# EDGAR Filing Document

**Accession Number:** 0001081400
**File Stem:** 0001193125-26-002655
**Filing Date:** 2026-1
**Character Count:** 730399
**Document Hash:** 063859ed70b7c78ffb7096f80cdd781e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-002655.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001193125-26-002655

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 58

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09253
- **FILM NUMBER:** 26507407

**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 International Equity Fund (Series ID: S000007255)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019901 | Class A             | WFEAX           |
| C000019903 | Class C             | WFEFX           |
| C000089270 | Institutional Class | WFENX           |
| C000163720 | Class R6            | WFEHX           |

### Allspring Emerging Markets Equity Fund (Series ID: S000029062)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089292 | Class A             | EMGAX           |
| C000089294 | Class C             | EMGCX           |
| C000092796 | Institutional Class | EMGNX           |
| C000130053 | Class R6            | EMGDX           |

### Allspring Special Global Small Cap Fund (Series ID: S000029113)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089507 | Class A             | EKGAX           |
| C000089509 | Class C             | EKGCX           |
| C000092815 | Institutional Class | EKGIX           |

### Allspring Emerging Markets Equity Advantage Fund (Series ID: S000037204)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000114589 | Class A             | EQIAX           |
| C000114590 | Class C             | EQICX           |
| C000114592 | Institutional Class | EQIIX           |
| C000163724 | Class R6            | EQIRX           |

### Allspring Special International Small Cap Fund (Series ID: S000065488)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000211792 | Institutional Class | WICIX           |
| C000211793 | Class R6            | WICRX           |
| C000237502 | Class A             | ASPAX           |
| C000237503 | Class C             | ACPCX           |

### Allspring Managed Account CoreBuilder Shares Series EM (Series ID: S000077999)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000238721 | CoreBuilder Shares Series EM | ACBEX           |

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

![LOGO](g15564g1230114937897.jpg)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

## Allspring Funds Trust

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

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

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

#### Matthew Prasse

#### Allspring Funds Management, LLC

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

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

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

#### Date of fiscal year end: October 31
**Registrant is making a filing for 6 of its series:** Allspring Managed Account CoreBuilder<sup>®</sup> Shares – Series EM, Allspring Emerging Markets Equity Fund, Allspring Emerging Markets Equity Advantage Fund, Allspring International Equity Fund, Allspring Special Global Small Cap Fund and Allspring Special International Small Cap Fund.

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

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u>![Image](g15564i4043faff8b8688f22889.jpg)

Annual Shareholder Report

# October 31, 2025

# Emerging Markets Equity Fund

# Class A

# EMGAX
This annual shareholder report contains important information about Emerging Markets Equity Fund for the period from November 1, 2024 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $163 | 1.42% |

---

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

## How did the Fund perform last year and what affected its performance?
Emerging markets outperformed both the U.S. and developed international markets for the year that ended October 31, 2025. Market drivers included trade tension, surging demand for artificial intelligence infrastructure, U.S. dollar volatility, and improving emerging market earnings.

Among Fund sector contributors, information technology and communication services led due to stock selection in each and an overweight to the outperforming communication services sector. Among countries, India and South Korea were the leading contributors based on stock selection in each and being underweight to the underperforming India market and overweight to the strong South Korea market.

Among sectors, consumer staples and industrials were the largest detractors. The Fund's performance was hurt by its overweight allocation to the weak consumer staples sector and by stock selection in industrials. Poland and the United Arab Emirates were the largest detractors among countries.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g15564i750f8a78b9bb6d95276d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **MSCI EM Index (Net) (USD)** | **MSCI ACWI ex USA Index (Net)** |
| **10/31/2015** | $9427 | $10000 | $10000 |
| **11/30/2015** | $9224 | $9610 | $9794 |
| **12/31/2015** | $8937 | $9396 | $9609 |
| **1/31/2016** | $8471 | $8786 | $8955 |
| **2/29/2016** | $8387 | $8772 | $8853 |
| **3/31/2016** | $9435 | $9933 | $9573 |
| **4/30/2016** | $9634 | $9987 | $9825 |
| **5/31/2016** | $9404 | $9614 | $9659 |
| **6/30/2016** | $9860 | $9998 | $9511 |
| **7/31/2016** | $10342 | $10501 | $9982 |
| **8/31/2016** | $10552 | $10762 | $10045 |
| **9/30/2016** | $10761 | $10901 | $10169 |
| **10/31/2016** | $10740 | $10927 | $10022 |
| **11/30/2016** | $10169 | $10424 | $9791 |
| **12/31/2016** | $9979 | $10447 | $10041 |
| **1/31/2017** | $10575 | $11018 | $10397 |
| **2/28/2017** | $10818 | $11356 | $10563 |
| **3/31/2017** | $11303 | $11642 | $10830 |
| **4/30/2017** | $11604 | $11897 | $11062 |
| **5/31/2017** | $11984 | $12249 | $11421 |
| **6/30/2017** | $12000 | $12372 | $11457 |
| **7/31/2017** | $12612 | $13110 | $11879 |
| **8/31/2017** | $12839 | $13402 | $11941 |
| **9/30/2017** | $12923 | $13349 | $12163 |
| **10/31/2017** | $13103 | $13817 | $12392 |
| **11/30/2017** | $12992 | $13845 | $12492 |
| **12/31/2017** | $13413 | $14342 | $12771 |
| **1/31/2018** | $14354 | $15537 | $13483 |
| **2/28/2018** | $13767 | $14820 | $12847 |
| **3/31/2018** | $13630 | $14545 | $12620 |
| **4/30/2018** | $13434 | $14481 | $12822 |
| **5/31/2018** | $13101 | $13967 | $12526 |
| **6/30/2018** | $12647 | $13387 | $12290 |
| **7/31/2018** | $12816 | $13681 | $12584 |
| **8/31/2018** | $12256 | $13311 | $12321 |
| **9/30/2018** | $12161 | $13241 | $12377 |
| **10/31/2018** | $11183 | $12088 | $11370 |
| **11/30/2018** | $11632 | $12586 | $11478 |
| **12/31/2018** | $11255 | $12252 | $10958 |
| **1/31/2019** | $12385 | $13325 | $11786 |
| **2/28/2019** | $12629 | $13355 | $12017 |
| **3/31/2019** | $12703 | $13467 | $12088 |
| **4/30/2019** | $13112 | $13751 | $12408 |
| **5/31/2019** | $12051 | $12753 | $11742 |
| **6/30/2019** | $12862 | $13549 | $12449 |
| **7/31/2019** | $12772 | $13383 | $12298 |
| **8/31/2019** | $12528 | $12731 | $11918 |
| **9/30/2019** | $12756 | $12974 | $12225 |
| **10/31/2019** | $13414 | $13521 | $12652 |
| **11/30/2019** | $13499 | $13502 | $12763 |
| **12/31/2019** | $14358 | $14509 | $13316 |
| **1/31/2020** | $13734 | $13833 | $12958 |
| **2/29/2020** | $13216 | $13104 | $11934 |
| **3/31/2020** | $10941 | $11085 | $10206 |
| **4/30/2020** | $12004 | $12100 | $10979 |
| **5/31/2020** | $12345 | $12193 | $11339 |
| **6/30/2020** | $13536 | $13090 | $11851 |
| **7/31/2020** | $14492 | $14259 | $12379 |
| **8/31/2020** | $14705 | $14575 | $12909 |
| **9/30/2020** | $14390 | $14341 | $12592 |
| **10/31/2020** | $14625 | $14636 | $12321 |
| **11/30/2020** | $16104 | $15990 | $13979 |
| **12/31/2020** | $17354 | $17166 | $14734 |
| **1/31/2021** | $17685 | $17692 | $14766 |
| **2/28/2021** | $18177 | $17827 | $15058 |
| **3/31/2021** | $17691 | $17558 | $15249 |
| **4/30/2021** | $18161 | $17995 | $15698 |
| **5/31/2021** | $18214 | $18412 | $16189 |
| **6/30/2021** | $18636 | $18444 | $16084 |
| **7/31/2021** | $16809 | $17203 | $15819 |
| **8/31/2021** | $17151 | $17653 | $16120 |
| **9/30/2021** | $16173 | $16952 | $15603 |
| **10/31/2021** | $16088 | $17119 | $15976 |
| **11/30/2021** | $15254 | $16421 | $15256 |
| **12/31/2021** | $15248 | $16729 | $15887 |
| **1/31/2022** | $15200 | $16413 | $15302 |
| **2/28/2022** | $14204 | $15922 | $14999 |
| **3/31/2022** | $13893 | $15562 | $15023 |
| **4/30/2022** | $13004 | $14697 | $14079 |
| **5/31/2022** | $13186 | $14761 | $14180 |
| **6/30/2022** | $12340 | $13780 | $12960 |
| **7/31/2022** | $12265 | $13747 | $13404 |
| **8/31/2022** | $12340 | $13804 | $12973 |
| **9/30/2022** | $11092 | $12186 | $11677 |
| **10/31/2022** | $10808 | $11807 | $12026 |
| **11/30/2022** | $12335 | $13559 | $13445 |
| **12/31/2022** | $12237 | $13368 | $13345 |
| **1/31/2023** | $13295 | $14424 | $14427 |
| **2/28/2023** | $12394 | $13488 | $13920 |
| **3/31/2023** | $12777 | $13897 | $14261 |
| **4/30/2023** | $12572 | $13739 | $14509 |
| **5/31/2023** | $12378 | $13509 | $13981 |
| **6/30/2023** | $12960 | $14022 | $14608 |
| **7/31/2023** | $13570 | $14894 | $15202 |
| **8/31/2023** | $12642 | $13977 | $14516 |
| **9/30/2023** | $12221 | $13611 | $14057 |
| **10/31/2023** | $11854 | $13083 | $13477 |
| **11/30/2023** | $12685 | $14130 | $14690 |
| **12/31/2023** | $13263 | $14682 | $15428 |
| **1/31/2024** | $12571 | $14000 | $15275 |
| **2/29/2024** | $13084 | $14666 | $15662 |
| **3/31/2024** | $13394 | $15030 | $16151 |
| **4/30/2024** | $13242 | $15097 | $15861 |
| **5/31/2024** | $13454 | $15182 | $16322 |
| **6/30/2024** | $13743 | $15781 | $16306 |
| **7/31/2024** | $13710 | $15828 | $16684 |
| **8/31/2024** | $14026 | $16083 | $17159 |
| **9/30/2024** | $14871 | $17157 | $17621 |
| **10/31/2024** | $14348 | $16394 | $16757 |
| **11/30/2024** | $13972 | $15805 | $16605 |
| **12/31/2024** | $13711 | $15784 | $16282 |
| **1/31/2025** | $14008 | $16066 | $16938 |
| **2/28/2025** | $14063 | $16144 | $17173 |
| **3/31/2025** | $14366 | $16246 | $17134 |
| **4/30/2025** | $14570 | $16459 | $17753 |
| **5/31/2025** | $15252 | $17161 | $18566 |
| **6/30/2025** | $16221 | $18193 | $19196 |
| **7/31/2025** | $16337 | $18548 | $19141 |
| **8/31/2025** | $16679 | $18786 | $19805 |
| **9/30/2025** | $17879 | $20130 | $20519 |
| **10/31/2025** | $18688 | $20971 | $20934 |

---

# Emerging Markets Equity Fund
Annual Shareholder Report \| October 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 30.25 | 5.02 | 7.08 |
| Class A with Load | 22.75 | 3.79 | 6.45 |
| MSCI EM Index (Net) (USD) | 27.91 | 7.46 | 7.69 |
| MSCI ACWI ex USA Index (Net) | 24.93 | 11.18 | 7.67 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $3763693425 |
| # of portfolio holdings | 114 |
| Portfolio turnover rate | 9% |
| Total advisory fees paid | $33732636 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.1 |
| Tencent Holdings Ltd. | 6.2 |
| Samsung Electronics Co. Ltd. | 5.8 |
| SK Hynix, Inc. | 4.1 |
| Alibaba Group Holding Ltd. | 4.1 |
| Reliance Industries Ltd. | 3.2 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 2.9 |
| HDFC Bank Ltd. | 2.7 |
| Bharti Airtel Ltd. | 2.6 |
| Meituan Class B | 1.7 |

---

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

---

| | |
|:---|:---|
| China | 20.9 |
| Taiwan | 16.9 |
| India | 16.4 |
| South Korea | 15.4 |
| Brazil | 4.8 |
| Indonesia | 4.1 |
| Mexico | 3.4 |
| South Africa | 3.3 |
| Thailand | 2.5 |
| Hong Kong | 2.5 |
| Other | 9.8 |

---

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

---

| | |
|:---|:---|
| Information technology | 27.8 |
| Communication services | 17.5 |
| Consumer discretionary | 13.2 |
| Financials | 12.9 |
| Consumer staples | 10.9 |
| Industrials | 5.3 |
| Energy | 4.8 |
| Materials | 4.0 |
| Real estate | 1.9 |
| Health care | 1.5 |
| Utilities | 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

#### AR0663 10-25
![Image](g15564i4043faff8b8688f22889.jpg)

Annual Shareholder Report

# October 31, 2025

# Emerging Markets Equity Fund

# Class C

# EMGCX
This annual shareholder report contains important information about Emerging Markets Equity Fund for the period from November 1, 2024 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $250 | 2.18% |

---

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

## How did the Fund perform last year and what affected its performance?
Emerging markets outperformed both the U.S. and developed international markets for the year that ended October 31, 2025. Market drivers included trade tension, surging demand for artificial intelligence infrastructure, U.S. dollar volatility, and improving emerging market earnings.

Among Fund sector contributors, information technology and communication services led due to stock selection in each and an overweight to the outperforming communication services sector. Among countries, India and South Korea were the leading contributors based on stock selection in each and being underweight to the underperforming India market and overweight to the strong South Korea market.

Among sectors, consumer staples and industrials were the largest detractors. The Fund's performance was hurt by its overweight allocation to the weak consumer staples sector and by stock selection in industrials. Poland and the United Arab Emirates were the largest detractors among countries.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g15564i79a789d64f43b6845c3d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **MSCI EM Index (Net) (USD)** | **MSCI ACWI ex USA Index (Net)** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9777 | $9610 | $9794 |
| **12/31/2015** | $9470 | $9396 | $9609 |
| **1/31/2016** | $8966 | $8786 | $8955 |
| **2/29/2016** | $8874 | $8772 | $8853 |
| **3/31/2016** | $9974 | $9933 | $9573 |
| **4/30/2016** | $10183 | $9987 | $9825 |
| **5/31/2016** | $9928 | $9614 | $9659 |
| **6/30/2016** | $10406 | $9998 | $9511 |
| **7/31/2016** | $10903 | $10501 | $9982 |
| **8/31/2016** | $11119 | $10762 | $10045 |
| **9/30/2016** | $11335 | $10901 | $10169 |
| **10/31/2016** | $11309 | $10927 | $10022 |
| **11/30/2016** | $10700 | $10424 | $9791 |
| **12/31/2016** | $10491 | $10447 | $10041 |
| **1/31/2017** | $11113 | $11018 | $10397 |
| **2/28/2017** | $11361 | $11356 | $10563 |
| **3/31/2017** | $11859 | $11642 | $10830 |
| **4/30/2017** | $12166 | $11897 | $11062 |
| **5/31/2017** | $12559 | $12249 | $11421 |
| **6/30/2017** | $12565 | $12372 | $11457 |
| **7/31/2017** | $13200 | $13110 | $11879 |
| **8/31/2017** | $13429 | $13402 | $11941 |
| **9/30/2017** | $13508 | $13349 | $12163 |
| **10/31/2017** | $13691 | $13817 | $12392 |
| **11/30/2017** | $13567 | $13845 | $12492 |
| **12/31/2017** | $13992 | $14342 | $12771 |
| **1/31/2018** | $14967 | $15537 | $13483 |
| **2/28/2018** | $14346 | $14820 | $12847 |
| **3/31/2018** | $14195 | $14545 | $12620 |
| **4/30/2018** | $13979 | $14481 | $12822 |
| **5/31/2018** | $13626 | $13967 | $12526 |
| **6/30/2018** | $13148 | $13387 | $12290 |
| **7/31/2018** | $13312 | $13681 | $12584 |
| **8/31/2018** | $12723 | $13311 | $12321 |
| **9/30/2018** | $12618 | $13241 | $12377 |
| **10/31/2018** | $11590 | $12088 | $11370 |
| **11/30/2018** | $12048 | $12586 | $11478 |
| **12/31/2018** | $11656 | $12252 | $10958 |
| **1/31/2019** | $12821 | $13325 | $11786 |
| **2/28/2019** | $13056 | $13355 | $12017 |
| **3/31/2019** | $13128 | $13467 | $12088 |
| **4/30/2019** | $13547 | $13751 | $12408 |
| **5/31/2019** | $12435 | $12753 | $11742 |
| **6/30/2019** | $13272 | $13549 | $12449 |
| **7/31/2019** | $13168 | $13383 | $12298 |
| **8/31/2019** | $12906 | $12731 | $11918 |
| **9/30/2019** | $13135 | $12974 | $12225 |
| **10/31/2019** | $13802 | $13521 | $12652 |
| **11/30/2019** | $13881 | $13502 | $12763 |
| **12/31/2019** | $14758 | $14509 | $13316 |
| **1/31/2020** | $14103 | $13833 | $12958 |
| **2/29/2020** | $13560 | $13104 | $11934 |
| **3/31/2020** | $11224 | $11085 | $10206 |
| **4/30/2020** | $12304 | $12100 | $10979 |
| **5/31/2020** | $12651 | $12193 | $11339 |
| **6/30/2020** | $13861 | $13090 | $11851 |
| **7/31/2020** | $14823 | $14259 | $12379 |
| **8/31/2020** | $15059 | $14575 | $12909 |
| **9/30/2020** | $14725 | $14341 | $12592 |
| **10/31/2020** | $14961 | $14636 | $12321 |
| **11/30/2020** | $16459 | $15990 | $13979 |
| **12/31/2020** | $17723 | $17166 | $14734 |
| **1/31/2021** | $18050 | $17692 | $14766 |
| **2/28/2021** | $18547 | $17827 | $15058 |
| **3/31/2021** | $18037 | $17558 | $15249 |
| **4/30/2021** | $18501 | $17995 | $15698 |
| **5/31/2021** | $18547 | $18412 | $16189 |
| **6/30/2021** | $18966 | $18444 | $16084 |
| **7/31/2021** | $17094 | $17203 | $15819 |
| **8/31/2021** | $17435 | $17653 | $16120 |
| **9/30/2021** | $16427 | $16952 | $15603 |
| **10/31/2021** | $16329 | $17119 | $15976 |
| **11/30/2021** | $15478 | $16421 | $15256 |
| **12/31/2021** | $15458 | $16729 | $15887 |
| **1/31/2022** | $15399 | $16413 | $15302 |
| **2/28/2022** | $14378 | $15922 | $14999 |
| **3/31/2022** | $14058 | $15562 | $15023 |
| **4/30/2022** | $13148 | $14697 | $14079 |
| **5/31/2022** | $13325 | $14761 | $14180 |
| **6/30/2022** | $12461 | $13780 | $12960 |
| **7/31/2022** | $12376 | $13747 | $13404 |
| **8/31/2022** | $12448 | $13804 | $12973 |
| **9/30/2022** | $11178 | $12186 | $11677 |
| **10/31/2022** | $10890 | $11807 | $12026 |
| **11/30/2022** | $12421 | $13559 | $13445 |
| **12/31/2022** | $12310 | $13368 | $13345 |
| **1/31/2023** | $13364 | $14424 | $14427 |
| **2/28/2023** | $12454 | $13488 | $13920 |
| **3/31/2023** | $12834 | $13897 | $14261 |
| **4/30/2023** | $12618 | $13739 | $14509 |
| **5/31/2023** | $12415 | $13509 | $13981 |
| **6/30/2023** | $12991 | $14022 | $14608 |
| **7/31/2023** | $13593 | $14894 | $15202 |
| **8/31/2023** | $12657 | $13977 | $14516 |
| **9/30/2023** | $12225 | $13611 | $14057 |
| **10/31/2023** | $11846 | $13083 | $13477 |
| **11/30/2023** | $12676 | $14130 | $14690 |
| **12/31/2023** | $13254 | $14682 | $15428 |
| **1/31/2024** | $12563 | $14000 | $15275 |
| **2/29/2024** | $13074 | $14666 | $15662 |
| **3/31/2024** | $13385 | $15030 | $16151 |
| **4/30/2024** | $13232 | $15097 | $15861 |
| **5/31/2024** | $13445 | $15182 | $16322 |
| **6/30/2024** | $13733 | $15781 | $16306 |
| **7/31/2024** | $13701 | $15828 | $16684 |
| **8/31/2024** | $14016 | $16083 | $17159 |
| **9/30/2024** | $14860 | $17157 | $17621 |
| **10/31/2024** | $14338 | $16394 | $16757 |
| **11/30/2024** | $13962 | $15805 | $16605 |
| **12/31/2024** | $13701 | $15784 | $16282 |
| **1/31/2025** | $13998 | $16066 | $16938 |
| **2/28/2025** | $14053 | $16144 | $17173 |
| **3/31/2025** | $14356 | $16246 | $17134 |
| **4/30/2025** | $14559 | $16459 | $17753 |
| **5/31/2025** | $15242 | $17161 | $18566 |
| **6/30/2025** | $16210 | $18193 | $19196 |
| **7/31/2025** | $16326 | $18548 | $19141 |
| **8/31/2025** | $16667 | $18786 | $19805 |
| **9/30/2025** | $17866 | $20130 | $20519 |
| **10/31/2025** | $18675 | $20971 | $20934 |

---

# Emerging Markets Equity Fund
Annual Shareholder Report \| October 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 29.23 | 4.22 | 6.45 |
| Class C with Load | 28.23 | 4.22 | 6.45 |
| MSCI EM Index (Net) (USD) | 27.91 | 7.46 | 7.69 |
| MSCI ACWI ex USA Index (Net) | 24.93 | 11.18 | 7.67 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $3763693425 |
| # of portfolio holdings | 114 |
| Portfolio turnover rate | 9% |
| Total advisory fees paid | $33732636 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.1 |
| Tencent Holdings Ltd. | 6.2 |
| Samsung Electronics Co. Ltd. | 5.8 |
| SK Hynix, Inc. | 4.1 |
| Alibaba Group Holding Ltd. | 4.1 |
| Reliance Industries Ltd. | 3.2 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 2.9 |
| HDFC Bank Ltd. | 2.7 |
| Bharti Airtel Ltd. | 2.6 |
| Meituan Class B | 1.7 |

---

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

---

| | |
|:---|:---|
| China | 20.9 |
| Taiwan | 16.9 |
| India | 16.4 |
| South Korea | 15.4 |
| Brazil | 4.8 |
| Indonesia | 4.1 |
| Mexico | 3.4 |
| South Africa | 3.3 |
| Thailand | 2.5 |
| Hong Kong | 2.5 |
| Other | 9.8 |

---

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

---

| | |
|:---|:---|
| Information technology | 27.8 |
| Communication services | 17.5 |
| Consumer discretionary | 13.2 |
| Financials | 12.9 |
| Consumer staples | 10.9 |
| Industrials | 5.3 |
| Energy | 4.8 |
| Materials | 4.0 |
| Real estate | 1.9 |
| Health care | 1.5 |
| Utilities | 0.2 |

---

Significant fund changes

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

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on 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

#### AR0963 10-25
![Image](g15564i4043faff8b8688f22889.jpg)

Annual Shareholder Report

# October 31, 2025

# Emerging Markets Equity Fund

# Class R6

# EMGDX
This annual shareholder report contains important information about Emerging Markets Equity Fund for the period from November 1, 2024 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $117 | 1.01% |

---

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

## How did the Fund perform last year and what affected its performance?
Emerging markets outperformed both the U.S. and developed international markets for the year that ended October 31, 2025. Market drivers included trade tension, surging demand for artificial intelligence infrastructure, U.S. dollar volatility, and improving emerging market earnings.

Among Fund sector contributors, information technology and communication services led due to stock selection in each and an overweight to the outperforming communication services sector. Among countries, India and South Korea were the leading contributors based on stock selection in each and being underweight to the underperforming India market and overweight to the strong South Korea market.

Among sectors, consumer staples and industrials were the largest detractors. The Fund's performance was hurt by its overweight allocation to the weak consumer staples sector and by stock selection in industrials. Poland and the United Arab Emirates were the largest detractors among countries.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g15564i873b0d44bd8b27a5be65.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **MSCI EM Index (Net) (USD)** | **MSCI ACWI ex USA Index (Net)** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9789 | $9610 | $9794 |
| **12/31/2015** | $9492 | $9396 | $9609 |
| **1/31/2016** | $8996 | $8786 | $8955 |
| **2/29/2016** | $8910 | $8772 | $8853 |
| **3/31/2016** | $10025 | $9933 | $9573 |
| **4/30/2016** | $10243 | $9987 | $9825 |
| **5/31/2016** | $9998 | $9614 | $9659 |
| **6/30/2016** | $10489 | $9998 | $9511 |
| **7/31/2016** | $11006 | $10501 | $9982 |
| **8/31/2016** | $11230 | $10762 | $10045 |
| **9/30/2016** | $11459 | $10901 | $10169 |
| **10/31/2016** | $11443 | $10927 | $10022 |
| **11/30/2016** | $10841 | $10424 | $9791 |
| **12/31/2016** | $10640 | $10447 | $10041 |
| **1/31/2017** | $11276 | $11018 | $10397 |
| **2/28/2017** | $11540 | $11356 | $10563 |
| **3/31/2017** | $12058 | $11642 | $10830 |
| **4/30/2017** | $12387 | $11897 | $11062 |
| **5/31/2017** | $12797 | $12249 | $11421 |
| **6/30/2017** | $12819 | $12372 | $11457 |
| **7/31/2017** | $13476 | $13110 | $11879 |
| **8/31/2017** | $13725 | $13402 | $11941 |
| **9/30/2017** | $13816 | $13349 | $12163 |
| **10/31/2017** | $14021 | $13817 | $12392 |
| **11/30/2017** | $13908 | $13845 | $12492 |
| **12/31/2017** | $14360 | $14342 | $12771 |
| **1/31/2018** | $15371 | $15537 | $13483 |
| **2/28/2018** | $14746 | $14820 | $12847 |
| **3/31/2018** | $14605 | $14545 | $12620 |
| **4/30/2018** | $14403 | $14481 | $12822 |
| **5/31/2018** | $14056 | $13967 | $12526 |
| **6/30/2018** | $13572 | $13387 | $12290 |
| **7/31/2018** | $13757 | $13681 | $12584 |
| **8/31/2018** | $13159 | $13311 | $12321 |
| **9/30/2018** | $13061 | $13241 | $12377 |
| **10/31/2018** | $12012 | $12088 | $11370 |
| **11/30/2018** | $12501 | $12586 | $11478 |
| **12/31/2018** | $12100 | $12252 | $10958 |
| **1/31/2019** | $13323 | $13325 | $11786 |
| **2/28/2019** | $13586 | $13355 | $12017 |
| **3/31/2019** | $13674 | $13467 | $12088 |
| **4/30/2019** | $14118 | $13751 | $12408 |
| **5/31/2019** | $12977 | $12753 | $11742 |
| **6/30/2019** | $13860 | $13549 | $12449 |
| **7/31/2019** | $13767 | $13383 | $12298 |
| **8/31/2019** | $13509 | $12731 | $11918 |
| **9/30/2019** | $13761 | $12974 | $12225 |
| **10/31/2019** | $14474 | $13521 | $12652 |
| **11/30/2019** | $14573 | $13502 | $12763 |
| **12/31/2019** | $15505 | $14509 | $13316 |
| **1/31/2020** | $14834 | $13833 | $12958 |
| **2/29/2020** | $14280 | $13104 | $11934 |
| **3/31/2020** | $11829 | $11085 | $10206 |
| **4/30/2020** | $12982 | $12100 | $10979 |
| **5/31/2020** | $13354 | $12193 | $11339 |
| **6/30/2020** | $14651 | $13090 | $11851 |
| **7/31/2020** | $15688 | $14259 | $12379 |
| **8/31/2020** | $15926 | $14575 | $12909 |
| **9/30/2020** | $15588 | $14341 | $12592 |
| **10/31/2020** | $15848 | $14636 | $12321 |
| **11/30/2020** | $17456 | $15990 | $13979 |
| **12/31/2020** | $18815 | $17166 | $14734 |
| **1/31/2021** | $19182 | $17692 | $14766 |
| **2/28/2021** | $19722 | $17827 | $15058 |
| **3/31/2021** | $19205 | $17558 | $15249 |
| **4/30/2021** | $19722 | $17995 | $15698 |
| **5/31/2021** | $19789 | $18412 | $16189 |
| **6/30/2021** | $20251 | $18444 | $16084 |
| **7/31/2021** | $18270 | $17203 | $15819 |
| **8/31/2021** | $18654 | $17653 | $16120 |
| **9/30/2021** | $17596 | $16952 | $15603 |
| **10/31/2021** | $17507 | $17119 | $15976 |
| **11/30/2021** | $16605 | $16421 | $15256 |
| **12/31/2021** | $16602 | $16729 | $15887 |
| **1/31/2022** | $16558 | $16413 | $15302 |
| **2/28/2022** | $15475 | $15922 | $14999 |
| **3/31/2022** | $15150 | $15562 | $15023 |
| **4/30/2022** | $14179 | $14697 | $14079 |
| **5/31/2022** | $14387 | $14761 | $14180 |
| **6/30/2022** | $13467 | $13780 | $12960 |
| **7/31/2022** | $13389 | $13747 | $13404 |
| **8/31/2022** | $13478 | $13804 | $12973 |
| **9/30/2022** | $12115 | $12186 | $11677 |
| **10/31/2022** | $11812 | $11807 | $12026 |
| **11/30/2022** | $13484 | $13559 | $13445 |
| **12/31/2022** | $13385 | $13368 | $13345 |
| **1/31/2023** | $14544 | $14424 | $14427 |
| **2/28/2023** | $13567 | $13488 | $13920 |
| **3/31/2023** | $13993 | $13897 | $14261 |
| **4/30/2023** | $13771 | $13739 | $14509 |
| **5/31/2023** | $13561 | $13509 | $13981 |
| **6/30/2023** | $14203 | $14022 | $14608 |
| **7/31/2023** | $14879 | $14894 | $15202 |
| **8/31/2023** | $13868 | $13977 | $14516 |
| **9/30/2023** | $13408 | $13611 | $14057 |
| **10/31/2023** | $13004 | $13083 | $13477 |
| **11/30/2023** | $13925 | $14130 | $14690 |
| **12/31/2023** | $14563 | $14682 | $15428 |
| **1/31/2024** | $13808 | $14000 | $15275 |
| **2/29/2024** | $14378 | $14666 | $15662 |
| **3/31/2024** | $14724 | $15030 | $16151 |
| **4/30/2024** | $14563 | $15097 | $15861 |
| **5/31/2024** | $14799 | $15182 | $16322 |
| **6/30/2024** | $15127 | $15781 | $16306 |
| **7/31/2024** | $15087 | $15828 | $16684 |
| **8/31/2024** | $15450 | $16083 | $17159 |
| **9/30/2024** | $16383 | $17157 | $17621 |
| **10/31/2024** | $15807 | $16394 | $16757 |
| **11/30/2024** | $15404 | $15805 | $16605 |
| **12/31/2024** | $15116 | $15784 | $16282 |
| **1/31/2025** | $15455 | $16066 | $16938 |
| **2/28/2025** | $15519 | $16144 | $17173 |
| **3/31/2025** | $15852 | $16246 | $17134 |
| **4/30/2025** | $16080 | $16459 | $17753 |
| **5/31/2025** | $16845 | $17161 | $18566 |
| **6/30/2025** | $17921 | $18193 | $19196 |
| **7/31/2025** | $18055 | $18548 | $19141 |
| **8/31/2025** | $18441 | $18786 | $19805 |
| **9/30/2025** | $19773 | $20130 | $20519 |
| **10/31/2025** | $20673 | $20971 | $20934 |

---

# Emerging Markets Equity Fund
Annual Shareholder Report \| October 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 30.78 | 5.46 | 7.53 |
| MSCI EM Index (Net) (USD) | 27.91 | 7.46 | 7.69 |
| MSCI ACWI ex USA Index (Net) | 24.93 | 11.18 | 7.67 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $3763693425 |
| # of portfolio holdings | 114 |
| Portfolio turnover rate | 9% |
| Total advisory fees paid | $33732636 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.1 |
| Tencent Holdings Ltd. | 6.2 |
| Samsung Electronics Co. Ltd. | 5.8 |
| SK Hynix, Inc. | 4.1 |
| Alibaba Group Holding Ltd. | 4.1 |
| Reliance Industries Ltd. | 3.2 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 2.9 |
| HDFC Bank Ltd. | 2.7 |
| Bharti Airtel Ltd. | 2.6 |
| Meituan Class B | 1.7 |

---

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

---

| | |
|:---|:---|
| China | 20.9 |
| Taiwan | 16.9 |
| India | 16.4 |
| South Korea | 15.4 |
| Brazil | 4.8 |
| Indonesia | 4.1 |
| Mexico | 3.4 |
| South Africa | 3.3 |
| Thailand | 2.5 |
| Hong Kong | 2.5 |
| Other | 9.8 |

---

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

---

| | |
|:---|:---|
| Information technology | 27.8 |
| Communication services | 17.5 |
| Consumer discretionary | 13.2 |
| Financials | 12.9 |
| Consumer staples | 10.9 |
| Industrials | 5.3 |
| Energy | 4.8 |
| Materials | 4.0 |
| Real estate | 1.9 |
| Health care | 1.5 |
| Utilities | 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

#### AR4660 10-25
![Image](g15564i4043faff8b8688f22889.jpg)

Annual Shareholder Report

# October 31, 2025

# Emerging Markets Equity Fund

# Institutional Class

# EMGNX
This annual shareholder report contains important information about Emerging Markets Equity Fund for the period from November 1, 2024 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $128 | 1.11% |

---

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

## How did the Fund perform last year and what affected its performance?
Emerging markets outperformed both the U.S. and developed international markets for the year that ended October 31, 2025. Market drivers included trade tension, surging demand for artificial intelligence infrastructure, U.S. dollar volatility, and improving emerging market earnings.

Among Fund sector contributors, information technology and communication services led due to stock selection in each and an overweight to the outperforming communication services sector. Among countries, India and South Korea were the leading contributors based on stock selection in each and being underweight to the underperforming India market and overweight to the strong South Korea market.

Among sectors, consumer staples and industrials were the largest detractors. The Fund's performance was hurt by its overweight allocation to the weak consumer staples sector and by stock selection in industrials. Poland and the United Arab Emirates were the largest detractors among countries.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g15564i6f55b09eae7c36b58ab2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI EM Index (Net) (USD)** | **MSCI ACWI ex USA Index (Net)** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9789 | $9610 | $9794 |
| **12/31/2015** | $9489 | $9396 | $9609 |
| **1/31/2016** | $8998 | $8786 | $8955 |
| **2/29/2016** | $8913 | $8772 | $8853 |
| **3/31/2016** | $10027 | $9933 | $9573 |
| **4/30/2016** | $10246 | $9987 | $9825 |
| **5/31/2016** | $9995 | $9614 | $9659 |
| **6/30/2016** | $10486 | $9998 | $9511 |
| **7/31/2016** | $11003 | $10501 | $9982 |
| **8/31/2016** | $11227 | $10762 | $10045 |
| **9/30/2016** | $11456 | $10901 | $10169 |
| **10/31/2016** | $11440 | $10927 | $10022 |
| **11/30/2016** | $10838 | $10424 | $9791 |
| **12/31/2016** | $10632 | $10447 | $10041 |
| **1/31/2017** | $11273 | $11018 | $10397 |
| **2/28/2017** | $11537 | $11356 | $10563 |
| **3/31/2017** | $12055 | $11642 | $10830 |
| **4/30/2017** | $12378 | $11897 | $11062 |
| **5/31/2017** | $12787 | $12249 | $11421 |
| **6/30/2017** | $12809 | $12372 | $11457 |
| **7/31/2017** | $13466 | $13110 | $11879 |
| **8/31/2017** | $13709 | $13402 | $11941 |
| **9/30/2017** | $13806 | $13349 | $12163 |
| **10/31/2017** | $14005 | $13817 | $12392 |
| **11/30/2017** | $13892 | $13845 | $12492 |
| **12/31/2017** | $14341 | $14342 | $12771 |
| **1/31/2018** | $15356 | $15537 | $13483 |
| **2/28/2018** | $14732 | $14820 | $12847 |
| **3/31/2018** | $14585 | $14545 | $12620 |
| **4/30/2018** | $14379 | $14481 | $12822 |
| **5/31/2018** | $14031 | $13967 | $12526 |
| **6/30/2018** | $13554 | $13387 | $12290 |
| **7/31/2018** | $13733 | $13681 | $12584 |
| **8/31/2018** | $13141 | $13311 | $12321 |
| **9/30/2018** | $13043 | $13241 | $12377 |
| **10/31/2018** | $11996 | $12088 | $11370 |
| **11/30/2018** | $12479 | $12586 | $11478 |
| **12/31/2018** | $12083 | $12252 | $10958 |
| **1/31/2019** | $13304 | $13325 | $11786 |
| **2/28/2019** | $13562 | $13355 | $12017 |
| **3/31/2019** | $13649 | $13467 | $12088 |
| **4/30/2019** | $14098 | $13751 | $12408 |
| **5/31/2019** | $12954 | $12753 | $11742 |
| **6/30/2019** | $13835 | $13549 | $12449 |
| **7/31/2019** | $13737 | $13383 | $12298 |
| **8/31/2019** | $13485 | $12731 | $11918 |
| **9/30/2019** | $13737 | $12974 | $12225 |
| **10/31/2019** | $14443 | $13521 | $12652 |
| **11/30/2019** | $14542 | $13502 | $12763 |
| **12/31/2019** | $15472 | $14509 | $13316 |
| **1/31/2020** | $14802 | $13833 | $12958 |
| **2/29/2020** | $14249 | $13104 | $11934 |
| **3/31/2020** | $11799 | $11085 | $10206 |
| **4/30/2020** | $12949 | $12100 | $10979 |
| **5/31/2020** | $13325 | $12193 | $11339 |
| **6/30/2020** | $14614 | $13090 | $11851 |
| **7/31/2020** | $15649 | $14259 | $12379 |
| **8/31/2020** | $15886 | $14575 | $12909 |
| **9/30/2020** | $15543 | $14341 | $12592 |
| **10/31/2020** | $15803 | $14636 | $12321 |
| **11/30/2020** | $17408 | $15990 | $13979 |
| **12/31/2020** | $18766 | $17166 | $14734 |
| **1/31/2021** | $19127 | $17692 | $14766 |
| **2/28/2021** | $19665 | $17827 | $15058 |
| **3/31/2021** | $19144 | $17558 | $15249 |
| **4/30/2021** | $19660 | $17995 | $15698 |
| **5/31/2021** | $19726 | $18412 | $16189 |
| **6/30/2021** | $20187 | $18444 | $16084 |
| **7/31/2021** | $18206 | $17203 | $15819 |
| **8/31/2021** | $18589 | $17653 | $16120 |
| **9/30/2021** | $17534 | $16952 | $15603 |
| **10/31/2021** | $17445 | $17119 | $15976 |
| **11/30/2021** | $16546 | $16421 | $15256 |
| **12/31/2021** | $16540 | $16729 | $15887 |
| **1/31/2022** | $16495 | $16413 | $15302 |
| **2/28/2022** | $15417 | $15922 | $14999 |
| **3/31/2022** | $15082 | $15562 | $15023 |
| **4/30/2022** | $14121 | $14697 | $14079 |
| **5/31/2022** | $14328 | $14761 | $14180 |
| **6/30/2022** | $13406 | $13780 | $12960 |
| **7/31/2022** | $13328 | $13747 | $13404 |
| **8/31/2022** | $13417 | $13804 | $12973 |
| **9/30/2022** | $12060 | $12186 | $11677 |
| **10/31/2022** | $11758 | $11807 | $12026 |
| **11/30/2022** | $13423 | $13559 | $13445 |
| **12/31/2022** | $13319 | $13368 | $13345 |
| **1/31/2023** | $14472 | $14424 | $14427 |
| **2/28/2023** | $13494 | $13488 | $13920 |
| **3/31/2023** | $13918 | $13897 | $14261 |
| **4/30/2023** | $13698 | $13739 | $14509 |
| **5/31/2023** | $13489 | $13509 | $13981 |
| **6/30/2023** | $14127 | $14022 | $14608 |
| **7/31/2023** | $14794 | $14894 | $15202 |
| **8/31/2023** | $13788 | $13977 | $14516 |
| **9/30/2023** | $13330 | $13611 | $14057 |
| **10/31/2023** | $12935 | $13083 | $13477 |
| **11/30/2023** | $13845 | $14130 | $14690 |
| **12/31/2023** | $14476 | $14682 | $15428 |
| **1/31/2024** | $13726 | $14000 | $15275 |
| **2/29/2024** | $14293 | $14666 | $15662 |
| **3/31/2024** | $14631 | $15030 | $16151 |
| **4/30/2024** | $14470 | $15097 | $15861 |
| **5/31/2024** | $14705 | $15182 | $16322 |
| **6/30/2024** | $15031 | $15781 | $16306 |
| **7/31/2024** | $14991 | $15828 | $16684 |
| **8/31/2024** | $15346 | $16083 | $17159 |
| **9/30/2024** | $16273 | $17157 | $17621 |
| **10/31/2024** | $15701 | $16394 | $16757 |
| **11/30/2024** | $15295 | $15805 | $16605 |
| **12/31/2024** | $15011 | $15784 | $16282 |
| **1/31/2025** | $15347 | $16066 | $16938 |
| **2/28/2025** | $15411 | $16144 | $17173 |
| **3/31/2025** | $15741 | $16246 | $17134 |
| **4/30/2025** | $15968 | $16459 | $17753 |
| **5/31/2025** | $16722 | $17161 | $18566 |
| **6/30/2025** | $17789 | $18193 | $19196 |
| **7/31/2025** | $17922 | $18548 | $19141 |
| **8/31/2025** | $18305 | $18786 | $19805 |
| **9/30/2025** | $19628 | $20130 | $20519 |
| **10/31/2025** | $20515 | $20971 | $20934 |

---

# Emerging Markets Equity Fund
Annual Shareholder Report \| October 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 30.66 | 5.36 | 7.45 |
| MSCI EM Index (Net) (USD) | 27.91 | 7.46 | 7.69 |
| MSCI ACWI ex USA Index (Net) | 24.93 | 11.18 | 7.67 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $3763693425 |
| # of portfolio holdings | 114 |
| Portfolio turnover rate | 9% |
| Total advisory fees paid | $33732636 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.1 |
| Tencent Holdings Ltd. | 6.2 |
| Samsung Electronics Co. Ltd. | 5.8 |
| SK Hynix, Inc. | 4.1 |
| Alibaba Group Holding Ltd. | 4.1 |
| Reliance Industries Ltd. | 3.2 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 2.9 |
| HDFC Bank Ltd. | 2.7 |
| Bharti Airtel Ltd. | 2.6 |
| Meituan Class B | 1.7 |

---

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

---

| | |
|:---|:---|
| China | 20.9 |
| Taiwan | 16.9 |
| India | 16.4 |
| South Korea | 15.4 |
| Brazil | 4.8 |
| Indonesia | 4.1 |
| Mexico | 3.4 |
| South Africa | 3.3 |
| Thailand | 2.5 |
| Hong Kong | 2.5 |
| Other | 9.8 |

---

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

---

| | |
|:---|:---|
| Information technology | 27.8 |
| Communication services | 17.5 |
| Consumer discretionary | 13.2 |
| Financials | 12.9 |
| Consumer staples | 10.9 |
| Industrials | 5.3 |
| Energy | 4.8 |
| Materials | 4.0 |
| Real estate | 1.9 |
| Health care | 1.5 |
| Utilities | 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

#### AR4146 10-25
![Image](g15564i4043faff8b8688f22889.jpg)

Annual Shareholder Report

# October 31, 2025

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

# ACBEX
This annual shareholder report contains important information about Managed Account CoreBuilder<sup>®</sup> Shares - Series EM for the period from November 1, 2024 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 1-888-877-9275.

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

---

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

---

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

## How did the Fund perform last year and what affected its performance?
Emerging market (EM) equities rose sharply, led by countries within Asia Pacific, as strength from artificial intelligence (AI) and semiconductor demand, stable growth, and improving fundamentals bolstered China and Taiwan. India rose sharply on strong corporate earnings, positive economic data, and market inflows as investors revered its infrastructure investments and technological innovation. In contrast, weakness in Latin America was caused by higher inflation, weakening currencies, and political concerns.

Contributors included Bajaj Auto Ltd., on strong earnings and a promising outlook for two-wheelers and electric vehicles. Aircraft manufacturer Embraer (This security was no longer held at the end of the reporting period.) had strong earnings and an upgrade to investment grade. Samsung Electronics Co. Ltd. Pfd. detracted, falling after its HBM chips failed to pass NVIDIA's suitability for inclusion into its AI processors. Arabian Drilling Co. (This security was no longer held at the end of the reporting period.) faltered after three offshore drilling rigs were suspended. We remain optimistic about EM on improved economic momentum, accommodative policies, attractive valuations, a favorable growth premium, and low investor positioning.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g15564i1d49345fdc3877ac0549.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Managed Account CoreBuilder<sup>®</sup> Shares - Series EM** | **MSCI EM Index (Net) (USD)** | **MSCI ACWI ex USA Index (Net)** |
| **11/16/2022** | $10000 | $10000 | $10000 |
| **11/30/2022** | $10400 | $10202 | $10141 |
| **12/31/2022** | $10059 | $10059 | $10065 |
| **1/31/2023** | $10721 | $10853 | $10881 |
| **2/28/2023** | $10198 | $10150 | $10500 |
| **3/31/2023** | $10374 | $10457 | $10756 |
| **4/30/2023** | $10695 | $10338 | $10943 |
| **5/31/2023** | $10508 | $10165 | $10545 |
| **6/30/2023** | $11010 | $10551 | $11018 |
| **7/31/2023** | $11378 | $11208 | $11466 |
| **8/31/2023** | $10697 | $10517 | $10948 |
| **9/30/2023** | $10467 | $10242 | $10603 |
| **10/31/2023** | $10066 | $9844 | $10165 |
| **11/30/2023** | $10970 | $10632 | $11080 |
| **12/31/2023** | $11530 | $11048 | $11637 |
| **1/31/2024** | $11128 | $10535 | $11521 |
| **2/29/2024** | $11738 | $11036 | $11813 |
| **3/31/2024** | $11819 | $11309 | $12182 |
| **4/30/2024** | $11893 | $11360 | $11963 |
| **5/31/2024** | $11993 | $11424 | $12311 |
| **6/30/2024** | $12491 | $11875 | $12299 |
| **7/31/2024** | $12572 | $11910 | $12584 |
| **8/31/2024** | $12529 | $12102 | $12942 |
| **9/30/2024** | $12802 | $12910 | $13291 |
| **10/31/2024** | $12083 | $12336 | $12639 |
| **11/30/2024** | $11812 | $11893 | $12524 |
| **12/31/2024** | $11776 | $11877 | $12281 |
| **1/31/2025** | $11479 | $12089 | $12776 |
| **2/28/2025** | $11283 | $12148 | $12953 |
| **3/31/2025** | $11397 | $12224 | $12924 |
| **4/30/2025** | $11665 | $12385 | $13390 |
| **5/31/2025** | $12002 | $12913 | $14004 |
| **6/30/2025** | $12563 | $13690 | $14479 |
| **7/31/2025** | $12645 | $13957 | $14437 |
| **8/31/2025** | $12825 | $14136 | $14938 |
| **9/30/2025** | $13448 | $15147 | $15476 |
| **10/31/2025** | $14085 | $15780 | $15789 |

---

# Managed Account CoreBuilder<sup>®</sup> Shares - Series EM
Annual Shareholder Report \| October 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Since Inception (11/16/22)** |
| Managed Account CoreBuilder<sup>®</sup> Shares - Series EM | 16.57 | 12.28 |
| MSCI EM Index (Net) (USD) | 27.91 | 16.68 |
| MSCI ACWI ex USA Index (Net) | 24.93 | 16.71 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $8464681 |
| # of portfolio holdings | 67 |
| Portfolio turnover rate | 85% |
| Total advisory fees paid | $0 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Samsung Electronics Co. Ltd. | 9.2 |
| MediaTek, Inc. | 4.2 |
| Hon Hai Precision Industry Co. Ltd. | 3.8 |
| Samsung Electronics Co. Ltd., Preferred stock | 3.3 |
| Embassy Office Parks REIT | 2.7 |
| State Bank of India | 2.1 |
| Contemporary Amperex Technology Co. Ltd. Class A | 2.1 |
| Kia Corp. | 2.0 |
| Al Rajhi Bank | 1.9 |
| NHPC Ltd. | 1.9 |

---

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

---

| | |
|:---|:---|
| India | 24.6 |
| South Korea | 19.0 |
| China | 17.4 |
| Taiwan | 15.2 |
| Saudi Arabia | 7.5 |
| Brazil | 4.4 |
| United Arab Emirates | 2.7 |
| Mexico | 2.1 |
| Poland | 1.1 |
| Hungary | 1.1 |
| Other | 4.9 |

---

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

---

| | |
|:---|:---|
| Information technology | 30.2 |
| Financials | 24.2 |
| Industrials | 11.2 |
| Real estate | 8.9 |
| Consumer discretionary | 8.4 |
| Utilities | 4.5 |
| Health care | 3.8 |
| Materials | 3.0 |
| Communication services | 2.9 |
| Consumer staples | 2.1 |
| Energy | 0.8 |

---

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

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

#### AR4904 10-25
![Image](g15564i4043faff8b8688f22889.jpg)

Annual Shareholder Report

# October 31, 2025

# International Equity Fund

# Class A

# WFEAX
This annual shareholder report contains important information about International Equity Fund for the period from November 1, 2024 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $125 | 1.13% |

---

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

## How did the Fund perform last year and what affected its performance?
During the one-year period, developed international equities delivered strong gains, supported by a weaker U.S. dollar, European Central Bank rate cuts, and improving corporate earnings in Europe and Japan. After struggling at the end of 2024, partly on U.S. dollar strength, international stocks regained investor attention in 2025, particularly given exceptional returns from banks. Further, European small caps and defense stocks outperformed as fiscal spending accelerated. Diverging global monetary policies and U.S. tariff policy uncertainty created headwinds and opportunities across regions.

We remain overweight France and Germany relative to the benchmark to capture eurozone stimulus and defense spending tailwinds, and we have reduced that exposure over the period as these factors were reflected in valuations. We have increased exposures to Japan and Italy.

Leading performers included Rheinmetall AG, Barclays PLC, and Samsung Electronics Co. Ltd. Lagging performers include adidas AG, Diageo PLC, and Novo Nordisk A/S.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g15564i31129ec101327b99f512.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **MSCI EAFE Index (Net)** | **MSCI ACWI ex USA Index (Net)** |
| **10/31/2015** | $9428 | $10000 | $10000 |
| **11/30/2015** | $9338 | $9844 | $9794 |
| **12/31/2015** | $9093 | $9712 | $9609 |
| **1/31/2016** | $8579 | $9009 | $8955 |
| **2/29/2016** | $8099 | $8844 | $8853 |
| **3/31/2016** | $8869 | $9420 | $9573 |
| **4/30/2016** | $8919 | $9693 | $9825 |
| **5/31/2016** | $8968 | $9605 | $9659 |
| **6/30/2016** | $8621 | $9282 | $9511 |
| **7/31/2016** | $9093 | $9753 | $9982 |
| **8/31/2016** | $9233 | $9760 | $10045 |
| **9/30/2016** | $9275 | $9879 | $10169 |
| **10/31/2016** | $9167 | $9677 | $10022 |
| **11/30/2016** | $9159 | $9485 | $9791 |
| **12/31/2016** | $9481 | $9809 | $10041 |
| **1/31/2017** | $9814 | $10093 | $10397 |
| **2/28/2017** | $9942 | $10238 | $10563 |
| **3/31/2017** | $10164 | $10520 | $10830 |
| **4/30/2017** | $10300 | $10787 | $11062 |
| **5/31/2017** | $10650 | $11183 | $11421 |
| **6/30/2017** | $10615 | $11163 | $11457 |
| **7/31/2017** | $11042 | $11485 | $11879 |
| **8/31/2017** | $11016 | $11481 | $11941 |
| **9/30/2017** | $11238 | $11767 | $12163 |
| **10/31/2017** | $11451 | $11945 | $12392 |
| **11/30/2017** | $11562 | $12071 | $12492 |
| **12/31/2017** | $11764 | $12265 | $12771 |
| **1/31/2018** | $12575 | $12880 | $13483 |
| **2/28/2018** | $11878 | $12298 | $12847 |
| **3/31/2018** | $11702 | $12077 | $12620 |
| **4/30/2018** | $11870 | $12352 | $12822 |
| **5/31/2018** | $11482 | $12075 | $12526 |
| **6/30/2018** | $11041 | $11927 | $12290 |
| **7/31/2018** | $11385 | $12221 | $12584 |
| **8/31/2018** | $11050 | $11985 | $12321 |
| **9/30/2018** | $11256 | $12089 | $12377 |
| **10/31/2018** | $10442 | $11127 | $11370 |
| **11/30/2018** | $10389 | $11113 | $11478 |
| **12/31/2018** | $9744 | $10573 | $10958 |
| **1/31/2019** | $10509 | $11268 | $11786 |
| **2/28/2019** | $10691 | $11555 | $12017 |
| **3/31/2019** | $10591 | $11628 | $12088 |
| **4/30/2019** | $10882 | $11955 | $12408 |
| **5/31/2019** | $9963 | $11381 | $11742 |
| **6/30/2019** | $10753 | $12056 | $12449 |
| **7/31/2019** | $10440 | $11903 | $12298 |
| **8/31/2019** | $9997 | $11595 | $11918 |
| **9/30/2019** | $10205 | $11927 | $12225 |
| **10/31/2019** | $10539 | $12355 | $12652 |
| **11/30/2019** | $10770 | $12495 | $12763 |
| **12/31/2019** | $11206 | $12901 | $13316 |
| **1/31/2020** | $10536 | $12631 | $12958 |
| **2/29/2020** | $9810 | $11490 | $11934 |
| **3/31/2020** | $7865 | $9956 | $10206 |
| **4/30/2020** | $8609 | $10599 | $10979 |
| **5/31/2020** | $8907 | $11061 | $11339 |
| **6/30/2020** | $9169 | $11437 | $11851 |
| **7/31/2020** | $9728 | $11704 | $12379 |
| **8/31/2020** | $10297 | $12306 | $12909 |
| **9/30/2020** | $10053 | $11986 | $12592 |
| **10/31/2020** | $9745 | $11507 | $12321 |
| **11/30/2020** | $11043 | $13291 | $13979 |
| **12/31/2020** | $11712 | $13909 | $14734 |
| **1/31/2021** | $11497 | $13761 | $14766 |
| **2/28/2021** | $11909 | $14070 | $15058 |
| **3/31/2021** | $12442 | $14393 | $15249 |
| **4/30/2021** | $12742 | $14826 | $15698 |
| **5/31/2021** | $13118 | $15310 | $16189 |
| **6/30/2021** | $12868 | $15137 | $16084 |
| **7/31/2021** | $12585 | $15251 | $15819 |
| **8/31/2021** | $12783 | $15520 | $16120 |
| **9/30/2021** | $12499 | $15070 | $15603 |
| **10/31/2021** | $12660 | $15441 | $15976 |
| **11/30/2021** | $11740 | $14722 | $15256 |
| **12/31/2021** | $12391 | $15476 | $15887 |
| **1/31/2022** | $12391 | $14728 | $15302 |
| **2/28/2022** | $12163 | $14468 | $14999 |
| **3/31/2022** | $11907 | $14561 | $15023 |
| **4/30/2022** | $11235 | $13619 | $14079 |
| **5/31/2022** | $11466 | $13721 | $14180 |
| **6/30/2022** | $10535 | $12448 | $12960 |
| **7/31/2022** | $10719 | $13068 | $13404 |
| **8/31/2022** | $10264 | $12447 | $12973 |
| **9/30/2022** | $9253 | $11283 | $11677 |
| **10/31/2022** | $9769 | $11889 | $12026 |
| **11/30/2022** | $10995 | $13229 | $13445 |
| **12/31/2022** | $10958 | $13239 | $13345 |
| **1/31/2023** | $11981 | $14311 | $14427 |
| **2/28/2023** | $11562 | $14013 | $13920 |
| **3/31/2023** | $11623 | $14360 | $14261 |
| **4/30/2023** | $11828 | $14765 | $14509 |
| **5/31/2023** | $11301 | $14141 | $13981 |
| **6/30/2023** | $12015 | $14784 | $14608 |
| **7/31/2023** | $12467 | $15262 | $15202 |
| **8/31/2023** | $12231 | $14678 | $14516 |
| **9/30/2023** | $11810 | $14176 | $14057 |
| **10/31/2023** | $11286 | $13602 | $13477 |
| **11/30/2023** | $12146 | $14864 | $14690 |
| **12/31/2023** | $12664 | $15654 | $15428 |
| **1/31/2024** | $12684 | $15744 | $15275 |
| **2/29/2024** | $12992 | $16032 | $15662 |
| **3/31/2024** | $13323 | $16559 | $16151 |
| **4/30/2024** | $12975 | $16135 | $15861 |
| **5/31/2024** | $13482 | $16760 | $16322 |
| **6/30/2024** | $13128 | $16490 | $16306 |
| **7/31/2024** | $13471 | $16974 | $16684 |
| **8/31/2024** | $13965 | $17525 | $17159 |
| **9/30/2024** | $13869 | $17687 | $17621 |
| **10/31/2024** | $13101 | $16725 | $16757 |
| **11/30/2024** | $12909 | $16631 | $16605 |
| **12/31/2024** | $12670 | $16252 | $16282 |
| **1/31/2025** | $13321 | $17106 | $16938 |
| **2/28/2025** | $13840 | $17438 | $17173 |
| **3/31/2025** | $14031 | $17368 | $17134 |
| **4/30/2025** | $14511 | $18163 | $17753 |
| **5/31/2025** | $15103 | $18994 | $18566 |
| **6/30/2025** | $15438 | $19413 | $19196 |
| **7/31/2025** | $14933 | $19140 | $19141 |
| **8/31/2025** | $15356 | $19956 | $19805 |
| **9/30/2025** | $15737 | $20338 | $20519 |
| **10/31/2025** | $15912 | $20578 | $20934 |

---

# International Equity Fund
Annual Shareholder Report \| October 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 21.46 | 10.31 | 5.37 |
| Class A with Load | 14.48 | 9.0 | 4.75 |
| MSCI EAFE Index (Net) | 23.03 | 12.33 | 7.48 |
| MSCI ACWI ex USA Index (Net) | 24.93 | 11.18 | 7.67 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $171788012 |
| # of portfolio holdings | 55 |
| Portfolio turnover rate | 22% |
| Total advisory fees paid | $1386479 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| LVMH Moet Hennessy Louis Vuitton SE | 3.7 |
| Hitachi Ltd. | 3.4 |
| Barclays PLC | 3.3 |
| ING Groep NV | 3.1 |
| ASML Holding NV | 2.8 |
| SAP SE | 2.7 |
| Airbus SE | 2.6 |
| Schneider Electric SE | 2.6 |
| AXA SA | 2.5 |
| Novartis AG | 2.5 |

---

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

---

| | |
|:---|:---|
| France | 19.5 |
| United Kingdom | 17.6 |
| Japan | 17.4 |
| Germany | 16.8 |
| Netherlands | 8.8 |
| Switzerland | 4.8 |
| Canada | 3.2 |
| Italy | 3.1 |
| South Korea | 2.5 |
| Denmark | 1.6 |
| Other | 4.7 |

---

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

---

| | |
|:---|:---|
| Industrials | 21.4 |
| Financials | 21.0 |
| Information technology | 14.8 |
| Consumer discretionary | 11.0 |
| Consumer staples | 9.2 |
| Health care | 8.4 |
| Energy | 4.3 |
| Materials | 4.2 |
| Communication services | 3.2 |
| Utilities | 2.5 |

---

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

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

#### AR3311 10-25
![Image](g15564i4043faff8b8688f22889.jpg)

Annual Shareholder Report

# October 31, 2025

# International Equity Fund

# Class C

# WFEFX
This annual shareholder report contains important information about International Equity Fund for the period from November 1, 2024 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $209 | 1.90% |

---

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

## How did the Fund perform last year and what affected its performance?
During the one-year period, developed international equities delivered strong gains, supported by a weaker U.S. dollar, European Central Bank rate cuts, and improving corporate earnings in Europe and Japan. After struggling at the end of 2024, partly on U.S. dollar strength, international stocks regained investor attention in 2025, particularly given exceptional returns from banks. Further, European small caps and defense stocks outperformed as fiscal spending accelerated. Diverging global monetary policies and U.S. tariff policy uncertainty created headwinds and opportunities across regions.

We remain overweight France and Germany relative to the benchmark to capture eurozone stimulus and defense spending tailwinds, and we have reduced that exposure over the period as these factors were reflected in valuations. We have increased exposures to Japan and Italy.

Leading performers included Rheinmetall AG, Barclays PLC, and Samsung Electronics Co. Ltd. Lagging performers include adidas AG, Diageo PLC, and Novo Nordisk A/S.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g15564i8019f0d0b150b8d7bc7e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **MSCI EAFE Index (Net)** | **MSCI ACWI ex USA Index (Net)** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9903 | $9844 | $9794 |
| **12/31/2015** | $9631 | $9712 | $9609 |
| **1/31/2016** | $9086 | $9009 | $8955 |
| **2/29/2016** | $8577 | $8844 | $8853 |
| **3/31/2016** | $9381 | $9420 | $9573 |
| **4/30/2016** | $9434 | $9693 | $9825 |
| **5/31/2016** | $9470 | $9605 | $9659 |
| **6/30/2016** | $9104 | $9282 | $9511 |
| **7/31/2016** | $9595 | $9753 | $9982 |
| **8/31/2016** | $9738 | $9760 | $10045 |
| **9/30/2016** | $9774 | $9879 | $10169 |
| **10/31/2016** | $9657 | $9677 | $10022 |
| **11/30/2016** | $9640 | $9485 | $9791 |
| **12/31/2016** | $9971 | $9809 | $10041 |
| **1/31/2017** | $10317 | $10093 | $10397 |
| **2/28/2017** | $10445 | $10238 | $10563 |
| **3/31/2017** | $10672 | $10520 | $10830 |
| **4/30/2017** | $10809 | $10787 | $11062 |
| **5/31/2017** | $11165 | $11183 | $11421 |
| **6/30/2017** | $11128 | $11163 | $11457 |
| **7/31/2017** | $11566 | $11485 | $11879 |
| **8/31/2017** | $11529 | $11481 | $11941 |
| **9/30/2017** | $11748 | $11767 | $12163 |
| **10/31/2017** | $11967 | $11945 | $12392 |
| **11/30/2017** | $12076 | $12071 | $12492 |
| **12/31/2017** | $12276 | $12265 | $12771 |
| **1/31/2018** | $13119 | $12880 | $13483 |
| **2/28/2018** | $12388 | $12298 | $12847 |
| **3/31/2018** | $12192 | $12077 | $12620 |
| **4/30/2018** | $12360 | $12352 | $12822 |
| **5/31/2018** | $11948 | $12075 | $12526 |
| **6/30/2018** | $11489 | $11927 | $12290 |
| **7/31/2018** | $11836 | $12221 | $12584 |
| **8/31/2018** | $11480 | $11985 | $12321 |
| **9/30/2018** | $11686 | $12089 | $12377 |
| **10/31/2018** | $10834 | $11127 | $11370 |
| **11/30/2018** | $10768 | $11113 | $11478 |
| **12/31/2018** | $10103 | $10573 | $10958 |
| **1/31/2019** | $10885 | $11268 | $11786 |
| **2/28/2019** | $11066 | $11555 | $12017 |
| **3/31/2019** | $10952 | $11628 | $12088 |
| **4/30/2019** | $11247 | $11955 | $12408 |
| **5/31/2019** | $10293 | $11381 | $11742 |
| **6/30/2019** | $11107 | $12056 | $12449 |
| **7/31/2019** | $10771 | $11903 | $12298 |
| **8/31/2019** | $10301 | $11595 | $11918 |
| **9/30/2019** | $10515 | $11927 | $12225 |
| **10/31/2019** | $10852 | $12355 | $12652 |
| **11/30/2019** | $11083 | $12495 | $12763 |
| **12/31/2019** | $11524 | $12901 | $13316 |
| **1/31/2020** | $10819 | $12631 | $12958 |
| **2/29/2020** | $10075 | $11490 | $11934 |
| **3/31/2020** | $8066 | $9956 | $10206 |
| **4/30/2020** | $8829 | $10599 | $10979 |
| **5/31/2020** | $9138 | $11061 | $11339 |
| **6/30/2020** | $9399 | $11437 | $11851 |
| **7/31/2020** | $9959 | $11704 | $12379 |
| **8/31/2020** | $10539 | $12306 | $12909 |
| **9/30/2020** | $10278 | $11986 | $12592 |
| **10/31/2020** | $9959 | $11507 | $12321 |
| **11/30/2020** | $11273 | $13291 | $13979 |
| **12/31/2020** | $11949 | $13909 | $14734 |
| **1/31/2021** | $11717 | $13761 | $14766 |
| **2/28/2021** | $12133 | $14070 | $15058 |
| **3/31/2021** | $12673 | $14393 | $15249 |
| **4/30/2021** | $12963 | $14826 | $15698 |
| **5/31/2021** | $13350 | $15310 | $16189 |
| **6/30/2021** | $13089 | $15137 | $16084 |
| **7/31/2021** | $12789 | $15251 | $15819 |
| **8/31/2021** | $12982 | $15520 | $16120 |
| **9/30/2021** | $12685 | $15070 | $15603 |
| **10/31/2021** | $12841 | $15441 | $15976 |
| **11/30/2021** | $11899 | $14722 | $15256 |
| **12/31/2021** | $12549 | $15476 | $15887 |
| **1/31/2022** | $12540 | $14728 | $15302 |
| **2/28/2022** | $12307 | $14468 | $14999 |
| **3/31/2022** | $12037 | $14561 | $15023 |
| **4/30/2022** | $11354 | $13619 | $14079 |
| **5/31/2022** | $11569 | $13721 | $14180 |
| **6/30/2022** | $10628 | $12448 | $12960 |
| **7/31/2022** | $10805 | $13068 | $13404 |
| **8/31/2022** | $10344 | $12447 | $12973 |
| **9/30/2022** | $9317 | $11283 | $11677 |
| **10/31/2022** | $9839 | $11889 | $12026 |
| **11/30/2022** | $11060 | $13229 | $13445 |
| **12/31/2022** | $11011 | $13239 | $13345 |
| **1/31/2023** | $12036 | $14311 | $14427 |
| **2/28/2023** | $11612 | $14013 | $13920 |
| **3/31/2023** | $11661 | $14360 | $14261 |
| **4/30/2023** | $11858 | $14765 | $14509 |
| **5/31/2023** | $11326 | $14141 | $13981 |
| **6/30/2023** | $12027 | $14784 | $14608 |
| **7/31/2023** | $12483 | $15262 | $15202 |
| **8/31/2023** | $12235 | $14678 | $14516 |
| **9/30/2023** | $11803 | $14176 | $14057 |
| **10/31/2023** | $11267 | $13602 | $13477 |
| **11/30/2023** | $12125 | $14864 | $14690 |
| **12/31/2023** | $12642 | $15654 | $15428 |
| **1/31/2024** | $12662 | $15744 | $15275 |
| **2/29/2024** | $12970 | $16032 | $15662 |
| **3/31/2024** | $13301 | $16559 | $16151 |
| **4/30/2024** | $12953 | $16135 | $15861 |
| **5/31/2024** | $13460 | $16760 | $16322 |
| **6/30/2024** | $13106 | $16490 | $16306 |
| **7/31/2024** | $13448 | $16974 | $16684 |
| **8/31/2024** | $13942 | $17525 | $17159 |
| **9/30/2024** | $13846 | $17687 | $17621 |
| **10/31/2024** | $13079 | $16725 | $16757 |
| **11/30/2024** | $12887 | $16631 | $16605 |
| **12/31/2024** | $12649 | $16252 | $16282 |
| **1/31/2025** | $13299 | $17106 | $16938 |
| **2/28/2025** | $13817 | $17438 | $17173 |
| **3/31/2025** | $14008 | $17368 | $17134 |
| **4/30/2025** | $14487 | $18163 | $17753 |
| **5/31/2025** | $15077 | $18994 | $18566 |
| **6/30/2025** | $15412 | $19413 | $19196 |
| **7/31/2025** | $14908 | $19140 | $19141 |
| **8/31/2025** | $15330 | $19956 | $19805 |
| **9/30/2025** | $15710 | $20338 | $20519 |
| **10/31/2025** | $15886 | $20578 | $20934 |

---

# International Equity Fund
Annual Shareholder Report \| October 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 20.51 | 9.45 | 4.74 |
| Class C with Load | 19.51 | 9.45 | 4.74 |
| MSCI EAFE Index (Net) | 23.03 | 12.33 | 7.48 |
| MSCI ACWI ex USA Index (Net) | 24.93 | 11.18 | 7.67 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $171788012 |
| # of portfolio holdings | 55 |
| Portfolio turnover rate | 22% |
| Total advisory fees paid | $1386479 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| LVMH Moet Hennessy Louis Vuitton SE | 3.7 |
| Hitachi Ltd. | 3.4 |
| Barclays PLC | 3.3 |
| ING Groep NV | 3.1 |
| ASML Holding NV | 2.8 |
| SAP SE | 2.7 |
| Airbus SE | 2.6 |
| Schneider Electric SE | 2.6 |
| AXA SA | 2.5 |
| Novartis AG | 2.5 |

---

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

---

| | |
|:---|:---|
| France | 19.5 |
| United Kingdom | 17.6 |
| Japan | 17.4 |
| Germany | 16.8 |
| Netherlands | 8.8 |
| Switzerland | 4.8 |
| Canada | 3.2 |
| Italy | 3.1 |
| South Korea | 2.5 |
| Denmark | 1.6 |
| Other | 4.7 |

---

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

---

| | |
|:---|:---|
| Industrials | 21.4 |
| Financials | 21.0 |
| Information technology | 14.8 |
| Consumer discretionary | 11.0 |
| Consumer staples | 9.2 |
| Health care | 8.4 |
| Energy | 4.3 |
| Materials | 4.2 |
| Communication services | 3.2 |
| Utilities | 2.5 |

---

Significant fund changes

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

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on 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

#### AR3521 10-25
![Image](g15564i4043faff8b8688f22889.jpg)

Annual Shareholder Report

# October 31, 2025

# International Equity Fund

# Class R6

# WFEHX
This annual shareholder report contains important information about International Equity Fund for the period from November 1, 2024 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $89 | 0.80% |

---

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

## How did the Fund perform last year and what affected its performance?
During the one-year period, developed international equities delivered strong gains, supported by a weaker U.S. dollar, European Central Bank rate cuts, and improving corporate earnings in Europe and Japan. After struggling at the end of 2024, partly on U.S. dollar strength, international stocks regained investor attention in 2025, particularly given exceptional returns from banks. Further, European small caps and defense stocks outperformed as fiscal spending accelerated. Diverging global monetary policies and U.S. tariff policy uncertainty created headwinds and opportunities across regions.

We remain overweight France and Germany relative to the benchmark to capture eurozone stimulus and defense spending tailwinds, and we have reduced that exposure over the period as these factors were reflected in valuations. We have increased exposures to Japan and Italy.

Leading performers included Rheinmetall AG, Barclays PLC, and Samsung Electronics Co. Ltd. Lagging performers include adidas AG, Diageo PLC, and Novo Nordisk A/S.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g15564i9e376c3b4f65b3859fbd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **MSCI EAFE Index (Net)** | **MSCI ACWI ex USA Index (Net)** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9913 | $9844 | $9794 |
| **12/31/2015** | $9648 | $9712 | $9609 |
| **1/31/2016** | $9110 | $9009 | $8955 |
| **2/29/2016** | $8599 | $8844 | $8853 |
| **3/31/2016** | $9419 | $9420 | $9573 |
| **4/30/2016** | $9481 | $9693 | $9825 |
| **5/31/2016** | $9525 | $9605 | $9659 |
| **6/30/2016** | $9163 | $9282 | $9511 |
| **7/31/2016** | $9666 | $9753 | $9982 |
| **8/31/2016** | $9824 | $9760 | $10045 |
| **9/30/2016** | $9869 | $9879 | $10169 |
| **10/31/2016** | $9754 | $9677 | $10022 |
| **11/30/2016** | $9745 | $9485 | $9791 |
| **12/31/2016** | $10084 | $9809 | $10041 |
| **1/31/2017** | $10448 | $10093 | $10397 |
| **2/28/2017** | $10594 | $10238 | $10563 |
| **3/31/2017** | $10830 | $10520 | $10830 |
| **4/30/2017** | $10976 | $10787 | $11062 |
| **5/31/2017** | $11348 | $11183 | $11421 |
| **6/30/2017** | $11321 | $11163 | $11457 |
| **7/31/2017** | $11776 | $11485 | $11879 |
| **8/31/2017** | $11748 | $11481 | $11941 |
| **9/30/2017** | $11985 | $11767 | $12163 |
| **10/31/2017** | $12221 | $11945 | $12392 |
| **11/30/2017** | $12340 | $12071 | $12492 |
| **12/31/2017** | $12555 | $12265 | $12771 |
| **1/31/2018** | $13422 | $12880 | $13483 |
| **2/28/2018** | $12687 | $12298 | $12847 |
| **3/31/2018** | $12499 | $12077 | $12620 |
| **4/30/2018** | $12687 | $12352 | $12822 |
| **5/31/2018** | $12273 | $12075 | $12526 |
| **6/30/2018** | $11811 | $11927 | $12290 |
| **7/31/2018** | $12178 | $12221 | $12584 |
| **8/31/2018** | $11820 | $11985 | $12321 |
| **9/30/2018** | $12045 | $12089 | $12377 |
| **10/31/2018** | $11173 | $11127 | $11370 |
| **11/30/2018** | $11126 | $11113 | $11478 |
| **12/31/2018** | $10435 | $10573 | $10958 |
| **1/31/2019** | $11259 | $11268 | $11786 |
| **2/28/2019** | $11455 | $11555 | $12017 |
| **3/31/2019** | $11357 | $11628 | $12088 |
| **4/30/2019** | $11661 | $11955 | $12408 |
| **5/31/2019** | $10680 | $11381 | $11742 |
| **6/30/2019** | $11537 | $12056 | $12449 |
| **7/31/2019** | $11208 | $11903 | $12298 |
| **8/31/2019** | $10731 | $11595 | $11918 |
| **9/30/2019** | $10965 | $11927 | $12225 |
| **10/31/2019** | $11316 | $12355 | $12652 |
| **11/30/2019** | $11566 | $12495 | $12763 |
| **12/31/2019** | $12042 | $12901 | $13316 |
| **1/31/2020** | $11317 | $12631 | $12958 |
| **2/29/2020** | $10543 | $11490 | $11934 |
| **3/31/2020** | $8460 | $9956 | $10206 |
| **4/30/2020** | $9265 | $10599 | $10979 |
| **5/31/2020** | $9587 | $11061 | $11339 |
| **6/30/2020** | $9870 | $11437 | $11851 |
| **7/31/2020** | $10477 | $11704 | $12379 |
| **8/31/2020** | $11094 | $12306 | $12909 |
| **9/30/2020** | $10831 | $11986 | $12592 |
| **10/31/2020** | $10506 | $11507 | $12321 |
| **11/30/2020** | $11906 | $13291 | $13979 |
| **12/31/2020** | $12628 | $13909 | $14734 |
| **1/31/2021** | $12394 | $13761 | $14766 |
| **2/28/2021** | $12842 | $14070 | $15058 |
| **3/31/2021** | $13431 | $14393 | $15249 |
| **4/30/2021** | $13758 | $14826 | $15698 |
| **5/31/2021** | $14156 | $15310 | $16189 |
| **6/30/2021** | $13886 | $15137 | $16084 |
| **7/31/2021** | $13588 | $15251 | $15819 |
| **8/31/2021** | $13804 | $15520 | $16120 |
| **9/30/2021** | $13500 | $15070 | $15603 |
| **10/31/2021** | $13676 | $15441 | $15976 |
| **11/30/2021** | $12682 | $14722 | $15256 |
| **12/31/2021** | $13401 | $15476 | $15887 |
| **1/31/2022** | $13401 | $14728 | $15302 |
| **2/28/2022** | $13151 | $14468 | $14999 |
| **3/31/2022** | $12879 | $14561 | $15023 |
| **4/30/2022** | $12154 | $13619 | $14079 |
| **5/31/2022** | $12406 | $13721 | $14180 |
| **6/30/2022** | $11408 | $12448 | $12960 |
| **7/31/2022** | $11609 | $13068 | $13404 |
| **8/31/2022** | $11122 | $12447 | $12973 |
| **9/30/2022** | $10024 | $11283 | $11677 |
| **10/31/2022** | $10590 | $11889 | $12026 |
| **11/30/2022** | $11924 | $13229 | $13445 |
| **12/31/2022** | $11882 | $13239 | $13345 |
| **1/31/2023** | $13005 | $14311 | $14427 |
| **2/28/2023** | $12545 | $14013 | $13920 |
| **3/31/2023** | $12624 | $14360 | $14261 |
| **4/30/2023** | $12838 | $14765 | $14509 |
| **5/31/2023** | $12270 | $14141 | $13981 |
| **6/30/2023** | $13047 | $14784 | $14608 |
| **7/31/2023** | $13555 | $15262 | $15202 |
| **8/31/2023** | $13295 | $14678 | $14516 |
| **9/30/2023** | $12836 | $14176 | $14057 |
| **10/31/2023** | $12270 | $13602 | $13477 |
| **11/30/2023** | $13206 | $14864 | $14690 |
| **12/31/2023** | $13782 | $15654 | $15428 |
| **1/31/2024** | $13804 | $15744 | $15275 |
| **2/29/2024** | $14144 | $16032 | $15662 |
| **3/31/2024** | $14511 | $16559 | $16151 |
| **4/30/2024** | $14127 | $16135 | $15861 |
| **5/31/2024** | $14687 | $16760 | $16322 |
| **6/30/2024** | $14299 | $16490 | $16306 |
| **7/31/2024** | $14689 | $16974 | $16684 |
| **8/31/2024** | $15235 | $17525 | $17159 |
| **9/30/2024** | $15123 | $17687 | $17621 |
| **10/31/2024** | $14295 | $16725 | $16757 |
| **11/30/2024** | $14083 | $16631 | $16605 |
| **12/31/2024** | $13824 | $16252 | $16282 |
| **1/31/2025** | $14545 | $17106 | $16938 |
| **2/28/2025** | $15109 | $17438 | $17173 |
| **3/31/2025** | $15324 | $17368 | $17134 |
| **4/30/2025** | $15856 | $18163 | $17753 |
| **5/31/2025** | $16512 | $18994 | $18566 |
| **6/30/2025** | $16878 | $19413 | $19196 |
| **7/31/2025** | $16329 | $19140 | $19141 |
| **8/31/2025** | $16798 | $19956 | $19805 |
| **9/30/2025** | $17218 | $20338 | $20519 |
| **10/31/2025** | $17413 | $20578 | $20934 |

---

# International Equity Fund
Annual Shareholder Report \| October 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 21.81 | 10.63 | 5.7 |
| MSCI EAFE Index (Net) | 23.03 | 12.33 | 7.48 |
| MSCI ACWI ex USA Index (Net) | 24.93 | 11.18 | 7.67 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $171788012 |
| # of portfolio holdings | 55 |
| Portfolio turnover rate | 22% |
| Total advisory fees paid | $1386479 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| LVMH Moet Hennessy Louis Vuitton SE | 3.7 |
| Hitachi Ltd. | 3.4 |
| Barclays PLC | 3.3 |
| ING Groep NV | 3.1 |
| ASML Holding NV | 2.8 |
| SAP SE | 2.7 |
| Airbus SE | 2.6 |
| Schneider Electric SE | 2.6 |
| AXA SA | 2.5 |
| Novartis AG | 2.5 |

---

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

---

| | |
|:---|:---|
| France | 19.5 |
| United Kingdom | 17.6 |
| Japan | 17.4 |
| Germany | 16.8 |
| Netherlands | 8.8 |
| Switzerland | 4.8 |
| Canada | 3.2 |
| Italy | 3.1 |
| South Korea | 2.5 |
| Denmark | 1.6 |
| Other | 4.7 |

---

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

---

| | |
|:---|:---|
| Industrials | 21.4 |
| Financials | 21.0 |
| Information technology | 14.8 |
| Consumer discretionary | 11.0 |
| Consumer staples | 9.2 |
| Health care | 8.4 |
| Energy | 4.3 |
| Materials | 4.2 |
| Communication services | 3.2 |
| Utilities | 2.5 |

---

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

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

#### AR4684 10-25
![Image](g15564i4043faff8b8688f22889.jpg)

Annual Shareholder Report

# October 31, 2025

# International Equity Fund

# Institutional Class

# WFENX
This annual shareholder report contains important information about International Equity Fund for the period from November 1, 2024 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $94 | 0.85% |

---

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

## How did the Fund perform last year and what affected its performance?
During the one-year period, developed international equities delivered strong gains, supported by a weaker U.S. dollar, European Central Bank rate cuts, and improving corporate earnings in Europe and Japan. After struggling at the end of 2024, partly on U.S. dollar strength, international stocks regained investor attention in 2025, particularly given exceptional returns from banks. Further, European small caps and defense stocks outperformed as fiscal spending accelerated. Diverging global monetary policies and U.S. tariff policy uncertainty created headwinds and opportunities across regions.

We remain overweight France and Germany relative to the benchmark to capture eurozone stimulus and defense spending tailwinds, and we have reduced that exposure over the period as these factors were reflected in valuations. We have increased exposures to Japan and Italy.

Leading performers included Rheinmetall AG, Barclays PLC, and Samsung Electronics Co. Ltd. Lagging performers include adidas AG, Diageo PLC, and Novo Nordisk A/S.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g15564i1372d3570d69aa9455a1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI EAFE Index (Net)** | **MSCI ACWI ex USA Index (Net)** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9913 | $9844 | $9794 |
| **12/31/2015** | $9655 | $9712 | $9609 |
| **1/31/2016** | $9108 | $9009 | $8955 |
| **2/29/2016** | $8605 | $8844 | $8853 |
| **3/31/2016** | $9417 | $9420 | $9573 |
| **4/30/2016** | $9478 | $9693 | $9825 |
| **5/31/2016** | $9531 | $9605 | $9659 |
| **6/30/2016** | $9161 | $9282 | $9511 |
| **7/31/2016** | $9664 | $9753 | $9982 |
| **8/31/2016** | $9822 | $9760 | $10045 |
| **9/30/2016** | $9867 | $9879 | $10169 |
| **10/31/2016** | $9752 | $9677 | $10022 |
| **11/30/2016** | $9743 | $9485 | $9791 |
| **12/31/2016** | $10087 | $9809 | $10041 |
| **1/31/2017** | $10443 | $10093 | $10397 |
| **2/28/2017** | $10589 | $10238 | $10563 |
| **3/31/2017** | $10826 | $10520 | $10830 |
| **4/30/2017** | $10971 | $10787 | $11062 |
| **5/31/2017** | $11345 | $11183 | $11421 |
| **6/30/2017** | $11318 | $11163 | $11457 |
| **7/31/2017** | $11764 | $11485 | $11879 |
| **8/31/2017** | $11737 | $11481 | $11941 |
| **9/30/2017** | $11983 | $11767 | $12163 |
| **10/31/2017** | $12211 | $11945 | $12392 |
| **11/30/2017** | $12329 | $12071 | $12492 |
| **12/31/2017** | $12546 | $12265 | $12771 |
| **1/31/2018** | $13414 | $12880 | $13483 |
| **2/28/2018** | $12678 | $12298 | $12847 |
| **3/31/2018** | $12489 | $12077 | $12620 |
| **4/30/2018** | $12678 | $12352 | $12822 |
| **5/31/2018** | $12263 | $12075 | $12526 |
| **6/30/2018** | $11800 | $11927 | $12290 |
| **7/31/2018** | $12168 | $12221 | $12584 |
| **8/31/2018** | $11809 | $11985 | $12321 |
| **9/30/2018** | $12029 | $12089 | $12377 |
| **10/31/2018** | $11165 | $11127 | $11370 |
| **11/30/2018** | $11108 | $11113 | $11478 |
| **12/31/2018** | $10422 | $10573 | $10958 |
| **1/31/2019** | $11247 | $11268 | $11786 |
| **2/28/2019** | $11443 | $11555 | $12017 |
| **3/31/2019** | $11335 | $11628 | $12088 |
| **4/30/2019** | $11649 | $11955 | $12408 |
| **5/31/2019** | $10668 | $11381 | $11742 |
| **6/30/2019** | $11520 | $12056 | $12449 |
| **7/31/2019** | $11192 | $11903 | $12298 |
| **8/31/2019** | $10714 | $11595 | $11918 |
| **9/30/2019** | $10948 | $11927 | $12225 |
| **10/31/2019** | $11298 | $12355 | $12652 |
| **11/30/2019** | $11548 | $12495 | $12763 |
| **12/31/2019** | $12023 | $12901 | $13316 |
| **1/31/2020** | $11299 | $12631 | $12958 |
| **2/29/2020** | $10524 | $11490 | $11934 |
| **3/31/2020** | $8442 | $9956 | $10206 |
| **4/30/2020** | $9247 | $10599 | $10979 |
| **5/31/2020** | $9568 | $11061 | $11339 |
| **6/30/2020** | $9853 | $11437 | $11851 |
| **7/31/2020** | $10449 | $11704 | $12379 |
| **8/31/2020** | $11066 | $12306 | $12909 |
| **9/30/2020** | $10800 | $11986 | $12592 |
| **10/31/2020** | $10476 | $11507 | $12321 |
| **11/30/2020** | $11874 | $13291 | $13979 |
| **12/31/2020** | $12595 | $13909 | $14734 |
| **1/31/2021** | $12371 | $13761 | $14766 |
| **2/28/2021** | $12818 | $14070 | $15058 |
| **3/31/2021** | $13392 | $14393 | $15249 |
| **4/30/2021** | $13718 | $14826 | $15698 |
| **5/31/2021** | $14136 | $15310 | $16189 |
| **6/30/2021** | $13865 | $15137 | $16084 |
| **7/31/2021** | $13567 | $15251 | $15819 |
| **8/31/2021** | $13783 | $15520 | $16120 |
| **9/30/2021** | $13475 | $15070 | $15603 |
| **10/31/2021** | $13650 | $15441 | $15976 |
| **11/30/2021** | $12659 | $14722 | $15256 |
| **12/31/2021** | $13370 | $15476 | $15887 |
| **1/31/2022** | $13370 | $14728 | $15302 |
| **2/28/2022** | $13131 | $14468 | $14999 |
| **3/31/2022** | $12857 | $14561 | $15023 |
| **4/30/2022** | $12134 | $13619 | $14079 |
| **5/31/2022** | $12385 | $13721 | $14180 |
| **6/30/2022** | $11388 | $12448 | $12960 |
| **7/31/2022** | $11578 | $13068 | $13404 |
| **8/31/2022** | $11092 | $12447 | $12973 |
| **9/30/2022** | $10006 | $11283 | $11677 |
| **10/31/2022** | $10571 | $11889 | $12026 |
| **11/30/2022** | $11901 | $13229 | $13445 |
| **12/31/2022** | $11857 | $13239 | $13345 |
| **1/31/2023** | $12966 | $14311 | $14427 |
| **2/28/2023** | $12518 | $14013 | $13920 |
| **3/31/2023** | $12594 | $14360 | $14261 |
| **4/30/2023** | $12807 | $14765 | $14509 |
| **5/31/2023** | $12241 | $14141 | $13981 |
| **6/30/2023** | $13023 | $14784 | $14608 |
| **7/31/2023** | $13519 | $15262 | $15202 |
| **8/31/2023** | $13260 | $14678 | $14516 |
| **9/30/2023** | $12810 | $14176 | $14057 |
| **10/31/2023** | $12236 | $13602 | $13477 |
| **11/30/2023** | $13179 | $14864 | $14690 |
| **12/31/2023** | $13738 | $15654 | $15428 |
| **1/31/2024** | $13759 | $15744 | $15275 |
| **2/29/2024** | $14109 | $16032 | $15662 |
| **3/31/2024** | $14472 | $16559 | $16151 |
| **4/30/2024** | $14089 | $16135 | $15861 |
| **5/31/2024** | $14647 | $16760 | $16322 |
| **6/30/2024** | $14258 | $16490 | $16306 |
| **7/31/2024** | $14646 | $16974 | $16684 |
| **8/31/2024** | $15190 | $17525 | $17159 |
| **9/30/2024** | $15086 | $17687 | $17621 |
| **10/31/2024** | $14251 | $16725 | $16757 |
| **11/30/2024** | $14039 | $16631 | $16605 |
| **12/31/2024** | $13777 | $16252 | $16282 |
| **1/31/2025** | $14507 | $17106 | $16938 |
| **2/28/2025** | $15068 | $17438 | $17173 |
| **3/31/2025** | $15278 | $17368 | $17134 |
| **4/30/2025** | $15807 | $18163 | $17753 |
| **5/31/2025** | $16460 | $18994 | $18566 |
| **6/30/2025** | $16820 | $19413 | $19196 |
| **7/31/2025** | $16286 | $19140 | $19141 |
| **8/31/2025** | $16741 | $19956 | $19805 |
| **9/30/2025** | $17165 | $20338 | $20519 |
| **10/31/2025** | $17359 | $20578 | $20934 |

---

# International Equity Fund
Annual Shareholder Report \| October 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 21.81 | 10.63 | 5.67 |
| MSCI EAFE Index (Net) | 23.03 | 12.33 | 7.48 |
| MSCI ACWI ex USA Index (Net) | 24.93 | 11.18 | 7.67 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $171788012 |
| # of portfolio holdings | 55 |
| Portfolio turnover rate | 22% |
| Total advisory fees paid | $1386479 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| LVMH Moet Hennessy Louis Vuitton SE | 3.7 |
| Hitachi Ltd. | 3.4 |
| Barclays PLC | 3.3 |
| ING Groep NV | 3.1 |
| ASML Holding NV | 2.8 |
| SAP SE | 2.7 |
| Airbus SE | 2.6 |
| Schneider Electric SE | 2.6 |
| AXA SA | 2.5 |
| Novartis AG | 2.5 |

---

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

---

| | |
|:---|:---|
| France | 19.5 |
| United Kingdom | 17.6 |
| Japan | 17.4 |
| Germany | 16.8 |
| Netherlands | 8.8 |
| Switzerland | 4.8 |
| Canada | 3.2 |
| Italy | 3.1 |
| South Korea | 2.5 |
| Denmark | 1.6 |
| Other | 4.7 |

---

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

---

| | |
|:---|:---|
| Industrials | 21.4 |
| Financials | 21.0 |
| Information technology | 14.8 |
| Consumer discretionary | 11.0 |
| Consumer staples | 9.2 |
| Health care | 8.4 |
| Energy | 4.3 |
| Materials | 4.2 |
| Communication services | 3.2 |
| Utilities | 2.5 |

---

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

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

#### AR4117 10-25
![Image](g15564i4043faff8b8688f22889.jpg)

Annual Shareholder Report

# October 31, 2025

# Special Global Small Cap Fund

# Class A

# EKGAX
This annual shareholder report contains important information about Special Global Small Cap Fund for the period from November 1, 2024 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $146 | 1.46% |

---

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

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

The Fund made minor changes to sector allocation, with an increase in financials while reducing exposure to consumer staples and materials. A large contributor was Spectris plc, a U.K.-based manufacturer and distributor of precision measurement equipment used in highly technical applications. The position was a strong contributor to performance as shares appreciated significantly following news that Spectris was acquired by KKR. The largest detractor within the Fund was J&J Snack Foods Corp., on a challenging backdrop for food companies and some transitory issues related to J&J's supply chain and inflation. The company's net-cash balance sheet, we believe, is underappreciated.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g15564i29d3132bbbf3ee283613.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **MSCI World Small Cap Index (Net)** | **MSCI ACWI Index (Net)** |
| **10/31/2015** | $9425 | $10000 | $10000 |
| **11/30/2015** | $9471 | $10112 | $9917 |
| **12/31/2015** | $9237 | $9857 | $9739 |
| **1/31/2016** | $8749 | $9091 | $9151 |
| **2/29/2016** | $8875 | $9154 | $9088 |
| **3/31/2016** | $9650 | $9923 | $9762 |
| **4/30/2016** | $9719 | $10157 | $9906 |
| **5/31/2016** | $10052 | $10278 | $9918 |
| **6/30/2016** | $9749 | $10083 | $9858 |
| **7/31/2016** | $10327 | $10639 | $10283 |
| **8/31/2016** | $10527 | $10654 | $10318 |
| **9/30/2016** | $10649 | $10814 | $10381 |
| **10/31/2016** | $10284 | $10415 | $10205 |
| **11/30/2016** | $10673 | $10851 | $10282 |
| **12/31/2016** | $10956 | $11110 | $10504 |
| **1/31/2017** | $11139 | $11366 | $10792 |
| **2/28/2017** | $11284 | $11607 | $11094 |
| **3/31/2017** | $11469 | $11693 | $11230 |
| **4/30/2017** | $11737 | $11928 | $11405 |
| **5/31/2017** | $11896 | $12004 | $11657 |
| **6/30/2017** | $12082 | $12190 | $11710 |
| **7/31/2017** | $12255 | $12467 | $12037 |
| **8/31/2017** | $12238 | $12459 | $12083 |
| **9/30/2017** | $12916 | $12951 | $12317 |
| **10/31/2017** | $13050 | $13139 | $12573 |
| **11/30/2017** | $13409 | $13426 | $12816 |
| **12/31/2017** | $13591 | $13628 | $13023 |
| **1/31/2018** | $14008 | $14110 | $13757 |
| **2/28/2018** | $13306 | $13546 | $13180 |
| **3/31/2018** | $13543 | $13552 | $12897 |
| **4/30/2018** | $13550 | $13677 | $13021 |
| **5/31/2018** | $13742 | $14042 | $13037 |
| **6/30/2018** | $13816 | $13995 | $12966 |
| **7/31/2018** | $14091 | $14165 | $13357 |
| **8/31/2018** | $14290 | $14476 | $13462 |
| **9/30/2018** | $14066 | $14269 | $13521 |
| **10/31/2018** | $12812 | $12855 | $12508 |
| **11/30/2018** | $13091 | $12937 | $12690 |
| **12/31/2018** | $12042 | $11739 | $11797 |
| **1/31/2019** | $13055 | $12949 | $12728 |
| **2/28/2019** | $13537 | $13434 | $13069 |
| **3/31/2019** | $13558 | $13350 | $13233 |
| **4/30/2019** | $13949 | $13766 | $13680 |
| **5/31/2019** | $13287 | $12865 | $12868 |
| **6/30/2019** | $13857 | $13613 | $13711 |
| **7/31/2019** | $13769 | $13691 | $13751 |
| **8/31/2019** | $13312 | $13224 | $13425 |
| **9/30/2019** | $13699 | $13496 | $13707 |
| **10/31/2019** | $14061 | $13869 | $14082 |
| **11/30/2019** | $14469 | $14318 | $14426 |
| **12/31/2019** | $14992 | $14814 | $14934 |
| **1/31/2020** | $14567 | $14403 | $14769 |
| **2/29/2020** | $13250 | $13079 | $13576 |
| **3/31/2020** | $11251 | $10361 | $11743 |
| **4/30/2020** | $12149 | $11753 | $13001 |
| **5/31/2020** | $12780 | $12584 | $13567 |
| **6/30/2020** | $12964 | $12908 | $14000 |
| **7/31/2020** | $13268 | $13413 | $14741 |
| **8/31/2020** | $13928 | $14178 | $15643 |
| **9/30/2020** | $13690 | $13870 | $15139 |
| **10/31/2020** | $13525 | $13868 | $14771 |
| **11/30/2020** | $15297 | $16000 | $16591 |
| **12/31/2020** | $16456 | $17179 | $17362 |
| **1/31/2021** | $17050 | $17534 | $17283 |
| **2/28/2021** | $17956 | $18409 | $17683 |
| **3/31/2021** | $18602 | $18798 | $18155 |
| **4/30/2021** | $19079 | $19528 | $18949 |
| **5/31/2021** | $19541 | $19693 | $19244 |
| **6/30/2021** | $19556 | $19734 | $19498 |
| **7/31/2021** | $19277 | $19600 | $19632 |
| **8/31/2021** | $19845 | $20076 | $20123 |
| **9/30/2021** | $19258 | $19452 | $19292 |
| **10/31/2021** | $19853 | $20154 | $20277 |
| **11/30/2021** | $18983 | $19176 | $19789 |
| **12/31/2021** | $19978 | $19885 | $20580 |
| **1/31/2022** | $18065 | $18383 | $19569 |
| **2/28/2022** | $17829 | $18422 | $19064 |
| **3/31/2022** | $16982 | $18593 | $19477 |
| **4/30/2022** | $16006 | $17142 | $17918 |
| **5/31/2022** | $16058 | $17106 | $17939 |
| **6/30/2022** | $14531 | $15398 | $16427 |
| **7/31/2022** | $15542 | $16801 | $17574 |
| **8/31/2022** | $14656 | $16254 | $16927 |
| **9/30/2022** | $13117 | $14586 | $15306 |
| **10/31/2022** | $14398 | $15759 | $16230 |
| **11/30/2022** | $15559 | $16730 | $17489 |
| **12/31/2022** | $15031 | $16156 | $16801 |
| **1/31/2023** | $16363 | $17653 | $18005 |
| **2/28/2023** | $15897 | $17293 | $17489 |
| **3/31/2023** | $15708 | $16849 | $18028 |
| **4/30/2023** | $15677 | $16831 | $18287 |
| **5/31/2023** | $15336 | $16363 | $18091 |
| **6/30/2023** | $16363 | $17390 | $19142 |
| **7/31/2023** | $16838 | $18244 | $19843 |
| **8/31/2023** | $16439 | $17548 | $19288 |
| **9/30/2023** | $15457 | $16628 | $18491 |
| **10/31/2023** | $14543 | $15607 | $17935 |
| **11/30/2023** | $15740 | $17060 | $19590 |
| **12/31/2023** | $17165 | $18702 | $20531 |
| **1/31/2024** | $16820 | $18184 | $20651 |
| **2/29/2024** | $16990 | $18791 | $21537 |
| **3/31/2024** | $17403 | $19522 | $22214 |
| **4/30/2024** | $16408 | $18514 | $21481 |
| **5/31/2024** | $17206 | $19357 | $22353 |
| **6/30/2024** | $16708 | $18981 | $22851 |
| **7/31/2024** | $17640 | $20281 | $23220 |
| **8/31/2024** | $17542 | $20381 | $23809 |
| **9/30/2024** | $17708 | $20762 | $24362 |
| **10/31/2024** | $16775 | $20204 | $23816 |
| **11/30/2024** | $17681 | $21510 | $24706 |
| **12/31/2024** | $16581 | $20226 | $24121 |
| **1/31/2025** | $16890 | $20927 | $24931 |
| **2/28/2025** | $16617 | $20234 | $24781 |
| **3/31/2025** | $16062 | $19472 | $23802 |
| **4/30/2025** | $15726 | $19608 | $24024 |
| **5/31/2025** | $16322 | $20746 | $25405 |
| **6/30/2025** | $16881 | $21728 | $26546 |
| **7/31/2025** | $16563 | $21988 | $26906 |
| **8/31/2025** | $17295 | $23122 | $27570 |
| **9/30/2025** | $16895 | $23580 | $28569 |
| **10/31/2025** | $16826 | $23620 | $29208 |

---

# Special Global Small Cap Fund
Annual Shareholder Report \| October 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 0.31 | 4.47 | 5.97 |
| Class A with Load | (5.46) | 3.24 | 5.34 |
| MSCI World Small Cap Index (Net) | 16.91 | 11.24 | 8.98 |
| MSCI ACWI Index (Net) | 22.64 | 14.61 | 11.31 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $115160792 |
| # of portfolio holdings | 98 |
| Portfolio turnover rate | 36% |
| Total advisory fees paid | $1021222 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Gibraltar Industries, Inc. | 2.6 |
| Alten SA | 2.6 |
| Novanta, Inc. | 2.5 |
| Innospec, Inc. | 2.4 |
| Hanover Insurance Group, Inc. | 2.3 |
| Interpump Group SpA | 2.2 |
| Brady Corp. Class A | 2.1 |
| Horiba Ltd. | 2.0 |
| MEITEC Group Holdings, Inc. | 1.9 |
| DTS Corp. | 1.9 |

---

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

---

| | |
|:---|:---|
| United States | 60.3 |
| Japan | 12.1 |
| United Kingdom | 6.6 |
| Italy | 4.0 |
| Germany | 3.6 |
| France | 2.7 |
| Canada | 2.5 |
| Australia | 2.1 |
| Spain | 1.9 |
| Sweden | 1.5 |
| Other | 2.7 |

---

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

---

| | |
|:---|:---|
| Industrials | 29.8 |
| Information technology | 18.2 |
| Financials | 13.9 |
| Materials | 9.5 |
| Health care | 9.2 |
| Consumer discretionary | 6.2 |
| Consumer staples | 6 |
| Real estate | 4.8 |
| Energy | 1.4 |
| Communication services | 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

#### AR4305 10-25
![Image](g15564i4043faff8b8688f22889.jpg)

Annual Shareholder Report

# October 31, 2025

# Special Global Small Cap Fund

# Class C

# EKGCX
This annual shareholder report contains important information about Special Global Small Cap Fund for the period from November 1, 2024 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $220 | 2.21% |

---

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

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

The Fund made minor changes to sector allocation, with an increase in financials while reducing exposure to consumer staples and materials. A large contributor was Spectris plc, a U.K.-based manufacturer and distributor of precision measurement equipment used in highly technical applications. The position was a strong contributor to performance as shares appreciated significantly following news that Spectris was acquired by KKR. The largest detractor within the Fund was J&J Snack Foods Corp., on a challenging backdrop for food companies and some transitory issues related to J&J's supply chain and inflation. The company's net-cash balance sheet, we believe, is underappreciated.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g15564i0d269c28f00295d8c8ae.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **MSCI World Small Cap Index (Net)** | **MSCI ACWI Index (Net)** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10042 | $10112 | $9917 |
| **12/31/2015** | $9791 | $9857 | $9739 |
| **1/31/2016** | $9268 | $9091 | $9151 |
| **2/29/2016** | $9395 | $9154 | $9088 |
| **3/31/2016** | $10206 | $9923 | $9762 |
| **4/30/2016** | $10274 | $10157 | $9906 |
| **5/31/2016** | $10621 | $10278 | $9918 |
| **6/30/2016** | $10292 | $10083 | $9858 |
| **7/31/2016** | $10898 | $10639 | $10283 |
| **8/31/2016** | $11100 | $10654 | $10318 |
| **9/30/2016** | $11223 | $10814 | $10381 |
| **10/31/2016** | $10831 | $10415 | $10205 |
| **11/30/2016** | $11234 | $10851 | $10282 |
| **12/31/2016** | $11525 | $11110 | $10504 |
| **1/31/2017** | $11712 | $11366 | $10792 |
| **2/28/2017** | $11854 | $11607 | $11094 |
| **3/31/2017** | $12040 | $11693 | $11230 |
| **4/30/2017** | $12316 | $11928 | $11405 |
| **5/31/2017** | $12474 | $12004 | $11657 |
| **6/30/2017** | $12660 | $12190 | $11710 |
| **7/31/2017** | $12835 | $12467 | $12037 |
| **8/31/2017** | $12810 | $12459 | $12083 |
| **9/30/2017** | $13508 | $12951 | $12317 |
| **10/31/2017** | $13642 | $13139 | $12573 |
| **11/30/2017** | $14006 | $13426 | $12816 |
| **12/31/2017** | $14189 | $13628 | $13023 |
| **1/31/2018** | $14616 | $14110 | $13757 |
| **2/28/2018** | $13871 | $13546 | $13180 |
| **3/31/2018** | $14113 | $13552 | $12897 |
| **4/30/2018** | $14109 | $13677 | $13021 |
| **5/31/2018** | $14303 | $14042 | $13037 |
| **6/30/2018** | $14370 | $13995 | $12966 |
| **7/31/2018** | $14649 | $14165 | $13357 |
| **8/31/2018** | $14844 | $14476 | $13462 |
| **9/30/2018** | $14602 | $14269 | $13521 |
| **10/31/2018** | $13293 | $12855 | $12508 |
| **11/30/2018** | $13573 | $12937 | $12690 |
| **12/31/2018** | $12479 | $11739 | $11797 |
| **1/31/2019** | $13521 | $12949 | $12728 |
| **2/28/2019** | $14009 | $13434 | $13069 |
| **3/31/2019** | $14020 | $13350 | $13233 |
| **4/30/2019** | $14416 | $13766 | $13680 |
| **5/31/2019** | $13722 | $12865 | $12868 |
| **6/30/2019** | $14302 | $13613 | $13711 |
| **7/31/2019** | $14205 | $13691 | $13751 |
| **8/31/2019** | $13722 | $13224 | $13425 |
| **9/30/2019** | $14113 | $13496 | $13707 |
| **10/31/2019** | $14476 | $13869 | $14082 |
| **11/30/2019** | $14888 | $14318 | $14426 |
| **12/31/2019** | $15413 | $14814 | $14934 |
| **1/31/2020** | $14965 | $14403 | $14769 |
| **2/29/2020** | $13611 | $13079 | $13576 |
| **3/31/2020** | $11548 | $10361 | $11743 |
| **4/30/2020** | $12461 | $11753 | $13001 |
| **5/31/2020** | $13101 | $12584 | $13567 |
| **6/30/2020** | $13282 | $12908 | $14000 |
| **7/31/2020** | $13583 | $13413 | $14741 |
| **8/31/2020** | $14291 | $14178 | $15643 |
| **9/30/2020** | $14036 | $13870 | $15139 |
| **10/31/2020** | $13860 | $13868 | $14771 |
| **11/30/2020** | $15662 | $16000 | $16591 |
| **12/31/2020** | $16835 | $17179 | $17362 |
| **1/31/2021** | $17436 | $17534 | $17283 |
| **2/28/2021** | $18354 | $18409 | $17683 |
| **3/31/2021** | $19000 | $18798 | $18155 |
| **4/30/2021** | $19470 | $19528 | $18949 |
| **5/31/2021** | $19935 | $19693 | $19244 |
| **6/30/2021** | $19935 | $19734 | $19498 |
| **7/31/2021** | $19640 | $19600 | $19632 |
| **8/31/2021** | $20207 | $20076 | $20123 |
| **9/30/2021** | $19595 | $19452 | $19292 |
| **10/31/2021** | $20190 | $20154 | $20277 |
| **11/30/2021** | $19289 | $19176 | $19789 |
| **12/31/2021** | $20292 | $19885 | $20580 |
| **1/31/2022** | $18337 | $18383 | $19569 |
| **2/28/2022** | $18082 | $18422 | $19064 |
| **3/31/2022** | $17214 | $18593 | $19477 |
| **4/30/2022** | $16215 | $17142 | $17918 |
| **5/31/2022** | $16258 | $17106 | $17939 |
| **6/30/2022** | $14705 | $15398 | $16427 |
| **7/31/2022** | $15711 | $16801 | $17574 |
| **8/31/2022** | $14807 | $16254 | $16927 |
| **9/30/2022** | $13246 | $14586 | $15306 |
| **10/31/2022** | $14530 | $15759 | $16230 |
| **11/30/2022** | $15689 | $16730 | $17489 |
| **12/31/2022** | $15152 | $16156 | $16801 |
| **1/31/2023** | $16483 | $17653 | $18005 |
| **2/28/2023** | $16006 | $17293 | $17489 |
| **3/31/2023** | $15802 | $16849 | $18028 |
| **4/30/2023** | $15763 | $16831 | $18287 |
| **5/31/2023** | $15410 | $16363 | $18091 |
| **6/30/2023** | $16429 | $17390 | $19142 |
| **7/31/2023** | $16899 | $18244 | $19843 |
| **8/31/2023** | $16491 | $17548 | $19288 |
| **9/30/2023** | $15488 | $16628 | $18491 |
| **10/31/2023** | $14564 | $15607 | $17935 |
| **11/30/2023** | $15763 | $17060 | $19590 |
| **12/31/2023** | $17190 | $18702 | $20531 |
| **1/31/2024** | $16845 | $18184 | $20651 |
| **2/29/2024** | $17015 | $18791 | $21537 |
| **3/31/2024** | $17428 | $19522 | $22214 |
| **4/30/2024** | $16432 | $18514 | $21481 |
| **5/31/2024** | $17231 | $19357 | $22353 |
| **6/30/2024** | $16732 | $18981 | $22851 |
| **7/31/2024** | $17666 | $20281 | $23220 |
| **8/31/2024** | $17567 | $20381 | $23809 |
| **9/30/2024** | $17734 | $20762 | $24362 |
| **10/31/2024** | $16800 | $20204 | $23816 |
| **11/30/2024** | $17707 | $21510 | $24706 |
| **12/31/2024** | $16605 | $20226 | $24121 |
| **1/31/2025** | $16915 | $20927 | $24931 |
| **2/28/2025** | $16642 | $20234 | $24781 |
| **3/31/2025** | $16086 | $19472 | $23802 |
| **4/30/2025** | $15749 | $19608 | $24024 |
| **5/31/2025** | $16346 | $20746 | $25405 |
| **6/30/2025** | $16906 | $21728 | $26546 |
| **7/31/2025** | $16587 | $21988 | $26906 |
| **8/31/2025** | $17320 | $23122 | $27570 |
| **9/30/2025** | $16919 | $23580 | $28569 |
| **10/31/2025** | $16851 | $23620 | $29208 |

---

# Special Global Small Cap Fund
Annual Shareholder Report \| October 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | (0.48) | 3.67 | 5.36 |
| Class C with Load | (1.48) | 3.67 | 5.36 |
| MSCI World Small Cap Index (Net) | 16.91 | 11.24 | 8.98 |
| MSCI ACWI Index (Net) | 22.64 | 14.61 | 11.31 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $115160792 |
| # of portfolio holdings | 98 |
| Portfolio turnover rate | 36% |
| Total advisory fees paid | $1021222 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Gibraltar Industries, Inc. | 2.6 |
| Alten SA | 2.6 |
| Novanta, Inc. | 2.5 |
| Innospec, Inc. | 2.4 |
| Hanover Insurance Group, Inc. | 2.3 |
| Interpump Group SpA | 2.2 |
| Brady Corp. Class A | 2.1 |
| Horiba Ltd. | 2.0 |
| MEITEC Group Holdings, Inc. | 1.9 |
| DTS Corp. | 1.9 |

---

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

---

| | |
|:---|:---|
| United States | 60.3 |
| Japan | 12.1 |
| United Kingdom | 6.6 |
| Italy | 4.0 |
| Germany | 3.6 |
| France | 2.7 |
| Canada | 2.5 |
| Australia | 2.1 |
| Spain | 1.9 |
| Sweden | 1.5 |
| Other | 2.7 |

---

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

---

| | |
|:---|:---|
| Industrials | 29.8 |
| Information technology | 18.2 |
| Financials | 13.9 |
| Materials | 9.5 |
| Health care | 9.2 |
| Consumer discretionary | 6.2 |
| Consumer staples | 6 |
| Real estate | 4.8 |
| Energy | 1.4 |
| Communication services | 1 |

---

Significant fund changes

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

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on 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

#### AR0429 10-25
![Image](g15564i4043faff8b8688f22889.jpg)

Annual Shareholder Report

# October 31, 2025

# Special Global Small Cap Fund

# Institutional Class

# EKGIX
This annual shareholder report contains important information about Special Global Small Cap Fund for the period from November 1, 2024 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $114 | 1.14% |

---

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

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

The Fund made minor changes to sector allocation, with an increase in financials while reducing exposure to consumer staples and materials. A large contributor was Spectris plc, a U.K.-based manufacturer and distributor of precision measurement equipment used in highly technical applications. The position was a strong contributor to performance as shares appreciated significantly following news that Spectris was acquired by KKR. The largest detractor within the Fund was J&J Snack Foods Corp., on a challenging backdrop for food companies and some transitory issues related to J&J's supply chain and inflation. The company's net-cash balance sheet, we believe, is underappreciated.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g15564i5356ad99427a12734188.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI World Small Cap Index (Net)** | **MSCI ACWI Index (Net)** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10052 | $10112 | $9917 |
| **12/31/2015** | $9808 | $9857 | $9739 |
| **1/31/2016** | $9294 | $9091 | $9151 |
| **2/29/2016** | $9430 | $9154 | $9088 |
| **3/31/2016** | $10256 | $9923 | $9762 |
| **4/30/2016** | $10333 | $10157 | $9906 |
| **5/31/2016** | $10691 | $10278 | $9918 |
| **6/30/2016** | $10371 | $10083 | $9858 |
| **7/31/2016** | $10992 | $10639 | $10283 |
| **8/31/2016** | $11205 | $10654 | $10318 |
| **9/30/2016** | $11342 | $10814 | $10381 |
| **10/31/2016** | $10956 | $10415 | $10205 |
| **11/30/2016** | $11375 | $10851 | $10282 |
| **12/31/2016** | $11679 | $11110 | $10504 |
| **1/31/2017** | $11878 | $11366 | $10792 |
| **2/28/2017** | $12036 | $11607 | $11094 |
| **3/31/2017** | $12238 | $11693 | $11230 |
| **4/30/2017** | $12528 | $11928 | $11405 |
| **5/31/2017** | $12704 | $12004 | $11657 |
| **6/30/2017** | $12906 | $12190 | $11710 |
| **7/31/2017** | $13096 | $12467 | $12037 |
| **8/31/2017** | $13081 | $12459 | $12083 |
| **9/30/2017** | $13810 | $12951 | $12317 |
| **10/31/2017** | $13956 | $13139 | $12573 |
| **11/30/2017** | $14343 | $13426 | $12816 |
| **12/31/2017** | $14544 | $13628 | $13023 |
| **1/31/2018** | $14995 | $14110 | $13757 |
| **2/28/2018** | $14248 | $13546 | $13180 |
| **3/31/2018** | $14508 | $13552 | $12897 |
| **4/30/2018** | $14518 | $13677 | $13021 |
| **5/31/2018** | $14732 | $14042 | $13037 |
| **6/30/2018** | $14814 | $13995 | $12966 |
| **7/31/2018** | $15113 | $14165 | $13357 |
| **8/31/2018** | $15334 | $14476 | $13462 |
| **9/30/2018** | $15097 | $14269 | $13521 |
| **10/31/2018** | $13754 | $12855 | $12508 |
| **11/30/2018** | $14060 | $12937 | $12690 |
| **12/31/2018** | $12937 | $11739 | $11797 |
| **1/31/2019** | $14029 | $12949 | $12728 |
| **2/28/2019** | $14553 | $13434 | $13069 |
| **3/31/2019** | $14582 | $13350 | $13233 |
| **4/30/2019** | $15001 | $13766 | $13680 |
| **5/31/2019** | $14296 | $12865 | $12868 |
| **6/30/2019** | $14914 | $13613 | $13711 |
| **7/31/2019** | $14824 | $13691 | $13751 |
| **8/31/2019** | $14336 | $13224 | $13425 |
| **9/30/2019** | $14759 | $13496 | $13707 |
| **10/31/2019** | $15153 | $13869 | $14082 |
| **11/30/2019** | $15597 | $14318 | $14426 |
| **12/31/2019** | $16164 | $14814 | $14934 |
| **1/31/2020** | $15715 | $14403 | $14769 |
| **2/29/2020** | $14298 | $13079 | $13576 |
| **3/31/2020** | $12141 | $10361 | $11743 |
| **4/30/2020** | $13116 | $11753 | $13001 |
| **5/31/2020** | $13803 | $12584 | $13567 |
| **6/30/2020** | $14007 | $12908 | $14000 |
| **7/31/2020** | $14340 | $13413 | $14741 |
| **8/31/2020** | $15058 | $14178 | $15643 |
| **9/30/2020** | $14804 | $13870 | $15139 |
| **10/31/2020** | $14634 | $13868 | $14771 |
| **11/30/2020** | $16553 | $16000 | $16591 |
| **12/31/2020** | $17815 | $17179 | $17362 |
| **1/31/2021** | $18461 | $17534 | $17283 |
| **2/28/2021** | $19447 | $18409 | $17683 |
| **3/31/2021** | $20154 | $18798 | $18155 |
| **4/30/2021** | $20675 | $19528 | $18949 |
| **5/31/2021** | $21181 | $19693 | $19244 |
| **6/30/2021** | $21204 | $19734 | $19498 |
| **7/31/2021** | $20909 | $19600 | $19632 |
| **8/31/2021** | $21532 | $20076 | $20123 |
| **9/30/2021** | $20898 | $19452 | $19292 |
| **10/31/2021** | $21551 | $20154 | $20277 |
| **11/30/2021** | $20611 | $19176 | $19789 |
| **12/31/2021** | $21696 | $19885 | $20580 |
| **1/31/2022** | $19629 | $18383 | $19569 |
| **2/28/2022** | $19370 | $18422 | $19064 |
| **3/31/2022** | $18462 | $18593 | $19477 |
| **4/30/2022** | $17409 | $17142 | $17918 |
| **5/31/2022** | $17466 | $17106 | $17939 |
| **6/30/2022** | $15816 | $15398 | $16427 |
| **7/31/2022** | $16917 | $16801 | $17574 |
| **8/31/2022** | $15956 | $16254 | $16927 |
| **9/30/2022** | $14289 | $14586 | $15306 |
| **10/31/2022** | $15689 | $15759 | $16230 |
| **11/30/2022** | $16957 | $16730 | $17489 |
| **12/31/2022** | $16388 | $16156 | $16801 |
| **1/31/2023** | $17848 | $17653 | $18005 |
| **2/28/2023** | $17346 | $17293 | $17489 |
| **3/31/2023** | $17141 | $16849 | $18028 |
| **4/30/2023** | $17113 | $16831 | $18287 |
| **5/31/2023** | $16748 | $16363 | $18091 |
| **6/30/2023** | $17871 | $17390 | $19142 |
| **7/31/2023** | $18396 | $18244 | $19843 |
| **8/31/2023** | $17967 | $17548 | $19288 |
| **9/30/2023** | $16894 | $16628 | $18491 |
| **10/31/2023** | $15899 | $15607 | $17935 |
| **11/30/2023** | $17214 | $17060 | $19590 |
| **12/31/2023** | $18779 | $18702 | $20531 |
| **1/31/2024** | $18405 | $18184 | $20651 |
| **2/29/2024** | $18601 | $18791 | $21537 |
| **3/31/2024** | $19057 | $19522 | $22214 |
| **4/30/2024** | $17971 | $18514 | $21481 |
| **5/31/2024** | $18852 | $19357 | $22353 |
| **6/30/2024** | $18304 | $18981 | $22851 |
| **7/31/2024** | $19336 | $20281 | $23220 |
| **8/31/2024** | $19235 | $20381 | $23809 |
| **9/30/2024** | $19418 | $20762 | $24362 |
| **10/31/2024** | $18400 | $20204 | $23816 |
| **11/30/2024** | $19400 | $21510 | $24706 |
| **12/31/2024** | $18198 | $20226 | $24121 |
| **1/31/2025** | $18541 | $20927 | $24931 |
| **2/28/2025** | $18244 | $20234 | $24781 |
| **3/31/2025** | $17646 | $19472 | $23802 |
| **4/30/2025** | $17279 | $19608 | $24024 |
| **5/31/2025** | $17933 | $20746 | $25405 |
| **6/30/2025** | $18555 | $21728 | $26546 |
| **7/31/2025** | $18212 | $21988 | $26906 |
| **8/31/2025** | $19023 | $23122 | $27570 |
| **9/30/2025** | $18587 | $23580 | $28569 |
| **10/31/2025** | $18518 | $23620 | $29208 |

---

# Special Global Small Cap Fund
Annual Shareholder Report \| October 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 0.64 | 4.82 | 6.36 |
| MSCI World Small Cap Index (Net) | 16.91 | 11.24 | 8.98 |
| MSCI ACWI Index (Net) | 22.64 | 14.61 | 11.31 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $115160792 |
| # of portfolio holdings | 98 |
| Portfolio turnover rate | 36% |
| Total advisory fees paid | $1021222 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Gibraltar Industries, Inc. | 2.6 |
| Alten SA | 2.6 |
| Novanta, Inc. | 2.5 |
| Innospec, Inc. | 2.4 |
| Hanover Insurance Group, Inc. | 2.3 |
| Interpump Group SpA | 2.2 |
| Brady Corp. Class A | 2.1 |
| Horiba Ltd. | 2.0 |
| MEITEC Group Holdings, Inc. | 1.9 |
| DTS Corp. | 1.9 |

---

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

---

| | |
|:---|:---|
| United States | 60.3 |
| Japan | 12.1 |
| United Kingdom | 6.6 |
| Italy | 4.0 |
| Germany | 3.6 |
| France | 2.7 |
| Canada | 2.5 |
| Australia | 2.1 |
| Spain | 1.9 |
| Sweden | 1.5 |
| Other | 2.7 |

---

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

---

| | |
|:---|:---|
| Industrials | 29.8 |
| Information technology | 18.2 |
| Financials | 13.9 |
| Materials | 9.5 |
| Health care | 9.2 |
| Consumer discretionary | 6.2 |
| Consumer staples | 6 |
| Real estate | 4.8 |
| Energy | 1.4 |
| Communication services | 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

#### AR4148 10-25
![Image](g15564i4043faff8b8688f22889.jpg)

Annual Shareholder Report

# October 31, 2025

# Special International Small Cap Fund

# Class A

# ASPAX
This annual shareholder report contains important information about Special International Small Cap Fund for the period from November 1, 2024 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $142 | 1.33% |

---

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

## How did the Fund perform last year and what affected its performance?
In a volatile year, the Fund underperformed, driven by stock selection. The period saw a fluctuation in investors' risk appetites around diverging central bank policies and trade agreements. However, markets rallied off the April 9 announcement that the U.S. government would delay its implementation of tariffs.

The Fund made minor changes to sector allocation, with an increase in financials while reducing exposure to consumer staples. A large contributor was Spectris plc, a U.K.-based manufacturer and distributor of precision measurement equipment used in highly technical applications. The position was a strong contributor to performance as shares appreciated significantly following news that Spectris was acquired by KKR. The largest detractor was food ingredients supplier Tate & Lyle plc, on a challenging backdrop for food companies and the potential headwind of tariffs. We believe the company's recent acquisition is underappreciated as meaningful synergies are expected.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g15564i0a42ec11ecd0ed54548b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **MSCI World ex USA Small Cap Index (Net)** | **MSCI ACWI ex USA Index (Net)** |
| **5/31/2019** | $9425 | $10000 | $10000 |
| **6/30/2019** | $9799 | $10454 | $10602 |
| **7/31/2019** | $9636 | $10408 | $10474 |
| **8/31/2019** | $9389 | $10167 | $10150 |
| **9/30/2019** | $9490 | $10426 | $10412 |
| **10/31/2019** | $9948 | $10854 | $10775 |
| **11/30/2019** | $10200 | $11101 | $10870 |
| **12/31/2019** | $10583 | $11615 | $11341 |
| **1/31/2020** | $10234 | $11279 | $11036 |
| **2/29/2020** | $9328 | $10178 | $10164 |
| **3/31/2020** | $8029 | $8318 | $8692 |
| **4/30/2020** | $8709 | $9291 | $9351 |
| **5/31/2020** | $9330 | $9943 | $9657 |
| **6/30/2020** | $9520 | $10119 | $10093 |
| **7/31/2020** | $9805 | $10508 | $10543 |
| **8/31/2020** | $10397 | $11274 | $10994 |
| **9/30/2020** | $10413 | $11143 | $10724 |
| **10/31/2020** | $9950 | $10784 | $10494 |
| **11/30/2020** | $11040 | $12268 | $11905 |
| **12/31/2020** | $11632 | $13099 | $12549 |
| **1/31/2021** | $11841 | $13066 | $12576 |
| **2/28/2021** | $12214 | $13445 | $12825 |
| **3/31/2021** | $12663 | $13738 | $12987 |
| **4/30/2021** | $13228 | $14307 | $13369 |
| **5/31/2021** | $13562 | $14629 | $13787 |
| **6/30/2021** | $13731 | $14398 | $13698 |
| **7/31/2021** | $13891 | $14616 | $13472 |
| **8/31/2021** | $14263 | $15009 | $13728 |
| **9/30/2021** | $13354 | $14502 | $13289 |
| **10/31/2021** | $13389 | $14794 | $13606 |
| **11/30/2021** | $12568 | $13966 | $12993 |
| **12/31/2021** | $13097 | $14558 | $13530 |
| **1/31/2022** | $12266 | $13563 | $13032 |
| **2/28/2022** | $11697 | $13442 | $12774 |
| **3/31/2022** | $11081 | $13506 | $12794 |
| **4/30/2022** | $10494 | $12568 | $11991 |
| **5/31/2022** | $10734 | $12483 | $12077 |
| **6/30/2022** | $9527 | $11083 | $11038 |
| **7/31/2022** | $10267 | $11840 | $11416 |
| **8/31/2022** | $9566 | $11327 | $11049 |
| **9/30/2022** | $8700 | $10035 | $9945 |
| **10/31/2022** | $9274 | $10485 | $10242 |
| **11/30/2022** | $10296 | $11493 | $11451 |
| **12/31/2022** | $10268 | $11561 | $11365 |
| **1/31/2023** | $10986 | $12446 | $12287 |
| **2/28/2023** | $10907 | $12141 | $11856 |
| **3/31/2023** | $11104 | $12138 | $12145 |
| **4/30/2023** | $11261 | $12352 | $12356 |
| **5/31/2023** | $10769 | $11839 | $11907 |
| **6/30/2023** | $10966 | $12197 | $12441 |
| **7/31/2023** | $11242 | $12748 | $12947 |
| **8/31/2023** | $10966 | $12321 | $12362 |
| **9/30/2023** | $10337 | $11773 | $11972 |
| **10/31/2023** | $9786 | $11078 | $11478 |
| **11/30/2023** | $10730 | $12152 | $12511 |
| **12/31/2023** | $11447 | $13021 | $13140 |
| **1/31/2024** | $11237 | $12798 | $13009 |
| **2/29/2024** | $11197 | $12835 | $13339 |
| **3/31/2024** | $11457 | $13357 | $13756 |
| **4/30/2024** | $11117 | $12971 | $13509 |
| **5/31/2024** | $11676 | $13539 | $13901 |
| **6/30/2024** | $11377 | $13149 | $13888 |
| **7/31/2024** | $11946 | $13880 | $14209 |
| **8/31/2024** | $12255 | $14139 | $14614 |
| **9/30/2024** | $12405 | $14522 | $15007 |
| **10/31/2024** | $11616 | $13692 | $14271 |
| **11/30/2024** | $11746 | $13740 | $14142 |
| **12/31/2024** | $11352 | $13381 | $13867 |
| **1/31/2025** | $11658 | $13806 | $14426 |
| **2/28/2025** | $11883 | $13751 | $14626 |
| **3/31/2025** | $11944 | $13835 | $14593 |
| **4/30/2025** | $12240 | $14598 | $15120 |
| **5/31/2025** | $12841 | $15459 | $15812 |
| **6/30/2025** | $13423 | $16163 | $16349 |
| **7/31/2025** | $13015 | $16157 | $16302 |
| **8/31/2025** | $13402 | $16959 | $16868 |
| **9/30/2025** | $13341 | $17333 | $17475 |
| **10/31/2025** | $13117 | $17218 | $17828 |

---

# Special International Small Cap Fund
Annual Shareholder Report \| October 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception (5/31/19)** |
| Class A<sup>Footnote Reference\*</sup> | 12.92 | 5.68 | 5.28 |
| Class A with Load<sup>Footnote Reference\*</sup> | 6.42 | 4.44 | 4.32 |
| MSCI World ex USA Small Cap Index (Net) | 25.75 | 9.81 | 8.83 |
| MSCI ACWI ex USA Index (Net) | 24.93 | 11.18 | 9.43 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Historical performance shown for the Class A shares prior to their inception on June 1, 2022 reflects the performance of the Institutional Class shares and includes the higher expenses applicable to the Class A shares. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $176958595 |
| # of portfolio holdings | 80 |
| Portfolio turnover rate | 43% |
| Total advisory fees paid | $1421311 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Alten SA | 3.1 |
| Buzzi SpA | 2.9 |
| MEITEC Group Holdings, Inc. | 2.6 |
| PrairieSky Royalty Ltd. | 2.6 |
| Viscofan SA | 2.5 |
| DTS Corp. | 2.3 |
| Interpump Group SpA | 2.0 |
| Lancashire Holdings Ltd. | 2.0 |
| Orix JREIT, Inc. | 1.9 |
| Stanley Electric Co. Ltd. | 1.8 |

---

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

---

| | |
|:---|:---|
| Japan | 34.1 |
| United Kingdom | 11.5 |
| Italy | 8.9 |
| Germany | 5.9 |
| Sweden | 5.3 |
| Canada | 4.9 |
| Australia | 4.5 |
| Switzerland | 4.1 |
| Norway | 3.6 |
| Spain | 3.5 |
| Other | 13.7 |

---

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

---

| | |
|:---|:---|
| Industrials | 30.9 |
| Financials | 13.2 |
| Information technology | 12.0 |
| Materials | 11.3 |
| Consumer staples | 11.2 |
| Consumer discretionary | 7.4 |
| Real estate | 5.1 |
| Energy | 3.2 |
| Health care | 3.0 |
| Communication services | 2.1 |
| Investment companies | 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

#### AR4338 10-25
![Image](g15564i4043faff8b8688f22889.jpg)

Annual Shareholder Report

# October 31, 2025

# Special International Small Cap Fund

# Class C

# ACPCX
This annual shareholder report contains important information about Special International Small Cap Fund for the period from November 1, 2024 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $209 | 1.97% |

---

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

## How did the Fund perform last year and what affected its performance?
In a volatile year, the Fund underperformed, driven by stock selection. The period saw a fluctuation in investors' risk appetites around diverging central bank policies and trade agreements. However, markets rallied off the April 9 announcement that the U.S. government would delay its implementation of tariffs.

The Fund made minor changes to sector allocation, with an increase in financials while reducing exposure to consumer staples. A large contributor was Spectris plc, a U.K.-based manufacturer and distributor of precision measurement equipment used in highly technical applications. The position was a strong contributor to performance as shares appreciated significantly following news that Spectris was acquired by KKR. The largest detractor was food ingredients supplier Tate & Lyle plc, on a challenging backdrop for food companies and the potential headwind of tariffs. We believe the company's recent acquisition is underappreciated as meaningful synergies are expected.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g15564i8fa6916dd68ffa9f95d2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **MSCI World ex USA Small Cap Index (Net)** | **MSCI ACWI ex USA Index (Net)** |
| **5/31/2019** | $10000 | $10000 | $10000 |
| **6/30/2019** | $10391 | $10454 | $10602 |
| **7/31/2019** | $10211 | $10408 | $10474 |
| **8/31/2019** | $9943 | $10167 | $10150 |
| **9/30/2019** | $10043 | $10426 | $10412 |
| **10/31/2019** | $10522 | $10854 | $10775 |
| **11/30/2019** | $10781 | $11101 | $10870 |
| **12/31/2019** | $11180 | $11615 | $11341 |
| **1/31/2020** | $10804 | $11279 | $11036 |
| **2/29/2020** | $9841 | $10178 | $10164 |
| **3/31/2020** | $8465 | $8318 | $8692 |
| **4/30/2020** | $9176 | $9291 | $9351 |
| **5/31/2020** | $9826 | $9943 | $9657 |
| **6/30/2020** | $10019 | $10119 | $10093 |
| **7/31/2020** | $10312 | $10508 | $10543 |
| **8/31/2020** | $10928 | $11274 | $10994 |
| **9/30/2020** | $10939 | $11143 | $10724 |
| **10/31/2020** | $10445 | $10784 | $10494 |
| **11/30/2020** | $11582 | $12268 | $11905 |
| **12/31/2020** | $12195 | $13099 | $12549 |
| **1/31/2021** | $12407 | $13066 | $12576 |
| **2/28/2021** | $12790 | $13445 | $12825 |
| **3/31/2021** | $13252 | $13738 | $12987 |
| **4/30/2021** | $13835 | $14307 | $13369 |
| **5/31/2021** | $14175 | $14629 | $13787 |
| **6/30/2021** | $14343 | $14398 | $13698 |
| **7/31/2021** | $14501 | $14616 | $13472 |
| **8/31/2021** | $14879 | $15009 | $13728 |
| **9/30/2021** | $13923 | $14502 | $13289 |
| **10/31/2021** | $13950 | $14794 | $13606 |
| **11/30/2021** | $13086 | $13966 | $12993 |
| **12/31/2021** | $13629 | $14558 | $13530 |
| **1/31/2022** | $12755 | $13563 | $13032 |
| **2/28/2022** | $12157 | $13442 | $12774 |
| **3/31/2022** | $11509 | $13506 | $12794 |
| **4/30/2022** | $10892 | $12568 | $11991 |
| **5/31/2022** | $11135 | $12483 | $12077 |
| **6/30/2022** | $9883 | $11083 | $11038 |
| **7/31/2022** | $10630 | $11840 | $11416 |
| **8/31/2022** | $9903 | $11327 | $11049 |
| **9/30/2022** | $9005 | $10035 | $9945 |
| **10/31/2022** | $9590 | $10485 | $10242 |
| **11/30/2022** | $10650 | $11493 | $11451 |
| **12/31/2022** | $10621 | $11561 | $11365 |
| **1/31/2023** | $11354 | $12446 | $12287 |
| **2/28/2023** | $11283 | $12141 | $11856 |
| **3/31/2023** | $11476 | $12138 | $12145 |
| **4/30/2023** | $11639 | $12352 | $12356 |
| **5/31/2023** | $11120 | $11839 | $11907 |
| **6/30/2023** | $11333 | $12197 | $12441 |
| **7/31/2023** | $11608 | $12748 | $12947 |
| **8/31/2023** | $11323 | $12321 | $12362 |
| **9/30/2023** | $10662 | $11773 | $11972 |
| **10/31/2023** | $10092 | $11078 | $11478 |
| **11/30/2023** | $11069 | $12152 | $12511 |
| **12/31/2023** | $11807 | $13021 | $13140 |
| **1/31/2024** | $11581 | $12798 | $13009 |
| **2/29/2024** | $11540 | $12835 | $13339 |
| **3/31/2024** | $11807 | $13357 | $13756 |
| **4/30/2024** | $11447 | $12971 | $13509 |
| **5/31/2024** | $12034 | $13539 | $13901 |
| **6/30/2024** | $11725 | $13149 | $13888 |
| **7/31/2024** | $12311 | $13880 | $14209 |
| **8/31/2024** | $12630 | $14139 | $14614 |
| **9/30/2024** | $12774 | $14522 | $15007 |
| **10/31/2024** | $11962 | $13692 | $14271 |
| **11/30/2024** | $12095 | $13740 | $14142 |
| **12/31/2024** | $11684 | $13381 | $13867 |
| **1/31/2025** | $11997 | $13806 | $14426 |
| **2/28/2025** | $12227 | $13751 | $14626 |
| **3/31/2025** | $12289 | $13835 | $14593 |
| **4/30/2025** | $12592 | $14598 | $15120 |
| **5/31/2025** | $13207 | $15459 | $15812 |
| **6/30/2025** | $13802 | $16163 | $16349 |
| **7/31/2025** | $13384 | $16157 | $16302 |
| **8/31/2025** | $13770 | $16959 | $16868 |
| **9/30/2025** | $13697 | $17333 | $17475 |
| **10/31/2025** | $13458 | $17218 | $17828 |

---

# Special International Small Cap Fund
Annual Shareholder Report \| October 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception (5/31/19)** |
| Class C<sup>Footnote Reference\*</sup> | 12.51 | 5.2 | 4.73 |
| Class C with Load<sup>Footnote Reference\*</sup> | 11.51 | 5.2 | 4.73 |
| MSCI World ex USA Small Cap Index (Net) | 25.75 | 9.81 | 8.83 |
| MSCI ACWI ex USA Index (Net) | 24.93 | 11.18 | 9.43 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Historical performance shown for the Class C shares prior to their inception on June 1, 2022 reflects the performance of the Institutional Class shares and includes the higher expenses applicable to the Class C shares. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $176958595 |
| # of portfolio holdings | 80 |
| Portfolio turnover rate | 43% |
| Total advisory fees paid | $1421311 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Alten SA | 3.1 |
| Buzzi SpA | 2.9 |
| MEITEC Group Holdings, Inc. | 2.6 |
| PrairieSky Royalty Ltd. | 2.6 |
| Viscofan SA | 2.5 |
| DTS Corp. | 2.3 |
| Interpump Group SpA | 2.0 |
| Lancashire Holdings Ltd. | 2.0 |
| Orix JREIT, Inc. | 1.9 |
| Stanley Electric Co. Ltd. | 1.8 |

---

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

---

| | |
|:---|:---|
| Japan | 34.1 |
| United Kingdom | 11.5 |
| Italy | 8.9 |
| Germany | 5.9 |
| Sweden | 5.3 |
| Canada | 4.9 |
| Australia | 4.5 |
| Switzerland | 4.1 |
| Norway | 3.6 |
| Spain | 3.5 |
| Other | 13.7 |

---

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

---

| | |
|:---|:---|
| Industrials | 30.9 |
| Financials | 13.2 |
| Information technology | 12.0 |
| Materials | 11.3 |
| Consumer staples | 11.2 |
| Consumer discretionary | 7.4 |
| Real estate | 5.1 |
| Energy | 3.2 |
| Health care | 3.0 |
| Communication services | 2.1 |
| Investment companies | 0.6 |

---

Significant fund changes

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

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on 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

#### AR4583 10-25
![Image](g15564i4043faff8b8688f22889.jpg)

Annual Shareholder Report

# October 31, 2025

# Special International Small Cap Fund

# Class R6

# WICRX
This annual shareholder report contains important information about Special International Small Cap Fund for the period from November 1, 2024 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $101 | 0.95% |

---

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

## How did the Fund perform last year and what affected its performance?
In a volatile year, the Fund underperformed, driven by stock selection. The period saw a fluctuation in investors' risk appetites around diverging central bank policies and trade agreements. However, markets rallied off the April 9 announcement that the U.S. government would delay its implementation of tariffs.

The Fund made minor changes to sector allocation, with an increase in financials while reducing exposure to consumer staples. A large contributor was Spectris plc, a U.K.-based manufacturer and distributor of precision measurement equipment used in highly technical applications. The position was a strong contributor to performance as shares appreciated significantly following news that Spectris was acquired by KKR. The largest detractor was food ingredients supplier Tate & Lyle plc, on a challenging backdrop for food companies and the potential headwind of tariffs. We believe the company's recent acquisition is underappreciated as meaningful synergies are expected.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g15564if1ee0858f47c73124596.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **MSCI World ex USA Small Cap Index (Net)** | **MSCI ACWI ex USA Index (Net)** |
| **5/31/2019** | $10000 | $10000 | $10000 |
| **6/30/2019** | $10400 | $10454 | $10602 |
| **7/31/2019** | $10230 | $10408 | $10474 |
| **8/31/2019** | $9970 | $10167 | $10150 |
| **9/30/2019** | $10080 | $10426 | $10412 |
| **10/31/2019** | $10580 | $10854 | $10775 |
| **11/30/2019** | $10850 | $11101 | $10870 |
| **12/31/2019** | $11249 | $11615 | $11341 |
| **1/31/2020** | $10891 | $11279 | $11036 |
| **2/29/2020** | $9929 | $10178 | $10164 |
| **3/31/2020** | $8547 | $8318 | $8692 |
| **4/30/2020** | $9274 | $9291 | $9351 |
| **5/31/2020** | $9939 | $9943 | $9657 |
| **6/30/2020** | $10144 | $10119 | $10093 |
| **7/31/2020** | $10461 | $10508 | $10543 |
| **8/31/2020** | $11085 | $11274 | $10994 |
| **9/30/2020** | $11116 | $11143 | $10724 |
| **10/31/2020** | $10625 | $10784 | $10494 |
| **11/30/2020** | $11792 | $12268 | $11905 |
| **12/31/2020** | $12429 | $13099 | $12549 |
| **1/31/2021** | $12656 | $13066 | $12576 |
| **2/28/2021** | $13058 | $13445 | $12825 |
| **3/31/2021** | $13543 | $13738 | $12987 |
| **4/30/2021** | $14151 | $14307 | $13369 |
| **5/31/2021** | $14512 | $14629 | $13787 |
| **6/30/2021** | $14698 | $14398 | $13698 |
| **7/31/2021** | $14873 | $14616 | $13472 |
| **8/31/2021** | $15275 | $15009 | $13728 |
| **9/30/2021** | $14306 | $14502 | $13289 |
| **10/31/2021** | $14347 | $14794 | $13606 |
| **11/30/2021** | $13481 | $13966 | $12993 |
| **12/31/2021** | $14048 | $14558 | $13530 |
| **1/31/2022** | $13168 | $13563 | $13032 |
| **2/28/2022** | $12551 | $13442 | $12774 |
| **3/31/2022** | $11902 | $13506 | $12794 |
| **4/30/2022** | $11274 | $12568 | $11991 |
| **5/31/2022** | $11525 | $12483 | $12077 |
| **6/30/2022** | $10238 | $11083 | $11038 |
| **7/31/2022** | $11033 | $11840 | $11416 |
| **8/31/2022** | $10279 | $11327 | $11049 |
| **9/30/2022** | $9358 | $10035 | $9945 |
| **10/31/2022** | $9976 | $10485 | $10242 |
| **11/30/2022** | $11085 | $11493 | $11451 |
| **12/31/2022** | $11058 | $11561 | $11365 |
| **1/31/2023** | $11833 | $12446 | $12287 |
| **2/28/2023** | $11758 | $12141 | $11856 |
| **3/31/2023** | $11960 | $12138 | $12145 |
| **4/30/2023** | $12151 | $12352 | $12356 |
| **5/31/2023** | $11610 | $11839 | $11907 |
| **6/30/2023** | $11833 | $12197 | $12441 |
| **7/31/2023** | $12130 | $12748 | $12947 |
| **8/31/2023** | $11843 | $12321 | $12362 |
| **9/30/2023** | $11164 | $11773 | $11972 |
| **10/31/2023** | $10570 | $11078 | $11478 |
| **11/30/2023** | $11599 | $12152 | $12511 |
| **12/31/2023** | $12382 | $13021 | $13140 |
| **1/31/2024** | $12155 | $12798 | $13009 |
| **2/29/2024** | $12123 | $12835 | $13339 |
| **3/31/2024** | $12403 | $13357 | $13756 |
| **4/30/2024** | $12036 | $12971 | $13509 |
| **5/31/2024** | $12641 | $13539 | $13901 |
| **6/30/2024** | $12328 | $13149 | $13888 |
| **7/31/2024** | $12944 | $13880 | $14209 |
| **8/31/2024** | $13289 | $14139 | $14614 |
| **9/30/2024** | $13451 | $14522 | $15007 |
| **10/31/2024** | $12598 | $13692 | $14271 |
| **11/30/2024** | $12749 | $13740 | $14142 |
| **12/31/2024** | $12320 | $13381 | $13867 |
| **1/31/2025** | $12664 | $13806 | $14426 |
| **2/28/2025** | $12908 | $13751 | $14626 |
| **3/31/2025** | $12975 | $13835 | $14593 |
| **4/30/2025** | $13307 | $14598 | $15120 |
| **5/31/2025** | $13962 | $15459 | $15812 |
| **6/30/2025** | $14594 | $16163 | $16349 |
| **7/31/2025** | $14161 | $16157 | $16302 |
| **8/31/2025** | $14583 | $16959 | $16868 |
| **9/30/2025** | $14527 | $17333 | $17475 |
| **10/31/2025** | $14283 | $17218 | $17828 |

---

# Special International Small Cap Fund
Annual Shareholder Report \| October 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception (5/31/19)** |
| Class R6 | 13.38 | 6.1 | 5.71 |
| MSCI World ex USA Small Cap Index (Net) | 25.75 | 9.81 | 8.83 |
| MSCI ACWI ex USA Index (Net) | 24.93 | 11.18 | 9.43 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $176958595 |
| # of portfolio holdings | 80 |
| Portfolio turnover rate | 43% |
| Total advisory fees paid | $1421311 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Alten SA | 3.1 |
| Buzzi SpA | 2.9 |
| MEITEC Group Holdings, Inc. | 2.6 |
| PrairieSky Royalty Ltd. | 2.6 |
| Viscofan SA | 2.5 |
| DTS Corp. | 2.3 |
| Interpump Group SpA | 2.0 |
| Lancashire Holdings Ltd. | 2.0 |
| Orix JREIT, Inc. | 1.9 |
| Stanley Electric Co. Ltd. | 1.8 |

---

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

---

| | |
|:---|:---|
| Japan | 34.1 |
| United Kingdom | 11.5 |
| Italy | 8.9 |
| Germany | 5.9 |
| Sweden | 5.3 |
| Canada | 4.9 |
| Australia | 4.5 |
| Switzerland | 4.1 |
| Norway | 3.6 |
| Spain | 3.5 |
| Other | 13.7 |

---

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

---

| | |
|:---|:---|
| Industrials | 30.9 |
| Financials | 13.2 |
| Information technology | 12.0 |
| Materials | 11.3 |
| Consumer staples | 11.2 |
| Consumer discretionary | 7.4 |
| Real estate | 5.1 |
| Energy | 3.2 |
| Health care | 3.0 |
| Communication services | 2.1 |
| Investment companies | 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

#### AR4818 10-25
![Image](g15564i4043faff8b8688f22889.jpg)

Annual Shareholder Report

# October 31, 2025

# Special International Small Cap Fund

# Institutional Class

# WICIX
This annual shareholder report contains important information about Special International Small Cap Fund for the period from November 1, 2024 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $112 | 1.05% |

---

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

## How did the Fund perform last year and what affected its performance?
In a volatile year, the Fund underperformed, driven by stock selection. The period saw a fluctuation in investors' risk appetites around diverging central bank policies and trade agreements. However, markets rallied off the April 9 announcement that the U.S. government would delay its implementation of tariffs.

The Fund made minor changes to sector allocation, with an increase in financials while reducing exposure to consumer staples. A large contributor was Spectris plc, a U.K.-based manufacturer and distributor of precision measurement equipment used in highly technical applications. The position was a strong contributor to performance as shares appreciated significantly following news that Spectris was acquired by KKR. The largest detractor was food ingredients supplier Tate & Lyle plc, on a challenging backdrop for food companies and the potential headwind of tariffs. We believe the company's recent acquisition is underappreciated as meaningful synergies are expected.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g15564if46c48f6ce244ed31b00.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI World ex USA Small Cap Index (Net)** | **MSCI ACWI ex USA Index (Net)** |
| **5/31/2019** | $10000 | $10000 | $10000 |
| **6/30/2019** | $10400 | $10454 | $10602 |
| **7/31/2019** | $10230 | $10408 | $10474 |
| **8/31/2019** | $9970 | $10167 | $10150 |
| **9/30/2019** | $10080 | $10426 | $10412 |
| **10/31/2019** | $10570 | $10854 | $10775 |
| **11/30/2019** | $10840 | $11101 | $10870 |
| **12/31/2019** | $11251 | $11615 | $11341 |
| **1/31/2020** | $10883 | $11279 | $11036 |
| **2/29/2020** | $9922 | $10178 | $10164 |
| **3/31/2020** | $8543 | $8318 | $8692 |
| **4/30/2020** | $9268 | $9291 | $9351 |
| **5/31/2020** | $9932 | $9943 | $9657 |
| **6/30/2020** | $10137 | $10119 | $10093 |
| **7/31/2020** | $10443 | $10508 | $10543 |
| **8/31/2020** | $11077 | $11274 | $10994 |
| **9/30/2020** | $11097 | $11143 | $10724 |
| **10/31/2020** | $10607 | $10784 | $10494 |
| **11/30/2020** | $11772 | $12268 | $11905 |
| **12/31/2020** | $12406 | $13099 | $12549 |
| **1/31/2021** | $12632 | $13066 | $12576 |
| **2/28/2021** | $13034 | $13445 | $12825 |
| **3/31/2021** | $13517 | $13738 | $12987 |
| **4/30/2021** | $14124 | $14307 | $13369 |
| **5/31/2021** | $14484 | $14629 | $13787 |
| **6/30/2021** | $14669 | $14398 | $13698 |
| **7/31/2021** | $14844 | $14616 | $13472 |
| **8/31/2021** | $15245 | $15009 | $13728 |
| **9/30/2021** | $14278 | $14502 | $13289 |
| **10/31/2021** | $14320 | $14794 | $13606 |
| **11/30/2021** | $13445 | $13966 | $12993 |
| **12/31/2021** | $14016 | $14558 | $13530 |
| **1/31/2022** | $13129 | $13563 | $13032 |
| **2/28/2022** | $12524 | $13442 | $12774 |
| **3/31/2022** | $11867 | $13506 | $12794 |
| **4/30/2022** | $11242 | $12568 | $11991 |
| **5/31/2022** | $11503 | $12483 | $12077 |
| **6/30/2022** | $10199 | $11083 | $11038 |
| **7/31/2022** | $11002 | $11840 | $11416 |
| **8/31/2022** | $10251 | $11327 | $11049 |
| **9/30/2022** | $9323 | $10035 | $9945 |
| **10/31/2022** | $9938 | $10485 | $10242 |
| **11/30/2022** | $11044 | $11493 | $11451 |
| **12/31/2022** | $11020 | $11561 | $11365 |
| **1/31/2023** | $11780 | $12446 | $12287 |
| **2/28/2023** | $11716 | $12141 | $11856 |
| **3/31/2023** | $11917 | $12138 | $12145 |
| **4/30/2023** | $12096 | $12352 | $12356 |
| **5/31/2023** | $11569 | $11839 | $11907 |
| **6/30/2023** | $11790 | $12197 | $12441 |
| **7/31/2023** | $12086 | $12748 | $12947 |
| **8/31/2023** | $11790 | $12321 | $12362 |
| **9/30/2023** | $11115 | $11773 | $11972 |
| **10/31/2023** | $10524 | $11078 | $11478 |
| **11/30/2023** | $11548 | $12152 | $12511 |
| **12/31/2023** | $12322 | $13021 | $13140 |
| **1/31/2024** | $12097 | $12798 | $13009 |
| **2/29/2024** | $12065 | $12835 | $13339 |
| **3/31/2024** | $12344 | $13357 | $13756 |
| **4/30/2024** | $11968 | $12971 | $13509 |
| **5/31/2024** | $12580 | $13539 | $13901 |
| **6/30/2024** | $12269 | $13149 | $13888 |
| **7/31/2024** | $12881 | $13880 | $14209 |
| **8/31/2024** | $13224 | $14139 | $14614 |
| **9/30/2024** | $13385 | $14522 | $15007 |
| **10/31/2024** | $12537 | $13692 | $14271 |
| **11/30/2024** | $12677 | $13740 | $14142 |
| **12/31/2024** | $12249 | $13381 | $13867 |
| **1/31/2025** | $12590 | $13806 | $14426 |
| **2/28/2025** | $12832 | $13751 | $14626 |
| **3/31/2025** | $12898 | $13835 | $14593 |
| **4/30/2025** | $13228 | $14598 | $15120 |
| **5/31/2025** | $13878 | $15459 | $15812 |
| **6/30/2025** | $14505 | $16163 | $16349 |
| **7/31/2025** | $14076 | $16157 | $16302 |
| **8/31/2025** | $14494 | $16959 | $16868 |
| **9/30/2025** | $14439 | $17333 | $17475 |
| **10/31/2025** | $14186 | $17218 | $17828 |

---

# Special International Small Cap Fund
Annual Shareholder Report \| October 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception (5/31/19)** |
| Institutional Class | 13.15 | 5.99 | 5.6 |
| MSCI World ex USA Small Cap Index (Net) | 25.75 | 9.81 | 8.83 |
| MSCI ACWI ex USA Index (Net) | 24.93 | 11.18 | 9.43 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $176958595 |
| # of portfolio holdings | 80 |
| Portfolio turnover rate | 43% |
| Total advisory fees paid | $1421311 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Alten SA | 3.1 |
| Buzzi SpA | 2.9 |
| MEITEC Group Holdings, Inc. | 2.6 |
| PrairieSky Royalty Ltd. | 2.6 |
| Viscofan SA | 2.5 |
| DTS Corp. | 2.3 |
| Interpump Group SpA | 2.0 |
| Lancashire Holdings Ltd. | 2.0 |
| Orix JREIT, Inc. | 1.9 |
| Stanley Electric Co. Ltd. | 1.8 |

---

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

---

| | |
|:---|:---|
| Japan | 34.1 |
| United Kingdom | 11.5 |
| Italy | 8.9 |
| Germany | 5.9 |
| Sweden | 5.3 |
| Canada | 4.9 |
| Australia | 4.5 |
| Switzerland | 4.1 |
| Norway | 3.6 |
| Spain | 3.5 |
| Other | 13.7 |

---

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

---

| | |
|:---|:---|
| Industrials | 30.9 |
| Financials | 13.2 |
| Information technology | 12.0 |
| Materials | 11.3 |
| Consumer staples | 11.2 |
| Consumer discretionary | 7.4 |
| Real estate | 5.1 |
| Energy | 3.2 |
| Health care | 3.0 |
| Communication services | 2.1 |
| Investment companies | 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

#### AR4725 10-25
![Image](g15564i4043faff8b8688f22889.jpg)

Annual Shareholder Report

# October 31, 2025

# Emerging Markets Equity Advantage Fund

# Class A

# EQIAX
This annual shareholder report contains important information about Emerging Markets Equity Advantage Fund for the period from November 1, 2024 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $168 | 1.50% |

---

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

## How did the Fund perform last year and what affected its performance?
Emerging market equities rose sharply, led by countries within Asia Pacific, as strength from artificial intelligence (including AI server infrastructure, AI at the edge, and agentic AI) and stable fundamentals strengthened China/Hong Kong, Taiwan, and Korea. South Africa also rose sharply, on strong corporate earnings and an extremely strong environment for gold/metals mining. In contrast, weakness in India occurred as economic growth pickup has been slower than expected and asset quality issues lingered for some financial subsectors.

Contributors included precious metals miner Fresnillo PLC (headquartered in Mexico), which outperformed the MSCI EM Index (Net) (USD) as the company benefited from a more-than-50% rise in gold and silver prices, coinciding with an outsized drop in the USD index. MediaTek, Inc. detracted, as the stock underperformed on concerns over the delay for Google's ASIC projects ramping up in 2025 and muted smartphone demand on a weaker global economy. We remain constructive on emerging markets based on their political visibility, accommodative policies, economic growth premium, and low investor positioning.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g15564id8278934b4dfd3a919ad.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **MSCI EM Index (Net) (USD)** | **MSCI ACWI ex USA Index (Net)** |
| **10/31/2015** | $9423 | $10000 | $10000 |
| **11/30/2015** | $9107 | $9610 | $9794 |
| **12/31/2015** | $9076 | $9396 | $9609 |
| **1/31/2016** | $8679 | $8786 | $8955 |
| **2/29/2016** | $8622 | $8772 | $8853 |
| **3/31/2016** | $9393 | $9933 | $9573 |
| **4/30/2016** | $9420 | $9987 | $9825 |
| **5/31/2016** | $9065 | $9614 | $9659 |
| **6/30/2016** | $9394 | $9998 | $9511 |
| **7/31/2016** | $9777 | $10501 | $9982 |
| **8/31/2016** | $9828 | $10762 | $10045 |
| **9/30/2016** | $9893 | $10901 | $10169 |
| **10/31/2016** | $9922 | $10927 | $10022 |
| **11/30/2016** | $9486 | $10424 | $9791 |
| **12/31/2016** | $9512 | $10447 | $10041 |
| **1/31/2017** | $9978 | $11018 | $10397 |
| **2/28/2017** | $10308 | $11356 | $10563 |
| **3/31/2017** | $10483 | $11642 | $10830 |
| **4/30/2017** | $10534 | $11897 | $11062 |
| **5/31/2017** | $10624 | $12249 | $11421 |
| **6/30/2017** | $10739 | $12372 | $11457 |
| **7/31/2017** | $11115 | $13110 | $11879 |
| **8/31/2017** | $11285 | $13402 | $11941 |
| **9/30/2017** | $11233 | $13349 | $12163 |
| **10/31/2017** | $11489 | $13817 | $12392 |
| **11/30/2017** | $11377 | $13845 | $12492 |
| **12/31/2017** | $11840 | $14342 | $12771 |
| **1/31/2018** | $12885 | $15537 | $13483 |
| **2/28/2018** | $12264 | $14820 | $12847 |
| **3/31/2018** | $12219 | $14545 | $12620 |
| **4/30/2018** | $12101 | $14481 | $12822 |
| **5/31/2018** | $11582 | $13967 | $12526 |
| **6/30/2018** | $10898 | $13387 | $12290 |
| **7/31/2018** | $11271 | $13681 | $12584 |
| **8/31/2018** | $10982 | $13311 | $12321 |
| **9/30/2018** | $11226 | $13241 | $12377 |
| **10/31/2018** | $10402 | $12088 | $11370 |
| **11/30/2018** | $10633 | $12586 | $11478 |
| **12/31/2018** | $10459 | $12252 | $10958 |
| **1/31/2019** | $11367 | $13325 | $11786 |
| **2/28/2019** | $11386 | $13355 | $12017 |
| **3/31/2019** | $11297 | $13467 | $12088 |
| **4/30/2019** | $11440 | $13751 | $12408 |
| **5/31/2019** | $10772 | $12753 | $11742 |
| **6/30/2019** | $11397 | $13549 | $12449 |
| **7/31/2019** | $11131 | $13383 | $12298 |
| **8/31/2019** | $10707 | $12731 | $11918 |
| **9/30/2019** | $10995 | $12974 | $12225 |
| **10/31/2019** | $11523 | $13521 | $12652 |
| **11/30/2019** | $11323 | $13502 | $12763 |
| **12/31/2019** | $12180 | $14509 | $13316 |
| **1/31/2020** | $11344 | $13833 | $12958 |
| **2/29/2020** | $10877 | $13104 | $11934 |
| **3/31/2020** | $8904 | $11085 | $10206 |
| **4/30/2020** | $9585 | $12100 | $10979 |
| **5/31/2020** | $9574 | $12193 | $11339 |
| **6/30/2020** | $10018 | $13090 | $11851 |
| **7/31/2020** | $10970 | $14259 | $12379 |
| **8/31/2020** | $10975 | $14575 | $12909 |
| **9/30/2020** | $10782 | $14341 | $12592 |
| **10/31/2020** | $10851 | $14636 | $12321 |
| **11/30/2020** | $12196 | $15990 | $13979 |
| **12/31/2020** | $13098 | $17166 | $14734 |
| **1/31/2021** | $13435 | $17692 | $14766 |
| **2/28/2021** | $13811 | $17827 | $15058 |
| **3/31/2021** | $13790 | $17558 | $15249 |
| **4/30/2021** | $13880 | $17995 | $15698 |
| **5/31/2021** | $14229 | $18412 | $16189 |
| **6/30/2021** | $14166 | $18444 | $16084 |
| **7/31/2021** | $13620 | $17203 | $15819 |
| **8/31/2021** | $13971 | $17653 | $16120 |
| **9/30/2021** | $13444 | $16952 | $15603 |
| **10/31/2021** | $13556 | $17119 | $15976 |
| **11/30/2021** | $12957 | $16421 | $15256 |
| **12/31/2021** | $13463 | $16729 | $15887 |
| **1/31/2022** | $13636 | $16413 | $15302 |
| **2/28/2022** | $13193 | $15922 | $14999 |
| **3/31/2022** | $12996 | $15562 | $15023 |
| **4/30/2022** | $12205 | $14697 | $14079 |
| **5/31/2022** | $12435 | $14761 | $14180 |
| **6/30/2022** | $11435 | $13780 | $12960 |
| **7/31/2022** | $11428 | $13747 | $13404 |
| **8/31/2022** | $11307 | $13804 | $12973 |
| **9/30/2022** | $10143 | $12186 | $11677 |
| **10/31/2022** | $9940 | $11807 | $12026 |
| **11/30/2022** | $11306 | $13559 | $13445 |
| **12/31/2022** | $11017 | $13368 | $13345 |
| **1/31/2023** | $11999 | $14424 | $14427 |
| **2/28/2023** | $11262 | $13488 | $13920 |
| **3/31/2023** | $11574 | $13897 | $14261 |
| **4/30/2023** | $11533 | $13739 | $14509 |
| **5/31/2023** | $11227 | $13509 | $13981 |
| **6/30/2023** | $11733 | $14022 | $14608 |
| **7/31/2023** | $12292 | $14894 | $15202 |
| **8/31/2023** | $11496 | $13977 | $14516 |
| **9/30/2023** | $11281 | $13611 | $14057 |
| **10/31/2023** | $10906 | $13083 | $13477 |
| **11/30/2023** | $11747 | $14130 | $14690 |
| **12/31/2023** | $12340 | $14682 | $15428 |
| **1/31/2024** | $12103 | $14000 | $15275 |
| **2/29/2024** | $12690 | $14666 | $15662 |
| **3/31/2024** | $12954 | $15030 | $16151 |
| **4/30/2024** | $13075 | $15097 | $15861 |
| **5/31/2024** | $13360 | $15182 | $16322 |
| **6/30/2024** | $13786 | $15781 | $16306 |
| **7/31/2024** | $13878 | $15828 | $16684 |
| **8/31/2024** | $14027 | $16083 | $17159 |
| **9/30/2024** | $14793 | $17157 | $17621 |
| **10/31/2024** | $14028 | $16394 | $16757 |
| **11/30/2024** | $13634 | $15805 | $16605 |
| **12/31/2024** | $13638 | $15784 | $16282 |
| **1/31/2025** | $13638 | $16066 | $16938 |
| **2/28/2025** | $13719 | $16144 | $17173 |
| **3/31/2025** | $13776 | $16246 | $17134 |
| **4/30/2025** | $13860 | $16459 | $17753 |
| **5/31/2025** | $14374 | $17161 | $18566 |
| **6/30/2025** | $15070 | $18193 | $19196 |
| **7/31/2025** | $15244 | $18548 | $19141 |
| **8/31/2025** | $15554 | $18786 | $19805 |
| **9/30/2025** | $16735 | $20130 | $20519 |
| **10/31/2025** | $17350 | $20971 | $20934 |

---

# Emerging Markets Equity Advantage Fund
Annual Shareholder Report \| October 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 23.68 | 9.84 | 6.29 |
| Class A with Load | 16.56 | 8.55 | 5.66 |
| MSCI EM Index (Net) (USD) | 27.91 | 7.46 | 7.69 |
| MSCI ACWI ex USA Index (Net) | 24.93 | 11.18 | 7.67 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $401238188 |
| # of portfolio holdings | 103 |
| Portfolio turnover rate | 57% |
| Total advisory fees paid | $3501875 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.2 |
| Tencent Holdings Ltd. | 6.2 |
| Alibaba Group Holding Ltd. | 5.0 |
| Samsung Electronics Co. Ltd. | 4.8 |
| MediaTek, Inc. | 2.1 |
| Hon Hai Precision Industry Co. Ltd. | 1.9 |
| ASE Technology Holding Co. Ltd. | 1.9 |
| Samsung Electronics Co. Ltd., Preferred stock | 1.8 |
| China Construction Bank Corp. Class H | 1.4 |
| Embassy Office Parks REIT | 1.4 |

---

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

---

| | |
|:---|:---|
| China | 28.6 |
| Taiwan | 21.3 |
| India | 13.6 |
| South Korea | 11.8 |
| Brazil | 5.2 |
| Saudi Arabia | 3.9 |
| South Africa | 3.0 |
| Mexico | 2.1 |
| United Arab Emirates | 1.4 |
| Singapore | 1.4 |
| Other | 7.7 |

---

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

---

| | |
|:---|:---|
| Information technology | 30.7 |
| Financials | 21.6 |
| Consumer discretionary | 12.4 |
| Communication services | 10.2 |
| Industrials | 6.0 |
| Real estate | 5.0 |
| Materials | 4.5 |
| Utilities | 3.6 |
| Health care | 2.6 |
| Consumer staples | 2.1 |
| Energy | 1.3 |

---

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

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

#### AR3356 10-25
![Image](g15564i4043faff8b8688f22889.jpg)

Annual Shareholder Report

# October 31, 2025

# Emerging Markets Equity Advantage Fund

# Class C

# EQICX
This annual shareholder report contains important information about Emerging Markets Equity Advantage Fund for the period from November 1, 2024 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $254 | 2.28% |

---

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

## How did the Fund perform last year and what affected its performance?
Emerging market equities rose sharply, led by countries within Asia Pacific, as strength from artificial intelligence (including AI server infrastructure, AI at the edge, and agentic AI) and stable fundamentals strengthened China/Hong Kong, Taiwan, and Korea. South Africa also rose sharply, on strong corporate earnings and an extremely strong environment for gold/metals mining. In contrast, weakness in India occurred as economic growth pickup has been slower than expected and asset quality issues lingered for some financial subsectors.

Contributors included precious metals miner Fresnillo PLC (headquartered in Mexico), which outperformed the MSCI EM Index (Net) (USD) as the company benefited from a more-than-50% rise in gold and silver prices, coinciding with an outsized drop in the USD index. MediaTek, Inc. detracted, as the stock underperformed on concerns over the delay for Google's ASIC projects ramping up in 2025 and muted smartphone demand on a weaker global economy. We remain constructive on emerging markets based on their political visibility, accommodative policies, economic growth premium, and low investor positioning.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g15564i6f67fff54efb419ad9a9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **MSCI EM Index (Net) (USD)** | **MSCI ACWI ex USA Index (Net)** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9661 | $9610 | $9794 |
| **12/31/2015** | $9617 | $9396 | $9609 |
| **1/31/2016** | $9184 | $8786 | $8955 |
| **2/29/2016** | $9124 | $8772 | $8853 |
| **3/31/2016** | $9939 | $9933 | $9573 |
| **4/30/2016** | $9952 | $9987 | $9825 |
| **5/31/2016** | $9570 | $9614 | $9659 |
| **6/30/2016** | $9922 | $9998 | $9511 |
| **7/31/2016** | $10323 | $10501 | $9982 |
| **8/31/2016** | $10360 | $10762 | $10045 |
| **9/30/2016** | $10422 | $10901 | $10169 |
| **10/31/2016** | $10453 | $10927 | $10022 |
| **11/30/2016** | $9983 | $10424 | $9791 |
| **12/31/2016** | $10008 | $10447 | $10041 |
| **1/31/2017** | $10479 | $11018 | $10397 |
| **2/28/2017** | $10838 | $11356 | $10563 |
| **3/31/2017** | $11002 | $11642 | $10830 |
| **4/30/2017** | $11053 | $11897 | $11062 |
| **5/31/2017** | $11139 | $12249 | $11421 |
| **6/30/2017** | $11262 | $12372 | $11457 |
| **7/31/2017** | $11639 | $13110 | $11879 |
| **8/31/2017** | $11811 | $13402 | $11941 |
| **9/30/2017** | $11748 | $13349 | $12163 |
| **10/31/2017** | $12011 | $13817 | $12392 |
| **11/30/2017** | $11887 | $13845 | $12492 |
| **12/31/2017** | $12364 | $14342 | $12771 |
| **1/31/2018** | $13439 | $15537 | $13483 |
| **2/28/2018** | $12788 | $14820 | $12847 |
| **3/31/2018** | $12736 | $14545 | $12620 |
| **4/30/2018** | $12596 | $14481 | $12822 |
| **5/31/2018** | $12056 | $13967 | $12526 |
| **6/30/2018** | $11342 | $13387 | $12290 |
| **7/31/2018** | $11715 | $13681 | $12584 |
| **8/31/2018** | $11416 | $13311 | $12321 |
| **9/30/2018** | $11653 | $13241 | $12377 |
| **10/31/2018** | $10786 | $12088 | $11370 |
| **11/30/2018** | $11027 | $12586 | $11478 |
| **12/31/2018** | $10838 | $12252 | $10958 |
| **1/31/2019** | $11773 | $13325 | $11786 |
| **2/28/2019** | $11783 | $13355 | $12017 |
| **3/31/2019** | $11683 | $13467 | $12088 |
| **4/30/2019** | $11825 | $13751 | $12408 |
| **5/31/2019** | $11133 | $12753 | $11742 |
| **6/30/2019** | $11765 | $13549 | $12449 |
| **7/31/2019** | $11481 | $13383 | $12298 |
| **8/31/2019** | $11034 | $12731 | $11918 |
| **9/30/2019** | $11332 | $12974 | $12225 |
| **10/31/2019** | $11865 | $13521 | $12652 |
| **11/30/2019** | $11651 | $13502 | $12763 |
| **12/31/2019** | $12515 | $14509 | $13316 |
| **1/31/2020** | $11651 | $13833 | $12958 |
| **2/29/2020** | $11160 | $13104 | $11934 |
| **3/31/2020** | $9133 | $11085 | $10206 |
| **4/30/2020** | $9826 | $12100 | $10979 |
| **5/31/2020** | $9805 | $12193 | $11339 |
| **6/30/2020** | $10251 | $13090 | $11851 |
| **7/31/2020** | $11223 | $14259 | $12379 |
| **8/31/2020** | $11222 | $14575 | $12909 |
| **9/30/2020** | $11017 | $14341 | $12592 |
| **10/31/2020** | $11082 | $14636 | $12321 |
| **11/30/2020** | $12444 | $15990 | $13979 |
| **12/31/2020** | $13357 | $17166 | $14734 |
| **1/31/2021** | $13691 | $17692 | $14766 |
| **2/28/2021** | $14069 | $17827 | $15058 |
| **3/31/2021** | $14037 | $17558 | $15249 |
| **4/30/2021** | $14123 | $17995 | $15698 |
| **5/31/2021** | $14464 | $18412 | $16189 |
| **6/30/2021** | $14390 | $18444 | $16084 |
| **7/31/2021** | $13833 | $17203 | $15819 |
| **8/31/2021** | $14172 | $17653 | $16120 |
| **9/30/2021** | $13625 | $16952 | $15603 |
| **10/31/2021** | $13742 | $17119 | $15976 |
| **11/30/2021** | $13123 | $16421 | $15256 |
| **12/31/2021** | $13627 | $16729 | $15887 |
| **1/31/2022** | $13792 | $16413 | $15302 |
| **2/28/2022** | $13341 | $15922 | $14999 |
| **3/31/2022** | $13122 | $15562 | $15023 |
| **4/30/2022** | $12319 | $14697 | $14079 |
| **5/31/2022** | $12539 | $14761 | $14180 |
| **6/30/2022** | $11538 | $13780 | $12960 |
| **7/31/2022** | $11512 | $13747 | $13404 |
| **8/31/2022** | $11393 | $13804 | $12973 |
| **9/30/2022** | $10203 | $12186 | $11677 |
| **10/31/2022** | $9995 | $11807 | $12026 |
| **11/30/2022** | $11364 | $13559 | $13445 |
| **12/31/2022** | $11064 | $13368 | $13345 |
| **1/31/2023** | $12033 | $14424 | $14427 |
| **2/28/2023** | $11291 | $13488 | $13920 |
| **3/31/2023** | $11596 | $13897 | $14261 |
| **4/30/2023** | $11548 | $13739 | $14509 |
| **5/31/2023** | $11233 | $13509 | $13981 |
| **6/30/2023** | $11734 | $14022 | $14608 |
| **7/31/2023** | $12288 | $14894 | $15202 |
| **8/31/2023** | $11492 | $13977 | $14516 |
| **9/30/2023** | $11269 | $13611 | $14057 |
| **10/31/2023** | $10874 | $13083 | $13477 |
| **11/30/2023** | $11712 | $14130 | $14690 |
| **12/31/2023** | $12303 | $14682 | $15428 |
| **1/31/2024** | $12067 | $14000 | $15275 |
| **2/29/2024** | $12652 | $14666 | $15662 |
| **3/31/2024** | $12915 | $15030 | $16151 |
| **4/30/2024** | $13036 | $15097 | $15861 |
| **5/31/2024** | $13321 | $15182 | $16322 |
| **6/30/2024** | $13745 | $15781 | $16306 |
| **7/31/2024** | $13837 | $15828 | $16684 |
| **8/31/2024** | $13985 | $16083 | $17159 |
| **9/30/2024** | $14749 | $17157 | $17621 |
| **10/31/2024** | $13986 | $16394 | $16757 |
| **11/30/2024** | $13593 | $15805 | $16605 |
| **12/31/2024** | $13598 | $15784 | $16282 |
| **1/31/2025** | $13598 | $16066 | $16938 |
| **2/28/2025** | $13678 | $16144 | $17173 |
| **3/31/2025** | $13735 | $16246 | $17134 |
| **4/30/2025** | $13819 | $16459 | $17753 |
| **5/31/2025** | $14331 | $17161 | $18566 |
| **6/30/2025** | $15025 | $18193 | $19196 |
| **7/31/2025** | $15198 | $18548 | $19141 |
| **8/31/2025** | $15508 | $18786 | $19805 |
| **9/30/2025** | $16686 | $20130 | $20519 |
| **10/31/2025** | $17298 | $20971 | $20934 |

---

# Emerging Markets Equity Advantage Fund
Annual Shareholder Report \| October 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 22.66 | 8.99 | 5.63 |
| Class C with Load | 21.66 | 8.99 | 5.63 |
| MSCI EM Index (Net) (USD) | 27.91 | 7.46 | 7.69 |
| MSCI ACWI ex USA Index (Net) | 24.93 | 11.18 | 7.67 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $401238188 |
| # of portfolio holdings | 103 |
| Portfolio turnover rate | 57% |
| Total advisory fees paid | $3501875 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.2 |
| Tencent Holdings Ltd. | 6.2 |
| Alibaba Group Holding Ltd. | 5.0 |
| Samsung Electronics Co. Ltd. | 4.8 |
| MediaTek, Inc. | 2.1 |
| Hon Hai Precision Industry Co. Ltd. | 1.9 |
| ASE Technology Holding Co. Ltd. | 1.9 |
| Samsung Electronics Co. Ltd., Preferred stock | 1.8 |
| China Construction Bank Corp. Class H | 1.4 |
| Embassy Office Parks REIT | 1.4 |

---

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

---

| | |
|:---|:---|
| China | 28.6 |
| Taiwan | 21.3 |
| India | 13.6 |
| South Korea | 11.8 |
| Brazil | 5.2 |
| Saudi Arabia | 3.9 |
| South Africa | 3.0 |
| Mexico | 2.1 |
| United Arab Emirates | 1.4 |
| Singapore | 1.4 |
| Other | 7.7 |

---

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

---

| | |
|:---|:---|
| Information technology | 30.7 |
| Financials | 21.6 |
| Consumer discretionary | 12.4 |
| Communication services | 10.2 |
| Industrials | 6.0 |
| Real estate | 5.0 |
| Materials | 4.5 |
| Utilities | 3.6 |
| Health care | 2.6 |
| Consumer staples | 2.1 |
| Energy | 1.3 |

---

Significant fund changes

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

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on 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

#### AR3553 10-25
![Image](g15564i4043faff8b8688f22889.jpg)

Annual Shareholder Report

# October 31, 2025

# Emerging Markets Equity Advantage Fund

# Class R6

# EQIRX
This annual shareholder report contains important information about Emerging Markets Equity Advantage Fund for the period from November 1, 2024 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $128 | 1.14% |

---

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

## How did the Fund perform last year and what affected its performance?
Emerging market equities rose sharply, led by countries within Asia Pacific, as strength from artificial intelligence (including AI server infrastructure, AI at the edge, and agentic AI) and stable fundamentals strengthened China/Hong Kong, Taiwan, and Korea. South Africa also rose sharply, on strong corporate earnings and an extremely strong environment for gold/metals mining. In contrast, weakness in India occurred as economic growth pickup has been slower than expected and asset quality issues lingered for some financial subsectors.

Contributors included precious metals miner Fresnillo PLC (headquartered in Mexico), which outperformed the MSCI EM Index (Net) (USD) as the company benefited from a more-than-50% rise in gold and silver prices, coinciding with an outsized drop in the USD index. MediaTek, Inc. detracted, as the stock underperformed on concerns over the delay for Google's ASIC projects ramping up in 2025 and muted smartphone demand on a weaker global economy. We remain constructive on emerging markets based on their political visibility, accommodative policies, economic growth premium, and low investor positioning.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g15564i31ba5ff6b915c93a3c7b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **MSCI EM Index (Net) (USD)** | **MSCI ACWI ex USA Index (Net)** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9676 | $9610 | $9794 |
| **12/31/2015** | $9650 | $9396 | $9609 |
| **1/31/2016** | $9227 | $8786 | $8955 |
| **2/29/2016** | $9167 | $8772 | $8853 |
| **3/31/2016** | $9994 | $9933 | $9573 |
| **4/30/2016** | $10026 | $9987 | $9825 |
| **5/31/2016** | $9653 | $9614 | $9659 |
| **6/30/2016** | $10006 | $9998 | $9511 |
| **7/31/2016** | $10428 | $10501 | $9982 |
| **8/31/2016** | $10476 | $10762 | $10045 |
| **9/30/2016** | $10549 | $10901 | $10169 |
| **10/31/2016** | $10590 | $10927 | $10022 |
| **11/30/2016** | $10120 | $10424 | $9791 |
| **12/31/2016** | $10156 | $10447 | $10041 |
| **1/31/2017** | $10653 | $11018 | $10397 |
| **2/28/2017** | $11016 | $11356 | $10563 |
| **3/31/2017** | $11207 | $11642 | $10830 |
| **4/30/2017** | $11265 | $11897 | $11062 |
| **5/31/2017** | $11365 | $12249 | $11421 |
| **6/30/2017** | $11503 | $12372 | $11457 |
| **7/31/2017** | $11898 | $13110 | $11879 |
| **8/31/2017** | $12095 | $13402 | $11941 |
| **9/30/2017** | $12033 | $13349 | $12163 |
| **10/31/2017** | $12311 | $13817 | $12392 |
| **11/30/2017** | $12207 | $13845 | $12492 |
| **12/31/2017** | $12706 | $14342 | $12771 |
| **1/31/2018** | $13826 | $15537 | $13483 |
| **2/28/2018** | $13171 | $14820 | $12847 |
| **3/31/2018** | $13127 | $14545 | $12620 |
| **4/30/2018** | $12994 | $14481 | $12822 |
| **5/31/2018** | $12454 | $13967 | $12526 |
| **6/30/2018** | $11724 | $13387 | $12290 |
| **7/31/2018** | $12129 | $13681 | $12584 |
| **8/31/2018** | $11823 | $13311 | $12321 |
| **9/30/2018** | $12078 | $13241 | $12377 |
| **10/31/2018** | $11197 | $12088 | $11370 |
| **11/30/2018** | $11456 | $12586 | $11478 |
| **12/31/2018** | $11268 | $12252 | $10958 |
| **1/31/2019** | $12256 | $13325 | $11786 |
| **2/28/2019** | $12283 | $13355 | $12017 |
| **3/31/2019** | $12191 | $13467 | $12088 |
| **4/30/2019** | $12350 | $13751 | $12408 |
| **5/31/2019** | $11634 | $12753 | $11742 |
| **6/30/2019** | $12313 | $13549 | $12449 |
| **7/31/2019** | $12030 | $13383 | $12298 |
| **8/31/2019** | $11578 | $12731 | $11918 |
| **9/30/2019** | $11888 | $12974 | $12225 |
| **10/31/2019** | $12466 | $13521 | $12652 |
| **11/30/2019** | $12254 | $13502 | $12763 |
| **12/31/2019** | $13174 | $14509 | $13316 |
| **1/31/2020** | $12282 | $13833 | $12958 |
| **2/29/2020** | $11772 | $13104 | $11934 |
| **3/31/2020** | $9638 | $11085 | $10206 |
| **4/30/2020** | $10387 | $12100 | $10979 |
| **5/31/2020** | $10376 | $12193 | $11339 |
| **6/30/2020** | $10849 | $13090 | $11851 |
| **7/31/2020** | $11895 | $14259 | $12379 |
| **8/31/2020** | $11905 | $14575 | $12909 |
| **9/30/2020** | $11689 | $14341 | $12592 |
| **10/31/2020** | $11779 | $14636 | $12321 |
| **11/30/2020** | $13242 | $15990 | $13979 |
| **12/31/2020** | $14228 | $17166 | $14734 |
| **1/31/2021** | $14594 | $17692 | $14766 |
| **2/28/2021** | $15010 | $17827 | $15058 |
| **3/31/2021** | $14993 | $17558 | $15249 |
| **4/30/2021** | $15096 | $17995 | $15698 |
| **5/31/2021** | $15481 | $18412 | $16189 |
| **6/30/2021** | $15417 | $18444 | $16084 |
| **7/31/2021** | $14830 | $17203 | $15819 |
| **8/31/2021** | $15205 | $17653 | $16120 |
| **9/30/2021** | $14637 | $16952 | $15603 |
| **10/31/2021** | $14776 | $17119 | $15976 |
| **11/30/2021** | $14117 | $16421 | $15256 |
| **12/31/2021** | $14675 | $16729 | $15887 |
| **1/31/2022** | $14875 | $16413 | $15302 |
| **2/28/2022** | $14393 | $15922 | $14999 |
| **3/31/2022** | $14180 | $15562 | $15023 |
| **4/30/2022** | $13322 | $14697 | $14079 |
| **5/31/2022** | $13578 | $14761 | $14180 |
| **6/30/2022** | $12492 | $13780 | $12960 |
| **7/31/2022** | $12488 | $13747 | $13404 |
| **8/31/2022** | $12361 | $13804 | $12973 |
| **9/30/2022** | $11088 | $12186 | $11677 |
| **10/31/2022** | $10863 | $11807 | $12026 |
| **11/30/2022** | $12361 | $13559 | $13445 |
| **12/31/2022** | $12052 | $13368 | $13345 |
| **1/31/2023** | $13127 | $14424 | $14427 |
| **2/28/2023** | $12327 | $13488 | $13920 |
| **3/31/2023** | $12674 | $13897 | $14261 |
| **4/30/2023** | $12633 | $13739 | $14509 |
| **5/31/2023** | $12302 | $13509 | $13981 |
| **6/30/2023** | $12861 | $14022 | $14608 |
| **7/31/2023** | $13479 | $14894 | $15202 |
| **8/31/2023** | $12610 | $13977 | $14516 |
| **9/30/2023** | $12379 | $13611 | $14057 |
| **10/31/2023** | $11959 | $13083 | $13477 |
| **11/30/2023** | $12887 | $14130 | $14690 |
| **12/31/2023** | $13546 | $14682 | $15428 |
| **1/31/2024** | $13298 | $14000 | $15275 |
| **2/29/2024** | $13944 | $14666 | $15662 |
| **3/31/2024** | $14234 | $15030 | $16151 |
| **4/30/2024** | $14372 | $15097 | $15861 |
| **5/31/2024** | $14692 | $15182 | $16322 |
| **6/30/2024** | $15165 | $15781 | $16306 |
| **7/31/2024** | $15273 | $15828 | $16684 |
| **8/31/2024** | $15443 | $16083 | $17159 |
| **9/30/2024** | $16293 | $17157 | $17621 |
| **10/31/2024** | $15448 | $16394 | $16757 |
| **11/30/2024** | $15024 | $15805 | $16605 |
| **12/31/2024** | $15023 | $15784 | $16282 |
| **1/31/2025** | $15035 | $16066 | $16938 |
| **2/28/2025** | $15124 | $16144 | $17173 |
| **3/31/2025** | $15200 | $16246 | $17134 |
| **4/30/2025** | $15285 | $16459 | $17753 |
| **5/31/2025** | $15858 | $17161 | $18566 |
| **6/30/2025** | $16633 | $18193 | $19196 |
| **7/31/2025** | $16824 | $18548 | $19141 |
| **8/31/2025** | $17168 | $18786 | $19805 |
| **9/30/2025** | $18487 | $20130 | $20519 |
| **10/31/2025** | $19181 | $20971 | $20934 |

---

# Emerging Markets Equity Advantage Fund
Annual Shareholder Report \| October 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 24.16 | 10.24 | 6.73 |
| MSCI EM Index (Net) (USD) | 27.91 | 7.46 | 7.69 |
| MSCI ACWI ex USA Index (Net) | 24.93 | 11.18 | 7.67 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $401238188 |
| # of portfolio holdings | 103 |
| Portfolio turnover rate | 57% |
| Total advisory fees paid | $3501875 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.2 |
| Tencent Holdings Ltd. | 6.2 |
| Alibaba Group Holding Ltd. | 5.0 |
| Samsung Electronics Co. Ltd. | 4.8 |
| MediaTek, Inc. | 2.1 |
| Hon Hai Precision Industry Co. Ltd. | 1.9 |
| ASE Technology Holding Co. Ltd. | 1.9 |
| Samsung Electronics Co. Ltd., Preferred stock | 1.8 |
| China Construction Bank Corp. Class H | 1.4 |
| Embassy Office Parks REIT | 1.4 |

---

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

---

| | |
|:---|:---|
| China | 28.6 |
| Taiwan | 21.3 |
| India | 13.6 |
| South Korea | 11.8 |
| Brazil | 5.2 |
| Saudi Arabia | 3.9 |
| South Africa | 3.0 |
| Mexico | 2.1 |
| United Arab Emirates | 1.4 |
| Singapore | 1.4 |
| Other | 7.7 |

---

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

---

| | |
|:---|:---|
| Information technology | 30.7 |
| Financials | 21.6 |
| Consumer discretionary | 12.4 |
| Communication services | 10.2 |
| Industrials | 6.0 |
| Real estate | 5.0 |
| Materials | 4.5 |
| Utilities | 3.6 |
| Health care | 2.6 |
| Consumer staples | 2.1 |
| Energy | 1.3 |

---

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

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

#### AR4682 10-25
![Image](g15564i4043faff8b8688f22889.jpg)

Annual Shareholder Report

# October 31, 2025

# Emerging Markets Equity Advantage Fund

# Institutional Class

# EQIIX
This annual shareholder report contains important information about Emerging Markets Equity Advantage Fund for the period from November 1, 2024 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $134 | 1.20% |

---

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

## How did the Fund perform last year and what affected its performance?
Emerging market equities rose sharply, led by countries within Asia Pacific, as strength from artificial intelligence (including AI server infrastructure, AI at the edge, and agentic AI) and stable fundamentals strengthened China/Hong Kong, Taiwan, and Korea. South Africa also rose sharply, on strong corporate earnings and an extremely strong environment for gold/metals mining. In contrast, weakness in India occurred as economic growth pickup has been slower than expected and asset quality issues lingered for some financial subsectors.

Contributors included precious metals miner Fresnillo PLC (headquartered in Mexico), which outperformed the MSCI EM Index (Net) (USD) as the company benefited from a more-than-50% rise in gold and silver prices, coinciding with an outsized drop in the USD index. MediaTek, Inc. detracted, as the stock underperformed on concerns over the delay for Google's ASIC projects ramping up in 2025 and muted smartphone demand on a weaker global economy. We remain constructive on emerging markets based on their political visibility, accommodative policies, economic growth premium, and low investor positioning.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g15564i821fb13a13bf6ca63388.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI EM Index (Net) (USD)** | **MSCI ACWI ex USA Index (Net)** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9675 | $9610 | $9794 |
| **12/31/2015** | $9640 | $9396 | $9609 |
| **1/31/2016** | $9218 | $8786 | $8955 |
| **2/29/2016** | $9158 | $8772 | $8853 |
| **3/31/2016** | $9983 | $9933 | $9573 |
| **4/30/2016** | $10014 | $9987 | $9825 |
| **5/31/2016** | $9641 | $9614 | $9659 |
| **6/30/2016** | $10003 | $9998 | $9511 |
| **7/31/2016** | $10413 | $10501 | $9982 |
| **8/31/2016** | $10470 | $10762 | $10045 |
| **9/30/2016** | $10532 | $10901 | $10169 |
| **10/31/2016** | $10584 | $10927 | $10022 |
| **11/30/2016** | $10113 | $10424 | $9791 |
| **12/31/2016** | $10147 | $10447 | $10041 |
| **1/31/2017** | $10643 | $11018 | $10397 |
| **2/28/2017** | $11005 | $11356 | $10563 |
| **3/31/2017** | $11184 | $11642 | $10830 |
| **4/30/2017** | $11241 | $11897 | $11062 |
| **5/31/2017** | $11350 | $12249 | $11421 |
| **6/30/2017** | $11476 | $12372 | $11457 |
| **7/31/2017** | $11880 | $13110 | $11879 |
| **8/31/2017** | $12065 | $13402 | $11941 |
| **9/30/2017** | $12012 | $13349 | $12163 |
| **10/31/2017** | $12289 | $13817 | $12392 |
| **11/30/2017** | $12184 | $13845 | $12492 |
| **12/31/2017** | $12681 | $14342 | $12771 |
| **1/31/2018** | $13797 | $15537 | $13483 |
| **2/28/2018** | $13144 | $14820 | $12847 |
| **3/31/2018** | $13100 | $14545 | $12620 |
| **4/30/2018** | $12967 | $14481 | $12822 |
| **5/31/2018** | $12427 | $13967 | $12526 |
| **6/30/2018** | $11698 | $13387 | $12290 |
| **7/31/2018** | $12101 | $13681 | $12584 |
| **8/31/2018** | $11795 | $13311 | $12321 |
| **9/30/2018** | $12049 | $13241 | $12377 |
| **10/31/2018** | $11169 | $12088 | $11370 |
| **11/30/2018** | $11428 | $12586 | $11478 |
| **12/31/2018** | $11238 | $12252 | $10958 |
| **1/31/2019** | $12222 | $13325 | $11786 |
| **2/28/2019** | $12250 | $13355 | $12017 |
| **3/31/2019** | $12158 | $13467 | $12088 |
| **4/30/2019** | $12315 | $13751 | $12408 |
| **5/31/2019** | $11601 | $12753 | $11742 |
| **6/30/2019** | $12276 | $13549 | $12449 |
| **7/31/2019** | $11993 | $13383 | $12298 |
| **8/31/2019** | $11542 | $12731 | $11918 |
| **9/30/2019** | $11862 | $12974 | $12225 |
| **10/31/2019** | $12425 | $13521 | $12652 |
| **11/30/2019** | $12212 | $13502 | $12763 |
| **12/31/2019** | $13138 | $14509 | $13316 |
| **1/31/2020** | $12238 | $13833 | $12958 |
| **2/29/2020** | $11740 | $13104 | $11934 |
| **3/31/2020** | $9605 | $11085 | $10206 |
| **4/30/2020** | $10350 | $12100 | $10979 |
| **5/31/2020** | $10334 | $12193 | $11339 |
| **6/30/2020** | $10815 | $13090 | $11851 |
| **7/31/2020** | $11855 | $14259 | $12379 |
| **8/31/2020** | $11864 | $14575 | $12909 |
| **9/30/2020** | $11648 | $14341 | $12592 |
| **10/31/2020** | $11737 | $14636 | $12321 |
| **11/30/2020** | $13179 | $15990 | $13979 |
| **12/31/2020** | $14170 | $17166 | $14734 |
| **1/31/2021** | $14533 | $17692 | $14766 |
| **2/28/2021** | $14945 | $17827 | $15058 |
| **3/31/2021** | $14927 | $17558 | $15249 |
| **4/30/2021** | $15028 | $17995 | $15698 |
| **5/31/2021** | $15409 | $18412 | $16189 |
| **6/30/2021** | $15345 | $18444 | $16084 |
| **7/31/2021** | $14760 | $17203 | $15819 |
| **8/31/2021** | $15143 | $17653 | $16120 |
| **9/30/2021** | $14565 | $16952 | $15603 |
| **10/31/2021** | $14703 | $17119 | $15976 |
| **11/30/2021** | $14058 | $16421 | $15256 |
| **12/31/2021** | $14611 | $16729 | $15887 |
| **1/31/2022** | $14799 | $16413 | $15302 |
| **2/28/2022** | $14319 | $15922 | $14999 |
| **3/31/2022** | $14105 | $15562 | $15023 |
| **4/30/2022** | $13252 | $14697 | $14079 |
| **5/31/2022** | $13504 | $14761 | $14180 |
| **6/30/2022** | $12437 | $13780 | $12960 |
| **7/31/2022** | $12420 | $13747 | $13404 |
| **8/31/2022** | $12293 | $13804 | $12973 |
| **9/30/2022** | $11029 | $12186 | $11677 |
| **10/31/2022** | $10816 | $11807 | $12026 |
| **11/30/2022** | $12301 | $13559 | $13445 |
| **12/31/2022** | $11993 | $13368 | $13345 |
| **1/31/2023** | $13061 | $14424 | $14427 |
| **2/28/2023** | $12265 | $13488 | $13920 |
| **3/31/2023** | $12608 | $13897 | $14261 |
| **4/30/2023** | $12566 | $13739 | $14509 |
| **5/31/2023** | $12237 | $13509 | $13981 |
| **6/30/2023** | $12790 | $14022 | $14608 |
| **7/31/2023** | $13402 | $14894 | $15202 |
| **8/31/2023** | $12552 | $13977 | $14516 |
| **9/30/2023** | $12310 | $13611 | $14057 |
| **10/31/2023** | $11892 | $13083 | $13477 |
| **11/30/2023** | $12823 | $14130 | $14690 |
| **12/31/2023** | $13462 | $14682 | $15428 |
| **1/31/2024** | $13216 | $14000 | $15275 |
| **2/29/2024** | $13856 | $14666 | $15662 |
| **3/31/2024** | $14153 | $15030 | $16151 |
| **4/30/2024** | $14289 | $15097 | $15861 |
| **5/31/2024** | $14592 | $15182 | $16322 |
| **6/30/2024** | $15072 | $15781 | $16306 |
| **7/31/2024** | $15177 | $15828 | $16684 |
| **8/31/2024** | $15344 | $16083 | $17159 |
| **9/30/2024** | $16185 | $17157 | $17621 |
| **10/31/2024** | $15361 | $16394 | $16757 |
| **11/30/2024** | $14926 | $15805 | $16605 |
| **12/31/2024** | $14936 | $15784 | $16282 |
| **1/31/2025** | $14936 | $16066 | $16938 |
| **2/28/2025** | $15024 | $16144 | $17173 |
| **3/31/2025** | $15099 | $16246 | $17134 |
| **4/30/2025** | $15195 | $16459 | $17753 |
| **5/31/2025** | $15748 | $17161 | $18566 |
| **6/30/2025** | $16526 | $18193 | $19196 |
| **7/31/2025** | $16716 | $18548 | $19141 |
| **8/31/2025** | $17065 | $18786 | $19805 |
| **9/30/2025** | $18371 | $20130 | $20519 |
| **10/31/2025** | $19041 | $20971 | $20934 |

---

# Emerging Markets Equity Advantage Fund
Annual Shareholder Report \| October 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 23.96 | 10.16 | 6.65 |
| MSCI EM Index (Net) (USD) | 27.91 | 7.46 | 7.69 |
| MSCI ACWI ex USA Index (Net) | 24.93 | 11.18 | 7.67 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $401238188 |
| # of portfolio holdings | 103 |
| Portfolio turnover rate | 57% |
| Total advisory fees paid | $3501875 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.2 |
| Tencent Holdings Ltd. | 6.2 |
| Alibaba Group Holding Ltd. | 5.0 |
| Samsung Electronics Co. Ltd. | 4.8 |
| MediaTek, Inc. | 2.1 |
| Hon Hai Precision Industry Co. Ltd. | 1.9 |
| ASE Technology Holding Co. Ltd. | 1.9 |
| Samsung Electronics Co. Ltd., Preferred stock | 1.8 |
| China Construction Bank Corp. Class H | 1.4 |
| Embassy Office Parks REIT | 1.4 |

---

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

---

| | |
|:---|:---|
| China | 28.6 |
| Taiwan | 21.3 |
| India | 13.6 |
| South Korea | 11.8 |
| Brazil | 5.2 |
| Saudi Arabia | 3.9 |
| South Africa | 3.0 |
| Mexico | 2.1 |
| United Arab Emirates | 1.4 |
| Singapore | 1.4 |
| Other | 7.7 |

---

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

---

| | |
|:---|:---|
| Information technology | 30.7 |
| Financials | 21.6 |
| Consumer discretionary | 12.4 |
| Communication services | 10.2 |
| Industrials | 6.0 |
| Real estate | 5.0 |
| Materials | 4.5 |
| Utilities | 3.6 |
| Health care | 2.6 |
| Consumer staples | 2.1 |
| Energy | 1.3 |

---

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

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

#### AR3166 10-25

------

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

(a) As of the end of the period covered by the report, Allspring Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.

(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.

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

The Board of Trustees of Allspring Funds Trust has determined that Jane A. Freeman is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Freeman is independent for purposes of Item 3 of Form N-CSR.

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

(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the registrant by the registrant's principal accountant. These fees were billed to the registrant and were approved by the registrant's audit committee.

---

| | | |
|:---|:---|:---|
|  | **Fiscal year ended**<br>**October 31, 2025** | **Fiscal year ended**<br>**October 31, 2024** |
|  Audit fees | $269470 | $367590 |
|  Audit-related fees |  |  |
|  Tax fees <sup>(1)</sup> | 23000 | 47610 |
|  All other fees |  |  |
|  | $292470 | $415200 |

---

<sup>(1)</sup> Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax.

(e)(1) The Chair of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Allspring Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors ("Auditors") if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund's investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chair, Management shall prepare a brief description of the proposed services.

If the Chair approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.

(e)(2) Not applicable.

------

(f) Not applicable.

(g) Not applicable.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

<u>ITEM 6. INVESTMENTS</u> 

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

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

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

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

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

------

![](g15564img18ed62251.jpg)

Allspring Special Global Small Cap Fund

Long Form Financial Statements

Annual Report

October 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_c89003a2-e5f8-4346-af52-3d59bac17456_POI-PageBlank-88_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_c89003a2-e5f8-4346-af52-3d59bac17456_FS-PageBlank-88_1)** |  |
| [Statement of assets and liabilities](#xx_c89003a2-e5f8-4346-af52-3d59bac17456_FS-PageBlank-88_1) | 6 |
| [Statement of operations](#xx_c89003a2-e5f8-4346-af52-3d59bac17456_FS-PageBlank-88_2) | 7 |
| [Statement of changes in net assets](#xx_c89003a2-e5f8-4346-af52-3d59bac17456_FS-PageBlank-88_3) | 8 |
| [Financial highlights](#xx_c89003a2-e5f8-4346-af52-3d59bac17456_FIHI-PageBlank-88_1) | 9 |
| **[Notes to financial statements](#xx_c89003a2-e5f8-4346-af52-3d59bac17456_NTF-PageBlank-88_1)** | 12 |
| **[Report of independent registered public accounting firm](#xx_c89003a2-e5f8-4346-af52-3d59bac17456_AUD-PageBlank-88_1)** | 17 |
| **[Other information](#xx_c89003a2-e5f8-4346-af52-3d59bac17456_OI-PageBlank-88_1)** | 18 |
| [Item 8. Changes in and disagreements with accountants](#xx_c89003a2-e5f8-4346-af52-3d59bac17456_OI-PageBlank-88_2) | 19 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_c89003a2-e5f8-4346-af52-3d59bac17456_OI-PageBlank-88_2) | 19 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_c89003a2-e5f8-4346-af52-3d59bac17456_OI-PageBlank-88_2) | 19 |
| [Item 11. Statement regarding basis for board](#xx_c89003a2-e5f8-4346-af52-3d59bac17456_OI-PageBlank-88_3)['](#xx_c89003a2-e5f8-4346-af52-3d59bac17456_OI-PageBlank-88_3)[s approval of investment](#xx_c89003a2-e5f8-4346-af52-3d59bac17456_OI-PageBlank-88_3)<br> [advisory contract](#xx_c89003a2-e5f8-4346-af52-3d59bac17456_OI-PageBlank-88_3)<br>| 20 |

---

Allspring Special Global Small Cap Fund \| 1

------

Portfolio of investments—October 31, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 97.31%** |  |  |
| **Australia: 2.00%** |  |  |
| Ansell Ltd. (Health care, Health care equipment & supplies) | 64235 | &nbsp;&nbsp; $1534477 |
| Steadfast Group Ltd. (Financials, Insurance) | 210593 | &nbsp;&nbsp; 771630 |
|  |  | &nbsp;&nbsp; **2306107** |
| **Belgium: 0.52%** |  |  |
| Barco NV (Information technology, Electronic equipment, instruments & components) | 42278 | &nbsp;&nbsp; **603299** |
| **Canada: 2.47%** |  |  |
| &nbsp;&nbsp; Novanta, Inc. (Information technology, Electronic equipment, instruments & <br> components)†<br>| 22362 | &nbsp;&nbsp; **2840198** |
| **France: 2.61%** |  |  |
| Alten SA (Information technology, IT services) | 36528 | &nbsp;&nbsp; **3008331** |
| **Germany: 3.53%** |  |  |
| Bechtle AG (Information technology, IT services) | 23206 | &nbsp;&nbsp; 980061 |
| CTS Eventim AG & Co. KGaA (Communication services, Entertainment) | 12311 | &nbsp;&nbsp; 1101165 |
| Krones AG (Industrials, Machinery) | 6591 | &nbsp;&nbsp; 955717 |
| TAG Immobilien AG (Real estate, Real estate management & development) | 61741 | &nbsp;&nbsp; 1024076 |
|  |  | &nbsp;&nbsp; **4061019** |
| **Ireland: 0.17%** |  |  |
| Irish Residential Properties REIT PLC (Real estate, Residential REITs) | 178373 | &nbsp;&nbsp; **190798** |
| **Italy: 3.89%** |  |  |
| Amplifon SpA (Health care, Health care providers & services) | 52195 | &nbsp;&nbsp; 890406 |
| Azimut Holding SpA (Financials, Capital markets) | 10618 | &nbsp;&nbsp; 414897 |
| De' Longhi SpA (Consumer discretionary, Household durables) | 16346 | &nbsp;&nbsp; 595759 |
| Interpump Group SpA (Industrials, Machinery) | 50154 | &nbsp;&nbsp; 2584107 |
|  |  | &nbsp;&nbsp; **4485169** |
| **Japan: 11.78%** |  |  |
| Daiseki Co. Ltd. (Industrials, Commercial services & supplies) | 34720 | &nbsp;&nbsp; 731078 |
| DTS Corp. (Information technology, IT services) | 268400 | &nbsp;&nbsp; 2239714 |
| Fuji Seal International, Inc. (Materials, Containers & packaging) | 55200 | &nbsp;&nbsp; 972116 |
| &nbsp;&nbsp; Horiba Ltd. (Information technology, Electronic equipment, instruments & <br> components)<br>| 25200 | &nbsp;&nbsp; 2348959 |
| MEITEC Group Holdings, Inc. (Industrials, Professional services) | 109300 | &nbsp;&nbsp; 2241888 |
| MISUMI Group, Inc. (Industrials, Machinery) | 36300 | &nbsp;&nbsp; 568137 |
| Nihon Parkerizing Co. Ltd. (Materials, Chemicals) | 122600 | &nbsp;&nbsp; 1065222 |
| Orix JREIT, Inc. (Real estate, Office REITs) | 2182 | &nbsp;&nbsp; 1476754 |
| Shizuoka Financial Group, Inc. (Financials, Banks) | 70800 | &nbsp;&nbsp; 953280 |
| Taikisha Ltd. (Industrials, Construction & engineering) | 49200 | &nbsp;&nbsp; 975316 |
|  |  | &nbsp;&nbsp; **13572464** |

---

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

2 \| Allspring Special Global Small Cap Fund

------

Portfolio of investments—October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Norway: 1.23%** |  |  |
| Atea ASA (Information technology, IT services) | 57333 | &nbsp;&nbsp; $873926 |
| Elopak ASA (Materials, Containers & packaging) | 115261 | &nbsp;&nbsp; 542780 |
|  |  | &nbsp;&nbsp; **1416706** |
| **Spain: 1.90%** |  |  |
| Viscofan SA (Consumer staples, Food products) | 35170 | &nbsp;&nbsp; **2185036** |
| **Sweden: 1.43%** |  |  |
| Asker Healthcare Group AB (Health care, Health care equipment & supplies)† | 14541 | &nbsp;&nbsp; 131876 |
| Hexpol AB (Materials, Chemicals) | 64142 | &nbsp;&nbsp; 584352 |
| Loomis AB Class B (Industrials, Commercial services & supplies) | 23012 | &nbsp;&nbsp; 930145 |
|  |  | &nbsp;&nbsp; **1646373** |
| **Switzerland: 0.66%** |  |  |
| Bossard Holding AG Class A (Industrials, Trading companies & distributors) | 3482 | &nbsp;&nbsp; **755461** |
| **United Kingdom: 6.43%** |  |  |
| Convatec Group PLC (Health care, Health care equipment & supplies)144A | 276325 | &nbsp;&nbsp; 886466 |
| Diploma PLC (Industrials, Trading companies & distributors) | 10363 | &nbsp;&nbsp; 763738 |
| Domino's Pizza Group PLC (Consumer discretionary, Hotels, restaurants & leisure) | 434570 | &nbsp;&nbsp; 1111531 |
| Elementis PLC (Materials, Chemicals) | 231067 | &nbsp;&nbsp; 499041 |
| Gates Industrial Corp. PLC (Industrials, Machinery)† | 40246 | &nbsp;&nbsp; 888632 |
| Lancashire Holdings Ltd. (Financials, Insurance) | 174953 | &nbsp;&nbsp; 1535302 |
| LondonMetric Property PLC (Real estate, Industrial REITs) | 343865 | &nbsp;&nbsp; 859201 |
| Nomad Foods Ltd. (Consumer staples, Food products) | 76208 | &nbsp;&nbsp; 861150 |
| Samarkand Group PLC (Consumer discretionary, Broadline retail)♦† | 949998 | &nbsp;&nbsp; 1 |
|  |  | &nbsp;&nbsp; **7405062** |
| **United States: 58.69%** |  |  |
| Addus HomeCare Corp. (Health care, Health care providers & services)† | 12628 | &nbsp;&nbsp; 1476087 |
| Air Lease Corp. Class A (Industrials, Trading companies & distributors) | 12947 | &nbsp;&nbsp; 826795 |
| Alamo Group, Inc. (Industrials, Machinery) | 9951 | &nbsp;&nbsp; 1778443 |
| Amerant Bancorp, Inc. Class A (Financials, Banks) | 26451 | &nbsp;&nbsp; 443583 |
| &nbsp;&nbsp; Amkor Technology, Inc. (Information technology, Semiconductors & semiconductor <br> equipment)<br>| 31954 | &nbsp;&nbsp; 1031475 |
| Atkore, Inc. (Industrials, Electrical equipment) | 6414 | &nbsp;&nbsp; 444169 |
| Azenta, Inc. (Health care, Life sciences tools & services)† | 21589 | &nbsp;&nbsp; 651988 |
| Balchem Corp. (Materials, Chemicals) | 7051 | &nbsp;&nbsp; 1081553 |
| Blackbaud, Inc. (Information technology, Software)† | 24308 | &nbsp;&nbsp; 1556684 |
| BorgWarner, Inc. (Consumer discretionary, Automobile components) | 12979 | &nbsp;&nbsp; 557578 |
| Brady Corp. Class A (Industrials, Commercial services & supplies) | 32346 | &nbsp;&nbsp; 2455385 |
| Cactus, Inc. Class A (Energy, Energy equipment & services) | 35494 | &nbsp;&nbsp; 1567770 |
| Cadence Bank (Financials, Banks) | 30621 | &nbsp;&nbsp; 1155637 |
| CBIZ, Inc. (Industrials, Professional services)† | 24525 | &nbsp;&nbsp; 1348875 |
| &nbsp;&nbsp; CDW Corp. (Information technology, Electronic equipment, instruments & <br> components)<br>| 6726 | &nbsp;&nbsp; 1071923 |
| Chemed Corp. (Health care, Health care providers & services) | 3614 | &nbsp;&nbsp; 1558718 |
| CNO Financial Group, Inc. (Financials, Insurance) | 35904 | &nbsp;&nbsp; 1436878 |
| CSW Industrials, Inc. (Industrials, Building products) | 8636 | &nbsp;&nbsp; 2162627 |
| Denny's Corp. (Consumer discretionary, Hotels, restaurants & leisure)† | 17379 | &nbsp;&nbsp; 67952 |

---

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

Allspring Special Global Small Cap Fund \| 3

------

Portfolio of investments—October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **United States**(continued) |  |  |
| Essent Group Ltd. (Financials, Financial services) | 24931 | &nbsp;&nbsp; $1510071 |
| Federal Signal Corp. (Industrials, Machinery) | 8994 | &nbsp;&nbsp; 1061562 |
| Five Below, Inc. (Consumer discretionary, Specialty retail)† | 4031 | &nbsp;&nbsp; 633955 |
| &nbsp;&nbsp; FormFactor, Inc. (Information technology, Semiconductors & semiconductor <br> equipment)†<br>| 22128 | &nbsp;&nbsp; 1215934 |
| Gibraltar Industries, Inc. (Industrials, Building products)† | 48572 | &nbsp;&nbsp; 3030407 |
| Graphic Packaging Holding Co. (Materials, Containers & packaging) | 85424 | &nbsp;&nbsp; 1365930 |
| &nbsp;&nbsp; Guardian Pharmacy Services, Inc. Class A (Consumer staples, Consumer staples <br> distribution & retail)†<br>| 29576 | &nbsp;&nbsp; 829311 |
| Hanover Insurance Group, Inc. (Financials, Insurance) | 15509 | &nbsp;&nbsp; 2650178 |
| Holley, Inc. (Consumer discretionary, Automobile components)† | 81569 | &nbsp;&nbsp; 234103 |
| Innospec, Inc. (Materials, Chemicals) | 36972 | &nbsp;&nbsp; 2720400 |
| J&J Snack Foods Corp. (Consumer staples, Food products) | 21618 | &nbsp;&nbsp; 1829964 |
| Kadant, Inc. (Industrials, Machinery) | 4572 | &nbsp;&nbsp; 1264890 |
| Mayville Engineering Co., Inc. (Industrials, Machinery)† | 20249 | &nbsp;&nbsp; 360837 |
| MSA Safety, Inc. (Industrials, Commercial services & supplies) | 11209 | &nbsp;&nbsp; 1760149 |
| Old National Bancorp (Financials, Banks) | 43803 | &nbsp;&nbsp; 894895 |
| Pattern Group, Inc. Class A (Consumer discretionary, Broadline retail)† | 38136 | &nbsp;&nbsp; 672338 |
| Piper Sandler Cos. (Financials, Capital markets) | 2371 | &nbsp;&nbsp; 756965 |
| Prestige Consumer Healthcare, Inc. (Health care, Pharmaceuticals)† | 21589 | &nbsp;&nbsp; 1308293 |
| Primo Brands Corp. Class A (Consumer staples, Beverages) | 47186 | &nbsp;&nbsp; 1036676 |
| Progress Software Corp. (Information technology, Software)† | 25673 | &nbsp;&nbsp; 1094697 |
| Quaker Chemical Corp. (Materials, Chemicals) | 13002 | &nbsp;&nbsp; 1805848 |
| Quanex Building Products Corp. (Industrials, Building products) | 51792 | &nbsp;&nbsp; 735964 |
| Revvity, Inc. (Health care, Life sciences tools & services) | 4763 | &nbsp;&nbsp; 445769 |
| &nbsp;&nbsp; Sanmina Corp. (Information technology, Electronic equipment, instruments & <br> components)†<br>| 11400 | &nbsp;&nbsp; 1562370 |
| Smartstop Self Storage REIT, Inc. (Real estate, Specialized REITs) | 12710 | &nbsp;&nbsp; 436588 |
| Somnigroup International, Inc. (Consumer discretionary, Household durables) | 5473 | &nbsp;&nbsp; 434228 |
| StandardAero, Inc. (Industrials, Aerospace & defense)† | 20200 | &nbsp;&nbsp; 583578 |
| Standex International Corp. (Industrials, Machinery) | 4870 | &nbsp;&nbsp; 1135830 |
| Steven Madden Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 41430 | &nbsp;&nbsp; 1404891 |
| Terreno Realty Corp. (Real estate, Industrial REITs) | 24454 | &nbsp;&nbsp; 1397057 |
| Toro Co. (Industrials, Machinery) | 13674 | &nbsp;&nbsp; 1021858 |
| UFP Technologies, Inc. (Health care, Health care equipment & supplies)† | 7272 | &nbsp;&nbsp; 1400878 |
| UMB Financial Corp. (Financials, Banks) | 6462 | &nbsp;&nbsp; 690659 |
| Voya Financial, Inc. (Financials, Financial services) | 16405 | &nbsp;&nbsp; 1221516 |
| Watts Water Technologies, Inc. Class A (Industrials, Machinery) | 3418 | &nbsp;&nbsp; 931747 |
| Webster Financial Corp. (Financials, Banks) | 20916 | &nbsp;&nbsp; 1193049 |
| WESCO International, Inc. (Industrials, Trading companies & distributors) | 4181 | &nbsp;&nbsp; 1085095 |
| Winmark Corp. (Consumer discretionary, Specialty retail) | 2960 | &nbsp;&nbsp; 1193383 |
|  |  | &nbsp;&nbsp; **67585983** |
| **Total common stocks (Cost $93,274,011)** |  | &nbsp;&nbsp; **112062006** |

---

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

4 \| Allspring Special Global Small Cap Fund

------

Portfolio of investments—October 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 2.49%** |  |  |  |  |
| **Investment companies: 2.49%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.06<br> %<br>| 2866652 | &nbsp;&nbsp; **$2866652** |
| **Total short-term investments (Cost $2,866,652)** |  |  |  | &nbsp;&nbsp; **2866652** |
| **Total investments in securities (Cost $96,140,663)** | 99.80<br> %<br>|  |  | &nbsp;&nbsp; 114928658 |
| Other assets and liabilities, net | 0.20 |  |  | &nbsp;&nbsp; 232134 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$115160792** |

---

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

---

| | |
|:---|:---|
| † | Non-income-earning security |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ♦ | The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |

---

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

Abbreviations: <br> REIT Real estate investment trust

**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>| $1859731 | $27212337 | $(26205416)<br>| $0 | $0 | $2866652 | 2866652 | $97948 |

---

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

Allspring Special Global Small Cap Fund \| 5

------

Statement of assets and liabilities—October 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $93,274,011) | $112062006 |
| Investments in affiliated securities, at value (cost $2,866,652) | 2866652 |
| Cash | 95 |
| Foreign currency, at value (cost $15,466) | 15299 |
| Receivable for dividends | 458610 |
| Receivable for Fund shares sold | 43938 |
| Receivable for investments sold | 6469 |
| Prepaid expenses and other assets | 25274 |
| **Total assets** | **115478343** |
| Liabilities |  |
| Payable for investments purchased | 98375 |
| Management fee payable | 83786 |
| Payable for Fund shares redeemed | 52067 |
| Custody and accounting fees payable | 26145 |
| Administration fees payable | 18419 |
| Shareholder servicing fees payable | 17085 |
| Distribution fee payable | 739 |
| Accrued expenses and other liabilities | 20935 |
| **Total liabilities** | **317551** |
| **Total net assets**  | **$115160792** |
| Net assets consist of |  |
| Paid-in capital | $95694599 |
| Total distributable earnings | 19466193 |
| **Total net assets** | **$115160792** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $74037109 |
| Shares outstanding–Class A<sup>1</sup> <br>| 2001045 |
| Net asset value per share–Class A | $37.00 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $39.26 |
| Net assets–Class C | $1076740 |
| Shares outstanding–Class C<sup>1</sup> <br>| 51957 |
| Net asset value per share–Class C | $20.72 |
| Net assets–Institutional Class | $40046943 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 1003264 |
| Net asset value per share–Institutional Class | $39.92 |

---

<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 Special Global Small Cap Fund

------

Statement of operations—year ended October 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $127,622) | $2407650 |
| Income from affiliated securities | 97948 |
| Interest | 367 |
| **Total investment income** | **2505965** |
| Expenses |  |
| Management fee | 1166873 |
| Administration fees |  |
| Class A | 159305 |
| Class C | 2706 |
| Administrator Class | 3270 <br><sup>1</sup><br>|
| Institutional Class | 51091 |
| Shareholder servicing fees |  |
| Class A | 198844 |
| Class C | 3372 |
| Administrator Class | 6269 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 10117 |
| Custody and accounting fees | 7573 |
| Professional fees | 61925 |
| Registration fees | 74663 |
| Shareholder report expenses | 36055 |
| Trustees' fees and expenses | 8411 |
| Other fees and expenses | 33072 |
| **Total expenses** | **1823546** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (145651)<br>|
| Class A | (2585)<br>|
| Institutional Class | (41)<br>|
| **Net expenses** | **1675269** |
| **Net investment income** | **830696** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | 346429 |
| Foreign currency and foreign currency translations | 10472 |
| **Net realized gains on investments**  | **356901** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | (836462)<br>|
| Foreign currency and foreign currency translations | 20585 |
| **Net change in unrealized gains (losses) on investments** | **(815877)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(458976)**<br>|
| **Net increase in net assets resulting from operations** | **$371720** |

---

<sup>1</sup> For the period from November 1, 2024 to September 12, 2025. Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

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

Allspring Special Global Small Cap Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> October 31, 2025 | Year ended<br> October 31, 2025 | Year ended<br> October 31, 2024 | Year ended<br> October 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $830696 |  | &nbsp;&nbsp; $448544 |
| Net realized gains on investments |  | &nbsp;&nbsp; 356901 |  | &nbsp;&nbsp; 5496202 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (815877)<br>|  | &nbsp;&nbsp; 14400020 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **371720** |  | &nbsp;&nbsp; **20344766** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (1238254)<br>|  | &nbsp;&nbsp; 0 |
| Class C |  | &nbsp;&nbsp; (34561)<br>|  | &nbsp;&nbsp; 0 |
| Administrator Class |  | &nbsp;&nbsp; (46635 )<sup>1</sup><br>|  | &nbsp;&nbsp; 0 |
| Institutional Class |  | &nbsp;&nbsp; (688820)<br>|  | &nbsp;&nbsp; 0 |
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(2008270)**<br>|  | &nbsp;&nbsp; **0** |
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 31252 | &nbsp;&nbsp; 1134149 | &nbsp;&nbsp; 37487 | &nbsp;&nbsp; 1418547 |
| Class C | 2663 | &nbsp;&nbsp; 56456 | &nbsp;&nbsp; 1765 | &nbsp;&nbsp; 38045 |
| Administrator Class | 1781 <br><sup>1</sup><br>| &nbsp;&nbsp; 69027 <br><sup>1</sup><br>| &nbsp;&nbsp; 3484 | &nbsp;&nbsp; 140806 |
| Institutional Class | 223423 | &nbsp;&nbsp; 8810574 | &nbsp;&nbsp; 185738 | &nbsp;&nbsp; 7539607 |
|  |  | &nbsp;&nbsp; 10070206 |  | &nbsp;&nbsp; 9137005 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 30049 | &nbsp;&nbsp; 1146520 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Class C | 1600 | &nbsp;&nbsp; 34561 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Administrator Class | 1120 <br><sup>1</sup><br>| &nbsp;&nbsp; 45728 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class | 16000 | &nbsp;&nbsp; 653099 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 1879908 |  | &nbsp;&nbsp; 0 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (356979)<br>| &nbsp;&nbsp; (13150371)<br>| &nbsp;&nbsp; (378218)<br>| &nbsp;&nbsp; (14211897)<br>|
| Class C | (25560)<br>| &nbsp;&nbsp; (531420)<br>| &nbsp;&nbsp; (36612)<br>| &nbsp;&nbsp; (783010)<br>|
| Administrator Class | (21838 )<sup>1</sup><br>| &nbsp;&nbsp; (846167 )<sup>1</sup><br>| &nbsp;&nbsp; (31342)<br>| &nbsp;&nbsp; (1270089)<br>|
| Institutional Class | (328606)<br>| &nbsp;&nbsp; (12928860)<br>| &nbsp;&nbsp; (315816)<br>| &nbsp;&nbsp; (12704030)<br>|
|  |  | &nbsp;&nbsp; (27456818)<br>|  | &nbsp;&nbsp; (28969026)<br>|
| Share conversions |  |  |  |  |
| Administrator Class | (63184 )<sup>2</sup><br>| &nbsp;&nbsp; (2555442 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class | 62842 <br><sup>2</sup><br>| &nbsp;&nbsp; 2555442 <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; **(15506704)**<br>|  | &nbsp;&nbsp; **(19832021)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(17143254)**<br>|  | &nbsp;&nbsp; **512745** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **132304046** |  | &nbsp;&nbsp; **131791301** |
| **End of period** |  | &nbsp;&nbsp; **$115160792** |  | &nbsp;&nbsp; **$132304046** |

---

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

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

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

8 \| Allspring Special Global Small Cap Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$37.42** | &nbsp;&nbsp; **$32.44** | &nbsp;&nbsp; **$33.49** | &nbsp;&nbsp; **$54.12** | &nbsp;&nbsp; **$36.87** |
| Net investment income (loss) | 0.22 <br><sup>1</sup><br>| 0.08 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.05 )<sup>1</sup><br>| &nbsp;&nbsp; (0.10 )<sup>1</sup><br>| &nbsp;&nbsp; (0.22 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.09)<br>| 4.90 | 0.45 | &nbsp;&nbsp; (12.76)<br>| 17.47 |
| Total from investment operations | 0.13 | 4.98 | 0.40 | &nbsp;&nbsp; (12.86)<br>| 17.25 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.06)<br>| 0.00 | 0.00 | 0.00 | 0.00 |
| Net realized gains | (0.49)<br>| 0.00 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (7.77)<br>| 0.00 |
| Total distributions to shareholders | (0.55)<br>| 0.00 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (7.77)<br>| 0.00 |
| **Net asset value, end of period** | **$37.00** | &nbsp;&nbsp; **$37.42** | &nbsp;&nbsp; **$32.44** | &nbsp;&nbsp; **$33.49** | &nbsp;&nbsp; **$54.12** |
| **Total return**<sup>2</sup> <br>| **0.31%**<br>| **15.35%**<br>| **1.00%**<br>| &nbsp;&nbsp; **(27.48)%**<br>| **46.79%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.58<br> %<br>| 1.55<br> %<br>| 1.61<br> %<br>| 1.53<br> %<br>| 1.49<br> %<br>|
| Net expenses | 1.46<br> %<br>| 1.47<br> %<br>| 1.50<br> %<br>| 1.52<br> %<br>| 1.49<br> %<br>|
| Net investment income (loss) | 0.59<br> %<br>| 0.23<br> %<br>| &nbsp;&nbsp; (0.14)%<br>| &nbsp;&nbsp; (0.25)%<br>| &nbsp;&nbsp; (0.44)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 36<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 53<br> %<br>|
| Net assets, end of period (000s omitted) | $74037 | &nbsp;&nbsp; $85938 | &nbsp;&nbsp; $85554 | &nbsp;&nbsp; $97233 | &nbsp;&nbsp; $152947 |

---

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

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

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

Allspring Special Global Small Cap Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$21.29** | &nbsp;&nbsp; **$18.59** | &nbsp;&nbsp; **$19.92** | &nbsp;&nbsp; **$35.63** | &nbsp;&nbsp; **$24.46** |
| Net investment loss | (0.03 )<sup>1</sup><br>| &nbsp;&nbsp; (0.11 )<sup>1</sup><br>| &nbsp;&nbsp; (0.18 )<sup>1</sup><br>| &nbsp;&nbsp; (0.24 )<sup>1</sup><br>| &nbsp;&nbsp; (0.39 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.05)<br>| 2.81 | 0.30 | &nbsp;&nbsp; (7.70)<br>| 11.56 |
| Total from investment operations | (0.08)<br>| 2.70 | 0.12 | &nbsp;&nbsp; (7.94)<br>| 11.17 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (0.49)<br>| 0.00 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (7.77)<br>| 0.00 |
| **Net asset value, end of period** | **$20.72** | &nbsp;&nbsp; **$21.29** | &nbsp;&nbsp; **$18.59** | &nbsp;&nbsp; **$19.92** | &nbsp;&nbsp; **$35.63** |
| **Total return**<sup>2</sup> <br>| **(0.48)%**<br>| **14.52%**<br>| **0.24%**<br>| &nbsp;&nbsp; **(28.04)%**<br>| **45.67%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 2.33<br> %<br>| 2.30<br> %<br>| 2.36<br> %<br>| 2.28<br> %<br>| 2.24<br> %<br>|
| Net expenses | 2.21<br> %<br>| 2.22<br> %<br>| 2.26<br> %<br>| 2.27<br> %<br>| 2.24<br> %<br>|
| Net investment loss | (0.17)%<br>| &nbsp;&nbsp; (0.52)%<br>| &nbsp;&nbsp; (0.90)%<br>| &nbsp;&nbsp; (0.99)%<br>| &nbsp;&nbsp; (1.19)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 36<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 53<br> %<br>|
| Net assets, end of period (000s omitted) | $1077 | &nbsp;&nbsp; $1559 | &nbsp;&nbsp; $2010 | &nbsp;&nbsp; $2741 | &nbsp;&nbsp; $4704 |

---

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

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

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

10 \| Allspring Special Global Small Cap Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$40.32** | &nbsp;&nbsp; **$34.84** | &nbsp;&nbsp; **$35.75** | &nbsp;&nbsp; **$57.05** | &nbsp;&nbsp; **$38.74** |
| Net investment income (loss) | 0.35 <br><sup>1</sup><br>| 0.22 <br><sup>1</sup><br>| 0.08 <br><sup>1</sup><br>| 0.02 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.06)<br>|
| Net realized and unrealized gains (losses) on investments | (0.08)<br>| 5.26 | 0.46 | &nbsp;&nbsp; (13.55)<br>| 18.37 |
| Total from investment operations | 0.27 | 5.48 | 0.54 | &nbsp;&nbsp; (13.53)<br>| 18.31 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.18)<br>| 0.00 | 0.00 | 0.00 | 0.00 |
| Net realized gains | (0.49)<br>| 0.00 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (7.77)<br>| 0.00 |
| Total distributions to shareholders | (0.67)<br>| 0.00 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (7.77)<br>| 0.00 |
| **Net asset value, end of period** | **$39.92** | &nbsp;&nbsp; **$40.32** | &nbsp;&nbsp; **$34.84** | &nbsp;&nbsp; **$35.75** | &nbsp;&nbsp; **$57.05** |
| **Total return**<sup>2</sup> <br>| **0.64%**<br>| **15.73%**<br>| **1.34%**<br>| &nbsp;&nbsp; **(27.20)%**<br>| **47.26%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.26<br> %<br>| 1.23<br> %<br>| 1.29<br> %<br>| 1.19<br> %<br>| 1.16<br> %<br>|
| Net expenses | 1.14<br> %<br>| 1.15<br> %<br>| 1.15<br> %<br>| 1.15<br> %<br>| 1.15<br> %<br>|
| Net investment income (loss) | 0.88<br> %<br>| 0.54<br> %<br>| 0.21<br> %<br>| 0.06<br> %<br>| &nbsp;&nbsp; (0.12)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 36<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 53<br> %<br>|
| Net assets, end of period (000s omitted) | $40047 | &nbsp;&nbsp; $41514 | &nbsp;&nbsp; $40407 | &nbsp;&nbsp; $47779 | &nbsp;&nbsp; $130820 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring Special Global Small Cap Fund \| 11

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services* – *Investment Companies*. These financial statements report on the Allspring Special Global Small Cap Fund (the "Fund") which is a diversified series of the Trust.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On October 31, 2025, such fair value pricing was not used in pricing foreign securities.

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

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

Foreign currency translation

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

Security transactions and income recognition

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

12 \| Allspring Special Global Small Cap Fund

------

Notes to financial statements

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of October 31, 2025, the aggregate cost of all investments for federal income tax purposes was $97,010,059 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $25866911 |
| Gross unrealized losses | &nbsp;&nbsp; (7948312)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$17918599** |

---

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Allspring Special Global Small Cap Fund \| 13

------

Notes to financial statements

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** |  |  |  |  |
| *Australia* | &nbsp;&nbsp; $2306107 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $2306107 |
| *Belgium* | &nbsp;&nbsp; 603299 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 603299 |
| *Canada* | &nbsp;&nbsp; 2840198 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2840198 |
| *France* | &nbsp;&nbsp; 3008331 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3008331 |
| *Germany* | &nbsp;&nbsp; 4061019 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4061019 |
| *Ireland* | &nbsp;&nbsp; 190798 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 190798 |
| *Italy* | &nbsp;&nbsp; 4485169 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4485169 |
| *Japan* | &nbsp;&nbsp; 13572464 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 13572464 |
| *Norway* | &nbsp;&nbsp; 1416706 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1416706 |
| *Spain* | &nbsp;&nbsp; 2185036 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2185036 |
| *Sweden* | &nbsp;&nbsp; 1646373 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1646373 |
| *Switzerland* | &nbsp;&nbsp; 755461 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 755461 |
| *United Kingdom* | &nbsp;&nbsp; 7405061 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7405062 |
| *United States* | &nbsp;&nbsp; 67585983 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 67585983 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 2866652 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2866652 |
| **Total assets** | &nbsp;&nbsp; **$114928657** | &nbsp;&nbsp;&nbsp; **$1** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$114928658** |

---

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 | 0.950<br> %<br>|
| Next $500 million | 0.925 |
| Next $1 billion | 0.900 |
| Next $2 billion | 0.875 |
| Next $1 billion | 0.850 |
| Next $5 billion | 0.840 |
| Over $10 billion | 0.830 |

---

For the year ended October 31, 2025, the management fee was equivalent to an annual rate of 0.95% 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

14 \| Allspring Special Global Small Cap Fund

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Notes to financial statements

compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through February 28, 2027 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of October 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | EXPENSE RATIO CAPS | RATE PRIOR TO SEPTEMBER 2, 2025 |
| Class A | 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>|
| Class C | 2.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 |
| Institutional Class | 1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended October 31, 2025, Allspring Funds Distributor received $134 from the sale of Class A shares and $58 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended 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 had $0, $893,644 and $(1,319,508) in interfund purchases, sales and net realized gains (losses), respectively, during the year 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 year ended October 31, 2025 were $42,728,900 and $58,916,184, respectively.

6. BANK BORROWINGS

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

For the year ended October 31, 2025, there were no borrowings by the Fund under the agreement.

Allspring Special Global Small Cap Fund \| 15

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Notes to financial statements

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

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $341311 | $0 |
| **Long-term capital gain** | 1666959 | 0 |

---

As of October 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>gains<br>|
| &nbsp;&nbsp;&nbsp; $1357491 | &nbsp;&nbsp; $181295 | &nbsp;&nbsp;&nbsp; $17918599 |

---

8. CONCENTRATION RISKS

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

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.

16 \| Allspring Special Global Small Cap Fund

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Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Special Global Small Cap Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, transfer agent and brokers, or by other appropriate audit procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g15564img2d2ff7e92.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

December 22, 2025

Allspring Special Global Small Cap Fund \| 17

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Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 100% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended October 31, 2025.

Pursuant to Section 852 of the Internal Revenue Code, $1,666,959 was designated as a 20% rate gain distribution for the fiscal year ended

October 31, 2025.

Pursuant to Section 854 of the Internal Revenue Code, $341,311 of income dividends paid during the fiscal year ended October 31, 2025 has been designated as qualified dividend income (QDI).

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

18 \| Allspring Special Global Small Cap 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 Special Global Small Cap Fund \| 19

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Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Special Global Small Cap 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."

20 \| Allspring Special Global Small Cap Fund

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Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was 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 lower than the investment performance of its benchmark index, the MSCI World Small Cap Index (Net), for all periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions that affected the Fund's investment performance.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups for each share class, except for Class A, which was higher than the median net operating expense ratios of the expense Groups.

The Board noted that Funds Management had agreed to reduce the net operating expense caps for the Fund's Class A, Class C, Administrator Class and Institutional Class. It was also noted that the Board had approved a proposal to convert Administrator Class shares into Institutional Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of the average rates for the expense Groups for Administrator Class, and in range of the sum of the average rates for the expense Groups for Class A and Institutional Class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Allspring Special Global Small Cap Fund \| 21

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Other information (unaudited)

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

22 \| Allspring Special Global Small Cap Fund

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![](g15564img18ed62251.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**

![](g15564img0f1ef7e33.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.**

**NCSR4305 10-25**

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![](g15564img6f3ac5201.jpg)

Allspring Emerging Markets Equity Fund

Long Form Financial Statements

Annual Report

October 31, 2025

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Contents

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

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| | |
|:---|:---|
| **[Portfolio of investments](#xx_3299bff3-7e28-4d29-a723-8d19e6797b90_POI-PageBlank-89_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_3299bff3-7e28-4d29-a723-8d19e6797b90_FS-PageBlank-89_1)** |  |
| [Statement of assets and liabilities](#xx_3299bff3-7e28-4d29-a723-8d19e6797b90_FS-PageBlank-89_1) | 9 |
| [Statement of operations](#xx_3299bff3-7e28-4d29-a723-8d19e6797b90_FS-PageBlank-89_2) | 10 |
| [Statement of changes in net assets](#xx_3299bff3-7e28-4d29-a723-8d19e6797b90_FS-PageBlank-89_4) | 12 |
| [Financial highlights](#xx_3299bff3-7e28-4d29-a723-8d19e6797b90_FIHI-PageBlank-89_1) | 14 |
| **[Notes to financial statements](#xx_3299bff3-7e28-4d29-a723-8d19e6797b90_NTF-PageBlank-89_1)** | 18 |
| **[Report of independent registered public accounting firm](#xx_3299bff3-7e28-4d29-a723-8d19e6797b90_AUD-PageBlank-89_1)** | 25 |
| **[Other information](#xx_3299bff3-7e28-4d29-a723-8d19e6797b90_OI-PageBlank-89_1)** | 26 |
| [Item 8. Changes in and disagreements with accountants](#xx_3299bff3-7e28-4d29-a723-8d19e6797b90_OI-PageBlank-89_2) | 27 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_3299bff3-7e28-4d29-a723-8d19e6797b90_OI-PageBlank-89_2) | 27 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_3299bff3-7e28-4d29-a723-8d19e6797b90_OI-PageBlank-89_2) | 27 |
| [Item 11. Statement regarding basis for board](#xx_3299bff3-7e28-4d29-a723-8d19e6797b90_OI-PageBlank-89_3)['](#xx_3299bff3-7e28-4d29-a723-8d19e6797b90_OI-PageBlank-89_3)[s approval of investment](#xx_3299bff3-7e28-4d29-a723-8d19e6797b90_OI-PageBlank-89_3)<br> [advisory contract](#xx_3299bff3-7e28-4d29-a723-8d19e6797b90_OI-PageBlank-89_3)<br>| 28 |

---

Allspring Emerging Markets Equity Fund \| 1

------

Portfolio of investments—October 31, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.60%** |  |  |
| **Brazil: 3.95%** |  |  |
| Ambev SA ADR (Consumer staples, Beverages) | 6521112 | &nbsp;&nbsp; $15063769 |
| B3 SA - Brasil Bolsa Balcao (Financials, Capital markets) | 13632715 | &nbsp;&nbsp; 32080256 |
| Banco Bradesco SA ADR (Financials, Banks) | 3276276 | &nbsp;&nbsp; 11073813 |
| &nbsp;&nbsp; Hapvida Participacoes e Investimentos SA (Health care, Health <br> care providers & services)144A†<br>| 1517234 | &nbsp;&nbsp; 8821472 |
| Localiza Rent a Car SA (Industrials, Ground transportation) | 2184893 | &nbsp;&nbsp; 16017282 |
| Lojas Renner SA (Consumer discretionary, Specialty retail) | 5340741 | &nbsp;&nbsp; 14731846 |
| &nbsp;&nbsp; Multiplan Empreendimentos Imobiliarios SA (Real estate, Real <br> estate management & development)<br>| 1796906 | &nbsp;&nbsp; 9181674 |
| Petroleo Brasileiro SA ADR (Energy, Oil, gas & consumable fuels) | 644162 | &nbsp;&nbsp; 7498046 |
| &nbsp;&nbsp; Raia Drogasil SA (Consumer staples, Consumer staples <br> distribution & retail)<br>| 2813320 | &nbsp;&nbsp; 10458536 |
| Suzano SA (Materials, Paper & forest products) | 730900 | &nbsp;&nbsp; 6642013 |
| Vale SA Class B ADR (Materials, Metals & mining) | 1400978 | &nbsp;&nbsp; 16937824 |
|  |  | &nbsp;&nbsp; **148506531** |
| **Chile: 1.63%** |  |  |
| Banco Santander Chile ADR (Financials, Banks) | 864331 | &nbsp;&nbsp; 24806300 |
| Falabella SA (Consumer discretionary, Broadline retail) | 3067266 | &nbsp;&nbsp; 19248717 |
| &nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA ADR (Materials, <br> Chemicals)†<br>| 354691 | &nbsp;&nbsp; 17376312 |
|  |  | &nbsp;&nbsp; **61431329** |
| **China: 20.80%** |  |  |
| Agora, Inc. ADR (Information technology, Software)† | 1084765 | &nbsp;&nbsp; 3850916 |
| &nbsp;&nbsp; Alibaba Group Holding Ltd. (Consumer discretionary, Broadline <br> retail)<br>| 7184196 | &nbsp;&nbsp; 152641803 |
| China Literature Ltd. (Communication services, Media)144A† | 5226168 | &nbsp;&nbsp; 28099594 |
| &nbsp;&nbsp; China Meidong Auto Holdings Ltd. (Consumer discretionary, <br> Specialty retail)<br>| 9373400 | &nbsp;&nbsp; 2135102 |
| &nbsp;&nbsp; GreenTree Hospitality Group Ltd. ADR (Consumer discretionary, <br> Hotels, restaurants & leisure)<br>| 2531768 | &nbsp;&nbsp; 5114171 |
| Kanzhun Ltd. ADR (Industrials, Professional services) | 1229798 | &nbsp;&nbsp; 27252324 |
| &nbsp;&nbsp; KE Holdings, Inc. ADR (Real estate, Real estate management & <br> development)<br>| 1120000 | &nbsp;&nbsp; 19096000 |
| &nbsp;&nbsp; Kingdee International Software Group Co. Ltd. (Information <br> technology, Software)†<br>| 14090000 | &nbsp;&nbsp; 26582340 |
| Li Auto, Inc. Class A (Consumer discretionary, Automobiles)† | 2136000 | &nbsp;&nbsp; 21922000 |
| &nbsp;&nbsp; Li Ning Co. Ltd. (Consumer discretionary, Textiles, apparel & <br> luxury goods)<br>| 8627707 | &nbsp;&nbsp; 18742006 |
| &nbsp;&nbsp; Meituan Class B (Consumer discretionary, Hotels, restaurants & <br> leisure)144A†<br>| 4894870 | &nbsp;&nbsp; 64252432 |
| SF Holding Co. Ltd. Class H (Industrials, Air freight & logistics) | 1800000 | &nbsp;&nbsp; 8353077 |
| &nbsp;&nbsp; Tencent Holdings Ltd. (Communication services, Interactive <br> media & services)<br>| 2874600 | &nbsp;&nbsp; 232689243 |
| &nbsp;&nbsp; Tencent Music Entertainment Group ADR (Communication <br> services, Entertainment)<br>| 1802402 | &nbsp;&nbsp; 40229613 |

---

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

2 \| Allspring Emerging Markets Equity Fund

------

Portfolio of investments—October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **China**(continued) |  |  |
| &nbsp;&nbsp; Trip.com Group Ltd. (Consumer discretionary, Hotels, restaurants <br> & leisure)<br>| 582682 | &nbsp;&nbsp; $40754859 |
| Tsingtao Brewery Co. Ltd. Class H (Consumer staples, Beverages) | 3698500 | &nbsp;&nbsp; 24988096 |
| &nbsp;&nbsp; Vipshop Holdings Ltd. ADR (Consumer discretionary, Broadline <br> retail)<br>| 908967 | &nbsp;&nbsp; 15897833 |
| &nbsp;&nbsp; Want Want China Holdings Ltd. (Consumer staples, Food <br> products)<br>| 44482800 | &nbsp;&nbsp; 28737175 |
| &nbsp;&nbsp; Xiaomi Corp. Class B (Information technology, Technology <br> hardware, storage & peripherals)144A†<br>| 2859700 | &nbsp;&nbsp; 15898365 |
| &nbsp;&nbsp; Zepp Health Corp. ADR (Information technology, Electronic <br> equipment, instruments & components)†<br>| 141882 | &nbsp;&nbsp; 5729195 |
|  |  | &nbsp;&nbsp; **782966144** |
| **Colombia: 0.53%** |  |  |
| Grupo Cibest SA (Financials, Banks) | 341100 | &nbsp;&nbsp; **19797444** |
| **Hong Kong: 2.48%** |  |  |
| AIA Group Ltd. (Financials, Insurance) | 5232700 | &nbsp;&nbsp; 50808143 |
| &nbsp;&nbsp; Sun Art Retail Group Ltd. (Consumer staples, Consumer staples <br> distribution & retail)<br>| 47955400 | &nbsp;&nbsp; 11664001 |
| WH Group Ltd. (Consumer staples, Food products)144A | 32188195 | &nbsp;&nbsp; 30901794 |
|  |  | &nbsp;&nbsp; **93373938** |
| **India: 16.33%** |  |  |
| &nbsp;&nbsp; ASK Automotive Ltd. (Consumer discretionary, Automobile <br> components)<br>| 2559155 | &nbsp;&nbsp; 13945858 |
| Axis Bank Ltd. (Financials, Banks) | 3171923 | &nbsp;&nbsp; 44049697 |
| Bajaj Finance Ltd. (Financials, Consumer finance) | 1482810 | &nbsp;&nbsp; 17418638 |
| &nbsp;&nbsp; Bharti Airtel Ltd. (Communication services, Wireless <br> telecommunication services)<br>| 4204052 | &nbsp;&nbsp; 97297547 |
| &nbsp;&nbsp; Eternal Ltd. (Consumer discretionary, Hotels, restaurants & <br> leisure)†<br>| 3235078 | &nbsp;&nbsp; 11579718 |
| &nbsp;&nbsp; Fortis Healthcare Ltd. (Health care, Health care providers & <br> services)<br>| 2716112 | &nbsp;&nbsp; 31302008 |
| HDFC Bank Ltd. (Financials, Banks) | 9050198 | &nbsp;&nbsp; 100654891 |
| Hexaware Technologies Ltd. (Information technology, IT services) | 1170834 | &nbsp;&nbsp; 9066351 |
| Infosys Ltd. (Information technology, IT services) | 869831 | &nbsp;&nbsp; 14524415 |
| ITC Ltd. (Consumer staples, Tobacco) | 10661374 | &nbsp;&nbsp; 50483783 |
| Kotak Mahindra Bank Ltd. (Financials, Banks) | 723182 | &nbsp;&nbsp; 17125738 |
| Nexus Select Trust (Real estate, Retail REITs) | 16942246 | &nbsp;&nbsp; 31105197 |
| &nbsp;&nbsp; NTPC Green Energy Ltd. (Utilities, Independent power and <br> renewable electricity producers)†<br>| 5555604 | &nbsp;&nbsp; 6454849 |
| Reliance Industries Ltd. (Energy, Oil, gas & consumable fuels) | 7144748 | &nbsp;&nbsp; 119632803 |
| SBI Life Insurance Co. Ltd. (Financials, Insurance)144A | 821261 | &nbsp;&nbsp; 18093022 |
| UltraTech Cement Ltd. (Materials, Construction materials) | 235820 | &nbsp;&nbsp; 31737094 |
|  |  | &nbsp;&nbsp; **614471609** |
| **Indonesia: 4.07%** |  |  |
| Astra International Tbk. PT (Industrials, Industrial conglomerates) | 80862600 | &nbsp;&nbsp; 29904088 |
| Bank Central Asia Tbk. PT (Financials, Banks) | 62589400 | &nbsp;&nbsp; 32085065 |

---

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

Allspring Emerging Markets Equity Fund \| 3

------

Portfolio of investments—October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Indonesia**(continued) |  |  |
| Bank Rakyat Indonesia Persero Tbk. PT (Financials, Banks) | 72292500 | &nbsp;&nbsp; $17301512 |
| &nbsp;&nbsp; Sumber Alfaria Trijaya Tbk. PT (Consumer staples, Consumer <br> staples distribution & retail)<br>| 48000000 | &nbsp;&nbsp; 5801564 |
| &nbsp;&nbsp; Telkom Indonesia Persero Tbk. PT (Communication services, <br> Diversified telecommunication services)<br>| 231500000 | &nbsp;&nbsp; 44685208 |
| &nbsp;&nbsp; Telkom Indonesia Persero Tbk. PT New York Stock Exchange ADR <br> (Communication services, Diversified telecommunication <br> services)<br>| 1197471 | &nbsp;&nbsp; 23458457 |
|  |  | &nbsp;&nbsp; **153235894** |
| **Luxembourg: 1.70%** |  |  |
| Allegro.eu SA (Consumer discretionary, Broadline retail)144A† | 1314716 | &nbsp;&nbsp; 12282074 |
| InPost SA (Industrials, Air freight & logistics)† | 2927437 | &nbsp;&nbsp; 36847470 |
| &nbsp;&nbsp; Zabka Group SA (Consumer staples, Consumer staples <br> distribution & retail)†<br>| 2579196 | &nbsp;&nbsp; 14980708 |
|  |  | &nbsp;&nbsp; **64110252** |
| **Mauritius: 0.71%** |  |  |
| &nbsp;&nbsp; MakeMyTrip Ltd. (Consumer discretionary, Hotels, restaurants & <br> leisure)†<br>| 334336 | &nbsp;&nbsp; **26746880** |
| **Mexico: 3.38%** |  |  |
| &nbsp;&nbsp; America Movil SAB de CV ADR (Communication services, Wireless <br> telecommunication services)<br>| 1292980 | &nbsp;&nbsp; 29441155 |
| Becle SAB de CV (Consumer staples, Beverages) | 10441483 | &nbsp;&nbsp; 12825290 |
| Cemex SAB de CV ADR (Materials, Construction materials) | 1611638 | &nbsp;&nbsp; 16358126 |
| Fibra Uno Administracion SA de CV (Real estate, Diversified REITs) | 8954292 | &nbsp;&nbsp; 13046946 |
| &nbsp;&nbsp; Fomento Economico Mexicano SAB de CV ADR (Consumer <br> staples, Beverages)<br>| 312412 | &nbsp;&nbsp; 29479196 |
| Grupo Financiero Banorte SAB de CV Class O (Financials, Banks) | 1323566 | &nbsp;&nbsp; 12425284 |
| &nbsp;&nbsp; Wal-Mart de Mexico SAB de CV (Consumer staples, Consumer <br> staples distribution & retail)<br>| 4069400 | &nbsp;&nbsp; 13470845 |
|  |  | &nbsp;&nbsp; **127046842** |
| **Peru: 0.28%** |  |  |
| Credicorp Ltd. (Financials, Banks) | 40711 | &nbsp;&nbsp; **10625571** |
| **Philippines: 0.53%** |  |  |
| Ayala Corp. (Industrials, Industrial conglomerates) | 837624 | &nbsp;&nbsp; 6661139 |
| &nbsp;&nbsp; San Miguel Food & Beverage, Inc. (Consumer staples, Food <br> products)<br>| 3495810 | &nbsp;&nbsp; 3085936 |
| SM Investments Corp. (Industrials, Industrial conglomerates) | 812873 | &nbsp;&nbsp; 10069404 |
|  |  | &nbsp;&nbsp; **19816479** |
| **Russia: 0.00%** |  |  |
| &nbsp;&nbsp; Ozon Holdings PLC ADR (Acquired 11-24-2020, cost $2,412,000) <br> (Consumer discretionary, Broadline retail)♦‡†˃«<br>| 80400 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Sberbank of Russia PJSC (Acquired 8-18-2011, cost $17,232,150) <br> (Financials, Banks)♦†˃<br>| 6000456 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; **0** |

---

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

4 \| Allspring Emerging Markets Equity Fund

------

Portfolio of investments—October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Saudi Arabia: 0.41%** |  |  |
| Saudi Arabian Oil Co. (Energy, Oil, gas & consumable fuels)144A | 2255150 | &nbsp;&nbsp; **$15581939** |
| **Singapore: 2.11%** |  |  |
| Grab Holdings Ltd. Class A (Industrials, Ground transportation)† | 8426062 | &nbsp;&nbsp; 50640633 |
| Sea Ltd. ADR (Consumer discretionary, Broadline retail)† | 182740 | &nbsp;&nbsp; 28553125 |
|  |  | &nbsp;&nbsp; **79193758** |
| **South Africa: 3.25%** |  |  |
| &nbsp;&nbsp; MTN Group Ltd. (Communication services, Wireless <br> telecommunication services)<br>| 3909141 | &nbsp;&nbsp; 38991075 |
| &nbsp;&nbsp; Shoprite Holdings Ltd. (Consumer staples, Consumer staples <br> distribution & retail)<br>| 3311500 | &nbsp;&nbsp; 55400177 |
| Standard Bank Group Ltd. (Financials, Banks) | 1907090 | &nbsp;&nbsp; 28001086 |
|  |  | &nbsp;&nbsp; **122392338** |
| **South Korea: 15.30%** |  |  |
| &nbsp;&nbsp; KT Corp. ADR (Communication services, Diversified <br> telecommunication services)<br>| 2544713 | &nbsp;&nbsp; 47204426 |
| KT&G Corp. (Consumer staples, Tobacco) | 271091 | &nbsp;&nbsp; 25534594 |
| LG Chem Ltd. (Materials, Chemicals) | 86809 | &nbsp;&nbsp; 24219391 |
| &nbsp;&nbsp; NAVER Corp. (Communication services, Interactive media & <br> services)<br>| 272000 | &nbsp;&nbsp; 51068608 |
| &nbsp;&nbsp; Samsung Electronics Co. Ltd. (Information technology, <br> Technology hardware, storage & peripherals)<br>| 2872046 | &nbsp;&nbsp; 216701137 |
| Samsung Life Insurance Co. Ltd. (Financials, Insurance) | 172161 | &nbsp;&nbsp; 18644985 |
| &nbsp;&nbsp; Samsung SDI Co. Ltd. (Information technology, Electronic <br> equipment, instruments & components)<br>| 62064 | &nbsp;&nbsp; 14026747 |
| &nbsp;&nbsp; SK Hynix, Inc. (Information technology, Semiconductors & <br> semiconductor equipment)<br>| 394467 | &nbsp;&nbsp; 154768944 |
| &nbsp;&nbsp; SK Telecom Co. Ltd. (Communication services, Wireless <br> telecommunication services)<br>| 466000 | &nbsp;&nbsp; 17106019 |
| &nbsp;&nbsp; SK Telecom Co. Ltd. New York Stock Exchange ADR <br> (Communication services, Wireless telecommunication <br> services)<br>| 330000 | &nbsp;&nbsp; 6669300 |
|  |  | &nbsp;&nbsp; **575944151** |
| **Taiwan: 16.81%** |  |  |
| 104 Corp. (Industrials, Professional services) | 1655000 | &nbsp;&nbsp; 12059464 |
| &nbsp;&nbsp; Delta Electronics, Inc. (Information technology, Electronic <br> equipment, instruments & components)<br>| 1045000 | &nbsp;&nbsp; 33823721 |
| &nbsp;&nbsp; MediaTek, Inc. (Information technology, Semiconductors & <br> semiconductor equipment)<br>| 1296881 | &nbsp;&nbsp; 55265415 |
| &nbsp;&nbsp; President Chain Store Corp. (Consumer staples, Consumer staples <br> distribution & retail)<br>| 2011000 | &nbsp;&nbsp; 15602079 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Information <br> technology, Semiconductors & semiconductor equipment)<br>| 7755224 | &nbsp;&nbsp; 378414365 |

---

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

Allspring Emerging Markets Equity Fund \| 5

------

Portfolio of investments—October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Taiwan**(continued) |  |  |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Information <br> technology, Semiconductors & semiconductor equipment)<br>| 369052 | &nbsp;&nbsp; $110874292 |
| &nbsp;&nbsp; Uni-President Enterprises Corp. (Consumer staples, Food <br> products)<br>| 10441368 | &nbsp;&nbsp; 26730935 |
|  |  | &nbsp;&nbsp; **632770271** |
| **Thailand: 2.53%** |  |  |
| &nbsp;&nbsp; Bangkok Dusit Medical Services PCL Class F (Health care, Health <br> care providers & services)<br>| 27200000 | &nbsp;&nbsp; 15898562 |
| &nbsp;&nbsp; PTT Exploration & Production PCL (Energy, Oil, gas & consumable <br> fuels)<br>| 2822639 | &nbsp;&nbsp; 9340417 |
| PTT PCL (Energy, Oil, gas & consumable fuels) | 20756300 | &nbsp;&nbsp; 19578387 |
| SCB X PCL (Financials, Banks) | 4689500 | &nbsp;&nbsp; 18998747 |
| Thai Beverage PCL (Consumer staples, Beverages) | 84927000 | &nbsp;&nbsp; 31319115 |
|  |  | &nbsp;&nbsp; **95135228** |
| **United Arab Emirates: 0.53%** |  |  |
| &nbsp;&nbsp; Americana Restaurants International PLC (Consumer <br> discretionary, Hotels, restaurants & leisure)<br>| 14709454 | &nbsp;&nbsp; 8708081 |
| &nbsp;&nbsp; Talabat Holding PLC (Consumer discretionary, Hotels, restaurants <br> & leisure)<br>| 43475387 | &nbsp;&nbsp; 11339501 |
|  |  | &nbsp;&nbsp; **20047582** |
| **United States: 1.27%** |  |  |
| MercadoLibre, Inc. (Consumer discretionary, Broadline retail)† | 10337 | &nbsp;&nbsp; 24056887 |
| Southern Copper Corp. (Materials, Metals & mining) | 170423 | &nbsp;&nbsp; 23654712 |
|  |  | &nbsp;&nbsp; **47711599** |
| **Total common stocks (Cost $1,919,967,902)** |  | &nbsp;&nbsp; **3710905779** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal |  |
| **Convertible debentures: 0.00%** |  |  |  |  |
| **Brazil: 0.00%** |  |  |  |  |
| Lupatech SA Series 1 (Energy, Oil & gas services)♦† | 6.50<br> %<br>| &nbsp;&nbsp; 4-15-2049 | $303000 | &nbsp;&nbsp; **0** |
| **Total convertible debentures (Cost $160,691)** |  |  |  | &nbsp;&nbsp; **0** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Dividend <br>rate<br>| Shares |  |
| **Preferred stocks: 0.81%** |  |  |  |
| **Brazil: 0.81%** |  |  |  |
| Gerdau SA (Materials, Metals & mining) | 0.02 | 3800900 | &nbsp;&nbsp; 13380988 |
| Itau Unibanco Holding SA (Financials, Banks) | 0.00 | 1257100 | &nbsp;&nbsp; 9215703 |
| Petroleo Brasileiro SA (Energy, Oil, gas & consumable fuels) | 0.04 | 1403200 | &nbsp;&nbsp; 7759403 |
| **Total preferred stocks (Cost $28,048,374)** |  |  | &nbsp;&nbsp; **30356094** |

---

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

6 \| Allspring Emerging Markets Equity Fund

------

Portfolio of investments—October 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 1.61%** |  |  |  |  |
| **Investment companies: 1.61%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.06<br> %<br>| 60669542 | &nbsp;&nbsp; **$60669542** |
| **Total short-term investments (Cost $60,669,542)** |  |  |  | &nbsp;&nbsp; **60669542** |
| **Total investments in securities (Cost $2,008,846,509)** | 101.02<br> %<br>|  |  | &nbsp;&nbsp; 3801931415 |
| Other assets and liabilities, net | (1.02)<br>|  |  | &nbsp;&nbsp; (38237990)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$3763693425** |

---

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

---

| | |
|:---|:---|
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| † | Non-income-earning security |
| ♦ | The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| ‡ | Security is valued using significant unobservable inputs. |
| ˃ | Restricted security as to resale, excluding Rule 144A securities. The Fund held restricted securities with an aggregate current value of $0 (an aggregate original <br> cost of $19,644,150), representing 0.00% of its net assets as of period end.<br>|
| « | This security is on loan pending return from the lending agent. |
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |

---

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

Abbreviations: <br> ADR American depositary receipt <br> REIT Real estate investment trust

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

Allspring Emerging Markets Equity Fund \| 7

------

Portfolio of investments—October 31, 2025

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund <br> Select Class<br>| $53915664 | $704000658 | $(697246780)<br>| $0 | $0 | $60669542 | 60669542 | $2233000 |

---

Transactions with issuers that were no longer affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Common stocks** |  |  |  |  |  |  |  |  |
| Zepp Health Corp. ADR† | $1957529 | $0 | $(11923167)<br>| $(7970780)<br>| $23665613 | $5729195 | 141882 | $0 |

---

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

<sup>†</sup> Non-income-earning security

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

8 \| Allspring Emerging Markets Equity Fund

------

Statement of assets and liabilities—October 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $1,948,176,967) | $3741261873 |
| Investments in affiliated securities, at value (cost $60,669,542) | 60669542 |
| Cash | 4816 |
| Cash collateral for securities on loan | 1386647 |
| Foreign currency, at value (cost $4,238,245) | 3171029 |
| Receivable for investments sold | 5301830 |
| Receivable for Fund shares sold | 2672921 |
| Receivable for dividends | 2661605 |
| Prepaid expenses and other assets | 72283 |
| **Total assets** | **3817202546** |
| Liabilities |  |
| Contingent tax liability | 43078278 |
| Management fee payable | 3116120 |
| Payable for Fund shares redeemed | 3067392 |
| Payable for investments purchased | 2099782 |
| Payable upon receipt of securities loaned | 1388646 |
| Administration fees payable | 399943 |
| Shareholder servicing fees payable | 40353 |
| Distribution fee payable | 1507 |
| Accrued expenses and other liabilities | 317100 |
| **Total liabilities** | **53509121** |
| **Total net assets**  | **$3763693425** |
| Net assets consist of |  |
| Paid-in capital | $2215953571 |
| Total distributable earnings | 1547739854 |
| **Total net assets** | **$3763693425** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $179529250 |
| Shares outstanding–Class A<sup>1</sup> <br>| 5290276 |
| Net asset value per share–Class A | $33.94 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $36.01 |
| Net assets–Class C | $2194018 |
| Shares outstanding–Class C<sup>1</sup> <br>| 78306 |
| Net asset value per share–Class C | $28.02 |
| Net assets–Class R6 | $522876372 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 14778206 |
| Net asset value per share–Class R6 | $35.38 |
| Net assets–Institutional Class | $3059093785 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 86489363 |
| Net asset value per share–Institutional Class | $35.37 |

---

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

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

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

Allspring Emerging Markets Equity Fund \| 9

------

Statement of operations—year ended October 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $11,114,465) | $84687778 |
| Income from affiliated securities | 2233000 |
| Interest (net of foreign withholding taxes of $14,872) | 420796 |
| **Total investment income** | **87341574** |
| Expenses |  |
| Management fee | 36998909 |
| Administration fees |  |
| Class A | 293215 |
| Class C | 5031 |
| Class R6 | 136768 |
| Administrator Class | 33928 <br><sup>1</sup><br>|
| Institutional Class | 3891277 |
| Shareholder servicing fees |  |
| Class A | 366518 |
| Class C | 6266 |
| Administrator Class | 64882 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 18775 |
| Custody and accounting fees | 1208198 |
| Professional fees | 107070 |
| Registration fees | 155002 |
| Shareholder report expenses | 499365 |
| Trustees' fees and expenses | 38045 |
| Interest expense | 2465 |
| Other fees and expenses | 136928 |
| **Total expenses** | **43962642** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (3266273)<br>|
| Class A | (33079)<br>|
| Class C | (2)<br>|
| Class R6 | (45673)<br>|
| Institutional Class | (299197)<br>|
| **Net expenses** | **40318418** |
| **Net investment income** | **47023156** |

---

<sup>1</sup> For the period from November 1, 2024 to September 12, 2025. Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

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

10 \| Allspring Emerging Markets Equity Fund

------

Statement of operations—year ended October 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities (net of foreign capital gains tax of $5,284,885) | $284496357 |
| Foreign currency and foreign currency translations | (737733)<br>|
| **Net realized gains on investments**  | **283758624** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities (net of deferred foreign capital gains tax of $7,735,794) | 620104960 |
| Foreign currency and foreign currency translations | 87954 |
| **Net change in unrealized gains (losses) on investments** | **620192914** |
| **Net realized and unrealized gains (losses) on investments** | **903951538** |
| **Net increase in net assets resulting from operations** | **$950974694** |

---

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

Allspring Emerging Markets Equity Fund \| 11

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> October 31, 2025 | Year ended<br> October 31, 2025 | Year ended<br> October 31, 2024 | Year ended<br> October 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $47023156 |  | &nbsp;&nbsp; $51182529 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 283758624 |  | &nbsp;&nbsp; (30741376)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 620192914 |  | &nbsp;&nbsp; 741182906 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **950974694** |  | &nbsp;&nbsp; **761624059** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (1366790)<br>|  | &nbsp;&nbsp; (1408280)<br>|
| Class C |  | &nbsp;&nbsp; (8642)<br>|  | &nbsp;&nbsp; 0 |
| Class R6 |  | &nbsp;&nbsp; (6177753)<br>|  | &nbsp;&nbsp; (5834546)<br>|
| Administrator Class |  | &nbsp;&nbsp; (308345 )<sup>1</sup><br>|  | &nbsp;&nbsp; (383267)<br>|
| Institutional Class |  | &nbsp;&nbsp; (41020869)<br>|  | &nbsp;&nbsp; (41698111)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(48882399)**<br>|  | &nbsp;&nbsp; **(49324204)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 843206 | &nbsp;&nbsp; 24369459 | &nbsp;&nbsp; 331203 | &nbsp;&nbsp; 8212099 |
| Class C | 6607 | &nbsp;&nbsp; 152384 | &nbsp;&nbsp; 5179 | &nbsp;&nbsp; 107262 |
| Class R6 | 2967651 | &nbsp;&nbsp; 87157470 | &nbsp;&nbsp; 5027588 | &nbsp;&nbsp; 129085596 |
| Administrator Class | 96738 <br><sup>1</sup><br>| &nbsp;&nbsp; 2762866 <br><sup>1</sup><br>| &nbsp;&nbsp; 276602 | &nbsp;&nbsp; 7270905 |
| Institutional Class | 14246630 | &nbsp;&nbsp; 407591230 | &nbsp;&nbsp; 23495406 | &nbsp;&nbsp; 599920307 |
|  |  | &nbsp;&nbsp; 522033409 |  | &nbsp;&nbsp; 744596169 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 49279 | &nbsp;&nbsp; 1239401 | &nbsp;&nbsp; 54473 | &nbsp;&nbsp; 1286646 |
| Class C | 413 | &nbsp;&nbsp; 8633 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Class R6 | 203205 | &nbsp;&nbsp; 5309754 | &nbsp;&nbsp; 199691 | &nbsp;&nbsp; 4900420 |
| Administrator Class | 11430 <br><sup>1</sup><br>| &nbsp;&nbsp; 304610 <br><sup>1</sup><br>| &nbsp;&nbsp; 15147 | &nbsp;&nbsp; 378820 |
| Institutional Class | 1559952 | &nbsp;&nbsp; 40792743 | &nbsp;&nbsp; 1686203 | &nbsp;&nbsp; 41396277 |
|  |  | &nbsp;&nbsp; 47655141 |  | &nbsp;&nbsp; 47962163 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (1040990)<br>| &nbsp;&nbsp; (28633981)<br>| &nbsp;&nbsp; (1336519)<br>| &nbsp;&nbsp; (33118669)<br>|
| Class C | (68867)<br>| &nbsp;&nbsp; (1591507)<br>| &nbsp;&nbsp; (106557)<br>| &nbsp;&nbsp; (2162475)<br>|
| Class R6 | (5281201)<br>| &nbsp;&nbsp; (151506834)<br>| &nbsp;&nbsp; (4561879)<br>| &nbsp;&nbsp; (119164519)<br>|
| Administrator Class | (465731 )<sup>1</sup><br>| &nbsp;&nbsp; (14116660 )<sup>1</sup><br>| &nbsp;&nbsp; (699376)<br>| &nbsp;&nbsp; (18545707)<br>|
| Institutional Class | (48274285)<br>| &nbsp;&nbsp; (1395201939)<br>| &nbsp;&nbsp; (39187004)<br>| &nbsp;&nbsp; (1025688092)<br>|
|  |  | &nbsp;&nbsp; (1591050921)<br>|  | &nbsp;&nbsp; (1198679462)<br>|

---

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

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

12 \| Allspring Emerging Markets Equity Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended<br> October 31, 2025 | Year ended<br> October 31, 2024 | Year ended<br> October 31, 2024 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Administrator Class<br>(786791 )<sup>2</sup><br>| &nbsp;&nbsp; $(26717000 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Institutional Class<br>800485 <br><sup>2</sup><br>| &nbsp;&nbsp; 26717000 <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; **(1021362371)**<br>|  | &nbsp;&nbsp; **(406121130)**<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; **(119270076)**<br>|  | &nbsp;&nbsp; **306178725** |
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **3882963501** |  | &nbsp;&nbsp; **3576784776** |
| **End of period** | &nbsp;&nbsp; **$3763693425** |  | &nbsp;&nbsp; **$3882963501** |

---

<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 Markets Equity Fund \| 13

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$26.33** | &nbsp;&nbsp; **$21.96** | &nbsp;&nbsp; **$20.18** | &nbsp;&nbsp; **$30.11** | &nbsp;&nbsp; **$27.39** |
| Net investment income (loss) | 0.28 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.18 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.07 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 7.59 | 4.35 | 1.70 | &nbsp;&nbsp; (10.04)<br>| 2.81 |
| Total from investment operations | 7.87 | 4.59 | 1.96 | &nbsp;&nbsp; (9.86)<br>| 2.74 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.26)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.02)<br>|
| **Net asset value, end of period** | **$33.94** | &nbsp;&nbsp; **$26.33** | &nbsp;&nbsp; **$21.96** | &nbsp;&nbsp; **$20.18** | &nbsp;&nbsp; **$30.11** |
| **Total return**<sup>2</sup> <br>| **30.25%**<br>| **21.04%**<br>| **9.67%**<br>| &nbsp;&nbsp; **(32.82)%**<br>| **10.00%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.53<br> %<br>| 1.52<br> %<br>| 1.57<br> %<br>| 1.54<br> %<br>| 1.48<br> %<br>|
| Net expenses | 1.42<br> %<br>| 1.42<br> %<br>| 1.42<br> %<br>| 1.43<br> %<br>| 1.46<br> %<br>|
| Net investment income (loss) | 0.99<br> %<br>| 0.98<br> %<br>| 1.12<br> %<br>| 0.69<br> %<br>| &nbsp;&nbsp; (0.21)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 9<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 9<br> %<br>|
| Net assets, end of period (000s omitted) | $179529 | &nbsp;&nbsp; $143196 | &nbsp;&nbsp; $140306 | &nbsp;&nbsp; $139997 | &nbsp;&nbsp; $232735 |

---

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

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

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

14 \| Allspring Emerging Markets Equity Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$21.75** | &nbsp;&nbsp; **$18.10** | &nbsp;&nbsp; **$16.64** | &nbsp;&nbsp; **$24.95** | &nbsp;&nbsp; **$22.86** |
| Net investment income (loss) | 0.05 <br><sup>1</sup><br>| 0.04 <br><sup>1</sup><br>| 0.07 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.02 )<sup>1</sup><br>| &nbsp;&nbsp; (0.27 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 6.29 | 3.61 | 1.39 | &nbsp;&nbsp; (8.29)<br>| 2.36 |
| Total from investment operations | 6.34 | 3.65 | 1.46 | &nbsp;&nbsp; (8.31)<br>| 2.09 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.07)<br>| 0.00 | 0.00 | 0.00 | 0.00 |
| **Net asset value, end of period** | **$28.02** | &nbsp;&nbsp; **$21.75** | &nbsp;&nbsp; **$18.10** | &nbsp;&nbsp; **$16.64** | &nbsp;&nbsp; **$24.95** |
| **Total return**<sup>2</sup> <br>| **29.23%**<br>| **20.17%**<br>| **8.77%**<br>| &nbsp;&nbsp; **(33.31)%**<br>| **9.14%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 2.27<br> %<br>| 2.26<br> %<br>| 2.32<br> %<br>| 2.28<br> %<br>| 2.23<br> %<br>|
| Net expenses | 2.18<br> %<br>| 2.18<br> %<br>| 2.19<br> %<br>| 2.19<br> %<br>| 2.22<br> %<br>|
| Net investment income (loss) | 0.22<br> %<br>| 0.20<br> %<br>| 0.34<br> %<br>| &nbsp;&nbsp; (0.11)%<br>| &nbsp;&nbsp; (0.98)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 9<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 9<br> %<br>|
| Net assets, end of period (000s omitted) | $2194 | &nbsp;&nbsp; $3048 | &nbsp;&nbsp; $4373 | &nbsp;&nbsp; $5558 | &nbsp;&nbsp; $12260 |

---

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

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

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

Allspring Emerging Markets Equity Fund \| 15

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class R6 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$27.44** | &nbsp;&nbsp; **$22.89** | &nbsp;&nbsp; **$21.06** | &nbsp;&nbsp; **$31.45** | &nbsp;&nbsp; **$28.59** |
| Net investment income | 0.41 <br><sup>1</sup><br>| 0.36 <br><sup>1</sup><br>| 0.37 <br><sup>1</sup><br>| 0.30 <br><sup>1</sup><br>| 0.08 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 7.90 | 4.53 | 1.76 | &nbsp;&nbsp; (10.47)<br>| 2.92 |
| Total from investment operations | 8.31 | 4.89 | 2.13 | &nbsp;&nbsp; (10.17)<br>| 3.00 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.37)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Net asset value, end of period** | **$35.38** | &nbsp;&nbsp; **$27.44** | &nbsp;&nbsp; **$22.89** | &nbsp;&nbsp; **$21.06** | &nbsp;&nbsp; **$31.45** |
| **Total return**<sup>2</sup> <br>| **30.78%**<br>| **21.55%**<br>| **10.09%**<br>| &nbsp;&nbsp; **(32.53)%**<br>| **10.47%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.11<br> %<br>| 1.10<br> %<br>| 1.15<br> %<br>| 1.11<br> %<br>| 1.05<br> %<br>|
| Net expenses | 1.01<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>| 1.04<br> %<br>|
| Net investment income | 1.40<br> %<br>| 1.39<br> %<br>| 1.54<br> %<br>| 1.13<br> %<br>| 0.23<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 9<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 9<br> %<br>|
| Net assets, end of period (000s omitted) | $522876 | &nbsp;&nbsp; $463455 | &nbsp;&nbsp; $371408 | &nbsp;&nbsp; $368845 | &nbsp;&nbsp; $536456 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

16 \| Allspring Emerging Markets Equity Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$27.43** | &nbsp;&nbsp; **$22.89** | &nbsp;&nbsp; **$21.05** | &nbsp;&nbsp; **$31.42** | &nbsp;&nbsp; **$28.57** |
| Net investment income | 0.38 <br><sup>1</sup><br>| 0.34 <br><sup>1</sup><br>| 0.35 <br><sup>1</sup><br>| 0.27 <br><sup>1</sup><br>| 0.04 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 7.91 | 4.52 | 1.76 | &nbsp;&nbsp; (10.45)<br>| 2.92 |
| Total from investment operations | 8.29 | 4.86 | 2.11 | &nbsp;&nbsp; (10.18)<br>| 2.96 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.35)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.11)<br>|
| **Net asset value, end of period** | **$35.37** | &nbsp;&nbsp; **$27.43** | &nbsp;&nbsp; **$22.89** | &nbsp;&nbsp; **$21.05** | &nbsp;&nbsp; **$31.42** |
| **Total return**<sup>2</sup> <br>| **30.66%**<br>| **21.38%**<br>| **10.01%**<br>| &nbsp;&nbsp; **(32.60)%**<br>| **10.39%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.21<br> %<br>| 1.20<br> %<br>| 1.25<br> %<br>| 1.21<br> %<br>| 1.15<br> %<br>|
| Net expenses | 1.11<br> %<br>| 1.11<br> %<br>| 1.11<br> %<br>| 1.11<br> %<br>| 1.14<br> %<br>|
| Net investment income | 1.30<br> %<br>| 1.31<br> %<br>| 1.43<br> %<br>| 1.03<br> %<br>| 0.12<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 9<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 9<br> %<br>|
| Net assets, end of period (000s omitted) | $3059094 | &nbsp;&nbsp; $3241343 | &nbsp;&nbsp; $3024598 | &nbsp;&nbsp; $2969992 | &nbsp;&nbsp; $5334340 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring Emerging Markets Equity Fund \| 17

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services* – *Investment Companies*. These financial statements report on the Allspring Emerging Markets Equity Fund (the "Fund") which is a diversified series of the Trust.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On October 31, 2025, such fair value pricing was used in pricing certain foreign securities.

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

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

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

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair

18 \| Allspring Emerging Markets Equity Fund

------

Notes to financial statements

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.

Securities lending

The Fund, along with other Allspring Funds, participated through March 29, 2023, the termination date, in a securities lending program (the "Program") for Allspring Funds. The Fund received cash collateral in connection with its securities lending transactions, which collateral was invested in Securities Lending Cash Investments, LLC, an affiliated non-registered investment company, which was liquidated upon termination of the Program. Effective at the close of business on March 29, 2023, the Fund has one unsettled loan which is fully collateralized by cash and will continue to hold the cash collateral until the security is returned to the Fund.

Income earned from investment (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of operations.

Forward foreign currency contracts

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date.

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

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

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

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

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 for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Allspring Emerging Markets Equity Fund \| 19

------

Notes to financial statements

As of October 31, 2025, the aggregate cost of all investments for federal income tax purposes was $2,114,861,410 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $1879684121 |
| Gross unrealized losses | &nbsp;&nbsp; (192614116)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$1687070005** |

---

Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. GAAP require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassification is due to foreign capital gains. At October 31, 2025, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of assets and liabilities:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Paid-in <br>capital<br>| Total distributable <br>earnings<br>|
| &nbsp;&nbsp;&nbsp; $1605813 | &nbsp;&nbsp; $(1605813)<br>|

---

As of October 31, 2025, the Fund had capital loss carryforwards which consist of $89,259,868 in short-term capital losses and $117,818,172 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

20 \| Allspring Emerging Markets Equity Fund

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Notes to financial statements

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of 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** |  |  |  |  |
| *Brazil* | &nbsp;&nbsp; $148506531 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $148506531 |
| *Chile* | &nbsp;&nbsp; 61431329 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 61431329 |
| *China* | &nbsp;&nbsp; 782966144 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 782966144 |
| *Colombia* | &nbsp;&nbsp; 19797444 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 19797444 |
| *Hong Kong* | &nbsp;&nbsp; 93373938 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 93373938 |
| *India* | &nbsp;&nbsp; 614471609 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 614471609 |
| *Indonesia* | &nbsp;&nbsp; 153235894 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 153235894 |
| *Luxembourg* | &nbsp;&nbsp; 64110252 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 64110252 |
| *Mauritius* | &nbsp;&nbsp; 26746880 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 26746880 |
| *Mexico* | &nbsp;&nbsp; 127046842 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 127046842 |
| *Peru* | &nbsp;&nbsp; 10625571 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 10625571 |
| *Philippines* | &nbsp;&nbsp; 19816479 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 19816479 |
| *Russia* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| *Saudi Arabia* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 15581939 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 15581939 |
| *Singapore* | &nbsp;&nbsp; 79193758 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 79193758 |
| *South Africa* | &nbsp;&nbsp; 122392338 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 122392338 |
| *South Korea* | &nbsp;&nbsp; 575944151 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 575944151 |
| *Taiwan* | &nbsp;&nbsp; 632770271 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 632770271 |
| *Thailand* | &nbsp;&nbsp; 95135228 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 95135228 |
| *United Arab Emirates* | &nbsp;&nbsp; 11339501 | &nbsp;&nbsp;&nbsp; 8708081 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 20047582 |
| *United States* | &nbsp;&nbsp; 47711599 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 47711599 |
| **Convertible debentures** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| **Preferred stocks** |  |  |  |  |
| *Brazil* | &nbsp;&nbsp; 30356094 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 30356094 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 60669542 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 60669542 |
| **Total assets** | &nbsp;&nbsp; **$3777641395** | &nbsp;&nbsp;&nbsp; **$24290020** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$3801931415** |

---

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 | 1.050<br> %<br>|
| Next $1 billion | 1.025 |
| Next $2 billion | 1.000 |
| Next $1 billion | 0.975 |
| Next $3 billion | 0.965 |
| Next $2 billion | 0.955 |
| Over $10 billion | 0.945 |

---

For the year ended October 31, 2025, the management fee was equivalent to an annual rate of 1.02% of the Fund's average daily net assets.

Allspring Emerging Markets Equity Fund \| 21

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Notes to financial statements

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

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| 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 February 28, 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 | 1.43<br> %<br>|
| Class C | 2.18 |
| Class R6 | 1.01 |
| Institutional Class | 1.11 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended October 31, 2025, Allspring Funds Distributor received $1,977 from the sale of Class A shares and $6 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended 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 year 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 year ended October 31, 2025 were $322,782,267 and $1,361,378,894, respectively.

22 \| Allspring Emerging Markets Equity Fund

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Notes to financial statements

&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.

During the year ended October 31, 2025, the Fund had average borrowings outstanding of $43,562 at an average rate of 5.66% and paid interest in the amount of $2,465. The maximum amount borrowed during the year ended October 31, 2025 was $5,300,000.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $48882399 | $49324204 |

---

As of October 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Unrealized <br>gains<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $70432211 | &nbsp;&nbsp; $1684388964 | &nbsp;&nbsp;&nbsp; $(207078040)<br>|

---

8. CONCENTRATION RISKS

As of the end of the period, the Fund concentrated its portfolio of investments in information technology sector and in Asia/Pacific ex-Japan. A fund that invests a substantial portion of its assets in any sector or geographic region may be more affected by changes in that sector or geographic region than would be a fund whose investments are not heavily weighted in any sector or geographic region.

9. MARKET RISKS

Russia launched a large-scale invasion of Ukraine on February 24, 2022. As a result of this military action, the United States and many other countries have instituted various economic sanctions against Russian and Belarus individuals and entities. The extent and duration of the military action, resulting sanctions imposed, other punitive action taken and the resulting market disruptions cannot be easily predicted. As of October 31, 2025, the Fund held 0.00% of its total net assets in Russian securities with unrealized losses in the amount of $19,644,150.

10. INDEMNIFICATION

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

11. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

Allspring Emerging Markets Equity Fund \| 23

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Notes to financial statements

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

12. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU 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.

13. CLASS CONVERSION

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on 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.

24 \| Allspring Emerging Markets Equity Fund

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Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Emerging Markets Equity Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, transfer agent and brokers, or by other appropriate audit procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g15564imgddf5204f2.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

December 22, 2025

Allspring Emerging Markets Equity Fund \| 25

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Other information (unaudited)

Other information

Tax information

Pursuant to Section 854 of the Internal Revenue Code, $47,021,700 of income dividends paid during the fiscal year ended October 31, 2025 has been designated as qualified dividend income (QDI).

For the fiscal year ended October 31, 2025, $2,804,473 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended October 31, 2025. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Creditable <br>foreign taxes <br>paid<br>| Per share <br>amount<br>| &nbsp;&nbsp;&nbsp; Foreign <br>income as % of <br>ordinary income <br>distributions<br>|
| &nbsp;&nbsp;&nbsp; $14705009 | &nbsp;&nbsp; $0.1379 | &nbsp;&nbsp;&nbsp;&nbsp; 99.46<br> %<br>|

---

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

26 \| Allspring Emerging Markets Equity 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 Emerging Markets Equity Fund \| 27

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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 Emerging Markets Equity Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

28 \| Allspring Emerging Markets Equity Fund

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was in range of the average investment performance of the Universe for the three- and ten-year periods under review, and lower than the average investment performance of the Universe for the one- and five-year periods under review. The Board also noted that the investment performance of the Fund was lower than the investment performance of its benchmark index, the MSCI Emerging Markets Index (Net) (USD), for all periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund's investment performance. The Board noted that it had previously been notified of a change in the portfolio managers of the Fund, which had been implemented in September 2021, and that the investment performance of the Fund for most of the periods covered did not reflect the investment performance of the Fund's new portfolio managers. The Board noted that it would continue to review the Fund's investment performance going forward to monitor implementation of the new portfolio managers.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were equal to or in range of the median net operating expense ratios of the expense Groups for Class A, Institutional Class and Class R6, and higher than the median net operating expense ratios of the expense Groups for Administrator Class.

It was noted that the Board had approved a proposal to convert Administrator Class shares into Institutional Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of the average rates for the expense Groups for Class R6, and higher than the sum of the average rates for the expense Groups for Class A, Administrator Class and Institutional Class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Allspring Emerging Markets Equity Fund \| 29

------

Other information (unaudited)

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

30 \| Allspring Emerging Markets Equity Fund

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![](g15564img6f3ac5201.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**

![](g15564img1b135a4e3.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.**

**NCSR0663 10-25**

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![](g15564img860ab3251.jpg)

Allspring International Equity Fund

Long Form Financial Statements

Annual Report

October 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_48f57036-9aeb-4bdc-a424-971343dabe0b_POI-PageBlank-90_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_48f57036-9aeb-4bdc-a424-971343dabe0b_FS-PageBlank-90_1)** |  |
| [Statement of assets and liabilities](#xx_48f57036-9aeb-4bdc-a424-971343dabe0b_FS-PageBlank-90_1) | 5 |
| [Statement of operations](#xx_48f57036-9aeb-4bdc-a424-971343dabe0b_FS-PageBlank-90_2) | 6 |
| [Statement of changes in net assets](#xx_48f57036-9aeb-4bdc-a424-971343dabe0b_FS-PageBlank-90_4) | 8 |
| [Financial highlights](#xx_48f57036-9aeb-4bdc-a424-971343dabe0b_FIHI-PageBlank-90_1) | 10 |
| **[Notes to financial statements](#xx_48f57036-9aeb-4bdc-a424-971343dabe0b_NTF-PageBlank-90_1)** | 14 |
| **[Report of independent registered public accounting firm](#xx_48f57036-9aeb-4bdc-a424-971343dabe0b_AUD-PageBlank-90_1)** | 20 |
| **[Other information](#xx_48f57036-9aeb-4bdc-a424-971343dabe0b_OI-PageBlank-90_1)** | 21 |
| [Item 8. Changes in and disagreements with accountants](#xx_48f57036-9aeb-4bdc-a424-971343dabe0b_OI-PageBlank-90_2) | 22 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_48f57036-9aeb-4bdc-a424-971343dabe0b_OI-PageBlank-90_2) | 22 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_48f57036-9aeb-4bdc-a424-971343dabe0b_OI-PageBlank-90_2) | 22 |
| [Item 11. Statement regarding basis for board](#xx_48f57036-9aeb-4bdc-a424-971343dabe0b_OI-PageBlank-90_3)['](#xx_48f57036-9aeb-4bdc-a424-971343dabe0b_OI-PageBlank-90_3)[s approval of investment](#xx_48f57036-9aeb-4bdc-a424-971343dabe0b_OI-PageBlank-90_3)<br> [advisory contract](#xx_48f57036-9aeb-4bdc-a424-971343dabe0b_OI-PageBlank-90_3)<br>| 23 |

---

Allspring International Equity Fund \| 1

------

Portfolio of investments—October 31, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 96.82%** |  |  |
| **Canada: 3.14%** |  |  |
| &nbsp;&nbsp; Restaurant Brands International, Inc. (Consumer discretionary, Hotels, restaurants & <br> leisure)<br>| 51878 | &nbsp;&nbsp; $3407866 |
| TC Energy Corp. (Energy, Oil, gas & consumable fuels) | 39642 | &nbsp;&nbsp; 1988443 |
|  |  | &nbsp;&nbsp; **5396309** |
| **Denmark: 1.56%** |  |  |
| Novo Nordisk AS Class B (Health care, Pharmaceuticals) | 55044 | &nbsp;&nbsp; **2684255** |
| **Finland: 1.53%** |  |  |
| Nordea Bank Abp Helsinki Stock Exchange (Financials, Banks) | 153699 | &nbsp;&nbsp; **2624643** |
| **France: 18.85%** |  |  |
| Air Liquide SA (Materials, Chemicals) | 12162 | &nbsp;&nbsp; 2353992 |
| AXA SA (Financials, Insurance) | 99974 | &nbsp;&nbsp; 4336294 |
| Capgemini SE (Information technology, IT services) | 12500 | &nbsp;&nbsp; 1923485 |
| L'Oreal SA (Consumer staples, Personal care products) | 6841 | &nbsp;&nbsp; 2859596 |
| &nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (Consumer discretionary, Textiles, apparel & <br> luxury goods)<br>| 9028 | &nbsp;&nbsp; 6369589 |
| Sanofi SA (Health care, Pharmaceuticals) | 26670 | &nbsp;&nbsp; 2692927 |
| Schneider Electric SE (Industrials, Electrical equipment) | 15526 | &nbsp;&nbsp; 4404217 |
| TotalEnergies SE (Energy, Oil, gas & consumable fuels) | 17499 | &nbsp;&nbsp; 1088183 |
| Veolia Environnement SA (Utilities, Multi-utilities) | 80421 | &nbsp;&nbsp; 2655777 |
| Vinci SA (Industrials, Construction & engineering) | 27607 | &nbsp;&nbsp; 3688078 |
|  |  | &nbsp;&nbsp; **32372138** |
| **Germany: 16.25%** |  |  |
| adidas AG (Consumer discretionary, Textiles, apparel & luxury goods) | 18012 | &nbsp;&nbsp; 3400739 |
| Allianz SE (Financials, Insurance) | 9820 | &nbsp;&nbsp; 3941284 |
| Deutsche Boerse AG (Financials, Capital markets) | 10102 | &nbsp;&nbsp; 2555873 |
| Deutsche Post AG (Industrials, Air freight & logistics) | 71489 | &nbsp;&nbsp; 3279592 |
| &nbsp;&nbsp; Deutsche Telekom AG (Communication services, Diversified telecommunication <br> services)<br>| 94487 | &nbsp;&nbsp; 2928602 |
| &nbsp;&nbsp; Infineon Technologies AG (Information technology, Semiconductors & semiconductor <br> equipment)<br>| 30500 | &nbsp;&nbsp; 1206548 |
| Rheinmetall AG (Industrials, Aerospace & defense) | 1003 | &nbsp;&nbsp; 1967118 |
| SAP SE (Information technology, Software) | 17949 | &nbsp;&nbsp; 4643627 |
| Siemens AG (Industrials, Industrial conglomerates) | 14114 | &nbsp;&nbsp; 3994731 |
|  |  | &nbsp;&nbsp; **27918114** |
| **Ireland: 0.99%** |  |  |
| &nbsp;&nbsp; TE Connectivity PLC (Information technology, Electronic equipment, instruments & <br> components)<br>| 6909 | &nbsp;&nbsp; **1706592** |
| **Italy: 3.03%** |  |  |
| Moncler SpA (Consumer discretionary, Textiles, apparel & luxury goods) | 35437 | &nbsp;&nbsp; 2124016 |
| Prysmian SpA (Industrials, Electrical equipment) | 29724 | &nbsp;&nbsp; 3077356 |
|  |  | &nbsp;&nbsp; **5201372** |

---

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

2 \| Allspring International Equity Fund

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Portfolio of investments—October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Japan: 16.84%** |  |  |
| Asahi Group Holdings Ltd. (Consumer staples, Beverages) | 168700 | &nbsp;&nbsp; $1818251 |
| Hitachi Ltd. (Industrials, Industrial conglomerates) | 168000 | &nbsp;&nbsp; 5797314 |
| Nintendo Co. Ltd. (Communication services, Entertainment) | 29100 | &nbsp;&nbsp; 2463237 |
| ORIX Corp. (Financials, Financial services) | 135800 | &nbsp;&nbsp; 3313270 |
| Seven & i Holdings Co. Ltd. (Consumer staples, Consumer staples distribution & retail) | 118400 | &nbsp;&nbsp; 1510443 |
| Sumitomo Mitsui Financial Group, Inc. (Financials, Banks) | 131300 | &nbsp;&nbsp; 3546830 |
| Tokio Marine Holdings, Inc. (Financials, Insurance) | 96400 | &nbsp;&nbsp; 3616798 |
| &nbsp;&nbsp; Tokyo Electron Ltd. (Information technology, Semiconductors & semiconductor <br> equipment)<br>| 17300 | &nbsp;&nbsp; 3836961 |
| Toyota Motor Corp. (Consumer discretionary, Automobiles) | 148300 | &nbsp;&nbsp; 3019696 |
|  |  | &nbsp;&nbsp; **28922800** |
| **Netherlands: 8.48%** |  |  |
| Airbus SE (Industrials, Aerospace & defense) | 18434 | &nbsp;&nbsp; 4534313 |
| &nbsp;&nbsp; ASML Holding NV (Information technology, Semiconductors & semiconductor <br> equipment)<br>| 4483 | &nbsp;&nbsp; 4748528 |
| ING Groep NV (Financials, Banks) | 210701 | &nbsp;&nbsp; 5275017 |
|  |  | &nbsp;&nbsp; **14557858** |
| **South Korea: 2.42%** |  |  |
| &nbsp;&nbsp; Samsung Electronics Co. Ltd. GDR (Information technology, Technology hardware, <br> storage & peripherals)<br>| 2232 | &nbsp;&nbsp; **4162680** |
| **Switzerland: 4.69%** |  |  |
| Nestle SA (Consumer staples, Food products) | 24227 | &nbsp;&nbsp; 2314473 |
| Novartis AG (Health care, Pharmaceuticals) | 35144 | &nbsp;&nbsp; 4335191 |
| Sika AG (Materials, Chemicals) | 7200 | &nbsp;&nbsp; 1406449 |
|  |  | &nbsp;&nbsp; **8056113** |
| **Taiwan: 1.34%** |  |  |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Information technology, <br> Semiconductors & semiconductor equipment)<br>| 7675 | &nbsp;&nbsp; **2305800** |
| **United Kingdom: 16.99%** |  |  |
| AstraZeneca PLC (Health care, Pharmaceuticals) | 25980 | &nbsp;&nbsp; 4256001 |
| BAE Systems PLC (Industrials, Aerospace & defense) | 115284 | &nbsp;&nbsp; 2833602 |
| Barclays PLC (Financials, Banks) | 1070543 | &nbsp;&nbsp; 5723934 |
| Coca-Cola Europacific Partners PLC (Consumer staples, Beverages) | 20844 | &nbsp;&nbsp; 1851572 |
| Diageo PLC (Consumer staples, Beverages) | 97025 | &nbsp;&nbsp; 2230580 |
| National Grid PLC (Utilities, Multi-utilities) | 104150 | &nbsp;&nbsp; 1559769 |
| RELX PLC (Industrials, Professional services) | 44718 | &nbsp;&nbsp; 1972104 |
| Rio Tinto PLC (Materials, Metals & mining) | 44535 | &nbsp;&nbsp; 3209618 |
| Shell PLC (Energy, Oil, gas & consumable fuels) | 75884 | &nbsp;&nbsp; 2838638 |
| Unilever PLC (Consumer staples, Personal care products) | 45045 | &nbsp;&nbsp; 2715568 |
|  |  | &nbsp;&nbsp; **29191386** |
| **United States: 0.71%** |  |  |
| EOG Resources, Inc. (Energy, Oil, gas & consumable fuels) | 11508 | &nbsp;&nbsp; **1218007** |
| **Total common stocks (Cost $125,609,868)** |  | &nbsp;&nbsp; **166318067** |

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

Allspring International Equity Fund \| 3

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Portfolio of investments—October 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 1.77%** |  |  |  |  |
| **Investment companies: 1.77%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.06<br> %<br>| 3039282 | &nbsp;&nbsp; **$3039282** |
| **Total short-term investments (Cost $3,039,282)** |  |  |  | &nbsp;&nbsp; **3039282** |
| **Total investments in securities (Cost $128,649,150)** | 98.59<br> %<br>|  |  | &nbsp;&nbsp; 169357349 |
| Other assets and liabilities, net | 1.41 |  |  | &nbsp;&nbsp; 2430663 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$171788012** |

---

&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.

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

Abbreviations: <br> ADR American depositary receipt <br> GDR Global 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>| $1457188 | $58146814 | $(56564720)<br>| $0 | $0 | $3039282 | 3039282 | $78810 |

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

4 \| Allspring International Equity Fund

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Statement of assets and liabilities—October 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $125,609,868) | $166318067 |
| Investments in affiliated securities, at value (cost $3,039,282) | 3039282 |
| Cash | 20438 |
| Foreign currency, at value (cost $31,292) | 30923 |
| Receivable for dividends | 2629146 |
| Receivable for Fund shares sold | 11809 |
| **Total assets** | **172049665** |
| Liabilities |  |
| Management fee payable | 102009 |
| Registration fees payable | 39375 |
| Administration fees payable | 26748 |
| Shareholder servicing fee payable | 24455 |
| Shareholder report expenses payable | 16995 |
| Insurance dues payable | 15501 |
| Professional fees payable | 13474 |
| Payable for Fund shares redeemed | 10923 |
| Trustees' fees and expenses payable | 777 |
| Distribution fee payable | 666 |
| Accrued expenses and other liabilities | 10730 |
| **Total liabilities** | **261653** |
| **Total net assets**  | **$171788012** |
| Net assets consist of |  |
| Paid-in capital | $189422140 |
| Total distributable loss | (17634128)<br>|
| **Total net assets** | **$171788012** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $106238279 |
| Shares outstanding–Class A<sup>1</sup> <br>| 6901997 |
| Net asset value per share–Class A | $15.39 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $16.33 |
| Net assets–Class C | $1004250 |
| Shares outstanding–Class C<sup>1</sup> <br>| 65618 |
| Net asset value per share–Class C | $15.30 |
| Net assets–Class R6 | $5461712 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 360461 |
| Net asset value per share–Class R6 | $15.15 |
| Net assets–Institutional Class | $59083771 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 3889167 |
| Net asset value per share–Institutional Class | $15.19 |

---

<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 International Equity Fund \| 5

------

Statement of operations—year ended October 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $706,199) | $5755002 |
| Interest (net of foreign withholding taxes of $2,450) | 207270 |
| Income from affiliated securities | 78810 |
| **Total investment income** | **6041082** |
| Expenses |  |
| Management fee | 1631546 |
| Administration fees |  |
| Class A | 221624 |
| Class C | 1843 |
| Class R6 | 2842 |
| Administrator Class | 8565 <br><sup>1</sup><br>|
| Institutional Class | 98965 |
| Shareholder servicing fees |  |
| Class A | 277030 |
| Class C | 2221 |
| Administrator Class | 16412 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 6628 |
| Custody and accounting fees | 5794 |
| Professional fees | 52696 |
| Registration fees | 35519 |
| Shareholder report expenses | 49319 |
| Trustees' fees and expenses | 6892 |
| Interest expense | 15872 |
| Other fees and expenses | 15455 |
| **Total expenses** | **2449223** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (245067)<br>|
| Class A | (96783)<br>|
| Class C | (294)<br>|
| Institutional Class | (39588)<br>|
| **Net expenses** | **2067491** |
| **Net investment income** | **3973591** |

---

<sup>1</sup> For the period from November 1, 2024 to September 12, 2025. Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

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

6 \| Allspring International Equity Fund

------

Statement of operations—year ended October 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | $23910058 |
| Foreign currency and foreign currency translations | 80564 |
| **Net realized gains on investments**  | **23990622** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 13082249 |
| Foreign currency and foreign currency translations | 141647 |
| **Net change in unrealized gains (losses) on investments** | **13223896** |
| **Net realized and unrealized gains (losses) on investments** | **37214518** |
| **Net increase in net assets resulting from operations** | **$41188109** |

---

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

Allspring International Equity Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> October 31, 2025 | Year ended<br> October 31, 2025 | Year ended<br> October 31, 2024 | Year ended<br> October 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $3973591 |  | &nbsp;&nbsp; $4947803 |
| Net realized gains on investments |  | &nbsp;&nbsp; 23990622 |  | &nbsp;&nbsp; 15289072 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 13223896 |  | &nbsp;&nbsp; 19149861 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **41188109** |  | &nbsp;&nbsp; **39386736** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (2521996)<br>|  | &nbsp;&nbsp; (2664242)<br>|
| Class C |  | &nbsp;&nbsp; (13443)<br>|  | &nbsp;&nbsp; (19773)<br>|
| Class R6 |  | &nbsp;&nbsp; (326721)<br>|  | &nbsp;&nbsp; (455764)<br>|
| Administrator Class |  | &nbsp;&nbsp; (146803 )<sup>1</sup><br>|  | &nbsp;&nbsp; (194309)<br>|
| Institutional Class |  | &nbsp;&nbsp; (2057897)<br>|  | &nbsp;&nbsp; (2547310)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(5066860)**<br>|  | &nbsp;&nbsp; **(5881398)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 598206 | &nbsp;&nbsp; 8308715 | &nbsp;&nbsp; 273478 | &nbsp;&nbsp; 3549221 |
| Class C | 25607 | &nbsp;&nbsp; 375128 | &nbsp;&nbsp; 3061 | &nbsp;&nbsp; 39648 |
| Class R6 | 478782 | &nbsp;&nbsp; 6962330 | &nbsp;&nbsp; 80783 | &nbsp;&nbsp; 1039258 |
| Administrator Class | 2234 <br><sup>1</sup><br>| &nbsp;&nbsp; 30225 <br><sup>1</sup><br>| &nbsp;&nbsp; 10424 | &nbsp;&nbsp; 135710 |
| Institutional Class | 984179 | &nbsp;&nbsp; 13461872 | &nbsp;&nbsp; 895461 | &nbsp;&nbsp; 11509852 |
|  |  | &nbsp;&nbsp; 29138270 |  | &nbsp;&nbsp; 16273689 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 173769 | &nbsp;&nbsp; 2434654 | &nbsp;&nbsp; 196639 | &nbsp;&nbsp; 2573741 |
| Class C | 968 | &nbsp;&nbsp; 13443 | &nbsp;&nbsp; 1519 | &nbsp;&nbsp; 19718 |
| Class R6 | 22464 | &nbsp;&nbsp; 310640 | &nbsp;&nbsp; 23052 | &nbsp;&nbsp; 298049 |
| Administrator Class | 10765 <br><sup>1</sup><br>| &nbsp;&nbsp; 145509 <br><sup>1</sup><br>| &nbsp;&nbsp; 14942 | &nbsp;&nbsp; 192028 |
| Institutional Class | 144732 | &nbsp;&nbsp; 1991036 | &nbsp;&nbsp; 192944 | &nbsp;&nbsp; 2496610 |
|  |  | &nbsp;&nbsp; 4895282 |  | &nbsp;&nbsp; 5580146 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (2376754)<br>| &nbsp;&nbsp; (34155121)<br>| &nbsp;&nbsp; (1682435)<br>| &nbsp;&nbsp; (21858995)<br>|
| Class C | (39581)<br>| &nbsp;&nbsp; (540923)<br>| &nbsp;&nbsp; (95719)<br>| &nbsp;&nbsp; (1208711)<br>|
| Class R6 | (1026144)<br>| &nbsp;&nbsp; (14851800)<br>| &nbsp;&nbsp; (1298793)<br>| &nbsp;&nbsp; (17030688)<br>|
| Administrator Class | (68860 )<sup>1</sup><br>| &nbsp;&nbsp; (914500 )<sup>1</sup><br>| &nbsp;&nbsp; (139562)<br>| &nbsp;&nbsp; (1769336)<br>|
| Institutional Class | (4908536)<br>| &nbsp;&nbsp; (69355417)<br>| &nbsp;&nbsp; (4688556)<br>| &nbsp;&nbsp; (57268158)<br>|
|  |  | &nbsp;&nbsp; (119817761)<br>|  | &nbsp;&nbsp; (99135888)<br>|

---

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

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

8 \| Allspring International Equity Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended<br> October 31, 2025 | Year ended<br> October 31, 2024 | Year ended<br> October 31, 2024 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Administrator Class<br>(534990 )<sup>2</sup><br>| &nbsp;&nbsp; $(7927854 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Institutional Class<br>530874 <br><sup>2</sup><br>| &nbsp;&nbsp; 7927854 <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; **(85784209)**<br>|  | &nbsp;&nbsp; **(77282053)**<br>|
| **Total decrease in net assets** | &nbsp;&nbsp; **(49662960)**<br>|  | &nbsp;&nbsp; **(43776715)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **221450972** |  | &nbsp;&nbsp; **265227687** |
| **End of period** | &nbsp;&nbsp; **$171788012** |  | &nbsp;&nbsp; **$221450972** |

---

<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 International Equity Fund \| 9

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$12.96** | &nbsp;&nbsp; **$11.41** | &nbsp;&nbsp; **$10.04** | &nbsp;&nbsp; **$13.34** | &nbsp;&nbsp; **$10.43** |
| Net investment income | 0.25 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.22 <br><sup>1</sup><br>| 0.16 | 0.23 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 2.50 | 1.61 | 1.34 | &nbsp;&nbsp; (3.17)<br>| 2.89 |
| Total from investment operations | 2.75 | 1.85 | 1.56 | &nbsp;&nbsp; (3.01)<br>| 3.12 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.32)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.21)<br>|
| Tax basis return of capital | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.02)<br>| 0.00 |
| Total distributions to shareholders | (0.32)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.21)<br>|
| **Net asset value, end of period** | **$15.39** | &nbsp;&nbsp; **$12.96** | &nbsp;&nbsp; **$11.41** | &nbsp;&nbsp; **$10.04** | &nbsp;&nbsp; **$13.34** |
| **Total return**<sup>2</sup> <br>| **21.46%**<br>| **16.18%**<br>| **15.53%**<br>| &nbsp;&nbsp; **(22.84)%**<br>| **29.92%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.34<br> %<br>| 1.35<br> %<br>| 1.45<br> %<br>| 1.40<br> %<br>| 1.36<br> %<br>|
| Net expenses | 1.13<br> %<br>| 1.13<br> %<br>| 1.12<br> %<br>| 1.13<br> %<br>| 1.13<br> %<br>|
| Net investment income | 1.79<br> %<br>| 1.83<br> %<br>| 1.82<br> %<br>| 1.50<br> %<br>| 1.73<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 22<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 126<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 95<br> %<br>|
| Net assets, end of period (000s omitted) | $106238 | &nbsp;&nbsp; $110254 | &nbsp;&nbsp; $110902 | &nbsp;&nbsp; $116735 | &nbsp;&nbsp; $170419 |

---

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

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

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

10 \| Allspring International Equity Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$12.89** | &nbsp;&nbsp; **$11.34** | &nbsp;&nbsp; **$9.99** | &nbsp;&nbsp; **$13.22** | &nbsp;&nbsp; **$10.31** |
| Net investment income | 0.13 <br><sup>1</sup><br>| 0.13 <br><sup>1</sup><br>| 0.12 <br><sup>1</sup><br>| 0.09 <br><sup>1</sup><br>| 0.09 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 2.49 | 1.61 | 1.32 | &nbsp;&nbsp; (3.17)<br>| 2.89 |
| Total from investment operations | 2.62 | 1.74 | 1.44 | &nbsp;&nbsp; (3.08)<br>| 2.98 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.21)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.07)<br>|
| Tax basis return of capital | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.02)<br>| 0.00 |
| Total distributions to shareholders | (0.21)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.07)<br>|
| **Net asset value, end of period** | **$15.30** | &nbsp;&nbsp; **$12.89** | &nbsp;&nbsp; **$11.34** | &nbsp;&nbsp; **$9.99** | &nbsp;&nbsp; **$13.22** |
| **Total return**<sup>2</sup> <br>| **20.51%**<br>| **15.33%**<br>| **14.51%**<br>| &nbsp;&nbsp; **(23.38)%**<br>| **28.94%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 2.05<br> %<br>| 2.09<br> %<br>| 2.20<br> %<br>| 2.14<br> %<br>| 2.12<br> %<br>|
| Net expenses | 1.90<br> %<br>| 1.89<br> %<br>| 1.89<br> %<br>| 1.89<br> %<br>| 1.89<br> %<br>|
| Net investment income | 0.91<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>| 0.76<br> %<br>| 0.72<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 22<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 126<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 95<br> %<br>|
| Net assets, end of period (000s omitted) | $1004 | &nbsp;&nbsp; $1014 | &nbsp;&nbsp; $1926 | &nbsp;&nbsp; $3324 | &nbsp;&nbsp; $6490 |

---

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

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

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

Allspring International Equity Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class R6 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$12.78** | &nbsp;&nbsp; **$11.26** | &nbsp;&nbsp; **$9.92** | &nbsp;&nbsp; **$13.22** | &nbsp;&nbsp; **$10.36** |
| Net investment income | 0.32 <br><sup>1</sup><br>| 0.32 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.22 | 0.31 |
| Net realized and unrealized gains (losses) on investments | 2.43 | 1.55 | 1.31 | &nbsp;&nbsp; (3.16)<br>| 2.81 |
| Total from investment operations | 2.75 | 1.87 | 1.57 | &nbsp;&nbsp; (2.94)<br>| 3.12 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.38)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.26)<br>|
| Tax basis return of capital | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.02)<br>| 0.00 |
| Total distributions to shareholders | (0.38)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.26)<br>|
| **Net asset value, end of period** | **$15.15** | &nbsp;&nbsp; **$12.78** | &nbsp;&nbsp; **$11.26** | &nbsp;&nbsp; **$9.92** | &nbsp;&nbsp; **$13.22** |
| **Total return**<sup>2</sup> <br>| **21.81%**<br>| **16.61%**<br>| **15.87%**<br>| &nbsp;&nbsp; **(22.56)%**<br>| **30.17%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.92<br> %<br>| 0.93<br> %<br>| 1.02<br> %<br>| 0.97<br> %<br>| 0.95<br> %<br>|
| Net expenses | 0.80<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>|
| Net investment income | 2.34<br> %<br>| 2.54<br> %<br>| 2.23<br> %<br>| 1.83<br> %<br>| 1.70<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 22<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 126<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 95<br> %<br>|
| Net assets, end of period (000s omitted) | $5462 | &nbsp;&nbsp; $11311 | &nbsp;&nbsp; $23429 | &nbsp;&nbsp; $42385 | &nbsp;&nbsp; $55639 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

12 \| Allspring International Equity Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$12.80** | &nbsp;&nbsp; **$11.27** | &nbsp;&nbsp; **$9.93** | &nbsp;&nbsp; **$13.22** | &nbsp;&nbsp; **$10.34** |
| Net investment income | 0.30 <br><sup>1</sup><br>| 0.27 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.22 <br><sup>1</sup><br>| 0.25 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 2.45 | 1.60 | 1.32 | &nbsp;&nbsp; (3.16)<br>| 2.88 |
| Total from investment operations | 2.75 | 1.87 | 1.56 | &nbsp;&nbsp; (2.94)<br>| 3.13 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.36)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.25)<br>|
| Tax basis return of capital | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.02)<br>| 0.00 |
| Total distributions to shareholders | (0.36)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.25)<br>|
| **Net asset value, end of period** | **$15.19** | &nbsp;&nbsp; **$12.80** | &nbsp;&nbsp; **$11.27** | &nbsp;&nbsp; **$9.93** | &nbsp;&nbsp; **$13.22** |
| **Total return**<sup>2</sup> <br>| **21.81%**<br>| **16.57%**<br>| **15.75%**<br>| &nbsp;&nbsp; **(22.56)%**<br>| **30.30%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.02<br> %<br>| 1.03<br> %<br>| 1.12<br> %<br>| 1.07<br> %<br>| 1.03<br> %<br>|
| Net expenses | 0.85<br> %<br>| 0.84<br> %<br>| 0.84<br> %<br>| 0.84<br> %<br>| 0.84<br> %<br>|
| Net investment income | 2.16<br> %<br>| 2.13<br> %<br>| 2.07<br> %<br>| 1.79<br> %<br>| 1.93<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 22<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 126<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 95<br> %<br>|
| Net assets, end of period (000s omitted) | $59084 | &nbsp;&nbsp; $91360 | &nbsp;&nbsp; $121069 | &nbsp;&nbsp; $127869 | &nbsp;&nbsp; $192670 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring International Equity Fund \| 13

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services* – *Investment Companies*. These financial statements report on the Allspring International Equity Fund (the "Fund") which is a diversified series of the Trust.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On October 31, 2025, such fair value pricing was not used in pricing foreign securities.

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

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

Foreign currency translation

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

Security transactions and income recognition

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

14 \| Allspring International Equity Fund

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Notes to financial statements

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date.

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of October 31, 2025, the aggregate cost of all investments for federal income tax purposes was $130,655,461 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $45115171 |
| Gross unrealized losses | &nbsp;&nbsp; (6413283)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$38701888** |

---

Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. GAAP require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassification is due to corporate actions. At October 31, 2025, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of assets and liabilities:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Paid-in <br>capital<br>| Total distributable <br>loss<br>|
| &nbsp;&nbsp;&nbsp; $(86937)<br>| &nbsp;&nbsp; $86937 |

---

As of October 31, 2025, the Fund had capital loss carryforwards which consist of $18,778,738 in short-term capital losses and $38,539,347 in long-term capital losses.

Class allocations

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

Allspring International Equity Fund \| 15

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Notes to financial statements

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of 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** |  |  |  |  |
| *Canada* | &nbsp;&nbsp; $5396309 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $5396309 |
| *Denmark* | &nbsp;&nbsp; 2684255 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2684255 |
| *Finland* | &nbsp;&nbsp; 2624643 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2624643 |
| *France* | &nbsp;&nbsp; 32372138 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 32372138 |
| *Germany* | &nbsp;&nbsp; 27918114 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 27918114 |
| *Ireland* | &nbsp;&nbsp; 1706592 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1706592 |
| *Italy* | &nbsp;&nbsp; 5201372 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5201372 |
| *Japan* | &nbsp;&nbsp; 28922800 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 28922800 |
| *Netherlands* | &nbsp;&nbsp; 14557858 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14557858 |
| *South Korea* | &nbsp;&nbsp; 4162680 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4162680 |
| *Switzerland* | &nbsp;&nbsp; 8056113 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8056113 |
| *Taiwan* | &nbsp;&nbsp; 2305800 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2305800 |
| *United Kingdom* | &nbsp;&nbsp; 29191386 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 29191386 |
| *United States* | &nbsp;&nbsp; 1218007 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1218007 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 3039282 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3039282 |
| **Total assets** | &nbsp;&nbsp; **$169357349** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$169357349** |

---

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

16 \| Allspring International Equity Fund

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Notes to financial statements

Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $1 billion | 0.800<br> %<br>|
| Next $1 billion | 0.750 |
| Next $2 billion | 0.725 |
| Next $1 billion | 0.700 |
| Next $5 billion | 0.690 |
| Over $10 billion | 0.680 |

---

For the year ended October 31, 2025, the management fee was equivalent to an annual rate of 0.80% 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 February 28, 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 | 1.14<br> %<br>|
| Class C | 1.89 |
| Class R6 | 0.79 |
| Institutional Class | 0.84 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended October 31, 2025, Allspring Funds Distributor received $1,181 from the sale of Class A shares and $54 in contingent deferred sales charges from redemptions of Class A shares. No contingent deferred sales charges were incurred by Class C shares for the year ended October 31, 2025.

Allspring International Equity Fund \| 17

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Notes to financial statements

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended 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 year ended October 31, 2025 were $44,908,791 and $132,937,709, respectively.

6. BANK BORROWINGS

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

During the year ended October 31, 2025, the Fund had average borrowings outstanding of $280,548 at an average rate of 5.66% and paid interest in the amount of $15,872. The maximum amount borrowed during the year ended October 31, 2025 was $45,100,000.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $5066860 | $5881398 |

---

As of October 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Unrealized <br>gains<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $944867 | &nbsp;&nbsp; $38701888 | &nbsp;&nbsp;&nbsp; $(57318085)<br>|

---

8. CONCENTRATION RISKS

As of the end of the period, the Fund concentrated its portfolio of investments in Europe. A fund that invests a substantial portion of its assets in any country or geographic region will be more vulnerable than a fund that invests its assets more broadly to the economic, financial, political or other developments affecting that country or region. Such developments may have a significant impact on the Fund's investment performance causing such performance to be more volatile than the investment performance of a more geographically diversified fund.

9. INDEMNIFICATION

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

10. OPERATING SEGMENTS

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

18 \| Allspring International Equity Fund

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Notes to financial statements

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.

Allspring International Equity Fund \| 19

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Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring International Equity Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g15564img5b946a442.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

December 22, 2025

20 \| Allspring International Equity Fund

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Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 1% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended October 31, 2025.

Pursuant to Section 854 of the Internal Revenue Code, $5,480,849 of income dividends paid during the fiscal year ended October 31, 2025 has been designated as qualified dividend income (QDI).

For the fiscal year ended October 31, 2025, $81,982 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended October 31, 2025. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Creditable <br>foreign taxes <br>paid<br>| Per share <br>amount<br>| &nbsp;&nbsp;&nbsp; Foreign <br>income as % of <br>ordinary income <br>distributions<br>|
| &nbsp;&nbsp;&nbsp; $413989 | &nbsp;&nbsp; $0.0369 | &nbsp;&nbsp;&nbsp;&nbsp; 98.59<br> %<br>|

---

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 International Equity Fund \| 21

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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.

22 \| Allspring International Equity 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 International Equity 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 International Equity Fund \| 23

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Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (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 lower than the investment performance of its benchmark index, the MSCI EAFE Index (Net), for all periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and the Fund's strategy and benchmark change 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 the median net operating expense ratios of the expense Groups for Administrator Class and Institutional Class, equal the median net operating expense ratios of the expense Groups for Class A, and in range of the median net operating expense ratios of the expense Groups for Class R6.

It was noted that the Board had approved a proposal to convert Administrator Class shares into Institutional Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of the average rates for the expense Groups for Administrator Class, and higher than the sum of the average rates for the expense Groups for Class A, Institutional Class and Class R6.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

24 \| Allspring International Equity 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 International Equity Fund \| 25

------

![](g15564img860ab3251.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**

![](g15564imge8fa55983.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.**

**NCSR3311 10-25**

------

![](g15564img20f7e88d1.jpg)

Allspring Emerging Markets Equity Advantage Fund

(formerly, Allspring Emerging Markets Equity Income Fund)

Long Form Financial Statements

Annual Report

October 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_d6279ae1-83af-4d42-9f80-fe10eaf58226_POI-PageBlank-91_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_d6279ae1-83af-4d42-9f80-fe10eaf58226_FS-PageBlank-91_1)** |  |
| [Statement of assets and liabilities](#xx_d6279ae1-83af-4d42-9f80-fe10eaf58226_FS-PageBlank-91_1) | 7 |
| [Statement of operations](#xx_d6279ae1-83af-4d42-9f80-fe10eaf58226_FS-PageBlank-91_2) | 8 |
| [Statement of changes in net assets](#xx_d6279ae1-83af-4d42-9f80-fe10eaf58226_FS-PageBlank-91_4) | 10 |
| [Financial highlights](#xx_d6279ae1-83af-4d42-9f80-fe10eaf58226_FIHI-PageBlank-91_1) | 12 |
| **[Notes to financial statements](#xx_d6279ae1-83af-4d42-9f80-fe10eaf58226_NTF-PageBlank-91_1)** | 16 |
| **[Report of independent registered public accounting firm](#xx_d6279ae1-83af-4d42-9f80-fe10eaf58226_AUD-PageBlank-91_1)** | 22 |
| **[Other information](#xx_d6279ae1-83af-4d42-9f80-fe10eaf58226_OI-PageBlank-91_1)** | 23 |
| [Item 8. Changes in and disagreements with accountants](#xx_d6279ae1-83af-4d42-9f80-fe10eaf58226_OI-PageBlank-91_2) | 24 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_d6279ae1-83af-4d42-9f80-fe10eaf58226_OI-PageBlank-91_2) | 24 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_d6279ae1-83af-4d42-9f80-fe10eaf58226_OI-PageBlank-91_2) | 24 |
| [Item 11. Statement regarding basis for board](#xx_d6279ae1-83af-4d42-9f80-fe10eaf58226_OI-PageBlank-91_3)['](#xx_d6279ae1-83af-4d42-9f80-fe10eaf58226_OI-PageBlank-91_3)[s approval of investment](#xx_d6279ae1-83af-4d42-9f80-fe10eaf58226_OI-PageBlank-91_3)<br> [advisory contract](#xx_d6279ae1-83af-4d42-9f80-fe10eaf58226_OI-PageBlank-91_3)<br>| 25 |

---

Allspring Emerging Markets Equity Advantage Fund \| 1

------

Portfolio of investments—October 31, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 94.87%** |  |  |
| **Brazil: 4.52%** |  |  |
| B3 SA - Brasil Bolsa Balcao (Financials, Capital markets) | 792400 | &nbsp;&nbsp; $1864661 |
| Banco BTG Pactual SA (Financials, Capital markets) | 259272 | &nbsp;&nbsp; 2352747 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Utilities, Water utilities) | 112000 | &nbsp;&nbsp; 2744442 |
| Fras-Le SA (Consumer discretionary, Automobile components) | 453200 | &nbsp;&nbsp; 1933278 |
| &nbsp;&nbsp; Multiplan Empreendimentos Imobiliarios SA (Real estate, Real estate management & <br> development)<br>| 531900 | &nbsp;&nbsp; 2717856 |
| Petroleo Brasileiro SA ADR (Energy, Oil, gas & consumable fuels) | 289963 | &nbsp;&nbsp; 3204091 |
| &nbsp;&nbsp; Telefonica Brasil SA (Communication services, Diversified telecommunication <br> services)<br>| 555060 | &nbsp;&nbsp; 3305630 |
|  |  | &nbsp;&nbsp; **18122705** |
| **Chile: 0.52%** |  |  |
| Banco Itau Chile SA (Financials, Banks) | 114149 | &nbsp;&nbsp; **2073829** |
| **China: 28.02%** |  |  |
| Alibaba Group Holding Ltd. (Consumer discretionary, Broadline retail) | 939000 | &nbsp;&nbsp; 19950827 |
| ANTA Sports Products Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 225600 | &nbsp;&nbsp; 2351648 |
| Baidu, Inc. Class A (Communication services, Interactive media & services)† | 150944 | &nbsp;&nbsp; 2284396 |
| China Construction Bank Corp. Class H (Financials, Banks) | 5762000 | &nbsp;&nbsp; 5709686 |
| China Merchants Bank Co. Ltd. Class H (Financials, Banks) | 568500 | &nbsp;&nbsp; 3558543 |
| China Resources Land Ltd. (Real estate, Real estate management & development) | 798500 | &nbsp;&nbsp; 2883439 |
| &nbsp;&nbsp; China Tower Corp. Ltd. Class H (Communication services, Diversified <br> telecommunication services)144A<br>| 1355200 | &nbsp;&nbsp; 1958535 |
| Chinasoft International Ltd. (Information technology, IT services) | 2312000 | &nbsp;&nbsp; 1731646 |
| CITIC Securities Co. Ltd. Class H (Financials, Capital markets) | 674500 | &nbsp;&nbsp; 2567606 |
| &nbsp;&nbsp; Contemporary Amperex Technology Co. Ltd. Class A (Industrials, Electrical <br> equipment)<br>| 82658 | &nbsp;&nbsp; 4517523 |
| ENN Energy Holdings Ltd. (Utilities, Gas utilities) | 231800 | &nbsp;&nbsp; 2018039 |
| H World Group Ltd. (Consumer discretionary, Hotels, restaurants & leisure) | 650500 | &nbsp;&nbsp; 2533171 |
| Industrial & Commercial Bank of China Ltd. Class H (Financials, Banks) | 3300000 | &nbsp;&nbsp; 2556576 |
| &nbsp;&nbsp; Inner Mongolia Yili Industrial Group Co. Ltd. Class A (Consumer staples, Food <br> products)<br>| 439878 | &nbsp;&nbsp; 1694978 |
| JD.com, Inc. Class A (Consumer discretionary, Broadline retail) | 181250 | &nbsp;&nbsp; 2976302 |
| Kweichow Moutai Co. Ltd. Class A (Consumer staples, Beverages) | 12300 | &nbsp;&nbsp; 2472675 |
| Midea Group Co. Ltd. Class A (Consumer discretionary, Household durables) | 248758 | &nbsp;&nbsp; 2671734 |
| NARI Technology Co. Ltd. Class A (Industrials, Electrical equipment) | 996700 | &nbsp;&nbsp; 3395007 |
| Ping An Insurance Group Co. of China Ltd. Class A (Financials, Insurance) | 516402 | &nbsp;&nbsp; 4198207 |
| SF Holding Co. Ltd. Class A (Industrials, Air freight & logistics) | 431500 | &nbsp;&nbsp; 2446424 |
| &nbsp;&nbsp; Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (Health care, Health care <br> equipment & supplies)<br>| 112400 | &nbsp;&nbsp; 3397882 |
| &nbsp;&nbsp; Shenzhou International Group Holdings Ltd. (Consumer discretionary, Textiles, <br> apparel & luxury goods)<br>| 294100 | &nbsp;&nbsp; 2539603 |
| Sinopharm Group Co. Ltd. Class H (Health care, Health care providers & services) | 937200 | &nbsp;&nbsp; 2336201 |
| Tencent Holdings Ltd. (Communication services, Interactive media & services) | 309400 | &nbsp;&nbsp; 25044894 |
| WuXi AppTec Co. Ltd. Class H (Health care, Life sciences tools & services)144A | 176800 | &nbsp;&nbsp; 2470929 |
| &nbsp;&nbsp; Yealink Network Technology Corp. Ltd. Class A (Information technology, <br> Communications equipment)<br>| 424732 | &nbsp;&nbsp; 2149514 |
|  |  | &nbsp;&nbsp; **112415985** |

---

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

2 \| Allspring Emerging Markets Equity Advantage Fund

------

Portfolio of investments—October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Greece: 0.92%** |  |  |
| Piraeus Financial Holdings SA (Financials, Banks) | 473089 | &nbsp;&nbsp; **$3692813** |
| **Hong Kong: 0.93%** |  |  |
| &nbsp;&nbsp; China Overseas Land & Investment Ltd. (Real estate, Real estate management & <br> development)<br>| 1079000 | &nbsp;&nbsp; 1809315 |
| &nbsp;&nbsp; Lenovo Group Ltd. (Information technology, Technology hardware, storage & <br> peripherals)<br>| 1326000 | &nbsp;&nbsp; 1938519 |
|  |  | &nbsp;&nbsp; **3747834** |
| **Hungary: 0.62%** |  |  |
| OTP Bank Nyrt (Financials, Banks) | 26260 | &nbsp;&nbsp; **2504690** |
| **India: 13.37%** |  |  |
| Ashok Leyland Ltd. (Industrials, Machinery) | 1454731 | &nbsp;&nbsp; 2319310 |
| Bajaj Auto Ltd. (Consumer discretionary, Automobiles) | 19031 | &nbsp;&nbsp; 1906396 |
| Bank of Maharashtra (Financials, Banks) | 4934619 | &nbsp;&nbsp; 3281362 |
| DLF Ltd. (Real estate, Real estate management & development) | 366924 | &nbsp;&nbsp; 3125857 |
| Embassy Office Parks REIT (Real estate, Office REITs) | 1151962 | &nbsp;&nbsp; 5566375 |
| GAIL India Ltd. (Utilities, Gas utilities) | 923927 | &nbsp;&nbsp; 1902158 |
| HDFC Asset Management Co. Ltd. (Financials, Capital markets)144A | 44269 | &nbsp;&nbsp; 2682433 |
| Hyundai Motor India Ltd. (Consumer discretionary, Automobiles) | 109263 | &nbsp;&nbsp; 3001644 |
| IndiaMart InterMesh Ltd. (Industrials, Trading companies & distributors)144A | 74082 | &nbsp;&nbsp; 2051184 |
| Infosys Ltd. (Information technology, IT services) | 270605 | &nbsp;&nbsp; 4518555 |
| NHPC Ltd. (Utilities, Independent power and renewable electricity producers) | 4035903 | &nbsp;&nbsp; 3857172 |
| Nippon Life India Asset Management Ltd. (Financials, Capital markets)144A | 239809 | &nbsp;&nbsp; 2363208 |
| Nuvama Wealth Management Ltd. (Financials, Capital markets) | 46338 | &nbsp;&nbsp; 3701977 |
| Power Finance Corp. Ltd. (Financials, Financial services) | 570607 | &nbsp;&nbsp; 2592025 |
| Power Grid Corp. of India Ltd. (Utilities, Electric utilities) | 1073511 | &nbsp;&nbsp; 3484599 |
| Shriram Finance Ltd. (Financials, Consumer finance) | 334971 | &nbsp;&nbsp; 2825912 |
| State Bank of India (Financials, Banks) | 422262 | &nbsp;&nbsp; 4457068 |
|  |  | &nbsp;&nbsp; **53637235** |
| **Indonesia: 0.44%** |  |  |
| Bank Negara Indonesia Persero Tbk. PT (Financials, Banks) | 6792400 | &nbsp;&nbsp; **1788978** |
| **Malaysia: 0.44%** |  |  |
| Hong Leong Bank Bhd. (Financials, Banks) | 356800 | &nbsp;&nbsp; **1751626** |
| **Mexico: 2.04%** |  |  |
| Fomento Economico Mexicano SAB de CV ADR (Consumer staples, Beverages) | 21704 | &nbsp;&nbsp; 2047990 |
| Grupo Financiero Banorte SAB de CV Class O (Financials, Banks) | 235000 | &nbsp;&nbsp; 2206117 |
| Prologis Property Mexico SA de CV (Real estate, Industrial REITs) | 487800 | &nbsp;&nbsp; 1955296 |
| &nbsp;&nbsp; Wal-Mart de Mexico SAB de CV (Consumer staples, Consumer staples distribution & <br> retail)<br>| 596091 | &nbsp;&nbsp; 1973227 |
|  |  | &nbsp;&nbsp; **8182630** |
| **Peru: 0.49%** |  |  |
| Credicorp Ltd. (Financials, Banks) | 7599 | &nbsp;&nbsp; **1983339** |

---

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

Allspring Emerging Markets Equity Advantage Fund \| 3

------

Portfolio of investments—October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Poland: 0.64%** |  |  |
| Budimex SA (Industrials, Construction & engineering) | 16104 | &nbsp;&nbsp; **$2557976** |
| **Russia: 0.00%** |  |  |
| Alrosa PJSC (Acquired 5-6-2021, cost $1,726,284) (Materials, Metals & mining)♦†˃ | 1142750 | &nbsp;&nbsp; **0** |
| **Saudi Arabia: 3.80%** |  |  |
| Al Rajhi Bank (Financials, Banks) | 135772 | &nbsp;&nbsp; 3837476 |
| &nbsp;&nbsp; Arabian Internet & Communications Services Co. (Information technology, IT <br> services)<br>| 33255 | &nbsp;&nbsp; 2233503 |
| Etihad Etisalat Co. (Communication services, Wireless telecommunication services) | 235301 | &nbsp;&nbsp; 4245175 |
| Saudi National Bank (Financials, Banks) | 278613 | &nbsp;&nbsp; 2964597 |
| The Company for Cooperative Insurance (Financials, Insurance) | 53930 | &nbsp;&nbsp; 1958581 |
|  |  | &nbsp;&nbsp; **15239332** |
| **Singapore: 1.38%** |  |  |
| BOC Aviation Ltd. (Industrials, Trading companies & distributors)144A | 239200 | &nbsp;&nbsp; 2096315 |
| &nbsp;&nbsp; Singapore Telecommunications Ltd. (Communication services, Diversified <br> telecommunication services)<br>| 1051400 | &nbsp;&nbsp; 3433044 |
|  |  | &nbsp;&nbsp; **5529359** |
| **South Africa: 2.92%** |  |  |
| Absa Group Ltd. (Financials, Banks) | 274228 | &nbsp;&nbsp; 3065976 |
| Gold Fields Ltd. ADR (Materials, Metals & mining) | 91054 | &nbsp;&nbsp; 3497384 |
| Naspers Ltd. Class N (Consumer discretionary, Broadline retail) | 44780 | &nbsp;&nbsp; 3151143 |
| Standard Bank Group Ltd. (Financials, Banks) | 136497 | &nbsp;&nbsp; 2004134 |
|  |  | &nbsp;&nbsp; **11718637** |
| **South Korea: 8.99%** |  |  |
| Coway Co. Ltd. (Consumer discretionary, Household durables) | 23279 | &nbsp;&nbsp; 1457439 |
| HD Hyundai Marine Solution Co. Ltd. Class C (Industrials, Machinery) | 14741 | &nbsp;&nbsp; 2488304 |
| KB Financial Group, Inc. (Financials, Banks) | 53553 | &nbsp;&nbsp; 4382720 |
| &nbsp;&nbsp; KEPCO Plant Service & Engineering Co. Ltd. (Industrials, Commercial services & <br> supplies)<br>| 50151 | &nbsp;&nbsp; 1784633 |
| Kia Corp. (Consumer discretionary, Automobiles) | 50727 | &nbsp;&nbsp; 4268936 |
| POSCO Holdings, Inc. (Materials, Metals & mining) | 11644 | &nbsp;&nbsp; 2537611 |
| &nbsp;&nbsp; Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage <br> & peripherals)<br>| 253956 | &nbsp;&nbsp; 19161446 |
|  |  | &nbsp;&nbsp; **36081089** |
| **Taiwan: 20.88%** |  |  |
| &nbsp;&nbsp; ASE Technology Holding Co. Ltd. (Information technology, Semiconductors & <br> semiconductor equipment)<br>| 966000 | &nbsp;&nbsp; 7777398 |
| &nbsp;&nbsp; Delta Electronics, Inc. (Information technology, Electronic equipment, instruments & <br> components)<br>| 106000 | &nbsp;&nbsp; 3430923 |
| &nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. (Information technology, Electronic equipment, <br> instruments & components)<br>| 934000 | &nbsp;&nbsp; 7823591 |
| &nbsp;&nbsp; Largan Precision Co. Ltd. (Information technology, Electronic equipment, instruments <br> & components)<br>| 26000 | &nbsp;&nbsp; 1873394 |
| &nbsp;&nbsp; MediaTek, Inc. (Information technology, Semiconductors & semiconductor <br> equipment)<br>| 201000 | &nbsp;&nbsp; 8565434 |

---

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

4 \| Allspring Emerging Markets Equity Advantage Fund

------

Portfolio of investments—October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Taiwan**(continued) |  |  |
| Nan Pao Resins Chemical Co. Ltd. (Materials, Chemicals) | 147000 | &nbsp;&nbsp; $1757344 |
| &nbsp;&nbsp; Quanta Computer, Inc. (Information technology, Technology hardware, storage & <br> peripherals)<br>| 316000 | &nbsp;&nbsp; 3088969 |
| Sercomm Corp. (Information technology, Communications equipment) | 533000 | &nbsp;&nbsp; 1718236 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Information technology, <br> Semiconductors & semiconductor equipment)<br>| 920000 | &nbsp;&nbsp; 44891188 |
| Wiwynn Corp. (Information technology, Technology hardware, storage & peripherals) | 20000 | &nbsp;&nbsp; 2839855 |
|  |  | &nbsp;&nbsp; **83766332** |
| **Thailand: 0.49%** |  |  |
| &nbsp;&nbsp; Bangkok Dusit Medical Services PCL Class F (Health care, Health care providers & <br> services)<br>| 3388300 | &nbsp;&nbsp; **1980482** |
| **Turkey: 0.37%** |  |  |
| Akbank TAS (Financials, Banks) | 1024612 | &nbsp;&nbsp; **1481343** |
| **United Arab Emirates: 1.42%** |  |  |
| ADNOC Drilling Co. PJSC (Energy, Energy equipment & services) | 1148627 | &nbsp;&nbsp; 1745011 |
| Emaar Properties PJSC (Real estate, Real estate management & development) | 460641 | &nbsp;&nbsp; 1780885 |
| Emirates NBD Bank PJSC (Financials, Banks) | 283111 | &nbsp;&nbsp; 2165948 |
|  |  | &nbsp;&nbsp; **5691844** |
| **United Kingdom: 0.45%** |  |  |
| Fresnillo PLC (Materials, Metals & mining) | 61557 | &nbsp;&nbsp; **1796874** |
| **United States: 1.22%** |  |  |
| Southern Copper Corp. (Materials, Metals & mining) | 35266 | &nbsp;&nbsp; **4894921** |
| **Total common stocks (Cost $249,582,571)** |  | &nbsp;&nbsp; **380639853** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Dividend <br>rate<br>|  |  |
| **Preferred stocks: 3.08%** |  |  |  |
| **Brazil: 0.53%** |  |  |  |
| Itau Unibanco Holding SA (Financials, Banks) | 0.00 | 290270 | &nbsp;&nbsp; **2127947** |
| **South Korea: 2.55%** |  |  |  |
| LG Chem Ltd. (Materials, Chemicals) | 0.74 | 22655 | &nbsp;&nbsp; 3135684 |
| &nbsp;&nbsp; Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage <br> & peripherals)<br>| 0.26 | 120151 | &nbsp;&nbsp; 7117561 |
|  |  |  | &nbsp;&nbsp; **10253245** |
| **Total preferred stocks (Cost $7,453,583)** |  |  | &nbsp;&nbsp; **12381192** |

---

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

Allspring Emerging Markets Equity Advantage Fund \| 5

------

Portfolio of investments—October 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 1.79%** |  |  |  |  |
| **Investment companies: 1.79%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.06<br> %<br>| 7179646 | &nbsp;&nbsp; **$7179646** |
| **Total short-term investments (Cost $7,179,646)** |  |  |  | &nbsp;&nbsp; **7179646** |
| **Total investments in securities (Cost $264,215,800)** | 99.74<br> %<br>|  |  | &nbsp;&nbsp; 400200691 |
| Other assets and liabilities, net | 0.26 |  |  | &nbsp;&nbsp; 1037497 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$401238188** |

---

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

---

| | |
|:---|:---|
| † | Non-income-earning security |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ♦ | The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| ˃ | Restricted security as to resale, excluding Rule 144A securities. The Fund held a restricted security with current value of $0 (original cost of $1,726,284), <br> representing 0.00% of its net assets as of period end.<br>|
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |

---

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

Abbreviations: <br> ADR American depositary receipt <br> REIT Real estate investment trust

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $10924522 | $122064431 | $(125809307)<br>| $0 | $0 | $7179646 | 7179646 | $388397 |

---

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

6 \| Allspring Emerging Markets Equity Advantage Fund

------

Statement of assets and liabilities—October 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $257,036,154) | $393021045 |
| Investments in affiliated securities, at value (cost $7,179,646) | 7179646 |
| Cash | 2919 |
| Foreign currency, at value (cost $1,257,786) | 1251576 |
| Receivable for Fund shares sold | 646554 |
| Receivable for dividends | 448352 |
| Prepaid expenses and other assets | 51192 |
| **Total assets** | **402601284** |
| Liabilities |  |
| Contingent tax liability | 871222 |
| Management fee payable | 293167 |
| Payable for Fund shares redeemed | 46769 |
| Administration fees payable | 44250 |
| Shareholder servicing fees payable | 18517 |
| Distribution fee payable | 813 |
| Accrued expenses and other liabilities | 88358 |
| **Total liabilities** | **1363096** |
| **Total net assets**  | **$401238188** |
| Net assets consist of |  |
| Paid-in capital | $293739424 |
| Total distributable earnings | 107498764 |
| **Total net assets** | **$401238188** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $82182859 |
| Shares outstanding–Class A<sup>1</sup> <br>| 5489242 |
| Net asset value per share–Class A | $14.97 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $15.88 |
| Net assets–Class C | $1242591 |
| Shares outstanding–Class C<sup>1</sup> <br>| 83734 |
| Net asset value per share–Class C | $14.84 |
| Net assets–Class R6 | $83409041 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 5580844 |
| Net asset value per share–Class R6 | $14.95 |
| Net assets–Institutional Class | $234403697 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 15622832 |
| Net asset value per share–Institutional Class | $15.00 |

---

<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 Emerging Markets Equity Advantage Fund \| 7

------

Statement of operations—year ended October 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $1,358,263) | $10260839 |
| Income from affiliated securities | 388397 |
| Interest (net of foreign withholding taxes of $11) | 2298 |
| **Total investment income** | **10651534** |
| Expenses |  |
| Management fee | 3828635 |
| Administration fees |  |
| Class A | 144954 |
| Class C | 2801 |
| Class R6 | 22045 |
| Administrator Class | 1720 <br><sup>1</sup><br>|
| Institutional Class | 280725 |
| Shareholder servicing fees |  |
| Class A | 181148 |
| Class C | 3482 |
| Administrator Class | 2721 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 10408 |
| Custody and accounting fees | 220254 |
| Professional fees | 96210 |
| Registration fees | 98432 |
| Shareholder report expenses | 44690 |
| Trustees' fees and expenses | 7095 |
| Other fees and expenses | 69976 |
| **Total expenses** | **5015296** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (326760)<br>|
| Class A | (41555)<br>|
| Class C | (186)<br>|
| Institutional Class | (78954)<br>|
| **Net expenses** | **4567841** |
| **Net investment income** | **6083693** |

---

<sup>1</sup> For the period from November 1, 2024 to September 12, 2025. Effective at the close of business on September 12, 2025, Administrator Class shares were converted to Institutional Class shares and are no longer offered by the Fund.

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

8 \| Allspring Emerging Markets Equity Advantage Fund

------

Statement of operations—year ended October 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities (net of foreign capital gains tax of $1,077,198) | $22788333 |
| Foreign currency and foreign currency translations | (267666)<br>|
| **Net realized gains on investments**  | **22520667** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities (net of deferred foreign capital gains tax of $1,436,899) | 51688266 |
| Foreign currency and foreign currency translations | 14041 |
| **Net change in unrealized gains (losses) on investments** | **51702307** |
| **Net realized and unrealized gains (losses) on investments** | **74222974** |
| **Net increase in net assets resulting from operations** | **$80306667** |

---

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

Allspring Emerging Markets Equity Advantage Fund \| 9

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> October 31, 2025 | Year ended<br> October 31, 2025 | Year ended<br> October 31, 2024 | Year ended<br> October 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $6083693 |  | &nbsp;&nbsp; $7807593 |
| Net realized gains on investments |  | &nbsp;&nbsp; 22520667 |  | &nbsp;&nbsp; 11217124 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 51702307 |  | &nbsp;&nbsp; 66364733 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **80306667** |  | &nbsp;&nbsp; **85389450** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (1037320)<br>|  | &nbsp;&nbsp; (1034143)<br>|
| Class C |  | &nbsp;&nbsp; (14009)<br>|  | &nbsp;&nbsp; (17898)<br>|
| Class R6 |  | &nbsp;&nbsp; (1303181)<br>|  | &nbsp;&nbsp; (1204244)<br>|
| Administrator Class |  | &nbsp;&nbsp; (21056 )<sup>1</sup><br>|  | &nbsp;&nbsp; (25052)<br>|
| Institutional Class |  | &nbsp;&nbsp; (3712346)<br>|  | &nbsp;&nbsp; (3943569)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(6087912)**<br>|  | &nbsp;&nbsp; **(6224906)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 522829 | &nbsp;&nbsp; 6408430 | &nbsp;&nbsp; 482975 | &nbsp;&nbsp; 5658590 |
| Class C | 2021 | &nbsp;&nbsp; 25619 | &nbsp;&nbsp; 9032 | &nbsp;&nbsp; 108288 |
| Class R6 | 1650302 | &nbsp;&nbsp; 19922273 | &nbsp;&nbsp; 4153699 | &nbsp;&nbsp; 45645051 |
| Administrator Class | 160438 <br><sup>1</sup><br>| &nbsp;&nbsp; 1935281 <br><sup>1</sup><br>| &nbsp;&nbsp; 391390 | &nbsp;&nbsp; 4576447 |
| Institutional Class | 1691549 | &nbsp;&nbsp; 20823475 | &nbsp;&nbsp; 3651188 | &nbsp;&nbsp; 42609894 |
|  |  | &nbsp;&nbsp; 49115078 |  | &nbsp;&nbsp; 98598270 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 78634 | &nbsp;&nbsp; 989099 | &nbsp;&nbsp; 85747 | &nbsp;&nbsp; 990095 |
| Class C | 1146 | &nbsp;&nbsp; 13995 | &nbsp;&nbsp; 1569 | &nbsp;&nbsp; 17866 |
| Class R6 | 91633 | &nbsp;&nbsp; 1164129 | &nbsp;&nbsp; 92520 | &nbsp;&nbsp; 1077743 |
| Administrator Class | 1657 <br><sup>1</sup><br>| &nbsp;&nbsp; 20802 <br><sup>1</sup><br>| &nbsp;&nbsp; 2130 | &nbsp;&nbsp; 24794 |
| Institutional Class | 287787 | &nbsp;&nbsp; 3640777 | &nbsp;&nbsp; 321798 | &nbsp;&nbsp; 3724800 |
|  |  | &nbsp;&nbsp; 5828802 |  | &nbsp;&nbsp; 5835298 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (898103)<br>| &nbsp;&nbsp; (11392429)<br>| &nbsp;&nbsp; (1214444)<br>| &nbsp;&nbsp; (13978783)<br>|
| Class C | (77513)<br>| &nbsp;&nbsp; (947122)<br>| &nbsp;&nbsp; (110622)<br>| &nbsp;&nbsp; (1254778)<br>|
| Class R6 | (1272559)<br>| &nbsp;&nbsp; (16697641)<br>| &nbsp;&nbsp; (2001402)<br>| &nbsp;&nbsp; (23858819)<br>|
| Administrator Class | (174529 )<sup>1</sup><br>| &nbsp;&nbsp; (2131631 )<sup>1</sup><br>| &nbsp;&nbsp; (420973)<br>| &nbsp;&nbsp; (4987050)<br>|
| Institutional Class | (5108459)<br>| &nbsp;&nbsp; (63341092)<br>| &nbsp;&nbsp; (5547129)<br>| &nbsp;&nbsp; (63012897)<br>|
|  |  | &nbsp;&nbsp; (94509915)<br>|  | &nbsp;&nbsp; (107092327)<br>|

---

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

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

10 \| Allspring Emerging Markets Equity Advantage Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended<br> October 31, 2025 | Year ended<br> October 31, 2024 | Year ended<br> October 31, 2024 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Administrator Class<br>(112114 )<sup>2</sup><br>| &nbsp;&nbsp; $(1603581 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Institutional Class<br>112782 <br><sup>2</sup><br>| &nbsp;&nbsp; 1603581 <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; **(39566035)**<br>|  | &nbsp;&nbsp; **(2658759)**<br>|
| **Total increase in net assets** | &nbsp;&nbsp; **34652720** |  | &nbsp;&nbsp; **76505785** |
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **366585468** |  | &nbsp;&nbsp; **290079683** |
| **End of period** | &nbsp;&nbsp; **$401238188** |  | &nbsp;&nbsp; **$366585468** |

---

<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 Markets Equity Advantage Fund \| 11

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$12.28** | &nbsp;&nbsp; **$9.69** | &nbsp;&nbsp; **$9.03** | &nbsp;&nbsp; **$12.67** | &nbsp;&nbsp; **$10.33** |
| Net investment income | 0.18 <br><sup>1</sup><br>| 0.22 <br><sup>1</sup><br>| 0.25 <br><sup>1</sup><br>| 0.27 <br><sup>1</sup><br>| 0.24 |
| Net realized and unrealized gains (losses) on investments | 2.69 | 2.54 | 0.64 | &nbsp;&nbsp; (3.59)<br>| 2.34 |
| Total from investment operations | 2.87 | 2.76 | 0.89 | &nbsp;&nbsp; (3.32)<br>| 2.58 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.18)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Net asset value, end of period** | **$14.97** | &nbsp;&nbsp; **$12.28** | &nbsp;&nbsp; **$9.69** | &nbsp;&nbsp; **$9.03** | &nbsp;&nbsp; **$12.67** |
| **Total return**<sup>2</sup> <br>| **23.68%**<br>| **28.62%**<br>| **9.72%**<br>| &nbsp;&nbsp; **(26.67)%**<br>| **24.93%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.65<br> %<br>| 1.61<br> %<br>| 1.68<br> %<br>| 1.70<br> %<br>| 1.63<br> %<br>|
| Net expenses | 1.50<br> %<br>| 1.53<br> %<br>| 1.51<br> %<br>| 1.54<br> %<br>| 1.54<br> %<br>|
| Net investment income | 1.43<br> %<br>| 1.90<br> %<br>| 2.43<br> %<br>| 2.34<br> %<br>| 1.88<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 57<br> %<br>| &nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp; 73<br> %<br>|
| Net assets, end of period (000s omitted) | $82183 | &nbsp;&nbsp; $71073 | &nbsp;&nbsp; $62296 | &nbsp;&nbsp; $63130 | &nbsp;&nbsp; $94152 |

---

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

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

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

12 \| Allspring Emerging Markets Equity Advantage Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$12.21** | &nbsp;&nbsp; **$9.63** | &nbsp;&nbsp; **$8.98** | &nbsp;&nbsp; **$12.59** | &nbsp;&nbsp; **$10.26** |
| Net investment income | 0.07 <br><sup>1</sup><br>| 0.12 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.18 <br><sup>1</sup><br>| 0.11 |
| Net realized and unrealized gains (losses) on investments | 2.67 | 2.55 | 0.64 | &nbsp;&nbsp; (3.56)<br>| 2.36 |
| Total from investment operations | 2.74 | 2.67 | 0.80 | &nbsp;&nbsp; (3.38)<br>| 2.47 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.11)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Net asset value, end of period** | **$14.84** | &nbsp;&nbsp; **$12.21** | &nbsp;&nbsp; **$9.63** | &nbsp;&nbsp; **$8.98** | &nbsp;&nbsp; **$12.59** |
| **Total return**<sup>2</sup> <br>| **22.66%**<br>| **27.78%**<br>| **8.79%**<br>| &nbsp;&nbsp; **(27.27)%**<br>| **24.00%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 2.39<br> %<br>| 2.35<br> %<br>| 2.43<br> %<br>| 2.43<br> %<br>| 2.37<br> %<br>|
| Net expenses | 2.28<br> %<br>| 2.30<br> %<br>| 2.30<br> %<br>| 2.30<br> %<br>| 2.30<br> %<br>|
| Net investment income | 0.55<br> %<br>| 1.08<br> %<br>| 1.55<br> %<br>| 1.55<br> %<br>| 1.07<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 57<br> %<br>| &nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp; 73<br> %<br>|
| Net assets, end of period (000s omitted) | $1243 | &nbsp;&nbsp; $1930 | &nbsp;&nbsp; $2486 | &nbsp;&nbsp; $3396 | &nbsp;&nbsp; $7203 |

---

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

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

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

Allspring Emerging Markets Equity Advantage Fund \| 13

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class R6 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$12.26** | &nbsp;&nbsp; **$9.67** | &nbsp;&nbsp; **$9.02** | &nbsp;&nbsp; **$12.67** | &nbsp;&nbsp; **$10.33** |
| Net investment income | 0.24 <br><sup>1</sup><br>| 0.29 <br><sup>1</sup><br>| 0.28 <br><sup>1</sup><br>| 0.31 <br><sup>1</sup><br>| 0.26 |
| Net realized and unrealized gains (losses) on investments | 2.68 | 2.52 | 0.64 | &nbsp;&nbsp; (3.59)<br>| 2.37 |
| Total from investment operations | 2.92 | 2.81 | 0.92 | &nbsp;&nbsp; (3.28)<br>| 2.63 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.23)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | **$14.95** | &nbsp;&nbsp; **$12.26** | &nbsp;&nbsp; **$9.67** | &nbsp;&nbsp; **$9.02** | &nbsp;&nbsp; **$12.67** |
| **Total return**<sup>2</sup> <br>| **24.16%**<br>| **29.17%**<br>| **10.10%**<br>| &nbsp;&nbsp; **(26.49)%**<br>| **25.44%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.23<br> %<br>| 1.19<br> %<br>| 1.25<br> %<br>| 1.26<br> %<br>| 1.19<br> %<br>|
| Net expenses | 1.14<br> %<br>| 1.17<br> %<br>| 1.17<br> %<br>| 1.17<br> %<br>| 1.15<br> %<br>|
| Net investment income | 1.87<br> %<br>| 2.45<br> %<br>| 2.77<br> %<br>| 2.72<br> %<br>| 2.00<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 57<br> %<br>| &nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp; 73<br> %<br>|
| Net assets, end of period (000s omitted) | $83409 | &nbsp;&nbsp; $62675 | &nbsp;&nbsp; $27722 | &nbsp;&nbsp; $28296 | &nbsp;&nbsp; $43761 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

14 \| Allspring Emerging Markets Equity Advantage Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$12.31** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$9.05** | &nbsp;&nbsp; **$12.70** | &nbsp;&nbsp; **$10.35** |
| Net investment income | 0.22 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.28 <br><sup>1</sup><br>| 0.30 <br><sup>1</sup><br>| 0.28 |
| Net realized and unrealized gains (losses) on investments | 2.69 | 2.56 | 0.63 | &nbsp;&nbsp; (3.60)<br>| 2.35 |
| Total from investment operations | 2.91 | 2.82 | 0.91 | &nbsp;&nbsp; (3.30)<br>| 2.63 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.22)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.28)<br>|
| **Net asset value, end of period** | **$15.00** | &nbsp;&nbsp; **$12.31** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$9.05** | &nbsp;&nbsp; **$12.70** |
| **Total return**<sup>2</sup> <br>| **23.96%**<br>| **29.17%**<br>| **9.95%**<br>| &nbsp;&nbsp; **(26.44)%**<br>| **25.27%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.33<br> %<br>| 1.29<br> %<br>| 1.35<br> %<br>| 1.37<br> %<br>| 1.30<br> %<br>|
| Net expenses | 1.20<br> %<br>| 1.22<br> %<br>| 1.22<br> %<br>| 1.22<br> %<br>| 1.22<br> %<br>|
| Net investment income | 1.69<br> %<br>| 2.23<br> %<br>| 2.72<br> %<br>| 2.68<br> %<br>| 2.21<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 57<br> %<br>| &nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp; 73<br> %<br>|
| Net assets, end of period (000s omitted) | $234404 | &nbsp;&nbsp; $229366 | &nbsp;&nbsp; $196092 | &nbsp;&nbsp; $190468 | &nbsp;&nbsp; $234185 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring Emerging Markets Equity Advantage Fund \| 15

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Notes to financial statements

Notes to financial statements

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services* – *Investment Companies*. These financial statements report on the Allspring Emerging Markets Equity Advantage Fund (formerly, Allspring Emerging Markets Equity Income Fund) (the "Fund") which is a diversified series of the Trust.

Effective January 8, 2025, the Fund's name has changed to Allspring Emerging Markets Equity Advantage Fund.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On October 31, 2025, such fair value pricing was used in pricing certain 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 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

16 \| Allspring Emerging Markets Equity Advantage Fund

------

Notes to financial statements

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date.

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of October 31, 2025, the aggregate cost of all investments for federal income tax purposes was $275,947,400 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $131626185 |
| Gross unrealized losses | &nbsp;&nbsp; (7372894)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$124253291** |

---

As of October 31, 2025, the Fund had capital loss carryforwards which consist of $22,738,223 in short-term capital losses.

Class allocations

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

Allspring Emerging Markets Equity Advantage Fund \| 17

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Notes to financial statements

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of 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** |  |  |  |  |
| *Brazil* | &nbsp;&nbsp; $18122705 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $18122705 |
| *Chile* | &nbsp;&nbsp; 2073829 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2073829 |
| *China* | &nbsp;&nbsp; 112415985 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 112415985 |
| *Greece* | &nbsp;&nbsp; 3692813 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3692813 |
| *Hong Kong* | &nbsp;&nbsp; 3747834 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3747834 |
| *Hungary* | &nbsp;&nbsp; 2504690 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2504690 |
| *India* | &nbsp;&nbsp; 53637235 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 53637235 |
| *Indonesia* | &nbsp;&nbsp; 1788978 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1788978 |
| *Malaysia* | &nbsp;&nbsp; 1751626 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1751626 |
| *Mexico* | &nbsp;&nbsp; 8182630 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8182630 |
| *Peru* | &nbsp;&nbsp; 1983339 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1983339 |
| *Poland* | &nbsp;&nbsp; 2557976 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2557976 |
| *Russia* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| *Saudi Arabia* | &nbsp;&nbsp; 1958581 | &nbsp;&nbsp;&nbsp; 13280751 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 15239332 |
| *Singapore* | &nbsp;&nbsp; 5529359 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5529359 |
| *South Africa* | &nbsp;&nbsp; 11718637 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 11718637 |
| *South Korea* | &nbsp;&nbsp; 36081089 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 36081089 |
| *Taiwan* | &nbsp;&nbsp; 83766332 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 83766332 |
| *Thailand* | &nbsp;&nbsp; 1980482 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1980482 |
| *Turkey* | &nbsp;&nbsp; 1481343 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1481343 |
| *United Arab Emirates* | &nbsp;&nbsp; 5691844 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5691844 |
| *United Kingdom* | &nbsp;&nbsp; 1796874 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1796874 |
| *United States* | &nbsp;&nbsp; 4894921 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4894921 |
| **Preferred stocks** |  |  |  |  |
| *Brazil* | &nbsp;&nbsp; 2127947 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2127947 |
| *South Korea* | &nbsp;&nbsp; 10253245 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 10253245 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 7179646 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7179646 |
| **Total assets** | &nbsp;&nbsp; **$386919940** | &nbsp;&nbsp;&nbsp; **$13280751** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$400200691** |

---

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.

18 \| Allspring Emerging Markets Equity Advantage Fund

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Notes to financial statements

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $1 billion | 1.050<br> %<br>|
| Next $1 billion | 1.025 |
| Next $2 billion | 1.000 |
| Next $1 billion | 0.975 |
| Next $3 billion | 0.965 |
| Next $2 billion | 0.955 |
| Over $10 billion | 0.945 |

---

For the year ended October 31, 2025, the management fee was equivalent to an annual rate of 1.05% 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 February 28, 2027 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of October 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | EXPENSE RATIO CAPS | RATE PRIOR TO SEPTEMBER 2, 2025 |
| Class A | 1.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>|
| Class C | 2.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 |
| Class R6 | 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 |
| Institutional Class | 1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |

---

Allspring Emerging Markets Equity Advantage Fund \| 19

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Notes to financial statements

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended October 31, 2025, Allspring Funds Distributor received $390 from the sale of Class A shares and $83 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended 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 year 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 year ended October 31, 2025 were $200,932,756 and $238,442,055, respectively.

6. BANK BORROWINGS

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

For the year ended October 31, 2025, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $6087912 | $6224906 |

---

As of October 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Unrealized <br>gains<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $5986759 | &nbsp;&nbsp; $124253291 | &nbsp;&nbsp;&nbsp; $(22738223)<br>|

---

8. CONCENTRATION RISKS

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

9. MARKET RISKS

Russia launched a large-scale invasion of Ukraine on February 24, 2022. As a result of this military action, the United States and many other countries have instituted various economic sanctions against Russian and Belarus individuals and entities. The extent and duration of the military action, resulting

20 \| Allspring Emerging Markets Equity Advantage Fund

------

Notes to financial statements

sanctions imposed, other punitive action taken and the resulting market disruptions cannot be easily predicted. As of October 31, 2025, the Fund held 0.00% of its total net assets in Russian securities with unrealized losses in the amount of $1,726,284.

10. INDEMNIFICATION

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

11. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

12. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU 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.

13. CLASS CONVERSION

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on 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 Emerging Markets Equity Advantage Fund \| 21

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Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Emerging Markets Equity Advantage Fund (formerly, Allspring Emerging Markets Equity Income Fund) (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g15564img36948b032.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

December 22, 2025

22 \| Allspring Emerging Markets Equity Advantage Fund

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Other information (unaudited)

Other information

Tax information

Pursuant to Section 854 of the Internal Revenue Code, $5,201,848 of income dividends paid during the fiscal year ended October 31, 2025 has been designated as qualified dividend income (QDI).

For the fiscal year ended October 31, 2025, $191,404 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended October 31, 2025. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Creditable <br>foreign taxes <br>paid<br>| Per share <br>amount<br>| &nbsp;&nbsp;&nbsp; Foreign <br>income as % of <br>ordinary income <br>distributions<br>|
| &nbsp;&nbsp;&nbsp; $2157187 | &nbsp;&nbsp; $0.0806 | &nbsp;&nbsp;&nbsp;&nbsp; 99.45<br> %<br>|

---

For corporate shareholders, pursuant to Section 163(j) of the Internal Revenue Code, 2% of ordinary income dividends qualify as interest dividends for the fiscal year ended October 31, 2025.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

Allspring Emerging Markets Equity Advantage Fund \| 23

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

24 \| Allspring Emerging Markets Equity Advantage 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 Markets Equity Advantage 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 Emerging Markets Equity Advantage Fund \| 25

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one-, three- and five-year periods under review, and in range of the average investment performance of the Universe for the ten-year period under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the MSCI Emerging Markets Index (Net), for the one-, three- and five-year periods under review, and in range of the investment performance of its benchmark index for the ten-year period under review.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups for each share class, except for Institutional Class, which was in range of the median net operating expense ratios of the expense Groups.

The Board noted that Funds Management had agreed to reduce the net operating expense caps for the Fund's Class A, Class C, Administrator Class, Institutional Class and Class R6. It was also noted that the Board had approved a proposal to convert Administrator Class shares into Institutional Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board received information concerning, and discussed factors contributing to, the expenses of the Fund relative to the median net operating expense ratios of the expense Groups. The Board took note of the explanations for the Fund's expenses during these periods, including with respect to factors that affected the Fund's expenses.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of the average rates for the expense Groups for Class A and Institutional Class, in range of the sum of the average rates for the expense Groups for Class R6, and higher than the sum of the average rates for the expense Groups for Administrator Class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

26 \| Allspring Emerging Markets Equity Advantage Fund

------

Other information (unaudited)

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

Allspring Emerging Markets Equity Advantage Fund \| 27

------

*This page is intentionally left blank.*

------

![](g15564img20f7e88d1.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**

![](g15564img1fea09eb3.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.**

**NCSR3356 10-25**

------

![](g15564img705702c11.jpg)

Allspring Special International Small Cap Fund

Long Form Financial Statements

Annual Report

October 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_acd66b54-fbb9-40c0-ac7d-d03ce126259c_POI-PageBlank-92_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_acd66b54-fbb9-40c0-ac7d-d03ce126259c_FS-PageBlank-92_1)** |  |
| [Statement of assets and liabilities](#xx_acd66b54-fbb9-40c0-ac7d-d03ce126259c_FS-PageBlank-92_1) | 6 |
| [Statement of operations](#xx_acd66b54-fbb9-40c0-ac7d-d03ce126259c_FS-PageBlank-92_2) | 7 |
| [Statement of changes in net assets](#xx_acd66b54-fbb9-40c0-ac7d-d03ce126259c_FS-PageBlank-92_3) | 8 |
| [Financial highlights](#xx_acd66b54-fbb9-40c0-ac7d-d03ce126259c_FIHI-PageBlank-92_1) | 9 |
| **[Notes to financial statements](#xx_acd66b54-fbb9-40c0-ac7d-d03ce126259c_NTF-PageBlank-92_1)** | 13 |
| **[Report of independent registered public accounting firm](#xx_acd66b54-fbb9-40c0-ac7d-d03ce126259c_AUD-PageBlank-92_1)** | 19 |
| **[Other information](#xx_acd66b54-fbb9-40c0-ac7d-d03ce126259c_OI-PageBlank-92_1)** | 20 |
| [Item 8. Changes in and disagreements with accountants](#xx_acd66b54-fbb9-40c0-ac7d-d03ce126259c_OI-PageBlank-92_2) | 21 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_acd66b54-fbb9-40c0-ac7d-d03ce126259c_OI-PageBlank-92_2) | 21 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_acd66b54-fbb9-40c0-ac7d-d03ce126259c_OI-PageBlank-92_2) | 21 |
| [Item 11. Statement regarding basis for board](#xx_acd66b54-fbb9-40c0-ac7d-d03ce126259c_OI-PageBlank-92_3)['](#xx_acd66b54-fbb9-40c0-ac7d-d03ce126259c_OI-PageBlank-92_3)[s approval of investment](#xx_acd66b54-fbb9-40c0-ac7d-d03ce126259c_OI-PageBlank-92_3)<br> [advisory contract](#xx_acd66b54-fbb9-40c0-ac7d-d03ce126259c_OI-PageBlank-92_3)<br>| 22 |

---

Allspring Special International Small Cap Fund \| 1

------

Portfolio of investments—October 31, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 96.00%** |  |  |
| **Australia: 4.33%** |  |  |
| Ansell Ltd. (Health care, Health care equipment & supplies) | 91559 | &nbsp;&nbsp; $2187206 |
| Orora Ltd. (Materials, Containers & packaging) | 606777 | &nbsp;&nbsp; 797999 |
| Reliance Worldwide Corp. Ltd. (Industrials, Building products) | 894873 | &nbsp;&nbsp; 2429889 |
| Steadfast Group Ltd. (Financials, Insurance) | 614928 | &nbsp;&nbsp; 2253145 |
|  |  | &nbsp;&nbsp; **7668239** |
| **Austria: 1.54%** |  |  |
| BAWAG Group AG (Financials, Banks)144A | 21067 | &nbsp;&nbsp; **2717254** |
| **Belgium: 1.10%** |  |  |
| Azelis Group NV (Industrials, Trading companies & distributors) | 96969 | &nbsp;&nbsp; 1145656 |
| &nbsp;&nbsp; Barco NV (Information technology, Electronic equipment, instruments <br> & components)<br>| 56259 | &nbsp;&nbsp; 802805 |
|  |  | &nbsp;&nbsp; **1948461** |
| **Canada: 4.76%** |  |  |
| &nbsp;&nbsp; Finning International, Inc. (Industrials, Trading companies & <br> distributors)<br>| 22960 | &nbsp;&nbsp; 1241678 |
| Onex Corp. (Financials, Capital markets) | 29400 | &nbsp;&nbsp; 2557342 |
| PrairieSky Royalty Ltd. (Energy, Oil, gas & consumable fuels) | 257360 | &nbsp;&nbsp; 4620388 |
|  |  | &nbsp;&nbsp; **8419408** |
| **Finland: 2.51%** |  |  |
| Huhtamaki Oyj (Materials, Containers & packaging) | 67562 | &nbsp;&nbsp; 2270845 |
| Metso Oyj (Industrials, Machinery) | 132960 | &nbsp;&nbsp; 2177773 |
|  |  | &nbsp;&nbsp; **4448618** |
| **France: 3.06%** |  |  |
| Alten SA (Information technology, IT services) | 65734 | &nbsp;&nbsp; **5413645** |
| **Germany: 5.70%** |  |  |
| Bechtle AG (Information technology, IT services) | 60996 | &nbsp;&nbsp; 2576050 |
| CTS Eventim AG & Co. KGaA (Communication services, Entertainment) | 24328 | &nbsp;&nbsp; 2176034 |
| Krones AG (Industrials, Machinery) | 10852 | &nbsp;&nbsp; 1573577 |
| Springer Nature AG & Co. KGaA (Communication services, Media) | 20843 | &nbsp;&nbsp; 518933 |
| &nbsp;&nbsp; TAG Immobilien AG (Real estate, Real estate management & <br> development)<br>| 195006 | &nbsp;&nbsp; 3234493 |
|  |  | &nbsp;&nbsp; **10079087** |
| **Italy: 8.64%** |  |  |
| Amplifon SpA (Health care, Health care providers & services) | 111395 | &nbsp;&nbsp; 1900312 |
| Azimut Holding SpA (Financials, Capital markets) | 58615 | &nbsp;&nbsp; 2290371 |
| Buzzi SpA (Materials, Construction materials) | 84516 | &nbsp;&nbsp; 5080316 |
| De' Longhi SpA (Consumer discretionary, Household durables) | 65744 | &nbsp;&nbsp; 2396158 |
| Interpump Group SpA (Industrials, Machinery) | 70370 | &nbsp;&nbsp; 3625706 |
|  |  | &nbsp;&nbsp; **15292863** |

---

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

2 \| Allspring Special International Small Cap Fund

------

Portfolio of investments—October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Japan: 33.02%** |  |  |
| ALSOK Co. Ltd. (Industrials, Commercial services & supplies) | 243400 | &nbsp;&nbsp; $1663889 |
| Daiseki Co. Ltd. (Industrials, Commercial services & supplies) | 136960 | &nbsp;&nbsp; 2883883 |
| DTS Corp. (Information technology, IT services) | 498300 | &nbsp;&nbsp; 4158158 |
| Ezaki Glico Co. Ltd. (Consumer staples, Food products) | 50500 | &nbsp;&nbsp; 1611897 |
| Fuji Seal International, Inc. (Materials, Containers & packaging) | 121100 | &nbsp;&nbsp; 2132667 |
| Hachijuni Bank Ltd. (Financials, Banks) | 64500 | &nbsp;&nbsp; 650190 |
| &nbsp;&nbsp; Horiba Ltd. (Information technology, Electronic equipment, <br> instruments & components)<br>| 33100 | &nbsp;&nbsp; 3085338 |
| Hoshizaki Corp. (Industrials, Machinery) | 91700 | &nbsp;&nbsp; 3231010 |
| &nbsp;&nbsp; Japan Elevator Service Holdings Co. Ltd. (Industrials, Commercial <br> services & supplies)<br>| 102900 | &nbsp;&nbsp; 1213554 |
| Kamigumi Co. Ltd. (Industrials, Transportation infrastructure) | 96200 | &nbsp;&nbsp; 2888310 |
| Lion Corp. (Consumer staples, Household products) | 122900 | &nbsp;&nbsp; 1211774 |
| &nbsp;&nbsp; Maruwa Co. Ltd. (Information technology, Electronic equipment, <br> instruments & components)<br>| 8200 | &nbsp;&nbsp; 2334268 |
| &nbsp;&nbsp; McDonald's Holdings Co. Japan Ltd. (Consumer discretionary, Hotels, <br> restaurants & leisure)<br>| 40100 | &nbsp;&nbsp; 1569029 |
| MEITEC Group Holdings, Inc. (Industrials, Professional services) | 226800 | &nbsp;&nbsp; 4651968 |
| MISUMI Group, Inc. (Industrials, Machinery) | 162400 | &nbsp;&nbsp; 2541748 |
| Nihon Parkerizing Co. Ltd. (Materials, Chemicals) | 194900 | &nbsp;&nbsp; 1693408 |
| NOF Corp. (Materials, Chemicals) | 44000 | &nbsp;&nbsp; 784297 |
| Orix JREIT, Inc. (Real estate, Office REITs) | 5010 | &nbsp;&nbsp; 3390714 |
| &nbsp;&nbsp; San-A Co. Ltd. (Consumer staples, Consumer staples distribution & <br> retail)<br>| 140100 | &nbsp;&nbsp; 2438182 |
| Shimamura Co. Ltd. (Consumer discretionary, Specialty retail) | 46800 | &nbsp;&nbsp; 3020089 |
| Shizuoka Financial Group, Inc. (Financials, Banks) | 162400 | &nbsp;&nbsp; 2186620 |
| &nbsp;&nbsp; Stanley Electric Co. Ltd. (Consumer discretionary, Automobile <br> components)<br>| 165800 | &nbsp;&nbsp; 3265220 |
| &nbsp;&nbsp; Sumitomo Warehouse Co. Ltd. (Industrials, Transportation <br> infrastructure)<br>| 85800 | &nbsp;&nbsp; 1809422 |
| Taikisha Ltd. (Industrials, Construction & engineering) | 122100 | &nbsp;&nbsp; 2420450 |
| Zenkoku Hosho Co. Ltd. (Financials, Financial services) | 77500 | &nbsp;&nbsp; 1593651 |
|  |  | &nbsp;&nbsp; **58429736** |
| **Netherlands: 3.38%** |  |  |
| Aalberts NV (Industrials, Machinery) | 73061 | &nbsp;&nbsp; 2322615 |
| Arcadis NV (Industrials, Professional services) | 60210 | &nbsp;&nbsp; 2874592 |
| Technip Energies NV (Energy, Energy equipment & services) | 19447 | &nbsp;&nbsp; 789477 |
|  |  | &nbsp;&nbsp; **5986684** |
| **Norway: 3.50%** |  |  |
| Atea ASA (Information technology, IT services) | 142528 | &nbsp;&nbsp; 2172552 |
| Elopak ASA (Materials, Containers & packaging) | 181698 | &nbsp;&nbsp; 855640 |
| SpareBank 1 SMN (Financials, Banks) | 171826 | &nbsp;&nbsp; 3159594 |
|  |  | &nbsp;&nbsp; **6187786** |

---

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

Allspring Special International Small Cap Fund \| 3

------

Portfolio of investments—October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Spain: 3.37%** |  |  |
| Vidrala SA (Materials, Containers & packaging) | 15638 | &nbsp;&nbsp; $1488877 |
| Viscofan SA (Consumer staples, Food products) | 72006 | &nbsp;&nbsp; 4473577 |
|  |  | &nbsp;&nbsp; **5962454** |
| **Sweden: 5.15%** |  |  |
| AAK AB (Consumer staples, Food products) | 84686 | &nbsp;&nbsp; 2365797 |
| &nbsp;&nbsp; Asker Healthcare Group AB (Health care, Health care equipment & <br> supplies)†<br>| 117055 | &nbsp;&nbsp; 1061599 |
| Beijer Ref AB Class B (Industrials, Trading companies & distributors) | 101427 | &nbsp;&nbsp; 1607842 |
| Hacksaw AB (Communication services, Entertainment)† | 111570 | &nbsp;&nbsp; 891245 |
| Hexpol AB (Materials, Chemicals) | 267260 | &nbsp;&nbsp; 2434815 |
| Loomis AB Class B (Industrials, Commercial services & supplies) | 18659 | &nbsp;&nbsp; 754197 |
|  |  | &nbsp;&nbsp; **9115495** |
| **Switzerland: 3.97%** |  |  |
| &nbsp;&nbsp; Bossard Holding AG Class A (Industrials, Trading companies & <br> distributors)<br>| 9591 | &nbsp;&nbsp; 2080881 |
| Bucher Industries AG (Industrials, Machinery) | 2829 | &nbsp;&nbsp; 1253232 |
| Montana Aerospace AG (Industrials, Aerospace & defense)144A† | 50574 | &nbsp;&nbsp; 2001593 |
| Vontobel Holding AG (Financials, Capital markets) | 22301 | &nbsp;&nbsp; 1690414 |
|  |  | &nbsp;&nbsp; **7026120** |
| **United Kingdom: 11.12%** |  |  |
| Diploma PLC (Industrials, Trading companies & distributors) | 25078 | &nbsp;&nbsp; 1848212 |
| &nbsp;&nbsp; Domino's Pizza Group PLC (Consumer discretionary, Hotels, <br> restaurants & leisure)<br>| 781891 | &nbsp;&nbsp; 1999900 |
| Elementis PLC (Materials, Chemicals) | 769340 | &nbsp;&nbsp; 1661561 |
| IMI PLC (Industrials, Machinery) | 82979 | &nbsp;&nbsp; 2603146 |
| Lancashire Holdings Ltd. (Financials, Insurance) | 398992 | &nbsp;&nbsp; 3501360 |
| LondonMetric Property PLC (Real estate, Industrial REITs) | 867389 | &nbsp;&nbsp; 2167307 |
| Nomad Foods Ltd. (Consumer staples, Food products) | 194107 | &nbsp;&nbsp; 2193409 |
| Premier Foods PLC (Consumer staples, Food products) | 548786 | &nbsp;&nbsp; 1314995 |
| SSP Group PLC (Consumer discretionary, Hotels, restaurants & leisure) | 202928 | &nbsp;&nbsp; 409477 |
| Tate & Lyle PLC (Consumer staples, Food products) | 388838 | &nbsp;&nbsp; 1972773 |
|  |  | &nbsp;&nbsp; **19672140** |
| **United States: 0.85%** |  |  |
| Primo Brands Corp. Class A (Consumer staples, Beverages) | 68777 | &nbsp;&nbsp; **1511031** |
| **Total common stocks (Cost $142,245,203)** |  | &nbsp;&nbsp; **169879021** |
| **Investment companies: 0.69%** |  |  |
| **United States: 0.69%** |  |  |
| iShares MSCI EAFE Small-Cap ETF | 15993 | &nbsp;&nbsp; **1218827** |
| **Total investment companies (Cost $968,651)** |  | &nbsp;&nbsp; **1218827** |

---

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

4 \| Allspring Special International Small Cap Fund

------

Portfolio of investments—October 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | Expiration <br>date<br>| Shares | Value |
| **Rights: 0.04%** |  |  |  |
| **Spain: 0.04%** |  |  |  |
| Vidrala SA (Materials, Containers & packaging)† | &nbsp;&nbsp; 11-17-2025 | 15638 | &nbsp;&nbsp; **$73903** |
| **Total rights (Cost $40,363)** |  |  | &nbsp;&nbsp; **73903** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 2.47%** |  |  |  |  |
| **Investment companies: 2.47%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.06<br> %<br>| 4378299 | &nbsp;&nbsp; **4378299** |
| **Total short-term investments (Cost $4,378,299)** |  |  |  | &nbsp;&nbsp; **4378299** |
| **Total investments in securities (Cost $147,632,516)** | 99.20<br> %<br>|  |  | &nbsp;&nbsp; 175550050 |
| Other assets and liabilities, net | 0.80 |  |  | &nbsp;&nbsp; 1408545 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$176958595** |

---

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

---

| | |
|:---|:---|
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| † | Non-income-earning security |
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |

---

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

Abbreviations: <br> REIT Real estate investment trust

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $5640597 | $84173785 | $(85436083)<br>| $0 | $0 | $4378299 | 4378299 | $247943 |

---

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

Allspring Special International Small Cap Fund \| 5

------

Statement of assets and liabilities—October 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $143,254,217) | $171171751 |
| Investments in affiliated securities, at value (cost $4,378,299) | 4378299 |
| Cash | 1822 |
| Foreign currency, at value (cost $96,988) | 96744 |
| Receivable for dividends | 850912 |
| Receivable for investments sold | 551815 |
| Receivable for Fund shares sold | 102770 |
| Prepaid expenses and other assets | 66546 |
| **Total assets** | **177220659** |
| Liabilities |  |
| Management fee payable | 119304 |
| Payable for Fund shares redeemed | 85775 |
| Administration fees payable | 17486 |
| Trustees' fees and expenses payable | 1102 |
| Distribution fee payable | 124 |
| Shareholder servicing fees payable | 111 |
| Accrued expenses and other liabilities | 38162 |
| **Total liabilities** | **262064** |
| **Total net assets**  | **$176958595** |
| Net assets consist of |  |
| Paid-in capital | $149871797 |
| Total distributable earnings | 27086798 |
| **Total net assets** | **$176958595** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $269098 |
| Shares outstanding–Class A<sup>1</sup> <br>| 20927 |
| Net asset value per share–Class A | $12.86 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $13.64 |
| Net assets–Class C | $220398 |
| Shares outstanding–Class C<sup>1</sup> <br>| 17087 |
| Net asset value per share–Class C | $12.90 |
| Net assets–Class R6 | $39539318 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 3070223 |
| Net asset value per share–Class R6 | $12.88 |
| Net assets–Institutional Class | $136929781 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 10620072 |
| Net asset value per share–Institutional Class | $12.89 |

---

<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 Special International Small Cap Fund

------

Statement of operations—year ended October 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $570,842) | $5640663 |
| Income from affiliated securities | 247943 |
| Interest | 819 |
| **Total investment income** | **5889425** |
| Expenses |  |
| Management fee | 1779489 |
| Administration fees |  |
| Class A | 592 |
| Class C | 157 |
| Class R6 | 15932 |
| Institutional Class | 173984 |
| Shareholder servicing fees |  |
| Class A | 740 |
| Class C | 196 |
| Distribution fee |  |
| Class C | 366 |
| Custody and accounting fees | 42988 |
| Professional fees | 49056 |
| Registration fees | 127209 |
| Shareholder report expenses | 38631 |
| Trustees' fees and expenses | 6394 |
| Other fees and expenses | 45659 |
| **Total expenses** | **2281393** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (358178)<br>|
| Class A | (136)<br>|
| Institutional Class | (7824)<br>|
| **Net expenses** | **1915255** |
| **Net investment income** | **3974170** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | 8885964 |
| Foreign currency and foreign currency translations | 28865 |
| Forward foreign currency contracts | 153 |
| **Net realized gains on investments**  | **8914982** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 11500376 |
| Foreign currency and foreign currency translations | 25490 |
| **Net change in unrealized gains (losses) on investments** | **11525866** |
| **Net realized and unrealized gains (losses) on investments** | **20440848** |
| **Net increase in net assets resulting from operations** | **$24415018** |

---

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

Allspring Special International Small Cap Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> October 31, 2025 | Year ended<br> October 31, 2025 | Year ended<br> October 31, 2024 | Year ended<br> October 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $3974170 |  | &nbsp;&nbsp; $3625324 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 8914982 |  | &nbsp;&nbsp; (2247143)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 11525866 |  | &nbsp;&nbsp; 31529217 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **24415018** |  | &nbsp;&nbsp; **32907398** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (5145)<br>|  | &nbsp;&nbsp; (740)<br>|
| Class C |  | &nbsp;&nbsp; (369)<br>|  | &nbsp;&nbsp; (289)<br>|
| Class R6 |  | &nbsp;&nbsp; (1482705)<br>|  | &nbsp;&nbsp; (1224530)<br>|
| Institutional Class |  | &nbsp;&nbsp; (2807215)<br>|  | &nbsp;&nbsp; (2208165)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(4295434)**<br>|  | &nbsp;&nbsp; **(3433724)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 11584 | &nbsp;&nbsp; 146097 | &nbsp;&nbsp; 18327 | &nbsp;&nbsp; 208790 |
| Class C | 14745 | &nbsp;&nbsp; 195893 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Class R6 | 1213208 | &nbsp;&nbsp; 13491855 | &nbsp;&nbsp; 2948188 | &nbsp;&nbsp; 33606792 |
| Institutional Class | 3314329 | &nbsp;&nbsp; 38651237 | &nbsp;&nbsp; 3223595 | &nbsp;&nbsp; 37145337 |
|  |  | &nbsp;&nbsp; 52485082 |  | &nbsp;&nbsp; 70960919 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 464 | &nbsp;&nbsp; 5145 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 740 |
| Class C | 33 | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 289 |
| Class R6 | 65083 | &nbsp;&nbsp; 720473 | &nbsp;&nbsp; 63070 | &nbsp;&nbsp; 726561 |
| Institutional Class | 225943 | &nbsp;&nbsp; 2507964 | &nbsp;&nbsp; 178968 | &nbsp;&nbsp; 2065291 |
|  |  | &nbsp;&nbsp; 3233951 |  | &nbsp;&nbsp; 2792881 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (12056)<br>| &nbsp;&nbsp; (152856)<br>| &nbsp;&nbsp; (355)<br>| &nbsp;&nbsp; (4301)<br>|
| Class R6 | (3417406)<br>| &nbsp;&nbsp; (40939501)<br>| &nbsp;&nbsp; (3858111)<br>| &nbsp;&nbsp; (44393582)<br>|
| Institutional Class | (3246817)<br>| &nbsp;&nbsp; (39410697)<br>| &nbsp;&nbsp; (4488663)<br>| &nbsp;&nbsp; (51358704)<br>|
|  |  | &nbsp;&nbsp; (80503054)<br>|  | &nbsp;&nbsp; (95756587)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(24784021)**<br>|  | &nbsp;&nbsp; **(22002787)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(4664437)**<br>|  | &nbsp;&nbsp; **7470887** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **181623032** |  | &nbsp;&nbsp; **174152145** |
| **End of period** |  | &nbsp;&nbsp; **$176958595** |  | &nbsp;&nbsp; **$181623032** |

---

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

8 \| Allspring Special International Small Cap Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class A | 2025 | 2024 | 2023 | 2022<sup>1</sup> <br>|
| **Net asset value, beginning of period** | **$11.64** | &nbsp;&nbsp; **$9.95** | &nbsp;&nbsp; **$9.53** | &nbsp;&nbsp; **$11.03** |
| Net investment income | 0.21 <br><sup>2</sup><br>| 0.18 <br><sup>2</sup><br>| 0.13 <br><sup>2</sup><br>| 0.03 |
| Net realized and unrealized gains (losses) on investments | 1.25 | 1.68 | 0.40 | &nbsp;&nbsp; (1.53)<br>|
| Total from investment operations | 1.46 | 1.86 | 0.53 | &nbsp;&nbsp; (1.50)<br>|
| **Distributions to shareholders from** |  |  |  |  |
| Net investment income | (0.24)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.11)<br>| 0.00 |
| **Net asset value, end of period** | **$12.86** | &nbsp;&nbsp; **$11.64** | &nbsp;&nbsp; **$9.95** | &nbsp;&nbsp; **$9.53** |
| **Total return**<sup>3</sup> <br>| **12.92%**<br>| **18.71%**<br>| **5.52%**<br>| &nbsp;&nbsp; **(13.60)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |
| Gross expenses | 1.57<br> %<br>| 1.51<br> %<br>| 1.60<br> %<br>| 1.60<br> %<br>|
| Net expenses | 1.33<br> %<br>| 1.36<br> %<br>| 1.37<br> %<br>| 1.38<br> %<br>|
| Net investment income | 1.71<br> %<br>| 1.52<br> %<br>| 1.18<br> %<br>| 0.69<br> %<br>|
| **Supplemental data** |  |  |  |  |
| Portfolio turnover rate | 43<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 26<br> %<br>|
| Net assets, end of period (000s omitted) | $269 | &nbsp;&nbsp; $244 | &nbsp;&nbsp; $29 | &nbsp;&nbsp; $22 |

---

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

<sup>1</sup> For the period from June 1, 2022 (commencement of class operations) to October 31, 2022

<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. 

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

Allspring Special International Small Cap Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class C | 2025 | 2024 | 2023 | 2022<sup>1</sup> <br>|
| **Net asset value, beginning of period** | **$11.63** | &nbsp;&nbsp; **$9.92** | &nbsp;&nbsp; **$9.50** | &nbsp;&nbsp; **$11.03** |
| Net investment income | 0.08 <br><sup>2</sup><br>| 0.16 <br><sup>2</sup><br>| 0.09 <br><sup>2</sup><br>| 0.00 <br><sup>3</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.35 | 1.68 | 0.41 | &nbsp;&nbsp; (1.53)<br>|
| Total from investment operations | 1.43 | 1.84 | 0.50 | &nbsp;&nbsp; (1.53)<br>|
| **Distributions to shareholders from** |  |  |  |  |
| Net investment income | (0.16)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.08)<br>| 0.00 |
| **Net asset value, end of period** | **$12.90** | &nbsp;&nbsp; **$11.63** | &nbsp;&nbsp; **$9.92** | &nbsp;&nbsp; **$9.50** |
| **Total return**<sup>4</sup> <br>| **12.51%**<br>| **18.52%**<br>| **5.24%**<br>| &nbsp;&nbsp; **(13.87)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |
| Gross expenses | 2.04<br> %<br>| 1.51<br> %<br>| 1.73<br> %<br>| 2.12<br> %<br>|
| Net expenses | 1.97<br> %<br>| 1.51<br> %<br>| 1.68<br> %<br>| 1.96<br> %<br>|
| Net investment income | 0.65<br> %<br>| 1.41<br> %<br>| 0.83<br> %<br>| 0.06<br> %<br>|
| **Supplemental data** |  |  |  |  |
| Portfolio turnover rate | 43<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 26<br> %<br>|
| Net assets, end of period (000s omitted) | $220 | &nbsp;&nbsp; $27 | &nbsp;&nbsp; $23 | &nbsp;&nbsp; $22 |

---

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

<sup>1</sup> For the period from June 1, 2022 (commencement of class operations) to October 31, 2022

<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. 

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

10 \| Allspring Special International Small Cap Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class R6 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$11.66** | &nbsp;&nbsp; **$9.96** | &nbsp;&nbsp; **$9.53** | &nbsp;&nbsp; **$13.91** | &nbsp;&nbsp; **$10.38** |
| Net investment income | 0.27 <br><sup>1</sup><br>| 0.23 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.20 <br><sup>1</sup><br>| 0.06 |
| Net realized and unrealized gains (losses) on investments | 1.24 | 1.68 | 0.41 | &nbsp;&nbsp; (4.38)<br>| 3.56 |
| Total from investment operations | 1.51 | 1.91 | 0.57 | &nbsp;&nbsp; (4.18)<br>| 3.62 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.29)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.05)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total distributions to shareholders | (0.29)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.09)<br>|
| **Net asset value, end of period** | **$12.88** | &nbsp;&nbsp; **$11.66** | &nbsp;&nbsp; **$9.96** | &nbsp;&nbsp; **$9.53** | &nbsp;&nbsp; **$13.91** |
| **Total return**<sup>2</sup> <br>| **13.38%**<br>| **19.19%**<br>| **5.96%**<br>| &nbsp;&nbsp; **(30.47)%**<br>| **35.04%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.14<br> %<br>| 1.11<br> %<br>| 1.17<br> %<br>| 1.18<br> %<br>| 1.68<br> %<br>|
| Net expenses | 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>|
| Net investment income | 2.19<br> %<br>| 2.00<br> %<br>| 1.50<br> %<br>| 1.85<br> %<br>| 0.70<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 43<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 19<br> %<br>|
| Net assets, end of period (000s omitted) | $39539 | &nbsp;&nbsp; $60760 | &nbsp;&nbsp; $60318 | &nbsp;&nbsp; $71264 | &nbsp;&nbsp; $56386 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

Allspring Special International Small Cap Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$11.68** | &nbsp;&nbsp; **$9.97** | &nbsp;&nbsp; **$9.53** | &nbsp;&nbsp; **$13.92** | &nbsp;&nbsp; **$10.38** |
| Net investment income | 0.26 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.19 <br><sup>1</sup><br>| 0.13 |
| Net realized and unrealized gains (losses) on investments | 1.23 | 1.70 | 0.41 | &nbsp;&nbsp; (4.39)<br>| 3.49 |
| Total from investment operations | 1.49 | 1.91 | 0.57 | &nbsp;&nbsp; (4.20)<br>| 3.62 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.28)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.04)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total distributions to shareholders | (0.28)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.08)<br>|
| **Net asset value, end of period** | **$12.89** | &nbsp;&nbsp; **$11.68** | &nbsp;&nbsp; **$9.97** | &nbsp;&nbsp; **$9.53** | &nbsp;&nbsp; **$13.92** |
| **Total return**<sup>2</sup> <br>| **13.15%**<br>| **19.13%**<br>| **5.89%**<br>| &nbsp;&nbsp; **(30.60)%**<br>| **35.00%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.25<br> %<br>| 1.21<br> %<br>| 1.28<br> %<br>| 1.26<br> %<br>| 2.73<br> %<br>|
| Net expenses | 1.05<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>|
| Net investment income | 2.10<br> %<br>| 1.85<br> %<br>| 1.45<br> %<br>| 1.86<br> %<br>| 1.00<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 43<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 19<br> %<br>|
| Net assets, end of period (000s omitted) | $136930 | &nbsp;&nbsp; $120592 | &nbsp;&nbsp; $113783 | &nbsp;&nbsp; $94626 | &nbsp;&nbsp; $156 |

---

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

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

12 \| Allspring Special International Small Cap Fund

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services* – *Investment Companies*. These financial statements report on the Allspring Special International Small Cap Fund (the "Fund") which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Forward foreign currency contracts

A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the

Allspring Special International Small Cap Fund \| 13

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Notes to financial statements

risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund's maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Security transactions and income recognition

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

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

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of October 31, 2025, the aggregate cost of all investments for federal income tax purposes was $156,781,771 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $27156634 |
| Gross unrealized losses | &nbsp;&nbsp; (8388355)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$18768279** |

---

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 Special International Small Cap Fund

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Notes to financial statements

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of 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** |  |  |  |  |
| *Australia* | &nbsp;&nbsp; $7668239 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $7668239 |
| *Austria* | &nbsp;&nbsp; 2717254 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2717254 |
| *Belgium* | &nbsp;&nbsp; 1948461 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1948461 |
| *Canada* | &nbsp;&nbsp; 8419408 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8419408 |
| *Finland* | &nbsp;&nbsp; 4448618 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4448618 |
| *France* | &nbsp;&nbsp; 5413645 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5413645 |
| *Germany* | &nbsp;&nbsp; 10079087 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 10079087 |
| *Italy* | &nbsp;&nbsp; 15292863 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 15292863 |
| *Japan* | &nbsp;&nbsp; 58429736 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 58429736 |
| *Netherlands* | &nbsp;&nbsp; 5986684 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5986684 |
| *Norway* | &nbsp;&nbsp; 6187786 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6187786 |
| *Spain* | &nbsp;&nbsp; 5962454 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5962454 |
| *Sweden* | &nbsp;&nbsp; 9115495 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9115495 |
| *Switzerland* | &nbsp;&nbsp; 7026120 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7026120 |
| *United Kingdom* | &nbsp;&nbsp; 19672140 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 19672140 |
| *United States* | &nbsp;&nbsp; 1511031 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1511031 |
| **Investment companies** | &nbsp;&nbsp; 1218827 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1218827 |
| **Rights** |  |  |  |  |
| *Spain* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 73903 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 73903 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 4378299 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4378299 |
| **Total assets** | &nbsp;&nbsp; **$175476147** | &nbsp;&nbsp;&nbsp; **$73903** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$175550050** |

---

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

Allspring Special International Small Cap Fund \| 15

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Notes to financial statements

Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.950<br> %<br>|
| Next $500 million | 0.925 |
| Next $1 billion | 0.900 |
| Next $2 billion | 0.875 |
| Next $1 billion | 0.850 |
| Next $5 billion | 0.840 |
| Over $10 billion | 0.830 |

---

For the year ended October 31, 2025, the management fee was equivalent to an annual rate of 0.95% of the Fund's average daily net assets.

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

Administration fees

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through February 28, 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 | 1.37<br> %<br>|
| Class C | 2.12 |
| Class R6 | 0.95 |
| Institutional Class | 1.05 |

---

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. Allspring Funds Distributor did not receive any front-end or contingent deferred sales charges from Class A or Class C shares for the year ended October 31, 2025.

16 \| Allspring Special International Small Cap Fund

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Notes to financial statements

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Class C are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the year 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 year ended October 31, 2025 were $76,391,482 and $100,557,091, respectively.

6. BANK BORROWINGS

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

For the year ended October 31, 2025, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $4295434 | $3433724 |

---

As of October 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Unrealized <br>gains<br>|
| &nbsp;&nbsp;&nbsp; $8324112 | &nbsp;&nbsp; $18762686 |

---

8. CONCENTRATION RISKS

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

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

Allspring Special International Small Cap Fund \| 17

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Notes to financial statements

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 Special International Small Cap Fund

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Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Special International Small Cap Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g15564img6031ce542.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

December 22, 2025

Allspring Special International Small Cap Fund \| 19

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Other information (unaudited)

Other information

Tax information

Pursuant to Section 854 of the Internal Revenue Code, $3,221,498 of income dividends paid during the fiscal year ended October 31, 2025 has been designated as qualified dividend income (QDI).

For the fiscal year ended October 31, 2025, $264,932 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended October 31, 2025. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Creditable <br>foreign taxes <br>paid<br>| Per share <br>amount<br>| &nbsp;&nbsp;&nbsp; Foreign <br>income as % of <br>ordinary income <br>distributions<br>|
| &nbsp;&nbsp;&nbsp; $367150 | &nbsp;&nbsp; $0.0267 | &nbsp;&nbsp;&nbsp;&nbsp; 98.6<br> %<br>|

---

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

20 \| Allspring Special International Small Cap 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 Special International Small Cap Fund \| 21

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Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Special International Small Cap Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

22 \| Allspring Special International Small Cap Fund

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Institutional 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 lower than the investment performance of its benchmark index, the MSCI World ex USA Small Cap Index (Net), for all periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions 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 the median net operating expense ratios of the expense Groups for each share class, except that Class A was in range of the median net operating expense ratios of the expense Groups.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of the average rates for the expense Groups for each share class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Allspring Special International Small Cap Fund \| 23

------

Other information (unaudited)

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

24 \| Allspring Special International Small Cap Fund

------

![](g15564img705702c11.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**

![](g15564img546a45e93.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.**

**NCSR4338 10-25**

------

![](g15564img0236cfb11.jpg)

Allspring Managed Account

Allspring Managed Account *CoreBuilder®* Shares – Series EM

Long Form Financial Statements

Annual Report

October 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_f08092e9-bc3e-4895-bc09-7e6f2e91df2d_POI-PageBlank-439_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_f08092e9-bc3e-4895-bc09-7e6f2e91df2d_FS-PageBlank-439_1)** |  |
| [Statement of assets and liabilities](#xx_f08092e9-bc3e-4895-bc09-7e6f2e91df2d_FS-PageBlank-439_1) | 6 |
| [Statement of operations](#xx_f08092e9-bc3e-4895-bc09-7e6f2e91df2d_FS-PageBlank-439_2) | 7 |
| [Statement of changes in net assets](#xx_f08092e9-bc3e-4895-bc09-7e6f2e91df2d_FS-PageBlank-439_3) | 8 |
| [Financial highlights](#xx_f08092e9-bc3e-4895-bc09-7e6f2e91df2d_FIHI-PageBlank-439_1) | 9 |
| **[Notes to financial statements](#xx_f08092e9-bc3e-4895-bc09-7e6f2e91df2d_NTF-PageBlank-439_1)** | 10 |
| **[Report of independent registered public accounting firm](#xx_f08092e9-bc3e-4895-bc09-7e6f2e91df2d_AUD-PageBlank-439_1)** | 15 |
| **[Other information](#xx_f08092e9-bc3e-4895-bc09-7e6f2e91df2d_OI-PageBlank-439_1)** | 16 |
| [Item 8. Changes in and disagreements with accountants](#xx_f08092e9-bc3e-4895-bc09-7e6f2e91df2d_OI-PageBlank-439_2) | 17 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_f08092e9-bc3e-4895-bc09-7e6f2e91df2d_OI-PageBlank-439_2) | 17 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_f08092e9-bc3e-4895-bc09-7e6f2e91df2d_OI-PageBlank-439_2) | 17 |
| [Item 11. Statement regarding basis for board](#xx_f08092e9-bc3e-4895-bc09-7e6f2e91df2d_OI-PageBlank-439_3)['](#xx_f08092e9-bc3e-4895-bc09-7e6f2e91df2d_OI-PageBlank-439_3)[s approval of investment](#xx_f08092e9-bc3e-4895-bc09-7e6f2e91df2d_OI-PageBlank-439_3)<br> [advisory contract](#xx_f08092e9-bc3e-4895-bc09-7e6f2e91df2d_OI-PageBlank-439_3)<br>| 18 |

---

Allspring Managed Account \| 1

------

Portfolio of investments—October 31, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 91.60%** |  |  |
| **Brazil: 4.26%** |  |  |
| B3 SA - Brasil Bolsa Balcao (Financials, Capital markets) | 33100 | &nbsp;&nbsp; $77890 |
| Banco BTG Pactual SA (Financials, Capital markets) | 10700 | &nbsp;&nbsp; 97097 |
| Fras-Le SA (Consumer discretionary, Automobile components) | 17200 | &nbsp;&nbsp; 73372 |
| &nbsp;&nbsp; Multiplan Empreendimentos Imobiliarios SA (Real estate, Real estate management & <br> development)<br>| 21900 | &nbsp;&nbsp; 111903 |
|  |  | &nbsp;&nbsp; **360262** |
| **Chile: 1.05%** |  |  |
| Banco Itau Chile SA (Financials, Banks) | 4904 | &nbsp;&nbsp; **89095** |
| **China: 16.72%** |  |  |
| China Resources Land Ltd. (Real estate, Real estate management & development) | 31400 | &nbsp;&nbsp; 113387 |
| &nbsp;&nbsp; China Tower Corp. Ltd. Class H (Communication services, Diversified telecommunication <br> services)144A<br>| 55500 | &nbsp;&nbsp; 80209 |
| Chinasoft International Ltd. (Information technology, IT services) | 76000 | &nbsp;&nbsp; 56923 |
| CITIC Securities Co. Ltd. Class H (Financials, Capital markets) | 27500 | &nbsp;&nbsp; 104684 |
| Contemporary Amperex Technology Co. Ltd. Class A (Industrials, Electrical equipment) | 3200 | &nbsp;&nbsp; 174890 |
| Inner Mongolia Yili Industrial Group Co. Ltd. Class A (Consumer staples, Food products) | 17000 | &nbsp;&nbsp; 65506 |
| Kweichow Moutai Co. Ltd. Class A (Consumer staples, Beverages) | 510 | &nbsp;&nbsp; 102525 |
| Midea Group Co. Ltd. Class A (Consumer discretionary, Household durables) | 8100 | &nbsp;&nbsp; 86996 |
| NARI Technology Co. Ltd. Class A (Industrials, Electrical equipment) | 36200 | &nbsp;&nbsp; 123306 |
| SF Holding Co. Ltd. Class A (Industrials, Air freight & logistics) | 17400 | &nbsp;&nbsp; 98651 |
| &nbsp;&nbsp; Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (Health care, Health care <br> equipment & supplies)<br>| 4200 | &nbsp;&nbsp; 126967 |
| &nbsp;&nbsp; Shenzhou International Group Holdings Ltd. (Consumer discretionary, Textiles, apparel & <br> luxury goods)<br>| 11600 | &nbsp;&nbsp; 100168 |
| WuXi AppTec Co. Ltd. Class H (Health care, Life sciences tools & services)144A | 7200 | &nbsp;&nbsp; 100626 |
| &nbsp;&nbsp; Yealink Network Technology Corp. Ltd. Class A (Information technology, Communications <br> equipment)<br>| 15900 | &nbsp;&nbsp; 80468 |
|  |  | &nbsp;&nbsp; **1415306** |
| **Hungary: 1.09%** |  |  |
| OTP Bank Nyrt (Financials, Banks) | 971 | &nbsp;&nbsp; **92614** |
| **India: 23.66%** |  |  |
| Ashok Leyland Ltd. (Industrials, Machinery) | 61668 | &nbsp;&nbsp; 98319 |
| Bajaj Auto Ltd. (Consumer discretionary, Automobiles) | 723 | &nbsp;&nbsp; 72425 |
| Bank of Maharashtra (Financials, Banks) | 207537 | &nbsp;&nbsp; 138005 |
| DLF Ltd. (Real estate, Real estate management & development) | 14662 | &nbsp;&nbsp; 124907 |
| Embassy Office Parks REIT (Real estate, Office REITs) | 46917 | &nbsp;&nbsp; 226707 |
| GAIL India Ltd. (Utilities, Gas utilities) | 35114 | &nbsp;&nbsp; 72292 |
| HDFC Asset Management Co. Ltd. (Financials, Capital markets)144A | 1734 | &nbsp;&nbsp; 105070 |
| Hyundai Motor India Ltd. (Consumer discretionary, Automobiles) | 4738 | &nbsp;&nbsp; 130161 |
| IndiaMart InterMesh Ltd. (Industrials, Trading companies & distributors)144A | 3091 | &nbsp;&nbsp; 85584 |
| NHPC Ltd. (Utilities, Independent power and renewable electricity producers) | 169739 | &nbsp;&nbsp; 162222 |
| Nippon Life India Asset Management Ltd. (Financials, Capital markets)144A | 10046 | &nbsp;&nbsp; 98999 |
| Nuvama Wealth Management Ltd. (Financials, Capital markets) | 1817 | &nbsp;&nbsp; 145162 |
| Power Finance Corp. Ltd. (Financials, Financial services) | 25077 | &nbsp;&nbsp; 113914 |

---

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

2 \| Allspring Managed Account

------

Portfolio of investments—October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **India**(continued) |  |  |
| Power Grid Corp. of India Ltd. (Utilities, Electric utilities) | 40479 | &nbsp;&nbsp; $131394 |
| Shriram Finance Ltd. (Financials, Consumer finance) | 14033 | &nbsp;&nbsp; 118386 |
| State Bank of India (Financials, Banks) | 16952 | &nbsp;&nbsp; 178932 |
|  |  | &nbsp;&nbsp; **2002479** |
| **Malaysia: 0.87%** |  |  |
| Hong Leong Bank Bhd. (Financials, Banks) | 15000 | &nbsp;&nbsp; **73639** |
| **Mexico: 2.06%** |  |  |
| Grupo Financiero Banorte SAB de CV Class O (Financials, Banks) | 9900 | &nbsp;&nbsp; 92939 |
| Prologis Property Mexico SA de CV (Real estate, Industrial REITs) | 20300 | &nbsp;&nbsp; 81370 |
|  |  | &nbsp;&nbsp; **174309** |
| **Poland: 1.10%** |  |  |
| Budimex SA (Industrials, Construction & engineering) | 584 | &nbsp;&nbsp; **92763** |
| **Saudi Arabia: 7.22%** |  |  |
| Al Rajhi Bank (Financials, Banks) | 5772 | &nbsp;&nbsp; 163140 |
| Arabian Internet & Communications Services Co. (Information technology, IT services) | 1363 | &nbsp;&nbsp; 91543 |
| Etihad Etisalat Co. (Communication services, Wireless telecommunication services) | 8772 | &nbsp;&nbsp; 158260 |
| Saudi National Bank (Financials, Banks) | 11769 | &nbsp;&nbsp; 125229 |
| The Company for Cooperative Insurance (Financials, Insurance) | 2001 | &nbsp;&nbsp; 72671 |
|  |  | &nbsp;&nbsp; **610843** |
| **Singapore: 0.99%** |  |  |
| BOC Aviation Ltd. (Industrials, Trading companies & distributors)144A | 9600 | &nbsp;&nbsp; **84133** |
| **South Korea: 13.61%** |  |  |
| Coway Co. Ltd. (Consumer discretionary, Household durables) | 926 | &nbsp;&nbsp; 57974 |
| HD Hyundai Marine Solution Co. Ltd. Class C (Industrials, Machinery) | 540 | &nbsp;&nbsp; 91153 |
| KEPCO Plant Service & Engineering Co. Ltd. (Industrials, Commercial services & supplies) | 1705 | &nbsp;&nbsp; 60673 |
| Kia Corp. (Consumer discretionary, Automobiles) | 1984 | &nbsp;&nbsp; 166964 |
| &nbsp;&nbsp; Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage & <br> peripherals)<br>| 10277 | &nbsp;&nbsp; 775418 |
|  |  | &nbsp;&nbsp; **1152182** |
| **Taiwan: 14.61%** |  |  |
| &nbsp;&nbsp; Delta Electronics, Inc. (Information technology, Electronic equipment, instruments & <br> components)<br>| 4000 | &nbsp;&nbsp; 129469 |
| &nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. (Information technology, Electronic equipment, <br> instruments & components)<br>| 38100 | &nbsp;&nbsp; 319142 |
| &nbsp;&nbsp; Largan Precision Co. Ltd. (Information technology, Electronic equipment, instruments & <br> components)<br>| 980 | &nbsp;&nbsp; 70612 |
| MediaTek, Inc. (Information technology, Semiconductors & semiconductor equipment) | 8300 | &nbsp;&nbsp; 353697 |
| Nan Pao Resins Chemical Co. Ltd. (Materials, Chemicals) | 5000 | &nbsp;&nbsp; 59774 |
| &nbsp;&nbsp; Quanta Computer, Inc. (Information technology, Technology hardware, storage & <br> peripherals)<br>| 13000 | &nbsp;&nbsp; 127078 |
| Sercomm Corp. (Information technology, Communications equipment) | 20000 | &nbsp;&nbsp; 64474 |
| Wiwynn Corp. (Information technology, Technology hardware, storage & peripherals) | 790 | &nbsp;&nbsp; 112174 |
|  |  | &nbsp;&nbsp; **1236420** |

---

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

Allspring Managed Account \| 3

------

Portfolio of investments—October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Thailand: 0.98%** |  |  |
| Bangkok Dusit Medical Services PCL Class F (Health care, Health care providers & services) | 142600 | &nbsp;&nbsp; **$83351** |
| **United Arab Emirates: 2.59%** |  |  |
| ADNOC Drilling Co. PJSC (Energy, Energy equipment & services) | 44123 | &nbsp;&nbsp; 67032 |
| Emaar Properties PJSC (Real estate, Real estate management & development) | 17822 | &nbsp;&nbsp; 68902 |
| Emirates NBD Bank PJSC (Financials, Banks) | 10928 | &nbsp;&nbsp; 83605 |
|  |  | &nbsp;&nbsp; **219539** |
| **United Kingdom: 0.79%** |  |  |
| Fresnillo PLC (Materials, Metals & mining) | 2284 | &nbsp;&nbsp; **66671** |
| **Total common stocks (Cost $6,462,723)** |  | &nbsp;&nbsp; **7753606** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Dividend <br>rate<br>|  |  |
| **Preferred stocks: 4.74%** |  |  |  |
| **South Korea: 4.74%** |  |  |  |
| LG Chem Ltd. (Materials, Chemicals) | 0.74 | 868 | &nbsp;&nbsp; 120140 |
| &nbsp;&nbsp; Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage & <br> peripherals)<br>| 0.26 | 4739 | &nbsp;&nbsp; 280731 |
| **Total preferred stocks (Cost $266,494)** |  |  | &nbsp;&nbsp; **400871** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 3.73%** |  |  |  |  |
| **Investment companies: 3.73%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.06<br> %<br>| 316089 | &nbsp;&nbsp; **316089** |
| **Total short-term investments (Cost $316,089)** |  |  |  | &nbsp;&nbsp; **316089** |
| **Total investments in securities (Cost $7,045,306)** | 100.07<br> %<br>|  |  | &nbsp;&nbsp; 8470566 |
| Other assets and liabilities, net | (0.07)<br>|  |  | &nbsp;&nbsp; (5885)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$8464681** |

---

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

---

| | |
|:---|:---|
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |

---

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

Abbreviations: <br> REIT Real estate investment trust

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

4 \| Allspring Managed Account

------

Portfolio of investments—October 31, 2025

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select Class | $183300 | $4254025 | $(4121236)<br>| $0 | $0 | $316089 | 316089 | $8382 |

---

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

Allspring Managed Account \| 5

------

Statement of assets and liabilities—October 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $6,729,217) | $8154477 |
| Investments in affiliated securities, at value (cost $316,089) | 316089 |
| Foreign currency, at value (cost $12,671) | 12661 |
| Receivable for dividends | 6692 |
| Receivable from manager | 6481 |
| **Total assets** | **8496400** |
| Liabilities |  |
| Contingent tax liability | 30060 |
| Accrued expenses and other liabilities | 1659 |
| **Total liabilities** | **31719** |
| **Total net assets**  | **$8464681** |
| Net assets consist of |  |
| Paid-in capital | $7131283 |
| Total distributable earnings | 1333398 |
| **Total net assets** | **$8464681** |
| Computation of net asset value per share |  |
| Net assets | $8464681 |
| Shares outstanding<sup>1</sup> <br>| 345025 |
| Net asset value per share | $24.53 |

---

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

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

6 \| Allspring Managed Account

------

Statement of operations—year ended October 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $30,630) | $199010 |
| Income from affiliated securities | 8382 |
| Interest | 300 |
| **Total investment income** | **207692** |
| Expenses |  |
| Custody and accounting fees | 88543 |
| Professional fees | 65536 |
| Registration fees | 34200 |
| Shareholder report expenses | 9487 |
| Trustees' fees and expenses | 8609 |
| Other fees and expenses | 5669 |
| **Total expenses** | **212044** |
| Less: Fee waivers and/or expense reimbursements | (212044)<br>|
| **Net expenses** | **0** |
| **Net investment income** | **207692** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized losses on |  |
| Unaffiliated securities (net of foreign capital gains tax of $4,810) | (33209)<br>|
| Foreign currency and foreign currency translations | (12117)<br>|
| Forward foreign currency contracts | (34)<br>|
| **Net realized losses on investments**  | **(45360)**<br>|
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities (net of deferred foreign capital gains tax of $6,034) | 1061856 |
| Foreign currency and foreign currency translations | 121 |
| **Net change in unrealized gains (losses) on investments** | **1061977** |
| **Net realized and unrealized gains (losses) on investments** | **1016617** |
| **Net increase in net assets resulting from operations** | **$1224309** |

---

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

Allspring Managed Account \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> October 31, 2025 | Year ended<br> October 31, 2025 | Year ended<br> October 31, 2024 | Year ended<br> October 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $207692 |  | &nbsp;&nbsp; $165156 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; (45360)<br>|  | &nbsp;&nbsp; 245702 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 1061977 |  | &nbsp;&nbsp; 474026 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **1224309** |  | &nbsp;&nbsp; **884884** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  | &nbsp;&nbsp; (486681)<br>|  | &nbsp;&nbsp; (191105)<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold | 83131 | &nbsp;&nbsp; 1751808 | &nbsp;&nbsp; 38312 | &nbsp;&nbsp; 893266 |
| Reinvestment of distributions | 17042 | &nbsp;&nbsp; 368673 | &nbsp;&nbsp; 7413 | &nbsp;&nbsp; 166658 |
| Payment for shares redeemed | (30437)<br>| &nbsp;&nbsp; (649779)<br>| &nbsp;&nbsp; (562)<br>| &nbsp;&nbsp; (11971)<br>|
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **1470702** |  | &nbsp;&nbsp; **1047953** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **2208330** |  | &nbsp;&nbsp; **1741732** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **6256351** |  | &nbsp;&nbsp; **4514619** |
| **End of period** |  | &nbsp;&nbsp; **$8464681** |  | &nbsp;&nbsp; **$6256351** |

---

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

8 \| Allspring Managed Account

------

Financial highlights

Financial highlights

(For a share outstanding throughout the period)

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

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 | Year ended October 31 |
|  | 2025 | 2024 | 2023<sup>1</sup> <br>|
| **Net asset value, beginning of period** | **$22.73** | &nbsp;&nbsp; **$19.62** | &nbsp;&nbsp; **$20.00** |
| Net investment income | 0.65 <br><sup>2</sup><br>| 0.69 <br><sup>2</sup><br>| 0.61 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 2.84 | 3.22 | &nbsp;&nbsp; (0.44)<br>|
| Total from investment operations | 3.49 | 3.91 | 0.17 |
| **Distributions to shareholders from** |  |  |  |
| Net investment income | (0.66)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.55)<br>|
| Net realized gains | (1.03)<br>| &nbsp;&nbsp; (0.21)<br>| 0.00 |
| Total distributions to shareholders | (1.69)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.55)<br>|
| **Net asset value, end of period** | **$24.53** | &nbsp;&nbsp; **$22.73** | &nbsp;&nbsp; **$19.62** |
| **Total return**<sup>3</sup> <br>| **16.57%**<br>| **20.04%**<br>| **0.66%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |
| Gross expenses | 3.04<br> %<br>| 3.58<br> %<br>| 3.95<br> %<br>|
| Net expenses<sup>4</sup> <br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>|
| Net investment income | 2.98<br> %<br>| 3.03<br> %<br>| 3.05<br> %<br>|
| **Supplemental data** |  |  |  |
| Portfolio turnover rate | 85<br> %<br>| &nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp; 92<br> %<br>|
| Net assets, end of period (000s omitted) | $8465 | &nbsp;&nbsp; $6256 | &nbsp;&nbsp; $4515 |

---

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

<sup>1</sup> For the period from November 16, 2022 (commencement of operations) to October 31, 2023

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

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

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

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

Allspring Managed Account \| 9

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

Allspring Funds Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*. These financial statements report on the Allspring Managed Account CoreBuilder® Shares - Series EM (the "Fund") which is a diversified series of the Trust.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On October 31, 2025, such fair value pricing was used in pricing certain 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 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

10 \| Allspring Managed Account

------

Notes to financial statements

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

Security transactions and income recognition

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

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

The Fund's income and federal excise tax returns and all financial records supporting those returns for the period since commencement of operations 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 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 $7,236,305 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $1386703 |
| Gross unrealized losses | &nbsp;&nbsp; (152442)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$1234261** |

---

As of October 31, 2025, the Fund had capital loss carryforwards which consist of $4,833 in short-term capital losses.

Allspring Managed Account \| 11

------

Notes to financial statements

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of 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** |  |  |  |  |
| *Brazil* | &nbsp;&nbsp; $360262 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $360262 |
| *Chile* | &nbsp;&nbsp; 89095 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 89095 |
| *China* | &nbsp;&nbsp; 1415306 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1415306 |
| *Hungary* | &nbsp;&nbsp; 92614 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 92614 |
| *India* | &nbsp;&nbsp; 2002479 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2002479 |
| *Malaysia* | &nbsp;&nbsp; 73639 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 73639 |
| *Mexico* | &nbsp;&nbsp; 174309 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 174309 |
| *Poland* | &nbsp;&nbsp; 92763 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 92763 |
| *Saudi Arabia* | &nbsp;&nbsp; 72671 | &nbsp;&nbsp;&nbsp; 538172 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 610843 |
| *Singapore* | &nbsp;&nbsp; 84133 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 84133 |
| *South Korea* | &nbsp;&nbsp; 1152182 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1152182 |
| *Taiwan* | &nbsp;&nbsp; 1236420 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1236420 |
| *Thailand* | &nbsp;&nbsp; 83351 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 83351 |
| *United Arab Emirates* | &nbsp;&nbsp; 219539 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 219539 |
| *United Kingdom* | &nbsp;&nbsp; 66671 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 66671 |
| **Preferred stocks** |  |  |  |  |
| *South Korea* | &nbsp;&nbsp; 400871 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 400871 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 316089 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 316089 |
| **Total assets** | &nbsp;&nbsp; **$7932394** | &nbsp;&nbsp;&nbsp; **$538172** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$8470566** |

---

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

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

Generally, no ordinary operating fees or expenses are charged to the Fund. Allspring Funds Management has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund including acquired fund fees and expenses, except portfolio transactions or

12 \| Allspring Managed Account

------

Notes to financial statements

other investment-related costs (e.g., commissions), fees payable for services provided by the Fund's securities lending agent (if any), interest, taxes, leverage expenses, and other expenses not incurred in the ordinary course of the Fund's business. This commitment has an indefinite term.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the year 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 year ended October 31, 2025 were $6,793,038 and $5,672,749, respectively.

6. BANK BORROWINGS

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

For the year ended October 31, 2025, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended October 31 | Year ended October 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $255514 | $191105 |
| **Long-term capital gain** | 231167 | 0 |

---

As of October 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Unrealized <br>gains<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $104017 | &nbsp;&nbsp; $1234227 | &nbsp;&nbsp;&nbsp; $(4833)<br>|

---

8. CONCENTRATION RISK

Concentration risk exists when a shareholder owns a large amount of shares of the Fund. A fund with a concentration of ownership may be more affected by the investment activity of those shareholders than would be a fund that does not have any ownership concentration. As of October 31, 2025, Allspring Funds Management or one of its affiliates owned 76% of the Fund.

As of the end of the period, the Fund concentrated its portfolio of investments in the Information technology sector and Asia/Pacific ex-Japan. A fund that invests a substantial portion of its assets in any sector or geographic region may be more affected by changes in that sector or geographic region than would be a fund whose investments are not heavily weighted in any sector or geographic region.

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

Allspring Managed Account \| 13

------

Notes to financial statements

("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.

14 \| Allspring Managed Account

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Managed Account CoreBuilder Shares - Series EM (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the two-year period then ended and the period from November 16, 2022 (commencement of operations) to October 31, 2023. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the two-year period then ended and the period from November 16, 2022 to October 31, 2023, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g15564img5998dec82.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

December 22, 2025

Allspring Managed Account \| 15

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Other information (unaudited)

Other information

Tax information

Pursuant to Section 852 of the Internal Revenue Code, $231,167 was designated as a 20% rate gain distribution for the fiscal year ended

October 31, 2025.

Pursuant to Section 854 of the Internal Revenue Code, $80,180 of income dividends paid during the fiscal year ended October 31, 2025 has been designated as qualified dividend income (QDI).

For the fiscal year ended October 31, 2025, $7,219 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended October 31, 2025, $44,005 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended October 31, 2025. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Creditable <br>foreign taxes <br>paid<br>| Per share <br>amount<br>| &nbsp;&nbsp;&nbsp; Foreign <br>income as % of <br>ordinary income <br>distributions<br>|
| &nbsp;&nbsp;&nbsp; $30222 | &nbsp;&nbsp; $0.0876 | &nbsp;&nbsp;&nbsp;&nbsp; 96.46<br> %<br>|

---

For corporate shareholders, pursuant to Section 163(j) of the Internal Revenue Code, 2% of ordinary income dividends qualify as interest dividends for the fiscal year ended October 31, 2025.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

16 \| Allspring Managed Account

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Managed Account \| 17

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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 Managed Account CoreBuilder® Shares – Series EM (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the absence of compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

18 \| Allspring Managed Account

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board received and considered information regarding the "zero fee and expense" structure of the Fund. Specifically, the Board noted that the Fund's gross operating expense ratio and each of its various components, including management fees, administration fees, custody fees, Rule 12b-1 fees, and other fees, were zero. The Board also noted Allspring Funds Management's representations that the Fund is a special purpose mutual fund for use exclusively within Allspring Funds Management's separately managed account ("SMA") advisory business and, as such, Allspring Funds Management would assume and pay or reimburse the Fund under an Expense Assumption Agreement all of the ordinary operating expenses of the Fund, excluding portfolio transaction or other investment related costs, fees payable for services provided by the Fund's securities lending agent, interest, taxes, leverage expenses, and other expenses not incurred in the ordinary course of the Fund's business. The Board further noted that Allspring Funds Management is paid a negotiated fee by each SMA sponsor, and that the fee level is identical for all sponsors of SMAs that invest in the Fund.

The Board noted that it had previously reviewed and considered the Fund's performance, including in the context of the Fund's role as part of a larger SMA portfolio. In light of the Fund's unique fee and distribution structure and special purpose of the Fund, the Board did not conduct a comparative fee review relative to a peer group or universe. The Board took into account the performance information, the fee and distribution structure, and special purpose of the Fund in deciding to re-approve the Advisory Agreements for the Fund.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered that the contractual investment management fee rate payable by the Fund to Allspring Funds Management for investment advisory services and fund administration services (the "Management Agreement Rate") was zero, and also reviewed and considered that the Fund's other expenses would normally be zero, because of Allspring Funds Management's commitment to assume and pay or reimburse all of the ordinary operating expenses of the Fund under an Expense Assumption Agreement. The Board also considered that the fee rate payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services was also zero, and that any sub-advisory fees would be paid from the fees Allspring Funds Management receives from SMA sponsors and not by the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the absence of any compensation payable by the Fund to Allspring Funds Management pursuant to the Management Agreement and by Allspring Funds Management to the Sub-Adviser, in each case, was reasonable.

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

The Board acknowledged that Allspring Funds Management does not earn any fee revenue directly from the Fund, given its zero fee structure. Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

In light of the unique fee structure and special purpose of the Fund, the Board did not conduct an analysis of economies of scale in the context of reviewing the Fund's Advisory Agreements.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund.

The Board received and considered information about payments that Allspring Funds Management would receive from the SMA sponsors. The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized.

Allspring Managed Account \| 19

------

Other information (unaudited)

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the absence of any compensation payable by the Fund to Allspring Funds Management and by Allspring Funds Management to the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

20 \| Allspring Managed Account

------

![](g15564img0236cfb11.jpg)

For more information

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

Allspring Funds

Attn: Managed Account Services

P.O. Box 1450

Milwaukee, WI 53201

Website: **allspringglobal.com**

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

![](g15564img7554fad33.gif)

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

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

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

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR4904 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> 

---

| | |
|:---|:---|
|  (a)(1) | [Code of Ethics.](d15564dex99code.htm) |
|  (a)(2) | Not applicable. |
|  (a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.](d15564dex99cert.htm) |
|  (a)(4) | Not applicable. |
|  (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.](d15564dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Allspring Funds Trust | Allspring Funds Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: December 22, 2025 | Date: December 22, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

---

| | |
|:---|:---|
| Allspring Funds Trust | Allspring Funds Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: December 22, 2025 | Date: December 22, 2025 |
| By: | /s/Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
| Date: December 22, 2025 | Date: December 22, 2025 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**Allspring Funds Trust** 

**Allspring Master Trust** 

**Allspring Variable Trust** 

**Allspring Exchange-Traded Funds Trust** 

**Allspring Global Dividend Opportunity Fund** 

**Allspring Income Opportunities Fund** 

**Allspring Multi-Sector Income Fund** 

**Allspring Utilities and High-Income Fund** 

**<u>Joint Code of Ethics for Principal Executive Officer and Senior Financial Officers</u>**

**I.** **Covered Officers / Purpose of the Code** 

This Code of Ethics ("Code") of Allspring Funds Trust, Allspring Master Trust, Allspring Variable Trust, Allspring Exchange-Traded Funds Trust, Allspring Global Dividend Opportunity Fund, Allspring Income Opportunities Fund, Allspring Multi-Sector Income Fund and Allspring Utilities and High Income Fund (collectively, the "Trusts" and each, "a Trust") applies to each Trust's Principal Executive Officer, Principal Financial Officer and any other Trust officer's listed on Exhibit A (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable financial disclosure in reports and documents that a Trust files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Both Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust. Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trust and Allspring Funds Management, LLC (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Adviser, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Each Covered Officer recognizes that, as an officer of a Trust, he or she has a duty to act in the best interests of the Trust and its shareholders. If a Covered Officer believes that his or her responsibilities as an officer or employee of the Adviser are likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as an officer of the Trust, he or she should consult with the Chief Legal Officer. Under appropriate circumstances, a Covered Officer should also consider whether to present the matter to the Board. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

\* \* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of a Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made or
contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of a Trust or its affiliated persons for reports
of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not engage in personal, business or professional relationships or dealings that would impair his or her
independence of judgment or adversely affect the performance of his or her duties in the best interests of the Trust and their shareholders.

------

There are some conflict of interest situations that should always be approved in advance by the Chief Legal Officer of the Trust (the "Chief Legal Officer") if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private for-profit company (provided, however, that a Covered Officer who is employed by another company (e.g., Allspring) may serve as a director of such company or any entity, controlling, controlled by, or under common control with, such company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquiring a financial interest in any company that provides services to the Trust (provided, however, that a
Covered Officer who is employed by another company (e.g., Allspring) may have an ownership interest in his or her employer or the employer's parent company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment or gifts from any person or company with which the Trust has current or
prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any consulting or employment relationship with any of the Trust's service providers, other than with the
primary employer of the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for
effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's primary employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust.

Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Board and the Trust's auditors, and to governmental regulators and self-regulatory organizations.

Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

Each Covered Officer should, consistent with his or her responsibilities, exercise appropriate supervision over and assist relevant Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner.

Each Covered Officer is responsible for the accuracy of the records and reports that he or she is responsible for maintaining. The books and records of the Trust shall meet the highest standards and accurately reflect the true nature of the transactions they record. The Covered Officers must not create false or misleading documents or accounting, financial or electronic records for any purpose, and must not direct any other person to do so. If a Covered Officer becomes aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Chief Legal Officer for a determination as to what, if any, corrective action is necessary or appropriate.

------

No undisclosed or unrecorded account or fund shall be established for any purpose. No false or misleading entries shall be made in a Trust's books or records for any reason. No disbursement of a Trust's assets shall be made without adequate supporting documentation or for any purpose other than as described in the Trust's documents or contracts.

A Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board: (i) that provided the basis for any amendment or waiver to this Code, and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter upon becoming a Covered Officer), affirm in writing (in the form
attached to this Code) to the Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm in writing (in the form attached to this Code) to the Board that he or she has
complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Chief Legal Officer of the Trust promptly if he or she knows of any violation of this Code. Failure to
do so is itself a violation of this Code.

The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. While the Chief Legal Officer in authorized to interpret this Code, an approval of a situation that is expressly prohibited by this Code is deemed to be a "waiver" and can be approved only by the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him
or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation will be reported to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Board concurs that a violation has occurred, it will consider appropriate action, which may include review
of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board will be responsible for granting waivers, as appropriate (a "waiver" is the approval of a
situation that is expressly prohibited by this Code); and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trusts or the Adviser govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The codes of ethics adopted by the Trusts and the Adviser under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent Trustees.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except upon request of the SEC or another regulatory agency, or as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than Board and its counsel.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

**IX.** **Disclosure of Code of Ethics to the Public** 

Pursuant to Item 2(f) of Form N-CSR the registrant is required to disclose the Code of Ethics per one of the methods listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) File with the Commission, pursuant to Item 13(a)(1), a copy of its code of ethics that applies to the
registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this
Form N- CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made.

------

**X.** **Interpretation of Code** 

This Code will not be interpreted or applied in any manner that would violate the legal rights of any Covered Officer as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Officer from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A Covered Officer does not need prior authorization of the Trust or Adviser before taking any such action and is not required to inform the Trust or Adviser if he or she chooses to take such action.

Amended: January 7, 2025

------

**Exhibit A** 

**Persons Covered by the Code** 

John Kenney, President of each Trust

Jeremy DePalma, Treasurer of each Trust

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g15564g1230114938006.jpg)

**<u>CERTIFICATION</u>**

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSR of Allspring Managed Account CoreBuilder<sup>®</sup> Shares – Series EM, Allspring Emerging Markets Equity Fund, Allspring Emerging Markets Equity Advantage Fund, Allspring International Equity Fund, Allspring Special Global Small Cap Fund and Allspring Special International Small Cap Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| |
|:---|
| Date: December 22, 2025 |
| /s/ John Kenney |
| John Kenney |
| President (Principal Executive Officer) |
| Allspring Funds Trust |

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![LOGO](g15564g1230114938006.jpg)

**<u>CERTIFICATION</u>**

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSR of Allspring Managed Account CoreBuilder<sup>®</sup> Shares – Series EM, Allspring Emerging Markets Equity Fund, Allspring Emerging Markets Equity Advantage Fund, Allspring International Equity Fund, Allspring Special Global Small Cap Fund and Allspring Special International Small Cap Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| |
|:---|
| Date: December 22, 2025 |
| /s/ Jeremy DePalma |
| Jeremy DePalma |
| Treasurer (Principal Financial Officer) |
| Allspring Funds Trust |

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## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g15564g1230114938006.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSR for the year ended 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 22, 2025

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| | |
|:---|:---|
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
|  | Allspring Funds Trust |

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This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

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![LOGO](g15564g1230114938006.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSR for the year ended 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 22, 2025

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| | |
|:---|:---|
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  | Allspring Funds Trust |

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This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.