, 3.05%, 5-1-2027 | 0.8 |
| City of Whiting BP Products North America, Inc. Series A AMT, 5.00%, 12-1-2044 | 0.8 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 55.7 |
| 1-3 years | 30.1 |
| 3-5 years | 13.1 |
| 5-10 years | 1.1 |

---

Significant fund changes

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

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025.

## 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

#### AR3764 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Ultra Short-Term Municipal Income Fund

# Class A2

# WFUNX
This annual shareholder report contains important information about Ultra Short-Term Municipal Income Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A2 | $41 | 0.40% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, duration positioning, credit allocation, and sector and security selection were contributors to performance. There were no notable detractors.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g49v53.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A2** | **Ultra Short-Term Municipal Income Blended Index** | **Bloomberg 1 Year Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **7/31/2015** | $10013 | $10007 | $10014 | $10072 |
| **8/31/2015** | $10016 | $10015 | $10030 | $10092 |
| **9/30/2015** | $10019 | $10021 | $10043 | $10165 |
| **10/31/2015** | $10032 | $10027 | $10053 | $10206 |
| **11/30/2015** | $10025 | $10020 | $10040 | $10246 |
| **12/31/2015** | $10029 | $10020 | $10039 | $10318 |
| **1/31/2016** | $10042 | $10035 | $10069 | $10441 |
| **2/29/2016** | $10035 | $10043 | $10085 | $10458 |
| **3/31/2016** | $10027 | $10036 | $10071 | $10491 |
| **4/30/2016** | $10042 | $10042 | $10082 | $10568 |
| **5/31/2016** | $10046 | $10045 | $10087 | $10597 |
| **6/30/2016** | $10060 | $10054 | $10105 | $10765 |
| **7/31/2016** | $10064 | $10064 | $10123 | $10772 |
| **8/31/2016** | $10068 | $10058 | $10107 | $10786 |
| **9/30/2016** | $10052 | $10049 | $10086 | $10733 |
| **10/31/2016** | $10056 | $10056 | $10093 | $10620 |
| **11/30/2016** | $10008 | $10035 | $10049 | $10224 |
| **12/31/2016** | $10003 | $10047 | $10069 | $10344 |
| **1/31/2017** | $10018 | $10067 | $10105 | $10412 |
| **2/28/2017** | $10024 | $10085 | $10139 | $10484 |
| **3/31/2017** | $10029 | $10087 | $10139 | $10507 |
| **4/30/2017** | $10045 | $10097 | $10155 | $10583 |
| **5/31/2017** | $10061 | $10109 | $10174 | $10751 |
| **6/30/2017** | $10056 | $10107 | $10165 | $10713 |
| **7/31/2017** | $10073 | $10122 | $10189 | $10799 |
| **8/31/2017** | $10089 | $10136 | $10212 | $10882 |
| **9/30/2017** | $10094 | $10132 | $10200 | $10826 |
| **10/31/2017** | $10100 | $10136 | $10201 | $10853 |
| **11/30/2017** | $10085 | $10116 | $10155 | $10795 |
| **12/31/2017** | $10092 | $10122 | $10162 | $10907 |
| **1/31/2018** | $10100 | $10141 | $10190 | $10779 |
| **2/28/2018** | $10097 | $10153 | $10208 | $10747 |
| **3/31/2018** | $10105 | $10154 | $10200 | $10787 |
| **4/30/2018** | $10105 | $10155 | $10191 | $10748 |
| **5/31/2018** | $10125 | $10177 | $10224 | $10871 |
| **6/30/2018** | $10145 | $10199 | $10260 | $10880 |
| **7/31/2018** | $10153 | $10216 | $10282 | $10907 |
| **8/31/2018** | $10163 | $10220 | $10278 | $10935 |
| **9/30/2018** | $10163 | $10217 | $10258 | $10864 |
| **10/31/2018** | $10163 | $10229 | $10267 | $10797 |
| **11/30/2018** | $10185 | $10252 | $10300 | $10917 |
| **12/31/2018** | $10207 | $10279 | $10338 | $11047 |
| **1/31/2019** | $10229 | $10303 | $10371 | $11131 |
| **2/28/2019** | $10240 | $10323 | $10394 | $11190 |
| **3/31/2019** | $10263 | $10345 | $10422 | $11367 |
| **4/30/2019** | $10275 | $10357 | $10430 | $11410 |
| **5/31/2019** | $10297 | $10385 | $10469 | $11567 |
| **6/30/2019** | $10310 | $10409 | $10501 | $11610 |
| **7/31/2019** | $10332 | $10434 | $10536 | $11704 |
| **8/31/2019** | $10343 | $10448 | $10551 | $11888 |
| **9/30/2019** | $10343 | $10444 | $10529 | $11793 |
| **10/31/2019** | $10354 | $10465 | $10559 | $11814 |
| **11/30/2019** | $10365 | $10480 | $10577 | $11844 |
| **12/31/2019** | $10375 | $10493 | $10593 | $11880 |
| **1/31/2020** | $10406 | $10516 | $10630 | $12093 |
| **2/29/2020** | $10415 | $10532 | $10652 | $12249 |
| **3/31/2020** | $10364 | $10510 | $10599 | $11805 |
| **4/30/2020** | $10344 | $10523 | $10623 | $11657 |
| **5/31/2020** | $10406 | $10576 | $10728 | $12028 |
| **6/30/2020** | $10425 | $10576 | $10728 | $12126 |
| **7/31/2020** | $10442 | $10590 | $10755 | $12331 |
| **8/31/2020** | $10447 | $10590 | $10757 | $12273 |
| **9/30/2020** | $10451 | $10594 | $10765 | $12275 |
| **10/31/2020** | $10455 | $10590 | $10756 | $12239 |
| **11/30/2020** | $10470 | $10597 | $10770 | $12423 |
| **12/31/2020** | $10474 | $10602 | $10779 | $12499 |
| **1/31/2021** | $10487 | $10611 | $10797 | $12579 |
| **2/28/2021** | $10479 | $10609 | $10793 | $12379 |
| **3/31/2021** | $10482 | $10613 | $10801 | $12455 |
| **4/30/2021** | $10485 | $10616 | $10809 | $12560 |
| **5/31/2021** | $10487 | $10618 | $10813 | $12597 |
| **6/30/2021** | $10490 | $10618 | $10812 | $12632 |
| **7/31/2021** | $10502 | $10625 | $10826 | $12736 |
| **8/31/2021** | $10493 | $10624 | $10824 | $12690 |
| **9/30/2021** | $10483 | $10618 | $10813 | $12598 |
| **10/31/2021** | $10474 | $10617 | $10810 | $12561 |
| **11/30/2021** | $10475 | $10619 | $10813 | $12668 |
| **12/31/2021** | $10476 | $10618 | $10812 | $12689 |
| **1/31/2022** | $10422 | $10583 | $10741 | $12341 |
| **2/28/2022** | $10403 | $10576 | $10727 | $12297 |
| **3/31/2022** | $10351 | $10533 | $10638 | $11898 |
| **4/30/2022** | $10312 | $10512 | $10595 | $11569 |
| **5/31/2022** | $10351 | $10554 | $10676 | $11741 |
| **6/30/2022** | $10347 | $10558 | $10679 | $11549 |
| **7/31/2022** | $10387 | $10591 | $10736 | $11854 |
| **8/31/2022** | $10353 | $10557 | $10651 | $11594 |
| **9/30/2022** | $10298 | $10520 | $10560 | $11149 |
| **10/31/2022** | $10310 | $10539 | $10573 | $11057 |
| **11/30/2022** | $10389 | $10613 | $10695 | $11574 |
| **12/31/2022** | $10402 | $10626 | $10690 | $11607 |
| **1/31/2023** | $10460 | $10687 | $10780 | $11940 |
| **2/28/2023** | $10420 | $10658 | $10688 | $11670 |
| **3/31/2023** | $10501 | $10734 | $10803 | $11929 |
| **4/30/2023** | $10493 | $10737 | $10772 | $11902 |
| **5/31/2023** | $10497 | $10751 | $10760 | $11799 |
| **6/30/2023** | $10546 | $10797 | $10811 | $11917 |
| **7/31/2023** | $10575 | $10829 | $10835 | $11964 |
| **8/31/2023** | $10583 | $10857 | $10846 | $11792 |
| **9/30/2023** | $10570 | $10855 | $10802 | $11446 |
| **10/31/2023** | $10604 | $10893 | $10831 | $11349 |
| **11/30/2023** | $10705 | $10993 | $10988 | $12069 |
| **12/31/2023** | $10762 | $11048 | $11052 | $12350 |
| **1/31/2024** | $10784 | $11058 | $11049 | $12287 |
| **2/29/2024** | $10807 | $11078 | $11066 | $12303 |
| **3/31/2024** | $10830 | $11093 | $11065 | $12302 |
| **4/30/2024** | $10841 | $11110 | $11066 | $12150 |
| **5/31/2024** | $10876 | $11139 | $11093 | $12114 |
| **6/30/2024** | $10934 | $11186 | $11156 | $12300 |
| **7/31/2024** | $10993 | $11236 | $11229 | $12412 |
| **8/31/2024** | $11042 | $11287 | $11303 | $12510 |
| **9/30/2024** | $11080 | $11320 | $11338 | $12633 |
| **10/31/2024** | $11083 | $11321 | $11310 | $12449 |
| **11/30/2024** | $11121 | $11357 | $11355 | $12664 |
| **12/31/2024** | $11125 | $11369 | $11352 | $12480 |
| **1/31/2025** | $11174 | $11410 | $11411 | $12542 |
| **2/28/2025** | $11212 | $11444 | $11459 | $12667 |
| **3/31/2025** | $11227 | $11463 | $11471 | $12452 |
| **4/30/2025** | $11233 | $11469 | $11451 | $12352 |
| **5/31/2025** | $11272 | $11508 | $11506 | $12360 |
| **6/30/2025** | $11323 | $11549 | $11566 | $12437 |

---

# Ultra Short-Term Municipal Income Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A2<sup>Footnote Reference\*</sup> | 3.56 | 1.67 | 1.25 |
| Ultra Short-Term Municipal Income Blended Index<sup>Footnote Reference†</sup> | 3.25 | 1.78 | 1.45 |
| Bloomberg 1 Year Municipal Bond Index | 3.67 | 1.51 | 1.47 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Historical performance for the Class A2 shares prior to their inception on May 29, 2020 reflects the performance of the Class A shares, and includes the higher expenses applicable to the Class A shares. If these expenses had not been included, returns for the Class A2 shares would be higher. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Source: Allspring Funds Management, LLC. The Ultra Short-Term Municipal Income Blended Index is composed 50% of the Bloomberg 1 Year Municipal Bond Index and 50% of the iMoneyNet Tax-Free National Institutional Money Market Funds Average. You cannot invest directly in an index. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $823142650 |
| # of portfolio holdings | 368 |
| Portfolio turnover rate | 50% |
| Total advisory fees paid | $1076322 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 6.6 |
| AA/Aa | 37.0 |
| A/A | 36.2 |
| BBB/Baa | 8.8 |
| BB/Ba | 0.5 |
| B/B | 0.3 |
| Not Rated | 10.6 |

---

---

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

---

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

---

| | |
|:---|:---|
| Lee County IDA Health System, Inc. Obligated Group Series B, 2.52%, 4-1-2049 | 2 |
| Port of Port Arthur Navigation District Motiva Enterprises LLC Series E, 2.05%, 11-1-2040 | 1.8 |
| Appleton RDA Fox Cities Performing Arts Center, Inc. Series B, 2.20%, 6-1-2036 | 1.6 |
| Residual Interest Bond Floater Trust Various States Series 2024-012, 2.17%, 11-1-2064 | 1.5 |
| City of Los Angeles, 5.00%, 6-25-2026 | 1.2 |
| Tender Option Bond Trust Receipts/Certificates Series MS0041, 2.32%, 5-1-2026 | 1.2 |
| City of Dallas, 6.00%, 8-15-2053 | 1 |
| Central Bradford Progress Authority Guthrie Clinic Series D, 2.56%, 12-1-2041 | 0.9 |
| Rural Water Financing Agency County of Macon Series B, 3.05%, 5-1-2027 | 0.8 |
| City of Whiting BP Products North America, Inc. Series A AMT, 5.00%, 12-1-2044 | 0.8 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 55.7 |
| 1-3 years | 30.1 |
| 3-5 years | 13.1 |
| 5-10 years | 1.1 |

---

## 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

#### AR5102 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Wisconsin Tax-Free Fund

# Institutional Class

# WWTIX
This annual shareholder report contains important information about Wisconsin Tax-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $53 | 0.52% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, sector and security selection as well as duration positioning were the main drivers of Fund performance. There were no notable detractors from performance for the year.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g35b95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Wisconsin Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10055 | $10067 | $10072 |
| **8/31/2015** | $10055 | $10091 | $10092 |
| **9/30/2015** | $10122 | $10167 | $10165 |
| **10/31/2015** | $10171 | $10208 | $10206 |
| **11/30/2015** | $10201 | $10223 | $10246 |
| **12/31/2015** | $10261 | $10277 | $10318 |
| **1/31/2016** | $10345 | $10393 | $10441 |
| **2/29/2016** | $10356 | $10420 | $10458 |
| **3/31/2016** | $10365 | $10440 | $10491 |
| **4/30/2016** | $10422 | $10497 | $10568 |
| **5/31/2016** | $10431 | $10520 | $10597 |
| **6/30/2016** | $10545 | $10675 | $10765 |
| **7/31/2016** | $10525 | $10686 | $10772 |
| **8/31/2016** | $10554 | $10709 | $10786 |
| **9/30/2016** | $10526 | $10644 | $10733 |
| **10/31/2016** | $10460 | $10550 | $10620 |
| **11/30/2016** | $10177 | $10170 | $10224 |
| **12/31/2016** | $10238 | $10282 | $10344 |
| **1/31/2017** | $10242 | $10368 | $10412 |
| **2/28/2017** | $10315 | $10440 | $10484 |
| **3/31/2017** | $10339 | $10460 | $10507 |
| **4/30/2017** | $10402 | $10532 | $10583 |
| **5/31/2017** | $10531 | $10674 | $10751 |
| **6/30/2017** | $10506 | $10639 | $10713 |
| **7/31/2017** | $10578 | $10719 | $10799 |
| **8/31/2017** | $10671 | $10781 | $10882 |
| **9/30/2017** | $10637 | $10723 | $10826 |
| **10/31/2017** | $10651 | $10748 | $10853 |
| **11/30/2017** | $10625 | $10675 | $10795 |
| **12/31/2017** | $10698 | $10776 | $10907 |
| **1/31/2018** | $10604 | $10660 | $10779 |
| **2/28/2018** | $10571 | $10628 | $10747 |
| **3/31/2018** | $10615 | $10659 | $10787 |
| **4/30/2018** | $10591 | $10626 | $10748 |
| **5/31/2018** | $10696 | $10735 | $10871 |
| **6/30/2018** | $10711 | $10748 | $10880 |
| **7/31/2018** | $10736 | $10778 | $10907 |
| **8/31/2018** | $10752 | $10803 | $10935 |
| **9/30/2018** | $10707 | $10730 | $10864 |
| **10/31/2018** | $10653 | $10676 | $10797 |
| **11/30/2018** | $10760 | $10782 | $10917 |
| **12/31/2018** | $10876 | $10919 | $11047 |
| **1/31/2019** | $10953 | $11003 | $11131 |
| **2/28/2019** | $11000 | $11054 | $11190 |
| **3/31/2019** | $11127 | $11197 | $11367 |
| **4/30/2019** | $11164 | $11223 | $11410 |
| **5/31/2019** | $11281 | $11362 | $11567 |
| **6/30/2019** | $11327 | $11411 | $11610 |
| **7/31/2019** | $11404 | $11495 | $11704 |
| **8/31/2019** | $11531 | $11624 | $11888 |
| **9/30/2019** | $11484 | $11543 | $11793 |
| **10/31/2019** | $11498 | $11577 | $11814 |
| **11/30/2019** | $11521 | $11603 | $11844 |
| **12/31/2019** | $11549 | $11641 | $11880 |
| **1/31/2020** | $11685 | $11806 | $12093 |
| **2/29/2020** | $11790 | $11925 | $12249 |
| **3/31/2020** | $11543 | $11626 | $11805 |
| **4/30/2020** | $11420 | $11518 | $11657 |
| **5/31/2020** | $11651 | $11879 | $12028 |
| **6/30/2020** | $11693 | $11930 | $12126 |
| **7/31/2020** | $11819 | $12077 | $12331 |
| **8/31/2020** | $11799 | $12048 | $12273 |
| **9/30/2020** | $11799 | $12067 | $12275 |
| **10/31/2020** | $11788 | $12027 | $12239 |
| **11/30/2020** | $11926 | $12157 | $12423 |
| **12/31/2020** | $11978 | $12202 | $12499 |
| **1/31/2021** | $12019 | $12274 | $12579 |
| **2/28/2021** | $11912 | $12112 | $12379 |
| **3/31/2021** | $11974 | $12179 | $12455 |
| **4/30/2021** | $12036 | $12251 | $12560 |
| **5/31/2021** | $12077 | $12281 | $12597 |
| **6/30/2021** | $12106 | $12315 | $12632 |
| **7/31/2021** | $12189 | $12404 | $12736 |
| **8/31/2021** | $12175 | $12372 | $12690 |
| **9/30/2021** | $12108 | $12305 | $12598 |
| **10/31/2021** | $12083 | $12268 | $12561 |
| **11/30/2021** | $12156 | $12346 | $12668 |
| **12/31/2021** | $12165 | $12365 | $12689 |
| **1/31/2022** | $11934 | $12067 | $12341 |
| **2/28/2022** | $11889 | $12041 | $12297 |
| **3/31/2022** | $11626 | $11690 | $11898 |
| **4/30/2022** | $11353 | $11374 | $11569 |
| **5/31/2022** | $11461 | $11512 | $11741 |
| **6/30/2022** | $11286 | $11319 | $11549 |
| **7/31/2022** | $11537 | $11601 | $11854 |
| **8/31/2022** | $11296 | $11335 | $11594 |
| **9/30/2022** | $10912 | $10886 | $11149 |
| **10/31/2022** | $10836 | $10803 | $11057 |
| **11/30/2022** | $11291 | $11269 | $11574 |
| **12/31/2022** | $11293 | $11317 | $11607 |
| **1/31/2023** | $11573 | $11620 | $11940 |
| **2/28/2023** | $11332 | $11350 | $11670 |
| **3/31/2023** | $11536 | $11595 | $11929 |
| **4/30/2023** | $11518 | $11541 | $11902 |
| **5/31/2023** | $11432 | $11449 | $11799 |
| **6/30/2023** | $11526 | $11586 | $11917 |
| **7/31/2023** | $11541 | $11649 | $11964 |
| **8/31/2023** | $11398 | $11466 | $11792 |
| **9/30/2023** | $11109 | $11114 | $11446 |
| **10/31/2023** | $10978 | $11005 | $11349 |
| **11/30/2023** | $11652 | $11728 | $12069 |
| **12/31/2023** | $11917 | $12015 | $12350 |
| **1/31/2024** | $11898 | $11948 | $12287 |
| **2/29/2024** | $11892 | $11973 | $12303 |
| **3/31/2024** | $11896 | $11978 | $12302 |
| **4/30/2024** | $11764 | $11828 | $12150 |
| **5/31/2024** | $11713 | $11797 | $12114 |
| **6/30/2024** | $11960 | $12002 | $12300 |
| **7/31/2024** | $12070 | $12115 | $12412 |
| **8/31/2024** | $12182 | $12225 | $12510 |
| **9/30/2024** | $12305 | $12326 | $12633 |
| **10/31/2024** | $12137 | $12149 | $12449 |
| **11/30/2024** | $12318 | $12367 | $12664 |
| **12/31/2024** | $12172 | $12180 | $12480 |
| **1/31/2025** | $12226 | $12251 | $12542 |
| **2/28/2025** | $12351 | $12359 | $12667 |
| **3/31/2025** | $12169 | $12184 | $12452 |
| **4/30/2025** | $12106 | $12095 | $12352 |
| **5/31/2025** | $12079 | $12111 | $12360 |
| **6/30/2025** | $12194 | $12179 | $12437 |

---

# Wisconsin Tax-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class<sup>Footnote Reference\*</sup> | 1.95 | 0.84 | 2.0 |
| Bloomberg Wisconsin Municipal Bond Index | 1.47 | 0.41 | 1.99 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Historical performance shown for the Institutional Class shares prior to their inception on October 31, 2016 reflects the performance of the Class A shares and includes the higher expenses applicable to the Class A shares. If these expenses had not been included, returns for the Institutional Class shares would be higher. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $130749275 |
| # of portfolio holdings | 158 |
| Portfolio turnover rate | 14% |
| Total advisory fees paid | $390296 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 1.8 |
| AA/Aa | 28.0 |
| A/A | 39.3 |
| BBB/Baa | 26.7 |
| B/B | 0.2 |
| Not Rated | 4.0 |

---

---

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

---

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

---

| | |
|:---|:---|
| Wisconsin HEFA Beloit Health System Obligated Group, 4.00%, 7-1-2036 | 3.0 |
| Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group Series B, 5.00%, 7-1-2044 | 2.6 |
| Wisconsin Housing & EDA Flats at Bishops Woods LP Series E, 4.75%, 6-1-2043 | 2.3 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A, 5.50%, 12-1-2052 | 2.3 |
| Wisconsin Housing & EDA WHPC Madison Pool Project-2017 Obligated Group Series A, 4.85%, 7-1-2052 | 2.2 |
| Slinger RDA Village of Slinger Series A, 5.00%, 3-1-2045 | 2.0 |
| Wisconsin Housing & EDA East Washington Apts LLC Series I, 5.00%, 11-1-2058 | 1.8 |
| Ashwaubenon CDA County of Brown CAB, 0.00%, 6-1-2049 | 1.7 |
| Guam Government Waterworks Authority, 5.00%, 1-1-2046 | 1.7 |
| Wisconsin HEFA Medical College of Wisconsin, Inc., 5.00%, 12-1-2041 | 1.6 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 8.9 |
| 1-3 years | 16.1 |
| 3-5 years | 6.2 |
| 5-10 years | 16.9 |
| 10-20 years | 30.4 |
| 20-30 years | 20.5 |
| 30+ years | 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

#### AR4716 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Wisconsin Tax-Free Fund

# Class C

# WWTCX
This annual shareholder report contains important information about Wisconsin Tax-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $146 | 1.45% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, sector and security selection as well as duration positioning were the main drivers of Fund performance. There were no notable detractors from performance for the year.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g24w18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **Bloomberg Wisconsin Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10049 | $10067 | $10072 |
| **8/31/2015** | $10042 | $10091 | $10092 |
| **9/30/2015** | $10103 | $10167 | $10165 |
| **10/31/2015** | $10146 | $10208 | $10206 |
| **11/30/2015** | $10169 | $10223 | $10246 |
| **12/31/2015** | $10222 | $10277 | $10318 |
| **1/31/2016** | $10300 | $10393 | $10441 |
| **2/29/2016** | $10304 | $10420 | $10458 |
| **3/31/2016** | $10307 | $10440 | $10491 |
| **4/30/2016** | $10357 | $10497 | $10568 |
| **5/31/2016** | $10360 | $10520 | $10597 |
| **6/30/2016** | $10466 | $10675 | $10765 |
| **7/31/2016** | $10440 | $10686 | $10772 |
| **8/31/2016** | $10462 | $10709 | $10786 |
| **9/30/2016** | $10418 | $10644 | $10733 |
| **10/31/2016** | $10356 | $10550 | $10620 |
| **11/30/2016** | $10068 | $10170 | $10224 |
| **12/31/2016** | $10120 | $10282 | $10344 |
| **1/31/2017** | $10116 | $10368 | $10412 |
| **2/28/2017** | $10181 | $10440 | $10484 |
| **3/31/2017** | $10197 | $10460 | $10507 |
| **4/30/2017** | $10251 | $10532 | $10583 |
| **5/31/2017** | $10371 | $10674 | $10751 |
| **6/30/2017** | $10338 | $10639 | $10713 |
| **7/31/2017** | $10401 | $10719 | $10799 |
| **8/31/2017** | $10483 | $10781 | $10882 |
| **9/30/2017** | $10442 | $10723 | $10826 |
| **10/31/2017** | $10447 | $10748 | $10853 |
| **11/30/2017** | $10414 | $10675 | $10795 |
| **12/31/2017** | $10477 | $10776 | $10907 |
| **1/31/2018** | $10377 | $10660 | $10779 |
| **2/28/2018** | $10337 | $10628 | $10747 |
| **3/31/2018** | $10372 | $10659 | $10787 |
| **4/30/2018** | $10341 | $10626 | $10748 |
| **5/31/2018** | $10435 | $10735 | $10871 |
| **6/30/2018** | $10442 | $10748 | $10880 |
| **7/31/2018** | $10458 | $10778 | $10907 |
| **8/31/2018** | $10465 | $10803 | $10935 |
| **9/30/2018** | $10404 | $10730 | $10864 |
| **10/31/2018** | $10353 | $10676 | $10797 |
| **11/30/2018** | $10449 | $10782 | $10917 |
| **12/31/2018** | $10554 | $10919 | $11047 |
| **1/31/2019** | $10619 | $11003 | $11131 |
| **2/28/2019** | $10657 | $11054 | $11190 |
| **3/31/2019** | $10772 | $11197 | $11367 |
| **4/30/2019** | $10799 | $11223 | $11410 |
| **5/31/2019** | $10904 | $11362 | $11567 |
| **6/30/2019** | $10941 | $11411 | $11610 |
| **7/31/2019** | $11006 | $11495 | $11704 |
| **8/31/2019** | $11120 | $11624 | $11888 |
| **9/30/2019** | $11066 | $11543 | $11793 |
| **10/31/2019** | $11071 | $11577 | $11814 |
| **11/30/2019** | $11085 | $11603 | $11844 |
| **12/31/2019** | $11103 | $11641 | $11880 |
| **1/31/2020** | $11225 | $11806 | $12093 |
| **2/29/2020** | $11317 | $11925 | $12249 |
| **3/31/2020** | $11062 | $11626 | $11805 |
| **4/30/2020** | $10945 | $11518 | $11657 |
| **5/31/2020** | $11147 | $11879 | $12028 |
| **6/30/2020** | $11189 | $11930 | $12126 |
| **7/31/2020** | $11302 | $12077 | $12331 |
| **8/31/2020** | $11273 | $12048 | $12273 |
| **9/30/2020** | $11265 | $12067 | $12275 |
| **10/31/2020** | $11245 | $12027 | $12239 |
| **11/30/2020** | $11368 | $12157 | $12423 |
| **12/31/2020** | $11408 | $12202 | $12499 |
| **1/31/2021** | $11438 | $12274 | $12579 |
| **2/28/2021** | $11329 | $12112 | $12379 |
| **3/31/2021** | $11369 | $12179 | $12455 |
| **4/30/2021** | $11429 | $12251 | $12560 |
| **5/31/2021** | $11458 | $12281 | $12597 |
| **6/30/2021** | $11478 | $12315 | $12632 |
| **7/31/2021** | $11547 | $12404 | $12736 |
| **8/31/2021** | $11525 | $12372 | $12690 |
| **9/30/2021** | $11453 | $12305 | $12598 |
| **10/31/2021** | $11420 | $12268 | $12561 |
| **11/30/2021** | $11480 | $12346 | $12668 |
| **12/31/2021** | $11479 | $12365 | $12689 |
| **1/31/2022** | $11252 | $12067 | $12341 |
| **2/28/2022** | $11202 | $12041 | $12297 |
| **3/31/2022** | $10946 | $11690 | $11898 |
| **4/30/2022** | $10680 | $11374 | $11569 |
| **5/31/2022** | $10773 | $11512 | $11741 |
| **6/30/2022** | $10601 | $11319 | $11549 |
| **7/31/2022** | $10828 | $11601 | $11854 |
| **8/31/2022** | $10583 | $11335 | $11594 |
| **9/30/2022** | $10225 | $10886 | $11149 |
| **10/31/2022** | $10146 | $10803 | $11057 |
| **11/30/2022** | $10553 | $11269 | $11574 |
| **12/31/2022** | $10558 | $11317 | $11607 |
| **1/31/2023** | $10811 | $11620 | $11940 |
| **2/28/2023** | $10578 | $11350 | $11670 |
| **3/31/2023** | $10760 | $11595 | $11929 |
| **4/30/2023** | $10735 | $11541 | $11902 |
| **5/31/2023** | $10646 | $11449 | $11799 |
| **6/30/2023** | $10725 | $11586 | $11917 |
| **7/31/2023** | $10738 | $11649 | $11964 |
| **8/31/2023** | $10603 | $11466 | $11792 |
| **9/30/2023** | $10333 | $11114 | $11446 |
| **10/31/2023** | $10209 | $11005 | $11349 |
| **11/30/2023** | $10834 | $11728 | $12069 |
| **12/31/2023** | $11080 | $12015 | $12350 |
| **1/31/2024** | $11060 | $11948 | $12287 |
| **2/29/2024** | $11053 | $11973 | $12303 |
| **3/31/2024** | $11055 | $11978 | $12302 |
| **4/30/2024** | $10931 | $11828 | $12150 |
| **5/31/2024** | $10881 | $11797 | $12114 |
| **6/30/2024** | $11110 | $12002 | $12300 |
| **7/31/2024** | $11200 | $12115 | $12412 |
| **8/31/2024** | $11312 | $12225 | $12510 |
| **9/30/2024** | $11424 | $12326 | $12633 |
| **10/31/2024** | $11267 | $12149 | $12449 |
| **11/30/2024** | $11433 | $12367 | $12664 |
| **12/31/2024** | $11296 | $12180 | $12480 |
| **1/31/2025** | $11344 | $12251 | $12542 |
| **2/28/2025** | $11459 | $12359 | $12667 |
| **3/31/2025** | $11289 | $12184 | $12452 |
| **4/30/2025** | $11229 | $12095 | $12352 |
| **5/31/2025** | $11203 | $12111 | $12360 |
| **6/30/2025** | $11308 | $12179 | $12437 |

---

# Wisconsin Tax-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 1.01 | (0.11) | 1.24 |
| Class C with Load | 0.01 | (0.11) | 1.24 |
| Bloomberg Wisconsin Municipal Bond Index | 1.47 | 0.41 | 1.99 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $130749275 |
| # of portfolio holdings | 158 |
| Portfolio turnover rate | 14% |
| Total advisory fees paid | $390296 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 1.8 |
| AA/Aa | 28.0 |
| A/A | 39.3 |
| BBB/Baa | 26.7 |
| B/B | 0.2 |
| Not Rated | 4.0 |

---

---

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

---

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

---

| | |
|:---|:---|
| Wisconsin HEFA Beloit Health System Obligated Group, 4.00%, 7-1-2036 | 3.0 |
| Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group Series B, 5.00%, 7-1-2044 | 2.6 |
| Wisconsin Housing & EDA Flats at Bishops Woods LP Series E, 4.75%, 6-1-2043 | 2.3 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A, 5.50%, 12-1-2052 | 2.3 |
| Wisconsin Housing & EDA WHPC Madison Pool Project-2017 Obligated Group Series A, 4.85%, 7-1-2052 | 2.2 |
| Slinger RDA Village of Slinger Series A, 5.00%, 3-1-2045 | 2.0 |
| Wisconsin Housing & EDA East Washington Apts LLC Series I, 5.00%, 11-1-2058 | 1.8 |
| Ashwaubenon CDA County of Brown CAB, 0.00%, 6-1-2049 | 1.7 |
| Guam Government Waterworks Authority, 5.00%, 1-1-2046 | 1.7 |
| Wisconsin HEFA Medical College of Wisconsin, Inc., 5.00%, 12-1-2041 | 1.6 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 8.9 |
| 1-3 years | 16.1 |
| 3-5 years | 6.2 |
| 5-10 years | 16.9 |
| 10-20 years | 30.4 |
| 20-30 years | 20.5 |
| 30+ years | 1 |

---

Significant fund changes

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

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

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

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

#### AR3520 06-25
![Image](g97024g49s22.jpg)

Annual Shareholder Report

# June 30, 2025

# Wisconsin Tax-Free Fund

# Class A

# WWTFX
This annual shareholder report contains important information about Wisconsin Tax-Free Fund for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $69 | 0.68% |

---

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

## How did the Fund perform last year and what affected its performance?
The municipal market experienced periods of volatility over the past year. However, the Bloomberg Municipal Bond Index finished the one-year period that ended June 30, 2025, with a gain of 1.1%. The Federal Reserve has maintained a cautious approach as geopolitical uncertainty, trade tensions, and potential tariff ramification weigh on the markets. For the period, sector and security selection as well as duration positioning were the main drivers of Fund performance. There were no notable detractors from performance for the year.

We believe that an active approach will continue to benefit clients as the potential for further market volatility remains and that thoughtful positioning of portfolios can help navigate uncertain markets.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g97024g58v98.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Bloomberg Wisconsin Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **6/30/2015** | $9550 | $10000 | $10000 |
| **7/31/2015** | $9603 | $10067 | $10072 |
| **8/31/2015** | $9603 | $10091 | $10092 |
| **9/30/2015** | $9667 | $10167 | $10165 |
| **10/31/2015** | $9714 | $10208 | $10206 |
| **11/30/2015** | $9742 | $10223 | $10246 |
| **12/31/2015** | $9799 | $10277 | $10318 |
| **1/31/2016** | $9880 | $10393 | $10441 |
| **2/29/2016** | $9890 | $10420 | $10458 |
| **3/31/2016** | $9899 | $10440 | $10491 |
| **4/30/2016** | $9953 | $10497 | $10568 |
| **5/31/2016** | $9962 | $10520 | $10597 |
| **6/30/2016** | $10070 | $10675 | $10765 |
| **7/31/2016** | $10052 | $10686 | $10772 |
| **8/31/2016** | $10079 | $10709 | $10786 |
| **9/30/2016** | $10053 | $10644 | $10733 |
| **10/31/2016** | $9990 | $10550 | $10620 |
| **11/30/2016** | $9718 | $10170 | $10224 |
| **12/31/2016** | $9775 | $10282 | $10344 |
| **1/31/2017** | $9777 | $10368 | $10412 |
| **2/28/2017** | $9845 | $10440 | $10484 |
| **3/31/2017** | $9867 | $10460 | $10507 |
| **4/30/2017** | $9925 | $10532 | $10583 |
| **5/31/2017** | $10047 | $10674 | $10751 |
| **6/30/2017** | $10022 | $10639 | $10713 |
| **7/31/2017** | $10089 | $10719 | $10799 |
| **8/31/2017** | $10175 | $10781 | $10882 |
| **9/30/2017** | $10142 | $10723 | $10826 |
| **10/31/2017** | $10153 | $10748 | $10853 |
| **11/30/2017** | $10127 | $10675 | $10795 |
| **12/31/2017** | $10195 | $10776 | $10907 |
| **1/31/2018** | $10104 | $10660 | $10779 |
| **2/28/2018** | $10071 | $10628 | $10747 |
| **3/31/2018** | $10112 | $10659 | $10787 |
| **4/30/2018** | $10088 | $10626 | $10748 |
| **5/31/2018** | $10186 | $10735 | $10871 |
| **6/30/2018** | $10199 | $10748 | $10880 |
| **7/31/2018** | $10221 | $10778 | $10907 |
| **8/31/2018** | $10234 | $10803 | $10935 |
| **9/30/2018** | $10181 | $10730 | $10864 |
| **10/31/2018** | $10137 | $10676 | $10797 |
| **11/30/2018** | $10238 | $10782 | $10917 |
| **12/31/2018** | $10347 | $10919 | $11047 |
| **1/31/2019** | $10418 | $11003 | $11131 |
| **2/28/2019** | $10461 | $11054 | $11190 |
| **3/31/2019** | $10581 | $11197 | $11367 |
| **4/30/2019** | $10614 | $11223 | $11410 |
| **5/31/2019** | $10723 | $11362 | $11567 |
| **6/30/2019** | $10766 | $11411 | $11610 |
| **7/31/2019** | $10837 | $11495 | $11704 |
| **8/31/2019** | $10956 | $11624 | $11888 |
| **9/30/2019** | $10910 | $11543 | $11793 |
| **10/31/2019** | $10921 | $11577 | $11814 |
| **11/30/2019** | $10942 | $11603 | $11844 |
| **12/31/2019** | $10967 | $11641 | $11880 |
| **1/31/2020** | $11095 | $11806 | $12093 |
| **2/29/2020** | $11192 | $11925 | $12249 |
| **3/31/2020** | $10947 | $11626 | $11805 |
| **4/30/2020** | $10837 | $11518 | $11657 |
| **5/31/2020** | $11045 | $11879 | $12028 |
| **6/30/2020** | $11094 | $11930 | $12126 |
| **7/31/2020** | $11212 | $12077 | $12331 |
| **8/31/2020** | $11191 | $12048 | $12273 |
| **9/30/2020** | $11190 | $12067 | $12275 |
| **10/31/2020** | $11178 | $12027 | $12239 |
| **11/30/2020** | $11307 | $12157 | $12423 |
| **12/31/2020** | $11355 | $12202 | $12499 |
| **1/31/2021** | $11392 | $12274 | $12579 |
| **2/28/2021** | $11290 | $12112 | $12379 |
| **3/31/2021** | $11337 | $12179 | $12455 |
| **4/30/2021** | $11404 | $12251 | $12560 |
| **5/31/2021** | $11441 | $12281 | $12597 |
| **6/30/2021** | $11467 | $12315 | $12632 |
| **7/31/2021** | $11544 | $12404 | $12736 |
| **8/31/2021** | $11529 | $12372 | $12690 |
| **9/30/2021** | $11464 | $12305 | $12598 |
| **10/31/2021** | $11439 | $12268 | $12561 |
| **11/30/2021** | $11506 | $12346 | $12668 |
| **12/31/2021** | $11513 | $12365 | $12689 |
| **1/31/2022** | $11292 | $12067 | $12341 |
| **2/28/2022** | $11249 | $12041 | $12297 |
| **3/31/2022** | $10999 | $11690 | $11898 |
| **4/30/2022** | $10738 | $11374 | $11569 |
| **5/31/2022** | $10839 | $11512 | $11741 |
| **6/30/2022** | $10672 | $11319 | $11549 |
| **7/31/2022** | $10908 | $11601 | $11854 |
| **8/31/2022** | $10668 | $11335 | $11594 |
| **9/30/2022** | $10314 | $10886 | $11149 |
| **10/31/2022** | $10241 | $10803 | $11057 |
| **11/30/2022** | $10669 | $11269 | $11574 |
| **12/31/2022** | $10670 | $11317 | $11607 |
| **1/31/2023** | $10933 | $11620 | $11940 |
| **2/28/2023** | $10704 | $11350 | $11670 |
| **3/31/2023** | $10895 | $11595 | $11929 |
| **4/30/2023** | $10876 | $11541 | $11902 |
| **5/31/2023** | $10793 | $11449 | $11799 |
| **6/30/2023** | $10880 | $11586 | $11917 |
| **7/31/2023** | $10893 | $11649 | $11964 |
| **8/31/2023** | $10756 | $11466 | $11792 |
| **9/30/2023** | $10482 | $11114 | $11446 |
| **10/31/2023** | $10357 | $11005 | $11349 |
| **11/30/2023** | $10991 | $11728 | $12069 |
| **12/31/2023** | $11240 | $12015 | $12350 |
| **1/31/2024** | $11220 | $11948 | $12287 |
| **2/29/2024** | $11212 | $11973 | $12303 |
| **3/31/2024** | $11215 | $11978 | $12302 |
| **4/30/2024** | $11088 | $11828 | $12150 |
| **5/31/2024** | $11038 | $11797 | $12114 |
| **6/30/2024** | $11270 | $12002 | $12300 |
| **7/31/2024** | $11361 | $12115 | $12412 |
| **8/31/2024** | $11475 | $12225 | $12510 |
| **9/30/2024** | $11589 | $12326 | $12633 |
| **10/31/2024** | $11429 | $12149 | $12449 |
| **11/30/2024** | $11598 | $12367 | $12664 |
| **12/31/2024** | $11459 | $12180 | $12480 |
| **1/31/2025** | $11508 | $12251 | $12542 |
| **2/28/2025** | $11624 | $12359 | $12667 |
| **3/31/2025** | $11452 | $12184 | $12452 |
| **4/30/2025** | $11391 | $12095 | $12352 |
| **5/31/2025** | $11364 | $12111 | $12360 |
| **6/30/2025** | $11472 | $12179 | $12437 |

---

# Wisconsin Tax-Free Fund
Annual Shareholder Report \| June 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 1.79 | 0.67 | 1.85 |
| Class A with Load | (2.82) | (0.24) | 1.38 |
| Bloomberg Wisconsin Municipal Bond Index | 1.47 | 0.41 | 1.99 |
| Bloomberg Municipal Bond Index | 1.11 | 0.51 | 2.2 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $130749275 |
| # of portfolio holdings | 158 |
| Portfolio turnover rate | 14% |
| Total advisory fees paid | $390296 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 1.8 |
| AA/Aa | 28.0 |
| A/A | 39.3 |
| BBB/Baa | 26.7 |
| B/B | 0.2 |
| Not Rated | 4.0 |

---

---

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

---

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

---

| | |
|:---|:---|
| Wisconsin HEFA Beloit Health System Obligated Group, 4.00%, 7-1-2036 | 3.0 |
| Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group Series B, 5.00%, 7-1-2044 | 2.6 |
| Wisconsin Housing & EDA Flats at Bishops Woods LP Series E, 4.75%, 6-1-2043 | 2.3 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A, 5.50%, 12-1-2052 | 2.3 |
| Wisconsin Housing & EDA WHPC Madison Pool Project-2017 Obligated Group Series A, 4.85%, 7-1-2052 | 2.2 |
| Slinger RDA Village of Slinger Series A, 5.00%, 3-1-2045 | 2.0 |
| Wisconsin Housing & EDA East Washington Apts LLC Series I, 5.00%, 11-1-2058 | 1.8 |
| Ashwaubenon CDA County of Brown CAB, 0.00%, 6-1-2049 | 1.7 |
| Guam Government Waterworks Authority, 5.00%, 1-1-2046 | 1.7 |
| Wisconsin HEFA Medical College of Wisconsin, Inc., 5.00%, 12-1-2041 | 1.6 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 8.9 |
| 1-3 years | 16.1 |
| 3-5 years | 6.2 |
| 5-10 years | 16.9 |
| 10-20 years | 30.4 |
| 20-30 years | 20.5 |
| 30+ years | 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

#### AR3328 06-25

------

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

(a) As of the end of the period covered by the report, Allspring Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.

(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.

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

The Board of Trustees of Allspring Funds Trust has determined that Isaiah Harris is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Harris is independent for purposes of Item 3 of Form N-CSR.

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

(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the registrant by the registrant's principal accountant. These fees were billed to the registrant and were approved by the registrant's audit committee.

---

| | | |
|:---|:---|:---|
|  | **Fiscal year ended**<br>**June 30, 2025** | **Fiscal year ended**<br>**June 30, 2024** |
|  Audit fees | $715660 | $744430 |
|  Audit-related fees |  |  |
|  Tax fees <sup>(1)</sup> | 35290 | 34390 |
|  All other fees |  |  |
|  | $750950 | $778820 |

---

<sup>(1)</sup> Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax.

(e)(1) The Chair of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Allspring Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors ("Auditors") if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund's investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chair, Management shall prepare a brief description of the proposed services.

If the Chair approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.

(e)(2) Not applicable.

------

(f) Not applicable.

(g) Not applicable.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

<u>ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS</u> 

Not applicable.

<u>ITEM 6. INVESTMENTS</u> 

(a) The registrant's Schedule of Investments is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

<u>ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u>

(a) The registrant's Financial Statements are attached herewith.

(b) The registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

------

![](g97024img8ad092a41.jpg)

Allspring Alternative Risk Premia Fund

Long Form Financial Statements

Annual Report

June 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Consolidated portfolio of investments](#xx_81491253-d70c-461f-baf6-d637ff31e5c9_POI-PageBlank-57_1)** | 2 |
| **[Item 7. Consolidated financial statements and financial highlights](#xx_81491253-d70c-461f-baf6-d637ff31e5c9_FS-PageBlank-57_1)** |  |
| [Consolidated statement of assets and liabilities](#xx_81491253-d70c-461f-baf6-d637ff31e5c9_FS-PageBlank-57_1) | 5 |
| [Consolidated statement of operations](#xx_81491253-d70c-461f-baf6-d637ff31e5c9_FS-PageBlank-57_2) | 6 |
| [Consolidated statement of changes in net assets](#xx_81491253-d70c-461f-baf6-d637ff31e5c9_FS-PageBlank-57_3) | 7 |
| [Consolidated financial highlights](#xx_81491253-d70c-461f-baf6-d637ff31e5c9_FIHI-PageBlank-57_1) | 8 |
| **[Notes to consolidated financial statements](#xx_81491253-d70c-461f-baf6-d637ff31e5c9_NTF-PageBlank-57_1)** | 10 |
| **[Report of independent registered public accounting firm](#xx_81491253-d70c-461f-baf6-d637ff31e5c9_AUD-PageBlank-57_1)** | 17 |
| **[Other information](#xx_81491253-d70c-461f-baf6-d637ff31e5c9_OI-PageBlank-57_1)** | 18 |
| [Item 8. Changes in and disagreements with accountants](#xx_81491253-d70c-461f-baf6-d637ff31e5c9_OI-PageBlank-57_2) | 19 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_81491253-d70c-461f-baf6-d637ff31e5c9_OI-PageBlank-57_2) | 19 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_81491253-d70c-461f-baf6-d637ff31e5c9_OI-PageBlank-57_2) | 19 |
| [Item 11. Statement regarding basis for board](#xx_81491253-d70c-461f-baf6-d637ff31e5c9_OI-PageBlank-57_3)['](#xx_81491253-d70c-461f-baf6-d637ff31e5c9_OI-PageBlank-57_3)[s approval of investment](#xx_81491253-d70c-461f-baf6-d637ff31e5c9_OI-PageBlank-57_3)<br> [advisory contract](#xx_81491253-d70c-461f-baf6-d637ff31e5c9_OI-PageBlank-57_3)<br>| 20 |

---

Allspring Alternative Risk Premia Fund \| 1

------

Consolidated portfolio of investments—June 30, 2025

Consolidated portfolio of investments

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

---

| | | | |
|:---|:---|:---|:---|
|  | Yield | Shares | Value |
| **Short-term investments: 89.87%** |  |  |  |
| **Investment companies: 11.62%** |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞\* | 4.26<br> %<br>| 11707904 | &nbsp;&nbsp; $**11707904** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Maturity <br>date<br>| Principal |  |
| **U.S. Treasury securities: 78.25%** |  |  |  |  |  |
| U.S. Treasury Bills☼ |  | 3.91 | &nbsp;&nbsp; 7-17-2025 | $20000000 | &nbsp;&nbsp; 19963200 |
| U.S. Treasury Bills☼ |  | 4.00 | &nbsp;&nbsp; 7-24-2025 | 21300000 | &nbsp;&nbsp; 21243321 |
| U.S. Treasury Bills☼ |  | 4.06 | &nbsp;&nbsp; 9-11-2025 | 30000000 | &nbsp;&nbsp; 29745150 |
| U.S. Treasury Bills☼ |  | 4.06 | &nbsp;&nbsp; 9-18-2025 | 5000000 | &nbsp;&nbsp; 4953714 |
| U.S. Treasury Bills☼ |  | 4.18 | &nbsp;&nbsp; 11-20-2025 | 3000000 | &nbsp;&nbsp; 2951021 |
|  |  |  |  |  | &nbsp;&nbsp; **78856406** |
| **Total short-term investments (Cost $90,575,406)** |  |  |  |  | &nbsp;&nbsp; **90564310** |
| **Total investments in securities (Cost $90,575,406)** | 89.87<br> %<br>|  |  |  | &nbsp;&nbsp; 90564310 |
| Other assets and liabilities, net | 10.13 |  |  |  | &nbsp;&nbsp; 10203535 |
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$100767845** |

---

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

---

| | |
|:---|:---|
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |
| \* | A portion of the holding represents an investment held in Alt Risk Premia Special Investments (Cayman) Ltd., the consolidated entity. |
| ☼ | Zero coupon security. The rate represents the current yield to maturity. |

---

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund <br> Select Class<br>| $24689828 | $231702334 | $(244684258)<br>| $0 | $0 | $11707904 | 11707904 | $1031148 |

---

**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>|
| AUD | 2883000 | USD | 1882541 | Goldman Sachs International | 9-17-2025 | &nbsp;&nbsp;&nbsp; $17913 | &nbsp;&nbsp;&nbsp; $0 |
| BRL | 15556000 | USD | 2745456 | Goldman Sachs International | 9-17-2025 | &nbsp;&nbsp;&nbsp; 63564 | &nbsp;&nbsp;&nbsp; 0 |
| CAD | 2263000 | USD | 1663481 | Goldman Sachs International | 9-17-2025 | &nbsp;&nbsp;&nbsp; 4757 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 16590061 | CHF | 13445000 | Goldman Sachs International | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (518367)<br>|
| USD | 10793381 | CZK | 232198000 | Goldman Sachs International | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (294859)<br>|
| EUR | 3592000 | USD | 4148581 | Goldman Sachs International | 9-17-2025 | &nbsp;&nbsp;&nbsp; 104139 | &nbsp;&nbsp;&nbsp; 0 |
| GBP | 3566000 | USD | 4829612 | Goldman Sachs International | 9-17-2025 | &nbsp;&nbsp;&nbsp; 67655 | &nbsp;&nbsp;&nbsp; 0 |
| HUF | 4681384000 | USD | 13362021 | Goldman Sachs International | 9-17-2025 | &nbsp;&nbsp;&nbsp; 381209 | &nbsp;&nbsp;&nbsp; 0 |
| IDR | 157775275000 | USD | 9670566 | Goldman Sachs International | 9-17-2025 | &nbsp;&nbsp;&nbsp; 20344 | &nbsp;&nbsp;&nbsp; 0 |
| INR | 1016708000 | USD | 11846982 | Goldman Sachs International | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (31045)<br>|
| JPY | 602826000 | USD | 4208415 | Goldman Sachs International | 9-17-2025 | &nbsp;&nbsp;&nbsp; 13926 | &nbsp;&nbsp;&nbsp; 0 |

---

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

2 \| Allspring Alternative Risk Premia Fund

------

Consolidated portfolio of investments—June 30, 2025

**Forward foreign currency contracts** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be<br> received | Currency to be<br> received | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement<br> date<br>| &nbsp;&nbsp; Unrealized<br> gains<br>| &nbsp;&nbsp; Unrealized<br> losses<br>|
| USD | 15404975 | KRW | 20989278000 | Goldman Sachs International | 9-17-2025 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $(221640)<br>|
| USD | 1138741 | MXN | 21807000 | Goldman Sachs International | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (14020)<br>|
| NOK | 204195000 | USD | 20243583 | Goldman Sachs International | 9-17-2025 | &nbsp;&nbsp;&nbsp; 24560 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 20367067 | NZD | 33629000 | Goldman Sachs International | 9-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (184191)<br>|
| PLN | 39415000 | USD | 10623989 | Goldman Sachs International | 9-17-2025 | &nbsp;&nbsp;&nbsp; 291572 | &nbsp;&nbsp;&nbsp; 0 |
| SEK | 9081000 | USD | 955462 | Goldman Sachs International | 9-17-2025 | &nbsp;&nbsp;&nbsp; 9219 | &nbsp;&nbsp;&nbsp; 0 |
| ZAR | 214941000 | USD | 12031537 | Goldman Sachs International | 9-17-2025 | &nbsp;&nbsp;&nbsp; 41842 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 632342 | CLP | 591923000 | Goldman Sachs International | 9-22-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (2906)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **$1040700** | &nbsp;&nbsp;&nbsp; **$(1267028)**<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** |  |  |  |  |  |  |
| LME Copper Futures\*\* | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 7-14-2025 | &nbsp;&nbsp; $4349792 | &nbsp;&nbsp; $4475354 | &nbsp;&nbsp; $125562 | &nbsp;&nbsp; $0 |
| LME Lead Futures\*\* | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 7-14-2025 | &nbsp;&nbsp; 646491 | &nbsp;&nbsp; 659077 | &nbsp;&nbsp; 12586 | &nbsp;&nbsp; 0 |
| LME Primary Aluminum Futures\*\* | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 7-14-2025 | &nbsp;&nbsp; 3511491 | &nbsp;&nbsp; 3701865 | &nbsp;&nbsp; 190374 | &nbsp;&nbsp; 0 |
| LME Zinc Futures\*\* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 7-14-2025 | &nbsp;&nbsp; 134911 | &nbsp;&nbsp; 137462 | &nbsp;&nbsp; 2551 | &nbsp;&nbsp; 0 |
| CAC 40 Index | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 7-18-2025 | &nbsp;&nbsp; 2376080 | &nbsp;&nbsp; 2349069 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (27011)<br>|
| Light Sweet Crude Oil Futures\*\* | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 7-22-2025 | &nbsp;&nbsp; 5352667 | &nbsp;&nbsp; 5469240 | &nbsp;&nbsp; 116573 | &nbsp;&nbsp; 0 |
| NY Harbor ULSD Futures\*\* | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 7-31-2025 | &nbsp;&nbsp; 2360967 | &nbsp;&nbsp; 2198906 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (162061)<br>|
| Reformulated Gasoline Blendstock for Oxygen Blending <br> Futures\*\*<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 7-31-2025 | &nbsp;&nbsp; 1129185 | &nbsp;&nbsp; 1044338 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (84847)<br>|
| Lean Hogs Futures\*\* | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 8-14-2025 | &nbsp;&nbsp; 270367 | &nbsp;&nbsp; 258000 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (12367)<br>|
| Gold 100 Troy Ounces Futures\*\* | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 8-27-2025 | &nbsp;&nbsp; 8918832 | &nbsp;&nbsp; 8930790 | &nbsp;&nbsp; 11958 | &nbsp;&nbsp; 0 |
| Live Cattle Futures\*\* | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 8-29-2025 | &nbsp;&nbsp; 3638346 | &nbsp;&nbsp; 3678650 | &nbsp;&nbsp; 40304 | &nbsp;&nbsp; 0 |
| TOPIX Index | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9-11-2025 | &nbsp;&nbsp; 1553382 | &nbsp;&nbsp; 1586334 | &nbsp;&nbsp; 32952 | &nbsp;&nbsp; 0 |
| Hard Red Winter Wheat Futures\*\* | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 9-12-2025 | &nbsp;&nbsp; 1777049 | &nbsp;&nbsp; 1685600 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (91449)<br>|
| 10-Year Australian Bond | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; 3146625 | &nbsp;&nbsp; 3168341 | &nbsp;&nbsp; 21716 | &nbsp;&nbsp; 0 |
| 10-Year Canadian Bond | &nbsp;&nbsp; 398 | &nbsp;&nbsp; 9-18-2025 | &nbsp;&nbsp; 35533647 | &nbsp;&nbsp; 35657059 | &nbsp;&nbsp; 123412 | &nbsp;&nbsp; 0 |
| C Coffee Futures\*\* | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 9-18-2025 | &nbsp;&nbsp; 4581165 | &nbsp;&nbsp; 3826275 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (754890)<br>|
| S&P ASX Share Price Index 200 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 9-18-2025 | &nbsp;&nbsp; 2824166 | &nbsp;&nbsp; 2809314 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (14852)<br>|
| S&P/TSX 60 Index | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 9-18-2025 | &nbsp;&nbsp; 2563502 | &nbsp;&nbsp; 2584909 | &nbsp;&nbsp; 21407 | &nbsp;&nbsp; 0 |
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 1982158 | &nbsp;&nbsp; 2018250 | &nbsp;&nbsp; 36092 | &nbsp;&nbsp; 0 |
| DAX Index | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 2094923 | &nbsp;&nbsp; 2124640 | &nbsp;&nbsp; 29717 | &nbsp;&nbsp; 0 |
| E-Mini NASDAQ 100 Index | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 1749566 | &nbsp;&nbsp; 1831460 | &nbsp;&nbsp; 81894 | &nbsp;&nbsp; 0 |
| E-Mini S&P 500 Index | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 2111394 | &nbsp;&nbsp; 2188813 | &nbsp;&nbsp; 77419 | &nbsp;&nbsp; 0 |
| Euro STOXX 50 Index | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 2210535 | &nbsp;&nbsp; 2196230 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (14305)<br>|
| FTSE 100 Index | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 2935990 | &nbsp;&nbsp; 2895577 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (40413)<br>|
| MSCI Emerging Markets Index | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 2064358 | &nbsp;&nbsp; 2096950 | &nbsp;&nbsp; 32592 | &nbsp;&nbsp; 0 |
| Number 11 World Sugar Futures\*\* | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 9-30-2025 | &nbsp;&nbsp; 1586214 | &nbsp;&nbsp; 1560384 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (25830)<br>|
| Corn Futures\*\* | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 12-12-2025 | &nbsp;&nbsp; 7933574 | &nbsp;&nbsp; 7552625 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (380949)<br>|
| **Short** |  |  |  |  |  |  |
| LME Lead Futures\*\* | &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp; 7-14-2025 | &nbsp;&nbsp; (1233153)<br>| &nbsp;&nbsp; (1267456)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (34303)<br>|
| LME Nickel Futures\*\* | &nbsp;&nbsp; (39)<br>| &nbsp;&nbsp; 7-14-2025 | &nbsp;&nbsp; (3588983)<br>| &nbsp;&nbsp; (3523993)<br>| &nbsp;&nbsp; 64990 | &nbsp;&nbsp; 0 |
| LME Primary Aluminum Futures\*\* | &nbsp;&nbsp; (26)<br>| &nbsp;&nbsp; 7-14-2025 | &nbsp;&nbsp; (1639499)<br>| &nbsp;&nbsp; (1688570)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (49071)<br>|
| LME Zinc Futures\*\* | &nbsp;&nbsp; (50)<br>| &nbsp;&nbsp; 7-14-2025 | &nbsp;&nbsp; (3396795)<br>| &nbsp;&nbsp; (3436538)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (39743)<br>|
| Henry Hub Natural Gas Futures\*\* | &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp; 7-29-2025 | &nbsp;&nbsp; (949643)<br>| &nbsp;&nbsp; (864000)<br>| &nbsp;&nbsp; 85643 | &nbsp;&nbsp; 0 |
| Brent Crude Oil Futures\*\* | &nbsp;&nbsp; (90)<br>| &nbsp;&nbsp; 7-31-2025 | &nbsp;&nbsp; (5843463)<br>| &nbsp;&nbsp; (6006600)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (163137)<br>|
| Gas Oil Futures\*\* | &nbsp;&nbsp; (44)<br>| &nbsp;&nbsp; 8-12-2025 | &nbsp;&nbsp; (3209670)<br>| &nbsp;&nbsp; (2908400)<br>| &nbsp;&nbsp; 301270 | &nbsp;&nbsp; 0 |
| Soybean Meal Futures\*\* | &nbsp;&nbsp; (116)<br>| &nbsp;&nbsp; 8-14-2025 | &nbsp;&nbsp; (3344989)<br>| &nbsp;&nbsp; (3199280)<br>| &nbsp;&nbsp; 145709 | &nbsp;&nbsp; 0 |

---

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

Allspring Alternative Risk Premia Fund \| 3

------

Consolidated portfolio of investments—June 30, 2025

**Futures contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts<br>| Expiration<br> date<br>| Notional<br> cost<br>| Notional<br> value<br>| Unrealized<br> gains<br>| Unrealized<br> losses<br>|
| **Short** (continued) |  |  |  |  |  |  |
| Soybean Oil Futures\*\* | &nbsp;&nbsp; (75)<br>| &nbsp;&nbsp; 8-14-2025 | &nbsp;&nbsp; $(2457158)<br>| &nbsp;&nbsp; $(2369250)<br>| &nbsp;&nbsp; $87908 | &nbsp;&nbsp; $0 |
| 10-Year Euro BUND Index | &nbsp;&nbsp; (94)<br>| &nbsp;&nbsp; 9-8-2025 | &nbsp;&nbsp; (14526122)<br>| &nbsp;&nbsp; (14411166)<br>| &nbsp;&nbsp; 114956 | &nbsp;&nbsp; 0 |
| 10-Year Japanese Bond | &nbsp;&nbsp; (36)<br>| &nbsp;&nbsp; 9-12-2025 | &nbsp;&nbsp; (34633593)<br>| &nbsp;&nbsp; (34753793)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (120200)<br>|
| Wheat Futures\*\* | &nbsp;&nbsp; (263)<br>| &nbsp;&nbsp; 9-12-2025 | &nbsp;&nbsp; (7353115)<br>| &nbsp;&nbsp; (7077988)<br>| &nbsp;&nbsp; 275127 | &nbsp;&nbsp; 0 |
| Cocoa Futures\*\* | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; 9-15-2025 | &nbsp;&nbsp; (561467)<br>| &nbsp;&nbsp; (540000)<br>| &nbsp;&nbsp; 21467 | &nbsp;&nbsp; 0 |
| E-Mini Russell 2000 Index | &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; (1588874)<br>| &nbsp;&nbsp; (1643775)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (54901)<br>|
| Long Gilt Futures | &nbsp;&nbsp; (18)<br>| &nbsp;&nbsp; 9-26-2025 | &nbsp;&nbsp; (2275059)<br>| &nbsp;&nbsp; (2298557)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (23498)<br>|
| Silver Futures\*\* | &nbsp;&nbsp; (20)<br>| &nbsp;&nbsp; 9-26-2025 | &nbsp;&nbsp; (3633732)<br>| &nbsp;&nbsp; (3617200)<br>| &nbsp;&nbsp; 16532 | &nbsp;&nbsp; 0 |
| Soybean Futures\*\* | &nbsp;&nbsp; (76)<br>| &nbsp;&nbsp; 11-14-2025 | &nbsp;&nbsp; (4063289)<br>| &nbsp;&nbsp; (3902600)<br>| &nbsp;&nbsp; 160689 | &nbsp;&nbsp; 0 |
| Number 2 Cotton Futures\*\* | &nbsp;&nbsp; (161)<br>| &nbsp;&nbsp; 12-8-2025 | &nbsp;&nbsp; (5461167)<br>| &nbsp;&nbsp; (5484465)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (23298)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$2231400** | &nbsp;&nbsp; **$(2117125)**<br>|

---

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

\*\* Represents an investment held in Alt Risk Premia Special Investments (Cayman) Ltd., the consolidated entity.

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

4 \| Allspring Alternative Risk Premia Fund

------

Consolidated statement of assets and liabilities—June 30, 2025

Consolidated financial statements

Consolidated statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $78,867,502) | $78856406 |
| Investments in affiliated securities, at value (cost $11,707,904) | 11707904 |
| Cash | 129 |
| Cash due from broker | 274373 |
| Cash at broker segregated for futures contracts | 9912297 |
| Segregated cash for forward foreign currency contracts | 110427 |
| Foreign currency, at value (cost $30) | 30 |
| Unrealized gains on forward foreign currency contracts | 1040700 |
| Receivable for daily variation margin on open futures contracts | 474438 |
| Receivable for interest | 40263 |
| Prepaid expenses and other assets | 3079 |
| **Total assets** | **102420046** |
| Liabilities |  |
| Unrealized losses on forward foreign currency contracts | 1267028 |
| Payable for daily variation margin on open futures contracts | 258426 |
| Management fee payable | 27995 |
| Trustees' fees and expenses payable | 4201 |
| Administration fees payable | 2489 |
| Accrued expenses and other liabilities | 92062 |
| **Total liabilities** | **1652201** |
| **Total net assets**  | **$100767845** |
| Net assets consist of |  |
| Paid-in capital | $102116705 |
| Total distributable loss | (1348860)<br>|
| **Total net assets** | **$100767845** |
| Computation of net asset value per share |  |
| Net assets–Class R6 | $100736551 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 12574499 |
| Net asset value per share–Class R6 | $8.01 |
| Net assets–Institutional Class | $31294 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 3918 |
| Net asset value per share–Institutional Class | $7.99 |

---

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

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

Allspring Alternative Risk Premia Fund \| 5

------

Consolidated Statement of operations— year ended June 30, 2025

Consolidated statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $4026585 |
| Income from affiliated securities | 1031148 |
| **Total investment income** | **5057733** |
| Expenses |  |
| Management fee | 665087 |
| Administration fees |  |
| Class R6 | 33245 |
| Institutional Class | 41 |
| Custody and accounting fees | 118972 |
| Professional fees | 94062 |
| Registration fees | 55149 |
| Shareholder report expenses | 14775 |
| Trustees' fees and expenses | 13596 |
| Other fees and expenses | 37012 |
| **Total expenses** | **1031939** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (344651)<br>|
| **Net expenses** | **687288** |
| **Net investment income** | **4370445** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | 4895 |
| Foreign currency and foreign currency translations | 4463 |
| Forward foreign currency contracts | (221324)<br>|
| Futures contracts | 1618510 |
| Swap contracts | (2118224)<br>|
| **Net realized losses on investments** | **(711680)**<br>|
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | (6141)<br>|
| Foreign currency and foreign currency translations | 1 |
| Forward foreign currency contracts | (701617)<br>|
| Futures contracts | (1283342)<br>|
| Swap contracts | (414044)<br>|
| **Net change in unrealized gains (losses) on investments** | **(2405143)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(3116823)**<br>|
| **Net increase in net assets resulting from operations** | **$1253622** |

---

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

6 \| Allspring Alternative Risk Premia Fund

------

Consolidated statement of changes in net assets

Consolidated statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2024 | Year ended<br> June 30, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $4370445 |  | &nbsp;&nbsp; $2710648 |
| Net realized losses on investments |  | &nbsp;&nbsp; (711680)<br>|  | &nbsp;&nbsp; (1289301)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (2405143)<br>|  | &nbsp;&nbsp; 1938903 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **1253622** |  | &nbsp;&nbsp; **3360250** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class R6 |  | &nbsp;&nbsp; (3802786)<br>|  | &nbsp;&nbsp; (1523999)<br>|
| Institutional Class |  | &nbsp;&nbsp; (1023)<br>|  | &nbsp;&nbsp; (41477)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(3803809)**<br>|  | &nbsp;&nbsp; **(1565476)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class R6 | 449236 | &nbsp;&nbsp; 3646997 | &nbsp;&nbsp; 10690576 | &nbsp;&nbsp; 86443305 |
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 4714 | &nbsp;&nbsp; 38803 |
|  |  | &nbsp;&nbsp; 3646997 |  | &nbsp;&nbsp; 86482108 |
| Reinvestment of distributions |  |  |  |  |
| Class R6 | 464321 | &nbsp;&nbsp; 3802786 | &nbsp;&nbsp; 195886 | &nbsp;&nbsp; 1523999 |
| Institutional Class | 125 | &nbsp;&nbsp; 1023 | &nbsp;&nbsp; 5352 | &nbsp;&nbsp; 41477 |
|  |  | &nbsp;&nbsp; 3803809 |  | &nbsp;&nbsp; 1565476 |
| Payment for shares redeemed |  |  |  |  |
| Class R6 | (2451415)<br>| &nbsp;&nbsp; (20685661)<br>| &nbsp;&nbsp; (1241052)<br>| &nbsp;&nbsp; (10152463)<br>|
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (121868)<br>| &nbsp;&nbsp; (978926)<br>|
|  |  | &nbsp;&nbsp; (20685661)<br>|  | &nbsp;&nbsp; (11131389)<br>|
| **Net increase (decrease) in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(13234855)**<br>|  | &nbsp;&nbsp; **76916195** |
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(15785042)**<br>|  | &nbsp;&nbsp; **78710969** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **116552887** |  | &nbsp;&nbsp; **37841918** |
| **End of period** |  | &nbsp;&nbsp; **$100767845** |  | &nbsp;&nbsp; **$116552887** |

---

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

Allspring Alternative Risk Premia Fund \| 7

------

Consolidated financial highlights

Consolidated financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class R6 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.26** | &nbsp;&nbsp; **$8.26** | &nbsp;&nbsp; **$9.13** | &nbsp;&nbsp; **$8.46** | &nbsp;&nbsp; **$8.02** |
| Net investment income (loss) | 0.32 <br><sup>1</sup><br>| 0.37 <br><sup>1</sup><br>| 0.33 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.05 )<sup>1</sup><br>|
| Payment from affiliate | 0.00 | 0.00 | 0.02 | 0.00 | 0.00 |
| Net realized and unrealized gains (losses) on investments | (0.29)<br>| 0.00 | 0.01 | 0.78 | 0.49 |
| Total from investment operations | 0.03 | 0.37 | 0.36 | 0.67 | 0.44 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.28)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.83)<br>| 0.00 | 0.00 |
| Net realized gains | 0.00 | 0.00 | &nbsp;&nbsp; (0.40)<br>| 0.00 | 0.00 |
| Total distributions to shareholders | (0.28)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.23)<br>| 0.00 | 0.00 |
| **Net asset value, end of period** | **$8.01** | &nbsp;&nbsp; **$8.26** | &nbsp;&nbsp; **$8.26** | &nbsp;&nbsp; **$9.13** | &nbsp;&nbsp; **$8.46** |
| **Total return**<sup>2</sup> <br>| **0.27%**<br>| **4.71%**<br>| **4.44** <br>**%\***<br>| **7.92%**<br>| **5.49%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.93<br> %<br>| 1.39<br> %<br>| 1.48<br> %<br>| 1.15<br> %<br>| 1.09<br> %<br>|
| Net expenses | 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>|
| Net investment income (loss) | 3.94<br> %<br>| 4.53<br> %<br>| 2.56<br> %<br>| &nbsp;&nbsp; (0.56)%<br>| &nbsp;&nbsp; (0.58)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Net assets, end of period (000s omitted) | $100737 | &nbsp;&nbsp; $116522 | &nbsp;&nbsp; $36891 | &nbsp;&nbsp; $54205 | &nbsp;&nbsp; $72039 |

---

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

\* For year ended June 30, 2023, the Fund received a payment from an affiliate that had an impact of 0.25% on total return.

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

<sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

8 \| Allspring Alternative Risk Premia Fund

------

Consolidated financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.23** | &nbsp;&nbsp; **$8.23** | &nbsp;&nbsp; **$9.10** | &nbsp;&nbsp; **$8.44** | &nbsp;&nbsp; **$8.02** |
| Net investment income (loss) | 0.32 <br><sup>1</sup><br>| 0.35 <br><sup>1</sup><br>| 0.29 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.05)<br>|
| Payment from affiliate | 0.00 | 0.00 | 0.02 | 0.00 | 0.00 |
| Net realized and unrealized gains (losses) on investments | (0.29)<br>| 0.01 | 0.05 | 0.76 | 0.47 |
| Total from investment operations | 0.03 | 0.36 | 0.36 | 0.66 | 0.42 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.27)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.83)<br>| 0.00 | 0.00 |
| Net realized gains | 0.00 | 0.00 | &nbsp;&nbsp; (0.40)<br>| 0.00 | 0.00 |
| Total distributions to shareholders | (0.27)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (1.23)<br>| 0.00 | 0.00 |
| **Net asset value, end of period** | **$7.99** | &nbsp;&nbsp; **$8.23** | &nbsp;&nbsp; **$8.23** | &nbsp;&nbsp; **$9.10** | &nbsp;&nbsp; **$8.44** |
| **Total return**<sup>2</sup> <br>| **0.29%**<br>| **4.63%**<br>| **4.43** <br>**%\***<br>| **7.82%**<br>| **5.24%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.03<br> %<br>| 1.92<br> %<br>| 1.62<br> %<br>| 1.35<br> %<br>| 1.21<br> %<br>|
| Net expenses | 0.72<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>|
| Net investment income (loss) | 3.88<br> %<br>| 4.34<br> %<br>| 2.65<br> %<br>| &nbsp;&nbsp; (0.53)%<br>| &nbsp;&nbsp; (0.68)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Net assets, end of period (000s omitted) | $31 | &nbsp;&nbsp; $31 | &nbsp;&nbsp; $951 | &nbsp;&nbsp; $933 | &nbsp;&nbsp; $21 |

---

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

\* For year ended June 30, 2023, the Fund received a payment from an affiliate that had an impact of 0.25% on total return.

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

<sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring Alternative Risk Premia Fund \| 9

------

Notes to consolidated financial statements

Notes to consolidated financial statements

1. ORGANIZATION

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

2. INVESTMENT IN SUBSIDIARY

The Fund invests in direct or indirect investments in various derivatives, including commodity-linked derivatives, through Alt Risk Premia Special Investments (Cayman) Ltd. (the "Subsidiary"), a wholly owned subsidiary incorporated on October 2, 2018 under the laws of the Cayman Islands as an exempted segregated portfolio company with limited liability. As of June 30, 2025, the Subsidiary had $10,922,876 of investments in affiliates and cash at broker segregated for futures contacts representing 96.42% of its net assets. As of June 30, 2025, the Fund held $11,328,037 in the Subsidiary, representing 12.67% of the Fund's net assets prior to consolidation.

The consolidated financial statements of the Fund include the financial results of the Subsidiary. The Consolidated portfolio of investments includes positions of the Fund and the Subsidiary and the consolidated financial statements include the accounts of the Fund and the Subsidiary. Accordingly, all interfund balances and transactions between the Fund and the Subsidiary have been eliminated in consolidation.

3. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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

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

Foreign currency translation

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

10 \| Allspring Alternative Risk Premia Fund

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Notes to consolidated financial statements

Forward foreign currency contracts

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

Futures contracts

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

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

Swap contracts

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

The Fund entered into OTC swaps. For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Consolidated statement of assets and liabilities and amortized over the term of the contract. The daily fluctuations in market value are recorded as unrealized gains or losses on OTC swaps in the Consolidated statement of assets and liabilities. Payments received or paid are recorded in the Consolidated statement of operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Consolidated statement of operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

***Total return basket swaps***

The Fund may enter into total return basket swap contracts to obtain exposure to a custom basket of long and short securities without owning such securities. The Fund has the ability to trade in and out of the long and short positions within the swap and receives the economic benefits and risks equivalent to direct investments in these positions. Under the terms of the contract, the Fund and the counterparty exchange periodic payments based on the total return of reference assets within a basket for a specified interest rate. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. To the extent the total return of the reference assets exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from, or make a payment to, the counterparty. Positions within the swap are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses on swap contracts in the Consolidated statement of operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

The Fund is exposed to risks if the counterparty defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates or in the price of the reference securities in the basket. In addition to counterparty credit risk, the Fund is subject to liquidity risk if there is no market for the contracts and is exposed to the market risk associated with the reference securities in the basket.

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 Alternative Risk Premia Fund \| 11

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Notes to consolidated financial statements

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

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

Distributions to shareholders

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

Federal and other taxes

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

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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

As of June 30, 2025, the aggregate cost of all investments for federal income tax purposes was $90,703,625 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $3106217 |
| Gross unrealized losses | &nbsp;&nbsp; (3357585)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(251368)**<br>|

---

As of June 30, 2025, the Fund had capital loss carryforwards which consist of $2,342,525 in short-term capital losses and $2,080,500 in long-term capital losses.

Class allocations

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

4. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

12 \| Allspring Alternative Risk Premia Fund

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Notes to consolidated financial statements

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; $11707904 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $11707904 |
| *U.S. Treasury securities* | &nbsp;&nbsp; 78856406 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 78856406 |
|  | &nbsp;&nbsp; 90564310 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 90564310 |
| **Forward foreign currency contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1040700 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1040700 |
| **Futures contracts** | &nbsp;&nbsp; 2231400 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2231400 |
| **Total assets** | &nbsp;&nbsp; **$92795710** | &nbsp;&nbsp;&nbsp; **$1040700** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$93836410** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Forward foreign currency contracts** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $1267028 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $1267028 |
| **Futures contracts** | &nbsp;&nbsp; 2117125 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2117125 |
| **Total liabilities** | &nbsp;&nbsp; **$2117125** | &nbsp;&nbsp;&nbsp; **$1267028** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$3384153** |

---

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

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

At June 30, 2025, the Fund did not have any transfers into/out of Level 3.

5. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.600<br> %<br>|
| Next $500 million | 0.575 |
| Next $2 billion | 0.550 |
| Next $2 billion | 0.525 |
| Next $5 billion | 0.490 |
| Over $10 billion | 0.480 |

---

For the year ended June 30, 2025, the management fee was equivalent to an annual rate of 0.60% of the Fund's average daily net assets.

The Subsidiary has entered into a separate advisory contract with Allspring Funds Management to manage the investment and reinvestment of its assets in conformity with its investment objectives and restrictions. Under this agreement, the Subsidiary does not pay Allspring Funds Management a fee for its services.

Allspring Funds Management has retained the services of certain subavisers to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments") and Allspring Global Investments (UK) Limited ("Allspring UK"), each an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, serves as subadvisers to the Fund.

Administration fees

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

Allspring Alternative Risk Premia Fund \| 13

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Notes to consolidated financial statements

compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through October 31, 2025 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 June 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class R6 | 0.62<br> %<br>|
| Institutional Class | 0.72 |

---

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended June 30, 2025.

6. INVESTMENT PORTFOLIO TRANSACTIONS

For the year June 30, 2025, the Fund did not have any purchases and sales of securities, excluding any short-term securities.

7. DERIVATIVE TRANSACTIONS

During the year ended June 30, 2025, in order to provide investors with exposure to sources of excess return (known as alternative risk premia), the Fund and the Subsidiary entered into both long and short positions in equities, fixed income, currencies and commodities directly or with derivatives. The derivative holdings included futures contracts, forward foreign currency contracts and swap contracts.

The volume of the Fund's derivative activity during the year ended June 30, 2025 was as follows:

---

| | |
|:---|:---|
| **Forward foreign currency contracts** |  |
| Average contract amounts to buy | &nbsp;&nbsp; $155804212 |
| Average contract amounts to sell | &nbsp;&nbsp; 174007965 |
| **Futures contracts** |  |
| Average notional balance on long futures | &nbsp;&nbsp; $110488809 |
| Average notional balance on short futures | &nbsp;&nbsp; 110826729 |
| **Swap contracts** |  |
| Average notional balance | &nbsp;&nbsp; $298135 |

---

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 June 30, 2025 by primary risk type on the Consolidated statement of assets and liabilities was as follows for the Fund:

14 \| Allspring Alternative Risk Premia Fund

------

Notes to consolidated financial statements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Commodity <br>risk<br>| Equity <br>risk<br>| Foreign <br> currency <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $0 | $1040700 | $1040700 |
| Futures contracts | &nbsp;&nbsp; 296,176 <br>\*<br>| 1,659,243 <br>\*<br>| 275,981 <br>\*<br>| 0 | 2231400 |
|  | &nbsp;&nbsp; $296176 | $1659243 | $275981 | $1040700 | $3272100 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $0 | $1267028 | $1267028 |
| Futures contracts | &nbsp;&nbsp; 143,698 <br>\*<br>| 1,821,945 <br>\*<br>| 151,482 <br>\*<br>| 0 | 2117125 |
|  | &nbsp;&nbsp; $143698 | $1821945 | $151482 | $1267028 | $3384153 |

---

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

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Consolidated portfolio of investments. For futures contracts, only the current day's variation margin as of June 30, 2025 is reported separately on the Consolidated statement of assets and liabilities. 

The effect of derivative instruments on the Consolidated statement of operations for the year ended June 30, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | INTEREST RATE <br>RISK<br>| Commodity <br>risk<br>| Equity <br>risk<br>| Foreign <br> currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $0 | $(221324)<br>| $(221324)<br>|
| Futures contracts | &nbsp;&nbsp; (263080)<br>| 2509217 | (627627)<br>| 0 | 1618510 |
| Swap contracts | &nbsp;&nbsp; 0 | 0 | (2118224)<br>| 0 | (2118224)<br>|
|  | &nbsp;&nbsp; $(263080)<br>| $2509217 | $(2745851)<br>| $(221324)<br>| $(721038)<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** | **Net change in unrealized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $0 | $(701617)<br>| $(701617)<br>|
| Futures contracts | &nbsp;&nbsp; 481467 | (1784918)<br>| 20109 | 0 | (1283342)<br>|
| Swap contracts | &nbsp;&nbsp; 0 | 0 | (414044)<br>| 0 | (414044)<br>|
|  | &nbsp;&nbsp; $481467 | $(1784918)<br>| $(393935)<br>| $(701617)<br>| $(2399003)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of assets in the <br>Consolidated <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>received<br>| Net amount <br>of assets<br>|
| Goldman Sachs International | &nbsp;&nbsp; $1040700 | $(1040700)<br>| $0 | $0 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of liabilities in the <br>Consolidated <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>pledged<br>| Net amount <br>of liabilities<br>|
| Goldman Sachs International | &nbsp;&nbsp; $1267028 | $(1040700)<br>| $(110427)<br>| $115901 |

---

Allspring Alternative Risk Premia Fund \| 15

------

Notes to consolidated financial statements

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

8. BANK BORROWINGS

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

For the year ended June 30, 2025, there were no borrowings by the Fund under the agreement.

9. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 |
|  | 2025 | 2024 |
| **Ordinary income** | $3803809 | $1565476 |

---

As of June 30, 2025, the components of distributable loss on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Unrealized <br>losses<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $3325482 | &nbsp;&nbsp; $(251317)<br>| &nbsp;&nbsp;&nbsp; $(4423025)<br>|

---

10. INDEMNIFICATION

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

11. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

12. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. 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 revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's consolidated financial statements. Segment assets are reflected on the accompanying Consolidated statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Consolidated statement of operations.

16 \| Allspring Alternative Risk Premia Fund

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated statement of assets and liabilities of Allspring Alternative Risk Premia Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the consolidated portfolio of investments, as of June 30, 2025, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the consolidated financial statements) and the consolidated financial highlights for each of the years in the five-year period then ended. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the consolidated financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements and consolidated financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, transfer agent and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g97024img29b829512.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

August 22, 2025

Allspring Alternative Risk Premia Fund \| 17

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Other information (unaudited)

Other information

Tax information

For the fiscal year ended June 30, 2025, $1,749,836 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended June 30, 2025, 85% of the ordinary income distributed was derived from interest on U.S. government securities.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

18 \| Allspring Alternative Risk Premia Fund

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Consolidated statement of operations.

Allspring Alternative Risk Premia Fund \| 19

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Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Alternative Risk Premia Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) investment sub-advisory agreements (the "Sub-Advisory Agreements") with Allspring Global Investments, LLC and Allspring Global Investments (UK) Limited (together, the "Sub-Advisers"), each an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreements are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Advisers and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Advisers about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Advisers under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Advisers under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Advisers are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Advisers to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Advisers. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

20 \| Allspring Alternative Risk Premia Fund

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Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Institutional Class) was higher than the average investment performance of the Universe for the three-year period under review and lower than the average investment performance of the Universe for the one- and five-year periods under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the ICE BofA 3-Month U.S. Treasury Bill Index, for the one- and three-year periods under review and lower than the investment performance of its benchmark index for the five-year period under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund's investment performance. The Board also took note of the Fund's outperformance relative to the Universe and benchmark over the shorter-term time periods under review.

The Board noted that it had previously been notified of a change in the portfolio managers of the Fund, which had been implemented in December 2023, and that the investment performance of the Fund for most of the periods covered did not reflect the investment performance of the Fund's new portfolio managers. The Board noted that it would continue to review the Fund's investment performance going forward to monitor implementation of the new portfolio managers.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Advisers for investment sub-advisory services. The Board considered Allspring Funds Management's proposal to revise the contractual sub-advisory fee rates payable by Allspring Funds Management to the Sub-Advisers for investment sub-advisory services, which would lower the effective blended sub-advisory fee rate paid by Allspring Funds Management to the Sub-Advisers. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of the average rates for the expense Groups for each share class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Advisers, and about Allspring Funds Management's on-going oversight services. The Board considered the future effect of Allspring Funds Management's proposal to revise the sub-advisory fee rates payable by Allspring Funds Management to the Sub-Advisers on such amount of retained fees. Given the affiliation between Allspring Funds Management and the Sub-Advisers, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Advisers to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received

Allspring Alternative Risk Premia Fund \| 21

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Other information (unaudited)

information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Advisers under the Sub-Advisory Agreements was reasonable.

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Advisers' profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Advisers*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Advisers, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Advisers' business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Advisers.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Advisers, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Advisers under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

22 \| Allspring Alternative Risk Premia Fund

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![](g97024img8ad092a41.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**

![](g97024img1e4ff4fe3.gif)

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

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

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

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR4816 06-25**

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![](g97024img45e25d331.jpg)

Allspring California Limited-Term

Tax-Free Fund

Long Form Financial Statements

Annual Report

June 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_a5089cad-a47d-4452-a2fa-2e29dfe7db83_POI-PageBlank-47_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_a5089cad-a47d-4452-a2fa-2e29dfe7db83_FS-PageBlank-47_1)** |  |
| [Statement of assets and liabilities](#xx_a5089cad-a47d-4452-a2fa-2e29dfe7db83_FS-PageBlank-47_1) | 13 |
| [Statement of operations](#xx_a5089cad-a47d-4452-a2fa-2e29dfe7db83_FS-PageBlank-47_2) | 14 |
| [Statement of changes in net assets](#xx_a5089cad-a47d-4452-a2fa-2e29dfe7db83_FS-PageBlank-47_3) | 15 |
| [Financial highlights](#xx_a5089cad-a47d-4452-a2fa-2e29dfe7db83_FIHI-PageBlank-47_1) | 16 |
| **[Notes to financial statements](#xx_a5089cad-a47d-4452-a2fa-2e29dfe7db83_NTF-PageBlank-47_1)** | 20 |
| **[Report of independent registered public accounting firm](#xx_a5089cad-a47d-4452-a2fa-2e29dfe7db83_AUD-PageBlank-47_1)** | 25 |
| **[Other information](#xx_a5089cad-a47d-4452-a2fa-2e29dfe7db83_OI-PageBlank-47_1)** | 26 |
| [Item 8. Changes in and disagreements with accountants](#xx_a5089cad-a47d-4452-a2fa-2e29dfe7db83_OI-PageBlank-47_2) | 27 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_a5089cad-a47d-4452-a2fa-2e29dfe7db83_OI-PageBlank-47_2) | 27 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_a5089cad-a47d-4452-a2fa-2e29dfe7db83_OI-PageBlank-47_2) | 27 |
| [Item 11. Statement regarding basis for board](#xx_a5089cad-a47d-4452-a2fa-2e29dfe7db83_OI-PageBlank-47_3)['](#xx_a5089cad-a47d-4452-a2fa-2e29dfe7db83_OI-PageBlank-47_3)[s approval of investment](#xx_a5089cad-a47d-4452-a2fa-2e29dfe7db83_OI-PageBlank-47_3)<br> [advisory contract](#xx_a5089cad-a47d-4452-a2fa-2e29dfe7db83_OI-PageBlank-47_3)<br>| 28 |

---

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

------

Portfolio of investments—June 30, 2025

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Municipal obligations: 100.56%** |  |  |  |  |
| **California: 96.59%** |  |  |  |  |
| **Airport revenue: 9.38%** |  |  |  |  |
| &nbsp;&nbsp; California Municipal Finance Authority LAX Integrated Express <br> Solutions LLC Series A-P3 AMT<br>| 5.00<br> %<br>| &nbsp;&nbsp; 6-30-2027 | $450000 | &nbsp;&nbsp; $461891 |
| &nbsp;&nbsp; California Municipal Finance Authority LAX Integrated Express <br> Solutions LLC Series A-P3 AMT<br>| 5.00 | &nbsp;&nbsp; 6-30-2028 | 390000 | &nbsp;&nbsp; 403747 |
| &nbsp;&nbsp; California Municipal Finance Authority LAX Integrated Express <br> Solutions LLC Series A-P3 AMT<br>| 5.00 | &nbsp;&nbsp; 12-31-2029 | 3815000 | &nbsp;&nbsp; 3928103 |
| City of Los Angeles Department of Airports Series B AMT | 5.00 | &nbsp;&nbsp; 5-15-2026 | 2500000 | &nbsp;&nbsp; 2538085 |
| City of Los Angeles Department of Airports Series C AMT | 5.00 | &nbsp;&nbsp; 5-15-2027 | 3730000 | &nbsp;&nbsp; 3852523 |
| City of Los Angeles Department of Airports Series C AMT | 5.00 | &nbsp;&nbsp; 5-15-2028 | 2000000 | &nbsp;&nbsp; 2095047 |
| City of Los Angeles Department of Airports Series D AMT | 5.00 | &nbsp;&nbsp; 5-15-2026 | 2890000 | &nbsp;&nbsp; 2934026 |
| City of Los Angeles Department of Airports Series D AMT | 5.00 | &nbsp;&nbsp; 5-15-2028 | 2705000 | &nbsp;&nbsp; 2833550 |
| &nbsp;&nbsp; City of Palm Springs Passenger Facility Charge Revenue AMT (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 6-1-2027 | 1205000 | &nbsp;&nbsp; 1205361 |
| Port of Los Angeles Series A-1 AMT | 5.00 | &nbsp;&nbsp; 8-1-2033 | 520000 | &nbsp;&nbsp; 572326 |
| San Diego County Regional Airport Authority Series C AMT | 5.00 | &nbsp;&nbsp; 7-1-2027 | 750000 | &nbsp;&nbsp; 773503 |
| San Diego County Regional Airport Authority Series C AMT | 5.00 | &nbsp;&nbsp; 7-1-2028 | 1000000 | &nbsp;&nbsp; 1045681 |
| San Diego County Regional Airport Authority Series C AMT | 5.00 | &nbsp;&nbsp; 7-1-2029 | 1000000 | &nbsp;&nbsp; 1057550 |
| &nbsp;&nbsp; San Francisco City & County Airport Commission San Francisco <br> International Airport Series B (Barclays Bank plc LOC)ø<br>| 0.50 | &nbsp;&nbsp; 5-1-2058 | 2000000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp; San Francisco City & County Airport Commission San Francisco <br> International Airport Series C AMT<br>| 5.00 | &nbsp;&nbsp; 5-1-2028 | 4600000 | &nbsp;&nbsp; 4814624 |
|  |  |  |  | &nbsp;&nbsp; **30516017** |
| **Education revenue: 9.06%** |  |  |  |  |
| &nbsp;&nbsp; California Educational Facilities Authority Loma Linda University <br> Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2026 | 325000 | &nbsp;&nbsp; 329223 |
| &nbsp;&nbsp; California Infrastructure & Economic Development Bank Colburn <br> School (SIFMA Municipal Swap+0.90%)±<br>| 2.82 | &nbsp;&nbsp; 8-1-2072 | 5000000 | &nbsp;&nbsp; 4973938 |
| California Municipal Finance Authority Biola University, Inc. | 5.00 | &nbsp;&nbsp; 10-1-2027 | 790000 | &nbsp;&nbsp; 817204 |
| &nbsp;&nbsp; California Municipal Finance Authority California Baptist University <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 11-1-2035 | 1000000 | &nbsp;&nbsp; 1019811 |
| California Municipal Finance Authority Institute of the Arts | 4.00 | &nbsp;&nbsp; 10-1-2033 | 250000 | &nbsp;&nbsp; 246964 |
| California Municipal Finance Authority Institute of the Arts | 4.00 | &nbsp;&nbsp; 10-1-2035 | 350000 | &nbsp;&nbsp; 338293 |
| California Municipal Finance Authority Lutheran University | 5.00 | &nbsp;&nbsp; 10-1-2025 | 275000 | &nbsp;&nbsp; 275458 |
| California Municipal Finance Authority Lutheran University | 5.00 | &nbsp;&nbsp; 10-1-2026 | 300000 | &nbsp;&nbsp; 305888 |
| &nbsp;&nbsp; California Municipal Finance Authority Palmdale Aerospace Academy, <br> Inc. Series A144A<br>| 3.88 | &nbsp;&nbsp; 7-1-2028 | 605000 | &nbsp;&nbsp; 584085 |
| &nbsp;&nbsp; California School Finance Authority Aspire Public Schools Obligated <br> Group Series A144A<br>| 2.13 | &nbsp;&nbsp; 8-1-2031 | 500000 | &nbsp;&nbsp; 441532 |
| &nbsp;&nbsp; California School Finance Authority Bright Star Schools Obligated <br> Group144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2027 | 420000 | &nbsp;&nbsp; 422756 |
| &nbsp;&nbsp; California School Finance Authority Classical Academy Obligated <br> Group Series A144A<br>| 3.00 | &nbsp;&nbsp; 10-1-2031 | 375000 | &nbsp;&nbsp; 352875 |
| &nbsp;&nbsp; California School Finance Authority Granada Hills Charter High <br> School Obligated Group Series A144A<br>| 4.00 | &nbsp;&nbsp; 7-1-2029 | 410000 | &nbsp;&nbsp; 413512 |
| &nbsp;&nbsp; California School Finance Authority Hawking STEAM Charter Schools, <br> Inc.144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 420000 | &nbsp;&nbsp; 425603 |

---

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

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

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; California School Finance Authority Hawking STEAM Charter Schools, <br> Inc.144A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2027 | $440000 | &nbsp;&nbsp; $452167 |
| &nbsp;&nbsp; California School Finance Authority Hawking STEAM Charter Schools, <br> Inc.144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2028 | 465000 | &nbsp;&nbsp; 483181 |
| &nbsp;&nbsp; California School Finance Authority Hawking STEAM Charter Schools, <br> Inc.144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2029 | 485000 | &nbsp;&nbsp; 508159 |
| &nbsp;&nbsp; California School Finance Authority Hawking STEAM Charter Schools, <br> Inc.144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2030 | 510000 | &nbsp;&nbsp; 532470 |
| &nbsp;&nbsp; California School Finance Authority Hawking STEAM Charter Schools, <br> Inc.144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2031 | 535000 | &nbsp;&nbsp; 556390 |
| &nbsp;&nbsp; California School Finance Authority Hawking STEAM Charter Schools, <br> Inc.144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2032 | 565000 | &nbsp;&nbsp; 585096 |
| &nbsp;&nbsp; California School Finance Authority Magnolia Educational & Research <br> Foundation144A<br>| 4.40 | &nbsp;&nbsp; 12-1-2026 | 1450000 | &nbsp;&nbsp; 1453990 |
| &nbsp;&nbsp; California School Finance Authority Magnolia Public Schools <br> Obligated Group Series A144A<br>| 4.25 | &nbsp;&nbsp; 7-1-2035 | 830000 | &nbsp;&nbsp; 815610 |
| &nbsp;&nbsp; California School Finance Authority Rocketship Education Obligated <br> Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2026 | 120000 | &nbsp;&nbsp; 120040 |
| California State University Series B-2øø | 0.55 | &nbsp;&nbsp; 11-1-2049 | 8625000 | &nbsp;&nbsp; 8280317 |
| California State University Series B-3øø | 3.13 | &nbsp;&nbsp; 11-1-2051 | 1500000 | &nbsp;&nbsp; 1500949 |
| California Statewide CDA CHF - Irvine LLC Series A | 5.00 | &nbsp;&nbsp; 5-15-2032 | 2055000 | &nbsp;&nbsp; 2097315 |
| Fullerton PFA Marshall B Ketchum University Series A | 4.00 | &nbsp;&nbsp; 2-1-2029 | 360000 | &nbsp;&nbsp; 376133 |
| Fullerton PFA Marshall B Ketchum University Series A | 4.00 | &nbsp;&nbsp; 2-1-2031 | 415000 | &nbsp;&nbsp; 428810 |
| Fullerton PFA Marshall B Ketchum University Series A | 4.00 | &nbsp;&nbsp; 2-1-2033 | 325000 | &nbsp;&nbsp; 331807 |
|  |  |  |  | &nbsp;&nbsp; **29469576** |
| **GO revenue: 5.39%** |  |  |  |  |
| Carlsbad Unified School District Series B | 3.00 | &nbsp;&nbsp; 8-1-2031 | 300000 | &nbsp;&nbsp; 298842 |
| Carlsbad Unified School District Series B | 3.00 | &nbsp;&nbsp; 8-1-2032 | 350000 | &nbsp;&nbsp; 345410 |
| Carlsbad Unified School District Series B | 3.00 | &nbsp;&nbsp; 8-1-2034 | 300000 | &nbsp;&nbsp; 284621 |
| Carlsbad Unified School District Series B | 3.00 | &nbsp;&nbsp; 8-1-2035 | 250000 | &nbsp;&nbsp; 233007 |
| Carlsbad Unified School District Series B | 3.00 | &nbsp;&nbsp; 8-1-2036 | 350000 | &nbsp;&nbsp; 321215 |
| El Rancho Unified School District BAN CAB¤ | 0.00 | &nbsp;&nbsp; 8-1-2028 | 2000000 | &nbsp;&nbsp; 1822428 |
| Inglewood Unified School District Series B (BAM Insured) | 5.00 | &nbsp;&nbsp; 8-1-2025 | 170000 | &nbsp;&nbsp; 170276 |
| &nbsp;&nbsp; Local Public Schools Funding Authority School Improvement District <br> No. 2016-1 Series B (AG Insured)<br>| 3.00 | &nbsp;&nbsp; 8-1-2033 | 225000 | &nbsp;&nbsp; 215260 |
| &nbsp;&nbsp; Local Public Schools Funding Authority School Improvement District <br> No. 2016-1 Series B (AG Insured)<br>| 3.00 | &nbsp;&nbsp; 8-1-2034 | 375000 | &nbsp;&nbsp; 353752 |
| &nbsp;&nbsp; Local Public Schools Funding Authority School Improvement District <br> No. 2016-1 Series B (AG Insured)<br>| 3.00 | &nbsp;&nbsp; 8-1-2035 | 520000 | &nbsp;&nbsp; 480610 |
| Los Angeles Unified School District Series A | 5.00 | &nbsp;&nbsp; 7-1-2025 | 300000 | &nbsp;&nbsp; 300000 |
| Newman-Crows Landing Unified School District BAN CAB¤ | 0.00 | &nbsp;&nbsp; 8-1-2025 | 2000000 | &nbsp;&nbsp; 1994912 |
| Palomar Health Obligated Group Series A (NPFGC Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2025 | 1000000 | &nbsp;&nbsp; 995875 |
| Peralta Community College District | 5.00 | &nbsp;&nbsp; 8-1-2034 | 3200000 | &nbsp;&nbsp; 3681605 |
| Pittsburg Unified School District (AG Insured) | 4.00 | &nbsp;&nbsp; 8-1-2031 | 150000 | &nbsp;&nbsp; 153078 |
| Pittsburg Unified School District (AG Insured) | 4.00 | &nbsp;&nbsp; 8-1-2032 | 250000 | &nbsp;&nbsp; 254009 |
| Sacramento City Unified School District Series G (AG Insured) | 4.00 | &nbsp;&nbsp; 8-1-2030 | 150000 | &nbsp;&nbsp; 158607 |
| Sacramento City Unified School District Series G (AG Insured) | 4.00 | &nbsp;&nbsp; 8-1-2031 | 200000 | &nbsp;&nbsp; 209492 |
| Sacramento City Unified School District Series G (AG Insured) | 4.00 | &nbsp;&nbsp; 8-1-2032 | 200000 | &nbsp;&nbsp; 208174 |

---

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

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

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| Sacramento City Unified School District Series G (AG Insured) | 4.00<br> %<br>| &nbsp;&nbsp; 8-1-2033 | $200000 | &nbsp;&nbsp; $207070 |
| San Bernardino City Unified School District Series A (AG Insured) | 1.25 | &nbsp;&nbsp; 8-1-2029 | 435000 | &nbsp;&nbsp; 389480 |
| San Gorgonio Memorial Health Care District | 4.00 | &nbsp;&nbsp; 8-1-2027 | 1090000 | &nbsp;&nbsp; 1064236 |
| San Gorgonio Memorial Health Care District | 4.00 | &nbsp;&nbsp; 8-1-2030 | 580000 | &nbsp;&nbsp; 543882 |
| Sierra Kings Health Care District | 5.00 | &nbsp;&nbsp; 8-1-2032 | 1240000 | &nbsp;&nbsp; 1240792 |
| State of California | 5.00 | &nbsp;&nbsp; 3-1-2035 | 500000 | &nbsp;&nbsp; 572058 |
| Stockton Unified School District Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 8-1-2032 | 900000 | &nbsp;&nbsp; 1017251 |
|  |  |  |  | &nbsp;&nbsp; **17515942** |
| **Health revenue: 15.74%** |  |  |  |  |
| &nbsp;&nbsp; California HFFA Adventist Health System/West Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 12-1-2028 | 900000 | &nbsp;&nbsp; 949525 |
| &nbsp;&nbsp; California HFFA Adventist Health System/West Obligated Group <br> Series Aøø<br>| 5.00 | &nbsp;&nbsp; 3-1-2040 | 4000000 | &nbsp;&nbsp; 4134521 |
| California HFFA CommonSpirit Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2025 | 675000 | &nbsp;&nbsp; 679529 |
| &nbsp;&nbsp; California HFFA Episcopal Communities & Services for Seniors <br> Obligated Group Series A<br>| 3.85 | &nbsp;&nbsp; 11-15-2027 | 2600000 | &nbsp;&nbsp; 2605254 |
| California HFFA On Lok Senior Health Services Obligated Group | 3.00 | &nbsp;&nbsp; 8-1-2025 | 475000 | &nbsp;&nbsp; 474702 |
| California HFFA On Lok Senior Health Services Obligated Group | 3.00 | &nbsp;&nbsp; 8-1-2028 | 400000 | &nbsp;&nbsp; 393676 |
| California HFFA On Lok Senior Health Services Obligated Group | 3.00 | &nbsp;&nbsp; 8-1-2030 | 210000 | &nbsp;&nbsp; 203472 |
| &nbsp;&nbsp; California HFFA Providence St. Joseph Health Obligated Group <br> Series B-3øø<br>| 2.00 | &nbsp;&nbsp; 10-1-2036 | 5000000 | &nbsp;&nbsp; 4987090 |
| &nbsp;&nbsp; California HFFA Providence St. Joseph Health Obligated Group <br> Series Cøø%%<br>| 5.00 | &nbsp;&nbsp; 10-1-2050 | 4000000 | &nbsp;&nbsp; 4281193 |
| California HFFA Scripps Health Obligated Group Series B-2øø | 5.00 | &nbsp;&nbsp; 11-15-2061 | 1200000 | &nbsp;&nbsp; 1326406 |
| California HFFA Stanford Health Care Obligated Group Series B | 5.00 | &nbsp;&nbsp; 8-15-2035 | 2000000 | &nbsp;&nbsp; 2290703 |
| California Municipal Finance Authority Aldersly Series B-1 | 4.00 | &nbsp;&nbsp; 11-15-2028 | 595000 | &nbsp;&nbsp; 600037 |
| California Municipal Finance Authority Aldersly Series B-2 | 3.75 | &nbsp;&nbsp; 11-15-2028 | 2990000 | &nbsp;&nbsp; 2990323 |
| &nbsp;&nbsp; California Municipal Finance Authority Carmel Valley Manor Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 5-15-2026 | 185000 | &nbsp;&nbsp; 188782 |
| &nbsp;&nbsp; California Municipal Finance Authority Community Hospitals of <br> Central California Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 2-1-2027 | 1000000 | &nbsp;&nbsp; 1023639 |
| &nbsp;&nbsp; California Municipal Finance Authority Eisenhower Medical Center <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 1750000 | &nbsp;&nbsp; 1804841 |
| &nbsp;&nbsp; California Municipal Finance Authority Eisenhower Medical Center <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2029 | 400000 | &nbsp;&nbsp; 409776 |
| &nbsp;&nbsp; California Municipal Finance Authority Eskaton Properties, Inc. <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 11-15-2032 | 1155000 | &nbsp;&nbsp; 1241541 |
| California Municipal Finance Authority Healthright 360 Series A144A | 5.00 | &nbsp;&nbsp; 11-1-2029 | 995000 | &nbsp;&nbsp; 1012432 |
| &nbsp;&nbsp; California Municipal Finance Authority Open Door Community Health <br> Centers<br>| 4.00 | &nbsp;&nbsp; 9-15-2030 | 790000 | &nbsp;&nbsp; 829732 |
| &nbsp;&nbsp; California Municipal Finance Authority Open Door Community Health <br> Centers<br>| 4.00 | &nbsp;&nbsp; 9-15-2033 | 890000 | &nbsp;&nbsp; 923004 |
| California Municipal Finance Authority PRS Obligated Group Series A | 5.00 | &nbsp;&nbsp; 4-1-2030 | 195000 | &nbsp;&nbsp; 207982 |
| California Municipal Finance Authority PRS Obligated Group Series A | 5.00 | &nbsp;&nbsp; 4-1-2031 | 210000 | &nbsp;&nbsp; 225954 |
| California Municipal Finance Authority PRS Obligated Group Series A | 5.00 | &nbsp;&nbsp; 4-1-2032 | 310000 | &nbsp;&nbsp; 335338 |
| California Municipal Finance Authority PRS Obligated Group Series A | 5.00 | &nbsp;&nbsp; 4-1-2033 | 490000 | &nbsp;&nbsp; 531670 |
| California Municipal Finance Authority PRS Obligated Group Series A | 5.00 | &nbsp;&nbsp; 4-1-2034 | 410000 | &nbsp;&nbsp; 445179 |
| California PFA Henry Mayo Newhall Hospital Obligated Group | 5.00 | &nbsp;&nbsp; 10-15-2030 | 1165000 | &nbsp;&nbsp; 1183824 |

---

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

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

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| California PFA Henry Mayo Newhall Hospital Obligated Group | 5.00<br> %<br>| &nbsp;&nbsp; 10-15-2033 | $500000 | &nbsp;&nbsp; $506287 |
| &nbsp;&nbsp; California PFA Henry Mayo Newhall Hospital Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 10-15-2028 | 360000 | &nbsp;&nbsp; 365357 |
| &nbsp;&nbsp; California PFA Henry Mayo Newhall Hospital Obligated Group <br> Series Bøø<br>| 4.00 | &nbsp;&nbsp; 10-15-2051 | 690000 | &nbsp;&nbsp; 652630 |
| California PFA PIH Health, Inc. Obligated Group Series A | 5.00 | &nbsp;&nbsp; 6-1-2033 | 1655000 | &nbsp;&nbsp; 1813941 |
| &nbsp;&nbsp; California Statewide CDA Cedars-Sinai Medical Center Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 7-1-2025 | 500000 | &nbsp;&nbsp; 500000 |
| &nbsp;&nbsp; California Statewide CDA CommonSpirit Health Obligated Group <br> Series F (AG Insured)€<br>| 4.75 | &nbsp;&nbsp; 7-1-2040 | 1000000 | &nbsp;&nbsp; 1000000 |
| California Statewide CDA Emanate Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 4-1-2028 | 755000 | &nbsp;&nbsp; 797915 |
| California Statewide CDA Emanate Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 4-1-2029 | 795000 | &nbsp;&nbsp; 853632 |
| California Statewide CDA Hebrew Home for Aged Disabled | 5.00 | &nbsp;&nbsp; 11-1-2030 | 900000 | &nbsp;&nbsp; 926453 |
| California Statewide CDA HumanGood California Obligated Group | 5.00 | &nbsp;&nbsp; 10-1-2026 | 720000 | &nbsp;&nbsp; 722553 |
| California Statewide CDA HumanGood California Obligated Group | 5.00 | &nbsp;&nbsp; 10-1-2027 | 1000000 | &nbsp;&nbsp; 1003634 |
| California Statewide CDA HumanGood California Obligated Group | 5.00 | &nbsp;&nbsp; 10-1-2028 | 1125000 | &nbsp;&nbsp; 1128960 |
| &nbsp;&nbsp; California Statewide CDA Loma Linda University Medical Center <br> Obligated Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 12-1-2026 | 250000 | &nbsp;&nbsp; 254213 |
| &nbsp;&nbsp; California Statewide CDA Loma Linda University Medical Center <br> Obligated Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 12-1-2027 | 300000 | &nbsp;&nbsp; 308561 |
| &nbsp;&nbsp; California Statewide CDA Loma Linda University Medical Center <br> Obligated Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 12-1-2028 | 250000 | &nbsp;&nbsp; 256440 |
| California Statewide CDA Odd Fellows Home Series A | 5.00 | &nbsp;&nbsp; 4-1-2026 | 275000 | &nbsp;&nbsp; 279415 |
| Palomar Health Obligated Group COP | 5.00 | &nbsp;&nbsp; 11-1-2025 | 330000 | &nbsp;&nbsp; 328540 |
| Sierra View Local Health Care District | 4.00 | &nbsp;&nbsp; 7-1-2025 | 580000 | &nbsp;&nbsp; 580000 |
| Sierra View Local Health Care District | 5.00 | &nbsp;&nbsp; 7-1-2027 | 630000 | &nbsp;&nbsp; 651595 |
| Sierra View Local Health Care District | 5.00 | &nbsp;&nbsp; 7-1-2029 | 630000 | &nbsp;&nbsp; 668517 |
| Washington Township Health Care District Series A | 4.00 | &nbsp;&nbsp; 7-1-2033 | 275000 | &nbsp;&nbsp; 275634 |
| Washington Township Health Care District Series A | 5.00 | &nbsp;&nbsp; 7-1-2029 | 350000 | &nbsp;&nbsp; 371327 |
| Washington Township Health Care District Series A | 5.00 | &nbsp;&nbsp; 7-1-2030 | 300000 | &nbsp;&nbsp; 321519 |
| Washington Township Health Care District Series A | 5.00 | &nbsp;&nbsp; 7-1-2031 | 325000 | &nbsp;&nbsp; 346484 |
|  |  |  |  | &nbsp;&nbsp; **51193732** |
| **Housing revenue: 16.74%** |  |  |  |  |
| &nbsp;&nbsp; California Enterprise Development Authority Provident Group-SDSU <br> Properties LLC Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2029 | 200000 | &nbsp;&nbsp; 210373 |
| &nbsp;&nbsp; California Enterprise Development Authority Provident Group-SDSU <br> Properties LLC Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2030 | 325000 | &nbsp;&nbsp; 344111 |
| &nbsp;&nbsp; California Housing Finance Agency Del Sur Family Housing LP <br> Series Vøø<br>| 5.00 | &nbsp;&nbsp; 5-1-2054 | 500000 | &nbsp;&nbsp; 509655 |
| &nbsp;&nbsp; California Housing Finance Agency Found Middle LP Series L <br> (Goldman Sachs Bank USA LOC)144Aø<br>| 0.40 | &nbsp;&nbsp; 12-1-2027 | 2500000 | &nbsp;&nbsp; 2500000 |
| California Housing Finance Agency Class A Series 2 | 4.00 | &nbsp;&nbsp; 3-20-2033 | 4515349 | &nbsp;&nbsp; 4520183 |
| California Housing Finance Agency Class A Series 2021-1 | 3.50 | &nbsp;&nbsp; 11-20-2035 | 2802847 | &nbsp;&nbsp; 2615466 |
| California Housing Finance Agency Series A (FHA Insured) | 3.90 | &nbsp;&nbsp; 2-1-2033 | 500000 | &nbsp;&nbsp; 504669 |
| California Housing Finance Agency Series A (FHA Insured) | 3.95 | &nbsp;&nbsp; 8-1-2033 | 450000 | &nbsp;&nbsp; 454020 |
| California Housing Finance Agency Series A (FHA Insured) | 4.00 | &nbsp;&nbsp; 2-1-2034 | 565000 | &nbsp;&nbsp; 570895 |
| California Housing Finance Agency Series A (FHA Insured) | 4.05 | &nbsp;&nbsp; 8-1-2034 | 365000 | &nbsp;&nbsp; 368474 |
| California Housing Finance Agency Series A (FHA Insured) | 4.10 | &nbsp;&nbsp; 2-1-2035 | 620000 | &nbsp;&nbsp; 625053 |

---

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

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

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| California Housing Finance Agency Series A (FHA Insured) | 4.15<br> %<br>| &nbsp;&nbsp; 8-1-2035 | $350000 | &nbsp;&nbsp; $352863 |
| California Municipal Finance Authority CHF - Davis I LLC | 5.00 | &nbsp;&nbsp; 5-15-2027 | 2000000 | &nbsp;&nbsp; 2059445 |
| &nbsp;&nbsp; California Municipal Finance Authority CHF - Davis II LLC (BAM <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 5-15-2032 | 700000 | &nbsp;&nbsp; 721818 |
| &nbsp;&nbsp; California Municipal Finance Authority CHF - Davis II LLC (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 5-15-2029 | 400000 | &nbsp;&nbsp; 428579 |
| &nbsp;&nbsp; California Municipal Finance Authority CHF - Davis II LLC (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 5-15-2030 | 450000 | &nbsp;&nbsp; 488013 |
| &nbsp;&nbsp; California Municipal Finance Authority CHF - Davis II LLC (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 5-15-2031 | 400000 | &nbsp;&nbsp; 437915 |
| &nbsp;&nbsp; California Municipal Finance Authority Placer 712 LP Series A <br> (Department of Housing and Urban Development Insured)øø<br>| 3.20 | &nbsp;&nbsp; 9-1-2045 | 1250000 | &nbsp;&nbsp; 1244245 |
| &nbsp;&nbsp; California Municipal Finance Authority San Jose South 1st Street <br> Associates LP Series A-2øø<br>| 3.45 | &nbsp;&nbsp; 12-1-2029 | 4400000 | &nbsp;&nbsp; 4439865 |
| California Municipal Finance Authority Series A-1øø%% | 3.15 | &nbsp;&nbsp; 8-1-2059 | 1500000 | &nbsp;&nbsp; 1499942 |
| California Municipal Finance Authority Southwestern Law School | 4.00 | &nbsp;&nbsp; 11-1-2031 | 175000 | &nbsp;&nbsp; 176589 |
| California Municipal Finance Authority Southwestern Law School | 5.00 | &nbsp;&nbsp; 11-1-2026 | 275000 | &nbsp;&nbsp; 280416 |
| California Municipal Finance Authority Southwestern Law School | 5.00 | &nbsp;&nbsp; 11-1-2027 | 290000 | &nbsp;&nbsp; 300725 |
| California Municipal Finance Authority Southwestern Law School | 5.00 | &nbsp;&nbsp; 11-1-2028 | 200000 | &nbsp;&nbsp; 209890 |
| California Municipal Finance Authority Southwestern Law School | 5.00 | &nbsp;&nbsp; 11-1-2029 | 210000 | &nbsp;&nbsp; 222379 |
| California Municipal Finance Authority Southwestern Law School | 5.00 | &nbsp;&nbsp; 11-1-2030 | 220000 | &nbsp;&nbsp; 234501 |
| &nbsp;&nbsp; California Municipal Finance Authority Wildomar Family Housing LP <br> Series Bøø<br>| 3.05 | &nbsp;&nbsp; 12-1-2064 | 2300000 | &nbsp;&nbsp; 2297453 |
| &nbsp;&nbsp; California PFA P3 Irvine SL Holdings LLC Obligated Group <br> Series A144A<br>| 5.70 | &nbsp;&nbsp; 6-1-2034 | 750000 | &nbsp;&nbsp; 766672 |
| California Statewide CDA CHF - Irvine LLC | 5.00 | &nbsp;&nbsp; 5-15-2032 | 1250000 | &nbsp;&nbsp; 1262190 |
| California Statewide CDA CHF - Irvine LLC (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-15-2026 | 1605000 | &nbsp;&nbsp; 1632231 |
| California Statewide CDA CHF - Irvine LLC (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-15-2033 | 1000000 | &nbsp;&nbsp; 1079310 |
| &nbsp;&nbsp; California Statewide CDA Lancer Educational Housing LLC <br> Series A144A<br>| 3.00 | &nbsp;&nbsp; 6-1-2029 | 485000 | &nbsp;&nbsp; 462495 |
| Compton PFA144A | 4.00 | &nbsp;&nbsp; 9-1-2027 | 1250000 | &nbsp;&nbsp; 1249973 |
| El Centro Financing Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2026 | 140000 | &nbsp;&nbsp; 142539 |
| El Centro Financing Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2027 | 365000 | &nbsp;&nbsp; 372652 |
| El Centro Financing Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2028 | 255000 | &nbsp;&nbsp; 261847 |
| El Centro Financing Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2029 | 265000 | &nbsp;&nbsp; 273173 |
| El Centro Financing Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2030 | 275000 | &nbsp;&nbsp; 283728 |
| El Centro Financing Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2031 | 285000 | &nbsp;&nbsp; 293564 |
| FHLMC Multifamily VRD Certificates Series M-057 | 2.40 | &nbsp;&nbsp; 10-15-2029 | 5920000 | &nbsp;&nbsp; 5567648 |
| Lancaster Financing Authority Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-1-2032 | 820000 | &nbsp;&nbsp; 919673 |
| Lancaster Financing Authority Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-1-2033 | 500000 | &nbsp;&nbsp; 565171 |
| Lancaster Financing Authority Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-1-2034 | 500000 | &nbsp;&nbsp; 567027 |
| Lancaster Financing Authority Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-1-2035 | 530000 | &nbsp;&nbsp; 598781 |
| Los Angeles County Public Works Financing Authority Series D | 5.00 | &nbsp;&nbsp; 12-1-2027 | 1605000 | &nbsp;&nbsp; 1613160 |
| &nbsp;&nbsp; Sacramento County Housing Authority Series C (FNMA Insured, FNMA <br> LIQ)ø<br>| 1.40 | &nbsp;&nbsp; 7-15-2029 | 260000 | &nbsp;&nbsp; 260000 |
| &nbsp;&nbsp; San Diego Housing Authority, Inc. Bernardo Family Housing LP <br> Series Bøø<br>| 5.00 | &nbsp;&nbsp; 5-1-2057 | 1500000 | &nbsp;&nbsp; 1529020 |

---

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

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

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> BAML6010 (Bank of America N.A. LOC, Bank of America N.A. <br> LIQ)144Aø<br>| 1.94<br> %<br>| &nbsp;&nbsp; 12-18-2053 | $3500000 | &nbsp;&nbsp; $3500000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series BAML6044 <br> (Bank of America N.A. LOC, Bank of America N.A. LIQ)144Aø<br>| 4.10 | &nbsp;&nbsp; 2-1-2055 | 2625000 | &nbsp;&nbsp; 2625000 |
|  |  |  |  | &nbsp;&nbsp; **54443391** |
| **Industrial development revenue: 0.63%** |  |  |  |  |
| California Statewide CDA Southern California Edison Co. Series C | 4.50 | &nbsp;&nbsp; 11-1-2033 | 2000000 | &nbsp;&nbsp; **2044812** |
| **Miscellaneous revenue: 6.62%** |  |  |  |  |
| &nbsp;&nbsp; California Housing Finance Agency City & County of San Francisco <br> Series N<br>| 5.00 | &nbsp;&nbsp; 4-1-2029 | 630000 | &nbsp;&nbsp; 675612 |
| &nbsp;&nbsp; California Housing Finance Agency City & County of San Francisco <br> Series N<br>| 5.00 | &nbsp;&nbsp; 4-1-2031 | 730000 | &nbsp;&nbsp; 799263 |
| &nbsp;&nbsp; California Municipal Finance Authority San Bernardino Municipal <br> Water Department (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 8-1-2031 | 1455000 | &nbsp;&nbsp; 1486713 |
| California Statewide CDA Series 2021A | 4.00 | &nbsp;&nbsp; 9-2-2027 | 390000 | &nbsp;&nbsp; 391329 |
| California Statewide CDA Series 2021A | 4.00 | &nbsp;&nbsp; 9-2-2028 | 260000 | &nbsp;&nbsp; 261097 |
| City of Irvine Assessment District No. 21-1 | 4.00 | &nbsp;&nbsp; 9-2-2029 | 1220000 | &nbsp;&nbsp; 1269763 |
| City of Irvine Assessment District No. 21-1 (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-2-2033 | 270000 | &nbsp;&nbsp; 278204 |
| City of Irvine Reassessment District No. 25-1 (AG Insured) | 5.00 | &nbsp;&nbsp; 9-2-2031 | 400000 | &nbsp;&nbsp; 448737 |
| City of Irvine Reassessment District No. 25-1 (AG Insured) | 5.00 | &nbsp;&nbsp; 9-2-2032 | 500000 | &nbsp;&nbsp; 565369 |
| City of Los Angeles%% | 5.00 | &nbsp;&nbsp; 6-25-2026 | 3000000 | &nbsp;&nbsp; 3060480 |
| County of Santa Barbara Series B AMT COP | 5.00 | &nbsp;&nbsp; 12-1-2029 | 600000 | &nbsp;&nbsp; 635427 |
| &nbsp;&nbsp; Independent Cities Finance Authority City of Compton Sales Tax <br> Revenue (AG Insured)144A<br>| 4.00 | &nbsp;&nbsp; 6-1-2028 | 500000 | &nbsp;&nbsp; 510405 |
| &nbsp;&nbsp; Independent Cities Finance Authority City of Compton Sales Tax <br> Revenue (AG Insured)144A<br>| 4.00 | &nbsp;&nbsp; 6-1-2030 | 550000 | &nbsp;&nbsp; 564506 |
| Irvine Ranch Water District Water Service Corp. COP | 5.00 | &nbsp;&nbsp; 3-1-2030 | 2215000 | &nbsp;&nbsp; 2268454 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2029 | 485000 | &nbsp;&nbsp; 491384 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2030 | 505000 | &nbsp;&nbsp; 509437 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2031 | 525000 | &nbsp;&nbsp; 526913 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2032 | 550000 | &nbsp;&nbsp; 547214 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2033 | 570000 | &nbsp;&nbsp; 563990 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2034 | 595000 | &nbsp;&nbsp; 588481 |
| Mountain House PFA Community Services District Series A | 5.00 | &nbsp;&nbsp; 12-1-2029 | 520000 | &nbsp;&nbsp; 555969 |
| Mountain House PFA Community Services District Series A | 5.00 | &nbsp;&nbsp; 12-1-2030 | 710000 | &nbsp;&nbsp; 755999 |
| Mountain House PFA Community Services District Series A | 5.00 | &nbsp;&nbsp; 12-1-2031 | 745000 | &nbsp;&nbsp; 790069 |
| &nbsp;&nbsp; Southern California Public Power Authority Anaheim Electric System <br> Revenue Series Bøø<br>| 3.70 | &nbsp;&nbsp; 7-1-2040 | 3000000 | &nbsp;&nbsp; 2999300 |
|  |  |  |  | &nbsp;&nbsp; **21544115** |
| **Resource recovery revenue: 0.92%** |  |  |  |  |
| &nbsp;&nbsp; California Municipal Finance Authority Waste Management, Inc. <br> Series A AMTøø<br>| 3.95 | &nbsp;&nbsp; 11-1-2046 | 3000000 | &nbsp;&nbsp; **3000099** |

---

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

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

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue: 11.12%** |  |  |  |  |
| &nbsp;&nbsp; California Statewide CDA Community Facilities District No. 2015-01 <br> Area No. 2<br>| 5.00<br> %<br>| &nbsp;&nbsp; 9-1-2027 | $215000 | &nbsp;&nbsp; $219514 |
| &nbsp;&nbsp; Cathedral City Redevelopment Successor Agency Merged <br> Redevelopment Area Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2026 | 585000 | &nbsp;&nbsp; 597753 |
| &nbsp;&nbsp; Cathedral City Redevelopment Successor Agency Merged <br> Redevelopment Area Series B<br>| 5.00 | &nbsp;&nbsp; 8-1-2025 | 765000 | &nbsp;&nbsp; 766087 |
| &nbsp;&nbsp; Cathedral City Redevelopment Successor Agency Merged <br> Redevelopment Area Series B<br>| 5.00 | &nbsp;&nbsp; 8-1-2026 | 810000 | &nbsp;&nbsp; 827919 |
| &nbsp;&nbsp; Cathedral City Redevelopment Successor Agency Merged <br> Redevelopment Project Series C (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 8-1-2027 | 580000 | &nbsp;&nbsp; 591144 |
| &nbsp;&nbsp; Cathedral City Redevelopment Successor Agency Merged <br> Redevelopment Project Series C (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 8-1-2029 | 500000 | &nbsp;&nbsp; 514547 |
| &nbsp;&nbsp; Cathedral City Redevelopment Successor Agency Merged <br> Redevelopment Project Series C (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 8-1-2031 | 600000 | &nbsp;&nbsp; 615639 |
| &nbsp;&nbsp; City & County of San Francisco Community Facilities District No. <br> 2016-1 Area No. 1 Series 2021<br>| 4.00 | &nbsp;&nbsp; 9-1-2032 | 350000 | &nbsp;&nbsp; 349811 |
| &nbsp;&nbsp; City & County of San Francisco Community Facilities District No. <br> 2016-1 Area No. 1 Series 2021<br>| 4.00 | &nbsp;&nbsp; 9-1-2033 | 865000 | &nbsp;&nbsp; 857562 |
| &nbsp;&nbsp; City & County of San Francisco Community Facilities District No. <br> 2016-1 Area No. 1 Series 2021<br>| 4.00 | &nbsp;&nbsp; 9-1-2034 | 700000 | &nbsp;&nbsp; 687900 |
| &nbsp;&nbsp; City & County of San Francisco Community Facilities District No. <br> 2016-1 Area No. 2 Series A144A<br>| 4.00 | &nbsp;&nbsp; 9-1-2032 | 1005000 | &nbsp;&nbsp; 998272 |
| &nbsp;&nbsp; City & County of San Francisco Infrastructure & Revitalization <br> Financing District No. 1 Facilities Series A144A<br>| 5.00 | &nbsp;&nbsp; 9-1-2027 | 315000 | &nbsp;&nbsp; 327888 |
| City of Fontana Community Facilities District No. 90 | 3.00 | &nbsp;&nbsp; 9-1-2025 | 110000 | &nbsp;&nbsp; 109752 |
| City of Fontana Community Facilities District No. 90 | 4.00 | &nbsp;&nbsp; 9-1-2026 | 110000 | &nbsp;&nbsp; 110659 |
| City of Fontana Community Facilities District No. 90 | 4.00 | &nbsp;&nbsp; 9-1-2027 | 125000 | &nbsp;&nbsp; 126542 |
| City of Fontana Community Facilities District No. 90 | 4.00 | &nbsp;&nbsp; 9-1-2028 | 255000 | &nbsp;&nbsp; 259121 |
| City of Fontana Community Facilities District No. 90 | 4.00 | &nbsp;&nbsp; 9-1-2030 | 140000 | &nbsp;&nbsp; 142706 |
| City of Fontana Community Facilities District No. 90 | 4.00 | &nbsp;&nbsp; 9-1-2032 | 300000 | &nbsp;&nbsp; 303950 |
| City of Lincoln Community Facilities District No. 2003-1 | 5.00 | &nbsp;&nbsp; 9-1-2025 | 550000 | &nbsp;&nbsp; 551332 |
| &nbsp;&nbsp; City of Roseville Fiddyment Ranch Community Facilities District No. 1 <br> Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2029 | 1595000 | &nbsp;&nbsp; 1650224 |
| City of Sacramento Transient Occupancy Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 6-1-2027 | 575000 | &nbsp;&nbsp; 600042 |
| &nbsp;&nbsp; City of San Clemente Community Facilities District No. 2006-1 (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2032 | 635000 | &nbsp;&nbsp; 714088 |
| &nbsp;&nbsp; City of San Clemente Community Facilities District No. 2006-1 (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2033 | 650000 | &nbsp;&nbsp; 735583 |
| &nbsp;&nbsp; City of San Clemente Community Facilities District No. 2006-1 (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2034 | 600000 | &nbsp;&nbsp; 679476 |
| City of San Diego Community Facilities District No. 2 | 4.00 | &nbsp;&nbsp; 9-1-2030 | 435000 | &nbsp;&nbsp; 448101 |
| &nbsp;&nbsp; Hollister Redevelopment Successor Agency Community <br> Development Project (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 700000 | &nbsp;&nbsp; 701395 |
| Jurupa PFA (AG Insured) | 5.00 | &nbsp;&nbsp; 9-1-2033 | 1400000 | &nbsp;&nbsp; 1597793 |
| Jurupa PFA (AG Insured) | 5.00 | &nbsp;&nbsp; 9-1-2034 | 1300000 | &nbsp;&nbsp; 1484832 |
| &nbsp;&nbsp; Lake Elsinore Facilities Financing Authority Successor Agency <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2034 | 1650000 | &nbsp;&nbsp; 1872748 |
| &nbsp;&nbsp; Lancaster Redevelopment Successor Agency Combined <br> Redevelopment Project Areas (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 8-1-2029 | 400000 | &nbsp;&nbsp; 409708 |

---

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

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

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Mountain House Community Facilities District No. 2024-1 <br> Improvement Area No. 1<br>| 4.25<br> %<br>| &nbsp;&nbsp; 9-1-2035 | $400000 | &nbsp;&nbsp; $391653 |
| Oakdale Community Redevelopment Agency Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 6-1-2027 | 350000 | &nbsp;&nbsp; 363968 |
| Orange County Community Facilities District No. 2015-1 Series A | 5.00 | &nbsp;&nbsp; 8-15-2025 | 325000 | &nbsp;&nbsp; 325674 |
| &nbsp;&nbsp; Richmond County Redevelopment Successor Agency Series A (BAM <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 9-1-2027 | 1150000 | &nbsp;&nbsp; 1173365 |
| &nbsp;&nbsp; Richmond County Redevelopment Successor Agency Series A (BAM <br> Insured)<br>| 4.50 | &nbsp;&nbsp; 9-1-2025 | 160000 | &nbsp;&nbsp; 160197 |
| &nbsp;&nbsp; Richmond County Redevelopment Successor Agency Series A (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2025 | 150000 | &nbsp;&nbsp; 150252 |
| &nbsp;&nbsp; River Islands PFA Community Facilities District No. 2003-1 Area No. 1 <br> Series A-1 (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2026 | 130000 | &nbsp;&nbsp; 133147 |
| &nbsp;&nbsp; River Islands PFA Community Facilities District No. 2003-1 Area No. 1 <br> Series A-1 (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2027 | 225000 | &nbsp;&nbsp; 235110 |
| &nbsp;&nbsp; River Islands PFA Community Facilities District No. 2003-1 Area No. 1 <br> Series A-1 (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2028 | 200000 | &nbsp;&nbsp; 212435 |
| &nbsp;&nbsp; River Islands PFA Community Facilities District No. 2003-1 Area No. 1 <br> Series A-1 (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2029 | 200000 | &nbsp;&nbsp; 215297 |
| &nbsp;&nbsp; River Islands PFA Community Facilities District No. 2003-1 Area No. 1 <br> Series A-1 (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2030 | 325000 | &nbsp;&nbsp; 355430 |
| River Islands PFA Community Facilities District No. 2021-1 | 4.00 | &nbsp;&nbsp; 9-1-2030 | 200000 | &nbsp;&nbsp; 200499 |
| River Islands PFA Community Facilities District No. 2021-1 | 4.00 | &nbsp;&nbsp; 9-1-2031 | 500000 | &nbsp;&nbsp; 500776 |
| Roseville Finance Authority Series A | 5.00 | &nbsp;&nbsp; 9-1-2029 | 300000 | &nbsp;&nbsp; 315215 |
| San Francisco Bay Area Rapid Transit District Sales Tax Revenue | 2.25 | &nbsp;&nbsp; 7-1-2031 | 5205000 | &nbsp;&nbsp; 4808440 |
| &nbsp;&nbsp; Santa Clara Valley Transportation Authority Series A-1 (Sumitomo <br> Mitsui Banking Corp. LOC)ø<br>| 0.75 | &nbsp;&nbsp; 6-1-2055 | 2000000 | &nbsp;&nbsp; 2000000 |
| Temescal Valley Water District PFA (AG Insured) | 5.00 | &nbsp;&nbsp; 9-1-2033 | 550000 | &nbsp;&nbsp; 625811 |
| Temescal Valley Water District PFA (AG Insured) | 5.00 | &nbsp;&nbsp; 9-1-2034 | 500000 | &nbsp;&nbsp; 571756 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-XG0484 <br> (BAM Insured) (Royal Bank of Canada LIQ)144Aø<br>| 1.98 | &nbsp;&nbsp; 9-1-2049 | 700000 | &nbsp;&nbsp; 700000 |
| &nbsp;&nbsp; Tracy Community Facilities District No. 2016-01 Improvement Area <br> No. 1<br>| 4.00 | &nbsp;&nbsp; 9-1-2025 | 155000 | &nbsp;&nbsp; 155106 |
| &nbsp;&nbsp; Tracy Community Facilities District No. 2016-01 Improvement Area <br> No. 1<br>| 5.00 | &nbsp;&nbsp; 9-1-2028 | 425000 | &nbsp;&nbsp; 438909 |
| &nbsp;&nbsp; Transbay Joint Powers Authority Redevelopment Project Tax <br> Increment Revenue Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2029 | 500000 | &nbsp;&nbsp; 524966 |
| Tustin Community Facilities District No. 06-1 Series A | 5.00 | &nbsp;&nbsp; 9-1-2025 | 1000000 | &nbsp;&nbsp; 1003425 |
| Yuba City Redevelopment Agency (AG Insured) | 5.00 | &nbsp;&nbsp; 9-1-2025 | 750000 | &nbsp;&nbsp; 752052 |
|  |  |  |  | &nbsp;&nbsp; **36165571** |
| **Tobacco revenue: 0.94%** |  |  |  |  |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Los Angeles County <br> Securitization Corp. Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2030 | 450000 | &nbsp;&nbsp; 471473 |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Los Angeles County <br> Securitization Corp. Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2031 | 550000 | &nbsp;&nbsp; 575257 |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Los Angeles County <br> Securitization Corp. Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2032 | 300000 | &nbsp;&nbsp; 312416 |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Sonoma County <br> Securitization Corp. Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2029 | 950000 | &nbsp;&nbsp; 991845 |

---

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

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

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tobacco revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Sonoma County <br> Securitization Corp. Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 6-1-2030 | $200000 | &nbsp;&nbsp; $210329 |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Sonoma County <br> Securitization Corp. Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2031 | 225000 | &nbsp;&nbsp; 237399 |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Sonoma County <br> Securitization Corp. Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2032 | 250000 | &nbsp;&nbsp; 262629 |
|  |  |  |  | &nbsp;&nbsp; **3061348** |
| **Transportation revenue: 0.73%** |  |  |  |  |
| Bay Area Toll Authority Series E (SIFMA Municipal Swap+0.41%)± | 2.33 | &nbsp;&nbsp; 4-1-2056 | 1500000 | &nbsp;&nbsp; 1446636 |
| San Joaquin Hills Transportation Corridor Agency Series A | 5.00 | &nbsp;&nbsp; 1-15-2030 | 865000 | &nbsp;&nbsp; 935525 |
|  |  |  |  | &nbsp;&nbsp; **2382161** |
| **Utilities revenue: 16.02%** |  |  |  |  |
| &nbsp;&nbsp; California Community Choice Financing Authority Clean Energy <br> Project Series Aøø##<br>| 4.00 | &nbsp;&nbsp; 10-1-2052 | 11650000 | &nbsp;&nbsp; 11683373 |
| California Community Choice Financing Authority Series 2024Høø | 5.00 | &nbsp;&nbsp; 1-1-2056 | 2000000 | &nbsp;&nbsp; 2144022 |
| California Community Choice Financing Authority Series A-1 | 4.00 | &nbsp;&nbsp; 2-1-2027 | 2290000 | &nbsp;&nbsp; 2314485 |
| California Community Choice Financing Authority Series A-1 | 4.00 | &nbsp;&nbsp; 2-1-2028 | 2810000 | &nbsp;&nbsp; 2852581 |
| California Community Choice Financing Authority Series A-1øø | 5.00 | &nbsp;&nbsp; 12-1-2053 | 6000000 | &nbsp;&nbsp; 6267065 |
| &nbsp;&nbsp; California Community Choice Financing Authority Series B-2 (SIFMA <br> Municipal Swap+0.45%)±<br>| 2.37 | &nbsp;&nbsp; 2-1-2052 | 7000000 | &nbsp;&nbsp; 6573974 |
| California Community Choice Financing Authority Series Cøø | 5.25 | &nbsp;&nbsp; 1-1-2054 | 6000000 | &nbsp;&nbsp; 6287530 |
| California Community Choice Financing Authority Series Føø | 5.50 | &nbsp;&nbsp; 10-1-2054 | 4970000 | &nbsp;&nbsp; 5328805 |
| California Statewide CDA Southern California Edison Co. Series A | 1.75 | &nbsp;&nbsp; 9-1-2029 | 1500000 | &nbsp;&nbsp; 1353534 |
| City of Vernon Electric System Revenue Series 2022-A | 5.00 | &nbsp;&nbsp; 8-1-2026 | 600000 | &nbsp;&nbsp; 611488 |
| Los Angeles Department of Water & Power System Revenue Series A | 5.00 | &nbsp;&nbsp; 7-1-2028 | 1000000 | &nbsp;&nbsp; 1043076 |
| Los Angeles Department of Water & Power System Revenue Series B | 5.00 | &nbsp;&nbsp; 7-1-2030 | 4000000 | &nbsp;&nbsp; 4310445 |
| Southern California Public Power Authority Magnolia Power Project | 5.00 | &nbsp;&nbsp; 7-1-2033 | 1230000 | &nbsp;&nbsp; 1315172 |
|  |  |  |  | &nbsp;&nbsp; **52085550** |
| **Water & sewer revenue: 3.30%** |  |  |  |  |
| &nbsp;&nbsp; Anaheim Housing & Public Improvements Authority Water System <br> Revenue Series A (Bank of America N.A. LOC)ø<br>| 3.20 | &nbsp;&nbsp; 10-1-2054 | 1000000 | &nbsp;&nbsp; 1000000 |
| California PCFA Channelside Water Resources LP AMT144A | 5.00 | &nbsp;&nbsp; 7-1-2031 | 2885000 | &nbsp;&nbsp; 3035028 |
| Lower Tule River Irrigation District Series A | 5.00 | &nbsp;&nbsp; 8-1-2027 | 680000 | &nbsp;&nbsp; 707634 |
| Lower Tule River Irrigation District Series A | 5.00 | &nbsp;&nbsp; 8-1-2031 | 700000 | &nbsp;&nbsp; 761543 |
| Middle Fork Project Finance Authority | 5.00 | &nbsp;&nbsp; 4-1-2029 | 3525000 | &nbsp;&nbsp; 3696752 |
| &nbsp;&nbsp; San Diego Public Facilities Financing Authority Water Utility Revenue <br> Series B<br>| 5.00 | &nbsp;&nbsp; 8-1-2030 | 1500000 | &nbsp;&nbsp; 1526312 |
|  |  |  |  | &nbsp;&nbsp; **10727269** |
|  |  |  |  | &nbsp;&nbsp; **314149583** |
| **Guam: 1.32%** |  |  |  |  |
| **Utilities revenue: 0.54%** |  |  |  |  |
| Guam Power Authority Series A | 5.00 | &nbsp;&nbsp; 10-1-2031 | 750000 | &nbsp;&nbsp; 813124 |
| Guam Power Authority Series A | 5.00 | &nbsp;&nbsp; 10-1-2032 | 850000 | &nbsp;&nbsp; 925961 |
|  |  |  |  | &nbsp;&nbsp; **1739085** |

---

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

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

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Water & sewer revenue: 0.78%** |  |  |  |  |
| &nbsp;&nbsp; Guam Government Waterworks Authority Water & Wastewater <br> System Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2025 | $350000 | &nbsp;&nbsp; $350000 |
| &nbsp;&nbsp; Guam Government Waterworks Authority Water & Wastewater <br> System Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 350000 | &nbsp;&nbsp; 354603 |
| &nbsp;&nbsp; Guam Government Waterworks Authority Water & Wastewater <br> System Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 300000 | &nbsp;&nbsp; 308119 |
| &nbsp;&nbsp; Guam Government Waterworks Authority Water & Wastewater <br> System Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 500000 | &nbsp;&nbsp; 506576 |
| &nbsp;&nbsp; Guam Government Waterworks Authority Water & Wastewater <br> System Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 1000000 | &nbsp;&nbsp; 1027064 |
|  |  |  |  | &nbsp;&nbsp; **2546362** |
|  |  |  |  | &nbsp;&nbsp; **4285447** |
| **Illinois: 0.20%** |  |  |  |  |
| **Housing revenue: 0.20%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series B<br>| 5.00 | &nbsp;&nbsp; 12-15-2025 | 650000 | &nbsp;&nbsp; **654674** |
| **New York: 1.70%** |  |  |  |  |
| **Airport revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series A AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2032 | 400000 | &nbsp;&nbsp; **421020** |
| **Industrial development revenue: 1.57%** |  |  |  |  |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2029 | 5000000 | &nbsp;&nbsp; **5117519** |
|  |  |  |  | &nbsp;&nbsp; **5538539** |
| **Texas: 0.75%** |  |  |  |  |
| **Industrial development revenue: 0.75%** |  |  |  |  |
| City of Houston Airport System Revenue United Airlines, Inc. AMT | 5.00 | &nbsp;&nbsp; 7-1-2029 | 2460000 | &nbsp;&nbsp; **2460103** |
| **Total municipal obligations (Cost $332,221,006)** |  |  |  | &nbsp;&nbsp; **327088346** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 1.02%** |  |  |  |  |
| **Investment companies: 1.02%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞## |  | 4.26 | 3306068 | &nbsp;&nbsp; **3306068** |
| **Total short-term investments (Cost $3,306,068)** |  |  |  | &nbsp;&nbsp; **3306068** |
| **Total investments in securities (Cost $335,527,074)** | 101.58<br> %<br>|  |  | &nbsp;&nbsp; 330394414 |
| Other assets and liabilities, net | (1.58)<br>|  |  | &nbsp;&nbsp; (5146772)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$325247642** |

---

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

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

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

------

Portfolio of investments—June 30, 2025

---

| | |
|:---|:---|
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| 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>|
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| %% | The security is purchased on a when-issued basis. |
| € | The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the <br> rate in effect at period end.<br>|
| ## | All or a portion of this security is segregated as collateral for when-issued securities. |
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |

---

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

---

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

---

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $1742271 | $52111101 | $(50547304)<br>| $0 | $0 | $3306068 | 3306068 | $39533 |

---

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

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

------

Statement of assets and liabilities—June 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $332,221,006) | $327088346 |
| Investments in affiliated securities, at value (cost $3,306,068) | 3306068 |
| Cash | 2103475 |
| Receivable for interest | 2921841 |
| Receivable for investments sold | 885000 |
| Receivable for Fund shares sold | 344092 |
| Prepaid expenses and other assets | 38275 |
| **Total assets** | **336687097** |
| Liabilities |  |
| Payable for when-issued transactions | 8807240 |
| Cash due to broker | 2006655 |
| Payable for Fund shares redeemed | 343548 |
| Dividends payable | 121255 |
| Management fee payable | 84567 |
| Administration fees payable | 24463 |
| Shareholder servicing fees payable | 18770 |
| Trustees' fees and expenses payable | 3399 |
| Distribution fee payable | 176 |
| Accrued expenses and other liabilities | 29382 |
| **Total liabilities** | **11439455** |
| **Total net assets**  | **$325247642** |
| Net assets consist of |  |
| Paid-in capital | $348197747 |
| Total distributable loss | (22950105)<br>|
| **Total net assets** | **$325247642** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $47025100 |
| Shares outstanding–Class A<sup>1</sup> <br>| 4623626 |
| Net asset value per share–Class A | $10.17 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $10.38 |
| Net assets–Class C | $276008 |
| Shares outstanding–Class C<sup>1</sup> <br>| 27145 |
| Net asset value per share–Class C | $10.17 |
| Net assets–Administrator Class | $48204687 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 4812965 |
| Net asset value per share–Administrator Class | $10.02 |
| Net assets–Institutional Class | $229741847 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 22944023 |
| Net asset value per share–Institutional Class | $10.01 |

---

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

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

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

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

------

Statement of operations—year ended June 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $9102924 |
| Income from affiliated securities | 39533 |
| **Total investment income** | **9142457** |
| Expenses |  |
| Management fee | 1217181 |
| Administration fees |  |
| Class A | 69902 |
| Class C | 664 |
| Administrator Class | 42560 |
| Institutional Class | 171753 |
| Shareholder servicing fees |  |
| Class A | 116417 |
| Class C | 1094 |
| Administrator Class | 106180 |
| Distribution fee |  |
| Class C | 3282 |
| Custody and accounting fees | 12237 |
| Professional fees | 57651 |
| Registration fees | 73139 |
| Shareholder report expenses | 25317 |
| Trustees' fees and expenses | 14394 |
| Other fees and expenses | 22948 |
| **Total expenses** | **1934719** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (147045)<br>|
| Class A | (8414)<br>|
| Class C | (20)<br>|
| Administrator Class | (71116)<br>|
| **Net expenses** | **1708124** |
| **Net investment income** | **7434333** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized losses on investments** | **(332517)**<br>|
| **Net change in unrealized gains (losses) on investments** | **3818719** |
| **Net realized and unrealized gains (losses) on investments** | **3486202** |
| **Net increase in net assets resulting from operations** | **$10920535** |

---

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

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

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2024 | Year ended<br> June 30, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $7434333 |  | &nbsp;&nbsp; $8530901 |
| Net realized losses on investments |  | &nbsp;&nbsp; (332517)<br>|  | &nbsp;&nbsp; (880245)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 3818719 |  | &nbsp;&nbsp; 3454837 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **10920535** |  | &nbsp;&nbsp; **11105493** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (1022598)<br>|  | &nbsp;&nbsp; (1401814)<br>|
| Class C |  | &nbsp;&nbsp; (6344)<br>|  | &nbsp;&nbsp; (23600)<br>|
| Administrator Class |  | &nbsp;&nbsp; (1019674)<br>|  | &nbsp;&nbsp; (1373235)<br>|
| Institutional Class |  | &nbsp;&nbsp; (5357977)<br>|  | &nbsp;&nbsp; (6438498)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(7406593)**<br>|  | &nbsp;&nbsp; **(9237147)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 630617 | &nbsp;&nbsp; 6381028 | &nbsp;&nbsp; 760505 | &nbsp;&nbsp; 7649730 |
| Class C | 7561 | &nbsp;&nbsp; 76801 | &nbsp;&nbsp; 4705 | &nbsp;&nbsp; 47680 |
| Administrator Class | 1204552 | &nbsp;&nbsp; 11974118 | &nbsp;&nbsp; 506645 | &nbsp;&nbsp; 4937754 |
| Institutional Class | 9810237 | &nbsp;&nbsp; 97846317 | &nbsp;&nbsp; 10379808 | &nbsp;&nbsp; 101785040 |
|  |  | &nbsp;&nbsp; 116278264 |  | &nbsp;&nbsp; 114420204 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 91458 | &nbsp;&nbsp; 928777 | &nbsp;&nbsp; 132437 | &nbsp;&nbsp; 1325535 |
| Class C | 622 | &nbsp;&nbsp; 6321 | &nbsp;&nbsp; 2327 | &nbsp;&nbsp; 23286 |
| Administrator Class | 101892 | &nbsp;&nbsp; 1019060 | &nbsp;&nbsp; 140155 | &nbsp;&nbsp; 1373235 |
| Institutional Class | 396713 | &nbsp;&nbsp; 3966968 | &nbsp;&nbsp; 438193 | &nbsp;&nbsp; 4322655 |
|  |  | &nbsp;&nbsp; 5921126 |  | &nbsp;&nbsp; 7044711 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (955420)<br>| &nbsp;&nbsp; (9688774)<br>| &nbsp;&nbsp; (3757205)<br>| &nbsp;&nbsp; (37668029)<br>|
| Class C | (52461)<br>| &nbsp;&nbsp; (532611)<br>| &nbsp;&nbsp; (137272)<br>| &nbsp;&nbsp; (1374815)<br>|
| Administrator Class | (1155524)<br>| &nbsp;&nbsp; (11527313)<br>| &nbsp;&nbsp; (2888243)<br>| &nbsp;&nbsp; (28111118)<br>|
| Institutional Class | (10038166)<br>| &nbsp;&nbsp; (100192582)<br>| &nbsp;&nbsp; (13574125)<br>| &nbsp;&nbsp; (133509579)<br>|
|  |  | &nbsp;&nbsp; (121941280)<br>|  | &nbsp;&nbsp; (200663541)<br>|
| **Net increase (decrease) in net assets resulting from capital share** <br> **transactions**<br>|  | &nbsp;&nbsp; **258110** |  | &nbsp;&nbsp; **(79198626)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **3772052** |  | &nbsp;&nbsp; **(77330280)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **321475590** |  | &nbsp;&nbsp; **398805870** |
| **End of period** |  | &nbsp;&nbsp; **$325247642** |  | &nbsp;&nbsp; **$321475590** |

---

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

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

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

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

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.06** | &nbsp;&nbsp; **$10.00** | &nbsp;&nbsp; **$10.03** | &nbsp;&nbsp; **$10.76** | &nbsp;&nbsp; **$10.71** |
| Net investment income | 0.15 <br><sup>1</sup><br>| 0.14 <br><sup>1</sup><br>| 0.11 <br><sup>1</sup><br>| 0.07 <br><sup>1</sup><br>| 0.08 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.11 | 0.08 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.73)<br>| 0.05 |
| Total from investment operations | 0.26 | 0.22 | 0.09 | &nbsp;&nbsp; (0.66)<br>| 0.13 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.15)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.08)<br>|
| **Net asset value, end of period** | **$10.17** | &nbsp;&nbsp; **$10.06** | &nbsp;&nbsp; **$10.00** | &nbsp;&nbsp; **$10.03** | &nbsp;&nbsp; **$10.76** |
| **Total return**<sup>2</sup> <br>| **2.56%**<br>| **2.24%**<br>| **0.87%**<br>| &nbsp;&nbsp; **(6.13)%**<br>| **1.23%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.60<br> %<br>| 1.61<br> %<br>| 1.60<br> %<br>| 1.59<br> %<br>| 1.59<br> %<br>|
| Net expenses | 1.55<br> %<br>| 1.55<br> %<br>| 1.55<br> %<br>| 1.55<br> %<br>| 1.55<br> %<br>|
| Net investment income | 1.43<br> %<br>| 1.39<br> %<br>| 1.14<br> %<br>| 0.68<br> %<br>| 0.75<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 31<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 18<br> %<br>|
| Net assets, end of period (000s omitted) | $276 | &nbsp;&nbsp; $719 | &nbsp;&nbsp; $2018 | &nbsp;&nbsp; $3751 | &nbsp;&nbsp; $5464 |

---

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

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

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

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

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.91** | &nbsp;&nbsp; **$9.85** | &nbsp;&nbsp; **$9.88** | &nbsp;&nbsp; **$10.60** | &nbsp;&nbsp; **$10.55** |
| Net investment income | 0.24 <br><sup>1</sup><br>| 0.23 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.17 <br><sup>1</sup><br>| 0.18 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.11 | 0.08 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.72)<br>| 0.05 |
| Total from investment operations | 0.35 | 0.31 | 0.18 | &nbsp;&nbsp; (0.55)<br>| 0.23 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.24)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.18)<br>|
| **Net asset value, end of period** | **$10.02** | &nbsp;&nbsp; **$9.91** | &nbsp;&nbsp; **$9.85** | &nbsp;&nbsp; **$9.88** | &nbsp;&nbsp; **$10.60** |
| **Total return**<sup>2</sup> <br>| **3.56%**<br>| **3.22%**<br>| **1.83%**<br>| &nbsp;&nbsp; **(5.24)%**<br>| **2.21%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.82<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>|
| Net expenses | 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income | 2.41<br> %<br>| 2.35<br> %<br>| 2.15<br> %<br>| 1.65<br> %<br>| 1.71<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 31<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 18<br> %<br>|
| Net assets, end of period (000s omitted) | $48205 | &nbsp;&nbsp; $46205 | &nbsp;&nbsp; $68023 | &nbsp;&nbsp; $31947 | &nbsp;&nbsp; $32294 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

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

------

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring California Limited-Term Tax-Free Fund \| 19

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

When-issued transactions

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

Security transactions and income recognition

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

------

Notes to financial statements

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 June 30, 2025, the aggregate cost of all investments for federal income tax purposes was $335,323,627 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $1860360 |
| Gross unrealized losses | &nbsp;&nbsp; (6789573)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(4929213)**<br>|

---

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

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Municipal obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $327088346 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $327088346 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 3306068 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3306068 |
| **Total assets** | &nbsp;&nbsp; **$3306068** | &nbsp;&nbsp;&nbsp; **$327088346** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$330394414** |

---

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

At June 30, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

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

------

Notes to financial statements

Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.400<br> %<br>|
| Next $500 million | 0.375 |
| Next $2 billion | 0.350 |
| Next $2 billion | 0.325 |
| Next $5 billion | 0.290 |
| Over $10 billion | 0.280 |

---

For the year ended June 30, 2025, the management fee was equivalent to an annual rate of 0.40% of the Fund's average daily net assets.

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

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.15<br> %<br>|
| Class C | 0.15 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through October 31, 2025 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 June 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.80<br> %<br>|
| Class C | 1.55 |
| Administrator Class | 0.60 |
| Institutional Class | 0.50 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended June 30, 2025, Allspring Funds Distributor received $66 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended June 30, 2025.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

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

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Notes to financial statements

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $37,549,518, $34,420,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the year ended June 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2025 were $90,856,395 and $93,850,824, respectively.

6. BANK BORROWINGS

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

For the year ended June 30, 2025, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 |
|  | 2025 | 2024 |
| **Tax-exempt income** | $7406593 | $9237147 |

---

As of June 30, 2025, the components of distributable loss on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>tax-exempt <br>income<br>| Unrealized <br>losses<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $122472 | &nbsp;&nbsp; $(4929213)<br>| &nbsp;&nbsp;&nbsp; $(18022109)<br>|

---

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

11. CLASS CONVERSION

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025.

Allspring California Limited-Term Tax-Free Fund \| 23

------

Notes to financial statements

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

12. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. 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 revenue 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.

13. SUBSEQUENT EVENT

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

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

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements* 

We have audited the accompanying statement of assets and liabilities of Allspring California Limited-Term Tax-Free Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of June 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion* 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g97024img84fb7c392.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

August 22, 2025

Allspring California Limited-Term Tax-Free Fund \| 25

------

Other information (unaudited)

Other information

Tax information

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended June 30, 2025.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

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

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring California Limited-Term Tax-Free Fund \| 27

------

Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring California Limited-Term Tax-Free Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

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

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Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one-, three-, and ten-year periods under review, and in range of the average investment performance of the Universe for the five-year period under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Bloomberg Municipal Bond 1-5 Year Blend Index, for the one-year period under review, in range of the investment performance of its benchmark index for the three- and ten-year periods under review, and lower for the five-year period under review.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups for each share class.

It was noted that the Board had approved a proposal to convert Administrator Class shares into Institutional Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of the average rates for the expense Groups for Class A and Administrator Class, and lower than the sum of the average rates for the expense Group for Institutional Class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Allspring California Limited-Term Tax-Free Fund \| 29

------

Other information (unaudited)

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

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

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![](g97024img45e25d331.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**

![](g97024img23dcdf713.gif)

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

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

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

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR0033 06-25**

------

![](g97024imgd4a718d01.jpg)

Allspring California Tax-Free Fund

Long Form Financial Statements

Annual Report

June 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_9d5375fb-2f9d-4e19-9544-d6de3f4c6593_POI-PageBlank-48_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_9d5375fb-2f9d-4e19-9544-d6de3f4c6593_FS-PageBlank-48_1)** |  |
| [Statement of assets and liabilities](#xx_9d5375fb-2f9d-4e19-9544-d6de3f4c6593_FS-PageBlank-48_1) | 12 |
| [Statement of operations](#xx_9d5375fb-2f9d-4e19-9544-d6de3f4c6593_FS-PageBlank-48_2) | 13 |
| [Statement of changes in net assets](#xx_9d5375fb-2f9d-4e19-9544-d6de3f4c6593_FS-PageBlank-48_3) | 14 |
| [Financial highlights](#xx_9d5375fb-2f9d-4e19-9544-d6de3f4c6593_FIHI-PageBlank-48_1) | 15 |
| **[Notes to financial statements](#xx_9d5375fb-2f9d-4e19-9544-d6de3f4c6593_NTF-PageBlank-48_1)** | 19 |
| **[Report of independent registered public accounting firm](#xx_9d5375fb-2f9d-4e19-9544-d6de3f4c6593_AUD-PageBlank-48_1)** | 24 |
| **[Other information](#xx_9d5375fb-2f9d-4e19-9544-d6de3f4c6593_OI-PageBlank-48_1)** | 25 |
| [Item 8. Changes in and disagreements with accountants](#xx_9d5375fb-2f9d-4e19-9544-d6de3f4c6593_OI-PageBlank-48_2) | 26 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_9d5375fb-2f9d-4e19-9544-d6de3f4c6593_OI-PageBlank-48_2) | 26 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_9d5375fb-2f9d-4e19-9544-d6de3f4c6593_OI-PageBlank-48_2) | 26 |
| [Item 11. Statement regarding basis for board](#xx_9d5375fb-2f9d-4e19-9544-d6de3f4c6593_OI-PageBlank-48_3)['](#xx_9d5375fb-2f9d-4e19-9544-d6de3f4c6593_OI-PageBlank-48_3)[s approval of investment](#xx_9d5375fb-2f9d-4e19-9544-d6de3f4c6593_OI-PageBlank-48_3)<br> [advisory contract](#xx_9d5375fb-2f9d-4e19-9544-d6de3f4c6593_OI-PageBlank-48_3)<br>| 27 |

---

Allspring California Tax-Free Fund \| 1

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Portfolio of investments—June 30, 2025

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Municipal obligations: 98.11%** |  |  |  |  |
| **California: 96.67%** |  |  |  |  |
| **Airport revenue: 8.93%** |  |  |  |  |
| &nbsp;&nbsp; Alameda Corridor Transportation Authority Series C CAB (AG <br> Insured)¤<br>| 0.00<br> %<br>| &nbsp;&nbsp; 10-1-2053 | $3825000 | &nbsp;&nbsp; $910423 |
| &nbsp;&nbsp; Burbank-Glendale-Pasadena Airport Authority Brick Campaign <br> Series B AMT<br>| 5.25 | &nbsp;&nbsp; 7-1-2054 | 5260000 | &nbsp;&nbsp; 5328065 |
| &nbsp;&nbsp; California Municipal Finance Authority LAX Integrated Express <br> Solutions LLC Series A-P3 AMT<br>| 5.00 | &nbsp;&nbsp; 12-31-2043 | 5730000 | &nbsp;&nbsp; 5592072 |
| City of Los Angeles Department of Airports Series A AMT | 5.00 | &nbsp;&nbsp; 5-15-2047 | 5000000 | &nbsp;&nbsp; 4908127 |
| County of Sacramento Airport System Revenue Series C AMT | 5.00 | &nbsp;&nbsp; 7-1-2038 | 3000000 | &nbsp;&nbsp; 3031056 |
| Norman Y Mineta San Jose International Airport SJC Series A AMT | 5.00 | &nbsp;&nbsp; 3-1-2047 | 4000000 | &nbsp;&nbsp; 3926837 |
| Norman Y Mineta San Jose International Airport SJC Series B | 5.00 | &nbsp;&nbsp; 3-1-2042 | 1750000 | &nbsp;&nbsp; 1763640 |
| San Diego County Regional Airport Authority Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2056 | 6040000 | &nbsp;&nbsp; 5927817 |
| &nbsp;&nbsp; San Francisco City & County Airport Commission San Francisco <br> International Airport Series A AMT<br>| 4.00 | &nbsp;&nbsp; 5-1-2052 | 3500000 | &nbsp;&nbsp; 2885480 |
| &nbsp;&nbsp; San Francisco City & County Airport Commission San Francisco <br> International Airport Series A AMT<br>| 5.00 | &nbsp;&nbsp; 5-1-2047 | 7715000 | &nbsp;&nbsp; 7633186 |
| &nbsp;&nbsp; San Francisco City & County Airport Commission San Francisco <br> International Airport Series A AMT<br>| 5.00 | &nbsp;&nbsp; 5-1-2049 | 5000000 | &nbsp;&nbsp; 4939965 |
| &nbsp;&nbsp; San Francisco City & County Airport Commission San Francisco <br> International Airport Series A AMT<br>| 5.25 | &nbsp;&nbsp; 5-1-2049 | 2000000 | &nbsp;&nbsp; 2018567 |
| &nbsp;&nbsp; San Francisco City & County Airport Commission San Francisco <br> International Airport Series B (Barclays Bank plc LOC)ø<br>| 0.50 | &nbsp;&nbsp; 5-1-2058 | 500000 | &nbsp;&nbsp; 500000 |
|  |  |  |  | &nbsp;&nbsp; **49365235** |
| **Education revenue: 9.73%** |  |  |  |  |
| &nbsp;&nbsp; California Educational Facilities Authority Loma Linda University <br> Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2042 | 2645000 | &nbsp;&nbsp; 2649825 |
| &nbsp;&nbsp; California Infrastructure & Economic Development Bank Equitable <br> School Revolving Fund LLC Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 11-1-2054 | 1250000 | &nbsp;&nbsp; 1218161 |
| &nbsp;&nbsp; California Municipal Finance Authority Baptist University <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 11-1-2025 | 240000 | &nbsp;&nbsp; 240150 |
| California Municipal Finance Authority Biola University, Inc. | 5.00 | &nbsp;&nbsp; 10-1-2035 | 600000 | &nbsp;&nbsp; 611606 |
| California Municipal Finance Authority Institute of the Arts | 4.00 | &nbsp;&nbsp; 10-1-2046 | 1930000 | &nbsp;&nbsp; 1617762 |
| California Municipal Finance Authority Institute of the Arts | 4.00 | &nbsp;&nbsp; 10-1-2051 | 1150000 | &nbsp;&nbsp; 917430 |
| &nbsp;&nbsp; California Municipal Finance Authority Literacy First Charter School <br> Issuer LLC Series A<br>| 5.00 | &nbsp;&nbsp; 12-1-2039 | 1390000 | &nbsp;&nbsp; 1409506 |
| &nbsp;&nbsp; California Municipal Finance Authority Literacy First Charter School <br> Issuer LLC Series A<br>| 5.00 | &nbsp;&nbsp; 12-1-2049 | 750000 | &nbsp;&nbsp; 729660 |
| California Municipal Finance Authority Samuel Merritt University | 5.25 | &nbsp;&nbsp; 6-1-2053 | 9500000 | &nbsp;&nbsp; 9813904 |
| &nbsp;&nbsp; California Municipal Finance Authority STREAM Charter School <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-15-2041 | 925000 | &nbsp;&nbsp; 842805 |
| &nbsp;&nbsp; California Municipal Finance Authority STREAM Charter School <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-15-2051 | 1390000 | &nbsp;&nbsp; 1181285 |
| &nbsp;&nbsp; California Municipal Finance Authority University of the Pacific <br> Series A<br>| 4.00 | &nbsp;&nbsp; 11-1-2042 | 1600000 | &nbsp;&nbsp; 1494104 |
| &nbsp;&nbsp; California School Finance Authority Alliance for College Ready Public <br> Schools Obligated Group144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2049 | 1000000 | &nbsp;&nbsp; 988020 |

---

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

2 \| Allspring California Tax-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; California School Finance Authority Aspire Public Schools Obligated <br> Group Series A144A<br>| 4.00<br> %<br>| &nbsp;&nbsp; 8-1-2051 | $775000 | &nbsp;&nbsp; $614198 |
| &nbsp;&nbsp; California School Finance Authority Aspire Public Schools Obligated <br> Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 8-1-2050 | 3540000 | &nbsp;&nbsp; 3281654 |
| &nbsp;&nbsp; California School Finance Authority Bright Star Schools Obligated <br> Group144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2047 | 1000000 | &nbsp;&nbsp; 900897 |
| &nbsp;&nbsp; California School Finance Authority Bright Star Schools Obligated <br> Group144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2054 | 1000000 | &nbsp;&nbsp; 873540 |
| &nbsp;&nbsp; California School Finance Authority Girls Athletic Leadership Schools <br> Los Angeles Series A144A<br>| 4.00 | &nbsp;&nbsp; 6-1-2051 | 905000 | &nbsp;&nbsp; 637570 |
| &nbsp;&nbsp; California School Finance Authority Green Dot Public Schools <br> Obligated Group Series A144A<br>| 4.00 | &nbsp;&nbsp; 8-1-2025 | 225000 | &nbsp;&nbsp; 224937 |
| &nbsp;&nbsp; California School Finance Authority Green Dot Public Schools <br> Obligated Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 8-1-2035 | 2525000 | &nbsp;&nbsp; 2525986 |
| &nbsp;&nbsp; California School Finance Authority Kipp SoCal Public Schools <br> Obligated Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2035 | 1000000 | &nbsp;&nbsp; 1000467 |
| &nbsp;&nbsp; California School Finance Authority Kipp SoCal Public Schools <br> Obligated Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2049 | 1000000 | &nbsp;&nbsp; 953394 |
| &nbsp;&nbsp; California School Finance Authority Lifeline Education Charter <br> School, Inc. Series A144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2045 | 800000 | &nbsp;&nbsp; 750136 |
| &nbsp;&nbsp; California School Finance Authority Magnolia Public Schools <br> Obligated Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2045 | 1700000 | &nbsp;&nbsp; 1635268 |
| &nbsp;&nbsp; California School Finance Authority Rex & Margaret Fortune School of <br> Education Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2044 | 2000000 | &nbsp;&nbsp; 1858010 |
| &nbsp;&nbsp; California School Finance Authority Rocketship Education Obligated <br> Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2036 | 945000 | &nbsp;&nbsp; 941878 |
| &nbsp;&nbsp; California School Finance Authority Rocketship Education Obligated <br> Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2046 | 2100000 | &nbsp;&nbsp; 1910312 |
| California State University Series A | 5.00 | &nbsp;&nbsp; 11-1-2047 | 1000000 | &nbsp;&nbsp; 1004477 |
| California Statewide CDA Baptist University Series A144A | 5.00 | &nbsp;&nbsp; 11-1-2032 | 1135000 | &nbsp;&nbsp; 1151105 |
| California Statewide CDA Baptist University Series A144A | 5.00 | &nbsp;&nbsp; 11-1-2041 | 2875000 | &nbsp;&nbsp; 2749657 |
| Fullerton PFA Marshall B Ketchum University Series A | 4.00 | &nbsp;&nbsp; 2-1-2051 | 2500000 | &nbsp;&nbsp; 2214932 |
| University of California Ltd. Project Series K | 4.00 | &nbsp;&nbsp; 5-15-2046 | 5295000 | &nbsp;&nbsp; 4865386 |
|  |  |  |  | &nbsp;&nbsp; **53808022** |
| **GO revenue: 14.88%** |  |  |  |  |
| Bassett Unified School District Series B (BAM Insured) | 5.00 | &nbsp;&nbsp; 8-1-2027 | 1050000 | &nbsp;&nbsp; 1052216 |
| Cerritos Community College District Series D CAB¤ | 0.00 | &nbsp;&nbsp; 8-1-2033 | 1500000 | &nbsp;&nbsp; 1148372 |
| &nbsp;&nbsp; College of the Sequoias Visalia Area Improvement District No. 2 <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2054 | 4000000 | &nbsp;&nbsp; 4085016 |
| Compton Community College District Series C CAB¤ | 0.00 | &nbsp;&nbsp; 8-1-2035 | 3445000 | &nbsp;&nbsp; 2403110 |
| Delano Joint Union High School District Series B (AG Insured) | 5.75 | &nbsp;&nbsp; 8-1-2035 | 4510000 | &nbsp;&nbsp; 4521070 |
| Long Beach Unified School District Series A | 5.50 | &nbsp;&nbsp; 8-1-2026 | 95000 | &nbsp;&nbsp; 95225 |
| Long Beach Unified School District Series C | 4.00 | &nbsp;&nbsp; 8-1-2053 | 10000000 | &nbsp;&nbsp; 8753172 |
| Merced City School District | 5.00 | &nbsp;&nbsp; 8-1-2045 | 1000000 | &nbsp;&nbsp; 1001593 |
| Merced Union High School District Series C CAB¤ | 0.00 | &nbsp;&nbsp; 8-1-2032 | 3380000 | &nbsp;&nbsp; 2660830 |
| Paramount Unified School District CAB¤ | 0.00 | &nbsp;&nbsp; 8-1-2033 | 2500000 | &nbsp;&nbsp; 1895784 |
| Pleasanton Unified School District | 4.00 | &nbsp;&nbsp; 8-1-2052 | 8240000 | &nbsp;&nbsp; 7230710 |
| Pomona Unified School District Series A (NPFGC Insured) | 6.55 | &nbsp;&nbsp; 8-1-2029 | 880000 | &nbsp;&nbsp; 952152 |

---

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

Allspring California Tax-Free Fund \| 3

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| San Bernardino City Unified School District Series C (AG Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 8-1-2040 | $8000000 | &nbsp;&nbsp; $8012746 |
| San Diego Unified School District Series I | 4.00 | &nbsp;&nbsp; 7-1-2047 | 2025000 | &nbsp;&nbsp; 1825353 |
| San Gorgonio Memorial Health Care District | 5.00 | &nbsp;&nbsp; 8-1-2032 | 1750000 | &nbsp;&nbsp; 1698662 |
| San Gorgonio Memorial Health Care District | 5.50 | &nbsp;&nbsp; 8-1-2028 | 2525000 | &nbsp;&nbsp; 2525124 |
| San Rafael City High School District Series C | 4.00 | &nbsp;&nbsp; 8-1-2043 | 1500000 | &nbsp;&nbsp; 1388553 |
| Santa Ana Unified School District Series B CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2038 | 15000000 | &nbsp;&nbsp; 8851568 |
| Sierra Joint Community College District Series C | 4.00 | &nbsp;&nbsp; 8-1-2053 | 4000000 | &nbsp;&nbsp; 3521627 |
| Sierra Kings Health Care District | 5.00 | &nbsp;&nbsp; 8-1-2028 | 1000000 | &nbsp;&nbsp; 1000898 |
| Sierra Kings Health Care District | 5.00 | &nbsp;&nbsp; 8-1-2032 | 1500000 | &nbsp;&nbsp; 1500958 |
| Sierra Kings Health Care District | 5.00 | &nbsp;&nbsp; 8-1-2037 | 1750000 | &nbsp;&nbsp; 1750230 |
| State of California | 5.00 | &nbsp;&nbsp; 3-1-2045 | 1000000 | &nbsp;&nbsp; 1052536 |
| State of California | 5.00 | &nbsp;&nbsp; 8-1-2046 | 10000000 | &nbsp;&nbsp; 10062508 |
| Tulare Local Health Care District (BAM Insured) | 4.00 | &nbsp;&nbsp; 8-1-2039 | 1850000 | &nbsp;&nbsp; 1823445 |
| Washington Township Health Care District Series B | 5.50 | &nbsp;&nbsp; 8-1-2038 | 1500000 | &nbsp;&nbsp; 1503623 |
|  |  |  |  | &nbsp;&nbsp; **82317081** |
| **Health revenue: 20.37%** |  |  |  |  |
| &nbsp;&nbsp; California HFFA Adventist Health System/West Obligated Group <br> Series A<br>| 5.25 | &nbsp;&nbsp; 12-1-2044 | 1750000 | &nbsp;&nbsp; 1757921 |
| &nbsp;&nbsp; California HFFA Cedars-Sinai Medical Center Obligated Group <br> Series B<br>| 4.00 | &nbsp;&nbsp; 8-15-2039 | 10500000 | &nbsp;&nbsp; 10217296 |
| &nbsp;&nbsp; California HFFA Children's Hospital Los Angeles Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2047 | 10050000 | &nbsp;&nbsp; 9658452 |
| California HFFA CommonSpirit Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2054 | 5000000 | &nbsp;&nbsp; 5003500 |
| &nbsp;&nbsp; California HFFA Episcopal Communities & Services for Seniors <br> Obligated Group Series B<br>| 5.25 | &nbsp;&nbsp; 11-15-2053 | 1250000 | &nbsp;&nbsp; 1229883 |
| California HFFA Kaiser Foundation Hospitals Series A-2 | 4.00 | &nbsp;&nbsp; 11-1-2051 | 3000000 | &nbsp;&nbsp; 2571120 |
| &nbsp;&nbsp; California HFFA Lundquist Institute for Biomedical Innovation at <br> Harbor-UCLA Medical Cente<br>| 5.00 | &nbsp;&nbsp; 9-1-2048 | 6095000 | &nbsp;&nbsp; 5763268 |
| California HFFA Marshall Medical Center Series A | 4.00 | &nbsp;&nbsp; 11-1-2040 | 1375000 | &nbsp;&nbsp; 1340570 |
| California HFFA On Lok Senior Health Services Obligated Group | 5.00 | &nbsp;&nbsp; 8-1-2040 | 700000 | &nbsp;&nbsp; 706200 |
| California HFFA On Lok Senior Health Services Obligated Group | 5.00 | &nbsp;&nbsp; 8-1-2050 | 1000000 | &nbsp;&nbsp; 944944 |
| California HFFA Sutter Health Obligated Group Series A | 4.00 | &nbsp;&nbsp; 11-15-2048 | 5000000 | &nbsp;&nbsp; 4276701 |
| California HFFA Sutter Health Obligated Group Series B | 5.00 | &nbsp;&nbsp; 11-15-2046 | 2960000 | &nbsp;&nbsp; 2955453 |
| &nbsp;&nbsp; California Infrastructure & Economic Development Bank Roseville <br> Sustainable Energy Partner LLC Series A<br>| 5.25 | &nbsp;&nbsp; 7-1-2054 | 8945000 | &nbsp;&nbsp; 8849775 |
| &nbsp;&nbsp; California Municipal Finance Authority Community Hospitals of <br> Central California Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 2-1-2051 | 1500000 | &nbsp;&nbsp; 1223076 |
| &nbsp;&nbsp; California Municipal Finance Authority Eisenhower Medical Center <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2047 | 1400000 | &nbsp;&nbsp; 1359859 |
| &nbsp;&nbsp; California Municipal Finance Authority Eskaton Properties, Inc. <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 11-15-2044 | 1500000 | &nbsp;&nbsp; 1496390 |
| &nbsp;&nbsp; California Municipal Finance Authority HumanGood California <br> Obligated Group<br>| 4.00 | &nbsp;&nbsp; 10-1-2049 | 2250000 | &nbsp;&nbsp; 1829788 |
| California Municipal Finance Authority Inland Christian Home, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2039 | 1240000 | &nbsp;&nbsp; 1232722 |
| California Municipal Finance Authority Inland Christian Home, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2049 | 2915000 | &nbsp;&nbsp; 2617131 |
| &nbsp;&nbsp; California Municipal Finance Authority Open Door Community Health <br> Centers<br>| 4.00 | &nbsp;&nbsp; 9-15-2046 | 3300000 | &nbsp;&nbsp; 2984744 |

---

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

4 \| Allspring California Tax-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; California Municipal Finance Authority Palomar Health Obligated <br> Group Series A COP (AG Insured)<br>| 5.25<br> %<br>| &nbsp;&nbsp; 11-1-2052 | $1500000 | &nbsp;&nbsp; $1525541 |
| California Municipal Finance Authority PRS Obligated Group Series A | 5.00 | &nbsp;&nbsp; 4-1-2044 | 1415000 | &nbsp;&nbsp; 1417322 |
| California Municipal Finance Authority PRS Obligated Group Series A | 5.00 | &nbsp;&nbsp; 4-1-2049 | 1300000 | &nbsp;&nbsp; 1265451 |
| California Municipal Finance Authority PRS Obligated Group Series A | 5.00 | &nbsp;&nbsp; 4-1-2054 | 1540000 | &nbsp;&nbsp; 1473600 |
| &nbsp;&nbsp; California Municipal Finance Authority Town & Country Manor of the <br> Christian & Missionary Alliance<br>| 5.00 | &nbsp;&nbsp; 7-1-2049 | 2650000 | &nbsp;&nbsp; 2693451 |
| California PFA Henry Mayo Newhall Hospital Obligated Group | 5.00 | &nbsp;&nbsp; 10-15-2037 | 500000 | &nbsp;&nbsp; 502899 |
| California PFA Henry Mayo Newhall Hospital Obligated Group | 5.00 | &nbsp;&nbsp; 10-15-2047 | 5365000 | &nbsp;&nbsp; 5067951 |
| California PFA Kendal at Sonoma Obligated Group Series A144A | 5.00 | &nbsp;&nbsp; 11-15-2051 | 1255000 | &nbsp;&nbsp; 1077761 |
| California PFA Kendal at Sonoma Obligated Group Series A144A | 5.00 | &nbsp;&nbsp; 11-15-2056 | 1235000 | &nbsp;&nbsp; 1040411 |
| California Statewide CDA 899 Charleston | 5.00 | &nbsp;&nbsp; 11-1-2049 | 2500000 | &nbsp;&nbsp; 2597103 |
| &nbsp;&nbsp; California Statewide CDA Adventist Health System/West Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 3-1-2045 | 2500000 | &nbsp;&nbsp; 2427003 |
| &nbsp;&nbsp; California Statewide CDA Adventist Health System/West Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 3-1-2048 | 5000000 | &nbsp;&nbsp; 4843686 |
| &nbsp;&nbsp; California Statewide CDA Enloe Medical Center Obligated Group <br> Series A (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 8-15-2052 | 2000000 | &nbsp;&nbsp; 2029662 |
| California Statewide CDA John Muir Health Obligated Group Series A | 5.25 | &nbsp;&nbsp; 12-1-2054 | 2000000 | &nbsp;&nbsp; 2046214 |
| &nbsp;&nbsp; California Statewide CDA Loma Linda University Medical Center <br> Obligated Group Series A<br>| 5.25 | &nbsp;&nbsp; 12-1-2044 | 5150000 | &nbsp;&nbsp; 5007339 |
| &nbsp;&nbsp; California Statewide CDA Marin General Hospital Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2036 | 700000 | &nbsp;&nbsp; 713779 |
| &nbsp;&nbsp; California Statewide CDA Marin General Hospital Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2037 | 500000 | &nbsp;&nbsp; 507934 |
| &nbsp;&nbsp; California Statewide CDA Marin General Hospital Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2038 | 450000 | &nbsp;&nbsp; 455097 |
| California Statewide CDA Odd Fellows Home Series A | 4.00 | &nbsp;&nbsp; 4-1-2043 | 1900000 | &nbsp;&nbsp; 1816609 |
| California Statewide CDA Odd Fellows Home Series A | 4.13 | &nbsp;&nbsp; 4-1-2053 | 1000000 | &nbsp;&nbsp; 901564 |
| &nbsp;&nbsp; Regents of the University of California Medical Center Pooled <br> Revenue Series P<br>| 4.00 | &nbsp;&nbsp; 5-15-2053 | 5000000 | &nbsp;&nbsp; 4302086 |
| Washington Township Health Care District Series A | 5.00 | &nbsp;&nbsp; 7-1-2042 | 1000000 | &nbsp;&nbsp; 967123 |
|  |  |  |  | &nbsp;&nbsp; **112698379** |
| **Housing revenue: 10.24%** |  |  |  |  |
| California Enterprise Development Authority Riverside County | 4.00 | &nbsp;&nbsp; 11-1-2049 | 1900000 | &nbsp;&nbsp; 1666528 |
| California Housing Finance Agency Class A Series 2 | 4.00 | &nbsp;&nbsp; 3-20-2033 | 7446441 | &nbsp;&nbsp; 7454412 |
| &nbsp;&nbsp; California Housing Finance Agency Class A Series 2021-2 (FHLMC <br> Insured)<br>| 3.75 | &nbsp;&nbsp; 3-25-2035 | 132754 | &nbsp;&nbsp; 132252 |
| &nbsp;&nbsp; California Infrastructure & Economic Development Bank South <br> Monterey County Joint Union High School District<br>| 5.75 | &nbsp;&nbsp; 8-15-2029 | 2150000 | &nbsp;&nbsp; 2152691 |
| &nbsp;&nbsp; California Municipal Finance Authority Caritas Corp. CMFA Mobile <br> Home Park Financing 2024 Portfolio Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2049 | 1225000 | &nbsp;&nbsp; 1227867 |
| &nbsp;&nbsp; California Municipal Finance Authority Caritas Corp. CMFA Mobile <br> Home Park Financing 2024 Portfolio Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2054 | 1800000 | &nbsp;&nbsp; 1783761 |
| California Municipal Finance Authority Caritas Projects Series A | 5.00 | &nbsp;&nbsp; 8-15-2029 | 500000 | &nbsp;&nbsp; 519811 |
| California Municipal Finance Authority Caritas Projects Series B | 4.00 | &nbsp;&nbsp; 8-15-2051 | 1340000 | &nbsp;&nbsp; 1084000 |
| California Municipal Finance Authority CHF - Davis I LLC | 5.00 | &nbsp;&nbsp; 5-15-2051 | 6700000 | &nbsp;&nbsp; 6365302 |

---

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

Allspring California Tax-Free Fund \| 5

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; California Municipal Finance Authority CHF - Davis II LLC (BAM <br> Insured)<br>| 4.00<br> %<br>| &nbsp;&nbsp; 5-15-2037 | $700000 | &nbsp;&nbsp; $702113 |
| &nbsp;&nbsp; California Municipal Finance Authority CHF - Davis II LLC (BAM <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 5-15-2038 | 750000 | &nbsp;&nbsp; 744925 |
| &nbsp;&nbsp; California Municipal Finance Authority CHF - Davis II LLC (BAM <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 5-15-2040 | 1100000 | &nbsp;&nbsp; 1064251 |
| California Municipal Finance Authority CHF - Riverside II LLC | 5.00 | &nbsp;&nbsp; 5-15-2052 | 5650000 | &nbsp;&nbsp; 5366410 |
| California Municipal Finance Authority Southwestern Law School | 4.00 | &nbsp;&nbsp; 11-1-2041 | 575000 | &nbsp;&nbsp; 503505 |
| &nbsp;&nbsp; California PFA P3 Irvine SL Holdings LLC Obligated Group <br> Series A144A<br>| 6.20 | &nbsp;&nbsp; 6-1-2044 | 2000000 | &nbsp;&nbsp; 1887249 |
| &nbsp;&nbsp; California Statewide CDA Community Improvement Authority 1818 <br> Platinum Triangle-Anaheim Series B144A<br>| 4.00 | &nbsp;&nbsp; 4-1-2057 | 1000000 | &nbsp;&nbsp; 688853 |
| &nbsp;&nbsp; California Statewide CDA Community Improvement Authority Altana <br> Apartments Series A-2144A<br>| 4.00 | &nbsp;&nbsp; 10-1-2056 | 2000000 | &nbsp;&nbsp; 1476238 |
| &nbsp;&nbsp; California Statewide CDA Community Improvement Authority Theo <br> Apartments Series B144A<br>| 4.00 | &nbsp;&nbsp; 5-1-2057 | 1500000 | &nbsp;&nbsp; 1013085 |
| &nbsp;&nbsp; California Statewide CDA Community Improvement Authority Towne <br> at Glendale Apartments144A<br>| 5.00 | &nbsp;&nbsp; 9-1-2037 | 800000 | &nbsp;&nbsp; 791267 |
| CMFA Special Finance Agency XII Allure Apartments Series A-2144A | 4.38 | &nbsp;&nbsp; 8-1-2049 | 2000000 | &nbsp;&nbsp; 1637879 |
| CMFA Special Finance Agency Latitude33 Series A-2144A | 4.00 | &nbsp;&nbsp; 12-1-2045 | 1500000 | &nbsp;&nbsp; 1137749 |
| Compton PFA144A | 4.00 | &nbsp;&nbsp; 9-1-2027 | 3520000 | &nbsp;&nbsp; 3519925 |
| &nbsp;&nbsp; Fresno Joint Powers Financing Authority Master Lease Projects <br> Series A (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 4-1-2046 | 1225000 | &nbsp;&nbsp; 1134769 |
| &nbsp;&nbsp; Independent Cities Finance Authority Millennium Housing of <br> California<br>| 5.00 | &nbsp;&nbsp; 5-15-2048 | 2000000 | &nbsp;&nbsp; 2022020 |
| Independent Cities Finance Authority San Juan Mobile Estates | 5.00 | &nbsp;&nbsp; 8-15-2030 | 930000 | &nbsp;&nbsp; 931630 |
| &nbsp;&nbsp; Independent Cities Finance Authority Santa Rosa Leisure Mobile <br> Home Park<br>| 5.00 | &nbsp;&nbsp; 8-15-2046 | 1570000 | &nbsp;&nbsp; 1574928 |
| Modesto Irrigation District Electric System Revenue Series A | 5.00 | &nbsp;&nbsp; 10-1-2040 | 3500000 | &nbsp;&nbsp; 3506928 |
| Montclair Financing Authority Public Facilities Projects (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2035 | 2400000 | &nbsp;&nbsp; 2403228 |
| &nbsp;&nbsp; Sacramento City Schools Joint Powers Financing Authority Unified <br> School District Series A (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 3-1-2040 | 2165000 | &nbsp;&nbsp; 2166852 |
|  |  |  |  | &nbsp;&nbsp; **56660428** |
| **Miscellaneous revenue: 6.45%** |  |  |  |  |
| City of Irvine Reassessment District No. 15-2 | 5.00 | &nbsp;&nbsp; 9-2-2026 | 400000 | &nbsp;&nbsp; 401462 |
| City of Irvine Reassessment District No. 15-2 | 5.00 | &nbsp;&nbsp; 9-2-2042 | 1495000 | &nbsp;&nbsp; 1500463 |
| &nbsp;&nbsp; City of Porterville Water Revenue System Financing Project COP (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 8-15-2050 | 1000000 | &nbsp;&nbsp; 885841 |
| City of Upland San Antonio Regional Hospital Obligated Group COP | 5.00 | &nbsp;&nbsp; 1-1-2047 | 1955000 | &nbsp;&nbsp; 1944624 |
| Hayward Unified School District COP | 5.25 | &nbsp;&nbsp; 8-1-2052 | 8000000 | &nbsp;&nbsp; 8080684 |
| &nbsp;&nbsp; Independent Cities Finance Authority City of Compton Sales Tax <br> Revenue (AG Insured)144A<br>| 4.00 | &nbsp;&nbsp; 6-1-2041 | 1700000 | &nbsp;&nbsp; 1640649 |
| &nbsp;&nbsp; Independent Cities Finance Authority City of Compton Sales Tax <br> Revenue (AG Insured)144A<br>| 4.00 | &nbsp;&nbsp; 6-1-2051 | 750000 | &nbsp;&nbsp; 665375 |
| &nbsp;&nbsp; Jefferson Union High School District Teacher & Staff Housing Project <br> COP (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 8-1-2045 | 1400000 | &nbsp;&nbsp; 1311885 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2038 | 2615000 | &nbsp;&nbsp; 2399795 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2041 | 2250000 | &nbsp;&nbsp; 1983295 |

---

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

6 \| Allspring California Tax-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Miscellaneous revenue**(continued) |  |  |  |  |
| Lassen Municipal Utility District COP | 4.00<br> %<br>| &nbsp;&nbsp; 5-1-2046 | $4395000 | &nbsp;&nbsp; $3721347 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2051 | 2340000 | &nbsp;&nbsp; 1901742 |
| North Coast County Water District COP (AG Insured) | 4.00 | &nbsp;&nbsp; 10-1-2051 | 1745000 | &nbsp;&nbsp; 1549352 |
| &nbsp;&nbsp; Pajaro Valley Water Management Agency Series C COP (BAM <br> Insured)<br>| 4.13 | &nbsp;&nbsp; 3-1-2053 | 4250000 | &nbsp;&nbsp; 3888816 |
| San Marino Unified School District Series A COP | 5.00 | &nbsp;&nbsp; 12-1-2041 | 255000 | &nbsp;&nbsp; 255088 |
| &nbsp;&nbsp; Sutter Butte Flood Control Agency Assessment District (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2040 | 3545000 | &nbsp;&nbsp; 3552885 |
|  |  |  |  | &nbsp;&nbsp; **35683303** |
| **Tax revenue: 12.49%** |  |  |  |  |
| California Statewide CDA Community Facilities District No. 2017 | 5.00 | &nbsp;&nbsp; 9-1-2048 | 5000000 | &nbsp;&nbsp; 4997864 |
| &nbsp;&nbsp; Chino Community Facilities District No. 2003-3 Improvement Area <br> No. 7<br>| 5.00 | &nbsp;&nbsp; 9-1-2048 | 2500000 | &nbsp;&nbsp; 2504713 |
| Chula Vista Community Facilities District No. 06-1 Area No. 1 | 5.00 | &nbsp;&nbsp; 9-1-2043 | 445000 | &nbsp;&nbsp; 445710 |
| Chula Vista Community Facilities District No. 06-1 Area No. 1 | 5.00 | &nbsp;&nbsp; 9-1-2048 | 895000 | &nbsp;&nbsp; 894618 |
| &nbsp;&nbsp; City & County of San Francisco Community Facilities District No. <br> 2014-1 Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2052 | 1000000 | &nbsp;&nbsp; 1024260 |
| &nbsp;&nbsp; City & County of San Francisco Community Facilities District No. <br> 2016-1 Area No. 1 Series 2021<br>| 4.00 | &nbsp;&nbsp; 9-1-2041 | 1000000 | &nbsp;&nbsp; 881672 |
| &nbsp;&nbsp; City & County of San Francisco Community Facilities District No. <br> 2016-1 Area No. 2 Series A144A<br>| 4.00 | &nbsp;&nbsp; 9-1-2052 | 1750000 | &nbsp;&nbsp; 1401837 |
| &nbsp;&nbsp; City of Belmont Community Facilities District No. 2000-1 Series A <br> (Ambac Insured)<br>| 5.75 | &nbsp;&nbsp; 8-1-2030 | 3190000 | &nbsp;&nbsp; 3441735 |
| City of Fremont Community Facilities District No. 1 | 5.00 | &nbsp;&nbsp; 9-1-2040 | 2700000 | &nbsp;&nbsp; 2700006 |
| City of San Clemente Community Facilities District No. 2006-1 | 5.00 | &nbsp;&nbsp; 9-1-2040 | 965000 | &nbsp;&nbsp; 968141 |
| City of San Clemente Community Facilities District No. 2006-1 | 5.00 | &nbsp;&nbsp; 9-1-2046 | 1175000 | &nbsp;&nbsp; 1178825 |
| &nbsp;&nbsp; Corona Community Facilities District No. 2018-1 Improvement Area <br> No. 1 Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2048 | 1000000 | &nbsp;&nbsp; 1002319 |
| &nbsp;&nbsp; Corona-Norco Unified School District Community Facilities District <br> No. 16-1<br>| 5.00 | &nbsp;&nbsp; 9-1-2048 | 1500000 | &nbsp;&nbsp; 1491216 |
| &nbsp;&nbsp; County of San Bernardino Community Facilities District No. 2006-1 <br> Area No. 6<br>| 5.00 | &nbsp;&nbsp; 9-1-2048 | 1200000 | &nbsp;&nbsp; 1192972 |
| Elk Grove Finance Authority (BAM Insured) | 5.00 | &nbsp;&nbsp; 9-1-2038 | 1500000 | &nbsp;&nbsp; 1504883 |
| &nbsp;&nbsp; Inglewood Redevelopment Successor Agency Merged <br> Redevelopment Project Series A (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 5-1-2038 | 305000 | &nbsp;&nbsp; 311154 |
| Inland Valley Development Agency Series A | 5.25 | &nbsp;&nbsp; 9-1-2037 | 4000000 | &nbsp;&nbsp; 4031806 |
| Lafayette Redevelopment Successor Agency Project (AG Insured) | 5.00 | &nbsp;&nbsp; 8-1-2033 | 1500000 | &nbsp;&nbsp; 1502936 |
| Lafayette Redevelopment Successor Agency Project (AG Insured) | 5.00 | &nbsp;&nbsp; 8-1-2038 | 1635000 | &nbsp;&nbsp; 1636564 |
| &nbsp;&nbsp; Lancaster Redevelopment Successor Agency Combined <br> Redevelopment Project Areas (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 8-1-2033 | 1200000 | &nbsp;&nbsp; 1223274 |
| Marina Redevelopment Successor Agency Series A | 5.00 | &nbsp;&nbsp; 9-1-2033 | 340000 | &nbsp;&nbsp; 350767 |
| Marina Redevelopment Successor Agency Series A | 5.00 | &nbsp;&nbsp; 9-1-2038 | 400000 | &nbsp;&nbsp; 406948 |
| Marina Redevelopment Successor Agency Series B | 5.00 | &nbsp;&nbsp; 9-1-2033 | 250000 | &nbsp;&nbsp; 257926 |
| Marina Redevelopment Successor Agency Series B | 5.00 | &nbsp;&nbsp; 9-1-2038 | 250000 | &nbsp;&nbsp; 254343 |
| Oakland Redevelopment Successor Agency Series TE (AG Insured) | 5.00 | &nbsp;&nbsp; 9-1-2035 | 2545000 | &nbsp;&nbsp; 2550581 |
| Oakland Redevelopment Successor Agency Series TE (AG Insured) | 5.00 | &nbsp;&nbsp; 9-1-2036 | 4000000 | &nbsp;&nbsp; 4007370 |
| Orange County Community Facilities District No. 2015-1 Series A | 5.25 | &nbsp;&nbsp; 8-15-2045 | 1950000 | &nbsp;&nbsp; 1949851 |

---

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

Allspring California Tax-Free Fund \| 7

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; River Islands PFA Community Facilities District No. 2016-1 (AG <br> Insured)<br>| 5.25<br> %<br>| &nbsp;&nbsp; 9-1-2052 | $2000000 | &nbsp;&nbsp; $2031593 |
| River Islands PFA Community Facilities District No. 2023-1 Area No. 2 | 5.00 | &nbsp;&nbsp; 9-1-2054 | 2500000 | &nbsp;&nbsp; 2388884 |
| Riverside County Community Facilities Districts No. 05-8 | 5.00 | &nbsp;&nbsp; 9-1-2048 | 1600000 | &nbsp;&nbsp; 1586311 |
| &nbsp;&nbsp; Romoland School District Community Facilities District No. 2004-1 <br> Area No. 4<br>| 5.00 | &nbsp;&nbsp; 9-1-2048 | 3000000 | &nbsp;&nbsp; 3010015 |
| &nbsp;&nbsp; San Francisco City & County Redevelopment Successor Agency <br> Mission Bay South Redevelopment Area Tax Increment Financing <br> District Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2043 | 2500000 | &nbsp;&nbsp; 2499949 |
| &nbsp;&nbsp; San Francisco City & County Redevelopment Successor Agency <br> Transbay Infrastructure Project Series B (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 8-1-2046 | 1500000 | &nbsp;&nbsp; 1505273 |
| &nbsp;&nbsp; San Francisco City & County Redevelopment Successor Agency <br> Transbay Infrastructure Project Series B (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 8-1-2053 | 2250000 | &nbsp;&nbsp; 2331351 |
| &nbsp;&nbsp; Sonoma Community Development Successor Agency <br> Redevelopment Project (NPFGC Insured)<br>| 5.00 | &nbsp;&nbsp; 6-1-2033 | 1325000 | &nbsp;&nbsp; 1348430 |
| &nbsp;&nbsp; Tejon Ranch Public Facilities Finance Authority Community Facilities <br> District No. 2008-1 Series 2024-A<br>| 5.00 | &nbsp;&nbsp; 9-1-2054 | 1000000 | &nbsp;&nbsp; 961290 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-XG0484 <br> (BAM Insured) (Royal Bank of Canada LIQ)144Aø<br>| 1.98 | &nbsp;&nbsp; 9-1-2049 | 1800000 | &nbsp;&nbsp; 1800000 |
| &nbsp;&nbsp; Tracy Community Facilities District No. 2016-01 Improvement Area <br> No. 1<br>| 5.00 | &nbsp;&nbsp; 9-1-2048 | 2750000 | &nbsp;&nbsp; 2730180 |
| Tustin Community Facilities District No. 2014-1 Series A | 5.00 | &nbsp;&nbsp; 9-1-2040 | 750000 | &nbsp;&nbsp; 752442 |
| Tustin Community Facilities District No. 2014-1 Series A | 5.00 | &nbsp;&nbsp; 9-1-2045 | 1000000 | &nbsp;&nbsp; 1003255 |
| Union City Community Redevelopment Successor Agency Series A | 5.00 | &nbsp;&nbsp; 10-1-2036 | 1000000 | &nbsp;&nbsp; 1002886 |
|  |  |  |  | &nbsp;&nbsp; **69066150** |
| **Tobacco revenue: 0.71%** |  |  |  |  |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Los Angeles County <br> Securitization Corp. Series B-2 CAB¤<br>| 0.00 | &nbsp;&nbsp; 6-1-2055 | 14000000 | &nbsp;&nbsp; 2493581 |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Merced County <br> Tobacco Funding Corp. Series B<br>| 5.00 | &nbsp;&nbsp; 6-1-2050 | 1025000 | &nbsp;&nbsp; 956984 |
| &nbsp;&nbsp; Tobacco Securitization Authority of Northern California Sacramento <br> County Corp. Class 2 Series B2 CAB¤<br>| 0.00 | &nbsp;&nbsp; 6-1-2060 | 3250000 | &nbsp;&nbsp; 496994 |
|  |  |  |  | &nbsp;&nbsp; **3947559** |
| **Transportation revenue: 0.32%** |  |  |  |  |
| Riverside County Transportation Commission Series B-1 | 4.00 | &nbsp;&nbsp; 6-1-2046 | 2000000 | &nbsp;&nbsp; **1784835** |
| **Utilities revenue: 10.03%** |  |  |  |  |
| &nbsp;&nbsp; California Community Choice Financing Authority Clean Energy <br> Project Series A-1øø<br>| 5.00 | &nbsp;&nbsp; 5-1-2054 | 5000000 | &nbsp;&nbsp; 5268532 |
| California Community Choice Financing Authority Series B-1øø | 4.00 | &nbsp;&nbsp; 2-1-2052 | 1345000 | &nbsp;&nbsp; 1336818 |
| California Community Choice Financing Authority Series Cøø | 5.25 | &nbsp;&nbsp; 1-1-2054 | 2500000 | &nbsp;&nbsp; 2619804 |
| California Community Choice Financing Authority Series Eøø | 5.00 | &nbsp;&nbsp; 2-1-2055 | 4000000 | &nbsp;&nbsp; 4226423 |
| California Community Choice Financing Authority Series Føø | 5.00 | &nbsp;&nbsp; 2-1-2055 | 2000000 | &nbsp;&nbsp; 2124594 |
| California Community Choice Financing Authority Series Gøø | 5.00 | &nbsp;&nbsp; 11-1-2055 | 2000000 | &nbsp;&nbsp; 2063678 |
| California Community Choice Financing Authority Series Gøø | 5.25 | &nbsp;&nbsp; 11-1-2054 | 5000000 | &nbsp;&nbsp; 5298958 |
| City of Glendale Electric Revenue | 5.00 | &nbsp;&nbsp; 2-1-2054 | 5000000 | &nbsp;&nbsp; 5003961 |
| Imperial Irrigation District Electric System Revenue Series A | 5.00 | &nbsp;&nbsp; 11-1-2040 | 3715000 | &nbsp;&nbsp; 3717070 |

---

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

8 \| Allspring California Tax-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |
| Imperial Irrigation District Electric System Revenue Series A | 5.00<br> %<br>| &nbsp;&nbsp; 11-1-2045 | $1060000 | &nbsp;&nbsp; $1060020 |
| Imperial Irrigation District Electric System Revenue Series C | 5.00 | &nbsp;&nbsp; 11-1-2038 | 2500000 | &nbsp;&nbsp; 2515840 |
| &nbsp;&nbsp; Los Angeles Department of Water & Power System Revenue Series A <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2042 | 750000 | &nbsp;&nbsp; 784431 |
| Los Angeles Department of Water & Power System Revenue Series C | 5.00 | &nbsp;&nbsp; 7-1-2054 | 8000000 | &nbsp;&nbsp; 8005951 |
| M-S-R Energy Authority Series B | 7.00 | &nbsp;&nbsp; 11-1-2034 | 4000000 | &nbsp;&nbsp; 4772062 |
| M-S-R Energy Authority Series C | 6.13 | &nbsp;&nbsp; 11-1-2029 | 785000 | &nbsp;&nbsp; 827890 |
| Northern California Energy Authorityøø | 5.00 | &nbsp;&nbsp; 12-1-2054 | 2000000 | &nbsp;&nbsp; 2102457 |
| Redding Joint Powers Financing Authority Series A | 5.00 | &nbsp;&nbsp; 6-1-2032 | 440000 | &nbsp;&nbsp; 443214 |
| San Joaquin Valley Clean Energy Authority Series Aøø | 5.50 | &nbsp;&nbsp; 1-1-2056 | 3000000 | &nbsp;&nbsp; 3290067 |
|  |  |  |  | &nbsp;&nbsp; **55461770** |
| **Water & sewer revenue: 2.52%** |  |  |  |  |
| &nbsp;&nbsp; Adelanto Public Utility Authority Utility System Project Series A (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2039 | 2000000 | &nbsp;&nbsp; 2044426 |
| California PCFA Channelside Water Resources LP AMT144A | 5.00 | &nbsp;&nbsp; 11-21-2045 | 2615000 | &nbsp;&nbsp; 2590577 |
| City of Compton Sewer Revenue | 6.00 | &nbsp;&nbsp; 9-1-2039 | 1775000 | &nbsp;&nbsp; 1810887 |
| City of Tulare Sewer Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 11-15-2041 | 1500000 | &nbsp;&nbsp; 1503700 |
| Florin Resource Conservation District Series A (NPFGC Insured) | 5.00 | &nbsp;&nbsp; 9-1-2032 | 2000000 | &nbsp;&nbsp; 2003098 |
| Merced Irrigation District Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2038 | 4000000 | &nbsp;&nbsp; 4004193 |
|  |  |  |  | &nbsp;&nbsp; **13956881** |
|  |  |  |  | &nbsp;&nbsp; **534749643** |
| **Guam: 0.40%** |  |  |  |  |
| **Miscellaneous revenue: 0.18%** |  |  |  |  |
| Territory of Guam Series F | 4.00 | &nbsp;&nbsp; 1-1-2036 | 1000000 | &nbsp;&nbsp; **961526** |
| **Water & sewer revenue: 0.22%** |  |  |  |  |
| Guam Government Waterworks Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2050 | 1250000 | &nbsp;&nbsp; **1234799** |
|  |  |  |  | &nbsp;&nbsp; **2196325** |
| **Illinois: 0.16%** |  |  |  |  |
| **GO revenue: 0.16%** |  |  |  |  |
| State of Illinois Series B | 4.50 | &nbsp;&nbsp; 5-1-2048 | 1000000 | &nbsp;&nbsp; **890383** |
| **New York: 0.80%** |  |  |  |  |
| **Tax revenue: 0.80%** |  |  |  |  |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series E-1<br>| 3.00 | &nbsp;&nbsp; 2-1-2051 | 3360000 | &nbsp;&nbsp; 2311933 |
| &nbsp;&nbsp; New York State Dormitory Authority Personal Income Tax Revenue <br> Series A<br>| 3.00 | &nbsp;&nbsp; 3-15-2050 | 3000000 | &nbsp;&nbsp; 2123644 |
|  |  |  |  | &nbsp;&nbsp; **4435577** |
| **Ohio: 0.08%** |  |  |  |  |
| **Tobacco revenue: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority Class 2 Series B-3 <br> CAB¤<br>| 0.00 | &nbsp;&nbsp; 6-1-2057 | 5000000 | &nbsp;&nbsp; **463846** |
| **Total municipal obligations (Cost $571,131,276)** |  |  |  | &nbsp;&nbsp; **542735774** |

---

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

Allspring California Tax-Free Fund \| 9

------

Portfolio of investments—June 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 0.32%** |  |  |  |  |
| **Investment companies: 0.32%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.26<br> %<br>| 1758369 | &nbsp;&nbsp; **$1758369** |
| **Total short-term investments (Cost $1,758,369)** |  |  |  | &nbsp;&nbsp; **1758369** |
| **Total investments in securities (Cost $572,889,645)** | 98.43<br> %<br>|  |  | &nbsp;&nbsp; 544494143 |
| Other assets and liabilities, net | 1.57 |  |  | &nbsp;&nbsp; 8690971 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$553185114** |

---

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

---

| | |
|:---|:---|
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| 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>|
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AG | Assured Guaranty Incorporation |
| Ambac | Ambac Financial Group Incorporated |
| AMT | Alternative minimum tax |
| BAM | Build America Mutual Assurance Company |
| CAB | Capital appreciation bond |
| CDA | Community Development Authority |
| CHF | Collegiate Housing Foundation |
| COP | Certificate of participation |
| FHLMC | Federal Home Loan Mortgage Corporation |
| GO | General obligation |
| HFFA | Health Facilities Financing Authority |
| LIQ | Liquidity agreement |
| LOC | Letter of credit |
| NPFGC | National Public Finance Guarantee Corporation |
| PCFA | Pollution Control Financing Authority |
| PFA | Public Finance Authority |

---

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $817140 | $83079399 | $(82138170)<br>| $0 | $0 | $1758369 | 1758369 | $43002 |

---

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

10 \| Allspring California Tax-Free Fund

------

Portfolio of investments—June 30, 2025

**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; 166 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; $18298361 | &nbsp;&nbsp; $18612750 | &nbsp;&nbsp; $314389 | &nbsp;&nbsp; $0 |

---

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

Allspring California Tax-Free Fund \| 11

------

Statement of assets and liabilities—June 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $571,131,276) | $542735774 |
| Investments in affiliated securities, at value (cost $1,758,369) | 1758369 |
| Cash due from broker | 2006792 |
| Cash at broker segregated for futures contracts | 1260000 |
| Receivable for interest | 7551376 |
| Receivable for Fund shares sold | 831841 |
| Receivable for investments sold | 65000 |
| Receivable for daily variation margin on open futures contracts | 51875 |
| Prepaid expenses and other assets | 47447 |
| **Total assets** | **556308474** |
| Liabilities |  |
| Overdraft due to custodian bank | 1863110 |
| Payable for Fund shares redeemed | 727942 |
| Dividends payable | 240130 |
| Management fee payable | 142697 |
| Shareholder servicing fees payable | 57577 |
| Administration fees payable | 50609 |
| Distribution fee payable | 3765 |
| Trustees' fees and expenses payable | 2314 |
| Accrued expenses and other liabilities | 35216 |
| **Total liabilities** | **3123360** |
| **Total net assets**  | **$553185114** |
| Net assets consist of |  |
| Paid-in capital | $666258775 |
| Total distributable loss | (113073661)<br>|
| **Total net assets** | **$553185114** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $225623255 |
| Shares outstanding–Class A<sup>1</sup> <br>| 22117048 |
| Net asset value per share–Class A | $10.20 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $10.68 |
| Net assets–Class C | $6086386 |
| Shares outstanding–Class C<sup>1</sup> <br>| 585076 |
| Net asset value per share–Class C | $10.40 |
| Net assets–Administrator Class | $46676573 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 4568333 |
| Net asset value per share–Administrator Class | $10.22 |
| Net assets–Institutional Class | $274798900 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 26885000 |
| Net asset value per share–Institutional Class | $10.22 |

---

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

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

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

12 \| Allspring California Tax-Free Fund

------

Statement of operations—year ended June 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $25104391 |
| Income from affiliated securities | 43002 |
| **Total investment income** | **25147393** |
| Expenses |  |
| Management fee | 2437691 |
| Administration fees |  |
| Class A | 393780 |
| Class C | 9852 |
| Administrator Class | 54865 |
| Institutional Class | 234212 |
| Shareholder servicing fees |  |
| Class A | 655159 |
| Class C | 16387 |
| Administrator Class | 135764 |
| Distribution fee |  |
| Class C | 49163 |
| Custody and accounting fees | 25478 |
| Professional fees | 63908 |
| Registration fees | 74787 |
| Shareholder report expenses | 32190 |
| Trustees' fees and expenses | 15969 |
| Other fees and expenses | 34425 |
| **Total expenses** | **4233630** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (233806)<br>|
| Class A | (146650)<br>|
| Class C | (2844)<br>|
| Administrator Class | (107617)<br>|
| **Net expenses** | **3742713** |
| **Net investment income** | **21404680** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | 41140 |
| Futures contracts | 56475 |
| **Net realized gains on investments** | **97615** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | (21995828)<br>|
| Futures contracts | 160955 |
| **Net change in unrealized gains (losses) on investments** | **(21834873)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(21737258)**<br>|
| **Net decrease in net assets resulting from operations** | **$(332578)**<br>|

---

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

Allspring California Tax-Free Fund \| 13

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2024 | Year ended<br> June 30, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $21404680 |  | &nbsp;&nbsp; $24012606 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 97615 |  | &nbsp;&nbsp; (4045570)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (21834873)<br>|  | &nbsp;&nbsp; 5753311 |
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **(332578)**<br>|  | &nbsp;&nbsp; **25720347** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (8754049)<br>|  | &nbsp;&nbsp; (10223402)<br>|
| Class C |  | &nbsp;&nbsp; (169347)<br>|  | &nbsp;&nbsp; (218022)<br>|
| Administrator Class |  | &nbsp;&nbsp; (1935162)<br>|  | &nbsp;&nbsp; (4967517)<br>|
| Institutional Class |  | &nbsp;&nbsp; (10542397)<br>|  | &nbsp;&nbsp; (8625982)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(21400955)**<br>|  | &nbsp;&nbsp; **(24034923)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 1128958 | &nbsp;&nbsp; 11877628 | &nbsp;&nbsp; 1726643 | &nbsp;&nbsp; 17898049 |
| Class C | 92660 | &nbsp;&nbsp; 1000238 | &nbsp;&nbsp; 143939 | &nbsp;&nbsp; 1549996 |
| Administrator Class | 1044575 | &nbsp;&nbsp; 10965452 | &nbsp;&nbsp; 6031893 | &nbsp;&nbsp; 62944811 |
| Institutional Class | 10290651 | &nbsp;&nbsp; 108070704 | &nbsp;&nbsp; 15832950 | &nbsp;&nbsp; 165894907 |
|  |  | &nbsp;&nbsp; 131914022 |  | &nbsp;&nbsp; 248287763 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 787802 | &nbsp;&nbsp; 8295421 | &nbsp;&nbsp; 937396 | &nbsp;&nbsp; 9782634 |
| Class C | 15773 | &nbsp;&nbsp; 169192 | &nbsp;&nbsp; 20591 | &nbsp;&nbsp; 218022 |
| Administrator Class | 169927 | &nbsp;&nbsp; 1792326 | &nbsp;&nbsp; 465420 | &nbsp;&nbsp; 4856645 |
| Institutional Class | 748031 | &nbsp;&nbsp; 7881593 | &nbsp;&nbsp; 456811 | &nbsp;&nbsp; 4786680 |
|  |  | &nbsp;&nbsp; 18138532 |  | &nbsp;&nbsp; 19643981 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (7419438)<br>| &nbsp;&nbsp; (78092339)<br>| &nbsp;&nbsp; (6511335)<br>| &nbsp;&nbsp; (68040989)<br>|
| Class C | (240232)<br>| &nbsp;&nbsp; (2597196)<br>| &nbsp;&nbsp; (367184)<br>| &nbsp;&nbsp; (3914385)<br>|
| Administrator Class | (3505196)<br>| &nbsp;&nbsp; (37061011)<br>| &nbsp;&nbsp; (16031707)<br>| &nbsp;&nbsp; (166081680)<br>|
| Institutional Class | (12188422)<br>| &nbsp;&nbsp; (127699352)<br>| &nbsp;&nbsp; (11244194)<br>| &nbsp;&nbsp; (117179936)<br>|
|  |  | &nbsp;&nbsp; (245449898)<br>|  | &nbsp;&nbsp; (355216990)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(95397344)**<br>|  | &nbsp;&nbsp; **(87285246)**<br>|
| **Total decrease in net assets** |  | &nbsp;&nbsp; **(117130877)**<br>|  | &nbsp;&nbsp; **(85599822)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **670315991** |  | &nbsp;&nbsp; **755915813** |
| **End of period** |  | &nbsp;&nbsp; **$553185114** |  | &nbsp;&nbsp; **$670315991** |

---

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

14 \| Allspring California Tax-Free Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

Allspring California Tax-Free Fund \| 15

------

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

16 \| Allspring California Tax-Free Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.60** | &nbsp;&nbsp; **$10.54** | &nbsp;&nbsp; **$10.67** | &nbsp;&nbsp; **$12.16** | &nbsp;&nbsp; **$11.93** |
| Net investment income | 0.37 <br><sup>1</sup><br>| 0.37 <br><sup>1</sup><br>| 0.35 | 0.32 | 0.34 |
| Net realized and unrealized gains (losses) on investments | (0.38)<br>| 0.06 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (1.49)<br>| 0.24 |
| Total from investment operations | (0.01)<br>| 0.43 | 0.22 | &nbsp;&nbsp; (1.17)<br>| 0.58 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.37)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.35)<br>|
| **Net asset value, end of period** | **$10.22** | &nbsp;&nbsp; **$10.60** | &nbsp;&nbsp; **$10.54** | &nbsp;&nbsp; **$10.67** | &nbsp;&nbsp; **$12.16** |
| **Total return**<sup>2</sup> <br>| **(0.12)%**<br>| **4.18%**<br>| **2.11%**<br>| &nbsp;&nbsp; **(9.77)%**<br>| **4.89%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.78<br> %<br>| 0.78<br> %<br>| 0.77<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net expenses | 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>|
| Net investment income | 3.53<br> %<br>| 3.53<br> %<br>| 3.27<br> %<br>| 2.78<br> %<br>| 2.86<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 14<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 9<br> %<br>|
| Net assets, end of period (000s omitted) | $46677 | &nbsp;&nbsp; $72733 | &nbsp;&nbsp; $172774 | &nbsp;&nbsp; $343154 | &nbsp;&nbsp; $382093 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring California Tax-Free Fund \| 17

------

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

18 \| Allspring California Tax-Free Fund

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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.

Futures contracts

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

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

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has

Allspring California Tax-Free Fund \| 19

------

Notes to financial statements

been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

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

Distributions to shareholders

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

Federal and other taxes

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

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 June 30, 2025, the aggregate cost of all investments for federal income tax purposes was $573,310,040 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $5657750 |
| Gross unrealized losses | &nbsp;&nbsp; (34159258)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(28501508)**<br>|

---

As of June 30, 2025, the Fund had capital loss carryforwards which consist of $48,349,052 in short-term capital losses and $36,222,366 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

20 \| Allspring California Tax-Free Fund

------

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Municipal obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $542735774 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $542735774 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 1758369 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1758369 |
|  | &nbsp;&nbsp; $1758369 | &nbsp;&nbsp;&nbsp; $542735774 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $544494143 |
| Futures contracts | &nbsp;&nbsp; 314389 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 314389 |
| **Total assets** | &nbsp;&nbsp; **$2072758** | &nbsp;&nbsp;&nbsp; **$542735774** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$544808532** |

---

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 June 30, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.400<br> %<br>|
| Next $500 million | 0.375 |
| Next $2 billion | 0.350 |
| Next $2 billion | 0.325 |
| Next $5 billion | 0.290 |
| Over $10 billion | 0.280 |

---

For the year ended June 30, 2025, the management fee was equivalent to an annual rate of 0.40% of the Fund's average daily net assets.

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

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.15<br> %<br>|
| Class C | 0.15 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Allspring California Tax-Free Fund \| 21

------

Notes to financial statements

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through October 31, 2025 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 June 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.75<br> %<br>|
| Class C | 1.50 |
| Administrator Class | 0.55 |
| Institutional Class | 0.48 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended June 30, 2025, Allspring Funds Distributor received $1,152 from the sale of Class A shares and $305 and $285 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 had $55,174,152, $59,820,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the year ended June 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2025 were $82,356,131 and $179,700,991, respectively.

6. DERIVATIVE TRANSACTIONS

During the year ended June 30, 2025, the Fund entered into futures contracts as a tactical move to take advantage of dislocation in the market. The Fund had an average notional amount of $17,989,453 in long futures contracts during the year ended June 30, 2025.

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

7. BANK BORROWINGS

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

For the year ended June 30, 2025, there were no borrowings by the Fund under the agreement.

22 \| Allspring California Tax-Free Fund

------

Notes to financial statements

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

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 |
|  | 2025 | 2024 |
| **Tax-exempt income** | $21400955 | $24034923 |

---

As of June 30, 2025, the components of distributable loss on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>tax-exempt <br>income<br>| Unrealized <br>losses<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $240063 | &nbsp;&nbsp; $(28501508)<br>| &nbsp;&nbsp;&nbsp; $(84571418)<br>|

---

9. CONCENTRATION RISK

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

10. INDEMNIFICATION

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

11. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

12. CLASS CONVERSION

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025.

13. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. 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 revenue 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 California Tax-Free Fund \| 23

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring California Tax-Free Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of June 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, transfer agent and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g97024img683280412.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

August 22, 2025

24 \| Allspring California Tax-Free Fund

------

Other information (unaudited)

Other information

Tax information

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended June 30, 2025.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

Allspring California Tax-Free Fund \| 25

------

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.

26 \| Allspring California Tax-Free Fund

------

Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring California Tax-Free Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

Allspring California Tax-Free Fund \| 27

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was in range of the average investment performance of the Universe for the one-, five-, and ten-year periods under review, and higher than the average investment performance of the Universe for the three-year period under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Bloomberg Municipal Bond Index, for the one-year period under review, and lower for all other periods under review.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for Administrator Class and Institutional Class, and equal to the median net operating expense ratio of the expense Group for Class A.

It was noted that the Board had approved a proposal to convert Administrator Class shares into Institutional Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of the average rates for the Fund's expense Group for Class A, equal to the sum of the average rates for the Fund's expense Group for Administrator Class, and lower than the sum of the average rates for the Fund's expense Group for Institutional Class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

28 \| Allspring California Tax-Free Fund

------

Other information (unaudited)

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

Allspring California Tax-Free Fund \| 29

------

![](g97024imgd4a718d01.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**

![](g97024imgd4bbbdeb3.gif)

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

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

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

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR0032 06-25**

------

![](g97024imgb7d40e101.jpg)

Allspring High Yield Municipal Bond Fund

Long Form Financial Statements

Annual Report

June 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_eaf6518a-8cfb-496f-a5a3-ec781566f22e_POI-PageBlank-55_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_eaf6518a-8cfb-496f-a5a3-ec781566f22e_FS-PageBlank-55_1)** |  |
| [Statement of assets and liabilities](#xx_eaf6518a-8cfb-496f-a5a3-ec781566f22e_FS-PageBlank-55_1) | 16 |
| [Statement of operations](#xx_eaf6518a-8cfb-496f-a5a3-ec781566f22e_FS-PageBlank-55_2) | 17 |
| [Statement of changes in net assets](#xx_eaf6518a-8cfb-496f-a5a3-ec781566f22e_FS-PageBlank-55_3) | 18 |
| [Financial highlights](#xx_eaf6518a-8cfb-496f-a5a3-ec781566f22e_FIHI-PageBlank-55_1) | 19 |
| **[Notes to financial statements](#xx_eaf6518a-8cfb-496f-a5a3-ec781566f22e_NTF-PageBlank-55_1)** | 24 |
| **[Report of independent registered public accounting firm](#xx_eaf6518a-8cfb-496f-a5a3-ec781566f22e_AUD-PageBlank-55_1)** | 29 |
| **[Other information](#xx_eaf6518a-8cfb-496f-a5a3-ec781566f22e_OI-PageBlank-55_1)** | 30 |
| [Item 8. Changes in and disagreements with accountants](#xx_eaf6518a-8cfb-496f-a5a3-ec781566f22e_OI-PageBlank-55_2) | 31 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_eaf6518a-8cfb-496f-a5a3-ec781566f22e_OI-PageBlank-55_2) | 31 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_eaf6518a-8cfb-496f-a5a3-ec781566f22e_OI-PageBlank-55_2) | 31 |
| [Item 11. Statement regarding basis for board](#xx_eaf6518a-8cfb-496f-a5a3-ec781566f22e_OI-PageBlank-55_3)['](#xx_eaf6518a-8cfb-496f-a5a3-ec781566f22e_OI-PageBlank-55_3)[s approval of investment](#xx_eaf6518a-8cfb-496f-a5a3-ec781566f22e_OI-PageBlank-55_3)<br> [advisory contract](#xx_eaf6518a-8cfb-496f-a5a3-ec781566f22e_OI-PageBlank-55_3)<br>| 32 |

---

Allspring High Yield Municipal Bond Fund \| 1

------

Portfolio of investments—June 30, 2025

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Municipal obligations: 97.96%** |  |  |  |  |
| **Alabama: 3.03%** |  |  |  |  |
| **Education revenue: 1.11%** |  |  |  |  |
| &nbsp;&nbsp; Homewood Educational Building Authority CHF - Horizons II LLC <br> Series C<br>| 5.50<br> %<br>| &nbsp;&nbsp; 10-1-2054 | $1000000 | &nbsp;&nbsp; $1008950 |
| &nbsp;&nbsp; Jacksonville Public Educational Building Authority JSU Foundation <br> Project Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 8-1-2054 | 1200000 | &nbsp;&nbsp; 1150418 |
|  |  |  |  | &nbsp;&nbsp; **2159368** |
| **Resource recovery revenue: 1.92%** |  |  |  |  |
| Mobile County IDA AM/NS Calvert LLC Series 2024B AMT | 4.75 | &nbsp;&nbsp; 12-1-2054 | 2000000 | &nbsp;&nbsp; 1839988 |
| Mobile County IDA AM/NS Calvert LLC Series A AMT | 5.00 | &nbsp;&nbsp; 6-1-2054 | 2000000 | &nbsp;&nbsp; 1916404 |
|  |  |  |  | &nbsp;&nbsp; **3756392** |
|  |  |  |  | &nbsp;&nbsp; **5915760** |
| **Arizona: 0.92%** |  |  |  |  |
| **Education revenue: 0.46%** |  |  |  |  |
| Sierra Vista IDA American Leadership Academy, Inc.144A | 5.00 | &nbsp;&nbsp; 6-15-2054 | 1000000 | &nbsp;&nbsp; **905393** |
| **Health revenue: 0.46%** |  |  |  |  |
| Tempe IDA Mirabella at ASU, Inc. Series A144A | 6.13 | &nbsp;&nbsp; 10-1-2052 | 1400000 | &nbsp;&nbsp; **888769** |
|  |  |  |  | &nbsp;&nbsp; **1794162** |
| **Arkansas: 0.51%** |  |  |  |  |
| **Industrial development revenue: 0.51%** |  |  |  |  |
| &nbsp;&nbsp; Arkansas Development Finance Authority United States Steel Corp. <br> AMT<br>| 5.45 | &nbsp;&nbsp; 9-1-2052 | 1000000 | &nbsp;&nbsp; **1001705** |
| **California: 2.98%** |  |  |  |  |
| **Airport revenue: 0.50%** |  |  |  |  |
| &nbsp;&nbsp; California Municipal Finance Authority LAX Integrated Express <br> Solutions LLC Series A-P3 AMT<br>| 5.00 | &nbsp;&nbsp; 12-31-2043 | 1000000 | &nbsp;&nbsp; **975929** |
| **Education revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; California Infrastructure & Economic Development Bank WFCS <br> Holdings II LLC Series A-1144A<br>| 5.00 | &nbsp;&nbsp; 1-1-2056 | 250000 | &nbsp;&nbsp; **207941** |
| **Health revenue: 0.22%** |  |  |  |  |
| California PFA Kendal at Sonoma Obligated Group Series A144A | 5.00 | &nbsp;&nbsp; 11-15-2046 | 500000 | &nbsp;&nbsp; **441162** |
| **Housing revenue: 1.45%** |  |  |  |  |
| &nbsp;&nbsp; California PFA P3 Irvine SL Holdings LLC Obligated Group <br> Series A144A<br>| 6.50 | &nbsp;&nbsp; 6-1-2054 | 2000000 | &nbsp;&nbsp; 1868297 |
| &nbsp;&nbsp; California Statewide CDA Community Improvement Authority 1818 <br> Platinum Triangle-Anaheim Series B144A<br>| 4.00 | &nbsp;&nbsp; 4-1-2057 | 500000 | &nbsp;&nbsp; 344426 |
| Compton PFA144A | 4.00 | &nbsp;&nbsp; 9-1-2027 | 625000 | &nbsp;&nbsp; 624987 |
|  |  |  |  | &nbsp;&nbsp; **2837710** |

---

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

2 \| Allspring High Yield Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tobacco revenue: 0.16%** |  |  |  |  |
| &nbsp;&nbsp; Tobacco Securitization Authority of Northern California Sacramento <br> County Corp. Class 2 Series B2 CAB¤<br>| 0.00<br> %<br>| &nbsp;&nbsp; 6-1-2060 | $2000000 | &nbsp;&nbsp; **$305843** |
| **Utilities revenue: 0.54%** |  |  |  |  |
| California Community Choice Financing Authority Series Cøø | 5.25 | &nbsp;&nbsp; 1-1-2054 | 1000000 | &nbsp;&nbsp; **1047921** |
|  |  |  |  | &nbsp;&nbsp; **5816506** |
| **Colorado: 11.24%** |  |  |  |  |
| **Education revenue: 0.21%** |  |  |  |  |
| Colorado ECFA New Summit Academy Series A144A | 4.00 | &nbsp;&nbsp; 7-1-2061 | 600000 | &nbsp;&nbsp; **405048** |
| **GO revenue: 7.82%** |  |  |  |  |
| Aerotropolis Regional Transportation Authority144A | 5.75 | &nbsp;&nbsp; 12-1-2054 | 2015000 | &nbsp;&nbsp; 1973667 |
| Canyons Metropolitan District No. 5 Series B | 6.50 | &nbsp;&nbsp; 12-15-2054 | 1000000 | &nbsp;&nbsp; 997195 |
| Cornerstar Metropolitan District Series A | 5.25 | &nbsp;&nbsp; 12-1-2047 | 1000000 | &nbsp;&nbsp; 925438 |
| Denver International Business Center Metropolitan District No. 1 | 6.00 | &nbsp;&nbsp; 12-1-2048 | 1143000 | &nbsp;&nbsp; 1146196 |
| Independence Metropolitan District No. 3 Series A | 5.38 | &nbsp;&nbsp; 12-1-2054 | 1645000 | &nbsp;&nbsp; 1567437 |
| Mineral Business Improvement District Series A144A | 5.75 | &nbsp;&nbsp; 12-1-2054 | 1250000 | &nbsp;&nbsp; 1209124 |
| Mirabelle Metropolitan District No. 2 Series B | 6.13 | &nbsp;&nbsp; 12-15-2049 | 1591000 | &nbsp;&nbsp; 1535212 |
| Murphy Creek Metropolitan District No. 5 Series A | 6.00 | &nbsp;&nbsp; 12-1-2052 | 1000000 | &nbsp;&nbsp; 942122 |
| Pronghorn Valley Metropolitan District Series A | 4.00 | &nbsp;&nbsp; 12-1-2051 | 250000 | &nbsp;&nbsp; 194647 |
| Riverpark Metropolitan District/Arapahoe County | 6.38 | &nbsp;&nbsp; 12-1-2054 | 1150000 | &nbsp;&nbsp; 1137526 |
| St. Vrain Lakes Metropolitan District No. 2 Series B | 6.38 | &nbsp;&nbsp; 11-15-2054 | 1000000 | &nbsp;&nbsp; 1003468 |
| St. Vrain Lakes Metropolitan District No. 4 Series A CAB144A¤ | 0.00 | &nbsp;&nbsp; 9-20-2054 | 1000000 | &nbsp;&nbsp; 673728 |
| &nbsp;&nbsp; Sterling Ranch Community Authority Board Metropolitan District No. <br> 4 Subdistrict B Series A144A<br>| 5.75 | &nbsp;&nbsp; 12-1-2054 | 1500000 | &nbsp;&nbsp; 1457004 |
| Trails at Crowfoot Metropolitan District No. 3 Series B | 6.88 | &nbsp;&nbsp; 12-15-2052 | 500000 | &nbsp;&nbsp; 497415 |
|  |  |  |  | &nbsp;&nbsp; **15260179** |
| **Health revenue: 0.26%** |  |  |  |  |
| &nbsp;&nbsp; Colorado Health Facilities Authority Intermountain Healthcare <br> Obligated Group Series E (TD Bank N.A. SPA)ø<br>| 3.95 | &nbsp;&nbsp; 5-15-2064 | 500000 | &nbsp;&nbsp; **500000** |
| **Housing revenue: 1.00%** |  |  |  |  |
| Colorado Health Facilities Authority BSLC II Obligated Group | 5.25 | &nbsp;&nbsp; 9-15-2045 | 2000000 | &nbsp;&nbsp; **1949594** |
| **Miscellaneous revenue: 0.74%** |  |  |  |  |
| Pinery Commercial Metropolitan District No. 2 | 5.75 | &nbsp;&nbsp; 12-1-2054 | 1500000 | &nbsp;&nbsp; **1448939** |
| **Tax revenue: 0.95%** |  |  |  |  |
| Palisade Metropolitan District No. 2 Series B CAB144A¤ | 0.00 | &nbsp;&nbsp; 12-15-2054 | 1000000 | &nbsp;&nbsp; 923526 |
| Pueblo Urban Renewal Authority Sales Tax Revenue | 5.00 | &nbsp;&nbsp; 6-1-2036 | 1000000 | &nbsp;&nbsp; 934015 |
|  |  |  |  | &nbsp;&nbsp; **1857541** |
| **Transportation revenue: 0.26%** |  |  |  |  |
| &nbsp;&nbsp; Colorado High Performance Transportation Enterprise Plenary Roads <br> Denver LLC AMT<br>| 5.75 | &nbsp;&nbsp; 1-1-2044 | 500000 | &nbsp;&nbsp; **500261** |
|  |  |  |  | &nbsp;&nbsp; **21921562** |

---

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

Allspring High Yield Municipal Bond Fund \| 3

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Connecticut: 0.77%** |  |  |  |  |
| **Health revenue: 0.77%** |  |  |  |  |
| &nbsp;&nbsp; Stamford Housing Authority TJH Senior Living LLC Obligated Group <br> Series 2025D<br>| 6.50<br> %<br>| &nbsp;&nbsp; 10-1-2055 | $1500000 | &nbsp;&nbsp; $**1502151** |
| **Delaware: 0.26%** |  |  |  |  |
| **Health revenue: 0.26%** |  |  |  |  |
| &nbsp;&nbsp; Delaware State EDA ACTS Retirement-Life Communities, Inc. <br> Obligated Group Series B<br>| 5.25 | &nbsp;&nbsp; 11-15-2053 | 500000 | &nbsp;&nbsp; **502332** |
| **District of Columbia: 0.67%** |  |  |  |  |
| **Education revenue: 0.51%** |  |  |  |  |
| District of Columbia Rocketship DC Obligated Group Series A | 5.75 | &nbsp;&nbsp; 6-1-2054 | 1000000 | &nbsp;&nbsp; **984963** |
| **Tobacco revenue: 0.16%** |  |  |  |  |
| District of Columbia Tobacco Settlement Financing Corp. | 6.75 | &nbsp;&nbsp; 5-15-2040 | 305000 | &nbsp;&nbsp; **315669** |
|  |  |  |  | &nbsp;&nbsp; **1300632** |
| **Florida: 8.31%** |  |  |  |  |
| **Education revenue: 2.54%** |  |  |  |  |
| &nbsp;&nbsp; Capital Projects Finance Authority IPS Enterprises, Inc. Projects <br> Series A144A<br>| 7.00 | &nbsp;&nbsp; 6-15-2030 | 1000000 | &nbsp;&nbsp; 1030152 |
| &nbsp;&nbsp; Capital Trust Agency, Inc. Pineapple Cove Classical Academy, Inc. <br> Series A144A<br>| 5.13 | &nbsp;&nbsp; 7-1-2039 | 2000000 | &nbsp;&nbsp; 1883695 |
| Capital Trust Authority Kipp Miami Obligated Group Series A144A | 6.00 | &nbsp;&nbsp; 6-15-2054 | 655000 | &nbsp;&nbsp; 658720 |
| &nbsp;&nbsp; Florida Development Finance Corp. Global Outreach Charter <br> Academy Obligated Group Series A144A<br>| 4.00 | &nbsp;&nbsp; 6-30-2056 | 625000 | &nbsp;&nbsp; 394945 |
| Miami-Dade County IDA Youth Co-Op, Inc. Series A144A | 6.00 | &nbsp;&nbsp; 9-15-2045 | 1000000 | &nbsp;&nbsp; 989554 |
|  |  |  |  | &nbsp;&nbsp; **4957066** |
| **Health revenue: 3.40%** |  |  |  |  |
| &nbsp;&nbsp; City of Venice Southwest Florida Retirement Center, Inc. Obligated <br> Group Series A144A<br>| 5.50 | &nbsp;&nbsp; 1-1-2055 | 1000000 | &nbsp;&nbsp; 942833 |
| Holmes County Hospital Corp. | 6.00 | &nbsp;&nbsp; 11-1-2038 | 250000 | &nbsp;&nbsp; 215721 |
| &nbsp;&nbsp; Lee County IDA Cypress Cove at Healthpark Florida Obligated Group <br> Series A<br>| 5.25 | &nbsp;&nbsp; 10-1-2052 | 1000000 | &nbsp;&nbsp; 868190 |
| Lee County IDA Shell Point Obligated Group Series A | 5.25 | &nbsp;&nbsp; 11-15-2054 | 2000000 | &nbsp;&nbsp; 1964479 |
| &nbsp;&nbsp; Orange County Health Facilities Authority Presbyterian Retirement <br> Communities, Inc. Obligated Group<br>| 5.00 | &nbsp;&nbsp; 8-1-2054 | 2000000 | &nbsp;&nbsp; 1875645 |
| St. Johns County IDA Life Care Ponte Vedra Obligated Group Series A | 4.00 | &nbsp;&nbsp; 12-15-2046 | 1000000 | &nbsp;&nbsp; 759891 |
|  |  |  |  | &nbsp;&nbsp; **6626759** |
| **Housing revenue: 0.74%** |  |  |  |  |
| &nbsp;&nbsp; Capital Projects Finance Authority Trilogy Community Development <br> Foundation, Inc. Obligated Group Series A144A<br>| 7.25 | &nbsp;&nbsp; 1-1-2055 | 500000 | &nbsp;&nbsp; 500898 |
| &nbsp;&nbsp; Capital Projects Finance Authority UnionWest Properties LLC <br> Series 2024A-1144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2054 | 1000000 | &nbsp;&nbsp; 943042 |
|  |  |  |  | &nbsp;&nbsp; **1443940** |

---

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

4 \| Allspring High Yield Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Miscellaneous revenue: 1.43%** |  |  |  |  |
| &nbsp;&nbsp; Village Community Development District No. 15 Series 2023 Phase I <br> Special Assessment144A<br>| 5.25<br> %<br>| &nbsp;&nbsp; 5-1-2054 | $985000 | &nbsp;&nbsp; $965082 |
| &nbsp;&nbsp; Village Community Development District No. 15 Series 2024 Special <br> Assessment144A<br>| 4.80 | &nbsp;&nbsp; 5-1-2055 | 2000000 | &nbsp;&nbsp; 1820285 |
|  |  |  |  | &nbsp;&nbsp; **2785367** |
| **Water & sewer revenue: 0.20%** |  |  |  |  |
| &nbsp;&nbsp; Charlotte County IDA MSKP Town & Country Utility LLC Series A <br> AMT144A<br>| 4.00 | &nbsp;&nbsp; 10-1-2051 | 500000 | &nbsp;&nbsp; **390371** |
|  |  |  |  | &nbsp;&nbsp; **16203503** |
| **Georgia: 2.92%** |  |  |  |  |
| **Housing revenue: 0.38%** |  |  |  |  |
| &nbsp;&nbsp; Development Authority of Cobb County Kennesaw State University <br> Real Estate Obligated Group 2015 ABC Series C<br>| 5.00 | &nbsp;&nbsp; 7-15-2028 | 745000 | &nbsp;&nbsp; **745437** |
| **Industrial development revenue: 0.67%** |  |  |  |  |
| &nbsp;&nbsp; George L Smith II Congress Center Authority Signia Hotel <br> Management LLC Series B144A<br>| 5.00 | &nbsp;&nbsp; 1-1-2054 | 1460000 | &nbsp;&nbsp; **1306911** |
| **Tax revenue: 0.52%** |  |  |  |  |
| &nbsp;&nbsp; Atlanta Development Authority Westside Tax Allocation District Gulch <br> Area Series A144A<br>| 5.50 | &nbsp;&nbsp; 4-1-2039 | 1000000 | &nbsp;&nbsp; **1005888** |
| **Utilities revenue: 1.35%** |  |  |  |  |
| Main Street Natural Gas, Inc. Series A | 5.00 | &nbsp;&nbsp; 5-15-2049 | 1610000 | &nbsp;&nbsp; 1608791 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project <br> Series A<br>| 5.50 | &nbsp;&nbsp; 7-1-2064 | 1000000 | &nbsp;&nbsp; 1022758 |
|  |  |  |  | &nbsp;&nbsp; **2631549** |
|  |  |  |  | &nbsp;&nbsp; **5689785** |
| **Guam: 0.26%** |  |  |  |  |
| **Airport revenue: 0.26%** |  |  |  |  |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.38 | &nbsp;&nbsp; 10-1-2043 | 500000 | &nbsp;&nbsp; **508379** |
| **Idaho: 0.13%** |  |  |  |  |
| **Education revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Idaho Housing & Finance Association Legacy Public Charter School, <br> Inc. Series A<br>| 6.25 | &nbsp;&nbsp; 5-1-2043 | 250000 | &nbsp;&nbsp; **250127** |
| **Illinois: 4.27%** |  |  |  |  |
| **Education revenue: 0.55%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Acero Charter Schools, Inc. Obligated <br> Group144A<br>| 4.00 | &nbsp;&nbsp; 10-1-2042 | 250000 | &nbsp;&nbsp; 207688 |
| Illinois Finance Authority AIM Art in Motion Series A144A | 5.00 | &nbsp;&nbsp; 7-1-2051 | 1000000 | &nbsp;&nbsp; 695292 |
| Illinois Finance Authority Intrinsic Schools Series A144A | 5.25 | &nbsp;&nbsp; 12-1-2025 | 170000 | &nbsp;&nbsp; 170121 |
|  |  |  |  | &nbsp;&nbsp; **1073101** |
| **GO revenue: 0.78%** |  |  |  |  |
| Chicago Board of Education Dedicated Capital Improvement Tax | 5.75 | &nbsp;&nbsp; 4-1-2048 | 500000 | &nbsp;&nbsp; 517086 |

---

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

Allspring High Yield Municipal Bond Fund \| 5

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| City of Chicago Series A | 5.50<br> %<br>| &nbsp;&nbsp; 1-1-2041 | $500000 | &nbsp;&nbsp; $506460 |
| City of Chicago Series A | 5.50 | &nbsp;&nbsp; 1-1-2043 | 500000 | &nbsp;&nbsp; 502593 |
|  |  |  |  | &nbsp;&nbsp; **1526139** |
| **Health revenue: 0.77%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Endeavor Health Clinical Operations <br> Obligated Group Series B (JPMorgan Chase Bank N.A. SPA)ø<br>| 3.95 | &nbsp;&nbsp; 8-15-2049 | 500000 | &nbsp;&nbsp; 500000 |
| &nbsp;&nbsp; Illinois Finance Authority Silver Cross Hospital Obligated Group <br> Series C<br>| 5.00 | &nbsp;&nbsp; 8-15-2044 | 1000000 | &nbsp;&nbsp; 1002242 |
|  |  |  |  | &nbsp;&nbsp; **1502242** |
| **Housing revenue: 0.50%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series A<br>| 5.00 | &nbsp;&nbsp; 6-15-2050 | 1000000 | &nbsp;&nbsp; **977526** |
| **Miscellaneous revenue: 1.09%** |  |  |  |  |
| Illinois Finance Authority Chicago Theatre Group, Inc. Series A144A | 6.13 | &nbsp;&nbsp; 10-1-2050 | 1500000 | &nbsp;&nbsp; 1491236 |
| Illinois Finance Authority Rogers Park Montessori School | 6.00 | &nbsp;&nbsp; 2-1-2034 | 635000 | &nbsp;&nbsp; 635179 |
|  |  |  |  | &nbsp;&nbsp; **2126415** |
| **Tax revenue: 0.58%** |  |  |  |  |
| Village of Hillside Mannheim Redevelopment Project Area | 5.00 | &nbsp;&nbsp; 1-1-2030 | 1125000 | &nbsp;&nbsp; **1132023** |
|  |  |  |  | &nbsp;&nbsp; **8337446** |
| **Indiana: 3.84%** |  |  |  |  |
| **Education revenue: 1.00%** |  |  |  |  |
| Indiana Finance Authority DePauw University Series A | 5.00 | &nbsp;&nbsp; 7-1-2047 | 2055000 | &nbsp;&nbsp; **1952347** |
| **Health revenue: 1.80%** |  |  |  |  |
| &nbsp;&nbsp; Indiana Finance Authority Hendricks County Hospital Obligated <br> Group<br>| 5.25 | &nbsp;&nbsp; 3-1-2054 | 1500000 | &nbsp;&nbsp; 1489294 |
| &nbsp;&nbsp; Indiana Finance Authority Methodist Hospitals, Inc. Obligated Group <br> Series A<br>| 5.50 | &nbsp;&nbsp; 9-15-2044 | 2000000 | &nbsp;&nbsp; 2027898 |
|  |  |  |  | &nbsp;&nbsp; **3517192** |
| **Industrial development revenue: 1.04%** |  |  |  |  |
| City of Valparaiso Pratt Paper LLC AMT144A | 5.00 | &nbsp;&nbsp; 1-1-2054 | 500000 | &nbsp;&nbsp; 469215 |
| Indianapolis Local Public Improvement Bond Bank Series E | 6.00 | &nbsp;&nbsp; 3-1-2053 | 1500000 | &nbsp;&nbsp; 1551767 |
|  |  |  |  | &nbsp;&nbsp; **2020982** |
|  |  |  |  | &nbsp;&nbsp; **7490521** |
| **Iowa: 0.48%** |  |  |  |  |
| **Health revenue: 0.48%** |  |  |  |  |
| &nbsp;&nbsp; Iowa Finance Authority Lifespace Communities, Inc. Obligated Group <br> Series 2024 A&B<br>| 5.00 | &nbsp;&nbsp; 5-15-2049 | 1000000 | &nbsp;&nbsp; **929120** |

---

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

6 \| Allspring High Yield Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Kansas: 1.54%** |  |  |  |  |
| **Health revenue: 0.93%** |  |  |  |  |
| City of Wichita Presbyterian Manors Obligated Group Series VIII | 5.88<br> %<br>| &nbsp;&nbsp; 5-15-2050 | $1000000 | &nbsp;&nbsp; $940590 |
| &nbsp;&nbsp; Kansas Development Finance Authority Village Shalom Obligated <br> Group Series A<br>| 5.25 | &nbsp;&nbsp; 11-15-2033 | 1000000 | &nbsp;&nbsp; 860746 |
|  |  |  |  | &nbsp;&nbsp; **1801336** |
| **Tax revenue: 0.61%** |  |  |  |  |
| &nbsp;&nbsp; Wyandotte County-Kansas City Unified Government Sales Tax <br> Revenue CAB144A¤<br>| 0.00 | &nbsp;&nbsp; 9-1-2034 | 2250000 | &nbsp;&nbsp; **1193373** |
|  |  |  |  | &nbsp;&nbsp; **2994709** |
| **Kentucky: 0.47%** |  |  |  |  |
| **Health revenue: 0.47%** |  |  |  |  |
| Kentucky EDFA Kenton Housing Obligated Group | 5.50 | &nbsp;&nbsp; 11-15-2035 | 1000000 | &nbsp;&nbsp; **920074** |
| **Louisiana: 1.71%** |  |  |  |  |
| **Airport revenue: 0.66%** |  |  |  |  |
| &nbsp;&nbsp; New Orleans Aviation Board Louis Armstrong International Airport <br> Series B AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2048 | 1305000 | &nbsp;&nbsp; **1280080** |
| **Transportation revenue: 1.05%** |  |  |  |  |
| Louisiana PFA Calcasieu Bridge Partners LLC AMT | 5.75 | &nbsp;&nbsp; 9-1-2064 | 2000000 | &nbsp;&nbsp; **2058572** |
|  |  |  |  | &nbsp;&nbsp; **3338652** |
| **Maryland: 1.16%** |  |  |  |  |
| **Tax revenue: 0.21%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Economic Development Corp. City of Baltimore Port <br> Covington Development District<br>| 4.00 | &nbsp;&nbsp; 9-1-2050 | 500000 | &nbsp;&nbsp; **402069** |
| **Transportation revenue: 0.95%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Economic Development Corp. Purple Line Transit <br> Partners LLC Series B AMT<br>| 5.25 | &nbsp;&nbsp; 6-30-2055 | 1900000 | &nbsp;&nbsp; **1860484** |
|  |  |  |  | &nbsp;&nbsp; **2262553** |
| **Massachusetts: 0.49%** |  |  |  |  |
| **Health revenue: 0.49%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Salem Community <br> Corp. Obligated Group<br>| 5.13 | &nbsp;&nbsp; 1-1-2040 | 1000000 | &nbsp;&nbsp; **951018** |
| **Michigan: 0.76%** |  |  |  |  |
| **Education revenue: 0.20%** |  |  |  |  |
| Michigan Finance Authority Bradford Academy | 4.80 | &nbsp;&nbsp; 9-1-2040 | 150000 | &nbsp;&nbsp; 123011 |
| Michigan Public Educational Facilities Authority Crescent Academy | 7.00 | &nbsp;&nbsp; 10-1-2036 | 262500 | &nbsp;&nbsp; 262609 |
|  |  |  |  | &nbsp;&nbsp; **385620** |

---

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

Allspring High Yield Municipal Bond Fund \| 7

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Miscellaneous revenue: 0.56%** |  |  |  |  |
| &nbsp;&nbsp; Michigan Finance Authority Detroit Public Lighting Authority Utility <br> Users Tax Revenue Series B<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2044 | $1000000 | &nbsp;&nbsp; $1000158 |
| &nbsp;&nbsp; Michigan Public Educational Facilities Authority Chandler Park <br> Academy<br>| 6.35 | &nbsp;&nbsp; 11-1-2028 | 105000 | &nbsp;&nbsp; 105077 |
|  |  |  |  | &nbsp;&nbsp; **1105235** |
|  |  |  |  | &nbsp;&nbsp; **1490855** |
| **Minnesota: 1.56%** |  |  |  |  |
| **Education revenue: 1.22%** |  |  |  |  |
| City of Deephaven Eagle Ridge Academy Series A | 4.40 | &nbsp;&nbsp; 7-1-2025 | 20000 | &nbsp;&nbsp; 20000 |
| City of Deephaven Eagle Ridge Academy Series A | 5.00 | &nbsp;&nbsp; 7-1-2030 | 195000 | &nbsp;&nbsp; 195128 |
| City of Ramsey PACT Charter School Series A | 5.00 | &nbsp;&nbsp; 6-1-2032 | 1000000 | &nbsp;&nbsp; 973786 |
| City of St. Cloud Athlos Academy Series A144A† | 5.25 | &nbsp;&nbsp; 6-1-2032 | 1000000 | &nbsp;&nbsp; 725000 |
| City of Woodbury Leadership Academy Series A | 4.00 | &nbsp;&nbsp; 7-1-2051 | 660000 | &nbsp;&nbsp; 475137 |
|  |  |  |  | &nbsp;&nbsp; **2389051** |
| **Housing revenue: 0.34%** |  |  |  |  |
| City of Minneapolis Riverton Community Housing | 4.70 | &nbsp;&nbsp; 8-1-2026 | 310000 | &nbsp;&nbsp; 310000 |
| City of Minneapolis Riverton Community Housing | 4.80 | &nbsp;&nbsp; 8-1-2027 | 350000 | &nbsp;&nbsp; 350073 |
|  |  |  |  | &nbsp;&nbsp; **660073** |
|  |  |  |  | &nbsp;&nbsp; **3049124** |
| **Missouri: 0.74%** |  |  |  |  |
| **Health revenue: 0.61%** |  |  |  |  |
| &nbsp;&nbsp; HEFA of the State of Missouri Lutheran Senior Services Obligated <br> Group Series A<br>| 5.25 | &nbsp;&nbsp; 2-1-2054 | 1250000 | &nbsp;&nbsp; **1196349** |
| **Tax revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; City of Richmond Heights Francis Place Redevelopment Project Area <br> No. 1<br>| 5.63 | &nbsp;&nbsp; 11-1-2025 | 255000 | &nbsp;&nbsp; **255331** |
|  |  |  |  | &nbsp;&nbsp; **1451680** |
| **New Hampshire: 0.90%** |  |  |  |  |
| **Education revenue: 0.51%** |  |  |  |  |
| &nbsp;&nbsp; New Hampshire Business Finance Authority University of Nevada <br> Reno Series A (BAM Insured)<br>| 4.50 | &nbsp;&nbsp; 6-1-2053 | 1075000 | &nbsp;&nbsp; **1004352** |
| **Health revenue: 0.39%** |  |  |  |  |
| &nbsp;&nbsp; New Hampshire Business Finance Authority Presbyterian Homes <br> Obligated Group Series A<br>| 5.25 | &nbsp;&nbsp; 7-1-2048 | 750000 | &nbsp;&nbsp; **752683** |
|  |  |  |  | &nbsp;&nbsp; **1757035** |
| **New Jersey: 1.21%** |  |  |  |  |
| **Airport revenue: 0.25%** |  |  |  |  |
| New Jersey EDA Port Newark Container Terminal LLC AMT | 5.00 | &nbsp;&nbsp; 10-1-2047 | 500000 | &nbsp;&nbsp; **480581** |

---

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

8 \| Allspring High Yield Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue: 0.85%** |  |  |  |  |
| &nbsp;&nbsp; Camden County Improvement Authority Prep High School <br> Project144A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-15-2042 | $1175000 | &nbsp;&nbsp; $1153125 |
| &nbsp;&nbsp; Passaic County Improvement Authority Paterson Arts & <br> Science Charter School<br>| 5.38 | &nbsp;&nbsp; 7-1-2053 | 500000 | &nbsp;&nbsp; 501749 |
|  |  |  |  | &nbsp;&nbsp; **1654874** |
| **Industrial development revenue: 0.11%** |  |  |  |  |
| New Jersey EDA United Airlines, Inc. | 5.25 | &nbsp;&nbsp; 9-15-2029 | 215000 | &nbsp;&nbsp; **215073** |
|  |  |  |  | &nbsp;&nbsp; **2350528** |
| **New York: 12.91%** |  |  |  |  |
| **Airport revenue: 4.44%** |  |  |  |  |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.63 | &nbsp;&nbsp; 4-1-2040 | 1000000 | &nbsp;&nbsp; 1027748 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2041 | 1660000 | &nbsp;&nbsp; 1654302 |
| New York Transportation Development Corp. JFK NTO LLC AMT | 5.50 | &nbsp;&nbsp; 6-30-2054 | 2000000 | &nbsp;&nbsp; 2012897 |
| New York Transportation Development Corp. JFK NTO LLC AMT | 6.00 | &nbsp;&nbsp; 6-30-2054 | 1000000 | &nbsp;&nbsp; 1032992 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK NTO LLC AMT (AG <br> Insured)<br>| 5.13 | &nbsp;&nbsp; 6-30-2060 | 1000000 | &nbsp;&nbsp; 981545 |
| &nbsp;&nbsp; New York Transportation Development Corp. LaGuardia Gateway <br> Partners LLC Series A-P3 AMT<br>| 5.00 | &nbsp;&nbsp; 7-1-2046 | 1000000 | &nbsp;&nbsp; 968168 |
| &nbsp;&nbsp; New York Transportation Development Corp. LaGuardia Gateway <br> Partners LLC Series A-P3 AMT<br>| 5.25 | &nbsp;&nbsp; 1-1-2050 | 1000000 | &nbsp;&nbsp; 985216 |
|  |  |  |  | &nbsp;&nbsp; **8662868** |
| **Education revenue: 4.20%** |  |  |  |  |
| &nbsp;&nbsp; Build NYC Resource Corp. East Harlem Scholars Academy Charter <br> School Obligated Group144A<br>| 5.75 | &nbsp;&nbsp; 6-1-2052 | 1000000 | &nbsp;&nbsp; 967760 |
| &nbsp;&nbsp; Build NYC Resource Corp. Hellenic Classical Charter Schools <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 12-1-2041 | 1200000 | &nbsp;&nbsp; 1074397 |
| &nbsp;&nbsp; Build NYC Resource Corp. South Bronx Charter School for <br> International Cultures & The Arts Series A144A<br>| 7.00 | &nbsp;&nbsp; 4-15-2053 | 2000000 | &nbsp;&nbsp; 2027985 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 4.60 | &nbsp;&nbsp; 2-1-2051 | 500000 | &nbsp;&nbsp; 362882 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 5.73 | &nbsp;&nbsp; 2-1-2050 | 1000000 | &nbsp;&nbsp; 876379 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Evergreen Charter <br> School, Inc. Series A<br>| 5.25 | &nbsp;&nbsp; 6-15-2052 | 2000000 | &nbsp;&nbsp; 1907710 |
| New York State Dormitory Authority St. Joseph's University/Brooklyn | 4.00 | &nbsp;&nbsp; 7-1-2035 | 400000 | &nbsp;&nbsp; 355827 |
| New York State Dormitory Authority St. Joseph's University/Brooklyn | 5.00 | &nbsp;&nbsp; 7-1-2051 | 750000 | &nbsp;&nbsp; 620436 |
|  |  |  |  | &nbsp;&nbsp; **8193376** |
| **GO revenue: 1.28%** |  |  |  |  |
| City of New York Series 3ø | 3.90 | &nbsp;&nbsp; 4-1-2042 | 2000000 | &nbsp;&nbsp; 2000000 |
| City of New York Series G-2 (Bank of America N.A. SPA)ø | 4.05 | &nbsp;&nbsp; 2-1-2055 | 500000 | &nbsp;&nbsp; 500000 |
|  |  |  |  | &nbsp;&nbsp; **2500000** |

---

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

Allspring High Yield Municipal Bond Fund \| 9

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 1.58%** |  |  |  |  |
| &nbsp;&nbsp; New York State Dormitory Authority White Plains Hospital Obligated <br> Group<br>| 5.25<br> %<br>| &nbsp;&nbsp; 10-1-2049 | $1000000 | &nbsp;&nbsp; $1006514 |
| &nbsp;&nbsp; Onondaga Civic Development Corp. Crouse Health Hospital, Inc. <br> Obligated Group Series A<br>| 5.38 | &nbsp;&nbsp; 8-1-2054 | 1500000 | &nbsp;&nbsp; 1181476 |
| &nbsp;&nbsp; Westchester County Local Development Corp. Health Care Corp. <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 11-1-2046 | 1000000 | &nbsp;&nbsp; 896539 |
|  |  |  |  | &nbsp;&nbsp; **3084529** |
| **Miscellaneous revenue: 0.52%** |  |  |  |  |
| Suffolk Regional Off-Track Betting Corp. | 6.00 | &nbsp;&nbsp; 12-1-2053 | 1000000 | &nbsp;&nbsp; **1021170** |
| **Tobacco revenue: 0.11%** |  |  |  |  |
| Suffolk Tobacco Asset Securitization Corp. Series B-2 CAB¤ | 0.00 | &nbsp;&nbsp; 6-1-2066 | 2500000 | &nbsp;&nbsp; **221668** |
| **Transportation revenue: 0.78%** |  |  |  |  |
| Metropolitan Transportation Authority Series C-1 | 5.25 | &nbsp;&nbsp; 11-15-2055 | 1500000 | &nbsp;&nbsp; **1509494** |
|  |  |  |  | &nbsp;&nbsp; **25193105** |
| **North Carolina: 0.77%** |  |  |  |  |
| **Health revenue: 0.77%** |  |  |  |  |
| &nbsp;&nbsp; North Carolina Medical Care Commission Carolina Meadows, Inc. <br> Obligated Group<br>| 5.25 | &nbsp;&nbsp; 12-1-2054 | 1500000 | &nbsp;&nbsp; **1503147** |
| **North Dakota: 0.57%** |  |  |  |  |
| **Health revenue: 0.57%** |  |  |  |  |
| &nbsp;&nbsp; City of Grand Forks Altru Health System Obligated Group Series A (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2053 | 1125000 | &nbsp;&nbsp; **1118283** |
| **Ohio: 2.32%** |  |  |  |  |
| **Housing revenue: 0.98%** |  |  |  |  |
| State of Ohio Department of Transportation AMT | 5.00 | &nbsp;&nbsp; 6-30-2053 | 2000000 | &nbsp;&nbsp; **1911230** |
| **Tobacco revenue: 1.34%** |  |  |  |  |
| Buckeye Tobacco Settlement Financing Authority Class 2 Series B-2 | 5.00 | &nbsp;&nbsp; 6-1-2055 | 1975000 | &nbsp;&nbsp; 1683740 |
| &nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority Class 2 Series B-3 <br> CAB¤<br>| 0.00 | &nbsp;&nbsp; 6-1-2057 | 10000000 | &nbsp;&nbsp; 927693 |
|  |  |  |  | &nbsp;&nbsp; **2611433** |
|  |  |  |  | &nbsp;&nbsp; **4522663** |
| **Oregon: 0.31%** |  |  |  |  |
| **Health revenue: 0.31%** |  |  |  |  |
| &nbsp;&nbsp; Astoria Hospital Facilities Authority Columbia Lutheran Charities <br> Obligated Group<br>| 5.25 | &nbsp;&nbsp; 8-1-2054 | 500000 | &nbsp;&nbsp; 484585 |
| &nbsp;&nbsp; Polk County Hospital Facility Authority Dallas Mennonite Retirement <br> Community Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2025 | 120000 | &nbsp;&nbsp; 120000 |
|  |  |  |  | &nbsp;&nbsp; **604585** |

---

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

10 \| Allspring High Yield Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Pennsylvania: 2.76%** |  |  |  |  |
| **Education revenue: 0.36%** |  |  |  |  |
| Philadelphia IDA Independence Charter School West | 5.00<br> %<br>| &nbsp;&nbsp; 6-15-2039 | $750000 | &nbsp;&nbsp; **$698560** |
| **Health revenue: 2.05%** |  |  |  |  |
| &nbsp;&nbsp; Lancaster County Hospital Authority Penn State Health Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 11-1-2051 | 1000000 | &nbsp;&nbsp; 970025 |
| Lancaster Municipal Authority Luthercare Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2055 | 1250000 | &nbsp;&nbsp; 1165568 |
| &nbsp;&nbsp; Montgomery County Higher Education & Health Authority Thomas <br> Jefferson University Obligated Group Series Dø<br>| 2.72 | &nbsp;&nbsp; 9-1-2050 | 250000 | &nbsp;&nbsp; 250000 |
| Pennsylvania EDFA Presbyterian Homes Obligated Group Series B-1 | 5.25 | &nbsp;&nbsp; 7-1-2049 | 750000 | &nbsp;&nbsp; 751254 |
| Quakertown General Authority LifeQuest Obligated Group Series C | 5.30 | &nbsp;&nbsp; 7-1-2042 | 1000000 | &nbsp;&nbsp; 862114 |
|  |  |  |  | &nbsp;&nbsp; **3998961** |
| **Miscellaneous revenue: 0.35%** |  |  |  |  |
| &nbsp;&nbsp; Chester County IDA Woodlands at Greystone Neighborhood <br> Improvement District144A<br>| 5.13 | &nbsp;&nbsp; 3-1-2048 | 748000 | &nbsp;&nbsp; **678858** |
|  |  |  |  | &nbsp;&nbsp; **5376379** |
| **Puerto Rico: 1.45%** |  |  |  |  |
| **Tax revenue: 1.45%** |  |  |  |  |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series A-1 | 5.00 | &nbsp;&nbsp; 7-1-2058 | 3000000 | &nbsp;&nbsp; **2820385** |
| **South Carolina: 2.19%** |  |  |  |  |
| **Education revenue: 0.75%** |  |  |  |  |
| &nbsp;&nbsp; South Carolina Jobs-EDA Columbia College/SC Obligated Group <br> Series A<br>| 5.75 | &nbsp;&nbsp; 10-1-2045 | 500000 | &nbsp;&nbsp; 450513 |
| South Carolina Jobs-EDA Riverwalk Academy Series A144A | 7.00 | &nbsp;&nbsp; 6-15-2043 | 1000000 | &nbsp;&nbsp; 1007956 |
|  |  |  |  | &nbsp;&nbsp; **1458469** |
| **Health revenue: 1.37%** |  |  |  |  |
| &nbsp;&nbsp; South Carolina Jobs-EDA Beaufort Memorial Hospital Obligated <br> Group<br>| 5.75 | &nbsp;&nbsp; 11-15-2054 | 1750000 | &nbsp;&nbsp; 1766960 |
| &nbsp;&nbsp; South Carolina Jobs-EDA Episcopal Home at Still Hopes Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2048 | 1000000 | &nbsp;&nbsp; 911008 |
|  |  |  |  | &nbsp;&nbsp; **2677968** |
| **Resource recovery revenue: 0.07%** |  |  |  |  |
| South Carolina Jobs-EDA RePower South Berkeley LLC† | 8.00 | &nbsp;&nbsp; 12-6-2029 | 100000 | &nbsp;&nbsp; 80000 |
| South Carolina Jobs-EDA RePower South Berkeley LLC AMT144A♦‡† | 6.25 | &nbsp;&nbsp; 2-1-2045 | 1000000 | &nbsp;&nbsp; 50000 |
|  |  |  |  | &nbsp;&nbsp; **130000** |
|  |  |  |  | &nbsp;&nbsp; **4266437** |

---

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

Allspring High Yield Municipal Bond Fund \| 11

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tennessee: 1.97%** |  |  |  |  |
| **Housing revenue: 1.71%** |  |  |  |  |
| &nbsp;&nbsp; Knox County Health Educational & Housing Facility Board Provident <br> Group - UTK Properties LLC Series A-1 (BAM Insured)<br>| 5.25<br> %<br>| &nbsp;&nbsp; 7-1-2049 | $1250000 | &nbsp;&nbsp; $1268386 |
| &nbsp;&nbsp; Shelby County Health & Educational Facilities Board Madrone <br> Memphis Student Housing I LLC Series A1144A<br>| 5.25 | &nbsp;&nbsp; 6-1-2056 | 2250000 | &nbsp;&nbsp; 2075136 |
|  |  |  |  | &nbsp;&nbsp; **3343522** |
| **Tax revenue: 0.26%** |  |  |  |  |
| &nbsp;&nbsp; Nashville Metropolitan Development & Housing Agency Fifth & <br> Broadway Redevelopment Area144A<br>| 5.13 | &nbsp;&nbsp; 6-1-2036 | 500000 | &nbsp;&nbsp; **503343** |
|  |  |  |  | &nbsp;&nbsp; **3846865** |
| **Texas: 5.98%** |  |  |  |  |
| **Education revenue: 1.51%** |  |  |  |  |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. LTTS Charter School, Inc. <br> Series A<br>| 7.00 | &nbsp;&nbsp; 3-1-2034 | 320000 | &nbsp;&nbsp; 320179 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. School of Excellence in <br> Education Series A144A<br>| 6.38 | &nbsp;&nbsp; 2-15-2052 | 1500000 | &nbsp;&nbsp; 1431135 |
| Arlington Higher Education Finance Corp. Wayside Schools Series A | 4.00 | &nbsp;&nbsp; 8-15-2046 | 860000 | &nbsp;&nbsp; 674941 |
| &nbsp;&nbsp; Pottsboro Higher Education Finance Corp. Imagine International <br> Academy of North Texas LLC Series A<br>| 3.88 | &nbsp;&nbsp; 8-15-2026 | 520000 | &nbsp;&nbsp; 515591 |
|  |  |  |  | &nbsp;&nbsp; **2941846** |
| **GO revenue: 0.41%** |  |  |  |  |
| City of Port Isabel144A | 5.10 | &nbsp;&nbsp; 2-15-2049 | 875000 | &nbsp;&nbsp; **811453** |
| **Health revenue: 1.70%** |  |  |  |  |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Westminster <br> Manor Obligated Group<br>| 5.00 | &nbsp;&nbsp; 11-1-2055 | 1750000 | &nbsp;&nbsp; 1624552 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. Buckner <br> Retirement Services, Inc. Obligated Group<br>| 5.00 | &nbsp;&nbsp; 11-15-2046 | 1000000 | &nbsp;&nbsp; 928525 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. <br> Cumberland Rest, Inc. Obligated Group<br>| 5.00 | &nbsp;&nbsp; 10-1-2049 | 800000 | &nbsp;&nbsp; 765565 |
|  |  |  |  | &nbsp;&nbsp; **3318642** |
| **Housing revenue: 1.09%** |  |  |  |  |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Bella Vida <br> Forefront Living Obligated Group Series A<br>| 6.50 | &nbsp;&nbsp; 10-1-2055 | 2180000 | &nbsp;&nbsp; **2118753** |
| **Industrial development revenue: 0.47%** |  |  |  |  |
| &nbsp;&nbsp; Port of Beaumont Navigation District Jefferson 2020 Bond Lessee & <br> Borrower LLC Obligated Group Series A AMT144A<br>| 5.25 | &nbsp;&nbsp; 1-1-2054 | 1000000 | &nbsp;&nbsp; **916245** |
| **Resource recovery revenue: 0.51%** |  |  |  |  |
| &nbsp;&nbsp; Port of Port Arthur Navigation District Motiva Enterprises LLC <br> Series Bø<br>| 4.00 | &nbsp;&nbsp; 4-1-2040 | 1000000 | &nbsp;&nbsp; **1000000** |
| **Tax revenue: 0.19%** |  |  |  |  |
| &nbsp;&nbsp; Baytown Municipal Development District Convention Center Hotel <br> Revenue Series B144A<br>| 5.00 | &nbsp;&nbsp; 10-1-2050 | 500000 | &nbsp;&nbsp; **368813** |

---

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

12 \| Allspring High Yield Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue: 0.10%** |  |  |  |  |
| SA Energy Acquisition Public Facility Corp. | 5.50<br> %<br>| &nbsp;&nbsp; 8-1-2027 | $190000 | &nbsp;&nbsp; $**195951** |
|  |  |  |  | &nbsp;&nbsp; **11671703** |
| **Utah: 4.26%** |  |  |  |  |
| **Education revenue: 0.46%** |  |  |  |  |
| &nbsp;&nbsp; Utah Charter School Finance Authority Freedom Academy <br> Foundation Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-15-2041 | 1020000 | &nbsp;&nbsp; **900390** |
| **GO revenue: 0.73%** |  |  |  |  |
| Soleil Hills Public Infrastructure District No. 1 Series A144A | 5.88 | &nbsp;&nbsp; 3-1-2055 | 1500000 | &nbsp;&nbsp; **1432035** |
| **Miscellaneous revenue: 1.04%** |  |  |  |  |
| &nbsp;&nbsp; MIDA Mountain Village Public Infrastructure District Assessment Area <br> No. 2144A<br>| 4.00 | &nbsp;&nbsp; 8-1-2050 | 925000 | &nbsp;&nbsp; 759642 |
| &nbsp;&nbsp; Wood Ranch Public Infrastructure District Assessment Area No. <br> 1144A<br>| 5.63 | &nbsp;&nbsp; 12-1-2053 | 1300000 | &nbsp;&nbsp; 1267526 |
|  |  |  |  | &nbsp;&nbsp; **2027168** |
| **Tax revenue: 2.03%** |  |  |  |  |
| MIDA Mountain Veterans Program Public Infrastructure District144A | 5.20 | &nbsp;&nbsp; 6-1-2054 | 2250000 | &nbsp;&nbsp; 2093895 |
| &nbsp;&nbsp; MIDA Mountain Village Public Infrastructure District Military <br> Recreation Facility Project Area Series 2144A<br>| 6.00 | &nbsp;&nbsp; 6-15-2054 | 1000000 | &nbsp;&nbsp; 1005153 |
| UIPA Crossroads Public Infrastructure District AJL Project Area144A | 4.38 | &nbsp;&nbsp; 6-1-2052 | 1000000 | &nbsp;&nbsp; 859709 |
|  |  |  |  | &nbsp;&nbsp; **3958757** |
|  |  |  |  | &nbsp;&nbsp; **8318350** |
| **Virginia: 1.76%** |  |  |  |  |
| **Health revenue: 0.79%** |  |  |  |  |
| Roanoke County EDA Friendship Foundationøø | 5.50 | &nbsp;&nbsp; 9-1-2058 | 550000 | &nbsp;&nbsp; 538882 |
| &nbsp;&nbsp; Virginia Small Business Financing Authority LifeSpire Obligated <br> Group Series A<br>| 5.50 | &nbsp;&nbsp; 12-1-2054 | 1000000 | &nbsp;&nbsp; 1014686 |
|  |  |  |  | &nbsp;&nbsp; **1553568** |
| **Transportation revenue: 0.97%** |  |  |  |  |
| &nbsp;&nbsp; Virginia Small Business Financing Authority I-66 Express Mobility <br> Partners LLC AMT<br>| 5.00 | &nbsp;&nbsp; 12-31-2052 | 2000000 | &nbsp;&nbsp; **1887721** |
|  |  |  |  | &nbsp;&nbsp; **3441289** |
| **Washington: 3.06%** |  |  |  |  |
| **Health revenue: 2.20%** |  |  |  |  |
| Jefferson County Public Hospital District No. 2 Series A | 6.88 | &nbsp;&nbsp; 12-1-2053 | 1500000 | &nbsp;&nbsp; 1512579 |
| Skagit County Public Hospital District No. 1 | 5.50 | &nbsp;&nbsp; 12-1-2054 | 1000000 | &nbsp;&nbsp; 1016474 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Fred Hutchinson Cancer <br> Center Obligated Group<br>| 5.00 | &nbsp;&nbsp; 9-1-2050 | 750000 | &nbsp;&nbsp; 740402 |
| &nbsp;&nbsp; Washington State Housing Finance Commission Eastside Retirement <br> Association Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2048 | 1050000 | &nbsp;&nbsp; 1016762 |
|  |  |  |  | &nbsp;&nbsp; **4286217** |

---

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

Allspring High Yield Municipal Bond Fund \| 13

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue: 0.86%** |  |  |  |  |
| &nbsp;&nbsp; Washington State Housing Finance Commission German Retirement <br> Home of the State of Washington Obligated Group Series A144A<br>| 5.75<br> %<br>| &nbsp;&nbsp; 1-1-2053 | $1290000 | &nbsp;&nbsp; $1211097 |
| &nbsp;&nbsp; Washington State Housing Finance Commission Provident Group-SH <br> I Properties LLC<br>| 5.00 | &nbsp;&nbsp; 7-1-2054 | 500000 | &nbsp;&nbsp; 479858 |
|  |  |  |  | &nbsp;&nbsp; **1690955** |
|  |  |  |  | &nbsp;&nbsp; **5977172** |
| **West Virginia: 1.39%** |  |  |  |  |
| **Tax revenue: 1.39%** |  |  |  |  |
| County of Ohio Highlands Project | 5.25 | &nbsp;&nbsp; 6-1-2053 | 1000000 | &nbsp;&nbsp; 960303 |
| Monongalia County Commission Excise Tax District Series A144A | 5.75 | &nbsp;&nbsp; 6-1-2043 | 1750000 | &nbsp;&nbsp; 1760048 |
|  |  |  |  | &nbsp;&nbsp; **2720351** |
| **Wisconsin: 5.13%** |  |  |  |  |
| **Education revenue: 3.48%** |  |  |  |  |
| PFA Contemporary Science Center, Inc. Series A144A | 5.63 | &nbsp;&nbsp; 7-1-2045 | 1000000 | &nbsp;&nbsp; 978457 |
| PFA Estancia Valley Classical Academy Series A144A | 4.25 | &nbsp;&nbsp; 7-1-2051 | 1000000 | &nbsp;&nbsp; 696648 |
| PFA Triad Math & Science Academy Co. | 5.00 | &nbsp;&nbsp; 6-15-2042 | 1140000 | &nbsp;&nbsp; 1105068 |
| PFA Triad Math & Science Academy Co. | 5.25 | &nbsp;&nbsp; 6-15-2052 | 1610000 | &nbsp;&nbsp; 1535577 |
| PFA Uwharrie Charter Academy Series A144A | 5.00 | &nbsp;&nbsp; 6-15-2042 | 1310000 | &nbsp;&nbsp; 1253646 |
| PFA Wilson Preparatory Academy Series A144A | 5.00 | &nbsp;&nbsp; 6-15-2039 | 1285000 | &nbsp;&nbsp; 1214580 |
|  |  |  |  | &nbsp;&nbsp; **6783976** |
| **Health revenue: 1.39%** |  |  |  |  |
| Wisconsin HEFA Illinois Senior Housing, Inc. Series A | 5.25 | &nbsp;&nbsp; 8-1-2048 | 1500000 | &nbsp;&nbsp; 1244622 |
| Wisconsin HEFA Masonic Home Obligated Group Series A | 5.75 | &nbsp;&nbsp; 8-15-2054 | 1450000 | &nbsp;&nbsp; 1468607 |
|  |  |  |  | &nbsp;&nbsp; **2713229** |
| **Housing revenue: 0.26%** |  |  |  |  |
| &nbsp;&nbsp; PFA Eastern Michigan University Campus Living LLC Series A-1 (BAM <br> Insured)<br>| 5.50 | &nbsp;&nbsp; 7-1-2052 | 500000 | &nbsp;&nbsp; **505961** |
|  |  |  |  | &nbsp;&nbsp; **10003166** |
| **Total municipal obligations (Cost $203,785,010)** |  |  |  | &nbsp;&nbsp; **191113799** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 1.17%** |  |  |  |  |
| **Investment companies: 1.17%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.26 | 2291592 | &nbsp;&nbsp; **2291592** |
| **Total short-term investments (Cost $2,291,592)** |  |  |  | &nbsp;&nbsp; **2291592** |
| **Total investments in securities (Cost $206,076,602)** | 99.13<br> %<br>|  |  | &nbsp;&nbsp; 193405391 |
| Other assets and liabilities, net | 0.87 |  |  | &nbsp;&nbsp; 1688463 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$195093854** |

---

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

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

14 \| Allspring High Yield Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | |
|:---|:---|
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| † | Non-income-earning security |
| ♦ | The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| ‡ | Security is valued using significant unobservable inputs. |
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AG | Assured Guaranty Incorporation |
| AMT | Alternative minimum tax |
| BAM | Build America Mutual Assurance Company |
| CAB | Capital appreciation bond |
| CDA | Community Development Authority |
| CHF | Collegiate Housing Foundation |
| ECFA | Educational & Cultural Facilities Authority |
| EDA | Economic Development Authority |
| EDFA | Economic Development Finance Authority |
| GO | General obligation |
| HEFA | Health & Educational Facilities Authority |
| IDA | Industrial Development Authority |
| NTO | New Terminal One |
| PFA | Public Finance Authority |
| SPA | Standby purchase agreement |

---

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $936490 | $55478963 | $(54123861)<br>| $0 | $0 | $2291592 | 2291592 | $46061 |

---

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

Allspring High Yield Municipal Bond Fund \| 15

------

Statement of assets and liabilities—June 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $203,785,010) | $191113799 |
| Investments in affiliated securities, at value (cost $2,291,592) | 2291592 |
| Receivable for interest | 2497801 |
| Receivable for Fund shares sold | 76233 |
| Receivable for investments sold | 75000 |
| Prepaid expenses and other assets | 68239 |
| **Total assets** | **196122664** |
| Liabilities |  |
| Payable for Fund shares redeemed | 904776 |
| Management fee payable | 51287 |
| Administration fees payable | 16203 |
| Shareholder servicing fees payable | 11399 |
| Trustees' fees and expenses payable | 4015 |
| Distribution fee payable | 3895 |
| Dividends payable | 3738 |
| Accrued expenses and other liabilities | 33497 |
| **Total liabilities** | **1028810** |
| **Total net assets**  | **$195093854** |
| Net assets consist of |  |
| Paid-in capital | $212413011 |
| Total distributable loss | (17319157)<br>|
| **Total net assets** | **$195093854** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $43637044 |
| Shares outstanding–Class A<sup>1</sup> <br>| 4776760 |
| Net asset value per share–Class A | $9.14 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $9.57 |
| Net assets–Class C | $6161388 |
| Shares outstanding–Class C<sup>1</sup> <br>| 674456 |
| Net asset value per share–Class C | $9.14 |
| Net assets–Class R6 | $462312 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 50514 |
| Net asset value per share–Class R6 | $9.15 |
| Net assets–Administrator Class | $5392884 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 590046 |
| Net asset value per share–Administrator Class | $9.14 |
| Net assets–Institutional Class | $139440226 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 15264873 |
| Net asset value per share–Institutional Class | $9.13 |

---

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

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

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

16 \| Allspring High Yield Municipal Bond Fund

------

Statement of operations—year ended June 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $9806085 |
| Income from affiliated securities | 46061 |
| **Total investment income** | **9852146** |
| Expenses |  |
| Management fee | 964831 |
| Administration fees |  |
| Class A | 69208 |
| Class C | 9835 |
| Class R6 | 55 |
| Administrator Class | 5524 |
| Institutional Class | 107650 |
| Shareholder servicing fees |  |
| Class A | 115346 |
| Class C | 16390 |
| Administrator Class | 13778 |
| Distribution fee |  |
| Class C | 49171 |
| Custody and accounting fees | 8741 |
| Professional fees | 53475 |
| Registration fees | 103116 |
| Shareholder report expenses | 33223 |
| Trustees' fees and expenses | 14676 |
| Other fees and expenses | 19377 |
| **Total expenses** | **1584396** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (290549)<br>|
| Class A | (36652)<br>|
| Class C | (4595)<br>|
| Administrator Class | (7553)<br>|
| **Net expenses** | **1245047** |
| **Net investment income** | **8607099** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized losses on investments** | **(425136)**<br>|
| **Net change in unrealized gains (losses) on investments** | **(8864804)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(9289940)**<br>|
| **Net decrease in net assets resulting from operations** | **$(682841)**<br>|

---

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

Allspring High Yield Municipal Bond Fund \| 17

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2024 | Year ended<br> June 30, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $8607099 |  | &nbsp;&nbsp; $6558555 |
| Net realized losses on investments |  | &nbsp;&nbsp; (425136)<br>|  | &nbsp;&nbsp; (983475)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (8864804)<br>|  | &nbsp;&nbsp; 3092990 |
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **(682841)**<br>|  | &nbsp;&nbsp; **8668070** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (2000647)<br>|  | &nbsp;&nbsp; (1897857)<br>|
| Class C |  | &nbsp;&nbsp; (234590)<br>|  | &nbsp;&nbsp; (263545)<br>|
| Class R6 |  | &nbsp;&nbsp; (8739)<br>|  | &nbsp;&nbsp; (1179)<br>|
| Administrator Class |  | &nbsp;&nbsp; (245352)<br>|  | &nbsp;&nbsp; (302032)<br>|
| Institutional Class |  | &nbsp;&nbsp; (6175838)<br>|  | &nbsp;&nbsp; (4261107)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(8665166)**<br>|  | &nbsp;&nbsp; **(6725720)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 1347626 | &nbsp;&nbsp; 12839119 | &nbsp;&nbsp; 1362347 | &nbsp;&nbsp; 12767503 |
| Class C | 197465 | &nbsp;&nbsp; 1883472 | &nbsp;&nbsp; 198425 | &nbsp;&nbsp; 1838038 |
| Class R6 | 47724 | &nbsp;&nbsp; 450680 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 99 |
| Administrator Class | 58012 | &nbsp;&nbsp; 547150 | &nbsp;&nbsp; 269030 | &nbsp;&nbsp; 2529530 |
| Institutional Class | 7843867 | &nbsp;&nbsp; 74056510 | &nbsp;&nbsp; 6757098 | &nbsp;&nbsp; 62397209 |
|  |  | &nbsp;&nbsp; 89776931 |  | &nbsp;&nbsp; 79532379 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 206548 | &nbsp;&nbsp; 1959456 | &nbsp;&nbsp; 197217 | &nbsp;&nbsp; 1835750 |
| Class C | 24651 | &nbsp;&nbsp; 233796 | &nbsp;&nbsp; 28005 | &nbsp;&nbsp; 260723 |
| Class R6 | 938 | &nbsp;&nbsp; 8769 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 1173 |
| Administrator Class | 25766 | &nbsp;&nbsp; 244442 | &nbsp;&nbsp; 15333 | &nbsp;&nbsp; 142465 |
| Institutional Class | 650970 | &nbsp;&nbsp; 6164997 | &nbsp;&nbsp; 456676 | &nbsp;&nbsp; 4236879 |
|  |  | &nbsp;&nbsp; 8611460 |  | &nbsp;&nbsp; 6476990 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (1371940)<br>| &nbsp;&nbsp; (12923398)<br>| &nbsp;&nbsp; (1421241)<br>| &nbsp;&nbsp; (13034486)<br>|
| Class C | (210166)<br>| &nbsp;&nbsp; (1982127)<br>| &nbsp;&nbsp; (326830)<br>| &nbsp;&nbsp; (3045929)<br>|
| Class R6 | (812)<br>| &nbsp;&nbsp; (7570)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Administrator Class | (81132)<br>| &nbsp;&nbsp; (769213)<br>| &nbsp;&nbsp; (524473)<br>| &nbsp;&nbsp; (4895654)<br>|
| Institutional Class | (4439263)<br>| &nbsp;&nbsp; (41358305)<br>| &nbsp;&nbsp; (6066390)<br>| &nbsp;&nbsp; (55595887)<br>|
|  |  | &nbsp;&nbsp; (57040613)<br>|  | &nbsp;&nbsp; (76571956)<br>|
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **41347778** |  | &nbsp;&nbsp; **9437413** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **31999771** |  | &nbsp;&nbsp; **11379763** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **163094083** |  | &nbsp;&nbsp; **151714320** |
| **End of period** |  | &nbsp;&nbsp; **$195093854** |  | &nbsp;&nbsp; **$163094083** |

---

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

18 \| Allspring High Yield Municipal Bond Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.56** | &nbsp;&nbsp; **$9.42** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$11.16** | &nbsp;&nbsp; **$10.43** |
| Net investment income | 0.41 <br><sup>1</sup><br>| 0.41 <br><sup>1</sup><br>| 0.39 <br><sup>1</sup><br>| 0.38 | 0.41 |
| Net realized and unrealized gains (losses) on investments | (0.42)<br>| 0.15 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.56)<br>| 0.73 |
| Total from investment operations | (0.01)<br>| 0.56 | 0.25 | &nbsp;&nbsp; (1.18)<br>| 1.14 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.41)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.41)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.04)<br>| 0.00 |
| Total distributions to shareholders | (0.41)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.41)<br>|
| **Net asset value, end of period** | **$9.14** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$9.42** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$11.16** |
| **Total return**<sup>2</sup> <br>| **(0.16)%**<br>| **6.22%**<br>| **2.71%**<br>| &nbsp;&nbsp; **(10.84)%**<br>| **10.98%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.02<br> %<br>| 1.07<br> %<br>| 1.07<br> %<br>| 1.10<br> %<br>| 1.14<br> %<br>|
| Net expenses | 0.79<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>|
| Net investment income | 4.30<br> %<br>| 4.48<br> %<br>| 4.13<br> %<br>| 3.61<br> %<br>| 3.74<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 15<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 55<br> %<br>|
| Net assets, end of period (000s omitted) | $43637 | &nbsp;&nbsp; $43935 | &nbsp;&nbsp; $41963 | &nbsp;&nbsp; $37138 | &nbsp;&nbsp; $37514 |

---

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

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

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

Allspring High Yield Municipal Bond Fund \| 19

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.56** | &nbsp;&nbsp; **$9.42** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$11.16** | &nbsp;&nbsp; **$10.44** |
| Net investment income | 0.34 <br><sup>1</sup><br>| 0.34 <br><sup>1</sup><br>| 0.32 <br><sup>1</sup><br>| 0.30 | 0.32 |
| Net realized and unrealized gains (losses) on investments | (0.42)<br>| 0.15 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.55)<br>| 0.72 |
| Total from investment operations | (0.08)<br>| 0.49 | 0.18 | &nbsp;&nbsp; (1.25)<br>| 1.04 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.34)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.32)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.04)<br>| 0.00 |
| Total distributions to shareholders | (0.34)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.32)<br>|
| **Net asset value, end of period** | **$9.14** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$9.42** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$11.16** |
| **Total return**<sup>2</sup> <br>| **(0.92)%**<br>| **5.43%**<br>| **1.94%**<br>| &nbsp;&nbsp; **(11.51)%**<br>| **10.14%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.77<br> %<br>| 1.79<br> %<br>| 1.80<br> %<br>| 1.84<br> %<br>| 1.89<br> %<br>|
| Net expenses | 1.55<br> %<br>| 1.55<br> %<br>| 1.55<br> %<br>| 1.55<br> %<br>| 1.55<br> %<br>|
| Net investment income | 3.55<br> %<br>| 3.72<br> %<br>| 3.39<br> %<br>| 2.84<br> %<br>| 3.02<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 15<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 55<br> %<br>|
| Net assets, end of period (000s omitted) | $6161 | &nbsp;&nbsp; $6335 | &nbsp;&nbsp; $7185 | &nbsp;&nbsp; $6435 | &nbsp;&nbsp; $8471 |

---

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

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

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

20 \| Allspring High Yield Municipal Bond Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class R6 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.59** | &nbsp;&nbsp; **$9.44** | &nbsp;&nbsp; **$9.59** | &nbsp;&nbsp; **$11.16** | &nbsp;&nbsp; **$10.44** |
| Net investment income | 0.44 <br><sup>1</sup><br>| 0.44 <br><sup>1</sup><br>| 0.42 <br><sup>1</sup><br>| 0.42 | 0.44 |
| Net realized and unrealized gains (losses) on investments | (0.44)<br>| 0.16 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (1.55)<br>| 0.71 |
| Total from investment operations | 0.00 | 0.60 | 0.27 | &nbsp;&nbsp; (1.13)<br>| 1.15 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.44)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.43)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.04)<br>| 0.00 |
| Total distributions to shareholders | (0.44)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.43)<br>|
| **Net asset value, end of period** | **$9.15** | &nbsp;&nbsp; **$9.59** | &nbsp;&nbsp; **$9.44** | &nbsp;&nbsp; **$9.59** | &nbsp;&nbsp; **$11.16** |
| **Total return**<sup>2</sup> <br>| **(0.08)%**<br>| **6.65%**<br>| **2.90%**<br>| &nbsp;&nbsp; **(10.53)%**<br>| **11.28%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.65<br> %<br>| 0.69<br> %<br>| 0.69<br> %<br>| 0.72<br> %<br>| 0.76<br> %<br>|
| Net expenses | 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Net investment income | 4.74<br> %<br>| 4.78<br> %<br>| 4.43<br> %<br>| 3.91<br> %<br>| 4.07<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 15<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 55<br> %<br>|
| Net assets, end of period (000s omitted) | $462 | &nbsp;&nbsp; $26 | &nbsp;&nbsp; $24 | &nbsp;&nbsp; $23 | &nbsp;&nbsp; $26 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring High Yield Municipal Bond Fund \| 21

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.57** | &nbsp;&nbsp; **$9.42** | &nbsp;&nbsp; **$9.57** | &nbsp;&nbsp; **$11.16** | &nbsp;&nbsp; **$10.44** |
| Net investment income | 0.42 <br><sup>1</sup><br>| 0.42 <br><sup>1</sup><br>| 0.40 <br><sup>1</sup><br>| 0.40 | 0.42 |
| Net realized and unrealized gains (losses) on investments | (0.43)<br>| 0.16 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (1.55)<br>| 0.72 |
| Total from investment operations | (0.01)<br>| 0.58 | 0.25 | &nbsp;&nbsp; (1.15)<br>| 1.14 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.42)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.42)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.04)<br>| 0.00 |
| Total distributions to shareholders | (0.42)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.42)<br>|
| **Net asset value, end of period** | **$9.14** | &nbsp;&nbsp; **$9.57** | &nbsp;&nbsp; **$9.42** | &nbsp;&nbsp; **$9.57** | &nbsp;&nbsp; **$11.16** |
| **Total return**<sup>2</sup> <br>| **(0.16)%**<br>| **6.44%**<br>| **2.71%**<br>| &nbsp;&nbsp; **(10.65)%**<br>| **11.10%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.97<br> %<br>| 1.02<br> %<br>| 1.01<br> %<br>| 1.05<br> %<br>| 1.08<br> %<br>|
| Net expenses | 0.68<br> %<br>| 0.70<br> %<br>| 0.69<br> %<br>| 0.68<br> %<br>| 0.69<br> %<br>|
| Net investment income | 4.41<br> %<br>| 4.57<br> %<br>| 4.24<br> %<br>| 3.73<br> %<br>| 3.88<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 15<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 55<br> %<br>|
| Net assets, end of period (000s omitted) | $5393 | &nbsp;&nbsp; $5620 | &nbsp;&nbsp; $7796 | &nbsp;&nbsp; $8587 | &nbsp;&nbsp; $9692 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

22 \| Allspring High Yield Municipal Bond Fund

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Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.56** | &nbsp;&nbsp; **$9.42** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$11.15** | &nbsp;&nbsp; **$10.43** |
| Net investment income | 0.43 <br><sup>1</sup><br>| 0.44 <br><sup>1</sup><br>| 0.42 <br><sup>1</sup><br>| 0.41 | 0.43 |
| Net realized and unrealized gains (losses) on investments | (0.43)<br>| 0.15 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.55)<br>| 0.72 |
| Total from investment operations | 0.00 | 0.59 | 0.28 | &nbsp;&nbsp; (1.14)<br>| 1.15 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.43)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.43)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.04)<br>| 0.00 |
| Total distributions to shareholders | (0.43)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.43)<br>|
| **Net asset value, end of period** | **$9.13** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$9.42** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$11.15** |
| **Total return**<sup>2</sup> <br>| **(0.03)%**<br>| **6.49%**<br>| **2.97%**<br>| &nbsp;&nbsp; **(10.54)%**<br>| **11.15%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.70<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>| 0.77<br> %<br>| 0.81<br> %<br>|
| Net expenses | 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>|
| Net investment income | 4.56<br> %<br>| 4.73<br> %<br>| 4.40<br> %<br>| 3.87<br> %<br>| 4.00<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 15<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 55<br> %<br>|
| Net assets, end of period (000s omitted) | $139440 | &nbsp;&nbsp; $107178 | &nbsp;&nbsp; $94747 | &nbsp;&nbsp; $56771 | &nbsp;&nbsp; $44440 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring High Yield Municipal Bond Fund \| 23

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Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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.

Futures contracts

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

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

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has

24 \| Allspring High Yield Municipal Bond Fund

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Notes to financial statements

been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of June 30, 2025, the aggregate cost of all investments for federal income tax purposes was $206,425,777 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $841444 |
| Gross unrealized losses | &nbsp;&nbsp; (13861830)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(13020386)**<br>|

---

As of June 30, 2025, the Fund had capital loss carryforwards which consist of $2,701,655 in short-term capital losses and $1,715,957 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Allspring High Yield Municipal Bond Fund \| 25

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Notes to financial statements

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Municipal obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $191063799 | &nbsp;&nbsp;&nbsp; $50000 | &nbsp;&nbsp;&nbsp; $191113799 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 2291592 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2291592 |
| **Total assets** | &nbsp;&nbsp; **$2291592** | &nbsp;&nbsp;&nbsp; **$191063799** | &nbsp;&nbsp;&nbsp; **$50000** | &nbsp;&nbsp;&nbsp; **$193405391** |

---

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

At June 30, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.500<br> %<br>|
| Next $500 million | 0.475 |
| Next $2 billion | 0.450 |
| Next $2 billion | 0.425 |
| Next $5 billion | 0.390 |
| Over $10 billion | 0.380 |

---

For the year ended June 30, 2025, the management fee was equivalent to an annual rate of 0.50% of the Fund's average daily net assets.

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

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.15<br> %<br>|
| Class C | 0.15 |
| Class R6 | 0.03 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

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

26 \| Allspring High Yield Municipal Bond Fund

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Notes to financial statements

Funds Management has contractually committed through October 31, 2025 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 June 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.80<br> %<br>|
| Class C | 1.55 |
| Class R6 | 0.50 |
| Administrator Class | 0.70 |
| Institutional Class | 0.55 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended June 30, 2025, Allspring Funds Distributor received $2,930 from the sale of Class A shares and $24 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended June 30, 2025.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $6,015,000, $18,700,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the year ended June 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2025 were $79,161,266 and $27,582,394, respectively.

6. BANK BORROWINGS

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

For the year ended June 30, 2025, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 |
|  | 2025 | 2024 |
| **Tax-exempt income** | $8665166 | $6725720 |

---

Allspring High Yield Municipal Bond Fund \| 27

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Notes to financial statements

As of June 30, 2025, the components of distributable loss on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>tax-exempt <br>income<br>| Unrealized <br>losses<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $122579 | &nbsp;&nbsp; $(13020386)<br>| &nbsp;&nbsp;&nbsp; $(4417612)<br>|

---

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. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

10. CLASS CONVERSION

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025.

11. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. 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 revenue 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.

28 \| Allspring High Yield Municipal Bond Fund

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Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring High Yield Municipal Bond Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of June 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g97024img9e3d17222.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

August 22, 2025

Allspring High Yield Municipal Bond Fund \| 29

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Other information (unaudited)

Other information

Tax information

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended June 30, 2025.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

30 \| Allspring High Yield Municipal Bond Fund

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring High Yield Municipal Bond Fund \| 31

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Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring High Yield Municipal Bond Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

32 \| Allspring High Yield Municipal Bond Fund

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one-, three-, and ten-year periods under review, and in range of the average investment performance of the Universe for the five-year period under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the High Yield Municipal Bond Blended Index, for the one-year period under review, and lower for all other periods under review.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for Class A and Institutional Class, and equal to the median net operating expense ratios of the expense Groups for Administrator Class and Class R6.

It was noted that the Board had approved a proposal to convert Administrator Class shares into Institutional Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of the average rates for the expense Groups for Class A and Class R6, higher than the sum of the average rates for the expense Group for Administrator Class, and equal to the sum of the average rates for the expense Group for Institutional Class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Allspring High Yield Municipal Bond Fund \| 33

------

Other information (unaudited)

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

34 \| Allspring High Yield Municipal Bond Fund

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![](g97024imgb7d40e101.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**

![](g97024img6f800f6a3.gif)

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

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

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

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR3364 06-25**

------

![](g97024imgb94814f31.jpg)

Allspring

Intermediate

Tax/AMT-Free Fund

Long Form Financial Statements

Annual Report

June 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_e2ab27f4-a46f-47c3-839e-b120aaabd8d6_POI-PageBlank-50_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_e2ab27f4-a46f-47c3-839e-b120aaabd8d6_FS-PageBlank-50_1)** |  |
| [Statement of assets and liabilities](#xx_e2ab27f4-a46f-47c3-839e-b120aaabd8d6_FS-PageBlank-50_1) | 28 |
| [Statement of operations](#xx_e2ab27f4-a46f-47c3-839e-b120aaabd8d6_FS-PageBlank-50_2) | 29 |
| [Statement of changes in net assets](#xx_e2ab27f4-a46f-47c3-839e-b120aaabd8d6_FS-PageBlank-50_3) | 30 |
| [Financial highlights](#xx_e2ab27f4-a46f-47c3-839e-b120aaabd8d6_FIHI-PageBlank-50_1) | 31 |
| **[Notes to financial statements](#xx_e2ab27f4-a46f-47c3-839e-b120aaabd8d6_NTF-PageBlank-50_1)** | 36 |
| **[Report of independent registered public accounting firm](#xx_e2ab27f4-a46f-47c3-839e-b120aaabd8d6_AUD-PageBlank-50_1)** | 41 |
| **[Other information](#xx_e2ab27f4-a46f-47c3-839e-b120aaabd8d6_OI-PageBlank-50_1)** | 42 |
| [Item 8. Changes in and disagreements with accountants](#xx_e2ab27f4-a46f-47c3-839e-b120aaabd8d6_OI-PageBlank-50_2) | 43 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_e2ab27f4-a46f-47c3-839e-b120aaabd8d6_OI-PageBlank-50_2) | 43 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_e2ab27f4-a46f-47c3-839e-b120aaabd8d6_OI-PageBlank-50_2) | 43 |
| [Item 11. Statement regarding basis for board](#xx_e2ab27f4-a46f-47c3-839e-b120aaabd8d6_OI-PageBlank-50_3)['](#xx_e2ab27f4-a46f-47c3-839e-b120aaabd8d6_OI-PageBlank-50_3)[s approval of investment](#xx_e2ab27f4-a46f-47c3-839e-b120aaabd8d6_OI-PageBlank-50_3)<br> [advisory contract](#xx_e2ab27f4-a46f-47c3-839e-b120aaabd8d6_OI-PageBlank-50_3)<br>| 44 |

---

Allspring Intermediate Tax/AMT-Free Fund \| 1

------

Portfolio of investments—June 30, 2025

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Municipal obligations: 98.77%** |  |  |  |  |
| **Alabama: 4.24%** |  |  |  |  |
| **Education revenue: 0.37%** |  |  |  |  |
| Auburn University Series A | 4.00<br> %<br>| &nbsp;&nbsp; 6-1-2033 | $1000000 | &nbsp;&nbsp; $1003283 |
| University of West Alabama (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2033 | 595000 | &nbsp;&nbsp; 599119 |
| University of West Alabama (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2035 | 865000 | &nbsp;&nbsp; 871748 |
| University of West Alabama (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2037 | 920000 | &nbsp;&nbsp; 918539 |
|  |  |  |  | &nbsp;&nbsp; **3392689** |
| **Utilities revenue: 3.87%** |  |  |  |  |
| Black Belt Energy Gas District Series Aøø | 5.25 | &nbsp;&nbsp; 5-1-2055 | 1000000 | &nbsp;&nbsp; 1039846 |
| Black Belt Energy Gas District Series Cøø | 5.00 | &nbsp;&nbsp; 5-1-2055 | 5000000 | &nbsp;&nbsp; 5237171 |
| Black Belt Energy Gas District Series C-1øø | 5.25 | &nbsp;&nbsp; 2-1-2053 | 3000000 | &nbsp;&nbsp; 3154839 |
| Southeast Alabama Gas Supply District Project No. 1 Series Aøø | 5.00 | &nbsp;&nbsp; 8-1-2054 | 3000000 | &nbsp;&nbsp; 3154155 |
| Southeast Alabama Gas Supply District Project No. 2øø | 5.00 | &nbsp;&nbsp; 6-1-2049 | 3000000 | &nbsp;&nbsp; 3162541 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 2 <br> Series Bøø<br>| 4.00 | &nbsp;&nbsp; 12-1-2051 | 1000000 | &nbsp;&nbsp; 988369 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 5 <br> Series Aøø<br>| 5.25 | &nbsp;&nbsp; 1-1-2054 | 5000000 | &nbsp;&nbsp; 5244648 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 6 <br> Series B (Royal Bank of Canada LIQ)øø<br>| 5.00 | &nbsp;&nbsp; 1-1-2054 | 5000000 | &nbsp;&nbsp; 5266818 |
| Southeast Energy Authority A Cooperative District Series Aøø | 5.00 | &nbsp;&nbsp; 1-1-2056 | 2500000 | &nbsp;&nbsp; 2550822 |
| Southeast Energy Authority A Cooperative District Series Føø | 5.25 | &nbsp;&nbsp; 11-1-2055 | 5000000 | &nbsp;&nbsp; 5374880 |
|  |  |  |  | &nbsp;&nbsp; **35174089** |
|  |  |  |  | &nbsp;&nbsp; **38566778** |
| **Arizona: 1.29%** |  |  |  |  |
| **Education revenue: 0.39%** |  |  |  |  |
| Arizona IDA Kipp NYC Public Charter Schools Series A | 4.00 | &nbsp;&nbsp; 7-1-2034 | 335000 | &nbsp;&nbsp; 325897 |
| Arizona IDA Kipp NYC Public Charter Schools Series A | 4.00 | &nbsp;&nbsp; 7-1-2035 | 345000 | &nbsp;&nbsp; 330778 |
| Arizona IDA Kipp NYC Public Charter Schools Series A | 4.00 | &nbsp;&nbsp; 7-1-2036 | 315000 | &nbsp;&nbsp; 297702 |
| Arizona IDA Kipp NYC Public Charter Schools Series A | 5.00 | &nbsp;&nbsp; 7-1-2033 | 315000 | &nbsp;&nbsp; 327787 |
| Arizona IDA Kipp NYC Public Charter Schools Series B | 4.00 | &nbsp;&nbsp; 7-1-2035 | 240000 | &nbsp;&nbsp; 230107 |
| Arizona IDA Kipp NYC Public Charter Schools Series B | 4.00 | &nbsp;&nbsp; 7-1-2036 | 220000 | &nbsp;&nbsp; 207919 |
| Pima County Community College District | 5.00 | &nbsp;&nbsp; 7-1-2035 | 600000 | &nbsp;&nbsp; 622355 |
| Pima County Community College District | 5.00 | &nbsp;&nbsp; 7-1-2036 | 500000 | &nbsp;&nbsp; 516528 |
| Sierra Vista IDA American Leadership Academy, Inc.144A | 5.00 | &nbsp;&nbsp; 6-15-2044 | 730000 | &nbsp;&nbsp; 696699 |
|  |  |  |  | &nbsp;&nbsp; **3555772** |
| **GO revenue: 0.07%** |  |  |  |  |
| Estrella Mountain Ranch Community Facilities District (AG Insured) | 5.00 | &nbsp;&nbsp; 7-15-2025 | 585000 | &nbsp;&nbsp; **585317** |
| **Health revenue: 0.08%** |  |  |  |  |
| Tempe IDA Life Care Village Obligated Group Series A | 4.00 | &nbsp;&nbsp; 12-1-2028 | 370000 | &nbsp;&nbsp; 369820 |
| Tempe IDA Life Care Village Obligated Group Series A | 4.00 | &nbsp;&nbsp; 12-1-2029 | 385000 | &nbsp;&nbsp; 383749 |
|  |  |  |  | &nbsp;&nbsp; **753569** |
| **Miscellaneous revenue: 0.53%** |  |  |  |  |
| City of Phoenix Civic Improvement Corp. Airport Revenue Series D | 4.00 | &nbsp;&nbsp; 7-1-2040 | 5000000 | &nbsp;&nbsp; **4836709** |

---

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

2 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp; Coconino County Pollution Control Corp. Nevada Power Co. <br> Series Bøø<br>| 3.75<br> %<br>| &nbsp;&nbsp; 3-1-2039 | $2000000 | &nbsp;&nbsp; $**1998720** |
|  |  |  |  | &nbsp;&nbsp; **11730087** |
| **Arkansas: 0.26%** |  |  |  |  |
| **Miscellaneous revenue: 0.26%** |  |  |  |  |
| &nbsp;&nbsp; Arkansas Development Finance Authority Public Safety Charges <br> Revenue Division of Emergency Management Project<br>| 4.00 | &nbsp;&nbsp; 6-1-2033 | 500000 | &nbsp;&nbsp; 503138 |
| &nbsp;&nbsp; Arkansas Development Finance Authority Public Safety Charges <br> Revenue Division of Emergency Management Project<br>| 4.00 | &nbsp;&nbsp; 6-1-2035 | 1000000 | &nbsp;&nbsp; 1002155 |
| &nbsp;&nbsp; Arkansas Development Finance Authority Public Safety Charges <br> Revenue Division of Emergency Management Project<br>| 4.00 | &nbsp;&nbsp; 6-1-2036 | 850000 | &nbsp;&nbsp; 850717 |
|  |  |  |  | &nbsp;&nbsp; **2356010** |
| **California: 4.44%** |  |  |  |  |
| **GO revenue: 1.22%** |  |  |  |  |
| Alisal Union School District Series A (BAM Insured) | 5.25 | &nbsp;&nbsp; 8-1-2042 | 1500000 | &nbsp;&nbsp; 1538175 |
| Compton Community College District Series C CAB¤ | 0.00 | &nbsp;&nbsp; 8-1-2031 | 2400000 | &nbsp;&nbsp; 1979954 |
| Patterson Joint Unified School District Series B CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2033 | 3000000 | &nbsp;&nbsp; 2274941 |
| State of California | 4.00 | &nbsp;&nbsp; 8-1-2038 | 1000000 | &nbsp;&nbsp; 980778 |
| Sylvan Union School District CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2031 | 2590000 | &nbsp;&nbsp; 2129039 |
| Sylvan Union School District CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2032 | 2800000 | &nbsp;&nbsp; 2213469 |
|  |  |  |  | &nbsp;&nbsp; **11116356** |
| **Housing revenue: 0.10%** |  |  |  |  |
| California Housing Finance Agency Class A Series 2 | 4.00 | &nbsp;&nbsp; 3-20-2033 | 863356 | &nbsp;&nbsp; **864280** |
| **Transportation revenue: 1.07%** |  |  |  |  |
| Bay Area Toll Authority Series A (SIFMA Municipal Swap+1.25%)± | 3.17 | &nbsp;&nbsp; 4-1-2036 | 9810000 | &nbsp;&nbsp; **9739501** |
| **Utilities revenue: 2.05%** |  |  |  |  |
| &nbsp;&nbsp; California Community Choice Financing Authority Clean Energy <br> Project Series B-1øø<br>| 5.00 | &nbsp;&nbsp; 7-1-2053 | 4000000 | &nbsp;&nbsp; 4174794 |
| California Community Choice Financing Authority Series B-1øø | 4.00 | &nbsp;&nbsp; 2-1-2052 | 1500000 | &nbsp;&nbsp; 1490875 |
| California Community Choice Financing Authority Series C | 5.00 | &nbsp;&nbsp; 10-1-2031 | 830000 | &nbsp;&nbsp; 866909 |
| Central Valley Energy Authorityøø | 5.00 | &nbsp;&nbsp; 12-1-2055 | 3000000 | &nbsp;&nbsp; 3197681 |
| City of Vernon Electric System Revenue Series 2022-A | 5.00 | &nbsp;&nbsp; 8-1-2031 | 1160000 | &nbsp;&nbsp; 1260858 |
| M-S-R Energy Authority Series B | 7.00 | &nbsp;&nbsp; 11-1-2034 | 2035000 | &nbsp;&nbsp; 2427786 |
| M-S-R Energy Authority Series C | 7.00 | &nbsp;&nbsp; 11-1-2034 | 3000000 | &nbsp;&nbsp; 3579046 |
| San Joaquin Valley Clean Energy Authority Series Aøø | 5.50 | &nbsp;&nbsp; 1-1-2056 | 1500000 | &nbsp;&nbsp; 1645034 |
|  |  |  |  | &nbsp;&nbsp; **18642983** |
|  |  |  |  | &nbsp;&nbsp; **40363120** |
| **Colorado: 1.60%** |  |  |  |  |
| **Airport revenue: 0.36%** |  |  |  |  |
| City & County of Denver Airport System Revenue Series C | 5.25 | &nbsp;&nbsp; 11-15-2039 | 1295000 | &nbsp;&nbsp; 1399187 |
| City & County of Denver Airport System Revenue Series C | 5.25 | &nbsp;&nbsp; 11-15-2040 | 670000 | &nbsp;&nbsp; 720874 |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 3

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airport revenue**(continued) |  |  |  |  |
| City & County of Denver Airport System Revenue Series C | 5.25<br> %<br>| &nbsp;&nbsp; 11-15-2041 | $570000 | &nbsp;&nbsp; $608581 |
| City & County of Denver Airport System Revenue Series C | 5.25 | &nbsp;&nbsp; 11-15-2042 | 500000 | &nbsp;&nbsp; 530186 |
|  |  |  |  | &nbsp;&nbsp; **3258828** |
| **GO revenue: 0.25%** |  |  |  |  |
| Mesa County Valley School District No. 51 Grand Junction | 5.50 | &nbsp;&nbsp; 12-1-2035 | 2175000 | &nbsp;&nbsp; **2291321** |
| **Tax revenue: 0.29%** |  |  |  |  |
| Regional Transportation District Denver Transit Partners LLC Series A | 5.00 | &nbsp;&nbsp; 7-15-2028 | 885000 | &nbsp;&nbsp; 925632 |
| Regional Transportation District Denver Transit Partners LLC Series A | 5.00 | &nbsp;&nbsp; 1-15-2029 | 600000 | &nbsp;&nbsp; 631187 |
| Regional Transportation District Denver Transit Partners LLC Series A | 5.00 | &nbsp;&nbsp; 1-15-2030 | 1000000 | &nbsp;&nbsp; 1062348 |
|  |  |  |  | &nbsp;&nbsp; **2619167** |
| **Utilities revenue: 0.64%** |  |  |  |  |
| Public Authority for Colorado Energy | 6.50 | &nbsp;&nbsp; 11-15-2038 | 5000000 | &nbsp;&nbsp; **5876913** |
| **Water & sewer revenue: 0.06%** |  |  |  |  |
| Central Weld County Water District (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2033 | 500000 | &nbsp;&nbsp; **514004** |
|  |  |  |  | &nbsp;&nbsp; **14560233** |
| **Connecticut: 1.56%** |  |  |  |  |
| **Education revenue: 0.16%** |  |  |  |  |
| Connecticut State HEFA University of Hartford Series N | 5.00 | &nbsp;&nbsp; 7-1-2029 | 480000 | &nbsp;&nbsp; 486079 |
| Connecticut State HEFA Yale University Series Aø | 3.90 | &nbsp;&nbsp; 7-1-2042 | 1000000 | &nbsp;&nbsp; 1000000 |
|  |  |  |  | &nbsp;&nbsp; **1486079** |
| **GO revenue: 0.53%** |  |  |  |  |
| City of Bridgeport Series A | 5.00 | &nbsp;&nbsp; 6-1-2031 | 1855000 | &nbsp;&nbsp; 2014423 |
| State of Connecticut Series F | 5.00 | &nbsp;&nbsp; 11-15-2032 | 300000 | &nbsp;&nbsp; 301288 |
| Town of Hamden (AG Insured) | 5.00 | &nbsp;&nbsp; 8-15-2033 | 1100000 | &nbsp;&nbsp; 1229216 |
| Town of Hamden Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 8-15-2030 | 1200000 | &nbsp;&nbsp; 1268198 |
|  |  |  |  | &nbsp;&nbsp; **4813125** |
| **Health revenue: 0.55%** |  |  |  |  |
| Connecticut State HEFA Stamford Hospital Obligated Group Series M | 4.00 | &nbsp;&nbsp; 7-1-2035 | 1000000 | &nbsp;&nbsp; 998480 |
| Connecticut State HEFA Stamford Hospital Obligated Group Series M | 4.00 | &nbsp;&nbsp; 7-1-2038 | 2000000 | &nbsp;&nbsp; 1914196 |
| &nbsp;&nbsp; Stamford Housing Authority TJH Senior Living LLC Obligated Group <br> Series 2025D<br>| 4.25 | &nbsp;&nbsp; 10-1-2030 | 2045000 | &nbsp;&nbsp; 2058255 |
|  |  |  |  | &nbsp;&nbsp; **4970931** |
| **Housing revenue: 0.14%** |  |  |  |  |
| Connecticut State HEFA Sacred Heart University, Inc. Series K | 4.00 | &nbsp;&nbsp; 7-1-2045 | 1500000 | &nbsp;&nbsp; **1301512** |
| **Tax revenue: 0.18%** |  |  |  |  |
| State of Connecticut Special Tax Revenue Series A | 4.00 | &nbsp;&nbsp; 9-1-2036 | 1000000 | &nbsp;&nbsp; 986497 |
| State of Connecticut Special Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 8-1-2030 | 660000 | &nbsp;&nbsp; 660720 |
|  |  |  |  | &nbsp;&nbsp; **1647217** |
|  |  |  |  | &nbsp;&nbsp; **14218864** |

---

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

4 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **District of Columbia: 0.49%** |  |  |  |  |
| **Miscellaneous revenue: 0.08%** |  |  |  |  |
| Washington Convention & Sports Authority Series A | 4.00<br> %<br>| &nbsp;&nbsp; 10-1-2034 | $750000 | &nbsp;&nbsp; **$758315** |
| **Tax revenue: 0.26%** |  |  |  |  |
| Washington Convention & Sports Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2033 | 720000 | &nbsp;&nbsp; 734634 |
| Washington Convention & Sports Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2034 | 650000 | &nbsp;&nbsp; 657207 |
| Washington Convention & Sports Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2035 | 1000000 | &nbsp;&nbsp; 1001735 |
|  |  |  |  | &nbsp;&nbsp; **2393576** |
| **Transportation revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll Road Revenue <br> Series B<br>| 5.00 | &nbsp;&nbsp; 10-1-2034 | 1250000 | &nbsp;&nbsp; **1310363** |
|  |  |  |  | &nbsp;&nbsp; **4462254** |
| **Florida: 7.99%** |  |  |  |  |
| **Airport revenue: 0.76%** |  |  |  |  |
| County of Miami-Dade Aviation Revenue | 5.00 | &nbsp;&nbsp; 10-1-2041 | 2000000 | &nbsp;&nbsp; 2006259 |
| County of Miami-Dade Aviation Revenue Series A | 4.00 | &nbsp;&nbsp; 10-1-2035 | 1600000 | &nbsp;&nbsp; 1604552 |
| County of Miami-Dade Aviation Revenue Series A | 4.00 | &nbsp;&nbsp; 10-1-2041 | 1200000 | &nbsp;&nbsp; 1128242 |
| Jacksonville Port Authority Series B | 5.00 | &nbsp;&nbsp; 11-1-2035 | 2045000 | &nbsp;&nbsp; 2148432 |
|  |  |  |  | &nbsp;&nbsp; **6887485** |
| **Education revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; Capital Projects Finance Authority Navigator Academy of Leadership, <br> Inc. Obligated Group144A<br>| 5.00 | &nbsp;&nbsp; 6-15-2044 | 1000000 | &nbsp;&nbsp; **925289** |
| **Health revenue: 1.53%** |  |  |  |  |
| Lee County IDA Health System, Inc. Obligated Group Series 2019A-1 | 5.00 | &nbsp;&nbsp; 4-1-2036 | 4500000 | &nbsp;&nbsp; 4642966 |
| Lee County IDA Shell Point Obligated Group | 5.00 | &nbsp;&nbsp; 11-15-2039 | 4140000 | &nbsp;&nbsp; 4203315 |
| Lee County IDA Shell Point Obligated Group Series B-3 | 4.13 | &nbsp;&nbsp; 11-15-2029 | 1500000 | &nbsp;&nbsp; 1505088 |
| &nbsp;&nbsp; Miami-Dade County Health Facilities Authority Variety Children's <br> Hospital Obligated Group<br>| 5.00 | &nbsp;&nbsp; 8-1-2031 | 500000 | &nbsp;&nbsp; 515443 |
| &nbsp;&nbsp; Miami-Dade County Health Facilities Authority Variety Children's <br> Hospital Obligated Group<br>| 5.00 | &nbsp;&nbsp; 8-1-2033 | 1645000 | &nbsp;&nbsp; 1684007 |
| South Broward Hospital District Obligated Group Series A | 4.00 | &nbsp;&nbsp; 5-1-2044 | 1500000 | &nbsp;&nbsp; 1331680 |
|  |  |  |  | &nbsp;&nbsp; **13882499** |
| **Miscellaneous revenue: 2.42%** |  |  |  |  |
| &nbsp;&nbsp; City of Orlando Tourist Development Tax Revenue Series A (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 11-1-2032 | 2000000 | &nbsp;&nbsp; 2071457 |
| &nbsp;&nbsp; City of Orlando Tourist Development Tax Revenue Series A (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 11-1-2033 | 4500000 | &nbsp;&nbsp; 4654907 |
| &nbsp;&nbsp; City of Orlando Tourist Development Tax Revenue Series A (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 11-1-2034 | 600000 | &nbsp;&nbsp; 619057 |
| &nbsp;&nbsp; County of Pasco State of Florida Cigarette Tax Revenue Series A (AG <br> Insured)<br>| 5.50 | &nbsp;&nbsp; 9-1-2042 | 500000 | &nbsp;&nbsp; 527845 |
| Duval County Public Schools Series A COP (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2035 | 2000000 | &nbsp;&nbsp; 2129353 |
| Duval County Public Schools Series B COP | 5.00 | &nbsp;&nbsp; 7-1-2028 | 2500000 | &nbsp;&nbsp; 2500000 |
| Duval County Public Schools Series B COP | 5.00 | &nbsp;&nbsp; 7-1-2029 | 5000000 | &nbsp;&nbsp; 5000000 |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 5

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Miscellaneous revenue**(continued) |  |  |  |  |
| Monroe County School District Series A COP | 5.00<br> %<br>| &nbsp;&nbsp; 6-1-2034 | $1500000 | &nbsp;&nbsp; $1544793 |
| Monroe County School District Series A COP | 5.00 | &nbsp;&nbsp; 6-1-2035 | 1000000 | &nbsp;&nbsp; 1027480 |
| &nbsp;&nbsp; Village Community Development District No. 15 Series 2023 Phase I <br> Special Assessment144A<br>| 4.85 | &nbsp;&nbsp; 5-1-2038 | 990000 | &nbsp;&nbsp; 998482 |
| &nbsp;&nbsp; Village Community Development District No. 15 Series 2024 Special <br> Assessment144A<br>| 4.20 | &nbsp;&nbsp; 5-1-2039 | 1000000 | &nbsp;&nbsp; 936260 |
|  |  |  |  | &nbsp;&nbsp; **22009634** |
| **Tax revenue: 0.34%** |  |  |  |  |
| Polk County School District | 5.00 | &nbsp;&nbsp; 10-1-2033 | 2915000 | &nbsp;&nbsp; **3108819** |
| **Transportation revenue: 0.38%** |  |  |  |  |
| County of Osceola Transportation Revenue Series A-1 | 5.00 | &nbsp;&nbsp; 10-1-2034 | 375000 | &nbsp;&nbsp; 388188 |
| County of Osceola Transportation Revenue Series A-1 | 5.00 | &nbsp;&nbsp; 10-1-2035 | 400000 | &nbsp;&nbsp; 412203 |
| County of Osceola Transportation Revenue Series A-1 | 5.00 | &nbsp;&nbsp; 10-1-2036 | 600000 | &nbsp;&nbsp; 615354 |
| County of Osceola Transportation Revenue Series A-1 | 5.00 | &nbsp;&nbsp; 10-1-2037 | 525000 | &nbsp;&nbsp; 535774 |
| Miami-Dade County Expressway Authority Series A | 5.00 | &nbsp;&nbsp; 7-1-2044 | 1500000 | &nbsp;&nbsp; 1490356 |
|  |  |  |  | &nbsp;&nbsp; **3441875** |
| **Utilities revenue: 0.18%** |  |  |  |  |
| Fort Pierce Utilities Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2035 | 500000 | &nbsp;&nbsp; 539575 |
| Fort Pierce Utilities Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2037 | 1040000 | &nbsp;&nbsp; 1105283 |
|  |  |  |  | &nbsp;&nbsp; **1644858** |
| **Water & sewer revenue: 2.28%** |  |  |  |  |
| North Sumter County Utility Dependent District (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2031 | 500000 | &nbsp;&nbsp; 537127 |
| North Sumter County Utility Dependent District (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2032 | 950000 | &nbsp;&nbsp; 1015767 |
| North Sumter County Utility Dependent District (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2035 | 1290000 | &nbsp;&nbsp; 1351959 |
| North Sumter County Utility Dependent District (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2036 | 880000 | &nbsp;&nbsp; 917589 |
| Tohopekaliga Water Authority144A | 5.00 | &nbsp;&nbsp; 10-1-2025 | 12000000 | &nbsp;&nbsp; 12052858 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2029 | 400000 | &nbsp;&nbsp; 431957 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2031 | 200000 | &nbsp;&nbsp; 221106 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2033 | 800000 | &nbsp;&nbsp; 872365 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2034 | 900000 | &nbsp;&nbsp; 975431 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2035 | 750000 | &nbsp;&nbsp; 806847 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2037 | 1500000 | &nbsp;&nbsp; 1590371 |
|  |  |  |  | &nbsp;&nbsp; **20773377** |
|  |  |  |  | &nbsp;&nbsp; **72673836** |
| **Georgia: 4.31%** |  |  |  |  |
| **Education revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; Senoia Development Authority Georgia Charter Educational <br> Foundation, Inc. Obligated Group Series A144A<br>| 5.75 | &nbsp;&nbsp; 7-1-2039 | 940000 | &nbsp;&nbsp; **871370** |

---

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

6 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.38%** |  |  |  |  |
| &nbsp;&nbsp; Development Authority for Fulton County Shepherd Center, Inc. <br> (Truist Bank LOC)ø<br>| 1.95<br> %<br>| &nbsp;&nbsp; 9-1-2035 | $3455000 | &nbsp;&nbsp; **$3455000** |
| **Industrial development revenue: 0.05%** |  |  |  |  |
| George L Smith II Congress Center Authority Series A | 4.00 | &nbsp;&nbsp; 1-1-2036 | 500000 | &nbsp;&nbsp; **497731** |
| **Tax revenue: 0.44%** |  |  |  |  |
| &nbsp;&nbsp; Atlanta Development Authority Westside Tax Allocation District Gulch <br> Area Series A144A<br>| 5.00 | &nbsp;&nbsp; 4-1-2034 | 1000000 | &nbsp;&nbsp; 1001967 |
| Metropolitan Atlanta Rapid Transit Authority Series C | 4.00 | &nbsp;&nbsp; 7-1-2035 | 3000000 | &nbsp;&nbsp; 3015713 |
|  |  |  |  | &nbsp;&nbsp; **4017680** |
| **Utilities revenue: 3.34%** |  |  |  |  |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of The City of <br> Dalton<br>| 4.00 | &nbsp;&nbsp; 3-1-2033 | 1100000 | &nbsp;&nbsp; 1111490 |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of The City of <br> Dalton<br>| 4.00 | &nbsp;&nbsp; 3-1-2034 | 1200000 | &nbsp;&nbsp; 1207453 |
| Main Street Natural Gas, Inc. Series A | 5.00 | &nbsp;&nbsp; 5-15-2029 | 2600000 | &nbsp;&nbsp; 2729661 |
| Main Street Natural Gas, Inc. Series Aøø | 5.00 | &nbsp;&nbsp; 6-1-2053 | 5000000 | &nbsp;&nbsp; 5241394 |
| Main Street Natural Gas, Inc. Series Aøø | 5.00 | &nbsp;&nbsp; 5-1-2054 | 3000000 | &nbsp;&nbsp; 3170149 |
| Main Street Natural Gas, Inc. Series Bøø | 5.00 | &nbsp;&nbsp; 12-1-2054 | 2235000 | &nbsp;&nbsp; 2361938 |
| Main Street Natural Gas, Inc. Series C144Aøø | 4.00 | &nbsp;&nbsp; 8-1-2052 | 1500000 | &nbsp;&nbsp; 1495520 |
| Main Street Natural Gas, Inc. Series Døø | 5.00 | &nbsp;&nbsp; 5-1-2054 | 3000000 | &nbsp;&nbsp; 3156044 |
| Main Street Natural Gas, Inc. Series E-1øø | 5.00 | &nbsp;&nbsp; 12-1-2053 | 5000000 | &nbsp;&nbsp; 5268243 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia General Resolution Projects <br> Subordinated Bonds Series A<br>| 4.00 | &nbsp;&nbsp; 1-1-2036 | 1500000 | &nbsp;&nbsp; 1488763 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project <br> Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2032 | 525000 | &nbsp;&nbsp; 550746 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project <br> Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2034 | 930000 | &nbsp;&nbsp; 969929 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project <br> Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2035 | 600000 | &nbsp;&nbsp; 623673 |
| Municipal Electric Authority of Georgia Series A | 5.00 | &nbsp;&nbsp; 1-1-2035 | 925000 | &nbsp;&nbsp; 968137 |
|  |  |  |  | &nbsp;&nbsp; **30343140** |
|  |  |  |  | &nbsp;&nbsp; **39184921** |
| **Guam: 0.15%** |  |  |  |  |
| **Miscellaneous revenue: 0.15%** |  |  |  |  |
| Territory of Guam Series F | 4.00 | &nbsp;&nbsp; 1-1-2042 | 1500000 | &nbsp;&nbsp; **1327764** |
| **Hawaii: 0.12%** |  |  |  |  |
| **Airport revenue: 0.12%** |  |  |  |  |
| State of Hawaii Harbor System Revenue Series C | 4.00 | &nbsp;&nbsp; 7-1-2036 | 500000 | &nbsp;&nbsp; 502405 |
| State of Hawaii Harbor System Revenue Series C | 4.00 | &nbsp;&nbsp; 7-1-2037 | 600000 | &nbsp;&nbsp; 597913 |
|  |  |  |  | &nbsp;&nbsp; **1100318** |
| **Illinois: 12.12%** |  |  |  |  |
| **Airport revenue: 1.45%** |  |  |  |  |
| Chicago Midway International Airport Series B | 4.00 | &nbsp;&nbsp; 1-1-2035 | 2860000 | &nbsp;&nbsp; 2857243 |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 7

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airport revenue**(continued) |  |  |  |  |
| Chicago Midway International Airport Series B | 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2046 | $2000000 | &nbsp;&nbsp; $1993753 |
| &nbsp;&nbsp; Chicago O'Hare International Airport Customer Facility Charge <br> Revenue (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 1-1-2039 | 1190000 | &nbsp;&nbsp; 1279018 |
| &nbsp;&nbsp; Chicago O'Hare International Airport Customer Facility Charge <br> Revenue (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 1-1-2040 | 1700000 | &nbsp;&nbsp; 1808469 |
| Chicago O'Hare International Airport Series A | 4.00 | &nbsp;&nbsp; 1-1-2038 | 1000000 | &nbsp;&nbsp; 975786 |
| Chicago O'Hare International Airport Series B | 4.00 | &nbsp;&nbsp; 1-1-2044 | 2985000 | &nbsp;&nbsp; 2646325 |
| Chicago O'Hare International Airport Series B | 5.00 | &nbsp;&nbsp; 1-1-2036 | 1530000 | &nbsp;&nbsp; 1597290 |
|  |  |  |  | &nbsp;&nbsp; **13157884** |
| **Education revenue: 0.79%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Acero Charter Schools, Inc. Obligated <br> Group144A<br>| 4.00 | &nbsp;&nbsp; 10-1-2034 | 440000 | &nbsp;&nbsp; 414481 |
| &nbsp;&nbsp; Illinois Finance Authority Acero Charter Schools, Inc. Obligated <br> Group144A<br>| 4.00 | &nbsp;&nbsp; 10-1-2035 | 1025000 | &nbsp;&nbsp; 952996 |
| Illinois Finance Authority Bradley University Series A | 4.00 | &nbsp;&nbsp; 8-1-2035 | 805000 | &nbsp;&nbsp; 754130 |
| Illinois Finance Authority Bradley University Series C | 5.00 | &nbsp;&nbsp; 8-1-2032 | 2500000 | &nbsp;&nbsp; 2544387 |
| &nbsp;&nbsp; Illinois Finance Authority Provident Group - UIUC Properties LLC <br> Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 450000 | &nbsp;&nbsp; 462177 |
| &nbsp;&nbsp; Illinois Finance Authority Provident Group - UIUC Properties LLC <br> Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2031 | 400000 | &nbsp;&nbsp; 427288 |
| &nbsp;&nbsp; Illinois Finance Authority Provident Group - UIUC Properties LLC <br> Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2039 | 700000 | &nbsp;&nbsp; 713169 |
| Southern Illinois University Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 4-1-2029 | 400000 | &nbsp;&nbsp; 410810 |
| Southern Illinois University Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 4-1-2030 | 525000 | &nbsp;&nbsp; 540222 |
|  |  |  |  | &nbsp;&nbsp; **7219660** |
| **GO revenue: 3.95%** |  |  |  |  |
| Chicago Board of Education Dedicated Capital Improvement Tax | 5.00 | &nbsp;&nbsp; 4-1-2041 | 2250000 | &nbsp;&nbsp; 2277462 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2042 | 1975000 | &nbsp;&nbsp; 1852235 |
| Chicago Board of Education Series B | 5.00 | &nbsp;&nbsp; 12-1-2030 | 3000000 | &nbsp;&nbsp; 3115460 |
| Chicago Board of Education Series C | 5.25 | &nbsp;&nbsp; 12-1-2039 | 5000000 | &nbsp;&nbsp; 4936398 |
| Chicago Board of Education Series H | 5.00 | &nbsp;&nbsp; 12-1-2036 | 1650000 | &nbsp;&nbsp; 1605240 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2039 | 1000000 | &nbsp;&nbsp; 1001384 |
| City of Chicago Series A | 5.25 | &nbsp;&nbsp; 1-1-2045 | 3000000 | &nbsp;&nbsp; 2917613 |
| City of Chicago Series A | 5.50 | &nbsp;&nbsp; 1-1-2039 | 4750000 | &nbsp;&nbsp; 4886671 |
| City of Chicago Series A | 5.50 | &nbsp;&nbsp; 1-1-2040 | 1000000 | &nbsp;&nbsp; 1024810 |
| County of Cook | 5.00 | &nbsp;&nbsp; 11-15-2034 | 1300000 | &nbsp;&nbsp; 1320943 |
| County of Cook Series A | 5.00 | &nbsp;&nbsp; 11-15-2029 | 1000000 | &nbsp;&nbsp; 1022304 |
| County of Sangamon (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-15-2036 | 450000 | &nbsp;&nbsp; 446101 |
| County of Sangamon (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-15-2040 | 300000 | &nbsp;&nbsp; 282387 |
| &nbsp;&nbsp; Madison Bond etc. Counties Community Unit School District No. 5 <br> Highland Series B (AG Insured)<br>| 5.50 | &nbsp;&nbsp; 2-1-2033 | 600000 | &nbsp;&nbsp; 661719 |
| &nbsp;&nbsp; Madison Bond etc. Counties Community Unit School District No. 5 <br> Highland Series B (AG Insured)<br>| 5.50 | &nbsp;&nbsp; 2-1-2038 | 1635000 | &nbsp;&nbsp; 1744275 |
| &nbsp;&nbsp; Sangamon Logan & Menard Counties Community Unit School District <br> No. 15 Williamsville Series B (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 12-1-2037 | 700000 | &nbsp;&nbsp; 670149 |
| &nbsp;&nbsp; Sangamon Logan & Menard Counties Community Unit School District <br> No. 15 Williamsville Series B (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2034 | 400000 | &nbsp;&nbsp; 416838 |

---

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

8 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Sangamon Logan & Menard Counties Community Unit School District <br> No. 15 Williamsville Series B (BAM Insured)<br>| 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2035 | $450000 | &nbsp;&nbsp; $467317 |
| &nbsp;&nbsp; Sangamon Logan & Menard Counties Community Unit School District <br> No. 15 Williamsville Series B (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2036 | 500000 | &nbsp;&nbsp; 516887 |
| South Sangamon Water Commission (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2029 | 525000 | &nbsp;&nbsp; 534859 |
| South Sangamon Water Commission (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2030 | 600000 | &nbsp;&nbsp; 612632 |
| South Sangamon Water Commission (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2031 | 625000 | &nbsp;&nbsp; 638055 |
| South Sangamon Water Commission (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2033 | 500000 | &nbsp;&nbsp; 504349 |
| South Sangamon Water Commission (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2036 | 570000 | &nbsp;&nbsp; 561372 |
| South Sangamon Water Commission (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2037 | 525000 | &nbsp;&nbsp; 514349 |
| State of Illinois Series A | 5.00 | &nbsp;&nbsp; 3-1-2033 | 1000000 | &nbsp;&nbsp; 1076652 |
| &nbsp;&nbsp; Stephenson County School District No. 145 Freeport Series A (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 2-1-2033 | 285000 | &nbsp;&nbsp; 300989 |
|  |  |  |  | &nbsp;&nbsp; **35909450** |
| **Health revenue: 0.35%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Ann & Robert H Lurie Children's Hospital of <br> Chicago Obligated Group<br>| 5.00 | &nbsp;&nbsp; 8-15-2034 | 1000000 | &nbsp;&nbsp; 1021486 |
| &nbsp;&nbsp; Illinois Finance Authority Endeavor Health Clinical Operations <br> Obligated Group Series F (JPMorgan Chase Bank N.A. SPA)ø<br>| 3.95 | &nbsp;&nbsp; 8-15-2057 | 1000000 | &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp; Illinois Finance Authority Lutheran Life Communities Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2035 | 900000 | &nbsp;&nbsp; 585000 |
| Illinois Finance Authority University of Illinois | 5.00 | &nbsp;&nbsp; 10-1-2032 | 520000 | &nbsp;&nbsp; 543128 |
|  |  |  |  | &nbsp;&nbsp; **3149614** |
| **Housing revenue: 1.69%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Housing Development Authority Series E (GNMA / FNMA / <br> FHLMC Insured)<br>| 4.10 | &nbsp;&nbsp; 10-1-2039 | 2115000 | &nbsp;&nbsp; 2066130 |
| Illinois Sports Facilities Authority | 5.00 | &nbsp;&nbsp; 6-15-2028 | 1000000 | &nbsp;&nbsp; 1030338 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series A CAB (NPFGC Insured)¤<br>| 0.00 | &nbsp;&nbsp; 6-15-2029 | 10000000 | &nbsp;&nbsp; 8690515 |
| Northern Illinois University (BAM Insured) | 4.00 | &nbsp;&nbsp; 10-1-2033 | 1000000 | &nbsp;&nbsp; 1004464 |
| Northern Illinois University (BAM Insured) | 4.00 | &nbsp;&nbsp; 10-1-2036 | 1650000 | &nbsp;&nbsp; 1625810 |
| Northern Illinois University (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2031 | 900000 | &nbsp;&nbsp; 964507 |
|  |  |  |  | &nbsp;&nbsp; **15381764** |
| **Miscellaneous revenue: 0.35%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Field Museum of Natural History <br> (U.S. SOFR+1.20%)±<br>| 4.27 | &nbsp;&nbsp; 11-1-2034 | 1430000 | &nbsp;&nbsp; 1429129 |
| &nbsp;&nbsp; Illinois Finance Authority Lake Cook Kane & McHenry Counties <br> Community Unit School District 220 Barrington<br>| 4.00 | &nbsp;&nbsp; 12-1-2039 | 1855000 | &nbsp;&nbsp; 1756409 |
|  |  |  |  | &nbsp;&nbsp; **3185538** |
| **Tax revenue: 2.95%** |  |  |  |  |
| County of Cook Sales Tax Revenue | 5.00 | &nbsp;&nbsp; 11-15-2033 | 4000000 | &nbsp;&nbsp; 4153101 |
| County of Cook Sales Tax Revenue | 5.25 | &nbsp;&nbsp; 11-15-2035 | 4000000 | &nbsp;&nbsp; 4134187 |
| County of Cook Sales Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 11-15-2036 | 1160000 | &nbsp;&nbsp; 1227125 |
| County of Cook Sales Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 11-15-2037 | 1625000 | &nbsp;&nbsp; 1704060 |
| Illinois Sports Facilities Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 6-15-2028 | 2500000 | &nbsp;&nbsp; 2504980 |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 9

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue**(continued) |  |  |  |  |
| Illinois Sports Facilities Authority (AG Insured) | 5.25<br> %<br>| &nbsp;&nbsp; 6-15-2030 | $4000000 | &nbsp;&nbsp; $4007973 |
| Illinois Sports Facilities Authority (AG Insured) | 5.25 | &nbsp;&nbsp; 6-15-2032 | 3000000 | &nbsp;&nbsp; 3005490 |
| Sales Tax Securitization Corp. Series A | 4.00 | &nbsp;&nbsp; 1-1-2039 | 1250000 | &nbsp;&nbsp; 1170932 |
| Sales Tax Securitization Corp. Series C | 5.25 | &nbsp;&nbsp; 1-1-2035 | 4700000 | &nbsp;&nbsp; 4925630 |
|  |  |  |  | &nbsp;&nbsp; **26833478** |
| **Transportation revenue: 0.16%** |  |  |  |  |
| Illinois State Toll Highway Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2038 | 1355000 | &nbsp;&nbsp; **1420435** |
| **Water & sewer revenue: 0.43%** |  |  |  |  |
| City of Chicago Waterworks Revenue (AG Insured) | 5.25 | &nbsp;&nbsp; 11-1-2033 | 2000000 | &nbsp;&nbsp; 2066688 |
| City of Chicago Waterworks Revenue Series B (AG Insured) | 4.00 | &nbsp;&nbsp; 11-1-2040 | 2000000 | &nbsp;&nbsp; 1859434 |
|  |  |  |  | &nbsp;&nbsp; **3926122** |
|  |  |  |  | &nbsp;&nbsp; **110183945** |
| **Indiana: 1.11%** |  |  |  |  |
| **Health revenue: 0.38%** |  |  |  |  |
| &nbsp;&nbsp; Indiana Finance Authority University Health, Inc. Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-1-2040 | 3655000 | &nbsp;&nbsp; **3428829** |
| **Housing revenue: 0.32%** |  |  |  |  |
| &nbsp;&nbsp; Indiana Finance Authority Marion County Capital Improvement Board <br> Series A<br>| 5.25 | &nbsp;&nbsp; 2-1-2028 | 2000000 | &nbsp;&nbsp; 2003461 |
| &nbsp;&nbsp; North West Hendricks Multi-Building Corp. North West Hendricks <br> School Corp.<br>| 4.00 | &nbsp;&nbsp; 7-15-2031 | 900000 | &nbsp;&nbsp; 920713 |
|  |  |  |  | &nbsp;&nbsp; **2924174** |
| **Industrial development revenue: 0.30%** |  |  |  |  |
| Indiana Finance Authority Ohio Valley Electric Corp. Series B | 2.50 | &nbsp;&nbsp; 11-1-2030 | 2925000 | &nbsp;&nbsp; **2738961** |
| **Utilities revenue: 0.11%** |  |  |  |  |
| Indiana Finance Authority Ohio Valley Electric Corp. Series A | 4.25 | &nbsp;&nbsp; 11-1-2030 | 1000000 | &nbsp;&nbsp; **1018628** |
|  |  |  |  | &nbsp;&nbsp; **10110592** |
| **Iowa: 1.56%** |  |  |  |  |
| **GO revenue: 0.80%** |  |  |  |  |
| College Community School District Series A | 4.00 | &nbsp;&nbsp; 6-1-2042 | 7885000 | &nbsp;&nbsp; **7292387** |
| **Housing revenue: 0.26%** |  |  |  |  |
| City of Altoona Series C | 5.00 | &nbsp;&nbsp; 6-1-2027 | 2310000 | &nbsp;&nbsp; **2353815** |
| **Tax revenue: 0.16%** |  |  |  |  |
| &nbsp;&nbsp; Pleasant Valley Community School District Infrastructure <br> Sales Service & Use Tax (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2043 | 1645000 | &nbsp;&nbsp; **1477044** |
| **Utilities revenue: 0.34%** |  |  |  |  |
| PEFA, Inc. Gas Projectøø | 5.00 | &nbsp;&nbsp; 9-1-2049 | 3000000 | &nbsp;&nbsp; **3036608** |
|  |  |  |  | &nbsp;&nbsp; **14159854** |

---

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

10 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Kansas: 0.15%** |  |  |  |  |
| **Tax revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; Wyandotte County-Kansas City Unified Government Sales Tax <br> Revenue CAB144A¤<br>| 0.00<br> %<br>| &nbsp;&nbsp; 9-1-2034 | $2600000 | &nbsp;&nbsp; $**1379008** |
| **Kentucky: 0.51%** |  |  |  |  |
| **Education revenue: 0.17%** |  |  |  |  |
| Kentucky Bond Development Corp. Centre College | 4.00 | &nbsp;&nbsp; 6-1-2030 | 170000 | &nbsp;&nbsp; 174451 |
| Kentucky Bond Development Corp. Centre College | 4.00 | &nbsp;&nbsp; 6-1-2031 | 260000 | &nbsp;&nbsp; 267101 |
| Kentucky Bond Development Corp. Centre College | 4.00 | &nbsp;&nbsp; 6-1-2032 | 230000 | &nbsp;&nbsp; 234271 |
| Kentucky Bond Development Corp. Centre College | 4.00 | &nbsp;&nbsp; 6-1-2033 | 180000 | &nbsp;&nbsp; 182436 |
| Kentucky Bond Development Corp. Centre College | 4.00 | &nbsp;&nbsp; 6-1-2035 | 460000 | &nbsp;&nbsp; 462092 |
| Kentucky Bond Development Corp. Centre College | 4.00 | &nbsp;&nbsp; 6-1-2036 | 235000 | &nbsp;&nbsp; 234392 |
|  |  |  |  | &nbsp;&nbsp; **1554743** |
| **Health revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government Norton <br> Healthcare Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2038 | 600000 | &nbsp;&nbsp; **630738** |
| **Miscellaneous revenue: 0.14%** |  |  |  |  |
| Kentucky Interlocal School Transportation Association COP | 4.00 | &nbsp;&nbsp; 3-1-2033 | 1235000 | &nbsp;&nbsp; **1247205** |
| **Transportation revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority Series B <br> CAB¤<br>| 0.00 | &nbsp;&nbsp; 7-1-2029 | 1400000 | &nbsp;&nbsp; **1181635** |
|  |  |  |  | &nbsp;&nbsp; **4614321** |
| **Louisiana: 2.48%** |  |  |  |  |
| **Airport revenue: 0.31%** |  |  |  |  |
| &nbsp;&nbsp; New Orleans Aviation Board Louis Armstrong International <br> Airport CFC Revenue (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2035 | 2000000 | &nbsp;&nbsp; 2055653 |
| &nbsp;&nbsp; New Orleans Aviation Board Louis Armstrong International Airport <br> Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2033 | 750000 | &nbsp;&nbsp; 764713 |
|  |  |  |  | &nbsp;&nbsp; **2820366** |
| **Education revenue: 0.67%** |  |  |  |  |
| Louisiana PFA Loyola University New Orleans CAB | 5.00 | &nbsp;&nbsp; 10-1-2027 | 3380000 | &nbsp;&nbsp; 3479368 |
| Louisiana PFA Loyola University New Orleans CAB | 5.00 | &nbsp;&nbsp; 10-1-2028 | 2500000 | &nbsp;&nbsp; 2599204 |
|  |  |  |  | &nbsp;&nbsp; **6078572** |
| **Miscellaneous revenue: 0.20%** |  |  |  |  |
| &nbsp;&nbsp; Louisiana PFA Roman Catholic Church of the Archdiocese of New <br> Orleans<br>| 5.00 | &nbsp;&nbsp; 7-1-2024 | 1000000 | &nbsp;&nbsp; 850000 |
| &nbsp;&nbsp; Louisiana PFA Roman Catholic Church of the Archdiocese of New <br> Orleans<br>| 5.00 | &nbsp;&nbsp; 7-1-2025 | 600000 | &nbsp;&nbsp; 510000 |
| &nbsp;&nbsp; Louisiana PFA Roman Catholic Church of the Archdiocese of New <br> Orleans<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 500000 | &nbsp;&nbsp; 425000 |
|  |  |  |  | &nbsp;&nbsp; **1785000** |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 11

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue: 0.23%** |  |  |  |  |
| Jefferson Sales Tax District Series B (AG Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2031 | $1000000 | &nbsp;&nbsp; $1043467 |
| Jefferson Sales Tax District Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2032 | 1000000 | &nbsp;&nbsp; 1039557 |
|  |  |  |  | &nbsp;&nbsp; **2083024** |
| **Transportation revenue: 0.33%** |  |  |  |  |
| Greater New Orleans Expressway Commission (AG Insured) | 5.00 | &nbsp;&nbsp; 11-1-2031 | 1000000 | &nbsp;&nbsp; 1006443 |
| Greater New Orleans Expressway Commission (AG Insured) | 5.00 | &nbsp;&nbsp; 11-1-2032 | 1000000 | &nbsp;&nbsp; 1006209 |
| Greater New Orleans Expressway Commission (AG Insured) | 5.00 | &nbsp;&nbsp; 11-1-2033 | 1000000 | &nbsp;&nbsp; 1005941 |
|  |  |  |  | &nbsp;&nbsp; **3018593** |
| **Water & sewer revenue: 0.74%** |  |  |  |  |
| City of New Orleans Sewerage Service Revenue Series B | 5.00 | &nbsp;&nbsp; 6-1-2032 | 1000000 | &nbsp;&nbsp; 1071821 |
| City of New Orleans Sewerage Service Revenue Series B | 5.00 | &nbsp;&nbsp; 6-1-2033 | 695000 | &nbsp;&nbsp; 741194 |
| City of New Orleans Sewerage Service Revenue Series B | 5.00 | &nbsp;&nbsp; 6-1-2034 | 600000 | &nbsp;&nbsp; 637348 |
| &nbsp;&nbsp; City of New Orleans Sewerage Service Revenue Series B (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 6-1-2035 | 400000 | &nbsp;&nbsp; 403485 |
| &nbsp;&nbsp; City of New Orleans Sewerage Service Revenue Series B (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 6-1-2036 | 325000 | &nbsp;&nbsp; 326855 |
| &nbsp;&nbsp; City of New Orleans Sewerage Service Revenue Series B (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 6-1-2037 | 335000 | &nbsp;&nbsp; 334844 |
| Greater Ouachita Water Co. (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2030 | 500000 | &nbsp;&nbsp; 514296 |
| Greater Ouachita Water Co. (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2031 | 600000 | &nbsp;&nbsp; 613679 |
| Greater Ouachita Water Co. (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2032 | 1655000 | &nbsp;&nbsp; 1685807 |
| Greater Ouachita Water Co. (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2039 | 425000 | &nbsp;&nbsp; 406977 |
|  |  |  |  | &nbsp;&nbsp; **6736306** |
|  |  |  |  | &nbsp;&nbsp; **22521861** |
| **Maine: 0.91%** |  |  |  |  |
| **Education revenue: 0.58%** |  |  |  |  |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority University of <br> New England Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2029 | 1015000 | &nbsp;&nbsp; 1045263 |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority University of <br> New England Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2030 | 1200000 | &nbsp;&nbsp; 1234894 |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority University of <br> New England Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2032 | 1415000 | &nbsp;&nbsp; 1452119 |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority University of <br> New England Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2033 | 1485000 | &nbsp;&nbsp; 1521205 |
|  |  |  |  | &nbsp;&nbsp; **5253481** |
| **Health revenue: 0.33%** |  |  |  |  |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority Obligated <br> Group Series A<br>| 4.00 | &nbsp;&nbsp; 7-1-2036 | 800000 | &nbsp;&nbsp; 799996 |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority Obligated <br> Group Series A<br>| 4.00 | &nbsp;&nbsp; 7-1-2037 | 1150000 | &nbsp;&nbsp; 1134491 |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2035 | 1000000 | &nbsp;&nbsp; 1059141 |
|  |  |  |  | &nbsp;&nbsp; **2993628** |
|  |  |  |  | &nbsp;&nbsp; **8247109** |

---

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

12 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Maryland: 1.00%** |  |  |  |  |
| **Education revenue: 0.44%** |  |  |  |  |
| City of Westminster McDaniel College, Inc. | 5.00<br> %<br>| &nbsp;&nbsp; 11-1-2026 | $2450000 | &nbsp;&nbsp; $2495364 |
| &nbsp;&nbsp; Maryland Economic Development Corp. University Park Phase I & II at <br> Salisbury University<br>| 5.00 | &nbsp;&nbsp; 6-1-2027 | 215000 | &nbsp;&nbsp; 215125 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Stevenson <br> University, Inc. Series A<br>| 4.00 | &nbsp;&nbsp; 6-1-2035 | 470000 | &nbsp;&nbsp; 449679 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Stevenson <br> University, Inc. Series A<br>| 4.00 | &nbsp;&nbsp; 6-1-2037 | 450000 | &nbsp;&nbsp; 418900 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Stevenson <br> University, Inc. Series A<br>| 4.00 | &nbsp;&nbsp; 6-1-2039 | 500000 | &nbsp;&nbsp; 450350 |
|  |  |  |  | &nbsp;&nbsp; **4029418** |
| **GO revenue: 0.32%** |  |  |  |  |
| County of Baltimore | 4.00 | &nbsp;&nbsp; 3-1-2042 | 3000000 | &nbsp;&nbsp; **2896181** |
| **Health revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority UPMC <br> Obligated Group Series B<br>| 4.00 | &nbsp;&nbsp; 4-15-2040 | 950000 | &nbsp;&nbsp; **880220** |
| **Tax revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; County of Howard Downtown Columbia Development District <br> Series A144A<br>| 4.00 | &nbsp;&nbsp; 2-15-2028 | 360000 | &nbsp;&nbsp; 360333 |
| &nbsp;&nbsp; County of Howard Downtown Columbia Development District <br> Series A144A<br>| 4.13 | &nbsp;&nbsp; 2-15-2034 | 1000000 | &nbsp;&nbsp; 961900 |
|  |  |  |  | &nbsp;&nbsp; **1322233** |
|  |  |  |  | &nbsp;&nbsp; **9128052** |
| **Massachusetts: 0.23%** |  |  |  |  |
| **Health revenue: 0.23%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Development Finance Agency GingerCare Living, Inc. <br> Obligated Group Series 2024B-1144A<br>| 4.75 | &nbsp;&nbsp; 12-1-2029 | 1000000 | &nbsp;&nbsp; 1001555 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Tufts Medicine <br> Obligated Group Series C (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2033 | 525000 | &nbsp;&nbsp; 560907 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Tufts Medicine <br> Obligated Group Series C (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2034 | 500000 | &nbsp;&nbsp; 530425 |
|  |  |  |  | &nbsp;&nbsp; **2092887** |
| **Michigan: 1.39%** |  |  |  |  |
| **Airport revenue: 0.16%** |  |  |  |  |
| Wayne County Airport Authority Detroit Metropolitan Series A | 5.00 | &nbsp;&nbsp; 12-1-2032 | 800000 | &nbsp;&nbsp; 828390 |
| Wayne County Airport Authority Detroit Metropolitan Series A | 5.00 | &nbsp;&nbsp; 12-1-2034 | 600000 | &nbsp;&nbsp; 617684 |
|  |  |  |  | &nbsp;&nbsp; **1446074** |
| **Education revenue: 0.14%** |  |  |  |  |
| Flint International Academy | 5.50 | &nbsp;&nbsp; 10-1-2027 | 1250000 | &nbsp;&nbsp; **1250421** |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 13

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue: 0.39%** |  |  |  |  |
| County of Kent | 5.00<br> %<br>| &nbsp;&nbsp; 6-1-2030 | $1040000 | &nbsp;&nbsp; $1061658 |
| Pinckney Community Schools (QSBLF Insured) | 5.00 | &nbsp;&nbsp; 5-1-2026 | 2505000 | &nbsp;&nbsp; 2507670 |
|  |  |  |  | &nbsp;&nbsp; **3569328** |
| **Health revenue: 0.33%** |  |  |  |  |
| &nbsp;&nbsp; Michigan Finance Authority Trinity Health Corp. Obligated Group <br> Series 2013-2<br>| 4.00 | &nbsp;&nbsp; 12-1-2035 | 3000000 | &nbsp;&nbsp; **2967160** |
| **Water & sewer revenue: 0.37%** |  |  |  |  |
| &nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System Revenue <br> Series C<br>| 5.00 | &nbsp;&nbsp; 7-1-2030 | 3350000 | &nbsp;&nbsp; **3406664** |
|  |  |  |  | &nbsp;&nbsp; **12639647** |
| **Minnesota: 0.41%** |  |  |  |  |
| **Education revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; Minnesota Higher Education Facilities Authority Concordia <br> University St. Paul Series 6Q (U.S. Bank N.A. LOC)ø<br>| 4.03 | &nbsp;&nbsp; 4-1-2037 | 1300000 | &nbsp;&nbsp; **1300000** |
| **Health revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; City of Rochester Mayo Clinic Series B (Northern Trust Company <br> SPA)ø<br>| 1.75 | &nbsp;&nbsp; 11-15-2038 | 1340000 | &nbsp;&nbsp; **1340000** |
| **Housing revenue: 0.12%** |  |  |  |  |
| City of Oak Park Heights VSSA Boutwells Landing LLC (FHLMC LIQ)ø | 1.89 | &nbsp;&nbsp; 11-1-2035 | 1065000 | &nbsp;&nbsp; **1065000** |
|  |  |  |  | &nbsp;&nbsp; **3705000** |
| **Mississippi: 0.34%** |  |  |  |  |
| **Health revenue: 0.34%** |  |  |  |  |
| &nbsp;&nbsp; Mississippi Hospital Equipment & Facilities Authority North <br> Mississippi Medical Center Obligated Group Series IV<br>| 5.00 | &nbsp;&nbsp; 10-1-2037 | 1000000 | &nbsp;&nbsp; 1028475 |
| &nbsp;&nbsp; Mississippi Hospital Equipment & Facilities Authority North <br> Mississippi Medical Center Obligated Group Series IV<br>| 5.00 | &nbsp;&nbsp; 10-1-2038 | 1000000 | &nbsp;&nbsp; 1023109 |
| &nbsp;&nbsp; Mississippi Hospital Equipment & Facilities Authority North <br> Mississippi Medical Center Obligated Group Series IV<br>| 5.00 | &nbsp;&nbsp; 10-1-2039 | 1000000 | &nbsp;&nbsp; 1018695 |
|  |  |  |  | &nbsp;&nbsp; **3070279** |
| **Missouri: 0.49%** |  |  |  |  |
| **Education revenue: 0.26%** |  |  |  |  |
| HEFA of the State of Missouri Webster University | 5.00 | &nbsp;&nbsp; 4-1-2027 | 2450000 | &nbsp;&nbsp; **2377007** |
| **Health revenue: 0.23%** |  |  |  |  |
| &nbsp;&nbsp; HEFA of the State of Missouri BJC Healthcare Obligated Group <br> Series Cøø<br>| 5.00 | &nbsp;&nbsp; 5-1-2052 | 2000000 | &nbsp;&nbsp; **2106262** |
|  |  |  |  | &nbsp;&nbsp; **4483269** |
| **Nebraska: 0.48%** |  |  |  |  |
| **Health revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Douglas County Hospital Authority No. 2 Children's Hospital <br> Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2038 | 1200000 | &nbsp;&nbsp; **1142173** |

---

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

14 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue: 0.35%** |  |  |  |  |
| Central Plains Energy Project Series A-1øø | 5.00<br> %<br>| &nbsp;&nbsp; 8-1-2055 | $3000000 | &nbsp;&nbsp; $**3175337** |
|  |  |  |  | &nbsp;&nbsp; **4317510** |
| **Nevada: 0.71%** |  |  |  |  |
| **GO revenue: 0.71%** |  |  |  |  |
| Clark County School District Series A | 4.00 | &nbsp;&nbsp; 6-15-2034 | 6410000 | &nbsp;&nbsp; **6432388** |
| **New Hampshire: 0.61%** |  |  |  |  |
| **Health revenue: 0.36%** |  |  |  |  |
| &nbsp;&nbsp; New Hampshire HEFA Act Dartmouth-Hitchcock Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-1-2043 | 3730000 | &nbsp;&nbsp; **3303033** |
| **Housing revenue: 0.25%** |  |  |  |  |
| New Hampshire Business Finance Authority Class A Series 1-A | 4.13 | &nbsp;&nbsp; 1-20-2034 | 2287727 | &nbsp;&nbsp; 2261975 |
| New Hampshire HFA Series E AMT | 4.80 | &nbsp;&nbsp; 7-1-2028 | 5000 | &nbsp;&nbsp; 5000 |
|  |  |  |  | &nbsp;&nbsp; **2266975** |
|  |  |  |  | &nbsp;&nbsp; **5570008** |
| **New Jersey: 2.09%** |  |  |  |  |
| **Airport revenue: 0.24%** |  |  |  |  |
| South Jersey Port Corp. Series S-1 | 5.00 | &nbsp;&nbsp; 1-1-2028 | 2130000 | &nbsp;&nbsp; **2148571** |
| **Housing revenue: 1.25%** |  |  |  |  |
| Garden State Preservation Trust Series A (AG Insured) | 5.75 | &nbsp;&nbsp; 11-1-2028 | 4110000 | &nbsp;&nbsp; 4319535 |
| New Jersey EDA Motor Vehicle Surcharge Revenue Series A | 3.13 | &nbsp;&nbsp; 7-1-2029 | 445000 | &nbsp;&nbsp; 431436 |
| New Jersey EDA Motor Vehicle Surcharge Revenue Series A | 5.00 | &nbsp;&nbsp; 7-1-2033 | 3850000 | &nbsp;&nbsp; 3882986 |
| New Jersey TTFA Series A¤ | 0.00 | &nbsp;&nbsp; 12-15-2030 | 2000000 | &nbsp;&nbsp; 1665588 |
| North Hudson Sewerage Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 6-1-2038 | 1000000 | &nbsp;&nbsp; 1105300 |
|  |  |  |  | &nbsp;&nbsp; **11404845** |
| **Tax revenue: 0.60%** |  |  |  |  |
| New Jersey TTFA Series AA | 5.00 | &nbsp;&nbsp; 6-15-2036 | 2000000 | &nbsp;&nbsp; 2103564 |
| New Jersey TTFA Series AA | 5.00 | &nbsp;&nbsp; 6-15-2038 | 3250000 | &nbsp;&nbsp; 3375880 |
|  |  |  |  | &nbsp;&nbsp; **5479444** |
|  |  |  |  | &nbsp;&nbsp; **19032860** |
| **New Mexico: 1.52%** |  |  |  |  |
| **GO revenue: 0.13%** |  |  |  |  |
| Albuquerque Municipal School District No. 12 | 5.00 | &nbsp;&nbsp; 8-1-2034 | 1150000 | &nbsp;&nbsp; **1200283** |
| **Industrial development revenue: 0.25%** |  |  |  |  |
| City of Farmington Southern California Edison Co. | 1.80 | &nbsp;&nbsp; 4-1-2029 | 2540000 | &nbsp;&nbsp; **2328977** |
| **Miscellaneous revenue: 1.14%** |  |  |  |  |
| Town of Clayton (NPFGC Insured) | 5.00 | &nbsp;&nbsp; 11-1-2028 | 9265000 | &nbsp;&nbsp; 9325236 |
| Town of Clayton (NPFGC Insured) | 5.00 | &nbsp;&nbsp; 11-1-2029 | 1000000 | &nbsp;&nbsp; 1006502 |
|  |  |  |  | &nbsp;&nbsp; **10331738** |
|  |  |  |  | &nbsp;&nbsp; **13860998** |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 15

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **New York: 7.07%** |  |  |  |  |
| **Airport revenue: 0.90%** |  |  |  |  |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series C<br>| 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2029 | $1160000 | &nbsp;&nbsp; $1243156 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series C<br>| 5.00 | &nbsp;&nbsp; 12-1-2035 | 1000000 | &nbsp;&nbsp; 1055814 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series C<br>| 5.00 | &nbsp;&nbsp; 12-1-2038 | 3000000 | &nbsp;&nbsp; 3109063 |
| Port Authority of New York & New Jersey Series 211 | 4.00 | &nbsp;&nbsp; 9-1-2043 | 3000000 | &nbsp;&nbsp; 2739793 |
|  |  |  |  | &nbsp;&nbsp; **8147826** |
| **Education revenue: 2.08%** |  |  |  |  |
| Babylon L D Corp. II Series A | 6.40 | &nbsp;&nbsp; 2-1-2043 | 2000000 | &nbsp;&nbsp; 1961761 |
| &nbsp;&nbsp; Build NYC Resource Corp. Success Academy Charter Schools, Inc. <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 9-1-2038 | 1480000 | &nbsp;&nbsp; 1535916 |
| &nbsp;&nbsp; Dutchess County Local Development Corp. Culinary Institute of <br> America Series A-1<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 335000 | &nbsp;&nbsp; 340601 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 4.45 | &nbsp;&nbsp; 2-1-2041 | 5500000 | &nbsp;&nbsp; 4375811 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 5.53 | &nbsp;&nbsp; 2-1-2040 | 2725000 | &nbsp;&nbsp; 2508376 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 5.89 | &nbsp;&nbsp; 2-1-2032 | 2745000 | &nbsp;&nbsp; 2766103 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 6.24 | &nbsp;&nbsp; 2-1-2047 | 1750000 | &nbsp;&nbsp; 1662024 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series B<br>| 5.57 | &nbsp;&nbsp; 2-1-2041 | 4140000 | &nbsp;&nbsp; 3779612 |
|  |  |  |  | &nbsp;&nbsp; **18930204** |
| **GO revenue: 0.28%** |  |  |  |  |
| City of New York Series D-1 | 5.25 | &nbsp;&nbsp; 5-1-2040 | 1500000 | &nbsp;&nbsp; 1596695 |
| City of Yonkers Series F (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-15-2036 | 450000 | &nbsp;&nbsp; 493324 |
| City of Yonkers Series F (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-15-2037 | 425000 | &nbsp;&nbsp; 461719 |
|  |  |  |  | &nbsp;&nbsp; **2551738** |
| **Industrial development revenue: 0.10%** |  |  |  |  |
| New York Liberty Development Corp. One Bryant Park LLC Class 3 | 2.80 | &nbsp;&nbsp; 9-15-2069 | 1000000 | &nbsp;&nbsp; **911745** |
| **Miscellaneous revenue: 0.12%** |  |  |  |  |
| Suffolk Regional Off-Track Betting Corp. | 5.00 | &nbsp;&nbsp; 12-1-2034 | 1000000 | &nbsp;&nbsp; **1036294** |
| **Tax revenue: 2.49%** |  |  |  |  |
| &nbsp;&nbsp; Empire State Development Corp. Personal Income Tax Revenue <br> Series C<br>| 4.00 | &nbsp;&nbsp; 3-15-2037 | 3000000 | &nbsp;&nbsp; 2987202 |
| Metropolitan Transportation Authority Dedicated Tax Fund Series A | 5.25 | &nbsp;&nbsp; 11-15-2034 | 2000000 | &nbsp;&nbsp; 2039487 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series B-1<br>| 4.00 | &nbsp;&nbsp; 11-1-2041 | 5485000 | &nbsp;&nbsp; 5124652 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series C-1<br>| 4.00 | &nbsp;&nbsp; 5-1-2044 | 2000000 | &nbsp;&nbsp; 1802404 |

---

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

16 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series E-1<br>| 4.00<br> %<br>| &nbsp;&nbsp; 2-1-2041 | $3000000 | &nbsp;&nbsp; $2755565 |
| &nbsp;&nbsp; New York State Dormitory Authority Personal Income Tax Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 2-15-2031 | 3000000 | &nbsp;&nbsp; 3059593 |
| &nbsp;&nbsp; New York State Dormitory Authority Personal Income Tax Revenue <br> Series D<br>| 4.00 | &nbsp;&nbsp; 2-15-2039 | 5000000 | &nbsp;&nbsp; 4862507 |
|  |  |  |  | &nbsp;&nbsp; **22631410** |
| **Transportation revenue: 0.85%** |  |  |  |  |
| Metropolitan Transportation Authority Series B | 5.00 | &nbsp;&nbsp; 11-15-2033 | 2175000 | &nbsp;&nbsp; 2214775 |
| Metropolitan Transportation Authority Series D | 5.00 | &nbsp;&nbsp; 11-15-2031 | 3415000 | &nbsp;&nbsp; 3491650 |
| Metropolitan Transportation Authority Series D-1 | 5.00 | &nbsp;&nbsp; 11-15-2030 | 2010000 | &nbsp;&nbsp; 2018663 |
|  |  |  |  | &nbsp;&nbsp; **7725088** |
| **Utilities revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp; New York State Energy Research & Development Authority Electric & <br> Gas Corp. Series C<br>| 4.00 | &nbsp;&nbsp; 4-1-2034 | 2000000 | &nbsp;&nbsp; **2001538** |
| **Water & sewer revenue: 0.03%** |  |  |  |  |
| Western Nassau County Water Authority Series A | 5.00 | &nbsp;&nbsp; 4-1-2028 | 300000 | &nbsp;&nbsp; **300491** |
|  |  |  |  | &nbsp;&nbsp; **64236334** |
| **North Carolina: 0.26%** |  |  |  |  |
| **Health revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority Atrium Health Obligated <br> Group Series G (JPMorgan Chase Bank N.A. SPA)ø<br>| 4.00 | &nbsp;&nbsp; 1-15-2048 | 1360000 | &nbsp;&nbsp; **1360000** |
| **Water & sewer revenue: 0.11%** |  |  |  |  |
| City of Mebane Combined Utilities Revenue | 4.00 | &nbsp;&nbsp; 8-1-2043 | 1025000 | &nbsp;&nbsp; **957885** |
|  |  |  |  | &nbsp;&nbsp; **2317885** |
| **Ohio: 1.77%** |  |  |  |  |
| **Education revenue: 0.65%** |  |  |  |  |
| Northeast Ohio Medical University (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2032 | 315000 | &nbsp;&nbsp; 341861 |
| Northeast Ohio Medical University (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2033 | 890000 | &nbsp;&nbsp; 958236 |
| Northeast Ohio Medical University (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2036 | 1025000 | &nbsp;&nbsp; 1079782 |
| Northeast Ohio Medical University (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2038 | 1070000 | &nbsp;&nbsp; 1112079 |
| Northeast Ohio Medical University (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2040 | 1260000 | &nbsp;&nbsp; 1285950 |
| Ohio Higher Educational Facility Commission Xavier University | 5.00 | &nbsp;&nbsp; 5-1-2029 | 1080000 | &nbsp;&nbsp; 1147388 |
|  |  |  |  | &nbsp;&nbsp; **5925296** |
| **Health revenue: 0.12%** |  |  |  |  |
| County of Hamilton UC Health Obligated Group | 5.00 | &nbsp;&nbsp; 9-15-2035 | 1100000 | &nbsp;&nbsp; **1127441** |
| **Housing revenue: 0.30%** |  |  |  |  |
| &nbsp;&nbsp; Clermont County Port Authority West Clermont Local School District <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2025 | 500000 | &nbsp;&nbsp; 504038 |
| &nbsp;&nbsp; Clermont County Port Authority West Clermont Local School District <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2026 | 600000 | &nbsp;&nbsp; 604992 |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 17

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Clermont County Port Authority West Clermont Local School District <br> (BAM Insured)<br>| 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2028 | $1250000 | &nbsp;&nbsp; $1259492 |
| RiverSouth Authority Series A | 5.75 | &nbsp;&nbsp; 12-1-2027 | 385000 | &nbsp;&nbsp; 385112 |
|  |  |  |  | &nbsp;&nbsp; **2753634** |
| **Miscellaneous revenue: 0.11%** |  |  |  |  |
| Warrensville Heights City School District Series B COP (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-1-2037 | 1000000 | &nbsp;&nbsp; **968993** |
| **Tobacco revenue: 0.22%** |  |  |  |  |
| Buckeye Tobacco Settlement Financing Authority Class 1 Series A-2 | 4.00 | &nbsp;&nbsp; 6-1-2038 | 2100000 | &nbsp;&nbsp; **1964331** |
| **Utilities revenue: 0.37%** |  |  |  |  |
| City of Hamilton Electric System Revenue (BAM Insured) | 4.00 | &nbsp;&nbsp; 10-1-2034 | 710000 | &nbsp;&nbsp; 717278 |
| City of Hamilton Electric System Revenue (BAM Insured) | 4.00 | &nbsp;&nbsp; 10-1-2035 | 1000000 | &nbsp;&nbsp; 1005744 |
| &nbsp;&nbsp; Cleveland Department of Public Utilities Division of Public Power (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 11-15-2033 | 625000 | &nbsp;&nbsp; 652465 |
| Ohio Air Quality Development Authority Valley Electric Corp. Series A | 3.25 | &nbsp;&nbsp; 9-1-2029 | 1000000 | &nbsp;&nbsp; 977212 |
|  |  |  |  | &nbsp;&nbsp; **3352699** |
|  |  |  |  | &nbsp;&nbsp; **16092394** |
| **Oklahoma: 3.09%** |  |  |  |  |
| **Education revenue: 0.08%** |  |  |  |  |
| Oklahoma State University Series A | 4.00 | &nbsp;&nbsp; 9-1-2036 | 750000 | &nbsp;&nbsp; **754081** |
| **Housing revenue: 2.74%** |  |  |  |  |
| &nbsp;&nbsp; Canadian County Educational Facilities Authority Independent School <br> District No. 69 Mustang<br>| 5.00 | &nbsp;&nbsp; 9-1-2028 | 2180000 | &nbsp;&nbsp; 2219510 |
| &nbsp;&nbsp; Carter County Public Facilities Authority Independent School District <br> No. 27 Plainview<br>| 5.00 | &nbsp;&nbsp; 12-1-2026 | 1000000 | &nbsp;&nbsp; 1027549 |
| &nbsp;&nbsp; Carter County Public Facilities Authority Independent School District <br> No. 27 Plainview<br>| 5.00 | &nbsp;&nbsp; 12-1-2027 | 1000000 | &nbsp;&nbsp; 1030080 |
| &nbsp;&nbsp; Carter County Public Facilities Authority Independent School District <br> No. 27 Plainview<br>| 5.00 | &nbsp;&nbsp; 12-1-2028 | 1285000 | &nbsp;&nbsp; 1322567 |
| &nbsp;&nbsp; Cleveland County Educational Facilities Authority Independent <br> School District No. 40 Noble<br>| 5.00 | &nbsp;&nbsp; 9-1-2027 | 700000 | &nbsp;&nbsp; 730174 |
| &nbsp;&nbsp; Cleveland County Educational Facilities Authority Independent <br> School District No. 40 Noble<br>| 5.00 | &nbsp;&nbsp; 9-1-2028 | 400000 | &nbsp;&nbsp; 415488 |
| &nbsp;&nbsp; Cleveland County Educational Facilities Authority Independent <br> School District No. 40 Noble<br>| 5.00 | &nbsp;&nbsp; 9-1-2029 | 250000 | &nbsp;&nbsp; 258930 |
| &nbsp;&nbsp; Cleveland County Educational Facilities Authority Independent <br> School District No. 40 Noble<br>| 5.00 | &nbsp;&nbsp; 9-1-2031 | 675000 | &nbsp;&nbsp; 696898 |
| &nbsp;&nbsp; Comanche County Educational Facilities Authority Independent <br> School District No. 16 Elgin Series A<br>| 5.00 | &nbsp;&nbsp; 12-1-2032 | 1600000 | &nbsp;&nbsp; 1679301 |
| &nbsp;&nbsp; Dewey County Educational Facilities Authority Independent School <br> District No. 8 Seiling<br>| 5.00 | &nbsp;&nbsp; 9-1-2027 | 1240000 | &nbsp;&nbsp; 1266191 |
| &nbsp;&nbsp; Garvin County Educational Facilities Authority Independent School <br> District No. 9 Lindsay<br>| 5.00 | &nbsp;&nbsp; 9-1-2026 | 1000000 | &nbsp;&nbsp; 1002814 |
| &nbsp;&nbsp; Garvin County Educational Facilities Authority Independent School <br> District No. 9 Lindsay<br>| 5.00 | &nbsp;&nbsp; 9-1-2027 | 1245000 | &nbsp;&nbsp; 1249084 |

---

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

18 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Grady County School Finance Authority Independent School District <br> No. 97 Tuttle<br>| 5.00<br> %<br>| &nbsp;&nbsp; 9-1-2028 | $1160000 | &nbsp;&nbsp; $1163707 |
| Muskogee Industrial Trust Independent School District No. 20 | 4.00 | &nbsp;&nbsp; 9-1-2029 | 3000000 | &nbsp;&nbsp; 3009416 |
| Muskogee Industrial Trust Independent School District No. 20 | 4.00 | &nbsp;&nbsp; 9-1-2032 | 3000000 | &nbsp;&nbsp; 2985332 |
| Oklahoma Development Finance Authority Series B | 5.00 | &nbsp;&nbsp; 6-1-2030 | 500000 | &nbsp;&nbsp; 539237 |
| Oklahoma Development Finance Authority Series B | 5.00 | &nbsp;&nbsp; 6-1-2032 | 550000 | &nbsp;&nbsp; 589290 |
| &nbsp;&nbsp; Pontotoc County Educational Facilities Authority Ada Public Schools <br> Project<br>| 4.00 | &nbsp;&nbsp; 9-1-2032 | 450000 | &nbsp;&nbsp; 460141 |
| &nbsp;&nbsp; Pontotoc County Educational Facilities Authority Ada Public Schools <br> Project<br>| 4.00 | &nbsp;&nbsp; 9-1-2033 | 800000 | &nbsp;&nbsp; 813680 |
| &nbsp;&nbsp; Pontotoc County Educational Facilities Authority Ada Public Schools <br> Project<br>| 4.00 | &nbsp;&nbsp; 9-1-2034 | 625000 | &nbsp;&nbsp; 631751 |
| &nbsp;&nbsp; Pontotoc County Educational Facilities Authority Ada Public Schools <br> Project<br>| 4.00 | &nbsp;&nbsp; 9-1-2035 | 810000 | &nbsp;&nbsp; 813520 |
| &nbsp;&nbsp; Pontotoc County Educational Facilities Authority Ada Public Schools <br> Project<br>| 4.00 | &nbsp;&nbsp; 9-1-2036 | 1000000 | &nbsp;&nbsp; 992538 |
|  |  |  |  | &nbsp;&nbsp; **24897198** |
| **Tax revenue: 0.27%** |  |  |  |  |
| Oklahoma City Public Property Authority Hotel Tax | 5.00 | &nbsp;&nbsp; 10-1-2027 | 1140000 | &nbsp;&nbsp; 1145228 |
| Oklahoma City Public Property Authority Hotel Tax | 5.00 | &nbsp;&nbsp; 10-1-2028 | 1265000 | &nbsp;&nbsp; 1270738 |
|  |  |  |  | &nbsp;&nbsp; **2415966** |
|  |  |  |  | &nbsp;&nbsp; **28067245** |
| **Oregon: 0.47%** |  |  |  |  |
| **Airport revenue: 0.14%** |  |  |  |  |
| Port of Portland Airport Revenue Series 26-A | 4.00 | &nbsp;&nbsp; 7-1-2037 | 565000 | &nbsp;&nbsp; 560380 |
| Port of Portland Airport Revenue Series 26-B | 5.00 | &nbsp;&nbsp; 7-1-2037 | 705000 | &nbsp;&nbsp; 741986 |
|  |  |  |  | &nbsp;&nbsp; **1302366** |
| **Health revenue: 0.33%** |  |  |  |  |
| &nbsp;&nbsp; Medford Hospital Facilities Authority Asante Health System Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2037 | 1400000 | &nbsp;&nbsp; 1453944 |
| &nbsp;&nbsp; Oregon State Facilities Authority Samaritan Health Services, Inc. <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 1500000 | &nbsp;&nbsp; 1523726 |
|  |  |  |  | &nbsp;&nbsp; **2977670** |
|  |  |  |  | &nbsp;&nbsp; **4280036** |
| **Pennsylvania: 9.60%** |  |  |  |  |
| **Airport revenue: 0.09%** |  |  |  |  |
| City of Philadelphia Airport Revenue Series A | 5.00 | &nbsp;&nbsp; 7-1-2028 | 315000 | &nbsp;&nbsp; 327479 |
| City of Philadelphia Airport Revenue Series A | 5.00 | &nbsp;&nbsp; 7-1-2031 | 450000 | &nbsp;&nbsp; 465450 |
|  |  |  |  | &nbsp;&nbsp; **792929** |
| **Education revenue: 0.56%** |  |  |  |  |
| &nbsp;&nbsp; Allentown Commercial & IDA Executive Education Academy Charter <br> School144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2040 | 1490000 | &nbsp;&nbsp; 1473336 |
| Chester County IDA Collegium Charter School Series A | 5.00 | &nbsp;&nbsp; 10-15-2027 | 945000 | &nbsp;&nbsp; 951374 |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 19

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Northeastern Pennsylvania Hospital & Education Authority Wilkes <br> University Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 3-1-2026 | $885000 | &nbsp;&nbsp; $888563 |
| &nbsp;&nbsp; Northeastern Pennsylvania Hospital & Education Authority Wilkes <br> University Series A<br>| 5.00 | &nbsp;&nbsp; 3-1-2028 | 660000 | &nbsp;&nbsp; 662852 |
| Philadelphia IDA Frankford Valley Foundation for Literacy144A | 5.00 | &nbsp;&nbsp; 6-15-2039 | 1000000 | &nbsp;&nbsp; 980323 |
| &nbsp;&nbsp; Philadelphia IDA West Philadelphia Achievement Charter Elementary <br> School<br>| 7.00 | &nbsp;&nbsp; 5-1-2026 | 170000 | &nbsp;&nbsp; 170332 |
|  |  |  |  | &nbsp;&nbsp; **5126780** |
| **GO revenue: 3.14%** |  |  |  |  |
| Central Dauphin School District | 5.00 | &nbsp;&nbsp; 2-1-2030 | 1110000 | &nbsp;&nbsp; 1136848 |
| City of Philadelphia Series A | 4.00 | &nbsp;&nbsp; 5-1-2037 | 1115000 | &nbsp;&nbsp; 1093854 |
| City of Reading Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-1-2026 | 1000000 | &nbsp;&nbsp; 1024942 |
| McKeesport Area School District Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 10-1-2035 | 5505000 | &nbsp;&nbsp; 5472248 |
| Norristown Area School District (BAM Insured) | 5.00 | &nbsp;&nbsp; 9-1-2035 | 2035000 | &nbsp;&nbsp; 2083085 |
| Reading School District (AG Insured) | 5.00 | &nbsp;&nbsp; 3-1-2037 | 2000000 | &nbsp;&nbsp; 2032184 |
| Reading School District (AG Insured) | 5.00 | &nbsp;&nbsp; 3-1-2038 | 1735000 | &nbsp;&nbsp; 1758505 |
| School District of Philadelphia Series A | 5.00 | &nbsp;&nbsp; 9-1-2032 | 2300000 | &nbsp;&nbsp; 2447948 |
| School District of Philadelphia Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2039 | 2000000 | &nbsp;&nbsp; 1939598 |
| School District of Philadelphia Series F | 5.00 | &nbsp;&nbsp; 9-1-2029 | 5000000 | &nbsp;&nbsp; 5077217 |
| School District of Philadelphia Series F | 5.00 | &nbsp;&nbsp; 9-1-2031 | 1240000 | &nbsp;&nbsp; 1263996 |
| School District of Philadelphia Series F | 5.00 | &nbsp;&nbsp; 9-1-2032 | 2595000 | &nbsp;&nbsp; 2645217 |
| Scranton School District Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 6-1-2037 | 500000 | &nbsp;&nbsp; 520400 |
|  |  |  |  | &nbsp;&nbsp; **28496042** |
| **Health revenue: 2.10%** |  |  |  |  |
| &nbsp;&nbsp; Allegheny County Hospital Development Authority UPMC Obligated <br> Group Series A<br>| 4.00 | &nbsp;&nbsp; 7-15-2037 | 2000000 | &nbsp;&nbsp; 1918547 |
| &nbsp;&nbsp; Allegheny County Hospital Development Authority UPMC Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 7-15-2025 | 155000 | &nbsp;&nbsp; 155087 |
| &nbsp;&nbsp; Cumberland County Municipal Authority Lutheran Senior Services <br> East Obligated Group<br>| 5.00 | &nbsp;&nbsp; 1-1-2026 | 560000 | &nbsp;&nbsp; 560096 |
| &nbsp;&nbsp; Cumberland County Municipal Authority Lutheran Senior Services <br> East Obligated Group<br>| 5.00 | &nbsp;&nbsp; 1-1-2027 | 480000 | &nbsp;&nbsp; 480165 |
| &nbsp;&nbsp; Cumberland County Municipal Authority Penn State Health Obligated <br> Group<br>| 4.00 | &nbsp;&nbsp; 11-1-2044 | 1190000 | &nbsp;&nbsp; 1036907 |
| Geisinger Authority Kaiser Obligated Group Series A | 4.00 | &nbsp;&nbsp; 4-1-2039 | 3000000 | &nbsp;&nbsp; 2838657 |
| Geisinger Authority Kaiser Obligated Group Series A-2 | 4.00 | &nbsp;&nbsp; 2-15-2039 | 1000000 | &nbsp;&nbsp; 941963 |
| &nbsp;&nbsp; Hospitals & Higher Education Facilities Authority of Philadelphia <br> Temple University Health System Obligated Group (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2036 | 2505000 | &nbsp;&nbsp; 2650427 |
| &nbsp;&nbsp; Montgomery County Higher Education & Health Authority Thomas <br> Jefferson University Obligated Group<br>| 4.00 | &nbsp;&nbsp; 9-1-2037 | 1000000 | &nbsp;&nbsp; 959807 |
| Pennsylvania EDFA UPMC Obligated Group Series A | 4.00 | &nbsp;&nbsp; 11-15-2037 | 2540000 | &nbsp;&nbsp; 2431193 |
| Pennsylvania EDFA UPMC Obligated Group Series A-1 | 5.00 | &nbsp;&nbsp; 4-15-2031 | 1000000 | &nbsp;&nbsp; 1073314 |
| Pennsylvania EDFA UPMC Obligated Group Series A-1 | 5.00 | &nbsp;&nbsp; 4-15-2034 | 1650000 | &nbsp;&nbsp; 1744910 |

---

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

20 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| Pennsylvania EDFA UPMC Obligated Group Series A-1 | 5.00<br> %<br>| &nbsp;&nbsp; 4-15-2035 | $1450000 | &nbsp;&nbsp; $1525274 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Health System <br> Obligated Group Series A (Bank of America N.A. LOC)ø<br>| 1.88 | &nbsp;&nbsp; 1-1-2038 | 800000 | &nbsp;&nbsp; 800000 |
|  |  |  |  | &nbsp;&nbsp; **19116347** |
| **Housing revenue: 1.49%** |  |  |  |  |
| Pennsylvania Housing Finance Agency Series 142-A | 4.15 | &nbsp;&nbsp; 10-1-2034 | 1500000 | &nbsp;&nbsp; 1491732 |
| Philadelphia Municipal Authority | 5.00 | &nbsp;&nbsp; 4-1-2031 | 3630000 | &nbsp;&nbsp; 3724620 |
| Philadelphia Municipal Authority | 5.00 | &nbsp;&nbsp; 4-1-2034 | 1800000 | &nbsp;&nbsp; 1837188 |
| &nbsp;&nbsp; State Public School Building Authority Chester Upland School District <br> Series B<br>| 5.25 | &nbsp;&nbsp; 9-15-2030 | 1985000 | &nbsp;&nbsp; 2075372 |
| &nbsp;&nbsp; State Public School Building Authority Harrisburg School District <br> Series B-2 (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2025 | 340000 | &nbsp;&nbsp; 340613 |
| &nbsp;&nbsp; State Public School Building Authority Harrisburg School District <br> Series B-2 (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2026 | 645000 | &nbsp;&nbsp; 646073 |
| &nbsp;&nbsp; State Public School Building Authority Harrisburg School District <br> Series B-2 (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2027 | 360000 | &nbsp;&nbsp; 360643 |
| &nbsp;&nbsp; State Public School Building Authority School District of Philadelphia <br> Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2034 | 1750000 | &nbsp;&nbsp; 1766422 |
| York County School of Technology Authority Series B (BAM Insured) | 5.00 | &nbsp;&nbsp; 2-15-2027 | 800000 | &nbsp;&nbsp; 801351 |
| York County School of Technology Authority Series B (BAM Insured) | 5.00 | &nbsp;&nbsp; 2-15-2029 | 500000 | &nbsp;&nbsp; 500800 |
|  |  |  |  | &nbsp;&nbsp; **13544814** |
| **Miscellaneous revenue: 0.79%** |  |  |  |  |
| Commonwealth of Pennsylvania Series A COP | 5.00 | &nbsp;&nbsp; 7-1-2029 | 480000 | &nbsp;&nbsp; 502713 |
| &nbsp;&nbsp; State Public School Building Authority Harrisburg School District <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2028 | 3020000 | &nbsp;&nbsp; 3080489 |
| &nbsp;&nbsp; State Public School Building Authority Harrisburg School District <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2033 | 3505000 | &nbsp;&nbsp; 3549516 |
|  |  |  |  | &nbsp;&nbsp; **7132718** |
| **Tax revenue: 0.26%** |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority | 5.00 | &nbsp;&nbsp; 5-1-2033 | 700000 | &nbsp;&nbsp; 743145 |
| Allentown Neighborhood Improvement Zone Development Authority | 5.00 | &nbsp;&nbsp; 5-1-2034 | 750000 | &nbsp;&nbsp; 792528 |
| Allentown Neighborhood Improvement Zone Development Authority | 5.00 | &nbsp;&nbsp; 5-1-2035 | 750000 | &nbsp;&nbsp; 789573 |
|  |  |  |  | &nbsp;&nbsp; **2325246** |
| **Tobacco revenue: 0.51%** |  |  |  |  |
| Commonwealth Financing Authority (AG Insured) | 4.00 | &nbsp;&nbsp; 6-1-2039 | 5000000 | &nbsp;&nbsp; **4671044** |
| **Transportation revenue: 0.49%** |  |  |  |  |
| Pennsylvania Turnpike Commission Series E CAB (AG Insured) | 6.00 | &nbsp;&nbsp; 12-1-2030 | 4220000 | &nbsp;&nbsp; **4495167** |
| **Water & sewer revenue: 0.17%** |  |  |  |  |
| Capital Region Water Revenue | 5.00 | &nbsp;&nbsp; 7-15-2030 | 1500000 | &nbsp;&nbsp; **1585169** |
|  |  |  |  | &nbsp;&nbsp; **87286256** |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 21

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **South Carolina: 2.34%** |  |  |  |  |
| **Education revenue: 0.53%** |  |  |  |  |
| South Carolina Jobs-EDA Furman University | 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2028 | $700000 | &nbsp;&nbsp; $703144 |
| South Carolina Jobs-EDA Furman University | 5.00 | &nbsp;&nbsp; 10-1-2030 | 1885000 | &nbsp;&nbsp; 1893228 |
| South Carolina Jobs-EDA Furman University | 5.00 | &nbsp;&nbsp; 10-1-2031 | 2155000 | &nbsp;&nbsp; 2164298 |
|  |  |  |  | &nbsp;&nbsp; **4760670** |
| **Health revenue: 0.13%** |  |  |  |  |
| South Carolina Jobs-EDA Novant Health Obligated Group Series A | 5.50 | &nbsp;&nbsp; 11-1-2046 | 1135000 | &nbsp;&nbsp; **1189327** |
| **Utilities revenue: 1.68%** |  |  |  |  |
| South Carolina Public Service Authority Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2045 | 4500000 | &nbsp;&nbsp; 4571169 |
| South Carolina Public Service Authority Series E (AG Insured) | 5.25 | &nbsp;&nbsp; 12-1-2036 | 6385000 | &nbsp;&nbsp; 6976936 |
| South Carolina Public Service Authority Series E (AG Insured) | 5.25 | &nbsp;&nbsp; 12-1-2037 | 3445000 | &nbsp;&nbsp; 3730910 |
|  |  |  |  | &nbsp;&nbsp; **15279015** |
|  |  |  |  | &nbsp;&nbsp; **21229012** |
| **Tennessee: 1.84%** |  |  |  |  |
| **Airport revenue: 0.29%** |  |  |  |  |
| Metropolitan Nashville Airport Authority Series A | 5.25 | &nbsp;&nbsp; 7-1-2047 | 2500000 | &nbsp;&nbsp; **2584166** |
| **Health revenue: 0.41%** |  |  |  |  |
| &nbsp;&nbsp; Shelby County Health Educational & Housing Facilities Board <br> Methodist Le Bonheur Healthcare Obligated Group Series A (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 6-1-2035 | 3500000 | &nbsp;&nbsp; **3752122** |
| **Housing revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; Chattanooga Health Educational & Housing Facility Board CDFI Phase <br> I LLC<br>| 5.00 | &nbsp;&nbsp; 10-1-2028 | 1000000 | &nbsp;&nbsp; **1003208** |
| **Utilities revenue: 1.03%** |  |  |  |  |
| Tennergy Corp. Series Aøø | 5.50 | &nbsp;&nbsp; 10-1-2053 | 3000000 | &nbsp;&nbsp; 3148689 |
| Tennessee Energy Acquisition Corp. Gas Project Series A-1øø | 5.00 | &nbsp;&nbsp; 5-1-2053 | 3500000 | &nbsp;&nbsp; 3608819 |
| Tennessee Energy Acquisition Corp. Series Aøø | 5.00 | &nbsp;&nbsp; 5-1-2052 | 2500000 | &nbsp;&nbsp; 2633724 |
|  |  |  |  | &nbsp;&nbsp; **9391232** |
|  |  |  |  | &nbsp;&nbsp; **16730728** |
| **Texas: 6.61%** |  |  |  |  |
| **Airport revenue: 1.70%** |  |  |  |  |
| City of Houston Airport System Revenue Series D | 5.00 | &nbsp;&nbsp; 7-1-2035 | 2000000 | &nbsp;&nbsp; 2071069 |
| Dallas Fort Worth International Airport | 4.00 | &nbsp;&nbsp; 11-1-2045 | 3245000 | &nbsp;&nbsp; 2968816 |
| Dallas Fort Worth International Airport Series A | 4.00 | &nbsp;&nbsp; 11-1-2034 | 2500000 | &nbsp;&nbsp; 2539359 |
| Dallas Fort Worth International Airport Series B | 4.00 | &nbsp;&nbsp; 11-1-2045 | 8630000 | &nbsp;&nbsp; 7884869 |
|  |  |  |  | &nbsp;&nbsp; **15464113** |

---

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

22 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue: 0.19%** |  |  |  |  |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. BASIS Texas Charter <br> Schools, Inc.144A<br>| 4.25<br> %<br>| &nbsp;&nbsp; 6-15-2039 | $1075000 | &nbsp;&nbsp; $1000840 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. BASIS Texas Charter <br> Schools, Inc.144A<br>| 4.50 | &nbsp;&nbsp; 6-15-2044 | 830000 | &nbsp;&nbsp; 747792 |
|  |  |  |  | &nbsp;&nbsp; **1748632** |
| **GO revenue: 2.11%** |  |  |  |  |
| Bexar County Hospital District | 5.00 | &nbsp;&nbsp; 2-15-2037 | 1250000 | &nbsp;&nbsp; 1284689 |
| City of Eagle Pass (AG Insured) | 4.00 | &nbsp;&nbsp; 3-1-2037 | 695000 | &nbsp;&nbsp; 698781 |
| City of Irving | 4.00 | &nbsp;&nbsp; 9-15-2044 | 2010000 | &nbsp;&nbsp; 1807756 |
| City of San Antonio | 5.00 | &nbsp;&nbsp; 8-1-2036 | 3990000 | &nbsp;&nbsp; 4145125 |
| County of El Paso Series A | 5.00 | &nbsp;&nbsp; 2-15-2031 | 2000000 | &nbsp;&nbsp; 2020465 |
| County of El Paso Series A | 5.00 | &nbsp;&nbsp; 2-15-2032 | 2120000 | &nbsp;&nbsp; 2140165 |
| Crane County Water District | 5.00 | &nbsp;&nbsp; 2-15-2026 | 1000000 | &nbsp;&nbsp; 1001631 |
| Fort Bend County Municipal Utility District No. 182 (BAM Insured) | 5.25 | &nbsp;&nbsp; 9-1-2030 | 1185000 | &nbsp;&nbsp; 1273007 |
| San Antonio Independent School District | 5.00 | &nbsp;&nbsp; 8-15-2037 | 2000000 | &nbsp;&nbsp; 2003410 |
| Viridian Municipal Management District (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-1-2030 | 710000 | &nbsp;&nbsp; 710334 |
| Waller Consolidated Independent School District (BAM Insured) | 5.00 | &nbsp;&nbsp; 2-15-2040 | 2000000 | &nbsp;&nbsp; 2095965 |
|  |  |  |  | &nbsp;&nbsp; **19181328** |
| **Health revenue: 0.59%** |  |  |  |  |
| &nbsp;&nbsp; Greater Texas Cultural Education Facilities Finance Corp. Texas <br> Biomedical Research Institute Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2041 | 3000000 | &nbsp;&nbsp; 3028780 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. Baylor <br> Scott & White Health Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2042 | 2520000 | &nbsp;&nbsp; 2320931 |
|  |  |  |  | &nbsp;&nbsp; **5349711** |
| **Housing revenue: 0.06%** |  |  |  |  |
| Austin Community College District Public Facility Corp. Series C | 5.00 | &nbsp;&nbsp; 8-1-2030 | 500000 | &nbsp;&nbsp; **521926** |
| **Miscellaneous revenue: 0.11%** |  |  |  |  |
| Nueces River Authority City of Corpus Christi Utility System Revenue | 5.00 | &nbsp;&nbsp; 7-15-2026 | 1000000 | &nbsp;&nbsp; **1001617** |
| **Tax revenue: 0.17%** |  |  |  |  |
| &nbsp;&nbsp; Old Spanish Trail-Alemda Corridors RDA City of Houston <br> Reinvestment Zone No. 7 (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 9-1-2031 | 1540000 | &nbsp;&nbsp; **1552721** |
| **Transportation revenue: 0.86%** |  |  |  |  |
| Grand Parkway Transportation Corp. Series A | 5.00 | &nbsp;&nbsp; 10-1-2034 | 1500000 | &nbsp;&nbsp; 1558150 |
| &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp. NTE <br> Mobility Partners LLC Series A<br>| 5.00 | &nbsp;&nbsp; 12-31-2035 | 3000000 | &nbsp;&nbsp; 3128901 |
| &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp. NTE <br> Mobility Partners LLC Series A<br>| 5.00 | &nbsp;&nbsp; 12-31-2036 | 3015000 | &nbsp;&nbsp; 3131321 |
|  |  |  |  | &nbsp;&nbsp; **7818372** |
| **Utilities revenue: 0.68%** |  |  |  |  |
| City of Brownsville Utilities System Revenue | 5.00 | &nbsp;&nbsp; 9-1-2026 | 2190000 | &nbsp;&nbsp; 2197707 |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 23

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |
| City of Brownsville Utilities System Revenue | 5.00<br> %<br>| &nbsp;&nbsp; 9-1-2029 | $1500000 | &nbsp;&nbsp; $1504335 |
| City of Brownsville Utilities System Revenue | 5.00 | &nbsp;&nbsp; 9-1-2030 | 2500000 | &nbsp;&nbsp; 2506682 |
|  |  |  |  | &nbsp;&nbsp; **6208724** |
| **Water & sewer revenue: 0.14%** |  |  |  |  |
| North Harris County Regional Water Authority (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-15-2029 | 1215000 | &nbsp;&nbsp; **1216709** |
|  |  |  |  | &nbsp;&nbsp; **60063853** |
| **Utah: 0.72%** |  |  |  |  |
| **Education revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; Utah Charter School Finance Authority Freedom Academy <br> Foundation144A<br>| 4.50 | &nbsp;&nbsp; 6-15-2027 | 360000 | &nbsp;&nbsp; **357228** |
| **Health revenue: 0.29%** |  |  |  |  |
| County of Utah Intermountain Healthcare Obligated Group Series A | 4.00 | &nbsp;&nbsp; 5-15-2043 | 1000000 | &nbsp;&nbsp; 901041 |
| County of Utah Intermountain Healthcare Obligated Group Series A | 4.00 | &nbsp;&nbsp; 5-15-2045 | 2000000 | &nbsp;&nbsp; 1781730 |
|  |  |  |  | &nbsp;&nbsp; **2682771** |
| **Housing revenue: 0.39%** |  |  |  |  |
| Utah Housing Corp. Series C (GNMA / FNMA / FHLMC Insured) | 4.05 | &nbsp;&nbsp; 1-1-2039 | 1270000 | &nbsp;&nbsp; 1241247 |
| West Valley City Municipal Building Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 2-1-2032 | 1555000 | &nbsp;&nbsp; 1600931 |
| West Valley City Municipal Building Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 2-1-2033 | 645000 | &nbsp;&nbsp; 663346 |
|  |  |  |  | &nbsp;&nbsp; **3505524** |
|  |  |  |  | &nbsp;&nbsp; **6545523** |
| **Virginia: 0.78%** |  |  |  |  |
| **Health revenue: 0.55%** |  |  |  |  |
| &nbsp;&nbsp; Virginia Small Business Financing Authority Carilion Clinic Obligated <br> Group Series A (Truist Bank LOC)ø<br>| 3.95 | &nbsp;&nbsp; 7-1-2042 | 5000000 | &nbsp;&nbsp; **5000000** |
| **Housing revenue: 0.17%** |  |  |  |  |
| Virginia College Building Authority Series C | 4.00 | &nbsp;&nbsp; 2-1-2036 | 1500000 | &nbsp;&nbsp; **1504465** |
| **Tax revenue: 0.06%** |  |  |  |  |
| Marquis CDA of York County Virginia CAB144A | 7.50 | &nbsp;&nbsp; 9-1-2045 | 386000 | &nbsp;&nbsp; 127380 |
| Marquis CDA of York County Virginia Series B | 5.63 | &nbsp;&nbsp; 9-1-2041 | 1274000 | &nbsp;&nbsp; 420420 |
| Marquis CDA of York County Virginia Series C CAB¤ | 0.00 | &nbsp;&nbsp; 9-1-2041 | 1772000 | &nbsp;&nbsp; 4430 |
|  |  |  |  | &nbsp;&nbsp; **552230** |
|  |  |  |  | &nbsp;&nbsp; **7056695** |
| **Washington: 4.46%** |  |  |  |  |
| **GO revenue: 2.13%** |  |  |  |  |
| King County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2026 | 775000 | &nbsp;&nbsp; 796751 |
| King County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2029 | 1600000 | &nbsp;&nbsp; 1636954 |
| King County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2031 | 6665000 | &nbsp;&nbsp; 6805066 |
| King County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2032 | 2905000 | &nbsp;&nbsp; 2964029 |
| King County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2033 | 7045000 | &nbsp;&nbsp; 7178368 |
|  |  |  |  | &nbsp;&nbsp; **19381168** |

---

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

24 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.29%** |  |  |  |  |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Fred Hutchinson Cancer <br> Center<br>| 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2028 | $1350000 | &nbsp;&nbsp; $1350000 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Providence St. Joseph <br> Health Obligated Group Series D<br>| 5.00 | &nbsp;&nbsp; 10-1-2041 | 1225000 | &nbsp;&nbsp; 1224994 |
|  |  |  |  | &nbsp;&nbsp; **2574994** |
| **Housing revenue: 1.56%** |  |  |  |  |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 6-1-2026 | 560000 | &nbsp;&nbsp; 564167 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 12-1-2026 | 430000 | &nbsp;&nbsp; 435365 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 6-1-2027 | 590000 | &nbsp;&nbsp; 597269 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 12-1-2027 | 400000 | &nbsp;&nbsp; 406489 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 6-1-2028 | 360000 | &nbsp;&nbsp; 366449 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 12-1-2028 | 375000 | &nbsp;&nbsp; 382464 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 12-1-2029 | 960000 | &nbsp;&nbsp; 976975 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 12-1-2030 | 575000 | &nbsp;&nbsp; 587692 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 12-1-2031 | 450000 | &nbsp;&nbsp; 451808 |
| Snohomish County Housing Authority | 5.00 | &nbsp;&nbsp; 4-1-2032 | 1955000 | &nbsp;&nbsp; 2053181 |
| Snohomish County Housing Authority | 5.00 | &nbsp;&nbsp; 4-1-2033 | 1550000 | &nbsp;&nbsp; 1620995 |
| Snohomish County Housing Authority | 5.00 | &nbsp;&nbsp; 4-1-2034 | 655000 | &nbsp;&nbsp; 687411 |
| &nbsp;&nbsp; Washington State Housing Finance Commission Downtowner <br> Apartments Project (FHLMC LIQ)<br>| 3.70 | &nbsp;&nbsp; 7-1-2030 | 5000000 | &nbsp;&nbsp; 5071037 |
|  |  |  |  | &nbsp;&nbsp; **14201302** |
| **Miscellaneous revenue: 0.18%** |  |  |  |  |
| State of Washington Series B COP | 5.00 | &nbsp;&nbsp; 7-1-2037 | 1585000 | &nbsp;&nbsp; **1652757** |
| **Resource recovery revenue: 0.30%** |  |  |  |  |
| City of Seattle Solid Waste Revenue | 4.00 | &nbsp;&nbsp; 6-1-2033 | 1175000 | &nbsp;&nbsp; 1178707 |
| City of Tacoma Solid Waste Utility Revenue Series B | 5.00 | &nbsp;&nbsp; 12-1-2029 | 1525000 | &nbsp;&nbsp; 1549970 |
|  |  |  |  | &nbsp;&nbsp; **2728677** |
|  |  |  |  | &nbsp;&nbsp; **40538898** |
| **West Virginia: 0.68%** |  |  |  |  |
| **Health revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; West Virginia Hospital Finance Authority United Health System <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2031 | 375000 | &nbsp;&nbsp; 385734 |
| &nbsp;&nbsp; West Virginia Hospital Finance Authority United Health System <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2032 | 980000 | &nbsp;&nbsp; 1005372 |
|  |  |  |  | &nbsp;&nbsp; **1391106** |
| **Miscellaneous revenue: 0.53%** |  |  |  |  |
| West Virginia EDA Lottery Excess Lottery Revenue Series A | 5.00 | &nbsp;&nbsp; 7-1-2038 | 2980000 | &nbsp;&nbsp; 3058672 |
| West Virginia Lottery Excess Lottery Revenue Series A | 5.00 | &nbsp;&nbsp; 7-1-2029 | 1755000 | &nbsp;&nbsp; 1758136 |
|  |  |  |  | &nbsp;&nbsp; **4816808** |
|  |  |  |  | &nbsp;&nbsp; **6207914** |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 25

------

Portfolio of investments—June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Wisconsin: 4.52%** |  |  |  |  |  |
| **Education revenue: 0.07%** |  |  |  |  |  |
| PFA Mater Academy of Nevada Series A144A |  | 5.00<br> %<br>| &nbsp;&nbsp; 12-15-2039 | $700000 | &nbsp;&nbsp; **$671448** |
| **GO revenue: 0.69%** |  |  |  |  |  |
| City of Milwaukee Series B4 (AG Insured) |  | 5.00 | &nbsp;&nbsp; 4-1-2038 | 1495000 | &nbsp;&nbsp; 1578367 |
| City of Milwaukee Series N3 (AG Insured) |  | 5.00 | &nbsp;&nbsp; 4-1-2033 | 4190000 | &nbsp;&nbsp; 4651694 |
|  |  |  |  |  | &nbsp;&nbsp; **6230061** |
| **Health revenue: 2.31%** |  |  |  |  |  |
| Wisconsin HEFA Ascension Health Credit Group Series A |  | 4.00 | &nbsp;&nbsp; 11-15-2039 | 14975000 | &nbsp;&nbsp; 13699769 |
| Wisconsin HEFA Ascension Health Credit Group Series A |  | 4.50 | &nbsp;&nbsp; 11-15-2039 | 1225000 | &nbsp;&nbsp; 1188573 |
| Wisconsin HEFA Ascension Health Credit Group Series A |  | 5.00 | &nbsp;&nbsp; 11-15-2035 | 5000000 | &nbsp;&nbsp; 5039988 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A |  | 5.00 | &nbsp;&nbsp; 12-1-2039 | 1000000 | &nbsp;&nbsp; 1042135 |
|  |  |  |  |  | &nbsp;&nbsp; **20970465** |
| **Housing revenue: 1.24%** |  |  |  |  |  |
| Milwaukee RDA Board of School Directors |  | 5.00 | &nbsp;&nbsp; 11-15-2029 | 420000 | &nbsp;&nbsp; 432342 |
| Milwaukee RDA Board of School Directors |  | 5.00 | &nbsp;&nbsp; 11-15-2030 | 635000 | &nbsp;&nbsp; 653226 |
| PFA City of Boynton Beach |  | 4.00 | &nbsp;&nbsp; 7-1-2030 | 2090000 | &nbsp;&nbsp; 2160642 |
| PFA City of Boynton Beach |  | 5.00 | &nbsp;&nbsp; 7-1-2035 | 3590000 | &nbsp;&nbsp; 3720548 |
| &nbsp;&nbsp; PFA Eastern Michigan University Campus Living LLC Series A-1 (BAM <br> Insured)<br>|  | 5.25 | &nbsp;&nbsp; 7-1-2034 | 1000000 | &nbsp;&nbsp; 1094422 |
| &nbsp;&nbsp; PFA Eastern Michigan University Campus Living LLC Series A-1 (BAM <br> Insured)<br>|  | 5.25 | &nbsp;&nbsp; 7-1-2035 | 1000000 | &nbsp;&nbsp; 1086131 |
| &nbsp;&nbsp; PFA Eastern Michigan University Campus Living LLC Series A-1 (BAM <br> Insured)<br>|  | 5.25 | &nbsp;&nbsp; 7-1-2036 | 1000000 | &nbsp;&nbsp; 1078727 |
| &nbsp;&nbsp; PFA Eastern Michigan University Campus Living LLC Series A-1 (BAM <br> Insured)<br>|  | 5.25 | &nbsp;&nbsp; 7-1-2037 | 1000000 | &nbsp;&nbsp; 1070915 |
|  |  |  |  |  | &nbsp;&nbsp; **11296953** |
| **Miscellaneous revenue: 0.21%** |  |  |  |  |  |
| Wisconsin Center District Series C CAB (AG Insured)¤ |  | 0.00 | &nbsp;&nbsp; 12-15-2034 | 1250000 | &nbsp;&nbsp; 853746 |
| Wisconsin Center District Series C CAB (AG Insured)¤ |  | 0.00 | &nbsp;&nbsp; 12-15-2035 | 1600000 | &nbsp;&nbsp; 1035953 |
|  |  |  |  |  | &nbsp;&nbsp; **1889699** |
|  |  |  |  |  | &nbsp;&nbsp; **41058626** |
| **Total municipal obligations (Cost $922,759,205)** |  |  |  |  | &nbsp;&nbsp; **897805172** |
| **Total investments in securities (Cost $922,759,205)** | 98.77<br> %<br>|  |  |  | &nbsp;&nbsp; 897805172 |
| Other assets and liabilities, net | 1.23 |  |  |  | &nbsp;&nbsp; 11192798 |
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$908997970** |

---

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

---

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

---

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

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

26 \| Allspring Intermediate Tax/AMT-Free Fund

------

Portfolio of investments—June 30, 2025

---

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

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 27

------

Statement of assets and liabilities—June 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $922,759,205) | $897805172 |
| Cash | 2366767 |
| Receivable for interest | 10073213 |
| Receivable for Fund shares sold | 961667 |
| Receivable for investments sold | 340000 |
| Prepaid expenses and other assets | 67164 |
| **Total assets** | **911613983** |
| Liabilities |  |
| Payable for Fund shares redeemed | 1842304 |
| Dividends payable | 455116 |
| Management fee payable | 172940 |
| Administration fees payable | 62718 |
| Shareholder servicing fees payable | 35728 |
| Distribution fee payable | 3131 |
| Trustees' fees and expenses payable | 1205 |
| Accrued expenses and other liabilities | 42871 |
| **Total liabilities** | **2616013** |
| **Total net assets**  | **$908997970** |
| Net assets consist of |  |
| Paid-in capital | $948053040 |
| Total distributable loss | (39055070)<br>|
| **Total net assets** | **$908997970** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $155425687 |
| Shares outstanding–Class A<sup>1</sup> <br>| 14465189 |
| Net asset value per share–Class A | $10.74 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $11.07 |
| Net assets–Class C | $5063037 |
| Shares outstanding–Class C<sup>1</sup> <br>| 471191 |
| Net asset value per share–Class C | $10.75 |
| Net assets–Class R6 | $151707050 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 14102662 |
| Net asset value per share–Class R6 | $10.76 |
| Net assets–Administrator Class | $13050964 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 1213833 |
| Net asset value per share–Administrator Class | $10.75 |
| Net assets–Institutional Class | $583751232 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 54247184 |
| Net asset value per share–Institutional Class | $10.76 |

---

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

<sup>2</sup> Maximum offering price is computed as 100/97 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

28 \| Allspring Intermediate Tax/AMT-Free Fund

------

Statement of operations—year ended June 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $33220284 |
| Expenses |  |
| Management fee | 3643633 |
| Administration fees |  |
| Class A | 252934 |
| Class C | 8868 |
| Class R6 | 53000 |
| Administrator Class | 14661 |
| Institutional Class | 457997 |
| Shareholder servicing fees |  |
| Class A | 420633 |
| Class C | 14751 |
| Administrator Class | 35854 |
| Distribution fee |  |
| Class C | 44251 |
| Custody and accounting fees | 24559 |
| Professional fees | 80458 |
| Registration fees | 115749 |
| Shareholder report expenses | 55738 |
| Trustees' fees and expenses | 17316 |
| Other fees and expenses | 38078 |
| **Total expenses** | **5278480** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (1440468)<br>|
| Class A | (17660)<br>|
| Administrator Class | (3855)<br>|
| **Net expenses** | **3816497** |
| **Net investment income** | **29403787** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments** | **864408** |
| **Net change in unrealized gains (losses) on investments** | **(9287875)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(8423467)**<br>|
| **Net increase in net assets resulting from operations** | **$20980320** |

---

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

Allspring Intermediate Tax/AMT-Free Fund \| 29

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2024 | Year ended<br> June 30, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $29403787 |  | &nbsp;&nbsp; $31991056 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 864408 |  | &nbsp;&nbsp; (1420614)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (9287875)<br>|  | &nbsp;&nbsp; 1806314 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **20980320** |  | &nbsp;&nbsp; **32376756** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (4845269)<br>|  | &nbsp;&nbsp; (5452988)<br>|
| Class C |  | &nbsp;&nbsp; (124587)<br>|  | &nbsp;&nbsp; (146715)<br>|
| Class R6 |  | &nbsp;&nbsp; (5699754)<br>|  | &nbsp;&nbsp; (8318960)<br>|
| Administrator Class |  | &nbsp;&nbsp; (430591)<br>|  | &nbsp;&nbsp; (590544)<br>|
| Institutional Class |  | &nbsp;&nbsp; (18255321)<br>|  | &nbsp;&nbsp; (17675295)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(29355522)**<br>|  | &nbsp;&nbsp; **(32184502)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 921313 | &nbsp;&nbsp; 10027354 | &nbsp;&nbsp; 1269387 | &nbsp;&nbsp; 13649781 |
| Class C | 65214 | &nbsp;&nbsp; 710686 | &nbsp;&nbsp; 163139 | &nbsp;&nbsp; 1758739 |
| Class R6 | 2252958 | &nbsp;&nbsp; 24490783 | &nbsp;&nbsp; 8364897 | &nbsp;&nbsp; 90168836 |
| Administrator Class | 31942 | &nbsp;&nbsp; 347031 | &nbsp;&nbsp; 80984 | &nbsp;&nbsp; 874158 |
| Institutional Class | 21294736 | &nbsp;&nbsp; 230869256 | &nbsp;&nbsp; 23752123 | &nbsp;&nbsp; 256572575 |
|  |  | &nbsp;&nbsp; 266445110 |  | &nbsp;&nbsp; 363024089 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 427868 | &nbsp;&nbsp; 4649086 | &nbsp;&nbsp; 486124 | &nbsp;&nbsp; 5236808 |
| Class C | 11170 | &nbsp;&nbsp; 121431 | &nbsp;&nbsp; 13376 | &nbsp;&nbsp; 144141 |
| Class R6 | 93442 | &nbsp;&nbsp; 1016004 | &nbsp;&nbsp; 89560 | &nbsp;&nbsp; 966073 |
| Administrator Class | 35871 | &nbsp;&nbsp; 390071 | &nbsp;&nbsp; 50902 | &nbsp;&nbsp; 548193 |
| Institutional Class | 1571255 | &nbsp;&nbsp; 17090821 | &nbsp;&nbsp; 1554003 | &nbsp;&nbsp; 16770201 |
|  |  | &nbsp;&nbsp; 23267413 |  | &nbsp;&nbsp; 23665416 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (3646685)<br>| &nbsp;&nbsp; (39657134)<br>| &nbsp;&nbsp; (3913946)<br>| &nbsp;&nbsp; (42044635)<br>|
| Class C | (214420)<br>| &nbsp;&nbsp; (2334415)<br>| &nbsp;&nbsp; (239081)<br>| &nbsp;&nbsp; (2583763)<br>|
| Class R6 | (11469397)<br>| &nbsp;&nbsp; (125033777)<br>| &nbsp;&nbsp; (10131609)<br>| &nbsp;&nbsp; (108981847)<br>|
| Administrator Class | (409749)<br>| &nbsp;&nbsp; (4462974)<br>| &nbsp;&nbsp; (931459)<br>| &nbsp;&nbsp; (9987969)<br>|
| Institutional Class | (19597946)<br>| &nbsp;&nbsp; (212372229)<br>| &nbsp;&nbsp; (26879549)<br>| &nbsp;&nbsp; (288404924)<br>|
|  |  | &nbsp;&nbsp; (383860529)<br>|  | &nbsp;&nbsp; (452003138)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(94148006)**<br>|  | &nbsp;&nbsp; **(65313633)**<br>|
| **Total decrease in net assets** |  | &nbsp;&nbsp; **(102523208)**<br>|  | &nbsp;&nbsp; **(65121379)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **1011521178** |  | &nbsp;&nbsp; **1076642557** |
| **End of period** |  | &nbsp;&nbsp; **$908997970** |  | &nbsp;&nbsp; **$1011521178** |

---

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

30 \| Allspring Intermediate Tax/AMT-Free Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.85** | &nbsp;&nbsp; **$10.82** | &nbsp;&nbsp; **$10.84** | &nbsp;&nbsp; **$11.92** | &nbsp;&nbsp; **$11.72** |
| Net investment income | 0.31 <br><sup>1</sup><br>| 0.31 <br><sup>1</sup><br>| 0.29 | 0.26 | 0.26 |
| Net realized and unrealized gains (losses) on investments | (0.11)<br>| 0.03 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (1.08)<br>| 0.20 |
| Total from investment operations | 0.20 | 0.34 | 0.27 | &nbsp;&nbsp; (0.82)<br>| 0.46 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.31)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.26)<br>|
| **Net asset value, end of period** | **$10.74** | &nbsp;&nbsp; **$10.85** | &nbsp;&nbsp; **$10.82** | &nbsp;&nbsp; **$10.84** | &nbsp;&nbsp; **$11.92** |
| **Total return**<sup>2</sup> <br>| **1.87%**<br>| **3.19%**<br>| **2.50%**<br>| &nbsp;&nbsp; **(7.00)%**<br>| **3.92%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.82<br> %<br>| 0.82<br> %<br>| 0.82<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>|
| Net expenses | 0.66<br> %<br>| 0.67<br> %<br>| 0.69<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>|
| Net investment income | 2.88<br> %<br>| 2.85<br> %<br>| 2.66<br> %<br>| 2.22<br> %<br>| 2.16<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 10<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 12<br> %<br>|
| Net assets, end of period (000s omitted) | $155426 | &nbsp;&nbsp; $181851 | &nbsp;&nbsp; $204701 | &nbsp;&nbsp; $200566 | &nbsp;&nbsp; $246130 |

---

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

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

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

Allspring Intermediate Tax/AMT-Free Fund \| 31

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.85** | &nbsp;&nbsp; **$10.82** | &nbsp;&nbsp; **$10.84** | &nbsp;&nbsp; **$11.92** | &nbsp;&nbsp; **$11.72** |
| Net investment income | 0.23 <br><sup>1</sup><br>| 0.22 <br><sup>1</sup><br>| 0.21 | 0.17 | 0.17 |
| Net realized and unrealized gains (losses) on investments | (0.10)<br>| 0.04 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (1.08)<br>| 0.20 |
| Total from investment operations | 0.13 | 0.26 | 0.19 | &nbsp;&nbsp; (0.91)<br>| 0.37 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.23)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.17)<br>|
| **Net asset value, end of period** | **$10.75** | &nbsp;&nbsp; **$10.85** | &nbsp;&nbsp; **$10.82** | &nbsp;&nbsp; **$10.84** | &nbsp;&nbsp; **$11.92** |
| **Total return**<sup>2</sup> <br>| **1.19%**<br>| **2.42%**<br>| **1.73%**<br>| &nbsp;&nbsp; **(7.70)%**<br>| **3.14%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.57<br> %<br>| 1.57<br> %<br>| 1.57<br> %<br>| 1.55<br> %<br>| 1.55<br> %<br>|
| Net expenses | 1.42<br> %<br>| 1.42<br> %<br>| 1.44<br> %<br>| 1.45<br> %<br>| 1.45<br> %<br>|
| Net investment income | 2.11<br> %<br>| 2.09<br> %<br>| 1.89<br> %<br>| 1.46<br> %<br>| 1.40<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 10<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 12<br> %<br>|
| Net assets, end of period (000s omitted) | $5063 | &nbsp;&nbsp; $6609 | &nbsp;&nbsp; $7268 | &nbsp;&nbsp; $8268 | &nbsp;&nbsp; $11990 |

---

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

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

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

32 \| Allspring Intermediate Tax/AMT-Free Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class R6 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.86** | &nbsp;&nbsp; **$10.83** | &nbsp;&nbsp; **$10.85** | &nbsp;&nbsp; **$11.93** | &nbsp;&nbsp; **$11.74** |
| Net investment income | 0.35 <br><sup>1</sup><br>| 0.35 <br><sup>1</sup><br>| 0.33 | 0.29 | 0.29 |
| Net realized and unrealized gains (losses) on investments | (0.10)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (1.08)<br>| 0.19 |
| Total from investment operations | 0.25 | 0.38 | 0.30 | &nbsp;&nbsp; (0.79)<br>| 0.48 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.35)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | **$10.76** | &nbsp;&nbsp; **$10.86** | &nbsp;&nbsp; **$10.83** | &nbsp;&nbsp; **$10.85** | &nbsp;&nbsp; **$11.93** |
| **Total return**<sup>2</sup> <br>| **2.33%**<br>| **3.57%**<br>| **2.82%**<br>| &nbsp;&nbsp; **(6.71)%**<br>| **4.14%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.45<br> %<br>| 0.45<br> %<br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.42<br> %<br>|
| Net expenses | 0.30<br> %<br>| 0.30<br> %<br>| 0.38<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>|
| Net investment income | 3.23<br> %<br>| 3.22<br> %<br>| 2.93<br> %<br>| 2.50<br> %<br>| 2.44<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 10<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 12<br> %<br>|
| Net assets, end of period (000s omitted) | $151707 | &nbsp;&nbsp; $252256 | &nbsp;&nbsp; $269729 | &nbsp;&nbsp; $476328 | &nbsp;&nbsp; $728547 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring Intermediate Tax/AMT-Free Fund \| 33

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.86** | &nbsp;&nbsp; **$10.83** | &nbsp;&nbsp; **$10.84** | &nbsp;&nbsp; **$11.93** | &nbsp;&nbsp; **$11.73** |
| Net investment income | 0.32 <br><sup>1</sup><br>| 0.31 <br><sup>1</sup><br>| 0.30 | 0.27 | 0.27 |
| Net realized and unrealized gains (losses) on investments | (0.11)<br>| 0.04 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.09)<br>| 0.20 |
| Total from investment operations | 0.21 | 0.35 | 0.29 | &nbsp;&nbsp; (0.82)<br>| 0.47 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.32)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.27)<br>|
| **Net asset value, end of period** | **$10.75** | &nbsp;&nbsp; **$10.86** | &nbsp;&nbsp; **$10.83** | &nbsp;&nbsp; **$10.84** | &nbsp;&nbsp; **$11.93** |
| **Total return**<sup>2</sup> <br>| **1.94%**<br>| **3.26%**<br>| **2.69%**<br>| &nbsp;&nbsp; **(6.99)%**<br>| **4.02%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.77<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>|
| Net expenses | 0.59<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income | 2.94<br> %<br>| 2.91<br> %<br>| 2.74<br> %<br>| 2.31<br> %<br>| 2.25<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 10<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 12<br> %<br>|
| Net assets, end of period (000s omitted) | $13051 | &nbsp;&nbsp; $16889 | &nbsp;&nbsp; $25498 | &nbsp;&nbsp; $29202 | &nbsp;&nbsp; $47552 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

34 \| Allspring Intermediate Tax/AMT-Free Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.87** | &nbsp;&nbsp; **$10.84** | &nbsp;&nbsp; **$10.85** | &nbsp;&nbsp; **$11.94** | &nbsp;&nbsp; **$11.74** |
| Net investment income | 0.35 <br><sup>1</sup><br>| 0.34 <br><sup>1</sup><br>| 0.32 | 0.29 | 0.29 |
| Net realized and unrealized gains (losses) on investments | (0.11)<br>| 0.03 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.09)<br>| 0.20 |
| Total from investment operations | 0.24 | 0.37 | 0.31 | &nbsp;&nbsp; (0.80)<br>| 0.49 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.35)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | **$10.76** | &nbsp;&nbsp; **$10.87** | &nbsp;&nbsp; **$10.84** | &nbsp;&nbsp; **$10.85** | &nbsp;&nbsp; **$11.94** |
| **Total return**<sup>2</sup> <br>| **2.19%**<br>| **3.52%**<br>| **2.87%**<br>| &nbsp;&nbsp; **(6.84)%**<br>| **4.17%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.50<br> %<br>| 0.50<br> %<br>| 0.49<br> %<br>| 0.48<br> %<br>| 0.47<br> %<br>|
| Net expenses | 0.35<br> %<br>| 0.35<br> %<br>| 0.43<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>|
| Net investment income | 3.19<br> %<br>| 3.17<br> %<br>| 2.90<br> %<br>| 2.47<br> %<br>| 2.40<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 10<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 12<br> %<br>|
| Net assets, end of period (000s omitted) | $583751 | &nbsp;&nbsp; $553916 | &nbsp;&nbsp; $569446 | &nbsp;&nbsp; $761944 | &nbsp;&nbsp; $925392 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring Intermediate Tax/AMT-Free Fund \| 35

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Investments 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.

Futures contracts

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

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

Security transactions and income recognition

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

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

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

36 \| Allspring Intermediate Tax/AMT-Free Fund

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Notes to financial statements

Distributions to shareholders

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

Federal and other taxes

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

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

As of June 30, 2025, the aggregate cost of all investments for federal income tax purposes was $923,268,337 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $5599104 |
| Gross unrealized losses | &nbsp;&nbsp; (31062269)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(25463165)**<br>|

---

As of June 30, 2025, the Fund had capital loss carryforwards which consist of $8,473,531 in short-term capital losses and $5,117,464 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Municipal obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $897805172 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $897805172 |
| **Total assets** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$897805172** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$897805172** |

---

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

At June 30, 2025, the Fund did not have any transfers into/out of Level 3.

Allspring Intermediate Tax/AMT-Free Fund \| 37

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Notes to financial statements

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.400<br> %<br>|
| Next $500 million | 0.375 |
| Next $2 billion | 0.350 |
| Next $2 billion | 0.325 |
| Next $5 billion | 0.290 |
| Over $10 billion | 0.280 |

---

For the year ended June 30, 2025, the management fee was equivalent to an annual rate of 0.39% of the Fund's average daily net assets.

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

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.15<br> %<br>|
| Class C | 0.15 |
| Class R6 | 0.03 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through October 31, 2025 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 June 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.67<br> %<br>|
| Class C | 1.42 |
| Class R6 | 0.30 |
| Administrator Class | 0.60 |
| Institutional Class | 0.35 |

---

38 \| Allspring Intermediate Tax/AMT-Free Fund

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Notes to financial statements

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended June 30, 2025, Allspring Funds Distributor received $2,052 from the sale of Class A shares and $2,532 and $3,603 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 had $72,525,000, $132,035,102 and $38,584 in interfund purchases, sales and net realized gains (losses), respectively, during the year ended June 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2025 were $91,248,313 and $166,485,423, respectively.

6. BANK BORROWINGS

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

For the year ended June 30, 2025, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 |
|  | 2025 | 2024 |
| **Tax-exempt income** | $29355522 | $32184502 |

---

As of June 30, 2025, the components of distributable loss on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>tax-exempt <br>income<br>| Unrealized <br>losses<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $459915 | &nbsp;&nbsp; $(25463165)<br>| &nbsp;&nbsp;&nbsp; $(13590995)<br>|

---

8. INDEMNIFICATION

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

Allspring Intermediate Tax/AMT-Free Fund \| 39

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Notes to financial statements

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

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

10. CLASS CONVERSION

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025.

11. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. 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 revenue 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.

40 \| Allspring Intermediate Tax/AMT-Free Fund

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Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Intermediate Tax/AMT-Free Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of June 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g97024img37cd2fd22.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

August 22, 2025

Allspring Intermediate Tax/AMT-Free Fund \| 41

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Other information (unaudited)

Other information

Tax information

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended June 30, 2025.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

42 \| Allspring Intermediate Tax/AMT-Free Fund

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Intermediate Tax/AMT-Free Fund \| 43

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Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Intermediate Tax/AMT-Free Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

44 \| Allspring Intermediate Tax/AMT-Free Fund

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Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one-, three-, and five-year periods under review, and equal to the average investment performance of the Universe for the ten-year period under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Bloomberg Municipal Bond 1-15 Year Blend Index, for the one- and three-year periods under review, in range of the investment performance of its benchmark index for the five-year period under review, and lower for the ten-year period under review.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class, except for Administrator Class, which was equal to the median net operating expense ratio of the expense Group.

It was noted that the Board had approved a proposal to convert Administrator Class shares into Institutional Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of the average rates for the Fund's expense Group for Institutional Class, equal to the sum of the average rates for the Fund's expense Group for Administrator Class, and in range of the sum of the average rates for the expense Groups for Class A and Class R6.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Allspring Intermediate Tax/AMT-Free Fund \| 45

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Other information (unaudited)

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

46 \| Allspring Intermediate Tax/AMT-Free Fund

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*This page is intentionally left blank.*

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![](g97024imgb94814f31.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**

![](g97024img14a59f333.gif)

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

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

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

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR3322 06-25**

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![](g97024img5740d9f11.jpg)

Allspring Minnesota Tax-Free Fund

Long Form Financial Statements

Annual Report

June 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_baae73be-c4fc-4b3e-a75c-867777ffc3a2_POI-PageBlank-49_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_baae73be-c4fc-4b3e-a75c-867777ffc3a2_FS-PageBlank-49_1)** |  |
| [Statement of assets and liabilities](#xx_baae73be-c4fc-4b3e-a75c-867777ffc3a2_FS-PageBlank-49_1) | 9 |
| [Statement of operations](#xx_baae73be-c4fc-4b3e-a75c-867777ffc3a2_FS-PageBlank-49_2) | 10 |
| [Statement of changes in net assets](#xx_baae73be-c4fc-4b3e-a75c-867777ffc3a2_FS-PageBlank-49_3) | 11 |
| [Financial highlights](#xx_baae73be-c4fc-4b3e-a75c-867777ffc3a2_FIHI-PageBlank-49_1) | 12 |
| **[Notes to financial statements](#xx_baae73be-c4fc-4b3e-a75c-867777ffc3a2_NTF-PageBlank-49_1)** | 16 |
| **[Report of independent registered public accounting firm](#xx_baae73be-c4fc-4b3e-a75c-867777ffc3a2_AUD-PageBlank-49_1)** | 21 |
| **[Other information](#xx_baae73be-c4fc-4b3e-a75c-867777ffc3a2_OI-PageBlank-49_1)** | 22 |
| [Item 8. Changes in and disagreements with accountants](#xx_baae73be-c4fc-4b3e-a75c-867777ffc3a2_OI-PageBlank-49_2) | 23 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_baae73be-c4fc-4b3e-a75c-867777ffc3a2_OI-PageBlank-49_2) | 23 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_baae73be-c4fc-4b3e-a75c-867777ffc3a2_OI-PageBlank-49_2) | 23 |
| [Item 11. Statement regarding basis for board](#xx_baae73be-c4fc-4b3e-a75c-867777ffc3a2_OI-PageBlank-49_3)['](#xx_baae73be-c4fc-4b3e-a75c-867777ffc3a2_OI-PageBlank-49_3)[s approval of investment](#xx_baae73be-c4fc-4b3e-a75c-867777ffc3a2_OI-PageBlank-49_3)<br> [advisory contract](#xx_baae73be-c4fc-4b3e-a75c-867777ffc3a2_OI-PageBlank-49_3)<br>| 24 |

---

Allspring Minnesota Tax-Free Fund \| 1

------

Portfolio of investments—June 30, 2025

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Municipal obligations: 97.94%** |  |  |  |  |
| **Guam: 2.29%** |  |  |  |  |
| **Airport revenue: 0.49%** |  |  |  |  |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.25<br> %<br>| &nbsp;&nbsp; 10-1-2038 | $200000 | &nbsp;&nbsp; $207936 |
| Antonio B Won Pat International Airport Authority Series B | 5.00 | &nbsp;&nbsp; 10-1-2028 | 100000 | &nbsp;&nbsp; 104396 |
| Antonio B Won Pat International Airport Authority Series B | 5.00 | &nbsp;&nbsp; 10-1-2029 | 225000 | &nbsp;&nbsp; 237188 |
| Port Authority of Guam Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2031 | 285000 | &nbsp;&nbsp; 293131 |
|  |  |  |  | &nbsp;&nbsp; **842651** |
| **Utilities revenue: 0.43%** |  |  |  |  |
| Guam Power Authority Series A | 5.00 | &nbsp;&nbsp; 10-1-2042 | 250000 | &nbsp;&nbsp; 254881 |
| Guam Power Authority Series A | 5.00 | &nbsp;&nbsp; 10-1-2043 | 230000 | &nbsp;&nbsp; 233866 |
| Guam Power Authority Series A | 5.00 | &nbsp;&nbsp; 10-1-2044 | 250000 | &nbsp;&nbsp; 252459 |
|  |  |  |  | &nbsp;&nbsp; **741206** |
| **Water & sewer revenue: 1.37%** |  |  |  |  |
| Guam Government Waterworks Authority | 5.00 | &nbsp;&nbsp; 1-1-2046 | 1500000 | &nbsp;&nbsp; 1487441 |
| &nbsp;&nbsp; Guam Government Waterworks Authority Water & Wastewater System <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2044 | 885000 | &nbsp;&nbsp; 887477 |
|  |  |  |  | &nbsp;&nbsp; **2374918** |
|  |  |  |  | &nbsp;&nbsp; **3958775** |
| **Illinois: 0.57%** |  |  |  |  |
| **GO revenue: 0.38%** |  |  |  |  |
| Chicago Board of Education Series B | 5.00 | &nbsp;&nbsp; 12-1-2032 | 650000 | &nbsp;&nbsp; **658938** |
| **Miscellaneous revenue: 0.19%** |  |  |  |  |
| City of Chicago Lakeshore East Special Assessment Area144A | 2.53 | &nbsp;&nbsp; 12-1-2025 | 327000 | &nbsp;&nbsp; **324497** |
|  |  |  |  | &nbsp;&nbsp; **983435** |
| **Minnesota: 95.00%** |  |  |  |  |
| **Airport revenue: 1.84%** |  |  |  |  |
| Minneapolis-St. Paul Metropolitan Airports Commission Series A | 5.00 | &nbsp;&nbsp; 1-1-2031 | 485000 | &nbsp;&nbsp; 497979 |
| Minneapolis-St. Paul Metropolitan Airports Commission Series A | 5.00 | &nbsp;&nbsp; 1-1-2052 | 1000000 | &nbsp;&nbsp; 1005315 |
| &nbsp;&nbsp; Minneapolis-St. Paul Metropolitan Airports Commission Series A (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 1-1-2054 | 500000 | &nbsp;&nbsp; 432712 |
| Minneapolis-St. Paul Metropolitan Airports Commission Series C | 5.00 | &nbsp;&nbsp; 1-1-2046 | 1000000 | &nbsp;&nbsp; 1001507 |
| Minneapolis-St. Paul Metropolitan Airports Commission Series D AMT | 5.00 | &nbsp;&nbsp; 1-1-2041 | 250000 | &nbsp;&nbsp; 247789 |
|  |  |  |  | &nbsp;&nbsp; **3185302** |
| **Education revenue: 18.76%** |  |  |  |  |
| City of Brooklyn Park Athlos Leadership Academy Series A | 5.50 | &nbsp;&nbsp; 7-1-2040 | 750000 | &nbsp;&nbsp; 654418 |
| City of Cologne Academy Series A | 5.00 | &nbsp;&nbsp; 7-1-2029 | 485000 | &nbsp;&nbsp; 485129 |
| City of Cologne Academy Series A | 5.00 | &nbsp;&nbsp; 7-1-2034 | 500000 | &nbsp;&nbsp; 499963 |
| City of Columbus New Millennium Academy Series A | 5.50 | &nbsp;&nbsp; 7-1-2030 | 1000000 | &nbsp;&nbsp; 999471 |
| City of Deephaven Eagle Ridge Academy Series A | 4.00 | &nbsp;&nbsp; 7-1-2025 | 125000 | &nbsp;&nbsp; 125000 |
| City of Deephaven Eagle Ridge Academy Series A | 4.00 | &nbsp;&nbsp; 7-1-2026 | 100000 | &nbsp;&nbsp; 99836 |
| City of Deephaven Eagle Ridge Academy Series A | 4.00 | &nbsp;&nbsp; 7-1-2027 | 100000 | &nbsp;&nbsp; 99895 |
| City of Deephaven Eagle Ridge Academy Series A | 5.25 | &nbsp;&nbsp; 7-1-2037 | 400000 | &nbsp;&nbsp; 400144 |

---

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

2 \| Allspring Minnesota Tax-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| City of Deephaven Eagle Ridge Academy Series A | 5.25<br> %<br>| &nbsp;&nbsp; 7-1-2040 | $500000 | &nbsp;&nbsp; $500031 |
| City of Forest Lake International Language Academy Series A | 5.50 | &nbsp;&nbsp; 8-1-2036 | 500000 | &nbsp;&nbsp; 500227 |
| City of Ham Lake DaVinci Academy of Arts & Science Series A | 4.00 | &nbsp;&nbsp; 7-1-2028 | 330000 | &nbsp;&nbsp; 322049 |
| City of Ham Lake DaVinci Academy of Arts & Science Series A | 5.00 | &nbsp;&nbsp; 7-1-2031 | 625000 | &nbsp;&nbsp; 622424 |
| City of Hugo Noble Academy Series A | 5.00 | &nbsp;&nbsp; 7-1-2029 | 490000 | &nbsp;&nbsp; 490159 |
| City of Minneapolis Northeast College Prep Series A | 5.00 | &nbsp;&nbsp; 7-1-2055 | 700000 | &nbsp;&nbsp; 505762 |
| City of Moorhead Concordia College | 5.00 | &nbsp;&nbsp; 12-1-2025 | 540000 | &nbsp;&nbsp; 540000 |
| City of Otsego Kaleidoscope Charter School Series A | 5.00 | &nbsp;&nbsp; 9-1-2034 | 1100000 | &nbsp;&nbsp; 1058433 |
| City of Ramsey PACT Charter School Series A | 5.00 | &nbsp;&nbsp; 6-1-2032 | 1000000 | &nbsp;&nbsp; 973786 |
| City of St. Cloud Athlos Academy Series A144A† | 5.25 | &nbsp;&nbsp; 6-1-2032 | 355000 | &nbsp;&nbsp; 257375 |
| City of St. Cloud STRIDE Academy Series A | 5.00 | &nbsp;&nbsp; 4-1-2036 | 750000 | &nbsp;&nbsp; 676434 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota Conservatory for <br> Performing Artists Series A<br>| 4.00 | &nbsp;&nbsp; 3-1-2028 | 95000 | &nbsp;&nbsp; 92673 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota Hmong College Prep <br> Academy Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2026 | 415000 | &nbsp;&nbsp; 416470 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota Hmong College Prep <br> Academy Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2055 | 400000 | &nbsp;&nbsp; 356699 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota Hmong College Prep <br> Academy Series A<br>| 5.25 | &nbsp;&nbsp; 9-1-2031 | 1000000 | &nbsp;&nbsp; 1009858 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota Hope Community <br> Academy Series A<br>| 5.00 | &nbsp;&nbsp; 12-1-2034 | 1645000 | &nbsp;&nbsp; 1456421 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota Twin Cities Academy <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2035 | 925000 | &nbsp;&nbsp; 914671 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota Twin Cities German <br> Immersion School<br>| 5.00 | &nbsp;&nbsp; 7-1-2055 | 750000 | &nbsp;&nbsp; 648058 |
| Minnesota Higher Education Facilities Authority Carleton College | 5.00 | &nbsp;&nbsp; 3-1-2053 | 1500000 | &nbsp;&nbsp; 1529368 |
| &nbsp;&nbsp; Minnesota Higher Education Facilities Authority College of St. <br> Benedict<br>| 4.00 | &nbsp;&nbsp; 3-1-2036 | 410000 | &nbsp;&nbsp; 381511 |
| &nbsp;&nbsp; Minnesota Higher Education Facilities Authority College of St. <br> Scholastica, Inc.<br>| 4.00 | &nbsp;&nbsp; 12-1-2040 | 1000000 | &nbsp;&nbsp; 844684 |
| &nbsp;&nbsp; Minnesota Higher Education Facilities Authority College of St. <br> Scholastica, Inc. Series 7R<br>| 4.25 | &nbsp;&nbsp; 12-1-2027 | 255000 | &nbsp;&nbsp; 255006 |
| &nbsp;&nbsp; Minnesota Higher Education Facilities Authority Hamline University <br> Series B<br>| 5.00 | &nbsp;&nbsp; 10-1-2035 | 1000000 | &nbsp;&nbsp; 1001382 |
| &nbsp;&nbsp; Minnesota Higher Education Facilities Authority St. Catherine <br> University Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2025 | 570000 | &nbsp;&nbsp; 571866 |
| &nbsp;&nbsp; Minnesota Higher Education Facilities Authority St. Catherine <br> University Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2045 | 2000000 | &nbsp;&nbsp; 1850693 |
| Minnesota Higher Education Facilities Authority St. John's University | 4.00 | &nbsp;&nbsp; 10-1-2034 | 200000 | &nbsp;&nbsp; 201974 |
| Minnesota Higher Education Facilities Authority St. John's University | 4.00 | &nbsp;&nbsp; 10-1-2035 | 170000 | &nbsp;&nbsp; 170645 |
| Minnesota Higher Education Facilities Authority St. John's University | 4.00 | &nbsp;&nbsp; 10-1-2039 | 200000 | &nbsp;&nbsp; 189063 |
| Minnesota Higher Education Facilities Authority St. John's University | 4.00 | &nbsp;&nbsp; 10-1-2040 | 355000 | &nbsp;&nbsp; 331137 |
| Minnesota Higher Education Facilities Authority St. Olaf College | 4.00 | &nbsp;&nbsp; 10-1-2046 | 2750000 | &nbsp;&nbsp; 2398545 |
| &nbsp;&nbsp; Minnesota Higher Education Facilities Authority University of St. <br> Thomas/Minneapolis<br>| 4.00 | &nbsp;&nbsp; 10-1-2041 | 515000 | &nbsp;&nbsp; 476518 |
| &nbsp;&nbsp; Minnesota Higher Education Facilities Authority University of St. <br> Thomas/Minneapolis<br>| 5.00 | &nbsp;&nbsp; 10-1-2040 | 750000 | &nbsp;&nbsp; 766230 |
| &nbsp;&nbsp; Minnesota Higher Education Facilities Authority University of St. <br> Thomas/Minneapolis Series 8-L<br>| 5.00 | &nbsp;&nbsp; 4-1-2035 | 750000 | &nbsp;&nbsp; 756871 |

---

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

Allspring Minnesota Tax-Free Fund \| 3

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Minnesota Higher Education Facilities Authority University of St. <br> Thomas/Minneapolis Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2026 | $295000 | &nbsp;&nbsp; $302249 |
| &nbsp;&nbsp; Minnesota Higher Education Facilities Authority University of St. <br> Thomas/Minneapolis Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2052 | 1000000 | &nbsp;&nbsp; 998199 |
| &nbsp;&nbsp; Minnesota Higher Education Facilities Authority University of St. <br> Thomas/Minneapolis Series B<br>| 5.00 | &nbsp;&nbsp; 10-1-2036 | 775000 | &nbsp;&nbsp; 815958 |
| Minnesota Office of Higher Education AMT | 4.00 | &nbsp;&nbsp; 11-1-2037 | 595000 | &nbsp;&nbsp; 592012 |
| Minnesota Office of Higher Education AMT | 5.00 | &nbsp;&nbsp; 11-1-2026 | 700000 | &nbsp;&nbsp; 711962 |
| Minnesota Office of Higher Education AMT | 5.00 | &nbsp;&nbsp; 11-1-2027 | 500000 | &nbsp;&nbsp; 515901 |
| Minnesota Office of Higher Education AMT | 5.00 | &nbsp;&nbsp; 11-1-2033 | 1000000 | &nbsp;&nbsp; 1039194 |
| University of Minnesota Series A | 5.00 | &nbsp;&nbsp; 4-1-2034 | 270000 | &nbsp;&nbsp; 286236 |
| University of Minnesota Series A | 5.00 | &nbsp;&nbsp; 9-1-2042 | 770000 | &nbsp;&nbsp; 779760 |
|  |  |  |  | &nbsp;&nbsp; **32472350** |
| **GO revenue: 25.96%** |  |  |  |  |
| Alexandria Lake Area Sanitation District (AG Insured) | 4.13 | &nbsp;&nbsp; 2-1-2044 | 325000 | &nbsp;&nbsp; 294715 |
| Becker Independent School District No. 726 Series B | 4.00 | &nbsp;&nbsp; 2-1-2026 | 100000 | &nbsp;&nbsp; 100589 |
| Brainerd Independent School District No. 181 Series A | 4.00 | &nbsp;&nbsp; 2-1-2039 | 2000000 | &nbsp;&nbsp; 1959984 |
| Brainerd Independent School District No. 181 Series A | 4.00 | &nbsp;&nbsp; 2-1-2042 | 2060000 | &nbsp;&nbsp; 1932828 |
| Brainerd Independent School District No. 181 Series A | 4.00 | &nbsp;&nbsp; 2-1-2043 | 225000 | &nbsp;&nbsp; 207536 |
| Canby Independent School District No. 891 Series A | 4.00 | &nbsp;&nbsp; 2-1-2043 | 1320000 | &nbsp;&nbsp; 1244607 |
| Chisholm Independent School District No. 695 Series A | 6.00 | &nbsp;&nbsp; 2-1-2029 | 500000 | &nbsp;&nbsp; 556876 |
| Chisholm Independent School District No. 695 Series A | 6.00 | &nbsp;&nbsp; 2-1-2030 | 750000 | &nbsp;&nbsp; 855103 |
| City of Chaska Series C | 5.00 | &nbsp;&nbsp; 2-1-2028 | 235000 | &nbsp;&nbsp; 248620 |
| City of Chaska Series C | 5.00 | &nbsp;&nbsp; 2-1-2029 | 250000 | &nbsp;&nbsp; 269414 |
| City of Chaska Series C | 5.00 | &nbsp;&nbsp; 2-1-2030 | 230000 | &nbsp;&nbsp; 251866 |
| City of Elk River Series A | 3.00 | &nbsp;&nbsp; 12-1-2044 | 2000000 | &nbsp;&nbsp; 1571090 |
| City of St. Cloud Series B | 4.00 | &nbsp;&nbsp; 2-1-2028 | 245000 | &nbsp;&nbsp; 249078 |
| City of St. Cloud Series B | 4.00 | &nbsp;&nbsp; 2-1-2029 | 255000 | &nbsp;&nbsp; 258975 |
| City of Virginia Series A%% | 5.00 | &nbsp;&nbsp; 2-1-2032 | 405000 | &nbsp;&nbsp; 419876 |
| City of Waite Park Series A | 5.00 | &nbsp;&nbsp; 12-15-2050 | 1675000 | &nbsp;&nbsp; 1720203 |
| County of Hennepin Series A | 5.00 | &nbsp;&nbsp; 12-1-2033 | 410000 | &nbsp;&nbsp; 441534 |
| County of Hennepin Series A | 5.00 | &nbsp;&nbsp; 12-1-2037 | 910000 | &nbsp;&nbsp; 937701 |
| County of Hennepin Series A | 5.00 | &nbsp;&nbsp; 12-1-2041 | 2610000 | &nbsp;&nbsp; 2741125 |
| County of Hennepin Series A | 5.00 | &nbsp;&nbsp; 12-1-2043 | 1500000 | &nbsp;&nbsp; 1579719 |
| County of Hennepin Series A | 5.00 | &nbsp;&nbsp; 12-1-2044 | 1500000 | &nbsp;&nbsp; 1577950 |
| County of Hennepin Series B | 5.00 | &nbsp;&nbsp; 12-1-2029 | 450000 | &nbsp;&nbsp; 463475 |
| County of Rice Series A | 4.00 | &nbsp;&nbsp; 2-1-2048 | 1500000 | &nbsp;&nbsp; 1338413 |
| Duluth Independent School District No. 709 Series C CAB¤ | 0.00 | &nbsp;&nbsp; 2-1-2033 | 1075000 | &nbsp;&nbsp; 759243 |
| Gibbon Independent School District No. 2365 Series A | 5.00 | &nbsp;&nbsp; 2-1-2041 | 300000 | &nbsp;&nbsp; 312365 |
| Gibbon Independent School District No. 2365 Series A | 5.00 | &nbsp;&nbsp; 2-1-2048 | 1700000 | &nbsp;&nbsp; 1735317 |
| Goodridge Independent School District No. 561 Series A | 4.00 | &nbsp;&nbsp; 2-1-2042 | 550000 | &nbsp;&nbsp; 514882 |
| Hastings Independent School District No. 200 Series A CAB¤ | 0.00 | &nbsp;&nbsp; 2-1-2032 | 1305000 | &nbsp;&nbsp; 1019440 |
| Hastings Independent School District No. 200 Series A CAB¤ | 0.00 | &nbsp;&nbsp; 2-1-2033 | 1145000 | &nbsp;&nbsp; 853723 |
| Hawley Independent School District No. 150 Series A | 5.00 | &nbsp;&nbsp; 2-1-2040 | 750000 | &nbsp;&nbsp; 773413 |
| Hawley Independent School District No. 150 Series A | 5.00 | &nbsp;&nbsp; 2-1-2041 | 440000 | &nbsp;&nbsp; 450615 |
| Hopkins Independent School District No. 270 Series A | 4.00 | &nbsp;&nbsp; 2-1-2031 | 170000 | &nbsp;&nbsp; 173069 |
| Jordan Independent School District No. 717 Series A | 5.00 | &nbsp;&nbsp; 2-1-2035 | 150000 | &nbsp;&nbsp; 162713 |

---

The accompanying notes are an integral part of these financial statements.

4 \| Allspring Minnesota Tax-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| Jordan Independent School District No. 717 Series A | 5.00<br> %<br>| &nbsp;&nbsp; 2-1-2039 | $500000 | &nbsp;&nbsp; $522185 |
| Marshall County Independent School District No. 441 Series A | 5.00 | &nbsp;&nbsp; 2-1-2037 | 250000 | &nbsp;&nbsp; 266332 |
| Marshall County Independent School District No. 441 Series A | 5.00 | &nbsp;&nbsp; 2-1-2038 | 250000 | &nbsp;&nbsp; 262371 |
| Minneapolis Special School District No. 1 Series A | 4.00 | &nbsp;&nbsp; 2-1-2040 | 1150000 | &nbsp;&nbsp; 1136831 |
| Nashwauk Keewatin Independent School District No. 319 Series A | 4.00 | &nbsp;&nbsp; 2-1-2042 | 320000 | &nbsp;&nbsp; 301103 |
| Nashwauk Keewatin Independent School District No. 319 Series A | 4.00 | &nbsp;&nbsp; 2-1-2043 | 785000 | &nbsp;&nbsp; 731506 |
| &nbsp;&nbsp; Red Lake County Central Independent School District No. 2906 <br> Series A<br>| 5.00 | &nbsp;&nbsp; 2-1-2031 | 300000 | &nbsp;&nbsp; 333331 |
| &nbsp;&nbsp; Red Lake County Central Independent School District No. 2906 <br> Series A<br>| 5.00 | &nbsp;&nbsp; 2-1-2032 | 250000 | &nbsp;&nbsp; 279984 |
| &nbsp;&nbsp; Red Lake County Central Independent School District No. 2906 <br> Series A<br>| 5.00 | &nbsp;&nbsp; 2-1-2033 | 310000 | &nbsp;&nbsp; 347257 |
| Rock Ridge Independent School District No. 2909 Series A | 5.00 | &nbsp;&nbsp; 2-1-2035 | 405000 | &nbsp;&nbsp; 443477 |
| Sartell-St. Stephen Independent School District No. 748 Series A | 5.00 | &nbsp;&nbsp; 2-1-2027 | 200000 | &nbsp;&nbsp; 200364 |
| &nbsp;&nbsp; South Washington County Independent School District No. 833 <br> Series A<br>| 4.00 | &nbsp;&nbsp; 2-1-2043 | 1680000 | &nbsp;&nbsp; 1540609 |
| State of Minnesota Series A | 5.00 | &nbsp;&nbsp; 8-1-2034 | 2190000 | &nbsp;&nbsp; 2226942 |
| State of Minnesota Series A | 5.00 | &nbsp;&nbsp; 8-1-2039 | 1750000 | &nbsp;&nbsp; 1842324 |
| State of Minnesota Series A | 5.00 | &nbsp;&nbsp; 8-1-2041 | 1785000 | &nbsp;&nbsp; 1902010 |
| State of Minnesota Series B | 4.00 | &nbsp;&nbsp; 8-1-2031 | 250000 | &nbsp;&nbsp; 256760 |
| State of Minnesota Series B | 4.00 | &nbsp;&nbsp; 8-1-2043 | 1000000 | &nbsp;&nbsp; 937100 |
| State of Minnesota Series B | 4.00 | &nbsp;&nbsp; 8-1-2044 | 1500000 | &nbsp;&nbsp; 1392863 |
| Stillwater Independent School District No. 834 Series A | 5.00 | &nbsp;&nbsp; 2-1-2040 | 1000000 | &nbsp;&nbsp; 1053750 |
| Worthington Independent School District No. 518 Series A | 4.00 | &nbsp;&nbsp; 2-1-2030 | 440000 | &nbsp;&nbsp; 442840 |
| Worthington Independent School District No. 518 Series A | 4.00 | &nbsp;&nbsp; 2-1-2032 | 530000 | &nbsp;&nbsp; 532924 |
|  |  |  |  | &nbsp;&nbsp; **44928920** |
| **Health revenue: 21.78%** |  |  |  |  |
| City of Center City Hazelden Betty Ford Foundation Series 2025B | 5.00 | &nbsp;&nbsp; 11-1-2047 | 1500000 | &nbsp;&nbsp; 1508714 |
| City of Maple Grove Hospital Corp. | 5.00 | &nbsp;&nbsp; 5-1-2030 | 850000 | &nbsp;&nbsp; 863068 |
| City of Maple Grove Hospital Corp. | 5.00 | &nbsp;&nbsp; 5-1-2031 | 500000 | &nbsp;&nbsp; 507081 |
| City of Maple Grove Hospital Corp. | 5.00 | &nbsp;&nbsp; 5-1-2032 | 725000 | &nbsp;&nbsp; 734079 |
| &nbsp;&nbsp; City of Minneapolis/St. Paul Housing & RDA Allina Health Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 11-15-2025 | 225000 | &nbsp;&nbsp; 226441 |
| City of Minneapolis Allina Health Obligated Group | 4.00 | &nbsp;&nbsp; 11-15-2038 | 975000 | &nbsp;&nbsp; 919567 |
| City of Minneapolis Allina Health Obligated Group Series Bøø | 5.00 | &nbsp;&nbsp; 11-15-2053 | 1000000 | &nbsp;&nbsp; 1071933 |
| City of Minneapolis Fairview Health Services Obligated Group Series A | 5.00 | &nbsp;&nbsp; 11-15-2033 | 3000000 | &nbsp;&nbsp; 3037079 |
| City of Minneapolis Fairview Health Services Obligated Group Series A | 5.00 | &nbsp;&nbsp; 11-15-2035 | 390000 | &nbsp;&nbsp; 398621 |
| City of Minneapolis Fairview Health Services Obligated Group Series A | 5.00 | &nbsp;&nbsp; 11-15-2036 | 1100000 | &nbsp;&nbsp; 1119291 |
| City of Minneapolis Fairview Health Services Obligated Group Series A | 5.00 | &nbsp;&nbsp; 11-15-2049 | 1000000 | &nbsp;&nbsp; 976900 |
| City of Plato Glencoe Regional Health Services | 5.00 | &nbsp;&nbsp; 4-1-2041 | 550000 | &nbsp;&nbsp; 537450 |
| City of Rochester Mayo Clinic## | 5.00 | &nbsp;&nbsp; 11-15-2057 | 4500000 | &nbsp;&nbsp; 4549459 |
| &nbsp;&nbsp; City of Shakopee Senior Housing Revenue Benedictine Living <br> Community LLC144Aøø<br>| 5.85 | &nbsp;&nbsp; 11-1-2058 | 735000 | &nbsp;&nbsp; 733223 |
| City of Shakopee St. Francis Regional Medical Center Obligated Group | 5.00 | &nbsp;&nbsp; 9-1-2027 | 700000 | &nbsp;&nbsp; 700576 |
| City of Shakopee St. Francis Regional Medical Center Obligated Group | 5.00 | &nbsp;&nbsp; 9-1-2029 | 325000 | &nbsp;&nbsp; 325199 |
| City of St. Cloud CentraCare Health System Obligated Group | 4.00 | &nbsp;&nbsp; 5-1-2050 | 3235000 | &nbsp;&nbsp; 2754591 |
| City of St. Cloud CentraCare Health System Obligated Group | 5.00 | &nbsp;&nbsp; 5-1-2048 | 1500000 | &nbsp;&nbsp; 1498080 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Minnesota Tax-Free Fund \| 5

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| City of St. Cloud CentraCare Health System Obligated Group | 5.00<br> %<br>| &nbsp;&nbsp; 5-1-2054 | $550000 | &nbsp;&nbsp; $543449 |
| City of St. Cloud CentraCare Health System Obligated Group Series A | 5.00 | &nbsp;&nbsp; 5-1-2028 | 300000 | &nbsp;&nbsp; 304967 |
| City of Wadena Astera Health Series A | 5.00 | &nbsp;&nbsp; 12-1-2045 | 2900000 | &nbsp;&nbsp; 2905938 |
| Duluth EDA Essentia Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 2-15-2048 | 650000 | &nbsp;&nbsp; 649105 |
| Duluth EDA Essentia Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 2-15-2058 | 1450000 | &nbsp;&nbsp; 1402348 |
| Duluth EDA Essentia Health Obligated Group Series A | 5.25 | &nbsp;&nbsp; 2-15-2053 | 2500000 | &nbsp;&nbsp; 2501345 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota Fairview Health <br> Services Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2034 | 565000 | &nbsp;&nbsp; 576860 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota Fairview Health <br> Services Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2047 | 500000 | &nbsp;&nbsp; 489379 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota HealthPartners <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 7-1-2033 | 1500000 | &nbsp;&nbsp; 1649923 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota HealthPartners <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2025 | 520000 | &nbsp;&nbsp; 520000 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota HealthPartners <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2028 | 720000 | &nbsp;&nbsp; 720000 |
| &nbsp;&nbsp; Minnesota Agricultural & Economic Development Board <br> HealthPartners Obligated Group<br>| 5.25 | &nbsp;&nbsp; 1-1-2047 | 1500000 | &nbsp;&nbsp; 1523676 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XF1876 (Bank <br> of America N.A. LIQ)144Aø<br>| 1.66 | &nbsp;&nbsp; 11-15-2053 | 1435000 | &nbsp;&nbsp; 1435000 |
|  |  |  |  | &nbsp;&nbsp; **37683342** |
| **Housing revenue: 9.17%** |  |  |  |  |
| &nbsp;&nbsp; City of Marshall Southwest & West Central Service Cooperatives <br> Series A<br>| 5.13 | &nbsp;&nbsp; 2-1-2041 | 675000 | &nbsp;&nbsp; 668362 |
| &nbsp;&nbsp; City of Marshall Southwest & West Central Service Cooperatives <br> Series A<br>| 5.38 | &nbsp;&nbsp; 2-1-2045 | 720000 | &nbsp;&nbsp; 706913 |
| &nbsp;&nbsp; City of Marshall Southwest & West Central Service Cooperatives <br> Series A<br>| 6.00 | &nbsp;&nbsp; 2-1-2032 | 440000 | &nbsp;&nbsp; 481672 |
| City of Minneapolis Riverton Community Housing | 5.00 | &nbsp;&nbsp; 8-1-2032 | 760000 | &nbsp;&nbsp; 760396 |
| &nbsp;&nbsp; City of New London EDA Southwest & West Central Service <br> Cooperatives Series A<br>| 4.50 | &nbsp;&nbsp; 2-1-2033 | 500000 | &nbsp;&nbsp; 504080 |
| &nbsp;&nbsp; City of New London EDA Southwest & West Central Service <br> Cooperatives Series A<br>| 5.00 | &nbsp;&nbsp; 2-1-2038 | 880000 | &nbsp;&nbsp; 881363 |
| &nbsp;&nbsp; Dakota County Community Development Agency Roers Burnsville <br> Affordable Apartments Owner LLC (FNMA Insured)<br>| 4.20 | &nbsp;&nbsp; 5-1-2043 | 1500000 | &nbsp;&nbsp; 1365521 |
| Minnesota Housing Finance Agency Series A | 4.00 | &nbsp;&nbsp; 8-1-2031 | 300000 | &nbsp;&nbsp; 308646 |
| Minnesota Housing Finance Agency Series A AMT | 5.00 | &nbsp;&nbsp; 8-1-2027 | 1665000 | &nbsp;&nbsp; 1673698 |
| Minnesota Housing Finance Agency Series A AMT | 5.00 | &nbsp;&nbsp; 8-1-2032 | 500000 | &nbsp;&nbsp; 500712 |
| Minnesota Housing Finance Agency Series B | 5.00 | &nbsp;&nbsp; 8-1-2029 | 320000 | &nbsp;&nbsp; 346382 |
| Minnesota Housing Finance Agency Series B | 5.00 | &nbsp;&nbsp; 8-1-2030 | 465000 | &nbsp;&nbsp; 509807 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series B (GNMA / FNMA / FHLMC <br> Insured)<br>| 4.10 | &nbsp;&nbsp; 7-1-2038 | 995000 | &nbsp;&nbsp; 953212 |
| Minnesota Housing Finance Agency Series D | 5.00 | &nbsp;&nbsp; 8-1-2028 | 200000 | &nbsp;&nbsp; 212986 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series E (GNMA / FNMA / FHLMC <br> Insured)<br>| 1.75 | &nbsp;&nbsp; 1-1-2028 | 630000 | &nbsp;&nbsp; 598263 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series E (GNMA / FNMA / FHLMC <br> Insured)<br>| 1.75 | &nbsp;&nbsp; 7-1-2028 | 490000 | &nbsp;&nbsp; 460540 |

---

The accompanying notes are an integral part of these financial statements.

6 \| Allspring Minnesota Tax-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series F (GNMA / FNMA / FHLMC <br> Insured)<br>| 4.85<br> %<br>| &nbsp;&nbsp; 7-1-2045 | $1000000 | &nbsp;&nbsp; $990921 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series M (GNMA / FNMA / FHLMC <br> Insured)<br>| 4.85 | &nbsp;&nbsp; 7-1-2037 | 2990000 | &nbsp;&nbsp; 3043583 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series O (GNMA / FNMA / FHLMC <br> Insured)<br>| 4.65 | &nbsp;&nbsp; 7-1-2041 | 920000 | &nbsp;&nbsp; 902326 |
|  |  |  |  | &nbsp;&nbsp; **15869383** |
| **Miscellaneous revenue: 9.99%** |  |  |  |  |
| Anoka-Hennepin Independent School District No. 11 Series A COP | 5.00 | &nbsp;&nbsp; 2-1-2034 | 1000000 | &nbsp;&nbsp; 1007153 |
| City of Center City Hazelden Betty Ford Foundation | 4.00 | &nbsp;&nbsp; 11-1-2030 | 250000 | &nbsp;&nbsp; 252827 |
| City of Center City Hazelden Betty Ford Foundation | 4.00 | &nbsp;&nbsp; 11-1-2031 | 250000 | &nbsp;&nbsp; 252011 |
| City of Center City Hazelden Betty Ford Foundation | 4.00 | &nbsp;&nbsp; 11-1-2034 | 300000 | &nbsp;&nbsp; 299676 |
| &nbsp;&nbsp; City of White Bear Lake Young Men's Christian Association of the <br> Greater Twin Cities<br>| 5.00 | &nbsp;&nbsp; 6-1-2032 | 1000000 | &nbsp;&nbsp; 1039487 |
| Duluth Independent School District No. 709 Series B COP | 5.00 | &nbsp;&nbsp; 2-1-2026 | 395000 | &nbsp;&nbsp; 399821 |
| Duluth Independent School District No. 709 Series B COP | 5.00 | &nbsp;&nbsp; 2-1-2028 | 700000 | &nbsp;&nbsp; 735555 |
| Lake Agassiz Education Cooperative No. 0397-52 Series A COP | 3.00 | &nbsp;&nbsp; 2-1-2028 | 290000 | &nbsp;&nbsp; 285060 |
| Lake Agassiz Education Cooperative No. 0397-52 Series A COP | 3.00 | &nbsp;&nbsp; 2-1-2029 | 300000 | &nbsp;&nbsp; 291672 |
| Lake Agassiz Education Cooperative No. 0397-52 Series A COP | 3.00 | &nbsp;&nbsp; 2-1-2030 | 310000 | &nbsp;&nbsp; 297273 |
| Minnetonka Independent School District No. 276 Series C COP | 5.00 | &nbsp;&nbsp; 2-1-2041 | 1125000 | &nbsp;&nbsp; 1176518 |
| &nbsp;&nbsp; Northeastern Metropolitan Intermediate School District No. 916 <br> Series B COP<br>| 5.00 | &nbsp;&nbsp; 2-1-2034 | 1500000 | &nbsp;&nbsp; 1502271 |
| Plymouth Intermediate District No. 287 Series A COP | 4.00 | &nbsp;&nbsp; 5-1-2026 | 500000 | &nbsp;&nbsp; 500365 |
| Plymouth Intermediate District No. 287 Series A COP | 4.00 | &nbsp;&nbsp; 5-1-2027 | 1000000 | &nbsp;&nbsp; 1000999 |
| St. Cloud Independent School District No. 742 COP | 5.00 | &nbsp;&nbsp; 2-1-2032 | 500000 | &nbsp;&nbsp; 500761 |
| St. Cloud Independent School District No. 742 COP | 5.00 | &nbsp;&nbsp; 2-1-2034 | 350000 | &nbsp;&nbsp; 350530 |
| &nbsp;&nbsp; State of Minnesota Department of Iron Range Resources & <br> Rehabilitation Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2039 | 2490000 | &nbsp;&nbsp; 2695936 |
| State of Minnesota Office Building Project COP | 5.00 | &nbsp;&nbsp; 11-1-2042 | 3000000 | &nbsp;&nbsp; 3141128 |
| State of Minnesota Office Building Project COP | 5.00 | &nbsp;&nbsp; 11-1-2043 | 1500000 | &nbsp;&nbsp; 1565718 |
|  |  |  |  | &nbsp;&nbsp; **17294761** |
| **Transportation revenue: 0.62%** |  |  |  |  |
| Housing & RDA of The City of St. Paul Minnesota Series A | 4.00 | &nbsp;&nbsp; 8-1-2026 | 525000 | &nbsp;&nbsp; 525281 |
| Housing & RDA of The City of St. Paul Minnesota Series A | 4.00 | &nbsp;&nbsp; 8-1-2027 | 545000 | &nbsp;&nbsp; 545466 |
|  |  |  |  | &nbsp;&nbsp; **1070747** |
| **Utilities revenue: 6.23%** |  |  |  |  |
| Central Minnesota Municipal Power Agency (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2042 | 350000 | &nbsp;&nbsp; 331686 |
| Central Minnesota Municipal Power Agency (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2029 | 315000 | &nbsp;&nbsp; 337783 |
| Central Minnesota Municipal Power Agency (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2030 | 210000 | &nbsp;&nbsp; 228661 |
| City of Rochester Electric Utility Revenue Series A | 5.00 | &nbsp;&nbsp; 12-1-2037 | 500000 | &nbsp;&nbsp; 512097 |
| Minnesota Municipal Power Agency | 5.00 | &nbsp;&nbsp; 10-1-2047 | 500000 | &nbsp;&nbsp; 506205 |
| Northern Municipal Power Agency | 5.00 | &nbsp;&nbsp; 1-1-2036 | 100000 | &nbsp;&nbsp; 101684 |
| Northern Municipal Power Agency | 5.00 | &nbsp;&nbsp; 1-1-2041 | 1500000 | &nbsp;&nbsp; 1507314 |
| &nbsp;&nbsp; Sauk Centre Public Utilities Commission Electric Revenue Series A (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 12-1-2037 | 250000 | &nbsp;&nbsp; 245949 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Minnesota Tax-Free Fund \| 7

------

Portfolio of investments—June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |  |
| &nbsp;&nbsp; Sauk Centre Public Utilities Commission Electric Revenue Series A (AG <br> Insured)<br>|  | 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2034 | $100000 | &nbsp;&nbsp; $108588 |
| Southern Minnesota Municipal Power Agency Series A |  | 5.00 | &nbsp;&nbsp; 1-1-2029 | 1640000 | &nbsp;&nbsp; 1656781 |
| Southern Minnesota Municipal Power Agency Series A |  | 5.00 | &nbsp;&nbsp; 1-1-2031 | 520000 | &nbsp;&nbsp; 525373 |
| Southern Minnesota Municipal Power Agency Series A |  | 5.00 | &nbsp;&nbsp; 1-1-2041 | 480000 | &nbsp;&nbsp; 483458 |
| St. Paul Port Authority District Energy Obligated Group Series 1 |  | 3.00 | &nbsp;&nbsp; 10-1-2027 | 100000 | &nbsp;&nbsp; 98979 |
| St. Paul Port Authority District Energy Obligated Group Series 1 |  | 3.00 | &nbsp;&nbsp; 10-1-2034 | 225000 | &nbsp;&nbsp; 206787 |
| St. Paul Port Authority District Energy Obligated Group Series 1 |  | 4.00 | &nbsp;&nbsp; 10-1-2028 | 400000 | &nbsp;&nbsp; 406202 |
| St. Paul Port Authority District Energy Obligated Group Series 1 |  | 4.00 | &nbsp;&nbsp; 10-1-2041 | 500000 | &nbsp;&nbsp; 444940 |
| &nbsp;&nbsp; Western Minnesota Municipal Power Agency Red Rock Hydroelectric <br> Project Series A<br>|  | 5.00 | &nbsp;&nbsp; 1-1-2049 | 1500000 | &nbsp;&nbsp; 1506848 |
| Western Minnesota Municipal Power Agency Series A |  | 5.00 | &nbsp;&nbsp; 1-1-2032 | 555000 | &nbsp;&nbsp; 560734 |
| Western Minnesota Municipal Power Agency Series A |  | 5.00 | &nbsp;&nbsp; 1-1-2036 | 1000000 | &nbsp;&nbsp; 1009437 |
|  |  |  |  |  | &nbsp;&nbsp; **10779506** |
| **Water & sewer revenue: 0.65%** |  |  |  |  |  |
| City of St. Paul Water Revenue Series A |  | 4.00 | &nbsp;&nbsp; 12-1-2045 | 1215000 | &nbsp;&nbsp; **1120572** |
|  |  |  |  |  | &nbsp;&nbsp; **164404883** |
| **New York: 0.08%** |  |  |  |  |  |
| **Health revenue: 0.08%** |  |  |  |  |  |
| &nbsp;&nbsp; Westchester County Local Development Corp. Kendal on Hudson <br> Obligated Group Series B<br>|  | 5.00 | &nbsp;&nbsp; 1-1-2027 | 145000 | &nbsp;&nbsp; **147443** |
| **Total municipal obligations (Cost $176,499,290)** |  |  |  |  | &nbsp;&nbsp; **169494536** |
| **Total investments in securities (Cost $176,499,290)** | 97.94<br> %<br>|  |  |  | &nbsp;&nbsp; 169494536 |
| Other assets and liabilities, net | 2.06 |  |  |  | &nbsp;&nbsp; 3570011 |
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$173064547** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| † | Non-income-earning security |
| %% | The security is purchased on a when-issued basis. |
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| ## | All or a portion of this security is segregated as collateral for when-issued securities. |
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AG | Assured Guaranty Incorporation |
| AMT | Alternative minimum tax |
| CAB | Capital appreciation bond |
| COP | Certificate of participation |
| EDA | Economic Development Authority |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General obligation |
| LIQ | Liquidity agreement |
| RDA | Redevelopment Authority |

---

The accompanying notes are an integral part of these financial statements.

8 \| Allspring Minnesota Tax-Free Fund

------

Statement of assets and liabilities—June 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $176,499,290) | $169494536 |
| Cash | 1725172 |
| Receivable for interest | 2429943 |
| Receivable for investments sold | 290000 |
| Receivable for Fund shares sold | 23844 |
| Prepaid expenses and other assets | 56671 |
| **Total assets** | **174020166** |
| Liabilities |  |
| Payable for when-issued transactions | 417535 |
| Payable for Fund shares redeemed | 383621 |
| Dividends payable | 66460 |
| Management fee payable | 39766 |
| Administration fees payable | 12925 |
| Shareholder servicing fees payable | 7979 |
| Trustees' fees and expenses payable | 4082 |
| Distribution fee payable | 353 |
| Accrued expenses and other liabilities | 22898 |
| **Total liabilities** | **955619** |
| **Total net assets**  | **$173064547** |
| Net assets consist of |  |
| Paid-in capital | $182777986 |
| Total distributable loss | (9713439)<br>|
| **Total net assets** | **$173064547** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $19122999 |
| Shares outstanding–Class A<sup>1</sup> <br>| 1944188 |
| Net asset value per share–Class A | $9.84 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $10.30 |
| Net assets–Class C | $527496 |
| Shares outstanding–Class C<sup>1</sup> <br>| 53626 |
| Net asset value per share–Class C | $9.84 |
| Net assets–Administrator Class | $19018423 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 1933566 |
| Net asset value per share–Administrator Class | $9.84 |
| Net assets–Institutional Class | $134395629 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 13655840 |
| Net asset value per share–Institutional Class | $9.84 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

Allspring Minnesota Tax-Free Fund \| 9

------

Statement of operations—year ended June 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $6231952 |
| Expenses |  |
| Management fee | 688375 |
| Administration fees |  |
| Class A | 27870 |
| Class C | 1281 |
| Administrator Class | 21522 |
| Institutional Class | 104910 |
| Shareholder servicing fees |  |
| Class A | 46361 |
| Class C | 2135 |
| Administrator Class | 53688 |
| Distribution fee |  |
| Class C | 6406 |
| Custody and accounting fees | 8144 |
| Professional fees | 51465 |
| Registration fees | 74832 |
| Shareholder report expenses | 27637 |
| Trustees' fees and expenses | 13962 |
| Other fees and expenses | 21253 |
| **Total expenses** | **1149841** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (127633)<br>|
| Class A | (896)<br>|
| Administrator Class | (42794)<br>|
| **Net expenses** | **978518** |
| **Net investment income** | **5253434** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized losses on investments** | **(481782)**<br>|
| **Net change in unrealized gains (losses) on investments** | **(2705120)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(3186902)**<br>|
| **Net increase in net assets resulting from operations** | **$2066532** |

---

The accompanying notes are an integral part of these financial statements.

10 \| Allspring Minnesota Tax-Free Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2024 | Year ended<br> June 30, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $5253434 |  | &nbsp;&nbsp; $4770570 |
| Net realized losses on investments |  | &nbsp;&nbsp; (481782)<br>|  | &nbsp;&nbsp; (1223053)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (2705120)<br>|  | &nbsp;&nbsp; 1402744 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **2066532** |  | &nbsp;&nbsp; **4950261** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (550590)<br>|  | &nbsp;&nbsp; (587035)<br>|
| Class C |  | &nbsp;&nbsp; (18827)<br>|  | &nbsp;&nbsp; (20406)<br>|
| Administrator Class |  | &nbsp;&nbsp; (689831)<br>|  | &nbsp;&nbsp; (777430)<br>|
| Institutional Class |  | &nbsp;&nbsp; (4304872)<br>|  | &nbsp;&nbsp; (3889209)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(5564120)**<br>|  | &nbsp;&nbsp; **(5274080)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 343958 | &nbsp;&nbsp; 3446863 | &nbsp;&nbsp; 75928 | &nbsp;&nbsp; 760074 |
| Class C | 6771 | &nbsp;&nbsp; 68573 | &nbsp;&nbsp; 29522 | &nbsp;&nbsp; 297749 |
| Administrator Class | 359272 | &nbsp;&nbsp; 3604382 | &nbsp;&nbsp; 645434 | &nbsp;&nbsp; 6470167 |
| Institutional Class | 6819660 | &nbsp;&nbsp; 67690324 | &nbsp;&nbsp; 5977712 | &nbsp;&nbsp; 59451643 |
|  |  | &nbsp;&nbsp; 74810142 |  | &nbsp;&nbsp; 66979633 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 54784 | &nbsp;&nbsp; 548271 | &nbsp;&nbsp; 57602 | &nbsp;&nbsp; 575508 |
| Class C | 1876 | &nbsp;&nbsp; 18816 | &nbsp;&nbsp; 2052 | &nbsp;&nbsp; 20406 |
| Administrator Class | 68833 | &nbsp;&nbsp; 689418 | &nbsp;&nbsp; 78249 | &nbsp;&nbsp; 777430 |
| Institutional Class | 357855 | &nbsp;&nbsp; 3584393 | &nbsp;&nbsp; 320602 | &nbsp;&nbsp; 3207072 |
|  |  | &nbsp;&nbsp; 4840898 |  | &nbsp;&nbsp; 4580416 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (454563)<br>| &nbsp;&nbsp; (4565313)<br>| &nbsp;&nbsp; (402830)<br>| &nbsp;&nbsp; (4026607)<br>|
| Class C | (53435)<br>| &nbsp;&nbsp; (531155)<br>| &nbsp;&nbsp; (38660)<br>| &nbsp;&nbsp; (386828)<br>|
| Administrator Class | (864456)<br>| &nbsp;&nbsp; (8646717)<br>| &nbsp;&nbsp; (1800931)<br>| &nbsp;&nbsp; (18031257)<br>|
| Institutional Class | (6551876)<br>| &nbsp;&nbsp; (65196112)<br>| &nbsp;&nbsp; (5179576)<br>| &nbsp;&nbsp; (51495242)<br>|
|  |  | &nbsp;&nbsp; (78939297)<br>|  | &nbsp;&nbsp; (73939934)<br>|
| **Net increase (decrease) in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **711743** |  | &nbsp;&nbsp; **(2379885)**<br>|
| **Total decrease in net assets** |  | &nbsp;&nbsp; **(2785845)**<br>|  | &nbsp;&nbsp; **(2703704)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **175850392** |  | &nbsp;&nbsp; **178554096** |
| **End of period** |  | &nbsp;&nbsp; **$173064547** |  | &nbsp;&nbsp; **$175850392** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Minnesota Tax-Free Fund \| 11

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.05** | &nbsp;&nbsp; **$10.07** | &nbsp;&nbsp; **$10.11** | &nbsp;&nbsp; **$11.02** | &nbsp;&nbsp; **$10.86** |
| Net investment income | 0.28 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.18 | 0.20 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.19)<br>| 0.01 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.90)<br>| 0.16 |
| Total from investment operations | 0.09 | 0.25 | 0.17 | &nbsp;&nbsp; (0.72)<br>| 0.36 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.30)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.20)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| 0.00 |
| Total distributions to shareholders | (0.30)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.20)<br>|
| **Net asset value, end of period** | **$9.84** | &nbsp;&nbsp; **$10.05** | &nbsp;&nbsp; **$10.07** | &nbsp;&nbsp; **$10.11** | &nbsp;&nbsp; **$11.02** |
| **Total return**<sup>2</sup> <br>| **0.85%**<br>| **2.58%**<br>| **1.73%**<br>| &nbsp;&nbsp; **(6.59)%**<br>| **3.32%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.91<br> %<br>| 0.91<br> %<br>| 0.91<br> %<br>| 0.91<br> %<br>| 0.92<br> %<br>|
| Net expenses | 0.84<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>|
| Net investment income | 2.79<br> %<br>| 2.46<br> %<br>| 2.10<br> %<br>| 1.67<br> %<br>| 1.80<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 21<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 9<br> %<br>|
| Net assets, end of period (000s omitted) | $19123 | &nbsp;&nbsp; $20090 | &nbsp;&nbsp; $22841 | &nbsp;&nbsp; $27431 | &nbsp;&nbsp; $31586 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

The accompanying notes are an integral part of these financial statements.

12 \| Allspring Minnesota Tax-Free Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.05** | &nbsp;&nbsp; **$10.07** | &nbsp;&nbsp; **$10.11** | &nbsp;&nbsp; **$11.02** | &nbsp;&nbsp; **$10.86** |
| Net investment income | 0.20 <br><sup>1</sup><br>| 0.18 <br><sup>1</sup><br>| 0.14 <br><sup>1</sup><br>| 0.10 <br><sup>1</sup><br>| 0.12 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.19)<br>| 0.01 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.90)<br>| 0.16 |
| Total from investment operations | 0.01 | 0.19 | 0.10 | &nbsp;&nbsp; (0.80)<br>| 0.28 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.22)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.12)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| 0.00 |
| Total distributions to shareholders | (0.22)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.12)<br>|
| **Net asset value, end of period** | **$9.84** | &nbsp;&nbsp; **$10.05** | &nbsp;&nbsp; **$10.07** | &nbsp;&nbsp; **$10.11** | &nbsp;&nbsp; **$11.02** |
| **Total return**<sup>2</sup> <br>| **0.09%**<br>| **1.95%**<br>| **1.00%**<br>| &nbsp;&nbsp; **(7.29)%**<br>| **2.54%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.66<br> %<br>| 1.50<br> %<br>| 1.60<br> %<br>| 1.66<br> %<br>| 1.66<br> %<br>|
| Net expenses | 1.59<br> %<br>| 1.46<br> %<br>| 1.56<br> %<br>| 1.60<br> %<br>| 1.60<br> %<br>|
| Net investment income | 2.00<br> %<br>| 1.84<br> %<br>| 1.40<br> %<br>| 0.91<br> %<br>| 1.06<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 21<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 9<br> %<br>|
| Net assets, end of period (000s omitted) | $527 | &nbsp;&nbsp; $989 | &nbsp;&nbsp; $1062 | &nbsp;&nbsp; $1147 | &nbsp;&nbsp; $2060 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

The accompanying notes are an integral part of these financial statements.

Allspring Minnesota Tax-Free Fund \| 13

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.04** | &nbsp;&nbsp; **$10.06** | &nbsp;&nbsp; **$10.11** | &nbsp;&nbsp; **$11.02** | &nbsp;&nbsp; **$10.86** |
| Net investment income | 0.30 <br><sup>1</sup><br>| 0.27 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.21 | 0.23 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.18)<br>| 0.01 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.90)<br>| 0.16 |
| Total from investment operations | 0.12 | 0.28 | 0.19 | &nbsp;&nbsp; (0.69)<br>| 0.39 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.32)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| 0.00 |
| Total distributions to shareholders | (0.32)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.23)<br>|
| **Net asset value, end of period** | **$9.84** | &nbsp;&nbsp; **$10.04** | &nbsp;&nbsp; **$10.06** | &nbsp;&nbsp; **$10.11** | &nbsp;&nbsp; **$11.02** |
| **Total return**<sup>2</sup> <br>| **1.20%**<br>| **2.83%**<br>| **1.88%**<br>| &nbsp;&nbsp; **(6.35)%**<br>| **3.58%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.86<br> %<br>| 0.86<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.86<br> %<br>|
| Net expenses | 0.59<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income | 3.01<br> %<br>| 2.70<br> %<br>| 2.35<br> %<br>| 1.92<br> %<br>| 2.06<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 21<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 9<br> %<br>|
| Net assets, end of period (000s omitted) | $19018 | &nbsp;&nbsp; $23806 | &nbsp;&nbsp; $34696 | &nbsp;&nbsp; $53578 | &nbsp;&nbsp; $60727 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

The accompanying notes are an integral part of these financial statements.

14 \| Allspring Minnesota Tax-Free Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.05** | &nbsp;&nbsp; **$10.07** | &nbsp;&nbsp; **$10.12** | &nbsp;&nbsp; **$11.02** | &nbsp;&nbsp; **$10.87** |
| Net investment income | 0.31 <br><sup>1</sup><br>| 0.28 <br><sup>1</sup><br>| 0.25 <br><sup>1</sup><br>| 0.21 | 0.23 |
| Net realized and unrealized gains (losses) on investments | (0.19)<br>| 0.01 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.89)<br>| 0.15 |
| Total from investment operations | 0.12 | 0.29 | 0.20 | &nbsp;&nbsp; (0.68)<br>| 0.38 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.33)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| 0.00 |
| Total distributions to shareholders | (0.33)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.23)<br>|
| **Net asset value, end of period** | **$9.84** | &nbsp;&nbsp; **$10.05** | &nbsp;&nbsp; **$10.07** | &nbsp;&nbsp; **$10.12** | &nbsp;&nbsp; **$11.02** |
| **Total return**<sup>2</sup> <br>| **1.17%**<br>| **2.91%**<br>| **1.96%**<br>| &nbsp;&nbsp; **(6.19)%**<br>| **3.56%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.59<br> %<br>| 0.60<br> %<br>| 0.59<br> %<br>| 0.58<br> %<br>| 0.59<br> %<br>|
| Net expenses | 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>|
| Net investment income | 3.10<br> %<br>| 2.79<br> %<br>| 2.45<br> %<br>| 2.01<br> %<br>| 2.13<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 21<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 9<br> %<br>|
| Net assets, end of period (000s omitted) | $134396 | &nbsp;&nbsp; $130966 | &nbsp;&nbsp; $119956 | &nbsp;&nbsp; $104175 | &nbsp;&nbsp; $91787 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

The accompanying notes are an integral part of these financial statements.

Allspring Minnesota Tax-Free Fund \| 15

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services* – *Investment Companies*. These financial statements report on the Allspring Minnesota Tax-Free Fund (the "Fund") which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles ("GAAP") which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g., taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments 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.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and is subject to interest rate risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of assets and liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of operations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Interest earned on cash balances held at the custodian is recorded as interest income.

16 \| Allspring Minnesota Tax-Free Fund

------

Notes to financial statements

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund's fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund's income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund's tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of June 30, 2025, the aggregate cost of all investments for federal income tax purposes was $176,514,783 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $280785 |
| Gross unrealized losses | &nbsp;&nbsp; (7301032)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(7020247)**<br>|

---

As of June 30, 2025, the Fund had capital loss carryforwards which consist of $311,467 in short-term capital losses and $2,402,066 in long-term capital losses.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.&nbsp;&nbsp;&nbsp;&nbsp;

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

• Level 1—quoted prices in active markets for identical securities

• Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Municipal obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $169494536 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $169494536 |
| **Total assets** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$169494536** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$169494536** |

---

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At June 30, 2025, the Fund did not have any transfers into/out of Level 3.

Allspring Minnesota Tax-Free Fund \| 17

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.400<br> %<br>|
| Next $500 million | 0.375 |
| Next $2 billion | 0.350 |
| Next $2 billion | 0.325 |
| Next $5 billion | 0.290 |
| Over $10 billion | 0.280 |

---

For the year ended June 30, 2025, the management fee was equivalent to an annual rate of 0.40% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.15<br> %<br>|
| Class C | 0.15 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through October 31, 2025 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 June 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.84<br> %<br>|
| Class C | 1.59 |
| Administrator Class | 0.60 |
| 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.

18 \| Allspring Minnesota Tax-Free Fund

------

Notes to financial statements

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. Allspring Funds Distributor did not receive any front-end or contingent deferred sales charges from Class A or Class C shares for the year ended June 30, 2025.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $33,010,000, $38,125,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the year ended June 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2025 were $37,726,481 and $34,643,262, respectively.

6. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended June 30, 2025, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 |
|  | 2025 | 2024 |
| **Tax-exempt income** | $5564120 | $5274080 |

---

As of June 30, 2025, the components of distributable loss on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>tax-exempt <br>income<br>| Unrealized <br>losses<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $86801 | &nbsp;&nbsp; $(7020247)<br>| &nbsp;&nbsp;&nbsp; $(2713533)<br>|

---

8. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state or territory of the U.S. Therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt fund. As of the end of the period, the Fund's investments were concentrated in the state of Minnesota.

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.

Allspring Minnesota Tax-Free Fund \| 19

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

11. CLASS CONVERSION

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025.

12. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. 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 revenue 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.

13. SUBSEQUENT EVENT

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on or about the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C will be closed to new investors and additional investments from existing shareholders.

20 \| Allspring Minnesota Tax-Free Fund

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Minnesota Tax-Free Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of June 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g97024imgbebf42a02.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

August 22, 2025

Allspring Minnesota Tax-Free Fund \| 21

------

Other information (unaudited)

Other information

Tax information

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended June 30, 2025.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

22 \| Allspring Minnesota Tax-Free Fund

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Minnesota Tax-Free Fund \| 23

------

Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Minnesota Tax-Free Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

24 \| Allspring Minnesota Tax-Free Fund

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the three-, five-, and ten-year periods under review, and lower than the average investment performance of the Universe for the one-year period under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Bloomberg Municipal Bond Index, for the one- and three-year periods under review, in range of the investment performance of its benchmark index for the five-year period under review, and lower for the ten-year period under review.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class, except for Class A, which was equal to the median net operating expense ratio of the expense Group.

It was noted that the Board had approved a proposal to convert Administrator Class shares into Institutional Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of the average rates for the expense Groups for each share class, except for Administrator Class, which was equal to the sum of the average rates for the expense Group.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Allspring Minnesota Tax-Free Fund \| 25

------

Other information (unaudited)

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

26 \| Allspring Minnesota Tax-Free Fund

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![](g97024img5740d9f11.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**

![](g97024img0f2fc2ee3.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-800-222-8222*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

Allspring Global Investments<sup>TM</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR0003 06-25**

------

![](g97024imgdc66fcbf1.jpg)

Allspring Municipal Bond Fund

Long Form Financial Statements

Annual Report

June 30, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_eee240e1-28fc-4991-84fd-4585b95e4928_POI-PageBlank-51_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_eee240e1-28fc-4991-84fd-4585b95e4928_FS-PageBlank-51_1)** |  |
| [Statement of assets and liabilities](#xx_eee240e1-28fc-4991-84fd-4585b95e4928_FS-PageBlank-51_1) | 66 |
| [Statement of operations](#xx_eee240e1-28fc-4991-84fd-4585b95e4928_FS-PageBlank-51_2) | 67 |
| [Statement of changes in net assets](#xx_eee240e1-28fc-4991-84fd-4585b95e4928_FS-PageBlank-51_3) | 68 |
| [Financial highlights](#xx_eee240e1-28fc-4991-84fd-4585b95e4928_FIHI-PageBlank-51_1) | 69 |
| **[Notes to financial statements](#xx_eee240e1-28fc-4991-84fd-4585b95e4928_NTF-PageBlank-51_1)** | 74 |
| **[Report of independent registered public accounting firm](#xx_eee240e1-28fc-4991-84fd-4585b95e4928_AUD-PageBlank-51_1)** | 79 |
| **[Other information](#xx_eee240e1-28fc-4991-84fd-4585b95e4928_OI-PageBlank-51_1)** | 80 |
| [Item 8. Changes in and disagreements with accountants](#xx_eee240e1-28fc-4991-84fd-4585b95e4928_OI-PageBlank-51_2) | 81 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_eee240e1-28fc-4991-84fd-4585b95e4928_OI-PageBlank-51_2) | 81 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_eee240e1-28fc-4991-84fd-4585b95e4928_OI-PageBlank-51_2) | 81 |
| [Item 11. Statement regarding basis for board](#xx_eee240e1-28fc-4991-84fd-4585b95e4928_OI-PageBlank-51_3)['](#xx_eee240e1-28fc-4991-84fd-4585b95e4928_OI-PageBlank-51_3)[s approval of investment](#xx_eee240e1-28fc-4991-84fd-4585b95e4928_OI-PageBlank-51_3)<br> [advisory contract](#xx_eee240e1-28fc-4991-84fd-4585b95e4928_OI-PageBlank-51_3)<br>| 82 |

---

Allspring Municipal Bond Fund \| 1

------

Portfolio of investments—June 30, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Municipal obligations: 99.26%** |  |  |  |  |
| **Alabama: 4.07%** |  |  |  |  |
| **Airport revenue: 0.05%** |  |  |  |  |
| Birmingham Airport Authority (BAM Insured) | 4.00<br> %<br>| &nbsp;&nbsp; 7-1-2036 | $500000 | &nbsp;&nbsp; $502632 |
| Birmingham Airport Authority (BAM Insured) | 4.00 | &nbsp;&nbsp; 7-1-2037 | 500000 | &nbsp;&nbsp; 495911 |
| Birmingham Airport Authority (BAM Insured) | 4.00 | &nbsp;&nbsp; 7-1-2038 | 400000 | &nbsp;&nbsp; 390620 |
| Birmingham Airport Authority (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-1-2029 | 750000 | &nbsp;&nbsp; 811809 |
| Birmingham Airport Authority (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-1-2030 | 500000 | &nbsp;&nbsp; 549141 |
| Birmingham Airport Authority (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-1-2032 | 600000 | &nbsp;&nbsp; 652671 |
| Birmingham Airport Authority (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-1-2033 | 650000 | &nbsp;&nbsp; 703760 |
|  |  |  |  | &nbsp;&nbsp; **4106544** |
| **Education revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; Homewood Educational Building Authority CHF - Horizons II LLC <br> Series C<br>| 5.50 | &nbsp;&nbsp; 10-1-2054 | 6700000 | &nbsp;&nbsp; 6759964 |
| &nbsp;&nbsp; Jacksonville Public Educational Building Authority JSU Foundation <br> Project Series A (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 8-1-2048 | 4500000 | &nbsp;&nbsp; 4526853 |
|  |  |  |  | &nbsp;&nbsp; **11286817** |
| **Health revenue: 0.44%** |  |  |  |  |
| &nbsp;&nbsp; Alabama Special Care Facilities Financing Authority-Birmingham <br> Ascension Health Credit Group Series B<br>| 5.00 | &nbsp;&nbsp; 11-15-2046 | 11000000 | &nbsp;&nbsp; 10864056 |
| Health Care Authority for Baptist Health Series A | 5.00 | &nbsp;&nbsp; 11-15-2031 | 11970000 | &nbsp;&nbsp; 12858629 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> BAML5052 (Bank of America N.A. LOC, Bank of America N.A. <br> LIQ)144Aø<br>| 4.19 | &nbsp;&nbsp; 9-1-2037 | 9200000 | &nbsp;&nbsp; 9200000 |
| UAB Medicine Finance Authority Obligated Group Series B | 5.00 | &nbsp;&nbsp; 9-1-2034 | 1000000 | &nbsp;&nbsp; 1055297 |
| UAB Medicine Finance Authority Obligated Group Series B | 5.00 | &nbsp;&nbsp; 9-1-2035 | 1000000 | &nbsp;&nbsp; 1048960 |
|  |  |  |  | &nbsp;&nbsp; **35026942** |
| **Housing revenue: 0.09%** |  |  |  |  |
| Huntsville Public Building Authority | 5.00 | &nbsp;&nbsp; 2-1-2052 | 7000000 | &nbsp;&nbsp; **7120016** |
| **Industrial development revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Selma Industrial Development Board International Paper Co. <br> Series A<br>| 4.20 | &nbsp;&nbsp; 5-1-2034 | 5000000 | &nbsp;&nbsp; **5051166** |
| **Tax revenue: 0.13%** |  |  |  |  |
| Birmingham-Jefferson Civic Center Authority Series A | 5.00 | &nbsp;&nbsp; 7-1-2048 | 10000000 | &nbsp;&nbsp; **10010560** |
| **Utilities revenue: 3.12%** |  |  |  |  |
| Black Belt Energy Gas Districtøø | 4.00 | &nbsp;&nbsp; 6-1-2051 | 5500000 | &nbsp;&nbsp; 5565661 |
| Black Belt Energy Gas District Series Aøø | 5.25 | &nbsp;&nbsp; 5-1-2055 | 2000000 | &nbsp;&nbsp; 2079691 |
| Black Belt Energy Gas District Series Cøø | 5.00 | &nbsp;&nbsp; 5-1-2055 | 22750000 | &nbsp;&nbsp; 23829128 |
| Black Belt Energy Gas District Series Cøø | 5.50 | &nbsp;&nbsp; 10-1-2054 | 4750000 | &nbsp;&nbsp; 5127286 |
| Black Belt Energy Gas District Series C-1øø | 5.25 | &nbsp;&nbsp; 2-1-2053 | 23000000 | &nbsp;&nbsp; 24187099 |
| Lower Alabama Gas Districtøø | 4.00 | &nbsp;&nbsp; 12-1-2050 | 20590000 | &nbsp;&nbsp; 20627074 |
| Southeast Alabama Gas Supply District Project No. 1 Series Aøø | 5.00 | &nbsp;&nbsp; 8-1-2054 | 16000000 | &nbsp;&nbsp; 16822162 |
| Southeast Alabama Gas Supply District Project No. 2øø | 5.00 | &nbsp;&nbsp; 6-1-2049 | 20000000 | &nbsp;&nbsp; 21083608 |

---

The accompanying notes are an integral part of these financial statements.

2 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 1 <br> Series Aøø<br>| 4.00<br> %<br>| &nbsp;&nbsp; 11-1-2051 | $2465000 | &nbsp;&nbsp; $2472471 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 2 <br> Series Bøø<br>| 4.00 | &nbsp;&nbsp; 12-1-2051 | 3000000 | &nbsp;&nbsp; 2965106 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 5 <br> Series Aøø<br>| 5.25 | &nbsp;&nbsp; 1-1-2054 | 25000000 | &nbsp;&nbsp; 26223237 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 6 <br> Series B (Royal Bank of Canada LIQ)øø<br>| 5.00 | &nbsp;&nbsp; 1-1-2054 | 18000000 | &nbsp;&nbsp; 18960547 |
| Southeast Energy Authority A Cooperative District Series Aøø | 5.00 | &nbsp;&nbsp; 1-1-2056 | 9000000 | &nbsp;&nbsp; 9182960 |
| Southeast Energy Authority A Cooperative District Series Cøø | 5.00 | &nbsp;&nbsp; 10-1-2055 | 12000000 | &nbsp;&nbsp; 12646188 |
| Southeast Energy Authority A Cooperative District Series Føø | 5.25 | &nbsp;&nbsp; 11-1-2055 | 45000000 | &nbsp;&nbsp; 48373920 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XL0560 (Morgan Stanley Bank LIQ)144Aø<br>| 2.02 | &nbsp;&nbsp; 5-1-2055 | 3360000 | &nbsp;&nbsp; 3360000 |
| &nbsp;&nbsp; West Jefferson Industrial Development Board Alabama Power Co. <br> AMTø<br>| 2.50 | &nbsp;&nbsp; 8-1-2063 | 3000000 | &nbsp;&nbsp; 3000000 |
|  |  |  |  | &nbsp;&nbsp; **246506138** |
| **Water & sewer revenue: 0.03%** |  |  |  |  |
| Madison Water & Wastewater Board | 5.25 | &nbsp;&nbsp; 12-1-2053 | 2500000 | &nbsp;&nbsp; **2611153** |
|  |  |  |  | &nbsp;&nbsp; **321719336** |
| **Alaska: 0.05%** |  |  |  |  |
| **Health revenue: 0.05%** |  |  |  |  |
| &nbsp;&nbsp; Alaska Industrial Development & Export Authority Dena' Nena' <br> Henash Series A<br>| 4.00 | &nbsp;&nbsp; 10-1-2036 | 2000000 | &nbsp;&nbsp; 1939270 |
| &nbsp;&nbsp; Alaska Industrial Development & Export Authority Dena' Nena' <br> Henash Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2033 | 1930000 | &nbsp;&nbsp; 2020258 |
|  |  |  |  | &nbsp;&nbsp; **3959528** |
| **Arizona: 1.02%** |  |  |  |  |
| **Education revenue: 0.16%** |  |  |  |  |
| &nbsp;&nbsp; IDA of the County of Pima American Leadership Academy, Inc. <br> Series 2022144A<br>| 4.00 | &nbsp;&nbsp; 6-15-2029 | 2905000 | &nbsp;&nbsp; 2873605 |
| &nbsp;&nbsp; IDA of the County of Pima American Leadership Academy, Inc. <br> Series 2022144A<br>| 4.00 | &nbsp;&nbsp; 6-15-2041 | 3195000 | &nbsp;&nbsp; 2697800 |
| IDA of the County of Pima Noah Webster Schools-Mesa Series A | 7.00 | &nbsp;&nbsp; 12-15-2043 | 3225000 | &nbsp;&nbsp; 3226828 |
| La Paz County IDA Imagine Desert West Middle, Inc. Series A144A | 5.75 | &nbsp;&nbsp; 6-15-2038 | 1085000 | &nbsp;&nbsp; 1044062 |
| La Paz County IDA Imagine Desert West Middle, Inc. Series A144A | 5.88 | &nbsp;&nbsp; 6-15-2048 | 2435000 | &nbsp;&nbsp; 2232957 |
| Sierra Vista IDA American Leadership Academy, Inc.144A | 5.00 | &nbsp;&nbsp; 6-15-2044 | 1000000 | &nbsp;&nbsp; 954383 |
|  |  |  |  | &nbsp;&nbsp; **13029635** |
| **GO revenue: 0.05%** |  |  |  |  |
| Maricopa County Special Health Care District Series D | 4.00 | &nbsp;&nbsp; 7-1-2035 | 3500000 | &nbsp;&nbsp; **3543452** |
| **Health revenue: 0.18%** |  |  |  |  |
| Maricopa County IDA Banner Health Obligated Group Series A | 4.00 | &nbsp;&nbsp; 1-1-2041 | 15750000 | &nbsp;&nbsp; **14306746** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 3

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; City of Phoenix Civic Improvement Corp. Airport Revenue Series B <br> AMT<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2044 | $5570000 | &nbsp;&nbsp; **$5573415** |
| **Industrial development revenue: 0.12%** |  |  |  |  |
| Chandler IDA Intel Corp. AMTøø | 4.00 | &nbsp;&nbsp; 6-1-2049 | 5000000 | &nbsp;&nbsp; 4988171 |
| Maricopa County IDA Commercial Metals Co. AMT144A | 4.00 | &nbsp;&nbsp; 10-15-2047 | 4000000 | &nbsp;&nbsp; 3320406 |
| &nbsp;&nbsp; Maricopa County Pollution Control Corp. Southern California Edison <br> Co.<br>| 2.40 | &nbsp;&nbsp; 6-1-2035 | 1000000 | &nbsp;&nbsp; 798915 |
|  |  |  |  | &nbsp;&nbsp; **9107492** |
| **Miscellaneous revenue: 0.42%** |  |  |  |  |
| City of Phoenix Civic Improvement Corp. Airport Revenue Series D | 4.00 | &nbsp;&nbsp; 7-1-2040 | 3000000 | &nbsp;&nbsp; 2902026 |
| &nbsp;&nbsp; City of Phoenix Civic Improvement Corp. Excise Tax Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2034 | 13875000 | &nbsp;&nbsp; 13890629 |
| City of Phoenix Civic Improvement Corp. Water System Revenue | 5.00 | &nbsp;&nbsp; 7-1-2034 | 8805000 | &nbsp;&nbsp; 8938919 |
| Navajo Nation Series A144A | 5.50 | &nbsp;&nbsp; 12-1-2030 | 7275000 | &nbsp;&nbsp; 7312646 |
|  |  |  |  | &nbsp;&nbsp; **33044220** |
| **Water & sewer revenue: 0.02%** |  |  |  |  |
| City of Mesa Utility System Revenue | 4.00 | &nbsp;&nbsp; 7-1-2042 | 1000000 | &nbsp;&nbsp; 938383 |
| City of Mesa Utility System Revenue | 4.00 | &nbsp;&nbsp; 7-1-2043 | 1000000 | &nbsp;&nbsp; 931157 |
|  |  |  |  | &nbsp;&nbsp; **1869540** |
|  |  |  |  | &nbsp;&nbsp; **80474500** |
| **Arkansas: 0.03%** |  |  |  |  |
| **Miscellaneous revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; Arkansas Development Finance Authority Public Safety Charges <br> Revenue Division of Emergency Management Project<br>| 4.00 | &nbsp;&nbsp; 6-1-2038 | 1170000 | &nbsp;&nbsp; 1148549 |
| &nbsp;&nbsp; Arkansas Development Finance Authority Public Safety Charges <br> Revenue Division of Emergency Management Project<br>| 4.00 | &nbsp;&nbsp; 6-1-2039 | 1000000 | &nbsp;&nbsp; 968875 |
| &nbsp;&nbsp; Arkansas Development Finance Authority Public Safety Charges <br> Revenue Division of Emergency Management Project<br>| 4.00 | &nbsp;&nbsp; 6-1-2040 | 500000 | &nbsp;&nbsp; 472273 |
|  |  |  |  | &nbsp;&nbsp; **2589697** |
| **California: 5.72%** |  |  |  |  |
| **Airport revenue: 1.59%** |  |  |  |  |
| &nbsp;&nbsp; Burbank-Glendale-Pasadena Airport Authority Brick Campaign <br> Series B AMT<br>| 5.25 | &nbsp;&nbsp; 7-1-2054 | 6500000 | &nbsp;&nbsp; 6584111 |
| City of Los Angeles Department of Airports Series A AMT | 5.00 | &nbsp;&nbsp; 5-15-2034 | 1465000 | &nbsp;&nbsp; 1502540 |
| City of Los Angeles Department of Airports Series A AMT | 5.25 | &nbsp;&nbsp; 5-15-2041 | 2500000 | &nbsp;&nbsp; 2592274 |
| City of Los Angeles Department of Airports Series A AMT | 5.25 | &nbsp;&nbsp; 5-15-2042 | 2000000 | &nbsp;&nbsp; 2058914 |
| City of Los Angeles Department of Airports Series A AMT | 5.25 | &nbsp;&nbsp; 5-15-2048 | 18000000 | &nbsp;&nbsp; 18139630 |
| City of Los Angeles Department of Airports Series B AMT | 5.00 | &nbsp;&nbsp; 5-15-2034 | 1750000 | &nbsp;&nbsp; 1762166 |
| City of Los Angeles Department of Airports Series B AMT | 5.00 | &nbsp;&nbsp; 5-15-2046 | 9000000 | &nbsp;&nbsp; 8879463 |
| City of Los Angeles Department of Airports Series G AMT | 5.25 | &nbsp;&nbsp; 5-15-2047 | 3000000 | &nbsp;&nbsp; 3032093 |
| City of Los Angeles Department of Airports Series H AMT | 5.00 | &nbsp;&nbsp; 5-15-2047 | 1750000 | &nbsp;&nbsp; 1749802 |
| City of Los Angeles Department of Airports Series H AMT | 5.50 | &nbsp;&nbsp; 5-15-2047 | 5000000 | &nbsp;&nbsp; 5151051 |
| Port of Oakland Series H AMT | 5.00 | &nbsp;&nbsp; 5-1-2026 | 2500000 | &nbsp;&nbsp; 2536029 |

---

The accompanying notes are an integral part of these financial statements.

4 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airport revenue**(continued) |  |  |  |  |
| Port of Oakland Series H AMT | 5.00<br> %<br>| &nbsp;&nbsp; 5-1-2029 | $1875000 | &nbsp;&nbsp; $1982203 |
| San Diego County Regional Airport Authority Series B AMT%% | 5.25 | &nbsp;&nbsp; 7-1-2037 | 2500000 | &nbsp;&nbsp; 2736282 |
| San Diego County Regional Airport Authority Series B AMT%% | 5.25 | &nbsp;&nbsp; 7-1-2038 | 2500000 | &nbsp;&nbsp; 2704420 |
| San Diego County Regional Airport Authority Series B AMT%% | 5.25 | &nbsp;&nbsp; 7-1-2039 | 5345000 | &nbsp;&nbsp; 5732010 |
| San Diego County Regional Airport Authority Series B AMT%% | 5.25 | &nbsp;&nbsp; 7-1-2040 | 3600000 | &nbsp;&nbsp; 3836658 |
| &nbsp;&nbsp; San Francisco City & County Airport Commission San Francisco <br> International Airport Series A AMT<br>| 5.25 | &nbsp;&nbsp; 5-1-2042 | 6390000 | &nbsp;&nbsp; 6434389 |
| &nbsp;&nbsp; San Francisco City & County Airport Commission San Francisco <br> International Airport Series B AMT<br>| 5.00 | &nbsp;&nbsp; 5-1-2046 | 48630000 | &nbsp;&nbsp; 48040322 |
|  |  |  |  | &nbsp;&nbsp; **125454357** |
| **Education revenue: 0.01%** |  |  |  |  |
| &nbsp;&nbsp; California School Finance Authority Aspire Public Schools Obligated <br> Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 8-1-2042 | 1000000 | &nbsp;&nbsp; **970291** |
| **GO revenue: 0.80%** |  |  |  |  |
| Alhambra Unified School District Series B CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2031 | 9675000 | &nbsp;&nbsp; 7959505 |
| Alhambra Unified School District Series B CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2032 | 3795000 | &nbsp;&nbsp; 3012610 |
| Alhambra Unified School District Series B CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2034 | 5000000 | &nbsp;&nbsp; 3646708 |
| Alhambra Unified School District Series B CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2035 | 6700000 | &nbsp;&nbsp; 4659818 |
| Colton Joint Unified School District Series B CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2031 | 1000000 | &nbsp;&nbsp; 822023 |
| Colton Joint Unified School District Series B CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2032 | 1000000 | &nbsp;&nbsp; 790525 |
| Colton Joint Unified School District Series B CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2033 | 1000000 | &nbsp;&nbsp; 758314 |
| Compton Community College District Series C CAB¤ | 0.00 | &nbsp;&nbsp; 8-1-2032 | 2515000 | &nbsp;&nbsp; 1995108 |
| Compton Community College District Series C CAB¤ | 0.00 | &nbsp;&nbsp; 8-1-2033 | 2000000 | &nbsp;&nbsp; 1522666 |
| El Monte Union High School District CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 6-1-2030 | 2000000 | &nbsp;&nbsp; 1707125 |
| El Monte Union High School District CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 6-1-2031 | 2000000 | &nbsp;&nbsp; 1646555 |
| El Monte Union High School District CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 6-1-2032 | 1660000 | &nbsp;&nbsp; 1313902 |
| El Monte Union High School District CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 6-1-2033 | 1230000 | &nbsp;&nbsp; 933553 |
| Los Angeles Unified School District Series QRR | 4.00 | &nbsp;&nbsp; 7-1-2049 | 4000000 | &nbsp;&nbsp; 3581017 |
| Ontario Montclair School District (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2028 | 1500000 | &nbsp;&nbsp; 1362677 |
| Ontario Montclair School District (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2030 | 2000000 | &nbsp;&nbsp; 1695441 |
| San Diego Unified School District Series C CAB¤ | 0.00 | &nbsp;&nbsp; 7-1-2031 | 2000000 | &nbsp;&nbsp; 1659041 |
| San Diego Unified School District Series C CAB¤ | 0.00 | &nbsp;&nbsp; 7-1-2033 | 1000000 | &nbsp;&nbsp; 767051 |
| San Diego Unified School District Series C CAB¤ | 0.00 | &nbsp;&nbsp; 7-1-2034 | 2000000 | &nbsp;&nbsp; 1469515 |
| San Diego Unified School District Series I | 4.00 | &nbsp;&nbsp; 7-1-2047 | 12000000 | &nbsp;&nbsp; 10816908 |
| State of California | 4.00 | &nbsp;&nbsp; 8-1-2038 | 4800000 | &nbsp;&nbsp; 4707734 |
| Whittier City School District Series C | 5.25 | &nbsp;&nbsp; 8-1-2046 | 4850000 | &nbsp;&nbsp; 4945291 |
| Wiseburn School District Series B CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 8-1-2034 | 2530000 | &nbsp;&nbsp; 1850538 |
|  |  |  |  | &nbsp;&nbsp; **63623625** |
| **Health revenue: 0.40%** |  |  |  |  |
| California HFFA Kaiser Foundation Hospitals Series A-2 | 4.00 | &nbsp;&nbsp; 11-1-2044 | 10000000 | &nbsp;&nbsp; 8980084 |
| California HFFA Sutter Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 11-15-2048 | 3000000 | &nbsp;&nbsp; 2972854 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 5

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; California Statewide CDA CommonSpirit Health Obligated Group <br> Series E (AG Insured)€<br>| 6.00<br> %<br>| &nbsp;&nbsp; 7-1-2040 | $11775000 | &nbsp;&nbsp; $11775000 |
| &nbsp;&nbsp; Regents of the University of California Medical Center Pooled <br> Revenue Series L<br>| 4.00 | &nbsp;&nbsp; 5-15-2037 | 7525000 | &nbsp;&nbsp; 7492115 |
|  |  |  |  | &nbsp;&nbsp; **31220053** |
| **Housing revenue: 0.37%** |  |  |  |  |
| California Housing Finance Agency Class A Series 2 | 4.00 | &nbsp;&nbsp; 3-20-2033 | 2805905 | &nbsp;&nbsp; 2808909 |
| &nbsp;&nbsp; California Statewide CDA Community Improvement Authority <br> Pasadena Portfolio Series B144A<br>| 4.00 | &nbsp;&nbsp; 12-1-2056 | 1500000 | &nbsp;&nbsp; 1089567 |
| Ontario PFA Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 11-1-2047 | 2750000 | &nbsp;&nbsp; 2814477 |
| Pasadena PFA Series A CAB¤ | 0.00 | &nbsp;&nbsp; 3-1-2027 | 2095000 | &nbsp;&nbsp; 1993524 |
| Pasadena PFA Series A CAB¤ | 0.00 | &nbsp;&nbsp; 3-1-2028 | 4450000 | &nbsp;&nbsp; 4107847 |
| Pasadena PFA Series A CAB¤ | 0.00 | &nbsp;&nbsp; 3-1-2029 | 4520000 | &nbsp;&nbsp; 4037794 |
| Pasadena PFA Series A CAB¤ | 0.00 | &nbsp;&nbsp; 3-1-2031 | 2185000 | &nbsp;&nbsp; 1822543 |
| Pasadena PFA Series A CAB¤ | 0.00 | &nbsp;&nbsp; 3-1-2032 | 2000000 | &nbsp;&nbsp; 1606363 |
| Pasadena PFA Series A CAB¤ | 0.00 | &nbsp;&nbsp; 3-1-2033 | 4295000 | &nbsp;&nbsp; 3312319 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series BAML6044 <br> (Bank of America N.A. LOC, Bank of America N.A. LIQ)144Aø<br>| 4.10 | &nbsp;&nbsp; 2-1-2055 | 6000000 | &nbsp;&nbsp; 6000000 |
|  |  |  |  | &nbsp;&nbsp; **29593343** |
| **Miscellaneous revenue: 0.21%** |  |  |  |  |
| City of Los Angeles%% | 5.00 | &nbsp;&nbsp; 6-25-2026 | 5000000 | &nbsp;&nbsp; 5100800 |
| Hayward Unified School District COP | 5.25 | &nbsp;&nbsp; 8-1-2047 | 5000000 | &nbsp;&nbsp; 5056373 |
| Mesa Water District COP | 4.00 | &nbsp;&nbsp; 3-15-2039 | 500000 | &nbsp;&nbsp; 505367 |
| Mesa Water District COP | 4.00 | &nbsp;&nbsp; 3-15-2040 | 500000 | &nbsp;&nbsp; 502142 |
| Mesa Water District COP | 4.00 | &nbsp;&nbsp; 3-15-2045 | 1200000 | &nbsp;&nbsp; 1137061 |
| &nbsp;&nbsp; Southern California Public Power Authority Anaheim Electric <br> System Revenue Series Bøø<br>| 3.70 | &nbsp;&nbsp; 7-1-2040 | 4000000 | &nbsp;&nbsp; 3999066 |
|  |  |  |  | &nbsp;&nbsp; **16300809** |
| **Resource recovery revenue: 0.25%** |  |  |  |  |
| &nbsp;&nbsp; California Municipal Finance Authority Waste Management, Inc. <br> Series A AMTøø<br>| 3.95 | &nbsp;&nbsp; 11-1-2046 | 10000000 | &nbsp;&nbsp; 10000331 |
| California PCFA Republic Services, Inc. Series A-1 AMT144Aøø | 4.25 | &nbsp;&nbsp; 11-1-2042 | 10000000 | &nbsp;&nbsp; 10001775 |
|  |  |  |  | &nbsp;&nbsp; **20002106** |
| **Tax revenue: 0.01%** |  |  |  |  |
| San Diego County Regional Transportation Commission Series A | 5.00 | &nbsp;&nbsp; 4-1-2048 | 915000 | &nbsp;&nbsp; **917723** |
| **Tobacco revenue: 0.01%** |  |  |  |  |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Los Angeles <br> County Securitization Corp. Series A<br>| 4.00 | &nbsp;&nbsp; 6-1-2039 | 500000 | &nbsp;&nbsp; 469324 |
| &nbsp;&nbsp; California County Tobacco Securitization Agency Los Angeles <br> County Securitization Corp. Series A<br>| 4.00 | &nbsp;&nbsp; 6-1-2040 | 300000 | &nbsp;&nbsp; 277928 |
|  |  |  |  | &nbsp;&nbsp; **747252** |

---

The accompanying notes are an integral part of these financial statements.

6 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue: 0.40%** |  |  |  |  |
| Bay Area Toll Authority Series A (SIFMA Municipal Swap+1.25%)± | 3.17<br> %<br>| &nbsp;&nbsp; 4-1-2036 | $23545000 | &nbsp;&nbsp; $23375794 |
| Foothill-Eastern Transportation Corridor Agency Series C | 4.00 | &nbsp;&nbsp; 1-15-2043 | 8500000 | &nbsp;&nbsp; 8065697 |
|  |  |  |  | &nbsp;&nbsp; **31441491** |
| **Utilities revenue: 1.56%** |  |  |  |  |
| &nbsp;&nbsp; California Community Choice Financing Authority Clean Energy <br> Project Series B-1øø<br>| 5.00 | &nbsp;&nbsp; 7-1-2053 | 15000000 | &nbsp;&nbsp; 15655477 |
| California Community Choice Financing Authority Series 2024Høø | 5.00 | &nbsp;&nbsp; 1-1-2056 | 6000000 | &nbsp;&nbsp; 6432066 |
| California Community Choice Financing Authority Series B-1øø | 4.00 | &nbsp;&nbsp; 2-1-2052 | 2360000 | &nbsp;&nbsp; 2345643 |
| California Community Choice Financing Authority Series Cøø | 5.25 | &nbsp;&nbsp; 1-1-2054 | 15000000 | &nbsp;&nbsp; 15718824 |
| California Community Choice Financing Authority Series Føø | 5.50 | &nbsp;&nbsp; 10-1-2054 | 11435000 | &nbsp;&nbsp; 12260540 |
| California Community Choice Financing Authority Series Gøø | 5.00 | &nbsp;&nbsp; 11-1-2055 | 5000000 | &nbsp;&nbsp; 5159194 |
| Central Valley Energy Authorityøø | 5.00 | &nbsp;&nbsp; 12-1-2055 | 14000000 | &nbsp;&nbsp; 14922512 |
| City of Vernon Electric System Revenue Series 2022-A | 5.00 | &nbsp;&nbsp; 8-1-2039 | 450000 | &nbsp;&nbsp; 463556 |
| City of Vernon Electric System Revenue Series 2022-A | 5.00 | &nbsp;&nbsp; 8-1-2040 | 375000 | &nbsp;&nbsp; 383280 |
| City of Vernon Electric System Revenue Series 2022-A | 5.00 | &nbsp;&nbsp; 8-1-2041 | 420000 | &nbsp;&nbsp; 425672 |
| City of Victorville Electric Revenue Series A | 5.00 | &nbsp;&nbsp; 5-1-2036 | 1210000 | &nbsp;&nbsp; 1317797 |
| City of Victorville Electric Revenue Series A | 5.00 | &nbsp;&nbsp; 5-1-2037 | 1005000 | &nbsp;&nbsp; 1087296 |
| &nbsp;&nbsp; Los Angeles Department of Water & Power System Revenue <br> Series A (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 7-1-2044 | 1250000 | &nbsp;&nbsp; 1322728 |
| &nbsp;&nbsp; Los Angeles Department of Water & Power System Revenue <br> Series A-6 (Bank of America N.A. SPA)ø<br>| 3.85 | &nbsp;&nbsp; 7-1-2035 | 9400000 | &nbsp;&nbsp; 9400000 |
| &nbsp;&nbsp; Los Angeles Department of Water & Power System Revenue <br> Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2031 | 5000000 | &nbsp;&nbsp; 5433285 |
| &nbsp;&nbsp; Los Angeles Department of Water & Power System Revenue <br> Series F-1 (JPMorgan Chase Bank N.A. SPA)ø<br>| 3.00 | &nbsp;&nbsp; 7-1-2048 | 10000000 | &nbsp;&nbsp; 10000000 |
| M-S-R Energy Authority Series B | 6.13 | &nbsp;&nbsp; 11-1-2029 | 11895000 | &nbsp;&nbsp; 12544901 |
| San Joaquin Valley Clean Energy Authority Series Aøø | 5.50 | &nbsp;&nbsp; 1-1-2056 | 4000000 | &nbsp;&nbsp; 4386756 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XF1635 (Royal Bank of Canada LOC, Royal Bank of Canada <br> LIQ)144Aø<br>| 1.94 | &nbsp;&nbsp; 10-1-2028 | 3700000 | &nbsp;&nbsp; 3700000 |
|  |  |  |  | &nbsp;&nbsp; **122959527** |
| **Water & sewer revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; Irvine Ranch Water District Water Service Corp. Series A (Bank of <br> America N.A. LOC)ø<br>| 2.20 | &nbsp;&nbsp; 10-1-2041 | 2800000 | &nbsp;&nbsp; 2800000 |
| &nbsp;&nbsp; Los Angeles Department of Water & Power Water System Revenue <br> Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2048 | 4000000 | &nbsp;&nbsp; 3987952 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XF1956 <br> (Bank of America N.A. LIQ)144Aø<br>| 4.10 | &nbsp;&nbsp; 6-1-2054 | 2250000 | &nbsp;&nbsp; 2250000 |
|  |  |  |  | &nbsp;&nbsp; **9037952** |
|  |  |  |  | &nbsp;&nbsp; **452268529** |
| **Colorado: 4.39%** |  |  |  |  |
| **Airport revenue: 0.49%** |  |  |  |  |
| City & County of Denver Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 12-1-2027 | 10000000 | &nbsp;&nbsp; 10403378 |
| City & County of Denver Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 12-1-2034 | 21855000 | &nbsp;&nbsp; 23079775 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 7

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airport revenue**(continued) |  |  |  |  |
| City & County of Denver Airport System Revenue Series A AMT | 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2037 | $3130000 | &nbsp;&nbsp; $3165175 |
| City & County of Denver Airport System Revenue Series B | 5.25 | &nbsp;&nbsp; 11-15-2053 | 2000000 | &nbsp;&nbsp; 2060699 |
|  |  |  |  | &nbsp;&nbsp; **38709027** |
| **Education revenue: 0.14%** |  |  |  |  |
| Colorado ECFA Alexander Dawson School LLC | 5.00 | &nbsp;&nbsp; 2-15-2040 | 1000000 | &nbsp;&nbsp; 1000951 |
| Colorado ECFA Aspen Ridge Preparatory School, Inc.144A | 4.13 | &nbsp;&nbsp; 7-1-2026 | 130000 | &nbsp;&nbsp; 129856 |
| Colorado ECFA Ben Franklin Academy | 5.00 | &nbsp;&nbsp; 7-1-2036 | 750000 | &nbsp;&nbsp; 750429 |
| Colorado ECFA Community Leadership Academy, Inc. | 7.00 | &nbsp;&nbsp; 8-1-2033 | 885000 | &nbsp;&nbsp; 886927 |
| Colorado ECFA DCS Montessori Charter School | 5.00 | &nbsp;&nbsp; 7-15-2037 | 1150000 | &nbsp;&nbsp; 1151058 |
| Colorado ECFA New Summit Academy Series A144A | 4.00 | &nbsp;&nbsp; 7-1-2051 | 715000 | &nbsp;&nbsp; 513283 |
| Colorado ECFA Prospect Ridge Academy Series A | 5.00 | &nbsp;&nbsp; 3-15-2035 | 2000000 | &nbsp;&nbsp; 2074551 |
| Colorado ECFA Twin Peaks Charter Academy Series A | 6.50 | &nbsp;&nbsp; 3-15-2043 | 1290000 | &nbsp;&nbsp; 1244501 |
| Colorado ECFA Union Colony Schools | 5.00 | &nbsp;&nbsp; 4-1-2048 | 715000 | &nbsp;&nbsp; 694674 |
| Colorado ECFA University Laboratory School144A | 5.00 | &nbsp;&nbsp; 12-15-2028 | 600000 | &nbsp;&nbsp; 602542 |
| Colorado School of Mines Series A (AG Insured) | 5.25 | &nbsp;&nbsp; 12-1-2047 | 1730000 | &nbsp;&nbsp; 1798771 |
|  |  |  |  | &nbsp;&nbsp; **10847543** |
| **GO revenue: 0.46%** |  |  |  |  |
| Aerotropolis Regional Transportation Authority144A | 5.50 | &nbsp;&nbsp; 12-1-2044 | 6500000 | &nbsp;&nbsp; 6283085 |
| Baseline Metropolitan District No. 1 Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2049 | 1500000 | &nbsp;&nbsp; 1528951 |
| Broadway Station Metropolitan District No. 3 Series A | 5.00 | &nbsp;&nbsp; 12-1-2049 | 1250000 | &nbsp;&nbsp; 929265 |
| Canyons Metropolitan District No. 5 Series A (BAM Insured) | 5.25 | &nbsp;&nbsp; 12-1-2059 | 2000000 | &nbsp;&nbsp; 2000838 |
| Colorado International Center Metropolitan District No. 3 | 4.63 | &nbsp;&nbsp; 12-1-2031 | 367000 | &nbsp;&nbsp; 352646 |
| Cornerstar Metropolitan District Series A | 5.25 | &nbsp;&nbsp; 12-1-2047 | 1000000 | &nbsp;&nbsp; 925438 |
| Grand River Hospital District (AG Insured) | 5.25 | &nbsp;&nbsp; 12-1-2035 | 1750000 | &nbsp;&nbsp; 1806613 |
| Midtown Clear Creek Metropolitan District Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2053 | 3000000 | &nbsp;&nbsp; 3078547 |
| Park 70 Metropolitan District | 5.00 | &nbsp;&nbsp; 12-1-2046 | 1000000 | &nbsp;&nbsp; 941581 |
| Thompson Crossing Metropolitan District No. 4 | 5.00 | &nbsp;&nbsp; 12-1-2049 | 2125000 | &nbsp;&nbsp; 1912581 |
| Weld County School District No. RE-4 | 5.25 | &nbsp;&nbsp; 12-1-2047 | 13000000 | &nbsp;&nbsp; 13558251 |
| Wheatlands Metropolitan District (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2030 | 650000 | &nbsp;&nbsp; 654612 |
| &nbsp;&nbsp; Wiggins School District No. RE-50J Adams Morgan & Weld Counties <br> (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 12-1-2046 | 2335000 | &nbsp;&nbsp; 2086591 |
|  |  |  |  | &nbsp;&nbsp; **36058999** |
| **Health revenue: 1.15%** |  |  |  |  |
| Aspen Valley Hospital District | 5.00 | &nbsp;&nbsp; 10-15-2033 | 600000 | &nbsp;&nbsp; 600210 |
| &nbsp;&nbsp; Colorado Health Facilities Authority AdventHealth Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2043 | 5500000 | &nbsp;&nbsp; 4908709 |
| &nbsp;&nbsp; Colorado Health Facilities Authority AdventHealth Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2048 | 5000000 | &nbsp;&nbsp; 4298956 |
| &nbsp;&nbsp; Colorado Health Facilities Authority Christian Living Neighborhoods <br> Obligated Group<br>| 4.00 | &nbsp;&nbsp; 1-1-2042 | 1000000 | &nbsp;&nbsp; 852403 |
| &nbsp;&nbsp; Colorado Health Facilities Authority CommonSpirit Health <br> Obligated Group Series A-2<br>| 5.00 | &nbsp;&nbsp; 8-1-2044 | 4000000 | &nbsp;&nbsp; 3939436 |
| &nbsp;&nbsp; Colorado Health Facilities Authority Intermountain Healthcare <br> Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 5-15-2052 | 25000000 | &nbsp;&nbsp; 21580735 |

---

The accompanying notes are an integral part of these financial statements.

8 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Colorado Health Facilities Authority Intermountain Healthcare <br> Obligated Group Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 5-15-2054 | $19355000 | &nbsp;&nbsp; $19411031 |
| &nbsp;&nbsp; Colorado Health Facilities Authority Parkview Medical Center <br> Project Series A<br>| 4.00 | &nbsp;&nbsp; 9-1-2045 | 500000 | &nbsp;&nbsp; 527718 |
| &nbsp;&nbsp; Colorado Health Facilities Authority Sanford Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2039 | 5000000 | &nbsp;&nbsp; 5110637 |
| &nbsp;&nbsp; Colorado Health Facilities Authority Sanford Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2044 | 8000000 | &nbsp;&nbsp; 7921654 |
| &nbsp;&nbsp; Colorado Health Facilities Authority Sunny Vista Living Center <br> Obligated Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 12-1-2025 | 290000 | &nbsp;&nbsp; 274437 |
| Denver Health & Hospital Authority Series A144A | 5.00 | &nbsp;&nbsp; 12-1-2034 | 500000 | &nbsp;&nbsp; 506490 |
| &nbsp;&nbsp; University of Colorado Hospital Authority Health Obligated Group <br> Series C (TD Bank N.A. SPA)ø<br>| 3.95 | &nbsp;&nbsp; 11-15-2039 | 21050000 | &nbsp;&nbsp; 21050000 |
|  |  |  |  | &nbsp;&nbsp; **90982416** |
| **Miscellaneous revenue: 0.76%** |  |  |  |  |
| City of Westminster Series A COP | 5.00 | &nbsp;&nbsp; 12-1-2035 | 2000000 | &nbsp;&nbsp; 2011377 |
| Colorado Bridge Enterprise High Performance Transportation AMT | 4.00 | &nbsp;&nbsp; 12-31-2029 | 2705000 | &nbsp;&nbsp; 2717360 |
| Colorado Bridge Enterprise High Performance Transportation AMT | 4.00 | &nbsp;&nbsp; 6-30-2030 | 3115000 | &nbsp;&nbsp; 3126374 |
| Colorado Bridge Enterprise High Performance Transportation AMT | 4.00 | &nbsp;&nbsp; 6-30-2031 | 665000 | &nbsp;&nbsp; 666357 |
| Denver City & County School District No. 1 Series B COP | 5.00 | &nbsp;&nbsp; 12-15-2035 | 1000000 | &nbsp;&nbsp; 1006152 |
| Denver City & County School District No. 1 Series B COP | 5.00 | &nbsp;&nbsp; 12-15-2045 | 1200000 | &nbsp;&nbsp; 1201987 |
| E-470 Public Highway Authority Series A CAB (NPFGC Insured)¤ | 0.00 | &nbsp;&nbsp; 9-1-2034 | 4000000 | &nbsp;&nbsp; 2818562 |
| &nbsp;&nbsp; Park Creek Metropolitan District Westerly Creek District Service <br> Area Series A<br>| 5.00 | &nbsp;&nbsp; 12-1-2045 | 500000 | &nbsp;&nbsp; 498109 |
| State of Colorado COP | 6.00 | &nbsp;&nbsp; 12-15-2039 | 4225000 | &nbsp;&nbsp; 4780024 |
| State of Colorado COP | 6.00 | &nbsp;&nbsp; 12-15-2041 | 17500000 | &nbsp;&nbsp; 19577514 |
| State of Colorado Series A COP | 4.00 | &nbsp;&nbsp; 12-15-2038 | 8150000 | &nbsp;&nbsp; 7920461 |
| State of Colorado Series A COP | 4.00 | &nbsp;&nbsp; 12-15-2039 | 3250000 | &nbsp;&nbsp; 3102513 |
| State of Colorado Series N COP | 4.00 | &nbsp;&nbsp; 3-15-2043 | 7900000 | &nbsp;&nbsp; 7154001 |
| Westminster Public Schools COP (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2048 | 3500000 | &nbsp;&nbsp; 3504879 |
|  |  |  |  | &nbsp;&nbsp; **60085670** |
| **Tax revenue: 0.73%** |  |  |  |  |
| City & County of Denver Pledged Excise Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 8-1-2044 | 3000000 | &nbsp;&nbsp; 3021788 |
| &nbsp;&nbsp; Regional Transportation District Sales Tax Revenue FasTracks <br> Project Series A##<br>| 5.00 | &nbsp;&nbsp; 11-1-2041 | 50945000 | &nbsp;&nbsp; 51250079 |
| &nbsp;&nbsp; Regional Transportation District Denver Transit Partners LLC <br> Series A<br>| 4.00 | &nbsp;&nbsp; 7-15-2039 | 800000 | &nbsp;&nbsp; 757065 |
| &nbsp;&nbsp; Regional Transportation District Denver Transit Partners LLC <br> Series A<br>| 5.00 | &nbsp;&nbsp; 1-15-2031 | 500000 | &nbsp;&nbsp; 535641 |
| &nbsp;&nbsp; Regional Transportation District Denver Transit Partners LLC <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-15-2031 | 500000 | &nbsp;&nbsp; 534716 |
| &nbsp;&nbsp; Thornton Development Authority East 144th Avenue & I-25 Urban <br> Renewal Area Series B<br>| 5.00 | &nbsp;&nbsp; 12-1-2034 | 1375000 | &nbsp;&nbsp; 1376432 |
|  |  |  |  | &nbsp;&nbsp; **57475721** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 9

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp; Colorado High Performance Transportation Enterprise Plenary <br> Roads Denver LLC AMT<br>| 5.75<br> %<br>| &nbsp;&nbsp; 1-1-2044 | $3360000 | &nbsp;&nbsp; $3361756 |
| E-470 Public Highway Authority Series A | 5.00 | &nbsp;&nbsp; 9-1-2034 | 1300000 | &nbsp;&nbsp; 1400720 |
| E-470 Public Highway Authority Series A | 5.00 | &nbsp;&nbsp; 9-1-2035 | 1250000 | &nbsp;&nbsp; 1336056 |
| E-470 Public Highway Authority Series A | 5.00 | &nbsp;&nbsp; 9-1-2036 | 1400000 | &nbsp;&nbsp; 1488387 |
|  |  |  |  | &nbsp;&nbsp; **7586919** |
| **Utilities revenue: 0.53%** |  |  |  |  |
| City of Colorado Springs Utilities System Revenue Series A | 5.25 | &nbsp;&nbsp; 11-15-2054 | 28125000 | &nbsp;&nbsp; 29330319 |
| Public Authority for Colorado Energy | 6.50 | &nbsp;&nbsp; 11-15-2038 | 10495000 | &nbsp;&nbsp; 12335641 |
|  |  |  |  | &nbsp;&nbsp; **41665960** |
| **Water & sewer revenue: 0.04%** |  |  |  |  |
| Central Weld County Water District (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2035 | 800000 | &nbsp;&nbsp; 812303 |
| Central Weld County Water District (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2037 | 400000 | &nbsp;&nbsp; 399630 |
| Central Weld County Water District (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2038 | 400000 | &nbsp;&nbsp; 392136 |
| Central Weld County Water District (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2039 | 450000 | &nbsp;&nbsp; 436823 |
| Central Weld County Water District (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2040 | 500000 | &nbsp;&nbsp; 475008 |
| City of Boulder Water & Sewer Revenue | 5.00 | &nbsp;&nbsp; 12-1-2043 | 125000 | &nbsp;&nbsp; 133065 |
| East Cherry Creek Valley Water & Sanitation District | 5.00 | &nbsp;&nbsp; 11-15-2032 | 750000 | &nbsp;&nbsp; 754379 |
|  |  |  |  | &nbsp;&nbsp; **3403344** |
|  |  |  |  | &nbsp;&nbsp; **346815599** |
| **Connecticut: 0.92%** |  |  |  |  |
| **Education revenue: 0.28%** |  |  |  |  |
| Connecticut State HEFA Quinnipiac University Series L | 5.00 | &nbsp;&nbsp; 7-1-2036 | 3680000 | &nbsp;&nbsp; 3679774 |
| Connecticut State HEFA Quinnipiac University Series N | 5.00 | &nbsp;&nbsp; 7-1-2048 | 5000000 | &nbsp;&nbsp; 4938552 |
| Connecticut State HEFA Trustees of Trinity College Series R | 4.00 | &nbsp;&nbsp; 6-1-2045 | 2500000 | &nbsp;&nbsp; 2224550 |
| Connecticut State HEFA Trustees of Trinity College Series R | 5.00 | &nbsp;&nbsp; 6-1-2037 | 950000 | &nbsp;&nbsp; 1003614 |
| Connecticut State HEFA Trustees of Trinity College Series R | 5.00 | &nbsp;&nbsp; 6-1-2038 | 1000000 | &nbsp;&nbsp; 1046073 |
| Connecticut State HEFA Trustees of Trinity College Series R | 5.00 | &nbsp;&nbsp; 6-1-2039 | 1600000 | &nbsp;&nbsp; 1662473 |
| Connecticut State HEFA Trustees of Trinity College Series R | 5.00 | &nbsp;&nbsp; 6-1-2040 | 1100000 | &nbsp;&nbsp; 1131142 |
| &nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority <br> Series B AMT<br>| 3.25 | &nbsp;&nbsp; 11-15-2036 | 1175000 | &nbsp;&nbsp; 1059403 |
| &nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority <br> Series B AMT<br>| 5.00 | &nbsp;&nbsp; 11-15-2027 | 610000 | &nbsp;&nbsp; 627596 |
| &nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority <br> Series B AMT<br>| 5.00 | &nbsp;&nbsp; 11-15-2028 | 530000 | &nbsp;&nbsp; 553901 |
| &nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority <br> Series B AMT<br>| 5.00 | &nbsp;&nbsp; 11-15-2029 | 465000 | &nbsp;&nbsp; 485743 |
| University of Connecticut Series A | 5.00 | &nbsp;&nbsp; 2-15-2039 | 1510000 | &nbsp;&nbsp; 1576627 |
| University of Connecticut Series A | 5.00 | &nbsp;&nbsp; 2-15-2040 | 2500000 | &nbsp;&nbsp; 2595234 |
|  |  |  |  | &nbsp;&nbsp; **22584682** |
| **GO revenue: 0.10%** |  |  |  |  |
| City of Bridgeport Series A | 4.00 | &nbsp;&nbsp; 6-1-2039 | 1750000 | &nbsp;&nbsp; 1697968 |
| City of New Britain Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 3-1-2047 | 1855000 | &nbsp;&nbsp; 1882993 |

---

The accompanying notes are an integral part of these financial statements.

10 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| City of New Haven Series A (AG Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 8-1-2039 | $3000000 | &nbsp;&nbsp; $3065932 |
| State of Connecticut Series B | 5.00 | &nbsp;&nbsp; 6-1-2041 | 1250000 | &nbsp;&nbsp; 1299925 |
|  |  |  |  | &nbsp;&nbsp; **7946818** |
| **Health revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; Connecticut State HEFA Children's Medical Center Obligated Group <br> Series E<br>| 5.25 | &nbsp;&nbsp; 7-15-2048 | 3700000 | &nbsp;&nbsp; 3773201 |
| &nbsp;&nbsp; Connecticut State HEFA McLean Affiliates Obligated Group <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 1-1-2045 | 1000000 | &nbsp;&nbsp; 853573 |
| &nbsp;&nbsp; Connecticut State HEFA Stamford Hospital Obligated Group <br> Series M<br>| 5.00 | &nbsp;&nbsp; 7-1-2032 | 2705000 | &nbsp;&nbsp; 2917928 |
| &nbsp;&nbsp; Connecticut State HEFA Stamford Hospital Obligated Group <br> Series M<br>| 5.00 | &nbsp;&nbsp; 7-1-2033 | 3000000 | &nbsp;&nbsp; 3219824 |
|  |  |  |  | &nbsp;&nbsp; **10764526** |
| **Housing revenue: 0.04%** |  |  |  |  |
| Connecticut HFA Series A-3 (Bank of America N.A. SPA)ø | 1.90 | &nbsp;&nbsp; 5-15-2048 | 1300000 | &nbsp;&nbsp; 1300000 |
| Connecticut HFA Series E-3 (State Street Bank & Trust Co. SPA)ø | 1.80 | &nbsp;&nbsp; 11-15-2050 | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  |  |  | &nbsp;&nbsp; **3300000** |
| **Tax revenue: 0.36%** |  |  |  |  |
| State of Connecticut Special Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 5-1-2040 | 1700000 | &nbsp;&nbsp; 1763114 |
| State of Connecticut Special Tax Revenue Series A | 5.25 | &nbsp;&nbsp; 7-1-2043 | 3000000 | &nbsp;&nbsp; 3176843 |
| State of Connecticut Special Tax Revenue Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 5-1-2038 | 5000000 | &nbsp;&nbsp; 5017973 |
| State of Connecticut Special Tax Revenue Series B | 5.00 | &nbsp;&nbsp; 10-1-2036 | 5000000 | &nbsp;&nbsp; 5194636 |
| State of Connecticut Special Tax Revenue Series B | 5.00 | &nbsp;&nbsp; 10-1-2037 | 7500000 | &nbsp;&nbsp; 7758774 |
| State of Connecticut Special Tax Revenue Series D | 4.00 | &nbsp;&nbsp; 11-1-2039 | 2000000 | &nbsp;&nbsp; 1956946 |
| State of Connecticut Special Tax Revenue Series D | 4.00 | &nbsp;&nbsp; 11-1-2040 | 3500000 | &nbsp;&nbsp; 3391696 |
|  |  |  |  | &nbsp;&nbsp; **28259982** |
|  |  |  |  | &nbsp;&nbsp; **72856008** |
| **Delaware: 0.14%** |  |  |  |  |
| **Education revenue: 0.03%** |  |  |  |  |
| County of Kent Charter School, Inc. Series A | 4.00 | &nbsp;&nbsp; 5-1-2041 | 2575000 | &nbsp;&nbsp; **2077422** |
| **Transportation revenue: 0.11%** |  |  |  |  |
| Delaware River & Bay Authority | 4.00 | &nbsp;&nbsp; 1-1-2039 | 650000 | &nbsp;&nbsp; 643240 |
| Delaware River & Bay Authority | 4.00 | &nbsp;&nbsp; 1-1-2040 | 485000 | &nbsp;&nbsp; 473180 |
| Delaware River & Bay Authority | 4.00 | &nbsp;&nbsp; 1-1-2041 | 320000 | &nbsp;&nbsp; 306102 |
| Delaware River & Bay Authority | 4.00 | &nbsp;&nbsp; 1-1-2042 | 550000 | &nbsp;&nbsp; 515317 |
| Delaware River & Bay Authority | 4.00 | &nbsp;&nbsp; 1-1-2046 | 1000000 | &nbsp;&nbsp; 900452 |
| Delaware River & Bay Authority | 5.00 | &nbsp;&nbsp; 1-1-2039 | 450000 | &nbsp;&nbsp; 480014 |
| Delaware River & Bay Authority | 5.00 | &nbsp;&nbsp; 1-1-2040 | 465000 | &nbsp;&nbsp; 492025 |
| Delaware River & Bay Authority | 5.00 | &nbsp;&nbsp; 1-1-2041 | 500000 | &nbsp;&nbsp; 525167 |
| Delaware River & Bay Authority | 5.00 | &nbsp;&nbsp; 1-1-2042 | 520000 | &nbsp;&nbsp; 542891 |
| Delaware Transportation Authority US 301 Project Revenue | 5.00 | &nbsp;&nbsp; 6-1-2055 | 3950000 | &nbsp;&nbsp; 3950291 |
|  |  |  |  | &nbsp;&nbsp; **8828679** |
|  |  |  |  | &nbsp;&nbsp; **10906101** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 11

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **District of Columbia: 0.95%** |  |  |  |  |
| **Airport revenue: 0.28%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 4.00<br> %<br>| &nbsp;&nbsp; 10-1-2038 | $2500000 | &nbsp;&nbsp; $2411405 |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 4.00 | &nbsp;&nbsp; 10-1-2039 | 3405000 | &nbsp;&nbsp; 3239059 |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2031 | 7500000 | &nbsp;&nbsp; 7598497 |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2032 | 5000000 | &nbsp;&nbsp; 5339922 |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.25 | &nbsp;&nbsp; 10-1-2046 | 3890000 | &nbsp;&nbsp; 3966740 |
|  |  |  |  | &nbsp;&nbsp; **22555623** |
| **Education revenue: 0.02%** |  |  |  |  |
| District of Columbia Two Rivers Public Charter School, Inc. | 5.00 | &nbsp;&nbsp; 6-1-2050 | 1500000 | &nbsp;&nbsp; **1347967** |
| **GO revenue: 0.19%** |  |  |  |  |
| District of Columbia Series A | 5.00 | &nbsp;&nbsp; 6-1-2037 | 5000000 | &nbsp;&nbsp; 5098058 |
| District of Columbia Series A | 5.00 | &nbsp;&nbsp; 10-15-2044 | 10000000 | &nbsp;&nbsp; 10118236 |
|  |  |  |  | &nbsp;&nbsp; **15216294** |
| **Health revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; District of Columbia Children's National Medical Center Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 7-15-2044 | 7575000 | &nbsp;&nbsp; **7554562** |
| **Housing revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XX1403 <br> (Barclays Bank plc LIQ)144Aø<br>| 1.95 | &nbsp;&nbsp; 7-15-2053 | 3990000 | &nbsp;&nbsp; 3990000 |
| &nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated Revenue <br> Series A<br>| 4.00 | &nbsp;&nbsp; 7-15-2045 | 1000000 | &nbsp;&nbsp; 890828 |
| &nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated Revenue <br> Series A<br>| 4.00 | &nbsp;&nbsp; 7-15-2046 | 3540000 | &nbsp;&nbsp; 3124628 |
| &nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-15-2054 | 4250000 | &nbsp;&nbsp; 4287087 |
|  |  |  |  | &nbsp;&nbsp; **12292543** |
| **Miscellaneous revenue: 0.03%** |  |  |  |  |
| Washington Convention & Sports Authority Series A | 4.00 | &nbsp;&nbsp; 10-1-2036 | 670000 | &nbsp;&nbsp; 665755 |
| Washington Convention & Sports Authority Series A | 4.00 | &nbsp;&nbsp; 10-1-2037 | 1115000 | &nbsp;&nbsp; 1093195 |
| Washington Convention & Sports Authority Series A | 4.00 | &nbsp;&nbsp; 10-1-2039 | 640000 | &nbsp;&nbsp; 601787 |
|  |  |  |  | &nbsp;&nbsp; **2360737** |
| **Tax revenue: 0.08%** |  |  |  |  |
| District of Columbia Income Tax Revenue Series A | 5.25 | &nbsp;&nbsp; 5-1-2048 | 3000000 | &nbsp;&nbsp; 3114589 |
| Washington Convention & Sports Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2037 | 1000000 | &nbsp;&nbsp; 980444 |
| Washington Convention & Sports Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2038 | 1000000 | &nbsp;&nbsp; 954845 |
| Washington Convention & Sports Authority Series B | 4.00 | &nbsp;&nbsp; 10-1-2039 | 1000000 | &nbsp;&nbsp; 940293 |
|  |  |  |  | &nbsp;&nbsp; **5990171** |

---

The accompanying notes are an integral part of these financial statements.

12 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Water & sewer revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; District of Columbia Water & Sewer Authority Series B-2 (TD Bank <br> N.A. SPA)ø<br>| 3.95<br> %<br>| &nbsp;&nbsp; 10-1-2054 | $7670000 | &nbsp;&nbsp; $**7670000** |
|  |  |  |  | &nbsp;&nbsp; **74987897** |
| **Florida: 7.54%** |  |  |  |  |
| **Airport revenue: 1.97%** |  |  |  |  |
| County of Broward Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2034 | 1750000 | &nbsp;&nbsp; 1811394 |
| County of Broward Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2036 | 12440000 | &nbsp;&nbsp; 12448223 |
| County of Broward Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2038 | 2000000 | &nbsp;&nbsp; 2033182 |
| County of Broward Airport System Revenue Series Q-1 | 4.00 | &nbsp;&nbsp; 10-1-2042 | 4800000 | &nbsp;&nbsp; 4451009 |
| County of Broward Port Facilities Revenue Series B AMT | 4.00 | &nbsp;&nbsp; 9-1-2044 | 7300000 | &nbsp;&nbsp; 6412919 |
| County of Lee Airport Revenue AMT (AG Insured) | 5.25 | &nbsp;&nbsp; 10-1-2054 | 4500000 | &nbsp;&nbsp; 4545887 |
| County of Miami-Dade Aviation Revenue Series A | 4.00 | &nbsp;&nbsp; 10-1-2038 | 3250000 | &nbsp;&nbsp; 3170002 |
| County of Miami-Dade Aviation Revenue Series A | 4.00 | &nbsp;&nbsp; 10-1-2041 | 1500000 | &nbsp;&nbsp; 1410302 |
| County of Miami-Dade Aviation Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2049 | 18750000 | &nbsp;&nbsp; 18420135 |
| County of Miami-Dade Aviation Revenue Series B AMT | 5.00 | &nbsp;&nbsp; 10-1-2040 | 18000000 | &nbsp;&nbsp; 18010877 |
| County of Miami-Dade Seaport Department Series A AMT | 5.25 | &nbsp;&nbsp; 10-1-2052 | 2000000 | &nbsp;&nbsp; 1973667 |
| Greater Orlando Aviation Authority Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2046 | 3000000 | &nbsp;&nbsp; 3073631 |
| Hillsborough County Aviation Authority Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2048 | 7000000 | &nbsp;&nbsp; 6882077 |
| Hillsborough County Aviation Authority Series B AMT | 5.50 | &nbsp;&nbsp; 10-1-2049 | 20000000 | &nbsp;&nbsp; 20932306 |
| Hillsborough County Aviation Authority Series E AMT | 5.00 | &nbsp;&nbsp; 10-1-2048 | 10000000 | &nbsp;&nbsp; 9898558 |
| Hillsborough County Aviation Authority Series F | 5.00 | &nbsp;&nbsp; 10-1-2048 | 20570000 | &nbsp;&nbsp; 20571936 |
| Jacksonville Port Authority Series B | 5.00 | &nbsp;&nbsp; 11-1-2044 | 4080000 | &nbsp;&nbsp; 4128195 |
| Jacksonville Port Authority Series B | 5.00 | &nbsp;&nbsp; 11-1-2048 | 9870000 | &nbsp;&nbsp; 9963525 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XG0443 (Royal Bank of Canada LOC, Royal Bank of Canada <br> LIQ)144Aø<br>| 1.98 | &nbsp;&nbsp; 4-1-2038 | 5315000 | &nbsp;&nbsp; 5315000 |
|  |  |  |  | &nbsp;&nbsp; **155452825** |
| **Education revenue: 0.56%** |  |  |  |  |
| &nbsp;&nbsp; Capital Projects Finance Authority IPS Enterprises, Inc. Projects <br> Series A144A<br>| 7.00 | &nbsp;&nbsp; 6-15-2030 | 10500000 | &nbsp;&nbsp; 10816593 |
| &nbsp;&nbsp; Capital Projects Finance Authority Navigator Academy of <br> Leadership, Inc. Obligated Group144A<br>| 5.00 | &nbsp;&nbsp; 6-15-2054 | 1200000 | &nbsp;&nbsp; 1078634 |
| &nbsp;&nbsp; Capital Trust Agency, Inc. Renaissance Charter School, Inc. <br> Series 2019 Obligated Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-15-2039 | 3610000 | &nbsp;&nbsp; 3378888 |
| Capital Trust Authority IDEA Florida, Inc. Series A144A | 6.25 | &nbsp;&nbsp; 6-15-2053 | 4950000 | &nbsp;&nbsp; 5009436 |
| &nbsp;&nbsp; Capital Trust Authority Independence Classical Academy Obligated <br> Group Series A144A<br>| 7.00 | &nbsp;&nbsp; 6-15-2044 | 1380000 | &nbsp;&nbsp; 1316492 |
| &nbsp;&nbsp; Florida Development Finance Corp. Cornerstone Charter Academy, <br> Inc. Obligated Group144A<br>| 5.00 | &nbsp;&nbsp; 10-1-2042 | 1605000 | &nbsp;&nbsp; 1513645 |
| &nbsp;&nbsp; Florida Higher Educational Facilities Financing Authority <br> Jacksonville University Series A-1144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2048 | 2000000 | &nbsp;&nbsp; 1686245 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> YX1352 (Barclays Bank plc LOC, Barclays Bank plc LIQ)144Aø<br>| 1.95 | &nbsp;&nbsp; 4-1-2047 | 8620000 | &nbsp;&nbsp; 8620000 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 13

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Volusia County Educational Facility Authority Embry-Riddle <br> Aeronautical University, Inc. Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 10-15-2044 | $6500000 | &nbsp;&nbsp; $6547621 |
| &nbsp;&nbsp; Volusia County Educational Facility Authority Embry-Riddle <br> Aeronautical University, Inc. Series A<br>| 5.00 | &nbsp;&nbsp; 10-15-2049 | 4000000 | &nbsp;&nbsp; 3971208 |
|  |  |  |  | &nbsp;&nbsp; **43938762** |
| **GO revenue: 0.55%** |  |  |  |  |
| City of Doral Parks & Recreation Project | 4.00 | &nbsp;&nbsp; 7-1-2042 | 3610000 | &nbsp;&nbsp; 3392870 |
| City of Miami Beach Series A | 5.25 | &nbsp;&nbsp; 5-1-2053 | 7000000 | &nbsp;&nbsp; 7249598 |
| County of Miami-Dade Series 2014-A | 5.00 | &nbsp;&nbsp; 7-1-2043 | 12935000 | &nbsp;&nbsp; 12967345 |
| County of Miami-Dade Series A | 4.00 | &nbsp;&nbsp; 7-1-2042 | 5000000 | &nbsp;&nbsp; 4699265 |
| School Board of Miami-Dade County | 5.00 | &nbsp;&nbsp; 3-15-2046 | 15000000 | &nbsp;&nbsp; 15075273 |
|  |  |  |  | &nbsp;&nbsp; **43384351** |
| **Health revenue: 1.41%** |  |  |  |  |
| &nbsp;&nbsp; City of Atlantic Beach Naval Continuing Care Retirement <br> Foundation Obligated Group Series B<br>| 5.63 | &nbsp;&nbsp; 11-15-2043 | 5000000 | &nbsp;&nbsp; 5000841 |
| &nbsp;&nbsp; City of Jacksonville Baptist Health System Obligated Group <br> Series Dø<br>| 1.94 | &nbsp;&nbsp; 8-1-2036 | 3000000 | &nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp; City of Jacksonville Baptist Health System Obligated Group <br> Series Eø<br>| 1.94 | &nbsp;&nbsp; 8-1-2036 | 1420000 | &nbsp;&nbsp; 1420000 |
| City of Jacksonville Genesis Health, Inc. Obligated Group | 4.00 | &nbsp;&nbsp; 11-1-2045 | 3500000 | &nbsp;&nbsp; 2979285 |
| City of Lakeland Regional Health Systems Obligated Group | 5.00 | &nbsp;&nbsp; 11-15-2044 | 4000000 | &nbsp;&nbsp; 4043935 |
| City of Lakeland Regional Health Systems Obligated Group | 5.00 | &nbsp;&nbsp; 11-15-2045 | 3500000 | &nbsp;&nbsp; 3523633 |
| City of Tampa BayCare Obligated Group Series A | 4.00 | &nbsp;&nbsp; 11-15-2046 | 3000000 | &nbsp;&nbsp; 2601083 |
| &nbsp;&nbsp; City of Tampa H Lee Moffitt Cancer Center & Research Institute <br> Obligated Group Series B<br>| 4.00 | &nbsp;&nbsp; 7-1-2038 | 1025000 | &nbsp;&nbsp; 976596 |
| &nbsp;&nbsp; City of Tampa H Lee Moffitt Cancer Center & Research Institute <br> Obligated Group Series B<br>| 4.00 | &nbsp;&nbsp; 7-1-2045 | 2500000 | &nbsp;&nbsp; 2144083 |
| &nbsp;&nbsp; City of Tampa H Lee Moffitt Cancer Center & Research Institute <br> Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2040 | 700000 | &nbsp;&nbsp; 714728 |
| &nbsp;&nbsp; Florida Development Finance Corp. Health Sciences Center, Inc. <br> Obligated Group Series A<br>| 5.25 | &nbsp;&nbsp; 8-1-2049 | 6000000 | &nbsp;&nbsp; 6024470 |
| &nbsp;&nbsp; Highlands County Health Facilities Authority AdventHealth <br> Obligated Group Series I-5ø<br>| 1.94 | &nbsp;&nbsp; 11-15-2035 | 15600000 | &nbsp;&nbsp; 15600000 |
| Hillsborough County IDA BayCare Obligated Group Series C | 4.13 | &nbsp;&nbsp; 11-15-2051 | 5000000 | &nbsp;&nbsp; 4377541 |
| Holmes County Hospital Corp. | 6.00 | &nbsp;&nbsp; 11-1-2038 | 2500000 | &nbsp;&nbsp; 2157209 |
| Lee County IDA Shell Point Obligated Group | 5.00 | &nbsp;&nbsp; 11-15-2044 | 11265000 | &nbsp;&nbsp; 11141611 |
| Lee County IDA Shell Point Obligated Group | 5.00 | &nbsp;&nbsp; 11-15-2049 | 5500000 | &nbsp;&nbsp; 5282308 |
| Lee County IDA Shell Point Obligated Group Series A | 5.25 | &nbsp;&nbsp; 11-15-2044 | 2525000 | &nbsp;&nbsp; 2564373 |
| Lee County IDA Shell Point Obligated Group Series A | 5.25 | &nbsp;&nbsp; 11-15-2054 | 5290000 | &nbsp;&nbsp; 5196048 |
| &nbsp;&nbsp; Miami-Dade County Health Facilities Authority Series A (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 8-1-2046 | 5000000 | &nbsp;&nbsp; 4471251 |
| Sarasota County Public Hospital District Obligated Group | 5.00 | &nbsp;&nbsp; 7-1-2052 | 10355000 | &nbsp;&nbsp; 10349661 |
| South Broward Hospital District Obligated Group | 4.00 | &nbsp;&nbsp; 5-1-2048 | 2120000 | &nbsp;&nbsp; 1839541 |
| South Broward Hospital District Obligated Group Series A | 4.00 | &nbsp;&nbsp; 5-1-2044 | 5000000 | &nbsp;&nbsp; 4438934 |

---

The accompanying notes are an integral part of these financial statements.

14 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; St. Johns County IDA Life Care Ponte Vedra Obligated Group <br> Series A<br>| 4.00<br> %<br>| &nbsp;&nbsp; 12-15-2046 | $1500000 | &nbsp;&nbsp; $1139836 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XM1155 (Royal Bank of Canada LOC, Royal Bank of Canada <br> LIQ)144Aø<br>| 1.95 | &nbsp;&nbsp; 1-1-2029 | 10530000 | &nbsp;&nbsp; 10530000 |
|  |  |  |  | &nbsp;&nbsp; **111516967** |
| **Housing revenue: 0.20%** |  |  |  |  |
| City of Orlando Series B | 5.00 | &nbsp;&nbsp; 10-1-2033 | 1525000 | &nbsp;&nbsp; 1527493 |
| City of Orlando Series B | 5.00 | &nbsp;&nbsp; 10-1-2035 | 1680000 | &nbsp;&nbsp; 1682576 |
| City of Orlando Series B | 5.00 | &nbsp;&nbsp; 10-1-2036 | 1765000 | &nbsp;&nbsp; 1767676 |
| County of Hillsborough | 5.00 | &nbsp;&nbsp; 10-1-2038 | 8000000 | &nbsp;&nbsp; 8031065 |
| Florida Housing Finance Corp. Journet Place LP Series 1144A | 7.60 | &nbsp;&nbsp; 12-15-2047 | 735000 | &nbsp;&nbsp; 755385 |
| Florida Housing Finance Corp. Villa Capri III Associates Ltd. | 7.60 | &nbsp;&nbsp; 12-15-2042 | 2320000 | &nbsp;&nbsp; 2322583 |
|  |  |  |  | &nbsp;&nbsp; **16086778** |
| **Industrial development revenue: 0.14%** |  |  |  |  |
| Florida Development Finance Corp. Waste Pro USA, Inc. AMT | 3.00 | &nbsp;&nbsp; 6-1-2032 | 3500000 | &nbsp;&nbsp; 3170419 |
| Florida Development Finance Corp. Waste Pro USA, Inc. AMT144A | 5.25 | &nbsp;&nbsp; 8-1-2029 | 7500000 | &nbsp;&nbsp; 7724419 |
|  |  |  |  | &nbsp;&nbsp; **10894838** |
| **Miscellaneous revenue: 0.91%** |  |  |  |  |
| City of Daytona Beach Series B | 5.50 | &nbsp;&nbsp; 9-1-2049 | 1415000 | &nbsp;&nbsp; 1506448 |
| County of Broward Tourist Development Tax Revenue | 4.00 | &nbsp;&nbsp; 9-1-2047 | 15000000 | &nbsp;&nbsp; 12838054 |
| County of Miami-Dade Series A | 5.00 | &nbsp;&nbsp; 4-1-2051 | 25000000 | &nbsp;&nbsp; 25414215 |
| &nbsp;&nbsp; County of Pasco State of Florida Cigarette Tax Revenue Series A <br> (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2048 | 1000000 | &nbsp;&nbsp; 1002009 |
| &nbsp;&nbsp; County of Pasco State of Florida Cigarette Tax Revenue Series A <br> (AG Insured)<br>| 5.50 | &nbsp;&nbsp; 9-1-2044 | 875000 | &nbsp;&nbsp; 918216 |
| Duval County Public Schools Series A COP (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2034 | 2000000 | &nbsp;&nbsp; 2142455 |
| Duval County Public Schools Series A COP (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2035 | 3000000 | &nbsp;&nbsp; 3194029 |
| &nbsp;&nbsp; Indigo Community Development District Special Assessment <br> Series C<br>| 7.00 | &nbsp;&nbsp; 5-1-2030 | 2536248 | &nbsp;&nbsp; 1496386 |
| &nbsp;&nbsp; Julington Creek Plantation Community Development District <br> Series 2023 Assessment (AG Insured)<br>| 4.38 | &nbsp;&nbsp; 5-1-2045 | 1000000 | &nbsp;&nbsp; 933501 |
| &nbsp;&nbsp; Julington Creek Plantation Community Development District <br> Series 2023 Assessment (AG Insured)<br>| 4.63 | &nbsp;&nbsp; 5-1-2054 | 3000000 | &nbsp;&nbsp; 2771590 |
| &nbsp;&nbsp; Lakeside Plantation Community Development District Special <br> Assessment Series A<br>| 6.95 | &nbsp;&nbsp; 5-1-2031 | 616000 | &nbsp;&nbsp; 617199 |
| &nbsp;&nbsp; Marshall Creek Community Development District Series 2002 <br> Special Assessment<br>| 5.00 | &nbsp;&nbsp; 5-1-2032 | 1175000 | &nbsp;&nbsp; 1176385 |
| &nbsp;&nbsp; Marshall Creek Community Development District Series 2016 <br> Special Assessment<br>| 6.32 | &nbsp;&nbsp; 5-1-2045 | 105000 | &nbsp;&nbsp; 104751 |
| Okaloosa County School Board COP (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2049 | 5000000 | &nbsp;&nbsp; 5105096 |
| &nbsp;&nbsp; Pinellas County IDA Drs. Kiran & Pallavi Patel 2017 Foundation for <br> Global Understanding, Inc.<br>| 5.00 | &nbsp;&nbsp; 7-1-2039 | 2000000 | &nbsp;&nbsp; 1937548 |
| St. Johns County School Board Series A COP (AG Insured) | 5.25 | &nbsp;&nbsp; 7-1-2047 | 5000000 | &nbsp;&nbsp; 5102806 |
| St. Johns County School Board Series A COP (AG Insured) | 5.50 | &nbsp;&nbsp; 7-1-2049 | 3000000 | &nbsp;&nbsp; 3140976 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 15

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Miscellaneous revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Village Community Development District No. 15 Series 2023 Phase I <br> Special Assessment144A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 5-1-2043 | $1985000 | &nbsp;&nbsp; $1955384 |
| &nbsp;&nbsp; Village Community Development District No. 15 Series 2024 <br> Special Assessment144A<br>| 4.55 | &nbsp;&nbsp; 5-1-2044 | 1000000 | &nbsp;&nbsp; 931754 |
|  |  |  |  | &nbsp;&nbsp; **72288802** |
| **Resource recovery revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; Florida Development Finance Corp. GFL Solid Waste Southeast LLC <br> Series A AMT144Aøø<br>| 4.38 | &nbsp;&nbsp; 10-1-2054 | 3000000 | &nbsp;&nbsp; **2988123** |
| **Tax revenue: 0.06%** |  |  |  |  |
| County of Lee Local Option Gas Tax Revenue | 5.25 | &nbsp;&nbsp; 8-1-2049 | 5000000 | &nbsp;&nbsp; **5074384** |
| **Transportation revenue: 0.50%** |  |  |  |  |
| Central Florida Expressway Authority (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2039 | 6070000 | &nbsp;&nbsp; 5976177 |
| Central Florida Expressway Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2049 | 6000000 | &nbsp;&nbsp; 6154784 |
| Central Florida Expressway Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2054 | 7500000 | &nbsp;&nbsp; 7603573 |
| County of Osceola Transportation Revenue Series A-1 | 5.00 | &nbsp;&nbsp; 10-1-2044 | 4250000 | &nbsp;&nbsp; 4254448 |
| Miami-Dade County Expressway Authority Series A | 5.00 | &nbsp;&nbsp; 7-1-2040 | 8040000 | &nbsp;&nbsp; 8039910 |
| Miami-Dade County Expressway Authority Series A | 5.00 | &nbsp;&nbsp; 7-1-2044 | 3500000 | &nbsp;&nbsp; 3477498 |
| Sunshine Skyway Bridge Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2038 | 4185000 | &nbsp;&nbsp; 4103705 |
|  |  |  |  | &nbsp;&nbsp; **39610095** |
| **Utilities revenue: 0.12%** |  |  |  |  |
| City of Lakeland Department of Electric Utilities | 5.00 | &nbsp;&nbsp; 10-1-2048 | 1250000 | &nbsp;&nbsp; 1298415 |
| Fort Pierce Utilities Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2038 | 1000000 | &nbsp;&nbsp; 1052319 |
| Fort Pierce Utilities Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2042 | 1000000 | &nbsp;&nbsp; 1030924 |
| Orlando Utilities Commission Series 1 (TD Bank N.A. SPA)ø | 2.50 | &nbsp;&nbsp; 10-1-2033 | 1400000 | &nbsp;&nbsp; 1400000 |
| Orlando Utilities Commission Series B (TD Bank N.A. SPA)ø | 2.50 | &nbsp;&nbsp; 10-1-2039 | 5000000 | &nbsp;&nbsp; 5000000 |
|  |  |  |  | &nbsp;&nbsp; **9781658** |
| **Water & sewer revenue: 1.08%** |  |  |  |  |
| County of Manatee Public Utilities Revenue | 4.00 | &nbsp;&nbsp; 10-1-2048 | 3345000 | &nbsp;&nbsp; 3014105 |
| County of Miami-Dade Water & Sewer System Revenue | 4.00 | &nbsp;&nbsp; 10-1-2046 | 8100000 | &nbsp;&nbsp; 7171243 |
| County of Miami-Dade Water & Sewer System Revenue Series A | 5.25 | &nbsp;&nbsp; 10-1-2054 | 4715000 | &nbsp;&nbsp; 4848015 |
| Florida Keys Aqueduct Authority Series A | 5.00 | &nbsp;&nbsp; 9-1-2041 | 2750000 | &nbsp;&nbsp; 2752391 |
| JEA Water & Sewer System Revenue Series A | 5.50 | &nbsp;&nbsp; 10-1-2054 | 10000000 | &nbsp;&nbsp; 10534524 |
| &nbsp;&nbsp; Lakewood Ranch Stewardship District Utility Revenue System <br> Acquisition Project (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 10-1-2048 | 2605000 | &nbsp;&nbsp; 2671572 |
| &nbsp;&nbsp; Lakewood Ranch Stewardship District Utility Revenue System <br> Acquisition Project (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 10-1-2053 | 4000000 | &nbsp;&nbsp; 4094596 |
| North Sumter County Utility Dependent District | 5.00 | &nbsp;&nbsp; 10-1-2049 | 3250000 | &nbsp;&nbsp; 3250706 |
| North Sumter County Utility Dependent District (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2044 | 7000000 | &nbsp;&nbsp; 7093212 |
| Tampa Bay Water Series A | 5.25 | &nbsp;&nbsp; 10-1-2054 | 30000000 | &nbsp;&nbsp; 31203105 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2046 | 8250000 | &nbsp;&nbsp; 8402156 |
|  |  |  |  | &nbsp;&nbsp; **85035625** |
|  |  |  |  | &nbsp;&nbsp; **596053208** |

---

The accompanying notes are an integral part of these financial statements.

16 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Georgia: 2.67%** |  |  |  |  |
| **Education revenue: 0.16%** |  |  |  |  |
| &nbsp;&nbsp; Development Authority of Cobb County Learning Center <br> Foundation of Central Cobb, Inc. Series A<br>| 6.38<br> %<br>| &nbsp;&nbsp; 7-1-2025 | $1705000 | &nbsp;&nbsp; $1193500 |
| &nbsp;&nbsp; Development Authority of Cobb County Northwest Classical <br> Academy, Inc. Series A144A<br>| 5.20 | &nbsp;&nbsp; 6-15-2033 | 850000 | &nbsp;&nbsp; 858691 |
| Private Colleges & Universities Authority Emory University Series B | 5.00 | &nbsp;&nbsp; 9-1-2048 | 4000000 | &nbsp;&nbsp; 4027360 |
| Private Colleges & Universities Authority Mercer University | 5.00 | &nbsp;&nbsp; 10-1-2040 | 5000000 | &nbsp;&nbsp; 5001088 |
| &nbsp;&nbsp; Senoia Development Authority Georgia Charter Educational <br> Foundation, Inc. Obligated Group Series A144A<br>| 6.25 | &nbsp;&nbsp; 7-1-2044 | 1490000 | &nbsp;&nbsp; 1370614 |
|  |  |  |  | &nbsp;&nbsp; **12451253** |
| **Health revenue: 0.20%** |  |  |  |  |
| &nbsp;&nbsp; Brookhaven Development Authority Children's Healthcare of <br> Atlanta Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2038 | 1500000 | &nbsp;&nbsp; 1561532 |
| &nbsp;&nbsp; Cobb County Hospital Authority WellStar Health System Obligated <br> Group (Truist Bank LOC)ø<br>| 1.65 | &nbsp;&nbsp; 4-1-2034 | 4700000 | &nbsp;&nbsp; 4700000 |
| &nbsp;&nbsp; Cobb County Kennestone Hospital Authority WellStar Health <br> System Obligated Group Series A (Bank of America N.A. LOC)ø<br>| 1.95 | &nbsp;&nbsp; 4-1-2047 | 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp; Development Authority for Fulton County WellStar Health System <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2047 | 2250000 | &nbsp;&nbsp; 2237714 |
| &nbsp;&nbsp; Glynn-Brunswick Memorial Hospital Authority Southeast Georgia <br> Health System Obligated Group<br>| 5.00 | &nbsp;&nbsp; 8-1-2034 | 2580000 | &nbsp;&nbsp; 2580945 |
|  |  |  |  | &nbsp;&nbsp; **16080191** |
| **Housing revenue: 0.15%** |  |  |  |  |
| Georgia HFA Series A | 4.60 | &nbsp;&nbsp; 12-1-2049 | 12000000 | &nbsp;&nbsp; **11420016** |
| **Industrial development revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; George L Smith II Congress Center Authority Signia Hotel <br> Management LLC Series B144A<br>| 5.00 | &nbsp;&nbsp; 1-1-2054 | 3000000 | &nbsp;&nbsp; **2685434** |
| **Tax revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp; Atlanta Development Authority Westside Tax Allocation District <br> Gulch Area Series A144A<br>| 5.50 | &nbsp;&nbsp; 4-1-2039 | 2000000 | &nbsp;&nbsp; 2011777 |
| Metropolitan Atlanta Rapid Transit Authority Series C | 4.00 | &nbsp;&nbsp; 7-1-2035 | 5000000 | &nbsp;&nbsp; 5026188 |
|  |  |  |  | &nbsp;&nbsp; **7037965** |
| **Utilities revenue: 2.04%** |  |  |  |  |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of the City of <br> Dalton<br>| 4.00 | &nbsp;&nbsp; 3-1-2040 | 1000000 | &nbsp;&nbsp; 937614 |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of the City of <br> Dalton<br>| 4.00 | &nbsp;&nbsp; 3-1-2041 | 1000000 | &nbsp;&nbsp; 918340 |
| &nbsp;&nbsp; Development Authority of Burke County Georgia Power Co. <br> Series 1995<br>| 2.20 | &nbsp;&nbsp; 10-1-2032 | 1500000 | &nbsp;&nbsp; 1260081 |
| &nbsp;&nbsp; Development Authority of Monroe County Georgia Power Co. <br> Series 2øø<br>| 3.88 | &nbsp;&nbsp; 10-1-2048 | 3000000 | &nbsp;&nbsp; 3006654 |
| Main Street Natural Gas, Inc. Series Aøø | 4.00 | &nbsp;&nbsp; 7-1-2052 | 8500000 | &nbsp;&nbsp; 8579908 |
| Main Street Natural Gas, Inc. Series A | 5.00 | &nbsp;&nbsp; 6-1-2030 | 1000000 | &nbsp;&nbsp; 1047889 |
| Main Street Natural Gas, Inc. Series A | 5.00 | &nbsp;&nbsp; 5-15-2032 | 3745000 | &nbsp;&nbsp; 3872911 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 17

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |
| Main Street Natural Gas, Inc. Series Aøø | 5.00<br> %<br>| &nbsp;&nbsp; 6-1-2053 | $16000000 | &nbsp;&nbsp; $16772462 |
| Main Street Natural Gas, Inc. Series Aøø | 5.00 | &nbsp;&nbsp; 5-1-2054 | 17200000 | &nbsp;&nbsp; 18175524 |
| Main Street Natural Gas, Inc. Series B | 5.00 | &nbsp;&nbsp; 6-1-2027 | 1700000 | &nbsp;&nbsp; 1747396 |
| Main Street Natural Gas, Inc. Series B | 5.00 | &nbsp;&nbsp; 6-1-2028 | 2900000 | &nbsp;&nbsp; 3016998 |
| Main Street Natural Gas, Inc. Series B | 5.00 | &nbsp;&nbsp; 6-1-2029 | 3300000 | &nbsp;&nbsp; 3447035 |
| Main Street Natural Gas, Inc. Series Bøø | 5.00 | &nbsp;&nbsp; 7-1-2053 | 9215000 | &nbsp;&nbsp; 9709058 |
| Main Street Natural Gas, Inc. Series C144Aøø | 4.00 | &nbsp;&nbsp; 8-1-2052 | 36550000 | &nbsp;&nbsp; 36440843 |
| Main Street Natural Gas, Inc. Series Døø | 5.00 | &nbsp;&nbsp; 5-1-2054 | 14500000 | &nbsp;&nbsp; 15254214 |
| Main Street Natural Gas, Inc. Series Eøø | 5.00 | &nbsp;&nbsp; 5-1-2055 | 14500000 | &nbsp;&nbsp; 15260338 |
| Main Street Natural Gas, Inc. Series E-1øø | 5.00 | &nbsp;&nbsp; 12-1-2053 | 1550000 | &nbsp;&nbsp; 1633155 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2037 | 1100000 | &nbsp;&nbsp; 1133209 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2038 | 1100000 | &nbsp;&nbsp; 1128933 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A<br>| 5.25 | &nbsp;&nbsp; 7-1-2064 | 8000000 | &nbsp;&nbsp; 8183745 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2049 | 5000000 | &nbsp;&nbsp; 4989993 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Project One Subordinated B <br> Series A<br>| 4.00 | &nbsp;&nbsp; 1-1-2040 | 1075000 | &nbsp;&nbsp; 1018686 |
| Municipal Electric Authority of Georgia Series A | 5.00 | &nbsp;&nbsp; 1-1-2044 | 3580000 | &nbsp;&nbsp; 3599344 |
|  |  |  |  | &nbsp;&nbsp; **161134330** |
|  |  |  |  | &nbsp;&nbsp; **210809189** |
| **Guam: 0.09%** |  |  |  |  |
| **Airport revenue: 0.04%** |  |  |  |  |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.25 | &nbsp;&nbsp; 10-1-2035 | 530000 | &nbsp;&nbsp; 556774 |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.25 | &nbsp;&nbsp; 10-1-2036 | 1000000 | &nbsp;&nbsp; 1043120 |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.38 | &nbsp;&nbsp; 10-1-2043 | 750000 | &nbsp;&nbsp; 762569 |
| Port Authority of Guam Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2030 | 500000 | &nbsp;&nbsp; 516383 |
|  |  |  |  | &nbsp;&nbsp; **2878846** |
| **Housing revenue: 0.00%** |  |  |  |  |
| Guam Housing Corp. Series A (FHLMC Insured) | 5.75 | &nbsp;&nbsp; 9-1-2031 | 45000 | &nbsp;&nbsp; **45293** |
| **Miscellaneous revenue: 0.03%** |  |  |  |  |
| Territory of Guam Series F | 4.00 | &nbsp;&nbsp; 1-1-2042 | 2750000 | &nbsp;&nbsp; **2434233** |
| **Water & sewer revenue: 0.02%** |  |  |  |  |
| Guam Government Waterworks Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2050 | 1600000 | &nbsp;&nbsp; **1580542** |
|  |  |  |  | &nbsp;&nbsp; **6938914** |
| **Hawaii: 0.34%** |  |  |  |  |
| **Airport revenue: 0.34%** |  |  |  |  |
| State of Hawaii Airports System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2034 | 6800000 | &nbsp;&nbsp; 7118462 |
| State of Hawaii Airports System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2041 | 9500000 | &nbsp;&nbsp; 9500000 |
| State of Hawaii Airports System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2048 | 7000000 | &nbsp;&nbsp; 6929941 |
| State of Hawaii Harbor System Revenue Series A AMT | 4.00 | &nbsp;&nbsp; 7-1-2033 | 1250000 | &nbsp;&nbsp; 1245168 |
| State of Hawaii Harbor System Revenue Series A AMT | 4.00 | &nbsp;&nbsp; 7-1-2034 | 875000 | &nbsp;&nbsp; 871176 |

---

The accompanying notes are an integral part of these financial statements.

18 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airport revenue**(continued) |  |  |  |  |
| State of Hawaii Harbor System Revenue Series A AMT | 4.00<br> %<br>| &nbsp;&nbsp; 7-1-2035 | $625000 | &nbsp;&nbsp; $616038 |
| State of Hawaii Harbor System Revenue Series A AMT | 4.00 | &nbsp;&nbsp; 7-1-2036 | 300000 | &nbsp;&nbsp; 292609 |
| State of Hawaii Harbor System Revenue Series C | 4.00 | &nbsp;&nbsp; 7-1-2040 | 425000 | &nbsp;&nbsp; 412022 |
|  |  |  |  | &nbsp;&nbsp; **26985416** |
| **Idaho: 0.10%** |  |  |  |  |
| **Education revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Idaho Housing & Finance Association Legacy Public Charter School, <br> Inc. Series A<br>| 5.85 | &nbsp;&nbsp; 5-1-2033 | 440000 | &nbsp;&nbsp; 440320 |
| &nbsp;&nbsp; Idaho Housing & Finance Association Legacy Public Charter School, <br> Inc. Series A<br>| 6.25 | &nbsp;&nbsp; 5-1-2043 | 1365000 | &nbsp;&nbsp; 1365691 |
| &nbsp;&nbsp; Idaho Housing & Finance Association Liberty Charter School, Inc. <br> Series A144A<br>| 4.00 | &nbsp;&nbsp; 6-1-2030 | 830000 | &nbsp;&nbsp; 821947 |
| &nbsp;&nbsp; Idaho Housing & Finance Association Liberty Charter School, Inc. <br> Series A144A<br>| 4.00 | &nbsp;&nbsp; 6-1-2038 | 1715000 | &nbsp;&nbsp; 1512127 |
| &nbsp;&nbsp; Idaho Housing & Finance Association North Star Charter School, <br> Inc. Series A<br>| 6.75 | &nbsp;&nbsp; 7-1-2048 | 1322876 | &nbsp;&nbsp; 1327485 |
| &nbsp;&nbsp; Idaho Housing & Finance Association North Star Charter School, <br> Inc. Series B CAB144A¤<br>| 0.00 | &nbsp;&nbsp; 7-1-2049 | 1276564 | &nbsp;&nbsp; 212893 |
|  |  |  |  | &nbsp;&nbsp; **5680463** |
| **Resource recovery revenue: 0.03%** |  |  |  |  |
| Southern Idaho Regional Solid Waste District | 4.00 | &nbsp;&nbsp; 3-1-2028 | 2000000 | &nbsp;&nbsp; **2014902** |
|  |  |  |  | &nbsp;&nbsp; **7695365** |
| **Illinois: 11.03%** |  |  |  |  |
| **Airport revenue: 0.56%** |  |  |  |  |
| &nbsp;&nbsp; Chicago O'Hare International Airport Customer Facility Charge <br> Revenue (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 1-1-2041 | 1950000 | &nbsp;&nbsp; 2058337 |
| &nbsp;&nbsp; Chicago O'Hare International Airport Customer Facility Charge <br> Revenue (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 1-1-2043 | 1660000 | &nbsp;&nbsp; 1731618 |
| Chicago O'Hare International Airport Series A | 4.00 | &nbsp;&nbsp; 1-1-2035 | 7500000 | &nbsp;&nbsp; 7542285 |
| Chicago O'Hare International Airport Series A | 5.00 | &nbsp;&nbsp; 1-1-2034 | 5000000 | &nbsp;&nbsp; 5343560 |
| Chicago O'Hare International Airport Series B | 5.00 | &nbsp;&nbsp; 1-1-2039 | 10250000 | &nbsp;&nbsp; 10332107 |
| Chicago O'Hare International Airport Series B | 5.00 | &nbsp;&nbsp; 1-1-2053 | 7500000 | &nbsp;&nbsp; 7459853 |
| Chicago O'Hare International Airport Series E (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2039 | 1500000 | &nbsp;&nbsp; 1462970 |
| &nbsp;&nbsp; Chicago O'Hare International Airport Transportation Infrastructure <br> Purpose Obligated Group AMT<br>| 5.00 | &nbsp;&nbsp; 7-1-2038 | 1000000 | &nbsp;&nbsp; 1007281 |
| &nbsp;&nbsp; Illinois Finance Authority Centerpoint Joliet Terminal Railroad LLC <br> AMT144Aøø%%<br>| 4.80 | &nbsp;&nbsp; 12-1-2043 | 7000000 | &nbsp;&nbsp; 7086483 |
|  |  |  |  | &nbsp;&nbsp; **44024494** |
| **Education revenue: 0.25%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Acero Charter Schools, Inc. Obligated <br> Group144A<br>| 4.00 | &nbsp;&nbsp; 10-1-2042 | 1250000 | &nbsp;&nbsp; 1038442 |
| Illinois Finance Authority Bradley University Series A | 4.00 | &nbsp;&nbsp; 8-1-2043 | 750000 | &nbsp;&nbsp; 612819 |
| Illinois Finance Authority Chicago School - California, Inc. | 5.25 | &nbsp;&nbsp; 4-1-2039 | 1180000 | &nbsp;&nbsp; 1226043 |
| Illinois Finance Authority Chicago School - California, Inc. | 5.25 | &nbsp;&nbsp; 4-1-2042 | 1835000 | &nbsp;&nbsp; 1845662 |
| Illinois Finance Authority Chicago School - California, Inc. | 5.25 | &nbsp;&nbsp; 4-1-2044 | 1200000 | &nbsp;&nbsp; 1196650 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 19

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| Illinois Finance Authority University of Chicago Series A | 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2036 | $1500000 | &nbsp;&nbsp; $1663385 |
| Illinois Finance Authority University of Chicago Series A | 5.00 | &nbsp;&nbsp; 10-1-2037 | 1350000 | &nbsp;&nbsp; 1491976 |
| Illinois Finance Authority University of Chicago Series A | 5.00 | &nbsp;&nbsp; 10-1-2038 | 1500000 | &nbsp;&nbsp; 1644817 |
| Illinois Finance Authority University of Chicago Series A | 5.25 | &nbsp;&nbsp; 5-15-2048 | 2385000 | &nbsp;&nbsp; 2445371 |
| Southern Illinois University Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 4-1-2035 | 500000 | &nbsp;&nbsp; 500077 |
| Southern Illinois University Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 4-1-2037 | 1000000 | &nbsp;&nbsp; 975223 |
| Southern Illinois University Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2032 | 500000 | &nbsp;&nbsp; 540073 |
| &nbsp;&nbsp; University of Illinois Auxiliary Facilities System Series A CAB (NPFGC <br> Insured)¤<br>| 0.00 | &nbsp;&nbsp; 4-1-2026 | 2355000 | &nbsp;&nbsp; 2298041 |
| &nbsp;&nbsp; University of Illinois Auxiliary Facilities System Series A CAB (NPFGC <br> Insured)¤<br>| 0.00 | &nbsp;&nbsp; 4-1-2027 | 2435000 | &nbsp;&nbsp; 2303696 |
|  |  |  |  | &nbsp;&nbsp; **19782275** |
| **GO revenue: 3.58%** |  |  |  |  |
| Chicago Board of Education Dedicated Capital Improvement Tax | 5.75 | &nbsp;&nbsp; 4-1-2048 | 10000000 | &nbsp;&nbsp; 10341714 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2035 | 6630000 | &nbsp;&nbsp; 6725469 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2036 | 6000000 | &nbsp;&nbsp; 6059379 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2040 | 2000000 | &nbsp;&nbsp; 1958998 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2042 | 6555000 | &nbsp;&nbsp; 6147545 |
| Chicago Board of Education Series B-1 CAB (NPFGC Insured)¤ | 0.00 | &nbsp;&nbsp; 12-1-2025 | 3380000 | &nbsp;&nbsp; 3325422 |
| Chicago Board of Education Series B-1 CAB (NPFGC Insured)¤ | 0.00 | &nbsp;&nbsp; 12-1-2026 | 4245000 | &nbsp;&nbsp; 4025638 |
| Chicago Board of Education Series C | 5.25 | &nbsp;&nbsp; 12-1-2039 | 9000000 | &nbsp;&nbsp; 8885517 |
| Chicago Board of Education Series D | 5.00 | &nbsp;&nbsp; 12-1-2046 | 15000000 | &nbsp;&nbsp; 13575334 |
| Chicago Board of Education Series H | 5.00 | &nbsp;&nbsp; 12-1-2036 | 5905000 | &nbsp;&nbsp; 5744814 |
| Chicago Board of Education Series H | 5.00 | &nbsp;&nbsp; 12-1-2046 | 4000000 | &nbsp;&nbsp; 3629211 |
| Chicago Park District Series C (BAM Insured) | 4.00 | &nbsp;&nbsp; 1-1-2041 | 4025000 | &nbsp;&nbsp; 3614837 |
| Chicago Park District Series D (BAM Insured) | 4.00 | &nbsp;&nbsp; 1-1-2034 | 4555000 | &nbsp;&nbsp; 4588108 |
| Chicago Park District Series E | 5.00 | &nbsp;&nbsp; 11-15-2028 | 1655000 | &nbsp;&nbsp; 1683023 |
| City of Chicago CAB (NPFGC Insured)¤ | 0.00 | &nbsp;&nbsp; 1-1-2030 | 5995000 | &nbsp;&nbsp; 5081756 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2034 | 11790000 | &nbsp;&nbsp; 12197241 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2043 | 4000000 | &nbsp;&nbsp; 3842735 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2044 | 15000000 | &nbsp;&nbsp; 14265661 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2045 | 24000000 | &nbsp;&nbsp; 22627596 |
| City of Chicago Series A | 5.25 | &nbsp;&nbsp; 1-1-2037 | 1950000 | &nbsp;&nbsp; 2011604 |
| City of Chicago Series A | 5.25 | &nbsp;&nbsp; 1-1-2045 | 5475000 | &nbsp;&nbsp; 5324643 |
| City of Chicago Series A | 5.50 | &nbsp;&nbsp; 1-1-2039 | 5000000 | &nbsp;&nbsp; 5143864 |
| City of Chicago Series A | 5.50 | &nbsp;&nbsp; 1-1-2040 | 1000000 | &nbsp;&nbsp; 1024810 |
| City of Chicago Series A | 5.50 | &nbsp;&nbsp; 1-1-2041 | 1500000 | &nbsp;&nbsp; 1519382 |
| City of Chicago Series A | 5.50 | &nbsp;&nbsp; 1-1-2043 | 1500000 | &nbsp;&nbsp; 1507778 |
| City of Chicago Series B | 4.00 | &nbsp;&nbsp; 1-1-2038 | 6615000 | &nbsp;&nbsp; 6001058 |
| City of Chicago Series C | 6.00 | &nbsp;&nbsp; 1-1-2043 | 2000000 | &nbsp;&nbsp; 2108213 |
| City of Chicago Series C CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 1-1-2026 | 7360000 | &nbsp;&nbsp; 7236225 |
| City of Chicago Series E | 6.00 | &nbsp;&nbsp; 1-1-2044 | 1500000 | &nbsp;&nbsp; 1572737 |
| City of Peoria Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 1-1-2029 | 2000000 | &nbsp;&nbsp; 2132803 |
| Cook County Community College District No. 508 (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2035 | 1370000 | &nbsp;&nbsp; 1473223 |
| Cook County Community College District No. 508 (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2036 | 1150000 | &nbsp;&nbsp; 1226021 |
| Cook County Community College District No. 508 (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2037 | 1250000 | &nbsp;&nbsp; 1320349 |
| Cook County Community College District No. 508 (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2038 | 1000000 | &nbsp;&nbsp; 1046654 |

---

The accompanying notes are an integral part of these financial statements.

20 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| Cook County Community College District No. 508 (BAM Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2040 | $3500000 | &nbsp;&nbsp; $3614756 |
| Cook County Community College District No. 508 (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2043 | 1650000 | &nbsp;&nbsp; 1669985 |
| &nbsp;&nbsp; DuPage & Will Counties Community School District No. 204 Indian <br> Prairie%%<br>| 5.00 | &nbsp;&nbsp; 1-15-2045 | 5000000 | &nbsp;&nbsp; 5120664 |
| &nbsp;&nbsp; Kane & DuPage Counties Community Unit School District No. <br> 303 St. Charles<br>| 4.00 | &nbsp;&nbsp; 1-1-2043 | 2325000 | &nbsp;&nbsp; 2125582 |
| &nbsp;&nbsp; Kane & DuPage Counties Community Unit School District No. <br> 303 St. Charles<br>| 4.00 | &nbsp;&nbsp; 7-1-2044 | 6050000 | &nbsp;&nbsp; 5475790 |
| &nbsp;&nbsp; Kendall Kane & Will Counties Community Unit School District No. <br> 308 CAB (AG Insured)¤<br>| 0.00 | &nbsp;&nbsp; 2-1-2026 | 5050000 | &nbsp;&nbsp; 4949263 |
| &nbsp;&nbsp; Kendall Kane & Will Counties Community Unit School District No. <br> 308 CAB (AG Insured)¤<br>| 0.00 | &nbsp;&nbsp; 2-1-2027 | 12050000 | &nbsp;&nbsp; 11429555 |
| Macon County School District No. 61 Decatur Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2036 | 6000000 | &nbsp;&nbsp; 5854674 |
| &nbsp;&nbsp; Madison Bond etc. Counties Community Unit School District No. 5 <br> Highland Series B (AG Insured)<br>| 5.50 | &nbsp;&nbsp; 2-1-2040 | 1265000 | &nbsp;&nbsp; 1333166 |
| &nbsp;&nbsp; Metropolitan Water Reclamation District of Greater Chicago <br> Series C<br>| 5.00 | &nbsp;&nbsp; 12-1-2045 | 10000000 | &nbsp;&nbsp; 10151816 |
| &nbsp;&nbsp; Metropolitan Water Reclamation District of Greater Chicago <br> Series C<br>| 5.25 | &nbsp;&nbsp; 12-1-2032 | 1565000 | &nbsp;&nbsp; 1785643 |
| &nbsp;&nbsp; Sangamon Logan & Menard Counties Community Unit School <br> District No. 15 Williamsville Series B (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 12-1-2044 | 1500000 | &nbsp;&nbsp; 1288206 |
| State of Illinois | 5.00 | &nbsp;&nbsp; 11-1-2027 | 1175000 | &nbsp;&nbsp; 1201629 |
| State of Illinois | 5.50 | &nbsp;&nbsp; 1-1-2030 | 2900000 | &nbsp;&nbsp; 3154290 |
| State of Illinois Series 1 (NPFGC Insured) | 6.00 | &nbsp;&nbsp; 11-1-2026 | 1570000 | &nbsp;&nbsp; 1595493 |
| State of Illinois Series A | 5.00 | &nbsp;&nbsp; 3-1-2046 | 2500000 | &nbsp;&nbsp; 2479854 |
| State of Illinois Series A | 5.50 | &nbsp;&nbsp; 3-1-2042 | 3500000 | &nbsp;&nbsp; 3652064 |
| State of Illinois Series B | 5.00 | &nbsp;&nbsp; 10-1-2028 | 2750000 | &nbsp;&nbsp; 2894010 |
| State of Illinois Series B | 5.50 | &nbsp;&nbsp; 5-1-2047 | 6500000 | &nbsp;&nbsp; 6634781 |
| State of Illinois Series C | 4.00 | &nbsp;&nbsp; 10-1-2038 | 4820000 | &nbsp;&nbsp; 4468141 |
| State of Illinois Series C | 5.00 | &nbsp;&nbsp; 11-1-2029 | 2965000 | &nbsp;&nbsp; 3065045 |
| Village of Bolingbrook Series A | 4.00 | &nbsp;&nbsp; 1-1-2030 | 3420000 | &nbsp;&nbsp; 3401262 |
| Village of New Lenox | 4.00 | &nbsp;&nbsp; 12-15-2041 | 4275000 | &nbsp;&nbsp; 3964825 |
| &nbsp;&nbsp; Will County Community High School District No. 210 Lincoln-Way <br> CAB (AG Insured)¤<br>| 0.00 | &nbsp;&nbsp; 1-1-2026 | 7000000 | &nbsp;&nbsp; 6871133 |
| &nbsp;&nbsp; Will County Community High School District No. 210 Lincoln-Way <br> Series B CAB (BAM Insured)¤<br>| 0.00 | &nbsp;&nbsp; 1-1-2032 | 400000 | &nbsp;&nbsp; 312615 |
| &nbsp;&nbsp; Will County Community High School District No. 210 Lincoln-Way <br> Series B CAB (BAM Insured)¤<br>| 0.00 | &nbsp;&nbsp; 1-1-2033 | 2830000 | &nbsp;&nbsp; 2108932 |
| &nbsp;&nbsp; Will County Community Unit School District No. 209-U Wilmington <br> Series A (AG Insured)<br>| 5.50 | &nbsp;&nbsp; 2-1-2041 | 3660000 | &nbsp;&nbsp; 3820086 |
|  |  |  |  | &nbsp;&nbsp; **283392622** |
| **Health revenue: 1.69%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Carle Foundation Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-15-2040 | 8600000 | &nbsp;&nbsp; 7822187 |
| &nbsp;&nbsp; Illinois Finance Authority Carle Foundation Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-15-2048 | 7450000 | &nbsp;&nbsp; 6314774 |
| &nbsp;&nbsp; Illinois Finance Authority Carle Foundation Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 2-15-2045 | 25000000 | &nbsp;&nbsp; 24670120 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 21

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Endeavor Health Clinical Operations <br> Obligated Group Series F (JPMorgan Chase Bank N.A. SPA)ø<br>| 3.95<br> %<br>| &nbsp;&nbsp; 8-15-2057 | $12105000 | &nbsp;&nbsp; $12105000 |
| &nbsp;&nbsp; Illinois Finance Authority Lutheran Life Communities Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2040 | 4900000 | &nbsp;&nbsp; 3185000 |
| &nbsp;&nbsp; Illinois Finance Authority Northwestern Memorial Healthcare <br> Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 7-15-2039 | 2250000 | &nbsp;&nbsp; 2098528 |
| &nbsp;&nbsp; Illinois Finance Authority Northwestern Memorial Healthcare <br> Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 7-15-2047 | 25185000 | &nbsp;&nbsp; 21939938 |
| &nbsp;&nbsp; Illinois Finance Authority Northwestern Memorial Healthcare <br> Obligated Group Series C (Barclays Bank plc SPA)ø<br>| 3.85 | &nbsp;&nbsp; 7-15-2055 | 5910000 | &nbsp;&nbsp; 5910000 |
| &nbsp;&nbsp; Illinois Finance Authority OSF Healthcare System Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2045 | 12980000 | &nbsp;&nbsp; 12743846 |
| &nbsp;&nbsp; Illinois Finance Authority University of Chicago Medical Center <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2047 | 30000000 | &nbsp;&nbsp; 29640615 |
| &nbsp;&nbsp; Illinois Finance Authority University of Chicago Medical Center <br> Obligated Group Series Aøø<br>| 5.00 | &nbsp;&nbsp; 8-15-2054 | 5000000 | &nbsp;&nbsp; 5345640 |
| Illinois Finance Authority University of Illinois | 4.00 | &nbsp;&nbsp; 10-1-2050 | 2000000 | &nbsp;&nbsp; 1654320 |
|  |  |  |  | &nbsp;&nbsp; **133429968** |
| **Housing revenue: 1.35%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Housing Development Authority Series E (GNMA / FNMA / <br> FHLMC Insured)<br>| 4.45 | &nbsp;&nbsp; 4-1-2043 | 2790000 | &nbsp;&nbsp; 2776244 |
| &nbsp;&nbsp; Illinois Housing Development Authority South Park Preservation LP <br> Series B (FHA Insured) (State Street Bank & Trust Co. SPA)ø<br>| 1.94 | &nbsp;&nbsp; 1-1-2066 | 6625000 | &nbsp;&nbsp; 6625000 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series A<br>| 4.00 | &nbsp;&nbsp; 12-15-2042 | 2500000 | &nbsp;&nbsp; 2236717 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series A CAB (NPFGC Insured)¤<br>| 0.00 | &nbsp;&nbsp; 12-15-2026 | 12245000 | &nbsp;&nbsp; 11649064 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series A CAB (NPFGC Insured)¤<br>| 0.00 | &nbsp;&nbsp; 6-15-2029 | 12085000 | &nbsp;&nbsp; 10502487 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series A CAB (NPFGC Insured)¤<br>| 0.00 | &nbsp;&nbsp; 12-15-2029 | 24950000 | &nbsp;&nbsp; 21270124 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series A CAB (NPFGC Insured)¤<br>| 0.00 | &nbsp;&nbsp; 12-15-2030 | 38500000 | &nbsp;&nbsp; 31500384 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series A CAB (NPFGC Insured)¤<br>| 0.00 | &nbsp;&nbsp; 6-15-2031 | 10060000 | &nbsp;&nbsp; 8050599 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series A CAB (NPFGC Insured)¤<br>| 0.00 | &nbsp;&nbsp; 12-15-2031 | 9800000 | &nbsp;&nbsp; 7674019 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series B<br>| 5.00 | &nbsp;&nbsp; 6-15-2053 | 3000000 | &nbsp;&nbsp; 2903931 |
| Northern Illinois University (BAM Insured) | 4.00 | &nbsp;&nbsp; 10-1-2037 | 1650000 | &nbsp;&nbsp; 1606356 |
|  |  |  |  | &nbsp;&nbsp; **106794925** |
| **Miscellaneous revenue: 0.53%** |  |  |  |  |
| Illinois Finance Authority Shedd Aquarium Society | 5.00 | &nbsp;&nbsp; 6-1-2044 | 4000000 | &nbsp;&nbsp; 4034763 |
| Illinois Finance Authority Shedd Aquarium Society | 5.00 | &nbsp;&nbsp; 6-1-2047 | 5000000 | &nbsp;&nbsp; 4922766 |
| Illinois Sports Facilities Authority CAB (Ambac Insured)¤ | 0.00 | &nbsp;&nbsp; 6-15-2026 | 2030000 | &nbsp;&nbsp; 1961662 |

---

The accompanying notes are an integral part of these financial statements.

22 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Miscellaneous revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Illinois State University Capital Improvement Project COP (AG <br> Insured)<br>| 5.00<br> %<br>| &nbsp;&nbsp; 4-1-2050 | $12240000 | &nbsp;&nbsp; $11996300 |
| &nbsp;&nbsp; PFA Series VRS206 (Bank of America N.A. LOC, Bank of America N.A. <br> LIQ)144Aø<br>| 4.15 | &nbsp;&nbsp; 2-15-2053 | 19250000 | &nbsp;&nbsp; 19250000 |
|  |  |  |  | &nbsp;&nbsp; **42165491** |
| **Tax revenue: 1.82%** |  |  |  |  |
| Chicago Transit Authority Sales Tax Receipts Fund | 5.00 | &nbsp;&nbsp; 12-1-2046 | 21500000 | &nbsp;&nbsp; 21520489 |
| Chicago Transit Authority Sales Tax Receipts Fund Series A | 5.00 | &nbsp;&nbsp; 12-1-2045 | 2440000 | &nbsp;&nbsp; 2449435 |
| &nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund Series A (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2046 | 10000000 | &nbsp;&nbsp; 10178096 |
| County of Cook Sales Tax Revenue Series A | 4.00 | &nbsp;&nbsp; 11-15-2041 | 2000000 | &nbsp;&nbsp; 1821770 |
| County of Cook Sales Tax Revenue Series A | 5.25 | &nbsp;&nbsp; 11-15-2045 | 5000000 | &nbsp;&nbsp; 5154855 |
| Illinois Sports Facilities Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 6-15-2026 | 4775000 | &nbsp;&nbsp; 4790381 |
| Illinois Sports Facilities Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 6-15-2027 | 8845000 | &nbsp;&nbsp; 8863248 |
| Illinois Sports Facilities Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 6-15-2028 | 4030000 | &nbsp;&nbsp; 4038028 |
| Illinois Sports Facilities Authority (AG Insured) | 5.25 | &nbsp;&nbsp; 6-15-2032 | 13190000 | &nbsp;&nbsp; 13214138 |
| Regional Transportation Authority Series A (AG Insured) | 5.75 | &nbsp;&nbsp; 6-1-2034 | 15000000 | &nbsp;&nbsp; 16905801 |
| Regional Transportation Authority Series A (NPFGC Insured) | 6.00 | &nbsp;&nbsp; 7-1-2027 | 7275000 | &nbsp;&nbsp; 7482225 |
| Regional Transportation Authority Series A (NPFGC Insured) | 6.00 | &nbsp;&nbsp; 7-1-2033 | 5000000 | &nbsp;&nbsp; 5690181 |
| Regional Transportation Authority Series B (NPFGC Insured) | 5.50 | &nbsp;&nbsp; 6-1-2027 | 8865000 | &nbsp;&nbsp; 9213932 |
| Sales Tax Securitization Corp. Series A | 4.00 | &nbsp;&nbsp; 1-1-2038 | 8950000 | &nbsp;&nbsp; 8543085 |
| Sales Tax Securitization Corp. Series A | 4.00 | &nbsp;&nbsp; 1-1-2048 | 5430000 | &nbsp;&nbsp; 4634105 |
| State of Illinois Sales Tax Revenue Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 6-15-2034 | 2000000 | &nbsp;&nbsp; 2000852 |
| State of Illinois Sales Tax Revenue Series A (BAM Insured) | 4.13 | &nbsp;&nbsp; 6-15-2037 | 1945000 | &nbsp;&nbsp; 1909489 |
| State of Illinois Sales Tax Revenue Series C | 5.00 | &nbsp;&nbsp; 6-15-2028 | 3500000 | &nbsp;&nbsp; 3693222 |
| State of Illinois Sales Tax Revenue Series D | 4.00 | &nbsp;&nbsp; 6-15-2030 | 12000000 | &nbsp;&nbsp; 12029754 |
|  |  |  |  | &nbsp;&nbsp; **144133086** |
| **Transportation revenue: 0.65%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Centerpoint Joliet Terminal Railroad LLC <br> AMT144Aøø<br>| 4.13 | &nbsp;&nbsp; 12-1-2043 | 20000000 | &nbsp;&nbsp; 19389942 |
| Illinois State Toll Highway Authority Series A | 4.00 | &nbsp;&nbsp; 1-1-2042 | 1250000 | &nbsp;&nbsp; 1170743 |
| Illinois State Toll Highway Authority Series A | 4.00 | &nbsp;&nbsp; 1-1-2046 | 265000 | &nbsp;&nbsp; 235343 |
| Illinois State Toll Highway Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2038 | 5000000 | &nbsp;&nbsp; 5365896 |
| Illinois State Toll Highway Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2040 | 6000000 | &nbsp;&nbsp; 5999590 |
| Illinois State Toll Highway Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2046 | 15245000 | &nbsp;&nbsp; 15410006 |
| Public Building Commission of Chicago (Ambac Insured) | 5.25 | &nbsp;&nbsp; 3-1-2027 | 3400000 | &nbsp;&nbsp; 3516346 |
|  |  |  |  | &nbsp;&nbsp; **51087866** |
| **Utilities revenue: 0.23%** |  |  |  |  |
| Illinois Municipal Electric Agency Series A | 5.00 | &nbsp;&nbsp; 2-1-2030 | 7000000 | &nbsp;&nbsp; 7006681 |
| Illinois Municipal Electric Agency Series A | 5.00 | &nbsp;&nbsp; 2-1-2031 | 8000000 | &nbsp;&nbsp; 8006822 |
| Northern Illinois Municipal Power Agency Series A | 4.00 | &nbsp;&nbsp; 12-1-2033 | 3430000 | &nbsp;&nbsp; 3438954 |
|  |  |  |  | &nbsp;&nbsp; **18452457** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 23

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Water & sewer revenue: 0.37%** |  |  |  |  |
| &nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue Series A (AG <br> Insured)<br>| 5.25<br> %<br>| &nbsp;&nbsp; 1-1-2058 | $5000000 | &nbsp;&nbsp; $5065094 |
| &nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue Series A (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2043 | 2000000 | &nbsp;&nbsp; 2054904 |
| City of Chicago Waterworks Revenue (AG Insured) | 5.25 | &nbsp;&nbsp; 11-1-2032 | 3250000 | &nbsp;&nbsp; 3373658 |
| City of Chicago Waterworks Revenue Series A (AG Insured) | 5.25 | &nbsp;&nbsp; 11-1-2048 | 5000000 | &nbsp;&nbsp; 5095133 |
| City of Chicago Waterworks Revenue Series A (AG Insured) | 5.50 | &nbsp;&nbsp; 11-1-2062 | 4780000 | &nbsp;&nbsp; 4917332 |
| City of Chicago Waterworks Revenue Series B (AG Insured) | 4.00 | &nbsp;&nbsp; 11-1-2040 | 4000000 | &nbsp;&nbsp; 3718867 |
| &nbsp;&nbsp; Illinois Finance Authority State of Illinois Water Revolving Fund - <br> Clean Water Program<br>| 4.00 | &nbsp;&nbsp; 7-1-2038 | 5000000 | &nbsp;&nbsp; 4758081 |
|  |  |  |  | &nbsp;&nbsp; **28983069** |
|  |  |  |  | &nbsp;&nbsp; **872246253** |
| **Indiana: 2.12%** |  |  |  |  |
| **Airport revenue: 0.04%** |  |  |  |  |
| Indianapolis Local Public Improvement Bond Bank Series I AMT | 5.00 | &nbsp;&nbsp; 1-1-2030 | 3000000 | &nbsp;&nbsp; **3000000** |
| **Education revenue: 0.21%** |  |  |  |  |
| Indiana Finance Authority DePauw University Series A | 5.00 | &nbsp;&nbsp; 7-1-2047 | 17000000 | &nbsp;&nbsp; 16150806 |
| Indiana Finance Authority KIPP Indianapolis, Inc. Series A | 5.00 | &nbsp;&nbsp; 7-1-2040 | 350000 | &nbsp;&nbsp; 336253 |
|  |  |  |  | &nbsp;&nbsp; **16487059** |
| **Health revenue: 0.48%** |  |  |  |  |
| &nbsp;&nbsp; Indiana Finance Authority Franciscan Alliance, Inc. Obligated Group <br> Series C<br>| 4.00 | &nbsp;&nbsp; 11-1-2033 | 12885000 | &nbsp;&nbsp; 12952010 |
| &nbsp;&nbsp; Indiana Finance Authority Franciscan Alliance, Inc. Obligated Group <br> Series C<br>| 4.00 | &nbsp;&nbsp; 11-1-2036 | 5000000 | &nbsp;&nbsp; 4957451 |
| &nbsp;&nbsp; Indiana Finance Authority Marion General Hospital, Inc. Obligated <br> Group Series A<br>| 4.00 | &nbsp;&nbsp; 7-1-2045 | 2560000 | &nbsp;&nbsp; 2253906 |
| &nbsp;&nbsp; Indiana Health Facility Financing Authority Ascension Health Credit <br> Group Series 2001A-1<br>| 5.00 | &nbsp;&nbsp; 11-15-2034 | 2750000 | &nbsp;&nbsp; 2761420 |
| &nbsp;&nbsp; RBC Municipal Products, Inc. Trust Series E-161 (Royal Bank of <br> Canada LOC, Royal Bank of Canada LIQ)144Aø<br>| 1.99 | &nbsp;&nbsp; 10-1-2064 | 15000000 | &nbsp;&nbsp; 15000000 |
|  |  |  |  | &nbsp;&nbsp; **37924787** |
| **Housing revenue: 0.28%** |  |  |  |  |
| Greater Clark Building Corp. Greater Clark County Schools | 6.00 | &nbsp;&nbsp; 7-15-2038 | 5000000 | &nbsp;&nbsp; 5653968 |
| Hobart Building Corp. School City | 4.00 | &nbsp;&nbsp; 7-15-2035 | 2295000 | &nbsp;&nbsp; 2302704 |
| &nbsp;&nbsp; Indiana Housing & Community Development Authority TWG <br> Cowan LPøø<br>| 3.35 | &nbsp;&nbsp; 1-1-2043 | 3100000 | &nbsp;&nbsp; 3105202 |
| IPS Multi-School Building Corp. Board of School Commissioners | 5.00 | &nbsp;&nbsp; 7-15-2044 | 2000000 | &nbsp;&nbsp; 2046210 |
| Northwestern School Building Corp. | 4.00 | &nbsp;&nbsp; 1-15-2043 | 3005000 | &nbsp;&nbsp; 2729266 |
| Northwestern School Building Corp. | 6.00 | &nbsp;&nbsp; 7-15-2039 | 850000 | &nbsp;&nbsp; 939855 |
| Tippecanoe County School Building Corp. Series B | 6.00 | &nbsp;&nbsp; 7-15-2036 | 1000000 | &nbsp;&nbsp; 1170244 |
| Tippecanoe County School Building Corp. Series B | 6.00 | &nbsp;&nbsp; 7-15-2038 | 1000000 | &nbsp;&nbsp; 1152655 |
| Tippecanoe County School Building Corp. Series B | 6.00 | &nbsp;&nbsp; 7-15-2041 | 1750000 | &nbsp;&nbsp; 1972899 |
| Tippecanoe County School Building Corp. Series B | 6.00 | &nbsp;&nbsp; 1-15-2043 | 1000000 | &nbsp;&nbsp; 1113544 |
|  |  |  |  | &nbsp;&nbsp; **22186547** |

---

The accompanying notes are an integral part of these financial statements.

24 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Industrial development revenue: 0.09%** |  |  |  |  |
| City of Valparaiso Pratt Paper LLC AMT144A | 4.88<br> %<br>| &nbsp;&nbsp; 1-1-2044 | $6000000 | &nbsp;&nbsp; $5766607 |
| &nbsp;&nbsp; Indiana Finance Authority Duke Energy Indiana LLC Series A4 <br> (Sumitomo Mitsui Banking Corp. LOC)ø<br>| 3.85 | &nbsp;&nbsp; 12-1-2039 | 1500000 | &nbsp;&nbsp; 1500000 |
|  |  |  |  | &nbsp;&nbsp; **7266607** |
| **Miscellaneous revenue: 0.28%** |  |  |  |  |
| Carmel Local Public Improvement Bond Bank Series 2016 | 5.00 | &nbsp;&nbsp; 7-15-2031 | 6000000 | &nbsp;&nbsp; 6107582 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank Series A (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 6-1-2039 | 10535000 | &nbsp;&nbsp; 10055276 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank Series A (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 6-1-2041 | 3000000 | &nbsp;&nbsp; 2791585 |
| Indianapolis Local Public Improvement Bond Bank Series B | 5.25 | &nbsp;&nbsp; 2-1-2048 | 3000000 | &nbsp;&nbsp; 3137858 |
|  |  |  |  | &nbsp;&nbsp; **22092301** |
| **Resource recovery revenue: 0.31%** |  |  |  |  |
| Indiana Finance Authority Republic Services, Inc. AMTø | 3.95 | &nbsp;&nbsp; 5-1-2028 | 12750000 | &nbsp;&nbsp; 12753033 |
| Indiana Finance Authority Republic Services, Inc. Series A AMTøø | 3.95 | &nbsp;&nbsp; 5-1-2028 | 11750000 | &nbsp;&nbsp; 11752795 |
|  |  |  |  | &nbsp;&nbsp; **24505828** |
| **Tax revenue: 0.05%** |  |  |  |  |
| &nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank Courthouse & <br> Jail Project Series A<br>| 5.00 | &nbsp;&nbsp; 2-1-2049 | 4000000 | &nbsp;&nbsp; **4019800** |
| **Utilities revenue: 0.27%** |  |  |  |  |
| Indiana Finance Authority Ohio Valley Electric Corp. Series A | 3.00 | &nbsp;&nbsp; 11-1-2030 | 4650000 | &nbsp;&nbsp; 4513528 |
| Indiana Finance Authority Ohio Valley Electric Corp. Series A | 4.25 | &nbsp;&nbsp; 11-1-2030 | 3000000 | &nbsp;&nbsp; 3055883 |
| Indiana Finance Authority Ohio Valley Electric Corp. Series C | 3.00 | &nbsp;&nbsp; 11-1-2030 | 4000000 | &nbsp;&nbsp; 3888288 |
| Indiana Municipal Power Agency Series A | 5.00 | &nbsp;&nbsp; 1-1-2042 | 10000000 | &nbsp;&nbsp; 10061756 |
|  |  |  |  | &nbsp;&nbsp; **21519455** |
| **Water & sewer revenue: 0.11%** |  |  |  |  |
| City of Fishers Sewage Works Revenue (BAM Insured) | 4.00 | &nbsp;&nbsp; 7-1-2043 | 3450000 | &nbsp;&nbsp; 3124270 |
| City of Fishers Sewage Works Revenue (BAM Insured) | 4.00 | &nbsp;&nbsp; 7-1-2045 | 3160000 | &nbsp;&nbsp; 2847483 |
| Evansville Waterworks District Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-1-2047 | 2250000 | &nbsp;&nbsp; 2255013 |
|  |  |  |  | &nbsp;&nbsp; **8226766** |
|  |  |  |  | &nbsp;&nbsp; **167229150** |
| **Iowa: 0.06%** |  |  |  |  |
| **GO revenue: 0.04%** |  |  |  |  |
| City of Cedar Rapids Series A | 4.00 | &nbsp;&nbsp; 6-1-2048 | 3630000 | &nbsp;&nbsp; **3240684** |
| **Housing revenue: 0.02%** |  |  |  |  |
| City of Altoona Series C | 5.00 | &nbsp;&nbsp; 6-1-2031 | 1805000 | &nbsp;&nbsp; **1832394** |
|  |  |  |  | &nbsp;&nbsp; **5073078** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 25

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Kansas: 0.25%** |  |  |  |  |
| **GO revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Johnson County Unified School District No. 512 Shawnee Mission <br> Series A<br>| 4.00<br> %<br>| &nbsp;&nbsp; 10-1-2043 | $3000000 | &nbsp;&nbsp; $2759572 |
| &nbsp;&nbsp; Wyandotte County Unified School District No. 203 Piper Series A <br> (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 9-1-2052 | 2500000 | &nbsp;&nbsp; 2558897 |
|  |  |  |  | &nbsp;&nbsp; **5318469** |
| **Tax revenue: 0.18%** |  |  |  |  |
| &nbsp;&nbsp; Wyandotte County-Kansas City Unified Government Sales Tax <br> Revenue CAB144A¤<br>| 0.00 | &nbsp;&nbsp; 9-1-2034 | 27185000 | &nbsp;&nbsp; **14418592** |
|  |  |  |  | &nbsp;&nbsp; **19737061** |
| **Kentucky: 0.93%** |  |  |  |  |
| **Education revenue: 0.06%** |  |  |  |  |
| County of Boyle Centre College of Kentucky Series A | 5.25 | &nbsp;&nbsp; 6-1-2049 | 2550000 | &nbsp;&nbsp; 2572606 |
| Kentucky Bond Development Corp. Centre College | 4.00 | &nbsp;&nbsp; 6-1-2046 | 800000 | &nbsp;&nbsp; 682493 |
| Kentucky Bond Development Corp. Centre College | 4.00 | &nbsp;&nbsp; 6-1-2051 | 1250000 | &nbsp;&nbsp; 1020126 |
|  |  |  |  | &nbsp;&nbsp; **4275225** |
| **Health revenue: 0.27%** |  |  |  |  |
| County of Warren Bowling Green Community Hospital Corp. | 5.25 | &nbsp;&nbsp; 4-1-2054 | 3000000 | &nbsp;&nbsp; 3039988 |
| &nbsp;&nbsp; Kentucky EDFA Baptist Healthcare System Obligated Group <br> Series B<br>| 5.00 | &nbsp;&nbsp; 8-15-2041 | 5000000 | &nbsp;&nbsp; 5020865 |
| &nbsp;&nbsp; Kentucky EDFA Baptist Healthcare System Obligated Group <br> Series B<br>| 5.00 | &nbsp;&nbsp; 8-15-2046 | 2070000 | &nbsp;&nbsp; 2052591 |
| &nbsp;&nbsp; Kentucky EDFA Norton Healthcare Obligated Group Series B CAB <br> (NPFGC Insured)¤<br>| 0.00 | &nbsp;&nbsp; 10-1-2028 | 5140000 | &nbsp;&nbsp; 4499631 |
| &nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government Norton <br> Healthcare Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2040 | 3300000 | &nbsp;&nbsp; 3407522 |
| &nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government Norton <br> Healthcare Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2041 | 3000000 | &nbsp;&nbsp; 3068773 |
|  |  |  |  | &nbsp;&nbsp; **21089370** |
| **Housing revenue: 0.17%** |  |  |  |  |
| Fayette County School District Finance Corp. Series A | 4.00 | &nbsp;&nbsp; 5-1-2038 | 5600000 | &nbsp;&nbsp; 5275839 |
| Kentucky Bond Corp. Series D | 4.50 | &nbsp;&nbsp; 2-1-2052 | 2355000 | &nbsp;&nbsp; 2159507 |
| &nbsp;&nbsp; Kentucky State Property & Building Commission Project No. 124 <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 11-1-2039 | 6000000 | &nbsp;&nbsp; 6231953 |
|  |  |  |  | &nbsp;&nbsp; **13667299** |
| **Industrial development revenue: 0.05%** |  |  |  |  |
| County of Trimble Kentucky Utilities Co. AMTøø | 4.70 | &nbsp;&nbsp; 6-1-2054 | 4000000 | &nbsp;&nbsp; **4036321** |
| **Miscellaneous revenue: 0.03%** |  |  |  |  |
| Kentucky State University COP (BAM Insured) | 4.00 | &nbsp;&nbsp; 11-1-2046 | 640000 | &nbsp;&nbsp; 575927 |
| Kentucky State University COP (BAM Insured) | 4.00 | &nbsp;&nbsp; 11-1-2051 | 1000000 | &nbsp;&nbsp; 863539 |
| Kentucky State University COP (BAM Insured) | 4.00 | &nbsp;&nbsp; 11-1-2056 | 1000000 | &nbsp;&nbsp; 847734 |
|  |  |  |  | &nbsp;&nbsp; **2287200** |

---

The accompanying notes are an integral part of these financial statements.

26 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue: 0.12%** |  |  |  |  |
| &nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority Series B <br> CAB¤<br>| 0.00<br> %<br>| &nbsp;&nbsp; 7-1-2030 | $2000000 | &nbsp;&nbsp; $1575112 |
| &nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority Series B <br> CAB¤<br>| 0.00 | &nbsp;&nbsp; 7-1-2031 | 2780000 | &nbsp;&nbsp; 2039432 |
| &nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority Series B <br> CAB¤<br>| 0.00 | &nbsp;&nbsp; 7-1-2032 | 2500000 | &nbsp;&nbsp; 1712476 |
| &nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority Series C <br> CAB<br>| 6.40 | &nbsp;&nbsp; 7-1-2033 | 1000000 | &nbsp;&nbsp; 1157788 |
| &nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority Series C <br> CAB<br>| 6.45 | &nbsp;&nbsp; 7-1-2034 | 2505000 | &nbsp;&nbsp; 2890655 |
|  |  |  |  | &nbsp;&nbsp; **9375463** |
| **Utilities revenue: 0.23%** |  |  |  |  |
| Kentucky Public Energy Authority Series A-1øø | 5.25 | &nbsp;&nbsp; 4-1-2054 | 17250000 | &nbsp;&nbsp; **18429809** |
|  |  |  |  | &nbsp;&nbsp; **73160687** |
| **Louisiana: 1.56%** |  |  |  |  |
| **Airport revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; New Orleans Aviation Board Louis Armstrong International <br> Airport CFC Revenue (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2036 | 1750000 | &nbsp;&nbsp; 1791242 |
| &nbsp;&nbsp; New Orleans Aviation Board Louis Armstrong International <br> Airport CFC Revenue (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2037 | 1750000 | &nbsp;&nbsp; 1783939 |
| &nbsp;&nbsp; New Orleans Aviation Board Louis Armstrong International <br> Airport CFC Revenue (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2038 | 1500000 | &nbsp;&nbsp; 1524221 |
| &nbsp;&nbsp; New Orleans Aviation Board Louis Armstrong International Airport <br> Series B AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2048 | 1145000 | &nbsp;&nbsp; 1123136 |
| Port New Orleans Board of Commissioners Series E AMT | 5.00 | &nbsp;&nbsp; 4-1-2040 | 2000000 | &nbsp;&nbsp; 2024570 |
|  |  |  |  | &nbsp;&nbsp; **8247108** |
| **GO revenue: 0.02%** |  |  |  |  |
| City of New Orleans Series A | 5.00 | &nbsp;&nbsp; 12-1-2046 | 2000000 | &nbsp;&nbsp; **1970753** |
| **Industrial development revenue: 0.30%** |  |  |  |  |
| Louisiana Offshore Terminal Authority Loop LLC Series 2013Cøø | 4.20 | &nbsp;&nbsp; 9-1-2034 | 5200000 | &nbsp;&nbsp; 5238287 |
| Louisiana Offshore Terminal Authority Loop LLC Series Aøø | 4.20 | &nbsp;&nbsp; 9-1-2033 | 15000000 | &nbsp;&nbsp; 15112396 |
| Parish of St. John the Baptist Marathon Oil Corp. Series Cøø | 3.30 | &nbsp;&nbsp; 6-1-2037 | 3000000 | &nbsp;&nbsp; 2993313 |
|  |  |  |  | &nbsp;&nbsp; **23343996** |
| **Miscellaneous revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; Louisiana Local Government Environmental Facilities & CDA Parish <br> of Jefferson144A<br>| 4.00 | &nbsp;&nbsp; 11-1-2044 | 1645000 | &nbsp;&nbsp; **1417784** |
| **Tax revenue: 0.62%** |  |  |  |  |
| Ernest N Morial New Orleans Exhibition Hall Authority | 5.25 | &nbsp;&nbsp; 7-15-2048 | 10000000 | &nbsp;&nbsp; 10174706 |
| Ernest N Morial New Orleans Exhibition Hall Authority | 5.50 | &nbsp;&nbsp; 7-15-2053 | 5000000 | &nbsp;&nbsp; 5161651 |
| Louisiana Stadium & Exposition District Series A | 5.25 | &nbsp;&nbsp; 7-1-2053 | 20000000 | &nbsp;&nbsp; 20291904 |
| &nbsp;&nbsp; State of Louisiana Gasoline & Fuels Tax Revenue Series A-1 <br> (Toronto-Dominion Bank LOC)ø<br>| 3.95 | &nbsp;&nbsp; 5-1-2043 | 13415000 | &nbsp;&nbsp; 13415000 |
|  |  |  |  | &nbsp;&nbsp; **49043261** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 27

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue: 0.27%** |  |  |  |  |
| Louisiana PFA Calcasieu Bridge Partners LLC AMT | 5.50<br> %<br>| &nbsp;&nbsp; 9-1-2054 | $11020000 | &nbsp;&nbsp; $11217877 |
| Louisiana PFA Calcasieu Bridge Partners LLC AMT | 5.50 | &nbsp;&nbsp; 9-1-2059 | 10000000 | &nbsp;&nbsp; 10149746 |
|  |  |  |  | &nbsp;&nbsp; **21367623** |
| **Utilities revenue: 0.08%** |  |  |  |  |
| City of Lafayette Utilities Revenue Electric Projects (AG Insured) | 5.00 | &nbsp;&nbsp; 11-1-2049 | 6000000 | &nbsp;&nbsp; **6063826** |
| **Water & sewer revenue: 0.15%** |  |  |  |  |
| City of New Orleans Sewerage Service Revenue Series B | 4.00 | &nbsp;&nbsp; 6-1-2050 | 1200000 | &nbsp;&nbsp; 1002784 |
| City of New Orleans Sewerage Service Revenue Series B | 5.00 | &nbsp;&nbsp; 6-1-2045 | 1500000 | &nbsp;&nbsp; 1480264 |
| &nbsp;&nbsp; City of New Orleans Sewerage Service Revenue Series B (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 6-1-2038 | 350000 | &nbsp;&nbsp; 344305 |
| &nbsp;&nbsp; City of New Orleans Sewerage Service Revenue Series B (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 6-1-2039 | 400000 | &nbsp;&nbsp; 389228 |
| &nbsp;&nbsp; City of New Orleans Sewerage Service Revenue Series B (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 6-1-2040 | 350000 | &nbsp;&nbsp; 336028 |
| City of Shreveport Water & Sewer Revenue Series B (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2036 | 730000 | &nbsp;&nbsp; 715687 |
| City of Shreveport Water & Sewer Revenue Series B (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2044 | 1000000 | &nbsp;&nbsp; 876744 |
| East Baton Rouge Sewerage Commission Series Aøø | 1.30 | &nbsp;&nbsp; 2-1-2041 | 6075000 | &nbsp;&nbsp; 5631700 |
| Greater Ouachita Water Co. (BAM Insured) | 4.50 | &nbsp;&nbsp; 9-1-2053 | 1150000 | &nbsp;&nbsp; 1044806 |
|  |  |  |  | &nbsp;&nbsp; **11821546** |
|  |  |  |  | &nbsp;&nbsp; **123275897** |
| **Maine: 0.13%** |  |  |  |  |
| **Health revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority Obligated <br> Group Series A<br>| 4.00 | &nbsp;&nbsp; 7-1-2040 | 1700000 | &nbsp;&nbsp; 1601808 |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority Obligated <br> Group Series A<br>| 4.00 | &nbsp;&nbsp; 7-1-2045 | 4500000 | &nbsp;&nbsp; 3920482 |
| Maine Health & Higher Educational Facilities Authority Series A | 5.00 | &nbsp;&nbsp; 7-1-2028 | 1445000 | &nbsp;&nbsp; 1499997 |
| Maine Health & Higher Educational Facilities Authority Series A | 5.00 | &nbsp;&nbsp; 7-1-2029 | 1535000 | &nbsp;&nbsp; 1649636 |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority Series A (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2046 | 500000 | &nbsp;&nbsp; 447230 |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority Series A (AG <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2050 | 1000000 | &nbsp;&nbsp; 879123 |
|  |  |  |  | &nbsp;&nbsp; **9998276** |
| **Maryland: 0.28%** |  |  |  |  |
| **Education revenue: 0.00%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Economic Development Corp. University Park Phase I & II <br> at Salisbury University<br>| 5.00 | &nbsp;&nbsp; 6-1-2027 | 100000 | &nbsp;&nbsp; 100058 |
| &nbsp;&nbsp; Maryland Economic Development Corp. University Park Phase I & II <br> at Salisbury University<br>| 5.00 | &nbsp;&nbsp; 6-1-2030 | 200000 | &nbsp;&nbsp; 200065 |
|  |  |  |  | &nbsp;&nbsp; **300123** |
| **Health revenue: 0.07%** |  |  |  |  |
| County of Montgomery Trinity Health Corp. Obligated Group | 4.00 | &nbsp;&nbsp; 12-1-2044 | 5000000 | &nbsp;&nbsp; 4411429 |

---

The accompanying notes are an integral part of these financial statements.

28 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Frederick <br> Health, Inc. Obligated Group<br>| 4.00<br> %<br>| &nbsp;&nbsp; 7-1-2045 | $745000 | &nbsp;&nbsp; $645392 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Frederick <br> Health, Inc. Obligated Group<br>| 4.00 | &nbsp;&nbsp; 7-1-2050 | 850000 | &nbsp;&nbsp; 704884 |
|  |  |  |  | &nbsp;&nbsp; **5761705** |
| **Housing revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Community Development Administration 4710 Park <br> Heights Senior LP Series C<br>| 5.25 | &nbsp;&nbsp; 11-1-2025 | 8000000 | &nbsp;&nbsp; 8020817 |
| Maryland Stadium Authority Series A | 5.00 | &nbsp;&nbsp; 9-1-2037 | 3000000 | &nbsp;&nbsp; 3264001 |
|  |  |  |  | &nbsp;&nbsp; **11284818** |
| **Tax revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Economic Development Corp. City of Baltimore Port <br> Covington Development District<br>| 4.00 | &nbsp;&nbsp; 9-1-2050 | 2500000 | &nbsp;&nbsp; **2010342** |
| **Transportation revenue: 0.03%** |  |  |  |  |
| Maryland State Transportation Authority Facilities Projects | 4.00 | &nbsp;&nbsp; 7-1-2050 | 2190000 | &nbsp;&nbsp; **1924428** |
| **Water & sewer revenue: 0.01%** |  |  |  |  |
| City of Baltimore Water Utility Fund Series A | 4.00 | &nbsp;&nbsp; 7-1-2039 | 500000 | &nbsp;&nbsp; 484463 |
| City of Baltimore Water Utility Fund Series A | 4.00 | &nbsp;&nbsp; 7-1-2040 | 500000 | &nbsp;&nbsp; 480993 |
|  |  |  |  | &nbsp;&nbsp; **965456** |
|  |  |  |  | &nbsp;&nbsp; **22246872** |
| **Massachusetts: 2.98%** |  |  |  |  |
| **Airport revenue: 0.10%** |  |  |  |  |
| Massachusetts Port Authority Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2039 | 4005000 | &nbsp;&nbsp; 4171030 |
| Massachusetts Port Authority Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2042 | 2000000 | &nbsp;&nbsp; 2043166 |
| Massachusetts Port Authority Series E AMT | 5.00 | &nbsp;&nbsp; 7-1-2046 | 1975000 | &nbsp;&nbsp; 1979607 |
|  |  |  |  | &nbsp;&nbsp; **8193803** |
| **Education revenue: 0.24%** |  |  |  |  |
| Collegiate Charter School of Lowell | 5.00 | &nbsp;&nbsp; 6-15-2039 | 1000000 | &nbsp;&nbsp; 988134 |
| Collegiate Charter School of Lowell | 5.00 | &nbsp;&nbsp; 6-15-2049 | 1750000 | &nbsp;&nbsp; 1629141 |
| Massachusetts Development Finance Agency Lasell University | 4.00 | &nbsp;&nbsp; 7-1-2045 | 2400000 | &nbsp;&nbsp; 1875376 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Northeastern <br> University<br>| 5.00 | &nbsp;&nbsp; 10-1-2044 | 7000000 | &nbsp;&nbsp; 7155448 |
| Massachusetts Development Finance Agency Suffolk University | 4.00 | &nbsp;&nbsp; 7-1-2051 | 1000000 | &nbsp;&nbsp; 787053 |
| Massachusetts Development Finance Agency Suffolk University | 6.00 | &nbsp;&nbsp; 7-1-2050 | 2750000 | &nbsp;&nbsp; 2891045 |
| Massachusetts Educational Financing Authority Series B AMT | 4.25 | &nbsp;&nbsp; 7-1-2032 | 1800000 | &nbsp;&nbsp; 1795795 |
| University of Massachusetts Building Authority Series 1 | 5.00 | &nbsp;&nbsp; 11-1-2036 | 1590000 | &nbsp;&nbsp; 1595140 |
|  |  |  |  | &nbsp;&nbsp; **18717132** |
| **GO revenue: 1.13%** |  |  |  |  |
| City of Revere | 4.00 | &nbsp;&nbsp; 8-1-2047 | 4000000 | &nbsp;&nbsp; 3588515 |
| Commonwealth of Massachusetts | 4.00 | &nbsp;&nbsp; 5-1-2045 | 20000000 | &nbsp;&nbsp; 18257890 |
| Commonwealth of Massachusetts Series A | 5.00 | &nbsp;&nbsp; 5-1-2053 | 13000000 | &nbsp;&nbsp; 13238490 |
| Commonwealth of Massachusetts Series A | 5.00 | &nbsp;&nbsp; 1-1-2054 | 13500000 | &nbsp;&nbsp; 13753495 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 29

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| Commonwealth of Massachusetts Series D | 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2053 | $13540000 | &nbsp;&nbsp; $13799165 |
| Commonwealth of Massachusetts Series E | 5.00 | &nbsp;&nbsp; 11-1-2050 | 15540000 | &nbsp;&nbsp; 15575961 |
| Commonwealth of Massachusetts Series E | 5.25 | &nbsp;&nbsp; 9-1-2048 | 1765000 | &nbsp;&nbsp; 1801398 |
| Commonwealth of Massachusetts Series F | 5.00 | &nbsp;&nbsp; 11-1-2041 | 5000000 | &nbsp;&nbsp; 5067741 |
| Town of Tyngsborough | 4.00 | &nbsp;&nbsp; 10-15-2048 | 4275000 | &nbsp;&nbsp; 3841981 |
|  |  |  |  | &nbsp;&nbsp; **88924636** |
| **Health revenue: 0.71%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Beth Israel Lahey <br> Health Obligated Group Series F<br>| 5.00 | &nbsp;&nbsp; 8-15-2045 | 4950000 | &nbsp;&nbsp; 4836841 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Boston Medical <br> Center Corp. Obligated Group Series D<br>| 5.00 | &nbsp;&nbsp; 7-1-2044 | 6000000 | &nbsp;&nbsp; 5756122 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Boston Medical <br> Center Corp. Obligated Group Series E<br>| 5.00 | &nbsp;&nbsp; 7-1-2035 | 5115000 | &nbsp;&nbsp; 5124240 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Boston Medical <br> Center Corp. Obligated Group Series E<br>| 5.00 | &nbsp;&nbsp; 7-1-2036 | 2750000 | &nbsp;&nbsp; 2753738 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Boston Medical <br> Center Corp. Obligated Group Series G<br>| 5.25 | &nbsp;&nbsp; 7-1-2048 | 7805000 | &nbsp;&nbsp; 7728373 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Dana-Farber Cancer <br> Institute Obligated Group Series N<br>| 5.00 | &nbsp;&nbsp; 12-1-2046 | 3000000 | &nbsp;&nbsp; 3000179 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Mass General <br> Brigham, Inc. Series A-2<br>| 4.00 | &nbsp;&nbsp; 7-1-2040 | 1000000 | &nbsp;&nbsp; 944327 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Mass General <br> Brigham, Inc. Series A-2<br>| 4.00 | &nbsp;&nbsp; 7-1-2041 | 1200000 | &nbsp;&nbsp; 1107488 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Mass General <br> Brigham, Inc. Series D<br>| 5.00 | &nbsp;&nbsp; 7-1-2054 | 15000000 | &nbsp;&nbsp; 15011155 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Mass General <br> Brigham, Inc. Series Q<br>| 5.00 | &nbsp;&nbsp; 7-1-2047 | 6085000 | &nbsp;&nbsp; 5991291 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Tufts Medicine <br> Obligated Group Series C (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 10-1-2045 | 3835000 | &nbsp;&nbsp; 3320459 |
| &nbsp;&nbsp; Massachusetts HEFA Mass General Brigham, Inc. (TD Bank N.A. <br> LOC)ø<br>| 1.92 | &nbsp;&nbsp; 7-1-2040 | 745000 | &nbsp;&nbsp; 745000 |
|  |  |  |  | &nbsp;&nbsp; **56319213** |
| **Miscellaneous revenue: 0.12%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Bay Transportation Authority Assessment Revenue <br> Series A-2<br>| 5.00 | &nbsp;&nbsp; 7-1-2052 | 9450000 | &nbsp;&nbsp; **9621108** |
| **Tax revenue: 0.68%** |  |  |  |  |
| &nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2047 | 6485000 | &nbsp;&nbsp; 6510522 |
| &nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2048 | 11510000 | &nbsp;&nbsp; 11570176 |
| &nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2049 | 16500000 | &nbsp;&nbsp; 16600086 |
| &nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund Revenue <br> Series B<br>| 5.00 | &nbsp;&nbsp; 6-1-2051 | 10000000 | &nbsp;&nbsp; 10183965 |

---

The accompanying notes are an integral part of these financial statements.

30 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Bay Transportation Authority Sales Tax Revenue <br> Series A-1<br>| 4.00<br> %<br>| &nbsp;&nbsp; 7-1-2040 | $6920000 | &nbsp;&nbsp; $6627466 |
| Massachusetts School Building Authority Series D | 5.00 | &nbsp;&nbsp; 8-15-2037 | 2000000 | &nbsp;&nbsp; 2000079 |
|  |  |  |  | &nbsp;&nbsp; **53492294** |
|  |  |  |  | &nbsp;&nbsp; **235268186** |
| **Michigan: 1.96%** |  |  |  |  |
| **Airport revenue: 0.11%** |  |  |  |  |
| Wayne County Airport Authority Detroit Metropolitan Series B AMT | 5.00 | &nbsp;&nbsp; 12-1-2041 | 1145000 | &nbsp;&nbsp; 1147871 |
| &nbsp;&nbsp; Wayne County Airport Authority Detroit Metropolitan Series B (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2046 | 1400000 | &nbsp;&nbsp; 1391824 |
| Wayne County Airport Authority Detroit Metropolitan Series F AMT | 5.00 | &nbsp;&nbsp; 12-1-2029 | 6000000 | &nbsp;&nbsp; 6014135 |
|  |  |  |  | &nbsp;&nbsp; **8553830** |
| **Education revenue: 0.08%** |  |  |  |  |
| Michigan Finance Authority Bradford Academy | 4.30 | &nbsp;&nbsp; 9-1-2030 | 830000 | &nbsp;&nbsp; 776495 |
| Michigan Finance Authority Bradford Academy | 4.80 | &nbsp;&nbsp; 9-1-2040 | 1205000 | &nbsp;&nbsp; 988190 |
| Michigan Finance Authority Bradford Academy | 5.00 | &nbsp;&nbsp; 9-1-2050 | 4530000 | &nbsp;&nbsp; 3462793 |
| Michigan Public Educational Facilities Authority Crescent Academy | 7.00 | &nbsp;&nbsp; 10-1-2036 | 972500 | &nbsp;&nbsp; 972905 |
|  |  |  |  | &nbsp;&nbsp; **6200383** |
| **GO revenue: 0.07%** |  |  |  |  |
| Okemos Public Schools Series II (QSBLF Insured) | 5.00 | &nbsp;&nbsp; 5-1-2049 | 2250000 | &nbsp;&nbsp; 2297498 |
| Okemos Public Schools Series II (QSBLF Insured) | 5.00 | &nbsp;&nbsp; 5-1-2054 | 3000000 | &nbsp;&nbsp; 3032109 |
|  |  |  |  | &nbsp;&nbsp; **5329607** |
| **Health revenue: 0.20%** |  |  |  |  |
| &nbsp;&nbsp; Kentwood Economic Development Corp. Holland Home Obligated <br> Group Series 2021<br>| 4.00 | &nbsp;&nbsp; 11-15-2045 | 750000 | &nbsp;&nbsp; 597800 |
| &nbsp;&nbsp; Kentwood Economic Development Corp. Holland Home Obligated <br> Group Series 2022<br>| 4.00 | &nbsp;&nbsp; 11-15-2031 | 920000 | &nbsp;&nbsp; 892601 |
| &nbsp;&nbsp; Michigan Finance Authority Corewell Health Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2044 | 4000000 | &nbsp;&nbsp; 3980321 |
| &nbsp;&nbsp; Michigan Finance Authority McLaren Health Care Corp. Obligated <br> Group Series A<br>| 4.00 | &nbsp;&nbsp; 2-15-2047 | 3000000 | &nbsp;&nbsp; 2612737 |
| &nbsp;&nbsp; Michigan Finance Authority Trinity Health Corp. Obligated Group <br> Series 2016MI<br>| 5.00 | &nbsp;&nbsp; 12-1-2034 | 8055000 | &nbsp;&nbsp; 8143883 |
|  |  |  |  | &nbsp;&nbsp; **16227342** |
| **Housing revenue: 0.58%** |  |  |  |  |
| Michigan Municipal Bond Authority Series C (Ambac Insured) | 4.75 | &nbsp;&nbsp; 5-1-2027 | 2355000 | &nbsp;&nbsp; 2385709 |
| Michigan State Building Authority Series Iø | 2.02 | &nbsp;&nbsp; 4-15-2059 | 28280000 | &nbsp;&nbsp; 28280000 |
| Michigan State Building Authority Series I | 5.00 | &nbsp;&nbsp; 4-15-2041 | 14295000 | &nbsp;&nbsp; 14418174 |
| &nbsp;&nbsp; Michigan State Housing Development Authority Series D (FHLB <br> SPA)ø<br>| 1.90 | &nbsp;&nbsp; 6-1-2030 | 720000 | &nbsp;&nbsp; 720000 |
|  |  |  |  | &nbsp;&nbsp; **45803883** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 31

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Miscellaneous revenue: 0.40%** |  |  |  |  |
| Michigan Finance Authority County of Wayne | 4.00<br> %<br>| &nbsp;&nbsp; 11-1-2048 | $6000000 | &nbsp;&nbsp; $5161786 |
| &nbsp;&nbsp; Michigan Finance Authority Detroit Public Lighting Authority Utility <br> Users Tax Revenue Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2039 | 7895000 | &nbsp;&nbsp; 7899356 |
| &nbsp;&nbsp; Michigan Finance Authority Detroit Public Lighting Authority Utility <br> Users Tax Revenue Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2044 | 18345000 | &nbsp;&nbsp; 18347895 |
|  |  |  |  | &nbsp;&nbsp; **31409037** |
| **Tax revenue: 0.01%** |  |  |  |  |
| State of Michigan Trunk Line Revenue Series A | 4.00 | &nbsp;&nbsp; 11-15-2046 | 610000 | &nbsp;&nbsp; **550374** |
| **Utilities revenue: 0.12%** |  |  |  |  |
| Lansing Board of Water & Light Series A | 5.25 | &nbsp;&nbsp; 7-1-2054 | 9600000 | &nbsp;&nbsp; **9977337** |
| **Water & sewer revenue: 0.39%** |  |  |  |  |
| &nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System Revenue <br> Series C<br>| 5.00 | &nbsp;&nbsp; 7-1-2036 | 6903000 | &nbsp;&nbsp; 6970400 |
| &nbsp;&nbsp; Great Lakes Water Authority Water Supply System Revenue <br> Series D<br>| 4.00 | &nbsp;&nbsp; 7-1-2032 | 11000000 | &nbsp;&nbsp; 11040394 |
| &nbsp;&nbsp; Great Lakes Water Authority Water Supply System Revenue <br> Series D (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2033 | 11000000 | &nbsp;&nbsp; 11055940 |
| &nbsp;&nbsp; Michigan Finance Authority Great Lakes Water Authority Sewage <br> Disposal System Revenue Series C<br>| 5.00 | &nbsp;&nbsp; 7-1-2035 | 2000000 | &nbsp;&nbsp; 2002947 |
|  |  |  |  | &nbsp;&nbsp; **31069681** |
|  |  |  |  | &nbsp;&nbsp; **155121474** |
| **Minnesota: 0.52%** |  |  |  |  |
| **Education revenue: 0.01%** |  |  |  |  |
| &nbsp;&nbsp; City of Minneapolis University Gateway Corp. (Wells Fargo Bank <br> SPA)ø<br>| 1.92 | &nbsp;&nbsp; 12-1-2040 | 700000 | &nbsp;&nbsp; **700000** |
| **GO revenue: 0.04%** |  |  |  |  |
| County of Hennepin Series A | 5.00 | &nbsp;&nbsp; 12-1-2037 | 1000000 | &nbsp;&nbsp; 1030441 |
| County of Hennepin Series B (TD Bank N.A. SPA)ø | 1.85 | &nbsp;&nbsp; 12-1-2038 | 1500000 | &nbsp;&nbsp; 1500000 |
| Shakopee Independent School District No. 720 Series A | 4.00 | &nbsp;&nbsp; 2-1-2030 | 225000 | &nbsp;&nbsp; 229019 |
| Shakopee Independent School District No. 720 Series A | 4.00 | &nbsp;&nbsp; 2-1-2032 | 240000 | &nbsp;&nbsp; 243832 |
|  |  |  |  | &nbsp;&nbsp; **3003292** |
| **Health revenue: 0.39%** |  |  |  |  |
| &nbsp;&nbsp; City of Minneapolis Fairview Health Services Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2048 | 2315000 | &nbsp;&nbsp; 1910333 |
| City of Rochester Mayo Clinicø | 1.95 | &nbsp;&nbsp; 11-15-2047 | 4050000 | &nbsp;&nbsp; 4050000 |
| &nbsp;&nbsp; City of Shakopee Senior Housing Revenue Benedictine Living <br> Community LLC144Aøø<br>| 5.85 | &nbsp;&nbsp; 11-1-2058 | 13650000 | &nbsp;&nbsp; 13617006 |
| City of St. Cloud CentraCare Health System Obligated Group | 5.00 | &nbsp;&nbsp; 5-1-2048 | 1500000 | &nbsp;&nbsp; 1498080 |
| &nbsp;&nbsp; Minnesota Agricultural & Economic Development Board <br> HealthPartners Obligated Group<br>| 5.25 | &nbsp;&nbsp; 1-1-2047 | 10000000 | &nbsp;&nbsp; 10157840 |
|  |  |  |  | &nbsp;&nbsp; **31233259** |

---

The accompanying notes are an integral part of these financial statements.

32 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Miscellaneous revenue: 0.03%** |  |  |  |  |
| Minnesota Rural Water Finance Authority, Inc. BAN | 3.30<br> %<br>| &nbsp;&nbsp; 8-1-2026 | $2000000 | &nbsp;&nbsp; **$2002430** |
| **Utilities revenue: 0.05%** |  |  |  |  |
| City of Rochester Electric Utility Revenue Series A | 5.00 | &nbsp;&nbsp; 12-1-2042 | 3895000 | &nbsp;&nbsp; **3969704** |
|  |  |  |  | &nbsp;&nbsp; **40908685** |
| **Mississippi: 0.12%** |  |  |  |  |
| **Miscellaneous revenue: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; Mississippi Development Bank City of Jackson Water & Sewer <br> System Revenue (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2030 | 5460000 | &nbsp;&nbsp; 5466297 |
| Mississippi Development Bank Lamar County School District | 5.25 | &nbsp;&nbsp; 6-1-2045 | 1075000 | &nbsp;&nbsp; 1109996 |
|  |  |  |  | &nbsp;&nbsp; **6576293** |
| **Tobacco revenue: 0.04%** |  |  |  |  |
| State of Mississippi ABC Revenues | 5.00 | &nbsp;&nbsp; 10-1-2049 | 3000000 | &nbsp;&nbsp; **3049329** |
|  |  |  |  | &nbsp;&nbsp; **9625622** |
| **Missouri: 0.49%** |  |  |  |  |
| **GO revenue: 0.11%** |  |  |  |  |
| Liberty Public School District No. 53 | 4.00 | &nbsp;&nbsp; 3-1-2043 | 4050000 | &nbsp;&nbsp; 3726040 |
| St. Louis School District | 4.00 | &nbsp;&nbsp; 4-1-2030 | 4840000 | &nbsp;&nbsp; 4880193 |
|  |  |  |  | &nbsp;&nbsp; **8606233** |
| **Miscellaneous revenue: 0.32%** |  |  |  |  |
| Kansas City IDA Airport Revenue Series B AMT | 5.00 | &nbsp;&nbsp; 3-1-2037 | 3000000 | &nbsp;&nbsp; 3056538 |
| Kansas City IDA Airport Revenue Series B AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 3-1-2049 | 23075000 | &nbsp;&nbsp; 22830250 |
|  |  |  |  | &nbsp;&nbsp; **25886788** |
| **Water & sewer revenue: 0.06%** |  |  |  |  |
| City of Kansas City Water Revenue Series A | 5.00 | &nbsp;&nbsp; 12-1-2048 | 4500000 | &nbsp;&nbsp; **4632573** |
|  |  |  |  | &nbsp;&nbsp; **39125594** |
| **Nebraska: 0.78%** |  |  |  |  |
| **Health revenue: 0.01%** |  |  |  |  |
| &nbsp;&nbsp; Douglas County Hospital Authority No. 2 Children's Hospital <br> Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2040 | 1150000 | &nbsp;&nbsp; **1068253** |
| **Utilities revenue: 0.77%** |  |  |  |  |
| Central Plains Energy Project (Royal Bank of Canada LIQ)øø | 4.00 | &nbsp;&nbsp; 12-1-2049 | 19810000 | &nbsp;&nbsp; 19823126 |
| Central Plains Energy Project No. 3 Series A | 5.00 | &nbsp;&nbsp; 9-1-2033 | 6000000 | &nbsp;&nbsp; 6430033 |
| Central Plains Energy Project Series A-1øø | 5.00 | &nbsp;&nbsp; 8-1-2055 | 32355000 | &nbsp;&nbsp; 34246007 |
|  |  |  |  | &nbsp;&nbsp; **60499166** |
|  |  |  |  | &nbsp;&nbsp; **61567419** |
| **Nevada: 1.48%** |  |  |  |  |
| **GO revenue: 1.27%** |  |  |  |  |
| City of Henderson Series A-1 | 4.00 | &nbsp;&nbsp; 6-1-2045 | 4610000 | &nbsp;&nbsp; 4176009 |
| City of Henderson Series B-1 | 4.00 | &nbsp;&nbsp; 6-1-2039 | 4060000 | &nbsp;&nbsp; 4000537 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 33

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| City of Henderson Series B-1 | 4.00<br> %<br>| &nbsp;&nbsp; 6-1-2040 | $3340000 | &nbsp;&nbsp; $3255448 |
| City of Las Vegas Series A | 4.00 | &nbsp;&nbsp; 2-1-2038 | 1335000 | &nbsp;&nbsp; 1326046 |
| Clark County School District Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 6-15-2035 | 9585000 | &nbsp;&nbsp; 9606189 |
| Clark County School District Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 6-15-2036 | 850000 | &nbsp;&nbsp; 854259 |
| Clark County School District Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 6-15-2037 | 900000 | &nbsp;&nbsp; 896490 |
| Clark County School District Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 6-15-2038 | 850000 | &nbsp;&nbsp; 834744 |
| Clark County School District Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 6-15-2039 | 1000000 | &nbsp;&nbsp; 968394 |
| Clark County School District Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 6-15-2032 | 900000 | &nbsp;&nbsp; 978966 |
| Clark County School District Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 6-15-2033 | 825000 | &nbsp;&nbsp; 892078 |
| Clark County School District Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 6-15-2034 | 950000 | &nbsp;&nbsp; 1021778 |
| Clark County School District Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 6-15-2035 | 1000000 | &nbsp;&nbsp; 1067183 |
| County of Clark Series A | 5.00 | &nbsp;&nbsp; 6-1-2043 | 9360000 | &nbsp;&nbsp; 9466375 |
| County of Clark Series A | 5.00 | &nbsp;&nbsp; 5-1-2048 | 50215000 | &nbsp;&nbsp; 50293350 |
| County of Clark Series C | 4.00 | &nbsp;&nbsp; 7-1-2032 | 6000000 | &nbsp;&nbsp; 6057268 |
| Las Vegas Valley Water District Series A | 4.00 | &nbsp;&nbsp; 6-1-2034 | 4600000 | &nbsp;&nbsp; 4748630 |
|  |  |  |  | &nbsp;&nbsp; **100443744** |
| **Industrial development revenue: 0.02%** |  |  |  |  |
| County of Clark Southern California Edison Co. | 2.10 | &nbsp;&nbsp; 6-1-2031 | 1250000 | &nbsp;&nbsp; **1093457** |
| **Resource recovery revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; State of Nevada Department of Business & Industry Republic <br> Services, Inc. Series 2001-REMK AMT144Aø<br>| 3.95 | &nbsp;&nbsp; 12-1-2026 | 2500000 | &nbsp;&nbsp; **2500498** |
| **Tax revenue: 0.16%** |  |  |  |  |
| &nbsp;&nbsp; County of Clark Sales & Excise Tax Revenue Streets & Highway <br> Project<br>| 4.00 | &nbsp;&nbsp; 7-1-2043 | 4500000 | &nbsp;&nbsp; 4155410 |
| &nbsp;&nbsp; Las Vegas Convention & Visitors Authority Clark County Combined <br> Room Tax Revenue Series B<br>| 4.00 | &nbsp;&nbsp; 7-1-2049 | 10000000 | &nbsp;&nbsp; 8534207 |
|  |  |  |  | &nbsp;&nbsp; **12689617** |
|  |  |  |  | &nbsp;&nbsp; **116727316** |
| **New Hampshire: 0.49%** |  |  |  |  |
| **Education revenue: 0.28%** |  |  |  |  |
| &nbsp;&nbsp; New Hampshire Business Finance Authority University of Nevada <br> Reno Series A (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 6-1-2051 | 10000000 | &nbsp;&nbsp; 10242886 |
| New Hampshire HEFA Act University System | 5.00 | &nbsp;&nbsp; 7-1-2040 | 6000000 | &nbsp;&nbsp; 6001764 |
| New Hampshire HEFA Act University System (BAM Insured) | 5.25 | &nbsp;&nbsp; 7-1-2048 | 5860000 | &nbsp;&nbsp; 6092150 |
|  |  |  |  | &nbsp;&nbsp; **22336800** |
| **Health revenue: 0.10%** |  |  |  |  |
| New Hampshire HEFA Act Concord Hospital Obligated Group | 5.00 | &nbsp;&nbsp; 10-1-2047 | 5000000 | &nbsp;&nbsp; 4926406 |
| &nbsp;&nbsp; New Hampshire HEFA Act Dartmouth-Hitchcock Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2036 | 2660000 | &nbsp;&nbsp; 2706791 |
|  |  |  |  | &nbsp;&nbsp; **7633197** |
| **Housing revenue: 0.08%** |  |  |  |  |
| New Hampshire Business Finance Authority Class A Series 1-A | 4.13 | &nbsp;&nbsp; 1-20-2034 | 5948091 | &nbsp;&nbsp; **5881134** |

---

The accompanying notes are an integral part of these financial statements.

34 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Resource recovery revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; New Hampshire Business Finance Authority United Illuminating Co. <br> Series A<br>| 4.50<br> %<br>| &nbsp;&nbsp; 10-1-2033 | $2560000 | &nbsp;&nbsp; $**2620473** |
|  |  |  |  | &nbsp;&nbsp; **38471604** |
| **New Jersey: 1.55%** |  |  |  |  |
| **Airport revenue: 0.02%** |  |  |  |  |
| South Jersey Port Corp. Series S-1 | 5.00 | &nbsp;&nbsp; 1-1-2039 | 1350000 | &nbsp;&nbsp; **1352310** |
| **Education revenue: 0.01%** |  |  |  |  |
| &nbsp;&nbsp; Atlantic County Improvement Authority Stockton University <br> Series A (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2047 | 750000 | &nbsp;&nbsp; **654913** |
| **GO revenue: 0.18%** |  |  |  |  |
| City of Newark Series A | 5.00 | &nbsp;&nbsp; 7-15-2025 | 5000000 | &nbsp;&nbsp; 5003333 |
| City of Newark Series A | 5.00 | &nbsp;&nbsp; 7-15-2026 | 2205000 | &nbsp;&nbsp; 2208363 |
| City of Newark Series A | 5.00 | &nbsp;&nbsp; 7-15-2027 | 6035000 | &nbsp;&nbsp; 6044205 |
| City of Newark Series B | 5.00 | &nbsp;&nbsp; 7-15-2025 | 385000 | &nbsp;&nbsp; 385257 |
| City of Newark Series B | 5.00 | &nbsp;&nbsp; 7-15-2026 | 395000 | &nbsp;&nbsp; 395602 |
| City of Newark Series B | 5.00 | &nbsp;&nbsp; 7-15-2027 | 405000 | &nbsp;&nbsp; 405618 |
|  |  |  |  | &nbsp;&nbsp; **14442378** |
| **Health revenue: 0.00%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority AHS Hospital <br> Corp. Series B (Bank of America N.A. LOC)ø<br>| 2.60 | &nbsp;&nbsp; 7-1-2036 | 100000 | &nbsp;&nbsp; **100000** |
| **Housing revenue: 0.98%** |  |  |  |  |
| Garden State Preservation Trust Series A (AG Insured) | 5.75 | &nbsp;&nbsp; 11-1-2028 | 12335000 | &nbsp;&nbsp; 12963862 |
| New Jersey EDA Motor Vehicle Surcharge Revenue Series A | 3.13 | &nbsp;&nbsp; 7-1-2029 | 2620000 | &nbsp;&nbsp; 2540139 |
| New Jersey EDA Portal North Bridge Project Series A | 5.00 | &nbsp;&nbsp; 11-1-2038 | 5000000 | &nbsp;&nbsp; 5236791 |
| New Jersey EDA Portal North Bridge Project Series A | 5.25 | &nbsp;&nbsp; 11-1-2041 | 3000000 | &nbsp;&nbsp; 3125852 |
| New Jersey TTFA Series A¤ | 0.00 | &nbsp;&nbsp; 12-15-2026 | 1150000 | &nbsp;&nbsp; 1101423 |
| New Jersey TTFA Series A¤ | 0.00 | &nbsp;&nbsp; 12-15-2028 | 10100000 | &nbsp;&nbsp; 9066324 |
| New Jersey TTFA Series A¤ | 0.00 | &nbsp;&nbsp; 12-15-2029 | 11875000 | &nbsp;&nbsp; 10279955 |
| New Jersey TTFA Series A¤ | 0.00 | &nbsp;&nbsp; 12-15-2030 | 8000000 | &nbsp;&nbsp; 6662352 |
| New Jersey TTFA Series A¤ | 0.00 | &nbsp;&nbsp; 12-15-2031 | 4500000 | &nbsp;&nbsp; 3598280 |
| New Jersey TTFA Series A CAB¤ | 0.00 | &nbsp;&nbsp; 12-15-2039 | 10000000 | &nbsp;&nbsp; 5178386 |
| New Jersey TTFA Series AA | 5.00 | &nbsp;&nbsp; 6-15-2038 | 2000000 | &nbsp;&nbsp; 2102028 |
| New Jersey TTFA Series CC | 5.25 | &nbsp;&nbsp; 6-15-2046 | 6000000 | &nbsp;&nbsp; 6561884 |
| Union County Utilities Authority Covanta Union LLC Series A AMT | 5.25 | &nbsp;&nbsp; 12-1-2031 | 9210000 | &nbsp;&nbsp; 9226862 |
|  |  |  |  | &nbsp;&nbsp; **77644138** |
| **Industrial development revenue: 0.06%** |  |  |  |  |
| New Jersey EDA United Airlines, Inc. | 5.25 | &nbsp;&nbsp; 9-15-2029 | 5110000 | &nbsp;&nbsp; **5111731** |
| **Miscellaneous revenue: 0.16%** |  |  |  |  |
| New Jersey TTFA Series A | 4.25 | &nbsp;&nbsp; 6-15-2040 | 4375000 | &nbsp;&nbsp; 4231097 |
| &nbsp;&nbsp; Newark Housing Authority Port Authority of New York & New Jersey <br> (NPFGC Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2032 | 7620000 | &nbsp;&nbsp; 8078511 |
|  |  |  |  | &nbsp;&nbsp; **12309608** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 35

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue: 0.04%** |  |  |  |  |
| New Jersey TTFA Series AA | 5.00<br> %<br>| &nbsp;&nbsp; 6-15-2039 | $3000000 | &nbsp;&nbsp; **$3099371** |
| **Transportation revenue: 0.10%** |  |  |  |  |
| South Jersey Transportation Authority Series A | 5.00 | &nbsp;&nbsp; 11-1-2041 | 1000000 | &nbsp;&nbsp; 1022146 |
| South Jersey Transportation Authority Series A | 5.25 | &nbsp;&nbsp; 11-1-2052 | 1500000 | &nbsp;&nbsp; 1533518 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XX1405 <br> (Barclays Bank plc LIQ)144Aø<br>| 3.93 | &nbsp;&nbsp; 1-1-2055 | 5035000 | &nbsp;&nbsp; 5035000 |
|  |  |  |  | &nbsp;&nbsp; **7590664** |
|  |  |  |  | &nbsp;&nbsp; **122305113** |
| **New Mexico: 0.14%** |  |  |  |  |
| **Industrial development revenue: 0.14%** |  |  |  |  |
| City of Farmington Southern California Edison Co. | 1.80 | &nbsp;&nbsp; 4-1-2029 | 5000000 | &nbsp;&nbsp; 4584601 |
| City of Farmington Southern California Edison Co. Series B | 1.80 | &nbsp;&nbsp; 4-1-2029 | 7000000 | &nbsp;&nbsp; 6416155 |
|  |  |  |  | &nbsp;&nbsp; **11000756** |
| **New York: 11.86%** |  |  |  |  |
| **Airport revenue: 1.90%** |  |  |  |  |
| &nbsp;&nbsp; Build NYC Resource Corp. Transportation Infrastructure Purpose <br> Obligated Group AMT<br>| 5.50 | &nbsp;&nbsp; 7-1-2044 | 1000000 | &nbsp;&nbsp; 1041342 |
| &nbsp;&nbsp; Build NYC Resource Corp. Transportation Infrastructure Purpose <br> Obligated Group AMT<br>| 5.50 | &nbsp;&nbsp; 7-1-2045 | 1250000 | &nbsp;&nbsp; 1295845 |
| &nbsp;&nbsp; Build NYC Resource Corp. Transportation Infrastructure Purpose <br> Obligated Group AMT<br>| 5.50 | &nbsp;&nbsp; 7-1-2050 | 5500000 | &nbsp;&nbsp; 5623491 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.63 | &nbsp;&nbsp; 4-1-2040 | 6250000 | &nbsp;&nbsp; 6423422 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 6.00 | &nbsp;&nbsp; 4-1-2035 | 3000000 | &nbsp;&nbsp; 3263261 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2037 | 2000000 | &nbsp;&nbsp; 2050003 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2038 | 3000000 | &nbsp;&nbsp; 3049869 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2039 | 13000000 | &nbsp;&nbsp; 13126113 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2042 | 3385000 | &nbsp;&nbsp; 3329649 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series A AMT<br>| 4.00 | &nbsp;&nbsp; 12-1-2039 | 700000 | &nbsp;&nbsp; 626535 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series A AMT<br>| 4.00 | &nbsp;&nbsp; 12-1-2040 | 900000 | &nbsp;&nbsp; 795542 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series A AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2032 | 1000000 | &nbsp;&nbsp; 1052550 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series A AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2037 | 700000 | &nbsp;&nbsp; 713340 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series C<br>| 5.00 | &nbsp;&nbsp; 12-1-2035 | 2475000 | &nbsp;&nbsp; 2613140 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series C<br>| 5.00 | &nbsp;&nbsp; 12-1-2036 | 1750000 | &nbsp;&nbsp; 1836746 |

---

The accompanying notes are an integral part of these financial statements.

36 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airport revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series C<br>| 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2037 | $1750000 | &nbsp;&nbsp; $1825084 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK Millennium <br> Partners LLC Series A AMT<br>| 5.50 | &nbsp;&nbsp; 12-31-2054 | 17000000 | &nbsp;&nbsp; 17125545 |
| New York Transportation Development Corp. JFK NTO LLC AMT | 5.50 | &nbsp;&nbsp; 6-30-2054 | 3000000 | &nbsp;&nbsp; 3019346 |
| New York Transportation Development Corp. JFK NTO LLC AMT | 5.50 | &nbsp;&nbsp; 6-30-2060 | 18000000 | &nbsp;&nbsp; 17997518 |
| New York Transportation Development Corp. JFK NTO LLC AMT | 6.00 | &nbsp;&nbsp; 6-30-2054 | 6500000 | &nbsp;&nbsp; 6714451 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK NTO LLC AMT (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 6-30-2049 | 5000000 | &nbsp;&nbsp; 4921402 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK NTO LLC AMT (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 6-30-2054 | 5000000 | &nbsp;&nbsp; 4844099 |
| &nbsp;&nbsp; New York Transportation Development Corp. LaGuardia Gateway <br> Partners LLC Series A-P3 AMT<br>| 5.00 | &nbsp;&nbsp; 7-1-2041 | 3250000 | &nbsp;&nbsp; 3250093 |
| &nbsp;&nbsp; New York Transportation Development Corp. LaGuardia Gateway <br> Partners LLC Series A-P3 AMT<br>| 5.00 | &nbsp;&nbsp; 7-1-2046 | 10435000 | &nbsp;&nbsp; 10102831 |
| Port Authority of New York & New Jersey Series 193rd AMT | 5.00 | &nbsp;&nbsp; 10-15-2028 | 1760000 | &nbsp;&nbsp; 1764769 |
| Port Authority of New York & New Jersey Series 205th | 5.25 | &nbsp;&nbsp; 11-15-2039 | 16580000 | &nbsp;&nbsp; 17016983 |
| Port Authority of New York & New Jersey Series 211 | 4.00 | &nbsp;&nbsp; 9-1-2043 | 7000000 | &nbsp;&nbsp; 6392851 |
| Port Authority of New York & New Jersey Series 211 | 5.00 | &nbsp;&nbsp; 9-1-2048 | 2000000 | &nbsp;&nbsp; 2014054 |
| Port Authority of New York & New Jersey Series 218 AMT | 4.00 | &nbsp;&nbsp; 11-1-2041 | 2275000 | &nbsp;&nbsp; 2095923 |
| Port Authority of New York & New Jersey Series 221 AMT | 4.00 | &nbsp;&nbsp; 7-15-2045 | 5000000 | &nbsp;&nbsp; 4342255 |
|  |  |  |  | &nbsp;&nbsp; **150268052** |
| **Education revenue: 0.77%** |  |  |  |  |
| Babylon L D Corp. II Series A | 6.65 | &nbsp;&nbsp; 2-1-2053 | 7265000 | &nbsp;&nbsp; 7102177 |
| &nbsp;&nbsp; Build NYC Resource Corp. South Bronx Charter School for <br> International Cultures & The Arts Series A144A<br>| 6.75 | &nbsp;&nbsp; 4-15-2043 | 2000000 | &nbsp;&nbsp; 2033220 |
| &nbsp;&nbsp; Build NYC Resource Corp. South Bronx Charter School for <br> International Cultures & The Arts Series B144A<br>| 6.75 | &nbsp;&nbsp; 4-15-2043 | 3290000 | &nbsp;&nbsp; 3344647 |
| &nbsp;&nbsp; Build NYC Resource Corp. Success Academy Charter Schools, Inc. <br> Obligated Group<br>| 4.00 | &nbsp;&nbsp; 9-1-2040 | 3400000 | &nbsp;&nbsp; 3151557 |
| &nbsp;&nbsp; Build NYC Resource Corp. Success Academy Charter Schools, Inc. <br> Obligated Group<br>| 4.00 | &nbsp;&nbsp; 9-1-2041 | 3450000 | &nbsp;&nbsp; 3158966 |
| &nbsp;&nbsp; Build NYC Resource Corp. Success Academy Charter Schools, Inc. <br> Obligated Group<br>| 4.00 | &nbsp;&nbsp; 9-1-2044 | 1025000 | &nbsp;&nbsp; 911953 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter <br> School Series A<br>| 4.60 | &nbsp;&nbsp; 2-1-2051 | 5000000 | &nbsp;&nbsp; 3628816 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter <br> School Series A<br>| 5.73 | &nbsp;&nbsp; 2-1-2050 | 10030000 | &nbsp;&nbsp; 8790078 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Evergreen Charter <br> School, Inc. Series A<br>| 5.25 | &nbsp;&nbsp; 6-15-2042 | 6085000 | &nbsp;&nbsp; 6079673 |
| &nbsp;&nbsp; Monroe County Industrial Development Corp. University of <br> Rochester Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2053 | 7000000 | &nbsp;&nbsp; 7047631 |
| New York State Dormitory Authority Barnard College Series A | 4.00 | &nbsp;&nbsp; 7-1-2045 | 1270000 | &nbsp;&nbsp; 1096981 |
| New York State Dormitory Authority Barnard College Series A | 4.00 | &nbsp;&nbsp; 7-1-2049 | 1000000 | &nbsp;&nbsp; 840018 |
| &nbsp;&nbsp; New York State Dormitory Authority Icahn School of Medicine at <br> Mount Sinai Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2040 | 3000000 | &nbsp;&nbsp; 2994469 |
| New York State Dormitory Authority Iona College Series 2022 | 5.00 | &nbsp;&nbsp; 7-1-2027 | 335000 | &nbsp;&nbsp; 346089 |
| New York State Dormitory Authority Series A | 5.00 | &nbsp;&nbsp; 7-1-2049 | 4265000 | &nbsp;&nbsp; 4285695 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 37

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| New York State Dormitory Authority St. John's University Series A | 4.00<br> %<br>| &nbsp;&nbsp; 7-1-2048 | $2000000 | &nbsp;&nbsp; $1678017 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XM1250 <br> (Royal Bank of Canada LIQ)144Aø<br>| 1.94 | &nbsp;&nbsp; 12-1-2032 | 4060000 | &nbsp;&nbsp; 4060000 |
|  |  |  |  | &nbsp;&nbsp; **60549987** |
| **GO revenue: 1.99%** |  |  |  |  |
| City of New York Series A-1 | 5.25 | &nbsp;&nbsp; 9-1-2042 | 8750000 | &nbsp;&nbsp; 9211491 |
| City of New York Series A-1 | 5.25 | &nbsp;&nbsp; 9-1-2043 | 21165000 | &nbsp;&nbsp; 22163567 |
| City of New York Series A6 (JPMorgan Chase Bank N.A. SPA)ø | 4.02 | &nbsp;&nbsp; 8-1-2044 | 13670000 | &nbsp;&nbsp; 13670000 |
| City of New York Series B-1 | 5.00 | &nbsp;&nbsp; 10-1-2038 | 2650000 | &nbsp;&nbsp; 2753292 |
| City of New York Series C | 4.00 | &nbsp;&nbsp; 8-1-2039 | 3000000 | &nbsp;&nbsp; 2897925 |
| City of New York Series C | 5.25 | &nbsp;&nbsp; 3-1-2053 | 37500000 | &nbsp;&nbsp; 38773331 |
| City of New York Series D-1 | 5.25 | &nbsp;&nbsp; 5-1-2041 | 6000000 | &nbsp;&nbsp; 6344546 |
| City of New York Series D-1 | 5.25 | &nbsp;&nbsp; 5-1-2042 | 1000000 | &nbsp;&nbsp; 1050633 |
| City of New York Series D-3 (State Street Bank & Trust Co. SPA)ø | 4.05 | &nbsp;&nbsp; 5-1-2052 | 10000000 | &nbsp;&nbsp; 10000000 |
| City of New York Series E1 | 5.25 | &nbsp;&nbsp; 4-1-2047 | 10000000 | &nbsp;&nbsp; 10334405 |
| City of New York Series E-1 | 5.00 | &nbsp;&nbsp; 3-1-2039 | 8800000 | &nbsp;&nbsp; 8973458 |
| City of New York Series F-1 | 5.00 | &nbsp;&nbsp; 3-1-2043 | 4000000 | &nbsp;&nbsp; 4104406 |
| City of New York Series F-1 | 5.00 | &nbsp;&nbsp; 3-1-2050 | 6500000 | &nbsp;&nbsp; 6595724 |
| City of New York Series G-2 (Bank of America N.A. SPA)ø | 4.05 | &nbsp;&nbsp; 2-1-2055 | 10000000 | &nbsp;&nbsp; 10000000 |
| City of Yonkers Series C (AG Insured) | 5.00 | &nbsp;&nbsp; 3-15-2036 | 2000000 | &nbsp;&nbsp; 2189167 |
| City of Yonkers Series C (AG Insured) | 5.00 | &nbsp;&nbsp; 3-15-2037 | 1100000 | &nbsp;&nbsp; 1194122 |
| City of Yonkers Series C (AG Insured) | 5.00 | &nbsp;&nbsp; 3-15-2038 | 1140000 | &nbsp;&nbsp; 1227118 |
| City of Yonkers Series F (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-15-2040 | 850000 | &nbsp;&nbsp; 899438 |
| City of Yonkers Series F (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-15-2041 | 750000 | &nbsp;&nbsp; 785509 |
| City of Yonkers Series F (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-15-2042 | 1000000 | &nbsp;&nbsp; 1039024 |
| Village of Valley Stream Series A BAN | 5.13 | &nbsp;&nbsp; 5-8-2026 | 3000000 | &nbsp;&nbsp; 3014727 |
|  |  |  |  | &nbsp;&nbsp; **157221883** |
| **Health revenue: 0.41%** |  |  |  |  |
| &nbsp;&nbsp; New York State Dormitory Authority Catholic Health System <br> Obligated Group Series B (Manufacturers & Traders LOC)ø<br>| 2.00 | &nbsp;&nbsp; 7-1-2048 | 9925000 | &nbsp;&nbsp; 9925000 |
| &nbsp;&nbsp; New York State Dormitory Authority Montefiore Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-1-2036 | 9615000 | &nbsp;&nbsp; 9178340 |
| &nbsp;&nbsp; New York State Dormitory Authority Montefiore Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-1-2037 | 9965000 | &nbsp;&nbsp; 9326170 |
| &nbsp;&nbsp; New York State Dormitory Authority Montefiore Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 9-1-2038 | 2890000 | &nbsp;&nbsp; 2715552 |
| &nbsp;&nbsp; Westchester County Local Development Corp. Health Care Corp. <br> Obligated Group (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 11-1-2034 | 1000000 | &nbsp;&nbsp; 1107015 |
|  |  |  |  | &nbsp;&nbsp; **32252077** |
| **Housing revenue: 0.42%** |  |  |  |  |
| &nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Revenue <br> Series S-2<br>| 5.00 | &nbsp;&nbsp; 7-15-2041 | 13805000 | &nbsp;&nbsp; 13806628 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Revenue <br> Series S-3A<br>| 4.00 | &nbsp;&nbsp; 7-15-2038 | 8500000 | &nbsp;&nbsp; 8315134 |
| New York State Dormitory Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2034 | 5000 | &nbsp;&nbsp; 5355 |

---

The accompanying notes are an integral part of these financial statements.

38 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; New York State Thruway Authority Personal Income Tax Revenue <br> Series A-1<br>| 4.00<br> %<br>| &nbsp;&nbsp; 3-15-2044 | $5000000 | &nbsp;&nbsp; $4518195 |
| &nbsp;&nbsp; Yonkers Industrial Development Agency New Community School <br> Project<br>| 5.00 | &nbsp;&nbsp; 5-1-2047 | 5000000 | &nbsp;&nbsp; 5100865 |
| &nbsp;&nbsp; Yonkers Industrial Development Agency New Community School <br> Project<br>| 5.25 | &nbsp;&nbsp; 5-1-2051 | 1600000 | &nbsp;&nbsp; 1647674 |
|  |  |  |  | &nbsp;&nbsp; **33393851** |
| **Industrial development revenue: 0.63%** |  |  |  |  |
| New York Liberty Development Corp. One Bryant Park LLC Class 3 | 2.80 | &nbsp;&nbsp; 9-15-2069 | 1000000 | &nbsp;&nbsp; 911745 |
| &nbsp;&nbsp; New York State Energy Research & Development Authority <br> Rochester Gas & Electric Corp. Series B%%<br>| 3.80 | &nbsp;&nbsp; 8-1-2032 | 5000000 | &nbsp;&nbsp; 5036880 |
| &nbsp;&nbsp; New York Transportation Development Corp. American Airlines, Inc. <br> AMT<br>| 3.00 | &nbsp;&nbsp; 8-1-2031 | 2000000 | &nbsp;&nbsp; 1838194 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2032 | 12000000 | &nbsp;&nbsp; 12221379 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2034 | 5005000 | &nbsp;&nbsp; 5073274 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2035 | 20000000 | &nbsp;&nbsp; 20329028 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2040 | 3000000 | &nbsp;&nbsp; 2983631 |
| &nbsp;&nbsp; New York Transportation Development Corp. Empire State Thruway <br> Partners LLC AMT<br>| 4.00 | &nbsp;&nbsp; 10-31-2046 | 1515000 | &nbsp;&nbsp; 1276699 |
|  |  |  |  | &nbsp;&nbsp; **49670830** |
| **Miscellaneous revenue: 0.72%** |  |  |  |  |
| Hudson Yards Infrastructure Corp. Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 2-15-2047 | 8000000 | &nbsp;&nbsp; 7066750 |
| &nbsp;&nbsp; New York City Industrial Development Agency Queens Ballpark <br> Co. LLC Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2031 | 1000000 | &nbsp;&nbsp; 1092263 |
| &nbsp;&nbsp; New York Liberty Development Corp. Port Authority of New York & <br> New Jersey Series 1<br>| 4.00 | &nbsp;&nbsp; 2-15-2043 | 4500000 | &nbsp;&nbsp; 4117818 |
| New York State Dormitory Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2034 | 1745000 | &nbsp;&nbsp; 1829389 |
| New York State Dormitory Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2035 | 1000000 | &nbsp;&nbsp; 1043962 |
| Suffolk Regional Off-Track Betting Corp. | 6.00 | &nbsp;&nbsp; 12-1-2053 | 3000000 | &nbsp;&nbsp; 3063508 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025-<br> XL0583 (JPMorgan Chase Bank N.A. LIQ)144Aø<br>| 4.10 | &nbsp;&nbsp; 12-1-2032 | 10870000 | &nbsp;&nbsp; 10870000 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority Metropolitan Transportation <br> Authority Payroll Mobility Tax Revenue Series A<br>| 5.00 | &nbsp;&nbsp; 5-15-2047 | 15000000 | &nbsp;&nbsp; 15258430 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority Metropolitan Transportation <br> Authority Payroll Mobility Tax Revenue Series C<br>| 5.00 | &nbsp;&nbsp; 5-15-2047 | 8000000 | &nbsp;&nbsp; 8137830 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority Metropolitan Transportation <br> Authority Payroll Mobility Tax Revenue Series C-1A<br>| 4.00 | &nbsp;&nbsp; 5-15-2042 | 2250000 | &nbsp;&nbsp; 2080508 |
| Western Regional Off-Track Betting Corp.144A | 4.13 | &nbsp;&nbsp; 12-1-2041 | 2650000 | &nbsp;&nbsp; 2293809 |
|  |  |  |  | &nbsp;&nbsp; **56854267** |
| **Tax revenue: 2.76%** |  |  |  |  |
| &nbsp;&nbsp; Empire State Development Corp. Personal Income Tax Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 3-15-2041 | 3750000 | &nbsp;&nbsp; 3858888 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 39

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Empire State Development Corp. Personal Income Tax Revenue <br> Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 3-15-2042 | $4075000 | &nbsp;&nbsp; $4171194 |
| &nbsp;&nbsp; Empire State Development Corp. Personal Income Tax Revenue <br> Series C<br>| 4.00 | &nbsp;&nbsp; 3-15-2042 | 8045000 | &nbsp;&nbsp; 7416508 |
| &nbsp;&nbsp; Empire State Development Corp. Personal Income Tax Revenue <br> Series C<br>| 5.00 | &nbsp;&nbsp; 3-15-2047 | 8000000 | &nbsp;&nbsp; 8088838 |
| &nbsp;&nbsp; Empire State Development Corp. Personal Income Tax Revenue <br> Series E<br>| 4.00 | &nbsp;&nbsp; 3-15-2043 | 8040000 | &nbsp;&nbsp; 7330034 |
| &nbsp;&nbsp; Empire State Development Corp. Personal Income Tax Revenue <br> Series E<br>| 4.00 | &nbsp;&nbsp; 3-15-2046 | 5670000 | &nbsp;&nbsp; 5023666 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Revenue <br> Series S-1<br>| 5.00 | &nbsp;&nbsp; 7-15-2040 | 3155000 | &nbsp;&nbsp; 3155372 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series A-1<br>| 4.00 | &nbsp;&nbsp; 8-1-2041 | 1900000 | &nbsp;&nbsp; 1765295 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series A2<br>| 5.00 | &nbsp;&nbsp; 5-1-2038 | 5000000 | &nbsp;&nbsp; 5173171 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series A-2<br>| 5.00 | &nbsp;&nbsp; 8-1-2037 | 12140000 | &nbsp;&nbsp; 12429226 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series B-1<br>| 4.00 | &nbsp;&nbsp; 8-1-2041 | 5580000 | &nbsp;&nbsp; 5119990 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series B-1<br>| 4.00 | &nbsp;&nbsp; 11-1-2041 | 5000000 | &nbsp;&nbsp; 4671516 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series B-1<br>| 4.00 | &nbsp;&nbsp; 8-1-2042 | 10000000 | &nbsp;&nbsp; 9189331 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series C-3<br>| 4.00 | &nbsp;&nbsp; 5-1-2043 | 2335000 | &nbsp;&nbsp; 2113034 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series C-3<br>| 4.00 | &nbsp;&nbsp; 5-1-2044 | 10710000 | &nbsp;&nbsp; 9549489 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series D-1<br>| 5.50 | &nbsp;&nbsp; 11-1-2045 | 21670000 | &nbsp;&nbsp; 22929954 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series E-1<br>| 4.00 | &nbsp;&nbsp; 2-1-2038 | 4000000 | &nbsp;&nbsp; 3902395 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series F-1<br>| 5.00 | &nbsp;&nbsp; 5-1-2042 | 2390000 | &nbsp;&nbsp; 2405080 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series B<br>| 5.50 | &nbsp;&nbsp; 5-1-2044 | 5770000 | &nbsp;&nbsp; 6179471 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series B<br>| 5.50 | &nbsp;&nbsp; 5-1-2047 | 7040000 | &nbsp;&nbsp; 7447765 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series D<br>| 5.00 | &nbsp;&nbsp; 5-1-2049 | 3900000 | &nbsp;&nbsp; 3976989 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series F-1<br>| 5.00 | &nbsp;&nbsp; 2-1-2049 | 7695000 | &nbsp;&nbsp; 7836838 |
| &nbsp;&nbsp; New York State Dormitory Authority Personal Income Tax Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 2-15-2034 | 3790000 | &nbsp;&nbsp; 3854361 |
| &nbsp;&nbsp; New York State Dormitory Authority Personal Income Tax Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 3-15-2043 | 6750000 | &nbsp;&nbsp; 6820762 |
| &nbsp;&nbsp; New York State Dormitory Authority Personal Income Tax Revenue <br> Series A<br>| 5.25 | &nbsp;&nbsp; 3-15-2052 | 4500000 | &nbsp;&nbsp; 4652385 |

---

The accompanying notes are an integral part of these financial statements.

40 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; New York State Dormitory Authority Personal Income Tax Revenue <br> Series D<br>| 4.00<br> %<br>| &nbsp;&nbsp; 2-15-2039 | $5000000 | &nbsp;&nbsp; $4862507 |
| &nbsp;&nbsp; New York State Dormitory Authority Personal Income Tax Revenue <br> Series D<br>| 5.00 | &nbsp;&nbsp; 2-15-2048 | 12500000 | &nbsp;&nbsp; 12512871 |
| &nbsp;&nbsp; New York State Dormitory Authority Personal Income Tax Revenue <br> Series E<br>| 4.00 | &nbsp;&nbsp; 3-15-2042 | 6000000 | &nbsp;&nbsp; 5557156 |
| &nbsp;&nbsp; New York State Dormitory Authority Personal Income Tax Revenue <br> Series E<br>| 4.00 | &nbsp;&nbsp; 3-15-2044 | 2700000 | &nbsp;&nbsp; 2438771 |
| New York State Dormitory Authority Sales Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 3-15-2054 | 5000000 | &nbsp;&nbsp; 5051409 |
| &nbsp;&nbsp; New York State Thruway Authority Personal Income Tax Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 3-15-2048 | 10000000 | &nbsp;&nbsp; 10159295 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XL0558 (UBS AG LIQ)144Aø<br>| 4.00 | &nbsp;&nbsp; 3-15-2055 | 10605000 | &nbsp;&nbsp; 10605000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XF1942 <br> (Bank of America N.A. LIQ)144Aø<br>| 1.95 | &nbsp;&nbsp; 11-1-2045 | 3520000 | &nbsp;&nbsp; 3520000 |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue Series A-1 | 5.25 | &nbsp;&nbsp; 5-15-2064 | 4000000 | &nbsp;&nbsp; 4122697 |
|  |  |  |  | &nbsp;&nbsp; **217891258** |
| **Transportation revenue: 0.78%** |  |  |  |  |
| Metropolitan Transportation Authority Series A | 5.25 | &nbsp;&nbsp; 11-15-2049 | 10000000 | &nbsp;&nbsp; 10214869 |
| Metropolitan Transportation Authority Series A2 | 5.00 | &nbsp;&nbsp; 11-15-2027 | 12640000 | &nbsp;&nbsp; 13155474 |
| Metropolitan Transportation Authority Series C | 5.00 | &nbsp;&nbsp; 11-15-2040 | 3425000 | &nbsp;&nbsp; 3500610 |
| Metropolitan Transportation Authority Series C (AG Insured) | 5.00 | &nbsp;&nbsp; 11-15-2041 | 9700000 | &nbsp;&nbsp; 9927494 |
| Metropolitan Transportation Authority Series C (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-15-2042 | 3005000 | &nbsp;&nbsp; 3059648 |
| Metropolitan Transportation Authority Series C-1 | 5.00 | &nbsp;&nbsp; 11-15-2035 | 2000000 | &nbsp;&nbsp; 2002460 |
| Triborough Bridge & Tunnel Authority Series A | 5.00 | &nbsp;&nbsp; 11-15-2044 | 3975000 | &nbsp;&nbsp; 3995554 |
| Triborough Bridge & Tunnel Authority Series A | 5.00 | &nbsp;&nbsp; 11-15-2047 | 4000000 | &nbsp;&nbsp; 4047121 |
| Triborough Bridge & Tunnel Authority Series A | 5.00 | &nbsp;&nbsp; 11-15-2049 | 7750000 | &nbsp;&nbsp; 7840296 |
| Triborough Bridge & Tunnel Authority Series A | 5.50 | &nbsp;&nbsp; 11-15-2057 | 4000000 | &nbsp;&nbsp; 4164289 |
|  |  |  |  | &nbsp;&nbsp; **61907815** |
| **Utilities revenue: 0.08%** |  |  |  |  |
| Utility Debt Securitization Authority | 5.00 | &nbsp;&nbsp; 12-15-2037 | 3780000 | &nbsp;&nbsp; 3796952 |
| Utility Debt Securitization Authority | 5.00 | &nbsp;&nbsp; 12-15-2040 | 2870000 | &nbsp;&nbsp; 2926115 |
|  |  |  |  | &nbsp;&nbsp; **6723067** |
| **Water & sewer revenue: 1.40%** |  |  |  |  |
| New York City Municipal Water Finance Authority Series BB-1 | 5.25 | &nbsp;&nbsp; 6-15-2054 | 7000000 | &nbsp;&nbsp; 7222031 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series AA<br>| 5.25 | &nbsp;&nbsp; 6-15-2053 | 5000000 | &nbsp;&nbsp; 5201615 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series AA-1<br>| 5.25 | &nbsp;&nbsp; 6-15-2052 | 5250000 | &nbsp;&nbsp; 5405454 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series CC-1<br>| 5.00 | &nbsp;&nbsp; 6-15-2049 | 12240000 | &nbsp;&nbsp; 12315356 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series CC-1<br>| 5.25 | &nbsp;&nbsp; 6-15-2054 | 11005000 | &nbsp;&nbsp; 11419277 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series DD<br>| 5.25 | &nbsp;&nbsp; 6-15-2047 | 24940000 | &nbsp;&nbsp; 25537453 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 41

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Water & sewer revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series DD1<br>| 5.00<br> %<br>| &nbsp;&nbsp; 6-15-2048 | $3000000 | &nbsp;&nbsp; $3013556 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series EE-2 (State Street Bank & Trust Co. LIQ)ø<br>| 3.60 | &nbsp;&nbsp; 6-15-2045 | 3000000 | &nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp; New York State Environmental Facilities Corp. Revolving Fund <br> Series A<br>| 5.00 | &nbsp;&nbsp; 6-15-2045 | 26855000 | &nbsp;&nbsp; 26884591 |
| &nbsp;&nbsp; New York State Environmental Facilities Corp. Revolving Fund <br> Series B<br>| 5.00 | &nbsp;&nbsp; 6-15-2048 | 10035000 | &nbsp;&nbsp; 10094587 |
| Western Nassau County Water Authority Series A | 4.00 | &nbsp;&nbsp; 4-1-2046 | 1100000 | &nbsp;&nbsp; 973505 |
|  |  |  |  | &nbsp;&nbsp; **111067425** |
|  |  |  |  | &nbsp;&nbsp; **937800512** |
| **North Carolina: 0.63%** |  |  |  |  |
| **Airport revenue: 0.04%** |  |  |  |  |
| Raleigh Durham Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 5-1-2035 | 3400000 | &nbsp;&nbsp; **3537990** |
| **Education revenue: 0.03%** |  |  |  |  |
| North Carolina Capital Facilities Finance Agency Meredith College | 5.00 | &nbsp;&nbsp; 6-1-2038 | 500000 | &nbsp;&nbsp; 465940 |
| &nbsp;&nbsp; North Carolina Capital Facilities Finance Agency Wake Forest <br> University<br>| 5.00 | &nbsp;&nbsp; 1-1-2033 | 1000000 | &nbsp;&nbsp; 1018074 |
| University of North Carolina at Asheville | 5.00 | &nbsp;&nbsp; 6-1-2042 | 625000 | &nbsp;&nbsp; 631336 |
|  |  |  |  | &nbsp;&nbsp; **2115350** |
| **Health revenue: 0.32%** |  |  |  |  |
| &nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority Atrium Health Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 1-15-2036 | 500000 | &nbsp;&nbsp; 523434 |
| &nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority Atrium Health Obligated <br> Group Series E (Royal Bank of Canada LOC)ø<br>| 3.85 | &nbsp;&nbsp; 1-15-2042 | 17000000 | &nbsp;&nbsp; 17000000 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Carolina Meadows, Inc. <br> Obligated Group<br>| 5.25 | &nbsp;&nbsp; 12-1-2054 | 2500000 | &nbsp;&nbsp; 2505245 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Deerfield Episcopal <br> Retirement Community Obligated Group<br>| 5.00 | &nbsp;&nbsp; 11-1-2031 | 1500000 | &nbsp;&nbsp; 1519766 |
| &nbsp;&nbsp; North Carolina Medical Care Commission FirstHealth of the <br> Carolinas, Inc. Series D (Truist Bank LOC)ø<br>| 3.95 | &nbsp;&nbsp; 10-1-2032 | 1640000 | &nbsp;&nbsp; 1640000 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Forest at Duke, Inc. <br> Obligated Group<br>| 4.00 | &nbsp;&nbsp; 9-1-2051 | 1100000 | &nbsp;&nbsp; 843808 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Presbyterian Homes <br> Obligated Group Series C<br>| 4.00 | &nbsp;&nbsp; 10-1-2031 | 1500000 | &nbsp;&nbsp; 1493105 |
|  |  |  |  | &nbsp;&nbsp; **25525358** |
| **Housing revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; North Carolina Capital Facilities Finance Agency Obligated Group <br> Series A (Department of Housing and Urban Development <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2034 | 2250000 | &nbsp;&nbsp; 2250145 |
| &nbsp;&nbsp; North Carolina Housing Finance Agency Series 54-A (GNMA / FNMA <br> / FHLMC Insured)<br>| 4.55 | &nbsp;&nbsp; 7-1-2044 | 1000000 | &nbsp;&nbsp; 966246 |
|  |  |  |  | &nbsp;&nbsp; **3216391** |

---

The accompanying notes are an integral part of these financial statements.

42 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Miscellaneous revenue: 0.01%** |  |  |  |  |
| City of Charlotte Series C COP | 5.00<br> %<br>| &nbsp;&nbsp; 6-1-2030 | $1000000 | &nbsp;&nbsp; **$1001425** |
| **Transportation revenue: 0.16%** |  |  |  |  |
| &nbsp;&nbsp; North Carolina Department of Transportation I-77 Mobility <br> Partners LLC AMT<br>| 5.00 | &nbsp;&nbsp; 6-30-2028 | 1275000 | &nbsp;&nbsp; 1276475 |
| North Carolina Turnpike Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2049 | 4500000 | &nbsp;&nbsp; 4502152 |
| North Carolina Turnpike Authority Series A | 5.00 | &nbsp;&nbsp; 7-1-2042 | 500000 | &nbsp;&nbsp; 500565 |
| North Carolina Turnpike Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2054 | 6000000 | &nbsp;&nbsp; 6020774 |
|  |  |  |  | &nbsp;&nbsp; **12299966** |
| **Water & sewer revenue: 0.03%** |  |  |  |  |
| City of Mebane Combined Utilities Revenue | 4.00 | &nbsp;&nbsp; 8-1-2049 | 2675000 | &nbsp;&nbsp; **2348055** |
|  |  |  |  | &nbsp;&nbsp; **50044535** |
| **North Dakota: 0.35%** |  |  |  |  |
| **Housing revenue: 0.19%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XG0619 <br> (Morgan Stanley LIQ)144Aø<br>| 1.95 | &nbsp;&nbsp; 7-1-2045 | 15000000 | &nbsp;&nbsp; **15000000** |
| **Miscellaneous revenue: 0.11%** |  |  |  |  |
| University of North Dakota Series A COP | 5.00 | &nbsp;&nbsp; 4-1-2057 | 9000000 | &nbsp;&nbsp; **9006132** |
| **Water & sewer revenue: 0.05%** |  |  |  |  |
| North Dakota PFA Series A | 5.00 | &nbsp;&nbsp; 10-1-2038 | 3780000 | &nbsp;&nbsp; **3873412** |
|  |  |  |  | &nbsp;&nbsp; **27879544** |
| **Ohio: 1.40%** |  |  |  |  |
| **Airport revenue: 0.08%** |  |  |  |  |
| Columbus Regional Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2040 | 6000000 | &nbsp;&nbsp; **6100933** |
| **Education revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; Allen County Port Authority University of Northwestern Ohio <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-1-2035 | 650000 | &nbsp;&nbsp; 597225 |
| &nbsp;&nbsp; Allen County Port Authority University of Northwestern Ohio <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-1-2040 | 720000 | &nbsp;&nbsp; 606841 |
| Ohio Higher Educational Facility Commission Kenyon College | 5.00 | &nbsp;&nbsp; 7-1-2037 | 3100000 | &nbsp;&nbsp; 3331471 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> MS0027 (Morgan Stanley Bank LOC, Morgan Stanley Bank <br> LIQ)144Aø<br>| 2.12 | &nbsp;&nbsp; 1-15-2031 | 4625000 | &nbsp;&nbsp; 4625000 |
| University of Akron Series A | 5.00 | &nbsp;&nbsp; 1-1-2038 | 3000000 | &nbsp;&nbsp; 2997305 |
|  |  |  |  | &nbsp;&nbsp; **12157842** |
| **GO revenue: 0.12%** |  |  |  |  |
| State of Ohio Series A | 5.00 | &nbsp;&nbsp; 2-1-2036 | 4265000 | &nbsp;&nbsp; 4298312 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025-<br> XM1208 (Royal Bank of Canada LIQ)144Aø<br>| 1.95 | &nbsp;&nbsp; 12-1-2030 | 5200000 | &nbsp;&nbsp; 5200000 |
|  |  |  |  | &nbsp;&nbsp; **9498312** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 43

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.57%** |  |  |  |  |
| &nbsp;&nbsp; City of Middleburg Heights Southwest General Health Center <br> Obligated Group Series A<br>| 4.00<br> %<br>| &nbsp;&nbsp; 8-1-2041 | $4830000 | &nbsp;&nbsp; $4345051 |
| &nbsp;&nbsp; City of Middleburg Heights Southwest General Health Center <br> Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 8-1-2047 | 3000000 | &nbsp;&nbsp; 2476163 |
| &nbsp;&nbsp; Cleveland-Cuyahoga County Port Authority Centers for Dialysis <br> Care Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 12-1-2047 | 5205000 | &nbsp;&nbsp; 4710164 |
| County of Franklin OhioHealth Obligated Group Series A | 4.00 | &nbsp;&nbsp; 5-15-2047 | 1000000 | &nbsp;&nbsp; 886854 |
| County of Franklin Trinity Health Corp. Obligated Group Series A | 4.00 | &nbsp;&nbsp; 12-1-2044 | 3450000 | &nbsp;&nbsp; 3055731 |
| County of Franklin Trinity Health Corp. Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2047 | 5000000 | &nbsp;&nbsp; 4908946 |
| &nbsp;&nbsp; County of Hamilton Cincinnati Children's Hospital Medical Center <br> Obligated Group Series CC<br>| 5.00 | &nbsp;&nbsp; 11-15-2041 | 2250000 | &nbsp;&nbsp; 2414389 |
| County of Hamilton UC Health Obligated Group | 5.00 | &nbsp;&nbsp; 9-15-2045 | 7500000 | &nbsp;&nbsp; 7229902 |
| County of Lucas Promedica Healthcare Obligated Group Series A | 5.25 | &nbsp;&nbsp; 11-15-2048 | 4250000 | &nbsp;&nbsp; 4092213 |
| &nbsp;&nbsp; County of Montgomery Premier Health Partners Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2039 | 3000000 | &nbsp;&nbsp; 2743768 |
| &nbsp;&nbsp; State of Ohio Children's Hospital Medical Center of Akron Obligated <br> Group Series A<br>| 5.25 | &nbsp;&nbsp; 8-15-2048 | 5000000 | &nbsp;&nbsp; 5227798 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XG0507 (Royal Bank of Canada LIQ)144Aø<br>| 1.95 | &nbsp;&nbsp; 11-15-2041 | 2800000 | &nbsp;&nbsp; 2800000 |
|  |  |  |  | &nbsp;&nbsp; **44890979** |
| **Housing revenue: 0.37%** |  |  |  |  |
| Ohio Water Development Authority | 5.00 | &nbsp;&nbsp; 12-1-2035 | 5390000 | &nbsp;&nbsp; 5469831 |
| Ohio Water Development Authority | 5.00 | &nbsp;&nbsp; 12-1-2036 | 2000000 | &nbsp;&nbsp; 2026039 |
| RiverSouth Authority Series A | 5.75 | &nbsp;&nbsp; 12-1-2027 | 1570000 | &nbsp;&nbsp; 1570455 |
| State of Ohio Department of Transportation AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 12-31-2026 | 2030000 | &nbsp;&nbsp; 2032303 |
| State of Ohio Department of Transportation AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 12-31-2028 | 1610000 | &nbsp;&nbsp; 1611580 |
| State of Ohio Department of Transportation AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 12-31-2030 | 2250000 | &nbsp;&nbsp; 2251808 |
| State of Ohio Department of Transportation AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 12-31-2035 | 12000000 | &nbsp;&nbsp; 12005581 |
| State of Ohio Department of Transportation AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 12-31-2039 | 2500000 | &nbsp;&nbsp; 2467501 |
|  |  |  |  | &nbsp;&nbsp; **29435098** |
| **Tax revenue: 0.06%** |  |  |  |  |
| County of Franklin Sales Tax Revenue | 5.00 | &nbsp;&nbsp; 6-1-2048 | 5000000 | &nbsp;&nbsp; **5010224** |
| **Transportation revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; Summit County Development Finance Authority University of Akron <br> Parking Project<br>| 5.50 | &nbsp;&nbsp; 12-1-2043 | 1700000 | &nbsp;&nbsp; **1760167** |
| **Utilities revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; Ohio Air Quality Development Authority Duke Energy Corp. Series A <br> AMTøø<br>| 4.25 | &nbsp;&nbsp; 11-1-2039 | 2000000 | &nbsp;&nbsp; **2021111** |
|  |  |  |  | &nbsp;&nbsp; **110874666** |
| **Oklahoma: 0.77%** |  |  |  |  |
| **Airport revenue: 0.36%** |  |  |  |  |
| Oklahoma City Airport Trust AMT | 5.00 | &nbsp;&nbsp; 7-1-2043 | 9000000 | &nbsp;&nbsp; 8974381 |
| Oklahoma City Airport Trust AMT | 5.00 | &nbsp;&nbsp; 7-1-2047 | 11500000 | &nbsp;&nbsp; 11348358 |

---

The accompanying notes are an integral part of these financial statements.

44 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airport revenue**(continued) |  |  |  |  |
| Tulsa Airports Improvement Trust Series A AMT (AG Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 6-1-2043 | $4485000 | &nbsp;&nbsp; $4435538 |
| Tulsa Airports Improvement Trust Series A AMT (AG Insured) | 5.25 | &nbsp;&nbsp; 6-1-2048 | 3770000 | &nbsp;&nbsp; 3784547 |
|  |  |  |  | &nbsp;&nbsp; **28542824** |
| **Education revenue: 0.01%** |  |  |  |  |
| &nbsp;&nbsp; Oklahoma County Finance Authority Aerospace Science & <br> Technology Education Center, Inc.144A<br>| 6.00 | &nbsp;&nbsp; 6-15-2044 | 1000000 | &nbsp;&nbsp; **952521** |
| **Health revenue: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; Oklahoma Development Finance Authority INTEGRIS Health <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2032 | 2365000 | &nbsp;&nbsp; 2365673 |
| &nbsp;&nbsp; Oklahoma Development Finance Authority INTEGRIS Health <br> Obligated Group Series Bø<br>| 2.56 | &nbsp;&nbsp; 8-15-2031 | 3000000 | &nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp; Oklahoma Development Finance Authority INTEGRIS Health <br> Obligated Group Series Cø<br>| 2.50 | &nbsp;&nbsp; 8-15-2031 | 1385000 | &nbsp;&nbsp; 1385000 |
|  |  |  |  | &nbsp;&nbsp; **6750673** |
| **Housing revenue: 0.29%** |  |  |  |  |
| &nbsp;&nbsp; Garfield County Educational Facilities Authority Independent <br> School District No. 57 Enid Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2030 | 2000000 | &nbsp;&nbsp; 2034408 |
| &nbsp;&nbsp; Garfield County Educational Facilities Authority Independent <br> School District No. 57 Enid Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2031 | 1145000 | &nbsp;&nbsp; 1164830 |
| Muskogee Industrial Trust Independent School District No. 20 | 4.00 | &nbsp;&nbsp; 9-1-2030 | 4440000 | &nbsp;&nbsp; 4458455 |
| Muskogee Industrial Trust Independent School District No. 20 | 4.00 | &nbsp;&nbsp; 9-1-2031 | 5520000 | &nbsp;&nbsp; 5527892 |
| Muskogee Industrial Trust Independent School District No. 20 | 4.00 | &nbsp;&nbsp; 9-1-2032 | 4000000 | &nbsp;&nbsp; 3980442 |
| &nbsp;&nbsp; Oklahoma Development Finance Authority State University <br> Series A<br>| 5.25 | &nbsp;&nbsp; 6-1-2037 | 4535000 | &nbsp;&nbsp; 4913506 |
| &nbsp;&nbsp; Pontotoc County Educational Facilities Authority Ada Public <br> Schools Project<br>| 4.00 | &nbsp;&nbsp; 9-1-2040 | 1000000 | &nbsp;&nbsp; 900841 |
|  |  |  |  | &nbsp;&nbsp; **22980374** |
| **Transportation revenue: 0.03%** |  |  |  |  |
| Oklahoma Turnpike Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2042 | 1000000 | &nbsp;&nbsp; 1011069 |
| Oklahoma Turnpike Authority Series B%% | 5.00 | &nbsp;&nbsp; 1-1-2042 | 1000000 | &nbsp;&nbsp; 1037796 |
|  |  |  |  | &nbsp;&nbsp; **2048865** |
|  |  |  |  | &nbsp;&nbsp; **61275257** |
| **Oregon: 1.52%** |  |  |  |  |
| **Airport revenue: 1.04%** |  |  |  |  |
| Port of Portland Airport Revenue Series 24B AMT | 5.00 | &nbsp;&nbsp; 7-1-2034 | 1905000 | &nbsp;&nbsp; 1925872 |
| Port of Portland Airport Revenue Series 30A AMT | 5.25 | &nbsp;&nbsp; 7-1-2049 | 48000000 | &nbsp;&nbsp; 48906480 |
| Port of Portland Airport Revenue Series 30A AMT | 5.25 | &nbsp;&nbsp; 7-1-2054 | 31000000 | &nbsp;&nbsp; 31558093 |
|  |  |  |  | &nbsp;&nbsp; **82390445** |
| **GO revenue: 0.03%** |  |  |  |  |
| Washington County School District No. 13 Banks Series A CAB¤ | 0.00 | &nbsp;&nbsp; 6-15-2044 | 2500000 | &nbsp;&nbsp; 955331 |
| Washington County School District No. 13 Banks Series A CAB¤ | 0.00 | &nbsp;&nbsp; 6-15-2051 | 5000000 | &nbsp;&nbsp; 1257851 |
|  |  |  |  | &nbsp;&nbsp; **2213182** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 45

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.37%** |  |  |  |  |
| &nbsp;&nbsp; Astoria Hospital Facilities Authority Columbia Lutheran Charities <br> Obligated Group<br>| 5.25<br> %<br>| &nbsp;&nbsp; 8-1-2054 | $4500000 | &nbsp;&nbsp; $4361265 |
| &nbsp;&nbsp; Clackamas County Hospital Facility Authority Rose Villa, Inc. <br> Obligated Group Series A<br>| 5.13 | &nbsp;&nbsp; 11-15-2040 | 500000 | &nbsp;&nbsp; 489057 |
| &nbsp;&nbsp; Clackamas County Hospital Facility Authority Rose Villa, Inc. <br> Obligated Group Series A<br>| 5.25 | &nbsp;&nbsp; 11-15-2050 | 500000 | &nbsp;&nbsp; 458895 |
| &nbsp;&nbsp; Clackamas County Hospital Facility Authority Rose Villa, Inc. <br> Obligated Group Series A<br>| 5.38 | &nbsp;&nbsp; 11-15-2055 | 1000000 | &nbsp;&nbsp; 917312 |
| &nbsp;&nbsp; Medford Hospital Facilities Authority Asante Health System <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2045 | 4390000 | &nbsp;&nbsp; 4354633 |
| &nbsp;&nbsp; Medford Hospital Facilities Authority Asante Health System <br> Obligated Group Series A (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 8-15-2045 | 13650000 | &nbsp;&nbsp; 12032714 |
| Oregon Health & Science University Obligated Group Series A | 4.00 | &nbsp;&nbsp; 7-1-2044 | 2000000 | &nbsp;&nbsp; 1842763 |
| Salem Hospital Facility Authority Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 5-15-2046 | 5000000 | &nbsp;&nbsp; 4970077 |
|  |  |  |  | &nbsp;&nbsp; **29426716** |
| **Utilities revenue: 0.08%** |  |  |  |  |
| City of Eugene Electric Utility System Revenue | 5.00 | &nbsp;&nbsp; 8-1-2049 | 4500000 | &nbsp;&nbsp; 4603042 |
| City of Eugene Electric Utility System Revenue Series A | 4.00 | &nbsp;&nbsp; 8-1-2045 | 1260000 | &nbsp;&nbsp; 1159038 |
| City of Eugene Electric Utility System Revenue Series A | 4.00 | &nbsp;&nbsp; 8-1-2049 | 800000 | &nbsp;&nbsp; 708585 |
|  |  |  |  | &nbsp;&nbsp; **6470665** |
|  |  |  |  | &nbsp;&nbsp; **120501008** |
| **Pennsylvania: 6.56%** |  |  |  |  |
| **Airport revenue: 0.46%** |  |  |  |  |
| Allegheny County Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2036 | 10000000 | &nbsp;&nbsp; 10354482 |
| Allegheny County Airport Authority Series A AMT (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2046 | 2000000 | &nbsp;&nbsp; 1737313 |
| City of Philadelphia Airport Revenue Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2029 | 1000000 | &nbsp;&nbsp; 1026639 |
| City of Philadelphia Airport Revenue Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2031 | 750000 | &nbsp;&nbsp; 765816 |
| City of Philadelphia Airport Revenue Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2042 | 7860000 | &nbsp;&nbsp; 7837340 |
| City of Philadelphia Airport Revenue Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2047 | 9950000 | &nbsp;&nbsp; 9767192 |
| City of Philadelphia Airport Revenue Series C AMT | 4.00 | &nbsp;&nbsp; 7-1-2037 | 1695000 | &nbsp;&nbsp; 1634321 |
| City of Philadelphia Airport Revenue Series C AMT | 4.00 | &nbsp;&nbsp; 7-1-2038 | 1260000 | &nbsp;&nbsp; 1194161 |
| City of Philadelphia Airport Revenue Series C AMT | 4.00 | &nbsp;&nbsp; 7-1-2039 | 1830000 | &nbsp;&nbsp; 1717997 |
|  |  |  |  | &nbsp;&nbsp; **36035261** |
| **Education revenue: 0.29%** |  |  |  |  |
| &nbsp;&nbsp; Allentown Commercial & IDA Executive Education Academy Charter <br> School144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2035 | 1690000 | &nbsp;&nbsp; 1724486 |
| &nbsp;&nbsp; Allentown Commercial & IDA Executive Education Academy Charter <br> School144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2045 | 2500000 | &nbsp;&nbsp; 2349114 |
| &nbsp;&nbsp; Allentown Commercial & IDA Executive Education Academy Charter <br> School144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2050 | 1000000 | &nbsp;&nbsp; 920845 |
| Pennsylvania Higher Education Assistance Agency Series 1A AMT | 5.00 | &nbsp;&nbsp; 6-1-2032 | 3000000 | &nbsp;&nbsp; 3166472 |
| Pennsylvania Higher Education Assistance Agency Series 1A AMT | 5.00 | &nbsp;&nbsp; 6-1-2034 | 3000000 | &nbsp;&nbsp; 3114699 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Drexel <br> University Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 5-1-2046 | 4885000 | &nbsp;&nbsp; 4922276 |
| Philadelphia IDA Frankford Valley Foundation for Literacy144A | 5.00 | &nbsp;&nbsp; 6-15-2043 | 2500000 | &nbsp;&nbsp; 2369992 |

---

The accompanying notes are an integral part of these financial statements.

46 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| Philadelphia IDA St. Joseph's University Series C | 4.00<br> %<br>| &nbsp;&nbsp; 11-1-2038 | $1000000 | &nbsp;&nbsp; $922590 |
| Philadelphia IDA Tacony Academy Charter School144A | 5.50 | &nbsp;&nbsp; 6-15-2043 | 1250000 | &nbsp;&nbsp; 1204722 |
| &nbsp;&nbsp; State Public School Building Authority Community College Of <br> Philadelphia Series A (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 6-15-2026 | 2000000 | &nbsp;&nbsp; 2002121 |
|  |  |  |  | &nbsp;&nbsp; **22697317** |
| **GO revenue: 0.63%** |  |  |  |  |
| City of Philadelphia Series A | 5.25 | &nbsp;&nbsp; 8-1-2044 | 2500000 | &nbsp;&nbsp; 2650976 |
| Cumberland Valley School District Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 11-15-2044 | 1275000 | &nbsp;&nbsp; 1308216 |
| Cumberland Valley School District Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 11-15-2047 | 3600000 | &nbsp;&nbsp; 3653125 |
| Interboro School District (AG Insured) | 5.50 | &nbsp;&nbsp; 8-15-2063 | 1580000 | &nbsp;&nbsp; 1639531 |
| North Pocono School District Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 9-15-2029 | 2170000 | &nbsp;&nbsp; 2233757 |
| North Pocono School District Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 9-15-2032 | 1750000 | &nbsp;&nbsp; 1781458 |
| School District of Philadelphia Series A | 4.00 | &nbsp;&nbsp; 9-1-2037 | 2365000 | &nbsp;&nbsp; 2304751 |
| School District of Philadelphia Series A | 4.00 | &nbsp;&nbsp; 9-1-2038 | 1700000 | &nbsp;&nbsp; 1613765 |
| School District of Philadelphia Series A | 5.00 | &nbsp;&nbsp; 9-1-2044 | 4140000 | &nbsp;&nbsp; 4145188 |
| School District of Philadelphia Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2040 | 5500000 | &nbsp;&nbsp; 5228466 |
| School District of Philadelphia Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2041 | 7000000 | &nbsp;&nbsp; 6564453 |
| School District of Philadelphia Series F | 5.00 | &nbsp;&nbsp; 9-1-2035 | 3820000 | &nbsp;&nbsp; 3893483 |
| State College Area School District | 5.00 | &nbsp;&nbsp; 3-15-2040 | 5000000 | &nbsp;&nbsp; 5000320 |
| West Mifflin School District (AG Insured) | 5.00 | &nbsp;&nbsp; 4-1-2026 | 1200000 | &nbsp;&nbsp; 1217551 |
| West Mifflin School District (AG Insured) | 5.00 | &nbsp;&nbsp; 4-1-2027 | 1000000 | &nbsp;&nbsp; 1026320 |
| Williamsport Area School District (AG Insured) | 4.00 | &nbsp;&nbsp; 3-1-2032 | 1440000 | &nbsp;&nbsp; 1440165 |
| Williamsport Area School District (AG Insured) | 4.00 | &nbsp;&nbsp; 3-1-2033 | 1490000 | &nbsp;&nbsp; 1490152 |
| Williamsport Area School District (AG Insured) | 4.00 | &nbsp;&nbsp; 3-1-2034 | 1555000 | &nbsp;&nbsp; 1555106 |
| Williamsport Area School District (AG Insured) | 4.00 | &nbsp;&nbsp; 3-1-2035 | 1205000 | &nbsp;&nbsp; 1205053 |
|  |  |  |  | &nbsp;&nbsp; **49951836** |
| **Health revenue: 2.09%** |  |  |  |  |
| &nbsp;&nbsp; Allegheny County Hospital Development Authority Health Network <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2047 | 5000000 | &nbsp;&nbsp; 4875960 |
| &nbsp;&nbsp; Allegheny County Hospital Development Authority UPMC Obligated <br> Group (SIFMA Municipal Swap+0.70%)±<br>| 2.62 | &nbsp;&nbsp; 11-15-2047 | 10000000 | &nbsp;&nbsp; 9886380 |
| &nbsp;&nbsp; Allegheny County Hospital Development Authority UPMC Obligated <br> Group Series A<br>| 4.00 | &nbsp;&nbsp; 7-15-2039 | 2250000 | &nbsp;&nbsp; 2089723 |
| &nbsp;&nbsp; Chester County HEFA Main Line Health System, Inc. Obligated <br> Group Series A<br>| 4.00 | &nbsp;&nbsp; 9-1-2050 | 3500000 | &nbsp;&nbsp; 2858742 |
| Geisinger Authority Kaiser Obligated Group Series A-1 | 4.00 | &nbsp;&nbsp; 2-15-2047 | 22000000 | &nbsp;&nbsp; 18804931 |
| &nbsp;&nbsp; Hospitals & Higher Education Facilities Authority of Philadelphia <br> Temple University Health System Obligated Group<br>| 5.00 | &nbsp;&nbsp; 7-1-2033 | 1000000 | &nbsp;&nbsp; 1011543 |
| &nbsp;&nbsp; Hospitals & Higher Education Facilities Authority of Philadelphia <br> Temple University Health System Obligated Group (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2037 | 4175000 | &nbsp;&nbsp; 4380084 |
| &nbsp;&nbsp; Lancaster County Hospital Authority University of Pennsylvania <br> Health System Obligated Group<br>| 5.00 | &nbsp;&nbsp; 8-15-2046 | 10000000 | &nbsp;&nbsp; 9978586 |
| &nbsp;&nbsp; Lancaster Municipal Authority Garden Spot Village Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 5-1-2044 | 1200000 | &nbsp;&nbsp; 1196421 |
| &nbsp;&nbsp; Montgomery County Higher Education & Health Authority Thomas <br> Jefferson University Obligated Group<br>| 4.00 | &nbsp;&nbsp; 9-1-2035 | 2750000 | &nbsp;&nbsp; 2686965 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 47

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Montgomery County Higher Education & Health Authority Thomas <br> Jefferson University Obligated Group<br>| 4.00<br> %<br>| &nbsp;&nbsp; 9-1-2038 | $1000000 | &nbsp;&nbsp; $950667 |
| &nbsp;&nbsp; Montgomery County Higher Education & Health Authority Thomas <br> Jefferson University Obligated Group<br>| 5.00 | &nbsp;&nbsp; 9-1-2031 | 4100000 | &nbsp;&nbsp; 4375636 |
| &nbsp;&nbsp; Montgomery County Higher Education & Health Authority Thomas <br> Jefferson University Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2043 | 3085000 | &nbsp;&nbsp; 3093333 |
| &nbsp;&nbsp; Northampton County General Purpose Authority St. Luke's Hospital <br> Obligated Group Series A-1 (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 8-15-2049 | 6000000 | &nbsp;&nbsp; 5943946 |
| &nbsp;&nbsp; Northampton County General Purpose Authority St. Luke's Hospital <br> Obligated Group Series A-1 (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 8-15-2053 | 10000000 | &nbsp;&nbsp; 10249566 |
| &nbsp;&nbsp; Pennsylvania EDFA Presbyterian Homes Obligated Group <br> Series B-1<br>| 5.25 | &nbsp;&nbsp; 7-1-2049 | 1250000 | &nbsp;&nbsp; 1252090 |
| &nbsp;&nbsp; Pennsylvania EDFA Presbyterian Homes Obligated Group <br> Series B-2<br>| 5.25 | &nbsp;&nbsp; 7-1-2046 | 1500000 | &nbsp;&nbsp; 1512336 |
| Pennsylvania EDFA UPMC Obligated Group Series A | 4.00 | &nbsp;&nbsp; 2-15-2042 | 6000000 | &nbsp;&nbsp; 5425718 |
| Pennsylvania EDFA UPMC Obligated Group Series A | 4.00 | &nbsp;&nbsp; 11-15-2042 | 4000000 | &nbsp;&nbsp; 3587008 |
| Pennsylvania EDFA UPMC Obligated Group Series A | 5.00 | &nbsp;&nbsp; 2-15-2036 | 1000000 | &nbsp;&nbsp; 1062686 |
| Pennsylvania EDFA UPMC Obligated Group Series A | 5.00 | &nbsp;&nbsp; 2-15-2038 | 2150000 | &nbsp;&nbsp; 2243339 |
| Pennsylvania EDFA UPMC Obligated Group Series A | 5.00 | &nbsp;&nbsp; 2-15-2039 | 3500000 | &nbsp;&nbsp; 3620192 |
| Pennsylvania EDFA UPMC Obligated Group Series A-1 | 4.00 | &nbsp;&nbsp; 4-15-2045 | 6500000 | &nbsp;&nbsp; 5684119 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Health System <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 8-15-2049 | 7000000 | &nbsp;&nbsp; 6935820 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Health System <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2042 | 3000000 | &nbsp;&nbsp; 3013388 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Thomas <br> Jefferson University Obligated Group Series D-1 (Bank of <br> America N.A. LOC)ø<br>| 3.95 | &nbsp;&nbsp; 11-1-2061 | 28325000 | &nbsp;&nbsp; 28325000 |
| &nbsp;&nbsp; Philadelphia IDA Children's Hospital of Philadelphia Obligated <br> Group Series B-1 (JPMorgan Chase Bank N.A. SPA)ø<br>| 4.00 | &nbsp;&nbsp; 7-1-2054 | 13765000 | &nbsp;&nbsp; 13765000 |
| &nbsp;&nbsp; Philadelphia IDA Children's Hospital of Philadelphia Obligated <br> Group Series B-2 (JPMorgan Chase Bank N.A. SPA)ø<br>| 4.00 | &nbsp;&nbsp; 7-1-2054 | 3000000 | &nbsp;&nbsp; 3000000 |
| Quakertown General Authority LifeQuest Obligated Group Series C | 4.50 | &nbsp;&nbsp; 7-1-2027 | 315000 | &nbsp;&nbsp; 309550 |
| Quakertown General Authority LifeQuest Obligated Group Series C | 5.00 | &nbsp;&nbsp; 7-1-2032 | 1000000 | &nbsp;&nbsp; 956294 |
| Westmoreland County IDA Excela Health Obligated Group Series A | 4.00 | &nbsp;&nbsp; 7-1-2037 | 625000 | &nbsp;&nbsp; 578245 |
| Westmoreland County IDA Excela Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 7-1-2029 | 700000 | &nbsp;&nbsp; 729336 |
| Westmoreland County IDA Excela Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 7-1-2030 | 550000 | &nbsp;&nbsp; 575292 |
|  |  |  |  | &nbsp;&nbsp; **164957896** |
| **Housing revenue: 0.89%** |  |  |  |  |
| Chester County School Authority Intermediate Unit (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2041 | 1745000 | &nbsp;&nbsp; 1825784 |
| Pennsylvania EDFA Bridges Finco LP | 5.00 | &nbsp;&nbsp; 12-31-2030 | 600000 | &nbsp;&nbsp; 604886 |
| Pennsylvania EDFA Bridges Finco LP | 5.00 | &nbsp;&nbsp; 12-31-2034 | 16375000 | &nbsp;&nbsp; 16430079 |
| &nbsp;&nbsp; Pennsylvania EDFA Commonwealth of Pennsylvania Motor License <br> Fund AMT<br>| 5.75 | &nbsp;&nbsp; 6-30-2048 | 6000000 | &nbsp;&nbsp; 6183395 |
| &nbsp;&nbsp; Pennsylvania EDFA Commonwealth of Pennsylvania Motor License <br> Fund AMT<br>| 6.00 | &nbsp;&nbsp; 6-30-2061 | 2500000 | &nbsp;&nbsp; 2618072 |
| Pennsylvania Housing Finance Agency | 4.45 | &nbsp;&nbsp; 10-1-2044 | 3000000 | &nbsp;&nbsp; 2889675 |
| Pennsylvania Housing Finance Agency Series 142-A | 5.00 | &nbsp;&nbsp; 10-1-2043 | 5900000 | &nbsp;&nbsp; 5977633 |
| Pennsylvania Housing Finance Agency Series 142-A | 5.50 | &nbsp;&nbsp; 10-1-2053 | 2755000 | &nbsp;&nbsp; 2908346 |

---

The accompanying notes are an integral part of these financial statements.

48 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; State Public School Building Authority School District of <br> Philadelphia Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 6-1-2034 | $1915000 | &nbsp;&nbsp; $1932970 |
| &nbsp;&nbsp; State Public School Building Authority School District of <br> Philadelphia Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2035 | 16715000 | &nbsp;&nbsp; 16860406 |
| &nbsp;&nbsp; State Public School Building Authority School District of <br> Philadelphia Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 6-1-2030 | 3800000 | &nbsp;&nbsp; 3863992 |
| &nbsp;&nbsp; State Public School Building Authority School District of <br> Philadelphia Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 6-1-2031 | 5000000 | &nbsp;&nbsp; 5077289 |
| Waverly Township Municipal Authority (BAM Insured) | 4.00 | &nbsp;&nbsp; 2-15-2030 | 1065000 | &nbsp;&nbsp; 1091513 |
| Waverly Township Municipal Authority (BAM Insured) | 4.00 | &nbsp;&nbsp; 2-15-2031 | 1110000 | &nbsp;&nbsp; 1137601 |
| Waverly Township Municipal Authority (BAM Insured) | 4.00 | &nbsp;&nbsp; 2-15-2032 | 1155000 | &nbsp;&nbsp; 1180609 |
|  |  |  |  | &nbsp;&nbsp; **70582250** |
| **Miscellaneous revenue: 0.05%** |  |  |  |  |
| &nbsp;&nbsp; Delaware Valley Regional Finance Authority Series C (Ambac <br> Insured)<br>| 7.75 | &nbsp;&nbsp; 7-1-2027 | 2635000 | &nbsp;&nbsp; 2885483 |
| &nbsp;&nbsp; Pennsylvania Finance Authority Hills Project Series B (NPFGC <br> Insured)¤<br>| 0.00 | &nbsp;&nbsp; 12-1-2025 | 1060000 | &nbsp;&nbsp; 1044511 |
|  |  |  |  | &nbsp;&nbsp; **3929994** |
| **Resource recovery revenue: 0.28%** |  |  |  |  |
| Pennsylvania EDFA Republic Services, Inc. AMTøø | 3.80 | &nbsp;&nbsp; 6-1-2044 | 7000000 | &nbsp;&nbsp; 7000000 |
| Pennsylvania EDFA Republic Services, Inc. Series A AMTøø | 4.25 | &nbsp;&nbsp; 4-1-2034 | 10000000 | &nbsp;&nbsp; 10001775 |
| Pennsylvania EDFA Waste Management Obligated Group AMTøø | 4.10 | &nbsp;&nbsp; 8-1-2045 | 5000000 | &nbsp;&nbsp; 5001263 |
|  |  |  |  | &nbsp;&nbsp; **22003038** |
| **Tax revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority<br>| 5.00 | &nbsp;&nbsp; 5-1-2036 | 750000 | &nbsp;&nbsp; 783768 |
| &nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority<br>| 5.00 | &nbsp;&nbsp; 5-1-2042 | 2000000 | &nbsp;&nbsp; 2021095 |
| Southeastern Pennsylvania Transportation Authority | 5.25 | &nbsp;&nbsp; 6-1-2047 | 3000000 | &nbsp;&nbsp; 3109482 |
|  |  |  |  | &nbsp;&nbsp; **5914345** |
| **Tobacco revenue: 0.14%** |  |  |  |  |
| Commonwealth Financing Authority (AG Insured) | 4.00 | &nbsp;&nbsp; 6-1-2039 | 12000000 | &nbsp;&nbsp; **11210507** |
| **Transportation revenue: 1.41%** |  |  |  |  |
| Delaware River Port Authority | 5.00 | &nbsp;&nbsp; 1-1-2040 | 17000000 | &nbsp;&nbsp; 17009374 |
| Pennsylvania EDFA Parking System Revenue Series A (AG Insured) | 4.13 | &nbsp;&nbsp; 1-1-2044 | 1140000 | &nbsp;&nbsp; 1046345 |
| Pennsylvania EDFA Parking System Revenue Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2032 | 2110000 | &nbsp;&nbsp; 2321848 |
| Pennsylvania EDFA Parking System Revenue Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2033 | 2455000 | &nbsp;&nbsp; 2668282 |
| Pennsylvania EDFA Parking System Revenue Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2039 | 1500000 | &nbsp;&nbsp; 1539559 |
| &nbsp;&nbsp; Pennsylvania Turnpike Commission Oil Franchise Tax Revenue <br> Series B<br>| 5.00 | &nbsp;&nbsp; 12-1-2043 | 6000000 | &nbsp;&nbsp; 6035801 |
| &nbsp;&nbsp; Pennsylvania Turnpike Commission Oil Franchise Tax Revenue <br> Series B<br>| 5.25 | &nbsp;&nbsp; 12-1-2048 | 5145000 | &nbsp;&nbsp; 5202475 |
| Pennsylvania Turnpike Commission Series 1st | 5.00 | &nbsp;&nbsp; 12-1-2040 | 1000000 | &nbsp;&nbsp; 1048658 |
| Pennsylvania Turnpike Commission Series 1st | 5.00 | &nbsp;&nbsp; 12-1-2041 | 3000000 | &nbsp;&nbsp; 3106052 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 49

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue**(continued) |  |  |  |  |
| Pennsylvania Turnpike Commission Series 2nd | 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2035 | $9900000 | &nbsp;&nbsp; $10214583 |
| Pennsylvania Turnpike Commission Series A | 5.00 | &nbsp;&nbsp; 12-1-2044 | 8905000 | &nbsp;&nbsp; 8917424 |
| Pennsylvania Turnpike Commission Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2049 | 8095000 | &nbsp;&nbsp; 7155313 |
| Pennsylvania Turnpike Commission Series A-1 | 5.00 | &nbsp;&nbsp; 12-1-2041 | 9345000 | &nbsp;&nbsp; 9357175 |
| Pennsylvania Turnpike Commission Series A-1 | 5.00 | &nbsp;&nbsp; 12-1-2047 | 1750000 | &nbsp;&nbsp; 1754644 |
| Pennsylvania Turnpike Commission Series B | 4.00 | &nbsp;&nbsp; 12-1-2046 | 3000000 | &nbsp;&nbsp; 2682644 |
| Pennsylvania Turnpike Commission Series B | 5.25 | &nbsp;&nbsp; 12-1-2052 | 8250000 | &nbsp;&nbsp; 8479635 |
| Pennsylvania Turnpike Commission Series B-1 | 5.00 | &nbsp;&nbsp; 6-1-2028 | 1450000 | &nbsp;&nbsp; 1506520 |
| Pennsylvania Turnpike Commission Series B-1 | 5.25 | &nbsp;&nbsp; 6-1-2047 | 9960000 | &nbsp;&nbsp; 10021095 |
| Pennsylvania Turnpike Commission Series B-2 | 5.00 | &nbsp;&nbsp; 6-1-2027 | 1260000 | &nbsp;&nbsp; 1311933 |
| Pennsylvania Turnpike Commission Series B-2 | 5.00 | &nbsp;&nbsp; 6-1-2031 | 5000000 | &nbsp;&nbsp; 5176691 |
| Pennsylvania Turnpike Commission Series C | 5.00 | &nbsp;&nbsp; 12-1-2046 | 4125000 | &nbsp;&nbsp; 4207859 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XX1400 <br> (Barclays Bank plc LIQ)144Aø<br>| 1.95 | &nbsp;&nbsp; 12-1-2054 | 1000000 | &nbsp;&nbsp; 1000000 |
|  |  |  |  | &nbsp;&nbsp; **111763910** |
| **Utilities revenue: 0.06%** |  |  |  |  |
| Philadelphia Gas Works Co. Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 8-1-2045 | 5000000 | &nbsp;&nbsp; **4514560** |
| **Water & sewer revenue: 0.19%** |  |  |  |  |
| City of Philadelphia Water & Wastewater Revenue Series B | 5.00 | &nbsp;&nbsp; 7-1-2033 | 8000000 | &nbsp;&nbsp; 8009470 |
| City of Philadelphia Water & Wastewater Revenue Series C | 5.00 | &nbsp;&nbsp; 6-1-2042 | 2200000 | &nbsp;&nbsp; 2266474 |
| Luzerne County IDA Pennsylvania-American Water Co. AMTøø | 2.45 | &nbsp;&nbsp; 12-1-2039 | 5500000 | &nbsp;&nbsp; 4888954 |
|  |  |  |  | &nbsp;&nbsp; **15164898** |
|  |  |  |  | &nbsp;&nbsp; **518725812** |
| **Rhode Island: 0.29%** |  |  |  |  |
| **Airport revenue: 0.03%** |  |  |  |  |
| Rhode Island Commerce Corp. Airport Corp. | 5.00 | &nbsp;&nbsp; 7-1-2031 | 2115000 | &nbsp;&nbsp; **2200702** |
| **Education revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; Rhode Island Health & Educational Building Corp. Providence <br> College Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2046 | 1855000 | &nbsp;&nbsp; **1863169** |
| **Housing revenue: 0.01%** |  |  |  |  |
| &nbsp;&nbsp; Providence Public Building Authority Capital Improvement Projects <br> Series A (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 9-15-2044 | 1000000 | &nbsp;&nbsp; **1041689** |
| **Miscellaneous revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp; Rhode Island Health & Educational Building Corp. City of <br> Providence Series G (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 5-15-2042 | 2000000 | &nbsp;&nbsp; 2108242 |
| &nbsp;&nbsp; Rhode Island Health & Educational Building Corp. City of <br> Providence Series G (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 5-15-2043 | 2335000 | &nbsp;&nbsp; 2453886 |
| &nbsp;&nbsp; Rhode Island Health & Educational Building Corp. City of <br> Providence Series G (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 5-15-2044 | 2100000 | &nbsp;&nbsp; 2200679 |
|  |  |  |  | &nbsp;&nbsp; **6762807** |

---

The accompanying notes are an integral part of these financial statements.

50 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue: 0.14%** |  |  |  |  |
| Rhode Island Turnpike & Bridge Authority Series A | 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2040 | $10640000 | &nbsp;&nbsp; $**10694377** |
|  |  |  |  | &nbsp;&nbsp; **22562744** |
| **South Carolina: 1.24%** |  |  |  |  |
| **Education revenue: 0.10%** |  |  |  |  |
| University of South Carolina Series A | 5.00 | &nbsp;&nbsp; 5-1-2043 | 8155000 | &nbsp;&nbsp; **8190339** |
| **Health revenue: 0.08%** |  |  |  |  |
| South Carolina Jobs-EDA Novant Health Obligated Group Series A | 5.50 | &nbsp;&nbsp; 11-1-2046 | 6000000 | &nbsp;&nbsp; **6287190** |
| **Housing revenue: 0.00%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XF3079 (Mizuho Capital Markets LLC LOC, Mizuho Capital <br> Markets LLC LIQ)144Aø<br>| 2.20 | &nbsp;&nbsp; 7-1-2028 | 236000 | &nbsp;&nbsp; **236000** |
| **Resource recovery revenue: 0.01%** |  |  |  |  |
| South Carolina Jobs-EDA RePower South Berkeley LLC† | 8.00 | &nbsp;&nbsp; 12-6-2029 | 370000 | &nbsp;&nbsp; 296000 |
| &nbsp;&nbsp; South Carolina Jobs-EDA RePower South Berkeley LLC <br> AMT144A♦‡†<br>| 6.00 | &nbsp;&nbsp; 2-1-2035 | 1880000 | &nbsp;&nbsp; 94000 |
| &nbsp;&nbsp; South Carolina Jobs-EDA RePower South Berkeley LLC <br> AMT144A♦‡†<br>| 6.25 | &nbsp;&nbsp; 2-1-2045 | 2750000 | &nbsp;&nbsp; 137500 |
|  |  |  |  | &nbsp;&nbsp; **527500** |
| **Utilities revenue: 1.05%** |  |  |  |  |
| Patriots Energy Group Financing Agency Series A1øø | 5.25 | &nbsp;&nbsp; 10-1-2054 | 2000000 | &nbsp;&nbsp; 2113973 |
| Patriots Energy Group Financing Agency Series B-1øø | 5.25 | &nbsp;&nbsp; 2-1-2054 | 10000000 | &nbsp;&nbsp; 10735781 |
| South Carolina Public Service Authority Series A | 4.00 | &nbsp;&nbsp; 12-1-2040 | 1500000 | &nbsp;&nbsp; 1409946 |
| South Carolina Public Service Authority Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2049 | 17500000 | &nbsp;&nbsp; 17597930 |
| South Carolina Public Service Authority Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2054 | 18000000 | &nbsp;&nbsp; 18013156 |
| South Carolina Public Service Authority Series E | 5.75 | &nbsp;&nbsp; 12-1-2047 | 31250000 | &nbsp;&nbsp; 33247428 |
|  |  |  |  | &nbsp;&nbsp; **83118214** |
|  |  |  |  | &nbsp;&nbsp; **98359243** |
| **South Dakota: 0.38%** |  |  |  |  |
| **GO revenue: 0.08%** |  |  |  |  |
| County of Lincoln COP | 5.00 | &nbsp;&nbsp; 12-1-2048 | 6000000 | &nbsp;&nbsp; **6039170** |
| **Health revenue: 0.25%** |  |  |  |  |
| South Dakota HEFA Avera Health Obligated Group | 5.00 | &nbsp;&nbsp; 7-1-2046 | 10000000 | &nbsp;&nbsp; 9806712 |
| South Dakota HEFA Avera Health Obligated Group Series A | 5.25 | &nbsp;&nbsp; 7-1-2054 | 10000000 | &nbsp;&nbsp; 10230965 |
|  |  |  |  | &nbsp;&nbsp; **20037677** |
| **Housing revenue: 0.05%** |  |  |  |  |
| &nbsp;&nbsp; South Dakota Board of Regents Housing & Auxiliary Facilities <br> System<br>| 5.00 | &nbsp;&nbsp; 4-1-2026 | 1540000 | &nbsp;&nbsp; 1564149 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 51

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; South Dakota Board of Regents Housing & Auxiliary Facilities <br> System<br>| 5.00<br> %<br>| &nbsp;&nbsp; 4-1-2032 | $1010000 | &nbsp;&nbsp; $1043330 |
| &nbsp;&nbsp; South Dakota Board of Regents Housing & Auxiliary Facilities <br> System<br>| 5.00 | &nbsp;&nbsp; 4-1-2033 | 1250000 | &nbsp;&nbsp; 1287939 |
|  |  |  |  | &nbsp;&nbsp; **3895418** |
|  |  |  |  | &nbsp;&nbsp; **29972265** |
| **Tennessee: 2.03%** |  |  |  |  |
| **Airport revenue: 0.32%** |  |  |  |  |
| Metropolitan Knoxville Airport Authority Series A | 5.25 | &nbsp;&nbsp; 6-1-2049 | 4250000 | &nbsp;&nbsp; 4410027 |
| Metropolitan Nashville Airport Authority Series B AMT | 5.25 | &nbsp;&nbsp; 7-1-2047 | 15750000 | &nbsp;&nbsp; 15933431 |
| Metropolitan Nashville Airport Authority Series B AMT | 5.50 | &nbsp;&nbsp; 7-1-2052 | 5000000 | &nbsp;&nbsp; 5103673 |
|  |  |  |  | &nbsp;&nbsp; **25447131** |
| **Health revenue: 0.47%** |  |  |  |  |
| &nbsp;&nbsp; Chattanooga Health Educational & Housing Facility Board Erlanger <br> Health Obligated Group<br>| 5.25 | &nbsp;&nbsp; 12-1-2049 | 8500000 | &nbsp;&nbsp; 8547068 |
| &nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & <br> Educational Facilities Board Vanderbilt University Medical Center <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2046 | 4000000 | &nbsp;&nbsp; 3922713 |
| &nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & <br> Educational Facilities Board Vanderbilt University Medical Center <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2048 | 2750000 | &nbsp;&nbsp; 2727256 |
| &nbsp;&nbsp; Shelby County Health Educational & Housing Facilities Board <br> Methodist Le Bonheur Healthcare Obligated Group Series A (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 6-1-2035 | 16000000 | &nbsp;&nbsp; 17152557 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2022-<br> BAML5024 (Bank of America N.A. LOC, Bank of America N.A. <br> LIQ)144Aø<br>| 4.13 | &nbsp;&nbsp; 9-1-2036 | 4230000 | &nbsp;&nbsp; 4230000 |
|  |  |  |  | &nbsp;&nbsp; **36579594** |
| **Miscellaneous revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Sports <br> Authority Stadium Project Series A (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 7-1-2048 | 4000000 | &nbsp;&nbsp; 4148385 |
| &nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Sports <br> Authority Stadium Project Series B (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2041 | 2015000 | &nbsp;&nbsp; 2099369 |
| &nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Sports <br> Authority Stadium Project Series B (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2043 | 2515000 | &nbsp;&nbsp; 2582409 |
|  |  |  |  | &nbsp;&nbsp; **8830163** |
| **Utilities revenue: 1.13%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2022-<br> XM1024 (Morgan Stanley Bank LIQ)144Aø<br>| 2.06 | &nbsp;&nbsp; 5-1-2052 | 7500000 | &nbsp;&nbsp; 7500000 |
| Tennergy Corp. Series Aøø | 4.00 | &nbsp;&nbsp; 12-1-2051 | 29050000 | &nbsp;&nbsp; 29213517 |
| Tennergy Corp. Series Aøø | 5.50 | &nbsp;&nbsp; 10-1-2053 | 10000000 | &nbsp;&nbsp; 10495629 |
| Tennessee Energy Acquisition Corp.øø | 4.00 | &nbsp;&nbsp; 11-1-2049 | 25000000 | &nbsp;&nbsp; 25035527 |
| Tennessee Energy Acquisition Corp. Gas Project Series A-1øø | 5.00 | &nbsp;&nbsp; 5-1-2053 | 13000000 | &nbsp;&nbsp; 13404187 |

---

The accompanying notes are an integral part of these financial statements.

52 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |
| Tennessee Energy Acquisition Corp. Series Aøø | 5.00<br> %<br>| &nbsp;&nbsp; 5-1-2052 | $2640000 | &nbsp;&nbsp; $2781212 |
| Tennessee Energy Acquisition Corp. Series A | 5.25 | &nbsp;&nbsp; 9-1-2026 | 1100000 | &nbsp;&nbsp; 1116783 |
|  |  |  |  | &nbsp;&nbsp; **89546855** |
|  |  |  |  | &nbsp;&nbsp; **160403743** |
| **Texas: 9.27%** |  |  |  |  |
| **Airport revenue: 0.38%** |  |  |  |  |
| City of Austin Airport System Revenue AMT | 5.00 | &nbsp;&nbsp; 11-15-2039 | 8000000 | &nbsp;&nbsp; 7999584 |
| City of Austin Airport System Revenue AMT | 5.00 | &nbsp;&nbsp; 11-15-2040 | 3000000 | &nbsp;&nbsp; 3063307 |
| City of Austin Airport System Revenue AMT | 5.00 | &nbsp;&nbsp; 11-15-2044 | 3500000 | &nbsp;&nbsp; 3477086 |
| City of Houston Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2041 | 4750000 | &nbsp;&nbsp; 4732850 |
| Dallas Fort Worth International Airport Series B | 5.00 | &nbsp;&nbsp; 11-1-2050 | 8000000 | &nbsp;&nbsp; 8071977 |
| Port Authority of Houston of Harris County | 4.00 | &nbsp;&nbsp; 10-1-2039 | 2500000 | &nbsp;&nbsp; 2397864 |
|  |  |  |  | &nbsp;&nbsp; **29742668** |
| **Education revenue: 0.62%** |  |  |  |  |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. BASIS Texas Charter <br> Schools, Inc.144Aøø<br>| 4.50 | &nbsp;&nbsp; 6-15-2056 | 1000000 | &nbsp;&nbsp; 994356 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. BASIS Texas Charter <br> Schools, Inc.144A<br>| 4.88 | &nbsp;&nbsp; 6-15-2059 | 1000000 | &nbsp;&nbsp; 880741 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. BASIS Texas Charter <br> Schools, Inc.144A<br>| 5.00 | &nbsp;&nbsp; 6-15-2064 | 1200000 | &nbsp;&nbsp; 1067372 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. School of Excellence in <br> Education Series A144A<br>| 6.00 | &nbsp;&nbsp; 2-15-2042 | 500000 | &nbsp;&nbsp; 477840 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. IDEA Public Schools <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-15-2047 | 3000000 | &nbsp;&nbsp; 2561474 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. IDEA Public Schools <br> Series T<br>| 4.00 | &nbsp;&nbsp; 8-15-2047 | 2500000 | &nbsp;&nbsp; 2193630 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. International Leadership of <br> Texas, Inc. Series A<br>| 5.25 | &nbsp;&nbsp; 2-15-2045 | 4225000 | &nbsp;&nbsp; 4363503 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. International Leadership of <br> Texas, Inc. Series A<br>| 5.75 | &nbsp;&nbsp; 8-15-2038 | 2000000 | &nbsp;&nbsp; 2006289 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. International Leadership of <br> Texas, Inc. Series D<br>| 6.00 | &nbsp;&nbsp; 8-15-2038 | 6000000 | &nbsp;&nbsp; 6020446 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. International Leadership of <br> Texas, Inc. Series D<br>| 6.13 | &nbsp;&nbsp; 8-15-2048 | 6750000 | &nbsp;&nbsp; 6774017 |
| Clifton Higher Education Finance Corp. Series Bøø | 4.00 | &nbsp;&nbsp; 2-15-2055 | 8000000 | &nbsp;&nbsp; 8146735 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. Valor Texas Education <br> Foundation Series A144A<br>| 5.50 | &nbsp;&nbsp; 6-15-2033 | 2945000 | &nbsp;&nbsp; 2971840 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. Valor Texas Education <br> Foundation Series A144A<br>| 6.00 | &nbsp;&nbsp; 6-15-2048 | 3000000 | &nbsp;&nbsp; 2818763 |
| Southwest Higher Education Authority, Inc. Methodist University | 5.00 | &nbsp;&nbsp; 10-1-2030 | 1460000 | &nbsp;&nbsp; 1512976 |
| Southwest Higher Education Authority, Inc. Methodist University | 5.00 | &nbsp;&nbsp; 10-1-2032 | 650000 | &nbsp;&nbsp; 670619 |
| Southwest Higher Education Authority, Inc. Methodist University | 5.00 | &nbsp;&nbsp; 10-1-2039 | 750000 | &nbsp;&nbsp; 757938 |
| Southwest Higher Education Authority, Inc. Methodist University | 5.00 | &nbsp;&nbsp; 10-1-2040 | 1000000 | &nbsp;&nbsp; 1008995 |
| Southwest Higher Education Authority, Inc. Methodist University | 5.00 | &nbsp;&nbsp; 10-1-2041 | 900000 | &nbsp;&nbsp; 905759 |
| University of Houston Series A | 5.00 | &nbsp;&nbsp; 2-15-2047 | 3000000 | &nbsp;&nbsp; 3045349 |
|  |  |  |  | &nbsp;&nbsp; **49178642** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 53

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue: 2.33%** |  |  |  |  |
| City of Aubrey Series A (AG Insured) | 4.00<br> %<br>| &nbsp;&nbsp; 2-15-2049 | $3000000 | &nbsp;&nbsp; $2633653 |
| City of Bastrop | 4.00 | &nbsp;&nbsp; 8-1-2045 | 5715000 | &nbsp;&nbsp; 5012604 |
| City of DeSoto | 4.00 | &nbsp;&nbsp; 2-15-2041 | 2340000 | &nbsp;&nbsp; 2226551 |
| City of El Paso | 4.00 | &nbsp;&nbsp; 8-15-2031 | 6500000 | &nbsp;&nbsp; 6542305 |
| City of Georgetown | 4.00 | &nbsp;&nbsp; 8-15-2043 | 2140000 | &nbsp;&nbsp; 1961258 |
| City of Houston Series A | 4.00 | &nbsp;&nbsp; 3-1-2034 | 1000000 | &nbsp;&nbsp; 1003690 |
| City of Houston Series A | 5.25 | &nbsp;&nbsp; 3-1-2049 | 20000000 | &nbsp;&nbsp; 20618496 |
| City of Hutto (BAM Insured) | 4.13 | &nbsp;&nbsp; 8-1-2049 | 5000000 | &nbsp;&nbsp; 4486844 |
| City of Palestine (AG Insured) | 4.00 | &nbsp;&nbsp; 2-15-2051 | 4000000 | &nbsp;&nbsp; 3371612 |
| City of Port Isabel144A | 5.10 | &nbsp;&nbsp; 2-15-2049 | 880000 | &nbsp;&nbsp; 816090 |
| City of Sugar Land | 5.00 | &nbsp;&nbsp; 2-15-2030 | 1250000 | &nbsp;&nbsp; 1285836 |
| City of Temple | 5.00 | &nbsp;&nbsp; 8-1-2032 | 1070000 | &nbsp;&nbsp; 1071587 |
| City of Waco Series A | 5.25 | &nbsp;&nbsp; 2-1-2054 | 6000000 | &nbsp;&nbsp; 6193013 |
| County of Dallas | 5.00 | &nbsp;&nbsp; 8-15-2042 | 4275000 | &nbsp;&nbsp; 4479590 |
| County of Travis Series A | 5.00 | &nbsp;&nbsp; 3-1-2036 | 12470000 | &nbsp;&nbsp; 13064021 |
| County of Travis Series A | 5.00 | &nbsp;&nbsp; 3-1-2039 | 6250000 | &nbsp;&nbsp; 6459505 |
| Denton Independent School District | 5.00 | &nbsp;&nbsp; 8-15-2053 | 8000000 | &nbsp;&nbsp; 8112688 |
| El Paso County Hospital District (AG Insured) | 5.00 | &nbsp;&nbsp; 8-15-2042 | 4615000 | &nbsp;&nbsp; 4710619 |
| El Paso County Hospital District (AG Insured) | 5.00 | &nbsp;&nbsp; 8-15-2043 | 3500000 | &nbsp;&nbsp; 3552410 |
| Fort Worth Independent School District | 5.00 | &nbsp;&nbsp; 2-15-2047 | 5935000 | &nbsp;&nbsp; 5965848 |
| Harris County Flood Control District Series A | 4.00 | &nbsp;&nbsp; 9-15-2042 | 3545000 | &nbsp;&nbsp; 3226859 |
| Montgomery County Municipal Utility District No. 108 (AG Insured) | 4.00 | &nbsp;&nbsp; 9-1-2050 | 4260000 | &nbsp;&nbsp; 3621348 |
| Nacogdoches Independent School District | 5.00 | &nbsp;&nbsp; 2-15-2049 | 8560000 | &nbsp;&nbsp; 8611945 |
| Northside Independent School Districtøø | 3.55 | &nbsp;&nbsp; 6-1-2050 | 4500000 | &nbsp;&nbsp; 4535390 |
| Pasadena Independent School District | 5.00 | &nbsp;&nbsp; 2-15-2047 | 6250000 | &nbsp;&nbsp; 6324034 |
| Royse City Independent School District | 5.00 | &nbsp;&nbsp; 8-15-2034 | 3025000 | &nbsp;&nbsp; 3031593 |
| Salado Independent School District | 5.00 | &nbsp;&nbsp; 2-15-2049 | 1605000 | &nbsp;&nbsp; 1606095 |
| San Antonio Independent School District | 5.00 | &nbsp;&nbsp; 8-15-2048 | 13000000 | &nbsp;&nbsp; 13018622 |
| Socorro Independent School District | 4.00 | &nbsp;&nbsp; 8-15-2040 | 5000000 | &nbsp;&nbsp; 4773567 |
| Splendora Independent School District | 5.00 | &nbsp;&nbsp; 2-15-2054 | 8820000 | &nbsp;&nbsp; 8956699 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-<br> XG0506 (Toronto-Dominion Bank LIQ)144Aø<br>| 1.96 | &nbsp;&nbsp; 8-1-2053 | 5285000 | &nbsp;&nbsp; 5285000 |
| Viridian Municipal Management District (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-1-2033 | 555000 | &nbsp;&nbsp; 555119 |
| Viridian Municipal Management District (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-1-2034 | 1465000 | &nbsp;&nbsp; 1465168 |
| Viridian Municipal Management District (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-1-2035 | 1520000 | &nbsp;&nbsp; 1520012 |
| Viridian Municipal Management District (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-1-2036 | 1585000 | &nbsp;&nbsp; 1577523 |
| Waller Consolidated Independent School District (BAM Insured) | 5.00 | &nbsp;&nbsp; 2-15-2041 | 5005000 | &nbsp;&nbsp; 5203321 |
| Waller Consolidated Independent School District (BAM Insured) | 5.00 | &nbsp;&nbsp; 2-15-2043 | 6885000 | &nbsp;&nbsp; 7098376 |
|  |  |  |  | &nbsp;&nbsp; **183978891** |
| **Health revenue: 0.43%** |  |  |  |  |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Texas <br> Children's Hospital Obligated Group<br>| 5.00 | &nbsp;&nbsp; 10-1-2027 | 3000000 | &nbsp;&nbsp; 3012999 |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Texas <br> Children's Hospital Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 10-1-2037 | 3000000 | &nbsp;&nbsp; 2907003 |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Texas <br> Children's Hospital Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 10-1-2038 | 2300000 | &nbsp;&nbsp; 2204204 |

---

The accompanying notes are an integral part of these financial statements.

54 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Texas <br> Children's Hospital Obligated Group Series A (BAM Insured)<br>| 4.00<br> %<br>| &nbsp;&nbsp; 10-1-2037 | $3000000 | &nbsp;&nbsp; $2966019 |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Texas <br> Children's Hospital Obligated Group Series A (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 10-1-2038 | 3000000 | &nbsp;&nbsp; 2919087 |
| Midland County Hospital District Series A (BAM Insured) | 5.25 | &nbsp;&nbsp; 5-15-2054 | 3000000 | &nbsp;&nbsp; 3038274 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Children's <br> Health System of Texas Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 8-15-2033 | 2050000 | &nbsp;&nbsp; 2051931 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. Baylor <br> Scott & White Health Obligated Group Series D<br>| 5.50 | &nbsp;&nbsp; 11-15-2047 | 7025000 | &nbsp;&nbsp; 7279925 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. <br> CHRISTUS Health Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2053 | 5625000 | &nbsp;&nbsp; 5407016 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. <br> Cumberland Rest, Inc. Obligated Group<br>| 5.00 | &nbsp;&nbsp; 10-1-2044 | 1375000 | &nbsp;&nbsp; 1352895 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. <br> Cumberland Rest, Inc. Obligated Group<br>| 5.00 | &nbsp;&nbsp; 10-1-2049 | 1000000 | &nbsp;&nbsp; 956955 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. <br> Methodist Hospitals of Dallas Obligated Group Series B (TD Bank <br> N.A. LOC)ø<br>| 4.00 | &nbsp;&nbsp; 10-1-2041 | 300000 | &nbsp;&nbsp; 300000 |
|  |  |  |  | &nbsp;&nbsp; **34396308** |
| **Housing revenue: 0.41%** |  |  |  |  |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2024-MIZ9158 (Mizuho Capital <br> Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144Aø<br>| 2.20 | &nbsp;&nbsp; 3-1-2038 | 1027000 | &nbsp;&nbsp; 1027000 |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2024-MIZ9197 (BAM Insured) <br> (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC <br> LIQ)144Aø<br>| 4.12 | &nbsp;&nbsp; 1-14-2033 | 11050000 | &nbsp;&nbsp; 11050000 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Bella Vida <br> Forefront Living Obligated Group Series 2025B-2<br>| 4.63 | &nbsp;&nbsp; 10-1-2030 | 2775000 | &nbsp;&nbsp; 2777714 |
| &nbsp;&nbsp; Texas Department of Housing & Community Affairs Series A (GNMA <br> Insured)<br>| 5.13 | &nbsp;&nbsp; 9-1-2048 | 3000000 | &nbsp;&nbsp; 3018968 |
| &nbsp;&nbsp; Texas Department of Housing & Community Affairs Series A (GNMA <br> Insured)<br>| 5.25 | &nbsp;&nbsp; 9-1-2053 | 3000000 | &nbsp;&nbsp; 3022757 |
| Texas PFA Facilities Commission | 4.00 | &nbsp;&nbsp; 2-1-2036 | 2175000 | &nbsp;&nbsp; 2176563 |
| Texas PFA Facilities Commission Series 2019 | 4.00 | &nbsp;&nbsp; 2-1-2034 | 5000000 | &nbsp;&nbsp; 5047024 |
| Texas PFA Facilities Commission Series 2019 | 4.00 | &nbsp;&nbsp; 2-1-2035 | 2000000 | &nbsp;&nbsp; 2008845 |
| &nbsp;&nbsp; Travis County Housing Finance Corp. Austin Gateway <br> Apartments LPøø<br>| 4.13 | &nbsp;&nbsp; 6-1-2045 | 2000000 | &nbsp;&nbsp; 2007372 |
|  |  |  |  | &nbsp;&nbsp; **32136243** |
| **Industrial development revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; City of Houston Airport System Revenue United Airlines, Inc. <br> Series B-2 AMT<br>| 5.00 | &nbsp;&nbsp; 7-15-2027 | 2500000 | &nbsp;&nbsp; 2510520 |
| Harris County Industrial Development Corp. Energy Transfer LPøø | 4.05 | &nbsp;&nbsp; 11-1-2050 | 5000000 | &nbsp;&nbsp; 4893724 |
| &nbsp;&nbsp; Port of Beaumont Navigation District Jefferson 2020 Bond Lessee & <br> Borrower LLC Obligated Group Series A AMT144A<br>| 5.13 | &nbsp;&nbsp; 1-1-2044 | 2000000 | &nbsp;&nbsp; 1866115 |
| &nbsp;&nbsp; Port of Beaumont Navigation District Jefferson 2020 Bond Lessee & <br> Borrower LLC Obligated Group Series A AMT144A<br>| 5.25 | &nbsp;&nbsp; 1-1-2054 | 1000000 | &nbsp;&nbsp; 916245 |
|  |  |  |  | &nbsp;&nbsp; **10186604** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 55

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Miscellaneous revenue: 0.59%** |  |  |  |  |
| &nbsp;&nbsp; Greater Texoma Utility Authority City of Sherman Water & Sewer <br> System Revenue (AG Insured)<br>| 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2048 | $20000000 | &nbsp;&nbsp; $20130236 |
| &nbsp;&nbsp; Greater Texoma Utility Authority City of Sherman Water & Sewer <br> System Revenue Series A (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 10-1-2048 | 10000000 | &nbsp;&nbsp; 10234531 |
| &nbsp;&nbsp; Greater Texoma Utility Authority City of Sherman Water & Sewer <br> System Revenue Series R (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2049 | 10000000 | &nbsp;&nbsp; 10061041 |
| &nbsp;&nbsp; Lower Colorado River Authority Transmission Services Corp. <br> Series A<br>| 5.50 | &nbsp;&nbsp; 5-15-2047 | 1990000 | &nbsp;&nbsp; 2073472 |
| &nbsp;&nbsp; Lower Colorado River Authority Transmission Services Corp. <br> Series A (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 5-15-2043 | 5000000 | &nbsp;&nbsp; 4553752 |
|  |  |  |  | &nbsp;&nbsp; **47053032** |
| **Resource recovery revenue: 0.85%** |  |  |  |  |
| &nbsp;&nbsp; Mission Economic Development Corp. Republic Services, Inc. <br> Series A AMTø<br>| 4.10 | &nbsp;&nbsp; 5-1-2050 | 4000000 | &nbsp;&nbsp; 4001044 |
| &nbsp;&nbsp; Mission Economic Development Corp. Waste Management, Inc. <br> Series A AMTø<br>| 3.95 | &nbsp;&nbsp; 5-1-2046 | 7000000 | &nbsp;&nbsp; 7000232 |
| &nbsp;&nbsp; Mission Economic Development Corp. Waste Management, Inc. <br> Series B AMTøø<br>| 3.95 | &nbsp;&nbsp; 7-1-2040 | 4500000 | &nbsp;&nbsp; 4500149 |
| Port of Port Arthur Navigation District Motiva Enterprises LLCø | 4.00 | &nbsp;&nbsp; 4-1-2040 | 19390000 | &nbsp;&nbsp; 19390000 |
| &nbsp;&nbsp; Port of Port Arthur Navigation District Motiva Enterprises LLC <br> Series Bø<br>| 4.00 | &nbsp;&nbsp; 4-1-2040 | 12000000 | &nbsp;&nbsp; 12000000 |
| &nbsp;&nbsp; Port of Port Arthur Navigation District Motiva Enterprises LLC <br> Series Dø<br>| 2.25 | &nbsp;&nbsp; 11-1-2040 | 20000000 | &nbsp;&nbsp; 20000000 |
|  |  |  |  | &nbsp;&nbsp; **66891425** |
| **Tax revenue: 0.44%** |  |  |  |  |
| City of Dallas144Aøø | 6.00 | &nbsp;&nbsp; 8-15-2053 | 15000000 | &nbsp;&nbsp; 15021907 |
| City of Dallas Fair Park Venue Project144Aøø | 6.25 | &nbsp;&nbsp; 8-15-2053 | 6825000 | &nbsp;&nbsp; 6827112 |
| Dallas Area Rapid Transit Series A | 5.00 | &nbsp;&nbsp; 12-1-2048 | 5000000 | &nbsp;&nbsp; 5044528 |
| &nbsp;&nbsp; Old Spanish Trail-Alemda Corridors RDA City of Houston <br> Reinvestment Zone No. 7 (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 9-1-2036 | 1125000 | &nbsp;&nbsp; 1087327 |
| &nbsp;&nbsp; Old Spanish Trail-Alemda Corridors RDA City of Houston <br> Reinvestment Zone No. 7 (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 9-1-2037 | 1430000 | &nbsp;&nbsp; 1356412 |
| &nbsp;&nbsp; VIA Metropolitan Transit Advanced Transportation District Sales Tax <br> Revenue<br>| 5.00 | &nbsp;&nbsp; 8-1-2049 | 5500000 | &nbsp;&nbsp; 5678952 |
|  |  |  |  | &nbsp;&nbsp; **35016238** |
| **Transportation revenue: 0.40%** |  |  |  |  |
| Central Texas Regional Mobility Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2044 | 3000000 | &nbsp;&nbsp; 3038508 |
| Central Texas Regional Mobility Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2049 | 2450000 | &nbsp;&nbsp; 2462295 |
| Central Texas Regional Mobility Authority Series B | 4.00 | &nbsp;&nbsp; 1-1-2041 | 800000 | &nbsp;&nbsp; 743804 |
| Central Texas Regional Mobility Authority Series B | 5.00 | &nbsp;&nbsp; 1-1-2046 | 1600000 | &nbsp;&nbsp; 1611309 |
| Central Texas Turnpike System Series C | 5.00 | &nbsp;&nbsp; 8-15-2042 | 5000000 | &nbsp;&nbsp; 5171328 |
| County of Harris Toll Road Revenue | 4.00 | &nbsp;&nbsp; 8-15-2050 | 3175000 | &nbsp;&nbsp; 2770712 |
| Grand Parkway Transportation Corp. Series B CAB | 4.95 | &nbsp;&nbsp; 10-1-2029 | 1015000 | &nbsp;&nbsp; 1075222 |
| Grand Parkway Transportation Corp. Series B CAB | 5.05 | &nbsp;&nbsp; 10-1-2030 | 2000000 | &nbsp;&nbsp; 2122360 |
| Grand Parkway Transportation Corp. Series C | 4.00 | &nbsp;&nbsp; 10-1-2039 | 2500000 | &nbsp;&nbsp; 2354587 |
| North Texas Tollway Authority Series A | 5.25 | &nbsp;&nbsp; 1-1-2038 | 3500000 | &nbsp;&nbsp; 3766332 |

---

The accompanying notes are an integral part of these financial statements.

56 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XX1360 (Barclays Bank plc LIQ)144Aø<br>| 3.93<br> %<br>| &nbsp;&nbsp; 8-15-2054 | $3750000 | &nbsp;&nbsp; $3750000 |
| &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp. NTE <br> Mobility Partners LLC Series A<br>| 4.00 | &nbsp;&nbsp; 12-31-2037 | 3000000 | &nbsp;&nbsp; 2896717 |
|  |  |  |  | &nbsp;&nbsp; **31763174** |
| **Utilities revenue: 0.83%** |  |  |  |  |
| City of Austin Electric Utility Revenue Series A | 5.00 | &nbsp;&nbsp; 11-15-2045 | 13705000 | &nbsp;&nbsp; 13718536 |
| &nbsp;&nbsp; City of San Antonio Electric & Gas Systems Revenue (SIFMA <br> Municipal Swap+0.87%)±<br>| 2.79 | &nbsp;&nbsp; 2-1-2048 | 8000000 | &nbsp;&nbsp; 7996876 |
| City of San Antonio Electric & Gas Systems Revenue Series B | 5.25 | &nbsp;&nbsp; 2-1-2049 | 5000000 | &nbsp;&nbsp; 5190721 |
| City of San Antonio Electric & Gas Systems Revenue Series D | 5.25 | &nbsp;&nbsp; 2-1-2049 | 6455000 | &nbsp;&nbsp; 6742350 |
| City of San Antonio Electric & Gas Systems Revenue Series D | 5.25 | &nbsp;&nbsp; 2-1-2054 | 15000000 | &nbsp;&nbsp; 15560699 |
| Lower Colorado River Authority Series Bøø | 5.00 | &nbsp;&nbsp; 5-15-2045 | 10000000 | &nbsp;&nbsp; 10766712 |
| Texas Municipal Gas Acquisition & Supply Corp. III | 5.00 | &nbsp;&nbsp; 12-15-2032 | 5000000 | &nbsp;&nbsp; 5323631 |
|  |  |  |  | &nbsp;&nbsp; **65299525** |
| **Water & sewer revenue: 1.86%** |  |  |  |  |
| City of Austin Water & Wastewater System Revenue | 5.00 | &nbsp;&nbsp; 11-15-2045 | 15065000 | &nbsp;&nbsp; 15075410 |
| City of Brownsville Utilities System Revenue (BAM Insured) | 5.00 | &nbsp;&nbsp; 9-1-2046 | 1000000 | &nbsp;&nbsp; 1017263 |
| City of Brownsville Utilities System Revenue (BAM Insured) | 5.00 | &nbsp;&nbsp; 9-1-2051 | 1000000 | &nbsp;&nbsp; 1013654 |
| City of Dallas Waterworks & Sewer System Revenue Series A | 5.00 | &nbsp;&nbsp; 10-1-2030 | 3810000 | &nbsp;&nbsp; 3825959 |
| City of Dallas Waterworks & Sewer System Revenue Series A | 5.00 | &nbsp;&nbsp; 10-1-2047 | 12000000 | &nbsp;&nbsp; 12365978 |
| City of Houston Combined Utility System Revenue Series A | 4.00 | &nbsp;&nbsp; 11-15-2046 | 2800000 | &nbsp;&nbsp; 2467056 |
| City of McKinney Waterworks & Sewer System Revenue | 4.00 | &nbsp;&nbsp; 3-15-2044 | 8320000 | &nbsp;&nbsp; 7586406 |
| San Antonio Water System Series A | 5.00 | &nbsp;&nbsp; 5-15-2043 | 7000000 | &nbsp;&nbsp; 7065864 |
| San Antonio Water System Series A (Truist Bank SPA)ø | 3.95 | &nbsp;&nbsp; 5-1-2054 | 13000000 | &nbsp;&nbsp; 13000000 |
| Texas Water Development Board State Revolving Fund | 4.00 | &nbsp;&nbsp; 8-1-2038 | 2500000 | &nbsp;&nbsp; 2448531 |
| &nbsp;&nbsp; Texas Water Development Board State Water Implementation <br> Revenue Fund Series A<br>| 4.00 | &nbsp;&nbsp; 10-15-2036 | 5000000 | &nbsp;&nbsp; 4970125 |
| &nbsp;&nbsp; Texas Water Development Board State Water Implementation <br> Revenue Fund Series A<br>| 4.00 | &nbsp;&nbsp; 10-15-2037 | 15650000 | &nbsp;&nbsp; 15357909 |
| &nbsp;&nbsp; Texas Water Development Board State Water Implementation <br> Revenue Fund Series A<br>| 4.00 | &nbsp;&nbsp; 10-15-2038 | 6500000 | &nbsp;&nbsp; 6344436 |
| &nbsp;&nbsp; Texas Water Development Board State Water Implementation <br> Revenue Fund Series A<br>| 4.00 | &nbsp;&nbsp; 10-15-2044 | 9905000 | &nbsp;&nbsp; 8985539 |
| &nbsp;&nbsp; Texas Water Development Board State Water Implementation <br> Revenue Fund Series B<br>| 5.00 | &nbsp;&nbsp; 4-15-2049 | 42000000 | &nbsp;&nbsp; 42321741 |
| &nbsp;&nbsp; Trinity River Authority Denton Creek Wastewater Treatment System <br> Revenue<br>| 4.00 | &nbsp;&nbsp; 2-1-2043 | 2625000 | &nbsp;&nbsp; 2373921 |
| &nbsp;&nbsp; Trinity River Authority Denton Creek Wastewater Treatment System <br> Revenue<br>| 4.00 | &nbsp;&nbsp; 2-1-2044 | 1380000 | &nbsp;&nbsp; 1238366 |
|  |  |  |  | &nbsp;&nbsp; **147458158** |
|  |  |  |  | &nbsp;&nbsp; **733100908** |
| **Utah: 0.88%** |  |  |  |  |
| **Airport revenue: 0.51%** |  |  |  |  |
| City of Salt Lake City Airport Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2034 | 5910000 | &nbsp;&nbsp; 6203726 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 57

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airport revenue**(continued) |  |  |  |  |
| City of Salt Lake City Airport Revenue Series A AMT | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2035 | $5000000 | &nbsp;&nbsp; $5205677 |
| City of Salt Lake City Airport Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2036 | 2500000 | &nbsp;&nbsp; 2539400 |
| City of Salt Lake City Airport Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2043 | 2500000 | &nbsp;&nbsp; 2481186 |
| City of Salt Lake City Airport Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2048 | 5500000 | &nbsp;&nbsp; 5401016 |
| City of Salt Lake City Airport Revenue Series A AMT | 5.25 | &nbsp;&nbsp; 7-1-2048 | 13500000 | &nbsp;&nbsp; 13597236 |
| City of Salt Lake City Airport Revenue Series B | 5.00 | &nbsp;&nbsp; 7-1-2043 | 1500000 | &nbsp;&nbsp; 1505622 |
| City of Salt Lake City Airport Revenue Series B | 5.00 | &nbsp;&nbsp; 7-1-2048 | 3500000 | &nbsp;&nbsp; 3500556 |
|  |  |  |  | &nbsp;&nbsp; **40434419** |
| **Health revenue: 0.12%** |  |  |  |  |
| County of Utah Intermountain Healthcare Obligated Group Series A | 4.00 | &nbsp;&nbsp; 5-15-2041 | 8220000 | &nbsp;&nbsp; 7602011 |
| County of Utah Intermountain Healthcare Obligated Group Series A | 4.00 | &nbsp;&nbsp; 5-15-2045 | 2000000 | &nbsp;&nbsp; 1781730 |
|  |  |  |  | &nbsp;&nbsp; **9383741** |
| **Housing revenue: 0.01%** |  |  |  |  |
| Utah Housing Corp. Series C (GNMA / FNMA / FHLMC Insured) | 4.70 | &nbsp;&nbsp; 1-1-2054 | 1275000 | &nbsp;&nbsp; **1222779** |
| **Miscellaneous revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; MIDA Mountain Village Public Infrastructure District Assessment <br> Area No. 2144A<br>| 4.00 | &nbsp;&nbsp; 8-1-2050 | 1385000 | &nbsp;&nbsp; 1137410 |
| Point Phase 1 Public Infrastructure District No. 1 Series A-1%% | 5.88 | &nbsp;&nbsp; 3-1-2045 | 2000000 | &nbsp;&nbsp; 2031884 |
|  |  |  |  | &nbsp;&nbsp; **3169294** |
| **Tax revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; Downtown Revitalization Public Infrastructure District Salt Lake City <br> Revitalization Sales Tax Revenue Series C144A<br>| 5.00 | &nbsp;&nbsp; 7-15-2035 | 2075000 | &nbsp;&nbsp; 2082174 |
| Utah Telecommunication Open Infrastructure Agency | 5.50 | &nbsp;&nbsp; 6-1-2040 | 1000000 | &nbsp;&nbsp; 1084871 |
|  |  |  |  | &nbsp;&nbsp; **3167045** |
| **Water & sewer revenue: 0.16%** |  |  |  |  |
| Timpanogos Special Service District | 5.00 | &nbsp;&nbsp; 6-1-2054 | 12000000 | &nbsp;&nbsp; **12336090** |
|  |  |  |  | &nbsp;&nbsp; **69713368** |
| **Virginia: 1.21%** |  |  |  |  |
| **Health revenue: 0.74%** |  |  |  |  |
| &nbsp;&nbsp; Albemarle County EDA Sentara Healthcare Obligated Group <br> Series A (TD Bank N.A. SPA)ø<br>| 2.00 | &nbsp;&nbsp; 10-1-2048 | 500000 | &nbsp;&nbsp; 500000 |
| Fairfax County IDA Inova Health System Obligated Group | 5.00 | &nbsp;&nbsp; 5-15-2051 | 40000000 | &nbsp;&nbsp; 40905232 |
| Fairfax County IDA Inova Health System Obligated Group Series A | 4.00 | &nbsp;&nbsp; 5-15-2048 | 3000000 | &nbsp;&nbsp; 2657570 |
| Roanoke County EDA Friendship Foundationøø | 5.50 | &nbsp;&nbsp; 9-1-2058 | 1495000 | &nbsp;&nbsp; 1464777 |
| &nbsp;&nbsp; Virginia Beach Development Authority Westminster-Canterbury on <br> Chesapeake Bay Obligated Group Series B-3<br>| 5.38 | &nbsp;&nbsp; 9-1-2029 | 4000000 | &nbsp;&nbsp; 4038476 |
| &nbsp;&nbsp; Virginia Commonwealth University Health System Authority <br> Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2046 | 4270000 | &nbsp;&nbsp; 4271469 |

---

The accompanying notes are an integral part of these financial statements.

58 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Virginia Small Business Financing Authority Carilion Clinic Obligated <br> Group Series A (Truist Bank LOC)ø<br>| 3.95<br> %<br>| &nbsp;&nbsp; 7-1-2042 | $4000000 | &nbsp;&nbsp; $4000000 |
| &nbsp;&nbsp; Winchester EDA Valley Health Obligated Group Series B-1 (Truist <br> Bank LOC)ø<br>| 3.95 | &nbsp;&nbsp; 1-1-2054 | 700000 | &nbsp;&nbsp; 700000 |
|  |  |  |  | &nbsp;&nbsp; **58537524** |
| **Housing revenue: 0.32%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> BAML6038 (Bank of America N.A. LOC, Bank of America N.A. <br> LIQ)144Aø<br>| 4.20 | &nbsp;&nbsp; 8-31-2027 | 15120000 | &nbsp;&nbsp; 15120000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> BAML6039 (Bank of America N.A. LOC, Bank of America N.A. <br> LIQ)144Aø<br>| 4.20 | &nbsp;&nbsp; 8-31-2027 | 7560000 | &nbsp;&nbsp; 7560000 |
| Virginia Commonwealth Transportation Board | 4.00 | &nbsp;&nbsp; 5-15-2046 | 3000000 | &nbsp;&nbsp; 2739384 |
|  |  |  |  | &nbsp;&nbsp; **25419384** |
| **Tax revenue: 0.01%** |  |  |  |  |
| Marquis CDA of York County Virginia CAB144A | 7.50 | &nbsp;&nbsp; 9-1-2045 | 397000 | &nbsp;&nbsp; 131010 |
| Marquis CDA of York County Virginia Series B | 5.63 | &nbsp;&nbsp; 9-1-2041 | 1310000 | &nbsp;&nbsp; 432300 |
| Marquis CDA of York County Virginia Series C CAB¤ | 0.00 | &nbsp;&nbsp; 9-1-2041 | 1824000 | &nbsp;&nbsp; 4560 |
|  |  |  |  | &nbsp;&nbsp; **567870** |
| **Transportation revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; Virginia Small Business Financing Authority 95 Express Lanes LLC <br> AMT<br>| 4.00 | &nbsp;&nbsp; 1-1-2040 | 1800000 | &nbsp;&nbsp; 1635755 |
| &nbsp;&nbsp; Virginia Small Business Financing Authority 95 Express Lanes LLC <br> AMT<br>| 4.00 | &nbsp;&nbsp; 1-1-2048 | 6000000 | &nbsp;&nbsp; 4966955 |
| &nbsp;&nbsp; Virginia Small Business Financing Authority Elizabeth River <br> Crossings OpCo. LLC AMT<br>| 4.00 | &nbsp;&nbsp; 7-1-2029 | 1450000 | &nbsp;&nbsp; 1464118 |
| &nbsp;&nbsp; Virginia Small Business Financing Authority Elizabeth River <br> Crossings OpCo. LLC AMT<br>| 4.00 | &nbsp;&nbsp; 1-1-2040 | 3250000 | &nbsp;&nbsp; 2950293 |
|  |  |  |  | &nbsp;&nbsp; **11017121** |
|  |  |  |  | &nbsp;&nbsp; **95541899** |
| **Washington: 3.06%** |  |  |  |  |
| **Airport revenue: 0.83%** |  |  |  |  |
| Port of Seattle AMT | 5.00 | &nbsp;&nbsp; 4-1-2044 | 16000000 | &nbsp;&nbsp; 15824222 |
| Port of Seattle Series B AMT | 5.00 | &nbsp;&nbsp; 8-1-2047 | 2900000 | &nbsp;&nbsp; 2879766 |
| Port of Seattle Series B AMT | 5.25 | &nbsp;&nbsp; 7-1-2043 | 15500000 | &nbsp;&nbsp; 15920296 |
| Port of Seattle Series B AMT | 5.25 | &nbsp;&nbsp; 7-1-2049 | 19000000 | &nbsp;&nbsp; 19455694 |
| Port of Seattle Series B AMT | 5.50 | &nbsp;&nbsp; 8-1-2047 | 3850000 | &nbsp;&nbsp; 3974476 |
| Port of Seattle Series C AMT | 5.00 | &nbsp;&nbsp; 8-1-2046 | 7865000 | &nbsp;&nbsp; 7745274 |
|  |  |  |  | &nbsp;&nbsp; **65799728** |
| **Education revenue: 0.03%** |  |  |  |  |
| Washington Higher Education Facilities Authority Seattle University | 4.00 | &nbsp;&nbsp; 5-1-2045 | 1000000 | &nbsp;&nbsp; 881254 |
| Washington Higher Education Facilities Authority Seattle University | 5.00 | &nbsp;&nbsp; 5-1-2030 | 760000 | &nbsp;&nbsp; 816170 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 59

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| Washington Higher Education Facilities Authority Seattle University | 5.00<br> %<br>| &nbsp;&nbsp; 5-1-2032 | $335000 | &nbsp;&nbsp; $357785 |
| Washington Higher Education Facilities Authority Seattle University | 5.00 | &nbsp;&nbsp; 5-1-2033 | 300000 | &nbsp;&nbsp; 318701 |
|  |  |  |  | &nbsp;&nbsp; **2373910** |
| **GO revenue: 1.26%** |  |  |  |  |
| City of Seattle | 4.00 | &nbsp;&nbsp; 12-1-2040 | 2500000 | &nbsp;&nbsp; 2334451 |
| Clark County School District No. 114 Evergreen | 4.00 | &nbsp;&nbsp; 12-1-2034 | 2500000 | &nbsp;&nbsp; 2525681 |
| County of Grant | 5.25 | &nbsp;&nbsp; 12-1-2047 | 3500000 | &nbsp;&nbsp; 3603993 |
| Grant County Public Hospital District No. 2 | 5.00 | &nbsp;&nbsp; 12-1-2038 | 4000000 | &nbsp;&nbsp; 4007603 |
| King County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2029 | 8940000 | &nbsp;&nbsp; 9146481 |
| King County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2035 | 9430000 | &nbsp;&nbsp; 9592919 |
| King County School District No. 210 Federal Way | 4.00 | &nbsp;&nbsp; 12-1-2033 | 10000000 | &nbsp;&nbsp; 10112314 |
| King County School District No. 414 Lake Washington | 5.00 | &nbsp;&nbsp; 12-1-2034 | 1000000 | &nbsp;&nbsp; 1042331 |
| Port of Seattle Series B AMT | 5.00 | &nbsp;&nbsp; 6-1-2047 | 9825000 | &nbsp;&nbsp; 9958372 |
| Port of Seattle Series B AMT | 5.00 | &nbsp;&nbsp; 6-1-2049 | 1000000 | &nbsp;&nbsp; 1011652 |
| State of Washington Series B | 5.00 | &nbsp;&nbsp; 8-1-2037 | 6400000 | &nbsp;&nbsp; 6478257 |
| State of Washington Series 2016 B | 5.00 | &nbsp;&nbsp; 8-1-2032 | 8545000 | &nbsp;&nbsp; 8558034 |
| State of Washington Series 2017-A | 5.00 | &nbsp;&nbsp; 8-1-2033 | 1500000 | &nbsp;&nbsp; 1527609 |
| State of Washington Series 2017-A | 5.00 | &nbsp;&nbsp; 8-1-2040 | 3500000 | &nbsp;&nbsp; 3529850 |
| State of Washington Series 2017-A | 5.00 | &nbsp;&nbsp; 8-1-2041 | 2500000 | &nbsp;&nbsp; 2517893 |
| State of Washington Series C | 5.00 | &nbsp;&nbsp; 2-1-2044 | 16000000 | &nbsp;&nbsp; 16474307 |
| State of Washington Series F | 5.00 | &nbsp;&nbsp; 6-1-2038 | 6500000 | &nbsp;&nbsp; 6908175 |
|  |  |  |  | &nbsp;&nbsp; **99329922** |
| **Health revenue: 0.42%** |  |  |  |  |
| Jefferson County Public Hospital District No. 2 Series A | 5.75 | &nbsp;&nbsp; 12-1-2033 | 4000000 | &nbsp;&nbsp; 4016983 |
| Jefferson County Public Hospital District No. 2 Series A | 6.63 | &nbsp;&nbsp; 12-1-2043 | 3510000 | &nbsp;&nbsp; 3543133 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority CommonSpirit Health <br> Obligated Group Series A-2<br>| 5.00 | &nbsp;&nbsp; 8-1-2038 | 3000000 | &nbsp;&nbsp; 3055908 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Fred Hutchinson <br> Cancer Center Obligated Group<br>| 4.00 | &nbsp;&nbsp; 9-1-2045 | 3000000 | &nbsp;&nbsp; 2609135 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Fred Hutchinson <br> Cancer Center Obligated Group144A<br>| 4.00 | &nbsp;&nbsp; 12-1-2045 | 2450000 | &nbsp;&nbsp; 2129522 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Fred Hutchinson <br> Cancer Center Obligated Group<br>| 5.00 | &nbsp;&nbsp; 9-1-2040 | 1000000 | &nbsp;&nbsp; 1016262 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Multicare Health <br> System Obligated Group Series B<br>| 4.00 | &nbsp;&nbsp; 8-15-2039 | 4000000 | &nbsp;&nbsp; 3745352 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Providence St. Joseph <br> Health Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2042 | 6285000 | &nbsp;&nbsp; 6257715 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Providence St. Joseph <br> Health Obligated Group Series D<br>| 5.00 | &nbsp;&nbsp; 10-1-2041 | 6000000 | &nbsp;&nbsp; 5999972 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Seattle Children's <br> Hospital Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2047 | 1055000 | &nbsp;&nbsp; 1058179 |
|  |  |  |  | &nbsp;&nbsp; **33432161** |
| **Housing revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp; Fircrest Properties Washington Department of Social & Health <br> Services<br>| 5.50 | &nbsp;&nbsp; 6-1-2049 | 3000000 | &nbsp;&nbsp; 3162547 |

---

The accompanying notes are an integral part of these financial statements.

60 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; FYI Properties State of Washington Consolidated Technology <br> Services<br>| 5.00<br> %<br>| &nbsp;&nbsp; 6-1-2037 | $7395000 | &nbsp;&nbsp; $7622138 |
| &nbsp;&nbsp; FYI Properties State of Washington Consolidated Technology <br> Services<br>| 5.00 | &nbsp;&nbsp; 6-1-2038 | 1750000 | &nbsp;&nbsp; 1796132 |
| &nbsp;&nbsp; FYI Properties State of Washington Consolidated Technology <br> Services<br>| 5.00 | &nbsp;&nbsp; 6-1-2039 | 5000000 | &nbsp;&nbsp; 5115886 |
|  |  |  |  | &nbsp;&nbsp; **17696703** |
| **Miscellaneous revenue: 0.11%** |  |  |  |  |
| State of Washington Series A COP | 5.00 | &nbsp;&nbsp; 7-1-2038 | 3265000 | &nbsp;&nbsp; 3336875 |
| State of Washington Series B COP | 5.00 | &nbsp;&nbsp; 7-1-2039 | 1745000 | &nbsp;&nbsp; 1801246 |
| State of Washington Series B COP | 5.00 | &nbsp;&nbsp; 7-1-2040 | 1480000 | &nbsp;&nbsp; 1522190 |
| State of Washington Series B COP | 5.00 | &nbsp;&nbsp; 7-1-2041 | 1555000 | &nbsp;&nbsp; 1592117 |
|  |  |  |  | &nbsp;&nbsp; **8252428** |
| **Utilities revenue: 0.13%** |  |  |  |  |
| City of Seattle Municipal Light & Power Revenue Series A | 4.00 | &nbsp;&nbsp; 7-1-2043 | 8210000 | &nbsp;&nbsp; 7521643 |
| City of Seattle Municipal Light & Power Revenue Series A | 4.00 | &nbsp;&nbsp; 1-1-2047 | 3360000 | &nbsp;&nbsp; 3001408 |
|  |  |  |  | &nbsp;&nbsp; **10523051** |
| **Water & sewer revenue: 0.06%** |  |  |  |  |
| County of King Sewer Revenue | 5.00 | &nbsp;&nbsp; 7-1-2042 | 4660000 | &nbsp;&nbsp; **4804258** |
|  |  |  |  | &nbsp;&nbsp; **242212161** |
| **West Virginia: 0.22%** |  |  |  |  |
| **GO revenue: 0.03%** |  |  |  |  |
| Ohio County Board of Education | 3.00 | &nbsp;&nbsp; 6-1-2026 | 2680000 | &nbsp;&nbsp; **2680148** |
| **Health revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; West Virginia Hospital Finance Authority United Health System <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2043 | 4750000 | &nbsp;&nbsp; **4832154** |
| **Housing revenue: 0.07%** |  |  |  |  |
| West Virginia Housing Development Fund Series A | 4.55 | &nbsp;&nbsp; 11-1-2049 | 6020000 | &nbsp;&nbsp; **5688078** |
| **Tax revenue: 0.06%** |  |  |  |  |
| Monongalia County Commission Excise Tax District Series A144A | 4.13 | &nbsp;&nbsp; 6-1-2043 | 1475000 | &nbsp;&nbsp; 1234168 |
| Monongalia County Commission Excise Tax District Series A144A | 5.50 | &nbsp;&nbsp; 6-1-2037 | 2500000 | &nbsp;&nbsp; 2522072 |
| Monongalia County Commission Excise Tax District Series A144A | 5.75 | &nbsp;&nbsp; 6-1-2043 | 675000 | &nbsp;&nbsp; 678876 |
|  |  |  |  | &nbsp;&nbsp; **4435116** |
|  |  |  |  | &nbsp;&nbsp; **17635496** |
| **Wisconsin: 2.69%** |  |  |  |  |
| **Education revenue: 0.59%** |  |  |  |  |
| PFA Carolina International School Series A144A | 6.75 | &nbsp;&nbsp; 8-1-2033 | 2250000 | &nbsp;&nbsp; 2252174 |
| PFA Carolina International School Series A144A | 7.00 | &nbsp;&nbsp; 8-1-2043 | 1575000 | &nbsp;&nbsp; 1576064 |
| PFA Carolina International School Series A144A | 7.20 | &nbsp;&nbsp; 8-1-2048 | 940000 | &nbsp;&nbsp; 940653 |
| PFA Nevada Charter Academies Series A144A | 5.00 | &nbsp;&nbsp; 7-15-2039 | 1375000 | &nbsp;&nbsp; 1322669 |
| PFA Northwest Nazarene University, Inc. | 4.25 | &nbsp;&nbsp; 10-1-2049 | 5410000 | &nbsp;&nbsp; 4375213 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 61

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| PFA University of Kansas | 5.00<br> %<br>| &nbsp;&nbsp; 3-1-2046 | $15000000 | &nbsp;&nbsp; $15046813 |
| Wisconsin HEFA Marquette University | 5.00 | &nbsp;&nbsp; 10-1-2031 | 6690000 | &nbsp;&nbsp; 7364955 |
| Wisconsin HEFA Marquette University | 5.00 | &nbsp;&nbsp; 10-1-2032 | 7040000 | &nbsp;&nbsp; 7803535 |
| Wisconsin HEFA Medical College of Wisconsin, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2046 | 5000000 | &nbsp;&nbsp; 4400045 |
| Wisconsin HEFA Medical College of Wisconsin, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2051 | 1680000 | &nbsp;&nbsp; 1460312 |
|  |  |  |  | &nbsp;&nbsp; **46542433** |
| **GO revenue: 0.16%** |  |  |  |  |
| City of Milwaukee Series B4 (AG Insured) | 5.00 | &nbsp;&nbsp; 4-1-2038 | 3000000 | &nbsp;&nbsp; 3167293 |
| City of Milwaukee Series N3 (AG Insured) | 5.00 | &nbsp;&nbsp; 4-1-2032 | 4160000 | &nbsp;&nbsp; 4595666 |
| Verona Area School District | 4.00 | &nbsp;&nbsp; 4-1-2027 | 3385000 | &nbsp;&nbsp; 3419623 |
| Verona Area School District | 4.00 | &nbsp;&nbsp; 4-1-2028 | 1380000 | &nbsp;&nbsp; 1393828 |
|  |  |  |  | &nbsp;&nbsp; **12576410** |
| **Health revenue: 0.84%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XF3230 (BAM Insured) (Barclays Bank plc LIQ)144Aø<br>| 2.04 | &nbsp;&nbsp; 2-15-2054 | 3000000 | &nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp; University of Wisconsin Hospitals & Clinics Authority Obligated <br> Group Series C (U.S. Bank N.A. SPA)ø<br>| 3.85 | &nbsp;&nbsp; 4-1-2054 | 2735000 | &nbsp;&nbsp; 2735000 |
| Wisconsin HEFA Ascension Health Credit Group Series A | 4.00 | &nbsp;&nbsp; 11-15-2046 | 3000000 | &nbsp;&nbsp; 2809385 |
| Wisconsin HEFA Ascension Health Credit Group Series A | 4.50 | &nbsp;&nbsp; 11-15-2039 | 9925000 | &nbsp;&nbsp; 9629863 |
| Wisconsin HEFA Ascension Health Credit Group Series A | 5.00 | &nbsp;&nbsp; 11-15-2035 | 12000000 | &nbsp;&nbsp; 12095971 |
| Wisconsin HEFA Ascension Health Credit Group Series B2 | 4.00 | &nbsp;&nbsp; 11-15-2043 | 5000000 | &nbsp;&nbsp; 4484896 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2041 | 1315000 | &nbsp;&nbsp; 1348400 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2042 | 2000000 | &nbsp;&nbsp; 2040206 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2043 | 3540000 | &nbsp;&nbsp; 3599988 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.50 | &nbsp;&nbsp; 12-1-2052 | 2000000 | &nbsp;&nbsp; 2072469 |
| Wisconsin HEFA Children's Hospital of Wisconsin Obligated Group | 4.00 | &nbsp;&nbsp; 8-15-2050 | 5000000 | &nbsp;&nbsp; 4250920 |
| &nbsp;&nbsp; Wisconsin HEFA Froedtert ThedaCare Health Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 4-1-2041 | 6000000 | &nbsp;&nbsp; 5541263 |
| &nbsp;&nbsp; Wisconsin HEFA Froedtert ThedaCare Health Obligated Group <br> Series A (JPMorgan Chase Bank N.A. LIQ)ø<br>| 3.75 | &nbsp;&nbsp; 4-1-2035 | 8680000 | &nbsp;&nbsp; 8680000 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series A (BAM Insured)<br>| 5.25 | &nbsp;&nbsp; 2-15-2054 | 2500000 | &nbsp;&nbsp; 2563519 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System, Inc. Series A <br> (Barclays Bank plc LOC)ø<br>| 3.90 | &nbsp;&nbsp; 2-15-2050 | 1500000 | &nbsp;&nbsp; 1500000 |
|  |  |  |  | &nbsp;&nbsp; **66351880** |
| **Housing revenue: 0.42%** |  |  |  |  |
| PFA CHF - Wilmington LLC (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2025 | 920000 | &nbsp;&nbsp; 920000 |
| PFA CHF - Wilmington LLC (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2026 | 1360000 | &nbsp;&nbsp; 1380550 |
| PFA CHF - Wilmington LLC (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2027 | 1675000 | &nbsp;&nbsp; 1727491 |
| PFA CHF - Wilmington LLC (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2028 | 2025000 | &nbsp;&nbsp; 2117088 |
| PFA CHF - Wilmington LLC (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2029 | 2190000 | &nbsp;&nbsp; 2292035 |
| PFA CHF - Wilmington LLC (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2030 | 2300000 | &nbsp;&nbsp; 2406640 |
| PFA CHF - Wilmington LLC (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2031 | 1415000 | &nbsp;&nbsp; 1478622 |

---

The accompanying notes are an integral part of these financial statements.

62 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| PFA CHF - Wilmington LLC (AG Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2048 | $16775000 | &nbsp;&nbsp; $16281297 |
| PFA CHF - Wilmington LLC (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2053 | 5000000 | &nbsp;&nbsp; 4743196 |
|  |  |  |  | &nbsp;&nbsp; **33346919** |
| **Industrial development revenue: 0.08%** |  |  |  |  |
| PFA Customer Facility Charge-SA LLC Series A | 5.00 | &nbsp;&nbsp; 2-1-2042 | 2500000 | &nbsp;&nbsp; 2510774 |
| PFA Customer Facility Charge-SA LLC Series B144A | 5.50 | &nbsp;&nbsp; 2-1-2042 | 4000000 | &nbsp;&nbsp; 4058904 |
|  |  |  |  | &nbsp;&nbsp; **6569678** |
| **Miscellaneous revenue: 0.25%** |  |  |  |  |
| &nbsp;&nbsp; Appleton RDA Fox Cities Performing Arts Center, Inc. Series B <br> (Thrivent Financial Lutherans LOC)ø<br>| 2.20 | &nbsp;&nbsp; 6-1-2036 | 9200000 | &nbsp;&nbsp; 9200000 |
| Wisconsin Center District Series C CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2037 | 1600000 | &nbsp;&nbsp; 923475 |
| Wisconsin Center District Series C CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2038 | 1600000 | &nbsp;&nbsp; 868398 |
| Wisconsin Center District Series D CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2045 | 14715000 | &nbsp;&nbsp; 5381570 |
| &nbsp;&nbsp; Wisconsin HEFA Forensic Science & Protective Medicine <br> Collaboration, Inc.144A<br>| 5.00 | &nbsp;&nbsp; 8-1-2027 | 3000000 | &nbsp;&nbsp; 3045200 |
|  |  |  |  | &nbsp;&nbsp; **19418643** |
| **Tax revenue: 0.35%** |  |  |  |  |
| Village of Mount Pleasant Tax Increment District No. 5 Series A | 5.00 | &nbsp;&nbsp; 4-1-2043 | 20205000 | &nbsp;&nbsp; 20478778 |
| Village of Mount Pleasant Tax Increment District No. 5 Series A | 5.00 | &nbsp;&nbsp; 4-1-2048 | 6910000 | &nbsp;&nbsp; 6912661 |
| &nbsp;&nbsp; Village of Mount Pleasant Tax Increment District No. 5 Series A <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 4-1-2048 | 650000 | &nbsp;&nbsp; 651905 |
|  |  |  |  | &nbsp;&nbsp; **28043344** |
|  |  |  |  | &nbsp;&nbsp; **212849307** |
| **Total municipal obligations (Cost $8,141,264,100)** |  |  |  | &nbsp;&nbsp; **7847600798** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 0.10%** |  |  |  |  |
| **Investment companies: 0.10%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞## |  | 4.26 | 8140968 | &nbsp;&nbsp; **8140968** |
| **Total short-term investments (Cost $8,140,968)** |  |  |  | &nbsp;&nbsp; **8140968** |
| **Total investments in securities (Cost $8,149,405,068)** | 99.36<br> %<br>|  |  | &nbsp;&nbsp; 7855741766 |
| Other assets and liabilities, net | 0.64 |  |  | &nbsp;&nbsp; 50335640 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$7906077406** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 63

------

Portfolio of investments—June 30, 2025

---

| | |
|:---|:---|
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| %% | The security is purchased on a when-issued basis. |
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| € | The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the <br> rate in effect at period end.<br>|
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ## | All or a portion of this security is segregated as collateral for when-issued securities. |
| † | Non-income-earning security |
| ♦ | The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| ‡ | Security is valued using significant unobservable inputs. |
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AG | Assured Guaranty Incorporation |
| Ambac | Ambac Financial Group Incorporated |
| AMT | Alternative minimum tax |
| BAM | Build America Mutual Assurance Company |
| BAN | Bond anticipation note |
| CAB | Capital appreciation bond |
| CDA | Community Development Authority |
| CHF | Collegiate Housing Foundation |
| COP | Certificate of participation |
| ECFA | Educational & Cultural Facilities Authority |
| EDA | Economic Development Authority |
| EDFA | Economic Development Finance Authority |
| FHA | Federal Housing Administration |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General obligation |
| HEFA | Health & Educational Facilities Authority |
| HFA | Housing Finance Authority |
| HFFA | Health Facilities Financing Authority |
| IDA | Industrial Development Authority |
| LIQ | Liquidity agreement |
| LOC | Letter of credit |
| NPFGC | National Public Finance Guarantee Corporation |
| NTO | New Terminal One |
| PCFA | Pollution Control Financing Authority |
| PFA | Public Finance Authority |
| QSBLF | Qualified School Board Loan Fund Insured |
| RDA | Redevelopment Authority |
| SIFMA | Securities Industry and Financial Markets Association |
| SPA | Standby purchase agreement |
| TTFA | Transportation Trust Fund Authority |

---

The accompanying notes are an integral part of these financial statements.

64 \| Allspring Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $5717252 | $918849684 | $(916425968)<br>| $0 | $0 | $8140968 | 8140968 | $454785 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 65

------

Statement of assets and liabilities—June 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $8,141,264,100) | $7847600798 |
| Investments in affiliated securities, at value (cost $8,140,968) | 8140968 |
| Cash | 2295549 |
| Receivable for interest | 90009816 |
| Receivable for Fund shares sold | 15197469 |
| Receivable for investments sold | 7373711 |
| Prepaid expenses and other assets | 435218 |
| **Total assets** | **7971053529** |
| Liabilities |  |
| Payable for when-issued transactions | 40048280 |
| Payable for Fund shares redeemed | 16578694 |
| Dividends payable | 5230750 |
| Management fee payable | 1996205 |
| Administration fees payable | 513581 |
| Shareholder servicing fees payable | 396755 |
| Distribution fee payable | 9542 |
| Accrued expenses and other liabilities | 202316 |
| **Total liabilities** | **64976123** |
| **Total net assets**  | **$7906077406** |
| Net assets consist of |  |
| Paid-in capital | $8345846986 |
| Total distributable loss | (439769580)<br>|
| **Total net assets** | **$7906077406** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $664740762 |
| Shares outstanding–Class A<sup>1</sup> <br>| 70038203 |
| Net asset value per share–Class A | $9.49 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $9.94 |
| Net assets–Class C | $15548392 |
| Shares outstanding–Class C<sup>1</sup> <br>| 1638704 |
| Net asset value per share–Class C | $9.49 |
| Net assets–Class R6 | $1500099123 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 158038661 |
| Net asset value per share–Class R6 | $9.49 |
| Net assets–Administrator Class | $1278378871 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 134655149 |
| Net asset value per share–Administrator Class | $9.49 |
| Net assets–Institutional Class | $4447310258 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 468634966 |
| Net asset value per share–Institutional Class | $9.49 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

66 \| Allspring Municipal Bond Fund

------

Statement of operations—year ended June 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $298380984 |
| Income from affiliated securities | 454785 |
| Dividends | 386318 |
| **Total investment income** | **299222087** |
| Expenses |  |
| Management fee | 25500924 |
| Administration fees |  |
| Class A | 1069582 |
| Class C | 27000 |
| Class R6 | 438511 |
| Administrator Class | 1207720 |
| Institutional Class | 3521253 |
| Shareholder servicing fees |  |
| Class A | 1780981 |
| Class C | 44941 |
| Administrator Class | 3015744 |
| Distribution fee |  |
| Class C | 134766 |
| Custody and accounting fees | 276319 |
| Professional fees | 129431 |
| Registration fees | 527625 |
| Shareholder report expenses | 181911 |
| Trustees' fees and expenses | 64561 |
| Other fees and expenses | 159084 |
| **Total expenses** | **38080353** |
| Less: Fee waivers and/or expense reimbursements |  |
| Class A | (124343)<br>|
| Administrator Class | (1134359)<br>|
| **Net expenses** | **36821651** |
| **Net investment income** | **262400436** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized losses on investments** | **(38020688)**<br>|
| **Net change in unrealized gains (losses) on investments** | **(187847836)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(225868524)**<br>|
| **Net increase in net assets resulting from operations** | **$36531912** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 67

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2024 | Year ended<br> June 30, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $262400436 |  | &nbsp;&nbsp; $207898536 |
| Net realized losses on investments |  | &nbsp;&nbsp; (38020688)<br>|  | &nbsp;&nbsp; (26441073)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (187847836)<br>|  | &nbsp;&nbsp; 58081366 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **36531912** |  | &nbsp;&nbsp; **239538829** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (22170821)<br>|  | &nbsp;&nbsp; (23243186)<br>|
| Class C |  | &nbsp;&nbsp; (421021)<br>|  | &nbsp;&nbsp; (486662)<br>|
| Class R6 |  | &nbsp;&nbsp; (50697810)<br>|  | &nbsp;&nbsp; (36452328)<br>|
| Administrator Class |  | &nbsp;&nbsp; (39125934)<br>|  | &nbsp;&nbsp; (39420391)<br>|
| Institutional Class |  | &nbsp;&nbsp; (150485529)<br>|  | &nbsp;&nbsp; (110813654)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(262901115)**<br>|  | &nbsp;&nbsp; **(210416221)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 4578152 | &nbsp;&nbsp; 44360388 | &nbsp;&nbsp; 5156596 | &nbsp;&nbsp; 49677023 |
| Class C | 231192 | &nbsp;&nbsp; 2242440 | &nbsp;&nbsp; 278454 | &nbsp;&nbsp; 2699926 |
| Class R6 | 98385097 | &nbsp;&nbsp; 947426317 | &nbsp;&nbsp; 121780078 | &nbsp;&nbsp; 1151937276 |
| Administrator Class | 19637589 | &nbsp;&nbsp; 187389496 | &nbsp;&nbsp; 139451508 | &nbsp;&nbsp; 1295436573 |
| Institutional Class | 226529946 | &nbsp;&nbsp; 2211671535 | &nbsp;&nbsp; 184925736 | &nbsp;&nbsp; 1765988874 |
|  |  | &nbsp;&nbsp; 3393090176 |  | &nbsp;&nbsp; 4265739672 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 2006428 | &nbsp;&nbsp; 19476087 | &nbsp;&nbsp; 2136819 | &nbsp;&nbsp; 20593108 |
| Class C | 40026 | &nbsp;&nbsp; 388612 | &nbsp;&nbsp; 47408 | &nbsp;&nbsp; 456341 |
| Class R6 | 1391586 | &nbsp;&nbsp; 13486881 | &nbsp;&nbsp; 739016 | &nbsp;&nbsp; 7193676 |
| Administrator Class | 4019446 | &nbsp;&nbsp; 39008741 | &nbsp;&nbsp; 4095272 | &nbsp;&nbsp; 39420391 |
| Institutional Class | 12888818 | &nbsp;&nbsp; 125024972 | &nbsp;&nbsp; 9619318 | &nbsp;&nbsp; 92742443 |
|  |  | &nbsp;&nbsp; 197385293 |  | &nbsp;&nbsp; 160405959 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (13509391)<br>| &nbsp;&nbsp; (130918540)<br>| &nbsp;&nbsp; (14651000)<br>| &nbsp;&nbsp; (140999054)<br>|
| Class C | (671889)<br>| &nbsp;&nbsp; (6520231)<br>| &nbsp;&nbsp; (892200)<br>| &nbsp;&nbsp; (8569831)<br>|
| Class R6 | (76897875)<br>| &nbsp;&nbsp; (735695041)<br>| &nbsp;&nbsp; (70701130)<br>| &nbsp;&nbsp; (666241893)<br>|
| Administrator Class | (16756438)<br>| &nbsp;&nbsp; (162822377)<br>| &nbsp;&nbsp; (145878710)<br>| &nbsp;&nbsp; (1356451262)<br>|
| Institutional Class | (129622419)<br>| &nbsp;&nbsp; (1251209769)<br>| &nbsp;&nbsp; (189251042)<br>| &nbsp;&nbsp; (1805456935)<br>|
|  |  | &nbsp;&nbsp; (2287165958)<br>|  | &nbsp;&nbsp; (3977718975)<br>|
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **1303309511** |  | &nbsp;&nbsp; **448426656** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **1076940308** |  | &nbsp;&nbsp; **477549264** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **6829137098** |  | &nbsp;&nbsp; **6351587834** |
| **End of period** |  | &nbsp;&nbsp; **$7906077406** |  | &nbsp;&nbsp; **$6829137098** |

---

The accompanying notes are an integral part of these financial statements.

68 \| Allspring Municipal Bond Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.75** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$10.83** | &nbsp;&nbsp; **$10.55** |
| Net investment income | 0.30 <br><sup>1</sup><br>| 0.28 <br><sup>1</sup><br>| 0.26 | 0.23 | 0.24 |
| Net realized and unrealized gains (losses) on investments | (0.26)<br>| 0.05 | 0.01 | &nbsp;&nbsp; (1.13)<br>| 0.28 |
| Total from investment operations | 0.04 | 0.33 | 0.27 | &nbsp;&nbsp; (0.90)<br>| 0.52 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.30)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Net asset value, end of period** | **$9.49** | &nbsp;&nbsp; **$9.75** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$10.83** |
| **Total return**<sup>2</sup> <br>| **0.41%**<br>| **3.48%**<br>| **2.85%**<br>| &nbsp;&nbsp; **(8.47)%**<br>| **4.95%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.74<br> %<br>| 0.75<br> %<br>| 0.77<br> %<br>| 0.77<br> %<br>| 0.77<br> %<br>|
| Net expenses | 0.73<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>|
| Net investment income | 3.10<br> %<br>| 2.97<br> %<br>| 2.72<br> %<br>| 2.16<br> %<br>| 2.22<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 16<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 16<br> %<br>|
| Net assets, end of period (000s omitted) | $664741 | &nbsp;&nbsp; $750036 | &nbsp;&nbsp; $819019 | &nbsp;&nbsp; $902671 | &nbsp;&nbsp; $1110503 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 69

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.74** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$10.83** | &nbsp;&nbsp; **$10.55** |
| Net investment income | 0.23 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.19 | 0.15 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.25)<br>| 0.04 | 0.01 | &nbsp;&nbsp; (1.13)<br>| 0.28 |
| Total from investment operations | (0.02)<br>| 0.25 | 0.20 | &nbsp;&nbsp; (0.98)<br>| 0.44 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.23)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.16)<br>|
| **Net asset value, end of period** | **$9.49** | &nbsp;&nbsp; **$9.74** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$10.83** |
| **Total return**<sup>2</sup> <br>| **(0.26)%**<br>| **2.60%**<br>| **2.08%**<br>| &nbsp;&nbsp; **(9.16)%**<br>| **4.16%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.49<br> %<br>| 1.50<br> %<br>| 1.51<br> %<br>| 1.51<br> %<br>| 1.51<br> %<br>|
| Net expenses | 1.49<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>|
| Net investment income | 2.33<br> %<br>| 2.22<br> %<br>| 1.95<br> %<br>| 1.40<br> %<br>| 1.47<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 16<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 16<br> %<br>|
| Net assets, end of period (000s omitted) | $15548 | &nbsp;&nbsp; $19868 | &nbsp;&nbsp; $25302 | &nbsp;&nbsp; $34561 | &nbsp;&nbsp; $50251 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

The accompanying notes are an integral part of these financial statements.

70 \| Allspring Municipal Bond Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class R6 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.75** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$10.83** | &nbsp;&nbsp; **$10.55** |
| Net investment income | 0.34 <br><sup>1</sup><br>| 0.32 <br><sup>1</sup><br>| 0.30 | 0.26 | 0.28 |
| Net realized and unrealized gains (losses) on investments | (0.26)<br>| 0.04 | 0.01 | &nbsp;&nbsp; (1.13)<br>| 0.28 |
| Total from investment operations | 0.08 | 0.36 | 0.31 | &nbsp;&nbsp; (0.87)<br>| 0.56 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.34)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.28)<br>|
| **Net asset value, end of period** | **$9.49** | &nbsp;&nbsp; **$9.75** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$10.83** |
| **Total return**<sup>2</sup> <br>| **0.76%**<br>| **3.86%**<br>| **3.23%**<br>| &nbsp;&nbsp; **(8.14)%**<br>| **5.33%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.37<br> %<br>| 0.38<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>|
| Net expenses | 0.37<br> %<br>| 0.38<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>|
| Net investment income | 3.46<br> %<br>| 3.35<br> %<br>| 3.10<br> %<br>| 2.55<br> %<br>| 2.58<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 16<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 16<br> %<br>|
| Net assets, end of period (000s omitted) | $1500099 | &nbsp;&nbsp; $1317275 | &nbsp;&nbsp; $809611 | &nbsp;&nbsp; $612487 | &nbsp;&nbsp; $373876 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 71

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.75** | &nbsp;&nbsp; **$9.72** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$10.84** | &nbsp;&nbsp; **$10.56** |
| Net investment income | 0.31 <br><sup>1</sup><br>| 0.30 <br><sup>1</sup><br>| 0.28 | 0.24 | 0.25 |
| Net realized and unrealized gains (losses) on investments | (0.26)<br>| 0.03 | 0.02 | &nbsp;&nbsp; (1.14)<br>| 0.28 |
| Total from investment operations | 0.05 | 0.33 | 0.30 | &nbsp;&nbsp; (0.90)<br>| 0.53 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.31)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.25)<br>|
| **Net asset value, end of period** | **$9.49** | &nbsp;&nbsp; **$9.75** | &nbsp;&nbsp; **$9.72** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$10.84** |
| **Total return**<sup>2</sup> <br>| **0.53%**<br>| **3.52%**<br>| **3.11%**<br>| &nbsp;&nbsp; **(8.42)%**<br>| **5.10%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.69<br> %<br>| 0.70<br> %<br>| 0.71<br> %<br>| 0.71<br> %<br>| 0.71<br> %<br>|
| Net expenses | 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income | 3.23<br> %<br>| 3.12<br> %<br>| 2.89<br> %<br>| 2.31<br> %<br>| 2.37<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 16<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 16<br> %<br>|
| Net assets, end of period (000s omitted) | $1278379 | &nbsp;&nbsp; $1245369 | &nbsp;&nbsp; $1263910 | &nbsp;&nbsp; $1034623 | &nbsp;&nbsp; $1000652 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

The accompanying notes are an integral part of these financial statements.

72 \| Allspring Municipal Bond Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.74** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$10.83** | &nbsp;&nbsp; **$10.55** |
| Net investment income | 0.33 <br><sup>1</sup><br>| 0.32 <br><sup>1</sup><br>| 0.29 | 0.26 | 0.27 |
| Net realized and unrealized gains (losses) on investments | (0.25)<br>| 0.03 | 0.01 | &nbsp;&nbsp; (1.13)<br>| 0.28 |
| Total from investment operations | 0.08 | 0.35 | 0.30 | &nbsp;&nbsp; (0.87)<br>| 0.55 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.33)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.27)<br>|
| **Net asset value, end of period** | **$9.49** | &nbsp;&nbsp; **$9.74** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$10.83** |
| **Total return**<sup>2</sup> <br>| **0.81%**<br>| **3.70%**<br>| **3.18%**<br>| &nbsp;&nbsp; **(8.19)%**<br>| **5.28%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.42<br> %<br>| 0.43<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>|
| Net expenses | 0.42<br> %<br>| 0.43<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>|
| Net investment income | 3.41<br> %<br>| 3.29<br> %<br>| 3.05<br> %<br>| 2.47<br> %<br>| 2.53<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 16<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 16<br> %<br>|
| Net assets, end of period (000s omitted) | $4447310 | &nbsp;&nbsp; $3496589 | &nbsp;&nbsp; $3433747 | &nbsp;&nbsp; $2735568 | &nbsp;&nbsp; $3043109 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

The accompanying notes are an integral part of these financial statements.

Allspring Municipal Bond Fund \| 73

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services* – *Investment Companies*. These financial statements report on the Allspring Municipal Bond Fund (the "Fund") which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles ("GAAP") which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g., taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

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.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and is subject to interest rate risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of assets and liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of operations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has

74 \| Allspring Municipal Bond Fund

------

Notes to financial statements

been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Interest earned on cash balances held at the custodian is recorded as interest income.

Income 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 from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund's fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund's income and federal excise tax returns and all financial records supporting those returns for the are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund's tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of June 30, 2025, the aggregate cost of all investments for federal income tax purposes was $8,150,596,842 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $38246400 |
| Gross unrealized losses | &nbsp;&nbsp; (333101476)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(294855076)**<br>|

---

As of June 30, 2025, the Fund had capital loss carryforwards which consist of $86,779,332 in short-term capital losses and $58,397,698 in long-term capital losses.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.&nbsp;&nbsp;&nbsp;&nbsp;

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

• Level 1—quoted prices in active markets for identical securities

• Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

Allspring Municipal Bond Fund \| 75

------

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Municipal obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $7847369298 | &nbsp;&nbsp;&nbsp; $231500 | &nbsp;&nbsp;&nbsp; $7847600798 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 8140968 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8140968 |
| **Total assets** | &nbsp;&nbsp; **$8140968** | &nbsp;&nbsp;&nbsp; **$7847369298** | &nbsp;&nbsp;&nbsp; **$231500** | &nbsp;&nbsp;&nbsp; **$7855741766** |

---

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At June 30, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.400<br> %<br>|
| Next $500 million | 0.375 |
| Next $2 billion | 0.350 |
| Next $2 billion | 0.325 |
| Next $5 billion | 0.290 |
| Over $10 billion | 0.280 |

---

For the year ended June 30, 2025, the management fee was equivalent to an annual rate of 0.33% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.15<br> %<br>|
| Class C | 0.15 |
| Class R6 | 0.03 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring

76 \| Allspring Municipal Bond Fund

------

Notes to financial statements

Funds Management has contractually committed through October 31, 2025 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 June 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.75<br> %<br>|
| Class C | 1.50 |
| Class R6 | 0.40 |
| Administrator Class | 0.60 |
| Institutional Class | 0.45 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC ("Allspring Funds Distributor"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended June 30, 2025, Allspring Funds Distributor received $8,807 from the sale of Class A shares and $710 and $1,183 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 had $966,650,702, $529,520,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the year ended June 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2025 were $2,087,663,706 and $1,172,829,895, respectively.

6. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended June 30, 2025, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 |
|  | 2025 | 2024 |
| **Tax-exempt income** | $262901115 | $210416221 |

---

As of June 30, 2025, the components of distributable loss on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>tax-exempt <br>income<br>| Unrealized <br>losses<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $5554745 | &nbsp;&nbsp; $(294855076)<br>| &nbsp;&nbsp;&nbsp; $(145177030)<br>|

---

Allspring Municipal Bond Fund \| 77

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

10. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. 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 revenue 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.

78 \| Allspring Municipal Bond Fund

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Municipal Bond Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of June 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g97024img540823a52.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

August 22, 2025

Allspring Municipal Bond Fund \| 79

------

Other information (unaudited)

Other information

Tax information

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended June 30, 2025.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

80 \| Allspring Municipal Bond Fund

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Municipal Bond Fund \| 81

------

Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Municipal Bond Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

82 \| Allspring Municipal Bond Fund

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the three-, five-, and ten-year periods under review, and in range of the average investment performance of the Universe for the one-year period under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Bloomberg Municipal Bond Index, for the one-, three-, and ten-year periods under review, and in range of the investment performance of its benchmark index for the five-year period under review.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class, except for Class A, which was in range of the median net operating expense ratio of the expense Group.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of the average rates for the expense Groups for Institutional Class and Class R6, and equal to the sum of the average rates for the expense Groups for Class A and Administrator Class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Municipal Bond Fund \| 83

------

Other information (unaudited)

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

84 \| Allspring Municipal Bond Fund

------

![](g97024imgdc66fcbf1.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**

![](g97024img3166107f3.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-800-222-8222*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

Allspring Global Investments<sup>TM</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR3317 06-25**

------

![](g97024img3441a77b1.jpg)

Allspring

Pennsylvania

Tax-Free Fund

Long Form Financial Statements

Annual Report

June 30, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_f143465e-785d-4b62-95ee-72736ed93821_POI-PageBlank-46_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_f143465e-785d-4b62-95ee-72736ed93821_FS-PageBlank-46_1)** |  |
| [Statement of assets and liabilities](#xx_f143465e-785d-4b62-95ee-72736ed93821_FS-PageBlank-46_1) | 8 |
| [Statement of operations](#xx_f143465e-785d-4b62-95ee-72736ed93821_FS-PageBlank-46_2) | 9 |
| [Statement of changes in net assets](#xx_f143465e-785d-4b62-95ee-72736ed93821_FS-PageBlank-46_3) | 10 |
| [Financial highlights](#xx_f143465e-785d-4b62-95ee-72736ed93821_FIHI-PageBlank-46_1) | 11 |
| **[Notes to financial statements](#xx_f143465e-785d-4b62-95ee-72736ed93821_NTF-PageBlank-46_1)** | 14 |
| **[Report of independent registered public accounting firm](#xx_f143465e-785d-4b62-95ee-72736ed93821_AUD-PageBlank-46_1)** | 19 |
| **[Other information](#xx_f143465e-785d-4b62-95ee-72736ed93821_OI-PageBlank-46_1)** | 20 |
| [Item 8. Changes in and disagreements with accountants](#xx_f143465e-785d-4b62-95ee-72736ed93821_OI-PageBlank-46_2) | 21 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_f143465e-785d-4b62-95ee-72736ed93821_OI-PageBlank-46_2) | 21 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_f143465e-785d-4b62-95ee-72736ed93821_OI-PageBlank-46_2) | 21 |
| [Item 11. Statement regarding basis for board](#xx_f143465e-785d-4b62-95ee-72736ed93821_OI-PageBlank-46_3)['](#xx_f143465e-785d-4b62-95ee-72736ed93821_OI-PageBlank-46_3)[s approval of investment](#xx_f143465e-785d-4b62-95ee-72736ed93821_OI-PageBlank-46_3)<br> [advisory contract](#xx_f143465e-785d-4b62-95ee-72736ed93821_OI-PageBlank-46_3)<br>| 22 |

---

Allspring Pennsylvania Tax-Free Fund \| 1

------

Portfolio of investments—June 30, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Municipal obligations: 95.43%** |  |  |  |  |
| **Alabama: 0.85%** |  |  |  |  |
| **Utilities revenue: 0.85%** |  |  |  |  |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 5 <br> Series Aøø<br>| 5.25<br> %<br>| &nbsp;&nbsp; 1-1-2054 | $750000 | &nbsp;&nbsp; $**786697** |
| **California: 0.56%** |  |  |  |  |
| **Utilities revenue: 0.56%** |  |  |  |  |
| California Community Choice Financing Authority Series C | 5.00 | &nbsp;&nbsp; 10-1-2031 | 500000 | &nbsp;&nbsp; **522235** |
| **Guam: 1.31%** |  |  |  |  |
| **Airport revenue: 0.84%** |  |  |  |  |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.25 | &nbsp;&nbsp; 10-1-2031 | 200000 | &nbsp;&nbsp; 212231 |
| Port Authority of Guam Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2032 | 550000 | &nbsp;&nbsp; 564631 |
|  |  |  |  | &nbsp;&nbsp; **776862** |
| **Miscellaneous revenue: 0.47%** |  |  |  |  |
| Territory of Guam Series F | 4.00 | &nbsp;&nbsp; 1-1-2042 | 500000 | &nbsp;&nbsp; **442588** |
|  |  |  |  | &nbsp;&nbsp; **1219450** |
| **Illinois: 0.53%** |  |  |  |  |
| **Airport revenue: 0.53%** |  |  |  |  |
| &nbsp;&nbsp; Chicago O'Hare International Airport Customer Facility Charge Revenue <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2030 | 450000 | &nbsp;&nbsp; **488777** |
| **Pennsylvania: 91.61%** |  |  |  |  |
| **Airport revenue: 3.84%** |  |  |  |  |
| Allegheny County Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2051 | 1500000 | &nbsp;&nbsp; 1474904 |
| City of Philadelphia Airport Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 6-15-2026 | 580000 | &nbsp;&nbsp; 580875 |
| City of Philadelphia Airport Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 6-15-2030 | 1500000 | &nbsp;&nbsp; 1500680 |
|  |  |  |  | &nbsp;&nbsp; **3556459** |
| **Education revenue: 19.83%** |  |  |  |  |
| &nbsp;&nbsp; Allentown Commercial & IDA Executive Education Academy Charter <br> School144A<br>| 5.00 | &nbsp;&nbsp; 7-1-2050 | 1000000 | &nbsp;&nbsp; 920845 |
| Chester County IDA Avon Grove Charter School | 5.00 | &nbsp;&nbsp; 3-1-2027 | 500000 | &nbsp;&nbsp; 507421 |
| Chester County IDA Avon Grove Charter School Series A | 5.00 | &nbsp;&nbsp; 12-15-2047 | 1160000 | &nbsp;&nbsp; 1074373 |
| Chester County IDA Collegium Charter School Series A | 5.13 | &nbsp;&nbsp; 10-15-2037 | 1000000 | &nbsp;&nbsp; 968416 |
| Cumberland County Municipal Authority Dickinson College | 5.00 | &nbsp;&nbsp; 5-1-2032 | 940000 | &nbsp;&nbsp; 951204 |
| General Authority of Southcentral Pennsylvania York College Series TT2 | 4.00 | &nbsp;&nbsp; 5-1-2032 | 330000 | &nbsp;&nbsp; 331943 |
| General Authority of Southcentral Pennsylvania York College Series TT2 | 4.00 | &nbsp;&nbsp; 5-1-2033 | 315000 | &nbsp;&nbsp; 314994 |
| General Authority of Southcentral Pennsylvania York College Series TT2 | 4.00 | &nbsp;&nbsp; 5-1-2034 | 550000 | &nbsp;&nbsp; 545534 |
| &nbsp;&nbsp; Lehigh County General Purpose Authority Valley Academy Regional <br> Charter School<br>| 4.00 | &nbsp;&nbsp; 6-1-2032 | 675000 | &nbsp;&nbsp; 667611 |
| Lehigh County IDA Seven Generations Charter School Series A | 4.00 | &nbsp;&nbsp; 5-1-2051 | 750000 | &nbsp;&nbsp; 561129 |
| Montgomery County IDA Public School of Germantown Series A | 4.00 | &nbsp;&nbsp; 10-1-2041 | 450000 | &nbsp;&nbsp; 391974 |
| Montgomery County IDA Public School of Germantown Series A | 4.00 | &nbsp;&nbsp; 10-1-2046 | 225000 | &nbsp;&nbsp; 189618 |
| Montgomery County IDA Public School of Germantown Series A | 4.00 | &nbsp;&nbsp; 10-1-2051 | 825000 | &nbsp;&nbsp; 667018 |
| &nbsp;&nbsp; Northeastern Pennsylvania Hospital & Education Authority Wilkes <br> University Series B<br>| 5.25 | &nbsp;&nbsp; 3-1-2037 | 1000000 | &nbsp;&nbsp; 991703 |

---

The accompanying notes are an integral part of these financial statements.

2 \| Allspring Pennsylvania Tax-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| Pennsylvania EDFA Villanova University | 5.00<br> %<br>| &nbsp;&nbsp; 8-1-2049 | $1500000 | &nbsp;&nbsp; $1534682 |
| Pennsylvania Higher Education Assistance Agency Series 1A AMT | 5.00 | &nbsp;&nbsp; 6-1-2031 | 1000000 | &nbsp;&nbsp; 1050288 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Ursinus College <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2026 | 500000 | &nbsp;&nbsp; 507951 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Ursinus College <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2027 | 300000 | &nbsp;&nbsp; 308442 |
| Pennsylvania State University | 5.00 | &nbsp;&nbsp; 9-1-2042 | 865000 | &nbsp;&nbsp; 907143 |
| Philadelphia IDA Green Woods Charter School Series A | 5.00 | &nbsp;&nbsp; 6-15-2032 | 235000 | &nbsp;&nbsp; 240018 |
| Philadelphia IDA Independence Charter School West | 5.00 | &nbsp;&nbsp; 6-15-2039 | 250000 | &nbsp;&nbsp; 232854 |
| Philadelphia IDA Performing Arts Charter School144A | 5.00 | &nbsp;&nbsp; 6-15-2029 | 220000 | &nbsp;&nbsp; 224291 |
| Philadelphia IDA Performing Arts Charter School144A | 5.00 | &nbsp;&nbsp; 6-15-2030 | 145000 | &nbsp;&nbsp; 147433 |
| Philadelphia IDA Tacony Academy Charter School144A | 5.50 | &nbsp;&nbsp; 6-15-2043 | 500000 | &nbsp;&nbsp; 481889 |
| &nbsp;&nbsp; Philadelphia IDA West Philadelphia Achievement Charter Elementary <br> School<br>| 7.50 | &nbsp;&nbsp; 5-1-2031 | 1285000 | &nbsp;&nbsp; 1287616 |
| Swarthmore Borough Authority | 5.00 | &nbsp;&nbsp; 9-15-2041 | 350000 | &nbsp;&nbsp; 369149 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-XL0539 <br> (Morgan Stanley Bank LIQ)144Aø<br>| 1.95 | &nbsp;&nbsp; 8-1-2054 | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  |  |  | &nbsp;&nbsp; **18375539** |
| **GO revenue: 15.23%** |  |  |  |  |
| Allentown City School District (AG Insured) | 5.00 | &nbsp;&nbsp; 6-1-2049 | 300000 | &nbsp;&nbsp; 305660 |
| Blue Mountain School District Series B (AG Insured) | 4.00 | &nbsp;&nbsp; 8-1-2036 | 350000 | &nbsp;&nbsp; 350326 |
| City of Oil City Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2039 | 315000 | &nbsp;&nbsp; 300837 |
| City of Oil City Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2040 | 250000 | &nbsp;&nbsp; 242649 |
| City of Oil City Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2041 | 250000 | &nbsp;&nbsp; 240483 |
| City of Oil City Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2042 | 200000 | &nbsp;&nbsp; 187823 |
| City of Pittsburgh | 5.00 | &nbsp;&nbsp; 9-1-2043 | 600000 | &nbsp;&nbsp; 613502 |
| City of Pittsburgh | 5.00 | &nbsp;&nbsp; 9-1-2044 | 400000 | &nbsp;&nbsp; 411754 |
| Coatesville School District Series C CAB (BAM Insured)¤ | 0.00 | &nbsp;&nbsp; 10-1-2033 | 1000000 | &nbsp;&nbsp; 706811 |
| Conestoga Valley School District Series A | 4.00 | &nbsp;&nbsp; 2-1-2043 | 500000 | &nbsp;&nbsp; 463159 |
| Highlands School District (AG Insured) | 5.00 | &nbsp;&nbsp; 4-15-2035 | 295000 | &nbsp;&nbsp; 314612 |
| Interboro School District (AG Insured) | 5.50 | &nbsp;&nbsp; 8-15-2063 | 1500000 | &nbsp;&nbsp; 1556517 |
| Mechanicsburg Area School District (AG Insured) | 5.00 | &nbsp;&nbsp; 5-15-2051 | 1100000 | &nbsp;&nbsp; 1112221 |
| Montour School District Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 4-1-2032 | 1000000 | &nbsp;&nbsp; 1004536 |
| Penn Delco School District | 4.00 | &nbsp;&nbsp; 6-1-2045 | 1000000 | &nbsp;&nbsp; 908654 |
| Pequea Valley School District | 4.00 | &nbsp;&nbsp; 5-15-2049 | 750000 | &nbsp;&nbsp; 656329 |
| School District of Philadelphia Series B | 5.00 | &nbsp;&nbsp; 9-1-2043 | 1235000 | &nbsp;&nbsp; 1247903 |
| State College Area School District | 5.00 | &nbsp;&nbsp; 3-15-2040 | 1500000 | &nbsp;&nbsp; 1500096 |
| West Shore School District | 5.00 | &nbsp;&nbsp; 11-15-2048 | 1500000 | &nbsp;&nbsp; 1503554 |
| Wilkes-Barre Area School District (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-15-2027 | 100000 | &nbsp;&nbsp; 103022 |
| Wilkes-Barre Area School District (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-15-2029 | 50000 | &nbsp;&nbsp; 52975 |
| Wilkes-Barre Area School District (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-15-2030 | 70000 | &nbsp;&nbsp; 75003 |
| Wyalusing Area School District%% | 5.00 | &nbsp;&nbsp; 4-1-2040 | 100000 | &nbsp;&nbsp; 105995 |
| Wyalusing Area School District%% | 5.00 | &nbsp;&nbsp; 4-1-2045 | 145000 | &nbsp;&nbsp; 147641 |
|  |  |  |  | &nbsp;&nbsp; **14112062** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Pennsylvania Tax-Free Fund \| 3

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 26.59%** |  |  |  |  |
| &nbsp;&nbsp; Allegheny County Hospital Development Authority Health Network <br> Obligated Group Series A<br>| 4.00<br> %<br>| &nbsp;&nbsp; 4-1-2044 | $1810000 | &nbsp;&nbsp; $1583701 |
| &nbsp;&nbsp; Allegheny County Hospital Development Authority UPMC Obligated <br> Group (SIFMA Municipal Swap+0.70%)±<br>| 2.62 | &nbsp;&nbsp; 11-15-2047 | 1000000 | &nbsp;&nbsp; 988638 |
| Bucks County IDA St. Luke's Hospital Obligated Group | 4.00 | &nbsp;&nbsp; 8-15-2050 | 400000 | &nbsp;&nbsp; 335504 |
| County of Lehigh Valley Health Network Obligated Group Series A | 4.00 | &nbsp;&nbsp; 7-1-2049 | 1105000 | &nbsp;&nbsp; 904176 |
| &nbsp;&nbsp; Cumberland County Municipal Authority Lutheran Senior Services East <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 1-1-2028 | 805000 | &nbsp;&nbsp; 805262 |
| Dauphin County General Authority UPMC Obligated Group Series A | 5.00 | &nbsp;&nbsp; 6-1-2035 | 1000000 | &nbsp;&nbsp; 1007266 |
| Doylestown Hospital Authority Obligated Group Series A | 5.00 | &nbsp;&nbsp; 7-1-2049 | 250000 | &nbsp;&nbsp; 246769 |
| &nbsp;&nbsp; East Hempfield Township IDA Willow Valley Communities Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 12-1-2028 | 450000 | &nbsp;&nbsp; 451005 |
| &nbsp;&nbsp; East Hempfield Township IDA Willow Valley Communities Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 12-1-2029 | 375000 | &nbsp;&nbsp; 375738 |
| Geisinger Authority Kaiser Obligated Group Series A | 4.00 | &nbsp;&nbsp; 4-1-2050 | 1000000 | &nbsp;&nbsp; 843159 |
| Geisinger Authority Kaiser Obligated Group Series A | 5.00 | &nbsp;&nbsp; 6-1-2041 | 1000000 | &nbsp;&nbsp; 1000017 |
| Geisinger Authority Kaiser Obligated Group Series A-1 | 5.00 | &nbsp;&nbsp; 2-15-2045 | 1000000 | &nbsp;&nbsp; 986805 |
| &nbsp;&nbsp; General Authority of Southcentral Pennsylvania WellSpan Health <br> Obligated Group Series E (U.S. Bank N.A. SPA)ø<br>| 3.70 | &nbsp;&nbsp; 6-1-2035 | 300000 | &nbsp;&nbsp; 300000 |
| &nbsp;&nbsp; Hospitals & Higher Education Facilities Authority of Philadelphia Temple <br> University Health System Obligated Group (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2037 | 1000000 | &nbsp;&nbsp; 1049122 |
| &nbsp;&nbsp; Lancaster County Hospital Authority Penn State Health Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 11-1-2051 | 1125000 | &nbsp;&nbsp; 1091278 |
| &nbsp;&nbsp; Lancaster County Hospital Authority St. Anne's Retirement Community <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 3-1-2045 | 500000 | &nbsp;&nbsp; 419016 |
| Lancaster IDA Willow Valley Communities Obligated Group | 5.00 | &nbsp;&nbsp; 12-1-2044 | 895000 | &nbsp;&nbsp; 848686 |
| &nbsp;&nbsp; Lancaster Municipal Authority Garden Spot Village Obligated Group <br> Series B<br>| 5.00 | &nbsp;&nbsp; 5-1-2054 | 400000 | &nbsp;&nbsp; 382674 |
| &nbsp;&nbsp; Montgomery County Higher Education & Health Authority Thomas <br> Jefferson University Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 5-1-2052 | 1000000 | &nbsp;&nbsp; 970794 |
| &nbsp;&nbsp; Montgomery County IDA ACTS Retirement-Life Communities, Inc. <br> Obligated Group Series C<br>| 5.00 | &nbsp;&nbsp; 11-15-2045 | 1000000 | &nbsp;&nbsp; 979226 |
| Montgomery County IDA Waverly Heights Ltd. Obligated Group | 5.00 | &nbsp;&nbsp; 12-1-2044 | 1000000 | &nbsp;&nbsp; 964520 |
| Pennsylvania EDFA Presbyterian Homes Obligated Group Series B-1 | 5.25 | &nbsp;&nbsp; 7-1-2049 | 500000 | &nbsp;&nbsp; 500836 |
| Pennsylvania EDFA UPMC Obligated Group Series A-1 | 4.00 | &nbsp;&nbsp; 4-15-2037 | 700000 | &nbsp;&nbsp; 675932 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Health System <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 8-15-2040 | 1500000 | &nbsp;&nbsp; 1501000 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Health System <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 8-15-2049 | 1000000 | &nbsp;&nbsp; 990831 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Health System <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2047 | 2000000 | &nbsp;&nbsp; 1963024 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Health System <br> Obligated Group Series A (Bank of America N.A. LOC)ø<br>| 1.88 | &nbsp;&nbsp; 1-1-2038 | 700000 | &nbsp;&nbsp; 700000 |
| &nbsp;&nbsp; Philadelphia IDA Children's Hospital of Philadelphia Obligated Group <br> Series B-2 (JPMorgan Chase Bank N.A. SPA)ø<br>| 4.00 | &nbsp;&nbsp; 7-1-2054 | 500000 | &nbsp;&nbsp; 500000 |
| &nbsp;&nbsp; Philadelphia IDA Greater Delaware Valley Society of Transplant <br> Surgeons (TD Bank N.A. LOC)ø<br>| 1.97 | &nbsp;&nbsp; 12-1-2034 | 155000 | &nbsp;&nbsp; 155000 |
| &nbsp;&nbsp; West Cornwall Township Municipal Authority Lebanon Valley Brethren <br> Home Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2041 | 370000 | &nbsp;&nbsp; 322426 |

---

The accompanying notes are an integral part of these financial statements.

4 \| Allspring Pennsylvania Tax-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; West Cornwall Township Municipal Authority Lebanon Valley Brethren <br> Home Obligated Group Series A<br>| 4.00<br> %<br>| &nbsp;&nbsp; 11-15-2046 | $525000 | &nbsp;&nbsp; $426568 |
| Westmoreland County IDA Excela Health Obligated Group Series A | 4.00 | &nbsp;&nbsp; 7-1-2037 | 400000 | &nbsp;&nbsp; 370077 |
|  |  |  |  | &nbsp;&nbsp; **24639050** |
| **Housing revenue: 5.64%** |  |  |  |  |
| Chester County IDA University Student Housing LLC Series A | 5.00 | &nbsp;&nbsp; 8-1-2030 | 415000 | &nbsp;&nbsp; 415071 |
| &nbsp;&nbsp; Pennsylvania EDFA Commonwealth of Pennsylvania Motor License Fund <br> AMT<br>| 5.75 | &nbsp;&nbsp; 6-30-2048 | 750000 | &nbsp;&nbsp; 772924 |
| Pennsylvania Housing Finance Agency | 4.45 | &nbsp;&nbsp; 10-1-2044 | 1000000 | &nbsp;&nbsp; 963225 |
| &nbsp;&nbsp; Pennsylvania Housing Finance Agency Darby Housing LP (FNMA <br> Insured)<br>| 4.90 | &nbsp;&nbsp; 6-1-2041 | 1000000 | &nbsp;&nbsp; 1010836 |
| Pennsylvania Housing Finance Agency Series 145A | 4.80 | &nbsp;&nbsp; 10-1-2051 | 645000 | &nbsp;&nbsp; 619407 |
| &nbsp;&nbsp; State Public School Building Authority Chester Upland School District <br> Series B<br>| 5.25 | &nbsp;&nbsp; 9-15-2030 | 540000 | &nbsp;&nbsp; 564585 |
| &nbsp;&nbsp; State Public School Building Authority Chester Upland School District <br> Series C (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 9-15-2026 | 875000 | &nbsp;&nbsp; 876220 |
|  |  |  |  | &nbsp;&nbsp; **5222268** |
| **Miscellaneous revenue: 5.11%** |  |  |  |  |
| Chester County IDA Longwood Gardens, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2046 | 1595000 | &nbsp;&nbsp; 1414108 |
| Delaware County Authority Neumann University | 5.00 | &nbsp;&nbsp; 10-1-2031 | 1500000 | &nbsp;&nbsp; 1500713 |
| Pennsylvania EDFA Philadelphia Water Department | 4.00 | &nbsp;&nbsp; 1-1-2030 | 1000000 | &nbsp;&nbsp; 1016643 |
| Philadelphia IDA Series A | 5.00 | &nbsp;&nbsp; 2-15-2038 | 785000 | &nbsp;&nbsp; 802735 |
|  |  |  |  | &nbsp;&nbsp; **4734199** |
| **Tax revenue: 0.55%** |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority | 5.00 | &nbsp;&nbsp; 5-1-2042 | 500000 | &nbsp;&nbsp; **505274** |
| **Transportation revenue: 3.49%** |  |  |  |  |
| Delaware River Joint Toll Bridge Commission | 5.00 | &nbsp;&nbsp; 7-1-2042 | 580000 | &nbsp;&nbsp; 584763 |
| Pennsylvania Turnpike Commission Series A | 4.00 | &nbsp;&nbsp; 12-1-2043 | 810000 | &nbsp;&nbsp; 750150 |
| Pennsylvania Turnpike Commission Series A | 5.25 | &nbsp;&nbsp; 12-1-2053 | 1830000 | &nbsp;&nbsp; 1899559 |
|  |  |  |  | &nbsp;&nbsp; **3234472** |
| **Utilities revenue: 2.14%** |  |  |  |  |
| Philadelphia Gas Works Co. Series 15th | 5.00 | &nbsp;&nbsp; 8-1-2047 | 1000000 | &nbsp;&nbsp; 995772 |
| Philadelphia Gas Works Co. Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 8-1-2050 | 1000000 | &nbsp;&nbsp; 989737 |
|  |  |  |  | &nbsp;&nbsp; **1985509** |
| **Water & sewer revenue: 9.19%** |  |  |  |  |
| Allegheny County Sanitary Authority | 5.25 | &nbsp;&nbsp; 12-1-2055 | 500000 | &nbsp;&nbsp; 512621 |
| Bucks County Water & Sewer Authority Series A (AG Insured) | 5.25 | &nbsp;&nbsp; 12-1-2047 | 2175000 | &nbsp;&nbsp; 2279554 |
| Capital Region Water Sewer Revenue | 5.00 | &nbsp;&nbsp; 7-15-2037 | 1000000 | &nbsp;&nbsp; 1017136 |
| City of Philadelphia Water & Wastewater Revenue Series C | 5.00 | &nbsp;&nbsp; 6-1-2042 | 555000 | &nbsp;&nbsp; 571770 |
| Lehigh County Authority City Division Fund CAB¤ | 0.00 | &nbsp;&nbsp; 12-1-2030 | 2000000 | &nbsp;&nbsp; 1662687 |
| Luzerne County IDA Pennsylvania-American Water Co. AMTøø | 2.45 | &nbsp;&nbsp; 12-1-2039 | 500000 | &nbsp;&nbsp; 444450 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Pennsylvania Tax-Free Fund \| 5

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Water & sewer revenue**(continued) |  |  |  |  |
| Pittsburgh Water & Sewer Authority Series A (AG Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 9-1-2048 | $1000000 | &nbsp;&nbsp; $1014795 |
| Pittsburgh Water & Sewer Authority Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 9-1-2055 | 1000000 | &nbsp;&nbsp; 1014254 |
|  |  |  |  | &nbsp;&nbsp; **8517267** |
|  |  |  |  | &nbsp;&nbsp; **84882099** |
| **South Carolina: 0.57%** |  |  |  |  |
| **Utilities revenue: 0.57%** |  |  |  |  |
| Patriots Energy Group Financing Agency Series A1øø | 5.25 | &nbsp;&nbsp; 10-1-2054 | 500000 | &nbsp;&nbsp; **528493** |
| **Total municipal obligations (Cost $92,966,363)** |  |  |  | &nbsp;&nbsp; **88427751** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 1.39%** |  |  |  |  |
| **Investment companies: 1.39%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞## |  | 4.26 | 1285806 | &nbsp;&nbsp; **1285806** |
| **Total short-term investments (Cost $1,285,806)** |  |  |  | &nbsp;&nbsp; **1285806** |
| **Total investments in securities (Cost $94,252,169)** | 96.82<br> %<br>|  |  | &nbsp;&nbsp; 89713557 |
| Other assets and liabilities, net | 3.18 |  |  | &nbsp;&nbsp; 2945662 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$92659219** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| %% | The security is purchased on a when-issued basis. |
| ± | 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. |
| ## | 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: |
| AG | Assured Guaranty Incorporation |
| AMT | Alternative minimum tax |
| BAM | Build America Mutual Assurance Company |
| CAB | Capital appreciation bond |
| EDFA | Economic Development Finance Authority |
| FNMA | Federal National Mortgage Association |
| GO | General obligation |
| IDA | Industrial Development Authority |
| LIQ | Liquidity agreement |
| LOC | Letter of credit |
| SIFMA | Securities Industry and Financial Markets Association |
| SPA | Standby purchase agreement |

---

The accompanying notes are an integral part of these financial statements.

6 \| Allspring Pennsylvania Tax-Free Fund

------

Portfolio of investments—June 30, 2025

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $2937247 | $21240217 | $(22891658)<br>| $0 | $0 | $1285806 | 1285806 | $33366 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Pennsylvania Tax-Free Fund \| 7

------

Statement of assets and liabilities—June 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $92,966,363) | $88427751 |
| Investments in affiliated securities, at value (cost $1,285,806) | 1285806 |
| Cash | 118 |
| Receivable for Fund shares sold | 2301788 |
| Receivable for interest | 1039911 |
| Receivable for investments sold | 69999 |
| Prepaid expenses and other assets | 35326 |
| **Total assets** | **93160699** |
| Liabilities |  |
| Payable for when-issued transactions | 253026 |
| Payable for Fund shares redeemed | 125407 |
| Dividends payable | 69028 |
| Management fee payable | 13495 |
| Administration fees payable | 7583 |
| Shareholder servicing fees payable | 5851 |
| Trustees' fees and expenses payable | 4336 |
| Distribution fee payable | 889 |
| Accrued expenses and other liabilities | 21865 |
| **Total liabilities** | **501480** |
| **Total net assets**  | **$92659219** |
| Net assets consist of |  |
| Paid-in capital | $99229647 |
| Total distributable loss | (6570428)<br>|
| **Total net assets** | **$92659219** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $27182640 |
| Shares outstanding–Class A<sup>1</sup> <br>| 2601367 |
| Net asset value per share–Class A | $10.45 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $10.94 |
| Net assets–Class C | $1410819 |
| Shares outstanding–Class C<sup>1</sup> <br>| 135238 |
| Net asset value per share–Class C | $10.43 |
| Net assets–Institutional Class | $64065760 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 6130706 |
| Net asset value per share–Institutional Class | $10.45 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

8 \| Allspring Pennsylvania Tax-Free Fund

------

Statement of operations—year ended June 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $3495446 |
| Income from affiliated securities | 33366 |
| **Total investment income** | **3528812** |
| Expenses |  |
| Management fee | 368133 |
| Administration fees |  |
| Class A | 43314 |
| Class C | 2382 |
| Institutional Class | 49256 |
| Shareholder servicing fees |  |
| Class A | 72100 |
| Class C | 3952 |
| Distribution fee |  |
| Class C | 11859 |
| Custody and accounting fees | 3858 |
| Professional fees | 53340 |
| Registration fees | 55214 |
| Shareholder report expenses | 17834 |
| Trustees' fees and expenses | 13551 |
| Other fees and expenses | 14257 |
| **Total expenses** | **709050** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (148451)<br>|
| Class A | (23899)<br>|
| Class C | (1054)<br>|
| **Net expenses** | **535646** |
| **Net investment income** | **2993166** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized losses on investments** | **(1050691)**<br>|
| **Net change in unrealized gains (losses) on investments** | **(1148154)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(2198845)**<br>|
| **Net increase in net assets resulting from operations** | **$794321** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Pennsylvania Tax-Free Fund \| 9

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2024 | Year ended<br> June 30, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $2993166 |  | &nbsp;&nbsp; $3055529 |
| Net realized losses on investments |  | &nbsp;&nbsp; (1050691)<br>|  | &nbsp;&nbsp; (356847)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (1148154)<br>|  | &nbsp;&nbsp; 1116359 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **794321** |  | &nbsp;&nbsp; **3815041** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (894976)<br>|  | &nbsp;&nbsp; (954202)<br>|
| Class C |  | &nbsp;&nbsp; (36990)<br>|  | &nbsp;&nbsp; (51768)<br>|
| Institutional Class |  | &nbsp;&nbsp; (2058636)<br>|  | &nbsp;&nbsp; (2061255)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(2990602)**<br>|  | &nbsp;&nbsp; **(3067225)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 139762 | &nbsp;&nbsp; 1488826 | &nbsp;&nbsp; 107170 | &nbsp;&nbsp; 1122073 |
| Class C | 46126 | &nbsp;&nbsp; 487474 | &nbsp;&nbsp; 8311 | &nbsp;&nbsp; 88324 |
| Institutional Class | 1340905 | &nbsp;&nbsp; 14198026 | &nbsp;&nbsp; 1174881 | &nbsp;&nbsp; 12448790 |
|  |  | &nbsp;&nbsp; 16174326 |  | &nbsp;&nbsp; 13659187 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 79642 | &nbsp;&nbsp; 851143 | &nbsp;&nbsp; 85667 | &nbsp;&nbsp; 903094 |
| Class C | 3430 | &nbsp;&nbsp; 36591 | &nbsp;&nbsp; 4858 | &nbsp;&nbsp; 51065 |
| Institutional Class | 121332 | &nbsp;&nbsp; 1295918 | &nbsp;&nbsp; 117510 | &nbsp;&nbsp; 1238675 |
|  |  | &nbsp;&nbsp; 2183652 |  | &nbsp;&nbsp; 2192834 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (448504)<br>| &nbsp;&nbsp; (4812808)<br>| &nbsp;&nbsp; (479844)<br>| &nbsp;&nbsp; (5054355)<br>|
| Class C | (86503)<br>| &nbsp;&nbsp; (922932)<br>| &nbsp;&nbsp; (98093)<br>| &nbsp;&nbsp; (1033331)<br>|
| Institutional Class | (979981)<br>| &nbsp;&nbsp; (10427425)<br>| &nbsp;&nbsp; (2113979)<br>| &nbsp;&nbsp; (22264736)<br>|
|  |  | &nbsp;&nbsp; (16163165)<br>|  | &nbsp;&nbsp; (28352422)<br>|
| **Net increase (decrease) in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **2194813** |  | &nbsp;&nbsp; **(12500401)**<br>|
| **Total decrease in net assets** |  | &nbsp;&nbsp; **(1468)**<br>|  | &nbsp;&nbsp; **(11752585)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **92660687** |  | &nbsp;&nbsp; **104413272** |
| **End of period** |  | &nbsp;&nbsp; **$92659219** |  | &nbsp;&nbsp; **$92660687** |

---

The accompanying notes are an integral part of these financial statements.

10 \| Allspring Pennsylvania Tax-Free Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.71** | &nbsp;&nbsp; **$10.61** | &nbsp;&nbsp; **$10.71** | &nbsp;&nbsp; **$11.97** | &nbsp;&nbsp; **$11.75** |
| Net investment income | 0.33 <br><sup>1</sup><br>| 0.32 <br><sup>1</sup><br>| 0.31 <br><sup>1</sup><br>| 0.28 | 0.31 |
| Net realized and unrealized gains (losses) on investments | (0.26)<br>| 0.10 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (1.26)<br>| 0.22 |
| Total from investment operations | 0.07 | 0.42 | 0.21 | &nbsp;&nbsp; (0.98)<br>| 0.53 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.33)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.31)<br>|
| **Net asset value, end of period** | **$10.45** | &nbsp;&nbsp; **$10.71** | &nbsp;&nbsp; **$10.61** | &nbsp;&nbsp; **$10.71** | &nbsp;&nbsp; **$11.97** |
| **Total return**<sup>2</sup> <br>| **0.65%**<br>| **4.06%**<br>| **1.97%**<br>| &nbsp;&nbsp; **(8.32)%**<br>| **4.52%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.97<br> %<br>| 0.98<br> %<br>| 0.97<br> %<br>| 0.94<br> %<br>| 0.94<br> %<br>|
| Net expenses | 0.73<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>|
| Net investment income | 3.10<br> %<br>| 3.03<br> %<br>| 2.88<br> %<br>| 2.41<br> %<br>| 2.64<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 23<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 21<br> %<br>|
| Net assets, end of period (000s omitted) | $27183 | &nbsp;&nbsp; $30317 | &nbsp;&nbsp; $33065 | &nbsp;&nbsp; $34755 | &nbsp;&nbsp; $41945 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

The accompanying notes are an integral part of these financial statements.

Allspring Pennsylvania Tax-Free Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.69** | &nbsp;&nbsp; **$10.59** | &nbsp;&nbsp; **$10.69** | &nbsp;&nbsp; **$11.95** | &nbsp;&nbsp; **$11.73** |
| Net investment income | 0.25 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.23 <br><sup>1</sup><br>| 0.19 <br><sup>1</sup><br>| 0.22 |
| Net realized and unrealized gains (losses) on investments | (0.26)<br>| 0.10 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (1.26)<br>| 0.22 |
| Total from investment operations | (0.01)<br>| 0.34 | 0.13 | &nbsp;&nbsp; (1.07)<br>| 0.44 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.25)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.22)<br>|
| **Net asset value, end of period** | **$10.43** | &nbsp;&nbsp; **$10.69** | &nbsp;&nbsp; **$10.59** | &nbsp;&nbsp; **$10.69** | &nbsp;&nbsp; **$11.95** |
| **Total return**<sup>2</sup> <br>| **(0.12)%**<br>| **3.29%**<br>| **1.20%**<br>| &nbsp;&nbsp; **(9.03)%**<br>| **3.74%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.72<br> %<br>| 1.71<br> %<br>| 1.72<br> %<br>| 1.68<br> %<br>| 1.68<br> %<br>|
| Net expenses | 1.49<br> %<br>| 1.49<br> %<br>| 1.49<br> %<br>| 1.49<br> %<br>| 1.49<br> %<br>|
| Net investment income | 2.33<br> %<br>| 2.28<br> %<br>| 2.12<br> %<br>| 1.64<br> %<br>| 1.89<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 23<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 21<br> %<br>|
| Net assets, end of period (000s omitted) | $1411 | &nbsp;&nbsp; $1841 | &nbsp;&nbsp; $2722 | &nbsp;&nbsp; $3679 | &nbsp;&nbsp; $6485 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

The accompanying notes are an integral part of these financial statements.

12 \| Allspring Pennsylvania Tax-Free Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.71** | &nbsp;&nbsp; **$10.61** | &nbsp;&nbsp; **$10.71** | &nbsp;&nbsp; **$11.97** | &nbsp;&nbsp; **$11.75** |
| Net investment income | 0.36 <br><sup>1</sup><br>| 0.34 <br><sup>1</sup><br>| 0.33 <br><sup>1</sup><br>| 0.31 | 0.34 |
| Net realized and unrealized gains (losses) on investments | (0.26)<br>| 0.11 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (1.26)<br>| 0.21 |
| Total from investment operations | 0.10 | 0.45 | 0.23 | &nbsp;&nbsp; (0.95)<br>| 0.55 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.36)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.33)<br>|
| **Net asset value, end of period** | **$10.45** | &nbsp;&nbsp; **$10.71** | &nbsp;&nbsp; **$10.61** | &nbsp;&nbsp; **$10.71** | &nbsp;&nbsp; **$11.97** |
| **Total return**<sup>2</sup> <br>| **0.89%**<br>| **4.32%**<br>| **2.23%**<br>| &nbsp;&nbsp; **(8.10)%**<br>| **4.78%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.65<br> %<br>| 0.66<br> %<br>| 0.65<br> %<br>| 0.61<br> %<br>| 0.61<br> %<br>|
| Net expenses | 0.49<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>|
| Net investment income | 3.35<br> %<br>| 3.28<br> %<br>| 3.14<br> %<br>| 2.66<br> %<br>| 2.88<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 23<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 21<br> %<br>|
| Net assets, end of period (000s omitted) | $64066 | &nbsp;&nbsp; $60503 | &nbsp;&nbsp; $68626 | &nbsp;&nbsp; $70610 | &nbsp;&nbsp; $81964 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

The accompanying notes are an integral part of these financial statements.

Allspring Pennsylvania Tax-Free Fund \| 13

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services* – *Investment Companies*. These financial statements report on the Allspring Pennsylvania Tax-Free Fund (the "Fund") which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles ("GAAP") which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g., taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund's commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund's fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

14 \| Allspring Pennsylvania Tax-Free Fund

------

Notes to financial statements

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 June 30, 2025, the aggregate cost of all investments for federal income tax purposes was $94,248,918 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $353669 |
| Gross unrealized losses | &nbsp;&nbsp; (4889030)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(4535361)**<br>|

---

As of June 30, 2025, the Fund had capital loss carryforwards which consist of $277,481 in short-term capital losses and $1,748,482 in long-term capital losses.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.&nbsp;&nbsp;&nbsp;&nbsp;

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

• Level 1—quoted prices in active markets for identical securities

• Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Municipal obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $88427751 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $88427751 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 1285806 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1285806 |
| **Total assets** | &nbsp;&nbsp; **$1285806** | &nbsp;&nbsp;&nbsp; **$88427751** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$89713557** |

---

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At June 30, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds

Allspring Pennsylvania Tax-Free Fund \| 15

------

Notes to financial statements

Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.400<br> %<br>|
| Next $500 million | 0.375 |
| Next $2 billion | 0.350 |
| Next $2 billion | 0.325 |
| Next $5 billion | 0.290 |
| Over $10 billion | 0.280 |

---

For the year ended June 30, 2025, the management fee was equivalent to an annual rate of 0.40% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.15<br> %<br>|
| Class C | 0.15 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through October 31, 2025 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 June 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.74<br> %<br>|
| Class C | 1.49 |
| Institutional Class | 0.49 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC ("Allspring Funds Distributor"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended June 30, 2025, Allspring Funds Distributor received $137 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended June 30, 2025.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Class C are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

16 \| Allspring Pennsylvania Tax-Free Fund

------

Notes to financial statements

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $1,500,000, $13,000,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the year ended June 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2025 were $21,408,363 and $20,053,404, respectively.

6. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended June 30, 2025, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 |
|  | 2025 | 2024 |
| **Tax-exempt income** | $2990602 | $3067225 |

---

As of June 30, 2025, the components of distributable loss on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>tax-exempt <br>income<br>| Unrealized <br>losses<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $68103 | &nbsp;&nbsp; $(4535361)<br>| &nbsp;&nbsp;&nbsp; $(2025963)<br>|

---

8. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state or territory of the U.S. Therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt fund. As of the end of the period, the Fund's investments were concentrated in the state of Pennsylvania.

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. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

11. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has

Allspring Pennsylvania Tax-Free Fund \| 17

------

Notes to financial statements

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. For the periods presented, the Fund operated as a single operating segment. 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 revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

12. SUBSEQUENT EVENT

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on or about the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C will be closed to new investors and additional investments from existing shareholders.

18 \| Allspring Pennsylvania Tax-Free Fund

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Pennsylvania Tax-Free Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of June 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g97024img3d846bf22.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

August 22, 2025

Allspring Pennsylvania Tax-Free Fund \| 19

------

Other information (unaudited)

Other information

Tax information

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended June 30, 2025.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

20 \| Allspring Pennsylvania Tax-Free Fund

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Pennsylvania Tax-Free Fund \| 21

------

Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Pennsylvania Tax-Free Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

22 \| Allspring Pennsylvania Tax-Free Fund

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Class A) was higher than the average investment performance of the Universe for the one-, three-, and five-year periods under review, and equal to the average investment performance of the Universe for the ten-year period under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Bloomberg Municipal Bond Index, for the one- and three-year periods under review, in range of the investment performance of its benchmark index for the five-year period under review, and lower for the ten-year period under review.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of the average rates for the Fund's expense Group for the Institutional Class, and equal to the sum of the average rates for the Fund's expense Group for Class A.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Pennsylvania Tax-Free Fund \| 23

------

Other information (unaudited)

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

24 \| Allspring Pennsylvania Tax-Free Fund

------

![](g97024img3441a77b1.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**

![](g97024imgfdc34b6b3.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-800-222-8222*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

Allspring Global Investments<sup>TM</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR4301 06-25**

------

![](g97024img543785d51.jpg)

Allspring Short-Term Municipal Bond Fund

Long Form Financial Statements

Annual Report

June 30, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_4ed5caec-cff6-4c8f-82f2-5ad83848517b_POI-PageBlank-52_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_4ed5caec-cff6-4c8f-82f2-5ad83848517b_FS-PageBlank-52_1)** |  |
| [Statement of assets and liabilities](#xx_4ed5caec-cff6-4c8f-82f2-5ad83848517b_FS-PageBlank-52_1) | 36 |
| [Statement of operations](#xx_4ed5caec-cff6-4c8f-82f2-5ad83848517b_FS-PageBlank-52_3) | 38 |
| [Statement of changes in net assets](#xx_4ed5caec-cff6-4c8f-82f2-5ad83848517b_FS-PageBlank-52_4) | 39 |
| [Financial highlights](#xx_4ed5caec-cff6-4c8f-82f2-5ad83848517b_FIHI-PageBlank-52_1) | 40 |
| **[Notes to financial statements](#xx_4ed5caec-cff6-4c8f-82f2-5ad83848517b_NTF-PageBlank-52_1)** | 45 |
| **[Report of independent registered public accounting firm](#xx_4ed5caec-cff6-4c8f-82f2-5ad83848517b_AUD-PageBlank-52_1)** | 50 |
| **[Other information](#xx_4ed5caec-cff6-4c8f-82f2-5ad83848517b_OI-PageBlank-52_1)** | 51 |
| [Item 8. Changes in and disagreements with accountants](#xx_4ed5caec-cff6-4c8f-82f2-5ad83848517b_OI-PageBlank-52_2) | 52 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_4ed5caec-cff6-4c8f-82f2-5ad83848517b_OI-PageBlank-52_2) | 52 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_4ed5caec-cff6-4c8f-82f2-5ad83848517b_OI-PageBlank-52_2) | 52 |
| [Item 11. Statement regarding basis for board](#xx_4ed5caec-cff6-4c8f-82f2-5ad83848517b_OI-PageBlank-52_3)['](#xx_4ed5caec-cff6-4c8f-82f2-5ad83848517b_OI-PageBlank-52_3)[s approval of investment](#xx_4ed5caec-cff6-4c8f-82f2-5ad83848517b_OI-PageBlank-52_3)<br> [advisory contract](#xx_4ed5caec-cff6-4c8f-82f2-5ad83848517b_OI-PageBlank-52_3)<br>| 53 |

---

Allspring Short-Term Municipal Bond Fund \| 1

------

Portfolio of investments—June 30, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Principal | Value |
| **Closed-end fund obligations: 0.65%** |  |  |
| **Massachusetts: 0.65%** |  |  |
| &nbsp;&nbsp; Nuveen AMT-Free Quality Municipal Income Fund Preferred Shares <br> Series 4-4895 (100 shares) 2.00%144Aø<br>| $10000000 | &nbsp;&nbsp; **$10000000** |
| **Total closed-end fund obligations (Cost $10,000,000)** |  | &nbsp;&nbsp; **10000000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>|  |  |
| **Municipal obligations: 97.92%** |  |  |  |  |
| **Alabama: 3.72%** |  |  |  |  |
| **Airport revenue: 0.09%** |  |  |  |  |
| Birmingham Airport Authority (BAM Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2026 | 900000 | &nbsp;&nbsp; 919842 |
| Birmingham Airport Authority (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-1-2027 | 500000 | &nbsp;&nbsp; 522179 |
|  |  |  |  | &nbsp;&nbsp; **1442021** |
| **Health revenue: 0.47%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025-<br> BAML5061 (Bank of America N.A. LOC, Bank of America N.A. <br> LIQ)144Aø<br>| 4.19 | &nbsp;&nbsp; 9-1-2054 | 7285000 | &nbsp;&nbsp; **7285000** |
| **Housing revenue: 0.36%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XX1353 <br> (Barclays Bank plc LIQ)144Aø<br>| 1.95 | &nbsp;&nbsp; 10-1-2054 | 5625000 | &nbsp;&nbsp; **5625000** |
| **Industrial development revenue: 0.20%** |  |  |  |  |
| &nbsp;&nbsp; Industrial Development Board of the City of Mobile Alabama Power <br> Co.øø<br>| 3.30 | &nbsp;&nbsp; 7-15-2034 | 3000000 | &nbsp;&nbsp; **3001812** |
| **Utilities revenue: 2.60%** |  |  |  |  |
| Black Belt Energy Gas District Project No. 7 Series C-1 | 4.00 | &nbsp;&nbsp; 12-1-2025 | 1500000 | &nbsp;&nbsp; 1502438 |
| Black Belt Energy Gas District Project No. 7 Series C-1øø | 4.00 | &nbsp;&nbsp; 10-1-2052 | 3900000 | &nbsp;&nbsp; 3909835 |
| &nbsp;&nbsp; Black Belt Energy Gas District Project No. 7 Series C-2 (SIFMA <br> Municipal Swap+0.35%)±<br>| 2.27 | &nbsp;&nbsp; 10-1-2052 | 6000000 | &nbsp;&nbsp; 5922143 |
| Black Belt Energy Gas District Series Cøø | 5.00 | &nbsp;&nbsp; 5-1-2055 | 10000000 | &nbsp;&nbsp; 10474342 |
| &nbsp;&nbsp; Black Belt Energy Gas District Series D1 (Royal Bank of Canada <br> LIQ)øø<br>| 4.00 | &nbsp;&nbsp; 7-1-2052 | 3500000 | &nbsp;&nbsp; 3529270 |
| &nbsp;&nbsp; Chatom Industrial Development Board PowerSouth Energy <br> Cooperative (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 8-1-2025 | 425000 | &nbsp;&nbsp; 425471 |
| &nbsp;&nbsp; Chatom Industrial Development Board PowerSouth Energy <br> Cooperative (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 8-1-2026 | 500000 | &nbsp;&nbsp; 509520 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 3 <br> Series A-1øø<br>| 5.50 | &nbsp;&nbsp; 1-1-2053 | 2000000 | &nbsp;&nbsp; 2134185 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 6 <br> Series B (Royal Bank of Canada LIQ)øø<br>| 5.00 | &nbsp;&nbsp; 1-1-2054 | 4500000 | &nbsp;&nbsp; 4740137 |
| Southeast Energy Authority A Cooperative District Series A | 5.00 | &nbsp;&nbsp; 6-1-2032 | 825000 | &nbsp;&nbsp; 876380 |
| Southeast Energy Authority A Cooperative District Series F | 5.25 | &nbsp;&nbsp; 11-1-2032 | 5865000 | &nbsp;&nbsp; 6352030 |
|  |  |  |  | &nbsp;&nbsp; **40375751** |
|  |  |  |  | &nbsp;&nbsp; **57729584** |

---

The accompanying notes are an integral part of these financial statements.

2 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Alaska: 0.62%** |  |  |  |  |
| **Airport revenue: 0.25%** |  |  |  |  |
| State of Alaska International Airports System Series C AMT | 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2026 | $3000000 | &nbsp;&nbsp; $3068144 |
| State of Alaska International Airports System Series C AMT | 5.00 | &nbsp;&nbsp; 10-1-2028 | 775000 | &nbsp;&nbsp; 815953 |
|  |  |  |  | &nbsp;&nbsp; **3884097** |
| **Health revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; Alaska Industrial Development & Export Authority Dena' Nena' <br> Henash Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2025 | 1310000 | &nbsp;&nbsp; 1314124 |
| &nbsp;&nbsp; Alaska Industrial Development & Export Authority Dena' Nena' <br> Henash Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 385000 | &nbsp;&nbsp; 392556 |
|  |  |  |  | &nbsp;&nbsp; **1706680** |
| **Miscellaneous revenue: 0.26%** |  |  |  |  |
| Alaska Municipal Bond Bank Authority | 5.00 | &nbsp;&nbsp; 12-1-2025 | 1470000 | &nbsp;&nbsp; 1481131 |
| Alaska Municipal Bond Bank Authority | 5.00 | &nbsp;&nbsp; 12-1-2026 | 1350000 | &nbsp;&nbsp; 1392701 |
| Alaska Municipal Bond Bank Authority Series 2 AMT | 5.00 | &nbsp;&nbsp; 12-1-2027 | 535000 | &nbsp;&nbsp; 556581 |
| Alaska Municipal Bond Bank Authority Series 2 AMT | 5.00 | &nbsp;&nbsp; 12-1-2028 | 560000 | &nbsp;&nbsp; 590665 |
|  |  |  |  | &nbsp;&nbsp; **4021078** |
|  |  |  |  | &nbsp;&nbsp; **9611855** |
| **Arizona: 1.29%** |  |  |  |  |
| **Airport revenue: 0.13%** |  |  |  |  |
| City of Phoenix Civic Improvement Corp. Airport Revenue AMT | 5.00 | &nbsp;&nbsp; 7-1-2026 | 2000000 | &nbsp;&nbsp; **2034170** |
| **Education revenue: 0.02%** |  |  |  |  |
| Arizona IDA Kipp NYC Public Charter Schools Series B | 5.00 | &nbsp;&nbsp; 7-1-2027 | 170000 | &nbsp;&nbsp; 172189 |
| Arizona IDA Kipp NYC Public Charter Schools Series B | 5.00 | &nbsp;&nbsp; 7-1-2028 | 175000 | &nbsp;&nbsp; 177203 |
|  |  |  |  | &nbsp;&nbsp; **349392** |
| **GO revenue: 0.06%** |  |  |  |  |
| Vistancia Community Facilities District (BAM Insured) | 4.00 | &nbsp;&nbsp; 7-15-2026 | 900000 | &nbsp;&nbsp; **910771** |
| **Health revenue: 0.26%** |  |  |  |  |
| &nbsp;&nbsp; Arizona Health Facilities Authority Banner Health Obligated Group <br> Series B (SIFMA Municipal Swap+0.25%)±<br>| 2.17 | &nbsp;&nbsp; 1-1-2046 | 630000 | &nbsp;&nbsp; 629224 |
| &nbsp;&nbsp; Arizona Health Facilities Authority Series B (SIFMA Municipal <br> Swap+0.25%)±<br>| 2.17 | &nbsp;&nbsp; 1-1-2046 | 3370000 | &nbsp;&nbsp; 3340893 |
|  |  |  |  | &nbsp;&nbsp; **3970117** |
| **Industrial development revenue: 0.82%** |  |  |  |  |
| Chandler IDA Intel Corp. Series 1 AMTøø | 5.00 | &nbsp;&nbsp; 9-1-2042 | 2670000 | &nbsp;&nbsp; 2717114 |
| IDA of the City of Phoenix Republic Services, Inc. Series D AMTøø | 4.10 | &nbsp;&nbsp; 12-1-2035 | 10000000 | &nbsp;&nbsp; 10001850 |
|  |  |  |  | &nbsp;&nbsp; **12718964** |
|  |  |  |  | &nbsp;&nbsp; **19983414** |
| **Arkansas: 0.33%** |  |  |  |  |
| **Tax revenue: 0.33%** |  |  |  |  |
| City of Cabot Sales & Use Tax Revenue Series B | 5.00 | &nbsp;&nbsp; 12-1-2028 | 435000 | &nbsp;&nbsp; 464772 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Short-Term Municipal Bond Fund \| 3

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue**(continued) |  |  |  |  |
| City of Springdale Sales & Use Tax Revenue Series B (BAM Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 8-1-2030 | $100000 | &nbsp;&nbsp; $108835 |
| City of Springdale Sales & Use Tax Revenue Series B (BAM Insured) | 5.00 | &nbsp;&nbsp; 8-1-2031 | 310000 | &nbsp;&nbsp; 335628 |
| City of West Memphis Sales & Use Tax Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 6-1-2031 | 1880000 | &nbsp;&nbsp; 2048559 |
| City of West Memphis Sales & Use Tax Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 6-1-2032 | 1965000 | &nbsp;&nbsp; 2150507 |
|  |  |  |  | &nbsp;&nbsp; **5108301** |
| **California: 3.92%** |  |  |  |  |
| **Airport revenue: 0.17%** |  |  |  |  |
| City of Los Angeles Department of Airports Series D AMT | 5.00 | &nbsp;&nbsp; 5-15-2027 | 2500000 | &nbsp;&nbsp; **2582120** |
| **GO revenue: 0.32%** |  |  |  |  |
| San Francisco Unified School District Series F&C | 4.00 | &nbsp;&nbsp; 6-15-2031 | 4995000 | &nbsp;&nbsp; **4997303** |
| **Health revenue: 0.57%** |  |  |  |  |
| &nbsp;&nbsp; California HFFA Episcopal Communities & Services for Seniors <br> Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 11-15-2028 | 200000 | &nbsp;&nbsp; 209112 |
| &nbsp;&nbsp; California HFFA Episcopal Communities & Services for Seniors <br> Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 11-15-2029 | 200000 | &nbsp;&nbsp; 211083 |
| &nbsp;&nbsp; California HFFA Episcopal Communities & Services for Seniors <br> Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 11-15-2031 | 500000 | &nbsp;&nbsp; 535541 |
| &nbsp;&nbsp; California Statewide CDA Adventist Health System/West Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 3-1-2031 | 1415000 | &nbsp;&nbsp; 1424999 |
| &nbsp;&nbsp; California Statewide CDA Emanate Health Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2026 | 570000 | &nbsp;&nbsp; 577874 |
| &nbsp;&nbsp; California Statewide CDA Emanate Health Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2027 | 845000 | &nbsp;&nbsp; 874484 |
| Palomar Health Obligated Group | 5.00 | &nbsp;&nbsp; 11-1-2028 | 5000000 | &nbsp;&nbsp; 4847877 |
| Washington Township Health Care District Series A | 5.00 | &nbsp;&nbsp; 7-1-2025 | 200000 | &nbsp;&nbsp; 200000 |
|  |  |  |  | &nbsp;&nbsp; **8880970** |
| **Housing revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; California Housing Finance Agency Found Middle LP Series L <br> (Goldman Sachs Bank USA LOC)144Aø<br>| 0.40 | &nbsp;&nbsp; 12-1-2027 | 1000000 | &nbsp;&nbsp; **1000000** |
| **Miscellaneous revenue: 0.27%** |  |  |  |  |
| &nbsp;&nbsp; California Municipal Finance Authority Palomar Health Obligated <br> Group COP144A<br>| 5.00 | &nbsp;&nbsp; 11-1-2027 | 3000000 | &nbsp;&nbsp; 2796499 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2026 | 435000 | &nbsp;&nbsp; 436749 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2027 | 450000 | &nbsp;&nbsp; 454227 |
| Lassen Municipal Utility District COP | 4.00 | &nbsp;&nbsp; 5-1-2028 | 470000 | &nbsp;&nbsp; 476013 |
|  |  |  |  | &nbsp;&nbsp; **4163488** |
| **Tax revenue: 0.08%** |  |  |  |  |
| Riverside County PFA Project Area No. 1 Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2026 | 1250000 | &nbsp;&nbsp; **1256799** |
| **Transportation revenue: 0.81%** |  |  |  |  |
| Bay Area Toll Authority Series C (SIFMA Municipal Swap+0.45%)± | 2.37 | &nbsp;&nbsp; 4-1-2056 | 2750000 | &nbsp;&nbsp; 2728972 |
| Bay Area Toll Authority Series D (SIFMA Municipal Swap+0.30%)± | 2.22 | &nbsp;&nbsp; 4-1-2056 | 10000000 | &nbsp;&nbsp; 9768480 |
|  |  |  |  | &nbsp;&nbsp; **12497452** |

---

The accompanying notes are an integral part of these financial statements.

4 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue: 1.64%** |  |  |  |  |
| California Community Choice Financing Authority Series B-1øø | 4.00<br> %<br>| &nbsp;&nbsp; 2-1-2052 | $7000000 | &nbsp;&nbsp; $6957416 |
| California Community Choice Financing Authority Series C | 5.00 | &nbsp;&nbsp; 10-1-2028 | 475000 | &nbsp;&nbsp; 492408 |
| California Community Choice Financing Authority Series C | 5.00 | &nbsp;&nbsp; 10-1-2029 | 675000 | &nbsp;&nbsp; 705068 |
| California Community Choice Financing Authority Series C | 5.00 | &nbsp;&nbsp; 10-1-2030 | 1500000 | &nbsp;&nbsp; 1576071 |
| City of Vernon Electric System Revenue Series 2022-A | 5.00 | &nbsp;&nbsp; 8-1-2025 | 500000 | &nbsp;&nbsp; 500587 |
| &nbsp;&nbsp; Long Beach Bond Finance Authority Series B (U.S. SOFR 3 <br> Month+1.43%)±<br>| 4.50 | &nbsp;&nbsp; 11-15-2026 | 2000000 | &nbsp;&nbsp; 2012664 |
| &nbsp;&nbsp; Los Angeles Department of Water & Power System Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2028 | 1000000 | &nbsp;&nbsp; 1043077 |
| &nbsp;&nbsp; Los Angeles Department of Water & Power System Revenue <br> Series A-6 (Bank of America N.A. SPA)ø<br>| 3.85 | &nbsp;&nbsp; 7-1-2035 | 3000000 | &nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp; Southern California Public Power Authority Anaheim Electric <br> System Revenue Series Aøø<br>| 5.00 | &nbsp;&nbsp; 4-1-2055 | 8710000 | &nbsp;&nbsp; 9160095 |
|  |  |  |  | &nbsp;&nbsp; **25447386** |
|  |  |  |  | &nbsp;&nbsp; **60825518** |
| **Colorado: 0.98%** |  |  |  |  |
| **Education revenue: 0.16%** |  |  |  |  |
| University of Colorado Series C-3Aøø | 2.00 | &nbsp;&nbsp; 6-1-2051 | 2500000 | &nbsp;&nbsp; **2487570** |
| **GO revenue: 0.03%** |  |  |  |  |
| Sand Creek Metropolitan District Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2025 | 400000 | &nbsp;&nbsp; **401061** |
| **Health revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; Colorado Health Facilities Authority AdventHealth Obligated Group <br> Series Bøø<br>| 5.00 | &nbsp;&nbsp; 11-15-2049 | 900000 | &nbsp;&nbsp; **921875** |
| **Miscellaneous revenue: 0.54%** |  |  |  |  |
| Colorado Bridge Enterprise High Performance Transportation AMT | 4.00 | &nbsp;&nbsp; 12-31-2025 | 2455000 | &nbsp;&nbsp; 2458725 |
| Colorado Bridge Enterprise High Performance Transportation AMT | 4.00 | &nbsp;&nbsp; 6-30-2026 | 4050000 | &nbsp;&nbsp; 4067604 |
| &nbsp;&nbsp; Colorado Science & Technology Park Metropolitan District No. 1 <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2030 | 675000 | &nbsp;&nbsp; 723172 |
| &nbsp;&nbsp; Colorado Science & Technology Park Metropolitan District No. 1 <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2031 | 1000000 | &nbsp;&nbsp; 1077027 |
|  |  |  |  | &nbsp;&nbsp; **8326528** |
| **Tax revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; Regional Transportation District Denver Transit Partners LLC <br> Series A<br>| 4.00 | &nbsp;&nbsp; 7-15-2033 | 500000 | &nbsp;&nbsp; **504473** |
| **Transportation revenue: 0.13%** |  |  |  |  |
| E-470 Public Highway Authority Series A | 5.00 | &nbsp;&nbsp; 9-1-2025 | 300000 | &nbsp;&nbsp; 300919 |
| E-470 Public Highway Authority Series A | 5.00 | &nbsp;&nbsp; 9-1-2026 | 1750000 | &nbsp;&nbsp; 1794403 |
|  |  |  |  | &nbsp;&nbsp; **2095322** |
| **Water & sewer revenue: 0.03%** |  |  |  |  |
| Central Weld County Water District (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2027 | 500000 | &nbsp;&nbsp; **525762** |
|  |  |  |  | &nbsp;&nbsp; **15262591** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Short-Term Municipal Bond Fund \| 5

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Connecticut: 0.93%** |  |  |  |  |
| **Education revenue: 0.43%** |  |  |  |  |
| Connecticut State HEFA University of Hartford Series N | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2025 | $140000 | &nbsp;&nbsp; $140000 |
| Connecticut State HEFA Yale University Series B-2øø | 3.20 | &nbsp;&nbsp; 7-1-2037 | 5000000 | &nbsp;&nbsp; 4981238 |
| &nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority <br> Series B AMT<br>| 5.00 | &nbsp;&nbsp; 11-15-2025 | 400000 | &nbsp;&nbsp; 401745 |
| &nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority <br> Series B AMT<br>| 5.00 | &nbsp;&nbsp; 11-15-2026 | 585000 | &nbsp;&nbsp; 596416 |
| &nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority <br> Series D<br>| 5.00 | &nbsp;&nbsp; 11-15-2025 | 500000 | &nbsp;&nbsp; 503730 |
|  |  |  |  | &nbsp;&nbsp; **6623129** |
| **GO revenue: 0.13%** |  |  |  |  |
| City of Bridgeport Series C | 5.00 | &nbsp;&nbsp; 2-15-2026 | 1325000 | &nbsp;&nbsp; 1342113 |
| Town of Hamden Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 8-1-2026 | 710000 | &nbsp;&nbsp; 725817 |
|  |  |  |  | &nbsp;&nbsp; **2067930** |
| **Health revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; Connecticut State HEFA Stamford Hospital Obligated Group <br> Series M<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 375000 | &nbsp;&nbsp; 380666 |
| &nbsp;&nbsp; Connecticut State HEFA Stamford Hospital Obligated Group <br> Series M<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 250000 | &nbsp;&nbsp; 258521 |
| &nbsp;&nbsp; Connecticut State HEFA Stamford Hospital Obligated Group <br> Series M<br>| 5.00 | &nbsp;&nbsp; 7-1-2028 | 300000 | &nbsp;&nbsp; 314387 |
|  |  |  |  | &nbsp;&nbsp; **953574** |
| **Tax revenue: 0.31%** |  |  |  |  |
| State of Connecticut Special Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 5-1-2026 | 1200000 | &nbsp;&nbsp; 1222537 |
| State of Connecticut Special Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 5-1-2027 | 3400000 | &nbsp;&nbsp; 3545508 |
|  |  |  |  | &nbsp;&nbsp; **4768045** |
|  |  |  |  | &nbsp;&nbsp; **14412678** |
| **Delaware: 0.26%** |  |  |  |  |
| **Utilities revenue: 0.26%** |  |  |  |  |
| Delaware State EDA Delmarva Power & Light Co. Series Aøø | 1.05 | &nbsp;&nbsp; 1-1-2031 | 4000000 | &nbsp;&nbsp; **4000000** |
| **District of Columbia: 1.14%** |  |  |  |  |
| **Airport revenue: 1.01%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2025 | 6320000 | &nbsp;&nbsp; 6347538 |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 1180000 | &nbsp;&nbsp; 1208704 |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2027 | 1000000 | &nbsp;&nbsp; 1038178 |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2028 | 1000000 | &nbsp;&nbsp; 1052842 |

---

The accompanying notes are an integral part of these financial statements.

6 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airport revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2031 | $1000000 | &nbsp;&nbsp; $1013133 |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2032 | 5045000 | &nbsp;&nbsp; 5105120 |
|  |  |  |  | &nbsp;&nbsp; **15765515** |
| **Housing revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-15-2025 | 2000000 | &nbsp;&nbsp; **2001269** |
|  |  |  |  | &nbsp;&nbsp; **17766784** |
| **Florida: 3.36%** |  |  |  |  |
| **Airport revenue: 0.13%** |  |  |  |  |
| Greater Orlando Aviation Authority Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2025 | 2000000 | &nbsp;&nbsp; **2008076** |
| **Education revenue: 0.26%** |  |  |  |  |
| Capital Projects Finance Authority Corp. 2000F Series A-1 | 5.00 | &nbsp;&nbsp; 10-1-2025 | 1000000 | &nbsp;&nbsp; 1002716 |
| Capital Projects Finance Authority Corp. 2000F Series A-1 | 5.00 | &nbsp;&nbsp; 10-1-2026 | 1000000 | &nbsp;&nbsp; 1017400 |
| &nbsp;&nbsp; Florida Higher Educational Facilities Financing Authority Institute of <br> Technology, Inc.<br>| 5.00 | &nbsp;&nbsp; 10-1-2025 | 500000 | &nbsp;&nbsp; 501222 |
| &nbsp;&nbsp; Florida Higher Educational Facilities Financing Authority Institute of <br> Technology, Inc.<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 750000 | &nbsp;&nbsp; 761311 |
| &nbsp;&nbsp; Palm Beach County Educational Facilities Authority Atlantic <br> University Obligated Group<br>| 4.00 | &nbsp;&nbsp; 10-1-2026 | 250000 | &nbsp;&nbsp; 251021 |
| &nbsp;&nbsp; Palm Beach County Educational Facilities Authority Atlantic <br> University Obligated Group<br>| 4.00 | &nbsp;&nbsp; 10-1-2027 | 255000 | &nbsp;&nbsp; 256434 |
| &nbsp;&nbsp; Palm Beach County Educational Facilities Authority Atlantic <br> University Obligated Group<br>| 4.00 | &nbsp;&nbsp; 10-1-2028 | 270000 | &nbsp;&nbsp; 271614 |
|  |  |  |  | &nbsp;&nbsp; **4061718** |
| **Health revenue: 0.68%** |  |  |  |  |
| Halifax Hospital Medical Center Obligated Group | 5.00 | &nbsp;&nbsp; 6-1-2029 | 1360000 | &nbsp;&nbsp; 1380630 |
| &nbsp;&nbsp; Highlands County Health Facilities Authority AdventHealth <br> Obligated Group Series I-4ø<br>| 2.00 | &nbsp;&nbsp; 11-15-2034 | 250000 | &nbsp;&nbsp; 250000 |
| Lee County IDA Shell Point Obligated Group Series B-2 | 4.38 | &nbsp;&nbsp; 11-15-2029 | 775000 | &nbsp;&nbsp; 777619 |
| Lee County IDA Shell Point Obligated Group Series B-3 | 4.13 | &nbsp;&nbsp; 11-15-2029 | 2500000 | &nbsp;&nbsp; 2508481 |
| &nbsp;&nbsp; St. Johns County IDA Life Care Ponte Vedra Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-15-2025 | 180000 | &nbsp;&nbsp; 179052 |
| &nbsp;&nbsp; St. Johns County IDA Life Care Ponte Vedra Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-15-2026 | 185000 | &nbsp;&nbsp; 182697 |
| &nbsp;&nbsp; St. Johns County IDA Life Care Ponte Vedra Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-15-2027 | 215000 | &nbsp;&nbsp; 211046 |
| &nbsp;&nbsp; St. Johns County IDA Life Care Ponte Vedra Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-15-2028 | 200000 | &nbsp;&nbsp; 194961 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XX1340 (Barclays Bank plc LIQ)144Aø<br>| 3.93 | &nbsp;&nbsp; 11-15-2049 | 4875000 | &nbsp;&nbsp; 4875000 |
|  |  |  |  | &nbsp;&nbsp; **10559486** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Short-Term Municipal Bond Fund \| 7

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue: 0.18%** |  |  |  |  |
| Lee County HFA MHP Lee I LLCøø | 3.50<br> %<br>| &nbsp;&nbsp; 12-1-2042 | $2850000 | &nbsp;&nbsp; **$2859599** |
| **Miscellaneous revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; Village Community Development District No. 15 Series 2023 Phase I <br> Special Assessment144A<br>| 4.25 | &nbsp;&nbsp; 5-1-2028 | 535000 | &nbsp;&nbsp; **540435** |
| **Resource recovery revenue: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; Florida Development Finance Corp. GFL Solid Waste Southeast LLC <br> Series A AMT144Aøø<br>| 4.38 | &nbsp;&nbsp; 10-1-2054 | 1250000 | &nbsp;&nbsp; **1245051** |
| **Tax revenue: 0.39%** |  |  |  |  |
| Leon County School District | 4.00 | &nbsp;&nbsp; 9-1-2026 | 6000000 | &nbsp;&nbsp; **6005108** |
| **Transportation revenue: 0.44%** |  |  |  |  |
| City of Miami Parking System Revenue (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2029 | 1945000 | &nbsp;&nbsp; 2086727 |
| County of Osceola Transportation Revenue Series A-1 | 5.00 | &nbsp;&nbsp; 10-1-2026 | 735000 | &nbsp;&nbsp; 747699 |
| Miami-Dade County Expressway Authority Series A | 5.00 | &nbsp;&nbsp; 7-1-2028 | 4000000 | &nbsp;&nbsp; 4005554 |
|  |  |  |  | &nbsp;&nbsp; **6839980** |
| **Utilities revenue: 0.38%** |  |  |  |  |
| Orlando Utilities Commission Series Bøø | 1.25 | &nbsp;&nbsp; 10-1-2046 | 1000000 | &nbsp;&nbsp; 896455 |
| Orlando Utilities Commission Series B (TD Bank N.A. SPA)ø | 2.50 | &nbsp;&nbsp; 10-1-2039 | 5000000 | &nbsp;&nbsp; 5000000 |
|  |  |  |  | &nbsp;&nbsp; **5896455** |
| **Water & sewer revenue: 0.79%** |  |  |  |  |
| North Sumter County Utility Dependent District (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2027 | 680000 | &nbsp;&nbsp; 708384 |
| North Sumter County Utility Dependent District (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2028 | 1360000 | &nbsp;&nbsp; 1439237 |
| Tohopekaliga Water Authority144A | 5.00 | &nbsp;&nbsp; 10-1-2025 | 9160000 | &nbsp;&nbsp; 9200348 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 400000 | &nbsp;&nbsp; 410320 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2027 | 200000 | &nbsp;&nbsp; 209148 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2028 | 250000 | &nbsp;&nbsp; 266000 |
|  |  |  |  | &nbsp;&nbsp; **12233437** |
|  |  |  |  | &nbsp;&nbsp; **52249345** |
| **Georgia: 4.29%** |  |  |  |  |
| **Health revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Cobb County Kennestone Hospital Authority WellStar Health <br> System Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 4-1-2026 | 1000000 | &nbsp;&nbsp; **1014262** |
| **Utilities revenue: 4.22%** |  |  |  |  |
| Bartow County Development Authority Georgia Power Co.øø | 3.95 | &nbsp;&nbsp; 12-1-2032 | 3000000 | &nbsp;&nbsp; 3052322 |
| Development Authority of Burke County Georgia Power Co.øø | 2.88 | &nbsp;&nbsp; 12-1-2049 | 3500000 | &nbsp;&nbsp; 3495052 |
| &nbsp;&nbsp; Development Authority of Burke County Georgia Power Co. <br> Series 2øø<br>| 3.30 | &nbsp;&nbsp; 12-1-2049 | 2500000 | &nbsp;&nbsp; 2482225 |
| &nbsp;&nbsp; Development Authority of Burke County Georgia Power Co. <br> Series 4thøø<br>| 3.80 | &nbsp;&nbsp; 10-1-2032 | 8500000 | &nbsp;&nbsp; 8537219 |

---

The accompanying notes are an integral part of these financial statements.

8 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |
| Development Authority of Monroe County Georgia Power Co.øø | 3.35<br> %<br>| &nbsp;&nbsp; 11-1-2048 | $6000000 | &nbsp;&nbsp; $5943708 |
| &nbsp;&nbsp; Development Authority of Monroe County Georgia Power Co. <br> Series 1støø<br>| 1.00 | &nbsp;&nbsp; 7-1-2049 | 2500000 | &nbsp;&nbsp; 2397804 |
| Main Street Natural Gas, Inc. Series A | 4.00 | &nbsp;&nbsp; 12-1-2027 | 4000000 | &nbsp;&nbsp; 4055387 |
| Main Street Natural Gas, Inc. Series A | 4.00 | &nbsp;&nbsp; 12-1-2028 | 3345000 | &nbsp;&nbsp; 3386586 |
| Main Street Natural Gas, Inc. Series Aøø | 4.00 | &nbsp;&nbsp; 7-1-2052 | 1000000 | &nbsp;&nbsp; 1009401 |
| Main Street Natural Gas, Inc. Series A | 5.00 | &nbsp;&nbsp; 6-1-2028 | 1500000 | &nbsp;&nbsp; 1560516 |
| Main Street Natural Gas, Inc. Series Bøø | 5.00 | &nbsp;&nbsp; 12-1-2052 | 8000000 | &nbsp;&nbsp; 8304554 |
| Main Street Natural Gas, Inc. Series Bøø | 5.00 | &nbsp;&nbsp; 7-1-2053 | 3000000 | &nbsp;&nbsp; 3160844 |
| Main Street Natural Gas, Inc. Series Bøø | 5.00 | &nbsp;&nbsp; 12-1-2054 | 2000000 | &nbsp;&nbsp; 2113591 |
| Main Street Natural Gas, Inc. Series C144Aøø | 4.00 | &nbsp;&nbsp; 8-1-2052 | 8900000 | &nbsp;&nbsp; 8873420 |
| Main Street Natural Gas, Inc. Series E | 5.00 | &nbsp;&nbsp; 12-1-2028 | 2225000 | &nbsp;&nbsp; 2327942 |
| Main Street Natural Gas, Inc. Series E | 5.00 | &nbsp;&nbsp; 12-1-2029 | 2750000 | &nbsp;&nbsp; 2898535 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2026 | 300000 | &nbsp;&nbsp; 302888 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2027 | 165000 | &nbsp;&nbsp; 170399 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 300000 | &nbsp;&nbsp; 313247 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2028 | 200000 | &nbsp;&nbsp; 210703 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2028 | 300000 | &nbsp;&nbsp; 319007 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2029 | 600000 | &nbsp;&nbsp; 647601 |
|  |  |  |  | &nbsp;&nbsp; **65562951** |
|  |  |  |  | &nbsp;&nbsp; **66577213** |
| **Guam: 0.52%** |  |  |  |  |
| **Airport revenue: 0.03%** |  |  |  |  |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2028 | 520000 | &nbsp;&nbsp; **534036** |
| **Miscellaneous revenue: 0.10%** |  |  |  |  |
| Territory of Guam Series F | 5.00 | &nbsp;&nbsp; 1-1-2028 | 500000 | &nbsp;&nbsp; 516058 |
| Territory of Guam Series F | 5.00 | &nbsp;&nbsp; 1-1-2029 | 1000000 | &nbsp;&nbsp; 1042829 |
|  |  |  |  | &nbsp;&nbsp; **1558887** |
| **Utilities revenue: 0.26%** |  |  |  |  |
| Guam Power Authority Series A | 5.00 | &nbsp;&nbsp; 10-1-2026 | 3265000 | &nbsp;&nbsp; 3339105 |
| Guam Power Authority Series A | 5.00 | &nbsp;&nbsp; 10-1-2030 | 600000 | &nbsp;&nbsp; 645829 |
|  |  |  |  | &nbsp;&nbsp; **3984934** |
| **Water & sewer revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Guam Government Waterworks Authority Water & Wastewater <br> System Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 450000 | &nbsp;&nbsp; 462179 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Short-Term Municipal Bond Fund \| 9

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Water & sewer revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Guam Government Waterworks Authority Water & Wastewater <br> System Series B<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2025 | $450000 | &nbsp;&nbsp; $450000 |
| &nbsp;&nbsp; Guam Government Waterworks Authority Water & Wastewater <br> System Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2028 | 1000000 | &nbsp;&nbsp; 1039369 |
|  |  |  |  | &nbsp;&nbsp; **1951548** |
|  |  |  |  | &nbsp;&nbsp; **8029405** |
| **Hawaii: 1.65%** |  |  |  |  |
| **GO revenue: 0.32%** |  |  |  |  |
| State of Hawaii Series FB | 4.00 | &nbsp;&nbsp; 4-1-2029 | 5000000 | &nbsp;&nbsp; **5037744** |
| **Housing revenue: 0.60%** |  |  |  |  |
| &nbsp;&nbsp; City & County of Honolulu Komohale Maunakea Venture LP <br> (Department of Housing and Urban Development Insured)øø<br>| 5.00 | &nbsp;&nbsp; 6-1-2027 | 4500000 | &nbsp;&nbsp; 4570534 |
| City & County of Honolulu Komohale West Loch Venture LPøø | 5.00 | &nbsp;&nbsp; 5-1-2029 | 4500000 | &nbsp;&nbsp; 4698466 |
|  |  |  |  | &nbsp;&nbsp; **9269000** |
| **Miscellaneous revenue: 0.54%** |  |  |  |  |
| State of Hawaii Airports System Revenue AMT COP | 5.25 | &nbsp;&nbsp; 8-1-2025 | 1945000 | &nbsp;&nbsp; 1949102 |
| State of Hawaii Airports System Revenue AMT COP | 5.25 | &nbsp;&nbsp; 8-1-2026 | 6350000 | &nbsp;&nbsp; 6363229 |
|  |  |  |  | &nbsp;&nbsp; **8312331** |
| **Utilities revenue: 0.19%** |  |  |  |  |
| State of Hawaii Department of Budget & Finance Series A AMT | 3.10 | &nbsp;&nbsp; 5-1-2026 | 3000000 | &nbsp;&nbsp; **2955547** |
|  |  |  |  | &nbsp;&nbsp; **25574622** |
| **Illinois: 10.20%** |  |  |  |  |
| **Airport revenue: 0.87%** |  |  |  |  |
| Chicago Midway International Airport Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2030 | 3755000 | &nbsp;&nbsp; 3980971 |
| Chicago Midway International Airport Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2031 | 4000000 | &nbsp;&nbsp; 4267029 |
| Chicago Midway International Airport Series B | 5.00 | &nbsp;&nbsp; 1-1-2029 | 175000 | &nbsp;&nbsp; 187409 |
| &nbsp;&nbsp; Chicago O'Hare International Airport Customer Facility Charge <br> Revenue (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2029 | 315000 | &nbsp;&nbsp; 337554 |
| Chicago O'Hare International Airport Series C AMT | 5.00 | &nbsp;&nbsp; 1-1-2031 | 4500000 | &nbsp;&nbsp; 4809659 |
|  |  |  |  | &nbsp;&nbsp; **13582622** |
| **Education revenue: 0.39%** |  |  |  |  |
| Illinois Finance Authority Benedictine University | 5.00 | &nbsp;&nbsp; 10-1-2027 | 630000 | &nbsp;&nbsp; 616151 |
| Illinois Finance Authority DePaul University Series A | 5.00 | &nbsp;&nbsp; 10-1-2028 | 2585000 | &nbsp;&nbsp; 2640615 |
| Illinois Finance Authority Noble Network of Charter Schools | 5.00 | &nbsp;&nbsp; 9-1-2025 | 240000 | &nbsp;&nbsp; 240749 |
| Southern Illinois University Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 4-1-2026 | 825000 | &nbsp;&nbsp; 829602 |
| Southern Illinois University Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 4-1-2027 | 780000 | &nbsp;&nbsp; 790545 |
| Southern Illinois University Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2027 | 400000 | &nbsp;&nbsp; 412159 |
| Southern Illinois University Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2028 | 500000 | &nbsp;&nbsp; 523697 |
|  |  |  |  | &nbsp;&nbsp; **6053518** |

---

The accompanying notes are an integral part of these financial statements.

10 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue: 5.04%** |  |  |  |  |
| &nbsp;&nbsp; Boone Mchenry & Dekalb Counties Community Unit School District <br> 100 Series B<br>| 4.00<br> %<br>| &nbsp;&nbsp; 1-1-2028 | $2100000 | &nbsp;&nbsp; $2151280 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2031 | 1710000 | &nbsp;&nbsp; 1728637 |
| Chicago Board of Education Series A (NPFGC Insured) | 5.50 | &nbsp;&nbsp; 12-1-2026 | 1540000 | &nbsp;&nbsp; 1563063 |
| Chicago Board of Education Series B | 5.00 | &nbsp;&nbsp; 12-1-2025 | 2460000 | &nbsp;&nbsp; 2466276 |
| Chicago Park District Series A | 5.00 | &nbsp;&nbsp; 1-1-2028 | 1000000 | &nbsp;&nbsp; 1006965 |
| Chicago Park District Series A | 5.00 | &nbsp;&nbsp; 1-1-2031 | 1000000 | &nbsp;&nbsp; 1005595 |
| Chicago Park District Series B | 5.00 | &nbsp;&nbsp; 1-1-2029 | 1500000 | &nbsp;&nbsp; 1600142 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2026 | 5000000 | &nbsp;&nbsp; 5033445 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2027 | 6380000 | &nbsp;&nbsp; 6511576 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2028 | 3000000 | &nbsp;&nbsp; 3099756 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2029 | 340000 | &nbsp;&nbsp; 354642 |
| City of Chicago Series B | 4.00 | &nbsp;&nbsp; 1-1-2030 | 6316000 | &nbsp;&nbsp; 6380232 |
| City of Chicago Series B | 5.00 | &nbsp;&nbsp; 1-1-2031 | 4000000 | &nbsp;&nbsp; 4226928 |
| City of Chicago Series B | 5.00 | &nbsp;&nbsp; 1-1-2032 | 1500000 | &nbsp;&nbsp; 1589603 |
| City of Geneva | 4.00 | &nbsp;&nbsp; 2-1-2027 | 450000 | &nbsp;&nbsp; 457433 |
| City of Geneva | 4.00 | &nbsp;&nbsp; 2-1-2028 | 280000 | &nbsp;&nbsp; 287572 |
| &nbsp;&nbsp; Cook County Township High School District No. 227 Rich Township <br> Series B (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 12-1-2031 | 2000000 | &nbsp;&nbsp; 2049887 |
| County of Cook Series A | 5.00 | &nbsp;&nbsp; 11-15-2025 | 1200000 | &nbsp;&nbsp; 1207988 |
| County of Cook Series A | 5.00 | &nbsp;&nbsp; 11-15-2026 | 1950000 | &nbsp;&nbsp; 2004612 |
| &nbsp;&nbsp; Grundy Kendall & Will Counties Community High School District No. <br> 111 Minooka<br>| 4.00 | &nbsp;&nbsp; 5-1-2026 | 635000 | &nbsp;&nbsp; 640265 |
| &nbsp;&nbsp; Grundy Kendall & Will Counties Community High School District No. <br> 111 Minooka<br>| 4.00 | &nbsp;&nbsp; 5-1-2027 | 500000 | &nbsp;&nbsp; 509443 |
| &nbsp;&nbsp; Kane Cook & DuPage etc. Counties Community College District No. <br> 509 Elgin Series B<br>| 4.00 | &nbsp;&nbsp; 12-15-2026 | 960000 | &nbsp;&nbsp; 978044 |
| &nbsp;&nbsp; Kane Cook & DuPage etc. Counties Community College District No. <br> 509 Elgin Series B<br>| 4.00 | &nbsp;&nbsp; 12-15-2027 | 795000 | &nbsp;&nbsp; 819731 |
| Macon County School District No. 61 Decatur Series C (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2027 | 600000 | &nbsp;&nbsp; 609616 |
| &nbsp;&nbsp; Monroe & St. Clair Counties Community Unit School District No. 4 <br> Columbia%%<br>| 5.50 | &nbsp;&nbsp; 7-1-2040 | 2175000 | &nbsp;&nbsp; 2178210 |
| State of Illinois Series B | 5.00 | &nbsp;&nbsp; 5-1-2030 | 13500000 | &nbsp;&nbsp; 14441991 |
| State of Illinois Series D | 5.00 | &nbsp;&nbsp; 11-1-2027 | 9975000 | &nbsp;&nbsp; 10419561 |
| Village of Bolingbrook Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2030 | 1000000 | &nbsp;&nbsp; 1043219 |
| Village of Matteson Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-1-2025 | 500000 | &nbsp;&nbsp; 502170 |
| Village of Matteson Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-1-2027 | 575000 | &nbsp;&nbsp; 587237 |
| Village of Matteson Series B (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-1-2025 | 400000 | &nbsp;&nbsp; 401736 |
| Village of Matteson Series C (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-1-2026 | 200000 | &nbsp;&nbsp; 202415 |
| Village of Matteson Series C (BAM Insured) | 4.00 | &nbsp;&nbsp; 12-1-2027 | 300000 | &nbsp;&nbsp; 306174 |
|  |  |  |  | &nbsp;&nbsp; **78365444** |
| **Health revenue: 2.04%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Advocate Aurora Health Obligated Group <br> Series 2008 A-2<br>| 4.00 | &nbsp;&nbsp; 11-1-2030 | 2390000 | &nbsp;&nbsp; 2427566 |
| &nbsp;&nbsp; Illinois Finance Authority Endeavor Health Clinical Operations <br> Obligated Group Series C (JPMorgan Chase Bank N.A. SPA)ø<br>| 4.00 | &nbsp;&nbsp; 8-15-2049 | 11000000 | &nbsp;&nbsp; 11000000 |
| &nbsp;&nbsp; Illinois Finance Authority Northwestern Memorial Healthcare <br> Obligated Group Series C (Barclays Bank plc SPA)ø<br>| 3.85 | &nbsp;&nbsp; 7-15-2055 | 4000000 | &nbsp;&nbsp; 4000000 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Short-Term Municipal Bond Fund \| 11

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority OSF Healthcare System Obligated Group <br> Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 11-15-2027 | $800000 | &nbsp;&nbsp; $803160 |
| &nbsp;&nbsp; Illinois Finance Authority OSF Healthcare System Obligated Group <br> Series B-2øø<br>| 5.00 | &nbsp;&nbsp; 5-15-2050 | 4175000 | &nbsp;&nbsp; 4229389 |
| &nbsp;&nbsp; Illinois Finance Authority Presbyterian Homes Obligated Group <br> Series B (SIFMA Municipal Swap+0.70%)±<br>| 2.62 | &nbsp;&nbsp; 5-1-2042 | 2250000 | &nbsp;&nbsp; 2235147 |
| &nbsp;&nbsp; Illinois Finance Authority University of Chicago Medical Center <br> Obligated Group Series A144A<br>| 5.00 | &nbsp;&nbsp; 8-15-2029 | 4895000 | &nbsp;&nbsp; 4905974 |
| Illinois Finance Authority University of Illinois | 5.00 | &nbsp;&nbsp; 10-1-2025 | 500000 | &nbsp;&nbsp; 501398 |
| Illinois Finance Authority University of Illinois | 5.00 | &nbsp;&nbsp; 10-1-2026 | 600000 | &nbsp;&nbsp; 610226 |
| &nbsp;&nbsp; Illinois Finance Authority Washington & Jane Smith Community - <br> Orland Park<br>| 4.00 | &nbsp;&nbsp; 10-15-2026 | 465000 | &nbsp;&nbsp; 460089 |
| &nbsp;&nbsp; Illinois Finance Authority Washington & Jane Smith Community - <br> Orland Park<br>| 4.00 | &nbsp;&nbsp; 10-15-2027 | 480000 | &nbsp;&nbsp; 472397 |
|  |  |  |  | &nbsp;&nbsp; **31645346** |
| **Housing revenue: 0.40%** |  |  |  |  |
| City of Chicago Heights Olympic Village LLC (FHA Insured)øø | 2.88 | &nbsp;&nbsp; 8-1-2027 | 4500000 | &nbsp;&nbsp; 4495729 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series B<br>| 5.00 | &nbsp;&nbsp; 12-15-2030 | 1535000 | &nbsp;&nbsp; 1659745 |
|  |  |  |  | &nbsp;&nbsp; **6155474** |
| **Industrial development revenue: 0.28%** |  |  |  |  |
| County of Peoria Caterpillar, Inc.ø | 2.42 | &nbsp;&nbsp; 2-1-2030 | 4300000 | &nbsp;&nbsp; **4300000** |
| **Miscellaneous revenue: 0.13%** |  |  |  |  |
| City of Chicago Lakeshore East Special Assessment Area144A | 3.04 | &nbsp;&nbsp; 12-1-2028 | 241000 | &nbsp;&nbsp; 231739 |
| Northern Illinois University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2030 | 760000 | &nbsp;&nbsp; 809842 |
| Northern Illinois University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2031 | 860000 | &nbsp;&nbsp; 923532 |
|  |  |  |  | &nbsp;&nbsp; **1965113** |
| **Tax revenue: 0.50%** |  |  |  |  |
| Sales Tax Securitization Corp. Series A | 5.00 | &nbsp;&nbsp; 1-1-2028 | 5000000 | &nbsp;&nbsp; 5232725 |
| State of Illinois Sales Tax Revenue Series C | 4.00 | &nbsp;&nbsp; 6-15-2027 | 370000 | &nbsp;&nbsp; 371405 |
| State of Illinois Sales Tax Revenue Series C (BAM Insured) | 4.00 | &nbsp;&nbsp; 6-15-2030 | 890000 | &nbsp;&nbsp; 893037 |
| State of Illinois Sales Tax Revenue Series D | 5.00 | &nbsp;&nbsp; 6-15-2027 | 1275000 | &nbsp;&nbsp; 1293152 |
|  |  |  |  | &nbsp;&nbsp; **7790319** |
| **Transportation revenue: 0.14%** |  |  |  |  |
| Illinois State Toll Highway Authority Series C | 5.00 | &nbsp;&nbsp; 1-1-2027 | 2050000 | &nbsp;&nbsp; **2123136** |
| **Water & sewer revenue: 0.41%** |  |  |  |  |
| City of Chicago Waterworks Revenue | 5.00 | &nbsp;&nbsp; 11-1-2028 | 2500000 | &nbsp;&nbsp; 2554519 |
| City of Chicago Waterworks Revenue (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-1-2030 | 3500000 | &nbsp;&nbsp; 3585296 |
| City of Waukegan Water & Sewer System Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 12-30-2027 | 280000 | &nbsp;&nbsp; 293975 |
|  |  |  |  | &nbsp;&nbsp; **6433790** |
|  |  |  |  | &nbsp;&nbsp; **158414762** |

---

The accompanying notes are an integral part of these financial statements.

12 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Indiana: 2.34%** |  |  |  |  |
| **Housing revenue: 0.71%** |  |  |  |  |
| &nbsp;&nbsp; Indiana Finance Authority Marion County Capital Improvement <br> Board Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 2-1-2030 | $8080000 | &nbsp;&nbsp; $8739628 |
| Mishawaka RDA Consolidated Allocation Area (BAM Insured) | 5.00 | &nbsp;&nbsp; 2-15-2027 | 1025000 | &nbsp;&nbsp; 1060657 |
| Tippecanoe County School Building Corp. Series B | 5.00 | &nbsp;&nbsp; 1-15-2028 | 175000 | &nbsp;&nbsp; 184188 |
| Tippecanoe County School Building Corp. Series B | 5.00 | &nbsp;&nbsp; 7-15-2028 | 225000 | &nbsp;&nbsp; 238936 |
| Tippecanoe County School Building Corp. Series B | 5.00 | &nbsp;&nbsp; 1-15-2029 | 275000 | &nbsp;&nbsp; 294211 |
| Tippecanoe County School Building Corp. Series B | 5.00 | &nbsp;&nbsp; 1-15-2030 | 500000 | &nbsp;&nbsp; 542064 |
|  |  |  |  | &nbsp;&nbsp; **11059684** |
| **Industrial development revenue: 0.59%** |  |  |  |  |
| City of Whiting BP Products North America, Inc. Series A AMTøø | 4.40 | &nbsp;&nbsp; 3-1-2046 | 1500000 | &nbsp;&nbsp; 1522831 |
| &nbsp;&nbsp; Indiana Finance Authority Duke Energy Indiana LLC Series A4 <br> (Sumitomo Mitsui Banking Corp. LOC)ø<br>| 3.85 | &nbsp;&nbsp; 12-1-2039 | 7600000 | &nbsp;&nbsp; 7600000 |
|  |  |  |  | &nbsp;&nbsp; **9122831** |
| **Miscellaneous revenue: 0.60%** |  |  |  |  |
| Indianapolis Local Public Improvement Bond Bank Series A | 5.00 | &nbsp;&nbsp; 6-1-2026 | 3000000 | &nbsp;&nbsp; 3058062 |
| Indianapolis Local Public Improvement Bond Bank Series A | 5.00 | &nbsp;&nbsp; 6-1-2027 | 6000000 | &nbsp;&nbsp; 6240453 |
|  |  |  |  | &nbsp;&nbsp; **9298515** |
| **Utilities revenue: 0.44%** |  |  |  |  |
| City of Rockport Indiana Michigan Power Co. Series Aøø | 3.70 | &nbsp;&nbsp; 6-1-2047 | 4250000 | &nbsp;&nbsp; 4240145 |
| Indiana Finance Authority Ohio Valley Electric Corp. Series A | 4.25 | &nbsp;&nbsp; 11-1-2030 | 2630000 | &nbsp;&nbsp; 2678991 |
|  |  |  |  | &nbsp;&nbsp; **6919136** |
|  |  |  |  | &nbsp;&nbsp; **36400166** |
| **Iowa: 0.19%** |  |  |  |  |
| **GO revenue: 0.11%** |  |  |  |  |
| City of Indianola | 3.00 | &nbsp;&nbsp; 6-1-2027 | 855000 | &nbsp;&nbsp; 855372 |
| City of Indianola | 4.00 | &nbsp;&nbsp; 6-1-2028 | 880000 | &nbsp;&nbsp; 909835 |
|  |  |  |  | &nbsp;&nbsp; **1765207** |
| **Health revenue: 0.08%** |  |  |  |  |
| Crawford County Memorial Hospital, Inc. BAN | 5.00 | &nbsp;&nbsp; 6-15-2027 | 1200000 | &nbsp;&nbsp; **1214748** |
|  |  |  |  | &nbsp;&nbsp; **2979955** |
| **Kansas: 0.87%** |  |  |  |  |
| **GO revenue: 0.55%** |  |  |  |  |
| City of Dodge City Series 2023-1 | 4.13 | &nbsp;&nbsp; 9-1-2025 | 3000000 | &nbsp;&nbsp; 3002874 |
| City of Valley Center Series 1 | 4.38 | &nbsp;&nbsp; 12-1-2025 | 4815000 | &nbsp;&nbsp; 4816377 |
| &nbsp;&nbsp; Harvey County Unified School District 440 Halstead-Bentley (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2029 | 185000 | &nbsp;&nbsp; 198509 |
| &nbsp;&nbsp; Harvey County Unified School District 440 Halstead-Bentley (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2030 | 125000 | &nbsp;&nbsp; 135726 |
| &nbsp;&nbsp; Harvey County Unified School District 440 Halstead-Bentley (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2031 | 300000 | &nbsp;&nbsp; 328972 |
|  |  |  |  | &nbsp;&nbsp; **8482458** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Short-Term Municipal Bond Fund \| 13

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue: 0.32%** |  |  |  |  |
| County of Shawnee Union at Tower District LP Series Aøø | 3.75<br> %<br>| &nbsp;&nbsp; 5-1-2059 | $5000000 | &nbsp;&nbsp; $**5030779** |
|  |  |  |  | &nbsp;&nbsp; **13513237** |
| **Kentucky: 1.88%** |  |  |  |  |
| **Education revenue: 0.10%** |  |  |  |  |
| City of Columbia Lindsey Wilson College, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2027 | 525000 | &nbsp;&nbsp; 520104 |
| City of Columbia Lindsey Wilson College, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2028 | 545000 | &nbsp;&nbsp; 535402 |
| Kentucky Bond Development Corp. Centre College | 4.00 | &nbsp;&nbsp; 6-1-2026 | 210000 | &nbsp;&nbsp; 211613 |
| Kentucky Bond Development Corp. Centre College | 4.00 | &nbsp;&nbsp; 6-1-2028 | 250000 | &nbsp;&nbsp; 255659 |
|  |  |  |  | &nbsp;&nbsp; **1522778** |
| **Industrial development revenue: 0.18%** |  |  |  |  |
| County of Boone Duke Energy Kentucky, Inc. Series A | 3.70 | &nbsp;&nbsp; 8-1-2027 | 2750000 | &nbsp;&nbsp; **2765858** |
| **Miscellaneous revenue: 0.16%** |  |  |  |  |
| Kentucky Interlocal School Transportation Association COP | 4.00 | &nbsp;&nbsp; 3-1-2027 | 1075000 | &nbsp;&nbsp; 1094131 |
| Kentucky Interlocal School Transportation Association COP | 4.00 | &nbsp;&nbsp; 3-1-2029 | 960000 | &nbsp;&nbsp; 976133 |
| Kentucky State University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-1-2027 | 160000 | &nbsp;&nbsp; 167577 |
| Kentucky State University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-1-2028 | 200000 | &nbsp;&nbsp; 213088 |
|  |  |  |  | &nbsp;&nbsp; **2450929** |
| **Utilities revenue: 1.32%** |  |  |  |  |
| County of Trimble Louisville Gas & Electric Co. Series A AMTøø | 1.30 | &nbsp;&nbsp; 9-1-2044 | 6000000 | &nbsp;&nbsp; 5581838 |
| Kentucky Public Energy Authority Series A-1 | 5.00 | &nbsp;&nbsp; 7-1-2029 | 1400000 | &nbsp;&nbsp; 1472672 |
| Kentucky Public Energy Authority Series A-1øø | 5.25 | &nbsp;&nbsp; 4-1-2054 | 6000000 | &nbsp;&nbsp; 6410368 |
| &nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government Gas & <br> Electric Co. Series B AMT<br>| 1.35 | &nbsp;&nbsp; 11-1-2027 | 7500000 | &nbsp;&nbsp; 7084360 |
|  |  |  |  | &nbsp;&nbsp; **20549238** |
| **Water & sewer revenue: 0.12%** |  |  |  |  |
| &nbsp;&nbsp; County of Owen American Water/Kentucky-American Water Co. <br> Obligated Groupøø<br>| 3.88 | &nbsp;&nbsp; 6-1-2040 | 2000000 | &nbsp;&nbsp; **1970016** |
|  |  |  |  | &nbsp;&nbsp; **29258819** |
| **Louisiana: 0.28%** |  |  |  |  |
| **Health revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp; Louisiana PFA Children's Medical Center Obligated Group <br> Series A3øø<br>| 5.00 | &nbsp;&nbsp; 6-1-2045 | 3250000 | &nbsp;&nbsp; **3399590** |
| **Water & sewer revenue: 0.06%** |  |  |  |  |
| East Baton Rouge Sewerage Commission Series Aøø | 1.30 | &nbsp;&nbsp; 2-1-2041 | 1000000 | &nbsp;&nbsp; **927029** |
|  |  |  |  | &nbsp;&nbsp; **4326619** |
| **Maine: 0.11%** |  |  |  |  |
| **Education revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; Finance Authority of Maine Class A Series 2019A-1 AMT (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2025 | 425000 | &nbsp;&nbsp; **427465** |

---

The accompanying notes are an integral part of these financial statements.

14 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority Obligated <br> Group Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2026 | $500000 | &nbsp;&nbsp; $510277 |
| Maine Health & Higher Educational Facilities Authority Series A | 5.00 | &nbsp;&nbsp; 7-1-2025 | 810000 | &nbsp;&nbsp; 810000 |
|  |  |  |  | &nbsp;&nbsp; **1320277** |
|  |  |  |  | &nbsp;&nbsp; **1747742** |
| **Maryland: 1.06%** |  |  |  |  |
| **GO revenue: 0.26%** |  |  |  |  |
| State of Maryland Series A | 4.00 | &nbsp;&nbsp; 3-15-2030 | 4000000 | &nbsp;&nbsp; **4069076** |
| **Health revenue: 0.23%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Luminis <br> Health Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2031 | 3500000 | &nbsp;&nbsp; **3570164** |
| **Housing revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Economic Development Corp. PRG-Towson Place <br> Properties LLC Series A-1<br>| 5.00 | &nbsp;&nbsp; 6-1-2029 | 935000 | &nbsp;&nbsp; **984121** |
| **Transportation revenue: 0.39%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Economic Development Corp. Purple Line Transit <br> Partners LLC Series A-P3 AMT<br>| 5.00 | &nbsp;&nbsp; 11-12-2028 | 6000000 | &nbsp;&nbsp; **6060107** |
| **Water & sewer revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; Washington Suburban Sanitary Commission Series B (TD Bank N.A. <br> SPA)ø<br>| 3.95 | &nbsp;&nbsp; 6-1-2027 | 1735000 | &nbsp;&nbsp; **1735000** |
|  |  |  |  | &nbsp;&nbsp; **16418468** |
| **Massachusetts: 0.42%** |  |  |  |  |
| **Education revenue: 0.05%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Springfield College <br> Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2026 | 420000 | &nbsp;&nbsp; 424179 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Springfield College <br> Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2027 | 440000 | &nbsp;&nbsp; 442030 |
|  |  |  |  | &nbsp;&nbsp; **866209** |
| **GO revenue: 0.32%** |  |  |  |  |
| Spencer East Brookfield Regional School District BAN | 3.75 | &nbsp;&nbsp; 12-18-2025 | 5000000 | &nbsp;&nbsp; **5007704** |
| **Health revenue: 0.05%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Tufts Medicine <br> Obligated Group Series C (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 300000 | &nbsp;&nbsp; 307186 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Tufts Medicine <br> Obligated Group Series C (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2027 | 410000 | &nbsp;&nbsp; 428411 |
|  |  |  |  | &nbsp;&nbsp; **735597** |
|  |  |  |  | &nbsp;&nbsp; **6609510** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Short-Term Municipal Bond Fund \| 15

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Michigan: 1.91%** |  |  |  |  |
| **Airport revenue: 0.09%** |  |  |  |  |
| Gerald R Ford International Airport Authority AMT | 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2029 | $150000 | &nbsp;&nbsp; $159761 |
| Gerald R Ford International Airport Authority AMT | 5.00 | &nbsp;&nbsp; 1-1-2031 | 1110000 | &nbsp;&nbsp; 1206570 |
|  |  |  |  | &nbsp;&nbsp; **1366331** |
| **Education revenue: 0.08%** |  |  |  |  |
| Lake Superior State University (AG Insured) | 4.00 | &nbsp;&nbsp; 11-15-2026 | 390000 | &nbsp;&nbsp; 394677 |
| Lake Superior State University (AG Insured) | 4.00 | &nbsp;&nbsp; 11-15-2027 | 405000 | &nbsp;&nbsp; 413674 |
| Lake Superior State University (AG Insured) | 4.00 | &nbsp;&nbsp; 11-15-2028 | 405000 | &nbsp;&nbsp; 415450 |
|  |  |  |  | &nbsp;&nbsp; **1223801** |
| **GO revenue: 0.04%** |  |  |  |  |
| Clawson Public Schools (QSBLF Insured) | 4.00 | &nbsp;&nbsp; 5-1-2026 | 285000 | &nbsp;&nbsp; 288187 |
| Clawson Public Schools (QSBLF Insured) | 4.00 | &nbsp;&nbsp; 5-1-2028 | 300000 | &nbsp;&nbsp; 309879 |
|  |  |  |  | &nbsp;&nbsp; **598066** |
| **Health revenue: 0.49%** |  |  |  |  |
| &nbsp;&nbsp; Michigan Finance Authority Bronson Health Care Group Obligated <br> Group Series Cøø<br>| 3.75 | &nbsp;&nbsp; 11-15-2049 | 7600000 | &nbsp;&nbsp; **7620101** |
| **Housing revenue: 0.27%** |  |  |  |  |
| Michigan State Building Authority Series Iø | 2.02 | &nbsp;&nbsp; 4-15-2059 | 1990000 | &nbsp;&nbsp; 1990000 |
| &nbsp;&nbsp; Michigan State Housing Development Authority Flats Phase I Ltd. <br> Dividend Housing Association LLCøø<br>| 3.80 | &nbsp;&nbsp; 7-1-2041 | 2250000 | &nbsp;&nbsp; 2257460 |
|  |  |  |  | &nbsp;&nbsp; **4247460** |
| **Industrial development revenue: 0.32%** |  |  |  |  |
| Michigan Strategic Fund Consumers Energy Co. AMTøø | 3.35 | &nbsp;&nbsp; 10-1-2049 | 3000000 | &nbsp;&nbsp; 2957171 |
| &nbsp;&nbsp; Michigan Strategic Fund Graphic Packaging International LLC <br> AMTøø<br>| 4.00 | &nbsp;&nbsp; 10-1-2061 | 2000000 | &nbsp;&nbsp; 1988718 |
|  |  |  |  | &nbsp;&nbsp; **4945889** |
| **Utilities revenue: 0.62%** |  |  |  |  |
| Michigan Strategic Fund DTE Electric Co. Series 2023DT AMTøø | 3.88 | &nbsp;&nbsp; 6-1-2053 | 10000000 | &nbsp;&nbsp; **9642970** |
|  |  |  |  | &nbsp;&nbsp; **29644618** |
| **Minnesota: 2.41%** |  |  |  |  |
| **Health revenue: 1.97%** |  |  |  |  |
| City of Maple Grove Hospital Corp. | 5.00 | &nbsp;&nbsp; 5-1-2031 | 1000000 | &nbsp;&nbsp; 1014162 |
| City of Minneapolis Allina Health Obligated Group Series Bøø | 5.00 | &nbsp;&nbsp; 11-15-2053 | 15935000 | &nbsp;&nbsp; 17081252 |
| &nbsp;&nbsp; City of Minneapolis Fairview Health Services Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2030 | 1000000 | &nbsp;&nbsp; 1004659 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota HealthPartners <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2031 | 11500000 | &nbsp;&nbsp; 11500000 |
|  |  |  |  | &nbsp;&nbsp; **30600073** |
| **Housing revenue: 0.38%** |  |  |  |  |
| &nbsp;&nbsp; City of Forest Lake Kilkenny Senior Housing LP (FNMA LOC, FNMA <br> LIQ)ø<br>| 2.01 | &nbsp;&nbsp; 8-15-2038 | 1700000 | &nbsp;&nbsp; 1700000 |

---

The accompanying notes are an integral part of these financial statements.

16 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; City of Marshall Southwest & West Central Service Cooperatives <br> Series A<br>| 6.00<br> %<br>| &nbsp;&nbsp; 2-1-2026 | $180000 | &nbsp;&nbsp; $182003 |
| &nbsp;&nbsp; City of Marshall Southwest & West Central Service Cooperatives <br> Series A<br>| 6.00 | &nbsp;&nbsp; 2-1-2027 | 330000 | &nbsp;&nbsp; 340551 |
| &nbsp;&nbsp; City of Marshall Southwest & West Central Service Cooperatives <br> Series A<br>| 6.00 | &nbsp;&nbsp; 2-1-2028 | 345000 | &nbsp;&nbsp; 362732 |
| &nbsp;&nbsp; City of Marshall Southwest & West Central Service Cooperatives <br> Series A<br>| 6.00 | &nbsp;&nbsp; 2-1-2029 | 370000 | &nbsp;&nbsp; 393827 |
| &nbsp;&nbsp; City of Marshall Southwest & West Central Service Cooperatives <br> Series A<br>| 6.00 | &nbsp;&nbsp; 2-1-2030 | 390000 | &nbsp;&nbsp; 420936 |
| &nbsp;&nbsp; City of Marshall Southwest & West Central Service Cooperatives <br> Series A<br>| 6.00 | &nbsp;&nbsp; 2-1-2031 | 415000 | &nbsp;&nbsp; 451896 |
| &nbsp;&nbsp; Minnesota Housing Finance Agency Series A-2 (Department of <br> Housing and Urban Development Insured)<br>| 3.88 | &nbsp;&nbsp; 8-1-2026 | 2000000 | &nbsp;&nbsp; 2000879 |
|  |  |  |  | &nbsp;&nbsp; **5852824** |
| **Utilities revenue: 0.06%** |  |  |  |  |
| Central Minnesota Municipal Power Agency (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2027 | 400000 | &nbsp;&nbsp; 413015 |
| Central Minnesota Municipal Power Agency (AG Insured) | 5.00 | &nbsp;&nbsp; 1-1-2028 | 500000 | &nbsp;&nbsp; 526750 |
|  |  |  |  | &nbsp;&nbsp; **939765** |
|  |  |  |  | &nbsp;&nbsp; **37392662** |
| **Mississippi: 0.17%** |  |  |  |  |
| **Health revenue: 0.16%** |  |  |  |  |
| &nbsp;&nbsp; Mississippi Hospital Equipment & Facilities Authority Baptist <br> Memorial Health Care Obligated Group Series A-1øø<br>| 5.00 | &nbsp;&nbsp; 9-1-2044 | 2500000 | &nbsp;&nbsp; **2501714** |
| **Industrial development revenue: 0.01%** |  |  |  |  |
| Mississippi Business Finance Corp. Power Co. AMTø | 4.05 | &nbsp;&nbsp; 5-1-2028 | 120000 | &nbsp;&nbsp; **120000** |
|  |  |  |  | &nbsp;&nbsp; **2621714** |
| **Missouri: 1.60%** |  |  |  |  |
| **Education revenue: 0.17%** |  |  |  |  |
| HEFA of the State of Missouri Webster University | 5.00 | &nbsp;&nbsp; 4-1-2026 | 2630000 | &nbsp;&nbsp; **2593968** |
| **Health revenue: 0.73%** |  |  |  |  |
| &nbsp;&nbsp; HEFA of the State of Missouri BJC Healthcare Obligated Group <br> Series Cøø<br>| 5.00 | &nbsp;&nbsp; 5-1-2052 | 5000000 | &nbsp;&nbsp; 5265654 |
| &nbsp;&nbsp; HEFA of the State of Missouri Lutheran Senior Services Obligated <br> Group Series 2025A<br>| 5.00 | &nbsp;&nbsp; 2-1-2028 | 1865000 | &nbsp;&nbsp; 1924027 |
| &nbsp;&nbsp; HEFA of the State of Missouri SSM Health Care Obligated Group <br> Series Aøø<br>| 5.00 | &nbsp;&nbsp; 6-1-2039 | 3000000 | &nbsp;&nbsp; 3155149 |
| Joplin IDA Freeman Health System Obligated Group | 5.00 | &nbsp;&nbsp; 2-15-2031 | 850000 | &nbsp;&nbsp; 922892 |
|  |  |  |  | &nbsp;&nbsp; **11267722** |
| **Housing revenue: 0.34%** |  |  |  |  |
| County of Jackson Series A | 5.00 | &nbsp;&nbsp; 12-1-2026 | 2985000 | &nbsp;&nbsp; 3073528 |
| County of Jackson Series A | 5.00 | &nbsp;&nbsp; 12-1-2030 | 2040000 | &nbsp;&nbsp; 2237796 |
|  |  |  |  | &nbsp;&nbsp; **5311324** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Short-Term Municipal Bond Fund \| 17

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Industrial development revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; Missouri State Environmental Improvement & Energy Resources <br> Authority Evergy Metro, Inc. AMTøø%%<br>| 4.05<br> %<br>| &nbsp;&nbsp; 5-1-2038 | $1625000 | &nbsp;&nbsp; **$1628391** |
| **Miscellaneous revenue: 0.04%** |  |  |  |  |
| County of Barry COP | 5.00 | &nbsp;&nbsp; 10-1-2028 | 610000 | &nbsp;&nbsp; **635155** |
| **Utilities revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp; Missouri State Environmental Improvement & Energy Resources <br> Authority Evergy Metro, Inc. AMTøø<br>| 3.50 | &nbsp;&nbsp; 5-1-2038 | 3500000 | &nbsp;&nbsp; **3500000** |
|  |  |  |  | &nbsp;&nbsp; **24936560** |
| **Montana: 0.19%** |  |  |  |  |
| **Health revenue: 0.19%** |  |  |  |  |
| &nbsp;&nbsp; Montana Facility Finance Authority Billings Clinic Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2025 | 325000 | &nbsp;&nbsp; 325607 |
| &nbsp;&nbsp; Montana Facility Finance Authority Billings Clinic Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2027 | 500000 | &nbsp;&nbsp; 519804 |
| &nbsp;&nbsp; Montana Facility Finance Authority Billings Clinic Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2028 | 2015000 | &nbsp;&nbsp; 2126868 |
|  |  |  |  | &nbsp;&nbsp; **2972279** |
| **Nebraska: 1.32%** |  |  |  |  |
| **Airport revenue: 0.07%** |  |  |  |  |
| Lincoln Airport Authority AMT | 5.00 | &nbsp;&nbsp; 7-1-2028 | 1000000 | &nbsp;&nbsp; **1046262** |
| **Health revenue: 0.21%** |  |  |  |  |
| &nbsp;&nbsp; Douglas County Hospital Authority No. 2 Children's Hospital <br> Obligated Group Series Bøø<br>| 5.00 | &nbsp;&nbsp; 11-15-2053 | 3250000 | &nbsp;&nbsp; **3255843** |
| **Housing revenue: 0.32%** |  |  |  |  |
| City of Lincoln Central at South Haymarket LPøø | 3.37 | &nbsp;&nbsp; 1-10-2048 | 5000000 | &nbsp;&nbsp; **5010076** |
| **Utilities revenue: 0.72%** |  |  |  |  |
| Central Plains Energy Project (Royal Bank of Canada LIQ)øø | 4.00 | &nbsp;&nbsp; 12-1-2049 | 5645000 | &nbsp;&nbsp; 5648740 |
| Central Plains Energy Project No. 3 Series A | 5.00 | &nbsp;&nbsp; 9-1-2031 | 1685000 | &nbsp;&nbsp; 1796297 |
| Central Plains Energy Project No. 4 Series Aøø | 5.00 | &nbsp;&nbsp; 5-1-2054 | 3500000 | &nbsp;&nbsp; 3678874 |
|  |  |  |  | &nbsp;&nbsp; **11123911** |
|  |  |  |  | &nbsp;&nbsp; **20436092** |
| **Nevada: 0.34%** |  |  |  |  |
| **GO revenue: 0.34%** |  |  |  |  |
| Clark County School District Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 6-15-2027 | 5000000 | &nbsp;&nbsp; **5225783** |
| **New Jersey: 1.12%** |  |  |  |  |
| **Education revenue: 0.17%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority <br> Series 1-A AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2030 | 2500000 | &nbsp;&nbsp; **2627919** |

---

The accompanying notes are an integral part of these financial statements.

18 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue: 0.05%** |  |  |  |  |
| Newark Board of Education (BAM Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 7-15-2027 | $350000 | &nbsp;&nbsp; $365018 |
| Newark Board of Education (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-15-2028 | 350000 | &nbsp;&nbsp; 371807 |
|  |  |  |  | &nbsp;&nbsp; **736825** |
| **Housing revenue: 0.58%** |  |  |  |  |
| New Jersey Health Care Facilities Financing Authority | 5.00 | &nbsp;&nbsp; 9-15-2025 | 2500000 | &nbsp;&nbsp; 2509202 |
| New Jersey Health Care Facilities Financing Authority | 5.00 | &nbsp;&nbsp; 9-15-2026 | 2000000 | &nbsp;&nbsp; 2050885 |
| &nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency Single-Family <br> Home Mortgage Series D AMT<br>| 2.90 | &nbsp;&nbsp; 10-1-2025 | 1200000 | &nbsp;&nbsp; 1196781 |
| New Jersey TTFA Series A-1 | 5.00 | &nbsp;&nbsp; 6-15-2030 | 3265000 | &nbsp;&nbsp; 3315469 |
|  |  |  |  | &nbsp;&nbsp; **9072337** |
| **Water & sewer revenue: 0.32%** |  |  |  |  |
| New Jersey EDA American Water Co., Inc. Series B AMTøø | 3.75 | &nbsp;&nbsp; 11-1-2034 | 5000000 | &nbsp;&nbsp; **4998313** |
|  |  |  |  | &nbsp;&nbsp; **17435394** |
| **New Mexico: 1.28%** |  |  |  |  |
| **Housing revenue: 0.26%** |  |  |  |  |
| County of Santa Fe Cresta Ranch Apartments LLPøø | 3.29 | &nbsp;&nbsp; 12-10-2049 | 4000000 | &nbsp;&nbsp; **3997125** |
| **Industrial development revenue: 0.65%** |  |  |  |  |
| City of Farmington Public Service Co. of New Mexico Series Døø | 3.90 | &nbsp;&nbsp; 6-1-2040 | 10000000 | &nbsp;&nbsp; **10123174** |
| **Utilities revenue: 0.37%** |  |  |  |  |
| New Mexico Municipal Energy Acquisition Authority | 5.00 | &nbsp;&nbsp; 5-1-2026 | 475000 | &nbsp;&nbsp; 481376 |
| New Mexico Municipal Energy Acquisition Authorityøø | 5.00 | &nbsp;&nbsp; 6-1-2054 | 5000000 | &nbsp;&nbsp; 5299287 |
|  |  |  |  | &nbsp;&nbsp; **5780663** |
|  |  |  |  | &nbsp;&nbsp; **19900962** |
| **New York: 10.37%** |  |  |  |  |
| **Airport revenue: 0.70%** |  |  |  |  |
| Albany County Airport Authority Series B AMT | 5.00 | &nbsp;&nbsp; 12-15-2026 | 1070000 | &nbsp;&nbsp; 1097598 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2027 | 5000000 | &nbsp;&nbsp; 5180616 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series A AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2026 | 490000 | &nbsp;&nbsp; 500631 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series A AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2027 | 500000 | &nbsp;&nbsp; 518062 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series A AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2028 | 500000 | &nbsp;&nbsp; 524438 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC Series A AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2029 | 500000 | &nbsp;&nbsp; 529715 |
| &nbsp;&nbsp; New York Transportation Development Corp. LaGuardia Gateway <br> Partners LLC Series A-P3 AMT<br>| 4.00 | &nbsp;&nbsp; 7-1-2031 | 2525000 | &nbsp;&nbsp; 2522094 |
|  |  |  |  | &nbsp;&nbsp; **10873154** |
| **Education revenue: 0.69%** |  |  |  |  |
| City of New Rochelle Iona College Series A | 5.00 | &nbsp;&nbsp; 7-1-2031 | 1070000 | &nbsp;&nbsp; 1070000 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Short-Term Municipal Bond Fund \| 19

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter <br> School Series A<br>| 4.05<br> %<br>| &nbsp;&nbsp; 2-1-2031 | $960000 | &nbsp;&nbsp; $905307 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter <br> School Series B<br>| 4.76 | &nbsp;&nbsp; 2-1-2027 | 700000 | &nbsp;&nbsp; 695148 |
| New York State Dormitory Authority Iona College Series 2022 | 5.00 | &nbsp;&nbsp; 7-1-2025 | 600000 | &nbsp;&nbsp; 600000 |
| New York State Dormitory Authority Iona College Series 2022 | 5.00 | &nbsp;&nbsp; 7-1-2028 | 825000 | &nbsp;&nbsp; 863887 |
| New York State Dormitory Authority Pace University Series A | 5.25 | &nbsp;&nbsp; 5-1-2028 | 250000 | &nbsp;&nbsp; 261203 |
| New York State Dormitory Authority Pace University Series A | 5.25 | &nbsp;&nbsp; 5-1-2030 | 500000 | &nbsp;&nbsp; 532751 |
| New York State Dormitory Authority Pace University Series A | 5.25 | &nbsp;&nbsp; 5-1-2031 | 375000 | &nbsp;&nbsp; 402333 |
| &nbsp;&nbsp; St. Lawrence County Industrial Development Agency University <br> Project<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 400000 | &nbsp;&nbsp; 407824 |
| &nbsp;&nbsp; St. Lawrence County Industrial Development Agency University <br> Project<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 510000 | &nbsp;&nbsp; 529993 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XL0575 (JPMorgan Chase Bank N.A. LIQ)144Aø<br>| 4.05 | &nbsp;&nbsp; 7-1-2032 | 4400000 | &nbsp;&nbsp; 4400000 |
|  |  |  |  | &nbsp;&nbsp; **10668446** |
| **GO revenue: 2.68%** |  |  |  |  |
| City of Cortland BAN | 4.50 | &nbsp;&nbsp; 5-15-2026 | 6000000 | &nbsp;&nbsp; 6009261 |
| City of Ithaca BAN | 4.25 | &nbsp;&nbsp; 2-13-2026 | 9740111 | &nbsp;&nbsp; 9772016 |
| City of Mount Vernon BAN144A | 5.00 | &nbsp;&nbsp; 5-29-2026 | 7533000 | &nbsp;&nbsp; 7588104 |
| City of New York Series D-3 (State Street Bank & Trust Co. SPA)ø | 4.05 | &nbsp;&nbsp; 5-1-2052 | 7000000 | &nbsp;&nbsp; 7000000 |
| City of New York Series D-4 (State Street Bank & Trust Co. SPA)ø | 4.02 | &nbsp;&nbsp; 5-1-2052 | 8300000 | &nbsp;&nbsp; 8300000 |
| City of Poughkeepsie | 4.00 | &nbsp;&nbsp; 4-15-2027 | 480000 | &nbsp;&nbsp; 478923 |
| Village of Lowville BAN | 5.38 | &nbsp;&nbsp; 8-21-2025 | 2480000 | &nbsp;&nbsp; 2482309 |
|  |  |  |  | &nbsp;&nbsp; **41630613** |
| **Health revenue: 0.35%** |  |  |  |  |
| &nbsp;&nbsp; Broome County Local Development Corp. United Health Services <br> Hospitals Obligated Group (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 4-1-2026 | 500000 | &nbsp;&nbsp; 506609 |
| &nbsp;&nbsp; Broome County Local Development Corp. United Health Services <br> Hospitals Obligated Group (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 4-1-2027 | 950000 | &nbsp;&nbsp; 981831 |
| &nbsp;&nbsp; New York State Dormitory Authority Montefiore Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2025 | 3000000 | &nbsp;&nbsp; 3003129 |
| &nbsp;&nbsp; New York State Dormitory Authority Montefiore Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2026 | 1000000 | &nbsp;&nbsp; 1017781 |
|  |  |  |  | &nbsp;&nbsp; **5509350** |
| **Housing revenue: 0.72%** |  |  |  |  |
| New York City Housing Development Corp. Series A-2øø | 3.70 | &nbsp;&nbsp; 5-1-2063 | 5500000 | &nbsp;&nbsp; 5510802 |
| New York City Housing Development Corp. Series G-2 AMT | 1.95 | &nbsp;&nbsp; 11-1-2025 | 520000 | &nbsp;&nbsp; 517788 |
| New York City Housing Development Corp. Series G-2 AMT | 2.00 | &nbsp;&nbsp; 5-1-2026 | 535000 | &nbsp;&nbsp; 526727 |
| New York Liberty Development Corp. Series A | 1.20 | &nbsp;&nbsp; 11-15-2028 | 2500000 | &nbsp;&nbsp; 2267233 |
| &nbsp;&nbsp; New York State Housing Finance Agency Series J-2 (Department of <br> Housing and Urban Development Insured)øø<br>| 1.10 | &nbsp;&nbsp; 11-1-2061 | 2425000 | &nbsp;&nbsp; 2312387 |
|  |  |  |  | &nbsp;&nbsp; **11134937** |

---

The accompanying notes are an integral part of these financial statements.

20 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Industrial development revenue: 0.88%** |  |  |  |  |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 4.00<br> %<br>| &nbsp;&nbsp; 10-1-2030 | $2500000 | &nbsp;&nbsp; $2456582 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2026 | 3965000 | &nbsp;&nbsp; 3981729 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2027 | 2000000 | &nbsp;&nbsp; 2029415 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2028 | 5000000 | &nbsp;&nbsp; 5121936 |
|  |  |  |  | &nbsp;&nbsp; **13589662** |
| **Miscellaneous revenue: 1.61%** |  |  |  |  |
| &nbsp;&nbsp; New York City Industrial Development Agency Queens Ballpark <br> Co. LLC Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2030 | 1000000 | &nbsp;&nbsp; 1080040 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series MS0041 <br> (Morgan Stanley Municipal Funding LOC, Morgan Stanley <br> Municipal Funding LIQ)144Aø<br>| 2.32 | &nbsp;&nbsp; 5-1-2026 | 3335000 | &nbsp;&nbsp; 3335000 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority Metropolitan Transportation <br> Authority Payroll Mobility Tax Revenue Series A-2øø<br>| 2.00 | &nbsp;&nbsp; 5-15-2045 | 6000000 | &nbsp;&nbsp; 5700811 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority Metropolitan Transportation <br> Authority Payroll Mobility Tax Revenue Series B<br>| 5.00 | &nbsp;&nbsp; 5-15-2026 | 10000000 | &nbsp;&nbsp; 10182473 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority Metropolitan Transportation <br> Authority Payroll Mobility Tax Revenue Series C<br>| 5.00 | &nbsp;&nbsp; 11-15-2031 | 3500000 | &nbsp;&nbsp; 3922925 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority Real Estate Transfer Tax <br> Series A<br>| 5.00 | &nbsp;&nbsp; 12-1-2029 | 750000 | &nbsp;&nbsp; 821159 |
|  |  |  |  | &nbsp;&nbsp; **25042408** |
| **Resource recovery revenue: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; New York State Environmental Facilities Corp. Casella Waste <br> Systems, Inc. Series R-2 AMT144Aøø<br>| 5.13 | &nbsp;&nbsp; 9-1-2050 | 1200000 | &nbsp;&nbsp; **1234403** |
| **Tax revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series A4 (Bank of America N.A. SPA)ø<br>| 4.05 | &nbsp;&nbsp; 8-1-2041 | 1000000 | &nbsp;&nbsp; **1000000** |
| **Transportation revenue: 1.40%** |  |  |  |  |
| Metropolitan Transportation Authority Series A | 5.00 | &nbsp;&nbsp; 11-15-2031 | 4000000 | &nbsp;&nbsp; 4402131 |
| Metropolitan Transportation Authority Series A2 | 5.00 | &nbsp;&nbsp; 11-15-2028 | 3500000 | &nbsp;&nbsp; 3589542 |
| Metropolitan Transportation Authority Series A-2øø | 5.00 | &nbsp;&nbsp; 11-15-2045 | 8310000 | &nbsp;&nbsp; 8782929 |
| Metropolitan Transportation Authority Series B | 5.00 | &nbsp;&nbsp; 11-15-2028 | 365000 | &nbsp;&nbsp; 388610 |
| Metropolitan Transportation Authority Series D | 5.00 | &nbsp;&nbsp; 11-15-2026 | 4475000 | &nbsp;&nbsp; 4600400 |
|  |  |  |  | &nbsp;&nbsp; **21763612** |
| **Utilities revenue: 0.22%** |  |  |  |  |
| Long Island Power Authority Series Bøø | 1.50 | &nbsp;&nbsp; 9-1-2051 | 3500000 | &nbsp;&nbsp; **3421330** |
| **Water & sewer revenue: 0.98%** |  |  |  |  |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series AA-4 (State Street Bank & Trust Co. SPA)ø<br>| 4.00 | &nbsp;&nbsp; 6-15-2049 | 3000000 | &nbsp;&nbsp; 3000000 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Short-Term Municipal Bond Fund \| 21

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Water & sewer revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series BB-1 (Bank of America N.A. SPA)ø<br>| 4.05<br> %<br>| &nbsp;&nbsp; 6-15-2049 | $10000000 | &nbsp;&nbsp; $10000000 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series DD<br>| 5.00 | &nbsp;&nbsp; 6-15-2026 | 2225000 | &nbsp;&nbsp; 2276902 |
|  |  |  |  | &nbsp;&nbsp; **15276902** |
|  |  |  |  | &nbsp;&nbsp; **161144817** |
| **North Carolina: 0.95%** |  |  |  |  |
| **Health revenue: 0.23%** |  |  |  |  |
| &nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority Atrium Health Obligated <br> Group Series Eøø<br>| 0.80 | &nbsp;&nbsp; 1-15-2048 | 1500000 | &nbsp;&nbsp; 1484682 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Friends Homes Obligated <br> Group Series B2<br>| 2.30 | &nbsp;&nbsp; 9-1-2025 | 1250000 | &nbsp;&nbsp; 1244946 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Lutheran Services for the <br> Aging, Inc. Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 3-1-2026 | 245000 | &nbsp;&nbsp; 246258 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Lutheran Services for the <br> Aging, Inc. Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 3-1-2027 | 295000 | &nbsp;&nbsp; 299657 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Lutheran Services for the <br> Aging, Inc. Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 3-1-2028 | 305000 | &nbsp;&nbsp; 312852 |
|  |  |  |  | &nbsp;&nbsp; **3588395** |
| **Housing revenue: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; North Carolina Capital Facilities Finance Agency Obligated Group <br> Series A (Department of Housing and Urban Development <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2028 | 1155000 | &nbsp;&nbsp; **1168028** |
| **Resource recovery revenue: 0.64%** |  |  |  |  |
| &nbsp;&nbsp; North Carolina Capital Facilities Finance Agency Republic Services, <br> Inc. AMTøø<br>| 3.75 | &nbsp;&nbsp; 6-1-2038 | 10000000 | &nbsp;&nbsp; **9999600** |
|  |  |  |  | &nbsp;&nbsp; **14756023** |
| **North Dakota: 0.62%** |  |  |  |  |
| **Health revenue: 0.62%** |  |  |  |  |
| City of Grand Forks Altru Health System Obligated Group | 5.00 | &nbsp;&nbsp; 12-1-2025 | 380000 | &nbsp;&nbsp; 380837 |
| City of Grand Forks Altru Health System Obligated Group | 5.00 | &nbsp;&nbsp; 12-1-2026 | 435000 | &nbsp;&nbsp; 443234 |
| City of Grand Forks Altru Health System Obligated Group | 5.00 | &nbsp;&nbsp; 12-1-2027 | 1125000 | &nbsp;&nbsp; 1160258 |
| City of Grand Forks Altru Health System Obligated Group | 5.00 | &nbsp;&nbsp; 12-1-2028 | 1525000 | &nbsp;&nbsp; 1589361 |
| City of Grand Forks Altru Health System Obligated Group | 5.00 | &nbsp;&nbsp; 12-1-2029 | 1750000 | &nbsp;&nbsp; 1834759 |
| City of Grand Forks Altru Health System Obligated Group | 5.00 | &nbsp;&nbsp; 12-1-2030 | 3410000 | &nbsp;&nbsp; 3593937 |
| &nbsp;&nbsp; City of Grand Forks Altru Health System Obligated Group Series A <br> (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2030 | 200000 | &nbsp;&nbsp; 215136 |
| &nbsp;&nbsp; City of Grand Forks Altru Health System Obligated Group Series A <br> (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2031 | 325000 | &nbsp;&nbsp; 352099 |
|  |  |  |  | &nbsp;&nbsp; **9569621** |
| **Ohio: 3.77%** |  |  |  |  |
| **Airport revenue: 0.20%** |  |  |  |  |
| Columbus Regional Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2030 | 3000000 | &nbsp;&nbsp; **3185666** |

---

The accompanying notes are an integral part of these financial statements.

22 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue: 0.56%** |  |  |  |  |
| City of Cleveland Series A | 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2026 | $3610000 | &nbsp;&nbsp; $3641540 |
| City of Fairview Park BAN | 5.00 | &nbsp;&nbsp; 11-13-2025 | 5000000 | &nbsp;&nbsp; 5022179 |
|  |  |  |  | &nbsp;&nbsp; **8663719** |
| **Health revenue: 1.56%** |  |  |  |  |
| &nbsp;&nbsp; Akron Bath Copley Joint Township Hospital District Summa Health <br> System Obligated Group<br>| 5.00 | &nbsp;&nbsp; 11-15-2025 | 495000 | &nbsp;&nbsp; 497361 |
| &nbsp;&nbsp; County of Allen Hospital Facilities Revenue Bon Secours Mercy <br> Health, Inc. Series B-1øø<br>| 5.00 | &nbsp;&nbsp; 10-1-2049 | 10000000 | &nbsp;&nbsp; 10342660 |
| County of Hamilton UC Health Obligated Group | 5.00 | &nbsp;&nbsp; 9-15-2026 | 655000 | &nbsp;&nbsp; 662423 |
| State of Ohio Premier Health Partners Obligated Group | 5.00 | &nbsp;&nbsp; 11-15-2025 | 265000 | &nbsp;&nbsp; 266106 |
| &nbsp;&nbsp; State of Ohio University Hospitals Health System, Inc. Obligated <br> Group Series Bø<br>| 2.20 | &nbsp;&nbsp; 1-15-2049 | 12400000 | &nbsp;&nbsp; 12400000 |
|  |  |  |  | &nbsp;&nbsp; **24168550** |
| **Housing revenue: 0.38%** |  |  |  |  |
| &nbsp;&nbsp; Cuyahoga Metropolitan Housing Authority Wade Park LP (FHA <br> Insured)øø<br>| 4.75 | &nbsp;&nbsp; 12-1-2027 | 4000000 | &nbsp;&nbsp; 4021468 |
| Ohio Housing Finance Agency At Main LLCøø | 3.70 | &nbsp;&nbsp; 11-1-2047 | 1800000 | &nbsp;&nbsp; 1811407 |
|  |  |  |  | &nbsp;&nbsp; **5832875** |
| **Industrial development revenue: 0.24%** |  |  |  |  |
| &nbsp;&nbsp; Ohio Air Quality Development Authority Valley Electric Corp. <br> Series A<br>| 2.88 | &nbsp;&nbsp; 2-1-2026 | 3750000 | &nbsp;&nbsp; **3715404** |
| **Miscellaneous revenue: 0.04%** |  |  |  |  |
| Dayton City School District COP | 3.00 | &nbsp;&nbsp; 12-1-2026 | 180000 | &nbsp;&nbsp; 179957 |
| Dayton City School District COP | 3.00 | &nbsp;&nbsp; 12-1-2027 | 270000 | &nbsp;&nbsp; 269810 |
| Dayton City School District COP | 4.00 | &nbsp;&nbsp; 12-1-2028 | 230000 | &nbsp;&nbsp; 236496 |
|  |  |  |  | &nbsp;&nbsp; **686263** |
| **Tax revenue: 0.37%** |  |  |  |  |
| City of Akron Income Tax Revenue | 4.00 | &nbsp;&nbsp; 12-1-2027 | 3540000 | &nbsp;&nbsp; 3631873 |
| City of Akron Income Tax Revenue | 4.00 | &nbsp;&nbsp; 12-1-2028 | 2000000 | &nbsp;&nbsp; 2069617 |
|  |  |  |  | &nbsp;&nbsp; **5701490** |
| **Utilities revenue: 0.42%** |  |  |  |  |
| &nbsp;&nbsp; American Municipal Power, Inc. AMP Fremont Energy Center <br> Revenue Series A<br>| 5.00 | &nbsp;&nbsp; 2-15-2027 | 400000 | &nbsp;&nbsp; 413987 |
| &nbsp;&nbsp; American Municipal Power, Inc. AMP Fremont Energy Center <br> Revenue Series A<br>| 5.00 | &nbsp;&nbsp; 2-15-2029 | 350000 | &nbsp;&nbsp; 375906 |
| &nbsp;&nbsp; American Municipal Power, Inc. Combined Hydroelectric Revenue <br> Series A<br>| 5.00 | &nbsp;&nbsp; 2-15-2026 | 1500000 | &nbsp;&nbsp; 1519187 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Short-Term Municipal Bond Fund \| 23

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; American Municipal Power, Inc. Combined Hydroelectric Revenue <br> Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 2-15-2027 | $1600000 | &nbsp;&nbsp; $1655948 |
| &nbsp;&nbsp; Ohio Air Quality Development Authority Dayton Power & Light Co. <br> Series A AMTøø<br>| 4.25 | &nbsp;&nbsp; 11-1-2040 | 2550000 | &nbsp;&nbsp; 2578330 |
|  |  |  |  | &nbsp;&nbsp; **6543358** |
|  |  |  |  | &nbsp;&nbsp; **58497325** |
| **Oklahoma: 2.24%** |  |  |  |  |
| **GO revenue: 0.15%** |  |  |  |  |
| Canadian County Independent School District No. 34 El Reno | 3.65 | &nbsp;&nbsp; 7-1-2025 | 2355000 | &nbsp;&nbsp; **2355000** |
| **Health revenue: 0.32%** |  |  |  |  |
| Comanche County Hospital Authority | 5.00 | &nbsp;&nbsp; 7-1-2025 | 600000 | &nbsp;&nbsp; 600000 |
| Comanche County Hospital Authority | 5.00 | &nbsp;&nbsp; 7-1-2027 | 1800000 | &nbsp;&nbsp; 1800582 |
| Comanche County Hospital Authority | 5.00 | &nbsp;&nbsp; 7-1-2029 | 500000 | &nbsp;&nbsp; 500121 |
| &nbsp;&nbsp; Oklahoma Development Finance Authority INTEGRIS Health <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2031 | 2000000 | &nbsp;&nbsp; 2001228 |
|  |  |  |  | &nbsp;&nbsp; **4901931** |
| **Housing revenue: 1.67%** |  |  |  |  |
| &nbsp;&nbsp; Cleveland County Educational Facilities Authority Independent <br> School District No. 29 Norman Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2030 | 2540000 | &nbsp;&nbsp; 2761152 |
| &nbsp;&nbsp; Creek County Educational Facilities Authority Independent School <br> District No. 2 Bristow<br>| 5.00 | &nbsp;&nbsp; 9-1-2031 | 3900000 | &nbsp;&nbsp; 4202055 |
| &nbsp;&nbsp; Kingfisher Special Projects Authority Independent School District <br> No. 7<br>| 4.00 | &nbsp;&nbsp; 3-1-2026 | 2005000 | &nbsp;&nbsp; 2015771 |
| &nbsp;&nbsp; Mcintosh County Educational Facilities Authority Independent <br> School District No. 19 Checotah<br>| 2.00 | &nbsp;&nbsp; 9-1-2027 | 415000 | &nbsp;&nbsp; 398196 |
| &nbsp;&nbsp; Oklahoma County Finance Authority Independent School District <br> No. 41 Western Heights<br>| 5.00 | &nbsp;&nbsp; 9-1-2030 | 2120000 | &nbsp;&nbsp; 2217478 |
| &nbsp;&nbsp; Oklahoma County Finance Authority Independent School District <br> No. 41 Western Heights<br>| 5.00 | &nbsp;&nbsp; 9-1-2031 | 1250000 | &nbsp;&nbsp; 1305979 |
| &nbsp;&nbsp; Oklahoma County Finance Authority Independent School District <br> No. 9 Jones<br>| 4.00 | &nbsp;&nbsp; 9-1-2025 | 550000 | &nbsp;&nbsp; 550305 |
| &nbsp;&nbsp; Oklahoma County Finance Authority Independent School District <br> No. 9 Jones<br>| 4.00 | &nbsp;&nbsp; 9-1-2026 | 590000 | &nbsp;&nbsp; 594747 |
| Oklahoma Industries Authority Independent School District No. 89 | 5.00 | &nbsp;&nbsp; 4-1-2030 | 3500000 | &nbsp;&nbsp; 3790451 |
| &nbsp;&nbsp; Ottawa County Educational Facilities Authority Independent School <br> District No. 23 Miami<br>| 5.00 | &nbsp;&nbsp; 9-1-2025 | 930000 | &nbsp;&nbsp; 931959 |
| &nbsp;&nbsp; Tulsa County Industrial Authority Independent School District No. 3 <br> Broken Arrow<br>| 5.00 | &nbsp;&nbsp; 9-1-2025 | 3000000 | &nbsp;&nbsp; 3004609 |
| &nbsp;&nbsp; Tulsa County Industrial Authority Independent School District No. 3 <br> Broken Arrow<br>| 5.00 | &nbsp;&nbsp; 9-1-2031 | 835000 | &nbsp;&nbsp; 924487 |
| &nbsp;&nbsp; Wagoner County School Development Authority Independent <br> School District No. 19<br>| 4.00 | &nbsp;&nbsp; 9-1-2025 | 1255000 | &nbsp;&nbsp; 1256265 |
| &nbsp;&nbsp; Washington County Educational Facilities Authority Independent <br> School District No. 7 Dewey<br>| 5.00 | &nbsp;&nbsp; 9-1-2031 | 445000 | &nbsp;&nbsp; 468886 |
| Weatherford Industrial Trust Independent School District No. 26 | 5.00 | &nbsp;&nbsp; 3-1-2027 | 1475000 | &nbsp;&nbsp; 1517778 |
|  |  |  |  | &nbsp;&nbsp; **25940118** |

---

The accompanying notes are an integral part of these financial statements.

24 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Miscellaneous revenue: 0.05%** |  |  |  |  |
| Kay County Public Buildings Authority Sales Tax Revenue | 2.38<br> %<br>| &nbsp;&nbsp; 4-1-2026 | $750000 | &nbsp;&nbsp; **$737209** |
| **Tax revenue: 0.05%** |  |  |  |  |
| Jackson County Facilities Authority Courthouse Project | 4.00 | &nbsp;&nbsp; 10-1-2027 | 810000 | &nbsp;&nbsp; **825119** |
|  |  |  |  | &nbsp;&nbsp; **34759377** |
| **Oregon: 1.87%** |  |  |  |  |
| **Airport revenue: 0.77%** |  |  |  |  |
| Port of Portland Airport Revenue Series 26-C AMT | 5.00 | &nbsp;&nbsp; 7-1-2026 | 1240000 | &nbsp;&nbsp; 1261799 |
| Port of Portland Airport Revenue Series 30A AMT | 5.00 | &nbsp;&nbsp; 7-1-2030 | 10000000 | &nbsp;&nbsp; 10703615 |
|  |  |  |  | &nbsp;&nbsp; **11965414** |
| **GO revenue: 0.78%** |  |  |  |  |
| Port of Morrow Series A | 4.00 | &nbsp;&nbsp; 6-1-2026 | 345000 | &nbsp;&nbsp; 347602 |
| Port of Morrow Series A | 4.00 | &nbsp;&nbsp; 6-1-2027 | 535000 | &nbsp;&nbsp; 543194 |
| State of Oregon Article XI-Q State Projects Series A | 5.00 | &nbsp;&nbsp; 5-1-2028 | 10485000 | &nbsp;&nbsp; 11185188 |
|  |  |  |  | &nbsp;&nbsp; **12075984** |
| **Industrial development revenue: 0.32%** |  |  |  |  |
| &nbsp;&nbsp; Oregon State Business Development Commission Intel Corp. <br> Series 232øø<br>| 3.80 | &nbsp;&nbsp; 12-1-2040 | 5000000 | &nbsp;&nbsp; **5038690** |
|  |  |  |  | &nbsp;&nbsp; **29080088** |
| **Pennsylvania: 5.07%** |  |  |  |  |
| **Airport revenue: 0.43%** |  |  |  |  |
| Allegheny County Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2027 | 2000000 | &nbsp;&nbsp; 2047061 |
| Allegheny County Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2028 | 2000000 | &nbsp;&nbsp; 2077466 |
| City of Philadelphia Airport Revenue Series A | 5.00 | &nbsp;&nbsp; 7-1-2026 | 1160000 | &nbsp;&nbsp; 1185574 |
| City of Philadelphia Airport Revenue Series A | 5.00 | &nbsp;&nbsp; 7-1-2027 | 1400000 | &nbsp;&nbsp; 1462378 |
|  |  |  |  | &nbsp;&nbsp; **6772479** |
| **Education revenue: 0.80%** |  |  |  |  |
| Huntingdon County General Authority Juniata College Series T | 5.00 | &nbsp;&nbsp; 10-1-2027 | 385000 | &nbsp;&nbsp; 395228 |
| Huntingdon County General Authority Juniata College Series T | 5.00 | &nbsp;&nbsp; 10-1-2028 | 415000 | &nbsp;&nbsp; 429537 |
| &nbsp;&nbsp; Lehigh County General Purpose Authority Valley Academy Regional <br> Charter School<br>| 4.00 | &nbsp;&nbsp; 6-1-2026 | 1005000 | &nbsp;&nbsp; 1006130 |
| &nbsp;&nbsp; Lehigh County General Purpose Authority Valley Academy Regional <br> Charter School<br>| 4.00 | &nbsp;&nbsp; 6-1-2028 | 1090000 | &nbsp;&nbsp; 1096735 |
| Pennsylvania Higher Education Assistance Agency Series A | 5.00 | &nbsp;&nbsp; 6-1-2026 | 1475000 | &nbsp;&nbsp; 1490219 |
| Pennsylvania Higher Education Assistance Agency Series A | 5.00 | &nbsp;&nbsp; 6-1-2028 | 500000 | &nbsp;&nbsp; 514287 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Drexel <br> University Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 5-1-2029 | 1115000 | &nbsp;&nbsp; 1192093 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Drexel <br> University Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 5-1-2030 | 1795000 | &nbsp;&nbsp; 1943596 |
| &nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority York College <br> Series T4øø<br>| 4.50 | &nbsp;&nbsp; 5-1-2033 | 2985000 | &nbsp;&nbsp; 2998565 |
| Philadelphia IDA Frankford Valley Foundation for Literacy144A | 4.50 | &nbsp;&nbsp; 6-15-2029 | 1395000 | &nbsp;&nbsp; 1394494 |
|  |  |  |  | &nbsp;&nbsp; **12460884** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Short-Term Municipal Bond Fund \| 25

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue: 0.82%** |  |  |  |  |
| Albert Gallatin Area School District Series A (AG Insured) | 4.00<br> %<br>| &nbsp;&nbsp; 9-1-2025 | $1130000 | &nbsp;&nbsp; $1131635 |
| Albert Gallatin Area School District Series B (AG Insured) | 4.00 | &nbsp;&nbsp; 9-1-2025 | 350000 | &nbsp;&nbsp; 350507 |
| Allentown City School District (BAM Insured) | 5.00 | &nbsp;&nbsp; 2-1-2027 | 3875000 | &nbsp;&nbsp; 3985242 |
| Borough of Dunmore Series A (AG Insured) | 2.00 | &nbsp;&nbsp; 9-1-2025 | 220000 | &nbsp;&nbsp; 219166 |
| Borough of Dunmore Series A (AG Insured) | 2.00 | &nbsp;&nbsp; 9-1-2027 | 200000 | &nbsp;&nbsp; 193104 |
| Borough of Dunmore Series A (AG Insured) | 2.00 | &nbsp;&nbsp; 9-1-2028 | 220000 | &nbsp;&nbsp; 208463 |
| Butler Area School District (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2025 | 4695000 | &nbsp;&nbsp; 4716628 |
| City of Oil City Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2026 | 200000 | &nbsp;&nbsp; 203262 |
| City of Oil City Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2027 | 195000 | &nbsp;&nbsp; 200107 |
| City of Oil City Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2028 | 200000 | &nbsp;&nbsp; 206369 |
| Laurel Highlands School District (BAM Insured) | 4.00 | &nbsp;&nbsp; 2-1-2027 | 1325000 | &nbsp;&nbsp; 1345266 |
|  |  |  |  | &nbsp;&nbsp; **12759749** |
| **Health revenue: 1.56%** |  |  |  |  |
| Doylestown Hospital Authority Obligated Group Series A | 5.00 | &nbsp;&nbsp; 7-1-2027 | 1305000 | &nbsp;&nbsp; 1306606 |
| Geisinger Authority Kaiser Obligated Group Series Bøø | 5.00 | &nbsp;&nbsp; 4-1-2043 | 10000000 | &nbsp;&nbsp; 10198168 |
| &nbsp;&nbsp; Jefferson County Hospital Authority Punxsutawney Area Hospital, <br> Inc.144A<br>| 4.50 | &nbsp;&nbsp; 1-15-2027 | 7000000 | &nbsp;&nbsp; 7030927 |
| &nbsp;&nbsp; Lancaster County Hospital Authority Masonic Villages of the Grand <br> Lodge of Pennsylvania<br>| 5.00 | &nbsp;&nbsp; 11-1-2030 | 2030000 | &nbsp;&nbsp; 2163851 |
| &nbsp;&nbsp; Lancaster Municipal Authority Garden Spot Village Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 5-1-2029 | 190000 | &nbsp;&nbsp; 199539 |
| &nbsp;&nbsp; Lancaster Municipal Authority Garden Spot Village Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 5-1-2031 | 210000 | &nbsp;&nbsp; 223902 |
| Monroeville Finance Authority UPMC Obligated Group Series C | 5.00 | &nbsp;&nbsp; 5-15-2029 | 440000 | &nbsp;&nbsp; 472269 |
| Monroeville Finance Authority UPMC Obligated Group Series C | 5.00 | &nbsp;&nbsp; 5-15-2030 | 515000 | &nbsp;&nbsp; 559474 |
| Westmoreland County IDA Excela Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 7-1-2029 | 1935000 | &nbsp;&nbsp; 2016093 |
|  |  |  |  | &nbsp;&nbsp; **24170829** |
| **Housing revenue: 0.36%** |  |  |  |  |
| Pennsylvania EDFA Bridges Finco LP | 5.00 | &nbsp;&nbsp; 12-31-2030 | 1835000 | &nbsp;&nbsp; 1849944 |
| Pennsylvania Housing Finance Agency Series 125A AMT | 2.38 | &nbsp;&nbsp; 10-1-2025 | 1795000 | &nbsp;&nbsp; 1788010 |
| Pennsylvania Housing Finance Agency Series 128A AMT | 4.75 | &nbsp;&nbsp; 4-1-2033 | 1460000 | &nbsp;&nbsp; 1463357 |
| Pennsylvania Housing Finance Agency Series 137 | 5.00 | &nbsp;&nbsp; 10-1-2025 | 220000 | &nbsp;&nbsp; 221022 |
| Pennsylvania Housing Finance Agency Series 137 | 5.00 | &nbsp;&nbsp; 4-1-2026 | 240000 | &nbsp;&nbsp; 243662 |
|  |  |  |  | &nbsp;&nbsp; **5565995** |
| **Miscellaneous revenue: 0.17%** |  |  |  |  |
| Pennsylvania EDFA Philadelphia Water Department | 4.00 | &nbsp;&nbsp; 1-1-2026 | 615000 | &nbsp;&nbsp; 616071 |
| &nbsp;&nbsp; Sports & Exhibition Authority of Pittsburgh & Allegheny County <br> Regional Asset District Sales Tax Revenue (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 2-1-2026 | 2000000 | &nbsp;&nbsp; 2023259 |
|  |  |  |  | &nbsp;&nbsp; **2639330** |
| **Tax revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority<br>| 5.00 | &nbsp;&nbsp; 5-1-2026 | 500000 | &nbsp;&nbsp; 503832 |

---

The accompanying notes are an integral part of these financial statements.

26 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority<br>| 5.00<br> %<br>| &nbsp;&nbsp; 5-1-2027 | $500000 | &nbsp;&nbsp; $513746 |
| &nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority<br>| 5.00 | &nbsp;&nbsp; 5-1-2028 | 500000 | &nbsp;&nbsp; 520142 |
|  |  |  |  | &nbsp;&nbsp; **1537720** |
| **Transportation revenue: 0.75%** |  |  |  |  |
| Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2025 | 530000 | &nbsp;&nbsp; 530740 |
| Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2026 | 545000 | &nbsp;&nbsp; 550703 |
| &nbsp;&nbsp; Pennsylvania Turnpike Commission Registration Fee Revenue <br> (SIFMA Municipal Swap+0.85%)±<br>| 2.77 | &nbsp;&nbsp; 7-15-2041 | 8500000 | &nbsp;&nbsp; 8484590 |
| Pennsylvania Turnpike Commission (TD Bank N.A. LOC)ø | 1.92 | &nbsp;&nbsp; 12-1-2039 | 1500000 | &nbsp;&nbsp; 1500000 |
| Pennsylvania Turnpike Commission Series B | 5.00 | &nbsp;&nbsp; 12-1-2025 | 300000 | &nbsp;&nbsp; 302547 |
| Pennsylvania Turnpike Commission Series B | 5.00 | &nbsp;&nbsp; 12-1-2026 | 350000 | &nbsp;&nbsp; 361268 |
|  |  |  |  | &nbsp;&nbsp; **11729848** |
| **Water & sewer revenue: 0.08%** |  |  |  |  |
| Allegheny County Sanitary Authority Series A | 5.00 | &nbsp;&nbsp; 6-1-2026 | 850000 | &nbsp;&nbsp; 867314 |
| Allegheny County Sanitary Authority Series A | 5.00 | &nbsp;&nbsp; 6-1-2027 | 300000 | &nbsp;&nbsp; 313001 |
|  |  |  |  | &nbsp;&nbsp; **1180315** |
|  |  |  |  | &nbsp;&nbsp; **78817149** |
| **Rhode Island: 0.10%** |  |  |  |  |
| **Housing revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; Providence Public Building Authority Capital Improvement Program <br> Projects Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 9-15-2030 | 1500000 | &nbsp;&nbsp; **1629121** |
| **South Carolina: 0.37%** |  |  |  |  |
| **GO revenue: 0.23%** |  |  |  |  |
| &nbsp;&nbsp; County of Colleton General Obligation Capital Project (BAM <br> Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2027 | 3535000 | &nbsp;&nbsp; **3626126** |
| **Health revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; South Carolina Jobs-EDA Beaufort Memorial Hospital Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 11-15-2030 | 250000 | &nbsp;&nbsp; **261689** |
| **Utilities revenue: 0.12%** |  |  |  |  |
| South Carolina Public Service Authority Series A | 5.00 | &nbsp;&nbsp; 12-1-2031 | 850000 | &nbsp;&nbsp; 939011 |
| South Carolina Public Service Authority Series C | 5.00 | &nbsp;&nbsp; 12-1-2026 | 400000 | &nbsp;&nbsp; 411933 |
| South Carolina Public Service Authority Series C | 5.00 | &nbsp;&nbsp; 12-1-2027 | 420000 | &nbsp;&nbsp; 441151 |
|  |  |  |  | &nbsp;&nbsp; **1792095** |
|  |  |  |  | &nbsp;&nbsp; **5679910** |
| **Tennessee: 1.63%** |  |  |  |  |
| **Airport revenue: 0.29%** |  |  |  |  |
| Metropolitan Nashville Airport Authority Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2027 | 675000 | &nbsp;&nbsp; 697873 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Short-Term Municipal Bond Fund \| 27

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airport revenue**(continued) |  |  |  |  |
| Metropolitan Nashville Airport Authority Series B AMT | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2028 | $1000000 | &nbsp;&nbsp; $1049177 |
| Metropolitan Nashville Airport Authority Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2029 | 2675000 | &nbsp;&nbsp; 2841276 |
|  |  |  |  | &nbsp;&nbsp; **4588326** |
| **Health revenue: 0.51%** |  |  |  |  |
| &nbsp;&nbsp; City of Jackson West Tennessee Healthcare Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2029 | 770000 | &nbsp;&nbsp; 802279 |
| &nbsp;&nbsp; Shelby County Health Educational & Housing Facilities Board <br> Methodist Le Bonheur Healthcare Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 5-1-2028 | 330000 | &nbsp;&nbsp; 339258 |
| &nbsp;&nbsp; Shelby County Health Educational & Housing Facilities Board <br> Methodist Le Bonheur Healthcare Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 5-1-2029 | 2685000 | &nbsp;&nbsp; 2755691 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2022-<br> BAML5024 (Bank of America N.A. LOC, Bank of America N.A. <br> LIQ)144Aø<br>| 4.13 | &nbsp;&nbsp; 9-1-2036 | 4000000 | &nbsp;&nbsp; 4000000 |
|  |  |  |  | &nbsp;&nbsp; **7897228** |
| **Utilities revenue: 0.83%** |  |  |  |  |
| City of Memphis Electric System Revenue Series A | 5.00 | &nbsp;&nbsp; 12-1-2025 | 600000 | &nbsp;&nbsp; 605268 |
| City of Memphis Electric System Revenue Series A | 5.00 | &nbsp;&nbsp; 12-1-2026 | 600000 | &nbsp;&nbsp; 619911 |
| City of Memphis Electric System Revenue Series A | 5.00 | &nbsp;&nbsp; 12-1-2027 | 450000 | &nbsp;&nbsp; 474915 |
| Tennergy Corp. Series A | 5.50 | &nbsp;&nbsp; 12-1-2028 | 1000000 | &nbsp;&nbsp; 1057268 |
| Tennergy Corp. Series Aøø | 5.50 | &nbsp;&nbsp; 10-1-2053 | 2500000 | &nbsp;&nbsp; 2623907 |
| Tennessee Energy Acquisition Corp.øø | 4.00 | &nbsp;&nbsp; 11-1-2049 | 7500000 | &nbsp;&nbsp; 7510658 |
|  |  |  |  | &nbsp;&nbsp; **12891927** |
|  |  |  |  | &nbsp;&nbsp; **25377481** |
| **Texas: 12.51%** |  |  |  |  |
| **Airport revenue: 1.01%** |  |  |  |  |
| City of Austin Airport System Revenue AMT | 5.00 | &nbsp;&nbsp; 11-15-2025 | 1500000 | &nbsp;&nbsp; 1509607 |
| City of El Paso Airport Revenue AMT | 5.00 | &nbsp;&nbsp; 8-15-2025 | 3110000 | &nbsp;&nbsp; 3115884 |
| City of Houston Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2026 | 1000000 | &nbsp;&nbsp; 1017876 |
| City of Houston Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2027 | 1000000 | &nbsp;&nbsp; 1033886 |
| City of Houston Airport System Revenue Series A AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2028 | 3000000 | &nbsp;&nbsp; 3143155 |
| City of Houston Airport System Revenue Series B | 5.00 | &nbsp;&nbsp; 7-1-2026 | 1500000 | &nbsp;&nbsp; 1532323 |
| Dallas Fort Worth International Airport Series A | 5.00 | &nbsp;&nbsp; 11-1-2025 | 1000000 | &nbsp;&nbsp; 1005840 |
| Love Field Airport Modernization Corp. Dallas Airport Revenue AMT | 5.00 | &nbsp;&nbsp; 11-1-2026 | 3250000 | &nbsp;&nbsp; 3322546 |
|  |  |  |  | &nbsp;&nbsp; **15681117** |
| **Education revenue: 0.32%** |  |  |  |  |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Harmony Public Schools <br> Series A<br>| 4.00 | &nbsp;&nbsp; 2-15-2027 | 350000 | &nbsp;&nbsp; 356423 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Harmony Public Schools <br> Series A<br>| 4.00 | &nbsp;&nbsp; 2-15-2028 | 290000 | &nbsp;&nbsp; 295371 |
| Clifton Higher Education Finance Corp. Braination, Inc. | 5.00 | &nbsp;&nbsp; 8-15-2030 | 200000 | &nbsp;&nbsp; 217275 |
| Clifton Higher Education Finance Corp. Braination, Inc. | 5.00 | &nbsp;&nbsp; 8-15-2031 | 205000 | &nbsp;&nbsp; 224864 |
| Clifton Higher Education Finance Corp. Braination, Inc. | 5.00 | &nbsp;&nbsp; 8-15-2032 | 215000 | &nbsp;&nbsp; 237014 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. IDEA Public Schools <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2025 | 360000 | &nbsp;&nbsp; 360440 |

---

The accompanying notes are an integral part of these financial statements.

28 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. IDEA Public Schools <br> Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 8-15-2027 | $500000 | &nbsp;&nbsp; $517875 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. IDEA Public Schools <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2028 | 300000 | &nbsp;&nbsp; 315152 |
| Clifton Higher Education Finance Corp. Series Bøø | 4.00 | &nbsp;&nbsp; 2-15-2055 | 1000000 | &nbsp;&nbsp; 1018342 |
| Odessa Junior College District (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2028 | 400000 | &nbsp;&nbsp; 411955 |
| Texas PFA Southern University (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-1-2028 | 1000000 | &nbsp;&nbsp; 1015914 |
|  |  |  |  | &nbsp;&nbsp; **4970625** |
| **GO revenue: 2.56%** |  |  |  |  |
| Andrews County Hospital District | 5.00 | &nbsp;&nbsp; 3-15-2027 | 1750000 | &nbsp;&nbsp; 1800729 |
| City of Port Arthur (BAM Insured) | 5.00 | &nbsp;&nbsp; 2-15-2026 | 290000 | &nbsp;&nbsp; 293450 |
| City of Port Arthur (BAM Insured) | 5.00 | &nbsp;&nbsp; 2-15-2027 | 310000 | &nbsp;&nbsp; 320768 |
| City of Port Arthur (BAM Insured) | 5.00 | &nbsp;&nbsp; 2-15-2028 | 365000 | &nbsp;&nbsp; 385023 |
| Dallas Independent School District Series A-1øø | 5.00 | &nbsp;&nbsp; 2-15-2055 | 5000000 | &nbsp;&nbsp; 5048968 |
| Fort Bend Independent School District Series Bøø | 0.72 | &nbsp;&nbsp; 8-1-2051 | 1200000 | &nbsp;&nbsp; 1160409 |
| Fort Bend Independent School District Series Bøø | 3.80 | &nbsp;&nbsp; 8-1-2055 | 5000000 | &nbsp;&nbsp; 5074668 |
| Fort Bend Independent School District Series Bøø | 4.00 | &nbsp;&nbsp; 8-1-2054 | 5000000 | &nbsp;&nbsp; 5092579 |
| Katy Independent School District Series Cøø | 4.00 | &nbsp;&nbsp; 8-15-2050 | 6000000 | &nbsp;&nbsp; 6063904 |
| Northside Independent School Districtøø | 3.55 | &nbsp;&nbsp; 6-1-2050 | 5000000 | &nbsp;&nbsp; 5039322 |
| Pasadena Independent School District Series A | 4.00 | &nbsp;&nbsp; 2-15-2032 | 4000000 | &nbsp;&nbsp; 4001117 |
| Round Rock Independent School District Series Aøø | 5.00 | &nbsp;&nbsp; 8-1-2044 | 5000000 | &nbsp;&nbsp; 5423312 |
|  |  |  |  | &nbsp;&nbsp; **39704249** |
| **Health revenue: 1.44%** |  |  |  |  |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Memorial <br> Hermann Health System Obligated Group Series Bøø<br>| 5.00 | &nbsp;&nbsp; 6-1-2050 | 5000000 | &nbsp;&nbsp; 5295126 |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Texas <br> Children's Hospital Obligated Group Series Bøø<br>| 5.00 | &nbsp;&nbsp; 10-1-2051 | 8500000 | &nbsp;&nbsp; 9292089 |
| Midland County Hospital District Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-15-2030 | 850000 | &nbsp;&nbsp; 927966 |
| Midland County Hospital District Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-15-2031 | 900000 | &nbsp;&nbsp; 994603 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. Baylor <br> Scott & White Health Obligated Group Series Eøø<br>| 5.00 | &nbsp;&nbsp; 11-15-2052 | 4000000 | &nbsp;&nbsp; 4048168 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. Buckner <br> Retirement Services, Inc. Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2026 | 1440000 | &nbsp;&nbsp; 1458882 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. <br> Methodist Hospitals of Dallas Obligated Group Series B (TD Bank <br> N.A. LOC)ø<br>| 4.00 | &nbsp;&nbsp; 10-1-2041 | 300000 | &nbsp;&nbsp; 300000 |
|  |  |  |  | &nbsp;&nbsp; **22316834** |
| **Housing revenue: 1.39%** |  |  |  |  |
| Alamo Area Housing Finance Corp. Cedar Bluff Apartments LPøø | 3.39 | &nbsp;&nbsp; 7-10-2044 | 5000000 | &nbsp;&nbsp; 5042395 |
| Arlington Housing Finance Corp. Reserve at Mayfield LLCøø | 3.50 | &nbsp;&nbsp; 11-1-2043 | 5000000 | &nbsp;&nbsp; 5000140 |
| Housing Options, Inc. Culbreath LPøø | 3.75 | &nbsp;&nbsp; 11-1-2045 | 4000000 | &nbsp;&nbsp; 4036379 |
| Houston Housing Finance Corp. Cordova Apartments LPøø | 3.65 | &nbsp;&nbsp; 2-1-2048 | 3700000 | &nbsp;&nbsp; 3721359 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Short-Term Municipal Bond Fund \| 29

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2024-MIZ9158 (Mizuho Capital <br> Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144Aø<br>| 2.20<br> %<br>| &nbsp;&nbsp; 3-1-2038 | $1700000 | &nbsp;&nbsp; $1700000 |
| &nbsp;&nbsp; Travis County Housing Finance Corp. Austin Gateway <br> Apartments LPøø<br>| 4.13 | &nbsp;&nbsp; 6-1-2045 | 2000000 | &nbsp;&nbsp; 2007372 |
|  |  |  |  | &nbsp;&nbsp; **21507645** |
| **Industrial development revenue: 0.72%** |  |  |  |  |
| Harris County Industrial Development Corp. Energy Transfer LPøø | 4.05 | &nbsp;&nbsp; 11-1-2050 | 7000000 | &nbsp;&nbsp; 6851213 |
| &nbsp;&nbsp; Mission Economic Development Corp. Graphic Packaging <br> International LLC AMTøø<br>| 5.00 | &nbsp;&nbsp; 12-1-2064 | 2500000 | &nbsp;&nbsp; 2555109 |
| &nbsp;&nbsp; Port of Beaumont Navigation District Jefferson 2020 Bond Lessee & <br> Borrower LLC Obligated Group Series A AMT144A<br>| 1.88 | &nbsp;&nbsp; 1-1-2026 | 800000 | &nbsp;&nbsp; 790259 |
| &nbsp;&nbsp; Port of Beaumont Navigation District Jefferson 2020 Bond Lessee & <br> Borrower LLC Obligated Group Series A AMT144A<br>| 2.00 | &nbsp;&nbsp; 1-1-2027 | 525000 | &nbsp;&nbsp; 507790 |
| &nbsp;&nbsp; Port of Beaumont Navigation District Jefferson 2020 Bond Lessee & <br> Borrower LLC Obligated Group Series A AMT144A<br>| 2.13 | &nbsp;&nbsp; 1-1-2028 | 575000 | &nbsp;&nbsp; 545381 |
|  |  |  |  | &nbsp;&nbsp; **11249752** |
| **Miscellaneous revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp; Greater Texoma Utility Authority City of Sherman Water & Sewer <br> System Revenue (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2029 | 420000 | &nbsp;&nbsp; 452471 |
| &nbsp;&nbsp; Greater Texoma Utility Authority City of Sherman Water & Sewer <br> System Revenue (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2030 | 1520000 | &nbsp;&nbsp; 1655484 |
| &nbsp;&nbsp; Greater Texoma Utility Authority City of Sherman Water & Sewer <br> System Revenue Series A (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2029 | 400000 | &nbsp;&nbsp; 430925 |
| &nbsp;&nbsp; Greater Texoma Utility Authority City of Sherman Water & Sewer <br> System Revenue Series A (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2030 | 750000 | &nbsp;&nbsp; 816850 |
|  |  |  |  | &nbsp;&nbsp; **3355730** |
| **Resource recovery revenue: 1.35%** |  |  |  |  |
| &nbsp;&nbsp; Matagorda County Navigation District No. 1 AEP Texas, Inc. Series A <br> (Ambac Insured)<br>| 4.40 | &nbsp;&nbsp; 5-1-2030 | 3500000 | &nbsp;&nbsp; 3626456 |
| &nbsp;&nbsp; Mission Economic Development Corp. Waste Management, Inc. <br> Series B AMTøø<br>| 3.95 | &nbsp;&nbsp; 7-1-2040 | 5000000 | &nbsp;&nbsp; 5000165 |
| &nbsp;&nbsp; Port of Port Arthur Navigation District Motiva Enterprises LLC <br> Series Bø<br>| 4.00 | &nbsp;&nbsp; 4-1-2040 | 9000000 | &nbsp;&nbsp; 9000000 |
| &nbsp;&nbsp; Port of Port Arthur Navigation District Motiva Enterprises LLC <br> Series Cø<br>| 4.10 | &nbsp;&nbsp; 4-1-2040 | 3400000 | &nbsp;&nbsp; 3400000 |
|  |  |  |  | &nbsp;&nbsp; **21026621** |
| **Tax revenue: 0.42%** |  |  |  |  |
| &nbsp;&nbsp; Baytown Municipal Development District Convention Center Hotel <br> Revenue Series C<br>| 5.00 | &nbsp;&nbsp; 10-1-2025 | 480000 | &nbsp;&nbsp; 480877 |
| &nbsp;&nbsp; Baytown Municipal Development District Convention Center Hotel <br> Revenue Series C<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 510000 | &nbsp;&nbsp; 517657 |
| &nbsp;&nbsp; Baytown Municipal Development District Convention Center Hotel <br> Revenue Series C<br>| 5.00 | &nbsp;&nbsp; 10-1-2027 | 845000 | &nbsp;&nbsp; 867426 |

---

The accompanying notes are an integral part of these financial statements.

30 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue**(continued) |  |  |  |  |
| City of Dallas Hotel Occupancy Tax Revenue | 4.00<br> %<br>| &nbsp;&nbsp; 8-15-2028 | $1290000 | &nbsp;&nbsp; $1294882 |
| City of Dallas Fair Park Venue Project144Aøø | 6.25 | &nbsp;&nbsp; 8-15-2053 | 3415000 | &nbsp;&nbsp; 3416057 |
|  |  |  |  | &nbsp;&nbsp; **6576899** |
| **Transportation revenue: 1.00%** |  |  |  |  |
| Central Texas Turnpike System Series Bøø | 5.00 | &nbsp;&nbsp; 8-15-2042 | 10000000 | &nbsp;&nbsp; 10521262 |
| Central Texas Turnpike System Series C | 5.00 | &nbsp;&nbsp; 8-15-2031 | 3500000 | &nbsp;&nbsp; 3852330 |
| County of Fort Bend Toll Road Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 3-1-2030 | 450000 | &nbsp;&nbsp; 490869 |
| County of Fort Bend Toll Road Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 3-1-2031 | 600000 | &nbsp;&nbsp; 662349 |
|  |  |  |  | &nbsp;&nbsp; **15526810** |
| **Utilities revenue: 1.60%** |  |  |  |  |
| City of San Antonio Electric & Gas Systems Revenueøø | 1.75 | &nbsp;&nbsp; 2-1-2049 | 11500000 | &nbsp;&nbsp; 11401685 |
| Lower Colorado River Authority | 5.00 | &nbsp;&nbsp; 5-15-2027 | 2000000 | &nbsp;&nbsp; 2073248 |
| Lower Colorado River Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 5-15-2027 | 1385000 | &nbsp;&nbsp; 1442929 |
| Lower Colorado River Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 5-15-2028 | 2285000 | &nbsp;&nbsp; 2425770 |
| &nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. II (SIFMA Municipal <br> Swap+0.55%)±<br>| 2.47 | &nbsp;&nbsp; 9-15-2027 | 5035000 | &nbsp;&nbsp; 5002559 |
| Texas Municipal Power Agency (AG Insured) | 3.00 | &nbsp;&nbsp; 9-1-2026 | 950000 | &nbsp;&nbsp; 950970 |
| Texas Municipal Power Agency (AG Insured) | 3.00 | &nbsp;&nbsp; 9-1-2027 | 1600000 | &nbsp;&nbsp; 1601013 |
|  |  |  |  | &nbsp;&nbsp; **24898174** |
| **Water & sewer revenue: 0.48%** |  |  |  |  |
| San Antonio Water System Series A (Truist Bank SPA)ø | 3.95 | &nbsp;&nbsp; 5-1-2054 | 7500000 | &nbsp;&nbsp; **7500000** |
|  |  |  |  | &nbsp;&nbsp; **194314456** |
| **Utah: 0.30%** |  |  |  |  |
| **Airport revenue: 0.23%** |  |  |  |  |
| City of Salt Lake City Airport Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2025 | 3600000 | &nbsp;&nbsp; **3600000** |
| **Telecom revenue: 0.02%** |  |  |  |  |
| Utah Infrastructure Agency | 3.00 | &nbsp;&nbsp; 10-15-2026 | 310000 | &nbsp;&nbsp; **307503** |
| **Utilities revenue: 0.05%** |  |  |  |  |
| Southern Utah Valley Power Systems (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-15-2030 | 385000 | &nbsp;&nbsp; 418346 |
| Southern Utah Valley Power Systems (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-15-2031 | 300000 | &nbsp;&nbsp; 329475 |
|  |  |  |  | &nbsp;&nbsp; **747821** |
|  |  |  |  | &nbsp;&nbsp; **4655324** |
| **Vermont: 0.26%** |  |  |  |  |
| **Housing revenue: 0.26%** |  |  |  |  |
| Vermont Housing Finance Agency Series E-2 (FHA Insured) | 3.50 | &nbsp;&nbsp; 11-1-2026 | 4000000 | &nbsp;&nbsp; **4002780** |
| **Virginia: 1.52%** |  |  |  |  |
| **Airport revenue: 0.10%** |  |  |  |  |
| Virginia Port Authority Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2029 | 1500000 | &nbsp;&nbsp; **1523436** |
| **Education revenue: 0.06%** |  |  |  |  |
| Virginia College Building Authority Regent University | 5.00 | &nbsp;&nbsp; 6-1-2026 | 300000 | &nbsp;&nbsp; 303174 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Short-Term Municipal Bond Fund \| 31

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| Virginia College Building Authority Regent University | 5.00<br> %<br>| &nbsp;&nbsp; 6-1-2027 | $275000 | &nbsp;&nbsp; $281890 |
| Virginia College Building Authority Regent University | 5.00 | &nbsp;&nbsp; 6-1-2028 | 300000 | &nbsp;&nbsp; 312084 |
|  |  |  |  | &nbsp;&nbsp; **897148** |
| **Housing revenue: 0.71%** |  |  |  |  |
| Arlington County IDA Park Shirlington Preservation LP Series A | 5.00 | &nbsp;&nbsp; 1-1-2026 | 6000000 | &nbsp;&nbsp; 6057861 |
| Virginia Housing Development Authority Series Føø | 3.63 | &nbsp;&nbsp; 7-1-2055 | 5065000 | &nbsp;&nbsp; 5064985 |
|  |  |  |  | &nbsp;&nbsp; **11122846** |
| **Tax revenue: 0.06%** |  |  |  |  |
| Marquis CDA of York County Virginia CAB144A | 7.50 | &nbsp;&nbsp; 9-1-2045 | 680000 | &nbsp;&nbsp; 224400 |
| Marquis CDA of York County Virginia Series A | 5.10 | &nbsp;&nbsp; 9-1-2036 | 2169000 | &nbsp;&nbsp; 715770 |
| Marquis CDA of York County Virginia Series C CAB¤ | 0.00 | &nbsp;&nbsp; 9-1-2041 | 3493000 | &nbsp;&nbsp; 8732 |
|  |  |  |  | &nbsp;&nbsp; **948902** |
| **Utilities revenue: 0.59%** |  |  |  |  |
| Louisa IDA Virginia Electric & Power Co. Series Aøø | 3.65 | &nbsp;&nbsp; 11-1-2035 | 9000000 | &nbsp;&nbsp; **9121421** |
|  |  |  |  | &nbsp;&nbsp; **23613753** |
| **Washington: 2.26%** |  |  |  |  |
| **GO revenue: 0.41%** |  |  |  |  |
| City of Seattle Series A | 4.00 | &nbsp;&nbsp; 4-1-2031 | 2395000 | &nbsp;&nbsp; 2410780 |
| State of Washington | 5.00 | &nbsp;&nbsp; 6-1-2026 | 1570000 | &nbsp;&nbsp; 1603400 |
| Tacoma Metropolitan Park District | 5.00 | &nbsp;&nbsp; 12-1-2026 | 2250000 | &nbsp;&nbsp; 2321068 |
|  |  |  |  | &nbsp;&nbsp; **6335248** |
| **Health revenue: 1.22%** |  |  |  |  |
| Skagit County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2027 | 3655000 | &nbsp;&nbsp; 3725773 |
| Skagit County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2028 | 2000000 | &nbsp;&nbsp; 2034778 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority CommonSpirit Health <br> Obligated Group Series B-2øø<br>| 5.00 | &nbsp;&nbsp; 8-1-2049 | 8430000 | &nbsp;&nbsp; 8444143 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority CommonSpirit Health <br> Obligated Group Series B-3øø<br>| 5.00 | &nbsp;&nbsp; 8-1-2049 | 4125000 | &nbsp;&nbsp; 4152107 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Fred Hutchinson <br> Cancer Center Obligated Group144A<br>| 5.00 | &nbsp;&nbsp; 12-1-2025 | 275000 | &nbsp;&nbsp; 277199 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Fred Hutchinson <br> Cancer Center Obligated Group144A<br>| 5.00 | &nbsp;&nbsp; 12-1-2026 | 285000 | &nbsp;&nbsp; 293703 |
|  |  |  |  | &nbsp;&nbsp; **18927703** |
| **Housing revenue: 0.46%** |  |  |  |  |
| &nbsp;&nbsp; FYI Properties State of Washington Consolidated Technology <br> Services<br>| 5.00 | &nbsp;&nbsp; 6-1-2027 | 1000000 | &nbsp;&nbsp; 1041346 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 10-1-2027 | 300000 | &nbsp;&nbsp; 304308 |
| Snohomish County Housing Authority | 5.00 | &nbsp;&nbsp; 4-1-2026 | 730000 | &nbsp;&nbsp; 739233 |
| &nbsp;&nbsp; Washington State Housing Finance Commission Downtowner <br> Apartments Project (FHLMC LIQ)<br>| 3.70 | &nbsp;&nbsp; 7-1-2030 | 5000000 | &nbsp;&nbsp; 5071037 |
|  |  |  |  | &nbsp;&nbsp; **7155924** |

---

The accompanying notes are an integral part of these financial statements.

32 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue: 0.17%** |  |  |  |  |
| Energy Northwest Bonneville Power Administration Series A | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2030 | $2500000 | &nbsp;&nbsp; $**2757953** |
|  |  |  |  | &nbsp;&nbsp; **35176828** |
| **West Virginia: 0.16%** |  |  |  |  |
| **Resource recovery revenue: 0.16%** |  |  |  |  |
| West Virginia EDA Kentucky Power Co. Series 2014-A AMTøø | 4.70 | &nbsp;&nbsp; 4-1-2036 | 2500000 | &nbsp;&nbsp; **2512710** |
| **Wisconsin: 3.00%** |  |  |  |  |
| **GO revenue: 0.05%** |  |  |  |  |
| Monroe School District (AG Insured) | 5.00 | &nbsp;&nbsp; 3-1-2030 | 675000 | &nbsp;&nbsp; **733231** |
| **Health revenue: 2.19%** |  |  |  |  |
| PFA Renown Regional Medical Center Obligated Group Series A | 5.00 | &nbsp;&nbsp; 6-1-2031 | 3000000 | &nbsp;&nbsp; 3001518 |
| PFA Texas Biomedical Research Institute Series A | 5.00 | &nbsp;&nbsp; 6-1-2027 | 200000 | &nbsp;&nbsp; 206360 |
| PFA Texas Biomedical Research Institute Series A | 5.00 | &nbsp;&nbsp; 6-1-2028 | 225000 | &nbsp;&nbsp; 235259 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XF3230 (BAM Insured) (Barclays Bank plc LIQ)144Aø<br>| 2.04 | &nbsp;&nbsp; 2-15-2054 | 1275000 | &nbsp;&nbsp; 1275000 |
| &nbsp;&nbsp; Wisconsin HEFA Advocate Aurora Health Obligated Group Series C-<br> 3øø<br>| 5.00 | &nbsp;&nbsp; 8-15-2054 | 1250000 | &nbsp;&nbsp; 1269559 |
| Wisconsin HEFA Beloit Health System Obligated Group | 5.00 | &nbsp;&nbsp; 7-1-2025 | 1000000 | &nbsp;&nbsp; 1000000 |
| Wisconsin HEFA Beloit Health System Obligated Group | 5.00 | &nbsp;&nbsp; 7-1-2026 | 1060000 | &nbsp;&nbsp; 1079159 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 2-15-2029 | 2500000 | &nbsp;&nbsp; 2648594 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series B2øø<br>| 5.00 | &nbsp;&nbsp; 2-15-2051 | 18300000 | &nbsp;&nbsp; 18731917 |
| &nbsp;&nbsp; Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2029 | 1000000 | &nbsp;&nbsp; 1002707 |
| &nbsp;&nbsp; Wisconsin HEFA St. Camillus Health System Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2025 | 245000 | &nbsp;&nbsp; 245358 |
| &nbsp;&nbsp; Wisconsin HEFA St. Camillus Health System Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2026 | 355000 | &nbsp;&nbsp; 358308 |
| &nbsp;&nbsp; Wisconsin HEFA St. Camillus Health System Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2030 | 1035000 | &nbsp;&nbsp; 1061394 |
| Wisconsin HEFA St. John's Communities, Inc. Obligated Group | 4.00 | &nbsp;&nbsp; 9-15-2026 | 795000 | &nbsp;&nbsp; 791787 |
| Wisconsin HEFA St. John's Communities, Inc. Obligated Group | 4.00 | &nbsp;&nbsp; 9-15-2028 | 860000 | &nbsp;&nbsp; 855124 |
| &nbsp;&nbsp; Wisconsin HEFA St. John's Communities, Inc. Obligated Group <br> Series B<br>| 4.00 | &nbsp;&nbsp; 9-15-2027 | 140000 | &nbsp;&nbsp; 139328 |
| &nbsp;&nbsp; Wisconsin HEFA St. John's Communities, Inc. Obligated Group <br> Series B<br>| 4.00 | &nbsp;&nbsp; 9-15-2028 | 195000 | &nbsp;&nbsp; 193894 |
|  |  |  |  | &nbsp;&nbsp; **34095266** |
| **Industrial development revenue: 0.09%** |  |  |  |  |
| PFA Waste Management, Inc. Series A-2 AMT | 2.88 | &nbsp;&nbsp; 5-1-2027 | 1400000 | &nbsp;&nbsp; **1376330** |
| **Miscellaneous revenue: 0.23%** |  |  |  |  |
| &nbsp;&nbsp; Wisconsin HEFA Forensic Science & Protective Medicine <br> Collaboration, Inc.144A<br>| 5.00 | &nbsp;&nbsp; 8-1-2027 | 3500000 | &nbsp;&nbsp; **3552733** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Short-Term Municipal Bond Fund \| 33

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; Southeast Wisconsin Professional Baseball Park District Series A <br> (NPFGC Insured)<br>| 5.50<br> %<br>| &nbsp;&nbsp; 12-15-2026 | $2310000 | &nbsp;&nbsp; **$2362175** |
| **Utilities revenue: 0.19%** |  |  |  |  |
| PFA Duke Energy Progress LLC Series A-1øø | 3.30 | &nbsp;&nbsp; 10-1-2046 | 3000000 | &nbsp;&nbsp; **2977964** |
| **Water & sewer revenue: 0.10%** |  |  |  |  |
| Town of Clayton Water & Sewer System Revenue Series C BAN | 2.00 | &nbsp;&nbsp; 6-1-2026 | 1600000 | &nbsp;&nbsp; **1570787** |
|  |  |  |  | &nbsp;&nbsp; **46668486** |
| **Wyoming: 0.22%** |  |  |  |  |
| **Health revenue: 0.22%** |  |  |  |  |
| Sublette County Hospital District Construction Project Series A | 5.00 | &nbsp;&nbsp; 6-15-2026 | 3500000 | &nbsp;&nbsp; **3500349** |
| **Total municipal obligations (Cost $1,531,721,191)** |  |  |  | &nbsp;&nbsp; **1521122250** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 0.72%** |  |  |  |  |
| **Investment companies: 0.72%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞## |  | 4.26 | 11230843 | &nbsp;&nbsp; **11230843** |
| **Total short-term investments (Cost $11,230,843)** |  |  |  | &nbsp;&nbsp; **11230843** |
| **Total investments in securities (Cost $1,552,952,034)** | 99.29<br> %<br>|  |  | &nbsp;&nbsp; 1542353093 |
| Other assets and liabilities, net | 0.71 |  |  | &nbsp;&nbsp; 11032051 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$1553385144** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| %% | The security is purchased on a when-issued basis. |
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |
| ## | All or a portion of this security is segregated as collateral for when-issued securities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.

34 \| Allspring Short-Term Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AG | Assured Guaranty Incorporation |
| Ambac | Ambac Financial Group Incorporated |
| AMT | Alternative minimum tax |
| BAM | Build America Mutual Assurance Company |
| BAN | Bond anticipation note |
| CAB | Capital appreciation bond |
| CDA | Community Development Authority |
| COP | Certificate of participation |
| EDA | Economic Development Authority |
| EDFA | Economic Development Finance Authority |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GO | General obligation |
| HEFA | Health & Educational Facilities Authority |
| HFA | Housing Finance Authority |
| HFFA | Health Facilities Financing Authority |
| IDA | Industrial Development Authority |
| LIQ | Liquidity agreement |
| LOC | Letter of credit |
| NPFGC | National Public Finance Guarantee Corporation |
| PFA | Public Finance Authority |
| QSBLF | Qualified School Board Loan Fund Insured |
| RDA | Redevelopment Authority |
| SIFMA | Securities Industry and Financial Markets Association |
| SOFR | Secured Overnight Financing Rate |
| SPA | Standby purchase agreement |
| TTFA | Transportation Trust Fund Authority |

---

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund <br> Select Class<br>| $6979316 | $488483750 | $(484232223)<br>| $0 | $0 | $11230843 | 11230843 | $270730 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Short-Term Municipal Bond Fund \| 35

------

Statement of assets and liabilities—June 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $1,541,721,191) | $1531122250 |
| Investments in affiliated securities, at value (cost $11,230,843) | 11230843 |
| Cash | 515733 |
| Receivable for interest | 15855182 |
| Receivable for Fund shares sold | 767147 |
| Receivable for investments sold | 265719 |
| Prepaid expenses and other assets | 676 |
| **Total assets** | **1559757550** |
| Liabilities |  |
| Payable for when-issued transactions | 3802914 |
| Payable for Fund shares redeemed | 1592905 |
| Management fee payable | 363953 |
| Dividends payable | 269432 |
| Administration fees payable | 113879 |
| Shareholder servicing fees payable | 63331 |
| Distribution fee payable | 2914 |
| Trustees' fees and expenses payable | 640 |
| Accrued expenses and other liabilities | 162438 |
| **Total liabilities** | **6372406** |
| **Total net assets**  | **$1553385144** |
| Net assets consist of |  |
| Paid-in capital | $1627077616 |
| Total distributable loss | (73692472)<br>|
| **Total net assets** | **$1553385144** |

---

The accompanying notes are an integral part of these financial statements.

36 \| Allspring Short-Term Municipal Bond Fund

------

Statement of assets and liabilities—June 30, 2025

Statement of assets and liabilities

---

| | |
|:---|:---|
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $302621416 |
| Shares outstanding–Class A<sup>1</sup> <br>| 31189521 |
| Net asset value per share–Class A | $9.70 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $9.90 |
| Net assets–Class C | $4710406 |
| Shares outstanding–Class C<sup>1</sup> <br>| 485457 |
| Net asset value per share–Class C | $9.70 |
| Net assets–Class R6 | $135178205 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 13905392 |
| Net asset value per share–Class R6 | $9.72 |
| Net assets–Administrator Class | $1644327 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 169548 |
| Net asset value per share–Administrator Class | $9.70 |
| Net assets–Institutional Class | $1109230790 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 114123556 |
| Net asset value per share–Institutional Class | $9.72 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/98 of net asset value. On investments of $100,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

Allspring Short-Term Municipal Bond Fund \| 37

------

Statement of operations—year ended June 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $48207240 |
| Income from affiliated securities | 270730 |
| **Total investment income** | **48477970** |
| Expenses |  |
| Management fee | 5416011 |
| Administration fees |  |
| Class A | 477528 |
| Class C | 7002 |
| Class R6 | 40077 |
| Administrator Class | 1561 |
| Institutional Class | 905096 |
| Shareholder servicing fees |  |
| Class A | 795084 |
| Class C | 11670 |
| Administrator Class | 3844 |
| Distribution fee |  |
| Class C | 35011 |
| Custody and accounting fees | 62669 |
| Professional fees | 84109 |
| Registration fees | 30080 |
| Shareholder report expenses | 113843 |
| Trustees' fees and expenses | 21925 |
| Other fees and expenses | 42198 |
| **Total expenses** | **8047708** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (674928)<br>|
| Class A | (346998)<br>|
| Class C | (4342)<br>|
| Administrator Class | (1116)<br>|
| **Net expenses** | **7020324** |
| **Net investment income** | **41457646** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized losses on investments** | **(1374778)**<br>|
| **Net change in unrealized gains (losses) on investments** | **19924410** |
| **Net realized and unrealized gains (losses) on investments** | **18549632** |
| **Net increase in net assets resulting from operations** | **$60007278** |

---

The accompanying notes are an integral part of these financial statements.

38 \| Allspring Short-Term Municipal Bond Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2024 | Year ended<br> June 30, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $41457646 |  | &nbsp;&nbsp; $46200480 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; (1374778)<br>|  | &nbsp;&nbsp; 423776 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 19924410 |  | &nbsp;&nbsp; 16245260 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **60007278** |  | &nbsp;&nbsp; **62869516** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (7744467)<br>|  | &nbsp;&nbsp; (8459932)<br>|
| Class C |  | &nbsp;&nbsp; (77953)<br>|  | &nbsp;&nbsp; (73197)<br>|
| Class R6 |  | &nbsp;&nbsp; (3603650)<br>|  | &nbsp;&nbsp; (4010731)<br>|
| Administrator Class |  | &nbsp;&nbsp; (38177)<br>|  | &nbsp;&nbsp; (54482)<br>|
| Institutional Class |  | &nbsp;&nbsp; (29945853)<br>|  | &nbsp;&nbsp; (34509776)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(41410100)**<br>|  | &nbsp;&nbsp; **(47108118)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 2077957 | &nbsp;&nbsp; 20093707 | &nbsp;&nbsp; 3464958 | &nbsp;&nbsp; 33041706 |
| Class C | 107478 | &nbsp;&nbsp; 1039611 | &nbsp;&nbsp; 95241 | &nbsp;&nbsp; 911018 |
| Class R6 | 2551190 | &nbsp;&nbsp; 24718023 | &nbsp;&nbsp; 2666949 | &nbsp;&nbsp; 25496467 |
| Administrator Class | 56730 | &nbsp;&nbsp; 547659 | &nbsp;&nbsp; 18036 | &nbsp;&nbsp; 171188 |
| Institutional Class | 40482902 | &nbsp;&nbsp; 391632915 | &nbsp;&nbsp; 33507349 | &nbsp;&nbsp; 320354286 |
|  |  | &nbsp;&nbsp; 438031915 |  | &nbsp;&nbsp; 379974665 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 756313 | &nbsp;&nbsp; 7322559 | &nbsp;&nbsp; 838085 | &nbsp;&nbsp; 7994142 |
| Class C | 7923 | &nbsp;&nbsp; 76714 | &nbsp;&nbsp; 7649 | &nbsp;&nbsp; 72982 |
| Class R6 | 266834 | &nbsp;&nbsp; 2588051 | &nbsp;&nbsp; 262252 | &nbsp;&nbsp; 2506692 |
| Administrator Class | 3405 | &nbsp;&nbsp; 32956 | &nbsp;&nbsp; 4025 | &nbsp;&nbsp; 38360 |
| Institutional Class | 2930890 | &nbsp;&nbsp; 28428658 | &nbsp;&nbsp; 3462749 | &nbsp;&nbsp; 33088389 |
|  |  | &nbsp;&nbsp; 38448938 |  | &nbsp;&nbsp; 43700565 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (6236689)<br>| &nbsp;&nbsp; (60334159)<br>| &nbsp;&nbsp; (11533055)<br>| &nbsp;&nbsp; (109955975)<br>|
| Class C | (92719)<br>| &nbsp;&nbsp; (896911)<br>| &nbsp;&nbsp; (137279)<br>| &nbsp;&nbsp; (1311906)<br>|
| Class R6 | (3369088)<br>| &nbsp;&nbsp; (32629070)<br>| &nbsp;&nbsp; (7303578)<br>| &nbsp;&nbsp; (69698647)<br>|
| Administrator Class | (58363)<br>| &nbsp;&nbsp; (564034)<br>| &nbsp;&nbsp; (139450)<br>| &nbsp;&nbsp; (1331699)<br>|
| Institutional Class | (58376589)<br>| &nbsp;&nbsp; (566015189)<br>| &nbsp;&nbsp; (55396072)<br>| &nbsp;&nbsp; (529407381)<br>|
|  |  | &nbsp;&nbsp; (660439363)<br>|  | &nbsp;&nbsp; (711705608)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(183958510)**<br>|  | &nbsp;&nbsp; **(288030378)**<br>|
| **Total decrease in net assets** |  | &nbsp;&nbsp; **(165361332)**<br>|  | &nbsp;&nbsp; **(272268980)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **1718746476** |  | &nbsp;&nbsp; **1991015456** |
| **End of period** |  | &nbsp;&nbsp; **$1553385144** |  | &nbsp;&nbsp; **$1718746476** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Short-Term Municipal Bond Fund \| 39

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.60** | &nbsp;&nbsp; **$9.52** | &nbsp;&nbsp; **$9.54** | &nbsp;&nbsp; **$9.95** | &nbsp;&nbsp; **$9.92** |
| Net investment income | 0.24 <br><sup>1</sup><br>| 0.22 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.10 | 0.12 |
| Net realized and unrealized gains (losses) on investments | 0.10 | 0.08 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.41)<br>| 0.03 |
| Total from investment operations | 0.34 | 0.30 | 0.15 | &nbsp;&nbsp; (0.31)<br>| 0.15 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.24)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.12)<br>|
| **Net asset value, end of period** | **$9.70** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$9.52** | &nbsp;&nbsp; **$9.54** | &nbsp;&nbsp; **$9.95** |
| **Total return**<sup>2</sup> <br>| **3.53%**<br>| **3.24%**<br>| **1.53%**<br>| &nbsp;&nbsp; **(3.09)%**<br>| **1.52%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.76<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.77<br> %<br>|
| Net expenses | 0.61<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>|
| Net investment income | 2.44<br> %<br>| 2.30<br> %<br>| 1.71<br> %<br>| 1.05<br> %<br>| 1.20<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 31<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 20<br> %<br>|
| Net assets, end of period (000s omitted) | $302621 | &nbsp;&nbsp; $332104 | &nbsp;&nbsp; $397949 | &nbsp;&nbsp; $522582 | &nbsp;&nbsp; $685618 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

The accompanying notes are an integral part of these financial statements.

40 \| Allspring Short-Term Municipal Bond Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.60** | &nbsp;&nbsp; **$9.52** | &nbsp;&nbsp; **$9.54** | &nbsp;&nbsp; **$9.95** | &nbsp;&nbsp; **$9.92** |
| Net investment income | 0.16 <br><sup>1</sup><br>| 0.15 <br><sup>1</sup><br>| 0.09 <br><sup>1</sup><br>| 0.03 | 0.05 |
| Net realized and unrealized gains (losses) on investments | 0.10 | 0.08 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.41)<br>| 0.03 |
| Total from investment operations | 0.26 | 0.23 | 0.07 | &nbsp;&nbsp; (0.38)<br>| 0.08 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.16)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.05)<br>|
| **Net asset value, end of period** | **$9.70** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$9.52** | &nbsp;&nbsp; **$9.54** | &nbsp;&nbsp; **$9.95** |
| **Total return**<sup>2</sup> <br>| **2.74%**<br>| **2.47%**<br>| **0.77%**<br>| &nbsp;&nbsp; **(3.82)%**<br>| **0.76%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.51<br> %<br>| 1.51<br> %<br>| 1.51<br> %<br>| 1.51<br> %<br>| 1.51<br> %<br>|
| Net expenses | 1.38<br> %<br>| 1.38<br> %<br>| 1.38<br> %<br>| 1.38<br> %<br>| 1.38<br> %<br>|
| Net investment income | 1.67<br> %<br>| 1.55<br> %<br>| 0.97<br> %<br>| 0.30<br> %<br>| 0.45<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 31<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 20<br> %<br>|
| Net assets, end of period (000s omitted) | $4710 | &nbsp;&nbsp; $4443 | &nbsp;&nbsp; $4731 | &nbsp;&nbsp; $5058 | &nbsp;&nbsp; $6962 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

The accompanying notes are an integral part of these financial statements.

Allspring Short-Term Municipal Bond Fund \| 41

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class R6 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.62** | &nbsp;&nbsp; **$9.53** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$9.97** | &nbsp;&nbsp; **$9.94** |
| Net investment income | 0.26 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.19 <br><sup>1</sup><br>| 0.13 | 0.15 |
| Net realized and unrealized gains (losses) on investments | 0.10 | 0.10 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.41)<br>| 0.03 |
| Total from investment operations | 0.36 | 0.34 | 0.16 | &nbsp;&nbsp; (0.28)<br>| 0.18 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.26)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.15)<br>|
| **Net asset value, end of period** | **$9.72** | &nbsp;&nbsp; **$9.62** | &nbsp;&nbsp; **$9.53** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$9.97** |
| **Total return**<sup>2</sup> <br>| **3.80%**<br>| **3.63%**<br>| **1.70%**<br>| &nbsp;&nbsp; **(2.82)%**<br>| **1.80%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.39<br> %<br>| 0.39<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.39<br> %<br>|
| Net expenses | 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>|
| Net investment income | 2.70<br> %<br>| 2.58<br> %<br>| 1.96<br> %<br>| 1.33<br> %<br>| 1.48<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 31<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 20<br> %<br>|
| Net assets, end of period (000s omitted) | $135178 | &nbsp;&nbsp; $139057 | &nbsp;&nbsp; $179524 | &nbsp;&nbsp; $346080 | &nbsp;&nbsp; $439530 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

The accompanying notes are an integral part of these financial statements.

42 \| Allspring Short-Term Municipal Bond Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.60** | &nbsp;&nbsp; **$9.51** | &nbsp;&nbsp; **$9.54** | &nbsp;&nbsp; **$9.96** | &nbsp;&nbsp; **$9.92** |
| Net investment income | 0.24 <br><sup>1</sup><br>| 0.22 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.12 | 0.12 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.10 | 0.10 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.42)<br>| 0.04 |
| Total from investment operations | 0.34 | 0.32 | 0.14 | &nbsp;&nbsp; (0.30)<br>| 0.16 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.24)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.12)<br>|
| **Net asset value, end of period** | **$9.70** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$9.51** | &nbsp;&nbsp; **$9.54** | &nbsp;&nbsp; **$9.96** |
| **Total return**<sup>2</sup> <br>| **3.54%**<br>| **3.38%**<br>| **1.45%**<br>| &nbsp;&nbsp; **(3.08)%**<br>| **1.65%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.71<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.71<br> %<br>|
| Net expenses | 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income | 2.45<br> %<br>| 2.33<br> %<br>| 1.70<br> %<br>| 1.07<br> %<br>| 1.23<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 31<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 20<br> %<br>|
| Net assets, end of period (000s omitted) | $1644 | &nbsp;&nbsp; $1610 | &nbsp;&nbsp; $2712 | &nbsp;&nbsp; $6372 | &nbsp;&nbsp; $12906 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

The accompanying notes are an integral part of these financial statements.

Allspring Short-Term Municipal Bond Fund \| 43

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.62** | &nbsp;&nbsp; **$9.53** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$9.97** | &nbsp;&nbsp; **$9.94** |
| Net investment income | 0.26 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.19 <br><sup>1</sup><br>| 0.13 | 0.14 |
| Net realized and unrealized gains (losses) on investments | 0.10 | 0.10 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.41)<br>| 0.03 |
| Total from investment operations | 0.36 | 0.34 | 0.16 | &nbsp;&nbsp; (0.28)<br>| 0.17 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.26)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Net asset value, end of period** | **$9.72** | &nbsp;&nbsp; **$9.62** | &nbsp;&nbsp; **$9.53** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$9.97** |
| **Total return**<sup>2</sup> <br>| **3.75%**<br>| **3.58%**<br>| **1.65%**<br>| &nbsp;&nbsp; **(2.86)%**<br>| **1.75%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.44<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.44<br> %<br>|
| Net expenses | 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>|
| Net investment income | 2.65<br> %<br>| 2.53<br> %<br>| 1.96<br> %<br>| 1.29<br> %<br>| 1.42<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 31<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 20<br> %<br>|
| Net assets, end of period (000s omitted) | $1109231 | &nbsp;&nbsp; $1241533 | &nbsp;&nbsp; $1406099 | &nbsp;&nbsp; $1155172 | &nbsp;&nbsp; $1390537 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

The accompanying notes are an integral part of these financial statements.

44 \| Allspring Short-Term Municipal Bond Fund

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services* – *Investment Companies*. These financial statements report on the Allspring Short-Term Municipal Bond Fund (the "Fund") which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles ("GAAP") which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g., taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund's commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund's fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

Allspring Short-Term Municipal Bond Fund \| 45

------

Notes to financial statements

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 June 30, 2025, the aggregate cost of all investments for federal income tax purposes was $1,553,197,790 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $5131663 |
| Gross unrealized losses | &nbsp;&nbsp; (15976360)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(10844697)**<br>|

---

As of June 30, 2025, the Fund had capital loss carryforwards which consist of $8,898,682 in short-term capital losses and $53,722,611 in long-term capital losses.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.&nbsp;&nbsp;&nbsp;&nbsp;

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

• Level 1—quoted prices in active markets for identical securities

• Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Closed-end fund obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $10000000 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $10000000 |
| **Municipal obligations** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1521122250 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1521122250 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 11230843 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 11230843 |
| **Total assets** | &nbsp;&nbsp; **$11230843** | &nbsp;&nbsp;&nbsp; **$1531122250** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1542353093** |

---

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At June 30, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds

46 \| Allspring Short-Term Municipal Bond Fund

------

Notes to financial statements

Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $1 billion | 0.350<br> %<br>|
| Next $4 billion | 0.325 |
| Next $3 billion | 0.290 |
| Next $2 billion | 0.265 |
| Over $10 billion | 0.255 |

---

For the year ended June 30, 2025, the advisory fee was equivalent to an annual rate of 0.34% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.15<br> %<br>|
| Class C | 0.15 |
| Class R6 | 0.03 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through October 31, 2025 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 June 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.63<br> %<br>|
| Class C | 1.38 |
| Class R6 | 0.35 |
| Administrator Class | 0.60 |
| Institutional Class | 0.40 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC ("Allspring Funds Distributor"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended June 30, 2025, Allspring Funds Distributor received $756 from the sale of Class A shares and $447 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended June 30, 2025.

Allspring Short-Term Municipal Bond Fund \| 47

------

Notes to financial statements

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $374,400,000, $359,280,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the year ended June 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2025 were $455,231,701 and $489,570,752, respectively.

6. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended June 30, 2025, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 |
|  | 2025 | 2024 |
| **Tax-exempt income** | $41410100 | $47108118 |

---

As of June 30, 2025, the components of distributable loss on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>tax-exempt <br>income<br>| Unrealized <br>losses<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $50301 | &nbsp;&nbsp; $(10844697)<br>| &nbsp;&nbsp;&nbsp; $(62621293)<br>|

---

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. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

10. CLASS CONVERSION

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025.

48 \| Allspring Short-Term Municipal Bond Fund

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

11. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. 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 revenue 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 Short-Term Municipal Bond Fund \| 49

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Short-Term Municipal Bond Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of June 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g97024img2138211a2.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

August 22, 2025

50 \| Allspring Short-Term Municipal Bond Fund

------

Other information (unaudited)

Other information

Tax information

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended June 30, 2025.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

Allspring Short-Term Municipal Bond Fund \| 51

------

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.

52 \| Allspring Short-Term Municipal Bond Fund

------

Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Short-Term Municipal Bond Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

Allspring Short-Term Municipal Bond Fund \| 53

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one- and ten-year periods under review, and in range of the average investment performance of the Universe for the three- and five-year periods under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Bloomberg 1-3 Year Composite Municipal Bond Index, for the one- and three-year periods under review, and in range of the investment performance of its benchmark index for the five- and ten-year periods under review.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class, except for Institutional Class, which was equal to the median net operating expense ratio of the expense Group.

It was noted that the Board had approved a proposal to convert Administrator Class shares into Institutional Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of the average rates for the expense Groups for Institutional Class and Class R6, equal to the sum of the average rates for the expense Group for Administrator Class, and in range of the sum of the average rates for the expense Group for Class A.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

54 \| Allspring Short-Term Municipal Bond Fund

------

Other information (unaudited)

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

Allspring Short-Term Municipal Bond Fund \| 55

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*This page is intentionally left blank.*

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![](g97024img543785d51.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**

![](g97024img9b15015c3.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-800-222-8222*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

Allspring Global Investments<sup>TM</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR3330 06-25**

------

![](g97024img134c5bc61.jpg)

Allspring Strategic Municipal Bond Fund

Long Form Financial Statements

Annual Report

June 30, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_79aebb2e-f03a-404f-b79b-5fcbc41bdf9d_POI-PageBlank-45_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_79aebb2e-f03a-404f-b79b-5fcbc41bdf9d_FS-PageBlank-45_1)** |  |
| [Statement of assets and liabilities](#xx_79aebb2e-f03a-404f-b79b-5fcbc41bdf9d_FS-PageBlank-45_1) | 43 |
| [Statement of operations](#xx_79aebb2e-f03a-404f-b79b-5fcbc41bdf9d_FS-PageBlank-45_3) | 45 |
| [Statement of changes in net assets](#xx_79aebb2e-f03a-404f-b79b-5fcbc41bdf9d_FS-PageBlank-45_4) | 46 |
| [Financial highlights](#xx_79aebb2e-f03a-404f-b79b-5fcbc41bdf9d_FIHI-PageBlank-45_1) | 47 |
| **[Notes to financial statements](#xx_79aebb2e-f03a-404f-b79b-5fcbc41bdf9d_NTF-PageBlank-45_1)** | 52 |
| **[Report of independent registered public accounting firm](#xx_79aebb2e-f03a-404f-b79b-5fcbc41bdf9d_AUD-PageBlank-45_1)** | 57 |
| **[Other information](#xx_79aebb2e-f03a-404f-b79b-5fcbc41bdf9d_OI-PageBlank-45_1)** | 58 |
| [Item 8. Changes in and disagreements with accountants](#xx_79aebb2e-f03a-404f-b79b-5fcbc41bdf9d_OI-PageBlank-45_2) | 59 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_79aebb2e-f03a-404f-b79b-5fcbc41bdf9d_OI-PageBlank-45_2) | 59 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_79aebb2e-f03a-404f-b79b-5fcbc41bdf9d_OI-PageBlank-45_2) | 59 |
| [Item 11. Statement regarding basis for board](#xx_79aebb2e-f03a-404f-b79b-5fcbc41bdf9d_OI-PageBlank-45_3)['](#xx_79aebb2e-f03a-404f-b79b-5fcbc41bdf9d_OI-PageBlank-45_3)[s approval of investment](#xx_79aebb2e-f03a-404f-b79b-5fcbc41bdf9d_OI-PageBlank-45_3)<br> [advisory contract](#xx_79aebb2e-f03a-404f-b79b-5fcbc41bdf9d_OI-PageBlank-45_3)<br>| 60 |

---

Allspring Strategic Municipal Bond Fund \| 1

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Portfolio of investments—June 30, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Municipal obligations: 98.17%** |  |  |  |  |
| **Alabama: 3.82%** |  |  |  |  |
| **Education revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Homewood Educational Building Authority CHF - Horizons I LLC <br> Series A<br>| 5.25<br> %<br>| &nbsp;&nbsp; 10-1-2034 | $260000 | &nbsp;&nbsp; $280974 |
| &nbsp;&nbsp; Homewood Educational Building Authority CHF - Horizons I LLC <br> Series A<br>| 5.25 | &nbsp;&nbsp; 10-1-2035 | 1010000 | &nbsp;&nbsp; 1083213 |
| &nbsp;&nbsp; Homewood Educational Building Authority CHF - Horizons I LLC <br> Series A<br>| 5.25 | &nbsp;&nbsp; 10-1-2036 | 1000000 | &nbsp;&nbsp; 1062298 |
|  |  |  |  | &nbsp;&nbsp; **2426485** |
| **Health revenue: 0.27%** |  |  |  |  |
| &nbsp;&nbsp; Alabama Special Care Facilities Financing Authority-Birmingham <br> Ascension Health Credit Group Series C<br>| 5.00 | &nbsp;&nbsp; 11-15-2046 | 5000000 | &nbsp;&nbsp; **4938207** |
| **Industrial development revenue: 0.20%** |  |  |  |  |
| &nbsp;&nbsp; Industrial Development Board of the City of Mobile Alabama Power <br> Co. Series Aøø<br>| 3.38 | &nbsp;&nbsp; 6-1-2034 | 3750000 | &nbsp;&nbsp; **3766682** |
| **Utilities revenue: 3.22%** |  |  |  |  |
| Black Belt Energy Gas District Project No. 6 Series Bøø | 4.00 | &nbsp;&nbsp; 10-1-2052 | 6500000 | &nbsp;&nbsp; 6516392 |
| Black Belt Energy Gas District Series C-1øø | 5.25 | &nbsp;&nbsp; 2-1-2053 | 7800000 | &nbsp;&nbsp; 8202581 |
| Lower Alabama Gas Districtøø | 4.00 | &nbsp;&nbsp; 12-1-2050 | 8660000 | &nbsp;&nbsp; 8675593 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 5 <br> Series Aøø<br>| 5.25 | &nbsp;&nbsp; 1-1-2054 | 11000000 | &nbsp;&nbsp; 11538225 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 6 <br> Series B (Royal Bank of Canada LIQ)øø<br>| 5.00 | &nbsp;&nbsp; 1-1-2054 | 5000000 | &nbsp;&nbsp; 5266819 |
| Southeast Energy Authority A Cooperative District Series A | 5.00 | &nbsp;&nbsp; 6-1-2033 | 1000000 | &nbsp;&nbsp; 1062651 |
| Southeast Energy Authority A Cooperative District Series A | 5.00 | &nbsp;&nbsp; 6-1-2034 | 1000000 | &nbsp;&nbsp; 1060721 |
| Southeast Energy Authority A Cooperative District Series Føø | 5.25 | &nbsp;&nbsp; 11-1-2055 | 15000000 | &nbsp;&nbsp; 16124640 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XL0560 (Morgan Stanley Bank LIQ)144Aø<br>| 2.02 | &nbsp;&nbsp; 5-1-2055 | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  |  |  | &nbsp;&nbsp; **60447622** |
|  |  |  |  | &nbsp;&nbsp; **71578996** |
| **Alaska: 0.29%** |  |  |  |  |
| **Health revenue: 0.29%** |  |  |  |  |
| &nbsp;&nbsp; Alaska Industrial Development & Export Authority Dena' Nena' <br> Henash Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2027 | 1455000 | &nbsp;&nbsp; 1510343 |
| &nbsp;&nbsp; Alaska Industrial Development & Export Authority Dena' Nena' <br> Henash Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2028 | 1530000 | &nbsp;&nbsp; 1611015 |
| &nbsp;&nbsp; Alaska Industrial Development & Export Authority Dena' Nena' <br> Henash Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2029 | 2220000 | &nbsp;&nbsp; 2364682 |
|  |  |  |  | &nbsp;&nbsp; **5486040** |
| **Arizona: 1.48%** |  |  |  |  |
| **Education revenue: 0.50%** |  |  |  |  |
| Arizona IDA Agribusiness & Equine Center, Inc. Series B144A | 4.00 | &nbsp;&nbsp; 3-1-2027 | 425000 | &nbsp;&nbsp; 421562 |
| Arizona IDA Kipp NYC Public Charter Schools Series B | 4.00 | &nbsp;&nbsp; 7-1-2034 | 230000 | &nbsp;&nbsp; 223750 |
| Arizona IDA Kipp NYC Public Charter Schools Series B | 5.00 | &nbsp;&nbsp; 7-1-2029 | 160000 | &nbsp;&nbsp; 161902 |

---

The accompanying notes are an integral part of these financial statements.

2 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| Arizona IDA Kipp NYC Public Charter Schools Series B | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2030 | $190000 | &nbsp;&nbsp; $192076 |
| Arizona IDA Kipp NYC Public Charter Schools Series B | 5.00 | &nbsp;&nbsp; 7-1-2031 | 200000 | &nbsp;&nbsp; 201973 |
| Arizona IDA Kipp NYC Public Charter Schools Series B | 5.00 | &nbsp;&nbsp; 7-1-2032 | 210000 | &nbsp;&nbsp; 211830 |
| Arizona IDA Kipp NYC Public Charter Schools Series B | 5.00 | &nbsp;&nbsp; 7-1-2033 | 220000 | &nbsp;&nbsp; 221648 |
| &nbsp;&nbsp; Arizona IDA Leman Academy of Excellence Obligated Group <br> Series A144A<br>| 4.50 | &nbsp;&nbsp; 7-1-2029 | 555000 | &nbsp;&nbsp; 551103 |
| &nbsp;&nbsp; IDA of the County of Pima American Leadership Academy, Inc. <br> Series 2022144A<br>| 4.00 | &nbsp;&nbsp; 6-15-2026 | 2585000 | &nbsp;&nbsp; 2580758 |
| &nbsp;&nbsp; IDA of the County of Pima American Leadership Academy, Inc. <br> Series 2022144A<br>| 4.00 | &nbsp;&nbsp; 6-15-2028 | 2785000 | &nbsp;&nbsp; 2770470 |
| IDA of the County of Pima Edkey, Inc. Obligated Group144A† | 3.50 | &nbsp;&nbsp; 7-1-2025 | 685000 | &nbsp;&nbsp; 479500 |
| Sierra Vista IDA American Leadership Academy, Inc.144A | 5.00 | &nbsp;&nbsp; 6-15-2034 | 1250000 | &nbsp;&nbsp; 1286251 |
|  |  |  |  | &nbsp;&nbsp; **9302823** |
| **Health revenue: 0.09%** |  |  |  |  |
| Maricopa County IDA Christian Care Surprise, Inc.144A | 5.00 | &nbsp;&nbsp; 1-1-2026 | 920000 | &nbsp;&nbsp; 912674 |
| Tempe IDA Life Care Village Obligated Group Series A | 4.00 | &nbsp;&nbsp; 12-1-2025 | 270000 | &nbsp;&nbsp; 269633 |
| Tempe IDA Life Care Village Obligated Group Series A | 4.00 | &nbsp;&nbsp; 12-1-2026 | 245000 | &nbsp;&nbsp; 244939 |
| Tempe IDA Life Care Village Obligated Group Series A | 4.00 | &nbsp;&nbsp; 12-1-2027 | 350000 | &nbsp;&nbsp; 349925 |
|  |  |  |  | &nbsp;&nbsp; **1777171** |
| **Housing revenue: 0.25%** |  |  |  |  |
| Arizona IDA State of Nebraska | 5.00 | &nbsp;&nbsp; 2-1-2027 | 1255000 | &nbsp;&nbsp; 1299908 |
| Arizona IDA State of Nebraska | 5.00 | &nbsp;&nbsp; 5-1-2027 | 1125000 | &nbsp;&nbsp; 1171617 |
| Arizona IDA State of Nebraska | 5.00 | &nbsp;&nbsp; 8-1-2027 | 1205000 | &nbsp;&nbsp; 1259199 |
| Arizona IDA State of Nebraska | 5.00 | &nbsp;&nbsp; 11-1-2027 | 1000000 | &nbsp;&nbsp; 1050040 |
|  |  |  |  | &nbsp;&nbsp; **4780764** |
| **Industrial development revenue: 0.43%** |  |  |  |  |
| Chandler IDA Intel Corp. AMTøø | 4.00 | &nbsp;&nbsp; 6-1-2049 | 8000000 | &nbsp;&nbsp; **7981074** |
| **Miscellaneous revenue: 0.08%** |  |  |  |  |
| Navajo Nation Series A144A | 5.00 | &nbsp;&nbsp; 12-1-2025 | 1405000 | &nbsp;&nbsp; **1409363** |
| **Resource recovery revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Maricopa County IDA Robert & Andrea Van Hofwegen Family LLC <br> (Farm Credit Services Southwest LOC)ø<br>| 1.96 | &nbsp;&nbsp; 8-1-2026 | 2500000 | &nbsp;&nbsp; **2500000** |
|  |  |  |  | &nbsp;&nbsp; **27751195** |
| **Arkansas: 0.02%** |  |  |  |  |
| **Tax revenue: 0.02%** |  |  |  |  |
| City of Cabot Sales & Use Tax Revenue Series B | 4.00 | &nbsp;&nbsp; 12-1-2029 | 230000 | &nbsp;&nbsp; 237228 |
| City of Cabot Sales & Use Tax Revenue Series B | 4.00 | &nbsp;&nbsp; 12-1-2030 | 125000 | &nbsp;&nbsp; 128791 |
|  |  |  |  | &nbsp;&nbsp; **366019** |
| **California: 5.30%** |  |  |  |  |
| **Education revenue: 0.19%** |  |  |  |  |
| &nbsp;&nbsp; California Municipal Finance Authority Nova Academy <br> Series A144A<br>| 4.00 | &nbsp;&nbsp; 6-15-2026 | 250000 | &nbsp;&nbsp; 247610 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 3

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; California School Finance Authority Magnolia Educational & <br> Research Foundation144A<br>| 4.40<br> %<br>| &nbsp;&nbsp; 12-1-2026 | $3050000 | &nbsp;&nbsp; $3058394 |
| &nbsp;&nbsp; California School Finance Authority Rocketship Education <br> Obligated Group Series A144A<br>| 4.50 | &nbsp;&nbsp; 6-1-2027 | 250000 | &nbsp;&nbsp; 250463 |
|  |  |  |  | &nbsp;&nbsp; **3556467** |
| **GO revenue: 0.26%** |  |  |  |  |
| Los Angeles Unified School District Series QRR | 4.00 | &nbsp;&nbsp; 7-1-2049 | 1000000 | &nbsp;&nbsp; 895254 |
| San Francisco Unified School District Series F&C | 4.00 | &nbsp;&nbsp; 6-15-2031 | 4000000 | &nbsp;&nbsp; 4001844 |
|  |  |  |  | &nbsp;&nbsp; **4897098** |
| **Health revenue: 0.89%** |  |  |  |  |
| California HFFA Kaiser Foundation Hospitals Series A-2 | 4.00 | &nbsp;&nbsp; 11-1-2044 | 6000000 | &nbsp;&nbsp; 5388050 |
| &nbsp;&nbsp; California PFA Henry Mayo Newhall Hospital Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 10-15-2026 | 415000 | &nbsp;&nbsp; 416922 |
| &nbsp;&nbsp; California PFA Henry Mayo Newhall Hospital Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 10-15-2027 | 400000 | &nbsp;&nbsp; 404973 |
| California PFA Kendal at Sonoma Obligated Group Series A144A | 5.00 | &nbsp;&nbsp; 11-15-2036 | 2000000 | &nbsp;&nbsp; 1929162 |
| &nbsp;&nbsp; California Statewide CDA CommonSpirit Health Obligated Group <br> Series D (AG Insured)€<br>| 4.75 | &nbsp;&nbsp; 7-1-2041 | 4575000 | &nbsp;&nbsp; 4575000 |
| &nbsp;&nbsp; California Statewide CDA CommonSpirit Health Obligated Group <br> Series E (AG Insured)€<br>| 6.00 | &nbsp;&nbsp; 7-1-2040 | 4050000 | &nbsp;&nbsp; 4050000 |
|  |  |  |  | &nbsp;&nbsp; **16764107** |
| **Housing revenue: 0.41%** |  |  |  |  |
| &nbsp;&nbsp; California Housing Finance Agency Found Middle LP Series L <br> (Goldman Sachs Bank USA LOC)144Aø<br>| 0.40 | &nbsp;&nbsp; 12-1-2027 | 2055000 | &nbsp;&nbsp; 2055000 |
| California Housing Finance Agency Class A Series 2 | 4.00 | &nbsp;&nbsp; 3-20-2033 | 1295034 | &nbsp;&nbsp; 1296420 |
| &nbsp;&nbsp; California Municipal Finance Authority CHF - Davis II LLC (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 5-15-2026 | 400000 | &nbsp;&nbsp; 406440 |
| &nbsp;&nbsp; California Municipal Finance Authority CHF - Davis II LLC (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 5-15-2027 | 500000 | &nbsp;&nbsp; 519105 |
| &nbsp;&nbsp; California Municipal Finance Authority CHF - Davis II LLC (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 5-15-2028 | 400000 | &nbsp;&nbsp; 422386 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series BAML6044 <br> (Bank of America N.A. LOC, Bank of America N.A. LIQ)144Aø<br>| 4.10 | &nbsp;&nbsp; 2-1-2055 | 3000000 | &nbsp;&nbsp; 3000000 |
|  |  |  |  | &nbsp;&nbsp; **7699351** |
| **Miscellaneous revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; Independent Cities Finance Authority City of Compton Sales Tax <br> Revenue (AG Insured)144A<br>| 4.00 | &nbsp;&nbsp; 6-1-2026 | 350000 | &nbsp;&nbsp; **352166** |
| **Tax revenue: 0.07%** |  |  |  |  |
| Riverside County PFA Project Area No. 1 Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2026 | 1250000 | &nbsp;&nbsp; **1256799** |
| **Transportation revenue: 0.84%** |  |  |  |  |
| Bay Area Toll Authority Series C (SIFMA Municipal Swap+0.45%)± | 2.37 | &nbsp;&nbsp; 4-1-2056 | 2000000 | &nbsp;&nbsp; 1984707 |
| Bay Area Toll Authority Series D (SIFMA Municipal Swap+0.30%)± | 2.22 | &nbsp;&nbsp; 4-1-2056 | 14000000 | &nbsp;&nbsp; 13675872 |
|  |  |  |  | &nbsp;&nbsp; **15660579** |

---

The accompanying notes are an integral part of these financial statements.

4 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue: 2.62%** |  |  |  |  |
| California Community Choice Financing Authority Series 2024Høø | 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2056 | $10000000 | &nbsp;&nbsp; $10720110 |
| California Community Choice Financing Authority Series B-1øø | 4.00 | &nbsp;&nbsp; 2-1-2052 | 5590000 | &nbsp;&nbsp; 5555994 |
| California Community Choice Financing Authority Series Cøø | 5.25 | &nbsp;&nbsp; 1-1-2054 | 15000000 | &nbsp;&nbsp; 15718824 |
| Central Valley Energy Authorityøø | 5.00 | &nbsp;&nbsp; 12-1-2055 | 10000000 | &nbsp;&nbsp; 10658937 |
| &nbsp;&nbsp; Southern California Public Power Authority Anaheim Electric <br> System Revenue Series Aøø<br>| 5.00 | &nbsp;&nbsp; 4-1-2055 | 6240000 | &nbsp;&nbsp; 6562456 |
|  |  |  |  | &nbsp;&nbsp; **49216321** |
|  |  |  |  | &nbsp;&nbsp; **99402888** |
| **Colorado: 1.55%** |  |  |  |  |
| **Airport revenue: 0.29%** |  |  |  |  |
| City & County of Denver Airport System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 12-1-2030 | 5000000 | &nbsp;&nbsp; **5365916** |
| **Education revenue: 0.02%** |  |  |  |  |
| Colorado ECFA New Summit Academy Series A144A | 4.00 | &nbsp;&nbsp; 7-1-2031 | 305000 | &nbsp;&nbsp; **290261** |
| **GO revenue: 0.25%** |  |  |  |  |
| Aerotropolis Regional Transportation Authority144A | 5.50 | &nbsp;&nbsp; 12-1-2044 | 2000000 | &nbsp;&nbsp; 1933257 |
| Aviation Station North Metropolitan District No. 2 Series A | 4.00 | &nbsp;&nbsp; 12-1-2029 | 499000 | &nbsp;&nbsp; 490548 |
| Grand River Hospital District (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2025 | 1000000 | &nbsp;&nbsp; 1006229 |
| Peak Metropolitan District No. 1 Series A144A | 4.00 | &nbsp;&nbsp; 12-1-2035 | 500000 | &nbsp;&nbsp; 432925 |
| &nbsp;&nbsp; Sterling Ranch Community Authority Board Colorado Metropolitan <br> District No. 2 Series A<br>| 3.38 | &nbsp;&nbsp; 12-1-2030 | 416000 | &nbsp;&nbsp; 396798 |
| Thompson Crossing Metropolitan District No. 4 | 3.50 | &nbsp;&nbsp; 12-1-2029 | 514000 | &nbsp;&nbsp; 499505 |
|  |  |  |  | &nbsp;&nbsp; **4759262** |
| **Health revenue: 0.62%** |  |  |  |  |
| &nbsp;&nbsp; Colorado Health Facilities Authority AdventHealth Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2043 | 6000000 | &nbsp;&nbsp; 5354955 |
| &nbsp;&nbsp; Colorado Health Facilities Authority AdventHealth Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 11-15-2046 | 7210000 | &nbsp;&nbsp; 6349391 |
|  |  |  |  | &nbsp;&nbsp; **11704346** |
| **Miscellaneous revenue: 0.29%** |  |  |  |  |
| State of Colorado Series N COP | 4.00 | &nbsp;&nbsp; 3-15-2043 | 6000000 | &nbsp;&nbsp; **5433419** |
| **Tax revenue: 0.01%** |  |  |  |  |
| Pueblo Urban Renewal Authority Evraz Project Series B CAB144A¤ | 0.00 | &nbsp;&nbsp; 12-1-2025 | 200000 | &nbsp;&nbsp; **195513** |
| **Utilities revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; City of Colorado Springs Utilities System Revenue Series B <br> (Barclays Bank plc SPA)ø<br>| 1.80 | &nbsp;&nbsp; 11-1-2036 | 1330000 | &nbsp;&nbsp; **1330000** |
|  |  |  |  | &nbsp;&nbsp; **29078717** |
| **Connecticut: 1.78%** |  |  |  |  |
| **Education revenue: 0.26%** |  |  |  |  |
| Connecticut State HEFA University of Hartford Series N | 5.00 | &nbsp;&nbsp; 7-1-2026 | 575000 | &nbsp;&nbsp; 577752 |
| Connecticut State HEFA University of Hartford Series N | 5.00 | &nbsp;&nbsp; 7-1-2027 | 430000 | &nbsp;&nbsp; 434145 |
| Connecticut State HEFA University of Hartford Series N | 5.00 | &nbsp;&nbsp; 7-1-2028 | 530000 | &nbsp;&nbsp; 536947 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 5

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| Connecticut State HEFA Yale University Series A-2øø | 2.00<br> %<br>| &nbsp;&nbsp; 7-1-2042 | $1500000 | &nbsp;&nbsp; $1476844 |
| &nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority <br> Series B AMT<br>| 5.00 | &nbsp;&nbsp; 11-15-2026 | 940000 | &nbsp;&nbsp; 958344 |
| &nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority <br> Series B AMT<br>| 5.00 | &nbsp;&nbsp; 11-15-2027 | 365000 | &nbsp;&nbsp; 375529 |
| &nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority <br> Series C<br>| 5.00 | &nbsp;&nbsp; 11-15-2025 | 480000 | &nbsp;&nbsp; 483670 |
| &nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority <br> Series C<br>| 5.00 | &nbsp;&nbsp; 11-15-2027 | 125000 | &nbsp;&nbsp; 128973 |
|  |  |  |  | &nbsp;&nbsp; **4972204** |
| **GO revenue: 0.24%** |  |  |  |  |
| City of Bridgeport Series A | 5.00 | &nbsp;&nbsp; 6-1-2026 | 1220000 | &nbsp;&nbsp; 1244405 |
| City of Bridgeport Series A | 5.00 | &nbsp;&nbsp; 6-1-2027 | 1425000 | &nbsp;&nbsp; 1487027 |
| City of Bridgeport Series A | 5.00 | &nbsp;&nbsp; 6-1-2028 | 1605000 | &nbsp;&nbsp; 1699556 |
|  |  |  |  | &nbsp;&nbsp; **4430988** |
| **Health revenue: 0.59%** |  |  |  |  |
| &nbsp;&nbsp; Connecticut State HEFA Hartford HealthCare Obligated Group <br> Series B-2øø<br>| 5.00 | &nbsp;&nbsp; 7-1-2053 | 7800000 | &nbsp;&nbsp; 7999005 |
| &nbsp;&nbsp; Stamford Housing Authority TJH Senior Living LLC Obligated Group <br> Series 2025D<br>| 4.25 | &nbsp;&nbsp; 10-1-2030 | 3000000 | &nbsp;&nbsp; 3019445 |
|  |  |  |  | &nbsp;&nbsp; **11018450** |
| **Housing revenue: 0.05%** |  |  |  |  |
| Connecticut HFA Series E-3 (State Street Bank & Trust Co. SPA)ø | 1.80 | &nbsp;&nbsp; 11-15-2050 | 1000000 | &nbsp;&nbsp; **1000000** |
| **Tax revenue: 0.64%** |  |  |  |  |
| State of Connecticut Special Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 8-1-2029 | 11315000 | &nbsp;&nbsp; 11329351 |
| State of Connecticut Special Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 8-1-2034 | 660000 | &nbsp;&nbsp; 660442 |
|  |  |  |  | &nbsp;&nbsp; **11989793** |
|  |  |  |  | &nbsp;&nbsp; **33411435** |
| **District of Columbia: 0.40%** |  |  |  |  |
| **Airport revenue: 0.19%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2034 | 2000000 | &nbsp;&nbsp; 2140595 |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2040 | 1355000 | &nbsp;&nbsp; 1386380 |
|  |  |  |  | &nbsp;&nbsp; **3526975** |
| **Education revenue: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; District of Columbia Latin American Montessori Bilingual Public <br> Charter School Obligated Group<br>| 4.00 | &nbsp;&nbsp; 6-1-2030 | 740000 | &nbsp;&nbsp; 725312 |
| District of Columbia Two Rivers Public Charter School, Inc. | 3.00 | &nbsp;&nbsp; 6-1-2030 | 805000 | &nbsp;&nbsp; 766953 |
|  |  |  |  | &nbsp;&nbsp; **1492265** |

---

The accompanying notes are an integral part of these financial statements.

6 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XF1716 (Bank of America N.A. LIQ)144Aø<br>| 1.97<br> %<br>| &nbsp;&nbsp; 7-15-2059 | $2500000 | &nbsp;&nbsp; $**2500000** |
|  |  |  |  | &nbsp;&nbsp; **7519240** |
| **Florida: 4.30%** |  |  |  |  |
| **Airport revenue: 0.33%** |  |  |  |  |
| County of Lee Airport Revenue AMT | 5.25 | &nbsp;&nbsp; 10-1-2041 | 6000000 | &nbsp;&nbsp; **6216040** |
| **Education revenue: 0.77%** |  |  |  |  |
| &nbsp;&nbsp; Capital Projects Finance Authority Navigator Academy of <br> Leadership, Inc. Obligated Group144A<br>| 5.00 | &nbsp;&nbsp; 6-15-2034 | 780000 | &nbsp;&nbsp; 786937 |
| Capital Trust Agency, Inc. Imagine-Pasco County LLC Series A144A | 3.00 | &nbsp;&nbsp; 12-15-2029 | 255000 | &nbsp;&nbsp; 237615 |
| &nbsp;&nbsp; Capital Trust Agency, Inc. Renaissance Charter School, Inc. <br> Series 2017 Obligated Group Series A144A<br>| 4.38 | &nbsp;&nbsp; 6-15-2027 | 380000 | &nbsp;&nbsp; 376407 |
| &nbsp;&nbsp; Capital Trust Agency, Inc. Renaissance Charter School, Inc. <br> Series 2019 Obligated Group Series A144A<br>| 4.00 | &nbsp;&nbsp; 6-15-2029 | 1445000 | &nbsp;&nbsp; 1405315 |
| Capital Trust Authority IDEA Florida, Inc. Series A144A | 5.13 | &nbsp;&nbsp; 6-15-2033 | 3000000 | &nbsp;&nbsp; 3074510 |
| &nbsp;&nbsp; Capital Trust Authority Independence Classical Academy Obligated <br> Group Series A144A<br>| 7.00 | &nbsp;&nbsp; 6-15-2044 | 1000000 | &nbsp;&nbsp; 953980 |
| Florida Development Finance Corp. IDEA Florida, Inc.144A | 5.25 | &nbsp;&nbsp; 6-15-2029 | 2200000 | &nbsp;&nbsp; 2195320 |
| &nbsp;&nbsp; Florida Development Finance Corp. Renaissance Charter School, <br> Inc. Series 2020C/D Obligated Group Series C144A<br>| 4.00 | &nbsp;&nbsp; 9-15-2030 | 470000 | &nbsp;&nbsp; 450059 |
| &nbsp;&nbsp; Florida Higher Educational Facilities Financing Authority Institute of <br> Technology, Inc.<br>| 5.00 | &nbsp;&nbsp; 10-1-2027 | 650000 | &nbsp;&nbsp; 669677 |
| &nbsp;&nbsp; Florida Higher Educational Facilities Financing Authority Institute of <br> Technology, Inc.<br>| 5.00 | &nbsp;&nbsp; 10-1-2028 | 1050000 | &nbsp;&nbsp; 1092973 |
| &nbsp;&nbsp; Florida Higher Educational Facilities Financing Authority Institute of <br> Technology, Inc.<br>| 5.00 | &nbsp;&nbsp; 10-1-2029 | 1000000 | &nbsp;&nbsp; 1048851 |
| Miami-Dade County IDA Youth Co-Op, Inc. Series A144A | 5.00 | &nbsp;&nbsp; 9-15-2025 | 150000 | &nbsp;&nbsp; 149919 |
| &nbsp;&nbsp; Palm Beach County Educational Facilities Authority Atlantic <br> University Obligated Group<br>| 4.00 | &nbsp;&nbsp; 10-1-2029 | 420000 | &nbsp;&nbsp; 421700 |
| &nbsp;&nbsp; Palm Beach County Educational Facilities Authority Atlantic <br> University Obligated Group<br>| 4.00 | &nbsp;&nbsp; 10-1-2030 | 870000 | &nbsp;&nbsp; 871069 |
| &nbsp;&nbsp; Palm Beach County Educational Facilities Authority Atlantic <br> University Obligated Group<br>| 4.00 | &nbsp;&nbsp; 10-1-2031 | 660000 | &nbsp;&nbsp; 656783 |
|  |  |  |  | &nbsp;&nbsp; **14391115** |
| **GO revenue: 0.63%** |  |  |  |  |
| County of Miami-Dade Series A | 4.00 | &nbsp;&nbsp; 7-1-2042 | 12605000 | &nbsp;&nbsp; **11846847** |
| **Health revenue: 0.55%** |  |  |  |  |
| &nbsp;&nbsp; Hillsborough County IDA BayCare Obligated Group Series C (TD <br> Bank N.A. LOC)ø<br>| 2.00 | &nbsp;&nbsp; 11-1-2038 | 1400000 | &nbsp;&nbsp; 1400000 |
| &nbsp;&nbsp; Martin County Health Facilities Authority Cleveland Clinic Health <br> System Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 1-1-2046 | 3000000 | &nbsp;&nbsp; 2612732 |
| &nbsp;&nbsp; St. Johns County IDA Life Care Ponte Vedra Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-15-2029 | 225000 | &nbsp;&nbsp; 217985 |
| &nbsp;&nbsp; St. Johns County IDA Life Care Ponte Vedra Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-15-2030 | 200000 | &nbsp;&nbsp; 192315 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 7

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; St. Johns County IDA Life Care Ponte Vedra Obligated Group <br> Series A<br>| 4.00<br> %<br>| &nbsp;&nbsp; 12-15-2031 | $205000 | &nbsp;&nbsp; $195310 |
| &nbsp;&nbsp; St. Johns County IDA Life Care Ponte Vedra Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-15-2036 | 1000000 | &nbsp;&nbsp; 891672 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-<br> XX1340 (Barclays Bank plc LIQ)144Aø<br>| 3.93 | &nbsp;&nbsp; 11-15-2049 | 4875000 | &nbsp;&nbsp; 4875000 |
|  |  |  |  | &nbsp;&nbsp; **10385014** |
| **Industrial development revenue: 0.46%** |  |  |  |  |
| Florida Development Finance Corp. Waste Pro USA, Inc. AMT | 3.00 | &nbsp;&nbsp; 6-1-2032 | 1500000 | &nbsp;&nbsp; 1358751 |
| Florida Development Finance Corp. Waste Pro USA, Inc. AMT144A | 5.00 | &nbsp;&nbsp; 5-1-2029 | 2000000 | &nbsp;&nbsp; 2019378 |
| Florida Development Finance Corp. Waste Pro USA, Inc. AMT144A | 5.25 | &nbsp;&nbsp; 8-1-2029 | 5000000 | &nbsp;&nbsp; 5149612 |
|  |  |  |  | &nbsp;&nbsp; **8527741** |
| **Miscellaneous revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp; County of Pasco State of Florida Cigarette Tax Revenue Series A <br> (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 9-1-2036 | 600000 | &nbsp;&nbsp; 652530 |
| &nbsp;&nbsp; County of Pasco State of Florida Cigarette Tax Revenue Series A <br> (AG Insured)<br>| 5.50 | &nbsp;&nbsp; 9-1-2038 | 725000 | &nbsp;&nbsp; 785911 |
| &nbsp;&nbsp; Pinellas County IDA Drs. Kiran & Pallavi Patel 2017 Foundation for <br> Global Understanding, Inc.<br>| 5.00 | &nbsp;&nbsp; 7-1-2029 | 485000 | &nbsp;&nbsp; 490956 |
| &nbsp;&nbsp; Village Community Development District No. 15 Series 2023 Phase I <br> Special Assessment144A<br>| 4.38 | &nbsp;&nbsp; 5-1-2033 | 990000 | &nbsp;&nbsp; 1005663 |
| &nbsp;&nbsp; Village Community Development District No. 15 Series 2024 <br> Special Assessment144A<br>| 4.00 | &nbsp;&nbsp; 5-1-2034 | 1250000 | &nbsp;&nbsp; 1225589 |
|  |  |  |  | &nbsp;&nbsp; **4160649** |
| **Resource recovery revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; Florida Development Finance Corp. GFL Solid Waste Southeast LLC <br> Series A AMT144Aøø<br>| 4.38 | &nbsp;&nbsp; 10-1-2054 | 2000000 | &nbsp;&nbsp; **1992082** |
| **Transportation revenue: 0.08%** |  |  |  |  |
| County of Osceola Transportation Revenue Series A-1 | 5.00 | &nbsp;&nbsp; 10-1-2027 | 950000 | &nbsp;&nbsp; 980241 |
| County of Osceola Transportation Revenue Series A-1 | 5.00 | &nbsp;&nbsp; 10-1-2029 | 450000 | &nbsp;&nbsp; 473460 |
|  |  |  |  | &nbsp;&nbsp; **1453701** |
| **Water & sewer revenue: 1.15%** |  |  |  |  |
| &nbsp;&nbsp; Charlotte County IDA MSKP Town & Country Utility LLC Series A <br> AMT144A<br>| 4.00 | &nbsp;&nbsp; 10-1-2041 | 1250000 | &nbsp;&nbsp; 1088784 |
| North Sumter County Utility Dependent District (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2029 | 1055000 | &nbsp;&nbsp; 1131441 |
| North Sumter County Utility Dependent District (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2030 | 1760000 | &nbsp;&nbsp; 1909095 |
| North Sumter County Utility Dependent District (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2031 | 1980000 | &nbsp;&nbsp; 2167761 |
| North Sumter County Utility Dependent District (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2032 | 2080000 | &nbsp;&nbsp; 2287757 |
| Tohopekaliga Water Authority144A | 5.00 | &nbsp;&nbsp; 10-1-2025 | 12000000 | &nbsp;&nbsp; 12052858 |
| &nbsp;&nbsp; Wildwood Utility Dependent District South Sumter Utility Project <br> (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 10-1-2041 | 900000 | &nbsp;&nbsp; 930136 |
|  |  |  |  | &nbsp;&nbsp; **21567832** |
|  |  |  |  | &nbsp;&nbsp; **80541021** |

---

The accompanying notes are an integral part of these financial statements.

8 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Georgia: 5.08%** |  |  |  |  |
| **Education revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; Senoia Development Authority Georgia Charter Educational <br> Foundation, Inc. Obligated Group Series A144A<br>| 5.75<br> %<br>| &nbsp;&nbsp; 7-1-2034 | $710000 | &nbsp;&nbsp; **$696098** |
| **Health revenue: 0.28%** |  |  |  |  |
| &nbsp;&nbsp; Cobb County Hospital Authority WellStar Health System Obligated <br> Group (Truist Bank LOC)ø<br>| 1.65 | &nbsp;&nbsp; 4-1-2034 | 5300000 | &nbsp;&nbsp; **5300000** |
| **Industrial development revenue: 0.20%** |  |  |  |  |
| &nbsp;&nbsp; George L Smith II Congress Center Authority Signia Hotel <br> Management LLC Series B144A<br>| 3.63 | &nbsp;&nbsp; 1-1-2031 | 2000000 | &nbsp;&nbsp; 1909622 |
| &nbsp;&nbsp; George L Smith II Congress Center Authority Signia Hotel <br> Management LLC Series B144A<br>| 5.00 | &nbsp;&nbsp; 1-1-2036 | 1750000 | &nbsp;&nbsp; 1754711 |
|  |  |  |  | &nbsp;&nbsp; **3664333** |
| **Miscellaneous revenue: 0.18%** |  |  |  |  |
| &nbsp;&nbsp; Brookhaven Urban Redevelopment Agency Special Service Tax <br> District Series A<br>| 4.00 | &nbsp;&nbsp; 7-1-2042 | 3455000 | &nbsp;&nbsp; **3329116** |
| **Tax revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Atlanta Development Authority Westside Tax Allocation District <br> Gulch Area Series A144A<br>| 5.00 | &nbsp;&nbsp; 4-1-2034 | 1500000 | &nbsp;&nbsp; 1502950 |
| &nbsp;&nbsp; Atlanta Development Authority Westside Tax Allocation District <br> Gulch Area Series A144A<br>| 5.50 | &nbsp;&nbsp; 4-1-2039 | 1000000 | &nbsp;&nbsp; 1005889 |
|  |  |  |  | &nbsp;&nbsp; **2508839** |
| **Utilities revenue: 4.25%** |  |  |  |  |
| Bartow County Development Authority Georgia Power Co.øø | 1.80 | &nbsp;&nbsp; 9-1-2029 | 1000000 | &nbsp;&nbsp; 891493 |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of the City of <br> Dalton<br>| 5.00 | &nbsp;&nbsp; 3-1-2026 | 600000 | &nbsp;&nbsp; 606554 |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of the City of <br> Dalton<br>| 5.00 | &nbsp;&nbsp; 3-1-2027 | 700000 | &nbsp;&nbsp; 721121 |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of the City of <br> Dalton<br>| 5.00 | &nbsp;&nbsp; 3-1-2028 | 850000 | &nbsp;&nbsp; 890608 |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of the City of <br> Dalton<br>| 5.00 | &nbsp;&nbsp; 3-1-2029 | 1000000 | &nbsp;&nbsp; 1062192 |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of the City of <br> Dalton<br>| 5.00 | &nbsp;&nbsp; 3-1-2030 | 1100000 | &nbsp;&nbsp; 1180020 |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of the City of <br> Dalton<br>| 5.00 | &nbsp;&nbsp; 3-1-2031 | 1000000 | &nbsp;&nbsp; 1065265 |
| &nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of the City of <br> Dalton<br>| 5.00 | &nbsp;&nbsp; 3-1-2032 | 1000000 | &nbsp;&nbsp; 1056954 |
| Main Street Natural Gas, Inc. Series A | 4.00 | &nbsp;&nbsp; 12-1-2028 | 3000000 | &nbsp;&nbsp; 3037297 |
| Main Street Natural Gas, Inc. Series A | 4.00 | &nbsp;&nbsp; 12-1-2029 | 4500000 | &nbsp;&nbsp; 4562948 |
| Main Street Natural Gas, Inc. Series B | 5.00 | &nbsp;&nbsp; 6-1-2028 | 2500000 | &nbsp;&nbsp; 2600860 |
| Main Street Natural Gas, Inc. Series B | 5.00 | &nbsp;&nbsp; 6-1-2029 | 1630000 | &nbsp;&nbsp; 1702627 |
| Main Street Natural Gas, Inc. Series Bøø | 5.00 | &nbsp;&nbsp; 7-1-2053 | 1665000 | &nbsp;&nbsp; 1754268 |
| Main Street Natural Gas, Inc. Series Cøø | 4.00 | &nbsp;&nbsp; 3-1-2050 | 10235000 | &nbsp;&nbsp; 10260080 |
| Main Street Natural Gas, Inc. Series Cøø | 4.00 | &nbsp;&nbsp; 5-1-2052 | 7265000 | &nbsp;&nbsp; 7303197 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 9

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |
| Main Street Natural Gas, Inc. Series C144Aøø | 4.00<br> %<br>| &nbsp;&nbsp; 8-1-2052 | $28000000 | &nbsp;&nbsp; $27916378 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2027 | 300000 | &nbsp;&nbsp; 309593 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2028 | 400000 | &nbsp;&nbsp; 420120 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A<br>| 5.00 | &nbsp;&nbsp; 1-1-2029 | 400000 | &nbsp;&nbsp; 422143 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2030 | 350000 | &nbsp;&nbsp; 382391 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2032 | 1100000 | &nbsp;&nbsp; 1225530 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series B<br>| 5.00 | &nbsp;&nbsp; 1-1-2028 | 1000000 | &nbsp;&nbsp; 1037073 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 <br> Project Series B<br>| 5.00 | &nbsp;&nbsp; 1-1-2029 | 910000 | &nbsp;&nbsp; 948953 |
| Municipal Electric Authority of Georgia Series A | 5.00 | &nbsp;&nbsp; 1-1-2027 | 2160000 | &nbsp;&nbsp; 2229071 |
| Municipal Electric Authority of Georgia Series A | 5.00 | &nbsp;&nbsp; 1-1-2028 | 2305000 | &nbsp;&nbsp; 2420938 |
| Municipal Electric Authority of Georgia Series A | 5.00 | &nbsp;&nbsp; 1-1-2029 | 1140000 | &nbsp;&nbsp; 1214248 |
| Municipal Electric Authority of Georgia Series A | 5.00 | &nbsp;&nbsp; 1-1-2030 | 1025000 | &nbsp;&nbsp; 1089503 |
| Municipal Electric Authority of Georgia Series A | 5.00 | &nbsp;&nbsp; 1-1-2031 | 1385000 | &nbsp;&nbsp; 1468949 |
|  |  |  |  | &nbsp;&nbsp; **79780374** |
|  |  |  |  | &nbsp;&nbsp; **95278760** |
| **Guam: 0.20%** |  |  |  |  |
| **Airport revenue: 0.04%** |  |  |  |  |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.25 | &nbsp;&nbsp; 10-1-2029 | 700000 | &nbsp;&nbsp; **733500** |
| **Miscellaneous revenue: 0.16%** |  |  |  |  |
| Guam Department of Education Series A COP | 4.25 | &nbsp;&nbsp; 2-1-2030 | 1355000 | &nbsp;&nbsp; 1343923 |
| Territory of Guam Series F | 5.00 | &nbsp;&nbsp; 1-1-2030 | 750000 | &nbsp;&nbsp; 788828 |
| Territory of Guam Series F | 5.00 | &nbsp;&nbsp; 1-1-2031 | 750000 | &nbsp;&nbsp; 794589 |
|  |  |  |  | &nbsp;&nbsp; **2927340** |
|  |  |  |  | &nbsp;&nbsp; **3660840** |
| **Hawaii: 0.27%** |  |  |  |  |
| **Airport revenue: 0.27%** |  |  |  |  |
| State of Hawaii Airports System Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2043 | 5000000 | &nbsp;&nbsp; **4979905** |
| **Idaho: 0.22%** |  |  |  |  |
| **Housing revenue: 0.22%** |  |  |  |  |
| &nbsp;&nbsp; Idaho Housing & Finance Association Series A (GNMA / FNMA / <br> FHLMC Insured)<br>| 6.00 | &nbsp;&nbsp; 7-1-2054 | 3845000 | &nbsp;&nbsp; **4204742** |
| **Illinois: 12.41%** |  |  |  |  |
| **Airport revenue: 0.69%** |  |  |  |  |
| Chicago O'Hare International Airport Series B | 4.00 | &nbsp;&nbsp; 1-1-2044 | 7000000 | &nbsp;&nbsp; 6205787 |
| Chicago O'Hare International Airport Series C AMT | 5.00 | &nbsp;&nbsp; 1-1-2031 | 530000 | &nbsp;&nbsp; 566471 |
| Chicago O'Hare International Airport Series C AMT | 5.00 | &nbsp;&nbsp; 1-1-2032 | 400000 | &nbsp;&nbsp; 429974 |
| Chicago O'Hare International Airport Series C AMT | 5.00 | &nbsp;&nbsp; 1-1-2033 | 400000 | &nbsp;&nbsp; 427553 |

---

The accompanying notes are an integral part of these financial statements.

10 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airport revenue**(continued) |  |  |  |  |
| Chicago O'Hare International Airport Series C AMT | 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2034 | $325000 | &nbsp;&nbsp; $344536 |
| &nbsp;&nbsp; Illinois Finance Authority Centerpoint Joliet Terminal Railroad LLC <br> AMT144Aøø%%<br>| 4.80 | &nbsp;&nbsp; 12-1-2043 | 5000000 | &nbsp;&nbsp; 5061773 |
|  |  |  |  | &nbsp;&nbsp; **13036094** |
| **Education revenue: 0.69%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Acero Charter Schools, Inc. Obligated <br> Group144A<br>| 4.00 | &nbsp;&nbsp; 10-1-2028 | 580000 | &nbsp;&nbsp; 577290 |
| &nbsp;&nbsp; Illinois Finance Authority Acero Charter Schools, Inc. Obligated <br> Group144A<br>| 4.00 | &nbsp;&nbsp; 10-1-2030 | 625000 | &nbsp;&nbsp; 614598 |
| &nbsp;&nbsp; Illinois Finance Authority Acero Charter Schools, Inc. Obligated <br> Group144A<br>| 4.00 | &nbsp;&nbsp; 10-1-2031 | 985000 | &nbsp;&nbsp; 961124 |
| &nbsp;&nbsp; Illinois Finance Authority Acero Charter Schools, Inc. Obligated <br> Group144A<br>| 4.00 | &nbsp;&nbsp; 10-1-2032 | 680000 | &nbsp;&nbsp; 657608 |
| Illinois Finance Authority AIM Art in Motion Series A144A | 4.00 | &nbsp;&nbsp; 7-1-2031 | 1445000 | &nbsp;&nbsp; 1265858 |
| Illinois Finance Authority AIM Art in Motion Series A144A | 5.00 | &nbsp;&nbsp; 7-1-2041 | 4475000 | &nbsp;&nbsp; 3470265 |
| Illinois Finance Authority Bradley University Series C | 5.00 | &nbsp;&nbsp; 8-1-2028 | 1860000 | &nbsp;&nbsp; 1906083 |
| Southern Illinois University Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 4-1-2028 | 725000 | &nbsp;&nbsp; 740615 |
| Southern Illinois University Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2029 | 675000 | &nbsp;&nbsp; 716897 |
| Southern Illinois University Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2030 | 800000 | &nbsp;&nbsp; 858064 |
| Southern Illinois University Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2031 | 570000 | &nbsp;&nbsp; 617170 |
| Southern Illinois University Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2032 | 500000 | &nbsp;&nbsp; 544941 |
|  |  |  |  | &nbsp;&nbsp; **12930513** |
| **GO revenue: 7.28%** |  |  |  |  |
| Chicago Board of Education Dedicated Capital Improvement Tax | 5.25 | &nbsp;&nbsp; 4-1-2033 | 1375000 | &nbsp;&nbsp; 1505860 |
| Chicago Board of Education Dedicated Capital Improvement Tax | 5.25 | &nbsp;&nbsp; 4-1-2034 | 1625000 | &nbsp;&nbsp; 1767163 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2033 | 5300000 | &nbsp;&nbsp; 5431511 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2034 | 1500000 | &nbsp;&nbsp; 1527612 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2035 | 2560000 | &nbsp;&nbsp; 2596863 |
| Chicago Board of Education Series A | 5.00 | &nbsp;&nbsp; 12-1-2040 | 1500000 | &nbsp;&nbsp; 1469248 |
| Chicago Board of Education Series B | 5.00 | &nbsp;&nbsp; 12-1-2026 | 2000000 | &nbsp;&nbsp; 2026980 |
| Chicago Board of Education Series B | 5.00 | &nbsp;&nbsp; 12-1-2027 | 1625000 | &nbsp;&nbsp; 1666910 |
| Chicago Board of Education Series B | 5.00 | &nbsp;&nbsp; 12-1-2031 | 2500000 | &nbsp;&nbsp; 2587332 |
| Chicago Board of Education Series C | 5.00 | &nbsp;&nbsp; 12-1-2034 | 1945000 | &nbsp;&nbsp; 1941848 |
| Chicago Board of Education Series C | 5.25 | &nbsp;&nbsp; 12-1-2039 | 5095000 | &nbsp;&nbsp; 5030190 |
| Chicago Board of Education Series H | 5.00 | &nbsp;&nbsp; 12-1-2036 | 4500000 | &nbsp;&nbsp; 4377928 |
| City of Berwyn Series A | 5.00 | &nbsp;&nbsp; 12-1-2028 | 3000000 | &nbsp;&nbsp; 3013818 |
| City of Berwyn Series A | 5.00 | &nbsp;&nbsp; 12-1-2029 | 2345000 | &nbsp;&nbsp; 2353060 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2027 | 8000000 | &nbsp;&nbsp; 8164985 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2028 | 6125000 | &nbsp;&nbsp; 6348737 |
| City of Chicago Series A | 5.00 | &nbsp;&nbsp; 1-1-2043 | 25000000 | &nbsp;&nbsp; 24017095 |
| City of Chicago Series A | 5.25 | &nbsp;&nbsp; 1-1-2036 | 1500000 | &nbsp;&nbsp; 1558026 |
| City of Chicago Series C | 5.00 | &nbsp;&nbsp; 1-1-2026 | 970000 | &nbsp;&nbsp; 979567 |
| City of Waukegan Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-30-2030 | 980000 | &nbsp;&nbsp; 987620 |
| City of Waukegan Series A (AG Insured) | 5.00 | &nbsp;&nbsp; 12-30-2031 | 1000000 | &nbsp;&nbsp; 1001073 |
| &nbsp;&nbsp; Cook County Community Consolidated School District No. <br> 15 Palatine<br>| 5.00 | &nbsp;&nbsp; 12-1-2026 | 2540000 | &nbsp;&nbsp; 2562179 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 11

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| Cook County School District No. 162 Matteson (BAM Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2044 | $1695000 | &nbsp;&nbsp; $1740552 |
| Cook County School District No. 162 Matteson (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2045 | 1050000 | &nbsp;&nbsp; 1073514 |
| Cook County School District No. 99 Cicero | 5.00 | &nbsp;&nbsp; 12-1-2025 | 1000000 | &nbsp;&nbsp; 1007655 |
| Cook County School District No. 99 Cicero (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2026 | 3030000 | &nbsp;&nbsp; 3119436 |
| Cook County School District No. 99 Cicero (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2027 | 2950000 | &nbsp;&nbsp; 3094855 |
| Cook County School District No. 99 Cicero (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2028 | 2285000 | &nbsp;&nbsp; 2438227 |
| County of Cook Series A | 5.00 | &nbsp;&nbsp; 11-15-2027 | 2000000 | &nbsp;&nbsp; 2100726 |
| County of Cook Series A | 5.00 | &nbsp;&nbsp; 11-15-2030 | 2200000 | &nbsp;&nbsp; 2246394 |
| County of Cook Series A | 5.00 | &nbsp;&nbsp; 11-15-2033 | 3850000 | &nbsp;&nbsp; 4149764 |
| &nbsp;&nbsp; Madison-Macoupin etc. Counties Community College District No. <br> 536 Series A (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 11-1-2025 | 1620000 | &nbsp;&nbsp; 1622465 |
| &nbsp;&nbsp; Madison-Macoupin etc. Counties Community College District No. <br> 536 Series A (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 11-1-2026 | 1410000 | &nbsp;&nbsp; 1411990 |
| Peoria City School District No. 150 Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2028 | 950000 | &nbsp;&nbsp; 964908 |
| Peoria City School District No. 150 Series A (AG Insured) | 4.00 | &nbsp;&nbsp; 12-1-2029 | 4000000 | &nbsp;&nbsp; 4058536 |
| State of Illinois | 5.00 | &nbsp;&nbsp; 11-1-2025 | 5000000 | &nbsp;&nbsp; 5029965 |
| State of Illinois | 5.00 | &nbsp;&nbsp; 2-1-2026 | 2000000 | &nbsp;&nbsp; 2021099 |
| State of Illinois Series A | 5.00 | &nbsp;&nbsp; 10-1-2026 | 3000000 | &nbsp;&nbsp; 3067084 |
| State of Illinois Series A | 5.00 | &nbsp;&nbsp; 12-1-2035 | 650000 | &nbsp;&nbsp; 662094 |
| State of Illinois Series B | 5.00 | &nbsp;&nbsp; 5-1-2037 | 5000000 | &nbsp;&nbsp; 5228761 |
| &nbsp;&nbsp; Will County Community High School District No. 210 Lincoln-Way <br> CAB (AG Insured)¤<br>| 0.00 | &nbsp;&nbsp; 1-1-2026 | 8695000 | &nbsp;&nbsp; 8534929 |
|  |  |  |  | &nbsp;&nbsp; **136488559** |
| **Health revenue: 0.57%** |  |  |  |  |
| &nbsp;&nbsp; Illinois Finance Authority Advocate Aurora Health Obligated Group <br> Series 2008 A-2<br>| 4.00 | &nbsp;&nbsp; 11-1-2030 | 1995000 | &nbsp;&nbsp; 2026357 |
| Illinois Finance Authority Ascension Health Credit Group Series C | 4.00 | &nbsp;&nbsp; 2-15-2041 | 4785000 | &nbsp;&nbsp; 4877309 |
| &nbsp;&nbsp; Illinois Finance Authority Endeavor Health Clinical Operations <br> Obligated Group Series F (JPMorgan Chase Bank N.A. SPA)ø<br>| 3.95 | &nbsp;&nbsp; 8-15-2057 | 2500000 | &nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp; Illinois Finance Authority Lutheran Life Communities Obligated <br> Group Series A<br>| 4.00 | &nbsp;&nbsp; 11-1-2024 | 420000 | &nbsp;&nbsp; 273000 |
| &nbsp;&nbsp; Illinois Finance Authority Washington & Jane Smith Community - <br> Orland Park<br>| 4.00 | &nbsp;&nbsp; 10-15-2025 | 295000 | &nbsp;&nbsp; 294021 |
| &nbsp;&nbsp; Illinois Finance Authority Washington & Jane Smith Community - <br> Orland Park<br>| 4.00 | &nbsp;&nbsp; 10-15-2028 | 670000 | &nbsp;&nbsp; 654645 |
|  |  |  |  | &nbsp;&nbsp; **10625332** |
| **Housing revenue: 0.76%** |  |  |  |  |
| Illinois Housing Development Authority Series C | 2.90 | &nbsp;&nbsp; 8-1-2031 | 1000000 | &nbsp;&nbsp; 955895 |
| &nbsp;&nbsp; Illinois Housing Development Authority Series D (GNMA / FNMA / <br> FHLMC Insured) (Bank of Montreal SPA)ø<br>| 1.95 | &nbsp;&nbsp; 4-1-2045 | 2200000 | &nbsp;&nbsp; 2200000 |
| Illinois Sports Facilities Authority | 5.00 | &nbsp;&nbsp; 6-15-2028 | 1000000 | &nbsp;&nbsp; 1030338 |
| Illinois Sports Facilities Authority (BAM Insured) | 5.00 | &nbsp;&nbsp; 6-15-2028 | 3015000 | &nbsp;&nbsp; 3152472 |
| Illinois Sports Facilities Authority (BAM Insured) | 5.00 | &nbsp;&nbsp; 6-15-2030 | 5250000 | &nbsp;&nbsp; 5543709 |
| Northern Illinois University (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2027 | 350000 | &nbsp;&nbsp; 362996 |

---

The accompanying notes are an integral part of these financial statements.

12 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| Northern Illinois University (BAM Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2029 | $650000 | &nbsp;&nbsp; $688909 |
| Northern Illinois University (BAM Insured) | 5.00 | &nbsp;&nbsp; 10-1-2030 | 325000 | &nbsp;&nbsp; 346743 |
|  |  |  |  | &nbsp;&nbsp; **14281062** |
| **Miscellaneous revenue: 0.43%** |  |  |  |  |
| City of Chicago Lakeshore East Special Assessment Area144A | 3.20 | &nbsp;&nbsp; 12-1-2029 | 300000 | &nbsp;&nbsp; 286780 |
| City of Chicago Lakeshore East Special Assessment Area144A | 3.29 | &nbsp;&nbsp; 12-1-2030 | 325000 | &nbsp;&nbsp; 308678 |
| City of Chicago Lakeshore East Special Assessment Area144A | 3.38 | &nbsp;&nbsp; 12-1-2031 | 348000 | &nbsp;&nbsp; 327173 |
| City of Chicago Lakeshore East Special Assessment Area144A | 3.45 | &nbsp;&nbsp; 12-1-2032 | 275000 | &nbsp;&nbsp; 256569 |
| Illinois Sports Facilities Authority CAB (Ambac Insured)¤ | 0.00 | &nbsp;&nbsp; 6-15-2026 | 1740000 | &nbsp;&nbsp; 1681424 |
| Northern Illinois University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2033 | 815000 | &nbsp;&nbsp; 876641 |
| Northern Illinois University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2034 | 735000 | &nbsp;&nbsp; 789304 |
| Northern Illinois University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2035 | 825000 | &nbsp;&nbsp; 878169 |
| Northern Illinois University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2036 | 500000 | &nbsp;&nbsp; 529321 |
| Northern Illinois University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2037 | 600000 | &nbsp;&nbsp; 630503 |
| Northern Illinois University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2038 | 670000 | &nbsp;&nbsp; 697943 |
| Northern Illinois University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 4-1-2039 | 750000 | &nbsp;&nbsp; 775186 |
|  |  |  |  | &nbsp;&nbsp; **8037691** |
| **Tax revenue: 1.29%** |  |  |  |  |
| County of Cook Sales Tax Revenue | 5.00 | &nbsp;&nbsp; 11-15-2029 | 1000000 | &nbsp;&nbsp; 1047822 |
| County of Cook Sales Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 11-15-2029 | 675000 | &nbsp;&nbsp; 729790 |
| County of Cook Sales Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 11-15-2030 | 3575000 | &nbsp;&nbsp; 3911872 |
| County of Cook Sales Tax Revenue Series A | 5.00 | &nbsp;&nbsp; 11-15-2031 | 2250000 | &nbsp;&nbsp; 2462857 |
| Illinois Sports Facilities Authority (AG Insured) | 5.25 | &nbsp;&nbsp; 6-15-2032 | 5000000 | &nbsp;&nbsp; 5009150 |
| Sales Tax Securitization Corp. Series A | 5.00 | &nbsp;&nbsp; 1-1-2026 | 4815000 | &nbsp;&nbsp; 4853225 |
| Sales Tax Securitization Corp. Series A | 5.00 | &nbsp;&nbsp; 1-1-2027 | 1000000 | &nbsp;&nbsp; 1026928 |
| Sales Tax Securitization Corp. Series A | 5.00 | &nbsp;&nbsp; 1-1-2028 | 5000000 | &nbsp;&nbsp; 5232725 |
|  |  |  |  | &nbsp;&nbsp; **24274369** |
| **Utilities revenue: 0.16%** |  |  |  |  |
| Northern Illinois Municipal Power Agency Series A | 4.00 | &nbsp;&nbsp; 12-1-2032 | 3000000 | &nbsp;&nbsp; **3015153** |
| **Water & sewer revenue: 0.54%** |  |  |  |  |
| &nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue Series A (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2042 | 1500000 | &nbsp;&nbsp; 1551890 |
| &nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue Series B (AG <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2031 | 3140000 | &nbsp;&nbsp; 3216776 |
| City of Chicago Waterworks Revenue | 5.00 | &nbsp;&nbsp; 11-1-2028 | 2560000 | &nbsp;&nbsp; 2615828 |
| City of Chicago Waterworks Revenue Series 2017-2 (AG Insured) | 5.00 | &nbsp;&nbsp; 11-1-2030 | 2620000 | &nbsp;&nbsp; 2718734 |
|  |  |  |  | &nbsp;&nbsp; **10103228** |
|  |  |  |  | &nbsp;&nbsp; **232792001** |
| **Indiana: 1.92%** |  |  |  |  |
| **Education revenue: 0.01%** |  |  |  |  |
| Indiana Finance Authority KIPP Indianapolis, Inc. Series A | 4.00 | &nbsp;&nbsp; 7-1-2030 | 187000 | &nbsp;&nbsp; **182918** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 13

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Industrial development revenue: 0.48%** |  |  |  |  |
| City of Valparaiso Pratt Paper LLC AMT144A | 4.50<br> %<br>| &nbsp;&nbsp; 1-1-2034 | $2925000 | &nbsp;&nbsp; $2956124 |
| &nbsp;&nbsp; Indiana Finance Authority Duke Energy Indiana LLC Series A4 <br> (Sumitomo Mitsui Banking Corp. LOC)ø<br>| 3.85 | &nbsp;&nbsp; 12-1-2039 | 5000000 | &nbsp;&nbsp; 5000000 |
| Indianapolis Local Public Improvement Bond Bank Series E | 5.00 | &nbsp;&nbsp; 3-1-2033 | 1000000 | &nbsp;&nbsp; 1051788 |
|  |  |  |  | &nbsp;&nbsp; **9007912** |
| **Miscellaneous revenue: 0.76%** |  |  |  |  |
| Indiana Bond Bank Hamilton Co. Projects CAB¤ | 0.00 | &nbsp;&nbsp; 7-15-2026 | 735000 | &nbsp;&nbsp; 708529 |
| Indiana Bond Bank Hamilton Co. Projects CAB¤ | 0.00 | &nbsp;&nbsp; 7-15-2027 | 630000 | &nbsp;&nbsp; 585992 |
| Indianapolis Local Public Improvement Bond Bank Series A | 5.00 | &nbsp;&nbsp; 6-1-2028 | 5710000 | &nbsp;&nbsp; 6047469 |
| Indianapolis Local Public Improvement Bond Bank Series A | 5.00 | &nbsp;&nbsp; 6-1-2030 | 6300000 | &nbsp;&nbsp; 6860185 |
|  |  |  |  | &nbsp;&nbsp; **14202175** |
| **Utilities revenue: 0.67%** |  |  |  |  |
| &nbsp;&nbsp; Indiana Finance Authority Indianapolis Power & Light Co. <br> Series Aøø<br>| 0.75 | &nbsp;&nbsp; 12-1-2038 | 3000000 | &nbsp;&nbsp; 2931406 |
| Indiana Finance Authority Ohio Valley Electric Corp. Series A | 4.25 | &nbsp;&nbsp; 11-1-2030 | 7630000 | &nbsp;&nbsp; 7772129 |
| Indiana Finance Authority Ohio Valley Electric Corp. Series B | 3.00 | &nbsp;&nbsp; 11-1-2030 | 2000000 | &nbsp;&nbsp; 1944144 |
|  |  |  |  | &nbsp;&nbsp; **12647679** |
|  |  |  |  | &nbsp;&nbsp; **36040684** |
| **Iowa: 0.80%** |  |  |  |  |
| **Education revenue: 0.14%** |  |  |  |  |
| Iowa Student Loan Liquidity Corp. Series B AMT | 5.00 | &nbsp;&nbsp; 12-1-2025 | 1295000 | &nbsp;&nbsp; 1303908 |
| Iowa Student Loan Liquidity Corp. Series B AMT | 5.00 | &nbsp;&nbsp; 12-1-2026 | 1215000 | &nbsp;&nbsp; 1240040 |
|  |  |  |  | &nbsp;&nbsp; **2543948** |
| **Health revenue: 0.19%** |  |  |  |  |
| Crawford County Memorial Hospital, Inc. BAN | 5.00 | &nbsp;&nbsp; 6-15-2027 | 1315000 | &nbsp;&nbsp; 1331161 |
| &nbsp;&nbsp; Iowa Finance Authority Lifespace Communities, Inc. Obligated <br> Group Series 2024 A&B<br>| 5.00 | &nbsp;&nbsp; 5-15-2039 | 2260000 | &nbsp;&nbsp; 2274720 |
|  |  |  |  | &nbsp;&nbsp; **3605881** |
| **Industrial development revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; Iowa Finance Authority John Maassen & Sons Partnership AMT <br> (Farm Credit Services America LOC)ø<br>| 2.10 | &nbsp;&nbsp; 11-1-2035 | 2075000 | &nbsp;&nbsp; **2075000** |
| **Utilities revenue: 0.27%** |  |  |  |  |
| PEFA, Inc. Gas Projectøø | 5.00 | &nbsp;&nbsp; 9-1-2049 | 4975000 | &nbsp;&nbsp; **5035709** |
| **Water & sewer revenue: 0.09%** |  |  |  |  |
| Xenia Rural Water District | 5.00 | &nbsp;&nbsp; 12-1-2031 | 1615000 | &nbsp;&nbsp; **1666996** |
|  |  |  |  | &nbsp;&nbsp; **14927534** |
| **Kansas: 0.70%** |  |  |  |  |
| **GO revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp; Harvey County Unified School District 440 Halstead-Bentley (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2043 | 1655000 | &nbsp;&nbsp; **1703321** |

---

The accompanying notes are an integral part of these financial statements.

14 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.06%** |  |  |  |  |
| City of Wichita Presbyterian Manors Obligated Group | 5.00<br> %<br>| &nbsp;&nbsp; 5-15-2026 | $1105000 | &nbsp;&nbsp; **$1104227** |
| **Tax revenue: 0.55%** |  |  |  |  |
| &nbsp;&nbsp; Wyandotte County-Kansas City Unified Government Sales Tax <br> Revenue CAB144A¤<br>| 0.00 | &nbsp;&nbsp; 9-1-2034 | 19260000 | &nbsp;&nbsp; **10215269** |
|  |  |  |  | &nbsp;&nbsp; **13022817** |
| **Kentucky: 2.43%** |  |  |  |  |
| **Education revenue: 0.09%** |  |  |  |  |
| City of Columbia Lindsey Wilson College, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2029 | 570000 | &nbsp;&nbsp; 554769 |
| City of Columbia Lindsey Wilson College, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2030 | 590000 | &nbsp;&nbsp; 567857 |
| City of Columbia Lindsey Wilson College, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2031 | 615000 | &nbsp;&nbsp; 584019 |
|  |  |  |  | &nbsp;&nbsp; **1706645** |
| **Health revenue: 0.17%** |  |  |  |  |
| Kentucky EDFA Kenton Housing Obligated Group | 5.00 | &nbsp;&nbsp; 11-15-2025 | 330000 | &nbsp;&nbsp; 328549 |
| &nbsp;&nbsp; Kentucky EDFA Norton Healthcare Obligated Group Series B CAB <br> (NPFGC Insured)¤<br>| 0.00 | &nbsp;&nbsp; 10-1-2026 | 3000000 | &nbsp;&nbsp; 2853191 |
|  |  |  |  | &nbsp;&nbsp; **3181740** |
| **Industrial development revenue: 0.14%** |  |  |  |  |
| County of Boone Duke Energy Kentucky, Inc. Series A | 3.70 | &nbsp;&nbsp; 8-1-2027 | 2500000 | &nbsp;&nbsp; **2514416** |
| **Miscellaneous revenue: 0.05%** |  |  |  |  |
| Kentucky State University COP (BAM Insured) | 3.00 | &nbsp;&nbsp; 11-1-2032 | 320000 | &nbsp;&nbsp; 304322 |
| Kentucky State University COP (BAM Insured) | 4.00 | &nbsp;&nbsp; 11-1-2033 | 130000 | &nbsp;&nbsp; 133644 |
| Kentucky State University COP (BAM Insured) | 4.00 | &nbsp;&nbsp; 11-1-2034 | 130000 | &nbsp;&nbsp; 132675 |
| Kentucky State University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-1-2029 | 200000 | &nbsp;&nbsp; 216235 |
| Kentucky State University COP (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-1-2030 | 175000 | &nbsp;&nbsp; 191617 |
|  |  |  |  | &nbsp;&nbsp; **978493** |
| **Tax revenue: 0.29%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2018-<br> XG0161 (AG Insured) (Bank of America N.A. LOC, Bank of <br> America N.A. LIQ)144Aø<br>| 1.95 | &nbsp;&nbsp; 12-1-2041 | 5460000 | &nbsp;&nbsp; **5460000** |
| **Utilities revenue: 1.69%** |  |  |  |  |
| County of Trimble Louisville Gas & Electric Co. Series A | 0.63 | &nbsp;&nbsp; 9-1-2026 | 3250000 | &nbsp;&nbsp; 3129239 |
| County of Trimble Louisville Gas & Electric Co. Series A AMTøø | 1.30 | &nbsp;&nbsp; 9-1-2044 | 6250000 | &nbsp;&nbsp; 5814414 |
| County of Trimble Louisville Gas & Electric Co. Series B AMT | 1.35 | &nbsp;&nbsp; 11-1-2027 | 6200000 | &nbsp;&nbsp; 5876169 |
| Kentucky Public Energy Authority Series Cøø | 4.00 | &nbsp;&nbsp; 2-1-2050 | 14960000 | &nbsp;&nbsp; 15036363 |
| &nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government Gas & <br> Electric Co. Series B AMT<br>| 1.35 | &nbsp;&nbsp; 11-1-2027 | 2000000 | &nbsp;&nbsp; 1889163 |
|  |  |  |  | &nbsp;&nbsp; **31745348** |
|  |  |  |  | &nbsp;&nbsp; **45586642** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 15

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Louisiana: 1.62%** |  |  |  |  |
| **Airport revenue: 0.18%** |  |  |  |  |
| &nbsp;&nbsp; New Orleans Aviation Board Louis Armstrong New Orleans <br> International Airport CFC Revenue (AG Insured)<br>| 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2031 | $1250000 | &nbsp;&nbsp; $1304280 |
| &nbsp;&nbsp; New Orleans Aviation Board Louis Armstrong New Orleans <br> International Airport CFC Revenue (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2032 | 2000000 | &nbsp;&nbsp; 2078867 |
|  |  |  |  | &nbsp;&nbsp; **3383147** |
| **Industrial development revenue: 0.98%** |  |  |  |  |
| Parish of St. John the Baptist Marathon Oil Corp. Series 2017B-2øø | 2.38 | &nbsp;&nbsp; 6-1-2037 | 8330000 | &nbsp;&nbsp; 8238807 |
| Parish of St. John the Baptist Marathon Oil Corp. Series A-1øø | 4.05 | &nbsp;&nbsp; 6-1-2037 | 3250000 | &nbsp;&nbsp; 3267462 |
| Parish of St. John the Baptist Marathon Oil Corp. Series A-3øø | 2.20 | &nbsp;&nbsp; 6-1-2037 | 7000000 | &nbsp;&nbsp; 6911431 |
|  |  |  |  | &nbsp;&nbsp; **18417700** |
| **Miscellaneous revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Louisiana Local Government Environmental Facilities & CDA Parish <br> of Jefferson144A<br>| 4.00 | &nbsp;&nbsp; 11-1-2044 | 1430000 | &nbsp;&nbsp; **1232481** |
| **Water & sewer revenue: 0.39%** |  |  |  |  |
| City of New Orleans Sewerage Service Revenue Series B | 5.00 | &nbsp;&nbsp; 6-1-2026 | 350000 | &nbsp;&nbsp; 355976 |
| City of New Orleans Sewerage Service Revenue Series B | 5.00 | &nbsp;&nbsp; 6-1-2027 | 600000 | &nbsp;&nbsp; 622337 |
| City of New Orleans Sewerage Service Revenue Series B | 5.00 | &nbsp;&nbsp; 6-1-2028 | 400000 | &nbsp;&nbsp; 421460 |
| City of New Orleans Sewerage Service Revenue Series B | 5.00 | &nbsp;&nbsp; 6-1-2029 | 600000 | &nbsp;&nbsp; 638736 |
| City of New Orleans Sewerage Service Revenue Series B | 5.00 | &nbsp;&nbsp; 6-1-2030 | 600000 | &nbsp;&nbsp; 643428 |
| East Baton Rouge Sewerage Commission Series Aøø | 1.30 | &nbsp;&nbsp; 2-1-2041 | 3500000 | &nbsp;&nbsp; 3244601 |
| Greater Ouachita Water Co. (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2034 | 985000 | &nbsp;&nbsp; 979813 |
| Greater Ouachita Water Co. (BAM Insured) | 5.00 | &nbsp;&nbsp; 9-1-2025 | 510000 | &nbsp;&nbsp; 511333 |
|  |  |  |  | &nbsp;&nbsp; **7417684** |
|  |  |  |  | &nbsp;&nbsp; **30451012** |
| **Maine: 1.15%** |  |  |  |  |
| **Health revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority Eastern <br> Maine Healthcare Systems Obligated Group Series C<br>| 5.00 | &nbsp;&nbsp; 7-1-2039 | 1865000 | &nbsp;&nbsp; 1913547 |
| Maine Health & Higher Educational Facilities Authority Series A | 5.00 | &nbsp;&nbsp; 7-1-2027 | 750000 | &nbsp;&nbsp; 780135 |
|  |  |  |  | &nbsp;&nbsp; **2693682** |
| **Housing revenue: 0.88%** |  |  |  |  |
| Maine State Housing Authority Series A | 3.20 | &nbsp;&nbsp; 11-15-2029 | 290000 | &nbsp;&nbsp; 290272 |
| Maine State Housing Authority Series A | 3.30 | &nbsp;&nbsp; 11-15-2030 | 150000 | &nbsp;&nbsp; 149304 |
| Maine State Housing Authority Series A | 3.45 | &nbsp;&nbsp; 11-15-2031 | 320000 | &nbsp;&nbsp; 319186 |
| Maine State Housing Authority Series A | 3.55 | &nbsp;&nbsp; 11-15-2032 | 530000 | &nbsp;&nbsp; 533925 |
| Maine State Housing Authority Series A | 3.70 | &nbsp;&nbsp; 11-15-2034 | 890000 | &nbsp;&nbsp; 874619 |
| Maine State Housing Authority Series A | 3.80 | &nbsp;&nbsp; 11-15-2035 | 345000 | &nbsp;&nbsp; 336714 |
| Maine State Housing Authority Series A | 3.90 | &nbsp;&nbsp; 11-15-2036 | 1305000 | &nbsp;&nbsp; 1271559 |
| Maine State Housing Authority Series A | 3.95 | &nbsp;&nbsp; 11-15-2037 | 765000 | &nbsp;&nbsp; 732360 |
| Maine State Housing Authority Series A | 4.10 | &nbsp;&nbsp; 11-15-2040 | 2470000 | &nbsp;&nbsp; 2333453 |

---

The accompanying notes are an integral part of these financial statements.

16 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| Maine State Housing Authority Series A | 4.50<br> %<br>| &nbsp;&nbsp; 11-15-2045 | $4955000 | &nbsp;&nbsp; $4716943 |
| &nbsp;&nbsp; Maine State Housing Authority Series C (Department of Housing <br> and Urban Development Insured)<br>| 4.55 | &nbsp;&nbsp; 11-15-2044 | 5045000 | &nbsp;&nbsp; 4873526 |
|  |  |  |  | &nbsp;&nbsp; **16431861** |
| **Resource recovery revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Finance Authority of Maine Casella Waste Systems, Inc. <br> AMT144Aøø<br>| 4.63 | &nbsp;&nbsp; 12-1-2047 | 2500000 | &nbsp;&nbsp; **2434425** |
|  |  |  |  | &nbsp;&nbsp; **21559968** |
| **Maryland: 1.10%** |  |  |  |  |
| **Education revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority <br> Stevenson University, Inc. Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2029 | 300000 | &nbsp;&nbsp; 313285 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority <br> Stevenson University, Inc. Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2031 | 350000 | &nbsp;&nbsp; 368870 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority <br> Stevenson University, Inc. Series A<br>| 5.00 | &nbsp;&nbsp; 6-1-2033 | 425000 | &nbsp;&nbsp; 441998 |
|  |  |  |  | &nbsp;&nbsp; **1124153** |
| **Health revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Adventist <br> Healthcare Obligated Group<br>| 5.00 | &nbsp;&nbsp; 1-1-2026 | 495000 | &nbsp;&nbsp; 497560 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Adventist <br> Healthcare Obligated Group<br>| 5.00 | &nbsp;&nbsp; 1-1-2027 | 430000 | &nbsp;&nbsp; 439928 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Adventist <br> Healthcare Obligated Group<br>| 5.00 | &nbsp;&nbsp; 1-1-2028 | 300000 | &nbsp;&nbsp; 311168 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Adventist <br> Healthcare Obligated Group<br>| 5.00 | &nbsp;&nbsp; 1-1-2029 | 290000 | &nbsp;&nbsp; 303935 |
| &nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority Adventist <br> Healthcare Obligated Group<br>| 5.00 | &nbsp;&nbsp; 1-1-2030 | 285000 | &nbsp;&nbsp; 300923 |
|  |  |  |  | &nbsp;&nbsp; **1853514** |
| **Housing revenue: 0.30%** |  |  |  |  |
| Maryland Stadium Authority Series A | 5.00 | &nbsp;&nbsp; 3-1-2036 | 2890000 | &nbsp;&nbsp; 3176896 |
| Maryland Stadium Authority Series A | 5.00 | &nbsp;&nbsp; 3-1-2037 | 2250000 | &nbsp;&nbsp; 2456837 |
|  |  |  |  | &nbsp;&nbsp; **5633733** |
| **Tax revenue: 0.49%** |  |  |  |  |
| State of Maryland Department of Transportation | 4.00 | &nbsp;&nbsp; 12-15-2027 | 9260000 | &nbsp;&nbsp; **9266479** |
| **Transportation revenue: 0.15%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Economic Development Corp. Purple Line Transit <br> Partners LLC Series A-P3 AMT<br>| 5.00 | &nbsp;&nbsp; 11-12-2028 | 2750000 | &nbsp;&nbsp; **2777549** |
|  |  |  |  | &nbsp;&nbsp; **20655428** |
| **Massachusetts: 2.01%** |  |  |  |  |
| **Airport revenue: 0.82%** |  |  |  |  |
| Massachusetts Port Authority Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2047 | 6670000 | &nbsp;&nbsp; 6634410 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 17

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Airport revenue**(continued) |  |  |  |  |
| Massachusetts Port Authority Series E AMT | 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2031 | $1000000 | &nbsp;&nbsp; $1086533 |
| Massachusetts Port Authority Series E AMT | 5.00 | &nbsp;&nbsp; 7-1-2032 | 1500000 | &nbsp;&nbsp; 1619002 |
| Massachusetts Port Authority Series E AMT | 5.00 | &nbsp;&nbsp; 7-1-2033 | 3000000 | &nbsp;&nbsp; 3220322 |
| Massachusetts Port Authority Series E AMT | 5.00 | &nbsp;&nbsp; 7-1-2034 | 2615000 | &nbsp;&nbsp; 2790855 |
|  |  |  |  | &nbsp;&nbsp; **15351122** |
| **Education revenue: 0.60%** |  |  |  |  |
| Collegiate Charter School of Lowell | 5.00 | &nbsp;&nbsp; 6-15-2029 | 400000 | &nbsp;&nbsp; 402997 |
| Massachusetts Development Finance Agency Lasell University | 4.00 | &nbsp;&nbsp; 7-1-2029 | 340000 | &nbsp;&nbsp; 332995 |
| Massachusetts Development Finance Agency Lasell University | 4.00 | &nbsp;&nbsp; 7-1-2030 | 355000 | &nbsp;&nbsp; 344859 |
| Massachusetts Development Finance Agency Lasell University | 4.00 | &nbsp;&nbsp; 7-1-2031 | 370000 | &nbsp;&nbsp; 356315 |
| Massachusetts Educational Financing Authority Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2026 | 1000000 | &nbsp;&nbsp; 1016205 |
| Massachusetts Educational Financing Authority Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2027 | 1500000 | &nbsp;&nbsp; 1543224 |
| Massachusetts Educational Financing Authority Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2028 | 3250000 | &nbsp;&nbsp; 3381641 |
| Massachusetts Educational Financing Authority Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2029 | 1400000 | &nbsp;&nbsp; 1465282 |
| Massachusetts Educational Financing Authority Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2030 | 2230000 | &nbsp;&nbsp; 2366210 |
|  |  |  |  | &nbsp;&nbsp; **11209728** |
| **GO revenue: 0.34%** |  |  |  |  |
| Commonwealth of Massachusetts Series E | 4.00 | &nbsp;&nbsp; 9-1-2044 | 5000000 | &nbsp;&nbsp; 4602417 |
| Town of Tyngsborough | 4.00 | &nbsp;&nbsp; 10-15-2046 | 2035000 | &nbsp;&nbsp; 1854359 |
|  |  |  |  | &nbsp;&nbsp; **6456776** |
| **Health revenue: 0.25%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Mass General <br> Brigham, Inc. Series T-1 (SIFMA Municipal Swap+0.60%)144A±<br>| 2.52 | &nbsp;&nbsp; 7-1-2049 | 2650000 | &nbsp;&nbsp; 2648208 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Milford Regional <br> Medical Center Obligated Group Series G<br>| 5.00 | &nbsp;&nbsp; 7-15-2026 | 150000 | &nbsp;&nbsp; 153273 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Milford Regional <br> Medical Center Obligated Group Series G<br>| 5.00 | &nbsp;&nbsp; 7-15-2027 | 160000 | &nbsp;&nbsp; 167027 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Milford Regional <br> Medical Center Obligated Group Series G<br>| 5.00 | &nbsp;&nbsp; 7-15-2028 | 175000 | &nbsp;&nbsp; 186155 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Milford Regional <br> Medical Center Obligated Group Series G<br>| 5.00 | &nbsp;&nbsp; 7-15-2029 | 300000 | &nbsp;&nbsp; 324337 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Milford Regional <br> Medical Center Obligated Group Series G<br>| 5.00 | &nbsp;&nbsp; 7-15-2030 | 320000 | &nbsp;&nbsp; 350868 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Milford Regional <br> Medical Center Obligated Group Series G<br>| 5.00 | &nbsp;&nbsp; 7-15-2031 | 350000 | &nbsp;&nbsp; 383762 |
| &nbsp;&nbsp; Massachusetts Development Finance Agency Milford Regional <br> Medical Center Obligated Group Series G<br>| 5.00 | &nbsp;&nbsp; 7-15-2032 | 400000 | &nbsp;&nbsp; 438586 |
|  |  |  |  | &nbsp;&nbsp; **4652216** |
|  |  |  |  | &nbsp;&nbsp; **37669842** |
| **Michigan: 1.77%** |  |  |  |  |
| **Airport revenue: 0.21%** |  |  |  |  |
| Wayne County Airport Authority Detroit Metropolitan Series F AMT | 5.00 | &nbsp;&nbsp; 12-1-2030 | 4000000 | &nbsp;&nbsp; **4009120** |

---

The accompanying notes are an integral part of these financial statements.

18 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue: 0.27%** |  |  |  |  |
| Lake Superior State University (AG Insured) | 4.00<br> %<br>| &nbsp;&nbsp; 11-15-2029 | $1220000 | &nbsp;&nbsp; $1256975 |
| Lake Superior State University (AG Insured) | 4.00 | &nbsp;&nbsp; 11-15-2030 | 405000 | &nbsp;&nbsp; 418478 |
| Lake Superior State University (AG Insured) | 4.00 | &nbsp;&nbsp; 11-15-2031 | 400000 | &nbsp;&nbsp; 412310 |
| Michigan Finance Authority College for Creative Studies | 5.00 | &nbsp;&nbsp; 12-1-2026 | 840000 | &nbsp;&nbsp; 840379 |
| Michigan Finance Authority College for Creative Studies | 5.00 | &nbsp;&nbsp; 12-1-2027 | 585000 | &nbsp;&nbsp; 585282 |
| Michigan Finance Authority College for Creative Studies | 5.00 | &nbsp;&nbsp; 12-1-2028 | 535000 | &nbsp;&nbsp; 535239 |
| Michigan Finance Authority College for Creative Studies | 5.00 | &nbsp;&nbsp; 12-1-2029 | 590000 | &nbsp;&nbsp; 590256 |
| Michigan Finance Authority College for Creative Studies | 5.00 | &nbsp;&nbsp; 12-1-2030 | 400000 | &nbsp;&nbsp; 400140 |
|  |  |  |  | &nbsp;&nbsp; **5039059** |
| **GO revenue: 0.06%** |  |  |  |  |
| Utica Community Schools (QSBLF Insured) | 5.00 | &nbsp;&nbsp; 5-1-2037 | 1000000 | &nbsp;&nbsp; **1103967** |
| **Industrial development revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; Michigan Strategic Fund Graphic Packaging International LLC <br> AMTøø<br>| 4.00 | &nbsp;&nbsp; 10-1-2061 | 2000000 | &nbsp;&nbsp; **1988718** |
| **Miscellaneous revenue: 0.33%** |  |  |  |  |
| &nbsp;&nbsp; Michigan Finance Authority Detroit Public Lighting Authority Utility <br> Users Tax Revenue Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2032 | 3000000 | &nbsp;&nbsp; 3003779 |
| Michigan Finance Authority Wayne County | 5.00 | &nbsp;&nbsp; 11-1-2028 | 865000 | &nbsp;&nbsp; 925200 |
| Michigan Finance Authority Wayne County | 5.00 | &nbsp;&nbsp; 11-1-2029 | 1500000 | &nbsp;&nbsp; 1594200 |
| &nbsp;&nbsp; Michigan Public Educational Facilities Authority Chandler Park <br> Academy<br>| 6.35 | &nbsp;&nbsp; 11-1-2028 | 710000 | &nbsp;&nbsp; 710520 |
|  |  |  |  | &nbsp;&nbsp; **6233699** |
| **Tax revenue: 0.79%** |  |  |  |  |
| State of Michigan Trunk Line Revenue Series A | 4.00 | &nbsp;&nbsp; 11-15-2046 | 16390000 | &nbsp;&nbsp; **14787909** |
|  |  |  |  | &nbsp;&nbsp; **33162472** |
| **Minnesota: 1.74%** |  |  |  |  |
| **Education revenue: 0.64%** |  |  |  |  |
| City of Minneapolis Northeast College Prep Series A | 5.00 | &nbsp;&nbsp; 7-1-2040 | 875000 | &nbsp;&nbsp; 722939 |
| City of Ramsey PACT Charter School Series A | 5.00 | &nbsp;&nbsp; 6-1-2032 | 6500000 | &nbsp;&nbsp; 6329610 |
| City of Woodbury Leadership Academy Series A | 4.00 | &nbsp;&nbsp; 7-1-2031 | 590000 | &nbsp;&nbsp; 560017 |
| City of Woodbury Leadership Academy Series A | 4.00 | &nbsp;&nbsp; 7-1-2041 | 850000 | &nbsp;&nbsp; 678160 |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota Hmong College <br> Prep Academy Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2026 | 425000 | &nbsp;&nbsp; 426506 |
| &nbsp;&nbsp; Minnesota Higher Education Facilities Authority Concordia <br> University St. Paul Series 6Q (U.S. Bank N.A. LOC)ø<br>| 4.03 | &nbsp;&nbsp; 4-1-2037 | 1525000 | &nbsp;&nbsp; 1525000 |
| &nbsp;&nbsp; Minnesota Higher Education Facilities Authority St. Catherine <br> University Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2027 | 1035000 | &nbsp;&nbsp; 1064299 |
| &nbsp;&nbsp; Minnesota Higher Education Facilities Authority St. Catherine <br> University Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2029 | 660000 | &nbsp;&nbsp; 683053 |
|  |  |  |  | &nbsp;&nbsp; **11989584** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 19

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.42%** |  |  |  |  |
| &nbsp;&nbsp; City of Minneapolis Fairview Health Services Obligated Group <br> Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 11-15-2033 | $2585000 | &nbsp;&nbsp; $2594282 |
| &nbsp;&nbsp; City of Shakopee Senior Housing Revenue Benedictine Living <br> Community LLC144Aøø<br>| 5.85 | &nbsp;&nbsp; 11-1-2058 | 5360000 | &nbsp;&nbsp; 5347044 |
|  |  |  |  | &nbsp;&nbsp; **7941326** |
| **Housing revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; City of Plymouth Lancaster Village Apartments LP LLP (FNMA LOC, <br> FNMA LIQ)ø<br>| 2.00 | &nbsp;&nbsp; 9-15-2031 | 650000 | &nbsp;&nbsp; **650000** |
| **Miscellaneous revenue: 0.11%** |  |  |  |  |
| Minnesota Rural Water Finance Authority, Inc. BAN | 3.30 | &nbsp;&nbsp; 8-1-2026 | 2000000 | &nbsp;&nbsp; **2002430** |
| **Utilities revenue: 0.53%** |  |  |  |  |
| &nbsp;&nbsp; Minnesota Municipal Gas Agency Series B (U.S. SOFR+1.00%) <br> (Royal Bank of Canada LIQ)±<br>| 3.95 | &nbsp;&nbsp; 12-1-2052 | 10000000 | &nbsp;&nbsp; **9984293** |
|  |  |  |  | &nbsp;&nbsp; **32567633** |
| **Mississippi: 0.74%** |  |  |  |  |
| **Health revenue: 0.38%** |  |  |  |  |
| &nbsp;&nbsp; Mississippi Hospital Equipment & Facilities Authority Baptist <br> Memorial Health Care Obligated Group Series A-1øø<br>| 5.00 | &nbsp;&nbsp; 9-1-2044 | 3000000 | &nbsp;&nbsp; 3002056 |
| &nbsp;&nbsp; Mississippi Hospital Equipment & Facilities Authority North <br> Mississippi Medical Center Obligated Group Series IIøø<br>| 5.00 | &nbsp;&nbsp; 10-1-2040 | 3930000 | &nbsp;&nbsp; 4033681 |
|  |  |  |  | &nbsp;&nbsp; **7035737** |
| **Industrial development revenue: 0.19%** |  |  |  |  |
| County of Warren International Paper Co. Series A | 4.20 | &nbsp;&nbsp; 5-1-2034 | 3500000 | &nbsp;&nbsp; **3528050** |
| **Miscellaneous revenue: 0.17%** |  |  |  |  |
| Mississippi Development Bank City of Gulfport | 4.00 | &nbsp;&nbsp; 9-1-2029 | 620000 | &nbsp;&nbsp; 619974 |
| Mississippi Development Bank City of Gulfport | 4.00 | &nbsp;&nbsp; 9-1-2030 | 565000 | &nbsp;&nbsp; 564499 |
| Mississippi Development Bank City of Gulfport | 4.00 | &nbsp;&nbsp; 9-1-2031 | 400000 | &nbsp;&nbsp; 398874 |
| Mississippi Development Bank City of Gulfport | 4.00 | &nbsp;&nbsp; 9-1-2032 | 435000 | &nbsp;&nbsp; 432296 |
| Mississippi Development Bank City of Gulfport | 5.00 | &nbsp;&nbsp; 9-1-2025 | 255000 | &nbsp;&nbsp; 255709 |
| Mississippi Development Bank City of Gulfport | 5.00 | &nbsp;&nbsp; 9-1-2026 | 225000 | &nbsp;&nbsp; 229883 |
| Mississippi Development Bank City of Gulfport | 5.00 | &nbsp;&nbsp; 9-1-2027 | 385000 | &nbsp;&nbsp; 391423 |
| Mississippi Development Bank City of Gulfport | 5.00 | &nbsp;&nbsp; 9-1-2028 | 315000 | &nbsp;&nbsp; 328482 |
|  |  |  |  | &nbsp;&nbsp; **3221140** |
|  |  |  |  | &nbsp;&nbsp; **13784927** |
| **Missouri: 1.98%** |  |  |  |  |
| **Airport revenue: 0.11%** |  |  |  |  |
| City of St. Louis Airport Revenue Series D AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2030 | 2090000 | &nbsp;&nbsp; **2140878** |
| **Education revenue: 0.19%** |  |  |  |  |
| &nbsp;&nbsp; HEFA of the State of Missouri A.T. Still University of Health <br> Sciences Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 925000 | &nbsp;&nbsp; 950030 |

---

The accompanying notes are an integral part of these financial statements.

20 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; HEFA of the State of Missouri A.T. Still University of Health <br> Sciences Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2027 | $975000 | &nbsp;&nbsp; $1007988 |
| &nbsp;&nbsp; HEFA of the State of Missouri A.T. Still University of Health <br> Sciences Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2028 | 1025000 | &nbsp;&nbsp; 1070883 |
| HEFA of the State of Missouri Webster University | 5.00 | &nbsp;&nbsp; 4-1-2026 | 500000 | &nbsp;&nbsp; 493150 |
|  |  |  |  | &nbsp;&nbsp; **3522051** |
| **Health revenue: 1.30%** |  |  |  |  |
| HEFA of the State of Missouri BJC Healthcare Obligated Group | 5.00 | &nbsp;&nbsp; 11-15-2030 | 5425000 | &nbsp;&nbsp; 5500306 |
| &nbsp;&nbsp; HEFA of the State of Missouri BJC Healthcare Obligated Group <br> Series Cøø<br>| 5.00 | &nbsp;&nbsp; 5-1-2052 | 18000000 | &nbsp;&nbsp; 18956354 |
|  |  |  |  | &nbsp;&nbsp; **24456660** |
| **Housing revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Missouri Southern State University Auxiliary Enterprise System <br> Revenue<br>| 3.00 | &nbsp;&nbsp; 10-1-2026 | 385000 | &nbsp;&nbsp; 379891 |
| &nbsp;&nbsp; Missouri Southern State University Auxiliary Enterprise System <br> Revenue<br>| 4.00 | &nbsp;&nbsp; 10-1-2031 | 1000000 | &nbsp;&nbsp; 971274 |
|  |  |  |  | &nbsp;&nbsp; **1351165** |
| **Miscellaneous revenue: 0.28%** |  |  |  |  |
| Kansas City IDA Airport Revenue Series B AMT | 5.00 | &nbsp;&nbsp; 3-1-2028 | 3000000 | &nbsp;&nbsp; 3123096 |
| Kansas City IDA Airport Revenue Series B AMT | 5.00 | &nbsp;&nbsp; 3-1-2030 | 2000000 | &nbsp;&nbsp; 2099989 |
|  |  |  |  | &nbsp;&nbsp; **5223085** |
| **Tax revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; City of Richmond Heights Francis Place Redevelopment Project <br> Area No. 1<br>| 5.63 | &nbsp;&nbsp; 11-1-2025 | 375000 | &nbsp;&nbsp; 375486 |
| &nbsp;&nbsp; City of St. Ann Northwest Plaza Community Improvement District <br> Series A144A<br>| 4.63 | &nbsp;&nbsp; 11-1-2030 | 120000 | &nbsp;&nbsp; 117625 |
|  |  |  |  | &nbsp;&nbsp; **493111** |
|  |  |  |  | &nbsp;&nbsp; **37186950** |
| **Nebraska: 1.33%** |  |  |  |  |
| **Airport revenue: 0.05%** |  |  |  |  |
| Lincoln Airport Authority AMT | 5.00 | &nbsp;&nbsp; 7-1-2029 | 835000 | &nbsp;&nbsp; **883694** |
| **Utilities revenue: 1.28%** |  |  |  |  |
| Central Plains Energy Project No. 3 Series A | 5.00 | &nbsp;&nbsp; 9-1-2025 | 3290000 | &nbsp;&nbsp; 3296395 |
| Central Plains Energy Project No. 3 Series A | 5.00 | &nbsp;&nbsp; 9-1-2026 | 3750000 | &nbsp;&nbsp; 3812085 |
| Central Plains Energy Project No. 3 Series A | 5.00 | &nbsp;&nbsp; 9-1-2027 | 1000000 | &nbsp;&nbsp; 1029931 |
| Central Plains Energy Project Series A-1øø | 5.00 | &nbsp;&nbsp; 8-1-2055 | 15000000 | &nbsp;&nbsp; 15876684 |
|  |  |  |  | &nbsp;&nbsp; **24015095** |
|  |  |  |  | &nbsp;&nbsp; **24898789** |
| **Nevada: 0.20%** |  |  |  |  |
| **Miscellaneous revenue: 0.09%** |  |  |  |  |
| City of Las Vegas Special Improvement District No. 816 | 2.00 | &nbsp;&nbsp; 6-1-2026 | 225000 | &nbsp;&nbsp; 220283 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 21

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Miscellaneous revenue**(continued) |  |  |  |  |
| City of Las Vegas Special Improvement District No. 816 | 2.25<br> %<br>| &nbsp;&nbsp; 6-1-2027 | $250000 | &nbsp;&nbsp; $240910 |
| City of Las Vegas Special Improvement District No. 816 | 2.50 | &nbsp;&nbsp; 6-1-2028 | 245000 | &nbsp;&nbsp; 231736 |
| City of Las Vegas Special Improvement District No. 816 | 2.50 | &nbsp;&nbsp; 6-1-2029 | 200000 | &nbsp;&nbsp; 184216 |
| City of Las Vegas Special Improvement District No. 816 | 2.63 | &nbsp;&nbsp; 6-1-2030 | 295000 | &nbsp;&nbsp; 267795 |
| City of Las Vegas Special Improvement District No. 816 | 2.75 | &nbsp;&nbsp; 6-1-2031 | 225000 | &nbsp;&nbsp; 200951 |
| City of Las Vegas Special Improvement District No. 816 | 2.75 | &nbsp;&nbsp; 6-1-2033 | 505000 | &nbsp;&nbsp; 432039 |
|  |  |  |  | &nbsp;&nbsp; **1777930** |
| **Utilities revenue: 0.11%** |  |  |  |  |
| County of Washoe NV Sierra Pacific Power Co. Series Cøø | 4.13 | &nbsp;&nbsp; 3-1-2036 | 2000000 | &nbsp;&nbsp; **2004066** |
|  |  |  |  | &nbsp;&nbsp; **3781996** |
| **New Hampshire: 0.23%** |  |  |  |  |
| **Housing revenue: 0.12%** |  |  |  |  |
| New Hampshire Business Finance Authority Class A Series 1-A | 4.13 | &nbsp;&nbsp; 1-20-2034 | 2287727 | &nbsp;&nbsp; **2261974** |
| **Resource recovery revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; New Hampshire Business Finance Authority United Illuminating Co. <br> Series A<br>| 4.50 | &nbsp;&nbsp; 10-1-2033 | 2000000 | &nbsp;&nbsp; **2047245** |
|  |  |  |  | &nbsp;&nbsp; **4309219** |
| **New Jersey: 3.37%** |  |  |  |  |
| **Airport revenue: 0.29%** |  |  |  |  |
| New Jersey EDA Port Newark Container Terminal LLC AMT | 5.00 | &nbsp;&nbsp; 10-1-2025 | 2750000 | &nbsp;&nbsp; 2754653 |
| New Jersey EDA Port Newark Container Terminal LLC AMT | 5.00 | &nbsp;&nbsp; 10-1-2026 | 2130000 | &nbsp;&nbsp; 2153524 |
| South Jersey Port Corp. Series B AMT | 5.00 | &nbsp;&nbsp; 1-1-2028 | 500000 | &nbsp;&nbsp; 520871 |
|  |  |  |  | &nbsp;&nbsp; **5429048** |
| **Education revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp; Atlantic County Improvement Authority Stockton University <br> Series A (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2036 | 425000 | &nbsp;&nbsp; 429282 |
| &nbsp;&nbsp; Atlantic County Improvement Authority Stockton University <br> Series A (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2037 | 150000 | &nbsp;&nbsp; 150045 |
| &nbsp;&nbsp; Atlantic County Improvement Authority Stockton University <br> Series A (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2038 | 200000 | &nbsp;&nbsp; 197532 |
| &nbsp;&nbsp; Atlantic County Improvement Authority Stockton University <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2032 | 225000 | &nbsp;&nbsp; 246586 |
| &nbsp;&nbsp; Atlantic County Improvement Authority Stockton University <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2034 | 225000 | &nbsp;&nbsp; 243311 |
| &nbsp;&nbsp; Passaic County Improvement Authority Paterson Arts & <br> Science Charter School<br>| 4.25 | &nbsp;&nbsp; 7-1-2033 | 515000 | &nbsp;&nbsp; 520856 |
|  |  |  |  | &nbsp;&nbsp; **1787612** |
| **GO revenue: 0.32%** |  |  |  |  |
| Atlantic City Board of Education (AG Insured) | 4.00 | &nbsp;&nbsp; 4-1-2027 | 400000 | &nbsp;&nbsp; 408071 |
| Atlantic City Board of Education (AG Insured) | 4.00 | &nbsp;&nbsp; 4-1-2029 | 400000 | &nbsp;&nbsp; 413375 |
| Atlantic City Board of Education (AG Insured) | 4.00 | &nbsp;&nbsp; 4-1-2031 | 350000 | &nbsp;&nbsp; 358703 |
| Atlantic City Board of Education (AG Insured) | 4.00 | &nbsp;&nbsp; 4-1-2033 | 300000 | &nbsp;&nbsp; 303452 |
| Atlantic City Board of Education (AG Insured) | 4.00 | &nbsp;&nbsp; 4-1-2034 | 260000 | &nbsp;&nbsp; 261904 |

---

The accompanying notes are an integral part of these financial statements.

22 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| New Jersey EDA Series GGG144A | 5.25<br> %<br>| &nbsp;&nbsp; 9-1-2026 | $2000000 | &nbsp;&nbsp; $2054888 |
| Newark Board of Education (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-15-2029 | 340000 | &nbsp;&nbsp; 366934 |
| Newark Board of Education (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-15-2030 | 325000 | &nbsp;&nbsp; 355583 |
| Newark Board of Education (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-15-2031 | 400000 | &nbsp;&nbsp; 442847 |
| Newark Board of Education (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-15-2032 | 430000 | &nbsp;&nbsp; 474839 |
| Newark Board of Education (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-15-2033 | 520000 | &nbsp;&nbsp; 569543 |
|  |  |  |  | &nbsp;&nbsp; **6010139** |
| **Housing revenue: 2.15%** |  |  |  |  |
| Garden State Preservation Trust Series A (AG Insured) | 5.75 | &nbsp;&nbsp; 11-1-2028 | 4110000 | &nbsp;&nbsp; 4319536 |
| New Jersey EDA Motor Vehicle Surcharge Revenue Series A | 3.13 | &nbsp;&nbsp; 7-1-2029 | 5620000 | &nbsp;&nbsp; 5448695 |
| New Jersey EDA Motor Vehicle Surcharge Revenue Series A | 3.38 | &nbsp;&nbsp; 7-1-2030 | 9705000 | &nbsp;&nbsp; 9413385 |
| New Jersey EDA Series I (SIFMA Municipal Swap+1.25%)± | 3.17 | &nbsp;&nbsp; 9-1-2025 | 4500000 | &nbsp;&nbsp; 4499036 |
| New Jersey EDA Series QQQ | 5.00 | &nbsp;&nbsp; 6-15-2030 | 1000000 | &nbsp;&nbsp; 1088029 |
| New Jersey EDA Series QQQ | 5.00 | &nbsp;&nbsp; 6-15-2031 | 500000 | &nbsp;&nbsp; 544434 |
| New Jersey TTFA Series A¤ | 0.00 | &nbsp;&nbsp; 12-15-2026 | 12000000 | &nbsp;&nbsp; 11493107 |
| New Jersey TTFA Series A | 5.00 | &nbsp;&nbsp; 12-15-2025 | 1000000 | &nbsp;&nbsp; 1008676 |
| New Jersey TTFA Series C CAB (Ambac Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2026 | 2545000 | &nbsp;&nbsp; 2437496 |
|  |  |  |  | &nbsp;&nbsp; **40252394** |
| **Industrial development revenue: 0.01%** |  |  |  |  |
| New Jersey EDA Elite Pharmaceuticals, Inc. Series A | 6.50 | &nbsp;&nbsp; 9-1-2030 | 220000 | &nbsp;&nbsp; **197964** |
| **Tax revenue: 0.08%** |  |  |  |  |
| New Jersey TTFA Series BB | 5.00 | &nbsp;&nbsp; 6-15-2030 | 1500000 | &nbsp;&nbsp; **1597664** |
| **Transportation revenue: 0.06%** |  |  |  |  |
| South Jersey Transportation Authority Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-1-2036 | 500000 | &nbsp;&nbsp; 531931 |
| South Jersey Transportation Authority Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 11-1-2037 | 500000 | &nbsp;&nbsp; 527646 |
|  |  |  |  | &nbsp;&nbsp; **1059577** |
| **Water & sewer revenue: 0.37%** |  |  |  |  |
| New Jersey EDA American Water Co., Inc. Series A AMTøø | 2.20 | &nbsp;&nbsp; 10-1-2039 | 5500000 | &nbsp;&nbsp; 4982178 |
| New Jersey EDA American Water Co., Inc. Series D AMTøø | 1.10 | &nbsp;&nbsp; 11-1-2029 | 2075000 | &nbsp;&nbsp; 1908032 |
|  |  |  |  | &nbsp;&nbsp; **6890210** |
|  |  |  |  | &nbsp;&nbsp; **63224608** |
| **New Mexico: 0.56%** |  |  |  |  |
| **Industrial development revenue: 0.49%** |  |  |  |  |
| City of Farmington Southern California Edison Co. Series A | 1.80 | &nbsp;&nbsp; 4-1-2029 | 10000000 | &nbsp;&nbsp; **9169202** |
| **Tax revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Winrock Town Center Tax Increment Development District No. <br> 1144A<br>| 3.75 | &nbsp;&nbsp; 5-1-2028 | 292000 | &nbsp;&nbsp; 289877 |
| &nbsp;&nbsp; Winrock Town Center Tax Increment Development District No. <br> 1144A<br>| 4.00 | &nbsp;&nbsp; 5-1-2033 | 1035000 | &nbsp;&nbsp; 989187 |
|  |  |  |  | &nbsp;&nbsp; **1279064** |
|  |  |  |  | &nbsp;&nbsp; **10448266** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 23

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **New York: 10.15%** |  |  |  |  |
| **Airport revenue: 0.87%** |  |  |  |  |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 6.00<br> %<br>| &nbsp;&nbsp; 4-1-2035 | $3000000 | &nbsp;&nbsp; $3263261 |
| &nbsp;&nbsp; New York Transportation Development Corp. JFK International Air <br> Terminal LLC AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2039 | 1405000 | &nbsp;&nbsp; 1418630 |
| &nbsp;&nbsp; New York Transportation Development Corp. LaGuardia Gateway <br> Partners LLC Series A-P3 AMT<br>| 5.00 | &nbsp;&nbsp; 7-1-2046 | 10000000 | &nbsp;&nbsp; 9681678 |
| &nbsp;&nbsp; New York Transportation Development Corp. LaGuardia Gateway <br> Partners LLC Series A AMT (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 7-1-2032 | 2000000 | &nbsp;&nbsp; 2000148 |
|  |  |  |  | &nbsp;&nbsp; **16363717** |
| **Education revenue: 1.38%** |  |  |  |  |
| Babylon L D Corp. II Series A | 5.75 | &nbsp;&nbsp; 2-1-2033 | 2265000 | &nbsp;&nbsp; 2303028 |
| Babylon L D Corp. II Series A | 6.40 | &nbsp;&nbsp; 2-1-2043 | 3720000 | &nbsp;&nbsp; 3648876 |
| &nbsp;&nbsp; Build NYC Resource Corp. Integration Charter Schools <br> Series A144A<br>| 4.00 | &nbsp;&nbsp; 6-1-2031 | 590000 | &nbsp;&nbsp; 542364 |
| &nbsp;&nbsp; Build NYC Resource Corp. Integration Charter Schools <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2036 | 525000 | &nbsp;&nbsp; 480638 |
| &nbsp;&nbsp; Build NYC Resource Corp. Integration Charter Schools <br> Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2041 | 550000 | &nbsp;&nbsp; 472852 |
| &nbsp;&nbsp; Build NYC Resource Corp. South Bronx Charter School for <br> International Cultures & The Arts Series A144A<br>| 6.25 | &nbsp;&nbsp; 4-15-2033 | 1270000 | &nbsp;&nbsp; 1330407 |
| &nbsp;&nbsp; Build NYC Resource Corp. South Bronx Charter School for <br> International Cultures & The Arts Series B144A<br>| 6.25 | &nbsp;&nbsp; 4-15-2033 | 1120000 | &nbsp;&nbsp; 1173272 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter <br> School Series A<br>| 4.05 | &nbsp;&nbsp; 2-1-2031 | 2310000 | &nbsp;&nbsp; 2178395 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter <br> School Series A<br>| 4.45 | &nbsp;&nbsp; 2-1-2041 | 500000 | &nbsp;&nbsp; 397801 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter <br> School Series A<br>| 4.76 | &nbsp;&nbsp; 2-1-2027 | 785000 | &nbsp;&nbsp; 779559 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter <br> School Series A<br>| 5.45 | &nbsp;&nbsp; 2-1-2027 | 1640000 | &nbsp;&nbsp; 1643899 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter <br> School Series A<br>| 6.47 | &nbsp;&nbsp; 2-1-2033 | 1435000 | &nbsp;&nbsp; 1472327 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter <br> School Series B<br>| 4.76 | &nbsp;&nbsp; 2-1-2027 | 80000 | &nbsp;&nbsp; 79445 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Evergreen Charter <br> School, Inc. Series A<br>| 5.00 | &nbsp;&nbsp; 6-15-2032 | 7115000 | &nbsp;&nbsp; 7475335 |
| &nbsp;&nbsp; New York City Industrial Development Agency Churchill School & <br> Center for Learning Disabilities, Inc. (AG Insured)<br>| 2.25 | &nbsp;&nbsp; 10-1-2029 | 825000 | &nbsp;&nbsp; 772951 |
| New York State Dormitory Authority Iona College Series 2022 | 5.00 | &nbsp;&nbsp; 7-1-2030 | 625000 | &nbsp;&nbsp; 666905 |
| New York State Dormitory Authority Iona College Series 2022 | 5.00 | &nbsp;&nbsp; 7-1-2037 | 200000 | &nbsp;&nbsp; 207322 |
| New York State Dormitory Authority Iona College Series 2022 | 5.00 | &nbsp;&nbsp; 7-1-2042 | 275000 | &nbsp;&nbsp; 274830 |
|  |  |  |  | &nbsp;&nbsp; **25900206** |
| **GO revenue: 0.38%** |  |  |  |  |
| City of Cortland BAN | 4.50 | &nbsp;&nbsp; 5-15-2026 | 4962000 | &nbsp;&nbsp; 4969659 |
| City of Poughkeepsie | 4.00 | &nbsp;&nbsp; 4-15-2029 | 245000 | &nbsp;&nbsp; 243412 |
| City of Poughkeepsie | 5.00 | &nbsp;&nbsp; 6-1-2031 | 600000 | &nbsp;&nbsp; 606465 |

---

The accompanying notes are an integral part of these financial statements.

24 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| Village of Island Park Series A | 4.50<br> %<br>| &nbsp;&nbsp; 2-15-2030 | $100000 | &nbsp;&nbsp; $103499 |
| Village of Island Park Series A | 4.50 | &nbsp;&nbsp; 2-15-2031 | 105000 | &nbsp;&nbsp; 108379 |
| Village of Island Park Series A | 4.50 | &nbsp;&nbsp; 2-15-2033 | 120000 | &nbsp;&nbsp; 122742 |
| Village of Island Park Series A | 4.50 | &nbsp;&nbsp; 2-15-2034 | 125000 | &nbsp;&nbsp; 126596 |
| Village of Island Park Series A | 4.50 | &nbsp;&nbsp; 2-15-2035 | 125000 | &nbsp;&nbsp; 125764 |
| Village of Island Park Series A | 4.50 | &nbsp;&nbsp; 2-15-2036 | 135000 | &nbsp;&nbsp; 135070 |
| Village of Island Park Series A | 4.50 | &nbsp;&nbsp; 2-15-2037 | 65000 | &nbsp;&nbsp; 64209 |
| Village of Island Park Series A | 4.75 | &nbsp;&nbsp; 2-15-2038 | 145000 | &nbsp;&nbsp; 142261 |
| Village of Island Park Series A | 4.75 | &nbsp;&nbsp; 2-15-2039 | 155000 | &nbsp;&nbsp; 150483 |
| Village of Island Park Series A | 4.75 | &nbsp;&nbsp; 2-15-2040 | 165000 | &nbsp;&nbsp; 156734 |
| Village of Island Park Series A | 4.75 | &nbsp;&nbsp; 2-15-2041 | 170000 | &nbsp;&nbsp; 159062 |
|  |  |  |  | &nbsp;&nbsp; **7214335** |
| **Health revenue: 1.56%** |  |  |  |  |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2025-MIZ9208 (Mizuho Capital <br> Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144Aøø<br>| 2.20 | &nbsp;&nbsp; 8-10-2027 | 8000000 | &nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp; New York City Health & Hospitals Corp. Series B (TD Bank N.A. <br> LOC)ø<br>| 1.95 | &nbsp;&nbsp; 2-15-2031 | 1165000 | &nbsp;&nbsp; 1165000 |
| &nbsp;&nbsp; New York State Dormitory Authority Montefiore Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-1-2036 | 8000000 | &nbsp;&nbsp; 7636685 |
| &nbsp;&nbsp; New York State Dormitory Authority Montefiore Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-1-2037 | 3000000 | &nbsp;&nbsp; 2807678 |
| &nbsp;&nbsp; New York State Dormitory Authority Montefiore Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-1-2038 | 5965000 | &nbsp;&nbsp; 5506701 |
| &nbsp;&nbsp; New York State Dormitory Authority Montefiore Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2028 | 1400000 | &nbsp;&nbsp; 1455206 |
| &nbsp;&nbsp; New York State Dormitory Authority Montefiore Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2029 | 1350000 | &nbsp;&nbsp; 1421355 |
| &nbsp;&nbsp; Onondaga Civic Development Corp. Crouse Health Hospital, Inc. <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2029 | 115000 | &nbsp;&nbsp; 113515 |
| &nbsp;&nbsp; Onondaga Civic Development Corp. Crouse Health Hospital, Inc. <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2030 | 200000 | &nbsp;&nbsp; 195673 |
| &nbsp;&nbsp; Onondaga Civic Development Corp. Crouse Health Hospital, Inc. <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2032 | 250000 | &nbsp;&nbsp; 240447 |
| &nbsp;&nbsp; Onondaga Civic Development Corp. Crouse Health Hospital, Inc. <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-1-2034 | 750000 | &nbsp;&nbsp; 704011 |
|  |  |  |  | &nbsp;&nbsp; **29246271** |
| **Housing revenue: 1.32%** |  |  |  |  |
| &nbsp;&nbsp; Empire State Development Corp. State of New York Sales Tax <br> Revenue Series A<br>| 4.00 | &nbsp;&nbsp; 3-15-2042 | 5000000 | &nbsp;&nbsp; 4615930 |
| New York City Housing Development Corp. Series A-2øø | 3.73 | &nbsp;&nbsp; 5-1-2063 | 5000000 | &nbsp;&nbsp; 5007611 |
| New York Liberty Development Corp. Series A | 1.70 | &nbsp;&nbsp; 11-15-2030 | 4000000 | &nbsp;&nbsp; 3507909 |
| New York Liberty Development Corp. Series A | 2.10 | &nbsp;&nbsp; 11-15-2032 | 5000000 | &nbsp;&nbsp; 4310371 |
| &nbsp;&nbsp; New York State Housing Finance Agency Series J-2 (Department of <br> Housing and Urban Development Insured)øø<br>| 1.10 | &nbsp;&nbsp; 11-1-2061 | 2425000 | &nbsp;&nbsp; 2312387 |
| &nbsp;&nbsp; State of New York Mortgage Agency Homeowner Mortgage <br> Revenue Series 235 AMT<br>| 1.00 | &nbsp;&nbsp; 10-1-2025 | 2415000 | &nbsp;&nbsp; 2393936 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 25

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; State of New York Mortgage Agency Homeowner Mortgage <br> Revenue Series 235 AMT<br>| 1.05<br> %<br>| &nbsp;&nbsp; 4-1-2026 | $1275000 | &nbsp;&nbsp; $1242116 |
| &nbsp;&nbsp; State of New York Mortgage Agency Homeowner Mortgage <br> Revenue Series 235 AMT<br>| 1.15 | &nbsp;&nbsp; 10-1-2026 | 1335000 | &nbsp;&nbsp; 1284240 |
|  |  |  |  | &nbsp;&nbsp; **24674500** |
| **Industrial development revenue: 0.74%** |  |  |  |  |
| New York Liberty Development Corp. One Bryant Park LLC Class 3 | 2.80 | &nbsp;&nbsp; 9-15-2069 | 2000000 | &nbsp;&nbsp; 1823490 |
| &nbsp;&nbsp; New York Transportation Development Corp. American Airlines, Inc. <br> AMT<br>| 2.25 | &nbsp;&nbsp; 8-1-2026 | 830000 | &nbsp;&nbsp; 816983 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 4.00 | &nbsp;&nbsp; 10-1-2030 | 750000 | &nbsp;&nbsp; 736975 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 10-1-2035 | 9250000 | &nbsp;&nbsp; 9402176 |
| &nbsp;&nbsp; New York Transportation Development Corp. Empire State Thruway <br> Partners LLC AMT<br>| 2.50 | &nbsp;&nbsp; 10-31-2031 | 750000 | &nbsp;&nbsp; 647618 |
| &nbsp;&nbsp; New York Transportation Development Corp. Empire State Thruway <br> Partners LLC AMT<br>| 4.00 | &nbsp;&nbsp; 10-31-2034 | 500000 | &nbsp;&nbsp; 486323 |
|  |  |  |  | &nbsp;&nbsp; **13913565** |
| **Miscellaneous revenue: 1.06%** |  |  |  |  |
| &nbsp;&nbsp; New York City Industrial Development Agency Queens Ballpark <br> Co. LLC Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2030 | 1750000 | &nbsp;&nbsp; 1890070 |
| Suffolk Regional Off-Track Betting Corp. | 5.00 | &nbsp;&nbsp; 12-1-2034 | 10000000 | &nbsp;&nbsp; 10362938 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority Metropolitan Transportation <br> Authority Payroll Mobility Tax Revenue Series A-2øø<br>| 2.00 | &nbsp;&nbsp; 5-15-2045 | 7900000 | &nbsp;&nbsp; 7506068 |
| Western Regional Off-Track Betting Corp.144A | 3.00 | &nbsp;&nbsp; 12-1-2026 | 210000 | &nbsp;&nbsp; 206355 |
|  |  |  |  | &nbsp;&nbsp; **19965431** |
| **Resource recovery revenue: 0.11%** |  |  |  |  |
| &nbsp;&nbsp; New York State Environmental Facilities Corp. Casella Waste <br> Systems, Inc. Series R-1 AMTøø<br>| 2.75 | &nbsp;&nbsp; 9-1-2050 | 2000000 | &nbsp;&nbsp; **1991952** |
| **Tax revenue: 1.64%** |  |  |  |  |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series A-1<br>| 4.00 | &nbsp;&nbsp; 8-1-2041 | 3000000 | &nbsp;&nbsp; 2787307 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series A-3 (Mizuho Bank Limited SPA)ø<br>| 4.01 | &nbsp;&nbsp; 8-1-2043 | 2100000 | &nbsp;&nbsp; 2100000 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series B-1<br>| 4.00 | &nbsp;&nbsp; 8-1-2036 | 5000000 | &nbsp;&nbsp; 4998487 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series B-1<br>| 4.00 | &nbsp;&nbsp; 8-1-2042 | 5000000 | &nbsp;&nbsp; 4594666 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series C-3<br>| 4.00 | &nbsp;&nbsp; 5-1-2042 | 7600000 | &nbsp;&nbsp; 6951490 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series C<br>| 5.00 | &nbsp;&nbsp; 5-1-2042 | 4000000 | &nbsp;&nbsp; 4193271 |
| &nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured <br> Revenue Series C-S<br>| 5.00 | &nbsp;&nbsp; 5-1-2045 | 5000000 | &nbsp;&nbsp; 5161805 |
|  |  |  |  | &nbsp;&nbsp; **30787026** |

---

The accompanying notes are an integral part of these financial statements.

26 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Transportation Authority Series G-1F <br> (U.S. SOFR+0.43%)±<br>| 3.38<br> %<br>| &nbsp;&nbsp; 11-1-2026 | $440000 | &nbsp;&nbsp; **$439601** |
| **Utilities revenue: 0.76%** |  |  |  |  |
| Long Island Power Authority Series Bøø | 0.85 | &nbsp;&nbsp; 9-1-2050 | 3000000 | &nbsp;&nbsp; 2983652 |
| Long Island Power Authority Series Bøø | 1.50 | &nbsp;&nbsp; 9-1-2051 | 3500000 | &nbsp;&nbsp; 3421330 |
| &nbsp;&nbsp; New York State Energy Research & Development Authority Electric <br> & Gas Corp. Series C<br>| 4.00 | &nbsp;&nbsp; 4-1-2034 | 4000000 | &nbsp;&nbsp; 4003077 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XL0597 (AG <br> Insured) (Bank of America N.A. LIQ)144Aø<br>| 1.97 | &nbsp;&nbsp; 11-15-2063 | 3750000 | &nbsp;&nbsp; 3750000 |
|  |  |  |  | &nbsp;&nbsp; **14158059** |
| **Water & sewer revenue: 0.31%** |  |  |  |  |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer <br> System Series AA<br>| 4.00 | &nbsp;&nbsp; 6-15-2040 | 6000000 | &nbsp;&nbsp; **5775816** |
|  |  |  |  | &nbsp;&nbsp; **190430479** |
| **North Carolina: 1.02%** |  |  |  |  |
| **Education revenue: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; North Carolina Capital Facilities Finance Agency Campbell <br> University, Inc. Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2028 | 450000 | &nbsp;&nbsp; 467997 |
| &nbsp;&nbsp; North Carolina Capital Facilities Finance Agency Campbell <br> University, Inc. Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2029 | 550000 | &nbsp;&nbsp; 576207 |
| &nbsp;&nbsp; North Carolina Capital Facilities Finance Agency Campbell <br> University, Inc. Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2030 | 450000 | &nbsp;&nbsp; 473644 |
|  |  |  |  | &nbsp;&nbsp; **1517848** |
| **Health revenue: 0.28%** |  |  |  |  |
| &nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority Atrium Health Obligated <br> Group Series Eøø<br>| 0.80 | &nbsp;&nbsp; 1-15-2048 | 2000000 | &nbsp;&nbsp; 1979576 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Friends Homes Obligated <br> Group Series B-1<br>| 2.55 | &nbsp;&nbsp; 9-1-2026 | 1575000 | &nbsp;&nbsp; 1543483 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Lutheran Services for the <br> Aging, Inc. Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 3-1-2029 | 275000 | &nbsp;&nbsp; 274849 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Lutheran Services for the <br> Aging, Inc. Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 3-1-2030 | 285000 | &nbsp;&nbsp; 284177 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Lutheran Services for the <br> Aging, Inc. Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 3-1-2031 | 290000 | &nbsp;&nbsp; 288253 |
| &nbsp;&nbsp; North Carolina Medical Care Commission Lutheran Services for the <br> Aging, Inc. Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 3-1-2036 | 900000 | &nbsp;&nbsp; 855927 |
|  |  |  |  | &nbsp;&nbsp; **5226265** |
| **Housing revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; North Carolina Housing Finance Agency Series 54-A (GNMA / FNMA <br> / FHLMC Insured)<br>| 4.15 | &nbsp;&nbsp; 7-1-2039 | 2500000 | &nbsp;&nbsp; **2435686** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 27

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Resource recovery revenue: 0.53%** |  |  |  |  |
| &nbsp;&nbsp; North Carolina Capital Facilities Finance Agency Republic Services, <br> Inc. AMTøø<br>| 3.75<br> %<br>| &nbsp;&nbsp; 6-1-2038 | $10000000 | &nbsp;&nbsp; $**9999600** |
|  |  |  |  | &nbsp;&nbsp; **19179399** |
| **North Dakota: 1.10%** |  |  |  |  |
| **GO revenue: 0.56%** |  |  |  |  |
| McKenzie County Public School District No. 1 Series A | 5.00 | &nbsp;&nbsp; 8-1-2025 | 960000 | &nbsp;&nbsp; 961179 |
| McKenzie County Public School District No. 1 Series A | 5.00 | &nbsp;&nbsp; 8-1-2026 | 1115000 | &nbsp;&nbsp; 1137426 |
| McKenzie County Public School District No. 1 Series A | 5.00 | &nbsp;&nbsp; 8-1-2027 | 1170000 | &nbsp;&nbsp; 1215200 |
| McKenzie County Public School District No. 1 Series A | 5.00 | &nbsp;&nbsp; 8-1-2028 | 1225000 | &nbsp;&nbsp; 1291027 |
| McKenzie County Public School District No. 1 Series A | 5.00 | &nbsp;&nbsp; 8-1-2029 | 1290000 | &nbsp;&nbsp; 1361746 |
| McKenzie County Public School District No. 1 Series A | 5.00 | &nbsp;&nbsp; 8-1-2030 | 1355000 | &nbsp;&nbsp; 1428659 |
| McKenzie County Public School District No. 1 Series A | 5.00 | &nbsp;&nbsp; 8-1-2031 | 1420000 | &nbsp;&nbsp; 1495176 |
| McKenzie County Public School District No. 1 Series A | 5.00 | &nbsp;&nbsp; 8-1-2032 | 1490000 | &nbsp;&nbsp; 1563994 |
|  |  |  |  | &nbsp;&nbsp; **10454407** |
| **Health revenue: 0.18%** |  |  |  |  |
| City of Grand Forks Altru Health System Obligated Group | 5.00 | &nbsp;&nbsp; 12-1-2029 | 1650000 | &nbsp;&nbsp; 1729915 |
| City of Grand Forks Altru Health System Obligated Group | 5.00 | &nbsp;&nbsp; 12-1-2030 | 1600000 | &nbsp;&nbsp; 1686305 |
|  |  |  |  | &nbsp;&nbsp; **3416220** |
| **Housing revenue: 0.36%** |  |  |  |  |
| North Dakota Housing Finance Agency Series D | 3.95 | &nbsp;&nbsp; 1-1-2035 | 2075000 | &nbsp;&nbsp; 2067016 |
| North Dakota Housing Finance Agency Series D | 3.95 | &nbsp;&nbsp; 7-1-2035 | 2375000 | &nbsp;&nbsp; 2359757 |
| North Dakota Housing Finance Agency Series D | 4.00 | &nbsp;&nbsp; 1-1-2036 | 1175000 | &nbsp;&nbsp; 1180054 |
| North Dakota Housing Finance Agency Series D | 4.00 | &nbsp;&nbsp; 7-1-2036 | 1225000 | &nbsp;&nbsp; 1226250 |
|  |  |  |  | &nbsp;&nbsp; **6833077** |
|  |  |  |  | &nbsp;&nbsp; **20703704** |
| **Ohio: 1.37%** |  |  |  |  |
| **Education revenue: 0.16%** |  |  |  |  |
| &nbsp;&nbsp; Allen County Port Authority University of Northwestern Ohio <br> Series A<br>| 4.00 | &nbsp;&nbsp; 12-1-2031 | 710000 | &nbsp;&nbsp; 683308 |
| Port of Greater Cincinnati Development Authorityøø | 4.38 | &nbsp;&nbsp; 6-15-2056 | 2340000 | &nbsp;&nbsp; 2306823 |
|  |  |  |  | &nbsp;&nbsp; **2990131** |
| **Health revenue: 0.29%** |  |  |  |  |
| County of Hamilton UC Health Obligated Group | 5.00 | &nbsp;&nbsp; 9-15-2027 | 615000 | &nbsp;&nbsp; 636021 |
| County of Hamilton UC Health Obligated Group | 5.00 | &nbsp;&nbsp; 9-15-2028 | 650000 | &nbsp;&nbsp; 681089 |
| &nbsp;&nbsp; County of Montgomery Premier Health Partners Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2033 | 4000000 | &nbsp;&nbsp; 4160240 |
|  |  |  |  | &nbsp;&nbsp; **5477350** |
| **Tax revenue: 0.35%** |  |  |  |  |
| City of Akron Income Tax Revenue | 4.00 | &nbsp;&nbsp; 12-1-2029 | 4515000 | &nbsp;&nbsp; 4684107 |
| City of Akron Income Tax Revenue | 4.00 | &nbsp;&nbsp; 12-1-2030 | 1830000 | &nbsp;&nbsp; 1897228 |
|  |  |  |  | &nbsp;&nbsp; **6581335** |

---

The accompanying notes are an integral part of these financial statements.

28 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue: 0.57%** |  |  |  |  |
| &nbsp;&nbsp; American Municipal Power, Inc. Fremont Energy Center Revenue <br> Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 2-15-2031 | $1700000 | &nbsp;&nbsp; $1872968 |
| &nbsp;&nbsp; Ohio Air Quality Development Authority Valley Electric Corp. <br> Series A<br>| 3.25 | &nbsp;&nbsp; 9-1-2029 | 7000000 | &nbsp;&nbsp; 6840487 |
| &nbsp;&nbsp; Ohio Air Quality Development Authority Valley Electric Corp. <br> Series Cøø<br>| 1.50 | &nbsp;&nbsp; 2-1-2026 | 2000000 | &nbsp;&nbsp; 1972150 |
|  |  |  |  | &nbsp;&nbsp; **10685605** |
|  |  |  |  | &nbsp;&nbsp; **25734421** |
| **Oklahoma: 1.27%** |  |  |  |  |
| **Education revenue: 0.30%** |  |  |  |  |
| &nbsp;&nbsp; Oklahoma County Finance Authority Aerospace Science & <br> Technology Education Center, Inc.144A<br>| 5.25 | &nbsp;&nbsp; 6-15-2034 | 750000 | &nbsp;&nbsp; 742070 |
| &nbsp;&nbsp; Oklahoma Development Finance Authority University Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 8-1-2025 | 925000 | &nbsp;&nbsp; 925322 |
| &nbsp;&nbsp; Oklahoma Development Finance Authority University Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 8-1-2026 | 975000 | &nbsp;&nbsp; 985484 |
| &nbsp;&nbsp; Oklahoma Development Finance Authority University Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 8-1-2027 | 1370000 | &nbsp;&nbsp; 1403964 |
| &nbsp;&nbsp; Oklahoma Development Finance Authority University Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 8-1-2028 | 715000 | &nbsp;&nbsp; 739279 |
| &nbsp;&nbsp; Oklahoma Development Finance Authority University Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 8-1-2029 | 755000 | &nbsp;&nbsp; 785666 |
|  |  |  |  | &nbsp;&nbsp; **5581785** |
| **Housing revenue: 0.63%** |  |  |  |  |
| &nbsp;&nbsp; Carter County Public Facilities Authority Independent School <br> District No. 19 Ardmore<br>| 5.00 | &nbsp;&nbsp; 9-1-2025 | 365000 | &nbsp;&nbsp; 365615 |
| &nbsp;&nbsp; Carter County Public Facilities Authority Independent School <br> District No. 77 Dickson<br>| 4.00 | &nbsp;&nbsp; 9-1-2025 | 350000 | &nbsp;&nbsp; 350282 |
| Muskogee Industrial Trust Independent School District No. 20 | 4.00 | &nbsp;&nbsp; 9-1-2028 | 2500000 | &nbsp;&nbsp; 2512175 |
| Muskogee Industrial Trust Independent School District No. 20 | 5.00 | &nbsp;&nbsp; 9-1-2025 | 855000 | &nbsp;&nbsp; 856512 |
| Muskogee Industrial Trust Independent School District No. 20 | 5.00 | &nbsp;&nbsp; 9-1-2026 | 1810000 | &nbsp;&nbsp; 1841139 |
| &nbsp;&nbsp; Oklahoma County Finance Authority Independent School District <br> No. 41 Western Heights<br>| 5.00 | &nbsp;&nbsp; 9-1-2034 | 2000000 | &nbsp;&nbsp; 2065553 |
| &nbsp;&nbsp; Oklahoma County Finance Authority Independent School District <br> No. 41 Western Heights<br>| 5.00 | &nbsp;&nbsp; 9-1-2035 | 3750000 | &nbsp;&nbsp; 3853357 |
|  |  |  |  | &nbsp;&nbsp; **11844633** |
| **Industrial development revenue: 0.12%** |  |  |  |  |
| Tulsa Municipal Airport Trust Trustees American Airlines, Inc. AMT | 6.25 | &nbsp;&nbsp; 12-1-2035 | 2000000 | &nbsp;&nbsp; **2209073** |
| **Tax revenue: 0.22%** |  |  |  |  |
| Tulsa Public Facilities Authority | 4.00 | &nbsp;&nbsp; 10-1-2027 | 4050000 | &nbsp;&nbsp; **4109386** |
|  |  |  |  | &nbsp;&nbsp; **23744877** |
| **Oregon: 0.55%** |  |  |  |  |
| **Airport revenue: 0.35%** |  |  |  |  |
| Port of Portland Airport Revenue Series 30A AMT | 5.00 | &nbsp;&nbsp; 7-1-2033 | 6000000 | &nbsp;&nbsp; **6524202** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 29

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue: 0.20%** |  |  |  |  |
| &nbsp;&nbsp; Oregon State Facilities Authority Samaritan Health Services, Inc. <br> Obligated Group Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2025 | $400000 | &nbsp;&nbsp; $401018 |
| &nbsp;&nbsp; Oregon State Facilities Authority Samaritan Health Services, Inc. <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2026 | 125000 | &nbsp;&nbsp; 126977 |
| &nbsp;&nbsp; Oregon State Facilities Authority Samaritan Health Services, Inc. <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2027 | 300000 | &nbsp;&nbsp; 309787 |
| &nbsp;&nbsp; Oregon State Facilities Authority Samaritan Health Services, Inc. <br> Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2031 | 1750000 | &nbsp;&nbsp; 1764350 |
| &nbsp;&nbsp; Yamhill County Hospital Authority Friendsview Manor Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2036 | 1220000 | &nbsp;&nbsp; 1174784 |
|  |  |  |  | &nbsp;&nbsp; **3776916** |
|  |  |  |  | &nbsp;&nbsp; **10301118** |
| **Pennsylvania: 5.35%** |  |  |  |  |
| **Airport revenue: 0.30%** |  |  |  |  |
| Allegheny County Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2030 | 3000000 | &nbsp;&nbsp; 3185666 |
| Allegheny County Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2031 | 2250000 | &nbsp;&nbsp; 2404829 |
|  |  |  |  | &nbsp;&nbsp; **5590495** |
| **Education revenue: 1.11%** |  |  |  |  |
| Chester County IDA Avon Grove Charter School | 5.00 | &nbsp;&nbsp; 3-1-2027 | 2100000 | &nbsp;&nbsp; 2131168 |
| Chester County IDA Avon Grove Charter School Series A | 4.00 | &nbsp;&nbsp; 12-15-2027 | 785000 | &nbsp;&nbsp; 787673 |
| Chester County IDA Collegium Charter School144A | 5.00 | &nbsp;&nbsp; 10-15-2032 | 2565000 | &nbsp;&nbsp; 2578756 |
| &nbsp;&nbsp; General Authority of Southcentral Pennsylvania York College <br> Series TT2<br>| 5.00 | &nbsp;&nbsp; 5-1-2029 | 245000 | &nbsp;&nbsp; 259109 |
| &nbsp;&nbsp; General Authority of Southcentral Pennsylvania York College <br> Series TT2<br>| 5.00 | &nbsp;&nbsp; 5-1-2030 | 395000 | &nbsp;&nbsp; 422010 |
| &nbsp;&nbsp; General Authority of Southcentral Pennsylvania York College <br> Series TT2<br>| 5.00 | &nbsp;&nbsp; 5-1-2031 | 485000 | &nbsp;&nbsp; 522560 |
| &nbsp;&nbsp; Lehigh County General Purpose Authority Valley Academy Regional <br> Charter School<br>| 4.00 | &nbsp;&nbsp; 6-1-2030 | 1175000 | &nbsp;&nbsp; 1178096 |
| Pennsylvania Higher Education Assistance Agency Series 1A AMT | 5.00 | &nbsp;&nbsp; 6-1-2030 | 3250000 | &nbsp;&nbsp; 3410416 |
| Pennsylvania Higher Education Assistance Agency Series 1A AMT | 5.00 | &nbsp;&nbsp; 6-1-2031 | 3500000 | &nbsp;&nbsp; 3676007 |
| Pennsylvania Higher Education Assistance Agency Series A | 5.00 | &nbsp;&nbsp; 6-1-2028 | 600000 | &nbsp;&nbsp; 617144 |
| Pennsylvania Higher Education Assistance Agency Series A | 5.00 | &nbsp;&nbsp; 6-1-2030 | 800000 | &nbsp;&nbsp; 835844 |
| Philadelphia IDA Frankford Valley Foundation for Literacy144A | 4.50 | &nbsp;&nbsp; 6-15-2034 | 1250000 | &nbsp;&nbsp; 1224711 |
| Philadelphia IDA Independence Charter School West | 4.00 | &nbsp;&nbsp; 6-15-2029 | 200000 | &nbsp;&nbsp; 194297 |
| &nbsp;&nbsp; Philadelphia IDA Mathematics Science & Technology Community <br> Charter School Series A<br>| 4.50 | &nbsp;&nbsp; 8-1-2026 | 490000 | &nbsp;&nbsp; 491263 |
| &nbsp;&nbsp; Philadelphia IDA Mathematics Science & Technology Community <br> Charter School Series B<br>| 4.88 | &nbsp;&nbsp; 8-1-2026 | 320000 | &nbsp;&nbsp; 320711 |
| Philadelphia IDA Tacony Academy Charter School144A | 5.00 | &nbsp;&nbsp; 6-15-2033 | 1630000 | &nbsp;&nbsp; 1613234 |
| Philadelphia IDA Tacony Academy Charter School144A | 5.38 | &nbsp;&nbsp; 6-15-2038 | 500000 | &nbsp;&nbsp; 491660 |
|  |  |  |  | &nbsp;&nbsp; **20754659** |
| **GO revenue: 1.18%** |  |  |  |  |
| Armstrong School District Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 3-15-2029 | 920000 | &nbsp;&nbsp; 983055 |
| City of Philadelphia Series B (Truist Bank LOC)ø | 1.65 | &nbsp;&nbsp; 8-1-2031 | 5000000 | &nbsp;&nbsp; 5000000 |

---

The accompanying notes are an integral part of these financial statements.

30 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| Laurel Highlands School District (BAM Insured) | 3.00<br> %<br>| &nbsp;&nbsp; 2-1-2030 | $675000 | &nbsp;&nbsp; $662679 |
| Laurel Highlands School District (BAM Insured) | 4.00 | &nbsp;&nbsp; 2-1-2027 | 980000 | &nbsp;&nbsp; 993774 |
| Laurel Highlands School District (BAM Insured) | 4.00 | &nbsp;&nbsp; 2-1-2029 | 1150000 | &nbsp;&nbsp; 1175064 |
| Lower Moreland Township School District | 4.00 | &nbsp;&nbsp; 11-1-2043 | 1000000 | &nbsp;&nbsp; 921794 |
| Phoenixville Area School District | 4.00 | &nbsp;&nbsp; 11-15-2038 | 4290000 | &nbsp;&nbsp; 4212125 |
| Phoenixville Area School District | 4.00 | &nbsp;&nbsp; 11-15-2039 | 2870000 | &nbsp;&nbsp; 2790510 |
| School District of Philadelphia Series A | 5.00 | &nbsp;&nbsp; 9-1-2030 | 2500000 | &nbsp;&nbsp; 2675585 |
| School District of Philadelphia Series A | 5.00 | &nbsp;&nbsp; 9-1-2031 | 2500000 | &nbsp;&nbsp; 2671932 |
|  |  |  |  | &nbsp;&nbsp; **22086518** |
| **Health revenue: 0.83%** |  |  |  |  |
| &nbsp;&nbsp; Bucks County IDA Grand View Hospital/Sellersville Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 1350000 | &nbsp;&nbsp; 1351435 |
| &nbsp;&nbsp; Bucks County IDA Grand View Hospital/Sellersville Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 7-1-2028 | 1500000 | &nbsp;&nbsp; 1554992 |
| &nbsp;&nbsp; Bucks County IDA Grand View Hospital/Sellersville Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 7-1-2031 | 1120000 | &nbsp;&nbsp; 1185657 |
| Bucks County IDA St. Luke's Hospital Obligated Group | 4.00 | &nbsp;&nbsp; 8-15-2031 | 750000 | &nbsp;&nbsp; 753086 |
| Bucks County IDA St. Luke's Hospital Obligated Group | 4.00 | &nbsp;&nbsp; 8-15-2032 | 1390000 | &nbsp;&nbsp; 1393741 |
| &nbsp;&nbsp; Lancaster County Hospital Authority University of Pennsylvania <br> Health System Obligated Group<br>| 5.00 | &nbsp;&nbsp; 8-15-2046 | 5500000 | &nbsp;&nbsp; 5488222 |
| Lancaster IDA Landis Homes Obligated Group | 4.00 | &nbsp;&nbsp; 7-1-2031 | 300000 | &nbsp;&nbsp; 301017 |
| Lancaster IDA Landis Homes Obligated Group | 4.00 | &nbsp;&nbsp; 7-1-2037 | 345000 | &nbsp;&nbsp; 325337 |
| &nbsp;&nbsp; Pennsylvania EDFA Presbyterian Homes Obligated Group <br> Series B-2<br>| 5.25 | &nbsp;&nbsp; 7-1-2046 | 1000000 | &nbsp;&nbsp; 1008224 |
| Pennsylvania EDFA UPMC Obligated Group Series A | 4.00 | &nbsp;&nbsp; 11-15-2042 | 1000000 | &nbsp;&nbsp; 896752 |
| Westmoreland County IDA Excela Health Obligated Group Series A | 5.00 | &nbsp;&nbsp; 7-1-2027 | 1200000 | &nbsp;&nbsp; 1231753 |
|  |  |  |  | &nbsp;&nbsp; **15490216** |
| **Housing revenue: 1.03%** |  |  |  |  |
| East Hempfield Township IDA Student Services, Inc. | 5.00 | &nbsp;&nbsp; 7-1-2025 | 275000 | &nbsp;&nbsp; 275000 |
| &nbsp;&nbsp; Pennsylvania EDFA Commonwealth of Pennsylvania Motor License <br> Fund AMT<br>| 5.00 | &nbsp;&nbsp; 6-30-2032 | 2770000 | &nbsp;&nbsp; 2985062 |
| Pennsylvania Housing Finance Agency Series 128A AMT | 4.75 | &nbsp;&nbsp; 4-1-2033 | 320000 | &nbsp;&nbsp; 320736 |
| Pennsylvania Housing Finance Agency Series 142-A | 4.20 | &nbsp;&nbsp; 10-1-2035 | 4475000 | &nbsp;&nbsp; 4472817 |
| Pennsylvania Housing Finance Agency Series 142-A | 4.50 | &nbsp;&nbsp; 10-1-2038 | 5800000 | &nbsp;&nbsp; 5785520 |
| Pennsylvania Housing Finance Agency Series 142-A | 5.50 | &nbsp;&nbsp; 10-1-2053 | 2755000 | &nbsp;&nbsp; 2908346 |
| &nbsp;&nbsp; State Public School Building Authority School District of <br> Philadelphia Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 6-1-2033 | 2500000 | &nbsp;&nbsp; 2531752 |
|  |  |  |  | &nbsp;&nbsp; **19279233** |
| **Miscellaneous revenue: 0.00%** |  |  |  |  |
| &nbsp;&nbsp; Delaware Valley Regional Finance Authority Series C (Ambac <br> Insured)<br>| 7.75 | &nbsp;&nbsp; 7-1-2027 | 80000 | &nbsp;&nbsp; **87605** |
| **Resource recovery revenue: 0.37%** |  |  |  |  |
| Pennsylvania EDFA Republic Services, Inc. AMTøø | 3.80 | &nbsp;&nbsp; 6-1-2044 | 7000000 | &nbsp;&nbsp; **7000000** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 31

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue: 0.12%** |  |  |  |  |
| &nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority<br>| 5.00<br> %<br>| &nbsp;&nbsp; 5-1-2029 | $500000 | &nbsp;&nbsp; $524825 |
| &nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority<br>| 5.00 | &nbsp;&nbsp; 5-1-2030 | 500000 | &nbsp;&nbsp; 528712 |
| &nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority<br>| 5.00 | &nbsp;&nbsp; 5-1-2031 | 550000 | &nbsp;&nbsp; 585662 |
| &nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority<br>| 5.00 | &nbsp;&nbsp; 5-1-2032 | 600000 | &nbsp;&nbsp; 639695 |
|  |  |  |  | &nbsp;&nbsp; **2278894** |
| **Transportation revenue: 0.26%** |  |  |  |  |
| Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2027 | 570000 | &nbsp;&nbsp; 579781 |
| Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2028 | 1185000 | &nbsp;&nbsp; 1201350 |
| Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2029 | 410000 | &nbsp;&nbsp; 415291 |
| Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2030 | 425000 | &nbsp;&nbsp; 429905 |
| Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2031 | 440000 | &nbsp;&nbsp; 444273 |
| Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 9-1-2032 | 460000 | &nbsp;&nbsp; 463345 |
| Pennsylvania Turnpike Commission Series 2017-3 | 5.00 | &nbsp;&nbsp; 12-1-2040 | 1365000 | &nbsp;&nbsp; 1387825 |
|  |  |  |  | &nbsp;&nbsp; **4921770** |
| **Water & sewer revenue: 0.15%** |  |  |  |  |
| Luzerne County IDA Pennsylvania-American Water Co. AMTøø | 2.45 | &nbsp;&nbsp; 12-1-2039 | 3250000 | &nbsp;&nbsp; **2888927** |
|  |  |  |  | &nbsp;&nbsp; **100378317** |
| **Rhode Island: 0.08%** |  |  |  |  |
| **GO revenue: 0.02%** |  |  |  |  |
| City of Providence Series A | 5.00 | &nbsp;&nbsp; 1-15-2026 | 450000 | &nbsp;&nbsp; **454038** |
| **Housing revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; Providence Public Building Authority Capital Improvement Program <br> Projects Series A (AG Insured)<br>| 5.25 | &nbsp;&nbsp; 9-15-2043 | 1000000 | &nbsp;&nbsp; 1047359 |
| Rhode Island Housing & Mortgage Finance Corp. Series 10-A | 6.50 | &nbsp;&nbsp; 4-1-2027 | 15000 | &nbsp;&nbsp; 15036 |
|  |  |  |  | &nbsp;&nbsp; **1062395** |
|  |  |  |  | &nbsp;&nbsp; **1516433** |
| **South Carolina: 0.50%** |  |  |  |  |
| **Airport revenue: 0.05%** |  |  |  |  |
| Charleston County Airport District Series A AMT | 5.25 | &nbsp;&nbsp; 7-1-2041 | 1000000 | &nbsp;&nbsp; **1044979** |
| **Miscellaneous revenue: 0.02%** |  |  |  |  |
| County of Berkeley Nexton Improvement District | 4.00 | &nbsp;&nbsp; 11-1-2030 | 335000 | &nbsp;&nbsp; **325855** |
| **Resource recovery revenue: 0.02%** |  |  |  |  |
| South Carolina Jobs-EDA RePower South Berkeley LLC† | 8.00 | &nbsp;&nbsp; 12-6-2029 | 260000 | &nbsp;&nbsp; 208000 |
| &nbsp;&nbsp; South Carolina Jobs-EDA RePower South Berkeley LLC <br> AMT144A♦‡†<br>| 5.25 | &nbsp;&nbsp; 2-1-2027 | 3310000 | &nbsp;&nbsp; 165500 |
|  |  |  |  | &nbsp;&nbsp; **373500** |

---

The accompanying notes are an integral part of these financial statements.

32 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue: 0.41%** |  |  |  |  |
| South Carolina Public Service Authority Series A | 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2031 | $2850000 | &nbsp;&nbsp; $3102850 |
| South Carolina Public Service Authority Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2045 | 4500000 | &nbsp;&nbsp; 4571169 |
|  |  |  |  | &nbsp;&nbsp; **7674019** |
|  |  |  |  | &nbsp;&nbsp; **9418353** |
| **Tennessee: 0.84%** |  |  |  |  |
| **GO revenue: 0.16%** |  |  |  |  |
| Town of Collierville Series A | 4.00 | &nbsp;&nbsp; 1-1-2046 | 3150000 | &nbsp;&nbsp; **2919205** |
| **Utilities revenue: 0.68%** |  |  |  |  |
| Tennergy Corp. Series Aøø | 4.00 | &nbsp;&nbsp; 12-1-2051 | 1190000 | &nbsp;&nbsp; 1196698 |
| Tennergy Corp. Series Aøø | 5.50 | &nbsp;&nbsp; 10-1-2053 | 8010000 | &nbsp;&nbsp; 8406999 |
| Tennessee Energy Acquisition Corp.øø | 4.00 | &nbsp;&nbsp; 11-1-2049 | 2210000 | &nbsp;&nbsp; 2213141 |
| Tennessee Energy Acquisition Corp. Series B | 5.63 | &nbsp;&nbsp; 9-1-2026 | 925000 | &nbsp;&nbsp; 941544 |
|  |  |  |  | &nbsp;&nbsp; **12758382** |
|  |  |  |  | &nbsp;&nbsp; **15677587** |
| **Texas: 7.42%** |  |  |  |  |
| **Airport revenue: 0.30%** |  |  |  |  |
| City of El Paso Airport Revenue | 5.00 | &nbsp;&nbsp; 8-15-2027 | 835000 | &nbsp;&nbsp; 875186 |
| City of El Paso Airport Revenue | 5.00 | &nbsp;&nbsp; 8-15-2028 | 880000 | &nbsp;&nbsp; 940639 |
| City of El Paso Airport Revenue | 5.00 | &nbsp;&nbsp; 8-15-2029 | 920000 | &nbsp;&nbsp; 1000278 |
| City of El Paso Airport Revenue | 5.00 | &nbsp;&nbsp; 8-15-2030 | 970000 | &nbsp;&nbsp; 1065598 |
| &nbsp;&nbsp; City of Houston Airport System Revenue United Airlines, Inc. <br> Series A AMT<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 1750000 | &nbsp;&nbsp; 1757313 |
|  |  |  |  | &nbsp;&nbsp; **5639014** |
| **Education revenue: 1.62%** |  |  |  |  |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. BASIS Texas Charter <br> Schools, Inc.144A<br>| 4.13 | &nbsp;&nbsp; 6-15-2034 | 785000 | &nbsp;&nbsp; 769715 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. BASIS Texas Charter <br> Schools, Inc.144A<br>| 4.25 | &nbsp;&nbsp; 6-15-2039 | 1075000 | &nbsp;&nbsp; 1000840 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. BASIS Texas Charter <br> Schools, Inc.144Aøø<br>| 4.50 | &nbsp;&nbsp; 6-15-2056 | 1500000 | &nbsp;&nbsp; 1491535 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. BASIS Texas Charter <br> Schools, Inc. Series A144Aøø<br>| 4.88 | &nbsp;&nbsp; 6-15-2056 | 2195000 | &nbsp;&nbsp; 2190191 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Harmony Public Schools <br> Series A<br>| 4.00 | &nbsp;&nbsp; 2-15-2029 | 300000 | &nbsp;&nbsp; 306944 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Harmony Public Schools <br> Series A<br>| 4.00 | &nbsp;&nbsp; 2-15-2030 | 305000 | &nbsp;&nbsp; 312083 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Harmony Public Schools <br> Series A<br>| 4.00 | &nbsp;&nbsp; 2-15-2031 | 315000 | &nbsp;&nbsp; 322008 |
| Arlington Higher Education Finance Corp. Leadership Prep School | 4.00 | &nbsp;&nbsp; 6-15-2044 | 400000 | &nbsp;&nbsp; 365545 |
| Arlington Higher Education Finance Corp. Leadership Prep School | 4.00 | &nbsp;&nbsp; 6-15-2049 | 250000 | &nbsp;&nbsp; 216649 |
| Arlington Higher Education Finance Corp. Leadership Prep School | 5.00 | &nbsp;&nbsp; 6-15-2039 | 225000 | &nbsp;&nbsp; 238762 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. School of Excellence in <br> Education Series A<br>| 4.00 | &nbsp;&nbsp; 2-15-2031 | 1090000 | &nbsp;&nbsp; 1021131 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 33

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. School of Excellence in <br> Education Series A144A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 2-15-2032 | $500000 | &nbsp;&nbsp; $491464 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Wayside Schools <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-15-2029 | 80000 | &nbsp;&nbsp; 78542 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Wayside Schools <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-15-2030 | 85000 | &nbsp;&nbsp; 82789 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Wayside Schools <br> Series A<br>| 4.00 | &nbsp;&nbsp; 8-15-2031 | 80000 | &nbsp;&nbsp; 77196 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Wayside Schools <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2025 | 205000 | &nbsp;&nbsp; 205029 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Wayside Schools <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2026 | 200000 | &nbsp;&nbsp; 201496 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Wayside Schools <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2027 | 205000 | &nbsp;&nbsp; 207923 |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Wayside Schools <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2028 | 75000 | &nbsp;&nbsp; 76410 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. IDEA Public Schools <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2029 | 315000 | &nbsp;&nbsp; 334522 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. IDEA Public Schools <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2030 | 385000 | &nbsp;&nbsp; 412148 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. IDEA Public Schools <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2031 | 435000 | &nbsp;&nbsp; 468279 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. IDEA Public Schools <br> Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2032 | 515000 | &nbsp;&nbsp; 555403 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. International Leadership of <br> Texas, Inc. Series A<br>| 4.63 | &nbsp;&nbsp; 8-15-2025 | 1880000 | &nbsp;&nbsp; 1883366 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. International Leadership of <br> Texas, Inc. Series D<br>| 5.00 | &nbsp;&nbsp; 8-15-2025 | 6565000 | &nbsp;&nbsp; 6579717 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. Valor Texas Education <br> Foundation Series A144A<br>| 5.50 | &nbsp;&nbsp; 6-15-2033 | 4880000 | &nbsp;&nbsp; 4924475 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Cumberland <br> Academy, Inc. Series A144A<br>| 4.00 | &nbsp;&nbsp; 8-15-2030 | 1520000 | &nbsp;&nbsp; 1426806 |
| &nbsp;&nbsp; Newark Higher Education Finance Corp. A+ Charter Schools, Inc. <br> Series A144A<br>| 4.63 | &nbsp;&nbsp; 8-15-2025 | 255000 | &nbsp;&nbsp; 255441 |
| Odessa Junior College District (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2029 | 650000 | &nbsp;&nbsp; 673502 |
| Odessa Junior College District (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2030 | 870000 | &nbsp;&nbsp; 905968 |
| Odessa Junior College District (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2031 | 220000 | &nbsp;&nbsp; 230034 |
| Odessa Junior College District (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2032 | 460000 | &nbsp;&nbsp; 478481 |
| Odessa Junior College District (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2033 | 710000 | &nbsp;&nbsp; 732836 |
| Odessa Junior College District (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2034 | 500000 | &nbsp;&nbsp; 511680 |
| Odessa Junior College District (AG Insured) | 4.00 | &nbsp;&nbsp; 7-1-2035 | 290000 | &nbsp;&nbsp; 295374 |
|  |  |  |  | &nbsp;&nbsp; **30324284** |
| **GO revenue: 1.37%** |  |  |  |  |
| Brazosport Independent School District Series A | 4.00 | &nbsp;&nbsp; 2-15-2029 | 2355000 | &nbsp;&nbsp; 2397860 |
| City of Houston Series A | 4.00 | &nbsp;&nbsp; 3-1-2044 | 2500000 | &nbsp;&nbsp; 2249805 |
| City of Round Rock | 4.00 | &nbsp;&nbsp; 8-15-2043 | 1875000 | &nbsp;&nbsp; 1715442 |
| County of Bexar | 4.00 | &nbsp;&nbsp; 6-15-2041 | 5000000 | &nbsp;&nbsp; 4694155 |
| County of Hale (BAM Insured) | 4.00 | &nbsp;&nbsp; 3-15-2042 | 2195000 | &nbsp;&nbsp; 2024115 |

---

The accompanying notes are an integral part of these financial statements.

34 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue**(continued) |  |  |  |  |
| El Paso County Hospital District (AG Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 8-15-2042 | $2500000 | &nbsp;&nbsp; $2551798 |
| Fort Bend Independent School District Series Bøø | 0.72 | &nbsp;&nbsp; 8-1-2051 | 1205000 | &nbsp;&nbsp; 1165244 |
| Grapevine-Colleyville Independent School District | 5.00 | &nbsp;&nbsp; 8-15-2034 | 2890000 | &nbsp;&nbsp; 2896253 |
| Grapevine-Colleyville Independent School District | 5.00 | &nbsp;&nbsp; 8-15-2035 | 1600000 | &nbsp;&nbsp; 1603364 |
| Harris Montgomery Counties Municipal Utility District No. 386 | 4.00 | &nbsp;&nbsp; 9-1-2032 | 1450000 | &nbsp;&nbsp; 1450367 |
| Klein Independent School District | 3.63 | &nbsp;&nbsp; 2-1-2033 | 1010000 | &nbsp;&nbsp; 1010161 |
| North East Independent School Districtøø | 3.75 | &nbsp;&nbsp; 8-1-2049 | 2000000 | &nbsp;&nbsp; 2022762 |
|  |  |  |  | &nbsp;&nbsp; **25781326** |
| **Health revenue: 0.70%** |  |  |  |  |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Texas <br> Children's Hospital Obligated Group Series A<br>| 4.00 | &nbsp;&nbsp; 10-1-2041 | 3205000 | &nbsp;&nbsp; 2959235 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Children's <br> Health System of Texas Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 8-15-2026 | 2000000 | &nbsp;&nbsp; 2044878 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Westminster <br> Manor Obligated Group<br>| 5.00 | &nbsp;&nbsp; 11-1-2035 | 615000 | &nbsp;&nbsp; 651603 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Westminster <br> Manor Obligated Group<br>| 5.00 | &nbsp;&nbsp; 11-1-2040 | 2200000 | &nbsp;&nbsp; 2235520 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. <br> Cumberland Rest, Inc. Obligated Group<br>| 5.00 | &nbsp;&nbsp; 10-1-2040 | 440000 | &nbsp;&nbsp; 448195 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. <br> Methodist Hospitals of Dallas Obligated Group Series B (TD Bank <br> N.A. LOC)ø<br>| 4.00 | &nbsp;&nbsp; 10-1-2041 | 4700000 | &nbsp;&nbsp; 4700000 |
|  |  |  |  | &nbsp;&nbsp; **13039431** |
| **Housing revenue: 0.45%** |  |  |  |  |
| &nbsp;&nbsp; County of Wise Weatherford College of the Parker County Junior <br> College District<br>| 5.00 | &nbsp;&nbsp; 8-15-2025 | 1255000 | &nbsp;&nbsp; 1255973 |
| &nbsp;&nbsp; County of Wise Weatherford College of the Parker County Junior <br> College District<br>| 5.00 | &nbsp;&nbsp; 8-15-2028 | 1630000 | &nbsp;&nbsp; 1688695 |
| &nbsp;&nbsp; County of Wise Weatherford College of the Parker County Junior <br> College District<br>| 5.00 | &nbsp;&nbsp; 8-15-2031 | 680000 | &nbsp;&nbsp; 718824 |
| &nbsp;&nbsp; County of Wise Weatherford College of the Parker County Junior <br> College District<br>| 5.00 | &nbsp;&nbsp; 8-15-2034 | 980000 | &nbsp;&nbsp; 1018128 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Bella Vida <br> Forefront Living Obligated Group Series 2025B-3<br>| 4.25 | &nbsp;&nbsp; 10-1-2030 | 2000000 | &nbsp;&nbsp; 2002104 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Bella Vida <br> Forefront Living Obligated Group Series A<br>| 5.50 | &nbsp;&nbsp; 10-1-2035 | 750000 | &nbsp;&nbsp; 753336 |
| &nbsp;&nbsp; Travis County Housing Finance Corp. Austin Gateway <br> Apartments LPøø<br>| 4.13 | &nbsp;&nbsp; 6-1-2045 | 1000000 | &nbsp;&nbsp; 1003686 |
|  |  |  |  | &nbsp;&nbsp; **8440746** |
| **Industrial development revenue: 0.64%** |  |  |  |  |
| &nbsp;&nbsp; Brazoria County Industrial Development Corp. Aleon Renewable <br> Metals LLC AMT144A†øø<br>| 10.00 | &nbsp;&nbsp; 6-1-2042 | 2812106 | &nbsp;&nbsp; 841247 |
| Harris County Industrial Development Corp. Energy Transfer LPøø | 4.05 | &nbsp;&nbsp; 11-1-2050 | 6000000 | &nbsp;&nbsp; 5872468 |
| &nbsp;&nbsp; Mission Economic Development Corp. Graphic Packaging <br> International LLC AMTøø<br>| 5.00 | &nbsp;&nbsp; 12-1-2064 | 2500000 | &nbsp;&nbsp; 2555109 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 35

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Industrial development revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Port of Beaumont Navigation District Jefferson 2020 Bond Lessee & <br> Borrower LLC Obligated Group Series A AMT144A<br>| 2.50<br> %<br>| &nbsp;&nbsp; 1-1-2030 | $800000 | &nbsp;&nbsp; $737164 |
| &nbsp;&nbsp; Port of Beaumont Navigation District Jefferson 2020 Bond Lessee & <br> Borrower LLC Obligated Group Series A AMT144A<br>| 2.63 | &nbsp;&nbsp; 1-1-2031 | 800000 | &nbsp;&nbsp; 727715 |
| &nbsp;&nbsp; Port of Beaumont Navigation District Jefferson 2020 Bond Lessee & <br> Borrower LLC Obligated Group Series A AMT144A<br>| 2.75 | &nbsp;&nbsp; 1-1-2036 | 1500000 | &nbsp;&nbsp; 1229155 |
|  |  |  |  | &nbsp;&nbsp; **11962858** |
| **Miscellaneous revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; Lower Colorado River Authority Transmission Services Corp. <br> Series A (AG Insured)<br>| 4.00 | &nbsp;&nbsp; 5-15-2043 | 1250000 | &nbsp;&nbsp; **1138438** |
| **Resource recovery revenue: 0.29%** |  |  |  |  |
| &nbsp;&nbsp; Brazoria County Industrial Development Corp. Aleon Renewable <br> Metals LLC AMT144A†<br>| 12.00 | &nbsp;&nbsp; 6-1-2043 | 4686843 | &nbsp;&nbsp; 1402069 |
| &nbsp;&nbsp; Mission Economic Development Corp. Republic Services, Inc. <br> Series A AMTø<br>| 4.10 | &nbsp;&nbsp; 5-1-2050 | 4000000 | &nbsp;&nbsp; 4001044 |
|  |  |  |  | &nbsp;&nbsp; **5403113** |
| **Transportation revenue: 0.35%** |  |  |  |  |
| County of Harris Toll Road Revenue Series B | 5.00 | &nbsp;&nbsp; 8-15-2026 | 1280000 | &nbsp;&nbsp; 1283531 |
| &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp. NTE <br> Mobility Partners LLC Series A<br>| 5.00 | &nbsp;&nbsp; 12-31-2030 | 1000000 | &nbsp;&nbsp; 1067202 |
| &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp. NTE <br> Mobility Partners LLC Series A<br>| 5.00 | &nbsp;&nbsp; 12-31-2032 | 1000000 | &nbsp;&nbsp; 1058449 |
| &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp. NTE <br> Mobility Partners LLC Series A<br>| 5.00 | &nbsp;&nbsp; 12-31-2033 | 3000000 | &nbsp;&nbsp; 3164069 |
|  |  |  |  | &nbsp;&nbsp; **6573251** |
| **Utilities revenue: 0.45%** |  |  |  |  |
| City of San Antonio Electric & Gas Systems Revenueøø | 1.75 | &nbsp;&nbsp; 2-1-2049 | 4250000 | &nbsp;&nbsp; 4213666 |
| Lower Colorado River Authority (AG Insured) | 5.00 | &nbsp;&nbsp; 5-15-2030 | 990000 | &nbsp;&nbsp; 1082472 |
| Lower Colorado River Authority Series Bøø | 5.00 | &nbsp;&nbsp; 5-15-2045 | 3000000 | &nbsp;&nbsp; 3230014 |
|  |  |  |  | &nbsp;&nbsp; **8526152** |
| **Water & sewer revenue: 1.19%** |  |  |  |  |
| City of Dallas Waterworks & Sewer System Revenue Series A | 5.00 | &nbsp;&nbsp; 10-1-2029 | 16225000 | &nbsp;&nbsp; 16630742 |
| City of Garland Water & Sewer System Revenue | 4.00 | &nbsp;&nbsp; 3-1-2041 | 2255000 | &nbsp;&nbsp; 2122845 |
| City of Garland Water & Sewer System Revenue | 4.00 | &nbsp;&nbsp; 3-1-2042 | 1185000 | &nbsp;&nbsp; 1097811 |
| San Antonio Water System Series A (Truist Bank SPA)ø | 3.95 | &nbsp;&nbsp; 5-1-2054 | 2500000 | &nbsp;&nbsp; 2500000 |
|  |  |  |  | &nbsp;&nbsp; **22351398** |
|  |  |  |  | &nbsp;&nbsp; **139180011** |
| **Utah: 1.02%** |  |  |  |  |
| **Airport revenue: 0.20%** |  |  |  |  |
| City of Salt Lake City Airport Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2029 | 1000000 | &nbsp;&nbsp; 1037820 |
| City of Salt Lake City Airport Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2031 | 2705000 | &nbsp;&nbsp; 2796698 |
|  |  |  |  | &nbsp;&nbsp; **3834518** |

---

The accompanying notes are an integral part of these financial statements.

36 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue: 0.03%** |  |  |  |  |
| &nbsp;&nbsp; Utah Charter School Finance Authority Freedom Academy <br> Foundation Series A144A<br>| 3.25<br> %<br>| &nbsp;&nbsp; 6-15-2031 | $425000 | &nbsp;&nbsp; $383693 |
| &nbsp;&nbsp; Utah Charter School Finance Authority Ronald Wilson Reagan <br> Academy Series A144A<br>| 3.50 | &nbsp;&nbsp; 2-15-2026 | 290000 | &nbsp;&nbsp; 287088 |
|  |  |  |  | &nbsp;&nbsp; **670781** |
| **Health revenue: 0.08%** |  |  |  |  |
| County of Utah Intermountain Healthcare Obligated Group Series A | 4.00 | &nbsp;&nbsp; 5-15-2043 | 1635000 | &nbsp;&nbsp; **1473202** |
| **Housing revenue: 0.16%** |  |  |  |  |
| Utah Housing Corp. Series C (GNMA / FNMA / FHLMC Insured) | 6.00 | &nbsp;&nbsp; 7-1-2054 | 2675000 | &nbsp;&nbsp; **2924287** |
| **Miscellaneous revenue: 0.42%** |  |  |  |  |
| &nbsp;&nbsp; MIDA Mountain Village Public Infrastructure District Assessment <br> Area No. 2144A<br>| 4.00 | &nbsp;&nbsp; 8-1-2026 | 900000 | &nbsp;&nbsp; 900863 |
| &nbsp;&nbsp; MIDA Mountain Village Public Infrastructure District Assessment <br> Area No. 2144A<br>| 4.00 | &nbsp;&nbsp; 8-1-2028 | 915000 | &nbsp;&nbsp; 914966 |
| &nbsp;&nbsp; MIDA Mountain Village Public Infrastructure District Assessment <br> Area No. 2144A<br>| 4.00 | &nbsp;&nbsp; 8-1-2029 | 480000 | &nbsp;&nbsp; 479445 |
| &nbsp;&nbsp; MIDA Mountain Village Public Infrastructure District Assessment <br> Area No. 2144A<br>| 4.00 | &nbsp;&nbsp; 8-1-2030 | 580000 | &nbsp;&nbsp; 574312 |
| Point Phase 1 Public Infrastructure District No. 1 Series A-1%% | 5.13 | &nbsp;&nbsp; 3-1-2035 | 1780000 | &nbsp;&nbsp; 1808272 |
| &nbsp;&nbsp; Wakara Ridge Public Infrastructure District Ridge Assessment <br> Area144A<br>| 5.63 | &nbsp;&nbsp; 12-1-2054 | 3150000 | &nbsp;&nbsp; 3144308 |
|  |  |  |  | &nbsp;&nbsp; **7822166** |
| **Tax revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; MIDA Mountain Veterans Program Public Infrastructure <br> District144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2044 | 1000000 | &nbsp;&nbsp; 960117 |
| &nbsp;&nbsp; MIDA Mountain Village Public Infrastructure District Military <br> Recreation Facility Project Area Series 2144A<br>| 5.50 | &nbsp;&nbsp; 6-15-2039 | 1500000 | &nbsp;&nbsp; 1500463 |
|  |  |  |  | &nbsp;&nbsp; **2460580** |
|  |  |  |  | &nbsp;&nbsp; **19185534** |
| **Vermont: 0.12%** |  |  |  |  |
| **Housing revenue: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; Vermont Housing Finance Agency Series A (GNMA / FNMA / FHLMC <br> Insured)<br>| 3.75 | &nbsp;&nbsp; 11-1-2050 | 780000 | &nbsp;&nbsp; **780722** |
| **Resource recovery revenue: 0.08%** |  |  |  |  |
| Vermont EDA Casella Waste Systems, Inc. Series A AMT144Aøø | 4.38 | &nbsp;&nbsp; 6-1-2052 | 1500000 | &nbsp;&nbsp; **1478620** |
|  |  |  |  | &nbsp;&nbsp; **2259342** |
| **Virginia: 2.34%** |  |  |  |  |
| **Education revenue: 0.06%** |  |  |  |  |
| Virginia College Building Authority Regent University | 5.00 | &nbsp;&nbsp; 6-1-2029 | 330000 | &nbsp;&nbsp; 346576 |
| Virginia College Building Authority Regent University | 5.00 | &nbsp;&nbsp; 6-1-2030 | 350000 | &nbsp;&nbsp; 370273 |
| Virginia College Building Authority Regent University | 5.00 | &nbsp;&nbsp; 6-1-2031 | 300000 | &nbsp;&nbsp; 319102 |
|  |  |  |  | &nbsp;&nbsp; **1035951** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 37

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **GO revenue: 0.13%** |  |  |  |  |
| County of Arlington Series A | 4.00<br> %<br>| &nbsp;&nbsp; 8-1-2040 | $2500000 | &nbsp;&nbsp; **$2461620** |
| **Health revenue: 0.35%** |  |  |  |  |
| Roanoke County EDA Friendship Foundationøø | 5.50 | &nbsp;&nbsp; 9-1-2058 | 350000 | &nbsp;&nbsp; 342925 |
| &nbsp;&nbsp; Winchester EDA Valley Health Obligated Group Series B-1 (Truist <br> Bank LOC)ø<br>| 3.95 | &nbsp;&nbsp; 1-1-2054 | 4300000 | &nbsp;&nbsp; 4300000 |
| &nbsp;&nbsp; Winchester EDA Valley Health Obligated Group Series B-2 (Truist <br> Bank LOC)ø<br>| 3.95 | &nbsp;&nbsp; 1-1-2054 | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  |  |  | &nbsp;&nbsp; **6642925** |
| **Housing revenue: 0.48%** |  |  |  |  |
| Virginia College Building Authority Series C | 4.00 | &nbsp;&nbsp; 2-1-2036 | 2625000 | &nbsp;&nbsp; 2632815 |
| Virginia Housing Development Authority Series A | 3.90 | &nbsp;&nbsp; 3-1-2037 | 955000 | &nbsp;&nbsp; 927539 |
| Virginia Housing Development Authority Series A | 3.95 | &nbsp;&nbsp; 9-1-2037 | 825000 | &nbsp;&nbsp; 792374 |
| Virginia Housing Development Authority Series A | 4.10 | &nbsp;&nbsp; 9-1-2040 | 1390000 | &nbsp;&nbsp; 1313035 |
| Virginia Housing Development Authority Series A | 4.45 | &nbsp;&nbsp; 9-1-2045 | 3500000 | &nbsp;&nbsp; 3365699 |
|  |  |  |  | &nbsp;&nbsp; **9031462** |
| **Transportation revenue: 0.84%** |  |  |  |  |
| &nbsp;&nbsp; Toll Road Investors Partnership II LP Series 1999-B (NPFGC <br> Insured)144A¤<br>| 0.00 | &nbsp;&nbsp; 2-15-2029 | 10000000 | &nbsp;&nbsp; 7580757 |
| &nbsp;&nbsp; Virginia Small Business Financing Authority 95 Express Lanes LLC <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2032 | 3225000 | &nbsp;&nbsp; 3411683 |
| &nbsp;&nbsp; Virginia Small Business Financing Authority 95 Express Lanes LLC <br> AMT<br>| 5.00 | &nbsp;&nbsp; 7-1-2032 | 2800000 | &nbsp;&nbsp; 2954059 |
| &nbsp;&nbsp; Virginia Small Business Financing Authority Elizabeth River <br> Crossings OpCo. LLC AMT<br>| 4.00 | &nbsp;&nbsp; 7-1-2029 | 1750000 | &nbsp;&nbsp; 1767039 |
|  |  |  |  | &nbsp;&nbsp; **15713538** |
| **Utilities revenue: 0.48%** |  |  |  |  |
| Wise County IDA Virginia Electric & Power Co. Series Aøø | 0.75 | &nbsp;&nbsp; 10-1-2040 | 5000000 | &nbsp;&nbsp; 4964402 |
| York County EDA Virginia Electric & Power Co. Series Aøø | 3.65 | &nbsp;&nbsp; 5-1-2033 | 4000000 | &nbsp;&nbsp; 4053965 |
|  |  |  |  | &nbsp;&nbsp; **9018367** |
|  |  |  |  | &nbsp;&nbsp; **43903863** |
| **Washington: 1.86%** |  |  |  |  |
| **Airport revenue: 0.11%** |  |  |  |  |
| Port of Seattle Series A AMT | 5.00 | &nbsp;&nbsp; 5-1-2036 | 2030000 | &nbsp;&nbsp; **2049818** |
| **GO revenue: 0.09%** |  |  |  |  |
| City of Seattle | 4.00 | &nbsp;&nbsp; 12-1-2040 | 1900000 | &nbsp;&nbsp; **1774182** |
| **Health revenue: 0.72%** |  |  |  |  |
| Jefferson County Public Hospital District No. 2 Series A | 5.75 | &nbsp;&nbsp; 12-1-2033 | 2350000 | &nbsp;&nbsp; 2359977 |
| Skagit County Public Hospital District No. 1 | 5.00 | &nbsp;&nbsp; 12-1-2029 | 3975000 | &nbsp;&nbsp; 4035088 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority CommonSpirit Health <br> Obligated Group Series B-3øø<br>| 5.00 | &nbsp;&nbsp; 8-1-2049 | 3000000 | &nbsp;&nbsp; 3019714 |

---

The accompanying notes are an integral part of these financial statements.

38 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Providence St. Joseph <br> Health Obligated Group Series D<br>| 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2038 | $3000000 | &nbsp;&nbsp; $3001035 |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Providence St. Joseph <br> Health Obligated Group Series D<br>| 5.00 | &nbsp;&nbsp; 10-1-2041 | 1000000 | &nbsp;&nbsp; 999995 |
|  |  |  |  | &nbsp;&nbsp; **13415809** |
| **Housing revenue: 0.77%** |  |  |  |  |
| King County Housing Authority | 2.00 | &nbsp;&nbsp; 10-1-2033 | 600000 | &nbsp;&nbsp; 497542 |
| King County Housing Authority | 2.13 | &nbsp;&nbsp; 10-1-2036 | 2000000 | &nbsp;&nbsp; 1552500 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 10-1-2029 | 225000 | &nbsp;&nbsp; 229328 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 10-1-2030 | 200000 | &nbsp;&nbsp; 204788 |
| King County Housing Authority | 4.00 | &nbsp;&nbsp; 10-1-2031 | 290000 | &nbsp;&nbsp; 292027 |
| Seattle Housing Authority Northgate Plaza Project | 1.00 | &nbsp;&nbsp; 6-1-2026 | 2000000 | &nbsp;&nbsp; 1945025 |
| Snohomish County Housing Authority | 5.00 | &nbsp;&nbsp; 4-1-2027 | 1130000 | &nbsp;&nbsp; 1165390 |
| Snohomish County Housing Authority | 5.00 | &nbsp;&nbsp; 4-1-2028 | 1610000 | &nbsp;&nbsp; 1681541 |
| Snohomish County Housing Authority | 5.00 | &nbsp;&nbsp; 4-1-2029 | 1690000 | &nbsp;&nbsp; 1790764 |
| &nbsp;&nbsp; Washington State Housing Finance Commission Downtowner <br> Apartments Project (FHLMC LIQ)<br>| 3.70 | &nbsp;&nbsp; 7-1-2030 | 5000000 | &nbsp;&nbsp; 5071037 |
|  |  |  |  | &nbsp;&nbsp; **14429942** |
| **Utilities revenue: 0.17%** |  |  |  |  |
| &nbsp;&nbsp; City of Seattle Municipal Light & Power Revenue Series B (SIFMA <br> Municipal Swap+0.25%)±<br>| 2.17 | &nbsp;&nbsp; 5-1-2045 | 3250000 | &nbsp;&nbsp; **3213816** |
|  |  |  |  | &nbsp;&nbsp; **34883567** |
| **West Virginia: 0.52%** |  |  |  |  |
| **Education revenue: 0.06%** |  |  |  |  |
| West Virginia University Series Bøø | 5.00 | &nbsp;&nbsp; 10-1-2041 | 1000000 | &nbsp;&nbsp; **1070327** |
| **Tax revenue: 0.17%** |  |  |  |  |
| &nbsp;&nbsp; County of Monongalia Building Commission Development District <br> No. 4 Series A144A<br>| 5.00 | &nbsp;&nbsp; 6-1-2033 | 400000 | &nbsp;&nbsp; 412657 |
| &nbsp;&nbsp; County of Monongalia Building Commission Development District <br> No. 4 Series A144A<br>| 5.75 | &nbsp;&nbsp; 6-1-2043 | 880000 | &nbsp;&nbsp; 905429 |
| Monongalia County Commission Excise Tax District Series A144A | 4.13 | &nbsp;&nbsp; 6-1-2043 | 830000 | &nbsp;&nbsp; 694481 |
| Monongalia County Commission Excise Tax District Series A144A | 4.50 | &nbsp;&nbsp; 6-1-2027 | 1175000 | &nbsp;&nbsp; 1181253 |
|  |  |  |  | &nbsp;&nbsp; **3193820** |
| **Utilities revenue: 0.27%** |  |  |  |  |
| West Virginia EDA Wheeling Power Co. Series 2013A AMTøø | 3.00 | &nbsp;&nbsp; 6-1-2037 | 5245000 | &nbsp;&nbsp; **5169687** |
| **Water & sewer revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; City of Parkersburg Combined Waterworks & Sewerage System <br> Revenue Series A (BAM Insured)<br>| 3.00 | &nbsp;&nbsp; 8-1-2025 | 400000 | &nbsp;&nbsp; **399829** |
|  |  |  |  | &nbsp;&nbsp; **9833663** |
| **Wisconsin: 1.89%** |  |  |  |  |
| **Education revenue: 0.30%** |  |  |  |  |
| PFA Corvian Community School, Inc. Series A144A | 4.00 | &nbsp;&nbsp; 6-15-2029 | 585000 | &nbsp;&nbsp; 564236 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 39

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| PFA Corvian Community School, Inc. Series A144A | 4.25<br> %<br>| &nbsp;&nbsp; 6-15-2029 | $530000 | &nbsp;&nbsp; $515890 |
| PFA Estancia Valley Classical Academy Series A144A | 4.00 | &nbsp;&nbsp; 7-1-2031 | 1095000 | &nbsp;&nbsp; 1014636 |
| PFA Mater Academy of Nevada Series A144A | 5.00 | &nbsp;&nbsp; 12-15-2034 | 825000 | &nbsp;&nbsp; 830020 |
| PFA Nevada Charter Academies Series A144A | 4.00 | &nbsp;&nbsp; 7-15-2029 | 400000 | &nbsp;&nbsp; 395311 |
| PFA Roseman University of Health Sciences144A | 4.00 | &nbsp;&nbsp; 4-1-2032 | 785000 | &nbsp;&nbsp; 760295 |
| PFA Triad Math & Science Academy Co. | 4.25 | &nbsp;&nbsp; 6-15-2027 | 325000 | &nbsp;&nbsp; 327064 |
| PFA Triad Math & Science Academy Co. | 5.00 | &nbsp;&nbsp; 6-15-2032 | 725000 | &nbsp;&nbsp; 755964 |
| &nbsp;&nbsp; PFA Unity Classical Charter School; A Challenge Foundation <br> Academy144A<br>| 5.75 | &nbsp;&nbsp; 7-1-2033 | 485000 | &nbsp;&nbsp; 498896 |
|  |  |  |  | &nbsp;&nbsp; **5662312** |
| **GO revenue: 0.26%** |  |  |  |  |
| City of Milwaukee Series B2 (AG Insured) | 5.00 | &nbsp;&nbsp; 4-1-2035 | 2200000 | &nbsp;&nbsp; 2418784 |
| City of Milwaukee Series B2 (AG Insured) | 5.00 | &nbsp;&nbsp; 4-1-2036 | 2235000 | &nbsp;&nbsp; 2434641 |
|  |  |  |  | &nbsp;&nbsp; **4853425** |
| **Health revenue: 0.55%** |  |  |  |  |
| PFA Texas Biomedical Research Institute Series A | 5.00 | &nbsp;&nbsp; 6-1-2029 | 175000 | &nbsp;&nbsp; 184826 |
| PFA Texas Biomedical Research Institute Series A | 5.00 | &nbsp;&nbsp; 6-1-2030 | 175000 | &nbsp;&nbsp; 186179 |
| PFA Texas Biomedical Research Institute Series A | 5.00 | &nbsp;&nbsp; 6-1-2031 | 275000 | &nbsp;&nbsp; 293997 |
| PFA Texas Biomedical Research Institute Series A | 5.00 | &nbsp;&nbsp; 6-1-2032 | 350000 | &nbsp;&nbsp; 370450 |
| PFA Texas Biomedical Research Institute Series A | 5.00 | &nbsp;&nbsp; 6-1-2033 | 550000 | &nbsp;&nbsp; 577544 |
| PFA Texas Biomedical Research Institute Series A | 5.00 | &nbsp;&nbsp; 6-1-2034 | 570000 | &nbsp;&nbsp; 599744 |
| PFA Washoe Barton Medical Clinic Series A144A | 4.00 | &nbsp;&nbsp; 12-1-2031 | 700000 | &nbsp;&nbsp; 685022 |
| Wisconsin HEFA Ascension Health Credit Group Series A | 4.00 | &nbsp;&nbsp; 11-15-2036 | 3000000 | &nbsp;&nbsp; 2883091 |
| Wisconsin HEFA Beloit Health System Obligated Group | 5.00 | &nbsp;&nbsp; 7-1-2027 | 1145000 | &nbsp;&nbsp; 1187628 |
| Wisconsin HEFA Beloit Health System Obligated Group | 5.00 | &nbsp;&nbsp; 7-1-2028 | 600000 | &nbsp;&nbsp; 632553 |
| &nbsp;&nbsp; Wisconsin HEFA St. Camillus Health System Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2027 | 375000 | &nbsp;&nbsp; 381748 |
| &nbsp;&nbsp; Wisconsin HEFA St. Camillus Health System Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 11-1-2028 | 1405000 | &nbsp;&nbsp; 1439352 |
| Wisconsin HEFA St. John's Communities, Inc. Obligated Group | 4.00 | &nbsp;&nbsp; 9-15-2029 | 895000 | &nbsp;&nbsp; 888190 |
|  |  |  |  | &nbsp;&nbsp; **10310324** |
| **Industrial development revenue: 0.09%** |  |  |  |  |
| PFA Customer Facility Charge-SA LLC Series A | 3.75 | &nbsp;&nbsp; 2-1-2032 | 850000 | &nbsp;&nbsp; 824576 |
| &nbsp;&nbsp; PFA UNC Charlotte Marriott Hotel & Conference Center <br> Series A144A<br>| 4.00 | &nbsp;&nbsp; 9-1-2036 | 1000000 | &nbsp;&nbsp; 875712 |
|  |  |  |  | &nbsp;&nbsp; **1700288** |
| **Miscellaneous revenue: 0.69%** |  |  |  |  |
| PFA Astro Texas Land Projects144A | 5.00 | &nbsp;&nbsp; 12-15-2036 | 6996853 | &nbsp;&nbsp; 6895431 |
| Wisconsin Center District Series C CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2029 | 1050000 | &nbsp;&nbsp; 897883 |
| Wisconsin Center District Series C CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2031 | 1350000 | &nbsp;&nbsp; 1062507 |
| Wisconsin Center District Series D CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2028 | 260000 | &nbsp;&nbsp; 231180 |
| Wisconsin Center District Series D CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2029 | 390000 | &nbsp;&nbsp; 333499 |

---

The accompanying notes are an integral part of these financial statements.

40 \| Allspring Strategic Municipal Bond Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Miscellaneous revenue**(continued) |  |  |  |  |
| Wisconsin Center District Series D CAB (AG Insured)¤ | 0.00<br> %<br>| &nbsp;&nbsp; 12-15-2030 | $550000 | &nbsp;&nbsp; $451212 |
| &nbsp;&nbsp; Wisconsin HEFA Forensic Science & Protective Medicine <br> Collaboration, Inc.144A<br>| 5.00 | &nbsp;&nbsp; 8-1-2027 | 3000000 | &nbsp;&nbsp; 3045200 |
|  |  |  |  | &nbsp;&nbsp; **12916912** |
|  |  |  |  | &nbsp;&nbsp; **35443261** |
| **Total municipal obligations (Cost $1,900,342,101)** |  |  |  | &nbsp;&nbsp; **1841104515** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 0.81%** |  |  |  |  |
| **Investment companies: 0.81%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞## |  | 4.26 | 15214567 | &nbsp;&nbsp; **15214567** |
| **Total short-term investments (Cost $15,214,567)** |  |  |  | &nbsp;&nbsp; **15214567** |
| **Total investments in securities (Cost $1,915,556,668)** | 98.98<br> %<br>|  |  | &nbsp;&nbsp; 1856319082 |
| Other assets and liabilities, net | 1.02 |  |  | &nbsp;&nbsp; 19137318 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$1875456400** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| † | Non-income-earning security |
| € | The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the <br> rate in effect at period end.<br>|
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| %% | The security is purchased on a when-issued basis. |
| ♦ | The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| ‡ | Security is valued using significant unobservable inputs. |
| ♠ | 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 Strategic Municipal Bond Fund \| 41

------

Portfolio of investments—June 30, 2025

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AG | Assured Guaranty Incorporation |
| Ambac | Ambac Financial Group Incorporated |
| AMT | Alternative minimum tax |
| BAM | Build America Mutual Assurance Company |
| BAN | Bond anticipation note |
| CAB | Capital appreciation bond |
| CDA | Community Development Authority |
| CHF | Collegiate Housing Foundation |
| COP | Certificate of participation |
| ECFA | Educational & Cultural Facilities Authority |
| EDA | Economic Development Authority |
| EDFA | Economic Development Finance Authority |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General obligation |
| HEFA | Health & Educational Facilities Authority |
| HFA | Housing Finance Authority |
| HFFA | Health Facilities Financing Authority |
| IDA | Industrial Development Authority |
| LIQ | Liquidity agreement |
| LOC | Letter of credit |
| NPFGC | National Public Finance Guarantee Corporation |
| PFA | Public Finance Authority |
| QSBLF | Qualified School Board Loan Fund Insured |
| RDA | Redevelopment Authority |
| SIFMA | Securities Industry and Financial Markets Association |
| SOFR | Secured Overnight Financing Rate |
| SPA | Standby purchase agreement |
| TTFA | Transportation Trust Fund Authority |

---

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund <br> Select Class<br>| $2593014 | $560046545 | $(547424992)<br>| $0 | $0 | $15214567 | 15214567 | $350569 |

---

The accompanying notes are an integral part of these financial statements.

42 \| Allspring Strategic Municipal Bond Fund

------

Statement of assets and liabilities—June 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $1,900,342,101) | $1841104515 |
| Investments in affiliated securities, at value (cost $15,214,567) | 15214567 |
| Cash | 1888 |
| Receivable for interest | 19522619 |
| Receivable for investments sold | 8522477 |
| Receivable for Fund shares sold | 4236473 |
| Prepaid expenses and other assets | 74275 |
| **Total assets** | **1888676814** |
| Liabilities |  |
| Payable for when-issued transactions | 6780000 |
| Payable for Fund shares redeemed | 4968976 |
| Dividends payable | 637184 |
| Management fee payable | 560782 |
| Administration fees payable | 141509 |
| Shareholder servicing fees payable | 71587 |
| Distribution fee payable | 9332 |
| Trustees' fees and expenses payable | 242 |
| Accrued expenses and other liabilities | 50802 |
| **Total liabilities** | **13220414** |
| **Total net assets**  | **$1875456400** |
| Net assets consist of |  |
| Paid-in capital | $1973674407 |
| Total distributable loss | (98218007)<br>|
| **Total net assets** | **$1875456400** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 43

------

Statement of assets and liabilities—June 30, 2025

Statement of assets and liabilities

---

| | |
|:---|:---|
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $312709165 |
| Shares outstanding–Class A<sup>1</sup> <br>| 35687894 |
| Net asset value per share–Class A | $8.76 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $9.13 |
| Net assets–Class C | $15014138 |
| Shares outstanding–Class C<sup>1</sup> <br>| 1707506 |
| Net asset value per share–Class C | $8.79 |
| Net assets–Class R6 | $6092682 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 695025 |
| Net asset value per share–Class R6 | $8.77 |
| Net assets–Administrator Class | $21544828 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 2460003 |
| Net asset value per share–Administrator Class | $8.76 |
| Net assets–Institutional Class | $1520095587 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 173521257 |
| 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.

44 \| Allspring Strategic Municipal Bond Fund

------

Statement of operations—year ended June 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $63230639 |
| Income from affiliated securities | 350569 |
| Dividends | 12100 |
| **Total investment income** | **63593308** |
| Expenses |  |
| Management fee | 7057629 |
| Administration fees |  |
| Class A | 487960 |
| Class C | 26400 |
| Class R6 | 5632 |
| Administrator Class | 28363 |
| Institutional Class | 1215425 |
| Shareholder servicing fees |  |
| Class A | 812473 |
| Class C | 43920 |
| Administrator Class | 70330 |
| Distribution fee |  |
| Class C | 131760 |
| Custody and accounting fees | 69826 |
| Professional fees | 89923 |
| Registration fees | 116892 |
| Shareholder report expenses | 67225 |
| Trustees' fees and expenses | 23969 |
| Other fees and expenses | 56316 |
| **Total expenses** | **10304043** |
| Less: Fee waivers and/or expense reimbursements |  |
| Class A | (10216)<br>|
| Class C | (126)<br>|
| Class R6 | (382)<br>|
| Administrator Class | (18852)<br>|
| Institutional Class | (29330)<br>|
| **Net expenses** | **10245137** |
| **Net investment income** | **53348171** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized losses on investments** | **(2174300)**<br>|
| **Net change in unrealized gains (losses) on investments** | **(1445015)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(3619315)**<br>|
| **Net increase in net assets resulting from operations** | **$49728856** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 45

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2024 | Year ended<br> June 30, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $53348171 |  | &nbsp;&nbsp; $49252845 |
| Net realized losses on investments |  | &nbsp;&nbsp; (2174300)<br>|  | &nbsp;&nbsp; (6331714)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (1445015)<br>|  | &nbsp;&nbsp; 23941860 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **49728856** |  | &nbsp;&nbsp; **66862991** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (8261334)<br>|  | &nbsp;&nbsp; (8518498)<br>|
| Class C |  | &nbsp;&nbsp; (314200)<br>|  | &nbsp;&nbsp; (377648)<br>|
| Class R6 |  | &nbsp;&nbsp; (541589)<br>|  | &nbsp;&nbsp; (620310)<br>|
| Administrator Class |  | &nbsp;&nbsp; (749548)<br>|  | &nbsp;&nbsp; (1010905)<br>|
| Institutional Class |  | &nbsp;&nbsp; (43480303)<br>|  | &nbsp;&nbsp; (38873257)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(53346974)**<br>|  | &nbsp;&nbsp; **(49400618)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 5932717 | &nbsp;&nbsp; 52231038 | &nbsp;&nbsp; 5684536 | &nbsp;&nbsp; 49435204 |
| Class C | 150668 | &nbsp;&nbsp; 1336205 | &nbsp;&nbsp; 156080 | &nbsp;&nbsp; 1365428 |
| Class R6 | 293936 | &nbsp;&nbsp; 2590951 | &nbsp;&nbsp; 260360 | &nbsp;&nbsp; 2224950 |
| Administrator Class | 254905 | &nbsp;&nbsp; 2253894 | &nbsp;&nbsp; 304934 | &nbsp;&nbsp; 2648640 |
| Institutional Class | 69949338 | &nbsp;&nbsp; 616271118 | &nbsp;&nbsp; 54905755 | &nbsp;&nbsp; 476670568 |
|  |  | &nbsp;&nbsp; 674683206 |  | &nbsp;&nbsp; 532344790 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 838198 | &nbsp;&nbsp; 7395991 | &nbsp;&nbsp; 873999 | &nbsp;&nbsp; 7586175 |
| Class C | 33953 | &nbsp;&nbsp; 300639 | &nbsp;&nbsp; 40965 | &nbsp;&nbsp; 356586 |
| Class R6 | 15051 | &nbsp;&nbsp; 132780 | &nbsp;&nbsp; 15439 | &nbsp;&nbsp; 133736 |
| Administrator Class | 79243 | &nbsp;&nbsp; 699250 | &nbsp;&nbsp; 111339 | &nbsp;&nbsp; 965445 |
| Institutional Class | 4176045 | &nbsp;&nbsp; 36835346 | &nbsp;&nbsp; 3843059 | &nbsp;&nbsp; 33351593 |
|  |  | &nbsp;&nbsp; 45364006 |  | &nbsp;&nbsp; 42393535 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (9533289)<br>| &nbsp;&nbsp; (83991034)<br>| &nbsp;&nbsp; (15114980)<br>| &nbsp;&nbsp; (131086767)<br>|
| Class C | (667815)<br>| &nbsp;&nbsp; (5899557)<br>| &nbsp;&nbsp; (1205491)<br>| &nbsp;&nbsp; (10505657)<br>|
| Class R6 | (2196457)<br>| &nbsp;&nbsp; (19319501)<br>| &nbsp;&nbsp; (515213)<br>| &nbsp;&nbsp; (4392351)<br>|
| Administrator Class | (1987242)<br>| &nbsp;&nbsp; (17535532)<br>| &nbsp;&nbsp; (1880538)<br>| &nbsp;&nbsp; (16147635)<br>|
| Institutional Class | (63636961)<br>| &nbsp;&nbsp; (559978911)<br>| &nbsp;&nbsp; (68827605)<br>| &nbsp;&nbsp; (594848481)<br>|
|  |  | &nbsp;&nbsp; (686724535)<br>|  | &nbsp;&nbsp; (756980891)<br>|
| **Net increase (decrease) in net assets resulting from capital share** <br> **transactions**<br>|  | &nbsp;&nbsp; **33322677** |  | &nbsp;&nbsp; **(182242566)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **29704559** |  | &nbsp;&nbsp; **(164780193)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **1845751841** |  | &nbsp;&nbsp; **2010532034** |
| **End of period** |  | &nbsp;&nbsp; **$1875456400** |  | &nbsp;&nbsp; **$1845751841** |

---

The accompanying notes are an integral part of these financial statements.

46 \| Allspring Strategic Municipal Bond Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.78** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$9.33** | &nbsp;&nbsp; **$9.17** |
| Net investment income | 0.22 <br><sup>1</sup><br>| 0.20 <br><sup>1</sup><br>| 0.17 | 0.13 | 0.14 |
| Net realized and unrealized gains (losses) on investments | (0.02)<br>| 0.11 | 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.65)<br>| 0.16 |
| Total from investment operations | 0.20 | 0.31 | 0.17 | &nbsp;&nbsp; (0.52)<br>| 0.30 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.22)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Net asset value, end of period** | **$8.76** | &nbsp;&nbsp; **$8.78** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$9.33** |
| **Total return**<sup>3</sup> <br>| **2.34%**<br>| **3.58%**<br>| **2.03%**<br>| &nbsp;&nbsp; **(5.66)%**<br>| **3.26%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.79<br> %<br>| 0.79<br> %<br>| 0.80<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>|
| Net expenses | 0.79<br> %<br>| 0.79<br> %<br>| 0.80<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>|
| Net investment income | 2.54<br> %<br>| 2.36<br> %<br>| 2.00<br> %<br>| 1.38<br> %<br>| 1.47<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 16<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (000s omitted) | $312709 | &nbsp;&nbsp; $337409 | &nbsp;&nbsp; $407928 | &nbsp;&nbsp; $508573 | &nbsp;&nbsp; $622409 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 47

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.81** | &nbsp;&nbsp; **$8.71** | &nbsp;&nbsp; **$8.71** | &nbsp;&nbsp; **$9.36** | &nbsp;&nbsp; **$9.20** |
| Net investment income | 0.16 <br><sup>1</sup><br>| 0.14 <br><sup>1</sup><br>| 0.12 | 0.06 | 0.07 |
| Net realized and unrealized gains (losses) on investments | (0.02)<br>| 0.10 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.65)<br>| 0.16 |
| Total from investment operations | 0.14 | 0.24 | 0.11 | &nbsp;&nbsp; (0.59)<br>| 0.23 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.16)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.07)<br>|
| **Net asset value, end of period** | **$8.79** | &nbsp;&nbsp; **$8.81** | &nbsp;&nbsp; **$8.71** | &nbsp;&nbsp; **$8.71** | &nbsp;&nbsp; **$9.36** |
| **Total return**<sup>2</sup> <br>| **1.57%**<br>| **2.81%**<br>| **1.27%**<br>| &nbsp;&nbsp; **(6.34)%**<br>| **2.49%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.54<br> %<br>| 1.54<br> %<br>| 1.55<br> %<br>| 1.54<br> %<br>| 1.54<br> %<br>|
| Net expenses | 1.54<br> %<br>| 1.54<br> %<br>| 1.55<br> %<br>| 1.54<br> %<br>| 1.54<br> %<br>|
| Net investment income | 1.78<br> %<br>| 1.61<br> %<br>| 1.24<br> %<br>| 0.62<br> %<br>| 0.72<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 16<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (000s omitted) | $15014 | &nbsp;&nbsp; $19291 | &nbsp;&nbsp; $27858 | &nbsp;&nbsp; $39696 | &nbsp;&nbsp; $56483 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

The accompanying notes are an integral part of these financial statements.

48 \| Allspring Strategic Municipal Bond Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class R6 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.78** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$9.33** | &nbsp;&nbsp; **$9.17** |
| Net investment income | 0.25 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.21 | 0.16 | 0.17 |
| Net realized and unrealized gains (losses) on investments | 0.00 | 0.10 | 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.65)<br>| 0.16 |
| Total from investment operations | 0.25 | 0.34 | 0.21 | &nbsp;&nbsp; (0.49)<br>| 0.33 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.26)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.17)<br>|
| **Net asset value, end of period** | **$8.77** | &nbsp;&nbsp; **$8.78** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$9.33** |
| **Total return**<sup>3</sup> <br>| **2.83%**<br>| **3.97%**<br>| **2.42%**<br>| &nbsp;&nbsp; **(5.30)%**<br>| **3.65%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>|
| Net expenses | 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>|
| Net investment income | 2.88<br> %<br>| 2.74<br> %<br>| 2.45<br> %<br>| 1.74<br> %<br>| 1.85<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 16<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (000s omitted) | $6093 | &nbsp;&nbsp; $22661 | &nbsp;&nbsp; $24490 | &nbsp;&nbsp; $11008 | &nbsp;&nbsp; $17590 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 49

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.77** | &nbsp;&nbsp; **$8.67** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$9.32** | &nbsp;&nbsp; **$9.17** |
| Net investment income | 0.23 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.18 | 0.13 | 0.15 |
| Net realized and unrealized gains (losses) on investments | (0.01)<br>| 0.10 | 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.63)<br>| 0.15 |
| Total from investment operations | 0.22 | 0.31 | 0.18 | &nbsp;&nbsp; (0.50)<br>| 0.30 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.23)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.15)<br>|
| **Net asset value, end of period** | **$8.76** | &nbsp;&nbsp; **$8.77** | &nbsp;&nbsp; **$8.67** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$9.32** |
| **Total return**<sup>3</sup> <br>| **2.57%**<br>| **3.70%**<br>| **2.03%**<br>| &nbsp;&nbsp; **(5.46)%**<br>| **3.27%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.74<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>|
| Net expenses | 0.67<br> %<br>| 0.68<br> %<br>| 0.68<br> %<br>| 0.68<br> %<br>| 0.68<br> %<br>|
| Net investment income | 2.64<br> %<br>| 2.47<br> %<br>| 2.10<br> %<br>| 1.48<br> %<br>| 1.58<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 16<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (000s omitted) | $21545 | &nbsp;&nbsp; $36076 | &nbsp;&nbsp; $48378 | &nbsp;&nbsp; $76816 | &nbsp;&nbsp; $111200 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

The accompanying notes are an integral part of these financial statements.

50 \| Allspring Strategic Municipal Bond Fund

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Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.77** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$9.32** | &nbsp;&nbsp; **$9.17** |
| Net investment income | 0.25 <br><sup>1</sup><br>| 0.23 <br><sup>1</sup><br>| 0.20 | 0.16 | 0.17 |
| Net realized and unrealized gains (losses) on investments | (0.01)<br>| 0.09 | 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.64)<br>| 0.15 |
| Total from investment operations | 0.24 | 0.32 | 0.20 | &nbsp;&nbsp; (0.48)<br>| 0.32 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.25)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.17)<br>|
| **Net asset value, end of period** | **$8.76** | &nbsp;&nbsp; **$8.77** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$8.68** | &nbsp;&nbsp; **$9.32** |
| **Total return**<sup>3</sup> <br>| **2.78%**<br>| **3.80%**<br>| **2.37%**<br>| &nbsp;&nbsp; **(5.25)%**<br>| **3.49%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.47<br> %<br>| 0.47<br> %<br>| 0.47<br> %<br>| 0.46<br> %<br>| 0.46<br> %<br>|
| Net expenses | 0.47<br> %<br>| 0.47<br> %<br>| 0.47<br> %<br>| 0.46<br> %<br>| 0.46<br> %<br>|
| Net investment income | 2.86<br> %<br>| 2.69<br> %<br>| 2.33<br> %<br>| 1.71<br> %<br>| 1.80<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 16<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (000s omitted) | $1520096 | &nbsp;&nbsp; $1430315 | &nbsp;&nbsp; $1501879 | &nbsp;&nbsp; $1806507 | &nbsp;&nbsp; $2262320 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

The accompanying notes are an integral part of these financial statements.

Allspring Strategic Municipal Bond Fund \| 51

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services* – *Investment Companies*. These financial statements report on the Allspring Strategic Municipal Bond Fund (the "Fund") which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles ("GAAP") which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g., taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

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.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and is subject to interest rate risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of assets and liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of operations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has

52 \| Allspring Strategic Municipal Bond Fund

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Notes to financial statements

been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Interest earned on cash balances held at the custodian is recorded as interest income.

Income 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 from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund's fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable 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 June 30, 2025, the aggregate cost of all investments for federal income tax purposes was $1,916,400,597 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $6048512 |
| Gross unrealized losses | &nbsp;&nbsp; (66130027)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(60081515)**<br>|

---

As of June 30, 2025, the Fund had capital loss carryforwards which consist of $17,141,136 in short-term capital losses and $21,253,558 in long-term capital losses.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.&nbsp;&nbsp;&nbsp;&nbsp;

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

• Level 1—quoted prices in active markets for identical securities

• Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

Allspring Strategic Municipal Bond Fund \| 53

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Notes to financial statements

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Municipal obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $1840939015 | &nbsp;&nbsp;&nbsp; $165500 | &nbsp;&nbsp;&nbsp; $1841104515 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 15214567 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 15214567 |
| **Total assets** | &nbsp;&nbsp; **$15214567** | &nbsp;&nbsp;&nbsp; **$1840939015** | &nbsp;&nbsp;&nbsp; **$165500** | &nbsp;&nbsp;&nbsp; **$1856319082** |

---

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At June 30, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.400<br> %<br>|
| Next $500 million | 0.375 |
| Next $2 billion | 0.350 |
| Next $2 billion | 0.325 |
| Next $5 billion | 0.290 |
| Over $10 billion | 0.280 |

---

For the year ended June 30, 2025, the management fee was equivalent to an annual rate of 0.37% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.15<br> %<br>|
| Class C | 0.15 |
| Class R6 | 0.03 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring

54 \| Allspring Strategic Municipal Bond Fund

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Notes to financial statements

Funds Management has contractually committed through October 31, 2025 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 June 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.79<br> %<br>|
| Class C | 1.54 |
| Class R6 | 0.42 |
| Administrator Class | 0.68 |
| Institutional Class | 0.47 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC ("Allspring Funds Distributor"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended June 30, 2025, Allspring Funds Distributor received $3,085 from the sale of Class A shares and $22,404 and $1,057 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 had $284,824,129, $191,980,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the year ended June 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2025 were $436,327,249 and $286,778,377, respectively.

6. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended June 30, 2025, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 |
|  | 2025 | 2024 |
| **Tax-exempt income** | $53346974 | $49400618 |

---

As of June 30, 2025, the components of distributable loss on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>tax-exempt <br>income<br>| Unrealized <br>losses<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $902192 | &nbsp;&nbsp; $(60081515)<br>| &nbsp;&nbsp;&nbsp; $(38394694)<br>|

---

Allspring Strategic Municipal Bond Fund \| 55

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

10. CLASS CONVERSION

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025.

11. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. 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 revenue 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.

56 \| Allspring Strategic Municipal Bond Fund

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Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Strategic Municipal Bond Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of June 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g97024img8ea3eeae2.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

August 22, 2025

Allspring Strategic Municipal Bond Fund \| 57

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Other information (unaudited)

Other information

Tax information

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended June 30, 2025.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

58 \| Allspring Strategic Municipal Bond Fund

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Strategic Municipal Bond Fund \| 59

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Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Strategic Municipal Bond Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

60 \| Allspring Strategic Municipal Bond Fund

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Bloomberg Short-Intermediate Municipal Bond Index, for all periods under review.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups for each share class.

It was noted that the Board had approved a proposal to convert Administrator Class shares into Institutional Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board received information concerning, and discussed factors contributing to, the net operating expense ratios of the Fund relative to the expense Groups for each share class. The Board took note of the explanations for the net operating expense ratios of the Fund.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of the average rates for the expense Groups for each share class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Allspring Strategic Municipal Bond Fund \| 61

------

Other information (unaudited)

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

62 \| Allspring Strategic Municipal Bond Fund

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![](g97024img134c5bc61.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**

![](g97024img6b3463e43.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-800-222-8222*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

Allspring Global Investments<sup>TM</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR4313 06-25**

------

![](g97024img8df4057a1.jpg)

Allspring Ultra

Short-Term

Municipal Income

Fund

Long Form Financial Statements

Annual Report

June 30, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_5a622ccf-055b-4cdf-89d2-9101fe262df4_POI-PageBlank-54_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_5a622ccf-055b-4cdf-89d2-9101fe262df4_FS-PageBlank-54_1)** |  |
| [Statement of assets and liabilities](#xx_5a622ccf-055b-4cdf-89d2-9101fe262df4_FS-PageBlank-54_1) | 24 |
| [Statement of operations](#xx_5a622ccf-055b-4cdf-89d2-9101fe262df4_FS-PageBlank-54_3) | 26 |
| [Statement of changes in net assets](#xx_5a622ccf-055b-4cdf-89d2-9101fe262df4_FS-PageBlank-54_4) | 27 |
| [Financial highlights](#xx_5a622ccf-055b-4cdf-89d2-9101fe262df4_FIHI-PageBlank-54_1) | 28 |
| **[Notes to financial statements](#xx_5a622ccf-055b-4cdf-89d2-9101fe262df4_NTF-PageBlank-54_1)** | 34 |
| **[Report of independent registered public accounting firm](#xx_5a622ccf-055b-4cdf-89d2-9101fe262df4_AUD-PageBlank-54_1)** | 39 |
| **[Other information](#xx_5a622ccf-055b-4cdf-89d2-9101fe262df4_OI-PageBlank-54_1)** | 40 |
| [Item 8. Changes in and disagreements with accountants](#xx_5a622ccf-055b-4cdf-89d2-9101fe262df4_OI-PageBlank-54_2) | 41 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_5a622ccf-055b-4cdf-89d2-9101fe262df4_OI-PageBlank-54_2) | 41 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_5a622ccf-055b-4cdf-89d2-9101fe262df4_OI-PageBlank-54_2) | 41 |
| [Item 11. Statement regarding basis for board](#xx_5a622ccf-055b-4cdf-89d2-9101fe262df4_OI-PageBlank-54_3)['](#xx_5a622ccf-055b-4cdf-89d2-9101fe262df4_OI-PageBlank-54_3)[s approval of investment](#xx_5a622ccf-055b-4cdf-89d2-9101fe262df4_OI-PageBlank-54_3)<br> [advisory contract](#xx_5a622ccf-055b-4cdf-89d2-9101fe262df4_OI-PageBlank-54_3)<br>| 42 |

---

Allspring Ultra Short-Term Municipal Income Fund \| 1

------

Portfolio of investments—June 30, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Principal | Value |
| **Closed-end fund obligations: 1.63%** |  |  |
| **California: 0.57%** |  |  |
| &nbsp;&nbsp; Nuveen AMT-Free Municipal Credit Income Fund Preferred Shares <br> Series C (25 shares) 2.37%144Aø<br>| $2500000 | &nbsp;&nbsp; $2500000 |
| &nbsp;&nbsp; Nuveen California AMT-Free Quality Municipal Income Fund Preferred <br> Shares Series A (22 shares) 2.37%144Aø<br>| 2200000 | &nbsp;&nbsp; 2200000 |
|  |  | &nbsp;&nbsp; **4700000** |
| **Massachusetts: 1.06%** |  |  |
| &nbsp;&nbsp; Nuveen AMT-Free Municipal Credit Income Fund Preferred Shares <br> Series B (38 shares) 2.37%144Aø<br>| 3750000 | &nbsp;&nbsp; 3750000 |
| &nbsp;&nbsp; Nuveen AMT-Free Quality Municipal Income Fund Preferred Shares <br> Series 4-4895 (50 shares) 2.00%144Aø<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; **8750000** |
| **Total closed-end fund obligations (Cost $13,450,000)** |  | &nbsp;&nbsp; **13450000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>|  |  |
| **Municipal obligations: 99.18%** |  |  |  |  |
| **Alabama: 3.76%** |  |  |  |  |
| **Health revenue: 0.72%** |  |  |  |  |
| &nbsp;&nbsp; Alabama Special Care Facilities Financing Authority-Birmingham <br> Children's Hospital of Alabama Obligated Group<br>| 5.00<br> %<br>| &nbsp;&nbsp; 6-1-2026 | 2500000 | &nbsp;&nbsp; 2502601 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025-<br> BAML5063 (SIFMA Municipal Swap+0.20%) (Bank of America N.A. <br> LOC, Bank of America N.A. LIQ)144A±<br>| 2.12 | &nbsp;&nbsp; 11-1-2054 | 3425000 | &nbsp;&nbsp; 3425000 |
|  |  |  |  | &nbsp;&nbsp; **5927601** |
| **Industrial development revenue: 0.24%** |  |  |  |  |
| &nbsp;&nbsp; Industrial Development Board of the City of Mobile Alabama Power <br> Co.øø<br>| 3.30 | &nbsp;&nbsp; 7-15-2034 | 2000000 | &nbsp;&nbsp; **2001208** |
| **Utilities revenue: 2.80%** |  |  |  |  |
| Black Belt Energy Gas District Series C | 5.50 | &nbsp;&nbsp; 6-1-2027 | 1270000 | &nbsp;&nbsp; 1315884 |
| Black Belt Energy Gas District Series C | 5.50 | &nbsp;&nbsp; 6-1-2028 | 1600000 | &nbsp;&nbsp; 1685626 |
| Black Belt Energy Gas District Series D | 5.00 | &nbsp;&nbsp; 11-1-2028 | 5000000 | &nbsp;&nbsp; 5220337 |
| &nbsp;&nbsp; Black Belt Energy Gas District Series D2 (U.S. SOFR+1.40%) (Royal <br> Bank of Canada LIQ)±<br>| 4.35 | &nbsp;&nbsp; 7-1-2052 | 3500000 | &nbsp;&nbsp; 3529681 |
| &nbsp;&nbsp; Chatom Industrial Development Board PowerSouth Energy <br> Cooperative Series A (National Rural Utility Finance SPA)ø<br>| 3.80 | &nbsp;&nbsp; 8-1-2037 | 1000000 | &nbsp;&nbsp; 999787 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 5 <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2025 | 650000 | &nbsp;&nbsp; 650000 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 5 <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 1750000 | &nbsp;&nbsp; 1775085 |
| Southeast Energy Authority A Cooperative District Series F | 5.25 | &nbsp;&nbsp; 11-1-2026 | 3000000 | &nbsp;&nbsp; 3075527 |

---

The accompanying notes are an integral part of these financial statements.

2 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-ZF3199 <br> (Morgan Stanley Bank LIQ)144Aø<br>| 2.22<br> %<br>| &nbsp;&nbsp; 4-1-2054 | $2755000 | &nbsp;&nbsp; $2755000 |
| &nbsp;&nbsp; West Jefferson Industrial Development Board Alabama Power Co. <br> AMTø<br>| 2.50 | &nbsp;&nbsp; 8-1-2063 | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  |  |  | &nbsp;&nbsp; **23006927** |
|  |  |  |  | &nbsp;&nbsp; **30935736** |
| **Alaska: 0.69%** |  |  |  |  |
| **Airport revenue: 0.51%** |  |  |  |  |
| State of Alaska International Airports System Series C AMT | 5.00 | &nbsp;&nbsp; 10-1-2025 | 2000000 | &nbsp;&nbsp; 2008564 |
| State of Alaska International Airports System Series C AMT | 5.00 | &nbsp;&nbsp; 10-1-2029 | 2040000 | &nbsp;&nbsp; 2173496 |
|  |  |  |  | &nbsp;&nbsp; **4182060** |
| **Health revenue: 0.18%** |  |  |  |  |
| &nbsp;&nbsp; Alaska Industrial Development & Export Authority Dena' Nena' <br> Henash Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2027 | 1455000 | &nbsp;&nbsp; **1510343** |
|  |  |  |  | &nbsp;&nbsp; **5692403** |
| **Arizona: 1.59%** |  |  |  |  |
| **Health revenue: 0.48%** |  |  |  |  |
| &nbsp;&nbsp; Arizona Health Facilities Authority Banner Health Obligated Group <br> Series B (SIFMA Municipal Swap+0.25%)±<br>| 2.17 | &nbsp;&nbsp; 1-1-2046 | 630000 | &nbsp;&nbsp; 629224 |
| &nbsp;&nbsp; Arizona Health Facilities Authority Series B (SIFMA Municipal <br> Swap+0.25%)±<br>| 2.17 | &nbsp;&nbsp; 1-1-2046 | 3370000 | &nbsp;&nbsp; 3340893 |
|  |  |  |  | &nbsp;&nbsp; **3970117** |
| **Housing revenue: 0.14%** |  |  |  |  |
| Arizona IDA TWG Glendale LPøø | 5.00 | &nbsp;&nbsp; 3-1-2045 | 1100000 | &nbsp;&nbsp; **1116084** |
| **Industrial development revenue: 0.61%** |  |  |  |  |
| Chandler IDA Intel Corp. AMTøø | 4.00 | &nbsp;&nbsp; 6-1-2049 | 3000000 | &nbsp;&nbsp; 2992903 |
| IDA of the City of Phoenix Republic Services, Inc. Series D AMTøø | 4.10 | &nbsp;&nbsp; 12-1-2035 | 2000000 | &nbsp;&nbsp; 2000370 |
|  |  |  |  | &nbsp;&nbsp; **4993273** |
| **Utilities revenue: 0.36%** |  |  |  |  |
| &nbsp;&nbsp; Coconino County Pollution Control Corp. Nevada Power Co. Series A <br> AMTøø<br>| 4.13 | &nbsp;&nbsp; 9-1-2032 | 3000000 | &nbsp;&nbsp; **3000364** |
|  |  |  |  | &nbsp;&nbsp; **13079838** |
| **Arkansas: 0.26%** |  |  |  |  |
| **Tax revenue: 0.26%** |  |  |  |  |
| City of Cabot Sales & Use Tax Revenue Series B | 5.00 | &nbsp;&nbsp; 12-1-2025 | 275000 | &nbsp;&nbsp; 277266 |
| City of Springdale Sales & Use Tax Revenue Series B (BAM Insured) | 5.00 | &nbsp;&nbsp; 8-1-2025 | 100000 | &nbsp;&nbsp; 100148 |
| City of Springdale Sales & Use Tax Revenue Series B (BAM Insured) | 5.00 | &nbsp;&nbsp; 8-1-2026 | 125000 | &nbsp;&nbsp; 127918 |
| City of Springdale Sales & Use Tax Revenue Series B (BAM Insured) | 5.00 | &nbsp;&nbsp; 8-1-2027 | 100000 | &nbsp;&nbsp; 104647 |
| City of West Memphis Sales & Use Tax Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 6-1-2028 | 1420000 | &nbsp;&nbsp; 1498576 |
|  |  |  |  | &nbsp;&nbsp; **2108555** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Municipal Income Fund \| 3

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **California: 4.59%** |  |  |  |  |
| **Education revenue: 0.24%** |  |  |  |  |
| &nbsp;&nbsp; California School Finance Authority Magnolia Educational & Research <br> Foundation144A<br>| 4.40<br> %<br>| &nbsp;&nbsp; 12-1-2026 | $2000000 | &nbsp;&nbsp; **$2005504** |
| **GO revenue: 0.01%** |  |  |  |  |
| State of California | 5.00 | &nbsp;&nbsp; 3-1-2028 | 55000 | &nbsp;&nbsp; **55069** |
| **Health revenue: 0.47%** |  |  |  |  |
| &nbsp;&nbsp; California HFFA Adventist Health System/West Obligated Group <br> Series Aøø<br>| 5.00 | &nbsp;&nbsp; 3-1-2040 | 540000 | &nbsp;&nbsp; 558160 |
| &nbsp;&nbsp; California HFFA Providence St. Joseph Health Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 10-1-2027 | 600000 | &nbsp;&nbsp; 601036 |
| &nbsp;&nbsp; California PFA Henry Mayo Newhall Hospital Obligated Group <br> Series A<br>| 4.00 | &nbsp;&nbsp; 10-15-2025 | 400000 | &nbsp;&nbsp; 399830 |
| Palomar Health Obligated Group | 5.00 | &nbsp;&nbsp; 11-1-2028 | 2345000 | &nbsp;&nbsp; 2273655 |
|  |  |  |  | &nbsp;&nbsp; **3832681** |
| **Housing revenue: 0.63%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025- CF7005 <br> (Citibank N.A. LOC, Citibank N.A. LIQ)144Aø<br>| 2.04 | &nbsp;&nbsp; 9-1-2048 | 5199391 | &nbsp;&nbsp; **5199391** |
| **Miscellaneous revenue: 1.60%** |  |  |  |  |
| City of Los Angeles%% | 5.00 | &nbsp;&nbsp; 6-25-2026 | 10000000 | &nbsp;&nbsp; 10201599 |
| &nbsp;&nbsp; Southern California Public Power Authority Anaheim Electric System <br> Revenue Series Bøø<br>| 3.70 | &nbsp;&nbsp; 7-1-2040 | 3000000 | &nbsp;&nbsp; 2999300 |
|  |  |  |  | &nbsp;&nbsp; **13200899** |
| **Resource recovery revenue: 0.61%** |  |  |  |  |
| California PCFA Republic Services, Inc. Series A-1 AMT144Aøø | 4.25 | &nbsp;&nbsp; 11-1-2042 | 5000000 | &nbsp;&nbsp; **5000887** |
| **Tax revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Cathedral City Redevelopment Successor Agency Merged <br> Redevelopment Project Series C (BAM Insured)<br>| 4.00 | &nbsp;&nbsp; 8-1-2025 | 600000 | &nbsp;&nbsp; **600323** |
| **Utilities revenue: 0.96%** |  |  |  |  |
| California Community Choice Financing Authority Series C | 5.00 | &nbsp;&nbsp; 10-1-2027 | 675000 | &nbsp;&nbsp; 692967 |
| City of Vernon Electric System Revenue Series A | 5.00 | &nbsp;&nbsp; 10-1-2025 | 635000 | &nbsp;&nbsp; 637519 |
| City of Vernon Electric System Revenue Series A | 5.00 | &nbsp;&nbsp; 4-1-2026 | 420000 | &nbsp;&nbsp; 425417 |
| City of Vernon Electric System Revenue Series A | 5.00 | &nbsp;&nbsp; 10-1-2026 | 585000 | &nbsp;&nbsp; 597402 |
| &nbsp;&nbsp; Los Angeles Department of Water & Power System Revenue <br> Series A-6 (Bank of America N.A. SPA)ø<br>| 3.85 | &nbsp;&nbsp; 7-1-2035 | 2000000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp; Southern California Public Power Authority Anaheim Electric System <br> Revenue Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2027 | 400000 | &nbsp;&nbsp; 412310 |
| &nbsp;&nbsp; Southern California Public Power Authority Anaheim Electric System <br> Revenue Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2028 | 500000 | &nbsp;&nbsp; 521605 |
| &nbsp;&nbsp; Southern California Public Power Authority Anaheim Electric System <br> Revenue Series Aøø<br>| 5.00 | &nbsp;&nbsp; 4-1-2055 | 2500000 | &nbsp;&nbsp; 2629189 |
|  |  |  |  | &nbsp;&nbsp; **7916409** |
|  |  |  |  | &nbsp;&nbsp; **37811163** |

---

The accompanying notes are an integral part of these financial statements.

4 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Colorado: 1.22%** |  |  |  |  |
| **Airport revenue: 0.59%** |  |  |  |  |
| City & County of Denver Airport System Revenue Series B2 AMTøø | 5.00<br> %<br>| &nbsp;&nbsp; 11-15-2031 | $1840000 | &nbsp;&nbsp; $1848940 |
| City & County of Denver Airport System Revenue Series C | 5.00 | &nbsp;&nbsp; 11-15-2025 | 3000000 | &nbsp;&nbsp; 3023018 |
|  |  |  |  | &nbsp;&nbsp; **4871958** |
| **Health revenue: 0.38%** |  |  |  |  |
| &nbsp;&nbsp; Colorado Health Facilities Authority Intermountain Healthcare <br> Obligated Group Series Fø<br>| 1.90 | &nbsp;&nbsp; 5-15-2062 | 3100000 | &nbsp;&nbsp; **3100000** |
| **Miscellaneous revenue: 0.17%** |  |  |  |  |
| &nbsp;&nbsp; Colorado Science & Technology Park Metropolitan District No. 1 <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2028 | 795000 | &nbsp;&nbsp; 837791 |
| &nbsp;&nbsp; Colorado Science & Technology Park Metropolitan District No. 1 <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 12-1-2029 | 500000 | &nbsp;&nbsp; 533475 |
|  |  |  |  | &nbsp;&nbsp; **1371266** |
| **Utilities revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; City of Colorado Springs Utilities System Revenue Series C <br> (Sumitomo Mitsui Banking Corp. SPA)ø<br>| 1.92 | &nbsp;&nbsp; 11-1-2028 | 200000 | &nbsp;&nbsp; **200000** |
| **Water & sewer revenue: 0.06%** |  |  |  |  |
| Central Weld County Water District (AG Insured) | 5.00 | &nbsp;&nbsp; 12-1-2025 | 520000 | &nbsp;&nbsp; **524472** |
|  |  |  |  | &nbsp;&nbsp; **10067696** |
| **Connecticut: 0.79%** |  |  |  |  |
| **Education revenue: 0.36%** |  |  |  |  |
| Connecticut State HEFA Yale University Series A-3øø | 2.95 | &nbsp;&nbsp; 7-1-2049 | 3000000 | &nbsp;&nbsp; **2993517** |
| **Health revenue: 0.43%** |  |  |  |  |
| &nbsp;&nbsp; Connecticut State HEFA Yale-New Haven Health Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2025 | 730000 | &nbsp;&nbsp; 730000 |
| &nbsp;&nbsp; Connecticut State HEFA Yale-New Haven Health Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 2735000 | &nbsp;&nbsp; 2793936 |
|  |  |  |  | &nbsp;&nbsp; **3523936** |
|  |  |  |  | &nbsp;&nbsp; **6517453** |
| **Florida: 5.33%** |  |  |  |  |
| **Health revenue: 2.48%** |  |  |  |  |
| &nbsp;&nbsp; Highlands County Health Facilities Authority AdventHealth Obligated <br> Group Series I-5ø<br>| 1.94 | &nbsp;&nbsp; 11-15-2035 | 3955000 | &nbsp;&nbsp; 3955000 |
| Lee County IDA Health System, Inc. Obligated Group Series Bø## | 2.52 | &nbsp;&nbsp; 4-1-2049 | 16500000 | &nbsp;&nbsp; 16500000 |
|  |  |  |  | &nbsp;&nbsp; **20455000** |
| **Housing revenue: 1.53%** |  |  |  |  |
| &nbsp;&nbsp; Florida Housing Finance Corp. Vineland Family Apartments Ltd. <br> Series Eøø<br>| 3.80 | &nbsp;&nbsp; 6-1-2042 | 3500000 | &nbsp;&nbsp; 3513606 |
| Miami-Dade County HFA Cutler Vista Housing LPøø | 5.00 | &nbsp;&nbsp; 3-1-2027 | 3000000 | &nbsp;&nbsp; 3006298 |
| Pinellas County HFA Archway Flats on 4th LLLPøø | 3.75 | &nbsp;&nbsp; 4-1-2044 | 6000000 | &nbsp;&nbsp; 6037966 |
|  |  |  |  | &nbsp;&nbsp; **12557870** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Municipal Income Fund \| 5

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Miscellaneous revenue: 0.50%** |  |  |  |  |
| &nbsp;&nbsp; Palm Beach County School District Series A Certificate of <br> Participation<br>| 5.00<br> %<br>| &nbsp;&nbsp; 8-1-2026 | $4000000 | &nbsp;&nbsp; **$4101634** |
| **Water & sewer revenue: 0.82%** |  |  |  |  |
| North Sumter County Utility Dependent District (AG Insured) | 5.00 | &nbsp;&nbsp; 10-1-2025 | 635000 | &nbsp;&nbsp; 637797 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025-XM1210 <br> (AG Insured) (Royal Bank of Canada LOC, Royal Bank of Canada <br> LIQ)144Aø<br>| 1.95 | &nbsp;&nbsp; 4-1-2031 | 3590000 | &nbsp;&nbsp; 3590000 |
| Tohopekaliga Water Authority144A | 5.00 | &nbsp;&nbsp; 10-1-2025 | 2500000 | &nbsp;&nbsp; 2511012 |
|  |  |  |  | &nbsp;&nbsp; **6738809** |
|  |  |  |  | &nbsp;&nbsp; **43853313** |
| **Georgia: 2.70%** |  |  |  |  |
| **Health revenue: 0.09%** |  |  |  |  |
| &nbsp;&nbsp; Gainesville & Hall County Hospital Authority Northeast Georgia Health <br> System Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 2-15-2026 | 700000 | &nbsp;&nbsp; **708091** |
| **Housing revenue: 0.27%** |  |  |  |  |
| &nbsp;&nbsp; Columbus County Housing Authority HACG RAD II LP (Department of <br> Housing and Urban Development Insured)øø<br>| 3.30 | &nbsp;&nbsp; 11-1-2028 | 2250000 | &nbsp;&nbsp; **2257050** |
| **Miscellaneous revenue: 0.24%** |  |  |  |  |
| County of Fulton | 4.00 | &nbsp;&nbsp; 12-30-2025 | 2000000 | &nbsp;&nbsp; **2011809** |
| **Utilities revenue: 2.10%** |  |  |  |  |
| Development Authority of Burke County Georgia Power Co.øø | 2.88 | &nbsp;&nbsp; 12-1-2049 | 3000000 | &nbsp;&nbsp; 2995759 |
| Development Authority of Burke County Georgia Power Co.øø | 3.35 | &nbsp;&nbsp; 11-1-2048 | 4000000 | &nbsp;&nbsp; 3962472 |
| &nbsp;&nbsp; Development Authority of Monroe County Georgia Power Co. <br> Series 1støø<br>| 1.00 | &nbsp;&nbsp; 7-1-2049 | 1875000 | &nbsp;&nbsp; 1798353 |
| Main Street Natural Gas, Inc. Series C | 4.00 | &nbsp;&nbsp; 12-1-2025 | 1000000 | &nbsp;&nbsp; 1001914 |
| Main Street Natural Gas, Inc. Series C144Aøø | 4.00 | &nbsp;&nbsp; 8-1-2052 | 4000000 | &nbsp;&nbsp; 3988054 |
| Main Street Natural Gas, Inc. Series E | 5.00 | &nbsp;&nbsp; 12-1-2026 | 2745000 | &nbsp;&nbsp; 2806169 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2025 | 200000 | &nbsp;&nbsp; 200000 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 1-1-2026 | 225000 | &nbsp;&nbsp; 227222 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project <br> Series A (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 300000 | &nbsp;&nbsp; 306465 |
|  |  |  |  | &nbsp;&nbsp; **17286408** |
|  |  |  |  | &nbsp;&nbsp; **22263358** |
| **Guam: 0.13%** |  |  |  |  |
| **Water & sewer revenue: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Guam Government Waterworks Authority Water & Wastewater <br> System Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 400000 | &nbsp;&nbsp; 405261 |
| &nbsp;&nbsp; Guam Government Waterworks Authority Water & Wastewater <br> System Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 650000 | &nbsp;&nbsp; 658549 |
|  |  |  |  | &nbsp;&nbsp; **1063810** |

---

The accompanying notes are an integral part of these financial statements.

6 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Hawaii: 1.11%** |  |  |  |  |
| **GO revenue: 0.75%** |  |  |  |  |
| State of Hawaii Series FB | 4.00<br> %<br>| &nbsp;&nbsp; 4-1-2029 | $6155000 | &nbsp;&nbsp; **$6201463** |
| **Utilities revenue: 0.36%** |  |  |  |  |
| State of Hawaii Department of Budget & Finance Series A AMT | 3.10 | &nbsp;&nbsp; 5-1-2026 | 3000000 | &nbsp;&nbsp; **2955547** |
|  |  |  |  | &nbsp;&nbsp; **9157010** |
| **Idaho: 0.74%** |  |  |  |  |
| **Housing revenue: 0.40%** |  |  |  |  |
| Idaho Housing & Finance Associationøø%% | 3.35 | &nbsp;&nbsp; 6-10-2050 | 3000000 | &nbsp;&nbsp; 2998509 |
| Idaho Housing & Finance Association Class I Series Aø | 2.10 | &nbsp;&nbsp; 1-1-2038 | 300000 | &nbsp;&nbsp; 300000 |
|  |  |  |  | &nbsp;&nbsp; **3298509** |
| **Resource recovery revenue: 0.34%** |  |  |  |  |
| Southern Idaho Regional Solid Waste District | 4.00 | &nbsp;&nbsp; 3-1-2028 | 2810000 | &nbsp;&nbsp; **2830938** |
|  |  |  |  | &nbsp;&nbsp; **6129447** |
| **Illinois: 4.18%** |  |  |  |  |
| **Airport revenue: 0.73%** |  |  |  |  |
| Chicago Midway International Airport Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2028 | 1200000 | &nbsp;&nbsp; 1245603 |
| Chicago Midway International Airport Series A AMT | 5.00 | &nbsp;&nbsp; 1-1-2029 | 1000000 | &nbsp;&nbsp; 1049796 |
| Chicago Midway International Airport Series B | 5.00 | &nbsp;&nbsp; 1-1-2027 | 390000 | &nbsp;&nbsp; 403053 |
| Chicago Midway International Airport Series B | 5.00 | &nbsp;&nbsp; 1-1-2028 | 225000 | &nbsp;&nbsp; 235975 |
| Chicago Midway International Airport Series C AMT | 5.00 | &nbsp;&nbsp; 1-1-2026 | 3000000 | &nbsp;&nbsp; 3026644 |
|  |  |  |  | &nbsp;&nbsp; **5961071** |
| **Education revenue: 0.40%** |  |  |  |  |
| Illinois Finance Authority Benedictine University | 5.00 | &nbsp;&nbsp; 10-1-2025 | 600000 | &nbsp;&nbsp; 600383 |
| Illinois Finance Authority Bradley University | 5.00 | &nbsp;&nbsp; 8-1-2025 | 250000 | &nbsp;&nbsp; 250244 |
| Illinois Finance Authority Bradley University | 5.00 | &nbsp;&nbsp; 8-1-2026 | 325000 | &nbsp;&nbsp; 330501 |
| Illinois Finance Authority Chicago School - California, Inc. | 5.00 | &nbsp;&nbsp; 4-1-2029 | 575000 | &nbsp;&nbsp; 604373 |
| Illinois Finance Authority University of Chicago Series A | 5.00 | &nbsp;&nbsp; 10-1-2025 | 1500000 | &nbsp;&nbsp; 1506990 |
|  |  |  |  | &nbsp;&nbsp; **3292491** |
| **GO revenue: 0.88%** |  |  |  |  |
| City of Peoria Series A (BAM Insured) | 4.00 | &nbsp;&nbsp; 1-1-2026 | 500000 | &nbsp;&nbsp; 501974 |
| Cook County Community High School District No. 212 Leyden | 5.00 | &nbsp;&nbsp; 12-1-2025 | 1645000 | &nbsp;&nbsp; 1657251 |
| South Sangamon Water Commission (AG Insured) | 4.00 | &nbsp;&nbsp; 1-1-2026 | 500000 | &nbsp;&nbsp; 501240 |
| State of Illinois | 5.00 | &nbsp;&nbsp; 1-1-2030 | 2500000 | &nbsp;&nbsp; 2519134 |
| State of Illinois (AG Insured) | 4.00 | &nbsp;&nbsp; 2-1-2030 | 1500000 | &nbsp;&nbsp; 1507514 |
| State of Illinois Series D | 5.00 | &nbsp;&nbsp; 7-1-2025 | 590000 | &nbsp;&nbsp; 590000 |
|  |  |  |  | &nbsp;&nbsp; **7277113** |
| **Health revenue: 0.54%** |  |  |  |  |
| Illinois Finance Authority Ascension Health Credit Group Series C | 5.00 | &nbsp;&nbsp; 2-15-2028 | 1535000 | &nbsp;&nbsp; 1583531 |
| &nbsp;&nbsp; Illinois Finance Authority OSF Healthcare System Obligated Group <br> Series B-2øø<br>| 5.00 | &nbsp;&nbsp; 5-15-2050 | 2820000 | &nbsp;&nbsp; 2856737 |
|  |  |  |  | &nbsp;&nbsp; **4440268** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Municipal Income Fund \| 7

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue: 1.42%** |  |  |  |  |
| City of Chicago Heights Olympic Village LLC (FHA Insured)øø | 2.88<br> %<br>| &nbsp;&nbsp; 8-1-2027 | $5000000 | &nbsp;&nbsp; $4995255 |
| City of Chicago New City Redevelopment LPøø | 3.50 | &nbsp;&nbsp; 8-1-2027 | 2150000 | &nbsp;&nbsp; 2158610 |
| &nbsp;&nbsp; Illinois Housing Development Authority 6900 Crandon LIHTC LLC <br> (FHA Insured)øø<br>| 5.00 | &nbsp;&nbsp; 2-1-2027 | 2000000 | &nbsp;&nbsp; 2019483 |
| &nbsp;&nbsp; Illinois Housing Development Authority Maywood SLF I LP Series A <br> (FHA Insured) (FHLB SPA)ø<br>| 1.94 | &nbsp;&nbsp; 1-1-2064 | 990000 | &nbsp;&nbsp; 990000 |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois McCormick <br> Place Expansion Project Fund Series B<br>| 4.00 | &nbsp;&nbsp; 12-15-2027 | 1500000 | &nbsp;&nbsp; 1528738 |
|  |  |  |  | &nbsp;&nbsp; **11692086** |
| **Water & sewer revenue: 0.21%** |  |  |  |  |
| City of Chicago Wastewater Transmission Revenue Series A | 5.00 | &nbsp;&nbsp; 1-1-2026 | 500000 | &nbsp;&nbsp; 504434 |
| City of Chicago Wastewater Transmission Revenue Series A | 5.00 | &nbsp;&nbsp; 1-1-2027 | 600000 | &nbsp;&nbsp; 617826 |
| City of Chicago Wastewater Transmission Revenue Series A | 5.00 | &nbsp;&nbsp; 1-1-2028 | 600000 | &nbsp;&nbsp; 627625 |
|  |  |  |  | &nbsp;&nbsp; **1749885** |
|  |  |  |  | &nbsp;&nbsp; **34412914** |
| **Indiana: 3.57%** |  |  |  |  |
| **Airport revenue: 0.19%** |  |  |  |  |
| Indianapolis Local Public Improvement Bond Bank Series I2 AMT | 5.00 | &nbsp;&nbsp; 1-1-2026 | 1500000 | &nbsp;&nbsp; **1513918** |
| **Education revenue: 0.07%** |  |  |  |  |
| Town of Upland Taylor University, Inc. | 4.00 | &nbsp;&nbsp; 9-1-2025 | 590000 | &nbsp;&nbsp; **590429** |
| **GO revenue: 0.08%** |  |  |  |  |
| Westfield-Washington Schools Series C | 6.00 | &nbsp;&nbsp; 7-15-2025 | 675000 | &nbsp;&nbsp; **675455** |
| **Housing revenue: 1.60%** |  |  |  |  |
| &nbsp;&nbsp; Indiana Finance Authority Marion County Capital Improvement Board <br> Series A<br>| 5.00 | &nbsp;&nbsp; 2-1-2030 | 5000000 | &nbsp;&nbsp; 5408185 |
| Lebanon Middle School Building Corp. Series B | 5.00 | &nbsp;&nbsp; 1-15-2026 | 1200000 | &nbsp;&nbsp; 1211723 |
| Marion High School Building Corp. Community Schools Series B | 4.00 | &nbsp;&nbsp; 7-15-2025 | 225000 | &nbsp;&nbsp; 225056 |
| &nbsp;&nbsp; Posey County RDA Posey County Black Township Allocation Area <br> BAN<br>| 5.00 | &nbsp;&nbsp; 7-15-2025 | 3000000 | &nbsp;&nbsp; 3001414 |
| Westfield RDA | 5.00 | &nbsp;&nbsp; 7-1-2026 | 520000 | &nbsp;&nbsp; 530056 |
| Westfield RDA | 5.00 | &nbsp;&nbsp; 1-1-2027 | 535000 | &nbsp;&nbsp; 550895 |
| &nbsp;&nbsp; Westfield-Washington Multi-School Building Corp. Westfield-<br> Washington Schools Series B (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 7-15-2028 | 1070000 | &nbsp;&nbsp; 1134029 |
| &nbsp;&nbsp; Westfield-Washington Multi-School Building Corp. Westfield-<br> Washington Schools Series B (BAM Insured)<br>| 5.00 | &nbsp;&nbsp; 1-15-2029 | 1050000 | &nbsp;&nbsp; 1121528 |
|  |  |  |  | &nbsp;&nbsp; **13182886** |
| **Industrial development revenue: 0.91%** |  |  |  |  |
| City of Jeffersonville Metals USA, Inc. (Bank of America N.A. LOC)ø | 2.30 | &nbsp;&nbsp; 12-1-2027 | 1080000 | &nbsp;&nbsp; 1080000 |
| City of Whiting BP Products North America, Inc. Series A AMTøø | 5.00 | &nbsp;&nbsp; 12-1-2044 | 6380000 | &nbsp;&nbsp; 6436846 |
|  |  |  |  | &nbsp;&nbsp; **7516846** |
| **Utilities revenue: 0.49%** |  |  |  |  |
| City of Rockport Indiana Michigan Power Co. Series Aøø | 3.70 | &nbsp;&nbsp; 6-1-2047 | 4000000 | &nbsp;&nbsp; **3990725** |

---

The accompanying notes are an integral part of these financial statements.

8 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Water & sewer revenue: 0.23%** |  |  |  |  |
| &nbsp;&nbsp; City of Indianapolis Department of Public Utilities Water System <br> Revenue Series B<br>| 5.00<br> %<br>| &nbsp;&nbsp; 10-1-2028 | $1835000 | &nbsp;&nbsp; $**1879012** |
|  |  |  |  | &nbsp;&nbsp; **29349271** |
| **Iowa: 0.41%** |  |  |  |  |
| **Industrial development revenue: 0.17%** |  |  |  |  |
| &nbsp;&nbsp; Iowa Finance Authority Gevo Iowa RNG LLC AMT (Citibank N.A. <br> LOC)øø<br>| 3.88 | &nbsp;&nbsp; 1-1-2042 | 1445000 | &nbsp;&nbsp; **1443596** |
| **Utilities revenue: 0.24%** |  |  |  |  |
| PEFA, Inc.øø | 5.00 | &nbsp;&nbsp; 9-1-2049 | 1920000 | &nbsp;&nbsp; **1943429** |
|  |  |  |  | &nbsp;&nbsp; **3387025** |
| **Kansas: 2.23%** |  |  |  |  |
| **GO revenue: 2.23%** |  |  |  |  |
| City of Manhattan (BAM Insured) | 5.00 | &nbsp;&nbsp; 6-15-2028 | 4000000 | &nbsp;&nbsp; 4065565 |
| City of Manhattan Series 1 (BAM Insured) | 5.00 | &nbsp;&nbsp; 6-15-2027 | 2380000 | &nbsp;&nbsp; 2383849 |
| City of Park City Series 1 | 3.63 | &nbsp;&nbsp; 10-1-2027 | 5105000 | &nbsp;&nbsp; 5107680 |
| City of Valley Center Series 1 | 4.38 | &nbsp;&nbsp; 12-1-2025 | 3855000 | &nbsp;&nbsp; 3856103 |
| &nbsp;&nbsp; Harvey County Unified School District 440 Halstead-Bentley (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2026 | 280000 | &nbsp;&nbsp; 286595 |
| &nbsp;&nbsp; Harvey County Unified School District 440 Halstead-Bentley (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2027 | 330000 | &nbsp;&nbsp; 344366 |
| &nbsp;&nbsp; Harvey County Unified School District 440 Halstead-Bentley (BAM <br> Insured)<br>| 5.00 | &nbsp;&nbsp; 9-1-2028 | 380000 | &nbsp;&nbsp; 402736 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2025-ZF1819 <br> (BAM Insured) (Royal Bank of Canada LOC, Royal Bank of Canada <br> LIQ)144Aø<br>| 1.95 | &nbsp;&nbsp; 9-1-2032 | 1875000 | &nbsp;&nbsp; 1875000 |
|  |  |  |  | &nbsp;&nbsp; **18321894** |
| **Kentucky: 1.48%** |  |  |  |  |
| **Education revenue: 0.06%** |  |  |  |  |
| City of Columbia Lindsey Wilson College, Inc. | 4.00 | &nbsp;&nbsp; 12-1-2025 | 485000 | &nbsp;&nbsp; **483357** |
| **Miscellaneous revenue: 0.45%** |  |  |  |  |
| Kentucky Interlocal School Transportation Association COP | 4.00 | &nbsp;&nbsp; 3-1-2028 | 705000 | &nbsp;&nbsp; 721025 |
| Rural Water Financing Agency City of Millington Series A | 3.70 | &nbsp;&nbsp; 5-1-2027 | 3000000 | &nbsp;&nbsp; 3005006 |
|  |  |  |  | &nbsp;&nbsp; **3726031** |
| **Utilities revenue: 0.13%** |  |  |  |  |
| Kentucky Public Energy Authority Series A-1 | 5.00 | &nbsp;&nbsp; 7-1-2026 | 500000 | &nbsp;&nbsp; 507561 |
| Kentucky Public Energy Authority Series A-1 | 5.00 | &nbsp;&nbsp; 7-1-2027 | 525000 | &nbsp;&nbsp; 540029 |
|  |  |  |  | &nbsp;&nbsp; **1047590** |
| **Water & sewer revenue: 0.84%** |  |  |  |  |
| Rural Water Financing Agency County of Macon Series B | 3.05 | &nbsp;&nbsp; 5-1-2027 | 7000000 | &nbsp;&nbsp; **6967072** |
|  |  |  |  | &nbsp;&nbsp; **12224050** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Municipal Income Fund \| 9

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Louisiana: 1.05%** |  |  |  |  |
| **Industrial development revenue: 0.37%** |  |  |  |  |
| Parish of St. John the Baptist Marathon Oil Corp. Series A-1øø | 4.05<br> %<br>| &nbsp;&nbsp; 6-1-2037 | $1000000 | &nbsp;&nbsp; $1005373 |
| Parish of St. John the Baptist Marathon Oil Corp. Series Cøø | 3.30 | &nbsp;&nbsp; 6-1-2037 | 2000000 | &nbsp;&nbsp; 1995542 |
|  |  |  |  | &nbsp;&nbsp; **3000915** |
| **Tax revenue: 0.58%** |  |  |  |  |
| &nbsp;&nbsp; State of Louisiana Gasoline & Fuels Tax Revenue Series A <br> (U.S. SOFR+0.50%)±<br>| 3.57 | &nbsp;&nbsp; 5-1-2043 | 4805000 | &nbsp;&nbsp; **4796880** |
| **Water & sewer revenue: 0.10%** |  |  |  |  |
| City of New Orleans Water System Revenue | 5.00 | &nbsp;&nbsp; 12-1-2026 | 835000 | &nbsp;&nbsp; **836190** |
|  |  |  |  | &nbsp;&nbsp; **8633985** |
| **Maryland: 1.57%** |  |  |  |  |
| **GO revenue: 0.19%** |  |  |  |  |
| State of Maryland Series A | 4.00 | &nbsp;&nbsp; 3-15-2030 | 1530000 | &nbsp;&nbsp; **1556422** |
| **Health revenue: 0.61%** |  |  |  |  |
| &nbsp;&nbsp; Residual Interest Bond Floater Trust Various States Series 2022-024 <br> (Barclays Bank plc LOC, Barclays Bank plc LIQ)144Aø<br>| 2.27 | &nbsp;&nbsp; 11-15-2049 | 5000000 | &nbsp;&nbsp; **5000000** |
| **Housing revenue: 0.77%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Community Development Administration 4710 Park <br> Heights Senior LP Series C<br>| 5.25 | &nbsp;&nbsp; 11-1-2025 | 6000000 | &nbsp;&nbsp; 6015613 |
| &nbsp;&nbsp; Maryland Economic Development Corp. PRG-Towson Place <br> Properties LLC Series A-1<br>| 5.00 | &nbsp;&nbsp; 6-1-2028 | 300000 | &nbsp;&nbsp; 312606 |
|  |  |  |  | &nbsp;&nbsp; **6328219** |
|  |  |  |  | &nbsp;&nbsp; **12884641** |
| **Massachusetts: 2.15%** |  |  |  |  |
| **Education revenue: 0.36%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XF3313 <br> (Barclays Bank plc LIQ)144Aø<br>| 1.92 | &nbsp;&nbsp; 10-1-2048 | 3000000 | &nbsp;&nbsp; **3000000** |
| **GO revenue: 1.43%** |  |  |  |  |
| City of Holyoke BAN | 4.00 | &nbsp;&nbsp; 10-24-2025 | 3507739 | &nbsp;&nbsp; 3516685 |
| City of Quincy BAN | 4.50 | &nbsp;&nbsp; 7-9-2025 | 5254335 | &nbsp;&nbsp; 5255997 |
| City of Quincy BAN | 5.00 | &nbsp;&nbsp; 7-25-2025 | 3000000 | &nbsp;&nbsp; 3003223 |
|  |  |  |  | &nbsp;&nbsp; **11775905** |
| **Health revenue: 0.31%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts HEFA Mass General Brigham, Inc. Series G-2 (AG <br> Insured)€<br>| 3.20 | &nbsp;&nbsp; 7-1-2042 | 2520000 | &nbsp;&nbsp; **2520000** |
| **Housing revenue: 0.05%** |  |  |  |  |
| Boston Housing Authority Series B | 5.00 | &nbsp;&nbsp; 10-1-2025 | 380000 | &nbsp;&nbsp; **381865** |
|  |  |  |  | &nbsp;&nbsp; **17677770** |

---

The accompanying notes are an integral part of these financial statements.

10 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Michigan: 0.36%** |  |  |  |  |
| **Health revenue: 0.24%** |  |  |  |  |
| &nbsp;&nbsp; Kent Hospital Finance Authority Corewell Health Obligated Group <br> (SIFMA Municipal Swap+0.25%)±<br>| 2.17<br> %<br>| &nbsp;&nbsp; 1-15-2047 | $1935000 | &nbsp;&nbsp; **$1935000** |
| **Miscellaneous revenue: 0.12%** |  |  |  |  |
| &nbsp;&nbsp; Michigan Finance Authority Series A-2 (JPMorgan Chase Bank N.A. <br> LOC)<br>| 5.00 | &nbsp;&nbsp; 8-20-2025 | 1000000 | &nbsp;&nbsp; **1002211** |
|  |  |  |  | &nbsp;&nbsp; **2937211** |
| **Minnesota: 1.82%** |  |  |  |  |
| **Airport revenue: 0.61%** |  |  |  |  |
| Minneapolis-St. Paul Metropolitan Airports Commission Series B AMT | 5.00 | &nbsp;&nbsp; 1-1-2026 | 2160000 | &nbsp;&nbsp; 2180041 |
| Minneapolis-St. Paul Metropolitan Airports Commission Series B AMT | 5.00 | &nbsp;&nbsp; 1-1-2028 | 2700000 | &nbsp;&nbsp; 2807211 |
|  |  |  |  | &nbsp;&nbsp; **4987252** |
| **Education revenue: 0.24%** |  |  |  |  |
| &nbsp;&nbsp; City of Minneapolis University Gateway Corp. (Wells Fargo Bank <br> SPA)ø<br>| 1.92 | &nbsp;&nbsp; 12-1-2040 | 2000000 | &nbsp;&nbsp; **2000000** |
| **Health revenue: 0.14%** |  |  |  |  |
| &nbsp;&nbsp; Housing & RDA of The City of St. Paul Minnesota Fairview Health <br> Services Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2028 | 1100000 | &nbsp;&nbsp; **1136642** |
| **Housing revenue: 0.45%** |  |  |  |  |
| City of Oak Park Heights VSSA Boutwells Landing LLC (FHLMC LIQ)ø | 1.89 | &nbsp;&nbsp; 11-1-2035 | 785000 | &nbsp;&nbsp; 785000 |
| &nbsp;&nbsp; City of Plymouth Lancaster Village Apartments LP LLP (FNMA LOC, <br> FNMA LIQ)ø<br>| 2.00 | &nbsp;&nbsp; 9-15-2031 | 995000 | &nbsp;&nbsp; 995000 |
| Minnesota Housing Finance Agency Series F-2 | 3.70 | &nbsp;&nbsp; 8-1-2026 | 1965000 | &nbsp;&nbsp; 1966272 |
|  |  |  |  | &nbsp;&nbsp; **3746272** |
| **Miscellaneous revenue: 0.24%** |  |  |  |  |
| Minnesota Rural Water Finance Authority, Inc. BAN | 3.30 | &nbsp;&nbsp; 8-1-2026 | 2000000 | &nbsp;&nbsp; **2002430** |
| **Utilities revenue: 0.14%** |  |  |  |  |
| Northern Municipal Power Agency | 5.00 | &nbsp;&nbsp; 1-1-2026 | 1130000 | &nbsp;&nbsp; **1140527** |
|  |  |  |  | &nbsp;&nbsp; **15013123** |
| **Missouri: 1.25%** |  |  |  |  |
| **Health revenue: 0.79%** |  |  |  |  |
| &nbsp;&nbsp; HEFA of the State of Missouri BJC Healthcare Obligated Group <br> Series Cøø<br>| 5.00 | &nbsp;&nbsp; 5-1-2052 | 5000000 | &nbsp;&nbsp; 5265654 |
| &nbsp;&nbsp; HEFA of the State of Missouri Lutheran Senior Services Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 2-1-2026 | 475000 | &nbsp;&nbsp; 478081 |
| &nbsp;&nbsp; HEFA of the State of Missouri Lutheran Senior Services Obligated <br> Group Series A<br>| 5.00 | &nbsp;&nbsp; 2-1-2027 | 760000 | &nbsp;&nbsp; 775262 |
|  |  |  |  | &nbsp;&nbsp; **6518997** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Municipal Income Fund \| 11

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue: 0.46%** |  |  |  |  |
| &nbsp;&nbsp; Missouri Joint Municipal Electric Utility Commission Prairie State <br> Project<br>| 5.00<br> %<br>| &nbsp;&nbsp; 12-1-2025 | $3740000 | &nbsp;&nbsp; $**3770033** |
|  |  |  |  | &nbsp;&nbsp; **10289030** |
| **Nebraska: 0.73%** |  |  |  |  |
| **Miscellaneous revenue: 0.73%** |  |  |  |  |
| City of Gretna COP | 4.00 | &nbsp;&nbsp; 12-15-2025 | 3000000 | &nbsp;&nbsp; 3001324 |
| City of Gretna COP | 5.00 | &nbsp;&nbsp; 12-15-2025 | 3000000 | &nbsp;&nbsp; 3003526 |
|  |  |  |  | &nbsp;&nbsp; **6004850** |
| **New Hampshire: 0.49%** |  |  |  |  |
| **Education revenue: 0.25%** |  |  |  |  |
| New Hampshire HEFA Act Trustees of Dartmouth College Series Aøø | 3.30 | &nbsp;&nbsp; 6-1-2040 | 2000000 | &nbsp;&nbsp; **2005471** |
| **Housing revenue: 0.24%** |  |  |  |  |
| New Hampshire HFA Series D (GNMA / FNMA / FHLMC Insured)øø | 3.58 | &nbsp;&nbsp; 7-1-2056 | 2000000 | &nbsp;&nbsp; **2000000** |
|  |  |  |  | &nbsp;&nbsp; **4005471** |
| **New Jersey: 2.44%** |  |  |  |  |
| **Education revenue: 0.42%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority Series 1-A <br> AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2029 | 2500000 | &nbsp;&nbsp; 2616435 |
| &nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority Series B <br> AMT<br>| 5.00 | &nbsp;&nbsp; 12-1-2025 | 850000 | &nbsp;&nbsp; 855847 |
|  |  |  |  | &nbsp;&nbsp; **3472282** |
| **GO revenue: 0.50%** |  |  |  |  |
| City of Newark Series B BAN | 4.50 | &nbsp;&nbsp; 5-7-2026 | 1500000 | &nbsp;&nbsp; 1513055 |
| New Jersey EDA Series GGG144A | 5.25 | &nbsp;&nbsp; 9-1-2025 | 2620000 | &nbsp;&nbsp; 2628806 |
|  |  |  |  | &nbsp;&nbsp; **4141861** |
| **Housing revenue: 1.52%** |  |  |  |  |
| &nbsp;&nbsp; Residual Interest Bond Floater Trust Various States Series 2024-012 <br> (Barclays Bank plc LOC, Barclays Bank plc LIQ)144Aø<br>| 2.17 | &nbsp;&nbsp; 11-1-2064 | 12495000 | &nbsp;&nbsp; **12495000** |
|  |  |  |  | &nbsp;&nbsp; **20109143** |
| **New Mexico: 1.41%** |  |  |  |  |
| **GO revenue: 0.61%** |  |  |  |  |
| Albuquerque Municipal School District No. 12 Series A | 5.00 | &nbsp;&nbsp; 8-1-2025 | 5000000 | &nbsp;&nbsp; **5007698** |
| **Housing revenue: 0.61%** |  |  |  |  |
| County of Santa Fe Cresta Ranch Apartments LLPøø | 3.29 | &nbsp;&nbsp; 12-10-2049 | 3000000 | &nbsp;&nbsp; 2997844 |
| &nbsp;&nbsp; New Mexico Mortgage Finance Authority JLG SAF 2023 LLLP <br> (Department of Housing and Urban Development Insured)øø<br>| 3.73 | &nbsp;&nbsp; 2-1-2042 | 2000000 | &nbsp;&nbsp; 2000811 |
|  |  |  |  | &nbsp;&nbsp; **4998655** |

---

The accompanying notes are an integral part of these financial statements.

12 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue: 0.19%** |  |  |  |  |
| New Mexico Municipal Energy Acquisition Authority | 5.00<br> %<br>| &nbsp;&nbsp; 5-1-2028 | $640000 | &nbsp;&nbsp; $667960 |
| New Mexico Municipal Energy Acquisition Authority | 5.00 | &nbsp;&nbsp; 5-1-2029 | 850000 | &nbsp;&nbsp; 896425 |
|  |  |  |  | &nbsp;&nbsp; **1564385** |
|  |  |  |  | &nbsp;&nbsp; **11570738** |
| **New York: 7.12%** |  |  |  |  |
| **Education revenue: 0.27%** |  |  |  |  |
| &nbsp;&nbsp; Albany Industrial Development Agency Research Foundation of State <br> University of New York Series Aø<br>| 2.03 | &nbsp;&nbsp; 7-1-2032 | 1810000 | &nbsp;&nbsp; 1810000 |
| &nbsp;&nbsp; Saratoga County Capital Resource Corp. Skidmore College <br> Series 2021A<br>| 5.00 | &nbsp;&nbsp; 7-1-2025 | 425000 | &nbsp;&nbsp; 425000 |
|  |  |  |  | &nbsp;&nbsp; **2235000** |
| **GO revenue: 2.53%** |  |  |  |  |
| City of Cortland BAN | 4.50 | &nbsp;&nbsp; 5-15-2026 | 4000000 | &nbsp;&nbsp; 4006174 |
| City of Ithaca BAN | 4.25 | &nbsp;&nbsp; 2-13-2026 | 3000000 | &nbsp;&nbsp; 3009827 |
| City of Mount Vernon BAN144A | 5.00 | &nbsp;&nbsp; 5-29-2026 | 4000000 | &nbsp;&nbsp; 4029260 |
| City of New York Series 2ø | 3.90 | &nbsp;&nbsp; 4-1-2042 | 3000000 | &nbsp;&nbsp; 3000000 |
| City of New York Series A2 (Mizuho Bank Limited LOC)ø | 4.00 | &nbsp;&nbsp; 10-1-2038 | 100000 | &nbsp;&nbsp; 100000 |
| City of New York Series A3 (Mizuho Bank Limited LOC)ø | 4.00 | &nbsp;&nbsp; 10-1-2040 | 200000 | &nbsp;&nbsp; 200000 |
| City of New York Series C-4 (AG Insured)€ | 6.00 | &nbsp;&nbsp; 1-1-2032 | 800000 | &nbsp;&nbsp; 800000 |
| City of New York Series G-2 (Bank of America N.A. SPA)ø | 4.05 | &nbsp;&nbsp; 2-1-2055 | 2000000 | &nbsp;&nbsp; 2000000 |
| Village of Lowville BAN | 5.38 | &nbsp;&nbsp; 8-21-2025 | 1750000 | &nbsp;&nbsp; 1751629 |
| Village of Valley Stream Series A BAN | 5.13 | &nbsp;&nbsp; 5-8-2026 | 1915000 | &nbsp;&nbsp; 1924401 |
|  |  |  |  | &nbsp;&nbsp; **20821291** |
| **Housing revenue: 0.73%** |  |  |  |  |
| New York City Housing Development Corp. Series A-2øø | 3.70 | &nbsp;&nbsp; 5-1-2063 | 6000000 | &nbsp;&nbsp; **6011784** |
| **Industrial development revenue: 1.64%** |  |  |  |  |
| &nbsp;&nbsp; New York State Energy Research & Development Authority National <br> Grid Generation LLC Series A (Ambac Insured)€<br>| 5.00 | &nbsp;&nbsp; 10-1-2028 | 1350000 | &nbsp;&nbsp; 1350000 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2026 | 5665000 | &nbsp;&nbsp; 5688902 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2027 | 5000000 | &nbsp;&nbsp; 5073538 |
| &nbsp;&nbsp; New York Transportation Development Corp. Delta Air Lines, Inc. <br> AMT<br>| 5.00 | &nbsp;&nbsp; 1-1-2030 | 1335000 | &nbsp;&nbsp; 1363827 |
|  |  |  |  | &nbsp;&nbsp; **13476267** |
| **Miscellaneous revenue: 1.21%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series MS0041 <br> (Morgan Stanley Municipal Funding LOC, Morgan Stanley Municipal <br> Funding LIQ)144Aø<br>| 2.32 | &nbsp;&nbsp; 5-1-2026 | 10000000 | &nbsp;&nbsp; **10000000** |
| **Resource recovery revenue: 0.49%** |  |  |  |  |
| &nbsp;&nbsp; New York State Environmental Facilities Corp. Waste Management, <br> Inc. AMTøø<br>| 4.10 | &nbsp;&nbsp; 5-1-2030 | 4000000 | &nbsp;&nbsp; **4000977** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Municipal Income Fund \| 13

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Transportation revenue: 0.25%** |  |  |  |  |
| Metropolitan Transportation Authority Series A2 | 5.00<br> %<br>| &nbsp;&nbsp; 11-15-2027 | $2000000 | &nbsp;&nbsp; $**2053624** |
|  |  |  |  | &nbsp;&nbsp; **58598943** |
| **North Carolina: 0.59%** |  |  |  |  |
| **Airport revenue: 0.10%** |  |  |  |  |
| Raleigh Durham Airport Authority Series C (TD Bank N.A. LOC)ø | 1.88 | &nbsp;&nbsp; 5-1-2036 | 835000 | &nbsp;&nbsp; **835000** |
| **Health revenue: 0.18%** |  |  |  |  |
| &nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority Atrium Health Obligated <br> Group Series Eøø<br>| 0.80 | &nbsp;&nbsp; 1-15-2048 | 1500000 | &nbsp;&nbsp; **1484683** |
| **Industrial development revenue: 0.31%** |  |  |  |  |
| &nbsp;&nbsp; Cumberland County Industrial Facilities & PCFA American Titanium <br> Metal LLC AMTøø<br>| 3.75 | &nbsp;&nbsp; 12-1-2027 | 2500000 | &nbsp;&nbsp; **2500965** |
|  |  |  |  | &nbsp;&nbsp; **4820648** |
| **Ohio: 5.15%** |  |  |  |  |
| **Education revenue: 0.73%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-MS0027 <br> (Morgan Stanley Bank LOC, Morgan Stanley Bank LIQ)144Aø<br>| 2.12 | &nbsp;&nbsp; 1-15-2031 | 5970000 | &nbsp;&nbsp; **5970000** |
| **GO revenue: 2.35%** |  |  |  |  |
| Bedford City School District | 4.50 | &nbsp;&nbsp; 9-4-2025 | 2500000 | &nbsp;&nbsp; 2506504 |
| City of Forest Park BAN | 4.25 | &nbsp;&nbsp; 5-19-2026 | 1000000 | &nbsp;&nbsp; 1008968 |
| City of Huber Heights Series B BAN | 4.50 | &nbsp;&nbsp; 7-10-2025 | 2630000 | &nbsp;&nbsp; 2630857 |
| City of Lancaster BAN | 4.13 | &nbsp;&nbsp; 6-10-2026 | 1500000 | &nbsp;&nbsp; 1511377 |
| City of North Olmsted BAN144A | 4.00 | &nbsp;&nbsp; 6-24-2026 | 2500000 | &nbsp;&nbsp; 2517373 |
| City of Strongsville BAN144A | 5.00 | &nbsp;&nbsp; 12-10-2025 | 1850000 | &nbsp;&nbsp; 1859539 |
| City of Warrensville Heights BAN144A | 4.50 | &nbsp;&nbsp; 6-24-2026 | 2000000 | &nbsp;&nbsp; 2023394 |
| County of Trumbull BAN144A | 4.00 | &nbsp;&nbsp; 3-12-2026 | 2041000 | &nbsp;&nbsp; 2050169 |
| Monroe Local School District BAN | 4.13 | &nbsp;&nbsp; 12-3-2025 | 2200000 | &nbsp;&nbsp; 2203812 |
| Township of Mifflin BAN | 5.00 | &nbsp;&nbsp; 2-12-2026 | 1050000 | &nbsp;&nbsp; 1057696 |
|  |  |  |  | &nbsp;&nbsp; **19369689** |
| **Health revenue: 0.99%** |  |  |  |  |
| &nbsp;&nbsp; County of Allen Hospital Facilities Revenue Bon Secours Mercy <br> Health, Inc. Series B-1øø<br>| 5.00 | &nbsp;&nbsp; 10-1-2049 | 5000000 | &nbsp;&nbsp; 5171330 |
| County of Butler UC Health Obligated Group | 5.00 | &nbsp;&nbsp; 11-15-2025 | 1580000 | &nbsp;&nbsp; 1583496 |
| &nbsp;&nbsp; State of Ohio University Hospitals Health System, Inc. Obligated <br> Group Series Bø<br>| 2.45 | &nbsp;&nbsp; 1-15-2033 | 1405000 | &nbsp;&nbsp; 1405000 |
|  |  |  |  | &nbsp;&nbsp; **8159826** |
| **Housing revenue: 0.49%** |  |  |  |  |
| Ohio HFA Pebble Brooke Owner LPøø%% | 3.35 | &nbsp;&nbsp; 7-1-2043 | 4000000 | &nbsp;&nbsp; **4008384** |
| **Miscellaneous revenue: 0.25%** |  |  |  |  |
| County of Cuyahoga Convention Hotel Project COP | 5.00 | &nbsp;&nbsp; 12-1-2026 | 2000000 | &nbsp;&nbsp; **2056817** |

---

The accompanying notes are an integral part of these financial statements.

14 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Resource recovery revenue: 0.24%** |  |  |  |  |
| &nbsp;&nbsp; Ohio Air Quality Development Authority American Electric Power Co, <br> Inc. Series A AMT<br>| 3.75<br> %<br>| &nbsp;&nbsp; 1-1-2029 | $2000000 | &nbsp;&nbsp; **$1982054** |
| **Utilities revenue: 0.10%** |  |  |  |  |
| American Municipal Power, Inc. Series 2025A | 5.00 | &nbsp;&nbsp; 2-15-2029 | 765000 | &nbsp;&nbsp; **814543** |
|  |  |  |  | &nbsp;&nbsp; **42361313** |
| **Oklahoma: 3.14%** |  |  |  |  |
| **Education revenue: 0.15%** |  |  |  |  |
| University of Oklahoma Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-1-2027 | 700000 | &nbsp;&nbsp; 733002 |
| University of Oklahoma Series B | 5.00 | &nbsp;&nbsp; 7-1-2025 | 510000 | &nbsp;&nbsp; 510000 |
|  |  |  |  | &nbsp;&nbsp; **1243002** |
| **GO revenue: 0.56%** |  |  |  |  |
| Lincoln County Independent School District No. 103 Prague | 4.50 | &nbsp;&nbsp; 6-1-2026 | 1005000 | &nbsp;&nbsp; 1014475 |
| McClain County Independent School District No. 1 Newcastle | 5.00 | &nbsp;&nbsp; 7-1-2026 | 2035000 | &nbsp;&nbsp; 2074759 |
| Muskogee County Independent School District No. 29 | 3.85 | &nbsp;&nbsp; 7-1-2025 | 1550000 | &nbsp;&nbsp; 1550000 |
|  |  |  |  | &nbsp;&nbsp; **4639234** |
| **Health revenue: 0.63%** |  |  |  |  |
| &nbsp;&nbsp; Oklahoma Development Finance Authority INTEGRIS Health <br> Obligated Group Series Bø<br>| 2.56 | &nbsp;&nbsp; 8-15-2031 | 5200000 | &nbsp;&nbsp; **5200000** |
| **Housing revenue: 1.53%** |  |  |  |  |
| &nbsp;&nbsp; Garfield County Educational Facilities Authority Independent School <br> District No. 57 Enid Series A<br>| 5.00 | &nbsp;&nbsp; 9-1-2027 | 1780000 | &nbsp;&nbsp; 1814105 |
| &nbsp;&nbsp; Oklahoma County Finance Authority Independent School District No. <br> 41 Western Heights<br>| 5.00 | &nbsp;&nbsp; 9-1-2027 | 2150000 | &nbsp;&nbsp; 2201257 |
| Oklahoma HFA Villages at A New Leaf II LP Series 2025øø | 3.40 | &nbsp;&nbsp; 7-1-2028 | 1525000 | &nbsp;&nbsp; 1531651 |
| Oklahoma Housing Finance Agency Lakeshore Pointe LLCøø | 3.35 | &nbsp;&nbsp; 12-1-2027 | 5000000 | &nbsp;&nbsp; 5017686 |
| Oklahoma Industries Authority Independent School District No. 89 | 5.00 | &nbsp;&nbsp; 4-1-2026 | 1050000 | &nbsp;&nbsp; 1065583 |
| &nbsp;&nbsp; Texas County Development Authority Texas County Independent <br> School District No. 8 Guymon<br>| 5.00 | &nbsp;&nbsp; 10-1-2028 | 900000 | &nbsp;&nbsp; 957632 |
|  |  |  |  | &nbsp;&nbsp; **12587914** |
| **Water & sewer revenue: 0.27%** |  |  |  |  |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2023-XF1572 <br> (Royal Bank of Canada LIQ)144Aø<br>| 1.95 | &nbsp;&nbsp; 10-1-2045 | 2220000 | &nbsp;&nbsp; **2220000** |
|  |  |  |  | &nbsp;&nbsp; **25890150** |
| **Oregon: 0.59%** |  |  |  |  |
| **Airport revenue: 0.59%** |  |  |  |  |
| Port of Portland Airport Revenue Series 30A AMT | 5.00 | &nbsp;&nbsp; 7-1-2029 | 3960000 | &nbsp;&nbsp; 4197012 |
| Port of Portland Airport Revenue Series 30-B AMT | 5.00 | &nbsp;&nbsp; 7-1-2026 | 675000 | &nbsp;&nbsp; 686866 |
|  |  |  |  | &nbsp;&nbsp; **4883878** |
| **Pennsylvania: 3.97%** |  |  |  |  |
| **Airport revenue: 0.19%** |  |  |  |  |
| City of Philadelphia Airport Revenue Series A | 5.00 | &nbsp;&nbsp; 7-1-2025 | 1545000 | &nbsp;&nbsp; **1545000** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Municipal Income Fund \| 15

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue: 0.44%** |  |  |  |  |
| Chester County IDA Avon Grove Charter School | 5.00<br> %<br>| &nbsp;&nbsp; 3-1-2027 | $2250000 | &nbsp;&nbsp; $2283394 |
| Delaware County Authority Neumann University | 5.00 | &nbsp;&nbsp; 10-1-2025 | 525000 | &nbsp;&nbsp; 525401 |
| Huntingdon County General Authority Juniata College Series T | 5.00 | &nbsp;&nbsp; 10-1-2025 | 355000 | &nbsp;&nbsp; 355529 |
| Huntingdon County General Authority Juniata College Series T | 5.00 | &nbsp;&nbsp; 10-1-2026 | 430000 | &nbsp;&nbsp; 435539 |
|  |  |  |  | &nbsp;&nbsp; **3599863** |
| **GO revenue: 0.34%** |  |  |  |  |
| Borough of Dunmore Series A (AG Insured) | 2.00 | &nbsp;&nbsp; 9-1-2026 | 170000 | &nbsp;&nbsp; 166555 |
| Riverside School District (BAM Insured) | 4.00 | &nbsp;&nbsp; 10-15-2025 | 550000 | &nbsp;&nbsp; 551345 |
| School District of Philadelphia Series A | 5.00 | &nbsp;&nbsp; 9-1-2030 | 2055000 | &nbsp;&nbsp; 2058133 |
|  |  |  |  | &nbsp;&nbsp; **2776033** |
| **Health revenue: 2.20%** |  |  |  |  |
| &nbsp;&nbsp; Allegheny County Hospital Development Authority UPMC Obligated <br> Group (SIFMA Municipal Swap+0.70%)±<br>| 2.62 | &nbsp;&nbsp; 11-15-2047 | 6000000 | &nbsp;&nbsp; 5931828 |
| Central Bradford Progress Authority Guthrie Clinic Series Dø | 2.56 | &nbsp;&nbsp; 12-1-2041 | 7075000 | &nbsp;&nbsp; 7075000 |
| &nbsp;&nbsp; Lancaster County Hospital Authority Masonic Villages of the Grand <br> Lodge of Pennsylvania<br>| 5.50 | &nbsp;&nbsp; 11-1-2027 | 890000 | &nbsp;&nbsp; 934963 |
| &nbsp;&nbsp; Montgomery County Higher Education & Health Authority Thomas <br> Jefferson University Obligated Group Series Dø<br>| 2.72 | &nbsp;&nbsp; 9-1-2050 | 1950000 | &nbsp;&nbsp; 1950000 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2019-XG0223 <br> (Bank of America N.A. LOC, Bank of America N.A. LIQ)144Aø<br>| 1.97 | &nbsp;&nbsp; 7-15-2043 | 2250000 | &nbsp;&nbsp; 2250000 |
|  |  |  |  | &nbsp;&nbsp; **18141791** |
| **Resource recovery revenue: 0.12%** |  |  |  |  |
| Pennsylvania EDFA Waste Management, Inc. Series B AMTøø | 1.10 | &nbsp;&nbsp; 6-1-2031 | 1000000 | &nbsp;&nbsp; **964660** |
| **Transportation revenue: 0.68%** |  |  |  |  |
| &nbsp;&nbsp; Pennsylvania Turnpike Commission Registration Fee Revenue (SIFMA <br> Municipal Swap+0.85%)±<br>| 2.77 | &nbsp;&nbsp; 7-15-2041 | 5000000 | &nbsp;&nbsp; 4990935 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series XX1400 <br> (Barclays Bank plc LIQ)144Aø<br>| 1.95 | &nbsp;&nbsp; 12-1-2054 | 640000 | &nbsp;&nbsp; 640000 |
|  |  |  |  | &nbsp;&nbsp; **5630935** |
|  |  |  |  | &nbsp;&nbsp; **32658282** |
| **Puerto Rico: 0.24%** |  |  |  |  |
| **Miscellaneous revenue: 0.24%** |  |  |  |  |
| &nbsp;&nbsp; Puerto Rico Industrial Tourist Educational Medical & Environmental <br> Control Facilities Financing Authority Hospital de la Concepcion, <br> Inc. Series A<br>| 3.55 | &nbsp;&nbsp; 11-15-2030 | 1940000 | &nbsp;&nbsp; **1952332** |
| **Rhode Island: 0.86%** |  |  |  |  |
| **GO revenue: 0.86%** |  |  |  |  |
| Bristol Warren Regional School District Series 1-BANS | 5.00 | &nbsp;&nbsp; 6-4-2026 | 5000000 | &nbsp;&nbsp; 5085034 |
| City of Pawtucket Series 2 BAN | 4.50 | &nbsp;&nbsp; 10-24-2025 | 2000000 | &nbsp;&nbsp; 2003157 |
|  |  |  |  | &nbsp;&nbsp; **7088191** |

---

The accompanying notes are an integral part of these financial statements.

16 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **South Carolina: 0.68%** |  |  |  |  |
| **Health revenue: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; South Carolina Jobs-EDA Beaufort Memorial Hospital Obligated <br> Group<br>| 5.00<br> %<br>| &nbsp;&nbsp; 11-15-2027 | $250000 | &nbsp;&nbsp; $257242 |
| &nbsp;&nbsp; South Carolina Jobs-EDA Beaufort Memorial Hospital Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 11-15-2028 | 275000 | &nbsp;&nbsp; 285246 |
| &nbsp;&nbsp; South Carolina Jobs-EDA Beaufort Memorial Hospital Obligated <br> Group<br>| 5.00 | &nbsp;&nbsp; 11-15-2029 | 250000 | &nbsp;&nbsp; 260691 |
|  |  |  |  | &nbsp;&nbsp; **803179** |
| **Resource recovery revenue: 0.40%** |  |  |  |  |
| South Carolina Jobs-EDA Enerra SC-1 LLC AMT144Aøø | 3.70 | &nbsp;&nbsp; 12-15-2027 | 3250000 | &nbsp;&nbsp; **3244566** |
| **Water & sewer revenue: 0.18%** |  |  |  |  |
| South Carolina Public Service Authority Series B | 5.00 | &nbsp;&nbsp; 12-1-2025 | 1500000 | &nbsp;&nbsp; **1511498** |
|  |  |  |  | &nbsp;&nbsp; **5559243** |
| **Tennessee: 2.21%** |  |  |  |  |
| **Airport revenue: 0.34%** |  |  |  |  |
| Memphis-Shelby County Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2025 | 2750000 | &nbsp;&nbsp; **2750000** |
| **Housing revenue: 1.29%** |  |  |  |  |
| &nbsp;&nbsp; Chattanooga Health Educational & Housing Facility Board One <br> Westside Phase 1B LPøø<br>| 3.60 | &nbsp;&nbsp; 6-1-2048 | 2000000 | &nbsp;&nbsp; 2014464 |
| &nbsp;&nbsp; Health Educational & Housing Facility Board of the City of Memphis <br> APP Pershing Park Partners LLLP (FHA Insured)øø<br>| 3.25 | &nbsp;&nbsp; 11-1-2029 | 4000000 | &nbsp;&nbsp; 4011437 |
| &nbsp;&nbsp; Jackson Health Educational & Housing Facility Board Cottages of <br> Bluecreek LLC (Department of Housing and Urban Development <br> Insured)øø<br>| 4.00 | &nbsp;&nbsp; 4-1-2045 | 1550000 | &nbsp;&nbsp; 1574240 |
| &nbsp;&nbsp; Knox County Health Educational & Housing Facility Board Pines III LP <br> (Department of Housing and Urban Development Insured)øø<br>| 3.10 | &nbsp;&nbsp; 9-1-2029 | 3000000 | &nbsp;&nbsp; 3010683 |
|  |  |  |  | &nbsp;&nbsp; **10610824** |
| **Utilities revenue: 0.58%** |  |  |  |  |
| Tennergy Corp. Series A | 5.00 | &nbsp;&nbsp; 6-1-2028 | 275000 | &nbsp;&nbsp; 287649 |
| Tennergy Corp. Series A | 5.00 | &nbsp;&nbsp; 6-1-2029 | 860000 | &nbsp;&nbsp; 907131 |
| Tennessee Energy Acquisition Corp. Gas Project Series A-1øø | 5.00 | &nbsp;&nbsp; 5-1-2053 | 3500000 | &nbsp;&nbsp; 3608819 |
|  |  |  |  | &nbsp;&nbsp; **4803599** |
|  |  |  |  | &nbsp;&nbsp; **18164423** |
| **Texas: 16.36%** |  |  |  |  |
| **Airport revenue: 0.86%** |  |  |  |  |
| City of El Paso Airport Revenue AMT | 5.00 | &nbsp;&nbsp; 8-15-2026 | 2000000 | &nbsp;&nbsp; 2036208 |
| City of Houston Airport System Revenue Series A AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2026 | 1000000 | &nbsp;&nbsp; 1018867 |
| City of Houston Airport System Revenue Series A AMT (AG Insured) | 5.00 | &nbsp;&nbsp; 7-1-2027 | 3000000 | &nbsp;&nbsp; 3100479 |
| Port Authority of Houston of Harris County Texas | 5.00 | &nbsp;&nbsp; 10-1-2025 | 950000 | &nbsp;&nbsp; 954653 |
|  |  |  |  | &nbsp;&nbsp; **7110207** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Municipal Income Fund \| 17

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue: 0.97%** |  |  |  |  |
| &nbsp;&nbsp; Arlington Higher Education Finance Corp. Harmony Public Schools <br> Series A<br>| 4.00<br> %<br>| &nbsp;&nbsp; 2-15-2026 | $280000 | &nbsp;&nbsp; $281637 |
| Clifton Higher Education Finance Corp. Braination, Inc. | 5.00 | &nbsp;&nbsp; 8-15-2028 | 360000 | &nbsp;&nbsp; 382186 |
| Clifton Higher Education Finance Corp. Braination, Inc. | 5.00 | &nbsp;&nbsp; 8-15-2029 | 380000 | &nbsp;&nbsp; 408766 |
| Hale Center Education Facilities Corp. Wayland Baptist University | 5.00 | &nbsp;&nbsp; 3-1-2026 | 675000 | &nbsp;&nbsp; 679664 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2021-MS0002 <br> (Morgan Stanley Municipal Funding LOC, Morgan Stanley Municipal <br> Funding LIQ)144Aø<br>| 2.32 | &nbsp;&nbsp; 6-15-2056 | 3500000 | &nbsp;&nbsp; 3500000 |
| University of North Texas System Series A | 5.00 | &nbsp;&nbsp; 4-15-2026 | 2700000 | &nbsp;&nbsp; 2744911 |
|  |  |  |  | &nbsp;&nbsp; **7997164** |
| **GO revenue: 5.82%** |  |  |  |  |
| City of DeSoto | 5.00 | &nbsp;&nbsp; 2-15-2026 | 3740000 | &nbsp;&nbsp; 3788201 |
| Clear Creek Independent School District Series Bøø | 3.60 | &nbsp;&nbsp; 2-15-2035 | 2250000 | &nbsp;&nbsp; 2250650 |
| County of Fort Bend Series B | 5.00 | &nbsp;&nbsp; 3-1-2029 | 3500000 | &nbsp;&nbsp; 3505102 |
| El Paso Independent School Districtøø | 5.00 | &nbsp;&nbsp; 2-1-2040 | 2250000 | &nbsp;&nbsp; 2274001 |
| Fort Bend Independent School District Series Bøø | 0.88 | &nbsp;&nbsp; 8-1-2050 | 2960000 | &nbsp;&nbsp; 2954621 |
| Fort Bend Independent School District Series Bøø | 3.80 | &nbsp;&nbsp; 8-1-2055 | 3750000 | &nbsp;&nbsp; 3806001 |
| Fort Bend Independent School District Series Bøø | 4.00 | &nbsp;&nbsp; 8-1-2054 | 5000000 | &nbsp;&nbsp; 5092579 |
| Harris County Hospital District | 5.00 | &nbsp;&nbsp; 2-15-2029 | 2570000 | &nbsp;&nbsp; 2756663 |
| Little Elm Independent School Districtøø | 0.68 | &nbsp;&nbsp; 8-15-2048 | 280000 | &nbsp;&nbsp; 279057 |
| North East Independent School Districtøø | 3.75 | &nbsp;&nbsp; 8-1-2049 | 3000000 | &nbsp;&nbsp; 3034143 |
| Northside Independent School Districtøø | 3.55 | &nbsp;&nbsp; 6-1-2050 | 5000000 | &nbsp;&nbsp; 5039323 |
| Northside Independent School District Series Bøø | 3.45 | &nbsp;&nbsp; 8-1-2054 | 2500000 | &nbsp;&nbsp; 2509214 |
| Plainview Independent School District Series Bøø | 4.00 | &nbsp;&nbsp; 2-15-2050 | 2035000 | &nbsp;&nbsp; 2048157 |
| Ponder Independent School Districtøø | 4.00 | &nbsp;&nbsp; 2-15-2051 | 2000000 | &nbsp;&nbsp; 2039292 |
| Sinton Independent School Districtø | 4.00 | &nbsp;&nbsp; 8-15-2051 | 3540000 | &nbsp;&nbsp; 3540844 |
| State of Texas Series A | 3.20 | &nbsp;&nbsp; 10-1-2028 | 3000000 | &nbsp;&nbsp; 3001460 |
|  |  |  |  | &nbsp;&nbsp; **47919308** |
| **Health revenue: 1.67%** |  |  |  |  |
| &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. Texas <br> Medical Center Obligated Group Series Aøø<br>| 5.00 | &nbsp;&nbsp; 5-15-2050 | 3000000 | &nbsp;&nbsp; 3195887 |
| Midland County Hospital District Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-15-2026 | 700000 | &nbsp;&nbsp; 712180 |
| Midland County Hospital District Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-15-2027 | 700000 | &nbsp;&nbsp; 727527 |
| Midland County Hospital District Series A (BAM Insured) | 5.00 | &nbsp;&nbsp; 5-15-2028 | 760000 | &nbsp;&nbsp; 804976 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. Baylor <br> Scott & White Health Obligated Group Series A<br>| 5.00 | &nbsp;&nbsp; 11-15-2028 | 3945000 | &nbsp;&nbsp; 4007522 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. CHRISTUS <br> Health Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2025 | 1250000 | &nbsp;&nbsp; 1250000 |
| &nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. Methodist <br> Hospitals of Dallas Obligated Group Series B (TD Bank N.A. LOC)ø<br>| 4.00 | &nbsp;&nbsp; 10-1-2041 | 3000000 | &nbsp;&nbsp; 3000000 |
|  |  |  |  | &nbsp;&nbsp; **13698092** |
| **Housing revenue: 0.84%** |  |  |  |  |
| &nbsp;&nbsp; City of Dallas Housing Finance Corp. Mondello Apartments LLC (FHA <br> Insured)øø<br>| 5.00 | &nbsp;&nbsp; 8-1-2027 | 1785000 | &nbsp;&nbsp; 1820439 |

---

The accompanying notes are an integral part of these financial statements.

18 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Mizuho Floater/Residual Trust Series 2024-MIZ9158 (Mizuho Capital <br> Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144Aø<br>| 2.20<br> %<br>| &nbsp;&nbsp; 3-1-2038 | $2553000 | &nbsp;&nbsp; $2553000 |
| THF Public Facility Corp. THF Covington Acres LPøø%% | 3.34 | &nbsp;&nbsp; 2-1-2044 | 2500000 | &nbsp;&nbsp; 2503449 |
|  |  |  |  | &nbsp;&nbsp; **6876888** |
| **Resource recovery revenue: 2.92%** |  |  |  |  |
| &nbsp;&nbsp; Mission Economic Development Corp. Waste Management, Inc. <br> Series A AMTø<br>| 3.95 | &nbsp;&nbsp; 5-1-2046 | 6000000 | &nbsp;&nbsp; 6000199 |
| &nbsp;&nbsp; Port of Port Arthur Navigation District Motiva Enterprises LLC <br> Series Dø<br>| 2.25 | &nbsp;&nbsp; 11-1-2040 | 3000000 | &nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp; Port of Port Arthur Navigation District Motiva Enterprises LLC <br> Series Eø<br>| 2.05 | &nbsp;&nbsp; 11-1-2040 | 15000000 | &nbsp;&nbsp; 15000000 |
|  |  |  |  | &nbsp;&nbsp; **24000199** |
| **Tax revenue: 1.90%** |  |  |  |  |
| City of Dallas144Aøø | 6.00 | &nbsp;&nbsp; 8-15-2053 | 8000000 | &nbsp;&nbsp; 8011684 |
| City of Dallas Hotel Occupancy Tax Revenue | 4.00 | &nbsp;&nbsp; 8-15-2027 | 2000000 | &nbsp;&nbsp; 2009338 |
| City of Houston Hotel Occupancy Tax & Special Revenue | 5.00 | &nbsp;&nbsp; 9-1-2029 | 1500000 | &nbsp;&nbsp; 1502199 |
| Harris County-Houston Sports Authority Series B (AG Insured) | 5.00 | &nbsp;&nbsp; 11-15-2026 | 4000000 | &nbsp;&nbsp; 4108341 |
|  |  |  |  | &nbsp;&nbsp; **15631562** |
| **Transportation revenue: 0.17%** |  |  |  |  |
| County of Fort Bend Toll Road Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 3-1-2027 | 500000 | &nbsp;&nbsp; 517939 |
| County of Fort Bend Toll Road Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 3-1-2028 | 450000 | &nbsp;&nbsp; 475520 |
| County of Fort Bend Toll Road Revenue (AG Insured) | 5.00 | &nbsp;&nbsp; 3-1-2029 | 400000 | &nbsp;&nbsp; 429754 |
|  |  |  |  | &nbsp;&nbsp; **1423213** |
| **Utilities revenue: 0.97%** |  |  |  |  |
| City of San Antonio Electric & Gas Systems Revenueøø | 3.65 | &nbsp;&nbsp; 2-1-2053 | 3000000 | &nbsp;&nbsp; 2997020 |
| &nbsp;&nbsp; City of San Antonio Electric & Gas Systems Revenue (SIFMA <br> Municipal Swap+0.87%)±<br>| 2.79 | &nbsp;&nbsp; 2-1-2048 | 4000000 | &nbsp;&nbsp; 3998438 |
| Texas Municipal Power Agency (AG Insured) | 3.00 | &nbsp;&nbsp; 9-1-2025 | 1000000 | &nbsp;&nbsp; 998767 |
|  |  |  |  | &nbsp;&nbsp; **7994225** |
| **Water & sewer revenue: 0.24%** |  |  |  |  |
| San Antonio Water System Series A (Truist Bank SPA)ø | 3.95 | &nbsp;&nbsp; 5-1-2054 | 2000000 | &nbsp;&nbsp; **2000000** |
|  |  |  |  | &nbsp;&nbsp; **134650858** |
| **Utah: 0.37%** |  |  |  |  |
| **Airport revenue: 0.28%** |  |  |  |  |
| City of Salt Lake City Airport Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2025 | 1325000 | &nbsp;&nbsp; 1325000 |
| City of Salt Lake City Airport Revenue Series A AMT | 5.00 | &nbsp;&nbsp; 7-1-2026 | 1000000 | &nbsp;&nbsp; 1017579 |
|  |  |  |  | &nbsp;&nbsp; **2342579** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Municipal Income Fund \| 19

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities revenue: 0.09%** |  |  |  |  |
| Southern Utah Valley Power Systems (BAM Insured) | 5.00<br> %<br>| &nbsp;&nbsp; 7-15-2028 | $400000 | &nbsp;&nbsp; $423683 |
| Southern Utah Valley Power Systems (BAM Insured) | 5.00 | &nbsp;&nbsp; 7-15-2029 | 285000 | &nbsp;&nbsp; 305851 |
|  |  |  |  | &nbsp;&nbsp; **729534** |
|  |  |  |  | &nbsp;&nbsp; **3072113** |
| **Vermont: 0.49%** |  |  |  |  |
| **Housing revenue: 0.49%** |  |  |  |  |
| Vermont Housing Finance Agency Series E-2 (FHA Insured) | 3.50 | &nbsp;&nbsp; 11-1-2026 | 4000000 | &nbsp;&nbsp; **4002780** |
| **Virginia: 1.27%** |  |  |  |  |
| **Health revenue: 0.17%** |  |  |  |  |
| &nbsp;&nbsp; Isle of Wight County EDA Riverside Healthcare Association Obligated <br> Group (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 500000 | &nbsp;&nbsp; 509731 |
| &nbsp;&nbsp; Isle of Wight County EDA Riverside Healthcare Association Obligated <br> Group (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 500000 | &nbsp;&nbsp; 520591 |
| &nbsp;&nbsp; Isle of Wight County EDA Riverside Healthcare Association Obligated <br> Group (AG Insured)<br>| 5.00 | &nbsp;&nbsp; 7-1-2028 | 350000 | &nbsp;&nbsp; 371063 |
|  |  |  |  | &nbsp;&nbsp; **1401385** |
| **Housing revenue: 0.33%** |  |  |  |  |
| Virginia Housing Development Authority Series Føø | 3.63 | &nbsp;&nbsp; 7-1-2055 | 2700000 | &nbsp;&nbsp; **2699992** |
| **Industrial development revenue: 0.24%** |  |  |  |  |
| &nbsp;&nbsp; Virginia Small Business Financing Authority Pure Salmon Virginia LLC <br> AMTøø<br>| 4.00 | &nbsp;&nbsp; 11-1-2052 | 2000000 | &nbsp;&nbsp; **2000576** |
| **Miscellaneous revenue: 0.17%** |  |  |  |  |
| Rappahannock Regional Jail Authority | 5.00 | &nbsp;&nbsp; 10-1-2026 | 1375000 | &nbsp;&nbsp; **1380101** |
| **Utilities revenue: 0.36%** |  |  |  |  |
| Louisa IDA Virginia Electric & Power Co. Series Bøø | 0.75 | &nbsp;&nbsp; 11-1-2035 | 3000000 | &nbsp;&nbsp; **2978641** |
|  |  |  |  | &nbsp;&nbsp; **10460695** |
| **Washington: 1.11%** |  |  |  |  |
| **Airport revenue: 0.42%** |  |  |  |  |
| Port of Seattle Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2025 | 3500000 | &nbsp;&nbsp; **3500000** |
| **GO revenue: 0.25%** |  |  |  |  |
| County of King | 4.00 | &nbsp;&nbsp; 7-1-2029 | 2000000 | &nbsp;&nbsp; **2036689** |
| **Health revenue: 0.18%** |  |  |  |  |
| &nbsp;&nbsp; Washington Health Care Facilities Authority Multicare Health System <br> Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 8-15-2027 | 1500000 | &nbsp;&nbsp; **1501186** |
| **Housing revenue: 0.26%** |  |  |  |  |
| Seattle Housing Authority Northgate Plaza Project | 1.00 | &nbsp;&nbsp; 6-1-2026 | 2175000 | &nbsp;&nbsp; **2115215** |
|  |  |  |  | &nbsp;&nbsp; **9153090** |

---

The accompanying notes are an integral part of these financial statements.

20 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **West Virginia: 0.66%** |  |  |  |  |
| **Industrial development revenue: 0.36%** |  |  |  |  |
| West Virginia EDA Appalachian Power Co. Series Aøø | 0.63<br> %<br>| &nbsp;&nbsp; 12-1-2038 | $3000000 | &nbsp;&nbsp; **$2956777** |
| **Resource recovery revenue: 0.30%** |  |  |  |  |
| West Virginia EDA Kentucky Power Co. Series 2014-A AMTøø | 4.70 | &nbsp;&nbsp; 4-1-2036 | 2500000 | &nbsp;&nbsp; **2512710** |
|  |  |  |  | &nbsp;&nbsp; **5469487** |
| **Wisconsin: 6.08%** |  |  |  |  |
| **GO revenue: 0.59%** |  |  |  |  |
| City of Manitowoc | 4.25 | &nbsp;&nbsp; 8-1-2027 | 4035000 | &nbsp;&nbsp; 4099099 |
| City of Milwaukee Series N3 (AG Insured) | 5.00 | &nbsp;&nbsp; 4-1-2029 | 690000 | &nbsp;&nbsp; 738742 |
|  |  |  |  | &nbsp;&nbsp; **4837841** |
| **Health revenue: 0.87%** |  |  |  |  |
| &nbsp;&nbsp; University of Wisconsin Hospitals & Clinics Authority Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2027 | 850000 | &nbsp;&nbsp; 883057 |
| &nbsp;&nbsp; University of Wisconsin Hospitals & Clinics Authority Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2028 | 900000 | &nbsp;&nbsp; 952900 |
| &nbsp;&nbsp; University of Wisconsin Hospitals & Clinics Authority Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 4-1-2029 | 850000 | &nbsp;&nbsp; 914605 |
| &nbsp;&nbsp; Wisconsin HEFA Advocate Aurora Health Obligated Group Series B-<br> 2øø<br>| 5.00 | &nbsp;&nbsp; 8-15-2054 | 2250000 | &nbsp;&nbsp; 2285206 |
| &nbsp;&nbsp; Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2026 | 670000 | &nbsp;&nbsp; 671137 |
| &nbsp;&nbsp; Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2027 | 1415000 | &nbsp;&nbsp; 1418949 |
|  |  |  |  | &nbsp;&nbsp; **7125854** |
| **Housing revenue: 0.37%** |  |  |  |  |
| &nbsp;&nbsp; Wisconsin Housing & EDA Home Ownership Revenue Series D (GNMA <br> / FNMA / FHLMC Insured) (Royal Bank of Canada SPA)ø<br>| 1.92 | &nbsp;&nbsp; 3-1-2042 | 1915000 | &nbsp;&nbsp; 1915000 |
| Wisconsin Housing & EDA Flats at Bishops Woods LP Series Føø | 5.00 | &nbsp;&nbsp; 12-1-2027 | 1100000 | &nbsp;&nbsp; 1128851 |
|  |  |  |  | &nbsp;&nbsp; **3043851** |
| **Miscellaneous revenue: 3.47%** |  |  |  |  |
| &nbsp;&nbsp; Appleton RDA Fox Cities Performing Arts Center, Inc. Series B <br> (Thrivent Financial Lutherans LOC)ø<br>| 2.20 | &nbsp;&nbsp; 6-1-2036 | 13300000 | &nbsp;&nbsp; 13300000 |
| City of Watertown | 4.00 | &nbsp;&nbsp; 10-1-2025 | 1225000 | &nbsp;&nbsp; 1225171 |
| Madison Metropolitan School District | 4.00 | &nbsp;&nbsp; 9-2-2025 | 2500000 | &nbsp;&nbsp; 2504796 |
| Peshtigo School District BAN | 4.75 | &nbsp;&nbsp; 3-1-2027 | 2500000 | &nbsp;&nbsp; 2502608 |
| PMA Levy & Aid Anticipation Notes Program Series A | 5.00 | &nbsp;&nbsp; 9-24-2025 | 5000000 | &nbsp;&nbsp; 5019976 |
| Town of Clayton Series B | 2.00 | &nbsp;&nbsp; 6-1-2026 | 1000000 | &nbsp;&nbsp; 983188 |
| &nbsp;&nbsp; Wisconsin HEFA Forensic Science & Protective Medicine <br> Collaboration, Inc.144A<br>| 5.00 | &nbsp;&nbsp; 8-1-2027 | 3000000 | &nbsp;&nbsp; 3045200 |
|  |  |  |  | &nbsp;&nbsp; **28580939** |
| **Utilities revenue: 0.36%** |  |  |  |  |
| PFA Duke Energy Progress LLC Series A-1øø | 3.30 | &nbsp;&nbsp; 10-1-2046 | 3000000 | &nbsp;&nbsp; **2977964** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Municipal Income Fund \| 21

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Water & sewer revenue: 0.42%** |  |  |  |  |
| Town of Clayton Water & Sewer System Revenue Series C BAN | 2.00<br> %<br>| &nbsp;&nbsp; 6-1-2026 | $1500000 | &nbsp;&nbsp; $1472613 |
| Village of Sharon Combined Utility System Revenue Series A BAN | 5.00 | &nbsp;&nbsp; 12-1-2026 | 2000000 | &nbsp;&nbsp; 2024290 |
|  |  |  |  | &nbsp;&nbsp; **3496903** |
|  |  |  |  | &nbsp;&nbsp; **50063352** |
| **Wyoming: 0.24%** |  |  |  |  |
| **Health revenue: 0.24%** |  |  |  |  |
| Sublette County Hospital District Construction Project Series A | 5.00 | &nbsp;&nbsp; 6-15-2026 | 2000000 | &nbsp;&nbsp; **2000199** |
| **Total municipal obligations (Cost $815,405,328)** |  |  |  | &nbsp;&nbsp; **816350875** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 0.57%** |  |  |  |  |
| **Investment companies: 0.57%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞## |  | 4.26 | 4672374 | &nbsp;&nbsp; **4672374** |
| **Total short-term investments (Cost $4,672,374)** |  |  |  | &nbsp;&nbsp; **4672374** |
| **Total investments in securities (Cost $833,527,702)** | 101.38<br> %<br>|  |  | &nbsp;&nbsp; 834473249 |
| Other assets and liabilities, net | (1.38)<br>|  |  | &nbsp;&nbsp; (11330599)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$823142650** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| %% | The security is purchased on a when-issued basis. |
| ## | All or a portion of this security is segregated as collateral for when-issued securities. |
| € | The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the <br> rate in effect at period end.<br>|
| ♠ | The 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.

22 \| Allspring Ultra Short-Term Municipal Income Fund

------

Portfolio of investments—June 30, 2025

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AG | Assured Guaranty Incorporation |
| Ambac | Ambac Financial Group Incorporated |
| AMT | Alternative minimum tax |
| BAM | Build America Mutual Assurance Company |
| BAN | Bond anticipation note |
| COP | Certificate of participation |
| EDA | Economic Development Authority |
| EDFA | Economic Development Finance Authority |
| FHA | Federal Housing Administration |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General obligation |
| HEFA | Health & Educational Facilities Authority |
| HFA | Housing Finance Authority |
| HFFA | Health Facilities Financing Authority |
| IDA | Industrial Development Authority |
| LIQ | Liquidity agreement |
| LOC | Letter of credit |
| PCFA | Pollution Control Financing Authority |
| PFA | Public Finance Authority |
| RDA | Redevelopment Authority |
| SIFMA | Securities Industry and Financial Markets Association |
| SOFR | Secured Overnight Financing Rate |
| SPA | Standby purchase agreement |

---

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $4647326 | $400246633 | $(400221585)<br>| $0 | $0 | $4672374 | 4672374 | $171234 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Municipal Income Fund \| 23

------

Statement of assets and liabilities—June 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $828,855,328) | $829800875 |
| Investments in affiliated securities, at value (cost $4,672,374) | 4672374 |
| Cash | 48506 |
| Receivable for interest | 7977080 |
| Receivable for investments sold | 2448992 |
| Receivable for Fund shares sold | 593127 |
| Prepaid expenses and other assets | 101924 |
| **Total assets** | **845642878** |
| Liabilities |  |
| Payable for when-issued transactions | 19681600 |
| Payable for Fund shares redeemed | 2086745 |
| Dividends payable | 497966 |
| Management fee payable | 80470 |
| Administration fees payable | 55125 |
| Shareholder servicing fees payable | 36242 |
| Trustees' fees and expenses payable | 1978 |
| Distribution fee payable | 1192 |
| Accrued expenses and other liabilities | 58910 |
| **Total liabilities** | **22500228** |
| **Total net assets**  | **$823142650** |
| Net assets consist of |  |
| Paid-in capital | $853427721 |
| Total distributable loss | (30285071)<br>|
| **Total net assets** | **$823142650** |

---

The accompanying notes are an integral part of these financial statements.

24 \| Allspring Ultra Short-Term Municipal Income Fund

------

Statement of assets and liabilities—June 30, 2025

Statement of assets and liabilities

---

| | |
|:---|:---|
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $136404655 |
| Shares outstanding–Class A<sup>1</sup> <br>| 14121078 |
| Net asset value per share–Class A | $9.66 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $9.86 |
| Net assets–Class A2 | $52098536 |
| Shares outstanding–Class A2<sup>1</sup> <br>| 5393115 |
| Net asset value per share–Class A2 | $9.66 |
| Net assets–Class C | $1932289 |
| Shares outstanding–Class C<sup>1</sup> <br>| 201708 |
| Net asset value per share–Class C | $9.58 |
| Net assets–Class R6 | $222436161 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 23027619 |
| Net asset value per share–Class R6 | $9.66 |
| Net assets–Administrator Class | $7613238 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 787965 |
| Net asset value per share–Administrator Class | $9.66 |
| Net assets–Institutional Class | $402657771 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 41669414 |
| Net asset value per share–Institutional Class | $9.66 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/98 of net asset value. On investments of $100,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Municipal Income Fund \| 25

------

Statement of operations—year ended June 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $24969328 |
| Income from affiliated securities | 171234 |
| **Total investment income** | **25140562** |
| Expenses |  |
| Management fee | 1888512 |
| Administration fees |  |
| Class A | 208837 |
| Class A2 | 66288 |
| Class C | 2886 |
| Class R6 | 75740 |
| Administrator Class | 6817 |
| Institutional Class | 248624 |
| Shareholder servicing fees |  |
| Class A | 346677 |
| Class A2 | 65574 |
| Class C | 4809 |
| Administrator Class | 16951 |
| Distribution fee |  |
| Class C | 14428 |
| Custody and accounting fees | 4 |
| Professional fees | 54544 |
| Registration fees | 101707 |
| Shareholder report expenses | 5477 |
| Trustees' fees and expenses | 16876 |
| Other fees and expenses | 24394 |
| **Total expenses** | **3149145** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (812190)<br>|
| Class A | (116579)<br>|
| Class A2 | (29443)<br>|
| Class C | (1291)<br>|
| Administrator Class | (1102)<br>|
| **Net expenses** | **2188540** |
| **Net investment income** | **22952022** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments** | **352612** |
| **Net change in unrealized gains (losses) on investments** | **5096567** |
| **Net realized and unrealized gains (losses) on investments** | **5449179** |
| **Net increase in net assets resulting from operations** | **$28401201** |

---

The accompanying notes are an integral part of these financial statements.

26 \| Allspring Ultra Short-Term Municipal Income Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2024 | Year ended<br> June 30, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $22952022 |  | &nbsp;&nbsp; $22172146 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 352612 |  | &nbsp;&nbsp; (17904)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 5096567 |  | &nbsp;&nbsp; 9111280 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **28401201** |  | &nbsp;&nbsp; **31265522** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (3890466)<br>|  | &nbsp;&nbsp; (3933543)<br>|
| Class A2 |  | &nbsp;&nbsp; (1277198)<br>|  | &nbsp;&nbsp; (635296)<br>|
| Class C |  | &nbsp;&nbsp; (38938)<br>|  | &nbsp;&nbsp; (39307)<br>|
| Class R6 |  | &nbsp;&nbsp; (7745186)<br>|  | &nbsp;&nbsp; (6874477)<br>|
| Administrator Class |  | &nbsp;&nbsp; (189485)<br>|  | &nbsp;&nbsp; (168110)<br>|
| Institutional Class |  | &nbsp;&nbsp; (9417748)<br>|  | &nbsp;&nbsp; (9859705)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(22559021)**<br>|  | &nbsp;&nbsp; **(21510438)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 1823025 | &nbsp;&nbsp; 17558969 | &nbsp;&nbsp; 1042285 | &nbsp;&nbsp; 9929828 |
| Class A2 | 3936921 | &nbsp;&nbsp; 37944434 | &nbsp;&nbsp; 1673936 | &nbsp;&nbsp; 15990744 |
| Class C | 20081 | &nbsp;&nbsp; 191968 | &nbsp;&nbsp; 22750 | &nbsp;&nbsp; 214927 |
| Class R6 | 14864215 | &nbsp;&nbsp; 143224318 | &nbsp;&nbsp; 21599697 | &nbsp;&nbsp; 205716231 |
| Administrator Class | 143144 | &nbsp;&nbsp; 1378493 | &nbsp;&nbsp; 15254 | &nbsp;&nbsp; 145502 |
| Institutional Class | 33708852 | &nbsp;&nbsp; 324808562 | &nbsp;&nbsp; 38545394 | &nbsp;&nbsp; 366576715 |
|  |  | &nbsp;&nbsp; 525106744 |  | &nbsp;&nbsp; 598573947 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 378013 | &nbsp;&nbsp; 3645925 | &nbsp;&nbsp; 391107 | &nbsp;&nbsp; 3728385 |
| Class A2 | 132347 | &nbsp;&nbsp; 1276616 | &nbsp;&nbsp; 66777 | &nbsp;&nbsp; 635296 |
| Class C | 449 | &nbsp;&nbsp; 4293 | &nbsp;&nbsp; 598 | &nbsp;&nbsp; 5661 |
| Class R6 | 125789 | &nbsp;&nbsp; 1213235 | &nbsp;&nbsp; 71448 | &nbsp;&nbsp; 681801 |
| Administrator Class | 19309 | &nbsp;&nbsp; 186274 | &nbsp;&nbsp; 17203 | &nbsp;&nbsp; 164129 |
| Institutional Class | 898853 | &nbsp;&nbsp; 8671119 | &nbsp;&nbsp; 875689 | &nbsp;&nbsp; 8353789 |
|  |  | &nbsp;&nbsp; 14997462 |  | &nbsp;&nbsp; 13569061 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (2787536)<br>| &nbsp;&nbsp; (26871461)<br>| &nbsp;&nbsp; (10339792)<br>| &nbsp;&nbsp; (98144213)<br>|
| Class A2 | (2026395)<br>| &nbsp;&nbsp; (19539531)<br>| &nbsp;&nbsp; (791223)<br>| &nbsp;&nbsp; (7540877)<br>|
| Class C | (57106)<br>| &nbsp;&nbsp; (545219)<br>| &nbsp;&nbsp; (86744)<br>| &nbsp;&nbsp; (818306)<br>|
| Class R6 | (19326691)<br>| &nbsp;&nbsp; (186265623)<br>| &nbsp;&nbsp; (23077282)<br>| &nbsp;&nbsp; (219944566)<br>|
| Administrator Class | (69798)<br>| &nbsp;&nbsp; (672987)<br>| &nbsp;&nbsp; (147281)<br>| &nbsp;&nbsp; (1404479)<br>|
| Institutional Class | (28186789)<br>| &nbsp;&nbsp; (272020095)<br>| &nbsp;&nbsp; (37389289)<br>| &nbsp;&nbsp; (356568673)<br>|
|  |  | &nbsp;&nbsp; (505914916)<br>|  | &nbsp;&nbsp; (684421114)<br>|
| **Net increase (decrease) in net assets resulting from capital share** <br> **transactions**<br>|  | &nbsp;&nbsp; **34189290** |  | &nbsp;&nbsp; **(72278106)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **40031470** |  | &nbsp;&nbsp; **(62523022)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **783111180** |  | &nbsp;&nbsp; **845634202** |
| **End of period** |  | &nbsp;&nbsp; **$823142650** |  | &nbsp;&nbsp; **$783111180** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Municipal Income Fund \| 27

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.60** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.45** | &nbsp;&nbsp; **$9.61** | &nbsp;&nbsp; **$9.59** |
| Net investment income | 0.27 <br><sup>1</sup><br>| 0.23 <br><sup>1</sup><br>| 0.13 <br><sup>1</sup><br>| 0.03 | 0.04 |
| Net realized and unrealized gains (losses) on investments | 0.06 | 0.10 | 0.04 | &nbsp;&nbsp; (0.16)<br>| 0.02 |
| Total from investment operations | 0.33 | 0.33 | 0.17 | &nbsp;&nbsp; (0.13)<br>| 0.06 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.27)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.04)<br>|
| **Net asset value, end of period** | **$9.66** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.45** | &nbsp;&nbsp; **$9.61** |
| **Total return**<sup>2</sup> <br>| **3.47%**<br>| **3.57%**<br>| **1.83%**<br>| &nbsp;&nbsp; **(1.38)%**<br>| **0.62%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.68<br> %<br>| 0.66<br> %<br>| 0.67<br> %<br>| 0.66<br> %<br>| 0.66<br> %<br>|
| Net expenses | 0.48<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Net investment income | 2.85<br> %<br>| 2.40<br> %<br>| 1.37<br> %<br>| 0.29<br> %<br>| 0.42<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 50<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 30<br> %<br>|
| Net assets, end of period (000s omitted) | $136405 | &nbsp;&nbsp; $141123 | &nbsp;&nbsp; $224086 | &nbsp;&nbsp; $291008 | &nbsp;&nbsp; $317609 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

The accompanying notes are an integral part of these financial statements.

28 \| Allspring Ultra Short-Term Municipal Income Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A2 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.60** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.45** | &nbsp;&nbsp; **$9.61** | &nbsp;&nbsp; **$9.59** |
| Net investment income | 0.28 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.14 <br><sup>1</sup><br>| 0.03 | 0.04 |
| Net realized and unrealized gains (losses) on investments | 0.06 | 0.10 | 0.04 | &nbsp;&nbsp; (0.16)<br>| 0.02 |
| Total from investment operations | 0.34 | 0.34 | 0.18 | &nbsp;&nbsp; (0.13)<br>| 0.06 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.28)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.04)<br>|
| **Net asset value, end of period** | **$9.66** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.45** | &nbsp;&nbsp; **$9.61** |
| **Total return**<sup>2</sup> <br>| **3.56%**<br>| **3.67%**<br>| **1.93%**<br>| &nbsp;&nbsp; **(1.36)%**<br>| **0.62%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.58<br> %<br>| 0.56<br> %<br>| 0.57<br> %<br>| 0.64<br> %<br>| 0.66<br> %<br>|
| Net expenses | 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.48<br> %<br>| 0.50<br> %<br>|
| Net investment income | 2.94<br> %<br>| 2.56<br> %<br>| 1.45<br> %<br>| 0.29<br> %<br>| 0.40<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 50<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 30<br> %<br>|
| Net assets, end of period (000s omitted) | $52099 | &nbsp;&nbsp; $32151 | &nbsp;&nbsp; $22782 | &nbsp;&nbsp; $39575 | &nbsp;&nbsp; $42354 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Municipal Income Fund \| 29

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.52** | &nbsp;&nbsp; **$9.41** | &nbsp;&nbsp; **$9.32** | &nbsp;&nbsp; **$9.48** | &nbsp;&nbsp; **$9.41** |
| Net investment income | 0.20 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.06 <br><sup>1</sup><br>| 0.00 <br><sup>12</sup><br>| 0.00 <br><sup>12</sup><br>|
| Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.07 |
| Net realized and unrealized gains (losses) on investments | 0.05 | 0.10 | 0.09 | &nbsp;&nbsp; (0.16)<br>| 0.00 |
| Total from investment operations | 0.25 | 0.26 | 0.15 | &nbsp;&nbsp; (0.16)<br>| 0.07 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.19)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| **Net asset value, end of period** | **$9.58** | &nbsp;&nbsp; **$9.52** | &nbsp;&nbsp; **$9.41** | &nbsp;&nbsp; **$9.32** | &nbsp;&nbsp; **$9.48** |
| **Total return**<sup>3</sup> <br>| **2.69%**<br>| **2.81%**<br>| **1.62%** <br><sup>4</sup><br>| &nbsp;&nbsp; **(1.67)%**<br>| **0.76%** <br><sup>5</sup><br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.43<br> %<br>| 1.41<br> %<br>| 1.42<br> %<br>| 1.40<br> %<br>| 1.41<br> %<br>|
| Net expenses | 1.25<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>| 0.81 %\*<br>| 0.92 %\*<br>|
| Net investment income | 2.08<br> %<br>| 1.68<br> %<br>| 0.66<br> %<br>| 0.02<br> %<br>| 0.02<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 50<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 30<br> %<br>|
| Net assets, end of period (000s omitted) | $1932 | &nbsp;&nbsp; $2267 | &nbsp;&nbsp; $2839 | &nbsp;&nbsp; $2448 | &nbsp;&nbsp; $1659 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended June 30, 2022 | 0.44% |
| Year ended June 30, 2021 | 0.33% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

<sup>4</sup> During the year ended June 30, 2023, the Fund received payments from a service provider which had a 0.51% impact on the total return.

<sup>5</sup> During the year ended June 30, 2021, the Fund received a payment from an affiliate which had a 0.73% impact on total return.

The accompanying notes are an integral part of these financial statements.

30 \| Allspring Ultra Short-Term Municipal Income Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class R6 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.60** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.45** | &nbsp;&nbsp; **$9.61** | &nbsp;&nbsp; **$9.59** |
| Net investment income | 0.30 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.15 <br><sup>1</sup><br>| 0.06 | 0.07 |
| Net realized and unrealized gains (losses) on investments | 0.06 | 0.10 | 0.05 | &nbsp;&nbsp; (0.16)<br>| 0.02 |
| Total from investment operations | 0.36 | 0.36 | 0.20 | &nbsp;&nbsp; (0.10)<br>| 0.09 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.30)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.07)<br>|
| **Net asset value, end of period** | **$9.66** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.45** | &nbsp;&nbsp; **$9.61** |
| **Total return**<sup>2</sup> <br>| **3.77%**<br>| **3.88%**<br>| **2.13%**<br>| &nbsp;&nbsp; **(1.09)%**<br>| **0.92%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.31<br> %<br>| 0.29<br> %<br>| 0.29<br> %<br>| 0.28<br> %<br>| 0.28<br> %<br>|
| Net expenses | 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>|
| Net investment income | 3.12<br> %<br>| 2.74<br> %<br>| 1.61<br> %<br>| 0.56<br> %<br>| 0.71<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 50<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 30<br> %<br>|
| Net assets, end of period (000s omitted) | $222436 | &nbsp;&nbsp; $262581 | &nbsp;&nbsp; $272993 | &nbsp;&nbsp; $668633 | &nbsp;&nbsp; $1032413 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Municipal Income Fund \| 31

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.60** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.45** | &nbsp;&nbsp; **$9.61** | &nbsp;&nbsp; **$9.59** |
| Net investment income | 0.27 <br><sup>1</sup><br>| 0.23 <br><sup>1</sup><br>| 0.13 <br><sup>1</sup><br>| 0.03 <br><sup>1</sup><br>| 0.04 |
| Net realized and unrealized gains (losses) on investments | 0.06 | 0.10 | 0.04 | &nbsp;&nbsp; (0.16)<br>| 0.02 |
| Total from investment operations | 0.33 | 0.33 | 0.17 | &nbsp;&nbsp; (0.13)<br>| 0.06 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.27)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.04)<br>|
| **Net asset value, end of period** | **$9.66** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.45** | &nbsp;&nbsp; **$9.61** |
| **Total return**<sup>2</sup> <br>| **3.46%**<br>| **3.57%**<br>| **1.83%**<br>| &nbsp;&nbsp; **(1.39)%**<br>| **0.62%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.63<br> %<br>| 0.61<br> %<br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net expenses | 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Net investment income | 2.83<br> %<br>| 2.43<br> %<br>| 1.36<br> %<br>| 0.27<br> %<br>| 0.42<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 50<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 30<br> %<br>|
| Net assets, end of period (000s omitted) | $7613 | &nbsp;&nbsp; $6674 | &nbsp;&nbsp; $7689 | &nbsp;&nbsp; $10929 | &nbsp;&nbsp; $15157 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

The accompanying notes are an integral part of these financial statements.

32 \| Allspring Ultra Short-Term Municipal Income Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.60** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.45** | &nbsp;&nbsp; **$9.61** | &nbsp;&nbsp; **$9.59** |
| Net investment income | 0.30 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.15 <br><sup>1</sup><br>| 0.05 | 0.06 |
| Net realized and unrealized gains (losses) on investments | 0.05 | 0.10 | 0.05 | &nbsp;&nbsp; (0.16)<br>| 0.02 |
| Total from investment operations | 0.35 | 0.36 | 0.20 | &nbsp;&nbsp; (0.11)<br>| 0.08 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.29)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.06)<br>|
| **Net asset value, end of period** | **$9.66** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$9.49** | &nbsp;&nbsp; **$9.45** | &nbsp;&nbsp; **$9.61** |
| **Total return**<sup>2</sup> <br>| **3.72%**<br>| **3.83%**<br>| **2.08%**<br>| &nbsp;&nbsp; **(1.14)%**<br>| **0.87%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.36<br> %<br>| 0.34<br> %<br>| 0.34<br> %<br>| 0.33<br> %<br>| 0.33<br> %<br>|
| Net expenses | 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>|
| Net investment income | 3.08<br> %<br>| 2.70<br> %<br>| 1.58<br> %<br>| 0.52<br> %<br>| 0.66<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 50<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 30<br> %<br>|
| Net assets, end of period (000s omitted) | $402658 | &nbsp;&nbsp; $338315 | &nbsp;&nbsp; $315246 | &nbsp;&nbsp; $734360 | &nbsp;&nbsp; $783690 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Municipal Income Fund \| 33

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services* – *Investment Companies*. These financial statements report on the Allspring Ultra Short-Term Municipal Income Fund (the "Fund") which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles ("GAAP") which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g., taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund's commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund's fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

34 \| Allspring Ultra Short-Term Municipal Income Fund

------

Notes to financial statements

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 June 30, 2025, the aggregate cost of all investments for federal income tax purposes was $833,561,843 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $1834594 |
| Gross unrealized losses | &nbsp;&nbsp; (923188)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$911406** |

---

As of June 30, 2025, the Fund had capital loss carryforwards which consist of $5,280,159 in short-term capital losses and $25,917,487 in long-term capital losses.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.&nbsp;&nbsp;&nbsp;&nbsp;

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

• Level 1—quoted prices in active markets for identical securities

• Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Closed-end fund obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $13450000 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $13450000 |
| **Municipal obligations** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 816350875 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 816350875 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 4672374 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4672374 |
| **Total assets** | &nbsp;&nbsp; **$4672374** | &nbsp;&nbsp;&nbsp; **$829800875** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$834473249** |

---

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At June 30, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds

Allspring Ultra Short-Term Municipal Income Fund \| 35

------

Notes to financial statements

Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $1 billion | 0.250<br> %<br>|
| Next $4 billion | 0.225 |
| Next $5 billion | 0.190 |
| Over $10 billion | 0.180 |

---

For the year ended June 30, 2025, the management fee was equivalent to an annual rate of 0.25% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.15<br> %<br>|
| Class A2 | 0.15 |
| Class C | 0.15 |
| Class R6 | 0.03 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through October 31, 2025 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 June 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.50<br> %<br>|
| Class A2 | 0.40 |
| Class C | 1.25 |
| Class R6 | 0.20 |
| Administrator Class | 0.50 |
| Institutional Class | 0.25 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC ("Allspring Funds Distributor"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended June 30, 2025, Allspring Funds Distributor received $882 from the sale of Class A shares and $2,095 and $1 in contingent deferred sales charges from redemptions of Class A and Class C shares, respectively.

36 \| Allspring Ultra Short-Term Municipal Income Fund

------

Notes to financial statements

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis.Class A2 shares are charged a fee at an annual rate up to 0.15% of its average daily net assets. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $319,715,000, $273,090,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the year ended June 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2025 were $359,187,138 and $291,068,308, respectively.

6. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended June 30, 2025, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 |
|  | 2025 | 2024 |
| **Tax-exempt income** | $22559021 | $21510438 |

---

As of June 30, 2025, the components of distributable loss on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>tax-exempt <br>income<br>| Unrealized <br>gains<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $499135 | &nbsp;&nbsp; $911406 | &nbsp;&nbsp;&nbsp; $(31197646)<br>|

---

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. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

10. CLASS CONVERSION

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025.

Allspring Ultra Short-Term Municipal Income Fund \| 37

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

11. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. 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 revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

12. SUBSEQUENT EVENT

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on or about the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C will be closed to new investors and additional investments from existing shareholders.

38 \| Allspring Ultra Short-Term Municipal Income Fund

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Ultra Short-Term Municipal Income Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of June 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g97024imgbaea15432.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

August 22, 2025

Allspring Ultra Short-Term Municipal Income Fund \| 39

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Other information (unaudited)

Other information

Tax information

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended June 30, 2025.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

40 \| Allspring Ultra Short-Term Municipal Income Fund

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Ultra Short-Term Municipal Income Fund \| 41

------

Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Ultra Short-Term Municipal Income Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments.\*

42 \| Allspring Ultra Short-Term Municipal Income Fund

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one-, three-, and five-year periods under review, and in range of the average investment performance of the Universe for the ten-year period under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Ultra Short-Term Municipal Income Blended Index, for the one-year period under review, and lower for all other periods under review.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class.

It was noted that the Board had approved a proposal to convert Administrator Class shares into Institutional Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of the average rates for the expense Groups for each share class, except for Class A2, which was in range of the sum of the average rates for the expense Group.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Allspring Ultra Short-Term Municipal Income Fund \| 43

------

Other information (unaudited)

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

44 \| Allspring Ultra Short-Term Municipal Income Fund

------

![](g97024img8df4057a1.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**

![](g97024img4d9435ae3.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-800-222-8222*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

Allspring Global Investments<sup>TM</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR3011 06-25**

------

![](g97024imgc60685451.jpg)

Allspring Wisconsin Tax-Free Fund

Long Form Financial Statements

Annual Report

June 30, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_5a8fbb3c-14d3-483d-871a-77caf69250f4_POI-PageBlank-53_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_5a8fbb3c-14d3-483d-871a-77caf69250f4_FS-PageBlank-53_1)** |  |
| [Statement of assets and liabilities](#xx_5a8fbb3c-14d3-483d-871a-77caf69250f4_FS-PageBlank-53_1) | 9 |
| [Statement of operations](#xx_5a8fbb3c-14d3-483d-871a-77caf69250f4_FS-PageBlank-53_2) | 10 |
| [Statement of changes in net assets](#xx_5a8fbb3c-14d3-483d-871a-77caf69250f4_FS-PageBlank-53_3) | 11 |
| [Financial highlights](#xx_5a8fbb3c-14d3-483d-871a-77caf69250f4_FIHI-PageBlank-53_1) | 12 |
| **[Notes to financial statements](#xx_5a8fbb3c-14d3-483d-871a-77caf69250f4_NTF-PageBlank-53_1)** | 15 |
| **[Report of independent registered public accounting firm](#xx_5a8fbb3c-14d3-483d-871a-77caf69250f4_AUD-PageBlank-53_1)** | 20 |
| **[Other information](#xx_5a8fbb3c-14d3-483d-871a-77caf69250f4_OI-PageBlank-53_1)** | 21 |
| [Item 8. Changes in and disagreements with accountants](#xx_5a8fbb3c-14d3-483d-871a-77caf69250f4_OI-PageBlank-53_2) | 22 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_5a8fbb3c-14d3-483d-871a-77caf69250f4_OI-PageBlank-53_2) | 22 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_5a8fbb3c-14d3-483d-871a-77caf69250f4_OI-PageBlank-53_2) | 22 |
| [Item 11. Statement regarding basis for board](#xx_5a8fbb3c-14d3-483d-871a-77caf69250f4_OI-PageBlank-53_3)['](#xx_5a8fbb3c-14d3-483d-871a-77caf69250f4_OI-PageBlank-53_3)[s approval of investment](#xx_5a8fbb3c-14d3-483d-871a-77caf69250f4_OI-PageBlank-53_3)<br> [advisory contract](#xx_5a8fbb3c-14d3-483d-871a-77caf69250f4_OI-PageBlank-53_3)<br>| 23 |

---

Allspring Wisconsin Tax-Free Fund \| 1

------

Portfolio of investments—June 30, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Municipal obligations: 98.92%** |  |  |  |  |
| **Alabama: 1.37%** |  |  |  |  |
| **Utilities revenue: 1.37%** |  |  |  |  |
| Black Belt Energy Gas District Project No. 7 Series C-1øø | 4.00<br> %<br>| &nbsp;&nbsp; 10-1-2052 | $1000000 | &nbsp;&nbsp; $1002522 |
| &nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 5 <br> Series Aøø<br>| 5.25 | &nbsp;&nbsp; 1-1-2054 | 750000 | &nbsp;&nbsp; 786697 |
|  |  |  |  | &nbsp;&nbsp; **1789219** |
| **California: 0.40%** |  |  |  |  |
| **Utilities revenue: 0.40%** |  |  |  |  |
| California Community Choice Financing Authority Series C | 5.00 | &nbsp;&nbsp; 10-1-2031 | 500000 | &nbsp;&nbsp; **522234** |
| **Florida: 0.19%** |  |  |  |  |
| **Resource recovery revenue: 0.19%** |  |  |  |  |
| &nbsp;&nbsp; Florida Development Finance Corp. GFL Solid Waste Southeast LLC <br> Series A AMT144Aøø<br>| 4.38 | &nbsp;&nbsp; 10-1-2054 | 250000 | &nbsp;&nbsp; **249010** |
| **Georgia: 0.76%** |  |  |  |  |
| **Utilities revenue: 0.76%** |  |  |  |  |
| Development Authority of Monroe County Georgia Power Co.øø | 3.35 | &nbsp;&nbsp; 11-1-2048 | 1000000 | &nbsp;&nbsp; **990618** |
| **Guam: 6.95%** |  |  |  |  |
| **Airport revenue: 2.14%** |  |  |  |  |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2027 | 300000 | &nbsp;&nbsp; 306893 |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2028 | 100000 | &nbsp;&nbsp; 103155 |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2030 | 270000 | &nbsp;&nbsp; 282160 |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.00 | &nbsp;&nbsp; 10-1-2031 | 400000 | &nbsp;&nbsp; 419005 |
| Antonio B Won Pat International Airport Authority Series A AMT | 5.25 | &nbsp;&nbsp; 10-1-2031 | 250000 | &nbsp;&nbsp; 265289 |
| Port Authority of Guam Series A | 5.00 | &nbsp;&nbsp; 7-1-2048 | 1000000 | &nbsp;&nbsp; 969138 |
| Port Authority of Guam Series B AMT | 5.00 | &nbsp;&nbsp; 7-1-2034 | 445000 | &nbsp;&nbsp; 453100 |
|  |  |  |  | &nbsp;&nbsp; **2798740** |
| **Miscellaneous revenue: 0.34%** |  |  |  |  |
| Territory of Guam Series F | 4.00 | &nbsp;&nbsp; 1-1-2042 | 500000 | &nbsp;&nbsp; **442588** |
| **Tax revenue: 0.79%** |  |  |  |  |
| Territory of Guam Hotel Occupancy Tax Series A | 5.00 | &nbsp;&nbsp; 11-1-2035 | 1000000 | &nbsp;&nbsp; **1032581** |
| **Utilities revenue: 0.81%** |  |  |  |  |
| Guam Power Authority Series A | 5.00 | &nbsp;&nbsp; 10-1-2026 | 500000 | &nbsp;&nbsp; 511348 |
| Guam Power Authority Series A | 5.00 | &nbsp;&nbsp; 10-1-2038 | 550000 | &nbsp;&nbsp; 553740 |
|  |  |  |  | &nbsp;&nbsp; **1065088** |
| **Water & sewer revenue: 2.87%** |  |  |  |  |
| Guam Government Waterworks Authority | 5.00 | &nbsp;&nbsp; 7-1-2027 | 500000 | &nbsp;&nbsp; 507231 |
| Guam Government Waterworks Authority | 5.00 | &nbsp;&nbsp; 7-1-2034 | 500000 | &nbsp;&nbsp; 507441 |
| Guam Government Waterworks Authority | 5.00 | &nbsp;&nbsp; 1-1-2046 | 2215000 | &nbsp;&nbsp; 2196455 |
| Guam Government Waterworks Authority Series A | 5.00 | &nbsp;&nbsp; 1-1-2050 | 545000 | &nbsp;&nbsp; 538372 |
|  |  |  |  | &nbsp;&nbsp; **3749499** |
|  |  |  |  | &nbsp;&nbsp; **9088496** |

---

The accompanying notes are an integral part of these financial statements.

2 \| Allspring Wisconsin Tax-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Illinois: 1.01%** |  |  |  |  |
| **GO revenue: 0.81%** |  |  |  |  |
| City of Chicago Series B | 5.00<br> %<br>| &nbsp;&nbsp; 1-1-2031 | $1000000 | &nbsp;&nbsp; **$1056732** |
| **Miscellaneous revenue: 0.20%** |  |  |  |  |
| City of Chicago Lakeshore East Special Assessment Area144A | 2.69 | &nbsp;&nbsp; 12-1-2026 | 266000 | &nbsp;&nbsp; **260308** |
|  |  |  |  | &nbsp;&nbsp; **1317040** |
| **Minnesota: 1.95%** |  |  |  |  |
| **Health revenue: 0.91%** |  |  |  |  |
| City of Center City Hazelden Betty Ford Foundation Series 2025B | 5.00 | &nbsp;&nbsp; 11-1-2044 | 1165000 | &nbsp;&nbsp; **1184492** |
| **Housing revenue: 1.04%** |  |  |  |  |
| &nbsp;&nbsp; Dakota County Community Development Agency Roers Burnsville <br> Affordable Apartments Owner LLC (FNMA Insured)<br>| 4.20 | &nbsp;&nbsp; 5-1-2043 | 1500000 | &nbsp;&nbsp; **1365521** |
|  |  |  |  | &nbsp;&nbsp; **2550013** |
| **New Jersey: 0.34%** |  |  |  |  |
| **Education revenue: 0.34%** |  |  |  |  |
| &nbsp;&nbsp; Camden County Improvement Authority KIPP Cooper Norcross <br> Obligated Group<br>| 6.00 | &nbsp;&nbsp; 6-15-2047 | 425000 | &nbsp;&nbsp; **440134** |
| **New York: 1.80%** |  |  |  |  |
| **Education revenue: 1.03%** |  |  |  |  |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 4.45 | &nbsp;&nbsp; 2-1-2041 | 500000 | &nbsp;&nbsp; 397801 |
| &nbsp;&nbsp; Hempstead Town Local Development Corp. Academy Charter School <br> Series A<br>| 6.24 | &nbsp;&nbsp; 2-1-2047 | 1000000 | &nbsp;&nbsp; 949728 |
|  |  |  |  | &nbsp;&nbsp; **1347529** |
| **GO revenue: 0.77%** |  |  |  |  |
| City of Ithaca BAN | 4.25 | &nbsp;&nbsp; 2-13-2026 | 1000000 | &nbsp;&nbsp; **1003276** |
|  |  |  |  | &nbsp;&nbsp; **2350805** |
| **Pennsylvania: 2.80%** |  |  |  |  |
| **Education revenue: 0.67%** |  |  |  |  |
| &nbsp;&nbsp; Lehigh County General Purpose Authority Valley Academy Regional <br> Charter School<br>| 4.00 | &nbsp;&nbsp; 6-1-2032 | 600000 | &nbsp;&nbsp; 593432 |
| Pennsylvania EDFA Villanova University | 5.00 | &nbsp;&nbsp; 8-1-2043 | 270000 | &nbsp;&nbsp; 281577 |
|  |  |  |  | &nbsp;&nbsp; **875009** |
| **Health revenue: 2.13%** |  |  |  |  |
| Lancaster IDA Willow Valley Communities Obligated Group | 5.00 | &nbsp;&nbsp; 12-1-2044 | 890000 | &nbsp;&nbsp; 843945 |
| &nbsp;&nbsp; Montgomery County Higher Education & Health Authority Thomas <br> Jefferson University Obligated Group Series B<br>| 5.00 | &nbsp;&nbsp; 5-1-2052 | 2000000 | &nbsp;&nbsp; 1941588 |
|  |  |  |  | &nbsp;&nbsp; **2785533** |
|  |  |  |  | &nbsp;&nbsp; **3660542** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Wisconsin Tax-Free Fund \| 3

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Puerto Rico: 2.92%** |  |  |  |  |
| **Health revenue: 1.43%** |  |  |  |  |
| &nbsp;&nbsp; Puerto Rico Industrial Tourist Educational Medical & Environmental <br> Control Facilities Financing Authority Hospital Auxilio Mutuo <br> Obligated Group<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2026 | $205000 | &nbsp;&nbsp; $207573 |
| &nbsp;&nbsp; Puerto Rico Industrial Tourist Educational Medical & Environmental <br> Control Facilities Financing Authority Hospital Auxilio Mutuo <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 7-1-2031 | 435000 | &nbsp;&nbsp; 459548 |
| &nbsp;&nbsp; Puerto Rico Industrial Tourist Educational Medical & Environmental <br> Control Facilities Financing Authority Hospital Auxilio Mutuo <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 7-1-2032 | 925000 | &nbsp;&nbsp; 972768 |
| &nbsp;&nbsp; Puerto Rico Industrial Tourist Educational Medical & Environmental <br> Control Facilities Financing Authority Hospital Auxilio Mutuo <br> Obligated Group<br>| 5.00 | &nbsp;&nbsp; 7-1-2034 | 220000 | &nbsp;&nbsp; 228782 |
|  |  |  |  | &nbsp;&nbsp; **1868671** |
| **Miscellaneous revenue: 1.49%** |  |  |  |  |
| &nbsp;&nbsp; Puerto Rico Industrial Tourist Educational Medical & Environmental <br> Control Facilities Financing Authority Hospital de la Concepcion, <br> Inc. Series A<br>| 3.55 | &nbsp;&nbsp; 11-15-2030 | 1940000 | &nbsp;&nbsp; **1952332** |
|  |  |  |  | &nbsp;&nbsp; **3821003** |
| **Texas: 2.14%** |  |  |  |  |
| **Education revenue: 0.77%** |  |  |  |  |
| Hale Center Education Facilities Corp. Wayland Baptist University | 5.00 | &nbsp;&nbsp; 3-1-2027 | 990000 | &nbsp;&nbsp; **1009858** |
| **GO revenue: 1.37%** |  |  |  |  |
| Denton Independent School District | 4.00 | &nbsp;&nbsp; 8-15-2048 | 2000000 | &nbsp;&nbsp; **1791269** |
|  |  |  |  | &nbsp;&nbsp; **2801127** |
| **Wisconsin: 76.29%** |  |  |  |  |
| **Education revenue: 8.27%** |  |  |  |  |
| PFA Cincinnati Classical Academy Series A144A | 5.88 | &nbsp;&nbsp; 6-15-2054 | 500000 | &nbsp;&nbsp; 467534 |
| Wisconsin HEFA Hmong American Peace Academy Ltd. | 4.00 | &nbsp;&nbsp; 3-15-2030 | 495000 | &nbsp;&nbsp; 494647 |
| Wisconsin HEFA Hmong American Peace Academy Ltd. | 4.00 | &nbsp;&nbsp; 3-15-2040 | 1555000 | &nbsp;&nbsp; 1373882 |
| Wisconsin HEFA Lawrence University | 4.00 | &nbsp;&nbsp; 2-1-2045 | 1685000 | &nbsp;&nbsp; 1412507 |
| Wisconsin HEFA Medical College of Wisconsin, Inc. | 5.00 | &nbsp;&nbsp; 12-1-2041 | 2000000 | &nbsp;&nbsp; 2042019 |
| &nbsp;&nbsp; Wisconsin HEFA Milwaukee School of Engineering Series B (AG <br> Insured)<br>| 2.00 | &nbsp;&nbsp; 4-1-2038 | 1200000 | &nbsp;&nbsp; 846160 |
| &nbsp;&nbsp; Wisconsin HEFA Milwaukee School of Engineering Series B (AG <br> Insured)<br>| 2.13 | &nbsp;&nbsp; 4-1-2039 | 1000000 | &nbsp;&nbsp; 688648 |
| &nbsp;&nbsp; Wisconsin HEFA Milwaukee School of Engineering Series B (AG <br> Insured)<br>| 2.13 | &nbsp;&nbsp; 4-1-2040 | 1000000 | &nbsp;&nbsp; 663171 |
| &nbsp;&nbsp; Wisconsin HEFA Milwaukee School of Engineering Series B (AG <br> Insured)<br>| 2.25 | &nbsp;&nbsp; 4-1-2041 | 750000 | &nbsp;&nbsp; 492908 |
| &nbsp;&nbsp; Wisconsin HEFA Milwaukee School of Engineering Series B (AG <br> Insured)<br>| 2.25 | &nbsp;&nbsp; 4-1-2042 | 1000000 | &nbsp;&nbsp; 644407 |

---

The accompanying notes are an integral part of these financial statements.

4 \| Allspring Wisconsin Tax-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Education revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Wisconsin HEFA Milwaukee Science Education Consortium, Inc. <br> Series A<br>| 4.50<br> %<br>| &nbsp;&nbsp; 3-15-2033 | $665000 | &nbsp;&nbsp; $674431 |
| &nbsp;&nbsp; Wisconsin HEFA Milwaukee Science Education Consortium, Inc. <br> Series A<br>| 5.00 | &nbsp;&nbsp; 3-15-2053 | 1100000 | &nbsp;&nbsp; 1011014 |
|  |  |  |  | &nbsp;&nbsp; **10811328** |
| **GO revenue: 1.54%** |  |  |  |  |
| City of Milwaukee Series N5 (BAM Insured) | 5.00 | &nbsp;&nbsp; 12-1-2039 | 1915000 | &nbsp;&nbsp; **2015813** |
| **Health revenue: 23.60%** |  |  |  |  |
| PFA UNC Health Appalachian Obligated Group Series A | 5.00 | &nbsp;&nbsp; 7-1-2037 | 275000 | &nbsp;&nbsp; 276593 |
| PFA UNC Health Appalachian Obligated Group Series A | 5.00 | &nbsp;&nbsp; 7-1-2038 | 375000 | &nbsp;&nbsp; 374366 |
| &nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2024-XF3230 <br> (BAM Insured) (Barclays Bank plc LIQ)144Aø<br>| 2.04 | &nbsp;&nbsp; 2-15-2054 | 1200000 | &nbsp;&nbsp; 1200000 |
| &nbsp;&nbsp; University of Wisconsin Hospitals & Clinics Authority Obligated Group <br> Series C (U.S. Bank N.A. SPA)ø<br>| 3.85 | &nbsp;&nbsp; 4-1-2054 | 1500000 | &nbsp;&nbsp; 1500000 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2027 | 175000 | &nbsp;&nbsp; 182779 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | &nbsp;&nbsp; 12-1-2029 | 150000 | &nbsp;&nbsp; 161147 |
| Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.50 | &nbsp;&nbsp; 12-1-2052 | 2845000 | &nbsp;&nbsp; 2948087 |
| Wisconsin HEFA Beloit Health System Obligated Group | 4.00 | &nbsp;&nbsp; 7-1-2036 | 4000000 | &nbsp;&nbsp; 3902536 |
| Wisconsin HEFA Beloit Health System Obligated Group | 5.00 | &nbsp;&nbsp; 7-1-2028 | 50000 | &nbsp;&nbsp; 52713 |
| Wisconsin HEFA Beloit Health System Obligated Group | 5.00 | &nbsp;&nbsp; 7-1-2029 | 1270000 | &nbsp;&nbsp; 1357458 |
| Wisconsin HEFA Chiara Housing & Services, Inc. Obligated Group | 5.63 | &nbsp;&nbsp; 7-1-2035 | 575000 | &nbsp;&nbsp; 592221 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series A<br>| 3.00 | &nbsp;&nbsp; 2-15-2031 | 230000 | &nbsp;&nbsp; 211629 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series C<br>| 3.25 | &nbsp;&nbsp; 2-15-2032 | 185000 | &nbsp;&nbsp; 173636 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series C<br>| 5.00 | &nbsp;&nbsp; 2-15-2027 | 400000 | &nbsp;&nbsp; 411744 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series C<br>| 5.00 | &nbsp;&nbsp; 2-15-2028 | 650000 | &nbsp;&nbsp; 663897 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series C<br>| 5.00 | &nbsp;&nbsp; 2-15-2029 | 500000 | &nbsp;&nbsp; 509903 |
| &nbsp;&nbsp; Wisconsin HEFA Marshfield Clinic Health System Obligated Group <br> Series C<br>| 5.00 | &nbsp;&nbsp; 2-15-2047 | 1635000 | &nbsp;&nbsp; 1611380 |
| Wisconsin HEFA Masonic Home Obligated Group Series A | 4.00 | &nbsp;&nbsp; 8-15-2030 | 100000 | &nbsp;&nbsp; 97884 |
| Wisconsin HEFA Masonic Home Obligated Group Series A | 4.00 | &nbsp;&nbsp; 8-15-2031 | 75000 | &nbsp;&nbsp; 72753 |
| Wisconsin HEFA Masonic Home Obligated Group Series A | 4.00 | &nbsp;&nbsp; 8-15-2041 | 2145000 | &nbsp;&nbsp; 1832061 |
| Wisconsin HEFA Masonic Home Obligated Group Series A | 4.00 | &nbsp;&nbsp; 8-15-2046 | 850000 | &nbsp;&nbsp; 678849 |
| Wisconsin HEFA Masonic Home Obligated Group Series A | 4.00 | &nbsp;&nbsp; 8-15-2051 | 500000 | &nbsp;&nbsp; 380351 |
| Wisconsin HEFA Monroe Clinic, Inc. | 3.00 | &nbsp;&nbsp; 2-15-2035 | 520000 | &nbsp;&nbsp; 519575 |
| Wisconsin HEFA Monroe Clinic, Inc. | 4.00 | &nbsp;&nbsp; 2-15-2031 | 900000 | &nbsp;&nbsp; 900378 |
| Wisconsin HEFA Monroe Clinic, Inc. | 4.00 | &nbsp;&nbsp; 2-15-2033 | 775000 | &nbsp;&nbsp; 775326 |
| Wisconsin HEFA Monroe Clinic, Inc. | 5.00 | &nbsp;&nbsp; 2-15-2028 | 400000 | &nbsp;&nbsp; 400648 |
| Wisconsin HEFA Monroe Clinic, Inc. | 5.00 | &nbsp;&nbsp; 2-15-2029 | 575000 | &nbsp;&nbsp; 575932 |
| Wisconsin HEFA Monroe Clinic, Inc. | 5.00 | &nbsp;&nbsp; 2-15-2030 | 465000 | &nbsp;&nbsp; 465753 |
| Wisconsin HEFA PHW Menomonee Falls, Inc. | 6.00 | &nbsp;&nbsp; 10-1-2054 | 1000000 | &nbsp;&nbsp; 994558 |
| &nbsp;&nbsp; Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group <br> Series A<br>| 5.00 | &nbsp;&nbsp; 7-1-2044 | 1200000 | &nbsp;&nbsp; 1203012 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Wisconsin Tax-Free Fund \| 5

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Health revenue**(continued) |  |  |  |  |
| &nbsp;&nbsp; Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group <br> Series A<br>| 5.00<br> %<br>| &nbsp;&nbsp; 7-1-2049 | $550000 | &nbsp;&nbsp; $545894 |
| &nbsp;&nbsp; Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group <br> Series B<br>| 5.00 | &nbsp;&nbsp; 7-1-2044 | 3485000 | &nbsp;&nbsp; 3430405 |
| Wisconsin HEFA St. John's Communities, Inc. Obligated Group | 4.00 | &nbsp;&nbsp; 9-15-2030 | 935000 | &nbsp;&nbsp; 923962 |
| Wisconsin HEFA St. John's Communities, Inc. Obligated Group | 4.00 | &nbsp;&nbsp; 9-15-2045 | 650000 | &nbsp;&nbsp; 534905 |
| &nbsp;&nbsp; Wisconsin HEFA St. John's Communities, Inc. Obligated Group <br> Series B<br>| 4.00 | &nbsp;&nbsp; 9-15-2045 | 475000 | &nbsp;&nbsp; 390892 |
|  |  |  |  | &nbsp;&nbsp; **30853227** |
| **Housing revenue: 35.98%** |  |  |  |  |
| Ashwaubenon CDA County of Brown | 3.00 | &nbsp;&nbsp; 6-1-2044 | 1680000 | &nbsp;&nbsp; 1286778 |
| Ashwaubenon CDA County of Brown | 4.00 | &nbsp;&nbsp; 6-1-2030 | 250000 | &nbsp;&nbsp; 259470 |
| Ashwaubenon CDA County of Brown | 4.00 | &nbsp;&nbsp; 6-1-2031 | 1310000 | &nbsp;&nbsp; 1349831 |
| Ashwaubenon CDA County of Brown CAB¤ | 0.00 | &nbsp;&nbsp; 6-1-2049 | 8000000 | &nbsp;&nbsp; 2271502 |
| Green Bay Housing Authority University Village Housing, Inc. | 2.00 | &nbsp;&nbsp; 4-1-2028 | 125000 | &nbsp;&nbsp; 117249 |
| Green Bay Housing Authority University Village Housing, Inc. | 2.00 | &nbsp;&nbsp; 4-1-2029 | 250000 | &nbsp;&nbsp; 228933 |
| Green Bay Housing Authority University Village Housing, Inc. | 2.00 | &nbsp;&nbsp; 4-1-2030 | 875000 | &nbsp;&nbsp; 781041 |
| Green Bay Housing Authority University Village Housing, Inc. | 5.00 | &nbsp;&nbsp; 4-1-2039 | 1500000 | &nbsp;&nbsp; 1552675 |
| Kaukauna RDA | 3.75 | &nbsp;&nbsp; 6-1-2032 | 850000 | &nbsp;&nbsp; 850109 |
| Kaukauna RDA | 4.00 | &nbsp;&nbsp; 6-1-2028 | 425000 | &nbsp;&nbsp; 425397 |
| Kaukauna RDA | 4.00 | &nbsp;&nbsp; 6-1-2035 | 900000 | &nbsp;&nbsp; 900068 |
| Milwaukee RDA Board of School Directors | 5.00 | &nbsp;&nbsp; 11-15-2028 | 325000 | &nbsp;&nbsp; 334816 |
| Milwaukee RDA Board of School Directors | 5.00 | &nbsp;&nbsp; 11-15-2030 | 195000 | &nbsp;&nbsp; 200597 |
| Milwaukee RDA Board of School Directors | 5.00 | &nbsp;&nbsp; 11-15-2033 | 750000 | &nbsp;&nbsp; 770709 |
| Milwaukee RDA Board of School Directors | 5.00 | &nbsp;&nbsp; 11-15-2034 | 675000 | &nbsp;&nbsp; 693179 |
| Milwaukee RDA Board of School Directors | 5.00 | &nbsp;&nbsp; 11-15-2036 | 500000 | &nbsp;&nbsp; 512786 |
| Milwaukee RDA Public Schools Series A | 5.00 | &nbsp;&nbsp; 11-15-2026 | 585000 | &nbsp;&nbsp; 601702 |
| Milwaukee RDA Public Schools Series A | 5.00 | &nbsp;&nbsp; 11-15-2027 | 1020000 | &nbsp;&nbsp; 1048721 |
| Milwaukee RDA Public Schools Series A | 5.00 | &nbsp;&nbsp; 11-15-2028 | 1000000 | &nbsp;&nbsp; 1030205 |
| Milwaukee RDA Public Schools Series A | 5.00 | &nbsp;&nbsp; 11-15-2031 | 750000 | &nbsp;&nbsp; 771425 |
| New Richmond Community Development Authority Series A | 4.00 | &nbsp;&nbsp; 9-1-2042 | 200000 | &nbsp;&nbsp; 188499 |
| New Richmond Community Development Authority Series A | 4.25 | &nbsp;&nbsp; 9-1-2045 | 200000 | &nbsp;&nbsp; 187120 |
| New Richmond Community Development Authority Series A | 4.38 | &nbsp;&nbsp; 9-1-2047 | 150000 | &nbsp;&nbsp; 139638 |
| New Richmond Community Development Authority Series A | 4.63 | &nbsp;&nbsp; 9-1-2055 | 820000 | &nbsp;&nbsp; 761461 |
| New Richmond Community Development Authority Series A | 5.00 | &nbsp;&nbsp; 9-1-2031 | 100000 | &nbsp;&nbsp; 110539 |
| New Richmond Community Development Authority Series A | 5.00 | &nbsp;&nbsp; 9-1-2033 | 120000 | &nbsp;&nbsp; 133918 |
| New Richmond Community Development Authority Series A | 5.00 | &nbsp;&nbsp; 9-1-2034 | 115000 | &nbsp;&nbsp; 126318 |
| New Richmond Community Development Authority Series A | 5.00 | &nbsp;&nbsp; 9-1-2036 | 100000 | &nbsp;&nbsp; 108340 |
| New Richmond Community Development Authority Series A | 5.00 | &nbsp;&nbsp; 9-1-2039 | 150000 | &nbsp;&nbsp; 159451 |
| New Richmond Community Development Authority Series A | 5.00 | &nbsp;&nbsp; 9-1-2040 | 100000 | &nbsp;&nbsp; 105225 |
| Slinger RDA Village of Slinger Series A | 5.00 | &nbsp;&nbsp; 3-1-2045 | 2625000 | &nbsp;&nbsp; 2576566 |
| Weston CDA Village of Weston Tax Incremental District No. 1 Series A | 2.15 | &nbsp;&nbsp; 10-1-2025 | 615000 | &nbsp;&nbsp; 612442 |
| Weston CDA Village of Weston Tax Incremental District No. 1 Series A | 2.25 | &nbsp;&nbsp; 10-1-2026 | 940000 | &nbsp;&nbsp; 927098 |
| Weston CDA Village of Weston Tax Incremental District No. 1 Series A | 2.40 | &nbsp;&nbsp; 10-1-2027 | 570000 | &nbsp;&nbsp; 556844 |
| Wisconsin Center District Milwaukee Arena Project | 4.00 | &nbsp;&nbsp; 12-15-2032 | 1100000 | &nbsp;&nbsp; 1109405 |
| Wisconsin Center District Milwaukee Arena Project | 4.00 | &nbsp;&nbsp; 12-15-2033 | 920000 | &nbsp;&nbsp; 925887 |
| Wisconsin Center District Milwaukee Arena Project | 4.00 | &nbsp;&nbsp; 12-15-2034 | 2000000 | &nbsp;&nbsp; 2013181 |

---

The accompanying notes are an integral part of these financial statements.

6 \| Allspring Wisconsin Tax-Free Fund

------

Portfolio of investments—June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housing revenue**(continued) |  |  |  |  |
| Wisconsin Center District Milwaukee Arena Project | 5.00<br> %<br>| &nbsp;&nbsp; 12-15-2026 | $85000 | &nbsp;&nbsp; $86682 |
| Wisconsin Center District Milwaukee Arena Project | 5.00 | &nbsp;&nbsp; 12-15-2032 | 85000 | &nbsp;&nbsp; 86683 |
| Wisconsin Dells CDA Tax Incremental District No. 2 | 4.00 | &nbsp;&nbsp; 3-1-2026 | 440000 | &nbsp;&nbsp; 438288 |
| Wisconsin Dells CDA Tax Incremental District No. 3 Series B | 3.35 | &nbsp;&nbsp; 3-1-2026 | 530000 | &nbsp;&nbsp; 524553 |
| &nbsp;&nbsp; Wisconsin Housing & EDA Home Ownership Revenue Series D (GNMA / <br> FNMA / FHLMC Insured) (Royal Bank of Canada SPA)ø<br>| 1.92 | &nbsp;&nbsp; 3-1-2042 | 100000 | &nbsp;&nbsp; 100000 |
| Wisconsin Housing & EDA Housing Revenue Series A | 3.38 | &nbsp;&nbsp; 5-1-2057 | 635000 | &nbsp;&nbsp; 466058 |
| Wisconsin Housing & EDA Housing Revenue Series A | 3.40 | &nbsp;&nbsp; 11-1-2032 | 1000000 | &nbsp;&nbsp; 983539 |
| &nbsp;&nbsp; Wisconsin Housing & EDA Housing Revenue Series A (Department of <br> Housing and Urban Development Insured)<br>| 4.38 | &nbsp;&nbsp; 11-1-2038 | 1250000 | &nbsp;&nbsp; 1255150 |
| Wisconsin Housing & EDA Housing Revenue Series Bøø | 3.75 | &nbsp;&nbsp; 11-1-2055 | 1500000 | &nbsp;&nbsp; 1509682 |
| Wisconsin Housing & EDA Housing Revenue Series C | 3.88 | &nbsp;&nbsp; 11-1-2035 | 1100000 | &nbsp;&nbsp; 1084978 |
| &nbsp;&nbsp; Wisconsin Housing & EDA Housing Revenue Series C (Department of <br> Housing and Urban Development Insured)<br>| 0.85 | &nbsp;&nbsp; 11-1-2025 | 320000 | &nbsp;&nbsp; 316266 |
| &nbsp;&nbsp; Wisconsin Housing & EDA Housing Revenue Series C (Department of <br> Housing and Urban Development Insured)<br>| 0.95 | &nbsp;&nbsp; 5-1-2026 | 205000 | &nbsp;&nbsp; 199599 |
| &nbsp;&nbsp; Wisconsin Housing & EDA Housing Revenue Series C (Department of <br> Housing and Urban Development Insured)<br>| 1.00 | &nbsp;&nbsp; 11-1-2026 | 330000 | &nbsp;&nbsp; 317290 |
| &nbsp;&nbsp; Wisconsin Housing & EDA Housing Revenue Series C (Department of <br> Housing and Urban Development Insured)<br>| 1.20 | &nbsp;&nbsp; 5-1-2027 | 310000 | &nbsp;&nbsp; 295870 |
| &nbsp;&nbsp; Wisconsin Housing & EDA Housing Revenue Series C (Department of <br> Housing and Urban Development Insured)<br>| 1.35 | &nbsp;&nbsp; 11-1-2027 | 345000 | &nbsp;&nbsp; 326372 |
| Wisconsin Housing & EDA East National LLC Series Jøø | 5.00 | &nbsp;&nbsp; 8-1-2058 | 2000000 | &nbsp;&nbsp; 2034992 |
| Wisconsin Housing & EDA East Washington Apts LLC Series Iøø | 5.00 | &nbsp;&nbsp; 11-1-2058 | 2288000 | &nbsp;&nbsp; 2355404 |
| &nbsp;&nbsp; Wisconsin Housing & EDA Flats at Bishops Woods LP Series E (FNMA <br> Insured)<br>| 4.75 | &nbsp;&nbsp; 6-1-2043 | 3000000 | &nbsp;&nbsp; 2984161 |
| Wisconsin Housing & EDA Multifamily Housing Revenue Series A AMT | 4.05 | &nbsp;&nbsp; 12-1-2049 | 800000 | &nbsp;&nbsp; 700677 |
| &nbsp;&nbsp; Wisconsin Housing & EDA WHPC Madison Pool Project-2017 Obligated <br> Group Series A<br>| 4.55 | &nbsp;&nbsp; 7-1-2037 | 165000 | &nbsp;&nbsp; 165504 |
| &nbsp;&nbsp; Wisconsin Housing & EDA WHPC Madison Pool Project-2017 Obligated <br> Group Series A<br>| 4.70 | &nbsp;&nbsp; 7-1-2047 | 1300000 | &nbsp;&nbsp; 1249986 |
| &nbsp;&nbsp; Wisconsin Housing & EDA WHPC Madison Pool Project-2017 Obligated <br> Group Series A<br>| 4.85 | &nbsp;&nbsp; 7-1-2052 | 3000000 | &nbsp;&nbsp; 2833567 |
|  |  |  |  | &nbsp;&nbsp; **47044426** |
| **Miscellaneous revenue: 4.87%** |  |  |  |  |
| &nbsp;&nbsp; Appleton RDA Fox Cities Performing Arts Center, Inc. Series B (Thrivent <br> Financial Lutherans LOC)ø<br>| 2.20 | &nbsp;&nbsp; 6-1-2036 | 1600000 | &nbsp;&nbsp; 1600000 |
| Wisconsin Center District (AG Insured) | 5.25 | &nbsp;&nbsp; 12-15-2027 | 925000 | &nbsp;&nbsp; 953852 |
| Wisconsin Center District Series A CAB (BAM Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2033 | 2285000 | &nbsp;&nbsp; 1641042 |
| Wisconsin Center District Series A CAB (NPFGC Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2027 | 100000 | &nbsp;&nbsp; 92199 |
| Wisconsin Center District Series C CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2028 | 1075000 | &nbsp;&nbsp; 955838 |
| Wisconsin Center District Series C CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2030 | 595000 | &nbsp;&nbsp; 488130 |
| Wisconsin Center District Series D CAB (AG Insured)¤ | 0.00 | &nbsp;&nbsp; 12-15-2045 | 1750000 | &nbsp;&nbsp; 640010 |
|  |  |  |  | &nbsp;&nbsp; **6371071** |
| **Tax revenue: 1.65%** |  |  |  |  |
| &nbsp;&nbsp; Southeast Wisconsin Professional Baseball Park District (NPFGC <br> Insured)¤<br>| 0.00 | &nbsp;&nbsp; 12-15-2025 | 200000 | &nbsp;&nbsp; 197198 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Wisconsin Tax-Free Fund \| 7

------

Portfolio of investments—June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Tax revenue**(continued) |  |  |  |  |  |
| &nbsp;&nbsp; Southeast Wisconsin Professional Baseball Park District (NPFGC <br> Insured)¤<br>|  | 0.00<br> %<br>| &nbsp;&nbsp; 12-15-2027 | $270000 | &nbsp;&nbsp; $251606 |
| &nbsp;&nbsp; Southeast Wisconsin Professional Baseball Park District Series A <br> (NPFGC Insured)<br>|  | 5.50 | &nbsp;&nbsp; 12-15-2026 | 1675000 | &nbsp;&nbsp; 1712833 |
|  |  |  |  |  | &nbsp;&nbsp; **2161637** |
| **Utilities revenue: 0.38%** |  |  |  |  |  |
| PFA Duke Energy Progress LLC Series A-1øø |  | 3.30 | &nbsp;&nbsp; 10-1-2046 | 500000 | &nbsp;&nbsp; **496327** |
|  |  |  |  |  | &nbsp;&nbsp; **99753829** |
| **Total municipal obligations (Cost $137,319,192)** |  |  |  |  | &nbsp;&nbsp; **129334070** |
| **Total investments in securities (Cost $137,319,192)** | 98.92<br> %<br>|  |  |  | &nbsp;&nbsp; 129334070 |
| Other assets and liabilities, net | 1.08 |  |  |  | &nbsp;&nbsp; 1415205 |
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$130749275** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of <br> the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in <br> effect at period end.<br>|
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AG | Assured Guaranty Incorporation |
| AMT | Alternative minimum tax |
| BAM | Build America Mutual Assurance Company |
| BAN | Bond anticipation note |
| CAB | Capital appreciation bond |
| CDA | Community Development Authority |
| EDA | Economic Development Authority |
| EDFA | Economic Development Finance Authority |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General obligation |
| HEFA | Health & Educational Facilities Authority |
| IDA | Industrial Development Authority |
| LIQ | Liquidity agreement |
| LOC | Letter of credit |
| NPFGC | National Public Finance Guarantee Corporation |
| PFA | Public Finance Authority |
| RDA | Redevelopment Authority |
| SPA | Standby purchase agreement |

---

The accompanying notes are an integral part of these financial statements.

8 \| Allspring Wisconsin Tax-Free Fund

------

Statement of assets and liabilities—June 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $137,319,192) | $129334070 |
| Cash | 126383 |
| Receivable for interest | 1495117 |
| Receivable for Fund shares sold | 42315 |
| Prepaid expenses and other assets | 45573 |
| **Total assets** | **131043458** |
| Liabilities |  |
| Payable for Fund shares redeemed | 161537 |
| Shareholder servicing fees payable | 51568 |
| Management fee payable | 24419 |
| Dividends payable | 15068 |
| Administration fees payable | 11843 |
| Trustees' fees and expenses payable | 4146 |
| Distribution fee payable | 1602 |
| Accrued expenses and other liabilities | 24000 |
| **Total liabilities** | **294183** |
| **Total net assets**  | **$130749275** |
| Net assets consist of |  |
| Paid-in capital | $139493496 |
| Total distributable loss | (8744221)<br>|
| **Total net assets** | **$130749275** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $53408233 |
| Shares outstanding–Class A<sup>1</sup> <br>| 5222937 |
| Net asset value per share–Class A | $10.23 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $10.71 |
| Net assets–Class C | $2525454 |
| Shares outstanding–Class C<sup>1</sup> <br>| 246992 |
| Net asset value per share–Class C | $10.22 |
| Net assets–Institutional Class | $74815588 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 7315604 |
| Net asset value per share–Institutional Class | $10.23 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

Allspring Wisconsin Tax-Free Fund \| 9

------

Statement of operations—year ended June 30, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $4609332 |
| Expenses |  |
| Management fee | 521267 |
| Administration fees |  |
| Class A | 84608 |
| Class C | 4177 |
| Institutional Class | 56901 |
| Shareholder servicing fees |  |
| Class A | 140980 |
| Class C | 6959 |
| Distribution fee |  |
| Class C | 20879 |
| Custody and accounting fees | 6317 |
| Professional fees | 51433 |
| Registration fees | 73693 |
| Shareholder report expenses | 21057 |
| Trustees' fees and expenses | 13667 |
| Other fees and expenses | 17132 |
| **Total expenses** | **1019070** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (130971)<br>|
| Class A | (89732)<br>|
| Class C | (3891)<br>|
| **Net expenses** | **794476** |
| **Net investment income** | **3814856** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized losses on investments** | **(184222)**<br>|
| **Net change in unrealized gains (losses) on investments** | **(1329227)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(1513449)**<br>|
| **Net increase in net assets resulting from operations** | **$2301407** |

---

The accompanying notes are an integral part of these financial statements.

10 \| Allspring Wisconsin Tax-Free Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2025 | Year ended<br> June 30, 2024 | Year ended<br> June 30, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $3814856 |  | &nbsp;&nbsp; $3523964 |
| Net realized losses on investments |  | &nbsp;&nbsp; (184222)<br>|  | &nbsp;&nbsp; (43325)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (1329227)<br>|  | &nbsp;&nbsp; 532941 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **2301407** |  | &nbsp;&nbsp; **4013580** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (1605019)<br>|  | &nbsp;&nbsp; (1550931)<br>|
| Class C |  | &nbsp;&nbsp; (57759)<br>|  | &nbsp;&nbsp; (53682)<br>|
| Institutional Class |  | &nbsp;&nbsp; (2145275)<br>|  | &nbsp;&nbsp; (1891132)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(3808053)**<br>|  | &nbsp;&nbsp; **(3495745)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 472804 | &nbsp;&nbsp; 4908104 | &nbsp;&nbsp; 453875 | &nbsp;&nbsp; 4593209 |
| Class C | 47823 | &nbsp;&nbsp; 495939 | &nbsp;&nbsp; 36100 | &nbsp;&nbsp; 371654 |
| Institutional Class | 2237723 | &nbsp;&nbsp; 23178154 | &nbsp;&nbsp; 2118014 | &nbsp;&nbsp; 21617449 |
|  |  | &nbsp;&nbsp; 28582197 |  | &nbsp;&nbsp; 26582312 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 142092 | &nbsp;&nbsp; 1473500 | &nbsp;&nbsp; 142037 | &nbsp;&nbsp; 1446502 |
| Class C | 5396 | &nbsp;&nbsp; 55942 | &nbsp;&nbsp; 5159 | &nbsp;&nbsp; 52503 |
| Institutional Class | 202278 | &nbsp;&nbsp; 2096697 | &nbsp;&nbsp; 182901 | &nbsp;&nbsp; 1862809 |
|  |  | &nbsp;&nbsp; 3626139 |  | &nbsp;&nbsp; 3361814 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (857616)<br>| &nbsp;&nbsp; (8840968)<br>| &nbsp;&nbsp; (1359082)<br>| &nbsp;&nbsp; (13792958)<br>|
| Class C | (77665)<br>| &nbsp;&nbsp; (799117)<br>| &nbsp;&nbsp; (89563)<br>| &nbsp;&nbsp; (910852)<br>|
| Institutional Class | (1486720)<br>| &nbsp;&nbsp; (15373596)<br>| &nbsp;&nbsp; (3511871)<br>| &nbsp;&nbsp; (35397405)<br>|
|  |  | &nbsp;&nbsp; (25013681)<br>|  | &nbsp;&nbsp; (50101215)<br>|
| **Net increase (decrease) in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **7194655** |  | &nbsp;&nbsp; **(20157089)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **5688009** |  | &nbsp;&nbsp; **(19639254)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **125061266** |  | &nbsp;&nbsp; **144700520** |
| **End of period** |  | &nbsp;&nbsp; **$130749275** |  | &nbsp;&nbsp; **$125061266** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Wisconsin Tax-Free Fund \| 11

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.34** | &nbsp;&nbsp; **$10.25** | &nbsp;&nbsp; **$10.30** | &nbsp;&nbsp; **$11.28** | &nbsp;&nbsp; **$11.12** |
| Net investment income | 0.30 <br><sup>1</sup><br>| 0.27 <br><sup>1</sup><br>| 0.25 | 0.20 | 0.21 |
| Net realized and unrealized gains (losses) on investments | (0.11)<br>| 0.09 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.97)<br>| 0.16 |
| Total from investment operations | 0.19 | 0.36 | 0.20 | &nbsp;&nbsp; (0.77)<br>| 0.37 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.30)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| 0.00 |
| Total distributions to shareholders | (0.30)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.21)<br>|
| **Net asset value, end of period** | **$10.23** | &nbsp;&nbsp; **$10.34** | &nbsp;&nbsp; **$10.25** | &nbsp;&nbsp; **$10.30** | &nbsp;&nbsp; **$11.28** |
| **Total return**<sup>2</sup> <br>| **1.79%**<br>| **3.58%**<br>| **1.95%**<br>| &nbsp;&nbsp; **(6.93)%**<br>| **3.37%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.94<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>| 0.92<br> %<br>| 0.92<br> %<br>|
| Net expenses | 0.68<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.69<br> %<br>| 0.68<br> %<br>|
| Net investment income | 2.85<br> %<br>| 2.67<br> %<br>| 2.41<br> %<br>| 1.79<br> %<br>| 1.88<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 14<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 10<br> %<br>|
| Net assets, end of period (000s omitted) | $53408 | &nbsp;&nbsp; $56490 | &nbsp;&nbsp; $63820 | &nbsp;&nbsp; $66388 | &nbsp;&nbsp; $76836 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

The accompanying notes are an integral part of these financial statements.

12 \| Allspring Wisconsin Tax-Free Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.33** | &nbsp;&nbsp; **$10.25** | &nbsp;&nbsp; **$10.30** | &nbsp;&nbsp; **$11.28** | &nbsp;&nbsp; **$11.12** |
| Net investment income | 0.22 <br><sup>1</sup><br>| 0.19 <br><sup>1</sup><br>| 0.17 | 0.11 | 0.13 |
| Net realized and unrealized gains (losses) on investments | (0.11)<br>| 0.08 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.97)<br>| 0.16 |
| Total from investment operations | 0.11 | 0.27 | 0.12 | &nbsp;&nbsp; (0.86)<br>| 0.29 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.22)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| 0.00 |
| Total distributions to shareholders | (0.22)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.13)<br>|
| **Net asset value, end of period** | **$10.22** | &nbsp;&nbsp; **$10.33** | &nbsp;&nbsp; **$10.25** | &nbsp;&nbsp; **$10.30** | &nbsp;&nbsp; **$11.28** |
| **Total return**<sup>2</sup> <br>| **1.01%**<br>| **2.71%**<br>| **1.18%**<br>| &nbsp;&nbsp; **(7.64)%**<br>| **2.58%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.69<br> %<br>| 1.70<br> %<br>| 1.70<br> %<br>| 1.66<br> %<br>| 1.67<br> %<br>|
| Net expenses | 1.45<br> %<br>| 1.45<br> %<br>| 1.45<br> %<br>| 1.45<br> %<br>| 1.45<br> %<br>|
| Net investment income | 2.08<br> %<br>| 1.91<br> %<br>| 1.65<br> %<br>| 1.02<br> %<br>| 1.12<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 14<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 10<br> %<br>|
| Net assets, end of period (000s omitted) | $2525 | &nbsp;&nbsp; $2805 | &nbsp;&nbsp; $3276 | &nbsp;&nbsp; $4204 | &nbsp;&nbsp; $5496 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

The accompanying notes are an integral part of these financial statements.

Allspring Wisconsin Tax-Free Fund \| 13

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 | Year ended June 30 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.34** | &nbsp;&nbsp; **$10.25** | &nbsp;&nbsp; **$10.30** | &nbsp;&nbsp; **$11.28** | &nbsp;&nbsp; **$11.12** |
| Net investment income | 0.31 <br><sup>1</sup><br>| 0.29 <br><sup>1</sup><br>| 0.27 | 0.22 | 0.23 |
| Net realized and unrealized gains (losses) on investments | (0.11)<br>| 0.09 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.97)<br>| 0.16 |
| Total from investment operations | 0.20 | 0.38 | 0.22 | &nbsp;&nbsp; (0.75)<br>| 0.39 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.31)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| 0.00 |
| Total distributions to shareholders | (0.31)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.23)<br>|
| **Net asset value, end of period** | **$10.23** | &nbsp;&nbsp; **$10.34** | &nbsp;&nbsp; **$10.25** | &nbsp;&nbsp; **$10.30** | &nbsp;&nbsp; **$11.28** |
| **Total return**<sup>2</sup> <br>| **1.95%**<br>| **3.77%**<br>| **2.13%**<br>| &nbsp;&nbsp; **(6.78)%**<br>| **3.54%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.62<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.59<br> %<br>| 0.59<br> %<br>|
| Net expenses | 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>|
| Net investment income | 3.02<br> %<br>| 2.85<br> %<br>| 2.59<br> %<br>| 1.96<br> %<br>| 2.04<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 14<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 10<br> %<br>|
| Net assets, end of period (000s omitted) | $74816 | &nbsp;&nbsp; $65766 | &nbsp;&nbsp; $77605 | &nbsp;&nbsp; $78887 | &nbsp;&nbsp; $88620 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

The accompanying notes are an integral part of these financial statements.

14 \| Allspring Wisconsin Tax-Free Fund

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services* – *Investment Companies*. These financial statements report on the Allspring Wisconsin Tax-Free Fund (the "Fund") which is a non-diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles ("GAAP") which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g., taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments 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.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and is subject to interest rate risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of assets and liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of operations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Interest earned on cash balances held at the custodian is recorded as interest income.

Allspring Wisconsin Tax-Free Fund \| 15

------

Notes to financial statements

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund's fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund's income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund's tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of June 30, 2025, the aggregate cost of all investments for federal income tax purposes was $137,319,611 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $220085 |
| Gross unrealized losses | &nbsp;&nbsp; (8205626)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(7985541)**<br>|

---

As of June 30, 2025, the Fund had capital loss carryforwards which consist of $98,160 in short-term capital losses and $664,778 in long-term capital losses.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.&nbsp;&nbsp;&nbsp;&nbsp;

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

• Level 1—quoted prices in active markets for identical securities

• Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Municipal obligations** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $129334070 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $129334070 |
| **Total assets** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$129334070** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$129334070** |

---

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At June 30, 2025, the Fund did not have any transfers into/out of Level 3.

16 \| Allspring Wisconsin Tax-Free Fund

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.400<br> %<br>|
| Next $500 million | 0.375 |
| Next $2 billion | 0.350 |
| Next $2 billion | 0.325 |
| Next $5 billion | 0.290 |
| Over $10 billion | 0.280 |

---

For the year ended June 30, 2025, the management fee was equivalent to an annual rate of 0.40% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.15<br> %<br>|
| Class C | 0.15 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through October 31, 2025 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 June 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.70<br> %<br>|
| Class C | 1.45 |
| 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

Allspring Wisconsin Tax-Free Fund \| 17

------

Notes to financial statements

from redemptions of Class C shares. For the year ended June 30, 2025, Allspring Funds Distributor received $2,539 from the sale of Class A shares and $22 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended June 30, 2025.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Class C are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $7,300,000, $10,100,000 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the year ended June 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended June 30, 2025 were $26,058,426 and $17,185,260, respectively.

6. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended June 30, 2025, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended June 30 | Year ended June 30 |
|  | 2025 | 2024 |
| **Tax-exempt income** | $3808053 | $3495745 |

---

As of June 30, 2025, the components of distributable loss on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>tax-exempt <br>income<br>| Unrealized <br>losses<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $19326 | &nbsp;&nbsp; $(7985541)<br>| &nbsp;&nbsp;&nbsp; $(762938)<br>|

---

8. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state or territory of the U.S. Therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt fund. As of the end of the period, the Fund's investments were concentrated in the state of Wisconsin.

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.

18 \| Allspring Wisconsin Tax-Free Fund

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

11. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. 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 revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

12. SUBSEQUENT EVENT

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on or about the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C will be closed to new investors and additional investments from existing shareholders.

Allspring Wisconsin Tax-Free Fund \| 19

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Wisconsin Tax-Free Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of June 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g97024img016f48332.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

August 22, 2025

20 \| Allspring Wisconsin Tax-Free Fund

------

Other information (unaudited)

Other information

Tax information

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended June 30, 2025.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

Allspring Wisconsin Tax-Free Fund \| 21

------

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.

22 \| Allspring Wisconsin Tax-Free Fund

------

Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Wisconsin Tax-Free Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

Allspring Wisconsin Tax-Free Fund \| 23

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Class A) was higher than the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Bloomberg Municipal Bond Index, for the one- and three-year periods under review, in range of the investment performance of its benchmark index for the five-year period under review, and lower for the ten-year period under review.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of the average rates for the expense Groups for each share class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

24 \| Allspring Wisconsin Tax-Free Fund

------

Other information (unaudited)

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

Allspring Wisconsin Tax-Free Fund \| 25

------

![](g97024imgc60685451.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**

![](g97024imgd373cc8a3.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-800-222-8222*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

Allspring Global Investments<sup>TM</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR3328 06-25**

------

<u>ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u>

Changes in and Disagreements with Accountants for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Proxy Disclosures for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

------

<u>ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT</u>

The registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 13. PORTFOLIO MANAGERS OF</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 14. PURCHASES OF EQUITY SECURITIES BY</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</u>

Not applicable.

<u>ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</u> 

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees that have been implemented since the registrant's last provided disclosure in response to the requirements of this Item.

<u>ITEM 16. CONTROLS AND PROCEDURES</u> 

(a) The President and Treasurer have concluded that the Allspring Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

<u>ITEM 17. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION</u> 

Not applicable.

------

<u>ITEM 19. EXHIBITS</u> 

---

| | |
|:---|:---|
| (a)(1) | [Code of Ethics.](d97024dex99code.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.](d97024dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.](d97024dex99906cert.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: August 22, 2025 | Date: August 22, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

---

| | |
|:---|:---|
|  Allspring Funds Trust | Allspring Funds Trust |
|  By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
|  Date: August 22, 2025 | Date: August 22, 2025 |
|  By: | /s/Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  Date: August 22, 2025 | Date: August 22, 2025 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**Allspring Funds Trust** 

**Allspring Master Trust** 

**Allspring Variable Trust** 

**Allspring Exchange-Traded Funds Trust** 

**Allspring Global Dividend Opportunity Fund** 

**Allspring Income Opportunities Fund** 

**Allspring Multi-Sector Income Fund** 

**Allspring Utilities and High-Income Fund** 

**<u>Joint Code of Ethics for Principal Executive Officer and Senior Financial Officers</u>**

**I.** **Covered Officers / Purpose of the Code** 

This Code of Ethics ("Code") of Allspring Funds Trust, Allspring Master Trust, Allspring Variable Trust, Allspring Exchange-Traded Funds Trust, Allspring Global Dividend Opportunity Fund, Allspring Income Opportunities Fund, Allspring Multi-Sector Income Fund and Allspring Utilities and High Income Fund (collectively, the "Trusts" and each, "a Trust") applies to each Trust's Principal Executive Officer, Principal Financial Officer and any other Trust officer's listed on Exhibit A (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable financial disclosure in reports and documents that a Trust files
with, or submits to, the Securities and Exchange

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Both Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust. Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trust and Allspring Funds Management, LLC (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Adviser, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Each Covered Officer recognizes that, as an officer of a Trust, he or she has a duty to act in the best interests of the Trust and its shareholders. If a Covered Officer believes that his or her responsibilities as an officer or employee of the Adviser are likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as an officer of the Trust, he or she should consult with the Chief Legal Officer. Under appropriate circumstances, a Covered Officer should also consider whether to present the matter to the Board. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

\* \* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of a Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made or
contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of a Trust or its affiliated persons for reports
of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not engage in personal, business or professional relationships or dealings that would impair his or her
independence of judgment or adversely affect the performance of his or her duties in the best interests of the Trust and their shareholders.

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There are some conflict of interest situations that should always be approved in advance by the Chief Legal Officer of the Trust (the "Chief Legal Officer") if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private for-profit company (provided, however, that a Covered Officer who is employed by another company (e.g., Allspring) may serve as a director of such company or any entity, controlling, controlled by, or under common control with, such company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquiring a financial interest in any company that provides services to the Trust (provided, however, that a
Covered Officer who is employed by another company (e.g., Allspring) may have an ownership interest in his or her employer or the employer's parent company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment or gifts from any person or company with which the Trust has current or
prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any consulting or employment relationship with any of the Trust's service providers, other than with the
primary employer of the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for
effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's primary employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust.

Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Board and the Trust's auditors, and to governmental regulators and self-regulatory organizations.

Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

Each Covered Officer should, consistent with his or her responsibilities, exercise appropriate supervision over and assist relevant Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner.

Each Covered Officer is responsible for the accuracy of the records and reports that he or she is responsible for maintaining. The books and records of the Trust shall meet the highest standards and accurately reflect the true nature of the transactions they record. The Covered Officers must not create false or misleading documents or accounting, financial or electronic records for any purpose, and must not direct any other person to do so. If a Covered Officer becomes aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Chief Legal Officer for a determination as to what, if any, corrective action is necessary or appropriate.

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No undisclosed or unrecorded account or fund shall be established for any purpose. No false or misleading entries shall be made in a Trust's books or records for any reason. No disbursement of a Trust's assets shall be made without adequate supporting documentation or for any purpose other than as described in the Trust's documents or contracts.

A Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board: (i) that provided the basis for any amendment or waiver to this Code, and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter upon becoming a Covered Officer), affirm in writing (in the form
attached to this Code) to the Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm in writing (in the form attached to this Code) to the Board that he or she has
complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Chief Legal Officer of the Trust promptly if he or she knows of any violation of this Code. Failure to
do so is itself a violation of this Code.

The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. While the Chief Legal Officer in authorized to interpret this Code, an approval of a situation that is expressly prohibited by this Code is deemed to be a "waiver" and can be approved only by the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him
or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation will be reported to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Board concurs that a violation has occurred, it will consider appropriate action, which may include review
of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board will be responsible for granting waivers, as appropriate (a "waiver" is the approval of a
situation that is expressly prohibited by this Code); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trusts or the Adviser govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The codes of ethics adopted by the Trusts and the Adviser under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent Trustees.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except upon request of the SEC or another regulatory agency, or as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than Board and its counsel.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

**IX.** **Disclosure of Code of Ethics to the Public** 

Pursuant to Item 2(f) of Form N-CSR the registrant is required to disclose the Code of Ethics per one of the methods listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) File with the Commission, pursuant to Item 13(a)(1), a copy of its code of ethics that applies to the
registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this
Form N- CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made.

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**X.** **Interpretation of Code** 

This Code will not be interpreted or applied in any manner that would violate the legal rights of any Covered Officer as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Officer from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A Covered Officer does not need prior authorization of the Trust or Adviser before taking any such action and is not required to inform the Trust or Adviser if he or she chooses to take such action.

Amended: January 7, 2025

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**Exhibit A** 

**Persons Covered by the Code** 

John Kenney, President of each Trust

Jeremy DePalma, Treasurer of each Trust

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g97024g0827070413002.jpg)

**<u>CERTIFICATION</u>**

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSR of Allspring Alternative Risk Premia Fund, Allspring California Limited-Term Tax-Free Fund, Allspring California Tax-Free Fund, Allspring High Yield Municipal Bond Fund, Allspring Intermediate Tax/AMT-Free Fund, Allspring Minnesota Tax-Free Fund, Allspring Municipal Bond Fund, Allspring Pennsylvania Tax-Free Fund, Allspring Short-Term Municipal Bond Fund, Allspring Strategic Municipal Bond Fund, Allspring Ultra Short-Term Municipal Income Fund, and Allspring Wisconsin Tax-Free Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
|  Date: August 22, 2025 |
| /s/ John Kenney |
|  John Kenney |
|  President (Principal Executive Officer) |
|  Allspring Funds Trust |

---

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![LOGO](g97024g0827070413002.jpg)

**<u>CERTIFICATION</u>**

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSR of Allspring Alternative Risk Premia Fund, Allspring California Limited-Term Tax-Free Fund, Allspring California Tax-Free Fund, Allspring High Yield Municipal Bond Fund, Allspring Intermediate Tax/AMT-Free Fund, Allspring Minnesota Tax-Free Fund, Allspring Municipal Bond Fund, Allspring Pennsylvania Tax-Free Fund, Allspring Short-Term Municipal Bond Fund, Allspring Strategic Municipal Bond Fund, Allspring Ultra Short-Term Municipal Income Fund, and Allspring Wisconsin Tax-Free Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| |
|:---|
|  Date: August 22, 2025 |
| /s/ Jeremy DePalma |
|  Jeremy DePalma |
|  Treasurer (Principal Financial Officer) |
|  Allspring Funds Trust |

---

## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g97024g0827070413002.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSR for the year ended June 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: August 22, 2025

---

| | |
|:---|:---|
|  By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
|  | Allspring Funds Trust |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

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![LOGO](g97024g0827070413002.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSR for the year ended June 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: August 22, 2025

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| | |
|:---|:---|
|  By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  | Allspring Funds Trust |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.