# EDGAR Filing Document

**Accession Number:** 0001081400
**File Stem:** 0001193125-26-002627
**Filing Date:** 2026-1
**Character Count:** 1460288
**Document Hash:** e64f0a3ac2e2cdbb3306f97ce8966b4d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-002627.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001193125-26-002627

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**EFFECTIVENESS DATE**: 20260105

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09253
- **FILM NUMBER:** 26507321

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

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

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

## Series and Classes Contracts Data

### Allspring Large Cap Value Fund (Series ID: S000007271)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019957 | Class A             | CBEAX           |
| C000019959 | Class C             | CBECX           |
| C000019962 | Institutional Class | CBLSX           |
| C000176621 | Class R6            | CBEJX           |

### Allspring Small Company Growth Fund (Series ID: S000007361)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020212 | Class A             | WFSAX           |
| C000020214 | Class C             | WSMCX           |
| C000064972 | Institutional Class | WSCGX           |
| C000150667 | Class R6            | WSCRX           |

### Allspring Small Company Value Fund (Series ID: S000007367)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000020236 | Class A       | SCVAX           |
| C000020238 | Class C       | SCVFX           |
| C000092788 | Institutional | SCVNX           |
| C000176624 | Class R6      | SCVJX           |

### Allspring Spectrum Growth Fund (Series ID: S000007385)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000176107 | Class A             | WGAFX           |
| C000176108 | Class C             | WGCFX           |
| C000205239 | Institutional Class | WGAYX           |

### Allspring Spectrum Moderate Growth Fund (Series ID: S000007386)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000176109 | Class A             | WGBAX           |
| C000176110 | Class C             | WGBFX           |
| C000205240 | Institutional Class | WGBIX           |

### Allspring Spectrum Conservative Growth Fund (Series ID: S000007387)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000176111 | Class A             | WMBGX           |
| C000176112 | Class C             | WMBFX           |
| C000205241 | Institutional Class | WMBZX           |

### Allspring Spectrum Aggressive Growth Fund (Series ID: S000007388)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000176113 | Class A             | WEAFX           |
| C000176114 | Class C             | WEACX           |
| C000205242 | Institutional Class | WEAYX           |
| C000230176 | Administrator Class | WEADX           |

### Allspring Spectrum Income Allocation Fund (Series ID: S000007404)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000176115 | Class C             | WCCFX           |
| C000176116 | Class A             | WCAFX           |
| C000205245 | Institutional Class | WCYFX           |

### Allspring Real Return Fund (Series ID: S000007407)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020321 | Class A             | IPBAX           |
| C000020323 | Class C             | IPBCX           |
| C000176626 | Class R6            | IPBJX           |
| C000176627 | Institutional Class | IPBNX           |

### Allspring Core Bond Fund (Series ID: S000007410)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020333 | Class A             | MBFAX           |
| C000020335 | Class C             | MBFCX           |
| C000020336 | Administrator Class | MNTRX           |
| C000020337 | Institutional Class | MBFIX           |
| C000120078 | Class R6            | WTRIX           |

### Allspring Emerging Growth Fund (Series ID: S000015703)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000064993 | Class A             | WEMAX           |
| C000064994 | Class C             | WEMCX           |
| C000064995 | Institutional Class | WEMIX           |
| C000205249 | Class R6            | WEGRX           |

### Allspring Asset Allocation Fund (Series ID: S000029123)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089552 | Class A             | EAAFX           |
| C000089554 | Class C             | EACFX           |
| C000089555 | Administrator Class | EAIFX           |
| C000123113 | Institutional Class | EAAIX           |

### Allspring Absolute Return Fund (Series ID: S000036117)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000110554 | Class A             | WARAX           |
| C000110555 | Class C             | WARCX           |
| C000123115 | Institutional Class | WABIX           |
| C000150671 | Class R6            | WARRX           |

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

![LOGO](g14779g87a77.jpg)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSRS

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

## Allspring Funds Trust

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

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

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

#### Matthew Prasse

#### Allspring Funds Management, LLC

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

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

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

#### Date of fiscal year end: April 30
**Registrant is making a filing for 13 of its series:** Allspring Absolute Return Fund, Allspring Asset Allocation Fund, Allspring Core Bond Fund, Allspring Emerging Growth Fund, Allspring Large Cap Value Fund, Allspring Small Company Growth Fund, Allspring Small Company Value Fund, Allspring Spectrum Aggressive Growth Fund, Allspring Spectrum Conservative Growth Fund, Allspring Spectrum Growth Fund, Allspring Spectrum Income Allocation Fund, Allspring Spectrum Moderate Growth Fund and Allspring Real Return Fund.

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

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u>![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Core Bond Fund

# October 31, 2025

# Administrator Class

# MNTRX
This semi-annual shareholder report contains important information about Core Bond Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $33 | 0.65%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $5093514368 |
| # of portfolio holdings | 1017 |
| Portfolio turnover rate | 160% |
| Total advisory fees paid | $7228507<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.63%, 10-31-2030 | 2.8 |
| U.S. Treasury Bonds, 4.75%, 5-15-2055 | 2.3 |
| U.S. Treasury Notes, 3.63%, 9-30-2030 | 1.7 |
| U.S. Treasury Bonds, 2.00%, 11-15-2041 | 1.7 |
| U.S. Treasury Notes, 4.25%, 8-15-2035 | 1.5 |
| U.S. Treasury Bonds, 4.88%, 8-15-2045 | 1.3 |
| U.S. Treasury Bonds, 1.75%, 8-15-2041 | 1.1 |
| U.S. Treasury Bonds, 3.00%, 2-15-2048 | 0.9 |
| FHLMC, 2.50%, 1-1-2052 | 0.9 |
| FNMA, 5.50%, 2-1-2054 | 0.9 |

---

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Agency securities | 41.7 |
| Corporate bonds and notes | 21.8 |
| U.S. Treasury securities | 21.3 |
| Asset-backed securities | 8.1 |
| Yankee corporate bonds and notes | 3.8 |
| Non-agency mortgage-backed securities | 1.6 |
| Yankee government bonds | 1.5 |
| Municipal obligations | 0.2 |

---

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

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

#### SAR0943 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Core Bond Fund

# October 31, 2025

# Class A

# MBFAX
This semi-annual shareholder report contains important information about Core Bond Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $35 | 0.69%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $5093514368 |
| # of portfolio holdings | 1017 |
| Portfolio turnover rate | 160% |
| Total advisory fees paid | $7228507<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.63%, 10-31-2030 | 2.8 |
| U.S. Treasury Bonds, 4.75%, 5-15-2055 | 2.3 |
| U.S. Treasury Notes, 3.63%, 9-30-2030 | 1.7 |
| U.S. Treasury Bonds, 2.00%, 11-15-2041 | 1.7 |
| U.S. Treasury Notes, 4.25%, 8-15-2035 | 1.5 |
| U.S. Treasury Bonds, 4.88%, 8-15-2045 | 1.3 |
| U.S. Treasury Bonds, 1.75%, 8-15-2041 | 1.1 |
| U.S. Treasury Bonds, 3.00%, 2-15-2048 | 0.9 |
| FHLMC, 2.50%, 1-1-2052 | 0.9 |
| FNMA, 5.50%, 2-1-2054 | 0.9 |

---

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Agency securities | 41.7 |
| Corporate bonds and notes | 21.8 |
| U.S. Treasury securities | 21.3 |
| Asset-backed securities | 8.1 |
| Yankee corporate bonds and notes | 3.8 |
| Non-agency mortgage-backed securities | 1.6 |
| Yankee government bonds | 1.5 |
| Municipal obligations | 0.2 |

---

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

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

#### SAR0940 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Core Bond Fund

# October 31, 2025

# Class C

# MBFCX
This semi-annual shareholder report contains important information about Core Bond Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $74 | 1.45%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $5093514368 |
| # of portfolio holdings | 1017 |
| Portfolio turnover rate | 160% |
| Total advisory fees paid | $7228507<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.63%, 10-31-2030 | 2.8 |
| U.S. Treasury Bonds, 4.75%, 5-15-2055 | 2.3 |
| U.S. Treasury Notes, 3.63%, 9-30-2030 | 1.7 |
| U.S. Treasury Bonds, 2.00%, 11-15-2041 | 1.7 |
| U.S. Treasury Notes, 4.25%, 8-15-2035 | 1.5 |
| U.S. Treasury Bonds, 4.88%, 8-15-2045 | 1.3 |
| U.S. Treasury Bonds, 1.75%, 8-15-2041 | 1.1 |
| U.S. Treasury Bonds, 3.00%, 2-15-2048 | 0.9 |
| FHLMC, 2.50%, 1-1-2052 | 0.9 |
| FNMA, 5.50%, 2-1-2054 | 0.9 |

---

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Agency securities | 41.7 |
| Corporate bonds and notes | 21.8 |
| U.S. Treasury securities | 21.3 |
| Asset-backed securities | 8.1 |
| Yankee corporate bonds and notes | 3.8 |
| Non-agency mortgage-backed securities | 1.6 |
| Yankee government bonds | 1.5 |
| Municipal obligations | 0.2 |

---

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

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

#### SAR0942 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Core Bond Fund

# October 31, 2025

# Class R6

# WTRIX
This semi-annual shareholder report contains important information about Core Bond Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $17 | 0.33%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $5093514368 |
| # of portfolio holdings | 1017 |
| Portfolio turnover rate | 160% |
| Total advisory fees paid | $7228507<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.63%, 10-31-2030 | 2.8 |
| U.S. Treasury Bonds, 4.75%, 5-15-2055 | 2.3 |
| U.S. Treasury Notes, 3.63%, 9-30-2030 | 1.7 |
| U.S. Treasury Bonds, 2.00%, 11-15-2041 | 1.7 |
| U.S. Treasury Notes, 4.25%, 8-15-2035 | 1.5 |
| U.S. Treasury Bonds, 4.88%, 8-15-2045 | 1.3 |
| U.S. Treasury Bonds, 1.75%, 8-15-2041 | 1.1 |
| U.S. Treasury Bonds, 3.00%, 2-15-2048 | 0.9 |
| FHLMC, 2.50%, 1-1-2052 | 0.9 |
| FNMA, 5.50%, 2-1-2054 | 0.9 |

---

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Agency securities | 41.7 |
| Corporate bonds and notes | 21.8 |
| U.S. Treasury securities | 21.3 |
| Asset-backed securities | 8.1 |
| Yankee corporate bonds and notes | 3.8 |
| Non-agency mortgage-backed securities | 1.6 |
| Yankee government bonds | 1.5 |
| Municipal obligations | 0.2 |

---

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

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

#### SAR4657 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Core Bond Fund

# October 31, 2025

# Institutional Class

# MBFIX
This semi-annual shareholder report contains important information about Core Bond Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $20 | 0.38%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $5093514368 |
| # of portfolio holdings | 1017 |
| Portfolio turnover rate | 160% |
| Total advisory fees paid | $7228507<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.63%, 10-31-2030 | 2.8 |
| U.S. Treasury Bonds, 4.75%, 5-15-2055 | 2.3 |
| U.S. Treasury Notes, 3.63%, 9-30-2030 | 1.7 |
| U.S. Treasury Bonds, 2.00%, 11-15-2041 | 1.7 |
| U.S. Treasury Notes, 4.25%, 8-15-2035 | 1.5 |
| U.S. Treasury Bonds, 4.88%, 8-15-2045 | 1.3 |
| U.S. Treasury Bonds, 1.75%, 8-15-2041 | 1.1 |
| U.S. Treasury Bonds, 3.00%, 2-15-2048 | 0.9 |
| FHLMC, 2.50%, 1-1-2052 | 0.9 |
| FNMA, 5.50%, 2-1-2054 | 0.9 |

---

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Agency securities | 41.7 |
| Corporate bonds and notes | 21.8 |
| U.S. Treasury securities | 21.3 |
| Asset-backed securities | 8.1 |
| Yankee corporate bonds and notes | 3.8 |
| Non-agency mortgage-backed securities | 1.6 |
| Yankee government bonds | 1.5 |
| Municipal obligations | 0.2 |

---

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

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

#### SAR0944 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Emerging Growth Fund

# October 31, 2025

# WEMAX

## Class A
This semi-annual shareholder report contains important information about Emerging Growth Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $67 | 1.20%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $330296111 |
| # of portfolio holdings | 76 |
| Portfolio turnover rate | 31% |
| Total advisory fees paid | $983219 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 35.4 |
| Health care | 27.2 |
| Information technology | 19.3 |
| Consumer discretionary | 8.6 |
| Financials | 3.8 |
| Utilities | 2.0 |
| Real estate | 1.5 |
| Communication services | 1.4 |
| Consumer staples | 0.5 |
| Energy | 0.3 |

---

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

---

| | |
|:---|:---|
| RadNet, Inc. | 2.8 |
| iRhythm Technologies, Inc. | 2.7 |
| Construction Partners, Inc. Class A | 2.3 |
| Ensign Group, Inc. | 2.2 |
| RBC Bearings, Inc. | 2.2 |
| Fabrinet | 2.2 |
| Commvault Systems, Inc. | 2.2 |
| Mirion Technologies, Inc. Class A | 2.1 |
| Applied Industrial Technologies, Inc. | 2.1 |
| Casella Waste Systems, Inc. Class A | 2.1 |

---

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

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

#### SAR3326 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Emerging Growth Fund

# October 31, 2025

# WEMCX

## Class C
This semi-annual shareholder report contains important information about Emerging Growth Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $110 | 1.97%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $330296111 |
| # of portfolio holdings | 76 |
| Portfolio turnover rate | 31% |
| Total advisory fees paid | $983219 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 35.4 |
| Health care | 27.2 |
| Information technology | 19.3 |
| Consumer discretionary | 8.6 |
| Financials | 3.8 |
| Utilities | 2.0 |
| Real estate | 1.5 |
| Communication services | 1.4 |
| Consumer staples | 0.5 |
| Energy | 0.3 |

---

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

---

| | |
|:---|:---|
| RadNet, Inc. | 2.8 |
| iRhythm Technologies, Inc. | 2.7 |
| Construction Partners, Inc. Class A | 2.3 |
| Ensign Group, Inc. | 2.2 |
| RBC Bearings, Inc. | 2.2 |
| Fabrinet | 2.2 |
| Commvault Systems, Inc. | 2.2 |
| Mirion Technologies, Inc. Class A | 2.1 |
| Applied Industrial Technologies, Inc. | 2.1 |
| Casella Waste Systems, Inc. Class A | 2.1 |

---

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

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 the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C was closed to new investors and additional investments from existing shareholders.

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

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

#### SAR3537 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Emerging Growth Fund

# October 31, 2025

# WEGRX

## Class R6
This semi-annual shareholder report contains important information about Emerging Growth Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $45 | 0.80%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $330296111 |
| # of portfolio holdings | 76 |
| Portfolio turnover rate | 31% |
| Total advisory fees paid | $983219 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 35.4 |
| Health care | 27.2 |
| Information technology | 19.3 |
| Consumer discretionary | 8.6 |
| Financials | 3.8 |
| Utilities | 2.0 |
| Real estate | 1.5 |
| Communication services | 1.4 |
| Consumer staples | 0.5 |
| Energy | 0.3 |

---

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

---

| | |
|:---|:---|
| RadNet, Inc. | 2.8 |
| iRhythm Technologies, Inc. | 2.7 |
| Construction Partners, Inc. Class A | 2.3 |
| Ensign Group, Inc. | 2.2 |
| RBC Bearings, Inc. | 2.2 |
| Fabrinet | 2.2 |
| Commvault Systems, Inc. | 2.2 |
| Mirion Technologies, Inc. Class A | 2.1 |
| Applied Industrial Technologies, Inc. | 2.1 |
| Casella Waste Systems, Inc. Class A | 2.1 |

---

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

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

#### SAR4807 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Emerging Growth Fund

# October 31, 2025

# WEMIX

## Institutional Class
This semi-annual shareholder report contains important information about Emerging Growth Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $50 | 0.90%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $330296111 |
| # of portfolio holdings | 76 |
| Portfolio turnover rate | 31% |
| Total advisory fees paid | $983219 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 35.4 |
| Health care | 27.2 |
| Information technology | 19.3 |
| Consumer discretionary | 8.6 |
| Financials | 3.8 |
| Utilities | 2.0 |
| Real estate | 1.5 |
| Communication services | 1.4 |
| Consumer staples | 0.5 |
| Energy | 0.3 |

---

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

---

| | |
|:---|:---|
| RadNet, Inc. | 2.8 |
| iRhythm Technologies, Inc. | 2.7 |
| Construction Partners, Inc. Class A | 2.3 |
| Ensign Group, Inc. | 2.2 |
| RBC Bearings, Inc. | 2.2 |
| Fabrinet | 2.2 |
| Commvault Systems, Inc. | 2.2 |
| Mirion Technologies, Inc. Class A | 2.1 |
| Applied Industrial Technologies, Inc. | 2.1 |
| Casella Waste Systems, Inc. Class A | 2.1 |

---

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

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

#### SAR3157 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Large Cap Value Fund

# October 31, 2025

# Class A

# CBEAX
This semi-annual shareholder report contains important information about Large Cap Value Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $43 | 0.81%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Expenses shown aggregate those of both the Fund and the Master Portfolio. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $154395004 |
| # of portfolio holdings | 47 |
| Portfolio turnover rate | 23% |
| Total advisory fees paid | $0 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 5.4 |
| Canadian Pacific Kansas City Ltd. | 4.3 |
| Bank of America Corp. | 4.1 |
| NextEra Energy, Inc. | 3.6 |
| Intercontinental Exchange, Inc. | 3.3 |
| Berkshire Hathaway, Inc. Class B | 3.0 |
| Amazon.com, Inc. | 3.0 |
| Mondelez International, Inc. Class A | 3.0 |
| Citigroup, Inc. | 2.9 |
| Danaher Corp. | 2.9 |

---

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

---

| | |
|:---|:---|
| Financials | 20.0 |
| Health care | 13.7 |
| Industrials | 12.6 |
| Consumer discretionary | 12.2 |
| Information technology | 10.5 |
| Consumer staples | 7.6 |
| Energy | 5.8 |
| Materials | 5.5 |
| Communication services | 5.4 |
| Utilities | 3.6 |
| Real estate | 3.1 |

---

## 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

#### SAR1863 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Large Cap Value Fund

# October 31, 2025

# Class C

# CBECX
This semi-annual shareholder report contains important information about Large Cap Value Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $84 | 1.57%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Expenses shown aggregate those of both the Fund and the Master Portfolio. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $154395004 |
| # of portfolio holdings | 47 |
| Portfolio turnover rate | 23% |
| Total advisory fees paid | $0 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 5.4 |
| Canadian Pacific Kansas City Ltd. | 4.3 |
| Bank of America Corp. | 4.1 |
| NextEra Energy, Inc. | 3.6 |
| Intercontinental Exchange, Inc. | 3.3 |
| Berkshire Hathaway, Inc. Class B | 3.0 |
| Amazon.com, Inc. | 3.0 |
| Mondelez International, Inc. Class A | 3.0 |
| Citigroup, Inc. | 2.9 |
| Danaher Corp. | 2.9 |

---

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

---

| | |
|:---|:---|
| Financials | 20.0 |
| Health care | 13.7 |
| Industrials | 12.6 |
| Consumer discretionary | 12.2 |
| Information technology | 10.5 |
| Consumer staples | 7.6 |
| Energy | 5.8 |
| Materials | 5.5 |
| Communication services | 5.4 |
| Utilities | 3.6 |
| Real estate | 3.1 |

---

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

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 the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C was closed to new investors and additional investments from existing shareholders.

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

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

#### SAR1865 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Large Cap Value Fund

# October 31, 2025

# Class R6

# CBEJX
This semi-annual shareholder report contains important information about Large Cap Value Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $21 | 0.40%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Expenses shown aggregate those of both the Fund and the Master Portfolio. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $154395004 |
| # of portfolio holdings | 47 |
| Portfolio turnover rate | 23% |
| Total advisory fees paid | $0 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 5.4 |
| Canadian Pacific Kansas City Ltd. | 4.3 |
| Bank of America Corp. | 4.1 |
| NextEra Energy, Inc. | 3.6 |
| Intercontinental Exchange, Inc. | 3.3 |
| Berkshire Hathaway, Inc. Class B | 3.0 |
| Amazon.com, Inc. | 3.0 |
| Mondelez International, Inc. Class A | 3.0 |
| Citigroup, Inc. | 2.9 |
| Danaher Corp. | 2.9 |

---

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

---

| | |
|:---|:---|
| Financials | 20.0 |
| Health care | 13.7 |
| Industrials | 12.6 |
| Consumer discretionary | 12.2 |
| Information technology | 10.5 |
| Consumer staples | 7.6 |
| Energy | 5.8 |
| Materials | 5.5 |
| Communication services | 5.4 |
| Utilities | 3.6 |
| Real estate | 3.1 |

---

## 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

#### SAR4688 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Large Cap Value Fund

# October 31, 2025

# Institutional Class

# CBLSX
This semi-annual shareholder report contains important information about Large Cap Value Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $27 | 0.50%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Expenses shown aggregate those of both the Fund and the Master Portfolio. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $154395004 |
| # of portfolio holdings | 47 |
| Portfolio turnover rate | 23% |
| Total advisory fees paid | $0 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 5.4 |
| Canadian Pacific Kansas City Ltd. | 4.3 |
| Bank of America Corp. | 4.1 |
| NextEra Energy, Inc. | 3.6 |
| Intercontinental Exchange, Inc. | 3.3 |
| Berkshire Hathaway, Inc. Class B | 3.0 |
| Amazon.com, Inc. | 3.0 |
| Mondelez International, Inc. Class A | 3.0 |
| Citigroup, Inc. | 2.9 |
| Danaher Corp. | 2.9 |

---

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

---

| | |
|:---|:---|
| Financials | 20.0 |
| Health care | 13.7 |
| Industrials | 12.6 |
| Consumer discretionary | 12.2 |
| Information technology | 10.5 |
| Consumer staples | 7.6 |
| Energy | 5.8 |
| Materials | 5.5 |
| Communication services | 5.4 |
| Utilities | 3.6 |
| Real estate | 3.1 |

---

## 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

#### SAR1868 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Real Return Fund

# October 31, 2025

# Class A

# IPBAX
This semi-annual shareholder report contains important information about Real Return Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.
The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated Master Portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated Master Portfolio in which it invests.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $40 | 0.76%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $137342042 |
| # of portfolio holdings | 418 |
| Portfolio turnover rate | 21% |
| Total advisory fees paid | $94097<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| TIPS, 0.38%, 7-15-2027 | 2.1 |
| TIPS, 2.13%, 1-15-2035 | 1.8 |
| TIPS, 0.13%, 4-15-2027 | 1.6 |
| TIPS, 0.13%, 1-15-2030 | 1.5 |
| TIPS, 1.38%, 7-15-2033 | 1.4 |
| TIPS, 0.50%, 1-15-2028 | 1.4 |
| TIPS, 1.63%, 10-15-2027 | 1.4 |
| TIPS, 0.13%, 7-15-2030 | 1.3 |
| TIPS, 1.88%, 7-15-2034 | 1.1 |
| Microsoft Corp. | 1 |

---

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Common stocks | 48.3 |
| U.S. Treasury securities | 36.8 |
| Corporate bonds and notes | 12.5 |
| Yankee corporate bonds and notes | 2.1 |
| Loans | 0.3 |

---

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

At a meeting held August 19-20, 2025, the Board of Trustees of Real Return Portfolio, the master portfolio in which the Fund invests substantially all of its assets, approved a change to the Portfolio's principal investment strategy to increase the Portfolio's ability to invest in below investment-grade debt securities from 10% to 20% of the Portfolio's total assets, effective September 1, 2025.

In addition, effective August 21, 2025, David Kowalske was added as a portfolio manager to the Real Return Portfolio and effective September 1, 2025, Travis L. Keshemberg, CFA, CIPM, FRM, was no longer a portfolio manager to the Real Return Portfolio.

## 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

#### SAR1753 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Real Return Fund

# October 31, 2025

# Class C

# IPBCX
This semi-annual shareholder report contains important information about Real Return Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.
The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated Master Portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated Master Portfolio in which it invests.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $80 | 1.52%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $137342042 |
| # of portfolio holdings | 418 |
| Portfolio turnover rate | 21% |
| Total advisory fees paid | $94097<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| TIPS, 0.38%, 7-15-2027 | 2.1 |
| TIPS, 2.13%, 1-15-2035 | 1.8 |
| TIPS, 0.13%, 4-15-2027 | 1.6 |
| TIPS, 0.13%, 1-15-2030 | 1.5 |
| TIPS, 1.38%, 7-15-2033 | 1.4 |
| TIPS, 0.50%, 1-15-2028 | 1.4 |
| TIPS, 1.63%, 10-15-2027 | 1.4 |
| TIPS, 0.13%, 7-15-2030 | 1.3 |
| TIPS, 1.88%, 7-15-2034 | 1.1 |
| Microsoft Corp. | 1 |

---

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Common stocks | 48.3 |
| U.S. Treasury securities | 36.8 |
| Corporate bonds and notes | 12.5 |
| Yankee corporate bonds and notes | 2.1 |
| Loans | 0.3 |

---

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

At a meeting held August 19-20, 2025, the Board of Trustees of Real Return Portfolio, the master portfolio in which the Fund invests substantially all of its assets, approved a change to the Portfolio's principal investment strategy to increase the Portfolio's ability to invest in below investment-grade debt securities from 10% to 20% of the Portfolio's total assets, effective September 1, 2025.

In addition, effective August 21, 2025, David Kowalske was added as a portfolio manager to the Real Return Portfolio and effective September 1, 2025, Travis L. Keshemberg, CFA, CIPM, FRM, was no longer a portfolio manager to the Real Return Portfolio. 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 the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C was closed to new investors and additional investments from existing shareholders.

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

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

#### SAR1755 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Real Return Fund

# October 31, 2025

# Class R6

# IPBJX
This semi-annual shareholder report contains important information about Real Return Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.
The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated Master Portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated Master Portfolio in which it invests.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $21 | 0.40%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $137342042 |
| # of portfolio holdings | 418 |
| Portfolio turnover rate | 21% |
| Total advisory fees paid | $94097<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| TIPS, 0.38%, 7-15-2027 | 2.1 |
| TIPS, 2.13%, 1-15-2035 | 1.8 |
| TIPS, 0.13%, 4-15-2027 | 1.6 |
| TIPS, 0.13%, 1-15-2030 | 1.5 |
| TIPS, 1.38%, 7-15-2033 | 1.4 |
| TIPS, 0.50%, 1-15-2028 | 1.4 |
| TIPS, 1.63%, 10-15-2027 | 1.4 |
| TIPS, 0.13%, 7-15-2030 | 1.3 |
| TIPS, 1.88%, 7-15-2034 | 1.1 |
| Microsoft Corp. | 1 |

---

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Common stocks | 48.3 |
| U.S. Treasury securities | 36.8 |
| Corporate bonds and notes | 12.5 |
| Yankee corporate bonds and notes | 2.1 |
| Loans | 0.3 |

---

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

At a meeting held August 19-20, 2025, the Board of Trustees of Real Return Portfolio, the master portfolio in which the Fund invests substantially all of its assets, approved a change to the Portfolio's principal investment strategy to increase the Portfolio's ability to invest in below investment-grade debt securities from 10% to 20% of the Portfolio's total assets, effective September 1, 2025.

In addition, effective August 21, 2025, David Kowalske was added as a portfolio manager to the Real Return Portfolio and effective September 1, 2025, Travis L. Keshemberg, CFA, CIPM, FRM, was no longer a portfolio manager to the Real Return Portfolio.

## 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

#### SAR4690 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Real Return Fund

# October 31, 2025

# Institutional Class

# IPBNX
This semi-annual shareholder report contains important information about Real Return Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.
The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated Master Portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated Master Portfolio in which it invests.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $24 | 0.45%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $137342042 |
| # of portfolio holdings | 418 |
| Portfolio turnover rate | 21% |
| Total advisory fees paid | $94097<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| TIPS, 0.38%, 7-15-2027 | 2.1 |
| TIPS, 2.13%, 1-15-2035 | 1.8 |
| TIPS, 0.13%, 4-15-2027 | 1.6 |
| TIPS, 0.13%, 1-15-2030 | 1.5 |
| TIPS, 1.38%, 7-15-2033 | 1.4 |
| TIPS, 0.50%, 1-15-2028 | 1.4 |
| TIPS, 1.63%, 10-15-2027 | 1.4 |
| TIPS, 0.13%, 7-15-2030 | 1.3 |
| TIPS, 1.88%, 7-15-2034 | 1.1 |
| Microsoft Corp. | 1 |

---

### PORTFOLIO ALLOCATION (% OF TOTAL INVESTMENT)

---

| | |
|:---|:---|
| Common stocks | 48.3 |
| U.S. Treasury securities | 36.8 |
| Corporate bonds and notes | 12.5 |
| Yankee corporate bonds and notes | 2.1 |
| Loans | 0.3 |

---

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

At a meeting held August 19-20, 2025, the Board of Trustees of Real Return Portfolio, the master portfolio in which the Fund invests substantially all of its assets, approved a change to the Portfolio's principal investment strategy to increase the Portfolio's ability to invest in below investment-grade debt securities from 10% to 20% of the Portfolio's total assets, effective September 1, 2025.

In addition, effective August 21, 2025, David Kowalske was added as a portfolio manager to the Real Return Portfolio and effective September 1, 2025, Travis L. Keshemberg, CFA, CIPM, FRM, was no longer a portfolio manager to the Real Return Portfolio.

## 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

#### SAR4714 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Small Company Growth Fund

# October 31, 2025

# Class A

# WFSAX
This semi-annual shareholder report contains important information about Small Company Growth Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $71 | 1.28%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Expenses shown aggregate those of both the Fund and the Master Portfolio. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $534152475 |
| # of portfolio holdings | 128 |
| Portfolio turnover rate | 26% |
| Total advisory fees paid | $74041 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| SPX Technologies, Inc. | 1.5 |
| Element Solutions, Inc. | 1.4 |
| Stifel Financial Corp. | 1.4 |
| PTC, Inc. | 1.3 |
| Ciena Corp. | 1.3 |
| TechnipFMC PLC | 1.2 |
| Coastal Financial Corp. | 1.2 |
| Advanced Energy Industries, Inc. | 1.2 |
| Kratos Defense & Security Solutions, Inc. | 1.2 |
| Patrick Industries, Inc. | 1.1 |

---

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

---

| | |
|:---|:---|
| Information technology | 24.8 |
| Industrials | 24.8 |
| Health care | 19.9 |
| Consumer discretionary | 11.7 |
| Financials | 10.7 |
| Consumer staples | 3.6 |
| Materials | 2.4 |
| Energy | 1.8 |
| Communication services | 0.3 |

---

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

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved a proposal to collapse the master-feeder structure under which the Fund invested 100% of its assets in the Allspring Small Company Growth Portfolio. Effective October 17, 2025, the Fund began investing its assets directly in a portfolio of securities.

## 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

#### SAR1848 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Small Company Growth Fund

# October 31, 2025

# Class C

# WSMCX
This semi-annual shareholder report contains important information about Small Company Growth Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $113 | 2.03%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Expenses shown aggregate those of both the Fund and the Master Portfolio. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $534152475 |
| # of portfolio holdings | 128 |
| Portfolio turnover rate | 26% |
| Total advisory fees paid | $74041 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| SPX Technologies, Inc. | 1.5 |
| Element Solutions, Inc. | 1.4 |
| Stifel Financial Corp. | 1.4 |
| PTC, Inc. | 1.3 |
| Ciena Corp. | 1.3 |
| TechnipFMC PLC | 1.2 |
| Coastal Financial Corp. | 1.2 |
| Advanced Energy Industries, Inc. | 1.2 |
| Kratos Defense & Security Solutions, Inc. | 1.2 |
| Patrick Industries, Inc. | 1.1 |

---

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

---

| | |
|:---|:---|
| Information technology | 24.8 |
| Industrials | 24.8 |
| Health care | 19.9 |
| Consumer discretionary | 11.7 |
| Financials | 10.7 |
| Consumer staples | 3.6 |
| Materials | 2.4 |
| Energy | 1.8 |
| Communication services | 0.3 |

---

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

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 the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C was closed to new investors and additional investments from existing shareholders. At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved a proposal to collapse the master-feeder structure under which the Fund invested 100% of its assets in the Allspring Small Company Growth Portfolio. Effective October 17, 2025, the Fund began investing its assets directly in a portfolio of securities.

## 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

#### SAR1850 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Small Company Growth Fund

# October 31, 2025

# Class R6

# WSCRX
This semi-annual shareholder report contains important information about Small Company Growth Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $48 | 0.86%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Expenses shown aggregate those of both the Fund and the Master Portfolio. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $534152475 |
| # of portfolio holdings | 128 |
| Portfolio turnover rate | 26% |
| Total advisory fees paid | $74041 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| SPX Technologies, Inc. | 1.5 |
| Element Solutions, Inc. | 1.4 |
| Stifel Financial Corp. | 1.4 |
| PTC, Inc. | 1.3 |
| Ciena Corp. | 1.3 |
| TechnipFMC PLC | 1.2 |
| Coastal Financial Corp. | 1.2 |
| Advanced Energy Industries, Inc. | 1.2 |
| Kratos Defense & Security Solutions, Inc. | 1.2 |
| Patrick Industries, Inc. | 1.1 |

---

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

---

| | |
|:---|:---|
| Information technology | 24.8 |
| Industrials | 24.8 |
| Health care | 19.9 |
| Consumer discretionary | 11.7 |
| Financials | 10.7 |
| Consumer staples | 3.6 |
| Materials | 2.4 |
| Energy | 1.8 |
| Communication services | 0.3 |

---

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

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved a proposal to collapse the master-feeder structure under which the Fund invested 100% of its assets in the Allspring Small Company Growth Portfolio. Effective October 17, 2025, the Fund began investing its assets directly in a portfolio of securities.

## 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

#### SAR4666 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Small Company Growth Fund

# October 31, 2025

# Institutional Class

# WSCGX
This semi-annual shareholder report contains important information about Small Company Growth Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $52 | 0.94%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Expenses shown aggregate those of both the Fund and the Master Portfolio. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $534152475 |
| # of portfolio holdings | 128 |
| Portfolio turnover rate | 26% |
| Total advisory fees paid | $74041 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| SPX Technologies, Inc. | 1.5 |
| Element Solutions, Inc. | 1.4 |
| Stifel Financial Corp. | 1.4 |
| PTC, Inc. | 1.3 |
| Ciena Corp. | 1.3 |
| TechnipFMC PLC | 1.2 |
| Coastal Financial Corp. | 1.2 |
| Advanced Energy Industries, Inc. | 1.2 |
| Kratos Defense & Security Solutions, Inc. | 1.2 |
| Patrick Industries, Inc. | 1.1 |

---

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

---

| | |
|:---|:---|
| Information technology | 24.8 |
| Industrials | 24.8 |
| Health care | 19.9 |
| Consumer discretionary | 11.7 |
| Financials | 10.7 |
| Consumer staples | 3.6 |
| Materials | 2.4 |
| Energy | 1.8 |
| Communication services | 0.3 |

---

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

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved a proposal to collapse the master-feeder structure under which the Fund invested 100% of its assets in the Allspring Small Company Growth Portfolio. Effective October 17, 2025, the Fund began investing its assets directly in a portfolio of securities.

## 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

#### SAR3162 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Small Company Value Fund

# October 31, 2025

# Class A

# SCVAX
This semi-annual shareholder report contains important information about Small Company Value Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $59 | 1.11%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $566421813 |
| # of portfolio holdings | 152 |
| Portfolio turnover rate | 98% |
| Total advisory fees paid | $1901405<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Wintrust Financial Corp. | 1.9 |
| Customers Bancorp, Inc. | 1.8 |
| Ameris Bancorp | 1.8 |
| FB Financial Corp. | 1.8 |
| UMB Financial Corp. | 1.7 |
| iShares Biotechnology ETF | 1.6 |
| State Street SPDR S&P Biotech ETF | 1.6 |
| Ligand Pharmaceuticals, Inc. | 1.6 |
| Jackson Financial, Inc. Class A | 1.5 |
| Atlantic Union Bankshares Corp. | 1.4 |

---

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

---

| | |
|:---|:---|
| Financials | 26.0 |
| Industrials | 21.7 |
| Consumer discretionary | 12.2 |
| Information technology | 10.7 |
| Health care | 7.7 |
| Materials | 6.9 |
| Energy | 5.9 |
| Investment companies | 3.3 |
| Real estate | 3.2 |
| Consumer staples | 1.8 |
| Communication services | 0.6 |

---

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

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

#### SAR1815 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Small Company Value Fund

# October 31, 2025

# Class C

# SCVFX
This semi-annual shareholder report contains important information about Small Company Value Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

#### This report describes changes to the Fund that occurred either during or after the reporting period.
The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated Master Portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated Master Portfolio in which it invests.

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $101 | 1.90%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $566421813 |
| # of portfolio holdings | 152 |
| Portfolio turnover rate | 98% |
| Total advisory fees paid | $1901405<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Wintrust Financial Corp. | 1.9 |
| Customers Bancorp, Inc. | 1.8 |
| Ameris Bancorp | 1.8 |
| FB Financial Corp. | 1.8 |
| UMB Financial Corp. | 1.7 |
| iShares Biotechnology ETF | 1.6 |
| State Street SPDR S&P Biotech ETF | 1.6 |
| Ligand Pharmaceuticals, Inc. | 1.6 |
| Jackson Financial, Inc. Class A | 1.5 |
| Atlantic Union Bankshares Corp. | 1.4 |

---

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

---

| | |
|:---|:---|
| Financials | 26.0 |
| Industrials | 21.7 |
| Consumer discretionary | 12.2 |
| Information technology | 10.7 |
| Health care | 7.7 |
| Materials | 6.9 |
| Energy | 5.9 |
| Investment companies | 3.3 |
| Real estate | 3.2 |
| Consumer staples | 1.8 |
| Communication services | 0.6 |

---

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

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 the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C was closed to new investors and additional investments from existing shareholders.

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

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

#### SAR1808 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Small Company Value Fund

# October 31, 2025

# Class R6

# SCVJX
This semi-annual shareholder report contains important information about Small Company Value Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $40 | 0.75%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $566421813 |
| # of portfolio holdings | 152 |
| Portfolio turnover rate | 98% |
| Total advisory fees paid | $1901405<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Wintrust Financial Corp. | 1.9 |
| Customers Bancorp, Inc. | 1.8 |
| Ameris Bancorp | 1.8 |
| FB Financial Corp. | 1.8 |
| UMB Financial Corp. | 1.7 |
| iShares Biotechnology ETF | 1.6 |
| State Street SPDR S&P Biotech ETF | 1.6 |
| Ligand Pharmaceuticals, Inc. | 1.6 |
| Jackson Financial, Inc. Class A | 1.5 |
| Atlantic Union Bankshares Corp. | 1.4 |

---

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

---

| | |
|:---|:---|
| Financials | 26.0 |
| Industrials | 21.7 |
| Consumer discretionary | 12.2 |
| Information technology | 10.7 |
| Health care | 7.7 |
| Materials | 6.9 |
| Energy | 5.9 |
| Investment companies | 3.3 |
| Real estate | 3.2 |
| Consumer staples | 1.8 |
| Communication services | 0.6 |

---

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

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

#### SAR4692 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Small Company Value Fund

# October 31, 2025

# Institutional Class

# SCVNX
This semi-annual shareholder report contains important information about Small Company Value Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $45 | 0.85%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $566421813 |
| # of portfolio holdings | 152 |
| Portfolio turnover rate | 98% |
| Total advisory fees paid | $1901405<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Includes the fees charged by the Manager for providing advisory services to the Master Portfolio in which the Fund invests substantially all of its assets. |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Wintrust Financial Corp. | 1.9 |
| Customers Bancorp, Inc. | 1.8 |
| Ameris Bancorp | 1.8 |
| FB Financial Corp. | 1.8 |
| UMB Financial Corp. | 1.7 |
| iShares Biotechnology ETF | 1.6 |
| State Street SPDR S&P Biotech ETF | 1.6 |
| Ligand Pharmaceuticals, Inc. | 1.6 |
| Jackson Financial, Inc. Class A | 1.5 |
| Atlantic Union Bankshares Corp. | 1.4 |

---

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

---

| | |
|:---|:---|
| Financials | 26.0 |
| Industrials | 21.7 |
| Consumer discretionary | 12.2 |
| Information technology | 10.7 |
| Health care | 7.7 |
| Materials | 6.9 |
| Energy | 5.9 |
| Investment companies | 3.3 |
| Real estate | 3.2 |
| Consumer staples | 1.8 |
| Communication services | 0.6 |

---

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

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

#### SAR4142 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Absolute Return Fund

# October 31, 2025

# WARAX

## Class A
This semi-annual shareholder report contains important information about Absolute Return Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $37 | 0.70%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Amounts reflect net expenses allocated from the affiliated Master Portfolios in which the Fund invests. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $439678586 |
| # of portfolio holdings | 8 |
| Portfolio turnover rate | 5% |
| Total advisory fees paid | $526118 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Treasuries (Including inflation linked) | 54.1 |
| U.S. equities | 17.0 |
| International developed equities | 11.9 |
| Alternative investments | 8.3 |
| Emerging markets bonds | 6.4 |
| Global credit | 5.1 |
| Commodities | -2.8 |

---

### TOP HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Allspring Macro Strategies Portfolio | 47.8 |
| Allspring Alternative Risk Premia Fund Class R6 | 17.2 |
| Allspring Income Plus ETF | 9.9 |
| Allspring Disciplined Large Cap Portfolio | 6.7 |
| Allspring Emerging Markets Equity Advantage Fund Class R6 | 5.6 |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.0 |
| Allspring Disciplined International Developed Markets Portfolio | 5.0 |

---

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

Effective August 21, 2025, David Kowalske was added as a portfolio manager to the Fund and effective September 1, 2025, Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR3355 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Absolute Return Fund

# October 31, 2025

# WARCX

## Class C
This semi-annual shareholder report contains important information about Absolute Return Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $76 | 1.45%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Amounts reflect net expenses allocated from the affiliated Master Portfolios in which the Fund invests. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $439678586 |
| # of portfolio holdings | 8 |
| Portfolio turnover rate | 5% |
| Total advisory fees paid | $526118 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Treasuries (Including inflation linked) | 54.1 |
| U.S. equities | 17.0 |
| International developed equities | 11.9 |
| Alternative investments | 8.3 |
| Emerging markets bonds | 6.4 |
| Global credit | 5.1 |
| Commodities | -2.8 |

---

### TOP HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Allspring Macro Strategies Portfolio | 47.8 |
| Allspring Alternative Risk Premia Fund Class R6 | 17.2 |
| Allspring Income Plus ETF | 9.9 |
| Allspring Disciplined Large Cap Portfolio | 6.7 |
| Allspring Emerging Markets Equity Advantage Fund Class R6 | 5.6 |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.0 |
| Allspring Disciplined International Developed Markets Portfolio | 5.0 |

---

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

Effective August 21, 2025, David Kowalske was added as a portfolio manager to the Fund and effective September 1, 2025, Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR3552 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Absolute Return Fund

# October 31, 2025

# WARRX

## Class R6
This semi-annual shareholder report contains important information about Absolute Return Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $15 | 0.28%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Amounts reflect net expenses allocated from the affiliated Master Portfolios in which the Fund invests. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $439678586 |
| # of portfolio holdings | 8 |
| Portfolio turnover rate | 5% |
| Total advisory fees paid | $526118 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Treasuries (Including inflation linked) | 54.1 |
| U.S. equities | 17.0 |
| International developed equities | 11.9 |
| Alternative investments | 8.3 |
| Emerging markets bonds | 6.4 |
| Global credit | 5.1 |
| Commodities | -2.8 |

---

### TOP HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Allspring Macro Strategies Portfolio | 47.8 |
| Allspring Alternative Risk Premia Fund Class R6 | 17.2 |
| Allspring Income Plus ETF | 9.9 |
| Allspring Disciplined Large Cap Portfolio | 6.7 |
| Allspring Emerging Markets Equity Advantage Fund Class R6 | 5.6 |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.0 |
| Allspring Disciplined International Developed Markets Portfolio | 5.0 |

---

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

Effective August 21, 2025, David Kowalske was added as a portfolio manager to the Fund and effective September 1, 2025, Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR4664 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Absolute Return Fund

# October 31, 2025

# WABIX

## Institutional Class
This semi-annual shareholder report contains important information about Absolute Return Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $17 | 0.33%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Amounts reflect net expenses allocated from the affiliated Master Portfolios in which the Fund invests. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $439678586 |
| # of portfolio holdings | 8 |
| Portfolio turnover rate | 5% |
| Total advisory fees paid | $526118 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Treasuries (Including inflation linked) | 54.1 |
| U.S. equities | 17.0 |
| International developed equities | 11.9 |
| Alternative investments | 8.3 |
| Emerging markets bonds | 6.4 |
| Global credit | 5.1 |
| Commodities | -2.8 |

---

### TOP HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Allspring Macro Strategies Portfolio | 47.8 |
| Allspring Alternative Risk Premia Fund Class R6 | 17.2 |
| Allspring Income Plus ETF | 9.9 |
| Allspring Disciplined Large Cap Portfolio | 6.7 |
| Allspring Emerging Markets Equity Advantage Fund Class R6 | 5.6 |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.0 |
| Allspring Disciplined International Developed Markets Portfolio | 5.0 |

---

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

Effective August 21, 2025, David Kowalske was added as a portfolio manager to the Fund and effective September 1, 2025, Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR3168 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Asset Allocation Fund

# October 31, 2025

# EAIFX

## Administrator Class
This semi-annual shareholder report contains important information about Asset Allocation Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $37 | 0.68%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Amounts reflect net expenses allocated from the affiliated Master Portfolios in which the Fund invests. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1526092494 |
| # of portfolio holdings | 28 |
| Portfolio turnover rate | 13% |
| Total advisory fees paid | $1964543 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | |
|:---|:---|
| Fund | Effective Allocation<sup>Footnote Reference1</sup> |
| Bonds | 42.0 |
| U.S. equities | 39.0 |
| International stocks | 19.0 |

---

---

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

---

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

---

| | |
|:---|:---|
| Allspring Disciplined U.S. Core Fund Class R6 | 15.1 |
| Allspring Special Large Value ETF | 12.9 |
| Allspring Disciplined International Developed Markets Portfolio | 10.4 |
| Allspring Core Plus ETF | 10.2 |
| Allspring LT Large Growth ETF | 8.6 |
| Allspring Broad Market Core Bond ETF | 7.4 |
| Allspring Real Return Portfolio | 5.9 |
| Allspring Core Bond Portfolio | 4.9 |
| Allspring Income Plus ETF | 3.7 |
| Allspring Emerging Markets Equity Fund Class R6 | 3.1 |

---

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

At a meeting held November 10-12, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as a second sub-adviser to the Fund, effective on December 15, 2025. In addition, as of that date, Rushabh Amin was added as a portfolio manager to the Fund.

Effective August 21, 2025, Randy Rennicke, CFA, was added as a portfolio manager to the Fund and effective September 1, 2025,Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR4706 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Asset Allocation Fund

# October 31, 2025

# EAAFX

## Class A
This semi-annual shareholder report contains important information about Asset Allocation Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $45 | 0.84%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Amounts reflect net expenses allocated from the affiliated Master Portfolios in which the Fund invests. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1526092494 |
| # of portfolio holdings | 28 |
| Portfolio turnover rate | 13% |
| Total advisory fees paid | $1964543 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | |
|:---|:---|
| Fund | Effective Allocation<sup>Footnote Reference1</sup> |
| Bonds | 42.0 |
| U.S. equities | 39.0 |
| International stocks | 19.0 |

---

---

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

---

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

---

| | |
|:---|:---|
| Allspring Disciplined U.S. Core Fund Class R6 | 15.1 |
| Allspring Special Large Value ETF | 12.9 |
| Allspring Disciplined International Developed Markets Portfolio | 10.4 |
| Allspring Core Plus ETF | 10.2 |
| Allspring LT Large Growth ETF | 8.6 |
| Allspring Broad Market Core Bond ETF | 7.4 |
| Allspring Real Return Portfolio | 5.9 |
| Allspring Core Bond Portfolio | 4.9 |
| Allspring Income Plus ETF | 3.7 |
| Allspring Emerging Markets Equity Fund Class R6 | 3.1 |

---

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

At a meeting held November 10-12, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as a second sub-adviser to the Fund, effective on December 15, 2025. In addition, as of that date, Rushabh Amin was added as a portfolio manager to the Fund.

Effective August 21, 2025, Randy Rennicke, CFA, was added as a portfolio manager to the Fund and effective September 1, 2025,Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR4312 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Asset Allocation Fund

# October 31, 2025

# EACFX

## Class C
This semi-annual shareholder report contains important information about Asset Allocation Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $85 | 1.58%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Amounts reflect net expenses allocated from the affiliated Master Portfolios in which the Fund invests. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1526092494 |
| # of portfolio holdings | 28 |
| Portfolio turnover rate | 13% |
| Total advisory fees paid | $1964543 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | |
|:---|:---|
| Fund | Effective Allocation<sup>Footnote Reference1</sup> |
| Bonds | 42.0 |
| U.S. equities | 39.0 |
| International stocks | 19.0 |

---

---

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

---

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

---

| | |
|:---|:---|
| Allspring Disciplined U.S. Core Fund Class R6 | 15.1 |
| Allspring Special Large Value ETF | 12.9 |
| Allspring Disciplined International Developed Markets Portfolio | 10.4 |
| Allspring Core Plus ETF | 10.2 |
| Allspring LT Large Growth ETF | 8.6 |
| Allspring Broad Market Core Bond ETF | 7.4 |
| Allspring Real Return Portfolio | 5.9 |
| Allspring Core Bond Portfolio | 4.9 |
| Allspring Income Plus ETF | 3.7 |
| Allspring Emerging Markets Equity Fund Class R6 | 3.1 |

---

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

At a meeting held November 10-12, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as a second sub-adviser to the Fund, effective on December 15, 2025. In addition, as of that date, Rushabh Amin was added as a portfolio manager to the Fund.

Effective August 21, 2025, Randy Rennicke, CFA, was added as a portfolio manager to the Fund and effective September 1, 2025,Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR4518 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Asset Allocation Fund

# October 31, 2025

# EAAIX

## Institutional Class
This semi-annual shareholder report contains important information about Asset Allocation Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $28 | 0.52%<sup>Footnote Reference1,</sup><sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Amounts reflect net expenses allocated from the affiliated Master Portfolios in which the Fund invests. |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1526092494 |
| # of portfolio holdings | 28 |
| Portfolio turnover rate | 13% |
| Total advisory fees paid | $1964543 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | |
|:---|:---|
| Fund | Effective Allocation<sup>Footnote Reference1</sup> |
| Bonds | 42.0 |
| U.S. equities | 39.0 |
| International stocks | 19.0 |

---

---

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

---

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

---

| | |
|:---|:---|
| Allspring Disciplined U.S. Core Fund Class R6 | 15.1 |
| Allspring Special Large Value ETF | 12.9 |
| Allspring Disciplined International Developed Markets Portfolio | 10.4 |
| Allspring Core Plus ETF | 10.2 |
| Allspring LT Large Growth ETF | 8.6 |
| Allspring Broad Market Core Bond ETF | 7.4 |
| Allspring Real Return Portfolio | 5.9 |
| Allspring Core Bond Portfolio | 4.9 |
| Allspring Income Plus ETF | 3.7 |
| Allspring Emerging Markets Equity Fund Class R6 | 3.1 |

---

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

At a meeting held November 10-12, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as a second sub-adviser to the Fund, effective on December 15, 2025. In addition, as of that date, Rushabh Amin was added as a portfolio manager to the Fund.

Effective August 21, 2025, Randy Rennicke, CFA, was added as a portfolio manager to the Fund and effective September 1, 2025,Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR3169 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Spectrum Aggressive Growth Fund

# October 31, 2025

# WEADX

## Administrator Class
This semi-annual shareholder report contains important information about Spectrum Aggressive Growth Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $36 | 0.65%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $540178800 |
| # of portfolio holdings | 22 |
| Portfolio turnover rate | 16% |
| Total advisory fees paid | $597018 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | |
|:---|:---|
| Fund | Effective Allocation<sup>Footnote Reference1</sup> |
| U.S. large cap equities | 56.6 |
| International developed equities | 16.5 |
| Bonds | 12.3 |
| Emerging markets equities | 10.1 |
| U.S. small cap equities | 4.5 |

---

---

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

---

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

---

| | |
|:---|:---|
| Allspring Disciplined Large Cap Portfolio | 30.3 |
| iShares Core S&P 500 ETF | 15.7 |
| iShares Core MSCI EAFE ETF | 10.3 |
| Allspring Disciplined International Developed Markets Portfolio | 9.5 |
| iShares Core MSCI Emerging Markets ETF | 6.1 |
| Allspring Special Large Value ETF | 5.8 |
| Allspring Emerging Markets Equity Fund Class R6 | 3.2 |
| Allspring Large Cap Growth Fund Class R6 | 3.1 |
| Allspring Premier Large Company Growth Fund Class R6 | 3.1 |
| Allspring Disciplined Small Cap Fund Class R6 | 2.2 |

---

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

At a meeting held November 10-12, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as a second sub-adviser to the Fund, effective on December 15, 2025. In addition, as of that date, Rushabh Amin was added as a portfolio manager to the Fund.

Effective August 21, 2025, Randy Rennicke, CFA, was added as a portfolio manager to the Fund and effective September 1, 2025,Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR3780 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Spectrum Aggressive Growth Fund

# October 31, 2025

# WEAFX

## Class A
This semi-annual shareholder report contains important information about Spectrum Aggressive Growth Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $40 | 0.72%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $540178800 |
| # of portfolio holdings | 22 |
| Portfolio turnover rate | 16% |
| Total advisory fees paid | $597018 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | |
|:---|:---|
| Fund | Effective Allocation<sup>Footnote Reference1</sup> |
| U.S. large cap equities | 56.6 |
| International developed equities | 16.5 |
| Bonds | 12.3 |
| Emerging markets equities | 10.1 |
| U.S. small cap equities | 4.5 |

---

---

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

---

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

---

| | |
|:---|:---|
| Allspring Disciplined Large Cap Portfolio | 30.3 |
| iShares Core S&P 500 ETF | 15.7 |
| iShares Core MSCI EAFE ETF | 10.3 |
| Allspring Disciplined International Developed Markets Portfolio | 9.5 |
| iShares Core MSCI Emerging Markets ETF | 6.1 |
| Allspring Special Large Value ETF | 5.8 |
| Allspring Emerging Markets Equity Fund Class R6 | 3.2 |
| Allspring Large Cap Growth Fund Class R6 | 3.1 |
| Allspring Premier Large Company Growth Fund Class R6 | 3.1 |
| Allspring Disciplined Small Cap Fund Class R6 | 2.2 |

---

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

At a meeting held November 10-12, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as a second sub-adviser to the Fund, effective on December 15, 2025. In addition, as of that date, Rushabh Amin was added as a portfolio manager to the Fund.

Effective August 21, 2025, Randy Rennicke, CFA, was added as a portfolio manager to the Fund and effective September 1, 2025,Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR4331 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Spectrum Aggressive Growth Fund

# October 31, 2025

# WEACX

## Class C
This semi-annual shareholder report contains important information about Spectrum Aggressive Growth Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $80 | 1.45%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $540178800 |
| # of portfolio holdings | 22 |
| Portfolio turnover rate | 16% |
| Total advisory fees paid | $597018 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | |
|:---|:---|
| Fund | Effective Allocation<sup>Footnote Reference1</sup> |
| U.S. large cap equities | 56.6 |
| International developed equities | 16.5 |
| Bonds | 12.3 |
| Emerging markets equities | 10.1 |
| U.S. small cap equities | 4.5 |

---

---

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

---

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

---

| | |
|:---|:---|
| Allspring Disciplined Large Cap Portfolio | 30.3 |
| iShares Core S&P 500 ETF | 15.7 |
| iShares Core MSCI EAFE ETF | 10.3 |
| Allspring Disciplined International Developed Markets Portfolio | 9.5 |
| iShares Core MSCI Emerging Markets ETF | 6.1 |
| Allspring Special Large Value ETF | 5.8 |
| Allspring Emerging Markets Equity Fund Class R6 | 3.2 |
| Allspring Large Cap Growth Fund Class R6 | 3.1 |
| Allspring Premier Large Company Growth Fund Class R6 | 3.1 |
| Allspring Disciplined Small Cap Fund Class R6 | 2.2 |

---

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

At a meeting held November 10-12, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as a second sub-adviser to the Fund, effective on December 15, 2025. In addition, as of that date, Rushabh Amin was added as a portfolio manager to the Fund.

Effective August 21, 2025, Randy Rennicke, CFA, was added as a portfolio manager to the Fund and effective September 1, 2025,Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR4524 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Spectrum Aggressive Growth Fund

# October 31, 2025

# WEAYX

## Institutional Class
This semi-annual shareholder report contains important information about Spectrum Aggressive Growth Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $22 | 0.40%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $540178800 |
| # of portfolio holdings | 22 |
| Portfolio turnover rate | 16% |
| Total advisory fees paid | $597018 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | |
|:---|:---|
| Fund | Effective Allocation<sup>Footnote Reference1</sup> |
| U.S. large cap equities | 56.6 |
| International developed equities | 16.5 |
| Bonds | 12.3 |
| Emerging markets equities | 10.1 |
| U.S. small cap equities | 4.5 |

---

---

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

---

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

---

| | |
|:---|:---|
| Allspring Disciplined Large Cap Portfolio | 30.3 |
| iShares Core S&P 500 ETF | 15.7 |
| iShares Core MSCI EAFE ETF | 10.3 |
| Allspring Disciplined International Developed Markets Portfolio | 9.5 |
| iShares Core MSCI Emerging Markets ETF | 6.1 |
| Allspring Special Large Value ETF | 5.8 |
| Allspring Emerging Markets Equity Fund Class R6 | 3.2 |
| Allspring Large Cap Growth Fund Class R6 | 3.1 |
| Allspring Premier Large Company Growth Fund Class R6 | 3.1 |
| Allspring Disciplined Small Cap Fund Class R6 | 2.2 |

---

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

At a meeting held November 10-12, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as a second sub-adviser to the Fund, effective on December 15, 2025. In addition, as of that date, Rushabh Amin was added as a portfolio manager to the Fund.

Effective August 21, 2025, Randy Rennicke, CFA, was added as a portfolio manager to the Fund and effective September 1, 2025,Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR4719 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Spectrum Conservative Growth Fund

# October 31, 2025

# WMBGX

## Class A
This semi-annual shareholder report contains important information about Spectrum Conservative Growth Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $38 | 0.72%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $200734050 |
| # of portfolio holdings | 33 |
| Portfolio turnover rate | 15% |
| Total advisory fees paid | $179873 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | |
|:---|:---|
| Fund | Effective Allocation<sup>Footnote Reference1</sup> |
| Bonds | 48.1 |
| Stocks | 38.9 |
| Inflation sensitive investments | 10.9 |
| Alternative investments | 2.1 |

---

---

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

---

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

---

| | |
|:---|:---|
| Allspring Disciplined Large Cap Portfolio | 15.2 |
| Allspring Real Return Portfolio | 12.4 |
| Allspring Income Plus ETF | 10.6 |
| Allspring Broad Market Core Bond ETF | 6.8 |
| iShares Core MSCI EAFE ETF | 5.1 |
| Allspring High Yield Bond Fund Institutional Class | 5.0 |
| iShares Core S&P 500 ETF | 5.0 |
| Allspring Core Plus ETF | 4.9 |
| Allspring Diversified Income Builder Fund Class R6 | 4.9 |
| Allspring Disciplined International Developed Markets Portfolio | 4.1 |

---

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

At a meeting held November 10-12, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as a second sub-adviser to the Fund, effective on December 15, 2025. In addition, as of that date, Rushabh Amin was added as a portfolio manager to the Fund.

Effective August 21, 2025, Randy Rennicke, CFA, was added as a portfolio manager to the Fund and effective September 1, 2025,Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR4334 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Spectrum Conservative Growth Fund

# October 31, 2025

# WMBFX

## Class C
This semi-annual shareholder report contains important information about Spectrum Conservative Growth Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $77 | 1.45%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $200734050 |
| # of portfolio holdings | 33 |
| Portfolio turnover rate | 15% |
| Total advisory fees paid | $179873 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | |
|:---|:---|
| Fund | Effective Allocation<sup>Footnote Reference1</sup> |
| Bonds | 48.1 |
| Stocks | 38.9 |
| Inflation sensitive investments | 10.9 |
| Alternative investments | 2.1 |

---

---

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

---

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

---

| | |
|:---|:---|
| Allspring Disciplined Large Cap Portfolio | 15.2 |
| Allspring Real Return Portfolio | 12.4 |
| Allspring Income Plus ETF | 10.6 |
| Allspring Broad Market Core Bond ETF | 6.8 |
| iShares Core MSCI EAFE ETF | 5.1 |
| Allspring High Yield Bond Fund Institutional Class | 5.0 |
| iShares Core S&P 500 ETF | 5.0 |
| Allspring Core Plus ETF | 4.9 |
| Allspring Diversified Income Builder Fund Class R6 | 4.9 |
| Allspring Disciplined International Developed Markets Portfolio | 4.1 |

---

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

At a meeting held November 10-12, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as a second sub-adviser to the Fund, effective on December 15, 2025. In addition, as of that date, Rushabh Amin was added as a portfolio manager to the Fund.

Effective August 21, 2025, Randy Rennicke, CFA, was added as a portfolio manager to the Fund and effective September 1, 2025,Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR4580 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Spectrum Conservative Growth Fund

# October 31, 2025

# WMBZX

## Institutional Class
This semi-annual shareholder report contains important information about Spectrum Conservative Growth Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $21 | 0.40%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $200734050 |
| # of portfolio holdings | 33 |
| Portfolio turnover rate | 15% |
| Total advisory fees paid | $179873 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | |
|:---|:---|
| Fund | Effective Allocation<sup>Footnote Reference1</sup> |
| Bonds | 48.1 |
| Stocks | 38.9 |
| Inflation sensitive investments | 10.9 |
| Alternative investments | 2.1 |

---

---

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

---

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

---

| | |
|:---|:---|
| Allspring Disciplined Large Cap Portfolio | 15.2 |
| Allspring Real Return Portfolio | 12.4 |
| Allspring Income Plus ETF | 10.6 |
| Allspring Broad Market Core Bond ETF | 6.8 |
| iShares Core MSCI EAFE ETF | 5.1 |
| Allspring High Yield Bond Fund Institutional Class | 5.0 |
| iShares Core S&P 500 ETF | 5.0 |
| Allspring Core Plus ETF | 4.9 |
| Allspring Diversified Income Builder Fund Class R6 | 4.9 |
| Allspring Disciplined International Developed Markets Portfolio | 4.1 |

---

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

At a meeting held November 10-12, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as a second sub-adviser to the Fund, effective on December 15, 2025. In addition, as of that date, Rushabh Amin was added as a portfolio manager to the Fund.

Effective August 21, 2025, Randy Rennicke, CFA, was added as a portfolio manager to the Fund and effective September 1, 2025,Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR4722 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Spectrum Growth Fund

# October 31, 2025

# WGAFX

## Class A
This semi-annual shareholder report contains important information about Spectrum Growth Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $39 | 0.72%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $203782536 |
| # of portfolio holdings | 33 |
| Portfolio turnover rate | 21% |
| Total advisory fees paid | $179363 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | |
|:---|:---|
| Fund | Effective Allocation<sup>Footnote Reference1</sup> |
| Stocks | 56.6 |
| Bonds | 31.7 |
| Inflation sensitive investments | 10.3 |
| Alternative investments | 1.4 |

---

---

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

---

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

---

| | |
|:---|:---|
| Allspring Disciplined Large Cap Portfolio | 18.9 |
| iShares Core S&P 500 ETF | 12.5 |
| Allspring Real Return Portfolio | 11.6 |
| iShares Core MSCI EAFE ETF | 6.8 |
| Allspring Disciplined International Developed Markets Portfolio | 5.9 |
| Allspring Diversified Income Builder Fund Class R6 | 5.7 |
| iShares Core MSCI Emerging Markets ETF | 4.2 |
| Allspring Special Large Value ETF | 4.0 |
| Allspring Broad Market Core Bond ETF | 3.7 |
| Allspring Core Plus ETF | 3.7 |

---

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

At a meeting held November 10-12, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as a second sub-adviser to the Fund, effective on December 15, 2025. In addition, as of that date, Rushabh Amin was added as a portfolio manager to the Fund.

Effective August 21, 2025, Randy Rennicke, CFA, was added as a portfolio manager to the Fund and effective September 1, 2025,Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR4332 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Spectrum Growth Fund

# October 31, 2025

# WGCFX

## Class C
This semi-annual shareholder report contains important information about Spectrum Growth Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $79 | 1.47%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $203782536 |
| # of portfolio holdings | 33 |
| Portfolio turnover rate | 21% |
| Total advisory fees paid | $179363 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | |
|:---|:---|
| Fund | Effective Allocation<sup>Footnote Reference1</sup> |
| Stocks | 56.6 |
| Bonds | 31.7 |
| Inflation sensitive investments | 10.3 |
| Alternative investments | 1.4 |

---

---

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

---

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

---

| | |
|:---|:---|
| Allspring Disciplined Large Cap Portfolio | 18.9 |
| iShares Core S&P 500 ETF | 12.5 |
| Allspring Real Return Portfolio | 11.6 |
| iShares Core MSCI EAFE ETF | 6.8 |
| Allspring Disciplined International Developed Markets Portfolio | 5.9 |
| Allspring Diversified Income Builder Fund Class R6 | 5.7 |
| iShares Core MSCI Emerging Markets ETF | 4.2 |
| Allspring Special Large Value ETF | 4.0 |
| Allspring Broad Market Core Bond ETF | 3.7 |
| Allspring Core Plus ETF | 3.7 |

---

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

At a meeting held November 10-12, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as a second sub-adviser to the Fund, effective on December 15, 2025. In addition, as of that date, Rushabh Amin was added as a portfolio manager to the Fund.

Effective August 21, 2025, Randy Rennicke, CFA, was added as a portfolio manager to the Fund and effective September 1, 2025,Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR4525 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Spectrum Growth Fund

# October 31, 2025

# WGAYX

## Institutional Class
This semi-annual shareholder report contains important information about Spectrum Growth Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $22 | 0.40%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $203782536 |
| # of portfolio holdings | 33 |
| Portfolio turnover rate | 21% |
| Total advisory fees paid | $179363 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | |
|:---|:---|
| Fund | Effective Allocation<sup>Footnote Reference1</sup> |
| Stocks | 56.6 |
| Bonds | 31.7 |
| Inflation sensitive investments | 10.3 |
| Alternative investments | 1.4 |

---

---

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

---

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

---

| | |
|:---|:---|
| Allspring Disciplined Large Cap Portfolio | 18.9 |
| iShares Core S&P 500 ETF | 12.5 |
| Allspring Real Return Portfolio | 11.6 |
| iShares Core MSCI EAFE ETF | 6.8 |
| Allspring Disciplined International Developed Markets Portfolio | 5.9 |
| Allspring Diversified Income Builder Fund Class R6 | 5.7 |
| iShares Core MSCI Emerging Markets ETF | 4.2 |
| Allspring Special Large Value ETF | 4.0 |
| Allspring Broad Market Core Bond ETF | 3.7 |
| Allspring Core Plus ETF | 3.7 |

---

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

At a meeting held November 10-12, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as a second sub-adviser to the Fund, effective on December 15, 2025. In addition, as of that date, Rushabh Amin was added as a portfolio manager to the Fund.

Effective August 21, 2025, Randy Rennicke, CFA, was added as a portfolio manager to the Fund and effective September 1, 2025,Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR4720 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Spectrum Income Allocation Fund

# October 31, 2025

# WCAFX

## Class A
This semi-annual shareholder report contains important information about Spectrum Income Allocation Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $38 | 0.72%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $88594699 |
| # of portfolio holdings | 32 |
| Portfolio turnover rate | 35% |
| Total advisory fees paid | $26369 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | |
|:---|:---|
| Fund | Effective Allocation<sup>Footnote Reference1</sup> |
| Bonds | 63.0 |
| Stocks | 24.1 |
| Inflation sensitive investments | 11.0 |
| Alternative investments | 1.9 |

---

---

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

---

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

---

| | |
|:---|:---|
| Allspring Real Return Portfolio | 12.3 |
| Allspring Broad Market Core Bond ETF | 11.1 |
| Allspring Core Plus ETF | 10.1 |
| Allspring Income Plus ETF | 10.0 |
| Allspring Core Bond Portfolio | 9.8 |
| Allspring High Yield Bond Fund Institutional Class | 6.2 |
| iShares Core U.S. Aggregate Bond ETF | 6.0 |
| Allspring Disciplined Large Cap Portfolio | 4.5 |
| Allspring Diversified Income Builder Fund Class R6 | 4.5 |
| Allspring Alternative Risk Premia Fund Class R6 | 3.3 |

---

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

At a meeting held November 10-12, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as a second sub-adviser to the Fund, effective on December 15, 2025. In addition, as of that date, Rushabh Amin was added as a portfolio manager to the Fund.

Effective August 21, 2025, Randy Rennicke, CFA, was added as a portfolio manager to the Fund and effective September 1, 2025,Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR4330 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Spectrum Income Allocation Fund

# October 31, 2025

# WCCFX

## Class C
This semi-annual shareholder report contains important information about Spectrum Income Allocation Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $76 | 1.46%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $88594699 |
| # of portfolio holdings | 32 |
| Portfolio turnover rate | 35% |
| Total advisory fees paid | $26369 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | |
|:---|:---|
| Fund | Effective Allocation<sup>Footnote Reference1</sup> |
| Bonds | 63.0 |
| Stocks | 24.1 |
| Inflation sensitive investments | 11.0 |
| Alternative investments | 1.9 |

---

---

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

---

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

---

| | |
|:---|:---|
| Allspring Real Return Portfolio | 12.3 |
| Allspring Broad Market Core Bond ETF | 11.1 |
| Allspring Core Plus ETF | 10.1 |
| Allspring Income Plus ETF | 10.0 |
| Allspring Core Bond Portfolio | 9.8 |
| Allspring High Yield Bond Fund Institutional Class | 6.2 |
| iShares Core U.S. Aggregate Bond ETF | 6.0 |
| Allspring Disciplined Large Cap Portfolio | 4.5 |
| Allspring Diversified Income Builder Fund Class R6 | 4.5 |
| Allspring Alternative Risk Premia Fund Class R6 | 3.3 |

---

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

At a meeting held November 10-12, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as a second sub-adviser to the Fund, effective on December 15, 2025. In addition, as of that date, Rushabh Amin was added as a portfolio manager to the Fund.

Effective August 21, 2025, Randy Rennicke, CFA, was added as a portfolio manager to the Fund and effective September 1, 2025,Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR4523 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Spectrum Income Allocation Fund

# October 31, 2025

# WCYFX

## Institutional Class
This semi-annual shareholder report contains important information about Spectrum Income Allocation Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $21 | 0.40%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $88594699 |
| # of portfolio holdings | 32 |
| Portfolio turnover rate | 35% |
| Total advisory fees paid | $26369 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | |
|:---|:---|
| Fund | Effective Allocation<sup>Footnote Reference1</sup> |
| Bonds | 63.0 |
| Stocks | 24.1 |
| Inflation sensitive investments | 11.0 |
| Alternative investments | 1.9 |

---

---

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

---

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

---

| | |
|:---|:---|
| Allspring Real Return Portfolio | 12.3 |
| Allspring Broad Market Core Bond ETF | 11.1 |
| Allspring Core Plus ETF | 10.1 |
| Allspring Income Plus ETF | 10.0 |
| Allspring Core Bond Portfolio | 9.8 |
| Allspring High Yield Bond Fund Institutional Class | 6.2 |
| iShares Core U.S. Aggregate Bond ETF | 6.0 |
| Allspring Disciplined Large Cap Portfolio | 4.5 |
| Allspring Diversified Income Builder Fund Class R6 | 4.5 |
| Allspring Alternative Risk Premia Fund Class R6 | 3.3 |

---

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

At a meeting held November 10-12, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as a second sub-adviser to the Fund, effective on December 15, 2025. In addition, as of that date, Rushabh Amin was added as a portfolio manager to the Fund.

Effective August 21, 2025, Randy Rennicke, CFA, was added as a portfolio manager to the Fund and effective September 1, 2025,Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR4718 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Spectrum Moderate Growth Fund

# October 31, 2025

# WGBAX

## Class A
This semi-annual shareholder report contains important information about Spectrum Moderate Growth Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $38 | 0.70%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $437417392 |
| # of portfolio holdings | 33 |
| Portfolio turnover rate | 19% |
| Total advisory fees paid | $418996 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | |
|:---|:---|
| Fund | Effective Allocation<sup>Footnote Reference1</sup> |
| Stocks | 48.3 |
| Bonds | 39.5 |
| Inflation sensitive investments | 10.0 |
| Alternative investments | 2.2 |

---

---

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

---

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

---

| | |
|:---|:---|
| Allspring Disciplined Large Cap Portfolio | 18.0 |
| Allspring Real Return Portfolio | 11.4 |
| iShares Core S&P 500 ETF | 10.6 |
| Allspring Income Plus ETF | 8.5 |
| Allspring Broad Market Core Bond ETF | 6.6 |
| iShares Core MSCI EAFE ETF | 5.9 |
| Allspring Diversified Income Builder Fund Class R6 | 5.1 |
| Allspring Disciplined International Developed Markets Portfolio | 5.0 |
| Allspring Core Plus ETF | 4.7 |
| Allspring High Yield Bond Fund Institutional Class | 3.9 |

---

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

At a meeting held November 10-12, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as a second sub-adviser to the Fund, effective on December 15, 2025. In addition, as of that date, Rushabh Amin was added as a portfolio manager to the Fund.

Effective August 21, 2025, Randy Rennicke, CFA, was added as a portfolio manager to the Fund and effective September 1, 2025,Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR4333 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Spectrum Moderate Growth Fund

# October 31, 2025

# WGBFX

## Class C
This semi-annual shareholder report contains important information about Spectrum Moderate Growth Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $77 | 1.43%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $437417392 |
| # of portfolio holdings | 33 |
| Portfolio turnover rate | 19% |
| Total advisory fees paid | $418996 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | |
|:---|:---|
| Fund | Effective Allocation<sup>Footnote Reference1</sup> |
| Stocks | 48.3 |
| Bonds | 39.5 |
| Inflation sensitive investments | 10.0 |
| Alternative investments | 2.2 |

---

---

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

---

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

---

| | |
|:---|:---|
| Allspring Disciplined Large Cap Portfolio | 18.0 |
| Allspring Real Return Portfolio | 11.4 |
| iShares Core S&P 500 ETF | 10.6 |
| Allspring Income Plus ETF | 8.5 |
| Allspring Broad Market Core Bond ETF | 6.6 |
| iShares Core MSCI EAFE ETF | 5.9 |
| Allspring Diversified Income Builder Fund Class R6 | 5.1 |
| Allspring Disciplined International Developed Markets Portfolio | 5.0 |
| Allspring Core Plus ETF | 4.7 |
| Allspring High Yield Bond Fund Institutional Class | 3.9 |

---

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

At a meeting held November 10-12, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as a second sub-adviser to the Fund, effective on December 15, 2025. In addition, as of that date, Rushabh Amin was added as a portfolio manager to the Fund.

Effective August 21, 2025, Randy Rennicke, CFA, was added as a portfolio manager to the Fund and effective September 1, 2025,Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR4526 10-25
![Image](g14779g30b07.jpg)

Semi-Annual Shareholder Report

# Spectrum Moderate Growth Fund

# October 31, 2025

# WGBIX

## Institutional Class
This semi-annual shareholder report contains important information about Spectrum Moderate Growth Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

## What were the Fund costs for the past 6 months?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $20 | 0.38%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $437417392 |
| # of portfolio holdings | 33 |
| Portfolio turnover rate | 19% |
| Total advisory fees paid | $418996 |

---

## What did the Fund invest in?

### ALLOCATION (% OF TOTAL INVESTMENTS)

---

| | |
|:---|:---|
| Fund | Effective Allocation<sup>Footnote Reference1</sup> |
| Stocks | 48.3 |
| Bonds | 39.5 |
| Inflation sensitive investments | 10.0 |
| Alternative investments | 2.2 |

---

---

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

---

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

---

| | |
|:---|:---|
| Allspring Disciplined Large Cap Portfolio | 18.0 |
| Allspring Real Return Portfolio | 11.4 |
| iShares Core S&P 500 ETF | 10.6 |
| Allspring Income Plus ETF | 8.5 |
| Allspring Broad Market Core Bond ETF | 6.6 |
| iShares Core MSCI EAFE ETF | 5.9 |
| Allspring Diversified Income Builder Fund Class R6 | 5.1 |
| Allspring Disciplined International Developed Markets Portfolio | 5.0 |
| Allspring Core Plus ETF | 4.7 |
| Allspring High Yield Bond Fund Institutional Class | 3.9 |

---

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

At a meeting held November 10-12, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as a second sub-adviser to the Fund, effective on December 15, 2025. In addition, as of that date, Rushabh Amin was added as a portfolio manager to the Fund.

Effective August 21, 2025, Randy Rennicke, CFA, was added as a portfolio manager to the Fund and effective September 1, 2025,Travis L. Keshemberg, CFA, CIPM, FRM, was no longer 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

#### SAR4721 10-25

------

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

Not applicable.

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

Not applicable.

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

Not applicable.

<u>ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS</u> 

Not applicable.

<u>ITEM 6. INVESTMENTS</u> 

(a) The registrant's Schedule of Investments is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

<u>ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

(a) The registrant's Financial Statements are attached herewith.

(b) The registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

------

![](g14779img1084db571.jpg)

Allspring Absolute Return Fund and Macro Strategies Portfolio

Long Form Financial Statements

Semi-Annual Report

October 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **<u>[Allspring Absolute Return Fund](#xx_5e479162-8942-4b58-a161-9618293818df_POI-PageBlank-85_1)</u>** |  |
| **[Portfolio of investments](#xx_5e479162-8942-4b58-a161-9618293818df_POI-PageBlank-85_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_5e479162-8942-4b58-a161-9618293818df_FS-PageBlank-85_1)** |  |
| [Statement of assets and liabilities](#xx_5e479162-8942-4b58-a161-9618293818df_FS-PageBlank-85_1) | 4 |
| [Statement of operations](#xx_5e479162-8942-4b58-a161-9618293818df_FS-PageBlank-85_2) | 5 |
| [Statement of changes in net assets](#xx_5e479162-8942-4b58-a161-9618293818df_FS-PageBlank-85_4) | 7 |
| [Financial highlights](#xx_5e479162-8942-4b58-a161-9618293818df_FIHI-PageBlank-85_1) | 9 |
| **[Notes to financial statements](#xx_5e479162-8942-4b58-a161-9618293818df_NTF-PageBlank-85_1)** | 13 |
| **<u>[Allspring Macro Strategies Portfolio](#xx_5e479162-8942-4b58-a161-9618293818df_POI2-PageBlank-914_1)</u>** |  |
| **[Consolidated portfolio of investments](#xx_5e479162-8942-4b58-a161-9618293818df_POI2-PageBlank-914_1)** | 18 |
| **[Item 7. Consolidated financial statements and financial highlights](#xx_5e479162-8942-4b58-a161-9618293818df_FS2-PageBlank-914_1)** |  |
| [Consolidated statement of assets and liabilities](#xx_5e479162-8942-4b58-a161-9618293818df_FS2-PageBlank-914_1) | 23 |
| [Consolidated statement of operations](#xx_5e479162-8942-4b58-a161-9618293818df_FS2-PageBlank-914_2) | 24 |
| [Consolidated statement of changes in net assets](#xx_5e479162-8942-4b58-a161-9618293818df_FS2-PageBlank-914_3) | 25 |
| [Consolidated financial highlights](#xx_5e479162-8942-4b58-a161-9618293818df_FH2-PageBlank-914_1) | 26 |
| **[Notes to consolidated financial statements](#xx_5e479162-8942-4b58-a161-9618293818df_NTF2-PageBlank-914_1)** | 27 |
| **[Other information](#xx_5e479162-8942-4b58-a161-9618293818df_OI-PageBlank-85_1)** | 33 |
| [Item 8. Changes in and disagreements with accountants](#xx_5e479162-8942-4b58-a161-9618293818df_OI-PageBlank-85_2) | 34 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_5e479162-8942-4b58-a161-9618293818df_OI-PageBlank-85_2) | 34 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_5e479162-8942-4b58-a161-9618293818df_OI-PageBlank-85_2) | 34 |
| [Item 11. Statement regarding basis for board](#xx_5e479162-8942-4b58-a161-9618293818df_OI-PageBlank-85_3)['](#xx_5e479162-8942-4b58-a161-9618293818df_OI-PageBlank-85_3)[s approval of investment](#xx_5e479162-8942-4b58-a161-9618293818df_OI-PageBlank-85_3)<br> [advisory contract](#xx_5e479162-8942-4b58-a161-9618293818df_OI-PageBlank-85_3)<br>| 35 |

---

Allspring Absolute Return Fund \| 1

------

Portfolio of investments—October 31, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Investment companies: 97.16%** |  |  |
| **Affiliated master portfolios: 59.47%** |  |  |
| Allspring Disciplined International Developed Markets Portfolio |  | &nbsp;&nbsp; $21955207 |
| Allspring Disciplined Large Cap Portfolio |  | &nbsp;&nbsp; 29388608 |
| Allspring Macro Strategies Portfolio |  | &nbsp;&nbsp; 210123725 |
|  |  | &nbsp;&nbsp; **261467540** |
| **Alternative investment funds: 17.20%** |  |  |
| Allspring Alternative Risk Premia Fund Class R6♠ | 8856921 | &nbsp;&nbsp; **75638106** |
| **Exchange-traded funds: 14.92%** |  |  |
| Allspring Income Plus ETF♠ | 1711343 | &nbsp;&nbsp; 43480434 |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 229000 | &nbsp;&nbsp; 22137430 |
|  |  | &nbsp;&nbsp; **65617864** |
| **Stock funds: 5.57%** |  |  |
| Allspring Emerging Markets Equity Advantage Fund Class R6♠ | 1637201 | &nbsp;&nbsp; **24476152** |
| **Total investment companies (Cost $387,262,043)** |  | &nbsp;&nbsp; **427199662** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 3.00%** |  |  |  |  |
| **Investment companies: 3.00%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.06<br> %<br>| 13168129 | &nbsp;&nbsp; **13168129** |
| **Total short-term investments (Cost $13,168,129)** |  |  |  | &nbsp;&nbsp; **13168129** |
| **Total investments in securities (Cost $400,430,172)** | 100.16<br> %<br>|  |  | &nbsp;&nbsp; 440367791 |
| Other assets and liabilities, net | (0.16)<br>|  |  | &nbsp;&nbsp; (689205)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$439678586** |

---

&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. <br> ∞ The rate represents the 7-day annualized yield at period end.

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

2 \| Allspring Absolute Return Fund

------

Portfolio of investments—October 31, 2025 (unaudited)

**Investments in affiliates**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses) on <br>affiliated <br>Underlying <br>Funds<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>affiliated <br>Underlying <br>Funds<br>| Value, <br>end of <br>period<br>|
| **Investment companies** |  |  |  |  |  |  |
| Allspring Alternative Risk Premia Fund Class R6 | $70943938 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $4694168 | &nbsp;&nbsp; $75638106 |
| Allspring Emerging Markets Equity Advantage Fund Class R6 | 26170090 | &nbsp;&nbsp; 269916 | &nbsp;&nbsp; (8000000)<br>| &nbsp;&nbsp; 1180671 | &nbsp;&nbsp; 4855475 | &nbsp;&nbsp; 24476152 |
| Allspring Income Plus ETF | 65032750 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (22743336)<br>| &nbsp;&nbsp; 208656 | &nbsp;&nbsp; 982364 | &nbsp;&nbsp; 43480434 |
| **Short-term investments** |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select Class | 0 | &nbsp;&nbsp; 81830368 | &nbsp;&nbsp; (68662239)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 13168129 |
| **Affiliated securities no longer held at end of period** |  |  |  |  |  |  |
| Allspring Short Term-High Income Fund Institutional Class | 20963478 | &nbsp;&nbsp; 104809 | &nbsp;&nbsp; (21283832)<br>| &nbsp;&nbsp; 162222 | &nbsp;&nbsp; 53323 | &nbsp;&nbsp; 0 |
|  |  |  |  | &nbsp;&nbsp; **$1551549** | &nbsp;&nbsp; **$10585330** | &nbsp;&nbsp; **$156762821** |

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; Shares, <br>end of <br>period<br>| &nbsp;&nbsp; Dividends from <br>affiliated <br>Underlying Funds<br>|
| **Investment companies** |  |  |
| Allspring Alternative Risk Premia Fund Class R6 | &nbsp;&nbsp; 8856921 | &nbsp;&nbsp; $0 |
| Allspring Emerging Markets Equity Advantage Fund Class R6 | &nbsp;&nbsp; 1637201 | &nbsp;&nbsp; 269916 |
| Allspring Income Plus ETF | &nbsp;&nbsp; 1711343 | &nbsp;&nbsp; 1228689 |
| **Short-term investments** |  |  |
| Allspring Government Money Market Fund Select Class | &nbsp;&nbsp; 13168129 | &nbsp;&nbsp; 459890 |
| **Affiliated securities no longer held at end of period** |  |  |
| Allspring Short Term-High Income Fund Institutional Class | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 301065 |
|  |  | &nbsp;&nbsp; **$2259560** |

---

Transactions with the affiliated Master Portfolios were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | % of <br>ownership, <br>beginning <br>of period<br>| % of <br>ownership, <br>end of <br>period<br>| Net realized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Interest <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Dividends <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Affiliated <br>Income <br>Allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Value, <br>end of <br>period<br>|
| Allspring Disciplined International <br> Developed Markets Portfolio<br>| 11.01<br> %<br>| 7.94<br> %<br>| &nbsp;&nbsp; $461471 | &nbsp;&nbsp; $2535398 | &nbsp;&nbsp; $1327 | &nbsp;&nbsp; $384805 | &nbsp;&nbsp; $9410 | &nbsp;&nbsp; $21955207 |
| Allspring Disciplined Large Cap <br> Portfolio<br>| 13.64 | 8.52 | &nbsp;&nbsp; 1180465 | &nbsp;&nbsp; 5814437 | &nbsp;&nbsp; 2614 | &nbsp;&nbsp; 202334 | &nbsp;&nbsp; 12747 | &nbsp;&nbsp; 29388608 |
| Allspring Macro Strategies Portfolio | 100.00 | 100.00 | &nbsp;&nbsp; (3972698)<br>| &nbsp;&nbsp; 7637306 | &nbsp;&nbsp; 2800579 | &nbsp;&nbsp; 386899 | &nbsp;&nbsp; 551851 | &nbsp;&nbsp; 210123725 |
|  |  |  | &nbsp;&nbsp; **$(2330762)**<br>| &nbsp;&nbsp; **$15987141** | &nbsp;&nbsp; **$2804520** | &nbsp;&nbsp; **$974038** | &nbsp;&nbsp; **$574008** | &nbsp;&nbsp; **$261467540** |

---

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

Allspring Absolute Return Fund \| 3

------

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

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in affiliated Master Portfolio, at value (cost $232,640,684) | $261467540 |
| Investments in unaffiliated Underlying Funds, at value (cost $21,140,181) | 22137430 |
| Investments in affiliated Underlying Funds, at value (cost $146,649,307) | 156762821 |
| Receivable for interest | 58121 |
| Receivable for Fund shares sold | 41088 |
| Prepaid expenses and other assets | 9879 |
| **Total assets** | **440476879** |
| Liabilities |  |
| Payable for Fund shares redeemed | 320602 |
| Shareholder report expenses payable | 221017 |
| Management fee payable | 77287 |
| Administration fees payable | 62168 |
| Professional fees payable | 53429 |
| Shareholder servicing fees payable | 46346 |
| Distribution fee payable | 7398 |
| Trustees' fees and expenses payable | 1007 |
| Accrued expenses and other liabilities | 9039 |
| **Total liabilities** | **798293** |
| **Total net assets**  | **$439678586** |
| Net assets consist of |  |
| Paid-in capital | $766355984 |
| Total distributable loss | (326677398)<br>|
| **Total net assets** | **$439678586** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $193607603 |
| Shares outstanding–Class A<sup>1</sup> <br>| 17350211 |
| Net asset value per share–Class A | $11.16 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $11.84 |
| Net assets–Class C | $10877364 |
| Shares outstanding–Class C<sup>1</sup> <br>| 949412 |
| Net asset value per share–Class C | $11.46 |
| Net assets–Class R6 | $31752001 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 2831987 |
| Net asset value per share–Class R6 | $11.21 |
| Net assets–Institutional Class | $203441618 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 18129319 |
| Net asset value per share–Institutional Class | $11.22 |

---

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

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

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

4 \| Allspring Absolute Return Fund

------

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

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest allocated from affiliated Master Portfolios | $2804520 |
| Dividends from affiliated Underlying Funds | 2259560 |
| Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $57,692) | 974038 |
| Affiliated income allocated from affiliated Master Portfolios | 574008 |
| Interest | 459890 |
| Dividends from unaffiliated Underlying Funds | 4787 |
| Expenses allocated from affiliated Master Portfolios | (502816)<br>|
| **Total investment income** | **6573987** |
| Expenses |  |
| Management fee | 528510 |
| Administration fees |  |
| Class A | 195352 |
| Class C | 11789 |
| Class R6 | 4735 |
| Administrator Class | 5020 <br><sup>1</sup><br>|
| Institutional Class | 145180 |
| Shareholder servicing fees |  |
| Class A | 243776 |
| Class C | 14670 |
| Administrator Class | 9241 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 44011 |
| Custody and accounting fees | 7386 |
| Professional fees | 24239 |
| Registration fees | 31140 |
| Shareholder report expenses | 2 |
| Trustees' fees and expenses | 5972 |
| Other fees and expenses | 8819 |
| **Total expenses** | **1279842** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (2392)<br>|
| Class A | (7767)<br>|
| Class R6 | (1266)<br>|
| Institutional Class | (64790)<br>|
| **Net expenses** | **1203627** |
| **Net investment income** | **5370360** |

---

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

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

Allspring Absolute Return Fund \| 5

------

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

Statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Investments allocated from affiliated Master Portfolios | $(2330762)<br>|
| Affiliated Underlying Funds | 1551549 |
| Unaffiliated Underlying Funds | 27796 |
| **Net realized losses on investments**  | **(751417)**<br>|
| Net change in unrealized gains (losses) on |  |
| Investments allocated from affiliated Master Portfolios | 15987141 |
| Affiliated Underlying Funds | 10585330 |
| Unaffiliated Underlying Funds | 1557787 |
| **Net change in unrealized gains (losses) on investments** | **28130258** |
| **Net realized and unrealized gains (losses) on investments** | **27378841** |
| **Net increase in net assets resulting from operations** | **$32749201** |

---

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

6 \| Allspring Absolute Return Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> October 31, 2025<br> (unaudited) | Six months ended<br> October 31, 2025<br> (unaudited) | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $5370360 |  | &nbsp;&nbsp; $15377657 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; (751417)<br>|  | &nbsp;&nbsp; 111016 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 28130258 |  | &nbsp;&nbsp; 23836068 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **32749201** |  | &nbsp;&nbsp; **39324741** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (20999410)<br>|
| Class C |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (1332697)<br>|
| Class R6 |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (4016041)<br>|
| Administrator Class |  | &nbsp;&nbsp; 0 <br><sup>1</sup><br>|  | &nbsp;&nbsp; (1176501)<br>|
| Institutional Class |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (28445896)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **0** |  | &nbsp;&nbsp; **(55970545)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 288823 | &nbsp;&nbsp; 3103736 | &nbsp;&nbsp; 607634 | &nbsp;&nbsp; 6626048 |
| Class C | 16643 | &nbsp;&nbsp; 178339 | &nbsp;&nbsp; 25036 | &nbsp;&nbsp; 274395 |
| Class R6 | 50286 | &nbsp;&nbsp; 537250 | &nbsp;&nbsp; 220451 | &nbsp;&nbsp; 2479130 |
| Administrator Class | 16464 <br><sup>1</sup><br>| &nbsp;&nbsp; 174137 <br><sup>1</sup><br>| &nbsp;&nbsp; 71157 | &nbsp;&nbsp; 801421 |
| Institutional Class | 679482 | &nbsp;&nbsp; 7238965 | &nbsp;&nbsp; 2602670 | &nbsp;&nbsp; 29099887 |
|  |  | &nbsp;&nbsp; 11232427 |  | &nbsp;&nbsp; 39280881 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1811187 | &nbsp;&nbsp; 18854463 |
| Class C | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 116849 | &nbsp;&nbsp; 1257289 |
| Class R6 | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 4082 | &nbsp;&nbsp; 42574 |
| Administrator Class | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 106263 | &nbsp;&nbsp; 1126391 |
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 2494581 | &nbsp;&nbsp; 26043425 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 47324142 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (2044007)<br>| &nbsp;&nbsp; (21567382)<br>| &nbsp;&nbsp; (4680568)<br>| &nbsp;&nbsp; (51867300)<br>|
| Class C | (248764)<br>| &nbsp;&nbsp; (2694426)<br>| &nbsp;&nbsp; (603113)<br>| &nbsp;&nbsp; (6875062)<br>|
| Class R6 | (455206)<br>| &nbsp;&nbsp; (4732327)<br>| &nbsp;&nbsp; (861904)<br>| &nbsp;&nbsp; (9704636)<br>|
| Administrator Class | (81739 )<sup>1</sup><br>| &nbsp;&nbsp; (870812 )<sup>1</sup><br>| &nbsp;&nbsp; (503607)<br>| &nbsp;&nbsp; (5692543)<br>|
| Institutional Class | (6243682)<br>| &nbsp;&nbsp; (66601397)<br>| &nbsp;&nbsp; (14972479)<br>| &nbsp;&nbsp; (166928815)<br>|
|  |  | &nbsp;&nbsp; (96466344)<br>|  | &nbsp;&nbsp; (241068356)<br>|

---

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

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

Allspring Absolute Return Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> October 31, 2025<br> (unaudited) | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Administrator Class<br>(929230 )<sup>2</sup><br>| &nbsp;&nbsp; $(10227567 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Institutional Class<br>942129 <br><sup>2</sup><br>| &nbsp;&nbsp; 10227567 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net decrease in net assets resulting from capital share transactions** | &nbsp;&nbsp; **(85233917)**<br>|  | &nbsp;&nbsp; **(154463333)**<br>|
| **Total decrease in net assets** | &nbsp;&nbsp; **(52484716)**<br>|  | &nbsp;&nbsp; **(171109137)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **492163302** |  | &nbsp;&nbsp; **663272439** |
| **End of period** | &nbsp;&nbsp; **$439678586** |  | &nbsp;&nbsp; **$492163302** |

---

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

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

8 \| Allspring Absolute Return Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended April 30 | Year ended April 30 | Year ended April 30 |
| Class A | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.38** | &nbsp;&nbsp; **$10.87** | &nbsp;&nbsp; **$10.32** | &nbsp;&nbsp; **$10.20** | &nbsp;&nbsp; **$11.07** | &nbsp;&nbsp; **$10.11** |
| Net investment income | 0.11 <br><sup>1</sup><br>| 0.27 <br><sup>1</sup><br>| 0.56 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.17 <br><sup>1</sup><br>| 0.22 |
| Net realized and unrealized gains (losses) on investments | 0.67 | 0.37 | 0.29 | 0.11 | &nbsp;&nbsp; (0.70)<br>| 1.09 |
| Total from investment operations | 0.78 | 0.64 | 0.85 | 0.35 | &nbsp;&nbsp; (0.53)<br>| 1.31 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.35)<br>|
| **Net asset value, end of period** | **$11.16** | &nbsp;&nbsp; **$10.38** | &nbsp;&nbsp; **$10.87** | &nbsp;&nbsp; **$10.32** | &nbsp;&nbsp; **$10.20** | &nbsp;&nbsp; **$11.07** |
| **Total return**<sup>2</sup> <br>| **7.51%**<br>| **5.89%**<br>| **8.28%**<br>| **3.55%**<br>| &nbsp;&nbsp; **(4.89)%**<br>| **13.16%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.71 %\*<br>| 0.71 %\*<br>| 0.70 %\*<sup>,^</sup><br>| 0.71 %<sup>^</sup><br>| 0.70 %<sup>^</sup><br>| 0.69 %<sup>^</sup><br>|
| Net expenses | 0.70 %\*<br>| 0.70 %\*<br>| 0.70 %\*<sup>,^</sup><br>| 0.70 %<sup>^</sup><br>| 0.70 %<sup>^</sup><br>| 0.69 %<sup>^</sup><br>|
| Net investment income | 2.10<br> %<br>| 2.40<br> %<br>| 5.25<br> %<br>| 2.36<br> %<br>| 1.62<br> %<br>| 2.33<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 5<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 5<br> %<br>|
| Net assets, end of period (000s omitted) | $193608 | &nbsp;&nbsp; $198294 | &nbsp;&nbsp; $232308 | &nbsp;&nbsp; $285240 | &nbsp;&nbsp; $325369 | &nbsp;&nbsp; $353134 |

---

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

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

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

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.21% |
| Year ended April 30, 2025 | 0.24% |
| Year ended April 30, 2024 | 0.04% |

---

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

---

| | |
|:---|:---|
| <sup>^</sup> <br>| Ratios do not include net expenses of GMO Benchmark-Free Allocation Fund, Class MF. Including net expenses allocated from GMO Benchmark-Free Allocation Fund, <br> Class MF, the ratios would be increased by the following amounts:<br>|

---

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

---

| | |
|:---|:---|
| Year ended April 30, 2024 | 0.71% |
| Year ended April 30, 2023 | 0.69% |
| Year ended April 30, 2022 | 0.70% |
| Year ended April 30, 2021 | 0.67% |

---

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

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

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

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

Allspring Absolute Return Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended April 30 | Year ended April 30 | Year ended April 30 |
| Class C | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.70** | &nbsp;&nbsp; **$11.17** | &nbsp;&nbsp; **$10.51** | &nbsp;&nbsp; **$10.22** | &nbsp;&nbsp; **$10.90** | &nbsp;&nbsp; **$9.95** |
| Net investment income | 0.08 <br><sup>1</sup><br>| 0.19 <br><sup>1</sup><br>| 0.46 <br><sup>1</sup><br>| 0.13 <br><sup>1</sup><br>| 0.06 <br><sup>1</sup><br>| 0.12 <br><sup>1</sup><br>|
| Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.05 |
| Net realized and unrealized gains (losses) on investments | 0.68 | 0.39 | 0.33 | 0.16 | &nbsp;&nbsp; (0.67)<br>| 1.08 |
| Total from investment operations | 0.76 | 0.58 | 0.79 | 0.29 | &nbsp;&nbsp; (0.61)<br>| 1.25 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (0.13)<br>| 0.00 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.30)<br>|
| **Net asset value, end of period** | **$11.46** | &nbsp;&nbsp; **$10.70** | &nbsp;&nbsp; **$11.17** | &nbsp;&nbsp; **$10.51** | &nbsp;&nbsp; **$10.22** | &nbsp;&nbsp; **$10.90** |
| **Total return**<sup>2</sup> <br>| **7.10%**<br>| **5.10%**<br>| **7.47%**<br>| **2.84%**<br>| &nbsp;&nbsp; **(5.59)%**<br>| **12.66%** <br><sup>3</sup><br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.45 %\*<br>| 1.45 %\*<br>| 1.44 %\*<sup>,^</sup><br>| 1.45 %<sup>^</sup><br>| 1.43 %<sup>^</sup><br>| 1.44 %<sup>^</sup><br>|
| Net expenses | 1.45 %\*<br>| 1.45 %\*<br>| 1.44 %\*<sup>,^</sup><br>| 1.45 %<sup>^</sup><br>| 1.43 %<sup>^</sup><br>| 1.44 %<sup>^</sup><br>|
| Net investment income | 1.35<br> %<br>| 1.63<br> %<br>| 4.24<br> %<br>| 1.34<br> %<br>| 0.61<br> %<br>| 1.18<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 5<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 5<br> %<br>|
| Net assets, end of period (000s omitted) | $10877 | &nbsp;&nbsp; $12639 | &nbsp;&nbsp; $18352 | &nbsp;&nbsp; $30295 | &nbsp;&nbsp; $58948 | &nbsp;&nbsp; $131690 |

---

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

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

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

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.21% |
| Year ended April 30, 2025 | 0.24% |
| Year ended April 30, 2024 | 0.04% |

---

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

---

| | |
|:---|:---|
| <sup>^</sup> <br>| Ratios do not include net expenses of GMO Benchmark-Free Allocation Fund, Class MF. Including net expenses allocated from GMO Benchmark-Free Allocation Fund, <br> Class MF, the ratios would be increased by the following amounts:<br>|

---

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

---

| | |
|:---|:---|
| Year ended April 30, 2024 | 0.71% |
| Year ended April 30, 2023 | 0.69% |
| Year ended April 30, 2022 | 0.70% |
| Year ended April 30, 2021 | 0.67% |

---

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

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

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

<sup>3</sup> During the year ended April 30, 2021, the Fund received a payment from an affiliate that had an impact of 0.53% on total return.

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

10 \| Allspring Absolute Return Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended April 30 | Year ended April 30 | Year ended April 30 |
| Class R6 | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.41** | &nbsp;&nbsp; **$10.90** | &nbsp;&nbsp; **$10.35** | &nbsp;&nbsp; **$10.23** | &nbsp;&nbsp; **$11.10** | &nbsp;&nbsp; **$10.11** |
| Net investment income | 0.14 <br><sup>1</sup><br>| 0.32 <br><sup>1</sup><br>| 0.70 <br><sup>1</sup><br>| 0.19 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.28 |
| Net realized and unrealized gains (losses) on investments | 0.66 | 0.37 | 0.21 | 0.21 | &nbsp;&nbsp; (0.70)<br>| 1.08 |
| Total from investment operations | 0.80 | 0.69 | 0.91 | 0.40 | &nbsp;&nbsp; (0.49)<br>| 1.36 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.37)<br>|
| **Net asset value, end of period** | **$11.21** | &nbsp;&nbsp; **$10.41** | &nbsp;&nbsp; **$10.90** | &nbsp;&nbsp; **$10.35** | &nbsp;&nbsp; **$10.23** | &nbsp;&nbsp; **$11.10** |
| **Total return**<sup>2</sup> <br>| **7.68%**<br>| **6.33%**<br>| **8.79%**<br>| **3.99%**<br>| &nbsp;&nbsp; **(4.50)%**<br>| **13.62%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.29 %\*<br>| 0.29 %\*<br>| 0.28 %\*<sup>,^</sup><br>| 0.27 %<sup>^</sup><br>| 0.27 %<sup>^</sup><br>| 0.26 %<sup>^</sup><br>|
| Net expenses | 0.28 %\*<br>| 0.28 %\*<br>| 0.28 %\*<sup>,^</sup><br>| 0.27 %<sup>^</sup><br>| 0.27 %<sup>^</sup><br>| 0.26 %<sup>^</sup><br>|
| Net investment income | 2.52<br> %<br>| 2.84<br> %<br>| 6.51<br> %<br>| 1.89<br> %<br>| 1.91<br> %<br>| 2.63<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 5<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 5<br> %<br>|
| Net assets, end of period (000s omitted) | $31752 | &nbsp;&nbsp; $33684 | &nbsp;&nbsp; $42227 | &nbsp;&nbsp; $4057 | &nbsp;&nbsp; $10494 | &nbsp;&nbsp; $17332 |

---

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

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

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

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.21% |
| Year ended April 30, 2025 | 0.24% |
| Year ended April 30, 2024 | 0.04% |

---

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

---

| | |
|:---|:---|
| <sup>^</sup> <br>| Ratios do not include net expenses of GMO Benchmark-Free Allocation Fund, Class MF. Including net expenses allocated from GMO Benchmark-Free Allocation Fund, <br> Class MF, the ratios would be increased by the following amounts:<br>|

---

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

---

| | |
|:---|:---|
| Year ended April 30, 2024 | 0.71% |
| Year ended April 30, 2023 | 0.69% |
| Year ended April 30, 2022 | 0.70% |
| Year ended April 30, 2021 | 0.67% |

---

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

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

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

Allspring Absolute Return Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended April 30 | Year ended April 30 | Year ended April 30 |
| Institutional Class | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$10.42** | &nbsp;&nbsp; **$10.91** | &nbsp;&nbsp; **$10.35** | &nbsp;&nbsp; **$10.23** | &nbsp;&nbsp; **$11.10** | &nbsp;&nbsp; **$10.11** |
| Net investment income | 0.13 <br><sup>1</sup><br>| 0.31 <br><sup>1</sup><br>| 0.59 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.67 | 0.37 | 0.32 | 0.13 | &nbsp;&nbsp; (0.71)<br>| 1.09 |
| Total from investment operations | 0.80 | 0.68 | 0.91 | 0.39 | &nbsp;&nbsp; (0.50)<br>| 1.35 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.36)<br>|
| **Net asset value, end of period** | **$11.22** | &nbsp;&nbsp; **$10.42** | &nbsp;&nbsp; **$10.91** | &nbsp;&nbsp; **$10.35** | &nbsp;&nbsp; **$10.23** | &nbsp;&nbsp; **$11.10** |
| **Total return**<sup>2</sup> <br>| **7.68%**<br>| **6.22%**<br>| **8.77%**<br>| **3.97%**<br>| &nbsp;&nbsp; **(4.59)%**<br>| **13.57%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.39 %\*<br>| 0.39 %\*<br>| 0.38 %\*<sup>,^</sup><br>| 0.38 %<sup>^</sup><br>| 0.37 %<sup>^</sup><br>| 0.36 %<sup>^</sup><br>|
| Net expenses | 0.33 %\*<br>| 0.33 %\*<br>| 0.33 %\*<sup>,^</sup><br>| 0.33 %<sup>^</sup><br>| 0.33 %<sup>^</sup><br>| 0.33 %<sup>^</sup><br>|
| Net investment income | 2.47<br> %<br>| 2.76<br> %<br>| 5.58<br> %<br>| 2.56<br> %<br>| 1.90<br> %<br>| 2.43<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 5<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 5<br> %<br>|
| Net assets, end of period (000s omitted) | $203442 | &nbsp;&nbsp; $237033 | &nbsp;&nbsp; $355795 | &nbsp;&nbsp; $734148 | &nbsp;&nbsp; $922867 | &nbsp;&nbsp; $1188488 |

---

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

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

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

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.21% |
| Year ended April 30, 2025 | 0.24% |
| Year ended April 30, 2024 | 0.04% |

---

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

---

| | |
|:---|:---|
| <sup>^</sup> <br>| Ratios do not include net expenses of GMO Benchmark-Free Allocation Fund, Class MF. Including net expenses allocated from GMO Benchmark-Free Allocation Fund, <br> Class MF, the ratios would be increased by the following amounts:<br>|

---

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

---

| | |
|:---|:---|
| Year ended April 30, 2024 | 0.71% |
| Year ended April 30, 2023 | 0.69% |
| Year ended April 30, 2022 | 0.70% |
| Year ended April 30, 2021 | 0.67% |

---

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

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

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

12 \| Allspring Absolute Return Fund

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

The Fund is a fund-of-funds that invests in various affiliated and unaffiliated mutual funds and exchange-traded funds (collectively the "Underlying Funds") employing a multi-asset, multi-style investment approach designed to reduce the price and return volatility of the Fund and to provide more consistent returns. The Fund may also invest directly in securities. The Underlying Funds incur separate expenses in seeking to achieve their investment objectives. Investments in affiliated Underlying Funds may also include investments in one or more separate diversified portfolios (collectively, the "affiliated Master Portfolios") of Allspring Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investments in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio's income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios are presented in separate financial statements and may be obtained free of charge by contacting Investor Services or by visiting the SEC website at sec.gov. The financial statements of the affiliated Master Portfolios are filed with the SEC under Allspring Master Trust. The financial statements for all other affiliated Underlying Funds are also publicly available on the SEC website at sec.gov.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Investments in the affiliated Master Portfolios are valued daily based on each Fund's proportionate share of each affiliated Master Portfolio's net assets, which are also valued daily.

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

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

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

Investment transactions and income recognition

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

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.

Allspring Absolute Return Fund \| 13

------

Notes to financial statements (unaudited)

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.

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 Cayman Subsidiary of a Master Portfolio that the Fund invests in, 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 October 31, 2025, the aggregate cost of all investments for federal income tax purposes was $402,974,902 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $39937619 |
| Gross unrealized losses | &nbsp;&nbsp; (2544730)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$37392889** |

---

As of April 30, 2025, the Fund had capital loss carryforwards which consisted of $3,030,950 in short-term capital losses and $374,758,854 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.

14 \| Allspring Absolute Return Fund

------

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Investment companies** | &nbsp;&nbsp; $165732122 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $165732122 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 13168129 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 13168129 |
| Investments measured at net asset value\* <br>|  |  |  | &nbsp;&nbsp;&nbsp; 261467540 |
| **Total assets** | &nbsp;&nbsp; **$178900251** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$440367791** |

---

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

\* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of assets and liabilities. The Fund's investments in the affiliated Master Portfolios are valued at $261,467,540. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. 

At October 31, 2025, the Fund did not have any transfers into/out of Level 3.

The investment objective of each affiliated Master Portfolio is as follows:

---

| | |
|:---|:---|
| Affiliated Master Portfolio | Investment objective |
| Allspring Disciplined International Developed Markets Portfolio | Seeks long-term capital appreciation |
| Allspring Disciplined Large Cap Portfolio | Seeks long-term capital appreciation |
| Allspring Macro Strategies Portfolio | Seeks long-term capital appreciation |

---

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $1 billion | 0.225<br> %<br>|
| Next $4 billion | 0.200 |
| Next $5 billion | 0.175 |
| Next $10 billion | 0.165 |
| Over $20 billion | 0.160 |

---

For the six months ended October 31, 2025, the management fee was equivalent to an annual rate of 0.225% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of certain subadvisers 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 Absolute Return Fund \| 15

------

Notes to financial statements (unaudited)

compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through August 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of October 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.70<br> %<br>|
| Class C | 1.45 |
| Class R6 | 0.28 |
| Institutional Class | 0.33 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended October 31, 2025, Allspring Funds Distributor received $1,142 from the sale of Class A shares and $35 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended October 31, 2025.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing in affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. Purchases and sales on Underlying Funds and unaffiliated securities in which the Fund invests are actual purchases and sales of those investments. Purchases and sales of investments, excluding short-term securities, for the six months ended October 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9031375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8012756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8376220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $61916991 |

---

16 \| Allspring Absolute Return Fund

------

Notes to financial statements (unaudited)

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

6. BANK BORROWINGS

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

For the six months ended October 31, 2025, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

8. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

Allspring Absolute Return Fund \| 17

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

Consolidated portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 9.31%** |  |  |
| **Real estate: 9.31%** |  |  |
| **Health care REITs: 1.12%** |  |  |
| Alexandria Real Estate Equities, Inc. | 3862 | &nbsp;&nbsp; $224846 |
| Welltower, Inc. | 11715 | &nbsp;&nbsp; 2120883 |
|  |  | &nbsp;&nbsp; **2345729** |
| **Industrial REITs: 1.71%** |  |  |
| First Industrial Realty Trust, Inc. | 10466 | &nbsp;&nbsp; 578560 |
| Prologis, Inc. | 15444 | &nbsp;&nbsp; 1916446 |
| Rexford Industrial Realty, Inc. | 10140 | &nbsp;&nbsp; 418985 |
| Terreno Realty Corp. | 11763 | &nbsp;&nbsp; 672020 |
|  |  | &nbsp;&nbsp; **3586011** |
| **Residential REITs: 1.86%** |  |  |
| American Homes 4 Rent Class A | 17830 | &nbsp;&nbsp; 563428 |
| Camden Property Trust | 5512 | &nbsp;&nbsp; 548334 |
| Equity LifeStyle Properties, Inc. | 9645 | &nbsp;&nbsp; 588827 |
| Independence Realty Trust, Inc. | 21870 | &nbsp;&nbsp; 348389 |
| Invitation Homes, Inc. | 21359 | &nbsp;&nbsp; 601256 |
| Mid-America Apartment Communities, Inc. | 5087 | &nbsp;&nbsp; 652306 |
| Sun Communities, Inc. | 4786 | &nbsp;&nbsp; 605908 |
|  |  | &nbsp;&nbsp; **3908448** |
| **Retail REITs: 0.59%** |  |  |
| Federal Realty Investment Trust | 2868 | &nbsp;&nbsp; 275873 |
| Simon Property Group, Inc. | 5534 | &nbsp;&nbsp; 972656 |
|  |  | &nbsp;&nbsp; **1248529** |
| **Specialized REITs: 4.03%** |  |  |
| American Tower Corp. | 9333 | &nbsp;&nbsp; 1670420 |
| Crown Castle, Inc. | 5015 | &nbsp;&nbsp; 452453 |
| CubeSmart | 10252 | &nbsp;&nbsp; 386193 |
| Equinix, Inc. | 2264 | &nbsp;&nbsp; 1915367 |
| Extra Space Storage, Inc. | 6421 | &nbsp;&nbsp; 857460 |
| Four Corners Property Trust, Inc. | 10335 | &nbsp;&nbsp; 244320 |
| Gaming & Leisure Properties, Inc. | 7567 | &nbsp;&nbsp; 337942 |
| Iron Mountain, Inc. | 9480 | &nbsp;&nbsp; 975966 |
| SBA Communications Corp. Class A | 4541 | &nbsp;&nbsp; 869511 |
| VICI Properties, Inc. Class A | 25008 | &nbsp;&nbsp; 749990 |
|  |  | &nbsp;&nbsp; **8459622** |
| **Total common stocks (Cost $19,326,441)** |  | &nbsp;&nbsp; **19548339** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal |  |
| **U.S. Treasury securities: 38.22%** |  |  |  |  |
| TIPS | 0.13<br> %<br>| &nbsp;&nbsp; 10-15-2026 | $1938620 | &nbsp;&nbsp; 1922864 |
| TIPS | 0.13 | &nbsp;&nbsp; 4-15-2027 | 126228 | &nbsp;&nbsp; 124088 |
| TIPS | 0.13 | &nbsp;&nbsp; 1-15-2030 | 1870090 | &nbsp;&nbsp; 1781568 |

---

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

18 \| Allspring Macro Strategies Portfolio

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |
| TIPS | 0.13<br> %<br>| &nbsp;&nbsp; 1-15-2031 | $4679884 | &nbsp;&nbsp; $4387650 |
| TIPS | 0.13 | &nbsp;&nbsp; 7-15-2031 | 7627970 | &nbsp;&nbsp; 7111060 |
| TIPS | 0.13 | &nbsp;&nbsp; 1-15-2032 | 7626616 | &nbsp;&nbsp; 7012329 |
| TIPS | 0.13 | &nbsp;&nbsp; 2-15-2052 | 5516886 | &nbsp;&nbsp; 3043432 |
| TIPS | 0.25 | &nbsp;&nbsp; 7-15-2029 | 2381302 | &nbsp;&nbsp; 2303816 |
| TIPS | 0.38 | &nbsp;&nbsp; 1-15-2027 | 120716 | &nbsp;&nbsp; 119440 |
| TIPS | 0.38 | &nbsp;&nbsp; 7-15-2027 | 1192068 | &nbsp;&nbsp; 1180586 |
| TIPS | 0.50 | &nbsp;&nbsp; 1-15-2028 | 7040521 | &nbsp;&nbsp; 6934740 |
| TIPS | 0.63 | &nbsp;&nbsp; 7-15-2032 | 122665 | &nbsp;&nbsp; 115944 |
| TIPS | 0.75 | &nbsp;&nbsp; 7-15-2028 | 116168 | &nbsp;&nbsp; 115194 |
| TIPS | 0.75 | &nbsp;&nbsp; 2-15-2042 | 8467120 | &nbsp;&nbsp; 6758230 |
| TIPS | 0.75 | &nbsp;&nbsp; 2-15-2045 | 144471 | &nbsp;&nbsp; 108884 |
| TIPS | 0.88 | &nbsp;&nbsp; 2-15-2047 | 214755 | &nbsp;&nbsp; 160408 |
| TIPS | 1.13 | &nbsp;&nbsp; 1-15-2033 | 119648 | &nbsp;&nbsp; 115807 |
| TIPS | 1.25 | &nbsp;&nbsp; 4-15-2028 | 108019 | &nbsp;&nbsp; 108015 |
| TIPS | 1.50 | &nbsp;&nbsp; 2-15-2053 | 1667669 | &nbsp;&nbsp; 1351722 |
| TIPS | 1.63 | &nbsp;&nbsp; 10-15-2027 | 120314 | &nbsp;&nbsp; 121769 |
| TIPS | 1.63 | &nbsp;&nbsp; 10-15-2029 | 102970 | &nbsp;&nbsp; 104668 |
| TIPS | 1.75 | &nbsp;&nbsp; 1-15-2028 | 123726 | &nbsp;&nbsp; 125198 |
| TIPS | 1.75 | &nbsp;&nbsp; 1-15-2034 | 1470386 | &nbsp;&nbsp; 1475890 |
| TIPS | 1.88 | &nbsp;&nbsp; 7-15-2034 | 800242 | &nbsp;&nbsp; 811460 |
| TIPS | 2.13 | &nbsp;&nbsp; 1-15-2035 | 7812959 | &nbsp;&nbsp; 8038205 |
| TIPS | 2.13 | &nbsp;&nbsp; 2-15-2041 | 510434 | &nbsp;&nbsp; 511497 |
| TIPS | 2.38 | &nbsp;&nbsp; 1-15-2027 | 4948451 | &nbsp;&nbsp; 5012300 |
| TIPS | 2.38 | &nbsp;&nbsp; 10-15-2028 | 6611313 | &nbsp;&nbsp; 6853569 |
| TIPS | 3.63 | &nbsp;&nbsp; 4-15-2028 | 6370271 | &nbsp;&nbsp; 6734793 |
| TIPS | 3.88 | &nbsp;&nbsp; 4-15-2029 | 1399332 | &nbsp;&nbsp; 1521028 |
| U.S. Treasury Inflation-Indexed Notes | 1.88 | &nbsp;&nbsp; 7-15-2035 | 4212742 | &nbsp;&nbsp; 4247343 |
| **Total U.S. Treasury securities (Cost $79,834,380)** |  |  |  | &nbsp;&nbsp; **80313497** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 33.64%** |  |  |  |  |
| **Investment companies: 33.64%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞\* |  | 4.06 | 70695984 | &nbsp;&nbsp; **70695984** |
| **Total short-term investments (Cost $70,695,984)** |  |  |  | &nbsp;&nbsp; **70695984** |
| **Total investments in securities (Cost $169,856,805)** | 81.17<br> %<br>|  |  | &nbsp;&nbsp; 170557820 |
| Other assets and liabilities, net | 18.83 |  |  | &nbsp;&nbsp; 39565905 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$210123725** |

---

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

---

| | |
|:---|:---|
| ♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |
| \* | A portion of the holding represents an investment held in Macro Strategies Special Investments (Cayman) Ltd., the consolidated entity. |

---

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

Abbreviations: <br> REIT Real estate investment trust <br> TIPS Treasury Inflation-Protected Securities

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

Allspring Macro Strategies Portfolio \| 19

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

**Investments in affiliates**

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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>| $55705784 | $129498686 | $(114508486)<br>| $0 | $0 | $70695984 | 70695984 | $945037 |

---

**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 | 14353000 | USD | 9533736 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $(138146)<br>|
| USD | 664 | AUD | 1000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 9844839 | AUD | 14869000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 111471 | &nbsp;&nbsp;&nbsp; 0 |
| BRL | 34741000 | USD | 6287509 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 103986 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 905 | BRL | 5000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (15)<br>|
| USD | 4221043 | BRL | 22835000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 19962 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 12657301 | CAD | 17450000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 187516 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 725 | CAD | 1000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 4037257 | CAD | 5605000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 31919 | &nbsp;&nbsp;&nbsp; 0 |
| CHF | 541000 | USD | 686753 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (11077)<br>|
| USD | 1269 | CHF | 1000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1953397 | CHF | 1543000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 26284 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 862 | CLP | 828000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (17)<br>|
| USD | 3146703 | CLP | 3022597000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (60641)<br>|
| CLP | 635832000 | USD | 662656 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 12039 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 867 | CZK | 18000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 0 |
| CZK | 88527000 | USD | 4266417 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (68680)<br>|
| CZK | 22615000 | USD | 1098554 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (26205)<br>|
| EUR | 1784000 | USD | 2104324 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (42980)<br>|
| USD | 1180 | EUR | 1000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 0 |
| EUR | 496000 | USD | 585782 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (12672)<br>|
| GBP | 6343000 | USD | 8604666 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (271413)<br>|
| USD | 1357 | GBP | 1000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 873 | HUF | 294000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 0 |
| HUF | 1788339000 | USD | 5307343 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (6439)<br>|
| HUF | 862380000 | USD | 2596126 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (39902)<br>|
| USD | 3646031 | IDR | 60195246000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 27879 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 866 | IDR | 14298000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 8811293 | IDR | 147248164000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (39345)<br>|
| USD | 19262653 | INR | 1705862000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 88915 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 228765 | INR | 20259000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 1056 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 2817610 | INR | 251035000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (4001)<br>|
| USD | 857 | JPY | 125000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 7903520 | JPY | 1153401000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 386991 | &nbsp;&nbsp;&nbsp; 0 |
| JPY | 233226000 | USD | 1600977 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (81081)<br>|
| USD | 10648055 | KRW | 14700992000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 309271 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 851 | KRW | 1175000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1653124 | KRW | 2311663000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 27398 | &nbsp;&nbsp;&nbsp; 0 |

---

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

20 \| Allspring Macro Strategies Portfolio

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

**Forward foreign currency contracts** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be<br> received | Currency to be<br> received | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement<br> date<br>| &nbsp;&nbsp; Unrealized<br> gains<br>| &nbsp;&nbsp; Unrealized<br> losses<br>|
| MXN | 55657000 | USD | 2966308 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; $16000 | &nbsp;&nbsp;&nbsp; $0 |
| USD | 853 | MXN | 16000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (5)<br>|
| USD | 3404883 | MXN | 62839000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 37737 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 911 | NOK | 9000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 0 |
| NOK | 87522000 | USD | 8856541 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (216473)<br>|
| USD | 4840143 | NOK | 48030000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 98678 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 2029704 | NZD | 3395000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 83361 | &nbsp;&nbsp;&nbsp; 0 |
| NZD | 28000 | USD | 16740 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (687)<br>|
| USD | 5834590 | NZD | 9986000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 109646 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 113785 | PLN | 414000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 1724 | &nbsp;&nbsp;&nbsp; 0 |
| PLN | 22199000 | USD | 6101251 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (92458)<br>|
| PLN | 3728000 | USD | 1028333 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (19243)<br>|
| USD | 864 | SEK | 8000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 0 |
| SEK | 53535000 | USD | 5779788 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (130114)<br>|
| ZAR | 109087000 | USD | 6198362 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 75034 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 852 | ZAR | 15000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (10)<br>|
| USD | 3159507 | ZAR | 54523000 | Morgan Stanley Co. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 23988 | &nbsp;&nbsp;&nbsp; 0 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **$1781094** | &nbsp;&nbsp;&nbsp; **$(1261604)**<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** |  |  |  |  |  |  |
| Gas Oil Futures\*\* | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 11-12-2025 | &nbsp;&nbsp; $2684140 | &nbsp;&nbsp; $2802150 | &nbsp;&nbsp; $118010 | &nbsp;&nbsp; $0 |
| LME Lead Futures\*\* | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 11-17-2025 | &nbsp;&nbsp; 297521 | &nbsp;&nbsp; 300117 | &nbsp;&nbsp; 2596 | &nbsp;&nbsp; 0 |
| Light Sweet Crude Oil Futures\*\* | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 11-20-2025 | &nbsp;&nbsp; 5945021 | &nbsp;&nbsp; 5854080 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (90941)<br>|
| CAC 40 Index | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 11-21-2025 | &nbsp;&nbsp; 9601614 | &nbsp;&nbsp; 9842018 | &nbsp;&nbsp; 240404 | &nbsp;&nbsp; 0 |
| Henry Hub Natural Gas Futures\*\* | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 11-25-2025 | &nbsp;&nbsp; 278880 | &nbsp;&nbsp; 288680 | &nbsp;&nbsp; 9800 | &nbsp;&nbsp; 0 |
| Brent Crude Oil Futures\*\* | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 11-28-2025 | &nbsp;&nbsp; 1695779 | &nbsp;&nbsp; 1684020 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (11759)<br>|
| Reformulated Gasoline Blendstock for Oxygen Blending <br> Futures\*\*<br>| &nbsp;&nbsp; 49 | &nbsp;&nbsp; 11-28-2025 | &nbsp;&nbsp; 3823622 | &nbsp;&nbsp; 3911846 | &nbsp;&nbsp; 88224 | &nbsp;&nbsp; 0 |
| 10-Year Euro BUND Index | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 12-8-2025 | &nbsp;&nbsp; 30939352 | &nbsp;&nbsp; 31170551 | &nbsp;&nbsp; 231199 | &nbsp;&nbsp; 0 |
| French Government Bond | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 12-8-2025 | &nbsp;&nbsp; 20446094 | &nbsp;&nbsp; 20768207 | &nbsp;&nbsp; 322113 | &nbsp;&nbsp; 0 |
| TOPIX Index | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 12-11-2025 | &nbsp;&nbsp; 17157505 | &nbsp;&nbsp; 18605152 | &nbsp;&nbsp; 1447647 | &nbsp;&nbsp; 0 |
| Corn Futures\*\* | &nbsp;&nbsp; 249 | &nbsp;&nbsp; 12-12-2025 | &nbsp;&nbsp; 5342645 | &nbsp;&nbsp; 5372175 | &nbsp;&nbsp; 29530 | &nbsp;&nbsp; 0 |
| Soybean Oil Futures\*\* | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 12-12-2025 | &nbsp;&nbsp; 4414989 | &nbsp;&nbsp; 4293576 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (121413)<br>|
| 10-Year Australian Bond | &nbsp;&nbsp; 977 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 72567302 | &nbsp;&nbsp; 72626911 | &nbsp;&nbsp; 59609 | &nbsp;&nbsp; 0 |
| Cocoa Futures\*\* | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 694913 | &nbsp;&nbsp; 615100 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (79813)<br>|
| Japanese Yen Futures | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 13166307 | &nbsp;&nbsp; 12462806 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (703501)<br>|
| LME Copper Futures\*\* | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 7321075 | &nbsp;&nbsp; 7896352 | &nbsp;&nbsp; 575277 | &nbsp;&nbsp; 0 |
| LME Nickel Futures\*\* | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 819484 | &nbsp;&nbsp; 816948 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (2536)<br>|
| LME Primary Aluminum Futures\*\* | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 5579514 | &nbsp;&nbsp; 5980565 | &nbsp;&nbsp; 401051 | &nbsp;&nbsp; 0 |
| Swiss Franc Futures | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 21171577 | &nbsp;&nbsp; 20764625 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (406952)<br>|
| 10-Year Canadian Bond | &nbsp;&nbsp; 846 | &nbsp;&nbsp; 12-18-2025 | &nbsp;&nbsp; 73505050 | &nbsp;&nbsp; 74047243 | &nbsp;&nbsp; 542193 | &nbsp;&nbsp; 0 |
| C Coffee Futures\*\* | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 12-18-2025 | &nbsp;&nbsp; 1704299 | &nbsp;&nbsp; 2205281 | &nbsp;&nbsp; 500982 | &nbsp;&nbsp; 0 |
| S&P ASX Share Price Index 200 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 12-18-2025 | &nbsp;&nbsp; 10772053 | &nbsp;&nbsp; 10763365 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (8688)<br>|
| S&P/TSX 60 Index | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 12-18-2025 | &nbsp;&nbsp; 10637259 | &nbsp;&nbsp; 10924217 | &nbsp;&nbsp; 286958 | &nbsp;&nbsp; 0 |
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 685 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 77136774 | &nbsp;&nbsp; 77180234 | &nbsp;&nbsp; 43460 | &nbsp;&nbsp; 0 |
| DAX Index | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 8266938 | &nbsp;&nbsp; 8310837 | &nbsp;&nbsp; 43899 | &nbsp;&nbsp; 0 |
| E-Mini NASDAQ 100 Index | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 29712988 | &nbsp;&nbsp; 31724880 | &nbsp;&nbsp; 2011892 | &nbsp;&nbsp; 0 |
| E-Mini Russell 2000 Index | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 2536912 | &nbsp;&nbsp; 2614395 | &nbsp;&nbsp; 77483 | &nbsp;&nbsp; 0 |

---

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

Allspring Macro Strategies Portfolio \| 21

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

**Futures contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts<br>| Expiration<br> date<br>| Notional<br> cost<br>| Notional<br> value<br>| Unrealized<br> gains<br>| Unrealized<br> losses<br>|
| **Long** (continued) |  |  |  |  |  |  |
| E-Mini S&P 500 Index | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; $28953231 | &nbsp;&nbsp; $29901900 | &nbsp;&nbsp; $948669 | &nbsp;&nbsp; $0 |
| E-Mini Utilities Select Sector Futures | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 13411004 | &nbsp;&nbsp; 13169200 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (241804)<br>|
| Euro STOXX 50 Index | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 23323973 | &nbsp;&nbsp; 24242524 | &nbsp;&nbsp; 918551 | &nbsp;&nbsp; 0 |
| FTSE 100 Index | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 12518851 | &nbsp;&nbsp; 13059383 | &nbsp;&nbsp; 540532 | &nbsp;&nbsp; 0 |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 349 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 23572836 | &nbsp;&nbsp; 24562620 | &nbsp;&nbsp; 989784 | &nbsp;&nbsp; 0 |
| Ultra 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 824 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 95715850 | &nbsp;&nbsp; 95159125 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (556725)<br>|
| Long Gilt Futures | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 12-29-2025 | &nbsp;&nbsp; 5502836 | &nbsp;&nbsp; 5657474 | &nbsp;&nbsp; 154638 | &nbsp;&nbsp; 0 |
| Silver Futures\*\* | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 12-29-2025 | &nbsp;&nbsp; 3325747 | &nbsp;&nbsp; 3852800 | &nbsp;&nbsp; 527053 | &nbsp;&nbsp; 0 |
| Live Cattle Futures\*\* | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; 3583300 | &nbsp;&nbsp; 3491060 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (92240)<br>|
| Soybean Futures\*\* | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 1-14-2026 | &nbsp;&nbsp; 1356348 | &nbsp;&nbsp; 1394063 | &nbsp;&nbsp; 37715 | &nbsp;&nbsp; 0 |
| Number 11 World Sugar Futures\*\* | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 2-27-2026 | &nbsp;&nbsp; 3705754 | &nbsp;&nbsp; 3264643 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (441111)<br>|
| **Short** |  |  |  |  |  |  |
| LME Lead Futures\*\* | &nbsp;&nbsp; (47)<br>| &nbsp;&nbsp; 11-17-2025 | &nbsp;&nbsp; (2329611)<br>| &nbsp;&nbsp; (2350916)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (21305)<br>|
| NY Harbor ULSD Futures\*\* | &nbsp;&nbsp; (47)<br>| &nbsp;&nbsp; 11-28-2025 | &nbsp;&nbsp; (4701615)<br>| &nbsp;&nbsp; (4734836)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (33221)<br>|
| Number 2 Cotton Futures\*\* | &nbsp;&nbsp; (77)<br>| &nbsp;&nbsp; 12-8-2025 | &nbsp;&nbsp; (2545391)<br>| &nbsp;&nbsp; (2523290)<br>| &nbsp;&nbsp; 22101 | &nbsp;&nbsp; 0 |
| Hard Red Winter Wheat Futures\*\* | &nbsp;&nbsp; (262)<br>| &nbsp;&nbsp; 12-12-2025 | &nbsp;&nbsp; (6630780)<br>| &nbsp;&nbsp; (6870950)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (240170)<br>|
| Lean Hogs Futures\*\* | &nbsp;&nbsp; (143)<br>| &nbsp;&nbsp; 12-12-2025 | &nbsp;&nbsp; (5063464)<br>| &nbsp;&nbsp; (4648930)<br>| &nbsp;&nbsp; 414534 | &nbsp;&nbsp; 0 |
| Soybean Meal Futures\*\* | &nbsp;&nbsp; (223)<br>| &nbsp;&nbsp; 12-12-2025 | &nbsp;&nbsp; (6302415)<br>| &nbsp;&nbsp; (7171680)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (869265)<br>|
| Wheat Futures\*\* | &nbsp;&nbsp; (333)<br>| &nbsp;&nbsp; 12-12-2025 | &nbsp;&nbsp; (8616764)<br>| &nbsp;&nbsp; (8891100)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (274336)<br>|
| 10-Year Japanese Bond | &nbsp;&nbsp; (76)<br>| &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; (67547980)<br>| &nbsp;&nbsp; (67088703)<br>| &nbsp;&nbsp; 459277 | &nbsp;&nbsp; 0 |
| LME Copper Futures\*\* | &nbsp;&nbsp; (31)<br>| &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; (7690161)<br>| &nbsp;&nbsp; (8440928)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (750767)<br>|
| LME Nickel Futures\*\* | &nbsp;&nbsp; (12)<br>| &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; (1097861)<br>| &nbsp;&nbsp; (1089264)<br>| &nbsp;&nbsp; 8597 | &nbsp;&nbsp; 0 |
| LME Primary Aluminum Futures\*\* | &nbsp;&nbsp; (48)<br>| &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; (3142114)<br>| &nbsp;&nbsp; (3458640)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (316526)<br>|
| LME Zinc Futures\*\* | &nbsp;&nbsp; (42)<br>| &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; (3021121)<br>| &nbsp;&nbsp; (3237465)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (216344)<br>|
| MSCI EAFE Index | &nbsp;&nbsp; (205)<br>| &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; (28649230)<br>| &nbsp;&nbsp; (28772775)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (123545)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; (166)<br>| &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; (20121769)<br>| &nbsp;&nbsp; (20132687)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (10918)<br>|
| Gold 100 Troy Ounces Futures\*\* | &nbsp;&nbsp; (53)<br>| &nbsp;&nbsp; 12-29-2025 | &nbsp;&nbsp; (21120346)<br>| &nbsp;&nbsp; (21181450)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (61104)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$12053778** | &nbsp;&nbsp; **$(5674984)**<br>|

---

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

\*\* Represents an investment held in Macro Strategies Special Investments (Cayman) Ltd., the consolidated entity.

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

22 \| Allspring Macro Strategies Portfolio

------

Consolidated statement of assets and liabilities—October 31, 2025 (unaudited)

Consolidated financial statements

Consolidated statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $99,160,821) | $99861836 |
| Investments in affiliated securities, at value (cost $70,695,984) | 70695984 |
| Cash at broker segregated for futures contracts | 39911000 |
| Foreign currency, at value (cost $0) | 233 |
| Unrealized gains on forward foreign currency contracts | 1781094 |
| Receivable for daily variation margin on open futures contracts | 1022192 |
| Receivable for interest | 453026 |
| Prepaid expenses and other assets | 723 |
| **Total assets** | **213726088** |
| Liabilities |  |
| Payable for daily variation margin on open futures contracts | 1304492 |
| Unrealized losses on forward foreign currency contracts | 1261604 |
| Cash collateral due to broker for forward foreign currency contracts | 580000 |
| Advisory fee payable | 66693 |
| Trustees' fees and expenses payable | 525 |
| Accrued expenses and other liabilities | 389049 |
| **Total liabilities** | **3602363** |
| **Total net assets**  | **$210123725** |

---

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

Allspring Macro Strategies Portfolio \| 23

------

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

Consolidated statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $3020194 |
| Income from affiliated securities | 945037 |
| Dividends | 386899 |
| **Total investment income** | **4352130** |
| Expenses |  |
| Advisory fee | 357520 |
| Custody and accounting fees | 25014 |
| Professional fees | 18715 |
| Registration fees | 20 |
| Interest holder report expenses | 2 |
| Trustees' fees and expenses | 5511 |
| Other fees and expenses | 2405 |
| **Total expenses** | **409187** |
| **Net investment income** | **3942943** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | 92205 |
| Foreign currency and foreign currency translations | (97695)<br>|
| Forward foreign currency contracts | 386279 |
| Futures contracts | (2267232)<br>|
| **Net realized losses on investments**  | **(1886443)**<br>|
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | (600957)<br>|
| Foreign currency and foreign currency translations | 21440 |
| Forward foreign currency contracts | 1862861 |
| Futures contracts | 3452517 |
| **Net change in unrealized gains (losses) on investments** | **4735861** |
| **Net realized and unrealized gains (losses) on investments** | **2849418** |
| **Net increase in net assets resulting from operations** | **$6792361** |

---

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

24 \| Allspring Macro Strategies Portfolio

------

Consolidated statement of changes in net assets

Consolidated statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | &nbsp;&nbsp; Year ended <br>April 30, 2025 |
| Operations |  |  |
| Net investment income | &nbsp;&nbsp; $3942943 | &nbsp;&nbsp; $11495396 |
| Net realized losses on investments | &nbsp;&nbsp; (1886443)<br>| &nbsp;&nbsp; (8540283)<br>|
| Net change in unrealized gains (losses) on investments | &nbsp;&nbsp; 4735861 | &nbsp;&nbsp; 11398535 |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp; **6792361** | &nbsp;&nbsp; **14353648** |
| Capital transactions |  |  |
| Transactions in investors' beneficial interests |  |  |
| Contributions | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 139587688 |
| Withdrawals | &nbsp;&nbsp; (17204680)<br>| &nbsp;&nbsp; (243217884)<br>|
| **Net decrease in net assets resulting from capital transactions** | &nbsp;&nbsp; **(17204680)**<br>| &nbsp;&nbsp; **(103630196)**<br>|
| **Total decrease in net assets** | &nbsp;&nbsp; **(10412319)**<br>| &nbsp;&nbsp; **(89276548)**<br>|
| Net assets |  |  |
| **Beginning of period** | &nbsp;&nbsp; **220536044** | &nbsp;&nbsp; **309812592** |
| **End of period** | &nbsp;&nbsp; **$210123725** | &nbsp;&nbsp; **$220536044** |

---

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

Allspring Macro Strategies Portfolio \| 25

------

Consolidated financial highlights

Consolidated financial highlights

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

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 |
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>|
| **Total return**<sup>2</sup> <br>| **3.62%**<br>| **4.52%**<br>| &nbsp;&nbsp; **(2.53)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |
| Expenses | 0.40<br> %<br>| 0.41<br> %<br>| 0.47<br> %<br>|
| Net investment income | 3.86<br> %<br>| 4.14<br> %<br>| 4.76<br> %<br>|
| **Supplemental data** |  |  |  |
| Portfolio turnover rate | 9<br> %<br>| &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp; 1<br> %<br>|

---

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

<sup>1</sup> For the period from March 11, 2024 (commencement of operations) to April 30, 2024 <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized.

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

26 \| Allspring Macro Strategies Portfolio

------

Notes to consolidated financial statements (unaudited)

Notes to consolidated financial statements

1. ORGANIZATION

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

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

2. INVESTMENT IN SUBSIDIARY

The Portfolio invests in direct or indirect investments in various derivatives, including commodity-linked derivatives, through Macro Strategies Special Investments (Cayman) Ltd (the "Subsidiary"), a wholly owned subsidiary incorporated on November 21, 2023 under the laws of the Cayman Islands as an exempted segregated portfolio company with limited liability. As of October 31, 2025, the Subsidiary had $34,287,839 of investments in affiliates and cash at broker segregated for futures contacts representing 101.84% of its net assets. As of October 31, 2025, the Portfolio held $33,669,858 in the Subsidiary, representing 19.08% of the Portfolio net assets prior to consolidation.

The consolidated financial statements of the Portfolio include the financial results of the Subsidiary. The Consolidated portfolio of investments includes positions of the Portfolio and the Subsidiary and the consolidated financial statements include the accounts of the Portfolio and the Subsidiary. Accordingly, all interfund balances and transactions between the Portfolio 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 Portfolio, 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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

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

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

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

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

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 Portfolio are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the 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

Allspring Macro Strategies Portfolio \| 27

------

Notes to consolidated financial statements (unaudited)

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.

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 Portfolio enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Portfolio 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 Portfolio 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 Portfolio'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 Portfolio and the counterparty.

Futures contracts

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

Upon entering into a futures contract, the Portfolio is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or 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 Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Consolidated statement of operations.

Inflation-indexed bonds and TIPS

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

Security transactions and income recognition

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

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.

Dividend income is recognized on the ex-dividend date.

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

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

28 \| Allspring Macro Strategies Portfolio

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Notes to consolidated financial statements (unaudited)

Federal and other taxes

The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a disregarded entity for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been earned by the interest holder.

As of October 31, 2025, the aggregate cost of all investments for federal income tax purposes was $173,610,914 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $16297175 |
| Gross unrealized losses | &nbsp;&nbsp; (12451985)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$3845190** |

---

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 Portfolio's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Portfolio's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

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

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

The following is a summary of the inputs used in valuing the Portfolio's assets and liabilities as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Real estate* | &nbsp;&nbsp; $19548339 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $19548339 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 80313497 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 80313497 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 70695984 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 70695984 |
|  | &nbsp;&nbsp; 170557820 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 170557820 |
| **Forward foreign currency contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1781094 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1781094 |
| **Futures contracts** | &nbsp;&nbsp; 12053778 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12053778 |
| **Total assets** | &nbsp;&nbsp; **$182611598** | &nbsp;&nbsp;&nbsp; **$1781094** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$184392692** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Forward foreign currency contracts** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $1261604 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $1261604 |
| **Futures contracts** | &nbsp;&nbsp; 5674984 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5674984 |
| **Total liabilities** | &nbsp;&nbsp; **$5674984** | &nbsp;&nbsp;&nbsp; **$1261604** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$6936588** |

---

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 October 31, 2025, the Portfolio did not have any transfers into/out of Level 3.

Allspring Macro Strategies Portfolio \| 29

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Notes to consolidated financial statements (unaudited)

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

5. TRANSACTIONS WITH AFFILIATES

Advisory fee

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

---

| | |
|:---|:---|
| Average daily net assets | Advisory fee |
| First $1 billion | 0.350<br> %<br>|
| Next $4 billion | 0.325 |
| Over $5 billion | 0.300 |

---

For the six months ended October 31, 2025, the advisory fee was equivalent to an annual rate of 0.35% of the Portfolio'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 subadvisers to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments") 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 Portfolio.

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Portfolio did not have any interfund transactions during the six months ended October 31, 2025.

6. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended October 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9031375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1074924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8376220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $624679 |

---

7. DERIVATIVE TRANSACTIONS

During the six months ended October 31, 2025, the Portfolio entered into futures contracts to speculate on equities, fixed income, currencies and commodities directly. The Portfolio also entered into forward foreign currency contracts for economic hedging purposes.

The volume of the Portfolio's derivative activity during the six months ended October 31, 2025 was as follows:

---

| | |
|:---|:---|
| **Forward foreign currency contracts** |  |
| Average contract amounts to buy | &nbsp;&nbsp; $313500608 |
| Average contract amounts to sell | &nbsp;&nbsp; 312534441 |
| **Futures contracts** |  |
| Average notional balance on long futures | &nbsp;&nbsp; $579957079 |
| Average notional balance on short futures | &nbsp;&nbsp; 196963252 |

---

A summary of the location of derivative instruments on the financial statements by primary risk exposure is outlined in the following tables.

30 \| Allspring Macro Strategies Portfolio

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Notes to consolidated financial statements (unaudited)

The fair value of derivative instruments as of October 31, 2025 by primary risk type was as follows for the Portfolio:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Commodity <br>risk<br>| Equity <br>risk<br>| Foreign 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 | $1781094 | $1781094 |
| Futures contracts | &nbsp;&nbsp; 1,812,489 <br>\*<br>| 2,735,470 <br>\*<br>| 7,505,819 <br>\*<br>| 0 <br>\*<br>| 12053778 |
|  | &nbsp;&nbsp; $1812489 | $2735470 | $7505819 | $1781094 | $13834872 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $0 | $1261604 | $1261604 |
| Futures contracts | &nbsp;&nbsp; 567,643 <br>\*<br>| 3,622,851 <br>\*<br>| 374,037 <br>\*<br>| 1,110,453 <br>\*<br>| 5674984 |
|  | &nbsp;&nbsp; $567643 | $3622851 | $374037 | $2372057 | $6936588 |

---

&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 October 31, 2025 is reported separately on the Consolidated statement of assets and liabilities. 

The effect of derivative instruments on the Consolidated statement of operations for the six months ended October 31, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | INTEREST RATE <br>RISK<br>| Commodity <br>risk<br>| Equity <br>risk<br>| Foreign currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $0 | $386279 | $386279 |
| Futures contracts | &nbsp;&nbsp; (3539224)<br>| 2583235 | (803306)<br>| (507937)<br>| (2267232)<br>|
|  | &nbsp;&nbsp; $(3539224)<br>| $2583235 | $(803306)<br>| $(121658)<br>| $(1880953)<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 | $1862861 | $1862861 |
| Futures contracts | &nbsp;&nbsp; (996363)<br>| (3175696)<br>| 9351718 | (1727142)<br>| 3452517 |
|  | &nbsp;&nbsp; $(996363)<br>| $(3175696)<br>| $9351718 | $135719 | $5315378 |

---

For certain types of derivative transactions, the Portfolio has entered into International Swaps and Derivatives Association, Inc. master agreements ("ISDA Master Agreements") or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Portfolio 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 Portfolio 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 Portfolio 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>|
| Morgan Stanley Co. | &nbsp;&nbsp; $1781094 | $(1261604)<br>| $(519490)<br>| $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<sup>1</sup> <br>| Net amount <br>of liabilities<br>|
| Morgan Stanley Co. | &nbsp;&nbsp; $1261604 | $(1261604)<br>| $0 | $0 |

---

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

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

Allspring Macro Strategies Portfolio \| 31

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Notes to consolidated financial statements (unaudited)

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

8. BANK BORROWINGS

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

For the six months ended October 31, 2025, there were no borrowings by the Portfolio under the agreement.

9. INDEMNIFICATION

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

10. OPERATING SEGMENTS

The Portfolio operates as a single operating segment. An operating segment is 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 Portfolio acts as the Portfolio's CODM. The CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Portfolio's prospectus which is executed by the Portfolio'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 Portfolio's single segment. This information is consistent with that presented within the Portfolio's consolidated financial statements. Segment assets are reflected on the accompanying Consolidated statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Consolidated statement of operations.

11. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

32 \| Allspring Macro Strategies Portfolio

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Other information (unaudited)

Other information

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. Shareholders 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 Absolute Return Fund \| 33

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

34 \| Allspring Absolute Return Fund

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Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Absolute Return 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 noted that the Fund's principal investment strategy changed in March 2024 in connection with the Sub-Advisers taking over sub-advisory responsibilities for the Fund.

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."

Allspring Absolute Return Fund \| 35

------

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-year period under review, but lower for all other periods under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Absolute Return Blended Index, for the three-year period under review, but 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-Advisers for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of the average rates for the expense Groups for each share class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Advisers, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Advisers, the Board ascribed limited relevance to the allocation of fees between them.

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 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.

36 \| Allspring Absolute Return 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-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.

Allspring Absolute Return Fund \| 37

------

![](g14779img1084db571.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**

![](g14779imge020c0162.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.**

**NCSRS3355 10-25**

------

![](g14779img9e9880c21.jpg)

Allspring Asset Allocation Fund

Long Form Financial Statements

Semi-Annual Report

October 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_361d86f6-621f-4661-91e8-a23d88ae020d_POI-PageBlank-58_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_361d86f6-621f-4661-91e8-a23d88ae020d_FS-PageBlank-58_1)** |  |
| [Statement of assets and liabilities](#xx_361d86f6-621f-4661-91e8-a23d88ae020d_FS-PageBlank-58_1) | 5 |
| [Statement of operations](#xx_361d86f6-621f-4661-91e8-a23d88ae020d_FS-PageBlank-58_2) | 6 |
| [Statement of changes in net assets](#xx_361d86f6-621f-4661-91e8-a23d88ae020d_FS-PageBlank-58_4) | 8 |
| [Financial highlights](#xx_361d86f6-621f-4661-91e8-a23d88ae020d_FIHI-PageBlank-58_1) | 9 |
| **[Notes to financial statements](#xx_361d86f6-621f-4661-91e8-a23d88ae020d_NTF-PageBlank-58_1)** | 13 |
| **[Other information](#xx_361d86f6-621f-4661-91e8-a23d88ae020d_OI-PageBlank-58_1)** | 19 |
| [Item 8. Changes in and disagreements with accountants](#xx_361d86f6-621f-4661-91e8-a23d88ae020d_OI-PageBlank-58_2) | 20 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_361d86f6-621f-4661-91e8-a23d88ae020d_OI-PageBlank-58_2) | 20 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_361d86f6-621f-4661-91e8-a23d88ae020d_OI-PageBlank-58_2) | 20 |
| [Item 11. Statement regarding basis for board](#xx_361d86f6-621f-4661-91e8-a23d88ae020d_OI-PageBlank-58_3)['](#xx_361d86f6-621f-4661-91e8-a23d88ae020d_OI-PageBlank-58_3)[s approval of investment](#xx_361d86f6-621f-4661-91e8-a23d88ae020d_OI-PageBlank-58_3)<br> [advisory contract](#xx_361d86f6-621f-4661-91e8-a23d88ae020d_OI-PageBlank-58_3)<br>| 21 |

---

Allspring Asset Allocation Fund \| 1

------

Portfolio of investments—October 31, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Investment companies: 95.84%** |  |  |
| **Affiliated master portfolios: 23.86%** |  |  |
| Allspring Core Bond Portfolio |  | &nbsp;&nbsp; $74782495 |
| Allspring Disciplined International Developed Markets Portfolio |  | &nbsp;&nbsp; 159222327 |
| Allspring Real Return Portfolio |  | &nbsp;&nbsp; 89580832 |
| Allspring Small Company Value Portfolio |  | &nbsp;&nbsp; 40567504 |
|  |  | &nbsp;&nbsp; **364153158** |
| **Exchange-traded funds: 50.63%** |  |  |
| Allspring Broad Market Core Bond ETF♠ | 4451994 | &nbsp;&nbsp; 112655037 |
| Allspring Core Plus ETF♠ | 6137739 | &nbsp;&nbsp; 154977910 |
| Allspring Income Plus ETF♠ | 2204832 | &nbsp;&nbsp; 56018608 |
| Allspring LT Large Growth ETF♠† | 4240893 | &nbsp;&nbsp; 131857845 |
| Allspring Special Large Value ETF♠† | 7222158 | &nbsp;&nbsp; 197309357 |
| iShares Core MSCI EAFE ETF | 515028 | &nbsp;&nbsp; 45368816 |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 418757 | &nbsp;&nbsp; 40481239 |
| iShares Russell 1000 Growth ETF | 70149 | &nbsp;&nbsp; 34062951 |
|  |  | &nbsp;&nbsp; **772731763** |
| **Stock funds: 21.35%** |  |  |
| Allspring Disciplined U.S. Core Fund Class R6♠ | 8095874 | &nbsp;&nbsp; 230813355 |
| Allspring Emerging Markets Equity Advantage Fund Class R6♠ | 3159867 | &nbsp;&nbsp; 47240008 |
| Allspring Emerging Markets Equity Fund Class R6♠ | 1348963 | &nbsp;&nbsp; 47726326 |
|  |  | &nbsp;&nbsp; **325779689** |
| **Total investment companies (Cost $1,183,526,846)** |  | &nbsp;&nbsp; **1462664610** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 2.58%** |  |  |  |  |
| **Investment companies: 2.58%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.06<br> %<br>| 39278291 | &nbsp;&nbsp; **39278291** |
| **Total short-term investments (Cost $39,278,291)** |  |  |  | &nbsp;&nbsp; **39278291** |
| **Total investments in securities (Cost $1,222,805,137)** | 98.42<br> %<br>|  |  | &nbsp;&nbsp; 1501942901 |
| Other assets and liabilities, net | 1.58 |  |  | &nbsp;&nbsp; 24149593 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$1526092494** |

---

&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. <br> † Non-income-earning security <br> ∞ The rate represents the 7-day annualized yield at period end.

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

2 \| Allspring Asset Allocation Fund

------

Portfolio of investments—October 31, 2025 (unaudited)

**Investments in affiliates**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses) on <br>affiliated <br>Underlying <br>Funds<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>affiliated <br>Underlying <br>Funds<br>| Value, <br>end of <br>period<br>|
| **Investment companies** |  |  |  |  |  |  |
| Allspring Broad Market Core Bond ETF | $108225047 | &nbsp;&nbsp; $2855811 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1574179 | &nbsp;&nbsp; $112655037 |
| Allspring Core Plus ETF | 150766276 | &nbsp;&nbsp; 1491413 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 2720221 | &nbsp;&nbsp; 154977910 |
| Allspring Disciplined U.S. Core Fund Class R6 | 195573112 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (10482324)<br>| &nbsp;&nbsp; 2835091 | &nbsp;&nbsp; 42887476 | &nbsp;&nbsp; 230813355 |
| Allspring Emerging Markets Equity Advantage Fund Class R6 | 39226971 | &nbsp;&nbsp; 407465 | &nbsp;&nbsp; (1641342)<br>| &nbsp;&nbsp; 245441 | &nbsp;&nbsp; 9001473 | &nbsp;&nbsp; 47240008 |
| Allspring Emerging Markets Equity Fund Class R6 | 39387642 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (2370176)<br>| &nbsp;&nbsp; 357610 | &nbsp;&nbsp; 10351250 | &nbsp;&nbsp; 47726326 |
| Allspring Income Plus ETF | 54679494 | &nbsp;&nbsp; 126930 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1212184 | &nbsp;&nbsp; 56018608 |
| Allspring LT Large Growth ETF† | 111596448 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (9119256)<br>| &nbsp;&nbsp; 945519 | &nbsp;&nbsp; 28435134 | &nbsp;&nbsp; 131857845 |
| Allspring Special Large Value ETF† | 178912313 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (3457616)<br>| &nbsp;&nbsp; 249462 | &nbsp;&nbsp; 21605198 | &nbsp;&nbsp; 197309357 |
| **Short-term investments** |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select Class | 2500000 | &nbsp;&nbsp; 123192432 | &nbsp;&nbsp; (86414141)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 39278291 |
| **Affiliated securities no longer held at end of period** |  |  |  |  |  |  |
| Allspring Emerging Growth Fund Class R6† | 15546208 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (17214807)<br>| &nbsp;&nbsp; 966669 | &nbsp;&nbsp; 701930 | &nbsp;&nbsp; 0 |
|  |  |  |  | &nbsp;&nbsp; **$5599792** | &nbsp;&nbsp; **$118489045** | &nbsp;&nbsp; **$1017876737** |

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; Shares, <br>end of <br>period<br>| &nbsp;&nbsp; Dividends from <br>affiliated <br>Underlying Funds<br>|
| **Investment companies** |  |  |
| Allspring Broad Market Core Bond ETF | &nbsp;&nbsp; 4451994 | &nbsp;&nbsp; $2713031 |
| Allspring Core Plus ETF | &nbsp;&nbsp; 6137739 | &nbsp;&nbsp; 3589654 |
| Allspring Disciplined U.S. Core Fund Class R6 | &nbsp;&nbsp; 8095874 | &nbsp;&nbsp; 0 |
| Allspring Emerging Markets Equity Advantage Fund Class R6 | &nbsp;&nbsp; 3159867 | &nbsp;&nbsp; 407465 |
| Allspring Emerging Markets Equity Fund Class R6 | &nbsp;&nbsp; 1348963 | &nbsp;&nbsp; 0 |
| Allspring Income Plus ETF | &nbsp;&nbsp; 2204832 | &nbsp;&nbsp; 1339076 |
| Allspring LT Large Growth ETF† | &nbsp;&nbsp; 4240893 | &nbsp;&nbsp; 0 |
| Allspring Special Large Value ETF† | &nbsp;&nbsp; 7222158 | &nbsp;&nbsp; 0 |
| **Short-term investments** |  |  |
| Allspring Government Money Market Fund Select Class | &nbsp;&nbsp; 39278291 | &nbsp;&nbsp; 853175 |
| **Affiliated securities no longer held at end of period** |  |  |
| Allspring Emerging Growth Fund Class R6† | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; **$8902401** |

---

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

† Non-income-earning security

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

Allspring Asset Allocation Fund \| 3

------

Portfolio of investments—October 31, 2025 (unaudited)

Transactions with the affiliated Master Portfolios were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | % of <br>ownership, <br>beginning <br>of period<br>| % of <br>ownership, <br>end of <br>period<br>| Net realized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Dividends <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Interest <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Affiliated <br>Income <br>Allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Value, <br>end of <br>period<br>|
| Allspring Core Bond Portfolio | 1.61<br> %<br>| 1.44<br> %<br>| &nbsp;&nbsp; $57164 | &nbsp;&nbsp; $953076 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1816847 | &nbsp;&nbsp; $44653 | &nbsp;&nbsp; $74782495 |
| Allspring Disciplined International <br> Developed Markets Portfolio<br>| 56.38 | 57.59 | &nbsp;&nbsp; 2733198 | &nbsp;&nbsp; 14570642 | &nbsp;&nbsp; 2236073 | &nbsp;&nbsp; 7471 | &nbsp;&nbsp; 56689 | &nbsp;&nbsp; 159222327 |
| Allspring Real Return Portfolio | 28.43 | 26.68 | &nbsp;&nbsp; 32298 | &nbsp;&nbsp; 6061756 | &nbsp;&nbsp; 212669 | &nbsp;&nbsp; 736670 | &nbsp;&nbsp; 454786 | &nbsp;&nbsp; 89580832 |
| Allspring Small Company Growth <br> Portfolio\*<br>| 3.13 | 0.00 | &nbsp;&nbsp; 360943 | &nbsp;&nbsp; 1810790 | &nbsp;&nbsp; 13428 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 2091 | &nbsp;&nbsp; 0 |
| Allspring Small Company Value <br> Portfolio<br>| 6.35 | 6.52 | &nbsp;&nbsp; 2186094 | &nbsp;&nbsp; 1849824 | &nbsp;&nbsp; 331099 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 7993 | &nbsp;&nbsp; 40567504 |
|  |  |  | &nbsp;&nbsp; **$5369697** | &nbsp;&nbsp; **$25246088** | &nbsp;&nbsp; **$2793269** | &nbsp;&nbsp; **$2561133** | &nbsp;&nbsp; **$566212** | &nbsp;&nbsp; **$364153158** |

---

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

\* Liquidated on October 17, 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** |  |  |  |  |  |  |
| TOPIX Index | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 12-11-2025 | &nbsp;&nbsp; $28130328 | &nbsp;&nbsp; $30503796 | &nbsp;&nbsp; $2373468 | &nbsp;&nbsp; $0 |
| Japanese Yen Futures | &nbsp;&nbsp; 529 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 45529364 | &nbsp;&nbsp; 43090356 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (2439008)<br>|
| Swiss Franc Futures | &nbsp;&nbsp; 429 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 68290275 | &nbsp;&nbsp; 66977625 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (1312650)<br>|
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 773 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 87525845 | &nbsp;&nbsp; 87095359 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (430486)<br>|
| E-Mini NASDAQ 100 Index | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 91087355 | &nbsp;&nbsp; 97254960 | &nbsp;&nbsp; 6167605 | &nbsp;&nbsp; 0 |
| E-Mini S&P 500 Index | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 28259636 | &nbsp;&nbsp; 29214500 | &nbsp;&nbsp; 954864 | &nbsp;&nbsp; 0 |
| E-Mini Utilities Select Sector Futures | &nbsp;&nbsp; 499 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 45835560 | &nbsp;&nbsp; 45009800 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (825760)<br>|
| MSCI Emerging Markets Index | &nbsp;&nbsp; 881 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 59514157 | &nbsp;&nbsp; 62004780 | &nbsp;&nbsp; 2490623 | &nbsp;&nbsp; 0 |
| U.S. Long Term Bond | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 3214701 | &nbsp;&nbsp; 3284750 | &nbsp;&nbsp; 70049 | &nbsp;&nbsp; 0 |
| Ultra 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 1892 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 220028183 | &nbsp;&nbsp; 218496437 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (1531746)<br>|
| 5-Year U.S. Treasury Notes | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; 9615459 | &nbsp;&nbsp; 9610563 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (4896)<br>|
| **Short** |  |  |  |  |  |  |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; (349)<br>| &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; (42298610)<br>| &nbsp;&nbsp; (42327156)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (28546)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$12056609** | &nbsp;&nbsp; **$(6573092)**<br>|

---

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

4 \| Allspring Asset Allocation Fund

------

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

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in affiliated Master Portfolio, at value (cost $300,878,224) | $364153158 |
| Investments in unaffiliated securities, at value (cost $97,182,740) | 119913006 |
| Investments in affiliated Underlying Funds, at value (cost $824,744,173) | 1017876737 |
| Cash at broker segregated for futures contracts | 25279102 |
| Foreign currency, at value (cost $436) | 441 |
| Receivable for daily variation margin on open futures contracts | 926183 |
| Receivable for Fund shares sold | 341550 |
| Receivable for dividends | 164020 |
| Prepaid expenses and other assets | 55680 |
| **Total assets** | **1528709877** |
| Liabilities |  |
| Payable for daily variation margin on open futures contracts | 864747 |
| Payable for Fund shares redeemed | 694726 |
| Management fee payable | 374404 |
| Shareholder servicing fees payable | 304431 |
| Administration fees payable | 255550 |
| Distribution fees payable | 8819 |
| Accrued expenses and other liabilities | 114706 |
| **Total liabilities** | **2617383** |
| **Total net assets**  | **$1526092494** |
| Net assets consist of |  |
| Paid-in capital | $1186267292 |
| Total distributable earnings | 339825202 |
| **Total net assets** | **$1526092494** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $1197671402 |
| Shares outstanding–Class A<sup>1</sup> <br>| 74115038 |
| Net asset value per share–Class A | $16.16 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $17.15 |
| Net assets–Class C | $13098788 |
| Shares outstanding–Class C<sup>1</sup> <br>| 810805 |
| Net asset value per share–Class C | $16.16 |
| Net assets–Administrator Class | $138774516 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 8249926 |
| Net asset value per share–Administrator Class | $16.82 |
| Net assets–Institutional Class | $176547788 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 10843297 |
| Net asset value per share–Institutional Class | $16.28 |

---

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

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

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

Allspring Asset Allocation Fund \| 5

------

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

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends from affiliated Underlying Funds | $8902401 |
| Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $322,407) | 2793269 |
| Interest allocated from affiliated Master Portfolios (net of foreign withholding taxes of $681) | 2561133 |
| Interest | 1237066 |
| Dividends from unaffiliated securities | 1210627 |
| Affiliated income allocated from affiliated Master Portfolios | 566212 |
| Expenses allocated from affiliated Master Portfolios | (799763)<br>|
| Waivers allocated from affiliated Master Portfolios | 49826 |
| **Total investment income** | **16520771** |
| Expenses |  |
| Management fee | 2115665 |
| Administration fees |  |
| Class A | 1188099 |
| Class C | 13277 |
| Administrator Class | 88687 |
| Institutional Class | 111813 |
| Shareholder servicing fees |  |
| Class A | 1483982 |
| Class C | 16534 |
| Administrator Class | 170077 |
| Distribution fees |  |
| Class C | 49469 |
| Custody and accounting fees | 24161 |
| Professional fees | 19104 |
| Registration fees | 52357 |
| Shareholder report expenses | 65977 |
| Trustees' fees and expenses | 10173 |
| Interest expense | 7192 |
| Other fees and expenses | 20469 |
| **Total expenses** | **5437036** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (151122)<br>|
| Class A | (2701)<br>|
| Class C | (7)<br>|
| Administrator Class | (58179)<br>|
| **Net expenses** | **5225027** |
| **Net investment income** | **11295744** |

---

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

6 \| Allspring Asset Allocation Fund

------

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

Statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Investments allocated from affiliated Master Portfolios | $5369697 |
| Affiliated Underlying Funds | 5599792 |
| Unaffiliated securities | 2023488 |
| Foreign currency and foreign currency translations | (65607)<br>|
| Futures contracts | (975900)<br>|
| **Net realized gains on investments**  | **11951470** |
| Net change in unrealized gains (losses) on |  |
| Investments allocated from affiliated Master Portfolio | 25246088 |
| Affiliated Underlying Funds | 118489045 |
| Unaffiliated securities | 14828753 |
| Foreign currency and foreign currency translations | 8 |
| Futures contracts | 6189437 |
| **Net change in unrealized gains (losses) on investments** | **164753331** |
| **Net realized and unrealized gains (losses) on investments** | **176704801** |
| **Net increase in net assets resulting from operations** | **$188000545** |

---

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

Allspring Asset Allocation Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> October 31, 2025<br> (unaudited) | Six months ended<br> October 31, 2025<br> (unaudited) | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $11295744 |  | &nbsp;&nbsp; $25676459 |
| Net realized gains on investments |  | &nbsp;&nbsp; 11951470 |  | &nbsp;&nbsp; 114365626 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 164753331 |  | &nbsp;&nbsp; (2240979)<br>|
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **188000545** |  | &nbsp;&nbsp; **137801106** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (92011073)<br>|
| Class C |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (1162686)<br>|
| Administrator Class |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (10094954)<br>|
| Institutional Class |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (13850799)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **0** |  | &nbsp;&nbsp; **(117119512)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 323014 | &nbsp;&nbsp; 4935206 | &nbsp;&nbsp; 1316163 | &nbsp;&nbsp; 19393907 |
| Class C | 35336 | &nbsp;&nbsp; 540967 | &nbsp;&nbsp; 77481 | &nbsp;&nbsp; 1164306 |
| Administrator Class | 120614 | &nbsp;&nbsp; 1927393 | &nbsp;&nbsp; 295435 | &nbsp;&nbsp; 4491977 |
| Institutional Class | 542885 | &nbsp;&nbsp; 8436372 | &nbsp;&nbsp; 1198695 | &nbsp;&nbsp; 17853987 |
|  |  | &nbsp;&nbsp; 15839938 |  | &nbsp;&nbsp; 42904177 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 5741733 | &nbsp;&nbsp; 84315070 |
| Class C | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 77256 | &nbsp;&nbsp; 1139628 |
| Administrator Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 654263 | &nbsp;&nbsp; 9979290 |
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 750411 | &nbsp;&nbsp; 11076048 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 106510036 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (4648545)<br>| &nbsp;&nbsp; (71149768)<br>| &nbsp;&nbsp; (10870079)<br>| &nbsp;&nbsp; (160724007)<br>|
| Class C | (142928)<br>| &nbsp;&nbsp; (2165108)<br>| &nbsp;&nbsp; (516254)<br>| &nbsp;&nbsp; (7621235)<br>|
| Administrator Class | (470549)<br>| &nbsp;&nbsp; (7498840)<br>| &nbsp;&nbsp; (1275363)<br>| &nbsp;&nbsp; (19634001)<br>|
| Institutional Class | (943564)<br>| &nbsp;&nbsp; (14461785)<br>| &nbsp;&nbsp; (2350195)<br>| &nbsp;&nbsp; (34828391)<br>|
|  |  | &nbsp;&nbsp; (95275501)<br>|  | &nbsp;&nbsp; (222807634)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(79435563)**<br>|  | &nbsp;&nbsp; **(73393421)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **108564982** |  | &nbsp;&nbsp; **(52711827)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **1417527512** |  | &nbsp;&nbsp; **1470239339** |
| **End of period** |  | &nbsp;&nbsp; **$1526092494** |  | &nbsp;&nbsp; **$1417527512** |

---

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

8 \| Allspring Asset Allocation Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class A | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020<sup>2</sup> <br>|
| **Net asset value, beginning of period** | **$14.23** | &nbsp;&nbsp; **$14.07** | &nbsp;&nbsp; **$12.54** | &nbsp;&nbsp; **$13.56** | &nbsp;&nbsp; **$16.90** | &nbsp;&nbsp; **$13.57** | &nbsp;&nbsp; **$13.12** |
| Net investment income | 0.11 <br><sup>3</sup><br>| 0.25 <br><sup>3</sup><br>| 0.21 <br><sup>3</sup><br>| 0.20 <br><sup>3</sup><br>| 0.18 <br><sup>3</sup><br>| 0.18 <br><sup>3</sup><br>| 0.02 |
| Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 <br><sup>4</sup><br>| 0.00 |
| Net realized and unrealized gains (losses) on <br> investments<br>| 1.82 | 1.09 | 1.32 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (1.20)<br>| 3.75 | 0.43 |
| Total from investment operations | 1.93 | 1.34 | 1.53 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.02)<br>| 3.93 | 0.45 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.39)<br>| 0.00 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.41)<br>| 0.00 |
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.79)<br>| 0.00 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; (0.19)<br>| 0.00 |
| Tax basis return of capital | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.12)<br>| 0.00 | 0.00 | 0.00 |
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (1.18)<br>| 0.00 | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp; (0.60)<br>| 0.00 |
| **Net asset value, end of period** | **$16.16** | &nbsp;&nbsp; **$14.23** | &nbsp;&nbsp; **$14.07** | &nbsp;&nbsp; **$12.54** | &nbsp;&nbsp; **$13.56** | &nbsp;&nbsp; **$16.90** | &nbsp;&nbsp; **$13.57** |
| **Total return**<sup>5</sup> <br>| **13.56%**<br>| **9.46%**<br>| **12.20%**<br>| &nbsp;&nbsp; **(1.54)%**<br>| &nbsp;&nbsp; **(7.42)%**<br>| **29.45%** <br><sup>6</sup><br>| **3.43%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 0.86<br> %<br>| 1.03<br> %<br>| 1.08<br> %<br>| 1.11<br> %<br>| 1.09<br> %<br>| 1.14<br> %<br>| 1.21<br> %<br>|
| Net expenses | 0.84<br> %<br>| 0.92<br> %<br>| 0.98<br> %<br>| 1.04<br> %<br>| 1.04<br> %<br>| 1.04<br> %<br>| 1.05<br> %<br>|
| Net investment income | 1.45<br> %<br>| 1.67<br> %<br>| 1.71<br> %<br>| 1.60<br> %<br>| 1.15<br> %<br>| 1.19<br> %<br>| 1.22<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>7</sup> <br>| 13<br> %<br>| &nbsp;&nbsp; 111<br> %<br>| &nbsp;&nbsp; 104<br> %<br>| &nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp; 111<br> %<br>| &nbsp;&nbsp; 137<br> %<br>| &nbsp;&nbsp; 13<br> %<br>|
| Net assets, end of period (000s omitted) | $1197671 | &nbsp;&nbsp; $1116183 | &nbsp;&nbsp; $1157318 | &nbsp;&nbsp; $1095066 | &nbsp;&nbsp; $1272420 | &nbsp;&nbsp; $1542707 | &nbsp;&nbsp; $1287856 |

---

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

\* Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

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

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.10% |
| Year ended April 30, 2025 | 0.27% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.32% |
| Year ended May 31, 2023 | 0.35% |
| Year ended May 31, 2022 | 0.34% |
| Year ended May 31, 2021 | 0.38% |
| Year ended May 31, 2020<sup>2</sup> <br>| 0.45% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020.

<sup>3</sup> Calculated based upon average shares outstanding

<sup>4</sup> Amount is less than $0.005.

<sup>5</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>6</sup> For year ended May 31, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return.

<sup>7</sup> Portfolio turnover rate is calculated by multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. 

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

Allspring Asset Allocation Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class C | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020<sup>2</sup> <br>|
| **Net asset value, beginning of period** | **$14.28** | &nbsp;&nbsp; **$14.12** | &nbsp;&nbsp; **$12.66** | &nbsp;&nbsp; **$13.34** | &nbsp;&nbsp; **$16.60** | &nbsp;&nbsp; **$13.01** | &nbsp;&nbsp; **$12.58** |
| Net investment income | 0.06 <br><sup>3</sup><br>| 0.14 <br><sup>3</sup><br>| 0.12 <br><sup>3</sup><br>| 0.11 <br><sup>3</sup><br>| 0.06 <br><sup>3</sup><br>| 0.06 <br><sup>3</sup><br>| 0.01 <br><sup>3</sup><br>|
| Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.17 | 0.00 |
| Net realized and unrealized gains (losses) on <br> investments<br>| 1.82 | 1.09 | 1.34 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (1.18)<br>| 3.54 | 0.42 |
| Total from investment operations | 1.88 | 1.23 | 1.46 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (1.12)<br>| 3.77 | 0.43 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.28)<br>| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.79)<br>| 0.00 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; (0.18)<br>| 0.00 |
| Tax basis return of capital | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.12)<br>| 0.00 | 0.00 | 0.00 |
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (1.07)<br>| 0.00 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; (0.18)<br>| 0.00 |
| **Net asset value, end of period** | **$16.16** | &nbsp;&nbsp; **$14.28** | &nbsp;&nbsp; **$14.12** | &nbsp;&nbsp; **$12.66** | &nbsp;&nbsp; **$13.34** | &nbsp;&nbsp; **$16.60** | &nbsp;&nbsp; **$13.01** |
| **Total return**<sup>4</sup> <br>| **13.17%**<br>| **8.62%**<br>| **11.53%**<br>| &nbsp;&nbsp; **(2.34)%**<br>| &nbsp;&nbsp; **(8.08)%**<br>| **29.19%** <br><sup>5</sup><br>| **3.42%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 1.60<br> %<br>| 1.77<br> %<br>| 1.83<br> %<br>| 1.85<br> %<br>| 1.83<br> %<br>| 1.89<br> %<br>| 1.96<br> %<br>|
| Net expenses | 1.58<br> %<br>| 1.67<br> %<br>| 1.72<br> %<br>| 1.79<br> %<br>| 1.78<br> %<br>| 1.79<br> %<br>| 1.79<br> %<br>|
| Net investment income | 0.71<br> %<br>| 0.92<br> %<br>| 0.97<br> %<br>| 0.83<br> %<br>| 0.38<br> %<br>| 0.43<br> %<br>| 0.47<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>6</sup> <br>| 13<br> %<br>| &nbsp;&nbsp; 111<br> %<br>| &nbsp;&nbsp; 104<br> %<br>| &nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp; 111<br> %<br>| &nbsp;&nbsp; 137<br> %<br>| &nbsp;&nbsp; 13<br> %<br>|
| Net assets, end of period (000s omitted) | $13099 | &nbsp;&nbsp; $13115 | &nbsp;&nbsp; $18069 | &nbsp;&nbsp; $18774 | &nbsp;&nbsp; $31038 | &nbsp;&nbsp; $52586 | &nbsp;&nbsp; $118081 |

---

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

\* Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

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

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.10% |
| Year ended April 30, 2025 | 0.27% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.32% |
| Year ended May 31, 2023 | 0.35% |
| Year ended May 31, 2022 | 0.34% |
| Year ended May 31, 2021 | 0.39% |
| Year ended May 31, 2020<sup>2</sup> <br>| 0.44% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020.

<sup>3</sup> Calculated based upon average shares outstanding

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

<sup>5</sup> For year ended May 31, 2021, the Fund received a payment from an affiliate which had a 1.29% impact on the total return.

<sup>6</sup> Portfolio turnover rate is calculated by multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. 

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

10 \| Allspring Asset Allocation Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Administrator Class | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020<sup>2</sup> <br>|
| **Net asset value, beginning of period** | **$14.80** | &nbsp;&nbsp; **$14.58** | &nbsp;&nbsp; **$12.97** | &nbsp;&nbsp; **$13.89** | &nbsp;&nbsp; **$17.25** | &nbsp;&nbsp; **$13.75** | &nbsp;&nbsp; **$13.29** |
| Net investment income | 0.13 <br><sup>3</sup><br>| 0.28 <br><sup>3</sup><br>| 0.24 <br><sup>3</sup><br>| 0.23 <br><sup>3</sup><br>| 0.21 <br><sup>3</sup><br>| 0.21 <br><sup>3</sup><br>| 0.02 <br><sup>3</sup><br>|
| Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.12 | 0.00 |
| Net realized and unrealized gains (losses) on <br> investments<br>| 1.89 | 1.14 | 1.37 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (1.22)<br>| 3.81 | 0.44 |
| Total from investment operations | 2.02 | 1.42 | 1.61 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (1.01)<br>| 4.14 | 0.46 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.41)<br>| 0.00 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.45)<br>| 0.00 |
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.79)<br>| 0.00 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; (0.19)<br>| 0.00 |
| Tax basis return of capital | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.12)<br>| 0.00 | 0.00 | 0.00 |
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (1.20)<br>| 0.00 | &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp; (0.64)<br>| 0.00 |
| **Net asset value, end of period** | **$16.82** | &nbsp;&nbsp; **$14.80** | &nbsp;&nbsp; **$14.58** | &nbsp;&nbsp; **$12.97** | &nbsp;&nbsp; **$13.89** | &nbsp;&nbsp; **$17.25** | &nbsp;&nbsp; **$13.75** |
| **Total return**<sup>4</sup> <br>| **13.65%**<br>| **9.62%**<br>| **12.41%**<br>| &nbsp;&nbsp; **(0.39)%** <br><sup>5</sup><br>| &nbsp;&nbsp; **(7.21)%**<br>| **30.62%** <br><sup>6</sup><br>| **3.46%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 0.79<br> %<br>| 0.95<br> %<br>| 1.00<br> %<br>| 1.02<br> %<br>| 1.01<br> %<br>| 1.06<br> %<br>| 1.13<br> %<br>|
| Net expenses | 0.68<br> %<br>| 0.75<br> %<br>| 0.76<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.87<br> %<br>| 0.86<br> %<br>|
| Net investment income | 1.61<br> %<br>| 1.84<br> %<br>| 1.79<br> %<br>| 1.78<br> %<br>| 1.32<br> %<br>| 1.36<br> %<br>| 1.40<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>7</sup> <br>| 13<br> %<br>| &nbsp;&nbsp; 111<br> %<br>| &nbsp;&nbsp; 104<br> %<br>| &nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp; 111<br> %<br>| &nbsp;&nbsp; 137<br> %<br>| &nbsp;&nbsp; 13<br> %<br>|
| Net assets, end of period (000s omitted) | $138775 | &nbsp;&nbsp; $127283 | &nbsp;&nbsp; $130116 | &nbsp;&nbsp; $12949 | &nbsp;&nbsp; $18332 | &nbsp;&nbsp; $25026 | &nbsp;&nbsp; $21628 |

---

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

\* Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

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

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.10% |
| Year ended April 30, 2025 | 0.27% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.32% |
| Year ended May 31, 2023 | 0.35% |
| Year ended May 31, 2022 | 0.34% |
| Year ended May 31, 2021 | 0.38% |
| Year ended May 31, 2020<sup>2</sup> <br>| 0.45% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020.

<sup>3</sup> Calculated based upon average shares outstanding

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

<sup>5</sup> During the year ended May 31, 2023, the Fund received payments from a service provider which had a 1.28% impact on the total return.

<sup>6</sup> For year ended May 31, 2021, the Fund received a payment from an affiliate which had a 0.90% impact on the total return.

<sup>7</sup> Portfolio turnover rate is calculated by multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. 

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

Allspring Asset Allocation Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Institutional Class | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020<sup>2</sup> <br>|
| **Net asset value, beginning of period** | **$14.31** | &nbsp;&nbsp; **$14.15** | &nbsp;&nbsp; **$12.57** | &nbsp;&nbsp; **$13.60** | &nbsp;&nbsp; **$16.94** | &nbsp;&nbsp; **$13.61** | &nbsp;&nbsp; **$13.14** |
| Net investment income | 0.14 <br><sup>3</sup><br>| 0.30 <br><sup>3</sup><br>| 0.25 <br><sup>3</sup><br>| 0.25 <br><sup>3</sup><br>| 0.24 <br><sup>3</sup><br>| 0.24 | 0.02 <br><sup>3</sup><br>|
| Net realized and unrealized gains (losses) on <br> investments<br>| 1.83 | 1.09 | 1.33 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.20)<br>| 3.74 | 0.45 |
| Total from investment operations | 1.97 | 1.39 | 1.58 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.96)<br>| 3.98 | 0.47 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.44)<br>| 0.00 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.46)<br>| 0.00 |
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.79)<br>| 0.00 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; (0.19)<br>| 0.00 |
| Tax basis return of capital | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.12)<br>| 0.00 | 0.00 | 0.00 |
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (1.23)<br>| 0.00 | &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp; (0.65)<br>| 0.00 |
| **Net asset value, end of period** | **$16.28** | &nbsp;&nbsp; **$14.31** | &nbsp;&nbsp; **$14.15** | &nbsp;&nbsp; **$12.57** | &nbsp;&nbsp; **$13.60** | &nbsp;&nbsp; **$16.94** | &nbsp;&nbsp; **$13.61** |
| **Total return**<sup>4</sup> <br>| **13.77%**<br>| **9.75%**<br>| **12.57%**<br>| &nbsp;&nbsp; **(1.21)%**<br>| &nbsp;&nbsp; **(7.10)%**<br>| **29.76%**<br>| **3.58%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 0.54<br> %<br>| 0.71<br> %<br>| 0.76<br> %<br>| 0.78<br> %<br>| 0.76<br> %<br>| 0.81<br> %<br>| 0.88<br> %<br>|
| Net expenses | 0.52<br> %<br>| 0.60<br> %<br>| 0.66<br> %<br>| 0.71<br> %<br>| 0.71<br> %<br>| 0.71<br> %<br>| 0.72<br> %<br>|
| Net investment income | 1.77<br> %<br>| 2.00<br> %<br>| 2.04<br> %<br>| 1.92<br> %<br>| 1.48<br> %<br>| 1.52<br> %<br>| 1.55<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>5</sup> <br>| 13<br> %<br>| &nbsp;&nbsp; 111<br> %<br>| &nbsp;&nbsp; 104<br> %<br>| &nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp; 111<br> %<br>| &nbsp;&nbsp; 137<br> %<br>| &nbsp;&nbsp; 13<br> %<br>|
| Net assets, end of period (000s omitted) | $176548 | &nbsp;&nbsp; $160946 | &nbsp;&nbsp; $164736 | &nbsp;&nbsp; $167088 | &nbsp;&nbsp; $218479 | &nbsp;&nbsp; $266822 | &nbsp;&nbsp; $231652 |

---

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

\* Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

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

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.10% |
| Year ended April 30, 2025 | 0.27% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.32% |
| Year ended May 31, 2023 | 0.35% |
| Year ended May 31, 2022 | 0.34% |
| Year ended May 31, 2021 | 0.38% |
| Year ended May 31, 2020<sup>2</sup> <br>| 0.45% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020.

<sup>3</sup> Calculated based upon average shares outstanding

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

<sup>5</sup> Portfolio turnover rate is calculated by multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. 

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

12 \| Allspring Asset Allocation Fund

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

The Fund is a fund-of-funds that invests in various affiliated and unaffiliated mutual funds and exchange-traded funds (collectively the "Underlying Funds") employing a multi-asset, multi-style investment approach designed to reduce the price and return volatility of the Fund and to provide more consistent returns. The Fund may also invest directly in securities. The Underlying Funds incur separate expenses in seeking to achieve their investment objectives. Investments in affiliated Underlying Funds may also include investments in one or more separate diversified portfolios (collectively, the "affiliated Master Portfolios") of Allspring Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investments in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio's income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios are presented in separate financial statements and may be obtained free of charge by contacting Investor Services or by visiting the SEC website at sec.gov. The financial statements of the affiliated Master Portfolios are filed with the SEC under Allspring Master Trust. The financial statements for all other affiliated Underlying Funds are also publicly available on the SEC website at sec.gov.

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.

Investments in the affiliated Master Portfolios are valued daily based on the Fund's proportionate share of each affiliated Master Portfolio's net assets, which are also valued daily.

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

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

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

Foreign currency translation

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

Allspring Asset Allocation Fund \| 13

------

Notes to financial statements (unaudited)

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, security values and foreign exchange rates and is subject to interest rate risk, equity price risk and foreign currency 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.

Investment transactions, income and expenses

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

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

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

Federal and other taxes

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

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

As of October 31, 2025, the aggregate cost of all investments for federal income tax purposes was $1,238,676,131 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $292922198 |
| Gross unrealized losses | &nbsp;&nbsp; (24171911)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$268750287** |

---

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;

14 \| Allspring Asset Allocation Fund

------

Notes to financial statements (unaudited)

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Investment companies** | &nbsp;&nbsp; $1098511452 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $1098511452 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 39278291 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 39278291 |
| Investments measured at net asset value\* <br>|  |  |  | &nbsp;&nbsp;&nbsp; 364153158 |
|  | &nbsp;&nbsp; 1137789743 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1501942901 |
| **Futures contracts** | &nbsp;&nbsp; 12056609 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12056609 |
| **Total assets** | &nbsp;&nbsp; **$1149846352** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1513999510** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Futures contracts** | &nbsp;&nbsp; $6573092 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $6573092 |
| **Total liabilities** | &nbsp;&nbsp; **$6573092** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$6573092** |

---

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

\* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of assets and liabilities. The Fund's investments in the affiliated Master Portfolios are valued at $364,153,158. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. 

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.

At October 31, 2025, the Fund did not have any transfers into/out of Level 3.

The investment objective of each affiliated Master Portfolio is as follows:

---

| | |
|:---|:---|
| Affiliated Master Portfolio | Investment objective |
| Allspring Core Bond Portfolio | Seeks total return, consisting of income and capital appreciation |
| Allspring Disciplined International Developed Markets Portfolio | Seeks long-term capital appreciation |
| Allspring Real Return Portfolio | Seeks returns that exceed the rate of inflation over the long-term |
| Allspring Small Company Growth Portfolio\* | Seeks long-term capital appreciation |
| Allspring Small Company Value Portfolio | Seeks long-term capital appreciation |

---

\* Liquidated on October 17, 2025

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

Allspring Asset Allocation Fund \| 15

------

Notes to financial statements (unaudited)

other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.300<br> %<br>|
| Next $500 million | 0.280 |
| Next $2 billion | 0.260 |
| Next $2 billion | 0.240 |
| Next $5 billion | 0.230 |
| Over $10 billion | 0.220 |

---

For the six months ended October 31, 2025, the management fee was equivalent to an annual rate of 0.28% of the Fund's average daily net assets.

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

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee, generally paid on a monthly basis, from the affiliated Master Portfolio for those services.

Administration fees

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolios are included in the expense caps. Allspring Funds Management has contractually committed through August 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of October 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.07<br> %<br>|
| Class C | 1.82 |
| Administrator Class | 0.90 |
| Institutional Class | 0.75 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges

16 \| Allspring Asset Allocation Fund

------

Notes to financial statements (unaudited)

from redemptions of Class C shares. For the six months ended October 31, 2025, Allspring Funds Distributor received $5,197 from the sale of Class A shares and $32 and $305 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing in various affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio at the end of the period by the corresponding affiliated Master Portfolio's purchases and sales. Purchase and sales in affiliated Underlying Funds and unaffiliated securities in which the Fund invests are actual purchases and sales of those investments. Purchases and sales of investments, excluding short-term securities, for the six months ended October 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $105819119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $78298717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $105647602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $145629936 |

---

6. DERIVATIVE TRANSACTIONS

During the six months ended October 31, 2025, the Fund entered into futures contracts for hedging purposes. The Fund had an average notional amount of $575,284,576 in long futures contracts and $161,044,075 in short futures contracts during the six months ended October 31, 2025.

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 October 31, 2025 by primary risk type on the Statement of assets and liabilities was as follows for the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Equity <br>risk<br>| Foreign currency <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Futures contracts | &nbsp;&nbsp; $70,049 <br>\*<br>| $11,986,560 <br>\*<br>| $0 | $12,056,609 <br>\*<br>|
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Futures contracts | &nbsp;&nbsp; $1,995,674 <br>\*<br>| $825,760 <br>\*<br>| $3,751,658 <br>\*<br>| $6,573,092<br> \*<br>|

---

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

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of investments. For futures contracts, only the current day's variation margin as of October 31, 2025 is reported separately on the Statement of assets and liabilities. 

The effect of derivative instruments on the Statement of operations for the six months ended October 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | INTEREST RATE <br>RISK<br>| Equity <br>risk<br>| Foreign currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $286257 | $312551 | $(1574708)<br>| $(975900)<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** |
| Futures contracts | &nbsp;&nbsp; $(3206618)<br>| $14863918 | $(5467863)<br>| $6189437 |

---

7. BANK BORROWINGS

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

For the six months ended October 31, 2025, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

Under the Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund's organizational documents into contractual rights that cannot be changed in the future without

Allspring Asset Allocation Fund \| 17

------

Notes to financial statements (unaudited)

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

9. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

18 \| Allspring Asset Allocation Fund

------

Other information (unaudited)

Other information

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

Allspring Asset Allocation Fund \| 19

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

20 \| Allspring Asset Allocation 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 Asset Allocation Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

Allspring Asset Allocation Fund \| 21

------

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 lower 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 in range of the investment performance of its benchmark index, the Asset Allocation Blended Index, for the three- and five-year periods under review and lower than the investment performance of its benchmark index for the one- and ten-year periods under review. It was noted that the Board had previously approved certain investment strategy changes for the Fund and that those changes had become effective on or about June 17, 2024.

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 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 or in range of the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were higher 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.

22 \| Allspring Asset Allocation 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 Asset Allocation Fund \| 23

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*This page is intentionally left blank.*

------

![](g14779img9e9880c21.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**

![](g14779img31d981372.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.**

**NCSRS4312 10-25**

------

![](g14779imgd9fc1ee21.jpg)

Allspring Core Bond Fund

Long Form Financial Statements

Semi-Annual Report

October 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **<u>[Allspring Core Bond Fund](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_POI-PageBlank-76_1)</u>** |  |
| **[Portfolio of investments](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_POI-PageBlank-76_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_FS-PageBlank-76_1)** |  |
| [Statement of assets and liabilities](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_FS-PageBlank-76_1) | 3 |
| [Statement of operations](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_FS-PageBlank-76_2) | 4 |
| [Statement of changes in net assets](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_FS-PageBlank-76_3) | 5 |
| [Financial highlights](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_FIHI-PageBlank-76_1) | 6 |
| **[Notes to financial statements](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_NTF-PageBlank-76_1)** | 11 |
| **<u>[Allspring Core Bond Portfolio](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_POI2-PageBlank-61_1)</u>** |  |
| **[Portfolio of investments](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_POI2-PageBlank-61_1)** | 15 |
| **[Item 7. Financial statements and financial highlights](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_FS2-PageBlank-61_1)** |  |
| [Statement of assets and liabilities](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_FS2-PageBlank-61_1) | 44 |
| [Statement of operations](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_FS2-PageBlank-61_2) | 45 |
| [Statement of changes in net assets](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_FS2-PageBlank-61_3) | 46 |
| [Financial highlights](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_FH2-PageBlank-61_1) | 47 |
| **[Notes to financial statements](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_NTF2-PageBlank-61_1)** | 48 |
| **[Other information](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_OI-PageBlank-76_1)** | 52 |
| [Item 8. Changes in and disagreements with accountants](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_OI-PageBlank-76_2) | 53 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_OI-PageBlank-76_2) | 53 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_OI-PageBlank-76_2) | 53 |
| [Item 11. Statement regarding basis for board](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_OI-PageBlank-76_3)['](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_OI-PageBlank-76_3)[s approval of investment](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_OI-PageBlank-76_3)<br> [advisory contract](#xx_2a37a72f-0609-45b2-a0a1-7d5d76f1d47a_OI-PageBlank-76_3)<br>| 54 |

---

Allspring Core Bond Fund \| 1

------

Portfolio of investments—October 31, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  |  | Value |
| **Investment companies: 100.08%** |  |  |
| **Affiliated master portfolio: 100.08%** |  |  |
| Allspring Core Bond Portfolio |  | &nbsp;&nbsp; **$5097429392** |
| **Total investment companies (Cost $5,078,179,688)** |  | &nbsp;&nbsp; **5097429392** |
| **Total investments in securities (Cost $5,078,179,688)** | 100.08<br> %<br>| &nbsp;&nbsp; 5097429392 |
| Other assets and liabilities, net | (0.08)<br>| &nbsp;&nbsp; (3915024)<br>|
| **Total net assets** | **100.00%**<br>| &nbsp;&nbsp; **$5093514368** |

---

Transactions with the affiliated Master Portfolio were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | % of <br>ownership, <br>beginning <br>of period<br>| % of <br>ownership, <br>end of <br>period<br>| Net realized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Affiliated <br>Income <br>Allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Interest <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Value, <br>end of <br>period<br>|
| Allspring Core Bond Portfolio | 97.24<br> %<br>| 98.39<br> %<br>| &nbsp;&nbsp; $4817985 | &nbsp;&nbsp; $68653167 | &nbsp;&nbsp; $2970973 | &nbsp;&nbsp; $119449943 | &nbsp;&nbsp; $5097429392 |

---

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

2 \| Allspring Core Bond Fund

------

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

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in affiliated Master Portfolio, at value (cost $5,078,179,688) | $5097429392 |
| Receivable for Fund shares sold | 3702721 |
| Receivable from manager | 203866 |
| Prepaid expenses and other assets | 100246 |
| **Total assets** | **5101436225** |
| Liabilities |  |
| Payable for Fund shares redeemed | 4978212 |
| Dividends payable | 2406638 |
| Administration fees payable | 326393 |
| Shareholder servicing fees payable | 114785 |
| Distribution fee payable | 5386 |
| Accrued expenses and other liabilities | 90443 |
| **Total liabilities** | **7921857** |
| **Total net assets**  | **$5093514368** |
| Net assets consist of |  |
| Paid-in capital | $5775461706 |
| Total distributable loss | (681947338)<br>|
| **Total net assets** | **$5093514368** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $303952567 |
| Shares outstanding–Class A<sup>1</sup> <br>| 26335119 |
| Net asset value per share–Class A | $11.54 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $12.08 |
| Net assets–Class C | $8003668 |
| Shares outstanding–Class C<sup>1</sup> <br>| 700880 |
| Net asset value per share–Class C | $11.42 |
| Net assets–Class R6 | $1405232847 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 125043259 |
| Net asset value per share–Class R6 | $11.24 |
| Net assets–Administrator Class | $195366090 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 17366275 |
| Net asset value per share–Administrator Class | $11.25 |
| Net assets–Institutional Class | $3180959196 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 283135554 |
| Net asset value per share–Institutional Class | $11.23 |

---

<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 Core Bond Fund \| 3

------

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

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest allocated from affiliated Master Portfolio (net of foreign withholding taxes of $44,742) | $119449943 |
| Affiliated income allocated from affiliated Master Portfolio | 2970973 |
| Expenses allocated from affiliated Master Portfolio | (9243743)<br>|
| Waivers allocated from affiliated Master Portfolio | 649237 |
| **Total investment income** | **113826410** |
| Expenses |  |
| Management fee | 1294000 |
| Administration fees |  |
| Class A | 227018 |
| Class C | 5777 |
| Class R6 | 252926 |
| Administrator Class | 102271 |
| Institutional Class | 1198281 |
| Shareholder servicing fees |  |
| Class A | 378363 |
| Class C | 9628 |
| Administrator Class | 253744 |
| Distribution fee |  |
| Class C | 28886 |
| Custody and accounting fees | 54812 |
| Professional fees | 24703 |
| Registration fees | 93415 |
| Shareholder report expenses | 95065 |
| Trustees' fees and expenses | 26227 |
| Other fees and expenses | 58168 |
| **Total expenses** | **4103284** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (2443762)<br>|
| Class A | (8157)<br>|
| Class C | (5)<br>|
| Administrator Class | (533)<br>|
| **Net expenses** | **1650827** |
| **Net investment income** | **112175583** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments allocated from affiliated Master Portfolio**  | **4817985** |
| **Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio** | **68653167** |
| **Net realized and unrealized gains (losses) on investments** | **73471152** |
| **Net increase in net assets resulting from operations** | **$185646735** |

---

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

4 \| Allspring Core Bond Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> October 31, 2025<br> (unaudited) | Six months ended<br> October 31, 2025<br> (unaudited) | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $112175583 |  | &nbsp;&nbsp; $223086723 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 4817985 |  | &nbsp;&nbsp; (12793217)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 68653167 |  | &nbsp;&nbsp; 184395398 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **185646735** |  | &nbsp;&nbsp; **394688904** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (6073513)<br>|  | &nbsp;&nbsp; (11741556)<br>|
| Class C |  | &nbsp;&nbsp; (125417)<br>|  | &nbsp;&nbsp; (232490)<br>|
| Class R6 |  | &nbsp;&nbsp; (36928771)<br>|  | &nbsp;&nbsp; (75079282)<br>|
| Administrator Class |  | &nbsp;&nbsp; (4148485)<br>|  | &nbsp;&nbsp; (8618798)<br>|
| Institutional Class |  | &nbsp;&nbsp; (64850362)<br>|  | &nbsp;&nbsp; (127539841)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(112126548)**<br>|  | &nbsp;&nbsp; **(223211967)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 2012980 | &nbsp;&nbsp; 22906819 | &nbsp;&nbsp; 4661696 | &nbsp;&nbsp; 52933029 |
| Class C | 131431 | &nbsp;&nbsp; 1479125 | &nbsp;&nbsp; 219232 | &nbsp;&nbsp; 2462892 |
| Class R6 | 15304967 | &nbsp;&nbsp; 169464600 | &nbsp;&nbsp; 60922007 | &nbsp;&nbsp; 673617154 |
| Administrator Class | 564162 | &nbsp;&nbsp; 6235093 | &nbsp;&nbsp; 4618240 | &nbsp;&nbsp; 51100653 |
| Institutional Class | 49920830 | &nbsp;&nbsp; 555046554 | &nbsp;&nbsp; 82262885 | &nbsp;&nbsp; 907263665 |
|  |  | &nbsp;&nbsp; 755132191 |  | &nbsp;&nbsp; 1687377393 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 504324 | &nbsp;&nbsp; 5753055 | &nbsp;&nbsp; 975694 | &nbsp;&nbsp; 11081103 |
| Class C | 11133 | &nbsp;&nbsp; 125417 | &nbsp;&nbsp; 20637 | &nbsp;&nbsp; 231858 |
| Class R6 | 2434255 | &nbsp;&nbsp; 27036500 | &nbsp;&nbsp; 4570905 | &nbsp;&nbsp; 50549524 |
| Administrator Class | 370873 | &nbsp;&nbsp; 4123053 | &nbsp;&nbsp; 772973 | &nbsp;&nbsp; 8556931 |
| Institutional Class | 5724171 | &nbsp;&nbsp; 63582678 | &nbsp;&nbsp; 11359176 | &nbsp;&nbsp; 125539412 |
|  |  | &nbsp;&nbsp; 100620703 |  | &nbsp;&nbsp; 195958828 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (2295427)<br>| &nbsp;&nbsp; (26081082)<br>| &nbsp;&nbsp; (4198271)<br>| &nbsp;&nbsp; (47504128)<br>|
| Class C | (77801)<br>| &nbsp;&nbsp; (876989)<br>| &nbsp;&nbsp; (260024)<br>| &nbsp;&nbsp; (2915168)<br>|
| Class R6 | (51726515)<br>| &nbsp;&nbsp; (575933214)<br>| &nbsp;&nbsp; (46100352)<br>| &nbsp;&nbsp; (508992308)<br>|
| Administrator Class | (2265112)<br>| &nbsp;&nbsp; (25138427)<br>| &nbsp;&nbsp; (4747749)<br>| &nbsp;&nbsp; (52641885)<br>|
| Institutional Class | (27599258)<br>| &nbsp;&nbsp; (306375454)<br>| &nbsp;&nbsp; (106307226)<br>| &nbsp;&nbsp; (1174928928)<br>|
|  |  | &nbsp;&nbsp; (934405166)<br>|  | &nbsp;&nbsp; (1786982417)<br>|
| **Net increase (decrease) in net assets resulting from capital share** <br> **transactions**<br>|  | &nbsp;&nbsp; **(78652272)**<br>|  | &nbsp;&nbsp; **96353804** |
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(5132085)**<br>|  | &nbsp;&nbsp; **267830741** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **5098646453** |  | &nbsp;&nbsp; **4830815712** |
| **End of period** |  | &nbsp;&nbsp; **$5093514368** |  | &nbsp;&nbsp; **$5098646453** |

---

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

Allspring Core Bond Fund \| 5

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class A | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$11.38** | &nbsp;&nbsp; **$10.99** | &nbsp;&nbsp; **$11.42** | &nbsp;&nbsp; **$12.01** | &nbsp;&nbsp; **$13.43** | &nbsp;&nbsp; **$14.17** | &nbsp;&nbsp; **$13.28** |
| Net investment income | 0.23 <br><sup>2</sup><br>| 0.46 <br><sup>2</sup><br>| 0.40 <br><sup>2</sup><br>| 0.31 <br><sup>2</sup><br>| 0.12 | 0.12 <br><sup>2</sup><br>| 0.25 |
| Net realized and unrealized gains (losses) on <br> investments<br>| 0.17 | 0.39 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.06)<br>| 0.93 |
| Total from investment operations | 0.40 | 0.85 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.18)<br>| 0.06 | 1.18 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | (0.24)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.26)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.03)<br>|
| Total distributions to shareholders | (0.24)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | **$11.54** | &nbsp;&nbsp; **$11.38** | &nbsp;&nbsp; **$10.99** | &nbsp;&nbsp; **$11.42** | &nbsp;&nbsp; **$12.01** | &nbsp;&nbsp; **$13.43** | &nbsp;&nbsp; **$14.17** |
| **Total return**<sup>3</sup> <br>| **3.50%**<br>| **7.85%**<br>| &nbsp;&nbsp; **(0.23)%**<br>| &nbsp;&nbsp; **(2.33)%**<br>| &nbsp;&nbsp; **(8.95)%**<br>| **0.31%**<br>| **9.03%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>| 0.82<br> %<br>| 0.82<br> %<br>|
| Net expenses | 0.69<br> %<br>| 0.68<br> %<br>| 0.70<br> %<br>| 0.77<br> %<br>| 0.78<br> %<br>| 0.78<br> %<br>| 0.78<br> %<br>|
| Net investment income | 4.02<br> %<br>| 4.08<br> %<br>| 3.88<br> %<br>| 2.66<br> %<br>| 0.91<br> %<br>| 0.87<br> %<br>| 1.85<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 160<br> %<br>| &nbsp;&nbsp; 373<br> %<br>| &nbsp;&nbsp; 350<br> %<br>| &nbsp;&nbsp; 384<br> %<br>| &nbsp;&nbsp; 432<br> %<br>| &nbsp;&nbsp; 457<br> %<br>| &nbsp;&nbsp; 603<br> %<br>|
| Net assets, end of period (000s omitted) | $303953 | &nbsp;&nbsp; $297114 | &nbsp;&nbsp; $271188 | &nbsp;&nbsp; $273980 | &nbsp;&nbsp; $324431 | &nbsp;&nbsp; $370882 | &nbsp;&nbsp; $299642 |

---

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

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

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

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.33% |
| Year ended April 30, 2025 | 0.33% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.33% |
| Year ended May 31, 2023 | 0.36% |
| Year ended May 31, 2022 | 0.36% |
| Year ended May 31, 2021 | 0.35% |
| Year ended May 31, 2020 | 0.35% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

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

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

6 \| Allspring Core Bond Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class C | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$11.26** | &nbsp;&nbsp; **$10.87** | &nbsp;&nbsp; **$11.30** | &nbsp;&nbsp; **$11.88** | &nbsp;&nbsp; **$13.29** | &nbsp;&nbsp; **$14.03** | &nbsp;&nbsp; **$13.15** |
| Net investment income | 0.19 <br><sup>2</sup><br>| 0.37 <br><sup>2</sup><br>| 0.32 <br><sup>2</sup><br>| 0.22 <br><sup>2</sup><br>| 0.05 | 0.03 | 0.15 |
| Net realized and unrealized gains (losses) on <br> investments<br>| 0.16 | 0.39 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (0.07)<br>| 0.92 |
| Total from investment operations | 0.35 | 0.76 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (0.04)<br>| 1.07 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | (0.19)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.16)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.03)<br>|
| Total distributions to shareholders | (0.19)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.19)<br>|
| **Net asset value, end of period** | **$11.42** | &nbsp;&nbsp; **$11.26** | &nbsp;&nbsp; **$10.87** | &nbsp;&nbsp; **$11.30** | &nbsp;&nbsp; **$11.88** | &nbsp;&nbsp; **$13.29** | &nbsp;&nbsp; **$14.03** |
| **Total return**<sup>3</sup> <br>| **3.12%**<br>| **7.07%**<br>| &nbsp;&nbsp; **(0.96)%**<br>| &nbsp;&nbsp; **(3.03)%**<br>| &nbsp;&nbsp; **(9.65)%**<br>| &nbsp;&nbsp; **(0.45)%**<br>| **8.22%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 1.54<br> %<br>| 1.54<br> %<br>| 1.54<br> %<br>| 1.58<br> %<br>| 1.57<br> %<br>| 1.57<br> %<br>| 1.57<br> %<br>|
| Net expenses | 1.45<br> %<br>| 1.45<br> %<br>| 1.45<br> %<br>| 1.52<br> %<br>| 1.53<br> %<br>| 1.53<br> %<br>| 1.53<br> %<br>|
| Net investment income | 3.26<br> %<br>| 3.31<br> %<br>| 3.13<br> %<br>| 1.92<br> %<br>| 0.13<br> %<br>| 0.16<br> %<br>| 1.11<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 160<br> %<br>| &nbsp;&nbsp; 373<br> %<br>| &nbsp;&nbsp; 350<br> %<br>| &nbsp;&nbsp; 384<br> %<br>| &nbsp;&nbsp; 432<br> %<br>| &nbsp;&nbsp; 457<br> %<br>| &nbsp;&nbsp; 603<br> %<br>|
| Net assets, end of period (000s omitted) | $8004 | &nbsp;&nbsp; $7161 | &nbsp;&nbsp; $7137 | &nbsp;&nbsp; $6863 | &nbsp;&nbsp; $7806 | &nbsp;&nbsp; $13399 | &nbsp;&nbsp; $27971 |

---

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

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

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

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.33% |
| Year ended April 30, 2025 | 0.33% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.33% |
| Year ended May 31, 2023 | 0.36% |
| Year ended May 31, 2022 | 0.36% |
| Year ended May 31, 2021 | 0.35% |
| Year ended May 31, 2020 | 0.35% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

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

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Core Bond Fund \| 7

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class R6 | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$11.08** | &nbsp;&nbsp; **$10.70** | &nbsp;&nbsp; **$11.12** | &nbsp;&nbsp; **$11.69** | &nbsp;&nbsp; **$13.08** | &nbsp;&nbsp; **$13.82** | &nbsp;&nbsp; **$12.95** |
| Net investment income | 0.25 <br><sup>2</sup><br>| 0.49 <br><sup>2</sup><br>| 0.42 <br><sup>2</sup><br>| 0.34 <br><sup>2</sup><br>| 0.17 | 0.18 <br><sup>2</sup><br>| 0.30 |
| Net realized and unrealized gains (losses) on <br> investments<br>| 0.16 | 0.38 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (0.06)<br>| 0.91 |
| Total from investment operations | 0.41 | 0.87 | 0.01 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (1.10)<br>| 0.12 | 1.21 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | (0.25)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.31)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.03)<br>|
| Total distributions to shareholders | (0.25)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.34)<br>|
| **Net asset value, end of period** | **$11.24** | &nbsp;&nbsp; **$11.08** | &nbsp;&nbsp; **$10.70** | &nbsp;&nbsp; **$11.12** | &nbsp;&nbsp; **$11.69** | &nbsp;&nbsp; **$13.08** | &nbsp;&nbsp; **$13.82** |
| **Total return**<sup>3</sup> <br>| **3.73%**<br>| **8.23%**<br>| **0.09%**<br>| &nbsp;&nbsp; **(1.90)%**<br>| &nbsp;&nbsp; **(8.61)%**<br>| **0.70%**<br>| **9.42%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.45<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>|
| Net expenses | 0.33<br> %<br>| 0.33<br> %<br>| 0.33<br> %<br>| 0.37<br> %<br>| 0.37<br> %<br>| 0.37<br> %<br>| 0.37<br> %<br>|
| Net investment income | 4.38<br> %<br>| 4.43<br> %<br>| 4.26<br> %<br>| 3.06<br> %<br>| 1.32<br> %<br>| 1.29<br> %<br>| 2.26<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 160<br> %<br>| &nbsp;&nbsp; 373<br> %<br>| &nbsp;&nbsp; 350<br> %<br>| &nbsp;&nbsp; 384<br> %<br>| &nbsp;&nbsp; 432<br> %<br>| &nbsp;&nbsp; 457<br> %<br>| &nbsp;&nbsp; 603<br> %<br>|
| Net assets, end of period (000s omitted) | $1405233 | &nbsp;&nbsp; $1761819 | &nbsp;&nbsp; $1494334 | &nbsp;&nbsp; $1476551 | &nbsp;&nbsp; $1643353 | &nbsp;&nbsp; $1978164 | &nbsp;&nbsp; $2545332 |

---

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

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

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

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.33% |
| Year ended April 30, 2025 | 0.33% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.33% |
| Year ended May 31, 2023 | 0.36% |
| Year ended May 31, 2022 | 0.36% |
| Year ended May 31, 2021 | 0.35% |
| Year ended May 31, 2020 | 0.35% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

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

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

8 \| Allspring Core Bond Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Administrator Class | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$11.09** | &nbsp;&nbsp; **$10.71** | &nbsp;&nbsp; **$11.13** | &nbsp;&nbsp; **$11.70** | &nbsp;&nbsp; **$13.09** | &nbsp;&nbsp; **$13.83** | &nbsp;&nbsp; **$12.96** |
| Net investment income | 0.23 <br><sup>2</sup><br>| 0.45 <br><sup>2</sup><br>| 0.40 <br><sup>2</sup><br>| 0.29 <br><sup>2</sup><br>| 0.13 | 0.13 | 0.26 |
| Net realized and unrealized gains (losses) on <br> investments<br>| 0.16 | 0.38 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (0.06)<br>| 0.90 |
| Total from investment operations | 0.39 | 0.83 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (1.14)<br>| 0.07 | 1.16 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | (0.23)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.26)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.03)<br>|
| Total distributions to shareholders | (0.23)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | **$11.25** | &nbsp;&nbsp; **$11.09** | &nbsp;&nbsp; **$10.71** | &nbsp;&nbsp; **$11.13** | &nbsp;&nbsp; **$11.70** | &nbsp;&nbsp; **$13.09** | &nbsp;&nbsp; **$13.83** |
| **Total return**<sup>3</sup> <br>| **3.56%**<br>| **7.88%**<br>| &nbsp;&nbsp; **(0.19)%**<br>| &nbsp;&nbsp; **(2.22)%**<br>| &nbsp;&nbsp; **(8.90)%**<br>| **0.37%**<br>| **9.14%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 0.74<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>|
| Net expenses | 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.70<br> %<br>| 0.69<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>|
| Net investment income | 4.06<br> %<br>| 4.11<br> %<br>| 4.00<br> %<br>| 2.60<br> %<br>| 0.99<br> %<br>| 0.95<br> %<br>| 1.92<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 160<br> %<br>| &nbsp;&nbsp; 373<br> %<br>| &nbsp;&nbsp; 350<br> %<br>| &nbsp;&nbsp; 384<br> %<br>| &nbsp;&nbsp; 432<br> %<br>| &nbsp;&nbsp; 457<br> %<br>| &nbsp;&nbsp; 603<br> %<br>|
| Net assets, end of period (000s omitted) | $195366 | &nbsp;&nbsp; $207345 | &nbsp;&nbsp; $193394 | &nbsp;&nbsp; $70352 | &nbsp;&nbsp; $177305 | &nbsp;&nbsp; $214796 | &nbsp;&nbsp; $218522 |

---

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

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

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

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.33% |
| Year ended April 30, 2025 | 0.33% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.33% |
| Year ended May 31, 2023 | 0.36% |
| Year ended May 31, 2022 | 0.36% |
| Year ended May 31, 2021 | 0.35% |
| Year ended May 31, 2020 | 0.35% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

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

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Core Bond Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Institutional Class | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$11.08** | &nbsp;&nbsp; **$10.70** | &nbsp;&nbsp; **$11.12** | &nbsp;&nbsp; **$11.69** | &nbsp;&nbsp; **$13.07** | &nbsp;&nbsp; **$13.82** | &nbsp;&nbsp; **$12.94** |
| Net investment income | 0.24 <br><sup>2</sup><br>| 0.48 <br><sup>2</sup><br>| 0.42 <br><sup>2</sup><br>| 0.34 <br><sup>2</sup><br>| 0.16 | 0.17 | 0.29 |
| Net realized and unrealized gains (losses) on <br> investments<br>| 0.16 | 0.38 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (0.07)<br>| 0.92 |
| Total from investment operations | 0.40 | 0.86 | 0.00 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.10)<br>| 0.10 | 1.21 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | (0.25)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.30)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.03)<br>|
| Total distributions to shareholders | (0.25)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.33)<br>|
| **Net asset value, end of period** | **$11.23** | &nbsp;&nbsp; **$11.08** | &nbsp;&nbsp; **$10.70** | &nbsp;&nbsp; **$11.12** | &nbsp;&nbsp; **$11.69** | &nbsp;&nbsp; **$13.07** | &nbsp;&nbsp; **$13.82** |
| **Total return**<sup>3</sup> <br>| **3.61%**<br>| **8.18%**<br>| **0.04%**<br>| &nbsp;&nbsp; **(1.95)%**<br>| &nbsp;&nbsp; **(8.59)%**<br>| **0.58%**<br>| **9.45%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 0.47<br> %<br>| 0.47<br> %<br>| 0.47<br> %<br>| 0.50<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>|
| Net expenses | 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.41<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>|
| Net investment income | 4.33<br> %<br>| 4.38<br> %<br>| 4.21<br> %<br>| 3.05<br> %<br>| 1.27<br> %<br>| 1.22<br> %<br>| 2.21<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 160<br> %<br>| &nbsp;&nbsp; 373<br> %<br>| &nbsp;&nbsp; 350<br> %<br>| &nbsp;&nbsp; 384<br> %<br>| &nbsp;&nbsp; 432<br> %<br>| &nbsp;&nbsp; 457<br> %<br>| &nbsp;&nbsp; 603<br> %<br>|
| Net assets, end of period (000s omitted) | $3180959 | &nbsp;&nbsp; $2825208 | &nbsp;&nbsp; $2864763 | &nbsp;&nbsp; $2635520 | &nbsp;&nbsp; $2446260 | &nbsp;&nbsp; $2749647 | &nbsp;&nbsp; $2365421 |

---

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

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

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

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.33% |
| Year ended April 30, 2025 | 0.33% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.33% |
| Year ended May 31, 2023 | 0.36% |
| Year ended May 31, 2022 | 0.36% |
| Year ended May 31, 2021 | 0.35% |
| Year ended May 31, 2020 | 0.35% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

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

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

10 \| Allspring Core Bond Fund

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring Core Bond Portfolio, a separate diversified portfolio (the "affiliated Master Portfolio") of Allspring Master Trust, a registered open-end management investment company. As of October 31, 2025, the Fund owned 98.39% of Allspring Core Bond Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio's income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended October 31, 2025 are included in this report and should be read in conjunction with the Fund's financial statements.

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.

Investments in the affiliated Master Portfolio are valued daily based on the Fund's proportionate share of the affiliated Master Portfolio's net assets, which are also valued daily.

Investments which are not valued using the method 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.

Investment transactions, income and expenses

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

Distributions to shareholders

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

Allspring Core Bond Fund \| 11

------

Notes to financial statements (unaudited)

As of October 31, 2025, the aggregate cost of all investments for federal income tax purposes was $5,085,559,455 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $19249704 |
| Gross unrealized losses | &nbsp;&nbsp; (7379767)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$11869937** |

---

As of April 30, 2025, the Fund had capital loss carryforwards which consisted of $297,480,448 in short-term capital losses $401,247,329 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

At October 31, 2025, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and fair value of the affiliated Master Portfolio is as follows:

---

| | | |
|:---|:---|:---|
| Affiliated Master Portfolio | Investment objective | &nbsp;&nbsp;&nbsp; Fair value of affiliated <br>Master Portfolio<br>|
| Allspring Core Bond Portfolio | Seeks total return, consisting of income and capital appreciation | $5097429392 |

---

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $5 billion | 0.050<br> %<br>|
| Next $5 billion | 0.040 |
| Over $10 billion | 0.030 |

---

For the six months ended October 31, 2025, the management fee was equivalent to an annual rate of 0.05% of the Fund's average daily net assets.

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee, generally paid on a monthly basis, from the affiliated Master Portfolio for those services.

Administration fees

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

---

12 \| Allspring Core Bond Fund

------

Notes to financial statements (unaudited)

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. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through August 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of October 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.70<br> %<br>|
| Class C | 1.45 |
| Class R6 | 0.33 |
| Administrator Class | 0.65 |
| Institutional Class | 0.38 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended October 31, 2025, Allspring Funds Distributor received $2,433 from the sale of Class A shares and $1,422 and $1,371 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund's ownership percentage of the affiliated Master Portfolio at the end of the period by the affiliated Master Portfolio's purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended October 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6839563059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1317477857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6833550819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1383512069 |

---

6. BANK BORROWINGS

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

For the six months ended October 31, 2025, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

Under the Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund's organizational documents into contractual rights that cannot be changed in the future without

Allspring Core Bond Fund \| 13

------

Notes to financial statements (unaudited)

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

8. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

14 \| Allspring Core Bond Fund

------

Portfolio of investments—October 31, 2025 (unaudited)

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Agency securities: 41.33%** |  |  |  |  |
| FHLMC | 2.00<br> %<br>| &nbsp;&nbsp; 6-1-2040 | $7434319 | &nbsp;&nbsp; $6566739 |
| FHLMC | 2.00 | &nbsp;&nbsp; 7-1-2040 | 11589982 | &nbsp;&nbsp; 10230581 |
| FHLMC | 2.00 | &nbsp;&nbsp; 8-1-2040 | 7964967 | &nbsp;&nbsp; 7025667 |
| FHLMC | 2.00 | &nbsp;&nbsp; 10-1-2040 | 7987203 | &nbsp;&nbsp; 7034454 |
| FHLMC | 2.00 | &nbsp;&nbsp; 11-1-2040 | 14776071 | &nbsp;&nbsp; 13005502 |
| FHLMC | 2.00 | &nbsp;&nbsp; 2-1-2047 | 1814648 | &nbsp;&nbsp; 1483704 |
| FHLMC | 2.00 | &nbsp;&nbsp; 12-1-2051 | 1243987 | &nbsp;&nbsp; 1034596 |
| FHLMC | 2.50 | &nbsp;&nbsp; 7-1-2033 | 5304925 | &nbsp;&nbsp; 5224371 |
| FHLMC | 2.50 | &nbsp;&nbsp; 4-1-2037 | 3113646 | &nbsp;&nbsp; 2954426 |
| FHLMC | 2.50 | &nbsp;&nbsp; 4-1-2042 | 1563596 | &nbsp;&nbsp; 1400268 |
| FHLMC | 2.50 | &nbsp;&nbsp; 5-1-2042 | 5178087 | &nbsp;&nbsp; 4652965 |
| FHLMC | 2.50 | &nbsp;&nbsp; 6-1-2042 | 1922319 | &nbsp;&nbsp; 1726183 |
| FHLMC | 2.50 | &nbsp;&nbsp; 8-1-2043 | 4603225 | &nbsp;&nbsp; 4205764 |
| FHLMC | 2.50 | &nbsp;&nbsp; 6-1-2046 | 5515155 | &nbsp;&nbsp; 5026446 |
| FHLMC | 2.50 | &nbsp;&nbsp; 11-1-2046 | 4008206 | &nbsp;&nbsp; 3504491 |
| FHLMC | 2.50 | &nbsp;&nbsp; 8-1-2050 | 3461714 | &nbsp;&nbsp; 3010561 |
| FHLMC | 2.50 | &nbsp;&nbsp; 10-1-2050 | 2366548 | &nbsp;&nbsp; 2053640 |
| FHLMC | 2.50 | &nbsp;&nbsp; 5-1-2051 | 8879196 | &nbsp;&nbsp; 7721057 |
| FHLMC | 2.50 | &nbsp;&nbsp; 7-1-2051 | 4489115 | &nbsp;&nbsp; 3889313 |
| FHLMC | 2.50 | &nbsp;&nbsp; 9-1-2051 | 8685725 | &nbsp;&nbsp; 7552735 |
| FHLMC | 2.50 | &nbsp;&nbsp; 11-1-2051 | 2069031 | &nbsp;&nbsp; 1796069 |
| FHLMC | 2.50 | &nbsp;&nbsp; 1-1-2052 | 54048017 | &nbsp;&nbsp; 46771786 |
| FHLMC | 2.50 | &nbsp;&nbsp; 2-1-2052 | 1046120 | &nbsp;&nbsp; 900705 |
| FHLMC | 2.50 | &nbsp;&nbsp; 3-1-2052 | 3143758 | &nbsp;&nbsp; 2703067 |
| FHLMC | 2.50 | &nbsp;&nbsp; 4-1-2052 | 6825338 | &nbsp;&nbsp; 5903281 |
| FHLMC | 3.00 | &nbsp;&nbsp; 3-1-2043 | 1912432 | &nbsp;&nbsp; 1771426 |
| FHLMC | 3.00 | &nbsp;&nbsp; 4-1-2043 | 2605801 | &nbsp;&nbsp; 2413598 |
| FHLMC | 3.00 | &nbsp;&nbsp; 5-1-2043 | 1935350 | &nbsp;&nbsp; 1793824 |
| FHLMC | 3.00 | &nbsp;&nbsp; 8-1-2043 | 2537414 | &nbsp;&nbsp; 2350245 |
| FHLMC | 3.00 | &nbsp;&nbsp; 2-1-2045 | 6260353 | &nbsp;&nbsp; 5766206 |
| FHLMC | 3.00 | &nbsp;&nbsp; 4-1-2045 | 8485469 | &nbsp;&nbsp; 7859495 |
| FHLMC | 3.00 | &nbsp;&nbsp; 5-1-2045 | 3317465 | &nbsp;&nbsp; 3043618 |
| FHLMC | 3.00 | &nbsp;&nbsp; 1-1-2046 | 3128127 | &nbsp;&nbsp; 2900485 |
| FHLMC | 3.00 | &nbsp;&nbsp; 9-1-2046 | 4695817 | &nbsp;&nbsp; 4284610 |
| FHLMC | 3.00 | &nbsp;&nbsp; 2-1-2047 | 1269672 | &nbsp;&nbsp; 1177598 |
| FHLMC | 3.00 | &nbsp;&nbsp; 4-1-2047 | 19677305 | &nbsp;&nbsp; 17943712 |
| FHLMC | 3.00 | &nbsp;&nbsp; 11-1-2048 | 9955678 | &nbsp;&nbsp; 9072564 |
| FHLMC | 3.00 | &nbsp;&nbsp; 4-1-2049 | 4275114 | &nbsp;&nbsp; 3895907 |
| FHLMC | 3.00 | &nbsp;&nbsp; 5-1-2049 | 2633554 | &nbsp;&nbsp; 2400520 |
| FHLMC | 3.00 | &nbsp;&nbsp; 11-1-2049 | 3154976 | &nbsp;&nbsp; 2875142 |
| FHLMC | 3.00 | &nbsp;&nbsp; 1-1-2050 | 5293942 | &nbsp;&nbsp; 4824363 |
| FHLMC | 4.00 | &nbsp;&nbsp; 3-1-2050 | 8665102 | &nbsp;&nbsp; 8433424 |
| FHLMC | 4.50 | &nbsp;&nbsp; 6-1-2039 | 130786 | &nbsp;&nbsp; 130829 |
| FHLMC | 4.50 | &nbsp;&nbsp; 7-1-2039 | 149748 | &nbsp;&nbsp; 149873 |
| FHLMC | 5.50 | &nbsp;&nbsp; 5-1-2055 | 21013267 | &nbsp;&nbsp; 21290919 |
| FHLMC | 5.50 | &nbsp;&nbsp; 7-1-2055 | 12407392 | &nbsp;&nbsp; 12537022 |
| FHLMC | 6.00 | &nbsp;&nbsp; 7-1-2054 | 3911018 | &nbsp;&nbsp; 4090600 |
| FHLMC | 6.00 | &nbsp;&nbsp; 9-1-2054 | 30894737 | &nbsp;&nbsp; 32315069 |

---

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

Allspring Core Bond Portfolio \| 15

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FHLMC | 6.00<br> %<br>| &nbsp;&nbsp; 10-1-2054 | $5298912 | &nbsp;&nbsp; $5542844 |
| FHLMC | 6.00 | &nbsp;&nbsp; 5-1-2055 | 21066810 | &nbsp;&nbsp; 21599274 |
| FHLMC | 6.50 | &nbsp;&nbsp; 9-1-2054 | 12193290 | &nbsp;&nbsp; 12957664 |
| FHLMC | 6.50 | &nbsp;&nbsp; 10-1-2054 | 3650663 | &nbsp;&nbsp; 3882128 |
| FHLMC | 6.50 | &nbsp;&nbsp; 11-1-2054 | 967820 | &nbsp;&nbsp; 1025978 |
| FHLMC | 6.50 | &nbsp;&nbsp; 10-1-2055 | 3843138 | &nbsp;&nbsp; 4077947 |
| FHLMC STRIPS Series 264 Class 30 | 3.00 | &nbsp;&nbsp; 7-15-2042 | 4134917 | &nbsp;&nbsp; 3829438 |
| FHLMC (30 Day Average U.S. SOFR+2.06%)± | 4.99 | &nbsp;&nbsp; 6-1-2055 | 2507569 | &nbsp;&nbsp; 2525839 |
| FHLMC (30 Day Average U.S. SOFR+2.06%)± | 5.07 | &nbsp;&nbsp; 7-1-2055 | 1574288 | &nbsp;&nbsp; 1588597 |
| FHLMC (30 Day Average U.S. SOFR+2.06%)± | 5.08 | &nbsp;&nbsp; 8-1-2055 | 2852318 | &nbsp;&nbsp; 2875358 |
| FHLMC (30 Day Average U.S. SOFR+2.06%)± | 5.14 | &nbsp;&nbsp; 7-1-2055 | 2272172 | &nbsp;&nbsp; 2291555 |
| FHLMC (30 Day Average U.S. SOFR+2.08%)± | 5.26 | &nbsp;&nbsp; 7-1-2055 | 6418742 | &nbsp;&nbsp; 6470750 |
| FHLMC (30 Day Average U.S. SOFR+2.08%)± | 5.31 | &nbsp;&nbsp; 7-1-2055 | 2572596 | &nbsp;&nbsp; 2606383 |
| FHLMC (30 Day Average U.S. SOFR+2.09%)± | 5.45 | &nbsp;&nbsp; 5-1-2055 | 1665908 | &nbsp;&nbsp; 1687169 |
| FHLMC (30 Day Average U.S. SOFR+2.10%)± | 5.09 | &nbsp;&nbsp; 11-1-2055 | 6297088 | &nbsp;&nbsp; 6327207 |
| FHLMC (30 Day Average U.S. SOFR+2.11%)± | 5.32 | &nbsp;&nbsp; 8-1-2055 | 2361632 | &nbsp;&nbsp; 2395993 |
| FHLMC (30 Day Average U.S. SOFR+2.14%)± | 5.01 | &nbsp;&nbsp; 6-1-2055 | 2896411 | &nbsp;&nbsp; 2925059 |
| FHLMC (30 Day Average U.S. SOFR+2.15%)± | 4.83 | &nbsp;&nbsp; 1-1-2055 | 4808022 | &nbsp;&nbsp; 4852480 |
| FHLMC (30 Day Average U.S. SOFR+2.16%)± | 5.11 | &nbsp;&nbsp; 6-1-2055 | 2458650 | &nbsp;&nbsp; 2480670 |
| FHLMC (30 Day Average U.S. SOFR+2.19%)± | 5.08 | &nbsp;&nbsp; 8-1-2055 | 1325769 | &nbsp;&nbsp; 1339598 |
| FHLMC (30 Day Average U.S. SOFR+2.20%)± | 5.20 | &nbsp;&nbsp; 6-1-2055 | 4036853 | &nbsp;&nbsp; 4080634 |
| FHLMC (30 Day Average U.S. SOFR+2.23%)± | 5.12 | &nbsp;&nbsp; 6-1-2055 | 13477921 | &nbsp;&nbsp; 13586009 |
| FHLMC (30 Day Average U.S. SOFR+2.25%)± | 4.85 | &nbsp;&nbsp; 6-1-2055 | 15498057 | &nbsp;&nbsp; 15527492 |
| FHLMC (30 Day Average U.S. SOFR+2.26%)± | 4.99 | &nbsp;&nbsp; 2-1-2054 | 1819840 | &nbsp;&nbsp; 1839198 |
| FHLMC (30 Day Average U.S. SOFR+2.27%)± | 5.20 | &nbsp;&nbsp; 1-1-2055 | 12877041 | &nbsp;&nbsp; 12998772 |
| FHLMC (30 Day Average U.S. SOFR+2.31%)± | 4.22 | &nbsp;&nbsp; 5-1-2053 | 7632129 | &nbsp;&nbsp; 7631471 |
| FHLMC (30 Day Average U.S. SOFR+2.33%)± | 4.90 | &nbsp;&nbsp; 10-1-2054 | 4140115 | &nbsp;&nbsp; 4174911 |
| FHLMC (30 Day Average U.S. SOFR+2.33%)± | 5.34 | &nbsp;&nbsp; 8-1-2055 | 2924106 | &nbsp;&nbsp; 2957125 |
| FHLMC (30 Day Average U.S. SOFR+2.33%)± | 5.43 | &nbsp;&nbsp; 8-1-2055 | 3753217 | &nbsp;&nbsp; 3786606 |
| FHLMC (30 Day Average U.S. SOFR+2.33%)± | 5.61 | &nbsp;&nbsp; 7-1-2055 | 4450590 | &nbsp;&nbsp; 4499006 |
| FHLMC (30 Day Average U.S. SOFR+2.35%)± | 4.63 | &nbsp;&nbsp; 3-1-2053 | 5685789 | &nbsp;&nbsp; 5657420 |
| FHLMC (RFUCCT1Y+1.62%)± | 3.10 | &nbsp;&nbsp; 2-1-2050 | 2820417 | &nbsp;&nbsp; 2849631 |
| FHLMC (RFUCCT1Y+1.64%)± | 5.79 | &nbsp;&nbsp; 11-1-2048 | 1374512 | &nbsp;&nbsp; 1434585 |
| FHLMC Series 1897 Class K | 7.00 | &nbsp;&nbsp; 9-15-2026 | 2 | &nbsp;&nbsp; 2 |
| FHLMC Series 326 Class F2 (30 Day Average U.S. SOFR+0.66%)± | 4.90 | &nbsp;&nbsp; 3-15-2044 | 1838166 | &nbsp;&nbsp; 1836202 |
| &nbsp;&nbsp; FHLMC Series 3693 Class FC (30 Day Average <br> U.S. SOFR+0.61%)±<br>| 4.85 | &nbsp;&nbsp; 7-15-2040 | 1534809 | &nbsp;&nbsp; 1527400 |
| FHLMC Series 3919 Class FA (30 Day Average U.S. SOFR+0.61%)± | 4.85 | &nbsp;&nbsp; 9-15-2041 | 1489125 | &nbsp;&nbsp; 1479668 |
| &nbsp;&nbsp; FHLMC Series 3958 Class AF (30 Day Average <br> U.S. SOFR+0.56%)±<br>| 4.80 | &nbsp;&nbsp; 11-15-2041 | 1380923 | &nbsp;&nbsp; 1370499 |
| &nbsp;&nbsp; FHLMC Series 3975 Class FA (30 Day Average <br> U.S. SOFR+0.60%)±<br>| 4.84 | &nbsp;&nbsp; 12-15-2041 | 1280597 | &nbsp;&nbsp; 1274888 |
| &nbsp;&nbsp; FHLMC Series 3990 Class FG (30 Day Average <br> U.S. SOFR+0.56%)±<br>| 4.80 | &nbsp;&nbsp; 1-15-2042 | 1581693 | &nbsp;&nbsp; 1572254 |
| &nbsp;&nbsp; FHLMC Series 4059 Class FP (30 Day Average <br> U.S. SOFR+0.56%)±<br>| 4.80 | &nbsp;&nbsp; 6-15-2042 | 1880085 | &nbsp;&nbsp; 1863843 |
| FHLMC Series 4091 Class BX | 3.25 | &nbsp;&nbsp; 10-15-2041 | 2172998 | &nbsp;&nbsp; 2063402 |
| FHLMC Series 4091 Class MX | 3.25 | &nbsp;&nbsp; 2-15-2042 | 1661963 | &nbsp;&nbsp; 1566316 |

---

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

16 \| Allspring Core Bond Portfolio

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FHLMC Series 4091 Class EX | 3.38<br> %<br>| &nbsp;&nbsp; 7-15-2042 | $1376545 | &nbsp;&nbsp; $1303603 |
| &nbsp;&nbsp; FHLMC Series 4091 Class FN (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.75 | &nbsp;&nbsp; 8-15-2042 | 1363547 | &nbsp;&nbsp; 1346608 |
| FHLMC Series 4117 Class HB | 2.50 | &nbsp;&nbsp; 10-15-2042 | 1409869 | &nbsp;&nbsp; 1275840 |
| FHLMC Series 4160 Class HP | 2.50 | &nbsp;&nbsp; 1-15-2033 | 1436482 | &nbsp;&nbsp; 1383944 |
| &nbsp;&nbsp; FHLMC Series 4184 Class FN (30 Day Average <br> U.S. SOFR+0.46%)±<br>| 4.70 | &nbsp;&nbsp; 3-15-2043 | 1107360 | &nbsp;&nbsp; 1092237 |
| FHLMC Series 4205 Class PA | 1.75 | &nbsp;&nbsp; 5-15-2043 | 1311565 | &nbsp;&nbsp; 1153424 |
| FHLMC Series 4240 Class FA (30 Day Average U.S. SOFR+0.61%)± | 4.85 | &nbsp;&nbsp; 8-15-2043 | 3602764 | &nbsp;&nbsp; 3563481 |
| FHLMC Series 4273 Class PF (30 Day Average U.S. SOFR+0.51%)± | 4.75 | &nbsp;&nbsp; 11-15-2043 | 1539503 | &nbsp;&nbsp; 1526100 |
| FHLMC Series 4281 Class FA (30 Day Average U.S. SOFR+0.51%)± | 4.75 | &nbsp;&nbsp; 12-15-2043 | 652735 | &nbsp;&nbsp; 646862 |
| FHLMC Series 4290 Class LF (30 Day Average U.S. SOFR+0.51%)± | 4.75 | &nbsp;&nbsp; 7-15-2035 | 1376749 | &nbsp;&nbsp; 1365911 |
| &nbsp;&nbsp; FHLMC Series 4303 Class FA (30 Day Average <br> U.S. SOFR+0.46%)±<br>| 4.70 | &nbsp;&nbsp; 2-15-2044 | 1176160 | &nbsp;&nbsp; 1161410 |
| FHLMC Series 4427 Class CE | 3.00 | &nbsp;&nbsp; 2-15-2034 | 326999 | &nbsp;&nbsp; 323648 |
| FHLMC Series 4446 Class CP | 2.25 | &nbsp;&nbsp; 3-15-2045 | 1674388 | &nbsp;&nbsp; 1513173 |
| FHLMC Series 4582 Class HA | 3.00 | &nbsp;&nbsp; 9-15-2045 | 6517517 | &nbsp;&nbsp; 6171921 |
| &nbsp;&nbsp; FHLMC Series 4587 Class AF (30 Day Average <br> U.S. SOFR+0.46%)±<br>| 4.70 | &nbsp;&nbsp; 6-15-2046 | 1947176 | &nbsp;&nbsp; 1932142 |
| FHLMC Series 4604 Class FB (30 Day Average U.S. SOFR+0.51%)± | 4.75 | &nbsp;&nbsp; 8-15-2046 | 3789196 | &nbsp;&nbsp; 3753956 |
| &nbsp;&nbsp; FHLMC Series 4611 Class BF (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.75 | &nbsp;&nbsp; 6-15-2041 | 14441558 | &nbsp;&nbsp; 14300166 |
| FHLMC Series 4620 Class LF (30 Day Average U.S. SOFR+0.51%)± | 4.75 | &nbsp;&nbsp; 10-15-2046 | 2051479 | &nbsp;&nbsp; 2033651 |
| FHLMC Series 4628 Class KF (30 Day Average U.S. SOFR+0.61%)± | 4.85 | &nbsp;&nbsp; 1-15-2055 | 2097741 | &nbsp;&nbsp; 2049282 |
| FHLMC Series 4709 Class FA (30 Day Average U.S. SOFR+0.41%)± | 4.65 | &nbsp;&nbsp; 8-15-2047 | 1510821 | &nbsp;&nbsp; 1490863 |
| FHLMC Series 4719 Class LM | 3.00 | &nbsp;&nbsp; 9-15-2047 | 1447450 | &nbsp;&nbsp; 1322736 |
| FHLMC Series 4719 Class LA | 3.50 | &nbsp;&nbsp; 9-15-2047 | 1946919 | &nbsp;&nbsp; 1834701 |
| FHLMC Series 4742 Class PA | 3.00 | &nbsp;&nbsp; 10-15-2047 | 3058375 | &nbsp;&nbsp; 2821953 |
| FHLMC Series 4753 Class BD | 3.00 | &nbsp;&nbsp; 1-15-2048 | 1806442 | &nbsp;&nbsp; 1637140 |
| FHLMC Series 4826 Class KF (30 Day Average U.S. SOFR+0.41%)± | 4.65 | &nbsp;&nbsp; 9-15-2048 | 1178654 | &nbsp;&nbsp; 1155029 |
| FHLMC Series 4854 Class FB (30 Day Average U.S. SOFR+0.41%)± | 4.65 | &nbsp;&nbsp; 1-15-2049 | 3835411 | &nbsp;&nbsp; 3790282 |
| FHLMC Series 4857 Class JA | 3.35 | &nbsp;&nbsp; 1-15-2049 | 5517975 | &nbsp;&nbsp; 5324243 |
| FHLMC Series 4880 Class DA | 3.00 | &nbsp;&nbsp; 5-15-2050 | 2603340 | &nbsp;&nbsp; 2426460 |
| &nbsp;&nbsp; FHLMC Series 4903 Class NF (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70 | &nbsp;&nbsp; 8-25-2049 | 1160714 | &nbsp;&nbsp; 1143774 |
| FHLMC Series 4927 Class BG | 3.00 | &nbsp;&nbsp; 11-25-2049 | 2603784 | &nbsp;&nbsp; 2414060 |
| FHLMC Series 4937 Class MD | 2.50 | &nbsp;&nbsp; 10-25-2049 | 2668748 | &nbsp;&nbsp; 2388408 |
| FHLMC Series 4940 Class AG | 3.00 | &nbsp;&nbsp; 5-15-2040 | 1713680 | &nbsp;&nbsp; 1634785 |
| FHLMC Series 4941 Class GA | 2.00 | &nbsp;&nbsp; 12-15-2047 | 1483982 | &nbsp;&nbsp; 1259204 |
| FHLMC Series 4954 Class LB | 2.50 | &nbsp;&nbsp; 2-25-2050 | 1269750 | &nbsp;&nbsp; 1129398 |
| FHLMC Series 4957 Class MY | 3.00 | &nbsp;&nbsp; 2-25-2050 | 1883000 | &nbsp;&nbsp; 1594560 |
| &nbsp;&nbsp; FHLMC Series 4988 Class KF (30 Day Average <br> U.S. SOFR+0.46%)±<br>| 4.65 | &nbsp;&nbsp; 7-25-2050 | 2274831 | &nbsp;&nbsp; 2249962 |
| &nbsp;&nbsp; FHLMC Series 4993 Class KF (30 Day Average <br> U.S. SOFR+0.56%)±<br>| 4.75 | &nbsp;&nbsp; 7-25-2050 | 11141710 | &nbsp;&nbsp; 10855275 |
| &nbsp;&nbsp; FHLMC Series 5004 Class FM (30 Day Average <br> U.S. SOFR+0.46%)±<br>| 4.65 | &nbsp;&nbsp; 8-25-2050 | 2217660 | &nbsp;&nbsp; 2145703 |
| FHLMC Series 5020 Class ET | 3.50 | &nbsp;&nbsp; 10-25-2050 | 2364018 | &nbsp;&nbsp; 2184251 |

---

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

Allspring Core Bond Portfolio \| 17

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FHLMC Series 5058 Class BC | 5.00<br> %<br>| &nbsp;&nbsp; 11-25-2050 | $1761085 | &nbsp;&nbsp; $1750404 |
| FHLMC Series 5091 Class AB | 1.50 | &nbsp;&nbsp; 3-25-2051 | 4520841 | &nbsp;&nbsp; 3732242 |
| FHLMC Series 5092 Class HE | 2.00 | &nbsp;&nbsp; 2-25-2051 | 2885487 | &nbsp;&nbsp; 2453609 |
| FHLMC Series 5114 Class AD | 1.50 | &nbsp;&nbsp; 8-25-2047 | 11654429 | &nbsp;&nbsp; 10144659 |
| FHLMC Series 5118 Class CA | 1.50 | &nbsp;&nbsp; 10-15-2033 | 2465168 | &nbsp;&nbsp; 2294793 |
| &nbsp;&nbsp; FHLMC Series 5119 Class QF (30 Day Average <br> U.S. SOFR+0.20%)±<br>| 4.38 | &nbsp;&nbsp; 6-25-2051 | 3299758 | &nbsp;&nbsp; 3145016 |
| FHLMC Series 5202 Class BH | 2.00 | &nbsp;&nbsp; 12-25-2047 | 1616407 | &nbsp;&nbsp; 1495034 |
| FHLMC Series 5202 Class KA | 2.50 | &nbsp;&nbsp; 6-25-2049 | 2743138 | &nbsp;&nbsp; 2480987 |
| FHLMC Series 5202 Class TA | 2.50 | &nbsp;&nbsp; 12-25-2048 | 4939177 | &nbsp;&nbsp; 4563669 |
| FHLMC Series 5207 Class PA | 3.00 | &nbsp;&nbsp; 6-25-2051 | 3671874 | &nbsp;&nbsp; 3325109 |
| FHLMC Series 5217 Class CD | 2.50 | &nbsp;&nbsp; 7-25-2049 | 2388008 | &nbsp;&nbsp; 2246741 |
| FHLMC Series 5220 Class QK | 3.50 | &nbsp;&nbsp; 9-25-2050 | 4976804 | &nbsp;&nbsp; 4778488 |
| FHLMC Series 5228 Class TN | 3.50 | &nbsp;&nbsp; 7-25-2039 | 2416169 | &nbsp;&nbsp; 2336439 |
| FHLMC Series 5335 Class FB (30 Day Average U.S. SOFR+0.81%)± | 5.05 | &nbsp;&nbsp; 10-15-2039 | 4613951 | &nbsp;&nbsp; 4627129 |
| &nbsp;&nbsp; FHLMC Series 5396 Class HF (30 Day Average <br> U.S. SOFR+0.95%)±<br>| 5.13 | &nbsp;&nbsp; 4-25-2054 | 6014882 | &nbsp;&nbsp; 6034777 |
| &nbsp;&nbsp; FHLMC Series 5399 Class FB (30 Day Average <br> U.S. SOFR+0.90%)±<br>| 5.08 | &nbsp;&nbsp; 4-25-2054 | 3973510 | &nbsp;&nbsp; 3967417 |
| FHLMC Series 5410 Class JY | 3.00 | &nbsp;&nbsp; 3-15-2044 | 3133266 | &nbsp;&nbsp; 2758148 |
| &nbsp;&nbsp; FHLMC Series 5451 Class FD (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.75 | &nbsp;&nbsp; 1-15-2044 | 2287902 | &nbsp;&nbsp; 2267580 |
| FHLMC Series 5452 Class KY | 3.00 | &nbsp;&nbsp; 3-15-2044 | 3353681 | &nbsp;&nbsp; 2930496 |
| FHLMC Series 5529 Class HA | 3.00 | &nbsp;&nbsp; 3-15-2043 | 1901348 | &nbsp;&nbsp; 1808436 |
| FHLMC Series 5565 Class QA | 4.50 | &nbsp;&nbsp; 8-25-2055 | 8745720 | &nbsp;&nbsp; 8702800 |
| FNMA | 2.00 | &nbsp;&nbsp; 6-1-2040 | 2487498 | &nbsp;&nbsp; 2197482 |
| FNMA | 2.00 | &nbsp;&nbsp; 7-1-2040 | 7545950 | &nbsp;&nbsp; 6660670 |
| FNMA | 2.00 | &nbsp;&nbsp; 8-1-2040 | 19079495 | &nbsp;&nbsp; 16839066 |
| FNMA | 2.00 | &nbsp;&nbsp; 9-1-2040 | 8481831 | &nbsp;&nbsp; 7476399 |
| FNMA | 2.00 | &nbsp;&nbsp; 11-1-2040 | 7410044 | &nbsp;&nbsp; 6527073 |
| FNMA | 2.00 | &nbsp;&nbsp; 12-1-2040 | 17598107 | &nbsp;&nbsp; 15516680 |
| FNMA | 2.00 | &nbsp;&nbsp; 10-1-2041 | 5677683 | &nbsp;&nbsp; 4980056 |
| FNMA | 2.00 | &nbsp;&nbsp; 11-1-2041 | 1936640 | &nbsp;&nbsp; 1694158 |
| FNMA | 2.00 | &nbsp;&nbsp; 4-1-2042 | 2984976 | &nbsp;&nbsp; 2606137 |
| FNMA | 2.00 | &nbsp;&nbsp; 5-1-2042 | 5069776 | &nbsp;&nbsp; 4402555 |
| FNMA | 2.00 | &nbsp;&nbsp; 4-1-2046 | 9439020 | &nbsp;&nbsp; 7910033 |
| FNMA | 2.00 | &nbsp;&nbsp; 1-1-2047 | 1770209 | &nbsp;&nbsp; 1473707 |
| FNMA | 2.00 | &nbsp;&nbsp; 3-1-2047 | 12430599 | &nbsp;&nbsp; 10333365 |
| FNMA | 2.50 | &nbsp;&nbsp; 5-1-2037 | 3405317 | &nbsp;&nbsp; 3221742 |
| FNMA | 2.50 | &nbsp;&nbsp; 12-1-2040 | 5142334 | &nbsp;&nbsp; 4640994 |
| FNMA | 2.50 | &nbsp;&nbsp; 5-1-2041 | 5731451 | &nbsp;&nbsp; 5192991 |
| FNMA | 2.50 | &nbsp;&nbsp; 8-1-2041 | 3095321 | &nbsp;&nbsp; 2802579 |
| FNMA | 2.50 | &nbsp;&nbsp; 2-1-2042 | 3075667 | &nbsp;&nbsp; 2749827 |
| FNMA | 2.50 | &nbsp;&nbsp; 5-1-2042 | 4259573 | &nbsp;&nbsp; 3830255 |
| FNMA | 2.50 | &nbsp;&nbsp; 6-1-2042 | 3815637 | &nbsp;&nbsp; 3428693 |
| FNMA | 2.50 | &nbsp;&nbsp; 11-1-2042 | 2273669 | &nbsp;&nbsp; 2063959 |
| FNMA | 2.50 | &nbsp;&nbsp; 12-1-2047 | 7661523 | &nbsp;&nbsp; 6898758 |
| FNMA | 2.50 | &nbsp;&nbsp; 9-1-2050 | 10907596 | &nbsp;&nbsp; 9480384 |

---

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

18 \| Allspring Core Bond Portfolio

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FNMA | 2.50<br> %<br>| &nbsp;&nbsp; 10-1-2050 | $5152425 | &nbsp;&nbsp; $4479492 |
| FNMA | 2.50 | &nbsp;&nbsp; 11-1-2050 | 2236171 | &nbsp;&nbsp; 1936236 |
| FNMA | 2.50 | &nbsp;&nbsp; 2-1-2051 | 5132990 | &nbsp;&nbsp; 4447190 |
| FNMA | 2.50 | &nbsp;&nbsp; 5-1-2051 | 3375746 | &nbsp;&nbsp; 2916770 |
| FNMA | 2.50 | &nbsp;&nbsp; 6-1-2051 | 5263750 | &nbsp;&nbsp; 4557637 |
| FNMA | 2.50 | &nbsp;&nbsp; 12-1-2051 | 4599646 | &nbsp;&nbsp; 3969331 |
| FNMA | 2.50 | &nbsp;&nbsp; 3-1-2052 | 16111483 | &nbsp;&nbsp; 13938221 |
| FNMA | 2.50 | &nbsp;&nbsp; 5-1-2052 | 2548293 | &nbsp;&nbsp; 2202001 |
| FNMA | 3.00 | &nbsp;&nbsp; 8-1-2042 | 1953234 | &nbsp;&nbsp; 1809411 |
| FNMA | 3.00 | &nbsp;&nbsp; 11-1-2042 | 2687103 | &nbsp;&nbsp; 2489235 |
| FNMA | 3.00 | &nbsp;&nbsp; 1-1-2043 | 2748326 | &nbsp;&nbsp; 2641262 |
| FNMA | 3.00 | &nbsp;&nbsp; 2-1-2043 | 13917406 | &nbsp;&nbsp; 12822977 |
| FNMA | 3.00 | &nbsp;&nbsp; 7-1-2043 | 2233453 | &nbsp;&nbsp; 2068757 |
| FNMA | 3.00 | &nbsp;&nbsp; 9-1-2043 | 2263035 | &nbsp;&nbsp; 2096358 |
| FNMA | 3.00 | &nbsp;&nbsp; 12-1-2043 | 2871031 | &nbsp;&nbsp; 2659229 |
| FNMA | 3.00 | &nbsp;&nbsp; 1-1-2044 | 3943723 | &nbsp;&nbsp; 3631281 |
| FNMA | 3.00 | &nbsp;&nbsp; 2-1-2045 | 1627127 | &nbsp;&nbsp; 1507159 |
| FNMA | 3.00 | &nbsp;&nbsp; 3-1-2045 | 8494561 | &nbsp;&nbsp; 7799530 |
| FNMA | 3.00 | &nbsp;&nbsp; 10-1-2046 | 4358627 | &nbsp;&nbsp; 4037246 |
| FNMA | 3.00 | &nbsp;&nbsp; 11-1-2046 | 8824140 | &nbsp;&nbsp; 8041981 |
| FNMA | 3.00 | &nbsp;&nbsp; 12-1-2046 | 12196543 | &nbsp;&nbsp; 11115440 |
| FNMA | 3.00 | &nbsp;&nbsp; 9-1-2047 | 1423718 | &nbsp;&nbsp; 1298923 |
| FNMA | 3.00 | &nbsp;&nbsp; 12-1-2047 | 1872655 | &nbsp;&nbsp; 1712177 |
| FNMA | 3.00 | &nbsp;&nbsp; 1-1-2048 | 3625598 | &nbsp;&nbsp; 3358127 |
| FNMA | 3.00 | &nbsp;&nbsp; 2-1-2048 | 2031667 | &nbsp;&nbsp; 1857770 |
| FNMA | 3.00 | &nbsp;&nbsp; 4-1-2048 | 9622170 | &nbsp;&nbsp; 8912344 |
| FNMA | 3.00 | &nbsp;&nbsp; 8-1-2048 | 2943864 | &nbsp;&nbsp; 2688890 |
| FNMA | 3.00 | &nbsp;&nbsp; 1-1-2049 | 9078230 | &nbsp;&nbsp; 8379095 |
| FNMA | 3.00 | &nbsp;&nbsp; 10-1-2049 | 36058873 | &nbsp;&nbsp; 33398886 |
| FNMA | 3.00 | &nbsp;&nbsp; 2-1-2050 | 49215813 | &nbsp;&nbsp; 45021135 |
| FNMA | 3.00 | &nbsp;&nbsp; 5-1-2050 | 10119784 | &nbsp;&nbsp; 9075270 |
| FNMA | 3.00 | &nbsp;&nbsp; 7-1-2050 | 21795707 | &nbsp;&nbsp; 19862571 |
| FNMA | 3.00 | &nbsp;&nbsp; 4-1-2052 | 12058022 | &nbsp;&nbsp; 10868764 |
| FNMA | 3.00 | &nbsp;&nbsp; 7-1-2052 | 2027901 | &nbsp;&nbsp; 1812355 |
| FNMA | 3.00 | &nbsp;&nbsp; 10-1-2052 | 15371198 | &nbsp;&nbsp; 13999566 |
| FNMA | 3.00 | &nbsp;&nbsp; 2-1-2055 | 1607503 | &nbsp;&nbsp; 1463870 |
| FNMA | 3.00 | &nbsp;&nbsp; 7-1-2060 | 20812428 | &nbsp;&nbsp; 18499599 |
| FNMA | 4.00 | &nbsp;&nbsp; 1-1-2027 | 400300 | &nbsp;&nbsp; 399069 |
| FNMA | 4.00 | &nbsp;&nbsp; 3-1-2035 | 1533783 | &nbsp;&nbsp; 1528663 |
| FNMA | 4.00 | &nbsp;&nbsp; 9-1-2045 | 396703 | &nbsp;&nbsp; 388597 |
| FNMA | 4.00 | &nbsp;&nbsp; 1-1-2046 | 3049575 | &nbsp;&nbsp; 2986004 |
| FNMA | 4.00 | &nbsp;&nbsp; 3-1-2047 | 1276422 | &nbsp;&nbsp; 1246648 |
| FNMA | 4.00 | &nbsp;&nbsp; 4-1-2047 | 327386 | &nbsp;&nbsp; 319224 |
| FNMA | 4.00 | &nbsp;&nbsp; 10-1-2047 | 376530 | &nbsp;&nbsp; 367143 |
| FNMA | 4.00 | &nbsp;&nbsp; 12-1-2048 | 1588855 | &nbsp;&nbsp; 1549246 |
| FNMA | 4.50 | &nbsp;&nbsp; 3-1-2043 | 1801036 | &nbsp;&nbsp; 1810574 |
| FNMA | 4.50 | &nbsp;&nbsp; 10-1-2045 | 2806119 | &nbsp;&nbsp; 2798176 |
| FNMA | 4.50 | &nbsp;&nbsp; 2-1-2046 | 68942 | &nbsp;&nbsp; 68605 |

---

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

Allspring Core Bond Portfolio \| 19

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FNMA | 5.50<br> %<br>| &nbsp;&nbsp; 2-1-2054 | $46141289 | &nbsp;&nbsp; $46754361 |
| FNMA%% | 5.50 | &nbsp;&nbsp; 11-15-2054 | 6500000 | &nbsp;&nbsp; 6566928 |
| FNMA%% | 5.50 | &nbsp;&nbsp; 12-15-2054 | 16800000 | &nbsp;&nbsp; 16961179 |
| FNMA | 5.50 | &nbsp;&nbsp; 2-1-2055 | 12848777 | &nbsp;&nbsp; 12983010 |
| FNMA | 5.50 | &nbsp;&nbsp; 3-1-2055 | 12430490 | &nbsp;&nbsp; 12561626 |
| FNMA | 5.50 | &nbsp;&nbsp; 5-1-2055 | 25018828 | &nbsp;&nbsp; 25412738 |
| FNMA | 5.50 | &nbsp;&nbsp; 7-1-2055 | 34733582 | &nbsp;&nbsp; 35192522 |
| FNMA | 6.00 | &nbsp;&nbsp; 12-1-2053 | 2274010 | &nbsp;&nbsp; 2364887 |
| FNMA | 6.00 | &nbsp;&nbsp; 6-1-2054 | 3488158 | &nbsp;&nbsp; 3649840 |
| FNMA | 6.00 | &nbsp;&nbsp; 7-1-2054 | 4081123 | &nbsp;&nbsp; 4275275 |
| FNMA | 6.00 | &nbsp;&nbsp; 9-1-2054 | 15050530 | &nbsp;&nbsp; 15741918 |
| FNMA | 6.00 | &nbsp;&nbsp; 10-1-2054 | 1794437 | &nbsp;&nbsp; 1879809 |
| FNMA | 6.00 | &nbsp;&nbsp; 11-1-2054 | 7652773 | &nbsp;&nbsp; 8007056 |
| FNMA | 6.00 | &nbsp;&nbsp; 12-1-2054 | 2366651 | &nbsp;&nbsp; 2479227 |
| FNMA | 6.00 | &nbsp;&nbsp; 4-1-2055 | 30286222 | &nbsp;&nbsp; 31051705 |
| FNMA | 6.00 | &nbsp;&nbsp; 5-1-2055 | 18456506 | &nbsp;&nbsp; 18970930 |
| FNMA | 6.00 | &nbsp;&nbsp; 6-1-2055 | 9411636 | &nbsp;&nbsp; 9659553 |
| FNMA | 6.00 | &nbsp;&nbsp; 10-1-2055 | 3791148 | &nbsp;&nbsp; 3962268 |
| FNMA | 6.50 | &nbsp;&nbsp; 12-1-2053 | 2506632 | &nbsp;&nbsp; 2674825 |
| FNMA | 6.50 | &nbsp;&nbsp; 9-1-2054 | 4150244 | &nbsp;&nbsp; 4406471 |
| FNMA | 6.50 | &nbsp;&nbsp; 10-1-2054 | 3839205 | &nbsp;&nbsp; 4081227 |
| FNMA (30 Day Average U.S. SOFR+2.05%)± | 5.01 | &nbsp;&nbsp; 8-1-2055 | 1472707 | &nbsp;&nbsp; 1488571 |
| FNMA (30 Day Average U.S. SOFR+2.06%)± | 5.37 | &nbsp;&nbsp; 5-1-2055 | 4217341 | &nbsp;&nbsp; 4279261 |
| FNMA (30 Day Average U.S. SOFR+2.06%)± | 5.59 | &nbsp;&nbsp; 8-1-2055 | 4246264 | &nbsp;&nbsp; 4301487 |
| FNMA (30 Day Average U.S. SOFR+2.09%)± | 5.05 | &nbsp;&nbsp; 7-1-2055 | 4226378 | &nbsp;&nbsp; 4281963 |
| FNMA (30 Day Average U.S. SOFR+2.09%)± | 5.60 | &nbsp;&nbsp; 12-1-2053 | 2623402 | &nbsp;&nbsp; 2647369 |
| FNMA (30 Day Average U.S. SOFR+2.12%)± | 4.10 | &nbsp;&nbsp; 9-1-2052 | 3241975 | &nbsp;&nbsp; 3303156 |
| FNMA (30 Day Average U.S. SOFR+2.12%)± | 4.60 | &nbsp;&nbsp; 8-1-2052 | 3937255 | &nbsp;&nbsp; 3929666 |
| FNMA (30 Day Average U.S. SOFR+2.13%)± | 4.13 | &nbsp;&nbsp; 10-1-2052 | 8785283 | &nbsp;&nbsp; 8860927 |
| FNMA (30 Day Average U.S. SOFR+2.13%)± | 4.15 | &nbsp;&nbsp; 11-1-2052 | 2825620 | &nbsp;&nbsp; 2845808 |
| FNMA (30 Day Average U.S. SOFR+2.13%)± | 4.36 | &nbsp;&nbsp; 7-1-2052 | 4423667 | &nbsp;&nbsp; 4420155 |
| FNMA (30 Day Average U.S. SOFR+2.13%)± | 4.60 | &nbsp;&nbsp; 8-1-2052 | 4790250 | &nbsp;&nbsp; 4811209 |
| FNMA (30 Day Average U.S. SOFR+2.13%)± | 4.64 | &nbsp;&nbsp; 8-1-2052 | 2507516 | &nbsp;&nbsp; 2520474 |
| FNMA (30 Day Average U.S. SOFR+2.16%)± | 4.36 | &nbsp;&nbsp; 1-1-2055 | 4270576 | &nbsp;&nbsp; 4302761 |
| FNMA (30 Day Average U.S. SOFR+2.16%)± | 4.94 | &nbsp;&nbsp; 4-1-2055 | 3520130 | &nbsp;&nbsp; 3556604 |
| FNMA (30 Day Average U.S. SOFR+2.28%)± | 4.87 | &nbsp;&nbsp; 7-1-2054 | 8734832 | &nbsp;&nbsp; 8820614 |
| FNMA (30 Day Average U.S. SOFR+2.30%)± | 4.67 | &nbsp;&nbsp; 4-1-2053 | 17483087 | &nbsp;&nbsp; 17674508 |
| FNMA (30 Day Average U.S. SOFR+2.31%)± | 4.97 | &nbsp;&nbsp; 5-1-2055 | 4198969 | &nbsp;&nbsp; 4238983 |
| FNMA (30 Day Average U.S. SOFR+2.33%)± | 4.54 | &nbsp;&nbsp; 4-1-2053 | 14381110 | &nbsp;&nbsp; 14304280 |
| FNMA (30 Day Average U.S. SOFR+2.33%)± | 5.40 | &nbsp;&nbsp; 8-1-2054 | 5999907 | &nbsp;&nbsp; 6087497 |
| FNMA (RFUCCT1Y+1.60%)± | 5.98 | &nbsp;&nbsp; 3-1-2050 | 3031841 | &nbsp;&nbsp; 3156790 |
| FNMA (RFUCCT1Y+1.61%)± | 2.75 | &nbsp;&nbsp; 6-1-2050 | 1789795 | &nbsp;&nbsp; 1733346 |
| &nbsp;&nbsp; FNMA Series 2010-107 Class FB (30 Day Average <br> U.S. SOFR+0.52%)±<br>| 4.71 | &nbsp;&nbsp; 9-25-2040 | 1057518 | &nbsp;&nbsp; 1048493 |
| FNMA Series 2011-111 Class DB | 4.00 | &nbsp;&nbsp; 11-25-2041 | 2328320 | &nbsp;&nbsp; 2266044 |
| &nbsp;&nbsp; FNMA Series 2011-117 Class AF (30 Day Average <br> U.S. SOFR+0.56%)±<br>| 4.75 | &nbsp;&nbsp; 11-25-2041 | 947331 | &nbsp;&nbsp; 940146 |

---

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

20 \| Allspring Core Bond Portfolio

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; FNMA Series 2011-117 Class FA (30 Day Average <br> U.S. SOFR+0.56%)±<br>| 4.75<br> %<br>| &nbsp;&nbsp; 11-25-2041 | $2934629 | &nbsp;&nbsp; $2914208 |
| &nbsp;&nbsp; FNMA Series 2011-127 Class FC (30 Day Average <br> U.S. SOFR+0.56%)±<br>| 4.75 | &nbsp;&nbsp; 12-25-2041 | 1354401 | &nbsp;&nbsp; 1342816 |
| &nbsp;&nbsp; FNMA Series 2011-142 Class EF (30 Day Average <br> U.S. SOFR+0.61%)±<br>| 4.80 | &nbsp;&nbsp; 1-25-2042 | 1525963 | &nbsp;&nbsp; 1517131 |
| &nbsp;&nbsp; FNMA Series 2011-55 Class FH (30 Day Average <br> U.S. SOFR+0.55%)±<br>| 4.74 | &nbsp;&nbsp; 6-25-2041 | 1080377 | &nbsp;&nbsp; 1072900 |
| &nbsp;&nbsp; FNMA Series 2012-106 Class FA (30 Day Average <br> U.S. SOFR+0.45%)±<br>| 4.64 | &nbsp;&nbsp; 10-25-2042 | 896946 | &nbsp;&nbsp; 886745 |
| &nbsp;&nbsp; FNMA Series 2012-12 Class FA (30 Day Average <br> U.S. SOFR+0.61%)±<br>| 4.80 | &nbsp;&nbsp; 2-25-2042 | 1345385 | &nbsp;&nbsp; 1336862 |
| FNMA Series 2012-151 Class NX | 1.50 | &nbsp;&nbsp; 1-25-2043 | 1411389 | &nbsp;&nbsp; 1235654 |
| &nbsp;&nbsp; FNMA Series 2012-47 Class JF (30 Day Average <br> U.S. SOFR+0.61%)±<br>| 4.80 | &nbsp;&nbsp; 5-25-2042 | 1808680 | &nbsp;&nbsp; 1796266 |
| FNMA Series 2013-11 Class AP | 1.50 | &nbsp;&nbsp; 1-25-2043 | 3765400 | &nbsp;&nbsp; 3465341 |
| FNMA Series 2013-43 Class BP | 1.75 | &nbsp;&nbsp; 5-25-2043 | 1732003 | &nbsp;&nbsp; 1524182 |
| FNMA Series 2013-49 Class AP | 1.75 | &nbsp;&nbsp; 5-25-2043 | 1303245 | &nbsp;&nbsp; 1136283 |
| FNMA Series 2014-25 Class EL | 3.00 | &nbsp;&nbsp; 5-25-2044 | 1878571 | &nbsp;&nbsp; 1730421 |
| &nbsp;&nbsp; FNMA Series 2014-74 Class FC (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70 | &nbsp;&nbsp; 11-25-2044 | 1566279 | &nbsp;&nbsp; 1549750 |
| &nbsp;&nbsp; FNMA Series 2015-32 Class FA (30 Day Average <br> U.S. SOFR+0.41%)±<br>| 4.60 | &nbsp;&nbsp; 5-25-2045 | 1779810 | &nbsp;&nbsp; 1743089 |
| &nbsp;&nbsp; FNMA Series 2015-48 Class FB (30 Day Average <br> U.S. SOFR+0.41%)±<br>| 4.60 | &nbsp;&nbsp; 7-25-2045 | 2118840 | &nbsp;&nbsp; 2076095 |
| FNMA Series 2015-72 Class GL | 3.00 | &nbsp;&nbsp; 10-25-2045 | 1638044 | &nbsp;&nbsp; 1446776 |
| FNMA Series 2015-8 Class AP | 2.00 | &nbsp;&nbsp; 3-25-2045 | 3517979 | &nbsp;&nbsp; 3175392 |
| FNMA Series 2015-84 Class PA | 1.70 | &nbsp;&nbsp; 8-25-2033 | 2600661 | &nbsp;&nbsp; 2453685 |
| &nbsp;&nbsp; FNMA Series 2016-11 Class CF (30 Day Average <br> U.S. SOFR+0.46%)±<br>| 4.65 | &nbsp;&nbsp; 3-25-2046 | 1049977 | &nbsp;&nbsp; 1038767 |
| &nbsp;&nbsp; FNMA Series 2016-11 Class FG (30 Day Average <br> U.S. SOFR+0.46%)±<br>| 4.65 | &nbsp;&nbsp; 3-25-2046 | 1411521 | &nbsp;&nbsp; 1395985 |
| &nbsp;&nbsp; FNMA Series 2016-19 Class FD (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70 | &nbsp;&nbsp; 4-25-2046 | 6059307 | &nbsp;&nbsp; 6011942 |
| &nbsp;&nbsp; FNMA Series 2016-22 Class FA (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70 | &nbsp;&nbsp; 4-25-2046 | 2752961 | &nbsp;&nbsp; 2727075 |
| &nbsp;&nbsp; FNMA Series 2016-22 Class FG (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70 | &nbsp;&nbsp; 4-25-2046 | 2427684 | &nbsp;&nbsp; 2404383 |
| FNMA Series 2016-48 Class MA | 2.00 | &nbsp;&nbsp; 6-25-2038 | 4589213 | &nbsp;&nbsp; 4303304 |
| FNMA Series 2016-57 Class PC | 1.75 | &nbsp;&nbsp; 6-25-2046 | 11547018 | &nbsp;&nbsp; 9935393 |
| FNMA Series 2016-64 Class BC | 1.75 | &nbsp;&nbsp; 9-25-2046 | 2617931 | &nbsp;&nbsp; 2453033 |
| FNMA Series 2016-64 Class PE | 2.50 | &nbsp;&nbsp; 9-25-2046 | 1911000 | &nbsp;&nbsp; 1486919 |
| &nbsp;&nbsp; FNMA Series 2016-69 Class BF (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70 | &nbsp;&nbsp; 10-25-2046 | 2217888 | &nbsp;&nbsp; 2198449 |
| &nbsp;&nbsp; FNMA Series 2016-75 Class FE (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70 | &nbsp;&nbsp; 10-25-2046 | 1678307 | &nbsp;&nbsp; 1664541 |
| &nbsp;&nbsp; FNMA Series 2016-78 Class FA (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70 | &nbsp;&nbsp; 3-25-2044 | 1049684 | &nbsp;&nbsp; 1038889 |

---

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

Allspring Core Bond Portfolio \| 21

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; FNMA Series 2016-79 Class FH (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70<br> %<br>| &nbsp;&nbsp; 11-25-2046 | $1705285 | &nbsp;&nbsp; $1690891 |
| &nbsp;&nbsp; FNMA Series 2016-82 Class FE (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70 | &nbsp;&nbsp; 11-25-2046 | 3719259 | &nbsp;&nbsp; 3689035 |
| &nbsp;&nbsp; FNMA Series 2016-82 Class FH (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70 | &nbsp;&nbsp; 11-25-2046 | 3441851 | &nbsp;&nbsp; 3410285 |
| &nbsp;&nbsp; FNMA Series 2016-84 Class FB (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70 | &nbsp;&nbsp; 11-25-2046 | 1651446 | &nbsp;&nbsp; 1635954 |
| &nbsp;&nbsp; FNMA Series 2016-86 Class FE (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70 | &nbsp;&nbsp; 11-25-2046 | 4288010 | &nbsp;&nbsp; 4247330 |
| &nbsp;&nbsp; FNMA Series 2016-88 Class CF (30 Day Average <br> U.S. SOFR+0.56%)±<br>| 4.75 | &nbsp;&nbsp; 12-25-2046 | 2880357 | &nbsp;&nbsp; 2858188 |
| &nbsp;&nbsp; FNMA Series 2016-91 Class AF (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70 | &nbsp;&nbsp; 12-25-2046 | 1504754 | &nbsp;&nbsp; 1493748 |
| &nbsp;&nbsp; FNMA Series 2017-11 Class FA (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70 | &nbsp;&nbsp; 3-25-2047 | 698825 | &nbsp;&nbsp; 692981 |
| &nbsp;&nbsp; FNMA Series 2017-113 Class FB (30 Day Average <br> U.S. SOFR+0.36%)±<br>| 4.55 | &nbsp;&nbsp; 1-25-2048 | 701197 | &nbsp;&nbsp; 691815 |
| &nbsp;&nbsp; FNMA Series 2017-12 Class FD (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70 | &nbsp;&nbsp; 3-25-2047 | 1671055 | &nbsp;&nbsp; 1657075 |
| FNMA Series 2017-13 Class PA | 3.00 | &nbsp;&nbsp; 8-25-2046 | 1565134 | &nbsp;&nbsp; 1472624 |
| &nbsp;&nbsp; FNMA Series 2017-23 Class FA (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70 | &nbsp;&nbsp; 4-25-2047 | 1908977 | &nbsp;&nbsp; 1891973 |
| FNMA Series 2017-24 Class PG | 2.63 | &nbsp;&nbsp; 4-25-2047 | 6599343 | &nbsp;&nbsp; 5868423 |
| &nbsp;&nbsp; FNMA Series 2017-26 Class FA (30 Day Average <br> U.S. SOFR+0.46%)±<br>| 4.65 | &nbsp;&nbsp; 4-25-2047 | 4325919 | &nbsp;&nbsp; 4286200 |
| FNMA Series 2017-35 Class MC | 2.63 | &nbsp;&nbsp; 12-25-2044 | 1365385 | &nbsp;&nbsp; 1327010 |
| &nbsp;&nbsp; FNMA Series 2017-82 Class FE (30 Day Average <br> U.S. SOFR+0.36%)±<br>| 4.55 | &nbsp;&nbsp; 10-25-2047 | 1586278 | &nbsp;&nbsp; 1572126 |
| &nbsp;&nbsp; FNMA Series 2017-9 Class BF (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70 | &nbsp;&nbsp; 3-25-2047 | 2057420 | &nbsp;&nbsp; 2039690 |
| &nbsp;&nbsp; FNMA Series 2017-9 Class DF (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70 | &nbsp;&nbsp; 3-25-2047 | 1472541 | &nbsp;&nbsp; 1459921 |
| &nbsp;&nbsp; FNMA Series 2017-9 Class EF (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70 | &nbsp;&nbsp; 3-25-2047 | 788721 | &nbsp;&nbsp; 782099 |
| &nbsp;&nbsp; FNMA Series 2017-96 Class FB (30 Day Average <br> U.S. SOFR+0.41%)±<br>| 4.60 | &nbsp;&nbsp; 12-25-2047 | 2758045 | &nbsp;&nbsp; 2726755 |
| &nbsp;&nbsp; FNMA Series 2018-1 Class FA (30 Day Average <br> U.S. SOFR+0.36%)±<br>| 4.55 | &nbsp;&nbsp; 2-25-2048 | 1188903 | &nbsp;&nbsp; 1173809 |
| FNMA Series 2018-14 Class KC | 3.00 | &nbsp;&nbsp; 3-25-2048 | 1761782 | &nbsp;&nbsp; 1689169 |
| &nbsp;&nbsp; FNMA Series 2018-36 Class FD (30 Day Average <br> U.S. SOFR+0.36%)±<br>| 4.55 | &nbsp;&nbsp; 6-25-2048 | 3514159 | &nbsp;&nbsp; 3472989 |
| FNMA Series 2018-38 Class MA | 3.30 | &nbsp;&nbsp; 6-25-2048 | 2846610 | &nbsp;&nbsp; 2733953 |
| FNMA Series 2018-45 Class TM | 3.00 | &nbsp;&nbsp; 6-25-2048 | 2422254 | &nbsp;&nbsp; 2204277 |
| FNMA Series 2018-55 Class GA | 3.38 | &nbsp;&nbsp; 8-25-2048 | 2245725 | &nbsp;&nbsp; 2163098 |
| FNMA Series 2018-64 Class A | 3.00 | &nbsp;&nbsp; 9-25-2048 | 2088992 | &nbsp;&nbsp; 1887538 |
| FNMA Series 2018-85 Class EA | 3.50 | &nbsp;&nbsp; 12-25-2048 | 1468133 | &nbsp;&nbsp; 1430990 |
| FNMA Series 2019-13 Class PE | 3.00 | &nbsp;&nbsp; 3-25-2049 | 1474681 | &nbsp;&nbsp; 1359493 |

---

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

22 \| Allspring Core Bond Portfolio

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; FNMA Series 2019-15 Class FA (30 Day Average <br> U.S. SOFR+0.61%)±<br>| 4.80<br> %<br>| &nbsp;&nbsp; 4-25-2049 | $1057029 | &nbsp;&nbsp; $1038357 |
| FNMA Series 2019-25 Class PA | 3.00 | &nbsp;&nbsp; 5-25-2048 | 4031033 | &nbsp;&nbsp; 3787987 |
| &nbsp;&nbsp; FNMA Series 2019-41 Class FG (30 Day Average <br> U.S. SOFR+0.61%)±<br>| 4.80 | &nbsp;&nbsp; 8-25-2059 | 2930430 | &nbsp;&nbsp; 2866192 |
| &nbsp;&nbsp; FNMA Series 2019-43 Class FC (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70 | &nbsp;&nbsp; 8-25-2049 | 2063623 | &nbsp;&nbsp; 2031541 |
| &nbsp;&nbsp; FNMA Series 2019-67 Class FB (30 Day Average <br> U.S. SOFR+0.56%)±<br>| 4.75 | &nbsp;&nbsp; 11-25-2049 | 1154754 | &nbsp;&nbsp; 1137494 |
| FNMA Series 2019-81 Class LH | 3.00 | &nbsp;&nbsp; 12-25-2049 | 1856802 | &nbsp;&nbsp; 1697157 |
| FNMA Series 2020-34 Class AG | 2.00 | &nbsp;&nbsp; 6-25-2035 | 4790300 | &nbsp;&nbsp; 4572394 |
| FNMA Series 2020-48 Class AB | 2.00 | &nbsp;&nbsp; 7-25-2050 | 2616172 | &nbsp;&nbsp; 2218113 |
| FNMA Series 2020-59 Class NC | 3.00 | &nbsp;&nbsp; 8-25-2040 | 2524274 | &nbsp;&nbsp; 2378394 |
| FNMA Series 2021-27 Class EC | 1.50 | &nbsp;&nbsp; 5-25-2051 | 7723924 | &nbsp;&nbsp; 6360441 |
| FNMA Series 2021-40 Class DW | 2.00 | &nbsp;&nbsp; 6-25-2041 | 634820 | &nbsp;&nbsp; 569470 |
| FNMA Series 2021-42 Class AC | 2.00 | &nbsp;&nbsp; 2-25-2051 | 2355570 | &nbsp;&nbsp; 2036471 |
| FNMA Series 2021-78 Class ND | 1.50 | &nbsp;&nbsp; 11-25-2051 | 4313127 | &nbsp;&nbsp; 3556070 |
| FNMA Series 2021-91 Class AB | 2.50 | &nbsp;&nbsp; 9-25-2049 | 2839683 | &nbsp;&nbsp; 2562789 |
| FNMA Series 2021-95 Class CP | 1.50 | &nbsp;&nbsp; 8-25-2051 | 1476832 | &nbsp;&nbsp; 1271469 |
| FNMA Series 2022-62 Class KA | 3.25 | &nbsp;&nbsp; 9-25-2052 | 1869750 | &nbsp;&nbsp; 1764793 |
| FNMA Series 2022-89 Class AY | 3.00 | &nbsp;&nbsp; 2-25-2048 | 3870259 | &nbsp;&nbsp; 3409508 |
| FNMA Series 2023-14 Class EJ | 2.75 | &nbsp;&nbsp; 4-25-2049 | 3007177 | &nbsp;&nbsp; 2825598 |
| &nbsp;&nbsp; FNMA Series 2023-37 Class FH (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.70 | &nbsp;&nbsp; 1-25-2050 | 4633640 | &nbsp;&nbsp; 4574091 |
| &nbsp;&nbsp; FNMA Series 2023-38 Class FC (30 Day Average <br> U.S. SOFR+0.66%)±<br>| 4.85 | &nbsp;&nbsp; 6-25-2040 | 3825158 | &nbsp;&nbsp; 3813298 |
| &nbsp;&nbsp; FNMA Series 2023-38 Class FD (30 Day Average <br> U.S. SOFR+0.86%)±<br>| 5.22 | &nbsp;&nbsp; 10-25-2039 | 1245040 | &nbsp;&nbsp; 1228877 |
| FNMA Series 2024-64 Class KY | 3.00 | &nbsp;&nbsp; 12-25-2043 | 1950398 | &nbsp;&nbsp; 1691284 |
| &nbsp;&nbsp; FNMA Series 2025-95 Class FC (30 Day Average <br> U.S. SOFR+0.70%)♦±<br>| 4.96 | &nbsp;&nbsp; 9-25-2052 | 8217000 | &nbsp;&nbsp; 8161792 |
| FNMA Series 2025-98 Class PK | 4.50 | &nbsp;&nbsp; 8-25-2054 | 29787000 | &nbsp;&nbsp; 29483939 |
| GNMA | 2.50 | &nbsp;&nbsp; 12-20-2037 | 3105883 | &nbsp;&nbsp; 2923328 |
| GNMA | 2.50 | &nbsp;&nbsp; 6-20-2038 | 5830086 | &nbsp;&nbsp; 5479971 |
| GNMA | 2.50 | &nbsp;&nbsp; 7-20-2050 | 19260216 | &nbsp;&nbsp; 16416340 |
| GNMA | 3.00 | &nbsp;&nbsp; 6-20-2043 | 3508990 | &nbsp;&nbsp; 3172784 |
| GNMA | 3.00 | &nbsp;&nbsp; 8-20-2043 | 1051254 | &nbsp;&nbsp; 950529 |
| GNMA | 3.00 | &nbsp;&nbsp; 11-15-2047 | 8622615 | &nbsp;&nbsp; 7928234 |
| GNMA | 3.00 | &nbsp;&nbsp; 10-20-2050 | 7424197 | &nbsp;&nbsp; 6655087 |
| GNMA | 4.00 | &nbsp;&nbsp; 8-20-2052 | 39908142 | &nbsp;&nbsp; 38119454 |
| GNMA | 5.50 | &nbsp;&nbsp; 8-20-2055 | 29528701 | &nbsp;&nbsp; 29820232 |
| GNMA%% | 5.50 | &nbsp;&nbsp; 11-20-2055 | 16400000 | &nbsp;&nbsp; 16535245 |
| GNMA | 6.00 | &nbsp;&nbsp; 1-20-2053 | 3592601 | &nbsp;&nbsp; 3708198 |
| GNMA | 6.00 | &nbsp;&nbsp; 7-20-2055 | 16281795 | &nbsp;&nbsp; 16578108 |
| GNMA Series 2010-163 Class NC | 4.00 | &nbsp;&nbsp; 12-20-2040 | 2214368 | &nbsp;&nbsp; 2193628 |
| GNMA Series 2013-152 Class HA | 2.50 | &nbsp;&nbsp; 6-20-2043 | 2503113 | &nbsp;&nbsp; 2330920 |
| GNMA Series 2014-133 Class BP | 2.25 | &nbsp;&nbsp; 9-20-2044 | 2152123 | &nbsp;&nbsp; 1949035 |
| GNMA Series 2014-149 Class KP | 2.25 | &nbsp;&nbsp; 7-16-2044 | 1838689 | &nbsp;&nbsp; 1698592 |

---

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

Allspring Core Bond Portfolio \| 23

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| GNMA Series 2014-181 Class L | 3.00<br> %<br>| &nbsp;&nbsp; 12-20-2044 | $1776649 | &nbsp;&nbsp; $1620492 |
| GNMA Series 2015-144 Class CA | 2.50 | &nbsp;&nbsp; 10-20-2045 | 2711977 | &nbsp;&nbsp; 2415993 |
| GNMA Series 2016-136 Class A | 3.00 | &nbsp;&nbsp; 7-20-2044 | 1751778 | &nbsp;&nbsp; 1598941 |
| GNMA Series 2016-93 Class AB | 1.75 | &nbsp;&nbsp; 7-20-2044 | 3497677 | &nbsp;&nbsp; 2964325 |
| GNMA Series 2016-99 Class TL | 2.00 | &nbsp;&nbsp; 4-16-2044 | 5104627 | &nbsp;&nbsp; 4335725 |
| GNMA Series 2017-139 Class GA | 3.00 | &nbsp;&nbsp; 9-20-2047 | 6263377 | &nbsp;&nbsp; 5717216 |
| GNMA Series 2017-167 Class BQ | 2.50 | &nbsp;&nbsp; 8-20-2044 | 1876630 | &nbsp;&nbsp; 1775043 |
| GNMA Series 2018-65 Class DC | 3.50 | &nbsp;&nbsp; 5-20-2048 | 2433839 | &nbsp;&nbsp; 2278608 |
| GNMA Series 2020-63 Class UD | 1.75 | &nbsp;&nbsp; 4-20-2050 | 1946329 | &nbsp;&nbsp; 1616101 |
| GNMA Series 2021-105 Class P | 1.75 | &nbsp;&nbsp; 6-20-2051 | 9549656 | &nbsp;&nbsp; 7879836 |
| GNMA Series 2021-107 Class DB | 1.75 | &nbsp;&nbsp; 4-20-2051 | 8895088 | &nbsp;&nbsp; 7352242 |
| GNMA Series 2021-135 Class A | 2.00 | &nbsp;&nbsp; 8-20-2051 | 2190636 | &nbsp;&nbsp; 1832898 |
| GNMA Series 2021-160 Class NE | 2.00 | &nbsp;&nbsp; 9-20-2051 | 16659273 | &nbsp;&nbsp; 14284742 |
| GNMA Series 2021-215 Class GA | 2.00 | &nbsp;&nbsp; 12-20-2051 | 14336289 | &nbsp;&nbsp; 12567090 |
| GNMA Series 2021-225 Class YC | 2.00 | &nbsp;&nbsp; 12-20-2051 | 1733980 | &nbsp;&nbsp; 1496454 |
| GNMA Series 2021-24 Class BC | 1.25 | &nbsp;&nbsp; 2-20-2051 | 3601155 | &nbsp;&nbsp; 2845842 |
| GNMA Series 2021-27 Class BD | 5.00 | &nbsp;&nbsp; 2-20-2051 | 2120758 | &nbsp;&nbsp; 2120168 |
| GNMA Series 2021-27 Class CW±± | 5.00 | &nbsp;&nbsp; 2-20-2051 | 1316808 | &nbsp;&nbsp; 1316593 |
| GNMA Series 2021-27 Class NT | 5.00 | &nbsp;&nbsp; 2-20-2051 | 2366419 | &nbsp;&nbsp; 2341082 |
| GNMA Series 2021-27 Class Q | 5.00 | &nbsp;&nbsp; 2-20-2051 | 2124043 | &nbsp;&nbsp; 2122787 |
| GNMA Series 2021-8 Class CY | 5.00 | &nbsp;&nbsp; 1-20-2051 | 765565 | &nbsp;&nbsp; 765102 |
| GNMA Series 2021-89 Class LK | 2.00 | &nbsp;&nbsp; 5-20-2051 | 5263873 | &nbsp;&nbsp; 4402107 |
| GNMA Series 2021-97 Class QK | 2.00 | &nbsp;&nbsp; 6-20-2051 | 12589867 | &nbsp;&nbsp; 10527808 |
| GNMA Series 2022-107 Class C | 2.50 | &nbsp;&nbsp; 6-20-2051 | 9750120 | &nbsp;&nbsp; 8203629 |
| GNMA Series 2022-138 Class PT | 2.50 | &nbsp;&nbsp; 10-20-2051 | 14064731 | &nbsp;&nbsp; 11820596 |
| GNMA Series 2022-153 Class KA | 4.00 | &nbsp;&nbsp; 12-20-2049 | 2493091 | &nbsp;&nbsp; 2457914 |
| &nbsp;&nbsp; GNMA Series 2022-197 Class LF (30 Day Average <br> U.S. SOFR+0.70%)±<br>| 4.88 | &nbsp;&nbsp; 11-20-2052 | 9011942 | &nbsp;&nbsp; 8950260 |
| GNMA Series 2022-205 Class A | 2.00 | &nbsp;&nbsp; 9-20-2051 | 3653064 | &nbsp;&nbsp; 2923283 |
| GNMA Series 2022-24 Class AH | 2.50 | &nbsp;&nbsp; 2-20-2052 | 939253 | &nbsp;&nbsp; 813417 |
| GNMA Series 2022-31 Class GH | 2.50 | &nbsp;&nbsp; 12-20-2049 | 5984093 | &nbsp;&nbsp; 5421021 |
| GNMA Series 2022-34 Class DN | 3.50 | &nbsp;&nbsp; 9-20-2041 | 5012467 | &nbsp;&nbsp; 4823233 |
| GNMA Series 2022-46 Class LY | 3.00 | &nbsp;&nbsp; 3-20-2052 | 1342000 | &nbsp;&nbsp; 1125976 |
| GNMA Series 2022-5 Class BA | 2.00 | &nbsp;&nbsp; 10-20-2049 | 9688436 | &nbsp;&nbsp; 8483935 |
| GNMA Series 2022-50 Class CA | 3.00 | &nbsp;&nbsp; 3-20-2052 | 9544167 | &nbsp;&nbsp; 8660082 |
| GNMA Series 2022-66 Class CG | 3.50 | &nbsp;&nbsp; 4-20-2052 | 5575387 | &nbsp;&nbsp; 5337874 |
| GNMA Series 2022-78 Class HW | 2.50 | &nbsp;&nbsp; 4-20-2052 | 2260000 | &nbsp;&nbsp; 1820533 |
| GNMA Series 2022-84 Class A | 2.50 | &nbsp;&nbsp; 1-20-2052 | 3450564 | &nbsp;&nbsp; 2897293 |
| GNMA Series 2022-9 Class GA | 2.00 | &nbsp;&nbsp; 1-20-2052 | 2529824 | &nbsp;&nbsp; 2117698 |
| GNMA Series 2023-81 Class YJ | 3.50 | &nbsp;&nbsp; 6-20-2053 | 13331906 | &nbsp;&nbsp; 11738421 |
| GNMA Series 2024-110 Class JC | 3.00 | &nbsp;&nbsp; 9-20-2047 | 16214292 | &nbsp;&nbsp; 15466199 |
| GNMA Series 2024-110 Class JL | 3.00 | &nbsp;&nbsp; 10-20-2049 | 3616000 | &nbsp;&nbsp; 3144606 |
| GNMA Series 2024-184 Class GC | 3.50 | &nbsp;&nbsp; 10-20-2051 | 20312853 | &nbsp;&nbsp; 19583497 |
| GNMA Series 2024-45 Class BD | 2.00 | &nbsp;&nbsp; 3-20-2054 | 2239531 | &nbsp;&nbsp; 2069892 |
| GNMA Series 2025-1 Class GC | 3.50 | &nbsp;&nbsp; 10-20-2051 | 41297298 | &nbsp;&nbsp; 39851504 |
| GNMA Series 2025-7 Class EL | 2.50 | &nbsp;&nbsp; 1-20-2055 | 1551252 | &nbsp;&nbsp; 1122071 |
| **Total agency securities (Cost $2,131,352,556)** |  |  |  | &nbsp;&nbsp; **2140504917** |

---

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

24 \| Allspring Core Bond Portfolio

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities: 8.07%** |  |  |  |  |
| Ally Auto Receivables Trust Series 2022-3 Class A4 | 5.07<br> %<br>| &nbsp;&nbsp; 10-16-2028 | $1860000 | &nbsp;&nbsp; $1867500 |
| &nbsp;&nbsp; American Express Credit Account Master Trust Series 2023-4 <br> Class A<br>| 5.15 | &nbsp;&nbsp; 9-16-2030 | 4223000 | &nbsp;&nbsp; 4369031 |
| &nbsp;&nbsp; American Express Credit Account Master Trust Series 2025-2 <br> Class A<br>| 4.28 | &nbsp;&nbsp; 4-15-2030 | 3581000 | &nbsp;&nbsp; 3616180 |
| &nbsp;&nbsp; American Express Credit Account Master Trust Series 2025-4 <br> Class A<br>| 4.30 | &nbsp;&nbsp; 7-15-2030 | 14599000 | &nbsp;&nbsp; 14770619 |
| &nbsp;&nbsp; American Express Credit Account Master Trust Series 2025-5 <br> Class A<br>| 4.51 | &nbsp;&nbsp; 7-15-2032 | 9017000 | &nbsp;&nbsp; 9216855 |
| AmeriCredit Automobile Receivables Trust Series 2023-1 Class A3 | 5.62 | &nbsp;&nbsp; 11-18-2027 | 762082 | &nbsp;&nbsp; 764930 |
| AmeriCredit Automobile Receivables Trust Series 2023-2 Class A3 | 5.81 | &nbsp;&nbsp; 5-18-2028 | 3031911 | &nbsp;&nbsp; 3053168 |
| AutoNation Finance Trust Series 2025-1A Class A3144A | 4.62 | &nbsp;&nbsp; 11-13-2029 | 3562000 | &nbsp;&nbsp; 3587236 |
| BA Credit Card Trust Series 2025-A1 Class A | 4.31 | &nbsp;&nbsp; 5-15-2030 | 10844000 | &nbsp;&nbsp; 10967874 |
| Barclays Dryrock Issuance Trust Series 2025-1 Class A | 3.97 | &nbsp;&nbsp; 7-15-2031 | 7693000 | &nbsp;&nbsp; 7691062 |
| Capital One Multi-Asset Execution Trust Series 2025-A2 Class A | 4.02 | &nbsp;&nbsp; 9-15-2032 | 1705000 | &nbsp;&nbsp; 1706897 |
| Capital One Multi-Asset Execution Trust Series 2025-A3 Class A | 4.65 | &nbsp;&nbsp; 10-15-2037 | 3442000 | &nbsp;&nbsp; 3438504 |
| &nbsp;&nbsp; Capital One Prime Auto Receivables Trust Series 2025-1 <br> Class A3%%<br>| 3.85 | &nbsp;&nbsp; 7-15-2030 | 3049000 | &nbsp;&nbsp; 3051456 |
| &nbsp;&nbsp; Capital One Prime Auto Receivables Trust Series 2025-1 <br> Class A4%%<br>| 3.92 | &nbsp;&nbsp; 2-18-2031 | 3002000 | &nbsp;&nbsp; 3002140 |
| CarMax Auto Owner Trust Series 2025-2 Class A3 | 4.48 | &nbsp;&nbsp; 3-15-2030 | 8378000 | &nbsp;&nbsp; 8443385 |
| CarMax Auto Owner Trust Series 2025-3 Class A3 | 4.35 | &nbsp;&nbsp; 7-15-2030 | 4704000 | &nbsp;&nbsp; 4734703 |
| CarMax Auto Owner Trust Series 2025-3 Class A4 | 4.47 | &nbsp;&nbsp; 1-15-2031 | 3360000 | &nbsp;&nbsp; 3405529 |
| Chase Auto Owner Trust Series 2022-AA Class A4144A | 3.99 | &nbsp;&nbsp; 3-27-2028 | 2419000 | &nbsp;&nbsp; 2418140 |
| Chase Issuance Trust Series 2024-A2 Class A | 4.72 | &nbsp;&nbsp; 1-15-2031 | 6383000 | &nbsp;&nbsp; 6516823 |
| &nbsp;&nbsp; College Avenue Student Loans LLC Series 2017-A Class A1 <br> (U.S. SOFR 1 Month+1.76%)144A±<br>| 5.76 | &nbsp;&nbsp; 11-26-2046 | 787890 | &nbsp;&nbsp; 794075 |
| College Avenue Student Loans LLC Series 2018-A Class A2144A | 4.13 | &nbsp;&nbsp; 12-26-2047 | 703076 | &nbsp;&nbsp; 693089 |
| College Avenue Student Loans LLC Series 2019-A Class A2144A | 3.28 | &nbsp;&nbsp; 12-28-2048 | 1252424 | &nbsp;&nbsp; 1201502 |
| Ford Credit Auto Lease Trust Series 2024-A Class A4 | 5.05 | &nbsp;&nbsp; 6-15-2027 | 1926000 | &nbsp;&nbsp; 1935348 |
| Ford Credit Auto Owner Trust Series 2022-1 Class A144A | 3.88 | &nbsp;&nbsp; 11-15-2034 | 4379000 | &nbsp;&nbsp; 4365807 |
| Ford Credit Auto Owner Trust Series 2022-D Class A4 | 5.30 | &nbsp;&nbsp; 3-15-2028 | 1673000 | &nbsp;&nbsp; 1687530 |
| Ford Credit Auto Owner Trust Series 2024-D Class A3 | 4.61 | &nbsp;&nbsp; 8-15-2029 | 1992000 | &nbsp;&nbsp; 2012113 |
| Ford Credit Auto Owner Trust Series 2025-1 Class A144Aøø | 4.86 | &nbsp;&nbsp; 8-15-2037 | 7711000 | &nbsp;&nbsp; 7906813 |
| Ford Credit Auto Owner Trust Series 2025-2 Class A144Aøø | 4.37 | &nbsp;&nbsp; 2-15-2038 | 6984000 | &nbsp;&nbsp; 7017896 |
| Ford Credit Auto Owner Trust Series 2025-B Class A4 | 3.95 | &nbsp;&nbsp; 7-15-2031 | 5849000 | &nbsp;&nbsp; 5841447 |
| &nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust A Series 2024-3 <br> Class A1144A<br>| 4.30 | &nbsp;&nbsp; 9-15-2029 | 10451000 | &nbsp;&nbsp; 10492850 |
| &nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust A Series 2025-1 <br> Class A1<br>| 4.63 | &nbsp;&nbsp; 4-15-2030 | 8809000 | &nbsp;&nbsp; 8926374 |
| GM Financial Automobile Leasing Trust Series 2023-3 Class A4 | 5.44 | &nbsp;&nbsp; 8-20-2027 | 1557000 | &nbsp;&nbsp; 1558840 |
| &nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust <br> Series 2025-4 Class A3%%<br>| 3.84 | &nbsp;&nbsp; 2-18-2031 | 5303000 | &nbsp;&nbsp; 5294360 |
| &nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust <br> Series 2025-4 Class A4%%<br>| 3.93 | &nbsp;&nbsp; 4-16-2032 | 1024000 | &nbsp;&nbsp; 1021377 |
| &nbsp;&nbsp; GM Financial Revolving Receivables Trust Series 2024-1 <br> Class A144A<br>| 4.98 | &nbsp;&nbsp; 12-11-2036 | 4272000 | &nbsp;&nbsp; 4388547 |
| &nbsp;&nbsp; GM Financial Revolving Receivables Trust Series 2024-2 <br> Class A144A<br>| 4.52 | &nbsp;&nbsp; 3-11-2037 | 2817000 | &nbsp;&nbsp; 2850234 |

---

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

Allspring Core Bond Portfolio \| 25

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; GM Financial Revolving Receivables Trust Series 2025-1 <br> Class A144A<br>| 4.64<br> %<br>| &nbsp;&nbsp; 12-11-2037 | $12348000 | &nbsp;&nbsp; $12579464 |
| &nbsp;&nbsp; GMF Floorplan Owner Revolving Trust Series 2024-4A <br> Class A1144A<br>| 4.73 | &nbsp;&nbsp; 11-15-2029 | 6751000 | &nbsp;&nbsp; 6830218 |
| &nbsp;&nbsp; GMF Floorplan Owner Revolving Trust Series 2025-2A <br> Class A144A<br>| 4.64 | &nbsp;&nbsp; 3-15-2030 | 9195000 | &nbsp;&nbsp; 9303405 |
| Honda Auto Receivables Owner Trust Series 2025-3 Class A4 | 4.10 | &nbsp;&nbsp; 11-21-2031 | 4838000 | &nbsp;&nbsp; 4855360 |
| &nbsp;&nbsp; Hyundai Auto Lease Securitization Trust Series 2025-B <br> Class A3144A<br>| 4.53 | &nbsp;&nbsp; 4-17-2028 | 6992000 | &nbsp;&nbsp; 7040492 |
| Hyundai Auto Receivables Trust Series 2022-A Class A4 | 2.35 | &nbsp;&nbsp; 4-17-2028 | 1071092 | &nbsp;&nbsp; 1067622 |
| Hyundai Auto Receivables Trust Series 2023-A Class A4 | 4.48 | &nbsp;&nbsp; 7-17-2028 | 3320000 | &nbsp;&nbsp; 3327344 |
| Hyundai Auto Receivables Trust Series 2023-B Class A3 | 5.48 | &nbsp;&nbsp; 4-17-2028 | 1266253 | &nbsp;&nbsp; 1275271 |
| &nbsp;&nbsp; Hyundai Floorplan Master Owner Trust Series 2025-1A <br> Class A144A%%<br>| 4.01 | &nbsp;&nbsp; 10-15-2030 | 6143000 | &nbsp;&nbsp; 6141549 |
| Mercedes-Benz Auto Receivables Trust Series 2022-1 Class A4 | 5.25 | &nbsp;&nbsp; 2-15-2029 | 3874000 | &nbsp;&nbsp; 3914352 |
| Mercedes-Benz Auto Receivables Trust Series 2025-1 Class A3 | 4.78 | &nbsp;&nbsp; 12-17-2029 | 3988000 | &nbsp;&nbsp; 4032094 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2018-DA <br> Class A2A144A<br>| 4.00 | &nbsp;&nbsp; 12-15-2059 | 1181200 | &nbsp;&nbsp; 1172495 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2019-A <br> Class A2A144A<br>| 3.42 | &nbsp;&nbsp; 1-15-2043 | 511779 | &nbsp;&nbsp; 509974 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2019-CA <br> Class A2144A<br>| 3.13 | &nbsp;&nbsp; 2-15-2068 | 709375 | &nbsp;&nbsp; 700412 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2019-D <br> Class A2A144A<br>| 3.01 | &nbsp;&nbsp; 12-15-2059 | 3162440 | &nbsp;&nbsp; 3080115 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2019-FA <br> Class A2144A<br>| 2.60 | &nbsp;&nbsp; 8-15-2068 | 1593472 | &nbsp;&nbsp; 1542347 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2020-GA <br> Class A144A<br>| 1.17 | &nbsp;&nbsp; 9-16-2069 | 1906663 | &nbsp;&nbsp; 1792036 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2021-BA <br> Class A144A<br>| 0.94 | &nbsp;&nbsp; 7-15-2069 | 773911 | &nbsp;&nbsp; 707660 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2021-CA <br> Class A144A<br>| 1.06 | &nbsp;&nbsp; 10-15-2069 | 3304621 | &nbsp;&nbsp; 3021040 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2021-EA <br> Class A144A<br>| 0.97 | &nbsp;&nbsp; 12-16-2069 | 6900528 | &nbsp;&nbsp; 6206297 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2021-FA <br> Class A144A<br>| 1.11 | &nbsp;&nbsp; 2-18-2070 | 3149780 | &nbsp;&nbsp; 2801171 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2022-A <br> Class A144A<br>| 2.23 | &nbsp;&nbsp; 7-15-2070 | 2357580 | &nbsp;&nbsp; 2160863 |
| Navient Refinance Loan Trust Series 2025-C Class A144A | 4.80 | &nbsp;&nbsp; 10-15-2055 | 4448000 | &nbsp;&nbsp; 4445165 |
| Navient Student Loan Trust Series 2021-3A Class A1A144A | 1.77 | &nbsp;&nbsp; 8-25-2070 | 3286967 | &nbsp;&nbsp; 2901167 |
| &nbsp;&nbsp; Nelnet Student Loan Trust Series 2004-4 Class A5 (90 Day Average <br> U.S. SOFR+0.42%)±<br>| 4.73 | &nbsp;&nbsp; 1-25-2037 | 1002409 | &nbsp;&nbsp; 999945 |
| &nbsp;&nbsp; Nelnet Student Loan Trust Series 2005-1 Class A5 (90 Day Average <br> U.S. SOFR+0.37%)±<br>| 4.68 | &nbsp;&nbsp; 10-25-2033 | 4324670 | &nbsp;&nbsp; 4291819 |
| &nbsp;&nbsp; Nelnet Student Loan Trust Series 2005-2 Class A5 (90 Day Average <br> U.S. SOFR+0.36%)±<br>| 4.74 | &nbsp;&nbsp; 3-23-2037 | 4131824 | &nbsp;&nbsp; 4103284 |
| &nbsp;&nbsp; Nelnet Student Loan Trust Series 2005-3 Class A5 (90 Day Average <br> U.S. SOFR+0.38%)±<br>| 4.76 | &nbsp;&nbsp; 12-24-2035 | 2999574 | &nbsp;&nbsp; 2982144 |
| Nissan Auto Receivables Owner Trust Series 2022-B Class A4 | 4.45 | &nbsp;&nbsp; 11-15-2029 | 2437000 | &nbsp;&nbsp; 2445078 |

---

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

26 \| Allspring Core Bond Portfolio

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; PenFed Auto Receivables Owner Trust Series 2022-A <br> Class A4144A<br>| 4.18<br> %<br>| &nbsp;&nbsp; 12-15-2028 | $235883 | &nbsp;&nbsp; $235819 |
| Santander Drive Auto Receivables Trust Series 2024-3 Class A3 | 5.63 | &nbsp;&nbsp; 1-16-2029 | 3239367 | &nbsp;&nbsp; 3253138 |
| Santander Drive Auto Receivables Trust Series 2025-2 Class A3 | 4.67 | &nbsp;&nbsp; 8-15-2029 | 4443000 | &nbsp;&nbsp; 4466199 |
| Santander Drive Auto Receivables Trust Series 2025-3 Class A3 | 4.38 | &nbsp;&nbsp; 1-15-2030 | 5432000 | &nbsp;&nbsp; 5452503 |
| SBNA Auto Lease Trust Series 2024-C Class A4144A | 4.42 | &nbsp;&nbsp; 3-20-2029 | 2530000 | &nbsp;&nbsp; 2537056 |
| SBNA Auto Receivables Trust Series 2024-A Class A4144A | 5.21 | &nbsp;&nbsp; 4-16-2029 | 1116000 | &nbsp;&nbsp; 1124083 |
| SBNA Auto Receivables Trust Series 2024-A Class A3144A | 5.32 | &nbsp;&nbsp; 12-15-2028 | 1465321 | &nbsp;&nbsp; 1470660 |
| &nbsp;&nbsp; SFS Auto Receivables Securitization Trust Series 2024-1A <br> Class A4144A<br>| 4.94 | &nbsp;&nbsp; 1-21-2031 | 971000 | &nbsp;&nbsp; 985148 |
| &nbsp;&nbsp; SFS Auto Receivables Securitization Trust Series 2024-1A <br> Class A3144A<br>| 4.95 | &nbsp;&nbsp; 5-21-2029 | 4824828 | &nbsp;&nbsp; 4851241 |
| &nbsp;&nbsp; SFS Auto Receivables Securitization Trust Series 2024-2A <br> Class A3144A<br>| 5.33 | &nbsp;&nbsp; 11-20-2029 | 3687000 | &nbsp;&nbsp; 3724446 |
| &nbsp;&nbsp; SFS Auto Receivables Securitization Trust Series 2025-2A <br> Class A4144A<br>| 4.58 | &nbsp;&nbsp; 5-20-2031 | 3337000 | &nbsp;&nbsp; 3387991 |
| &nbsp;&nbsp; SFS Auto Receivables Securitization Trust Series 2025-3A <br> Class A3144A<br>| 4.12 | &nbsp;&nbsp; 4-21-2031 | 5006000 | &nbsp;&nbsp; 4995590 |
| SMB Private Education Loan Trust Series 2021-A Class APT1144A | 1.07 | &nbsp;&nbsp; 1-15-2053 | 4251756 | &nbsp;&nbsp; 3889461 |
| &nbsp;&nbsp; SoFi Professional Loan Program LLC Series 2021-B <br> Class AFX144A<br>| 1.14 | &nbsp;&nbsp; 2-15-2047 | 2412217 | &nbsp;&nbsp; 2120678 |
| Synchrony Card Funding LLC Series 2025-A2 Class A | 4.49 | &nbsp;&nbsp; 5-15-2031 | 5268000 | &nbsp;&nbsp; 5334433 |
| Synchrony Card Issuance Trust Series 2025-A1 Class A | 4.78 | &nbsp;&nbsp; 2-15-2031 | 6173000 | &nbsp;&nbsp; 6277406 |
| T-Mobile U.S. Trust Series 2024-2A Class A144A | 4.25 | &nbsp;&nbsp; 5-21-2029 | 11272000 | &nbsp;&nbsp; 11302937 |
| T-Mobile U.S. Trust Series 2025-1A Class A144A | 4.74 | &nbsp;&nbsp; 11-20-2029 | 4502000 | &nbsp;&nbsp; 4556389 |
| T-Mobile U.S. Trust Series 2025-2A Class A144A | 4.34 | &nbsp;&nbsp; 4-22-2030 | 3720000 | &nbsp;&nbsp; 3742050 |
| Toyota Auto Receivables Owner Trust Series 2022-D Class A4 | 5.43 | &nbsp;&nbsp; 4-17-2028 | 2132000 | &nbsp;&nbsp; 2164977 |
| Toyota Auto Receivables Owner Trust Series 2025-B Class A3 | 4.34 | &nbsp;&nbsp; 11-15-2029 | 924000 | &nbsp;&nbsp; 931124 |
| USB Auto Owner Trust Series 2025-1A Class A3144A | 4.49 | &nbsp;&nbsp; 6-17-2030 | 4075000 | &nbsp;&nbsp; 4106881 |
| USB Auto Owner Trust Series 2025-1A Class A4144A | 4.62 | &nbsp;&nbsp; 12-16-2030 | 1218000 | &nbsp;&nbsp; 1238377 |
| Verizon Master Trust Series 2023-4 Class A1A | 5.16 | &nbsp;&nbsp; 6-20-2029 | 11813000 | &nbsp;&nbsp; 11891506 |
| Verizon Master Trust Series 2024-7 Class A144A | 4.35 | &nbsp;&nbsp; 8-20-2032 | 9681000 | &nbsp;&nbsp; 9752339 |
| Verizon Master Trust Series 2025-2 Class A144A | 4.94 | &nbsp;&nbsp; 1-20-2033 | 10359000 | &nbsp;&nbsp; 10653651 |
| Verizon Master Trust Series 2025-3 Class A1A | 4.51 | &nbsp;&nbsp; 3-20-2030 | 9454000 | &nbsp;&nbsp; 9520602 |
| Verizon Master Trust Series 2025-4 Class A144A | 4.76 | &nbsp;&nbsp; 3-21-2033 | 6189000 | &nbsp;&nbsp; 6349163 |
| Volkswagen Auto Lease Trust Series 2025-B Class A3 | 4.01 | &nbsp;&nbsp; 1-22-2029 | 9735000 | &nbsp;&nbsp; 9743388 |
| Volkswagen Auto Loan Enhanced Trust Series 2024-1 Class A3 | 4.63 | &nbsp;&nbsp; 7-20-2029 | 2622000 | &nbsp;&nbsp; 2650272 |
| &nbsp;&nbsp; World Financial Network Credit Card Master Trust Series 2024-A <br> Class A<br>| 5.47 | &nbsp;&nbsp; 2-15-2031 | 1339000 | &nbsp;&nbsp; 1365477 |
| World Omni Auto Receivables Trust Series 2025-C Class A4 | 4.19 | &nbsp;&nbsp; 11-17-2031 | 2976000 | &nbsp;&nbsp; 2990787 |
| **Total asset-backed securities (Cost $417,627,021)** |  |  |  | &nbsp;&nbsp; **417906189** |
| **Corporate bonds and notes: 21.60%** |  |  |  |  |
| **Basic materials: 0.15%** |  |  |  |  |
| **Mining: 0.15%** |  |  |  |  |
| Glencore Funding LLC144A | 5.63 | &nbsp;&nbsp; 4-4-2034 | 1987000 | &nbsp;&nbsp; 2072082 |

---

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

Allspring Core Bond Portfolio \| 27

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Mining**(continued) |  |  |  |  |
| Glencore Funding LLC144A | 5.67<br> %<br>| &nbsp;&nbsp; 4-1-2035 | $3773000 | &nbsp;&nbsp; $3938790 |
| Glencore Funding LLC144A | 6.14 | &nbsp;&nbsp; 4-1-2055 | 1738000 | &nbsp;&nbsp; 1822984 |
|  |  |  |  | &nbsp;&nbsp; **7833856** |
| **Communications: 1.75%** |  |  |  |  |
| **Internet: 0.90%** |  |  |  |  |
| Alphabet, Inc. | 5.25 | &nbsp;&nbsp; 5-15-2055 | 2427000 | &nbsp;&nbsp; 2405018 |
| Alphabet, Inc. | 5.30 | &nbsp;&nbsp; 5-15-2065 | 2427000 | &nbsp;&nbsp; 2384739 |
| Meta Platforms, Inc.%% | 4.20 | &nbsp;&nbsp; 11-15-2030 | 6302000 | &nbsp;&nbsp; 6295443 |
| Meta Platforms, Inc.%% | 4.60 | &nbsp;&nbsp; 11-15-2032 | 4392000 | &nbsp;&nbsp; 4414077 |
| Meta Platforms, Inc.%% | 4.88 | &nbsp;&nbsp; 11-15-2035 | 5851000 | &nbsp;&nbsp; 5876869 |
| Meta Platforms, Inc. | 5.40 | &nbsp;&nbsp; 8-15-2054 | 3062000 | &nbsp;&nbsp; 2948537 |
| Meta Platforms, Inc.%% | 5.50 | &nbsp;&nbsp; 11-15-2045 | 1463000 | &nbsp;&nbsp; 1450347 |
| Meta Platforms, Inc. | 5.55 | &nbsp;&nbsp; 8-15-2064 | 4688000 | &nbsp;&nbsp; 4539348 |
| Meta Platforms, Inc.%% | 5.63 | &nbsp;&nbsp; 11-15-2055 | 1463000 | &nbsp;&nbsp; 1451995 |
| Meta Platforms, Inc.%% | 5.75 | &nbsp;&nbsp; 11-15-2065 | 1463000 | &nbsp;&nbsp; 1450750 |
| Uber Technologies, Inc. | 4.15 | &nbsp;&nbsp; 1-15-2031 | 4404000 | &nbsp;&nbsp; 4360742 |
| Uber Technologies, Inc. | 4.80 | &nbsp;&nbsp; 9-15-2034 | 4337000 | &nbsp;&nbsp; 4337798 |
| Uber Technologies, Inc. | 4.80 | &nbsp;&nbsp; 9-15-2035 | 2934000 | &nbsp;&nbsp; 2911806 |
| Uber Technologies, Inc. | 5.35 | &nbsp;&nbsp; 9-15-2054 | 2034000 | &nbsp;&nbsp; 1967756 |
|  |  |  |  | &nbsp;&nbsp; **46795225** |
| **Media: 0.32%** |  |  |  |  |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>| 3.50 | &nbsp;&nbsp; 6-1-2041 | 869000 | &nbsp;&nbsp; 626841 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>| 3.50 | &nbsp;&nbsp; 3-1-2042 | 4242000 | &nbsp;&nbsp; 3002463 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>| 3.90 | &nbsp;&nbsp; 6-1-2052 | 1232000 | &nbsp;&nbsp; 808531 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>| 5.25 | &nbsp;&nbsp; 4-1-2053 | 2076000 | &nbsp;&nbsp; 1690125 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>| 5.50 | &nbsp;&nbsp; 4-1-2063 | 883000 | &nbsp;&nbsp; 717456 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>| 5.85 | &nbsp;&nbsp; 12-1-2035 | 3210000 | &nbsp;&nbsp; 3201324 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>| 6.70 | &nbsp;&nbsp; 12-1-2055 | 3136000 | &nbsp;&nbsp; 3092414 |
| Comcast Corp. | 2.99 | &nbsp;&nbsp; 11-1-2063 | 1890000 | &nbsp;&nbsp; 1053145 |
| Comcast Corp. | 4.05 | &nbsp;&nbsp; 11-1-2052 | 1629000 | &nbsp;&nbsp; 1222730 |
| Comcast Corp. | 5.35 | &nbsp;&nbsp; 5-15-2053 | 1365000 | &nbsp;&nbsp; 1266829 |
|  |  |  |  | &nbsp;&nbsp; **16681858** |
| **Telecommunications: 0.53%** |  |  |  |  |
| AT&T, Inc. | 3.50 | &nbsp;&nbsp; 6-1-2041 | 1614000 | &nbsp;&nbsp; 1277009 |
| AT&T, Inc. | 3.50 | &nbsp;&nbsp; 9-15-2053 | 2505000 | &nbsp;&nbsp; 1714126 |
| AT&T, Inc. | 3.55 | &nbsp;&nbsp; 9-15-2055 | 2501000 | &nbsp;&nbsp; 1715009 |
| AT&T, Inc. | 3.65 | &nbsp;&nbsp; 9-15-2059 | 1581000 | &nbsp;&nbsp; 1071267 |
| AT&T, Inc. | 3.80 | &nbsp;&nbsp; 12-1-2057 | 2203000 | &nbsp;&nbsp; 1555316 |

---

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

28 \| Allspring Core Bond Portfolio

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Telecommunications**(continued) |  |  |  |  |
| AT&T, Inc. | 4.55<br> %<br>| &nbsp;&nbsp; 11-1-2032 | $2926000 | &nbsp;&nbsp; $2905125 |
| AT&T, Inc. | 4.90 | &nbsp;&nbsp; 11-1-2035 | 2926000 | &nbsp;&nbsp; 2884287 |
| AT&T, Inc. | 5.55 | &nbsp;&nbsp; 11-1-2045 | 2343000 | &nbsp;&nbsp; 2298261 |
| AT&T, Inc. | 5.70 | &nbsp;&nbsp; 11-1-2054 | 2343000 | &nbsp;&nbsp; 2294851 |
| Verizon Communications, Inc. | 2.99 | &nbsp;&nbsp; 10-30-2056 | 2532000 | &nbsp;&nbsp; 1538221 |
| Verizon Communications, Inc. | 5.25 | &nbsp;&nbsp; 4-2-2035 | 7838000 | &nbsp;&nbsp; 7927556 |
|  |  |  |  | &nbsp;&nbsp; **27181028** |
| **Consumer, cyclical: 1.38%** |  |  |  |  |
| **Airlines: 0.46%** |  |  |  |  |
| Delta Air Lines, Inc. | 4.95 | &nbsp;&nbsp; 7-10-2028 | 6851000 | &nbsp;&nbsp; 6945022 |
| Delta Air Lines, Inc. | 5.25 | &nbsp;&nbsp; 7-10-2030 | 7707000 | &nbsp;&nbsp; 7876682 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.144A | 4.75 | &nbsp;&nbsp; 10-20-2028 | 5546000 | &nbsp;&nbsp; 5584167 |
| Southwest Airlines Co.%% | 5.25 | &nbsp;&nbsp; 11-15-2035 | 3415000 | &nbsp;&nbsp; 3336506 |
|  |  |  |  | &nbsp;&nbsp; **23742377** |
| **Auto manufacturers: 0.45%** |  |  |  |  |
| Ford Motor Credit Co. LLC | 2.90 | &nbsp;&nbsp; 2-10-2029 | 8343000 | &nbsp;&nbsp; 7775629 |
| General Motors Financial Co., Inc. | 2.70 | &nbsp;&nbsp; 6-10-2031 | 6418000 | &nbsp;&nbsp; 5777820 |
| Hyundai Capital America144A | 4.50 | &nbsp;&nbsp; 9-18-2030 | 2195000 | &nbsp;&nbsp; 2190473 |
| Hyundai Capital America144A | 5.15 | &nbsp;&nbsp; 3-27-2030 | 2519000 | &nbsp;&nbsp; 2575229 |
| Toyota Motor Credit Corp. | 4.65 | &nbsp;&nbsp; 9-3-2032 | 5157000 | &nbsp;&nbsp; 5206290 |
|  |  |  |  | &nbsp;&nbsp; **23525441** |
| **Retail: 0.47%** |  |  |  |  |
| Dick's Sporting Goods, Inc. | 4.10 | &nbsp;&nbsp; 1-15-2052 | 3238000 | &nbsp;&nbsp; 2415737 |
| Home Depot, Inc. | 3.63 | &nbsp;&nbsp; 4-15-2052 | 1643000 | &nbsp;&nbsp; 1228961 |
| Home Depot, Inc. | 4.85 | &nbsp;&nbsp; 6-25-2031 | 763000 | &nbsp;&nbsp; 788307 |
| Lowe's Cos., Inc. | 3.50 | &nbsp;&nbsp; 4-1-2051 | 2041000 | &nbsp;&nbsp; 1447763 |
| Lowe's Cos., Inc. | 4.25 | &nbsp;&nbsp; 3-15-2031 | 3918000 | &nbsp;&nbsp; 3892920 |
| Lowe's Cos., Inc. | 4.25 | &nbsp;&nbsp; 4-1-2052 | 3761000 | &nbsp;&nbsp; 3011968 |
| Lowe's Cos., Inc. | 4.85 | &nbsp;&nbsp; 10-15-2035 | 3649000 | &nbsp;&nbsp; 3603197 |
| McDonald's Corp. Series I | 6.30 | &nbsp;&nbsp; 3-1-2038 | 2576000 | &nbsp;&nbsp; 2858281 |
| Walmart, Inc. | 4.35 | &nbsp;&nbsp; 4-28-2030 | 5104000 | &nbsp;&nbsp; 5178895 |
|  |  |  |  | &nbsp;&nbsp; **24426029** |
| **Consumer, non-cyclical: 3.27%** |  |  |  |  |
| **Agriculture: 0.70%** |  |  |  |  |
| Altria Group, Inc. | 3.88 | &nbsp;&nbsp; 9-16-2046 | 1379000 | &nbsp;&nbsp; 1050359 |
| BAT Capital Corp. | 4.54 | &nbsp;&nbsp; 8-15-2047 | 3568000 | &nbsp;&nbsp; 2990885 |
| BAT Capital Corp. | 6.25 | &nbsp;&nbsp; 8-15-2055 | 2528000 | &nbsp;&nbsp; 2636372 |
| BAT Capital Corp. | 7.08 | &nbsp;&nbsp; 8-2-2053 | 932000 | &nbsp;&nbsp; 1065357 |
| Bunge Ltd. Finance Corp. | 5.15 | &nbsp;&nbsp; 8-4-2035 | 4415000 | &nbsp;&nbsp; 4473178 |
| Philip Morris International, Inc. | 4.13 | &nbsp;&nbsp; 4-28-2028 | 7459000 | &nbsp;&nbsp; 7473123 |
| Philip Morris International, Inc. | 4.38 | &nbsp;&nbsp; 4-30-2030 | 6314000 | &nbsp;&nbsp; 6338115 |
| Philip Morris International, Inc. | 4.88 | &nbsp;&nbsp; 4-30-2035 | 6694000 | &nbsp;&nbsp; 6697443 |
| Philip Morris International, Inc. | 5.00 | &nbsp;&nbsp; 11-17-2025 | 3568000 | &nbsp;&nbsp; 3568876 |
|  |  |  |  | &nbsp;&nbsp; **36293708** |

---

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

Allspring Core Bond Portfolio \| 29

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Beverages: 0.33%** |  |  |  |  |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | 4.70<br> %<br>| &nbsp;&nbsp; 2-1-2036 | $8859000 | &nbsp;&nbsp; $8771321 |
| Anheuser-Busch InBev Worldwide, Inc. | 5.45 | &nbsp;&nbsp; 1-23-2039 | 1719000 | &nbsp;&nbsp; 1785107 |
| PepsiCo, Inc. | 4.10 | &nbsp;&nbsp; 1-15-2029 | 4290000 | &nbsp;&nbsp; 4312347 |
| PepsiCo, Inc. | 4.30 | &nbsp;&nbsp; 7-23-2030 | 2377000 | &nbsp;&nbsp; 2397055 |
|  |  |  |  | &nbsp;&nbsp; **17265830** |
| **Biotechnology: 0.10%** |  |  |  |  |
| Amgen, Inc. | 5.60 | &nbsp;&nbsp; 3-2-2043 | 2457000 | &nbsp;&nbsp; 2494228 |
| Amgen, Inc. | 5.65 | &nbsp;&nbsp; 3-2-2053 | 776000 | &nbsp;&nbsp; 774439 |
| Gilead Sciences, Inc. | 4.00 | &nbsp;&nbsp; 9-1-2036 | 1721000 | &nbsp;&nbsp; 1606069 |
|  |  |  |  | &nbsp;&nbsp; **4874736** |
| **Commercial services: 0.12%** |  |  |  |  |
| Verisk Analytics, Inc. | 4.50 | &nbsp;&nbsp; 8-15-2030 | 2945000 | &nbsp;&nbsp; 2958339 |
| Verisk Analytics, Inc. | 5.13 | &nbsp;&nbsp; 2-15-2036 | 3288000 | &nbsp;&nbsp; 3307690 |
|  |  |  |  | &nbsp;&nbsp; **6266029** |
| **Food: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS <br> USA Food Co.144A<br>| 6.38 | &nbsp;&nbsp; 4-15-2066 | 887000 | &nbsp;&nbsp; **907419** |
| **Healthcare-products: 0.10%** |  |  |  |  |
| Alcon Finance Corp.144A | 5.38 | &nbsp;&nbsp; 12-6-2032 | 5004000 | &nbsp;&nbsp; **5228127** |
| **Healthcare-services: 0.47%** |  |  |  |  |
| HCA, Inc. | 5.25 | &nbsp;&nbsp; 6-15-2049 | 2190000 | &nbsp;&nbsp; 2010408 |
| HCA, Inc. | 5.50 | &nbsp;&nbsp; 3-1-2032 | 5836000 | &nbsp;&nbsp; 6090613 |
| HCA, Inc. | 5.90 | &nbsp;&nbsp; 6-1-2053 | 1278000 | &nbsp;&nbsp; 1272279 |
| HCA, Inc. | 6.20 | &nbsp;&nbsp; 3-1-2055 | 3430000 | &nbsp;&nbsp; 3561657 |
| UnitedHealth Group, Inc. | 3.05 | &nbsp;&nbsp; 5-15-2041 | 791000 | &nbsp;&nbsp; 603777 |
| UnitedHealth Group, Inc. | 5.50 | &nbsp;&nbsp; 7-15-2044 | 2059000 | &nbsp;&nbsp; 2066175 |
| UnitedHealth Group, Inc. | 5.63 | &nbsp;&nbsp; 7-15-2054 | 5498000 | &nbsp;&nbsp; 5469538 |
| UnitedHealth Group, Inc. | 5.88 | &nbsp;&nbsp; 2-15-2053 | 3116000 | &nbsp;&nbsp; 3199792 |
|  |  |  |  | &nbsp;&nbsp; **24274239** |
| **Pharmaceuticals: 1.43%** |  |  |  |  |
| AbbVie, Inc. | 3.20 | &nbsp;&nbsp; 11-21-2029 | 6282000 | &nbsp;&nbsp; 6068145 |
| AbbVie, Inc. | 4.05 | &nbsp;&nbsp; 11-21-2039 | 1785000 | &nbsp;&nbsp; 1600140 |
| AbbVie, Inc. | 4.25 | &nbsp;&nbsp; 11-21-2049 | 6198000 | &nbsp;&nbsp; 5217122 |
| AbbVie, Inc. | 4.50 | &nbsp;&nbsp; 5-14-2035 | 262000 | &nbsp;&nbsp; 257508 |
| AbbVie, Inc. | 4.55 | &nbsp;&nbsp; 3-15-2035 | 738000 | &nbsp;&nbsp; 729759 |
| AbbVie, Inc. | 4.80 | &nbsp;&nbsp; 3-15-2027 | 4260000 | &nbsp;&nbsp; 4303308 |
| AbbVie, Inc. | 4.88 | &nbsp;&nbsp; 3-15-2030 | 3428000 | &nbsp;&nbsp; 3531255 |
| AbbVie, Inc. | 4.95 | &nbsp;&nbsp; 3-15-2031 | 2557000 | &nbsp;&nbsp; 2644254 |
| AbbVie, Inc. | 5.05 | &nbsp;&nbsp; 3-15-2034 | 3780000 | &nbsp;&nbsp; 3888593 |
| AbbVie, Inc. | 5.20 | &nbsp;&nbsp; 3-15-2035 | 3981000 | &nbsp;&nbsp; 4120427 |
| AbbVie, Inc. | 5.60 | &nbsp;&nbsp; 3-15-2055 | 393000 | &nbsp;&nbsp; 402965 |
| CVS Health Corp. | 4.78 | &nbsp;&nbsp; 3-25-2038 | 1869000 | &nbsp;&nbsp; 1756076 |
| CVS Health Corp. | 5.05 | &nbsp;&nbsp; 3-25-2048 | 7521000 | &nbsp;&nbsp; 6724816 |

---

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

30 \| Allspring Core Bond Portfolio

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Pharmaceuticals**(continued) |  |  |  |  |
| CVS Health Corp. | 5.55<br> %<br>| &nbsp;&nbsp; 6-1-2031 | $3379000 | &nbsp;&nbsp; $3546396 |
| CVS Health Corp. | 5.70 | &nbsp;&nbsp; 6-1-2034 | 3470000 | &nbsp;&nbsp; 3629048 |
| Eli Lilly & Co. | 4.20 | &nbsp;&nbsp; 8-14-2029 | 5355000 | &nbsp;&nbsp; 5396964 |
| Eli Lilly & Co. | 4.25 | &nbsp;&nbsp; 3-15-2031 | 5147000 | &nbsp;&nbsp; 5155040 |
| Eli Lilly & Co. | 4.60 | &nbsp;&nbsp; 8-14-2034 | 3043000 | &nbsp;&nbsp; 3053083 |
| Eli Lilly & Co. | 4.70 | &nbsp;&nbsp; 2-9-2034 | 1664000 | &nbsp;&nbsp; 1683530 |
| Eli Lilly & Co. | 4.90 | &nbsp;&nbsp; 2-12-2032 | 1294000 | &nbsp;&nbsp; 1337145 |
| Eli Lilly & Co. | 5.05 | &nbsp;&nbsp; 8-14-2054 | 413000 | &nbsp;&nbsp; 393475 |
| Eli Lilly & Co. | 5.10 | &nbsp;&nbsp; 2-12-2035 | 1839000 | &nbsp;&nbsp; 1903856 |
| Eli Lilly & Co. | 5.50 | &nbsp;&nbsp; 2-12-2055 | 2130000 | &nbsp;&nbsp; 2170954 |
| Eli Lilly & Co. | 5.55 | &nbsp;&nbsp; 10-15-2055 | 1072000 | &nbsp;&nbsp; 1097956 |
| Eli Lilly & Co. | 5.60 | &nbsp;&nbsp; 2-12-2065 | 2350000 | &nbsp;&nbsp; 2422535 |
| Merck & Co., Inc. | 2.35 | &nbsp;&nbsp; 6-24-2040 | 1429000 | &nbsp;&nbsp; 1033610 |
|  |  |  |  | &nbsp;&nbsp; **74067960** |
| **Energy: 0.74%** |  |  |  |  |
| **Oil & gas: 0.11%** |  |  |  |  |
| Chevron USA, Inc. | 4.30 | &nbsp;&nbsp; 10-15-2030 | 3076000 | &nbsp;&nbsp; 3100512 |
| Devon Energy Corp. | 5.75 | &nbsp;&nbsp; 9-15-2054 | 2826000 | &nbsp;&nbsp; 2600829 |
|  |  |  |  | &nbsp;&nbsp; **5701341** |
| **Pipelines: 0.63%** |  |  |  |  |
| Energy Transfer LP | 5.25 | &nbsp;&nbsp; 7-1-2029 | 4297000 | &nbsp;&nbsp; 4421126 |
| Energy Transfer LP | 5.30 | &nbsp;&nbsp; 4-15-2047 | 1719000 | &nbsp;&nbsp; 1545817 |
| Energy Transfer LP | 5.70 | &nbsp;&nbsp; 4-1-2035 | 5020000 | &nbsp;&nbsp; 5173396 |
| Energy Transfer LP | 5.95 | &nbsp;&nbsp; 5-15-2054 | 6916000 | &nbsp;&nbsp; 6675714 |
| Energy Transfer LP144A | 6.00 | &nbsp;&nbsp; 2-1-2029 | 3117000 | &nbsp;&nbsp; 3155984 |
| Energy Transfer LP | 6.05 | &nbsp;&nbsp; 9-1-2054 | 1722000 | &nbsp;&nbsp; 1679679 |
| Kinder Morgan, Inc. | 5.15 | &nbsp;&nbsp; 6-1-2030 | 2937000 | &nbsp;&nbsp; 3028516 |
| ONEOK, Inc. | 5.05 | &nbsp;&nbsp; 11-1-2034 | 885000 | &nbsp;&nbsp; 872394 |
| ONEOK, Inc. | 5.70 | &nbsp;&nbsp; 11-1-2054 | 3682000 | &nbsp;&nbsp; 3445138 |
| ONEOK, Inc. | 5.85 | &nbsp;&nbsp; 11-1-2064 | 685000 | &nbsp;&nbsp; 645163 |
| ONEOK, Inc. | 6.25 | &nbsp;&nbsp; 10-15-2055 | 2208000 | &nbsp;&nbsp; 2210735 |
|  |  |  |  | &nbsp;&nbsp; **32853662** |
| **Financial: 7.89%** |  |  |  |  |
| **Banks: 5.22%** |  |  |  |  |
| Bank of America Corp. (U.S. SOFR+0.96%)± | 1.73 | &nbsp;&nbsp; 7-22-2027 | 10693000 | &nbsp;&nbsp; 10503998 |
| Bank of America Corp. (U.S. SOFR+1.37%)± | 1.92 | &nbsp;&nbsp; 10-24-2031 | 1483000 | &nbsp;&nbsp; 1319589 |
| Bank of America Corp. (U.S. SOFR+1.64%)± | 5.46 | &nbsp;&nbsp; 5-9-2036 | 1739000 | &nbsp;&nbsp; 1819318 |
| Bank of America Corp. (U.S. SOFR 3 Month+1.25%)± | 2.50 | &nbsp;&nbsp; 2-13-2031 | 3344000 | &nbsp;&nbsp; 3104991 |
| Bank of New York Mellon Corp. (U.S. SOFR+0.89%)± | 4.94 | &nbsp;&nbsp; 2-11-2031 | 4840000 | &nbsp;&nbsp; 4971407 |
| Citigroup, Inc. (U.S. SOFR+0.87%)± | 4.79 | &nbsp;&nbsp; 3-4-2029 | 5994000 | &nbsp;&nbsp; 6071840 |
| Citigroup, Inc. (U.S. SOFR+1.17%)± | 4.50 | &nbsp;&nbsp; 9-11-2031 | 6341000 | &nbsp;&nbsp; 6348701 |
| Citigroup, Inc. (U.S. SOFR+1.34%)± | 4.54 | &nbsp;&nbsp; 9-19-2030 | 2777000 | &nbsp;&nbsp; 2795158 |
| Citigroup, Inc. (U.S. SOFR+1.46%)± | 4.95 | &nbsp;&nbsp; 5-7-2031 | 4412000 | &nbsp;&nbsp; 4500650 |
| Citigroup, Inc. (U.S. SOFR+1.47%)± | 5.33 | &nbsp;&nbsp; 3-27-2036 | 6042000 | &nbsp;&nbsp; 6182969 |
| Citigroup, Inc. (U.S. SOFR+1.49%)± | 5.17 | &nbsp;&nbsp; 9-11-2036 | 4125000 | &nbsp;&nbsp; 4176333 |

---

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

Allspring Core Bond Portfolio \| 31

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Banks**(continued) |  |  |  |  |
| Citigroup, Inc. (U.S. SOFR+1.75%)± | 5.61<br> %<br>| &nbsp;&nbsp; 3-4-2056 | $4115000 | &nbsp;&nbsp; $4176543 |
| Citigroup, Inc. (U.S. SOFR+1.83%)± | 6.02 | &nbsp;&nbsp; 1-24-2036 | 5183000 | &nbsp;&nbsp; 5422407 |
| Citigroup, Inc. (U.S. SOFR+2.06%)± | 5.83 | &nbsp;&nbsp; 2-13-2035 | 1870000 | &nbsp;&nbsp; 1943349 |
| Goldman Sachs Group, Inc. (U.S. SOFR+0.90%)± | 4.15 | &nbsp;&nbsp; 10-21-2029 | 11026000 | &nbsp;&nbsp; 10993372 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.06%)± | 4.37 | &nbsp;&nbsp; 10-21-2031 | 7415000 | &nbsp;&nbsp; 7383052 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.08%)± | 5.21 | &nbsp;&nbsp; 1-28-2031 | 6769000 | &nbsp;&nbsp; 6984966 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.14%)± | 4.69 | &nbsp;&nbsp; 10-23-2030 | 5126000 | &nbsp;&nbsp; 5190724 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.21%)± | 5.05 | &nbsp;&nbsp; 7-23-2030 | 2646000 | &nbsp;&nbsp; 2707561 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.33%)± | 4.94 | &nbsp;&nbsp; 10-21-2036 | 5057000 | &nbsp;&nbsp; 5032303 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.55%)± | 5.33 | &nbsp;&nbsp; 7-23-2035 | 5264000 | &nbsp;&nbsp; 5421090 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.58%)± | 5.22 | &nbsp;&nbsp; 4-23-2031 | 8707000 | &nbsp;&nbsp; 8985590 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.70%)± | 5.73 | &nbsp;&nbsp; 1-28-2056 | 2412000 | &nbsp;&nbsp; 2497020 |
| JPMorgan Chase & Co. (U.S. SOFR+0.93%)± | 4.26 | &nbsp;&nbsp; 10-22-2031 | 4726000 | &nbsp;&nbsp; 4709509 |
| JPMorgan Chase & Co. (U.S. SOFR+1.19%)± | 4.81 | &nbsp;&nbsp; 10-22-2036 | 2638000 | &nbsp;&nbsp; 2629582 |
| JPMorgan Chase & Co. (U.S. SOFR+1.64%)± | 5.58 | &nbsp;&nbsp; 7-23-2036 | 3686000 | &nbsp;&nbsp; 3821884 |
| JPMorgan Chase & Co. (U.S. SOFR+2.04%)± | 2.52 | &nbsp;&nbsp; 4-22-2031 | 2642000 | &nbsp;&nbsp; 2455568 |
| Morgan Stanley Private Bank NA (U.S. SOFR+0.77%)± | 4.47 | &nbsp;&nbsp; 7-6-2028 | 5217000 | &nbsp;&nbsp; 5243079 |
| Morgan Stanley Private Bank NA (U.S. SOFR+1.08%)± | 4.73 | &nbsp;&nbsp; 7-18-2031 | 18094000 | &nbsp;&nbsp; 18378072 |
| Morgan Stanley (U.S. SOFR+1.11%)± | 5.23 | &nbsp;&nbsp; 1-15-2031 | 8479000 | &nbsp;&nbsp; 8753607 |
| Morgan Stanley (U.S. SOFR+1.22%)± | 5.04 | &nbsp;&nbsp; 7-19-2030 | 7892000 | &nbsp;&nbsp; 8097449 |
| Morgan Stanley (U.S. SOFR+1.38%)± | 4.99 | &nbsp;&nbsp; 4-12-2029 | 8699000 | &nbsp;&nbsp; 8860765 |
| Morgan Stanley (U.S. SOFR+1.58%)± | 5.83 | &nbsp;&nbsp; 4-19-2035 | 7790000 | &nbsp;&nbsp; 8305936 |
| Morgan Stanley (U.S. SOFR+1.63%)± | 5.45 | &nbsp;&nbsp; 7-20-2029 | 3333000 | &nbsp;&nbsp; 3439221 |
| Morgan Stanley Series I (U.S. SOFR+0.91%)± | 4.13 | &nbsp;&nbsp; 10-18-2029 | 9470000 | &nbsp;&nbsp; 9447873 |
| Morgan Stanley Series I (U.S. SOFR+1.07%)± | 4.36 | &nbsp;&nbsp; 10-22-2031 | 6361000 | &nbsp;&nbsp; 6339461 |
| Morgan Stanley Series I (U.S. SOFR+1.31%)± | 4.89 | &nbsp;&nbsp; 10-22-2036 | 5143000 | &nbsp;&nbsp; 5114716 |
| PNC Bank NA (U.S. SOFR+0.73%)± | 4.43 | &nbsp;&nbsp; 7-21-2028 | 6894000 | &nbsp;&nbsp; 6928139 |
| PNC Financial Services Group, Inc. (U.S. SOFR+1.26%)± | 4.81 | &nbsp;&nbsp; 10-21-2032 | 3930000 | &nbsp;&nbsp; 3987250 |
| PNC Financial Services Group, Inc. (U.S. SOFR+1.42%)± | 5.37 | &nbsp;&nbsp; 7-21-2036 | 2210000 | &nbsp;&nbsp; 2270234 |
| State Street Corp. | 4.73 | &nbsp;&nbsp; 2-28-2030 | 6852000 | &nbsp;&nbsp; 7007954 |
| State Street Corp. (U.S. SOFR+1.22%)± | 4.78 | &nbsp;&nbsp; 10-23-2036 | 1720000 | &nbsp;&nbsp; 1713019 |
| Truist Bank (U.S. SOFR+0.77%)± | 4.42 | &nbsp;&nbsp; 7-24-2028 | 6896000 | &nbsp;&nbsp; 6922565 |
| Wells Fargo & Co. (U.S. SOFR+0.88%)± | 4.08 | &nbsp;&nbsp; 9-15-2029 | 1663000 | &nbsp;&nbsp; 1658414 |
| Wells Fargo & Co. (U.S. SOFR+1.07%)± | 5.71 | &nbsp;&nbsp; 4-22-2028 | 2668000 | &nbsp;&nbsp; 2726434 |
| Wells Fargo & Co. (U.S. SOFR+1.34%)± | 4.89 | &nbsp;&nbsp; 9-15-2036 | 2934000 | &nbsp;&nbsp; 2932318 |
| Wells Fargo & Co. (U.S. SOFR+1.37%)± | 4.97 | &nbsp;&nbsp; 4-23-2029 | 7089000 | &nbsp;&nbsp; 7218000 |
| Wells Fargo & Co. (U.S. SOFR+1.38%)± | 5.21 | &nbsp;&nbsp; 12-3-2035 | 2743000 | &nbsp;&nbsp; 2805387 |
| Wells Fargo & Co. (U.S. SOFR+1.50%)± | 5.15 | &nbsp;&nbsp; 4-23-2031 | 2915000 | &nbsp;&nbsp; 3006249 |
| Wells Fargo & Co. (U.S. SOFR+1.74%)± | 5.57 | &nbsp;&nbsp; 7-25-2029 | 1678000 | &nbsp;&nbsp; 1736771 |
| Wells Fargo & Co. (U.S. SOFR+1.79%)± | 6.30 | &nbsp;&nbsp; 10-23-2029 | 1707000 | &nbsp;&nbsp; 1805730 |
| Wells Fargo & Co. Series W (U.S. SOFR+0.78%)± | 4.90 | &nbsp;&nbsp; 1-24-2028 | 3650000 | &nbsp;&nbsp; 3680351 |
|  |  |  |  | &nbsp;&nbsp; **270528468** |
| **Diversified financial services: 0.93%** |  |  |  |  |
| American Express Co. (U.S. SOFR+0.81%)± | 4.35 | &nbsp;&nbsp; 7-20-2029 | 6865000 | &nbsp;&nbsp; 6906697 |
| American Express Co. (U.S. SOFR+1.02%)± | 5.09 | &nbsp;&nbsp; 1-30-2031 | 2328000 | &nbsp;&nbsp; 2398959 |
| American Express Co. (U.S. SOFR+1.22%)± | 4.92 | &nbsp;&nbsp; 7-20-2033 | 5031000 | &nbsp;&nbsp; 5125765 |
| American Express Co. (U.S. SOFR+1.24%)± | 4.80 | &nbsp;&nbsp; 10-24-2036 | 5145000 | &nbsp;&nbsp; 5086054 |

---

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

32 \| Allspring Core Bond Portfolio

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Diversified financial services**(continued) |  |  |  |  |
| American Express Co. (U.S. SOFR+1.26%)± | 4.73<br> %<br>| &nbsp;&nbsp; 4-25-2029 | $5556000 | &nbsp;&nbsp; $5640477 |
| American Express Co. (U.S. SOFR+1.32%)± | 5.44 | &nbsp;&nbsp; 1-30-2036 | 3046000 | &nbsp;&nbsp; 3170332 |
| American Express Co. (U.S. SOFR+1.44%)± | 5.02 | &nbsp;&nbsp; 4-25-2031 | 5954000 | &nbsp;&nbsp; 6123388 |
| Ares Management Corp. | 5.60 | &nbsp;&nbsp; 10-11-2054 | 2565000 | &nbsp;&nbsp; 2450386 |
| Capital One Financial Corp. (U.S. SOFR+1.63%)± | 5.20 | &nbsp;&nbsp; 9-11-2036 | 4399000 | &nbsp;&nbsp; 4369807 |
| Capital One Financial Corp. (U.S. SOFR+2.26%)± | 6.05 | &nbsp;&nbsp; 2-1-2035 | 6587000 | &nbsp;&nbsp; 6984531 |
|  |  |  |  | &nbsp;&nbsp; **48256396** |
| **Insurance: 0.12%** |  |  |  |  |
| Athene Global Funding144A | 5.54 | &nbsp;&nbsp; 8-22-2035 | 2636000 | &nbsp;&nbsp; 2666553 |
| Guardian Life Global Funding144A | 4.33 | &nbsp;&nbsp; 10-6-2030 | 3748000 | &nbsp;&nbsp; 3749963 |
|  |  |  |  | &nbsp;&nbsp; **6416516** |
| **Investment Companies: 0.15%** |  |  |  |  |
| FS KKR Capital Corp. BDC | 6.13 | &nbsp;&nbsp; 1-15-2030 | 4840000 | &nbsp;&nbsp; 4784967 |
| Oaktree Specialty Lending Corp. BDC | 6.34 | &nbsp;&nbsp; 2-27-2030 | 2912000 | &nbsp;&nbsp; 2924797 |
|  |  |  |  | &nbsp;&nbsp; **7709764** |
| **Private equity: 0.22%** |  |  |  |  |
| Blackstone Reg Finance Co. LLC%% | 4.30 | &nbsp;&nbsp; 11-3-2030 | 6304000 | &nbsp;&nbsp; 6283494 |
| Blackstone Reg Finance Co. LLC%% | 4.95 | &nbsp;&nbsp; 2-15-2036 | 5122000 | &nbsp;&nbsp; 5084273 |
|  |  |  |  | &nbsp;&nbsp; **11367767** |
| **Real estate: 0.05%** |  |  |  |  |
| CBRE Services, Inc. | 5.50 | &nbsp;&nbsp; 6-15-2035 | 2230000 | &nbsp;&nbsp; **2300766** |
| **REITs: 1.20%** |  |  |  |  |
| Agree LP | 2.00 | &nbsp;&nbsp; 6-15-2028 | 2626000 | &nbsp;&nbsp; 2488697 |
| Agree LP | 2.60 | &nbsp;&nbsp; 6-15-2033 | 716000 | &nbsp;&nbsp; 616889 |
| Agree LP | 4.80 | &nbsp;&nbsp; 10-1-2032 | 1580000 | &nbsp;&nbsp; 1597826 |
| Agree LP | 5.60 | &nbsp;&nbsp; 6-15-2035 | 2572000 | &nbsp;&nbsp; 2688793 |
| American Homes 4 Rent LP | 3.63 | &nbsp;&nbsp; 4-15-2032 | 2899000 | &nbsp;&nbsp; 2722289 |
| American Homes 4 Rent LP | 4.30 | &nbsp;&nbsp; 4-15-2052 | 1300000 | &nbsp;&nbsp; 1045307 |
| American Homes 4 Rent LP | 4.95 | &nbsp;&nbsp; 6-15-2030 | 2214000 | &nbsp;&nbsp; 2255823 |
| American Homes 4 Rent LP | 5.50 | &nbsp;&nbsp; 7-15-2034 | 1180000 | &nbsp;&nbsp; 1217706 |
| Brixmor Operating Partnership LP | 2.50 | &nbsp;&nbsp; 8-16-2031 | 2774000 | &nbsp;&nbsp; 2470895 |
| Brixmor Operating Partnership LP | 4.85 | &nbsp;&nbsp; 2-15-2033 | 1209000 | &nbsp;&nbsp; 1205832 |
| Crown Castle, Inc. | 2.10 | &nbsp;&nbsp; 4-1-2031 | 145000 | &nbsp;&nbsp; 127135 |
| Essex Portfolio LP | 2.55 | &nbsp;&nbsp; 6-15-2031 | 1496000 | &nbsp;&nbsp; 1345665 |
| Essex Portfolio LP | 5.50 | &nbsp;&nbsp; 4-1-2034 | 581000 | &nbsp;&nbsp; 604266 |
| Invitation Homes Operating Partnership LP | 2.00 | &nbsp;&nbsp; 8-15-2031 | 500000 | &nbsp;&nbsp; 432930 |
| Invitation Homes Operating Partnership LP | 4.15 | &nbsp;&nbsp; 4-15-2032 | 2886000 | &nbsp;&nbsp; 2792223 |
| Invitation Homes Operating Partnership LP | 4.88 | &nbsp;&nbsp; 2-1-2035 | 2563000 | &nbsp;&nbsp; 2537229 |
| Invitation Homes Operating Partnership LP | 4.95 | &nbsp;&nbsp; 1-15-2033 | 2926000 | &nbsp;&nbsp; 2939402 |
| Kimco Realty OP LLC | 4.85 | &nbsp;&nbsp; 3-1-2035 | 2308000 | &nbsp;&nbsp; 2296843 |
| Kimco Realty OP LLC | 5.30 | &nbsp;&nbsp; 2-1-2036 | 2652000 | &nbsp;&nbsp; 2715997 |
| Realty Income Corp. | 2.10 | &nbsp;&nbsp; 3-15-2028 | 1627000 | &nbsp;&nbsp; 1555832 |
| Realty Income Corp. | 2.85 | &nbsp;&nbsp; 12-15-2032 | 2099000 | &nbsp;&nbsp; 1877921 |

---

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

Allspring Core Bond Portfolio \| 33

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **REITs**(continued) |  |  |  |  |
| Realty Income Corp. | 3.40<br> %<br>| &nbsp;&nbsp; 1-15-2030 | $1738000 | &nbsp;&nbsp; $1683606 |
| Realty Income Corp. | 3.95 | &nbsp;&nbsp; 2-1-2029 | 2561000 | &nbsp;&nbsp; 2548253 |
| Realty Income Corp. | 4.50 | &nbsp;&nbsp; 2-1-2033 | 2185000 | &nbsp;&nbsp; 2157719 |
| Realty Income Corp. | 4.90 | &nbsp;&nbsp; 7-15-2033 | 2497000 | &nbsp;&nbsp; 2532068 |
| Regency Centers LP | 2.95 | &nbsp;&nbsp; 9-15-2029 | 3971000 | &nbsp;&nbsp; 3799910 |
| Regency Centers LP | 5.00 | &nbsp;&nbsp; 7-15-2032 | 2508000 | &nbsp;&nbsp; 2568729 |
| Regency Centers LP | 5.25 | &nbsp;&nbsp; 1-15-2034 | 3404000 | &nbsp;&nbsp; 3505737 |
| Store Capital LLC | 2.70 | &nbsp;&nbsp; 12-1-2031 | 1009000 | &nbsp;&nbsp; 885022 |
| Store Capital LLC | 2.75 | &nbsp;&nbsp; 11-18-2030 | 2035000 | &nbsp;&nbsp; 1851601 |
| Sun Communities Operating LP | 4.20 | &nbsp;&nbsp; 4-15-2032 | 3184000 | &nbsp;&nbsp; 3103589 |
|  |  |  |  | &nbsp;&nbsp; **62171734** |
| **Industrial: 1.37%** |  |  |  |  |
| **Aerospace/defense: 0.43%** |  |  |  |  |
| Boeing Co. | 5.81 | &nbsp;&nbsp; 5-1-2050 | 2972000 | &nbsp;&nbsp; 2951811 |
| Boeing Co. | 6.86 | &nbsp;&nbsp; 5-1-2054 | 1776000 | &nbsp;&nbsp; 2021456 |
| General Electric Co. | 4.30 | &nbsp;&nbsp; 7-29-2030 | 5157000 | &nbsp;&nbsp; 5195889 |
| General Electric Co. | 4.90 | &nbsp;&nbsp; 1-29-2036 | 4688000 | &nbsp;&nbsp; 4775071 |
| Howmet Aerospace, Inc. | 4.85 | &nbsp;&nbsp; 10-15-2031 | 2281000 | &nbsp;&nbsp; 2341806 |
| Northrop Grumman Corp. | 4.65 | &nbsp;&nbsp; 7-15-2030 | 2445000 | &nbsp;&nbsp; 2490666 |
| Northrop Grumman Corp. | 5.25 | &nbsp;&nbsp; 7-15-2035 | 2268000 | &nbsp;&nbsp; 2354551 |
|  |  |  |  | &nbsp;&nbsp; **22131250** |
| **Machinery-construction & mining: 0.25%** |  |  |  |  |
| Caterpillar Financial Services Corp. | 4.38 | &nbsp;&nbsp; 8-16-2029 | 1927000 | &nbsp;&nbsp; 1957001 |
| Caterpillar Financial Services Corp. | 5.00 | &nbsp;&nbsp; 5-14-2027 | 5124000 | &nbsp;&nbsp; 5209804 |
| Caterpillar, Inc. | 5.20 | &nbsp;&nbsp; 5-15-2035 | 5604000 | &nbsp;&nbsp; 5821319 |
|  |  |  |  | &nbsp;&nbsp; **12988124** |
| **Machinery-diversified: 0.50%** |  |  |  |  |
| Deere & Co. | 5.45 | &nbsp;&nbsp; 1-16-2035 | 7180000 | &nbsp;&nbsp; 7574522 |
| Deere & Co. | 5.70 | &nbsp;&nbsp; 1-19-2055 | 3557000 | &nbsp;&nbsp; 3738761 |
| John Deere Capital Corp. | 4.15 | &nbsp;&nbsp; 9-15-2027 | 3359000 | &nbsp;&nbsp; 3377721 |
| John Deere Capital Corp. | 4.50 | &nbsp;&nbsp; 1-8-2027 | 4235000 | &nbsp;&nbsp; 4264940 |
| John Deere Capital Corp. | 4.65 | &nbsp;&nbsp; 1-7-2028 | 2983000 | &nbsp;&nbsp; 3030143 |
| John Deere Capital Corp. | 4.85 | &nbsp;&nbsp; 6-11-2029 | 556000 | &nbsp;&nbsp; 571437 |
| John Deere Capital Corp. | 5.15 | &nbsp;&nbsp; 9-8-2026 | 3134000 | &nbsp;&nbsp; 3164800 |
|  |  |  |  | &nbsp;&nbsp; **25722324** |
| **Transportation: 0.19%** |  |  |  |  |
| Crowley Conro LLC | 4.18 | &nbsp;&nbsp; 8-15-2043 | 2087244 | &nbsp;&nbsp; 1922973 |
| Norfolk Southern Corp. | 5.10 | &nbsp;&nbsp; 5-1-2035 | 2945000 | &nbsp;&nbsp; 3011712 |
| Union Pacific Corp. | 5.60 | &nbsp;&nbsp; 12-1-2054 | 1325000 | &nbsp;&nbsp; 1342306 |
| United Parcel Service, Inc. | 6.05 | &nbsp;&nbsp; 5-14-2065 | 3392000 | &nbsp;&nbsp; 3559573 |
|  |  |  |  | &nbsp;&nbsp; **9836564** |

---

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

34 \| Allspring Core Bond Portfolio

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Technology: 2.54%** |  |  |  |  |
| **Computers: 0.27%** |  |  |  |  |
| Accenture Capital, Inc. | 4.25<br> %<br>| &nbsp;&nbsp; 10-4-2031 | $2139000 | &nbsp;&nbsp; $2135219 |
| Apple, Inc. | 2.38 | &nbsp;&nbsp; 2-8-2041 | 1225000 | &nbsp;&nbsp; 880384 |
| Apple, Inc. | 2.65 | &nbsp;&nbsp; 5-11-2050 | 2365000 | &nbsp;&nbsp; 1504876 |
| Apple, Inc. | 3.95 | &nbsp;&nbsp; 8-8-2052 | 3223000 | &nbsp;&nbsp; 2608575 |
| Apple, Inc. | 4.00 | &nbsp;&nbsp; 5-12-2028 | 2576000 | &nbsp;&nbsp; 2588050 |
| Apple, Inc. | 4.20 | &nbsp;&nbsp; 5-12-2030 | 4428000 | &nbsp;&nbsp; 4468022 |
|  |  |  |  | &nbsp;&nbsp; **14185126** |
| **Semiconductors: 1.00%** |  |  |  |  |
| Broadcom, Inc. | 4.15 | &nbsp;&nbsp; 2-15-2028 | 4191000 | &nbsp;&nbsp; 4203213 |
| Broadcom, Inc. | 4.55 | &nbsp;&nbsp; 2-15-2032 | 4270000 | &nbsp;&nbsp; 4297960 |
| Broadcom, Inc. | 4.60 | &nbsp;&nbsp; 7-15-2030 | 5553000 | &nbsp;&nbsp; 5634977 |
| Broadcom, Inc. | 4.80 | &nbsp;&nbsp; 10-15-2034 | 5978000 | &nbsp;&nbsp; 6006624 |
| Broadcom, Inc. | 4.90 | &nbsp;&nbsp; 7-15-2032 | 3466000 | &nbsp;&nbsp; 3543299 |
| Broadcom, Inc.144A | 4.93 | &nbsp;&nbsp; 5-15-2037 | 2407000 | &nbsp;&nbsp; 2396616 |
| Broadcom, Inc. | 5.05 | &nbsp;&nbsp; 7-12-2029 | 6144000 | &nbsp;&nbsp; 6326559 |
| Broadcom, Inc. | 5.15 | &nbsp;&nbsp; 11-15-2031 | 5731000 | &nbsp;&nbsp; 5958058 |
| Broadcom, Inc. | 5.20 | &nbsp;&nbsp; 7-15-2035 | 1862000 | &nbsp;&nbsp; 1918020 |
| Foundry JV Holdco LLC144A | 5.50 | &nbsp;&nbsp; 1-25-2031 | 1250000 | &nbsp;&nbsp; 1296398 |
| Foundry JV Holdco LLC144A | 5.90 | &nbsp;&nbsp; 1-25-2033 | 1459000 | &nbsp;&nbsp; 1535752 |
| Foundry JV Holdco LLC144A | 6.30 | &nbsp;&nbsp; 1-25-2039 | 1163000 | &nbsp;&nbsp; 1236970 |
| Intel Corp. | 2.80 | &nbsp;&nbsp; 8-12-2041 | 1447000 | &nbsp;&nbsp; 1018460 |
| Intel Corp. | 3.25 | &nbsp;&nbsp; 11-15-2049 | 847000 | &nbsp;&nbsp; 564366 |
| Intel Corp. | 5.63 | &nbsp;&nbsp; 2-10-2043 | 965000 | &nbsp;&nbsp; 952247 |
| Intel Corp. | 5.90 | &nbsp;&nbsp; 2-10-2063 | 1267000 | &nbsp;&nbsp; 1237556 |
| Texas Instruments, Inc. | 5.00 | &nbsp;&nbsp; 3-14-2053 | 2012000 | &nbsp;&nbsp; 1892812 |
| Texas Instruments, Inc. | 5.15 | &nbsp;&nbsp; 2-8-2054 | 1699000 | &nbsp;&nbsp; 1630080 |
|  |  |  |  | &nbsp;&nbsp; **51649967** |
| **Software: 1.27%** |  |  |  |  |
| Cadence Design Systems, Inc. | 4.20 | &nbsp;&nbsp; 9-10-2027 | 3183000 | &nbsp;&nbsp; 3191975 |
| Cadence Design Systems, Inc. | 4.30 | &nbsp;&nbsp; 9-10-2029 | 8839000 | &nbsp;&nbsp; 8874226 |
| Cadence Design Systems, Inc. | 4.70 | &nbsp;&nbsp; 9-10-2034 | 7223000 | &nbsp;&nbsp; 7241550 |
| Oracle Corp. | 4.00 | &nbsp;&nbsp; 7-15-2046 | 2923000 | &nbsp;&nbsp; 2190696 |
| Oracle Corp. | 4.45 | &nbsp;&nbsp; 9-26-2030 | 3590000 | &nbsp;&nbsp; 3560349 |
| Oracle Corp. | 4.80 | &nbsp;&nbsp; 9-26-2032 | 3590000 | &nbsp;&nbsp; 3553039 |
| Oracle Corp. | 5.20 | &nbsp;&nbsp; 9-26-2035 | 3590000 | &nbsp;&nbsp; 3535448 |
| Oracle Corp. | 5.38 | &nbsp;&nbsp; 9-27-2054 | 2197000 | &nbsp;&nbsp; 1931359 |
| Oracle Corp. | 5.55 | &nbsp;&nbsp; 2-6-2053 | 1811000 | &nbsp;&nbsp; 1626808 |
| Oracle Corp. | 5.88 | &nbsp;&nbsp; 9-26-2045 | 3415000 | &nbsp;&nbsp; 3288118 |
| Oracle Corp. | 5.95 | &nbsp;&nbsp; 9-26-2055 | 4682000 | &nbsp;&nbsp; 4438978 |
| Oracle Corp. | 6.00 | &nbsp;&nbsp; 8-3-2055 | 5073000 | &nbsp;&nbsp; 4852405 |
| Oracle Corp. | 6.10 | &nbsp;&nbsp; 9-26-2065 | 3415000 | &nbsp;&nbsp; 3256593 |
| Synopsys, Inc. | 4.65 | &nbsp;&nbsp; 4-1-2028 | 2568000 | &nbsp;&nbsp; 2596960 |
| Synopsys, Inc. | 4.85 | &nbsp;&nbsp; 4-1-2030 | 3673000 | &nbsp;&nbsp; 3738404 |
| Synopsys, Inc. | 5.00 | &nbsp;&nbsp; 4-1-2032 | 2939000 | &nbsp;&nbsp; 3000835 |

---

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

Allspring Core Bond Portfolio \| 35

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Software**(continued) |  |  |  |  |
| Synopsys, Inc. | 5.15<br> %<br>| &nbsp;&nbsp; 4-1-2035 | $2563000 | &nbsp;&nbsp; $2603522 |
| Synopsys, Inc. | 5.70 | &nbsp;&nbsp; 4-1-2055 | 2050000 | &nbsp;&nbsp; 2071032 |
|  |  |  |  | &nbsp;&nbsp; **65552297** |
| **Utilities: 2.51%** |  |  |  |  |
| **Electric: 2.51%** |  |  |  |  |
| American Transmission Systems, Inc.144A | 2.65 | &nbsp;&nbsp; 1-15-2032 | 1047000 | &nbsp;&nbsp; 944112 |
| Arizona Public Service Co. | 5.90 | &nbsp;&nbsp; 8-15-2055 | 2926000 | &nbsp;&nbsp; 3015307 |
| Baltimore Gas & Electric Co. | 2.25 | &nbsp;&nbsp; 6-15-2031 | 2247000 | &nbsp;&nbsp; 2019351 |
| Baltimore Gas & Electric Co. | 5.45 | &nbsp;&nbsp; 6-1-2035 | 2950000 | &nbsp;&nbsp; 3072559 |
| CenterPoint Energy Houston Electric LLC Series AH | 3.60 | &nbsp;&nbsp; 3-1-2052 | 1659000 | &nbsp;&nbsp; 1242426 |
| CenterPoint Energy Houston Electric LLC Series AQ | 4.95 | &nbsp;&nbsp; 8-15-2035 | 3533000 | &nbsp;&nbsp; 3554992 |
| Consolidated Edison Co. of New York, Inc. | 3.20 | &nbsp;&nbsp; 12-1-2051 | 503000 | &nbsp;&nbsp; 344433 |
| Consolidated Edison Co. of New York, Inc. | 3.70 | &nbsp;&nbsp; 11-15-2059 | 856000 | &nbsp;&nbsp; 617603 |
| Consumers Energy Co. | 4.50 | &nbsp;&nbsp; 1-15-2031 | 4410000 | &nbsp;&nbsp; 4455663 |
| Consumers Energy Co. | 5.05 | &nbsp;&nbsp; 5-15-2035 | 3259000 | &nbsp;&nbsp; 3322188 |
| DTE Electric Co. | 2.95 | &nbsp;&nbsp; 3-1-2050 | 2623000 | &nbsp;&nbsp; 1775478 |
| DTE Electric Co. Series B | 3.65 | &nbsp;&nbsp; 3-1-2052 | 1201000 | &nbsp;&nbsp; 906215 |
| Duke Energy Carolinas LLC | 2.55 | &nbsp;&nbsp; 4-15-2031 | 1025000 | &nbsp;&nbsp; 940889 |
| Duke Energy Carolinas LLC | 2.85 | &nbsp;&nbsp; 3-15-2032 | 2790000 | &nbsp;&nbsp; 2550506 |
| Duke Energy Carolinas LLC | 3.55 | &nbsp;&nbsp; 3-15-2052 | 2032000 | &nbsp;&nbsp; 1499340 |
| Duke Energy Carolinas LLC | 5.35 | &nbsp;&nbsp; 1-15-2053 | 1968000 | &nbsp;&nbsp; 1937252 |
| Duke Energy Corp. | 3.50 | &nbsp;&nbsp; 6-15-2051 | 1392000 | &nbsp;&nbsp; 985179 |
| Duke Energy Corp. | 4.95 | &nbsp;&nbsp; 9-15-2035 | 5167000 | &nbsp;&nbsp; 5137610 |
| Duke Energy Florida LLC | 2.40 | &nbsp;&nbsp; 12-15-2031 | 2239000 | &nbsp;&nbsp; 2014152 |
| Duke Energy Progress LLC | 2.50 | &nbsp;&nbsp; 8-15-2050 | 2267000 | &nbsp;&nbsp; 1365458 |
| Duke Energy Progress LLC | 3.70 | &nbsp;&nbsp; 10-15-2046 | 511000 | &nbsp;&nbsp; 398392 |
| Entergy Arkansas LLC | 2.65 | &nbsp;&nbsp; 6-15-2051 | 2023000 | &nbsp;&nbsp; 1235896 |
| Entergy Arkansas LLC | 5.15 | &nbsp;&nbsp; 1-15-2033 | 3370000 | &nbsp;&nbsp; 3491663 |
| Entergy Mississippi LLC | 5.80 | &nbsp;&nbsp; 4-15-2055 | 2197000 | &nbsp;&nbsp; 2254645 |
| Exelon Corp. | 5.88 | &nbsp;&nbsp; 3-15-2055 | 3383000 | &nbsp;&nbsp; 3460394 |
| FirstEnergy Pennsylvania Electric Co.144A | 3.25 | &nbsp;&nbsp; 3-15-2028 | 2188000 | &nbsp;&nbsp; 2140562 |
| FirstEnergy Pennsylvania Electric Co.144A | 4.30 | &nbsp;&nbsp; 1-15-2029 | 2641000 | &nbsp;&nbsp; 2641277 |
| FirstEnergy Pennsylvania Electric Co.144A | 5.20 | &nbsp;&nbsp; 4-1-2028 | 1729000 | &nbsp;&nbsp; 1766851 |
| Georgia Power Co. | 4.00 | &nbsp;&nbsp; 10-1-2028 | 1843000 | &nbsp;&nbsp; 1841640 |
| Georgia Power Co. | 4.85 | &nbsp;&nbsp; 3-15-2031 | 1582000 | &nbsp;&nbsp; 1623470 |
| Jersey Central Power & Light Co.144A | 2.75 | &nbsp;&nbsp; 3-1-2032 | 2468000 | &nbsp;&nbsp; 2213726 |
| Jersey Central Power & Light Co.144A | 4.15 | &nbsp;&nbsp; 1-15-2029 | 2376000 | &nbsp;&nbsp; 2373619 |
| Jersey Central Power & Light Co.144A | 4.40 | &nbsp;&nbsp; 1-15-2031 | 3963000 | &nbsp;&nbsp; 3945914 |
| Jersey Central Power & Light Co. | 5.10 | &nbsp;&nbsp; 1-15-2035 | 1999000 | &nbsp;&nbsp; 2027312 |
| MidAmerican Energy Co. | 2.70 | &nbsp;&nbsp; 8-1-2052 | 1947000 | &nbsp;&nbsp; 1228651 |
| Mississippi Power Co. Series 12-A | 4.25 | &nbsp;&nbsp; 3-15-2042 | 1143000 | &nbsp;&nbsp; 999612 |
| Mississippi Power Co. Series B | 3.10 | &nbsp;&nbsp; 7-30-2051 | 2694000 | &nbsp;&nbsp; 1819274 |
| Northern States Power Co. | 5.05 | &nbsp;&nbsp; 5-15-2035 | 3675000 | &nbsp;&nbsp; 3767652 |
| Northern States Power Co. | 5.40 | &nbsp;&nbsp; 3-15-2054 | 1360000 | &nbsp;&nbsp; 1356052 |
| Northern States Power Co. | 5.65 | &nbsp;&nbsp; 6-15-2054 | 1474000 | &nbsp;&nbsp; 1532576 |
| NRG Energy, Inc.144A | 5.41 | &nbsp;&nbsp; 10-15-2035 | 1710000 | &nbsp;&nbsp; 1706246 |
| Ohio Edison Co.144A | 4.95 | &nbsp;&nbsp; 12-15-2029 | 2212000 | &nbsp;&nbsp; 2264616 |

---

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

36 \| Allspring Core Bond Portfolio

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Electric**(continued) |  |  |  |  |
| Oncor Electric Delivery Co. LLC144A | 5.35<br> %<br>| &nbsp;&nbsp; 4-1-2035 | $2065000 | &nbsp;&nbsp; $2142249 |
| Oncor Electric Delivery Co. LLC144A | 5.80 | &nbsp;&nbsp; 4-1-2055 | 2410000 | &nbsp;&nbsp; 2485878 |
| Pacific Gas & Electric Co. | 3.50 | &nbsp;&nbsp; 8-1-2050 | 852000 | &nbsp;&nbsp; 582206 |
| Pacific Gas & Electric Co. | 3.95 | &nbsp;&nbsp; 12-1-2047 | 5140000 | &nbsp;&nbsp; 3861998 |
| Pacific Gas & Electric Co. | 4.20 | &nbsp;&nbsp; 6-1-2041 | 1305000 | &nbsp;&nbsp; 1080102 |
| Pacific Gas & Electric Co. | 4.95 | &nbsp;&nbsp; 7-1-2050 | 6416000 | &nbsp;&nbsp; 5522523 |
| Pacific Gas & Electric Co. | 5.05 | &nbsp;&nbsp; 10-15-2032 | 3706000 | &nbsp;&nbsp; 3712508 |
| Pacific Gas & Electric Co. | 6.10 | &nbsp;&nbsp; 10-15-2055 | 2346000 | &nbsp;&nbsp; 2344255 |
| PECO Energy Co. | 2.85 | &nbsp;&nbsp; 9-15-2051 | 2710000 | &nbsp;&nbsp; 1750844 |
| PPL Capital Funding, Inc. | 5.25 | &nbsp;&nbsp; 9-1-2034 | 1561000 | &nbsp;&nbsp; 1600444 |
| Public Service Co. of Oklahoma Series K | 3.15 | &nbsp;&nbsp; 8-15-2051 | 1520000 | &nbsp;&nbsp; 1008043 |
| Public Service Electric & Gas Co. | 1.90 | &nbsp;&nbsp; 8-15-2031 | 3861000 | &nbsp;&nbsp; 3400708 |
| Public Service Electric & Gas Co. | 2.05 | &nbsp;&nbsp; 8-1-2050 | 623000 | &nbsp;&nbsp; 343509 |
| Public Service Electric & Gas Co. | 2.70 | &nbsp;&nbsp; 5-1-2050 | 1051000 | &nbsp;&nbsp; 666370 |
| Public Service Electric & Gas Co. | 4.90 | &nbsp;&nbsp; 8-15-2035 | 2945000 | &nbsp;&nbsp; 2975570 |
| Sempra (5 Year Treasury Constant Maturity+2.14%)± | 6.55 | &nbsp;&nbsp; 4-1-2055 | 491000 | &nbsp;&nbsp; 502850 |
| Southern California Edison Co. Series C | 4.13 | &nbsp;&nbsp; 3-1-2048 | 252000 | &nbsp;&nbsp; 194807 |
| Trans-Allegheny Interstate Line Co.144A | 5.00 | &nbsp;&nbsp; 1-15-2031 | 3203000 | &nbsp;&nbsp; 3288792 |
| Virginia Electric & Power Co. | 2.95 | &nbsp;&nbsp; 11-15-2051 | 2247000 | &nbsp;&nbsp; 1447330 |
| Wisconsin Electric Power Co. | 4.15 | &nbsp;&nbsp; 10-15-2030 | 3159000 | &nbsp;&nbsp; 3147600 |
|  |  |  |  | &nbsp;&nbsp; **129849339** |
| **Total corporate bonds and notes (Cost $1,114,239,229)** |  |  |  | &nbsp;&nbsp; **1118585267** |
| **Municipal obligations: 0.21%** |  |  |  |  |
| **Nevada: 0.05%** |  |  |  |  |
| **Airport revenue: 0.05%** |  |  |  |  |
| County of Clark Department of Aviation Series C | 6.82 | &nbsp;&nbsp; 7-1-2045 | 2150000 | &nbsp;&nbsp; **2425853** |
| **New York: 0.07%** |  |  |  |  |
| **Airport revenue: 0.07%** |  |  |  |  |
| Port Authority of New York & New Jersey | 4.46 | &nbsp;&nbsp; 10-1-2062 | 4425000 | &nbsp;&nbsp; **3830831** |
| **Ohio: 0.02%** |  |  |  |  |
| **Education revenue: 0.02%** |  |  |  |  |
| Ohio State University Series A | 4.80 | &nbsp;&nbsp; 6-1-2111 | 1295000 | &nbsp;&nbsp; **1118969** |
| **Texas: 0.07%** |  |  |  |  |
| **Education revenue: 0.02%** |  |  |  |  |
| Board of Regents of the University of Texas System Series B | 2.44 | &nbsp;&nbsp; 8-15-2049 | 1695000 | &nbsp;&nbsp; **1078564** |
| **Transportation revenue: 0.05%** |  |  |  |  |
| North Texas Tollway Authority Series B | 6.72 | &nbsp;&nbsp; 1-1-2049 | 2331000 | &nbsp;&nbsp; **2631350** |
|  |  |  |  | &nbsp;&nbsp; **3709914** |
| **Total municipal obligations (Cost $12,149,876)** |  |  |  | &nbsp;&nbsp; **11085567** |
| **Non-agency mortgage-backed securities: 1.56%** |  |  |  |  |
| Angel Oak Mortgage Trust Series 2021-6 Class A1144A±± | 1.46 | &nbsp;&nbsp; 9-25-2066 | 2068718 | &nbsp;&nbsp; 1763018 |

---

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

Allspring Core Bond Portfolio \| 37

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Non-agency mortgage-backed securities**(continued) |  |  |  |  |
| Bank Series 2022-BNK44 Class A5±± | 5.74<br> %<br>| &nbsp;&nbsp; 11-15-2055 | $2017000 | &nbsp;&nbsp; $2140036 |
| BBCMS Mortgage Trust Series 2018-C2 Class ASB | 4.24 | &nbsp;&nbsp; 12-15-2051 | 641578 | &nbsp;&nbsp; 640066 |
| BBCMS Mortgage Trust Series 2022-C17 Class A5 | 4.44 | &nbsp;&nbsp; 9-15-2055 | 4118000 | &nbsp;&nbsp; 4067928 |
| BBCMS Mortgage Trust Series 2025-5C33 Class A4 | 5.84 | &nbsp;&nbsp; 3-15-2058 | 3235000 | &nbsp;&nbsp; 3408401 |
| BBCMS Mortgage Trust Series 2025-5C37 Class A3 | 5.02 | &nbsp;&nbsp; 9-15-2058 | 3277000 | &nbsp;&nbsp; 3353372 |
| BBCMS Mortgage Trust Series 2025-C35 Class A5±± | 5.59 | &nbsp;&nbsp; 7-15-2058 | 1285000 | &nbsp;&nbsp; 1356852 |
| Benchmark Mortgage Trust Series 2021-B25 Class A4 | 2.27 | &nbsp;&nbsp; 4-15-2054 | 1722000 | &nbsp;&nbsp; 1568786 |
| Benchmark Mortgage Trust Series 2025-V18 Class A3 | 5.18 | &nbsp;&nbsp; 10-15-2058 | 2476000 | &nbsp;&nbsp; 2548452 |
| BMO Mortgage Trust Series 2025-C11 Class A5 | 5.69 | &nbsp;&nbsp; 2-15-2058 | 2573000 | &nbsp;&nbsp; 2730613 |
| BMO Mortgage Trust Series 2025-C12 Class A5±± | 5.87 | &nbsp;&nbsp; 6-15-2058 | 1718000 | &nbsp;&nbsp; 1846952 |
| Bunker Hill Loan Depositary Trust Series 2019-2 Class A1144A±± | 2.88 | &nbsp;&nbsp; 7-25-2049 | 628765 | &nbsp;&nbsp; 616622 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust Series 2021-VOLT Class A <br> (U.S. SOFR 1 Month+0.81%)144A±<br>| 4.85 | &nbsp;&nbsp; 9-15-2036 | 10598520 | &nbsp;&nbsp; 10591976 |
| &nbsp;&nbsp; BX Trust Series 2025-VLT7 Class A (U.S. SOFR 1 <br> Month+1.70%)144A±<br>| 5.73 | &nbsp;&nbsp; 7-15-2044 | 3257000 | &nbsp;&nbsp; 3269163 |
| COLT Mortgage Loan Trust Series 2021-2 Class A1144A±± | 0.92 | &nbsp;&nbsp; 8-25-2066 | 2709576 | &nbsp;&nbsp; 2300045 |
| COLT Mortgage Loan Trust Series 2021-4 Class A1144A±± | 1.40 | &nbsp;&nbsp; 10-25-2066 | 2874734 | &nbsp;&nbsp; 2468423 |
| CSAIL Commercial Mortgage Trust Series 2019-C16 Class ASB | 3.14 | &nbsp;&nbsp; 6-15-2052 | 1787379 | &nbsp;&nbsp; 1758924 |
| GS Mortgage Securities Trust Series 2020-GSA2 Class A4 | 1.72 | &nbsp;&nbsp; 12-12-2053 | 5595000 | &nbsp;&nbsp; 4996319 |
| &nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust <br> Series 2016-JP4 Class A3<br>| 3.39 | &nbsp;&nbsp; 12-15-2049 | 894942 | &nbsp;&nbsp; 886467 |
| MFA Trust Series 2021-NQM2 Class A1144A±± | 1.03 | &nbsp;&nbsp; 11-25-2064 | 995744 | &nbsp;&nbsp; 882576 |
| Morgan Stanley BAML Trust Series 2025-5C1 Class A3 | 5.64 | &nbsp;&nbsp; 3-15-2058 | 1202000 | &nbsp;&nbsp; 1257360 |
| Morgan Stanley Capital I Trust Series 2020-HR8 Class A3 | 1.79 | &nbsp;&nbsp; 7-15-2053 | 2026231 | &nbsp;&nbsp; 1812175 |
| &nbsp;&nbsp; Starwood Mortgage Residential Trust Series 2020-INV1 <br> Class A1144A±±<br>| 1.03 | &nbsp;&nbsp; 11-25-2055 | 442537 | &nbsp;&nbsp; 420891 |
| &nbsp;&nbsp; Starwood Mortgage Residential Trust Series 2021-4 <br> Class A1144A±±<br>| 1.16 | &nbsp;&nbsp; 8-25-2056 | 2348370 | &nbsp;&nbsp; 2093436 |
| &nbsp;&nbsp; SWCH Commercial Mortgage Trust Series 2025-DATA Class A <br> (U.S. SOFR 1 Month+1.44%)144A±<br>| 5.48 | &nbsp;&nbsp; 2-15-2042 | 4650000 | &nbsp;&nbsp; 4620937 |
| Verus Securitization Trust Series 2021-1 Class A1144A±± | 0.82 | &nbsp;&nbsp; 1-25-2066 | 1110557 | &nbsp;&nbsp; 1000171 |
| Verus Securitization Trust Series 2021-2 Class A1144A±± | 1.03 | &nbsp;&nbsp; 2-25-2066 | 2118199 | &nbsp;&nbsp; 1932455 |
| Verus Securitization Trust Series 2021-3 Class A1144A±± | 1.05 | &nbsp;&nbsp; 6-25-2066 | 1872572 | &nbsp;&nbsp; 1649035 |
| Verus Securitization Trust Series 2021-4 Class A1144A±± | 0.94 | &nbsp;&nbsp; 7-25-2066 | 2382863 | &nbsp;&nbsp; 2029022 |
| Verus Securitization Trust Series 2021-5 Class A1144A±± | 1.01 | &nbsp;&nbsp; 9-25-2066 | 5705441 | &nbsp;&nbsp; 4976071 |
| Verus Securitization Trust Series 2021-7 Class A1144A±± | 1.83 | &nbsp;&nbsp; 10-25-2066 | 2610260 | &nbsp;&nbsp; 2390837 |
| Verus Securitization Trust Series 2021-8 Class A1144A±± | 1.82 | &nbsp;&nbsp; 11-25-2066 | 2352197 | &nbsp;&nbsp; 2182164 |
| Verus Securitization Trust Series 2021-R1 Class A1144A±± | 0.82 | &nbsp;&nbsp; 10-25-2063 | 518462 | &nbsp;&nbsp; 499430 |
| Verus Securitization Trust Series 2021-R3 Class A1144A±± | 1.02 | &nbsp;&nbsp; 4-25-2064 | 832141 | &nbsp;&nbsp; 793539 |
| **Total non-agency mortgage-backed securities (Cost $84,716,391)** |  |  |  | &nbsp;&nbsp; **80852514** |
| **U.S. Treasury securities: 21.13%** |  |  |  |  |
| U.S. Treasury Bonds | 1.13 | &nbsp;&nbsp; 8-15-2040 | 39235000 | &nbsp;&nbsp; 24967867 |
| U.S. Treasury Bonds | 1.38 | &nbsp;&nbsp; 11-15-2040 | 34279000 | &nbsp;&nbsp; 22582630 |
| U.S. Treasury Bonds | 1.38 | &nbsp;&nbsp; 8-15-2050 | 17714000 | &nbsp;&nbsp; 9027912 |
| U.S. Treasury Bonds | 1.63 | &nbsp;&nbsp; 11-15-2050 | 49378000 | &nbsp;&nbsp; 26845430 |
| U.S. Treasury Bonds | 1.75 | &nbsp;&nbsp; 8-15-2041 | 86625000 | &nbsp;&nbsp; 59311055 |
| U.S. Treasury Bonds | 2.00 | &nbsp;&nbsp; 11-15-2041 | 125344000 | &nbsp;&nbsp; 88827768 |

---

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

38 \| Allspring Core Bond Portfolio

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |
| U.S. Treasury Bonds | 2.25<br> %<br>| &nbsp;&nbsp; 8-15-2049 | $28349000 | &nbsp;&nbsp; $18307253 |
| U.S. Treasury Bonds | 2.38 | &nbsp;&nbsp; 2-15-2042 | 8000 | &nbsp;&nbsp; 5981 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 2-15-2048 | 62523000 | &nbsp;&nbsp; 47720191 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 8-15-2048 | 46339000 | &nbsp;&nbsp; 35206779 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 2-15-2049 | 49833000 | &nbsp;&nbsp; 37695939 |
| U.S. Treasury Bonds | 3.13 | &nbsp;&nbsp; 5-15-2048 | 36805000 | &nbsp;&nbsp; 28677709 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 5-15-2055 | 117059000 | &nbsp;&nbsp; 118595399 |
| U.S. Treasury Bonds | 4.88 | &nbsp;&nbsp; 8-15-2045 | 67176000 | &nbsp;&nbsp; 69191280 |
| U.S. Treasury Notes | 3.50 | &nbsp;&nbsp; 10-31-2027 | 19580000 | &nbsp;&nbsp; 19543288 |
| U.S. Treasury Notes | 3.50 | &nbsp;&nbsp; 10-15-2028 | 21010000 | &nbsp;&nbsp; 20952551 |
| U.S. Treasury Notes | 3.63 | &nbsp;&nbsp; 3-31-2030 | 16761000 | &nbsp;&nbsp; 16720407 |
| U.S. Treasury Notes | 3.63 | &nbsp;&nbsp; 9-30-2030 | 89709000 | &nbsp;&nbsp; 89372591 |
| U.S. Treasury Notes## | 3.63 | &nbsp;&nbsp; 10-31-2030 | 144352000 | &nbsp;&nbsp; 143821957 |
| U.S. Treasury Notes | 3.75 | &nbsp;&nbsp; 6-30-2030 | 35071000 | &nbsp;&nbsp; 35142238 |
| U.S. Treasury Notes | 3.75 | &nbsp;&nbsp; 10-31-2032 | 36329000 | &nbsp;&nbsp; 36022474 |
| U.S. Treasury Notes | 4.13 | &nbsp;&nbsp; 8-31-2030 | 33461000 | &nbsp;&nbsp; 34060945 |
| U.S. Treasury Notes | 4.25 | &nbsp;&nbsp; 8-15-2035 | 74838000 | &nbsp;&nbsp; 75773475 |
| U.S. Treasury Notes | 4.63 | &nbsp;&nbsp; 9-30-2030 | 34436000 | &nbsp;&nbsp; 35832272 |
| **Total U.S. Treasury securities (Cost $1,084,582,550)** |  |  |  | &nbsp;&nbsp; **1094205391** |
| **Yankee corporate bonds and notes: 3.73%** |  |  |  |  |
| **Basic materials: 0.11%** |  |  |  |  |
| **Forest products & paper: 0.05%** |  |  |  |  |
| Suzano Netherlands BV | 5.50 | &nbsp;&nbsp; 1-15-2036 | 2590000 | &nbsp;&nbsp; **2583162** |
| **Iron/steel: 0.06%** |  |  |  |  |
| Gerdau Trade, Inc. | 5.75 | &nbsp;&nbsp; 6-9-2035 | 2726000 | &nbsp;&nbsp; **2831987** |
| **Consumer, non-cyclical: 0.35%** |  |  |  |  |
| **Agriculture: 0.07%** |  |  |  |  |
| Imperial Brands Finance PLC144A | 5.63 | &nbsp;&nbsp; 7-1-2035 | 3395000 | &nbsp;&nbsp; **3465068** |
| **Food: 0.28%** |  |  |  |  |
| JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl | 3.00 | &nbsp;&nbsp; 5-15-2032 | 3328000 | &nbsp;&nbsp; 2980396 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl | 3.63 | &nbsp;&nbsp; 1-15-2032 | 4477000 | &nbsp;&nbsp; 4180608 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl | 5.75 | &nbsp;&nbsp; 4-1-2033 | 1100000 | &nbsp;&nbsp; 1145906 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl | 6.50 | &nbsp;&nbsp; 12-1-2052 | 2323000 | &nbsp;&nbsp; 2409671 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl | 7.25 | &nbsp;&nbsp; 11-15-2053 | 3560000 | &nbsp;&nbsp; 4033064 |
|  |  |  |  | &nbsp;&nbsp; **14749645** |
| **Energy: 0.28%** |  |  |  |  |
| **Oil & gas: 0.20%** |  |  |  |  |
| Aker BP ASA144A | 5.25 | &nbsp;&nbsp; 10-30-2035 | 5966000 | &nbsp;&nbsp; 5866690 |
| Aker BP ASA144A | 5.80 | &nbsp;&nbsp; 10-1-2054 | 825000 | &nbsp;&nbsp; 763897 |
| Equinor ASA | 5.13 | &nbsp;&nbsp; 6-3-2035 | 1474000 | &nbsp;&nbsp; 1521973 |
| Petroleos Mexicanos | 2.46 | &nbsp;&nbsp; 12-15-2025 | 403250 | &nbsp;&nbsp; 401599 |

---

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

Allspring Core Bond Portfolio \| 39

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Oil & gas**(continued) |  |  |  |  |
| TotalEnergies Capital SA | 5.43<br> %<br>| &nbsp;&nbsp; 9-10-2064 | $883000 | &nbsp;&nbsp; $846078 |
| TotalEnergies Capital SA | 5.64 | &nbsp;&nbsp; 4-5-2064 | 849000 | &nbsp;&nbsp; 844106 |
|  |  |  |  | &nbsp;&nbsp; **10244343** |
| **Pipelines: 0.08%** |  |  |  |  |
| Galaxy Pipeline Assets Bidco Ltd.144A | 2.16 | &nbsp;&nbsp; 3-31-2034 | 2547849 | &nbsp;&nbsp; 2314706 |
| Galaxy Pipeline Assets Bidco Ltd.144A | 2.63 | &nbsp;&nbsp; 3-31-2036 | 2354000 | &nbsp;&nbsp; 2079930 |
|  |  |  |  | &nbsp;&nbsp; **4394636** |
| **Financial: 2.25%** |  |  |  |  |
| **Banks: 2.22%** |  |  |  |  |
| Banco Santander SA%% | 4.55 | &nbsp;&nbsp; 11-6-2030 | 5400000 | &nbsp;&nbsp; 5404270 |
| Banco Santander SA%% | 5.13 | &nbsp;&nbsp; 11-6-2035 | 3800000 | &nbsp;&nbsp; 3803331 |
| CaixaBank SA (U.S. SOFR+1.14%)144A± | 4.63 | &nbsp;&nbsp; 7-3-2029 | 5586000 | &nbsp;&nbsp; 5626040 |
| CaixaBank SA (U.S. SOFR+1.36%)144A± | 4.89 | &nbsp;&nbsp; 7-3-2031 | 5586000 | &nbsp;&nbsp; 5655566 |
| CaixaBank SA (U.S. SOFR+1.79%)144A± | 5.58 | &nbsp;&nbsp; 7-3-2036 | 3334000 | &nbsp;&nbsp; 3424567 |
| Canadian Imperial Bank of Commerce (U.S. SOFR+0.60%)± | 4.24 | &nbsp;&nbsp; 9-8-2028 | 5185000 | &nbsp;&nbsp; 5190303 |
| Canadian Imperial Bank of Commerce (U.S. SOFR+1.17%)± | 4.58 | &nbsp;&nbsp; 9-8-2031 | 5548000 | &nbsp;&nbsp; 5566171 |
| Credit Agricole SA (U.S. SOFR+1.36%)144A± | 4.82 | &nbsp;&nbsp; 9-25-2033 | 4815000 | &nbsp;&nbsp; 4786667 |
| HSBC Holdings PLC (U.S. SOFR+1.19%)±%% | 4.62 | &nbsp;&nbsp; 11-6-2031 | 4800000 | &nbsp;&nbsp; 4805308 |
| HSBC Holdings PLC (U.S. SOFR+1.43%)±%% | 5.13 | &nbsp;&nbsp; 11-6-2036 | 3995000 | &nbsp;&nbsp; 3992379 |
| &nbsp;&nbsp; Lloyds Banking Group PLC (1 Year Treasury Constant <br> Maturity+0.82%)±%%<br>| 4.43 | &nbsp;&nbsp; 11-4-2031 | 4801000 | &nbsp;&nbsp; 4792730 |
| &nbsp;&nbsp; Lloyds Banking Group PLC (1 Year Treasury Constant <br> Maturity+0.97%)±%%<br>| 4.94 | &nbsp;&nbsp; 11-4-2036 | 5436000 | &nbsp;&nbsp; 5379983 |
| &nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury Constant <br> Maturity+0.80%)±<br>| 4.53 | &nbsp;&nbsp; 9-12-2031 | 4830000 | &nbsp;&nbsp; 4850522 |
| &nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury Constant <br> Maturity+0.93%)±<br>| 5.19 | &nbsp;&nbsp; 9-12-2036 | 4856000 | &nbsp;&nbsp; 4957870 |
| Royal Bank of Canada (U.S. SOFR+1.06%)± | 4.70 | &nbsp;&nbsp; 8-6-2031 | 5889000 | &nbsp;&nbsp; 5963388 |
| &nbsp;&nbsp; Societe Generale SA (1 Year Treasury Constant <br> Maturity+2.95%)144A±<br>| 7.13 | &nbsp;&nbsp; 1-19-2055 | 4323000 | &nbsp;&nbsp; 4616180 |
| Sumitomo Mitsui Financial Group, Inc. (U.S. SOFR+1.19%)± | 4.66 | &nbsp;&nbsp; 7-8-2031 | 3004000 | &nbsp;&nbsp; 3037399 |
| Sumitomo Mitsui Trust Bank Ltd.144A | 4.35 | &nbsp;&nbsp; 9-11-2030 | 3287000 | &nbsp;&nbsp; 3301717 |
| Sumitomo Mitsui Trust Group, Inc. (U.S. SOFR+1.65%)144A± | 5.42 | &nbsp;&nbsp; 9-11-2036 | 4255000 | &nbsp;&nbsp; 4318896 |
| Toronto-Dominion Bank | 4.93 | &nbsp;&nbsp; 10-15-2035 | 4411000 | &nbsp;&nbsp; 4420355 |
| UBS Group AG (U.S. SOFR+0.84%)144A± | 4.15 | &nbsp;&nbsp; 12-23-2029 | 5929000 | &nbsp;&nbsp; 5915621 |
| UBS Group AG (U.S. SOFR+1.06%)144A± | 4.40 | &nbsp;&nbsp; 9-23-2031 | 5883000 | &nbsp;&nbsp; 5861718 |
| UBS Group AG (U.S. SOFR+1.34%)144A± | 5.01 | &nbsp;&nbsp; 3-23-2037 | 9203000 | &nbsp;&nbsp; 9159801 |
|  |  |  |  | &nbsp;&nbsp; **114830782** |
| **Diversified financial services: 0.03%** |  |  |  |  |
| Brookfield Asset Management Ltd. | 6.08 | &nbsp;&nbsp; 9-15-2055 | 1732000 | &nbsp;&nbsp; **1793130** |

---

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

40 \| Allspring Core Bond Portfolio

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Industrial: 0.62%** |  |  |  |  |
| **Aerospace/defense: 0.14%** |  |  |  |  |
| Embraer Netherlands Finance BV | 5.40<br> %<br>| &nbsp;&nbsp; 1-9-2038 | $2569000 | &nbsp;&nbsp; $2569000 |
| Embraer Netherlands Finance BV | 5.98 | &nbsp;&nbsp; 2-11-2035 | 4442000 | &nbsp;&nbsp; 4776261 |
|  |  |  |  | &nbsp;&nbsp; **7345261** |
| **Building materials: 0.02%** |  |  |  |  |
| CRH SMW Finance DAC | 5.13 | &nbsp;&nbsp; 1-9-2030 | 1075000 | &nbsp;&nbsp; **1106215** |
| **Machinery-construction & mining: 0.05%** |  |  |  |  |
| Eaton Capital ULC | 4.45 | &nbsp;&nbsp; 5-9-2030 | 2398000 | &nbsp;&nbsp; **2420252** |
| **Miscellaneous manufacturing: 0.41%** |  |  |  |  |
| Siemens Funding BV144A | 4.35 | &nbsp;&nbsp; 5-26-2028 | 5576000 | &nbsp;&nbsp; 5630622 |
| Siemens Funding BV144A | 4.60 | &nbsp;&nbsp; 5-28-2030 | 3721000 | &nbsp;&nbsp; 3787614 |
| Siemens Funding BV144A | 4.90 | &nbsp;&nbsp; 5-28-2032 | 4484000 | &nbsp;&nbsp; 4612268 |
| Siemens Funding BV144A | 5.20 | &nbsp;&nbsp; 5-28-2035 | 4484000 | &nbsp;&nbsp; 4644477 |
| Siemens Funding BV144A | 5.80 | &nbsp;&nbsp; 5-28-2055 | 2398000 | &nbsp;&nbsp; 2558673 |
|  |  |  |  | &nbsp;&nbsp; **21233654** |
| **Utilities: 0.12%** |  |  |  |  |
| **Electric: 0.12%** |  |  |  |  |
| Chile Electricity Lux MPC II Sarl144A | 5.58 | &nbsp;&nbsp; 10-20-2035 | 2191566 | &nbsp;&nbsp; 2254683 |
| Chile Electricity Lux MPC II Sarl144A | 5.67 | &nbsp;&nbsp; 10-20-2035 | 3964000 | &nbsp;&nbsp; 4114394 |
|  |  |  |  | &nbsp;&nbsp; **6369077** |
| **Total yankee corporate bonds and notes (Cost $190,868,163)** |  |  |  | &nbsp;&nbsp; **193367212** |
| **Yankee government bonds: 1.50%** |  |  |  |  |
| **Australia: 0.11%** |  |  |  |  |
| Export Finance & Insurance Corp.144A | 4.63 | &nbsp;&nbsp; 10-26-2027 | 5815000 | &nbsp;&nbsp; **5913040** |
| **Indonesia: 0.19%** |  |  |  |  |
| Indonesia | 4.30 | &nbsp;&nbsp; 4-16-2031 | 4835000 | &nbsp;&nbsp; 4847783 |
| Indonesia | 4.90 | &nbsp;&nbsp; 4-16-2036 | 4792000 | &nbsp;&nbsp; 4813386 |
|  |  |  |  | &nbsp;&nbsp; **9661169** |
| **Israel: 0.09%** |  |  |  |  |
| Israel | 3.88 | &nbsp;&nbsp; 7-3-2050 | 2545000 | &nbsp;&nbsp; 1890648 |
| Israel | 5.75 | &nbsp;&nbsp; 3-12-2054 | 2851000 | &nbsp;&nbsp; 2789740 |
|  |  |  |  | &nbsp;&nbsp; **4680388** |
| **Kuwait: 0.48%** |  |  |  |  |
| Kuwait144A | 4.02 | &nbsp;&nbsp; 10-9-2028 | 7967000 | &nbsp;&nbsp; 7947780 |
| Kuwait144A | 4.14 | &nbsp;&nbsp; 10-9-2030 | 12326000 | &nbsp;&nbsp; 12292181 |
| Kuwait144A | 4.65 | &nbsp;&nbsp; 10-9-2035 | 4510000 | &nbsp;&nbsp; 4529737 |
|  |  |  |  | &nbsp;&nbsp; **24769698** |
| **Mexico: 0.54%** |  |  |  |  |
| Mexico | 4.40 | &nbsp;&nbsp; 2-12-2052 | 2355000 | &nbsp;&nbsp; 1780262 |

---

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

Allspring Core Bond Portfolio \| 41

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Mexico**(continued) |  |  |  |  |
| Mexico | 4.60<br> %<br>| &nbsp;&nbsp; 1-23-2046 | $2600000 | &nbsp;&nbsp; $2113914 |
| Mexico | 4.60 | &nbsp;&nbsp; 2-10-2048 | 2027000 | &nbsp;&nbsp; 1620080 |
| Mexico | 4.75 | &nbsp;&nbsp; 3-22-2031 | 5977000 | &nbsp;&nbsp; 5931575 |
| Mexico | 4.75 | &nbsp;&nbsp; 3-8-2044 | 2330000 | &nbsp;&nbsp; 1962442 |
| Mexico | 5.38 | &nbsp;&nbsp; 3-22-2033 | 9838000 | &nbsp;&nbsp; 9830130 |
| Mexico | 5.63 | &nbsp;&nbsp; 9-22-2035 | 2341000 | &nbsp;&nbsp; 2329295 |
| Mexico | 3.50 | &nbsp;&nbsp; 2-12-2034 | 2970000 | &nbsp;&nbsp; 2575732 |
|  |  |  |  | &nbsp;&nbsp; **28143430** |
| **Paraguay: 0.09%** |  |  |  |  |
| Paraguay144A | 5.40 | &nbsp;&nbsp; 3-30-2050 | 5137000 | &nbsp;&nbsp; **4772581** |
| **Total yankee government bonds (Cost $76,501,510)** |  |  |  | &nbsp;&nbsp; **77940306** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 2.98%** |  |  |  |  |
| **Investment companies: 2.98%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞## |  | 4.06 | 154267126 | &nbsp;&nbsp; **154267126** |
| **Total short-term investments (Cost $154,267,126)** |  |  |  | &nbsp;&nbsp; **154267126** |
| **Total investments in securities (Cost $5,266,304,422)** | 102.11<br> %<br>|  |  | &nbsp;&nbsp; 5288714489 |
| Other assets and liabilities, net | (2.11)<br>|  |  | &nbsp;&nbsp; (109087833)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$5179626656** |

---

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

---

| | |
|:---|:---|
| ± | 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 fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| ±± | The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality <br> and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end.<br>|
| 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. |
| ## | 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 Portfolio 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: |
| BDC | Business Development Company |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| REIT | Real estate investment trust |
| RFUCCT1Y | Refinitiv USD IBOR Consumer Cash Fallbacks Term 1-year |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate trading of registered interest and principal securities |

---

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

42 \| Allspring Core Bond Portfolio

------

Portfolio of investments—October 31, 2025 (unaudited)

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market <br> Fund Select Class<br>| $268851171 | $1528301057 | $(1642885102)<br>| $0 | $0 | $154267126 | 154267126 | $3030405 |

---

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

Allspring Core Bond Portfolio \| 43

------

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

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $5,112,037,296) | $5134447363 |
| Investments in affiliated securities, at value (cost $154,267,126) | 154267126 |
| Cash | 2144095 |
| Receivable for investments sold | 160106692 |
| Receivable for interest | 30589660 |
| Principal paydown receivable | 1156103 |
| Prepaid expenses and other assets | 1129 |
| **Total assets** | **5482712168** |
| Liabilities |  |
| Payable for when-issued transactions | 179368393 |
| Payable for investments purchased | 122025101 |
| Advisory fee payable | 1506917 |
| Cash due to broker | 40000 |
| Accrued expenses and other liabilities | 145101 |
| **Total liabilities** | **303085512** |
| **Total net assets**  | **$5179626656** |

---

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

44 \| Allspring Core Bond Portfolio

------

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

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest (net of foreign withholding taxes of $45,461) | $121807966 |
| Income from affiliated securities | 3030405 |
| **Total investment income** | **124838371** |
| Expenses |  |
| Advisory fee | 9177383 |
| Custody and accounting fees | 108370 |
| Professional fees | 56839 |
| Registration fees | 20 |
| Interest holder report expenses | 1226 |
| Trustees' fees and expenses | 24746 |
| Other fees and expenses | 57220 |
| **Total expenses** | **9425804** |
| Less: Fee waivers and/or expense reimbursements | (662017)<br>|
| **Net expenses** | **8763787** |
| **Net investment income** | **116074584** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | 4596620 |
| TBA sale commitments | 210670 |
| Foreign currency and foreign currency translations | 234 |
| **Net realized gains on investments**  | **4807524** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 69414650 |
| TBA sale commitments | 203558 |
| Foreign currency and foreign currency translations | (163)<br>|
| **Net change in unrealized gains (losses) on investments** | **69618045** |
| **Net realized and unrealized gains (losses) on investments** | **74425569** |
| **Net increase in net assets resulting from operations** | **$190500153** |

---

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

Allspring Core Bond Portfolio \| 45

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | &nbsp;&nbsp; Year ended <br>April 30, 2025 |
| Operations |  |  |
| Net investment income | &nbsp;&nbsp; $116074584 | &nbsp;&nbsp; $233334920 |
| Net realized gains (losses) on investments | &nbsp;&nbsp; 4807524 | &nbsp;&nbsp; (14821174)<br>|
| Net change in unrealized gains (losses) on investments | &nbsp;&nbsp; 69618045 | &nbsp;&nbsp; 191946742 |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp; **190500153** | &nbsp;&nbsp; **410460488** |
| Capital transactions |  |  |
| Transactions in investors' beneficial interests |  |  |
| Contributions | &nbsp;&nbsp; 316981872 | &nbsp;&nbsp; 766209972 |
| Withdrawals | &nbsp;&nbsp; (573916125)<br>| &nbsp;&nbsp; (939967594)<br>|
| **Net decrease in net assets resulting from capital transactions** | &nbsp;&nbsp; **(256934253)**<br>| &nbsp;&nbsp; **(173757622)**<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; **(66434100)**<br>| &nbsp;&nbsp; **236702866** |
| Net assets |  |  |
| **Beginning of period** | &nbsp;&nbsp; **5246060756** | &nbsp;&nbsp; **5009357890** |
| **End of period** | &nbsp;&nbsp; **$5179626656** | &nbsp;&nbsp; **$5246060756** |

---

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

46 \| Allspring Core Bond Portfolio

------

Financial highlights

Financial highlights

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Total return**<sup>2</sup> <br>| **3.74%**<br>| **8.20%**<br>| **0.09%**<br>| &nbsp;&nbsp; **(1.88)%**<br>| &nbsp;&nbsp; **(8.55)%**<br>| **0.65%**<br>| **9.49%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses | 0.35<br> %<br>| 0.35<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>|
| Net expenses<sup>3</sup> <br>| 0.33<br> %<br>| 0.33<br> %<br>| 0.33<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>|
| Net investment income | 4.37<br> %<br>| 4.42<br> %<br>| 4.25<br> %<br>| 3.08<br> %<br>| 1.33<br> %<br>| 1.30<br> %<br>| 2.28<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |  |
| Portfolio turnover rate | 160<br> %<br>| &nbsp;&nbsp; 373<br> %<br>| &nbsp;&nbsp; 349<br> %<br>| &nbsp;&nbsp; 384<br> %<br>| &nbsp;&nbsp; 432<br> %<br>| &nbsp;&nbsp; 457<br> %<br>| &nbsp;&nbsp; 603<br> %<br>|

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Portfolio changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

<sup>3</sup> Net expense ratios reflect voluntary waivers, if any.

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

Allspring Core Bond Portfolio \| 47

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles ("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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

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

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

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

When-issued transactions

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

TBA sale commitments

The Portfolio may enter into To Be Announced ("TBA") sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities or offsetting TBA purchase commitments, which are deliverable on or before the sale commitment date, are held as "cover" for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying

48 \| Allspring Core Bond Portfolio

------

Notes to financial statements (unaudited)

securities, according to the procedures described under "Securities valuation". The contract is marked-to-market daily and the change in market value is recorded by the Portfolio as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment, the Portfolio realizes a gain or loss. If the Portfolio delivers securities under the commitment, the Portfolio realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.

Mortgage dollar roll transactions

The Portfolio may engage in mortgage dollar roll transactions through To Be Announced (TBA) mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, the Portfolio sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, the Portfolio foregoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Portfolio accounts for TBA dollar roll transactions as purchases and sales which, as a result, may increase its portfolio turnover rate.

Security transactions and income recognition

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

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

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

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

Federal and other taxes

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

The Portfolio's income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio's tax positions taken on federal, state, and foreign tax returns, 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 October 31, 2025, the aggregate cost of all investments for federal income tax purposes was $5,277,334,382 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $68122344 |
| Gross unrealized losses | &nbsp;&nbsp; (56742237)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$11380107** |

---

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Allspring Core Bond Portfolio \| 49

------

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio's assets and liabilities as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Agency securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $2140504917 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $2140504917 |
| **Asset-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 417906189 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 417906189 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1118585267 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1118585267 |
| **Municipal obligations** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 11085567 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 11085567 |
| **Non-agency mortgage-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 80852514 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 80852514 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 1094205391 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1094205391 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 193367212 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 193367212 |
| **Yankee government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 77940306 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 77940306 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 154267126 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 154267126 |
| **Total assets** | &nbsp;&nbsp; **$1248472517** | &nbsp;&nbsp;&nbsp; **$4040241972** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$5288714489** |

---

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

At October 31, 2025, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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

---

| | |
|:---|:---|
| Average daily net assets | Advisory 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 | 0.300 |
| Over $10 billion | 0.290 |

---

For the six months ended October 31, 2025, the advisory fee was equivalent to an annual rate of 0.35% of the Portfolio's average daily net assets.

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

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

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Portfolio did not have any interfund transactions during the six months ended October 31, 2025.

50 \| Allspring Core Bond Portfolio

------

Notes to financial statements (unaudited)

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended October 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6973945002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1332127806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6967814635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1398461429 |

---

6. BANK BORROWINGS

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

For the six months ended October 31, 2025, there were no borrowings by the Portfolio under the agreement.

7. INDEMNIFICATION

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

8. OPERATING SEGMENTS

The Portfolio operates as a single operating segment. An operating segment is 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 Portfolio acts as the Portfolio's CODM. The CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Portfolio's prospectus which is executed by the Portfolio'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 Portfolio's single segment. This information is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

Allspring Core Bond Portfolio \| 51

------

Other information (unaudited)

Other information

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

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

52 \| Allspring Core Bond 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 Core Bond Fund \| 53

------

Other information (unaudited)

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

Board consideration of investment management, advisory, and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (each, a "Board" and collectively, the "Boards") of each of Allspring Funds Trust ("Funds Trust") and Allspring Master Trust ("Master Trust", and collectively, the "Trusts") must determine annually whether to approve the continuation of the Trusts' investment management, advisory, and sub-advisory agreements, as applicable. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Funds Trust Board, all the members of which have no direct or indirect interest in the investment management agreement and are not "interested persons" of the Trusts, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Core Bond Fund, a portfolio of Funds Trust (the "Feeder Fund"), an investment management agreement (the "Feeder Fund Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management").

At the Meeting, the Master Trust Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are Independent Trustees, reviewed and approved: (i) an investment advisory agreement (the "Master Portfolio Advisory Agreement") with Allspring Funds Management for the Allspring Core Bond Portfolio, a portfolio of Master Trust (the "Master Portfolio"); 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, for the Master Portfolio.

The Feeder Fund and the Master Portfolio are collectively referred to as the "Funds." The Feeder Fund Management Agreement, the Master Portfolio Advisory Agreement, and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

The Feeder Fund is a feeder fund that invest substantially all of its assets in the Master Portfolio. The Master Portfolio has a substantially similar investment objective and substantially similar investment strategies to the Feeder Fund. Information provided to the Boards regarding the Feeder Fund is also applicable to the Master Portfolio, as relevant.

At the Meeting, the Boards 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 meeting of the Boards 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 Boards have adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Boards in the discharge of their 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 Boards, 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 Boards' 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 Boards 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 Boards reviewed reports of Allspring Funds Management at each of their quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Boards and the teams mentioned above confer with portfolio managers at various times throughout the year. The Boards 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 Funds Trust Board unanimously determined that the compensation payable to Allspring Funds Management was reasonable, and approved the continuation of the Feeder Fund Management Agreement for a one-year term. Additionally, after its deliberations, the Master Trust Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser was reasonable, and approved the continuation of the Master Portfolio Advisory Agreement and the Sub-Advisory Agreement, each for a one-year term. The Boards considered the approval of the Advisory Agreements for the Funds as part of their consideration of agreements for funds across the complex, but their approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Boards in support of their approvals.

*Nature, extent, and quality of services*

The Boards received and considered various information regarding the nature, extent, and quality of services provided to the Feeder Fund and the Master Portfolio, as applicable, 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 Feeder Fund 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

54 \| Allspring Core Bond Fund

------

Other information (unaudited)

the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Boards received and considered information about the full range of services provided to the Fund and the Master Portfolio by Allspring Funds Management and its affiliates.

The Boards considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Master Portfolio. The Boards 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 Boards further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Boards 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 Funds' liquidity risk management programs and as the Funds' valuation designee. The Boards 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 Boards considered the investment performance results for each of the Funds over various time periods ended December 31, 2024. The Boards 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 Feeder Fund (the "Universe"), and in comparison to the Feeder Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Boards received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Funds Trust Board noted that the investment performance of the Feeder Fund (Administrator Class) was lower than the average investment performance of its Universe for all periods under review. The Funds Trust Board also noted that the investment performance of the Feeder Fund was higher than or in range of its benchmark index, the Bloomberg U.S. Aggregate Bond Index, for all periods under review.

The Master Trust Board took note of the investment performance of the Master Portfolio in the context of reviewing the investment performance of the Feeder Fund.

The Funds Trust Board received information concerning, and discussed factors contributing to, the underperformance of the Feeder Fund relative to the Universe for the periods identified above. The Funds Trust Board took note of the explanations for the relative underperformance during these periods, including with respect to the investment decisions and market factors that affected the Feeder Fund's investment performance.

The Funds Trust Board also received and considered information regarding the Feeder Fund's net operating expense ratios, which include fees and expenses of the Master Portfolio, and their various components, including actual management fees assessed at the Feeder Fund and Master Portfolio levels, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Funds Trust 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 Feeder Fund (the "Groups"). The Funds Trust 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 Funds Trust Board noted that the net operating expense ratios of the Feeder Fund were lower than the median net operating expense ratios of the expense Groups for each share class.

With respect to the Master Portfolio, the Master Trust Board reviewed the fee rates payable to Allspring Funds Management for investment advisory services (as discussed below), which are the only fees charged at the Master Portfolio level, relative to a corresponding expense Group.

The Boards took into account the Funds' investment performance and expense information provided to them among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management, advisory, and sub-advisory fee rates*

The Funds Trust Board noted that Allspring Funds Management receives no advisory fees from the Feeder Fund as long as the Feeder Fund continues to invest all (or substantially all) of its assets in a single master portfolio. If the Feeder Fund were to change its investment structure so that it began investing in two or more master portfolios (a fund-of-funds), Allspring Funds Management would be entitled to receive an annual fee of 0.25% of the Feeder Fund's average daily net assets for providing investment advisory services to the Feeder Fund, including allocating the Feeder Fund's assets to the Master Portfolio.

The Funds Trust Board reviewed and considered the contractual fee rates payable by the Feeder Fund to Allspring Funds Management under the Feeder Fund Management Agreement for management services (other than investment advisory services), as well as the contractual fee rates payable by the Feeder 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 trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

Allspring Core Bond Fund \| 55

------

Other information (unaudited)

The Master Trust Board reviewed and considered the contractual investment advisory fee rate payable by the Master Portfolio to Allspring Funds Management for investment advisory services under the Master Portfolio Advisory Agreement (the "Advisory Agreement Rate"). The Master Trust 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.

Among other information reviewed by the Funds Trust Board was a comparison of the Feeder Fund's Management Rate, which, for this purpose, includes the advisory fees paid at the Master Portfolio level, 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 Funds Trust Board noted that the Management Rates of the Feeder Fund were in range of the sum of the average rates for the Feeder Fund's expense Groups for each share class.

The Master Trust Board reviewed a comparison of the Advisory Agreement Rate of the Master Portfolio with those of other funds in the Master Portfolio's expense Group at a common asset level. The Master Trust Board noted that the Advisory Agreement Rate of the Master Portfolio was in range of the median rate for the Master Portfolio's expense Group.

The Master Trust Board also received and considered information about the portions of the total management fees that were retained by Allspring Funds Management after payment of the fees to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of these amounts, the Master Trust 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 Master Trust Board ascribed limited relevance to the allocation of fees between them.

The Boards 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 Funds. In this regard, the Boards 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 third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Funds Trust Board determined that the compensation payable to Allspring Funds Management under the Feeder Fund Management Agreement was reasonable, and the Master Trust Board determined that the compensation payable to Allspring Funds Management under the Master Portfolio Advisory Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

*Profitability*

The Boards 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 Master Trust Board noted that the Sub-Adviser's profitability information with respect to providing services to the Master Portfolio 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 Boards 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 their review, the Boards did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent the Boards from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Boards received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Funds, 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 shareholders of the Funds. The Boards noted the existence of breakpoints in the Master Portfolio's advisory fee structure and the Feeder Fund's management fee structure, which operate generally to reduce the Funds' expense ratios as the Funds grow in size, and the size of the Master Portfolio and the Feeder Fund, respectively, in relation to such breakpoints. The Boards considered that, in addition to advisory fee and 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 Boards concluded that Allspring Funds Management's arrangements with respect to each Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Funds and their shareholders.

56 \| Allspring Core Bond Fund

------

Other information (unaudited)

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Boards 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 Funds. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Funds 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 Funds. 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 Boards also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on their consideration of the factors and information they deemed relevant, including those described here, the Boards 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 Funds Trust Board unanimously determined that the compensation payable to Allspring Funds Management was reasonable, and approved the continuation of the Feeder Fund Management Agreement for a one-year term. Additionally, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Master Trust Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser was reasonable, and approved the continuation of the Master Portfolio Advisory Agreement and the Sub-Advisory Agreement, each for a one-year term.

Allspring Core Bond Fund \| 57

------

![](g14779imgd9fc1ee21.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**

![](g14779imgdc9041fd2.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.**

**NCSRS0940 10-25**

------

![](g14779img5f97b37d1.jpg)

Allspring Emerging Growth Fund

Long Form Financial Statements

Semi-Annual Report

October 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_3ae30869-ab93-400b-b5ca-32adcb4d4e04_POI-PageBlank-80_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_3ae30869-ab93-400b-b5ca-32adcb4d4e04_FS-PageBlank-80_1)** |  |
| [Statement of assets and liabilities](#xx_3ae30869-ab93-400b-b5ca-32adcb4d4e04_FS-PageBlank-80_1) | 6 |
| [Statement of operations](#xx_3ae30869-ab93-400b-b5ca-32adcb4d4e04_FS-PageBlank-80_2) | 7 |
| [Statement of changes in net assets](#xx_3ae30869-ab93-400b-b5ca-32adcb4d4e04_FS-PageBlank-80_3) | 8 |
| [Financial highlights](#xx_3ae30869-ab93-400b-b5ca-32adcb4d4e04_FIHI-PageBlank-80_1) | 10 |
| **[Notes to financial statements](#xx_3ae30869-ab93-400b-b5ca-32adcb4d4e04_NTF-PageBlank-80_1)** | 14 |
| **[Other information](#xx_3ae30869-ab93-400b-b5ca-32adcb4d4e04_OI-PageBlank-80_1)** | 19 |
| [Item 8. Changes in and disagreements with accountants](#xx_3ae30869-ab93-400b-b5ca-32adcb4d4e04_OI-PageBlank-80_2) | 20 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_3ae30869-ab93-400b-b5ca-32adcb4d4e04_OI-PageBlank-80_2) | 20 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_3ae30869-ab93-400b-b5ca-32adcb4d4e04_OI-PageBlank-80_2) | 20 |
| [Item 11. Statement regarding basis for board](#xx_3ae30869-ab93-400b-b5ca-32adcb4d4e04_OI-PageBlank-80_3)['](#xx_3ae30869-ab93-400b-b5ca-32adcb4d4e04_OI-PageBlank-80_3)[s approval of investment](#xx_3ae30869-ab93-400b-b5ca-32adcb4d4e04_OI-PageBlank-80_3)<br> [advisory contract](#xx_3ae30869-ab93-400b-b5ca-32adcb4d4e04_OI-PageBlank-80_3)<br>| 21 |

---

Allspring Emerging Growth Fund \| 1

------

Portfolio of investments—October 31, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 97.98%** |  |  |
| **Communication services: 1.38%** |  |  |
| **Entertainment: 1.38%** |  |  |
| Liberty Media Corp.-Liberty Live Class C† | 50218 | &nbsp;&nbsp; **$4540210** |
| **Consumer discretionary: 8.44%** |  |  |
| **Automobile components: 1.82%** |  |  |
| Modine Manufacturing Co.† | 39339 | &nbsp;&nbsp; **6027128** |
| **Diversified consumer services: 1.23%** |  |  |
| Adtalem Global Education, Inc.† | 41384 | &nbsp;&nbsp; **4056460** |
| **Hotels, restaurants & leisure: 4.19%** |  |  |
| Dutch Bros, Inc. Class A† | 93120 | &nbsp;&nbsp; 5171885 |
| First Watch Restaurant Group, Inc.† | 160049 | &nbsp;&nbsp; 2639208 |
| Genius Sports Ltd.† | 321850 | &nbsp;&nbsp; 3624031 |
| Wingstop, Inc. | 11061 | &nbsp;&nbsp; 2396144 |
|  |  | &nbsp;&nbsp; **13831268** |
| **Household durables: 1.20%** |  |  |
| Taylor Morrison Home Corp. Class A† | 66756 | &nbsp;&nbsp; **3956628** |
| **Consumer staples: 0.45%** |  |  |
| **Personal care products: 0.45%** |  |  |
| Oddity Tech Ltd. Class A† | 33087 | &nbsp;&nbsp; **1497187** |
| **Energy: 0.32%** |  |  |
| **Oil, gas & consumable fuels: 0.32%** |  |  |
| Centrus Energy Corp. Class A† | 2878 | &nbsp;&nbsp; **1057550** |
| **Financials: 3.75%** |  |  |
| **Capital markets: 1.57%** |  |  |
| Hamilton Lane, Inc. Class A | 20905 | &nbsp;&nbsp; 2382334 |
| Miami International Holdings, Inc.† | 64500 | &nbsp;&nbsp; 2818650 |
|  |  | &nbsp;&nbsp; **5200984** |
| **Financial services: 1.13%** |  |  |
| Shift4 Payments, Inc. Class A† | 53903 | &nbsp;&nbsp; **3724697** |
| **Insurance: 1.05%** |  |  |
| Skyward Specialty Insurance Group, Inc.† | 76068 | &nbsp;&nbsp; **3467940** |
| **Health care: 26.68%** |  |  |
| **Biotechnology: 4.82%** |  |  |
| ADMA Biologics, Inc.† | 209746 | &nbsp;&nbsp; 3246868 |
| Ascendis Pharma AS ADR† | 20472 | &nbsp;&nbsp; 4127155 |
| Bridgebio Pharma, Inc.† | 16156 | &nbsp;&nbsp; 1012012 |
| Soleno Therapeutics, Inc.† | 45407 | &nbsp;&nbsp; 3049534 |
| Vericel Corp.† | 127805 | &nbsp;&nbsp; 4480844 |
|  |  | &nbsp;&nbsp; **15916413** |

---

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

2 \| Allspring Emerging Growth Fund

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care equipment & supplies: 4.36%** |  |  |
| Glaukos Corp.† | 16610 | &nbsp;&nbsp; $1462843 |
| iRhythm Technologies, Inc.† | 47472 | &nbsp;&nbsp; 8891505 |
| Penumbra, Inc.† | 12539 | &nbsp;&nbsp; 2850992 |
| PROCEPT BioRobotics Corp.† | 35024 | &nbsp;&nbsp; 1191867 |
|  |  | &nbsp;&nbsp; **14397207** |
| **Health care providers & services: 12.65%** |  |  |
| Alignment Healthcare, Inc.† | 285393 | &nbsp;&nbsp; 4811726 |
| BrightSpring Health Services, Inc.† | 103796 | &nbsp;&nbsp; 3430458 |
| Castle Biosciences, Inc.† | 74833 | &nbsp;&nbsp; 1908241 |
| Ensign Group, Inc. | 41137 | &nbsp;&nbsp; 7408774 |
| Guardant Health, Inc.† | 49102 | &nbsp;&nbsp; 4567468 |
| HealthEquity, Inc.† | 69106 | &nbsp;&nbsp; 6536045 |
| Option Care Health, Inc.† | 154030 | &nbsp;&nbsp; 4009401 |
| RadNet, Inc.† | 120132 | &nbsp;&nbsp; 9128831 |
|  |  | &nbsp;&nbsp; **41800944** |
| **Life sciences tools & services: 1.31%** |  |  |
| Repligen Corp.† | 28964 | &nbsp;&nbsp; **4317374** |
| **Pharmaceuticals: 3.54%** |  |  |
| Corcept Therapeutics, Inc.† | 37960 | &nbsp;&nbsp; 2788921 |
| Ligand Pharmaceuticals, Inc.† | 24455 | &nbsp;&nbsp; 4678486 |
| Tarsus Pharmaceuticals, Inc.† | 61291 | &nbsp;&nbsp; 4217434 |
|  |  | &nbsp;&nbsp; **11684841** |
| **Industrials: 34.66%** |  |  |
| **Aerospace & defense: 8.29%** |  |  |
| AAR Corp.† | 36504 | &nbsp;&nbsp; 3074002 |
| ATI, Inc.† | 47940 | &nbsp;&nbsp; 4744622 |
| Carpenter Technology Corp. | 18091 | &nbsp;&nbsp; 5714947 |
| Kratos Defense & Security Solutions, Inc.† | 52668 | &nbsp;&nbsp; 4771720 |
| Leonardo DRS, Inc. | 96493 | &nbsp;&nbsp; 3527784 |
| Mercury Systems, Inc.† | 71646 | &nbsp;&nbsp; 5546117 |
|  |  | &nbsp;&nbsp; **27379192** |
| **Building products: 2.58%** |  |  |
| AAON, Inc. | 39360 | &nbsp;&nbsp; 3872630 |
| Armstrong World Industries, Inc. | 24446 | &nbsp;&nbsp; 4655252 |
|  |  | &nbsp;&nbsp; **8527882** |
| **Commercial services & supplies: 3.41%** |  |  |
| Casella Waste Systems, Inc. Class A† | 76603 | &nbsp;&nbsp; 6784728 |
| CECO Environmental Corp.† | 91370 | &nbsp;&nbsp; 4467079 |
|  |  | &nbsp;&nbsp; **11251807** |

---

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

Allspring Emerging Growth Fund \| 3

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Construction & engineering: 4.24%** |  |  |
| Argan, Inc. | 20701 | &nbsp;&nbsp; $6338853 |
| Construction Partners, Inc. Class A† | 66956 | &nbsp;&nbsp; 7656419 |
|  |  | &nbsp;&nbsp; **13995272** |
| **Electrical equipment: 4.47%** |  |  |
| American Superconductor Corp.† | 87372 | &nbsp;&nbsp; 5175044 |
| Bloom Energy Corp. Class A† | 47315 | &nbsp;&nbsp; 6253150 |
| Power Solutions International, Inc.† | 39018 | &nbsp;&nbsp; 3340721 |
|  |  | &nbsp;&nbsp; **14768915** |
| **Ground transportation: 1.12%** |  |  |
| Saia, Inc.† | 12668 | &nbsp;&nbsp; **3705390** |
| **Machinery: 3.56%** |  |  |
| ESAB Corp. | 37379 | &nbsp;&nbsp; 4366615 |
| RBC Bearings, Inc.† | 17245 | &nbsp;&nbsp; 7390000 |
|  |  | &nbsp;&nbsp; **11756615** |
| **Marine transportation: 1.01%** |  |  |
| Kirby Corp.† | 32279 | &nbsp;&nbsp; **3340231** |
| **Professional services: 1.30%** |  |  |
| Parsons Corp.† | 51683 | &nbsp;&nbsp; **4296925** |
| **Trading companies & distributors: 4.68%** |  |  |
| Applied Industrial Technologies, Inc. | 26633 | &nbsp;&nbsp; 6847078 |
| SiteOne Landscape Supply, Inc.† | 26554 | &nbsp;&nbsp; 3445912 |
| Xometry, Inc. Class A† | 105900 | &nbsp;&nbsp; 5156271 |
|  |  | &nbsp;&nbsp; **15449261** |
| **Information technology: 18.91%** |  |  |
| **Electronic equipment, instruments & components: 5.40%** |  |  |
| Celestica, Inc.† | 7508 | &nbsp;&nbsp; 2586356 |
| Fabrinet† | 16381 | &nbsp;&nbsp; 7216977 |
| Frequency Electronics, Inc.† | 26712 | &nbsp;&nbsp; 980865 |
| Mirion Technologies, Inc. Class A† | 240468 | &nbsp;&nbsp; 7062545 |
|  |  | &nbsp;&nbsp; **17846743** |
| **IT services: 0.63%** |  |  |
| Wix.com Ltd.† | 14260 | &nbsp;&nbsp; **2075400** |
| **Semiconductors & semiconductor equipment: 5.49%** |  |  |
| Credo Technology Group Holding Ltd.† | 34197 | &nbsp;&nbsp; 6416041 |
| Impinj, Inc.† | 18830 | &nbsp;&nbsp; 3806673 |
| Rambus, Inc.† | 36752 | &nbsp;&nbsp; 3779576 |
| Semtech Corp.† | 60951 | &nbsp;&nbsp; 4136135 |
|  |  | &nbsp;&nbsp; **18138425** |
| **Software: 7.39%** |  |  |
| CCC Intelligent Solutions Holdings, Inc.† | 278567 | &nbsp;&nbsp; 2429104 |

---

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

4 \| Allspring Emerging Growth Fund

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Software**(continued) |  |  |
| Clearwater Analytics Holdings, Inc. Class A† | 277856 | &nbsp;&nbsp; $5115329 |
| Commvault Systems, Inc.† | 51798 | &nbsp;&nbsp; 7211317 |
| Pegasystems, Inc. | 79214 | &nbsp;&nbsp; 5041971 |
| SailPoint, Inc.† | 119845 | &nbsp;&nbsp; 2598240 |
| ServiceTitan, Inc. Class A† | 21100 | &nbsp;&nbsp; 1990996 |
|  |  | &nbsp;&nbsp; **24386957** |
| **Real estate: 1.45%** |  |  |
| **Real estate management & development: 1.45%** |  |  |
| Cushman & Wakefield PLC† | 305493 | &nbsp;&nbsp; **4796240** |
| **Utilities: 1.94%** |  |  |
| **Independent power and renewable electricity producers: 1.94%** |  |  |
| Talen Energy Corp.† | 16062 | &nbsp;&nbsp; **6421266** |
| **Total common stocks (Cost $227,411,275)** |  | &nbsp;&nbsp; **323613352** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 1.49%** |  |  |  |  |
| **Investment companies: 1.49%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.06<br> %<br>| 4917439 | &nbsp;&nbsp; **4917439** |
| **Total short-term investments (Cost $4,917,439)** |  |  |  | &nbsp;&nbsp; **4917439** |
| **Total investments in securities (Cost $232,328,714)** | 99.47<br> %<br>|  |  | &nbsp;&nbsp; 328530791 |
| Other assets and liabilities, net | 0.53 |  |  | &nbsp;&nbsp; 1765320 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$330296111** |

---

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

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

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

Abbreviations: <br> ADR American depositary receipt

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $10193041 | $61223132 | $(66498734)<br>| $0 | $0 | $4917439 | 4917439 | $94892 |

---

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

Allspring Emerging Growth Fund \| 5

------

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

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $227,411,275) | $323613352 |
| Investments in affiliated securities, at value (cost $4,917,439) | 4917439 |
| Receivable for investments sold | 2726517 |
| Receivable for Fund shares sold | 211825 |
| Receivable for dividends | 22304 |
| Prepaid expenses and other assets | 155576 |
| **Total assets** | **331647013** |
| Liabilities |  |
| Payable for investments purchased | 980643 |
| Management fee payable | 205887 |
| Administration fees payable | 44464 |
| Shareholder servicing fees payable | 40951 |
| Payable for Fund shares redeemed | 13090 |
| Trustees' fees and expenses payable | 2131 |
| Distribution fee payable | 665 |
| Accrued expenses and other liabilities | 63071 |
| **Total liabilities** | **1350902** |
| **Total net assets**  | **$330296111** |
| Net assets consist of |  |
| Paid-in capital | $219717743 |
| Total distributable earnings | 110578368 |
| **Total net assets** | **$330296111** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $182460706 |
| Shares outstanding–Class A<sup>1</sup> <br>| 18319987 |
| Net asset value per share–Class A | $9.96 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $10.57 |
| Net assets–Class C | $1012425 |
| Shares outstanding–Class C<sup>1</sup> <br>| 162856 |
| Net asset value per share–Class C | $6.22 |
| Net assets–Class R6 | $70520858 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 5567792 |
| Net asset value per share–Class R6 | $12.67 |
| Net assets–Institutional Class | $76302122 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 6085577 |
| Net asset value per share–Institutional Class | $12.54 |

---

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

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

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

6 \| Allspring Emerging Growth Fund

------

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

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends | $121217 |
| Income from affiliated securities | 94892 |
| **Total investment income** | **216109** |
| Expenses |  |
| Management fee | 1246034 |
| Administration fees |  |
| Class A | 151871 |
| Class C | 874 |
| Class R6 | 10010 |
| Administrator Class | 3679 <br><sup>1</sup><br>|
| Institutional Class | 44230 |
| Shareholder servicing fees |  |
| Class A | 188625 |
| Class C | 1085 |
| Administrator Class | 7026 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 3192 |
| Custody and accounting fees | 6516 |
| Professional fees | 36900 |
| Registration fees | 63179 |
| Shareholder report expenses | 21523 |
| Trustees' fees and expenses | 6012 |
| Other fees and expenses | 12769 |
| **Total expenses** | **1803525** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (262815)<br>|
| Class A | (13966)<br>|
| Institutional Class | (2)<br>|
| **Net expenses** | **1526742** |
| **Net investment loss** | **(1310633)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments**  | **15985315** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 40786839 |
| Foreign currency and foreign currency translations | 11 |
| **Net change in unrealized gains (losses) on investments** | **40786850** |
| **Net realized and unrealized gains (losses) on investments** | **56772165** |
| **Net increase in net assets resulting from operations** | **$55461532** |

---

<sup>1</sup> For the period from May 1, 2025 to September 12, 2025. Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

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

Allspring Emerging Growth Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> October 31, 2025<br> (unaudited) | Six months ended<br> October 31, 2025<br> (unaudited) | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(1310633)<br>|  | &nbsp;&nbsp; $(2327262)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 15985315 |  | &nbsp;&nbsp; 66195246 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 40786850 |  | &nbsp;&nbsp; (45357722)<br>|
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **55461532** |  | &nbsp;&nbsp; **18510262** |
| Distributions to shareholders from |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (11442603)<br>|  | &nbsp;&nbsp; (9217467)<br>|
| Class C |  | &nbsp;&nbsp; (104554)<br>|  | &nbsp;&nbsp; (84284)<br>|
| Class R6 |  | &nbsp;&nbsp; (3786087)<br>|  | &nbsp;&nbsp; (4612356)<br>|
| Administrator Class |  | &nbsp;&nbsp; (380298 )<sup>1</sup><br>|  | &nbsp;&nbsp; (924580)<br>|
| Institutional Class |  | &nbsp;&nbsp; (4613541)<br>|  | &nbsp;&nbsp; (4282592)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(20327083)**<br>|  | &nbsp;&nbsp; **(19121279)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 293585 | &nbsp;&nbsp; 2902770 | &nbsp;&nbsp; 195878 | &nbsp;&nbsp; 1885388 |
| Class C | 4705 | &nbsp;&nbsp; 27972 | &nbsp;&nbsp; 1379 | &nbsp;&nbsp; 9387 |
| Class R6 | 208623 | &nbsp;&nbsp; 2522266 | &nbsp;&nbsp; 3616331 | &nbsp;&nbsp; 42779851 |
| Administrator Class | 12107 <br><sup>1</sup><br>| &nbsp;&nbsp; 126588 <br><sup>1</sup><br>| &nbsp;&nbsp; 104514 | &nbsp;&nbsp; 1113611 |
| Institutional Class | 287446 | &nbsp;&nbsp; 3506323 | &nbsp;&nbsp; 1120549 | &nbsp;&nbsp; 13893720 |
|  |  | &nbsp;&nbsp; 9085919 |  | &nbsp;&nbsp; 59681957 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 1193766 | &nbsp;&nbsp; 10922963 | &nbsp;&nbsp; 833400 | &nbsp;&nbsp; 8742362 |
| Class C | 18279 | &nbsp;&nbsp; 104554 | &nbsp;&nbsp; 12075 | &nbsp;&nbsp; 84284 |
| Class R6 | 310951 | &nbsp;&nbsp; 3613248 | &nbsp;&nbsp; 345032 | &nbsp;&nbsp; 4492322 |
| Administrator Class | 37560 <br><sup>1</sup><br>| &nbsp;&nbsp; 375226 <br><sup>1</sup><br>| &nbsp;&nbsp; 81040 | &nbsp;&nbsp; 920610 |
| Institutional Class | 400073 | &nbsp;&nbsp; 4600835 | &nbsp;&nbsp; 330913 | &nbsp;&nbsp; 4272091 |
|  |  | &nbsp;&nbsp; 19616826 |  | &nbsp;&nbsp; 18511669 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (1211095)<br>| &nbsp;&nbsp; (11712186)<br>| &nbsp;&nbsp; (1517978)<br>| &nbsp;&nbsp; (16048344)<br>|
| Class C | (15283)<br>| &nbsp;&nbsp; (92864)<br>| &nbsp;&nbsp; (17672)<br>| &nbsp;&nbsp; (124652)<br>|
| Class R6 | (2518394)<br>| &nbsp;&nbsp; (30886598)<br>| &nbsp;&nbsp; (1538743)<br>| &nbsp;&nbsp; (19470560)<br>|
| Administrator Class | (677128 )<sup>1</sup><br>| &nbsp;&nbsp; (7280566 )<sup>1</sup><br>| &nbsp;&nbsp; (534502)<br>| &nbsp;&nbsp; (6107398)<br>|
| Institutional Class | (940309)<br>| &nbsp;&nbsp; (11446682)<br>| &nbsp;&nbsp; (3225949)<br>| &nbsp;&nbsp; (40158588)<br>|
|  |  | &nbsp;&nbsp; (61418896)<br>|  | &nbsp;&nbsp; (81909542)<br>|
| Net asset value of shares issued in acquisition |  |  |  |  |
| Class A | 6238150 | &nbsp;&nbsp; 57449478 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Class C | 45160 | &nbsp;&nbsp; 260125 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Class R6 | 1500259 | &nbsp;&nbsp; 17551562 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class | 1114719 | &nbsp;&nbsp; 12913144 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 88174309 |  | &nbsp;&nbsp; 0 |

---

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

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

8 \| Allspring Emerging Growth Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> October 31, 2025<br> (unaudited) | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Administrator Class<br>(419897 )<sup>2</sup><br>| &nbsp;&nbsp; $(4441591 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Institutional Class<br>364474 <br><sup>2</sup><br>| &nbsp;&nbsp; 4441591 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net increase (decrease) in net assets resulting from capital share transactions** | &nbsp;&nbsp; **55458158** |  | &nbsp;&nbsp; **(3715916)**<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; **90592607** |  | &nbsp;&nbsp; **(4326933)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **239703504** |  | &nbsp;&nbsp; **244030437** |
| **End of period** | &nbsp;&nbsp; **$330296111** |  | &nbsp;&nbsp; **$239703504** |

---

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

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

Allspring Emerging Growth Fund \| 9

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class A | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$9.03** | &nbsp;&nbsp; **$9.26** | &nbsp;&nbsp; **$8.72** | &nbsp;&nbsp; **$8.91** | &nbsp;&nbsp; **$18.05** | &nbsp;&nbsp; **$14.71** | &nbsp;&nbsp; **$13.51** |
| Net investment loss | (0.05 )<sup>2</sup><br>| &nbsp;&nbsp; (0.10 )<sup>2</sup><br>| &nbsp;&nbsp; (0.08 )<sup>2</sup><br>| &nbsp;&nbsp; (0.08 )<sup>2</sup><br>| &nbsp;&nbsp; (0.16 )<sup>2</sup><br>| &nbsp;&nbsp; (0.20 )<sup>2</sup><br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized and unrealized gains (losses) on investments | 1.96 | 0.68 | 0.62 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (3.47)<br>| 7.69 | 2.13 |
| Total from investment operations | 1.91 | 0.58 | 0.54 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (3.63)<br>| 7.49 | 1.96 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net realized gains | (0.98)<br>| &nbsp;&nbsp; (0.81)<br>| 0.00 | 0.00 | &nbsp;&nbsp; (5.51)<br>| &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp; (0.76)<br>|
| **Net asset value, end of period** | **$9.96** | &nbsp;&nbsp; **$9.03** | &nbsp;&nbsp; **$9.26** | &nbsp;&nbsp; **$8.72** | &nbsp;&nbsp; **$8.91** | &nbsp;&nbsp; **$18.05** | &nbsp;&nbsp; **$14.71** |
| **Total return**<sup>3</sup> <br>| **22.17%**<br>| **5.01%**<br>| **6.19%**<br>| &nbsp;&nbsp; **(2.13)%**<br>| &nbsp;&nbsp; **(29.16)%**<br>| **53.22%**<br>| **14.97%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses | 1.40<br> %<br>| 1.39 %\*<br>| 1.40 %\*<br>| 1.40 %\*<br>| 1.36 %\*<br>| 1.35 %\*<br>| 1.36 %\*<br>|
| Net expenses | 1.20<br> %<br>| 1.19 %\*<br>| 1.23 %\*<br>| 1.27 %\*<br>| 1.26 %\*<br>| 1.27 %\*<br>| 1.27 %\*<br>|
| Net investment loss | (1.06)%<br>| &nbsp;&nbsp; (1.04 )%\*<br>| &nbsp;&nbsp; (1.00 )%\*<br>| &nbsp;&nbsp; (0.95 )%\*<br>| &nbsp;&nbsp; (1.10 )%\*<br>| &nbsp;&nbsp; (1.12 )%\*<br>| &nbsp;&nbsp; (1.08 )%\*<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate | 31<br> %<br>| &nbsp;&nbsp; 86 %<sup>4</sup><br>| &nbsp;&nbsp; 79 %<sup>5</sup><br>| &nbsp;&nbsp; 70 %<sup>5</sup><br>| &nbsp;&nbsp; 51 %<sup>5</sup><br>| &nbsp;&nbsp; 48 %<sup>5</sup><br>| &nbsp;&nbsp; 55 %<sup>5</sup><br>|
| Net assets, end of period (000s omitted) | $182461 | &nbsp;&nbsp; $106632 | &nbsp;&nbsp; $113793 | &nbsp;&nbsp; $121019 | &nbsp;&nbsp; $134825 | &nbsp;&nbsp; $210838 | &nbsp;&nbsp; $148866 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.30% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.84% |
| Year ended May 31, 2023 | 0.84% |
| Year ended May 31, 2022 | 0.82% |
| Year ended May 31, 2021 | 0.81% |
| Year ended May 31, 2020 | 0.81% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

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

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. These purchases and sales amounts are aggregated with the direct purchases and sales in unaffiliated securities and included in the portfolio turnover calculation. 

<sup>5</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

10 \| Allspring Emerging Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class C | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$5.99** | &nbsp;&nbsp; **$6.41** | &nbsp;&nbsp; **$6.08** | &nbsp;&nbsp; **$6.26** | &nbsp;&nbsp; **$14.41** | &nbsp;&nbsp; **$12.40** | &nbsp;&nbsp; **$11.58** |
| Net investment loss | (0.06 )<sup>2</sup><br>| &nbsp;&nbsp; (0.12 )<sup>2</sup><br>| &nbsp;&nbsp; (0.10 )<sup>2</sup><br>| &nbsp;&nbsp; (0.11 )<sup>2</sup><br>| &nbsp;&nbsp; (0.20 )<sup>2</sup><br>| &nbsp;&nbsp; (0.28 )<sup>2</sup><br>| &nbsp;&nbsp; (0.21 )<sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.27 | 0.51 | 0.43 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (2.44)<br>| 6.44 | 1.79 |
| Total from investment operations | 1.21 | 0.39 | 0.33 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (2.64)<br>| 6.16 | 1.58 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net realized gains | (0.98)<br>| &nbsp;&nbsp; (0.81)<br>| 0.00 | 0.00 | &nbsp;&nbsp; (5.51)<br>| &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp; (0.76)<br>|
| **Net asset value, end of period** | **$6.22** | &nbsp;&nbsp; **$5.99** | &nbsp;&nbsp; **$6.41** | &nbsp;&nbsp; **$6.08** | &nbsp;&nbsp; **$6.26** | &nbsp;&nbsp; **$14.41** | &nbsp;&nbsp; **$12.40** |
| **Total return**<sup>3</sup> <br>| **21.72%**<br>| **4.25%**<br>| **5.43%**<br>| &nbsp;&nbsp; **(2.88)%**<br>| &nbsp;&nbsp; **(29.71)%**<br>| **52.19%**<br>| **14.16%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses | 2.13<br> %<br>| 2.14 %\*<br>| 2.15 %\*<br>| 2.14 %\*<br>| 2.10 %\*<br>| 2.10 %\*<br>| 2.11 %\*<br>|
| Net expenses | 1.97<br> %<br>| 1.97 %\*<br>| 2.02 %\*<br>| 2.03 %\*<br>| 2.03 %\*<br>| 2.03 %\*<br>| 2.03 %\*<br>|
| Net investment loss | (1.82)%<br>| &nbsp;&nbsp; (1.83 )%\*<br>| &nbsp;&nbsp; (1.80 )%\*<br>| &nbsp;&nbsp; (1.70 )%\*<br>| &nbsp;&nbsp; (1.86 )%\*<br>| &nbsp;&nbsp; (1.89 )%\*<br>| &nbsp;&nbsp; (1.84 )%\*<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate | 31<br> %<br>| &nbsp;&nbsp; 86 %<sup>4</sup><br>| &nbsp;&nbsp; 79 %<sup>5</sup><br>| &nbsp;&nbsp; 70 %<sup>5</sup><br>| &nbsp;&nbsp; 51 %<sup>5</sup><br>| &nbsp;&nbsp; 48 %<sup>5</sup><br>| &nbsp;&nbsp; 55 %<sup>5</sup><br>|
| Net assets, end of period (000s omitted) | $1012 | &nbsp;&nbsp; $659 | &nbsp;&nbsp; $732 | &nbsp;&nbsp; $956 | &nbsp;&nbsp; $1758 | &nbsp;&nbsp; $2338 | &nbsp;&nbsp; $1599 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.31% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.83% |
| Year ended May 31, 2023 | 0.84% |
| Year ended May 31, 2022 | 0.82% |
| Year ended May 31, 2021 | 0.81% |
| Year ended May 31, 2020 | 0.81% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

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

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. These purchases and sales amounts are aggregated with the direct purchases and sales in unaffiliated securities and included in the portfolio turnover calculation. 

<sup>5</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Emerging Growth Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class R6 | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$11.22** | &nbsp;&nbsp; **$11.30** | &nbsp;&nbsp; **$10.61** | &nbsp;&nbsp; **$10.79** | &nbsp;&nbsp; **$20.64** | &nbsp;&nbsp; **$16.34** | &nbsp;&nbsp; **$14.86** |
| Net investment loss | (0.04 )<sup>2</sup><br>| &nbsp;&nbsp; (0.08 )<sup>2</sup><br>| &nbsp;&nbsp; (0.06 )<sup>2</sup><br>| &nbsp;&nbsp; (0.06 )<sup>2</sup><br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.10 )<sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 2.47 | 0.81 | 0.75 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (4.24)<br>| 8.59 | 2.34 |
| Total from investment operations | 2.43 | 0.73 | 0.69 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (4.34)<br>| 8.45 | 2.24 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net realized gains | (0.98)<br>| &nbsp;&nbsp; (0.81)<br>| 0.00 | 0.00 | &nbsp;&nbsp; (5.51)<br>| &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp; (0.76)<br>|
| **Net asset value, end of period** | **$12.67** | &nbsp;&nbsp; **$11.22** | &nbsp;&nbsp; **$11.30** | &nbsp;&nbsp; **$10.61** | &nbsp;&nbsp; **$10.79** | &nbsp;&nbsp; **$20.64** | &nbsp;&nbsp; **$16.34** |
| **Total return**<sup>3</sup> <br>| **22.49%**<br>| **5.44%**<br>| **6.50%**<br>| &nbsp;&nbsp; **(1.67)%**<br>| &nbsp;&nbsp; **(28.91)%**<br>| **53.85%**<br>| **15.51%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses | 0.98<br> %<br>| 0.98 %\*<br>| 0.98 %\*<br>| 0.97 %\*<br>| 0.94 %\*<br>| 0.92 %\*<br>| 0.93 %\*<br>|
| Net expenses | 0.80<br> %<br>| 0.80 %\*<br>| 0.85 %\*<br>| 0.85 %\*<br>| 0.85 %\*<br>| 0.85 %\*<br>| 0.85 %\*<br>|
| Net investment loss | (0.65)%<br>| &nbsp;&nbsp; (0.65 )%\*<br>| &nbsp;&nbsp; (0.63 )%\*<br>| &nbsp;&nbsp; (0.52 )%\*<br>| &nbsp;&nbsp; (0.68 )%\*<br>| &nbsp;&nbsp; (0.68 )%\*<br>| &nbsp;&nbsp; (0.67 )%\*<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate | 31<br> %<br>| &nbsp;&nbsp; 86 %<sup>4</sup><br>| &nbsp;&nbsp; 79 %<sup>5</sup><br>| &nbsp;&nbsp; 70 %<sup>5</sup><br>| &nbsp;&nbsp; 51 %<sup>5</sup><br>| &nbsp;&nbsp; 48 %<sup>5</sup><br>| &nbsp;&nbsp; 55 %<sup>5</sup><br>|
| Net assets, end of period (000s omitted) | $70521 | &nbsp;&nbsp; $68093 | &nbsp;&nbsp; $41171 | &nbsp;&nbsp; $28458 | &nbsp;&nbsp; $23999 | &nbsp;&nbsp; $21729 | &nbsp;&nbsp; $19458 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.22% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.84% |
| Year ended May 31, 2023 | 0.84% |
| Year ended May 31, 2022 | 0.83% |
| Year ended May 31, 2021 | 0.81% |
| Year ended May 31, 2020 | 0.81% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

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

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. These purchases and sales amounts are aggregated with the direct purchases and sales in unaffiliated securities and included in the portfolio turnover calculation. 

<sup>5</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

12 \| Allspring Emerging Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Institutional Class | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$11.13** | &nbsp;&nbsp; **$11.22** | &nbsp;&nbsp; **$10.54** | &nbsp;&nbsp; **$10.72** | &nbsp;&nbsp; **$20.55** | &nbsp;&nbsp; **$16.29** | &nbsp;&nbsp; **$14.83** |
| Net investment loss | (0.05 )<sup>2</sup><br>| &nbsp;&nbsp; (0.09 )<sup>2</sup><br>| &nbsp;&nbsp; (0.07 )<sup>2</sup><br>| &nbsp;&nbsp; (0.06 )<sup>2</sup><br>| &nbsp;&nbsp; (0.14 )<sup>2</sup><br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.11 )<sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 2.44 | 0.81 | 0.75 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (4.18)<br>| 8.56 | 2.33 |
| Total from investment operations | 2.39 | 0.72 | 0.68 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (4.32)<br>| 8.41 | 2.22 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net realized gains | (0.98)<br>| &nbsp;&nbsp; (0.81)<br>| 0.00 | 0.00 | &nbsp;&nbsp; (5.51)<br>| &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp; (0.76)<br>|
| **Net asset value, end of period** | **$12.54** | &nbsp;&nbsp; **$11.13** | &nbsp;&nbsp; **$11.22** | &nbsp;&nbsp; **$10.54** | &nbsp;&nbsp; **$10.72** | &nbsp;&nbsp; **$20.55** | &nbsp;&nbsp; **$16.29** |
| **Total return**<sup>3</sup> <br>| **22.32%**<br>| **5.40%**<br>| **6.45%**<br>| &nbsp;&nbsp; **(1.68)%**<br>| &nbsp;&nbsp; **(28.95)%**<br>| **53.75%**<br>| **15.40%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses | 1.08<br> %<br>| 1.07 %\*<br>| 1.08 %\*<br>| 1.07 %\*<br>| 1.02 %\*<br>| 1.02 %\*<br>| 1.03 %\*<br>|
| Net expenses | 0.90<br> %<br>| 0.90 %\*<br>| 0.90 %\*<br>| 0.90 %\*<br>| 0.90 %\*<br>| 0.90 %\*<br>| 0.90 %\*<br>|
| Net investment loss | (0.75)%<br>| &nbsp;&nbsp; (0.76 )%\*<br>| &nbsp;&nbsp; (0.67 )%\*<br>| &nbsp;&nbsp; (0.57 )%\*<br>| &nbsp;&nbsp; (0.75 )%\*<br>| &nbsp;&nbsp; (0.75 )%\*<br>| &nbsp;&nbsp; (0.71 )%\*<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate | 31<br> %<br>| &nbsp;&nbsp; 86 %<sup>4</sup><br>| &nbsp;&nbsp; 79 %<sup>5</sup><br>| &nbsp;&nbsp; 70 %<sup>5</sup><br>| &nbsp;&nbsp; 51 %<sup>5</sup><br>| &nbsp;&nbsp; 48 %<sup>5</sup><br>| &nbsp;&nbsp; 55 %<sup>5</sup><br>|
| Net assets, end of period (000s omitted) | $76302 | &nbsp;&nbsp; $54073 | &nbsp;&nbsp; $74417 | &nbsp;&nbsp; $123809 | &nbsp;&nbsp; $156936 | &nbsp;&nbsp; $648569 | &nbsp;&nbsp; $471512 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended April 30, 2025 | 0.33% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.83% |
| Year ended May 31, 2023 | 0.84% |
| Year ended May 31, 2022 | 0.82% |
| Year ended May 31, 2021 | 0.81% |
| Year ended May 31, 2020 | 0.81% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

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

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. These purchases and sales amounts are aggregated with the direct purchases and sales in unaffiliated securities and included in the portfolio turnover calculation. 

<sup>5</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Emerging Growth Fund \| 13

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

14 \| Allspring Emerging Growth Fund

------

Notes to financial statements (unaudited)

As of October 31, 2025, the aggregate cost of all investments for federal income tax purposes was $232,627,008 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $103423686 |
| Gross unrealized losses | &nbsp;&nbsp; (7519903)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$95903783** |

---

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 October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $4540210 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $4540210 |
| *Consumer discretionary* | &nbsp;&nbsp; 27871484 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 27871484 |
| *Consumer staples* | &nbsp;&nbsp; 1497187 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1497187 |
| *Energy* | &nbsp;&nbsp; 1057550 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1057550 |
| *Financials* | &nbsp;&nbsp; 12393621 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12393621 |
| *Health care* | &nbsp;&nbsp; 88116779 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 88116779 |
| *Industrials* | &nbsp;&nbsp; 114471490 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 114471490 |
| *Information technology* | &nbsp;&nbsp; 62447525 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 62447525 |
| *Real estate* | &nbsp;&nbsp; 4796240 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4796240 |
| *Utilities* | &nbsp;&nbsp; 6421266 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6421266 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 4917439 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4917439 |
| **Total assets** | &nbsp;&nbsp; **$328530791** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$328530791** |

---

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

At October 31, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

Allspring Emerging Growth Fund \| 15

------

Notes to financial statements (unaudited)

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 | 0.850<br> %<br>|
| Next $500 million | 0.830 |
| Next $1 billion | 0.800 |
| Next $1 billion | 0.780 |
| Next $1 billion | 0.750 |
| Next $1 billion | 0.730 |
| Next $5 billion | 0.720 |
| Over $10 billion | 0.710 |

---

For the six months ended October 31, 2025, the management fee was equivalent to an annual rate of 0.85% of the Fund's average daily net assets.

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

Administration fees

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through August 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of October 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.22<br> %<br>|
| Class C | 1.97 |
| Class R6 | 0.80 |
| Institutional Class | 0.90 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended October 31, 2025, Allspring Funds Distributor received $246 from the sale of Class A shares and $27 in contingent deferred sales charges from redemptions of Class A shares. No contingent deferred sales charges were incurred by Class C shares for the six months ended October 31, 2025.

16 \| Allspring Emerging Growth Fund

------

Notes to financial statements (unaudited)

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended October 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended October 31, 2025 were $86,836,305 and $136,813,296, respectively.

6. ACQUISITION

After the close of business on July 25, 2025, the Fund acquired the net assets of Allspring Discovery Small-Cap Growth Fund ("Discovery Small-Cap Growth Fund"). The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Class A, Class C, Institutional Class, Administrator Class and Class R6 shares of Discovery Small-Cap Growth Fund received Class A, Class C, Institutional Class, Institutional Class and Class R6 shares, respectively, of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Discovery Small-Cap Growth Fund for 8,898,288 shares of the Fund valued at $88,174,309 at an exchange ratio of 1.05, 1.86, 1.57, 1.50 and 1.56 for Class A, Class C, Institutional Class, Institutional Class and Class R6 shares, respectively. The investment portfolio of Discovery Small-Cap Growth Fund with a fair value of $87,960,227, identified cost of $67,222,973 and unrealized gains (losses) of $20,737,271 at July 25, 2025 was the principal assets acquired by the Fund. The aggregate net assets of Discovery Small-Cap Growth Fund and the Fund immediately prior to the acquisition were $88,174,309 and $229,556,100, respectively. The aggregate net assets of the Fund immediately after the acquisition were $317,730,409. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Discovery Small-Cap Growth Fund was carried forward to align with ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed May 1, 2025, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the six months ended October 31, 2025 would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Net <br>investment <br>income<br>| &nbsp;&nbsp;&nbsp; Net realized and <br>unrealized gains (losses) <br>on investments<br>| &nbsp;&nbsp;&nbsp; Net increase <br>&nbsp;&nbsp;&nbsp;&nbsp;(decrease) in net <br>assets resulting <br>from operations<br>|
| **Emerging Growth** | &nbsp;&nbsp; $(1540063)<br>| &nbsp;&nbsp;&nbsp; $56988885 | &nbsp;&nbsp;&nbsp; $55448822 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Discovery Small-Cap Growth Fund that have been included in the Fund's Statement of operations since July 26, 2025.

7. BANK BORROWINGS

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

For the six months ended October 31, 2025, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISKS

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

Allspring Emerging Growth Fund \| 17

------

Notes to financial statements (unaudited)

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

9. INDEMNIFICATION

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

10. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

11. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

12. CLASS CONVERSION

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

18 \| Allspring Emerging Growth Fund

------

Other information (unaudited)

Other information

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

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

Allspring Emerging Growth Fund \| 19

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

20 \| Allspring Emerging Growth 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 Emerging Growth Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis.

It was noted that the Board had approved the merger of another series of the Trust into the Fund and that the merger was expected to occur on or about July 25, 2025.

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

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

Allspring Emerging Growth Fund \| 21

------

Other information (unaudited)

Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one-year period under review, but lower for all other periods under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Russell 2000 Growth Index, for the one- and ten-year periods under review, in range of the investment performance of the benchmark index for the five-year period under review, and lower than the investment performance of the benchmark index for the three-year period under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to market factors and changes to the Fund that affected the Fund's investment performance. It was noted that the Board had previously approved a proposal to collapse the master-feeder structure under which the Fund had previously invested substantially all of its assets in a master portfolio with a substantially identical investment objective and substantially similar investment strategies and that, on or about September 13, 2024, the Fund began to invest substantially all of its assets directly in a portfolio of securities.

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 ratios of the expense Groups.

It was noted that the Board had approved a proposal to convert Administrator Class shares into Institutional Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of the average rates for the expense Groups for each share class, except for Class R6 and Institutional Class, which were lower than the sum of the average rates for the expense Groups.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received

22 \| Allspring Emerging Growth Fund

------

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-Adviser under the Sub-Advisory Agreement was reasonable.

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

Allspring Emerging Growth Fund \| 23

------

*This page is intentionally left blank.*

------

![](g14779img5f97b37d1.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**

![](g14779img726320722.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.**

**NCSRS3326 10-25**

------

![](g14779img01560e761.jpg)

Allspring Large Cap Value Fund

Long Form Financial Statements

Semi-Annual Report

October 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_be9c4966-7882-4005-9a3e-ad3c6672d191_POI-PageBlank-79_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_be9c4966-7882-4005-9a3e-ad3c6672d191_FS-PageBlank-79_1)** |  |
| [Statement of assets and liabilities](#xx_be9c4966-7882-4005-9a3e-ad3c6672d191_FS-PageBlank-79_1) | 6 |
| [Statement of operations](#xx_be9c4966-7882-4005-9a3e-ad3c6672d191_FS-PageBlank-79_2) | 7 |
| [Statement of changes in net assets](#xx_be9c4966-7882-4005-9a3e-ad3c6672d191_FS-PageBlank-79_4) | 9 |
| [Financial highlights](#xx_be9c4966-7882-4005-9a3e-ad3c6672d191_FIHI-PageBlank-79_1) | 11 |
| **[Notes to financial statements](#xx_be9c4966-7882-4005-9a3e-ad3c6672d191_NTF-PageBlank-79_1)** | 15 |
| **[Other information](#xx_be9c4966-7882-4005-9a3e-ad3c6672d191_OI-PageBlank-79_1)** | 20 |
| [Item 8. Changes in and disagreements with accountants](#xx_be9c4966-7882-4005-9a3e-ad3c6672d191_OI-PageBlank-79_2) | 21 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_be9c4966-7882-4005-9a3e-ad3c6672d191_OI-PageBlank-79_2) | 21 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_be9c4966-7882-4005-9a3e-ad3c6672d191_OI-PageBlank-79_2) | 21 |
| [Item 11. Statement regarding basis for board](#xx_be9c4966-7882-4005-9a3e-ad3c6672d191_OI-PageBlank-79_3)['](#xx_be9c4966-7882-4005-9a3e-ad3c6672d191_OI-PageBlank-79_3)[s approval of investment](#xx_be9c4966-7882-4005-9a3e-ad3c6672d191_OI-PageBlank-79_3)<br> [advisory contract](#xx_be9c4966-7882-4005-9a3e-ad3c6672d191_OI-PageBlank-79_3)<br>| 22 |

---

Allspring Large Cap Value Fund \| 1

------

Portfolio of investments—October 31, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.95%** |  |  |
| **Communication services: 5.37%** |  |  |
| **Interactive media & services: 5.37%** |  |  |
| Alphabet, Inc. Class C | 29407 | &nbsp;&nbsp; **$8287481** |
| **Consumer discretionary: 12.07%** |  |  |
| **Automobiles: 2.51%** |  |  |
| General Motors Co. | 56054 | &nbsp;&nbsp; **3872771** |
| **Broadline retail: 3.00%** |  |  |
| Amazon.com, Inc.† | 18967 | &nbsp;&nbsp; **4632121** |
| **Household durables: 2.58%** |  |  |
| D.R. Horton, Inc. | 26706 | &nbsp;&nbsp; **3981331** |
| **Specialty retail: 2.14%** |  |  |
| Home Depot, Inc. | 8712 | &nbsp;&nbsp; **3306988** |
| **Textiles, apparel & luxury goods: 1.84%** |  |  |
| NIKE, Inc. Class B | 43931 | &nbsp;&nbsp; **2837503** |
| **Consumer staples: 7.53%** |  |  |
| **Consumer staples distribution & retail: 1.94%** |  |  |
| Walmart, Inc. | 29556 | &nbsp;&nbsp; **2990476** |
| **Food products: 2.96%** |  |  |
| Mondelez International, Inc. Class A | 79492 | &nbsp;&nbsp; **4567611** |
| **Personal care products: 2.63%** |  |  |
| Unilever PLC ADR | 67459 | &nbsp;&nbsp; **4060357** |
| **Energy: 5.75%** |  |  |
| **Energy equipment & services: 1.46%** |  |  |
| Baker Hughes Co. Class A | 46700 | &nbsp;&nbsp; **2260747** |
| **Oil, gas & consumable fuels: 4.29%** |  |  |
| ConocoPhillips | 29217 | &nbsp;&nbsp; 2596223 |
| Exxon Mobil Corp. | 35184 | &nbsp;&nbsp; 4023642 |
|  |  | &nbsp;&nbsp; **6619865** |
| **Financials: 19.72%** |  |  |
| **Banks: 7.74%** |  |  |
| Bank of America Corp. | 118340 | &nbsp;&nbsp; 6325273 |
| Citigroup, Inc. | 44839 | &nbsp;&nbsp; 4539052 |
| JPMorgan Chase & Co. | 3491 | &nbsp;&nbsp; 1086120 |
|  |  | &nbsp;&nbsp; **11950445** |
| **Capital markets: 3.34%** |  |  |
| Intercontinental Exchange, Inc. | 35263 | &nbsp;&nbsp; **5158624** |
| **Consumer finance: 2.69%** |  |  |
| Capital One Financial Corp. | 18904 | &nbsp;&nbsp; **4158691** |

---

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

2 \| Allspring Large Cap Value Fund

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financial services: 4.42%** |  |  |
| Berkshire Hathaway, Inc. Class B† | 9819 | &nbsp;&nbsp; $4688965 |
| Rocket Cos., Inc. Class A | 127700 | &nbsp;&nbsp; 2127482 |
|  |  | &nbsp;&nbsp; **6816447** |
| **Insurance: 1.53%** |  |  |
| American International Group, Inc. | 29924 | &nbsp;&nbsp; **2362799** |
| **Health care: 13.59%** |  |  |
| **Biotechnology: 1.28%** |  |  |
| Vertex Pharmaceuticals, Inc.† | 4649 | &nbsp;&nbsp; **1978475** |
| **Health care equipment & supplies: 2.38%** |  |  |
| Medtronic PLC | 40539 | &nbsp;&nbsp; **3676887** |
| **Health care providers & services: 5.03%** |  |  |
| Cigna Group | 14260 | &nbsp;&nbsp; 3485287 |
| Labcorp Holdings, Inc. | 16825 | &nbsp;&nbsp; 4272877 |
|  |  | &nbsp;&nbsp; **7758164** |
| **Life sciences tools & services: 2.90%** |  |  |
| Danaher Corp. | 20823 | &nbsp;&nbsp; **4484858** |
| **Pharmaceuticals: 2.00%** |  |  |
| Johnson & Johnson | 16320 | &nbsp;&nbsp; **3082358** |
| **Industrials: 12.42%** |  |  |
| **Aerospace & defense: 1.58%** |  |  |
| RTX Corp. | 13711 | &nbsp;&nbsp; **2447413** |
| **Electrical equipment: 1.19%** |  |  |
| Eaton Corp. PLC | 4805 | &nbsp;&nbsp; **1833396** |
| **Ground transportation: 4.28%** |  |  |
| Canadian Pacific Kansas City Ltd. | 91763 | &nbsp;&nbsp; **6602348** |
| **Industrial conglomerates: 2.58%** |  |  |
| 3M Co. | 3909 | &nbsp;&nbsp; 650848 |
| Honeywell International, Inc. | 16573 | &nbsp;&nbsp; 3336642 |
|  |  | &nbsp;&nbsp; **3987490** |
| **Machinery: 0.49%** |  |  |
| Caterpillar, Inc. | 1315 | &nbsp;&nbsp; **759097** |
| **Trading companies & distributors: 2.30%** |  |  |
| AerCap Holdings NV | 27215 | &nbsp;&nbsp; **3544482** |
| **Information technology: 10.40%** |  |  |
| **IT services: 2.81%** |  |  |
| Accenture PLC Class A | 13020 | &nbsp;&nbsp; 3256302 |
| International Business Machines Corp. | 3517 | &nbsp;&nbsp; 1081161 |
|  |  | &nbsp;&nbsp; **4337463** |

---

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

Allspring Large Cap Value Fund \| 3

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Semiconductors & semiconductor equipment: 2.81%** |  |  |
| NXP Semiconductors NV | 15196 | &nbsp;&nbsp; $3177788 |
| Teradyne, Inc. | 6370 | &nbsp;&nbsp; 1157811 |
|  |  | &nbsp;&nbsp; **4335599** |
| **Software: 4.78%** |  |  |
| Cadence Design Systems, Inc.† | 9485 | &nbsp;&nbsp; 3212474 |
| Microsoft Corp. | 8053 | &nbsp;&nbsp; 4169924 |
|  |  | &nbsp;&nbsp; **7382398** |
| **Materials: 5.42%** |  |  |
| **Chemicals: 1.28%** |  |  |
| Sherwin-Williams Co. | 5485 | &nbsp;&nbsp; 1891996 |
| Solstice Advanced Materials, Inc.† | 1943 | &nbsp;&nbsp; 87571 |
|  |  | &nbsp;&nbsp; **1979567** |
| **Construction materials: 4.14%** |  |  |
| Amrize Ltd.† | 72750 | &nbsp;&nbsp; 3771360 |
| Vulcan Materials Co. | 9068 | &nbsp;&nbsp; 2625186 |
|  |  | &nbsp;&nbsp; **6396546** |
| **Real estate: 3.10%** |  |  |
| **Real estate management & development: 0.97%** |  |  |
| CBRE Group, Inc. Class A† | 9830 | &nbsp;&nbsp; **1498387** |
| **Specialized REITs: 2.13%** |  |  |
| Public Storage | 11806 | &nbsp;&nbsp; **3288679** |
| **Utilities: 3.58%** |  |  |
| **Electric utilities: 3.58%** |  |  |
| NextEra Energy, Inc. | 67973 | &nbsp;&nbsp; **5533002** |
| **Total common stocks (Cost $130,604,102)** |  | &nbsp;&nbsp; **152770866** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 1.11%** |  |  |  |  |
| **Investment companies: 1.11%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.06<br> %<br>| 1722168 | &nbsp;&nbsp; **1722168** |
| **Total short-term investments (Cost $1,722,168)** |  |  |  | &nbsp;&nbsp; **1722168** |
| **Total investments in securities (Cost $132,326,270)** | 100.06<br> %<br>|  |  | &nbsp;&nbsp; 154493034 |
| Other assets and liabilities, net | (0.06)<br>|  |  | &nbsp;&nbsp; (98030)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$154395004** |

---

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

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

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

Abbreviations: <br> ADR American depositary receipt <br> REIT Real estate investment trust

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

4 \| Allspring Large Cap Value Fund

------

Portfolio of investments—October 31, 2025 (unaudited)

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $0 | $9849132 | $(8126964)<br>| $0 | $0 | $1722168 | 1722168 | $20981 |

---

Transactions with the affiliated Master Portfolio were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | % of <br>ownership, <br>beginning <br>of period<br>| % of <br>ownership, <br>end of <br>period<br>| Net realized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Dividends <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Interest <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Affiliated <br>Income <br>Allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Value, <br>end of <br>period<br>|
| Allspring Large Cap Value Portfolio\* | 99.99<br> %<br>| 0.00<br> %<br>| &nbsp;&nbsp; $4144755 | &nbsp;&nbsp; $(17918009)<br>| &nbsp;&nbsp; $687620 | &nbsp;&nbsp; $103 | &nbsp;&nbsp; $23593 | &nbsp;&nbsp; $0 |

---

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

\* Liquidated on August 8, 2025

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

Allspring Large Cap Value Fund \| 5

------

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

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $130,604,102) | $152770866 |
| Investments in affiliated securities, at value (cost $1,722,168) | 1722168 |
| Cash | 16 |
| Receivable for investments sold | 432166 |
| Receivable for dividends | 33316 |
| Receivable for Fund shares sold | 28378 |
| Prepaid expenses and other assets | 74758 |
| **Total assets** | **155061668** |
| Liabilities |  |
| Payable for investments purchased | 373751 |
| Payable for Fund shares redeemed | 148107 |
| Professional fees payable | 50932 |
| Management fee payable | 29709 |
| Administration fees payable | 21475 |
| Shareholder servicing fees payable | 18020 |
| Trustees' fees and expenses payable | 1796 |
| Distribution fee payable | 1369 |
| Accrued expenses and other liabilities | 21505 |
| **Total liabilities** | **666664** |
| **Total net assets**  | **$154395004** |
| Net assets consist of |  |
| Paid-in capital | $88629998 |
| Total distributable earnings | 65765006 |
| **Total net assets** | **$154395004** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $76550146 |
| Shares outstanding–Class A<sup>1</sup> <br>| 6810288 |
| Net asset value per share–Class A | $11.24 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $11.93 |
| Net assets–Class C | $1988960 |
| Shares outstanding–Class C<sup>1</sup> <br>| 182755 |
| Net asset value per share–Class C | $10.88 |
| Net assets–Class R6 | $22067135 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 1941549 |
| Net asset value per share–Class R6 | $11.37 |
| Net assets–Institutional Class | $53788763 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 4733626 |
| Net asset value per share–Institutional Class | $11.36 |

---

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

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

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

6 \| Allspring Large Cap Value Fund

------

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

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $27,428) | $687620 |
| Dividends (net of foreign withholdings taxes of $4,546) | 537105 |
| Affiliated income allocated from affiliated Master Portfolio | 23593 |
| Income from affiliated securities | 20981 |
| Interest allocated from affiliated Master Portfolio | 103 |
| Expenses allocated from affiliated Master Portfolio | (229651)<br>|
| Waivers allocated from affiliated Master Portfolio | 58652 |
| **Total investment income** | **1098403** |
| Expenses |  |
| Management fee | 167396 |
| Administration fees |  |
| Class A | 78054 |
| Class C | 2283 |
| Class R6 | 3510 |
| Administrator Class | 1770 <br><sup>1</sup><br>|
| Institutional Class | 33992 |
| Shareholder servicing fees |  |
| Class A | 97567 |
| Class C | 2846 |
| Administrator Class | 3404 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 8538 |
| Custody and accounting fees | 2808 |
| Professional fees | 19647 |
| Registration fees | 75247 |
| Shareholder report expenses | 21092 |
| Trustees' fees and expenses | 6363 |
| Other fees and expenses | 6824 |
| **Total expenses** | **531341** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (177221)<br>|
| Class A | (5198)<br>|
| Institutional Class | (192)<br>|
| **Net expenses** | **348730** |
| **Net investment income** | **749673** |

---

<sup>1</sup> For the period from May 1, 2025 to September 12, 2025. Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

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

Allspring Large Cap Value Fund \| 7

------

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

Statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Investments allocated from affiliated Master Portfolio | $4144755 |
| Unaffiliated securities | 34906546 |
| Foreign currency and foreign currency translations | (53)<br>|
| **Net realized gains on investments**  | **39051248** |
| Net change in unrealized gains (losses) on |  |
| Investments allocated from affiliated Master Portfolio | (17918009)<br>|
| Unaffiliated securities | (4114502)<br>|
| **Net change in unrealized gains (losses) on investments** | **(22032511)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **17018737** |
| **Net increase in net assets resulting from operations** | **$17768410** |

---

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

8 \| Allspring Large Cap Value Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> October 31, 2025<br> (unaudited) | Six months ended<br> October 31, 2025<br> (unaudited) | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $749673 |  | &nbsp;&nbsp; $1720343 |
| Net realized gains on investments |  | &nbsp;&nbsp; 39051248 |  | &nbsp;&nbsp; 15023883 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (22032511)<br>|  | &nbsp;&nbsp; 2046218 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **17768410** |  | &nbsp;&nbsp; **18790444** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (20805299)<br>|
| Class C |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (766360)<br>|
| Class R6 |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (6671429)<br>|
| Administrator Class |  | &nbsp;&nbsp; 0 <br><sup>1</sup><br>|  | &nbsp;&nbsp; (1059036)<br>|
| Institutional Class |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (15585217)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **0** |  | &nbsp;&nbsp; **(44887341)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 170621 | &nbsp;&nbsp; 1854127 | &nbsp;&nbsp; 424947 | &nbsp;&nbsp; 4740604 |
| Class C | 22432 | &nbsp;&nbsp; 234339 | &nbsp;&nbsp; 31656 | &nbsp;&nbsp; 327732 |
| Class R6 | 259419 | &nbsp;&nbsp; 2920385 | &nbsp;&nbsp; 1114038 | &nbsp;&nbsp; 13871910 |
| Administrator Class | 4236 <br><sup>1</sup><br>| &nbsp;&nbsp; 45836 <br><sup>1</sup><br>| &nbsp;&nbsp; 8157 | &nbsp;&nbsp; 90961 |
| Institutional Class | 211960 | &nbsp;&nbsp; 2353248 | &nbsp;&nbsp; 1060344 | &nbsp;&nbsp; 11988792 |
|  |  | &nbsp;&nbsp; 7407935 |  | &nbsp;&nbsp; 31019999 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1985767 | &nbsp;&nbsp; 20533374 |
| Class C | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 76493 | &nbsp;&nbsp; 766360 |
| Class R6 | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 499948 | &nbsp;&nbsp; 5231151 |
| Administrator Class | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 54892 | &nbsp;&nbsp; 570828 |
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1483116 | &nbsp;&nbsp; 15506441 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 42608154 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (533680)<br>| &nbsp;&nbsp; (5837243)<br>| &nbsp;&nbsp; (1725444)<br>| &nbsp;&nbsp; (20138082)<br>|
| Class C | (62218)<br>| &nbsp;&nbsp; (672019)<br>| &nbsp;&nbsp; (141728)<br>| &nbsp;&nbsp; (1541695)<br>|
| Class R6 | (474647)<br>| &nbsp;&nbsp; (5348217)<br>| &nbsp;&nbsp; (604908)<br>| &nbsp;&nbsp; (6967652)<br>|
| Administrator Class | (8070 )<sup>1</sup><br>| &nbsp;&nbsp; (88889 )<sup>1</sup><br>| &nbsp;&nbsp; (27623)<br>| &nbsp;&nbsp; (292420)<br>|
| Institutional Class | (493303)<br>| &nbsp;&nbsp; (5486609)<br>| &nbsp;&nbsp; (5146434)<br>| &nbsp;&nbsp; (61604798)<br>|
|  |  | &nbsp;&nbsp; (17432977)<br>|  | &nbsp;&nbsp; (90544647)<br>|

---

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

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

Allspring Large Cap Value Fund \| 9

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> October 31, 2025<br> (unaudited) | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Administrator Class<br>(330487 )<sup>2</sup><br>| &nbsp;&nbsp; $(3773002 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Institutional Class<br>328980 <br><sup>2</sup><br>| &nbsp;&nbsp; 3773002 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net decrease in net assets resulting from capital share transactions** | &nbsp;&nbsp; **(10025042)**<br>|  | &nbsp;&nbsp; **(16916494)**<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; **7743368** |  | &nbsp;&nbsp; **(43013391)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **146651636** |  | &nbsp;&nbsp; **189665027** |
| **End of period** | &nbsp;&nbsp; **$154395004** |  | &nbsp;&nbsp; **$146651636** |

---

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

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

10 \| Allspring Large Cap Value Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class A | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$10.02** | &nbsp;&nbsp; **$12.21** | &nbsp;&nbsp; **$11.52** | &nbsp;&nbsp; **$14.82** | &nbsp;&nbsp; **$17.16** | &nbsp;&nbsp; **$11.49** | &nbsp;&nbsp; **$13.01** |
| Net investment income | 0.04 <br><sup>2</sup><br>| 0.10 <br><sup>2</sup><br>| 0.14 <br><sup>2</sup><br>| 0.15 <br><sup>2</sup><br>| 0.11 | 0.10 | 0.12 |
| Net realized and unrealized gains (losses) on investments | 1.18 | 1.24 | 2.00 | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.34)<br>| 6.29 | &nbsp;&nbsp; (0.33)<br>|
| Total from investment operations | 1.22 | 1.34 | 2.14 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.23)<br>| 6.39 | &nbsp;&nbsp; (0.21)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (3.44)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.18)<br>|
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (2.74)<br>| &nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (1.31)<br>|
| **Net asset value, end of period** | **$11.24** | &nbsp;&nbsp; **$10.02** | &nbsp;&nbsp; **$12.21** | &nbsp;&nbsp; **$11.52** | &nbsp;&nbsp; **$14.82** | &nbsp;&nbsp; **$17.16** | &nbsp;&nbsp; **$11.49** |
| **Total return**<sup>3</sup> <br>| **12.18%**<br>| **10.38%**<br>| **19.27%**<br>| &nbsp;&nbsp; **(4.19)%**<br>| &nbsp;&nbsp; **(1.37)%**<br>| **56.98%**<br>| &nbsp;&nbsp; **(3.61)%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 1.04<br> %<br>| 1.10<br> %<br>| 1.22<br> %<br>| 1.22<br> %<br>| 1.19<br> %<br>| 1.24<br> %<br>| 1.27<br> %<br>|
| Net expenses | 0.81<br> %<br>| 0.88<br> %<br>| 1.03<br> %<br>| 1.08<br> %<br>| 1.07<br> %<br>| 1.07<br> %<br>| 1.07<br> %<br>|
| Net investment income | 0.79<br> %<br>| 0.85<br> %<br>| 1.22<br> %<br>| 1.13<br> %<br>| 0.69<br> %<br>| 0.73<br> %<br>| 0.92<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate | 23 %<sup>4</sup><br>| &nbsp;&nbsp; 36 %<sup>5</sup><br>| &nbsp;&nbsp; 98 %<sup>5</sup><br>| &nbsp;&nbsp; 29 %<sup>5</sup><br>| &nbsp;&nbsp; 32 %<sup>5</sup><br>| &nbsp;&nbsp; 38 %<sup>5</sup><br>| &nbsp;&nbsp; 33 %<sup>5</sup><br>|
| Net assets, end of period (000s omitted) | $76550 | &nbsp;&nbsp; $71897 | &nbsp;&nbsp; $79214 | &nbsp;&nbsp; $77198 | &nbsp;&nbsp; $101496 | &nbsp;&nbsp; $102332 | &nbsp;&nbsp; $70680 |

---

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

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

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

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.23% |
| Year ended April 30, 2025 | 0.49% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.63% |
| Year ended May 31, 2023 | 0.64% |
| Year ended May 31, 2022 | 0.64% |
| Year ended May 31, 2021 | 0.64% |
| Year ended May 31, 2020 | 0.64% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

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

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. These purchases and sales amounts are aggregated with the direct purchases and sales in unaffiliated securities and included in the portfolio turnover calculation. 

<sup>5</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Large Cap Value Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class C | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$9.74** | &nbsp;&nbsp; **$11.97** | &nbsp;&nbsp; **$11.32** | &nbsp;&nbsp; **$14.61** | &nbsp;&nbsp; **$16.97** | &nbsp;&nbsp; **$11.36** | &nbsp;&nbsp; **$12.87** |
| Net investment income (loss) | 0.00 <br><sup>23</sup><br>| 0.01 <br><sup>2</sup><br>| 0.05 <br><sup>2</sup><br>| 0.05 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| 0.02 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.14 | 1.22 | 1.96 | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.35)<br>| 6.25 | &nbsp;&nbsp; (0.35)<br>|
| Total from investment operations | 1.14 | 1.23 | 2.01 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.36)<br>| 6.22 | &nbsp;&nbsp; (0.33)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.05)<br>| 0.00 | 0.00 | 0.00 |
| Net realized gains | 0.00 | &nbsp;&nbsp; (3.44)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.18)<br>|
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (3.46)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.18)<br>|
| **Net asset value, end of period** | **$10.88** | &nbsp;&nbsp; **$9.74** | &nbsp;&nbsp; **$11.97** | &nbsp;&nbsp; **$11.32** | &nbsp;&nbsp; **$14.61** | &nbsp;&nbsp; **$16.97** | &nbsp;&nbsp; **$11.36** |
| **Total return**<sup>4</sup> <br>| **11.70%**<br>| **9.52%**<br>| **18.40%**<br>| &nbsp;&nbsp; **(4.85)%**<br>| &nbsp;&nbsp; **(2.22)%**<br>| **55.94%**<br>| &nbsp;&nbsp; **(4.41)%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 1.79<br> %<br>| 1.85<br> %<br>| 1.95<br> %<br>| 1.97<br> %<br>| 1.94<br> %<br>| 1.99<br> %<br>| 2.02<br> %<br>|
| Net expenses | 1.57<br> %<br>| 1.66<br> %<br>| 1.81<br> %<br>| 1.83<br> %<br>| 1.83<br> %<br>| 1.83<br> %<br>| 1.83<br> %<br>|
| Net investment income (loss) | 0.06<br> %<br>| 0.08<br> %<br>| 0.45<br> %<br>| 0.36<br> %<br>| &nbsp;&nbsp; (0.08)%<br>| &nbsp;&nbsp; (0.04)%<br>| 0.16<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate | 23 %<sup>5</sup><br>| &nbsp;&nbsp; 36 %<sup>6</sup><br>| &nbsp;&nbsp; 98 %<sup>6</sup><br>| &nbsp;&nbsp; 29 %<sup>6</sup><br>| &nbsp;&nbsp; 32 %<sup>6</sup><br>| &nbsp;&nbsp; 38 %<sup>6</sup><br>| &nbsp;&nbsp; 33 %<sup>6</sup><br>|
| Net assets, end of period (000s omitted) | $1989 | &nbsp;&nbsp; $2168 | &nbsp;&nbsp; $3066 | &nbsp;&nbsp; $3471 | &nbsp;&nbsp; $4103 | &nbsp;&nbsp; $4719 | &nbsp;&nbsp; $3576 |

---

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

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

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

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.23% |
| Year ended April 30, 2025 | 0.49% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.63% |
| Year ended May 31, 2023 | 0.64% |
| Year ended May 31, 2022 | 0.64% |
| Year ended May 31, 2021 | 0.64% |
| Year ended May 31, 2020 | 0.64% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

<sup>3</sup> Amount is less than $0.005.

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

<sup>5</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. These purchases and sales amounts are aggregated with the direct purchases and sales in unaffiliated securities and included in the portfolio turnover calculation. 

<sup>6</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

12 \| Allspring Large Cap Value Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class R6 | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$10.11** | &nbsp;&nbsp; **$12.29** | &nbsp;&nbsp; **$11.59** | &nbsp;&nbsp; **$14.90** | &nbsp;&nbsp; **$17.24** | &nbsp;&nbsp; **$11.53** | &nbsp;&nbsp; **$13.06** |
| Net investment income | 0.07 <br><sup>2</sup><br>| 0.15 <br><sup>2</sup><br>| 0.18 <br><sup>2</sup><br>| 0.20 <br><sup>2</sup><br>| 0.18 <br><sup>2</sup><br>| 0.16 <br><sup>2</sup><br>| 0.18 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.19 | 1.25 | 2.03 | &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.34)<br>| 6.32 | &nbsp;&nbsp; (0.33)<br>|
| Total from investment operations | 1.26 | 1.40 | 2.21 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.16)<br>| 6.48 | &nbsp;&nbsp; (0.15)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.20)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (3.44)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.18)<br>|
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (3.58)<br>| &nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (1.38)<br>|
| **Net asset value, end of period** | **$11.37** | &nbsp;&nbsp; **$10.11** | &nbsp;&nbsp; **$12.29** | &nbsp;&nbsp; **$11.59** | &nbsp;&nbsp; **$14.90** | &nbsp;&nbsp; **$17.24** | &nbsp;&nbsp; **$11.53** |
| **Total return**<sup>3</sup> <br>| **12.46%**<br>| **10.76%**<br>| **19.73%**<br>| &nbsp;&nbsp; **(3.75)%**<br>| &nbsp;&nbsp; **(0.98)%**<br>| **57.75%**<br>| &nbsp;&nbsp; **(3.25)%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 0.62<br> %<br>| 0.68<br> %<br>| 0.79<br> %<br>| 0.78<br> %<br>| 0.76<br> %<br>| 0.82<br> %<br>| 0.84<br> %<br>|
| Net expenses | 0.40<br> %<br>| 0.47<br> %<br>| 0.64<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>|
| Net investment income | 1.20<br> %<br>| 1.21<br> %<br>| 1.63<br> %<br>| 1.55<br> %<br>| 1.11<br> %<br>| 1.14<br> %<br>| 1.33<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate | 23 %<sup>4</sup><br>| &nbsp;&nbsp; 36 %<sup>5</sup><br>| &nbsp;&nbsp; 98 %<sup>5</sup><br>| &nbsp;&nbsp; 29 %<sup>5</sup><br>| &nbsp;&nbsp; 32 %<sup>5</sup><br>| &nbsp;&nbsp; 38 %<sup>5</sup><br>| &nbsp;&nbsp; 33 %<sup>5</sup><br>|
| Net assets, end of period (000s omitted) | $22067 | &nbsp;&nbsp; $21812 | &nbsp;&nbsp; $14102 | &nbsp;&nbsp; $15505 | &nbsp;&nbsp; $23487 | &nbsp;&nbsp; $47301 | &nbsp;&nbsp; $37859 |

---

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

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

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

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.22% |
| Year ended April 30, 2025 | 0.48% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.63% |
| Year ended May 31, 2023 | 0.64% |
| Year ended May 31, 2022 | 0.64% |
| Year ended May 31, 2021 | 0.64% |
| Year ended May 31, 2020 | 0.64% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

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

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. These purchases and sales amounts are aggregated with the direct purchases and sales in unaffiliated securities and included in the portfolio turnover calculation. 

<sup>5</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Large Cap Value Fund \| 13

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Institutional Class | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$10.12** | &nbsp;&nbsp; **$12.30** | &nbsp;&nbsp; **$11.59** | &nbsp;&nbsp; **$14.90** | &nbsp;&nbsp; **$17.24** | &nbsp;&nbsp; **$11.53** | &nbsp;&nbsp; **$13.05** |
| Net investment income | 0.06 <br><sup>2</sup><br>| 0.14 <br><sup>2</sup><br>| 0.17 <br><sup>2</sup><br>| 0.19 <br><sup>2</sup><br>| 0.16 | 0.15 | 0.16 |
| Net realized and unrealized gains (losses) on investments | 1.18 | 1.25 | 2.03 | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.34)<br>| 6.32 | &nbsp;&nbsp; (0.33)<br>|
| Total from investment operations | 1.24 | 1.39 | 2.20 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.18)<br>| 6.47 | &nbsp;&nbsp; (0.17)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (3.44)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.18)<br>|
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.35)<br>|
| **Net asset value, end of period** | **$11.36** | &nbsp;&nbsp; **$10.12** | &nbsp;&nbsp; **$12.30** | &nbsp;&nbsp; **$11.59** | &nbsp;&nbsp; **$14.90** | &nbsp;&nbsp; **$17.24** | &nbsp;&nbsp; **$11.53** |
| **Total return**<sup>3</sup> <br>| **12.25%**<br>| **10.70%**<br>| **19.69%**<br>| &nbsp;&nbsp; **(3.92)%**<br>| &nbsp;&nbsp; **(1.08)%**<br>| **57.58%**<br>| &nbsp;&nbsp; **(3.33)%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 0.72<br> %<br>| 0.79<br> %<br>| 0.89<br> %<br>| 0.89<br> %<br>| 0.86<br> %<br>| 0.91<br> %<br>| 0.94<br> %<br>|
| Net expenses | 0.50<br> %<br>| 0.59<br> %<br>| 0.74<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income | 1.09<br> %<br>| 1.17<br> %<br>| 1.53<br> %<br>| 1.45<br> %<br>| 1.01<br> %<br>| 1.05<br> %<br>| 1.25<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate | 23 %<sup>4</sup><br>| &nbsp;&nbsp; 36 %<sup>5</sup><br>| &nbsp;&nbsp; 98 %<sup>5</sup><br>| &nbsp;&nbsp; 29 %<sup>5</sup><br>| &nbsp;&nbsp; 32 %<sup>5</sup><br>| &nbsp;&nbsp; 38 %<sup>5</sup><br>| &nbsp;&nbsp; 33 %<sup>5</sup><br>|
| Net assets, end of period (000s omitted) | $53789 | &nbsp;&nbsp; $47405 | &nbsp;&nbsp; $89618 | &nbsp;&nbsp; $98683 | &nbsp;&nbsp; $130915 | &nbsp;&nbsp; $156330 | &nbsp;&nbsp; $96838 |

---

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

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

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

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.21% |
| Year ended April 30, 2025 | 0.49% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.63% |
| Year ended May 31, 2023 | 0.64% |
| Year ended May 31, 2022 | 0.64% |
| Year ended May 31, 2021 | 0.64% |
| Year ended May 31, 2020 | 0.64% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

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

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. These purchases and sales amounts are aggregated with the direct purchases and sales in unaffiliated securities and included in the portfolio turnover calculation. 

<sup>5</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

14 \| Allspring Large Cap Value Fund

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

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

At the Fund's Board meeting held on May 27-29, 2025, the Board of Trustees approved a proposal to collapse the master-feeder structure under which the Fund invested 100% of its assets in the affiliated Allspring Large Cap Value Portfolio (Large Cap Value Portfolio). The transaction was accomplished at the close of business on August 8, 2025, by the Fund redeeming, its investment in the affiliated Large Cap Value Portfolio, for an in-kind distribution of securities, along with acquiring the assets and assuming the liabilities of Large Cap Value Portfolio. After the transaction, the Fund began operating as a stand-alone fund with its investments managed by Allspring Funds Management and Allspring Global Investments, LLC.

Prior to August 8, 2025, the Fund was a feeder fund in a master-feeder structure that invested substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invested in Large Cap Value Portfolio, a separate diversified portfolio (the "affiliated Master Portfolio") of Allspring Master Trust, a registered open-end management investment company. As of August 8, 2025, the Fund owned substantially all assets of Large Cap Value Portfolio. The affiliated Master Portfolio directly acquired portfolio securities, and the Fund acquired an indirect interest in those securities. The Fund accounted for its investment in the affiliated Master Portfolio as a partnership investment and recorded on a daily basis its share of the affiliated Master Portfolio's income, expense and realized and unrealized gains and losses.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Investments in the affiliated Master Portfolio are valued daily based on the Fund's proportionate share of the affiliated Master Portfolio's net assets, which are also valued daily.

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from

Allspring Large Cap Value Fund \| 15

------

Notes to financial statements (unaudited)

changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Security transactions and income recognition

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

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of October 31, 2025, the aggregate cost of all investments for federal income tax purposes was $137,499,445 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $28489543 |
| Gross unrealized losses | &nbsp;&nbsp; (11495954)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$16993589** |

---

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

16 \| Allspring Large Cap Value Fund

------

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $8287481 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $8287481 |
| *Consumer discretionary* | &nbsp;&nbsp; 18630714 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 18630714 |
| *Consumer staples* | &nbsp;&nbsp; 11618444 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 11618444 |
| *Energy* | &nbsp;&nbsp; 8880612 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8880612 |
| *Financials* | &nbsp;&nbsp; 30447006 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 30447006 |
| *Health care* | &nbsp;&nbsp; 20980742 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 20980742 |
| *Industrials* | &nbsp;&nbsp; 19174226 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 19174226 |
| *Information technology* | &nbsp;&nbsp; 16055460 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 16055460 |
| *Materials* | &nbsp;&nbsp; 8376113 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8376113 |
| *Real estate* | &nbsp;&nbsp; 4787066 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4787066 |
| *Utilities* | &nbsp;&nbsp; 5533002 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5533002 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 1722168 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1722168 |
| **Total assets** | &nbsp;&nbsp; **$154493034** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$154493034** |

---

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

At October 31, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $1 billion | 0.400<br> %<br>|
| Next $4 billion | 0.375 |
| Next $5 billion | 0.340 |
| Over $10 billion | 0.330 |

---

Prior to August 8, 2025

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $5 billion | 0.050<br> %<br>|
| Next $5 billion | 0.040 |
| Over $10 billion | 0.030 |

---

For the six months ended October 31, 2025, the management fee was equivalent to an annual rate of 0.21% of the Fund's average daily net assets.

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

Administration fees

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

Allspring Large Cap Value Fund \| 17

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Notes to financial statements (unaudited)

compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through August 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of October 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.82<br> %<br>|
| Class C | 1.57 |
| Class R6 | 0.40 |
| Institutional Class | 0.50 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended October 31, 2025, Allspring Funds Distributor received $805 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended October 31, 2025.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended October 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Prior to August 8, 2025, the Fund invested substantially all its assets in a single affiliated Master Portfolio. Purchases and sales for the period May 1, 2025 through August 8, 2025, have been calculated by multiplying the Fund's ownership percentage of the affiliated Master Portfolio during the period, by the affiliated Master Portfolio's purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended October 31, 2025 were $35,528,423 and $45,287,584, 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

18 \| Allspring Large Cap Value Fund

------

Notes to financial statements (unaudited)

charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the six months ended October 31, 2025, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

8. FUND STRUCTURE CHANGE

At the May 27-29, 2025 Board meeting, the Board of Trustees approved restructuring the Fund and Large Cap Value Portfolio master-feeder structure into a single-level fund structure. After the close of business on August 8, 2025, in connection with this transaction, the Fund redeemed in-kind its entire investment in Large Cap Value Portfolio. As a result, the Fund received investments in securities with a value of $155,069,170 (cost $128,812,894), $90,459 in receivables for dividends and interest and $65,470 in payables for accrued expenses. Additionally, $6,523,520 was reclassified from distributable earnings to paid in capital on the Statement of assets and liabilities due to the restructuring. The restructuring of the master-feeder structure did not have any impact on the net assets of the Fund.

9. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

11. CLASS CONVERSION

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

Allspring Large Cap Value Fund \| 19

------

Other information (unaudited)

Other information

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

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

20 \| Allspring Large Cap Value Fund

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Large Cap Value Fund \| 21

------

Other information (unaudited)

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

Board consideration of investment management, advisory, and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (each, a "Board" and collectively, the "Boards") of each of Allspring Funds Trust ("Funds Trust") and Allspring Master Trust ("Master Trust", and collectively, the "Trusts") must determine annually whether to approve the continuation of the Trusts' investment management, advisory, and sub-advisory agreements, as applicable. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Funds Trust Board, all the members of which have no direct or indirect interest in the investment management agreement and are not "interested persons" of the Trusts, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Large Cap Value Fund, a portfolio of Funds Trust (the "Feeder Fund"), an investment management agreement (the "Feeder Fund Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management").

At the Meeting, the Master Trust Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are Independent Trustees, reviewed and approved: (i) an investment advisory agreement (the "Master Portfolio Advisory Agreement") with Allspring Funds Management for the Allspring Large Cap Value Portfolio, a portfolio of Master Trust (the "Master Portfolio"); 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, for the Master Portfolio.

The Feeder Fund and the Master Portfolio are collectively referred to as the "Funds." The Feeder Fund Management Agreement, the Master Portfolio Advisory Agreement, and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

The Feeder Fund is a feeder fund that invest substantially all of its assets in the Master Portfolio. The Master Portfolio has a substantially similar investment objective and substantially similar investment strategies to the Feeder Fund. Information provided to the Boards regarding the Feeder Fund is also applicable to the Master Portfolio, as relevant.

At the Meeting, the Boards 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 meeting of the Boards 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 Boards have adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Boards in the discharge of their 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 Boards, 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 Boards' 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 Boards 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 Boards reviewed reports of Allspring Funds Management at each of their quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Boards and the teams mentioned above confer with portfolio managers at various times throughout the year. The Boards 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 Funds Trust Board unanimously determined that the compensation payable to Allspring Funds Management was reasonable, and approved the continuation of the Feeder Fund Management Agreement for a one-year term. Additionally, after its deliberations, the Master Trust Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser was reasonable, and approved the continuation of the Master Portfolio Advisory Agreement and the Sub-Advisory Agreement, each for a one-year term. The Boards considered the approval of the Advisory Agreements for the Funds as part of their consideration of agreements for funds across the complex, but their approvals were made on a fund-by-fund basis.

The Boards noted that they approved a proposal earlier in the Meeting to collapse the master-feeder structure under which the Fund invests substantially all of its assets in the Portfolio, and that on or about August 8, 2025, the Fund will begin to invest substantially all of its assets directly in a portfolio of securities.

The following summarizes a number of important, but not necessarily all, factors considered by the Boards in support of their approvals.

22 \| Allspring Large Cap Value Fund

------

Other information (unaudited)

*Nature, extent, and quality of services*

The Boards received and considered various information regarding the nature, extent, and quality of services provided to the Feeder Fund and the Master Portfolio, as applicable, 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 Feeder Fund 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 Boards received and considered information about the full range of services provided to the Fund and the Master Portfolio by Allspring Funds Management and its affiliates.

The Boards considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Master Portfolio. The Boards 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 Boards further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Boards 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 Funds' liquidity risk management programs and as the Funds' valuation designee. The Boards 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 Boards considered the investment performance results for each of the Funds over various time periods ended December 31, 2024. The Boards 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 Feeder Fund (the "Universe"), and in comparison to the Feeder Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Boards received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Funds Trust Board noted that the investment performance of the Feeder Fund (Administrator Class) was higher than or in range of the average investment performance of its Universe for the three-, five- and ten-year periods under review, but lower for the one-year period under review. The Funds Trust Board also noted that the investment performance of the Feeder Fund was higher than its benchmark index, the Russell 1000® Value Index, for the three-, five- and ten-year periods under review, but lower for the one-year period under review.

The Master Trust Board took note of the investment performance of the Master Portfolio in the context of reviewing the investment performance of the Feeder Fund.

The Funds Trust Board also received and considered information regarding the Feeder Fund's net operating expense ratios, which include fees and expenses of the Master Portfolio, and their various components, including actual management fees assessed at the Feeder Fund and Master Portfolio levels, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Funds Trust 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 Feeder Fund (the "Groups"). The Funds Trust 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 Funds Trust Board noted that the net operating expense ratios of the Feeder 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.

With respect to the Master Portfolio, the Master Trust Board reviewed the fee rates payable to Allspring Funds Management for investment advisory services (as discussed below), which are the only fees charged at the Master Portfolio level, relative to a corresponding expense Group.

The Boards took into account the Funds' investment performance and expense information provided to them among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management, advisory, and sub-advisory fee rates*

The Funds Trust Board noted that Allspring Funds Management receives no advisory fees from the Feeder Fund as long as the Feeder Fund continues to invest all (or substantially all) of its assets in a single master portfolio. If the Feeder Fund were to change its investment structure so that it began investing in two or more master portfolios (a fund-of-funds), Allspring Funds Management would be entitled to receive an annual fee of 0.25% of the Feeder Fund's average daily net assets for providing investment advisory services to the Feeder Fund, including allocating the Feeder Fund's assets to the Master Portfolio.

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

Allspring Large Cap Value Fund \| 23

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Other information (unaudited)

The Funds Trust Board reviewed and considered the contractual fee rates payable by the Feeder Fund to Allspring Funds Management under the Feeder Fund Management Agreement for management services (other than investment advisory services), as well as the contractual fee rates payable by the Feeder 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 Master Trust Board reviewed and considered the contractual investment advisory fee rate payable by the Master Portfolio to Allspring Funds Management for investment advisory services under the Master Portfolio Advisory Agreement (the "Advisory Agreement Rate"). The Boards considered Allspring Funds Management's proposal to revise the Advisory Agreement Rate payable by the Master Portfolio to Allspring Funds Management, which would reduce the combined effective management/advisory fee rate paid by the Funds to Allspring Funds Management. The Master Trust 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.

Among other information reviewed by the Funds Trust Board was a comparison of the Feeder Fund's Management Rate, which, for this purpose, includes the advisory fees paid at the Master Portfolio level, 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 Funds Trust Board noted that the Management Rates of the Feeder Fund were in range of the sum of these average rates for the Feeder Fund's expense Group for Institutional Class, but higher than the sum of these average rates for the Feeder Fund's expense Groups for Class A, Administrator Class, and Class R6. The Funds Trust Board noted that Allspring Funds Management's proposal to revise the Advisory Agreement Rate payable by the Master Portfolio to Allspring Funds Management would reduce the combined effective management/advisory fee rate paid by the Funds to Allspring Funds Management.

The Master Trust Board reviewed a comparison of the Advisory Agreement Rate of the Master Portfolio with those of other funds in the Master Portfolio's expense Group at a common asset level. The Master Trust Board noted that the Advisory Agreement Rate of the Master Portfolio was equal to the median rate for the Master Portfolio's expense Group. The Master Trust Board considered Allspring Funds Management's proposal to revise the Advisory Agreement Rate payable by the Master Portfolio to Allspring Funds Management.

The Master Trust Board also received and considered information about the portions of the total management fees that were retained by Allspring Funds Management after payment of the fees to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of these amounts, the Master Trust 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 Master Trust Board ascribed limited relevance to the allocation of fees between them.

The Boards 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 Funds. In this regard, the Boards 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 Funds Trust Board determined that the compensation payable to Allspring Funds Management under the Feeder Fund Management Agreement was reasonable, and the Master Trust Board determined that the compensation payable to Allspring Funds Management under the Master Portfolio Advisory Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

*Profitability*

The Boards 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 Master Trust Board noted that the Sub-Adviser's profitability information with respect to providing services to the Master Portfolio 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 Boards 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 their review, the Boards did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent the Boards from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Boards received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Funds, 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 shareholders of the Funds. The Boards noted the existence of breakpoints in the Master Portfolio's advisory fee

24 \| Allspring Large Cap Value Fund

------

Other information (unaudited)

structure, including in Allspring Funds Management's proposed revised Advisory Agreement Rate for the Master Portfolio, and the Feeder Fund's management fee structure, which operate generally to reduce the Funds' expense ratios as the Funds grow in size, and the size of the Master Portfolio and the Feeder Fund, respectively, in relation to such breakpoints. The Boards considered that, in addition to advisory fee and 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 Boards concluded that Allspring Funds Management's arrangements with respect to each Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Funds and their shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Boards 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 Funds. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Funds 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 Funds. 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 Boards also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on their consideration of the factors and information they deemed relevant, including those described here, the Boards 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 Funds Trust Board unanimously determined that the compensation payable to Allspring Funds Management was reasonable, and approved the continuation of the Feeder Fund Management Agreement for a one-year term. Additionally, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Master Trust Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser was reasonable, and approved the continuation of the Master Portfolio Advisory Agreement and the Sub-Advisory Agreement, each for a one-year term.

Allspring Large Cap Value Fund \| 25

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![](g14779img01560e761.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**

![](g14779imga30ad9172.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.**

**NCSRS1863 10-25**

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![](g14779img9f6b3ab61.jpg)

Allspring Real Return Fund

Long Form Financial Statements

Semi-Annual Report

October 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **<u>[Allspring Real Return Fund](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_POI-PageBlank-75_1)</u>** |  |
| **[Portfolio of investments](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_POI-PageBlank-75_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_FS-PageBlank-75_1)** |  |
| [Statement of assets and liabilities](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_FS-PageBlank-75_1) | 3 |
| [Statement of operations](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_FS-PageBlank-75_2) | 4 |
| [Statement of changes in net assets](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_FS-PageBlank-75_3) | 5 |
| [Financial highlights](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_FIHI-PageBlank-75_1) | 7 |
| **[Notes to financial statements](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_NTF-PageBlank-75_1)** | 11 |
| **<u>[Allspring Real Return Portfolio](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_POI2-PageBlank-59_1)</u>** |  |
| **[Consolidated portfolio of investments](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_POI2-PageBlank-59_1)** | 15 |
| **[Item 7. Consolidated financial statements and financial highlights](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_FS2-PageBlank-59_1)** |  |
| [Consolidated statement of assets and liabilities](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_FS2-PageBlank-59_1) | 32 |
| [Consolidated statement of operations](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_FS2-PageBlank-59_2) | 33 |
| [Consolidated statement of changes in net assets](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_FS2-PageBlank-59_3) | 34 |
| [Consolidated financial highlights](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_FH2-PageBlank-59_1) | 35 |
| **[Notes to consolidated financial statements](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_NTF2-PageBlank-59_1)** | 36 |
| **[Other information](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_OI-PageBlank-75_1)** | 43 |
| [Item 8. Changes in and disagreements with accountants](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_OI-PageBlank-75_2) | 44 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_OI-PageBlank-75_2) | 44 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_OI-PageBlank-75_2) | 44 |
| [Item 11. Statement regarding basis for board](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_OI-PageBlank-75_3)['](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_OI-PageBlank-75_3)[s approval of investment](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_OI-PageBlank-75_3)<br> [advisory contract](#xx_142b8f52-b9ef-4287-ae95-661097a43eed_OI-PageBlank-75_3)<br>| 45 |

---

Allspring Real Return Fund \| 1

------

Portfolio of investments—October 31, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  |  | Value |
| **Investment companies: 99.66%** |  |  |
| **Affiliated master portfolio: 99.66%** |  |  |
| Allspring Real Return Portfolio |  | &nbsp;&nbsp; **$136871468** |
| **Total investment companies (Cost $126,073,827)** |  | &nbsp;&nbsp; **136871468** |
| **Total investments in securities (Cost $126,073,827)** | 99.66<br> %<br>| &nbsp;&nbsp; 136871468 |
| Other assets and liabilities, net | 0.34 | &nbsp;&nbsp; 470574 |
| **Total net assets** | **100.00%**<br>| &nbsp;&nbsp; **$137342042** |

---

Transactions with the affiliated Master Portfolio were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | % of <br>ownership, <br>beginning <br>of period<br>| % of <br>ownership, <br>end of <br>period<br>| Net realized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Interest <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Dividends <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Affiliated <br>Income <br>Allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Value, <br>end of <br>period<br>|
| Allspring Real Return Portfolio | 36.56<br> %<br>| 40.76<br> %<br>| &nbsp;&nbsp; $162811 | &nbsp;&nbsp; $8345210 | &nbsp;&nbsp; $1016948 | &nbsp;&nbsp; $292138 | &nbsp;&nbsp; $632058 | &nbsp;&nbsp; $136871468 |

---

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

2 \| Allspring Real Return Fund

------

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

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in affiliated Master Portfolio, at value (cost $126,073,827) | $136871468 |
| Receivable for Fund shares sold | 492579 |
| Receivable from manager | 20812 |
| Prepaid expenses and other assets | 57384 |
| **Total assets** | **137442243** |
| Liabilities |  |
| Payable for Fund shares redeemed | 43883 |
| Professional fees payable | 21938 |
| Shareholder report expenses payable | 18640 |
| Administration fees payable | 8283 |
| Shareholder servicing fees payable | 4508 |
| Trustees' fees and expenses payable | 1761 |
| Distribution fee payable | 450 |
| Accrued expenses and other liabilities | 738 |
| **Total liabilities** | **100201** |
| **Total net assets**  | **$137342042** |
| Net assets consist of |  |
| Paid-in capital | $129294399 |
| Total distributable earnings | 8047643 |
| **Total net assets** | **$137342042** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $20414653 |
| Shares outstanding–Class A<sup>1</sup> <br>| 1849638 |
| Net asset value per share–Class A | $11.04 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $11.56 |
| Net assets–Class C | $705023 |
| Shares outstanding–Class C<sup>1</sup> <br>| 65227 |
| Net asset value per share–Class C | $10.81 |
| Net assets–Class R6 | $59709216 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 5338961 |
| Net asset value per share–Class R6 | $11.18 |
| Net assets–Institutional Class | $56513150 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 5055355 |
| Net asset value per share–Institutional Class | $11.18 |

---

<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 Real Return Fund \| 3

------

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

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest allocated from affiliated Master Portfolio (net of foreign withholding taxes of $54) | $1016948 |
| Affiliated income allocated from affiliated Master Portfolio | 632058 |
| Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $3,990) | 292138 |
| Expenses allocated from affiliated Master Portfolio | (270236)<br>|
| Waivers allocated from affiliated Master Portfolio | 34994 |
| **Total investment income** | **1705902** |
| Expenses |  |
| Management fee | 30210 |
| Administration fees |  |
| Class A | 13124 |
| Class C | 465 |
| Class R6 | 8264 |
| Administrator Class | 2898 <br><sup>1</sup><br>|
| Institutional Class | 16732 |
| Shareholder servicing fees |  |
| Class A | 21874 |
| Class C | 775 |
| Administrator Class | 7175 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 2291 |
| Custody and accounting fees | 1407 |
| Professional fees | 17170 |
| Registration fees | 60389 |
| Shareholder report expenses | 20416 |
| Trustees' fees and expenses | 3263 |
| Other fees and expenses | 7150 |
| **Total expenses** | **213603** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (155065)<br>|
| Class A | (508)<br>|
| **Net expenses** | **58030** |
| **Net investment income** | **1647872** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments allocated from affiliated Master Portfolio**  | **162811** |
| **Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio** | **8345210** |
| **Net realized and unrealized gains (losses) on investments** | **8508021** |
| **Net increase in net assets resulting from operations** | **$10155893** |

---

<sup>1</sup> For the period from May 1, 2025 to September 12, 2025. Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

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

4 \| Allspring Real Return Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> October 31, 2025<br> (unaudited) | Six months ended<br> October 31, 2025<br> (unaudited) | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $1647872 |  | &nbsp;&nbsp; $2366077 |
| Net realized gains on investments |  | &nbsp;&nbsp; 162811 |  | &nbsp;&nbsp; 2518717 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 8345210 |  | &nbsp;&nbsp; 3709212 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **10155893** |  | &nbsp;&nbsp; **8594006** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (332102)<br>|  | &nbsp;&nbsp; (325407)<br>|
| Class C |  | &nbsp;&nbsp; (9743)<br>|  | &nbsp;&nbsp; (11225)<br>|
| Class R6 |  | &nbsp;&nbsp; (1147448)<br>|  | &nbsp;&nbsp; (1100786)<br>|
| Administrator Class |  | &nbsp;&nbsp; (40703 )<sup>1</sup><br>|  | &nbsp;&nbsp; (177723)<br>|
| Institutional Class |  | &nbsp;&nbsp; (926261)<br>|  | &nbsp;&nbsp; (621410)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(2456257)**<br>|  | &nbsp;&nbsp; **(2236551)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 527161 | &nbsp;&nbsp; 5678393 | &nbsp;&nbsp; 539594 | &nbsp;&nbsp; 5513701 |
| Class C | 17618 | &nbsp;&nbsp; 184291 | &nbsp;&nbsp; 25023 | &nbsp;&nbsp; 252319 |
| Class R6 | 1413474 | &nbsp;&nbsp; 15299777 | &nbsp;&nbsp; 2560680 | &nbsp;&nbsp; 26573013 |
| Administrator Class | 77072 <br><sup>1</sup><br>| &nbsp;&nbsp; 838429 <br><sup>1</sup><br>| &nbsp;&nbsp; 158508 | &nbsp;&nbsp; 1655334 |
| Institutional Class | 1396674 | &nbsp;&nbsp; 15250544 | &nbsp;&nbsp; 2331721 | &nbsp;&nbsp; 24312407 |
|  |  | &nbsp;&nbsp; 37251434 |  | &nbsp;&nbsp; 58306774 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 26174 | &nbsp;&nbsp; 280575 | &nbsp;&nbsp; 25438 | &nbsp;&nbsp; 259091 |
| Class C | 925 | &nbsp;&nbsp; 9743 | &nbsp;&nbsp; 1128 | &nbsp;&nbsp; 11225 |
| Class R6 | 105781 | &nbsp;&nbsp; 1147448 | &nbsp;&nbsp; 106648 | &nbsp;&nbsp; 1100786 |
| Administrator Class | 3705 <br><sup>1</sup><br>| &nbsp;&nbsp; 39906 <br><sup>1</sup><br>| &nbsp;&nbsp; 16674 | &nbsp;&nbsp; 173853 |
| Institutional Class | 85066 | &nbsp;&nbsp; 924003 | &nbsp;&nbsp; 60158 | &nbsp;&nbsp; 621356 |
|  |  | &nbsp;&nbsp; 2401675 |  | &nbsp;&nbsp; 2166311 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (185114)<br>| &nbsp;&nbsp; (1984124)<br>| &nbsp;&nbsp; (303707)<br>| &nbsp;&nbsp; (3099759)<br>|
| Class C | (23691)<br>| &nbsp;&nbsp; (242377)<br>| &nbsp;&nbsp; (27578)<br>| &nbsp;&nbsp; (274300)<br>|
| Class R6 | (835106)<br>| &nbsp;&nbsp; (9034145)<br>| &nbsp;&nbsp; (1314015)<br>| &nbsp;&nbsp; (13647605)<br>|
| Administrator Class | (61441 )<sup>1</sup><br>| &nbsp;&nbsp; (667807 )<sup>1</sup><br>| &nbsp;&nbsp; (226143)<br>| &nbsp;&nbsp; (2361697)<br>|
| Institutional Class | (371173)<br>| &nbsp;&nbsp; (4030139)<br>| &nbsp;&nbsp; (1407110)<br>| &nbsp;&nbsp; (14293661)<br>|
|  |  | &nbsp;&nbsp; (15958592)<br>|  | &nbsp;&nbsp; (33677022)<br>|

---

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

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

Allspring Real Return Fund \| 5

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> October 31, 2025<br> (unaudited) | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Administrator Class<br>(723969 )<sup>2</sup><br>| &nbsp;&nbsp; $(8124452 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Institutional Class<br>733069 <br><sup>2</sup><br>| &nbsp;&nbsp; 8124452 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net increase in net assets resulting from capital share transactions** | &nbsp;&nbsp; **23694517** |  | &nbsp;&nbsp; **26796063** |
| **Total increase in net assets** | &nbsp;&nbsp; **31394153** |  | &nbsp;&nbsp; **33153518** |
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **105947889** |  | &nbsp;&nbsp; **72794371** |
| **End of period** | &nbsp;&nbsp; **$137342042** |  | &nbsp;&nbsp; **$105947889** |

---

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

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

6 \| Allspring Real Return Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class A | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$10.35** | &nbsp;&nbsp; **$9.50** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$10.35** | &nbsp;&nbsp; **$10.93** | &nbsp;&nbsp; **$10.22** | &nbsp;&nbsp; **$9.89** |
| Net investment income | 0.13 <br><sup>2</sup><br>| 0.25 <br><sup>2</sup><br>| 0.30 <br><sup>2</sup><br>| 0.40 <br><sup>2</sup><br>| 0.56 <br><sup>2</sup><br>| 0.22 | 0.12 |
| Net realized and unrealized gains (losses) on investments | 0.76 | 0.84 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.60)<br>| 0.70 | 0.42 |
| Total from investment operations | 0.89 | 1.09 | 0.18 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.04)<br>| 0.92 | 0.54 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | (0.20)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.21)<br>|
| **Net asset value, end of period** | **$11.04** | &nbsp;&nbsp; **$10.35** | &nbsp;&nbsp; **$9.50** | &nbsp;&nbsp; **$9.60** | &nbsp;&nbsp; **$10.35** | &nbsp;&nbsp; **$10.93** | &nbsp;&nbsp; **$10.22** |
| **Total return**<sup>3</sup> <br>| **8.68%**<br>| **11.58%**<br>| **1.95%**<br>| &nbsp;&nbsp; **(3.10)%**<br>| &nbsp;&nbsp; **(0.52)%**<br>| **9.10%**<br>| **5.48%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 1.02<br> %<br>| 1.09<br> %<br>| 1.12<br> %<br>| 1.09<br> %<br>| 1.07<br> %<br>| 1.29<br> %<br>| 1.43<br> %<br>|
| Net expenses | 0.76<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.78<br> %<br>| 0.78<br> %<br>| 0.78<br> %<br>| 0.78<br> %<br>|
| Net investment income | 2.45<br> %<br>| 2.47<br> %<br>| 3.45<br> %<br>| 4.12<br> %<br>| 5.13<br> %<br>| 2.09<br> %<br>| 1.79<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 21<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 24<br> %<br>|
| Net assets, end of period (000s omitted) | $20415 | &nbsp;&nbsp; $15327 | &nbsp;&nbsp; $11592 | &nbsp;&nbsp; $12861 | &nbsp;&nbsp; $17713 | &nbsp;&nbsp; $13825 | &nbsp;&nbsp; $13196 |

---

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

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

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

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.39% |
| Year ended April 30, 2025 | 0.39% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.39% |
| Year ended May 31, 2023 | 0.39% |
| Year ended May 31, 2022 | 0.39% |
| Year ended May 31, 2021 | 0.39% |
| Year ended May 31, 2020 | 0.39% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

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

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Real Return Fund \| 7

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class C | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$10.13** | &nbsp;&nbsp; **$9.31** | &nbsp;&nbsp; **$9.41** | &nbsp;&nbsp; **$10.16** | &nbsp;&nbsp; **$10.74** | &nbsp;&nbsp; **$10.06** | &nbsp;&nbsp; **$9.73** |
| Net investment income | 0.09 <br><sup>2</sup><br>| 0.17 <br><sup>2</sup><br>| 0.24 <br><sup>2</sup><br>| 0.32 <br><sup>2</sup><br>| 0.47 <br><sup>2</sup><br>| 0.12 <br><sup>2</sup><br>| 0.11 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.75 | 0.82 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.59)<br>| 0.71 | 0.35 |
| Total from investment operations | 0.84 | 0.99 | 0.12 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.12)<br>| 0.83 | 0.46 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | (0.16)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.13)<br>|
| **Net asset value, end of period** | **$10.81** | &nbsp;&nbsp; **$10.13** | &nbsp;&nbsp; **$9.31** | &nbsp;&nbsp; **$9.41** | &nbsp;&nbsp; **$10.16** | &nbsp;&nbsp; **$10.74** | &nbsp;&nbsp; **$10.06** |
| **Total return**<sup>3</sup> <br>| **8.34%**<br>| **10.64%**<br>| **1.29%**<br>| &nbsp;&nbsp; **(3.89)%**<br>| &nbsp;&nbsp; **(1.26)%**<br>| **8.27%**<br>| **4.77%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 1.76<br> %<br>| 1.84<br> %<br>| 1.86<br> %<br>| 1.84<br> %<br>| 1.81<br> %<br>| 2.06<br> %<br>| 2.18<br> %<br>|
| Net expenses | 1.52<br> %<br>| 1.52<br> %<br>| 1.52<br> %<br>| 1.53<br> %<br>| 1.53<br> %<br>| 1.53<br> %<br>| 1.53<br> % <br>|
| Net investment income | 1.69<br> %<br>| 1.71<br> %<br>| 2.81<br> %<br>| 3.32<br> %<br>| 4.42<br> %<br>| 1.17<br> %<br>| 1.09<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 21<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 24<br> %<br>|
| Net assets, end of period (000s omitted) | $705 | &nbsp;&nbsp; $713 | &nbsp;&nbsp; $668 | &nbsp;&nbsp; $1380 | &nbsp;&nbsp; $1709 | &nbsp;&nbsp; $1195 | &nbsp;&nbsp; $1714 |

---

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

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

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

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.39% |
| Year ended April 30, 2025 | 0.39% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.39% |
| Year ended May 31, 2023 | 0.39% |
| Year ended May 31, 2022 | 0.39% |
| Year ended May 31, 2021 | 0.39% |
| Year ended May 31, 2020 | 0.39% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

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

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

8 \| Allspring Real Return Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class R6 | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$10.48** | &nbsp;&nbsp; **$9.62** | &nbsp;&nbsp; **$9.72** | &nbsp;&nbsp; **$10.47** | &nbsp;&nbsp; **$11.05** | &nbsp;&nbsp; **$10.33** | &nbsp;&nbsp; **$9.99** |
| Net investment income | 0.16 <br><sup>2</sup><br>| 0.29 <br><sup>2</sup><br>| 0.32 <br><sup>2</sup><br>| 0.46 <br><sup>2</sup><br>| 0.63 <br><sup>2</sup><br>| 0.29 | 0.22 |
| Net realized and unrealized gains (losses) on investments | 0.76 | 0.85 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.63)<br>| 0.69 | 0.37 |
| Total from investment operations | 0.92 | 1.14 | 0.21 | &nbsp;&nbsp; (0.28)<br>| 0.00 | 0.98 | 0.59 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | (0.22)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.25)<br>|
| **Net asset value, end of period** | **$11.18** | &nbsp;&nbsp; **$10.48** | &nbsp;&nbsp; **$9.62** | &nbsp;&nbsp; **$9.72** | &nbsp;&nbsp; **$10.47** | &nbsp;&nbsp; **$11.05** | &nbsp;&nbsp; **$10.33** |
| **Total return**<sup>3</sup> <br>| **8.87%**<br>| **11.95%**<br>| **2.24%**<br>| &nbsp;&nbsp; **(2.68)%**<br>| &nbsp;&nbsp; **(0.15)%**<br>| **9.52%**<br>| **5.94%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 0.65<br> %<br>| 0.72<br> %<br>| 0.77<br> %<br>| 0.71<br> %<br>| 0.68<br> %<br>| 0.85<br> %<br>| 1.05<br> %<br>|
| Net expenses | 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>|
| Net investment income | 2.81<br> %<br>| 2.82<br> %<br>| 3.67<br> %<br>| 4.68<br> %<br>| 5.68<br> %<br>| 2.70<br> %<br>| 2.08<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 21<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 24<br> %<br>|
| Net assets, end of period (000s omitted) | $59709 | &nbsp;&nbsp; $48787 | &nbsp;&nbsp; $31768 | &nbsp;&nbsp; $15796 | &nbsp;&nbsp; $14282 | &nbsp;&nbsp; $36202 | &nbsp;&nbsp; $18224 |

---

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

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

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

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.39% |
| Year ended April 30, 2025 | 0.39% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.39% |
| Year ended May 31, 2023 | 0.39% |
| Year ended May 31, 2022 | 0.39% |
| Year ended May 31, 2021 | 0.39% |
| Year ended May 31, 2020 | 0.39% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

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

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Real Return Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Institutional Class | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$10.48** | &nbsp;&nbsp; **$9.62** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$10.47** | &nbsp;&nbsp; **$11.05** | &nbsp;&nbsp; **$10.33** | &nbsp;&nbsp; **$9.99** |
| Net investment income | 0.15 <br><sup>2</sup><br>| 0.29 <br><sup>2</sup><br>| 0.34 <br><sup>2</sup><br>| 0.44 <br><sup>2</sup><br>| 0.63 <br><sup>2</sup><br>| 0.26 | 0.21 |
| Net realized and unrealized gains (losses) on investments | 0.77 | 0.85 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.64)<br>| 0.71 | 0.37 |
| Total from investment operations | 0.92 | 1.14 | 0.22 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.01)<br>| 0.97 | 0.58 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | (0.22)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Net asset value, end of period** | **$11.18** | &nbsp;&nbsp; **$10.48** | &nbsp;&nbsp; **$9.62** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$10.47** | &nbsp;&nbsp; **$11.05** | &nbsp;&nbsp; **$10.33** |
| **Total return**<sup>3</sup> <br>| **8.84%**<br>| **11.89%**<br>| **2.30%**<br>| &nbsp;&nbsp; **(2.83)%**<br>| &nbsp;&nbsp; **(0.19)%**<br>| **9.46%**<br>| **5.88%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 0.70<br> %<br>| 0.76<br> %<br>| 0.80<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.95<br> %<br>| 1.10<br> %<br>|
| Net expenses | 0.45<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>|
| Net investment income | 2.76<br> %<br>| 2.81<br> %<br>| 3.80<br> %<br>| 4.42<br> %<br>| 5.76<br> %<br>| 2.37<br> %<br>| 2.09<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 21<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 24<br> %<br>|
| Net assets, end of period (000s omitted) | $56513 | &nbsp;&nbsp; $33648 | &nbsp;&nbsp; $21418 | &nbsp;&nbsp; $36525 | &nbsp;&nbsp; $43796 | &nbsp;&nbsp; $10787 | &nbsp;&nbsp; $10587 |

---

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

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

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

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.39% |
| Year ended April 30, 2025 | 0.39% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.39% |
| Year ended May 31, 2023 | 0.39% |
| Year ended May 31, 2022 | 0.39% |
| Year ended May 31, 2021 | 0.39% |
| Year ended May 31, 2020 | 0.39% |

---

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

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

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

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

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

10 \| Allspring Real Return Fund

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring Real Return Portfolio, a separate diversified portfolio (the "affiliated Master Portfolio") of Allspring Master Trust, a registered open-end management investment company. As of October 31, 2025, the Fund owned 40.76% of Allspring Real Return Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio's income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended October 31, 2025 are included in this report and should be read in conjunction with the Fund's financial statements.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Investments in the affiliated Master Portfolio are valued daily based on the Fund's proportionate share of the affiliated Master Portfolio's net assets, which are also valued daily.

Investments which are not valued using the method 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.

Investment transactions, income and expenses

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

Distributions to shareholders

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

Federal and other taxes

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

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

Allspring Real Return Fund \| 11

------

Notes to financial statements (unaudited)

As of October 31, 2025, the aggregate cost of all investments for federal income tax purposes was $126,757,512 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $10797641 |
| Gross unrealized losses | &nbsp;&nbsp; (683685)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$10113956** |

---

As of April 30, 2025, the Fund had capital loss carryforwards which consisted of $218,663 in short-term capital losses and $2,435,380 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

At October 31, 2025, the Fund's investment in the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and fair value of the affiliated Master Portfolio is as follows:

---

| | | |
|:---|:---|:---|
| Affiliated Master Portfolio | Investment objective | &nbsp;&nbsp;&nbsp; Fair value of affiliated <br>Master Portfolio<br>|
| Allspring Real Return Portfolio | Seeks returns that exceed the rate of inflation over the long-term | $136871468 |

---

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $5 billion | 0.050<br> %<br>|
| Next $5 billion | 0.040 |
| Over $10 billion | 0.030 |

---

For the six months ended October 31, 2025, the management fee was equivalent to an annual rate of 0.05% of the Fund's average daily net assets.

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee, generally paid on a monthly basis, from the affiliated Master Portfolio for those services.

Administration fees

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

---

12 \| Allspring Real Return Fund

------

Notes to financial statements (unaudited)

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. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through August 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of October 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.77<br> %<br>|
| Class C | 1.52 |
| Class R6 | 0.40 |
| Institutional Class | 0.45 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended October 31, 2025, Allspring Funds Distributor received $2,758 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended October 31, 2025.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund's ownership percentage of the affiliated Master Portfolio at the end of the period by the affiliated Master Portfolio's purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended October 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3574063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11148388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3462381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11302587 |

---

6. BANK BORROWINGS

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

For the six months ended October 31, 2025, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

Under the Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund's organizational documents into contractual rights that cannot be changed in the future without

Allspring Real Return Fund \| 13

------

Notes to financial statements (unaudited)

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

8. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

10. CLASS CONVERSION

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

14 \| Allspring Real Return Fund

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

Consolidated portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 27.12%** |  |  |
| **Communication services: 1.68%** |  |  |
| **Entertainment: 0.60%** |  |  |
| Netflix, Inc.† | 1036 | &nbsp;&nbsp; $1159139 |
| Spotify Technology SA† | 671 | &nbsp;&nbsp; 439720 |
| TKO Group Holdings, Inc. Class A | 2300 | &nbsp;&nbsp; 433320 |
|  |  | &nbsp;&nbsp; **2032179** |
| **Interactive media & services: 0.85%** |  |  |
| Alphabet, Inc. Class A | 4676 | &nbsp;&nbsp; 1314844 |
| Meta Platforms, Inc. Class A | 1582 | &nbsp;&nbsp; 1025690 |
| Pinterest, Inc. Class A† | 15800 | &nbsp;&nbsp; 522980 |
|  |  | &nbsp;&nbsp; **2863514** |
| **Media: 0.23%** |  |  |
| Fox Corp. Class A | 11700 | &nbsp;&nbsp; **756405** |
| **Consumer discretionary: 1.86%** |  |  |
| **Broadline retail: 0.54%** |  |  |
| Amazon.com, Inc.† | 7393 | &nbsp;&nbsp; **1805519** |
| **Hotels, restaurants & leisure: 0.41%** |  |  |
| DoorDash, Inc. Class A† | 2271 | &nbsp;&nbsp; 577674 |
| Royal Caribbean Cruises Ltd. | 2818 | &nbsp;&nbsp; 808287 |
|  |  | &nbsp;&nbsp; **1385961** |
| **Household durables: 0.37%** |  |  |
| PulteGroup, Inc. | 6444 | &nbsp;&nbsp; 772442 |
| Sony Group Corp. ADR | 17326 | &nbsp;&nbsp; 483222 |
|  |  | &nbsp;&nbsp; **1255664** |
| **Specialty retail: 0.39%** |  |  |
| O'Reilly Automotive, Inc.† | 5535 | &nbsp;&nbsp; 522725 |
| Ulta Beauty, Inc.† | 1500 | &nbsp;&nbsp; 779820 |
|  |  | &nbsp;&nbsp; **1302545** |
| **Textiles, apparel & luxury goods: 0.15%** |  |  |
| Deckers Outdoor Corp.† | 6097 | &nbsp;&nbsp; **496906** |
| **Consumer staples: 0.63%** |  |  |
| **Beverages: 0.43%** |  |  |
| Keurig Dr Pepper, Inc. | 28328 | &nbsp;&nbsp; 769389 |
| Monster Beverage Corp.† | 10253 | &nbsp;&nbsp; 685208 |
|  |  | &nbsp;&nbsp; **1454597** |
| **Consumer staples distribution & retail: 0.20%** |  |  |
| Costco Wholesale Corp. | 741 | &nbsp;&nbsp; **675384** |
| **Energy: 0.79%** |  |  |
| **Energy equipment & services: 0.15%** |  |  |
| Baker Hughes Co. Class A | 10643 | &nbsp;&nbsp; **515228** |

---

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

Allspring Real Return Portfolio \| 15

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Oil, gas & consumable fuels: 0.64%** |  |  |
| Cheniere Energy, Inc. | 2000 | &nbsp;&nbsp; $424000 |
| EOG Resources, Inc. | 7773 | &nbsp;&nbsp; 822694 |
| Valero Energy Corp. | 5277 | &nbsp;&nbsp; 894768 |
|  |  | &nbsp;&nbsp; **2141462** |
| **Financials: 2.14%** |  |  |
| **Banks: 0.70%** |  |  |
| Fifth Third Bancorp | 28610 | &nbsp;&nbsp; 1190748 |
| First Citizens BancShares, Inc. Class A | 256 | &nbsp;&nbsp; 467154 |
| JPMorgan Chase & Co. | 2267 | &nbsp;&nbsp; 705309 |
|  |  | &nbsp;&nbsp; **2363211** |
| **Capital markets: 0.75%** |  |  |
| Coinbase Global, Inc. Class A† | 1022 | &nbsp;&nbsp; 351343 |
| Interactive Brokers Group, Inc. Class A | 11973 | &nbsp;&nbsp; 842420 |
| Jefferies Financial Group, Inc. | 15800 | &nbsp;&nbsp; 834714 |
| Virtu Financial, Inc. Class A | 13500 | &nbsp;&nbsp; 470340 |
|  |  | &nbsp;&nbsp; **2498817** |
| **Insurance: 0.42%** |  |  |
| Arch Capital Group Ltd. | 8354 | &nbsp;&nbsp; 721034 |
| Brown & Brown, Inc. | 8777 | &nbsp;&nbsp; 699878 |
|  |  | &nbsp;&nbsp; **1420912** |
| **Mortgage real estate investment trusts (REITs): 0.27%** |  |  |
| Annaly Capital Management, Inc. | 42801 | &nbsp;&nbsp; **906097** |
| **Health care: 1.85%** |  |  |
| **Biotechnology: 0.56%** |  |  |
| AbbVie, Inc. | 3200 | &nbsp;&nbsp; 697728 |
| Exelixis, Inc.† | 13000 | &nbsp;&nbsp; 502710 |
| United Therapeutics Corp.† | 1550 | &nbsp;&nbsp; 690416 |
|  |  | &nbsp;&nbsp; **1890854** |
| **Health care equipment & supplies: 0.19%** |  |  |
| Alcon AG | 8529 | &nbsp;&nbsp; **630208** |
| **Health care providers & services: 0.47%** |  |  |
| Labcorp Holdings, Inc. | 3630 | &nbsp;&nbsp; 921875 |
| Tenet Healthcare Corp.† | 3100 | &nbsp;&nbsp; 640119 |
|  |  | &nbsp;&nbsp; **1561994** |
| **Life sciences tools & services: 0.21%** |  |  |
| Charles River Laboratories International, Inc.† | 3932 | &nbsp;&nbsp; **708035** |
| **Pharmaceuticals: 0.42%** |  |  |
| Bristol-Myers Squibb Co. | 17081 | &nbsp;&nbsp; 786922 |
| Eli Lilly & Co. | 741 | &nbsp;&nbsp; 639379 |
|  |  | &nbsp;&nbsp; **1426301** |

---

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

16 \| Allspring Real Return Portfolio

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Industrials: 3.06%** |  |  |
| **Aerospace & defense: 0.37%** |  |  |
| L3Harris Technologies, Inc. | 2276 | &nbsp;&nbsp; $657991 |
| StandardAero, Inc.† | 20757 | &nbsp;&nbsp; 599670 |
|  |  | &nbsp;&nbsp; **1257661** |
| **Commercial services & supplies: 0.18%** |  |  |
| Republic Services, Inc. Class A | 2929 | &nbsp;&nbsp; **609935** |
| **Construction & engineering: 0.41%** |  |  |
| EMCOR Group, Inc. | 2054 | &nbsp;&nbsp; **1388052** |
| **Electrical equipment: 0.19%** |  |  |
| Generac Holdings, Inc.† | 3900 | &nbsp;&nbsp; **655278** |
| **Ground transportation: 0.42%** |  |  |
| Canadian Pacific Kansas City Ltd. | 10800 | &nbsp;&nbsp; 777060 |
| Uber Technologies, Inc.† | 6500 | &nbsp;&nbsp; 627250 |
|  |  | &nbsp;&nbsp; **1404310** |
| **Machinery: 0.34%** |  |  |
| Gates Industrial Corp. PLC† | 28368 | &nbsp;&nbsp; 626366 |
| Toro Co. | 6678 | &nbsp;&nbsp; 499047 |
|  |  | &nbsp;&nbsp; **1125413** |
| **Passenger airlines: 0.17%** |  |  |
| United Airlines Holdings, Inc.† | 6000 | &nbsp;&nbsp; **564240** |
| **Professional services: 0.39%** |  |  |
| Jacobs Solutions, Inc. | 4991 | &nbsp;&nbsp; 777648 |
| Leidos Holdings, Inc. | 2746 | &nbsp;&nbsp; 523030 |
|  |  | &nbsp;&nbsp; **1300678** |
| **Trading companies & distributors: 0.59%** |  |  |
| AerCap Holdings NV | 7924 | &nbsp;&nbsp; 1032022 |
| WESCO International, Inc. | 3600 | &nbsp;&nbsp; 934308 |
|  |  | &nbsp;&nbsp; **1966330** |
| **Information technology: 5.63%** |  |  |
| **Communications equipment: 0.44%** |  |  |
| Arista Networks, Inc.† | 9384 | &nbsp;&nbsp; **1479763** |
| **Electronic equipment, instruments & components: 0.22%** |  |  |
| TD SYNNEX Corp. | 4700 | &nbsp;&nbsp; **735503** |
| **IT services: 0.43%** |  |  |
| Okta, Inc.† | 6561 | &nbsp;&nbsp; 600528 |
| Twilio, Inc. Class A† | 6205 | &nbsp;&nbsp; 836930 |
|  |  | &nbsp;&nbsp; **1437458** |
| **Semiconductors & semiconductor equipment: 2.24%** |  |  |
| Broadcom, Inc. | 6638 | &nbsp;&nbsp; 2453604 |

---

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

Allspring Real Return Portfolio \| 17

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Semiconductors & semiconductor equipment**(continued) |  |  |
| KLA Corp. | 684 | &nbsp;&nbsp; $826778 |
| NVIDIA Corp. | 11996 | &nbsp;&nbsp; 2429070 |
| ON Semiconductor Corp.† | 10513 | &nbsp;&nbsp; 526491 |
| Teradyne, Inc. | 7064 | &nbsp;&nbsp; 1283953 |
|  |  | &nbsp;&nbsp; **7519896** |
| **Software: 1.77%** |  |  |
| AppLovin Corp. Class A† | 802 | &nbsp;&nbsp; 511139 |
| Microsoft Corp. | 6657 | &nbsp;&nbsp; 3447061 |
| Nutanix, Inc. Class A† | 7645 | &nbsp;&nbsp; 544630 |
| Oracle Corp. | 2539 | &nbsp;&nbsp; 666767 |
| ServiceNow, Inc.† | 830 | &nbsp;&nbsp; 763002 |
|  |  | &nbsp;&nbsp; **5932599** |
| **Technology hardware, storage & peripherals: 0.53%** |  |  |
| Apple, Inc. | 4063 | &nbsp;&nbsp; 1098513 |
| Dell Technologies, Inc. Class C | 4256 | &nbsp;&nbsp; 689515 |
|  |  | &nbsp;&nbsp; **1788028** |
| **Materials: 3.66%** |  |  |
| **Construction materials: 0.35%** |  |  |
| Vulcan Materials Co. | 4044 | &nbsp;&nbsp; **1170738** |
| **Containers & packaging: 0.21%** |  |  |
| Graphic Packaging Holding Co. | 44089 | &nbsp;&nbsp; **704983** |
| **Metals & mining: 3.10%** |  |  |
| Agnico Eagle Mines Ltd. | 2401 | &nbsp;&nbsp; 386166 |
| Agnico Eagle Mines Ltd.-U.S. Exchange Traded Shares | 4725 | &nbsp;&nbsp; 759827 |
| Alamos Gold, Inc. Class A | 15000 | &nbsp;&nbsp; 462443 |
| Anglogold Ashanti PLC | 6800 | &nbsp;&nbsp; 462400 |
| Artemis Gold, Inc.† | 16000 | &nbsp;&nbsp; 390032 |
| B2Gold Corp. | 12000 | &nbsp;&nbsp; 52533 |
| Barrick Mining Corp. | 17036 | &nbsp;&nbsp; 558781 |
| Coeur Mining, Inc.† | 14903 | &nbsp;&nbsp; 255885 |
| DPM Metals, Inc. | 14000 | &nbsp;&nbsp; 299455 |
| Eldorado Gold Corp.† | 4300 | &nbsp;&nbsp; 110217 |
| Endeavour Mining PLC | 11380 | &nbsp;&nbsp; 455914 |
| Equinox Gold Corp.† | 8050 | &nbsp;&nbsp; 88446 |
| Evolution Mining Ltd. | 8000 | &nbsp;&nbsp; 56846 |
| Franco-Nevada Corp. | 1500 | &nbsp;&nbsp; 280193 |
| G Mining Ventures Corp.† | 14000 | &nbsp;&nbsp; 275598 |
| Gold Fields Ltd. ADR | 11800 | &nbsp;&nbsp; 453238 |
| IAMGOLD Corp.† | 33500 | &nbsp;&nbsp; 387894 |
| Kinross Gold Corp. | 35000 | &nbsp;&nbsp; 814017 |
| Lundin Gold, Inc. | 9000 | &nbsp;&nbsp; 611850 |
| New Gold, Inc.† | 33000 | &nbsp;&nbsp; 243050 |
| Newmont Corp. | 11000 | &nbsp;&nbsp; 890670 |
| Northern Star Resources Ltd. | 13000 | &nbsp;&nbsp; 209330 |
| OceanaGold Corp. | 12666 | &nbsp;&nbsp; 283293 |

---

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

18 \| Allspring Real Return Portfolio

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Metals & mining**(continued) |  |  |
| OR Royalties, Inc. | 3500 | &nbsp;&nbsp; $112296 |
| Orla Mining Ltd.† | 8500 | &nbsp;&nbsp; 87694 |
| Pan American Silver Corp. | 1765 | &nbsp;&nbsp; 62166 |
| Pan American Silver Corp.-U.S. Exchange Traded Shares | 6200 | &nbsp;&nbsp; 218302 |
| Royal Gold, Inc. | 1100 | &nbsp;&nbsp; 192269 |
| Skeena Resources Ltd.† | 7000 | &nbsp;&nbsp; 113244 |
| Snowline Gold Corp.† | 11000 | &nbsp;&nbsp; 94977 |
| Torex Gold Resources, Inc.† | 8800 | &nbsp;&nbsp; 363532 |
| Wheaton Precious Metals Corp. | 4100 | &nbsp;&nbsp; 395954 |
|  |  | &nbsp;&nbsp; **10428512** |
| **Real estate: 5.25%** |  |  |
| **Health care REITs: 0.54%** |  |  |
| Alexandria Real Estate Equities, Inc. | 2989 | &nbsp;&nbsp; 174019 |
| Welltower, Inc. | 9069 | &nbsp;&nbsp; 1641852 |
|  |  | &nbsp;&nbsp; **1815871** |
| **Industrial REITs: 0.83%** |  |  |
| First Industrial Realty Trust, Inc. | 8097 | &nbsp;&nbsp; 447602 |
| Prologis, Inc. | 11956 | &nbsp;&nbsp; 1483620 |
| Rexford Industrial Realty, Inc. | 7850 | &nbsp;&nbsp; 324362 |
| Terreno Realty Corp. | 9102 | &nbsp;&nbsp; 519998 |
|  |  | &nbsp;&nbsp; **2775582** |
| **Office REITs: 0.17%** |  |  |
| BXP, Inc. | 8157 | &nbsp;&nbsp; **580697** |
| **Real estate management & development: 0.17%** |  |  |
| CBRE Group, Inc. Class A† | 3789 | &nbsp;&nbsp; **577557** |
| **Residential REITs: 0.90%** |  |  |
| American Homes 4 Rent Class A | 13796 | &nbsp;&nbsp; 435954 |
| Camden Property Trust | 4267 | &nbsp;&nbsp; 424481 |
| Equity LifeStyle Properties, Inc. | 7467 | &nbsp;&nbsp; 455860 |
| Independence Realty Trust, Inc. | 16922 | &nbsp;&nbsp; 269568 |
| Invitation Homes, Inc. | 16535 | &nbsp;&nbsp; 465460 |
| Mid-America Apartment Communities, Inc. | 3936 | &nbsp;&nbsp; 504713 |
| Sun Communities, Inc. | 3705 | &nbsp;&nbsp; 469053 |
|  |  | &nbsp;&nbsp; **3025089** |
| **Retail REITs: 0.29%** |  |  |
| Federal Realty Investment Trust | 2220 | &nbsp;&nbsp; 213542 |
| Simon Property Group, Inc. | 4283 | &nbsp;&nbsp; 752780 |
|  |  | &nbsp;&nbsp; **966322** |
| **Specialized REITs: 2.35%** |  |  |
| American Tower Corp. | 7220 | &nbsp;&nbsp; 1292236 |
| Crown Castle, Inc. | 3895 | &nbsp;&nbsp; 351407 |
| CubeSmart | 7933 | &nbsp;&nbsp; 298836 |
| Equinix, Inc. | 1752 | &nbsp;&nbsp; 1482210 |

---

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

Allspring Real Return Portfolio \| 19

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Specialized REITs**(continued) |  |  |
| Extra Space Storage, Inc. | 4969 | &nbsp;&nbsp; $663560 |
| Four Corners Property Trust, Inc. | 8027 | &nbsp;&nbsp; 189758 |
| Gaming & Leisure Properties, Inc. | 18049 | &nbsp;&nbsp; 806068 |
| Iron Mountain, Inc. | 7334 | &nbsp;&nbsp; 755035 |
| SBA Communications Corp. Class A | 3513 | &nbsp;&nbsp; 672669 |
| VICI Properties, Inc. Class A | 19352 | &nbsp;&nbsp; 580367 |
| Weyerhaeuser Co. | 34007 | &nbsp;&nbsp; 782161 |
|  |  | &nbsp;&nbsp; **7874307** |
| **Utilities: 0.57%** |  |  |
| **Electric utilities: 0.40%** |  |  |
| American Electric Power Co., Inc. | 3684 | &nbsp;&nbsp; 443038 |
| FirstEnergy Corp. | 19444 | &nbsp;&nbsp; 891118 |
|  |  | &nbsp;&nbsp; **1334156** |
| **Water utilities: 0.17%** |  |  |
| American Water Works Co., Inc. | 4420 | &nbsp;&nbsp; **567661** |
| **Total common stocks (Cost $67,954,849)** |  | &nbsp;&nbsp; **91078412** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal |  |
| **Corporate bonds and notes: 7.07%** |  |  |  |  |
| **Basic materials: 0.27%** |  |  |  |  |
| **Chemicals: 0.13%** |  |  |  |  |
| Celanese U.S. Holdings LLC | 6.50<br> %<br>| &nbsp;&nbsp; 4-15-2030 | $70000 | &nbsp;&nbsp; 69416 |
| Chemours Co. | 5.38 | &nbsp;&nbsp; 5-15-2027 | 205000 | &nbsp;&nbsp; 204195 |
| SCIH Salt Holdings, Inc.144A | 4.88 | &nbsp;&nbsp; 5-1-2028 | 145000 | &nbsp;&nbsp; 143415 |
|  |  |  |  | &nbsp;&nbsp; **417026** |
| **Iron/steel: 0.10%** |  |  |  |  |
| Cleveland-Cliffs, Inc.144A | 6.88 | &nbsp;&nbsp; 11-1-2029 | 330000 | &nbsp;&nbsp; **338878** |
| **Mining: 0.04%** |  |  |  |  |
| Kaiser Aluminum Corp.144A | 4.63 | &nbsp;&nbsp; 3-1-2028 | 145000 | &nbsp;&nbsp; **144892** |
| **Communications: 0.85%** |  |  |  |  |
| **Advertising: 0.11%** |  |  |  |  |
| Clear Channel Outdoor Holdings, Inc.144A | 7.13 | &nbsp;&nbsp; 2-15-2031 | 130000 | &nbsp;&nbsp; 134063 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.144A | 5.00 | &nbsp;&nbsp; 8-15-2027 | 215000 | &nbsp;&nbsp; 214135 |
|  |  |  |  | &nbsp;&nbsp; **348198** |
| **Internet: 0.14%** |  |  |  |  |
| Arches Buyer, Inc.144A | 4.25 | &nbsp;&nbsp; 6-1-2028 | 170000 | &nbsp;&nbsp; 166119 |
| Gen Digital, Inc.144A | 6.75 | &nbsp;&nbsp; 9-30-2027 | 295000 | &nbsp;&nbsp; 299571 |
|  |  |  |  | &nbsp;&nbsp; **465690** |
| **Media: 0.50%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.144A | 5.00 | &nbsp;&nbsp; 2-1-2028 | 45000 | &nbsp;&nbsp; 44548 |
| CCO Holdings LLC/CCO Holdings Capital Corp.144A | 5.13 | &nbsp;&nbsp; 5-1-2027 | 565000 | &nbsp;&nbsp; 561743 |

---

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

20 \| Allspring Real Return Portfolio

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Media**(continued) |  |  |  |  |
| DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc.144A | 5.88<br> %<br>| &nbsp;&nbsp; 8-15-2027 | $220000 | &nbsp;&nbsp; $220010 |
| Nexstar Media, Inc.144A | 5.63 | &nbsp;&nbsp; 7-15-2027 | 170000 | &nbsp;&nbsp; 169930 |
| Paramount Global (U.S. SOFR 3 Month+3.90%)± | 6.25 | &nbsp;&nbsp; 2-28-2057 | 120000 | &nbsp;&nbsp; 117600 |
| Sirius XM Radio LLC144A | 5.00 | &nbsp;&nbsp; 8-1-2027 | 577000 | &nbsp;&nbsp; 575661 |
|  |  |  |  | &nbsp;&nbsp; **1689492** |
| **Telecommunications: 0.10%** |  |  |  |  |
| CommScope LLC144A | 4.75 | &nbsp;&nbsp; 9-1-2029 | 145000 | &nbsp;&nbsp; 144548 |
| Frontier Communications Holdings LLC144A | 5.88 | &nbsp;&nbsp; 10-15-2027 | 80000 | &nbsp;&nbsp; 79939 |
| Viasat, Inc.144A | 5.63 | &nbsp;&nbsp; 4-15-2027 | 115000 | &nbsp;&nbsp; 114908 |
|  |  |  |  | &nbsp;&nbsp; **339395** |
| **Consumer, cyclical: 1.56%** |  |  |  |  |
| **Airlines: 0.08%** |  |  |  |  |
| American Airlines, Inc.144A | 7.25 | &nbsp;&nbsp; 2-15-2028 | 105000 | &nbsp;&nbsp; 107436 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.144A | 5.50 | &nbsp;&nbsp; 4-20-2026 | 143666 | &nbsp;&nbsp; 144031 |
| Hawaiian Airlines Pass-Through Certificates Series 2013-1 Class 1A | 3.90 | &nbsp;&nbsp; 1-15-2026 | 26030 | &nbsp;&nbsp; 25861 |
|  |  |  |  | &nbsp;&nbsp; **277328** |
| **Apparel: 0.03%** |  |  |  |  |
| Crocs, Inc.144A | 4.25 | &nbsp;&nbsp; 3-15-2029 | 100000 | &nbsp;&nbsp; **96275** |
| **Auto manufacturers: 0.21%** |  |  |  |  |
| Ford Motor Credit Co. LLC | 4.13 | &nbsp;&nbsp; 8-17-2027 | 300000 | &nbsp;&nbsp; 296233 |
| Nissan Motor Acceptance Co. LLC144A | 2.00 | &nbsp;&nbsp; 3-9-2026 | 185000 | &nbsp;&nbsp; 182685 |
| Nissan Motor Acceptance Co. LLC144A | 5.63 | &nbsp;&nbsp; 9-29-2028 | 20000 | &nbsp;&nbsp; 19985 |
| Nissan Motor Acceptance Co. LLC144A | 6.95 | &nbsp;&nbsp; 9-15-2026 | 165000 | &nbsp;&nbsp; 167158 |
| Nissan Motor Acceptance Co. LLC144A | 7.05 | &nbsp;&nbsp; 9-15-2028 | 35000 | &nbsp;&nbsp; 36412 |
|  |  |  |  | &nbsp;&nbsp; **702473** |
| **Auto parts & equipment: 0.11%** |  |  |  |  |
| Adient Global Holdings Ltd.144A | 8.25 | &nbsp;&nbsp; 4-15-2031 | 125000 | &nbsp;&nbsp; 130577 |
| American Axle & Manufacturing, Inc. | 6.50 | &nbsp;&nbsp; 4-1-2027 | 115000 | &nbsp;&nbsp; 115000 |
| Dana, Inc. | 5.63 | &nbsp;&nbsp; 6-15-2028 | 120000 | &nbsp;&nbsp; 119883 |
|  |  |  |  | &nbsp;&nbsp; **365460** |
| **Distribution/wholesale: 0.04%** |  |  |  |  |
| RB Global Holdings, Inc.144A | 7.75 | &nbsp;&nbsp; 3-15-2031 | 110000 | &nbsp;&nbsp; **114799** |
| **Entertainment: 0.44%** |  |  |  |  |
| Churchill Downs, Inc.144A | 5.50 | &nbsp;&nbsp; 4-1-2027 | 430000 | &nbsp;&nbsp; 429845 |
| Cinemark USA, Inc.144A | 5.25 | &nbsp;&nbsp; 7-15-2028 | 345000 | &nbsp;&nbsp; 343403 |
| Live Nation Entertainment, Inc.144A | 6.50 | &nbsp;&nbsp; 5-15-2027 | 265000 | &nbsp;&nbsp; 267267 |
| SeaWorld Parks & Entertainment, Inc.144A | 5.25 | &nbsp;&nbsp; 8-15-2029 | 90000 | &nbsp;&nbsp; 88274 |
| Six Flags Entertainment Corp.144A | 5.50 | &nbsp;&nbsp; 4-15-2027 | 200000 | &nbsp;&nbsp; 199223 |
| WarnerMedia Holdings, Inc. Series WI | 4.05 | &nbsp;&nbsp; 3-15-2029 | 155000 | &nbsp;&nbsp; 150511 |
|  |  |  |  | &nbsp;&nbsp; **1478523** |

---

The accompanying notes are an integral part of these consolidated financial statements.

Allspring Real Return Portfolio \| 21

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Home builders: 0.14%** |  |  |  |  |
| K Hovnanian Enterprises, Inc.144A | 8.00<br> %<br>| &nbsp;&nbsp; 4-1-2031 | $45000 | &nbsp;&nbsp; $45977 |
| Taylor Morrison Communities, Inc.144A | 5.75 | &nbsp;&nbsp; 1-15-2028 | 290000 | &nbsp;&nbsp; 294236 |
| Tri Pointe Homes, Inc. | 5.70 | &nbsp;&nbsp; 6-15-2028 | 130000 | &nbsp;&nbsp; 131200 |
|  |  |  |  | &nbsp;&nbsp; **471413** |
| **Home furnishings: 0.03%** |  |  |  |  |
| Whirlpool Corp. | 6.13 | &nbsp;&nbsp; 6-15-2030 | 110000 | &nbsp;&nbsp; **108919** |
| **Housewares: 0.06%** |  |  |  |  |
| Newell Brands, Inc.144A | 8.50 | &nbsp;&nbsp; 6-1-2028 | 205000 | &nbsp;&nbsp; **210313** |
| **Leisure time: 0.13%** |  |  |  |  |
| Acushnet Co.144A | 7.38 | &nbsp;&nbsp; 10-15-2028 | 45000 | &nbsp;&nbsp; 46683 |
| NCL Corp. Ltd.144A | 5.88 | &nbsp;&nbsp; 1-15-2031 | 110000 | &nbsp;&nbsp; 109948 |
| Sabre Global, Inc.144A | 8.63 | &nbsp;&nbsp; 6-1-2027 | 135000 | &nbsp;&nbsp; 135732 |
| Sabre Global, Inc.144A | 10.75 | &nbsp;&nbsp; 11-15-2029 | 39000 | &nbsp;&nbsp; 37050 |
| VOC Escrow Ltd.144A | 5.00 | &nbsp;&nbsp; 2-15-2028 | 120000 | &nbsp;&nbsp; 119667 |
|  |  |  |  | &nbsp;&nbsp; **449080** |
| **Retail: 0.29%** |  |  |  |  |
| Advance Auto Parts, Inc. | 1.75 | &nbsp;&nbsp; 10-1-2027 | 115000 | &nbsp;&nbsp; 107535 |
| Advance Auto Parts, Inc.144A | 7.00 | &nbsp;&nbsp; 8-1-2030 | 235000 | &nbsp;&nbsp; 237111 |
| Gap, Inc.144A | 3.63 | &nbsp;&nbsp; 10-1-2029 | 155000 | &nbsp;&nbsp; 145830 |
| Group 1 Automotive, Inc.144A | 6.38 | &nbsp;&nbsp; 1-15-2030 | 145000 | &nbsp;&nbsp; 147901 |
| Lithia Motors, Inc.144A | 4.63 | &nbsp;&nbsp; 12-15-2027 | 30000 | &nbsp;&nbsp; 29771 |
| Raising Cane's Restaurants LLC144A | 9.38 | &nbsp;&nbsp; 5-1-2029 | 285000 | &nbsp;&nbsp; 298361 |
|  |  |  |  | &nbsp;&nbsp; **966509** |
| **Consumer, non-cyclical: 0.75%** |  |  |  |  |
| **Commercial services: 0.39%** |  |  |  |  |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas <br> Luxco 4 Sarl144A<br>| 4.63 | &nbsp;&nbsp; 6-1-2028 | 75000 | &nbsp;&nbsp; 73405 |
| CoreCivic, Inc. | 8.25 | &nbsp;&nbsp; 4-15-2029 | 325000 | &nbsp;&nbsp; 342259 |
| GEO Group, Inc. | 8.63 | &nbsp;&nbsp; 4-15-2029 | 400000 | &nbsp;&nbsp; 422127 |
| GEO Group, Inc. | 10.25 | &nbsp;&nbsp; 4-15-2031 | 65000 | &nbsp;&nbsp; 71182 |
| Herc Holdings, Inc.144A | 7.00 | &nbsp;&nbsp; 6-15-2030 | 70000 | &nbsp;&nbsp; 73268 |
| Prime Security Services Borrower LLC/Prime Finance, Inc.144A | 5.75 | &nbsp;&nbsp; 4-15-2026 | 99000 | &nbsp;&nbsp; 99244 |
| United Rentals North America, Inc. | 5.50 | &nbsp;&nbsp; 5-15-2027 | 160000 | &nbsp;&nbsp; 160141 |
| Veritiv Operating Co.144A | 10.50 | &nbsp;&nbsp; 11-30-2030 | 50000 | &nbsp;&nbsp; 52034 |
|  |  |  |  | &nbsp;&nbsp; **1293660** |
| **Cosmetics/Personal Care: 0.07%** |  |  |  |  |
| Edgewell Personal Care Co.144A | 5.50 | &nbsp;&nbsp; 6-1-2028 | 240000 | &nbsp;&nbsp; **239664** |
| **Food: 0.10%** |  |  |  |  |
| &nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP/Albertsons LLC144A<br>| 5.88 | &nbsp;&nbsp; 2-15-2028 | 135000 | &nbsp;&nbsp; 135167 |

---

The accompanying notes are an integral part of these consolidated financial statements.

22 \| Allspring Real Return Portfolio

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Food**(continued) |  |  |  |  |
| &nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP/Albertsons LLC144A<br>| 6.50<br> %<br>| &nbsp;&nbsp; 2-15-2028 | $100000 | &nbsp;&nbsp; $101832 |
| B&G Foods, Inc.144A | 8.00 | &nbsp;&nbsp; 9-15-2028 | 105000 | &nbsp;&nbsp; 98717 |
|  |  |  |  | &nbsp;&nbsp; **335716** |
| **Healthcare-services: 0.09%** |  |  |  |  |
| Star Parent, Inc.144A | 9.00 | &nbsp;&nbsp; 10-1-2030 | 90000 | &nbsp;&nbsp; 96100 |
| Tenet Healthcare Corp. | 4.63 | &nbsp;&nbsp; 6-15-2028 | 70000 | &nbsp;&nbsp; 69719 |
| Tenet Healthcare Corp. | 6.13 | &nbsp;&nbsp; 10-1-2028 | 145000 | &nbsp;&nbsp; 145187 |
|  |  |  |  | &nbsp;&nbsp; **311006** |
| **Household products/wares: 0.01%** |  |  |  |  |
| Central Garden & Pet Co. | 5.13 | &nbsp;&nbsp; 2-1-2028 | 40000 | &nbsp;&nbsp; **39937** |
| **Pharmaceuticals: 0.09%** |  |  |  |  |
| AdaptHealth LLC144A | 6.13 | &nbsp;&nbsp; 8-1-2028 | 105000 | &nbsp;&nbsp; 104962 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV144A | 4.13 | &nbsp;&nbsp; 4-30-2028 | 220000 | &nbsp;&nbsp; 209312 |
|  |  |  |  | &nbsp;&nbsp; **314274** |
| **Energy: 1.04%** |  |  |  |  |
| **Energy-alternate sources: 0.09%** |  |  |  |  |
| TerraForm Power Operating LLC144A | 5.00 | &nbsp;&nbsp; 1-31-2028 | 285000 | &nbsp;&nbsp; **283948** |
| **Oil & gas: 0.16%** |  |  |  |  |
| California Resources Corp.144A | 8.25 | &nbsp;&nbsp; 6-15-2029 | 55000 | &nbsp;&nbsp; 57214 |
| Civitas Resources, Inc.144A | 8.38 | &nbsp;&nbsp; 7-1-2028 | 155000 | &nbsp;&nbsp; 160151 |
| Hilcorp Energy I LP/Hilcorp Finance Co.144A | 6.25 | &nbsp;&nbsp; 11-1-2028 | 220000 | &nbsp;&nbsp; 220370 |
| Nabors Industries, Inc.144A | 7.38 | &nbsp;&nbsp; 5-15-2027 | 39000 | &nbsp;&nbsp; 39545 |
| Nabors Industries, Inc.144A | 9.13 | &nbsp;&nbsp; 1-31-2030 | 70000 | &nbsp;&nbsp; 73558 |
|  |  |  |  | &nbsp;&nbsp; **550838** |
| **Oil & gas services: 0.25%** |  |  |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp.144A | 6.88 | &nbsp;&nbsp; 4-1-2027 | 210000 | &nbsp;&nbsp; 210686 |
| Bristow Group, Inc.144A | 6.88 | &nbsp;&nbsp; 3-1-2028 | 240000 | &nbsp;&nbsp; 239964 |
| Oceaneering International, Inc. | 6.00 | &nbsp;&nbsp; 2-1-2028 | 365000 | &nbsp;&nbsp; 368128 |
| &nbsp;&nbsp; USA Compression Partners LP/USA Compression Finance <br> Corp.144A<br>| 7.13 | &nbsp;&nbsp; 3-15-2029 | 25000 | &nbsp;&nbsp; 25821 |
|  |  |  |  | &nbsp;&nbsp; **844599** |
| **Pipelines: 0.54%** |  |  |  |  |
| &nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance <br> Corp.144A<br>| 5.75 | &nbsp;&nbsp; 1-15-2028 | 110000 | &nbsp;&nbsp; 109957 |
| Buckeye Partners LP144A | 6.88 | &nbsp;&nbsp; 7-1-2029 | 115000 | &nbsp;&nbsp; 119098 |
| &nbsp;&nbsp; Energy Transfer LP Series H (5 Year Treasury Constant <br> Maturity+5.69%)ʊ±<br>| 6.50 | &nbsp;&nbsp; 11-15-2026 | 20000 | &nbsp;&nbsp; 20084 |
| Excelerate Energy LP144A | 8.00 | &nbsp;&nbsp; 5-15-2030 | 215000 | &nbsp;&nbsp; 226994 |
| Harvest Midstream I LP144A | 7.50 | &nbsp;&nbsp; 9-1-2028 | 305000 | &nbsp;&nbsp; 308341 |
| Hess Midstream Operations LP144A | 5.88 | &nbsp;&nbsp; 3-1-2028 | 180000 | &nbsp;&nbsp; 183706 |
| Kinetik Holdings LP144A | 6.63 | &nbsp;&nbsp; 12-15-2028 | 375000 | &nbsp;&nbsp; 385152 |

---

The accompanying notes are an integral part of these consolidated financial statements.

Allspring Real Return Portfolio \| 23

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Pipelines**(continued) |  |  |  |  |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.144A | 5.50<br> %<br>| &nbsp;&nbsp; 1-15-2028 | $75000 | &nbsp;&nbsp; $74548 |
| Venture Global LNG, Inc.144A | 8.13 | &nbsp;&nbsp; 6-1-2028 | 380000 | &nbsp;&nbsp; 391448 |
|  |  |  |  | &nbsp;&nbsp; **1819328** |
| **Financial: 1.37%** |  |  |  |  |
| **Banks: 0.01%** |  |  |  |  |
| &nbsp;&nbsp; Citigroup, Inc. Series X (5 Year Treasury Constant <br> Maturity+3.42%)ʊ±<br>| 3.88 | &nbsp;&nbsp; 2-18-2026 | 25000 | &nbsp;&nbsp; **24838** |
| **Diversified financial services: 0.76%** |  |  |  |  |
| Acadian Asset Management, Inc. | 4.80 | &nbsp;&nbsp; 7-27-2026 | 110000 | &nbsp;&nbsp; 109992 |
| &nbsp;&nbsp; Aircastle Ltd. Series A (5 Year Treasury Constant <br> Maturity+4.41%)144Aʊ±<br>| 5.25 | &nbsp;&nbsp; 6-15-2026 | 100000 | &nbsp;&nbsp; 99376 |
| Azorra Finance Ltd.144A | 7.75 | &nbsp;&nbsp; 4-15-2030 | 70000 | &nbsp;&nbsp; 73799 |
| Encore Capital Group, Inc.144A | 9.25 | &nbsp;&nbsp; 4-1-2029 | 215000 | &nbsp;&nbsp; 225711 |
| Global Aircraft Leasing Co. Ltd.144A | 8.75 | &nbsp;&nbsp; 9-1-2027 | 275000 | &nbsp;&nbsp; 283123 |
| Jefferson Capital Holdings LLC144A | 6.00 | &nbsp;&nbsp; 8-15-2026 | 200000 | &nbsp;&nbsp; 199090 |
| Jefferson Capital Holdings LLC144A | 9.50 | &nbsp;&nbsp; 2-15-2029 | 55000 | &nbsp;&nbsp; 57958 |
| Navient Corp. | 4.88 | &nbsp;&nbsp; 3-15-2028 | 105000 | &nbsp;&nbsp; 102695 |
| Navient Corp. | 5.00 | &nbsp;&nbsp; 3-15-2027 | 115000 | &nbsp;&nbsp; 114322 |
| OneMain Finance Corp. | 5.38 | &nbsp;&nbsp; 11-15-2029 | 225000 | &nbsp;&nbsp; 223218 |
| OneMain Finance Corp. | 7.13 | &nbsp;&nbsp; 3-15-2026 | 152000 | &nbsp;&nbsp; 152992 |
| PRA Group, Inc.144A | 8.38 | &nbsp;&nbsp; 2-1-2028 | 250000 | &nbsp;&nbsp; 253783 |
| Rocket Cos., Inc.144A | 6.13 | &nbsp;&nbsp; 8-1-2030 | 110000 | &nbsp;&nbsp; 113465 |
| Rocket Cos., Inc.144A | 6.50 | &nbsp;&nbsp; 8-1-2029 | 90000 | &nbsp;&nbsp; 93351 |
| United Wholesale Mortgage LLC144A | 5.50 | &nbsp;&nbsp; 4-15-2029 | 50000 | &nbsp;&nbsp; 49242 |
| United Wholesale Mortgage LLC144A | 5.75 | &nbsp;&nbsp; 6-15-2027 | 410000 | &nbsp;&nbsp; 410699 |
|  |  |  |  | &nbsp;&nbsp; **2562816** |
| **Insurance: 0.11%** |  |  |  |  |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer144A | 6.75 | &nbsp;&nbsp; 4-15-2028 | 210000 | &nbsp;&nbsp; 213813 |
| AmWINS Group, Inc.144A | 6.38 | &nbsp;&nbsp; 2-15-2029 | 150000 | &nbsp;&nbsp; 152901 |
|  |  |  |  | &nbsp;&nbsp; **366714** |
| **Investment Companies: 0.01%** |  |  |  |  |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 6.25 | &nbsp;&nbsp; 5-15-2026 | 33000 | &nbsp;&nbsp; **32981** |
| **REITs: 0.48%** |  |  |  |  |
| Blackstone Mortgage Trust, Inc.144A | 3.75 | &nbsp;&nbsp; 1-15-2027 | 65000 | &nbsp;&nbsp; 63777 |
| Brandywine Operating Partnership LP | 3.95 | &nbsp;&nbsp; 11-15-2027 | 135000 | &nbsp;&nbsp; 132907 |
| Brandywine Operating Partnership LP | 8.88 | &nbsp;&nbsp; 4-12-2029 | 135000 | &nbsp;&nbsp; 146651 |
| Iron Mountain, Inc.144A | 5.25 | &nbsp;&nbsp; 3-15-2028 | 360000 | &nbsp;&nbsp; 359813 |
| &nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance <br> Corp.144A<br>| 4.75 | &nbsp;&nbsp; 6-15-2029 | 220000 | &nbsp;&nbsp; 215706 |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK <br> Finance Co-Issuer144A<br>| 5.88 | &nbsp;&nbsp; 10-1-2028 | 255000 | &nbsp;&nbsp; 254772 |
| Service Properties Trust | 5.50 | &nbsp;&nbsp; 12-15-2027 | 15000 | &nbsp;&nbsp; 14610 |
| Service Properties Trust144A | 8.63 | &nbsp;&nbsp; 11-15-2031 | 75000 | &nbsp;&nbsp; 79113 |

---

The accompanying notes are an integral part of these consolidated financial statements.

24 \| Allspring Real Return Portfolio

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **REITs**(continued) |  |  |  |  |
| Starwood Property Trust, Inc.144A | 3.63<br> %<br>| &nbsp;&nbsp; 7-15-2026 | $290000 | &nbsp;&nbsp; $287699 |
| XHR LP144A | 6.63 | &nbsp;&nbsp; 5-15-2030 | 70000 | &nbsp;&nbsp; 71450 |
|  |  |  |  | &nbsp;&nbsp; **1626498** |
| **Industrial: 0.76%** |  |  |  |  |
| **Aerospace/defense: 0.17%** |  |  |  |  |
| Spirit AeroSystems, Inc.144A | 9.38 | &nbsp;&nbsp; 11-30-2029 | 165000 | &nbsp;&nbsp; 173278 |
| Spirit AeroSystems, Inc.144A | 9.75 | &nbsp;&nbsp; 11-15-2030 | 40000 | &nbsp;&nbsp; 43947 |
| TransDigm, Inc.144A | 6.38 | &nbsp;&nbsp; 3-1-2029 | 350000 | &nbsp;&nbsp; 359515 |
|  |  |  |  | &nbsp;&nbsp; **576740** |
| **Building materials: 0.01%** |  |  |  |  |
| JELD-WEN, Inc.144A | 4.88 | &nbsp;&nbsp; 12-15-2027 | 40000 | &nbsp;&nbsp; **38905** |
| **Electrical components & equipment: 0.12%** |  |  |  |  |
| Energizer Holdings, Inc.144A | 4.75 | &nbsp;&nbsp; 6-15-2028 | 165000 | &nbsp;&nbsp; 162327 |
| WESCO Distribution, Inc.144A | 6.38 | &nbsp;&nbsp; 3-15-2029 | 240000 | &nbsp;&nbsp; 247961 |
|  |  |  |  | &nbsp;&nbsp; **410288** |
| **Machinery-diversified: 0.10%** |  |  |  |  |
| Chart Industries, Inc.144A | 7.50 | &nbsp;&nbsp; 1-1-2030 | 10000 | &nbsp;&nbsp; 10429 |
| TK Elevator U.S. Newco, Inc.144A | 5.25 | &nbsp;&nbsp; 7-15-2027 | 310000 | &nbsp;&nbsp; 309643 |
|  |  |  |  | &nbsp;&nbsp; **320072** |
| **Packaging & containers: 0.23%** |  |  |  |  |
| &nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging <br> Finance PLC144A<br>| 6.00 | &nbsp;&nbsp; 6-15-2027 | 355000 | &nbsp;&nbsp; 355915 |
| Ball Corp. | 6.88 | &nbsp;&nbsp; 3-15-2028 | 60000 | &nbsp;&nbsp; 61045 |
| Clydesdale Acquisition Holdings, Inc.144A | 6.63 | &nbsp;&nbsp; 4-15-2029 | 165000 | &nbsp;&nbsp; 165659 |
| Clydesdale Acquisition Holdings, Inc.144A | 6.88 | &nbsp;&nbsp; 1-15-2030 | 30000 | &nbsp;&nbsp; 30300 |
| Owens-Brockway Glass Container, Inc.144A | 6.63 | &nbsp;&nbsp; 5-13-2027 | 145000 | &nbsp;&nbsp; 145031 |
|  |  |  |  | &nbsp;&nbsp; **757950** |
| **Trucking & leasing: 0.13%** |  |  |  |  |
| FTAI Aviation Investors LLC144A | 5.50 | &nbsp;&nbsp; 5-1-2028 | 430000 | &nbsp;&nbsp; **430318** |
| **Technology: 0.16%** |  |  |  |  |
| **Software: 0.16%** |  |  |  |  |
| Cloud Software Group, Inc.144A | 6.50 | &nbsp;&nbsp; 3-31-2029 | 380000 | &nbsp;&nbsp; 382868 |
| Rocket Software, Inc.144A | 9.00 | &nbsp;&nbsp; 11-28-2028 | 140000 | &nbsp;&nbsp; 144267 |
|  |  |  |  | &nbsp;&nbsp; **527135** |
| **Utilities: 0.31%** |  |  |  |  |
| **Electric: 0.31%** |  |  |  |  |
| Pattern Energy Operations LP/Pattern Energy Operations, Inc.144A | 4.50 | &nbsp;&nbsp; 8-15-2028 | 305000 | &nbsp;&nbsp; 297382 |
| PG&E Corp. | 5.00 | &nbsp;&nbsp; 7-1-2028 | 175000 | &nbsp;&nbsp; 173780 |
| Vistra Operations Co. LLC144A | 5.00 | &nbsp;&nbsp; 7-31-2027 | 150000 | &nbsp;&nbsp; 150081 |

---

The accompanying notes are an integral part of these consolidated financial statements.

Allspring Real Return Portfolio \| 25

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Electric**(continued) |  |  |  |  |
| XPLR Infrastructure Operating Partners LP144A | 3.88<br> %<br>| &nbsp;&nbsp; 10-15-2026 | $145000 | &nbsp;&nbsp; $142860 |
| XPLR Infrastructure Operating Partners LP144A | 4.50 | &nbsp;&nbsp; 9-15-2027 | 285000 | &nbsp;&nbsp; 278748 |
|  |  |  |  | &nbsp;&nbsp; **1042851** |
| **Total corporate bonds and notes (Cost $23,354,980)** |  |  |  | &nbsp;&nbsp; **23735739** |
| **Loans: 0.16%** |  |  |  |  |
| **Communications: 0.02%** |  |  |  |  |
| **Internet: 0.02%** |  |  |  |  |
| Cablevision Lightpath LLC (U.S. SOFR 1 Month+3.00%)± | 7.03 | &nbsp;&nbsp; 11-30-2027 | 54724 | &nbsp;&nbsp; **54724** |
| **Media: 0.00%** |  |  |  |  |
| DIRECTV Financing LLC (U.S. SOFR 3 Month+5.00%)± | 9.10 | &nbsp;&nbsp; 8-2-2027 | 5830 | &nbsp;&nbsp; **5829** |
| **Consumer, cyclical: 0.04%** |  |  |  |  |
| **Airlines: 0.02%** |  |  |  |  |
| Vista Management Holding, Inc. (U.S. SOFR 3 Month+3.75%)± | 7.74 | &nbsp;&nbsp; 4-1-2031 | 69300 | &nbsp;&nbsp; **69733** |
| **Retail: 0.02%** |  |  |  |  |
| Petco Health & Wellness Co., Inc. (U.S. SOFR 3 Month+3.25%)± | 7.51 | &nbsp;&nbsp; 3-3-2028 | 60000 | &nbsp;&nbsp; **59054** |
| **Consumer, non-cyclical: 0.00%** |  |  |  |  |
| **Healthcare-products: 0.00%** |  |  |  |  |
| Bausch & Lomb Corp. (U.S. SOFR 1 Month+4.25%)± | 8.21 | &nbsp;&nbsp; 1-15-2031 | 9975 | &nbsp;&nbsp; **10027** |
| **Financial: 0.07%** |  |  |  |  |
| **Insurance: 0.07%** |  |  |  |  |
| Asurion LLC (U.S. SOFR 1 Month+3.25%)± | 7.33 | &nbsp;&nbsp; 7-31-2027 | 238260 | &nbsp;&nbsp; **238306** |
| **Industrial: 0.03%** |  |  |  |  |
| **Aerospace/defense: 0.01%** |  |  |  |  |
| Spirit AeroSystems, Inc. (U.S. SOFR 3 Month+4.50%)± | 8.34 | &nbsp;&nbsp; 1-15-2027 | 25950 | &nbsp;&nbsp; **25975** |
| **Packaging & containers: 0.02%** |  |  |  |  |
| Graham Packaging Co., Inc. (U.S. SOFR 1 Month+2.50%)± | 6.46 | &nbsp;&nbsp; 8-4-2027 | 75000 | &nbsp;&nbsp; **75085** |
| **Total loans (Cost $536,201)** |  |  |  | &nbsp;&nbsp; **538733** |
| **U.S. Treasury securities: 20.67%** |  |  |  |  |
| TIPS | 0.13 | &nbsp;&nbsp; 4-15-2027 | 5565521 | &nbsp;&nbsp; 5471141 |
| TIPS | 0.13 | &nbsp;&nbsp; 1-15-2030 | 5289144 | &nbsp;&nbsp; 5038777 |
| TIPS | 0.13 | &nbsp;&nbsp; 7-15-2030 | 4776786 | &nbsp;&nbsp; 4532452 |
| TIPS | 0.13 | &nbsp;&nbsp; 1-15-2031 | 522753 | &nbsp;&nbsp; 490110 |
| TIPS | 0.13 | &nbsp;&nbsp; 7-15-2031 | 1777039 | &nbsp;&nbsp; 1656618 |
| TIPS | 0.13 | &nbsp;&nbsp; 1-15-2032 | 3050646 | &nbsp;&nbsp; 2804932 |
| TIPS | 0.13 | &nbsp;&nbsp; 2-15-2051 | 1879165 | &nbsp;&nbsp; 1058870 |
| TIPS | 0.25 | &nbsp;&nbsp; 7-15-2029 | 1171651 | &nbsp;&nbsp; 1133526 |
| TIPS | 0.25 | &nbsp;&nbsp; 2-15-2050 | 201638 | &nbsp;&nbsp; 120943 |
| TIPS | 0.38 | &nbsp;&nbsp; 1-15-2027 | 114010 | &nbsp;&nbsp; 112804 |
| TIPS | 0.38 | &nbsp;&nbsp; 7-15-2027 | 7000088 | &nbsp;&nbsp; 6932665 |
| TIPS | 0.50 | &nbsp;&nbsp; 1-15-2028 | 4695870 | &nbsp;&nbsp; 4625316 |

---

The accompanying notes are an integral part of these consolidated financial statements.

26 \| Allspring Real Return Portfolio

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |
| TIPS | 0.63<br> %<br>| &nbsp;&nbsp; 2-15-2043 | $479145 | &nbsp;&nbsp; $366934 |
| TIPS | 0.75 | &nbsp;&nbsp; 2-15-2042 | 143389 | &nbsp;&nbsp; 114449 |
| TIPS | 0.88 | &nbsp;&nbsp; 1-15-2029 | 3073168 | &nbsp;&nbsp; 3039290 |
| TIPS | 1.00 | &nbsp;&nbsp; 2-15-2048 | 1504404 | &nbsp;&nbsp; 1139810 |
| TIPS | 1.00 | &nbsp;&nbsp; 2-15-2049 | 1564410 | &nbsp;&nbsp; 1167197 |
| TIPS | 1.38 | &nbsp;&nbsp; 7-15-2033 | 4838029 | &nbsp;&nbsp; 4760034 |
| TIPS | 1.38 | &nbsp;&nbsp; 2-15-2044 | 1501427 | &nbsp;&nbsp; 1295027 |
| TIPS | 1.50 | &nbsp;&nbsp; 2-15-2053 | 1302526 | &nbsp;&nbsp; 1055757 |
| TIPS | 1.63 | &nbsp;&nbsp; 10-15-2027 | 4500823 | &nbsp;&nbsp; 4555282 |
| TIPS | 1.75 | &nbsp;&nbsp; 1-15-2034 | 1886732 | &nbsp;&nbsp; 1893795 |
| TIPS | 1.88 | &nbsp;&nbsp; 7-15-2034 | 3644972 | &nbsp;&nbsp; 3696070 |
| TIPS | 2.13 | &nbsp;&nbsp; 1-15-2035 | 5954686 | &nbsp;&nbsp; 6126359 |
| TIPS | 2.13 | &nbsp;&nbsp; 2-15-2040 | 1439078 | &nbsp;&nbsp; 1452784 |
| TIPS | 2.13 | &nbsp;&nbsp; 2-15-2041 | 1989954 | &nbsp;&nbsp; 1994096 |
| TIPS | 2.13 | &nbsp;&nbsp; 2-15-2054 | 401170 | &nbsp;&nbsp; 374718 |
| TIPS | 2.50 | &nbsp;&nbsp; 1-15-2029 | 845090 | &nbsp;&nbsp; 878692 |
| TIPS | 3.88 | &nbsp;&nbsp; 4-15-2029 | 118253 | &nbsp;&nbsp; 128537 |
| U.S. Treasury Inflation-Indexed Bonds | 1.00 | &nbsp;&nbsp; 2-15-2046 | 1763972 | &nbsp;&nbsp; 1374881 |
| **Total U.S. Treasury securities (Cost $71,986,751)** |  |  |  | &nbsp;&nbsp; **69391866** |
| **Yankee corporate bonds and notes: 1.18%** |  |  |  |  |
| **Basic materials: 0.05%** |  |  |  |  |
| **Mining: 0.05%** |  |  |  |  |
| Alumina Pty. Ltd.144A | 6.13 | &nbsp;&nbsp; 3-15-2030 | 170000 | &nbsp;&nbsp; **174274** |
| **Communications: 0.14%** |  |  |  |  |
| **Internet: 0.09%** |  |  |  |  |
| Rakuten Group, Inc.144A | 11.25 | &nbsp;&nbsp; 2-15-2027 | 295000 | &nbsp;&nbsp; **318562** |
| **Media: 0.05%** |  |  |  |  |
| Virgin Media Vendor Financing Notes IV DAC144A | 5.00 | &nbsp;&nbsp; 7-15-2028 | 170000 | &nbsp;&nbsp; **166582** |
| **Consumer, cyclical: 0.52%** |  |  |  |  |
| **Airlines: 0.20%** |  |  |  |  |
| Air Canada Pass-Through Trust Series 2020-1 Class C144A | 10.50 | &nbsp;&nbsp; 7-15-2026 | 475000 | &nbsp;&nbsp; 491877 |
| Latam Airlines Group SA144A | 7.63 | &nbsp;&nbsp; 1-7-2031 | 140000 | &nbsp;&nbsp; 143976 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc.144A | 7.88 | &nbsp;&nbsp; 5-1-2027 | 45000 | &nbsp;&nbsp; 45665 |
|  |  |  |  | &nbsp;&nbsp; **681518** |
| **Leisure time: 0.32%** |  |  |  |  |
| Carnival Corp.144A | 5.13 | &nbsp;&nbsp; 5-1-2029 | 130000 | &nbsp;&nbsp; 131607 |
| Carnival Corp.144A | 6.00 | &nbsp;&nbsp; 5-1-2029 | 465000 | &nbsp;&nbsp; 471975 |
| Royal Caribbean Cruises Ltd.144A | 5.38 | &nbsp;&nbsp; 7-15-2027 | 455000 | &nbsp;&nbsp; 458571 |
|  |  |  |  | &nbsp;&nbsp; **1062153** |
| **Consumer, non-cyclical: 0.08%** |  |  |  |  |
| **Healthcare-products: 0.08%** |  |  |  |  |
| Bausch & Lomb Corp.144A | 8.38 | &nbsp;&nbsp; 10-1-2028 | 245000 | &nbsp;&nbsp; **256025** |

---

The accompanying notes are an integral part of these consolidated financial statements.

Allspring Real Return Portfolio \| 27

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Financial: 0.08%** |  |  |  |  |
| **Banks: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; Banco Mercantil del Norte SA (5 Year Treasury Constant <br> Maturity+4.64%)144Aʊ±<br>| 5.88<br> %<br>| &nbsp;&nbsp; 1-24-2027 | $60000 | &nbsp;&nbsp; **$59484** |
| **Diversified financial services: 0.06%** |  |  |  |  |
| goeasy Ltd.144A | 9.25 | &nbsp;&nbsp; 12-1-2028 | 70000 | &nbsp;&nbsp; 72566 |
| Macquarie AirFinance Holdings Ltd.144A | 6.40 | &nbsp;&nbsp; 3-26-2029 | 140000 | &nbsp;&nbsp; 147158 |
|  |  |  |  | &nbsp;&nbsp; **219724** |
| **Industrial: 0.09%** |  |  |  |  |
| **Aerospace/defense: 0.06%** |  |  |  |  |
| Bombardier, Inc.144A | 6.00 | &nbsp;&nbsp; 2-15-2028 | 185000 | &nbsp;&nbsp; **185441** |
| **Packaging & containers: 0.03%** |  |  |  |  |
| Trivium Packaging Finance BV144A | 8.25 | &nbsp;&nbsp; 7-15-2030 | 95000 | &nbsp;&nbsp; **98417** |
| **Technology: 0.16%** |  |  |  |  |
| **Computers: 0.05%** |  |  |  |  |
| Seagate Data Storage Technology Pte. Ltd.144A | 8.25 | &nbsp;&nbsp; 12-15-2029 | 155000 | &nbsp;&nbsp; **164681** |
| **Software: 0.11%** |  |  |  |  |
| Open Text Corp.144A | 3.88 | &nbsp;&nbsp; 2-15-2028 | 80000 | &nbsp;&nbsp; 77757 |
| Open Text Corp.144A | 6.90 | &nbsp;&nbsp; 12-1-2027 | 275000 | &nbsp;&nbsp; 286258 |
|  |  |  |  | &nbsp;&nbsp; **364015** |
| **Utilities: 0.06%** |  |  |  |  |
| **Electric: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; Algonquin Power & Utilities Corp. (5 Year Treasury Constant <br> Maturity+3.25%)±<br>| 4.75 | &nbsp;&nbsp; 1-18-2082 | 10000 | &nbsp;&nbsp; 9812 |
| Emera, Inc. Series 16-A (U.S. SOFR 3 Month+5.44%)± | 6.75 | &nbsp;&nbsp; 6-15-2076 | 205000 | &nbsp;&nbsp; 205977 |
|  |  |  |  | &nbsp;&nbsp; **215789** |
| **Total yankee corporate bonds and notes (Cost $3,900,957)** |  |  |  | &nbsp;&nbsp; **3966665** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 37.98%** |  |  |  |  |
| **Investment companies: 37.98%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞\* |  | 4.06 | 127535793 | &nbsp;&nbsp; **127535793** |
| **Total short-term investments (Cost $127,535,793)** |  |  |  | &nbsp;&nbsp; **127535793** |
| **Total investments in securities (Cost $295,269,531)** | 94.18<br> %<br>|  |  | &nbsp;&nbsp; 316247208 |
| Other assets and liabilities, net | 5.82 |  |  | &nbsp;&nbsp; 19556224 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$335803432** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these consolidated financial statements.

28 \| Allspring Real Return Portfolio

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

---

| | |
|:---|:---|
| † | Non-income-earning security |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ʊ | Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
| ♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |
| \* | A portion of the holding represents an investment held in Real Return Special Investments (Cayman) Ltd., the consolidated entity. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| ADR | American depositary receipt |
| REIT | Real estate investment trust |
| SOFR | Secured Overnight Financing Rate |
| TIPS | Treasury Inflation-Protected Securities |

---

**Investments in affiliates**

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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>| $97077493 | $72277952 | $(41819652)<br>| $0 | $0 | $127535793 | 127535793 | $2249286 |

---

**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 | 2101000 | USD | 1395553 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $(20222)<br>|
| USD | 1442065 | AUD | 2178000 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 16328 | &nbsp;&nbsp;&nbsp; 0 |
| BRL | 3435000 | USD | 621674 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 10282 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1638558 | CAD | 2259000 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 24275 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 834102 | CAD | 1158000 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 6594 | &nbsp;&nbsp;&nbsp; 0 |
| CHF | 72000 | USD | 91398 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (1474)<br>|
| USD | 520882 | CLP | 500338000 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (10038)<br>|
| CZK | 12853000 | USD | 619430 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (9971)<br>|
| EUR | 254000 | USD | 299607 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (6119)<br>|
| GBP | 776000 | USD | 1052691 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (33205)<br>|
| HUF | 256635000 | USD | 761629 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (924)<br>|
| HUF | 136092000 | USD | 409694 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (6297)<br>|
| USD | 522739 | IDR | 8630323000 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 3997 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1323725 | IDR | 22121158000 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (5911)<br>|
| USD | 2547257 | INR | 225580000 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 11758 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 723744 | INR | 64482000 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (1028)<br>|
| USD | 864076 | JPY | 126099000 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 42309 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1558858 | KRW | 2152201000 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 45277 | &nbsp;&nbsp;&nbsp; 0 |
| MXN | 8065000 | USD | 429834 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 2319 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 495081 | MXN | 9137000 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 5487 | &nbsp;&nbsp;&nbsp; 0 |
| NOK | 12815000 | USD | 1296778 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (31696)<br>|
| USD | 701987 | NOK | 6966000 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 14312 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 586492 | NZD | 981000 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 24087 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 586030 | NZD | 1003000 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 11013 | &nbsp;&nbsp;&nbsp; 0 |
| PLN | 3130000 | USD | 860260 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (13036)<br>|

---

The accompanying notes are an integral part of these consolidated financial statements.

Allspring Real Return Portfolio \| 29

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

**Forward foreign currency contracts** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be<br> received | Currency to be<br> received | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement<br> date<br>| &nbsp;&nbsp; Unrealized<br> gains<br>| &nbsp;&nbsp; Unrealized<br> losses<br>|
| SEK | 7852000 | USD | 847724 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $(19084)<br>|
| ZAR | 11382000 | USD | 646729 | Morgan Stanley, Inc. | 12-17-2025 | &nbsp;&nbsp;&nbsp; 7829 | &nbsp;&nbsp;&nbsp; 0 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **$225867** | &nbsp;&nbsp;&nbsp; **$(159005)**<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** |  |  |  |  |  |  |
| Gas Oil Futures\*\* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 11-12-2025 | &nbsp;&nbsp; $276610 | &nbsp;&nbsp; $287400 | &nbsp;&nbsp; $10790 | &nbsp;&nbsp; $0 |
| LME Primary Aluminum Futures\*\* | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 11-17-2025 | &nbsp;&nbsp; 327510 | &nbsp;&nbsp; 359816 | &nbsp;&nbsp; 32306 | &nbsp;&nbsp; 0 |
| Light Sweet Crude Oil Futures\*\* | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 11-20-2025 | &nbsp;&nbsp; 3989269 | &nbsp;&nbsp; 3963700 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (25569)<br>|
| CAC 40 Index | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 11-21-2025 | &nbsp;&nbsp; 1463103 | &nbsp;&nbsp; 1499736 | &nbsp;&nbsp; 36633 | &nbsp;&nbsp; 0 |
| Henry Hub Natural Gas Futures\*\* | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 11-25-2025 | &nbsp;&nbsp; 1235039 | &nbsp;&nbsp; 1278440 | &nbsp;&nbsp; 43401 | &nbsp;&nbsp; 0 |
| Brent Crude Oil Futures\*\* | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11-28-2025 | &nbsp;&nbsp; 782667 | &nbsp;&nbsp; 777240 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (5427)<br>|
| Reformulated Gasoline Blendstock for Oxygen Blending <br> Futures\*\*<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 11-28-2025 | &nbsp;&nbsp; 624265 | &nbsp;&nbsp; 638669 | &nbsp;&nbsp; 14404 | &nbsp;&nbsp; 0 |
| 10-Year Euro BUND Index | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 12-8-2025 | &nbsp;&nbsp; 21019538 | &nbsp;&nbsp; 21178078 | &nbsp;&nbsp; 158540 | &nbsp;&nbsp; 0 |
| French Government Bond | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 12-8-2025 | &nbsp;&nbsp; 9330231 | &nbsp;&nbsp; 9465781 | &nbsp;&nbsp; 135550 | &nbsp;&nbsp; 0 |
| TOPIX Index | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 12-11-2025 | &nbsp;&nbsp; 9376776 | &nbsp;&nbsp; 10167932 | &nbsp;&nbsp; 791156 | &nbsp;&nbsp; 0 |
| Corn Futures\*\* | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 12-12-2025 | &nbsp;&nbsp; 1963660 | &nbsp;&nbsp; 1920175 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (43485)<br>|
| Soybean Oil Futures\*\* | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 12-12-2025 | &nbsp;&nbsp; 1561765 | &nbsp;&nbsp; 1518816 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (42949)<br>|
| 10-Year Australian Bond | &nbsp;&nbsp; 334 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 24817477 | &nbsp;&nbsp; 24828443 | &nbsp;&nbsp; 10966 | &nbsp;&nbsp; 0 |
| Cocoa Futures\*\* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 350955 | &nbsp;&nbsp; 246040 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (104915)<br>|
| Japanese Yen Futures | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 9640079 | &nbsp;&nbsp; 9123100 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (516979)<br>|
| LME Copper Futures\*\* | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 2022702 | &nbsp;&nbsp; 2178304 | &nbsp;&nbsp; 155602 | &nbsp;&nbsp; 0 |
| LME Nickel Futures\*\* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 366068 | &nbsp;&nbsp; 363088 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (2980)<br>|
| LME Primary Aluminum Futures\*\* | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 806677 | &nbsp;&nbsp; 864660 | &nbsp;&nbsp; 57983 | &nbsp;&nbsp; 0 |
| Swiss Franc Futures | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 14326631 | &nbsp;&nbsp; 14051250 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (275381)<br>|
| 10-Year Canadian Bond | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 12-18-2025 | &nbsp;&nbsp; 24990863 | &nbsp;&nbsp; 25382625 | &nbsp;&nbsp; 391762 | &nbsp;&nbsp; 0 |
| C Coffee Futures\*\* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 12-18-2025 | &nbsp;&nbsp; 138236 | &nbsp;&nbsp; 147019 | &nbsp;&nbsp; 8783 | &nbsp;&nbsp; 0 |
| S&P ASX Share Price Index 200 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12-18-2025 | &nbsp;&nbsp; 1309814 | &nbsp;&nbsp; 1309058 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (756)<br>|
| S&P/TSX 60 Index | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 12-18-2025 | &nbsp;&nbsp; 1488405 | &nbsp;&nbsp; 1524309 | &nbsp;&nbsp; 35904 | &nbsp;&nbsp; 0 |
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 26423742 | &nbsp;&nbsp; 26477891 | &nbsp;&nbsp; 54149 | &nbsp;&nbsp; 0 |
| DAX Index | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 1376013 | &nbsp;&nbsp; 1385140 | &nbsp;&nbsp; 9127 | &nbsp;&nbsp; 0 |
| E-Mini NASDAQ 100 Index | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 19483926 | &nbsp;&nbsp; 20803200 | &nbsp;&nbsp; 1319274 | &nbsp;&nbsp; 0 |
| E-Mini Russell 2000 Index | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 483221 | &nbsp;&nbsp; 497980 | &nbsp;&nbsp; 14759 | &nbsp;&nbsp; 0 |
| E-Mini S&P 500 Index | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 10993795 | &nbsp;&nbsp; 11342100 | &nbsp;&nbsp; 348305 | &nbsp;&nbsp; 0 |
| E-Mini Utilities Select Sector Futures | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 10104031 | &nbsp;&nbsp; 9922000 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (182031)<br>|
| Euro STOXX 50 Index | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 10178047 | &nbsp;&nbsp; 10585685 | &nbsp;&nbsp; 407638 | &nbsp;&nbsp; 0 |
| FTSE 100 Index | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 1716538 | &nbsp;&nbsp; 1792464 | &nbsp;&nbsp; 75926 | &nbsp;&nbsp; 0 |
| MSCI EAFE Index | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 7686946 | &nbsp;&nbsp; 7719525 | &nbsp;&nbsp; 32579 | &nbsp;&nbsp; 0 |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 324 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 21878544 | &nbsp;&nbsp; 22803120 | &nbsp;&nbsp; 924576 | &nbsp;&nbsp; 0 |
| Ultra 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 596 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 69231165 | &nbsp;&nbsp; 68828688 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (402477)<br>|
| Long Gilt Futures | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 12-29-2025 | &nbsp;&nbsp; 9192744 | &nbsp;&nbsp; 9470119 | &nbsp;&nbsp; 277375 | &nbsp;&nbsp; 0 |
| Silver Futures\*\* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 12-29-2025 | &nbsp;&nbsp; 831435 | &nbsp;&nbsp; 963200 | &nbsp;&nbsp; 131765 | &nbsp;&nbsp; 0 |
| Live Cattle Futures\*\* | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; 1319832 | &nbsp;&nbsp; 1286180 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (33652)<br>|
| Soybean Futures\*\* | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 1-14-2026 | &nbsp;&nbsp; 1464856 | &nbsp;&nbsp; 1505588 | &nbsp;&nbsp; 40732 | &nbsp;&nbsp; 0 |
| Number 11 World Sugar Futures\*\* | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 2-27-2026 | &nbsp;&nbsp; 2001315 | &nbsp;&nbsp; 1761614 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (239701)<br>|
| **Short** |  |  |  |  |  |  |
| LME Lead Futures\*\* | &nbsp;&nbsp; (7)<br>| &nbsp;&nbsp; 11-17-2025 | &nbsp;&nbsp; (346964)<br>| &nbsp;&nbsp; (350137)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (3173)<br>|
| NY Harbor ULSD Futures\*\* | &nbsp;&nbsp; (14)<br>| &nbsp;&nbsp; 11-28-2025 | &nbsp;&nbsp; (1400481)<br>| &nbsp;&nbsp; (1410377)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (9896)<br>|

---

The accompanying notes are an integral part of these consolidated financial statements.

30 \| Allspring Real Return Portfolio

------

Consolidated portfolio of investments—October 31, 2025 (unaudited)

**Futures contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts<br>| Expiration<br> date<br>| Notional<br> cost<br>| Notional<br> value<br>| Unrealized<br> gains<br>| Unrealized<br> losses<br>|
| **Short** (continued) |  |  |  |  |  |  |
| 10-Year Euro BUND Index | &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; 12-8-2025 | &nbsp;&nbsp; $(2216169)<br>| &nbsp;&nbsp; $(2237121)<br>| &nbsp;&nbsp; $0 | &nbsp;&nbsp; $(20952)<br>|
| Number 2 Cotton Futures\*\* | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; 12-8-2025 | &nbsp;&nbsp; (194380)<br>| &nbsp;&nbsp; (196620)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (2240)<br>|
| Hard Red Winter Wheat Futures\*\* | &nbsp;&nbsp; (41)<br>| &nbsp;&nbsp; 12-12-2025 | &nbsp;&nbsp; (1032432)<br>| &nbsp;&nbsp; (1075225)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (42793)<br>|
| Lean Hogs Futures\*\* | &nbsp;&nbsp; (34)<br>| &nbsp;&nbsp; 12-12-2025 | &nbsp;&nbsp; (1203099)<br>| &nbsp;&nbsp; (1105340)<br>| &nbsp;&nbsp; 97759 | &nbsp;&nbsp; 0 |
| Soybean Meal Futures\*\* | &nbsp;&nbsp; (27)<br>| &nbsp;&nbsp; 12-12-2025 | &nbsp;&nbsp; (765630)<br>| &nbsp;&nbsp; (868320)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (102690)<br>|
| Wheat Futures\*\* | &nbsp;&nbsp; (61)<br>| &nbsp;&nbsp; 12-12-2025 | &nbsp;&nbsp; (1572739)<br>| &nbsp;&nbsp; (1628700)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (55961)<br>|
| 10-Year Japanese Bond | &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; (9778022)<br>| &nbsp;&nbsp; (9710207)<br>| &nbsp;&nbsp; 67815 | &nbsp;&nbsp; 0 |
| LME Copper Futures\*\* | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; (2480697)<br>| &nbsp;&nbsp; (2722880)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (242183)<br>|
| LME Nickel Futures\*\* | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; (182977)<br>| &nbsp;&nbsp; (181544)<br>| &nbsp;&nbsp; 1433 | &nbsp;&nbsp; 0 |
| LME Primary Aluminum Futures\*\* | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; (392764)<br>| &nbsp;&nbsp; (432330)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (39566)<br>|
| LME Zinc Futures\*\* | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; (359658)<br>| &nbsp;&nbsp; (385413)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (25755)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; (122)<br>| &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; (14788289)<br>| &nbsp;&nbsp; (14796313)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (8024)<br>|
| Gold 100 Troy Ounces Futures\*\* | &nbsp;&nbsp; (57)<br>| &nbsp;&nbsp; 12-29-2025 | &nbsp;&nbsp; (22733581)<br>| &nbsp;&nbsp; (22780050)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (46469)<br>|
| Long Gilt Futures | &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp; 12-29-2025 | &nbsp;&nbsp; (2026673)<br>| &nbsp;&nbsp; (2090806)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (64133)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$5686992** | &nbsp;&nbsp; **$(2540137)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* Represents an investment held in Real Return Special Investments (Cayman) Ltd., the consolidated entity.

The accompanying notes are an integral part of these consolidated financial statements.

Allspring Real Return Portfolio \| 31

------

Consolidated statement of assets and liabilities—October 31, 2025 (unaudited)

Consolidated financial statements

Consolidated statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $167,733,738) | $188711415 |
| Investments in affiliated securities, at value (cost $127,535,793) | 127535793 |
| Cash | 98 |
| Cash at broker segregated for futures contracts | 18419800 |
| Foreign currency, at value (cost $53,428) | 52169 |
| Receivable for dividends and interest | 1109235 |
| Receivable for daily variation margin on open futures contracts | 560228 |
| Unrealized gains on forward foreign currency contracts | 225867 |
| Receivable for investments sold | 60994 |
| Prepaid expenses and other assets | 2968 |
| **Total assets** | **336678567** |
| Liabilities |  |
| Payable for daily variation margin on open futures contracts | 480785 |
| Unrealized losses on forward foreign currency contracts | 159005 |
| Advisory fee payable | 103612 |
| Professional fees payable | 45903 |
| Cash collateral due to broker for forward foreign currency contracts | 10000 |
| Trustees' fees and expenses payable | 870 |
| Accrued expenses and other liabilities | 74960 |
| **Total liabilities** | **875135** |
| **Total net assets**  | **$335803432** |

---

The accompanying notes are an integral part of these consolidated financial statements.

32 \| Allspring Real Return Portfolio

------

Consolidated Statement of operations (unaudited)

Consolidated statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest (net of foreign withholding taxes of $138) | $2733592 |
| Income from affiliated securities | 2249286 |
| Dividends (net of foreign withholdings taxes of $10,462) | 764700 |
| **Total investment income** | **5747578** |
| Expenses |  |
| Advisory fee | 628446 |
| Custody and accounting fees | 20276 |
| Professional fees | 33793 |
| Registration fees | 20 |
| Interest holder report expenses | 1780 |
| Trustees' fees and expenses | 4504 |
| Other fees and expenses | 15188 |
| **Total expenses** | **704007** |
| Less: Fee waivers and/or expense reimbursements | (91272)<br>|
| **Net expenses** | **612735** |
| **Net investment income** | **5134843** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | 1084930 |
| Foreign currency and foreign currency translations | (28403)<br>|
| Forward foreign currency contracts | 263245 |
| Futures contracts | 2704927 |
| **Net realized gains on investments**  | **4024699** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 14032433 |
| Foreign currency and foreign currency translations | (600)<br>|
| Forward foreign currency contracts | 30569 |
| Futures contracts | 3302978 |
| **Net change in unrealized gains (losses) on investments** | **17365380** |
| **Net realized and unrealized gains (losses) on investments** | **21390079** |
| **Net increase in net assets resulting from operations** | **$26524922** |

---

The accompanying notes are an integral part of these consolidated financial statements.

Allspring Real Return Portfolio \| 33

------

Consolidated statement of changes in net assets

Consolidated statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | &nbsp;&nbsp; Year ended <br>April 30, 2025 |
| Operations |  |  |
| Net investment income | &nbsp;&nbsp; $5134843 | &nbsp;&nbsp; $8623210 |
| Net realized gains on investments | &nbsp;&nbsp; 4024699 | &nbsp;&nbsp; 10354406 |
| Net change in unrealized gains (losses) on investments | &nbsp;&nbsp; 17365380 | &nbsp;&nbsp; 9247217 |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp; **26524922** | &nbsp;&nbsp; **28224833** |
| Capital transactions |  |  |
| Transactions in investors' beneficial interests |  |  |
| Contributions | &nbsp;&nbsp; 26856000 | &nbsp;&nbsp; 99392530 |
| Withdrawals | &nbsp;&nbsp; (6523344)<br>| &nbsp;&nbsp; (76986128)<br>|
| **Net increase in net assets resulting from capital transactions** | &nbsp;&nbsp; **20332656** | &nbsp;&nbsp; **22406402** |
| **Total increase in net assets** | &nbsp;&nbsp; **46857578** | &nbsp;&nbsp; **50631235** |
| Net assets |  |  |
| **Beginning of period** | &nbsp;&nbsp; **288945854** | &nbsp;&nbsp; **238314619** |
| **End of period** | &nbsp;&nbsp; **$335803432** | &nbsp;&nbsp; **$288945854** |

---

The accompanying notes are an integral part of these consolidated financial statements.

34 \| Allspring Real Return Portfolio

------

Consolidated financial highlights

Consolidated financial highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Total return**<sup>2</sup> <br>| **8.93%**<br>| **12.02%**<br>| **2.30%**<br>| &nbsp;&nbsp; **(2.73)%**<br>| &nbsp;&nbsp; **(0.14)%**<br>| **9.58%**<br>| **5.92%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses | 0.45<br> %<br>| 0.47<br> %<br>| 0.46<br> %<br>| 0.49<br> %<br>| 0.48<br> %<br>| 0.47<br> %<br>| 0.45<br> %<br>|
| Net expenses<sup>3</sup> <br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>|
| Net investment income | 3.27<br> %<br>| 3.44<br> %<br>| 4.07<br> %<br>| 4.45<br> %<br>| 5.54<br> %<br>| 2.57<br> %<br>| 2.16<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |  |
| Portfolio turnover rate | 21<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 24<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Portfolio changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>3</sup> Net expense ratios reflect voluntary waivers, if any.

The accompanying notes are an integral part of these consolidated financial statements.

Allspring Real Return Portfolio \| 35

------

Notes to consolidated financial statements (unaudited)

Notes to consolidated financial statements

1. ORGANIZATION

Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services* – *Investment Companies*. These consolidated financial statements report on the Allspring Real Return Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

2. INVESTMENT IN SUBSIDIARY

The Portfolio invests in direct or indirect investments in various derivatives, including commodity-linked derivatives, through Real Return Special Investments (Cayman) Ltd (the "Subsidiary"), a wholly owned subsidiary incorporated on June 27, 2023 under the laws of the Cayman Islands as an exempted segregated portfolio company with limited liability. As of October 31, 2025, the Subsidiary had $36,690,302 of investments in affiliates and cash at broker segregated for futures contacts representing 99.56% of its net assets. As of October 31, 2025, the Portfolio held $36,852,324 in the Subsidiary, representing 12.33% of the Portfolio's net assets prior to consolidation.

The consolidated financial statements of the Portfolio include the financial results of the Subsidiary. The Consolidated portfolio of investments includes positions of the Portfolio and the Subsidiary and the consolidated financial statements include the accounts of the Portfolio and the Subsidiary. Accordingly, all interfund balances and transactions between the Portfolio 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 Portfolio, 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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g., taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Equity securities, exchange-traded funds and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management, LLC ("Allspring Funds Management").

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On October 31, 2025, such fair value pricing was not used in pricing foreign securities.

Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management.

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

36 \| Allspring Real Return Portfolio

------

Notes to consolidated financial statements (unaudited)

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 Portfolio are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the 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.

Loans

The Portfolio may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Portfolio purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Portfolio assumes the credit risk of both the borrower and the lender that is selling the participation. When the Portfolio purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent the remaining obligation of the Portfolio to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market and any unrealized gains or losses are recorded in the Consolidated statement of assets and liabilities.

Forward foreign currency contracts

A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Portfolio enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Portfolio 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 Portfolio 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 Portfolio'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 Portfolio and the counterparty.

Futures contracts

Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates, security values, commodity prices and foreign exchange rates and is subject to interest rate risk, equity price risk, commodity price risk and foreign currency risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Portfolio since futures contracts are exchange-traded and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Portfolio is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or 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 Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Consolidated statement of operations.

Inflation-indexed bonds and TIPS

The Portfolio may invest in inflation-indexed bonds, including Treasury inflation-protected securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide

Allspring Real Return Portfolio \| 37

------

Notes to consolidated financial statements (unaudited)

a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status. Paydown gains and losses are included in interest income.

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date.

Interest earned on cash balances held at the custodian is recorded as interest income.

Income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Portfolio based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

Federal and other taxes

The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been "passed through" to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Portfolio 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 Portfolio in the current period nor carried forward to offset taxable income in future periods.

The Portfolio's income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio's tax positions taken on federal, state, and foreign tax returns, 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 October 31, 2025, the aggregate cost of all investments for federal income tax purposes was $297,586,950 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $31895010 |
| Gross unrealized losses | &nbsp;&nbsp; (10021035)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$21873975** |

---

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 Portfolio's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Portfolio's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

• Level 1—quoted prices in active markets for identical securities

• Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

38 \| Allspring Real Return Portfolio

------

Notes to consolidated financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio's assets and liabilities as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $5652098 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $5652098 |
| *Consumer discretionary* | &nbsp;&nbsp; 6246595 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6246595 |
| *Consumer staples* | &nbsp;&nbsp; 2129981 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2129981 |
| *Energy* | &nbsp;&nbsp; 2656690 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2656690 |
| *Financials* | &nbsp;&nbsp; 7189037 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7189037 |
| *Health care* | &nbsp;&nbsp; 6217392 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6217392 |
| *Industrials* | &nbsp;&nbsp; 10271897 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 10271897 |
| *Information technology* | &nbsp;&nbsp; 18893247 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 18893247 |
| *Materials* | &nbsp;&nbsp; 12304233 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12304233 |
| *Real estate* | &nbsp;&nbsp; 17615425 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 17615425 |
| *Utilities* | &nbsp;&nbsp; 1901817 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1901817 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 23735739 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 23735739 |
| **Loans** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 538733 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 538733 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 69391866 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 69391866 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3966665 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3966665 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 127535793 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 127535793 |
|  | &nbsp;&nbsp; 288006071 | &nbsp;&nbsp;&nbsp; 28241137 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 316247208 |
| **Forward foreign currency contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 225867 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 225867 |
| **Futures contracts** | &nbsp;&nbsp; 5686992 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5686992 |
| **Total assets** | &nbsp;&nbsp; **$293693063** | &nbsp;&nbsp;&nbsp; **$28467004** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$322160067** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Forward foreign currency contracts** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $159005 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $159005 |
| **Futures contracts** | &nbsp;&nbsp; 2540137 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2540137 |
| **Total liabilities** | &nbsp;&nbsp; **$2540137** | &nbsp;&nbsp;&nbsp; **$159005** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$2699142** |

---

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 October 31, 2025, the Portfolio did not have any transfers into/out of Level 3.

5. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Advisory 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 | 0.300 |
| Over $10 billion | 0.290 |

---

For the six months ended October 31, 2025, the advisory fee was equivalent to an annual rate of 0.40% of the Portfolio's average daily net assets.

Allspring Real Return Portfolio \| 39

------

Notes to consolidated financial statements (unaudited)

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 subadvisers to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC ("Allspring Investments") 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 Portfolio.

Allspring Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Portfolio did not have any interfund transactions during the six months ended October 31, 2025.

6. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended October 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9318708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28655004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9027518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29101687 |

---

7. DERIVATIVE TRANSACTIONS

During the six months ended October 31, 2025, the Portfolio entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio. The Portfolio also entered into forward foreign currency contracts for economic hedging purposes.

The volume of the Portfolio's derivative activity during the six months ended October 31, 2025 was as follows:

---

| | |
|:---|:---|
| **Forward foreign currency contracts** |  |
| Average contract amounts to buy | &nbsp;&nbsp; $17957795 |
| Average contract amounts to sell | &nbsp;&nbsp; 14091768 |
| **Futures contracts** |  |
| Average notional balance on long futures | &nbsp;&nbsp; $314376742 |
| Average notional balance on short futures | &nbsp;&nbsp; 74888192 |

---

A summary of the location of derivative instruments on the financial statements by primary risk exposure is outlined in the following tables.

40 \| Allspring Real Return Portfolio

------

Notes to consolidated financial statements (unaudited)

The fair value of derivative instruments as of October 31, 2025 by primary risk type on the Consolidated statement of assets and liabilities was as follows for the Portfolio:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Commodity <br>risk<br>| Equity <br>risk<br>| Foreign 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 | $225867 | $225867 |
| Futures contracts | &nbsp;&nbsp; 1,096,157 <br>\*<br>| 594,958 <br>\*<br>| 3,995,877 <br>\*<br>| 0 | 5686992 |
|  | &nbsp;&nbsp; $1096157 | $594958 | $3995877 | $225867 | $5912859 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $0 | $159005 | $159005 |
| Futures contracts | &nbsp;&nbsp; 495,586 <br>\*<br>| 1,069,404 <br>\*<br>| 182,787 <br>\*<br>| 792,360 <br>\*<br>| 2540137 |
|  | &nbsp;&nbsp; $495586 | $1069404 | $182787 | $951365 | $2699142 |

---

&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 October 31, 2025 is reported separately on the Consolidated Consolidated statement of assets and liabilities. 

The effect of derivative instruments on the Consolidated statement of operations for the six months ended October 31, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | INTEREST RATE <br>RISK<br>| Commodity <br>risk<br>| Equity <br>risk<br>| Foreign currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $0 | $263245 | $263245 |
| Futures contracts | &nbsp;&nbsp; (1655765)<br>| 3791908 | 937348 | (368564)<br>| 2704927 |
|  | &nbsp;&nbsp; $(1655765)<br>| $3791908 | $937348 | $(105319)<br>| $2968172 |
| **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 | $30569 | $30569 |
| Futures contracts | &nbsp;&nbsp; (808730)<br>| (1253897)<br>| 6502605 | (1137000)<br>| 3302978 |
|  | &nbsp;&nbsp; $(808730)<br>| $(1253897)<br>| $6502605 | $(1106431)<br>| $3333547 |

---

For certain types of derivative transactions, the Portfolio has entered into International Swaps and Derivatives Association, Inc. master agreements ("ISDA Master Agreements") or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Portfolio 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 Portfolio 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 Portfolio 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>|
| Morgan Stanley, Inc. | &nbsp;&nbsp; $225867 | $(159005)<br>| $0 | $66862 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of liabilities in the <br>Consolidated <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>pledged<sup>1</sup> <br>| Net amount <br>of liabilities<br>|
| Morgan Stanley, Inc. | &nbsp;&nbsp; $159005 | $(159005)<br>| $0 | $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty.

Allspring Real Return Portfolio \| 41

------

Notes to consolidated financial statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8. BANK BORROWINGS

The Portfolio, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to portfolio interest holder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the six months ended October 31, 2025, there were no borrowings by the Portfolio under the agreement.

9. INDEMNIFICATION

Under the Portfolio's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio's organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

10. OPERATING SEGMENTS

The Portfolio operates as a single operating segment. An operating segment is 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 Portfolio acts as the Portfolio's CODM. The CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Portfolio's prospectus which is executed by the Portfolio'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 Portfolio's single segment. This information is consistent with that presented within the Portfolio's consolidated financial statements. Segment assets are reflected on the accompanying Consolidated statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Consolidated statement of operations.

11. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

42 \| Allspring Real Return Portfolio

------

Other information (unaudited)

Other information

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. Shareholders and Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com.** 

Allspring Real Return Fund \| 43

------

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.

44 \| Allspring Real Return Fund

------

Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management, advisory, and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (each, a "Board" and collectively, the "Boards") of each of Allspring Funds Trust ("Funds Trust") and Allspring Master Trust ("Master Trust", and collectively, the "Trusts") must determine annually whether to approve the continuation of the Trusts' investment management, advisory, and sub-advisory agreements, as applicable. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Funds Trust Board, all the members of which have no direct or indirect interest in the investment management agreement and are not "interested persons" of the Trusts, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Real Return Fund, a portfolio of Funds Trust (the "Feeder Fund"), an investment management agreement (the "Feeder Fund Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management").

At the Meeting, the Master Trust Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are Independent Trustees, reviewed and approved: (i) an investment advisory agreement (the "Master Portfolio Advisory Agreement") with Allspring Funds Management for the Allspring Real Return Portfolio, a portfolio of Master Trust (the "Master Portfolio"); 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, for the Master Portfolio.

The Feeder Fund and the Master Portfolio are collectively referred to as the "Funds." The Feeder Fund Management Agreement, the Master Portfolio Advisory Agreement, and the Sub-Advisory Agreements are collectively referred to as the "Advisory Agreements."

The Feeder Fund is a feeder fund that invest substantially all of its assets in the Master Portfolio. The Master Portfolio has a substantially similar investment objective and substantially similar investment strategies to the Feeder Fund. Information provided to the Boards regarding the Feeder Fund is also applicable to the Master Portfolio, as relevant.

At the Meeting, the Boards 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 meeting of the Boards 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 Boards have adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Boards in the discharge of their 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 Boards, 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 Boards' 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 Boards 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 Boards reviewed reports of Allspring Funds Management at each of their quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Boards and the teams mentioned above confer with portfolio managers at various times throughout the year. The Boards 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 Funds Trust Board unanimously determined that the compensation payable to Allspring Funds Management was reasonable, and approved the continuation of the Feeder Fund Management Agreement for a one-year term. Additionally, after its deliberations, the Master Trust Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Advisers was reasonable, and approved the continuation of the Master Portfolio Advisory Agreement and the Sub-Advisory Agreements, each for a one-year term. The Boards considered the approval of the Advisory Agreements for the Funds as part of their consideration of agreements for funds across the complex, but their approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Boards in support of their approvals.

*Nature, extent, and quality of services*

The Boards received and considered various information regarding the nature, extent, and quality of services provided to the Feeder Fund and the Master Portfolio, as applicable, 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 Feeder Fund 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

Allspring Real Return Fund \| 45

------

Other information (unaudited)

the Sub-Advisers are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Boards received and considered information about the full range of services provided to the Fund and the Master Portfolio by Allspring Funds Management and its affiliates.

The Boards considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Master Portfolio. The Boards 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 Boards further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Advisers. The Boards 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 Funds' liquidity risk management programs and as the Funds' valuation designee. The Boards 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 Boards considered the investment performance results for each of the Funds over various time periods ended December 31, 2024. The Boards 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 Feeder Fund (the "Universe"), and in comparison to the Feeder Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Boards received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Funds Trust Board noted that the investment performance of the Feeder Fund (Administrator Class) was higher than the average investment performance of its Universe for the one-year period under review, equal to the average investment performance of its Universe for the ten-year period under review, and lower than the average investment performance of its Universe for the three- and five-year periods under review. The Funds Trust Board also noted that the investment performance of the Feeder Fund was higher than its benchmark index, the Real Return Blended Index, for the three- and ten-year periods under review, in range of its benchmark index for the five-year period under review and lower than its benchmark index for the one-year period under review.

The Master Trust Board took note of the investment performance of the Master Portfolio in the context of reviewing the investment performance of the Feeder Fund.

The Funds Trust Board also received and considered information regarding the Feeder Fund's net operating expense ratios, which include fees and expenses of the Master Portfolio, and their various components, including actual management fees assessed at the Feeder Fund and Master Portfolio levels, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Funds Trust 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 Feeder Fund (the "Groups"). The Funds Trust 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 Funds Trust Board noted that the net operating expense ratios of the Feeder 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.

With respect to the Master Portfolio, the Master Trust Board reviewed the fee rates payable to Allspring Funds Management for investment advisory services (as discussed below), which are the only fees charged at the Master Portfolio level, relative to a corresponding expense Group.

The Boards took into account the Funds' investment performance and expense information provided to them among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management, advisory, and sub-advisory fee rates*

The Funds Trust Board noted that Allspring Funds Management receives no advisory fees from the Feeder Fund as long as the Feeder Fund continues to invest all (or substantially all) of its assets in a single master portfolio. If the Feeder Fund were to change its investment structure so that it began investing in two or more master portfolios (a fund-of-funds), Allspring Funds Management would be entitled to receive an annual fee of 0.25% of the Feeder Fund's average daily net assets for providing investment advisory services to the Feeder Fund, including allocating the Feeder Fund's assets to the Master Portfolio.

The Funds Trust Board reviewed and considered the contractual fee rates payable by the Feeder Fund to Allspring Funds Management under the Feeder Fund Management Agreement for management services (other than investment advisory services), as well as the contractual fee rates payable by the Feeder 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 trade name for the asset management firm that includes Allspring Funds Management and the Sub-Advisers is "Allspring Global Investments."

46 \| Allspring Real Return Fund

------

Other information (unaudited)

The Master Trust Board reviewed and considered the contractual investment advisory fee rate payable by the Master Portfolio to Allspring Funds Management for investment advisory services under the Master Portfolio Advisory Agreement (the "Advisory Agreement Rate"). The Master Trust 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.

Among other information reviewed by the Funds Trust Board was a comparison of the Feeder Fund's Management Rate, which, for this purpose, includes the advisory fees paid at the Master Portfolio level, 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 Funds Trust Board noted that the Management Rates of the Feeder Fund were lower than the sum of the average rates for the Feeder Fund's expense Groups for each share class.

The Master Trust Board reviewed a comparison of the Advisory Agreement Rate of the Master Portfolio with those of other funds in the Master Portfolio's expense Group at a common asset level. The Master Trust Board noted that the Advisory Agreement Rate of the Master Portfolio was lower than the median rate for the Master Portfolio's expense Group.

The Master Trust Board also received and considered information about the portions of the total management fees that were retained by Allspring Funds Management after payment of the fees to the Sub-Advisers for sub-advisory services. In assessing the reasonableness of these amounts, the Master Trust Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Advisers, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Advisers, the Master Trust Board ascribed limited relevance to the allocation of fees between them.

The Boards 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 Funds. In this regard, the Boards 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 Funds Trust Board determined that the compensation payable to Allspring Funds Management under the Feeder Fund Management Agreement was reasonable, and the Master Trust Board determined that the compensation payable to Allspring Funds Management under the Master Portfolio Advisory Agreement and to the Sub-Advisers under the Sub-Advisory Agreements was reasonable.

*Profitability*

The Boards 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 Master Trust Board noted that the Sub-Advisers' profitability information with respect to providing services to the Master Portfolio 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 Boards 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 their review, the Boards did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent the Boards from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Boards received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Funds, 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 shareholders of the Funds. The Boards noted the existence of breakpoints in the Master Portfolio's advisory fee structure and the Feeder Fund's management fee structure, which operate generally to reduce the Funds' expense ratios as the Funds grow in size, and the size of the Master Portfolio and the Feeder Fund, respectively, in relation to such breakpoints. The Boards considered that, in addition to advisory fee and 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 Boards concluded that Allspring Funds Management's arrangements with respect to each Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Funds and their shareholders.

Allspring Real Return Fund \| 47

------

Other information (unaudited)

*Other benefits to Allspring Funds Management and the Sub-Advisers*

The Boards 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 Funds. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Funds 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 Funds. 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 Boards also reviewed information about soft dollar credits earned and utilized by the Sub-Advisers.

Based on their consideration of the factors and information they deemed relevant, including those described here, the Boards 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 Funds Trust Board unanimously determined that the compensation payable to Allspring Funds Management was reasonable, and approved the continuation of the Feeder Fund Management Agreement for a one-year term. Additionally, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Master Trust Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Advisers was reasonable, and approved the continuation of the Master Portfolio Advisory Agreement and the Sub-Advisory Agreements, each for a one-year term.

48 \| Allspring Real Return Fund

------

![](g14779img9f6b3ab61.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**

![](g14779imgceced0692.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.**

**NCSRS1753 10-25**

------

![](g14779img9a2ed9411.jpg)

Allspring Small Company Growth Fund

Long Form Financial Statements

Semi-Annual Report

October 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_d0430bf5-b1e1-46d0-823a-b59b9ae2c621_POI-PageBlank-82_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_d0430bf5-b1e1-46d0-823a-b59b9ae2c621_FS-PageBlank-82_1)** |  |
| [Statement of assets and liabilities](#xx_d0430bf5-b1e1-46d0-823a-b59b9ae2c621_FS-PageBlank-82_1) | 8 |
| [Statement of operations](#xx_d0430bf5-b1e1-46d0-823a-b59b9ae2c621_FS-PageBlank-82_2) | 9 |
| [Statement of changes in net assets](#xx_d0430bf5-b1e1-46d0-823a-b59b9ae2c621_FS-PageBlank-82_4) | 11 |
| [Financial highlights](#xx_d0430bf5-b1e1-46d0-823a-b59b9ae2c621_FIHI-PageBlank-82_1) | 13 |
| **[Notes to financial statements](#xx_d0430bf5-b1e1-46d0-823a-b59b9ae2c621_NTF-PageBlank-82_1)** | 17 |
| **[Other information](#xx_d0430bf5-b1e1-46d0-823a-b59b9ae2c621_OI-PageBlank-82_1)** | 22 |
| [Item 8. Changes in and disagreements with accountants](#xx_d0430bf5-b1e1-46d0-823a-b59b9ae2c621_OI-PageBlank-82_2) | 23 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_d0430bf5-b1e1-46d0-823a-b59b9ae2c621_OI-PageBlank-82_2) | 23 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_d0430bf5-b1e1-46d0-823a-b59b9ae2c621_OI-PageBlank-82_2) | 23 |
| [Item 11. Statement regarding basis for board](#xx_d0430bf5-b1e1-46d0-823a-b59b9ae2c621_OI-PageBlank-82_3)['](#xx_d0430bf5-b1e1-46d0-823a-b59b9ae2c621_OI-PageBlank-82_3)[s approval of investment](#xx_d0430bf5-b1e1-46d0-823a-b59b9ae2c621_OI-PageBlank-82_3)<br> [advisory contract](#xx_d0430bf5-b1e1-46d0-823a-b59b9ae2c621_OI-PageBlank-82_3)<br>| 24 |

---

Allspring Small Company Growth Fund \| 1

------

Portfolio of investments—October 31, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 97.79%** |  |  |
| **Communication services: 0.30%** |  |  |
| **Entertainment: 0.30%** |  |  |
| Lionsgate Studios Corp.† | 249303 | &nbsp;&nbsp; **$1603018** |
| **Consumer discretionary: 11.40%** |  |  |
| **Automobile components: 2.24%** |  |  |
| Modine Manufacturing Co.† | 38041 | &nbsp;&nbsp; 5828262 |
| Patrick Industries, Inc. | 58798 | &nbsp;&nbsp; 6136747 |
|  |  | &nbsp;&nbsp; **11965009** |
| **Broadline retail: 0.92%** |  |  |
| Ollie's Bargain Outlet Holdings, Inc.† | 40768 | &nbsp;&nbsp; **4925182** |
| **Hotels, restaurants & leisure: 2.04%** |  |  |
| Brightstar Lottery PLC | 246509 | &nbsp;&nbsp; 4106840 |
| Genius Sports Ltd.† | 343017 | &nbsp;&nbsp; 3862372 |
| Life Time Group Holdings, Inc.† | 117333 | &nbsp;&nbsp; 2901645 |
|  |  | &nbsp;&nbsp; **10870857** |
| **Household durables: 0.82%** |  |  |
| Champion Homes, Inc.† | 64506 | &nbsp;&nbsp; **4401244** |
| **Leisure products: 0.66%** |  |  |
| YETI Holdings, Inc.† | 104178 | &nbsp;&nbsp; **3541010** |
| **Specialty retail: 3.29%** |  |  |
| Academy Sports & Outdoors, Inc. | 69815 | &nbsp;&nbsp; 3343441 |
| Boot Barn Holdings, Inc.† | 29311 | &nbsp;&nbsp; 5558831 |
| Burlington Stores, Inc.† | 19266 | &nbsp;&nbsp; 5270985 |
| Valvoline, Inc.† | 102505 | &nbsp;&nbsp; 3383690 |
|  |  | &nbsp;&nbsp; **17556947** |
| **Textiles, apparel & luxury goods: 1.43%** |  |  |
| Birkenstock Holding PLC† | 70001 | &nbsp;&nbsp; 2793740 |
| On Holding AG Class A† | 129796 | &nbsp;&nbsp; 4821921 |
|  |  | &nbsp;&nbsp; **7615661** |
| **Consumer staples: 3.50%** |  |  |
| **Beverages: 0.80%** |  |  |
| Celsius Holdings, Inc.† | 71109 | &nbsp;&nbsp; **4282895** |
| **Consumer staples distribution & retail: 0.86%** |  |  |
| Performance Food Group Co.† | 47311 | &nbsp;&nbsp; **4576866** |
| **Food products: 0.58%** |  |  |
| Vital Farms, Inc.† | 94519 | &nbsp;&nbsp; **3104949** |

---

The accompanying notes are an integral part of these financial statements.

2 \| Allspring Small Company Growth Fund

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Personal care products: 1.26%** |  |  |
| e.l.f. Beauty, Inc.† | 26715 | &nbsp;&nbsp; $3262970 |
| Oddity Tech Ltd. Class A† | 76881 | &nbsp;&nbsp; 3478866 |
|  |  | &nbsp;&nbsp; **6741836** |
| **Energy: 1.75%** |  |  |
| **Energy equipment & services: 1.75%** |  |  |
| Flowco Holdings, Inc. Class A | 171774 | &nbsp;&nbsp; 2782739 |
| TechnipFMC PLC | 158295 | &nbsp;&nbsp; 6545498 |
|  |  | &nbsp;&nbsp; **9328237** |
| **Financials: 10.48%** |  |  |
| **Banks: 2.47%** |  |  |
| Coastal Financial Corp.† | 61111 | &nbsp;&nbsp; 6508321 |
| Glacier Bancorp, Inc. | 97090 | &nbsp;&nbsp; 3966127 |
| Triumph Financial, Inc.† | 49595 | &nbsp;&nbsp; 2700944 |
|  |  | &nbsp;&nbsp; **13175392** |
| **Capital markets: 3.52%** |  |  |
| DigitalBridge Group, Inc. | 309112 | &nbsp;&nbsp; 3656795 |
| Evercore, Inc. Class A | 16731 | &nbsp;&nbsp; 4928283 |
| Stifel Financial Corp. | 62459 | &nbsp;&nbsp; 7397019 |
| Virtu Financial, Inc. Class A | 81482 | &nbsp;&nbsp; 2838833 |
|  |  | &nbsp;&nbsp; **18820930** |
| **Consumer finance: 0.86%** |  |  |
| FirstCash Holdings, Inc. | 29148 | &nbsp;&nbsp; **4619958** |
| **Financial services: 1.63%** |  |  |
| Essent Group Ltd. | 87118 | &nbsp;&nbsp; 5276737 |
| Shift4 Payments, Inc. Class A† | 49359 | &nbsp;&nbsp; 3410707 |
|  |  | &nbsp;&nbsp; **8687444** |
| **Insurance: 2.00%** |  |  |
| Palomar Holdings, Inc.† | 31614 | &nbsp;&nbsp; 3604312 |
| Ryan Specialty Holdings, Inc. Class A | 67753 | &nbsp;&nbsp; 3712865 |
| Skyward Specialty Insurance Group, Inc.† | 74126 | &nbsp;&nbsp; 3379404 |
|  |  | &nbsp;&nbsp; **10696581** |
| **Health care: 19.46%** |  |  |
| **Biotechnology: 6.76%** |  |  |
| ADMA Biologics, Inc.† | 221930 | &nbsp;&nbsp; 3435476 |
| Agios Pharmaceuticals, Inc.† | 68287 | &nbsp;&nbsp; 2952730 |
| Alkermes PLC† | 108069 | &nbsp;&nbsp; 3317718 |
| Amicus Therapeutics, Inc.† | 453698 | &nbsp;&nbsp; 4096893 |
| Cytokinetics, Inc.† | 58191 | &nbsp;&nbsp; 3700366 |
| Kiniksa Pharmaceuticals International PLC Class A† | 95499 | &nbsp;&nbsp; 3534418 |
| Neurocrine Biosciences, Inc.† | 24573 | &nbsp;&nbsp; 3519099 |
| Scholar Rock Holding Corp.† | 64731 | &nbsp;&nbsp; 1917332 |
| Soleno Therapeutics, Inc.† | 38741 | &nbsp;&nbsp; 2601846 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Growth Fund \| 3

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Biotechnology**(continued) |  |  |
| Twist Bioscience Corp.† | 122211 | &nbsp;&nbsp; $4019520 |
| Vericel Corp.† | 85908 | &nbsp;&nbsp; 3011935 |
|  |  | &nbsp;&nbsp; **36107333** |
| **Health care equipment & supplies: 3.76%** |  |  |
| Artivion, Inc.† | 129992 | &nbsp;&nbsp; 5897737 |
| Ceribell, Inc.† | 153957 | &nbsp;&nbsp; 1755110 |
| iRhythm Technologies, Inc.† | 21497 | &nbsp;&nbsp; 4026388 |
| PROCEPT BioRobotics Corp.† | 78002 | &nbsp;&nbsp; 2654408 |
| SI-BONE, Inc.† | 159866 | &nbsp;&nbsp; 2370813 |
| TransMedics Group, Inc.† | 25750 | &nbsp;&nbsp; 3387155 |
|  |  | &nbsp;&nbsp; **20091611** |
| **Health care providers & services: 2.06%** |  |  |
| GeneDx Holdings Corp. Class A† | 25360 | &nbsp;&nbsp; 3472038 |
| HealthEquity, Inc.† | 43850 | &nbsp;&nbsp; 4147333 |
| Privia Health Group, Inc.† | 138485 | &nbsp;&nbsp; 3365185 |
|  |  | &nbsp;&nbsp; **10984556** |
| **Health care technology: 1.93%** |  |  |
| Evolent Health, Inc. Class A† | 313096 | &nbsp;&nbsp; 2088350 |
| Phreesia, Inc.† | 131719 | &nbsp;&nbsp; 2982118 |
| Waystar Holding Corp.† | 146782 | &nbsp;&nbsp; 5262135 |
|  |  | &nbsp;&nbsp; **10332603** |
| **Life sciences tools & services: 2.73%** |  |  |
| Adaptive Biotechnologies Corp.† | 177702 | &nbsp;&nbsp; 3084907 |
| Azenta, Inc.† | 64127 | &nbsp;&nbsp; 1936635 |
| BioLife Solutions, Inc.† | 150795 | &nbsp;&nbsp; 4202657 |
| Stevanato Group SpA | 212432 | &nbsp;&nbsp; 5357535 |
|  |  | &nbsp;&nbsp; **14581734** |
| **Pharmaceuticals: 2.22%** |  |  |
| Axsome Therapeutics, Inc.† | 27034 | &nbsp;&nbsp; 3649319 |
| Corcept Therapeutics, Inc.† | 33504 | &nbsp;&nbsp; 2461539 |
| Ocular Therapeutix, Inc.† | 258877 | &nbsp;&nbsp; 3018506 |
| Trevi Therapeutics, Inc.† | 232765 | &nbsp;&nbsp; 2714040 |
|  |  | &nbsp;&nbsp; **11843404** |
| **Industrials: 24.26%** |  |  |
| **Aerospace & defense: 2.06%** |  |  |
| AAR Corp.† | 54916 | &nbsp;&nbsp; 4624476 |
| Kratos Defense & Security Solutions, Inc.† | 70261 | &nbsp;&nbsp; 6365647 |
|  |  | &nbsp;&nbsp; **10990123** |
| **Building products: 2.95%** |  |  |
| AAON, Inc. | 54398 | &nbsp;&nbsp; 5352219 |

---

The accompanying notes are an integral part of these financial statements.

4 \| Allspring Small Company Growth Fund

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Building products**(continued) |  |  |
| Advanced Drainage Systems, Inc. | 39565 | &nbsp;&nbsp; $5541078 |
| Zurn Elkay Water Solutions Corp. | 103498 | &nbsp;&nbsp; 4875791 |
|  |  | &nbsp;&nbsp; **15769088** |
| **Commercial services & supplies: 1.83%** |  |  |
| CECO Environmental Corp.† | 86372 | &nbsp;&nbsp; 4222727 |
| Montrose Environmental Group, Inc.† | 117884 | &nbsp;&nbsp; 3050838 |
| RB Global, Inc. | 25440 | &nbsp;&nbsp; 2524157 |
|  |  | &nbsp;&nbsp; **9797722** |
| **Construction & engineering: 4.31%** |  |  |
| Arcosa, Inc. | 42045 | &nbsp;&nbsp; 4288590 |
| Construction Partners, Inc. Class A† | 46630 | &nbsp;&nbsp; 5332141 |
| Dycom Industries, Inc.† | 14041 | &nbsp;&nbsp; 4040859 |
| Legence Corp. Class A† | 105793 | &nbsp;&nbsp; 4376656 |
| MYR Group, Inc.† | 22818 | &nbsp;&nbsp; 4967479 |
|  |  | &nbsp;&nbsp; **23005725** |
| **Electrical equipment: 1.33%** |  |  |
| Generac Holdings, Inc.† | 21610 | &nbsp;&nbsp; 3630912 |
| Shoals Technologies Group, Inc. Class A† | 328647 | &nbsp;&nbsp; 3454080 |
|  |  | &nbsp;&nbsp; **7084992** |
| **Ground transportation: 0.57%** |  |  |
| Knight-Swift Transportation Holdings, Inc. | 68047 | &nbsp;&nbsp; **3070281** |
| **Machinery: 4.69%** |  |  |
| ESCO Technologies, Inc. | 25325 | &nbsp;&nbsp; 5558078 |
| Flowserve Corp. | 88608 | &nbsp;&nbsp; 6047496 |
| JBT Marel Corp. | 32709 | &nbsp;&nbsp; 4124605 |
| SPX Technologies, Inc.† | 36492 | &nbsp;&nbsp; 8170194 |
| Wabash National Corp. | 144113 | &nbsp;&nbsp; 1155786 |
|  |  | &nbsp;&nbsp; **25056159** |
| **Marine transportation: 1.01%** |  |  |
| Kirby Corp.† | 52028 | &nbsp;&nbsp; **5383857** |
| **Professional services: 3.32%** |  |  |
| FTI Consulting, Inc.† | 19149 | &nbsp;&nbsp; 3159776 |
| KBR, Inc. | 106698 | &nbsp;&nbsp; 4570942 |
| SS&C Technologies Holdings, Inc. | 49903 | &nbsp;&nbsp; 4237763 |
| Verra Mobility Corp. Class A† | 249465 | &nbsp;&nbsp; 5790083 |
|  |  | &nbsp;&nbsp; **17758564** |
| **Trading companies & distributors: 2.19%** |  |  |
| Boise Cascade Co. | 29401 | &nbsp;&nbsp; 2072477 |
| Core & Main, Inc. Class A† | 88735 | &nbsp;&nbsp; 4630192 |
| FTAI Aviation Ltd. | 28801 | &nbsp;&nbsp; 4979693 |
|  |  | &nbsp;&nbsp; **11682362** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Growth Fund \| 5

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Information technology: 24.30%** |  |  |
| **Communications equipment: 2.13%** |  |  |
| Ciena Corp.† | 35750 | &nbsp;&nbsp; $6789640 |
| Lumentum Holdings, Inc.† | 22793 | &nbsp;&nbsp; 4594157 |
|  |  | &nbsp;&nbsp; **11383797** |
| **Electronic equipment, instruments & components: 2.89%** |  |  |
| Advanced Energy Industries, Inc. | 32061 | &nbsp;&nbsp; 6499727 |
| Itron, Inc.† | 39188 | &nbsp;&nbsp; 3931732 |
| Mirion Technologies, Inc. Class A† | 169727 | &nbsp;&nbsp; 4984882 |
|  |  | &nbsp;&nbsp; **15416341** |
| **Semiconductors & semiconductor equipment: 3.84%** |  |  |
| Allegro MicroSystems, Inc.† | 114390 | &nbsp;&nbsp; 3422549 |
| FormFactor, Inc.† | 69280 | &nbsp;&nbsp; 3806936 |
| MACOM Technology Solutions Holdings, Inc.† | 29614 | &nbsp;&nbsp; 4386722 |
| Synaptics, Inc.† | 64521 | &nbsp;&nbsp; 4577119 |
| Teradyne, Inc. | 23679 | &nbsp;&nbsp; 4303895 |
|  |  | &nbsp;&nbsp; **20497221** |
| **Software: 14.50%** |  |  |
| Agilysys, Inc.† | 43349 | &nbsp;&nbsp; 5438566 |
| AvePoint, Inc.† | 247603 | &nbsp;&nbsp; 3483774 |
| Box, Inc. Class A† | 187384 | &nbsp;&nbsp; 6013153 |
| Braze, Inc. Class A† | 98378 | &nbsp;&nbsp; 2819513 |
| Clearwater Analytics Holdings, Inc. Class A† | 234948 | &nbsp;&nbsp; 4325393 |
| Confluent, Inc. Class A† | 192115 | &nbsp;&nbsp; 4489728 |
| CyberArk Software Ltd.† | 9150 | &nbsp;&nbsp; 4765137 |
| JFrog Ltd.† | 128569 | &nbsp;&nbsp; 6104456 |
| nCino, Inc.† | 120700 | &nbsp;&nbsp; 3220276 |
| Nutanix, Inc. Class A† | 63518 | &nbsp;&nbsp; 4525022 |
| PAR Technology Corp.† | 127847 | &nbsp;&nbsp; 4518113 |
| Procore Technologies, Inc.† | 63126 | &nbsp;&nbsp; 4659961 |
| PTC, Inc.† | 34264 | &nbsp;&nbsp; 6802775 |
| Q2 Holdings, Inc.† | 40442 | &nbsp;&nbsp; 2497698 |
| SentinelOne, Inc. Class A† | 169194 | &nbsp;&nbsp; 3020113 |
| Sprout Social, Inc. Class A† | 75420 | &nbsp;&nbsp; 774563 |
| Varonis Systems, Inc. Class B† | 108970 | &nbsp;&nbsp; 3839013 |
| Vertex, Inc. Class A† | 105480 | &nbsp;&nbsp; 2415492 |
| Zeta Global Holdings Corp. Class A† | 208305 | &nbsp;&nbsp; 3747407 |
|  |  | &nbsp;&nbsp; **77460153** |
| **Technology hardware, storage & peripherals: 0.94%** |  |  |
| Pure Storage, Inc. Class A† | 51136 | &nbsp;&nbsp; **5047123** |
| **Materials: 2.34%** |  |  |
| **Chemicals: 1.39%** |  |  |
| Element Solutions, Inc. | 277840 | &nbsp;&nbsp; **7423885** |

---

The accompanying notes are an integral part of these financial statements.

6 \| Allspring Small Company Growth Fund

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Metals & mining: 0.95%** |  |  |
| Steel Dynamics, Inc. | 32292 | &nbsp;&nbsp; $**5063385** |
| **Total common stocks (Cost $367,470,701)** |  | &nbsp;&nbsp; **522346035** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 2.18%** |  |  |  |  |
| **Investment companies: 2.18%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.06<br> %<br>| 11626785 | &nbsp;&nbsp; **11626785** |
| **Total short-term investments (Cost $11,626,785)** |  |  |  | &nbsp;&nbsp; **11626785** |
| **Total investments in securities (Cost $379,097,486)** | 99.97<br> %<br>|  |  | &nbsp;&nbsp; 533972820 |
| Other assets and liabilities, net | 0.03 |  |  | &nbsp;&nbsp; 179655 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$534152475** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† Non-income-earning security <br> ♠ The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. <br> ∞ The rate represents the 7-day annualized yield at period end.

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $0 | $11981702 | $(354917)<br>| $0 | $0 | $11626785 | 11626785 | $33536 |

---

Transactions with the affiliated Master Portfolio were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | % of <br>ownership, <br>beginning <br>of period<br>| % of <br>ownership, <br>end of <br>period<br>| Net realized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Dividends <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Interest <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Affiliated <br>Income <br>Allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Value, <br>end of <br>period<br>|
| Allspring Small Company Growth Portfolio\* | 96.87<br> %<br>| 0.00<br> %<br>| &nbsp;&nbsp; $48617094 | &nbsp;&nbsp; $(82947032)<br>| &nbsp;&nbsp; $1846818 | &nbsp;&nbsp; $206 | &nbsp;&nbsp; $191618 | &nbsp;&nbsp; $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Liquidated on October 17, 2025

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Growth Fund \| 7

------

Statement of assets and liabilities—October 31, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $367,470,701) | $522346035 |
| Investments in affiliated securities, at value (cost $11,626,785) | 11626785 |
| Cash | 2173 |
| Receivable for investments sold | 989970 |
| Receivable for Fund shares sold | 661667 |
| Receivable for dividends | 33536 |
| Prepaid expenses and other assets | 51763 |
| **Total assets** | **535711929** |
| Liabilities |  |
| Payable for investments purchased | 564926 |
| Payable for Fund shares redeemed | 478478 |
| Management fee payable | 370508 |
| Administration fees payable | 47794 |
| Shareholder servicing fees payable | 7217 |
| Trustees' fees and expenses payable | 538 |
| Distribution fee payable | 466 |
| Accrued expenses and other liabilities | 89527 |
| **Total liabilities** | **1559454** |
| **Total net assets**  | **$534152475** |
| Net assets consist of |  |
| Paid-in capital | $205059520 |
| Total distributable earnings | 329092955 |
| **Total net assets** | **$534152475** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $31338202 |
| Shares outstanding–Class A<sup>1</sup> <br>| 1066842 |
| Net asset value per share–Class A | $29.37 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $31.16 |
| Net assets–Class C | $633714 |
| Shares outstanding–Class C<sup>1</sup> <br>| 37559 |
| Net asset value per share–Class C | $16.87 |
| Net assets–Class R6 | $186341107 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 5004867 |
| Net asset value per share–Class R6 | $37.23 |
| Net assets–Institutional Class | $315839452 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 8605097 |
| Net asset value per share–Institutional Class | $36.70 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

8 \| Allspring Small Company Growth Fund

------

Statement of operations—six months ended October 31, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $9,570) | $1846818 |
| Affiliated income allocated from affiliated Master Portfolio | 191618 |
| Income from affiliated securities | 33536 |
| Interest allocated from affiliated Master Portfolio | 206 |
| Expenses allocated from affiliated Master Portfolio | (2056415)<br>|
| **Total investment income** | **15763** |
| Expenses |  |
| Management fee | 298690 |
| Administration fees |  |
| Class A | 31459 |
| Class C | 756 |
| Class R6 | 29516 |
| Administrator Class | 18344 <br><sup>1</sup><br>|
| Institutional Class | 183746 |
| Shareholder servicing fees |  |
| Class A | 39324 |
| Class C | 943 |
| Administrator Class | 35148 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 2829 |
| Custody and accounting fees | 7048 |
| Professional fees | 16410 |
| Registration fees | 66956 |
| Shareholder report expenses | 32705 |
| Trustees' fees and expenses | 5783 |
| Other fees and expenses | 6488 |
| **Total expenses** | **776145** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (224649)<br>|
| Class A | (1305)<br>|
| Institutional Class | (35856)<br>|
| **Net expenses** | **514335** |
| **Net investment loss** | **(498572)**<br>|

---

<sup>1</sup> For the period from May 1, 2025 to September 12, 2025. Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Growth Fund \| 9

------

Statement of operations—six months ended October 31, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Investments allocated from affiliated Master Portfolio | $48617094 |
| Unaffiliated securities | (20446710)<br>|
| **Net realized gains on investments**  | **28170384** |
| Net change in unrealized gains (losses) on |  |
| Investments allocated from affiliated Master Portfolio | (82947032)<br>|
| Unaffiliated securities | 154875334 |
| **Net change in unrealized gains (losses) on investments** | **71928302** |
| **Net realized and unrealized gains (losses) on investments** | **100098686** |
| **Net increase in net assets resulting from operations** | **$99600114** |

---

The accompanying notes are an integral part of these financial statements.

10 \| Allspring Small Company Growth Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> October 31, 2025<br> (unaudited) | Six months ended<br> October 31, 2025<br> (unaudited) | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(498572)<br>|  | &nbsp;&nbsp; $(2538020)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 28170384 |  | &nbsp;&nbsp; 36534595 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 71928302 |  | &nbsp;&nbsp; (69036832)<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **99600114** |  | &nbsp;&nbsp; **(35040257)**<br>|
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (6891940)<br>|
| Class C |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (196289)<br>|
| Class R6 |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (23118438)<br>|
| Administrator Class |  | &nbsp;&nbsp; 0 <br><sup>1</sup><br>|  | &nbsp;&nbsp; (5323627)<br>|
| Institutional Class |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (32439733)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **0** |  | &nbsp;&nbsp; **(67970027)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 88274 | &nbsp;&nbsp; 2429052 | &nbsp;&nbsp; 415163 | &nbsp;&nbsp; 12210670 |
| Class C | 1359 | &nbsp;&nbsp; 22099 | &nbsp;&nbsp; 11645 | &nbsp;&nbsp; 218562 |
| Class R6 | 420355 | &nbsp;&nbsp; 14714559 | &nbsp;&nbsp; 2860689 | &nbsp;&nbsp; 110660051 |
| Administrator Class | 22815 <br><sup>1</sup><br>| &nbsp;&nbsp; 699404 <br><sup>1</sup><br>| &nbsp;&nbsp; 118430 | &nbsp;&nbsp; 3964421 |
| Institutional Class | 1214018 | &nbsp;&nbsp; 42372508 | &nbsp;&nbsp; 2596269 | &nbsp;&nbsp; 92643004 |
|  |  | &nbsp;&nbsp; 60237622 |  | &nbsp;&nbsp; 219696708 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 128672 | &nbsp;&nbsp; 3731491 |
| Class C | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 8343 | &nbsp;&nbsp; 139916 |
| Class R6 | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 383968 | &nbsp;&nbsp; 14060900 |
| Administrator Class | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 161683 | &nbsp;&nbsp; 5319386 |
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 520678 | &nbsp;&nbsp; 18812065 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 42063758 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (172716)<br>| &nbsp;&nbsp; (4787493)<br>| &nbsp;&nbsp; (982771)<br>| &nbsp;&nbsp; (28111451)<br>|
| Class C | (15764)<br>| &nbsp;&nbsp; (255432)<br>| &nbsp;&nbsp; (23469)<br>| &nbsp;&nbsp; (438396)<br>|
| Class R6 | (1096233)<br>| &nbsp;&nbsp; (39012867)<br>| &nbsp;&nbsp; (1268730)<br>| &nbsp;&nbsp; (45518135)<br>|
| Administrator Class | (530001 )<sup>1</sup><br>| &nbsp;&nbsp; (17235199 )<sup>1</sup><br>| &nbsp;&nbsp; (273619)<br>| &nbsp;&nbsp; (9021088)<br>|
| Institutional Class | (1127945)<br>| &nbsp;&nbsp; (38938116)<br>| &nbsp;&nbsp; (3307832)<br>| &nbsp;&nbsp; (116364434)<br>|
|  |  | &nbsp;&nbsp; (100229107)<br>|  | &nbsp;&nbsp; (199453504)<br>|

---

<sup>1</sup> For the period from May 1, 2025 to September 12, 2025

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Growth Fund \| 11

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> October 31, 2025<br> (unaudited) | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Administrator Class<br>(745089 )<sup>2</sup><br>| &nbsp;&nbsp; $(24417322 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Institutional Class<br>677209 <br><sup>2</sup><br>| &nbsp;&nbsp; 24417322 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net increase (decrease) in net assets resulting from capital share transactions** | &nbsp;&nbsp; **(39991485)**<br>|  | &nbsp;&nbsp; **62306962** |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; **59608629** |  | &nbsp;&nbsp; **(40703322)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **474543846** |  | &nbsp;&nbsp; **515247168** |
| **End of period** | &nbsp;&nbsp; **$534152475** |  | &nbsp;&nbsp; **$474543846** |

---

<sup>2</sup> Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

The accompanying notes are an integral part of these financial statements.

12 \| Allspring Small Company Growth Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class A | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$24.25** | &nbsp;&nbsp; **$29.81** | &nbsp;&nbsp; **$27.83** | &nbsp;&nbsp; **$30.93** | &nbsp;&nbsp; **$61.44** | &nbsp;&nbsp; **$46.62** | &nbsp;&nbsp; **$48.98** |
| Net investment loss | (0.07 )<sup>2</sup><br>| &nbsp;&nbsp; (0.23 )<sup>2</sup><br>| &nbsp;&nbsp; (0.19 )<sup>2</sup><br>| &nbsp;&nbsp; (0.23 )<sup>2</sup><br>| &nbsp;&nbsp; (0.47 )<sup>2</sup><br>| &nbsp;&nbsp; (0.47 )<sup>2</sup><br>| &nbsp;&nbsp; (0.34 )<sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 5.19 | &nbsp;&nbsp; (0.96)<br>| 0.36 | 0.15 | &nbsp;&nbsp; (5.55)<br>| 24.27 | 2.49 |
| Total from investment operations | 5.12 | &nbsp;&nbsp; (1.19)<br>| 0.17 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (6.02)<br>| 23.80 | 2.15 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net realized gains | 0.00 | &nbsp;&nbsp; (4.37)<br>| 1.81 | &nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp; (24.49)<br>| &nbsp;&nbsp; (8.98)<br>| &nbsp;&nbsp; (4.51)<br>|
| **Net asset value, end of period** | **$29.37** | &nbsp;&nbsp; **$24.25** | &nbsp;&nbsp; **$29.81** | &nbsp;&nbsp; **$27.83** | &nbsp;&nbsp; **$30.93** | &nbsp;&nbsp; **$61.44** | &nbsp;&nbsp; **$46.62** |
| **Total return**<sup>3</sup> <br>| **21.11%**<br>| &nbsp;&nbsp; **(6.39)%**<br>| **13.94%**<br>| &nbsp;&nbsp; **(0.22)%**<br>| &nbsp;&nbsp; **(16.59)%**<br>| **53.84%**<br>| **3.70%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 1.37<br> %<br>| 1.36<br> %<br>| 1.35<br> %<br>| 1.36<br> %<br>| 1.34<br> %<br>| 1.33<br> %<br>| 1.32<br> %<br>|
| Net expenses | 1.28<br> %<br>| 1.28<br> %<br>| 1.28<br> %<br>| 1.29<br> %<br>| 1.29<br> %<br>| 1.29<br> %<br>| 1.32<br> %<br>|
| Net investment loss | (0.52)%<br>| &nbsp;&nbsp; (0.76)%<br>| &nbsp;&nbsp; (0.72)%<br>| &nbsp;&nbsp; (0.78)%<br>| &nbsp;&nbsp; (1.04)%<br>| &nbsp;&nbsp; (0.85)%<br>| &nbsp;&nbsp; (0.69)%<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate | 26 %<sup>4</sup><br>| &nbsp;&nbsp; 56 %<sup>5</sup><br>| &nbsp;&nbsp; 40 %<sup>5</sup><br>| &nbsp;&nbsp; 37 %<sup>5</sup><br>| &nbsp;&nbsp; 61 %<sup>5</sup><br>| &nbsp;&nbsp; 44 %<sup>5</sup><br>| &nbsp;&nbsp; 41 %<sup>5</sup><br>|
| Net assets, end of period (000s omitted) | $31338 | &nbsp;&nbsp; $27919 | &nbsp;&nbsp; $47405 | &nbsp;&nbsp; $28813 | &nbsp;&nbsp; $41795 | &nbsp;&nbsp; $44249 | &nbsp;&nbsp; $36534 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.77% |
| Year ended April 30, 2025 | 0.82% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.82% |
| Year ended May 31, 2023 | 0.82% |
| Year ended May 31, 2022 | 0.81% |
| Year ended May 31, 2021 | 0.79% |
| Year ended May 31, 2020 | 0.78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. These purchases and sales amounts are aggregated with the direct purchases and sales in unaffiliated securities and included in the portfolio turnover calculation. 

<sup>5</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Growth Fund \| 13

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class C | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$13.98** | &nbsp;&nbsp; **$18.97** | &nbsp;&nbsp; **$18.45** | &nbsp;&nbsp; **$21.67** | &nbsp;&nbsp; **$50.65** | &nbsp;&nbsp; **$39.84** | &nbsp;&nbsp; **$42.75** |
| Net investment loss | (0.10 )<sup>2</sup><br>| &nbsp;&nbsp; (0.28 )<sup>2</sup><br>| &nbsp;&nbsp; (0.26 )<sup>2</sup><br>| &nbsp;&nbsp; (0.32 )<sup>2</sup><br>| &nbsp;&nbsp; (0.60 )<sup>2</sup><br>| &nbsp;&nbsp; (0.75 )<sup>2</sup><br>| &nbsp;&nbsp; (0.61 )<sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 2.99 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.03)<br>| 0.12 | &nbsp;&nbsp; (3.89)<br>| 20.54 | 2.21 |
| Total from investment operations | 2.89 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (4.49)<br>| 19.79 | 1.60 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net realized gains | 0.00 | &nbsp;&nbsp; (4.37)<br>| 1.81 | &nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp; (24.49)<br>| &nbsp;&nbsp; (8.98)<br>| &nbsp;&nbsp; (4.51)<br>|
| **Net asset value, end of period** | **$16.87** | &nbsp;&nbsp; **$13.98** | &nbsp;&nbsp; **$18.97** | &nbsp;&nbsp; **$18.45** | &nbsp;&nbsp; **$21.67** | &nbsp;&nbsp; **$50.65** | &nbsp;&nbsp; **$39.84** |
| **Total return**<sup>3</sup> <br>| **20.67%**<br>| &nbsp;&nbsp; **(7.10)%**<br>| **13.09%**<br>| &nbsp;&nbsp; **(0.92)%**<br>| &nbsp;&nbsp; **(17.25)%**<br>| **52.86%**<br>| **2.92%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 2.11<br> %<br>| 2.11<br> %<br>| 2.08<br> %<br>| 2.09<br> %<br>| 2.08<br> %<br>| 2.08<br> %<br>| 2.07<br> %<br>|
| Net expenses | 2.03<br> %<br>| 2.03<br> %<br>| 2.03<br> %<br>| 2.04<br> %<br>| 2.04<br> %<br>| 2.04<br> %<br>| 2.07<br> %<br>|
| Net investment loss | (1.25)%<br>| &nbsp;&nbsp; (1.52)%<br>| &nbsp;&nbsp; (1.49)%<br>| &nbsp;&nbsp; (1.56)%<br>| &nbsp;&nbsp; (1.71)%<br>| &nbsp;&nbsp; (1.60)%<br>| &nbsp;&nbsp; (1.44)%<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate | 26 %<sup>4</sup><br>| &nbsp;&nbsp; 56 %<sup>5</sup><br>| &nbsp;&nbsp; 40 %<sup>5</sup><br>| &nbsp;&nbsp; 37 %<sup>5</sup><br>| &nbsp;&nbsp; 61 %<sup>5</sup><br>| &nbsp;&nbsp; 44 %<sup>5</sup><br>| &nbsp;&nbsp; 41 %<sup>5</sup><br>|
| Net assets, end of period (000s omitted) | $634 | &nbsp;&nbsp; $727 | &nbsp;&nbsp; $1052 | &nbsp;&nbsp; $2305 | &nbsp;&nbsp; $6018 | &nbsp;&nbsp; $9235 | &nbsp;&nbsp; $9336 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.77% |
| Year ended April 30, 2025 | 0.82% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.82% |
| Year ended May 31, 2023 | 0.82% |
| Year ended May 31, 2022 | 0.81% |
| Year ended May 31, 2021 | 0.79% |
| Year ended May 31, 2020 | 0.78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. These purchases and sales amounts are aggregated with the direct purchases and sales in unaffiliated securities and included in the portfolio turnover calculation. 

<sup>5</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

The accompanying notes are an integral part of these financial statements.

14 \| Allspring Small Company Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class R6 | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$30.67** | &nbsp;&nbsp; **$36.53** | &nbsp;&nbsp; **$33.60** | &nbsp;&nbsp; **$36.55** | &nbsp;&nbsp; **$67.95** | &nbsp;&nbsp; **$50.64** | &nbsp;&nbsp; **$52.65** |
| Net investment loss | (0.02 )<sup>2</sup><br>| &nbsp;&nbsp; (0.14 )<sup>2</sup><br>| &nbsp;&nbsp; (0.10 )<sup>2</sup><br>| &nbsp;&nbsp; (0.12 )<sup>2</sup><br>| &nbsp;&nbsp; (0.26 )<sup>2</sup><br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.14 )<sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 6.58 | &nbsp;&nbsp; (1.35)<br>| 1.22 | 0.19 | &nbsp;&nbsp; (6.65)<br>| 26.46 | 2.64 |
| Total from investment operations | 6.56 | &nbsp;&nbsp; (1.49)<br>| 1.12 | 0.07 | &nbsp;&nbsp; (6.91)<br>| 26.29 | 2.50 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net realized gains | 0.00 | &nbsp;&nbsp; (4.37)<br>| 1.81 | &nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp; (24.49)<br>| &nbsp;&nbsp; (8.98)<br>| &nbsp;&nbsp; (4.51)<br>|
| **Net asset value, end of period** | **$37.23** | &nbsp;&nbsp; **$30.67** | &nbsp;&nbsp; **$36.53** | &nbsp;&nbsp; **$33.60** | &nbsp;&nbsp; **$36.55** | &nbsp;&nbsp; **$67.95** | &nbsp;&nbsp; **$50.64** |
| **Total return**<sup>3</sup> <br>| **21.39%**<br>| &nbsp;&nbsp; **(6.02)%**<br>| **14.38%**<br>| **0.24%**<br>| &nbsp;&nbsp; **(16.24)%**<br>| **54.53%**<br>| **4.12%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 0.94<br> %<br>| 0.94<br> %<br>| 0.93<br> %<br>| 0.92<br> %<br>| 0.91<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>|
| Net expenses | 0.86<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.89<br> %<br>|
| Net investment loss | (0.10)%<br>| &nbsp;&nbsp; (0.37)%<br>| &nbsp;&nbsp; (0.31)%<br>| &nbsp;&nbsp; (0.35)%<br>| &nbsp;&nbsp; (0.48)%<br>| &nbsp;&nbsp; (0.41)%<br>| &nbsp;&nbsp; (0.27)%<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate | 26 %<sup>4</sup><br>| &nbsp;&nbsp; 56 %<sup>5</sup><br>| &nbsp;&nbsp; 40 %<sup>5</sup><br>| &nbsp;&nbsp; 37 %<sup>5</sup><br>| &nbsp;&nbsp; 61 %<sup>5</sup><br>| &nbsp;&nbsp; 44 %<sup>5</sup><br>| &nbsp;&nbsp; 41 %<sup>5</sup><br>|
| Net assets, end of period (000s omitted) | $186341 | &nbsp;&nbsp; $174237 | &nbsp;&nbsp; $135323 | &nbsp;&nbsp; $218785 | &nbsp;&nbsp; $225464 | &nbsp;&nbsp; $407311 | &nbsp;&nbsp; $462050 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.76% |
| Year ended April 30, 2025 | 0.82% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.82% |
| Year ended May 31, 2023 | 0.82% |
| Year ended May 31, 2022 | 0.81% |
| Year ended May 31, 2021 | 0.79% |
| Year ended May 31, 2020 | 0.78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. These purchases and sales amounts are aggregated with the direct purchases and sales in unaffiliated securities and included in the portfolio turnover calculation. 

<sup>5</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Growth Fund \| 15

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Institutional Class | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$30.25** | &nbsp;&nbsp; **$36.10** | &nbsp;&nbsp; **$33.26** | &nbsp;&nbsp; **$36.24** | &nbsp;&nbsp; **$67.62** | &nbsp;&nbsp; **$50.47** | &nbsp;&nbsp; **$52.51** |
| Net investment loss | (0.04 )<sup>2</sup><br>| &nbsp;&nbsp; (0.16 )<sup>2</sup><br>| &nbsp;&nbsp; (0.13 )<sup>2</sup><br>| &nbsp;&nbsp; (0.15 )<sup>2</sup><br>| &nbsp;&nbsp; (0.27 )<sup>2</sup><br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.17 )<sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 6.49 | &nbsp;&nbsp; (1.32)<br>| 1.16 | 0.19 | &nbsp;&nbsp; (6.62)<br>| 26.42 | 2.64 |
| Total from investment operations | 6.45 | &nbsp;&nbsp; (1.48)<br>| 1.03 | 0.04 | &nbsp;&nbsp; (6.89)<br>| 26.13 | 2.47 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net realized gains | 0.00 | &nbsp;&nbsp; (4.37)<br>| 1.81 | &nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp; (24.49)<br>| &nbsp;&nbsp; (8.98)<br>| &nbsp;&nbsp; (4.51)<br>|
| **Net asset value, end of period** | **$36.70** | &nbsp;&nbsp; **$30.25** | &nbsp;&nbsp; **$36.10** | &nbsp;&nbsp; **$33.26** | &nbsp;&nbsp; **$36.24** | &nbsp;&nbsp; **$67.62** | &nbsp;&nbsp; **$50.47** |
| **Total return**<sup>3</sup> <br>| **21.32%**<br>| &nbsp;&nbsp; **(6.07)%**<br>| **14.26%**<br>| **0.16%**<br>| &nbsp;&nbsp; **(16.31)%**<br>| **54.39%**<br>| **4.07%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 1.05<br> %<br>| 1.04<br> %<br>| 1.03<br> %<br>| 1.03<br> %<br>| 1.01<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Net expenses | 0.94<br> %<br>| 0.94<br> %<br>| 0.94<br> %<br>| 0.94<br> %<br>| 0.94<br> %<br>| 0.94<br> %<br>| 0.95<br> %<br>|
| Net investment loss | (0.20)%<br>| &nbsp;&nbsp; (0.44)%<br>| &nbsp;&nbsp; (0.41)%<br>| &nbsp;&nbsp; (0.43)%<br>| &nbsp;&nbsp; (0.51)%<br>| &nbsp;&nbsp; (0.49)%<br>| &nbsp;&nbsp; (0.32)%<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate | 26 %<sup>4</sup><br>| &nbsp;&nbsp; 56 %<sup>5</sup><br>| &nbsp;&nbsp; 40 %<sup>5</sup><br>| &nbsp;&nbsp; 37 %<sup>5</sup><br>| &nbsp;&nbsp; 61 %<sup>5</sup><br>| &nbsp;&nbsp; 44 %<sup>5</sup><br>| &nbsp;&nbsp; 41 %<sup>5</sup><br>|
| Net assets, end of period (000s omitted) | $315839 | &nbsp;&nbsp; $237202 | &nbsp;&nbsp; $290013 | &nbsp;&nbsp; $411080 | &nbsp;&nbsp; $495163 | &nbsp;&nbsp; $819760 | &nbsp;&nbsp; $793581 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.75% |
| Year ended April 30, 2025 | 0.82% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.82% |
| Year ended May 31, 2023 | 0.82% |
| Year ended May 31, 2022 | 0.81% |
| Year ended May 31, 2021 | 0.79% |
| Year ended May 31, 2020 | 0.78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. These purchases and sales amounts are aggregated with the direct purchases and sales in unaffiliated securities and included in the portfolio turnover calculation. 

<sup>5</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

The accompanying notes are an integral part of these financial statements.

16 \| Allspring Small Company Growth Fund

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Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services* – *Investment Companies*. These financial statements report on the Allspring Small Company Growth Fund (the "Fund") which is a diversified series of the Trust.

Effective at the close of business on September 12, 2025, Administrator Class shares became Institutional Class shares in a tax-free conversion. Shareholders of Administrator Class received Institutional Class shares at a value equal to the value of their Administrator Class shares immediately prior to the conversion. Administrator Class shares are no longer offered by the Fund.

At the Fund's Board meeting held on August 19-20, 2025, the Board of Trustees approved a proposal to collapse the master-feeder structure under which the Fund invested 100% of its assets in the affiliated Allspring Small Company Growth Portfolio (Small Company Growth Portfolio). The transaction was accomplished at the close of business on October 17, 2025, by the Fund redeeming, its investment in the affiliated Small Company Growth Portfolio, for an in-kind distribution of securities, along with acquiring the assets and assuming the liabilities of Small Company Growth Portfolio. After the transaction, the Fund began operating as a stand-alone fund with its investments managed by Allspring Funds Management and Allspring Global Investments, LLC.

Prior to October 17, 2025, the Fund was a feeder fund in a master-feeder structure that invested substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invested in Small Company Growth Portfolio, a separate diversified portfolio (the "affiliated Master Portfolio") of Allspring Master Trust, a registered open-end management investment company. As of October 17, 2025, the Fund owned substantially all assets of Small Company Growth Portfolio. The affiliated Master Portfolio directly acquired portfolio securities, and the Fund acquired an indirect interest in those securities. The Fund accounted for its investment in the affiliated Master Portfolio as a partnership investment and recorded on a daily basis its share of the affiliated Master Portfolio's income, expense and realized and unrealized gains and losses.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles ("GAAP") which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments in the affiliated Master Portfolio are valued daily based on the Fund's proportionate share of the affiliated Master Portfolio's net assets, which are also valued daily.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Security transactions and income recognition

Investments in the affiliated Master Portfolio are recorded on a trade date basis. The Fund records daily its proportionate share of the affiliated Master Portfolio's income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time

Allspring Small Company Growth Fund \| 17

------

Notes to financial statements (unaudited)

of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund's fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund's income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund's tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of October 31, 2025, the aggregate cost of all investments for federal income tax purposes was $402,904,996 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $184551040 |
| Gross unrealized losses | &nbsp;&nbsp; (53483216)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$131067824** |

---

As of April 30, 2025, the Fund had current year post-October capital losses consisting of $3,780,725 in short-term losses and a qualified late-year ordinary loss of $1,005,185 which was recognized on the first day of the current fiscal year.

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.

18 \| Allspring Small Company Growth Fund

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Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $1603018 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $1603018 |
| *Consumer discretionary* | &nbsp;&nbsp; 60875910 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 60875910 |
| *Consumer staples* | &nbsp;&nbsp; 18706546 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 18706546 |
| *Energy* | &nbsp;&nbsp; 9328237 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9328237 |
| *Financials* | &nbsp;&nbsp; 56000305 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 56000305 |
| *Health care* | &nbsp;&nbsp; 103941241 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 103941241 |
| *Industrials* | &nbsp;&nbsp; 129598873 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 129598873 |
| *Information technology* | &nbsp;&nbsp; 129804635 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 129804635 |
| *Materials* | &nbsp;&nbsp; 12487270 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12487270 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 11626785 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 11626785 |
| **Total assets** | &nbsp;&nbsp; **$533972820** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$533972820** |

---

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At October 31, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 Million | 0.850<br> %<br>|
| Next $500 Million | 0.830 |
| Next $1 billion | 0.800 |
| Next $1 billion | 0.780 |
| Next $1 billion | 0.750 |
| Next $1 billion | 0.730 |
| Next $5 billion | 0.720 |
| Over $10 billion | 0.710 |

---

Prior to October 17, 2025

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $5 billion | 0.050<br> %<br>|
| Next $5 billion | 0.040 |
| Over $10 billion | 0.030 |

---

For the six months ended October 31, 2025, the management fee was equivalent to an annual rate of 0.11% 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. Peregrine Capital Management, LLC, which is not an affiliate of Allspring Funds Management, is the subadviser to the Fund.

Allspring Small Company Growth Fund \| 19

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Notes to financial statements (unaudited)

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Class R6 | 0.03 |
| Administrator Class | 0.13 |
| Institutional Class | 0.13 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through August 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of October 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.28<br> %<br>|
| Class C | 2.03 |
| Class R6 | 0.86 |
| Institutional Class | 0.94 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC ("Allspring Funds Distributor"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended October 31, 2025, Allspring Funds Distributor received $124 from the sale of Class A shares and $37 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended October 31, 2025.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended October 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Prior to October 17, 2025, the Fund invested substantially all its assets in a single affiliated Master Portfolio. Purchases and sales for the period May 1, 2025 through October 17, 2025, have been calculated by multiplying the Fund's ownership percentage of the affiliated Master Portfolio during the period, by the affiliated Master Portfolio's purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended October 31, 2025 were $135,717,760 and $195,321,434, respectively.

20 \| Allspring Small Company Growth Fund

------

Notes to financial statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the six months ended October 31, 2025, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

Under the Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund's organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

8. FUND STRUCTURE CHANGE

At the August 19-20, 2025 Board meeting, the Board of Trustees approved restructuring the Fund and Small Company Growth Portfolio master-feeder structure into a single-level fund structure. After the close of business on October 17, 2025, in connection with this transaction, the Fund redeemed in-kind its entire investment in Small Company Growth Portfolio. As a result, the Fund received investments in securities with a value of $535,395,621 (cost $374,328,091), $33,635 in receivables for dividends and interest and $283,165 in payables for accrued expenses. Additionally, $15,022,998 was reclassified from distributable earnings to paid in capital on the Statement of assets and liabilities due to the restructuring. The restructuring of the master-feeder structure did not have any impact on the net assets of the Fund.

9. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

11. CLASS CONVERSION

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C was closed to new investors and additional investments from existing shareholders.

Allspring Small Company Growth Fund \| 21

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Other information (unaudited)

Other information

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. Shareholders and Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com.** 

22 \| Allspring Small Company Growth Fund

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Small Company Growth Fund \| 23

------

Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management, advisory, and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (each, a "Board" and collectively, the "Boards") of each of Allspring Funds Trust ("Funds Trust") and Allspring Master Trust ("Master Trust", and collectively, the "Trusts") must determine annually whether to approve the continuation of the Trusts' investment management, advisory, and sub-advisory agreements, as applicable. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Funds Trust Board, all the members of which have no direct or indirect interest in the investment management agreement and are not "interested persons" of the Trusts, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Small Company Growth Fund, a portfolio of Funds Trust (the "Feeder Fund"), an investment management agreement (the "Feeder Fund Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management").

At the Meeting, the Master Trust Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are Independent Trustees, reviewed and approved: (i) an investment advisory agreement (the "Master Portfolio Advisory Agreement") with Allspring Funds Management for the Allspring Small Company Growth Portfolio, a portfolio of Master Trust (the "Master Portfolio"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Peregrine Capital Management, LLC (the "Sub-Adviser") for the Master Portfolio.

The Feeder Fund and the Master Portfolio are collectively referred to as the "Funds." The Feeder Fund Management Agreement, the Master Portfolio Advisory Agreement, and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

The Feeder Fund is a feeder fund that invest substantially all of its assets in the Master Portfolio. The Master Portfolio has a substantially similar investment objective and substantially similar investment strategies to the Feeder Fund. Information provided to the Boards regarding the Feeder Fund is also applicable to the Master Portfolio, as relevant.

At the Meeting, the Boards 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 meeting of the Boards 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 Boards have adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Boards in the discharge of their 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 Boards, 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 Boards' 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 Boards 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 Boards reviewed reports of Allspring Funds Management at each of their quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Boards and the teams mentioned above confer with portfolio managers at various times throughout the year. The Boards 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 Funds Trust Board unanimously determined that the compensation payable to Allspring Funds Management was reasonable, and approved the continuation of the Feeder Fund Management Agreement for a one-year term. Additionally, after its deliberations, the Master Trust Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser was reasonable, and approved the continuation of the Master Portfolio Advisory Agreement and the Sub-Advisory Agreement, each for a one-year term. The Boards considered the approval of the Advisory Agreements for the Funds as part of their consideration of agreements for funds across the complex, but their approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Boards in support of their approvals.

*Nature, extent, and quality of services*

The Boards received and considered various information regarding the nature, extent, and quality of services provided to the Feeder Fund and the Master Portfolio, as applicable, 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 Feeder Fund 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 is a

24 \| Allspring Small Company Growth Fund

------

Other information (unaudited)

part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Boards received and considered information about the full range of services provided to the Fund and the Master Portfolio by Allspring Funds Management and its affiliates.

The Boards considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Master Portfolio. The Boards 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 Boards further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Boards 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 Funds' liquidity risk management programs and as the Funds' valuation designee. The Boards 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 Boards considered the investment performance results for each of the Funds over various time periods ended December 31, 2024. The Boards 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 Feeder Fund (the "Universe"), and in comparison to the Feeder Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Boards received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Funds Trust Board noted that the investment performance of the Feeder Fund (Administrator Class) was higher than the average investment performance of its Universe for the three-year period under review, and lower for all other periods under review. The Funds Trust Board also noted that the investment performance of the Feeder Fund was higher than or in range of its benchmark index, the Russell 2000 Growth Index, for the five- and ten-year periods under review, and lower than its benchmark index for the one- and three-year periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund's investment performance. 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 2024, 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 Master Trust Board took note of the investment performance of the Master Portfolio in the context of reviewing the investment performance of the Feeder Fund.

The Funds Trust Board also received and considered information regarding the Feeder Fund's net operating expense ratios, which include fees and expenses of the Master Portfolio, and their various components, including actual management fees assessed at the Feeder Fund and Master Portfolio levels, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Funds Trust 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 Feeder Fund (the "Groups"). The Funds Trust 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 Funds Trust Board noted that the net operating expense ratios of the Feeder Fund were lower than or 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.

With respect to the Master Portfolio, the Master Trust Board reviewed the fee rates payable to Allspring Funds Management for investment advisory services (as discussed below), which are the only fees charged at the Master Portfolio level, relative to a corresponding expense Group.

The Boards took into account the Funds' investment performance and expense information provided to them among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management, advisory, and sub-advisory fee rates*

The Funds Trust Board noted that Allspring Funds Management receives no advisory fees from the Feeder Fund as long as the Feeder Fund continues to invest all (or substantially all) of its assets in a single master portfolio. If the Feeder Fund were to change its investment structure so that it began investing in two or more master portfolios (a fund-of-funds), Allspring Funds Management would be entitled to receive an annual fee of 0.25% of the Feeder Fund's average daily net assets for providing investment advisory services to the Feeder Fund, including allocating the Feeder Fund's assets to the Master Portfolio.

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

Allspring Small Company Growth Fund \| 25

------

Other information (unaudited)

The Funds Trust Board reviewed and considered the contractual fee rates payable by the Feeder Fund to Allspring Funds Management under the Feeder Fund Management Agreement for management services (other than investment advisory services), as well as the contractual fee rates payable by the Feeder 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 Master Trust Board reviewed and considered the contractual investment advisory fee rate payable by the Master Portfolio to Allspring Funds Management for investment advisory services under the Master Portfolio Advisory Agreement (the "Advisory Agreement Rate"). The Master Trust Board also reviewed and considered the contractual investment sub-advisory fee rate payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services (the "Sub-Advisory Agreement Rate").

Among other information reviewed by the Funds Trust Board was a comparison of the Feeder Fund's Management Rate, which, for this purpose, includes the advisory fees paid at the Master Portfolio level, 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 Funds Trust Board noted that the Management Rates of the Feeder Fund were in range of the sum of the average rates for the Feeder Fund's expense Groups for all share classes.

The Master Trust Board reviewed a comparison of the Advisory Agreement Rate of the Master Portfolio with those of other funds in the Master Portfolio's expense Group at a common asset level. The Master Trust Board noted that the Advisory Agreement Rate of the Master Portfolio was lower than the median rate for the Master Portfolio's expense Group.

The Master Trust Board also received and considered information about the portion of the total management fees that was retained by Allspring Funds Management after payment of the fees to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Master Trust 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.

The Boards 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 Funds. In this regard, the Boards 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 third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Funds Trust Board determined that the compensation payable to Allspring Funds Management under the Feeder Fund Management Agreement was reasonable, and the Master Trust Board determined that the compensation payable to Allspring Funds Management under the Master Portfolio Advisory Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

*Profitability*

The Boards 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.

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 Boards noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund. The Boards did not consider profitability with respect to the Sub-Adviser, as the sub-advisory fees paid to the Sub-Adviser had been negotiated by Allspring Funds Management on an arm's-length basis.

Based on their review, the Boards did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent the Boards from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Boards received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Funds, 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 shareholders of the Funds. The Boards noted the existence of breakpoints in the Master Portfolio's advisory fee structure and the Feeder Fund's management fee structure, which operate generally to reduce the Funds' expense ratios as the Funds grow in size, and the size of the Master Portfolio and the Feeder Fund, respectively, in relation to such breakpoints. The Boards considered that, in addition to advisory fee and 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 Boards concluded that Allspring Funds Management's arrangements with respect to each Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Funds and their shareholders.

26 \| Allspring Small Company Growth Fund

------

Other information (unaudited)

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Boards received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management, the Sub-Adviser, and their affiliates as a result of their relationships with the Funds. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Funds 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 Funds. 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 Boards also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on their consideration of the factors and information they deemed relevant, including those described here, the Boards did not find that any ancillary benefits received by Allspring Funds Management, the Sub-Adviser, and their affiliates 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 Funds Trust Board unanimously determined that the compensation payable to Allspring Funds Management was reasonable, and approved the continuation of the Feeder Fund Management Agreement for a one-year term. Additionally, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Master Trust Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser was reasonable, and approved the continuation of the Master Portfolio Advisory Agreement and the Sub-Advisory Agreement, each for a one-year term.

Allspring Small Company Growth Fund \| 27

------

*This page is intentionally left blank.*

------

![](g14779img9a2ed9411.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**

![](g14779imge08501ec2.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.**

**NCSRS1848 10-25**

------

![](g14779img41cf49ca1.jpg)

Allspring Small Company Value Fund

Long Form Financial Statements

Semi-Annual Report

October 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **<u>[Allspring Small Company Value Fund](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_POI-PageBlank-83_1)</u>** |  |
| **[Portfolio of investments](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_POI-PageBlank-83_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_FS-PageBlank-83_1)** |  |
| [Statement of assets and liabilities](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_FS-PageBlank-83_1) | 3 |
| [Statement of operations](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_FS-PageBlank-83_2) | 4 |
| [Statement of changes in net assets](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_FS-PageBlank-83_3) | 5 |
| [Financial highlights](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_FIHI-PageBlank-83_1) | 7 |
| **[Notes to financial statements](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_NTF-PageBlank-83_1)** | 11 |
| **<u>[Allspring Small Company Value Portfolio](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_POI2-PageBlank-69_1)</u>** |  |
| **[Portfolio of investments](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_POI2-PageBlank-69_1)** | 15 |
| **[Item 7. Financial statements and financial highlights](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_FS2-PageBlank-69_1)** |  |
| [Statement of assets and liabilities](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_FS2-PageBlank-69_1) | 22 |
| [Statement of operations](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_FS2-PageBlank-69_2) | 23 |
| [Statement of changes in net assets](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_FS2-PageBlank-69_3) | 24 |
| [Financial highlights](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_FH2-PageBlank-69_1) | 25 |
| **[Notes to financial statements](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_NTF2-PageBlank-69_1)** | 26 |
| **[Other information](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_OI-PageBlank-83_1)** | 30 |
| [Item 8. Changes in and disagreements with accountants](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_OI-PageBlank-83_2) | 31 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_OI-PageBlank-83_2) | 31 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_OI-PageBlank-83_2) | 31 |
| [Item 11. Statement regarding basis for board](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_OI-PageBlank-83_3)['](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_OI-PageBlank-83_3)[s approval of investment](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_OI-PageBlank-83_3)<br> [advisory contract](#xx_0fd226e1-5683-417d-a58d-86e2ba87c370_OI-PageBlank-83_3)<br>| 32 |

---

Allspring Small Company Value Fund \| 1

------

Portfolio of investments—October 31, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  |  | Value |
| **Investment companies: 100.09%** |  |  |
| **Affiliated master portfolio: 100.09%** |  |  |
| Allspring Small Company Value Portfolio |  | &nbsp;&nbsp; **$566939721** |
| **Total investment companies (Cost $464,062,851)** |  | &nbsp;&nbsp; **566939721** |
| **Total investments in securities (Cost $464,062,851)** | 100.09<br> %<br>| &nbsp;&nbsp; 566939721 |
| Other assets and liabilities, net | (0.09)<br>| &nbsp;&nbsp; (517908)<br>|
| **Total net assets** | **100.00%**<br>| &nbsp;&nbsp; **$566421813** |

---

Transactions with the affiliated Master Portfolio were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | % of <br>ownership, <br>beginning <br>of period<br>| % of <br>ownership, <br>end of <br>period<br>| Net realized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Dividends <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Interest <br>allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Affiliated <br>Income <br>Allocated <br>from <br>affiliated <br>Master <br>Portfolio<br>| Value, <br>end of <br>period<br>|
| Allspring Small Company Value Portfolio | 90.89<br> %<br>| 91.06<br> %<br>| &nbsp;&nbsp; $31787449 | &nbsp;&nbsp; $27763049 | &nbsp;&nbsp; $4826083 | &nbsp;&nbsp; $2107 | &nbsp;&nbsp; $115972 | &nbsp;&nbsp; $566939721 |

---

The accompanying notes are an integral part of these financial statements.

2 \| Allspring Small Company Value Fund

------

Statement of assets and liabilities—October 31, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in affiliated Master Portfolio, at value (cost $464,062,851) | $566939721 |
| Cash | 2 |
| Receivable for Fund shares sold | 183400 |
| Receivable from manager | 47174 |
| Prepaid expenses and other assets | 55461 |
| **Total assets** | **567225758** |
| Liabilities |  |
| Payable for Fund shares redeemed | 600794 |
| Administration fees payable | 87418 |
| Shareholder servicing fees payable | 76607 |
| Distribution fee payable | 858 |
| Trustees' fees and expenses payable | 282 |
| Accrued expenses and other liabilities | 37986 |
| **Total liabilities** | **803945** |
| **Total net assets**  | **$566421813** |
| Net assets consist of |  |
| Paid-in capital | $443604766 |
| Total distributable earnings | 122817047 |
| **Total net assets** | **$566421813** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $329120454 |
| Shares outstanding–Class A<sup>1</sup> <br>| 9321497 |
| Net asset value per share–Class A | $35.31 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $37.46 |
| Net assets–Class C | $1220820 |
| Shares outstanding–Class C<sup>1</sup> <br>| 41009 |
| Net asset value per share–Class C | $29.77 |
| Net assets–Class R6 | $27094692 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 734940 |
| Net asset value per share–Class R6 | $36.87 |
| Net assets–Institutional Class | $208985847 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 5711154 |
| Net asset value per share–Institutional Class | $36.59 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Value Fund \| 3

------

Statement of operations—six months ended October 31, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends allocated from affiliated Master Portfolio | $4826083 |
| Affiliated income allocated from affiliated Master Portfolio | 115972 |
| Interest allocated from affiliated Master Portfolio | 2107 |
| Interest | 63 |
| Expenses allocated from affiliated Master Portfolio | (2414223)<br>|
| Waivers allocated from affiliated Master Portfolio | 213838 |
| **Total investment income** | **2743840** |
| Expenses |  |
| Management fee | 148688 |
| Administration fees |  |
| Class A | 342414 |
| Class C | 1428 |
| Class R6 | 3832 |
| Administrator Class | 8633 <br><sup>1</sup><br>|
| Institutional Class | 137852 |
| Shareholder servicing fees |  |
| Class A | 428017 |
| Class C | 1786 |
| Administrator Class | 16534 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 5356 |
| Custody and accounting fees | 7340 |
| Professional fees | 18585 |
| Registration fees | 72453 |
| Shareholder report expenses | 70002 |
| Trustees' fees and expenses | 6391 |
| Other fees and expenses | 7815 |
| **Total expenses** | **1277126** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (391478)<br>|
| Class A | (107596)<br>|
| Class C | (151)<br>|
| **Net expenses** | **777901** |
| **Net investment income** | **1965939** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments allocated from affiliated Master Portfolio**  | **31787449** |
| **Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio** | **27763049** |
| **Net realized and unrealized gains (losses) on investments** | **59550498** |
| **Net increase in net assets resulting from operations** | **$61516437** |

---

<sup>1</sup> For the period from May 1, 2025 to September 12, 2025. Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

The accompanying notes are an integral part of these financial statements.

4 \| Allspring Small Company Value Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> October 31, 2025<br> (unaudited) | Six months ended<br> October 31, 2025<br> (unaudited) | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $1965939 |  | &nbsp;&nbsp; $5821724 |
| Net realized gains on investments |  | &nbsp;&nbsp; 31787449 |  | &nbsp;&nbsp; 23212643 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 27763049 |  | &nbsp;&nbsp; (41768507)<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **61516437** |  | &nbsp;&nbsp; **(12734140)**<br>|
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (28904189)<br>|
| Class C |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (137366)<br>|
| Class R6 |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (1630283)<br>|
| Administrator Class |  | &nbsp;&nbsp; 0 <br><sup>1</sup><br>|  | &nbsp;&nbsp; (1442395)<br>|
| Institutional Class |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (17727195)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **0** |  | &nbsp;&nbsp; **(49841428)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 102032 | &nbsp;&nbsp; 3534587 | &nbsp;&nbsp; 364142 | &nbsp;&nbsp; 13392473 |
| Class C | 3698 | &nbsp;&nbsp; 106289 | &nbsp;&nbsp; 27596 | &nbsp;&nbsp; 887264 |
| Class R6 | 256454 | &nbsp;&nbsp; 9295946 | &nbsp;&nbsp; 287828 | &nbsp;&nbsp; 10990259 |
| Administrator Class | 67972 <br><sup>1</sup><br>| &nbsp;&nbsp; 2383074 <br><sup>1</sup><br>| &nbsp;&nbsp; 81672 | &nbsp;&nbsp; 3122551 |
| Institutional Class | 318307 | &nbsp;&nbsp; 11455677 | &nbsp;&nbsp; 1400503 | &nbsp;&nbsp; 53549918 |
|  |  | &nbsp;&nbsp; 26775573 |  | &nbsp;&nbsp; 81942465 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 744474 | &nbsp;&nbsp; 28285118 |
| Class C | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 4256 | &nbsp;&nbsp; 137366 |
| Class R6 | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 41236 | &nbsp;&nbsp; 1630283 |
| Administrator Class | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 35453 | &nbsp;&nbsp; 1385843 |
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 449811 | &nbsp;&nbsp; 17673123 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 49111733 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (660653)<br>| &nbsp;&nbsp; (23153496)<br>| &nbsp;&nbsp; (1550961)<br>| &nbsp;&nbsp; (56443818)<br>|
| Class C | (11942)<br>| &nbsp;&nbsp; (358098)<br>| &nbsp;&nbsp; (28685)<br>| &nbsp;&nbsp; (917919)<br>|
| Class R6 | (126393)<br>| &nbsp;&nbsp; (4622655)<br>| &nbsp;&nbsp; (265725)<br>| &nbsp;&nbsp; (10169946)<br>|
| Administrator Class | (90390 )<sup>1</sup><br>| &nbsp;&nbsp; (3176576 )<sup>1</sup><br>| &nbsp;&nbsp; (147906)<br>| &nbsp;&nbsp; (5637178)<br>|
| Institutional Class | (977026)<br>| &nbsp;&nbsp; (35692395)<br>| &nbsp;&nbsp; (2870622)<br>| &nbsp;&nbsp; (109309331)<br>|
|  |  | &nbsp;&nbsp; (67003220)<br>|  | &nbsp;&nbsp; (182478192)<br>|

---

<sup>1</sup> For the period from May 1, 2025 to September 12, 2025

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Value Fund \| 5

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> October 31, 2025<br> (unaudited) | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Administrator Class<br>(470350 )<sup>2</sup><br>| &nbsp;&nbsp; $(17527660 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Institutional Class<br>467189 <br><sup>2</sup><br>| &nbsp;&nbsp; 17527660 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net decrease in net assets resulting from capital share transactions** | &nbsp;&nbsp; **(40227647)**<br>|  | &nbsp;&nbsp; **(51423994)**<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; **21288790** |  | &nbsp;&nbsp; **(113999562)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **545133023** |  | &nbsp;&nbsp; **659132585** |
| **End of period** | &nbsp;&nbsp; **$566421813** |  | &nbsp;&nbsp; **$545133023** |

---

<sup>2</sup> Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

The accompanying notes are an integral part of these financial statements.

6 \| Allspring Small Company Value Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class A | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$31.75** | &nbsp;&nbsp; **$35.41** | &nbsp;&nbsp; **$29.53** | &nbsp;&nbsp; **$34.30** | &nbsp;&nbsp; **$37.11** | &nbsp;&nbsp; **$20.91** | &nbsp;&nbsp; **$24.22** |
| Net investment income | 0.10 <br><sup>2</sup><br>| 0.29 <br><sup>2</sup><br>| 0.27 <br><sup>2</sup><br>| 0.24 <br><sup>2</sup><br>| 0.12 <br><sup>2</sup><br>| 0.09 | 0.18 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 3.46 | &nbsp;&nbsp; (1.01)<br>| 5.89 | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (0.71)<br>| 16.22 | &nbsp;&nbsp; (3.35)<br>|
| Total from investment operations | 3.56 | &nbsp;&nbsp; (0.72)<br>| 6.16 | &nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp; (0.59)<br>| 16.31 | &nbsp;&nbsp; (3.17)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.28)<br>| 0.00 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (2.50)<br>| 0.00 | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (2.14)<br>| 0.00 | 0.00 |
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Net asset value, end of period** | **$35.31** | &nbsp;&nbsp; **$31.75** | &nbsp;&nbsp; **$35.41** | &nbsp;&nbsp; **$29.53** | &nbsp;&nbsp; **$34.30** | &nbsp;&nbsp; **$37.11** | &nbsp;&nbsp; **$20.91** |
| **Total return**<sup>3</sup> <br>| **11.21%**<br>| &nbsp;&nbsp; **(3.34)%**<br>| **20.84%**<br>| &nbsp;&nbsp; **(10.31)%**<br>| &nbsp;&nbsp; **(1.77)%**<br>| **77.80%**<br>| &nbsp;&nbsp; **(13.25)%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 1.30<br> %<br>| 1.30<br> %<br>| 1.30<br> %<br>| 1.32<br> %<br>| 1.32<br> %<br>| 1.32<br> %<br>| 1.32<br> %<br>|
| Net expenses | 1.11<br> %<br>| 1.11<br> %<br>| 1.12<br> %<br>| 1.14<br> %<br>| 1.14<br> %<br>| 1.14<br> %<br>| 1.13<br> %<br>|
| Net investment income | 0.55<br> %<br>| 0.79<br> %<br>| 0.89<br> %<br>| 0.76<br> %<br>| 0.33<br> %<br>| 0.33<br> %<br>| 0.74<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 98<br> %<br>| &nbsp;&nbsp; 114<br> %<br>| &nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp; 87<br> %<br>| &nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 78<br> %<br>|
| Net assets, end of period (000s omitted) | $329120 | &nbsp;&nbsp; $313709 | &nbsp;&nbsp; $365526 | &nbsp;&nbsp; $304601 | &nbsp;&nbsp; $376072 | &nbsp;&nbsp; $414013 | &nbsp;&nbsp; $262574 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.74% |
| Year ended April 30, 2025 | 0.74% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.74% |
| Year ended May 31, 2023 | 0.74% |
| Year ended May 31, 2022 | 0.74% |
| Year ended May 31, 2021 | 0.74% |
| Year ended May 31, 2020 | 0.74% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Value Fund \| 7

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class C | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$26.88** | &nbsp;&nbsp; **$30.35** | &nbsp;&nbsp; **$25.30** | &nbsp;&nbsp; **$29.79** | &nbsp;&nbsp; **$32.69** | &nbsp;&nbsp; **$18.43** | &nbsp;&nbsp; **$21.48** |
| Net investment income (loss) | (0.03 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>23</sup><br>| 0.03 <br><sup>2</sup><br>| 0.00 <br><sup>24</sup><br>| &nbsp;&nbsp; (0.12 )<sup>2</sup><br>| &nbsp;&nbsp; (0.07 )<sup>2</sup><br>| 0.01 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 2.92 | &nbsp;&nbsp; (0.81)<br>| 5.02 | &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (0.64)<br>| 14.33 | &nbsp;&nbsp; (3.00)<br>|
| Total from investment operations | 2.89 | &nbsp;&nbsp; (0.81)<br>| 5.05 | &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (0.76)<br>| 14.26 | &nbsp;&nbsp; (2.99)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.16)<br>| 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.06)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (2.50)<br>| 0.00 | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (2.14)<br>| 0.00 | 0.00 |
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (2.66)<br>| 0.00 | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (2.14)<br>| 0.00 | &nbsp;&nbsp; (0.06)<br>|
| **Net asset value, end of period** | **$29.77** | &nbsp;&nbsp; **$26.88** | &nbsp;&nbsp; **$30.35** | &nbsp;&nbsp; **$25.30** | &nbsp;&nbsp; **$29.79** | &nbsp;&nbsp; **$32.69** | &nbsp;&nbsp; **$18.43** |
| **Total return**<sup>5</sup> <br>| **10.75%**<br>| &nbsp;&nbsp; **(4.11)%**<br>| **19.92%**<br>| &nbsp;&nbsp; **(10.94)%**<br>| &nbsp;&nbsp; **(2.56)%**<br>| **76.80%**<br>| &nbsp;&nbsp; **(13.98)%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 2.05<br> %<br>| 2.05<br> %<br>| 2.05<br> %<br>| 2.07<br> %<br>| 2.07<br> %<br>| 2.06<br> %<br>| 2.08<br> %<br>|
| Net expenses | 1.90<br> %<br>| 1.90<br> %<br>| 1.90<br> %<br>| 1.90<br> %<br>| 1.90<br> %<br>| 1.90<br> %<br>| 1.90<br> %<br>|
| Net investment income (loss) | (0.22)%<br>| &nbsp;&nbsp; (0.00)%<br>| 0.11<br> %<br>| 0.00<br> %<br>| &nbsp;&nbsp; (0.39)%<br>| &nbsp;&nbsp; (0.29)%<br>| 0.02<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>6</sup> <br>| 98<br> %<br>| &nbsp;&nbsp; 114<br> %<br>| &nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp; 87<br> %<br>| &nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 78<br> %<br>|
| Net assets, end of period (000s omitted) | $1221 | &nbsp;&nbsp; $1324 | &nbsp;&nbsp; $1399 | &nbsp;&nbsp; $1307 | &nbsp;&nbsp; $2278 | &nbsp;&nbsp; $3388 | &nbsp;&nbsp; $4431 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.74% |
| Year ended April 30, 2025 | 0.74% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.74% |
| Year ended May 31, 2023 | 0.74% |
| Year ended May 31, 2022 | 0.74% |
| Year ended May 31, 2021 | 0.74% |
| Year ended May 31, 2020 | 0.74% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Amount is more than $(0.005).

<sup>4</sup> Amount is less than $0.005.

<sup>5</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>6</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

The accompanying notes are an integral part of these financial statements.

8 \| Allspring Small Company Value Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class R6 | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$33.09** | &nbsp;&nbsp; **$36.81** | &nbsp;&nbsp; **$30.68** | &nbsp;&nbsp; **$35.46** | &nbsp;&nbsp; **$38.33** | &nbsp;&nbsp; **$21.56** | &nbsp;&nbsp; **$24.92** |
| Net investment income | 0.17 <br><sup>2</sup><br>| 0.44 <br><sup>2</sup><br>| 0.40 <br><sup>2</sup><br>| 0.37 <br><sup>2</sup><br>| 0.33 | 0.20 | 0.31 |
| Net realized and unrealized gains (losses) on investments | 3.61 | &nbsp;&nbsp; (1.06)<br>| 6.12 | &nbsp;&nbsp; (3.79)<br>| &nbsp;&nbsp; (0.80)<br>| 16.78 | &nbsp;&nbsp; (3.50)<br>|
| Total from investment operations | 3.78 | &nbsp;&nbsp; (0.62)<br>| 6.52 | &nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp; (0.47)<br>| 16.98 | &nbsp;&nbsp; (3.19)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (2.50)<br>| 0.00 | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (2.14)<br>| 0.00 | 0.00 |
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (3.10)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.17)<br>|
| **Net asset value, end of period** | **$36.87** | &nbsp;&nbsp; **$33.09** | &nbsp;&nbsp; **$36.81** | &nbsp;&nbsp; **$30.68** | &nbsp;&nbsp; **$35.46** | &nbsp;&nbsp; **$38.33** | &nbsp;&nbsp; **$21.56** |
| **Total return**<sup>3</sup> <br>| **11.42%**<br>| &nbsp;&nbsp; **(2.99)%**<br>| **21.25%**<br>| &nbsp;&nbsp; **(9.95)%**<br>| &nbsp;&nbsp; **(1.41)%**<br>| **78.63%**<br>| &nbsp;&nbsp; **(12.97)%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 0.88<br> %<br>| 0.88<br> %<br>| 0.88<br> %<br>| 0.89<br> %<br>| 0.89<br> %<br>| 0.89<br> %<br>| 0.90<br> %<br>|
| Net expenses | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income | 0.89<br> %<br>| 1.15<br> %<br>| 1.27<br> %<br>| 1.11<br> %<br>| 0.71<br> %<br>| 0.73<br> %<br>| 1.22<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 98<br> %<br>| &nbsp;&nbsp; 114<br> %<br>| &nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp; 87<br> %<br>| &nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 78<br> %<br>|
| Net assets, end of period (000s omitted) | $27095 | &nbsp;&nbsp; $20017 | &nbsp;&nbsp; $19936 | &nbsp;&nbsp; $14573 | &nbsp;&nbsp; $8021 | &nbsp;&nbsp; $9007 | &nbsp;&nbsp; $6491 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.74% |
| Year ended April 30, 2025 | 0.74% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.74% |
| Year ended May 31, 2023 | 0.74% |
| Year ended May 31, 2022 | 0.74% |
| Year ended May 31, 2021 | 0.74% |
| Year ended May 31, 2020 | 0.74% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Value Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Institutional Class | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$32.86** | &nbsp;&nbsp; **$36.58** | &nbsp;&nbsp; **$30.51** | &nbsp;&nbsp; **$35.30** | &nbsp;&nbsp; **$38.13** | &nbsp;&nbsp; **$21.46** | &nbsp;&nbsp; **$24.86** |
| Net investment income | 0.15 <br><sup>2</sup><br>| 0.40 <br><sup>2</sup><br>| 0.37 <br><sup>2</sup><br>| 0.35 <br><sup>2</sup><br>| 0.20 <br><sup>2</sup><br>| 0.15 <br><sup>2</sup><br>| 0.25 |
| Net realized and unrealized gains (losses) on investments | 3.58 | &nbsp;&nbsp; (1.06)<br>| 6.08 | &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp; (0.71)<br>| 16.70 | &nbsp;&nbsp; (3.43)<br>|
| Total from investment operations | 3.73 | &nbsp;&nbsp; (0.66)<br>| 6.45 | &nbsp;&nbsp; (3.43)<br>| &nbsp;&nbsp; (0.51)<br>| 16.85 | &nbsp;&nbsp; (3.18)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (2.50)<br>| 0.00 | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (2.14)<br>| 0.00 | 0.00 |
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.22)<br>|
| **Net asset value, end of period** | **$36.59** | &nbsp;&nbsp; **$32.86** | &nbsp;&nbsp; **$36.58** | &nbsp;&nbsp; **$30.51** | &nbsp;&nbsp; **$35.30** | &nbsp;&nbsp; **$38.13** | &nbsp;&nbsp; **$21.46** |
| **Total return**<sup>3</sup> <br>| **11.35%**<br>| &nbsp;&nbsp; **(3.10)%**<br>| **21.15%**<br>| &nbsp;&nbsp; **(10.03)%**<br>| &nbsp;&nbsp; **(1.53)%**<br>| **78.39%**<br>| &nbsp;&nbsp; **(13.03)%**<br>|
| **Ratios to average net assets (annualized)\*** <br>|  |  |  |  |  |  |  |
| Gross expenses | 0.98<br> %<br>| 0.98<br> %<br>| 0.98<br> %<br>| 0.99<br> %<br>| 0.99<br> %<br>| 0.99<br> %<br>| 1.07<br> %<br>|
| Net expenses | 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>|
| Net investment income | 0.81<br> %<br>| 1.05<br> %<br>| 1.15<br> %<br>| 1.06<br> %<br>| 0.54<br> %<br>| 0.52<br> %<br>| 1.04<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 98<br> %<br>| &nbsp;&nbsp; 114<br> %<br>| &nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp; 87<br> %<br>| &nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 78<br> %<br>|
| Net assets, end of period (000s omitted) | $208986 | &nbsp;&nbsp; $193986 | &nbsp;&nbsp; $253235 | &nbsp;&nbsp; $110536 | &nbsp;&nbsp; $115479 | &nbsp;&nbsp; $72123 | &nbsp;&nbsp; $33600 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.74% |
| Year ended April 30, 2025 | 0.74% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.74% |
| Year ended May 31, 2023 | 0.74% |
| Year ended May 31, 2022 | 0.74% |
| Year ended May 31, 2021 | 0.74% |
| Year ended May 31, 2020 | 0.74% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

The accompanying notes are an integral part of these financial statements.

10 \| Allspring Small Company Value Fund

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services* – *Investment Companies*. These financial statements report on the Allspring Small Company Value Fund (the "Fund") which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Allspring Small Company Value Portfolio, a separate diversified portfolio (the "affiliated Master Portfolio") of Allspring Master Trust, a registered open-end management investment company. As of October 31, 2025, the Fund owned 91.06% of Allspring Small Company Value Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio's income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended October 31, 2025 are included in this report and should be read in conjunction with the Fund's financial statements.

Effective at the close of business on September 12, 2025, Administrator Class shares became Institutional Class shares in a tax-free conversion. Shareholders of Administrator Class received Institutional Class shares at a value equal to the value of their Administrator Class shares immediately prior to the conversion. Administrator Class shares are no longer offered by the Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles ("GAAP") which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

Investments in the affiliated Master Portfolio are valued daily based on the Fund's proportionate share of the affiliated Master Portfolio's net assets, which are also valued daily.

Investments which are not valued using the method 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.

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade date basis. The Fund records daily its proportionate share of the affiliated Master Portfolio's income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

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.

Allspring Small Company Value Fund \| 11

------

Notes to financial statements (unaudited)

The Fund's income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund's tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of October 31, 2025, the aggregate cost of all investments for federal income tax purposes was $478,820,981 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $102876870 |
| Gross unrealized losses | &nbsp;&nbsp; (14758130)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$88118740** |

---

As of April 30, 2025, the Fund had current year deferred post-October capital losses consisting of $17,941,910 in short-term losses and $16,960,433 in long-term gains which was recognized on the first day of the current fiscal year.

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

At October 31, 2025, the Fund's investment in the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and fair value of the affiliated Master Portfolio is as follows:

---

| | | |
|:---|:---|:---|
| Affiliated Master Portfolio | Investment objective | &nbsp;&nbsp;&nbsp; Fair value of affiliated <br>Master Portfolio<br>|
| Allspring Small Company Value Portfolio | Seeks long-term capital appreciation | $566939721 |

---

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund's operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays, generally on a monthly basis, Allspring Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $5 billion | 0.050<br> %<br>|
| Next $5 billion | 0.040 |
| Over $10 billion | 0.030 |

---

For the six months ended October 31, 2025, the management fee was equivalent to an annual rate of 0.05% of the Fund's average daily net assets.

Allspring Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee, generally paid on a monthly basis, from the affiliated Master Portfolio for those services.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As

12 \| Allspring Small Company Value Fund

------

Notes to financial statements (unaudited)

compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Class R6 | 0.03 |
| Administrator Class | 0.13 |
| Institutional Class | 0.13 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Allspring Funds Management has contractually committed through August 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of October 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.15<br> %<br>|
| Class C | 1.90 |
| Class R6 | 0.75 |
| Institutional Class | 0.85 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC ("Allspring Funds Distributor"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended October 31, 2025, Allspring Funds Distributor received $964 from the sale of Class A shares and $69 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended October 31, 2025.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in the affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund's ownership percentage of the affiliated Master Portfolio at the end of the period by the affiliated Master Portfolio's purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended October 31, 2025 were $559,127,300 and $597,674,876, respectively.

6. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the six months ended October 31, 2025, there were no borrowings by the Fund under the agreement.

Allspring Small Company Value Fund \| 13

------

Notes to financial statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

7. CONCENTRATION RISKS

Concentration risks result from exposure to a limited number of sectors. Through its investment in the affiliated Master Portfolio which may invest a substantial portion of its assets in any sectors, the Fund may in turn be more affected by changes in those sectors than a fund whose investments are not heavily weighted in any sectors. As of the end of the period, the Master Portfolio concentrated its portfolio in investments related to the financial sector.

8. INDEMNIFICATION

Under the Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund's organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

9. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

11. CLASS CONVERSION

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C was closed to new investors and additional investments from existing shareholders.

14 \| Allspring Small Company Value Fund

------

Portfolio of investments—October 31, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 95.75%** |  |  |
| **Communication services: 0.61%** |  |  |
| **Interactive media & services: 0.53%** |  |  |
| Cargurus, Inc.† | 93614 | &nbsp;&nbsp; **$3287724** |
| **Wireless telecommunication services: 0.08%** |  |  |
| Spok Holdings, Inc. | 36051 | &nbsp;&nbsp; **515169** |
| **Consumer discretionary: 12.05%** |  |  |
| **Automobile components: 1.72%** |  |  |
| Dana, Inc. | 108858 | &nbsp;&nbsp; 2209818 |
| Patrick Industries, Inc. | 47006 | &nbsp;&nbsp; 4906016 |
| Strattec Security Corp.† | 47251 | &nbsp;&nbsp; 2899321 |
| Visteon Corp. | 6606 | &nbsp;&nbsp; 707899 |
|  |  | &nbsp;&nbsp; **10723054** |
| **Broadline retail: 0.88%** |  |  |
| Dillard's, Inc. Class A | 9160 | &nbsp;&nbsp; **5496733** |
| **Distributors: 0.17%** |  |  |
| GigaCloud Technology, Inc. Class A† | 36493 | &nbsp;&nbsp; **1021074** |
| **Diversified consumer services: 2.06%** |  |  |
| Adtalem Global Education, Inc.† | 35939 | &nbsp;&nbsp; 3522741 |
| Carriage Services, Inc. Class A | 116816 | &nbsp;&nbsp; 5221675 |
| Grand Canyon Education, Inc.† | 21700 | &nbsp;&nbsp; 4086110 |
|  |  | &nbsp;&nbsp; **12830526** |
| **Hotels, restaurants & leisure: 0.83%** |  |  |
| Cheesecake Factory, Inc. | 52409 | &nbsp;&nbsp; 2609968 |
| Denny's Corp.† | 350708 | &nbsp;&nbsp; 1371268 |
| Papa John's International, Inc. | 22924 | &nbsp;&nbsp; 1164769 |
|  |  | &nbsp;&nbsp; **5146005** |
| **Household durables: 2.61%** |  |  |
| Cavco Industries, Inc.† | 13625 | &nbsp;&nbsp; 7218525 |
| Century Communities, Inc. | 76395 | &nbsp;&nbsp; 4537863 |
| Meritage Homes Corp. | 66554 | &nbsp;&nbsp; 4496388 |
|  |  | &nbsp;&nbsp; **16252776** |
| **Leisure products: 0.97%** |  |  |
| Johnson Outdoors, Inc. Class A | 83546 | &nbsp;&nbsp; 3402829 |
| Peloton Interactive, Inc. Class A† | 361951 | &nbsp;&nbsp; 2627764 |
|  |  | &nbsp;&nbsp; **6030593** |
| **Specialty retail: 2.58%** |  |  |
| Abercrombie & Fitch Co. Class A† | 30841 | &nbsp;&nbsp; 2237514 |
| Bath & Body Works, Inc. | 83272 | &nbsp;&nbsp; 2038498 |
| Envela Corp.† | 75107 | &nbsp;&nbsp; 682723 |
| Monro, Inc. | 42455 | &nbsp;&nbsp; 621966 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Value Portfolio \| 15

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Specialty retail**(continued) |  |  |
| RealReal, Inc.† | 683314 | &nbsp;&nbsp; $8343264 |
| Urban Outfitters, Inc.† | 33154 | &nbsp;&nbsp; 2142080 |
|  |  | &nbsp;&nbsp; **16066045** |
| **Textiles, apparel & luxury goods: 0.23%** |  |  |
| Rocky Brands, Inc. | 51208 | &nbsp;&nbsp; **1443554** |
| **Consumer staples: 1.82%** |  |  |
| **Consumer staples distribution & retail: 1.18%** |  |  |
| Ingles Markets, Inc. Class A | 61164 | &nbsp;&nbsp; 4226432 |
| Village Super Market, Inc. Class A | 99477 | &nbsp;&nbsp; 3120594 |
|  |  | &nbsp;&nbsp; **7347026** |
| **Household products: 0.64%** |  |  |
| Oil-Dri Corp. of America | 72101 | &nbsp;&nbsp; **3993674** |
| **Energy: 5.83%** |  |  |
| **Energy equipment & services: 0.84%** |  |  |
| Patterson-UTI Energy, Inc. | 586142 | &nbsp;&nbsp; 3675111 |
| TETRA Technologies, Inc.† | 220986 | &nbsp;&nbsp; 1560161 |
|  |  | &nbsp;&nbsp; **5235272** |
| **Oil, gas & consumable fuels: 4.99%** |  |  |
| Dorian LPG Ltd. | 134815 | &nbsp;&nbsp; 3889413 |
| Magnolia Oil & Gas Corp. Class A | 230476 | &nbsp;&nbsp; 5176491 |
| Matador Resources Co. | 52176 | &nbsp;&nbsp; 2058865 |
| Northern Oil & Gas, Inc. | 88182 | &nbsp;&nbsp; 1951467 |
| PBF Energy, Inc. Class A | 180653 | &nbsp;&nbsp; 6172913 |
| Peabody Energy Corp. | 228226 | &nbsp;&nbsp; 6257957 |
| Permian Resources Corp. Class A | 444323 | &nbsp;&nbsp; 5580697 |
|  |  | &nbsp;&nbsp; **31087803** |
| **Financials: 25.72%** |  |  |
| **Banks: 15.55%** |  |  |
| Ameris Bancorp | 156744 | &nbsp;&nbsp; 11226005 |
| Atlantic Union Bankshares Corp. | 272405 | &nbsp;&nbsp; 8858610 |
| Banner Corp. | 110153 | &nbsp;&nbsp; 6652140 |
| Customers Bancorp, Inc.† | 169733 | &nbsp;&nbsp; 11392479 |
| FB Financial Corp. | 207769 | &nbsp;&nbsp; 11221604 |
| First Financial Corp. | 16152 | &nbsp;&nbsp; 861225 |
| Great Southern Bancorp, Inc. | 95106 | &nbsp;&nbsp; 5297404 |
| Independent Bank Corp. | 206473 | &nbsp;&nbsp; 6239614 |
| Lakeland Financial Corp. | 19118 | &nbsp;&nbsp; 1090682 |
| Synovus Financial Corp. | 115192 | &nbsp;&nbsp; 5142171 |
| UMB Financial Corp. | 96453 | &nbsp;&nbsp; 10308897 |
| Wintrust Financial Corp. | 89382 | &nbsp;&nbsp; 11621447 |
| WSFS Financial Corp. | 132089 | &nbsp;&nbsp; 6880516 |
|  |  | &nbsp;&nbsp; **96792794** |

---

The accompanying notes are an integral part of these financial statements.

16 \| Allspring Small Company Value Portfolio

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Capital markets: 4.06%** |  |  |
| Donnelley Financial Solutions, Inc.† | 51879 | &nbsp;&nbsp; $2383840 |
| Galaxy Digital, Inc. Class A† | 224378 | &nbsp;&nbsp; 7855474 |
| Piper Sandler Cos. | 21295 | &nbsp;&nbsp; 6798641 |
| Stifel Financial Corp. | 69528 | &nbsp;&nbsp; 8234201 |
|  |  | &nbsp;&nbsp; **25272156** |
| **Consumer finance: 0.23%** |  |  |
| Green Dot Corp. Class A† | 122462 | &nbsp;&nbsp; **1421784** |
| **Financial services: 1.82%** |  |  |
| Jackson Financial, Inc. Class A | 92702 | &nbsp;&nbsp; 9345289 |
| NCR Atleos Corp.† | 54029 | &nbsp;&nbsp; 1993670 |
|  |  | &nbsp;&nbsp; **11338959** |
| **Insurance: 2.74%** |  |  |
| Genworth Financial, Inc. Class A† | 722290 | &nbsp;&nbsp; 6096128 |
| Lincoln National Corp. | 168480 | &nbsp;&nbsp; 7076160 |
| Unum Group | 53250 | &nbsp;&nbsp; 3909615 |
|  |  | &nbsp;&nbsp; **17081903** |
| **Mortgage real estate investment trusts (REITs): 1.32%** |  |  |
| AGNC Investment Corp. | 408777 | &nbsp;&nbsp; 4087770 |
| Annaly Capital Management, Inc. | 195224 | &nbsp;&nbsp; 4132892 |
|  |  | &nbsp;&nbsp; **8220662** |
| **Health care: 7.59%** |  |  |
| **Health care equipment & supplies: 0.69%** |  |  |
| Electromed, Inc.† | 27003 | &nbsp;&nbsp; 649692 |
| Merit Medical Systems, Inc.† | 41279 | &nbsp;&nbsp; 3613564 |
|  |  | &nbsp;&nbsp; **4263256** |
| **Health care providers & services: 3.72%** |  |  |
| Brookdale Senior Living, Inc.† | 875881 | &nbsp;&nbsp; 8119417 |
| Encompass Health Corp. | 38421 | &nbsp;&nbsp; 4374231 |
| Ensign Group, Inc. | 24972 | &nbsp;&nbsp; 4497457 |
| National HealthCare Corp. | 41423 | &nbsp;&nbsp; 4947563 |
| U.S. Physical Therapy, Inc. | 14392 | &nbsp;&nbsp; 1241598 |
|  |  | &nbsp;&nbsp; **23180266** |
| **Pharmaceuticals: 3.18%** |  |  |
| Ligand Pharmaceuticals, Inc.† | 51973 | &nbsp;&nbsp; 9942955 |
| Phibro Animal Health Corp. Class A | 186443 | &nbsp;&nbsp; 7841792 |
| Prestige Consumer Healthcare, Inc.† | 32944 | &nbsp;&nbsp; 1996406 |
|  |  | &nbsp;&nbsp; **19781153** |
| **Industrials: 21.48%** |  |  |
| **Aerospace & defense: 0.81%** |  |  |
| Ducommun, Inc.† | 55191 | &nbsp;&nbsp; **5063774** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Value Portfolio \| 17

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Building products: 1.03%** |  |  |
| AZZ, Inc. | 6544 | &nbsp;&nbsp; $653418 |
| UFP Industries, Inc. | 24902 | &nbsp;&nbsp; 2294221 |
| Zurn Elkay Water Solutions Corp. | 73316 | &nbsp;&nbsp; 3453917 |
|  |  | &nbsp;&nbsp; **6401556** |
| **Commercial services & supplies: 2.94%** |  |  |
| Brady Corp. Class A | 60675 | &nbsp;&nbsp; 4605839 |
| Brink's Co. | 29695 | &nbsp;&nbsp; 3300896 |
| Healthcare Services Group, Inc.† | 267445 | &nbsp;&nbsp; 4779242 |
| Interface, Inc. Class A | 144026 | &nbsp;&nbsp; 3586248 |
| Pitney Bowes, Inc. | 205049 | &nbsp;&nbsp; 2025884 |
|  |  | &nbsp;&nbsp; **18298109** |
| **Construction & engineering: 2.53%** |  |  |
| Great Lakes Dredge & Dock Corp.† | 254090 | &nbsp;&nbsp; 2883922 |
| MYR Group, Inc.† | 28097 | &nbsp;&nbsp; 6116717 |
| NWPX Infrastructure, Inc.† | 82775 | &nbsp;&nbsp; 4979744 |
| Orion Group Holdings, Inc.† | 162560 | &nbsp;&nbsp; 1750771 |
|  |  | &nbsp;&nbsp; **15731154** |
| **Electrical equipment: 2.04%** |  |  |
| Atkore, Inc. | 101420 | &nbsp;&nbsp; 7023335 |
| Generac Holdings, Inc.† | 18845 | &nbsp;&nbsp; 3166337 |
| Shoals Technologies Group, Inc. Class A† | 240859 | &nbsp;&nbsp; 2531428 |
|  |  | &nbsp;&nbsp; **12721100** |
| **Ground transportation: 0.54%** |  |  |
| ArcBest Corp. | 44928 | &nbsp;&nbsp; **3339049** |
| **Machinery: 6.46%** |  |  |
| Allison Transmission Holdings, Inc. | 27700 | &nbsp;&nbsp; 2286635 |
| Atmus Filtration Technologies, Inc. | 117928 | &nbsp;&nbsp; 5363365 |
| Blue Bird Corp.† | 64868 | &nbsp;&nbsp; 3240805 |
| ESCO Technologies, Inc. | 19972 | &nbsp;&nbsp; 4383255 |
| Gorman-Rupp Co. | 86402 | &nbsp;&nbsp; 3885498 |
| Kadant, Inc. | 4888 | &nbsp;&nbsp; 1352314 |
| Miller Industries, Inc. | 67844 | &nbsp;&nbsp; 2723258 |
| Mueller Water Products, Inc. Class A | 128929 | &nbsp;&nbsp; 3308318 |
| Standex International Corp. | 28346 | &nbsp;&nbsp; 6611138 |
| Timken Co. | 36590 | &nbsp;&nbsp; 2872681 |
| Twin Disc, Inc. | 115549 | &nbsp;&nbsp; 1809497 |
| Watts Water Technologies, Inc. Class A | 8746 | &nbsp;&nbsp; 2384160 |
|  |  | &nbsp;&nbsp; **40220924** |
| **Marine transportation: 0.80%** |  |  |
| Matson, Inc. | 49306 | &nbsp;&nbsp; **4977441** |
| **Passenger airlines: 0.52%** |  |  |
| SkyWest, Inc.† | 32415 | &nbsp;&nbsp; **3257059** |

---

The accompanying notes are an integral part of these financial statements.

18 \| Allspring Small Company Value Portfolio

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Professional services: 2.20%** |  |  |
| CBIZ, Inc.† | 56970 | &nbsp;&nbsp; $3133350 |
| ICF International, Inc. | 16773 | &nbsp;&nbsp; 1346536 |
| Korn Ferry | 45385 | &nbsp;&nbsp; 2936410 |
| Maximus, Inc. | 53842 | &nbsp;&nbsp; 4475347 |
| Verra Mobility Corp. Class A† | 77681 | &nbsp;&nbsp; 1802976 |
|  |  | &nbsp;&nbsp; **13694619** |
| **Trading companies & distributors: 1.61%** |  |  |
| Boise Cascade Co. | 29479 | &nbsp;&nbsp; 2077975 |
| GATX Corp. | 31464 | &nbsp;&nbsp; 4935129 |
| Hudson Technologies, Inc.† | 142004 | &nbsp;&nbsp; 1288686 |
| Rush Enterprises, Inc. Class A | 34557 | &nbsp;&nbsp; 1707461 |
|  |  | &nbsp;&nbsp; **10009251** |
| **Information technology: 10.61%** |  |  |
| **Communications equipment: 2.28%** |  |  |
| Applied Optoelectronics, Inc.† | 200195 | &nbsp;&nbsp; 7118934 |
| Digi International, Inc.† | 54420 | &nbsp;&nbsp; 1996126 |
| NetScout Systems, Inc.† | 92405 | &nbsp;&nbsp; 2568859 |
| Viasat, Inc.† | 63677 | &nbsp;&nbsp; 2535618 |
|  |  | &nbsp;&nbsp; **14219537** |
| **Electronic equipment, instruments & components: 3.87%** |  |  |
| Belden, Inc. | 42140 | &nbsp;&nbsp; 5134759 |
| ePlus, Inc. | 25593 | &nbsp;&nbsp; 1872384 |
| Insight Enterprises, Inc.† | 14079 | &nbsp;&nbsp; 1407900 |
| OSI Systems, Inc.† | 20768 | &nbsp;&nbsp; 5783057 |
| PC Connection, Inc. | 25953 | &nbsp;&nbsp; 1582355 |
| Sanmina Corp.† | 60599 | &nbsp;&nbsp; 8305093 |
|  |  | &nbsp;&nbsp; **24085548** |
| **IT services: 0.81%** |  |  |
| EPAM Systems, Inc.† | 11746 | &nbsp;&nbsp; 1920941 |
| Kyndryl Holdings, Inc.† | 108236 | &nbsp;&nbsp; 3130185 |
|  |  | &nbsp;&nbsp; **5051126** |
| **Semiconductors & semiconductor equipment: 2.71%** |  |  |
| Cirrus Logic, Inc.† | 62731 | &nbsp;&nbsp; 8321267 |
| Ichor Holdings Ltd.† | 109289 | &nbsp;&nbsp; 2478674 |
| Onto Innovation, Inc.† | 44955 | &nbsp;&nbsp; 6067127 |
|  |  | &nbsp;&nbsp; **16867068** |
| **Software: 0.94%** |  |  |
| Adeia, Inc. | 136937 | &nbsp;&nbsp; 2333406 |
| Bit Digital, Inc.† | 621313 | &nbsp;&nbsp; 2274006 |
| LiveRamp Holdings, Inc.† | 45916 | &nbsp;&nbsp; 1255343 |
|  |  | &nbsp;&nbsp; **5862755** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Value Portfolio \| 19

------

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Materials: 6.87%** |  |  |
| **Chemicals: 2.48%** |  |  |
| Cabot Corp. | 9087 | &nbsp;&nbsp; $613191 |
| Core Molding Technologies, Inc.† | 108641 | &nbsp;&nbsp; 1945760 |
| Element Solutions, Inc. | 237304 | &nbsp;&nbsp; 6340763 |
| Hawkins, Inc. | 9458 | &nbsp;&nbsp; 1341617 |
| NewMarket Corp. | 6776 | &nbsp;&nbsp; 5203291 |
|  |  | &nbsp;&nbsp; **15444622** |
| **Construction materials: 1.00%** |  |  |
| Eagle Materials, Inc. | 22974 | &nbsp;&nbsp; 4877840 |
| Knife River Corp.† | 22225 | &nbsp;&nbsp; 1343723 |
|  |  | &nbsp;&nbsp; **6221563** |
| **Containers & packaging: 0.19%** |  |  |
| TriMas Corp. | 32768 | &nbsp;&nbsp; **1164247** |
| **Metals & mining: 3.20%** |  |  |
| Coeur Mining, Inc.† | 422535 | &nbsp;&nbsp; 7254926 |
| SSR Mining, Inc.† | 323443 | &nbsp;&nbsp; 7296874 |
| Worthington Steel, Inc. | 168294 | &nbsp;&nbsp; 5383725 |
|  |  | &nbsp;&nbsp; **19935525** |
| **Real estate: 3.17%** |  |  |
| **Industrial REITs: 0.54%** |  |  |
| STAG Industrial, Inc. | 87380 | &nbsp;&nbsp; **3344033** |
| **Office REITs: 0.65%** |  |  |
| Hudson Pacific Properties, Inc.† | 643740 | &nbsp;&nbsp; 1570726 |
| Vornado Realty Trust | 65033 | &nbsp;&nbsp; 2467352 |
|  |  | &nbsp;&nbsp; **4038078** |
| **Retail REITs: 1.48%** |  |  |
| Agree Realty Corp. | 43812 | &nbsp;&nbsp; 3198714 |
| Brixmor Property Group, Inc. | 114489 | &nbsp;&nbsp; 2995032 |
| Tanger, Inc. | 93427 | &nbsp;&nbsp; 3041983 |
|  |  | &nbsp;&nbsp; **9235729** |
| **Specialized REITs: 0.50%** |  |  |
| PotlatchDeltic Corp. | 78290 | &nbsp;&nbsp; **3131600** |
| **Total common stocks (Cost $465,748,135)** |  | &nbsp;&nbsp; **596145428** |
| **Investment companies: 3.24%** |  |  |
| **Exchange-traded funds: 3.24%** |  |  |
| iShares Biotechnology ETF | 63386 | &nbsp;&nbsp; 10102460 |
| State Street SPDR S&P Biotech ETF | 89101 | &nbsp;&nbsp; 10042574 |
| **Total investment companies (Cost $17,546,629)** |  | &nbsp;&nbsp; **20145034** |

---

The accompanying notes are an integral part of these financial statements.

20 \| Allspring Small Company Value Portfolio

------

Portfolio of investments—October 31, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 1.03%** |  |  |  |  |
| **Investment companies: 1.03%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.06<br> %<br>| 6381275 | &nbsp;&nbsp; **$6381275** |
| **Total short-term investments (Cost $6,381,275)** |  |  |  | &nbsp;&nbsp; **6381275** |
| **Total investments in securities (Cost $489,676,039)** | 100.02<br> %<br>|  |  | &nbsp;&nbsp; 622671737 |
| Other assets and liabilities, net | (0.02)<br>|  |  | &nbsp;&nbsp; (97175)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$622574562** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† Non-income-earning security <br> ♠ The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. <br> ∞ The rate represents the 7-day annualized yield at period end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations: <br> REIT Real estate investment trust

**Investments in affiliates**

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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>| $6270725 | $36850032 | $(36739482)<br>| $0 | $0 | $6381275 | 6381275 | $127092 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Value Portfolio \| 21

------

Statement of assets and liabilities—October 31, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $483,294,764) | $616290462 |
| Investments in affiliated securities, at value (cost $6,381,275) | 6381275 |
| Cash | 510176 |
| Receivable for investments sold | 13660172 |
| Receivable for dividends | 249618 |
| Prepaid expenses and other assets | 66 |
| **Total assets** | **637091769** |
| Liabilities |  |
| Payable for investments purchased | 14049519 |
| Advisory fee payable | 418229 |
| Trustees' fees and expenses payable | 135 |
| Accrued expenses and other liabilities | 49324 |
| **Total liabilities** | **14517207** |
| **Total net assets**  | **$622574562** |

---

The accompanying notes are an integral part of these financial statements.

22 \| Allspring Small Company Value Portfolio

------

Statement of operations—six months ended October 31, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends | $5287355 |
| Income from affiliated securities | 127092 |
| Interest | 2307 |
| **Total investment income** | **5416754** |
| Expenses |  |
| Advisory fee | 2589043 |
| Custody and accounting fees | 17247 |
| Professional fees | 24547 |
| Registration fees | 53 |
| Interest holder report expenses | 1185 |
| Trustees' fees and expenses | 6907 |
| Other fees and expenses | 6652 |
| **Total expenses** | **2645634** |
| Less: Fee waivers and/or expense reimbursements | (234337)<br>|
| **Net expenses** | **2411297** |
| **Net investment income** | **3005457** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments**  | **34677177** |
| **Net change in unrealized gains (losses) on investments** | **30481280** |
| **Net realized and unrealized gains (losses) on investments** | **65158457** |
| **Net increase in net assets resulting from operations** | **$68163914** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Value Portfolio \| 23

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | &nbsp;&nbsp; Year ended <br>April 30, 2025 |
| Operations |  |  |
| Net investment income | &nbsp;&nbsp; $3005457 | &nbsp;&nbsp; $8204797 |
| Net realized gains on investments | &nbsp;&nbsp; 34677177 | &nbsp;&nbsp; 28244177 |
| Net change in unrealized gains (losses) on investments | &nbsp;&nbsp; 30481280 | &nbsp;&nbsp; (47928647)<br>|
| **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; **68163914** | &nbsp;&nbsp; **(11479673)**<br>|
| Capital transactions |  |  |
| Transactions in investors' beneficial interests |  |  |
| Contributions | &nbsp;&nbsp; 6101634 | &nbsp;&nbsp; 36714380 |
| Withdrawals | &nbsp;&nbsp; (51136325)<br>| &nbsp;&nbsp; (142370529)<br>|
| **Net decrease in net assets resulting from capital transactions** | &nbsp;&nbsp; **(45034691)**<br>| &nbsp;&nbsp; **(105656149)**<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; **23129223** | &nbsp;&nbsp; **(117135822)**<br>|
| Net assets |  |  |
| **Beginning of period** | &nbsp;&nbsp; **599445339** | &nbsp;&nbsp; **716581161** |
| **End of period** | &nbsp;&nbsp; **$622574562** | &nbsp;&nbsp; **$599445339** |

---

The accompanying notes are an integral part of these financial statements.

24 \| Allspring Small Company Value Portfolio

------

Financial highlights

Financial highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Total return**<sup>2</sup> <br>| **11.41%**<br>| &nbsp;&nbsp; **(2.96)%**<br>| **21.34%**<br>| &nbsp;&nbsp; **(9.95)%**<br>| &nbsp;&nbsp; **(1.78)%**<br>| **78.76%**<br>| &nbsp;&nbsp; **(13.74)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses | 0.81<br> %<br>| 0.81<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>|
| Net expenses<sup>3</sup> <br>| 0.74<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>|
| Net investment income | 0.92<br> %<br>| 1.16<br> %<br>| 1.27<br> %<br>| 1.17<br> %<br>| 0.72<br> %<br>| 0.71<br> %<br>| 1.15<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |  |
| Portfolio turnover rate | 98<br> %<br>| &nbsp;&nbsp; 114<br> %<br>| &nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp; 87<br> %<br>| &nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 78<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Portfolio changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>3</sup> Net expense ratios reflect voluntary waivers, if any.

The accompanying notes are an integral part of these financial statements.

Allspring Small Company Value Portfolio \| 25

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*. These financial statements report on the Allspring Small Company Value Portfolio (the "Portfolio") which is a diversified series of the Trust.

Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles ("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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date.

Interest earned on cash balances held at the custodian is recorded as interest income.

Income dividends and capital gain distributions from investment companies are recorded on the ex-dividend date. Capital gain distributions from investment companies are treated as realized gains.

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Portfolio based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

Federal and other taxes

The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been "passed through" to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.

The Portfolio's income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio's tax positions taken on federal, state, and foreign tax returns, 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.

26 \| Allspring Small Company Value Portfolio

------

Notes to financial statements (unaudited)

As of October 31, 2025, the aggregate cost of all investments for federal income tax purposes was $503,086,399 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $138775884 |
| Gross unrealized losses | &nbsp;&nbsp; (19190546)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$119585338** |

---

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Portfolio's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Portfolio's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

• Level 1—quoted prices in active markets for identical securities

• Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Portfolio's assets and liabilities as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $3802893 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $3802893 |
| *Consumer discretionary* | &nbsp;&nbsp; 75010360 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 75010360 |
| *Consumer staples* | &nbsp;&nbsp; 11340700 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 11340700 |
| *Energy* | &nbsp;&nbsp; 36323075 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 36323075 |
| *Financials* | &nbsp;&nbsp; 160128258 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 160128258 |
| *Health care* | &nbsp;&nbsp; 47224675 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 47224675 |
| *Industrials* | &nbsp;&nbsp; 133714036 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 133714036 |
| *Information technology* | &nbsp;&nbsp; 66086034 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 66086034 |
| *Materials* | &nbsp;&nbsp; 42765957 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 42765957 |
| *Real estate* | &nbsp;&nbsp; 19749440 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 19749440 |
| **Investment companies** | &nbsp;&nbsp; 20145034 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 20145034 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 6381275 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6381275 |
| **Total assets** | &nbsp;&nbsp; **$622671737** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$622671737** |

---

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At October 31, 2025, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the

Allspring Small Company Value Portfolio \| 27

------

Notes to financial statements (unaudited)

Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Advisory fee |
| First $500 million | 0.800<br> %<br>|
| Next $500 million | 0.775 |
| Next $1 billion | 0.750 |
| Next $1 billion | 0.725 |
| Next $1 billion | 0.700 |
| Over $4 billion | 0.680 |

---

For the six months ended October 31, 2025, the advisory fee was equivalent to an annual rate of 0.79% of the Portfolio's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio.

Allspring Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Portfolio did not have any interfund transactions during the six months ended October 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended October 31, 2025 were $612,518,187 and $654,751,850, respectively.

6. BANK BORROWINGS

The Portfolio, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to portfolio interest holder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the six months ended October 31, 2025, there were no borrowings by the Portfolio under the agreement.

7. CONCENTRATION RISKS

As of the end of the period, the Portfolio concentrated its portfolio of investments in financial sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

8. INDEMNIFICATION

Under the Portfolio's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio's organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

9. OPERATING SEGMENTS

The Portfolio operates as a single operating segment. An operating segment is 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 Portfolio acts as the Portfolio's CODM. The CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Portfolio's prospectus which is executed by the Portfolio'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 Portfolio's

28 \| Allspring Small Company Value Portfolio

------

Notes to financial statements (unaudited)

single segment. This information is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

Allspring Small Company Value Portfolio \| 29

------

Other information (unaudited)

Other information

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. Shareholders and Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com.** 

30 \| Allspring Small Company Value Fund

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Small Company Value Fund \| 31

------

Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management, advisory, and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (each, a "Board" and collectively, the "Boards") of each of Allspring Funds Trust ("Funds Trust") and Allspring Master Trust ("Master Trust", and collectively, the "Trusts") must determine annually whether to approve the continuation of the Trusts' investment management, advisory, and sub-advisory agreements, as applicable. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Funds Trust Board, all the members of which have no direct or indirect interest in the investment management agreement and are not "interested persons" of the Trusts, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Small Company Value Fund, a portfolio of Funds Trust (the "Feeder Fund"), an investment management agreement (the "Feeder Fund Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management").

At the Meeting, the Master Trust Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are Independent Trustees, reviewed and approved: (i) an investment advisory agreement (the "Master Portfolio Advisory Agreement") with Allspring Funds Management for the Allspring Small Company Value Portfolio, a portfolio of Master Trust (the "Master Portfolio"); 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, for the Master Portfolio.

The Feeder Fund and the Master Portfolio are collectively referred to as the "Funds." The Feeder Fund Management Agreement, the Master Portfolio Advisory Agreement, and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

The Feeder Fund is a feeder fund that invest substantially all of its assets in the Master Portfolio. The Master Portfolio has a substantially similar investment objective and substantially similar investment strategies to the Feeder Fund. Information provided to the Boards regarding the Feeder Fund is also applicable to the Master Portfolio, as relevant.

At the Meeting, the Boards 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 meeting of the Boards 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 Boards have adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Boards in the discharge of their 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 Boards, 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 Boards' 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 Boards 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 Boards reviewed reports of Allspring Funds Management at each of their quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Boards and the teams mentioned above confer with portfolio managers at various times throughout the year. The Boards 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 Funds Trust Board unanimously determined that the compensation payable to Allspring Funds Management was reasonable, and approved the continuation of the Feeder Fund Management Agreement for a one-year term. Additionally, after its deliberations, the Master Trust Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser was reasonable, and approved the continuation of the Master Portfolio Advisory Agreement and the Sub-Advisory Agreement, each for a one-year term. The Boards considered the approval of the Advisory Agreements for the Funds as part of their consideration of agreements for funds across the complex, but their approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Boards in support of their approvals.

*Nature, extent, and quality of services*

The Boards received and considered various information regarding the nature, extent, and quality of services provided to the Feeder Fund and the Master Portfolio, as applicable, 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 Feeder Fund 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

32 \| Allspring Small Company Value Fund

------

Other information (unaudited)

the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Boards received and considered information about the full range of services provided to the Fund and the Master Portfolio by Allspring Funds Management and its affiliates.

The Boards considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Master Portfolio. The Boards 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 Boards further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Boards 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 Funds' liquidity risk management programs and as the Fund's valuation designee. The Boards 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 Boards considered the investment performance results for each of the Funds over various time periods ended December 31, 2024. The Boards 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 Feeder Fund (the "Universe"), and in comparison to the Feeder Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Boards received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Funds Trust Board noted that the investment performance of the Feeder Fund (Administrator Class) was higher than the average investment performance of its Universe for the three-, five- and ten-year periods under review, but lower for the one-year period under review. The Funds Trust Board also noted that the investment performance of the Feeder Fund was higher than its benchmark index, the Russell 2000® Value Index, for all periods under review.

The Master Trust Board took note of the investment performance of the Master Portfolio in the context of reviewing the investment performance of the Feeder Fund.

The Funds Trust Board also received and considered information regarding the Feeder Fund's net operating expense ratios, which include fees and expenses of the Master Portfolio, and their various components, including actual management fees assessed at the Feeder Fund and Master Portfolio levels, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Funds Trust 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 Feeder Fund (the "Groups"). The Funds Trust 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 Funds Trust Board noted that the net operating expense ratios of the Feeder 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.

With respect to the Master Portfolio, the Master Trust Board reviewed the fee rates payable to Allspring Funds Management for investment advisory services (as discussed below), which are the only fees charged at the Master Portfolio level, relative to a corresponding expense Group.

The Boards took into account the Funds' investment performance and expense information provided to them among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management, advisory, and sub-advisory fee rates*

The Funds Trust Board noted that Allspring Funds Management receives no advisory fees from the Feeder Fund as long as the Feeder Fund continues to invest all (or substantially all) of its assets in a single master portfolio. If the Feeder Fund were to change its investment structure so that it began investing in two or more master portfolios (a fund-of-funds), Allspring Funds Management would be entitled to receive an annual fee of 0.25% of the Feeder Fund's average daily net assets for providing investment advisory services to the Feeder Fund, including allocating the Feeder Fund's assets to the Master Portfolio.

The Funds Trust Board reviewed and considered the contractual fee rates payable by the Feeder Fund to Allspring Funds Management under the Feeder Fund Management Agreement for management services (other than investment advisory services), as well as the contractual fee rates payable by the Feeder 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 trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

Allspring Small Company Value Fund \| 33

------

Other information (unaudited)

The Master Trust Board reviewed and considered the contractual investment advisory fee rate payable by the Master Portfolio to Allspring Funds Management for investment advisory services under the Master Portfolio Advisory Agreement (the "Advisory Agreement Rate"). The Master Trust 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.

Among other information reviewed by the Funds Trust Board was a comparison of the Feeder Fund's Management Rate, which, for this purpose, includes the advisory fees paid at the Master Portfolio level, 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 Funds Trust Board noted that the Management Rates of the Feeder Fund were in range the sum of the average rates for the Feeder Fund's expense Groups for each share class, except that it was higher than the sum of the average rates for the Feeder Fund's expense Group for Institutional Class.

The Master Trust Board reviewed a comparison of the Advisory Agreement Rate of the Master Portfolio with those of other funds in the Master Portfolio's expense Group at a common asset level. The Master Trust Board noted that the Advisory Agreement Rate of the Master Portfolio was in range of the median rate for the Master Portfolio's expense Group.

The Master Trust Board also received and considered information about the portions of the total management fees that were retained by Allspring Funds Management after payment of the fees to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of these amounts, the Master Trust 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 Master Trust Board ascribed limited relevance to the allocation of fees between them.

The Boards 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 Funds. In this regard, the Boards 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 third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Funds Trust Board determined that the compensation payable to Allspring Funds Management under the Feeder Fund Management Agreement was reasonable, and the Master Trust Board determined that the compensation payable to Allspring Funds Management under the Master Portfolio Advisory Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

*Profitability*

The Boards 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 Master Trust Board noted that the Sub-Adviser's profitability information with respect to providing services to the Master Portfolio 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 Boards 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 their review, the Boards did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent the Boards from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Boards received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Funds, 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 shareholders of the Funds. The Boards noted the existence of breakpoints in the Master Portfolio's advisory fee structure and the Feeder Fund's management fee structure, which operate generally to reduce the Funds' expense ratios as the Funds grow in size, and the size of the Master Portfolio and the Feeder Fund, respectively, in relation to such breakpoints. The Boards considered that, in addition to advisory fee and 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 Boards concluded that Allspring Funds Management's arrangements with respect to each Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Funds and their shareholders.

34 \| Allspring Small Company Value Fund

------

Other information (unaudited)

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Boards 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 Funds. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Funds 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 Funds. 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 Boards also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on their consideration of the factors and information they deemed relevant, including those described here, the Boards 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 Funds Trust Board unanimously determined that the compensation payable to Allspring Funds Management was reasonable, and approved the continuation of the Feeder Fund Management Agreement for a one-year term. Additionally, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Master Trust Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser was reasonable, and approved the continuation of the Master Portfolio Advisory Agreement and the Sub-Advisory Agreement, each for a one-year term.

Allspring Small Company Value Fund \| 35

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*This page is intentionally left blank.*

------

![](g14779img41cf49ca1.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**

![](g14779img9cf848e32.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.**

**NCSRS1815 10-25**

------

![](g14779img1697e9411.jpg)

Multi-Asset Funds

---

| |
|:---|
| Spectrum Aggressive Growth Fund |
| Spectrum Conservative Growth Fund |
| Spectrum Growth Fund |
| Spectrum Income Allocation Fund |
| Spectrum Moderate Growth Fund |

---

Long Form Financial Statements

Semi-Annual Report

October 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_POI-PageBlank-74_1)** |  |
| [Spectrum Aggressive Growth Fund](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_POI-PageBlank-74_1) | 2 |
| [Spectrum Conservative Growth Fund](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_POI-PageBlank-74_4) | 5 |
| [Spectrum Growth Fund](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_POI-PageBlank-74_7) | 8 |
| [Spectrum Income Allocation Fund](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_POI-PageBlank-74_10) | 11 |
| [Spectrum Moderate Growth Fund](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_POI-PageBlank-74_13) | 14 |
| **[Item 7. Financial statements and financial highlights](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_FS-PageBlank-74_1)** |  |
| [Statements of assets and liabilities](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_FS-PageBlank-74_1) | 17 |
| [Statements of operations](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_FS-PageBlank-74_3) | 19 |
| [Statements of changes in net assets](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_FS-PageBlank-74_7) | 23 |
| [Financial highlights](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_FIHI-PageBlank-74_1) | 28 |
| [Spectrum Aggressive Growth Fund](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_FIHI-PageBlank-74_1) | 28 |
| [Spectrum Conservative Growth Fund](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_FIHI-PageBlank-74_5) | 32 |
| [Spectrum Growth Fund](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_FIHI-PageBlank-74_8) | 35 |
| [Spectrum Income Allocation Fund](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_FIHI-PageBlank-74_11) | 38 |
| [Spectrum Moderate Growth Fund](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_FIHI-PageBlank-74_14) | 41 |
| **[Notes to financial statements](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_NTF-PageBlank-74_1)** | 44 |
| **[Other information](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_OI-PageBlank-74_1)** | 56 |
| [Item 8. Changes in and disagreements with accountants](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_OI-PageBlank-74_2) | 57 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_OI-PageBlank-74_2) | 57 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_OI-PageBlank-74_2) | 57 |
| [Item 11. Statement regarding basis for board](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_OI-PageBlank-74_3)['](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_OI-PageBlank-74_3)[s approval of investment advisory contract](#xx_ac929860-9f0c-447c-b07f-e5df82549c34_OI-PageBlank-74_3) | 58 |

---

Multi-Asset Funds \| 1

------

Portfolio of investments—October 31, 2025 (unaudited)

Portfolio of investments

Spectrum Aggressive Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Investment companies: 92.95%** |  |  |
| **Affiliated master portfolios: 41.60%** |  |  |
| Allspring Disciplined International Developed Markets Portfolio |  | &nbsp;&nbsp; $51223498 |
| Allspring Disciplined Large Cap Portfolio |  | &nbsp;&nbsp; 163766669 |
| Allspring Small Company Value Portfolio |  | &nbsp;&nbsp; 9689369 |
|  |  | &nbsp;&nbsp; **224679536** |
| **Exchange-traded funds: 37.93%** |  |  |
| Allspring Special Large Value ETF♠† | 1155136 | &nbsp;&nbsp; 31558316 |
| iShares Core MSCI EAFE ETF | 628829 | &nbsp;&nbsp; 55393546 |
| iShares Core MSCI Emerging Markets ETF | 483214 | &nbsp;&nbsp; 32989020 |
| iShares Core S&P 500 ETF | 123981 | &nbsp;&nbsp; 84955502 |
|  |  | &nbsp;&nbsp; **204896384** |
| **Stock funds: 13.42%** |  |  |
| Allspring Disciplined Small Cap Fund Class R6♠ | 757400 | &nbsp;&nbsp; 11694252 |
| Allspring Emerging Growth Fund Class R6♠† | 843759 | &nbsp;&nbsp; 10690424 |
| Allspring Emerging Markets Equity Fund Class R6♠ | 481629 | &nbsp;&nbsp; 17040048 |
| Allspring Large Cap Growth Fund Class R6♠† | 308836 | &nbsp;&nbsp; 16572134 |
| Allspring Premier Large Company Growth Fund Class R6♠† | 1033240 | &nbsp;&nbsp; 16511175 |
|  |  | &nbsp;&nbsp; **72508033** |
| **Total investment companies (Cost $316,188,887)** |  | &nbsp;&nbsp; **502083953** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 5.20%** |  |  |  |  |
| **Investment companies: 5.20%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.06<br> %<br>| 28125659 | &nbsp;&nbsp; **28125659** |
| **Total short-term investments (Cost $28,125,659)** |  |  |  | &nbsp;&nbsp; **28125659** |
| **Total investments in securities (Cost $344,314,546)** | 98.15<br> %<br>|  |  | &nbsp;&nbsp; 530209612 |
| Other assets and liabilities, net | 1.85 |  |  | &nbsp;&nbsp; 9969188 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$540178800** |

---

&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. <br> † Non-income-earning security <br> ∞ The rate represents the 7-day annualized yield at period end.

The accompanying notes are an integral part of these financial statements.

2 \| Multi-Asset Funds

------

Portfolio of investments—October 31, 2025 (unaudited)

Spectrum Aggressive Growth Fund

**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) on <br>affiliated <br>Underlying <br>Funds<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>affiliated <br>Underlying <br>Funds<br>| Value, <br>end of <br>period<br>|
| **Investment companies** |  |  |  |  |  |  |
| Allspring Disciplined Small Cap Fund Class R6 | $13591693 | &nbsp;&nbsp; $135696 | &nbsp;&nbsp; $(5269234)<br>| &nbsp;&nbsp; $550134 | &nbsp;&nbsp; $2685963 | &nbsp;&nbsp; $11694252 |
| Allspring Emerging Growth Fund Class R6† | 9043718 | &nbsp;&nbsp; 809844 | &nbsp;&nbsp; (379980)<br>| &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 1215832 | &nbsp;&nbsp; 10690424 |
| Allspring Emerging Markets Equity Fund Class R6 | 13689721 | &nbsp;&nbsp; 32569 | &nbsp;&nbsp; (487764)<br>| &nbsp;&nbsp; 51812 | &nbsp;&nbsp; 3753710 | &nbsp;&nbsp; 17040048 |
| Allspring Large Cap Growth Fund Class R6† | 13717173 | &nbsp;&nbsp; 31138 | &nbsp;&nbsp; (941912)<br>| &nbsp;&nbsp; (30262)<br>| &nbsp;&nbsp; 3795997 | &nbsp;&nbsp; 16572134 |
| Allspring Premier Large Company Growth Fund Class R6† | 13694934 | &nbsp;&nbsp; 36396 | &nbsp;&nbsp; (1283326)<br>| &nbsp;&nbsp; 21178 | &nbsp;&nbsp; 4041993 | &nbsp;&nbsp; 16511175 |
| Allspring Special Large Value ETF† | 0 | &nbsp;&nbsp; 30421200 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1137116 | &nbsp;&nbsp; 31558316 |
| **Short-term investments** |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select Class | 775000 | &nbsp;&nbsp; 74278236 | &nbsp;&nbsp; (46927577)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 28125659 |
| **Affiliated securities no longer held at end of period** |  |  |  |  |  |  |
| Allspring Special Large Cap Value Fund Class R6 | 18063351 | &nbsp;&nbsp; 164603 | &nbsp;&nbsp; (19666888)<br>| &nbsp;&nbsp; 2721591 | &nbsp;&nbsp; (1282657)<br>| &nbsp;&nbsp; 0 |
|  |  |  |  | &nbsp;&nbsp; **$3315463** | &nbsp;&nbsp; **$15347954** | &nbsp;&nbsp; **$132192008** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Shares, <br>end of <br>period<br>| &nbsp;&nbsp; Dividends from <br>affiliated <br>Underlying Funds<br>| &nbsp;&nbsp; capital gain <br>distributions <br>from affiliated <br>Underlying Funds<br>|
| **Investment companies** |  |  |  |
| Allspring Disciplined Small Cap Fund Class R6 | &nbsp;&nbsp; 757400 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Allspring Emerging Growth Fund Class R6† | &nbsp;&nbsp; 843759 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 766071 |
| Allspring Emerging Markets Equity Fund Class R6 | &nbsp;&nbsp; 481629 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Allspring Large Cap Growth Fund Class R6† | &nbsp;&nbsp; 308836 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Allspring Premier Large Company Growth Fund Class R6† | &nbsp;&nbsp; 1033240 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Allspring Special Large Value ETF† | &nbsp;&nbsp; 1155136 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| **Short-term investments** |  |  |  |
| Allspring Government Money Market Fund Select Class | &nbsp;&nbsp; 28125659 | &nbsp;&nbsp; 514182 | &nbsp;&nbsp; 0 |
| **Affiliated securities no longer held at end of period** |  |  |  |
| Allspring Special Large Cap Value Fund Class R6 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; **$514182** | &nbsp;&nbsp; **$766071** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† Non-income-earning security

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds \| 3

------

Portfolio of investments—October 31, 2025 (unaudited)

Spectrum Aggressive Growth Fund

Transactions with the affiliated Master Portfolios were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | % of <br>ownership, <br>beginning <br>of period<br>| % of <br>ownership, <br>end of <br>period<br>| Net realized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Dividends <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Interest <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Affiliated <br>Income <br>Allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Value, <br>end of <br>period<br>|
| Allspring Disciplined International <br> Developed Markets Portfolio<br>| 17.70<br> %<br>| 18.53<br> %<br>| &nbsp;&nbsp; $878407 | &nbsp;&nbsp; $4260064 | &nbsp;&nbsp; $715698 | &nbsp;&nbsp; $2393 | &nbsp;&nbsp; $18206 | &nbsp;&nbsp; $51223498 |
| Allspring Disciplined Large Cap <br> Portfolio<br>| 47.31 | 47.46 | &nbsp;&nbsp; 5191130 | &nbsp;&nbsp; 25646320 | &nbsp;&nbsp; 873382 | &nbsp;&nbsp; 11025 | &nbsp;&nbsp; 57177 | &nbsp;&nbsp; 163766669 |
| Allspring Small Company Value <br> Portfolio<br>| 1.50 | 1.56 | &nbsp;&nbsp; 520811 | &nbsp;&nbsp; 285757 | &nbsp;&nbsp; 79434 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 1916 | &nbsp;&nbsp; 9689369 |
|  |  |  | &nbsp;&nbsp; **$6590348** | &nbsp;&nbsp; **$30192141** | &nbsp;&nbsp; **$1668514** | &nbsp;&nbsp; **$13453** | &nbsp;&nbsp; **$77299** | &nbsp;&nbsp; **$224679536** |

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| TOPIX Index | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 12-11-2025 | &nbsp;&nbsp; $9975294 | &nbsp;&nbsp; $10816949 | &nbsp;&nbsp; $841655 | &nbsp;&nbsp; $0 |
| Japanese Yen Futures | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 15922785 | &nbsp;&nbsp; 15069406 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (853379)<br>|
| Swiss Franc Futures | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 23559349 | &nbsp;&nbsp; 23106500 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (452849)<br>|
| E-Mini NASDAQ 100 Index | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 31661380 | &nbsp;&nbsp; 33805200 | &nbsp;&nbsp; 2143820 | &nbsp;&nbsp; 0 |
| E-Mini S&P 500 Index | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 36230898 | &nbsp;&nbsp; 37463300 | &nbsp;&nbsp; 1232402 | &nbsp;&nbsp; 0 |
| E-Mini Utilities Select Sector Futures | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 16166450 | &nbsp;&nbsp; 15875200 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (291250)<br>|
| MSCI Emerging Markets Index | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 20946139 | &nbsp;&nbsp; 21817800 | &nbsp;&nbsp; 871661 | &nbsp;&nbsp; 0 |
| Ultra 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 887 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 103173521 | &nbsp;&nbsp; 102434641 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (738880)<br>|
| **Short** |  |  |  |  |  |  |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; (130)<br>| &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; (15758013)<br>| &nbsp;&nbsp; (15766563)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (8550)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$5089538** | &nbsp;&nbsp; **$(2344908)**<br>|

---

The accompanying notes are an integral part of these financial statements.

4 \| Multi-Asset Funds

------

Portfolio of investments—October 31, 2025 (unaudited)

Spectrum Conservative Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Investment companies: 92.09%** |  |  |
| **Affiliated master portfolios: 32.31%** |  |  |
| Allspring Disciplined International Developed Markets Portfolio |  | &nbsp;&nbsp; $8240659 |
| Allspring Disciplined Large Cap Portfolio |  | &nbsp;&nbsp; 30495323 |
| Allspring Real Return Portfolio |  | &nbsp;&nbsp; 24915101 |
| Allspring Small Company Value Portfolio |  | &nbsp;&nbsp; 1198125 |
|  |  | &nbsp;&nbsp; **64849208** |
| **Alternative investment funds: 3.70%** |  |  |
| Allspring Alternative Risk Premia Fund Class R6♠ | 869090 | &nbsp;&nbsp; **7422028** |
| **Bond funds: 4.97%** |  |  |
| Allspring High Yield Bond Fund Institutional Class♠ | 3271911 | &nbsp;&nbsp; **9979328** |
| **Exchange-traded funds: 41.16%** |  |  |
| Allspring Broad Market Core Bond ETF♠ | 537095 | &nbsp;&nbsp; 13590867 |
| Allspring Core Plus ETF♠ | 386841 | &nbsp;&nbsp; 9767735 |
| Allspring Income Plus ETF♠ | 840055 | &nbsp;&nbsp; 21343445 |
| Allspring Special Large Value ETF♠† | 149356 | &nbsp;&nbsp; 4080406 |
| iShares Core MSCI EAFE ETF | 115192 | &nbsp;&nbsp; 10147438 |
| iShares Core MSCI Emerging Markets ETF | 96391 | &nbsp;&nbsp; 6580614 |
| iShares Core S&P 500 ETF | 14546 | &nbsp;&nbsp; 9967356 |
| iShares Core U.S. Aggregate Bond ETF | 71152 | &nbsp;&nbsp; 7153622 |
|  |  | &nbsp;&nbsp; **82631483** |
| **Multi-asset funds: 4.86%** |  |  |
| Allspring Diversified Income Builder Fund Class R6♠ | 1529913 | &nbsp;&nbsp; **9760847** |
| **Stock funds: 5.09%** |  |  |
| Allspring Disciplined Small Cap Fund Class R6♠ | 146841 | &nbsp;&nbsp; 2267219 |
| Allspring Emerging Growth Fund Class R6♠† | 101212 | &nbsp;&nbsp; 1282354 |
| Allspring Emerging Markets Equity Fund Class R6♠ | 63983 | &nbsp;&nbsp; 2263706 |
| Allspring Large Cap Growth Fund Class R6♠† | 41141 | &nbsp;&nbsp; 2207614 |
| Allspring Premier Large Company Growth Fund Class R6♠† | 137493 | &nbsp;&nbsp; 2197131 |
|  |  | &nbsp;&nbsp; **10218024** |
| **Total investment companies (Cost $160,655,828)** |  | &nbsp;&nbsp; **184860918** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 6.10%** |  |  |  |  |
| **Investment companies: 6.10%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.06<br> %<br>| 12236177 | &nbsp;&nbsp; **12236177** |
| **Total short-term investments (Cost $12,236,177)** |  |  |  | &nbsp;&nbsp; **12236177** |
| **Total investments in securities (Cost $172,892,005)** | 98.19<br> %<br>|  |  | &nbsp;&nbsp; 197097095 |
| Other assets and liabilities, net | 1.81 |  |  | &nbsp;&nbsp; 3636955 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$200734050** |

---

&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. <br> † Non-income-earning security <br> ∞ The rate represents the 7-day annualized yield at period end.

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds \| 5

------

Portfolio of investments—October 31, 2025 (unaudited)

Spectrum Conservative Growth Fund

**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) on <br>affiliated <br>Underlying <br>Funds<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>affiliated <br>Underlying <br>Funds<br>| Value, <br>end of <br>period<br>|
| **Investment companies** |  |  |  |  |  |  |
| Allspring Alternative Risk Premia Fund Class R6 | $6979744 | &nbsp;&nbsp; $16968 | &nbsp;&nbsp; $(35362)<br>| &nbsp;&nbsp; $(4720)<br>| &nbsp;&nbsp; $465398 | &nbsp;&nbsp; $7422028 |
| Allspring Broad Market Core Bond ETF | 13346440 | &nbsp;&nbsp; 160042 | &nbsp;&nbsp; (101334)<br>| &nbsp;&nbsp; (228)<br>| &nbsp;&nbsp; 185947 | &nbsp;&nbsp; 13590867 |
| Allspring Core Plus ETF | 9584698 | &nbsp;&nbsp; 92603 | &nbsp;&nbsp; (79993)<br>| &nbsp;&nbsp; (47)<br>| &nbsp;&nbsp; 170474 | &nbsp;&nbsp; 9767735 |
| Allspring Disciplined Small Cap Fund Class R6 | 1924882 | &nbsp;&nbsp; 502 | &nbsp;&nbsp; (193321)<br>| &nbsp;&nbsp; 10669 | &nbsp;&nbsp; 524487 | &nbsp;&nbsp; 2267219 |
| Allspring Diversified Income Builder Fund Class R6 | 9081454 | &nbsp;&nbsp; 269486 | &nbsp;&nbsp; (377428)<br>| &nbsp;&nbsp; 5747 | &nbsp;&nbsp; 781588 | &nbsp;&nbsp; 9760847 |
| Allspring Emerging Growth Fund Class R6† | 1152559 | &nbsp;&nbsp; 91921 | &nbsp;&nbsp; (111893)<br>| &nbsp;&nbsp; (45)<br>| &nbsp;&nbsp; 149812 | &nbsp;&nbsp; 1282354 |
| Allspring Emerging Markets Equity Fund Class R6 | 1558920 | &nbsp;&nbsp; 390473 | &nbsp;&nbsp; (156111)<br>| &nbsp;&nbsp; 45344 | &nbsp;&nbsp; 425080 | &nbsp;&nbsp; 2263706 |
| Allspring High Yield Bond Fund Institutional Class | 13480179 | &nbsp;&nbsp; 407377 | &nbsp;&nbsp; (4219065)<br>| &nbsp;&nbsp; 86514 | &nbsp;&nbsp; 224323 | &nbsp;&nbsp; 9979328 |
| Allspring Income Plus ETF | 22088509 | &nbsp;&nbsp; 23920 | &nbsp;&nbsp; (1238684)<br>| &nbsp;&nbsp; 8767 | &nbsp;&nbsp; 460933 | &nbsp;&nbsp; 21343445 |
| Allspring Large Cap Growth Fund Class R6† | 1941945 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; (244227)<br>| &nbsp;&nbsp; 14934 | &nbsp;&nbsp; 494954 | &nbsp;&nbsp; 2207614 |
| Allspring Premier Large Company Growth Fund Class R6† | 1937854 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; (291578)<br>| &nbsp;&nbsp; 19322 | &nbsp;&nbsp; 531513 | &nbsp;&nbsp; 2197131 |
| Allspring Special Large Value ETF† | 0 | &nbsp;&nbsp; 3933380 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 147026 | &nbsp;&nbsp; 4080406 |
| **Short-term investments** |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select Class | 400000 | &nbsp;&nbsp; 30193522 | &nbsp;&nbsp; (18357345)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 12236177 |
| **Affiliated securities no longer held at end of period** |  |  |  |  |  |  |
| Allspring Special Large Cap Value Fund Class R6 | 2323249 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (2501187)<br>| &nbsp;&nbsp; 330043 | &nbsp;&nbsp; (152105)<br>| &nbsp;&nbsp; 0 |
|  |  |  |  | &nbsp;&nbsp; **$516300** | &nbsp;&nbsp; **$4409430** | &nbsp;&nbsp; **$98398857** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Shares, <br>end of <br>period<br>| &nbsp;&nbsp; Dividends from <br>affiliated <br>Underlying Funds<br>| &nbsp;&nbsp; capital gain <br>distributions <br>from affiliated <br>Underlying Funds<br>|
| **Investment companies** |  |  |  |
| Allspring Alternative Risk Premia Fund Class R6 | &nbsp;&nbsp; 869090 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Allspring Broad Market Core Bond ETF | &nbsp;&nbsp; 537095 | &nbsp;&nbsp; 327744 | &nbsp;&nbsp; 0 |
| Allspring Core Plus ETF | &nbsp;&nbsp; 386841 | &nbsp;&nbsp; 226486 | &nbsp;&nbsp; 0 |
| Allspring Disciplined Small Cap Fund Class R6 | &nbsp;&nbsp; 146841 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Allspring Diversified Income Builder Fund Class R6 | &nbsp;&nbsp; 1529913 | &nbsp;&nbsp; 269486 | &nbsp;&nbsp; 0 |
| Allspring Emerging Growth Fund Class R6† | &nbsp;&nbsp; 101212 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 91893 |
| Allspring Emerging Markets Equity Fund Class R6 | &nbsp;&nbsp; 63983 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Allspring High Yield Bond Fund Institutional Class | &nbsp;&nbsp; 3271911 | &nbsp;&nbsp; 403921 | &nbsp;&nbsp; 0 |
| Allspring Income Plus ETF | &nbsp;&nbsp; 840055 | &nbsp;&nbsp; 517306 | &nbsp;&nbsp; 0 |
| Allspring Large Cap Growth Fund Class R6† | &nbsp;&nbsp; 41141 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Allspring Premier Large Company Growth Fund Class R6† | &nbsp;&nbsp; 137493 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Allspring Special Large Value ETF† | &nbsp;&nbsp; 149356 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| **Short-term investments** |  |  |  |
| Allspring Government Money Market Fund Select Class | &nbsp;&nbsp; 12236177 | &nbsp;&nbsp; 208866 | &nbsp;&nbsp; 0 |
| **Affiliated securities no longer held at end of period** |  |  |  |
| Allspring Special Large Cap Value Fund Class R6 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; **$1953809** | &nbsp;&nbsp; **$91893** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† Non-income-earning security

The accompanying notes are an integral part of these financial statements.

6 \| Multi-Asset Funds

------

Portfolio of investments—October 31, 2025 (unaudited)

Spectrum Conservative Growth Fund

Transactions with the affiliated Master Portfolios were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | % of <br>ownership, <br>beginning <br>of period<br>| % of <br>ownership, <br>end of <br>period<br>| Net realized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Interest <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Dividends <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Affiliated <br>Income <br>Allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Value, <br>end of <br>period<br>|
| Allspring Core Bond Portfolio | 0.36<br> %<br>| 0.00<br> %<br>| &nbsp;&nbsp; $(24974)<br>| &nbsp;&nbsp; $484068 | &nbsp;&nbsp; $135196 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $3591 | &nbsp;&nbsp; $0 |
| Allspring Disciplined International <br> Developed Markets Portfolio<br>| 2.34 | 2.98 | &nbsp;&nbsp; 132665 | &nbsp;&nbsp; 621199 | &nbsp;&nbsp; 351 | &nbsp;&nbsp; 105037 | &nbsp;&nbsp; 2759 | &nbsp;&nbsp; 8240659 |
| Allspring Disciplined Large Cap <br> Portfolio<br>| 6.30 | 8.84 | &nbsp;&nbsp; 870175 | &nbsp;&nbsp; 3690020 | &nbsp;&nbsp; 1791 | &nbsp;&nbsp; 143652 | &nbsp;&nbsp; 9701 | &nbsp;&nbsp; 30495323 |
| Allspring Real Return Portfolio | 8.12 | 7.42 | &nbsp;&nbsp; 4250 | &nbsp;&nbsp; 1628067 | &nbsp;&nbsp; 205546 | &nbsp;&nbsp; 59362 | &nbsp;&nbsp; 126842 | &nbsp;&nbsp; 24915101 |
| Allspring Small Company Value <br> Portfolio<br>| 0.19 | 0.19 | &nbsp;&nbsp; 64539 | &nbsp;&nbsp; 53547 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 9793 | &nbsp;&nbsp; 236 | &nbsp;&nbsp; 1198125 |
|  |  |  | &nbsp;&nbsp; **$1046655** | &nbsp;&nbsp; **$6476901** | &nbsp;&nbsp; **$342888** | &nbsp;&nbsp; **$317844** | &nbsp;&nbsp; **$143129** | &nbsp;&nbsp; **$64849208** |

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| TOPIX Index | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 12-11-2025 | &nbsp;&nbsp; $3790612 | &nbsp;&nbsp; $4110441 | &nbsp;&nbsp; $319829 | &nbsp;&nbsp; $0 |
| Japanese Yen Futures | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 6024517 | &nbsp;&nbsp; 5701937 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (322580)<br>|
| Swiss Franc Futures | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 9073533 | &nbsp;&nbsp; 8899125 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (174408)<br>|
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 23665578 | &nbsp;&nbsp; 23548422 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (117156)<br>|
| E-Mini NASDAQ 100 Index | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 5845178 | &nbsp;&nbsp; 6240960 | &nbsp;&nbsp; 395782 | &nbsp;&nbsp; 0 |
| E-Mini S&P 500 Index | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 8307149 | &nbsp;&nbsp; 8592500 | &nbsp;&nbsp; 285351 | &nbsp;&nbsp; 0 |
| E-Mini Utilities Select Sector Futures | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 6062419 | &nbsp;&nbsp; 5953200 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (109219)<br>|
| MSCI Emerging Markets Index | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 3932293 | &nbsp;&nbsp; 4082040 | &nbsp;&nbsp; 149747 | &nbsp;&nbsp; 0 |
| U.S. Long Term Bond | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 1039305 | &nbsp;&nbsp; 1055812 | &nbsp;&nbsp; 16507 | &nbsp;&nbsp; 0 |
| Ultra 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 47113171 | &nbsp;&nbsp; 46771172 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (341999)<br>|
| 5-Year U.S. Treasury Notes | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; 3061292 | &nbsp;&nbsp; 3057906 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (3386)<br>|
| **Short** |  |  |  |  |  |  |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; (41)<br>| &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; (4969834)<br>| &nbsp;&nbsp; (4972531)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (2697)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$1167216** | &nbsp;&nbsp; **$(1071445)**<br>|

---

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds \| 7

------

Portfolio of investments—October 31, 2025 (unaudited)

Spectrum Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Investment companies: 96.19%** |  |  |
| **Affiliated master portfolios: 37.41%** |  |  |
| Allspring Disciplined International Developed Markets Portfolio |  | &nbsp;&nbsp; $12078025 |
| Allspring Disciplined Large Cap Portfolio |  | &nbsp;&nbsp; 38561055 |
| Allspring Real Return Portfolio |  | &nbsp;&nbsp; 23596785 |
| Allspring Small Company Value Portfolio |  | &nbsp;&nbsp; 1989512 |
|  |  | &nbsp;&nbsp; **76225377** |
| **Alternative investment funds: 2.33%** |  |  |
| Allspring Alternative Risk Premia Fund Class R6♠ | 555914 | &nbsp;&nbsp; **4747507** |
| **Bond funds: 2.92%** |  |  |
| Allspring High Yield Bond Fund Institutional Class♠ | 1950731 | &nbsp;&nbsp; **5949728** |
| **Exchange-traded funds: 39.49%** |  |  |
| Allspring Broad Market Core Bond ETF♠ | 301140 | &nbsp;&nbsp; 7620167 |
| Allspring Core Plus ETF♠ | 301501 | &nbsp;&nbsp; 7612900 |
| Allspring Income Plus ETF♠ | 298290 | &nbsp;&nbsp; 7578714 |
| Allspring Special Large Value ETF♠† | 297478 | &nbsp;&nbsp; 8127099 |
| iShares Core MSCI EAFE ETF | 157219 | &nbsp;&nbsp; 13849512 |
| iShares Core MSCI Emerging Markets ETF | 126407 | &nbsp;&nbsp; 8629806 |
| iShares Core S&P 500 ETF | 37191 | &nbsp;&nbsp; 25484389 |
| iShares Core U.S. Aggregate Bond ETF | 15592 | &nbsp;&nbsp; 1567619 |
|  |  | &nbsp;&nbsp; **80470206** |
| **Multi-asset funds: 5.70%** |  |  |
| Allspring Diversified Income Builder Fund Class R6♠ | 1819771 | &nbsp;&nbsp; **11610138** |
| **Stock funds: 8.34%** |  |  |
| Allspring Disciplined Small Cap Fund Class R6♠ | 151611 | &nbsp;&nbsp; 2340873 |
| Allspring Emerging Growth Fund Class R6♠† | 168090 | &nbsp;&nbsp; 2129694 |
| Allspring Emerging Markets Equity Fund Class R6♠ | 120721 | &nbsp;&nbsp; 4271103 |
| Allspring Large Cap Growth Fund Class R6♠† | 77017 | &nbsp;&nbsp; 4132742 |
| Allspring Premier Large Company Growth Fund Class R6♠† | 258533 | &nbsp;&nbsp; 4131354 |
|  |  | &nbsp;&nbsp; **17005766** |
| **Total investment companies (Cost $150,557,208)** |  | &nbsp;&nbsp; **196008722** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 1.96%** |  |  |  |  |
| **Investment companies: 1.96%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.06<br> %<br>| 4002310 | &nbsp;&nbsp; **4002310** |
| **Total short-term investments (Cost $4,002,310)** |  |  |  | &nbsp;&nbsp; **4002310** |
| **Total investments in securities (Cost $154,559,518)** | 98.15<br> %<br>|  |  | &nbsp;&nbsp; 200011032 |
| Other assets and liabilities, net | 1.85 |  |  | &nbsp;&nbsp; 3771504 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$203782536** |

---

&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. <br> † Non-income-earning security <br> ∞ The rate represents the 7-day annualized yield at period end.

The accompanying notes are an integral part of these financial statements.

8 \| Multi-Asset Funds

------

Portfolio of investments—October 31, 2025 (unaudited)

Spectrum Growth Fund

**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) on <br>affiliated <br>Underlying <br>Funds<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>affiliated <br>Underlying <br>Funds<br>| Value, <br>end of <br>period<br>|
| **Investment companies** |  |  |  |  |  |  |
| Allspring Alternative Risk Premia Fund Class R6 | $4469208 | &nbsp;&nbsp; $5554 | &nbsp;&nbsp; $(21815)<br>| &nbsp;&nbsp; $(3108)<br>| &nbsp;&nbsp; $297668 | &nbsp;&nbsp; $4747507 |
| Allspring Broad Market Core Bond ETF | 4075061 | &nbsp;&nbsp; 3467319 | &nbsp;&nbsp; (25122)<br>| &nbsp;&nbsp; (199)<br>| &nbsp;&nbsp; 103108 | &nbsp;&nbsp; 7620167 |
| Allspring Core Plus ETF | 3625758 | &nbsp;&nbsp; 3893142 | &nbsp;&nbsp; (29584)<br>| &nbsp;&nbsp; (162)<br>| &nbsp;&nbsp; 123746 | &nbsp;&nbsp; 7612900 |
| Allspring Disciplined Small Cap Fund Class R6 | 3676672 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (2089573)<br>| &nbsp;&nbsp; 223203 | &nbsp;&nbsp; 530571 | &nbsp;&nbsp; 2340873 |
| Allspring Diversified Income Builder Fund Class R6 | 10459035 | &nbsp;&nbsp; 319162 | &nbsp;&nbsp; (100053)<br>| &nbsp;&nbsp; 892 | &nbsp;&nbsp; 931102 | &nbsp;&nbsp; 11610138 |
| Allspring Emerging Growth Fund Class R6† | 2206318 | &nbsp;&nbsp; 152613 | &nbsp;&nbsp; (511220)<br>| &nbsp;&nbsp; 15994 | &nbsp;&nbsp; 265989 | &nbsp;&nbsp; 2129694 |
| Allspring Emerging Markets Equity Fund Class R6 | 3527359 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (213571)<br>| &nbsp;&nbsp; 27297 | &nbsp;&nbsp; 930018 | &nbsp;&nbsp; 4271103 |
| Allspring High Yield Bond Fund Institutional Class | 13861812 | &nbsp;&nbsp; 467499 | &nbsp;&nbsp; (8706348)<br>| &nbsp;&nbsp; 300075 | &nbsp;&nbsp; 26690 | &nbsp;&nbsp; 5949728 |
| Allspring Income Plus ETF | 3816804 | &nbsp;&nbsp; 3651793 | &nbsp;&nbsp; (17459)<br>| &nbsp;&nbsp; (54)<br>| &nbsp;&nbsp; 127630 | &nbsp;&nbsp; 7578714 |
| Allspring Large Cap Growth Fund Class R6† | 3530134 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (342844)<br>| &nbsp;&nbsp; (2106)<br>| &nbsp;&nbsp; 947558 | &nbsp;&nbsp; 4132742 |
| Allspring Premier Large Company Growth Fund Class R6† | 3524938 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (416413)<br>| &nbsp;&nbsp; 2010 | &nbsp;&nbsp; 1020819 | &nbsp;&nbsp; 4131354 |
| Allspring Special Large Value ETF† | 0 | &nbsp;&nbsp; 7834262 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 292837 | &nbsp;&nbsp; 8127099 |
| **Short-term investments** |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select Class | 200000 | &nbsp;&nbsp; 21408675 | &nbsp;&nbsp; (17606365)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 4002310 |
| **Affiliated securities no longer held at end of period** |  |  |  |  |  |  |
| Allspring Special Large Cap Value Fund Class R6 | 4620407 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (4979739)<br>| &nbsp;&nbsp; 621827 | &nbsp;&nbsp; (262495)<br>| &nbsp;&nbsp; 0 |
|  |  |  |  | &nbsp;&nbsp; **$1185669** | &nbsp;&nbsp; **$5335241** | &nbsp;&nbsp; **$74254329** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Shares, <br>end of <br>period<br>| &nbsp;&nbsp; Dividends from <br>affiliated <br>Underlying Funds<br>| &nbsp;&nbsp; capital gain <br>distributions <br>from affiliated <br>Underlying Funds<br>|
| **Investment companies** |  |  |  |
| Allspring Alternative Risk Premia Fund Class R6 | &nbsp;&nbsp; 555914 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Allspring Broad Market Core Bond ETF | &nbsp;&nbsp; 301140 | &nbsp;&nbsp; 157231 | &nbsp;&nbsp; 0 |
| Allspring Core Plus ETF | &nbsp;&nbsp; 301501 | &nbsp;&nbsp; 148323 | &nbsp;&nbsp; 0 |
| Allspring Disciplined Small Cap Fund Class R6 | &nbsp;&nbsp; 151611 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Allspring Diversified Income Builder Fund Class R6 | &nbsp;&nbsp; 1819771 | &nbsp;&nbsp; 319162 | &nbsp;&nbsp; 0 |
| Allspring Emerging Growth Fund Class R6† | &nbsp;&nbsp; 168090 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 152613 |
| Allspring Emerging Markets Equity Fund Class R6 | &nbsp;&nbsp; 120721 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Allspring High Yield Bond Fund Institutional Class | &nbsp;&nbsp; 1950731 | &nbsp;&nbsp; 342618 | &nbsp;&nbsp; 0 |
| Allspring Income Plus ETF | &nbsp;&nbsp; 298290 | &nbsp;&nbsp; 157187 | &nbsp;&nbsp; 0 |
| Allspring Large Cap Growth Fund Class R6† | &nbsp;&nbsp; 77017 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Allspring Premier Large Company Growth Fund Class R6† | &nbsp;&nbsp; 258533 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Allspring Special Large Value ETF† | &nbsp;&nbsp; 297478 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| **Short-term investments** |  |  |  |
| Allspring Government Money Market Fund Select Class | &nbsp;&nbsp; 4002310 | &nbsp;&nbsp; 122873 | &nbsp;&nbsp; 0 |
| **Affiliated securities no longer held at end of period** |  |  |  |
| Allspring Special Large Cap Value Fund Class R6 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; **$1247394** | &nbsp;&nbsp; **$152613** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† Non-income-earning security

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds \| 9

------

Portfolio of investments—October 31, 2025 (unaudited)

Spectrum Growth Fund

Transactions with the affiliated Master Portfolios were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | % of <br>ownership, <br>beginning <br>of period<br>| % of <br>ownership, <br>end of <br>period<br>| Net realized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Dividends <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Interest <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Affiliated <br>Income <br>Allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Value, <br>end of <br>period<br>|
| Allspring Core Bond Portfolio | 0.08<br> %<br>| 0.00<br> %<br>| &nbsp;&nbsp; $(6050)<br>| &nbsp;&nbsp; $21445 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $31153 | &nbsp;&nbsp; $823 | &nbsp;&nbsp; $0 |
| Allspring Disciplined International <br> Developed Markets Portfolio<br>| 4.31 | 4.37 | &nbsp;&nbsp; 207434 | &nbsp;&nbsp; 1106350 | &nbsp;&nbsp; 169735 | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 4302 | &nbsp;&nbsp; 12078025 |
| Allspring Disciplined Large Cap <br> Portfolio<br>| 11.40 | 11.17 | &nbsp;&nbsp; 1221700 | &nbsp;&nbsp; 5888517 | &nbsp;&nbsp; 205448 | &nbsp;&nbsp; 2599 | &nbsp;&nbsp; 13452 | &nbsp;&nbsp; 38561055 |
| Allspring Real Return Portfolio | 7.44 | 7.03 | &nbsp;&nbsp; 10505 | &nbsp;&nbsp; 1592287 | &nbsp;&nbsp; 55946 | &nbsp;&nbsp; 193839 | &nbsp;&nbsp; 119686 | &nbsp;&nbsp; 23596785 |
| Allspring Small Company Value <br> Portfolio<br>| 0.37 | 0.32 | &nbsp;&nbsp; 105010 | &nbsp;&nbsp; 116372 | &nbsp;&nbsp; 17150 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 1989512 |
|  |  |  | &nbsp;&nbsp; **$1538599** | &nbsp;&nbsp; **$8724971** | &nbsp;&nbsp; **$448279** | &nbsp;&nbsp; **$228165** | &nbsp;&nbsp; **$138675** | &nbsp;&nbsp; **$76225377** |

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| TOPIX Index | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 12-11-2025 | &nbsp;&nbsp; $3790612 | &nbsp;&nbsp; $4110441 | &nbsp;&nbsp; $319829 | &nbsp;&nbsp; $0 |
| Japanese Yen Futures | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 6110889 | &nbsp;&nbsp; 5783394 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (327495)<br>|
| Swiss Franc Futures | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 9073533 | &nbsp;&nbsp; 8899125 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (174408)<br>|
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 16986122 | &nbsp;&nbsp; 16900781 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (85341)<br>|
| E-Mini NASDAQ 100 Index | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 12177454 | &nbsp;&nbsp; 13002000 | &nbsp;&nbsp; 824546 | &nbsp;&nbsp; 0 |
| E-Mini S&P 500 Index | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 4656614 | &nbsp;&nbsp; 4811800 | &nbsp;&nbsp; 155186 | &nbsp;&nbsp; 0 |
| E-Mini Utilities Select Sector Futures | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 6154274 | &nbsp;&nbsp; 6043400 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (110874)<br>|
| MSCI Emerging Markets Index | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 7971707 | &nbsp;&nbsp; 8304840 | &nbsp;&nbsp; 333133 | &nbsp;&nbsp; 0 |
| U.S. Long Term Bond | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 579388 | &nbsp;&nbsp; 586562 | &nbsp;&nbsp; 7174 | &nbsp;&nbsp; 0 |
| Ultra 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 333 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 38733079 | &nbsp;&nbsp; 38456297 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (276782)<br>|
| 5-Year U.S. Treasury Notes | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; 1748159 | &nbsp;&nbsp; 1747375 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (784)<br>|
| **Short** |  |  |  |  |  |  |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; (46)<br>| &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; (5574194)<br>| &nbsp;&nbsp; (5578938)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (4744)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$1639868** | &nbsp;&nbsp; **$(980428)**<br>|

---

The accompanying notes are an integral part of these financial statements.

10 \| Multi-Asset Funds

------

Portfolio of investments—October 31, 2025 (unaudited)

Spectrum Income Allocation Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Investment companies: 90.98%** |  |  |
| **Affiliated master portfolios: 28.82%** |  |  |
| Allspring Core Bond Portfolio |  | &nbsp;&nbsp; $8717874 |
| Allspring Disciplined International Developed Markets Portfolio |  | &nbsp;&nbsp; 1885806 |
| Allspring Disciplined Large Cap Portfolio |  | &nbsp;&nbsp; 4006622 |
| Allspring Real Return Portfolio |  | &nbsp;&nbsp; 10922608 |
|  |  | &nbsp;&nbsp; **25532910** |
| **Alternative investment funds: 3.34%** |  |  |
| Allspring Alternative Risk Premia Fund Class R6♠ | 346017 | &nbsp;&nbsp; **2954986** |
| **Bond funds: 6.15%** |  |  |
| Allspring High Yield Bond Fund Institutional Class♠ | 1787974 | &nbsp;&nbsp; **5453320** |
| **Exchange-traded funds: 43.65%** |  |  |
| Allspring Broad Market Core Bond ETF♠ | 388961 | &nbsp;&nbsp; 9842425 |
| Allspring Core Plus ETF♠ | 353710 | &nbsp;&nbsp; 8931178 |
| Allspring Income Plus ETF♠ | 349513 | &nbsp;&nbsp; 8880147 |
| Allspring Special Large Value ETF♠† | 34116 | &nbsp;&nbsp; 932049 |
| iShares Core MSCI EAFE ETF | 31668 | &nbsp;&nbsp; 2789634 |
| iShares Core MSCI Emerging Markets ETF | 14732 | &nbsp;&nbsp; 1005753 |
| iShares Core S&P 500 ETF | 1466 | &nbsp;&nbsp; 1005235 |
| iShares Core U.S. Aggregate Bond ETF | 52590 | &nbsp;&nbsp; 5287398 |
|  |  | &nbsp;&nbsp; **38673819** |
| **Multi-asset funds: 4.49%** |  |  |
| Allspring Diversified Income Builder Fund Class R6♠ | 623139 | &nbsp;&nbsp; **3975624** |
| **Stock funds: 4.53%** |  |  |
| Allspring Disciplined Small Cap Fund Class R6♠ | 66436 | &nbsp;&nbsp; 1025771 |
| Allspring Emerging Markets Equity Fund Class R6♠ | 28790 | &nbsp;&nbsp; 1018607 |
| Allspring Large Cap Growth Fund Class R6♠† | 18360 | &nbsp;&nbsp; 985209 |
| Allspring Premier Large Company Growth Fund Class R6♠† | 61513 | &nbsp;&nbsp; 982983 |
|  |  | &nbsp;&nbsp; **4012570** |
| **Total investment companies (Cost $77,246,049)** |  | &nbsp;&nbsp; **80603229** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 7.06%** |  |  |  |  |
| **Investment companies: 7.06%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.06<br> %<br>| 6257222 | &nbsp;&nbsp; **6257222** |
| **Total short-term investments (Cost $6,257,222)** |  |  |  | &nbsp;&nbsp; **6257222** |
| **Total investments in securities (Cost $83,503,271)** | 98.04<br> %<br>|  |  | &nbsp;&nbsp; 86860451 |
| Other assets and liabilities, net | 1.96 |  |  | &nbsp;&nbsp; 1734248 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$88594699** |

---

&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. <br> † Non-income-earning security <br> ∞ The rate represents the 7-day annualized yield at period end.

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds \| 11

------

Portfolio of investments—October 31, 2025 (unaudited)

Spectrum Income Allocation Fund

**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) on <br>affiliated <br>Underlying <br>Funds<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>affiliated <br>Underlying <br>Funds<br>| Value, <br>end of <br>period<br>|
| **Investment companies** |  |  |  |  |  |  |
| Allspring Alternative Risk Premia Fund Class R6 | $2794586 | &nbsp;&nbsp; $52641 | &nbsp;&nbsp; $(75439)<br>| &nbsp;&nbsp; $(3210)<br>| &nbsp;&nbsp; $186408 | &nbsp;&nbsp; $2954986 |
| Allspring Broad Market Core Bond ETF | 10251438 | &nbsp;&nbsp; 130444 | &nbsp;&nbsp; (672380)<br>| &nbsp;&nbsp; 8901 | &nbsp;&nbsp; 124022 | &nbsp;&nbsp; 9842425 |
| Allspring Core Plus ETF | 8868856 | &nbsp;&nbsp; 108102 | &nbsp;&nbsp; (200620)<br>| &nbsp;&nbsp; 378 | &nbsp;&nbsp; 154462 | &nbsp;&nbsp; 8931178 |
| Allspring Disciplined Small Cap Fund Class R6 | 265703 | &nbsp;&nbsp; 625723 | &nbsp;&nbsp; (37885)<br>| &nbsp;&nbsp; 1969 | &nbsp;&nbsp; 170261 | &nbsp;&nbsp; 1025771 |
| Allspring Diversified Income Builder Fund Class R6 | 3735585 | &nbsp;&nbsp; 190566 | &nbsp;&nbsp; (272001)<br>| &nbsp;&nbsp; 3319 | &nbsp;&nbsp; 318155 | &nbsp;&nbsp; 3975624 |
| Allspring Emerging Markets Equity Fund Class R6 | 268985 | &nbsp;&nbsp; 618083 | &nbsp;&nbsp; (33257)<br>| &nbsp;&nbsp; 12473 | &nbsp;&nbsp; 152323 | &nbsp;&nbsp; 1018607 |
| Allspring High Yield Bond Fund Institutional Class | 5696420 | &nbsp;&nbsp; 284148 | &nbsp;&nbsp; (657612)<br>| &nbsp;&nbsp; (2002)<br>| &nbsp;&nbsp; 132366 | &nbsp;&nbsp; 5453320 |
| Allspring Income Plus ETF | 8858705 | &nbsp;&nbsp; 105015 | &nbsp;&nbsp; (275387)<br>| &nbsp;&nbsp; (458)<br>| &nbsp;&nbsp; 192272 | &nbsp;&nbsp; 8880147 |
| Allspring Large Cap Growth Fund Class R6† | 268059 | &nbsp;&nbsp; 617330 | &nbsp;&nbsp; (39625)<br>| &nbsp;&nbsp; 5589 | &nbsp;&nbsp; 133856 | &nbsp;&nbsp; 985209 |
| Allspring Premier Large Company Growth Fund Class R6† | 267494 | &nbsp;&nbsp; 619654 | &nbsp;&nbsp; (46756)<br>| &nbsp;&nbsp; 4138 | &nbsp;&nbsp; 138453 | &nbsp;&nbsp; 982983 |
| Allspring Special Large Value ETF† | 0 | &nbsp;&nbsp; 898465 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 33584 | &nbsp;&nbsp; 932049 |
| **Short-term investments** |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select Class | 200000 | &nbsp;&nbsp; 15906129 | &nbsp;&nbsp; (9848907)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 6257222 |
| **Affiliated securities no longer held at end of period** |  |  |  |  |  |  |
| Allspring Emerging Growth Fund Class R6† | 176771 | &nbsp;&nbsp; 4266 | &nbsp;&nbsp; (199667)<br>| &nbsp;&nbsp; 12031 | &nbsp;&nbsp; 6599 | &nbsp;&nbsp; 0 |
| Allspring Special Large Cap Value Fund Class R6 | 356326 | &nbsp;&nbsp; 3307 | &nbsp;&nbsp; (386776)<br>| &nbsp;&nbsp; 95170 | &nbsp;&nbsp; (68027)<br>| &nbsp;&nbsp; 0 |
|  |  |  |  | &nbsp;&nbsp; **$138298** | &nbsp;&nbsp; **$1674734** | &nbsp;&nbsp; **$51239521** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; Shares, <br>end of <br>period<br>| &nbsp;&nbsp; Dividends from <br>affiliated <br>Underlying Funds<br>|
| **Investment companies** |  |  |
| Allspring Alternative Risk Premia Fund Class R6 | &nbsp;&nbsp; 346017 | &nbsp;&nbsp; $0 |
| Allspring Broad Market Core Bond ETF | &nbsp;&nbsp; 388961 | &nbsp;&nbsp; 241431 |
| Allspring Core Plus ETF | &nbsp;&nbsp; 353710 | &nbsp;&nbsp; 207312 |
| Allspring Disciplined Small Cap Fund Class R6 | &nbsp;&nbsp; 66436 | &nbsp;&nbsp; 0 |
| Allspring Diversified Income Builder Fund Class R6 | &nbsp;&nbsp; 623139 | &nbsp;&nbsp; 109549 |
| Allspring Emerging Markets Equity Fund Class R6 | &nbsp;&nbsp; 28790 | &nbsp;&nbsp; 0 |
| Allspring High Yield Bond Fund Institutional Class | &nbsp;&nbsp; 1787974 | &nbsp;&nbsp; 192191 |
| Allspring Income Plus ETF | &nbsp;&nbsp; 349513 | &nbsp;&nbsp; 212525 |
| Allspring Large Cap Growth Fund Class R6† | &nbsp;&nbsp; 18360 | &nbsp;&nbsp; 0 |
| Allspring Premier Large Company Growth Fund Class R6† | &nbsp;&nbsp; 61513 | &nbsp;&nbsp; 0 |
| Allspring Special Large Value ETF† | &nbsp;&nbsp; 34116 | &nbsp;&nbsp; 0 |
| **Short-term investments** |  |  |
| Allspring Government Money Market Fund Select Class | &nbsp;&nbsp; 6257222 | &nbsp;&nbsp; 136096 |
| **Affiliated securities no longer held at end of period** |  |  |
| Allspring Emerging Growth Fund Class R6† | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Allspring Special Large Cap Value Fund Class R6 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; **$1099104** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† Non-income-earning security

The accompanying notes are an integral part of these financial statements.

12 \| Multi-Asset Funds

------

Portfolio of investments—October 31, 2025 (unaudited)

Spectrum Income Allocation Fund

Transactions with the affiliated Master Portfolios were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | % of <br>ownership, <br>beginning <br>of period<br>| % of <br>ownership, <br>end of <br>period<br>| Net realized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Interest <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Dividends <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Affiliated <br>Income <br>Allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Value, <br>end of <br>period<br>|
| Allspring Core Bond Portfolio | 0.36<br> %<br>| 0.17<br> %<br>| &nbsp;&nbsp; $(5150)<br>| &nbsp;&nbsp; $140631 | &nbsp;&nbsp; $276795 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $6939 | &nbsp;&nbsp; $8717874 |
| Allspring Disciplined International <br> Developed Markets Portfolio<br>| 0.42 | 0.68 | &nbsp;&nbsp; 28753 | &nbsp;&nbsp; 137183 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 21951 | &nbsp;&nbsp; 598 | &nbsp;&nbsp; 1885806 |
| Allspring Disciplined Large Cap <br> Portfolio<br>| 1.14 | 1.16 | &nbsp;&nbsp; 124262 | &nbsp;&nbsp; 590089 | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 20830 | &nbsp;&nbsp; 1373 | &nbsp;&nbsp; 4006622 |
| Allspring Real Return Portfolio | 3.60 | 3.25 | &nbsp;&nbsp; 1588 | &nbsp;&nbsp; 720435 | &nbsp;&nbsp; 90186 | &nbsp;&nbsp; 26040 | &nbsp;&nbsp; 55645 | &nbsp;&nbsp; 10922608 |
| Allspring Small Company Value <br> Portfolio<br>| 0.03 | 0.00 | &nbsp;&nbsp; (1199)<br>| &nbsp;&nbsp; 13730 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 488 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 0 |
|  |  |  | &nbsp;&nbsp; **$148254** | &nbsp;&nbsp; **$1602068** | &nbsp;&nbsp; **$367318** | &nbsp;&nbsp; **$69309** | &nbsp;&nbsp; **$64566** | &nbsp;&nbsp; **$25532910** |

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| TOPIX Index | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 12-11-2025 | &nbsp;&nbsp; $1596047 | &nbsp;&nbsp; $1730712 | &nbsp;&nbsp; $134665 | &nbsp;&nbsp; $0 |
| Japanese Yen Futures | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 2667884 | &nbsp;&nbsp; 2525144 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (142740)<br>|
| Swiss Franc Futures | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 4138805 | &nbsp;&nbsp; 4059250 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (79555)<br>|
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 10412778 | &nbsp;&nbsp; 10365812 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (46966)<br>|
| E-Mini NASDAQ 100 Index | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 2435491 | &nbsp;&nbsp; 2600400 | &nbsp;&nbsp; 164909 | &nbsp;&nbsp; 0 |
| E-Mini S&P 500 Index | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 4652100 | &nbsp;&nbsp; 4811800 | &nbsp;&nbsp; 159700 | &nbsp;&nbsp; 0 |
| E-Mini Utilities Select Sector Futures | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 2663790 | &nbsp;&nbsp; 2615800 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (47990)<br>|
| MSCI Emerging Markets Index | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 1762707 | &nbsp;&nbsp; 1829880 | &nbsp;&nbsp; 67173 | &nbsp;&nbsp; 0 |
| U.S. Long Term Bond | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 572280 | &nbsp;&nbsp; 586563 | &nbsp;&nbsp; 14283 | &nbsp;&nbsp; 0 |
| Ultra 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 19193284 | &nbsp;&nbsp; 19054922 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (138362)<br>|
| 5-Year U.S. Treasury Notes | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; 1638914 | &nbsp;&nbsp; 1638164 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (750)<br>|
| **Short** |  |  |  |  |  |  |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; (18)<br>| &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; (2182317)<br>| &nbsp;&nbsp; (2183063)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (746)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$540730** | &nbsp;&nbsp; **$(457109)**<br>|

---

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds \| 13

------

Portfolio of investments—October 31, 2025 (unaudited)

Spectrum Moderate Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Investment companies: 96.22%** |  |  |
| **Affiliated master portfolios: 34.94%** |  |  |
| Allspring Disciplined International Developed Markets Portfolio |  | &nbsp;&nbsp; $21860018 |
| Allspring Disciplined Large Cap Portfolio |  | &nbsp;&nbsp; 78870019 |
| Allspring Real Return Portfolio |  | &nbsp;&nbsp; 49915729 |
| Allspring Small Company Value Portfolio |  | &nbsp;&nbsp; 2190333 |
|  |  | &nbsp;&nbsp; **152836099** |
| **Alternative investment funds: 3.80%** |  |  |
| Allspring Alternative Risk Premia Fund Class R6♠ | 1946418 | &nbsp;&nbsp; **16622410** |
| **Bond funds: 3.89%** |  |  |
| Allspring High Yield Bond Fund Institutional Class♠ | 5575633 | &nbsp;&nbsp; **17005682** |
| **Exchange-traded funds: 42.46%** |  |  |
| Allspring Broad Market Core Bond ETF♠ | 1143596 | &nbsp;&nbsp; 28938011 |
| Allspring Core Plus ETF♠ | 818688 | &nbsp;&nbsp; 20671872 |
| Allspring Income Plus ETF♠ | 1458277 | &nbsp;&nbsp; 37050735 |
| Allspring Special Large Value ETF♠† | 320384 | &nbsp;&nbsp; 8752891 |
| iShares Core MSCI EAFE ETF | 292715 | &nbsp;&nbsp; 25785264 |
| iShares Core MSCI Emerging Markets ETF | 205988 | &nbsp;&nbsp; 14062801 |
| iShares Core S&P 500 ETF | 67494 | &nbsp;&nbsp; 46248228 |
| iShares Core U.S. Aggregate Bond ETF | 42064 | &nbsp;&nbsp; 4229115 |
|  |  | &nbsp;&nbsp; **185738917** |
| **Multi-asset funds: 5.05%** |  |  |
| Allspring Diversified Income Builder Fund Class R6♠ | 3464516 | &nbsp;&nbsp; **22103614** |
| **Stock funds: 6.08%** |  |  |
| Allspring Disciplined Small Cap Fund Class R6♠ | 322914 | &nbsp;&nbsp; 4985790 |
| Allspring Emerging Growth Fund Class R6♠† | 186515 | &nbsp;&nbsp; 2363140 |
| Allspring Emerging Markets Equity Fund Class R6♠ | 271205 | &nbsp;&nbsp; 9595249 |
| Allspring Large Cap Growth Fund Class R6♠† | 89482 | &nbsp;&nbsp; 4801627 |
| Allspring Premier Large Company Growth Fund Class R6♠† | 301734 | &nbsp;&nbsp; 4821711 |
|  |  | &nbsp;&nbsp; **26567517** |
| **Total investment companies (Cost $338,440,573)** |  | &nbsp;&nbsp; **420874239** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 1.94%** |  |  |  |  |
| **Investment companies: 1.94%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.06<br> %<br>| 8505593 | &nbsp;&nbsp; **8505593** |
| **Total short-term investments (Cost $8,505,593)** |  |  |  | &nbsp;&nbsp; **8505593** |
| **Total investments in securities (Cost $346,946,166)** | 98.16<br> %<br>|  |  | &nbsp;&nbsp; 429379832 |
| Other assets and liabilities, net | 1.84 |  |  | &nbsp;&nbsp; 8037560 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$437417392** |

---

&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. <br> † Non-income-earning security <br> ∞ The rate represents the 7-day annualized yield at period end.

The accompanying notes are an integral part of these financial statements.

14 \| Multi-Asset Funds

------

Portfolio of investments—October 31, 2025 (unaudited)

Spectrum Moderate Growth Fund

**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) on <br>affiliated <br>Underlying <br>Funds<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>affiliated <br>Underlying <br>Funds<br>| Value, <br>end of <br>period<br>|
| **Investment companies** |  |  |  |  |  |  |
| Allspring Alternative Risk Premia Fund Class R6 | $15600272 | &nbsp;&nbsp; $1674 | &nbsp;&nbsp; $(11244)<br>| &nbsp;&nbsp; $(1432)<br>| &nbsp;&nbsp; $1033140 | &nbsp;&nbsp; $16622410 |
| Allspring Broad Market Core Bond ETF | 12879711 | &nbsp;&nbsp; 15681685 | &nbsp;&nbsp; (9994)<br>| &nbsp;&nbsp; (123)<br>| &nbsp;&nbsp; 386732 | &nbsp;&nbsp; 28938011 |
| Allspring Core Plus ETF | 11898678 | &nbsp;&nbsp; 8439633 | &nbsp;&nbsp; (7931)<br>| &nbsp;&nbsp; (69)<br>| &nbsp;&nbsp; 341561 | &nbsp;&nbsp; 20671872 |
| Allspring Disciplined Small Cap Fund Class R6 | 6010754 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; (2416096)<br>| &nbsp;&nbsp; 236289 | &nbsp;&nbsp; 1154784 | &nbsp;&nbsp; 4985790 |
| Allspring Diversified Income Builder Fund Class R6 | 20040285 | &nbsp;&nbsp; 608698 | &nbsp;&nbsp; (322934)<br>| &nbsp;&nbsp; 4957 | &nbsp;&nbsp; 1772608 | &nbsp;&nbsp; 22103614 |
| Allspring Emerging Growth Fund Class R6† | 3999020 | &nbsp;&nbsp; 169404 | &nbsp;&nbsp; (2283859)<br>| &nbsp;&nbsp; 92203 | &nbsp;&nbsp; 386372 | &nbsp;&nbsp; 2363140 |
| Allspring Emerging Markets Equity Fund Class R6 | 6082832 | &nbsp;&nbsp; 1995747 | &nbsp;&nbsp; (429416)<br>| &nbsp;&nbsp; 61476 | &nbsp;&nbsp; 1884610 | &nbsp;&nbsp; 9595249 |
| Allspring High Yield Bond Fund Institutional Class | 26325062 | &nbsp;&nbsp; 863181 | &nbsp;&nbsp; (10800665)<br>| &nbsp;&nbsp; 181810 | &nbsp;&nbsp; 436294 | &nbsp;&nbsp; 17005682 |
| Allspring Income Plus ETF | 31408120 | &nbsp;&nbsp; 4907151 | &nbsp;&nbsp; (21887)<br>| &nbsp;&nbsp; (45)<br>| &nbsp;&nbsp; 757396 | &nbsp;&nbsp; 37050735 |
| Allspring Large Cap Growth Fund Class R6† | 6063947 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (2652334)<br>| &nbsp;&nbsp; 107061 | &nbsp;&nbsp; 1282953 | &nbsp;&nbsp; 4801627 |
| Allspring Premier Large Company Growth Fund Class R6† | 6051217 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (2762329)<br>| &nbsp;&nbsp; 324573 | &nbsp;&nbsp; 1208250 | &nbsp;&nbsp; 4821711 |
| Allspring Special Large Value ETF† | 0 | &nbsp;&nbsp; 8437505 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 315386 | &nbsp;&nbsp; 8752891 |
| **Short-term investments** |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select Class | 825000 | &nbsp;&nbsp; 39746136 | &nbsp;&nbsp; (32065543)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 8505593 |
| **Affiliated securities no longer held at end of period** |  |  |  |  |  |  |
| Allspring Special Large Cap Value Fund Class R6 | 8060715 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (8686509)<br>| &nbsp;&nbsp; 1069033 | &nbsp;&nbsp; (443239)<br>| &nbsp;&nbsp; 0 |
|  |  |  |  | &nbsp;&nbsp; **$2075733** | &nbsp;&nbsp; **$10516847** | &nbsp;&nbsp; **$186218325** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Shares, <br>end of <br>period<br>| &nbsp;&nbsp; Dividends from <br>affiliated <br>Underlying Funds<br>| &nbsp;&nbsp; capital gain <br>distributions <br>from affiliated <br>Underlying Funds<br>|
| **Investment companies** |  |  |  |
| Allspring Alternative Risk Premia Fund Class R6 | &nbsp;&nbsp; 1946418 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Allspring Broad Market Core Bond ETF | &nbsp;&nbsp; 1143596 | &nbsp;&nbsp; 574731 | &nbsp;&nbsp; 0 |
| Allspring Core Plus ETF | &nbsp;&nbsp; 818688 | &nbsp;&nbsp; 418198 | &nbsp;&nbsp; 0 |
| Allspring Disciplined Small Cap Fund Class R6 | &nbsp;&nbsp; 322914 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Allspring Diversified Income Builder Fund Class R6 | &nbsp;&nbsp; 3464516 | &nbsp;&nbsp; 608698 | &nbsp;&nbsp; 0 |
| Allspring Emerging Growth Fund Class R6† | &nbsp;&nbsp; 186515 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 169342 |
| Allspring Emerging Markets Equity Fund Class R6 | &nbsp;&nbsp; 271205 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Allspring High Yield Bond Fund Institutional Class | &nbsp;&nbsp; 5575633 | &nbsp;&nbsp; 749480 | &nbsp;&nbsp; 0 |
| Allspring Income Plus ETF | &nbsp;&nbsp; 1458277 | &nbsp;&nbsp; 855769 | &nbsp;&nbsp; 0 |
| Allspring Large Cap Growth Fund Class R6† | &nbsp;&nbsp; 89482 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Allspring Premier Large Company Growth Fund Class R6† | &nbsp;&nbsp; 301734 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Allspring Special Large Value ETF† | &nbsp;&nbsp; 320384 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| **Short-term investments** |  |  |  |
| Allspring Government Money Market Fund Select Class | &nbsp;&nbsp; 8505593 | &nbsp;&nbsp; 233619 | &nbsp;&nbsp; 0 |
| **Affiliated securities no longer held at end of period** |  |  |  |
| Allspring Special Large Cap Value Fund Class R6 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; **$3440495** | &nbsp;&nbsp; **$169342** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† Non-income-earning security

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds \| 15

------

Portfolio of investments—October 31, 2025 (unaudited)

Spectrum Moderate Growth Fund

Transactions with the affiliated Master Portfolios were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | % of <br>ownership, <br>beginning <br>of period<br>| % of <br>ownership, <br>end of <br>period<br>| Net realized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Net <br>change in <br>unrealized <br>gains <br>(losses) on <br>investments <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Dividends <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Interest <br>allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Affiliated <br>Income <br>Allocated <br>from <br>affiliated <br>Master <br>Portfolios<br>| Value, <br>end of <br>period<br>|
| Allspring Core Bond Portfolio | 0.34<br> %<br>| 0.00<br> %<br>| &nbsp;&nbsp; $(24267)<br>| &nbsp;&nbsp; $(774755)<br>| &nbsp;&nbsp; $0 | &nbsp;&nbsp; $129376 | &nbsp;&nbsp; $3426 | &nbsp;&nbsp; $0 |
| Allspring Disciplined International <br> Developed Markets Portfolio<br>| 7.85 | 7.91 | &nbsp;&nbsp; 375439 | &nbsp;&nbsp; 2042747 | &nbsp;&nbsp; 307985 | &nbsp;&nbsp; 1027 | &nbsp;&nbsp; 7790 | &nbsp;&nbsp; 21860018 |
| Allspring Disciplined Large Cap <br> Portfolio<br>| 20.22 | 22.86 | &nbsp;&nbsp; 2392549 | &nbsp;&nbsp; 12125054 | &nbsp;&nbsp; 399355 | &nbsp;&nbsp; 5021 | &nbsp;&nbsp; 26475 | &nbsp;&nbsp; 78870019 |
| Allspring Real Return Portfolio | 15.85 | 14.86 | &nbsp;&nbsp; 15985 | &nbsp;&nbsp; 3470040 | &nbsp;&nbsp; 118542 | &nbsp;&nbsp; 410577 | &nbsp;&nbsp; 253476 | &nbsp;&nbsp; 49915729 |
| Allspring Small Company Value <br> Portfolio<br>| 0.67 | 0.35 | &nbsp;&nbsp; 104761 | &nbsp;&nbsp; 160018 | &nbsp;&nbsp; 23310 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 2190333 |
|  |  |  | &nbsp;&nbsp; **$2864467** | &nbsp;&nbsp; **$17023104** | &nbsp;&nbsp; **$849192** | &nbsp;&nbsp; **$546009** | &nbsp;&nbsp; **$291719** | &nbsp;&nbsp; **$152836099** |

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| TOPIX Index | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 12-11-2025 | &nbsp;&nbsp; $8179741 | &nbsp;&nbsp; $8869898 | &nbsp;&nbsp; $690157 | &nbsp;&nbsp; $0 |
| Japanese Yen Futures | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 13082343 | &nbsp;&nbsp; 12381350 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (700993)<br>|
| Swiss Franc Futures | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 12-15-2025 | &nbsp;&nbsp; 19579729 | &nbsp;&nbsp; 19203375 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (376354)<br>|
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 502 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 56855850 | &nbsp;&nbsp; 56561281 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (294569)<br>|
| E-Mini NASDAQ 100 Index | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 26303300 | &nbsp;&nbsp; 28084320 | &nbsp;&nbsp; 1781020 | &nbsp;&nbsp; 0 |
| E-Mini S&P 500 Index | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 9636493 | &nbsp;&nbsp; 9967300 | &nbsp;&nbsp; 330807 | &nbsp;&nbsp; 0 |
| E-Mini Utilities Select Sector Futures | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 13227095 | &nbsp;&nbsp; 12988800 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (238295)<br>|
| MSCI Emerging Markets Index | &nbsp;&nbsp; 254 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 17157523 | &nbsp;&nbsp; 17876520 | &nbsp;&nbsp; 718997 | &nbsp;&nbsp; 0 |
| U.S. Long Term Bond | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 1144980 | &nbsp;&nbsp; 1173125 | &nbsp;&nbsp; 28145 | &nbsp;&nbsp; 0 |
| Ultra 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 656 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 76299265 | &nbsp;&nbsp; 75757750 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (541515)<br>|
| 5-Year U.S. Treasury Notes | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; 3605783 | &nbsp;&nbsp; 3603961 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (1822)<br>|
| **Short** |  |  |  |  |  |  |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; (98)<br>| &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; (11877304)<br>| &nbsp;&nbsp; (11885562)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (8258)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$3549126** | &nbsp;&nbsp; **$(2161806)**<br>|

---

The accompanying notes are an integral part of these financial statements.

16 \| Multi-Asset Funds

------

Statements of assets and liabilities—October 31, 2025 (unaudited)

Financial statements

Statements of assets and liabilities

---

| | | |
|:---|:---|:---|
|  | Spectrum <br>Aggressive <br>Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Spectrum <br>Conservative <br>Growth Fund<br>|
| Assets |  |  |
| Investments in affiliated Master Portfolios, at value (cost $121,031,385 and $56,912,789, respectively) | $224679536 | &nbsp;&nbsp;&nbsp;&nbsp; $64849208 |
| Investments in unaffiliated Underlying Funds, at value (cost $109,214,078 and $23,620,518, respectively) | 173338068 | &nbsp;&nbsp;&nbsp;&nbsp; 33849030 |
| Investments in affiliated Underlying Funds, at value (cost $114,069,083 and $92,358,698, respectively) | 132192008 | &nbsp;&nbsp;&nbsp;&nbsp; 98398857 |
| Cash at broker segregated for futures contracts | 10483847 | &nbsp;&nbsp;&nbsp;&nbsp; 3863809 |
| Receivable for daily variation margin on open futures contracts | 401316 | &nbsp;&nbsp;&nbsp;&nbsp; 102314 |
| Receivable for dividends | 111740 | &nbsp;&nbsp;&nbsp;&nbsp; 103751 |
| Receivable for Fund shares sold | 66840 | &nbsp;&nbsp;&nbsp;&nbsp; 88869 |
| Prepaid expenses and other assets | 46108 | &nbsp;&nbsp;&nbsp;&nbsp; 41133 |
| **Total assets** | **541319463** | &nbsp;&nbsp;&nbsp;&nbsp; **201296971** |
| Liabilities |  |  |
| Payable for Fund shares redeemed | 444404 | &nbsp;&nbsp;&nbsp;&nbsp; 218857 |
| Payable for daily variation margin on open futures contracts | 305586 | &nbsp;&nbsp;&nbsp;&nbsp; 119350 |
| Shareholder servicing fees payable | 118915 | &nbsp;&nbsp;&nbsp;&nbsp; 44574 |
| Management fee payable | 110578 | &nbsp;&nbsp;&nbsp;&nbsp; 33530 |
| Administration fees payable | 90812 | &nbsp;&nbsp;&nbsp;&nbsp; 36116 |
| Distribution fee payable | 31922 | &nbsp;&nbsp;&nbsp;&nbsp; 12203 |
| Trustees' fees and expenses payable | 525 | &nbsp;&nbsp;&nbsp;&nbsp; 2052 |
| Payable for investments purchased | 0 | &nbsp;&nbsp;&nbsp;&nbsp; 56516 |
| Accrued expenses and other liabilities | 37921 | &nbsp;&nbsp;&nbsp;&nbsp; 39723 |
| **Total liabilities** | **1140663** | &nbsp;&nbsp;&nbsp;&nbsp; **562921** |
| **Total net assets**  | **$540178800** | &nbsp;&nbsp;&nbsp;&nbsp; **$200734050** |
| Net assets consist of |  |  |
| Paid-in capital | $326559562 | &nbsp;&nbsp;&nbsp;&nbsp; $186613819 |
| Total distributable earnings (loss) | 213619238 | &nbsp;&nbsp;&nbsp;&nbsp; 14120231 |
| **Total net assets** | **$540178800** | &nbsp;&nbsp;&nbsp;&nbsp; **$200734050** |
| Computation of net asset value and offering price per share |  |  |
| Net assets–Class A | $392412734 | &nbsp;&nbsp;&nbsp;&nbsp; $178724424 |
| Shares outstanding–Class A<sup>1</sup> <br>| 15514243 | &nbsp;&nbsp;&nbsp;&nbsp; 16544198 |
| Net asset value per share–Class A | $25.29 | &nbsp;&nbsp;&nbsp;&nbsp; $10.80 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $26.83 | &nbsp;&nbsp;&nbsp;&nbsp; $11.46 |
| Net assets–Class C | $47422516 | &nbsp;&nbsp;&nbsp;&nbsp; $18044451 |
| Shares outstanding–Class C<sup>1</sup> <br>| 1914365 | &nbsp;&nbsp;&nbsp;&nbsp; 1614736 |
| Net asset value per share–Class C | $24.77 | &nbsp;&nbsp;&nbsp;&nbsp; $11.17 |
| Net assets–Administrator Class | $89227914 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 3512650 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Net asset value per share–Administrator Class | $25.40 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Net assets–Institutional Class | $11115636 | &nbsp;&nbsp;&nbsp;&nbsp; $3965175 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 435403 | &nbsp;&nbsp;&nbsp;&nbsp; 366093 |
| Net asset value per share–Institutional Class | $25.53 | &nbsp;&nbsp;&nbsp;&nbsp; $10.83 |

---

<sup>1</sup> Each Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds \| 17

------

Statements of assets and liabilities—October 31, 2025 (unaudited)

Statements of assets and liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Spectrum <br>Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Spectrum <br>Income <br>Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Spectrum <br>Moderate <br>Growth Fund<br>|
| Assets |  |  |  |
| Investments in affiliated Master Portfolios, at value (cost $54,596,104, <br> $26,169,102 and $112,685,819, respectively)<br>| $76225377 | &nbsp;&nbsp;&nbsp;&nbsp; $25532910 | &nbsp;&nbsp;&nbsp;&nbsp; $152836099 |
| Investments in unaffiliated Underlying Funds, at value (cost $32,874,421, <br> $8,591,631 and $61,565,094, respectively)<br>| 49531326 | &nbsp;&nbsp;&nbsp;&nbsp; 10088020 | &nbsp;&nbsp;&nbsp;&nbsp; 90325408 |
| Investments in affiliated Underlying Funds, at value (cost $67,088,993, <br> $48,742,538 and $172,695,253, respectively)<br>| 74254329 | &nbsp;&nbsp;&nbsp;&nbsp; 51239521 | &nbsp;&nbsp;&nbsp;&nbsp; 186218325 |
| Cash at broker segregated for futures contracts | 3890862 | &nbsp;&nbsp;&nbsp;&nbsp; 1815887 | &nbsp;&nbsp;&nbsp;&nbsp; 8469735 |
| Receivable for daily variation margin on open futures contracts | 126164 | &nbsp;&nbsp;&nbsp;&nbsp; 46534 | &nbsp;&nbsp;&nbsp;&nbsp; 270625 |
| Receivable for dividends | 53171 | &nbsp;&nbsp;&nbsp;&nbsp; 56893 | &nbsp;&nbsp;&nbsp;&nbsp; 137113 |
| Receivable for Fund shares sold | 11429 | &nbsp;&nbsp;&nbsp;&nbsp; 766 | &nbsp;&nbsp;&nbsp;&nbsp; 21790 |
| Prepaid expenses and other assets | 44096 | &nbsp;&nbsp;&nbsp;&nbsp; 48244 | &nbsp;&nbsp;&nbsp;&nbsp; 53079 |
| **Total assets** | **204136754** | &nbsp;&nbsp;&nbsp;&nbsp; **88828775** | &nbsp;&nbsp;&nbsp;&nbsp; **438332174** |
| Liabilities |  |  |  |
| Payable for Fund shares redeemed | 23070 | &nbsp;&nbsp;&nbsp;&nbsp; 58720 | &nbsp;&nbsp;&nbsp;&nbsp; 246381 |
| Payable for daily variation margin on open futures contracts | 122480 | &nbsp;&nbsp;&nbsp;&nbsp; 52510 | &nbsp;&nbsp;&nbsp;&nbsp; 265218 |
| Shareholder servicing fees payable | 45554 | &nbsp;&nbsp;&nbsp;&nbsp; 19780 | &nbsp;&nbsp;&nbsp;&nbsp; 84474 |
| Management fee payable | 34158 | &nbsp;&nbsp;&nbsp;&nbsp; 5588 | &nbsp;&nbsp;&nbsp;&nbsp; 77711 |
| Administration fees payable | 36709 | &nbsp;&nbsp;&nbsp;&nbsp; 16076 | &nbsp;&nbsp;&nbsp;&nbsp; 75149 |
| Distribution fee payable | 21335 | &nbsp;&nbsp;&nbsp;&nbsp; 4238 | &nbsp;&nbsp;&nbsp;&nbsp; 24987 |
| Trustees' fees and expenses payable | 1746 | &nbsp;&nbsp;&nbsp;&nbsp; 1733 | &nbsp;&nbsp;&nbsp;&nbsp; 1163 |
| Payable for investments purchased | 33695 | &nbsp;&nbsp;&nbsp;&nbsp; 30884 | &nbsp;&nbsp;&nbsp;&nbsp; 96308 |
| Shareholder report expenses payable | 3675 | &nbsp;&nbsp;&nbsp;&nbsp; 12398 | &nbsp;&nbsp;&nbsp;&nbsp; 15735 |
| Professional fees payable | 25280 | &nbsp;&nbsp;&nbsp;&nbsp; 24991 | &nbsp;&nbsp;&nbsp;&nbsp; 18624 |
| Accrued expenses and other liabilities | 6516 | &nbsp;&nbsp;&nbsp;&nbsp; 7158 | &nbsp;&nbsp;&nbsp;&nbsp; 9032 |
| **Total liabilities** | **354218** | &nbsp;&nbsp;&nbsp;&nbsp; **234076** | &nbsp;&nbsp;&nbsp;&nbsp; **914782** |
| **Total net assets**  | **$203782536** | &nbsp;&nbsp;&nbsp;&nbsp; **$88594699** | &nbsp;&nbsp;&nbsp;&nbsp; **$437417392** |
| Net assets consist of |  |  |  |
| Paid-in capital | $151012046 | &nbsp;&nbsp;&nbsp;&nbsp; $103290342 | &nbsp;&nbsp;&nbsp;&nbsp; $338655804 |
| Total distributable earnings (loss) | 52770490 | &nbsp;&nbsp;&nbsp;&nbsp; (14695643)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 98761588 |
| **Total net assets** | **$203782536** | &nbsp;&nbsp;&nbsp;&nbsp; **$88594699** | &nbsp;&nbsp;&nbsp;&nbsp; **$437417392** |
| Computation of net asset value and offering price per share |  |  |  |
| Net assets–Class A | $169596517 | &nbsp;&nbsp;&nbsp;&nbsp; $80313050 | &nbsp;&nbsp;&nbsp;&nbsp; $336011391 |
| Shares outstanding–Class A<sup>1</sup>  | 11988979 | &nbsp;&nbsp;&nbsp;&nbsp; 8683200 | &nbsp;&nbsp;&nbsp;&nbsp; 24320201 |
| Net asset value per share–Class A | $14.15 | &nbsp;&nbsp;&nbsp;&nbsp; $9.25 | &nbsp;&nbsp;&nbsp;&nbsp; $13.82 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $15.01 | &nbsp;&nbsp;&nbsp;&nbsp; $9.81 | &nbsp;&nbsp;&nbsp;&nbsp; $14.66 |
| Net assets–Class C | $31870242 | &nbsp;&nbsp;&nbsp;&nbsp; $6179905 | &nbsp;&nbsp;&nbsp;&nbsp; $37053339 |
| Shares outstanding–Class C<sup>1</sup> <br>| 2204655 | &nbsp;&nbsp;&nbsp;&nbsp; 668075 | &nbsp;&nbsp;&nbsp;&nbsp; 2625433 |
| Net asset value per share–Class C | $14.46 | &nbsp;&nbsp;&nbsp;&nbsp; $9.25 | &nbsp;&nbsp;&nbsp;&nbsp; $14.11 |
| Net assets–Institutional Class | $2315777 | &nbsp;&nbsp;&nbsp;&nbsp; $2101744 | &nbsp;&nbsp;&nbsp;&nbsp; $64352662 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 163210 | &nbsp;&nbsp;&nbsp;&nbsp; 227779 | &nbsp;&nbsp;&nbsp;&nbsp; 4643632 |
| Net asset value per share–Institutional Class | $14.19 | &nbsp;&nbsp;&nbsp;&nbsp; $9.23 | &nbsp;&nbsp;&nbsp;&nbsp; $13.86 |

---

<sup>1</sup> Each Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

18 \| Multi-Asset Funds

------

Statements of operations

Statements of operations

---

| | | |
|:---|:---|:---|
|  | Spectrum <br>Aggressive <br>Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Spectrum <br>Conservative <br>Growth Fund<br>|
| Investment income |  |  |
| Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $105,734 and <br> $15,935, respectively)<br>| $1668514 | &nbsp;&nbsp;&nbsp;&nbsp; $317844 |
| Dividends from unaffiliated securities | 1359494 | &nbsp;&nbsp;&nbsp;&nbsp; 195378 |
| Interest | 660892 | &nbsp;&nbsp;&nbsp;&nbsp; 266776 |
| Dividends from affiliated Underlying Funds | 514182 | &nbsp;&nbsp;&nbsp;&nbsp; 1953809 |
| Affiliated income allocated from affiliated Master Portfolios | 77299 | &nbsp;&nbsp;&nbsp;&nbsp; 143129 |
| Interest allocated from affiliated Master Portfolios (net of foreign withholding taxes of $0 and $10, <br> respectively)<br>| 13453 | &nbsp;&nbsp;&nbsp;&nbsp; 342888 |
| Expenses allocated from affiliated Master Portfolios | (343864)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (119379)<br>|
| Waivers allocated from affiliated Master Portfolios | 3531 | &nbsp;&nbsp;&nbsp;&nbsp; 8209 |
| **Total investment income** | **3953501** | &nbsp;&nbsp;&nbsp;&nbsp; **3108654** |
| Expenses |  |  |
| Management fee | 651028 | &nbsp;&nbsp;&nbsp;&nbsp; 252391 |
| Administration fees |  |  |
| Class A | 378808 | &nbsp;&nbsp;&nbsp;&nbsp; 179599 |
| Class C | 46631 | &nbsp;&nbsp;&nbsp;&nbsp; 18636 |
| Administrator Class | 55309 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Institutional Class | 6690 | &nbsp;&nbsp;&nbsp;&nbsp; 2390 |
| Shareholder servicing fees |  |  |
| Class A | 473511 | &nbsp;&nbsp;&nbsp;&nbsp; 224499 |
| Class C | 57055 | &nbsp;&nbsp;&nbsp;&nbsp; 22580 |
| Administrator Class | 106165 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Distribution fee |  |  |
| Class C | 170513 | &nbsp;&nbsp;&nbsp;&nbsp; 67514 |
| Custody and accounting fees | 13967 | &nbsp;&nbsp;&nbsp;&nbsp; 11248 |
| Professional fees | 17308 | &nbsp;&nbsp;&nbsp;&nbsp; 19879 |
| Registration fees | 47801 | &nbsp;&nbsp;&nbsp;&nbsp; 37446 |
| Shareholder report expenses | 22405 | &nbsp;&nbsp;&nbsp;&nbsp; 15025 |
| Trustees' fees and expenses | 5700 | &nbsp;&nbsp;&nbsp;&nbsp; 4110 |
| Other fees and expenses | 10821 | &nbsp;&nbsp;&nbsp;&nbsp; 6460 |
| **Total expenses** | **2063712** | &nbsp;&nbsp;&nbsp;&nbsp; **861777** |
| Less: Fee waivers and/or expense reimbursements |  |  |
| Fund-level | (54010)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (72518)<br>|
| Class A | (11039)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (331)<br>|
| Institutional Class | (275)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Net expenses** | **1998388** | &nbsp;&nbsp;&nbsp;&nbsp; **788928** |
| **Net investment income** | **1955113** | &nbsp;&nbsp;&nbsp;&nbsp; **2319726** |

---

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds \| 19

------

Statements of operations

Statements of operations

---

| | | |
|:---|:---|:---|
|  | Spectrum<br> Aggressive<br> Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Spectrum<br> Conservative<br> Growth Fund<br>|
| Realized and unrealized gains (losses) on investments |  |  |
| Net realized gains (losses) on |  |  |
| Investments allocated from affiliated Master Portfolios | $6590348 | &nbsp;&nbsp;&nbsp;&nbsp; $1046655 |
| Affiliated Underlying Funds | 3315463 | &nbsp;&nbsp;&nbsp;&nbsp; 516300 |
| Unaffiliated securities | 11027705 | &nbsp;&nbsp;&nbsp;&nbsp; 2991995 |
| Foreign currency and foreign currency translations | (20896)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7423)<br>|
| Futures contracts | (2089111)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (944882)<br>|
| Capital gain distributions from affiliated Underlying Funds | 766071 | &nbsp;&nbsp;&nbsp;&nbsp; 91893 |
| **Net realized gains on investments**  | **19589580** | &nbsp;&nbsp;&nbsp;&nbsp; **3694538** |
| Net change in unrealized gains (losses) on |  |  |
| Investments allocated from affiliated Master Portfolios | 30192141 | &nbsp;&nbsp;&nbsp;&nbsp; 6476901 |
| Affiliated Underlying Funds | 15347954 | &nbsp;&nbsp;&nbsp;&nbsp; 4409430 |
| Unaffiliated securities | 21016574 | &nbsp;&nbsp;&nbsp;&nbsp; 2012473 |
| Foreign currency and foreign currency translations | 0 | &nbsp;&nbsp;&nbsp;&nbsp; (1478)<br>|
| Futures contracts | 6474813 | &nbsp;&nbsp;&nbsp;&nbsp; 1133331 |
| **Net change in unrealized gains (losses) on investments** | **73031482** | &nbsp;&nbsp;&nbsp;&nbsp; **14030657** |
| **Net realized and unrealized gains (losses) on investments** | **92621062** | &nbsp;&nbsp;&nbsp;&nbsp; **17725195** |
| **Net increase in net assets resulting from operations** | **$94576175** | &nbsp;&nbsp;&nbsp;&nbsp; **$20044921** |

---

The accompanying notes are an integral part of these financial statements.

20 \| Multi-Asset Funds

------

Statements of operations

Statements of operations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Spectrum <br>Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Spectrum <br>Income <br>Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Spectrum <br>Moderate <br>Growth Fund<br>|
| Investment income |  |  |  |
| Dividends allocated from affiliated Master Portfolios (net of foreign withholding <br> taxes of $25,880, $3,367, and $47,356, respectively)<br>| $448279 | &nbsp;&nbsp;&nbsp;&nbsp; $69309 | &nbsp;&nbsp;&nbsp;&nbsp; $849192 |
| Dividends from unaffiliated securities | 377037 | &nbsp;&nbsp;&nbsp;&nbsp; 20208 | &nbsp;&nbsp;&nbsp;&nbsp; 753990 |
| Interest | 177591 | &nbsp;&nbsp;&nbsp;&nbsp; 162504 | &nbsp;&nbsp;&nbsp;&nbsp; 357225 |
| Dividends from affiliated Underlying Funds | 1247394 | &nbsp;&nbsp;&nbsp;&nbsp; 1099104 | &nbsp;&nbsp;&nbsp;&nbsp; 3440495 |
| Affiliated income allocated from affiliated Master Portfolios | 138675 | &nbsp;&nbsp;&nbsp;&nbsp; 64566 | &nbsp;&nbsp;&nbsp;&nbsp; 291719 |
| Interest allocated from affiliated Master Portfolios (net of foreign withholding <br> taxes of $10, $80, and $21, respectively)<br>| 228165 | &nbsp;&nbsp;&nbsp;&nbsp; 367318 | &nbsp;&nbsp;&nbsp;&nbsp; 546009 |
| Expenses allocated from affiliated Master Portfolios | (133893)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53234)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (267496)<br>|
| Waivers allocated from affiliated Master Portfolios | 7587 | &nbsp;&nbsp;&nbsp;&nbsp; 4598 | &nbsp;&nbsp;&nbsp;&nbsp; 15809 |
| **Total investment income** | **2490835** | &nbsp;&nbsp;&nbsp;&nbsp; **1734373** | &nbsp;&nbsp;&nbsp;&nbsp; **5986943** |
| Expenses |  |  |  |
| Management fee | 251405 | &nbsp;&nbsp;&nbsp;&nbsp; 114490 | &nbsp;&nbsp;&nbsp;&nbsp; 541940 |
| Administration fees |  |  |  |
| Class A | 167221 | &nbsp;&nbsp;&nbsp;&nbsp; 82632 | &nbsp;&nbsp;&nbsp;&nbsp; 332918 |
| Class C | 31826 | &nbsp;&nbsp;&nbsp;&nbsp; 6961 | &nbsp;&nbsp;&nbsp;&nbsp; 37820 |
| Institutional Class | 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1299 | &nbsp;&nbsp;&nbsp;&nbsp; 40829 |
| Shareholder servicing fees |  |  |  |
| Class A | 209026 | &nbsp;&nbsp;&nbsp;&nbsp; 103290 | &nbsp;&nbsp;&nbsp;&nbsp; 416148 |
| Class C | 39054 | &nbsp;&nbsp;&nbsp;&nbsp; 8295 | &nbsp;&nbsp;&nbsp;&nbsp; 45910 |
| Distribution fee |  |  |  |
| Class C | 116580 | &nbsp;&nbsp;&nbsp;&nbsp; 24806 | &nbsp;&nbsp;&nbsp;&nbsp; 137316 |
| Custody and accounting fees | 11081 | &nbsp;&nbsp;&nbsp;&nbsp; 10251 | &nbsp;&nbsp;&nbsp;&nbsp; 13918 |
| Professional fees | 19714 | &nbsp;&nbsp;&nbsp;&nbsp; 19694 | &nbsp;&nbsp;&nbsp;&nbsp; 21216 |
| Registration fees | 40073 | &nbsp;&nbsp;&nbsp;&nbsp; 43898 | &nbsp;&nbsp;&nbsp;&nbsp; 48026 |
| Shareholder report expenses | 14325 | &nbsp;&nbsp;&nbsp;&nbsp; 16272 | &nbsp;&nbsp;&nbsp;&nbsp; 27613 |
| Trustees' fees and expenses | 4125 | &nbsp;&nbsp;&nbsp;&nbsp; 3239 | &nbsp;&nbsp;&nbsp;&nbsp; 4637 |
| Other fees and expenses | 5585 | &nbsp;&nbsp;&nbsp;&nbsp; 5211 | &nbsp;&nbsp;&nbsp;&nbsp; 9995 |
| **Total expenses** | **911365** | &nbsp;&nbsp;&nbsp;&nbsp; **440338** | &nbsp;&nbsp;&nbsp;&nbsp; **1678286** |
| Less: Fee waivers and/or expense reimbursements |  |  |  |
| Fund-level | (72042)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (88121)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (122944)<br>|
| Class A | (315)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (122)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (754)<br>|
| **Net expenses** | **839008** | &nbsp;&nbsp;&nbsp;&nbsp; **352095** | &nbsp;&nbsp;&nbsp;&nbsp; **1554588** |
| **Net investment income** | **1651827** | &nbsp;&nbsp;&nbsp;&nbsp; **1382278** | &nbsp;&nbsp;&nbsp;&nbsp; **4432355** |

---

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds \| 21

------

Statements of operations

Statements of operations

---

| | | | |
|:---|:---|:---|:---|
|  | Spectrum<br> Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Spectrum<br> Income<br> Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Spectrum<br> Moderate<br> Growth Fund<br>|
| Realized and unrealized gains (losses) on investments |  |  |  |
| Net realized gains (losses) on |  |  |  |
| Investments allocated from affiliated Master Portfolios | $1538599 | &nbsp;&nbsp;&nbsp;&nbsp; $148254 | &nbsp;&nbsp;&nbsp;&nbsp; $2864467 |
| Affiliated Underlying Funds | 1185669 | &nbsp;&nbsp;&nbsp;&nbsp; 138298 | &nbsp;&nbsp;&nbsp;&nbsp; 2075733 |
| Unaffiliated securities | 1436559 | &nbsp;&nbsp;&nbsp;&nbsp; 1340055 | &nbsp;&nbsp;&nbsp;&nbsp; 2287831 |
| Foreign currency and foreign currency translations | (9401)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6063)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31335)<br>|
| Futures contracts | (1562115)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10240)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3443313)<br>|
| Capital gain distributions from affiliated Underlying Funds | 152613 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 169342 |
| **Net realized gains on investments**  | **2741924** | &nbsp;&nbsp;&nbsp;&nbsp; **1610304** | &nbsp;&nbsp;&nbsp;&nbsp; **3922725** |
| Net change in unrealized gains (losses) on |  |  |  |
| Investments allocated from affiliated Master Portfolios | 8724971 | &nbsp;&nbsp;&nbsp;&nbsp; 1602068 | &nbsp;&nbsp;&nbsp;&nbsp; 17023104 |
| Affiliated Underlying Funds | 5335241 | &nbsp;&nbsp;&nbsp;&nbsp; 1674734 | &nbsp;&nbsp;&nbsp;&nbsp; 10516847 |
| Unaffiliated securities | 6594175 | &nbsp;&nbsp;&nbsp;&nbsp; (257487)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12625416 |
| Foreign currency and foreign currency translations | 1337 | &nbsp;&nbsp;&nbsp;&nbsp; 2950 | &nbsp;&nbsp;&nbsp;&nbsp; 11961 |
| Futures contracts | 2043255 | &nbsp;&nbsp;&nbsp;&nbsp; 246979 | &nbsp;&nbsp;&nbsp;&nbsp; 4232976 |
| **Net change in unrealized gains (losses) on investments** | **22698979** | &nbsp;&nbsp;&nbsp;&nbsp; **3269244** | &nbsp;&nbsp;&nbsp;&nbsp; **44410304** |
| **Net realized and unrealized gains (losses) on investments** | **25440903** | &nbsp;&nbsp;&nbsp;&nbsp; **4879548** | &nbsp;&nbsp;&nbsp;&nbsp; **48333029** |
| **Net increase in net assets resulting from operations** | **$27092730** | &nbsp;&nbsp;&nbsp;&nbsp; **$6261826** | &nbsp;&nbsp;&nbsp;&nbsp; **$52765384** |

---

The accompanying notes are an integral part of these financial statements.

22 \| Multi-Asset Funds

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Spectrum Aggressive Growth Fund | Spectrum Aggressive Growth Fund | Spectrum Aggressive Growth Fund | Spectrum Aggressive Growth Fund |
|  | Six months ended<br> October 31, 2025<br> (unaudited) | Six months ended<br> October 31, 2025<br> (unaudited) | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $1955113 |  | &nbsp;&nbsp; $3010181 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 19589580 |  | &nbsp;&nbsp; 32471871 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 73031482 |  | &nbsp;&nbsp; 17281735 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **94576175** |  | &nbsp;&nbsp; **52763787** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (13733401)<br>|
| Class C |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (14883161)<br>|
| Administrator Class |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (6017552)<br>|
| Institutional Class |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (659400)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **0** |  | &nbsp;&nbsp; **(35293514)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 248030 | &nbsp;&nbsp; 5790803 | &nbsp;&nbsp; 8546947 | &nbsp;&nbsp; 185934443 |
| Class C | 133905 | &nbsp;&nbsp; 3118350 | &nbsp;&nbsp; 192953 | &nbsp;&nbsp; 4097642 |
| Administrator Class | 80326 | &nbsp;&nbsp; 1909510 | &nbsp;&nbsp; 87769 | &nbsp;&nbsp; 1902489 |
| Institutional Class | 104184 | &nbsp;&nbsp; 2469782 | &nbsp;&nbsp; 389676 | &nbsp;&nbsp; 8485036 |
|  |  | &nbsp;&nbsp; 13288445 |  | &nbsp;&nbsp; 200419610 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 624010 | &nbsp;&nbsp; 13664622 |
| Class C | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 690412 | &nbsp;&nbsp; 14857425 |
| Administrator Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 273418 | &nbsp;&nbsp; 6011560 |
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 29873 | &nbsp;&nbsp; 659400 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 35193007 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (982704)<br>| &nbsp;&nbsp; (22961348)<br>| &nbsp;&nbsp; (1785466)<br>| &nbsp;&nbsp; (38598795)<br>|
| Class C | (302641)<br>| &nbsp;&nbsp; (6971423)<br>| &nbsp;&nbsp; (9560830)<br>| &nbsp;&nbsp; (204814876)<br>|
| Administrator Class | (148475)<br>| &nbsp;&nbsp; (3514791)<br>| &nbsp;&nbsp; (554933)<br>| &nbsp;&nbsp; (12058224)<br>|
| Institutional Class | (89301)<br>| &nbsp;&nbsp; (2113792)<br>| &nbsp;&nbsp; (285678)<br>| &nbsp;&nbsp; (6172155)<br>|
|  |  | &nbsp;&nbsp; (35561354)<br>|  | &nbsp;&nbsp; (261644050)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(22272909)**<br>|  | &nbsp;&nbsp; **(26031433)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **72303266** |  | &nbsp;&nbsp; **(8561160)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **467875534** |  | &nbsp;&nbsp; **476436694** |
| **End of period** |  | &nbsp;&nbsp; **$540178800** |  | &nbsp;&nbsp; **$467875534** |

---

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds \| 23

------

Statement of changes in net assets

Statement of changes in net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Spectrum Conservative Growth Fund | Spectrum Conservative Growth Fund | Spectrum Conservative Growth Fund | Spectrum Conservative Growth Fund |
|  | Six months ended<br> October 31, 2025<br> (unaudited) | Six months ended<br> October 31, 2025<br> (unaudited) | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $2319726 |  | &nbsp;&nbsp; $5468092 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 3694538 |  | &nbsp;&nbsp; 4763626 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 14030657 |  | &nbsp;&nbsp; 7564550 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **20044921** |  | &nbsp;&nbsp; **17796268** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (2558336)<br>|  | &nbsp;&nbsp; (3133852)<br>|
| Class C |  | &nbsp;&nbsp; (188359)<br>|  | &nbsp;&nbsp; (2434767)<br>|
| Institutional Class |  | &nbsp;&nbsp; (57656)<br>|  | &nbsp;&nbsp; (105248)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(2804351)**<br>|  | &nbsp;&nbsp; **(5673867)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 213902 | &nbsp;&nbsp; 2242952 | &nbsp;&nbsp; 10099925 | &nbsp;&nbsp; 101215151 |
| Class C | 78351 | &nbsp;&nbsp; 850641 | &nbsp;&nbsp; 205543 | &nbsp;&nbsp; 2077549 |
| Institutional Class | 152544 | &nbsp;&nbsp; 1589158 | &nbsp;&nbsp; 301907 | &nbsp;&nbsp; 2997344 |
|  |  | &nbsp;&nbsp; 4682751 |  | &nbsp;&nbsp; 106290044 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 246115 | &nbsp;&nbsp; 2554151 | &nbsp;&nbsp; 316369 | &nbsp;&nbsp; 3127502 |
| Class C | 17472 | &nbsp;&nbsp; 187578 | &nbsp;&nbsp; 237546 | &nbsp;&nbsp; 2421877 |
| Institutional Class | 5541 | &nbsp;&nbsp; 57656 | &nbsp;&nbsp; 10624 | &nbsp;&nbsp; 105248 |
|  |  | &nbsp;&nbsp; 2799385 |  | &nbsp;&nbsp; 5654627 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (1617271)<br>| &nbsp;&nbsp; (16680297)<br>| &nbsp;&nbsp; (2434799)<br>| &nbsp;&nbsp; (24064795)<br>|
| Class C | (302342)<br>| &nbsp;&nbsp; (3246778)<br>| &nbsp;&nbsp; (11881328)<br>| &nbsp;&nbsp; (122625688)<br>|
| Institutional Class | (139011)<br>| &nbsp;&nbsp; (1439215)<br>| &nbsp;&nbsp; (787858)<br>| &nbsp;&nbsp; (7707093)<br>|
|  |  | &nbsp;&nbsp; (21366290)<br>|  | &nbsp;&nbsp; (154397576)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(13884154)**<br>|  | &nbsp;&nbsp; **(42452905)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **3356416** |  | &nbsp;&nbsp; **(30330504)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **197377634** |  | &nbsp;&nbsp; **227708138** |
| **End of period** |  | &nbsp;&nbsp; **$200734050** |  | &nbsp;&nbsp; **$197377634** |

---

The accompanying notes are an integral part of these financial statements.

24 \| Multi-Asset Funds

------

Statement of changes in net assets

Statement of changes in net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Spectrum Growth Fund | Spectrum Growth Fund | Spectrum Growth Fund | Spectrum Growth Fund |
|  | Six months ended<br> October 31, 2025<br> (unaudited) | Six months ended<br> October 31, 2025<br> (unaudited) | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $1651827 |  | &nbsp;&nbsp; $3604151 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 2741924 |  | &nbsp;&nbsp; 10455830 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 22698979 |  | &nbsp;&nbsp; 5327386 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **27092730** |  | &nbsp;&nbsp; **19387367** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (5039243)<br>|
| Class C |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (7612800)<br>|
| Institutional Class |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (161964)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **0** |  | &nbsp;&nbsp; **(12814007)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 319688 | &nbsp;&nbsp; 4241317 | &nbsp;&nbsp; 8035369 | &nbsp;&nbsp; 101068198 |
| Class C | 164217 | &nbsp;&nbsp; 2265851 | &nbsp;&nbsp; 217277 | &nbsp;&nbsp; 2825595 |
| Institutional Class | 109292 | &nbsp;&nbsp; 1444240 | &nbsp;&nbsp; 252304 | &nbsp;&nbsp; 3241288 |
|  |  | &nbsp;&nbsp; 7951408 |  | &nbsp;&nbsp; 107135081 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 393416 | &nbsp;&nbsp; 4983967 |
| Class C | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 583943 | &nbsp;&nbsp; 7603660 |
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 12778 | &nbsp;&nbsp; 161964 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 12749591 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (1023694)<br>| &nbsp;&nbsp; (13615305)<br>| &nbsp;&nbsp; (1740340)<br>| &nbsp;&nbsp; (21836374)<br>|
| Class C | (355857)<br>| &nbsp;&nbsp; (4867971)<br>| &nbsp;&nbsp; (9272907)<br>| &nbsp;&nbsp; (119978339)<br>|
| Institutional Class | (83643)<br>| &nbsp;&nbsp; (1107533)<br>| &nbsp;&nbsp; (257690)<br>| &nbsp;&nbsp; (3256063)<br>|
|  |  | &nbsp;&nbsp; (19590809)<br>|  | &nbsp;&nbsp; (145070776)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(11639401)**<br>|  | &nbsp;&nbsp; **(25186104)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **15453329** |  | &nbsp;&nbsp; **(18612744)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **188329207** |  | &nbsp;&nbsp; **206941951** |
| **End of period** |  | &nbsp;&nbsp; **$203782536** |  | &nbsp;&nbsp; **$188329207** |

---

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds \| 25

------

Statement of changes in net assets

Statement of changes in net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Spectrum Income Allocation Fund | Spectrum Income Allocation Fund | Spectrum Income Allocation Fund | Spectrum Income Allocation Fund |
|  | Six months ended<br> October 31, 2025<br> (unaudited) | Six months ended<br> October 31, 2025<br> (unaudited) | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $1382278 |  | &nbsp;&nbsp; $2995020 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 1610304 |  | &nbsp;&nbsp; (116458)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 3269244 |  | &nbsp;&nbsp; 4496760 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **6261826** |  | &nbsp;&nbsp; **7375322** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (1520251)<br>|  | &nbsp;&nbsp; (1441911)<br>|
| Class C |  | &nbsp;&nbsp; (102136)<br>|  | &nbsp;&nbsp; (1674205)<br>|
| Institutional Class |  | &nbsp;&nbsp; (40760)<br>|  | &nbsp;&nbsp; (54631)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(1663147)**<br>|  | &nbsp;&nbsp; **(3170747)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 177194 | &nbsp;&nbsp; 1588122 | &nbsp;&nbsp; 6688790 | &nbsp;&nbsp; 58985331 |
| Class C | 53771 | &nbsp;&nbsp; 472166 | &nbsp;&nbsp; 53900 | &nbsp;&nbsp; 474165 |
| Institutional Class | 86409 | &nbsp;&nbsp; 764983 | &nbsp;&nbsp; 135373 | &nbsp;&nbsp; 1184196 |
|  |  | &nbsp;&nbsp; 2825271 |  | &nbsp;&nbsp; 60643692 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 168812 | &nbsp;&nbsp; 1515736 | &nbsp;&nbsp; 163993 | &nbsp;&nbsp; 1438915 |
| Class C | 11354 | &nbsp;&nbsp; 101808 | &nbsp;&nbsp; 190269 | &nbsp;&nbsp; 1669501 |
| Institutional Class | 4546 | &nbsp;&nbsp; 40760 | &nbsp;&nbsp; 6243 | &nbsp;&nbsp; 54631 |
|  |  | &nbsp;&nbsp; 1658304 |  | &nbsp;&nbsp; 3163047 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (1034981)<br>| &nbsp;&nbsp; (9300783)<br>| &nbsp;&nbsp; (1515091)<br>| &nbsp;&nbsp; (13309372)<br>|
| Class C | (198531)<br>| &nbsp;&nbsp; (1786775)<br>| &nbsp;&nbsp; (8292143)<br>| &nbsp;&nbsp; (73151823)<br>|
| Institutional Class | (49492)<br>| &nbsp;&nbsp; (439922)<br>| &nbsp;&nbsp; (450954)<br>| &nbsp;&nbsp; (3900880)<br>|
|  |  | &nbsp;&nbsp; (11527480)<br>|  | &nbsp;&nbsp; (90362075)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(7043905)**<br>|  | &nbsp;&nbsp; **(26555336)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(2445226)**<br>|  | &nbsp;&nbsp; **(22350761)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **91039925** |  | &nbsp;&nbsp; **113390686** |
| **End of period** |  | &nbsp;&nbsp; **$88594699** |  | &nbsp;&nbsp; **$91039925** |

---

The accompanying notes are an integral part of these financial statements.

26 \| Multi-Asset Funds

------

Statement of changes in net assets

Statement of changes in net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Spectrum Moderate Growth Fund | Spectrum Moderate Growth Fund | Spectrum Moderate Growth Fund | Spectrum Moderate Growth Fund |
|  | Six months ended<br> October 31, 2025<br> (unaudited) | Six months ended<br> October 31, 2025<br> (unaudited) | Year ended<br> April 30, 2025 | Year ended<br> April 30, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $4432355 |  | &nbsp;&nbsp; $9536696 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 3922725 |  | &nbsp;&nbsp; 16313766 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 44410304 |  | &nbsp;&nbsp; 13711805 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **52765384** |  | &nbsp;&nbsp; **39562267** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (5404867)<br>|
| Class C |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (6140124)<br>|
| Institutional Class |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (2319269)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **0** |  | &nbsp;&nbsp; **(13864260)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 318712 | &nbsp;&nbsp; 4143942 | &nbsp;&nbsp; 15144116 | &nbsp;&nbsp; 187719690 |
| Class C | 75198 | &nbsp;&nbsp; 1005110 | &nbsp;&nbsp; 200947 | &nbsp;&nbsp; 2533640 |
| Institutional Class | 306494 | &nbsp;&nbsp; 3956180 | &nbsp;&nbsp; 839674 | &nbsp;&nbsp; 10346402 |
|  |  | &nbsp;&nbsp; 9105232 |  | &nbsp;&nbsp; 200599732 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 438487 | &nbsp;&nbsp; 5349126 |
| Class C | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 489479 | &nbsp;&nbsp; 6134853 |
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 189522 | &nbsp;&nbsp; 2311771 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 13795750 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (1809701)<br>| &nbsp;&nbsp; (23581305)<br>| &nbsp;&nbsp; (3220887)<br>| &nbsp;&nbsp; (39441031)<br>|
| Class C | (427414)<br>| &nbsp;&nbsp; (5677031)<br>| &nbsp;&nbsp; (16994729)<br>| &nbsp;&nbsp; (215967926)<br>|
| Institutional Class | (419646)<br>| &nbsp;&nbsp; (5465043)<br>| &nbsp;&nbsp; (1638105)<br>| &nbsp;&nbsp; (19974845)<br>|
|  |  | &nbsp;&nbsp; (34723379)<br>|  | &nbsp;&nbsp; (275383802)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(25618147)**<br>|  | &nbsp;&nbsp; **(60988320)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **27147237** |  | &nbsp;&nbsp; **(35290313)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **410270155** |  | &nbsp;&nbsp; **445560468** |
| **End of period** |  | &nbsp;&nbsp; **$437417392** |  | &nbsp;&nbsp; **$410270155** |

---

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds \| 27

------

Financial highlights

Financial highlights

Spectrum Aggressive Growth Fund

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class A | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$20.97** | &nbsp;&nbsp; **$20.24** | &nbsp;&nbsp; **$17.22** | &nbsp;&nbsp; **$18.17** | &nbsp;&nbsp; **$22.82** | &nbsp;&nbsp; **$18.59** | &nbsp;&nbsp; **$16.52** |
| Net investment income | 0.10 <br><sup>2</sup><br>| 0.17 <br><sup>2</sup><br>| 0.14 <br><sup>2</sup><br>| 0.17 <br><sup>2</sup><br>| 0.25 | 0.14 | 0.19 |
| Net realized and unrealized gains (losses) on investments | 4.22 | 2.22 | 2.88 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (1.74)<br>| 6.65 | 2.11 |
| Total from investment operations | 4.32 | 2.39 | 3.02 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (1.49)<br>| 6.79 | 2.30 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.27)<br>| 0.00 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.19)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (1.39)<br>| 0.00 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (0.04)<br>|
| Tax basis return of capital | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.08)<br>| 0.00 | 0.00 | 0.00 |
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (1.66)<br>| 0.00 | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp; (0.23)<br>|
| **Net asset value, end of period** | **$25.29** | &nbsp;&nbsp; **$20.97** | &nbsp;&nbsp; **$20.24** | &nbsp;&nbsp; **$17.22** | &nbsp;&nbsp; **$18.17** | &nbsp;&nbsp; **$22.82** | &nbsp;&nbsp; **$18.59** |
| **Total return**<sup>3</sup> <br>| **20.60%**<br>| **11.54%**<br>| **17.54%**<br>| &nbsp;&nbsp; **(0.20)%**<br>| &nbsp;&nbsp; **(8.22)%**<br>| **38.53%**<br>| **13.91%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses\* <br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.78<br> %<br>| 0.76<br> %<br>| 0.77<br> %<br>| 0.77<br> %<br>|
| Net expenses\* <br>| 0.72<br> %<br>| 0.73<br> %<br>| 0.74<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income | 0.80<br> %<br>| 0.79<br> %<br>| 0.82<br> %<br>| 1.02<br> %<br>| 0.76<br> %<br>| 0.63<br> %<br>| 1.08<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 16<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 82<br> %<br>| &nbsp;&nbsp; 71<br> %<br>|
| Net assets, end of period (000s omitted) | $392413 | &nbsp;&nbsp; $340684 | &nbsp;&nbsp; $179433 | &nbsp;&nbsp; $120576 | &nbsp;&nbsp; $125195 | &nbsp;&nbsp; $66239 | &nbsp;&nbsp; $44714 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.13% |
| Year ended April 30, 2025 | 0.13% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.14% |
| Year ended May 31, 2023 | 0.16% |
| Year ended May 31, 2022 | 0.16% |
| Year ended May 31, 2021 | 0.15% |
| Year ended May 31, 2020 | 0.18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. 

The accompanying notes are an integral part of these financial statements.

28 \| Multi-Asset Funds

------

Financial highlights

Spectrum Aggressive Growth Fund

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class C | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$20.61** | &nbsp;&nbsp; **$19.93** | &nbsp;&nbsp; **$17.07** | &nbsp;&nbsp; **$18.00** | &nbsp;&nbsp; **$22.63** | &nbsp;&nbsp; **$18.45** | &nbsp;&nbsp; **$16.39** |
| Net investment income (loss) | 0.01 <br><sup>2</sup><br>| 0.05 <br><sup>2</sup><br>| 0.02 <br><sup>2</sup><br>| 0.04 <br><sup>2</sup><br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| 0.07 |
| Net realized and unrealized gains (losses) on investments | 4.15 | 2.13 | 2.84 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (1.63)<br>| 6.62 | 2.07 |
| Total from investment operations | 4.16 | 2.18 | 2.86 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (1.64)<br>| 6.59 | 2.14 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.11)<br>| 0.00 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.04)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (1.39)<br>| 0.00 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (0.04)<br>|
| Tax basis return of capital | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.08)<br>| 0.00 | 0.00 | 0.00 |
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (1.50)<br>| 0.00 | &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp; (0.08)<br>|
| **Net asset value, end of period** | **$24.77** | &nbsp;&nbsp; **$20.61** | &nbsp;&nbsp; **$19.93** | &nbsp;&nbsp; **$17.07** | &nbsp;&nbsp; **$18.00** | &nbsp;&nbsp; **$22.63** | &nbsp;&nbsp; **$18.45** |
| **Total return**<sup>3</sup> <br>| **20.18%**<br>| **10.64%**<br>| **16.75%**<br>| &nbsp;&nbsp; **(0.96)%**<br>| &nbsp;&nbsp; **(8.87)%**<br>| **37.57%**<br>| **13.06%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses\* <br>| 1.47<br> %<br>| 1.49<br> %<br>| 1.50<br> %<br>| 1.52<br> %<br>| 1.50<br> %<br>| 1.52<br> %<br>| 1.52<br> %<br>|
| Net expenses\* <br>| 1.45<br> %<br>| 1.49<br> %<br>| 1.49<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>|
| Net investment income (loss) | 0.07<br> %<br>| 0.21<br> %<br>| 0.11<br> %<br>| 0.27<br> %<br>| &nbsp;&nbsp; (0.03)%<br>| &nbsp;&nbsp; (0.12)%<br>| 0.33<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 16<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 82<br> %<br>| &nbsp;&nbsp; 71<br> %<br>|
| Net assets, end of period (000s omitted) | $47423 | &nbsp;&nbsp; $42935 | &nbsp;&nbsp; $214467 | &nbsp;&nbsp; $254615 | &nbsp;&nbsp; $302402 | &nbsp;&nbsp; $378941 | &nbsp;&nbsp; $323778 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.13% |
| Year ended April 30, 2025 | 0.14% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.14% |
| Year ended May 31, 2023 | 0.16% |
| Year ended May 31, 2022 | 0.16% |
| Year ended May 31, 2021 | 0.15% |
| Year ended May 31, 2020 | 0.18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. 

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds \| 29

------

Financial highlights

Spectrum Aggressive Growth Fund

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 |
| Administrator Class | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022<sup>2</sup> <br>|
| **Net asset value, beginning of period** | **$21.05** | &nbsp;&nbsp; **$20.32** | &nbsp;&nbsp; **$17.28** | &nbsp;&nbsp; **$18.23** | &nbsp;&nbsp; **$20.11** |
| Net investment income | 0.10 <br><sup>3</sup><br>| 0.20 <br><sup>3</sup><br>| 0.16 <br><sup>3</sup><br>| 0.19 <br><sup>3</sup><br>| 0.06 |
| Net realized and unrealized gains (losses) on investments | 4.25 | 2.20 | 2.88 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (1.94)<br>|
| Total from investment operations | 4.35 | 2.40 | 3.04 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (1.88)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.28)<br>| 0.00 | &nbsp;&nbsp; (0.21)<br>| 0.00 |
| Net realized gains | 0.00 | &nbsp;&nbsp; (1.39)<br>| 0.00 | &nbsp;&nbsp; (0.60)<br>| 0.00 |
| Tax basis return of capital | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.08)<br>| 0.00 |
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (1.67)<br>| 0.00 | &nbsp;&nbsp; (0.89)<br>| 0.00 |
| **Net asset value, end of period** | **$25.40** | &nbsp;&nbsp; **$21.05** | &nbsp;&nbsp; **$20.32** | &nbsp;&nbsp; **$17.28** | &nbsp;&nbsp; **$18.23** |
| **Total return**<sup>4</sup> <br>| **20.67%**<br>| **11.56%**<br>| **17.59%**<br>| &nbsp;&nbsp; **(0.10)%**<br>| &nbsp;&nbsp; **(9.35)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses\* <br>| 0.67<br> %<br>| 0.68<br> %<br>| 0.68<br> %<br>| 0.70<br> %<br>| 0.67<br> %<br>|
| Net expenses\* <br>| 0.65<br> %<br>| 0.66<br> %<br>| 0.67<br> %<br>| 0.67<br> %<br>| 0.67<br> %<br>|
| Net investment income | 0.87<br> %<br>| 0.94<br> %<br>| 0.92<br> %<br>| 1.10<br> %<br>| 0.98<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate<sup>5</sup> <br>| 16<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 62<br> %<br>|
| Net assets, end of period (000s omitted) | $89228 | &nbsp;&nbsp; $75372 | &nbsp;&nbsp; $76692 | &nbsp;&nbsp; $71010 | &nbsp;&nbsp; $76706 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.13% |
| Year ended April 30, 2025 | 0.14% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.14% |
| Year ended May 31, 2023 | 0.16% |
| Year ended May 31, 2022<sup>2</sup> <br>| 0.15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> For the period from February 4, 2022 (commencement of class operations) to May 31, 2022

<sup>3</sup> Calculated based upon average shares outstanding

<sup>4</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>5</sup> Portfolio turnover rate is calculated by multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. 

The accompanying notes are an integral part of these financial statements.

30 \| Multi-Asset Funds

------

Financial highlights

Spectrum Aggressive Growth Fund

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Institutional Class | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$21.13** | &nbsp;&nbsp; **$20.39** | &nbsp;&nbsp; **$17.30** | &nbsp;&nbsp; **$18.24** | &nbsp;&nbsp; **$22.87** | &nbsp;&nbsp; **$18.62** | &nbsp;&nbsp; **$16.55** |
| Net investment income | 0.13 <br><sup>2</sup><br>| 0.25 <br><sup>2</sup><br>| 0.20 <br><sup>2</sup><br>| 0.23 <br><sup>2</sup><br>| 0.27 | 0.22 | 0.29 |
| Net realized and unrealized gains (losses) on investments | 4.27 | 2.22 | 2.89 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (1.69)<br>| 6.65 | 2.07 |
| Total from investment operations | 4.40 | 2.47 | 3.09 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.42)<br>| 6.87 | 2.36 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.34)<br>| 0.00 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.25)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (1.39)<br>| 0.00 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (0.04)<br>|
| Tax basis return of capital | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.08)<br>| 0.00 | 0.00 | 0.00 |
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (1.73)<br>| 0.00 | &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (3.21)<br>| &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | **$25.53** | &nbsp;&nbsp; **$21.13** | &nbsp;&nbsp; **$20.39** | &nbsp;&nbsp; **$17.30** | &nbsp;&nbsp; **$18.24** | &nbsp;&nbsp; **$22.87** | &nbsp;&nbsp; **$18.62** |
| **Total return**<sup>3</sup> <br>| **20.82%**<br>| **11.84%**<br>| **17.86%**<br>| **0.18%**<br>| &nbsp;&nbsp; **(7.89)%**<br>| **38.96%**<br>| **14.26%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses\* <br>| 0.43<br> %<br>| 0.43<br> %<br>| 0.43<br> %<br>| 0.45<br> %<br>| 0.43<br> %<br>| 0.43<br> %<br>| 0.44<br> %<br>|
| Net expenses\* <br>| 0.40<br> %<br>| 0.41<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>|
| Net investment income | 1.10<br> %<br>| 1.17<br> %<br>| 1.15<br> %<br>| 1.35<br> %<br>| 1.00<br> %<br>| 0.96<br> %<br>| 1.40<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 16<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 82<br> %<br>| &nbsp;&nbsp; 71<br> %<br>|
| Net assets, end of period (000s omitted) | $11116 | &nbsp;&nbsp; $8885 | &nbsp;&nbsp; $5844 | &nbsp;&nbsp; $4824 | &nbsp;&nbsp; $5794 | &nbsp;&nbsp; $7962 | &nbsp;&nbsp; $2281 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.13% |
| Year ended April 30, 2025 | 0.14% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.14% |
| Year ended May 31, 2023 | 0.16% |
| Year ended May 31, 2022 | 0.16% |
| Year ended May 31, 2021 | 0.15% |
| Year ended May 31, 2020 | 0.18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. 

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds \| 31

------

Financial highlights

Spectrum Conservative Growth Fund

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class A | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$9.90** | &nbsp;&nbsp; **$9.40** | &nbsp;&nbsp; **$9.04** | &nbsp;&nbsp; **$9.97** | &nbsp;&nbsp; **$11.73** | &nbsp;&nbsp; **$10.92** | &nbsp;&nbsp; **$10.30** |
| Net investment income | 0.12 <br><sup>2</sup><br>| 0.28 <br><sup>2</sup><br>| 0.24 <br><sup>2</sup><br>| 0.33 <br><sup>2</sup><br>| 0.28 | 0.14 | 0.15 |
| Net realized and unrealized gains (losses) on investments | 0.93 | 0.52 | 0.41 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.85)<br>| 1.56 | 0.76 |
| Total from investment operations | 1.05 | 0.80 | 0.65 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.57)<br>| 1.70 | 0.91 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | (0.15)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.08)<br>|
| Total distributions to shareholders | (0.15)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | **$10.80** | &nbsp;&nbsp; **$9.90** | &nbsp;&nbsp; **$9.40** | &nbsp;&nbsp; **$9.04** | &nbsp;&nbsp; **$9.97** | &nbsp;&nbsp; **$11.73** | &nbsp;&nbsp; **$10.92** |
| **Total return**<sup>3</sup> <br>| **10.69%**<br>| **8.56%**<br>| **7.32%**<br>| &nbsp;&nbsp; **(3.11)%**<br>| &nbsp;&nbsp; **(5.69)%**<br>| **16.04%**<br>| **8.95%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses\* <br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.78<br> %<br>| 0.77<br> %<br>| 0.77<br> %<br>|
| Net expenses\* <br>| 0.72<br> %<br>| 0.73<br> %<br>| 0.74<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income | 2.36<br> %<br>| 2.83<br> %<br>| 2.83<br> %<br>| 3.58<br> %<br>| 2.52<br> %<br>| 1.07<br> %<br>| 1.47<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 15<br> %<br>| &nbsp;&nbsp; 103<br> %<br>| &nbsp;&nbsp; 96<br> %<br>| &nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp; 137<br> %<br>| &nbsp;&nbsp; 152<br> %<br>| &nbsp;&nbsp; 162<br> %<br>|
| Net assets, end of period (000s omitted) | $178724 | &nbsp;&nbsp; $175285 | &nbsp;&nbsp; $91384 | &nbsp;&nbsp; $31509 | &nbsp;&nbsp; $34171 | &nbsp;&nbsp; $40354 | &nbsp;&nbsp; $31965 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.11% |
| Year ended April 30, 2025 | 0.12% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.12% |
| Year ended May 31, 2023 | 0.13% |
| Year ended May 31, 2022 | 0.14% |
| Year ended May 31, 2021 | 0.15% |
| Year ended May 31, 2020 | 0.16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. 

The accompanying notes are an integral part of these financial statements.

32 \| Spectrum Conservative Growth Fund

------

Financial highlights

Spectrum Conservative Growth Fund

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class C | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$10.24** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$9.30** | &nbsp;&nbsp; **$10.23** | &nbsp;&nbsp; **$11.98** | &nbsp;&nbsp; **$11.14** | &nbsp;&nbsp; **$10.50** |
| Net investment income | 0.09 <br><sup>2</sup><br>| 0.22 <br><sup>2</sup><br>| 0.19 <br><sup>2</sup><br>| 0.27 <br><sup>2</sup><br>| 0.21 | 0.04 | 0.09 |
| Net realized and unrealized gains (losses) on investments | 0.95 | 0.54 | 0.42 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.88)<br>| 1.61 | 0.77 |
| Total from investment operations | 1.04 | 0.76 | 0.61 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.67)<br>| 1.65 | 0.86 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | (0.11)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.08)<br>|
| Total distributions to shareholders | (0.11)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.22)<br>|
| **Net asset value, end of period** | **$11.17** | &nbsp;&nbsp; **$10.24** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$9.30** | &nbsp;&nbsp; **$10.23** | &nbsp;&nbsp; **$11.98** | &nbsp;&nbsp; **$11.14** |
| **Total return**<sup>3</sup> <br>| **10.22%**<br>| **7.90%**<br>| **6.60%**<br>| &nbsp;&nbsp; **(3.83)%**<br>| &nbsp;&nbsp; **(6.38)%**<br>| **15.17%**<br>| **8.24%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses\* <br>| 1.51<br> %<br>| 1.53<br> %<br>| 1.53<br> %<br>| 1.54<br> %<br>| 1.53<br> %<br>| 1.52<br> %<br>| 1.52<br> %<br>|
| Net expenses\* <br>| 1.45<br> %<br>| 1.49<br> %<br>| 1.49<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>|
| Net investment income | 1.63<br> %<br>| 2.18<br> %<br>| 2.20<br> %<br>| 2.84<br> %<br>| 1.80<br> %<br>| 0.31<br> %<br>| 0.73<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 15<br> %<br>| &nbsp;&nbsp; 103<br> %<br>| &nbsp;&nbsp; 96<br> %<br>| &nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp; 137<br> %<br>| &nbsp;&nbsp; 152<br> %<br>| &nbsp;&nbsp; 162<br> %<br>|
| Net assets, end of period (000s omitted) | $18044 | &nbsp;&nbsp; $18648 | &nbsp;&nbsp; $128576 | &nbsp;&nbsp; $213452 | &nbsp;&nbsp; $263264 | &nbsp;&nbsp; $336665 | &nbsp;&nbsp; $339482 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.11% |
| Year ended April 30, 2025 | 0.12% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.12% |
| Year ended May 31, 2023 | 0.13% |
| Year ended May 31, 2022 | 0.14% |
| Year ended May 31, 2021 | 0.15% |
| Year ended May 31, 2020 | 0.16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. 

The accompanying notes are an integral part of these financial statements.

Spectrum Conservative Growth Fund \| 33

------

Financial highlights

Spectrum Conservative Growth Fund

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Institutional Class | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$9.93** | &nbsp;&nbsp; **$9.42** | &nbsp;&nbsp; **$9.06** | &nbsp;&nbsp; **$10.00** | &nbsp;&nbsp; **$11.77** | &nbsp;&nbsp; **$10.94** | &nbsp;&nbsp; **$10.32** |
| Net investment income | 0.14 <br><sup>2</sup><br>| 0.32 <br><sup>2</sup><br>| 0.28 <br><sup>2</sup><br>| 0.36 <br><sup>2</sup><br>| 0.34 | 0.17 | 0.20 |
| Net realized and unrealized gains (losses) on investments | 0.93 | 0.52 | 0.40 | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.87)<br>| 1.57 | 0.74 |
| Total from investment operations | 1.07 | 0.84 | 0.68 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.53)<br>| 1.74 | 0.94 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | (0.17)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.24)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.08)<br>|
| Total distributions to shareholders | (0.17)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.32)<br>|
| **Net asset value, end of period** | **$10.83** | &nbsp;&nbsp; **$9.93** | &nbsp;&nbsp; **$9.42** | &nbsp;&nbsp; **$9.06** | &nbsp;&nbsp; **$10.00** | &nbsp;&nbsp; **$11.77** | &nbsp;&nbsp; **$10.94** |
| **Total return**<sup>3</sup> <br>| **10.84%**<br>| **8.98%**<br>| **7.60%**<br>| &nbsp;&nbsp; **(2.87)%**<br>| &nbsp;&nbsp; **(5.36)%**<br>| **16.44%**<br>| **9.26%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses\* <br>| 0.47<br> %<br>| 0.47<br> %<br>| 0.46<br> %<br>| 0.46<br> %<br>| 0.45<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>|
| Net expenses\* <br>| 0.40<br> %<br>| 0.41<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>|
| Net investment income | 2.67<br> %<br>| 3.25<br> %<br>| 3.35<br> %<br>| 3.89<br> %<br>| 2.24<br> %<br>| 1.39<br> %<br>| 1.80<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 15<br> %<br>| &nbsp;&nbsp; 103<br> %<br>| &nbsp;&nbsp; 96<br> %<br>| &nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp; 137<br> %<br>| &nbsp;&nbsp; 152<br> %<br>| &nbsp;&nbsp; 162<br> %<br>|
| Net assets, end of period (000s omitted) | $3965 | &nbsp;&nbsp; $3445 | &nbsp;&nbsp; $7749 | &nbsp;&nbsp; $12445 | &nbsp;&nbsp; $12877 | &nbsp;&nbsp; $3114 | &nbsp;&nbsp; $2678 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.11% |
| Year ended April 30, 2025 | 0.12% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.12% |
| Year ended May 31, 2023 | 0.13% |
| Year ended May 31, 2022 | 0.14% |
| Year ended May 31, 2021 | 0.15% |
| Year ended May 31, 2020 | 0.16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. 

The accompanying notes are an integral part of these financial statements.

34 \| Spectrum Conservative Growth Fund

------

Financial highlights

Spectrum Growth Fund

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class A | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$12.32** | &nbsp;&nbsp; **$11.98** | &nbsp;&nbsp; **$10.72** | &nbsp;&nbsp; **$11.87** | &nbsp;&nbsp; **$14.46** | &nbsp;&nbsp; **$12.70** | &nbsp;&nbsp; **$11.57** |
| Net investment income | 0.12 <br><sup>2</sup><br>| 0.26 <br><sup>2</sup><br>| 0.22 <br><sup>2</sup><br>| 0.34 <br><sup>2</sup><br>| 0.34 <br><sup>2</sup><br>| 0.13 | 0.15 |
| Net realized and unrealized gains (losses) on investments | 1.71 | 0.96 | 1.11 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (1.00)<br>| 3.24 | 1.17 |
| Total from investment operations | 1.83 | 1.22 | 1.33 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.66)<br>| 3.37 | 1.32 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.18)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.50)<br>| 0.00 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp; (0.19)<br>|
| **Net asset value, end of period** | **$14.15** | &nbsp;&nbsp; **$12.32** | &nbsp;&nbsp; **$11.98** | &nbsp;&nbsp; **$10.72** | &nbsp;&nbsp; **$11.87** | &nbsp;&nbsp; **$14.46** | &nbsp;&nbsp; **$12.70** |
| **Total return**<sup>3</sup> <br>| **14.85%**<br>| **10.10%**<br>| **12.42%**<br>| &nbsp;&nbsp; **(2.53)%**<br>| &nbsp;&nbsp; **(5.83)%**<br>| **27.87%**<br>| **11.34%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses\* <br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>|
| Net expenses\* <br>| 0.72<br> %<br>| 0.73<br> %<br>| 0.74<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income | 1.76<br> %<br>| 2.09<br> %<br>| 2.10<br> %<br>| 3.12<br> %<br>| 2.46<br> %<br>| 0.90<br> %<br>| 1.14<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 21<br> %<br>| &nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 98<br> %<br>|
| Net assets, end of period (000s omitted) | $169597 | &nbsp;&nbsp; $156353 | &nbsp;&nbsp; $71930 | &nbsp;&nbsp; $25803 | &nbsp;&nbsp; $26717 | &nbsp;&nbsp; $31295 | &nbsp;&nbsp; $25089 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.13% |
| Year ended April 30, 2025 | 0.13% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.14% |
| Year ended May 31, 2023 | 0.14% |
| Year ended May 31, 2022 | 0.14% |
| Year ended May 31, 2021 | 0.14% |
| Year ended May 31, 2020 | 0.16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. 

The accompanying notes are an integral part of these financial statements.

Spectrum Growth Fund \| 35

------

Financial highlights

Spectrum Growth Fund

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class C | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$12.64** | &nbsp;&nbsp; **$12.28** | &nbsp;&nbsp; **$11.03** | &nbsp;&nbsp; **$12.17** | &nbsp;&nbsp; **$14.78** | &nbsp;&nbsp; **$12.96** | &nbsp;&nbsp; **$11.78** |
| Net investment income | 0.07 <br><sup>2</sup><br>| 0.19 <br><sup>2</sup><br>| 0.16 <br><sup>2</sup><br>| 0.27 <br><sup>2</sup><br>| 0.24 | 0.02 | 0.06 |
| Net realized and unrealized gains (losses) on investments | 1.75 | 0.96 | 1.12 | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (1.03)<br>| 3.30 | 1.20 |
| Total from investment operations | 1.82 | 1.15 | 1.28 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.79)<br>| 3.32 | 1.26 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.07)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.50)<br>| 0.00 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (0.08)<br>|
| **Net asset value, end of period** | **$14.46** | &nbsp;&nbsp; **$12.64** | &nbsp;&nbsp; **$12.28** | &nbsp;&nbsp; **$11.03** | &nbsp;&nbsp; **$12.17** | &nbsp;&nbsp; **$14.78** | &nbsp;&nbsp; **$12.96** |
| **Total return**<sup>3</sup> <br>| **14.40%**<br>| **9.21%**<br>| **11.62%**<br>| &nbsp;&nbsp; **(3.22)%**<br>| &nbsp;&nbsp; **(6.53)%**<br>| **26.86%**<br>| **10.67%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses\* <br>| 1.52<br> %<br>| 1.53<br> %<br>| 1.53<br> %<br>| 1.56<br> %<br>| 1.55<br> %<br>| 1.54<br> %<br>| 1.53<br> %<br>|
| Net expenses\* <br>| 1.47<br> %<br>| 1.49<br> %<br>| 1.49<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>|
| Net investment income | 1.01<br> %<br>| 1.46<br> %<br>| 1.46<br> %<br>| 2.39<br> %<br>| 1.73<br> %<br>| 0.15<br> %<br>| 0.40<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 21<br> %<br>| &nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 98<br> %<br>|
| Net assets, end of period (000s omitted) | $31870 | &nbsp;&nbsp; $30279 | &nbsp;&nbsp; $133450 | &nbsp;&nbsp; $181270 | &nbsp;&nbsp; $215969 | &nbsp;&nbsp; $266399 | &nbsp;&nbsp; $241980 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.13% |
| Year ended April 30, 2025 | 0.13% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.13% |
| Year ended May 31, 2023 | 0.14% |
| Year ended May 31, 2022 | 0.14% |
| Year ended May 31, 2021 | 0.15% |
| Year ended May 31, 2020 | 0.16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. 

The accompanying notes are an integral part of these financial statements.

36 \| Spectrum Growth Fund

------

Financial highlights

Spectrum Growth Fund

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Institutional Class | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$12.34** | &nbsp;&nbsp; **$12.00** | &nbsp;&nbsp; **$10.72** | &nbsp;&nbsp; **$11.87** | &nbsp;&nbsp; **$14.46** | &nbsp;&nbsp; **$12.70** | &nbsp;&nbsp; **$11.57** |
| Net investment income | 0.14 <br><sup>2</sup><br>| 0.31 <br><sup>2</sup><br>| 0.26 <br><sup>2</sup><br>| 0.39 <br><sup>2</sup><br>| 0.42 | 0.22 | 0.16 |
| Net realized and unrealized gains (losses) on investments | 1.71 | 0.96 | 1.10 | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (1.03)<br>| 3.19 | 1.20 |
| Total from investment operations | 1.85 | 1.27 | 1.36 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.61)<br>| 3.41 | 1.36 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.50)<br>| 0.00 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (0.23)<br>|
| **Net asset value, end of period** | **$14.19** | &nbsp;&nbsp; **$12.34** | &nbsp;&nbsp; **$12.00** | &nbsp;&nbsp; **$10.72** | &nbsp;&nbsp; **$11.87** | &nbsp;&nbsp; **$14.46** | &nbsp;&nbsp; **$12.70** |
| **Total return**<sup>3</sup> <br>| **14.99%**<br>| **10.44%**<br>| **12.74%**<br>| &nbsp;&nbsp; **(2.17)%**<br>| &nbsp;&nbsp; **(5.55)%**<br>| **28.25%**<br>| **11.71%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses\* <br>| 0.47<br> %<br>| 0.47<br> %<br>| 0.47<br> %<br>| 0.48<br> %<br>| 0.47<br> %<br>| 0.46<br> %<br>| 0.46<br> %<br>|
| Net expenses\* <br>| 0.40<br> %<br>| 0.41<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>|
| Net investment income | 2.03<br> %<br>| 2.47<br> %<br>| 2.46<br> %<br>| 3.53<br> %<br>| 2.85<br> %<br>| 1.24<br> %<br>| 1.44<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 21<br> %<br>| &nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 98<br> %<br>|
| Net assets, end of period (000s omitted) | $2316 | &nbsp;&nbsp; $1697 | &nbsp;&nbsp; $1562 | &nbsp;&nbsp; $1636 | &nbsp;&nbsp; $2475 | &nbsp;&nbsp; $2589 | &nbsp;&nbsp; $1016 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.13% |
| Year ended April 30, 2025 | 0.13% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.13% |
| Year ended May 31, 2023 | 0.14% |
| Year ended May 31, 2022 | 0.14% |
| Year ended May 31, 2021 | 0.14% |
| Year ended May 31, 2020 | 0.16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. 

The accompanying notes are an integral part of these financial statements.

Spectrum Growth Fund \| 37

------

Financial highlights

Spectrum Income Allocation Fund

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class A | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$8.79** | &nbsp;&nbsp; **$8.47** | &nbsp;&nbsp; **$8.48** | &nbsp;&nbsp; **$9.18** | &nbsp;&nbsp; **$10.50** | &nbsp;&nbsp; **$10.40** | &nbsp;&nbsp; **$9.82** |
| Net investment income | 0.14 <br><sup>2</sup><br>| 0.29 <br><sup>2</sup><br>| 0.25 <br><sup>2</sup><br>| 0.32 <br><sup>2</sup><br>| 0.23 | 0.11 | 0.16 |
| Net realized and unrealized gains (losses) on investments | 0.49 | 0.34 | 0.01 | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.83)<br>| 0.71 | 0.59 |
| Total from investment operations | 0.63 | 0.63 | 0.26 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.60)<br>| 0.82 | 0.75 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | (0.17)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.58)<br>| 0.00 |
| Total distributions to shareholders | (0.17)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.17)<br>|
| **Net asset value, end of period** | **$9.25** | &nbsp;&nbsp; **$8.79** | &nbsp;&nbsp; **$8.47** | &nbsp;&nbsp; **$8.48** | &nbsp;&nbsp; **$9.18** | &nbsp;&nbsp; **$10.50** | &nbsp;&nbsp; **$10.40** |
| **Total return**<sup>3</sup> <br>| **7.23%**<br>| **7.46%**<br>| **3.04%**<br>| &nbsp;&nbsp; **(3.32)%**<br>| &nbsp;&nbsp; **(6.28)%**<br>| **8.07%**<br>| **7.72%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses\* <br>| 0.92<br> %<br>| 0.90<br> %<br>| 0.85<br> %<br>| 0.83<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>|
| Net expenses\* <br>| 0.72<br> %<br>| 0.73<br> %<br>| 0.74<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income | 3.07<br> %<br>| 3.31<br> %<br>| 3.20<br> %<br>| 3.67<br> %<br>| 2.26<br> %<br>| 1.04<br> %<br>| 1.61<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 35<br> %<br>| &nbsp;&nbsp; 165<br> %<br>| &nbsp;&nbsp; 143<br> %<br>| &nbsp;&nbsp; 148<br> %<br>| &nbsp;&nbsp; 225<br> %<br>| &nbsp;&nbsp; 206<br> %<br>| &nbsp;&nbsp; 197<br> %<br>|
| Net assets, end of period (000s omitted) | $80313 | &nbsp;&nbsp; $82363 | &nbsp;&nbsp; $34183 | &nbsp;&nbsp; $17128 | &nbsp;&nbsp; $20647 | &nbsp;&nbsp; $24170 | &nbsp;&nbsp; $21256 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.11% |
| Year ended April 30, 2025 | 0.13% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.13% |
| Year ended May 31, 2023 | 0.14% |
| Year ended May 31, 2022 | 0.16% |
| Year ended May 31, 2021 | 0.16% |
| Year ended May 31, 2020 | 0.15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. 

The accompanying notes are an integral part of these financial statements.

38 \| Spectrum Income Allocation Fund

------

Financial highlights

Spectrum Income Allocation Fund

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class C | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$8.79** | &nbsp;&nbsp; **$8.48** | &nbsp;&nbsp; **$8.48** | &nbsp;&nbsp; **$9.18** | &nbsp;&nbsp; **$10.46** | &nbsp;&nbsp; **$10.36** | &nbsp;&nbsp; **$9.81** |
| Net investment income | 0.11 <br><sup>2</sup><br>| 0.23 <br><sup>2</sup><br>| 0.20 <br><sup>2</sup><br>| 0.25 <br><sup>2</sup><br>| 0.15 | 0.03 | 0.09 |
| Net realized and unrealized gains (losses) on investments | 0.48 | 0.32 | 0.00 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.82)<br>| 0.71 | 0.58 |
| Total from investment operations | 0.59 | 0.55 | 0.20 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.67)<br>| 0.74 | 0.67 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | (0.13)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.12)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.58)<br>| 0.00 |
| Total distributions to shareholders | (0.13)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.12)<br>|
| **Net asset value, end of period** | **$9.25** | &nbsp;&nbsp; **$8.79** | &nbsp;&nbsp; **$8.48** | &nbsp;&nbsp; **$8.48** | &nbsp;&nbsp; **$9.18** | &nbsp;&nbsp; **$10.46** | &nbsp;&nbsp; **$10.36** |
| **Total return**<sup>3</sup> <br>| **6.82%**<br>| **6.53%**<br>| **2.38%**<br>| &nbsp;&nbsp; **(4.07)%**<br>| &nbsp;&nbsp; **(6.91)%**<br>| **7.25%**<br>| **6.90%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses\* <br>| 1.62<br> %<br>| 1.62<br> %<br>| 1.59<br> %<br>| 1.58<br> %<br>| 1.56<br> %<br>| 1.55<br> %<br>| 1.55<br> %<br>|
| Net expenses\* <br>| 1.46<br> %<br>| 1.49<br> %<br>| 1.49<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>|
| Net investment income | 2.33<br> %<br>| 2.58<br> %<br>| 2.51<br> %<br>| 2.92<br> %<br>| 1.53<br> %<br>| 0.30<br> %<br>| 0.89<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 35<br> %<br>| &nbsp;&nbsp; 165<br> %<br>| &nbsp;&nbsp; 143<br> %<br>| &nbsp;&nbsp; 148<br> %<br>| &nbsp;&nbsp; 225<br> %<br>| &nbsp;&nbsp; 206<br> %<br>| &nbsp;&nbsp; 197<br> %<br>|
| Net assets, end of period (000s omitted) | $6180 | &nbsp;&nbsp; $7044 | &nbsp;&nbsp; $75016 | &nbsp;&nbsp; $115932 | &nbsp;&nbsp; $148281 | &nbsp;&nbsp; $196035 | &nbsp;&nbsp; $212465 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.11% |
| Year ended April 30, 2025 | 0.13% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.13% |
| Year ended May 31, 2023 | 0.14% |
| Year ended May 31, 2022 | 0.16% |
| Year ended May 31, 2021 | 0.16% |
| Year ended May 31, 2020 | 0.15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. 

The accompanying notes are an integral part of these financial statements.

Spectrum Income Allocation Fund \| 39

------

Financial highlights

Spectrum Income Allocation Fund

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Institutional Class | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$8.77** | &nbsp;&nbsp; **$8.46** | &nbsp;&nbsp; **$8.47** | &nbsp;&nbsp; **$9.17** | &nbsp;&nbsp; **$10.50** | &nbsp;&nbsp; **$10.39** | &nbsp;&nbsp; **$9.80** |
| Net investment income | 0.15 <br><sup>2</sup><br>| 0.32 <br><sup>2</sup><br>| 0.27 <br><sup>2</sup><br>| 0.34 <br><sup>2</sup><br>| 0.20 <br><sup>2</sup><br>| 0.19 | 0.21 |
| Net realized and unrealized gains (losses) on investments | 0.49 | 0.33 | 0.01 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.77)<br>| 0.68 | 0.57 |
| Total from investment operations | 0.64 | 0.65 | 0.28 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.57)<br>| 0.87 | 0.78 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.19)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.58)<br>| 0.00 |
| Total distributions to shareholders | (0.18)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.19)<br>|
| **Net asset value, end of period** | **$9.23** | &nbsp;&nbsp; **$8.77** | &nbsp;&nbsp; **$8.46** | &nbsp;&nbsp; **$8.47** | &nbsp;&nbsp; **$9.17** | &nbsp;&nbsp; **$10.50** | &nbsp;&nbsp; **$10.39** |
| **Total return**<sup>3</sup> <br>| **7.42%**<br>| **7.70%**<br>| **3.33%**<br>| &nbsp;&nbsp; **(2.99)%**<br>| &nbsp;&nbsp; **(5.93)%**<br>| **8.51%**<br>| **8.07%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses\* <br>| 0.60<br> %<br>| 0.57<br> %<br>| 0.53<br> %<br>| 0.51<br> %<br>| 0.48<br> %<br>| 0.47<br> %<br>| 0.47<br> %<br>|
| Net expenses\* <br>| 0.40<br> %<br>| 0.41<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>|
| Net investment income | 3.40<br> %<br>| 3.64<br> %<br>| 3.53<br> %<br>| 3.98<br> %<br>| 1.98<br> %<br>| 1.33<br> %<br>| 1.96<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 35<br> %<br>| &nbsp;&nbsp; 165<br> %<br>| &nbsp;&nbsp; 143<br> %<br>| &nbsp;&nbsp; 148<br> %<br>| &nbsp;&nbsp; 225<br> %<br>| &nbsp;&nbsp; 206<br> %<br>| &nbsp;&nbsp; 197<br> %<br>|
| Net assets, end of period (000s omitted) | $2102 | &nbsp;&nbsp; $1634 | &nbsp;&nbsp; $4192 | &nbsp;&nbsp; $5571 | &nbsp;&nbsp; $5876 | &nbsp;&nbsp; $1139 | &nbsp;&nbsp; $710 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.11% |
| Year ended April 30, 2025 | 0.13% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.13% |
| Year ended May 31, 2023 | 0.14% |
| Year ended May 31, 2022 | 0.16% |
| Year ended May 31, 2021 | 0.16% |
| Year ended May 31, 2020 | 0.15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. 

The accompanying notes are an integral part of these financial statements.

40 \| Spectrum Income Allocation Fund

------

Financial highlights

Spectrum Moderate Growth Fund

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class A | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$12.20** | &nbsp;&nbsp; **$11.55** | &nbsp;&nbsp; **$10.51** | &nbsp;&nbsp; **$11.63** | &nbsp;&nbsp; **$13.92** | &nbsp;&nbsp; **$12.64** | &nbsp;&nbsp; **$11.64** |
| Net investment income | 0.14 <br><sup>2</sup><br>| 0.29 <br><sup>2</sup><br>| 0.25 <br><sup>2</sup><br>| 0.36 <br><sup>2</sup><br>| 0.32 | 0.14 | 0.15 |
| Net realized and unrealized gains (losses) on investments | 1.48 | 0.81 | 0.85 | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.95)<br>| 2.59 | 1.07 |
| Total from investment operations | 1.62 | 1.10 | 1.10 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.63)<br>| 2.73 | 1.22 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.03)<br>| 0.00 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (0.22)<br>|
| **Net asset value, end of period** | **$13.82** | &nbsp;&nbsp; **$12.20** | &nbsp;&nbsp; **$11.55** | &nbsp;&nbsp; **$10.51** | &nbsp;&nbsp; **$11.63** | &nbsp;&nbsp; **$13.92** | &nbsp;&nbsp; **$12.64** |
| **Total return**<sup>3</sup> <br>| **13.28%**<br>| **9.52%**<br>| **10.49%**<br>| &nbsp;&nbsp; **(2.76)%**<br>| &nbsp;&nbsp; **(5.66)%**<br>| **22.56%**<br>| **10.49%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses\* <br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.75<br> %<br>| 0.76<br> %<br>|
| Net expenses\* <br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.72<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income | 2.06<br> %<br>| 2.37<br> %<br>| 2.36<br> %<br>| 3.38<br> %<br>| 2.49<br> %<br>| 0.96<br> %<br>| 1.31<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 19<br> %<br>| &nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp; 78<br> %<br>| &nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp; 89<br> %<br>| &nbsp;&nbsp; 120<br> %<br>| &nbsp;&nbsp; 131<br> %<br>|
| Net assets, end of period (000s omitted) | $336011 | &nbsp;&nbsp; $314905 | &nbsp;&nbsp; $155362 | &nbsp;&nbsp; $44966 | &nbsp;&nbsp; $46650 | &nbsp;&nbsp; $56004 | &nbsp;&nbsp; $46133 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.12% |
| Year ended April 30, 2025 | 0.12% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.13% |
| Year ended May 31, 2023 | 0.14% |
| Year ended May 31, 2022 | 0.14% |
| Year ended May 31, 2021 | 0.15% |
| Year ended May 31, 2020 | 0.16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. 

The accompanying notes are an integral part of these financial statements.

Spectrum Moderate Growth Fund \| 41

------

Financial highlights

Spectrum Moderate Growth Fund

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class C | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$12.51** | &nbsp;&nbsp; **$11.83** | &nbsp;&nbsp; **$10.80** | &nbsp;&nbsp; **$11.91** | &nbsp;&nbsp; **$14.22** | &nbsp;&nbsp; **$12.87** | &nbsp;&nbsp; **$11.85** |
| Net investment income | 0.09 <br><sup>2</sup><br>| 0.22 <br><sup>2</sup><br>| 0.18 <br><sup>2</sup><br>| 0.29 <br><sup>2</sup><br>| 0.24 <br><sup>2</sup><br>| 0.03 | 0.08 |
| Net realized and unrealized gains (losses) on investments | 1.51 | 0.82 | 0.87 | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (1.00)<br>| 2.66 | 1.06 |
| Total from investment operations | 1.60 | 1.04 | 1.05 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.76)<br>| 2.69 | 1.14 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.11)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.03)<br>| 0.00 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (0.12)<br>|
| **Net asset value, end of period** | **$14.11** | &nbsp;&nbsp; **$12.51** | &nbsp;&nbsp; **$11.83** | &nbsp;&nbsp; **$10.80** | &nbsp;&nbsp; **$11.91** | &nbsp;&nbsp; **$14.22** | &nbsp;&nbsp; **$12.87** |
| **Total return**<sup>3</sup> <br>| **12.79%**<br>| **8.73%**<br>| **9.74%**<br>| &nbsp;&nbsp; **(3.46)%**<br>| &nbsp;&nbsp; **(6.39)%**<br>| **21.79%**<br>| **9.58%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses\* <br>| 1.48<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>| 1.51<br> %<br>| 1.49<br> %<br>| 1.50<br> %<br>| 1.51<br> %<br>|
| Net expenses\* <br>| 1.43<br> %<br>| 1.46<br> %<br>| 1.49<br> %<br>| 1.50<br> %<br>| 1.49<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>|
| Net investment income | 1.33<br> %<br>| 1.77<br> %<br>| 1.78<br> %<br>| 2.66<br> %<br>| 1.76<br> %<br>| 0.21<br> %<br>| 0.57<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 19<br> %<br>| &nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp; 78<br> %<br>| &nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp; 89<br> %<br>| &nbsp;&nbsp; 120<br> %<br>| &nbsp;&nbsp; 131<br> %<br>|
| Net assets, end of period (000s omitted) | $37053 | &nbsp;&nbsp; $37249 | &nbsp;&nbsp; $228122 | &nbsp;&nbsp; $326438 | &nbsp;&nbsp; $402753 | &nbsp;&nbsp; $499835 | &nbsp;&nbsp; $477998 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.12% |
| Year ended April 30, 2025 | 0.13% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.13% |
| Year ended May 31, 2023 | 0.14% |
| Year ended May 31, 2022 | 0.14% |
| Year ended May 31, 2021 | 0.15% |
| Year ended May 31, 2020 | 0.16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. 

The accompanying notes are an integral part of these financial statements.

42 \| Spectrum Moderate Growth Fund

------

Financial highlights

Spectrum Moderate Growth Fund

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>October 31, 2025 <br>(unaudited) | Year ended April 30 | Year ended April 30 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Institutional Class | Six months ended <br>October 31, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$12.22** | &nbsp;&nbsp; **$11.57** | &nbsp;&nbsp; **$10.51** | &nbsp;&nbsp; **$11.63** | &nbsp;&nbsp; **$13.93** | &nbsp;&nbsp; **$12.64** | &nbsp;&nbsp; **$11.65** |
| Net investment income | 0.16 <br><sup>2</sup><br>| 0.34 <br><sup>2</sup><br>| 0.28 <br><sup>2</sup><br>| 0.40 <br><sup>2</sup><br>| 0.31 <br><sup>2</sup><br>| 0.23 | 0.25 |
| Net realized and unrealized gains (losses) on investments | 1.48 | 0.80 | 0.86 | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.90)<br>| 2.55 | 1.01 |
| Total from investment operations | 1.64 | 1.14 | 1.14 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.59)<br>| 2.78 | 1.26 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.26)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.03)<br>| 0.00 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (0.27)<br>|
| **Net asset value, end of period** | **$13.86** | &nbsp;&nbsp; **$12.22** | &nbsp;&nbsp; **$11.57** | &nbsp;&nbsp; **$10.51** | &nbsp;&nbsp; **$11.63** | &nbsp;&nbsp; **$13.93** | &nbsp;&nbsp; **$12.64** |
| **Total return**<sup>3</sup> <br>| **13.42%**<br>| **9.86%**<br>| **10.83%**<br>| &nbsp;&nbsp; **(2.40)%**<br>| &nbsp;&nbsp; **(5.40)%**<br>| **22.99%**<br>| **10.78%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses\* <br>| 0.44<br> %<br>| 0.44<br> %<br>| 0.45<br> %<br>| 0.43<br> %<br>| 0.41<br> %<br>| 0.42<br> %<br>| 0.43<br> %<br>|
| Net expenses\* <br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>|
| Net investment income | 2.38<br> %<br>| 2.77<br> %<br>| 2.49<br> %<br>| 3.73<br> %<br>| 2.38<br> %<br>| 1.32<br> %<br>| 1.63<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate<sup>4</sup> <br>| 19<br> %<br>| &nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp; 78<br> %<br>| &nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp; 89<br> %<br>| &nbsp;&nbsp; 120<br> %<br>| &nbsp;&nbsp; 131<br> %<br>|
| Net assets, end of period (000s omitted) | $64353 | &nbsp;&nbsp; $58116 | &nbsp;&nbsp; $62077 | &nbsp;&nbsp; $6715 | &nbsp;&nbsp; $7369 | &nbsp;&nbsp; $3443 | &nbsp;&nbsp; $1945 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended October 31, 2025 (unaudited) | 0.12% |
| Year ended April 30, 2025 | 0.13% |
| Year ended April 30, 2024<sup>1</sup> <br>| 0.13% |
| Year ended May 31, 2023 | 0.14% |
| Year ended May 31, 2022 | 0.14% |
| Year ended May 31, 2021 | 0.15% |
| Year ended May 31, 2020 | 0.16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the eleven months ended April 30, 2024. The Fund changed its fiscal year end from May 31 to April 30, effective April 30, 2024.

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio's purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. 

The accompanying notes are an integral part of these financial statements.

Spectrum Moderate Growth Fund \| 43

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*. These financial statements report on the following funds: Allspring Spectrum Aggressive Growth Fund ("Spectrum Aggressive Growth Fund"), Allspring Spectrum Conservative Growth Fund ("Spectrum Conservative Growth Fund"), Allspring Spectrum Growth Fund ("Spectrum Growth Fund"), Allspring Spectrum Income Allocation Fund ("Spectrum Income Allocation Fund"), Allspring Spectrum Moderate Growth Fund ("Spectrum Moderate Growth Fund") (each, a "Fund", collectively, the "Funds"). Each Fund is a diversified series of the Trust.

Each Fund is a fund-of-funds that may invest in various affiliated and unaffiliated mutual funds and exchange-traded funds (collectively, the "Underlying Funds") to pursue its investment objective. The Underlying Funds incur separate expenses in seeking to achieve their investment objectives. Investments in affiliated mutual funds may also include investments in one or more separate diversified portfolios (each, an "affiliated Master Portfolio", collectively, the "affiliated Master Portfolios") of Allspring Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and each Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investments in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of each affiliated Master Portfolio's income, expense and realized and unrealized gains and losses. The financial statements for the Underlying Funds are presented in separate financial statements and may be obtained by contacting Investor Services for the affiliated mutual funds or by contacting the servicing agent of the unaffiliated mutual funds and exchange-traded funds. The financial statements of the affiliated Master Portfolios are available by visiting the SEC website at sec.gov and are filed with the SEC under Allspring Master Trust. The financial statements for all other affiliated Underlying Funds are also publicly available on the SEC website at sec.gov.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Funds, 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 Funds may deviate from this calculation time under unusual or unexpected circumstances.

Investments in the affiliated Master Portfolios are valued daily based on each Fund's proportionate share of each affiliated Master Portfolio's net assets, which are also valued daily.

Equity securities, exchange-traded funds and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Futures contracts

Futures contracts are agreements between each 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. Each Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates, security values and foreign exchange rates and is subject to interest rate risk, equity price risk and foreign currency risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by each 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 each 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.

44 \| Multi-Asset Funds

------

Notes to financial statements (unaudited)

Upon entering into a futures contract, each 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 Statements of assets and liabilities. Should each Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy each Fund's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statements of operations.

Investment transactions, income and expenses

Investments in affiliated Master Portfolios and securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Each Fund records on a daily basis its proportionate share of each affiliated Master Portfolio's income, expenses and realized and unrealized gains and losses. Income from foreign securities in each affiliated Master Portfolio is recorded net of foreign taxes withheld where recovery of such taxes is not assured. Each Fund also accrues its own expenses.

Interest earned on cash balances held at the custodian is recorded as interest income.

Income dividends and capital gain distributions from Underlying Funds are recorded on the ex-dividend date. Capital gain distributions from Underlying Funds are treated as realized gains.

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 and any net realized gains are recorded on the ex-dividend date for each Fund as follows:

---

| | | |
|:---|:---|:---|
|  | Net investment income | Net realized gains |
| **Spectrum Aggressive Growth Fund** | &nbsp;&nbsp; Annually | &nbsp;&nbsp;&nbsp; Annually |
| **Spectrum Conservative Growth Fund** | &nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; Annually |
| **Spectrum Growth Fund** | &nbsp;&nbsp; Annually | &nbsp;&nbsp;&nbsp; Annually |
| **Spectrum Income Allocation Fund** | &nbsp;&nbsp; Monthly | &nbsp;&nbsp;&nbsp; Annually |
| **Spectrum Moderate Growth Fund** | &nbsp;&nbsp; Annually | &nbsp;&nbsp;&nbsp; Annually |

---

Federal and other taxes

Each Fund is treated as a separate entity for federal income tax purposes. Each 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.

Each 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 each 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 October 31, 2025, the aggregate cost of all investments for federal income tax purposes and the unrealized gains (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax cost | &nbsp;&nbsp;&nbsp; Gross <br>unrealized <br>gains<br>| &nbsp;&nbsp;&nbsp; Gross <br>unrealized <br>losses<br>| &nbsp;&nbsp;&nbsp; Net <br>unrealized <br>gains <br>&nbsp;&nbsp;&nbsp;&nbsp;(losses)<br>|
| **Spectrum Aggressive Growth Fund** | &nbsp;&nbsp; $367099695 | &nbsp;&nbsp;&nbsp; $190984604 | &nbsp;&nbsp;&nbsp; $(25130057)<br>| &nbsp;&nbsp;&nbsp; $165854547 |
| **Spectrum Conservative Growth Fund** | &nbsp;&nbsp; 178151101 | &nbsp;&nbsp;&nbsp; 25372306 | &nbsp;&nbsp;&nbsp; (6330541)<br>| &nbsp;&nbsp;&nbsp; 19041765 |
| **Spectrum Growth Fund** | &nbsp;&nbsp; 160542578 | &nbsp;&nbsp;&nbsp; 47091382 | &nbsp;&nbsp;&nbsp; (6963488)<br>| &nbsp;&nbsp;&nbsp; 40127894 |
| **Spectrum Income Allocation Fund** | &nbsp;&nbsp; 85896862 | &nbsp;&nbsp;&nbsp; 10977189 | &nbsp;&nbsp;&nbsp; (9929979)<br>| &nbsp;&nbsp;&nbsp; 1047210 |
| **Spectrum Moderate Growth Fund** | &nbsp;&nbsp; 355042006 | &nbsp;&nbsp;&nbsp; 85982792 | &nbsp;&nbsp;&nbsp; (10257646)<br>| &nbsp;&nbsp;&nbsp; 75725146 |

---

As of April 30, 2025, the following Funds had capital loss carryforwards which consisted of short-term and long-term capital losses.

---

| | | |
|:---|:---|:---|
|  | NO EXPIRATION | NO EXPIRATION |
|  | Short-term | Long-term |
| **Spectrum Conservative Growth Fund** | &nbsp;&nbsp; $8495634 | &nbsp;&nbsp;&nbsp; $657369 |
| **Spectrum Income Allocation Fund** | &nbsp;&nbsp; 7063475 | &nbsp;&nbsp;&nbsp; 10432488 |

---

Multi-Asset Funds \| 45

------

Notes to financial statements (unaudited)

Class allocations

The separate classes of shares offered by each 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 each 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). Each 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 each Fund's assets and liabilities as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Spectrum Aggressive Growth Fund | 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:** |  |  |  |  |
| **Investment companies** | &nbsp;&nbsp; $277404417 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $277404417 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 28125659 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 28125659 |
| Investments measured at net asset value\* <br>|  |  |  | &nbsp;&nbsp;&nbsp; 224679536 |
|  | &nbsp;&nbsp; 305530076 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 530209612 |
| **Futures contracts** | &nbsp;&nbsp; 5089538 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5089538 |
| **Total assets** | &nbsp;&nbsp; **$310619614** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$535299150** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Futures contracts** | &nbsp;&nbsp; $2344908 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $2344908 |
| **Total liabilities** | &nbsp;&nbsp; **$2344908** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$2344908** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of assets and liabilities. The Fund's investments in the affiliated Master Portfolios are valued at $224,679,536. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. 

46 \| Multi-Asset Funds

------

Notes to financial statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Spectrum Conservative Growth Fund | 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:** |  |  |  |  |
| **Investment companies** | &nbsp;&nbsp; $120011710 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $120011710 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 12236177 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12236177 |
| Investments measured at net asset value\* <br>|  |  |  | &nbsp;&nbsp;&nbsp; 64849208 |
|  | &nbsp;&nbsp; 132247887 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 197097095 |
| **Futures contracts** | &nbsp;&nbsp; 1167216 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1167216 |
| **Total assets** | &nbsp;&nbsp; **$133415103** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$198264311** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Futures contracts** | &nbsp;&nbsp; $1071445 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $1071445 |
| **Total liabilities** | &nbsp;&nbsp; **$1071445** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1071445** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of assets and liabilities. The Fund's investments in the affiliated Master Portfolios are valued at $64,849,208. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Spectrum Growth Fund | 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:** |  |  |  |  |
| **Investment companies** | &nbsp;&nbsp; $119783345 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $119783345 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 4002310 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4002310 |
| Investments measured at net asset value\* <br>|  |  |  | &nbsp;&nbsp;&nbsp; 76225377 |
|  | &nbsp;&nbsp; 123785655 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 200011032 |
| **Futures contracts** | &nbsp;&nbsp; 1639868 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1639868 |
| **Total assets** | &nbsp;&nbsp; **$125425523** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$201650900** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Futures contracts** | &nbsp;&nbsp; $980428 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $980428 |
| **Total liabilities** | &nbsp;&nbsp; **$980428** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$980428** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of assets and liabilities. The Fund's investments in the affiliated Master Portfolios are valued at $76,225,377. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. 

Multi-Asset Funds \| 47

------

Notes to financial statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Spectrum Income Allocation Fund | 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:** |  |  |  |  |
| **Investment companies** | &nbsp;&nbsp; $55070319 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $55070319 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 6257222 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6257222 |
| Investments measured at net asset value\* <br>|  |  |  | &nbsp;&nbsp;&nbsp; 25532910 |
|  | &nbsp;&nbsp; 61327541 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 86860451 |
| **Futures contracts** | &nbsp;&nbsp; 540730 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 540730 |
| **Total assets** | &nbsp;&nbsp; **$61868271** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$87401181** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Futures contracts** | &nbsp;&nbsp; $457109 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $457109 |
| **Total liabilities** | &nbsp;&nbsp; **$457109** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$457109** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of assets and liabilities. The Fund's investments in the affiliated Master Portfolios are valued at $25,532,910. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Spectrum Moderate Growth Fund | 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:** |  |  |  |  |
| **Investment companies** | &nbsp;&nbsp; $268038140 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $268038140 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 8505593 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8505593 |
| Investments measured at net asset value\* <br>|  |  |  | &nbsp;&nbsp;&nbsp; 152836099 |
|  | &nbsp;&nbsp; 276543733 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 429379832 |
| **Futures contracts** | &nbsp;&nbsp; 3549126 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3549126 |
| **Total assets** | &nbsp;&nbsp; **$280092859** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$432928958** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Futures contracts** | &nbsp;&nbsp; $2161806 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $2161806 |
| **Total liabilities** | &nbsp;&nbsp; **$2161806** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$2161806** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of assets and liabilities. The Fund's investments in the affiliated Master Portfolios are valued at $152,836,099. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. 

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following each 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.

At October 31, 2025, the Funds did not have any transfers into/out of Level 3.

The investment objective of each affiliated Master Portfolio is as follows:

---

| | |
|:---|:---|
| Affiliated Master Portfolio | Investment objective |
| Allspring Core Bond Portfolio | Seeks total return, consisting of income and capital appreciation |
| Allspring Disciplined International Developed Markets Portfolio | Seeks long-term capital appreciation |
| Allspring Disciplined Large Cap Portfolio | Seeks long-term capital appreciation |
| Allspring Real Return Portfolio | Seeks returns that exceed the rate of inflation over the long-term |
| Allspring Small Company Value Portfolio | Seeks long-term capital appreciation |

---

48 \| Multi-Asset Funds

------

Notes to financial statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of each 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 each Fund, supervising the subadviser and providing fund-level administrative services in connection with each 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 each Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $1 billion | 0.250<br> %<br>|
| Next $4 billion | 0.225 |
| Next $5 billion | 0.190 |
| Over $10 billion | 0.180 |

---

For the six months ended October 31, 2025, the management fee was equivalent to an annual rate of 0.25% of each Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to each 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 each Fund.

Allspring Funds Management also serves as the adviser to each affiliated Master Portfolio and is entitled to receive a fee from each affiliated Master Portfolio for those services.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to each Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Administrator Class | 0.13 |
| Institutional Class | 0.13 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for each Fund. When each class of each 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 August 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Net expenses allocated from the affiliated Master Portfolios are excluded from the expense caps. 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 October 31, 2025, the contractual caps are as follows for the Funds except Spectrum Moderate Growth:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.72<br> %<br>|
| Class C | 1.47 |
| Administrator Class | 0.65 |
| Institutional Class | 0.40 |

---

Multi-Asset Funds \| 49

------

Notes to financial statements (unaudited)

As of October 31, 2025, the contractual caps are as follows for Spectrum Moderate Growth:

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.70<br> %<br>|
| Class C | 1.45 |
| Institutional Class | 0.38 |

---

Distribution fee

The Trust has adopted a Distribution Plan for Class C shares of the applicable Funds 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 of each Fund, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended October 31, 2025, Allspring Funds Distributor received front-end sales charges and/or contingent deferred sales charges from the following Funds:

---

| | | | |
|:---|:---|:---|:---|
|  | Front end <br>sales-charges<br>| Contingent Deferred <br>Sales Charges | Contingent Deferred <br>Sales Charges |
|  | Class A | Class A | Class C |
| **Spectrum Aggressive Growth Fund** | &nbsp;&nbsp; $6242 | &nbsp;&nbsp;&nbsp; $118 | &nbsp;&nbsp;&nbsp; $1394 |
| **Spectrum Conservative Growth Fund** | &nbsp;&nbsp; 1476 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 300 |
| **Spectrum Growth Fund** | &nbsp;&nbsp; 3559 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1642 |
| **Spectrum Income Allocation Fund** | &nbsp;&nbsp; 487 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 492 |
| **Spectrum Moderate Growth Fund** | &nbsp;&nbsp; 3567 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1041 |

---

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class of each applicable Fund 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Each Fund seeks to achieve its investment objective by investing in various affiliated Master Portfolios and Underlying Funds. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying each Fund's ownership percentage in the respective affiliated Master Portfolio at the end of the period by the corresponding affiliated Master Portfolio's purchases and sales. Purchases and sales in Underlying Funds in which each Fund invests are actual aggregate purchases and sales of those investments. Purchases and sales of investments, excluding short-term securities, for the six months ended October 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
|  | U.S. <br>government<br>| &nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| **Spectrum Aggressive Growth Fund** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $74462078 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $115166959 |
| **Spectrum Conservative Growth Fund** | &nbsp;&nbsp; 7869612 | &nbsp;&nbsp;&nbsp; 18613874 | &nbsp;&nbsp;&nbsp; 7840758 | &nbsp;&nbsp;&nbsp; 33461581 |
| **Spectrum Growth Fund** | &nbsp;&nbsp; 2355582 | &nbsp;&nbsp;&nbsp; 35637177 | &nbsp;&nbsp;&nbsp; 2332865 | &nbsp;&nbsp;&nbsp; 42817060 |
| **Spectrum Income Allocation Fund** | &nbsp;&nbsp; 15780592 | &nbsp;&nbsp;&nbsp; 11118265 | &nbsp;&nbsp;&nbsp; 15757082 | &nbsp;&nbsp;&nbsp; 13747615 |
| **Spectrum Moderate Growth Fund** | &nbsp;&nbsp; 8299666 | &nbsp;&nbsp;&nbsp; 62892036 | &nbsp;&nbsp;&nbsp; 8248630 | &nbsp;&nbsp;&nbsp; 77237397 |

---

50 \| Multi-Asset Funds

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Notes to financial statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6. DERIVATIVE TRANSACTIONS

During the six months ended October 31, 2025, the following Fund entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy. The volume of each Fund's futures contracts during the six months ended October 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | Long contracts | Short contracts |
| **Spectrum Aggressive Growth Fund** | &nbsp;&nbsp; $207539275 | &nbsp;&nbsp;&nbsp;&nbsp; $56050880 |
| **Spectrum Conservative Growth Fund** | &nbsp;&nbsp; 87499569 | &nbsp;&nbsp;&nbsp;&nbsp; 18884738 |
| **Spectrum Growth Fund** | &nbsp;&nbsp; 80838856 | &nbsp;&nbsp;&nbsp;&nbsp; 19633761 |
| **Spectrum Income Allocation Fund** | &nbsp;&nbsp; 41018167 | &nbsp;&nbsp;&nbsp;&nbsp; 8800748 |
| **Spectrum Moderate Growth Fund** | &nbsp;&nbsp; 179628450 | &nbsp;&nbsp;&nbsp;&nbsp; 41205346 |

---

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 October 31, 2025 by primary risk type on the Statements of assets and liabilities was as follows for the Spectrum Aggressive Growth Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Equity <br>risk<br>| Foreign currency <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Futures contracts | &nbsp;&nbsp; $0 | $5,089,538 <br>\*<br>| $0 | $5089538 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Futures contracts | &nbsp;&nbsp; $747,430 <br>\*<br>| $291,250 <br>\*<br>| $1,306,228 <br>\*<br>| $2344908 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of investments. For futures contracts, only the current day's variation margin as of October 31, 2025 is reported separately on the Statements of assets and liabilities. 

The effect of derivative instruments on the Statement of operations for the six months ended October 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | INTEREST RATE <br>RISK<br>| Equity <br>risk<br>| Foreign currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $99816 | $(1654753)<br>| $(534174)<br>| $(2089111)<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** |
| Futures contracts | &nbsp;&nbsp; $(1186166)<br>| $9528525 | $(1867546)<br>| $6474813 |

---

The fair value of derivative instruments as of October 31, 2025 by primary risk type on the Statements of assets and liabilities was as follows for Spectrum Conservative Growth Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Equity <br>risk<br>| Foreign currency <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Futures contracts | &nbsp;&nbsp; $16,507 <br>\*<br>| $1,150,709 <br>\*<br>| $0 | $1167216 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Futures contracts | &nbsp;&nbsp; $465,238 <br>\*<br>| $109,219 <br>\*<br>| $496,988 <br>\*<br>| $1071445 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of investments. For futures contracts, only the current day's variation margin as of October 31, 2025 is reported separately on the Statements of assets and liabilities. 

The effect of derivative instruments on the Statement of operations for the six months ended October 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | INTEREST RATE <br>RISK<br>| Equity <br>risk<br>| Foreign currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $94892 | $(825841)<br>| $(213933)<br>| $(944882)<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** |
| Futures contracts | &nbsp;&nbsp; $(822306)<br>| $2693580 | $(737943)<br>| $1133331 |

---

Multi-Asset Funds \| 51

------

Notes to financial statements (unaudited)

The fair value of derivative instruments as of October 31, 2025 by primary risk type on the Statements of assets and liabilities was as follows for Spectrum Growth Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Equity <br>risk<br>| Foreign currency <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Futures contracts | &nbsp;&nbsp; $7,174 <br>\*<br>| $1,632,694 <br>\*<br>| $0 | $1639868 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Futures contracts | &nbsp;&nbsp; $367,651 <br>\*<br>| $110,874 <br>\*<br>| $501,903 <br>\*<br>| $980428 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of investments. For futures contracts, only the current day's variation margin as of October 31, 2025 is reported separately on the Statements of assets and liabilities. 

The effect of derivative instruments on the Statement of operations for the six months ended October 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | INTEREST RATE <br>RISK<br>| Equity <br>risk<br>| Foreign currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $68930 | $(1420459)<br>| $(210586)<br>| $(1562115)<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** |
| Futures contracts | &nbsp;&nbsp; $(651305)<br>| $3424954 | $(730394)<br>| $2043255 |

---

The fair value of derivative instruments as of October 31, 2025 by primary risk type on the Statements of assets and liabilities was as follows for Spectrum Income Allocation Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Equity <br>risk<br>| Foreign currency <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Futures contracts | &nbsp;&nbsp; $14,283 <br>\*<br>| $526,447 <br>\*<br>| $0 | $540730 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Futures contracts | &nbsp;&nbsp; $186,824 <br>\*<br>| $47,990 <br>\*<br>| $222,295 <br>\*<br>| $457109 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of investments. For futures contracts, only the current day's variation margin as of October 31, 2025 is reported separately on the Statements of assets and liabilities. 

The effect of derivative instruments on the Statement of operations for the six months ended October 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | INTEREST RATE <br>RISK<br>| Equity <br>risk<br>| Foreign currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $33730 | $57942 | $(101912)<br>| $(10240)<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** |
| Futures contracts | &nbsp;&nbsp; $(329415)<br>| $910179 | $(333785)<br>| $246979 |

---

52 \| Multi-Asset Funds

------

Notes to financial statements (unaudited)

The fair value of derivative instruments as of October 31, 2025 by primary risk type on the Statements of assets and liabilities was as follows for Spectrum Moderate Growth Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Equity <br>risk<br>| Foreign currency <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Futures contracts | &nbsp;&nbsp; $28,145 <br>\*<br>| $3,520,981 <br>\*<br>| $0 | $3549126 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Futures contracts | &nbsp;&nbsp; $846,164 <br>\*<br>| $238,295 <br>\*<br>| $1,077,347 <br>\*<br>| $2161806 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of investments. For futures contracts, only the current day's variation margin as of October 31, 2025 is reported separately on the Statements of assets and liabilities. 

The effect of derivative instruments on the Statement of operations for the six months ended October 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | INTEREST RATE <br>RISK<br>| Equity <br>risk<br>| Foreign currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $243843 | $(3232322)<br>| $(454834)<br>| $(3443313)<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** |
| Futures contracts | &nbsp;&nbsp; $(1610116)<br>| $7417671 | $(1574579)<br>| $4232976 |

---

7. BANK BORROWINGS

Each Fund, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby each 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 each Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the six months ended October 31, 2025, there were no borrowings by each Fund under the agreement.

8. INDEMNIFICATION

Under each 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 each Fund. Each Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under each 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, each Fund may enter into contracts with service providers that contain a variety of indemnification clauses. Each Fund's maximum exposure under these arrangements is dependent on future claims that may be made against each Fund and, therefore, cannot be estimated.

9. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statements of operations.

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

Multi-Asset Funds \| 53

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Other information (unaudited)

Other information

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

Each 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**.

56 \| Multi-Asset Funds

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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.

Multi-Asset Funds \| 57

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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 Spectrum Aggressive Growth Fund, the Allspring Spectrum Conservative Growth Fund, the Allspring Spectrum Growth Fund, the Allspring Spectrum Income Allocation Fund, and the Allspring Spectrum Moderate Growth Fund (each, a "Fund" and collectively, the "Funds"): (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 Funds 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 Funds 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 Funds 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 Funds. 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 Funds' liquidity risk management program and as each Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

58 \| Multi-Asset Funds

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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 Funds 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 each Fund (each, a "Universe"), and in comparison to each 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 each performance Universe.

With respect to the Allspring Spectrum Income Allocation Fund, the Board noted that the investment performance of the Fund (Class A) was lower 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 Spectrum Income Allocation Blended Index, for the one- and five-year periods under review, but lower for the three- and ten-year periods under review.

With respect to the Allspring Spectrum Growth Fund, the Board noted that the investment performance of the Fund (Class A) was in range of the average investment performance of the Universe for the five- and ten-year periods under review, but lower than the average investment performance of the Universe for the one- and three-year periods under review. The Board also noted that the investment performance of the Fund was higher than or in range of the investment performance of its benchmark index, the Spectrum Growth Blended Index, for the one-, five- and ten-year periods under review, but lower for the three-year period under review.

With respect to the Allspring Spectrum Moderate Growth Fund, 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-, five- and ten-year periods under review, but lower 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 Spectrum Moderate Growth Blended Index, for the one- and five-year periods under review, but lower than its benchmark index for the three- and ten-year periods under review.

With respect to the Allspring Spectrum Conservative Growth Fund, 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 Spectrum Conservative Growth Blended Index, for the one- and five-year periods under review, but lower than its benchmark index for the three- and ten-year periods under review.

With respect to the Allspring Spectrum Aggressive Growth Fund, 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 in range of the investment performance of its benchmark index, the Spectrum Aggressive Growth Blended Index, for the five-year period under review and lower than the investment performance of its benchmark index for all other periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of each Fund relative to its Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to the investment decisions and market factors that affected each Fund's investment performance. It was noted that the Board had previously approved certain investment strategy changes for each Fund and that those changes had become effective on or about June 17, 2024.

The Board also received and considered information regarding each 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 for each Fund in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to each 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 Funds were lower than, equal to, or in range of the median net operating expense ratios of the expense Groups for each share class.

The Board took into account each 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 each Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by each 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

Multi-Asset Funds \| 59

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Other information (unaudited)

"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 each 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. With respect to the Allspring Spectrum Conservative Growth Fund, the Allspring Spectrum Growth Fund, the Allspring Spectrum Income Allocation Fund, and the Allspring Spectrum Moderate Growth Fund, the Board noted that the Management Rates of each Fund were in range of the sum of the average rates for the expense Groups for each share class, except that they were higher for Class A for the Allspring Spectrum Growth Fund, the Allspring Spectrum Moderate Growth Fund, and the Allspring Spectrum Conservative Growth Fund. With respect to the Allspring Spectrum Aggressive Growth Fund, Board noted that the Management Rates of the Fund were higher 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.

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 Funds 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 Funds, 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 each 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 each 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 Funds, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Funds and their 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 Funds. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Funds 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 Funds. 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.

60 \| Multi-Asset Funds

------

Other information (unaudited)

*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.

Multi-Asset Funds \| 61

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![](g14779img1697e9411.jpg)

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Funds' 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**

![](g14779img62f1cec22.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Allspring Funds. 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 Funds' 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.**

**NCSRS4331 10-25**

------

<u>ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u>

Changes in and Disagreements with Accountants for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Proxy Disclosures for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT</u> 

The registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</u> 

Not applicable.

<u>ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</u> 

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees that have been implemented since the registrant's last provided disclosure in response to the requirements of this Item.

<u>ITEM 16. CONTROLS AND PROCEDURES</u> 

(a) The President and Treasurer have concluded that the Allspring Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

<u>ITEM 17. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION</u> 

Not applicable.

------

<u>ITEM 19. EXHIBITS</u> 

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| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.](d14779dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.](d14779dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

---

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Allspring Funds Trust | Allspring Funds Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: December 24, 2025 | Date: December 24, 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: December 24, 2025 | Date: December 24, 2025 |
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
| Date: December 24, 2025 | Date: December 24, 2025 |

---

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g14779g1230121616866.jpg)

**<u>CERTIFICATION</u>**

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Absolute Return Fund, Allspring Asset Allocation Fund, Allspring Core Bond Fund, Allspring Emerging Growth Fund, Allspring Large Cap Value Fund, Allspring Small Company Growth Fund, Allspring Small Company Value Fund, Allspring Spectrum Aggressive Growth Fund, Allspring Spectrum Conservative Growth Fund, Allspring Spectrum Growth Fund, Allspring Spectrum Income Allocation Fund, Allspring Spectrum Moderate Growth Fund and Allspring Real Return Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: December 24, 2025 |
| /s/ John Kenney |
| John Kenney |
| President (Principal Executive Officer) |
| Allspring Funds Trust |

---

------

![LOGO](g14779g1230121616866.jpg)

**<u>CERTIFICATION</u>**

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Absolute Return Fund, Allspring Asset Allocation Fund, Allspring Core Bond Fund, Allspring Emerging Growth Fund, Allspring Large Cap Value Fund, Allspring Small Company Growth Fund, Allspring Small Company Value Fund, Allspring Spectrum Aggressive Growth Fund, Allspring Spectrum Conservative Growth Fund, Allspring Spectrum Growth Fund, Allspring Spectrum Income Allocation Fund, Allspring Spectrum Moderate Growth Fund and Allspring Real Return Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: December 24, 2025 |
| /s/ Jeremy DePalma |
| Jeremy DePalma |
| Treasurer (Principal Financial Officer) |
| Allspring Funds Trust |

---

## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g14779g1230121616866.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSRS for the six months ended October 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: December 24, 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-CSRS with the Securities and Exchange Commission.

------

![LOGO](g14779g1230121616866.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSRS for the six months ended October 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: December 24, 2025

---

| | |
|:---|:---|
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  | Allspring Funds Trust |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.