# EDGAR Filing Document

**Accession Number:** 0001081400
**File Stem:** 0001193125-25-257938
**Filing Date:** 2025-10
**Character Count:** 1465411
**Document Hash:** bed0a0d99d2df62e7e77b5c1af165203
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-257938.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001193125-25-257938

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 76

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**EFFECTIVENESS DATE**: 20251030

**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:** 251433322

**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 Government Securities Fund (Series ID: S000007415)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020347 | Class C             | WGSCX           |
| C000020348 | Administrator Class | WGSDX           |
| C000020349 | Class A             | SGVDX           |
| C000020350 | Institutional Class | SGVIX           |

### Allspring Core Plus Bond Fund (Series ID: S000007418)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020358 | Class A             | STYAX           |
| C000020360 | Class C             | WFIPX           |
| C000064985 | Institutional Class | WIPIX           |
| C000092792 | Administrator Class | WIPDX           |
| C000176628 | Class R6            | STYJX           |

### Allspring Short Duration Government Bond Fund (Series ID: S000007419)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020361 | Institutional Class | WSGIX           |
| C000020362 | Class A             | MSDAX           |
| C000020364 | Class C             | MSDCX           |
| C000020365 | Administrator Class | MNSGX           |
| C000120079 | Class R6            | MSDRX           |

### Allspring Short-Term Bond Plus Fund (Series ID: S000007427)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020381 | Class A             | SSTVX           |
| C000020382 | Institutional Class | SSHIX           |
| C000064987 | Class C             | WFSHX           |
| C000205248 | Class R6            | SSTYX           |

### Allspring Short-Term High Income Fund (Series ID: S000007428)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020384 | Class A             | SSTHX           |
| C000064988 | Class C             | WFHYX           |
| C000092793 | Administrator Class | WDHYX           |
| C000123105 | Institutional Class | STYIX           |

### Allspring Ultra Short-Term Income Fund (Series ID: S000007431)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020394 | Administrator Class | WUSDX           |
| C000020395 | Class A             | SADAX           |
| C000020396 | Institutional Class | SADIX           |
| C000064989 | Class C             | WUSTX           |
| C000220297 | Class A2            | WUSNX           |

### Allspring High Yield Bond Fund (Series ID: S000029107)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089484 | Class A             | EKHAX           |
| C000089486 | Class C             | EKHCX           |
| C000089487 | Administrator Class | EKHYX           |
| C000150669 | Institutional Class | EKHIX           |

### Allspring Managed Account CoreBuilder Shares Series CP (Series ID: S000069934)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000222758 | CoreBuilder Shares Series CP | WFCPX           |

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

![LOGO](g14606g1025013341552.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: August 31
**Registrant is making a filing for 8 of its series:** Allspring Core Plus Bond Fund, Allspring Government Securities Fund, Allspring High Yield Bond Fund, Allspring Managed Account CoreBuilder<sup>®</sup> Shares—Series CP, Allspring Short Duration Government Bond Fund, Allspring Short-Term Bond Plus Fund, Allspring Short-Term High Income Bond Fund, and Allspring Ultra Short-Term Income Fund.

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

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u>![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Core Plus Bond Fund

# August 31, 2025

# Institutional Class

# WIPIX
This annual shareholder report contains important information about Core Plus Bond Fund for the period from September 1, 2024 to August 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 |
| Institutional Class | $36 | 0.35% |

---

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

## How did the Fund perform last year and what affected its performance?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early in the period before holding rates steady throughout 2025. Credit spreads narrowed and remained subdued for much of the period. Securitized sectors, such as agency mortgage-backed securities (MBS), also saw spreads widen and then narrow to levels below their three- and five-year averages.

The portfolio duration was neutral early in the period before being extended from March 2025 on. The portfolio was positioned higher in quality, and credit exposure was reduced as valuations became more extreme. Non-benchmark exposure was reduced through the period.

The top contributors to the Fund's performance were sector allocation (including exposures in U.S. and European high yield bonds, European investment-grade bonds, emerging market debt, and non-U.S. developed market government bonds), credit-quality allocation, and security selection. Duration and curve positioning also contributed.

The main detractor from performance was allocations to non-agency collateralized mortgage obligations.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g80j03.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $10000 | $10000 |
| **9/30/2015** | $10023 | $10068 |
| **10/31/2015** | $10095 | $10069 |
| **11/30/2015** | $10051 | $10043 |
| **12/31/2015** | $9991 | $10010 |
| **1/31/2016** | $10052 | $10148 |
| **2/29/2016** | $10106 | $10220 |
| **3/31/2016** | $10323 | $10314 |
| **4/30/2016** | $10444 | $10353 |
| **5/31/2016** | $10439 | $10356 |
| **6/30/2016** | $10618 | $10542 |
| **7/31/2016** | $10767 | $10609 |
| **8/31/2016** | $10805 | $10597 |
| **9/30/2016** | $10815 | $10590 |
| **10/31/2016** | $10760 | $10509 |
| **11/30/2016** | $10508 | $10261 |
| **12/31/2016** | $10587 | $10275 |
| **1/31/2017** | $10654 | $10295 |
| **2/28/2017** | $10751 | $10365 |
| **3/31/2017** | $10762 | $10359 |
| **4/30/2017** | $10861 | $10439 |
| **5/31/2017** | $10963 | $10519 |
| **6/30/2017** | $10995 | $10509 |
| **7/31/2017** | $11053 | $10554 |
| **8/31/2017** | $11140 | $10649 |
| **9/30/2017** | $11110 | $10598 |
| **10/31/2017** | $11132 | $10604 |
| **11/30/2017** | $11134 | $10591 |
| **12/31/2017** | $11186 | $10639 |
| **1/31/2018** | $11110 | $10517 |
| **2/28/2018** | $11009 | $10417 |
| **3/31/2018** | $11076 | $10484 |
| **4/30/2018** | $10999 | $10406 |
| **5/31/2018** | $11027 | $10480 |
| **6/30/2018** | $11014 | $10467 |
| **7/31/2018** | $11060 | $10470 |
| **8/31/2018** | $11083 | $10537 |
| **9/30/2018** | $11050 | $10469 |
| **10/31/2018** | $10953 | $10386 |
| **11/30/2018** | $10999 | $10448 |
| **12/31/2018** | $11165 | $10640 |
| **1/31/2019** | $11349 | $10753 |
| **2/28/2019** | $11355 | $10747 |
| **3/31/2019** | $11561 | $10954 |
| **4/30/2019** | $11580 | $10956 |
| **5/31/2019** | $11749 | $11151 |
| **6/30/2019** | $11905 | $11291 |
| **7/31/2019** | $11951 | $11316 |
| **8/31/2019** | $12211 | $11609 |
| **9/30/2019** | $12151 | $11547 |
| **10/31/2019** | $12186 | $11582 |
| **11/30/2019** | $12193 | $11576 |
| **12/31/2019** | $12220 | $11568 |
| **1/31/2020** | $12448 | $11791 |
| **2/29/2020** | $12586 | $12003 |
| **3/31/2020** | $12150 | $11932 |
| **4/30/2020** | $12525 | $12144 |
| **5/31/2020** | $12792 | $12201 |
| **6/30/2020** | $12984 | $12278 |
| **7/31/2020** | $13317 | $12461 |
| **8/31/2020** | $13316 | $12360 |
| **9/30/2020** | $13277 | $12354 |
| **10/31/2020** | $13232 | $12298 |
| **11/30/2020** | $13538 | $12419 |
| **12/31/2020** | $13642 | $12436 |
| **1/31/2021** | $13579 | $12347 |
| **2/28/2021** | $13440 | $12169 |
| **3/31/2021** | $13321 | $12017 |
| **4/30/2021** | $13454 | $12112 |
| **5/31/2021** | $13508 | $12151 |
| **6/30/2021** | $13640 | $12237 |
| **7/31/2021** | $13755 | $12374 |
| **8/31/2021** | $13747 | $12350 |
| **9/30/2021** | $13641 | $12243 |
| **10/31/2021** | $13648 | $12240 |
| **11/30/2021** | $13675 | $12276 |
| **12/31/2021** | $13666 | $12245 |
| **1/31/2022** | $13407 | $11981 |
| **2/28/2022** | $13220 | $11847 |
| **3/31/2022** | $12905 | $11518 |
| **4/30/2022** | $12390 | $11081 |
| **5/31/2022** | $12397 | $11152 |
| **6/30/2022** | $12095 | $10977 |
| **7/31/2022** | $12392 | $11246 |
| **8/31/2022** | $12108 | $10928 |
| **9/30/2022** | $11589 | $10456 |
| **10/31/2022** | $11415 | $10320 |
| **11/30/2022** | $11837 | $10700 |
| **12/31/2022** | $11795 | $10651 |
| **1/31/2023** | $12237 | $10979 |
| **2/28/2023** | $11941 | $10695 |
| **3/31/2023** | $12199 | $10967 |
| **4/30/2023** | $12269 | $11033 |
| **5/31/2023** | $12147 | $10913 |
| **6/30/2023** | $12114 | $10874 |
| **7/31/2023** | $12139 | $10867 |
| **8/31/2023** | $12069 | $10797 |
| **9/30/2023** | $11758 | $10523 |
| **10/31/2023** | $11557 | $10357 |
| **11/30/2023** | $12110 | $10826 |
| **12/31/2023** | $12597 | $11240 |
| **1/31/2024** | $12605 | $11210 |
| **2/29/2024** | $12438 | $11051 |
| **3/31/2024** | $12558 | $11153 |
| **4/30/2024** | $12253 | $10871 |
| **5/31/2024** | $12482 | $11056 |
| **6/30/2024** | $12590 | $11160 |
| **7/31/2024** | $12883 | $11421 |
| **8/31/2024** | $13093 | $11585 |
| **9/30/2024** | $13275 | $11740 |
| **10/31/2024** | $12946 | $11449 |
| **11/30/2024** | $13101 | $11570 |
| **12/31/2024** | $12894 | $11381 |
| **1/31/2025** | $12989 | $11441 |
| **2/28/2025** | $13263 | $11693 |
| **3/31/2025** | $13230 | $11697 |
| **4/30/2025** | $13234 | $11743 |
| **5/31/2025** | $13176 | $11659 |
| **6/30/2025** | $13404 | $11839 |
| **7/31/2025** | $13378 | $11807 |
| **8/31/2025** | $13553 | $11949 |

---

# Core Plus Bond Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 3.61 | 0.35 | 3.09 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $9979528604 |
| # of portfolio holdings | 896 |
| Portfolio turnover rate | 173% |
| Total advisory fees paid | $23142457 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Agency securities | 33.6 |
| Corporate bonds and notes | 19.1 |
| U.S. Treasury securities | 13.1 |
| Yankee corporate bonds and notes | 9.7 |
| Asset-backed securities | 9.5 |
| Non-agency mortgage-backed securities | 5.8 |
| Foreign government bonds | 4.5 |
| Foreign corporate bonds and notes | 3.5 |
| Yankee government bonds | 0.9 |
| Investment companies | 0.2 |
| Loans | 0.1 |

---

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

---

| | |
|:---|:---|
| FNMA, 6.00%, 5-1-2055 | 1.8 |
| U.S. Treasury Notes, 4.00%, 5-31-2030 | 1.8 |
| GNMA, 5.00%, 11-20-2054 | 1.7 |
| U.S. Treasury Notes, 4.13%, 5-31-2032 | 1.3 |
| U.S. Treasury Notes, 4.25%, 5-15-2035 | 1.2 |
| French Republic, 2.70%, 2-25-2031 | 1.1 |
| U.S. Treasury Bonds, 4.63%, 5-15-2044 | 1 |
| GNMA, 6.50%, 9-15-2054 | 1 |
| U.S. Treasury Bonds, 4.63%, 2-15-2055 | 1 |
| FNMA, 2.00%, 10-1-2051 | 0.9 |

---

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

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as an additional sub-adviser for the Fund, effective November 3, 2025. On the same date, Sarah Harrison will be added as a portfolio manager for the Fund.

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

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

#### AR3165 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Core Plus Bond Fund

# August 31, 2025

# Class R6

# STYJX
This annual shareholder report contains important information about Core Plus Bond Fund for the period from September 1, 2024 to August 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 R6 | $31 | 0.30% |

---

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

## How did the Fund perform last year and what affected its performance?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early in the period before holding rates steady throughout 2025. Credit spreads narrowed and remained subdued for much of the period. Securitized sectors, such as agency mortgage-backed securities (MBS), also saw spreads widen and then narrow to levels below their three- and five-year averages.

The portfolio duration was neutral early in the period before being extended from March 2025 on. The portfolio was positioned higher in quality, and credit exposure was reduced as valuations became more extreme. Non-benchmark exposure was reduced through the period.

The top contributors to the Fund's performance were sector allocation (including exposures in U.S. and European high yield bonds, European investment-grade bonds, emerging market debt, and non-U.S. developed market government bonds), credit-quality allocation, and security selection. Duration and curve positioning also contributed.

The main detractor from performance was allocations to non-agency collateralized mortgage obligations.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g48q86.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $10000 | $10000 |
| **9/30/2015** | $10023 | $10068 |
| **10/31/2015** | $10095 | $10069 |
| **11/30/2015** | $10051 | $10043 |
| **12/31/2015** | $9991 | $10010 |
| **1/31/2016** | $10052 | $10148 |
| **2/29/2016** | $10106 | $10220 |
| **3/31/2016** | $10323 | $10314 |
| **4/30/2016** | $10444 | $10353 |
| **5/31/2016** | $10439 | $10356 |
| **6/30/2016** | $10618 | $10542 |
| **7/31/2016** | $10767 | $10609 |
| **8/31/2016** | $10805 | $10597 |
| **9/30/2016** | $10815 | $10590 |
| **10/31/2016** | $10760 | $10509 |
| **11/30/2016** | $10509 | $10261 |
| **12/31/2016** | $10588 | $10275 |
| **1/31/2017** | $10656 | $10295 |
| **2/28/2017** | $10753 | $10365 |
| **3/31/2017** | $10772 | $10359 |
| **4/30/2017** | $10871 | $10439 |
| **5/31/2017** | $10972 | $10519 |
| **6/30/2017** | $10996 | $10509 |
| **7/31/2017** | $11063 | $10554 |
| **8/31/2017** | $11151 | $10649 |
| **9/30/2017** | $11121 | $10598 |
| **10/31/2017** | $11144 | $10604 |
| **11/30/2017** | $11138 | $10591 |
| **12/31/2017** | $11200 | $10639 |
| **1/31/2018** | $11123 | $10517 |
| **2/28/2018** | $11014 | $10417 |
| **3/31/2018** | $11090 | $10484 |
| **4/30/2018** | $11005 | $10406 |
| **5/31/2018** | $11042 | $10480 |
| **6/30/2018** | $11029 | $10467 |
| **7/31/2018** | $11076 | $10470 |
| **8/31/2018** | $11100 | $10537 |
| **9/30/2018** | $11058 | $10469 |
| **10/31/2018** | $10971 | $10386 |
| **11/30/2018** | $11008 | $10448 |
| **12/31/2018** | $11184 | $10640 |
| **1/31/2019** | $11359 | $10753 |
| **2/28/2019** | $11375 | $10747 |
| **3/31/2019** | $11572 | $10954 |
| **4/30/2019** | $11601 | $10956 |
| **5/31/2019** | $11761 | $11151 |
| **6/30/2019** | $11927 | $11291 |
| **7/31/2019** | $11964 | $11316 |
| **8/31/2019** | $12225 | $11609 |
| **9/30/2019** | $12166 | $11547 |
| **10/31/2019** | $12201 | $11582 |
| **11/30/2019** | $12209 | $11576 |
| **12/31/2019** | $12246 | $11568 |
| **1/31/2020** | $12475 | $11791 |
| **2/29/2020** | $12604 | $12003 |
| **3/31/2020** | $12168 | $11932 |
| **4/30/2020** | $12544 | $12144 |
| **5/31/2020** | $12821 | $12201 |
| **6/30/2020** | $13004 | $12278 |
| **7/31/2020** | $13349 | $12461 |
| **8/31/2020** | $13338 | $12360 |
| **9/30/2020** | $13309 | $12354 |
| **10/31/2020** | $13255 | $12298 |
| **11/30/2020** | $13562 | $12419 |
| **12/31/2020** | $13676 | $12436 |
| **1/31/2021** | $13614 | $12347 |
| **2/28/2021** | $13476 | $12169 |
| **3/31/2021** | $13346 | $12017 |
| **4/30/2021** | $13490 | $12112 |
| **5/31/2021** | $13535 | $12151 |
| **6/30/2021** | $13678 | $12237 |
| **7/31/2021** | $13794 | $12374 |
| **8/31/2021** | $13787 | $12350 |
| **9/30/2021** | $13671 | $12243 |
| **10/31/2021** | $13688 | $12240 |
| **11/30/2021** | $13716 | $12276 |
| **12/31/2021** | $13708 | $12245 |
| **1/31/2022** | $13438 | $11981 |
| **2/28/2022** | $13261 | $11847 |
| **3/31/2022** | $12936 | $11518 |
| **4/30/2022** | $12431 | $11081 |
| **5/31/2022** | $12438 | $11152 |
| **6/30/2022** | $12136 | $10977 |
| **7/31/2022** | $12424 | $11246 |
| **8/31/2022** | $12140 | $10928 |
| **9/30/2022** | $11620 | $10456 |
| **10/31/2022** | $11456 | $10320 |
| **11/30/2022** | $11880 | $10700 |
| **12/31/2022** | $11828 | $10651 |
| **1/31/2023** | $12282 | $10979 |
| **2/28/2023** | $11985 | $10695 |
| **3/31/2023** | $12234 | $10967 |
| **4/30/2023** | $12316 | $11033 |
| **5/31/2023** | $12194 | $10913 |
| **6/30/2023** | $12161 | $10874 |
| **7/31/2023** | $12187 | $10867 |
| **8/31/2023** | $12107 | $10797 |
| **9/30/2023** | $11806 | $10523 |
| **10/31/2023** | $11605 | $10357 |
| **11/30/2023** | $12160 | $10826 |
| **12/31/2023** | $12649 | $11240 |
| **1/31/2024** | $12646 | $11210 |
| **2/29/2024** | $12480 | $11051 |
| **3/31/2024** | $12612 | $11153 |
| **4/30/2024** | $12306 | $10871 |
| **5/31/2024** | $12525 | $11056 |
| **6/30/2024** | $12645 | $11160 |
| **7/31/2024** | $12928 | $11421 |
| **8/31/2024** | $13139 | $11585 |
| **9/30/2024** | $13323 | $11740 |
| **10/31/2024** | $13004 | $11449 |
| **11/30/2024** | $13149 | $11570 |
| **12/31/2024** | $12953 | $11381 |
| **1/31/2025** | $13038 | $11441 |
| **2/28/2025** | $13313 | $11693 |
| **3/31/2025** | $13281 | $11697 |
| **4/30/2025** | $13297 | $11743 |
| **5/31/2025** | $13240 | $11659 |
| **6/30/2025** | $13457 | $11839 |
| **7/31/2025** | $13444 | $11807 |
| **8/31/2025** | $13620 | $11949 |

---

# Core Plus Bond Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>Footnote Reference\*</sup> | 3.66 | 0.42 | 3.14 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Historical performance shown for the Class R6 shares prior to their inception on October 31, 2016 reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $9979528604 |
| # of portfolio holdings | 896 |
| Portfolio turnover rate | 173% |
| Total advisory fees paid | $23142457 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Agency securities | 33.6 |
| Corporate bonds and notes | 19.1 |
| U.S. Treasury securities | 13.1 |
| Yankee corporate bonds and notes | 9.7 |
| Asset-backed securities | 9.5 |
| Non-agency mortgage-backed securities | 5.8 |
| Foreign government bonds | 4.5 |
| Foreign corporate bonds and notes | 3.5 |
| Yankee government bonds | 0.9 |
| Investment companies | 0.2 |
| Loans | 0.1 |

---

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

---

| | |
|:---|:---|
| FNMA, 6.00%, 5-1-2055 | 1.8 |
| U.S. Treasury Notes, 4.00%, 5-31-2030 | 1.8 |
| GNMA, 5.00%, 11-20-2054 | 1.7 |
| U.S. Treasury Notes, 4.13%, 5-31-2032 | 1.3 |
| U.S. Treasury Notes, 4.25%, 5-15-2035 | 1.2 |
| French Republic, 2.70%, 2-25-2031 | 1.1 |
| U.S. Treasury Bonds, 4.63%, 5-15-2044 | 1 |
| GNMA, 6.50%, 9-15-2054 | 1 |
| U.S. Treasury Bonds, 4.63%, 2-15-2055 | 1 |
| FNMA, 2.00%, 10-1-2051 | 0.9 |

---

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

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as an additional sub-adviser for the Fund, effective November 3, 2025. On the same date, Sarah Harrison will be added as a portfolio manager for the Fund.

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

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

#### AR4689 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Core Plus Bond Fund

# August 31, 2025

# Class C

# WFIPX
This annual shareholder report contains important information about Core Plus Bond Fund for the period from September 1, 2024 to August 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 | $144 | 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?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early in the period before holding rates steady throughout 2025. Credit spreads narrowed and remained subdued for much of the period. Securitized sectors, such as agency mortgage-backed securities (MBS), also saw spreads widen and then narrow to levels below their three- and five-year averages.

The portfolio duration was neutral early in the period before being extended from March 2025 on. The portfolio was positioned higher in quality, and credit exposure was reduced as valuations became more extreme. Non-benchmark exposure was reduced through the period.

The top contributors to the Fund's performance were sector allocation (including exposures in U.S. and European high yield bonds, European investment-grade bonds, emerging market debt, and non-U.S. developed market government bonds), credit-quality allocation, and security selection. Duration and curve positioning also contributed.

The main detractor from performance was allocations to non-agency collateralized mortgage obligations.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g01p52.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with Load** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $10000 | $10000 |
| **9/30/2015** | $10016 | $10068 |
| **10/31/2015** | $10071 | $10069 |
| **11/30/2015** | $10027 | $10043 |
| **12/31/2015** | $9953 | $10010 |
| **1/31/2016** | $10012 | $10148 |
| **2/29/2016** | $10057 | $10220 |
| **3/31/2016** | $10257 | $10314 |
| **4/30/2016** | $10369 | $10353 |
| **5/31/2016** | $10354 | $10356 |
| **6/30/2016** | $10532 | $10542 |
| **7/31/2016** | $10663 | $10609 |
| **8/31/2016** | $10699 | $10597 |
| **9/30/2016** | $10692 | $10590 |
| **10/31/2016** | $10628 | $10509 |
| **11/30/2016** | $10370 | $10261 |
| **12/31/2016** | $10441 | $10275 |
| **1/31/2017** | $10503 | $10295 |
| **2/28/2017** | $10589 | $10365 |
| **3/31/2017** | $10591 | $10359 |
| **4/30/2017** | $10678 | $10439 |
| **5/31/2017** | $10769 | $10519 |
| **6/30/2017** | $10781 | $10509 |
| **7/31/2017** | $10833 | $10554 |
| **8/31/2017** | $10905 | $10649 |
| **9/30/2017** | $10875 | $10598 |
| **10/31/2017** | $10879 | $10604 |
| **11/30/2017** | $10870 | $10591 |
| **12/31/2017** | $10916 | $10639 |
| **1/31/2018** | $10836 | $10517 |
| **2/28/2018** | $10721 | $10417 |
| **3/31/2018** | $10777 | $10484 |
| **4/30/2018** | $10691 | $10406 |
| **5/31/2018** | $10709 | $10480 |
| **6/30/2018** | $10686 | $10467 |
| **7/31/2018** | $10730 | $10470 |
| **8/31/2018** | $10741 | $10537 |
| **9/30/2018** | $10692 | $10469 |
| **10/31/2018** | $10597 | $10386 |
| **11/30/2018** | $10622 | $10448 |
| **12/31/2018** | $10778 | $10640 |
| **1/31/2019** | $10942 | $10753 |
| **2/28/2019** | $10946 | $10747 |
| **3/31/2019** | $11125 | $10954 |
| **4/30/2019** | $11143 | $10956 |
| **5/31/2019** | $11287 | $11151 |
| **6/30/2019** | $11435 | $11291 |
| **7/31/2019** | $11460 | $11316 |
| **8/31/2019** | $11699 | $11609 |
| **9/30/2019** | $11632 | $11547 |
| **10/31/2019** | $11654 | $11582 |
| **11/30/2019** | $11652 | $11576 |
| **12/31/2019** | $11671 | $11568 |
| **1/31/2020** | $11873 | $11791 |
| **2/29/2020** | $11997 | $12003 |
| **3/31/2020** | $11570 | $11932 |
| **4/30/2020** | $11917 | $12144 |
| **5/31/2020** | $12162 | $12201 |
| **6/30/2020** | $12324 | $12278 |
| **7/31/2020** | $12638 | $12461 |
| **8/31/2020** | $12617 | $12360 |
| **9/30/2020** | $12579 | $12354 |
| **10/31/2020** | $12515 | $12298 |
| **11/30/2020** | $12795 | $12419 |
| **12/31/2020** | $12883 | $12436 |
| **1/31/2021** | $12820 | $12347 |
| **2/28/2021** | $12679 | $12169 |
| **3/31/2021** | $12545 | $12017 |
| **4/30/2021** | $12668 | $12112 |
| **5/31/2021** | $12699 | $12151 |
| **6/30/2021** | $12813 | $12237 |
| **7/31/2021** | $12918 | $12374 |
| **8/31/2021** | $12900 | $12350 |
| **9/30/2021** | $12779 | $12243 |
| **10/31/2021** | $12783 | $12240 |
| **11/30/2021** | $12788 | $12276 |
| **12/31/2021** | $12771 | $12245 |
| **1/31/2022** | $12514 | $11981 |
| **2/28/2022** | $12338 | $11847 |
| **3/31/2022** | $12023 | $11518 |
| **4/30/2022** | $11542 | $11081 |
| **5/31/2022** | $11537 | $11152 |
| **6/30/2022** | $11244 | $10977 |
| **7/31/2022** | $11507 | $11246 |
| **8/31/2022** | $11236 | $10928 |
| **9/30/2022** | $10744 | $10456 |
| **10/31/2022** | $10578 | $10320 |
| **11/30/2022** | $10950 | $10700 |
| **12/31/2022** | $10896 | $10651 |
| **1/31/2023** | $11299 | $10979 |
| **2/28/2023** | $11017 | $10695 |
| **3/31/2023** | $11243 | $10967 |
| **4/30/2023** | $11299 | $11033 |
| **5/31/2023** | $11177 | $10913 |
| **6/30/2023** | $11146 | $10874 |
| **7/31/2023** | $11149 | $10867 |
| **8/31/2023** | $11075 | $10797 |
| **9/30/2023** | $10786 | $10523 |
| **10/31/2023** | $10598 | $10357 |
| **11/30/2023** | $11104 | $10826 |
| **12/31/2023** | $11545 | $11240 |
| **1/31/2024** | $11541 | $11210 |
| **2/29/2024** | $11386 | $11051 |
| **3/31/2024** | $11503 | $11153 |
| **4/30/2024** | $11220 | $10871 |
| **5/31/2024** | $11416 | $11056 |
| **6/30/2024** | $11523 | $11160 |
| **7/31/2024** | $11778 | $11421 |
| **8/31/2024** | $11966 | $11585 |
| **9/30/2024** | $12130 | $11740 |
| **10/31/2024** | $11836 | $11449 |
| **11/30/2024** | $11964 | $11570 |
| **12/31/2024** | $11782 | $11381 |
| **1/31/2025** | $11854 | $11441 |
| **2/28/2025** | $12102 | $11693 |
| **3/31/2025** | $12069 | $11697 |
| **4/30/2025** | $12081 | $11743 |
| **5/31/2025** | $12024 | $11659 |
| **6/30/2025** | $12230 | $11839 |
| **7/31/2025** | $12203 | $11807 |
| **8/31/2025** | $12359 | $11949 |

---

# Core Plus Bond Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 2.51 | (0.71) | 2.14 |
| Class C with Load | 1.51 | (0.71) | 2.14 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $9979528604 |
| # of portfolio holdings | 896 |
| Portfolio turnover rate | 173% |
| Total advisory fees paid | $23142457 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Agency securities | 33.6 |
| Corporate bonds and notes | 19.1 |
| U.S. Treasury securities | 13.1 |
| Yankee corporate bonds and notes | 9.7 |
| Asset-backed securities | 9.5 |
| Non-agency mortgage-backed securities | 5.8 |
| Foreign government bonds | 4.5 |
| Foreign corporate bonds and notes | 3.5 |
| Yankee government bonds | 0.9 |
| Investment companies | 0.2 |
| Loans | 0.1 |

---

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

---

| | |
|:---|:---|
| FNMA, 6.00%, 5-1-2055 | 1.8 |
| U.S. Treasury Notes, 4.00%, 5-31-2030 | 1.8 |
| GNMA, 5.00%, 11-20-2054 | 1.7 |
| U.S. Treasury Notes, 4.13%, 5-31-2032 | 1.3 |
| U.S. Treasury Notes, 4.25%, 5-15-2035 | 1.2 |
| French Republic, 2.70%, 2-25-2031 | 1.1 |
| U.S. Treasury Bonds, 4.63%, 5-15-2044 | 1 |
| GNMA, 6.50%, 9-15-2054 | 1 |
| U.S. Treasury Bonds, 4.63%, 2-15-2055 | 1 |
| FNMA, 2.00%, 10-1-2051 | 0.9 |

---

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

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as an additional sub-adviser for the Fund, effective November 3, 2025. On the same date, Sarah Harrison will be added as a portfolio manager for the Fund.

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

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

#### AR0559 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Core Plus Bond Fund

# August 31, 2025

# Class A

# STYAX
This annual shareholder report contains important information about Core Plus Bond Fund for the period from September 1, 2024 to August 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 A | $66 | 0.65% |

---

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?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early in the period before holding rates steady throughout 2025. Credit spreads narrowed and remained subdued for much of the period. Securitized sectors, such as agency mortgage-backed securities (MBS), also saw spreads widen and then narrow to levels below their three- and five-year averages.

The portfolio duration was neutral early in the period before being extended from March 2025 on. The portfolio was positioned higher in quality, and credit exposure was reduced as valuations became more extreme. Non-benchmark exposure was reduced through the period.

The top contributors to the Fund's performance were sector allocation (including exposures in U.S. and European high yield bonds, European investment-grade bonds, emerging market debt, and non-U.S. developed market government bonds), credit-quality allocation, and security selection. Duration and curve positioning also contributed.

The main detractor from performance was allocations to non-agency collateralized mortgage obligations.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g43j13.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with Load** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $9552 | $10000 |
| **9/30/2015** | $9572 | $10068 |
| **10/31/2015** | $9639 | $10069 |
| **11/30/2015** | $9594 | $10043 |
| **12/31/2015** | $9528 | $10010 |
| **1/31/2016** | $9591 | $10148 |
| **2/29/2016** | $9640 | $10220 |
| **3/31/2016** | $9846 | $10314 |
| **4/30/2016** | $9951 | $10353 |
| **5/31/2016** | $9951 | $10356 |
| **6/30/2016** | $10120 | $10542 |
| **7/31/2016** | $10253 | $10609 |
| **8/31/2016** | $10294 | $10597 |
| **9/30/2016** | $10302 | $10590 |
| **10/31/2016** | $10247 | $10509 |
| **11/30/2016** | $9997 | $10261 |
| **12/31/2016** | $10075 | $10275 |
| **1/31/2017** | $10138 | $10295 |
| **2/28/2017** | $10228 | $10365 |
| **3/31/2017** | $10236 | $10359 |
| **4/30/2017** | $10327 | $10439 |
| **5/31/2017** | $10421 | $10519 |
| **6/30/2017** | $10448 | $10509 |
| **7/31/2017** | $10500 | $10554 |
| **8/31/2017** | $10581 | $10649 |
| **9/30/2017** | $10550 | $10598 |
| **10/31/2017** | $10568 | $10604 |
| **11/30/2017** | $10567 | $10591 |
| **12/31/2017** | $10612 | $10639 |
| **1/31/2018** | $10538 | $10517 |
| **2/28/2018** | $10432 | $10417 |
| **3/31/2018** | $10501 | $10484 |
| **4/30/2018** | $10416 | $10406 |
| **5/31/2018** | $10449 | $10480 |
| **6/30/2018** | $10433 | $10467 |
| **7/31/2018** | $10474 | $10470 |
| **8/31/2018** | $10492 | $10537 |
| **9/30/2018** | $10459 | $10469 |
| **10/31/2018** | $10364 | $10386 |
| **11/30/2018** | $10404 | $10448 |
| **12/31/2018** | $10557 | $10640 |
| **1/31/2019** | $10730 | $10753 |
| **2/28/2019** | $10733 | $10747 |
| **3/31/2019** | $10916 | $10954 |
| **4/30/2019** | $10940 | $10956 |
| **5/31/2019** | $11097 | $11151 |
| **6/30/2019** | $11241 | $11291 |
| **7/31/2019** | $11272 | $11316 |
| **8/31/2019** | $11514 | $11609 |
| **9/30/2019** | $11455 | $11547 |
| **10/31/2019** | $11485 | $11582 |
| **11/30/2019** | $11489 | $11576 |
| **12/31/2019** | $11519 | $11568 |
| **1/31/2020** | $11732 | $11791 |
| **2/29/2020** | $11851 | $12003 |
| **3/31/2020** | $11436 | $11932 |
| **4/30/2020** | $11787 | $12144 |
| **5/31/2020** | $12044 | $12201 |
| **6/30/2020** | $12212 | $12278 |
| **7/31/2020** | $12532 | $12461 |
| **8/31/2020** | $12518 | $12360 |
| **9/30/2020** | $12487 | $12354 |
| **10/31/2020** | $12432 | $12298 |
| **11/30/2020** | $12718 | $12419 |
| **12/31/2020** | $12821 | $12436 |
| **1/31/2021** | $12758 | $12347 |
| **2/28/2021** | $12625 | $12169 |
| **3/31/2021** | $12500 | $12017 |
| **4/30/2021** | $12631 | $12112 |
| **5/31/2021** | $12669 | $12151 |
| **6/30/2021** | $12799 | $12237 |
| **7/31/2021** | $12903 | $12374 |
| **8/31/2021** | $12893 | $12350 |
| **9/30/2021** | $12780 | $12243 |
| **10/31/2021** | $12793 | $12240 |
| **11/30/2021** | $12815 | $12276 |
| **12/31/2021** | $12801 | $12245 |
| **1/31/2022** | $12547 | $11981 |
| **2/28/2022** | $12378 | $11847 |
| **3/31/2022** | $12079 | $11518 |
| **4/30/2022** | $11594 | $11081 |
| **5/31/2022** | $11597 | $11152 |
| **6/30/2022** | $11311 | $10977 |
| **7/31/2022** | $11587 | $11246 |
| **8/31/2022** | $11318 | $10928 |
| **9/30/2022** | $10829 | $10456 |
| **10/31/2022** | $10663 | $10320 |
| **11/30/2022** | $11056 | $10700 |
| **12/31/2022** | $11011 | $10651 |
| **1/31/2023** | $11422 | $10979 |
| **2/28/2023** | $11143 | $10695 |
| **3/31/2023** | $11370 | $10967 |
| **4/30/2023** | $11443 | $11033 |
| **5/31/2023** | $11327 | $10913 |
| **6/30/2023** | $11292 | $10874 |
| **7/31/2023** | $11313 | $10867 |
| **8/31/2023** | $11245 | $10797 |
| **9/30/2023** | $10951 | $10523 |
| **10/31/2023** | $10761 | $10357 |
| **11/30/2023** | $11274 | $10826 |
| **12/31/2023** | $11722 | $11240 |
| **1/31/2024** | $11718 | $11210 |
| **2/29/2024** | $11560 | $11051 |
| **3/31/2024** | $11679 | $11153 |
| **4/30/2024** | $11392 | $10871 |
| **5/31/2024** | $11591 | $11056 |
| **6/30/2024** | $11700 | $11160 |
| **7/31/2024** | $11958 | $11421 |
| **8/31/2024** | $12150 | $11585 |
| **9/30/2024** | $12316 | $11740 |
| **10/31/2024** | $12017 | $11449 |
| **11/30/2024** | $12147 | $11570 |
| **12/31/2024** | $11962 | $11381 |
| **1/31/2025** | $12036 | $11441 |
| **2/28/2025** | $12288 | $11693 |
| **3/31/2025** | $12254 | $11697 |
| **4/30/2025** | $12266 | $11743 |
| **5/31/2025** | $12209 | $11659 |
| **6/30/2025** | $12418 | $11839 |
| **7/31/2025** | $12390 | $11807 |
| **8/31/2025** | $12548 | $11949 |

---

# Core Plus Bond Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 3.28 | 0.05 | 2.77 |
| Class A with Load | (1.38) | (0.87) | 2.3 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $9979528604 |
| # of portfolio holdings | 896 |
| Portfolio turnover rate | 173% |
| Total advisory fees paid | $23142457 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Agency securities | 33.6 |
| Corporate bonds and notes | 19.1 |
| U.S. Treasury securities | 13.1 |
| Yankee corporate bonds and notes | 9.7 |
| Asset-backed securities | 9.5 |
| Non-agency mortgage-backed securities | 5.8 |
| Foreign government bonds | 4.5 |
| Foreign corporate bonds and notes | 3.5 |
| Yankee government bonds | 0.9 |
| Investment companies | 0.2 |
| Loans | 0.1 |

---

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

---

| | |
|:---|:---|
| FNMA, 6.00%, 5-1-2055 | 1.8 |
| U.S. Treasury Notes, 4.00%, 5-31-2030 | 1.8 |
| GNMA, 5.00%, 11-20-2054 | 1.7 |
| U.S. Treasury Notes, 4.13%, 5-31-2032 | 1.3 |
| U.S. Treasury Notes, 4.25%, 5-15-2035 | 1.2 |
| French Republic, 2.70%, 2-25-2031 | 1.1 |
| U.S. Treasury Bonds, 4.63%, 5-15-2044 | 1 |
| GNMA, 6.50%, 9-15-2054 | 1 |
| U.S. Treasury Bonds, 4.63%, 2-15-2055 | 1 |
| FNMA, 2.00%, 10-1-2051 | 0.9 |

---

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

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as an additional sub-adviser for the Fund, effective November 3, 2025. On the same date, Sarah Harrison will be added as a portfolio manager for the Fund.

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

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

#### AR0059 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Core Plus Bond Fund

# August 31, 2025

# Administrator Class

# WIPDX
This annual shareholder report contains important information about Core Plus Bond Fund for the period from September 1, 2024 to August 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 |
| Administrator Class | $61 | 0.60% |

---

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

## How did the Fund perform last year and what affected its performance?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early in the period before holding rates steady throughout 2025. Credit spreads narrowed and remained subdued for much of the period. Securitized sectors, such as agency mortgage-backed securities (MBS), also saw spreads widen and then narrow to levels below their three- and five-year averages.

The portfolio duration was neutral early in the period before being extended from March 2025 on. The portfolio was positioned higher in quality, and credit exposure was reduced as valuations became more extreme. Non-benchmark exposure was reduced through the period.

The top contributors to the Fund's performance were sector allocation (including exposures in U.S. and European high yield bonds, European investment-grade bonds, emerging market debt, and non-U.S. developed market government bonds), credit-quality allocation, and security selection. Duration and curve positioning also contributed.

The main detractor from performance was allocations to non-agency collateralized mortgage obligations.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g19h24.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrator Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $10000 | $10000 |
| **9/30/2015** | $10022 | $10068 |
| **10/31/2015** | $10093 | $10069 |
| **11/30/2015** | $10048 | $10043 |
| **12/31/2015** | $9987 | $10010 |
| **1/31/2016** | $10046 | $10148 |
| **2/29/2016** | $10099 | $10220 |
| **3/31/2016** | $10316 | $10314 |
| **4/30/2016** | $10427 | $10353 |
| **5/31/2016** | $10428 | $10356 |
| **6/30/2016** | $10607 | $10542 |
| **7/31/2016** | $10747 | $10609 |
| **8/31/2016** | $10792 | $10597 |
| **9/30/2016** | $10801 | $10590 |
| **10/31/2016** | $10744 | $10509 |
| **11/30/2016** | $10490 | $10261 |
| **12/31/2016** | $10565 | $10275 |
| **1/31/2017** | $10632 | $10295 |
| **2/28/2017** | $10727 | $10365 |
| **3/31/2017** | $10737 | $10359 |
| **4/30/2017** | $10833 | $10439 |
| **5/31/2017** | $10933 | $10519 |
| **6/30/2017** | $10963 | $10509 |
| **7/31/2017** | $11019 | $10554 |
| **8/31/2017** | $11104 | $10649 |
| **9/30/2017** | $11072 | $10598 |
| **10/31/2017** | $11092 | $10604 |
| **11/30/2017** | $11092 | $10591 |
| **12/31/2017** | $11141 | $10639 |
| **1/31/2018** | $11063 | $10517 |
| **2/28/2018** | $10953 | $10417 |
| **3/31/2018** | $11026 | $10484 |
| **4/30/2018** | $10938 | $10406 |
| **5/31/2018** | $10973 | $10480 |
| **6/30/2018** | $10958 | $10467 |
| **7/31/2018** | $11002 | $10470 |
| **8/31/2018** | $11022 | $10537 |
| **9/30/2018** | $10988 | $10469 |
| **10/31/2018** | $10889 | $10386 |
| **11/30/2018** | $10932 | $10448 |
| **12/31/2018** | $11095 | $10640 |
| **1/31/2019** | $11277 | $10753 |
| **2/28/2019** | $11281 | $10747 |
| **3/31/2019** | $11474 | $10954 |
| **4/30/2019** | $11501 | $10956 |
| **5/31/2019** | $11658 | $11151 |
| **6/30/2019** | $11820 | $11291 |
| **7/31/2019** | $11855 | $11316 |
| **8/31/2019** | $12111 | $11609 |
| **9/30/2019** | $12050 | $11547 |
| **10/31/2019** | $12082 | $11582 |
| **11/30/2019** | $12088 | $11576 |
| **12/31/2019** | $12120 | $11568 |
| **1/31/2020** | $12336 | $11791 |
| **2/29/2020** | $12471 | $12003 |
| **3/31/2020** | $12036 | $11932 |
| **4/30/2020** | $12406 | $12144 |
| **5/31/2020** | $12670 | $12201 |
| **6/30/2020** | $12857 | $12278 |
| **7/31/2020** | $13186 | $12461 |
| **8/31/2020** | $13182 | $12360 |
| **9/30/2020** | $13141 | $12354 |
| **10/31/2020** | $13094 | $12298 |
| **11/30/2020** | $13396 | $12419 |
| **12/31/2020** | $13497 | $12436 |
| **1/31/2021** | $13432 | $12347 |
| **2/28/2021** | $13292 | $12169 |
| **3/31/2021** | $13171 | $12017 |
| **4/30/2021** | $13301 | $12112 |
| **5/31/2021** | $13352 | $12151 |
| **6/30/2021** | $13482 | $12237 |
| **7/31/2021** | $13593 | $12374 |
| **8/31/2021** | $13583 | $12350 |
| **9/30/2021** | $13475 | $12243 |
| **10/31/2021** | $13479 | $12240 |
| **11/30/2021** | $13504 | $12276 |
| **12/31/2021** | $13491 | $12245 |
| **1/31/2022** | $13233 | $11981 |
| **2/28/2022** | $13045 | $11847 |
| **3/31/2022** | $12731 | $11518 |
| **4/30/2022** | $12229 | $11081 |
| **5/31/2022** | $12233 | $11152 |
| **6/30/2022** | $11931 | $10977 |
| **7/31/2022** | $12213 | $11246 |
| **8/31/2022** | $11929 | $10928 |
| **9/30/2022** | $11414 | $10456 |
| **10/31/2022** | $11249 | $10320 |
| **11/30/2022** | $11665 | $10700 |
| **12/31/2022** | $11608 | $10651 |
| **1/31/2023** | $12053 | $10979 |
| **2/28/2023** | $11758 | $10695 |
| **3/31/2023** | $11999 | $10967 |
| **4/30/2023** | $12077 | $11033 |
| **5/31/2023** | $11954 | $10913 |
| **6/30/2023** | $11918 | $10874 |
| **7/31/2023** | $11941 | $10867 |
| **8/31/2023** | $11869 | $10797 |
| **9/30/2023** | $11559 | $10523 |
| **10/31/2023** | $11359 | $10357 |
| **11/30/2023** | $11900 | $10826 |
| **12/31/2023** | $12375 | $11240 |
| **1/31/2024** | $12371 | $11210 |
| **2/29/2024** | $12215 | $11051 |
| **3/31/2024** | $12330 | $11153 |
| **4/30/2024** | $12027 | $10871 |
| **5/31/2024** | $12249 | $11056 |
| **6/30/2024** | $12353 | $11160 |
| **7/31/2024** | $12636 | $11421 |
| **8/31/2024** | $12828 | $11585 |
| **9/30/2024** | $13004 | $11740 |
| **10/31/2024** | $12689 | $11449 |
| **11/30/2024** | $12827 | $11570 |
| **12/31/2024** | $12632 | $11381 |
| **1/31/2025** | $12711 | $11441 |
| **2/28/2025** | $12977 | $11693 |
| **3/31/2025** | $12942 | $11697 |
| **4/30/2025** | $12955 | $11743 |
| **5/31/2025** | $12895 | $11659 |
| **6/30/2025** | $13117 | $11839 |
| **7/31/2025** | $13088 | $11807 |
| **8/31/2025** | $13256 | $11949 |

---

# Core Plus Bond Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 3.34 | 0.11 | 2.86 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $9979528604 |
| # of portfolio holdings | 896 |
| Portfolio turnover rate | 173% |
| Total advisory fees paid | $23142457 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Agency securities | 33.6 |
| Corporate bonds and notes | 19.1 |
| U.S. Treasury securities | 13.1 |
| Yankee corporate bonds and notes | 9.7 |
| Asset-backed securities | 9.5 |
| Non-agency mortgage-backed securities | 5.8 |
| Foreign government bonds | 4.5 |
| Foreign corporate bonds and notes | 3.5 |
| Yankee government bonds | 0.9 |
| Investment companies | 0.2 |
| Loans | 0.1 |

---

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

---

| | |
|:---|:---|
| FNMA, 6.00%, 5-1-2055 | 1.8 |
| U.S. Treasury Notes, 4.00%, 5-31-2030 | 1.8 |
| GNMA, 5.00%, 11-20-2054 | 1.7 |
| U.S. Treasury Notes, 4.13%, 5-31-2032 | 1.3 |
| U.S. Treasury Notes, 4.25%, 5-15-2035 | 1.2 |
| French Republic, 2.70%, 2-25-2031 | 1.1 |
| U.S. Treasury Bonds, 4.63%, 5-15-2044 | 1 |
| GNMA, 6.50%, 9-15-2054 | 1 |
| U.S. Treasury Bonds, 4.63%, 2-15-2055 | 1 |
| FNMA, 2.00%, 10-1-2051 | 0.9 |

---

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

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as an additional sub-adviser for the Fund, effective November 3, 2025. On the same date, Sarah Harrison will be added as a portfolio manager for the Fund.

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

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

#### AR3767 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Government Securities Fund

# August 31, 2025

# Institutional Class

# SGVIX
This annual shareholder report contains important information about Government Securities Fund for the period from September 1, 2024 to August 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 | $49 | 0.48% |

---

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

## How did the Fund perform last year and what affected its performance?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early in the period before holding rates steady. At period-end, markets priced in two more rate cuts by the end of 2025. Credit spreads narrowed and remained subdued for much of the period. Securitized sectors, such as agency mortgage-backed securities (MBS), also saw spreads widen and then narrow to levels below their three- and five-year averages.

Portfolio duration was long relative to the benchmark throughout the period. The Fund had a diversified set of high-quality securitized exposures.

Top contributors to the Fund's performance were sector allocation (through an overweight to agency commercial mortgage-backed securities, agency MBS, and government agency debentures), security selection, duration, and curve positioning.

The main detractor from performance was a small allocation to non-agency collateralized mortgage obligations.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g88w20.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate ex Credit Index** | **Bloomberg U.S. Government Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $10000 | $10000 | $10000 | $10000 |
| **9/30/2015** | $10073 | $10075 | $10085 | $10068 |
| **10/31/2015** | $10056 | $10058 | $10050 | $10069 |
| **11/30/2015** | $10021 | $10029 | $10010 | $10043 |
| **12/31/2015** | $9998 | $10016 | $9993 | $10010 |
| **1/31/2016** | $10170 | $10189 | $10201 | $10148 |
| **2/29/2016** | $10234 | $10256 | $10288 | $10220 |
| **3/31/2016** | $10261 | $10281 | $10305 | $10314 |
| **4/30/2016** | $10264 | $10283 | $10295 | $10353 |
| **5/31/2016** | $10269 | $10289 | $10295 | $10356 |
| **6/30/2016** | $10435 | $10452 | $10515 | $10542 |
| **7/31/2016** | $10475 | $10486 | $10556 | $10609 |
| **8/31/2016** | $10442 | $10459 | $10501 | $10597 |
| **9/30/2016** | $10455 | $10464 | $10489 | $10590 |
| **10/31/2016** | $10377 | $10388 | $10377 | $10509 |
| **11/30/2016** | $10135 | $10159 | $10109 | $10261 |
| **12/31/2016** | $10137 | $10152 | $10098 | $10275 |
| **1/31/2017** | $10152 | $10165 | $10121 | $10295 |
| **2/28/2017** | $10206 | $10214 | $10170 | $10365 |
| **3/31/2017** | $10194 | $10213 | $10167 | $10359 |
| **4/30/2017** | $10267 | $10281 | $10236 | $10439 |
| **5/31/2017** | $10322 | $10347 | $10302 | $10519 |
| **6/30/2017** | $10309 | $10320 | $10286 | $10509 |
| **7/31/2017** | $10342 | $10351 | $10303 | $10554 |
| **8/31/2017** | $10426 | $10446 | $10413 | $10649 |
| **9/30/2017** | $10369 | $10385 | $10325 | $10598 |
| **10/31/2017** | $10368 | $10378 | $10313 | $10604 |
| **11/30/2017** | $10357 | $10363 | $10299 | $10591 |
| **12/31/2017** | $10394 | $10395 | $10330 | $10639 |
| **1/31/2018** | $10271 | $10265 | $10193 | $10517 |
| **2/28/2018** | $10202 | $10193 | $10118 | $10417 |
| **3/31/2018** | $10279 | $10274 | $10211 | $10484 |
| **4/30/2018** | $10202 | $10205 | $10130 | $10406 |
| **5/31/2018** | $10271 | $10287 | $10219 | $10480 |
| **6/30/2018** | $10281 | $10289 | $10221 | $10467 |
| **7/31/2018** | $10262 | $10261 | $10180 | $10470 |
| **8/31/2018** | $10323 | $10333 | $10257 | $10537 |
| **9/30/2018** | $10247 | $10253 | $10163 | $10469 |
| **10/31/2018** | $10202 | $10199 | $10116 | $10386 |
| **11/30/2018** | $10283 | $10288 | $10204 | $10448 |
| **12/31/2018** | $10478 | $10492 | $10421 | $10640 |
| **1/31/2019** | $10531 | $10556 | $10470 | $10753 |
| **2/28/2019** | $10525 | $10538 | $10443 | $10747 |
| **3/31/2019** | $10706 | $10718 | $10640 | $10954 |
| **4/30/2019** | $10682 | $10700 | $10612 | $10956 |
| **5/31/2019** | $10874 | $10903 | $10859 | $11151 |
| **6/30/2019** | $10966 | $10995 | $10958 | $11291 |
| **7/31/2019** | $10987 | $11005 | $10946 | $11316 |
| **8/31/2019** | $11248 | $11266 | $11314 | $11609 |
| **9/30/2019** | $11196 | $11211 | $11219 | $11547 |
| **10/31/2019** | $11208 | $11232 | $11228 | $11582 |
| **11/30/2019** | $11190 | $11215 | $11195 | $11576 |
| **12/31/2019** | $11152 | $11191 | $11133 | $11568 |
| **1/31/2020** | $11365 | $11386 | $11402 | $11791 |
| **2/29/2020** | $11578 | $11613 | $11701 | $12003 |
| **3/31/2020** | $11690 | $11841 | $12032 | $11932 |
| **4/30/2020** | $11791 | $11918 | $12108 | $12144 |
| **5/31/2020** | $11798 | $11912 | $12079 | $12201 |
| **6/30/2020** | $11824 | $11922 | $12091 | $12278 |
| **7/31/2020** | $11911 | $12011 | $12226 | $12461 |
| **8/31/2020** | $11856 | $11940 | $12096 | $12360 |
| **9/30/2020** | $11872 | $11946 | $12113 | $12354 |
| **10/31/2020** | $11815 | $11880 | $12002 | $12298 |
| **11/30/2020** | $11871 | $11910 | $12043 | $12419 |
| **12/31/2020** | $11906 | $11908 | $12017 | $12436 |
| **1/31/2021** | $11879 | $11849 | $11906 | $12347 |
| **2/28/2021** | $11771 | $11694 | $11695 | $12169 |
| **3/31/2021** | $11653 | $11566 | $11519 | $12017 |
| **4/30/2021** | $11739 | $11643 | $11604 | $12112 |
| **5/31/2021** | $11733 | $11661 | $11644 | $12151 |
| **6/30/2021** | $11769 | $11701 | $11716 | $12237 |
| **7/31/2021** | $11877 | $11822 | $11873 | $12374 |
| **8/31/2021** | $11851 | $11802 | $11852 | $12350 |
| **9/30/2021** | $11772 | $11710 | $11726 | $12243 |
| **10/31/2021** | $11764 | $11695 | $11716 | $12240 |
| **11/30/2021** | $11798 | $11740 | $11804 | $12276 |
| **12/31/2021** | $11738 | $11701 | $11744 | $12245 |
| **1/31/2022** | $11555 | $11501 | $11524 | $11981 |
| **2/28/2022** | $11454 | $11410 | $11448 | $11847 |
| **3/31/2022** | $11114 | $11081 | $11094 | $11518 |
| **4/30/2022** | $10743 | $10726 | $10756 | $11081 |
| **5/31/2022** | $10801 | $10785 | $10777 | $11152 |
| **6/30/2022** | $10661 | $10660 | $10683 | $10977 |
| **7/31/2022** | $10877 | $10896 | $10851 | $11246 |
| **8/31/2022** | $10591 | $10589 | $10585 | $10928 |
| **9/30/2022** | $10158 | $10162 | $10223 | $10456 |
| **10/31/2022** | $9978 | $10020 | $10083 | $10320 |
| **11/30/2022** | $10292 | $10339 | $10349 | $10700 |
| **12/31/2022** | $10231 | $10291 | $10297 | $10651 |
| **1/31/2023** | $10560 | $10578 | $10552 | $10979 |
| **2/28/2023** | $10307 | $10322 | $10308 | $10695 |
| **3/31/2023** | $10521 | $10576 | $10604 | $10967 |
| **4/30/2023** | $10588 | $10633 | $10660 | $11033 |
| **5/31/2023** | $10488 | $10530 | $10539 | $10913 |
| **6/30/2023** | $10388 | $10464 | $10461 | $10874 |
| **7/31/2023** | $10364 | $10441 | $10425 | $10867 |
| **8/31/2023** | $10306 | $10378 | $10373 | $10797 |
| **9/30/2023** | $10044 | $10117 | $10148 | $10523 |
| **10/31/2023** | $9879 | $9965 | $10028 | $10357 |
| **11/30/2023** | $10288 | $10371 | $10372 | $10826 |
| **12/31/2023** | $10668 | $10753 | $10718 | $11240 |
| **1/31/2024** | $10652 | $10719 | $10689 | $11210 |
| **2/29/2024** | $10496 | $10569 | $10550 | $11051 |
| **3/31/2024** | $10570 | $10653 | $10618 | $11153 |
| **4/30/2024** | $10302 | $10382 | $10374 | $10871 |
| **5/31/2024** | $10476 | $10553 | $10524 | $11056 |
| **6/30/2024** | $10594 | $10665 | $10629 | $11160 |
| **7/31/2024** | $10846 | $10913 | $10860 | $11421 |
| **8/31/2024** | $11000 | $11065 | $10999 | $11585 |
| **9/30/2024** | $11131 | $11197 | $11130 | $11740 |
| **10/31/2024** | $10824 | $10917 | $10868 | $11449 |
| **11/30/2024** | $10945 | $11023 | $10952 | $11570 |
| **12/31/2024** | $10775 | $10854 | $10785 | $11381 |
| **1/31/2025** | $10841 | $10910 | $10841 | $11441 |
| **2/28/2025** | $11086 | $11157 | $11073 | $11693 |
| **3/31/2025** | $11084 | $11173 | $11098 | $11697 |
| **4/30/2025** | $11139 | $11231 | $11169 | $11743 |
| **5/31/2025** | $11023 | $11123 | $11055 | $11659 |
| **6/30/2025** | $11192 | $11282 | $11193 | $11839 |
| **7/31/2025** | $11144 | $11238 | $11150 | $11807 |
| **8/31/2025** | $11292 | $11379 | $11267 | $11949 |

---

# Government Securities Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 2.66 | (0.97) | 1.22 |
| Bloomberg U.S. Aggregate ex Credit Index | 2.83 | (0.96) | 1.3 |
| Bloomberg U.S. Government Bond Index | 2.44 | (1.41) | 1.2 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $378413549 |
| # of portfolio holdings | 286 |
| Portfolio turnover rate | 103% |
| Total advisory fees paid | $1464049 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Agency securities | 74.8 |
| U.S. Treasury securities | 18.2 |
| Non-agency mortgage-backed securities | 4.3 |
| Corporate bonds and notes | 1.9 |
| Asset-backed securities | 0.8 |

---

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

---

| | |
|:---|:---|
| FNMA, 2.00%, 2-1-2052 | 4.7 |
| U.S. Treasury Notes, 3.88%, 7-31-2030 | 4.1 |
| FNMA, 6.00%, 7-1-2055 | 2.7 |
| U.S. Treasury Bonds, 4.75%, 5-15-2055 | 2.6 |
| U.S. Treasury Notes, 3.88%, 6-30-2030 | 2.2 |
| Resolution Funding Corp. Principal STRIPS, 0.00%, 1-15-2030 | 2.1 |
| FHLMC, 0.00%, 7-15-2032 | 2.0 |
| FHLMC, 2.50%, 11-1-2051 | 1.7 |
| U.S. Treasury Notes, 4.13%, 8-31-2030 | 1.7 |
| TVA Principal STRIPS, 0.00%, 11-1-2025 | 1.5 |

---

## 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

#### AR3101 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Government Securities Fund

# August 31, 2025

# Class C

# WGSCX
This annual shareholder report contains important information about Government Securities Fund for the period from September 1, 2024 to August 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 | $160 | 1.59% |

---

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

## How did the Fund perform last year and what affected its performance?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early in the period before holding rates steady. At period-end, markets priced in two more rate cuts by the end of 2025. Credit spreads narrowed and remained subdued for much of the period. Securitized sectors, such as agency mortgage-backed securities (MBS), also saw spreads widen and then narrow to levels below their three- and five-year averages.

Portfolio duration was long relative to the benchmark throughout the period. The Fund had a diversified set of high-quality securitized exposures.

Top contributors to the Fund's performance were sector allocation (through an overweight to agency commercial mortgage-backed securities, agency MBS, and government agency debentures), security selection, duration, and curve positioning.

The main detractor from performance was a small allocation to non-agency collateralized mortgage obligations.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g49b90.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C with Load** | **Bloomberg U.S. Aggregate ex Credit Index** | **Bloomberg U.S. Government Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $10000 | $10000 | $10000 | $10000 |
| **9/30/2015** | $10063 | $10075 | $10085 | $10068 |
| **10/31/2015** | $10037 | $10058 | $10050 | $10069 |
| **11/30/2015** | $9993 | $10029 | $10010 | $10043 |
| **12/31/2015** | $9961 | $10016 | $9993 | $10010 |
| **1/31/2016** | $10123 | $10189 | $10201 | $10148 |
| **2/29/2016** | $10177 | $10256 | $10288 | $10220 |
| **3/31/2016** | $10195 | $10281 | $10305 | $10314 |
| **4/30/2016** | $10187 | $10283 | $10295 | $10353 |
| **5/31/2016** | $10174 | $10289 | $10295 | $10356 |
| **6/30/2016** | $10339 | $10452 | $10515 | $10542 |
| **7/31/2016** | $10359 | $10486 | $10556 | $10609 |
| **8/31/2016** | $10325 | $10459 | $10501 | $10597 |
| **9/30/2016** | $10329 | $10464 | $10489 | $10590 |
| **10/31/2016** | $10243 | $10388 | $10377 | $10509 |
| **11/30/2016** | $9995 | $10159 | $10109 | $10261 |
| **12/31/2016** | $9987 | $10152 | $10098 | $10275 |
| **1/31/2017** | $9992 | $10165 | $10121 | $10295 |
| **2/28/2017** | $10036 | $10214 | $10170 | $10365 |
| **3/31/2017** | $10016 | $10213 | $10167 | $10359 |
| **4/30/2017** | $10078 | $10281 | $10236 | $10439 |
| **5/31/2017** | $10122 | $10347 | $10302 | $10519 |
| **6/30/2017** | $10100 | $10320 | $10286 | $10509 |
| **7/31/2017** | $10122 | $10351 | $10303 | $10554 |
| **8/31/2017** | $10195 | $10446 | $10413 | $10649 |
| **9/30/2017** | $10130 | $10385 | $10325 | $10598 |
| **10/31/2017** | $10110 | $10378 | $10313 | $10604 |
| **11/30/2017** | $10100 | $10363 | $10299 | $10591 |
| **12/31/2017** | $10117 | $10395 | $10330 | $10639 |
| **1/31/2018** | $9996 | $10265 | $10193 | $10517 |
| **2/28/2018** | $9922 | $10193 | $10118 | $10417 |
| **3/31/2018** | $9977 | $10274 | $10211 | $10484 |
| **4/30/2018** | $9894 | $10205 | $10130 | $10406 |
| **5/31/2018** | $9951 | $10287 | $10219 | $10480 |
| **6/30/2018** | $9951 | $10289 | $10221 | $10467 |
| **7/31/2018** | $9924 | $10261 | $10180 | $10470 |
| **8/31/2018** | $9973 | $10333 | $10257 | $10537 |
| **9/30/2018** | $9900 | $10253 | $10163 | $10469 |
| **10/31/2018** | $9838 | $10199 | $10116 | $10386 |
| **11/30/2018** | $9916 | $10288 | $10204 | $10448 |
| **12/31/2018** | $10086 | $10492 | $10421 | $10640 |
| **1/31/2019** | $10136 | $10556 | $10470 | $10753 |
| **2/28/2019** | $10112 | $10538 | $10443 | $10747 |
| **3/31/2019** | $10286 | $10718 | $10640 | $10954 |
| **4/30/2019** | $10253 | $10700 | $10612 | $10956 |
| **5/31/2019** | $10427 | $10903 | $10859 | $11151 |
| **6/30/2019** | $10496 | $10995 | $10958 | $11291 |
| **7/31/2019** | $10507 | $11005 | $10946 | $11316 |
| **8/31/2019** | $10756 | $11266 | $11314 | $11609 |
| **9/30/2019** | $10686 | $11211 | $11219 | $11547 |
| **10/31/2019** | $10688 | $11232 | $11228 | $11582 |
| **11/30/2019** | $10661 | $11215 | $11195 | $11576 |
| **12/31/2019** | $10615 | $11191 | $11133 | $11568 |
| **1/31/2020** | $10817 | $11386 | $11402 | $11791 |
| **2/29/2020** | $11001 | $11613 | $11701 | $12003 |
| **3/31/2020** | $11106 | $11841 | $12032 | $11932 |
| **4/30/2020** | $11192 | $11918 | $12108 | $12144 |
| **5/31/2020** | $11178 | $11912 | $12079 | $12201 |
| **6/30/2020** | $11193 | $11922 | $12091 | $12278 |
| **7/31/2020** | $11274 | $12011 | $12226 | $12461 |
| **8/31/2020** | $11212 | $11940 | $12096 | $12360 |
| **9/30/2020** | $11216 | $11946 | $12113 | $12354 |
| **10/31/2020** | $11142 | $11880 | $12002 | $12298 |
| **11/30/2020** | $11194 | $11910 | $12043 | $12419 |
| **12/31/2020** | $11207 | $11908 | $12017 | $12436 |
| **1/31/2021** | $11180 | $11849 | $11906 | $12347 |
| **2/28/2021** | $11069 | $11694 | $11695 | $12169 |
| **3/31/2021** | $10947 | $11566 | $11519 | $12017 |
| **4/30/2021** | $11009 | $11643 | $11604 | $12112 |
| **5/31/2021** | $10993 | $11661 | $11644 | $12151 |
| **6/30/2021** | $11026 | $11701 | $11716 | $12237 |
| **7/31/2021** | $11116 | $11822 | $11873 | $12374 |
| **8/31/2021** | $11081 | $11802 | $11852 | $12350 |
| **9/30/2021** | $10988 | $11710 | $11726 | $12243 |
| **10/31/2021** | $10970 | $11695 | $11716 | $12240 |
| **11/30/2021** | $10992 | $11740 | $11804 | $12276 |
| **12/31/2021** | $10935 | $11701 | $11744 | $12245 |
| **1/31/2022** | $10744 | $11501 | $11524 | $11981 |
| **2/28/2022** | $10642 | $11410 | $11448 | $11847 |
| **3/31/2022** | $10316 | $11081 | $11094 | $11518 |
| **4/30/2022** | $9972 | $10726 | $10756 | $11081 |
| **5/31/2022** | $10006 | $10785 | $10777 | $11152 |
| **6/30/2022** | $9868 | $10660 | $10683 | $10977 |
| **7/31/2022** | $10068 | $10896 | $10851 | $11246 |
| **8/31/2022** | $9784 | $10589 | $10585 | $10928 |
| **9/30/2022** | $9375 | $10162 | $10223 | $10456 |
| **10/31/2022** | $9200 | $10020 | $10083 | $10320 |
| **11/30/2022** | $9482 | $10339 | $10349 | $10700 |
| **12/31/2022** | $9416 | $10291 | $10297 | $10651 |
| **1/31/2023** | $9710 | $10578 | $10552 | $10979 |
| **2/28/2023** | $9469 | $10322 | $10308 | $10695 |
| **3/31/2023** | $9656 | $10576 | $10604 | $10967 |
| **4/30/2023** | $9709 | $10633 | $10660 | $11033 |
| **5/31/2023** | $9608 | $10530 | $10539 | $10913 |
| **6/30/2023** | $9508 | $10464 | $10461 | $10874 |
| **7/31/2023** | $9476 | $10441 | $10425 | $10867 |
| **8/31/2023** | $9415 | $10378 | $10373 | $10797 |
| **9/30/2023** | $9173 | $10117 | $10148 | $10523 |
| **10/31/2023** | $9020 | $9965 | $10028 | $10357 |
| **11/30/2023** | $9390 | $10371 | $10372 | $10826 |
| **12/31/2023** | $9744 | $10753 | $10718 | $11240 |
| **1/31/2024** | $9726 | $10719 | $10689 | $11210 |
| **2/29/2024** | $9571 | $10569 | $10550 | $11051 |
| **3/31/2024** | $9636 | $10653 | $10618 | $11153 |
| **4/30/2024** | $9389 | $10382 | $10374 | $10871 |
| **5/31/2024** | $9544 | $10553 | $10524 | $11056 |
| **6/30/2024** | $9649 | $10665 | $10629 | $11160 |
| **7/31/2024** | $9876 | $10913 | $10860 | $11421 |
| **8/31/2024** | $10013 | $11065 | $10999 | $11585 |
| **9/30/2024** | $10140 | $11197 | $11130 | $11740 |
| **10/31/2024** | $9857 | $10917 | $10868 | $11449 |
| **11/30/2024** | $9954 | $11023 | $10952 | $11570 |
| **12/31/2024** | $9806 | $10854 | $10785 | $11381 |
| **1/31/2025** | $9853 | $10910 | $10841 | $11441 |
| **2/28/2025** | $10074 | $11157 | $11073 | $11693 |
| **3/31/2025** | $10070 | $11173 | $11098 | $11697 |
| **4/30/2025** | $10117 | $11231 | $11169 | $11743 |
| **5/31/2025** | $10009 | $11123 | $11055 | $11659 |
| **6/30/2025** | $10170 | $11282 | $11193 | $11839 |
| **7/31/2025** | $10113 | $11238 | $11150 | $11807 |
| **8/31/2025** | $10246 | $11379 | $11267 | $11949 |

---

# Government Securities Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 1.53 | (2.09) | 0.24 |
| Class C with Load | 0.53 | (2.09) | 0.24 |
| Bloomberg U.S. Aggregate ex Credit Index | 2.83 | (0.96) | 1.3 |
| Bloomberg U.S. Government Bond Index | 2.44 | (1.41) | 1.2 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $378413549 |
| # of portfolio holdings | 286 |
| Portfolio turnover rate | 103% |
| Total advisory fees paid | $1464049 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Agency securities | 74.8 |
| U.S. Treasury securities | 18.2 |
| Non-agency mortgage-backed securities | 4.3 |
| Corporate bonds and notes | 1.9 |
| Asset-backed securities | 0.8 |

---

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

---

| | |
|:---|:---|
| FNMA, 2.00%, 2-1-2052 | 4.7 |
| U.S. Treasury Notes, 3.88%, 7-31-2030 | 4.1 |
| FNMA, 6.00%, 7-1-2055 | 2.7 |
| U.S. Treasury Bonds, 4.75%, 5-15-2055 | 2.6 |
| U.S. Treasury Notes, 3.88%, 6-30-2030 | 2.2 |
| Resolution Funding Corp. Principal STRIPS, 0.00%, 1-15-2030 | 2.1 |
| FHLMC, 0.00%, 7-15-2032 | 2.0 |
| FHLMC, 2.50%, 11-1-2051 | 1.7 |
| U.S. Treasury Notes, 4.13%, 8-31-2030 | 1.7 |
| TVA Principal STRIPS, 0.00%, 11-1-2025 | 1.5 |

---

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

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

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

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

#### AR3507 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Government Securities Fund

# August 31, 2025

# Class A

# SGVDX
This annual shareholder report contains important information about Government Securities Fund for the period from September 1, 2024 to August 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 | $82 | 0.81% |

---

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?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early in the period before holding rates steady. At period-end, markets priced in two more rate cuts by the end of 2025. Credit spreads narrowed and remained subdued for much of the period. Securitized sectors, such as agency mortgage-backed securities (MBS), also saw spreads widen and then narrow to levels below their three- and five-year averages.

Portfolio duration was long relative to the benchmark throughout the period. The Fund had a diversified set of high-quality securitized exposures.

Top contributors to the Fund's performance were sector allocation (through an overweight to agency commercial mortgage-backed securities, agency MBS, and government agency debentures), security selection, duration, and curve positioning.

The main detractor from performance was a small allocation to non-agency collateralized mortgage obligations.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g93f24.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Load** | **Bloomberg U.S. Aggregate ex Credit Index** | **Bloomberg U.S. Government Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $9550 | $10000 | $10000 | $10000 |
| **9/30/2015** | $9617 | $10075 | $10085 | $10068 |
| **10/31/2015** | $9597 | $10058 | $10050 | $10069 |
| **11/30/2015** | $9561 | $10029 | $10010 | $10043 |
| **12/31/2015** | $9537 | $10016 | $9993 | $10010 |
| **1/31/2016** | $9697 | $10189 | $10201 | $10148 |
| **2/29/2016** | $9755 | $10256 | $10288 | $10220 |
| **3/31/2016** | $9779 | $10281 | $10305 | $10314 |
| **4/30/2016** | $9777 | $10283 | $10295 | $10353 |
| **5/31/2016** | $9780 | $10289 | $10295 | $10356 |
| **6/30/2016** | $9935 | $10452 | $10515 | $10542 |
| **7/31/2016** | $9969 | $10486 | $10556 | $10609 |
| **8/31/2016** | $9935 | $10459 | $10501 | $10597 |
| **9/30/2016** | $9944 | $10464 | $10489 | $10590 |
| **10/31/2016** | $9867 | $10388 | $10377 | $10509 |
| **11/30/2016** | $9635 | $10159 | $10109 | $10261 |
| **12/31/2016** | $9633 | $10152 | $10098 | $10275 |
| **1/31/2017** | $9645 | $10165 | $10121 | $10295 |
| **2/28/2017** | $9693 | $10214 | $10170 | $10365 |
| **3/31/2017** | $9679 | $10213 | $10167 | $10359 |
| **4/30/2017** | $9745 | $10281 | $10236 | $10439 |
| **5/31/2017** | $9794 | $10347 | $10302 | $10519 |
| **6/30/2017** | $9779 | $10320 | $10286 | $10509 |
| **7/31/2017** | $9807 | $10351 | $10303 | $10554 |
| **8/31/2017** | $9883 | $10446 | $10413 | $10649 |
| **9/30/2017** | $9826 | $10385 | $10325 | $10598 |
| **10/31/2017** | $9822 | $10378 | $10313 | $10604 |
| **11/30/2017** | $9809 | $10363 | $10299 | $10591 |
| **12/31/2017** | $9841 | $10395 | $10330 | $10639 |
| **1/31/2018** | $9721 | $10265 | $10193 | $10517 |
| **2/28/2018** | $9654 | $10193 | $10118 | $10417 |
| **3/31/2018** | $9714 | $10274 | $10211 | $10484 |
| **4/30/2018** | $9639 | $10205 | $10130 | $10406 |
| **5/31/2018** | $9700 | $10287 | $10219 | $10480 |
| **6/30/2018** | $9707 | $10289 | $10221 | $10467 |
| **7/31/2018** | $9687 | $10261 | $10180 | $10470 |
| **8/31/2018** | $9741 | $10333 | $10257 | $10537 |
| **9/30/2018** | $9676 | $10253 | $10163 | $10469 |
| **10/31/2018** | $9620 | $10199 | $10116 | $10386 |
| **11/30/2018** | $9703 | $10288 | $10204 | $10448 |
| **12/31/2018** | $9875 | $10492 | $10421 | $10640 |
| **1/31/2019** | $9931 | $10556 | $10470 | $10753 |
| **2/28/2019** | $9913 | $10538 | $10443 | $10747 |
| **3/31/2019** | $10090 | $10718 | $10640 | $10954 |
| **4/30/2019** | $10064 | $10700 | $10612 | $10956 |
| **5/31/2019** | $10241 | $10903 | $10859 | $11151 |
| **6/30/2019** | $10316 | $10995 | $10958 | $11291 |
| **7/31/2019** | $10333 | $11005 | $10946 | $11316 |
| **8/31/2019** | $10584 | $11266 | $11314 | $11609 |
| **9/30/2019** | $10522 | $11211 | $11219 | $11547 |
| **10/31/2019** | $10530 | $11232 | $11228 | $11582 |
| **11/30/2019** | $10520 | $11215 | $11195 | $11576 |
| **12/31/2019** | $10472 | $11191 | $11133 | $11568 |
| **1/31/2020** | $10678 | $11386 | $11402 | $11791 |
| **2/29/2020** | $10865 | $11613 | $11701 | $12003 |
| **3/31/2020** | $10976 | $11841 | $12032 | $11932 |
| **4/30/2020** | $11067 | $11918 | $12108 | $12144 |
| **5/31/2020** | $11062 | $11912 | $12079 | $12201 |
| **6/30/2020** | $11093 | $11922 | $12091 | $12278 |
| **7/31/2020** | $11161 | $12011 | $12226 | $12461 |
| **8/31/2020** | $11116 | $11940 | $12096 | $12360 |
| **9/30/2020** | $11127 | $11946 | $12113 | $12354 |
| **10/31/2020** | $11061 | $11880 | $12002 | $12298 |
| **11/30/2020** | $11119 | $11910 | $12043 | $12419 |
| **12/31/2020** | $11139 | $11908 | $12017 | $12436 |
| **1/31/2021** | $11120 | $11849 | $11906 | $12347 |
| **2/28/2021** | $11016 | $11694 | $11695 | $12169 |
| **3/31/2021** | $10902 | $11566 | $11519 | $12017 |
| **4/30/2021** | $10970 | $11643 | $11604 | $12112 |
| **5/31/2021** | $10961 | $11661 | $11644 | $12151 |
| **6/30/2021** | $11001 | $11701 | $11716 | $12237 |
| **7/31/2021** | $11099 | $11822 | $11873 | $12374 |
| **8/31/2021** | $11071 | $11802 | $11852 | $12350 |
| **9/30/2021** | $10984 | $11710 | $11726 | $12243 |
| **10/31/2021** | $10973 | $11695 | $11716 | $12240 |
| **11/30/2021** | $11002 | $11740 | $11804 | $12276 |
| **12/31/2021** | $10953 | $11701 | $11744 | $12245 |
| **1/31/2022** | $10768 | $11501 | $11524 | $11981 |
| **2/28/2022** | $10672 | $11410 | $11448 | $11847 |
| **3/31/2022** | $10352 | $11081 | $11094 | $11518 |
| **4/30/2022** | $10013 | $10726 | $10756 | $11081 |
| **5/31/2022** | $10054 | $10785 | $10777 | $11152 |
| **6/30/2022** | $9921 | $10660 | $10683 | $10977 |
| **7/31/2022** | $10129 | $10896 | $10851 | $11246 |
| **8/31/2022** | $9859 | $10589 | $10585 | $10928 |
| **9/30/2022** | $9444 | $10162 | $10223 | $10456 |
| **10/31/2022** | $9273 | $10020 | $10083 | $10320 |
| **11/30/2022** | $9563 | $10339 | $10349 | $10700 |
| **12/31/2022** | $9503 | $10291 | $10297 | $10651 |
| **1/31/2023** | $9805 | $10578 | $10552 | $10979 |
| **2/28/2023** | $9568 | $10322 | $10308 | $10695 |
| **3/31/2023** | $9763 | $10576 | $10604 | $10967 |
| **4/30/2023** | $9823 | $10633 | $10660 | $11033 |
| **5/31/2023** | $9727 | $10530 | $10539 | $10913 |
| **6/30/2023** | $9631 | $10464 | $10461 | $10874 |
| **7/31/2023** | $9606 | $10441 | $10425 | $10867 |
| **8/31/2023** | $9550 | $10378 | $10373 | $10797 |
| **9/30/2023** | $9304 | $10117 | $10148 | $10523 |
| **10/31/2023** | $9148 | $9965 | $10028 | $10357 |
| **11/30/2023** | $9525 | $10371 | $10372 | $10826 |
| **12/31/2023** | $9883 | $10753 | $10718 | $11240 |
| **1/31/2024** | $9865 | $10719 | $10689 | $11210 |
| **2/29/2024** | $9708 | $10569 | $10550 | $11051 |
| **3/31/2024** | $9773 | $10653 | $10618 | $11153 |
| **4/30/2024** | $9523 | $10382 | $10374 | $10871 |
| **5/31/2024** | $9681 | $10553 | $10524 | $11056 |
| **6/30/2024** | $9787 | $10665 | $10629 | $11160 |
| **7/31/2024** | $10017 | $10913 | $10860 | $11421 |
| **8/31/2024** | $10156 | $11065 | $10999 | $11585 |
| **9/30/2024** | $10285 | $11197 | $11130 | $11740 |
| **10/31/2024** | $9998 | $10917 | $10868 | $11449 |
| **11/30/2024** | $10096 | $11023 | $10952 | $11570 |
| **12/31/2024** | $9946 | $10854 | $10785 | $11381 |
| **1/31/2025** | $9994 | $10910 | $10841 | $11441 |
| **2/28/2025** | $10218 | $11157 | $11073 | $11693 |
| **3/31/2025** | $10214 | $11173 | $11098 | $11697 |
| **4/30/2025** | $10261 | $11231 | $11169 | $11743 |
| **5/31/2025** | $10152 | $11123 | $11055 | $11659 |
| **6/30/2025** | $10315 | $11282 | $11193 | $11839 |
| **7/31/2025** | $10258 | $11238 | $11150 | $11807 |
| **8/31/2025** | $10392 | $11379 | $11267 | $11949 |

---

# Government Securities Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 2.32 | (1.34) | 0.85 |
| Class A with Load | (2.28) | (2.24) | 0.39 |
| Bloomberg U.S. Aggregate ex Credit Index | 2.83 | (0.96) | 1.3 |
| Bloomberg U.S. Government Bond Index | 2.44 | (1.41) | 1.2 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $378413549 |
| # of portfolio holdings | 286 |
| Portfolio turnover rate | 103% |
| Total advisory fees paid | $1464049 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Agency securities | 74.8 |
| U.S. Treasury securities | 18.2 |
| Non-agency mortgage-backed securities | 4.3 |
| Corporate bonds and notes | 1.9 |
| Asset-backed securities | 0.8 |

---

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

---

| | |
|:---|:---|
| FNMA, 2.00%, 2-1-2052 | 4.7 |
| U.S. Treasury Notes, 3.88%, 7-31-2030 | 4.1 |
| FNMA, 6.00%, 7-1-2055 | 2.7 |
| U.S. Treasury Bonds, 4.75%, 5-15-2055 | 2.6 |
| U.S. Treasury Notes, 3.88%, 6-30-2030 | 2.2 |
| Resolution Funding Corp. Principal STRIPS, 0.00%, 1-15-2030 | 2.1 |
| FHLMC, 0.00%, 7-15-2032 | 2.0 |
| FHLMC, 2.50%, 11-1-2051 | 1.7 |
| U.S. Treasury Notes, 4.13%, 8-31-2030 | 1.7 |
| TVA Principal STRIPS, 0.00%, 11-1-2025 | 1.5 |

---

## 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

#### AR3004 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Government Securities Fund

# August 31, 2025

# Administrator Class

# WGSDX
This annual shareholder report contains important information about Government Securities Fund for the period from September 1, 2024 to August 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 |
| Administrator Class | $65 | 0.64% |

---

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?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early in the period before holding rates steady. At period-end, markets priced in two more rate cuts by the end of 2025. Credit spreads narrowed and remained subdued for much of the period. Securitized sectors, such as agency mortgage-backed securities (MBS), also saw spreads widen and then narrow to levels below their three- and five-year averages.

Portfolio duration was long relative to the benchmark throughout the period. The Fund had a diversified set of high-quality securitized exposures.

Top contributors to the Fund's performance were sector allocation (through an overweight to agency commercial mortgage-backed securities, agency MBS, and government agency debentures), security selection, duration, and curve positioning.

The main detractor from performance was a small allocation to non-agency collateralized mortgage obligations.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g71n07.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Administrator Class** | **Bloomberg U.S. Aggregate ex Credit Index** | **Bloomberg U.S. Government Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $10000 | $10000 | $10000 | $10000 |
| **9/30/2015** | $10071 | $10075 | $10085 | $10068 |
| **10/31/2015** | $10062 | $10058 | $10050 | $10069 |
| **11/30/2015** | $10026 | $10029 | $10010 | $10043 |
| **12/31/2015** | $10002 | $10016 | $9993 | $10010 |
| **1/31/2016** | $10172 | $10189 | $10201 | $10148 |
| **2/29/2016** | $10234 | $10256 | $10288 | $10220 |
| **3/31/2016** | $10252 | $10281 | $10305 | $10314 |
| **4/30/2016** | $10262 | $10283 | $10295 | $10353 |
| **5/31/2016** | $10257 | $10289 | $10295 | $10356 |
| **6/30/2016** | $10421 | $10452 | $10515 | $10542 |
| **7/31/2016** | $10459 | $10486 | $10556 | $10609 |
| **8/31/2016** | $10434 | $10459 | $10501 | $10597 |
| **9/30/2016** | $10446 | $10464 | $10489 | $10590 |
| **10/31/2016** | $10367 | $10388 | $10377 | $10509 |
| **11/30/2016** | $10124 | $10159 | $10109 | $10261 |
| **12/31/2016** | $10125 | $10152 | $10098 | $10275 |
| **1/31/2017** | $10138 | $10165 | $10121 | $10295 |
| **2/28/2017** | $10191 | $10214 | $10170 | $10365 |
| **3/31/2017** | $10178 | $10213 | $10167 | $10359 |
| **4/30/2017** | $10249 | $10281 | $10236 | $10439 |
| **5/31/2017** | $10302 | $10347 | $10302 | $10519 |
| **6/30/2017** | $10288 | $10320 | $10286 | $10509 |
| **7/31/2017** | $10319 | $10351 | $10303 | $10554 |
| **8/31/2017** | $10402 | $10446 | $10413 | $10649 |
| **9/30/2017** | $10343 | $10385 | $10325 | $10598 |
| **10/31/2017** | $10332 | $10378 | $10313 | $10604 |
| **11/30/2017** | $10320 | $10363 | $10299 | $10591 |
| **12/31/2017** | $10355 | $10395 | $10330 | $10639 |
| **1/31/2018** | $10231 | $10265 | $10193 | $10517 |
| **2/28/2018** | $10171 | $10193 | $10118 | $10417 |
| **3/31/2018** | $10236 | $10274 | $10211 | $10484 |
| **4/30/2018** | $10159 | $10205 | $10130 | $10406 |
| **5/31/2018** | $10226 | $10287 | $10219 | $10480 |
| **6/30/2018** | $10234 | $10289 | $10221 | $10467 |
| **7/31/2018** | $10215 | $10261 | $10180 | $10470 |
| **8/31/2018** | $10274 | $10333 | $10257 | $10537 |
| **9/30/2018** | $10207 | $10253 | $10163 | $10469 |
| **10/31/2018** | $10150 | $10199 | $10116 | $10386 |
| **11/30/2018** | $10239 | $10288 | $10204 | $10448 |
| **12/31/2018** | $10423 | $10492 | $10421 | $10640 |
| **1/31/2019** | $10474 | $10556 | $10470 | $10753 |
| **2/28/2019** | $10466 | $10538 | $10443 | $10747 |
| **3/31/2019** | $10645 | $10718 | $10640 | $10954 |
| **4/30/2019** | $10620 | $10700 | $10612 | $10956 |
| **5/31/2019** | $10809 | $10903 | $10859 | $11151 |
| **6/30/2019** | $10899 | $10995 | $10958 | $11291 |
| **7/31/2019** | $10919 | $11005 | $10946 | $11316 |
| **8/31/2019** | $11177 | $11266 | $11314 | $11609 |
| **9/30/2019** | $11124 | $11211 | $11219 | $11547 |
| **10/31/2019** | $11134 | $11232 | $11228 | $11582 |
| **11/30/2019** | $11115 | $11215 | $11195 | $11576 |
| **12/31/2019** | $11076 | $11191 | $11133 | $11568 |
| **1/31/2020** | $11286 | $11386 | $11402 | $11791 |
| **2/29/2020** | $11496 | $11613 | $11701 | $12003 |
| **3/31/2020** | $11606 | $11841 | $12032 | $11932 |
| **4/30/2020** | $11704 | $11918 | $12108 | $12144 |
| **5/31/2020** | $11710 | $11912 | $12079 | $12201 |
| **6/30/2020** | $11735 | $11922 | $12091 | $12278 |
| **7/31/2020** | $11819 | $12011 | $12226 | $12461 |
| **8/31/2020** | $11763 | $11940 | $12096 | $12360 |
| **9/30/2020** | $11777 | $11946 | $12113 | $12354 |
| **10/31/2020** | $11719 | $11880 | $12002 | $12298 |
| **11/30/2020** | $11773 | $11910 | $12043 | $12419 |
| **12/31/2020** | $11806 | $11908 | $12017 | $12436 |
| **1/31/2021** | $11778 | $11849 | $11906 | $12347 |
| **2/28/2021** | $11669 | $11694 | $11695 | $12169 |
| **3/31/2021** | $11550 | $11566 | $11519 | $12017 |
| **4/30/2021** | $11635 | $11643 | $11604 | $12112 |
| **5/31/2021** | $11627 | $11661 | $11644 | $12151 |
| **6/30/2021** | $11661 | $11701 | $11716 | $12237 |
| **7/31/2021** | $11766 | $11822 | $11873 | $12374 |
| **8/31/2021** | $11739 | $11802 | $11852 | $12350 |
| **9/30/2021** | $11659 | $11710 | $11726 | $12243 |
| **10/31/2021** | $11650 | $11695 | $11716 | $12240 |
| **11/30/2021** | $11682 | $11740 | $11804 | $12276 |
| **12/31/2021** | $11621 | $11701 | $11744 | $12245 |
| **1/31/2022** | $11438 | $11501 | $11524 | $11981 |
| **2/28/2022** | $11337 | $11410 | $11448 | $11847 |
| **3/31/2022** | $10999 | $11081 | $11094 | $11518 |
| **4/30/2022** | $10630 | $10726 | $10756 | $11081 |
| **5/31/2022** | $10676 | $10785 | $10777 | $11152 |
| **6/30/2022** | $10547 | $10660 | $10683 | $10977 |
| **7/31/2022** | $10759 | $10896 | $10851 | $11246 |
| **8/31/2022** | $10474 | $10589 | $10585 | $10928 |
| **9/30/2022** | $10045 | $10162 | $10223 | $10456 |
| **10/31/2022** | $9865 | $10020 | $10083 | $10320 |
| **11/30/2022** | $10175 | $10339 | $10349 | $10700 |
| **12/31/2022** | $10113 | $10291 | $10297 | $10651 |
| **1/31/2023** | $10436 | $10578 | $10552 | $10979 |
| **2/28/2023** | $10174 | $10322 | $10308 | $10695 |
| **3/31/2023** | $10395 | $10576 | $10604 | $10967 |
| **4/30/2023** | $10460 | $10633 | $10660 | $11033 |
| **5/31/2023** | $10360 | $10530 | $10539 | $10913 |
| **6/30/2023** | $10260 | $10464 | $10461 | $10874 |
| **7/31/2023** | $10234 | $10441 | $10425 | $10867 |
| **8/31/2023** | $10176 | $10378 | $10373 | $10797 |
| **9/30/2023** | $9916 | $10117 | $10148 | $10523 |
| **10/31/2023** | $9752 | $9965 | $10028 | $10357 |
| **11/30/2023** | $10154 | $10371 | $10372 | $10826 |
| **12/31/2023** | $10528 | $10753 | $10718 | $11240 |
| **1/31/2024** | $10510 | $10719 | $10689 | $11210 |
| **2/29/2024** | $10344 | $10569 | $10550 | $11051 |
| **3/31/2024** | $10427 | $10653 | $10618 | $11153 |
| **4/30/2024** | $10162 | $10382 | $10374 | $10871 |
| **5/31/2024** | $10331 | $10553 | $10524 | $11056 |
| **6/30/2024** | $10446 | $10665 | $10629 | $11160 |
| **7/31/2024** | $10683 | $10913 | $10860 | $11421 |
| **8/31/2024** | $10844 | $11065 | $10999 | $11585 |
| **9/30/2024** | $10972 | $11197 | $11130 | $11740 |
| **10/31/2024** | $10668 | $10917 | $10868 | $11449 |
| **11/30/2024** | $10785 | $11023 | $10952 | $11570 |
| **12/31/2024** | $10616 | $10854 | $10785 | $11381 |
| **1/31/2025** | $10669 | $10910 | $10841 | $11441 |
| **2/28/2025** | $10909 | $11157 | $11073 | $11693 |
| **3/31/2025** | $10917 | $11173 | $11098 | $11697 |
| **4/30/2025** | $10970 | $11231 | $11169 | $11743 |
| **5/31/2025** | $10854 | $11123 | $11055 | $11659 |
| **6/30/2025** | $11019 | $11282 | $11193 | $11839 |
| **7/31/2025** | $10958 | $11238 | $11150 | $11807 |
| **8/31/2025** | $11115 | $11379 | $11267 | $11949 |

---

# Government Securities Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 2.5 | (1.13) | 1.06 |
| Bloomberg U.S. Aggregate ex Credit Index | 2.83 | (0.96) | 1.3 |
| Bloomberg U.S. Government Bond Index | 2.44 | (1.41) | 1.2 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $378413549 |
| # of portfolio holdings | 286 |
| Portfolio turnover rate | 103% |
| Total advisory fees paid | $1464049 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Agency securities | 74.8 |
| U.S. Treasury securities | 18.2 |
| Non-agency mortgage-backed securities | 4.3 |
| Corporate bonds and notes | 1.9 |
| Asset-backed securities | 0.8 |

---

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

---

| | |
|:---|:---|
| FNMA, 2.00%, 2-1-2052 | 4.7 |
| U.S. Treasury Notes, 3.88%, 7-31-2030 | 4.1 |
| FNMA, 6.00%, 7-1-2055 | 2.7 |
| U.S. Treasury Bonds, 4.75%, 5-15-2055 | 2.6 |
| U.S. Treasury Notes, 3.88%, 6-30-2030 | 2.2 |
| Resolution Funding Corp. Principal STRIPS, 0.00%, 1-15-2030 | 2.1 |
| FHLMC, 0.00%, 7-15-2032 | 2.0 |
| FHLMC, 2.50%, 11-1-2051 | 1.7 |
| U.S. Treasury Notes, 4.13%, 8-31-2030 | 1.7 |
| TVA Principal STRIPS, 0.00%, 11-1-2025 | 1.5 |

---

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

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

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

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

#### AR3708 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# High Yield Bond Fund

# August 31, 2025

# Institutional Class

# EKHIX
This annual shareholder report contains important information about High Yield Bond Fund for the period from September 1, 2024 to August 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 |
| Institutional Class | $55 | 0.53% |

---

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?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early in the period before holding rates steady. At period-end, markets priced in two more rate cuts by the end of 2025. Credit spreads narrowed and remained subdued for much of the period. Securitized sectors, such as agency mortgage-backed securities (MBS), also saw spreads widen and then narrow to levels below their three- and five-year averages.

Security selection contributed to performance, especially within the information technology, energy, and utilities sectors, as well as in BB-rated bonds. Ratings allocation detracted slightly, with an underweight to CCC rated bonds—which outperformed—during the period. Allocations to real estate, health care, and financial services contributed to performance. Overweights to energy and utilities and an underweight to media detracted from relative performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g66e04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **ICE BofA U.S. High Yield Constrained Index** | **Bloomberg U.S. Universal Bond Index** |
| **8/31/2015** | $10000 | $10000 | $10000 |
| **9/30/2015** | $9691 | $9744 | $10039 |
| **10/31/2015** | $10045 | $10008 | $10071 |
| **11/30/2015** | $9891 | $9785 | $10035 |
| **12/31/2015** | $9802 | $9533 | $9984 |
| **1/31/2016** | $9774 | $9382 | $10095 |
| **2/29/2016** | $9876 | $9426 | $10166 |
| **3/31/2016** | $10173 | $9842 | $10291 |
| **4/30/2016** | $10339 | $10236 | $10361 |
| **5/31/2016** | $10377 | $10310 | $10369 |
| **6/30/2016** | $10449 | $10421 | $10552 |
| **7/31/2016** | $10751 | $10685 | $10639 |
| **8/31/2016** | $10927 | $10922 | $10650 |
| **9/30/2016** | $10970 | $10993 | $10653 |
| **10/31/2016** | $10947 | $11027 | $10582 |
| **11/30/2016** | $10860 | $10984 | $10344 |
| **12/31/2016** | $11072 | $11200 | $10375 |
| **1/31/2017** | $11147 | $11350 | $10411 |
| **2/28/2017** | $11363 | $11527 | $10492 |
| **3/31/2017** | $11340 | $11503 | $10488 |
| **4/30/2017** | $11518 | $11633 | $10575 |
| **5/31/2017** | $11634 | $11737 | $10657 |
| **6/30/2017** | $11645 | $11749 | $10648 |
| **7/31/2017** | $11792 | $11885 | $10701 |
| **8/31/2017** | $11804 | $11882 | $10793 |
| **9/30/2017** | $11850 | $11988 | $10755 |
| **10/31/2017** | $11896 | $12035 | $10768 |
| **11/30/2017** | $11906 | $12003 | $10752 |
| **12/31/2017** | $11916 | $12038 | $10799 |
| **1/31/2018** | $11925 | $12115 | $10695 |
| **2/28/2018** | $11797 | $12002 | $10594 |
| **3/31/2018** | $11700 | $11928 | $10647 |
| **4/30/2018** | $11709 | $12007 | $10576 |
| **5/31/2018** | $11686 | $12006 | $10634 |
| **6/30/2018** | $11695 | $12047 | $10619 |
| **7/31/2018** | $11848 | $12182 | $10641 |
| **8/31/2018** | $11897 | $12270 | $10693 |
| **9/30/2018** | $11906 | $12341 | $10647 |
| **10/31/2018** | $11588 | $12139 | $10558 |
| **11/30/2018** | $11526 | $12029 | $10606 |
| **12/31/2018** | $11281 | $11765 | $10772 |
| **1/31/2019** | $11770 | $12306 | $10920 |
| **2/28/2019** | $12079 | $12513 | $10932 |
| **3/31/2019** | $12165 | $12636 | $11130 |
| **4/30/2019** | $12325 | $12813 | $11145 |
| **5/31/2019** | $12073 | $12650 | $11316 |
| **6/30/2019** | $12497 | $12960 | $11476 |
| **7/31/2019** | $12507 | $13026 | $11510 |
| **8/31/2019** | $12516 | $13077 | $11770 |
| **9/30/2019** | $12563 | $13119 | $11719 |
| **10/31/2019** | $12610 | $13149 | $11757 |
| **11/30/2019** | $12808 | $13185 | $11755 |
| **12/31/2019** | $13047 | $13461 | $11773 |
| **1/31/2020** | $13055 | $13461 | $11984 |
| **2/29/2020** | $12751 | $13253 | $12163 |
| **3/31/2020** | $11748 | $11693 | $11926 |
| **4/30/2020** | $12146 | $12138 | $12165 |
| **5/31/2020** | $12546 | $12688 | $12278 |
| **6/30/2020** | $12630 | $12809 | $12381 |
| **7/31/2020** | $13109 | $13417 | $12598 |
| **8/31/2020** | $13272 | $13551 | $12525 |
| **9/30/2020** | $13157 | $13410 | $12503 |
| **10/31/2020** | $13161 | $13471 | $12458 |
| **11/30/2020** | $13604 | $14011 | $12621 |
| **12/31/2020** | $13807 | $14278 | $12664 |
| **1/31/2021** | $13770 | $14333 | $12585 |
| **2/28/2021** | $13733 | $14383 | $12422 |
| **3/31/2021** | $13731 | $14408 | $12278 |
| **4/30/2021** | $13853 | $14566 | $12381 |
| **5/31/2021** | $13854 | $14608 | $12428 |
| **6/30/2021** | $14017 | $14807 | $12519 |
| **7/31/2021** | $14141 | $14859 | $12645 |
| **8/31/2021** | $14265 | $14941 | $12636 |
| **9/30/2021** | $14100 | $14947 | $12528 |
| **10/31/2021** | $14059 | $14919 | $12518 |
| **11/30/2021** | $13977 | $14764 | $12533 |
| **12/31/2021** | $14229 | $15042 | $12525 |
| **1/31/2022** | $13819 | $14629 | $12250 |
| **2/28/2022** | $13745 | $14498 | $12083 |
| **3/31/2022** | $13631 | $14366 | $11759 |
| **4/30/2022** | $13097 | $13844 | $11320 |
| **5/31/2022** | $13069 | $13877 | $11383 |
| **6/30/2022** | $12230 | $12931 | $11155 |
| **7/31/2022** | $12886 | $13710 | $11436 |
| **8/31/2022** | $12599 | $13382 | $11138 |
| **9/30/2022** | $12183 | $12845 | $10658 |
| **10/31/2022** | $12545 | $13210 | $10541 |
| **11/30/2022** | $12781 | $13456 | $10935 |
| **12/31/2022** | $12672 | $13355 | $10897 |
| **1/31/2023** | $13173 | $13877 | $11235 |
| **2/28/2023** | $12976 | $13699 | $10959 |
| **3/31/2023** | $13099 | $13852 | $11216 |
| **4/30/2023** | $13177 | $13987 | $11285 |
| **5/31/2023** | $13080 | $13853 | $11168 |
| **6/30/2023** | $13300 | $14079 | $11151 |
| **7/31/2023** | $13519 | $14280 | $11162 |
| **8/31/2023** | $13555 | $14322 | $11094 |
| **9/30/2023** | $13408 | $14154 | $10830 |
| **10/31/2023** | $13216 | $13977 | $10667 |
| **11/30/2023** | $13766 | $14615 | $11147 |
| **12/31/2023** | $14179 | $15155 | $11570 |
| **1/31/2024** | $14217 | $15158 | $11542 |
| **2/29/2024** | $14254 | $15203 | $11404 |
| **3/31/2024** | $14482 | $15384 | $11516 |
| **4/30/2024** | $14370 | $15230 | $11247 |
| **5/31/2024** | $14501 | $15403 | $11433 |
| **6/30/2024** | $14636 | $15551 | $11538 |
| **7/31/2024** | $14920 | $15857 | $11800 |
| **8/31/2024** | $15058 | $16109 | $11973 |
| **9/30/2024** | $15195 | $16372 | $12138 |
| **10/31/2024** | $15188 | $16282 | $11862 |
| **11/30/2024** | $15328 | $16468 | $11987 |
| **12/31/2024** | $15368 | $16398 | $11806 |
| **1/31/2025** | $15562 | $16624 | $11877 |
| **2/28/2025** | $15655 | $16732 | $12123 |
| **3/31/2025** | $15491 | $16553 | $12120 |
| **4/30/2025** | $15481 | $16553 | $12163 |
| **5/31/2025** | $15728 | $16831 | $12101 |
| **6/30/2025** | $16081 | $17144 | $12289 |
| **7/31/2025** | $16121 | $17213 | $12272 |
| **8/31/2025** | $16266 | $17422 | $12419 |

---

# High Yield Bond Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 8.02 | 4.15 | 4.98 |
| ICE BofA U.S. High Yield Constrained Index | 8.15 | 5.15 | 5.71 |
| Bloomberg U.S. Universal Bond Index | 3.72 | (0.17) | 2.19 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $241568319 |
| # of portfolio holdings | 279 |
| Portfolio turnover rate | 62% |
| Total advisory fees paid | $1121791 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| BBB/Baa | 1.3 |
| BB/Ba | 51.0 |
| B/B | 34.7 |
| CCC/Caa and below | 11.3 |
| Not rated | 1.7 |

---

---

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

---

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

---

| | |
|:---|:---|
| CCM Merger, Inc., 6.38%, 5-1-2026 | 1.4 |
| EchoStar Corp., 6.75%, 11-30-2030 | 1.2 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 8-15-2030 | 1.2 |
| Enviva, Inc. | 1.1 |
| DaVita, Inc., 6.88%, 9-1-2032 | 1 |
| Cloud Software Group, Inc., 9.00%, 9-30-2029 | 1 |
| CommScope, Inc., 9.07%, 12-17-2029 | 0.9 |
| CoreCivic, Inc., 8.25%, 4-15-2029 | 0.9 |
| Rogers Communications, Inc., 7.13%, 4-15-2055 | 0.9 |
| Brandywine Operating Partnership LP, 8.88%, 4-12-2029 | 0.9 |

---

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

Effective October 8, 2025, Brian Keller, CFA, became a portfolio manager of the Fund. As of the same date, Chris Lee was no longer a portfolio manager of the Fund.

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

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

#### AR3180 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# High Yield Bond Fund

# August 31, 2025

# Class C

# EKHCX
This annual shareholder report contains important information about High Yield Bond Fund for the period from September 1, 2024 to August 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 | $173 | 1.67% |

---

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

## How did the Fund perform last year and what affected its performance?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early in the period before holding rates steady. At period-end, markets priced in two more rate cuts by the end of 2025. Credit spreads narrowed and remained subdued for much of the period. Securitized sectors, such as agency mortgage-backed securities (MBS), also saw spreads widen and then narrow to levels below their three- and five-year averages.

Security selection contributed to performance, especially within the information technology, energy, and utilities sectors, as well as in BB-rated bonds. Ratings allocation detracted slightly, with an underweight to CCC rated bonds—which outperformed—during the period. Allocations to real estate, health care, and financial services contributed to performance. Overweights to energy and utilities and an underweight to media detracted from relative performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g54u31.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **ICE BofA U.S. High Yield Constrained Index** | **Bloomberg U.S. Universal Bond Index** |
| **8/31/2015** | $10000 | $10000 | $10000 |
| **9/30/2015** | $9681 | $9744 | $10039 |
| **10/31/2015** | $10026 | $10008 | $10071 |
| **11/30/2015** | $9864 | $9785 | $10035 |
| **12/31/2015** | $9798 | $9533 | $9984 |
| **1/31/2016** | $9761 | $9382 | $10095 |
| **2/29/2016** | $9854 | $9426 | $10166 |
| **3/31/2016** | $10141 | $9842 | $10291 |
| **4/30/2016** | $10298 | $10236 | $10361 |
| **5/31/2016** | $10327 | $10310 | $10369 |
| **6/30/2016** | $10389 | $10421 | $10552 |
| **7/31/2016** | $10679 | $10685 | $10639 |
| **8/31/2016** | $10844 | $10922 | $10650 |
| **9/30/2016** | $10876 | $10993 | $10653 |
| **10/31/2016** | $10843 | $11027 | $10582 |
| **11/30/2016** | $10746 | $10984 | $10344 |
| **12/31/2016** | $10946 | $11200 | $10375 |
| **1/31/2017** | $11009 | $11350 | $10411 |
| **2/28/2017** | $11212 | $11527 | $10492 |
| **3/31/2017** | $11179 | $11503 | $10488 |
| **4/30/2017** | $11344 | $11633 | $10575 |
| **5/31/2017** | $11413 | $11737 | $10657 |
| **6/30/2017** | $11447 | $11749 | $10648 |
| **7/31/2017** | $11580 | $11885 | $10701 |
| **8/31/2017** | $11547 | $11882 | $10793 |
| **9/30/2017** | $11616 | $11988 | $10755 |
| **10/31/2017** | $11649 | $12035 | $10768 |
| **11/30/2017** | $11648 | $12003 | $10752 |
| **12/31/2017** | $11612 | $12038 | $10799 |
| **1/31/2018** | $11643 | $12115 | $10695 |
| **2/28/2018** | $11508 | $12002 | $10594 |
| **3/31/2018** | $11403 | $11928 | $10647 |
| **4/30/2018** | $11366 | $12007 | $10576 |
| **5/31/2018** | $11367 | $12006 | $10634 |
| **6/30/2018** | $11365 | $12047 | $10619 |
| **7/31/2018** | $11502 | $12182 | $10641 |
| **8/31/2018** | $11539 | $12270 | $10693 |
| **9/30/2018** | $11537 | $12341 | $10647 |
| **10/31/2018** | $11218 | $12139 | $10558 |
| **11/30/2018** | $11148 | $12029 | $10606 |
| **12/31/2018** | $10899 | $11765 | $10772 |
| **1/31/2019** | $11361 | $12306 | $10920 |
| **2/28/2019** | $11613 | $12513 | $10932 |
| **3/31/2019** | $11721 | $12636 | $11130 |
| **4/30/2019** | $11827 | $12813 | $11145 |
| **5/31/2019** | $11574 | $12650 | $11316 |
| **6/30/2019** | $11970 | $12960 | $11476 |
| **7/31/2019** | $11969 | $13026 | $11510 |
| **8/31/2019** | $12001 | $13077 | $11770 |
| **9/30/2019** | $11999 | $13119 | $11719 |
| **10/31/2019** | $12068 | $13149 | $11757 |
| **11/30/2019** | $12210 | $13185 | $11755 |
| **12/31/2019** | $12463 | $13461 | $11773 |
| **1/31/2020** | $12421 | $13461 | $11984 |
| **2/29/2020** | $12157 | $13253 | $12163 |
| **3/31/2020** | $11152 | $11693 | $11926 |
| **4/30/2020** | $11521 | $12138 | $12165 |
| **5/31/2020** | $11890 | $12688 | $12278 |
| **6/30/2020** | $11958 | $12809 | $12381 |
| **7/31/2020** | $12401 | $13417 | $12598 |
| **8/31/2020** | $12581 | $13551 | $12525 |
| **9/30/2020** | $12498 | $13410 | $12503 |
| **10/31/2020** | $12490 | $13471 | $12458 |
| **11/30/2020** | $12898 | $14011 | $12621 |
| **12/31/2020** | $13077 | $14278 | $12664 |
| **1/31/2021** | $13028 | $14333 | $12585 |
| **2/28/2021** | $12982 | $14383 | $12422 |
| **3/31/2021** | $12968 | $14408 | $12278 |
| **4/30/2021** | $13071 | $14566 | $12381 |
| **5/31/2021** | $13020 | $14608 | $12428 |
| **6/30/2021** | $13161 | $14807 | $12519 |
| **7/31/2021** | $13303 | $14859 | $12645 |
| **8/31/2021** | $13368 | $14941 | $12636 |
| **9/30/2021** | $13201 | $14947 | $12528 |
| **10/31/2021** | $13189 | $14919 | $12518 |
| **11/30/2021** | $13061 | $14764 | $12533 |
| **12/31/2021** | $13322 | $15042 | $12525 |
| **1/31/2022** | $12888 | $14629 | $12250 |
| **2/28/2022** | $12808 | $14498 | $12083 |
| **3/31/2022** | $12689 | $14366 | $11759 |
| **4/30/2022** | $12219 | $13844 | $11320 |
| **5/31/2022** | $12142 | $13877 | $11383 |
| **6/30/2022** | $11352 | $12931 | $11155 |
| **7/31/2022** | $11989 | $13710 | $11436 |
| **8/31/2022** | $11711 | $13382 | $11138 |
| **9/30/2022** | $11275 | $12845 | $10658 |
| **10/31/2022** | $11640 | $13210 | $10541 |
| **11/30/2022** | $11807 | $13456 | $10935 |
| **12/31/2022** | $11694 | $13355 | $10897 |
| **1/31/2023** | $12145 | $13877 | $11235 |
| **2/28/2023** | $11952 | $13699 | $10959 |
| **3/31/2023** | $12054 | $13852 | $11216 |
| **4/30/2023** | $12115 | $13987 | $11285 |
| **5/31/2023** | $12056 | $13853 | $11168 |
| **6/30/2023** | $12246 | $14079 | $11151 |
| **7/31/2023** | $12393 | $14280 | $11162 |
| **8/31/2023** | $12457 | $14322 | $11094 |
| **9/30/2023** | $12276 | $14154 | $10830 |
| **10/31/2023** | $12137 | $13977 | $10667 |
| **11/30/2023** | $12596 | $14615 | $11147 |
| **12/31/2023** | $13014 | $15155 | $11570 |
| **1/31/2024** | $13044 | $15158 | $11542 |
| **2/29/2024** | $13073 | $15203 | $11404 |
| **3/31/2024** | $13234 | $15384 | $11516 |
| **4/30/2024** | $13172 | $15230 | $11247 |
| **5/31/2024** | $13287 | $15403 | $11433 |
| **6/30/2024** | $13406 | $15551 | $11538 |
| **7/31/2024** | $13617 | $15857 | $11800 |
| **8/31/2024** | $13785 | $16109 | $11973 |
| **9/30/2024** | $13906 | $16372 | $12138 |
| **10/31/2024** | $13848 | $16282 | $11862 |
| **11/30/2024** | $14018 | $16468 | $11987 |
| **12/31/2024** | $14050 | $16398 | $11806 |
| **1/31/2025** | $14223 | $16624 | $11877 |
| **2/28/2025** | $14303 | $16732 | $12123 |
| **3/31/2025** | $14150 | $16553 | $12120 |
| **4/30/2025** | $14089 | $16553 | $12163 |
| **5/31/2025** | $14357 | $16831 | $12101 |
| **6/30/2025** | $14628 | $17144 | $12289 |
| **7/31/2025** | $14660 | $17213 | $12272 |
| **8/31/2025** | $14837 | $17422 | $12419 |

---

# High Yield Bond Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 6.8 | 3.04 | 4.02 |
| Class C with Load | 5.8 | 3.04 | 4.02 |
| ICE BofA U.S. High Yield Constrained Index | 8.15 | 5.15 | 5.71 |
| Bloomberg U.S. Universal Bond Index | 3.72 | (0.17) | 2.19 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $241568319 |
| # of portfolio holdings | 279 |
| Portfolio turnover rate | 62% |
| Total advisory fees paid | $1121791 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| BBB/Baa | 1.3 |
| BB/Ba | 51.0 |
| B/B | 34.7 |
| CCC/Caa and below | 11.3 |
| Not rated | 1.7 |

---

---

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

---

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

---

| | |
|:---|:---|
| CCM Merger, Inc., 6.38%, 5-1-2026 | 1.4 |
| EchoStar Corp., 6.75%, 11-30-2030 | 1.2 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 8-15-2030 | 1.2 |
| Enviva, Inc. | 1.1 |
| DaVita, Inc., 6.88%, 9-1-2032 | 1 |
| Cloud Software Group, Inc., 9.00%, 9-30-2029 | 1 |
| CommScope, Inc., 9.07%, 12-17-2029 | 0.9 |
| CoreCivic, Inc., 8.25%, 4-15-2029 | 0.9 |
| Rogers Communications, Inc., 7.13%, 4-15-2055 | 0.9 |
| Brandywine Operating Partnership LP, 8.88%, 4-12-2029 | 0.9 |

---

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

Effective October 8, 2025, Brian Keller, CFA, became a portfolio manager of the Fund. As of the same date, Chris Lee was no longer a portfolio manager of the Fund. At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on or about the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C will be closed to new investors and additional investments from existing shareholders.

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

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

#### AR4515 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# High Yield Bond Fund

# August 31, 2025

# Class A

# EKHAX
This annual shareholder report contains important information about High Yield Bond Fund for the period from September 1, 2024 to August 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 A | $92 | 0.89% |

---

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?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early in the period before holding rates steady. At period-end, markets priced in two more rate cuts by the end of 2025. Credit spreads narrowed and remained subdued for much of the period. Securitized sectors, such as agency mortgage-backed securities (MBS), also saw spreads widen and then narrow to levels below their three- and five-year averages.

Security selection contributed to performance, especially within the information technology, energy, and utilities sectors, as well as in BB-rated bonds. Ratings allocation detracted slightly, with an underweight to CCC rated bonds—which outperformed—during the period. Allocations to real estate, health care, and financial services contributed to performance. Overweights to energy and utilities and an underweight to media detracted from relative performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g25b65.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **ICE BofA U.S. High Yield Constrained Index** | **Bloomberg U.S. Universal Bond Index** |
| **8/31/2015** | $9547 | $10000 | $10000 |
| **9/30/2015** | $9248 | $9744 | $10039 |
| **10/31/2015** | $9584 | $10008 | $10071 |
| **11/30/2015** | $9435 | $9785 | $10035 |
| **12/31/2015** | $9377 | $9533 | $9984 |
| **1/31/2016** | $9348 | $9382 | $10095 |
| **2/29/2016** | $9443 | $9426 | $10166 |
| **3/31/2016** | $9724 | $9842 | $10291 |
| **4/30/2016** | $9880 | $10236 | $10361 |
| **5/31/2016** | $9914 | $10310 | $10369 |
| **6/30/2016** | $9980 | $10421 | $10552 |
| **7/31/2016** | $10234 | $10685 | $10639 |
| **8/31/2016** | $10430 | $10922 | $10650 |
| **9/30/2016** | $10467 | $10993 | $10653 |
| **10/31/2016** | $10442 | $11027 | $10582 |
| **11/30/2016** | $10356 | $10984 | $10344 |
| **12/31/2016** | $10554 | $11200 | $10375 |
| **1/31/2017** | $10622 | $11350 | $10411 |
| **2/28/2017** | $10824 | $11527 | $10492 |
| **3/31/2017** | $10799 | $11503 | $10488 |
| **4/30/2017** | $10965 | $11633 | $10575 |
| **5/31/2017** | $11039 | $11737 | $10657 |
| **6/30/2017** | $11078 | $11749 | $10648 |
| **7/31/2017** | $11214 | $11885 | $10701 |
| **8/31/2017** | $11189 | $11882 | $10793 |
| **9/30/2017** | $11263 | $11988 | $10755 |
| **10/31/2017** | $11302 | $12035 | $10768 |
| **11/30/2017** | $11308 | $12003 | $10752 |
| **12/31/2017** | $11280 | $12038 | $10799 |
| **1/31/2018** | $11318 | $12115 | $10695 |
| **2/28/2018** | $11193 | $12002 | $10594 |
| **3/31/2018** | $11097 | $11928 | $10647 |
| **4/30/2018** | $11068 | $12007 | $10576 |
| **5/31/2018** | $11077 | $12006 | $10634 |
| **6/30/2018** | $11082 | $12047 | $10619 |
| **7/31/2018** | $11223 | $12182 | $10641 |
| **8/31/2018** | $11265 | $12270 | $10693 |
| **9/30/2018** | $11270 | $12341 | $10647 |
| **10/31/2018** | $10966 | $12139 | $10558 |
| **11/30/2018** | $10904 | $12029 | $10606 |
| **12/31/2018** | $10667 | $11765 | $10772 |
| **1/31/2019** | $11127 | $12306 | $10920 |
| **2/28/2019** | $11380 | $12513 | $10932 |
| **3/31/2019** | $11493 | $12636 | $11130 |
| **4/30/2019** | $11640 | $12813 | $11145 |
| **5/31/2019** | $11363 | $12650 | $11316 |
| **6/30/2019** | $11760 | $12960 | $11476 |
| **7/31/2019** | $11801 | $13026 | $11510 |
| **8/31/2019** | $11805 | $13077 | $11770 |
| **9/30/2019** | $11809 | $13119 | $11719 |
| **10/31/2019** | $11886 | $13149 | $11757 |
| **11/30/2019** | $12033 | $13185 | $11755 |
| **12/31/2019** | $12290 | $13461 | $11773 |
| **1/31/2020** | $12293 | $13461 | $11984 |
| **2/29/2020** | $12003 | $13253 | $12163 |
| **3/31/2020** | $11018 | $11693 | $11926 |
| **4/30/2020** | $11426 | $12138 | $12165 |
| **5/31/2020** | $11761 | $12688 | $12278 |
| **6/30/2020** | $11874 | $12809 | $12381 |
| **7/31/2020** | $12320 | $13417 | $12598 |
| **8/31/2020** | $12432 | $13551 | $12525 |
| **9/30/2020** | $12357 | $13410 | $12503 |
| **10/31/2020** | $12357 | $13471 | $12458 |
| **11/30/2020** | $12769 | $14011 | $12621 |
| **12/31/2020** | $12955 | $14278 | $12664 |
| **1/31/2021** | $12916 | $14333 | $12585 |
| **2/28/2021** | $12877 | $14383 | $12422 |
| **3/31/2021** | $12871 | $14408 | $12278 |
| **4/30/2021** | $12981 | $14566 | $12381 |
| **5/31/2021** | $12940 | $14608 | $12428 |
| **6/30/2021** | $13088 | $14807 | $12519 |
| **7/31/2021** | $13238 | $14859 | $12645 |
| **8/31/2021** | $13311 | $14941 | $12636 |
| **9/30/2021** | $13153 | $14947 | $12528 |
| **10/31/2021** | $13149 | $14919 | $12518 |
| **11/30/2021** | $13029 | $14764 | $12533 |
| **12/31/2021** | $13299 | $15042 | $12525 |
| **1/31/2022** | $12873 | $14629 | $12250 |
| **2/28/2022** | $12799 | $14498 | $12083 |
| **3/31/2022** | $12689 | $14366 | $11759 |
| **4/30/2022** | $12225 | $13844 | $11320 |
| **5/31/2022** | $12155 | $13877 | $11383 |
| **6/30/2022** | $11369 | $12931 | $11155 |
| **7/31/2022** | $12017 | $13710 | $11436 |
| **8/31/2022** | $11745 | $13382 | $11138 |
| **9/30/2022** | $11313 | $12845 | $10658 |
| **10/31/2022** | $11688 | $13210 | $10541 |
| **11/30/2022** | $11863 | $13456 | $10935 |
| **12/31/2022** | $11797 | $13355 | $10897 |
| **1/31/2023** | $12219 | $13877 | $11235 |
| **2/28/2023** | $12073 | $13699 | $10959 |
| **3/31/2023** | $12142 | $13852 | $11216 |
| **4/30/2023** | $12252 | $13987 | $11285 |
| **5/31/2023** | $12158 | $13853 | $11168 |
| **6/30/2023** | $12358 | $14079 | $11151 |
| **7/31/2023** | $12557 | $14280 | $11162 |
| **8/31/2023** | $12587 | $14322 | $11094 |
| **9/30/2023** | $12403 | $14154 | $10830 |
| **10/31/2023** | $12263 | $13977 | $10667 |
| **11/30/2023** | $12727 | $14615 | $11147 |
| **12/31/2023** | $13149 | $15155 | $11570 |
| **1/31/2024** | $13180 | $15158 | $11542 |
| **2/29/2024** | $13210 | $15203 | $11404 |
| **3/31/2024** | $13372 | $15384 | $11516 |
| **4/30/2024** | $13309 | $15230 | $11247 |
| **5/31/2024** | $13426 | $15403 | $11433 |
| **6/30/2024** | $13546 | $15551 | $11538 |
| **7/31/2024** | $13759 | $15857 | $11800 |
| **8/31/2024** | $13928 | $16109 | $11973 |
| **9/30/2024** | $14050 | $16372 | $12138 |
| **10/31/2024** | $13993 | $16282 | $11862 |
| **11/30/2024** | $14164 | $16468 | $11987 |
| **12/31/2024** | $14196 | $16398 | $11806 |
| **1/31/2025** | $14371 | $16624 | $11877 |
| **2/28/2025** | $14452 | $16732 | $12123 |
| **3/31/2025** | $14297 | $16553 | $12120 |
| **4/30/2025** | $14235 | $16553 | $12163 |
| **5/31/2025** | $14507 | $16831 | $12101 |
| **6/30/2025** | $14781 | $17144 | $12289 |
| **7/31/2025** | $14813 | $17213 | $12272 |
| **8/31/2025** | $14991 | $17422 | $12419 |

---

# High Yield Bond Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 7.63 | 3.82 | 4.62 |
| Class A with Load | 2.89 | 2.85 | 4.13 |
| ICE BofA U.S. High Yield Constrained Index | 8.15 | 5.15 | 5.71 |
| Bloomberg U.S. Universal Bond Index | 3.72 | (0.17) | 2.19 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $241568319 |
| # of portfolio holdings | 279 |
| Portfolio turnover rate | 62% |
| Total advisory fees paid | $1121791 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| BBB/Baa | 1.3 |
| BB/Ba | 51.0 |
| B/B | 34.7 |
| CCC/Caa and below | 11.3 |
| Not rated | 1.7 |

---

---

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

---

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

---

| | |
|:---|:---|
| CCM Merger, Inc., 6.38%, 5-1-2026 | 1.4 |
| EchoStar Corp., 6.75%, 11-30-2030 | 1.2 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 8-15-2030 | 1.2 |
| Enviva, Inc. | 1.1 |
| DaVita, Inc., 6.88%, 9-1-2032 | 1 |
| Cloud Software Group, Inc., 9.00%, 9-30-2029 | 1 |
| CommScope, Inc., 9.07%, 12-17-2029 | 0.9 |
| CoreCivic, Inc., 8.25%, 4-15-2029 | 0.9 |
| Rogers Communications, Inc., 7.13%, 4-15-2055 | 0.9 |
| Brandywine Operating Partnership LP, 8.88%, 4-12-2029 | 0.9 |

---

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

Effective October 8, 2025, Brian Keller, CFA, became a portfolio manager of the Fund. As of the same date, Chris Lee was no longer a portfolio manager of the Fund.

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

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

#### AR4323 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# High Yield Bond Fund

# August 31, 2025

# Administrator Class

# EKHYX
This annual shareholder report contains important information about High Yield Bond Fund for the period from September 1, 2024 to August 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 |
| Administrator Class | $81 | 0.78% |

---

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?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early in the period before holding rates steady. At period-end, markets priced in two more rate cuts by the end of 2025. Credit spreads narrowed and remained subdued for much of the period. Securitized sectors, such as agency mortgage-backed securities (MBS), also saw spreads widen and then narrow to levels below their three- and five-year averages.

Security selection contributed to performance, especially within the information technology, energy, and utilities sectors, as well as in BB-rated bonds. Ratings allocation detracted slightly, with an underweight to CCC rated bonds—which outperformed—during the period. Allocations to real estate, health care, and financial services contributed to performance. Overweights to energy and utilities and an underweight to media detracted from relative performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g46t81.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrator Class** | **ICE BofA U.S. High Yield Constrained Index** | **Bloomberg U.S. Universal Bond Index** |
| **8/31/2015** | $10000 | $10000 | $10000 |
| **9/30/2015** | $9721 | $9744 | $10039 |
| **10/31/2015** | $10075 | $10008 | $10071 |
| **11/30/2015** | $9920 | $9785 | $10035 |
| **12/31/2015** | $9862 | $9533 | $9984 |
| **1/31/2016** | $9801 | $9382 | $10095 |
| **2/29/2016** | $9934 | $9426 | $10166 |
| **3/31/2016** | $10231 | $9842 | $10291 |
| **4/30/2016** | $10365 | $10236 | $10361 |
| **5/31/2016** | $10402 | $10310 | $10369 |
| **6/30/2016** | $10473 | $10421 | $10552 |
| **7/31/2016** | $10775 | $10685 | $10639 |
| **8/31/2016** | $10948 | $10922 | $10650 |
| **9/30/2016** | $10989 | $10993 | $10653 |
| **10/31/2016** | $10997 | $11027 | $10582 |
| **11/30/2016** | $10874 | $10984 | $10344 |
| **12/31/2016** | $11084 | $11200 | $10375 |
| **1/31/2017** | $11157 | $11350 | $10411 |
| **2/28/2017** | $11370 | $11527 | $10492 |
| **3/31/2017** | $11345 | $11503 | $10488 |
| **4/30/2017** | $11521 | $11633 | $10575 |
| **5/31/2017** | $11633 | $11737 | $10657 |
| **6/30/2017** | $11642 | $11749 | $10648 |
| **7/31/2017** | $11786 | $11885 | $10701 |
| **8/31/2017** | $11796 | $11882 | $10793 |
| **9/30/2017** | $11839 | $11988 | $10755 |
| **10/31/2017** | $11882 | $12035 | $10768 |
| **11/30/2017** | $11889 | $12003 | $10752 |
| **12/31/2017** | $11897 | $12038 | $10799 |
| **1/31/2018** | $11903 | $12115 | $10695 |
| **2/28/2018** | $11773 | $12002 | $10594 |
| **3/31/2018** | $11673 | $11928 | $10647 |
| **4/30/2018** | $11680 | $12007 | $10576 |
| **5/31/2018** | $11654 | $12006 | $10634 |
| **6/30/2018** | $11661 | $12047 | $10619 |
| **7/31/2018** | $11810 | $12182 | $10641 |
| **8/31/2018** | $11893 | $12270 | $10693 |
| **9/30/2018** | $11863 | $12341 | $10647 |
| **10/31/2018** | $11544 | $12139 | $10558 |
| **11/30/2018** | $11516 | $12029 | $10606 |
| **12/31/2018** | $11232 | $11765 | $10772 |
| **1/31/2019** | $11717 | $12306 | $10920 |
| **2/28/2019** | $12022 | $12513 | $10932 |
| **3/31/2019** | $12105 | $12636 | $11130 |
| **4/30/2019** | $12261 | $12813 | $11145 |
| **5/31/2019** | $11971 | $12650 | $11316 |
| **6/30/2019** | $12390 | $12960 | $11476 |
| **7/31/2019** | $12435 | $13026 | $11510 |
| **8/31/2019** | $12440 | $13077 | $11770 |
| **9/30/2019** | $12484 | $13119 | $11719 |
| **10/31/2019** | $12528 | $13149 | $11757 |
| **11/30/2019** | $12723 | $13185 | $11755 |
| **12/31/2019** | $12957 | $13461 | $11773 |
| **1/31/2020** | $12962 | $13461 | $11984 |
| **2/29/2020** | $12657 | $13253 | $12163 |
| **3/31/2020** | $11659 | $11693 | $11926 |
| **4/30/2020** | $12051 | $12138 | $12165 |
| **5/31/2020** | $12445 | $12688 | $12278 |
| **6/30/2020** | $12527 | $12809 | $12381 |
| **7/31/2020** | $12999 | $13417 | $12598 |
| **8/31/2020** | $13157 | $13551 | $12525 |
| **9/30/2020** | $13041 | $13410 | $12503 |
| **10/31/2020** | $13042 | $13471 | $12458 |
| **11/30/2020** | $13478 | $14011 | $12621 |
| **12/31/2020** | $13676 | $14278 | $12664 |
| **1/31/2021** | $13636 | $14333 | $12585 |
| **2/28/2021** | $13597 | $14383 | $12422 |
| **3/31/2021** | $13592 | $14408 | $12278 |
| **4/30/2021** | $13710 | $14566 | $12381 |
| **5/31/2021** | $13707 | $14608 | $12428 |
| **6/30/2021** | $13866 | $14807 | $12519 |
| **7/31/2021** | $13985 | $14859 | $12645 |
| **8/31/2021** | $14104 | $14941 | $12636 |
| **9/30/2021** | $13939 | $14947 | $12528 |
| **10/31/2021** | $13895 | $14919 | $12518 |
| **11/30/2021** | $13811 | $14764 | $12533 |
| **12/31/2021** | $14056 | $15042 | $12525 |
| **1/31/2022** | $13649 | $14629 | $12250 |
| **2/28/2022** | $13573 | $14498 | $12083 |
| **3/31/2022** | $13457 | $14366 | $11759 |
| **4/30/2022** | $12926 | $13844 | $11320 |
| **5/31/2022** | $12896 | $13877 | $11383 |
| **6/30/2022** | $12066 | $12931 | $11155 |
| **7/31/2022** | $12710 | $13710 | $11436 |
| **8/31/2022** | $12424 | $13382 | $11138 |
| **9/30/2022** | $12011 | $12845 | $10658 |
| **10/31/2022** | $12366 | $13210 | $10541 |
| **11/30/2022** | $12596 | $13456 | $10935 |
| **12/31/2022** | $12484 | $13355 | $10897 |
| **1/31/2023** | $12976 | $13877 | $11235 |
| **2/28/2023** | $12778 | $13699 | $10959 |
| **3/31/2023** | $12897 | $13852 | $11216 |
| **4/30/2023** | $12971 | $13987 | $11285 |
| **5/31/2023** | $12873 | $13853 | $11168 |
| **6/30/2023** | $13086 | $14079 | $11151 |
| **7/31/2023** | $13298 | $14280 | $11162 |
| **8/31/2023** | $13331 | $14322 | $11094 |
| **9/30/2023** | $13184 | $14154 | $10830 |
| **10/31/2023** | $12991 | $13977 | $10667 |
| **11/30/2023** | $13530 | $14615 | $11147 |
| **12/31/2023** | $13932 | $15155 | $11570 |
| **1/31/2024** | $13967 | $15158 | $11542 |
| **2/29/2024** | $13999 | $15203 | $11404 |
| **3/31/2024** | $14220 | $15384 | $11516 |
| **4/30/2024** | $14107 | $15230 | $11247 |
| **5/31/2024** | $14233 | $15403 | $11433 |
| **6/30/2024** | $14362 | $15551 | $11538 |
| **7/31/2024** | $14637 | $15857 | $11800 |
| **8/31/2024** | $14770 | $16109 | $11973 |
| **9/30/2024** | $14901 | $16372 | $12138 |
| **10/31/2024** | $14890 | $16282 | $11862 |
| **11/30/2024** | $15024 | $16468 | $11987 |
| **12/31/2024** | $15060 | $16398 | $11806 |
| **1/31/2025** | $15247 | $16624 | $11877 |
| **2/28/2025** | $15335 | $16732 | $12123 |
| **3/31/2025** | $15172 | $16553 | $12120 |
| **4/30/2025** | $15159 | $16553 | $12163 |
| **5/31/2025** | $15398 | $16831 | $12101 |
| **6/30/2025** | $15741 | $17144 | $12289 |
| **7/31/2025** | $15777 | $17213 | $12272 |
| **8/31/2025** | $15915 | $17422 | $12419 |

---

# High Yield Bond Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 7.75 | 3.88 | 4.76 |
| ICE BofA U.S. High Yield Constrained Index | 8.15 | 5.15 | 5.71 |
| Bloomberg U.S. Universal Bond Index | 3.72 | (0.17) | 2.19 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $241568319 |
| # of portfolio holdings | 279 |
| Portfolio turnover rate | 62% |
| Total advisory fees paid | $1121791 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| BBB/Baa | 1.3 |
| BB/Ba | 51.0 |
| B/B | 34.7 |
| CCC/Caa and below | 11.3 |
| Not rated | 1.7 |

---

---

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

---

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

---

| | |
|:---|:---|
| CCM Merger, Inc., 6.38%, 5-1-2026 | 1.4 |
| EchoStar Corp., 6.75%, 11-30-2030 | 1.2 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 8-15-2030 | 1.2 |
| Enviva, Inc. | 1.1 |
| DaVita, Inc., 6.88%, 9-1-2032 | 1 |
| Cloud Software Group, Inc., 9.00%, 9-30-2029 | 1 |
| CommScope, Inc., 9.07%, 12-17-2029 | 0.9 |
| CoreCivic, Inc., 8.25%, 4-15-2029 | 0.9 |
| Rogers Communications, Inc., 7.13%, 4-15-2055 | 0.9 |
| Brandywine Operating Partnership LP, 8.88%, 4-12-2029 | 0.9 |

---

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

Effective October 8, 2025, Brian Keller, CFA, became a portfolio manager of the Fund. As of the same date, Chris Lee was no longer a portfolio manager of the Fund. At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on the close of business on September 12, 2025.

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

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

#### AR0746 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Short Duration Government Bond Fund

# August 31, 2025

# Institutional Class

# WSGIX
This annual shareholder report contains important information about Short Duration Government Bond Fund for the period from September 1, 2024 to August 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 | $43 | 0.42% |

---

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

## How did the Fund perform last year and what affected its performance?
Over the past 12 months, markets began to anticipate rate cuts due to moderating inflation and mixed economic data. Geopolitical turmoil and shifting economic indicators kept rate and spread volatility elevated, creating relative value trading opportunities, particularly among short duration bonds.

We added to our overweight to agency mortgages. We increased exposure to floating-rate collateralized mortgage obligations (CMOs) and newer-production hybrid adjustable-rate mortgages (ARMs). Partly offsetting that, we reduced our fixed-rate CMOs and short-maturity pass-throughs, which tightened to less-appealing levels.

We reduced our allocation to nongovernment bonds, particularly asset-backed securities (ABS). We cut our allocation in half to non-agency residential mortgage-backed securities (RMBS).

Security selection and sector positioning contributed to performance. In agency mortgages, CMOs were the largest contributors, followed by hybrid ARMs and pass-throughs. In nongovernment subsectors, contributors included single-asset/single-borrower commercial mortgage-backed securities, non-QM AAA-rated RMBS, and credit card and auto loan ABS.

There were no notable detractors from relative performance during the period.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g41f09.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. 1-3 Year Government Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $10000 | $10000 | $10000 |
| **9/30/2015** | $10035 | $10030 | $10068 |
| **10/31/2015** | $10020 | $10020 | $10069 |
| **11/30/2015** | $10005 | $9996 | $10043 |
| **12/31/2015** | $9990 | $9987 | $10010 |
| **1/31/2016** | $10055 | $10047 | $10148 |
| **2/29/2016** | $10070 | $10058 | $10220 |
| **3/31/2016** | $10085 | $10076 | $10314 |
| **4/30/2016** | $10090 | $10080 | $10353 |
| **5/31/2016** | $10085 | $10069 | $10356 |
| **6/30/2016** | $10142 | $10129 | $10542 |
| **7/31/2016** | $10149 | $10123 | $10609 |
| **8/31/2016** | $10137 | $10106 | $10597 |
| **9/30/2016** | $10164 | $10119 | $10590 |
| **10/31/2016** | $10161 | $10112 | $10509 |
| **11/30/2016** | $10106 | $10070 | $10261 |
| **12/31/2016** | $10112 | $10073 | $10275 |
| **1/31/2017** | $10128 | $10087 | $10295 |
| **2/28/2017** | $10143 | $10097 | $10365 |
| **3/31/2017** | $10147 | $10101 | $10359 |
| **4/30/2017** | $10173 | $10116 | $10439 |
| **5/31/2017** | $10189 | $10129 | $10519 |
| **6/30/2017** | $10174 | $10121 | $10509 |
| **7/31/2017** | $10202 | $10143 | $10554 |
| **8/31/2017** | $10219 | $10162 | $10649 |
| **9/30/2017** | $10216 | $10146 | $10598 |
| **10/31/2017** | $10213 | $10139 | $10604 |
| **11/30/2017** | $10190 | $10117 | $10591 |
| **12/31/2017** | $10189 | $10118 | $10639 |
| **1/31/2018** | $10157 | $10088 | $10517 |
| **2/28/2018** | $10155 | $10083 | $10417 |
| **3/31/2018** | $10175 | $10103 | $10484 |
| **4/30/2018** | $10153 | $10086 | $10406 |
| **5/31/2018** | $10163 | $10123 | $10480 |
| **6/30/2018** | $10174 | $10125 | $10467 |
| **7/31/2018** | $10176 | $10123 | $10470 |
| **8/31/2018** | $10199 | $10157 | $10537 |
| **9/30/2018** | $10191 | $10145 | $10469 |
| **10/31/2018** | $10195 | $10159 | $10386 |
| **11/30/2018** | $10230 | $10196 | $10448 |
| **12/31/2018** | $10298 | $10278 | $10640 |
| **1/31/2019** | $10335 | $10305 | $10753 |
| **2/28/2019** | $10338 | $10316 | $10747 |
| **3/31/2019** | $10408 | $10380 | $10954 |
| **4/30/2019** | $10432 | $10401 | $10956 |
| **5/31/2019** | $10511 | $10477 | $11151 |
| **6/30/2019** | $10556 | $10531 | $11291 |
| **7/31/2019** | $10558 | $10520 | $11316 |
| **8/31/2019** | $10636 | $10605 | $11609 |
| **9/30/2019** | $10627 | $10593 | $11547 |
| **10/31/2019** | $10662 | $10628 | $11582 |
| **11/30/2019** | $10651 | $10624 | $11576 |
| **12/31/2019** | $10666 | $10647 | $11568 |
| **1/31/2020** | $10743 | $10705 | $11791 |
| **2/29/2020** | $10855 | $10801 | $12003 |
| **3/31/2020** | $10867 | $10937 | $11932 |
| **4/30/2020** | $10956 | $10953 | $12144 |
| **5/31/2020** | $10990 | $10961 | $12201 |
| **6/30/2020** | $11012 | $10965 | $12278 |
| **7/31/2020** | $11009 | $10975 | $12461 |
| **8/31/2020** | $11038 | $10974 | $12360 |
| **9/30/2020** | $11044 | $10976 | $12354 |
| **10/31/2020** | $11048 | $10972 | $12298 |
| **11/30/2020** | $11050 | $10976 | $12419 |
| **12/31/2020** | $11064 | $10982 | $12436 |
| **1/31/2021** | $11076 | $10985 | $12347 |
| **2/28/2021** | $11065 | $10979 | $12169 |
| **3/31/2021** | $11065 | $10976 | $12017 |
| **4/30/2021** | $11064 | $10981 | $12112 |
| **5/31/2021** | $11053 | $10991 | $12151 |
| **6/30/2021** | $11019 | $10972 | $12237 |
| **7/31/2021** | $11030 | $10991 | $12374 |
| **8/31/2021** | $11018 | $10990 | $12350 |
| **9/30/2021** | $11017 | $10979 | $12243 |
| **10/31/2021** | $10983 | $10944 | $12240 |
| **11/30/2021** | $10950 | $10939 | $12276 |
| **12/31/2021** | $10929 | $10916 | $12245 |
| **1/31/2022** | $10850 | $10839 | $11981 |
| **2/28/2022** | $10782 | $10795 | $11847 |
| **3/31/2022** | $10614 | $10643 | $11518 |
| **4/30/2022** | $10526 | $10593 | $11081 |
| **5/31/2022** | $10566 | $10655 | $11152 |
| **6/30/2022** | $10481 | $10588 | $10977 |
| **7/31/2022** | $10526 | $10632 | $11246 |
| **8/31/2022** | $10445 | $10548 | $10928 |
| **9/30/2022** | $10260 | $10424 | $10456 |
| **10/31/2022** | $10190 | $10414 | $10320 |
| **11/30/2022** | $10284 | $10482 | $10700 |
| **12/31/2022** | $10310 | $10501 | $10651 |
| **1/31/2023** | $10429 | $10578 | $10979 |
| **2/28/2023** | $10351 | $10497 | $10695 |
| **3/31/2023** | $10449 | $10668 | $10967 |
| **4/30/2023** | $10491 | $10696 | $11033 |
| **5/31/2023** | $10452 | $10659 | $10913 |
| **6/30/2023** | $10401 | $10605 | $10874 |
| **7/31/2023** | $10435 | $10642 | $10867 |
| **8/31/2023** | $10473 | $10684 | $10797 |
| **9/30/2023** | $10453 | $10682 | $10523 |
| **10/31/2023** | $10470 | $10718 | $10357 |
| **11/30/2023** | $10632 | $10829 | $10826 |
| **12/31/2023** | $10784 | $10954 | $11240 |
| **1/31/2024** | $10838 | $10994 | $11210 |
| **2/29/2024** | $10807 | $10947 | $11051 |
| **3/31/2024** | $10862 | $10985 | $11153 |
| **4/30/2024** | $10832 | $10945 | $10871 |
| **5/31/2024** | $10902 | $11021 | $11056 |
| **6/30/2024** | $10985 | $11085 | $11160 |
| **7/31/2024** | $11104 | $11214 | $11421 |
| **8/31/2024** | $11212 | $11315 | $11585 |
| **9/30/2024** | $11317 | $11406 | $11740 |
| **10/31/2024** | $11247 | $11338 | $11449 |
| **11/30/2024** | $11277 | $11371 | $11570 |
| **12/31/2024** | $11296 | $11396 | $11381 |
| **1/31/2025** | $11351 | $11446 | $11441 |
| **2/28/2025** | $11445 | $11527 | $11693 |
| **3/31/2025** | $11502 | $11581 | $11697 |
| **4/30/2025** | $11584 | $11675 | $11743 |
| **5/31/2025** | $11562 | $11648 | $11659 |
| **6/30/2025** | $11644 | $11719 | $11839 |
| **7/31/2025** | $11647 | $11712 | $11807 |
| **8/31/2025** | $11742 | $11814 | $11949 |

---

# Short Duration Government Bond Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 4.73 | 1.24 | 1.62 |
| Bloomberg U.S. 1-3 Year Government Bond Index | 4.42 | 1.49 | 1.68 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $206900856 |
| # of portfolio holdings | 71 |
| Portfolio turnover rate | 187% |
| Total advisory fees paid | $483557 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Agency securities | 84.9 |
| U.S. Treasury securities | 8.3 |
| Asset-backed securities | 5.6 |
| Non-agency mortgage-backed securities | 1.2 |

---

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

---

| | |
|:---|:---|
| FNMA, 3.43%, 7-1-2049 | 7.0 |
| U.S. Treasury Notes, 3.63%, 8-15-2028 | 6.6 |
| FNMA, 2.50%, 3-1-2035 | 4.7 |
| FHLMC, 3.01%, 11-1-2048 | 4.5 |
| GNMA Series 2022-189 Class DC, 2.50%, 10-20-2051 | 4.0 |
| FHLMC, 3.15%, 7-1-2050 | 2.9 |
| FNMA Series 2018-1 Class FB, 4.71%, 2-25-2048 | 2.8 |
| FNMA Series 2012-9 Class CF, 4.91%, 2-25-2042 | 2.8 |
| FNMA Series 2011-47 Class GF, 5.03%, 6-25-2041 | 2.6 |
| FNMA, 5.40%, 8-1-2054 | 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

#### AR3145 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Short Duration Government Bond Fund

# August 31, 2025

# Class R6

# MSDRX
This annual shareholder report contains important information about Short Duration Government Bond Fund for the period from September 1, 2024 to August 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 | $38 | 0.37% |

---

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

## How did the Fund perform last year and what affected its performance?
Over the past 12 months, markets began to anticipate rate cuts due to moderating inflation and mixed economic data. Geopolitical turmoil and shifting economic indicators kept rate and spread volatility elevated, creating relative value trading opportunities, particularly among short duration bonds.

We added to our overweight to agency mortgages. We increased exposure to floating-rate collateralized mortgage obligations (CMOs) and newer-production hybrid adjustable-rate mortgages (ARMs). Partly offsetting that, we reduced our fixed-rate CMOs and short-maturity pass-throughs, which tightened to less-appealing levels.

We reduced our allocation to nongovernment bonds, particularly asset-backed securities (ABS). We cut our allocation in half to non-agency residential mortgage-backed securities (RMBS).

Security selection and sector positioning contributed to performance. In agency mortgages, CMOs were the largest contributors, followed by hybrid ARMs and pass-throughs. In nongovernment subsectors, contributors included single-asset/single-borrower commercial mortgage-backed securities, non-QM AAA-rated RMBS, and credit card and auto loan ABS.

There were no notable detractors from relative performance during the period.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g79x35.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. 1-3 Year Government Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $10000 | $10000 | $10000 |
| **9/30/2015** | $10025 | $10030 | $10068 |
| **10/31/2015** | $10021 | $10020 | $10069 |
| **11/30/2015** | $10006 | $9996 | $10043 |
| **12/31/2015** | $9992 | $9987 | $10010 |
| **1/31/2016** | $10058 | $10047 | $10148 |
| **2/29/2016** | $10063 | $10058 | $10220 |
| **3/31/2016** | $10088 | $10076 | $10314 |
| **4/30/2016** | $10093 | $10080 | $10353 |
| **5/31/2016** | $10079 | $10069 | $10356 |
| **6/30/2016** | $10147 | $10129 | $10542 |
| **7/31/2016** | $10154 | $10123 | $10609 |
| **8/31/2016** | $10132 | $10106 | $10597 |
| **9/30/2016** | $10160 | $10119 | $10590 |
| **10/31/2016** | $10167 | $10112 | $10509 |
| **11/30/2016** | $10112 | $10070 | $10261 |
| **12/31/2016** | $10119 | $10073 | $10275 |
| **1/31/2017** | $10125 | $10087 | $10295 |
| **2/28/2017** | $10150 | $10097 | $10365 |
| **3/31/2017** | $10156 | $10101 | $10359 |
| **4/30/2017** | $10182 | $10116 | $10439 |
| **5/31/2017** | $10198 | $10129 | $10519 |
| **6/30/2017** | $10184 | $10121 | $10509 |
| **7/31/2017** | $10212 | $10143 | $10554 |
| **8/31/2017** | $10229 | $10162 | $10649 |
| **9/30/2017** | $10226 | $10146 | $10598 |
| **10/31/2017** | $10214 | $10139 | $10604 |
| **11/30/2017** | $10202 | $10117 | $10591 |
| **12/31/2017** | $10202 | $10118 | $10639 |
| **1/31/2018** | $10170 | $10088 | $10517 |
| **2/28/2018** | $10168 | $10083 | $10417 |
| **3/31/2018** | $10189 | $10103 | $10484 |
| **4/30/2018** | $10167 | $10086 | $10406 |
| **5/31/2018** | $10178 | $10123 | $10480 |
| **6/30/2018** | $10189 | $10125 | $10467 |
| **7/31/2018** | $10191 | $10123 | $10470 |
| **8/31/2018** | $10215 | $10157 | $10537 |
| **9/30/2018** | $10208 | $10145 | $10469 |
| **10/31/2018** | $10212 | $10159 | $10386 |
| **11/30/2018** | $10247 | $10196 | $10448 |
| **12/31/2018** | $10316 | $10278 | $10640 |
| **1/31/2019** | $10353 | $10305 | $10753 |
| **2/28/2019** | $10357 | $10316 | $10747 |
| **3/31/2019** | $10427 | $10380 | $10954 |
| **4/30/2019** | $10452 | $10401 | $10956 |
| **5/31/2019** | $10531 | $10477 | $11151 |
| **6/30/2019** | $10577 | $10531 | $11291 |
| **7/31/2019** | $10580 | $10520 | $11316 |
| **8/31/2019** | $10658 | $10605 | $11609 |
| **9/30/2019** | $10661 | $10593 | $11547 |
| **10/31/2019** | $10685 | $10628 | $11582 |
| **11/30/2019** | $10675 | $10624 | $11576 |
| **12/31/2019** | $10701 | $10647 | $11568 |
| **1/31/2020** | $10767 | $10705 | $11791 |
| **2/29/2020** | $10879 | $10801 | $12003 |
| **3/31/2020** | $10892 | $10937 | $11932 |
| **4/30/2020** | $10982 | $10953 | $12144 |
| **5/31/2020** | $11016 | $10961 | $12201 |
| **6/30/2020** | $11038 | $10965 | $12278 |
| **7/31/2020** | $11037 | $10975 | $12461 |
| **8/31/2020** | $11066 | $10974 | $12360 |
| **9/30/2020** | $11072 | $10976 | $12354 |
| **10/31/2020** | $11076 | $10972 | $12298 |
| **11/30/2020** | $11080 | $10976 | $12419 |
| **12/31/2020** | $11093 | $10982 | $12436 |
| **1/31/2021** | $11106 | $10985 | $12347 |
| **2/28/2021** | $11095 | $10979 | $12169 |
| **3/31/2021** | $11096 | $10976 | $12017 |
| **4/30/2021** | $11096 | $10981 | $12112 |
| **5/31/2021** | $11085 | $10991 | $12151 |
| **6/30/2021** | $11052 | $10972 | $12237 |
| **7/31/2021** | $11063 | $10991 | $12374 |
| **8/31/2021** | $11052 | $10990 | $12350 |
| **9/30/2021** | $11052 | $10979 | $12243 |
| **10/31/2021** | $11018 | $10944 | $12240 |
| **11/30/2021** | $10986 | $10939 | $12276 |
| **12/31/2021** | $10964 | $10916 | $12245 |
| **1/31/2022** | $10886 | $10839 | $11981 |
| **2/28/2022** | $10807 | $10795 | $11847 |
| **3/31/2022** | $10650 | $10643 | $11518 |
| **4/30/2022** | $10551 | $10593 | $11081 |
| **5/31/2022** | $10603 | $10655 | $11152 |
| **6/30/2022** | $10519 | $10588 | $10977 |
| **7/31/2022** | $10553 | $10632 | $11246 |
| **8/31/2022** | $10472 | $10548 | $10928 |
| **9/30/2022** | $10299 | $10424 | $10456 |
| **10/31/2022** | $10218 | $10414 | $10320 |
| **11/30/2022** | $10325 | $10482 | $10700 |
| **12/31/2022** | $10351 | $10501 | $10651 |
| **1/31/2023** | $10471 | $10578 | $10979 |
| **2/28/2023** | $10381 | $10497 | $10695 |
| **3/31/2023** | $10492 | $10668 | $10967 |
| **4/30/2023** | $10534 | $10696 | $11033 |
| **5/31/2023** | $10495 | $10659 | $10913 |
| **6/30/2023** | $10445 | $10605 | $10874 |
| **7/31/2023** | $10480 | $10642 | $10867 |
| **8/31/2023** | $10518 | $10684 | $10797 |
| **9/30/2023** | $10498 | $10682 | $10523 |
| **10/31/2023** | $10516 | $10718 | $10357 |
| **11/30/2023** | $10679 | $10829 | $10826 |
| **12/31/2023** | $10831 | $10954 | $11240 |
| **1/31/2024** | $10886 | $10994 | $11210 |
| **2/29/2024** | $10856 | $10947 | $11051 |
| **3/31/2024** | $10911 | $10985 | $11153 |
| **4/30/2024** | $10869 | $10945 | $10871 |
| **5/31/2024** | $10953 | $11021 | $11056 |
| **6/30/2024** | $11036 | $11085 | $11160 |
| **7/31/2024** | $11156 | $11214 | $11421 |
| **8/31/2024** | $11252 | $11315 | $11585 |
| **9/30/2024** | $11371 | $11406 | $11740 |
| **10/31/2024** | $11301 | $11338 | $11449 |
| **11/30/2024** | $11332 | $11371 | $11570 |
| **12/31/2024** | $11351 | $11396 | $11381 |
| **1/31/2025** | $11408 | $11446 | $11441 |
| **2/28/2025** | $11502 | $11527 | $11693 |
| **3/31/2025** | $11560 | $11581 | $11697 |
| **4/30/2025** | $11643 | $11675 | $11743 |
| **5/31/2025** | $11622 | $11648 | $11659 |
| **6/30/2025** | $11704 | $11719 | $11839 |
| **7/31/2025** | $11708 | $11712 | $11807 |
| **8/31/2025** | $11803 | $11814 | $11949 |

---

# Short Duration Government Bond Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 4.89 | 1.30 | 1.67 |
| Bloomberg U.S. 1-3 Year Government Bond Index | 4.42 | 1.49 | 1.68 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $206900856 |
| # of portfolio holdings | 71 |
| Portfolio turnover rate | 187% |
| Total advisory fees paid | $483557 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Agency securities | 84.9 |
| U.S. Treasury securities | 8.3 |
| Asset-backed securities | 5.6 |
| Non-agency mortgage-backed securities | 1.2 |

---

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

---

| | |
|:---|:---|
| FNMA, 3.43%, 7-1-2049 | 7.0 |
| U.S. Treasury Notes, 3.63%, 8-15-2028 | 6.6 |
| FNMA, 2.50%, 3-1-2035 | 4.7 |
| FHLMC, 3.01%, 11-1-2048 | 4.5 |
| GNMA Series 2022-189 Class DC, 2.50%, 10-20-2051 | 4.0 |
| FHLMC, 3.15%, 7-1-2050 | 2.9 |
| FNMA Series 2018-1 Class FB, 4.71%, 2-25-2048 | 2.8 |
| FNMA Series 2012-9 Class CF, 4.91%, 2-25-2042 | 2.8 |
| FNMA Series 2011-47 Class GF, 5.03%, 6-25-2041 | 2.6 |
| FNMA, 5.40%, 8-1-2054 | 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

#### AR4656 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Short Duration Government Bond Fund

# August 31, 2025

# Class C

# MSDCX
This annual shareholder report contains important information about Short Duration Government Bond Fund for the period from September 1, 2024 to August 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 | $155 | 1.52% |

---

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

## How did the Fund perform last year and what affected its performance?
Over the past 12 months, markets began to anticipate rate cuts due to moderating inflation and mixed economic data. Geopolitical turmoil and shifting economic indicators kept rate and spread volatility elevated, creating relative value trading opportunities, particularly among short duration bonds.

We added to our overweight to agency mortgages. We increased exposure to floating-rate collateralized mortgage obligations (CMOs) and newer-production hybrid adjustable-rate mortgages (ARMs). Partly offsetting that, we reduced our fixed-rate CMOs and short-maturity pass-throughs, which tightened to less-appealing levels.

We reduced our allocation to nongovernment bonds, particularly asset-backed securities (ABS). We cut our allocation in half to non-agency residential mortgage-backed securities (RMBS).

Security selection and sector positioning contributed to performance. In agency mortgages, CMOs were the largest contributors, followed by hybrid ARMs and pass-throughs. In nongovernment subsectors, contributors included single-asset/single-borrower commercial mortgage-backed securities, non-QM AAA-rated RMBS, and credit card and auto loan ABS.

There were no notable detractors from relative performance during the period.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g57z50.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **Bloomberg U.S. 1-3 Year Government Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $10000 | $10000 | $10000 |
| **9/30/2015** | $10026 | $10030 | $10068 |
| **10/31/2015** | $10002 | $10020 | $10069 |
| **11/30/2015** | $9978 | $9996 | $10043 |
| **12/31/2015** | $9953 | $9987 | $10010 |
| **1/31/2016** | $10009 | $10047 | $10148 |
| **2/29/2016** | $10015 | $10058 | $10220 |
| **3/31/2016** | $10020 | $10076 | $10314 |
| **4/30/2016** | $10016 | $10080 | $10353 |
| **5/31/2016** | $10002 | $10069 | $10356 |
| **6/30/2016** | $10060 | $10129 | $10542 |
| **7/31/2016** | $10047 | $10123 | $10609 |
| **8/31/2016** | $10025 | $10106 | $10597 |
| **9/30/2016** | $10043 | $10119 | $10590 |
| **10/31/2016** | $10030 | $10112 | $10509 |
| **11/30/2016** | $9977 | $10070 | $10261 |
| **12/31/2016** | $9963 | $10073 | $10275 |
| **1/31/2017** | $9970 | $10087 | $10295 |
| **2/28/2017** | $9976 | $10097 | $10365 |
| **3/31/2017** | $9981 | $10101 | $10359 |
| **4/30/2017** | $9987 | $10116 | $10439 |
| **5/31/2017** | $9994 | $10129 | $10519 |
| **6/30/2017** | $9980 | $10121 | $10509 |
| **7/31/2017** | $9988 | $10143 | $10554 |
| **8/31/2017** | $9995 | $10162 | $10649 |
| **9/30/2017** | $9983 | $10146 | $10598 |
| **10/31/2017** | $9970 | $10139 | $10604 |
| **11/30/2017** | $9939 | $10117 | $10591 |
| **12/31/2017** | $9939 | $10118 | $10639 |
| **1/31/2018** | $9888 | $10088 | $10517 |
| **2/28/2018** | $9878 | $10083 | $10417 |
| **3/31/2018** | $9888 | $10103 | $10484 |
| **4/30/2018** | $9858 | $10086 | $10406 |
| **5/31/2018** | $9869 | $10123 | $10480 |
| **6/30/2018** | $9860 | $10125 | $10467 |
| **7/31/2018** | $9852 | $10123 | $10470 |
| **8/31/2018** | $9865 | $10157 | $10537 |
| **9/30/2018** | $9849 | $10145 | $10469 |
| **10/31/2018** | $9843 | $10159 | $10386 |
| **11/30/2018** | $9868 | $10196 | $10448 |
| **12/31/2018** | $9925 | $10278 | $10640 |
| **1/31/2019** | $9950 | $10305 | $10753 |
| **2/28/2019** | $9946 | $10316 | $10747 |
| **3/31/2019** | $10003 | $10380 | $10954 |
| **4/30/2019** | $10017 | $10401 | $10956 |
| **5/31/2019** | $10083 | $10477 | $11151 |
| **6/30/2019** | $10118 | $10531 | $11291 |
| **7/31/2019** | $10110 | $10520 | $11316 |
| **8/31/2019** | $10175 | $10605 | $11609 |
| **9/30/2019** | $10168 | $10593 | $11547 |
| **10/31/2019** | $10181 | $10628 | $11582 |
| **11/30/2019** | $10161 | $10624 | $11576 |
| **12/31/2019** | $10177 | $10647 | $11568 |
| **1/31/2020** | $10230 | $10705 | $11791 |
| **2/29/2020** | $10327 | $10801 | $12003 |
| **3/31/2020** | $10329 | $10937 | $11932 |
| **4/30/2020** | $10404 | $10953 | $12144 |
| **5/31/2020** | $10426 | $10961 | $12201 |
| **6/30/2020** | $10438 | $10965 | $12278 |
| **7/31/2020** | $10426 | $10975 | $12461 |
| **8/31/2020** | $10444 | $10974 | $12360 |
| **9/30/2020** | $10439 | $10976 | $12354 |
| **10/31/2020** | $10433 | $10972 | $12298 |
| **11/30/2020** | $10426 | $10976 | $12419 |
| **12/31/2020** | $10429 | $10982 | $12436 |
| **1/31/2021** | $10430 | $10985 | $12347 |
| **2/28/2021** | $10411 | $10979 | $12169 |
| **3/31/2021** | $10401 | $10976 | $12017 |
| **4/30/2021** | $10391 | $10981 | $12112 |
| **5/31/2021** | $10371 | $10991 | $12151 |
| **6/30/2021** | $10329 | $10972 | $12237 |
| **7/31/2021** | $10330 | $10991 | $12374 |
| **8/31/2021** | $10309 | $10990 | $12350 |
| **9/30/2021** | $10299 | $10979 | $12243 |
| **10/31/2021** | $10247 | $10944 | $12240 |
| **11/30/2021** | $10218 | $10939 | $12276 |
| **12/31/2021** | $10188 | $10916 | $12245 |
| **1/31/2022** | $10105 | $10839 | $11981 |
| **2/28/2022** | $10023 | $10795 | $11847 |
| **3/31/2022** | $9867 | $10643 | $11518 |
| **4/30/2022** | $9765 | $10593 | $11081 |
| **5/31/2022** | $9803 | $10655 | $11152 |
| **6/30/2022** | $9716 | $10588 | $10977 |
| **7/31/2022** | $9748 | $10632 | $11246 |
| **8/31/2022** | $9664 | $10548 | $10928 |
| **9/30/2022** | $9484 | $10424 | $10456 |
| **10/31/2022** | $9411 | $10414 | $10320 |
| **11/30/2022** | $9489 | $10482 | $10700 |
| **12/31/2022** | $9504 | $10501 | $10651 |
| **1/31/2023** | $9605 | $10578 | $10979 |
| **2/28/2023** | $9525 | $10497 | $10695 |
| **3/31/2023** | $9606 | $10668 | $10967 |
| **4/30/2023** | $9636 | $10696 | $11033 |
| **5/31/2023** | $9590 | $10659 | $10913 |
| **6/30/2023** | $9535 | $10605 | $10874 |
| **7/31/2023** | $9558 | $10642 | $10867 |
| **8/31/2023** | $9583 | $10684 | $10797 |
| **9/30/2023** | $9562 | $10682 | $10523 |
| **10/31/2023** | $9575 | $10718 | $10357 |
| **11/30/2023** | $9720 | $10829 | $10826 |
| **12/31/2023** | $9856 | $10954 | $11240 |
| **1/31/2024** | $9903 | $10994 | $11210 |
| **2/29/2024** | $9872 | $10947 | $11051 |
| **3/31/2024** | $9919 | $10985 | $11153 |
| **4/30/2024** | $9877 | $10945 | $10871 |
| **5/31/2024** | $9950 | $11021 | $11056 |
| **6/30/2024** | $10022 | $11085 | $11160 |
| **7/31/2024** | $10129 | $11214 | $11421 |
| **8/31/2024** | $10213 | $11315 | $11585 |
| **9/30/2024** | $10317 | $11406 | $11740 |
| **10/31/2024** | $10250 | $11338 | $11449 |
| **11/30/2024** | $10275 | $11371 | $11570 |
| **12/31/2024** | $10288 | $11396 | $11381 |
| **1/31/2025** | $10336 | $11446 | $11441 |
| **2/28/2025** | $10419 | $11527 | $11693 |
| **3/31/2025** | $10468 | $11581 | $11697 |
| **4/30/2025** | $10540 | $11675 | $11743 |
| **5/31/2025** | $10517 | $11648 | $11659 |
| **6/30/2025** | $10588 | $11719 | $11839 |
| **7/31/2025** | $10588 | $11712 | $11807 |
| **8/31/2025** | $10671 | $11814 | $11949 |

---

# Short Duration Government Bond Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 3.7 | 0.15 | 0.65 |
| Class C with Load | 2.7 | 0.15 | 0.65 |
| Bloomberg U.S. 1-3 Year Government Bond Index | 4.42 | 1.49 | 1.68 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $206900856 |
| # of portfolio holdings | 71 |
| Portfolio turnover rate | 187% |
| Total advisory fees paid | $483557 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Agency securities | 84.9 |
| U.S. Treasury securities | 8.3 |
| Asset-backed securities | 5.6 |
| Non-agency mortgage-backed securities | 1.2 |

---

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

---

| | |
|:---|:---|
| FNMA, 3.43%, 7-1-2049 | 7.0 |
| U.S. Treasury Notes, 3.63%, 8-15-2028 | 6.6 |
| FNMA, 2.50%, 3-1-2035 | 4.7 |
| FHLMC, 3.01%, 11-1-2048 | 4.5 |
| GNMA Series 2022-189 Class DC, 2.50%, 10-20-2051 | 4.0 |
| FHLMC, 3.15%, 7-1-2050 | 2.9 |
| FNMA Series 2018-1 Class FB, 4.71%, 2-25-2048 | 2.8 |
| FNMA Series 2012-9 Class CF, 4.91%, 2-25-2042 | 2.8 |
| FNMA Series 2011-47 Class GF, 5.03%, 6-25-2041 | 2.6 |
| FNMA, 5.40%, 8-1-2054 | 2.5 |

---

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

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

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

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

#### AR0934 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Short Duration Government Bond Fund

# August 31, 2025

# Class A

# MSDAX
This annual shareholder report contains important information about Short Duration Government Bond Fund for the period from September 1, 2024 to August 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 | $78 | 0.76% |

---

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?
Over the past 12 months, markets began to anticipate rate cuts due to moderating inflation and mixed economic data. Geopolitical turmoil and shifting economic indicators kept rate and spread volatility elevated, creating relative value trading opportunities, particularly among short duration bonds.

We added to our overweight to agency mortgages. We increased exposure to floating-rate collateralized mortgage obligations (CMOs) and newer-production hybrid adjustable-rate mortgages (ARMs). Partly offsetting that, we reduced our fixed-rate CMOs and short-maturity pass-throughs, which tightened to less-appealing levels.

We reduced our allocation to nongovernment bonds, particularly asset-backed securities (ABS). We cut our allocation in half to non-agency residential mortgage-backed securities (RMBS).

Security selection and sector positioning contributed to performance. In agency mortgages, CMOs were the largest contributors, followed by hybrid ARMs and pass-throughs. In nongovernment subsectors, contributors included single-asset/single-borrower commercial mortgage-backed securities, non-QM AAA-rated RMBS, and credit card and auto loan ABS.

There were no notable detractors from relative performance during the period.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g97j78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Bloomberg U.S. 1-3 Year Government Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $9800 | $10000 | $10000 |
| **9/30/2015** | $9822 | $10030 | $10068 |
| **10/31/2015** | $9814 | $10020 | $10069 |
| **11/30/2015** | $9796 | $9996 | $10043 |
| **12/31/2015** | $9779 | $9987 | $10010 |
| **1/31/2016** | $9840 | $10047 | $10148 |
| **2/29/2016** | $9841 | $10058 | $10220 |
| **3/31/2016** | $9862 | $10076 | $10314 |
| **4/30/2016** | $9855 | $10080 | $10353 |
| **5/31/2016** | $9847 | $10069 | $10356 |
| **6/30/2016** | $9910 | $10129 | $10542 |
| **7/31/2016** | $9904 | $10123 | $10609 |
| **8/31/2016** | $9888 | $10106 | $10597 |
| **9/30/2016** | $9913 | $10119 | $10590 |
| **10/31/2016** | $9916 | $10112 | $10509 |
| **11/30/2016** | $9859 | $10070 | $10261 |
| **12/31/2016** | $9862 | $10073 | $10275 |
| **1/31/2017** | $9864 | $10087 | $10295 |
| **2/28/2017** | $9886 | $10097 | $10365 |
| **3/31/2017** | $9888 | $10101 | $10359 |
| **4/30/2017** | $9910 | $10116 | $10439 |
| **5/31/2017** | $9923 | $10129 | $10519 |
| **6/30/2017** | $9905 | $10121 | $10509 |
| **7/31/2017** | $9919 | $10143 | $10554 |
| **8/31/2017** | $9932 | $10162 | $10649 |
| **9/30/2017** | $9926 | $10146 | $10598 |
| **10/31/2017** | $9920 | $10139 | $10604 |
| **11/30/2017** | $9895 | $10117 | $10591 |
| **12/31/2017** | $9902 | $10118 | $10639 |
| **1/31/2018** | $9857 | $10088 | $10517 |
| **2/28/2018** | $9852 | $10083 | $10417 |
| **3/31/2018** | $9869 | $10103 | $10484 |
| **4/30/2018** | $9844 | $10086 | $10406 |
| **5/31/2018** | $9862 | $10123 | $10480 |
| **6/30/2018** | $9859 | $10125 | $10467 |
| **7/31/2018** | $9857 | $10123 | $10470 |
| **8/31/2018** | $9877 | $10157 | $10537 |
| **9/30/2018** | $9867 | $10145 | $10469 |
| **10/31/2018** | $9867 | $10159 | $10386 |
| **11/30/2018** | $9908 | $10196 | $10448 |
| **12/31/2018** | $9961 | $10278 | $10640 |
| **1/31/2019** | $9994 | $10305 | $10753 |
| **2/28/2019** | $9994 | $10316 | $10747 |
| **3/31/2019** | $10069 | $10380 | $10954 |
| **4/30/2019** | $10079 | $10401 | $10956 |
| **5/31/2019** | $10152 | $10477 | $11151 |
| **6/30/2019** | $10193 | $10531 | $11291 |
| **7/31/2019** | $10192 | $10520 | $11316 |
| **8/31/2019** | $10264 | $10605 | $11609 |
| **9/30/2019** | $10263 | $10593 | $11547 |
| **10/31/2019** | $10283 | $10628 | $11582 |
| **11/30/2019** | $10280 | $10624 | $11576 |
| **12/31/2019** | $10291 | $10647 | $11568 |
| **1/31/2020** | $10362 | $10705 | $11791 |
| **2/29/2020** | $10456 | $10801 | $12003 |
| **3/31/2020** | $10475 | $10937 | $11932 |
| **4/30/2020** | $10548 | $10953 | $12144 |
| **5/31/2020** | $10577 | $10961 | $12201 |
| **6/30/2020** | $10595 | $10965 | $12278 |
| **7/31/2020** | $10600 | $10975 | $12461 |
| **8/31/2020** | $10614 | $10974 | $12360 |
| **9/30/2020** | $10616 | $10976 | $12354 |
| **10/31/2020** | $10617 | $10972 | $12298 |
| **11/30/2020** | $10627 | $10976 | $12419 |
| **12/31/2020** | $10637 | $10982 | $12436 |
| **1/31/2021** | $10634 | $10985 | $12347 |
| **2/28/2021** | $10620 | $10979 | $12169 |
| **3/31/2021** | $10617 | $10976 | $12017 |
| **4/30/2021** | $10614 | $10981 | $12112 |
| **5/31/2021** | $10600 | $10991 | $12151 |
| **6/30/2021** | $10575 | $10972 | $12237 |
| **7/31/2021** | $10571 | $10991 | $12374 |
| **8/31/2021** | $10567 | $10990 | $12350 |
| **9/30/2021** | $10564 | $10979 | $12243 |
| **10/31/2021** | $10517 | $10944 | $12240 |
| **11/30/2021** | $10493 | $10939 | $12276 |
| **12/31/2021** | $10458 | $10916 | $12245 |
| **1/31/2022** | $10390 | $10839 | $11981 |
| **2/28/2022** | $10311 | $10795 | $11847 |
| **3/31/2022** | $10158 | $10643 | $11518 |
| **4/30/2022** | $10059 | $10593 | $11081 |
| **5/31/2022** | $10106 | $10655 | $11152 |
| **6/30/2022** | $10022 | $10588 | $10977 |
| **7/31/2022** | $10050 | $10632 | $11246 |
| **8/31/2022** | $9970 | $10548 | $10928 |
| **9/30/2022** | $9790 | $10424 | $10456 |
| **10/31/2022** | $9721 | $10414 | $10320 |
| **11/30/2022** | $9819 | $10482 | $10700 |
| **12/31/2022** | $9840 | $10501 | $10651 |
| **1/31/2023** | $9951 | $10578 | $10979 |
| **2/28/2023** | $9863 | $10497 | $10695 |
| **3/31/2023** | $9964 | $10668 | $10967 |
| **4/30/2023** | $10001 | $10696 | $11033 |
| **5/31/2023** | $9960 | $10659 | $10913 |
| **6/30/2023** | $9909 | $10605 | $10874 |
| **7/31/2023** | $9939 | $10642 | $10867 |
| **8/31/2023** | $9972 | $10684 | $10797 |
| **9/30/2023** | $9950 | $10682 | $10523 |
| **10/31/2023** | $9963 | $10718 | $10357 |
| **11/30/2023** | $10114 | $10829 | $10826 |
| **12/31/2023** | $10256 | $10954 | $11240 |
| **1/31/2024** | $10305 | $10994 | $11210 |
| **2/29/2024** | $10273 | $10947 | $11051 |
| **3/31/2024** | $10321 | $10985 | $11153 |
| **4/30/2024** | $10278 | $10945 | $10871 |
| **5/31/2024** | $10354 | $11021 | $11056 |
| **6/30/2024** | $10429 | $11085 | $11160 |
| **7/31/2024** | $10539 | $11214 | $11421 |
| **8/31/2024** | $10627 | $11315 | $11585 |
| **9/30/2024** | $10736 | $11406 | $11740 |
| **10/31/2024** | $10666 | $11338 | $11449 |
| **11/30/2024** | $10691 | $11371 | $11570 |
| **12/31/2024** | $10706 | $11396 | $11381 |
| **1/31/2025** | $10755 | $11446 | $11441 |
| **2/28/2025** | $10841 | $11527 | $11693 |
| **3/31/2025** | $10892 | $11581 | $11697 |
| **4/30/2025** | $10967 | $11675 | $11743 |
| **5/31/2025** | $10943 | $11648 | $11659 |
| **6/30/2025** | $11018 | $11719 | $11839 |
| **7/31/2025** | $11017 | $11712 | $11807 |
| **8/31/2025** | $11103 | $11814 | $11949 |

---

# Short Duration Government Bond Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 4.49 | 0.90 | 1.26 |
| Class A with Load | 2.4 | 0.50 | 1.05 |
| Bloomberg U.S. 1-3 Year Government Bond Index | 4.42 | 1.49 | 1.68 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $206900856 |
| # of portfolio holdings | 71 |
| Portfolio turnover rate | 187% |
| Total advisory fees paid | $483557 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Agency securities | 84.9 |
| U.S. Treasury securities | 8.3 |
| Asset-backed securities | 5.6 |
| Non-agency mortgage-backed securities | 1.2 |

---

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

---

| | |
|:---|:---|
| FNMA, 3.43%, 7-1-2049 | 7.0 |
| U.S. Treasury Notes, 3.63%, 8-15-2028 | 6.6 |
| FNMA, 2.50%, 3-1-2035 | 4.7 |
| FHLMC, 3.01%, 11-1-2048 | 4.5 |
| GNMA Series 2022-189 Class DC, 2.50%, 10-20-2051 | 4.0 |
| FHLMC, 3.15%, 7-1-2050 | 2.9 |
| FNMA Series 2018-1 Class FB, 4.71%, 2-25-2048 | 2.8 |
| FNMA Series 2012-9 Class CF, 4.91%, 2-25-2042 | 2.8 |
| FNMA Series 2011-47 Class GF, 5.03%, 6-25-2041 | 2.6 |
| FNMA, 5.40%, 8-1-2054 | 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

#### AR0932 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Short Duration Government Bond Fund

# August 31, 2025

# Administrator Class

# MNSGX
This annual shareholder report contains important information about Short Duration Government Bond Fund for the period from September 1, 2024 to August 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 |
| Administrator Class | $60 | 0.59% |

---

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

## How did the Fund perform last year and what affected its performance?
Over the past 12 months, markets began to anticipate rate cuts due to moderating inflation and mixed economic data. Geopolitical turmoil and shifting economic indicators kept rate and spread volatility elevated, creating relative value trading opportunities, particularly among short duration bonds.

We added to our overweight to agency mortgages. We increased exposure to floating-rate collateralized mortgage obligations (CMOs) and newer-production hybrid adjustable-rate mortgages (ARMs). Partly offsetting that, we reduced our fixed-rate CMOs and short-maturity pass-throughs, which tightened to less-appealing levels.

We reduced our allocation to nongovernment bonds, particularly asset-backed securities (ABS). We cut our allocation in half to non-agency residential mortgage-backed securities (RMBS).

Security selection and sector positioning contributed to performance. In agency mortgages, CMOs were the largest contributors, followed by hybrid ARMs and pass-throughs. In nongovernment subsectors, contributors included single-asset/single-borrower commercial mortgage-backed securities, non-QM AAA-rated RMBS, and credit card and auto loan ABS.

There were no notable detractors from relative performance during the period.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g51z95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrator Class** | **Bloomberg U.S. 1-3 Year Government Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $10000 | $10000 | $10000 |
| **9/30/2015** | $10034 | $10030 | $10068 |
| **10/31/2015** | $10017 | $10020 | $10069 |
| **11/30/2015** | $10001 | $9996 | $10043 |
| **12/31/2015** | $9984 | $9987 | $10010 |
| **1/31/2016** | $10048 | $10047 | $10148 |
| **2/29/2016** | $10061 | $10058 | $10220 |
| **3/31/2016** | $10074 | $10076 | $10314 |
| **4/30/2016** | $10078 | $10080 | $10353 |
| **5/31/2016** | $10072 | $10069 | $10356 |
| **6/30/2016** | $10137 | $10129 | $10542 |
| **7/31/2016** | $10132 | $10123 | $10609 |
| **8/31/2016** | $10118 | $10106 | $10597 |
| **9/30/2016** | $10145 | $10119 | $10590 |
| **10/31/2016** | $10139 | $10112 | $10509 |
| **11/30/2016** | $10093 | $10070 | $10261 |
| **12/31/2016** | $10087 | $10073 | $10275 |
| **1/31/2017** | $10102 | $10087 | $10295 |
| **2/28/2017** | $10115 | $10097 | $10365 |
| **3/31/2017** | $10129 | $10101 | $10359 |
| **4/30/2017** | $10143 | $10116 | $10439 |
| **5/31/2017** | $10157 | $10129 | $10519 |
| **6/30/2017** | $10151 | $10121 | $10509 |
| **7/31/2017** | $10167 | $10143 | $10554 |
| **8/31/2017** | $10182 | $10162 | $10649 |
| **9/30/2017** | $10177 | $10146 | $10598 |
| **10/31/2017** | $10173 | $10139 | $10604 |
| **11/30/2017** | $10148 | $10117 | $10591 |
| **12/31/2017** | $10157 | $10118 | $10639 |
| **1/31/2018** | $10113 | $10088 | $10517 |
| **2/28/2018** | $10109 | $10083 | $10417 |
| **3/31/2018** | $10128 | $10103 | $10484 |
| **4/30/2018** | $10104 | $10086 | $10406 |
| **5/31/2018** | $10123 | $10123 | $10480 |
| **6/30/2018** | $10122 | $10125 | $10467 |
| **7/31/2018** | $10122 | $10123 | $10470 |
| **8/31/2018** | $10144 | $10157 | $10537 |
| **9/30/2018** | $10135 | $10145 | $10469 |
| **10/31/2018** | $10137 | $10159 | $10386 |
| **11/30/2018** | $10170 | $10196 | $10448 |
| **12/31/2018** | $10237 | $10278 | $10640 |
| **1/31/2019** | $10271 | $10305 | $10753 |
| **2/28/2019** | $10274 | $10316 | $10747 |
| **3/31/2019** | $10341 | $10380 | $10954 |
| **4/30/2019** | $10363 | $10401 | $10956 |
| **5/31/2019** | $10440 | $10477 | $11151 |
| **6/30/2019** | $10484 | $10531 | $11291 |
| **7/31/2019** | $10484 | $10520 | $11316 |
| **8/31/2019** | $10560 | $10605 | $11609 |
| **9/30/2019** | $10561 | $10593 | $11547 |
| **10/31/2019** | $10583 | $10628 | $11582 |
| **11/30/2019** | $10581 | $10624 | $11576 |
| **12/31/2019** | $10594 | $10647 | $11568 |
| **1/31/2020** | $10669 | $10705 | $11791 |
| **2/29/2020** | $10767 | $10801 | $12003 |
| **3/31/2020** | $10789 | $10937 | $11932 |
| **4/30/2020** | $10865 | $10953 | $12144 |
| **5/31/2020** | $10896 | $10961 | $12201 |
| **6/30/2020** | $10917 | $10965 | $12278 |
| **7/31/2020** | $10924 | $10975 | $12461 |
| **8/31/2020** | $10940 | $10974 | $12360 |
| **9/30/2020** | $10943 | $10976 | $12354 |
| **10/31/2020** | $10946 | $10972 | $12298 |
| **11/30/2020** | $10947 | $10976 | $12419 |
| **12/31/2020** | $10969 | $10982 | $12436 |
| **1/31/2021** | $10969 | $10985 | $12347 |
| **2/28/2021** | $10956 | $10979 | $12169 |
| **3/31/2021** | $10955 | $10976 | $12017 |
| **4/30/2021** | $10953 | $10981 | $12112 |
| **5/31/2021** | $10940 | $10991 | $12151 |
| **6/30/2021** | $10904 | $10972 | $12237 |
| **7/31/2021** | $10914 | $10991 | $12374 |
| **8/31/2021** | $10911 | $10990 | $12350 |
| **9/30/2021** | $10909 | $10979 | $12243 |
| **10/31/2021** | $10863 | $10944 | $12240 |
| **11/30/2021** | $10840 | $10939 | $12276 |
| **12/31/2021** | $10805 | $10916 | $12245 |
| **1/31/2022** | $10726 | $10839 | $11981 |
| **2/28/2022** | $10658 | $10795 | $11847 |
| **3/31/2022** | $10489 | $10643 | $11518 |
| **4/30/2022** | $10401 | $10593 | $11081 |
| **5/31/2022** | $10450 | $10655 | $11152 |
| **6/30/2022** | $10365 | $10588 | $10977 |
| **7/31/2022** | $10396 | $10632 | $11246 |
| **8/31/2022** | $10315 | $10548 | $10928 |
| **9/30/2022** | $10131 | $10424 | $10456 |
| **10/31/2022** | $10061 | $10414 | $10320 |
| **11/30/2022** | $10163 | $10482 | $10700 |
| **12/31/2022** | $10187 | $10501 | $10651 |
| **1/31/2023** | $10292 | $10578 | $10979 |
| **2/28/2023** | $10213 | $10497 | $10695 |
| **3/31/2023** | $10320 | $10668 | $10967 |
| **4/30/2023** | $10360 | $10696 | $11033 |
| **5/31/2023** | $10308 | $10659 | $10913 |
| **6/30/2023** | $10256 | $10605 | $10874 |
| **7/31/2023** | $10300 | $10642 | $10867 |
| **8/31/2023** | $10336 | $10684 | $10797 |
| **9/30/2023** | $10303 | $10682 | $10523 |
| **10/31/2023** | $10330 | $10718 | $10357 |
| **11/30/2023** | $10488 | $10829 | $10826 |
| **12/31/2023** | $10636 | $10954 | $11240 |
| **1/31/2024** | $10688 | $10994 | $11210 |
| **2/29/2024** | $10644 | $10947 | $11051 |
| **3/31/2024** | $10708 | $10985 | $11153 |
| **4/30/2024** | $10665 | $10945 | $10871 |
| **5/31/2024** | $10745 | $11021 | $11056 |
| **6/30/2024** | $10812 | $11085 | $11160 |
| **7/31/2024** | $10928 | $11214 | $11421 |
| **8/31/2024** | $11033 | $11315 | $11585 |
| **9/30/2024** | $11147 | $11406 | $11740 |
| **10/31/2024** | $11077 | $11338 | $11449 |
| **11/30/2024** | $11092 | $11371 | $11570 |
| **12/31/2024** | $11121 | $11396 | $11381 |
| **1/31/2025** | $11174 | $11446 | $11441 |
| **2/28/2025** | $11265 | $11527 | $11693 |
| **3/31/2025** | $11320 | $11581 | $11697 |
| **4/30/2025** | $11386 | $11675 | $11743 |
| **5/31/2025** | $11376 | $11648 | $11659 |
| **6/30/2025** | $11455 | $11719 | $11839 |
| **7/31/2025** | $11456 | $11712 | $11807 |
| **8/31/2025** | $11548 | $11814 | $11949 |

---

# Short Duration Government Bond Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 4.67 | 1.09 | 1.45 |
| Bloomberg U.S. 1-3 Year Government Bond Index | 4.42 | 1.49 | 1.68 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $206900856 |
| # of portfolio holdings | 71 |
| Portfolio turnover rate | 187% |
| Total advisory fees paid | $483557 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Agency securities | 84.9 |
| U.S. Treasury securities | 8.3 |
| Asset-backed securities | 5.6 |
| Non-agency mortgage-backed securities | 1.2 |

---

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

---

| | |
|:---|:---|
| FNMA, 3.43%, 7-1-2049 | 7.0 |
| U.S. Treasury Notes, 3.63%, 8-15-2028 | 6.6 |
| FNMA, 2.50%, 3-1-2035 | 4.7 |
| FHLMC, 3.01%, 11-1-2048 | 4.5 |
| GNMA Series 2022-189 Class DC, 2.50%, 10-20-2051 | 4.0 |
| FHLMC, 3.15%, 7-1-2050 | 2.9 |
| FNMA Series 2018-1 Class FB, 4.71%, 2-25-2048 | 2.8 |
| FNMA Series 2012-9 Class CF, 4.91%, 2-25-2042 | 2.8 |
| FNMA Series 2011-47 Class GF, 5.03%, 6-25-2041 | 2.6 |
| FNMA, 5.40%, 8-1-2054 | 2.5 |

---

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

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

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

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

#### AR0935 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Short-Term Bond Plus Fund

# August 31, 2025

# Institutional Class

# SSHIX
This annual shareholder report contains important information about Short-Term Bond Plus Fund for the period from September 1, 2024 to August 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 |
| Institutional Class | $30 | 0.29% |

---

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?
Treasury yields were volatile throughout the 12-month period. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early on before holding rates steady. At period-end, markets priced in two more rate cuts by the end of 2025. Credit spreads narrowed and remained subdued.

Portfolio duration modestly extended early in the period relative to the portfolio's strategic neutral (longer than the benchmark). The portfolio was positioned in higher-quality securities and credit exposure was reduced as valuations became more extreme. The portfolio had a diversified set of non-benchmark securitized and plus-sector exposures.

Contributors to Fund performance included sector allocation (with exposure to diverse plus sectors), credit-quality allocation, and security selection. Duration also contributed.

The main detractors from performance were allocations to non-agency collateralized mortgage obligations and yield curve positioning, with out-of-benchmark allocations beyond three years detracting.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g39y00.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. 1-3 Year Government/Credit Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $10000 | $10000 | $10000 |
| **9/30/2015** | $10011 | $10030 | $10068 |
| **10/31/2015** | $10023 | $10026 | $10069 |
| **11/30/2015** | $10012 | $10007 | $10043 |
| **12/31/2015** | $9992 | $9994 | $10010 |
| **1/31/2016** | $10027 | $10046 | $10148 |
| **2/29/2016** | $10040 | $10055 | $10220 |
| **3/31/2016** | $10099 | $10091 | $10314 |
| **4/30/2016** | $10135 | $10105 | $10353 |
| **5/31/2016** | $10138 | $10098 | $10356 |
| **6/30/2016** | $10197 | $10159 | $10542 |
| **7/31/2016** | $10211 | $10161 | $10609 |
| **8/31/2016** | $10214 | $10150 | $10597 |
| **9/30/2016** | $10227 | $10161 | $10590 |
| **10/31/2016** | $10229 | $10158 | $10509 |
| **11/30/2016** | $10196 | $10116 | $10261 |
| **12/31/2016** | $10208 | $10122 | $10275 |
| **1/31/2017** | $10234 | $10141 | $10295 |
| **2/28/2017** | $10261 | $10157 | $10365 |
| **3/31/2017** | $10263 | $10163 | $10359 |
| **4/30/2017** | $10288 | $10182 | $10439 |
| **5/31/2017** | $10314 | $10198 | $10519 |
| **6/30/2017** | $10315 | $10194 | $10509 |
| **7/31/2017** | $10340 | $10221 | $10554 |
| **8/31/2017** | $10366 | $10241 | $10649 |
| **9/30/2017** | $10357 | $10229 | $10598 |
| **10/31/2017** | $10360 | $10226 | $10604 |
| **11/30/2017** | $10339 | $10204 | $10591 |
| **12/31/2017** | $10342 | $10207 | $10639 |
| **1/31/2018** | $10334 | $10180 | $10517 |
| **2/28/2018** | $10327 | $10171 | $10417 |
| **3/31/2018** | $10332 | $10187 | $10484 |
| **4/30/2018** | $10338 | $10176 | $10406 |
| **5/31/2018** | $10369 | $10214 | $10480 |
| **6/30/2018** | $10364 | $10215 | $10467 |
| **7/31/2018** | $10383 | $10221 | $10470 |
| **8/31/2018** | $10414 | $10257 | $10537 |
| **9/30/2018** | $10422 | $10250 | $10469 |
| **10/31/2018** | $10419 | $10261 | $10386 |
| **11/30/2018** | $10440 | $10290 | $10448 |
| **12/31/2018** | $10487 | $10371 | $10640 |
| **1/31/2019** | $10571 | $10411 | $10753 |
| **2/28/2019** | $10607 | $10427 | $10747 |
| **3/31/2019** | $10679 | $10496 | $10954 |
| **4/30/2019** | $10716 | $10520 | $10956 |
| **5/31/2019** | $10776 | $10592 | $11151 |
| **6/30/2019** | $10837 | $10651 | $11291 |
| **7/31/2019** | $10849 | $10645 | $11316 |
| **8/31/2019** | $10922 | $10731 | $11609 |
| **9/30/2019** | $10933 | $10725 | $11547 |
| **10/31/2019** | $10969 | $10762 | $11582 |
| **11/30/2019** | $10967 | $10762 | $11576 |
| **12/31/2019** | $10989 | $10788 | $11568 |
| **1/31/2020** | $11062 | $10848 | $11791 |
| **2/29/2020** | $11134 | $10937 | $12003 |
| **3/31/2020** | $10856 | $10971 | $11932 |
| **4/30/2020** | $11078 | $11040 | $12144 |
| **5/31/2020** | $11238 | $11077 | $12201 |
| **6/30/2020** | $11346 | $11099 | $12278 |
| **7/31/2020** | $11454 | $11120 | $12461 |
| **8/31/2020** | $11493 | $11124 | $12360 |
| **9/30/2020** | $11498 | $11125 | $12354 |
| **10/31/2020** | $11514 | $11127 | $12298 |
| **11/30/2020** | $11610 | $11138 | $12419 |
| **12/31/2020** | $11660 | $11148 | $12436 |
| **1/31/2021** | $11678 | $11152 | $12347 |
| **2/28/2021** | $11682 | $11148 | $12169 |
| **3/31/2021** | $11669 | $11143 | $12017 |
| **4/30/2021** | $11708 | $11152 | $12112 |
| **5/31/2021** | $11723 | $11165 | $12151 |
| **6/30/2021** | $11727 | $11148 | $12237 |
| **7/31/2021** | $11728 | $11167 | $12374 |
| **8/31/2021** | $11737 | $11167 | $12350 |
| **9/30/2021** | $11726 | $11158 | $12243 |
| **10/31/2021** | $11696 | $11121 | $12240 |
| **11/30/2021** | $11680 | $11112 | $12276 |
| **12/31/2021** | $11678 | $11095 | $12245 |
| **1/31/2022** | $11606 | $11016 | $11981 |
| **2/28/2022** | $11532 | $10968 | $11847 |
| **3/31/2022** | $11376 | $10819 | $11518 |
| **4/30/2022** | $11285 | $10761 | $11081 |
| **5/31/2022** | $11313 | $10827 | $11152 |
| **6/30/2022** | $11171 | $10751 | $10977 |
| **7/31/2022** | $11256 | $10807 | $11246 |
| **8/31/2022** | $11186 | $10723 | $10928 |
| **9/30/2022** | $11013 | $10592 | $10456 |
| **10/31/2022** | $10969 | $10579 | $10320 |
| **11/30/2022** | $11094 | $10666 | $10700 |
| **12/31/2022** | $11135 | $10686 | $10651 |
| **1/31/2023** | $11287 | $10772 | $10979 |
| **2/28/2023** | $11206 | $10692 | $10695 |
| **3/31/2023** | $11353 | $10848 | $10967 |
| **4/30/2023** | $11411 | $10885 | $11033 |
| **5/31/2023** | $11379 | $10851 | $10913 |
| **6/30/2023** | $11348 | $10807 | $10874 |
| **7/31/2023** | $11417 | $10853 | $10867 |
| **8/31/2023** | $11460 | $10891 | $10797 |
| **9/30/2023** | $11449 | $10886 | $10523 |
| **10/31/2023** | $11459 | $10920 | $10357 |
| **11/30/2023** | $11641 | $11047 | $10826 |
| **12/31/2023** | $11825 | $11179 | $11240 |
| **1/31/2024** | $11894 | $11223 | $11210 |
| **2/29/2024** | $11863 | $11182 | $11051 |
| **3/31/2024** | $11922 | $11226 | $11153 |
| **4/30/2024** | $11891 | $11189 | $10871 |
| **5/31/2024** | $11997 | $11270 | $11056 |
| **6/30/2024** | $12064 | $11333 | $11160 |
| **7/31/2024** | $12209 | $11468 | $11421 |
| **8/31/2024** | $12316 | $11572 | $11585 |
| **9/30/2024** | $12431 | $11668 | $11740 |
| **10/31/2024** | $12367 | $11602 | $11449 |
| **11/30/2024** | $12441 | $11641 | $11570 |
| **12/31/2024** | $12464 | $11666 | $11381 |
| **1/31/2025** | $12527 | $11719 | $11441 |
| **2/28/2025** | $12632 | $11802 | $11693 |
| **3/31/2025** | $12675 | $11856 | $11697 |
| **4/30/2025** | $12735 | $11945 | $11743 |
| **5/31/2025** | $12759 | $11930 | $11659 |
| **6/30/2025** | $12863 | $12006 | $11839 |
| **7/31/2025** | $12887 | $12004 | $11807 |
| **8/31/2025** | $13012 | $12109 | $11949 |

---

# Short-Term Bond Plus Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 5.65 | 2.51 | 2.67 |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | 4.64 | 1.71 | 1.93 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $776926454 |
| # of portfolio holdings | 367 |
| Portfolio turnover rate | 182% |
| Total advisory fees paid | $1211888 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate bonds and notes | 30.7 |
| U.S. Treasury securities | 14.8 |
| Agency securities | 13.5 |
| Asset-backed securities | 12.9 |
| Yankee corporate bonds and notes | 12.2 |
| Non-agency mortgage-backed securities | 11.1 |
| Foreign government bonds | 2.3 |
| Foreign corporate bonds and notes | 1.2 |
| Yankee government bonds | 0.8 |
| Investment companies | 0.4 |
| Municipal obligations | 0.1 |

---

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

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.88%, 7-31-2027 | 4.9 |
| U.S. Treasury Notes, 4.13%, 2-28-2027 | 3.0 |
| GNMA, 6.50%, 9-15-2054 | 2.8 |
| U.S. Treasury Notes, 4.38%, 7-31-2026 | 2.4 |
| FNMA, 6.00%, 5-1-2055 | 2.0 |
| U.S. Treasury Notes, 3.75%, 6-30-2027 | 1.5 |
| GNMA, 6.00%, 8-20-2054 | 1.4 |
| U.S. Treasury Notes, 3.75%, 8-15-2027 | 1.3 |
| GNMA, 6.00%, 9-15-2054 | 1.2 |
| GNMA, 5.50%, 6-20-2054 | 1.1 |

---

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

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as an additional sub-adviser for the Fund, effective November 3, 2025. On the same date, Sarah Harrison will be added as a portfolio manager for the Fund.

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

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

#### AR3102 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Short-Term Bond Plus Fund

# August 31, 2025

# Class R6

# SSTYX
This annual shareholder report contains important information about Short-Term Bond Plus Fund for the period from September 1, 2024 to August 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 R6 | $25 | 0.24% |

---

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?
Treasury yields were volatile throughout the 12-month period. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early on before holding rates steady. At period-end, markets priced in two more rate cuts by the end of 2025. Credit spreads narrowed and remained subdued.

Portfolio duration modestly extended early in the period relative to the portfolio's strategic neutral (longer than the benchmark). The portfolio was positioned in higher-quality securities and credit exposure was reduced as valuations became more extreme. The portfolio had a diversified set of non-benchmark securitized and plus-sector exposures.

Contributors to Fund performance included sector allocation (with exposure to diverse plus sectors), credit-quality allocation, and security selection. Duration also contributed.

The main detractors from performance were allocations to non-agency collateralized mortgage obligations and yield curve positioning, with out-of-benchmark allocations beyond three years detracting.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g63x26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. 1-3 Year Government/Credit Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $10000 | $10000 | $10000 |
| **9/30/2015** | $10011 | $10030 | $10068 |
| **10/31/2015** | $10023 | $10026 | $10069 |
| **11/30/2015** | $10012 | $10007 | $10043 |
| **12/31/2015** | $9992 | $9994 | $10010 |
| **1/31/2016** | $10027 | $10046 | $10148 |
| **2/29/2016** | $10040 | $10055 | $10220 |
| **3/31/2016** | $10099 | $10091 | $10314 |
| **4/30/2016** | $10135 | $10105 | $10353 |
| **5/31/2016** | $10138 | $10098 | $10356 |
| **6/30/2016** | $10197 | $10159 | $10542 |
| **7/31/2016** | $10211 | $10161 | $10609 |
| **8/31/2016** | $10214 | $10150 | $10597 |
| **9/30/2016** | $10227 | $10161 | $10590 |
| **10/31/2016** | $10229 | $10158 | $10509 |
| **11/30/2016** | $10196 | $10116 | $10261 |
| **12/31/2016** | $10208 | $10122 | $10275 |
| **1/31/2017** | $10234 | $10141 | $10295 |
| **2/28/2017** | $10261 | $10157 | $10365 |
| **3/31/2017** | $10263 | $10163 | $10359 |
| **4/30/2017** | $10288 | $10182 | $10439 |
| **5/31/2017** | $10314 | $10198 | $10519 |
| **6/30/2017** | $10315 | $10194 | $10509 |
| **7/31/2017** | $10340 | $10221 | $10554 |
| **8/31/2017** | $10366 | $10241 | $10649 |
| **9/30/2017** | $10357 | $10229 | $10598 |
| **10/31/2017** | $10360 | $10226 | $10604 |
| **11/30/2017** | $10339 | $10204 | $10591 |
| **12/31/2017** | $10342 | $10207 | $10639 |
| **1/31/2018** | $10334 | $10180 | $10517 |
| **2/28/2018** | $10327 | $10171 | $10417 |
| **3/31/2018** | $10332 | $10187 | $10484 |
| **4/30/2018** | $10338 | $10176 | $10406 |
| **5/31/2018** | $10369 | $10214 | $10480 |
| **6/30/2018** | $10364 | $10215 | $10467 |
| **7/31/2018** | $10383 | $10221 | $10470 |
| **8/31/2018** | $10426 | $10257 | $10537 |
| **9/30/2018** | $10423 | $10250 | $10469 |
| **10/31/2018** | $10420 | $10261 | $10386 |
| **11/30/2018** | $10430 | $10290 | $10448 |
| **12/31/2018** | $10489 | $10371 | $10640 |
| **1/31/2019** | $10561 | $10411 | $10753 |
| **2/28/2019** | $10598 | $10427 | $10747 |
| **3/31/2019** | $10671 | $10496 | $10954 |
| **4/30/2019** | $10708 | $10520 | $10956 |
| **5/31/2019** | $10769 | $10592 | $11151 |
| **6/30/2019** | $10830 | $10651 | $11291 |
| **7/31/2019** | $10842 | $10645 | $11316 |
| **8/31/2019** | $10916 | $10731 | $11609 |
| **9/30/2019** | $10927 | $10725 | $11547 |
| **10/31/2019** | $10963 | $10762 | $11582 |
| **11/30/2019** | $10962 | $10762 | $11576 |
| **12/31/2019** | $10997 | $10788 | $11568 |
| **1/31/2020** | $11057 | $10848 | $11791 |
| **2/29/2020** | $11130 | $10937 | $12003 |
| **3/31/2020** | $10853 | $10971 | $11932 |
| **4/30/2020** | $11075 | $11040 | $12144 |
| **5/31/2020** | $11235 | $11077 | $12201 |
| **6/30/2020** | $11345 | $11099 | $12278 |
| **7/31/2020** | $11453 | $11120 | $12461 |
| **8/31/2020** | $11492 | $11124 | $12360 |
| **9/30/2020** | $11497 | $11125 | $12354 |
| **10/31/2020** | $11514 | $11127 | $12298 |
| **11/30/2020** | $11611 | $11138 | $12419 |
| **12/31/2020** | $11661 | $11148 | $12436 |
| **1/31/2021** | $11680 | $11152 | $12347 |
| **2/28/2021** | $11684 | $11148 | $12169 |
| **3/31/2021** | $11685 | $11143 | $12017 |
| **4/30/2021** | $11711 | $11152 | $12112 |
| **5/31/2021** | $11727 | $11165 | $12151 |
| **6/30/2021** | $11731 | $11148 | $12237 |
| **7/31/2021** | $11733 | $11167 | $12374 |
| **8/31/2021** | $11742 | $11167 | $12350 |
| **9/30/2021** | $11745 | $11158 | $12243 |
| **10/31/2021** | $11702 | $11121 | $12240 |
| **11/30/2021** | $11700 | $11112 | $12276 |
| **12/31/2021** | $11699 | $11095 | $12245 |
| **1/31/2022** | $11614 | $11016 | $11981 |
| **2/28/2022** | $11540 | $10968 | $11847 |
| **3/31/2022** | $11384 | $10819 | $11518 |
| **4/30/2022** | $11293 | $10761 | $11081 |
| **5/31/2022** | $11322 | $10827 | $11152 |
| **6/30/2022** | $11193 | $10751 | $10977 |
| **7/31/2022** | $11265 | $10807 | $11246 |
| **8/31/2022** | $11196 | $10723 | $10928 |
| **9/30/2022** | $11023 | $10592 | $10456 |
| **10/31/2022** | $10993 | $10579 | $10320 |
| **11/30/2022** | $11105 | $10666 | $10700 |
| **12/31/2022** | $11147 | $10686 | $10651 |
| **1/31/2023** | $11313 | $10772 | $10979 |
| **2/28/2023** | $11219 | $10692 | $10695 |
| **3/31/2023** | $11366 | $10848 | $10967 |
| **4/30/2023** | $11425 | $10885 | $11033 |
| **5/31/2023** | $11394 | $10851 | $10913 |
| **6/30/2023** | $11362 | $10807 | $10874 |
| **7/31/2023** | $11432 | $10853 | $10867 |
| **8/31/2023** | $11490 | $10891 | $10797 |
| **9/30/2023** | $11466 | $10886 | $10523 |
| **10/31/2023** | $11490 | $10920 | $10357 |
| **11/30/2023** | $11672 | $11047 | $10826 |
| **12/31/2023** | $11843 | $11179 | $11240 |
| **1/31/2024** | $11913 | $11223 | $11210 |
| **2/29/2024** | $11882 | $11182 | $11051 |
| **3/31/2024** | $11956 | $11226 | $11153 |
| **4/30/2024** | $11911 | $11189 | $10871 |
| **5/31/2024** | $12033 | $11270 | $11056 |
| **6/30/2024** | $12086 | $11333 | $11160 |
| **7/31/2024** | $12232 | $11468 | $11421 |
| **8/31/2024** | $12354 | $11572 | $11585 |
| **9/30/2024** | $12470 | $11668 | $11740 |
| **10/31/2024** | $12392 | $11602 | $11449 |
| **11/30/2024** | $12467 | $11641 | $11570 |
| **12/31/2024** | $12491 | $11666 | $11381 |
| **1/31/2025** | $12569 | $11719 | $11441 |
| **2/28/2025** | $12660 | $11802 | $11693 |
| **3/31/2025** | $12703 | $11856 | $11697 |
| **4/30/2025** | $12765 | $11945 | $11743 |
| **5/31/2025** | $12789 | $11930 | $11659 |
| **6/30/2025** | $12894 | $12006 | $11839 |
| **7/31/2025** | $12919 | $12004 | $11807 |
| **8/31/2025** | $13045 | $12109 | $11949 |

---

# Short-Term Bond Plus Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>Footnote Reference\*</sup> | 5.59 | 2.57 | 2.69 |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | 4.64 | 1.71 | 1.93 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

---

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

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $776926454 |
| # of portfolio holdings | 367 |
| Portfolio turnover rate | 182% |
| Total advisory fees paid | $1211888 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate bonds and notes | 30.7 |
| U.S. Treasury securities | 14.8 |
| Agency securities | 13.5 |
| Asset-backed securities | 12.9 |
| Yankee corporate bonds and notes | 12.2 |
| Non-agency mortgage-backed securities | 11.1 |
| Foreign government bonds | 2.3 |
| Foreign corporate bonds and notes | 1.2 |
| Yankee government bonds | 0.8 |
| Investment companies | 0.4 |
| Municipal obligations | 0.1 |

---

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

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.88%, 7-31-2027 | 4.9 |
| U.S. Treasury Notes, 4.13%, 2-28-2027 | 3.0 |
| GNMA, 6.50%, 9-15-2054 | 2.8 |
| U.S. Treasury Notes, 4.38%, 7-31-2026 | 2.4 |
| FNMA, 6.00%, 5-1-2055 | 2.0 |
| U.S. Treasury Notes, 3.75%, 6-30-2027 | 1.5 |
| GNMA, 6.00%, 8-20-2054 | 1.4 |
| U.S. Treasury Notes, 3.75%, 8-15-2027 | 1.3 |
| GNMA, 6.00%, 9-15-2054 | 1.2 |
| GNMA, 5.50%, 6-20-2054 | 1.1 |

---

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

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as an additional sub-adviser for the Fund, effective November 3, 2025. On the same date, Sarah Harrison will be added as a portfolio manager for the Fund.

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

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

#### AR4812 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Short-Term Bond Plus Fund

# August 31, 2025

# Class C

# WFSHX
This annual shareholder report contains important information about Short-Term Bond Plus Fund for the period from September 1, 2024 to August 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 | $139 | 1.36% |

---

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?
Treasury yields were volatile throughout the 12-month period. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early on before holding rates steady. At period-end, markets priced in two more rate cuts by the end of 2025. Credit spreads narrowed and remained subdued.

Portfolio duration modestly extended early in the period relative to the portfolio's strategic neutral (longer than the benchmark). The portfolio was positioned in higher-quality securities and credit exposure was reduced as valuations became more extreme. The portfolio had a diversified set of non-benchmark securitized and plus-sector exposures.

Contributors to Fund performance included sector allocation (with exposure to diverse plus sectors), credit-quality allocation, and security selection. Duration also contributed.

The main detractors from performance were allocations to non-agency collateralized mortgage obligations and yield curve positioning, with out-of-benchmark allocations beyond three years detracting.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g99v70.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **Bloomberg U.S. 1-3 Year Government/Credit Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $10000 | $10000 | $10000 |
| **9/30/2015** | $10003 | $10030 | $10068 |
| **10/31/2015** | $10006 | $10026 | $10069 |
| **11/30/2015** | $9987 | $10007 | $10043 |
| **12/31/2015** | $9959 | $9994 | $10010 |
| **1/31/2016** | $9985 | $10046 | $10148 |
| **2/29/2016** | $9979 | $10055 | $10220 |
| **3/31/2016** | $10029 | $10091 | $10314 |
| **4/30/2016** | $10057 | $10105 | $10353 |
| **5/31/2016** | $10051 | $10098 | $10356 |
| **6/30/2016** | $10102 | $10159 | $10542 |
| **7/31/2016** | $10119 | $10161 | $10609 |
| **8/31/2016** | $10101 | $10150 | $10597 |
| **9/30/2016** | $10107 | $10161 | $10590 |
| **10/31/2016** | $10100 | $10158 | $10509 |
| **11/30/2016** | $10059 | $10116 | $10261 |
| **12/31/2016** | $10063 | $10122 | $10275 |
| **1/31/2017** | $10079 | $10141 | $10295 |
| **2/28/2017** | $10098 | $10157 | $10365 |
| **3/31/2017** | $10103 | $10163 | $10359 |
| **4/30/2017** | $10109 | $10182 | $10439 |
| **5/31/2017** | $10137 | $10198 | $10519 |
| **6/30/2017** | $10130 | $10194 | $10509 |
| **7/31/2017** | $10146 | $10221 | $10554 |
| **8/31/2017** | $10151 | $10241 | $10649 |
| **9/30/2017** | $10146 | $10229 | $10598 |
| **10/31/2017** | $10140 | $10226 | $10604 |
| **11/30/2017** | $10112 | $10204 | $10591 |
| **12/31/2017** | $10106 | $10207 | $10639 |
| **1/31/2018** | $10078 | $10180 | $10517 |
| **2/28/2018** | $10062 | $10171 | $10417 |
| **3/31/2018** | $10059 | $10187 | $10484 |
| **4/30/2018** | $10057 | $10176 | $10406 |
| **5/31/2018** | $10089 | $10214 | $10480 |
| **6/30/2018** | $10076 | $10215 | $10467 |
| **7/31/2018** | $10085 | $10221 | $10470 |
| **8/31/2018** | $10107 | $10257 | $10537 |
| **9/30/2018** | $10106 | $10250 | $10469 |
| **10/31/2018** | $10094 | $10261 | $10386 |
| **11/30/2018** | $10107 | $10290 | $10448 |
| **12/31/2018** | $10143 | $10371 | $10640 |
| **1/31/2019** | $10204 | $10411 | $10753 |
| **2/28/2019** | $10231 | $10427 | $10747 |
| **3/31/2019** | $10304 | $10496 | $10954 |
| **4/30/2019** | $10330 | $10520 | $10956 |
| **5/31/2019** | $10380 | $10592 | $11151 |
| **6/30/2019** | $10430 | $10651 | $11291 |
| **7/31/2019** | $10420 | $10645 | $11316 |
| **8/31/2019** | $10493 | $10731 | $11609 |
| **9/30/2019** | $10483 | $10725 | $11547 |
| **10/31/2019** | $10508 | $10762 | $11582 |
| **11/30/2019** | $10509 | $10762 | $11576 |
| **12/31/2019** | $10522 | $10788 | $11568 |
| **1/31/2020** | $10582 | $10848 | $11791 |
| **2/29/2020** | $10643 | $10937 | $12003 |
| **3/31/2020** | $10356 | $10971 | $11932 |
| **4/30/2020** | $10571 | $11040 | $12144 |
| **5/31/2020** | $10703 | $11077 | $12201 |
| **6/30/2020** | $10810 | $11099 | $12278 |
| **7/31/2020** | $10891 | $11120 | $12461 |
| **8/31/2020** | $10923 | $11124 | $12360 |
| **9/30/2020** | $10919 | $11125 | $12354 |
| **10/31/2020** | $10924 | $11127 | $12298 |
| **11/30/2020** | $11007 | $11138 | $12419 |
| **12/31/2020** | $11044 | $11148 | $12436 |
| **1/31/2021** | $11051 | $11152 | $12347 |
| **2/28/2021** | $11046 | $11148 | $12169 |
| **3/31/2021** | $11038 | $11143 | $12017 |
| **4/30/2021** | $11052 | $11152 | $12112 |
| **5/31/2021** | $11058 | $11165 | $12151 |
| **6/30/2021** | $11052 | $11148 | $12237 |
| **7/31/2021** | $11043 | $11167 | $12374 |
| **8/31/2021** | $11043 | $11167 | $12350 |
| **9/30/2021** | $11036 | $11158 | $12243 |
| **10/31/2021** | $10987 | $11121 | $12240 |
| **11/30/2021** | $10975 | $11112 | $12276 |
| **12/31/2021** | $10958 | $11095 | $12245 |
| **1/31/2022** | $10873 | $11016 | $11981 |
| **2/28/2022** | $10795 | $10968 | $11847 |
| **3/31/2022** | $10639 | $10819 | $11518 |
| **4/30/2022** | $10545 | $10761 | $11081 |
| **5/31/2022** | $10562 | $10827 | $11152 |
| **6/30/2022** | $10432 | $10751 | $10977 |
| **7/31/2022** | $10494 | $10807 | $11246 |
| **8/31/2022** | $10427 | $10723 | $10928 |
| **9/30/2022** | $10245 | $10592 | $10456 |
| **10/31/2022** | $10208 | $10579 | $10320 |
| **11/30/2022** | $10302 | $10666 | $10700 |
| **12/31/2022** | $10339 | $10686 | $10651 |
| **1/31/2023** | $10475 | $10772 | $10979 |
| **2/28/2023** | $10380 | $10692 | $10695 |
| **3/31/2023** | $10505 | $10848 | $10967 |
| **4/30/2023** | $10551 | $10885 | $11033 |
| **5/31/2023** | $10513 | $10851 | $10913 |
| **6/30/2023** | $10474 | $10807 | $10874 |
| **7/31/2023** | $10540 | $10853 | $10867 |
| **8/31/2023** | $10571 | $10891 | $10797 |
| **9/30/2023** | $10558 | $10886 | $10523 |
| **10/31/2023** | $10564 | $10920 | $10357 |
| **11/30/2023** | $10729 | $11047 | $10826 |
| **12/31/2023** | $10894 | $11179 | $11240 |
| **1/31/2024** | $10956 | $11223 | $11210 |
| **2/29/2024** | $10925 | $11182 | $11051 |
| **3/31/2024** | $10976 | $11226 | $11153 |
| **4/30/2024** | $10945 | $11189 | $10871 |
| **5/31/2024** | $11039 | $11270 | $11056 |
| **6/30/2024** | $11098 | $11333 | $11160 |
| **7/31/2024** | $11215 | $11468 | $11421 |
| **8/31/2024** | $11324 | $11572 | $11585 |
| **9/30/2024** | $11427 | $11668 | $11740 |
| **10/31/2024** | $11365 | $11602 | $11449 |
| **11/30/2024** | $11416 | $11641 | $11570 |
| **12/31/2024** | $11434 | $11666 | $11381 |
| **1/31/2025** | $11502 | $11719 | $11441 |
| **2/28/2025** | $11596 | $11802 | $11693 |
| **3/31/2025** | $11632 | $11856 | $11697 |
| **4/30/2025** | $11671 | $11945 | $11743 |
| **5/31/2025** | $11703 | $11930 | $11659 |
| **6/30/2025** | $11797 | $12006 | $11839 |
| **7/31/2025** | $11815 | $12004 | $11807 |
| **8/31/2025** | $11926 | $12109 | $11949 |

---

# Short-Term Bond Plus Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 4.42 | 1.44 | 1.78 |
| Class C with Load | 3.42 | 1.44 | 1.78 |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | 4.64 | 1.71 | 1.93 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $776926454 |
| # of portfolio holdings | 367 |
| Portfolio turnover rate | 182% |
| Total advisory fees paid | $1211888 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate bonds and notes | 30.7 |
| U.S. Treasury securities | 14.8 |
| Agency securities | 13.5 |
| Asset-backed securities | 12.9 |
| Yankee corporate bonds and notes | 12.2 |
| Non-agency mortgage-backed securities | 11.1 |
| Foreign government bonds | 2.3 |
| Foreign corporate bonds and notes | 1.2 |
| Yankee government bonds | 0.8 |
| Investment companies | 0.4 |
| Municipal obligations | 0.1 |

---

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

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.88%, 7-31-2027 | 4.9 |
| U.S. Treasury Notes, 4.13%, 2-28-2027 | 3.0 |
| GNMA, 6.50%, 9-15-2054 | 2.8 |
| U.S. Treasury Notes, 4.38%, 7-31-2026 | 2.4 |
| FNMA, 6.00%, 5-1-2055 | 2.0 |
| U.S. Treasury Notes, 3.75%, 6-30-2027 | 1.5 |
| GNMA, 6.00%, 8-20-2054 | 1.4 |
| U.S. Treasury Notes, 3.75%, 8-15-2027 | 1.3 |
| GNMA, 6.00%, 9-15-2054 | 1.2 |
| GNMA, 5.50%, 6-20-2054 | 1.1 |

---

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

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as an additional sub-adviser for the Fund, effective November 3, 2025. On the same date, Sarah Harrison will be added as a portfolio manager for the Fund. At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on or about the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C will be closed to new investors and additional investments from existing shareholders.

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

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

#### AR3540 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Short-Term Bond Plus Fund

# August 31, 2025

# Class A

# SSTVX
This annual shareholder report contains important information about Short-Term Bond Plus Fund for the period from September 1, 2024 to August 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 A | $60 | 0.58% |

---

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?
Treasury yields were volatile throughout the 12-month period. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early on before holding rates steady. At period-end, markets priced in two more rate cuts by the end of 2025. Credit spreads narrowed and remained subdued.

Portfolio duration modestly extended early in the period relative to the portfolio's strategic neutral (longer than the benchmark). The portfolio was positioned in higher-quality securities and credit exposure was reduced as valuations became more extreme. The portfolio had a diversified set of non-benchmark securitized and plus-sector exposures.

Contributors to Fund performance included sector allocation (with exposure to diverse plus sectors), credit-quality allocation, and security selection. Duration also contributed.

The main detractors from performance were allocations to non-agency collateralized mortgage obligations and yield curve positioning, with out-of-benchmark allocations beyond three years detracting.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g56r36.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Bloomberg U.S. 1-3 Year Government/Credit Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $9800 | $10000 | $10000 |
| **9/30/2015** | $9809 | $10030 | $10068 |
| **10/31/2015** | $9818 | $10026 | $10069 |
| **11/30/2015** | $9806 | $10007 | $10043 |
| **12/31/2015** | $9784 | $9994 | $10010 |
| **1/31/2016** | $9816 | $10046 | $10148 |
| **2/29/2016** | $9815 | $10055 | $10220 |
| **3/31/2016** | $9871 | $10091 | $10314 |
| **4/30/2016** | $9905 | $10105 | $10353 |
| **5/31/2016** | $9905 | $10098 | $10356 |
| **6/30/2016** | $9962 | $10159 | $10542 |
| **7/31/2016** | $9985 | $10161 | $10609 |
| **8/31/2016** | $9974 | $10150 | $10597 |
| **9/30/2016** | $9985 | $10161 | $10590 |
| **10/31/2016** | $9985 | $10158 | $10509 |
| **11/30/2016** | $9950 | $10116 | $10261 |
| **12/31/2016** | $9972 | $10122 | $10275 |
| **1/31/2017** | $9983 | $10141 | $10295 |
| **2/28/2017** | $10008 | $10157 | $10365 |
| **3/31/2017** | $10019 | $10163 | $10359 |
| **4/30/2017** | $10031 | $10182 | $10439 |
| **5/31/2017** | $10064 | $10198 | $10519 |
| **6/30/2017** | $10064 | $10194 | $10509 |
| **7/31/2017** | $10086 | $10221 | $10554 |
| **8/31/2017** | $10098 | $10241 | $10649 |
| **9/30/2017** | $10099 | $10229 | $10598 |
| **10/31/2017** | $10099 | $10226 | $10604 |
| **11/30/2017** | $10077 | $10204 | $10591 |
| **12/31/2017** | $10078 | $10207 | $10639 |
| **1/31/2018** | $10056 | $10180 | $10517 |
| **2/28/2018** | $10047 | $10171 | $10417 |
| **3/31/2018** | $10050 | $10187 | $10484 |
| **4/30/2018** | $10054 | $10176 | $10406 |
| **5/31/2018** | $10093 | $10214 | $10480 |
| **6/30/2018** | $10086 | $10215 | $10467 |
| **7/31/2018** | $10102 | $10221 | $10470 |
| **8/31/2018** | $10130 | $10257 | $10537 |
| **9/30/2018** | $10135 | $10250 | $10469 |
| **10/31/2018** | $10130 | $10261 | $10386 |
| **11/30/2018** | $10149 | $10290 | $10448 |
| **12/31/2018** | $10191 | $10371 | $10640 |
| **1/31/2019** | $10259 | $10411 | $10753 |
| **2/28/2019** | $10292 | $10427 | $10747 |
| **3/31/2019** | $10372 | $10496 | $10954 |
| **4/30/2019** | $10405 | $10520 | $10956 |
| **5/31/2019** | $10461 | $10592 | $11151 |
| **6/30/2019** | $10518 | $10651 | $11291 |
| **7/31/2019** | $10515 | $10645 | $11316 |
| **8/31/2019** | $10596 | $10731 | $11609 |
| **9/30/2019** | $10592 | $10725 | $11547 |
| **10/31/2019** | $10624 | $10762 | $11582 |
| **11/30/2019** | $10632 | $10762 | $11576 |
| **12/31/2019** | $10651 | $10788 | $11568 |
| **1/31/2020** | $10719 | $10848 | $11791 |
| **2/29/2020** | $10786 | $10937 | $12003 |
| **3/31/2020** | $10503 | $10971 | $11932 |
| **4/30/2020** | $10728 | $11040 | $12144 |
| **5/31/2020** | $10868 | $11077 | $12201 |
| **6/30/2020** | $10983 | $11099 | $12278 |
| **7/31/2020** | $11073 | $11120 | $12461 |
| **8/31/2020** | $11121 | $11124 | $12360 |
| **9/30/2020** | $11111 | $11125 | $12354 |
| **10/31/2020** | $11137 | $11127 | $12298 |
| **11/30/2020** | $11216 | $11138 | $12419 |
| **12/31/2020** | $11274 | $11148 | $12436 |
| **1/31/2021** | $11289 | $11152 | $12347 |
| **2/28/2021** | $11290 | $11148 | $12169 |
| **3/31/2021** | $11276 | $11143 | $12017 |
| **4/30/2021** | $11298 | $11152 | $12112 |
| **5/31/2021** | $11323 | $11165 | $12151 |
| **6/30/2021** | $11311 | $11148 | $12237 |
| **7/31/2021** | $11323 | $11167 | $12374 |
| **8/31/2021** | $11317 | $11167 | $12350 |
| **9/30/2021** | $11316 | $11158 | $12243 |
| **10/31/2021** | $11284 | $11121 | $12240 |
| **11/30/2021** | $11267 | $11112 | $12276 |
| **12/31/2021** | $11261 | $11095 | $12245 |
| **1/31/2022** | $11191 | $11016 | $11981 |
| **2/28/2022** | $11104 | $10968 | $11847 |
| **3/31/2022** | $10964 | $10819 | $11518 |
| **4/30/2022** | $10874 | $10761 | $11081 |
| **5/31/2022** | $10886 | $10827 | $11152 |
| **6/30/2022** | $10760 | $10751 | $10977 |
| **7/31/2022** | $10827 | $10807 | $11246 |
| **8/31/2022** | $10770 | $10723 | $10928 |
| **9/30/2022** | $10601 | $10592 | $10456 |
| **10/31/2022** | $10556 | $10579 | $10320 |
| **11/30/2022** | $10674 | $10666 | $10700 |
| **12/31/2022** | $10710 | $10686 | $10651 |
| **1/31/2023** | $10855 | $10772 | $10979 |
| **2/28/2023** | $10775 | $10692 | $10695 |
| **3/31/2023** | $10900 | $10848 | $10967 |
| **4/30/2023** | $10954 | $10885 | $11033 |
| **5/31/2023** | $10920 | $10851 | $10913 |
| **6/30/2023** | $10887 | $10807 | $10874 |
| **7/31/2023** | $10963 | $10853 | $10867 |
| **8/31/2023** | $11002 | $10891 | $10797 |
| **9/30/2023** | $10988 | $10886 | $10523 |
| **10/31/2023** | $10995 | $10920 | $10357 |
| **11/30/2023** | $11166 | $11047 | $10826 |
| **12/31/2023** | $11338 | $11179 | $11240 |
| **1/31/2024** | $11403 | $11223 | $11210 |
| **2/29/2024** | $11370 | $11182 | $11051 |
| **3/31/2024** | $11424 | $11226 | $11153 |
| **4/30/2024** | $11391 | $11189 | $10871 |
| **5/31/2024** | $11490 | $11270 | $11056 |
| **6/30/2024** | $11551 | $11333 | $11160 |
| **7/31/2024** | $11673 | $11468 | $11421 |
| **8/31/2024** | $11785 | $11572 | $11585 |
| **9/30/2024** | $11893 | $11668 | $11740 |
| **10/31/2024** | $11828 | $11602 | $11449 |
| **11/30/2024** | $11882 | $11641 | $11570 |
| **12/31/2024** | $11901 | $11666 | $11381 |
| **1/31/2025** | $11971 | $11719 | $11441 |
| **2/28/2025** | $12069 | $11802 | $11693 |
| **3/31/2025** | $12107 | $11856 | $11697 |
| **4/30/2025** | $12147 | $11945 | $11743 |
| **5/31/2025** | $12180 | $11930 | $11659 |
| **6/30/2025** | $12278 | $12006 | $11839 |
| **7/31/2025** | $12296 | $12004 | $11807 |
| **8/31/2025** | $12412 | $12109 | $11949 |

---

# Short-Term Bond Plus Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 5.32 | 2.22 | 2.39 |
| Class A with Load | 3.21 | 1.81 | 2.18 |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | 4.64 | 1.71 | 1.93 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $776926454 |
| # of portfolio holdings | 367 |
| Portfolio turnover rate | 182% |
| Total advisory fees paid | $1211888 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate bonds and notes | 30.7 |
| U.S. Treasury securities | 14.8 |
| Agency securities | 13.5 |
| Asset-backed securities | 12.9 |
| Yankee corporate bonds and notes | 12.2 |
| Non-agency mortgage-backed securities | 11.1 |
| Foreign government bonds | 2.3 |
| Foreign corporate bonds and notes | 1.2 |
| Yankee government bonds | 0.8 |
| Investment companies | 0.4 |
| Municipal obligations | 0.1 |

---

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

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.88%, 7-31-2027 | 4.9 |
| U.S. Treasury Notes, 4.13%, 2-28-2027 | 3.0 |
| GNMA, 6.50%, 9-15-2054 | 2.8 |
| U.S. Treasury Notes, 4.38%, 7-31-2026 | 2.4 |
| FNMA, 6.00%, 5-1-2055 | 2.0 |
| U.S. Treasury Notes, 3.75%, 6-30-2027 | 1.5 |
| GNMA, 6.00%, 8-20-2054 | 1.4 |
| U.S. Treasury Notes, 3.75%, 8-15-2027 | 1.3 |
| GNMA, 6.00%, 9-15-2054 | 1.2 |
| GNMA, 5.50%, 6-20-2054 | 1.1 |

---

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

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as an additional sub-adviser for the Fund, effective November 3, 2025. On the same date, Sarah Harrison will be added as a portfolio manager for the Fund.

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

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

#### AR3005 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# August 31, 2025

# Short-Term High Income Fund

# Institutional Class

# STYIX
This annual shareholder report contains important information about Short-Term High Income Fund for the period from September 1, 2024 to August 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 |
| Institutional Class | $52 | 0.50% |

---

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

## How did the Fund perform last year and what affected its performance?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early in the period before holding rates steady throughout 2025. At period-end, markets priced in two additional cuts to the federal funds rate by the end of 2025. Credit spreads narrowed and remained subdued for much of the period, near the tightest levels in 20 years for many credit sectors.

The top contributors to the Fund's performance were an overweight to transportation and underweights to basic industry and services. Security selection contributed to performance, particularly in services, capital goods, and banking.

The main detractors from performance were selection in health care, an underweight to media, and an overweight to B rated bonds. Allocations to out-of-benchmark securities with durations longer than three years also detracted from performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g03t57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index** | **Bloomberg U.S. Universal Bond Index** |
| **8/31/2015** | $10000 | $10000 | $10000 |
| **9/30/2015** | $9953 | $9919 | $10039 |
| **10/31/2015** | $10056 | $10074 | $10071 |
| **11/30/2015** | $10008 | $9996 | $10035 |
| **12/31/2015** | $9986 | $9931 | $9984 |
| **1/31/2016** | $9987 | $9872 | $10095 |
| **2/29/2016** | $10027 | $9975 | $10166 |
| **3/31/2016** | $10141 | $10148 | $10291 |
| **4/30/2016** | $10206 | $10314 | $10361 |
| **5/31/2016** | $10234 | $10372 | $10369 |
| **6/30/2016** | $10250 | $10429 | $10552 |
| **7/31/2016** | $10328 | $10557 | $10639 |
| **8/31/2016** | $10369 | $10639 | $10650 |
| **9/30/2016** | $10398 | $10677 | $10653 |
| **10/31/2016** | $10401 | $10698 | $10582 |
| **11/30/2016** | $10404 | $10688 | $10344 |
| **12/31/2016** | $10471 | $10771 | $10375 |
| **1/31/2017** | $10486 | $10811 | $10411 |
| **2/28/2017** | $10527 | $10868 | $10492 |
| **3/31/2017** | $10527 | $10877 | $10488 |
| **4/30/2017** | $10579 | $10955 | $10575 |
| **5/31/2017** | $10605 | $11011 | $10657 |
| **6/30/2017** | $10620 | $11032 | $10648 |
| **7/31/2017** | $10661 | $11083 | $10701 |
| **8/31/2017** | $10663 | $11109 | $10793 |
| **9/30/2017** | $10691 | $11160 | $10755 |
| **10/31/2017** | $10719 | $11174 | $10768 |
| **11/30/2017** | $10720 | $11160 | $10752 |
| **12/31/2017** | $10735 | $11163 | $10799 |
| **1/31/2018** | $10764 | $11179 | $10695 |
| **2/28/2018** | $10753 | $11145 | $10594 |
| **3/31/2018** | $10755 | $11137 | $10647 |
| **4/30/2018** | $10799 | $11191 | $10576 |
| **5/31/2018** | $10802 | $11216 | $10634 |
| **6/30/2018** | $10806 | $11226 | $10619 |
| **7/31/2018** | $10864 | $11300 | $10641 |
| **8/31/2018** | $10909 | $11359 | $10693 |
| **9/30/2018** | $10954 | $11401 | $10647 |
| **10/31/2018** | $10945 | $11369 | $10558 |
| **11/30/2018** | $10936 | $11387 | $10606 |
| **12/31/2018** | $10831 | $11312 | $10772 |
| **1/31/2019** | $11045 | $11556 | $10920 |
| **2/28/2019** | $11134 | $11662 | $10932 |
| **3/31/2019** | $11182 | $11739 | $11130 |
| **4/30/2019** | $11245 | $11804 | $11145 |
| **5/31/2019** | $11224 | $11782 | $11316 |
| **6/30/2019** | $11314 | $11943 | $11476 |
| **7/31/2019** | $11362 | $11995 | $11510 |
| **8/31/2019** | $11411 | $12095 | $11770 |
| **9/30/2019** | $11444 | $12117 | $11719 |
| **10/31/2019** | $11492 | $12159 | $11757 |
| **11/30/2019** | $11525 | $12224 | $11755 |
| **12/31/2019** | $11586 | $12295 | $11773 |
| **1/31/2020** | $11589 | $12310 | $11984 |
| **2/29/2020** | $11493 | $12156 | $12163 |
| **3/31/2020** | $10907 | $11338 | $11926 |
| **4/30/2020** | $11187 | $11726 | $12165 |
| **5/31/2020** | $11484 | $12036 | $12278 |
| **6/30/2020** | $11505 | $12168 | $12381 |
| **7/31/2020** | $11776 | $12524 | $12598 |
| **8/31/2020** | $11874 | $12603 | $12525 |
| **9/30/2020** | $11825 | $12515 | $12503 |
| **10/31/2020** | $11849 | $12577 | $12458 |
| **11/30/2020** | $12125 | $12843 | $12621 |
| **12/31/2020** | $12252 | $12963 | $12664 |
| **1/31/2021** | $12275 | $12980 | $12585 |
| **2/28/2021** | $12316 | $13006 | $12422 |
| **3/31/2021** | $12358 | $13075 | $12278 |
| **4/30/2021** | $12429 | $13162 | $12381 |
| **5/31/2021** | $12485 | $13195 | $12428 |
| **6/30/2021** | $12556 | $13264 | $12519 |
| **7/31/2021** | $12536 | $13276 | $12645 |
| **8/31/2021** | $12593 | $13326 | $12636 |
| **9/30/2021** | $12619 | $13316 | $12528 |
| **10/31/2021** | $12645 | $13336 | $12518 |
| **11/30/2021** | $12580 | $13265 | $12533 |
| **12/31/2021** | $12715 | $13384 | $12525 |
| **1/31/2022** | $12602 | $13179 | $12250 |
| **2/28/2022** | $12599 | $13114 | $12083 |
| **3/31/2022** | $12564 | $13023 | $11759 |
| **4/30/2022** | $12419 | $12836 | $11320 |
| **5/31/2022** | $12431 | $12957 | $11383 |
| **6/30/2022** | $11973 | $12548 | $11155 |
| **7/31/2022** | $12397 | $12946 | $11436 |
| **8/31/2022** | $12285 | $12819 | $11138 |
| **9/30/2022** | $12140 | $12631 | $10658 |
| **10/31/2022** | $12363 | $12846 | $10541 |
| **11/30/2022** | $12493 | $12994 | $10935 |
| **12/31/2022** | $12499 | $12972 | $10897 |
| **1/31/2023** | $12715 | $13215 | $11235 |
| **2/28/2023** | $12659 | $13174 | $10959 |
| **3/31/2023** | $12753 | $13264 | $11216 |
| **4/30/2023** | $12846 | $13360 | $11285 |
| **5/31/2023** | $12810 | $13314 | $11168 |
| **6/30/2023** | $12940 | $13434 | $11151 |
| **7/31/2023** | $13054 | $13570 | $11162 |
| **8/31/2023** | $13103 | $13610 | $11094 |
| **9/30/2023** | $13086 | $13578 | $10830 |
| **10/31/2023** | $13019 | $13559 | $10667 |
| **11/30/2023** | $13240 | $13895 | $11147 |
| **12/31/2023** | $13445 | $14122 | $11570 |
| **1/31/2024** | $13479 | $14165 | $11542 |
| **2/29/2024** | $13529 | $14210 | $11404 |
| **3/31/2024** | $13632 | $14319 | $11516 |
| **4/30/2024** | $13632 | $14306 | $11247 |
| **5/31/2024** | $13755 | $14424 | $11433 |
| **6/30/2024** | $13863 | $14524 | $11538 |
| **7/31/2024** | $14007 | $14695 | $11800 |
| **8/31/2024** | $14152 | $14821 | $11973 |
| **9/30/2024** | $14242 | $14954 | $12138 |
| **10/31/2024** | $14222 | $14946 | $11862 |
| **11/30/2024** | $14349 | $15065 | $11987 |
| **12/31/2024** | $14350 | $15066 | $11806 |
| **1/31/2025** | $14477 | $15218 | $11877 |
| **2/28/2025** | $14549 | $15290 | $12123 |
| **3/31/2025** | $14493 | $15279 | $12120 |
| **4/30/2025** | $14529 | $15326 | $12163 |
| **5/31/2025** | $14676 | $15500 | $12101 |
| **6/30/2025** | $14843 | $15659 | $12289 |
| **7/31/2025** | $14897 | $15694 | $12272 |
| **8/31/2025** | $15009 | $15822 | $12419 |

---

# Short-Term High Income Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 6.05 | 4.80 | 4.14 |
| ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index | 6.76 | 4.65 | 4.7 |
| Bloomberg U.S. Universal Bond Index | 3.72 | (0.17) | 2.19 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $2479009971 |
| # of portfolio holdings | 223 |
| Portfolio turnover rate | 40% |
| Total advisory fees paid | $8393532 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AA/Aa | 1.6 |
| BBB/Baa | 4.9 |
| BB/Ba | 60.5 |
| B/B | 32.1 |
| CCC/Caa and below | 0.4 |
| Not rated | 0.5 |

---

---

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

---

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

---

| | |
|:---|:---|
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 5-1-2027 | 1.6 |
| GEO Group, Inc., 8.63%, 4-15-2029 | 1.5 |
| Royal Caribbean Cruises Ltd., 5.38%, 7-15-2027 | 1.3 |
| Kinetik Holdings LP, 6.63%, 12-15-2028 | 1.2 |
| Churchill Downs, Inc., 5.50%, 4-1-2027 | 1.2 |
| FTAI Aviation Investors LLC, 5.50%, 5-1-2028 | 1.2 |
| Sirius XM Radio LLC, 5.00%, 8-1-2027 | 1.2 |
| Emera, Inc. Series 16-A, 6.75%, 6-15-2076 | 1.2 |
| SS&C Technologies, Inc., 5.50%, 9-30-2027 | 1.1 |
| Carnival Corp., 6.00%, 5-1-2029 | 1.1 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 28.1 |
| 1-3 years | 58.0 |
| 3-5 years | 12.0 |
| 5-10 years | 1.9 |

---

Significant fund changes

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

Effective October 8, 2025, Brian Keller, CFA, became a portfolio manager of the Fund. As of the same date, Chris Lee was no longer a portfolio manager of the Fund.

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

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

#### AR3170 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# August 31, 2025

# Short-Term High Income Fund

# Class C

# WFHYX
This annual shareholder report contains important information about Short-Term High Income Fund for the period from September 1, 2024 to August 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 | $160 | 1.56% |

---

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?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early in the period before holding rates steady throughout 2025. At period-end, markets priced in two additional cuts to the federal funds rate by the end of 2025. Credit spreads narrowed and remained subdued for much of the period, near the tightest levels in 20 years for many credit sectors.

The top contributors to the Fund's performance were an overweight to transportation and underweights to basic industry and services. Security selection contributed to performance, particularly in services, capital goods, and banking.

The main detractors from performance were selection in health care, an underweight to media, and an overweight to B rated bonds. Allocations to out-of-benchmark securities with durations longer than three years also detracted from performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g31k78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index** | **Bloomberg U.S. Universal Bond Index** |
| **8/31/2015** | $10000 | $10000 | $10000 |
| **9/30/2015** | $9945 | $9919 | $10039 |
| **10/31/2015** | $10038 | $10074 | $10071 |
| **11/30/2015** | $9982 | $9996 | $10035 |
| **12/31/2015** | $9963 | $9931 | $9984 |
| **1/31/2016** | $9943 | $9872 | $10095 |
| **2/29/2016** | $9974 | $9975 | $10166 |
| **3/31/2016** | $10079 | $10148 | $10291 |
| **4/30/2016** | $10147 | $10314 | $10361 |
| **5/31/2016** | $10166 | $10372 | $10369 |
| **6/30/2016** | $10160 | $10429 | $10552 |
| **7/31/2016** | $10229 | $10557 | $10639 |
| **8/31/2016** | $10260 | $10639 | $10650 |
| **9/30/2016** | $10292 | $10677 | $10653 |
| **10/31/2016** | $10286 | $10698 | $10582 |
| **11/30/2016** | $10267 | $10688 | $10344 |
| **12/31/2016** | $10324 | $10771 | $10375 |
| **1/31/2017** | $10330 | $10811 | $10411 |
| **2/28/2017** | $10362 | $10868 | $10492 |
| **3/31/2017** | $10365 | $10877 | $10488 |
| **4/30/2017** | $10394 | $10955 | $10575 |
| **5/31/2017** | $10411 | $11011 | $10657 |
| **6/30/2017** | $10416 | $11032 | $10648 |
| **7/31/2017** | $10447 | $11083 | $10701 |
| **8/31/2017** | $10440 | $11109 | $10793 |
| **9/30/2017** | $10472 | $11160 | $10755 |
| **10/31/2017** | $10476 | $11174 | $10768 |
| **11/30/2017** | $10468 | $11160 | $10752 |
| **12/31/2017** | $10473 | $11163 | $10799 |
| **1/31/2018** | $10492 | $11179 | $10695 |
| **2/28/2018** | $10473 | $11145 | $10594 |
| **3/31/2018** | $10479 | $11137 | $10647 |
| **4/30/2018** | $10499 | $11191 | $10576 |
| **5/31/2018** | $10506 | $11216 | $10634 |
| **6/30/2018** | $10500 | $11226 | $10619 |
| **7/31/2018** | $10548 | $11300 | $10641 |
| **8/31/2018** | $10582 | $11359 | $10693 |
| **9/30/2018** | $10603 | $11401 | $10647 |
| **10/31/2018** | $10585 | $11369 | $10558 |
| **11/30/2018** | $10567 | $11387 | $10606 |
| **12/31/2018** | $10457 | $11312 | $10772 |
| **1/31/2019** | $10666 | $11556 | $10920 |
| **2/28/2019** | $10744 | $11662 | $10932 |
| **3/31/2019** | $10767 | $11739 | $11130 |
| **4/30/2019** | $10831 | $11804 | $11145 |
| **5/31/2019** | $10801 | $11782 | $11316 |
| **6/30/2019** | $10879 | $11943 | $11476 |
| **7/31/2019** | $10901 | $11995 | $11510 |
| **8/31/2019** | $10951 | $12095 | $11770 |
| **9/30/2019** | $10974 | $12117 | $11719 |
| **10/31/2019** | $10997 | $12159 | $11757 |
| **11/30/2019** | $11019 | $12224 | $11755 |
| **12/31/2019** | $11067 | $12295 | $11773 |
| **1/31/2020** | $11074 | $12310 | $11984 |
| **2/29/2020** | $10959 | $12156 | $12163 |
| **3/31/2020** | $10392 | $11338 | $11926 |
| **4/30/2020** | $10649 | $11726 | $12165 |
| **5/31/2020** | $10935 | $12036 | $12278 |
| **6/30/2020** | $10932 | $12168 | $12381 |
| **7/31/2020** | $11194 | $12524 | $12598 |
| **8/31/2020** | $11262 | $12603 | $12525 |
| **9/30/2020** | $11220 | $12515 | $12503 |
| **10/31/2020** | $11219 | $12577 | $12458 |
| **11/30/2020** | $11470 | $12843 | $12621 |
| **12/31/2020** | $11580 | $12963 | $12664 |
| **1/31/2021** | $11606 | $12980 | $12585 |
| **2/28/2021** | $11621 | $13006 | $12422 |
| **3/31/2021** | $11664 | $13075 | $12278 |
| **4/30/2021** | $11720 | $13162 | $12381 |
| **5/31/2021** | $11748 | $13195 | $12428 |
| **6/30/2021** | $11805 | $13264 | $12519 |
| **7/31/2021** | $11790 | $13276 | $12645 |
| **8/31/2021** | $11832 | $13326 | $12636 |
| **9/30/2021** | $11847 | $13316 | $12528 |
| **10/31/2021** | $11861 | $13336 | $12518 |
| **11/30/2021** | $11775 | $13265 | $12533 |
| **12/31/2021** | $11890 | $13384 | $12525 |
| **1/31/2022** | $11789 | $13179 | $12250 |
| **2/28/2022** | $11762 | $13114 | $12083 |
| **3/31/2022** | $11719 | $13023 | $11759 |
| **4/30/2022** | $11574 | $12836 | $11320 |
| **5/31/2022** | $11575 | $12957 | $11383 |
| **6/30/2022** | $11153 | $12548 | $11155 |
| **7/31/2022** | $11538 | $12946 | $11436 |
| **8/31/2022** | $11409 | $12819 | $11138 |
| **9/30/2022** | $11264 | $12631 | $10658 |
| **10/31/2022** | $11461 | $12846 | $10541 |
| **11/30/2022** | $11586 | $12994 | $10935 |
| **12/31/2022** | $11566 | $12972 | $10897 |
| **1/31/2023** | $11755 | $13215 | $11235 |
| **2/28/2023** | $11710 | $13174 | $10959 |
| **3/31/2023** | $11786 | $13264 | $11216 |
| **4/30/2023** | $11846 | $13360 | $11285 |
| **5/31/2023** | $11803 | $13314 | $11168 |
| **6/30/2023** | $11912 | $13434 | $11151 |
| **7/31/2023** | $12006 | $13570 | $11162 |
| **8/31/2023** | $12056 | $13610 | $11094 |
| **9/30/2023** | $12037 | $13578 | $10830 |
| **10/31/2023** | $11972 | $13559 | $10667 |
| **11/30/2023** | $12173 | $13895 | $11147 |
| **12/31/2023** | $12374 | $14122 | $11570 |
| **1/31/2024** | $12401 | $14165 | $11542 |
| **2/29/2024** | $12428 | $14210 | $11404 |
| **3/31/2024** | $12535 | $14319 | $11516 |
| **4/30/2024** | $12517 | $14306 | $11247 |
| **5/31/2024** | $12627 | $14424 | $11433 |
| **6/30/2024** | $12722 | $14524 | $11538 |
| **7/31/2024** | $12851 | $14695 | $11800 |
| **8/31/2024** | $12981 | $14821 | $11973 |
| **9/30/2024** | $13060 | $14954 | $12138 |
| **10/31/2024** | $13055 | $14946 | $11862 |
| **11/30/2024** | $13152 | $15065 | $11987 |
| **12/31/2024** | $13149 | $15066 | $11806 |
| **1/31/2025** | $13261 | $15218 | $11877 |
| **2/28/2025** | $13325 | $15290 | $12123 |
| **3/31/2025** | $13288 | $15279 | $12120 |
| **4/30/2025** | $13301 | $15326 | $12163 |
| **5/31/2025** | $13432 | $15500 | $12101 |
| **6/30/2025** | $13581 | $15659 | $12289 |
| **7/31/2025** | $13627 | $15694 | $12272 |
| **8/31/2025** | $13726 | $15822 | $12419 |

---

# Short-Term High Income Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 4.94 | 3.70 | 3.22 |
| Class C with Load | 3.94 | 3.70 | 3.22 |
| ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index | 6.76 | 4.65 | 4.7 |
| Bloomberg U.S. Universal Bond Index | 3.72 | (0.17) | 2.19 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $2479009971 |
| # of portfolio holdings | 223 |
| Portfolio turnover rate | 40% |
| Total advisory fees paid | $8393532 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AA/Aa | 1.6 |
| BBB/Baa | 4.9 |
| BB/Ba | 60.5 |
| B/B | 32.1 |
| CCC/Caa and below | 0.4 |
| Not rated | 0.5 |

---

---

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

---

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

---

| | |
|:---|:---|
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 5-1-2027 | 1.6 |
| GEO Group, Inc., 8.63%, 4-15-2029 | 1.5 |
| Royal Caribbean Cruises Ltd., 5.38%, 7-15-2027 | 1.3 |
| Kinetik Holdings LP, 6.63%, 12-15-2028 | 1.2 |
| Churchill Downs, Inc., 5.50%, 4-1-2027 | 1.2 |
| FTAI Aviation Investors LLC, 5.50%, 5-1-2028 | 1.2 |
| Sirius XM Radio LLC, 5.00%, 8-1-2027 | 1.2 |
| Emera, Inc. Series 16-A, 6.75%, 6-15-2076 | 1.2 |
| SS&C Technologies, Inc., 5.50%, 9-30-2027 | 1.1 |
| Carnival Corp., 6.00%, 5-1-2029 | 1.1 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 28.1 |
| 1-3 years | 58.0 |
| 3-5 years | 12.0 |
| 5-10 years | 1.9 |

---

Significant fund changes

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

Effective October 8, 2025, Brian Keller, CFA, became a portfolio manager of the Fund. As of the same date, Chris Lee was no longer a portfolio manager of the Fund.

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

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

#### AR3541 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# August 31, 2025

# Short-Term High Income Fund

# Class A

# SSTHX
This annual shareholder report contains important information about Short-Term High Income Fund for the period from September 1, 2024 to August 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 A | $82 | 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?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early in the period before holding rates steady throughout 2025. At period-end, markets priced in two additional cuts to the federal funds rate by the end of 2025. Credit spreads narrowed and remained subdued for much of the period, near the tightest levels in 20 years for many credit sectors.

The top contributors to the Fund's performance were an overweight to transportation and underweights to basic industry and services. Security selection contributed to performance, particularly in services, capital goods, and banking.

The main detractors from performance were selection in health care, an underweight to media, and an overweight to B rated bonds. Allocations to out-of-benchmark securities with durations longer than three years also detracted from performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g21r97.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index** | **Bloomberg U.S. Universal Bond Index** |
| **8/31/2015** | $9700 | $10000 | $10000 |
| **9/30/2015** | $9652 | $9919 | $10039 |
| **10/31/2015** | $9749 | $10074 | $10071 |
| **11/30/2015** | $9701 | $9996 | $10035 |
| **12/31/2015** | $9689 | $9931 | $9984 |
| **1/31/2016** | $9675 | $9872 | $10095 |
| **2/29/2016** | $9711 | $9975 | $10166 |
| **3/31/2016** | $9820 | $10148 | $10291 |
| **4/30/2016** | $9892 | $10314 | $10361 |
| **5/31/2016** | $9916 | $10372 | $10369 |
| **6/30/2016** | $9917 | $10429 | $10552 |
| **7/31/2016** | $9990 | $10557 | $10639 |
| **8/31/2016** | $10027 | $10639 | $10650 |
| **9/30/2016** | $10052 | $10677 | $10653 |
| **10/31/2016** | $10065 | $10698 | $10582 |
| **11/30/2016** | $10053 | $10688 | $10344 |
| **12/31/2016** | $10115 | $10771 | $10375 |
| **1/31/2017** | $10127 | $10811 | $10411 |
| **2/28/2017** | $10164 | $10868 | $10492 |
| **3/31/2017** | $10161 | $10877 | $10488 |
| **4/30/2017** | $10209 | $10955 | $10575 |
| **5/31/2017** | $10232 | $11011 | $10657 |
| **6/30/2017** | $10243 | $11032 | $10648 |
| **7/31/2017** | $10280 | $11083 | $10701 |
| **8/31/2017** | $10279 | $11109 | $10793 |
| **9/30/2017** | $10304 | $11160 | $10755 |
| **10/31/2017** | $10328 | $11174 | $10768 |
| **11/30/2017** | $10327 | $11160 | $10752 |
| **12/31/2017** | $10338 | $11163 | $10799 |
| **1/31/2018** | $10363 | $11179 | $10695 |
| **2/28/2018** | $10350 | $11145 | $10594 |
| **3/31/2018** | $10350 | $11137 | $10647 |
| **4/30/2018** | $10389 | $11191 | $10576 |
| **5/31/2018** | $10403 | $11216 | $10634 |
| **6/30/2018** | $10390 | $11226 | $10619 |
| **7/31/2018** | $10444 | $11300 | $10641 |
| **8/31/2018** | $10485 | $11359 | $10693 |
| **9/30/2018** | $10525 | $11401 | $10647 |
| **10/31/2018** | $10513 | $11369 | $10558 |
| **11/30/2018** | $10502 | $11387 | $10606 |
| **12/31/2018** | $10399 | $11312 | $10772 |
| **1/31/2019** | $10601 | $11556 | $10920 |
| **2/28/2019** | $10698 | $11662 | $10932 |
| **3/31/2019** | $10728 | $11739 | $11130 |
| **4/30/2019** | $10785 | $11804 | $11145 |
| **5/31/2019** | $10775 | $11782 | $11316 |
| **6/30/2019** | $10846 | $11943 | $11476 |
| **7/31/2019** | $10889 | $11995 | $11510 |
| **8/31/2019** | $10932 | $12095 | $11770 |
| **9/30/2019** | $10962 | $12117 | $11719 |
| **10/31/2019** | $11005 | $12159 | $11757 |
| **11/30/2019** | $11034 | $12224 | $11755 |
| **12/31/2019** | $11089 | $12295 | $11773 |
| **1/31/2020** | $11089 | $12310 | $11984 |
| **2/29/2020** | $10994 | $12156 | $12163 |
| **3/31/2020** | $10432 | $11338 | $11926 |
| **4/30/2020** | $10697 | $11726 | $12165 |
| **5/31/2020** | $10977 | $12036 | $12278 |
| **6/30/2020** | $10995 | $12168 | $12381 |
| **7/31/2020** | $11265 | $12524 | $12598 |
| **8/31/2020** | $11341 | $12603 | $12525 |
| **9/30/2020** | $11292 | $12515 | $12503 |
| **10/31/2020** | $11313 | $12577 | $12458 |
| **11/30/2020** | $11573 | $12843 | $12621 |
| **12/31/2020** | $11691 | $12963 | $12664 |
| **1/31/2021** | $11724 | $12980 | $12585 |
| **2/28/2021** | $11746 | $13006 | $12422 |
| **3/31/2021** | $11783 | $13075 | $12278 |
| **4/30/2021** | $11862 | $13162 | $12381 |
| **5/31/2021** | $11898 | $13195 | $12428 |
| **6/30/2021** | $11963 | $13264 | $12519 |
| **7/31/2021** | $11955 | $13276 | $12645 |
| **8/31/2021** | $11991 | $13326 | $12636 |
| **9/30/2021** | $12013 | $13316 | $12528 |
| **10/31/2021** | $12035 | $13336 | $12518 |
| **11/30/2021** | $11970 | $13265 | $12533 |
| **12/31/2021** | $12095 | $13384 | $12525 |
| **1/31/2022** | $11985 | $13179 | $12250 |
| **2/28/2022** | $11979 | $13114 | $12083 |
| **3/31/2022** | $11943 | $13023 | $11759 |
| **4/30/2022** | $11803 | $12836 | $11320 |
| **5/31/2022** | $11812 | $12957 | $11383 |
| **6/30/2022** | $11388 | $12548 | $11155 |
| **7/31/2022** | $11788 | $12946 | $11436 |
| **8/31/2022** | $11664 | $12819 | $11138 |
| **9/30/2022** | $11524 | $12631 | $10658 |
| **10/31/2022** | $11732 | $12846 | $10541 |
| **11/30/2022** | $11852 | $12994 | $10935 |
| **12/31/2022** | $11854 | $12972 | $10897 |
| **1/31/2023** | $12056 | $13215 | $11235 |
| **2/28/2023** | $12001 | $13174 | $10959 |
| **3/31/2023** | $12087 | $13264 | $11216 |
| **4/30/2023** | $12171 | $13360 | $11285 |
| **5/31/2023** | $12134 | $13314 | $11168 |
| **6/30/2023** | $12254 | $13434 | $11151 |
| **7/31/2023** | $12359 | $13570 | $11162 |
| **8/31/2023** | $12402 | $13610 | $11094 |
| **9/30/2023** | $12383 | $13578 | $10830 |
| **10/31/2023** | $12316 | $13559 | $10667 |
| **11/30/2023** | $12522 | $13895 | $11147 |
| **12/31/2023** | $12729 | $14122 | $11570 |
| **1/31/2024** | $12757 | $14165 | $11542 |
| **2/29/2024** | $12785 | $14210 | $11404 |
| **3/31/2024** | $12896 | $14319 | $11516 |
| **4/30/2024** | $12876 | $14306 | $11247 |
| **5/31/2024** | $12989 | $14424 | $11433 |
| **6/30/2024** | $13087 | $14524 | $11538 |
| **7/31/2024** | $13220 | $14695 | $11800 |
| **8/31/2024** | $13354 | $14821 | $11973 |
| **9/30/2024** | $13436 | $14954 | $12138 |
| **10/31/2024** | $13430 | $14946 | $11862 |
| **11/30/2024** | $13529 | $15065 | $11987 |
| **12/31/2024** | $13526 | $15066 | $11806 |
| **1/31/2025** | $13642 | $15218 | $11877 |
| **2/28/2025** | $13707 | $15290 | $12123 |
| **3/31/2025** | $13670 | $15279 | $12120 |
| **4/30/2025** | $13683 | $15326 | $12163 |
| **5/31/2025** | $13818 | $15500 | $12101 |
| **6/30/2025** | $13971 | $15659 | $12289 |
| **7/31/2025** | $14019 | $15694 | $12272 |
| **8/31/2025** | $14121 | $15822 | $12419 |

---

# Short-Term High Income Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 5.74 | 4.48 | 3.83 |
| Class A with Load | 2.57 | 3.85 | 3.51 |
| ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index | 6.76 | 4.65 | 4.7 |
| Bloomberg U.S. Universal Bond Index | 3.72 | (0.17) | 2.19 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $2479009971 |
| # of portfolio holdings | 223 |
| Portfolio turnover rate | 40% |
| Total advisory fees paid | $8393532 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AA/Aa | 1.6 |
| BBB/Baa | 4.9 |
| BB/Ba | 60.5 |
| B/B | 32.1 |
| CCC/Caa and below | 0.4 |
| Not rated | 0.5 |

---

---

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

---

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

---

| | |
|:---|:---|
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 5-1-2027 | 1.6 |
| GEO Group, Inc., 8.63%, 4-15-2029 | 1.5 |
| Royal Caribbean Cruises Ltd., 5.38%, 7-15-2027 | 1.3 |
| Kinetik Holdings LP, 6.63%, 12-15-2028 | 1.2 |
| Churchill Downs, Inc., 5.50%, 4-1-2027 | 1.2 |
| FTAI Aviation Investors LLC, 5.50%, 5-1-2028 | 1.2 |
| Sirius XM Radio LLC, 5.00%, 8-1-2027 | 1.2 |
| Emera, Inc. Series 16-A, 6.75%, 6-15-2076 | 1.2 |
| SS&C Technologies, Inc., 5.50%, 9-30-2027 | 1.1 |
| Carnival Corp., 6.00%, 5-1-2029 | 1.1 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 28.1 |
| 1-3 years | 58.0 |
| 3-5 years | 12.0 |
| 5-10 years | 1.9 |

---

Significant fund changes

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

Effective October 8, 2025, Brian Keller, CFA, became a portfolio manager of the Fund. As of the same date, Chris Lee was no longer a portfolio manager of the Fund.

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

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

#### AR3017 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# August 31, 2025

# Short-Term High Income Fund

# Administrator Class

# WDHYX
This annual shareholder report contains important information about Short-Term High Income Fund for the period from September 1, 2024 to August 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 |
| Administrator Class | $67 | 0.65% |

---

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?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early in the period before holding rates steady throughout 2025. At period-end, markets priced in two additional cuts to the federal funds rate by the end of 2025. Credit spreads narrowed and remained subdued for much of the period, near the tightest levels in 20 years for many credit sectors.

The top contributors to the Fund's performance were an overweight to transportation and underweights to basic industry and services. Security selection contributed to performance, particularly in services, capital goods, and banking.

The main detractors from performance were selection in health care, an underweight to media, and an overweight to B rated bonds. Allocations to out-of-benchmark securities with durations longer than three years also detracted from performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g37a95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrator Class** | **ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index** | **Bloomberg U.S. Universal Bond Index** |
| **8/31/2015** | $10000 | $10000 | $10000 |
| **9/30/2015** | $9952 | $9919 | $10039 |
| **10/31/2015** | $10053 | $10074 | $10071 |
| **11/30/2015** | $10005 | $9996 | $10035 |
| **12/31/2015** | $9994 | $9931 | $9984 |
| **1/31/2016** | $9981 | $9872 | $10095 |
| **2/29/2016** | $10019 | $9975 | $10166 |
| **3/31/2016** | $10133 | $10148 | $10291 |
| **4/30/2016** | $10196 | $10314 | $10361 |
| **5/31/2016** | $10222 | $10372 | $10369 |
| **6/30/2016** | $10237 | $10429 | $10552 |
| **7/31/2016** | $10314 | $10557 | $10639 |
| **8/31/2016** | $10354 | $10639 | $10650 |
| **9/30/2016** | $10381 | $10677 | $10653 |
| **10/31/2016** | $10383 | $10698 | $10582 |
| **11/30/2016** | $10385 | $10688 | $10344 |
| **12/31/2016** | $10450 | $10771 | $10375 |
| **1/31/2017** | $10463 | $10811 | $10411 |
| **2/28/2017** | $10503 | $10868 | $10492 |
| **3/31/2017** | $10502 | $10877 | $10488 |
| **4/30/2017** | $10552 | $10955 | $10575 |
| **5/31/2017** | $10578 | $11011 | $10657 |
| **6/30/2017** | $10590 | $11032 | $10648 |
| **7/31/2017** | $10630 | $11083 | $10701 |
| **8/31/2017** | $10631 | $11109 | $10793 |
| **9/30/2017** | $10658 | $11160 | $10755 |
| **10/31/2017** | $10684 | $11174 | $10768 |
| **11/30/2017** | $10684 | $11160 | $10752 |
| **12/31/2017** | $10697 | $11163 | $10799 |
| **1/31/2018** | $10725 | $11179 | $10695 |
| **2/28/2018** | $10713 | $11145 | $10594 |
| **3/31/2018** | $10714 | $11137 | $10647 |
| **4/30/2018** | $10756 | $11191 | $10576 |
| **5/31/2018** | $10758 | $11216 | $10634 |
| **6/30/2018** | $10760 | $11226 | $10619 |
| **7/31/2018** | $10817 | $11300 | $10641 |
| **8/31/2018** | $10860 | $11359 | $10693 |
| **9/30/2018** | $10904 | $11401 | $10647 |
| **10/31/2018** | $10893 | $11369 | $10558 |
| **11/30/2018** | $10883 | $11387 | $10606 |
| **12/31/2018** | $10778 | $11312 | $10772 |
| **1/31/2019** | $10989 | $11556 | $10920 |
| **2/28/2019** | $11076 | $11662 | $10932 |
| **3/31/2019** | $11123 | $11739 | $11130 |
| **4/30/2019** | $11183 | $11804 | $11145 |
| **5/31/2019** | $11161 | $11782 | $11316 |
| **6/30/2019** | $11250 | $11943 | $11476 |
| **7/31/2019** | $11296 | $11995 | $11510 |
| **8/31/2019** | $11342 | $12095 | $11770 |
| **9/30/2019** | $11374 | $12117 | $11719 |
| **10/31/2019** | $11421 | $12159 | $11757 |
| **11/30/2019** | $11452 | $12224 | $11755 |
| **12/31/2019** | $11511 | $12295 | $11773 |
| **1/31/2020** | $11512 | $12310 | $11984 |
| **2/29/2020** | $11416 | $12156 | $12163 |
| **3/31/2020** | $10834 | $11338 | $11926 |
| **4/30/2020** | $11110 | $11726 | $12165 |
| **5/31/2020** | $11402 | $12036 | $12278 |
| **6/30/2020** | $11422 | $12168 | $12381 |
| **7/31/2020** | $11704 | $12524 | $12598 |
| **8/31/2020** | $11785 | $12603 | $12525 |
| **9/30/2020** | $11735 | $12515 | $12503 |
| **10/31/2020** | $11758 | $12577 | $12458 |
| **11/30/2020** | $12030 | $12843 | $12621 |
| **12/31/2020** | $12154 | $12963 | $12664 |
| **1/31/2021** | $12176 | $12980 | $12585 |
| **2/28/2021** | $12215 | $13006 | $12422 |
| **3/31/2021** | $12255 | $13075 | $12278 |
| **4/30/2021** | $12338 | $13162 | $12381 |
| **5/31/2021** | $12378 | $13195 | $12428 |
| **6/30/2021** | $12447 | $13264 | $12519 |
| **7/31/2021** | $12440 | $13276 | $12645 |
| **8/31/2021** | $12480 | $13326 | $12636 |
| **9/30/2021** | $12504 | $13316 | $12528 |
| **10/31/2021** | $12529 | $13336 | $12518 |
| **11/30/2021** | $12462 | $13265 | $12533 |
| **12/31/2021** | $12594 | $13384 | $12525 |
| **1/31/2022** | $12482 | $13179 | $12250 |
| **2/28/2022** | $12477 | $13114 | $12083 |
| **3/31/2022** | $12441 | $13023 | $11759 |
| **4/30/2022** | $12296 | $12836 | $11320 |
| **5/31/2022** | $12307 | $12957 | $11383 |
| **6/30/2022** | $11867 | $12548 | $11155 |
| **7/31/2022** | $12270 | $12946 | $11436 |
| **8/31/2022** | $12157 | $12819 | $11138 |
| **9/30/2022** | $12013 | $12631 | $10658 |
| **10/31/2022** | $12232 | $12846 | $10541 |
| **11/30/2022** | $12358 | $12994 | $10935 |
| **12/31/2022** | $12363 | $12972 | $10897 |
| **1/31/2023** | $12575 | $13215 | $11235 |
| **2/28/2023** | $12518 | $13174 | $10959 |
| **3/31/2023** | $12610 | $13264 | $11216 |
| **4/30/2023** | $12700 | $13360 | $11285 |
| **5/31/2023** | $12663 | $13314 | $11168 |
| **6/30/2023** | $12790 | $13434 | $11151 |
| **7/31/2023** | $12901 | $13570 | $11162 |
| **8/31/2023** | $12948 | $13610 | $11094 |
| **9/30/2023** | $12929 | $13578 | $10830 |
| **10/31/2023** | $12861 | $13559 | $10667 |
| **11/30/2023** | $13078 | $13895 | $11147 |
| **12/31/2023** | $13279 | $14122 | $11570 |
| **1/31/2024** | $13310 | $14165 | $11542 |
| **2/29/2024** | $13358 | $14210 | $11404 |
| **3/31/2024** | $13475 | $14319 | $11516 |
| **4/30/2024** | $13457 | $14306 | $11247 |
| **5/31/2024** | $13577 | $14424 | $11433 |
| **6/30/2024** | $13681 | $14524 | $11538 |
| **7/31/2024** | $13821 | $14695 | $11800 |
| **8/31/2024** | $13963 | $14821 | $11973 |
| **9/30/2024** | $14050 | $14954 | $12138 |
| **10/31/2024** | $14029 | $14946 | $11862 |
| **11/30/2024** | $14152 | $15065 | $11987 |
| **12/31/2024** | $14151 | $15066 | $11806 |
| **1/31/2025** | $14274 | $15218 | $11877 |
| **2/28/2025** | $14343 | $15290 | $12123 |
| **3/31/2025** | $14305 | $15279 | $12120 |
| **4/30/2025** | $14321 | $15326 | $12163 |
| **5/31/2025** | $14464 | $15500 | $12101 |
| **6/30/2025** | $14626 | $15659 | $12289 |
| **7/31/2025** | $14678 | $15694 | $12272 |
| **8/31/2025** | $14786 | $15822 | $12419 |

---

# Short-Term High Income Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 5.89 | 4.64 | 3.99 |
| ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index | 6.76 | 4.65 | 4.7 |
| Bloomberg U.S. Universal Bond Index | 3.72 | (0.17) | 2.19 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $2479009971 |
| # of portfolio holdings | 223 |
| Portfolio turnover rate | 40% |
| Total advisory fees paid | $8393532 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AA/Aa | 1.6 |
| BBB/Baa | 4.9 |
| BB/Ba | 60.5 |
| B/B | 32.1 |
| CCC/Caa and below | 0.4 |
| Not rated | 0.5 |

---

---

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

---

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

---

| | |
|:---|:---|
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 5-1-2027 | 1.6 |
| GEO Group, Inc., 8.63%, 4-15-2029 | 1.5 |
| Royal Caribbean Cruises Ltd., 5.38%, 7-15-2027 | 1.3 |
| Kinetik Holdings LP, 6.63%, 12-15-2028 | 1.2 |
| Churchill Downs, Inc., 5.50%, 4-1-2027 | 1.2 |
| FTAI Aviation Investors LLC, 5.50%, 5-1-2028 | 1.2 |
| Sirius XM Radio LLC, 5.00%, 8-1-2027 | 1.2 |
| Emera, Inc. Series 16-A, 6.75%, 6-15-2076 | 1.2 |
| SS&C Technologies, Inc., 5.50%, 9-30-2027 | 1.1 |
| Carnival Corp., 6.00%, 5-1-2029 | 1.1 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 28.1 |
| 1-3 years | 58.0 |
| 3-5 years | 12.0 |
| 5-10 years | 1.9 |

---

Significant fund changes

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

Effective October 8, 2025, Brian Keller, CFA, became a portfolio manager of the Fund. As of the same date, Chris Lee was no longer a portfolio manager of the Fund. At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on the close of business on September 12, 2025.

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

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

#### AR3769 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Ultra Short-Term Income Fund

# August 31, 2025

# Institutional Class

# SADIX
This annual shareholder report contains important information about Ultra Short-Term Income Fund for the period from September 1, 2024 to August 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 | $26 | 0.25% |

---

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

## How did the Fund perform last year and what affected its performance?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps = 1.00%) early in the period before holding rates steady for the first eight months of 2025. The period ended with markets pricing in two additional Fed rate cuts by the end of 2025. Credit spreads narrowed and remained subdued for much of the period.

Portfolio duration remained close to its strategic neutral (longer than the benchmark). The portfolio was positioned modestly up in quality and credit exposure was reduced as valuations became more extreme.

The portfolio had a diversified set of non-benchmark securitized exposures. The top contributors to the Fund's performance were duration and curve positioning, credit-quality allocation, and sector allocation (including diversified non-benchmark holdings). Security selection also contributed.

The main detractor from performance was a small allocation to non-agency collateralized mortgage obligations.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g02b20.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Short-Term Government/Corporate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $10000 | $10000 | $10000 |
| **9/30/2015** | $9998 | $10007 | $10068 |
| **10/31/2015** | $10019 | $10008 | $10069 |
| **11/30/2015** | $10028 | $10005 | $10043 |
| **12/31/2015** | $10026 | $10005 | $10010 |
| **1/31/2016** | $10023 | $10015 | $10148 |
| **2/29/2016** | $10034 | $10020 | $10220 |
| **3/31/2016** | $10069 | $10031 | $10314 |
| **4/30/2016** | $10104 | $10039 | $10353 |
| **5/31/2016** | $10117 | $10042 | $10356 |
| **6/30/2016** | $10141 | $10055 | $10542 |
| **7/31/2016** | $10164 | $10061 | $10609 |
| **8/31/2016** | $10175 | $10065 | $10597 |
| **9/30/2016** | $10187 | $10071 | $10590 |
| **10/31/2016** | $10199 | $10079 | $10509 |
| **11/30/2016** | $10187 | $10079 | $10261 |
| **12/31/2016** | $10199 | $10085 | $10275 |
| **1/31/2017** | $10223 | $10098 | $10295 |
| **2/28/2017** | $10236 | $10105 | $10365 |
| **3/31/2017** | $10236 | $10105 | $10359 |
| **4/30/2017** | $10249 | $10114 | $10439 |
| **5/31/2017** | $10272 | $10120 | $10519 |
| **6/30/2017** | $10285 | $10128 | $10509 |
| **7/31/2017** | $10297 | $10141 | $10554 |
| **8/31/2017** | $10310 | $10152 | $10649 |
| **9/30/2017** | $10324 | $10161 | $10598 |
| **10/31/2017** | $10337 | $10170 | $10604 |
| **11/30/2017** | $10339 | $10175 | $10591 |
| **12/31/2017** | $10352 | $10185 | $10639 |
| **1/31/2018** | $10355 | $10197 | $10517 |
| **2/28/2018** | $10359 | $10202 | $10417 |
| **3/31/2018** | $10363 | $10217 | $10484 |
| **4/30/2018** | $10392 | $10233 | $10406 |
| **5/31/2018** | $10397 | $10252 | $10480 |
| **6/30/2018** | $10415 | $10268 | $10467 |
| **7/31/2018** | $10445 | $10287 | $10470 |
| **8/31/2018** | $10474 | $10308 | $10537 |
| **9/30/2018** | $10505 | $10323 | $10469 |
| **10/31/2018** | $10512 | $10341 | $10386 |
| **11/30/2018** | $10519 | $10362 | $10448 |
| **12/31/2018** | $10527 | $10387 | $10640 |
| **1/31/2019** | $10598 | $10416 | $10753 |
| **2/28/2019** | $10633 | $10438 | $10747 |
| **3/31/2019** | $10681 | $10465 | $10954 |
| **4/30/2019** | $10703 | $10487 | $10956 |
| **5/31/2019** | $10726 | $10513 | $11151 |
| **6/30/2019** | $10773 | $10547 | $11291 |
| **7/31/2019** | $10795 | $10563 | $11316 |
| **8/31/2019** | $10830 | $10592 | $11609 |
| **9/30/2019** | $10852 | $10609 | $11547 |
| **10/31/2019** | $10887 | $10638 | $11582 |
| **11/30/2019** | $10895 | $10650 | $11576 |
| **12/31/2019** | $10929 | $10667 | $11568 |
| **1/31/2020** | $10963 | $10687 | $11791 |
| **2/29/2020** | $10971 | $10716 | $12003 |
| **3/31/2020** | $10685 | $10752 | $11932 |
| **4/30/2020** | $10872 | $10773 | $12144 |
| **5/31/2020** | $10981 | $10784 | $12201 |
| **6/30/2020** | $11052 | $10791 | $12278 |
| **7/31/2020** | $11108 | $10796 | $12461 |
| **8/31/2020** | $11137 | $10800 | $12360 |
| **9/30/2020** | $11151 | $10802 | $12354 |
| **10/31/2020** | $11164 | $10803 | $12298 |
| **11/30/2020** | $11202 | $10806 | $12419 |
| **12/31/2020** | $11227 | $10807 | $12436 |
| **1/31/2021** | $11237 | $10811 | $12347 |
| **2/28/2021** | $11234 | $10813 | $12169 |
| **3/31/2021** | $11231 | $10815 | $12017 |
| **4/30/2021** | $11254 | $10816 | $12112 |
| **5/31/2021** | $11264 | $10819 | $12151 |
| **6/30/2021** | $11273 | $10818 | $12237 |
| **7/31/2021** | $11267 | $10820 | $12374 |
| **8/31/2021** | $11273 | $10821 | $12350 |
| **9/30/2021** | $11280 | $10822 | $12243 |
| **10/31/2021** | $11274 | $10821 | $12240 |
| **11/30/2021** | $11267 | $10820 | $12276 |
| **12/31/2021** | $11261 | $10818 | $12245 |
| **1/31/2022** | $11241 | $10809 | $11981 |
| **2/28/2022** | $11210 | $10803 | $11847 |
| **3/31/2022** | $11154 | $10790 | $11518 |
| **4/30/2022** | $11125 | $10786 | $11081 |
| **5/31/2022** | $11124 | $10803 | $11152 |
| **6/30/2022** | $11072 | $10778 | $10977 |
| **7/31/2022** | $11125 | $10795 | $11246 |
| **8/31/2022** | $11129 | $10803 | $10928 |
| **9/30/2022** | $11081 | $10795 | $10456 |
| **10/31/2022** | $11075 | $10809 | $10320 |
| **11/30/2022** | $11151 | $10848 | $10700 |
| **12/31/2022** | $11216 | $10892 | $10651 |
| **1/31/2023** | $11335 | $10935 | $10979 |
| **2/28/2023** | $11349 | $10960 | $10695 |
| **3/31/2023** | $11377 | $11021 | $10967 |
| **4/30/2023** | $11434 | $11056 | $11033 |
| **5/31/2023** | $11480 | $11086 | $10913 |
| **6/30/2023** | $11526 | $11131 | $10874 |
| **7/31/2023** | $11600 | $11182 | $10867 |
| **8/31/2023** | $11659 | $11232 | $10797 |
| **9/30/2023** | $11705 | $11279 | $10523 |
| **10/31/2023** | $11741 | $11330 | $10357 |
| **11/30/2023** | $11847 | $11393 | $10826 |
| **12/31/2023** | $11956 | $11457 | $11240 |
| **1/31/2024** | $12039 | $11507 | $11210 |
| **2/29/2024** | $12080 | $11542 | $11051 |
| **3/31/2024** | $12151 | $11593 | $11153 |
| **4/30/2024** | $12181 | $11634 | $10871 |
| **5/31/2024** | $12254 | $11691 | $11056 |
| **6/30/2024** | $12314 | $11741 | $11160 |
| **7/31/2024** | $12403 | $11807 | $11421 |
| **8/31/2024** | $12480 | $11871 | $11585 |
| **9/30/2024** | $12570 | $11936 | $11740 |
| **10/31/2024** | $12589 | $11969 | $11449 |
| **11/30/2024** | $12665 | $12014 | $11570 |
| **12/31/2024** | $12713 | $12066 | $11381 |
| **1/31/2025** | $12776 | $12111 | $11441 |
| **2/28/2025** | $12837 | $12154 | $11693 |
| **3/31/2025** | $12886 | $12200 | $11697 |
| **4/30/2025** | $12919 | $12245 | $11743 |
| **5/31/2025** | $12982 | $12279 | $11659 |
| **6/30/2025** | $13045 | $12327 | $11839 |
| **7/31/2025** | $13095 | $12364 | $11807 |
| **8/31/2025** | $13173 | $12422 | $11949 |

---

# Ultra Short-Term Income Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 5.56 | 3.42 | 2.79 |
| Bloomberg Short-Term Government/Corporate Bond Index | 4.64 | 2.84 | 2.19 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1409499285 |
| # of portfolio holdings | 646 |
| Portfolio turnover rate | 56% |
| Total advisory fees paid | $1711441 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate bonds and notes | 33.8 |
| Asset-backed securities | 18.4 |
| U.S. Treasury securities | 16.2 |
| Non-agency mortgage-backed securities | 13.4 |
| Yankee corporate bonds and notes | 10.4 |
| Agency securities | 6.2 |
| Investment companies | 1.1 |
| Yankee government bonds | 0.4 |
| Municipal obligations | 0.1 |

---

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

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.75%, 8-31-2026 | 5.6 |
| U.S. Treasury Notes, 3.88%, 7-31-2027 | 3.8 |
| U.S. Treasury Notes, 3.75%, 6-30-2027 | 1.9 |
| U.S. Treasury Notes, 4.25%, 1-31-2026 | 1.4 |
| SPGN Mortgage Trust Series 2022-TFLM Class A, 5.91%, 2-15-2039 | 1.4 |
| iShares 0-5 Year High Yield Corporate Bond ETF | 1 |
| Domino's Pizza Master Issuer LLC Series 2015-1A Class A2II, 4.47%, 10-25-2045 | 0.9 |
| TRTX Issuer Ltd. Series 2022-FL5 Class A, 6.01%, 2-15-2039 | 0.9 |
| Equitable Financial Life Global Funding, 5.50%, 12-2-2025 | 0.8 |
| Imperial Fund Mortgage Trust Series 2022-NQM3 Class A1, 4.38%, 5-25-2067 | 0.7 |

---

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

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

#### AR3104 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Ultra Short-Term Income Fund

# August 31, 2025

# Class C

# WUSTX
This annual shareholder report contains important information about Ultra Short-Term Income Fund for the period from September 1, 2024 to August 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 | $128 | 1.25% |

---

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

## How did the Fund perform last year and what affected its performance?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps = 1.00%) early in the period before holding rates steady for the first eight months of 2025. The period ended with markets pricing in two additional Fed rate cuts by the end of 2025. Credit spreads narrowed and remained subdued for much of the period.

Portfolio duration remained close to its strategic neutral (longer than the benchmark). The portfolio was positioned modestly up in quality and credit exposure was reduced as valuations became more extreme.

The portfolio had a diversified set of non-benchmark securitized exposures. The top contributors to the Fund's performance were duration and curve positioning, credit-quality allocation, and sector allocation (including diversified non-benchmark holdings). Security selection also contributed.

The main detractor from performance was a small allocation to non-agency collateralized mortgage obligations.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g81b39.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **Bloomberg Short-Term Government/Corporate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $10000 | $10000 | $10000 |
| **9/30/2015** | $9989 | $10007 | $10068 |
| **10/31/2015** | $10001 | $10008 | $10069 |
| **11/30/2015** | $9989 | $10005 | $10043 |
| **12/31/2015** | $9977 | $10005 | $10010 |
| **1/31/2016** | $9965 | $10015 | $10148 |
| **2/29/2016** | $9968 | $10020 | $10220 |
| **3/31/2016** | $9993 | $10031 | $10314 |
| **4/30/2016** | $10031 | $10039 | $10353 |
| **5/31/2016** | $10034 | $10042 | $10356 |
| **6/30/2016** | $10037 | $10055 | $10542 |
| **7/31/2016** | $10051 | $10061 | $10609 |
| **8/31/2016** | $10052 | $10065 | $10597 |
| **9/30/2016** | $10055 | $10071 | $10590 |
| **10/31/2016** | $10057 | $10079 | $10509 |
| **11/30/2016** | $10048 | $10079 | $10261 |
| **12/31/2016** | $10039 | $10085 | $10275 |
| **1/31/2017** | $10053 | $10098 | $10295 |
| **2/28/2017** | $10057 | $10105 | $10365 |
| **3/31/2017** | $10060 | $10105 | $10359 |
| **4/30/2017** | $10063 | $10114 | $10439 |
| **5/31/2017** | $10065 | $10120 | $10519 |
| **6/30/2017** | $10069 | $10128 | $10509 |
| **7/31/2017** | $10083 | $10141 | $10554 |
| **8/31/2017** | $10075 | $10152 | $10649 |
| **9/30/2017** | $10079 | $10161 | $10598 |
| **10/31/2017** | $10082 | $10170 | $10604 |
| **11/30/2017** | $10074 | $10175 | $10591 |
| **12/31/2017** | $10079 | $10185 | $10639 |
| **1/31/2018** | $10084 | $10197 | $10517 |
| **2/28/2018** | $10067 | $10202 | $10417 |
| **3/31/2018** | $10073 | $10217 | $10484 |
| **4/30/2018** | $10081 | $10233 | $10406 |
| **5/31/2018** | $10088 | $10252 | $10480 |
| **6/30/2018** | $10096 | $10268 | $10467 |
| **7/31/2018** | $10116 | $10287 | $10470 |
| **8/31/2018** | $10135 | $10308 | $10537 |
| **9/30/2018** | $10144 | $10323 | $10469 |
| **10/31/2018** | $10141 | $10341 | $10386 |
| **11/30/2018** | $10150 | $10362 | $10448 |
| **12/31/2018** | $10149 | $10387 | $10640 |
| **1/31/2019** | $10196 | $10416 | $10753 |
| **2/28/2019** | $10233 | $10438 | $10747 |
| **3/31/2019** | $10257 | $10465 | $10954 |
| **4/30/2019** | $10281 | $10487 | $10956 |
| **5/31/2019** | $10294 | $10513 | $11151 |
| **6/30/2019** | $10318 | $10547 | $11291 |
| **7/31/2019** | $10341 | $10563 | $11316 |
| **8/31/2019** | $10365 | $10592 | $11609 |
| **9/30/2019** | $10376 | $10609 | $11547 |
| **10/31/2019** | $10387 | $10638 | $11582 |
| **11/30/2019** | $10398 | $10650 | $11576 |
| **12/31/2019** | $10409 | $10667 | $11568 |
| **1/31/2020** | $10432 | $10687 | $11791 |
| **2/29/2020** | $10443 | $10716 | $12003 |
| **3/31/2020** | $10148 | $10752 | $11932 |
| **4/30/2020** | $10317 | $10773 | $12144 |
| **5/31/2020** | $10423 | $10784 | $12201 |
| **6/30/2020** | $10481 | $10791 | $12278 |
| **7/31/2020** | $10526 | $10796 | $12461 |
| **8/31/2020** | $10544 | $10800 | $12360 |
| **9/30/2020** | $10537 | $10802 | $12354 |
| **10/31/2020** | $10540 | $10803 | $12298 |
| **11/30/2020** | $10568 | $10806 | $12419 |
| **12/31/2020** | $10582 | $10807 | $12436 |
| **1/31/2021** | $10582 | $10811 | $12347 |
| **2/28/2021** | $10584 | $10813 | $12169 |
| **3/31/2021** | $10572 | $10815 | $12017 |
| **4/30/2021** | $10585 | $10816 | $12112 |
| **5/31/2021** | $10586 | $10819 | $12151 |
| **6/30/2021** | $10573 | $10818 | $12237 |
| **7/31/2021** | $10573 | $10820 | $12374 |
| **8/31/2021** | $10574 | $10821 | $12350 |
| **9/30/2021** | $10574 | $10822 | $12243 |
| **10/31/2021** | $10562 | $10821 | $12240 |
| **11/30/2021** | $10537 | $10820 | $12276 |
| **12/31/2021** | $10537 | $10818 | $12245 |
| **1/31/2022** | $10500 | $10809 | $11981 |
| **2/28/2022** | $10464 | $10803 | $11847 |
| **3/31/2022** | $10403 | $10790 | $11518 |
| **4/30/2022** | $10367 | $10786 | $11081 |
| **5/31/2022** | $10370 | $10803 | $11152 |
| **6/30/2022** | $10312 | $10778 | $10977 |
| **7/31/2022** | $10341 | $10795 | $11246 |
| **8/31/2022** | $10348 | $10803 | $10928 |
| **9/30/2022** | $10295 | $10795 | $10456 |
| **10/31/2022** | $10269 | $10809 | $10320 |
| **11/30/2022** | $10343 | $10848 | $10700 |
| **12/31/2022** | $10382 | $10892 | $10651 |
| **1/31/2023** | $10484 | $10935 | $10979 |
| **2/28/2023** | $10500 | $10960 | $10695 |
| **3/31/2023** | $10506 | $11021 | $10967 |
| **4/30/2023** | $10561 | $11056 | $11033 |
| **5/31/2023** | $10582 | $11086 | $10913 |
| **6/30/2023** | $10617 | $11131 | $10874 |
| **7/31/2023** | $10688 | $11182 | $10867 |
| **8/31/2023** | $10734 | $11232 | $10797 |
| **9/30/2023** | $10761 | $11279 | $10523 |
| **10/31/2023** | $10804 | $11330 | $10357 |
| **11/30/2023** | $10899 | $11393 | $10826 |
| **12/31/2023** | $10985 | $11457 | $11240 |
| **1/31/2024** | $11072 | $11507 | $11210 |
| **2/29/2024** | $11094 | $11542 | $11051 |
| **3/31/2024** | $11157 | $11593 | $11153 |
| **4/30/2024** | $11182 | $11634 | $10871 |
| **5/31/2024** | $11260 | $11691 | $11056 |
| **6/30/2024** | $11313 | $11741 | $11160 |
| **7/31/2024** | $11392 | $11807 | $11421 |
| **8/31/2024** | $11460 | $11871 | $11585 |
| **9/30/2024** | $11541 | $11936 | $11740 |
| **10/31/2024** | $11556 | $11969 | $11449 |
| **11/30/2024** | $11610 | $12014 | $11570 |
| **12/31/2024** | $11665 | $12066 | $11381 |
| **1/31/2025** | $11720 | $12111 | $11441 |
| **2/28/2025** | $11774 | $12154 | $11693 |
| **3/31/2025** | $11803 | $12200 | $11697 |
| **4/30/2025** | $11845 | $12245 | $11743 |
| **5/31/2025** | $11901 | $12279 | $11659 |
| **6/30/2025** | $11957 | $12327 | $11839 |
| **7/31/2025** | $12000 | $12364 | $11807 |
| **8/31/2025** | $12070 | $12422 | $11949 |

---

# Ultra Short-Term Income Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 4.51 | 2.43 | 1.9 |
| Class C with Load | 3.51 | 2.43 | 1.9 |
| Bloomberg Short-Term Government/Corporate Bond Index | 4.64 | 2.84 | 2.19 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1409499285 |
| # of portfolio holdings | 646 |
| Portfolio turnover rate | 56% |
| Total advisory fees paid | $1711441 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate bonds and notes | 33.8 |
| Asset-backed securities | 18.4 |
| U.S. Treasury securities | 16.2 |
| Non-agency mortgage-backed securities | 13.4 |
| Yankee corporate bonds and notes | 10.4 |
| Agency securities | 6.2 |
| Investment companies | 1.1 |
| Yankee government bonds | 0.4 |
| Municipal obligations | 0.1 |

---

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

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.75%, 8-31-2026 | 5.6 |
| U.S. Treasury Notes, 3.88%, 7-31-2027 | 3.8 |
| U.S. Treasury Notes, 3.75%, 6-30-2027 | 1.9 |
| U.S. Treasury Notes, 4.25%, 1-31-2026 | 1.4 |
| SPGN Mortgage Trust Series 2022-TFLM Class A, 5.91%, 2-15-2039 | 1.4 |
| iShares 0-5 Year High Yield Corporate Bond ETF | 1 |
| Domino's Pizza Master Issuer LLC Series 2015-1A Class A2II, 4.47%, 10-25-2045 | 0.9 |
| TRTX Issuer Ltd. Series 2022-FL5 Class A, 6.01%, 2-15-2039 | 0.9 |
| Equitable Financial Life Global Funding, 5.50%, 12-2-2025 | 0.8 |
| Imperial Fund Mortgage Trust Series 2022-NQM3 Class A1, 4.38%, 5-25-2067 | 0.7 |

---

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

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

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

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

#### AR3547 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Ultra Short-Term Income Fund

# August 31, 2025

# Class A2

# WUSNX
This annual shareholder report contains important information about Ultra Short-Term Income Fund for the period from September 1, 2024 to August 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 A2 | $41 | 0.40% |

---

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

## How did the Fund perform last year and what affected its performance?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps = 1.00%) early in the period before holding rates steady for the first eight months of 2025. The period ended with markets pricing in two additional Fed rate cuts by the end of 2025. Credit spreads narrowed and remained subdued for much of the period.

Portfolio duration remained close to its strategic neutral (longer than the benchmark). The portfolio was positioned modestly up in quality and credit exposure was reduced as valuations became more extreme.

The portfolio had a diversified set of non-benchmark securitized exposures. The top contributors to the Fund's performance were duration and curve positioning, credit-quality allocation, and sector allocation (including diversified non-benchmark holdings). Security selection also contributed.

The main detractor from performance was a small allocation to non-agency collateralized mortgage obligations.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g79r66.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A2** | **Bloomberg Short-Term Government/Corporate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $10000 | $10000 | $10000 |
| **9/30/2015** | $9995 | $10007 | $10068 |
| **10/31/2015** | $10013 | $10008 | $10069 |
| **11/30/2015** | $10008 | $10005 | $10043 |
| **12/31/2015** | $10002 | $10005 | $10010 |
| **1/31/2016** | $9997 | $10015 | $10148 |
| **2/29/2016** | $10005 | $10020 | $10220 |
| **3/31/2016** | $10037 | $10031 | $10314 |
| **4/30/2016** | $10069 | $10039 | $10353 |
| **5/31/2016** | $10090 | $10042 | $10356 |
| **6/30/2016** | $10099 | $10055 | $10542 |
| **7/31/2016** | $10120 | $10061 | $10609 |
| **8/31/2016** | $10128 | $10065 | $10597 |
| **9/30/2016** | $10137 | $10071 | $10590 |
| **10/31/2016** | $10146 | $10079 | $10509 |
| **11/30/2016** | $10143 | $10079 | $10261 |
| **12/31/2016** | $10140 | $10085 | $10275 |
| **1/31/2017** | $10160 | $10098 | $10295 |
| **2/28/2017** | $10170 | $10105 | $10365 |
| **3/31/2017** | $10179 | $10105 | $10359 |
| **4/30/2017** | $10189 | $10114 | $10439 |
| **5/31/2017** | $10198 | $10120 | $10519 |
| **6/30/2017** | $10207 | $10128 | $10509 |
| **7/31/2017** | $10217 | $10141 | $10554 |
| **8/31/2017** | $10227 | $10152 | $10649 |
| **9/30/2017** | $10237 | $10161 | $10598 |
| **10/31/2017** | $10247 | $10170 | $10604 |
| **11/30/2017** | $10246 | $10175 | $10591 |
| **12/31/2017** | $10256 | $10185 | $10639 |
| **1/31/2018** | $10268 | $10197 | $10517 |
| **2/28/2018** | $10257 | $10202 | $10417 |
| **3/31/2018** | $10270 | $10217 | $10484 |
| **4/30/2018** | $10284 | $10233 | $10406 |
| **5/31/2018** | $10298 | $10252 | $10480 |
| **6/30/2018** | $10312 | $10268 | $10467 |
| **7/31/2018** | $10339 | $10287 | $10470 |
| **8/31/2018** | $10353 | $10308 | $10537 |
| **9/30/2018** | $10380 | $10323 | $10469 |
| **10/31/2018** | $10384 | $10341 | $10386 |
| **11/30/2018** | $10400 | $10362 | $10448 |
| **12/31/2018** | $10405 | $10387 | $10640 |
| **1/31/2019** | $10460 | $10416 | $10753 |
| **2/28/2019** | $10504 | $10438 | $10747 |
| **3/31/2019** | $10535 | $10465 | $10954 |
| **4/30/2019** | $10567 | $10487 | $10956 |
| **5/31/2019** | $10586 | $10513 | $11151 |
| **6/30/2019** | $10618 | $10547 | $11291 |
| **7/31/2019** | $10649 | $10563 | $11316 |
| **8/31/2019** | $10667 | $10592 | $11609 |
| **9/30/2019** | $10698 | $10609 | $11547 |
| **10/31/2019** | $10716 | $10638 | $11582 |
| **11/30/2019** | $10734 | $10650 | $11576 |
| **12/31/2019** | $10752 | $10667 | $11568 |
| **1/31/2020** | $10783 | $10687 | $11791 |
| **2/29/2020** | $10800 | $10716 | $12003 |
| **3/31/2020** | $10503 | $10752 | $11932 |
| **4/30/2020** | $10683 | $10773 | $12144 |
| **5/31/2020** | $10800 | $10784 | $12201 |
| **6/30/2020** | $10866 | $10791 | $12278 |
| **7/31/2020** | $10906 | $10796 | $12461 |
| **8/31/2020** | $10932 | $10800 | $12360 |
| **9/30/2020** | $10943 | $10802 | $12354 |
| **10/31/2020** | $10954 | $10803 | $12298 |
| **11/30/2020** | $10989 | $10806 | $12419 |
| **12/31/2020** | $10998 | $10807 | $12436 |
| **1/31/2021** | $11006 | $10811 | $12347 |
| **2/28/2021** | $11014 | $10813 | $12169 |
| **3/31/2021** | $11008 | $10815 | $12017 |
| **4/30/2021** | $11029 | $10816 | $12112 |
| **5/31/2021** | $11036 | $10819 | $12151 |
| **6/30/2021** | $11042 | $10818 | $12237 |
| **7/31/2021** | $11034 | $10820 | $12374 |
| **8/31/2021** | $11038 | $10821 | $12350 |
| **9/30/2021** | $11043 | $10822 | $12243 |
| **10/31/2021** | $11034 | $10821 | $12240 |
| **11/30/2021** | $11025 | $10820 | $12276 |
| **12/31/2021** | $11017 | $10818 | $12245 |
| **1/31/2022** | $10995 | $10809 | $11981 |
| **2/28/2022** | $10962 | $10803 | $11847 |
| **3/31/2022** | $10905 | $10790 | $11518 |
| **4/30/2022** | $10876 | $10786 | $11081 |
| **5/31/2022** | $10874 | $10803 | $11152 |
| **6/30/2022** | $10821 | $10778 | $10977 |
| **7/31/2022** | $10872 | $10795 | $11246 |
| **8/31/2022** | $10874 | $10803 | $10928 |
| **9/30/2022** | $10826 | $10795 | $10456 |
| **10/31/2022** | $10819 | $10809 | $10320 |
| **11/30/2022** | $10892 | $10848 | $10700 |
| **12/31/2022** | $10954 | $10892 | $10651 |
| **1/31/2023** | $11069 | $10935 | $10979 |
| **2/28/2023** | $11081 | $10960 | $10695 |
| **3/31/2023** | $11107 | $11021 | $10967 |
| **4/30/2023** | $11161 | $11056 | $11033 |
| **5/31/2023** | $11204 | $11086 | $10913 |
| **6/30/2023** | $11248 | $11131 | $10874 |
| **7/31/2023** | $11319 | $11182 | $10867 |
| **8/31/2023** | $11375 | $11232 | $10797 |
| **9/30/2023** | $11419 | $11279 | $10523 |
| **10/31/2023** | $11452 | $11330 | $10357 |
| **11/30/2023** | $11554 | $11393 | $10826 |
| **12/31/2023** | $11659 | $11457 | $11240 |
| **1/31/2024** | $11738 | $11507 | $11210 |
| **2/29/2024** | $11777 | $11542 | $11051 |
| **3/31/2024** | $11845 | $11593 | $11153 |
| **4/30/2024** | $11872 | $11634 | $10871 |
| **5/31/2024** | $11942 | $11691 | $11056 |
| **6/30/2024** | $11999 | $11741 | $11160 |
| **7/31/2024** | $12085 | $11807 | $11421 |
| **8/31/2024** | $12158 | $11871 | $11585 |
| **9/30/2024** | $12244 | $11936 | $11740 |
| **10/31/2024** | $12261 | $11969 | $11449 |
| **11/30/2024** | $12333 | $12014 | $11570 |
| **12/31/2024** | $12379 | $12066 | $11381 |
| **1/31/2025** | $12439 | $12111 | $11441 |
| **2/28/2025** | $12497 | $12154 | $11693 |
| **3/31/2025** | $12528 | $12200 | $11697 |
| **4/30/2025** | $12573 | $12245 | $11743 |
| **5/31/2025** | $12633 | $12279 | $11659 |
| **6/30/2025** | $12693 | $12327 | $11839 |
| **7/31/2025** | $12739 | $12364 | $11807 |
| **8/31/2025** | $12814 | $12422 | $11949 |

---

# Ultra Short-Term Income Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A2<sup>Footnote Reference\*</sup> | 5.4 | 3.23 | 2.51 |
| Bloomberg Short-Term Government/Corporate Bond Index | 4.64 | 2.84 | 2.19 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Historical performance for the Class A2 shares prior to their inception on May 29, 2020 reflects the performance of the Class A shares, and includes the higher expenses applicable to the Class A shares. If these expenses had not been included, returns for the Class A2 shares would be higher. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1409499285 |
| # of portfolio holdings | 646 |
| Portfolio turnover rate | 56% |
| Total advisory fees paid | $1711441 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate bonds and notes | 33.8 |
| Asset-backed securities | 18.4 |
| U.S. Treasury securities | 16.2 |
| Non-agency mortgage-backed securities | 13.4 |
| Yankee corporate bonds and notes | 10.4 |
| Agency securities | 6.2 |
| Investment companies | 1.1 |
| Yankee government bonds | 0.4 |
| Municipal obligations | 0.1 |

---

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

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.75%, 8-31-2026 | 5.6 |
| U.S. Treasury Notes, 3.88%, 7-31-2027 | 3.8 |
| U.S. Treasury Notes, 3.75%, 6-30-2027 | 1.9 |
| U.S. Treasury Notes, 4.25%, 1-31-2026 | 1.4 |
| SPGN Mortgage Trust Series 2022-TFLM Class A, 5.91%, 2-15-2039 | 1.4 |
| iShares 0-5 Year High Yield Corporate Bond ETF | 1 |
| Domino's Pizza Master Issuer LLC Series 2015-1A Class A2II, 4.47%, 10-25-2045 | 0.9 |
| TRTX Issuer Ltd. Series 2022-FL5 Class A, 6.01%, 2-15-2039 | 0.9 |
| Equitable Financial Life Global Funding, 5.50%, 12-2-2025 | 0.8 |
| Imperial Fund Mortgage Trust Series 2022-NQM3 Class A1, 4.38%, 5-25-2067 | 0.7 |

---

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

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

#### AR5101 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Ultra Short-Term Income Fund

# August 31, 2025

# Class A

# SADAX
This annual shareholder report contains important information about Ultra Short-Term Income Fund for the period from September 1, 2024 to August 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 | $48 | 0.47% |

---

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

## How did the Fund perform last year and what affected its performance?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps = 1.00%) early in the period before holding rates steady for the first eight months of 2025. The period ended with markets pricing in two additional Fed rate cuts by the end of 2025. Credit spreads narrowed and remained subdued for much of the period.

Portfolio duration remained close to its strategic neutral (longer than the benchmark). The portfolio was positioned modestly up in quality and credit exposure was reduced as valuations became more extreme.

The portfolio had a diversified set of non-benchmark securitized exposures. The top contributors to the Fund's performance were duration and curve positioning, credit-quality allocation, and sector allocation (including diversified non-benchmark holdings). Security selection also contributed.

The main detractor from performance was a small allocation to non-agency collateralized mortgage obligations.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g70j03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Bloomberg Short-Term Government/Corporate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $9800 | $10000 | $10000 |
| **9/30/2015** | $9795 | $10007 | $10068 |
| **10/31/2015** | $9813 | $10008 | $10069 |
| **11/30/2015** | $9808 | $10005 | $10043 |
| **12/31/2015** | $9802 | $10005 | $10010 |
| **1/31/2016** | $9797 | $10015 | $10148 |
| **2/29/2016** | $9805 | $10020 | $10220 |
| **3/31/2016** | $9836 | $10031 | $10314 |
| **4/30/2016** | $9868 | $10039 | $10353 |
| **5/31/2016** | $9888 | $10042 | $10356 |
| **6/30/2016** | $9897 | $10055 | $10542 |
| **7/31/2016** | $9917 | $10061 | $10609 |
| **8/31/2016** | $9925 | $10065 | $10597 |
| **9/30/2016** | $9934 | $10071 | $10590 |
| **10/31/2016** | $9943 | $10079 | $10509 |
| **11/30/2016** | $9940 | $10079 | $10261 |
| **12/31/2016** | $9937 | $10085 | $10275 |
| **1/31/2017** | $9957 | $10098 | $10295 |
| **2/28/2017** | $9967 | $10105 | $10365 |
| **3/31/2017** | $9976 | $10105 | $10359 |
| **4/30/2017** | $9985 | $10114 | $10439 |
| **5/31/2017** | $9994 | $10120 | $10519 |
| **6/30/2017** | $10003 | $10128 | $10509 |
| **7/31/2017** | $10012 | $10141 | $10554 |
| **8/31/2017** | $10022 | $10152 | $10649 |
| **9/30/2017** | $10033 | $10161 | $10598 |
| **10/31/2017** | $10042 | $10170 | $10604 |
| **11/30/2017** | $10041 | $10175 | $10591 |
| **12/31/2017** | $10051 | $10185 | $10639 |
| **1/31/2018** | $10063 | $10197 | $10517 |
| **2/28/2018** | $10052 | $10202 | $10417 |
| **3/31/2018** | $10065 | $10217 | $10484 |
| **4/30/2018** | $10078 | $10233 | $10406 |
| **5/31/2018** | $10092 | $10252 | $10480 |
| **6/30/2018** | $10106 | $10268 | $10467 |
| **7/31/2018** | $10132 | $10287 | $10470 |
| **8/31/2018** | $10146 | $10308 | $10537 |
| **9/30/2018** | $10173 | $10323 | $10469 |
| **10/31/2018** | $10176 | $10341 | $10386 |
| **11/30/2018** | $10192 | $10362 | $10448 |
| **12/31/2018** | $10197 | $10387 | $10640 |
| **1/31/2019** | $10251 | $10416 | $10753 |
| **2/28/2019** | $10294 | $10438 | $10747 |
| **3/31/2019** | $10325 | $10465 | $10954 |
| **4/30/2019** | $10356 | $10487 | $10956 |
| **5/31/2019** | $10375 | $10513 | $11151 |
| **6/30/2019** | $10405 | $10547 | $11291 |
| **7/31/2019** | $10436 | $10563 | $11316 |
| **8/31/2019** | $10454 | $10592 | $11609 |
| **9/30/2019** | $10484 | $10609 | $11547 |
| **10/31/2019** | $10502 | $10638 | $11582 |
| **11/30/2019** | $10520 | $10650 | $11576 |
| **12/31/2019** | $10537 | $10667 | $11568 |
| **1/31/2020** | $10567 | $10687 | $11791 |
| **2/29/2020** | $10584 | $10716 | $12003 |
| **3/31/2020** | $10292 | $10752 | $11932 |
| **4/30/2020** | $10470 | $10773 | $12144 |
| **5/31/2020** | $10585 | $10784 | $12201 |
| **6/30/2020** | $10651 | $10791 | $12278 |
| **7/31/2020** | $10702 | $10796 | $12461 |
| **8/31/2020** | $10728 | $10800 | $12360 |
| **9/30/2020** | $10727 | $10802 | $12354 |
| **10/31/2020** | $10737 | $10803 | $12298 |
| **11/30/2020** | $10772 | $10806 | $12419 |
| **12/31/2020** | $10794 | $10807 | $12436 |
| **1/31/2021** | $10801 | $10811 | $12347 |
| **2/28/2021** | $10809 | $10813 | $12169 |
| **3/31/2021** | $10804 | $10815 | $12017 |
| **4/30/2021** | $10824 | $10816 | $12112 |
| **5/31/2021** | $10831 | $10819 | $12151 |
| **6/30/2021** | $10825 | $10818 | $12237 |
| **7/31/2021** | $10830 | $10820 | $12374 |
| **8/31/2021** | $10834 | $10821 | $12350 |
| **9/30/2021** | $10838 | $10822 | $12243 |
| **10/31/2021** | $10830 | $10821 | $12240 |
| **11/30/2021** | $10809 | $10820 | $12276 |
| **12/31/2021** | $10814 | $10818 | $12245 |
| **1/31/2022** | $10780 | $10809 | $11981 |
| **2/28/2022** | $10748 | $10803 | $11847 |
| **3/31/2022** | $10692 | $10790 | $11518 |
| **4/30/2022** | $10662 | $10786 | $11081 |
| **5/31/2022** | $10672 | $10803 | $11152 |
| **6/30/2022** | $10607 | $10778 | $10977 |
| **7/31/2022** | $10656 | $10795 | $11246 |
| **8/31/2022** | $10670 | $10803 | $10928 |
| **9/30/2022** | $10622 | $10795 | $10456 |
| **10/31/2022** | $10602 | $10809 | $10320 |
| **11/30/2022** | $10685 | $10848 | $10700 |
| **12/31/2022** | $10732 | $10892 | $10651 |
| **1/31/2023** | $10844 | $10935 | $10979 |
| **2/28/2023** | $10867 | $10960 | $10695 |
| **3/31/2023** | $10880 | $11021 | $10967 |
| **4/30/2023** | $10944 | $11056 | $11033 |
| **5/31/2023** | $10973 | $11086 | $10913 |
| **6/30/2023** | $11015 | $11131 | $10874 |
| **7/31/2023** | $11096 | $11182 | $10867 |
| **8/31/2023** | $11151 | $11232 | $10797 |
| **9/30/2023** | $11179 | $11279 | $10523 |
| **10/31/2023** | $11224 | $11330 | $10357 |
| **11/30/2023** | $11323 | $11393 | $10826 |
| **12/31/2023** | $11411 | $11457 | $11240 |
| **1/31/2024** | $11502 | $11507 | $11210 |
| **2/29/2024** | $11525 | $11542 | $11051 |
| **3/31/2024** | $11590 | $11593 | $11153 |
| **4/30/2024** | $11617 | $11634 | $10871 |
| **5/31/2024** | $11698 | $11691 | $11056 |
| **6/30/2024** | $11752 | $11741 | $11160 |
| **7/31/2024** | $11835 | $11807 | $11421 |
| **8/31/2024** | $11905 | $11871 | $11585 |
| **9/30/2024** | $11989 | $11936 | $11740 |
| **10/31/2024** | $12005 | $11969 | $11449 |
| **11/30/2024** | $12061 | $12014 | $11570 |
| **12/31/2024** | $12118 | $12066 | $11381 |
| **1/31/2025** | $12175 | $12111 | $11441 |
| **2/28/2025** | $12232 | $12154 | $11693 |
| **3/31/2025** | $12262 | $12200 | $11697 |
| **4/30/2025** | $12305 | $12245 | $11743 |
| **5/31/2025** | $12363 | $12279 | $11659 |
| **6/30/2025** | $12421 | $12327 | $11839 |
| **7/31/2025** | $12466 | $12364 | $11807 |
| **8/31/2025** | $12539 | $12422 | $11949 |

---

# Ultra Short-Term Income Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 5.32 | 3.17 | 2.5 |
| Class A with Load | 3.21 | 2.75 | 2.29 |
| Bloomberg Short-Term Government/Corporate Bond Index | 4.64 | 2.84 | 2.19 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1409499285 |
| # of portfolio holdings | 646 |
| Portfolio turnover rate | 56% |
| Total advisory fees paid | $1711441 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate bonds and notes | 33.8 |
| Asset-backed securities | 18.4 |
| U.S. Treasury securities | 16.2 |
| Non-agency mortgage-backed securities | 13.4 |
| Yankee corporate bonds and notes | 10.4 |
| Agency securities | 6.2 |
| Investment companies | 1.1 |
| Yankee government bonds | 0.4 |
| Municipal obligations | 0.1 |

---

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

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.75%, 8-31-2026 | 5.6 |
| U.S. Treasury Notes, 3.88%, 7-31-2027 | 3.8 |
| U.S. Treasury Notes, 3.75%, 6-30-2027 | 1.9 |
| U.S. Treasury Notes, 4.25%, 1-31-2026 | 1.4 |
| SPGN Mortgage Trust Series 2022-TFLM Class A, 5.91%, 2-15-2039 | 1.4 |
| iShares 0-5 Year High Yield Corporate Bond ETF | 1 |
| Domino's Pizza Master Issuer LLC Series 2015-1A Class A2II, 4.47%, 10-25-2045 | 0.9 |
| TRTX Issuer Ltd. Series 2022-FL5 Class A, 6.01%, 2-15-2039 | 0.9 |
| Equitable Financial Life Global Funding, 5.50%, 12-2-2025 | 0.8 |
| Imperial Fund Mortgage Trust Series 2022-NQM3 Class A1, 4.38%, 5-25-2067 | 0.7 |

---

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

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

#### AR3006 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

# Ultra Short-Term Income Fund

# August 31, 2025

# Administrator Class

# WUSDX
This annual shareholder report contains important information about Ultra Short-Term Income Fund for the period from September 1, 2024 to August 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 |
| Administrator Class | $51 | 0.50% |

---

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

## How did the Fund perform last year and what affected its performance?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps = 1.00%) early in the period before holding rates steady for the first eight months of 2025. The period ended with markets pricing in two additional Fed rate cuts by the end of 2025. Credit spreads narrowed and remained subdued for much of the period.

Portfolio duration remained close to its strategic neutral (longer than the benchmark). The portfolio was positioned modestly up in quality and credit exposure was reduced as valuations became more extreme.

The portfolio had a diversified set of non-benchmark securitized exposures. The top contributors to the Fund's performance were duration and curve positioning, credit-quality allocation, and sector allocation (including diversified non-benchmark holdings). Security selection also contributed.

The main detractor from performance was a small allocation to non-agency collateralized mortgage obligations.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g95c29.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrator Class** | **Bloomberg Short-Term Government/Corporate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/31/2015** | $10000 | $10000 | $10000 |
| **9/30/2015** | $9996 | $10007 | $10068 |
| **10/31/2015** | $10016 | $10008 | $10069 |
| **11/30/2015** | $10023 | $10005 | $10043 |
| **12/31/2015** | $10019 | $10005 | $10010 |
| **1/31/2016** | $10015 | $10015 | $10148 |
| **2/29/2016** | $10012 | $10020 | $10220 |
| **3/31/2016** | $10058 | $10031 | $10314 |
| **4/30/2016** | $10091 | $10039 | $10353 |
| **5/31/2016** | $10102 | $10042 | $10356 |
| **6/30/2016** | $10124 | $10055 | $10542 |
| **7/31/2016** | $10146 | $10061 | $10609 |
| **8/31/2016** | $10155 | $10065 | $10597 |
| **9/30/2016** | $10166 | $10071 | $10590 |
| **10/31/2016** | $10175 | $10079 | $10509 |
| **11/30/2016** | $10162 | $10079 | $10261 |
| **12/31/2016** | $10172 | $10085 | $10275 |
| **1/31/2017** | $10182 | $10098 | $10295 |
| **2/28/2017** | $10205 | $10105 | $10365 |
| **3/31/2017** | $10203 | $10105 | $10359 |
| **4/30/2017** | $10215 | $10114 | $10439 |
| **5/31/2017** | $10237 | $10120 | $10519 |
| **6/30/2017** | $10248 | $10128 | $10509 |
| **7/31/2017** | $10258 | $10141 | $10554 |
| **8/31/2017** | $10269 | $10152 | $10649 |
| **9/30/2017** | $10281 | $10161 | $10598 |
| **10/31/2017** | $10293 | $10170 | $10604 |
| **11/30/2017** | $10292 | $10175 | $10591 |
| **12/31/2017** | $10304 | $10185 | $10639 |
| **1/31/2018** | $10305 | $10197 | $10517 |
| **2/28/2018** | $10308 | $10202 | $10417 |
| **3/31/2018** | $10310 | $10217 | $10484 |
| **4/30/2018** | $10325 | $10233 | $10406 |
| **5/31/2018** | $10340 | $10252 | $10480 |
| **6/30/2018** | $10356 | $10268 | $10467 |
| **7/31/2018** | $10384 | $10287 | $10470 |
| **8/31/2018** | $10412 | $10308 | $10537 |
| **9/30/2018** | $10428 | $10323 | $10469 |
| **10/31/2018** | $10445 | $10341 | $10386 |
| **11/30/2018** | $10451 | $10362 | $10448 |
| **12/31/2018** | $10457 | $10387 | $10640 |
| **1/31/2019** | $10514 | $10416 | $10753 |
| **2/28/2019** | $10559 | $10438 | $10747 |
| **3/31/2019** | $10592 | $10465 | $10954 |
| **4/30/2019** | $10625 | $10487 | $10956 |
| **5/31/2019** | $10646 | $10513 | $11151 |
| **6/30/2019** | $10679 | $10547 | $11291 |
| **7/31/2019** | $10712 | $10563 | $11316 |
| **8/31/2019** | $10744 | $10592 | $11609 |
| **9/30/2019** | $10764 | $10609 | $11547 |
| **10/31/2019** | $10784 | $10638 | $11582 |
| **11/30/2019** | $10803 | $10650 | $11576 |
| **12/31/2019** | $10823 | $10667 | $11568 |
| **1/31/2020** | $10855 | $10687 | $11791 |
| **2/29/2020** | $10874 | $10716 | $12003 |
| **3/31/2020** | $10587 | $10752 | $11932 |
| **4/30/2020** | $10758 | $10773 | $12144 |
| **5/31/2020** | $10878 | $10784 | $12201 |
| **6/30/2020** | $10946 | $10791 | $12278 |
| **7/31/2020** | $10999 | $10796 | $12461 |
| **8/31/2020** | $11025 | $10800 | $12360 |
| **9/30/2020** | $11024 | $10802 | $12354 |
| **10/31/2020** | $11034 | $10803 | $12298 |
| **11/30/2020** | $11070 | $10806 | $12419 |
| **12/31/2020** | $11093 | $10807 | $12436 |
| **1/31/2021** | $11100 | $10811 | $12347 |
| **2/28/2021** | $11108 | $10813 | $12169 |
| **3/31/2021** | $11103 | $10815 | $12017 |
| **4/30/2021** | $11123 | $10816 | $12112 |
| **5/31/2021** | $11131 | $10819 | $12151 |
| **6/30/2021** | $11124 | $10818 | $12237 |
| **7/31/2021** | $11129 | $10820 | $12374 |
| **8/31/2021** | $11133 | $10821 | $12350 |
| **9/30/2021** | $11137 | $10822 | $12243 |
| **10/31/2021** | $11129 | $10821 | $12240 |
| **11/30/2021** | $11107 | $10820 | $12276 |
| **12/31/2021** | $11111 | $10818 | $12245 |
| **1/31/2022** | $11076 | $10809 | $11981 |
| **2/28/2022** | $11056 | $10803 | $11847 |
| **3/31/2022** | $10998 | $10790 | $11518 |
| **4/30/2022** | $10968 | $10786 | $11081 |
| **5/31/2022** | $10964 | $10803 | $11152 |
| **6/30/2022** | $10910 | $10778 | $10977 |
| **7/31/2022** | $10947 | $10795 | $11246 |
| **8/31/2022** | $10962 | $10803 | $10928 |
| **9/30/2022** | $10913 | $10795 | $10456 |
| **10/31/2022** | $10891 | $10809 | $10320 |
| **11/30/2022** | $10977 | $10848 | $10700 |
| **12/31/2022** | $11025 | $10892 | $10651 |
| **1/31/2023** | $11154 | $10935 | $10979 |
| **2/28/2023** | $11165 | $10960 | $10695 |
| **3/31/2023** | $11191 | $11021 | $10967 |
| **4/30/2023** | $11244 | $11056 | $11033 |
| **5/31/2023** | $11273 | $11086 | $10913 |
| **6/30/2023** | $11317 | $11131 | $10874 |
| **7/31/2023** | $11401 | $11182 | $10867 |
| **8/31/2023** | $11457 | $11232 | $10797 |
| **9/30/2023** | $11499 | $11279 | $10523 |
| **10/31/2023** | $11532 | $11330 | $10357 |
| **11/30/2023** | $11634 | $11393 | $10826 |
| **12/31/2023** | $11725 | $11457 | $11240 |
| **1/31/2024** | $11818 | $11507 | $11210 |
| **2/29/2024** | $11842 | $11542 | $11051 |
| **3/31/2024** | $11909 | $11593 | $11153 |
| **4/30/2024** | $11936 | $11634 | $10871 |
| **5/31/2024** | $12020 | $11691 | $11056 |
| **6/30/2024** | $12075 | $11741 | $11160 |
| **7/31/2024** | $12161 | $11807 | $11421 |
| **8/31/2024** | $12234 | $11871 | $11585 |
| **9/30/2024** | $12319 | $11936 | $11740 |
| **10/31/2024** | $12335 | $11969 | $11449 |
| **11/30/2024** | $12393 | $12014 | $11570 |
| **12/31/2024** | $12452 | $12066 | $11381 |
| **1/31/2025** | $12511 | $12111 | $11441 |
| **2/28/2025** | $12569 | $12154 | $11693 |
| **3/31/2025** | $12599 | $12200 | $11697 |
| **4/30/2025** | $12643 | $12245 | $11743 |
| **5/31/2025** | $12703 | $12279 | $11659 |
| **6/30/2025** | $12762 | $12327 | $11839 |
| **7/31/2025** | $12808 | $12364 | $11807 |
| **8/31/2025** | $12882 | $12422 | $11949 |

---

# Ultra Short-Term Income Fund
Annual Shareholder Report \| August 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 5.3 | 3.16 | 2.56 |
| Bloomberg Short-Term Government/Corporate Bond Index | 4.64 | 2.84 | 2.19 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.68) | 1.8 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1409499285 |
| # of portfolio holdings | 646 |
| Portfolio turnover rate | 56% |
| Total advisory fees paid | $1711441 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate bonds and notes | 33.8 |
| Asset-backed securities | 18.4 |
| U.S. Treasury securities | 16.2 |
| Non-agency mortgage-backed securities | 13.4 |
| Yankee corporate bonds and notes | 10.4 |
| Agency securities | 6.2 |
| Investment companies | 1.1 |
| Yankee government bonds | 0.4 |
| Municipal obligations | 0.1 |

---

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

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.75%, 8-31-2026 | 5.6 |
| U.S. Treasury Notes, 3.88%, 7-31-2027 | 3.8 |
| U.S. Treasury Notes, 3.75%, 6-30-2027 | 1.9 |
| U.S. Treasury Notes, 4.25%, 1-31-2026 | 1.4 |
| SPGN Mortgage Trust Series 2022-TFLM Class A, 5.91%, 2-15-2039 | 1.4 |
| iShares 0-5 Year High Yield Corporate Bond ETF | 1 |
| Domino's Pizza Master Issuer LLC Series 2015-1A Class A2II, 4.47%, 10-25-2045 | 0.9 |
| TRTX Issuer Ltd. Series 2022-FL5 Class A, 6.01%, 2-15-2039 | 0.9 |
| Equitable Financial Life Global Funding, 5.50%, 12-2-2025 | 0.8 |
| Imperial Fund Mortgage Trust Series 2022-NQM3 Class A1, 4.38%, 5-25-2067 | 0.7 |

---

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

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

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

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

#### AR3709 08-25
![Image](g14606g40z41.jpg)

Annual Shareholder Report

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

# August 31, 2025

# WFCPX
This annual shareholder report contains important information about Managed Account CoreBuilder<sup>®</sup> Shares - Series CP for the period from September 1, 2024 to August 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-866-701-2575.

#### 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 |
| Managed Account CoreBuilder<sup>®</sup> Shares - Series CP | $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?
Treasury yields were volatile throughout the 12-month period that ended August 31, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The Federal Reserve (Fed) cut rates a total of 100 basis points (bps; 100 bps equal 1.00%) early in the period before holding rates steady. At period-end, markets priced in two more rate cuts by the end of 2025. Credit spreads narrowed and remained subdued. Securitized sectors also saw spreads widen and then narrow to levels below their three- and five-year averages.

The no-fee CoreBuilder<sup>®</sup> Shares - Series CP mutual fund is used along with individual bonds to create the Core Plus SMA strategy.

Within the Fund, top contributions to performance came from sector allocation—primarily out-of-benchmark sectors, including U.S. and European high yield bonds and European investment-grade bonds. Non-U.S.-dollar exposure to emerging and developed market government bonds produced mixed results. Credit-quality allocations, security selection, and duration and curve management contributed. Allocations to non-agency mortgage-backed securities detracted.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g14606g55z00.jpg)

---

| | | |
|:---|:---|:---|
| | **Managed Account CoreBuilder<sup>®</sup> Shares - Series CP** | **Bloomberg U.S. Aggregate Bond Index** |
| **6/2/2021** | $10000 | $10000 |
| **6/30/2021** | $10050 | $10077 |
| **7/31/2021** | $10130 | $10190 |
| **8/31/2021** | $10135 | $10171 |
| **9/30/2021** | $10070 | $10083 |
| **10/31/2021** | $10087 | $10080 |
| **11/30/2021** | $10080 | $10110 |
| **12/31/2021** | $10110 | $10084 |
| **1/31/2022** | $9922 | $9866 |
| **2/28/2022** | $9800 | $9756 |
| **3/31/2022** | $9616 | $9485 |
| **4/30/2022** | $9244 | $9125 |
| **5/31/2022** | $9220 | $9184 |
| **6/30/2022** | $8958 | $9040 |
| **7/31/2022** | $9159 | $9261 |
| **8/31/2022** | $8960 | $8999 |
| **9/30/2022** | $8601 | $8611 |
| **10/31/2022** | $8507 | $8499 |
| **11/30/2022** | $8793 | $8812 |
| **12/31/2022** | $8774 | $8772 |
| **1/31/2023** | $9122 | $9042 |
| **2/28/2023** | $8907 | $8808 |
| **3/31/2023** | $9107 | $9032 |
| **4/30/2023** | $9156 | $9086 |
| **5/31/2023** | $9057 | $8987 |
| **6/30/2023** | $9036 | $8955 |
| **7/31/2023** | $9074 | $8949 |
| **8/31/2023** | $9045 | $8892 |
| **9/30/2023** | $8828 | $8666 |
| **10/31/2023** | $8696 | $8529 |
| **11/30/2023** | $9101 | $8916 |
| **12/31/2023** | $9476 | $9257 |
| **1/31/2024** | $9495 | $9231 |
| **2/29/2024** | $9381 | $9101 |
| **3/31/2024** | $9486 | $9185 |
| **4/30/2024** | $9297 | $8953 |
| **5/31/2024** | $9442 | $9105 |
| **6/30/2024** | $9515 | $9191 |
| **7/31/2024** | $9713 | $9406 |
| **8/31/2024** | $9862 | $9541 |
| **9/30/2024** | $10000 | $9669 |
| **10/31/2024** | $9809 | $9429 |
| **11/30/2024** | $9911 | $9528 |
| **12/31/2024** | $9805 | $9373 |
| **1/31/2025** | $9885 | $9422 |
| **2/28/2025** | $10063 | $9630 |
| **3/31/2025** | $10037 | $9633 |
| **4/30/2025** | $10054 | $9671 |
| **5/31/2025** | $10037 | $9602 |
| **6/30/2025** | $10186 | $9749 |
| **7/31/2025** | $10190 | $9724 |
| **8/31/2025** | $10327 | $9840 |

---

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

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Since Inception (6/2/21)** |
| Managed Account CoreBuilder<sup>®</sup> Shares - Series CP | 4.77 | 0.76 |
| Bloomberg U.S. Aggregate Bond Index | 3.14 | (0.38) |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $918687241 |
| # of portfolio holdings | 546 |
| Portfolio turnover rate | 315% |
| Total advisory fees paid | $0 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA/Aaa | 13.1 |
| AA/Aa | 36.4 |
| A/A | 13.8 |
| BBB/Baa | 13.7 |
| BB/Ba | 10.2 |
| B/B | 3.3 |
| CCC/Caa and below | 0.1 |
| Not rated | 9.4 |

---

---

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

---

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

---

| | |
|:---|:---|
| 0-1 year | 7.4 |
| 1-3 years | 19.9 |
| 3-5 years | 39.5 |
| 5-10 years | 22.4 |
| 10-20 years | 2.8 |
| 20-30 years | 7.2 |
| 30+ years | 0.8 |

---

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

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the addition of Allspring Global Investments (UK) Limited as an additional sub-adviser for the Fund, effective November 3, 2025. On the same date, Sarah Harrison will be added as a portfolio manager for the Fund.

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

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

#### AR4903 08-25

------

<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>**August 31, 2025** | **Fiscal year ended**<br>**August 31, 2024** |
|  Audit fees | $533800 | $627400 |
|  Audit-related fees<sup>(1)</sup> | 3900 |  |
|  Tax fees <sup>(2)</sup> | 23370 | 48820 |
|  All other fees |  |  |
|  | $561070 | $676220 |

---

<sup>(1)</sup> Consent fees for merger of Allspring Adjustable Rate Government Fund into Allspring Ultra Short-Term Income Fund on July 25, 2025.

<sup>(2)</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.

------

![](g14606imga14009eb1.jpg)

Allspring Managed Account

Allspring Managed Account *CoreBuilder*® Shares – Series CP

Long Form Financial Statements

Annual Report

August 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_346ab487-d338-45fd-8882-06eea51ebc94_POI-PageBlank-103_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_346ab487-d338-45fd-8882-06eea51ebc94_FS-PageBlank-103_1)** |  |
| [Statement of assets and liabilities](#xx_346ab487-d338-45fd-8882-06eea51ebc94_FS-PageBlank-103_1) | 25 |
| [Statement of operations](#xx_346ab487-d338-45fd-8882-06eea51ebc94_FS-PageBlank-103_2) | 26 |
| [Statement of changes in net assets](#xx_346ab487-d338-45fd-8882-06eea51ebc94_FS-PageBlank-103_3) | 27 |
| [Financial highlights](#xx_346ab487-d338-45fd-8882-06eea51ebc94_FIHI-PageBlank-103_1) | 28 |
| **[Notes to financial statements](#xx_346ab487-d338-45fd-8882-06eea51ebc94_NTF-PageBlank-103_1)** | 29 |
| **[Report of independent registered public accounting firm](#xx_346ab487-d338-45fd-8882-06eea51ebc94_AUD-PageBlank-103_1)** | 37 |
| **[Other information](#xx_346ab487-d338-45fd-8882-06eea51ebc94_OI-PageBlank-103_1)** | 38 |
| [Item 8. Changes in and disagreements with accountants](#xx_346ab487-d338-45fd-8882-06eea51ebc94_OI-PageBlank-103_2) | 39 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_346ab487-d338-45fd-8882-06eea51ebc94_OI-PageBlank-103_2) | 39 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_346ab487-d338-45fd-8882-06eea51ebc94_OI-PageBlank-103_2) | 39 |
| [Item 11. Statement regarding basis for board](#xx_346ab487-d338-45fd-8882-06eea51ebc94_OI-PageBlank-103_3)['](#xx_346ab487-d338-45fd-8882-06eea51ebc94_OI-PageBlank-103_3)[s approval of investment](#xx_346ab487-d338-45fd-8882-06eea51ebc94_OI-PageBlank-103_3)<br> [advisory contract](#xx_346ab487-d338-45fd-8882-06eea51ebc94_OI-PageBlank-103_3)<br>| 40 |

---

Allspring Managed Account \| 1

------

Portfolio of investments—August 31, 2025

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Agency securities: 15.48%** |  |  |  |  |
| FHLB | 5.63<br> %<br>| &nbsp;&nbsp; 3-14-2036 | $500000 | &nbsp;&nbsp; $547789 |
| FNMA%% | 5.00 | &nbsp;&nbsp; 9-15-2055 | 4150000 | &nbsp;&nbsp; 4092429 |
| FNMA%% | 5.50 | &nbsp;&nbsp; 9-15-2054 | 18305000 | &nbsp;&nbsp; 18408052 |
| FNMA%% | 6.00 | &nbsp;&nbsp; 9-15-2054 | 24835000 | &nbsp;&nbsp; 25370534 |
| FNMA%% | 6.50 | &nbsp;&nbsp; 9-17-2054 | 10305000 | &nbsp;&nbsp; 10678767 |
| GNMA%% | 2.00 | &nbsp;&nbsp; 9-22-2055 | 455000 | &nbsp;&nbsp; 372632 |
| GNMA%% | 2.50 | &nbsp;&nbsp; 9-22-2055 | 1030000 | &nbsp;&nbsp; 877894 |
| GNMA%% | 3.00 | &nbsp;&nbsp; 9-22-2055 | 2545000 | &nbsp;&nbsp; 2253410 |
| GNMA%% | 3.50 | &nbsp;&nbsp; 9-22-2055 | 1575000 | &nbsp;&nbsp; 1433319 |
| GNMA%% | 5.00 | &nbsp;&nbsp; 9-15-2054 | 19200000 | &nbsp;&nbsp; 19004968 |
| GNMA%% | 5.50 | &nbsp;&nbsp; 9-15-2054 | 21455000 | &nbsp;&nbsp; 21612490 |
| GNMA%% | 6.00 | &nbsp;&nbsp; 9-15-2054 | 21360000 | &nbsp;&nbsp; 21783512 |
| GNMA%% | 6.50 | &nbsp;&nbsp; 9-15-2054 | 15360000 | &nbsp;&nbsp; 15803685 |
| **Total agency securities (Cost $141,601,232)** |  |  |  | &nbsp;&nbsp; **142239481** |
| **Asset-backed securities: 20.41%** |  |  |  |  |
| ACHM Trust Series 2023-HE2 Class A144A±± | 7.50 | &nbsp;&nbsp; 10-25-2038 | 1840501 | &nbsp;&nbsp; 1898215 |
| ACHM Trust Series 2024-HE2 Class A144A | 5.35 | &nbsp;&nbsp; 10-25-2039 | 2872696 | &nbsp;&nbsp; 2881946 |
| ACHM Trust Series 2025-HE1 Class A144A±± | 5.92 | &nbsp;&nbsp; 3-25-2055 | 336697 | &nbsp;&nbsp; 342814 |
| &nbsp;&nbsp; ACREC LLC Series 2025-FL3 Class A (U.S. SOFR 1 <br> Month+1.31%)144A±<br>| 5.67 | &nbsp;&nbsp; 8-18-2042 | 1000000 | &nbsp;&nbsp; 996323 |
| &nbsp;&nbsp; Affirm Asset Securitization Trust Series 2024-B <br> Class A144A<br>| 4.62 | &nbsp;&nbsp; 9-15-2029 | 2000000 | &nbsp;&nbsp; 2002337 |
| ALLO Issuer LLC Series 2024-1A Class A2144A | 5.94 | &nbsp;&nbsp; 7-20-2054 | 1500000 | &nbsp;&nbsp; 1529775 |
| &nbsp;&nbsp; American Credit Acceptance Receivables Trust <br> Series 2024-4 Class B144A<br>| 4.80 | &nbsp;&nbsp; 11-13-2028 | 3600000 | &nbsp;&nbsp; 3604531 |
| &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC <br> Series 2023-6A Class A144A<br>| 5.81 | &nbsp;&nbsp; 12-20-2029 | 260000 | &nbsp;&nbsp; 270821 |
| &nbsp;&nbsp; BDS LLC Series 2025-FL14 Class A (U.S. SOFR 1 <br> Month+1.28%)144A±<br>| 5.64 | &nbsp;&nbsp; 10-21-2042 | 300000 | &nbsp;&nbsp; 300375 |
| BHG Securitization Trust Series 2021-A Class B144A | 2.79 | &nbsp;&nbsp; 11-17-2033 | 625000 | &nbsp;&nbsp; 610231 |
| BHG Securitization Trust Series 2025-1CON Class B144A | 5.26 | &nbsp;&nbsp; 4-17-2036 | 3565000 | &nbsp;&nbsp; 3605481 |
| Blue Bridge Funding LLC Series 2023-1A Class A144A | 7.37 | &nbsp;&nbsp; 11-15-2030 | 32752 | &nbsp;&nbsp; 33061 |
| Blue Bridge Funding LLC Series 2023-1A Class B144A | 9.48 | &nbsp;&nbsp; 11-15-2030 | 100000 | &nbsp;&nbsp; 101933 |
| &nbsp;&nbsp; Blue Owl Asset Leasing Trust LLC Series 2024-1A <br> Class C144A<br>| 6.38 | &nbsp;&nbsp; 1-15-2031 | 1700000 | &nbsp;&nbsp; 1737171 |
| Bojangles Issuer LLC Series 2024-1A Class A2144A | 6.58 | &nbsp;&nbsp; 11-20-2054 | 5500000 | &nbsp;&nbsp; 5643958 |
| Cajun Global LLC Series 2021-1 Class A2144A | 3.93 | &nbsp;&nbsp; 11-20-2051 | 178063 | &nbsp;&nbsp; 175071 |
| Carvana Auto Receivables Trust Series 2024-P2 Class A3 | 5.33 | &nbsp;&nbsp; 7-10-2029 | 1230000 | &nbsp;&nbsp; 1242042 |
| CCAS LLC Series 2024-1A Class A144A | 7.12 | &nbsp;&nbsp; 6-16-2031 | 1315000 | &nbsp;&nbsp; 1336047 |
| Centersquare Issuer LLC Series 2024-1A Class A2144A | 5.20 | &nbsp;&nbsp; 10-26-2054 | 1500000 | &nbsp;&nbsp; 1487370 |
| Centersquare Issuer LLC Series 2025-1A Class A2144A | 5.50 | &nbsp;&nbsp; 3-26-2055 | 3600000 | &nbsp;&nbsp; 3534879 |
| &nbsp;&nbsp; ClickLease Equipment Receivables Trust Series 2024-1 <br> Class C144A<br>| 8.40 | &nbsp;&nbsp; 2-15-2030 | 1000000 | &nbsp;&nbsp; 1016615 |
| Cloud Capital Holdco LP Series 2024-1A Class A2144A | 5.78 | &nbsp;&nbsp; 11-22-2049 | 500000 | &nbsp;&nbsp; 510848 |
| Cogent IPv4 LLC Series 2024-1A Class A2144A | 7.92 | &nbsp;&nbsp; 5-25-2054 | 2320000 | &nbsp;&nbsp; 2426941 |
| &nbsp;&nbsp; Crockett Partners Equipment Co. IIA LLC Series 2024-1C <br> Class A144A<br>| 6.05 | &nbsp;&nbsp; 1-20-2031 | 1766667 | &nbsp;&nbsp; 1791860 |

---

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

2 \| Allspring Managed Account

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; CyrusOne Data Centers Issuer I LLC Series 2023-2A <br> Class A2144A<br>| 5.56<br> %<br>| &nbsp;&nbsp; 11-20-2048 | $1025000 | &nbsp;&nbsp; $1036359 |
| DataBank Issuer LLC Series 2021-1A Class B144A | 2.65 | &nbsp;&nbsp; 2-27-2051 | 250000 | &nbsp;&nbsp; 246178 |
| DataBank Issuer LLC Series 2024-1A Class A2144A | 5.30 | &nbsp;&nbsp; 1-26-2054 | 6620000 | &nbsp;&nbsp; 6637433 |
| DB Master Finance LLC Series 2021-1A Class A23144A | 2.79 | &nbsp;&nbsp; 11-20-2051 | 293562 | &nbsp;&nbsp; 259648 |
| DI Issuer LLC Series 2024-1A Class A2144A | 5.81 | &nbsp;&nbsp; 9-15-2054 | 1000000 | &nbsp;&nbsp; 1000962 |
| Driven Brands Funding LLC Series 2021-1A Class A2144A | 2.79 | &nbsp;&nbsp; 10-20-2051 | 976656 | &nbsp;&nbsp; 918731 |
| &nbsp;&nbsp; Edgeconnex Data Centers Issuer LLC Series 2024-1 <br> Class A2144A<br>| 6.00 | &nbsp;&nbsp; 7-27-2054 | 1047746 | &nbsp;&nbsp; 1060641 |
| FIGRE Trust Series 2023-HE1 Class A144A | 5.85 | &nbsp;&nbsp; 3-25-2053 | 110027 | &nbsp;&nbsp; 111543 |
| FIGRE Trust Series 2023-HE3 Class A144A±± | 6.44 | &nbsp;&nbsp; 11-25-2053 | 344353 | &nbsp;&nbsp; 352952 |
| FIGRE Trust Series 2024-HE2 Class A144A±± | 6.38 | &nbsp;&nbsp; 5-25-2054 | 1476655 | &nbsp;&nbsp; 1514745 |
| FIGRE Trust Series 2024-HE5 Class A144A±± | 5.44 | &nbsp;&nbsp; 10-25-2054 | 3532754 | &nbsp;&nbsp; 3571927 |
| FIGRE Trust Series 2025-HE1 Class A144A±± | 5.83 | &nbsp;&nbsp; 1-25-2055 | 4808728 | &nbsp;&nbsp; 4891303 |
| First National Master Note Trust Series 2024-1 Class A | 5.34 | &nbsp;&nbsp; 5-15-2030 | 840000 | &nbsp;&nbsp; 857021 |
| Five Guys Holdings, Inc. Series 2023-1A Class A2144A | 7.55 | &nbsp;&nbsp; 1-26-2054 | 4019625 | &nbsp;&nbsp; 4162531 |
| Flexential Issuer Series 2021-1A Class A2144A | 3.25 | &nbsp;&nbsp; 11-27-2051 | 5815000 | &nbsp;&nbsp; 5653687 |
| &nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust A Series 2023-1 <br> Class B144A<br>| 5.31 | &nbsp;&nbsp; 5-15-2028 | 1335000 | &nbsp;&nbsp; 1341022 |
| FREED Mortgage Trust Series 2022-HE1 Class B144A±± | 7.00 | &nbsp;&nbsp; 10-25-2037 | 2105000 | &nbsp;&nbsp; 2189123 |
| Frontier Issuer LLC Series 2023-1 Class A2144A | 6.60 | &nbsp;&nbsp; 8-20-2053 | 2500000 | &nbsp;&nbsp; 2540124 |
| Frontier Issuer LLC Series 2024-1 Class A2144A | 6.19 | &nbsp;&nbsp; 6-20-2054 | 1000000 | &nbsp;&nbsp; 1033202 |
| &nbsp;&nbsp; Golub Capital Partners ABS Funding Series 2024-1A <br> Class A2144A<br>| 6.89 | &nbsp;&nbsp; 1-25-2034 | 270000 | &nbsp;&nbsp; 274079 |
| &nbsp;&nbsp; Gracie Point International Funding LLC Series 2023-1A <br> Class B (90 Day Average U.S. SOFR+2.60%)144A±<br>| 6.95 | &nbsp;&nbsp; 9-1-2026 | 275000 | &nbsp;&nbsp; 275015 |
| &nbsp;&nbsp; Hertz Vehicle Financing III LLC Series 2023-4A <br> Class A144A<br>| 6.15 | &nbsp;&nbsp; 3-25-2030 | 3600000 | &nbsp;&nbsp; 3767231 |
| Hipgnosis Music Assets LP Series 2022-1 Class A144A | 5.00 | &nbsp;&nbsp; 5-16-2062 | 4150044 | &nbsp;&nbsp; 4134570 |
| &nbsp;&nbsp; Home Partners of America Trust Series 2021-1 <br> Class D144A<br>| 2.48 | &nbsp;&nbsp; 9-17-2041 | 398097 | &nbsp;&nbsp; 355078 |
| Hotwire Funding LLC Series 2021-1 Class A2144A | 2.31 | &nbsp;&nbsp; 11-20-2051 | 1050000 | &nbsp;&nbsp; 1017390 |
| &nbsp;&nbsp; Jack in the Box Funding LLC Series 2022-1A <br> Class A2II144A<br>| 4.14 | &nbsp;&nbsp; 2-26-2052 | 2604000 | &nbsp;&nbsp; 2322622 |
| Jimmy Johns Funding LLC Series 2017-1A Class A2II144A | 4.85 | &nbsp;&nbsp; 7-30-2047 | 159500 | &nbsp;&nbsp; 158586 |
| &nbsp;&nbsp; Lendbuzz Securitization Trust Series 2024-3A <br> Class A2144A<br>| 4.97 | &nbsp;&nbsp; 10-15-2029 | 1600338 | &nbsp;&nbsp; 1603824 |
| &nbsp;&nbsp; Lyra Music Assets Delaware LP Series 2024-2A <br> Class A2144A<br>| 5.76 | &nbsp;&nbsp; 12-22-2064 | 4992834 | &nbsp;&nbsp; 5067746 |
| &nbsp;&nbsp; Mariner Finance Issuance Trust Series 2025-AA <br> Class A144A<br>| 4.98 | &nbsp;&nbsp; 5-20-2038 | 5000000 | &nbsp;&nbsp; 5074896 |
| &nbsp;&nbsp; MF1 Ltd. Series 2021-FL7 Class A (U.S. SOFR 1 <br> Month+1.19%)144A±<br>| 5.55 | &nbsp;&nbsp; 10-16-2036 | 153984 | &nbsp;&nbsp; 153602 |
| &nbsp;&nbsp; MF1 Ltd. Series 2021-FL7 Class E (U.S. SOFR 1 <br> Month+2.91%)144A±<br>| 7.27 | &nbsp;&nbsp; 10-16-2036 | 3300000 | &nbsp;&nbsp; 3225480 |
| &nbsp;&nbsp; MF1 Ltd. Series 2022-FL8 Class A (U.S. SOFR 1 <br> Month+1.35%)144A±<br>| 5.70 | &nbsp;&nbsp; 2-19-2037 | 413313 | &nbsp;&nbsp; 413303 |
| &nbsp;&nbsp; MF1 Ltd. Series 2022-FL8 Class C (U.S. SOFR 1 <br> Month+2.20%)144A±<br>| 6.55 | &nbsp;&nbsp; 2-19-2037 | 250000 | &nbsp;&nbsp; 245147 |

---

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

Allspring Managed Account \| 3

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| MNR ABS Issuer I LLC‡ | 8.12<br> %<br>| &nbsp;&nbsp; 12-15-2038 | $261325 | &nbsp;&nbsp; $266238 |
| &nbsp;&nbsp; Monroe Capital ABS Funding II Ltd. Series 2023-1A <br> Class A1R144A<br>| 6.77 | &nbsp;&nbsp; 7-22-2034 | 555000 | &nbsp;&nbsp; 554918 |
| NBC Funding LLC Series 2024-1A Class A2144A | 6.75 | &nbsp;&nbsp; 7-30-2054 | 850725 | &nbsp;&nbsp; 870224 |
| Neighborly Issuer LLC Series 2021-1A Class A2144A | 3.58 | &nbsp;&nbsp; 4-30-2051 | 71813 | &nbsp;&nbsp; 67712 |
| &nbsp;&nbsp; New Economy Assets - Phase 1 Sponsor LLC <br> Series 2021-1 Class B1144A<br>| 2.41 | &nbsp;&nbsp; 10-20-2061 | 1250000 | &nbsp;&nbsp; 806447 |
| &nbsp;&nbsp; NextGear Floorplan Master Owner Trust Series 2024-2A <br> Class A2144A<br>| 4.42 | &nbsp;&nbsp; 9-15-2029 | 3600000 | &nbsp;&nbsp; 3620607 |
| NMEF Funding LLC Series 2025-A Class B144A | 5.18 | &nbsp;&nbsp; 7-15-2032 | 4215000 | &nbsp;&nbsp; 4262817 |
| &nbsp;&nbsp; Oak Street Investment Grade Net Lease Fund <br> Series 2021-1A Class A3144A<br>| 2.80 | &nbsp;&nbsp; 1-20-2051 | 248021 | &nbsp;&nbsp; 219742 |
| Octane Receivables Trust Series 2023-1A Class A144A | 5.87 | &nbsp;&nbsp; 5-21-2029 | 8492 | &nbsp;&nbsp; 8507 |
| Oportun Issuance Trust Series 2025-C Class B144A | 4.93 | &nbsp;&nbsp; 7-8-2033 | 5486000 | &nbsp;&nbsp; 5503253 |
| OWN Equipment Fund I LLC Series 2024-2M Class A144A | 5.70 | &nbsp;&nbsp; 12-20-2032 | 2198626 | &nbsp;&nbsp; 2236094 |
| OWN Equipment Fund II LLC Series 2025-1M Class A144A | 5.48 | &nbsp;&nbsp; 9-26-2033 | 2931000 | &nbsp;&nbsp; 2961113 |
| &nbsp;&nbsp; Oxford Finance Credit Fund III LP Series 2024-A <br> Class A2144A<br>| 6.68 | &nbsp;&nbsp; 1-14-2032 | 325000 | &nbsp;&nbsp; 329259 |
| &nbsp;&nbsp; Pagaya AI Debt Selection Trust Series 2021-HG1 <br> Class A144A<br>| 1.22 | &nbsp;&nbsp; 1-16-2029 | 7973 | &nbsp;&nbsp; 7955 |
| Pagaya AI Debt Trust Series 2025-4 Class A2144A | 5.37 | &nbsp;&nbsp; 1-17-2033 | 1500000 | &nbsp;&nbsp; 1511571 |
| PFS Financing Corp. Series 2024-B Class A144A | 4.95 | &nbsp;&nbsp; 2-15-2029 | 335000 | &nbsp;&nbsp; 338585 |
| &nbsp;&nbsp; RCKT Mortgage Trust Series 2023-CES3 <br> Class A1A144A±±<br>| 7.11 | &nbsp;&nbsp; 11-25-2043 | 2086155 | &nbsp;&nbsp; 2118983 |
| &nbsp;&nbsp; RCKT Mortgage Trust Series 2023-CES3 <br> Class A1B144A±±<br>| 7.46 | &nbsp;&nbsp; 11-25-2043 | 1998008 | &nbsp;&nbsp; 2032082 |
| &nbsp;&nbsp; RCKT Mortgage Trust Series 2024-CES2 <br> Class A1A144A±±<br>| 6.14 | &nbsp;&nbsp; 4-25-2044 | 424502 | &nbsp;&nbsp; 428946 |
| &nbsp;&nbsp; Retained Vantage Data Centers Issuer LLC Series 2023-1A <br> Class A2A144A<br>| 5.00 | &nbsp;&nbsp; 9-15-2048 | 660000 | &nbsp;&nbsp; 662064 |
| &nbsp;&nbsp; Retained Vantage Data Centers Issuer LLC Series 2024-1A <br> Class A2144A<br>| 4.99 | &nbsp;&nbsp; 9-15-2049 | 2100000 | &nbsp;&nbsp; 2103544 |
| &nbsp;&nbsp; RR 5 Ltd. Series 2018-5A Class A1R (U.S. SOFR 3 <br> Month+1.50%)144A±<br>| 5.82 | &nbsp;&nbsp; 7-15-2039 | 2500000 | &nbsp;&nbsp; 2509240 |
| &nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust Series 2023-FIG3 <br> Class A144A±±<br>| 7.07 | &nbsp;&nbsp; 8-25-2053 | 1105646 | &nbsp;&nbsp; 1145985 |
| &nbsp;&nbsp; Scalelogix ABS U.S. Issuer LLC Series 2025-1A <br> Class A2144A<br>| 5.67 | &nbsp;&nbsp; 7-25-2055 | 1350000 | &nbsp;&nbsp; 1353561 |
| SEB Funding LLC Series 2021-1A Class A2144A | 4.97 | &nbsp;&nbsp; 1-30-2052 | 3017437 | &nbsp;&nbsp; 2976217 |
| SEB Funding LLC Series 2024-1A Class A2144A | 7.39 | &nbsp;&nbsp; 4-30-2054 | 780000 | &nbsp;&nbsp; 800469 |
| Service Experts Issuer LLC Series 2021-1A Class B144A | 3.28 | &nbsp;&nbsp; 2-2-2032 | 330000 | &nbsp;&nbsp; 315620 |
| Service Experts Issuer LLC Series 2024-1A Class A144A | 6.39 | &nbsp;&nbsp; 11-20-2035 | 375169 | &nbsp;&nbsp; 382579 |
| Service Experts Issuer LLC Series 2025-1A Class A144A | 5.38 | &nbsp;&nbsp; 1-20-2037 | 1175000 | &nbsp;&nbsp; 1181131 |
| ServiceMaster Funding LLC Series 2020-1 Class A2II144A | 3.34 | &nbsp;&nbsp; 1-30-2051 | 117238 | &nbsp;&nbsp; 103152 |
| SESAC Finance LLC Series 2024-1 Class A2144A | 6.42 | &nbsp;&nbsp; 1-25-2054 | 443250 | &nbsp;&nbsp; 451996 |
| &nbsp;&nbsp; Sotheby's ArtFi Master Trust Series 2024-1A <br> Class A1144A<br>| 6.43 | &nbsp;&nbsp; 12-22-2031 | 3500000 | &nbsp;&nbsp; 3524698 |
| Subway Funding LLC Series 2024-3A Class A2I144A | 5.25 | &nbsp;&nbsp; 7-30-2054 | 818812 | &nbsp;&nbsp; 818473 |
| Subway Funding LLC Series 2024-3A Class A23144A | 5.91 | &nbsp;&nbsp; 7-30-2054 | 2779000 | &nbsp;&nbsp; 2760592 |

---

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

4 \| Allspring Managed Account

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| Switch ABS Issuer LLC Series 2024-2A Class A2144A | 5.44<br> %<br>| &nbsp;&nbsp; 6-25-2054 | $2010000 | &nbsp;&nbsp; $2029312 |
| Taco Bell Funding LLC Series 2021-1A Class A23144A | 2.54 | &nbsp;&nbsp; 8-25-2051 | 505987 | &nbsp;&nbsp; 441493 |
| TierPoint Issuer LLC Series 2025-1A Class A2144A | 6.15 | &nbsp;&nbsp; 4-26-2055 | 4000000 | &nbsp;&nbsp; 4063617 |
| &nbsp;&nbsp; Towd Point Mortgage Trust Series 2024-CES1 <br> Class A2144A±±<br>| 6.44 | &nbsp;&nbsp; 1-25-2064 | 1370000 | &nbsp;&nbsp; 1385578 |
| &nbsp;&nbsp; TRTX Issuer Ltd. Series 2022-FL5 Class A (U.S. SOFR 1 <br> Month+1.65%)144A±<br>| 6.01 | &nbsp;&nbsp; 2-15-2039 | 831593 | &nbsp;&nbsp; 831606 |
| &nbsp;&nbsp; TRTX Issuer Ltd. Series 2025-FL6 Class A (U.S. SOFR 1 <br> Month+1.54%)144A±<br>| 5.90 | &nbsp;&nbsp; 9-18-2042 | 2400000 | &nbsp;&nbsp; 2405999 |
| TSC SPV Funding LLC Series 2024-1A Class A2144A | 6.29 | &nbsp;&nbsp; 8-20-2054 | 704675 | &nbsp;&nbsp; 701836 |
| Uniti Fiber ABS Issuer LLC Series 2025-1A Class A2144A | 5.88 | &nbsp;&nbsp; 4-20-2055 | 5395000 | &nbsp;&nbsp; 5540825 |
| Wendy's Funding LLC Series 2021-1A Class A2II144A | 2.78 | &nbsp;&nbsp; 6-15-2051 | 3114220 | &nbsp;&nbsp; 2773217 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust Series 2024-2A <br> Class A3144A<br>| 5.56 | &nbsp;&nbsp; 2-15-2028 | 615000 | &nbsp;&nbsp; 619924 |
| Wingstop Funding LLC Series 2024-1A Class A2144A | 5.86 | &nbsp;&nbsp; 12-5-2054 | 3000000 | &nbsp;&nbsp; 3100146 |
| Zaxby's Funding LLC Series 2021-1A Class A2144A | 3.24 | &nbsp;&nbsp; 7-30-2051 | 1598400 | &nbsp;&nbsp; 1504490 |
| Zayo Issuer LLC Series 2025-1A Class A2144A | 5.65 | &nbsp;&nbsp; 3-20-2055 | 4700000 | &nbsp;&nbsp; 4804722 |
| Zayo Issuer LLC Series 2025-2A Class A2144A | 5.95 | &nbsp;&nbsp; 6-20-2055 | 1500000 | &nbsp;&nbsp; 1548136 |
| **Total asset-backed securities (Cost $185,945,781)** |  |  |  | &nbsp;&nbsp; **187533621** |

---

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

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Common stocks: 0.00%** |  |  |
| **Financials: 0.00%** |  |  |
| **Financial services: 0.00%** |  |  |
| Unifin Financiera SAB de CV♦† | 32517 | &nbsp;&nbsp; **0** |
| **Total common stocks (Cost $0)** |  | &nbsp;&nbsp; **0** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |
| **Corporate bonds and notes: 17.69%** |  |  |  |  |
| **Basic materials: 0.33%** |  |  |  |  |
| **Chemicals: 0.18%** |  |  |  |  |
| Celanese U.S. Holdings LLC | 6.50 | &nbsp;&nbsp; 4-15-2030 | $1500000 | &nbsp;&nbsp; 1513529 |
| Westlake Corp. | 1.63 | &nbsp;&nbsp; 7-17-2029 | 100000 | &nbsp;&nbsp; 110724 |
|  |  |  |  | &nbsp;&nbsp; **1624253** |
| **Iron/steel: 0.15%** |  |  |  |  |
| Cleveland-Cliffs, Inc.144A | 4.88 | &nbsp;&nbsp; 3-1-2031 | 300000 | &nbsp;&nbsp; 274290 |
| Nucor Corp. | 5.10 | &nbsp;&nbsp; 6-1-2035 | 1100000 | &nbsp;&nbsp; 1107641 |
|  |  |  |  | &nbsp;&nbsp; **1381931** |
| **Communications: 0.92%** |  |  |  |  |
| **Advertising: 0.05%** |  |  |  |  |
| Clear Channel Outdoor Holdings, Inc.144A | 7.50 | &nbsp;&nbsp; 3-15-2033 | 170000 | &nbsp;&nbsp; 173035 |
| &nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media Capital <br> Corp.144A<br>| 4.63 | &nbsp;&nbsp; 3-15-2030 | 310000 | &nbsp;&nbsp; 295814 |
|  |  |  |  | &nbsp;&nbsp; **468849** |

---

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

Allspring Managed Account \| 5

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Media: 0.79%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.25<br> %<br>| &nbsp;&nbsp; 1-15-2034 | $3290000 | &nbsp;&nbsp; $2856633 |
| CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.50 | &nbsp;&nbsp; 8-15-2030 | 750000 | &nbsp;&nbsp; 709921 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 3.85 | &nbsp;&nbsp; 4-1-2061 | 60000 | &nbsp;&nbsp; 36614 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 3.90 | &nbsp;&nbsp; 6-1-2052 | 1410000 | &nbsp;&nbsp; 934384 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 6.10 | &nbsp;&nbsp; 6-1-2029 | 590000 | &nbsp;&nbsp; 620167 |
| Comcast Corp. | 2.94 | &nbsp;&nbsp; 11-1-2056 | 1130000 | &nbsp;&nbsp; 650598 |
| News Corp.144A | 3.88 | &nbsp;&nbsp; 5-15-2029 | 650000 | &nbsp;&nbsp; 627671 |
| Time Warner Cable LLC | 5.50 | &nbsp;&nbsp; 9-1-2041 | 935000 | &nbsp;&nbsp; 844824 |
|  |  |  |  | &nbsp;&nbsp; **7280812** |
| **Telecommunications: 0.08%** |  |  |  |  |
| AT&T, Inc. | 3.55 | &nbsp;&nbsp; 9-15-2055 | 1080000 | &nbsp;&nbsp; **718145** |
| **Consumer, cyclical: 3.30%** |  |  |  |  |
| **Airlines: 0.50%** |  |  |  |  |
| &nbsp;&nbsp; American Airlines Pass-Through Trust Series 2015-1 <br> Class A<br>| 3.38 | &nbsp;&nbsp; 5-1-2027 | 1556005 | &nbsp;&nbsp; 1526685 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.144A | 5.50 | &nbsp;&nbsp; 4-20-2026 | 25000 | &nbsp;&nbsp; 25019 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.144A | 4.75 | &nbsp;&nbsp; 10-20-2028 | 2080000 | &nbsp;&nbsp; 2091755 |
| United Airlines Pass-Through Trust Series 2020-1 Class B | 4.88 | &nbsp;&nbsp; 1-15-2026 | 43516 | &nbsp;&nbsp; 43499 |
| United Airlines Pass-Through Trust Series 2023-1 Class A | 5.80 | &nbsp;&nbsp; 1-15-2036 | 433831 | &nbsp;&nbsp; 446118 |
| United Airlines Pass-Through Trust Series 2024-1 Class A | 5.88 | &nbsp;&nbsp; 2-15-2037 | 482761 | &nbsp;&nbsp; 490488 |
|  |  |  |  | &nbsp;&nbsp; **4623564** |
| **Apparel: 0.30%** |  |  |  |  |
| Beach Acquisition Bidco LLC144A | 5.25 | &nbsp;&nbsp; 7-15-2032 | 2300000 | &nbsp;&nbsp; **2749097** |
| **Auto manufacturers: 0.91%** |  |  |  |  |
| Daimler Truck Finance North America LLC144A | 4.65 | &nbsp;&nbsp; 10-12-2030 | 970000 | &nbsp;&nbsp; 971785 |
| Ford Motor Credit Co. LLC | 5.13 | &nbsp;&nbsp; 11-5-2026 | 2100000 | &nbsp;&nbsp; 2103467 |
| Hyundai Capital America144A | 5.40 | &nbsp;&nbsp; 6-23-2032 | 3875000 | &nbsp;&nbsp; 3981220 |
| Hyundai Capital America144A | 5.80 | &nbsp;&nbsp; 4-1-2030 | 1010000 | &nbsp;&nbsp; 1057592 |
| Toyota Motor Credit Corp. | 3.85 | &nbsp;&nbsp; 7-24-2030 | 200000 | &nbsp;&nbsp; 242608 |
|  |  |  |  | &nbsp;&nbsp; **8356672** |
| **Entertainment: 0.72%** |  |  |  |  |
| Cinemark USA, Inc.144A | 5.25 | &nbsp;&nbsp; 7-15-2028 | 510000 | &nbsp;&nbsp; 506877 |
| WarnerMedia Holdings, Inc. | 4.28 | &nbsp;&nbsp; 3-15-2032 | 2842000 | &nbsp;&nbsp; 2452646 |
| WarnerMedia Holdings, Inc. | 5.05 | &nbsp;&nbsp; 3-15-2042 | 3800000 | &nbsp;&nbsp; 2560250 |
| WarnerMedia Holdings, Inc. | 5.14 | &nbsp;&nbsp; 3-15-2052 | 1773000 | &nbsp;&nbsp; 1103356 |
|  |  |  |  | &nbsp;&nbsp; **6623129** |
| **Home builders: 0.05%** |  |  |  |  |
| LGI Homes, Inc.144A | 8.75 | &nbsp;&nbsp; 12-15-2028 | 130000 | &nbsp;&nbsp; 136172 |
| Taylor Morrison Communities, Inc.144A | 5.13 | &nbsp;&nbsp; 8-1-2030 | 290000 | &nbsp;&nbsp; 289158 |
|  |  |  |  | &nbsp;&nbsp; **425330** |

---

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

6 \| Allspring Managed Account

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Housewares: 0.03%** |  |  |  |  |
| Newell Brands, Inc. | 6.38<br> %<br>| &nbsp;&nbsp; 5-15-2030 | $229000 | &nbsp;&nbsp; **$225847** |
| **Leisure time: 0.32%** |  |  |  |  |
| NCL Corp. Ltd.144A | 6.75 | &nbsp;&nbsp; 2-1-2032 | 305000 | &nbsp;&nbsp; 314550 |
| Sabre Global, Inc.144A | 8.63 | &nbsp;&nbsp; 6-1-2027 | 802000 | &nbsp;&nbsp; 811738 |
| Sabre Global, Inc.144A | 10.75 | &nbsp;&nbsp; 11-15-2029 | 1912000 | &nbsp;&nbsp; 1848411 |
|  |  |  |  | &nbsp;&nbsp; **2974699** |
| **Lodging: 0.33%** |  |  |  |  |
| Las Vegas Sands Corp. | 5.63 | &nbsp;&nbsp; 6-15-2028 | 655000 | &nbsp;&nbsp; 670590 |
| Las Vegas Sands Corp. | 6.00 | &nbsp;&nbsp; 6-14-2030 | 1625000 | &nbsp;&nbsp; 1693999 |
| Las Vegas Sands Corp. | 6.20 | &nbsp;&nbsp; 8-15-2034 | 625000 | &nbsp;&nbsp; 646486 |
|  |  |  |  | &nbsp;&nbsp; **3011075** |
| **Retail: 0.09%** |  |  |  |  |
| Macy's Retail Holdings LLC144A | 5.88 | &nbsp;&nbsp; 3-15-2030 | 551000 | &nbsp;&nbsp; 545631 |
| Macy's Retail Holdings LLC144A | 6.13 | &nbsp;&nbsp; 3-15-2032 | 265000 | &nbsp;&nbsp; 258652 |
|  |  |  |  | &nbsp;&nbsp; **804283** |
| **Toys/games/hobbies: 0.05%** |  |  |  |  |
| Hasbro, Inc. | 6.05 | &nbsp;&nbsp; 5-14-2034 | 460000 | &nbsp;&nbsp; **478727** |
| **Consumer, non-cyclical: 2.35%** |  |  |  |  |
| **Agriculture: 0.49%** |  |  |  |  |
| BAT Capital Corp. | 4.76 | &nbsp;&nbsp; 9-6-2049 | 25000 | &nbsp;&nbsp; 20605 |
| BAT Capital Corp. | 5.63 | &nbsp;&nbsp; 8-15-2035 | 2520000 | &nbsp;&nbsp; 2585442 |
| BAT Capital Corp. | 6.25 | &nbsp;&nbsp; 8-15-2055 | 1850000 | &nbsp;&nbsp; 1865942 |
|  |  |  |  | &nbsp;&nbsp; **4471989** |
| **Biotechnology: 0.09%** |  |  |  |  |
| Biogen, Inc. | 6.45 | &nbsp;&nbsp; 5-15-2055 | 775000 | &nbsp;&nbsp; **789122** |
| **Commercial services: 0.37%** |  |  |  |  |
| GEO Group, Inc. | 8.63 | &nbsp;&nbsp; 4-15-2029 | 425000 | &nbsp;&nbsp; 449455 |
| GEO Group, Inc. | 10.25 | &nbsp;&nbsp; 4-15-2031 | 500000 | &nbsp;&nbsp; 551186 |
| Global Payments, Inc. | 4.88 | &nbsp;&nbsp; 3-17-2031 | 1000000 | &nbsp;&nbsp; 1223277 |
| Global Payments, Inc. | 5.95 | &nbsp;&nbsp; 8-15-2052 | 40000 | &nbsp;&nbsp; 38040 |
| Upbound Group, Inc.144A | 6.38 | &nbsp;&nbsp; 2-15-2029 | 1205000 | &nbsp;&nbsp; 1181023 |
|  |  |  |  | &nbsp;&nbsp; **3442981** |
| **Food: 0.88%** |  |  |  |  |
| Kroger Co. | 5.50 | &nbsp;&nbsp; 9-15-2054 | 3515000 | &nbsp;&nbsp; 3291260 |
| Mars, Inc.144A | 5.20 | &nbsp;&nbsp; 3-1-2035 | 2875000 | &nbsp;&nbsp; 2901653 |
| Mars, Inc.144A | 5.70 | &nbsp;&nbsp; 5-1-2055 | 1975000 | &nbsp;&nbsp; 1925920 |
|  |  |  |  | &nbsp;&nbsp; **8118833** |
| **Healthcare-products: 0.07%** |  |  |  |  |
| Danaher Corp. | 2.50 | &nbsp;&nbsp; 3-30-2030 | 600000 | &nbsp;&nbsp; **693493** |

---

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

Allspring Managed Account \| 7

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Healthcare-services: 0.22%** |  |  |  |  |
| HCA, Inc. | 5.95<br> %<br>| &nbsp;&nbsp; 9-15-2054 | $690000 | &nbsp;&nbsp; $661124 |
| Highmark, Inc.144A | 2.55 | &nbsp;&nbsp; 5-10-2031 | 435000 | &nbsp;&nbsp; 379489 |
| UnitedHealth Group, Inc. | 5.63 | &nbsp;&nbsp; 7-15-2054 | 1005000 | &nbsp;&nbsp; 956623 |
|  |  |  |  | &nbsp;&nbsp; **1997236** |
| **Pharmaceuticals: 0.23%** |  |  |  |  |
| AbbVie, Inc. | 5.60 | &nbsp;&nbsp; 3-15-2055 | 1150000 | &nbsp;&nbsp; 1138942 |
| Eli Lilly & Co. | 5.65 | &nbsp;&nbsp; 10-15-2065 | 985000 | &nbsp;&nbsp; 976727 |
|  |  |  |  | &nbsp;&nbsp; **2115669** |
| **Energy: 1.50%** |  |  |  |  |
| **Energy-alternate sources: 0.02%** |  |  |  |  |
| TerraForm Power Operating LLC144A | 4.75 | &nbsp;&nbsp; 1-15-2030 | 195000 | &nbsp;&nbsp; **188161** |
| **Oil & gas: 0.52%** |  |  |  |  |
| APA Corp.144A | 5.35 | &nbsp;&nbsp; 7-1-2049 | 60000 | &nbsp;&nbsp; 47649 |
| BP Capital Markets America, Inc. | 5.23 | &nbsp;&nbsp; 11-17-2034 | 4490000 | &nbsp;&nbsp; 4586434 |
| Coterra Energy, Inc. | 5.90 | &nbsp;&nbsp; 2-15-2055 | 45000 | &nbsp;&nbsp; 41977 |
| Expand Energy Corp. | 5.38 | &nbsp;&nbsp; 3-15-2030 | 70000 | &nbsp;&nbsp; 70706 |
|  |  |  |  | &nbsp;&nbsp; **4746766** |
| **Oil & gas services: 0.10%** |  |  |  |  |
| Schlumberger Holdings Corp.144A | 4.85 | &nbsp;&nbsp; 5-15-2033 | 905000 | &nbsp;&nbsp; **902522** |
| **Pipelines: 0.86%** |  |  |  |  |
| &nbsp;&nbsp; Energy Transfer LP (5 Year Treasury Constant <br> Maturity+4.02%)±<br>| 8.00 | &nbsp;&nbsp; 5-15-2054 | 740000 | &nbsp;&nbsp; 788403 |
| Harvest Midstream I LP144A | 7.50 | &nbsp;&nbsp; 5-15-2032 | 110000 | &nbsp;&nbsp; 113258 |
| Kinetik Holdings LP144A | 6.63 | &nbsp;&nbsp; 12-15-2028 | 1000000 | &nbsp;&nbsp; 1028817 |
| MPLX LP | 6.20 | &nbsp;&nbsp; 9-15-2055 | 665000 | &nbsp;&nbsp; 646246 |
| Prairie Acquiror LP144A | 9.00 | &nbsp;&nbsp; 8-1-2029 | 650000 | &nbsp;&nbsp; 677699 |
| South Bow USA Infrastructure Holdings LLC | 5.03 | &nbsp;&nbsp; 10-1-2029 | 835000 | &nbsp;&nbsp; 845426 |
| &nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance <br> Corp.144A<br>| 6.00 | &nbsp;&nbsp; 12-31-2030 | 2095000 | &nbsp;&nbsp; 2063990 |
| Venture Global Calcasieu Pass LLC144A | 6.25 | &nbsp;&nbsp; 1-15-2030 | 100000 | &nbsp;&nbsp; 104136 |
| Venture Global LNG, Inc.144A | 9.50 | &nbsp;&nbsp; 2-1-2029 | 375000 | &nbsp;&nbsp; 412280 |
| &nbsp;&nbsp; Venture Global LNG, Inc. (5 Year Treasury Constant <br> Maturity+5.44%)144Aʊ±<br>| 9.00 | &nbsp;&nbsp; 9-30-2029 | 1290000 | &nbsp;&nbsp; 1281024 |
|  |  |  |  | &nbsp;&nbsp; **7961279** |
| **Financial: 5.66%** |  |  |  |  |
| **Banks: 2.24%** |  |  |  |  |
| &nbsp;&nbsp; Bank of America Corp. Series OO (5 Year Treasury <br> Constant Maturity+2.68%)ʊ±<br>| 6.63 | &nbsp;&nbsp; 5-1-2030 | 745000 | &nbsp;&nbsp; 766983 |
| JPMorgan Chase & Co. (U.S. SOFR+1.64%)± | 5.58 | &nbsp;&nbsp; 7-23-2036 | 725000 | &nbsp;&nbsp; 739505 |
| Morgan Stanley Private Bank NA (U.S. SOFR+1.08%)± | 4.73 | &nbsp;&nbsp; 7-18-2031 | 1730000 | &nbsp;&nbsp; 1754303 |
| Morgan Stanley (U.S. SOFR+1.51%)± | 5.19 | &nbsp;&nbsp; 4-17-2031 | 2000000 | &nbsp;&nbsp; 2061550 |
| Morgan Stanley (U.S. SOFR+1.71%)± | 5.52 | &nbsp;&nbsp; 11-19-2055 | 1550000 | &nbsp;&nbsp; 1511608 |
| Morgan Stanley (U.S. SOFR+1.76%)± | 5.66 | &nbsp;&nbsp; 4-17-2036 | 2000000 | &nbsp;&nbsp; 2081753 |

---

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

8 \| Allspring Managed Account

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Banks**(continued) |  |  |  |  |
| Santander Holdings USA, Inc. (U.S. SOFR+1.88%)± | 5.74<br> %<br>| &nbsp;&nbsp; 3-20-2031 | $5000000 | &nbsp;&nbsp; $5196244 |
| U.S. Bancorp (U.S. SOFR+1.60%)± | 4.84 | &nbsp;&nbsp; 2-1-2034 | 3500000 | &nbsp;&nbsp; 3479032 |
| U.S. Bancorp (U.S. SOFR+2.26%)± | 5.84 | &nbsp;&nbsp; 6-12-2034 | 1220000 | &nbsp;&nbsp; 1286626 |
| Wells Fargo & Co. (3 Month EURIBOR+1.85%)± | 1.74 | &nbsp;&nbsp; 5-4-2030 | 1500000 | &nbsp;&nbsp; 1679535 |
|  |  |  |  | &nbsp;&nbsp; **20557139** |
| **Diversified financial services: 0.54%** |  |  |  |  |
| Aircastle Ltd.144A | 5.95 | &nbsp;&nbsp; 2-15-2029 | 40000 | &nbsp;&nbsp; 41726 |
| Aircastle Ltd./Aircastle Ireland DAC144A | 5.25 | &nbsp;&nbsp; 3-15-2030 | 1690000 | &nbsp;&nbsp; 1724490 |
| American Express Co. (U.S. SOFR+1.22%)± | 4.92 | &nbsp;&nbsp; 7-20-2033 | 600000 | &nbsp;&nbsp; 607672 |
| Ares Finance Co. II LLC144A | 3.25 | &nbsp;&nbsp; 6-15-2030 | 1265000 | &nbsp;&nbsp; 1195746 |
| Computershare U.S., Inc. | 1.13 | &nbsp;&nbsp; 10-7-2031 | 700000 | &nbsp;&nbsp; 711832 |
| PRA Group, Inc.144A | 5.00 | &nbsp;&nbsp; 10-1-2029 | 510000 | &nbsp;&nbsp; 479205 |
| United Wholesale Mortgage LLC144A | 5.50 | &nbsp;&nbsp; 4-15-2029 | 215000 | &nbsp;&nbsp; 211742 |
|  |  |  |  | &nbsp;&nbsp; **4972413** |
| **Insurance: 1.58%** |  |  |  |  |
| 200 Park Funding Trust144A | 5.74 | &nbsp;&nbsp; 2-15-2055 | 720000 | &nbsp;&nbsp; 705335 |
| Athene Global Funding | 0.37 | &nbsp;&nbsp; 9-10-2026 | 100000 | &nbsp;&nbsp; 114514 |
| Athene Global Funding144A | 5.03 | &nbsp;&nbsp; 7-17-2030 | 1360000 | &nbsp;&nbsp; 1381370 |
| Athene Global Funding144A | 5.54 | &nbsp;&nbsp; 8-22-2035 | 1495000 | &nbsp;&nbsp; 1487848 |
| Brown & Brown, Inc. | 4.90 | &nbsp;&nbsp; 6-23-2030 | 670000 | &nbsp;&nbsp; 678338 |
| Equitable America Global Funding144A | 4.95 | &nbsp;&nbsp; 6-9-2030 | 1930000 | &nbsp;&nbsp; 1968742 |
| Guardian Life Insurance Co. of America144A | 4.85 | &nbsp;&nbsp; 1-24-2077 | 210000 | &nbsp;&nbsp; 172133 |
| Jackson Financial, Inc. | 4.00 | &nbsp;&nbsp; 11-23-2051 | 1500000 | &nbsp;&nbsp; 1035995 |
| &nbsp;&nbsp; MetLife, Inc. Series G (5 Year Treasury Constant <br> Maturity+3.58%)ʊ±<br>| 3.85 | &nbsp;&nbsp; 9-15-2025 | 750000 | &nbsp;&nbsp; 747649 |
| New York Life Insurance Co.144A | 5.88 | &nbsp;&nbsp; 5-15-2033 | 1150000 | &nbsp;&nbsp; 1210265 |
| Northwestern Mutual Life Insurance Co.144A | 6.17 | &nbsp;&nbsp; 5-29-2055 | 1200000 | &nbsp;&nbsp; 1251567 |
| Omnis Funding Trust144A | 6.72 | &nbsp;&nbsp; 5-15-2055 | 1235000 | &nbsp;&nbsp; 1275414 |
| &nbsp;&nbsp; PartnerRe Finance B LLC (5 Year Treasury Constant <br> Maturity+3.82%)±<br>| 4.50 | &nbsp;&nbsp; 10-1-2050 | 15000 | &nbsp;&nbsp; 14046 |
| &nbsp;&nbsp; Prudential Financial, Inc. (5 Year Treasury Constant <br> Maturity+3.16%)±<br>| 5.13 | &nbsp;&nbsp; 3-1-2052 | 30000 | &nbsp;&nbsp; 29398 |
| RGA Global Funding144A | 5.05 | &nbsp;&nbsp; 12-6-2031 | 1850000 | &nbsp;&nbsp; 1883704 |
| Transatlantic Holdings, Inc. | 8.00 | &nbsp;&nbsp; 11-30-2039 | 443000 | &nbsp;&nbsp; 555566 |
|  |  |  |  | &nbsp;&nbsp; **14511884** |
| **Investment Companies: 0.73%** |  |  |  |  |
| Ares Capital Corp. BDC | 5.50 | &nbsp;&nbsp; 9-1-2030 | 2000000 | &nbsp;&nbsp; 2025524 |
| Ares Capital Corp. BDC | 5.88 | &nbsp;&nbsp; 3-1-2029 | 1000000 | &nbsp;&nbsp; 1029086 |
| Ares Strategic Income Fund BDC | 5.70 | &nbsp;&nbsp; 3-15-2028 | 1110000 | &nbsp;&nbsp; 1125272 |
| Blue Owl Capital Corp. BDC | 5.95 | &nbsp;&nbsp; 3-15-2029 | 2500000 | &nbsp;&nbsp; 2538865 |
|  |  |  |  | &nbsp;&nbsp; **6718747** |
| **REITs: 0.57%** |  |  |  |  |
| Blackstone Mortgage Trust, Inc.144A | 7.75 | &nbsp;&nbsp; 12-1-2029 | 400000 | &nbsp;&nbsp; 426525 |
| Brandywine Operating Partnership LP | 8.88 | &nbsp;&nbsp; 4-12-2029 | 185000 | &nbsp;&nbsp; 201127 |

---

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

Allspring Managed Account \| 9

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **REITs**(continued) |  |  |  |  |
| EPR Properties | 3.75<br> %<br>| &nbsp;&nbsp; 8-15-2029 | $45000 | &nbsp;&nbsp; $43217 |
| Essential Properties LP | 2.95 | &nbsp;&nbsp; 7-15-2031 | 62000 | &nbsp;&nbsp; 55777 |
| Essential Properties LP | 5.40 | &nbsp;&nbsp; 12-1-2035 | 3120000 | &nbsp;&nbsp; 3078301 |
| &nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital <br> Finance Corp.144A<br>| 7.00 | &nbsp;&nbsp; 7-15-2031 | 130000 | &nbsp;&nbsp; 136687 |
| Realty Income Corp. | 5.13 | &nbsp;&nbsp; 7-6-2034 | 1000000 | &nbsp;&nbsp; 1291513 |
|  |  |  |  | &nbsp;&nbsp; **5233147** |
| **Industrial: 1.00%** |  |  |  |  |
| **Aerospace/defense: 0.20%** |  |  |  |  |
| Boeing Co. | 5.81 | &nbsp;&nbsp; 5-1-2050 | 60000 | &nbsp;&nbsp; 57698 |
| Spirit AeroSystems, Inc.144A | 9.75 | &nbsp;&nbsp; 11-15-2030 | 1590000 | &nbsp;&nbsp; 1751099 |
|  |  |  |  | &nbsp;&nbsp; **1808797** |
| **Building materials: 0.09%** |  |  |  |  |
| Camelot Return Merger Sub, Inc.144A | 8.75 | &nbsp;&nbsp; 8-1-2028 | 885000 | &nbsp;&nbsp; **851567** |
| **Electronics: 0.08%** |  |  |  |  |
| Sensata Technologies, Inc.144A | 6.63 | &nbsp;&nbsp; 7-15-2032 | 700000 | &nbsp;&nbsp; **722989** |
| **Transportation: 0.09%** |  |  |  |  |
| United Parcel Service, Inc. | 5.95 | &nbsp;&nbsp; 5-14-2055 | 410000 | &nbsp;&nbsp; 414747 |
| United Parcel Service, Inc. | 6.05 | &nbsp;&nbsp; 5-14-2065 | 410000 | &nbsp;&nbsp; 414657 |
|  |  |  |  | &nbsp;&nbsp; **829404** |
| **Trucking & leasing: 0.54%** |  |  |  |  |
| FTAI Aviation Investors LLC144A | 7.00 | &nbsp;&nbsp; 6-15-2032 | 4165000 | &nbsp;&nbsp; 4346823 |
| GATX Corp. | 6.05 | &nbsp;&nbsp; 6-5-2054 | 635000 | &nbsp;&nbsp; 634700 |
|  |  |  |  | &nbsp;&nbsp; **4981523** |
| **Technology: 0.83%** |  |  |  |  |
| **Computers: 0.01%** |  |  |  |  |
| Booz Allen Hamilton, Inc. | 5.95 | &nbsp;&nbsp; 4-15-2035 | 75000 | &nbsp;&nbsp; **77184** |
| **Semiconductors: 0.54%** |  |  |  |  |
| Foundry JV Holdco LLC144A | 6.20 | &nbsp;&nbsp; 1-25-2037 | 4735000 | &nbsp;&nbsp; **4978941** |
| **Software: 0.28%** |  |  |  |  |
| AthenaHealth Group, Inc.144A | 6.50 | &nbsp;&nbsp; 2-15-2030 | 335000 | &nbsp;&nbsp; 328614 |
| Cloud Software Group, Inc.144A | 8.25 | &nbsp;&nbsp; 6-30-2032 | 1590000 | &nbsp;&nbsp; 1699914 |
| Rocket Software, Inc.144A | 9.00 | &nbsp;&nbsp; 11-28-2028 | 550000 | &nbsp;&nbsp; 566255 |
|  |  |  |  | &nbsp;&nbsp; **2594783** |
| **Utilities: 1.80%** |  |  |  |  |
| **Electric: 1.79%** |  |  |  |  |
| AES Corp. (5 Year Treasury Constant Maturity+3.20%)± | 7.60 | &nbsp;&nbsp; 1-15-2055 | 190000 | &nbsp;&nbsp; 195230 |
| Baltimore Gas & Electric Co. | 5.45 | &nbsp;&nbsp; 6-1-2035 | 800000 | &nbsp;&nbsp; 824346 |
| &nbsp;&nbsp; Dominion Energy, Inc. (5 Year Treasury Constant <br> Maturity+2.21%)±<br>| 6.63 | &nbsp;&nbsp; 5-15-2055 | 70000 | &nbsp;&nbsp; 71709 |

---

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

10 \| Allspring Managed Account

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Electric**(continued) |  |  |  |  |
| Duke Energy Corp. | 3.10<br> %<br>| &nbsp;&nbsp; 6-15-2028 | $600000 | &nbsp;&nbsp; $707789 |
| Duke Energy Corp. | 3.85 | &nbsp;&nbsp; 6-15-2034 | 1300000 | &nbsp;&nbsp; 1507937 |
| Duke Energy Indiana LLC | 5.40 | &nbsp;&nbsp; 4-1-2053 | 400000 | &nbsp;&nbsp; 380511 |
| &nbsp;&nbsp; Edison International (5 Year Treasury Constant <br> Maturity+3.86%)±<br>| 8.13 | &nbsp;&nbsp; 6-15-2053 | 830000 | &nbsp;&nbsp; 830295 |
| Entergy Mississippi LLC | 5.80 | &nbsp;&nbsp; 4-15-2055 | 450000 | &nbsp;&nbsp; 447994 |
| &nbsp;&nbsp; EUSHI Finance, Inc. (5 Year Treasury Constant <br> Maturity+3.14%)±<br>| 7.63 | &nbsp;&nbsp; 12-15-2054 | 2405000 | &nbsp;&nbsp; 2512742 |
| Evergy, Inc. (5 Year Treasury Constant Maturity+2.56%)± | 6.65 | &nbsp;&nbsp; 6-1-2055 | 75000 | &nbsp;&nbsp; 76096 |
| Interstate Power & Light Co. | 5.60 | &nbsp;&nbsp; 6-29-2035 | 1300000 | &nbsp;&nbsp; 1344163 |
| Niagara Mohawk Power Corp.144A | 6.00 | &nbsp;&nbsp; 7-3-2055 | 1755000 | &nbsp;&nbsp; 1744188 |
| PG&E Corp. | 5.25 | &nbsp;&nbsp; 7-1-2030 | 220000 | &nbsp;&nbsp; 214405 |
| PG&E Corp. (5 Year Treasury Constant Maturity+3.88%)± | 7.38 | &nbsp;&nbsp; 3-15-2055 | 2995000 | &nbsp;&nbsp; 2972191 |
| PSEG Power LLC144A | 5.75 | &nbsp;&nbsp; 5-15-2035 | 1595000 | &nbsp;&nbsp; 1651206 |
| Sempra (5 Year Treasury Constant Maturity+2.35%)± | 6.63 | &nbsp;&nbsp; 4-1-2055 | 65000 | &nbsp;&nbsp; 65180 |
| Southern California Edison Co. | 3.65 | &nbsp;&nbsp; 2-1-2050 | 150000 | &nbsp;&nbsp; 103266 |
| Southern California Edison Co. | 5.75 | &nbsp;&nbsp; 4-15-2054 | 340000 | &nbsp;&nbsp; 318195 |
| Southwestern Public Service Co. | 6.00 | &nbsp;&nbsp; 6-1-2054 | 500000 | &nbsp;&nbsp; 500241 |
|  |  |  |  | &nbsp;&nbsp; **16467684** |
| **Gas: 0.01%** |  |  |  |  |
| Brooklyn Union Gas Co.144A | 6.39 | &nbsp;&nbsp; 9-15-2033 | 25000 | &nbsp;&nbsp; **26649** |
| **Total corporate bonds and notes (Cost $159,693,966)** |  |  |  | &nbsp;&nbsp; **162507315** |
| **Foreign corporate bonds and notes: 6.31%** |  |  |  |  |
| **Communications: 1.46%** |  |  |  |  |
| **Internet: 0.10%** |  |  |  |  |
| United Group BV144A | 6.50 | &nbsp;&nbsp; 10-31-2031 | 800000 | &nbsp;&nbsp; **950947** |
| **Media: 0.01%** |  |  |  |  |
| Tele Columbus AG (PIK at 10.00%)144A¥ | 10.00 | &nbsp;&nbsp; 1-1-2029 | 111783 | &nbsp;&nbsp; **93570** |
| **Telecommunications: 1.35%** |  |  |  |  |
| British Telecommunications PLC | 3.13 | &nbsp;&nbsp; 2-11-2032 | 970000 | &nbsp;&nbsp; 1122183 |
| &nbsp;&nbsp; British Telecommunications PLC (UK Gilts 5 <br> Year+3.82%)±<br>| 8.38 | &nbsp;&nbsp; 12-20-2083 | 600000 | &nbsp;&nbsp; 869875 |
| Chorus Ltd. | 3.63 | &nbsp;&nbsp; 9-7-2029 | 500000 | &nbsp;&nbsp; 598045 |
| Eutelsat SA | 1.50 | &nbsp;&nbsp; 10-13-2028 | 200000 | &nbsp;&nbsp; 217058 |
| Fibercop SpA | 1.63 | &nbsp;&nbsp; 1-18-2029 | 1000000 | &nbsp;&nbsp; 1095441 |
| Koninklijke KPN NV | 3.88 | &nbsp;&nbsp; 7-3-2031 | 400000 | &nbsp;&nbsp; 486345 |
| Lorca Telecom Bondco SA | 4.00 | &nbsp;&nbsp; 9-18-2027 | 900000 | &nbsp;&nbsp; 1054051 |
| SES SA (EURIBOR ICE Swap Rate 11:00am+3.23%)± | 5.50 | &nbsp;&nbsp; 9-12-2054 | 1820000 | &nbsp;&nbsp; 2118049 |
| Telecom Italia SpA | 1.63 | &nbsp;&nbsp; 1-18-2029 | 300000 | &nbsp;&nbsp; 334576 |
| Telefonaktiebolaget LM Ericsson | 1.00 | &nbsp;&nbsp; 5-26-2029 | 250000 | &nbsp;&nbsp; 271667 |
| &nbsp;&nbsp; Telefonica Europe BV (EUR Swap Annual (vs. 6 Month <br> EURIBOR) 7 Year+3.35%)ʊ±<br>| 6.14 | &nbsp;&nbsp; 2-3-2030 | 1100000 | &nbsp;&nbsp; 1391105 |
| VMED O2 U.K. Financing I PLC | 5.63 | &nbsp;&nbsp; 4-15-2032 | 810000 | &nbsp;&nbsp; 969762 |

---

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

Allspring Managed Account \| 11

------

Portfolio of investments—August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Telecommunications**(continued) |  |  |  |  |  |
| &nbsp;&nbsp; Vodafone Group PLC (EUR Swap Annual (vs. 6 Month <br> EURIBOR) 5 Year+3.48%)±<br>| 3.00<br> %<br>| &nbsp;&nbsp; 8-27-2080 | EUR | 840000 | &nbsp;&nbsp; $939470 |
| Zegona Finance PLC144A | 6.75 | &nbsp;&nbsp; 7-15-2029 | EUR | 720000 | &nbsp;&nbsp; 891645 |
|  |  |  |  |  | &nbsp;&nbsp; **12359272** |
| **Consumer, cyclical: 1.06%** |  |  |  |  |  |
| **Distribution/wholesale: 0.10%** |  |  |  |  |  |
| SIG PLC144A | 9.75 | &nbsp;&nbsp; 10-31-2029 | EUR | 800000 | &nbsp;&nbsp; **909144** |
| **Entertainment: 0.46%** |  |  |  |  |  |
| 888 Acquisitions Ltd.144A | 7.56 | &nbsp;&nbsp; 7-15-2027 | EUR | 800000 | &nbsp;&nbsp; 936678 |
| Allwyn Entertainment Financing U.K. PLC144A | 7.25 | &nbsp;&nbsp; 4-30-2030 | EUR | 720000 | &nbsp;&nbsp; 888369 |
| Banijay Entertainment SASU144A | 7.00 | &nbsp;&nbsp; 5-1-2029 | EUR | 900000 | &nbsp;&nbsp; 1095494 |
| Cirsa Finance International Sarl144A | 10.38 | &nbsp;&nbsp; 11-30-2027 | EUR | 540000 | &nbsp;&nbsp; 655920 |
| Motion Finco Sarl | 7.38 | &nbsp;&nbsp; 6-15-2030 | EUR | 300000 | &nbsp;&nbsp; 310808 |
| Universal Music Group NV | 4.00 | &nbsp;&nbsp; 6-13-2031 | EUR | 250000 | &nbsp;&nbsp; 303310 |
|  |  |  |  |  | &nbsp;&nbsp; **4190579** |
| **Leisure time: 0.21%** |  |  |  |  |  |
| TUI AG | 5.88 | &nbsp;&nbsp; 3-15-2029 | EUR | 900000 | &nbsp;&nbsp; 1093753 |
| TUI Cruises GmbH144A | 5.00 | &nbsp;&nbsp; 5-15-2030 | EUR | 729000 | &nbsp;&nbsp; 874233 |
|  |  |  |  |  | &nbsp;&nbsp; **1967986** |
| **Lodging: 0.10%** |  |  |  |  |  |
| Essendi SA | 5.50 | &nbsp;&nbsp; 11-15-2031 | EUR | 800000 | &nbsp;&nbsp; **958185** |
| **Retail: 0.17%** |  |  |  |  |  |
| Dufry One BV | 4.50 | &nbsp;&nbsp; 5-23-2032 | EUR | 756000 | &nbsp;&nbsp; 898674 |
| Fressnapf Holding SE | 5.25 | &nbsp;&nbsp; 10-31-2031 | EUR | 556000 | &nbsp;&nbsp; 666227 |
|  |  |  |  |  | &nbsp;&nbsp; **1564901** |
| **Toys/games/hobbies: 0.02%** |  |  |  |  |  |
| Asmodee Group AB | 5.75 | &nbsp;&nbsp; 12-15-2029 | EUR | 160000 | &nbsp;&nbsp; **196325** |
| **Consumer, non-cyclical: 1.17%** |  |  |  |  |  |
| **Agriculture: 0.17%** |  |  |  |  |  |
| BAT International Finance PLC | 2.25 | &nbsp;&nbsp; 1-16-2030 | EUR | 1380000 | &nbsp;&nbsp; **1564853** |
| **Commercial services: 0.62%** |  |  |  |  |  |
| Amber Finco PLC | 6.63 | &nbsp;&nbsp; 7-15-2029 | EUR | 900000 | &nbsp;&nbsp; 1107742 |
| Nexi SpA | 2.13 | &nbsp;&nbsp; 4-30-2029 | EUR | 1000000 | &nbsp;&nbsp; 1124127 |
| Rentokil Initial Finance BV | 3.88 | &nbsp;&nbsp; 6-27-2027 | EUR | 1050000 | &nbsp;&nbsp; 1253853 |
| Transurban Finance Co. Pty. Ltd. | 4.23 | &nbsp;&nbsp; 4-26-2033 | EUR | 650000 | &nbsp;&nbsp; 792855 |
| Verisure Holding AB | 5.50 | &nbsp;&nbsp; 5-15-2030 | EUR | 860000 | &nbsp;&nbsp; 1044708 |
| Worldline SA | 4.13 | &nbsp;&nbsp; 9-12-2028 | EUR | 400000 | &nbsp;&nbsp; 413480 |
|  |  |  |  |  | &nbsp;&nbsp; **5736765** |

---

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

12 \| Allspring Managed Account

------

Portfolio of investments—August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Food: 0.23%** |  |  |  |  |  |
| Iceland Bondco PLC | 10.88<br> %<br>| &nbsp;&nbsp; 12-15-2027 | GBP | 708000 | &nbsp;&nbsp; $1012635 |
| Market Bidco Finco PLC | 5.50 | &nbsp;&nbsp; 11-4-2027 | GBP | 800000 | &nbsp;&nbsp; 1084003 |
|  |  |  |  |  | &nbsp;&nbsp; **2096638** |
| **Healthcare-services: 0.15%** |  |  |  |  |  |
| Ephios Subco 3 Sarl | 7.88 | &nbsp;&nbsp; 1-31-2031 | EUR | 600000 | &nbsp;&nbsp; 744920 |
| Eurofins Scientific SE (3 Month EURIBOR+4.24%)ʊ± | 6.75 | &nbsp;&nbsp; 4-24-2028 | EUR | 500000 | &nbsp;&nbsp; 622757 |
|  |  |  |  |  | &nbsp;&nbsp; **1367677** |
| **Energy: 0.32%** |  |  |  |  |  |
| **Oil & gas: 0.20%** |  |  |  |  |  |
| Aker BP ASA | 1.13 | &nbsp;&nbsp; 5-12-2029 | EUR | 250000 | &nbsp;&nbsp; 273151 |
| &nbsp;&nbsp; Repsol International Finance BV (EUR Swap Annual (vs. 6 <br> Month EURIBOR) 5 Year+2.77%)ʊ±<br>| 2.50 | &nbsp;&nbsp; 12-22-2026 | EUR | 550000 | &nbsp;&nbsp; 637107 |
| &nbsp;&nbsp; Wintershall Dea Finance 2 BV Series NC8 (EUR Swap <br> Annual (vs. 6 Month EURIBOR) 5 Year+3.32%)ʊ±<br>| 3.00 | &nbsp;&nbsp; 7-20-2028 | EUR | 800000 | &nbsp;&nbsp; 896664 |
|  |  |  |  |  | &nbsp;&nbsp; **1806922** |
| **Oil & gas services: 0.12%** |  |  |  |  |  |
| OEG Finance PLC | 7.25 | &nbsp;&nbsp; 9-27-2029 | EUR | 900000 | &nbsp;&nbsp; **1096902** |
| **Financial: 1.15%** |  |  |  |  |  |
| **Banks: 0.75%** |  |  |  |  |  |
| &nbsp;&nbsp; ABN AMRO Bank NV (EUR Swap Annual (vs. 6 Month <br> EURIBOR) 5 Year+3.90%)ʊ±<br>| 4.75 | &nbsp;&nbsp; 9-22-2027 | EUR | 1000000 | &nbsp;&nbsp; 1171017 |
| &nbsp;&nbsp; BAWAG Group AG (EURIBOR ICE Swap Rate <br> 11:00am+5.05%)ʊ±<br>| 7.25 | &nbsp;&nbsp; 9-18-2029 | EUR | 1000000 | &nbsp;&nbsp; 1241527 |
| &nbsp;&nbsp; CaixaBank SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 <br> Year+3.55%)±<br>| 6.25 | &nbsp;&nbsp; 2-23-2033 | EUR | 400000 | &nbsp;&nbsp; 500681 |
| &nbsp;&nbsp; Credit Agricole SA (EURIBOR ICE Swap Rate <br> 11:00am+4.44%)ʊ±<br>| 7.25 | &nbsp;&nbsp; 9-23-2028 | EUR | 200000 | &nbsp;&nbsp; 250944 |
| Deutsche Bank AG (3 Month EURIBOR+2.95%)± | 5.00 | &nbsp;&nbsp; 9-5-2030 | EUR | 500000 | &nbsp;&nbsp; 623936 |
| &nbsp;&nbsp; KBC Group NV (EURIBOR ICE Swap Rate <br> 11:00am+4.93%)ʊ±<br>| 8.00 | &nbsp;&nbsp; 9-5-2028 | EUR | 800000 | &nbsp;&nbsp; 1044721 |
| &nbsp;&nbsp; Nykredit Realkredit AS (EUR Swap Annual (vs. 6 Month <br> EURIBOR) 5 Year+4.57%)ʊ±<br>| 4.13 | &nbsp;&nbsp; 4-15-2026 | EUR | 600000 | &nbsp;&nbsp; 703158 |
| &nbsp;&nbsp; Raiffeisen Bank International AG (EURIBOR ICE Swap Rate <br> 11:00am+5.20%)±<br>| 7.38 | &nbsp;&nbsp; 12-20-2032 | EUR | 300000 | &nbsp;&nbsp; 378297 |
| &nbsp;&nbsp; UBS Group AG (EURIBOR ICE Swap Rate <br> 11:00am+4.95%)±<br>| 7.75 | &nbsp;&nbsp; 3-1-2029 | EUR | 750000 | &nbsp;&nbsp; 980616 |
|  |  |  |  |  | &nbsp;&nbsp; **6894897** |
| **Diversified financial services: 0.10%** |  |  |  |  |  |
| Sherwood Financing PLC | 4.50 | &nbsp;&nbsp; 11-15-2026 | EUR | 800000 | &nbsp;&nbsp; **934049** |
| **Insurance: 0.17%** |  |  |  |  |  |
| Assicurazioni Generali SpA | 2.43 | &nbsp;&nbsp; 7-14-2031 | EUR | 300000 | &nbsp;&nbsp; 334188 |
| AXA SA | 3.63 | &nbsp;&nbsp; 1-10-2033 | EUR | 1000000 | &nbsp;&nbsp; 1213265 |
|  |  |  |  |  | &nbsp;&nbsp; **1547453** |

---

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

Allspring Managed Account \| 13

------

Portfolio of investments—August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Real estate: 0.13%** |  |  |  |  |  |
| &nbsp;&nbsp; Castellum AB (EUR Swap Annual (vs. 6 Month EURIBOR) 5 <br> Year+3.45%)ʊ±<br>| 3.13<br> %<br>| &nbsp;&nbsp; 12-2-2026 | EUR | 1000000 | &nbsp;&nbsp; **$1156439** |
| **Government securities: 0.17%** |  |  |  |  |  |
| **Multi-national: 0.17%** |  |  |  |  |  |
| Banque Ouest Africaine de Developpement | 2.75 | &nbsp;&nbsp; 1-22-2033 | EUR | 1570000 | &nbsp;&nbsp; **1558342** |
| **Industrial: 0.19%** |  |  |  |  |  |
| **Engineering & construction: 0.13%** |  |  |  |  |  |
| Bouygues SA | 4.63 | &nbsp;&nbsp; 6-7-2032 | EUR | 500000 | &nbsp;&nbsp; 627961 |
| Infrastrutture Wireless Italiane SpA | 1.75 | &nbsp;&nbsp; 4-19-2031 | EUR | 500000 | &nbsp;&nbsp; 543965 |
|  |  |  |  |  | &nbsp;&nbsp; **1171926** |
| **Machinery-diversified: 0.06%** |  |  |  |  |  |
| John Deere Bank SA | 2.50 | &nbsp;&nbsp; 9-14-2026 | EUR | 500000 | &nbsp;&nbsp; **586597** |
| **Technology: 0.18%** |  |  |  |  |  |
| **Computers: 0.18%** |  |  |  |  |  |
| Almaviva-The Italian Innovation Co. SpA144A | 5.00 | &nbsp;&nbsp; 10-30-2030 | EUR | 729000 | &nbsp;&nbsp; 863370 |
| Teleperformance SE | 5.75 | &nbsp;&nbsp; 11-22-2031 | EUR | 600000 | &nbsp;&nbsp; 761868 |
|  |  |  |  |  | &nbsp;&nbsp; **1625238** |
| **Utilities: 0.61%** |  |  |  |  |  |
| **Electric: 0.34%** |  |  |  |  |  |
| Enel Finance International NVøø | 0.75 | &nbsp;&nbsp; 6-17-2030 | EUR | 1000000 | &nbsp;&nbsp; 1057494 |
| Energia Group Roi Financeco DAC144A | 6.88 | &nbsp;&nbsp; 7-31-2028 | EUR | 900000 | &nbsp;&nbsp; 1091608 |
| Vattenfall AB (UK Gilts 5 Year+1.90%)± | 2.50 | &nbsp;&nbsp; 6-29-2083 | GBP | 800000 | &nbsp;&nbsp; 991634 |
|  |  |  |  |  | &nbsp;&nbsp; **3140736** |
| **Gas: 0.14%** |  |  |  |  |  |
| APA Infrastructure Ltd. | 2.00 | &nbsp;&nbsp; 7-15-2030 | EUR | 1200000 | &nbsp;&nbsp; **1330586** |
| **Water: 0.13%** |  |  |  |  |  |
| Holding d'Infrastructures des Metiers de l'Environnement | 4.88 | &nbsp;&nbsp; 10-24-2029 | EUR | 945000 | &nbsp;&nbsp; **1147741** |
| &nbsp;&nbsp; **Total foreign corporate bonds and notes (Cost** <br> **$53,284,746)**<br>|  |  |  |  | &nbsp;&nbsp; **57954670** |
| **Foreign government bonds: 8.36%** |  |  |  |  |  |
| **Australia: 0.95%** |  |  |  |  |  |
| New South Wales Treasury Corp. | 3.00 | &nbsp;&nbsp; 4-20-2029 | AUD | 6800000 | &nbsp;&nbsp; 4344209 |
| Queensland Treasury Corp.144A | 3.50 | &nbsp;&nbsp; 8-21-2030 | AUD | 6780000 | &nbsp;&nbsp; 4342836 |
|  |  |  |  |  | &nbsp;&nbsp; **8687045** |
| **Brazil: 1.56%** |  |  |  |  |  |
| Brazil | 10.00 | &nbsp;&nbsp; 1-1-2027 | BRL | 81500000 | &nbsp;&nbsp; **14366978** |
| **Colombia: 0.95%** |  |  |  |  |  |
| Colombia TES | 5.75 | &nbsp;&nbsp; 11-3-2027 | COP | 37500000000 | &nbsp;&nbsp; **8709690** |

---

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

14 \| Allspring Managed Account

------

Portfolio of investments—August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **France: 2.13%** |  |  |  |  |  |
| French Republic144A | 2.70<br> %<br>| &nbsp;&nbsp; 2-25-2031 | EUR | 16860000 | &nbsp;&nbsp; **$19603088** |
| **Indonesia: 0.50%** |  |  |  |  |  |
| Indonesia | 6.63 | &nbsp;&nbsp; 2-15-2034 | IDR | 6000000000 | &nbsp;&nbsp; 370787 |
| Indonesia | 6.88 | &nbsp;&nbsp; 4-15-2029 | IDR | 66300000000 | &nbsp;&nbsp; 4191071 |
|  |  |  |  |  | &nbsp;&nbsp; **4561858** |
| **South Africa: 0.46%** |  |  |  |  |  |
| Republic of South Africa | 8.00 | &nbsp;&nbsp; 1-31-2030 | ZAR | 75775000 | &nbsp;&nbsp; **4277187** |
| **United Kingdom: 1.81%** |  |  |  |  |  |
| U.K. Gilts | 3.25 | &nbsp;&nbsp; 1-31-2033 | GBP | 6635000 | &nbsp;&nbsp; 8293145 |
| U.K. Gilts | 4.13 | &nbsp;&nbsp; 7-22-2029 | GBP | 6120000 | &nbsp;&nbsp; 8300758 |
|  |  |  |  |  | &nbsp;&nbsp; **16593903** |
| **Total foreign government bonds (Cost $74,775,221)** |  |  |  |  | &nbsp;&nbsp; **76799749** |

---

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

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Investment companies: 0.37%** |  |  |
| **Exchange-traded funds: 0.37%** |  |  |
| SPDR Portfolio High Yield Bond ETF | 142800 | &nbsp;&nbsp; **3404352** |
| **Total investment companies (Cost $3,332,952)** |  | &nbsp;&nbsp; **3404352** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |
| **Loans: 0.24%** |  |  |  |  |
| **Communications: 0.07%** |  |  |  |  |
| **Telecommunications: 0.07%** |  |  |  |  |
| Lumen Technologies, Inc. (U.S. SOFR 1 Month+2.35%)± | 6.78 | &nbsp;&nbsp; 4-15-2030 | $658322 | &nbsp;&nbsp; **653661** |
| **Consumer, cyclical: 0.06%** |  |  |  |  |
| **Airlines: 0.01%** |  |  |  |  |
| &nbsp;&nbsp; Vista Management Holding, Inc. (U.S. SOFR 3 <br> Month+3.75%)±<br>| 8.04 | &nbsp;&nbsp; 4-1-2031 | 60000 | &nbsp;&nbsp; **60281** |
| **Retail: 0.05%** |  |  |  |  |
| &nbsp;&nbsp; Petco Health & Wellness Co., Inc. (U.S. SOFR 3 <br> Month+3.25%)±<br>| 7.81 | &nbsp;&nbsp; 3-3-2028 | 500000 | &nbsp;&nbsp; **481460** |
| **Consumer, non-cyclical: 0.10%** |  |  |  |  |
| **Food: 0.08%** |  |  |  |  |
| B&G Foods, Inc. (U.S. SOFR 1 Month+3.50%)± | 7.82 | &nbsp;&nbsp; 10-10-2029 | 744375 | &nbsp;&nbsp; **704923** |
| **Healthcare-services: 0.02%** |  |  |  |  |
| Modivcare, Inc. (U.S. SOFR 3 Month+4.75%)± | 9.05 | &nbsp;&nbsp; 7-1-2031 | 402964 | &nbsp;&nbsp; 176297 |
| Modivcare, Inc. (U.S. SOFR 3 Month+7.50%)‡± | 11.78 | &nbsp;&nbsp; 1-12-2026 | 70597 | &nbsp;&nbsp; 31416 |
| Modivcare, Inc. (U.S. SOFR 3 Month+6.00%)‡± | 13.50 | &nbsp;&nbsp; 2-22-2026 | 34979 | &nbsp;&nbsp; 34279 |
|  |  |  |  | &nbsp;&nbsp; **241992** |

---

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

Allspring Managed Account \| 15

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Energy: 0.01%** |  |  |  |  |
| **Pipelines: 0.01%** |  |  |  |  |
| Prairie Acquiror LP (U.S. SOFR 1 Month+3.75%)± | 8.07<br> %<br>| &nbsp;&nbsp; 8-1-2029 | $98754 | &nbsp;&nbsp; $**99297** |
| **Total loans (Cost $2,532,541)** |  |  |  | &nbsp;&nbsp; **2241614** |
| **Non-agency mortgage-backed securities: 10.51%** |  |  |  |  |
| &nbsp;&nbsp; 1345 Trust Series 2025-AOA Class A (U.S. SOFR 1 <br> Month+1.60%)144A±<br>| 5.96 | &nbsp;&nbsp; 6-15-2042 | 2000000 | &nbsp;&nbsp; 2008125 |
| A&D Mortgage Trust Series 2024-NQM4 Class A1144A | 5.46 | &nbsp;&nbsp; 8-25-2069 | 1881973 | &nbsp;&nbsp; 1888938 |
| A&D Mortgage Trust Series 2025-NQM3 Class A1144A±± | 5.37 | &nbsp;&nbsp; 8-25-2070 | 2981679 | &nbsp;&nbsp; 2995740 |
| Ajax Mortgage Loan Trust Series 2021-E Class A1144A±± | 1.74 | &nbsp;&nbsp; 12-25-2060 | 1744652 | &nbsp;&nbsp; 1535025 |
| &nbsp;&nbsp; Angel Oak Mortgage Trust Series 2020-R1 <br> Class A1144A±±<br>| 0.99 | &nbsp;&nbsp; 4-25-2053 | 619798 | &nbsp;&nbsp; 587380 |
| &nbsp;&nbsp; Angel Oak Mortgage Trust Series 2024-10 <br> Class A1144A±±<br>| 5.35 | &nbsp;&nbsp; 10-25-2069 | 3769479 | &nbsp;&nbsp; 3786321 |
| Angel Oak Mortgage Trust Series 2024-8 Class A1144A±± | 5.34 | &nbsp;&nbsp; 5-27-2069 | 1727837 | &nbsp;&nbsp; 1729906 |
| BAHA Trust Series 2024-MAR Class B144A±± | 7.07 | &nbsp;&nbsp; 12-10-2041 | 2240000 | &nbsp;&nbsp; 2336028 |
| Bank Series 2022-BNK44 Class A5±± | 5.94 | &nbsp;&nbsp; 11-15-2055 | 3835000 | &nbsp;&nbsp; 4085764 |
| BBCMS Mortgage Trust Series 2024-5C25 Class AS±± | 6.36 | &nbsp;&nbsp; 3-15-2057 | 795000 | &nbsp;&nbsp; 831900 |
| Benchmark Mortgage Trust Series 2022-B33 Class A5 | 3.46 | &nbsp;&nbsp; 3-15-2055 | 475000 | &nbsp;&nbsp; 438436 |
| &nbsp;&nbsp; BHMS Commercial Mortgage Trust Series 2025-ATLS <br> Class B (U.S. SOFR 1 Month+2.55%)144A±<br>| 6.90 | &nbsp;&nbsp; 8-15-2042 | 1545000 | &nbsp;&nbsp; 1549828 |
| BMO Mortgage Trust Series 2024-C8 Class AS±± | 5.91 | &nbsp;&nbsp; 3-15-2057 | 1115000 | &nbsp;&nbsp; 1170650 |
| &nbsp;&nbsp; BRAVO Residential Funding Trust Series 2024-NQM1 <br> Class A1144A±±<br>| 5.94 | &nbsp;&nbsp; 12-1-2063 | 4534024 | &nbsp;&nbsp; 4566232 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust Series 2023-VLT3 Class B <br> (U.S. SOFR 1 Month+2.69%)144A±<br>| 7.05 | &nbsp;&nbsp; 11-15-2028 | 750000 | &nbsp;&nbsp; 750000 |
| BX Trust Series 2019-OC11 Class A144A | 3.20 | &nbsp;&nbsp; 12-9-2041 | 250000 | &nbsp;&nbsp; 236400 |
| &nbsp;&nbsp; BX Trust Series 2021-ARIA Class A (U.S. SOFR 1 <br> Month+1.01%)144A±<br>| 5.38 | &nbsp;&nbsp; 10-15-2036 | 1500000 | &nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp; BX Trust Series 2021-ARIA Class D (U.S. SOFR 1 <br> Month+2.01%)144A±<br>| 6.37 | &nbsp;&nbsp; 10-15-2036 | 4560000 | &nbsp;&nbsp; 4562850 |
| BX Trust Series 2022-CLS Class C144A | 6.79 | &nbsp;&nbsp; 10-13-2027 | 585000 | &nbsp;&nbsp; 575665 |
| &nbsp;&nbsp; BX Trust Series 2024-BIO Class C (U.S. SOFR 1 <br> Month+2.64%)144A±<br>| 7.00 | &nbsp;&nbsp; 2-15-2041 | 750000 | &nbsp;&nbsp; 747891 |
| CHNGE Mortgage Trust Series 2022-2 Class A1144A±± | 3.76 | &nbsp;&nbsp; 3-25-2067 | 878206 | &nbsp;&nbsp; 862313 |
| CHNGE Mortgage Trust Series 2023-4 Class A1144A±± | 7.57 | &nbsp;&nbsp; 9-25-2058 | 177237 | &nbsp;&nbsp; 179659 |
| CSMC Trust Series 2014-USA Class A1144A | 3.30 | &nbsp;&nbsp; 9-15-2037 | 1178907 | &nbsp;&nbsp; 1098606 |
| CSMC Trust Series 2018-RPL9 Class A144A±± | 3.85 | &nbsp;&nbsp; 9-25-2057 | 1026170 | &nbsp;&nbsp; 991419 |
| DBSG Mortgage Trust Series 2024-ALTA Class A144A±± | 6.14 | &nbsp;&nbsp; 6-10-2037 | 1615000 | &nbsp;&nbsp; 1641098 |
| EFMT Series 2025-NQM3 Class A1144A±± | 5.49 | &nbsp;&nbsp; 8-25-2070 | 3747602 | &nbsp;&nbsp; 3768999 |
| &nbsp;&nbsp; Fontainebleau Miami Beach Mortgage Trust Series 2024-<br> FBLU Class D (U.S. SOFR 1 Month+2.60%)144A±<br>| 6.96 | &nbsp;&nbsp; 12-15-2039 | 2165000 | &nbsp;&nbsp; 2167706 |
| &nbsp;&nbsp; FREMF Mortgage Trust Series 2019-KF70 Class B (30 Day <br> Average U.S. SOFR+2.41%)144A±<br>| 6.76 | &nbsp;&nbsp; 9-25-2029 | 65831 | &nbsp;&nbsp; 62170 |
| &nbsp;&nbsp; FREMF Mortgage Trust Series 2020-KF76 Class B (30 Day <br> Average U.S. SOFR+2.86%)144A±<br>| 7.21 | &nbsp;&nbsp; 1-25-2030 | 99352 | &nbsp;&nbsp; 97094 |
| &nbsp;&nbsp; GS Mortgage Securities Corp. Trust Series 2021-DM <br> Class A (U.S. SOFR 1 Month+1.00%)144A±<br>| 5.36 | &nbsp;&nbsp; 11-15-2036 | 750000 | &nbsp;&nbsp; 748359 |

---

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

16 \| Allspring Managed Account

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Non-agency mortgage-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; Harvest Commercial Capital Loan Trust Series 2024-1 <br> Class A<br>| 6.16<br> %<br>| &nbsp;&nbsp; 10-25-2056 | $292487 | &nbsp;&nbsp; $298714 |
| &nbsp;&nbsp; Hawaii Hotel Trust Series 2025-MAUI Class B (U.S. SOFR 1 <br> Month+1.74%)144A±<br>| 6.11 | &nbsp;&nbsp; 3-15-2042 | 3700000 | &nbsp;&nbsp; 3702313 |
| &nbsp;&nbsp; Imperial Fund Mortgage Trust Series 2021-NQM1 <br> Class A1144A±±<br>| 1.07 | &nbsp;&nbsp; 6-25-2056 | 97084 | &nbsp;&nbsp; 85155 |
| &nbsp;&nbsp; Imperial Fund Mortgage Trust Series 2021-NQM2 <br> Class A2144A±±<br>| 1.36 | &nbsp;&nbsp; 9-25-2056 | 417876 | &nbsp;&nbsp; 358832 |
| &nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust Series 2013-<br> C15 Class D144A±±<br>| 4.75 | &nbsp;&nbsp; 11-15-2045 | 114167 | &nbsp;&nbsp; 102753 |
| JPMorgan Mortgage Trust Series 2020-1 Class A15144A±± | 3.50 | &nbsp;&nbsp; 6-25-2050 | 67764 | &nbsp;&nbsp; 61123 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust Series 2025-4 <br> Class A4A144A±±<br>| 5.50 | &nbsp;&nbsp; 11-25-2055 | 4518457 | &nbsp;&nbsp; 4553224 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust Series 2025-7MPR <br> Class A1D144A±±<br>| 5.32 | &nbsp;&nbsp; 2-25-2056 | 2075000 | &nbsp;&nbsp; 2076112 |
| &nbsp;&nbsp; MCR Mortgage Trust Series 2024-HF1 Class A (U.S. SOFR 1 <br> Month+1.79%)144A±<br>| 6.16 | &nbsp;&nbsp; 12-15-2041 | 1695000 | &nbsp;&nbsp; 1697119 |
| MFA Trust Series 2020-NQM3 Class M1144A±± | 2.65 | &nbsp;&nbsp; 1-26-2065 | 900000 | &nbsp;&nbsp; 844898 |
| MFA Trust Series 2021-INV1 Class A2144A±± | 1.06 | &nbsp;&nbsp; 1-25-2056 | 376215 | &nbsp;&nbsp; 364446 |
| MFA Trust Series 2021-NQM1 Class A1144A±± | 1.15 | &nbsp;&nbsp; 4-25-2065 | 72013 | &nbsp;&nbsp; 67679 |
| &nbsp;&nbsp; Mill City Mortgage Loan Trust Series 2021-NMR1 <br> Class B2144A±±<br>| 2.50 | &nbsp;&nbsp; 11-25-2060 | 1980000 | &nbsp;&nbsp; 1501523 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust Series 2014-150E <br> Class A144A<br>| 3.91 | &nbsp;&nbsp; 9-9-2032 | 3200000 | &nbsp;&nbsp; 2904669 |
| &nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust <br> Series 2025-NQM5 Class A1144A±±<br>| 5.44 | &nbsp;&nbsp; 7-25-2070 | 3206540 | &nbsp;&nbsp; 3231462 |
| &nbsp;&nbsp; New Residential Mortgage Loan Trust Series 2018-4A <br> Class A1M (U.S. SOFR 1 Month+1.01%)144A±<br>| 5.34 | &nbsp;&nbsp; 1-25-2048 | 62730 | &nbsp;&nbsp; 61749 |
| &nbsp;&nbsp; New Residential Mortgage Loan Trust Series 2022-NQM1 <br> Class A1144A±±<br>| 2.28 | &nbsp;&nbsp; 4-25-2061 | 331693 | &nbsp;&nbsp; 296393 |
| OBX Trust Series 2022-NQM7 Class A1144A±± | 5.11 | &nbsp;&nbsp; 8-25-2062 | 1100246 | &nbsp;&nbsp; 1096659 |
| PRKCM Trust Series 2022-AFC1 Class A1A144A±± | 4.10 | &nbsp;&nbsp; 4-25-2057 | 1308705 | &nbsp;&nbsp; 1302766 |
| PRPM LLC Series 2024-NQM3 Class A1144A±± | 5.23 | &nbsp;&nbsp; 8-25-2069 | 2589480 | &nbsp;&nbsp; 2591111 |
| RCKT Mortgage Trust Series 2025-CES1 Class A1A144A±± | 5.65 | &nbsp;&nbsp; 1-25-2045 | 1784591 | &nbsp;&nbsp; 1803080 |
| &nbsp;&nbsp; SG Residential Mortgage Trust Series 2021-1 <br> Class A2144A±±<br>| 1.36 | &nbsp;&nbsp; 7-25-2061 | 1526855 | &nbsp;&nbsp; 1275582 |
| &nbsp;&nbsp; SHR Trust Series 2024-LXRY Class A (U.S. SOFR 1 <br> Month+1.95%)144A±<br>| 6.31 | &nbsp;&nbsp; 10-15-2041 | 3325000 | &nbsp;&nbsp; 3334971 |
| &nbsp;&nbsp; Starwood Mortgage Residential Trust Series 2020-INV1 <br> Class A1144A±±<br>| 1.03 | &nbsp;&nbsp; 11-25-2055 | 34565 | &nbsp;&nbsp; 32764 |
| &nbsp;&nbsp; SWCH Commercial Mortgage Trust Series 2025-DATA <br> Class C (U.S. SOFR 1 Month+2.09%)144A±<br>| 6.46 | &nbsp;&nbsp; 2-15-2042 | 4000000 | &nbsp;&nbsp; 3985000 |
| &nbsp;&nbsp; Towd Point Mortgage Trust Series 2019-HY3 Class A2 <br> (U.S. SOFR 1 Month+1.41%)144A±<br>| 5.74 | &nbsp;&nbsp; 10-25-2059 | 150000 | &nbsp;&nbsp; 152655 |
| Towd Point Mortgage Trust Series 2020-4 Class A2144A | 2.50 | &nbsp;&nbsp; 10-25-2060 | 350000 | &nbsp;&nbsp; 286811 |
| &nbsp;&nbsp; Towd Point Mortgage Trust Series 2023-CES1 <br> Class A1A144A±±<br>| 6.75 | &nbsp;&nbsp; 7-25-2063 | 735945 | &nbsp;&nbsp; 742159 |
| &nbsp;&nbsp; Verus Securitization Trust Series 2021-R3 <br> Class A1144A±±<br>| 1.02 | &nbsp;&nbsp; 4-25-2064 | 222240 | &nbsp;&nbsp; 211430 |

---

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

Allspring Managed Account \| 17

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Non-agency mortgage-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; Verus Securitization Trust Series 2021-R3 <br> Class A2144A±±<br>| 1.28<br> %<br>| &nbsp;&nbsp; 4-25-2064 | $46828 | &nbsp;&nbsp; $44324 |
| Verus Securitization Trust Series 2024-4 Class A1144A±± | 6.22 | &nbsp;&nbsp; 6-25-2069 | 1885462 | &nbsp;&nbsp; 1907340 |
| Verus Securitization Trust Series 2024-9 Class M1144A±± | 6.20 | &nbsp;&nbsp; 11-25-2069 | 5000000 | &nbsp;&nbsp; 5045759 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust Series 2025-<br> NYCH Class A (U.S. SOFR 1 Month+1.74%)144A±<br>| 6.11 | &nbsp;&nbsp; 6-15-2042 | 1000000 | &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp; **Total non-agency mortgage-backed securities** <br> **(Cost $96,009,456)**<br>|  |  |  | &nbsp;&nbsp; **96521077** |
| **U.S. Treasury securities: 17.20%** |  |  |  |  |
| U.S. Treasury Bonds## | 4.25 | &nbsp;&nbsp; 8-15-2054 | 9380000 | &nbsp;&nbsp; 8392169 |
| U.S. Treasury Bonds | 4.50 | &nbsp;&nbsp; 2-15-2044 | 135000 | &nbsp;&nbsp; 129400 |
| U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 11-15-2044 | 470000 | &nbsp;&nbsp; 455937 |
| U.S. Treasury Bonds## | 4.63 | &nbsp;&nbsp; 5-15-2054 | 9325000 | &nbsp;&nbsp; 8883884 |
| U.S. Treasury Bonds## | 4.63 | &nbsp;&nbsp; 2-15-2055 | 11665000 | &nbsp;&nbsp; 11118203 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 11-15-2043 | 2265000 | &nbsp;&nbsp; 2244031 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 2-15-2045 | 30000 | &nbsp;&nbsp; 29555 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 11-15-2053 | 580000 | &nbsp;&nbsp; 563823 |
| U.S. Treasury Bonds## | 4.75 | &nbsp;&nbsp; 5-15-2055 | 9380000 | &nbsp;&nbsp; 9124981 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 8-15-2055 | 2440000 | &nbsp;&nbsp; 2374425 |
| U.S. Treasury Notes## | 3.88 | &nbsp;&nbsp; 6-30-2030 | 6905000 | &nbsp;&nbsp; 6961642 |
| U.S. Treasury Notes## | 3.88 | &nbsp;&nbsp; 7-31-2030 | 58695000 | &nbsp;&nbsp; 59167312 |
| U.S. Treasury Notes## | 4.00 | &nbsp;&nbsp; 5-31-2030 | 15990000 | &nbsp;&nbsp; 16211736 |
| U.S. Treasury Notes | 4.13 | &nbsp;&nbsp; 10-31-2026 | 4700000 | &nbsp;&nbsp; 4715055 |
| U.S. Treasury Notes## | 4.13 | &nbsp;&nbsp; 10-31-2029 | 11875000 | &nbsp;&nbsp; 12089770 |
| U.S. Treasury Notes## | 4.13 | &nbsp;&nbsp; 8-31-2030 | 9660000 | &nbsp;&nbsp; 9841502 |
| U.S. Treasury Notes | 4.13 | &nbsp;&nbsp; 3-31-2032 | 40000 | &nbsp;&nbsp; 40539 |
| U.S. Treasury Notes | 4.13 | &nbsp;&nbsp; 5-31-2032 | 3755000 | &nbsp;&nbsp; 3802378 |
| U.S. Treasury Notes | 4.25 | &nbsp;&nbsp; 8-15-2035 | 1855000 | &nbsp;&nbsp; 1858768 |
| **Total U.S. Treasury securities (Cost $158,403,660)** |  |  |  | &nbsp;&nbsp; **158005110** |
| **Yankee corporate bonds and notes: 8.35%** |  |  |  |  |
| **Basic materials: 0.31%** |  |  |  |  |
| **Chemicals: 0.15%** |  |  |  |  |
| Braskem Netherlands Finance BV144A | 7.25 | &nbsp;&nbsp; 2-13-2033 | 800000 | &nbsp;&nbsp; 569465 |
| Orbia Advance Corp. SAB de CV144A | 7.50 | &nbsp;&nbsp; 5-13-2035 | 800000 | &nbsp;&nbsp; 824704 |
|  |  |  |  | &nbsp;&nbsp; **1394169** |
| **Mining: 0.16%** |  |  |  |  |
| Rio Tinto Finance USA PLC | 5.75 | &nbsp;&nbsp; 3-14-2055 | 1490000 | &nbsp;&nbsp; **1490375** |
| **Communications: 1.15%** |  |  |  |  |
| **Media: 0.07%** |  |  |  |  |
| Virgin Media Secured Finance PLC144A | 4.50 | &nbsp;&nbsp; 8-15-2030 | 290000 | &nbsp;&nbsp; 272250 |
| VZ Secured Financing BV144A | 5.00 | &nbsp;&nbsp; 1-15-2032 | 400000 | &nbsp;&nbsp; 355199 |
|  |  |  |  | &nbsp;&nbsp; **627449** |

---

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

18 \| Allspring Managed Account

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Telecommunications: 1.08%** |  |  |  |  |
| Colombia Telecomunicaciones SA ESP144A | 4.95<br> %<br>| &nbsp;&nbsp; 7-17-2030 | $525000 | &nbsp;&nbsp; $479041 |
| Nokia Oyj | 6.63 | &nbsp;&nbsp; 5-15-2039 | 10000 | &nbsp;&nbsp; 10216 |
| NTT Finance Corp.144A | 4.88 | &nbsp;&nbsp; 7-16-2030 | 6665000 | &nbsp;&nbsp; 6767892 |
| NTT Finance Corp.144A | 5.17 | &nbsp;&nbsp; 7-16-2032 | 1170000 | &nbsp;&nbsp; 1192068 |
| &nbsp;&nbsp; Rogers Communications, Inc. (5 Year Treasury Constant <br> Maturity+2.62%)±<br>| 7.13 | &nbsp;&nbsp; 4-15-2055 | 390000 | &nbsp;&nbsp; 404850 |
| TELUS Corp. (5 Year Treasury Constant Maturity+2.71%)± | 7.00 | &nbsp;&nbsp; 10-15-2055 | 825000 | &nbsp;&nbsp; 846599 |
| Zegona Finance PLC144A | 8.63 | &nbsp;&nbsp; 7-15-2029 | 247000 | &nbsp;&nbsp; 262717 |
|  |  |  |  | &nbsp;&nbsp; **9963383** |
| **Consumer, cyclical: 0.97%** |  |  |  |  |
| **Leisure time: 0.97%** |  |  |  |  |
| Carnival Corp.144A | 6.13 | &nbsp;&nbsp; 2-15-2033 | 4315000 | &nbsp;&nbsp; 4431091 |
| Royal Caribbean Cruises Ltd.144A | 5.63 | &nbsp;&nbsp; 9-30-2031 | 330000 | &nbsp;&nbsp; 335273 |
| Royal Caribbean Cruises Ltd.144A | 6.00 | &nbsp;&nbsp; 2-1-2033 | 4035000 | &nbsp;&nbsp; 4139793 |
|  |  |  |  | &nbsp;&nbsp; **8906157** |
| **Consumer, non-cyclical: 0.24%** |  |  |  |  |
| **Agriculture: 0.19%** |  |  |  |  |
| Japan Tobacco, Inc.144A | 5.85 | &nbsp;&nbsp; 6-15-2035 | 1670000 | &nbsp;&nbsp; **1763688** |
| **Pharmaceuticals: 0.05%** |  |  |  |  |
| Teva Pharmaceutical Finance Netherlands III BV | 8.13 | &nbsp;&nbsp; 9-15-2031 | 350000 | &nbsp;&nbsp; **397640** |
| **Energy: 1.09%** |  |  |  |  |
| **Oil & gas: 1.01%** |  |  |  |  |
| Aker BP ASA144A | 5.13 | &nbsp;&nbsp; 10-1-2034 | 965000 | &nbsp;&nbsp; 934803 |
| Borr IHC Ltd./Borr Finance LLC144A | 10.00 | &nbsp;&nbsp; 11-15-2028 | 178049 | &nbsp;&nbsp; 180736 |
| &nbsp;&nbsp; BP Capital Markets PLC (5 Year Treasury Constant <br> Maturity+2.15%)ʊ±<br>| 6.45 | &nbsp;&nbsp; 12-1-2033 | 1000000 | &nbsp;&nbsp; 1051370 |
| &nbsp;&nbsp; BP Capital Markets PLC (5 Year Treasury Constant <br> Maturity+4.40%)ʊ±<br>| 4.88 | &nbsp;&nbsp; 3-22-2030 | 355000 | &nbsp;&nbsp; 351908 |
| Eni SpA144A | 5.95 | &nbsp;&nbsp; 5-15-2054 | 2995000 | &nbsp;&nbsp; 2907513 |
| Saudi Arabian Oil Co.144A | 5.38 | &nbsp;&nbsp; 6-2-2035 | 815000 | &nbsp;&nbsp; 836745 |
| Saudi Arabian Oil Co.144A | 6.38 | &nbsp;&nbsp; 6-2-2055 | 2000000 | &nbsp;&nbsp; 2057870 |
| TotalEnergies Capital SA | 5.43 | &nbsp;&nbsp; 9-10-2064 | 510000 | &nbsp;&nbsp; 472051 |
| Var Energi ASA144A | 6.50 | &nbsp;&nbsp; 5-22-2035 | 455000 | &nbsp;&nbsp; 475796 |
|  |  |  |  | &nbsp;&nbsp; **9268792** |
| **Pipelines: 0.08%** |  |  |  |  |
| Enbridge, Inc. | 5.95 | &nbsp;&nbsp; 4-5-2054 | 165000 | &nbsp;&nbsp; 162766 |
| &nbsp;&nbsp; Enbridge, Inc. (5 Year Treasury Constant <br> Maturity+4.42%)±<br>| 7.63 | &nbsp;&nbsp; 1-15-2083 | 15000 | &nbsp;&nbsp; 16012 |
| &nbsp;&nbsp; South Bow Canadian Infrastructure Holdings Ltd. (5 Year <br> Treasury Constant Maturity+3.95%)±<br>| 7.63 | &nbsp;&nbsp; 3-1-2055 | 500000 | &nbsp;&nbsp; 520298 |
|  |  |  |  | &nbsp;&nbsp; **699076** |

---

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

Allspring Managed Account \| 19

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Financial: 4.13%** |  |  |  |  |
| **Banks: 2.44%** |  |  |  |  |
| &nbsp;&nbsp; Banco Industrial SA (5 Year Treasury Constant <br> Maturity+4.44%)144A±<br>| 4.88<br> %<br>| &nbsp;&nbsp; 1-29-2031 | $150000 | &nbsp;&nbsp; $148875 |
| &nbsp;&nbsp; Banco Mercantil del Norte SA (5 Year Treasury Constant <br> Maturity+4.07%)144Aʊ±<br>| 8.38 | &nbsp;&nbsp; 5-20-2031 | 700000 | &nbsp;&nbsp; 728000 |
| &nbsp;&nbsp; Banco Mercantil del Norte SA (5 Year Treasury Constant <br> Maturity+4.64%)144Aʊ±<br>| 5.88 | &nbsp;&nbsp; 1-24-2027 | 1200000 | &nbsp;&nbsp; 1180830 |
| &nbsp;&nbsp; Banco Nacional de Comercio Exterior SNC (5 Year Treasury <br> Constant Maturity+2.00%)144A±<br>| 2.72 | &nbsp;&nbsp; 8-11-2031 | 1200000 | &nbsp;&nbsp; 1165122 |
| &nbsp;&nbsp; Bancolombia SA (5 Year Treasury Constant <br> Maturity+4.32%)±<br>| 8.63 | &nbsp;&nbsp; 12-24-2034 | 576000 | &nbsp;&nbsp; 618182 |
| Barclays PLC (U.S. SOFR+1.23%)± | 5.37 | &nbsp;&nbsp; 2-25-2031 | 2255000 | &nbsp;&nbsp; 2325833 |
| Barclays PLC (U.S. SOFR+1.59%)± | 5.79 | &nbsp;&nbsp; 2-25-2036 | 1750000 | &nbsp;&nbsp; 1805109 |
| &nbsp;&nbsp; BBVA Mexico SA Institucion De Banca Multiple Grupo <br> Financiero (5 Year Treasury Constant <br> Maturity+4.31%)144A±<br>| 5.88 | &nbsp;&nbsp; 9-13-2034 | 700000 | &nbsp;&nbsp; 697362 |
| &nbsp;&nbsp; BNP Paribas SA (5 Year Treasury Constant <br> Maturity+3.73%)144Aʊ±<br>| 8.00 | &nbsp;&nbsp; 8-22-2031 | 200000 | &nbsp;&nbsp; 212347 |
| BNP Paribas SA (U.S. SOFR+1.92%)144A± | 5.91 | &nbsp;&nbsp; 11-19-2035 | 200000 | &nbsp;&nbsp; 203775 |
| &nbsp;&nbsp; Commonwealth Bank of Australia (1 Year Treasury <br> Constant Maturity+1.32%)144A±<br>| 5.93 | &nbsp;&nbsp; 3-14-2046 | 1845000 | &nbsp;&nbsp; 1868514 |
| Credit Agricole SA (U.S. SOFR+1.46%)144A± | 5.22 | &nbsp;&nbsp; 5-27-2031 | 1640000 | &nbsp;&nbsp; 1677518 |
| &nbsp;&nbsp; Danske Bank AS (1 Year Treasury Constant <br> Maturity+1.40%)144A±<br>| 5.71 | &nbsp;&nbsp; 3-1-2030 | 1020000 | &nbsp;&nbsp; 1064462 |
| HSBC Holdings PLC (U.S. SOFR+1.57%)± | 5.24 | &nbsp;&nbsp; 5-13-2031 | 4065000 | &nbsp;&nbsp; 4178685 |
| &nbsp;&nbsp; NatWest Group PLC (1 Year Treasury Constant <br> Maturity+1.05%)±<br>| 5.12 | &nbsp;&nbsp; 5-23-2031 | 2850000 | &nbsp;&nbsp; 2919469 |
| &nbsp;&nbsp; UBS Group AG (5 Year Treasury Constant <br> Maturity+3.40%)144Aʊ±<br>| 4.88 | &nbsp;&nbsp; 2-12-2027 | 610000 | &nbsp;&nbsp; 600082 |
| &nbsp;&nbsp; UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5 <br> Year+3.63%)144Aʊ±<br>| 6.85 | &nbsp;&nbsp; 9-10-2029 | 975000 | &nbsp;&nbsp; 996634 |
|  |  |  |  | &nbsp;&nbsp; **22390799** |
| **Diversified financial services: 0.32%** |  |  |  |  |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust <br> (5 Year Treasury Constant Maturity+2.72%)±<br>| 6.95 | &nbsp;&nbsp; 3-10-2055 | 520000 | &nbsp;&nbsp; 544434 |
| Avolon Holdings Funding Ltd.144A | 2.75 | &nbsp;&nbsp; 2-21-2028 | 815000 | &nbsp;&nbsp; 780891 |
| Avolon Holdings Funding Ltd.144A | 5.75 | &nbsp;&nbsp; 11-15-2029 | 1600000 | &nbsp;&nbsp; 1661555 |
| Unifin Financiera SAB de CV144A | 9.88 | &nbsp;&nbsp; 1-28-2029 | 250000 | &nbsp;&nbsp; 15250 |
|  |  |  |  | &nbsp;&nbsp; **3002130** |
| **Insurance: 0.93%** |  |  |  |  |
| &nbsp;&nbsp; Allianz SE (5 Year Treasury Constant <br> Maturity+2.77%)144A±<br>| 5.60 | &nbsp;&nbsp; 9-3-2054 | 200000 | &nbsp;&nbsp; 203240 |
| &nbsp;&nbsp; Allianz SE (5 Year Treasury Constant <br> Maturity+3.23%)144A±<br>| 6.35 | &nbsp;&nbsp; 9-6-2053 | 400000 | &nbsp;&nbsp; 424460 |
| Aspen Insurance Holdings Ltd. | 5.75 | &nbsp;&nbsp; 7-1-2030 | 1035000 | &nbsp;&nbsp; 1074518 |
| &nbsp;&nbsp; Dai-ichi Life Insurance Co. Ltd. (5 Year Treasury Constant <br> Maturity+2.52%)144Aʊ±<br>| 6.20 | &nbsp;&nbsp; 1-16-2035 | 1335000 | &nbsp;&nbsp; 1384180 |

---

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

20 \| Allspring Managed Account

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Insurance**(continued) |  |  |  |  |
| Intact Financial Corp.144A | 5.46<br> %<br>| &nbsp;&nbsp; 9-22-2032 | $2725000 | &nbsp;&nbsp; $2785883 |
| &nbsp;&nbsp; Meiji Yasuda Life Insurance Co. (5 Year Treasury Constant <br> Maturity+2.91%)144A±<br>| 6.10 | &nbsp;&nbsp; 6-11-2055 | 595000 | &nbsp;&nbsp; 612755 |
| RenaissanceRe Holdings Ltd. | 5.80 | &nbsp;&nbsp; 4-1-2035 | 2000000 | &nbsp;&nbsp; 2073710 |
|  |  |  |  | &nbsp;&nbsp; **8558746** |
| **Savings & loans: 0.44%** |  |  |  |  |
| Nationwide Building Society (U.S. SOFR+1.06%)144A± | 4.65 | &nbsp;&nbsp; 7-14-2029 | 4000000 | &nbsp;&nbsp; **4033268** |
| **Government securities: 0.07%** |  |  |  |  |
| **Multi-national: 0.07%** |  |  |  |  |
| Banque Ouest Africaine de Developpement144A | 5.00 | &nbsp;&nbsp; 7-27-2027 | 600000 | &nbsp;&nbsp; **595436** |
| **Industrial: 0.00%** |  |  |  |  |
| **Engineering & construction: 0.00%** |  |  |  |  |
| CIMIC Finance USA Pty. Ltd.144A | 7.00 | &nbsp;&nbsp; 3-25-2034 | 10000 | &nbsp;&nbsp; **10787** |
| **Utilities: 0.39%** |  |  |  |  |
| **Electric: 0.39%** |  |  |  |  |
| Comision Federal de Electricidad144A | 3.35 | &nbsp;&nbsp; 2-9-2031 | 1000000 | &nbsp;&nbsp; 892659 |
| Comision Federal de Electricidad144A | 3.88 | &nbsp;&nbsp; 7-26-2033 | 2300000 | &nbsp;&nbsp; 1990832 |
| Emera, Inc. Series 16-A (3 Month LIBOR+5.44%)± | 6.75 | &nbsp;&nbsp; 6-15-2076 | 700000 | &nbsp;&nbsp; 704395 |
|  |  |  |  | &nbsp;&nbsp; **3587886** |
| **Total yankee corporate bonds and notes (Cost $75,388,440)** |  |  |  | &nbsp;&nbsp; **76689781** |
| **Yankee government bonds: 1.48%** |  |  |  |  |
| **Benin: 0.04%** |  |  |  |  |
| Benin144A | 7.96 | &nbsp;&nbsp; 2-13-2038 | 400000 | &nbsp;&nbsp; **394147** |
| **Bermuda: 0.06%** |  |  |  |  |
| Bermuda144A | 3.38 | &nbsp;&nbsp; 8-20-2050 | 800000 | &nbsp;&nbsp; **546352** |
| **Colombia: 0.16%** |  |  |  |  |
| Colombia | 8.00 | &nbsp;&nbsp; 11-14-2035 | 1400000 | &nbsp;&nbsp; **1472100** |
| **Dominican Republic: 0.19%** |  |  |  |  |
| Dominican Republic144A | 4.88 | &nbsp;&nbsp; 9-23-2032 | 780000 | &nbsp;&nbsp; 735462 |
| Dominican Republic144A | 7.05 | &nbsp;&nbsp; 2-3-2031 | 1000000 | &nbsp;&nbsp; 1066400 |
|  |  |  |  | &nbsp;&nbsp; **1801862** |
| **Israel: 0.32%** |  |  |  |  |
| Israel | 5.75 | &nbsp;&nbsp; 3-12-2054 | 3150000 | &nbsp;&nbsp; **2911325** |
| **Ivory Coast: 0.12%** |  |  |  |  |
| Ivory Coast144A | 8.25 | &nbsp;&nbsp; 1-30-2037 | 1100000 | &nbsp;&nbsp; **1095621** |
| **Mexico: 0.29%** |  |  |  |  |
| Mexico | 3.77 | &nbsp;&nbsp; 5-24-2061 | 1495000 | &nbsp;&nbsp; 891738 |

---

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

Allspring Managed Account \| 21

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Mexico**(continued) |  |  |  |  |
| Mexico | 4.75<br> %<br>| &nbsp;&nbsp; 3-8-2044 | $500000 | &nbsp;&nbsp; $396875 |
| Mexico | 6.35 | &nbsp;&nbsp; 2-9-2035 | 1300000 | &nbsp;&nbsp; 1343095 |
|  |  |  |  | &nbsp;&nbsp; **2631708** |
| **Panama: 0.30%** |  |  |  |  |
| Panama | 4.50 | &nbsp;&nbsp; 5-15-2047 | 1160000 | &nbsp;&nbsp; 850094 |
| Panama | 4.50 | &nbsp;&nbsp; 1-19-2063 | 2790000 | &nbsp;&nbsp; 1893294 |
|  |  |  |  | &nbsp;&nbsp; **2743388** |
| **Total yankee government bonds (Cost $13,326,276)** |  |  |  | &nbsp;&nbsp; **13596503** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Yield | Shares |  |
| **Short-term investments: 7.66%** |  |  |  |
| **Investment companies: 2.98%** |  |  |  |
| &nbsp;&nbsp; Allspring Government Money Market Fund Select <br> Class♠∞##<br>| 4.23 | 27424938 | &nbsp;&nbsp; **27424938** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Principal |  |
| **U.S. Treasury securities: 4.68%** |  |  |  |  |  |
| U.S. Treasury Bills☼ |  | 0.00 | &nbsp;&nbsp; 9-2-2025 | $18000000 | &nbsp;&nbsp; 18000000 |
| U.S. Treasury Bills☼ |  | 3.72 | &nbsp;&nbsp; 9-16-2025 | 25000000 | &nbsp;&nbsp; 24958529 |
|  |  |  |  |  | &nbsp;&nbsp; **42958529** |
| **Total short-term investments (Cost $70,383,677)** |  |  |  |  | &nbsp;&nbsp; **70383467** |
| **Total investments in securities (Cost $1,034,677,948)** | 114.06<br> %<br>|  |  |  | &nbsp;&nbsp; 1047876740 |
| Other assets and liabilities, net | (14.06)<br>|  |  |  | &nbsp;&nbsp; (129189499)<br>|
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$918687241** |

---

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

---

| |
|:---|
| The security is purchased on a when-issued basis. |
| The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality <br> and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end.<br>|
| Variable rate investment. The rate shown is the rate in effect at period end. |
| Security is valued using significant unobservable inputs. |
| The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| Non-income-earning security |
| Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
| ¥A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities or a combination of both. <br> The rate shown is the rate in effect at period end.<br>|
| The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| All or a portion of this security is segregated as collateral for when-issued securities. |
| The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| The rate represents the 7-day annualized yield at period end. |
| Zero coupon security. The rate represents the current yield to maturity. |

---

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

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

22 \| Allspring Managed Account

------

Portfolio of investments—August 31, 2025

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AUD | Australian dollar |
| BDC | Business Development Company |
| BRL | Brazilian real |
| COP | Colombian peso |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| FHLB | Federal Home Loan Bank |
| FNMA | Federal National Mortgage Association |
| GBP | Great British pound |
| GNMA | Government National Mortgage Association |
| IDR | Indonesian rupiah |
| LIBOR | London Interbank Offered Rate |
| REIT | Real estate investment trust |
| SOFR | Secured Overnight Financing Rate |
| ZAR | South African rand |

---

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund <br> Select Class<br>| $13123011 | $577526069 | $(563224142)<br>| $0 | $0 | $27424938 | 27424938 | $944431 |

---

**Forward foreign currency contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be <br>received | Currency to be <br>received | &nbsp;&nbsp;&nbsp; Currency to be <br>delivered | &nbsp;&nbsp;&nbsp; Currency to be <br>delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement <br>date<br>| &nbsp;&nbsp; Unrealized <br>gains<br>| &nbsp;&nbsp; Unrealized <br>losses<br>|
| USD | 8884971 | AUD | 13500000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; $45692 | &nbsp;&nbsp;&nbsp; $0 |
| USD | 13245891 | BRL | 74630000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (422422)<br>|
| USD | 774784 | BRL | 4400000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (31066)<br>|
| USD | 8970995 | COP | 36590000000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (111233)<br>|
| USD | 75763241 | EUR | 65416000 | Citibank N.A. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (899873)<br>|
| EUR | 810000 | USD | 944899 | Citibank N.A. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 4366 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 2234520 | EUR | 1900000 | Citibank N.A. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 7849 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 869342 | EUR | 740000 | Citibank N.A. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 2112 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 950248 | EUR | 810000 | Citibank N.A. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 983 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 3724869 | EUR | 3200000 | Citibank N.A. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (25314)<br>|
| EUR | 1400000 | USD | 1631788 | Citibank N.A. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 8917 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 20781149 | GBP | 15394000 | Citibank N.A. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (30787)<br>|
| JPY | 1350000000 | USD | 9380593 | Citibank N.A. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (166563)<br>|
| USD | 4721414 | JPY | 680000000 | Citibank N.A. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 80273 | &nbsp;&nbsp;&nbsp; 0 |
| JPY | 554000000 | USD | 3825043 | Citibank N.A. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (43878)<br>|
| USD | 4176596 | ZAR | 75265000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (82382)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **$150192** | &nbsp;&nbsp;&nbsp; **$(1813518)**<br>|

---

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

Allspring Managed Account \| 23

------

Portfolio of investments—August 31, 2025

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 393 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; $44122396 | &nbsp;&nbsp; $44212500 | &nbsp;&nbsp; $90104 | &nbsp;&nbsp; $0 |
| Ultra Long Term U.S. Treasury Bond | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 29590543 | &nbsp;&nbsp; 29490313 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (100230)<br>|
| 2-Year U.S. Treasury Notes | &nbsp;&nbsp; 1520 | &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; 316577824 | &nbsp;&nbsp; 316979374 | &nbsp;&nbsp; 401550 | &nbsp;&nbsp; 0 |
| 5-Year U.S. Treasury Notes | &nbsp;&nbsp; 860 | &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; 93794877 | &nbsp;&nbsp; 94143125 | &nbsp;&nbsp; 348248 | &nbsp;&nbsp; 0 |
| **Short** |  |  |  |  |  |  |
| 10-Year Euro BUND Index | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 9-8-2025 | &nbsp;&nbsp; (153338)<br>| &nbsp;&nbsp; (151561)<br>| &nbsp;&nbsp; 1777 | &nbsp;&nbsp; 0 |
| 2-Year Euro SCHATZ | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 9-8-2025 | &nbsp;&nbsp; (251373)<br>| &nbsp;&nbsp; (250499)<br>| &nbsp;&nbsp; 874 | &nbsp;&nbsp; 0 |
| 5-Year Euro-BOBL Futures | &nbsp;&nbsp; (378)<br>| &nbsp;&nbsp; 9-8-2025 | &nbsp;&nbsp; (52256773)<br>| &nbsp;&nbsp; (51943414)<br>| &nbsp;&nbsp; 313359 | &nbsp;&nbsp; 0 |
| Ultra 10-Year U.S. Treasury Notes | &nbsp;&nbsp; (879)<br>| &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; (100153516)<br>| &nbsp;&nbsp; (100563094)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (409578)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$1155912** | &nbsp;&nbsp; **$(509808)**<br>|

---

**Centrally cleared credit default swap contracts** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference index | Fixed rate | &nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp; Maturity <br>date<br>| Notional <br>amount | Notional <br>amount | Value | Premiums <br>paid <br>(received)<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Buy Protection** |  |  |  |  |  |  |  |  |  |
| Markit CDX North American High Yield <br> Series 44 <br>| 5.00% | Quarterly | 6-20-2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 8245000 | &nbsp;&nbsp; $681659 | &nbsp;&nbsp; $579598 | &nbsp;&nbsp; $102061 | &nbsp;&nbsp; $0 |

---

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

24 \| Allspring Managed Account

------

Statement of assets and liabilities—August 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $1,007,253,010) | $1020451802 |
| Investments in affiliated securities, at value (cost $27,424,938) | 27424938 |
| Cash at broker segregated for futures contracts | 3838000 |
| Segregated cash for forward foreign currency contracts | 1210000 |
| Segregated cash for swap contracts | 589878 |
| Foreign currency, at value (cost $194,345) | 195468 |
| Receivable for investments sold | 23450050 |
| Receivable for interest | 9048022 |
| Receivable for Fund shares sold | 2321787 |
| Receivable for daily variation margin on open futures contracts | 216443 |
| Unrealized gains on forward foreign currency contracts | 150192 |
| Receivable from manager | 9909 |
| Prepaid expenses and other assets | 793 |
| **Total assets** | **1088907282** |
| Liabilities |  |
| Payable for when-issued transactions | 164969037 |
| Payable for investments purchased | 2417518 |
| Unrealized losses on forward foreign currency contracts | 1813518 |
| Overdraft due to custodian bank | 529446 |
| Payable for daily variation margin on open futures contracts | 252839 |
| Cash due to broker | 200000 |
| Payable for Fund shares redeemed | 13996 |
| Contingent tax liability | 12400 |
| Payable for daily variation margin on centrally cleared swap contracts | 9145 |
| Accrued expenses and other liabilities | 2142 |
| **Total liabilities** | **170220041** |
| **Total net assets**  | **$918687241** |
| Net assets consist of |  |
| Paid-in capital | $918113027 |
| Total distributable earnings | 574214 |
| **Total net assets** | **$918687241** |
| Computation of net asset value per share |  |
| Net assets | $918687241 |
| Shares outstanding<sup>1</sup> <br>| 53733526 |
| Net asset value per share | $17.10 |

---

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

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

Allspring Managed Account \| 25

------

Statement of operations—year ended August 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest (net of foreign withholding taxes of $50,999) | $35749809 |
| Income from affiliated securities | 944431 |
| Dividends | 115399 |
| **Total investment income** | **36809639** |
| Expenses |  |
| Custody and accounting fees | 84668 |
| Professional fees | 68208 |
| Registration fees | 83431 |
| Shareholder report expenses | 11372 |
| Trustees' fees and expenses | 13181 |
| Other fees and expenses | 15412 |
| **Total expenses** | **276272** |
| Less: Fee waivers and/or expense reimbursements | (276272)<br>|
| **Net expenses** | **0** |
| **Net investment income** | **36809639** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized losses on |  |
| Unaffiliated securities | (5002608)<br>|
| Foreign currency and foreign currency translations | (172751)<br>|
| Forward foreign currency contracts | (4683895)<br>|
| Futures contracts | (1409992)<br>|
| Swap contracts | (42499)<br>|
| **Net realized losses on investments**  | **(11311745)**<br>|
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities (net of deferred foreign capital gains tax of $12,400) | 10728602 |
| Foreign currency and foreign currency translations | 28174 |
| Forward foreign currency contracts | (1089136)<br>|
| Futures contracts | 711016 |
| Swap contracts | 102061 |
| **Net change in unrealized gains (losses) on investments** | **10480717** |
| **Net realized and unrealized gains (losses) on investments** | **(831028)**<br>|
| **Net increase in net assets resulting from operations** | **$35978611** |

---

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

26 \| Allspring Managed Account

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> August 31, 2025 | Year ended<br> August 31, 2025 | Year ended<br> August 31, 2024 | Year ended<br> August 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $36809639 |  | &nbsp;&nbsp; $5831331 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; (11311745)<br>|  | &nbsp;&nbsp; 332779 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 10480717 |  | &nbsp;&nbsp; 3337022 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **35978611** |  | &nbsp;&nbsp; **9501132** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  | &nbsp;&nbsp; (35672331)<br>|  | &nbsp;&nbsp; (4894270)<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold | 48450624 | &nbsp;&nbsp; 825886410 | &nbsp;&nbsp; 12210521 | &nbsp;&nbsp; 205895895 |
| Reinvestment of distributions | 2535 | &nbsp;&nbsp; 44160 | &nbsp;&nbsp; 75389 | &nbsp;&nbsp; 1250590 |
| Payment for shares redeemed | (8071091)<br>| &nbsp;&nbsp; (136960699)<br>| &nbsp;&nbsp; (608909)<br>| &nbsp;&nbsp; (10215126)<br>|
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **688969871** |  | &nbsp;&nbsp; **196931359** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **689276151** |  | &nbsp;&nbsp; **201538221** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **229411090** |  | &nbsp;&nbsp; **27872869** |
| **End of period** |  | &nbsp;&nbsp; **$918687241** |  | &nbsp;&nbsp; **$229411090** |

---

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

Allspring Managed Account \| 27

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
|  | 2025 | 2024 | 2023 | 2022 | 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | **$17.18** | &nbsp;&nbsp; **$16.65** | &nbsp;&nbsp; **$17.22** | &nbsp;&nbsp; **$20.27** | &nbsp;&nbsp; **$20.00** |
| Net investment income | 0.93 <br><sup>2</sup><br>| 0.99 <br><sup>2</sup><br>| 0.76 <br><sup>2</sup><br>| 0.57 | 0.14 |
| Net realized and unrealized gains (losses) on investments | (0.14)<br>| 0.45 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (2.86)<br>| 0.13 |
| Total from investment operations | 0.79 | 1.44 | 0.14 | &nbsp;&nbsp; (2.29)<br>| 0.27 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.87)<br>| &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.72)<br>| 0.00 |
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.04)<br>| 0.00 |
| Total distributions to shareholders | (0.87)<br>| &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.76)<br>| 0.00 |
| **Net asset value, end of period** | **$17.10** | &nbsp;&nbsp; **$17.18** | &nbsp;&nbsp; **$16.65** | &nbsp;&nbsp; **$17.22** | &nbsp;&nbsp; **$20.27** |
| **Total return**<sup>3</sup> <br>| **4.77%**<br>| **8.97%**<br>| **0.95%**<br>| &nbsp;&nbsp; **(11.59)%**<br>| **1.35%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.04<br> %<br>| 0.16<br> %<br>| 0.69<br> %<br>| 0.96<br> %<br>| 0.83<br> %<br>|
| Net expenses<sup>4</sup> <br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>|
| Net investment income | 5.48<br> %<br>| 5.89<br> %<br>| 4.53<br> %<br>| 3.04<br> %<br>| 2.75<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 315<br> %<br>| &nbsp;&nbsp; 291<br> %<br>| &nbsp;&nbsp; 249<br> %<br>| &nbsp;&nbsp; 125<br> %<br>| &nbsp;&nbsp; 27<br> %<br>|
| Net assets, end of period (000s omitted) | $918687 | &nbsp;&nbsp; $229411 | &nbsp;&nbsp; $27873 | &nbsp;&nbsp; $22642 | &nbsp;&nbsp; $25337 |

---

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

<sup>1</sup> For the period from June 2, 2021 (commencement of operations) to August 31, 2021

<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.

28 \| Allspring Managed Account

------

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 CP (the "Fund") which is a diversified series of the Trust.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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

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

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such

Allspring Managed Account \| 29

------

Notes to financial statements

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

When-issued transactions

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

Loans

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

Forward foreign currency contracts

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

Futures contracts

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

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

Swap contracts

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

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

30 \| Allspring Managed Account

------

Notes to financial statements

of the contract ("variation margin"). The variation margin is recorded as an unrealized gain (or loss) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of assets and liabilities. Payments received from (paid to) the counterparty are recorded as realized gains (losses) in the Statement of operations when the contract is closed.

***Credit default swaps***

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

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

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

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

Mortgage dollar roll transactions

The Fund may engage in mortgage dollar roll transactions through To Be Announced (TBA) mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, the Fund sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, the Fund foregoes principal and interest paid on the securities. The Fund is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Fund accounts for TBA dollar roll transactions as purchases and sales which, as a result, may increase its portfolio turnover rate.

Security transactions and income recognition

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

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

Dividend income is recognized on the ex-dividend date.

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

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

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

Distributions to shareholders

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

Allspring Managed Account \| 31

------

Notes to financial statements

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, 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 August 31, 2025, the aggregate cost of all investments for federal income tax purposes was $1,036,410,460 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $15487329 |
| Gross unrealized losses | &nbsp;&nbsp; (4356612)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$11130717** |

---

As of August 31, 2025, the Fund had capital loss carryforwards which consist of $1,812,554 in short-term capital losses and $3,806,680 in long-term capital losses.

As of September 30, 2025, the Fund had a qualified late-year ordinary loss of $6,443,020 which will be recognized on the first day of the following fiscal year.

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.

32 \| Allspring Managed Account

------

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Agency securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $142239481 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $142239481 |
| **Asset-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 187267383 | &nbsp;&nbsp;&nbsp; 266238 | &nbsp;&nbsp;&nbsp; 187533621 |
| **Common stocks** |  |  |  |  |
| *Financials* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 162507315 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 162507315 |
| **Foreign corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 57954670 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 57954670 |
| **Foreign government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 76799749 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 76799749 |
| **Investment companies** | &nbsp;&nbsp; 3404352 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3404352 |
| **Loans** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2175919 | &nbsp;&nbsp;&nbsp; 65695 | &nbsp;&nbsp;&nbsp; 2241614 |
| **Non-agency mortgage-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 96521077 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 96521077 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 158005110 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 158005110 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 76689781 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 76689781 |
| **Yankee government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 13596503 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 13596503 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 27424938 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 27424938 |
| *U.S. Treasury securities* | &nbsp;&nbsp; 42958529 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 42958529 |
|  | &nbsp;&nbsp; 231792929 | &nbsp;&nbsp;&nbsp; 815751878 | &nbsp;&nbsp;&nbsp; 331933 | &nbsp;&nbsp;&nbsp; 1047876740 |
| **Forward foreign currency contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 150192 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 150192 |
| **Futures contracts** | &nbsp;&nbsp; 1155912 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1155912 |
| **Swap contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 102061 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 102061 |
| **Total assets** | &nbsp;&nbsp; **$232948841** | &nbsp;&nbsp;&nbsp; **$816004131** | &nbsp;&nbsp;&nbsp; **$331933** | &nbsp;&nbsp;&nbsp; **$1049284905** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Forward foreign currency contracts** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $1813518 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $1813518 |
| **Futures contracts** | &nbsp;&nbsp; 509808 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 509808 |
| **Total liabilities** | &nbsp;&nbsp; **$509808** | &nbsp;&nbsp;&nbsp; **$1813518** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$2323326** |

---

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

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

At August 31, 2025, the Fund had no material transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

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

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

Allspring Managed Account \| 33

------

Notes to financial statements

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended August 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2174291056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $873308273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1943559126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $349559733 |

---

6. DERIVATIVE TRANSACTIONS

During the year ended August 31, 2025, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio. The Fund also entered into forward foreign currency contracts for economic hedging purposes.

The volume of the Fund's derivative activity during the year ended August 31, 2025 was as follows:

---

| | |
|:---|:---|
| **Forward foreign currency contracts** |  |
| Average contract amounts to buy | &nbsp;&nbsp; $8001799 |
| Average contract amounts to sell | &nbsp;&nbsp; 98719452 |
| **Futures contracts** |  |
| Average notional balance on long futures | &nbsp;&nbsp; $210465686 |
| Average notional balance on short futures | &nbsp;&nbsp; 86032908 |
| **Swap contracts** |  |
| Average notional balance | &nbsp;&nbsp; $1172692 |

---

A summary of the location of derivative instruments on the financial statements by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of August 31, 2025 by primary risk type on the Statement of assets and liabilities was as follows for the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Credit <br>risk<br>| Foreign currency <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $150192 | $150192 |
| Futures contracts | &nbsp;&nbsp; 1,155,912 <br>\*<br>| 0 | 0 | 1155912 |
| Swap contracts | &nbsp;&nbsp; 0 | 102,061 <br>\*<br>| 0 | 102061 |
|  | &nbsp;&nbsp; $1155912 | $102061 | $150192 | $1408165 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $1813518 | $1813518 |
| Futures contracts | &nbsp;&nbsp; 509,808 <br>\*<br>| 0 | 0 | 509808 |
|  | &nbsp;&nbsp; $509808 | $0 | $1813518 | $2323326 |

---

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

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of investments. For futures contracts and centrally cleared swap contracts, only the current day's variation margin as of August 31, 2025 is reported separately on the Statement of assets and liabilities. 

The effect of derivative instruments on the Statement of operations for the year ended August 31, 2025 was as follows:

34 \| Allspring Managed Account

------

Notes to financial statements

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | INTEREST RATE <br>RISK<br>| Credit <br>risk<br>| Foreign currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $(4683895)<br>| $(4683895)<br>|
| Futures contracts | &nbsp;&nbsp; (1409992)<br>| 0 | 0 | (1409992)<br>|
| Swap contracts | &nbsp;&nbsp; 0 | (42499)<br>| 0 | (42499)<br>|
|  | &nbsp;&nbsp; $(1409992)<br>| $(42499)<br>| $(4683895)<br>| $(6136386)<br>|
| **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $(1089136)<br>| $(1089136)<br>|
| Futures contracts | &nbsp;&nbsp; 711016 | 0 | 0 | 711016 |
| Swap contracts | &nbsp;&nbsp; 0 | 102061 | 0 | 102061 |
|  | &nbsp;&nbsp; $711016 | $102061 | $(1089136)<br>| $(276059)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of assets in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>received<br>| Net amount <br>of assets<br>|
| Citibank N.A. | &nbsp;&nbsp; $104500 | $(104500)<br>| $0 | $0 |
| Morgan Stanley, Inc. | &nbsp;&nbsp; 45692 | (45692)<br>| 0 | 0 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of liabilities in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>pledged<sup>1</sup> <br>| Net amount <br>of liabilities<br>|
| Citibank N.A. | &nbsp;&nbsp; $1166415 | $(104500)<br>| $(870000)<br>| $191915 |
| Morgan Stanley, Inc. | &nbsp;&nbsp; 647103 | (45692)<br>| (340000)<br>| 261411 |

---

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

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

7. BANK BORROWINGS

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

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

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $35672331 | $4894270 |

---

Allspring Managed Account \| 35

------

Notes to financial statements

As of August 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; Late-year <br>ordinary <br>losses <br>deferred<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $1278056 | &nbsp;&nbsp; $11157763 | &nbsp;&nbsp;&nbsp; $6443020 | &nbsp;&nbsp;&nbsp; $(5619234)<br>|

---

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

11. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined in *Segment Reporting (Topic 280)*, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

36 \| Allspring Managed Account

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Report of independent registered public accounting firm

To the Shareholder 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 CP (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of August 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 four-year period then ended and the period from June 2, 2021 (commencement of operations) to August 31, 2021. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of August 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 four-year period then ended and the period from June 2, 2021 to August 31, 2021, 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 August 31, 2025, by correspondence with the custodian, transfer agent, agent banks 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.

![](g14606imgbb95668a2.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

October 23, 2025

Allspring Managed Account \| 37

------

Other information (unaudited)

Other information

Tax information

For the fiscal year ended August 31, 2025, $25,799,657 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 August 31, 2025, 18% of the ordinary income distributed was derived from interest on U.S. government securities.

Proxy voting information

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

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholder 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**.

38 \| 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 \| 39

------

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 CP (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."

40 \| Allspring Managed Account

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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 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 \| 41

------

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.

42 \| Allspring Managed Account

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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**

![](g14606imgf4895a403.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholder 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.**

**NCSR4903 08-25**

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![](g14606imgfdedaf5e1.jpg)

Allspring Core Plus Bond Fund

Long Form Financial Statements

Annual Report

August 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_295fd075-f289-4286-afb1-6089b1b42661_POI-PageBlank-97_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_295fd075-f289-4286-afb1-6089b1b42661_FS-PageBlank-97_1)** |  |
| [Statement of assets and liabilities](#xx_295fd075-f289-4286-afb1-6089b1b42661_FS-PageBlank-97_1) | 34 |
| [Statement of operations](#xx_295fd075-f289-4286-afb1-6089b1b42661_FS-PageBlank-97_3) | 36 |
| [Statement of changes in net assets](#xx_295fd075-f289-4286-afb1-6089b1b42661_FS-PageBlank-97_5) | 38 |
| [Financial highlights](#xx_295fd075-f289-4286-afb1-6089b1b42661_FIHI-PageBlank-97_1) | 39 |
| **[Notes to financial statements](#xx_295fd075-f289-4286-afb1-6089b1b42661_NTF-PageBlank-97_1)** | 44 |
| **[Report of independent registered public accounting firm](#xx_295fd075-f289-4286-afb1-6089b1b42661_AUD-PageBlank-97_1)** | 53 |
| **[Other information](#xx_295fd075-f289-4286-afb1-6089b1b42661_OI-PageBlank-97_1)** | 54 |
| [Item 8. Changes in and disagreements with accountants](#xx_295fd075-f289-4286-afb1-6089b1b42661_OI-PageBlank-97_2) | 55 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_295fd075-f289-4286-afb1-6089b1b42661_OI-PageBlank-97_2) | 55 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_295fd075-f289-4286-afb1-6089b1b42661_OI-PageBlank-97_2) | 55 |
| [Item 11. Statement regarding basis for board](#xx_295fd075-f289-4286-afb1-6089b1b42661_OI-PageBlank-97_3)['](#xx_295fd075-f289-4286-afb1-6089b1b42661_OI-PageBlank-97_3)[s approval of investment](#xx_295fd075-f289-4286-afb1-6089b1b42661_OI-PageBlank-97_3)<br> [advisory contract](#xx_295fd075-f289-4286-afb1-6089b1b42661_OI-PageBlank-97_3)<br>| 56 |

---

Allspring Core Plus Bond Fund \| 1

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Portfolio of investments—August 31, 2025

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Agency securities: 32.32%** |  |  |  |  |
| FHLMC | 2.00<br> %<br>| &nbsp;&nbsp; 10-1-2051 | $39429286 | &nbsp;&nbsp; $31532481 |
| FHLMC | 2.00 | &nbsp;&nbsp; 3-1-2052 | 23912128 | &nbsp;&nbsp; 19038703 |
| FHLMC | 2.00 | &nbsp;&nbsp; 6-1-2052 | 7829868 | &nbsp;&nbsp; 6240130 |
| FHLMC | 2.00 | &nbsp;&nbsp; 1-1-2052 | 35489104 | &nbsp;&nbsp; 28367582 |
| FHLMC | 2.50 | &nbsp;&nbsp; 8-1-2037 | 4480861 | &nbsp;&nbsp; 4203514 |
| FHLMC | 2.50 | &nbsp;&nbsp; 9-1-2050 | 9245080 | &nbsp;&nbsp; 7693123 |
| FHLMC | 2.50 | &nbsp;&nbsp; 4-1-2051 | 24978588 | &nbsp;&nbsp; 20789878 |
| FHLMC | 2.50 | &nbsp;&nbsp; 6-1-2051 | 103263363 | &nbsp;&nbsp; 85900234 |
| FHLMC | 2.50 | &nbsp;&nbsp; 11-1-2051 | 8645818 | &nbsp;&nbsp; 7292102 |
| FHLMC | 2.50 | &nbsp;&nbsp; 4-1-2052 | 27748548 | &nbsp;&nbsp; 23133079 |
| FHLMC | 2.50 | &nbsp;&nbsp; 12-1-2050 | 25142414 | &nbsp;&nbsp; 20962450 |
| FHLMC | 3.00 | &nbsp;&nbsp; 9-1-2034 | 226963 | &nbsp;&nbsp; 219462 |
| FHLMC | 3.00 | &nbsp;&nbsp; 6-1-2050 | 479833 | &nbsp;&nbsp; 424461 |
| FHLMC | 3.00 | &nbsp;&nbsp; 7-1-2050 | 1367601 | &nbsp;&nbsp; 1209823 |
| FHLMC | 3.00 | &nbsp;&nbsp; 8-1-2050 | 1858803 | &nbsp;&nbsp; 1632660 |
| FHLMC | 3.00 | &nbsp;&nbsp; 11-1-2050 | 24322531 | &nbsp;&nbsp; 21188946 |
| FHLMC | 3.00 | &nbsp;&nbsp; 3-1-2052 | 223917 | &nbsp;&nbsp; 195723 |
| FHLMC | 3.00 | &nbsp;&nbsp; 5-1-2052 | 18141702 | &nbsp;&nbsp; 15822378 |
| FHLMC | 3.00 | &nbsp;&nbsp; 6-1-2053 | 15426116 | &nbsp;&nbsp; 13417726 |
| FHLMC | 3.00 | &nbsp;&nbsp; 6-1-2052 | 463843 | &nbsp;&nbsp; 402724 |
| FHLMC | 3.50 | &nbsp;&nbsp; 7-1-2038 | 11803256 | &nbsp;&nbsp; 11429099 |
| FHLMC | 3.50 | &nbsp;&nbsp; 12-1-2045 | 811837 | &nbsp;&nbsp; 754717 |
| FHLMC | 3.50 | &nbsp;&nbsp; 5-1-2052 | 90039 | &nbsp;&nbsp; 81794 |
| FHLMC | 3.50 | &nbsp;&nbsp; 12-1-2052 | 7409445 | &nbsp;&nbsp; 6700017 |
| FHLMC | 3.50 | &nbsp;&nbsp; 2-1-2053 | 15551349 | &nbsp;&nbsp; 14063838 |
| FHLMC | 3.50 | &nbsp;&nbsp; 4-1-2053 | 7427247 | &nbsp;&nbsp; 6715196 |
| FHLMC | 4.00 | &nbsp;&nbsp; 6-1-2037 | 2174308 | &nbsp;&nbsp; 2134911 |
| FHLMC | 4.00 | &nbsp;&nbsp; 4-1-2038 | 13040559 | &nbsp;&nbsp; 12809031 |
| FHLMC | 4.00 | &nbsp;&nbsp; 6-1-2044 | 496602 | &nbsp;&nbsp; 474996 |
| FHLMC | 4.00 | &nbsp;&nbsp; 5-1-2049 | 871585 | &nbsp;&nbsp; 828312 |
| FHLMC | 4.00 | &nbsp;&nbsp; 11-1-2053 | 19006550 | &nbsp;&nbsp; 17747868 |
| FHLMC | 4.00 | &nbsp;&nbsp; 6-1-2052 | 5076045 | &nbsp;&nbsp; 4746750 |
| FHLMC | 4.00 | &nbsp;&nbsp; 8-1-2052 | 7067994 | &nbsp;&nbsp; 6608367 |
| FHLMC | 4.00 | &nbsp;&nbsp; 5-1-2054 | 13345550 | &nbsp;&nbsp; 12456953 |
| FHLMC | 4.50 | &nbsp;&nbsp; 10-1-2054 | 15602748 | &nbsp;&nbsp; 15025431 |
| FHLMC | 4.50 | &nbsp;&nbsp; 5-1-2053 | 12335239 | &nbsp;&nbsp; 11934655 |
| FHLMC | 4.50 | &nbsp;&nbsp; 6-1-2053 | 14225330 | &nbsp;&nbsp; 13693921 |
| FHLMC | 5.00 | &nbsp;&nbsp; 6-1-2036 | 62050 | &nbsp;&nbsp; 63395 |
| FHLMC | 5.00 | &nbsp;&nbsp; 8-1-2040 | 63428 | &nbsp;&nbsp; 64677 |
| FHLMC | 5.00 | &nbsp;&nbsp; 7-1-2052 | 18487544 | &nbsp;&nbsp; 18404425 |
| FHLMC | 5.00 | &nbsp;&nbsp; 11-1-2052 | 15950801 | &nbsp;&nbsp; 15791430 |
| FHLMC | 5.00 | &nbsp;&nbsp; 5-1-2053 | 11659127 | &nbsp;&nbsp; 11567092 |
| FHLMC | 5.00 | &nbsp;&nbsp; 12-1-2054 | 17986971 | &nbsp;&nbsp; 17743885 |
| FHLMC | 5.00 | &nbsp;&nbsp; 12-1-2053 | 11321035 | &nbsp;&nbsp; 11253209 |
| FHLMC | 5.50 | &nbsp;&nbsp; 8-1-2038 | 16710 | &nbsp;&nbsp; 17280 |
| FHLMC | 5.50 | &nbsp;&nbsp; 12-1-2038 | 128486 | &nbsp;&nbsp; 132867 |
| FHLMC | 5.50 | &nbsp;&nbsp; 6-1-2040 | 235383 | &nbsp;&nbsp; 242141 |
| FHLMC | 5.50 | &nbsp;&nbsp; 11-1-2052 | 95587 | &nbsp;&nbsp; 96828 |

---

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

2 \| Allspring Core Plus Bond Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FHLMC | 5.50<br> %<br>| &nbsp;&nbsp; 3-1-2053 | $66416038 | &nbsp;&nbsp; $67165042 |
| FHLMC | 5.50 | &nbsp;&nbsp; 2-1-2055 | 18545890 | &nbsp;&nbsp; 18657574 |
| FHLMC | 5.50 | &nbsp;&nbsp; 9-1-2053 | 20022461 | &nbsp;&nbsp; 20247875 |
| FHLMC | 5.50 | &nbsp;&nbsp; 1-1-2054 | 58873552 | &nbsp;&nbsp; 59334014 |
| FHLMC | 6.00 | &nbsp;&nbsp; 9-1-2054 | 13775726 | &nbsp;&nbsp; 14082021 |
| FHLMC | 6.00 | &nbsp;&nbsp; 5-1-2054 | 32912068 | &nbsp;&nbsp; 33630122 |
| FHLMC | 6.50 | &nbsp;&nbsp; 7-1-2055 | 55336588 | &nbsp;&nbsp; 57339979 |
| FHLMC | 6.50 | &nbsp;&nbsp; 9-1-2055 | 19980000 | &nbsp;&nbsp; 20709223 |
| FHLMC | 8.00 | &nbsp;&nbsp; 2-1-2030 | 26 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates <br> Series T-42 Class A5<br>| 7.50 | &nbsp;&nbsp; 2-25-2042 | 720406 | &nbsp;&nbsp; 770234 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates <br> Series T-57 Class 2A1±±<br>| 4.81 | &nbsp;&nbsp; 7-25-2043 | 22366 | &nbsp;&nbsp; 21691 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates <br> Series T-59 Class 2A1±±<br>| 4.21 | &nbsp;&nbsp; 10-25-2043 | 97242 | &nbsp;&nbsp; 81925 |
| &nbsp;&nbsp; FHLMC Whole Loan Securities Trust Series 2015-SC01 <br> Class 1A<br>| 3.50 | &nbsp;&nbsp; 5-25-2045 | 96741 | &nbsp;&nbsp; 88115 |
| FHLMC (RFUCCT1Y+1.33%)± | 6.28 | &nbsp;&nbsp; 1-1-2036 | 2157 | &nbsp;&nbsp; 2184 |
| FNMA | 2.00 | &nbsp;&nbsp; 4-1-2051 | 21685831 | &nbsp;&nbsp; 17275624 |
| FNMA | 2.00 | &nbsp;&nbsp; 5-1-2051 | 69191342 | &nbsp;&nbsp; 55198881 |
| FNMA | 2.00 | &nbsp;&nbsp; 8-1-2051 | 10403636 | &nbsp;&nbsp; 8306103 |
| FNMA | 2.00 | &nbsp;&nbsp; 10-1-2051 | 118217252 | &nbsp;&nbsp; 94435661 |
| FNMA | 2.00 | &nbsp;&nbsp; 12-1-2051 | 9383747 | &nbsp;&nbsp; 7493059 |
| FNMA | 2.00 | &nbsp;&nbsp; 1-1-2052 | 22676190 | &nbsp;&nbsp; 18063011 |
| FNMA | 2.00 | &nbsp;&nbsp; 2-1-2052 | 31468583 | &nbsp;&nbsp; 25146834 |
| FNMA | 2.00 | &nbsp;&nbsp; 6-1-2052 | 2576205 | &nbsp;&nbsp; 2051407 |
| FNMA | 2.50 | &nbsp;&nbsp; 5-1-2037 | 17950735 | &nbsp;&nbsp; 16837548 |
| FNMA | 2.50 | &nbsp;&nbsp; 12-1-2050 | 17431489 | &nbsp;&nbsp; 14493643 |
| FNMA | 2.50 | &nbsp;&nbsp; 7-1-2051 | 14651841 | &nbsp;&nbsp; 12170856 |
| FNMA | 2.50 | &nbsp;&nbsp; 10-1-2051 | 52309198 | &nbsp;&nbsp; 43451722 |
| FNMA | 2.50 | &nbsp;&nbsp; 12-1-2051 | 33035898 | &nbsp;&nbsp; 27489259 |
| FNMA | 2.50 | &nbsp;&nbsp; 1-1-2052 | 9481850 | &nbsp;&nbsp; 7890778 |
| FNMA | 2.50 | &nbsp;&nbsp; 2-1-2052 | 15706205 | &nbsp;&nbsp; 13060153 |
| FNMA | 2.50 | &nbsp;&nbsp; 5-1-2051 | 29559278 | &nbsp;&nbsp; 24577071 |
| FNMA | 3.00 | &nbsp;&nbsp; 11-1-2045 | 442713 | &nbsp;&nbsp; 396853 |
| FNMA | 3.00 | &nbsp;&nbsp; 12-1-2045 | 1124894 | &nbsp;&nbsp; 1009186 |
| FNMA | 3.00 | &nbsp;&nbsp; 12-1-2046 | 606248 | &nbsp;&nbsp; 539407 |
| FNMA | 3.00 | &nbsp;&nbsp; 8-1-2050 | 1592258 | &nbsp;&nbsp; 1390281 |
| FNMA | 3.00 | &nbsp;&nbsp; 10-1-2051 | 19874770 | &nbsp;&nbsp; 17360462 |
| FNMA | 3.00 | &nbsp;&nbsp; 11-1-2051 | 32867859 | &nbsp;&nbsp; 28628119 |
| FNMA | 3.00 | &nbsp;&nbsp; 1-1-2052 | 7285621 | &nbsp;&nbsp; 6320921 |
| FNMA | 3.00 | &nbsp;&nbsp; 2-1-2052 | 6800671 | &nbsp;&nbsp; 5934310 |
| FNMA | 3.00 | &nbsp;&nbsp; 8-1-2052 | 21155889 | &nbsp;&nbsp; 18360670 |
| FNMA | 3.00 | &nbsp;&nbsp; 6-1-2052 | 19090681 | &nbsp;&nbsp; 16569652 |
| FNMA | 3.48 | &nbsp;&nbsp; 3-1-2029 | 893986 | &nbsp;&nbsp; 879674 |
| FNMA | 3.50 | &nbsp;&nbsp; 12-1-2037 | 12836523 | &nbsp;&nbsp; 12425916 |
| FNMA | 3.50 | &nbsp;&nbsp; 10-1-2043 | 444456 | &nbsp;&nbsp; 415278 |
| FNMA | 3.50 | &nbsp;&nbsp; 4-1-2045 | 65309 | &nbsp;&nbsp; 60926 |

---

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

Allspring Core Plus Bond Fund \| 3

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Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FNMA | 3.50<br> %<br>| &nbsp;&nbsp; 8-1-2045 | $992491 | &nbsp;&nbsp; $924232 |
| FNMA | 3.50 | &nbsp;&nbsp; 3-1-2048 | 2071458 | &nbsp;&nbsp; 1903451 |
| FNMA | 3.50 | &nbsp;&nbsp; 5-1-2052 | 9429909 | &nbsp;&nbsp; 8522185 |
| FNMA | 3.50 | &nbsp;&nbsp; 6-1-2052 | 66134549 | &nbsp;&nbsp; 59900454 |
| FNMA | 3.50 | &nbsp;&nbsp; 9-1-2052 | 19569271 | &nbsp;&nbsp; 17687798 |
| FNMA | 3.50 | &nbsp;&nbsp; 12-1-2052 | 13835489 | &nbsp;&nbsp; 12505807 |
| FNMA | 3.50 | &nbsp;&nbsp; 4-1-2053 | 3614659 | &nbsp;&nbsp; 3266711 |
| FNMA | 3.50 | &nbsp;&nbsp; 8-1-2052 | 14099246 | &nbsp;&nbsp; 12742051 |
| FNMA | 3.62 | &nbsp;&nbsp; 3-1-2029 | 420970 | &nbsp;&nbsp; 415770 |
| FNMA | 4.00 | &nbsp;&nbsp; 8-1-2037 | 4551224 | &nbsp;&nbsp; 4473282 |
| FNMA | 4.00 | &nbsp;&nbsp; 9-1-2037 | 4130922 | &nbsp;&nbsp; 4060182 |
| FNMA | 4.00 | &nbsp;&nbsp; 1-1-2038 | 4072119 | &nbsp;&nbsp; 3999972 |
| FNMA | 4.00 | &nbsp;&nbsp; 11-1-2039 | 7218178 | &nbsp;&nbsp; 7087391 |
| FNMA | 4.00 | &nbsp;&nbsp; 2-1-2046 | 112294 | &nbsp;&nbsp; 106909 |
| FNMA | 4.00 | &nbsp;&nbsp; 4-1-2046 | 681487 | &nbsp;&nbsp; 648946 |
| FNMA | 4.00 | &nbsp;&nbsp; 6-1-2048 | 694847 | &nbsp;&nbsp; 661122 |
| FNMA | 4.00 | &nbsp;&nbsp; 2-1-2050 | 936348 | &nbsp;&nbsp; 885942 |
| FNMA | 4.00 | &nbsp;&nbsp; 10-1-2052 | 45853343 | &nbsp;&nbsp; 42879513 |
| FNMA | 4.00 | &nbsp;&nbsp; 6-1-2053 | 24040370 | &nbsp;&nbsp; 22494359 |
| FNMA | 4.00 | &nbsp;&nbsp; 9-1-2053 | 11941447 | &nbsp;&nbsp; 11146951 |
| FNMA | 4.50 | &nbsp;&nbsp; 11-1-2048 | 631157 | &nbsp;&nbsp; 617346 |
| FNMA | 4.50 | &nbsp;&nbsp; 6-1-2052 | 37666305 | &nbsp;&nbsp; 36354324 |
| FNMA | 4.50 | &nbsp;&nbsp; 9-1-2052 | 40406017 | &nbsp;&nbsp; 39107314 |
| FNMA | 4.50 | &nbsp;&nbsp; 11-1-2052 | 16462906 | &nbsp;&nbsp; 15883673 |
| FNMA | 4.50 | &nbsp;&nbsp; 4-1-2053 | 30149297 | &nbsp;&nbsp; 29164859 |
| FNMA | 4.50 | &nbsp;&nbsp; 11-1-2054 | 8869312 | &nbsp;&nbsp; 8535016 |
| FNMA | 4.50 | &nbsp;&nbsp; 7-1-2052 | 240411 | &nbsp;&nbsp; 232037 |
| FNMA | 5.00 | &nbsp;&nbsp; 2-1-2036 | 6983 | &nbsp;&nbsp; 7122 |
| FNMA | 5.00 | &nbsp;&nbsp; 6-1-2040 | 19518 | &nbsp;&nbsp; 19878 |
| FNMA | 5.00 | &nbsp;&nbsp; 8-1-2040 | 481259 | &nbsp;&nbsp; 487101 |
| FNMA | 5.00 | &nbsp;&nbsp; 3-1-2053 | 5986997 | &nbsp;&nbsp; 5926333 |
| FNMA | 5.00 | &nbsp;&nbsp; 11-1-2054 | 29942073 | &nbsp;&nbsp; 29537217 |
| FNMA | 5.00 | &nbsp;&nbsp; 12-1-2054 | 21378558 | &nbsp;&nbsp; 21089492 |
| FNMA | 5.50 | &nbsp;&nbsp; 8-1-2034 | 26266 | &nbsp;&nbsp; 26964 |
| FNMA | 5.50 | &nbsp;&nbsp; 2-1-2035 | 7688 | &nbsp;&nbsp; 7953 |
| FNMA | 5.50 | &nbsp;&nbsp; 8-1-2038 | 173950 | &nbsp;&nbsp; 179373 |
| FNMA | 5.50 | &nbsp;&nbsp; 2-1-2053 | 36933711 | &nbsp;&nbsp; 37306663 |
| FNMA | 5.50 | &nbsp;&nbsp; 6-1-2053 | 11251488 | &nbsp;&nbsp; 11393614 |
| FNMA | 5.50 | &nbsp;&nbsp; 1-1-2054 | 14619997 | &nbsp;&nbsp; 14737728 |
| FNMA%% | 5.50 | &nbsp;&nbsp; 9-15-2054 | 24465000 | &nbsp;&nbsp; 24602732 |
| FNMA | 5.50 | &nbsp;&nbsp; 12-1-2054 | 20599409 | &nbsp;&nbsp; 20723459 |
| FNMA | 5.50 | &nbsp;&nbsp; 1-1-2055 | 90998493 | &nbsp;&nbsp; 91546489 |
| FNMA | 6.00 | &nbsp;&nbsp; 10-1-2037 | 159338 | &nbsp;&nbsp; 167831 |
| FNMA | 6.00 | &nbsp;&nbsp; 11-1-2037 | 9156 | &nbsp;&nbsp; 9614 |
| FNMA | 6.00 | &nbsp;&nbsp; 6-1-2054 | 14186624 | &nbsp;&nbsp; 14545590 |
| FNMA%% | 6.00 | &nbsp;&nbsp; 9-15-2054 | 19275000 | &nbsp;&nbsp; 19690640 |
| FNMA | 6.00 | &nbsp;&nbsp; 5-1-2055 | 176584121 | &nbsp;&nbsp; 180432567 |
| FNMA | 6.50 | &nbsp;&nbsp; 7-1-2036 | 7022 | &nbsp;&nbsp; 7412 |

---

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

4 \| Allspring Core Plus Bond Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FNMA | 6.50<br> %<br>| &nbsp;&nbsp; 11-1-2036 | $1034 | &nbsp;&nbsp; $1085 |
| FNMA | 6.50 | &nbsp;&nbsp; 11-1-2054 | 64759098 | &nbsp;&nbsp; 67103510 |
| FNMA | 6.50 | &nbsp;&nbsp; 9-1-2055 | 19980000 | &nbsp;&nbsp; 20703367 |
| FNMA | 7.00 | &nbsp;&nbsp; 7-1-2036 | 4336 | &nbsp;&nbsp; 4557 |
| FNMA | 7.00 | &nbsp;&nbsp; 11-1-2037 | 2490 | &nbsp;&nbsp; 2562 |
| FNMA (1 Year Treasury Constant Maturity+2.24%)± | 6.48 | &nbsp;&nbsp; 11-1-2038 | 7710 | &nbsp;&nbsp; 7997 |
| FNMA (1 Year Treasury Constant Maturity+2.29%)± | 6.68 | &nbsp;&nbsp; 8-1-2036 | 148539 | &nbsp;&nbsp; 153580 |
| FNMA (RFUCCT1Y+1.61%)± | 6.61 | &nbsp;&nbsp; 3-1-2046 | 125102 | &nbsp;&nbsp; 129026 |
| FNMA (RFUCCT1Y+1.61%)± | 6.61 | &nbsp;&nbsp; 5-1-2046 | 135833 | &nbsp;&nbsp; 140281 |
| FNMA (RFUCCT1Y+1.73%)± | 7.36 | &nbsp;&nbsp; 9-1-2036 | 2892 | &nbsp;&nbsp; 2956 |
| FNMA (RFUCCT1Y+1.81%)± | 6.98 | &nbsp;&nbsp; 8-1-2036 | 12574 | &nbsp;&nbsp; 12976 |
| FNMA Series 2002-T12 Class A3 | 7.50 | &nbsp;&nbsp; 5-25-2042 | 3068 | &nbsp;&nbsp; 3215 |
| FNMA Series 2003-W14 Class 2A±± | 4.95 | &nbsp;&nbsp; 1-25-2043 | 84951 | &nbsp;&nbsp; 83695 |
| FNMA Series 2003-W8 Class 4A±± | 4.98 | &nbsp;&nbsp; 11-25-2042 | 47582 | &nbsp;&nbsp; 46599 |
| FNMA Series 2004-W11 Class 1A3 | 7.00 | &nbsp;&nbsp; 5-25-2044 | 507870 | &nbsp;&nbsp; 514240 |
| FNMA Series 2004-W15 Class 1A3 | 7.00 | &nbsp;&nbsp; 8-25-2044 | 139772 | &nbsp;&nbsp; 146400 |
| FNMA Series 2005-W4 Class 3A±± | 5.35 | &nbsp;&nbsp; 6-25-2045 | 19741 | &nbsp;&nbsp; 20139 |
| GNMA | 2.00 | &nbsp;&nbsp; 1-20-2052 | 13028493 | &nbsp;&nbsp; 10676578 |
| GNMA | 2.00 | &nbsp;&nbsp; 3-20-2052 | 29961296 | &nbsp;&nbsp; 24552655 |
| GNMA | 2.50 | &nbsp;&nbsp; 12-20-2051 | 11097066 | &nbsp;&nbsp; 9463517 |
| GNMA | 2.50 | &nbsp;&nbsp; 3-20-2052 | 13099174 | &nbsp;&nbsp; 11170903 |
| GNMA | 2.50 | &nbsp;&nbsp; 4-20-2052 | 17846031 | &nbsp;&nbsp; 15218997 |
| GNMA | 2.50 | &nbsp;&nbsp; 8-20-2051 | 37953788 | &nbsp;&nbsp; 32366781 |
| GNMA | 2.50 | &nbsp;&nbsp; 9-20-2051 | 16512905 | &nbsp;&nbsp; 14082114 |
| GNMA | 2.50 | &nbsp;&nbsp; 1-20-2052 | 18187076 | &nbsp;&nbsp; 15509838 |
| GNMA | 2.50 | &nbsp;&nbsp; 5-20-2052 | 28868144 | &nbsp;&nbsp; 24618594 |
| GNMA | 3.00 | &nbsp;&nbsp; 11-20-2045 | 906305 | &nbsp;&nbsp; 814928 |
| GNMA | 3.00 | &nbsp;&nbsp; 4-20-2051 | 4102261 | &nbsp;&nbsp; 3636434 |
| GNMA | 3.00 | &nbsp;&nbsp; 3-20-2052 | 362053 | &nbsp;&nbsp; 320750 |
| GNMA | 3.00 | &nbsp;&nbsp; 4-20-2052 | 9729176 | &nbsp;&nbsp; 8619272 |
| GNMA | 3.00 | &nbsp;&nbsp; 5-20-2052 | 56883398 | &nbsp;&nbsp; 50394141 |
| GNMA | 3.00 | &nbsp;&nbsp; 6-20-2052 | 5159562 | &nbsp;&nbsp; 4570959 |
| GNMA | 3.50 | &nbsp;&nbsp; 9-20-2047 | 505888 | &nbsp;&nbsp; 466952 |
| GNMA | 3.50 | &nbsp;&nbsp; 12-20-2047 | 1093852 | &nbsp;&nbsp; 1017038 |
| GNMA | 3.50 | &nbsp;&nbsp; 8-20-2052 | 11550483 | &nbsp;&nbsp; 10540648 |
| GNMA%% | 3.50 | &nbsp;&nbsp; 9-22-2055 | 9495000 | &nbsp;&nbsp; 8640867 |
| GNMA | 3.50 | &nbsp;&nbsp; 4-20-2052 | 12811650 | &nbsp;&nbsp; 11734726 |
| GNMA | 3.50 | &nbsp;&nbsp; 5-20-2052 | 4765401 | &nbsp;&nbsp; 4350869 |
| GNMA | 3.50 | &nbsp;&nbsp; 9-20-2052 | 17798731 | &nbsp;&nbsp; 16247650 |
| GNMA | 4.00 | &nbsp;&nbsp; 12-20-2047 | 586917 | &nbsp;&nbsp; 556414 |
| GNMA | 4.00 | &nbsp;&nbsp; 11-20-2052 | 11874037 | &nbsp;&nbsp; 11160985 |
| GNMA | 4.50 | &nbsp;&nbsp; 8-20-2049 | 193983 | &nbsp;&nbsp; 188588 |
| GNMA | 4.50 | &nbsp;&nbsp; 7-20-2052 | 9641068 | &nbsp;&nbsp; 9359215 |
| GNMA | 4.50 | &nbsp;&nbsp; 9-20-2052 | 6316150 | &nbsp;&nbsp; 6131495 |
| GNMA | 4.50 | &nbsp;&nbsp; 3-20-2053 | 15919420 | &nbsp;&nbsp; 15457247 |
| GNMA | 4.50 | &nbsp;&nbsp; 11-20-2054 | 8977308 | &nbsp;&nbsp; 8648190 |
| GNMA | 5.00 | &nbsp;&nbsp; 7-20-2040 | 156602 | &nbsp;&nbsp; 159692 |
| GNMA | 5.00 | &nbsp;&nbsp; 9-20-2052 | 7501145 | &nbsp;&nbsp; 7464744 |

---

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

Allspring Core Plus Bond Fund \| 5

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| GNMA | 5.00<br> %<br>| &nbsp;&nbsp; 6-20-2053 | $13961571 | &nbsp;&nbsp; $13884455 |
| GNMA | 5.00 | &nbsp;&nbsp; 10-20-2054 | 15510803 | &nbsp;&nbsp; 15367846 |
| GNMA | 5.00 | &nbsp;&nbsp; 4-20-2053 | 4523806 | &nbsp;&nbsp; 4503233 |
| GNMA | 5.00 | &nbsp;&nbsp; 8-20-2053 | 7498093 | &nbsp;&nbsp; 7437465 |
| GNMA | 5.00 | &nbsp;&nbsp; 4-20-2054 | 12167760 | &nbsp;&nbsp; 12056244 |
| GNMA | 5.00 | &nbsp;&nbsp; 11-20-2054 | 166793812 | &nbsp;&nbsp; 165173245 |
| GNMA | 5.50 | &nbsp;&nbsp; 12-20-2052 | 12113541 | &nbsp;&nbsp; 12303186 |
| GNMA | 5.50 | &nbsp;&nbsp; 4-20-2053 | 13925221 | &nbsp;&nbsp; 14110390 |
| GNMA | 5.50 | &nbsp;&nbsp; 8-20-2054 | 18226161 | &nbsp;&nbsp; 18376964 |
| GNMA | 5.50 | &nbsp;&nbsp; 9-20-2054 | 70292570 | &nbsp;&nbsp; 70860321 |
| GNMA | 5.50 | &nbsp;&nbsp; 12-20-2054 | 82578451 | &nbsp;&nbsp; 83282569 |
| GNMA | 6.00 | &nbsp;&nbsp; 8-20-2054 | 60216608 | &nbsp;&nbsp; 61518102 |
| GNMA%% | 6.00 | &nbsp;&nbsp; 9-15-2054 | 21315000 | &nbsp;&nbsp; 21737620 |
| GNMA | 6.00 | &nbsp;&nbsp; 9-20-2054 | 63155944 | &nbsp;&nbsp; 64459812 |
| GNMA%% | 6.50 | &nbsp;&nbsp; 9-15-2054 | 98020000 | &nbsp;&nbsp; 100851381 |
| GNMA | 7.50 | &nbsp;&nbsp; 12-15-2029 | 92 | &nbsp;&nbsp; 93 |
| GNMA Series 2008-22 Class XMƒ±± | 1.30 | &nbsp;&nbsp; 2-16-2050 | 256137 | &nbsp;&nbsp; 2690 |
| **Total agency securities (Cost $3,241,511,605)** |  |  |  | &nbsp;&nbsp; **3225410506** |
| **Asset-backed securities: 9.09%** |  |  |  |  |
| ACHM Mortgage Trust Series 2024-HE1 Class A144A | 6.55 | &nbsp;&nbsp; 5-25-2039 | 3653108 | &nbsp;&nbsp; 3742934 |
| ACHM Trust Series 2023-HE2 Class A144A±± | 7.50 | &nbsp;&nbsp; 10-25-2038 | 11770089 | &nbsp;&nbsp; 12139174 |
| ACHM Trust Series 2024-HE2 Class A144A | 5.35 | &nbsp;&nbsp; 10-25-2039 | 5335007 | &nbsp;&nbsp; 5352185 |
| ACHM Trust Series 2025-HE1 Class A144A±± | 5.92 | &nbsp;&nbsp; 3-25-2055 | 14655403 | &nbsp;&nbsp; 14921663 |
| &nbsp;&nbsp; ACREC LLC Series 2025-FL3 Class A (U.S. SOFR 1 <br> Month+1.31%)144A±<br>| 5.67 | &nbsp;&nbsp; 8-18-2042 | 9300000 | &nbsp;&nbsp; 9265804 |
| &nbsp;&nbsp; Affirm Asset Securitization Trust Series 2024-B <br> Class A144A<br>| 4.62 | &nbsp;&nbsp; 9-15-2029 | 2500000 | &nbsp;&nbsp; 2502921 |
| &nbsp;&nbsp; Aligned Data Centers Issuer LLC Series 2021-1A <br> Class A2144A<br>| 1.94 | &nbsp;&nbsp; 8-15-2046 | 2881000 | &nbsp;&nbsp; 2801437 |
| ALLO Issuer LLC Series 2024-1A Class A2144A | 5.94 | &nbsp;&nbsp; 7-20-2054 | 7595000 | &nbsp;&nbsp; 7745761 |
| &nbsp;&nbsp; Apidos CLO XXXI Ltd. Series 2019-31A Class DR <br> (U.S. SOFR 3 Month+3.36%)144A±<br>| 7.68 | &nbsp;&nbsp; 4-15-2031 | 3000000 | &nbsp;&nbsp; 3001091 |
| Aqua Finance Trust Series 2021-A Class A144A | 1.54 | &nbsp;&nbsp; 7-17-2046 | 1903308 | &nbsp;&nbsp; 1767584 |
| &nbsp;&nbsp; Avant Loans Funding Trust Series 2024-REV1 <br> Class B144A<br>| 6.17 | &nbsp;&nbsp; 10-15-2033 | 1240000 | &nbsp;&nbsp; 1260667 |
| &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC <br> Series 2024-3A Class A144A<br>| 5.23 | &nbsp;&nbsp; 12-20-2030 | 1000000 | &nbsp;&nbsp; 1028243 |
| Bastion Funding I LLC Series 2023-1A Class A2144A | 7.12 | &nbsp;&nbsp; 4-25-2038 | 8382772 | &nbsp;&nbsp; 8430806 |
| &nbsp;&nbsp; BDS Ltd. Series 2021-FL9 Class B (U.S. SOFR 1 <br> Month+1.81%)144A±<br>| 6.17 | &nbsp;&nbsp; 11-16-2038 | 5475000 | &nbsp;&nbsp; 5464809 |
| BHG Securitization Trust Series 2021-A Class B144A | 2.79 | &nbsp;&nbsp; 11-17-2033 | 6515000 | &nbsp;&nbsp; 6361045 |
| &nbsp;&nbsp; BHG Securitization Trust Series 2025-1CON <br> Class B144A<br>| 5.26 | &nbsp;&nbsp; 4-17-2036 | 5845000 | &nbsp;&nbsp; 5911371 |
| Blue Bridge Funding LLC Series 2023-1A Class A144A | 7.37 | &nbsp;&nbsp; 11-15-2030 | 1146304 | &nbsp;&nbsp; 1157148 |
| Blue Bridge Funding LLC Series 2023-1A Class B144A | 9.48 | &nbsp;&nbsp; 11-15-2030 | 1168000 | &nbsp;&nbsp; 1190579 |
| Blue Stream Issuer LLC Series 2023-1A Class A2144A | 5.40 | &nbsp;&nbsp; 5-20-2053 | 3500000 | &nbsp;&nbsp; 3519479 |
| Blue Stream Issuer LLC Series 2024-1A Class B144A | 6.04 | &nbsp;&nbsp; 11-20-2054 | 2350000 | &nbsp;&nbsp; 2389671 |

---

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

6 \| Allspring Core Plus Bond Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| Bojangles Issuer LLC Series 2024-1A Class A2144A | 6.58<br> %<br>| &nbsp;&nbsp; 11-20-2054 | $19200000 | &nbsp;&nbsp; $19702545 |
| &nbsp;&nbsp; Brex Commercial Charge Card Master Trust <br> Series 2024-1 Class A1144A<br>| 6.05 | &nbsp;&nbsp; 7-15-2027 | 5040000 | &nbsp;&nbsp; 5075448 |
| &nbsp;&nbsp; BRSP Ltd. Series 2021-FL1 Class A (U.S. SOFR 1 <br> Month+1.26%)144A±<br>| 5.62 | &nbsp;&nbsp; 8-19-2038 | 2115190 | &nbsp;&nbsp; 2105972 |
| Cajun Global LLC Series 2021-1 Class A2144A | 3.93 | &nbsp;&nbsp; 11-20-2051 | 6203313 | &nbsp;&nbsp; 6099086 |
| CCAS LLC Series 2024-1A Class A144A | 7.12 | &nbsp;&nbsp; 6-16-2031 | 18589000 | &nbsp;&nbsp; 18886524 |
| Centersquare Issuer LLC Series 2024-1A Class A2144A | 5.20 | &nbsp;&nbsp; 10-26-2054 | 2500000 | &nbsp;&nbsp; 2478950 |
| Centersquare Issuer LLC Series 2025-1A Class A2144A | 5.50 | &nbsp;&nbsp; 3-26-2055 | 18370000 | &nbsp;&nbsp; 18037701 |
| &nbsp;&nbsp; ClickLease Equipment Receivables Trust Series 2024-1 <br> Class C144A<br>| 8.40 | &nbsp;&nbsp; 2-15-2030 | 2500000 | &nbsp;&nbsp; 2541538 |
| Cloud Capital Holdco LP Series 2024-1A Class A2144A | 5.78 | &nbsp;&nbsp; 11-22-2049 | 3290000 | &nbsp;&nbsp; 3361382 |
| Cogent IPv4 LLC Series 2024-1A Class A2144A | 7.92 | &nbsp;&nbsp; 5-25-2054 | 8990000 | &nbsp;&nbsp; 9404395 |
| Cogent IPv4 LLC Series 2025-1A Class A2144A | 6.65 | &nbsp;&nbsp; 4-25-2055 | 21950000 | &nbsp;&nbsp; 22659861 |
| &nbsp;&nbsp; Consolidated Communications LLC/Fidium Fiber <br> Finance Holdco LLC Series 2025-1A Class A2144A<br>| 6.00 | &nbsp;&nbsp; 5-20-2055 | 2820000 | &nbsp;&nbsp; 2905042 |
| &nbsp;&nbsp; CoreVest American Finance Trust Series 2021-3 <br> Class B144A<br>| 2.49 | &nbsp;&nbsp; 10-15-2054 | 355000 | &nbsp;&nbsp; 344442 |
| &nbsp;&nbsp; Crockett Partners Equipment Co. IIA LLC <br> Series 2024-1C Class A144A<br>| 6.05 | &nbsp;&nbsp; 1-20-2031 | 12037424 | &nbsp;&nbsp; 12209082 |
| DataBank Issuer LLC Series 2024-1A Class A2144A | 5.30 | &nbsp;&nbsp; 1-26-2054 | 15850000 | &nbsp;&nbsp; 15891739 |
| DI Issuer LLC Series 2024-1A Class A2144A | 5.81 | &nbsp;&nbsp; 9-15-2054 | 15500000 | &nbsp;&nbsp; 15514906 |
| Diversified ABS X LLC Series 2025-1A Class A1144A | 5.95 | &nbsp;&nbsp; 2-28-2045 | 5225010 | &nbsp;&nbsp; 5255315 |
| &nbsp;&nbsp; Domino's Pizza Master Issuer LLC Series 2015-1A <br> Class A2II144A<br>| 4.47 | &nbsp;&nbsp; 10-25-2045 | 12057500 | &nbsp;&nbsp; 12048562 |
| &nbsp;&nbsp; Driven Brands Funding LLC Series 2021-1A <br> Class A2144A<br>| 2.79 | &nbsp;&nbsp; 10-20-2051 | 3746978 | &nbsp;&nbsp; 3524746 |
| &nbsp;&nbsp; ECMC Group Student Loan Trust Series 2020-3A <br> Class A1B (30 Day Average U.S. SOFR+1.11%)144A±<br>| 5.46 | &nbsp;&nbsp; 1-27-2070 | 2000169 | &nbsp;&nbsp; 2006466 |
| &nbsp;&nbsp; Edgeconnex Data Centers Issuer LLC Series 2024-1 <br> Class A2144A<br>| 6.00 | &nbsp;&nbsp; 7-27-2054 | 12171474 | &nbsp;&nbsp; 12321273 |
| &nbsp;&nbsp; Edsouth Indenture No. 9 LLC Series 2015-1 Class A (30 <br> Day Average U.S. SOFR+0.91%)144A±<br>| 5.26 | &nbsp;&nbsp; 10-25-2056 | 271167 | &nbsp;&nbsp; 269396 |
| &nbsp;&nbsp; Enterprise Fleet Financing LLC Series 2023-2 <br> Class A3144A<br>| 5.50 | &nbsp;&nbsp; 4-22-2030 | 7185000 | &nbsp;&nbsp; 7315722 |
| FIGRE Trust Series 2023-HE1 Class A144A | 5.85 | &nbsp;&nbsp; 3-25-2053 | 9022211 | &nbsp;&nbsp; 9146491 |
| FIGRE Trust Series 2023-HE2 Class A144A±± | 6.51 | &nbsp;&nbsp; 5-25-2053 | 6449024 | &nbsp;&nbsp; 6594010 |
| FIGRE Trust Series 2023-HE3 Class A144A±± | 6.44 | &nbsp;&nbsp; 11-25-2053 | 3169896 | &nbsp;&nbsp; 3249048 |
| FIGRE Trust Series 2024-HE2 Class A144A±± | 6.38 | &nbsp;&nbsp; 5-25-2054 | 5906621 | &nbsp;&nbsp; 6058978 |
| FIGRE Trust Series 2024-HE5 Class A144A±± | 5.44 | &nbsp;&nbsp; 10-25-2054 | 4682953 | &nbsp;&nbsp; 4734880 |
| FIGRE Trust Series 2025-HE1 Class A144A±± | 5.83 | &nbsp;&nbsp; 1-25-2055 | 3060100 | &nbsp;&nbsp; 3112648 |
| FirstKey Homes Trust Series 2021-SFR1 Class A144A | 1.54 | &nbsp;&nbsp; 8-17-2038 | 1270813 | &nbsp;&nbsp; 1235584 |
| FirstKey Homes Trust Series 2021-SFR1 Class C144A | 1.89 | &nbsp;&nbsp; 8-17-2038 | 6770000 | &nbsp;&nbsp; 6569733 |
| FirstKey Homes Trust Series 2021-SFR2 Class B144A | 1.61 | &nbsp;&nbsp; 9-17-2038 | 8675000 | &nbsp;&nbsp; 8391612 |
| Five Guys Holdings, Inc. Series 2023-1A Class A2144A | 7.55 | &nbsp;&nbsp; 1-26-2054 | 8302263 | &nbsp;&nbsp; 8597425 |
| Flagship Credit Auto Trust Series 2022-2 Class B144A | 4.76 | &nbsp;&nbsp; 5-17-2027 | 2963991 | &nbsp;&nbsp; 2963543 |
| Flexential Issuer Series 2021-1A Class A2144A | 3.25 | &nbsp;&nbsp; 11-27-2051 | 9615000 | &nbsp;&nbsp; 9348272 |
| &nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust A <br> Series 2023-1 Class B144A<br>| 5.31 | &nbsp;&nbsp; 5-15-2028 | 4000000 | &nbsp;&nbsp; 4018042 |

---

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

Allspring Core Plus Bond Fund \| 7

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| FREED Mortgage Trust Series 2022-HE1 Class A144A±± | 7.00<br> %<br>| &nbsp;&nbsp; 10-25-2037 | $5485374 | &nbsp;&nbsp; $5593010 |
| FREED Mortgage Trust Series 2022-HE1 Class B144A±± | 7.00 | &nbsp;&nbsp; 10-25-2037 | 6890597 | &nbsp;&nbsp; 7165969 |
| Frontier Issuer LLC Series 2024-1 Class A2144A | 6.19 | &nbsp;&nbsp; 6-20-2054 | 12595000 | &nbsp;&nbsp; 13013182 |
| &nbsp;&nbsp; FS Rialto Issuer LLC Series 2021-FL3 Class B (U.S. SOFR <br> 1 Month+1.91%)144A±<br>| 6.27 | &nbsp;&nbsp; 11-16-2036 | 3000000 | &nbsp;&nbsp; 2980956 |
| &nbsp;&nbsp; FS Rialto Issuer LLC Series 2025-FL10 Class C <br> (U.S. SOFR 1 Month+2.15%)144A±<br>| 6.50 | &nbsp;&nbsp; 8-19-2042 | 1895000 | &nbsp;&nbsp; 1871401 |
| &nbsp;&nbsp; Golub Capital Partners ABS Funding Series 2024-1A <br> Class A2144A<br>| 6.89 | &nbsp;&nbsp; 1-25-2034 | 7525000 | &nbsp;&nbsp; 7638678 |
| &nbsp;&nbsp; Gracie Point International Funding LLC Series 2023-1A <br> Class B (90 Day Average U.S. SOFR+2.60%)144A±<br>| 6.95 | &nbsp;&nbsp; 9-1-2026 | 7076000 | &nbsp;&nbsp; 7076386 |
| &nbsp;&nbsp; Gracie Point International Funding LLC Series 2025-1A <br> Class A (30 Day Average <br> U.S. SOFR+1.50%)144A±%%<br>| 5.87 | &nbsp;&nbsp; 8-15-2028 | 1350000 | &nbsp;&nbsp; 1350000 |
| &nbsp;&nbsp; Hertz Vehicle Financing III LLC Series 2023-2A <br> Class A144A<br>| 5.57 | &nbsp;&nbsp; 9-25-2029 | 3695000 | &nbsp;&nbsp; 3807140 |
| &nbsp;&nbsp; Hertz Vehicle Financing III LLC Series 2023-4A <br> Class A144A<br>| 6.15 | &nbsp;&nbsp; 3-25-2030 | 10700000 | &nbsp;&nbsp; 11197047 |
| Hipgnosis Music Assets LP Series 2022-1 Class A144A | 5.00 | &nbsp;&nbsp; 5-16-2062 | 15171882 | &nbsp;&nbsp; 15115312 |
| Hotwire Funding LLC Series 2023-1A Class A2144A | 5.69 | &nbsp;&nbsp; 5-20-2053 | 16750000 | &nbsp;&nbsp; 16910433 |
| &nbsp;&nbsp; ICG U.S. CLO Ltd. Series 2014-1A Class BR2 (U.S. SOFR <br> 3 Month+2.71%)144A±<br>| 7.04 | &nbsp;&nbsp; 10-20-2034 | 4400000 | &nbsp;&nbsp; 4406801 |
| &nbsp;&nbsp; Jack in the Box Funding LLC Series 2022-1A <br> Class A2II144A<br>| 4.14 | &nbsp;&nbsp; 2-26-2052 | 4836000 | &nbsp;&nbsp; 4313441 |
| &nbsp;&nbsp; Jersey Mike's Funding LLC Series 2024-1A <br> Class A2144A<br>| 5.64 | &nbsp;&nbsp; 2-15-2055 | 9114200 | &nbsp;&nbsp; 9291931 |
| &nbsp;&nbsp; Jimmy Johns Funding LLC Series 2017-1A <br> Class A2II144A<br>| 4.85 | &nbsp;&nbsp; 7-30-2047 | 2325800 | &nbsp;&nbsp; 2312477 |
| Jonah Energy ABS I LLC Series 2022-1 Class A1144A | 7.20 | &nbsp;&nbsp; 12-10-2037 | 6438949 | &nbsp;&nbsp; 6481182 |
| &nbsp;&nbsp; LCM 37 Ltd. Series 37A Class A1R (U.S. SOFR 3 <br> Month+1.06%)144A±<br>| 5.38 | &nbsp;&nbsp; 4-15-2034 | 3346192 | &nbsp;&nbsp; 3344529 |
| Lendmark Funding Trust Series 2021-1A Class A144A | 1.90 | &nbsp;&nbsp; 11-20-2031 | 2065000 | &nbsp;&nbsp; 1991200 |
| &nbsp;&nbsp; LoanCore Issuer LLC Series 2025-CRE8 Class C <br> (U.S. SOFR 1 Month+2.14%)144A±<br>| 6.50 | &nbsp;&nbsp; 8-17-2042 | 1000000 | &nbsp;&nbsp; 992562 |
| &nbsp;&nbsp; Lyra Music Assets Delaware LP Series 2024-2A <br> Class A2144A<br>| 5.76 | &nbsp;&nbsp; 12-22-2064 | 9985668 | &nbsp;&nbsp; 10135491 |
| &nbsp;&nbsp; MF1 Ltd. Series 2022-FL8 Class A (U.S. SOFR 1 <br> Month+1.35%)144A±<br>| 5.70 | &nbsp;&nbsp; 2-19-2037 | 10513236 | &nbsp;&nbsp; 10512985 |
| &nbsp;&nbsp; MF1 Ltd. Series 2022-FL8 Class C (U.S. SOFR 1 <br> Month+2.20%)144A±<br>| 6.55 | &nbsp;&nbsp; 2-19-2037 | 8750000 | &nbsp;&nbsp; 8580152 |
| MNR ABS Issuer I LLC‡ | 8.12 | &nbsp;&nbsp; 12-15-2038 | 5604963 | &nbsp;&nbsp; 5710337 |
| &nbsp;&nbsp; Monroe Capital ABS Funding II Ltd. Series 2023-1A <br> Class A1R144A<br>| 6.77 | &nbsp;&nbsp; 7-22-2034 | 1245000 | &nbsp;&nbsp; 1244816 |
| NBC Funding LLC Series 2024-1A Class A2144A | 6.75 | &nbsp;&nbsp; 7-30-2054 | 22089000 | &nbsp;&nbsp; 22595282 |
| Neighborly Issuer LLC Series 2021-1A Class A2144A | 3.58 | &nbsp;&nbsp; 4-30-2051 | 7660000 | &nbsp;&nbsp; 7222566 |
| &nbsp;&nbsp; New Economy Assets - Phase 1 Sponsor LLC <br> Series 2021-1 Class B1144A<br>| 2.41 | &nbsp;&nbsp; 10-20-2061 | 3750000 | &nbsp;&nbsp; 2419342 |
| &nbsp;&nbsp; NextGear Floorplan Master Owner Trust Series 2024-2A <br> Class A2144A<br>| 4.42 | &nbsp;&nbsp; 9-15-2029 | 13650000 | &nbsp;&nbsp; 13728137 |

---

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

8 \| Allspring Core Plus Bond Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; Oak Street Investment Grade Net Lease Fund <br> Series 2020-1A Class A5144A<br>| 3.39<br> %<br>| &nbsp;&nbsp; 11-20-2050 | $5352750 | &nbsp;&nbsp; $4620626 |
| &nbsp;&nbsp; Oak Street Investment Grade Net Lease Fund <br> Series 2020-1A Class B1144A<br>| 5.11 | &nbsp;&nbsp; 11-20-2050 | 3325000 | &nbsp;&nbsp; 2803722 |
| &nbsp;&nbsp; Oak Street Investment Grade Net Lease Fund <br> Series 2021-1A Class A3144A<br>| 2.80 | &nbsp;&nbsp; 1-20-2051 | 4886010 | &nbsp;&nbsp; 4328916 |
| Octane Receivables Trust Series 2023-1A Class A144A | 5.87 | &nbsp;&nbsp; 5-21-2029 | 317612 | &nbsp;&nbsp; 318166 |
| Octane Receivables Trust Series 2023-1A Class B144A | 5.96 | &nbsp;&nbsp; 7-20-2029 | 3045000 | &nbsp;&nbsp; 3067232 |
| &nbsp;&nbsp; OneMain Direct Auto Receivables Trust Series 2025-1A <br> Class A144A<br>| 5.36 | &nbsp;&nbsp; 4-16-2035 | 6500000 | &nbsp;&nbsp; 6747833 |
| &nbsp;&nbsp; OneMain Financial Issuance Trust Series 2020-2A <br> Class A144A<br>| 1.75 | &nbsp;&nbsp; 9-14-2035 | 1220000 | &nbsp;&nbsp; 1197567 |
| &nbsp;&nbsp; OWN Equipment Fund I LLC Series 2024-2M <br> Class A144A<br>| 5.70 | &nbsp;&nbsp; 12-20-2032 | 12312308 | &nbsp;&nbsp; 12522126 |
| &nbsp;&nbsp; OWN Equipment Fund II LLC Series 2025-1M <br> Class A144A<br>| 5.48 | &nbsp;&nbsp; 9-26-2033 | 1084470 | &nbsp;&nbsp; 1095612 |
| &nbsp;&nbsp; Oxford Finance Credit Fund III LP Series 2024-A <br> Class A2144A<br>| 6.68 | &nbsp;&nbsp; 1-14-2032 | 9035000 | &nbsp;&nbsp; 9153395 |
| &nbsp;&nbsp; Pagaya AI Debt Selection Trust Series 2021-HG1 <br> Class A144A<br>| 1.22 | &nbsp;&nbsp; 1-16-2029 | 99016 | &nbsp;&nbsp; 98801 |
| &nbsp;&nbsp; Pagaya Point of Sale Holdings Grantor Trust <br> Series 2025-1 Class A144A<br>| 5.72 | &nbsp;&nbsp; 1-20-2034 | 4000000 | &nbsp;&nbsp; 4040640 |
| PFS Financing Corp. Series 2024-B Class A144A | 4.95 | &nbsp;&nbsp; 2-15-2029 | 1575000 | &nbsp;&nbsp; 1591857 |
| &nbsp;&nbsp; Planet Fitness Master Issuer LLC Series 2024-1A <br> Class A2I144A<br>| 5.77 | &nbsp;&nbsp; 6-5-2054 | 23001187 | &nbsp;&nbsp; 23457623 |
| &nbsp;&nbsp; Prestige Auto Receivables Trust Series 2024-2A <br> Class B144A<br>| 4.56 | &nbsp;&nbsp; 2-15-2029 | 1900000 | &nbsp;&nbsp; 1903074 |
| PureWest ABS Issuer LLC | 5.69 | &nbsp;&nbsp; 4-5-2040 | 3801736 | &nbsp;&nbsp; 3786558 |
| Qdoba Funding LLC Series 2023-1A Class A2144A | 8.50 | &nbsp;&nbsp; 9-14-2053 | 10234350 | &nbsp;&nbsp; 10700423 |
| &nbsp;&nbsp; RCKT Mortgage Trust Series 2023-CES3 <br> Class A1A144A±±<br>| 7.11 | &nbsp;&nbsp; 11-25-2043 | 14206422 | &nbsp;&nbsp; 14429975 |
| &nbsp;&nbsp; RCKT Mortgage Trust Series 2024-CES2 <br> Class A1A144A±±<br>| 6.14 | &nbsp;&nbsp; 4-25-2044 | 4865446 | &nbsp;&nbsp; 4916380 |
| &nbsp;&nbsp; Retained Vantage Data Centers Issuer LLC <br> Series 2023-1A Class A2A144A<br>| 5.00 | &nbsp;&nbsp; 9-15-2048 | 16130000 | &nbsp;&nbsp; 16180440 |
| &nbsp;&nbsp; Retained Vantage Data Centers Issuer LLC <br> Series 2024-1A Class A2144A<br>| 4.99 | &nbsp;&nbsp; 9-15-2049 | 22900000 | &nbsp;&nbsp; 22938641 |
| &nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust Series 2023-<br> FIG3 Class A144A±±<br>| 7.07 | &nbsp;&nbsp; 8-25-2053 | 7558051 | &nbsp;&nbsp; 7833801 |
| &nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust Series 2023-<br> FIG4 Class A144A±±<br>| 6.72 | &nbsp;&nbsp; 11-25-2053 | 7410182 | &nbsp;&nbsp; 7688833 |
| &nbsp;&nbsp; Scalelogix ABS U.S. Issuer LLC Series 2025-1A <br> Class A2144A<br>| 5.67 | &nbsp;&nbsp; 7-25-2055 | 1400000 | &nbsp;&nbsp; 1403693 |
| SEB Funding LLC Series 2021-1A Class A2144A | 4.97 | &nbsp;&nbsp; 1-30-2052 | 4114688 | &nbsp;&nbsp; 4058478 |
| Service Experts Issuer LLC Series 2021-1A Class A144A | 2.67 | &nbsp;&nbsp; 2-2-2032 | 2420398 | &nbsp;&nbsp; 2370944 |
| Service Experts Issuer LLC Series 2021-1A Class B144A | 3.28 | &nbsp;&nbsp; 2-2-2032 | 6445000 | &nbsp;&nbsp; 6164152 |
| Service Experts Issuer LLC Series 2024-1A Class A144A | 6.39 | &nbsp;&nbsp; 11-20-2035 | 9259177 | &nbsp;&nbsp; 9442039 |
| Service Experts Issuer LLC Series 2025-1A Class A144A | 5.38 | &nbsp;&nbsp; 1-20-2037 | 4980000 | &nbsp;&nbsp; 5005984 |

---

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

Allspring Core Plus Bond Fund \| 9

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; ServiceMaster Funding LLC Series 2020-1 <br> Class A2II144A<br>| 3.34<br> %<br>| &nbsp;&nbsp; 1-30-2051 | $2746181 | &nbsp;&nbsp; $2416223 |
| SESAC Finance LLC Series 2024-1 Class A2144A | 6.42 | &nbsp;&nbsp; 1-25-2054 | 2314750 | &nbsp;&nbsp; 2360424 |
| SESAC Finance LLC Series 2025-1 Class A2144A | 5.50 | &nbsp;&nbsp; 7-25-2055 | 5000000 | &nbsp;&nbsp; 4996882 |
| &nbsp;&nbsp; SLM Student Loan Trust Series 2003-10A Class A4 (90 <br> Day Average U.S. SOFR+0.93%)144A±<br>| 5.27 | &nbsp;&nbsp; 12-17-2068 | 2526961 | &nbsp;&nbsp; 2531004 |
| &nbsp;&nbsp; Sotheby's ArtFi Master Trust Series 2024-1A <br> Class A1144A<br>| 6.43 | &nbsp;&nbsp; 12-22-2031 | 10600000 | &nbsp;&nbsp; 10674800 |
| &nbsp;&nbsp; Sound Point CLO VIII-R Ltd. Series 2015-1RA Class BR <br> (U.S. SOFR 3 Month+1.81%)144A±<br>| 6.13 | &nbsp;&nbsp; 4-15-2030 | 6330932 | &nbsp;&nbsp; 6331702 |
| &nbsp;&nbsp; SpringCastle America Funding LLC Series 2020-AA <br> Class A144A<br>| 1.97 | &nbsp;&nbsp; 9-25-2037 | 1258740 | &nbsp;&nbsp; 1190962 |
| &nbsp;&nbsp; Stack Infrastructure Issuer LLC Series 2024-1A <br> Class A2144A<br>| 5.90 | &nbsp;&nbsp; 3-25-2049 | 1500000 | &nbsp;&nbsp; 1523972 |
| &nbsp;&nbsp; Starwood Ltd. Series 2022-FL3 Class A (30 Day Average <br> U.S. SOFR+1.35%)144A±<br>| 5.69 | &nbsp;&nbsp; 11-15-2038 | 915860 | &nbsp;&nbsp; 911267 |
| &nbsp;&nbsp; Store Master Funding I-VII XIV XIX XX XXIV <br> Series 2023-1A Class A1144A<br>| 6.19 | &nbsp;&nbsp; 6-20-2053 | 6921250 | &nbsp;&nbsp; 6969182 |
| Subway Funding LLC Series 2024-3A Class A2I144A | 5.25 | &nbsp;&nbsp; 7-30-2054 | 3493600 | &nbsp;&nbsp; 3492151 |
| Subway Funding LLC Series 2024-3A Class A23144A | 5.91 | &nbsp;&nbsp; 7-30-2054 | 2183500 | &nbsp;&nbsp; 2169037 |
| Switch ABS Issuer LLC Series 2024-1A Class A2144A | 6.28 | &nbsp;&nbsp; 3-25-2054 | 4890000 | &nbsp;&nbsp; 4984765 |
| Switch ABS Issuer LLC Series 2024-2A Class A2144A | 5.44 | &nbsp;&nbsp; 6-25-2054 | 13115000 | &nbsp;&nbsp; 13241010 |
| Taco Bell Funding LLC Series 2021-1A Class A23144A | 2.54 | &nbsp;&nbsp; 8-25-2051 | 491250 | &nbsp;&nbsp; 428634 |
| TierPoint Issuer LLC Series 2023-1A Class A2144A | 6.00 | &nbsp;&nbsp; 6-25-2053 | 3390000 | &nbsp;&nbsp; 3395436 |
| TierPoint Issuer LLC Series 2025-1A Class A2144A | 6.15 | &nbsp;&nbsp; 4-26-2055 | 1300000 | &nbsp;&nbsp; 1320675 |
| &nbsp;&nbsp; Towd Point Mortgage Trust Series 2024-CES1 <br> Class A2144A±±<br>| 6.44 | &nbsp;&nbsp; 1-25-2064 | 2769000 | &nbsp;&nbsp; 2800485 |
| &nbsp;&nbsp; TRTX Issuer Ltd. Series 2022-FL5 Class A (U.S. SOFR 1 <br> Month+1.65%)144A±<br>| 6.01 | &nbsp;&nbsp; 2-15-2039 | 1047807 | &nbsp;&nbsp; 1047824 |
| &nbsp;&nbsp; TRTX Issuer Ltd. Series 2025-FL6 Class A (U.S. SOFR 1 <br> Month+1.54%)144A±<br>| 5.90 | &nbsp;&nbsp; 9-18-2042 | 10000000 | &nbsp;&nbsp; 10024997 |
| TSC SPV Funding LLC Series 2024-1A Class A2144A | 6.29 | &nbsp;&nbsp; 8-20-2054 | 7121188 | &nbsp;&nbsp; 7092500 |
| &nbsp;&nbsp; Uniti Fiber ABS Issuer LLC Series 2025-1A <br> Class A2144A<br>| 5.88 | &nbsp;&nbsp; 4-20-2055 | 3610000 | &nbsp;&nbsp; 3707577 |
| &nbsp;&nbsp; Vantage Data Centers Issuer LLC Series 2020-1A <br> Class A2144A<br>| 1.65 | &nbsp;&nbsp; 9-15-2045 | 2340000 | &nbsp;&nbsp; 2340000 |
| &nbsp;&nbsp; Venture 44 CLO Ltd. Series 2021-44A Class A1NR <br> (U.S. SOFR 3 Month+1.14%)144A±<br>| 5.47 | &nbsp;&nbsp; 10-20-2034 | 4650000 | &nbsp;&nbsp; 4630386 |
| &nbsp;&nbsp; Venture CLO Ltd. Series 2017-30A Class B (U.S. SOFR 3 <br> Month+1.86%)144A±<br>| 6.18 | &nbsp;&nbsp; 1-15-2031 | 250000 | &nbsp;&nbsp; 250131 |
| Wendy's Funding LLC Series 2021-1A Class A2II144A | 2.78 | &nbsp;&nbsp; 6-15-2051 | 527997 | &nbsp;&nbsp; 470182 |
| Westgate Resorts LLC Series 2022-1A Class C144A | 2.49 | &nbsp;&nbsp; 8-20-2036 | 2516961 | &nbsp;&nbsp; 2481369 |
| Wingstop Funding LLC Series 2024-1A Class A2144A | 5.86 | &nbsp;&nbsp; 12-5-2054 | 9500000 | &nbsp;&nbsp; 9817129 |
| Zaxby's Funding LLC Series 2021-1A Class A2144A | 3.24 | &nbsp;&nbsp; 7-30-2051 | 4723200 | &nbsp;&nbsp; 4445702 |
| Zayo Issuer LLC Series 2025-1A Class A2144A | 5.65 | &nbsp;&nbsp; 3-20-2055 | 8000000 | &nbsp;&nbsp; 8178250 |
| Zayo Issuer LLC Series 2025-2A Class A2144A | 5.95 | &nbsp;&nbsp; 6-20-2055 | 3640000 | &nbsp;&nbsp; 3756809 |
| **Total asset-backed securities (Cost $899,155,728)** |  |  |  | &nbsp;&nbsp; **906786474** |

---

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

10 \| Allspring Core Plus Bond Fund

------

Portfolio of investments—August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 0.00%** |  |  |
| **Financials: 0.00%** |  |  |
| **Financial services: 0.00%** |  |  |
| Unifin Financiera SAB de CV♦† | 305668 | &nbsp;&nbsp; $**0** |
| **Total common stocks (Cost $0)** |  | &nbsp;&nbsp; **0** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal |  |
| **Corporate bonds and notes: 18.36%** |  |  |  |  |
| **Basic materials: 0.25%** |  |  |  |  |
| **Chemicals: 0.17%** |  |  |  |  |
| Celanese U.S. Holdings LLC | 6.50<br> %<br>| &nbsp;&nbsp; 4-15-2030 | $9000000 | &nbsp;&nbsp; 9081171 |
| LYB International Finance III LLC | 5.50 | &nbsp;&nbsp; 3-1-2034 | 4340000 | &nbsp;&nbsp; 4318084 |
| Westlake Corp. | 1.63 | &nbsp;&nbsp; 7-17-2029 | 2750000 | &nbsp;&nbsp; 3044910 |
|  |  |  |  | &nbsp;&nbsp; **16444165** |
| **Iron/steel: 0.08%** |  |  |  |  |
| Cleveland-Cliffs, Inc.144A | 4.88 | &nbsp;&nbsp; 3-1-2031 | 1305000 | &nbsp;&nbsp; 1193161 |
| Nucor Corp. | 5.10 | &nbsp;&nbsp; 6-1-2035 | 7000000 | &nbsp;&nbsp; 7048626 |
|  |  |  |  | &nbsp;&nbsp; **8241787** |
| **Communications: 1.17%** |  |  |  |  |
| **Advertising: 0.02%** |  |  |  |  |
| Clear Channel Outdoor Holdings, Inc.144A | 7.50 | &nbsp;&nbsp; 3-15-2033 | 1880000 | &nbsp;&nbsp; **1913562** |
| **Internet: 0.03%** |  |  |  |  |
| Booking Holdings, Inc. | 4.13 | &nbsp;&nbsp; 5-12-2033 | 2500000 | &nbsp;&nbsp; **3050991** |
| **Media: 0.94%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.25 | &nbsp;&nbsp; 1-15-2034 | 22600000 | &nbsp;&nbsp; 19623069 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 3.85 | &nbsp;&nbsp; 4-1-2061 | 6000000 | &nbsp;&nbsp; 3661444 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 3.90 | &nbsp;&nbsp; 6-1-2052 | 5420000 | &nbsp;&nbsp; 3591744 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 6.10 | &nbsp;&nbsp; 6-1-2029 | 16853000 | &nbsp;&nbsp; 17714695 |
| Comcast Corp. | 2.94 | &nbsp;&nbsp; 11-1-2056 | 7000000 | &nbsp;&nbsp; 4030256 |
| News Corp.144A | 3.88 | &nbsp;&nbsp; 5-15-2029 | 30280000 | &nbsp;&nbsp; 29239825 |
| News Corp.144A | 5.13 | &nbsp;&nbsp; 2-15-2032 | 4470000 | &nbsp;&nbsp; 4418515 |
| Time Warner Cable LLC | 5.50 | &nbsp;&nbsp; 9-1-2041 | 12015000 | &nbsp;&nbsp; 10856211 |
|  |  |  |  | &nbsp;&nbsp; **93135759** |
| **Telecommunications: 0.18%** |  |  |  |  |
| AT&T, Inc. | 3.55 | &nbsp;&nbsp; 9-15-2055 | 13760000 | &nbsp;&nbsp; 9149703 |
| &nbsp;&nbsp; Sprint Spectrum Co. LLC/Sprint Spectrum Co. <br> II LLC/Sprint Spectrum Co. III LLC144A<br>| 5.15 | &nbsp;&nbsp; 3-20-2028 | 8948500 | &nbsp;&nbsp; 9010856 |
|  |  |  |  | &nbsp;&nbsp; **18160559** |

---

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

Allspring Core Plus Bond Fund \| 11

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Consumer, cyclical: 2.63%** |  |  |  |  |
| **Airlines: 0.69%** |  |  |  |  |
| &nbsp;&nbsp; American Airlines Pass-Through Trust Series 2015-1 <br> Class A<br>| 3.38<br> %<br>| &nbsp;&nbsp; 5-1-2027 | $17330848 | &nbsp;&nbsp; $17004277 |
| &nbsp;&nbsp; British Airways Pass-Through Trust Series 2020-1 <br> Class A144A<br>| 4.25 | &nbsp;&nbsp; 11-15-2032 | 4468108 | &nbsp;&nbsp; 4360134 |
| &nbsp;&nbsp; Delta Air Lines Pass-Through Trust Series 2020-1 <br> Class AA<br>| 2.00 | &nbsp;&nbsp; 6-10-2028 | 2751544 | &nbsp;&nbsp; 2597171 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.144A | 4.75 | &nbsp;&nbsp; 10-20-2028 | 32400000 | &nbsp;&nbsp; 32583110 |
| &nbsp;&nbsp; United Airlines Pass-Through Trust Series 2020-1 <br> Class B<br>| 4.88 | &nbsp;&nbsp; 1-15-2026 | 5195279 | &nbsp;&nbsp; 5193252 |
| &nbsp;&nbsp; United Airlines Pass-Through Trust Series 2023-1 <br> Class A<br>| 5.80 | &nbsp;&nbsp; 1-15-2036 | 6619429 | &nbsp;&nbsp; 6806899 |
|  |  |  |  | &nbsp;&nbsp; **68544843** |
| **Auto manufacturers: 0.91%** |  |  |  |  |
| Daimler Truck Finance North America LLC144A | 4.65 | &nbsp;&nbsp; 10-12-2030 | 10600000 | &nbsp;&nbsp; 10619509 |
| Ford Motor Credit Co. LLC | 4.00 | &nbsp;&nbsp; 11-13-2030 | 12465000 | &nbsp;&nbsp; 11590543 |
| Ford Motor Credit Co. LLC | 5.13 | &nbsp;&nbsp; 11-5-2026 | 12630000 | &nbsp;&nbsp; 12650852 |
| General Motors Financial Co., Inc. | 5.85 | &nbsp;&nbsp; 4-6-2030 | 9130000 | &nbsp;&nbsp; 9542445 |
| Hyundai Capital America144A | 1.30 | &nbsp;&nbsp; 1-8-2026 | 4405000 | &nbsp;&nbsp; 4355235 |
| Hyundai Capital America144A | 5.30 | &nbsp;&nbsp; 3-19-2027 | 3965000 | &nbsp;&nbsp; 4017983 |
| Hyundai Capital America144A | 5.40 | &nbsp;&nbsp; 6-23-2032 | 23469000 | &nbsp;&nbsp; 24112321 |
| Hyundai Capital America144A | 5.65 | &nbsp;&nbsp; 6-26-2026 | 2285000 | &nbsp;&nbsp; 2307821 |
| Hyundai Capital America144A | 5.80 | &nbsp;&nbsp; 4-1-2030 | 11235000 | &nbsp;&nbsp; 11764408 |
|  |  |  |  | &nbsp;&nbsp; **90961117** |
| **Entertainment: 0.25%** |  |  |  |  |
| Cinemark USA, Inc.144A | 5.25 | &nbsp;&nbsp; 7-15-2028 | 700000 | &nbsp;&nbsp; 695714 |
| WarnerMedia Holdings, Inc. | 4.28 | &nbsp;&nbsp; 3-15-2032 | 8925000 | &nbsp;&nbsp; 7702275 |
| WarnerMedia Holdings, Inc. | 5.05 | &nbsp;&nbsp; 3-15-2042 | 21115000 | &nbsp;&nbsp; 14226231 |
| WarnerMedia Holdings, Inc. | 5.14 | &nbsp;&nbsp; 3-15-2052 | 3698000 | &nbsp;&nbsp; 2301302 |
|  |  |  |  | &nbsp;&nbsp; **24925522** |
| **Home builders: 0.01%** |  |  |  |  |
| LGI Homes, Inc.144A | 8.75 | &nbsp;&nbsp; 12-15-2028 | 710000 | &nbsp;&nbsp; **743709** |
| **Housewares: 0.01%** |  |  |  |  |
| Newell Brands, Inc. | 6.38 | &nbsp;&nbsp; 5-15-2030 | 1055000 | &nbsp;&nbsp; **1040472** |
| **Leisure time: 0.15%** |  |  |  |  |
| Sabre Global, Inc.144A | 10.75 | &nbsp;&nbsp; 11-15-2029 | 15358000 | &nbsp;&nbsp; **14847227** |
| **Lodging: 0.26%** |  |  |  |  |
| Las Vegas Sands Corp. | 5.63 | &nbsp;&nbsp; 6-15-2028 | 7525000 | &nbsp;&nbsp; 7704108 |
| Las Vegas Sands Corp. | 6.00 | &nbsp;&nbsp; 6-14-2030 | 10040000 | &nbsp;&nbsp; 10466307 |
| Las Vegas Sands Corp. | 6.20 | &nbsp;&nbsp; 8-15-2034 | 7390000 | &nbsp;&nbsp; 7644047 |
|  |  |  |  | &nbsp;&nbsp; **25814462** |

---

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

12 \| Allspring Core Plus Bond Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Retail: 0.04%** |  |  |  |  |
| Macy's Retail Holdings LLC144A | 5.88<br> %<br>| &nbsp;&nbsp; 3-15-2030 | $3288000 | &nbsp;&nbsp; $3255964 |
| Macy's Retail Holdings LLC144A | 6.13 | &nbsp;&nbsp; 3-15-2032 | 995000 | &nbsp;&nbsp; 971164 |
|  |  |  |  | &nbsp;&nbsp; **4227128** |
| **Toys/games/hobbies: 0.31%** |  |  |  |  |
| Hasbro, Inc. | 6.05 | &nbsp;&nbsp; 5-14-2034 | 14940000 | &nbsp;&nbsp; 15548234 |
| Mattel, Inc.144A | 5.88 | &nbsp;&nbsp; 12-15-2027 | 16020000 | &nbsp;&nbsp; 16062677 |
|  |  |  |  | &nbsp;&nbsp; **31610911** |
| **Consumer, non-cyclical: 2.16%** |  |  |  |  |
| **Agriculture: 0.47%** |  |  |  |  |
| BAT Capital Corp. | 4.76 | &nbsp;&nbsp; 9-6-2049 | 5825000 | &nbsp;&nbsp; 4800932 |
| BAT Capital Corp. | 5.63 | &nbsp;&nbsp; 8-15-2035 | 21190000 | &nbsp;&nbsp; 21740281 |
| BAT Capital Corp. | 6.25 | &nbsp;&nbsp; 8-15-2055 | 11680000 | &nbsp;&nbsp; 11780653 |
| Bunge Ltd. Finance Corp. | 4.90 | &nbsp;&nbsp; 4-21-2027 | 7870000 | &nbsp;&nbsp; 7940502 |
| Reynolds American, Inc. | 7.00 | &nbsp;&nbsp; 8-4-2041 | 285000 | &nbsp;&nbsp; 299436 |
|  |  |  |  | &nbsp;&nbsp; **46561804** |
| **Biotechnology: 0.10%** |  |  |  |  |
| Biogen, Inc. | 6.45 | &nbsp;&nbsp; 5-15-2055 | 9465000 | &nbsp;&nbsp; **9637474** |
| **Commercial services: 0.27%** |  |  |  |  |
| GEO Group, Inc. | 8.63 | &nbsp;&nbsp; 4-15-2029 | 2190000 | &nbsp;&nbsp; 2316015 |
| GEO Group, Inc. | 10.25 | &nbsp;&nbsp; 4-15-2031 | 1135000 | &nbsp;&nbsp; 1251193 |
| Global Payments, Inc. | 5.95 | &nbsp;&nbsp; 8-15-2052 | 10480000 | &nbsp;&nbsp; 9966372 |
| &nbsp;&nbsp; Toll Road Investors Partnership II LP Series 1999-B <br> (NPFGC Insured)144A¤<br>| 0.00 | &nbsp;&nbsp; 2-15-2026 | 5630000 | &nbsp;&nbsp; 5465371 |
| &nbsp;&nbsp; Toll Road Investors Partnership II LP Series 1999-B <br> (NPFGC Insured)144A¤<br>| 0.00 | &nbsp;&nbsp; 2-15-2027 | 1050000 | &nbsp;&nbsp; 959666 |
| &nbsp;&nbsp; Toll Road Investors Partnership II LP Series 1999-B <br> (NPFGC Insured)144A¤<br>| 0.00 | &nbsp;&nbsp; 2-15-2028 | 1150000 | &nbsp;&nbsp; 990973 |
| Upbound Group, Inc.144A | 6.38 | &nbsp;&nbsp; 2-15-2029 | 5750000 | &nbsp;&nbsp; 5635587 |
|  |  |  |  | &nbsp;&nbsp; **26585177** |
| **Food: 0.46%** |  |  |  |  |
| Kroger Co. | 5.50 | &nbsp;&nbsp; 9-15-2054 | 20000000 | &nbsp;&nbsp; 18726937 |
| Mars, Inc.144A | 5.20 | &nbsp;&nbsp; 3-1-2035 | 14000000 | &nbsp;&nbsp; 14129790 |
| Mars, Inc.144A | 5.70 | &nbsp;&nbsp; 5-1-2055 | 13470000 | &nbsp;&nbsp; 13135263 |
|  |  |  |  | &nbsp;&nbsp; **45991990** |
| **Healthcare-products: 0.02%** |  |  |  |  |
| Danaher Corp. | 2.50 | &nbsp;&nbsp; 3-30-2030 | 2000000 | &nbsp;&nbsp; **2311642** |
| **Healthcare-services: 0.66%** |  |  |  |  |
| HCA, Inc. | 5.95 | &nbsp;&nbsp; 9-15-2054 | 10465000 | &nbsp;&nbsp; 10027041 |
| Highmark, Inc.144A | 2.55 | &nbsp;&nbsp; 5-10-2031 | 5590000 | &nbsp;&nbsp; 4876655 |
| UnitedHealth Group, Inc. | 4.65 | &nbsp;&nbsp; 1-15-2031 | 26970000 | &nbsp;&nbsp; 27333876 |
| UnitedHealth Group, Inc. | 5.05 | &nbsp;&nbsp; 4-15-2053 | 10975000 | &nbsp;&nbsp; 9632560 |
| UnitedHealth Group, Inc. | 5.30 | &nbsp;&nbsp; 6-15-2035 | 2480000 | &nbsp;&nbsp; 2535125 |

---

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

Allspring Core Plus Bond Fund \| 13

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Healthcare-services**(continued) |  |  |  |  |
| UnitedHealth Group, Inc. | 5.63<br> %<br>| &nbsp;&nbsp; 7-15-2054 | $10790000 | &nbsp;&nbsp; $10270613 |
| UnitedHealth Group, Inc. | 5.95 | &nbsp;&nbsp; 6-15-2055 | 1305000 | &nbsp;&nbsp; 1303815 |
|  |  |  |  | &nbsp;&nbsp; **65979685** |
| **Pharmaceuticals: 0.18%** |  |  |  |  |
| AbbVie, Inc. | 5.60 | &nbsp;&nbsp; 3-15-2055 | 6915000 | &nbsp;&nbsp; 6848509 |
| Eli Lilly & Co. | 5.65 | &nbsp;&nbsp; 10-15-2065 | 11415000 | &nbsp;&nbsp; 11319118 |
|  |  |  |  | &nbsp;&nbsp; **18167627** |
| **Energy: 1.58%** |  |  |  |  |
| **Energy-alternate sources: 0.01%** |  |  |  |  |
| TerraForm Power Operating LLC144A | 4.75 | &nbsp;&nbsp; 1-15-2030 | 925000 | &nbsp;&nbsp; **892558** |
| **Oil & gas: 0.78%** |  |  |  |  |
| APA Corp.144A | 5.25 | &nbsp;&nbsp; 2-1-2042 | 5921000 | &nbsp;&nbsp; 4652251 |
| BP Capital Markets America, Inc. | 5.23 | &nbsp;&nbsp; 11-17-2034 | 26575000 | &nbsp;&nbsp; 27145767 |
| ConocoPhillips Co. | 5.50 | &nbsp;&nbsp; 1-15-2055 | 21010000 | &nbsp;&nbsp; 19797173 |
| ConocoPhillips Co. | 5.65 | &nbsp;&nbsp; 1-15-2065 | 3975000 | &nbsp;&nbsp; 3753203 |
| Coterra Energy, Inc. | 5.40 | &nbsp;&nbsp; 2-15-2035 | 6910000 | &nbsp;&nbsp; 6881073 |
| Coterra Energy, Inc. | 5.90 | &nbsp;&nbsp; 2-15-2055 | 4490000 | &nbsp;&nbsp; 4188361 |
| Expand Energy Corp. | 5.38 | &nbsp;&nbsp; 3-15-2030 | 11120000 | &nbsp;&nbsp; 11232167 |
|  |  |  |  | &nbsp;&nbsp; **77649995** |
| **Oil & gas services: 0.11%** |  |  |  |  |
| Schlumberger Holdings Corp.144A | 4.85 | &nbsp;&nbsp; 5-15-2033 | 11430000 | &nbsp;&nbsp; **11398700** |
| **Pipelines: 0.68%** |  |  |  |  |
| &nbsp;&nbsp; Energy Transfer LP (5 Year Treasury Constant <br> Maturity+4.02%)±<br>| 8.00 | &nbsp;&nbsp; 5-15-2054 | 3575000 | &nbsp;&nbsp; 3808841 |
| Enterprise Products Operating LLC | 5.55 | &nbsp;&nbsp; 2-16-2055 | 10505000 | &nbsp;&nbsp; 10025720 |
| Harvest Midstream I LP144A | 7.50 | &nbsp;&nbsp; 5-15-2032 | 1415000 | &nbsp;&nbsp; 1456902 |
| MPLX LP | 6.20 | &nbsp;&nbsp; 9-15-2055 | 7325000 | &nbsp;&nbsp; 7118425 |
| Prairie Acquiror LP144A | 9.00 | &nbsp;&nbsp; 8-1-2029 | 5050000 | &nbsp;&nbsp; 5265201 |
| Rockies Express Pipeline LLC144A | 6.88 | &nbsp;&nbsp; 4-15-2040 | 1000000 | &nbsp;&nbsp; 1006789 |
| South Bow USA Infrastructure Holdings LLC | 5.03 | &nbsp;&nbsp; 10-1-2029 | 17200000 | &nbsp;&nbsp; 17414753 |
| &nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance <br> Corp.144A<br>| 6.00 | &nbsp;&nbsp; 12-31-2030 | 12345000 | &nbsp;&nbsp; 12162272 |
| Venture Global LNG, Inc.144A | 9.50 | &nbsp;&nbsp; 2-1-2029 | 4520000 | &nbsp;&nbsp; 4969351 |
| &nbsp;&nbsp; Venture Global LNG, Inc. (5 Year Treasury Constant <br> Maturity+5.44%)144Aʊ±<br>| 9.00 | &nbsp;&nbsp; 9-30-2029 | 4705000 | &nbsp;&nbsp; 4672262 |
|  |  |  |  | &nbsp;&nbsp; **67900516** |
| **Financial: 7.51%** |  |  |  |  |
| **Banks: 3.45%** |  |  |  |  |
| &nbsp;&nbsp; Bank of America Corp. (5 Year Treasury Constant <br> Maturity+1.20%)±<br>| 2.48 | &nbsp;&nbsp; 9-21-2036 | 10785000 | &nbsp;&nbsp; 9330239 |
| Bank of America Corp. (U.S. SOFR+1.74%)± | 5.52 | &nbsp;&nbsp; 10-25-2035 | 22135000 | &nbsp;&nbsp; 22332294 |
| Bank of America Corp. (U.S. SOFR+1.91%)± | 5.43 | &nbsp;&nbsp; 8-15-2035 | 7960000 | &nbsp;&nbsp; 8012162 |
| Bank of America Corp. (U.S. SOFR 3 Month+1.84%)± | 3.82 | &nbsp;&nbsp; 1-20-2028 | 6200000 | &nbsp;&nbsp; 6164178 |

---

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

14 \| Allspring Core Plus Bond Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Banks**(continued) |  |  |  |  |
| &nbsp;&nbsp; Bank of America Corp. Series OO (5 Year Treasury <br> Constant Maturity+2.68%)ʊ±<br>| 6.63<br> %<br>| &nbsp;&nbsp; 5-1-2030 | $9175000 | &nbsp;&nbsp; $9445736 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.25%)± | 2.38 | &nbsp;&nbsp; 7-21-2032 | 5720000 | &nbsp;&nbsp; 5066753 |
| JPMorgan Chase & Co. (U.S. SOFR+1.02%)± | 2.07 | &nbsp;&nbsp; 6-1-2029 | 16465000 | &nbsp;&nbsp; 15574849 |
| JPMorgan Chase & Co. (U.S. SOFR+1.31%)± | 5.01 | &nbsp;&nbsp; 1-23-2030 | 13975000 | &nbsp;&nbsp; 14314440 |
| JPMorgan Chase & Co. (U.S. SOFR+1.45%)± | 5.30 | &nbsp;&nbsp; 7-24-2029 | 5170000 | &nbsp;&nbsp; 5325465 |
| JPMorgan Chase & Co. (U.S. SOFR+1.64%)± | 5.58 | &nbsp;&nbsp; 7-23-2036 | 26465000 | &nbsp;&nbsp; 26994485 |
| JPMorgan Chase & Co. (U.S. SOFR+1.75%)± | 4.57 | &nbsp;&nbsp; 6-14-2030 | 17530000 | &nbsp;&nbsp; 17723077 |
| JPMorgan Chase & Co. (U.S. SOFR 3 Month+0.70%)± | 1.04 | &nbsp;&nbsp; 2-4-2027 | 8275000 | &nbsp;&nbsp; 8158747 |
| Morgan Stanley Private Bank NA (U.S. SOFR+1.08%)± | 4.73 | &nbsp;&nbsp; 7-18-2031 | 19395000 | &nbsp;&nbsp; 19667457 |
| Morgan Stanley (U.S. SOFR+1.20%)± | 2.51 | &nbsp;&nbsp; 10-20-2032 | 12080000 | &nbsp;&nbsp; 10719094 |
| Morgan Stanley (U.S. SOFR+1.22%)± | 5.04 | &nbsp;&nbsp; 7-19-2030 | 7235000 | &nbsp;&nbsp; 7411570 |
| Morgan Stanley (U.S. SOFR+1.59%)± | 5.16 | &nbsp;&nbsp; 4-20-2029 | 8265000 | &nbsp;&nbsp; 8449834 |
| Morgan Stanley (U.S. SOFR+1.71%)± | 5.52 | &nbsp;&nbsp; 11-19-2055 | 12570000 | &nbsp;&nbsp; 12258658 |
| Morgan Stanley (U.S. SOFR+1.73%)± | 5.12 | &nbsp;&nbsp; 2-1-2029 | 10725000 | &nbsp;&nbsp; 10953910 |
| Morgan Stanley (U.S. SOFR+1.76%)± | 5.66 | &nbsp;&nbsp; 4-17-2036 | 11715000 | &nbsp;&nbsp; 12193866 |
| Morgan Stanley (U.S. SOFR+1.83%)± | 6.41 | &nbsp;&nbsp; 11-1-2029 | 14845000 | &nbsp;&nbsp; 15779982 |
| National Securities Clearing Corp.144A | 5.00 | &nbsp;&nbsp; 5-30-2028 | 5165000 | &nbsp;&nbsp; 5298535 |
| Santander Holdings USA, Inc. (U.S. SOFR+1.88%)± | 5.74 | &nbsp;&nbsp; 3-20-2031 | 14505000 | &nbsp;&nbsp; 15074305 |
| Santander Holdings USA, Inc. (U.S. SOFR+3.28%)± | 7.66 | &nbsp;&nbsp; 11-9-2031 | 11775000 | &nbsp;&nbsp; 13259785 |
| U.S. Bancorp (U.S. SOFR+1.86%)± | 5.68 | &nbsp;&nbsp; 1-23-2035 | 9930000 | &nbsp;&nbsp; 10348537 |
| U.S. Bancorp (U.S. SOFR+2.26%)± | 5.84 | &nbsp;&nbsp; 6-12-2034 | 33830000 | &nbsp;&nbsp; 35677498 |
| Wells Fargo & Co. (U.S. SOFR+1.50%)± | 3.35 | &nbsp;&nbsp; 3-2-2033 | 9585000 | &nbsp;&nbsp; 8838014 |
| Wells Fargo & Co. (U.S. SOFR 3 Month+4.50%)± | 5.01 | &nbsp;&nbsp; 4-4-2051 | 11530000 | &nbsp;&nbsp; 10420677 |
|  |  |  |  | &nbsp;&nbsp; **344794147** |
| **Diversified financial services: 0.75%** |  |  |  |  |
| Aircastle Ltd.144A | 5.95 | &nbsp;&nbsp; 2-15-2029 | 15725000 | &nbsp;&nbsp; 16403442 |
| Aircastle Ltd./Aircastle Ireland DAC144A | 5.25 | &nbsp;&nbsp; 3-15-2030 | 14665000 | &nbsp;&nbsp; 14964291 |
| American Express Co. (U.S. SOFR+1.22%)± | 4.92 | &nbsp;&nbsp; 7-20-2033 | 3365000 | &nbsp;&nbsp; 3408026 |
| Ares Finance Co. II LLC144A | 3.25 | &nbsp;&nbsp; 6-15-2030 | 14395000 | &nbsp;&nbsp; 13606927 |
| Citadel Finance LLC144A | 3.38 | &nbsp;&nbsp; 3-9-2026 | 8215000 | &nbsp;&nbsp; 8137934 |
| Citadel Finance LLC144A | 5.90 | &nbsp;&nbsp; 2-10-2030 | 8820000 | &nbsp;&nbsp; 8946259 |
| Computershare U.S., Inc. | 1.13 | &nbsp;&nbsp; 10-7-2031 | 7450000 | &nbsp;&nbsp; 7575929 |
| PRA Group, Inc.144A | 5.00 | &nbsp;&nbsp; 10-1-2029 | 970000 | &nbsp;&nbsp; 911429 |
| United Wholesale Mortgage LLC144A | 5.50 | &nbsp;&nbsp; 4-15-2029 | 1025000 | &nbsp;&nbsp; 1009467 |
|  |  |  |  | &nbsp;&nbsp; **74963704** |
| **Insurance: 2.24%** |  |  |  |  |
| 200 Park Funding Trust144A | 5.74 | &nbsp;&nbsp; 2-15-2055 | 25765000 | &nbsp;&nbsp; 25240227 |
| Athene Global Funding144A | 5.03 | &nbsp;&nbsp; 7-17-2030 | 13900000 | &nbsp;&nbsp; 14118415 |
| Athene Global Funding144A | 5.54 | &nbsp;&nbsp; 8-22-2035 | 16530000 | &nbsp;&nbsp; 16450922 |
| Brown & Brown, Inc. | 4.90 | &nbsp;&nbsp; 6-23-2030 | 7675000 | &nbsp;&nbsp; 7770518 |
| Cincinnati Financial Corp. | 6.13 | &nbsp;&nbsp; 11-1-2034 | 6850000 | &nbsp;&nbsp; 7318786 |
| Equitable America Global Funding144A | 4.95 | &nbsp;&nbsp; 6-9-2030 | 21885000 | &nbsp;&nbsp; 22324308 |
| Guardian Life Insurance Co. of America144A | 4.85 | &nbsp;&nbsp; 1-24-2077 | 13670000 | &nbsp;&nbsp; 11205039 |
| Jackson Financial, Inc. | 4.00 | &nbsp;&nbsp; 11-23-2051 | 9451000 | &nbsp;&nbsp; 6527460 |

---

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

Allspring Core Plus Bond Fund \| 15

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Insurance**(continued) |  |  |  |  |
| &nbsp;&nbsp; MetLife, Inc. Series G (5 Year Treasury Constant <br> Maturity+3.58%)ʊ±<br>| 3.85<br> %<br>| &nbsp;&nbsp; 9-15-2025 | $12859000 | &nbsp;&nbsp; $12818687 |
| New York Life Insurance Co.144A | 3.75 | &nbsp;&nbsp; 5-15-2050 | 6500000 | &nbsp;&nbsp; 4761291 |
| New York Life Insurance Co.144A | 5.88 | &nbsp;&nbsp; 5-15-2033 | 13030000 | &nbsp;&nbsp; 13712834 |
| NMI Holdings, Inc. | 6.00 | &nbsp;&nbsp; 8-15-2029 | 6355000 | &nbsp;&nbsp; 6524424 |
| Northwestern Mutual Life Insurance Co.144A | 3.63 | &nbsp;&nbsp; 9-30-2059 | 17534000 | &nbsp;&nbsp; 11755049 |
| Northwestern Mutual Life Insurance Co.144A | 6.17 | &nbsp;&nbsp; 5-29-2055 | 6240000 | &nbsp;&nbsp; 6508149 |
| Omnis Funding Trust144A | 6.72 | &nbsp;&nbsp; 5-15-2055 | 19735000 | &nbsp;&nbsp; 20380804 |
| &nbsp;&nbsp; PartnerRe Finance B LLC (5 Year Treasury Constant <br> Maturity+3.82%)±<br>| 4.50 | &nbsp;&nbsp; 10-1-2050 | 7490000 | &nbsp;&nbsp; 7013423 |
| &nbsp;&nbsp; Prudential Financial, Inc. (5 Year Treasury Constant <br> Maturity+3.16%)±<br>| 5.13 | &nbsp;&nbsp; 3-1-2052 | 2265000 | &nbsp;&nbsp; 2219533 |
| RGA Global Funding144A | 5.05 | &nbsp;&nbsp; 12-6-2031 | 12901000 | &nbsp;&nbsp; 13136038 |
| Transatlantic Holdings, Inc. | 8.00 | &nbsp;&nbsp; 11-30-2039 | 6994000 | &nbsp;&nbsp; 8771166 |
| Unum Group144A | 4.05 | &nbsp;&nbsp; 8-15-2041 | 5788000 | &nbsp;&nbsp; 4602205 |
|  |  |  |  | &nbsp;&nbsp; **223159278** |
| **Investment Companies: 0.45%** |  |  |  |  |
| Ares Capital Corp. BDC | 5.50 | &nbsp;&nbsp; 9-1-2030 | 11160000 | &nbsp;&nbsp; 11302421 |
| Ares Capital Corp. BDC | 5.88 | &nbsp;&nbsp; 3-1-2029 | 6035000 | &nbsp;&nbsp; 6210533 |
| Ares Strategic Income Fund BDC | 5.70 | &nbsp;&nbsp; 3-15-2028 | 12440000 | &nbsp;&nbsp; 12611159 |
| Blue Owl Capital Corp. BDC | 5.95 | &nbsp;&nbsp; 3-15-2029 | 15000000 | &nbsp;&nbsp; 15233190 |
|  |  |  |  | &nbsp;&nbsp; **45357303** |
| **REITs: 0.62%** |  |  |  |  |
| Brandywine Operating Partnership LP | 8.88 | &nbsp;&nbsp; 4-12-2029 | 1015000 | &nbsp;&nbsp; 1103483 |
| EPR Properties | 3.60 | &nbsp;&nbsp; 11-15-2031 | 6425000 | &nbsp;&nbsp; 5874193 |
| Essential Properties LP | 2.95 | &nbsp;&nbsp; 7-15-2031 | 16938000 | &nbsp;&nbsp; 15237991 |
| &nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital <br> Finance Corp.144A<br>| 7.00 | &nbsp;&nbsp; 7-15-2031 | 710000 | &nbsp;&nbsp; 746522 |
| Omega Healthcare Investors, Inc. | 3.63 | &nbsp;&nbsp; 10-1-2029 | 8365000 | &nbsp;&nbsp; 8005766 |
| Piedmont Operating Partnership LP | 2.75 | &nbsp;&nbsp; 4-1-2032 | 2670000 | &nbsp;&nbsp; 2257016 |
| Piedmont Operating Partnership LP | 9.25 | &nbsp;&nbsp; 7-20-2028 | 6908000 | &nbsp;&nbsp; 7678082 |
| Realty Income Corp. | 5.13 | &nbsp;&nbsp; 7-6-2034 | 4700000 | &nbsp;&nbsp; 6070111 |
| SBA Tower Trust144A | 1.63 | &nbsp;&nbsp; 11-15-2026 | 6595000 | &nbsp;&nbsp; 6379395 |
| &nbsp;&nbsp; WEA Finance LLC/Westfield U.K. & Europe <br> Finance PLC144A<br>| 4.75 | &nbsp;&nbsp; 9-17-2044 | 9810000 | &nbsp;&nbsp; 8221775 |
|  |  |  |  | &nbsp;&nbsp; **61574334** |
| **Industrial: 0.69%** |  |  |  |  |
| **Aerospace/defense: 0.11%** |  |  |  |  |
| Boeing Co. | 5.81 | &nbsp;&nbsp; 5-1-2050 | 6600000 | &nbsp;&nbsp; 6346803 |
| Spirit AeroSystems, Inc.144A | 9.75 | &nbsp;&nbsp; 11-15-2030 | 3745000 | &nbsp;&nbsp; 4124444 |
|  |  |  |  | &nbsp;&nbsp; **10471247** |
| **Building materials: 0.05%** |  |  |  |  |
| Camelot Return Merger Sub, Inc.144A | 8.75 | &nbsp;&nbsp; 8-1-2028 | 5000000 | &nbsp;&nbsp; **4811112** |

---

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

16 \| Allspring Core Plus Bond Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Electronics: 0.04%** |  |  |  |  |
| Sensata Technologies, Inc.144A | 6.63<br> %<br>| &nbsp;&nbsp; 7-15-2032 | $4125000 | &nbsp;&nbsp; **$4260469** |
| **Transportation: 0.20%** |  |  |  |  |
| United Parcel Service, Inc. | 5.95 | &nbsp;&nbsp; 5-14-2055 | 9955000 | &nbsp;&nbsp; 10070266 |
| United Parcel Service, Inc. | 6.05 | &nbsp;&nbsp; 5-14-2065 | 9990000 | &nbsp;&nbsp; 10103475 |
|  |  |  |  | &nbsp;&nbsp; **20173741** |
| **Trucking & leasing: 0.29%** |  |  |  |  |
| FTAI Aviation Investors LLC144A | 7.00 | &nbsp;&nbsp; 6-15-2032 | 24680000 | &nbsp;&nbsp; 25757405 |
| GATX Corp. | 6.05 | &nbsp;&nbsp; 6-5-2054 | 3555000 | &nbsp;&nbsp; 3553321 |
|  |  |  |  | &nbsp;&nbsp; **29310726** |
| **Technology: 0.79%** |  |  |  |  |
| **Computers: 0.20%** |  |  |  |  |
| Booz Allen Hamilton, Inc. | 5.95 | &nbsp;&nbsp; 4-15-2035 | 15260000 | &nbsp;&nbsp; 15704432 |
| Kyndryl Holdings, Inc. | 2.05 | &nbsp;&nbsp; 10-15-2026 | 3938000 | &nbsp;&nbsp; 3832296 |
|  |  |  |  | &nbsp;&nbsp; **19536728** |
| **Semiconductors: 0.45%** |  |  |  |  |
| Entegris, Inc.144A | 4.75 | &nbsp;&nbsp; 4-15-2029 | 6995000 | &nbsp;&nbsp; 6894462 |
| Foundry JV Holdco LLC144A | 6.20 | &nbsp;&nbsp; 1-25-2037 | 30655000 | &nbsp;&nbsp; 32234306 |
| Intel Corp. | 2.80 | &nbsp;&nbsp; 8-12-2041 | 3490000 | &nbsp;&nbsp; 2339075 |
| Intel Corp. | 3.25 | &nbsp;&nbsp; 11-15-2049 | 5915000 | &nbsp;&nbsp; 3693820 |
|  |  |  |  | &nbsp;&nbsp; **45161663** |
| **Software: 0.14%** |  |  |  |  |
| Cloud Software Group, Inc.144A | 8.25 | &nbsp;&nbsp; 6-30-2032 | 10000000 | &nbsp;&nbsp; 10691280 |
| Oracle Corp. | 3.85 | &nbsp;&nbsp; 4-1-2060 | 4405000 | &nbsp;&nbsp; 2941771 |
|  |  |  |  | &nbsp;&nbsp; **13633051** |
| **Utilities: 1.58%** |  |  |  |  |
| **Electric: 1.49%** |  |  |  |  |
| AES Corp. (5 Year Treasury Constant Maturity+3.20%)± | 7.60 | &nbsp;&nbsp; 1-15-2055 | 935000 | &nbsp;&nbsp; 960737 |
| Baltimore Gas & Electric Co. | 5.45 | &nbsp;&nbsp; 6-1-2035 | 8320000 | &nbsp;&nbsp; 8573196 |
| &nbsp;&nbsp; Dominion Energy, Inc. (5 Year Treasury Constant <br> Maturity+2.21%)±<br>| 6.63 | &nbsp;&nbsp; 5-15-2055 | 9465000 | &nbsp;&nbsp; 9696060 |
| Duke Energy Corp. | 3.10 | &nbsp;&nbsp; 6-15-2028 | 1600000 | &nbsp;&nbsp; 1887439 |
| Duke Energy Corp. | 3.85 | &nbsp;&nbsp; 6-15-2034 | 7400000 | &nbsp;&nbsp; 8583643 |
| Duke Energy Indiana LLC | 5.40 | &nbsp;&nbsp; 4-1-2053 | 8165000 | &nbsp;&nbsp; 7767173 |
| Entergy Mississippi LLC | 5.80 | &nbsp;&nbsp; 4-15-2055 | 5970000 | &nbsp;&nbsp; 5943385 |
| &nbsp;&nbsp; EUSHI Finance, Inc. (5 Year Treasury Constant <br> Maturity+3.14%)±<br>| 7.63 | &nbsp;&nbsp; 12-15-2054 | 11345000 | &nbsp;&nbsp; 11853245 |
| &nbsp;&nbsp; Evergy, Inc. (5 Year Treasury Constant <br> Maturity+2.56%)±<br>| 6.65 | &nbsp;&nbsp; 6-1-2055 | 8790000 | &nbsp;&nbsp; 8918480 |
| Interstate Power & Light Co. | 5.60 | &nbsp;&nbsp; 6-29-2035 | 7680000 | &nbsp;&nbsp; 7940904 |
| Niagara Mohawk Power Corp.144A | 6.00 | &nbsp;&nbsp; 7-3-2055 | 9700000 | &nbsp;&nbsp; 9640240 |
| PG&E Corp. | 5.25 | &nbsp;&nbsp; 7-1-2030 | 1055000 | &nbsp;&nbsp; 1028170 |
| &nbsp;&nbsp; PG&E Corp. (5 Year Treasury Constant <br> Maturity+3.88%)±<br>| 7.38 | &nbsp;&nbsp; 3-15-2055 | 17235000 | &nbsp;&nbsp; 17103745 |

---

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

Allspring Core Plus Bond Fund \| 17

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Electric**(continued) |  |  |  |  |
| PSEG Power LLC144A | 5.75<br> %<br>| &nbsp;&nbsp; 5-15-2035 | $12505000 | &nbsp;&nbsp; $12945659 |
| Sempra (5 Year Treasury Constant Maturity+2.35%)± | 6.63 | &nbsp;&nbsp; 4-1-2055 | 10250000 | &nbsp;&nbsp; 10278423 |
| Southern California Edison Co. | 3.65 | &nbsp;&nbsp; 2-1-2050 | 1655000 | &nbsp;&nbsp; 1139364 |
| Southern California Edison Co. | 5.75 | &nbsp;&nbsp; 4-15-2054 | 9175000 | &nbsp;&nbsp; 8586584 |
| Southwestern Public Service Co. | 6.00 | &nbsp;&nbsp; 6-1-2054 | 5485000 | &nbsp;&nbsp; 5487641 |
| Vistra Operations Co. LLC144A | 3.70 | &nbsp;&nbsp; 1-30-2027 | 1175000 | &nbsp;&nbsp; 1163731 |
| Vistra Operations Co. LLC144A | 5.00 | &nbsp;&nbsp; 7-31-2027 | 9215000 | &nbsp;&nbsp; 9190118 |
|  |  |  |  | &nbsp;&nbsp; **148687937** |
| **Gas: 0.09%** |  |  |  |  |
| Brooklyn Union Gas Co.144A | 6.39 | &nbsp;&nbsp; 9-15-2033 | 8755000 | &nbsp;&nbsp; **9332561** |
| **Total corporate bonds and notes (Cost $1,803,909,076)** |  |  |  | &nbsp;&nbsp; **1831967383** |
| **Foreign corporate bonds and notes: 3.35%** |  |  |  |  |
| **Communications: 0.84%** |  |  |  |  |
| **Internet: 0.06%** |  |  |  |  |
| United Group BV144A | 6.50 | &nbsp;&nbsp; 10-31-2031 | 5000000 | &nbsp;&nbsp; **5943420** |
| **Media: 0.00%** |  |  |  |  |
| Tele Columbus AG (PIK at 10.00%)144A¥ | 10.00 | &nbsp;&nbsp; 1-1-2029 | 173494 | &nbsp;&nbsp; **145226** |
| **Telecommunications: 0.78%** |  |  |  |  |
| British Telecommunications PLC | 3.13 | &nbsp;&nbsp; 2-11-2032 | 5250000 | &nbsp;&nbsp; 6073670 |
| &nbsp;&nbsp; British Telecommunications PLC (UK Gilts 5 <br> Year+3.82%)±<br>| 8.38 | &nbsp;&nbsp; 12-20-2083 | 5000000 | &nbsp;&nbsp; 7248957 |
| Eutelsat SA | 1.50 | &nbsp;&nbsp; 10-13-2028 | 5600000 | &nbsp;&nbsp; 6077634 |
| Fibercop SpA | 1.63 | &nbsp;&nbsp; 1-18-2029 | 5824000 | &nbsp;&nbsp; 6379851 |
| Koninklijke KPN NV | 3.88 | &nbsp;&nbsp; 7-3-2031 | 4600000 | &nbsp;&nbsp; 5592968 |
| Lorca Telecom Bondco SA | 4.00 | &nbsp;&nbsp; 9-18-2027 | 5000000 | &nbsp;&nbsp; 5855838 |
| SES SA (EURIBOR ICE Swap Rate 11:00am+3.23%)± | 5.50 | &nbsp;&nbsp; 9-12-2054 | 10295000 | &nbsp;&nbsp; 11980941 |
| Telecom Italia SpA | 1.63 | &nbsp;&nbsp; 1-18-2029 | 3376000 | &nbsp;&nbsp; 3765094 |
| Telefonaktiebolaget LM Ericsson | 1.00 | &nbsp;&nbsp; 5-26-2029 | 1550000 | &nbsp;&nbsp; 1684334 |
| &nbsp;&nbsp; Telefonica Europe BV (EUR Swap Annual (vs. 6 Month <br> EURIBOR) 7 Year+3.35%)ʊ±<br>| 6.14 | &nbsp;&nbsp; 2-3-2030 | 5000000 | &nbsp;&nbsp; 6323206 |
| VMED O2 U.K. Financing I PLC | 5.63 | &nbsp;&nbsp; 4-15-2032 | 5000000 | &nbsp;&nbsp; 5986183 |
| &nbsp;&nbsp; Vodafone Group PLC (EUR Swap Annual (vs. 6 Month <br> EURIBOR) 5 Year+3.48%)±<br>| 3.00 | &nbsp;&nbsp; 8-27-2080 | 4535000 | &nbsp;&nbsp; 5072020 |
| Zegona Finance PLC144A | 6.75 | &nbsp;&nbsp; 7-15-2029 | 4500000 | &nbsp;&nbsp; 5572779 |
|  |  |  |  | &nbsp;&nbsp; **77613475** |
| **Consumer, cyclical: 0.50%** |  |  |  |  |
| **Entertainment: 0.23%** |  |  |  |  |
| 888 Acquisitions Ltd.144A | 7.56 | &nbsp;&nbsp; 7-15-2027 | 5000000 | &nbsp;&nbsp; 5854237 |
| Banijay Entertainment SASU144A | 7.00 | &nbsp;&nbsp; 5-1-2029 | 5000000 | &nbsp;&nbsp; 6086076 |
| Cirsa Finance International Sarl144A | 10.38 | &nbsp;&nbsp; 11-30-2027 | 5188500 | &nbsp;&nbsp; 6302294 |
| Universal Music Group NV | 4.00 | &nbsp;&nbsp; 6-13-2031 | 3800000 | &nbsp;&nbsp; 4610316 |
|  |  |  |  | &nbsp;&nbsp; **22852923** |

---

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

18 \| Allspring Core Plus Bond Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Leisure time: 0.12%** |  |  |  |  |  |
| TUI AG | 5.88<br> %<br>| &nbsp;&nbsp; 3-15-2029 | EUR | 5030000 | &nbsp;&nbsp; $6112862 |
| TUI Cruises GmbH144A | 5.00 | &nbsp;&nbsp; 5-15-2030 | EUR | 5000000 | &nbsp;&nbsp; 5996114 |
|  |  |  |  |  | &nbsp;&nbsp; **12108976** |
| **Lodging: 0.06%** |  |  |  |  |  |
| Essendi SA | 5.50 | &nbsp;&nbsp; 11-15-2031 | EUR | 5400000 | &nbsp;&nbsp; **6467748** |
| **Retail: 0.09%** |  |  |  |  |  |
| Dufry One BV | 4.50 | &nbsp;&nbsp; 5-23-2032 | EUR | 4123000 | &nbsp;&nbsp; 4901101 |
| Fressnapf Holding SE | 5.25 | &nbsp;&nbsp; 10-31-2031 | EUR | 3323000 | &nbsp;&nbsp; 3981786 |
|  |  |  |  |  | &nbsp;&nbsp; **8882887** |
| **Consumer, non-cyclical: 0.57%** |  |  |  |  |  |
| **Agriculture: 0.06%** |  |  |  |  |  |
| BAT International Finance PLC | 2.25 | &nbsp;&nbsp; 1-16-2030 | EUR | 5250000 | &nbsp;&nbsp; **5953245** |
| **Beverages: 0.04%** |  |  |  |  |  |
| Anheuser-Busch InBev SA | 1.13 | &nbsp;&nbsp; 7-1-2027 | EUR | 4000000 | &nbsp;&nbsp; **4577184** |
| **Commercial services: 0.21%** |  |  |  |  |  |
| Nexi SpA | 2.13 | &nbsp;&nbsp; 4-30-2029 | EUR | 6000000 | &nbsp;&nbsp; 6744763 |
| Rentokil Initial Finance BV | 3.88 | &nbsp;&nbsp; 6-27-2027 | EUR | 3000000 | &nbsp;&nbsp; 3582437 |
| Transurban Finance Co. Pty. Ltd. | 4.23 | &nbsp;&nbsp; 4-26-2033 | EUR | 3000000 | &nbsp;&nbsp; 3659330 |
| Verisure Holding AB | 5.50 | &nbsp;&nbsp; 5-15-2030 | EUR | 5445000 | &nbsp;&nbsp; 6614459 |
| Verisure Holding AB144A | 9.25 | &nbsp;&nbsp; 10-15-2027 | EUR | 404000 | &nbsp;&nbsp; 487433 |
|  |  |  |  |  | &nbsp;&nbsp; **21088422** |
| **Food: 0.14%** |  |  |  |  |  |
| Iceland Bondco PLC | 10.88 | &nbsp;&nbsp; 12-15-2027 | GBP | 4814000 | &nbsp;&nbsp; 6885349 |
| Market Bidco Finco PLC | 5.50 | &nbsp;&nbsp; 11-4-2027 | GBP | 5000000 | &nbsp;&nbsp; 6775017 |
|  |  |  |  |  | &nbsp;&nbsp; **13660366** |
| **Healthcare-services: 0.06%** |  |  |  |  |  |
| Ephios Subco 3 Sarl | 7.88 | &nbsp;&nbsp; 1-31-2031 | EUR | 5000000 | &nbsp;&nbsp; **6207665** |
| **Pharmaceuticals: 0.06%** |  |  |  |  |  |
| &nbsp;&nbsp; Bayer AG (EUR Swap Annual (vs. 6 Month EURIBOR) 5 <br> Year+3.11%)±<br>| 3.13 | &nbsp;&nbsp; 11-12-2079 | EUR | 5000000 | &nbsp;&nbsp; **5746434** |
| **Energy: 0.08%** |  |  |  |  |  |
| **Oil & gas: 0.08%** |  |  |  |  |  |
| Aker BP ASA | 1.13 | &nbsp;&nbsp; 5-12-2029 | EUR | 1200000 | &nbsp;&nbsp; 1311122 |
| &nbsp;&nbsp; Repsol International Finance BV (EUR Swap Annual (vs. <br> 6 Month EURIBOR) 5 Year+2.77%)ʊ±<br>| 2.50 | &nbsp;&nbsp; 12-22-2026 | EUR | 500000 | &nbsp;&nbsp; 579189 |
| &nbsp;&nbsp; Wintershall Dea Finance 2 BV Series NC8 (EUR Swap <br> Annual (vs. 6 Month EURIBOR) 5 Year+3.32%)ʊ±<br>| 3.00 | &nbsp;&nbsp; 7-20-2028 | EUR | 5000000 | &nbsp;&nbsp; 5604148 |
|  |  |  |  |  | &nbsp;&nbsp; **7494459** |

---

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

Allspring Core Plus Bond Fund \| 19

------

Portfolio of investments—August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Financial: 0.72%** |  |  |  |  |  |
| **Banks: 0.57%** |  |  |  |  |  |
| &nbsp;&nbsp; ABN AMRO Bank NV (EUR Swap Annual (vs. 6 Month <br> EURIBOR) 5 Year+3.90%)ʊ±<br>| 4.75<br> %<br>| &nbsp;&nbsp; 9-22-2027 | EUR | 4900000 | &nbsp;&nbsp; $5737984 |
| &nbsp;&nbsp; BAWAG Group AG (EURIBOR ICE Swap Rate <br> 11:00am+5.05%)ʊ±<br>| 7.25 | &nbsp;&nbsp; 9-18-2029 | EUR | 5000000 | &nbsp;&nbsp; 6207635 |
| &nbsp;&nbsp; CaixaBank SA (EUR Swap Annual (vs. 6 Month EURIBOR) <br> 5 Year+3.55%)±<br>| 6.25 | &nbsp;&nbsp; 2-23-2033 | EUR | 2800000 | &nbsp;&nbsp; 3504770 |
| &nbsp;&nbsp; Credit Agricole SA (EURIBOR ICE Swap Rate <br> 11:00am+4.44%)ʊ±<br>| 7.25 | &nbsp;&nbsp; 9-23-2028 | EUR | 4700000 | &nbsp;&nbsp; 5897173 |
| Deutsche Bank AG (3 Month EURIBOR+1.50%)± | 4.13 | &nbsp;&nbsp; 4-4-2030 | EUR | 5000000 | &nbsp;&nbsp; 6040439 |
| Deutsche Bank AG (3 Month EURIBOR+2.95%)± | 5.00 | &nbsp;&nbsp; 9-5-2030 | EUR | 1500000 | &nbsp;&nbsp; 1871809 |
| &nbsp;&nbsp; KBC Group NV (EURIBOR ICE Swap Rate <br> 11:00am+4.93%)ʊ±<br>| 8.00 | &nbsp;&nbsp; 9-5-2028 | EUR | 5800000 | &nbsp;&nbsp; 7574224 |
| &nbsp;&nbsp; Nykredit Realkredit AS (EUR Swap Annual (vs. 6 Month <br> EURIBOR) 5 Year+4.57%)ʊ±<br>| 4.13 | &nbsp;&nbsp; 4-15-2026 | EUR | 5400000 | &nbsp;&nbsp; 6328420 |
| &nbsp;&nbsp; Raiffeisen Bank International AG (EURIBOR ICE Swap <br> Rate 11:00am+5.20%)±<br>| 7.38 | &nbsp;&nbsp; 12-20-2032 | EUR | 5900000 | &nbsp;&nbsp; 7439837 |
| &nbsp;&nbsp; UBS Group AG (EURIBOR ICE Swap Rate <br> 11:00am+4.95%)±<br>| 7.75 | &nbsp;&nbsp; 3-1-2029 | EUR | 4700000 | &nbsp;&nbsp; 6145196 |
|  |  |  |  |  | &nbsp;&nbsp; **56747487** |
| **Diversified financial services: 0.06%** |  |  |  |  |  |
| Sherwood Financing PLC | 4.50 | &nbsp;&nbsp; 11-15-2026 | EUR | 5000000 | &nbsp;&nbsp; **5837804** |
| **Insurance: 0.03%** |  |  |  |  |  |
| AXA SA | 3.63 | &nbsp;&nbsp; 1-10-2033 | EUR | 2950000 | &nbsp;&nbsp; **3579132** |
| **Real estate: 0.06%** |  |  |  |  |  |
| &nbsp;&nbsp; Castellum AB (EUR Swap Annual (vs. 6 Month EURIBOR) <br> 5 Year+3.45%)ʊ±<br>| 3.13 | &nbsp;&nbsp; 12-2-2026 | EUR | 5000000 | &nbsp;&nbsp; **5782198** |
| **Government securities: 0.10%** |  |  |  |  |  |
| **Multi-national: 0.10%** |  |  |  |  |  |
| Banque Ouest Africaine de Developpement | 2.75 | &nbsp;&nbsp; 1-22-2033 | EUR | 10350000 | &nbsp;&nbsp; **10273145** |
| **Industrial: 0.11%** |  |  |  |  |  |
| **Engineering & construction: 0.05%** |  |  |  |  |  |
| Infrastrutture Wireless Italiane SpA | 1.75 | &nbsp;&nbsp; 4-19-2031 | EUR | 4800000 | &nbsp;&nbsp; **5222067** |
| **Packaging & containers: 0.06%** |  |  |  |  |  |
| OI European Group BV | 6.25 | &nbsp;&nbsp; 5-15-2028 | EUR | 5000000 | &nbsp;&nbsp; **6004662** |
| **Technology: 0.13%** |  |  |  |  |  |
| **Computers: 0.13%** |  |  |  |  |  |
| Almaviva-The Italian Innovation Co. SpA144A | 5.00 | &nbsp;&nbsp; 10-30-2030 | EUR | 5000000 | &nbsp;&nbsp; 5921607 |
| Teleperformance SE | 5.75 | &nbsp;&nbsp; 11-22-2031 | EUR | 5300000 | &nbsp;&nbsp; 6729834 |
|  |  |  |  |  | &nbsp;&nbsp; **12651441** |

---

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

20 \| Allspring Core Plus Bond Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Utilities: 0.30%** |  |  |  |  |  |
| **Electric: 0.15%** |  |  |  |  |  |
| Enel Finance International NVøø | 0.75<br> %<br>| &nbsp;&nbsp; 6-17-2030 | EUR | 1100000 | &nbsp;&nbsp; $1163244 |
| Enel Finance International NV | 4.00 | &nbsp;&nbsp; 2-20-2031 | EUR | 3000000 | &nbsp;&nbsp; 3677857 |
| Energia Group Roi Financeco DAC144A | 6.88 | &nbsp;&nbsp; 7-31-2028 | EUR | 3180000 | &nbsp;&nbsp; 3857013 |
| Vattenfall AB (UK Gilts 5 Year+1.90%)± | 2.50 | &nbsp;&nbsp; 6-29-2083 | GBP | 4713000 | &nbsp;&nbsp; 5841966 |
|  |  |  |  |  | &nbsp;&nbsp; **14540080** |
| **Gas: 0.09%** |  |  |  |  |  |
| APA Infrastructure Ltd. | 2.00 | &nbsp;&nbsp; 7-15-2030 | EUR | 8250000 | &nbsp;&nbsp; **9147780** |
| **Water: 0.06%** |  |  |  |  |  |
| &nbsp;&nbsp; Holding d'Infrastructures des Metiers de <br> l'Environnement<br>| 4.88 | &nbsp;&nbsp; 10-24-2029 | EUR | 5000000 | &nbsp;&nbsp; **6072704** |
| &nbsp;&nbsp; **Total foreign corporate bonds and notes** <br> **(Cost $301,082,538)**<br>|  |  |  |  | &nbsp;&nbsp; **334600930** |
| **Foreign government bonds: 4.32%** |  |  |  |  |  |
| **Australia: 0.49%** |  |  |  |  |  |
| New South Wales Treasury Corp. | 3.00 | &nbsp;&nbsp; 4-20-2029 | AUD | 38225000 | &nbsp;&nbsp; 24420205 |
| Queensland Treasury Corp.144A | 3.50 | &nbsp;&nbsp; 8-21-2030 | AUD | 38115000 | &nbsp;&nbsp; 24414039 |
|  |  |  |  |  | &nbsp;&nbsp; **48834244** |
| **Brazil: 0.80%** |  |  |  |  |  |
| Brazil | 10.00 | &nbsp;&nbsp; 1-1-2027 | BRL | 455000000 | &nbsp;&nbsp; **80207920** |
| **Colombia: 0.49%** |  |  |  |  |  |
| Colombia TES | 5.75 | &nbsp;&nbsp; 11-3-2027 | COP | 210000000000 | &nbsp;&nbsp; **48774261** |
| **France: 1.12%** |  |  |  |  |  |
| French Republic144A | 2.70 | &nbsp;&nbsp; 2-25-2031 | EUR | 95900000 | &nbsp;&nbsp; **111502736** |
| **Indonesia: 0.22%** |  |  |  |  |  |
| Indonesia | 6.88 | &nbsp;&nbsp; 4-15-2029 | IDR | 355000000000 | &nbsp;&nbsp; **22440877** |
| **South Africa: 0.25%** |  |  |  |  |  |
| Republic of South Africa | 8.00 | &nbsp;&nbsp; 1-31-2030 | ZAR | 446075000 | &nbsp;&nbsp; **25179100** |
| **United Kingdom: 0.95%** |  |  |  |  |  |
| U.K. Gilts | 3.25 | &nbsp;&nbsp; 1-31-2033 | GBP | 37750000 | &nbsp;&nbsp; 47184058 |
| U.K. Gilts | 4.13 | &nbsp;&nbsp; 7-22-2029 | GBP | 34820000 | &nbsp;&nbsp; 47227517 |
|  |  |  |  |  | &nbsp;&nbsp; **94411575** |
| **Total foreign government bonds (Cost $417,451,716)** |  |  |  |  | &nbsp;&nbsp; **431350713** |

---

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

Allspring Core Plus Bond Fund \| 21

------

Portfolio of investments—August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Investment companies: 0.20%** |  |  |
| **Exchange-traded funds: 0.20%** |  |  |
| SPDR Portfolio High Yield Bond ETF | 844925 | &nbsp;&nbsp; **$20143012** |
| **Total investment companies (Cost $19,512,598)** |  | &nbsp;&nbsp; **20143012** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal |  |
| **Loans: 0.14%** |  |  |  |  |
| **Communications: 0.08%** |  |  |  |  |
| **Media: 0.00%** |  |  |  |  |
| DIRECTV Financing LLC (U.S. SOFR 3 Month+5.00%)± | 9.57<br> %<br>| &nbsp;&nbsp; 8-2-2027 | $447771 | &nbsp;&nbsp; **448192** |
| **Telecommunications: 0.08%** |  |  |  |  |
| &nbsp;&nbsp; Lumen Technologies, Inc. (U.S. SOFR 1 <br> Month+2.35%)±<br>| 6.78 | &nbsp;&nbsp; 4-15-2030 | 7560731 | &nbsp;&nbsp; **7507201** |
| **Consumer, cyclical: 0.01%** |  |  |  |  |
| **Airlines: 0.00%** |  |  |  |  |
| &nbsp;&nbsp; Vista Management Holding, Inc. (U.S. SOFR 3 <br> Month+3.75%)±<br>| 8.04 | &nbsp;&nbsp; 4-1-2031 | 445000 | &nbsp;&nbsp; **447087** |
| **Retail: 0.01%** |  |  |  |  |
| &nbsp;&nbsp; Petco Health & Wellness Co., Inc. (U.S. SOFR 3 <br> Month+3.25%)±<br>| 7.81 | &nbsp;&nbsp; 3-3-2028 | 900000 | &nbsp;&nbsp; **866628** |
| **Consumer, non-cyclical: 0.05%** |  |  |  |  |
| **Healthcare-services: 0.05%** |  |  |  |  |
| Modivcare, Inc. (U.S. SOFR 3 Month+4.75%)± | 9.05 | &nbsp;&nbsp; 7-1-2031 | 7462304 | &nbsp;&nbsp; 3264758 |
| Modivcare, Inc. (U.S. SOFR 3 Month+7.50%)‡± | 11.78 | &nbsp;&nbsp; 1-12-2026 | 1294283 | &nbsp;&nbsp; 575956 |
| Modivcare, Inc. (U.S. SOFR 3 Month+6.00%)‡± | 13.50 | &nbsp;&nbsp; 2-22-2026 | 646787 | &nbsp;&nbsp; 633851 |
|  |  |  |  | &nbsp;&nbsp; **4474565** |
| **Total loans (Cost $18,420,894)** |  |  |  | &nbsp;&nbsp; **13743673** |
| **Municipal obligations: 0.04%** |  |  |  |  |
| **Illinois: 0.02%** |  |  |  |  |
| **Housing revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois <br> McCormick Place Expansion Project Fund Series B <br> (AG Insured)¤<br>| 0.00 | &nbsp;&nbsp; 6-15-2026 | 1975000 | &nbsp;&nbsp; **1930921** |
| **Tax revenue: 0.00%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Pier & Exposition Authority State of Illinois <br> McCormick Place Expansion Project Fund Series B <br> CAB¤<br>| 0.00 | &nbsp;&nbsp; 12-15-2051 | 765000 | &nbsp;&nbsp; **184404** |
|  |  |  |  | &nbsp;&nbsp; **2115325** |

---

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

22 \| Allspring Core Plus Bond Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Pennsylvania: 0.02%** |  |  |  |  |
| **Housing revenue: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; Commonwealth Financing Authority Pennsylvania <br> Series A<br>| 4.14<br> %<br>| &nbsp;&nbsp; 6-1-2038 | $1995000 | &nbsp;&nbsp; $**1859089** |
| **Total municipal obligations (Cost $4,018,154)** |  |  |  | &nbsp;&nbsp; **3974414** |
| **Non-agency mortgage-backed securities: 5.52%** |  |  |  |  |
| &nbsp;&nbsp; 1345 Trust Series 2025-AOA Class A (U.S. SOFR 1 <br> Month+1.60%)144A±<br>| 5.96 | &nbsp;&nbsp; 6-15-2042 | 2300000 | &nbsp;&nbsp; 2309343 |
| A&D Mortgage Trust Series 2024-NQM4 Class A1144A | 5.46 | &nbsp;&nbsp; 8-25-2069 | 2647594 | &nbsp;&nbsp; 2657392 |
| A&D Mortgage Trust Series 2024-NQM5 Class A1144A | 5.70 | &nbsp;&nbsp; 11-25-2069 | 1724021 | &nbsp;&nbsp; 1735828 |
| &nbsp;&nbsp; A&D Mortgage Trust Series 2024-NQM6 <br> Class A2144A±±<br>| 5.92 | &nbsp;&nbsp; 1-25-2070 | 694101 | &nbsp;&nbsp; 698757 |
| &nbsp;&nbsp; A&D Mortgage Trust Series 2025-NQM3 <br> Class A1144A±±<br>| 5.37 | &nbsp;&nbsp; 8-25-2070 | 27446359 | &nbsp;&nbsp; 27575783 |
| &nbsp;&nbsp; Agate Bay Mortgage Trust Series 2015-3 <br> Class B3144A±±<br>| 3.44 | &nbsp;&nbsp; 4-25-2045 | 390024 | &nbsp;&nbsp; 321725 |
| &nbsp;&nbsp; Ajax Mortgage Loan Trust Series 2021-E <br> Class A1144A±±<br>| 1.74 | &nbsp;&nbsp; 12-25-2060 | 2609393 | &nbsp;&nbsp; 2295864 |
| &nbsp;&nbsp; ALA Trust Series 2025-OANA Class A (U.S. SOFR 1 <br> Month+1.74%)144A±<br>| 6.11 | &nbsp;&nbsp; 6-15-2040 | 5000000 | &nbsp;&nbsp; 5021875 |
| &nbsp;&nbsp; Angel Oak Mortgage Trust Series 2020-4 <br> Class A1144A±±<br>| 1.47 | &nbsp;&nbsp; 6-25-2065 | 487633 | &nbsp;&nbsp; 466967 |
| &nbsp;&nbsp; Angel Oak Mortgage Trust Series 2024-10 <br> Class A1144A±±<br>| 5.35 | &nbsp;&nbsp; 10-25-2069 | 9379866 | &nbsp;&nbsp; 9421775 |
| BAHA Trust Series 2024-MAR Class B144A±± | 7.07 | &nbsp;&nbsp; 12-10-2041 | 20000000 | &nbsp;&nbsp; 20857394 |
| Bank Series 2022-BNK44 Class A5±± | 5.94 | &nbsp;&nbsp; 11-15-2055 | 1085000 | &nbsp;&nbsp; 1155946 |
| BBCMS Mortgage Trust Series 2024-5C25 Class AS±± | 6.36 | &nbsp;&nbsp; 3-15-2057 | 14415000 | &nbsp;&nbsp; 15084079 |
| Benchmark Mortgage Trust Series 2022-B33 Class A5 | 3.46 | &nbsp;&nbsp; 3-15-2055 | 14391000 | &nbsp;&nbsp; 13283215 |
| &nbsp;&nbsp; BHMS Commercial Mortgage Trust Series 2025-ATLS <br> Class B (U.S. SOFR 1 Month+2.55%)144A±<br>| 6.90 | &nbsp;&nbsp; 8-15-2042 | 8570000 | &nbsp;&nbsp; 8596781 |
| BMO Mortgage Trust Series 2024-C8 Class AS±± | 5.91 | &nbsp;&nbsp; 3-15-2057 | 10685000 | &nbsp;&nbsp; 11218292 |
| &nbsp;&nbsp; Bunker Hill Loan Depositary Trust Series 2019-3 <br> Class A1144A±±<br>| 2.72 | &nbsp;&nbsp; 11-25-2059 | 196904 | &nbsp;&nbsp; 195024 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust Series 2023-VLT3 <br> Class B (U.S. SOFR 1 Month+2.69%)144A±<br>| 7.05 | &nbsp;&nbsp; 11-15-2028 | 13250000 | &nbsp;&nbsp; 13250000 |
| BX Trust Series 2019-OC11 Class A144A | 3.20 | &nbsp;&nbsp; 12-9-2041 | 4975000 | &nbsp;&nbsp; 4704369 |
| &nbsp;&nbsp; BX Trust Series 2021-ARIA Class A (U.S. SOFR 1 <br> Month+1.01%)144A±<br>| 5.38 | &nbsp;&nbsp; 10-15-2036 | 5322000 | &nbsp;&nbsp; 5322000 |
| &nbsp;&nbsp; BX Trust Series 2021-ARIA Class D (U.S. SOFR 1 <br> Month+2.01%)144A±<br>| 6.37 | &nbsp;&nbsp; 10-15-2036 | 7836000 | &nbsp;&nbsp; 7840898 |
| BX Trust Series 2022-CLS Class C144A | 6.79 | &nbsp;&nbsp; 10-13-2027 | 1000000 | &nbsp;&nbsp; 984043 |
| &nbsp;&nbsp; BX Trust Series 2024-BIO Class C (U.S. SOFR 1 <br> Month+2.64%)144A±<br>| 7.00 | &nbsp;&nbsp; 2-15-2041 | 10995000 | &nbsp;&nbsp; 10964077 |
| CD Mortgage Trust Series 2017-CD6 Class A5 | 3.46 | &nbsp;&nbsp; 11-13-2050 | 1035000 | &nbsp;&nbsp; 1013998 |
| CFMT LLC Series 2025-AB3 Class A144A±± | 4.00 | &nbsp;&nbsp; 5-25-2055 | 1958388 | &nbsp;&nbsp; 1872194 |
| CHNGE Mortgage Trust Series 2022-1 Class A1144A±± | 3.01 | &nbsp;&nbsp; 1-25-2067 | 4815534 | &nbsp;&nbsp; 4639443 |
| CHNGE Mortgage Trust Series 2022-2 Class A1144A±± | 3.76 | &nbsp;&nbsp; 3-25-2067 | 1024045 | &nbsp;&nbsp; 1005513 |
| CHNGE Mortgage Trust Series 2023-3 Class A1144A±± | 7.10 | &nbsp;&nbsp; 7-25-2058 | 929688 | &nbsp;&nbsp; 937085 |

---

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

Allspring Core Plus Bond Fund \| 23

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Non-agency mortgage-backed securities**(continued) |  |  |  |  |
| CHNGE Mortgage Trust Series 2023-4 Class A1144A±± | 7.57<br> %<br>| &nbsp;&nbsp; 9-25-2058 | $3430312 | &nbsp;&nbsp; $3477201 |
| &nbsp;&nbsp; COLT Mortgage Loan Trust Series 2022-7 <br> Class A1144A±±<br>| 5.16 | &nbsp;&nbsp; 4-25-2067 | 4443754 | &nbsp;&nbsp; 4430417 |
| &nbsp;&nbsp; COMM Mortgage Trust Series 2024-277P <br> Class C144A±±<br>| 7.23 | &nbsp;&nbsp; 8-10-2044 | 5000000 | &nbsp;&nbsp; 5219411 |
| CRSO Trust Series 2023±± | 7.12 | &nbsp;&nbsp; 7-10-2040 | 17995000 | &nbsp;&nbsp; 18852629 |
| CSMC Trust Series 2013-IVR2 Class B4144A±± | 3.39 | &nbsp;&nbsp; 4-25-2043 | 408715 | &nbsp;&nbsp; 372031 |
| CSMC Trust Series 2014-IVR2 Class A2144A±± | 3.80 | &nbsp;&nbsp; 4-25-2044 | 989233 | &nbsp;&nbsp; 942401 |
| CSMC Trust Series 2018-RPL9 Class A144A±± | 3.85 | &nbsp;&nbsp; 9-25-2057 | 1917472 | &nbsp;&nbsp; 1852536 |
| CSMC Trust Series 2021-AFC1 Class A2144A±± | 1.07 | &nbsp;&nbsp; 3-25-2056 | 4029097 | &nbsp;&nbsp; 3353600 |
| CSMLT Trust Series 2015-1 Class B4144A±± | 3.83 | &nbsp;&nbsp; 5-25-2045 | 1793180 | &nbsp;&nbsp; 1702161 |
| &nbsp;&nbsp; DBSG Mortgage Trust Series 2024-ALTA <br> Class A144A±±<br>| 6.14 | &nbsp;&nbsp; 6-10-2037 | 13810000 | &nbsp;&nbsp; 14033170 |
| &nbsp;&nbsp; DBSG Mortgage Trust Series 2024-ALTA <br> Class B144A±±<br>| 6.60 | &nbsp;&nbsp; 6-10-2037 | 3015000 | &nbsp;&nbsp; 3065294 |
| &nbsp;&nbsp; Deephaven Residential Mortgage Trust Series 2021-3 <br> Class A2144A±±<br>| 1.40 | &nbsp;&nbsp; 8-25-2066 | 2076314 | &nbsp;&nbsp; 1845745 |
| EFMT Series 2025-NQM3 Class A1144A±± | 5.49 | &nbsp;&nbsp; 8-25-2070 | 20879641 | &nbsp;&nbsp; 20998853 |
| &nbsp;&nbsp; Finance of America Structured Securities Trust <br> Series 2024-S2 Class A1144A±±<br>| 3.50 | &nbsp;&nbsp; 4-25-2074 | 23655742 | &nbsp;&nbsp; 23032513 |
| &nbsp;&nbsp; Finance of America Structured Securities Trust <br> Series 2024-S4 Class A1144A<br>| 3.50 | &nbsp;&nbsp; 11-25-2074 | 11546496 | &nbsp;&nbsp; 11160342 |
| &nbsp;&nbsp; Financial Asset Securitization, Inc. Series 1997-NAM2 <br> Class B2†±±<br>| 8.00 | &nbsp;&nbsp; 7-25-2027 | 15908 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp; Fontainebleau Miami Beach Mortgage Trust <br> Series 2024-FBLU Class D (U.S. SOFR 1 <br> Month+2.60%)144A±<br>| 6.96 | &nbsp;&nbsp; 12-15-2039 | 13175000 | &nbsp;&nbsp; 13191469 |
| &nbsp;&nbsp; FREMF Mortgage Trust Series 2020-KF76 Class B (30 <br> Day Average U.S. SOFR+2.86%)144A±<br>| 7.21 | &nbsp;&nbsp; 1-25-2030 | 3464087 | &nbsp;&nbsp; 3385326 |
| GCAT Trust Series 2019-RPL1 Class A1144A±± | 2.65 | &nbsp;&nbsp; 10-25-2068 | 1069804 | &nbsp;&nbsp; 1039499 |
| GCAT Trust Series 2022-NQM3 Class A1144A±± | 4.35 | &nbsp;&nbsp; 4-25-2067 | 978878 | &nbsp;&nbsp; 983616 |
| &nbsp;&nbsp; GS Mortgage Securities Trust Series 2017-GS7 <br> Class A3<br>| 3.17 | &nbsp;&nbsp; 8-10-2050 | 990000 | &nbsp;&nbsp; 967728 |
| &nbsp;&nbsp; GS Mortgage Securities Trust Series 2019-GSA1 <br> Class C±±<br>| 3.93 | &nbsp;&nbsp; 11-10-2052 | 500000 | &nbsp;&nbsp; 456963 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust <br> Series 2019-PJ2 Class A4144A±±<br>| 4.00 | &nbsp;&nbsp; 11-25-2049 | 134846 | &nbsp;&nbsp; 127493 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust Series 2024-RPL2 <br> Class A1144A±±<br>| 3.75 | &nbsp;&nbsp; 7-25-2061 | 11939663 | &nbsp;&nbsp; 11671760 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust Series 2024-RPL4 <br> Class A1144A±±<br>| 3.90 | &nbsp;&nbsp; 9-25-2061 | 463549 | &nbsp;&nbsp; 449841 |
| &nbsp;&nbsp; Harvest Commercial Capital Loan Trust Series 2024-1 <br> Class A<br>| 6.16 | &nbsp;&nbsp; 10-25-2056 | 8810605 | &nbsp;&nbsp; 8998174 |
| &nbsp;&nbsp; Imperial Fund Mortgage Trust Series 2020-NQM1 <br> Class A1144A±±<br>| 1.38 | &nbsp;&nbsp; 10-25-2055 | 477825 | &nbsp;&nbsp; 449852 |
| &nbsp;&nbsp; Imperial Fund Mortgage Trust Series 2021-NQM1 <br> Class A1144A±±<br>| 1.07 | &nbsp;&nbsp; 6-25-2056 | 1079922 | &nbsp;&nbsp; 947225 |
| &nbsp;&nbsp; Imperial Fund Mortgage Trust Series 2021-NQM2 <br> Class A2144A±±<br>| 1.36 | &nbsp;&nbsp; 9-25-2056 | 3480724 | &nbsp;&nbsp; 2988913 |

---

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

24 \| Allspring Core Plus Bond Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Non-agency mortgage-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; Imperial Fund Mortgage Trust Series 2022-NQM3 <br> Class A3144A±±<br>| 4.41<br> %<br>| &nbsp;&nbsp; 5-25-2067 | $17223000 | &nbsp;&nbsp; $15307940 |
| &nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust <br> Series 2013-C15 Class D144A±±<br>| 4.75 | &nbsp;&nbsp; 11-15-2045 | 2360186 | &nbsp;&nbsp; 2124215 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust Series 2013-3 <br> Class B4144A±±<br>| 3.39 | &nbsp;&nbsp; 7-25-2043 | 3616907 | &nbsp;&nbsp; 2806621 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust Series 2014-2 <br> Class B4144A±±<br>| 3.39 | &nbsp;&nbsp; 6-25-2029 | 1215000 | &nbsp;&nbsp; 1155173 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust Series 2020-1 <br> Class A15144A±±<br>| 3.50 | &nbsp;&nbsp; 6-25-2050 | 965147 | &nbsp;&nbsp; 870557 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust Series 2025-CES1 <br> Class A3144A±±<br>| 6.07 | &nbsp;&nbsp; 5-25-2055 | 500000 | &nbsp;&nbsp; 505334 |
| MFA Trust Series 2020-NQM3 Class A1144A±± | 1.01 | &nbsp;&nbsp; 1-26-2065 | 469887 | &nbsp;&nbsp; 445011 |
| MFA Trust Series 2020-NQM3 Class M1144A±± | 2.65 | &nbsp;&nbsp; 1-26-2065 | 2650000 | &nbsp;&nbsp; 2487756 |
| MFA Trust Series 2021-NQM1 Class A1144A±± | 1.15 | &nbsp;&nbsp; 4-25-2065 | 1009780 | &nbsp;&nbsp; 949010 |
| MFA Trust Series 2021-NQM1 Class A2144A±± | 1.38 | &nbsp;&nbsp; 4-25-2065 | 1629898 | &nbsp;&nbsp; 1535393 |
| MFA Trust Series 2022-NQM2 Class A1144A±± | 4.00 | &nbsp;&nbsp; 5-25-2067 | 5497200 | &nbsp;&nbsp; 5422908 |
| &nbsp;&nbsp; Mill City Mortgage Loan Trust Series 2019-GS1 <br> Class M2144A±±<br>| 3.25 | &nbsp;&nbsp; 7-25-2059 | 4592000 | &nbsp;&nbsp; 4191850 |
| &nbsp;&nbsp; Mill City Mortgage Loan Trust Series 2021-NMR1 <br> Class B2144A±±<br>| 2.50 | &nbsp;&nbsp; 11-25-2060 | 5731000 | &nbsp;&nbsp; 4346076 |
| &nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust <br> Series 2016-C30 Class B±±<br>| 3.31 | &nbsp;&nbsp; 9-15-2049 | 4610000 | &nbsp;&nbsp; 4293382 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust Series 2014-150E <br> Class A144A<br>| 3.91 | &nbsp;&nbsp; 9-9-2032 | 6695000 | &nbsp;&nbsp; 6077113 |
| &nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust <br> Series 2025-NQM5 Class A1144A±±<br>| 5.44 | &nbsp;&nbsp; 7-25-2070 | 18050351 | &nbsp;&nbsp; 18190644 |
| &nbsp;&nbsp; New Residential Mortgage Loan Trust Series 2019-RPL3 <br> Class M1144A±±<br>| 3.25 | &nbsp;&nbsp; 7-25-2059 | 10800000 | &nbsp;&nbsp; 9708710 |
| NYMT Loan Trust Series 2024-CP1 Class A1144A±± | 3.75 | &nbsp;&nbsp; 2-25-2068 | 2554721 | &nbsp;&nbsp; 2372884 |
| OBX Trust Series 2020-INV1 Class A21144A±± | 3.50 | &nbsp;&nbsp; 12-25-2049 | 1320958 | &nbsp;&nbsp; 1190947 |
| OBX Trust Series 2022-NQM7 Class A1144A±± | 5.11 | &nbsp;&nbsp; 8-25-2062 | 4007518 | &nbsp;&nbsp; 3994453 |
| &nbsp;&nbsp; One New York Plaza Trust Series 2020-1NYP Class A <br> (U.S. SOFR 1 Month+1.06%)144A±<br>| 5.43 | &nbsp;&nbsp; 1-15-2036 | 8160000 | &nbsp;&nbsp; 7916896 |
| PRPM LLC Series 2024-NQM3 Class A1144A±± | 5.23 | &nbsp;&nbsp; 8-25-2069 | 12084241 | &nbsp;&nbsp; 12091852 |
| &nbsp;&nbsp; RCKT Mortgage Trust Series 2023-CES2 <br> Class A1A144A±±<br>| 6.81 | &nbsp;&nbsp; 9-25-2043 | 6095791 | &nbsp;&nbsp; 6160280 |
| &nbsp;&nbsp; RCKT Mortgage Trust Series 2024-CES9 <br> Class A1A144A±±<br>| 5.58 | &nbsp;&nbsp; 12-25-2044 | 6431546 | &nbsp;&nbsp; 6490276 |
| &nbsp;&nbsp; RCKT Mortgage Trust Series 2025-CES1 <br> Class A1A144A±±<br>| 5.65 | &nbsp;&nbsp; 1-25-2045 | 446148 | &nbsp;&nbsp; 450770 |
| &nbsp;&nbsp; Residential Mortgage Loan Trust Series 2020-1 <br> Class M1144A±±<br>| 3.24 | &nbsp;&nbsp; 1-26-2060 | 5000000 | &nbsp;&nbsp; 4859353 |
| &nbsp;&nbsp; Residential Mortgage Loan Trust Series 2021-1R <br> Class A2144A±±<br>| 1.10 | &nbsp;&nbsp; 1-25-2065 | 378905 | &nbsp;&nbsp; 364092 |
| &nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust Series 2024-<br> CES1 Class A1144A±±<br>| 6.31 | &nbsp;&nbsp; 3-25-2054 | 5167906 | &nbsp;&nbsp; 5228716 |
| &nbsp;&nbsp; SDAL Trust Series 2025-DAL Class B (U.S. SOFR 1 <br> Month+2.94%)144A±<br>| 7.30 | &nbsp;&nbsp; 4-15-2042 | 9875000 | &nbsp;&nbsp; 9931450 |

---

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

Allspring Core Plus Bond Fund \| 25

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Non-agency mortgage-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; SFAVE Commercial Mortgage Securities Trust <br> Series 2015-5AVE Class A2B144A±±<br>| 4.14<br> %<br>| &nbsp;&nbsp; 1-5-2043 | $3000000 | &nbsp;&nbsp; $2603476 |
| &nbsp;&nbsp; SFAVE Commercial Mortgage Securities Trust <br> Series 2015-5AVE Class D144A±±<br>| 4.53 | &nbsp;&nbsp; 1-5-2043 | 1927000 | &nbsp;&nbsp; 1487826 |
| &nbsp;&nbsp; SG Residential Mortgage Trust Series 2021-1 <br> Class A2144A±±<br>| 1.36 | &nbsp;&nbsp; 7-25-2061 | 5183229 | &nbsp;&nbsp; 4330231 |
| &nbsp;&nbsp; Shellpoint Co-Originator Trust Series 2016-1 <br> Class B2144A±±<br>| 3.52 | &nbsp;&nbsp; 11-25-2046 | 3837451 | &nbsp;&nbsp; 3583281 |
| &nbsp;&nbsp; SHR Trust Series 2024-LXRY Class A (U.S. SOFR 1 <br> Month+1.95%)144A±<br>| 6.31 | &nbsp;&nbsp; 10-15-2041 | 9635000 | &nbsp;&nbsp; 9663893 |
| &nbsp;&nbsp; SHR Trust Series 2024-LXRY Class D (U.S. SOFR 1 <br> Month+3.60%)144A±<br>| 7.96 | &nbsp;&nbsp; 10-15-2041 | 2080000 | &nbsp;&nbsp; 2082122 |
| &nbsp;&nbsp; Starwood Mortgage Residential Trust Series 2021-6 <br> Class A1144A±±<br>| 1.92 | &nbsp;&nbsp; 11-25-2066 | 1643597 | &nbsp;&nbsp; 1459626 |
| &nbsp;&nbsp; SWCH Commercial Mortgage Trust Series 2025-DATA <br> Class C (U.S. SOFR 1 Month+2.09%)144A±<br>| 6.46 | &nbsp;&nbsp; 2-15-2042 | 7960000 | &nbsp;&nbsp; 7930150 |
| &nbsp;&nbsp; Towd Point Mortgage Trust Series 2017-4 <br> Class A1144A±±<br>| 2.75 | &nbsp;&nbsp; 6-25-2057 | 354739 | &nbsp;&nbsp; 346621 |
| &nbsp;&nbsp; Towd Point Mortgage Trust Series 2019-4 <br> Class M1144A±±<br>| 3.50 | &nbsp;&nbsp; 10-25-2059 | 4000000 | &nbsp;&nbsp; 3514217 |
| &nbsp;&nbsp; Towd Point Mortgage Trust Series 2019-4 <br> Class M2144A±±<br>| 3.75 | &nbsp;&nbsp; 10-25-2059 | 3680000 | &nbsp;&nbsp; 3119012 |
| &nbsp;&nbsp; Towd Point Mortgage Trust Series 2020-1 <br> Class A1144A±±<br>| 2.71 | &nbsp;&nbsp; 1-25-2060 | 5419946 | &nbsp;&nbsp; 5226770 |
| &nbsp;&nbsp; Towd Point Mortgage Trust Series 2023-CES1 <br> Class A1A144A±±<br>| 6.75 | &nbsp;&nbsp; 7-25-2063 | 7447836 | &nbsp;&nbsp; 7510724 |
| &nbsp;&nbsp; Towd Point Mortgage Trust Series 2024-CES6 <br> Class M1144A±±<br>| 6.10 | &nbsp;&nbsp; 11-25-2064 | 6375000 | &nbsp;&nbsp; 6470460 |
| TRK Trust Series 2021-INV1 Class A2144A±± | 1.41 | &nbsp;&nbsp; 7-25-2056 | 1546864 | &nbsp;&nbsp; 1403994 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust Series 2017-C5 <br> Class A5<br>| 3.47 | &nbsp;&nbsp; 11-15-2050 | 1140000 | &nbsp;&nbsp; 1103831 |
| &nbsp;&nbsp; Verus Securitization Trust Series 2021-R3 <br> Class A1144A±±<br>| 1.02 | &nbsp;&nbsp; 4-25-2064 | 5648038 | &nbsp;&nbsp; 5373313 |
| &nbsp;&nbsp; Verus Securitization Trust Series 2022-4 <br> Class A1144A±±<br>| 4.47 | &nbsp;&nbsp; 4-25-2067 | 3240221 | &nbsp;&nbsp; 3225810 |
| &nbsp;&nbsp; Verus Securitization Trust Series 2024-9 <br> Class M1144A±±<br>| 6.20 | &nbsp;&nbsp; 11-25-2069 | 1659000 | &nbsp;&nbsp; 1674183 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust Series 2025-<br> NYCH Class A (U.S. SOFR 1 Month+1.74%)144A±<br>| 6.11 | &nbsp;&nbsp; 6-15-2042 | 1500000 | &nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp; **Total non-agency mortgage-backed securities (Cost** <br> **$554,244,742)**<br>|  |  |  | &nbsp;&nbsp; **550505028** |
| **U.S. Treasury securities: 12.55%** |  |  |  |  |
| U.S. Treasury Bonds | 2.25 | &nbsp;&nbsp; 8-15-2049 | 70315000 | &nbsp;&nbsp; 43392046 |
| U.S. Treasury Bonds | 2.88 | &nbsp;&nbsp; 5-15-2043 | 45210000 | &nbsp;&nbsp; 34575054 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 2-15-2049 | 32945000 | &nbsp;&nbsp; 23930167 |
| U.S. Treasury Bonds | 3.13 | &nbsp;&nbsp; 5-15-2048 | 65580000 | &nbsp;&nbsp; 49105587 |
| U.S. Treasury Bonds | 3.88 | &nbsp;&nbsp; 5-15-2043 | 42200000 | &nbsp;&nbsp; 37409641 |
| U.S. Treasury Bonds | 4.13 | &nbsp;&nbsp; 8-15-2044 | 22960000 | &nbsp;&nbsp; 20856828 |

---

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

26 \| Allspring Core Plus Bond Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |
| U.S. Treasury Bonds | 4.25<br> %<br>| &nbsp;&nbsp; 8-15-2054 | $30585000 | &nbsp;&nbsp; $27364017 |
| U.S. Treasury Bonds | 4.38 | &nbsp;&nbsp; 8-15-2043 | 60825000 | &nbsp;&nbsp; 57512889 |
| U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 5-15-2044 | 106485000 | &nbsp;&nbsp; 103581620 |
| U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 11-15-2044 | 19570000 | &nbsp;&nbsp; 18984429 |
| U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 5-15-2054 | 61480000 | &nbsp;&nbsp; 58571708 |
| U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 2-15-2055 | 102910000 | &nbsp;&nbsp; 98086094 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 2-15-2045 | 1330000 | &nbsp;&nbsp; 1310258 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 5-15-2055 | 25210000 | &nbsp;&nbsp; 24524603 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 8-15-2055 | 13300000 | &nbsp;&nbsp; 12942563 |
| U.S. Treasury Notes | 3.88 | &nbsp;&nbsp; 6-30-2030 | 26820000 | &nbsp;&nbsp; 27040008 |
| U.S. Treasury Notes | 3.88 | &nbsp;&nbsp; 7-31-2030 | 10160000 | &nbsp;&nbsp; 10241756 |
| U.S. Treasury Notes | 4.00 | &nbsp;&nbsp; 5-31-2030 | 175815000 | &nbsp;&nbsp; 178253060 |
| U.S. Treasury Notes | 4.13 | &nbsp;&nbsp; 8-31-2030 | 37525000 | &nbsp;&nbsp; 38230059 |
| U.S. Treasury Notes | 4.13 | &nbsp;&nbsp; 11-30-2031 | 48095000 | &nbsp;&nbsp; 48808910 |
| U.S. Treasury Notes | 4.13 | &nbsp;&nbsp; 5-31-2032 | 127765000 | &nbsp;&nbsp; 129377035 |
| U.S. Treasury Notes | 4.25 | &nbsp;&nbsp; 5-15-2035 | 123657000 | &nbsp;&nbsp; 124043428 |
| U.S. Treasury Notes | 4.25 | &nbsp;&nbsp; 8-15-2035 | 69730000 | &nbsp;&nbsp; 69871639 |
| U.S. Treasury STRIPS¤ | 0.00 | &nbsp;&nbsp; 5-15-2040 | 20515000 | &nbsp;&nbsp; 9989954 |
| U.S. Treasury STRIPS¤ | 0.00 | &nbsp;&nbsp; 5-15-2044 | 12985000 | &nbsp;&nbsp; 4970310 |
| **Total U.S. Treasury securities (Cost $1,287,456,614)** |  |  |  | &nbsp;&nbsp; **1252973663** |
| **Yankee corporate bonds and notes: 9.31%** |  |  |  |  |
| **Basic materials: 0.34%** |  |  |  |  |
| **Chemicals: 0.11%** |  |  |  |  |
| Braskem Netherlands Finance BV144A | 7.25 | &nbsp;&nbsp; 2-13-2033 | 7175000 | &nbsp;&nbsp; 5107389 |
| Orbia Advance Corp. SAB de CV144A | 7.50 | &nbsp;&nbsp; 5-13-2035 | 5695000 | &nbsp;&nbsp; 5870862 |
|  |  |  |  | &nbsp;&nbsp; **10978251** |
| **Mining: 0.23%** |  |  |  |  |
| Glencore Finance Canada Ltd.144A | 6.90 | &nbsp;&nbsp; 11-15-2037 | 3145000 | &nbsp;&nbsp; 3491776 |
| Rio Tinto Finance USA PLC | 5.75 | &nbsp;&nbsp; 3-14-2055 | 19865000 | &nbsp;&nbsp; 19870003 |
|  |  |  |  | &nbsp;&nbsp; **23361779** |
| **Communications: 0.70%** |  |  |  |  |
| **Media: 0.01%** |  |  |  |  |
| Virgin Media Secured Finance PLC144A | 4.50 | &nbsp;&nbsp; 8-15-2030 | 1385000 | &nbsp;&nbsp; **1300228** |
| **Telecommunications: 0.69%** |  |  |  |  |
| Colombia Telecomunicaciones SA ESP144A | 4.95 | &nbsp;&nbsp; 7-17-2030 | 4095000 | &nbsp;&nbsp; 3736516 |
| Nokia Oyj | 6.63 | &nbsp;&nbsp; 5-15-2039 | 4165000 | &nbsp;&nbsp; 4254914 |
| NTT Finance Corp.144A | 4.88 | &nbsp;&nbsp; 7-16-2030 | 33735000 | &nbsp;&nbsp; 34255791 |
| NTT Finance Corp.144A | 5.17 | &nbsp;&nbsp; 7-16-2032 | 14765000 | &nbsp;&nbsp; 15043494 |
| &nbsp;&nbsp; Rogers Communications, Inc. (5 Year Treasury Constant <br> Maturity+2.62%)±<br>| 7.13 | &nbsp;&nbsp; 4-15-2055 | 1920000 | &nbsp;&nbsp; 1993107 |
| &nbsp;&nbsp; TELUS Corp. (5 Year Treasury Constant <br> Maturity+2.71%)±<br>| 7.00 | &nbsp;&nbsp; 10-15-2055 | 9340000 | &nbsp;&nbsp; 9584531 |
|  |  |  |  | &nbsp;&nbsp; **68868353** |

---

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

Allspring Core Plus Bond Fund \| 27

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Consumer, cyclical: 0.68%** |  |  |  |  |
| **Airlines: 0.04%** |  |  |  |  |
| &nbsp;&nbsp; Air Canada Pass-Through Trust Series 2020-1 <br> Class C144A<br>| 10.50<br> %<br>| &nbsp;&nbsp; 7-15-2026 | $4000000 | &nbsp;&nbsp; **$4179999** |
| **Auto manufacturers: 0.10%** |  |  |  |  |
| Nissan Motor Co. Ltd.144A | 3.52 | &nbsp;&nbsp; 9-17-2025 | 10000000 | &nbsp;&nbsp; **9989000** |
| **Leisure time: 0.54%** |  |  |  |  |
| Carnival Corp.144A | 6.13 | &nbsp;&nbsp; 2-15-2033 | 27365000 | &nbsp;&nbsp; 28101228 |
| Royal Caribbean Cruises Ltd.144A | 5.63 | &nbsp;&nbsp; 9-30-2031 | 1575000 | &nbsp;&nbsp; 1600165 |
| Royal Caribbean Cruises Ltd.144A | 6.00 | &nbsp;&nbsp; 2-1-2033 | 23655000 | &nbsp;&nbsp; 24269344 |
|  |  |  |  | &nbsp;&nbsp; **53970737** |
| **Consumer, non-cyclical: 0.20%** |  |  |  |  |
| **Agriculture: 0.16%** |  |  |  |  |
| Japan Tobacco, Inc.144A | 5.85 | &nbsp;&nbsp; 6-15-2035 | 15405000 | &nbsp;&nbsp; **16269231** |
| **Cosmetics/Personal Care: 0.01%** |  |  |  |  |
| Perrigo Finance Unlimited Co. | 4.90 | &nbsp;&nbsp; 12-15-2044 | 1500000 | &nbsp;&nbsp; **1195403** |
| **Pharmaceuticals: 0.03%** |  |  |  |  |
| Teva Pharmaceutical Finance Netherlands III BV | 8.13 | &nbsp;&nbsp; 9-15-2031 | 2220000 | &nbsp;&nbsp; **2522173** |
| **Energy: 1.22%** |  |  |  |  |
| **Oil & gas: 1.09%** |  |  |  |  |
| Aker BP ASA144A | 5.13 | &nbsp;&nbsp; 10-1-2034 | 18005000 | &nbsp;&nbsp; 17441573 |
| &nbsp;&nbsp; BP Capital Markets PLC (5 Year Treasury Constant <br> Maturity+2.15%)ʊ±<br>| 6.45 | &nbsp;&nbsp; 12-1-2033 | 10060000 | &nbsp;&nbsp; 10576782 |
| &nbsp;&nbsp; BP Capital Markets PLC (5 Year Treasury Constant <br> Maturity+4.40%)ʊ±<br>| 4.88 | &nbsp;&nbsp; 3-22-2030 | 25005000 | &nbsp;&nbsp; 24787220 |
| Eni SpA144A | 5.95 | &nbsp;&nbsp; 5-15-2054 | 17465000 | &nbsp;&nbsp; 16954831 |
| Saudi Arabian Oil Co.144A | 5.38 | &nbsp;&nbsp; 6-2-2035 | 9120000 | &nbsp;&nbsp; 9363334 |
| Saudi Arabian Oil Co.144A | 6.38 | &nbsp;&nbsp; 6-2-2055 | 10000000 | &nbsp;&nbsp; 10289351 |
| TotalEnergies Capital SA | 5.43 | &nbsp;&nbsp; 9-10-2064 | 9125000 | &nbsp;&nbsp; 8446003 |
| Var Energi ASA144A | 5.88 | &nbsp;&nbsp; 5-22-2030 | 5725000 | &nbsp;&nbsp; 5933833 |
| Var Energi ASA144A | 6.50 | &nbsp;&nbsp; 5-22-2035 | 5070000 | &nbsp;&nbsp; 5301730 |
|  |  |  |  | &nbsp;&nbsp; **109094657** |
| **Pipelines: 0.13%** |  |  |  |  |
| Enbridge, Inc. | 5.95 | &nbsp;&nbsp; 4-5-2054 | 3690000 | &nbsp;&nbsp; 3640052 |
| &nbsp;&nbsp; Enbridge, Inc. Series 20-A (5 Year Treasury Constant <br> Maturity+5.31%)±<br>| 5.75 | &nbsp;&nbsp; 7-15-2080 | 8705000 | &nbsp;&nbsp; 8694097 |
|  |  |  |  | &nbsp;&nbsp; **12334149** |
| **Financial: 5.48%** |  |  |  |  |
| **Banks: 3.80%** |  |  |  |  |
| AIB Group PLC (U.S. SOFR+1.65%)144A± | 5.32 | &nbsp;&nbsp; 5-15-2031 | 11260000 | &nbsp;&nbsp; 11554476 |
| &nbsp;&nbsp; Banco Industrial SA (5 Year Treasury Constant <br> Maturity+4.44%)144A±<br>| 4.88 | &nbsp;&nbsp; 1-29-2031 | 6100000 | &nbsp;&nbsp; 6054250 |

---

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

28 \| Allspring Core Plus Bond Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Banks**(continued) |  |  |  |  |
| &nbsp;&nbsp; Banco Mercantil del Norte SA (5 Year Treasury Constant <br> Maturity+4.07%)144Aʊ±<br>| 8.38<br> %<br>| &nbsp;&nbsp; 5-20-2031 | $5000000 | &nbsp;&nbsp; $5200000 |
| &nbsp;&nbsp; Banco Mercantil del Norte SA (5 Year Treasury Constant <br> Maturity+4.64%)144Aʊ±<br>| 5.88 | &nbsp;&nbsp; 1-24-2027 | 9050000 | &nbsp;&nbsp; 8905426 |
| &nbsp;&nbsp; Banco Nacional de Comercio Exterior SNC (5 Year <br> Treasury Constant Maturity+2.00%)144A±<br>| 2.72 | &nbsp;&nbsp; 8-11-2031 | 3050000 | &nbsp;&nbsp; 2961353 |
| &nbsp;&nbsp; Banco Santander Mexico SA Institucion de Banca <br> Multiple Grupo Financiero Santand (5 Year Treasury <br> Constant Maturity+3.00%)144A±<br>| 7.53 | &nbsp;&nbsp; 10-1-2028 | 6900000 | &nbsp;&nbsp; 7357836 |
| &nbsp;&nbsp; Bancolombia SA (5 Year Treasury Constant <br> Maturity+4.32%)±<br>| 8.63 | &nbsp;&nbsp; 12-24-2034 | 6040000 | &nbsp;&nbsp; 6482321 |
| Banque Federative du Credit Mutuel SA144A | 5.19 | &nbsp;&nbsp; 2-16-2028 | 18705000 | &nbsp;&nbsp; 19121096 |
| Barclays PLC (U.S. SOFR+1.23%)± | 5.37 | &nbsp;&nbsp; 2-25-2031 | 23725000 | &nbsp;&nbsp; 24470241 |
| Barclays PLC (U.S. SOFR+1.59%)± | 5.79 | &nbsp;&nbsp; 2-25-2036 | 10355000 | &nbsp;&nbsp; 10681088 |
| &nbsp;&nbsp; BBVA Mexico SA Institucion De Banca Multiple Grupo <br> Financiero (5 Year Treasury Constant <br> Maturity+4.31%)144A±<br>| 5.88 | &nbsp;&nbsp; 9-13-2034 | 3800000 | &nbsp;&nbsp; 3785677 |
| &nbsp;&nbsp; BNP Paribas SA (5 Year Treasury Constant <br> Maturity+3.73%)144Aʊ±<br>| 8.00 | &nbsp;&nbsp; 8-22-2031 | 3145000 | &nbsp;&nbsp; 3339153 |
| &nbsp;&nbsp; BNP Paribas SA (5 Year Treasury Constant <br> Maturity+4.90%)144Aʊ±<br>| 7.75 | &nbsp;&nbsp; 8-16-2029 | 5220000 | &nbsp;&nbsp; 5482190 |
| BNP Paribas SA (U.S. SOFR+1.92%)144A± | 5.91 | &nbsp;&nbsp; 11-19-2035 | 19165000 | &nbsp;&nbsp; 19526715 |
| &nbsp;&nbsp; Commonwealth Bank of Australia (1 Year Treasury <br> Constant Maturity+1.32%)144A±<br>| 5.93 | &nbsp;&nbsp; 3-14-2046 | 24890000 | &nbsp;&nbsp; 25207216 |
| Credit Agricole SA (U.S. SOFR+1.46%)144A± | 5.22 | &nbsp;&nbsp; 5-27-2031 | 12430000 | &nbsp;&nbsp; 12714359 |
| &nbsp;&nbsp; Danske Bank AS (1 Year Treasury Constant <br> Maturity+1.40%)144A±<br>| 5.71 | &nbsp;&nbsp; 3-1-2030 | 14365000 | &nbsp;&nbsp; 14991181 |
| &nbsp;&nbsp; Danske Bank AS (1 Year Treasury Constant <br> Maturity+1.75%)144A±<br>| 4.30 | &nbsp;&nbsp; 4-1-2028 | 24800000 | &nbsp;&nbsp; 24805840 |
| HSBC Holdings PLC (U.S. SOFR+1.57%)± | 5.24 | &nbsp;&nbsp; 5-13-2031 | 23610000 | &nbsp;&nbsp; 24270295 |
| &nbsp;&nbsp; Lloyds Banking Group PLC (5 Year Treasury Constant <br> Maturity+4.82%)ʊ±<br>| 6.75 | &nbsp;&nbsp; 6-27-2026 | 8525000 | &nbsp;&nbsp; 8608537 |
| &nbsp;&nbsp; National Australia Bank Ltd. (5 Year Treasury Constant <br> Maturity+1.70%)144A±<br>| 3.35 | &nbsp;&nbsp; 1-12-2037 | 16365000 | &nbsp;&nbsp; 14691091 |
| &nbsp;&nbsp; NatWest Group PLC (1 Year Treasury Constant <br> Maturity+1.05%)±<br>| 5.12 | &nbsp;&nbsp; 5-23-2031 | 32310000 | &nbsp;&nbsp; 33097558 |
| &nbsp;&nbsp; NatWest Group PLC (1 Year Treasury Constant <br> Maturity+1.50%)±<br>| 5.78 | &nbsp;&nbsp; 3-1-2035 | 25310000 | &nbsp;&nbsp; 26465112 |
| NatWest Markets PLC144A | 1.60 | &nbsp;&nbsp; 9-29-2026 | 4135000 | &nbsp;&nbsp; 4023507 |
| &nbsp;&nbsp; UBS Group AG (1 Year Treasury Constant <br> Maturity+0.85%)144A±<br>| 1.49 | &nbsp;&nbsp; 8-10-2027 | 16330000 | &nbsp;&nbsp; 15893892 |
| &nbsp;&nbsp; UBS Group AG (1 Year Treasury Constant <br> Maturity+2.05%)144A±<br>| 4.70 | &nbsp;&nbsp; 8-5-2027 | 9625000 | &nbsp;&nbsp; 9651983 |
| &nbsp;&nbsp; UBS Group AG (5 Year Treasury Constant <br> Maturity+3.40%)144Aʊ±<br>| 4.88 | &nbsp;&nbsp; 2-12-2027 | 3940000 | &nbsp;&nbsp; 3875938 |
| UBS Group AG (U.S. SOFR+1.73%)144A± | 3.09 | &nbsp;&nbsp; 5-14-2032 | 13985000 | &nbsp;&nbsp; 12872268 |
| &nbsp;&nbsp; UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5 <br> Year+3.63%)144Aʊ±<br>| 6.85 | &nbsp;&nbsp; 9-10-2029 | 13035000 | &nbsp;&nbsp; 13324234 |
|  |  |  |  | &nbsp;&nbsp; **379414833** |

---

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

Allspring Core Plus Bond Fund \| 29

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Diversified financial services: 0.32%** |  |  |  |  |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust<br>| 2.45<br> %<br>| &nbsp;&nbsp; 10-29-2026 | $6925000 | &nbsp;&nbsp; $6783175 |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust (5 Year Treasury Constant Maturity+2.72%)±<br>| 6.95 | &nbsp;&nbsp; 3-10-2055 | 6870000 | &nbsp;&nbsp; 7192810 |
| Avolon Holdings Funding Ltd.144A | 2.75 | &nbsp;&nbsp; 2-21-2028 | 4810000 | &nbsp;&nbsp; 4608691 |
| Avolon Holdings Funding Ltd.144A | 4.95 | &nbsp;&nbsp; 1-15-2028 | 6875000 | &nbsp;&nbsp; 6943586 |
| Avolon Holdings Funding Ltd.144A | 5.75 | &nbsp;&nbsp; 3-1-2029 | 6290000 | &nbsp;&nbsp; 6509267 |
| Unifin Financiera SAB de CV144A | 9.88 | &nbsp;&nbsp; 1-28-2029 | 2350000 | &nbsp;&nbsp; 143350 |
|  |  |  |  | &nbsp;&nbsp; **32180879** |
| **Insurance: 0.98%** |  |  |  |  |
| &nbsp;&nbsp; Allianz SE (5 Year Treasury Constant <br> Maturity+3.23%)144A±<br>| 6.35 | &nbsp;&nbsp; 9-6-2053 | 21185000 | &nbsp;&nbsp; 22480484 |
| Aspen Insurance Holdings Ltd. | 5.75 | &nbsp;&nbsp; 7-1-2030 | 11597000 | &nbsp;&nbsp; 12039789 |
| &nbsp;&nbsp; Dai-ichi Life Insurance Co. Ltd. (5 Year Treasury <br> Constant Maturity+2.52%)144Aʊ±<br>| 6.20 | &nbsp;&nbsp; 1-16-2035 | 20165000 | &nbsp;&nbsp; 20907858 |
| Intact Financial Corp.144A | 5.46 | &nbsp;&nbsp; 9-22-2032 | 20414000 | &nbsp;&nbsp; 20870096 |
| &nbsp;&nbsp; Meiji Yasuda Life Insurance Co. (5 Year Treasury <br> Constant Maturity+2.91%)144A±<br>| 6.10 | &nbsp;&nbsp; 6-11-2055 | 6465000 | &nbsp;&nbsp; 6657916 |
| &nbsp;&nbsp; Nippon Life Insurance Co. (5 Year Treasury Constant <br> Maturity+2.60%)144A±<br>| 2.90 | &nbsp;&nbsp; 9-16-2051 | 2200000 | &nbsp;&nbsp; 1945278 |
| RenaissanceRe Holdings Ltd. | 5.75 | &nbsp;&nbsp; 6-5-2033 | 6065000 | &nbsp;&nbsp; 6303570 |
| RenaissanceRe Holdings Ltd. | 5.80 | &nbsp;&nbsp; 4-1-2035 | 5790000 | &nbsp;&nbsp; 6003392 |
|  |  |  |  | &nbsp;&nbsp; **97208383** |
| **Private equity: 0.14%** |  |  |  |  |
| Brookfield Finance, Inc. | 5.33 | &nbsp;&nbsp; 1-15-2036 | 13500000 | &nbsp;&nbsp; **13417594** |
| **Savings & loans: 0.24%** |  |  |  |  |
| Nationwide Building Society (U.S. SOFR+1.06%)144A± | 4.65 | &nbsp;&nbsp; 7-14-2029 | 24150000 | &nbsp;&nbsp; **24350854** |
| **Government securities: 0.28%** |  |  |  |  |
| **Multi-national: 0.28%** |  |  |  |  |
| African Export-Import Bank144A | 3.80 | &nbsp;&nbsp; 5-17-2031 | 14800000 | &nbsp;&nbsp; 13090677 |
| Banque Ouest Africaine de Developpement144A | 4.70 | &nbsp;&nbsp; 10-22-2031 | 7205000 | &nbsp;&nbsp; 6685098 |
| Banque Ouest Africaine de Developpement144A | 5.00 | &nbsp;&nbsp; 7-27-2027 | 7760000 | &nbsp;&nbsp; 7700970 |
|  |  |  |  | &nbsp;&nbsp; **27476745** |
| **Industrial: 0.09%** |  |  |  |  |
| **Engineering & construction: 0.04%** |  |  |  |  |
| CIMIC Finance USA Pty. Ltd.144A | 7.00 | &nbsp;&nbsp; 3-25-2034 | 3540000 | &nbsp;&nbsp; **3818547** |
| **Trucking & leasing: 0.05%** |  |  |  |  |
| SMBC Aviation Capital Finance DAC144A | 5.45 | &nbsp;&nbsp; 5-3-2028 | 5140000 | &nbsp;&nbsp; **5278651** |
| **Utilities: 0.32%** |  |  |  |  |
| **Electric: 0.32%** |  |  |  |  |
| Comision Federal de Electricidad144A | 3.35 | &nbsp;&nbsp; 2-9-2031 | 17085000 | &nbsp;&nbsp; 15251088 |

---

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

30 \| Allspring Core Plus Bond Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Electric**(continued) |  |  |  |  |
| Comision Federal de Electricidad144A | 3.88<br> %<br>| &nbsp;&nbsp; 7-26-2033 | $11350000 | &nbsp;&nbsp; $9824325 |
| Emera, Inc. Series 16-A (3 Month LIBOR+5.44%)± | 6.75 | &nbsp;&nbsp; 6-15-2076 | 6795000 | &nbsp;&nbsp; 6837659 |
|  |  |  |  | &nbsp;&nbsp; **31913072** |
| &nbsp;&nbsp; **Total yankee corporate bonds and notes** <br> **(Cost $916,464,287)**<br>|  |  |  | &nbsp;&nbsp; **929123518** |
| **Yankee government bonds: 0.90%** |  |  |  |  |
| **Argentina: 0.02%** |  |  |  |  |
| Argentinaøø | 0.75 | &nbsp;&nbsp; 7-9-2030 | 1363185 | &nbsp;&nbsp; 1020821 |
| Argentina | 1.00 | &nbsp;&nbsp; 7-9-2029 | 165048 | &nbsp;&nbsp; 130627 |
| Argentinaøø | 4.13 | &nbsp;&nbsp; 7-9-2035 | 1817118 | &nbsp;&nbsp; 1154324 |
| Provincia de Cordoba144Aøø | 6.88 | &nbsp;&nbsp; 12-10-2025 | 296891 | &nbsp;&nbsp; 301360 |
|  |  |  |  | &nbsp;&nbsp; **2607132** |
| **Bermuda: 0.05%** |  |  |  |  |
| Bermuda144A | 3.38 | &nbsp;&nbsp; 8-20-2050 | 7259000 | &nbsp;&nbsp; **4957461** |
| **Colombia: 0.11%** |  |  |  |  |
| Colombia | 8.00 | &nbsp;&nbsp; 11-14-2035 | 10500000 | &nbsp;&nbsp; **11040750** |
| **Dominican Republic: 0.07%** |  |  |  |  |
| Dominican Republic144A | 4.50 | &nbsp;&nbsp; 1-30-2030 | 1000000 | &nbsp;&nbsp; 967550 |
| Dominican Republic144A | 4.88 | &nbsp;&nbsp; 9-23-2032 | 4650000 | &nbsp;&nbsp; 4384485 |
| Dominican Republic144A | 7.05 | &nbsp;&nbsp; 2-3-2031 | 1665000 | &nbsp;&nbsp; 1775556 |
|  |  |  |  | &nbsp;&nbsp; **7127591** |
| **Israel: 0.15%** |  |  |  |  |
| Israel | 5.75 | &nbsp;&nbsp; 3-12-2054 | 16120000 | &nbsp;&nbsp; **14898587** |
| **Ivory Coast: 0.10%** |  |  |  |  |
| Ivory Coast144A | 8.25 | &nbsp;&nbsp; 1-30-2037 | 9720000 | &nbsp;&nbsp; **9681307** |
| **Mexico: 0.23%** |  |  |  |  |
| Mexico | 3.77 | &nbsp;&nbsp; 5-24-2061 | 8160000 | &nbsp;&nbsp; 4867277 |
| Mexico | 6.00 | &nbsp;&nbsp; 5-7-2036 | 8495000 | &nbsp;&nbsp; 8489478 |
| Mexico | 6.35 | &nbsp;&nbsp; 2-9-2035 | 9090000 | &nbsp;&nbsp; 9391334 |
|  |  |  |  | &nbsp;&nbsp; **22748089** |
| **Panama: 0.17%** |  |  |  |  |
| Panama | 4.50 | &nbsp;&nbsp; 5-15-2047 | 7515000 | &nbsp;&nbsp; 5507293 |
| Panama | 4.50 | &nbsp;&nbsp; 1-19-2063 | 16450000 | &nbsp;&nbsp; 11162970 |
|  |  |  |  | &nbsp;&nbsp; **16670263** |
| **Total yankee government bonds (Cost $88,396,207)** |  |  |  | &nbsp;&nbsp; **89731180** |

---

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

Allspring Core Plus Bond Fund \| 31

------

Portfolio of investments—August 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 4.61%** |  |  |  |  |
| **Investment companies: 4.61%** |  |  |  |  |
| &nbsp;&nbsp; Allspring Government Money Market Fund Select <br> Class♠∞##<br>|  | 4.23<br> %<br>| 459866843 | &nbsp;&nbsp; **$459866843** |
| **Total short-term investments (Cost $459,866,843)** |  |  |  | &nbsp;&nbsp; **459866843** |
| &nbsp;&nbsp; **Total investments in securities** <br> **(Cost $10,011,491,002)**<br>| 100.71<br> %<br>|  |  | &nbsp;&nbsp; 10050177337 |
| Other assets and liabilities, net | (0.71)<br>|  |  | &nbsp;&nbsp; (70648733)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$9979528604** |

---

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

---

| |
|:---|
| Variable rate investment. The rate shown is the rate in effect at period end. |
| The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality <br> and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end.<br>|
| The security is purchased on a when-issued basis. |
| Investment in an interest-only security that entitles holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the <br> notional amount of the underlying mortgages. The rate represents the coupon rate.<br>|
| 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>|
| Security is valued using significant unobservable inputs. |
| The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| Non-income-earning security |
| The security is issued in zero coupon form with no periodic interest payments. |
| Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
| ¥A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities or a combination of both. <br> The rate shown is the rate in effect at period end.<br>|
| The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| The rate represents the 7-day annualized yield at period end. |
| All or a portion of this security is segregated as collateral for when-issued securities. |

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AG | Assured Guaranty Incorporation |
| AUD | Australian dollar |
| BDC | Business Development Company |
| BRL | Brazilian real |
| CAB | Capital appreciation bond |
| CLO | Collateralized loan obligation |
| COP | Colombian peso |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GBP | Great British pound |
| GNMA | Government National Mortgage Association |
| IDR | Indonesian rupiah |
| LIBOR | London Interbank Offered Rate |
| NPFGC | National Public Finance Guarantee Corporation |
| REIT | Real estate investment trust |
| RFUCCT1Y | Refinitiv USD IBOR Consumer Cash Fallbacks Term 1-year |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate trading of registered interest and principal securities |
| ZAR | South African rand |

---

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

32 \| Allspring Core Plus Bond Fund

------

Portfolio of investments—August 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 <br> Fund Select Class<br>| $303365722 | $6109130861 | $(5952629740)<br>| $0 | $0 | $459866843 | 459866843 | $13138357 |

---

**Forward foreign currency contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be <br>received | Currency to be <br>received | &nbsp;&nbsp;&nbsp; Currency to be <br>delivered | &nbsp;&nbsp;&nbsp; Currency to be <br>delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement <br>date<br>| &nbsp;&nbsp; Unrealized <br>gains<br>| &nbsp;&nbsp; Unrealized <br>losses<br>|
| USD | 49360950 | AUD | 75000000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; $253843 | &nbsp;&nbsp;&nbsp; $0 |
| USD | 79277449 | BRL | 446665000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (2528221)<br>|
| USD | 50236840 | COP | 204901000000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (622894)<br>|
| USD | 413928628 | EUR | 357397000 | Citibank N.A. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (4916411)<br>|
| USD | 9878929 | EUR | 8400000 | Citibank N.A. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 34699 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 12222226 | EUR | 10500000 | Citibank N.A. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (83062)<br>|
| USD | 124009892 | GBP | 91862500 | Citibank N.A. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (183720)<br>|
| JPY | 3500000000 | USD | 24320056 | Citibank N.A. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (431829)<br>|
| JPY | 3500000000 | USD | 24165433 | Citibank N.A. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (277206)<br>|
| USD | 24038803 | ZAR | 433195000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (474156)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **$288542** | &nbsp;&nbsp;&nbsp; **$(9517499)**<br>|

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 2006 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; $225331540 | &nbsp;&nbsp; $225675000 | &nbsp;&nbsp; $343460 | &nbsp;&nbsp; $0 |
| Ultra Long Term U.S. Treasury Bond | &nbsp;&nbsp; 1324 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 154853271 | &nbsp;&nbsp; 154328750 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (524521)<br>|
| 2-Year U.S. Treasury Notes | &nbsp;&nbsp; 9820 | &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; 2045259409 | &nbsp;&nbsp; 2047853589 | &nbsp;&nbsp; 2594180 | &nbsp;&nbsp; 0 |
| 5-Year U.S. Treasury Notes | &nbsp;&nbsp; 4225 | &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; 460794601 | &nbsp;&nbsp; 462505468 | &nbsp;&nbsp; 1710867 | &nbsp;&nbsp; 0 |
| **Short** |  |  |  |  |  |  |
| 10-Year Euro BUND Index | &nbsp;&nbsp; (480)<br>| &nbsp;&nbsp; 9-8-2025 | &nbsp;&nbsp; (73601827)<br>| &nbsp;&nbsp; (72749054)<br>| &nbsp;&nbsp; 852773 | &nbsp;&nbsp; 0 |
| 2-Year Euro SCHATZ | &nbsp;&nbsp; (358)<br>| &nbsp;&nbsp; 9-8-2025 | &nbsp;&nbsp; (44995787)<br>| &nbsp;&nbsp; (44839314)<br>| &nbsp;&nbsp; 156473 | &nbsp;&nbsp; 0 |
| 5-Year Euro-BOBL Futures | &nbsp;&nbsp; (681)<br>| &nbsp;&nbsp; 9-8-2025 | &nbsp;&nbsp; (94145139)<br>| &nbsp;&nbsp; (93580596)<br>| &nbsp;&nbsp; 564543 | &nbsp;&nbsp; 0 |
| Ultra 10-Year U.S. Treasury Notes | &nbsp;&nbsp; (1017)<br>| &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; (115877276)<br>| &nbsp;&nbsp; (116351156)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (473880)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$6222296** | &nbsp;&nbsp; **$(998401)**<br>|

---

**Centrally cleared credit default swap contracts** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference index | Fixed rate | &nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp; Maturity <br>date<br>| Notional <br>amount | Notional <br>amount | Value | Premiums <br>paid <br>(received)<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Buy Protection** |  |  |  |  |  |  |  |  |  |
| Markit CDX North American High Yield <br> Series 44 <br>| 5.00% | Quarterly | 6-20-2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 45715000 | &nbsp;&nbsp; $3779505 | &nbsp;&nbsp; $3213623 | &nbsp;&nbsp; $565882 | &nbsp;&nbsp; $0 |

---

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

Allspring Core Plus Bond Fund \| 33

------

Statement of assets and liabilities—August 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $9,551,624,159) | $9590310494 |
| Investments in affiliated securities, at value (cost $459,866,843) | 459866843 |
| Cash at broker segregated for futures contracts | 27101000 |
| Segregated cash for forward foreign currency contracts | 8050000 |
| Segregated cash for swap contracts | 3251504 |
| Foreign currency, at value (cost $609,080) | 613572 |
| Receivable for interest | 84302275 |
| Receivable for Fund shares sold | 19257531 |
| Receivable for daily variation margin on open futures contracts | 594251 |
| Unrealized gains on forward foreign currency contracts | 288542 |
| Principal paydown receivable | 12 |
| Prepaid expenses and other assets | 261974 |
| **Total assets** | **10193897998** |
| Liabilities |  |
| Payable for when-issued transactions | 176973230 |
| Payable for investments purchased | 13624459 |
| Unrealized losses on forward foreign currency contracts | 9517499 |
| Payable for Fund shares redeemed | 5458956 |
| Overdraft due to custodian bank | 3728455 |
| Management fee payable | 2127025 |
| Payable for daily variation margin on open futures contracts | 1304484 |
| Administration fees payable | 694623 |
| Shareholder servicing fees payable | 366427 |
| Cash due to broker | 230000 |
| Contingent tax liability | 80054 |
| Payable for daily variation margin on centrally cleared swap contracts | 45350 |
| Distribution fee payable | 36372 |
| Trustees' fees and expenses payable | 2385 |
| Accrued expenses and other liabilities | 180075 |
| **Total liabilities** | **214369394** |
| **Total net assets**  | **$9979528604** |
| Net assets consist of |  |
| Paid-in capital | $10346536447 |
| Total distributable loss | (367007843)<br>|
| **Total net assets** | **$9979528604** |

---

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

34 \| Allspring Core Plus Bond Fund

------

Statement of assets and liabilities—August 31, 2025

Statement of assets and liabilities

---

| | |
|:---|:---|
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $343883158 |
| Shares outstanding–Class A<sup>1</sup> <br>| 30482334 |
| Net asset value per share–Class A | $11.28 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $11.81 |
| Net assets–Class C | $55556936 |
| Shares outstanding–Class C<sup>1</sup> <br>| 4928521 |
| Net asset value per share–Class C | $11.27 |
| Net assets–Class R6 | $1049297767 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 92874469 |
| Net asset value per share–Class R6 | $11.30 |
| Net assets–Administrator Class | $1289895813 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 114544429 |
| Net asset value per share–Administrator Class | $11.26 |
| Net assets–Institutional Class | $7240894930 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 641180294 |
| Net asset value per share–Institutional Class | $11.29 |

---

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

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

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

Allspring Core Plus Bond Fund \| 35

------

Statement of operations—year ended August 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest (net of foreign withholding taxes of $294,540) | $472502026 |
| Income from affiliated securities | 13138357 |
| Dividends | 1357662 |
| **Total investment income** | **486998045** |
| Expenses |  |
| Management fee | 34178449 |
| Administration fees |  |
| Class A | 528926 |
| Class C | 80735 |
| Class R6 | 286464 |
| Administrator Class | 1134997 |
| Institutional Class | 5370555 |
| Shareholder servicing fees |  |
| Class A | 883722 |
| Class C | 134860 |
| Administrator Class | 2839121 |
| Distribution fee |  |
| Class C | 404573 |
| Custody and accounting fees | 433680 |
| Professional fees | 105064 |
| Registration fees | 453025 |
| Shareholder report expenses | 458353 |
| Trustees' fees and expenses | 86539 |
| Other fees and expenses | 167504 |
| **Total expenses** | **47546567** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (11035992)<br>|
| Class A | (80858)<br>|
| Administrator Class | (222538)<br>|
| **Net expenses** | **36207179** |
| **Net investment income** | **450790866** |

---

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

36 \| Allspring Core Plus Bond Fund

------

Statement of operations—year ended August 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | $(60020284)<br>|
| Foreign currency and foreign currency translations | 199840 |
| Forward foreign currency contracts | (26919617)<br>|
| Futures contracts | (30627737)<br>|
| Swap contracts | (267592)<br>|
| **Net realized losses on investments**  | **(117635390)**<br>|
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities (net of deferred foreign capital gains tax of $80,054) | (15343065)<br>|
| Foreign currency and foreign currency translations | 70315 |
| Forward foreign currency contracts | 3439101 |
| Futures contracts | 14143795 |
| Swap contracts | 565882 |
| **Net change in unrealized gains (losses) on investments** | **2876028** |
| **Net realized and unrealized gains (losses) on investments** | **(114759362)**<br>|
| **Net increase in net assets resulting from operations** | **$336031504** |

---

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

Allspring Core Plus Bond Fund \| 37

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> August 31, 2025 | Year ended<br> August 31, 2025 | Year ended<br> August 31, 2024 | Year ended<br> August 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $450790866 |  | &nbsp;&nbsp; $278042768 |
| Net realized losses on investments |  | &nbsp;&nbsp; (117635390)<br>|  | &nbsp;&nbsp; (48791284)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 2876028 |  | &nbsp;&nbsp; 252699043 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **336031504** |  | &nbsp;&nbsp; **481950527** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (15781344)<br>|  | &nbsp;&nbsp; (14808255)<br>|
| Class C |  | &nbsp;&nbsp; (2004591)<br>|  | &nbsp;&nbsp; (1595785)<br>|
| Class R6 |  | &nbsp;&nbsp; (46250658)<br>|  | &nbsp;&nbsp; (22595529)<br>|
| Administrator Class |  | &nbsp;&nbsp; (52429762)<br>|  | &nbsp;&nbsp; (4120509)<br>|
| Institutional Class |  | &nbsp;&nbsp; (321814223)<br>|  | &nbsp;&nbsp; (236781656)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(438280578)**<br>|  | &nbsp;&nbsp; **(279901734)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 12019284 | &nbsp;&nbsp; 135101824 | &nbsp;&nbsp; 11463242 | &nbsp;&nbsp; 127504687 |
| Class C | 1621649 | &nbsp;&nbsp; 18363761 | &nbsp;&nbsp; 1695380 | &nbsp;&nbsp; 18837745 |
| Class R6 | 70592066 | &nbsp;&nbsp; 792952550 | &nbsp;&nbsp; 45199085 | &nbsp;&nbsp; 504088429 |
| Administrator Class | 84882907 | &nbsp;&nbsp; 958259567 | &nbsp;&nbsp; 52002498 | &nbsp;&nbsp; 593958290 |
| Institutional Class | 352011023 | &nbsp;&nbsp; 3965707849 | &nbsp;&nbsp; 323378137 | &nbsp;&nbsp; 3595069621 |
|  |  | &nbsp;&nbsp; 5870385551 |  | &nbsp;&nbsp; 4839458772 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 1209163 | &nbsp;&nbsp; 13525032 | &nbsp;&nbsp; 1184625 | &nbsp;&nbsp; 13100628 |
| Class C | 173472 | &nbsp;&nbsp; 1938950 | &nbsp;&nbsp; 137770 | &nbsp;&nbsp; 1523115 |
| Class R6 | 3227784 | &nbsp;&nbsp; 36139538 | &nbsp;&nbsp; 1600930 | &nbsp;&nbsp; 17775473 |
| Administrator Class | 4697662 | &nbsp;&nbsp; 52419897 | &nbsp;&nbsp; 375102 | &nbsp;&nbsp; 4115626 |
| Institutional Class | 26035655 | &nbsp;&nbsp; 291506401 | &nbsp;&nbsp; 19321657 | &nbsp;&nbsp; 214283316 |
|  |  | &nbsp;&nbsp; 395529818 |  | &nbsp;&nbsp; 250798158 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (12767521)<br>| &nbsp;&nbsp; (142973775)<br>| &nbsp;&nbsp; (9332929)<br>| &nbsp;&nbsp; (103407277)<br>|
| Class C | (1031726)<br>| &nbsp;&nbsp; (11553467)<br>| &nbsp;&nbsp; (999257)<br>| &nbsp;&nbsp; (11051364)<br>|
| Class R6 | (39893663)<br>| &nbsp;&nbsp; (447117106)<br>| &nbsp;&nbsp; (11034362)<br>| &nbsp;&nbsp; (122904613)<br>|
| Administrator Class | (28327851)<br>| &nbsp;&nbsp; (316839888)<br>| &nbsp;&nbsp; (11545326)<br>| &nbsp;&nbsp; (127486153)<br>|
| Institutional Class | (231843337)<br>| &nbsp;&nbsp; (2597033539)<br>| &nbsp;&nbsp; (177896465)<br>| &nbsp;&nbsp; (1981042848)<br>|
|  |  | &nbsp;&nbsp; (3515517775)<br>|  | &nbsp;&nbsp; (2345892255)<br>|
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **2750397594** |  | &nbsp;&nbsp; **2744364675** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **2648148520** |  | &nbsp;&nbsp; **2946413468** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **7331380084** |  | &nbsp;&nbsp; **4384966616** |
| **End of period** |  | &nbsp;&nbsp; **$9979528604** |  | &nbsp;&nbsp; **$7331380084** |

---

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

38 \| Allspring Core Plus Bond Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$11.42** | &nbsp;&nbsp; **$11.07** | &nbsp;&nbsp; **$11.57** | &nbsp;&nbsp; **$13.52** | &nbsp;&nbsp; **$13.77** |
| Net investment income | 0.52 <br><sup>1</sup><br>| 0.51 <br><sup>1</sup><br>| 0.43 <br><sup>1</sup><br>| 0.26 | 0.24 |
| Net realized and unrealized gains (losses) on investments | (0.16)<br>| 0.35 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.88)<br>| 0.16 |
| Total from investment operations | 0.36 | 0.86 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (1.62)<br>| 0.40 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.50)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.27)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.38)<br>|
| Total distributions to shareholders | (0.50)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.65)<br>|
| **Net asset value, end of period** | **$11.28** | &nbsp;&nbsp; **$11.42** | &nbsp;&nbsp; **$11.07** | &nbsp;&nbsp; **$11.57** | &nbsp;&nbsp; **$13.52** |
| **Total return**<sup>2</sup> <br>| **3.28%**<br>| **8.05%**<br>| &nbsp;&nbsp; **(0.65)%**<br>| &nbsp;&nbsp; **(12.21)%**<br>| **3.00%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.79<br> %<br>| 0.81<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>|
| Net expenses | 0.65<br> %<br>| 0.67<br> %<br>| 0.68<br> %<br>| 0.69<br> %<br>| 0.72<br> %<br>|
| Net investment income | 4.65<br> %<br>| 4.62<br> %<br>| 3.84<br> %<br>| 2.03<br> %<br>| 1.90<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 173<br> %<br>| &nbsp;&nbsp; 168<br> %<br>| &nbsp;&nbsp; 254<br> %<br>| &nbsp;&nbsp; 288<br> %<br>| &nbsp;&nbsp; 194<br> %<br>|
| Net assets, end of period (000s omitted) | $343883 | &nbsp;&nbsp; $342820 | &nbsp;&nbsp; $295536 | &nbsp;&nbsp; $250553 | &nbsp;&nbsp; $308270 |

---

&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 Core Plus Bond Fund \| 39

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$11.41** | &nbsp;&nbsp; **$11.06** | &nbsp;&nbsp; **$11.56** | &nbsp;&nbsp; **$13.51** | &nbsp;&nbsp; **$13.77** |
| Net investment income | 0.43 <br><sup>1</sup><br>| 0.43 <br><sup>1</sup><br>| 0.34 <br><sup>1</sup><br>| 0.16 | 0.14 |
| Net realized and unrealized gains (losses) on investments | (0.15)<br>| 0.35 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.88)<br>| 0.15 |
| Total from investment operations | 0.28 | 0.78 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (1.72)<br>| 0.29 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.42)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.38)<br>|
| Total distributions to shareholders | (0.42)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.55)<br>|
| **Net asset value, end of period** | **$11.27** | &nbsp;&nbsp; **$11.41** | &nbsp;&nbsp; **$11.06** | &nbsp;&nbsp; **$11.56** | &nbsp;&nbsp; **$13.51** |
| **Total return**<sup>2</sup> <br>| **2.51%**<br>| **7.25%**<br>| &nbsp;&nbsp; **(1.44)%**<br>| &nbsp;&nbsp; **(12.89)%**<br>| **2.16%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.54<br> %<br>| 1.56<br> %<br>| 1.59<br> %<br>| 1.60<br> %<br>| 1.60<br> %<br>|
| Net expenses | 1.42<br> %<br>| 1.42<br> %<br>| 1.43<br> %<br>| 1.45<br> %<br>| 1.48<br> %<br>|
| Net investment income | 3.88<br> %<br>| 3.87<br> %<br>| 3.08<br> %<br>| 1.28<br> %<br>| 1.13<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 173<br> %<br>| &nbsp;&nbsp; 168<br> %<br>| &nbsp;&nbsp; 254<br> %<br>| &nbsp;&nbsp; 288<br> %<br>| &nbsp;&nbsp; 194<br> %<br>|
| Net assets, end of period (000s omitted) | $55557 | &nbsp;&nbsp; $47536 | &nbsp;&nbsp; $36849 | &nbsp;&nbsp; $32889 | &nbsp;&nbsp; $39628 |

---

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

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

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

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

40 \| Allspring Core Plus Bond Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Class R6 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$11.44** | &nbsp;&nbsp; **$11.08** | &nbsp;&nbsp; **$11.58** | &nbsp;&nbsp; **$13.54** | &nbsp;&nbsp; **$13.79** |
| Net investment income | 0.56 <br><sup>1</sup><br>| 0.56 <br><sup>1</sup><br>| 0.48 <br><sup>1</sup><br>| 0.30 | 0.30 |
| Net realized and unrealized gains (losses) on investments | (0.16)<br>| 0.35 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (1.89)<br>| 0.15 |
| Total from investment operations | 0.40 | 0.91 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (1.59)<br>| 0.45 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.54)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.32)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.38)<br>|
| Total distributions to shareholders | (0.54)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.70)<br>|
| **Net asset value, end of period** | **$11.30** | &nbsp;&nbsp; **$11.44** | &nbsp;&nbsp; **$11.08** | &nbsp;&nbsp; **$11.58** | &nbsp;&nbsp; **$13.54** |
| **Total return**<sup>2</sup> <br>| **3.66%**<br>| **8.53%**<br>| &nbsp;&nbsp; **(0.27)%**<br>| &nbsp;&nbsp; **(11.95)%**<br>| **3.37%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.42<br> %<br>| 0.44<br> %<br>| 0.46<br> %<br>| 0.47<br> %<br>| 0.47<br> %<br>|
| Net expenses | 0.30<br> %<br>| 0.30<br> %<br>| 0.30<br> %<br>| 0.31<br> %<br>| 0.35<br> %<br>|
| Net investment income | 5.01<br> %<br>| 5.00<br> %<br>| 4.25<br> %<br>| 2.50<br> %<br>| 2.28<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 173<br> %<br>| &nbsp;&nbsp; 168<br> %<br>| &nbsp;&nbsp; 254<br> %<br>| &nbsp;&nbsp; 288<br> %<br>| &nbsp;&nbsp; 194<br> %<br>|
| Net assets, end of period (000s omitted) | $1049298 | &nbsp;&nbsp; $674249 | &nbsp;&nbsp; $256948 | &nbsp;&nbsp; $141833 | &nbsp;&nbsp; $89048 |

---

&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 Core Plus Bond Fund \| 41

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$11.40** | &nbsp;&nbsp; **$11.05** | &nbsp;&nbsp; **$11.54** | &nbsp;&nbsp; **$13.49** | &nbsp;&nbsp; **$13.75** |
| Net investment income | 0.53 <br><sup>1</sup><br>| 0.52 <br><sup>1</sup><br>| 0.44 <br><sup>1</sup><br>| 0.26 | 0.26 |
| Net realized and unrealized gains (losses) on investments | (0.16)<br>| 0.34 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (1.87)<br>| 0.14 |
| Total from investment operations | 0.37 | 0.86 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (1.61)<br>| 0.40 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.51)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.28)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.38)<br>|
| Total distributions to shareholders | (0.51)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.66)<br>|
| **Net asset value, end of period** | **$11.26** | &nbsp;&nbsp; **$11.40** | &nbsp;&nbsp; **$11.05** | &nbsp;&nbsp; **$11.54** | &nbsp;&nbsp; **$13.49** |
| **Total return**<sup>2</sup> <br>| **3.34%**<br>| **8.08%**<br>| &nbsp;&nbsp; **(0.50)%**<br>| &nbsp;&nbsp; **(12.18)%**<br>| **3.04%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.74<br> %<br>| 0.76<br> %<br>| 0.78<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>|
| Net expenses | 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.61<br> %<br>| 0.62<br> %<br>|
| Net investment income | 4.70<br> %<br>| 4.66<br> %<br>| 3.89<br> %<br>| 2.09<br> %<br>| 1.95<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 173<br> %<br>| &nbsp;&nbsp; 168<br> %<br>| &nbsp;&nbsp; 254<br> %<br>| &nbsp;&nbsp; 288<br> %<br>| &nbsp;&nbsp; 194<br> %<br>|
| Net assets, end of period (000s omitted) | $1289896 | &nbsp;&nbsp; $607546 | &nbsp;&nbsp; $137624 | &nbsp;&nbsp; $140779 | &nbsp;&nbsp; $278294 |

---

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

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

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

42 \| Allspring Core Plus Bond Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$11.43** | &nbsp;&nbsp; **$11.08** | &nbsp;&nbsp; **$11.58** | &nbsp;&nbsp; **$13.53** | &nbsp;&nbsp; **$13.79** |
| Net investment income | 0.56 <br><sup>1</sup><br>| 0.55 <br><sup>1</sup><br>| 0.47 <br><sup>1</sup><br>| 0.29 | 0.29 |
| Net realized and unrealized gains (losses) on investments | (0.16)<br>| 0.35 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.87)<br>| 0.14 |
| Total from investment operations | 0.40 | 0.90 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (1.58)<br>| 0.43 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.54)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.31)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.38)<br>|
| Total distributions to shareholders | (0.54)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.69)<br>|
| **Net asset value, end of period** | **$11.29** | &nbsp;&nbsp; **$11.43** | &nbsp;&nbsp; **$11.08** | &nbsp;&nbsp; **$11.58** | &nbsp;&nbsp; **$13.53** |
| **Total return**<sup>2</sup> <br>| **3.61%**<br>| **8.38%**<br>| &nbsp;&nbsp; **(0.32)%**<br>| &nbsp;&nbsp; **(11.92)%**<br>| **3.24%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.47<br> %<br>| 0.49<br> %<br>| 0.51<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>|
| Net expenses | 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.37<br> %<br>| 0.40<br> %<br>|
| Net investment income | 4.95<br> %<br>| 4.95<br> %<br>| 4.21<br> %<br>| 2.40<br> %<br>| 2.19<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 173<br> %<br>| &nbsp;&nbsp; 168<br> %<br>| &nbsp;&nbsp; 254<br> %<br>| &nbsp;&nbsp; 288<br> %<br>| &nbsp;&nbsp; 194<br> %<br>|
| Net assets, end of period (000s omitted) | $7240895 | &nbsp;&nbsp; $5659229 | &nbsp;&nbsp; $3658011 | &nbsp;&nbsp; $1965302 | &nbsp;&nbsp; $1774619 |

---

&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 Core Plus Bond Fund \| 43

------

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 Core Plus Bond Fund (the "Fund") which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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

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

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

Foreign currency translation

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

44 \| Allspring Core Plus Bond Fund

------

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.

When-issued transactions

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

Loans

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

Forward foreign currency contracts

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

Futures contracts

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

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

Swap contracts

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

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

Allspring Core Plus Bond Fund \| 45

------

Notes to financial statements

***Credit default swaps***

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

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

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

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

Mortgage dollar roll transactions

The Fund may engage in mortgage dollar roll transactions through To Be Announced (TBA) mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, the Fund sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, the Fund foregoes principal and interest paid on the securities. The Fund is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Fund accounts for TBA dollar roll transactions as purchases and sales which, as a result, may increase its portfolio turnover rate.

Security transactions and income recognition

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

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

Dividend income is recognized on the ex-dividend date.

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

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

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

Distributions to shareholders

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

46 \| Allspring Core Plus Bond Fund

------

Notes to financial statements

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 August 31, 2025, the aggregate cost of all investments for federal income tax purposes was $10,063,822,041 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $115473021 |
| Gross unrealized losses | &nbsp;&nbsp; (129343282)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(13870261)**<br>|

---

As of August 31, 2025, the Fund had capital loss carryforwards which consist of $205,903,635 in short-term capital losses and $165,568,115 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Allspring Core Plus Bond Fund \| 47

------

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Agency securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $3225410506 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $3225410506 |
| **Asset-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 901076137 | &nbsp;&nbsp;&nbsp; 5710337 | &nbsp;&nbsp;&nbsp; 906786474 |
| **Common stocks** |  |  |  |  |
| *Financials* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1831967383 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1831967383 |
| **Foreign corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 334600930 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 334600930 |
| **Foreign government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 431350713 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 431350713 |
| **Investment companies** | &nbsp;&nbsp; 20143012 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 20143012 |
| **Loans** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12533866 | &nbsp;&nbsp;&nbsp; 1209807 | &nbsp;&nbsp;&nbsp; 13743673 |
| **Municipal obligations** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3974414 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3974414 |
| **Non-agency mortgage-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 550505028 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 550505028 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 1238013399 | &nbsp;&nbsp;&nbsp; 14960264 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1252973663 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 929123518 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 929123518 |
| **Yankee government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 89731180 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 89731180 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 459866843 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 459866843 |
|  | &nbsp;&nbsp; 1718023254 | &nbsp;&nbsp;&nbsp; 8325233939 | &nbsp;&nbsp;&nbsp; 6920144 | &nbsp;&nbsp;&nbsp; 10050177337 |
| **Forward foreign currency contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 288542 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 288542 |
| **Futures contracts** | &nbsp;&nbsp; 6222296 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6222296 |
| **Swap contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 565882 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 565882 |
| **Total assets** | &nbsp;&nbsp; **$1724245550** | &nbsp;&nbsp;&nbsp; **$8326088363** | &nbsp;&nbsp;&nbsp; **$6920144** | &nbsp;&nbsp;&nbsp; **$10057254057** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Forward foreign currency contracts** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $9517499 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $9517499 |
| **Futures contracts** | &nbsp;&nbsp; 998401 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 998401 |
| **Total liabilities** | &nbsp;&nbsp; **$998401** | &nbsp;&nbsp;&nbsp; **$9517499** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$10515900** |

---

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

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

At August 31, 2025, the Fund had no material transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

48 \| Allspring Core Plus Bond Fund

------

Notes to financial statements

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.450<br> %<br>|
| Next $500 million | 0.425 |
| Next $2 billion | 0.400 |
| Next $2 billion | 0.375 |
| Next $5 billion | 0.340 |
| Over $10 billion | 0.320 |

---

For the year ended August 31, 2025, the management fee was equivalent to an annual rate of 0.37% of the Fund's average daily net assets.

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

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.15<br> %<br>|
| Class C | 0.15 |
| Class R6 | 0.03 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

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

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.67<br> %<br>|
| Class C | 1.42 |
| Class R6 | 0.30 |
| Administrator Class | 0.60 |
| Institutional Class | 0.35 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended August 31, 2025, Allspring Funds Distributor received $16,622 from the sale of Class A shares and $26,053 and $8,603 in contingent deferred sales charges from redemptions of Class A and Class C shares, respectively.

Allspring Core Plus Bond Fund \| 49

------

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 August 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended August 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13416972833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5111439122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11743570445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3836578102 |

---

6. DERIVATIVE TRANSACTIONS

During the year ended August 31, 2025, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio. The Fund also entered into forward foreign currency contracts for economic hedging purposes and entered into swap contracts to hedge risks and/or enhance total returns.

The volume of the Fund's derivative activity during the year ended August 31, 2025 was as follows:

---

| | |
|:---|:---|
| **Forward foreign currency contracts** |  |
| Average contract amounts to buy | &nbsp;&nbsp; $47670227 |
| Average contract amounts to sell | &nbsp;&nbsp; 677154228 |
| **Futures contracts** |  |
| Average notional balance on long futures | &nbsp;&nbsp; $1836307189 |
| Average notional balance on short futures | &nbsp;&nbsp; 348490694 |
| **Swap contracts** |  |
| Average notional balance | &nbsp;&nbsp; $6436154 |

---

A summary of the location of derivative instruments on the financial statements by primary risk exposure is outlined in the following tables.

50 \| Allspring Core Plus Bond Fund

------

Notes to financial statements

The fair value of derivative instruments as of August 31, 2025 by primary risk type was as follows for the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Credit <br>risk<br>| Foreign currency <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $288542 | $288542 |
| Futures contracts | &nbsp;&nbsp; 6,222,296 <br>\*<br>| 0 | 0 | 6222296 |
| Swap contracts | &nbsp;&nbsp; 0 | 565,882 <br>\*<br>| 0 | 565882 |
|  | &nbsp;&nbsp; $6222296 | $565882 | $288542 | $7076720 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $9517499 | $9517499 |
| Futures contracts | &nbsp;&nbsp; 998,401 <br>\*<br>| 0 | 0 | 998401 |
|  | &nbsp;&nbsp; $998401 | $0 | $9517499 | $10515900 |

---

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

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of investments. For futures contracts and centrally cleared swap contracts, only the current day's variation margin as of August 31, 2025 is reported separately on the Statement of assets and liabilities. 

The effect of derivative instruments on the Statement of operations for the year ended August 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | INTEREST RATE <br>RISK<br>| Credit <br>risk<br>| Foreign currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $(26919617)<br>| $(26919617)<br>|
| Futures contracts | &nbsp;&nbsp; (30627737)<br>| 0 | 0 | (30627737)<br>|
| Swap contracts | &nbsp;&nbsp; 0 | (267592)<br>| 0 | (267592)<br>|
|  | &nbsp;&nbsp; $(30627737)<br>| $(267592)<br>| $(26919617)<br>| $(57814946)<br>|
| **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $3439101 | $3439101 |
| Futures contracts | &nbsp;&nbsp; 14143795 | 0 | 0 | 14143795 |
| Swap contracts | &nbsp;&nbsp; 0 | 565882 | 0 | 565882 |
|  | &nbsp;&nbsp; $14143795 | $565882 | $3439101 | $18148778 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of assets in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>received<br>| Net amount <br>of assets<br>|
| Citibank N.A. | &nbsp;&nbsp; $34699 | $(34699)<br>| $0 | $0 |
| Morgan Stanley, Inc. | &nbsp;&nbsp; 253843 | (253843)<br>| 0 | 0 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of liabilities in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>pledged<sup>1</sup> <br>| Net amount <br>of liabilities<br>|
| Citibank N.A. | &nbsp;&nbsp; $5892228 | $(34699)<br>| $(4770000)<br>| $1087529 |
| Morgan Stanley, Inc. | &nbsp;&nbsp; 3625271 | (253843)<br>| (3280000)<br>| 91428 |

---

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

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

Allspring Core Plus Bond Fund \| 51

------

Notes to financial statements

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

7. BANK BORROWINGS

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

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

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $438280578 | $279901734 |

---

As of August 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>losses<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $18343975 | &nbsp;&nbsp; $(13870261)<br>| &nbsp;&nbsp;&nbsp; $(371471750)<br>|

---

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

11. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined in *Segment Reporting (Topic 280)*, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. 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.

52 \| Allspring Core Plus Bond Fund

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Core Plus Bond Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of August 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 August 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 August 31, 2025, by correspondence with the custodian, transfer agent, agent banks 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.

![](g14606imgfd6059de2.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

October 23, 2025

Allspring Core Plus Bond Fund \| 53

------

Other information (unaudited)

Other information

Tax information

For the fiscal year ended August 31, 2025, $343,691,153 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 August 31, 2025, 14% of the ordinary income distributed was derived from interest on U.S. government securities.

Proxy voting information

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

Quarterly portfolio holdings information

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

54 \| Allspring Core Plus Bond Fund

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Core Plus Bond Fund \| 55

------

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

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

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

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

*Nature, extent, and quality of services*

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

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

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

\*

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

56 \| Allspring Core Plus Bond Fund

------

Other information (unaudited)

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

*Fund investment performance and expenses*

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

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

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

*Investment management and sub-advisory fee rates*

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

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

*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 Core Plus Bond Fund \| 57

------

Other information (unaudited)

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

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

*Economies of scale*

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

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

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

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

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

*Conclusion*

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

58 \| Allspring Core Plus Bond Fund

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![](g14606imgfdedaf5e1.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**

![](g14606imgebaec5dc3.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.**

**NCSR0059 08-25**

------

![](g14606imgf61e53841.jpg)

Allspring Government Securities Fund

Long Form Financial Statements

Annual Report

August 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_4aca26cf-fd71-440c-b5ae-e086e5fe2673_POI-PageBlank-96_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_4aca26cf-fd71-440c-b5ae-e086e5fe2673_FS-PageBlank-96_1)** |  |
| [Statement of assets and liabilities](#xx_4aca26cf-fd71-440c-b5ae-e086e5fe2673_FS-PageBlank-96_1) | 10 |
| [Statement of operations](#xx_4aca26cf-fd71-440c-b5ae-e086e5fe2673_FS-PageBlank-96_3) | 12 |
| [Statement of changes in net assets](#xx_4aca26cf-fd71-440c-b5ae-e086e5fe2673_FS-PageBlank-96_4) | 13 |
| [Financial highlights](#xx_4aca26cf-fd71-440c-b5ae-e086e5fe2673_FIHI-PageBlank-96_1) | 14 |
| **[Notes to financial statements](#xx_4aca26cf-fd71-440c-b5ae-e086e5fe2673_NTF-PageBlank-96_1)** | 18 |
| **[Report of independent registered public accounting firm](#xx_4aca26cf-fd71-440c-b5ae-e086e5fe2673_AUD-PageBlank-96_1)** | 24 |
| **[Other information](#xx_4aca26cf-fd71-440c-b5ae-e086e5fe2673_OI-PageBlank-96_1)** | 25 |
| [Item 8. Changes in and disagreements with accountants](#xx_4aca26cf-fd71-440c-b5ae-e086e5fe2673_OI-PageBlank-96_2) | 26 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_4aca26cf-fd71-440c-b5ae-e086e5fe2673_OI-PageBlank-96_2) | 26 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_4aca26cf-fd71-440c-b5ae-e086e5fe2673_OI-PageBlank-96_2) | 26 |
| [Item 11. Statement regarding basis for board](#xx_4aca26cf-fd71-440c-b5ae-e086e5fe2673_OI-PageBlank-96_3)['](#xx_4aca26cf-fd71-440c-b5ae-e086e5fe2673_OI-PageBlank-96_3)[s approval of investment](#xx_4aca26cf-fd71-440c-b5ae-e086e5fe2673_OI-PageBlank-96_3)<br> [advisory contract](#xx_4aca26cf-fd71-440c-b5ae-e086e5fe2673_OI-PageBlank-96_3)<br>| 27 |

---

Allspring Government Securities Fund \| 1

------

Portfolio of investments—August 31, 2025

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Agency securities: 69.92%** |  |  |  |  |
| FHLMC¤ | 0.00<br> %<br>| &nbsp;&nbsp; 7-15-2032 | $9900000 | &nbsp;&nbsp; $7446813 |
| FHLMC | 2.50 | &nbsp;&nbsp; 9-1-2050 | 1023350 | &nbsp;&nbsp; 851562 |
| FHLMC | 2.50 | &nbsp;&nbsp; 6-1-2051 | 2300418 | &nbsp;&nbsp; 1913616 |
| FHLMC | 2.50 | &nbsp;&nbsp; 11-1-2051 | 7585781 | &nbsp;&nbsp; 6398040 |
| FHLMC | 2.50 | &nbsp;&nbsp; 12-1-2051 | 1768882 | &nbsp;&nbsp; 1475965 |
| FHLMC | 3.00 | &nbsp;&nbsp; 6-1-2050 | 393968 | &nbsp;&nbsp; 348505 |
| FHLMC | 3.00 | &nbsp;&nbsp; 7-1-2050 | 1122504 | &nbsp;&nbsp; 993003 |
| FHLMC | 3.00 | &nbsp;&nbsp; 8-1-2050 | 509855 | &nbsp;&nbsp; 451017 |
| FHLMC | 3.50 | &nbsp;&nbsp; 8-1-2045 | 1005921 | &nbsp;&nbsp; 937288 |
| FHLMC | 3.50 | &nbsp;&nbsp; 11-1-2045 | 1781913 | &nbsp;&nbsp; 1658863 |
| FHLMC | 3.50 | &nbsp;&nbsp; 12-1-2045 | 1609052 | &nbsp;&nbsp; 1495957 |
| FHLMC | 4.00 | &nbsp;&nbsp; 6-1-2037 | 3201921 | &nbsp;&nbsp; 3143905 |
| FHLMC | 4.00 | &nbsp;&nbsp; 11-1-2042 | 4165080 | &nbsp;&nbsp; 4032155 |
| FHLMC | 4.00 | &nbsp;&nbsp; 6-1-2044 | 934573 | &nbsp;&nbsp; 893910 |
| FHLMC | 4.00 | &nbsp;&nbsp; 5-1-2049 | 575931 | &nbsp;&nbsp; 547337 |
| FHLMC | 4.00 | &nbsp;&nbsp; 9-1-2049 | 209993 | &nbsp;&nbsp; 199015 |
| FHLMC | 4.50 | &nbsp;&nbsp; 3-1-2042 | 80183 | &nbsp;&nbsp; 80210 |
| FHLMC | 4.50 | &nbsp;&nbsp; 9-1-2044 | 1074287 | &nbsp;&nbsp; 1058735 |
| FHLMC | 4.50 | &nbsp;&nbsp; 9-1-2049 | 2752196 | &nbsp;&nbsp; 2680682 |
| FHLMC | 5.00 | &nbsp;&nbsp; 6-1-2026 | 2484 | &nbsp;&nbsp; 2512 |
| FHLMC | 5.00 | &nbsp;&nbsp; 8-1-2040 | 296372 | &nbsp;&nbsp; 302209 |
| FHLMC | 5.00 | &nbsp;&nbsp; 7-1-2052 | 1941123 | &nbsp;&nbsp; 1932396 |
| FHLMC | 5.00 | &nbsp;&nbsp; 9-1-2052 | 2102460 | &nbsp;&nbsp; 2083806 |
| FHLMC | 5.50 | &nbsp;&nbsp; 7-1-2035 | 877967 | &nbsp;&nbsp; 894455 |
| FHLMC | 5.50 | &nbsp;&nbsp; 12-1-2038 | 514293 | &nbsp;&nbsp; 531830 |
| FHLMC | 5.50 | &nbsp;&nbsp; 3-1-2053 | 1227752 | &nbsp;&nbsp; 1241632 |
| FHLMC | 6.00 | &nbsp;&nbsp; 10-1-2032 | 6799 | &nbsp;&nbsp; 7013 |
| FHLMC | 6.00 | &nbsp;&nbsp; 1-1-2053 | 2216831 | &nbsp;&nbsp; 2276733 |
| FHLMC | 6.50 | &nbsp;&nbsp; 9-1-2028 | 2294 | &nbsp;&nbsp; 2379 |
| FHLMC | 6.50 | &nbsp;&nbsp; 7-1-2055 | 2567014 | &nbsp;&nbsp; 2659950 |
| FHLMC | 6.50 | &nbsp;&nbsp; 9-1-2055 | 865000 | &nbsp;&nbsp; 896570 |
| FHLMC | 7.00 | &nbsp;&nbsp; 12-1-2026 | 14 | &nbsp;&nbsp; 15 |
| FHLMC | 7.00 | &nbsp;&nbsp; 4-1-2029 | 268 | &nbsp;&nbsp; 282 |
| FHLMC | 7.00 | &nbsp;&nbsp; 5-1-2029 | 1440 | &nbsp;&nbsp; 1515 |
| FHLMC | 7.00 | &nbsp;&nbsp; 4-1-2032 | 24087 | &nbsp;&nbsp; 25343 |
| FHLMC | 7.50 | &nbsp;&nbsp; 11-1-2031 | 36096 | &nbsp;&nbsp; 36493 |
| FHLMC | 7.50 | &nbsp;&nbsp; 4-1-2032 | 52616 | &nbsp;&nbsp; 54502 |
| FHLMC | 8.00 | &nbsp;&nbsp; 8-1-2026 | 597 | &nbsp;&nbsp; 600 |
| FHLMC | 8.00 | &nbsp;&nbsp; 11-1-2026 | 605 | &nbsp;&nbsp; 610 |
| FHLMC | 8.00 | &nbsp;&nbsp; 11-1-2028 | 100 | &nbsp;&nbsp; 100 |
| FHLMC | 8.50 | &nbsp;&nbsp; 12-1-2025 | 7 | &nbsp;&nbsp; 7 |
| FHLMC | 8.50 | &nbsp;&nbsp; 8-1-2026 | 103 | &nbsp;&nbsp; 103 |
| &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates Series K075 <br> Class A2±±<br>| 3.65 | &nbsp;&nbsp; 2-25-2028 | 4420000 | &nbsp;&nbsp; 4387927 |
| &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates Series K153 <br> Class A3±±<br>| 3.12 | &nbsp;&nbsp; 10-25-2031 | 160000 | &nbsp;&nbsp; 150001 |
| &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates Series KF80 <br> Class AS (30 Day Average U.S. SOFR+0.51%)±<br>| 4.85 | &nbsp;&nbsp; 6-25-2030 | 432491 | &nbsp;&nbsp; 431611 |

---

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

2 \| Allspring Government Securities Fund

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Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates Series KIR2 <br> Class A1<br>| 2.75<br> %<br>| &nbsp;&nbsp; 3-25-2027 | $1333679 | &nbsp;&nbsp; $1315352 |
| &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates <br> Series KW03 Class A1<br>| 2.62 | &nbsp;&nbsp; 12-25-2026 | 303645 | &nbsp;&nbsp; 300430 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-35 Class A (30 <br> Day Average U.S. SOFR+0.39%)±<br>| 4.74 | &nbsp;&nbsp; 9-25-2031 | 138617 | &nbsp;&nbsp; 138100 |
| FHLMC Structured Pass-Through Certificates Series T-42 Class A6 | 9.50 | &nbsp;&nbsp; 2-25-2042 | 403374 | &nbsp;&nbsp; 465744 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-55 <br> Class 2A1±±<br>| 3.25 | &nbsp;&nbsp; 3-25-2043 | 151211 | &nbsp;&nbsp; 142705 |
| FHLMC Structured Pass-Through Certificates Series T-56 Class A4 | 6.00 | &nbsp;&nbsp; 5-25-2043 | 2399900 | &nbsp;&nbsp; 2299698 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-57 <br> Class 2A1±±<br>| 4.81 | &nbsp;&nbsp; 7-25-2043 | 991654 | &nbsp;&nbsp; 961757 |
| FHLMC Structured Pass-Through Certificates Series T-57 Class 1A1 | 6.50 | &nbsp;&nbsp; 7-25-2043 | 512473 | &nbsp;&nbsp; 533824 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-62 Class 1A1 <br> (12 Month Treasury Average+1.20%)±<br>| 5.42 | &nbsp;&nbsp; 10-25-2044 | 345788 | &nbsp;&nbsp; 317130 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-67 <br> Class 1A1C±±<br>| 3.94 | &nbsp;&nbsp; 3-25-2036 | 379484 | &nbsp;&nbsp; 365489 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-67 <br> Class 2A1C±±<br>| 4.00 | &nbsp;&nbsp; 3-25-2036 | 602805 | &nbsp;&nbsp; 568691 |
| FHLMC Whole Loan Securities Trust Series 2015-SC01 Class 1A | 3.50 | &nbsp;&nbsp; 5-25-2045 | 251088 | &nbsp;&nbsp; 228698 |
| FHLMC (11th District COFI+1.25%)± | 4.50 | &nbsp;&nbsp; 7-1-2032 | 85522 | &nbsp;&nbsp; 83788 |
| FHLMC (30 Day Average U.S. SOFR+0.26%)± | 4.60 | &nbsp;&nbsp; 7-1-2031 | 3011184 | &nbsp;&nbsp; 2973207 |
| FHLMC (RFUCCT1Y+1.65%)± | 6.72 | &nbsp;&nbsp; 7-1-2038 | 340210 | &nbsp;&nbsp; 348403 |
| FHLMC (RFUCCT1Y+1.66%)± | 6.78 | &nbsp;&nbsp; 6-1-2043 | 543175 | &nbsp;&nbsp; 561539 |
| FHLMC (RFUCCT1Y+1.91%)± | 7.66 | &nbsp;&nbsp; 9-1-2031 | 22654 | &nbsp;&nbsp; 22963 |
| FHLMC Series 2733 Class FB (30 Day Average U.S. SOFR+0.71%)± | 5.06 | &nbsp;&nbsp; 10-15-2033 | 116234 | &nbsp;&nbsp; 116462 |
| FHLMC Series 3070 Class FT (30 Day Average U.S. SOFR+0.46%)± | 4.81 | &nbsp;&nbsp; 11-15-2035 | 182656 | &nbsp;&nbsp; 181895 |
| FHLMC Series 3830 Class FD (30 Day Average U.S. SOFR+0.47%)± | 4.82 | &nbsp;&nbsp; 3-15-2041 | 80180 | &nbsp;&nbsp; 79724 |
| FHLMC Series 4057 Class FN (30 Day Average U.S. SOFR+0.46%)± | 4.81 | &nbsp;&nbsp; 12-15-2041 | 80782 | &nbsp;&nbsp; 80223 |
| FHLMC Series 4159 Class AF (30 Day Average U.S. SOFR+1.29%)± | 5.64 | &nbsp;&nbsp; 12-15-2036 | 81371 | &nbsp;&nbsp; 82887 |
| FHLMC Series 4218 Class DF (30 Day Average U.S. SOFR+0.36%)± | 4.71 | &nbsp;&nbsp; 7-15-2042 | 133629 | &nbsp;&nbsp; 131876 |
| FHLMC Series 4409 Class MA | 3.00 | &nbsp;&nbsp; 1-15-2054 | 5235 | &nbsp;&nbsp; 5167 |
| FHLMC Series 4620 Class AF (30 Day Average U.S. SOFR+0.55%)± | 4.87 | &nbsp;&nbsp; 11-15-2042 | 996516 | &nbsp;&nbsp; 990640 |
| FHLMC Series 5198 Class FB (30 Day Average U.S. SOFR+0.25%)± | 4.56 | &nbsp;&nbsp; 6-15-2049 | 953641 | &nbsp;&nbsp; 929778 |
| FNMA | 1.38 | &nbsp;&nbsp; 7-1-2030 | 3719513 | &nbsp;&nbsp; 3302483 |
| FNMA | 1.65 | &nbsp;&nbsp; 6-1-2030 | 1308016 | &nbsp;&nbsp; 1176256 |
| FNMA | 1.65 | &nbsp;&nbsp; 7-1-2030 | 2298692 | &nbsp;&nbsp; 2054923 |
| FNMA | 1.66 | &nbsp;&nbsp; 7-1-2032 | 3813302 | &nbsp;&nbsp; 3249856 |
| FNMA | 1.97 | &nbsp;&nbsp; 5-1-2030 | 4125019 | &nbsp;&nbsp; 3773443 |
| FNMA | 2.00 | &nbsp;&nbsp; 2-1-2052 | 22313973 | &nbsp;&nbsp; 17887843 |
| FNMA | 2.32 | &nbsp;&nbsp; 1-1-2026 | 3778883 | &nbsp;&nbsp; 3742854 |
| FNMA | 2.35 | &nbsp;&nbsp; 2-1-2032 | 2151019 | &nbsp;&nbsp; 1937915 |
| FNMA | 2.50 | &nbsp;&nbsp; 9-1-2050 | 312908 | &nbsp;&nbsp; 262173 |
| FNMA | 2.50 | &nbsp;&nbsp; 12-1-2050 | 1103889 | &nbsp;&nbsp; 918528 |
| FNMA | 2.50 | &nbsp;&nbsp; 7-1-2051 | 1620619 | &nbsp;&nbsp; 1346201 |
| FNMA | 2.50 | &nbsp;&nbsp; 1-1-2052 | 2587407 | &nbsp;&nbsp; 2153235 |
| FNMA | 2.51 | &nbsp;&nbsp; 9-1-2031 | 4823879 | &nbsp;&nbsp; 4424101 |
| FNMA | 2.65 | &nbsp;&nbsp; 2-1-2032 | 4822076 | &nbsp;&nbsp; 4400930 |

---

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

Allspring Government Securities Fund \| 3

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FNMA | 2.75<br> %<br>| &nbsp;&nbsp; 9-1-2031 | $852923 | &nbsp;&nbsp; $787798 |
| FNMA | 2.86 | &nbsp;&nbsp; 7-1-2029 | 932081 | &nbsp;&nbsp; 892105 |
| FNMA | 3.00 | &nbsp;&nbsp; 5-1-2027 | 61800 | &nbsp;&nbsp; 61100 |
| FNMA | 3.00 | &nbsp;&nbsp; 6-1-2034 | 1379685 | &nbsp;&nbsp; 1340637 |
| FNMA | 3.00 | &nbsp;&nbsp; 4-1-2045 | 25274 | &nbsp;&nbsp; 22739 |
| FNMA | 3.00 | &nbsp;&nbsp; 11-1-2045 | 2192938 | &nbsp;&nbsp; 1965777 |
| FNMA | 3.00 | &nbsp;&nbsp; 12-1-2045 | 5058192 | &nbsp;&nbsp; 4537901 |
| FNMA | 3.00 | &nbsp;&nbsp; 12-1-2046 | 198788 | &nbsp;&nbsp; 176871 |
| FNMA | 3.00 | &nbsp;&nbsp; 8-1-2050 | 26240 | &nbsp;&nbsp; 22960 |
| FNMA | 3.48 | &nbsp;&nbsp; 3-1-2029 | 831407 | &nbsp;&nbsp; 818096 |
| FNMA | 3.50 | &nbsp;&nbsp; 4-1-2034 | 738695 | &nbsp;&nbsp; 730369 |
| FNMA | 3.50 | &nbsp;&nbsp; 2-1-2043 | 13752 | &nbsp;&nbsp; 12929 |
| FNMA | 3.50 | &nbsp;&nbsp; 2-1-2045 | 288608 | &nbsp;&nbsp; 270671 |
| FNMA | 3.50 | &nbsp;&nbsp; 4-1-2045 | 1307741 | &nbsp;&nbsp; 1219969 |
| FNMA | 3.50 | &nbsp;&nbsp; 8-1-2045 | 112998 | &nbsp;&nbsp; 105227 |
| FNMA | 3.50 | &nbsp;&nbsp; 12-1-2045 | 467495 | &nbsp;&nbsp; 435731 |
| FNMA | 3.50 | &nbsp;&nbsp; 2-1-2046 | 490347 | &nbsp;&nbsp; 454705 |
| FNMA | 3.86 | &nbsp;&nbsp; 3-1-2029 | 756203 | &nbsp;&nbsp; 753204 |
| FNMA | 4.00 | &nbsp;&nbsp; 8-1-2037 | 1412346 | &nbsp;&nbsp; 1388158 |
| FNMA | 4.00 | &nbsp;&nbsp; 4-1-2046 | 3722936 | &nbsp;&nbsp; 3545167 |
| FNMA | 4.00 | &nbsp;&nbsp; 3-1-2047 | 919333 | &nbsp;&nbsp; 875240 |
| FNMA | 4.00 | &nbsp;&nbsp; 9-1-2048 | 61843 | &nbsp;&nbsp; 58841 |
| FNMA | 4.38 | &nbsp;&nbsp; 7-1-2032 | 1031000 | &nbsp;&nbsp; 1033982 |
| FNMA | 4.50 | &nbsp;&nbsp; 1-1-2026 | 555 | &nbsp;&nbsp; 554 |
| FNMA | 4.50 | &nbsp;&nbsp; 10-1-2046 | 75147 | &nbsp;&nbsp; 73967 |
| FNMA | 4.50 | &nbsp;&nbsp; 9-1-2049 | 582325 | &nbsp;&nbsp; 567907 |
| FNMA | 4.50 | &nbsp;&nbsp; 11-1-2052 | 2266505 | &nbsp;&nbsp; 2186624 |
| FNMA | 4.94 | &nbsp;&nbsp; 10-1-2032 | 1570050 | &nbsp;&nbsp; 1605921 |
| FNMA | 4.99 | &nbsp;&nbsp; 7-1-2029 | 2770000 | &nbsp;&nbsp; 2853334 |
| FNMA | 5.00 | &nbsp;&nbsp; 3-1-2034 | 116410 | &nbsp;&nbsp; 117595 |
| FNMA | 5.00 | &nbsp;&nbsp; 8-1-2040 | 1833285 | &nbsp;&nbsp; 1855540 |
| FNMA | 5.00 | &nbsp;&nbsp; 10-1-2040 | 134536 | &nbsp;&nbsp; 137019 |
| FNMA | 5.00 | &nbsp;&nbsp; 1-1-2042 | 134844 | &nbsp;&nbsp; 137333 |
| FNMA | 5.00 | &nbsp;&nbsp; 12-1-2048 | 131641 | &nbsp;&nbsp; 131577 |
| FNMA | 5.05 | &nbsp;&nbsp; 11-1-2030 | 1586919 | &nbsp;&nbsp; 1628620 |
| FNMA | 5.16 | &nbsp;&nbsp; 10-1-2031 | 2760000 | &nbsp;&nbsp; 2879446 |
| FNMA | 5.50 | &nbsp;&nbsp; 9-1-2033 | 675802 | &nbsp;&nbsp; 692194 |
| FNMA | 5.50 | &nbsp;&nbsp; 8-1-2035 | 210455 | &nbsp;&nbsp; 218392 |
| FNMA | 5.50 | &nbsp;&nbsp; 1-1-2037 | 158382 | &nbsp;&nbsp; 164355 |
| FNMA | 5.50 | &nbsp;&nbsp; 4-1-2040 | 411426 | &nbsp;&nbsp; 426937 |
| FNMA | 5.50 | &nbsp;&nbsp; 2-1-2053 | 4495476 | &nbsp;&nbsp; 4540870 |
| FNMA | 6.00 | &nbsp;&nbsp; 1-1-2028 | 86175 | &nbsp;&nbsp; 88053 |
| FNMA | 6.00 | &nbsp;&nbsp; 2-1-2035 | 245768 | &nbsp;&nbsp; 249728 |
| FNMA | 6.00 | &nbsp;&nbsp; 11-1-2037 | 118173 | &nbsp;&nbsp; 124095 |
| FNMA | 6.00 | &nbsp;&nbsp; 7-1-2038 | 49467 | &nbsp;&nbsp; 52148 |
| FNMA | 6.00 | &nbsp;&nbsp; 7-1-2055 | 9953982 | &nbsp;&nbsp; 10171566 |
| FNMA | 6.50 | &nbsp;&nbsp; 3-1-2028 | 2527 | &nbsp;&nbsp; 2542 |
| FNMA | 6.50 | &nbsp;&nbsp; 12-1-2029 | 28666 | &nbsp;&nbsp; 29699 |

---

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

4 \| Allspring Government Securities Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FNMA | 6.50<br> %<br>| &nbsp;&nbsp; 11-1-2031 | $5269 | &nbsp;&nbsp; $5459 |
| FNMA | 6.50 | &nbsp;&nbsp; 7-1-2036 | 117513 | &nbsp;&nbsp; 123968 |
| FNMA | 6.50 | &nbsp;&nbsp; 11-1-2054 | 2995840 | &nbsp;&nbsp; 3104295 |
| FNMA | 6.50 | &nbsp;&nbsp; 9-1-2055 | 865000 | &nbsp;&nbsp; 896317 |
| FNMA | 7.00 | &nbsp;&nbsp; 11-1-2026 | 9 | &nbsp;&nbsp; 9 |
| FNMA | 7.00 | &nbsp;&nbsp; 1-1-2032 | 889 | &nbsp;&nbsp; 934 |
| FNMA | 7.00 | &nbsp;&nbsp; 2-1-2032 | 16996 | &nbsp;&nbsp; 17865 |
| FNMA | 7.00 | &nbsp;&nbsp; 10-1-2032 | 49428 | &nbsp;&nbsp; 51956 |
| FNMA | 7.00 | &nbsp;&nbsp; 2-1-2034 | 1036 | &nbsp;&nbsp; 1089 |
| FNMA | 7.00 | &nbsp;&nbsp; 4-1-2034 | 21802 | &nbsp;&nbsp; 22917 |
| FNMA | 7.50 | &nbsp;&nbsp; 9-1-2031 | 17483 | &nbsp;&nbsp; 18074 |
| FNMA | 7.50 | &nbsp;&nbsp; 2-1-2032 | 9199 | &nbsp;&nbsp; 9502 |
| FNMA | 7.50 | &nbsp;&nbsp; 10-1-2037 | 215857 | &nbsp;&nbsp; 228466 |
| FNMA | 8.00 | &nbsp;&nbsp; 2-1-2030 | 6534 | &nbsp;&nbsp; 6562 |
| FNMA | 8.00 | &nbsp;&nbsp; 7-1-2031 | 49949 | &nbsp;&nbsp; 50669 |
| FNMA | 8.50 | &nbsp;&nbsp; 11-1-2026 | 410 | &nbsp;&nbsp; 411 |
| FNMA | 8.50 | &nbsp;&nbsp; 12-1-2026 | 9161 | &nbsp;&nbsp; 9194 |
| FNMA | 8.50 | &nbsp;&nbsp; 3-1-2027 | 23 | &nbsp;&nbsp; 23 |
| FNMA (1 Year Treasury Constant Maturity+2.19%)± | 6.52 | &nbsp;&nbsp; 12-1-2040 | 31451 | &nbsp;&nbsp; 32427 |
| FNMA (1 Year Treasury Constant Maturity+2.20%)± | 6.38 | &nbsp;&nbsp; 12-1-2034 | 116886 | &nbsp;&nbsp; 119923 |
| FNMA (1 Year Treasury Constant Maturity+2.22%)± | 6.22 | &nbsp;&nbsp; 6-1-2032 | 30929 | &nbsp;&nbsp; 31534 |
| FNMA (1 Year Treasury Constant Maturity+2.22%)± | 6.34 | &nbsp;&nbsp; 9-1-2035 | 68272 | &nbsp;&nbsp; 70204 |
| FNMA (1 Year Treasury Constant Maturity+2.22%)± | 6.72 | &nbsp;&nbsp; 11-1-2031 | 32666 | &nbsp;&nbsp; 33137 |
| FNMA (1 Year Treasury Constant Maturity+2.24%)± | 6.57 | &nbsp;&nbsp; 9-1-2031 | 11325 | &nbsp;&nbsp; 11534 |
| FNMA (1 Year Treasury Constant Maturity+2.25%)± | 6.78 | &nbsp;&nbsp; 12-1-2040 | 10455 | &nbsp;&nbsp; 10623 |
| FNMA (1 Year Treasury Constant Maturity+2.45%)± | 7.45 | &nbsp;&nbsp; 10-1-2027 | 291 | &nbsp;&nbsp; 290 |
| FNMA (11th District COFI+1.25%)± | 4.35 | &nbsp;&nbsp; 9-1-2027 | 16209 | &nbsp;&nbsp; 16038 |
| FNMA (11th District COFI+1.26%)± | 4.42 | &nbsp;&nbsp; 5-1-2036 | 80809 | &nbsp;&nbsp; 79230 |
| FNMA (11th District COFI+1.28%)± | 4.24 | &nbsp;&nbsp; 5-1-2036 | 134034 | &nbsp;&nbsp; 131319 |
| FNMA (RFUCCT1Y+1.61%)± | 6.61 | &nbsp;&nbsp; 5-1-2046 | 508831 | &nbsp;&nbsp; 525492 |
| FNMA (RFUCCT1Y+1.62%)± | 2.38 | &nbsp;&nbsp; 8-1-2050 | 1188046 | &nbsp;&nbsp; 1107198 |
| FNMA (RFUCCT1Y+1.73%)± | 7.36 | &nbsp;&nbsp; 9-1-2036 | 78782 | &nbsp;&nbsp; 80506 |
| FNMA (RFUCCT1Y+1.77%)± | 6.79 | &nbsp;&nbsp; 7-1-2044 | 46150 | &nbsp;&nbsp; 47478 |
| FNMA (RFUCCT1Y+1.81%)± | 6.98 | &nbsp;&nbsp; 8-1-2036 | 328746 | &nbsp;&nbsp; 339237 |
| FNMA Series 2000-T6 Class A2 | 9.50 | &nbsp;&nbsp; 11-25-2040 | 266309 | &nbsp;&nbsp; 266393 |
| FNMA Series 2001-T10 Class A3 | 9.50 | &nbsp;&nbsp; 12-25-2041 | 267067 | &nbsp;&nbsp; 279912 |
| FNMA Series 2001-T12 Class A3 | 9.50 | &nbsp;&nbsp; 8-25-2041 | 68290 | &nbsp;&nbsp; 70725 |
| FNMA Series 2002-5 Class F (30 Day Average U.S. SOFR+0.46%)± | 4.81 | &nbsp;&nbsp; 2-25-2032 | 799 | &nbsp;&nbsp; 798 |
| FNMA Series 2002-T1 Class A3 | 7.50 | &nbsp;&nbsp; 11-25-2031 | 91701 | &nbsp;&nbsp; 96450 |
| FNMA Series 2002-T12 Class A5±± | 5.32 | &nbsp;&nbsp; 10-25-2041 | 367255 | &nbsp;&nbsp; 371508 |
| FNMA Series 2002-T16 Class A1 | 6.50 | &nbsp;&nbsp; 7-25-2042 | 674214 | &nbsp;&nbsp; 708239 |
| FNMA Series 2002-T19 Class A1 | 6.50 | &nbsp;&nbsp; 7-25-2042 | 1668978 | &nbsp;&nbsp; 1752702 |
| FNMA Series 2002-W4 Class A4 | 6.25 | &nbsp;&nbsp; 5-25-2042 | 223879 | &nbsp;&nbsp; 228303 |
| FNMA Series 2003-T2 Class A1 (30 Day Average U.S. SOFR+0.39%)± | 4.74 | &nbsp;&nbsp; 3-25-2033 | 467670 | &nbsp;&nbsp; 463587 |
| FNMA Series 2003-W1 Class 1A1±± | 4.72 | &nbsp;&nbsp; 12-25-2042 | 298061 | &nbsp;&nbsp; 299073 |
| FNMA Series 2003-W11 Class A1±± | 7.43 | &nbsp;&nbsp; 6-25-2033 | 22443 | &nbsp;&nbsp; 22745 |
| FNMA Series 2003-W3 Class 1A4±± | 4.72 | &nbsp;&nbsp; 8-25-2042 | 884551 | &nbsp;&nbsp; 860130 |
| FNMA Series 2003-W5 Class A (1 Month LIBOR+0.11%)± | 4.57 | &nbsp;&nbsp; 4-25-2033 | 142257 | &nbsp;&nbsp; 140241 |

---

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

Allspring Government Securities Fund \| 5

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FNMA Series 2003-W6 Class 6A±± | 4.77<br> %<br>| &nbsp;&nbsp; 8-25-2042 | $313146 | &nbsp;&nbsp; $308062 |
| FNMA Series 2003-W6 Class PT4±± | 8.19 | &nbsp;&nbsp; 10-25-2042 | 507695 | &nbsp;&nbsp; 547087 |
| FNMA Series 2003-W8 Class PT1±± | 7.59 | &nbsp;&nbsp; 12-25-2042 | 175175 | &nbsp;&nbsp; 178057 |
| FNMA Series 2003-W9 Class A (30 Day Average U.S. SOFR+0.23%)± | 4.58 | &nbsp;&nbsp; 6-25-2033 | 33649 | &nbsp;&nbsp; 32234 |
| FNMA Series 2004-T1 Class 1A2 | 6.50 | &nbsp;&nbsp; 1-25-2044 | 158646 | &nbsp;&nbsp; 163432 |
| FNMA Series 2004-W1 Class 2A2 | 7.00 | &nbsp;&nbsp; 12-25-2033 | 398598 | &nbsp;&nbsp; 416743 |
| FNMA Series 2004-W15 Class 1A3 | 7.00 | &nbsp;&nbsp; 8-25-2044 | 177575 | &nbsp;&nbsp; 185996 |
| FNMA Series 2006-50 Class BF (30 Day Average U.S. SOFR+0.51%)± | 4.86 | &nbsp;&nbsp; 6-25-2036 | 274502 | &nbsp;&nbsp; 272987 |
| &nbsp;&nbsp; FNMA Series 2007-101 Class A2 (30 Day Average <br> U.S. SOFR+0.36%)±<br>| 4.28 | &nbsp;&nbsp; 6-27-2036 | 35944 | &nbsp;&nbsp; 36271 |
| FNMA Series 2007-W10 Class 2A±± | 6.23 | &nbsp;&nbsp; 8-25-2047 | 79543 | &nbsp;&nbsp; 83470 |
| FNMA Series 2008-17 Class DP | 4.75 | &nbsp;&nbsp; 2-25-2038 | 185742 | &nbsp;&nbsp; 183566 |
| &nbsp;&nbsp; FNMA Series 2010-136 Class FA (30 Day Average <br> U.S. SOFR+0.61%)±<br>| 4.96 | &nbsp;&nbsp; 12-25-2040 | 388461 | &nbsp;&nbsp; 385259 |
| &nbsp;&nbsp; FNMA Series 2011-110 Class FE (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.86 | &nbsp;&nbsp; 4-25-2041 | 19109 | &nbsp;&nbsp; 19072 |
| &nbsp;&nbsp; FNMA Series 2011-128 Class FK (30 Day Average <br> U.S. SOFR+0.46%)±<br>| 4.81 | &nbsp;&nbsp; 7-25-2041 | 53402 | &nbsp;&nbsp; 53200 |
| FNMA Series 2013-114 Class LM | 4.00 | &nbsp;&nbsp; 3-25-2042 | 546267 | &nbsp;&nbsp; 534554 |
| FNMA Series 2014-17 Class FE (30 Day Average U.S. SOFR+0.66%)± | 5.01 | &nbsp;&nbsp; 4-25-2044 | 812482 | &nbsp;&nbsp; 802329 |
| FNMA Series 2014-20 Class TM±± | 4.50 | &nbsp;&nbsp; 4-25-2044 | 225456 | &nbsp;&nbsp; 36667 |
| FNMA Series 2017-M2 Class A2±± | 2.98 | &nbsp;&nbsp; 2-25-2027 | 4687177 | &nbsp;&nbsp; 4607906 |
| FNMA Series 2018-M1 Class A2±± | 3.09 | &nbsp;&nbsp; 12-25-2027 | 552319 | &nbsp;&nbsp; 540659 |
| FNMA Series 2018-M13 Class A2±± | 3.87 | &nbsp;&nbsp; 9-25-2030 | 327287 | &nbsp;&nbsp; 322959 |
| FNMA Series 2019-M5 Class A2 | 3.27 | &nbsp;&nbsp; 2-25-2029 | 4821963 | &nbsp;&nbsp; 4718531 |
| GNMA | 2.00 | &nbsp;&nbsp; 3-20-2052 | 3104414 | &nbsp;&nbsp; 2544002 |
| GNMA | 2.50 | &nbsp;&nbsp; 3-20-2052 | 3899010 | &nbsp;&nbsp; 3325054 |
| GNMA | 2.50 | &nbsp;&nbsp; 4-20-2052 | 2625196 | &nbsp;&nbsp; 2238753 |
| GNMA | 2.50 | &nbsp;&nbsp; 9-20-2051 | 1299433 | &nbsp;&nbsp; 1108150 |
| GNMA | 3.00 | &nbsp;&nbsp; 11-20-2045 | 2318127 | &nbsp;&nbsp; 2084406 |
| GNMA | 3.00 | &nbsp;&nbsp; 4-20-2051 | 1763947 | &nbsp;&nbsp; 1563644 |
| GNMA | 3.50 | &nbsp;&nbsp; 12-20-2047 | 2074308 | &nbsp;&nbsp; 1928643 |
| GNMA | 3.50 | &nbsp;&nbsp; 7-20-2051 | 1725005 | &nbsp;&nbsp; 1578967 |
| GNMA | 4.00 | &nbsp;&nbsp; 12-20-2047 | 1401158 | &nbsp;&nbsp; 1328337 |
| GNMA | 4.25 | &nbsp;&nbsp; 6-20-2036 | 150496 | &nbsp;&nbsp; 144507 |
| GNMA | 4.50 | &nbsp;&nbsp; 8-20-2049 | 305255 | &nbsp;&nbsp; 296766 |
| GNMA | 4.50 | &nbsp;&nbsp; 9-20-2052 | 907947 | &nbsp;&nbsp; 881402 |
| GNMA | 4.50 | &nbsp;&nbsp; 3-20-2053 | 1212392 | &nbsp;&nbsp; 1177194 |
| GNMA | 5.00 | &nbsp;&nbsp; 7-20-2040 | 307233 | &nbsp;&nbsp; 313294 |
| GNMA | 5.00 | &nbsp;&nbsp; 9-20-2052 | 1636335 | &nbsp;&nbsp; 1628395 |
| GNMA | 5.00 | &nbsp;&nbsp; 6-20-2053 | 2475607 | &nbsp;&nbsp; 2461933 |
| GNMA | 5.00 | &nbsp;&nbsp; 11-20-2054 | 4429311 | &nbsp;&nbsp; 4386276 |
| GNMA | 5.50 | &nbsp;&nbsp; 4-20-2053 | 2166145 | &nbsp;&nbsp; 2194950 |
| GNMA%% | 5.50 | &nbsp;&nbsp; 9-15-2054 | 4995000 | &nbsp;&nbsp; 5031666 |
| GNMA | 6.00 | &nbsp;&nbsp; 8-20-2034 | 19161 | &nbsp;&nbsp; 19261 |
| GNMA%% | 6.00 | &nbsp;&nbsp; 9-15-2054 | 3910000 | &nbsp;&nbsp; 3987525 |
| GNMA | 6.00 | &nbsp;&nbsp; 9-20-2054 | 1913558 | &nbsp;&nbsp; 1953064 |
| GNMA | 6.50 | &nbsp;&nbsp; 5-15-2031 | 410 | &nbsp;&nbsp; 423 |

---

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

6 \| Allspring Government Securities Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| GNMA | 6.50<br> %<br>| &nbsp;&nbsp; 9-20-2033 | $12419 | &nbsp;&nbsp; $12860 |
| GNMA%% | 6.50 | &nbsp;&nbsp; 9-15-2054 | 4660000 | &nbsp;&nbsp; 4794608 |
| GNMA | 7.00 | &nbsp;&nbsp; 5-15-2026 | 60 | &nbsp;&nbsp; 60 |
| GNMA | 7.00 | &nbsp;&nbsp; 4-15-2031 | 178 | &nbsp;&nbsp; 178 |
| GNMA | 7.00 | &nbsp;&nbsp; 8-15-2031 | 11262 | &nbsp;&nbsp; 11372 |
| GNMA | 7.00 | &nbsp;&nbsp; 3-15-2032 | 8707 | &nbsp;&nbsp; 8756 |
| GNMA Series 2005-23 Class IOƒ±± | 0.00 | &nbsp;&nbsp; 6-17-2045 | 480417 | &nbsp;&nbsp; 0 |
| GNMA Series 2006-32 Class XMƒ±± | 0.12 | &nbsp;&nbsp; 11-16-2045 | 756988 | &nbsp;&nbsp; 6 |
| GNMA Series 2008-22 Class XMƒ±± | 1.30 | &nbsp;&nbsp; 2-16-2050 | 3504405 | &nbsp;&nbsp; 36808 |
| GNMA Series 2012-H12 Class HD | 2.00 | &nbsp;&nbsp; 5-20-2062 | 17074 | &nbsp;&nbsp; 15715 |
| GNMA Series 2018-H01 Class BF (U.S. SOFR 1 Month+0.51%)± | 4.84 | &nbsp;&nbsp; 1-20-2068 | 964462 | &nbsp;&nbsp; 963366 |
| GNMA Series 2019-H06 Class HIƒ±± | 1.79 | &nbsp;&nbsp; 4-20-2069 | 946254 | &nbsp;&nbsp; 8839 |
| Resolution Funding Corp. Principal STRIPS¤ | 0.00 | &nbsp;&nbsp; 1-15-2030 | 9300000 | &nbsp;&nbsp; 7849553 |
| TVA Principal STRIPS¤ | 0.00 | &nbsp;&nbsp; 11-1-2025 | 5650000 | &nbsp;&nbsp; 5611536 |
| TVA Principal STRIPS¤ | 0.00 | &nbsp;&nbsp; 6-15-2035 | 2448000 | &nbsp;&nbsp; 1549470 |
| TVA Principal STRIPS¤ | 0.00 | &nbsp;&nbsp; 1-15-2048 | 1000000 | &nbsp;&nbsp; 293857 |
| U.S. International Development Finance Corp. Series AA-1¤ | 0.00 | &nbsp;&nbsp; 1-17-2026 | 2000000 | &nbsp;&nbsp; 2262237 |
| **Total agency securities (Cost $276,220,903)** |  |  |  | &nbsp;&nbsp; **264599836** |
| **Asset-backed securities: 0.75%** |  |  |  |  |
| FirstKey Homes Trust Series 2021-SFR1 Class A144A | 1.54 | &nbsp;&nbsp; 8-17-2038 | 1140356 | &nbsp;&nbsp; 1108743 |
| &nbsp;&nbsp; Navient Student Loan Trust Series 2019-2A Class A2 (30 Day Average <br> U.S. SOFR+1.11%)144A±<br>| 5.46 | &nbsp;&nbsp; 2-27-2068 | 1710603 | &nbsp;&nbsp; 1716292 |
| **Total asset-backed securities (Cost $2,848,140)** |  |  |  | &nbsp;&nbsp; **2825035** |
| **Corporate bonds and notes: 1.79%** |  |  |  |  |
| **Consumer, non-cyclical: 0.63%** |  |  |  |  |
| **Commercial services: 0.63%** |  |  |  |  |
| Rockefeller Foundation Series 2020 | 2.49 | &nbsp;&nbsp; 10-1-2050 | 4000000 | &nbsp;&nbsp; **2365300** |
| **Financial: 1.03%** |  |  |  |  |
| **REITs: 1.03%** |  |  |  |  |
| American Tower Trust #1144A | 3.65 | &nbsp;&nbsp; 3-23-2028 | 4000000 | &nbsp;&nbsp; **3915253** |
| **Government securities: 0.13%** |  |  |  |  |
| **Multi-national: 0.13%** |  |  |  |  |
| International Bank for Reconstruction & Development Series C¤ | 0.00 | &nbsp;&nbsp; 3-11-2031 | 615000 | &nbsp;&nbsp; **486654** |
| **Total corporate bonds and notes (Cost $8,553,857)** |  |  |  | &nbsp;&nbsp; **6767207** |
| **Non-agency mortgage-backed securities: 4.03%** |  |  |  |  |
| Angel Oak Mortgage Trust Series 2020-4 Class A1144A±± | 1.47 | &nbsp;&nbsp; 6-25-2065 | 292580 | &nbsp;&nbsp; 280180 |
| Arroyo Mortgage Trust Series 2019-1 Class A1144A±± | 3.81 | &nbsp;&nbsp; 1-25-2049 | 623880 | &nbsp;&nbsp; 610030 |
| Benchmark Mortgage Trust Series 2018-B1 Class A4 | 3.40 | &nbsp;&nbsp; 1-15-2051 | 115721 | &nbsp;&nbsp; 112698 |
| Benchmark Mortgage Trust Series 2019-B9 Class A5 | 4.02 | &nbsp;&nbsp; 3-15-2052 | 784571 | &nbsp;&nbsp; 769533 |
| BRAVO Residential Funding Trust Series 2020-RPL1 Class A1144A±± | 2.50 | &nbsp;&nbsp; 5-26-2059 | 668170 | &nbsp;&nbsp; 655814 |
| BX Trust Series 2019-OC11 Class A144A | 3.20 | &nbsp;&nbsp; 12-9-2041 | 3030000 | &nbsp;&nbsp; 2865174 |
| CD Mortgage Trust Series 2017-CD6 Class A5 | 3.46 | &nbsp;&nbsp; 11-13-2050 | 2340000 | &nbsp;&nbsp; 2292517 |

---

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

Allspring Government Securities Fund \| 7

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Non-agency mortgage-backed securities**(continued) |  |  |  |  |
| GCAT Trust Series 2022-HX1 Class A1144A±± | 2.89<br> %<br>| &nbsp;&nbsp; 12-27-2066 | $620773 | &nbsp;&nbsp; $584303 |
| Legacy Mortgage Asset Trust Series 2020-RPL1 Class A1144A±± | 3.00 | &nbsp;&nbsp; 9-25-2059 | 1638919 | &nbsp;&nbsp; 1574327 |
| &nbsp;&nbsp; New Residential Mortgage Loan Trust Series 2020-NQM2 <br> Class A1144A±±<br>| 1.65 | &nbsp;&nbsp; 5-24-2060 | 189885 | &nbsp;&nbsp; 185039 |
| Starwood Mortgage Residential Trust Series 2021-6 Class A1144A±± | 1.92 | &nbsp;&nbsp; 11-25-2066 | 2942671 | &nbsp;&nbsp; 2613292 |
| UBS Commercial Mortgage Trust Series 2017-C5 Class A5 | 3.47 | &nbsp;&nbsp; 11-15-2050 | 2581000 | &nbsp;&nbsp; 2499112 |
| Verus Securitization Trust Series 2021-R3 Class A1144A±± | 1.02 | &nbsp;&nbsp; 4-25-2064 | 238662 | &nbsp;&nbsp; 227054 |
| **Total non-agency mortgage-backed securities (Cost $16,161,476)** |  |  |  | &nbsp;&nbsp; **15269073** |
| **U.S. Treasury securities: 17.02%** |  |  |  |  |
| U.S. Treasury Bonds | 4.38 | &nbsp;&nbsp; 8-15-2043 | 5440000 | &nbsp;&nbsp; 5143775 |
| U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 5-15-2054 | 1550000 | &nbsp;&nbsp; 1476678 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 11-15-2043 | 1130000 | &nbsp;&nbsp; 1119539 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 11-15-2053 | 2440000 | &nbsp;&nbsp; 2371947 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 5-15-2055 | 9960000 | &nbsp;&nbsp; 9689212 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 8-15-2055 | 760000 | &nbsp;&nbsp; 739575 |
| U.S. Treasury Notes | 3.88 | &nbsp;&nbsp; 6-30-2030 | 8130000 | &nbsp;&nbsp; 8196691 |
| U.S. Treasury Notes## | 3.88 | &nbsp;&nbsp; 7-31-2030 | 15350000 | &nbsp;&nbsp; 15473520 |
| U.S. Treasury Notes | 4.13 | &nbsp;&nbsp; 8-31-2030 | 6160000 | &nbsp;&nbsp; 6275741 |
| U.S. Treasury Notes | 4.13 | &nbsp;&nbsp; 5-31-2032 | 1735000 | &nbsp;&nbsp; 1756891 |
| U.S. Treasury Notes | 4.25 | &nbsp;&nbsp; 5-15-2035 | 4335000 | &nbsp;&nbsp; 4348547 |
| U.S. Treasury Principal STRIPS¤ | 0.00 | &nbsp;&nbsp; 5-15-2039 | 7980000 | &nbsp;&nbsp; 4265962 |
| U.S. Treasury STRIPS¤ | 0.00 | &nbsp;&nbsp; 5-15-2040 | 7275000 | &nbsp;&nbsp; 3542623 |
| **Total U.S. Treasury securities (Cost $68,203,527)** |  |  |  | &nbsp;&nbsp; **64400701** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Yield | Shares |  |
| **Short-term investments: 9.30%** |  |  |  |
| **Investment companies: 3.50%** |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞## | 4.23 | 13228375 | &nbsp;&nbsp; **13228375** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Principal |  |
| **U.S. Treasury securities: 5.80%** |  |  |  |  |  |
| U.S. Treasury Bills☼ |  | 3.73 | &nbsp;&nbsp; 9-16-2025 | $11000000 | &nbsp;&nbsp; 10981753 |
| U.S. Treasury Bills☼ |  | 3.99 | &nbsp;&nbsp; 10-2-2025 | 11000000 | &nbsp;&nbsp; 10961315 |
|  |  |  |  |  | &nbsp;&nbsp; **21943068** |
| **Total short-term investments (Cost $35,171,313)** |  |  |  |  | &nbsp;&nbsp; **35171443** |
| **Total investments in securities (Cost $407,159,216)** | 102.81<br> %<br>|  |  |  | &nbsp;&nbsp; 389033295 |
| Other assets and liabilities, net | (2.81)<br>|  |  |  | &nbsp;&nbsp; (10619746)<br>|
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$378413549** |

---

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

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

8 \| Allspring Government Securities Fund

------

Portfolio of investments—August 31, 2025

---

| | |
|:---|:---|
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| ±± | The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality <br> and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end.<br>|
| %% | The security is purchased on a when-issued basis. |
| ƒ | Investment in an interest-only security that entitles holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the <br> notional amount of the underlying mortgages. The rate represents the coupon rate.<br>|
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ## | All or a portion of this security is segregated as collateral for when-issued securities. |
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |
| ☼ | Zero coupon security. The rate represents the current yield to maturity. |

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| COFI | Cost of Funds Index |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| LIBOR | London Interbank Offered Rate |
| REIT | Real estate investment trust |
| RFUCCT1Y | Refinitiv USD IBOR Consumer Cash Fallbacks Term 1-year |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate trading of registered interest and principal securities |
| TVA | Tennessee Valley Authority |

---

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund <br> Select Class<br>| $11800977 | $195199443 | $(193772045)<br>| $0 | $0 | $13228375 | 13228375 | $446356 |

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; $6511506 | &nbsp;&nbsp; $6525000 | &nbsp;&nbsp; $13494 | &nbsp;&nbsp; $0 |
| Ultra Long Term U.S. Treasury Bond | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; 8654941 | &nbsp;&nbsp; 8625625 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (29316)<br>|
| 2-Year U.S. Treasury Notes | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; 96639552 | &nbsp;&nbsp; 96762125 | &nbsp;&nbsp; 122573 | &nbsp;&nbsp; 0 |
| 5-Year U.S. Treasury Notes | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; 9597616 | &nbsp;&nbsp; 9633250 | &nbsp;&nbsp; 35634 | &nbsp;&nbsp; 0 |
|  |  |  |  |  | &nbsp;&nbsp; **$171701** | &nbsp;&nbsp; **$(29316)**<br>|

---

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

Allspring Government Securities Fund \| 9

------

Statement of assets and liabilities—August 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $393,930,841) | $375804920 |
| Investments in affiliated securities, at value (cost $13,228,375) | 13228375 |
| Cash due from broker | 1037341 |
| Cash at broker segregated for futures contracts | 2666000 |
| Receivable for interest | 1501031 |
| Receivable for Fund shares sold | 294209 |
| Principal paydown receivable | 57370 |
| Receivable for daily variation margin on open futures contracts | 14500 |
| Prepaid expenses and other assets | 79396 |
| **Total assets** | **394683142** |
| Liabilities |  |
| Payable for when-issued transactions | 13807696 |
| Overdraft due to custodian bank | 814643 |
| Payable for investments purchased | 742320 |
| Dividends payable | 406957 |
| Payable for Fund shares redeemed | 159669 |
| Management fee payable | 107930 |
| Payable for daily variation margin on open futures contracts | 69112 |
| Shareholder servicing fees payable | 39623 |
| Administration fees payable | 35201 |
| Trustees' fees and expenses payable | 1513 |
| Distribution fee payable | 694 |
| Accrued expenses and other liabilities | 84235 |
| **Total liabilities** | **16269593** |
| **Total net assets**  | **$378413549** |
| Net assets consist of |  |
| Paid-in capital | $473371216 |
| Total distributable loss | (94957667)<br>|
| **Total net assets** | **$378413549** |

---

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

10 \| Allspring Government Securities Fund

------

Statement of assets and liabilities—August 31, 2025

Statement of assets and liabilities

---

| | |
|:---|:---|
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $126145749 |
| Shares outstanding–Class A<sup>1</sup> <br>| 12893636 |
| Net asset value per share–Class A | $9.78 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $10.24 |
| Net assets–Class C | $1067161 |
| Shares outstanding–Class C<sup>1</sup> <br>| 109072 |
| Net asset value per share–Class C | $9.78 |
| Net assets–Administrator Class | $56359431 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 5763150 |
| Net asset value per share–Administrator Class | $9.78 |
| Net assets–Institutional Class | $194841208 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 19921342 |
| Net asset value per share–Institutional Class | $9.78 |

---

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

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

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

Allspring Government Securities Fund \| 11

------

Statement of operations—year ended August 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $15464165 |
| Income from affiliated securities | 446356 |
| **Total investment income** | **15910521** |
| Expenses |  |
| Management fee | 1829770 |
| Administration fees |  |
| Class A | 195463 |
| Class C | 1802 |
| Administrator Class | 57672 |
| Institutional Class | 173947 |
| Shareholder servicing fees |  |
| Class A | 322789 |
| Class C | 2999 |
| Administrator Class | 142594 |
| Distribution fee |  |
| Class C | 8988 |
| Custody and accounting fees | 24524 |
| Professional fees | 83477 |
| Registration fees | 134842 |
| Shareholder report expenses | 47922 |
| Trustees' fees and expenses | 9255 |
| Other fees and expenses | 32623 |
| **Total expenses** | **3068667** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (365721)<br>|
| Class A | (37392)<br>|
| Administrator Class | (86438)<br>|
| Institutional Class | (90242)<br>|
| **Net expenses** | **2488874** |
| **Net investment income** | **13421647** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized losses on |  |
| Unaffiliated securities | (8111746)<br>|
| Futures contracts | (1604811)<br>|
| **Net realized losses on investments**  | **(9716557)**<br>|
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 4428131 |
| Futures contracts | 405627 |
| **Net change in unrealized gains (losses) on investments** | **4833758** |
| **Net realized and unrealized gains (losses) on investments** | **(4882799)**<br>|
| **Net increase in net assets resulting from operations** | **$8538848** |

---

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

12 \| Allspring Government Securities Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> August 31, 2025 | Year ended<br> August 31, 2025 | Year ended<br> August 31, 2024 | Year ended<br> August 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $13421647 |  | &nbsp;&nbsp; $16171133 |
| Net realized losses on investments |  | &nbsp;&nbsp; (9716557)<br>|  | &nbsp;&nbsp; (12344272)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 4833758 |  | &nbsp;&nbsp; 26069054 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **8538848** |  | &nbsp;&nbsp; **29895915** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (4064222)<br>|  | &nbsp;&nbsp; (4715954)<br>|
| Class C |  | &nbsp;&nbsp; (28200)<br>|  | &nbsp;&nbsp; (30739)<br>|
| Administrator Class |  | &nbsp;&nbsp; (1898277)<br>|  | &nbsp;&nbsp; (2168096)<br>|
| Institutional Class |  | &nbsp;&nbsp; (7494872)<br>|  | &nbsp;&nbsp; (9512130)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(13485571)**<br>|  | &nbsp;&nbsp; **(16426919)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 1401008 | &nbsp;&nbsp; 13576674 | &nbsp;&nbsp; 1235410 | &nbsp;&nbsp; 11803800 |
| Class C | 47076 | &nbsp;&nbsp; 456890 | &nbsp;&nbsp; 47624 | &nbsp;&nbsp; 459297 |
| Administrator Class | 1170373 | &nbsp;&nbsp; 11350693 | &nbsp;&nbsp; 1015933 | &nbsp;&nbsp; 9743360 |
| Institutional Class | 9863068 | &nbsp;&nbsp; 95248853 | &nbsp;&nbsp; 9161862 | &nbsp;&nbsp; 87711490 |
|  |  | &nbsp;&nbsp; 120633110 |  | &nbsp;&nbsp; 109717947 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 363604 | &nbsp;&nbsp; 3533230 | &nbsp;&nbsp; 430664 | &nbsp;&nbsp; 4107549 |
| Class C | 2139 | &nbsp;&nbsp; 20771 | &nbsp;&nbsp; 2424 | &nbsp;&nbsp; 23084 |
| Administrator Class | 192084 | &nbsp;&nbsp; 1865350 | &nbsp;&nbsp; 220830 | &nbsp;&nbsp; 2104737 |
| Institutional Class | 401116 | &nbsp;&nbsp; 3895273 | &nbsp;&nbsp; 594061 | &nbsp;&nbsp; 5660920 |
|  |  | &nbsp;&nbsp; 9314624 |  | &nbsp;&nbsp; 11896290 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (4091533)<br>| &nbsp;&nbsp; (39871703)<br>| &nbsp;&nbsp; (3744368)<br>| &nbsp;&nbsp; (35591427)<br>|
| Class C | (54247)<br>| &nbsp;&nbsp; (526384)<br>| &nbsp;&nbsp; (101612)<br>| &nbsp;&nbsp; (969594)<br>|
| Administrator Class | (1827475)<br>| &nbsp;&nbsp; (17686542)<br>| &nbsp;&nbsp; (2518286)<br>| &nbsp;&nbsp; (24032384)<br>|
| Institutional Class | (16398918)<br>| &nbsp;&nbsp; (158124195)<br>| &nbsp;&nbsp; (16800736)<br>| &nbsp;&nbsp; (160130161)<br>|
|  |  | &nbsp;&nbsp; (216208824)<br>|  | &nbsp;&nbsp; (220723566)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(86261090)**<br>|  | &nbsp;&nbsp; **(99109329)**<br>|
| **Total decrease in net assets** |  | &nbsp;&nbsp; **(91207813)**<br>|  | &nbsp;&nbsp; **(85640333)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **469621362** |  | &nbsp;&nbsp; **555261695** |
| **End of period** |  | &nbsp;&nbsp; **$378413549** |  | &nbsp;&nbsp; **$469621362** |

---

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

Allspring Government Securities Fund \| 13

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.86** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$10.11** | &nbsp;&nbsp; **$11.49** | &nbsp;&nbsp; **$11.67** |
| Net investment income | 0.30 <br><sup>1</sup><br>| 0.29 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.14 | 0.12 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.08)<br>| 0.30 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.17)<br>|
| Total from investment operations | 0.22 | 0.59 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (0.05)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.30)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.11)<br>|
| Tax basis return of capital | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.02)<br>|
| Total distributions to shareholders | (0.30)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.13)<br>|
| **Net asset value, end of period** | **$9.78** | &nbsp;&nbsp; **$9.86** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$10.11** | &nbsp;&nbsp; **$11.49** |
| **Total return**<sup>2</sup> <br>| **2.32%**<br>| **6.35%**<br>| &nbsp;&nbsp; **(3.14)%**<br>| &nbsp;&nbsp; **(10.95)%**<br>| &nbsp;&nbsp; **(0.40)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.93<br> %<br>| 0.90<br> %<br>| 0.91<br> %<br>| 0.89<br> %<br>| 0.89<br> %<br>|
| Net expenses | 0.81<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>| 0.84<br> %<br>| 0.84<br> %<br>|
| Net investment income | 3.10<br> %<br>| 3.02<br> %<br>| 2.42<br> %<br>| 1.28<br> %<br>| 1.00<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 103<br> %<br>| &nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp; 152<br> %<br>| &nbsp;&nbsp; 309<br> %<br>| &nbsp;&nbsp; 221<br> %<br>|
| Net assets, end of period (000s omitted) | $126146 | &nbsp;&nbsp; $150148 | &nbsp;&nbsp; $165441 | &nbsp;&nbsp; $196839 | &nbsp;&nbsp; $265018 |

---

&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 Government Securities Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.86** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$10.10** | &nbsp;&nbsp; **$11.49** | &nbsp;&nbsp; **$11.67** |
| Net investment income | 0.22 <br><sup>1</sup><br>| 0.22 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.06 <br><sup>1</sup><br>| 0.03 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.07)<br>| 0.30 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (0.17)<br>|
| Total from investment operations | 0.15 | 0.52 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.23)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>|
| Tax basis return of capital | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.02)<br>|
| Total distributions to shareholders | (0.23)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.04)<br>|
| **Net asset value, end of period** | **$9.78** | &nbsp;&nbsp; **$9.86** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$10.10** | &nbsp;&nbsp; **$11.49** |
| **Total return**<sup>2</sup> <br>| **1.53%**<br>| **5.55%**<br>| &nbsp;&nbsp; **(3.77)%**<br>| &nbsp;&nbsp; **(11.71)%**<br>| &nbsp;&nbsp; **(1.16)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.68<br> %<br>| 1.65<br> %<br>| 1.65<br> %<br>| 1.63<br> %<br>| 1.64<br> %<br>|
| Net expenses | 1.59<br> %<br>| 1.59<br> %<br>| 1.60<br> %<br>| 1.60<br> %<br>| 1.60<br> %<br>|
| Net investment income | 2.32<br> %<br>| 2.27<br> %<br>| 1.67<br> %<br>| 0.52<br> %<br>| 0.24<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 103<br> %<br>| &nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp; 152<br> %<br>| &nbsp;&nbsp; 309<br> %<br>| &nbsp;&nbsp; 221<br> %<br>|
| Net assets, end of period (000s omitted) | $1067 | &nbsp;&nbsp; $1126 | &nbsp;&nbsp; $1584 | &nbsp;&nbsp; $2078 | &nbsp;&nbsp; $3042 |

---

&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 Government Securities Fund \| 15

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.86** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$10.10** | &nbsp;&nbsp; **$11.48** | &nbsp;&nbsp; **$11.66** |
| Net investment income | 0.32 <br><sup>1</sup><br>| 0.31 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.14 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.08)<br>| 0.30 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.16)<br>|
| Total from investment operations | 0.24 | 0.61 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (0.02)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.32)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.14)<br>|
| Tax basis return of capital | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.02)<br>|
| Total distributions to shareholders | (0.32)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.16)<br>|
| **Net asset value, end of period** | **$9.78** | &nbsp;&nbsp; **$9.86** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$10.10** | &nbsp;&nbsp; **$11.48** |
| **Total return**<sup>2</sup> <br>| **2.50%**<br>| **6.56%**<br>| &nbsp;&nbsp; **(2.84)%**<br>| &nbsp;&nbsp; **(10.78)%**<br>| &nbsp;&nbsp; **(0.21)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.88<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>|
| Net expenses | 0.64<br> %<br>| 0.64<br> %<br>| 0.64<br> %<br>| 0.64<br> %<br>| 0.64<br> %<br>|
| Net investment income | 3.27<br> %<br>| 3.22<br> %<br>| 2.63<br> %<br>| 1.49<br> %<br>| 1.21<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 103<br> %<br>| &nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp; 152<br> %<br>| &nbsp;&nbsp; 309<br> %<br>| &nbsp;&nbsp; 221<br> %<br>|
| Net assets, end of period (000s omitted) | $56359 | &nbsp;&nbsp; $61411 | &nbsp;&nbsp; $71787 | &nbsp;&nbsp; $83432 | &nbsp;&nbsp; $111639 |

---

&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 Government Securities Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.86** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$10.10** | &nbsp;&nbsp; **$11.48** | &nbsp;&nbsp; **$11.66** |
| Net investment income | 0.33 <br><sup>1</sup><br>| 0.32 <br><sup>1</sup><br>| 0.28 <br><sup>1</sup><br>| 0.17 | 0.16 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.08)<br>| 0.31 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (0.17)<br>|
| Total from investment operations | 0.25 | 0.63 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (0.01)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.33)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.15)<br>|
| Tax basis return of capital | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.02)<br>|
| Total distributions to shareholders | (0.33)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.17)<br>|
| **Net asset value, end of period** | **$9.78** | &nbsp;&nbsp; **$9.86** | &nbsp;&nbsp; **$9.56** | &nbsp;&nbsp; **$10.10** | &nbsp;&nbsp; **$11.48** |
| **Total return**<sup>2</sup> <br>| **2.66%**<br>| **6.73%**<br>| &nbsp;&nbsp; **(2.69)%**<br>| &nbsp;&nbsp; **(10.63)%**<br>| &nbsp;&nbsp; **(0.05)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.61<br> %<br>| 0.59<br> %<br>| 0.58<br> %<br>| 0.56<br> %<br>| 0.56<br> %<br>|
| Net expenses | 0.48<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>|
| Net investment income | 3.43<br> %<br>| 3.38<br> %<br>| 2.83<br> %<br>| 1.66<br> %<br>| 1.36<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 103<br> %<br>| &nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp; 152<br> %<br>| &nbsp;&nbsp; 309<br> %<br>| &nbsp;&nbsp; 221<br> %<br>|
| Net assets, end of period (000s omitted) | $194841 | &nbsp;&nbsp; $256937 | &nbsp;&nbsp; $316449 | &nbsp;&nbsp; $255952 | &nbsp;&nbsp; $306431 |

---

&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 Government Securities 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 Government Securities Fund (the "Fund") which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

When-issued transactions

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

Futures contracts

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

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

Mortgage dollar roll transactions

The Fund may engage in mortgage dollar roll transactions through To Be Announced (TBA) mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, the Fund sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are

18 \| Allspring Government Securities Fund

------

Notes to financial statements

repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, the Fund foregoes principal and interest paid on the securities. The Fund is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Fund accounts for TBA dollar roll transactions as purchases and sales which, as a result, may increase its portfolio turnover rate.

Security transactions and income recognition

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

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

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

Distributions to shareholders

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

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable 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 August 31, 2025, the aggregate cost of all investments for federal income tax purposes was $415,255,545 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $2099549 |
| Gross unrealized losses | &nbsp;&nbsp; (28179414)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(26079865)**<br>|

---

As of August 31, 2025, the Fund had capital loss carryforwards which consist of $33,540,617 in short-term capital losses and $35,172,219 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Allspring Government Securities Fund \| 19

------

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Agency securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $264599836 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $264599836 |
| **Asset-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2825035 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2825035 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6767207 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6767207 |
| **Non-agency mortgage-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 15269073 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 15269073 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 56592116 | &nbsp;&nbsp;&nbsp; 7808585 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 64400701 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 13228375 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 13228375 |
| *U.S. Treasury securities* | &nbsp;&nbsp; 21943068 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 21943068 |
|  | &nbsp;&nbsp; 91763559 | &nbsp;&nbsp;&nbsp; 297269736 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 389033295 |
| **Futures contracts** | &nbsp;&nbsp; 171701 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 171701 |
| **Total assets** | &nbsp;&nbsp; **$91935260** | &nbsp;&nbsp;&nbsp; **$297269736** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$389204996** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Futures contracts** | &nbsp;&nbsp; $29316 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $29316 |
| **Total liabilities** | &nbsp;&nbsp; **$29316** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$29316** |

---

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

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

At August 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 | 0.450<br> %<br>|
| Next $500 million | 0.425 |
| Next $2 billion | 0.400 |
| Next $2 billion | 0.375 |
| Next $5 billion | 0.340 |
| Over $10 billion | 0.320 |

---

For the year ended August 31, 2025, the management fee was equivalent to an annual rate of 0.45% 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

20 \| Allspring Government Securities Fund

------

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 | 0.15<br> %<br>|
| Class C | 0.15 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

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

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.84<br> %<br>|
| Class C | 1.59 |
| Administrator Class | 0.64 |
| Institutional Class | 0.48 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended August 31, 2025, Allspring Funds Distributor received $2,178 from the sale of Class A shares and $1,193 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 August 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 August 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended August 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $412516318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $41464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $484362945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2767411 |

---

Allspring Government Securities Fund \| 21

------

Notes to financial statements

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

6. DERIVATIVE TRANSACTIONS

During the year ended August 31, 2025, the Fund entered into futures contracts to manage duration and yield curve exposures. The Fund had an average notional amount of $93,227,038 in long futures contracts and $5,319,290 in short futures contracts during the year ended August 31, 2025.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

7. BANK BORROWINGS

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

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

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $13485571 | $16426919 |

---

As of August 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>losses<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $253542 | &nbsp;&nbsp; $(26079865)<br>| &nbsp;&nbsp;&nbsp; $(68712836)<br>|

---

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

11. CLASS CONVERSION

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

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

12. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined in *Segment Reporting (Topic 280)*, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the

22 \| Allspring Government Securities Fund

------

Notes to financial statements

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 Government Securities Fund \| 23

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Government Securities Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of August 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 August 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 August 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.

![](g14606img7c89e04a2.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

October 23, 2025

24 \| Allspring Government Securities Fund

------

Other information (unaudited)

Other information

Tax information

For the fiscal year ended August 31, 2025, $13,084,895 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 August 31, 2025, 20% of the ordinary income distributed was derived from interest on U.S. government securities.

Proxy voting information

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

Quarterly portfolio holdings information

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

Allspring Government Securities Fund \| 25

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

26 \| Allspring Government Securities 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 Government Securities 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 Government Securities Fund \| 27

------

Other information (unaudited)

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

*Fund investment performance and expenses*

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

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

*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.

28 \| Allspring Government Securities Fund

------

Other information (unaudited)

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

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

*Economies of scale*

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

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

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

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

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

*Conclusion*

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

Allspring Government Securities Fund \| 29

------

![](g14606imgf61e53841.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**

![](g14606imgc41cf79c3.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.**

**NCSR3004 08-25**

------

![](g14606img88865f121.jpg)

Allspring High Yield Bond Fund

Long Form Financial Statements

Annual Report

August 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_011efab8-2210-4bec-91ac-69bfc7b18e80_POI-PageBlank-94_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_011efab8-2210-4bec-91ac-69bfc7b18e80_FS-PageBlank-94_1)** |  |
| [Statement of assets and liabilities](#xx_011efab8-2210-4bec-91ac-69bfc7b18e80_FS-PageBlank-94_1) | 14 |
| [Statement of operations](#xx_011efab8-2210-4bec-91ac-69bfc7b18e80_FS-PageBlank-94_2) | 15 |
| [Statement of changes in net assets](#xx_011efab8-2210-4bec-91ac-69bfc7b18e80_FS-PageBlank-94_3) | 16 |
| [Financial highlights](#xx_011efab8-2210-4bec-91ac-69bfc7b18e80_FIHI-PageBlank-94_1) | 17 |
| **[Notes to financial statements](#xx_011efab8-2210-4bec-91ac-69bfc7b18e80_NTF-PageBlank-94_1)** | 21 |
| **[Report of independent registered public accounting firm](#xx_011efab8-2210-4bec-91ac-69bfc7b18e80_AUD-PageBlank-94_1)** | 26 |
| **[Other information](#xx_011efab8-2210-4bec-91ac-69bfc7b18e80_OI-PageBlank-94_1)** | 27 |
| [Item 8. Changes in and disagreements with accountants](#xx_011efab8-2210-4bec-91ac-69bfc7b18e80_OI-PageBlank-94_2) | 28 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_011efab8-2210-4bec-91ac-69bfc7b18e80_OI-PageBlank-94_2) | 28 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_011efab8-2210-4bec-91ac-69bfc7b18e80_OI-PageBlank-94_2) | 28 |
| [Item 11. Statement regarding basis for board](#xx_011efab8-2210-4bec-91ac-69bfc7b18e80_OI-PageBlank-94_3)['](#xx_011efab8-2210-4bec-91ac-69bfc7b18e80_OI-PageBlank-94_3)[s approval of investment](#xx_011efab8-2210-4bec-91ac-69bfc7b18e80_OI-PageBlank-94_3)<br> [advisory contract](#xx_011efab8-2210-4bec-91ac-69bfc7b18e80_OI-PageBlank-94_3)<br>| 29 |

---

Allspring High Yield Bond Fund \| 1

------

Portfolio of investments—August 31, 2025

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Asset-backed securities: 0.44%** |  |  |  |  |
| Frontier Issuer LLC Series 2024-1 Class C144A | 11.16<br> %<br>| &nbsp;&nbsp; 6-20-2054 | $318618 | &nbsp;&nbsp; $358931 |
| Uniti Fiber ABS Issuer LLC Series 2025-1A Class B144A | 6.37 | &nbsp;&nbsp; 4-20-2055 | 680000 | &nbsp;&nbsp; 700542 |
| **Total asset-backed securities (Cost $1,002,161)** |  |  |  | &nbsp;&nbsp; **1059473** |

---

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

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Common stocks: 1.15%** |  |  |
| **Energy: 1.13%** |  |  |
| **Oil, gas & consumable fuels: 1.13%** |  |  |
| Enviva, Inc.† | 165020 | &nbsp;&nbsp; **2722830** |
| **Investment Companies: 0.02%** |  |  |
| Resolute Topco, Inc.‡† | 8524 | &nbsp;&nbsp; **51144** |
| **Total common stocks (Cost $1,160,611)** |  | &nbsp;&nbsp; **2773974** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |
| **Corporate bonds and notes: 75.87%** |  |  |  |  |
| **Basic materials: 1.98%** |  |  |  |  |
| **Chemicals: 1.47%** |  |  |  |  |
| Celanese U.S. Holdings LLC | 6.50 | &nbsp;&nbsp; 4-15-2030 | $1200000 | &nbsp;&nbsp; 1210823 |
| Chemours Co.144A | 8.00 | &nbsp;&nbsp; 1-15-2033 | 1155000 | &nbsp;&nbsp; 1129840 |
| SCIH Salt Holdings, Inc.144A | 6.63 | &nbsp;&nbsp; 5-1-2029 | 1205000 | &nbsp;&nbsp; 1209844 |
|  |  |  |  | &nbsp;&nbsp; **3550507** |
| **Iron/steel: 0.51%** |  |  |  |  |
| Cleveland-Cliffs, Inc.144A | 7.00 | &nbsp;&nbsp; 3-15-2032 | 1230000 | &nbsp;&nbsp; **1222801** |
| **Communications: 11.53%** |  |  |  |  |
| **Advertising: 1.31%** |  |  |  |  |
| Clear Channel Outdoor Holdings, Inc.144A | 7.13 | &nbsp;&nbsp; 2-15-2031 | 1460000 | &nbsp;&nbsp; 1483036 |
| Clear Channel Outdoor Holdings, Inc.144A | 7.50 | &nbsp;&nbsp; 3-15-2033 | 90000 | &nbsp;&nbsp; 91607 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.144A | 4.63 | &nbsp;&nbsp; 3-15-2030 | 500000 | &nbsp;&nbsp; 477119 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.144A | 7.38 | &nbsp;&nbsp; 2-15-2031 | 1050000 | &nbsp;&nbsp; 1107986 |
|  |  |  |  | &nbsp;&nbsp; **3159748** |
| **Internet: 1.38%** |  |  |  |  |
| Arches Buyer, Inc.144A | 4.25 | &nbsp;&nbsp; 6-1-2028 | 675000 | &nbsp;&nbsp; 656479 |
| Arches Buyer, Inc.144A | 6.13 | &nbsp;&nbsp; 12-1-2028 | 175000 | &nbsp;&nbsp; 169693 |
| Cablevision Lightpath LLC144A | 5.63 | &nbsp;&nbsp; 9-15-2028 | 875000 | &nbsp;&nbsp; 867106 |
| Match Group Holdings II LLC144A | 5.63 | &nbsp;&nbsp; 2-15-2029 | 975000 | &nbsp;&nbsp; 975874 |
| Match Group Holdings II LLC144A | 6.13 | &nbsp;&nbsp; 9-15-2033 | 655000 | &nbsp;&nbsp; 662203 |
|  |  |  |  | &nbsp;&nbsp; **3331355** |
| **Media: 5.49%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.25 | &nbsp;&nbsp; 1-15-2034 | 2170000 | &nbsp;&nbsp; 1884162 |
| CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.50 | &nbsp;&nbsp; 8-15-2030 | 3000000 | &nbsp;&nbsp; 2839682 |
| CCO Holdings LLC/CCO Holdings Capital Corp. | 4.50 | &nbsp;&nbsp; 5-1-2032 | 130000 | &nbsp;&nbsp; 118879 |
| CSC Holdings LLC144A | 3.38 | &nbsp;&nbsp; 2-15-2031 | 965000 | &nbsp;&nbsp; 617213 |

---

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

2 \| Allspring High Yield Bond Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Media**(continued) |  |  |  |  |
| CSC Holdings LLC144A | 5.50<br> %<br>| &nbsp;&nbsp; 4-15-2027 | $950000 | &nbsp;&nbsp; $913625 |
| CSC Holdings LLC144A | 5.75 | &nbsp;&nbsp; 1-15-2030 | 560000 | &nbsp;&nbsp; 263133 |
| CSC Holdings LLC144A | 11.25 | &nbsp;&nbsp; 5-15-2028 | 750000 | &nbsp;&nbsp; 749562 |
| DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc.144A | 5.88 | &nbsp;&nbsp; 8-15-2027 | 235000 | &nbsp;&nbsp; 233825 |
| DISH DBS Corp.144A | 5.75 | &nbsp;&nbsp; 12-1-2028 | 570000 | &nbsp;&nbsp; 536378 |
| DISH Network Corp.144A | 11.75 | &nbsp;&nbsp; 11-15-2027 | 1900000 | &nbsp;&nbsp; 2008810 |
| Gray Media, Inc.144A | 9.63 | &nbsp;&nbsp; 7-15-2032 | 720000 | &nbsp;&nbsp; 723681 |
| Paramount Global (3 Month LIBOR+3.90%)± | 6.25 | &nbsp;&nbsp; 2-28-2057 | 885000 | &nbsp;&nbsp; 861500 |
| Sirius XM Radio LLC144A | 4.13 | &nbsp;&nbsp; 7-1-2030 | 1625000 | &nbsp;&nbsp; 1510934 |
|  |  |  |  | &nbsp;&nbsp; **13261384** |
| **Telecommunications: 3.35%** |  |  |  |  |
| CommScope LLC144A | 8.25 | &nbsp;&nbsp; 3-1-2027 | 965000 | &nbsp;&nbsp; 976576 |
| EchoStar Corp. (PIK at 6.75%)¥ | 6.75 | &nbsp;&nbsp; 11-30-2030 | 2903950 | &nbsp;&nbsp; 2864950 |
| Level 3 Financing, Inc.144A | 3.63 | &nbsp;&nbsp; 1-15-2029 | 825000 | &nbsp;&nbsp; 701250 |
| Level 3 Financing, Inc.144A | 3.88 | &nbsp;&nbsp; 10-15-2030 | 875000 | &nbsp;&nbsp; 743750 |
| Level 3 Financing, Inc.144A | 6.88 | &nbsp;&nbsp; 6-30-2033 | 830000 | &nbsp;&nbsp; 837449 |
| Lumen Technologies, Inc.144A | 10.00 | &nbsp;&nbsp; 10-15-2032 | 888125 | &nbsp;&nbsp; 899581 |
| Windstream Services LLC/Windstream Escrow Finance Corp.144A | 8.25 | &nbsp;&nbsp; 10-1-2031 | 1040000 | &nbsp;&nbsp; 1081784 |
|  |  |  |  | &nbsp;&nbsp; **8105340** |
| **Consumer, cyclical: 13.00%** |  |  |  |  |
| **Apparel: 0.33%** |  |  |  |  |
| Beach Acquisition Bidco LLC (PIK at 10.75%)144A¥ | 10.00 | &nbsp;&nbsp; 7-15-2033 | 755000 | &nbsp;&nbsp; **801399** |
| **Auto manufacturers: 0.09%** |  |  |  |  |
| Nissan Motor Acceptance Co. LLC144A | 7.05 | &nbsp;&nbsp; 9-15-2028 | 210000 | &nbsp;&nbsp; **217270** |
| **Auto parts & equipment: 0.86%** |  |  |  |  |
| Adient Global Holdings Ltd.144A | 7.50 | &nbsp;&nbsp; 2-15-2033 | 795000 | &nbsp;&nbsp; 827866 |
| American Axle & Manufacturing, Inc. | 5.00 | &nbsp;&nbsp; 10-1-2029 | 620000 | &nbsp;&nbsp; 585244 |
| ZF North America Capital, Inc.144A | 6.88 | &nbsp;&nbsp; 4-23-2032 | 680000 | &nbsp;&nbsp; 652091 |
|  |  |  |  | &nbsp;&nbsp; **2065201** |
| **Entertainment: 3.85%** |  |  |  |  |
| CCM Merger, Inc.144A | 6.38 | &nbsp;&nbsp; 5-1-2026 | 3270000 | &nbsp;&nbsp; 3273123 |
| Churchill Downs, Inc.144A | 6.75 | &nbsp;&nbsp; 5-1-2031 | 1085000 | &nbsp;&nbsp; 1115136 |
| Cinemark USA, Inc.144A | 7.00 | &nbsp;&nbsp; 8-1-2032 | 1875000 | &nbsp;&nbsp; 1942663 |
| Six Flags Entertainment Corp.144A | 7.25 | &nbsp;&nbsp; 5-15-2031 | 240000 | &nbsp;&nbsp; 241150 |
| &nbsp;&nbsp; Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's <br> Wonderland Co.144A<br>| 6.63 | &nbsp;&nbsp; 5-1-2032 | 1390000 | &nbsp;&nbsp; 1412589 |
| WarnerMedia Holdings, Inc. | 5.05 | &nbsp;&nbsp; 3-15-2042 | 880000 | &nbsp;&nbsp; 592900 |
| WarnerMedia Holdings, Inc. Series WI | 4.05 | &nbsp;&nbsp; 3-15-2029 | 770000 | &nbsp;&nbsp; 731500 |
|  |  |  |  | &nbsp;&nbsp; **9309061** |

---

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

Allspring High Yield Bond Fund \| 3

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Home builders: 0.75%** |  |  |  |  |
| Ashton Woods USA LLC/Ashton Woods Finance Co.144A | 6.88<br> %<br>| &nbsp;&nbsp; 8-1-2033 | $825000 | &nbsp;&nbsp; $826620 |
| LGI Homes, Inc.144A | 8.75 | &nbsp;&nbsp; 12-15-2028 | 940000 | &nbsp;&nbsp; 984629 |
|  |  |  |  | &nbsp;&nbsp; **1811249** |
| **Home furnishings: 0.30%** |  |  |  |  |
| Whirlpool Corp. | 6.13 | &nbsp;&nbsp; 6-15-2030 | 710000 | &nbsp;&nbsp; **717892** |
| **Housewares: 0.68%** |  |  |  |  |
| Newell Brands, Inc. | 6.38 | &nbsp;&nbsp; 5-15-2030 | 810000 | &nbsp;&nbsp; 798846 |
| Newell Brands, Inc.144A | 8.50 | &nbsp;&nbsp; 6-1-2028 | 800000 | &nbsp;&nbsp; 844580 |
|  |  |  |  | &nbsp;&nbsp; **1643426** |
| **Leisure time: 1.33%** |  |  |  |  |
| NCL Corp. Ltd.144A | 6.75 | &nbsp;&nbsp; 2-1-2032 | 510000 | &nbsp;&nbsp; 525970 |
| NCL Corp. Ltd.144A | 7.75 | &nbsp;&nbsp; 2-15-2029 | 450000 | &nbsp;&nbsp; 480687 |
| Sabre Global, Inc.144A | 10.75 | &nbsp;&nbsp; 11-15-2029 | 1150000 | &nbsp;&nbsp; 1111754 |
| Sabre Global, Inc.144A | 11.13 | &nbsp;&nbsp; 7-15-2030 | 210000 | &nbsp;&nbsp; 205821 |
| Viking Cruises Ltd.144A | 5.88 | &nbsp;&nbsp; 9-15-2027 | 285000 | &nbsp;&nbsp; 284621 |
| Viking Cruises Ltd.144A | 7.00 | &nbsp;&nbsp; 2-15-2029 | 600000 | &nbsp;&nbsp; 604091 |
|  |  |  |  | &nbsp;&nbsp; **3212944** |
| **Lodging: 0.48%** |  |  |  |  |
| Genting New York LLC/GENNY Capital, Inc.144A | 7.25 | &nbsp;&nbsp; 10-1-2029 | 875000 | &nbsp;&nbsp; 908658 |
| Hilton Domestic Operating Co., Inc.144A | 6.13 | &nbsp;&nbsp; 4-1-2032 | 250000 | &nbsp;&nbsp; 256763 |
|  |  |  |  | &nbsp;&nbsp; **1165421** |
| **Retail: 4.33%** |  |  |  |  |
| Advance Auto Parts, Inc.144A | 7.38 | &nbsp;&nbsp; 8-1-2033 | 735000 | &nbsp;&nbsp; 753375 |
| Carvana Co.144A | 9.00 | &nbsp;&nbsp; 6-1-2030 | 1910000 | &nbsp;&nbsp; 1997944 |
| FirstCash, Inc.144A | 6.88 | &nbsp;&nbsp; 3-1-2032 | 1500000 | &nbsp;&nbsp; 1556528 |
| Group 1 Automotive, Inc.144A | 6.38 | &nbsp;&nbsp; 1-15-2030 | 665000 | &nbsp;&nbsp; 681370 |
| Lithia Motors, Inc.144A | 4.38 | &nbsp;&nbsp; 1-15-2031 | 300000 | &nbsp;&nbsp; 285131 |
| Macy's Retail Holdings LLC144A | 6.13 | &nbsp;&nbsp; 3-15-2032 | 805000 | &nbsp;&nbsp; 785716 |
| PetSmart LLC/PetSmart Finance Corp.144A | 7.50 | &nbsp;&nbsp; 9-15-2032 | 595000 | &nbsp;&nbsp; 588824 |
| PetSmart LLC/PetSmart Finance Corp.144A | 10.00 | &nbsp;&nbsp; 9-15-2033 | 680000 | &nbsp;&nbsp; 666089 |
| QXO Building Products, Inc.144A | 6.75 | &nbsp;&nbsp; 4-30-2032 | 775000 | &nbsp;&nbsp; 800424 |
| Saks Global Enterprises LLC144A | 11.00 | &nbsp;&nbsp; 12-15-2029 | 862500 | &nbsp;&nbsp; 292531 |
| Sally Holdings LLC/Sally Capital, Inc. | 6.75 | &nbsp;&nbsp; 3-1-2032 | 595000 | &nbsp;&nbsp; 617308 |
| SGUS LLC144A | 11.00 | &nbsp;&nbsp; 12-15-2029 | 371136 | &nbsp;&nbsp; 326222 |
| Sonic Automotive, Inc.144A | 4.63 | &nbsp;&nbsp; 11-15-2029 | 400000 | &nbsp;&nbsp; 388846 |
| Sonic Automotive, Inc.144A | 4.88 | &nbsp;&nbsp; 11-15-2031 | 750000 | &nbsp;&nbsp; 716248 |
|  |  |  |  | &nbsp;&nbsp; **10456556** |
| **Consumer, non-cyclical: 12.24%** |  |  |  |  |
| **Commercial services: 4.63%** |  |  |  |  |
| Allied Universal Holdco LLC144A | 7.88 | &nbsp;&nbsp; 2-15-2031 | 865000 | &nbsp;&nbsp; 909007 |
| Block, Inc. | 6.50 | &nbsp;&nbsp; 5-15-2032 | 1000000 | &nbsp;&nbsp; 1036129 |
| CoreCivic, Inc. | 8.25 | &nbsp;&nbsp; 4-15-2029 | 2015000 | &nbsp;&nbsp; 2132612 |

---

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

4 \| Allspring High Yield Bond Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Commercial services**(continued) |  |  |  |  |
| GEO Group, Inc. | 8.63<br> %<br>| &nbsp;&nbsp; 4-15-2029 | $1295000 | &nbsp;&nbsp; $1369516 |
| GEO Group, Inc. | 10.25 | &nbsp;&nbsp; 4-15-2031 | 1150000 | &nbsp;&nbsp; 1267729 |
| Herc Holdings, Inc.144A | 7.00 | &nbsp;&nbsp; 6-15-2030 | 1150000 | &nbsp;&nbsp; 1196867 |
| Hertz Corp.144A | 12.63 | &nbsp;&nbsp; 7-15-2029 | 250000 | &nbsp;&nbsp; 259801 |
| Service Corp. International | 5.75 | &nbsp;&nbsp; 10-15-2032 | 700000 | &nbsp;&nbsp; 706956 |
| Sotheby's/BidFair Holdings, Inc.144A | 5.88 | &nbsp;&nbsp; 6-1-2029 | 1495000 | &nbsp;&nbsp; 1361314 |
| Veritiv Operating Co.144A | 10.50 | &nbsp;&nbsp; 11-30-2030 | 885000 | &nbsp;&nbsp; 957984 |
|  |  |  |  | &nbsp;&nbsp; **11197915** |
| **Food: 1.42%** |  |  |  |  |
| &nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP/Albertsons LLC144A<br>| 5.88 | &nbsp;&nbsp; 2-15-2028 | 765000 | &nbsp;&nbsp; 764765 |
| B&G Foods, Inc.144A | 8.00 | &nbsp;&nbsp; 9-15-2028 | 1470000 | &nbsp;&nbsp; 1444818 |
| Lamb Weston Holdings, Inc.144A | 4.38 | &nbsp;&nbsp; 1-31-2032 | 770000 | &nbsp;&nbsp; 724344 |
| Performance Food Group, Inc.144A | 6.13 | &nbsp;&nbsp; 9-15-2032 | 475000 | &nbsp;&nbsp; 486170 |
|  |  |  |  | &nbsp;&nbsp; **3420097** |
| **Healthcare-services: 5.21%** |  |  |  |  |
| CHS/Community Health Systems, Inc.144A | 5.25 | &nbsp;&nbsp; 5-15-2030 | 625000 | &nbsp;&nbsp; 560203 |
| CHS/Community Health Systems, Inc.144A | 6.00 | &nbsp;&nbsp; 1-15-2029 | 730000 | &nbsp;&nbsp; 703756 |
| CHS/Community Health Systems, Inc.144A | 10.88 | &nbsp;&nbsp; 1-15-2032 | 450000 | &nbsp;&nbsp; 476204 |
| Concentra Health Services, Inc.144A | 6.88 | &nbsp;&nbsp; 7-15-2032 | 1115000 | &nbsp;&nbsp; 1155869 |
| DaVita, Inc.144A | 6.88 | &nbsp;&nbsp; 9-1-2032 | 2335000 | &nbsp;&nbsp; 2415632 |
| IQVIA, Inc.144A | 6.25 | &nbsp;&nbsp; 6-1-2032 | 375000 | &nbsp;&nbsp; 386556 |
| Molina Healthcare, Inc.144A | 6.25 | &nbsp;&nbsp; 1-15-2033 | 260000 | &nbsp;&nbsp; 261849 |
| MPH Acquisition Holdings LLC144A | 5.75 | &nbsp;&nbsp; 12-31-2030 | 462178 | &nbsp;&nbsp; 404263 |
| MPH Acquisition Holdings LLC (PIK at 0.75%)144A¥ | 6.75 | &nbsp;&nbsp; 3-31-2031 | 580000 | &nbsp;&nbsp; 466030 |
| MPH Acquisition Holdings LLC (PIK at 5.00%)144A¥ | 11.50 | &nbsp;&nbsp; 12-31-2030 | 508107 | &nbsp;&nbsp; 516999 |
| Pediatrix Medical Group, Inc.144A | 5.38 | &nbsp;&nbsp; 2-15-2030 | 960000 | &nbsp;&nbsp; 949655 |
| Radiology Partners, Inc.144A | 8.50 | &nbsp;&nbsp; 7-15-2032 | 840000 | &nbsp;&nbsp; 857522 |
| Star Parent, Inc.144A | 9.00 | &nbsp;&nbsp; 10-1-2030 | 1150000 | &nbsp;&nbsp; 1217442 |
| Surgery Center Holdings, Inc.144A | 7.25 | &nbsp;&nbsp; 4-15-2032 | 795000 | &nbsp;&nbsp; 824485 |
| Tenet Healthcare Corp. | 6.75 | &nbsp;&nbsp; 5-15-2031 | 1350000 | &nbsp;&nbsp; 1403135 |
|  |  |  |  | &nbsp;&nbsp; **12599600** |
| **Household products/wares: 0.12%** |  |  |  |  |
| Central Garden & Pet Co. | 4.13 | &nbsp;&nbsp; 10-15-2030 | 300000 | &nbsp;&nbsp; **283753** |
| **Pharmaceuticals: 0.86%** |  |  |  |  |
| AdaptHealth LLC144A | 5.13 | &nbsp;&nbsp; 3-1-2030 | 1055000 | &nbsp;&nbsp; 1006276 |
| Endo Finance Holdings, Inc.144A | 8.50 | &nbsp;&nbsp; 4-15-2031 | 1000000 | &nbsp;&nbsp; 1064607 |
|  |  |  |  | &nbsp;&nbsp; **2070883** |
| **Energy: 7.88%** |  |  |  |  |
| **Energy-alternate sources: 0.00%** |  |  |  |  |
| Enviva Partners LP/Enviva Partners Finance Corp.144A♦† | 6.50 | &nbsp;&nbsp; 1-15-2026 | 3940000 | &nbsp;&nbsp; **0** |
| **Oil & gas: 1.64%** |  |  |  |  |
| California Resources Corp.144A | 8.25 | &nbsp;&nbsp; 6-15-2029 | 475000 | &nbsp;&nbsp; 490759 |

---

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

Allspring High Yield Bond Fund \| 5

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Oil & gas**(continued) |  |  |  |  |
| Caturus Energy LLC144A | 8.50<br> %<br>| &nbsp;&nbsp; 2-15-2030 | $275000 | &nbsp;&nbsp; $285313 |
| Civitas Resources, Inc.144A | 9.63 | &nbsp;&nbsp; 6-15-2033 | 575000 | &nbsp;&nbsp; 608604 |
| Hilcorp Energy I LP/Hilcorp Finance Co.144A | 6.00 | &nbsp;&nbsp; 2-1-2031 | 410000 | &nbsp;&nbsp; 394519 |
| Kraken Oil & Gas Partners LLC144A | 7.63 | &nbsp;&nbsp; 8-15-2029 | 375000 | &nbsp;&nbsp; 373180 |
| Murphy Oil Corp. | 6.00 | &nbsp;&nbsp; 10-1-2032 | 680000 | &nbsp;&nbsp; 662175 |
| Nabors Industries Ltd.144A | 7.50 | &nbsp;&nbsp; 1-15-2028 | 440000 | &nbsp;&nbsp; 441665 |
| Nabors Industries, Inc.144A | 9.13 | &nbsp;&nbsp; 1-31-2030 | 685000 | &nbsp;&nbsp; 701940 |
|  |  |  |  | &nbsp;&nbsp; **3958155** |
| **Oil & gas services: 1.15%** |  |  |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp.144A | 6.63 | &nbsp;&nbsp; 9-1-2032 | 855000 | &nbsp;&nbsp; 876450 |
| Bristow Group, Inc.144A | 6.88 | &nbsp;&nbsp; 3-1-2028 | 1175000 | &nbsp;&nbsp; 1176808 |
| Oceaneering International, Inc. | 6.00 | &nbsp;&nbsp; 2-1-2028 | 730000 | &nbsp;&nbsp; 737560 |
|  |  |  |  | &nbsp;&nbsp; **2790818** |
| **Pipelines: 5.09%** |  |  |  |  |
| Buckeye Partners LP144A | 6.88 | &nbsp;&nbsp; 7-1-2029 | 1175000 | &nbsp;&nbsp; 1217709 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC144A | 5.50 | &nbsp;&nbsp; 6-15-2031 | 375000 | &nbsp;&nbsp; 369846 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC144A | 7.50 | &nbsp;&nbsp; 12-15-2033 | 1480000 | &nbsp;&nbsp; 1587198 |
| Excelerate Energy LP144A | 8.00 | &nbsp;&nbsp; 5-15-2030 | 965000 | &nbsp;&nbsp; 1027616 |
| Harvest Midstream I LP144A | 7.50 | &nbsp;&nbsp; 9-1-2028 | 1115000 | &nbsp;&nbsp; 1126976 |
| Hess Midstream Operations LP144A | 5.50 | &nbsp;&nbsp; 10-15-2030 | 200000 | &nbsp;&nbsp; 201087 |
| Hess Midstream Operations LP144A | 6.50 | &nbsp;&nbsp; 6-1-2029 | 240000 | &nbsp;&nbsp; 248150 |
| Kinetik Holdings LP144A | 5.88 | &nbsp;&nbsp; 6-15-2030 | 650000 | &nbsp;&nbsp; 655567 |
| Prairie Acquiror LP144A | 9.00 | &nbsp;&nbsp; 8-1-2029 | 850000 | &nbsp;&nbsp; 886222 |
| Rockies Express Pipeline LLC144A | 6.75 | &nbsp;&nbsp; 3-15-2033 | 400000 | &nbsp;&nbsp; 417831 |
| Rockies Express Pipeline LLC144A | 6.88 | &nbsp;&nbsp; 4-15-2040 | 1200000 | &nbsp;&nbsp; 1208147 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.144A | 6.00 | &nbsp;&nbsp; 12-31-2030 | 1350000 | &nbsp;&nbsp; 1330018 |
| Venture Global LNG, Inc.144A | 8.38 | &nbsp;&nbsp; 6-1-2031 | 1300000 | &nbsp;&nbsp; 1363931 |
| Venture Global LNG, Inc.144A | 9.88 | &nbsp;&nbsp; 2-1-2032 | 595000 | &nbsp;&nbsp; 647883 |
|  |  |  |  | &nbsp;&nbsp; **12288181** |
| **Financial: 12.87%** |  |  |  |  |
| **Banks: 0.25%** |  |  |  |  |
| Citigroup, Inc. Series X (5 Year Treasury Constant Maturity+3.42%)ʊ± | 3.88 | &nbsp;&nbsp; 2-18-2026 | 600000 | &nbsp;&nbsp; **592999** |
| **Diversified financial services: 5.82%** |  |  |  |  |
| &nbsp;&nbsp; Aircastle Ltd. Series A (5 Year Treasury Constant <br> Maturity+4.41%)144Aʊ±<br>| 5.25 | &nbsp;&nbsp; 6-15-2026 | 600000 | &nbsp;&nbsp; 596160 |
| Azorra Finance Ltd.144A | 7.25 | &nbsp;&nbsp; 1-15-2031 | 590000 | &nbsp;&nbsp; 609371 |
| Encore Capital Group, Inc.144A | 9.25 | &nbsp;&nbsp; 4-1-2029 | 925000 | &nbsp;&nbsp; 976698 |
| EZCORP, Inc.144A | 7.38 | &nbsp;&nbsp; 4-1-2032 | 680000 | &nbsp;&nbsp; 716978 |
| Jane Street Group/JSG Finance, Inc.144A | 6.13 | &nbsp;&nbsp; 11-1-2032 | 565000 | &nbsp;&nbsp; 567611 |
| Jane Street Group/JSG Finance, Inc.144A | 6.75 | &nbsp;&nbsp; 5-1-2033 | 455000 | &nbsp;&nbsp; 470177 |
| Jane Street Group/JSG Finance, Inc.144A | 7.13 | &nbsp;&nbsp; 4-30-2031 | 1040000 | &nbsp;&nbsp; 1086543 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp.144A | 5.00 | &nbsp;&nbsp; 8-15-2028 | 805000 | &nbsp;&nbsp; 781220 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp.144A | 6.63 | &nbsp;&nbsp; 10-15-2031 | 650000 | &nbsp;&nbsp; 651794 |
| Jefferson Capital Holdings LLC144A | 8.25 | &nbsp;&nbsp; 5-15-2030 | 390000 | &nbsp;&nbsp; 408374 |

---

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

6 \| Allspring High Yield Bond Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Diversified financial services**(continued) |  |  |  |  |
| Jefferson Capital Holdings LLC144A | 9.50<br> %<br>| &nbsp;&nbsp; 2-15-2029 | $670000 | &nbsp;&nbsp; $711838 |
| Nationstar Mortgage Holdings, Inc.144A | 7.13 | &nbsp;&nbsp; 2-1-2032 | 1050000 | &nbsp;&nbsp; 1091622 |
| Navient Corp. | 11.50 | &nbsp;&nbsp; 3-15-2031 | 1135000 | &nbsp;&nbsp; 1281182 |
| OneMain Finance Corp. | 7.88 | &nbsp;&nbsp; 3-15-2030 | 1280000 | &nbsp;&nbsp; 1354217 |
| PRA Group, Inc.144A | 5.00 | &nbsp;&nbsp; 10-1-2029 | 765000 | &nbsp;&nbsp; 718807 |
| Rocket Cos., Inc.144A | 6.13 | &nbsp;&nbsp; 8-1-2030 | 450000 | &nbsp;&nbsp; 463028 |
| United Wholesale Mortgage LLC144A | 5.50 | &nbsp;&nbsp; 4-15-2029 | 1600000 | &nbsp;&nbsp; 1575754 |
|  |  |  |  | &nbsp;&nbsp; **14061374** |
| **Insurance: 1.71%** |  |  |  |  |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer144A | 7.38 | &nbsp;&nbsp; 10-1-2032 | 2055000 | &nbsp;&nbsp; 2117133 |
| AmWINS Group, Inc.144A | 6.38 | &nbsp;&nbsp; 2-15-2029 | 735000 | &nbsp;&nbsp; 753292 |
| HUB International Ltd.144A | 7.25 | &nbsp;&nbsp; 6-15-2030 | 205000 | &nbsp;&nbsp; 214425 |
| HUB International Ltd.144A | 7.38 | &nbsp;&nbsp; 1-31-2032 | 1000000 | &nbsp;&nbsp; 1051831 |
|  |  |  |  | &nbsp;&nbsp; **4136681** |
| **REITs: 5.09%** |  |  |  |  |
| Blackstone Mortgage Trust, Inc.144A | 7.75 | &nbsp;&nbsp; 12-1-2029 | 745000 | &nbsp;&nbsp; 794402 |
| Brandywine Operating Partnership LP | 8.88 | &nbsp;&nbsp; 4-12-2029 | 1950000 | &nbsp;&nbsp; 2119991 |
| Iron Mountain, Inc.144A | 4.50 | &nbsp;&nbsp; 2-15-2031 | 1775000 | &nbsp;&nbsp; 1688620 |
| Iron Mountain, Inc.144A | 5.25 | &nbsp;&nbsp; 7-15-2030 | 360000 | &nbsp;&nbsp; 356235 |
| MPT Operating Partnership LP/MPT Finance Corp.144A | 8.50 | &nbsp;&nbsp; 2-15-2032 | 925000 | &nbsp;&nbsp; 969797 |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance <br> Co-Issuer144A<br>| 7.00 | &nbsp;&nbsp; 2-1-2030 | 620000 | &nbsp;&nbsp; 640200 |
| RHP Hotel Properties LP/RHP Finance Corp.144A | 6.50 | &nbsp;&nbsp; 6-15-2033 | 665000 | &nbsp;&nbsp; 686857 |
| Service Properties Trust | 8.38 | &nbsp;&nbsp; 6-15-2029 | 455000 | &nbsp;&nbsp; 469516 |
| Service Properties Trust144A | 8.63 | &nbsp;&nbsp; 11-15-2031 | 1850000 | &nbsp;&nbsp; 1971867 |
| Starwood Property Trust, Inc.144A | 6.50 | &nbsp;&nbsp; 7-1-2030 | 1100000 | &nbsp;&nbsp; 1141673 |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC144A | 6.00 | &nbsp;&nbsp; 1-15-2030 | 365000 | &nbsp;&nbsp; 335485 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC144A | 8.63 | &nbsp;&nbsp; 6-15-2032 | 370000 | &nbsp;&nbsp; 363824 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC144A | 10.50 | &nbsp;&nbsp; 2-15-2028 | 721000 | &nbsp;&nbsp; 758658 |
|  |  |  |  | &nbsp;&nbsp; **12297125** |
| **Industrial: 7.13%** |  |  |  |  |
| **Aerospace/defense: 1.06%** |  |  |  |  |
| Spirit AeroSystems, Inc.144A | 9.75 | &nbsp;&nbsp; 11-15-2030 | 1210000 | &nbsp;&nbsp; 1332597 |
| TransDigm, Inc.144A | 6.63 | &nbsp;&nbsp; 3-1-2032 | 1200000 | &nbsp;&nbsp; 1235633 |
|  |  |  |  | &nbsp;&nbsp; **2568230** |
| **Building materials: 2.21%** |  |  |  |  |
| Builders FirstSource, Inc.144A | 6.38 | &nbsp;&nbsp; 3-1-2034 | 965000 | &nbsp;&nbsp; 993884 |
| Camelot Return Merger Sub, Inc.144A | 8.75 | &nbsp;&nbsp; 8-1-2028 | 900000 | &nbsp;&nbsp; 866000 |
| CP Atlas Buyer, Inc.144A | 9.75 | &nbsp;&nbsp; 7-15-2030 | 575000 | &nbsp;&nbsp; 593285 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.144A | 6.63 | &nbsp;&nbsp; 12-15-2030 | 1275000 | &nbsp;&nbsp; 1309458 |
| Quikrete Holdings, Inc.144A | 6.38 | &nbsp;&nbsp; 3-1-2032 | 325000 | &nbsp;&nbsp; 335189 |
| Quikrete Holdings, Inc.144A | 6.75 | &nbsp;&nbsp; 3-1-2033 | 700000 | &nbsp;&nbsp; 725573 |
| Standard Building Solutions, Inc.144A | 6.25 | &nbsp;&nbsp; 8-1-2033 | 500000 | &nbsp;&nbsp; 510305 |
|  |  |  |  | &nbsp;&nbsp; **5333694** |

---

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

Allspring High Yield Bond Fund \| 7

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Electrical components & equipment: 1.03%** |  |  |  |  |
| Energizer Holdings, Inc.144A | 4.38<br> %<br>| &nbsp;&nbsp; 3-31-2029 | $1520000 | &nbsp;&nbsp; $1455168 |
| WESCO Distribution, Inc.144A | 6.63 | &nbsp;&nbsp; 3-15-2032 | 1000000 | &nbsp;&nbsp; 1036876 |
|  |  |  |  | &nbsp;&nbsp; **2492044** |
| **Electronics: 0.14%** |  |  |  |  |
| Sensata Technologies, Inc.144A | 6.63 | &nbsp;&nbsp; 7-15-2032 | 320000 | &nbsp;&nbsp; **330509** |
| **Environmental control: 0.25%** |  |  |  |  |
| Clean Harbors, Inc.144A | 6.38 | &nbsp;&nbsp; 2-1-2031 | 600000 | &nbsp;&nbsp; **614851** |
| **Packaging & containers: 1.52%** |  |  |  |  |
| &nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging <br> Finance PLC144A<br>| 6.00 | &nbsp;&nbsp; 6-15-2027 | 1275000 | &nbsp;&nbsp; 1274998 |
| Clydesdale Acquisition Holdings, Inc.144A | 6.88 | &nbsp;&nbsp; 1-15-2030 | 385000 | &nbsp;&nbsp; 395818 |
| Clydesdale Acquisition Holdings, Inc.144A | 8.75 | &nbsp;&nbsp; 4-15-2030 | 765000 | &nbsp;&nbsp; 788351 |
| Graham Packaging Co., Inc.144A | 7.13 | &nbsp;&nbsp; 8-15-2028 | 575000 | &nbsp;&nbsp; 575179 |
| Sealed Air Corp./Sealed Air Corp. U.S.144A | 7.25 | &nbsp;&nbsp; 2-15-2031 | 600000 | &nbsp;&nbsp; 631682 |
|  |  |  |  | &nbsp;&nbsp; **3666028** |
| **Transportation: 0.38%** |  |  |  |  |
| Genesee & Wyoming, Inc.144A | 6.25 | &nbsp;&nbsp; 4-15-2032 | 900000 | &nbsp;&nbsp; **915121** |
| **Trucking & leasing: 0.54%** |  |  |  |  |
| FTAI Aviation Investors LLC144A | 7.00 | &nbsp;&nbsp; 5-1-2031 | 1100000 | &nbsp;&nbsp; 1150448 |
| FTAI Aviation Investors LLC144A | 7.00 | &nbsp;&nbsp; 6-15-2032 | 150000 | &nbsp;&nbsp; 156548 |
|  |  |  |  | &nbsp;&nbsp; **1306996** |
| **Technology: 4.45%** |  |  |  |  |
| **Computers: 0.72%** |  |  |  |  |
| Diebold Nixdorf, Inc.144A | 7.75 | &nbsp;&nbsp; 3-31-2030 | 1005000 | &nbsp;&nbsp; 1063273 |
| Insight Enterprises, Inc.144A | 6.63 | &nbsp;&nbsp; 5-15-2032 | 650000 | &nbsp;&nbsp; 669217 |
|  |  |  |  | &nbsp;&nbsp; **1732490** |
| **Office/business equipment: 0.45%** |  |  |  |  |
| Zebra Technologies Corp.144A | 6.50 | &nbsp;&nbsp; 6-1-2032 | 1060000 | &nbsp;&nbsp; **1088495** |
| **Semiconductors: 0.29%** |  |  |  |  |
| Entegris, Inc.144A | 5.95 | &nbsp;&nbsp; 6-15-2030 | 690000 | &nbsp;&nbsp; **698868** |
| **Software: 2.99%** |  |  |  |  |
| AthenaHealth Group, Inc.144A | 6.50 | &nbsp;&nbsp; 2-15-2030 | 650000 | &nbsp;&nbsp; 637609 |
| Cloud Software Group, Inc.144A | 8.25 | &nbsp;&nbsp; 6-30-2032 | 1350000 | &nbsp;&nbsp; 1443323 |
| Cloud Software Group, Inc.144A | 9.00 | &nbsp;&nbsp; 9-30-2029 | 2230000 | &nbsp;&nbsp; 2324619 |
| Ellucian Holdings, Inc.144A | 6.50 | &nbsp;&nbsp; 12-1-2029 | 1015000 | &nbsp;&nbsp; 1032546 |
| Rocket Software, Inc.144A | 6.50 | &nbsp;&nbsp; 2-15-2029 | 245000 | &nbsp;&nbsp; 235628 |
| Rocket Software, Inc.144A | 9.00 | &nbsp;&nbsp; 11-28-2028 | 1100000 | &nbsp;&nbsp; 1132511 |
| SS&C Technologies, Inc.144A | 6.50 | &nbsp;&nbsp; 6-1-2032 | 400000 | &nbsp;&nbsp; 415078 |
|  |  |  |  | &nbsp;&nbsp; **7221314** |

---

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

8 \| Allspring High Yield Bond Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities: 4.79%** |  |  |  |  |
| **Electric: 4.24%** |  |  |  |  |
| AES Corp. (5 Year Treasury Constant Maturity+2.89%)± | 6.95<br> %<br>| &nbsp;&nbsp; 7-15-2055 | $855000 | &nbsp;&nbsp; $827199 |
| AES Corp. (5 Year Treasury Constant Maturity+3.20%)± | 7.60 | &nbsp;&nbsp; 1-15-2055 | 1160000 | &nbsp;&nbsp; 1191930 |
| Edison International (5 Year Treasury Constant Maturity+3.86%)± | 8.13 | &nbsp;&nbsp; 6-15-2053 | 795000 | &nbsp;&nbsp; 795283 |
| EUSHI Finance, Inc. (5 Year Treasury Constant Maturity+3.14%)± | 7.63 | &nbsp;&nbsp; 12-15-2054 | 1295000 | &nbsp;&nbsp; 1353015 |
| Pattern Energy Operations LP/Pattern Energy Operations, Inc.144A | 4.50 | &nbsp;&nbsp; 8-15-2028 | 750000 | &nbsp;&nbsp; 730926 |
| PG&E Corp. (5 Year Treasury Constant Maturity+3.88%)± | 7.38 | &nbsp;&nbsp; 3-15-2055 | 1315000 | &nbsp;&nbsp; 1304986 |
| Vistra Corp. (5 Year Treasury Constant Maturity+5.74%)144Aʊ± | 7.00 | &nbsp;&nbsp; 12-15-2026 | 680000 | &nbsp;&nbsp; 688189 |
| &nbsp;&nbsp; Vistra Corp. Series C (5 Year Treasury Constant <br> Maturity+5.05%)144Aʊ±<br>| 8.88 | &nbsp;&nbsp; 1-15-2029 | 800000 | &nbsp;&nbsp; 870230 |
| Vistra Operations Co. LLC144A | 7.75 | &nbsp;&nbsp; 10-15-2031 | 1005000 | &nbsp;&nbsp; 1067793 |
| XPLR Infrastructure Operating Partners LP144A | 7.25 | &nbsp;&nbsp; 1-15-2029 | 1380000 | &nbsp;&nbsp; 1409442 |
|  |  |  |  | &nbsp;&nbsp; **10238993** |
| **Gas: 0.55%** |  |  |  |  |
| Venture Global Plaquemines LNG LLC144A | 7.50 | &nbsp;&nbsp; 5-1-2033 | 1220000 | &nbsp;&nbsp; **1338185** |
| **Total corporate bonds and notes (Cost $178,840,289)** |  |  |  | &nbsp;&nbsp; **183274953** |
| **Loans: 5.29%** |  |  |  |  |
| **Communications: 2.44%** |  |  |  |  |
| **Media: 0.95%** |  |  |  |  |
| CSC Holdings LLC (U.S. SOFR 1 Month+4.50%)± | 8.86 | &nbsp;&nbsp; 1-18-2028 | 669117 | &nbsp;&nbsp; 666501 |
| DIRECTV Financing LLC (U.S. SOFR 3 Month+5.25%)± | 9.82 | &nbsp;&nbsp; 8-2-2029 | 960055 | &nbsp;&nbsp; 952259 |
| EW Scripps Co. (U.S. SOFR 1 Month+5.75%)± | 10.23 | &nbsp;&nbsp; 6-30-2028 | 419988 | &nbsp;&nbsp; 421303 |
| Hubbard Radio LLC (U.S. SOFR 1 Month+4.50%)‡± | 8.82 | &nbsp;&nbsp; 9-30-2027 | 467230 | &nbsp;&nbsp; 253472 |
|  |  |  |  | &nbsp;&nbsp; **2293535** |
| **Telecommunications: 1.49%** |  |  |  |  |
| CommScope, Inc. (U.S. SOFR 1 Month+4.75%)± | 9.07 | &nbsp;&nbsp; 12-17-2029 | 2205000 | &nbsp;&nbsp; 2241515 |
| Connect Finco Sarl (U.S. SOFR 1 Month+4.50%)± | 8.82 | &nbsp;&nbsp; 9-27-2029 | 480000 | &nbsp;&nbsp; 473103 |
| Lumen Technologies, Inc. (U.S. SOFR 1 Month+2.35%)± | 6.78 | &nbsp;&nbsp; 4-15-2030 | 882750 | &nbsp;&nbsp; 876500 |
|  |  |  |  | &nbsp;&nbsp; **3591118** |
| **Consumer, cyclical: 0.63%** |  |  |  |  |
| **Airlines: 0.35%** |  |  |  |  |
| SkyMiles IP Ltd. (U.S. SOFR 3 Month+3.75%)± | 8.08 | &nbsp;&nbsp; 10-20-2027 | 504614 | &nbsp;&nbsp; 505795 |
| Vista Management Holding, Inc. (U.S. SOFR 3 Month+3.75%)± | 8.04 | &nbsp;&nbsp; 4-1-2031 | 345000 | &nbsp;&nbsp; 346618 |
|  |  |  |  | &nbsp;&nbsp; **852413** |
| **Housewares: 0.28%** |  |  |  |  |
| American Greetings Corp. (U.S. SOFR 1 Month+5.75%)± | 10.07 | &nbsp;&nbsp; 10-30-2029 | 667965 | &nbsp;&nbsp; **668386** |
| **Consumer, non-cyclical: 0.93%** |  |  |  |  |
| **Commercial services: 0.27%** |  |  |  |  |
| Hertz Corp. (U.S. SOFR 3 Month+3.50%)± | 8.07 | &nbsp;&nbsp; 6-30-2028 | 771641 | &nbsp;&nbsp; **657824** |
| **Healthcare-products: 0.19%** |  |  |  |  |
| Bausch & Lomb Corp. (U.S. SOFR 1 Month+4.25%)± | 8.57 | &nbsp;&nbsp; 1-15-2031 | 460000 | &nbsp;&nbsp; **460083** |

---

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

Allspring High Yield Bond Fund \| 9

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Healthcare-services: 0.47%** |  |  |  |  |
| Modivcare, Inc. (U.S. SOFR 3 Month+4.75%)± | 9.05<br> %<br>| &nbsp;&nbsp; 7-1-2031 | $1701405 | &nbsp;&nbsp; $744365 |
| Modivcare, Inc. (U.S. SOFR 3 Month+7.50%)‡± | 11.78 | &nbsp;&nbsp; 1-12-2026 | 296508 | &nbsp;&nbsp; 131946 |
| Modivcare, Inc. (U.S. SOFR 3 Month+6.00%)‡± | 13.50 | &nbsp;&nbsp; 2-22-2026 | 147572 | &nbsp;&nbsp; 144620 |
| MPH Acquisition Holdings LLC (U.S. SOFR 3 Month+3.75%)± | 8.06 | &nbsp;&nbsp; 12-31-2030 | 108998 | &nbsp;&nbsp; 108698 |
|  |  |  |  | &nbsp;&nbsp; **1129629** |
| **Energy: 0.18%** |  |  |  |  |
| **Pipelines: 0.18%** |  |  |  |  |
| Prairie Acquiror LP (U.S. SOFR 1 Month+3.75%)± | 8.07 | &nbsp;&nbsp; 8-1-2029 | 444392 | &nbsp;&nbsp; **446836** |
| **Financial: 0.62%** |  |  |  |  |
| **Insurance: 0.62%** |  |  |  |  |
| Asurion LLC (U.S. SOFR 1 Month+3.25%)± | 7.68 | &nbsp;&nbsp; 7-31-2027 | 426658 | &nbsp;&nbsp; 426479 |
| Asurion LLC (U.S. SOFR 1 Month+5.25%)± | 9.68 | &nbsp;&nbsp; 1-31-2028 | 1099173 | &nbsp;&nbsp; 1067912 |
|  |  |  |  | &nbsp;&nbsp; **1494391** |
| **Industrial: 0.10%** |  |  |  |  |
| **Aerospace/defense: 0.10%** |  |  |  |  |
| Spirit AeroSystems, Inc. (U.S. SOFR 3 Month+4.50%)± | 8.81 | &nbsp;&nbsp; 1-15-2027 | 234398 | &nbsp;&nbsp; **235204** |
| **Technology: 0.39%** |  |  |  |  |
| **Computers: 0.27%** |  |  |  |  |
| McAfee Corp. (U.S. SOFR 1 Month+3.00%)± | 7.35 | &nbsp;&nbsp; 3-1-2029 | 676600 | &nbsp;&nbsp; **643616** |
| **Software: 0.12%** |  |  |  |  |
| Rocket Software, Inc. (U.S. SOFR 1 Month+3.75%)± | 8.07 | &nbsp;&nbsp; 11-28-2028 | 301191 | &nbsp;&nbsp; **301793** |
| **Total loans (Cost $14,059,682)** |  |  |  | &nbsp;&nbsp; **12774828** |
| **Yankee corporate bonds and notes: 15.13%** |  |  |  |  |
| **Basic materials: 0.11%** |  |  |  |  |
| **Chemicals: 0.11%** |  |  |  |  |
| Braskem Netherlands Finance BV144A | 8.50 | &nbsp;&nbsp; 1-12-2031 | 350000 | &nbsp;&nbsp; **269256** |
| **Communications: 4.52%** |  |  |  |  |
| **Internet: 0.92%** |  |  |  |  |
| Rakuten Group, Inc.144A | 9.75 | &nbsp;&nbsp; 4-15-2029 | 1545000 | &nbsp;&nbsp; 1716407 |
| &nbsp;&nbsp; Rakuten Group, Inc. (5 Year Treasury Constant <br> Maturity+4.25%)144Aʊ±<br>| 8.13 | &nbsp;&nbsp; 12-15-2029 | 500000 | &nbsp;&nbsp; 513887 |
|  |  |  |  | &nbsp;&nbsp; **2230294** |
| **Media: 1.34%** |  |  |  |  |
| Virgin Media Finance PLC144A | 5.00 | &nbsp;&nbsp; 7-15-2030 | 550000 | &nbsp;&nbsp; 503053 |
| Virgin Media Secured Finance PLC144A | 4.50 | &nbsp;&nbsp; 8-15-2030 | 1610000 | &nbsp;&nbsp; 1511457 |
| Virgin Media Vendor Financing Notes IV DAC144A | 5.00 | &nbsp;&nbsp; 7-15-2028 | 280000 | &nbsp;&nbsp; 274115 |
| VZ Secured Financing BV144A | 5.00 | &nbsp;&nbsp; 1-15-2032 | 1050000 | &nbsp;&nbsp; 932398 |
|  |  |  |  | &nbsp;&nbsp; **3221023** |

---

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

10 \| Allspring High Yield Bond Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Telecommunications: 2.26%** |  |  |  |  |
| &nbsp;&nbsp; Rogers Communications, Inc. (5 Year Treasury Constant <br> Maturity+2.62%)±<br>| 7.13<br> %<br>| &nbsp;&nbsp; 4-15-2055 | $2050000 | &nbsp;&nbsp; $2128057 |
| Telecom Italia Capital SA | 7.20 | &nbsp;&nbsp; 7-18-2036 | 930000 | &nbsp;&nbsp; 984408 |
| TELUS Corp. (5 Year Treasury Constant Maturity+2.77%)± | 6.63 | &nbsp;&nbsp; 10-15-2055 | 1085000 | &nbsp;&nbsp; 1103809 |
| Zegona Finance PLC144A | 8.63 | &nbsp;&nbsp; 7-15-2029 | 1169000 | &nbsp;&nbsp; 1243384 |
|  |  |  |  | &nbsp;&nbsp; **5459658** |
| **Consumer, cyclical: 2.72%** |  |  |  |  |
| **Airlines: 0.86%** |  |  |  |  |
| Latam Airlines Group SA144A | 7.63 | &nbsp;&nbsp; 1-7-2031 | 605000 | &nbsp;&nbsp; 621763 |
| Latam Airlines Group SA144A | 7.88 | &nbsp;&nbsp; 4-15-2030 | 835000 | &nbsp;&nbsp; 862973 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc.144A | 9.50 | &nbsp;&nbsp; 6-1-2028 | 580000 | &nbsp;&nbsp; 603185 |
|  |  |  |  | &nbsp;&nbsp; **2087921** |
| **Auto manufacturers: 0.35%** |  |  |  |  |
| Nissan Motor Co. Ltd.144A | 8.13 | &nbsp;&nbsp; 7-17-2035 | 795000 | &nbsp;&nbsp; **842307** |
| **Auto parts & equipment: 0.08%** |  |  |  |  |
| Adient Global Holdings Ltd.144A | 8.25 | &nbsp;&nbsp; 4-15-2031 | 190000 | &nbsp;&nbsp; **200079** |
| **Entertainment: 0.52%** |  |  |  |  |
| Banijay Entertainment SASU144A | 8.13 | &nbsp;&nbsp; 5-1-2029 | 1200000 | &nbsp;&nbsp; **1248361** |
| **Leisure time: 0.91%** |  |  |  |  |
| Carnival Corp.144A | 5.75 | &nbsp;&nbsp; 8-1-2032 | 350000 | &nbsp;&nbsp; 355775 |
| Carnival Corp.144A | 6.00 | &nbsp;&nbsp; 5-1-2029 | 635000 | &nbsp;&nbsp; 643234 |
| Carnival Corp.144A | 6.13 | &nbsp;&nbsp; 2-15-2033 | 1175000 | &nbsp;&nbsp; 1206612 |
|  |  |  |  | &nbsp;&nbsp; **2205621** |
| **Consumer, non-cyclical: 2.58%** |  |  |  |  |
| **Cosmetics/Personal Care: 0.86%** |  |  |  |  |
| Opal Bidco SAS144A | 6.50 | &nbsp;&nbsp; 3-31-2032 | 925000 | &nbsp;&nbsp; 941246 |
| Perrigo Finance Unlimited Co. | 6.13 | &nbsp;&nbsp; 9-30-2032 | 1135000 | &nbsp;&nbsp; 1142079 |
|  |  |  |  | &nbsp;&nbsp; **2083325** |
| **Food: 0.24%** |  |  |  |  |
| Froneri Lux Finco Sarl144A | 6.00 | &nbsp;&nbsp; 8-1-2032 | 590000 | &nbsp;&nbsp; **593222** |
| **Healthcare-products: 0.46%** |  |  |  |  |
| Bausch & Lomb Corp.144A | 8.38 | &nbsp;&nbsp; 10-1-2028 | 1060000 | &nbsp;&nbsp; **1104149** |
| **Pharmaceuticals: 1.02%** |  |  |  |  |
| 1261229 BC Ltd.144A | 10.00 | &nbsp;&nbsp; 4-15-2032 | 1985000 | &nbsp;&nbsp; 2061127 |
| Bausch Health Cos., Inc.144A | 11.00 | &nbsp;&nbsp; 9-30-2028 | 375000 | &nbsp;&nbsp; 393281 |
|  |  |  |  | &nbsp;&nbsp; **2454408** |
| **Energy: 1.00%** |  |  |  |  |
| **Oil & gas: 0.73%** |  |  |  |  |
| Baytex Energy Corp.144A | 8.50 | &nbsp;&nbsp; 4-30-2030 | 490000 | &nbsp;&nbsp; 500150 |

---

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

Allspring High Yield Bond Fund \| 11

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Oil & gas**(continued) |  |  |  |  |
| Borr IHC Ltd./Borr Finance LLC144A | 10.00<br> %<br>| &nbsp;&nbsp; 11-15-2028 | $827927 | &nbsp;&nbsp; $840420 |
| Saturn Oil & Gas, Inc.144A | 9.63 | &nbsp;&nbsp; 6-15-2029 | 399000 | &nbsp;&nbsp; 407347 |
|  |  |  |  | &nbsp;&nbsp; **1747917** |
| **Pipelines: 0.27%** |  |  |  |  |
| Northriver Midstream Finance LP144A | 6.75 | &nbsp;&nbsp; 7-15-2032 | 640000 | &nbsp;&nbsp; **657260** |
| **Financial: 2.39%** |  |  |  |  |
| **Banks: 1.00%** |  |  |  |  |
| &nbsp;&nbsp; Banco del Estado de Chile (5 Year Treasury Constant <br> Maturity+3.23%)144Aʊ±<br>| 7.95 | &nbsp;&nbsp; 5-2-2029 | 735000 | &nbsp;&nbsp; 784622 |
| BNP Paribas SA (5 Year Treasury Constant Maturity+3.73%)144Aʊ± | 8.00 | &nbsp;&nbsp; 8-22-2031 | 525000 | &nbsp;&nbsp; 557410 |
| UBS Group AG (5 Year Treasury Constant Maturity+3.40%)144Aʊ± | 4.88 | &nbsp;&nbsp; 2-12-2027 | 670000 | &nbsp;&nbsp; 659106 |
| &nbsp;&nbsp; UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5 <br> Year+4.16%)144Aʊ±<br>| 7.75 | &nbsp;&nbsp; 4-12-2031 | 400000 | &nbsp;&nbsp; 427096 |
|  |  |  |  | &nbsp;&nbsp; **2428234** |
| **Diversified financial services: 1.39%** |  |  |  |  |
| GGAM Finance Ltd.144A | 5.88 | &nbsp;&nbsp; 3-15-2030 | 1440000 | &nbsp;&nbsp; 1454346 |
| Global Aircraft Leasing Co. Ltd.144A | 8.75 | &nbsp;&nbsp; 9-1-2027 | 1270000 | &nbsp;&nbsp; 1306737 |
| goeasy Ltd.144A | 7.63 | &nbsp;&nbsp; 7-1-2029 | 575000 | &nbsp;&nbsp; 595453 |
|  |  |  |  | &nbsp;&nbsp; **3356536** |
| **Industrial: 1.53%** |  |  |  |  |
| **Aerospace/defense: 0.26%** |  |  |  |  |
| Bombardier, Inc.144A | 8.75 | &nbsp;&nbsp; 11-15-2030 | 575000 | &nbsp;&nbsp; **619670** |
| **Electronics: 0.49%** |  |  |  |  |
| Sensata Technologies BV144A | 5.88 | &nbsp;&nbsp; 9-1-2030 | 1175000 | &nbsp;&nbsp; **1185200** |
| **Packaging & containers: 0.78%** |  |  |  |  |
| Trivium Packaging Finance BV144A | 8.25 | &nbsp;&nbsp; 7-15-2030 | 890000 | &nbsp;&nbsp; 945314 |
| Trivium Packaging Finance BV144A | 12.25 | &nbsp;&nbsp; 1-15-2031 | 875000 | &nbsp;&nbsp; 938277 |
|  |  |  |  | &nbsp;&nbsp; **1883591** |
| **Utilities: 0.28%** |  |  |  |  |
| **Electric: 0.28%** |  |  |  |  |
| &nbsp;&nbsp; Algonquin Power & Utilities Corp. (5 Year Treasury Constant <br> Maturity+3.25%)±<br>| 4.75 | &nbsp;&nbsp; 1-18-2082 | 700000 | &nbsp;&nbsp; **680710** |
| **Total yankee corporate bonds and notes (Cost $35,585,157)** |  |  |  | &nbsp;&nbsp; **36558742** |

---

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

12 \| Allspring High Yield Bond Fund

------

Portfolio of investments—August 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 0.39%** |  |  |  |  |
| **Investment companies: 0.39%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.23<br> %<br>| 952419 | &nbsp;&nbsp; **$952419** |
| **Total short-term investments (Cost $952,419)** |  |  |  | &nbsp;&nbsp; **952419** |
| **Total investments in securities (Cost $231,600,319)** | 98.27<br> %<br>|  |  | &nbsp;&nbsp; 237394389 |
| Other assets and liabilities, net | 1.73 |  |  | &nbsp;&nbsp; 4173930 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$241568319** |

---

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

---

| |
|:---|
| The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| Non-income-earning security |
| Security is valued using significant unobservable inputs. |
| Variable rate investment. The rate shown is the rate in effect at period end. |
| ¥A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities or a combination of both. <br> The rate shown is the rate in effect at period end.<br>|
| The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
| The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| The rate represents the 7-day annualized yield at period end. |

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| LIBOR | London Interbank Offered Rate |
| REIT | Real estate investment trust |
| SOFR | Secured Overnight Financing Rate |

---

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $5058539 | $102955562 | $(107061682)<br>| $0 | $0 | $952419 | 952419 | $278676 |

---

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

Allspring High Yield Bond Fund \| 13

------

Statement of assets and liabilities—August 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $230,647,900) | $236441970 |
| Investments in affiliated securities, at value (cost $952,419) | 952419 |
| Cash | 449 |
| Receivable for interest | 4397405 |
| Receivable for investments sold | 845304 |
| Receivable for Fund shares sold | 6474 |
| Prepaid expenses and other assets | 65833 |
| **Total assets** | **242709854** |
| Liabilities |  |
| Payable for Fund shares redeemed | 408556 |
| Payable for investments purchased | 381620 |
| Dividends payable | 117373 |
| Management fee payable | 81651 |
| Shareholder servicing fees payable | 38662 |
| Administration fees payable | 27192 |
| Trustees' fees and expenses payable | 1383 |
| Distribution fee payable | 1250 |
| Accrued expenses and other liabilities | 83848 |
| **Total liabilities** | **1141535** |
| **Total net assets**  | **$241568319** |
| Net assets consist of |  |
| Paid-in capital | $319001742 |
| Total distributable loss | (77433423)<br>|
| **Total net assets** | **$241568319** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $162734967 |
| Shares outstanding–Class A<sup>1</sup> <br>| 53253184 |
| Net asset value per share–Class A | $3.06 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $3.20 |
| Net assets–Class C | $1932254 |
| Shares outstanding–Class C<sup>1</sup> <br>| 630107 |
| Net asset value per share–Class C | $3.07 |
| Net assets–Administrator Class | $12304463 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 4021394 |
| Net asset value per share–Administrator Class | $3.06 |
| Net assets–Institutional Class | $64596635 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 21113191 |
| Net asset value per share–Institutional Class | $3.06 |

---

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

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

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

14 \| Allspring High Yield Bond Fund

------

Statement of operations—year ended August 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $19945997 |
| Income from affiliated securities | 278676 |
| **Total investment income** | **20224673** |
| Expenses |  |
| Management fee | 1466237 |
| Administration fees |  |
| Class A | 247080 |
| Class C | 2709 |
| Administrator Class | 12381 |
| Institutional Class | 70145 |
| Shareholder servicing fees |  |
| Class A | 411429 |
| Class C | 4452 |
| Administrator Class | 30918 |
| Distribution fee |  |
| Class C | 13355 |
| Custody and accounting fees | 13046 |
| Professional fees | 59659 |
| Registration fees | 110935 |
| Shareholder report expenses | 42134 |
| Trustees' fees and expenses | 10148 |
| Other fees and expenses | 38530 |
| **Total expenses** | **2533158** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (344446)<br>|
| Class A | (47713)<br>|
| Administrator Class | (11167)<br>|
| Institutional Class | (59306)<br>|
| **Net expenses** | **2070526** |
| **Net investment income** | **18154147** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized losses on investments**  | **(1748931)**<br>|
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 2869709 |
| Unfunded loan commitments | (6277)<br>|
| **Net change in unrealized gains (losses) on investments** | **2863432** |
| **Net realized and unrealized gains (losses) on investments** | **1114501** |
| **Net increase in net assets resulting from operations** | **$19268648** |

---

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

Allspring High Yield Bond Fund \| 15

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> August 31, 2025 | Year ended<br> August 31, 2025 | Year ended<br> August 31, 2024 | Year ended<br> August 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $18154147 |  | &nbsp;&nbsp; $19387468 |
| Net realized losses on investments |  | &nbsp;&nbsp; (1748931)<br>|  | &nbsp;&nbsp; (9430821)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 2863432 |  | &nbsp;&nbsp; 19450421 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **19268648** |  | &nbsp;&nbsp; **29407068** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (11135759)<br>|  | &nbsp;&nbsp; (11650305)<br>|
| Class C |  | &nbsp;&nbsp; (107905)<br>|  | &nbsp;&nbsp; (105269)<br>|
| Administrator Class |  | &nbsp;&nbsp; (850817)<br>|  | &nbsp;&nbsp; (886859)<br>|
| Institutional Class |  | &nbsp;&nbsp; (6262361)<br>|  | &nbsp;&nbsp; (7140679)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(18356842)**<br>|  | &nbsp;&nbsp; **(19783112)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 3661423 | &nbsp;&nbsp; 11061218 | &nbsp;&nbsp; 3173483 | &nbsp;&nbsp; 9454603 |
| Class C | 270122 | &nbsp;&nbsp; 822127 | &nbsp;&nbsp; 391809 | &nbsp;&nbsp; 1160720 |
| Administrator Class | 120880 | &nbsp;&nbsp; 367357 | &nbsp;&nbsp; 225053 | &nbsp;&nbsp; 675104 |
| Institutional Class | 3166584 | &nbsp;&nbsp; 9582564 | &nbsp;&nbsp; 5979369 | &nbsp;&nbsp; 17748849 |
|  |  | &nbsp;&nbsp; 21833266 |  | &nbsp;&nbsp; 29039276 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 3365340 | &nbsp;&nbsp; 10198651 | &nbsp;&nbsp; 3601280 | &nbsp;&nbsp; 10674335 |
| Class C | 35368 | &nbsp;&nbsp; 107502 | &nbsp;&nbsp; 35446 | &nbsp;&nbsp; 105269 |
| Administrator Class | 259408 | &nbsp;&nbsp; 786981 | &nbsp;&nbsp; 278419 | &nbsp;&nbsp; 826033 |
| Institutional Class | 2047055 | &nbsp;&nbsp; 6208716 | &nbsp;&nbsp; 2380329 | &nbsp;&nbsp; 7065493 |
|  |  | &nbsp;&nbsp; 17301850 |  | &nbsp;&nbsp; 18671130 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (10208451)<br>| &nbsp;&nbsp; (30885255)<br>| &nbsp;&nbsp; (10138918)<br>| &nbsp;&nbsp; (30032426)<br>|
| Class C | (162288)<br>| &nbsp;&nbsp; (492273)<br>| &nbsp;&nbsp; (531921)<br>| &nbsp;&nbsp; (1585257)<br>|
| Administrator Class | (546750)<br>| &nbsp;&nbsp; (1652503)<br>| &nbsp;&nbsp; (1131140)<br>| &nbsp;&nbsp; (3346930)<br>|
| Institutional Class | (16477716)<br>| &nbsp;&nbsp; (49849600)<br>| &nbsp;&nbsp; (10071411)<br>| &nbsp;&nbsp; (29832243)<br>|
|  |  | &nbsp;&nbsp; (82879631)<br>|  | &nbsp;&nbsp; (64796856)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(43744515)**<br>|  | &nbsp;&nbsp; **(17086450)**<br>|
| **Total decrease in net assets** |  | &nbsp;&nbsp; **(42832709)**<br>|  | &nbsp;&nbsp; **(7462494)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **284401028** |  | &nbsp;&nbsp; **291863522** |
| **End of period** |  | &nbsp;&nbsp; **$241568319** |  | &nbsp;&nbsp; **$284401028** |

---

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

16 \| Allspring High Yield Bond Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$3.04** | &nbsp;&nbsp; **$2.94** | &nbsp;&nbsp; **$2.92** | &nbsp;&nbsp; **$3.45** | &nbsp;&nbsp; **$3.33** |
| Net investment income | 0.20 <br><sup>1</sup><br>| 0.20 <br><sup>1</sup><br>| 0.18 <br><sup>1</sup><br>| 0.13 | 0.11 |
| Net realized and unrealized gains (losses) on investments | 0.02 | 0.10 | 0.02 | &nbsp;&nbsp; (0.53)<br>| 0.12 |
| Total from investment operations | 0.22 | 0.30 | 0.20 | &nbsp;&nbsp; (0.40)<br>| 0.23 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.20)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.11)<br>|
| **Net asset value, end of period** | **$3.06** | &nbsp;&nbsp; **$3.04** | &nbsp;&nbsp; **$2.94** | &nbsp;&nbsp; **$2.92** | &nbsp;&nbsp; **$3.45** |
| **Total return**<sup>2</sup> <br>| **7.63%**<br>| **10.66%**<br>| **7.17%**<br>| &nbsp;&nbsp; **(11.76)%**<br>| **7.07%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.05<br> %<br>| 1.02<br> %<br>| 1.03<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>|
| Net expenses | 0.89<br> %<br>| 0.92<br> %<br>| 0.93<br> %<br>| 0.92<br> %<br>| 0.92<br> %<br>|
| Net investment income | 6.68<br> %<br>| 6.67<br> %<br>| 6.13<br> %<br>| 4.08<br> %<br>| 3.29<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 62<br> %<br>| &nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 138<br> %<br>| &nbsp;&nbsp; 49<br> %<br>|
| Net assets, end of period (000s omitted) | $162735 | &nbsp;&nbsp; $171590 | &nbsp;&nbsp; $175674 | &nbsp;&nbsp; $186532 | &nbsp;&nbsp; $238817 |

---

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

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

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

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

Allspring High Yield Bond Fund \| 17

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$3.05** | &nbsp;&nbsp; **$2.95** | &nbsp;&nbsp; **$2.93** | &nbsp;&nbsp; **$3.46** | &nbsp;&nbsp; **$3.34** |
| Net investment income | 0.18 <br><sup>1</sup><br>| 0.18 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.11 <br><sup>1</sup><br>| 0.09 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.02 | 0.10 | 0.02 | &nbsp;&nbsp; (0.53)<br>| 0.12 |
| Total from investment operations | 0.20 | 0.28 | 0.18 | &nbsp;&nbsp; (0.42)<br>| 0.21 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.18)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.09)<br>|
| **Net asset value, end of period** | **$3.07** | &nbsp;&nbsp; **$3.05** | &nbsp;&nbsp; **$2.95** | &nbsp;&nbsp; **$2.93** | &nbsp;&nbsp; **$3.46** |
| **Total return**<sup>2</sup> <br>| **6.80%**<br>| **9.83%**<br>| **6.37%**<br>| &nbsp;&nbsp; **(12.39)%**<br>| **6.25%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.79<br> %<br>| 1.77<br> %<br>| 1.78<br> %<br>| 1.76<br> %<br>| 1.76<br> %<br>|
| Net expenses | 1.67<br> %<br>| 1.67<br> %<br>| 1.68<br> %<br>| 1.68<br> %<br>| 1.68<br> %<br>|
| Net investment income | 5.90<br> %<br>| 5.92<br> %<br>| 5.35<br> %<br>| 3.26<br> %<br>| 2.57<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 62<br> %<br>| &nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 138<br> %<br>| &nbsp;&nbsp; 49<br> %<br>|
| Net assets, end of period (000s omitted) | $1932 | &nbsp;&nbsp; $1485 | &nbsp;&nbsp; $1743 | &nbsp;&nbsp; $2384 | &nbsp;&nbsp; $4123 |

---

&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.

18 \| Allspring High Yield Bond Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$3.04** | &nbsp;&nbsp; **$2.94** | &nbsp;&nbsp; **$2.92** | &nbsp;&nbsp; **$3.46** | &nbsp;&nbsp; **$3.34** |
| Net investment income | 0.21 <br><sup>1</sup><br>| 0.20 <br><sup>1</sup><br>| 0.18 <br><sup>1</sup><br>| 0.14 | 0.12 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.02 | 0.11 | 0.03 | &nbsp;&nbsp; (0.54)<br>| 0.12 |
| Total from investment operations | 0.23 | 0.31 | 0.21 | &nbsp;&nbsp; (0.40)<br>| 0.24 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.21)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.12)<br>|
| **Net asset value, end of period** | **$3.06** | &nbsp;&nbsp; **$3.04** | &nbsp;&nbsp; **$2.94** | &nbsp;&nbsp; **$2.92** | &nbsp;&nbsp; **$3.46** |
| **Total return**<sup>2</sup> <br>| **7.75%**<br>| **10.79%**<br>| **7.30%**<br>| &nbsp;&nbsp; **(11.91)%**<br>| **7.20%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.00<br> %<br>| 0.97<br> %<br>| 0.97<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>|
| Net expenses | 0.78<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.79<br> %<br>|
| Net investment income | 6.80<br> %<br>| 6.79<br> %<br>| 6.26<br> %<br>| 4.20<br> %<br>| 3.42<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 62<br> %<br>| &nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 138<br> %<br>| &nbsp;&nbsp; 49<br> %<br>|
| Net assets, end of period (000s omitted) | $12304 | &nbsp;&nbsp; $12749 | &nbsp;&nbsp; $14165 | &nbsp;&nbsp; $14045 | &nbsp;&nbsp; $18317 |

---

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

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

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

Allspring High Yield Bond Fund \| 19

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$3.04** | &nbsp;&nbsp; **$2.94** | &nbsp;&nbsp; **$2.92** | &nbsp;&nbsp; **$3.46** | &nbsp;&nbsp; **$3.34** |
| Net investment income | 0.21 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.19 <br><sup>1</sup><br>| 0.14 | 0.12 |
| Net realized and unrealized gains (losses) on investments | 0.02 | 0.10 | 0.02 | &nbsp;&nbsp; (0.54)<br>| 0.13 |
| Total from investment operations | 0.23 | 0.31 | 0.21 | &nbsp;&nbsp; (0.40)<br>| 0.25 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.21)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.13)<br>|
| **Net asset value, end of period** | **$3.06** | &nbsp;&nbsp; **$3.04** | &nbsp;&nbsp; **$2.94** | &nbsp;&nbsp; **$2.92** | &nbsp;&nbsp; **$3.46** |
| **Total return**<sup>2</sup> <br>| **8.02%**<br>| **11.09%**<br>| **7.59%**<br>| &nbsp;&nbsp; **(11.68)%**<br>| **7.48%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.73<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.68<br> %<br>| 0.69<br> %<br>|
| Net expenses | 0.53<br> %<br>| 0.53<br> %<br>| 0.53<br> %<br>| 0.53<br> %<br>| 0.53<br> %<br>|
| Net investment income | 7.07<br> %<br>| 7.06<br> %<br>| 6.53<br> %<br>| 4.50<br> %<br>| 3.66<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 62<br> %<br>| &nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 138<br> %<br>| &nbsp;&nbsp; 49<br> %<br>|
| Net assets, end of period (000s omitted) | $64597 | &nbsp;&nbsp; $98576 | &nbsp;&nbsp; $100281 | &nbsp;&nbsp; $98975 | &nbsp;&nbsp; $120658 |

---

&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.

20 \| Allspring High Yield Bond Fund

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

When-issued transactions

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

Loans

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

Security transactions and income recognition

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

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

Allspring High Yield Bond Fund \| 21

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Notes to financial statements

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of August 31, 2025, the aggregate cost of all investments for federal income tax purposes was $231,831,516 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $8718861 |
| Gross unrealized losses | &nbsp;&nbsp; (3155988)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$5562873** |

---

As of August 31, 2025, the Fund had capital loss carryforwards which consist of $36,013,690 in short-term capital losses and $46,945,257 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.

22 \| Allspring High Yield Bond 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 August 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:** |  |  |  |  |
| **Asset-backed securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $1059473 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $1059473 |
| **Common stocks** |  |  |  |  |
| *Energy* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2722830 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2722830 |
| *Investment Companies* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 51144 | &nbsp;&nbsp;&nbsp; 51144 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 183274953 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 183274953 |
| **Loans** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12244790 | &nbsp;&nbsp;&nbsp; 530038 | &nbsp;&nbsp;&nbsp; 12774828 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 36558742 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 36558742 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 952419 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 952419 |
| **Total assets** | &nbsp;&nbsp; **$952419** | &nbsp;&nbsp;&nbsp; **$235860788** | &nbsp;&nbsp;&nbsp; **$581182** | &nbsp;&nbsp;&nbsp; **$237394389** |

---

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

At August 31, 2025, the Fund had no material transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.550<br> %<br>|
| Next $500 million | 0.525 |
| Next $2 billion | 0.500 |
| Next $2 billion | 0.475 |
| Next $5 billion | 0.440 |
| Over $10 billion | 0.430 |

---

For the year ended August 31, 2025, the management fee was equivalent to an annual rate of 0.55% of the Fund's average daily net assets.

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

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.15<br> %<br>|
| Class C | 0.15 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Allspring High Yield Bond Fund \| 23

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Notes to financial statements

Waivers and/or expense reimbursements

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

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.92<br> %<br>|
| Class C | 1.67 |
| Administrator Class | 0.80 |
| Institutional Class | 0.53 |

---

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 August 31, 2025, Allspring Funds Distributor received $602 from the sale of Class A shares and $375 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 August 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 August 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 August 31, 2025 were $161,338,646 and $198,429,633, 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 August 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 August 31 | Year ended August 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $18356842 | $19783112 |

---

24 \| Allspring High Yield Bond Fund

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Notes to financial statements

As of August 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; $97569 | &nbsp;&nbsp; $5562874 | &nbsp;&nbsp;&nbsp; $(82958947)<br>|

---

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

10. CLASS CONVERSION

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

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

11. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined in *Segment Reporting (Topic 280)*, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. 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 High Yield Bond Fund \| 25

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Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring High Yield Bond Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of August 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 August 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 August 31, 2025, by correspondence with the custodian, transfer agent, agent banks 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.

![](g14606img618972092.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

October 23, 2025

26 \| Allspring High Yield Bond Fund

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Other information (unaudited)

Other information

Tax information

For the fiscal year ended August 31, 2025, $14,549,529 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Proxy voting information

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

Quarterly portfolio holdings information

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

Allspring High Yield Bond Fund \| 27

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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.

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

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

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

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

*Nature, extent, and quality of services*

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

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

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

\*

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

Allspring High Yield Bond Fund \| 29

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Other information (unaudited)

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

*Fund investment performance and expenses*

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

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

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

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

*Investment management and sub-advisory fee rates*

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

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

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.

30 \| Allspring High Yield Bond Fund

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Other information (unaudited)

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

*Economies of scale*

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

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

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

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

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

*Conclusion*

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

Allspring High Yield Bond Fund \| 31

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*This page is intentionally left blank.*

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![](g14606img88865f121.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**

![](g14606imgd85a19023.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.**

**NCSR4323 08-25**

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![](g14606imgf506f60e1.jpg)

Allspring Short Duration Government Bond Fund

Long Form Financial Statements

Annual Report

August 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_b987984f-430a-4bd3-87d2-73a4e7c69766_POI-PageBlank-98_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_b987984f-430a-4bd3-87d2-73a4e7c69766_FS-PageBlank-98_1)** |  |
| [Statement of assets and liabilities](#xx_b987984f-430a-4bd3-87d2-73a4e7c69766_FS-PageBlank-98_1) | 5 |
| [Statement of operations](#xx_b987984f-430a-4bd3-87d2-73a4e7c69766_FS-PageBlank-98_3) | 7 |
| [Statement of changes in net assets](#xx_b987984f-430a-4bd3-87d2-73a4e7c69766_FS-PageBlank-98_4) | 8 |
| [Financial highlights](#xx_b987984f-430a-4bd3-87d2-73a4e7c69766_FIHI-PageBlank-98_1) | 9 |
| **[Notes to financial statements](#xx_b987984f-430a-4bd3-87d2-73a4e7c69766_NTF-PageBlank-98_1)** | 14 |
| **[Report of independent registered public accounting firm](#xx_b987984f-430a-4bd3-87d2-73a4e7c69766_AUD-PageBlank-98_1)** | 20 |
| **[Other information](#xx_b987984f-430a-4bd3-87d2-73a4e7c69766_OI-PageBlank-98_1)** | 21 |
| [Item 8. Changes in and disagreements with accountants](#xx_b987984f-430a-4bd3-87d2-73a4e7c69766_OI-PageBlank-98_2) | 22 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_b987984f-430a-4bd3-87d2-73a4e7c69766_OI-PageBlank-98_2) | 22 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_b987984f-430a-4bd3-87d2-73a4e7c69766_OI-PageBlank-98_2) | 22 |
| [Item 11. Statement regarding basis for board](#xx_b987984f-430a-4bd3-87d2-73a4e7c69766_OI-PageBlank-98_3)['](#xx_b987984f-430a-4bd3-87d2-73a4e7c69766_OI-PageBlank-98_3)[s approval of investment](#xx_b987984f-430a-4bd3-87d2-73a4e7c69766_OI-PageBlank-98_3)<br> [advisory contract](#xx_b987984f-430a-4bd3-87d2-73a4e7c69766_OI-PageBlank-98_3)<br>| 23 |

---

Allspring Short Duration Government Bond Fund \| 1

------

Portfolio of investments—August 31, 2025

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Agency securities: 83.18%** |  |  |  |  |
| FHLMC | 2.50<br> %<br>| &nbsp;&nbsp; 7-1-2033 | $4731161 | &nbsp;&nbsp; $4649267 |
| FHLMC (30 Day Average U.S. SOFR+2.13%)± | 4.26 | &nbsp;&nbsp; 6-1-2052 | 3022644 | &nbsp;&nbsp; 2979784 |
| FHLMC (30 Day Average U.S. SOFR+2.15%)± | 4.83 | &nbsp;&nbsp; 1-1-2055 | 2888047 | &nbsp;&nbsp; 2913658 |
| FHLMC (30 Day Average U.S. SOFR+2.19%)± | 5.11 | &nbsp;&nbsp; 8-1-2055 | 3894103 | &nbsp;&nbsp; 3940330 |
| FHLMC (RFUCCT1Y+1.62%)± | 3.11 | &nbsp;&nbsp; 2-1-2050 | 4432218 | &nbsp;&nbsp; 4453685 |
| FHLMC (RFUCCT1Y+1.63%)± | 3.01 | &nbsp;&nbsp; 11-1-2048 | 9549222 | &nbsp;&nbsp; 9382250 |
| FHLMC (RFUCCT1Y+1.63%)± | 3.15 | &nbsp;&nbsp; 7-1-2050 | 6088175 | &nbsp;&nbsp; 5914505 |
| FHLMC Series 4184 Class FN (30 Day Average U.S. SOFR+0.46%)± | 4.81 | &nbsp;&nbsp; 3-15-2043 | 1690671 | &nbsp;&nbsp; 1664256 |
| FHLMC Series 4272 Class FD (30 Day Average U.S. SOFR+0.46%)± | 4.81 | &nbsp;&nbsp; 11-15-2043 | 3961731 | &nbsp;&nbsp; 3930552 |
| FHLMC Series 4273 Class PF (30 Day Average U.S. SOFR+0.51%)± | 4.86 | &nbsp;&nbsp; 11-15-2043 | 1475594 | &nbsp;&nbsp; 1462715 |
| FHLMC Series 4281 Class FA (30 Day Average U.S. SOFR+0.51%)± | 4.86 | &nbsp;&nbsp; 12-15-2043 | 1514158 | &nbsp;&nbsp; 1500245 |
| FHLMC Series 4303 Class FA (30 Day Average U.S. SOFR+0.46%)± | 4.81 | &nbsp;&nbsp; 2-15-2044 | 2392183 | &nbsp;&nbsp; 2357598 |
| FHLMC Series 5335 Class FB (30 Day Average U.S. SOFR+0.81%)± | 5.16 | &nbsp;&nbsp; 10-15-2039 | 2306018 | &nbsp;&nbsp; 2312655 |
| FHLMC Series 5399 Class FB (30 Day Average U.S. SOFR+0.90%)± | 5.25 | &nbsp;&nbsp; 4-25-2054 | 4889733 | &nbsp;&nbsp; 4879701 |
| FNMA | 2.50 | &nbsp;&nbsp; 3-1-2035 | 10349114 | &nbsp;&nbsp; 9809856 |
| FNMA | 3.50 | &nbsp;&nbsp; 7-1-2043 | 2424813 | &nbsp;&nbsp; 2311965 |
| FNMA | 4.00 | &nbsp;&nbsp; 3-1-2031 | 446652 | &nbsp;&nbsp; 444821 |
| FNMA (1 Year Treasury Constant Maturity+2.06%)± | 4.30 | &nbsp;&nbsp; 3-1-2049 | 1792475 | &nbsp;&nbsp; 1837661 |
| FNMA (30 Day Average U.S. SOFR+2.16%)± | 4.36 | &nbsp;&nbsp; 1-1-2055 | 4644339 | &nbsp;&nbsp; 4653211 |
| FNMA (30 Day Average U.S. SOFR+2.28%)± | 4.87 | &nbsp;&nbsp; 7-1-2054 | 4818062 | &nbsp;&nbsp; 4862633 |
| FNMA (30 Day Average U.S. SOFR+2.33%)± | 5.40 | &nbsp;&nbsp; 8-1-2054 | 5022982 | &nbsp;&nbsp; 5118187 |
| FNMA (RFUCCT1Y+1.61%)± | 3.43 | &nbsp;&nbsp; 7-1-2049 | 14781106 | &nbsp;&nbsp; 14487279 |
| FNMA Series 2008-7 Class FA (30 Day Average U.S. SOFR+0.56%)± | 4.91 | &nbsp;&nbsp; 2-25-2038 | 282115 | &nbsp;&nbsp; 281091 |
| &nbsp;&nbsp; FNMA Series 2010-111 Class KF (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.86 | &nbsp;&nbsp; 10-25-2040 | 3104472 | &nbsp;&nbsp; 3087985 |
| FNMA Series 2011-47 Class GF (30 Day Average U.S. SOFR+0.68%)± | 5.03 | &nbsp;&nbsp; 6-25-2041 | 5314083 | &nbsp;&nbsp; 5303132 |
| FNMA Series 2011-55 Class FH (30 Day Average U.S. SOFR+0.55%)± | 4.90 | &nbsp;&nbsp; 6-25-2041 | 1740692 | &nbsp;&nbsp; 1728455 |
| FNMA Series 2011-58 Class F (30 Day Average U.S. SOFR+0.58%)± | 4.93 | &nbsp;&nbsp; 7-25-2041 | 4067081 | &nbsp;&nbsp; 4043978 |
| FNMA Series 2012-9 Class CF (30 Day Average U.S. SOFR+0.56%)± | 4.91 | &nbsp;&nbsp; 2-25-2042 | 5785538 | &nbsp;&nbsp; 5745764 |
| FNMA Series 2012-98 Class BA | 1.50 | &nbsp;&nbsp; 1-25-2042 | 1526161 | &nbsp;&nbsp; 1471060 |
| FNMA Series 2016-10 Class FA (30 Day Average U.S. SOFR+0.46%)± | 4.81 | &nbsp;&nbsp; 3-25-2046 | 1032475 | &nbsp;&nbsp; 1022182 |
| FNMA Series 2016-61 Class BF (30 Day Average U.S. SOFR+0.51%)± | 4.86 | &nbsp;&nbsp; 9-25-2046 | 1511288 | &nbsp;&nbsp; 1501324 |
| FNMA Series 2016-64 Class BC | 1.75 | &nbsp;&nbsp; 9-25-2046 | 5376696 | &nbsp;&nbsp; 5033808 |
| FNMA Series 2016-69 Class DF (30 Day Average U.S. SOFR+0.51%)± | 4.86 | &nbsp;&nbsp; 10-25-2046 | 808968 | &nbsp;&nbsp; 803045 |
| FNMA Series 2016-81 Class FA (30 Day Average U.S. SOFR+0.46%)± | 4.81 | &nbsp;&nbsp; 11-25-2046 | 1143954 | &nbsp;&nbsp; 1133917 |
| FNMA Series 2016-90 Class FA (30 Day Average U.S. SOFR+0.51%)± | 4.86 | &nbsp;&nbsp; 12-25-2046 | 2658439 | &nbsp;&nbsp; 2637642 |
| FNMA Series 2017-11 Class FA (30 Day Average U.S. SOFR+0.51%)± | 4.86 | &nbsp;&nbsp; 3-25-2047 | 1654424 | &nbsp;&nbsp; 1640945 |
| &nbsp;&nbsp; FNMA Series 2017-113 Class FB (30 Day Average <br> U.S. SOFR+0.36%)±<br>| 4.71 | &nbsp;&nbsp; 1-25-2048 | 1543575 | &nbsp;&nbsp; 1522790 |
| FNMA Series 2017-35 Class MC | 2.63 | &nbsp;&nbsp; 12-25-2044 | 4154164 | &nbsp;&nbsp; 4031479 |
| FNMA Series 2017-82 Class FE (30 Day Average U.S. SOFR+0.36%)± | 4.71 | &nbsp;&nbsp; 10-25-2047 | 4968466 | &nbsp;&nbsp; 4926638 |
| FNMA Series 2017-9 Class EF (30 Day Average U.S. SOFR+0.51%)± | 4.86 | &nbsp;&nbsp; 3-25-2047 | 1837919 | &nbsp;&nbsp; 1822760 |
| FNMA Series 2018-1 Class FA (30 Day Average U.S. SOFR+0.36%)± | 4.71 | &nbsp;&nbsp; 2-25-2048 | 1888575 | &nbsp;&nbsp; 1865235 |
| FNMA Series 2018-1 Class FB (30 Day Average U.S. SOFR+0.36%)± | 4.71 | &nbsp;&nbsp; 2-25-2048 | 5837094 | &nbsp;&nbsp; 5767178 |
| FNMA Series 2018-38 Class FA (30 Day Average U.S. SOFR+0.41%)± | 4.76 | &nbsp;&nbsp; 6-25-2048 | 1384040 | &nbsp;&nbsp; 1334991 |
| FNMA Series 2023-38 Class FC (30 Day Average U.S. SOFR+0.66%)± | 5.01 | &nbsp;&nbsp; 6-25-2040 | 1634862 | &nbsp;&nbsp; 1629826 |
| FNMA Series 2023-38 Class FD (30 Day Average U.S. SOFR+0.86%)± | 5.21 | &nbsp;&nbsp; 10-25-2039 | 3219689 | &nbsp;&nbsp; 3201221 |
| GNMA Series 2014-100 Class LP | 2.50 | &nbsp;&nbsp; 10-16-2043 | 1801448 | &nbsp;&nbsp; 1735330 |

---

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

2 \| Allspring Short Duration Government Bond Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| GNMA Series 2014-76 Class BP | 2.25<br> %<br>| &nbsp;&nbsp; 1-20-2040 | $3353309 | &nbsp;&nbsp; $3191921 |
| GNMA Series 2016-167 Class AC | 2.25 | &nbsp;&nbsp; 3-20-2039 | 1677108 | &nbsp;&nbsp; 1560321 |
| GNMA Series 2022-189 Class DC | 2.50 | &nbsp;&nbsp; 10-20-2051 | 8433753 | &nbsp;&nbsp; 8204552 |
| **Total agency securities (Cost $172,381,813)** |  |  |  | &nbsp;&nbsp; **172095384** |
| **Asset-backed securities: 5.51%** |  |  |  |  |
| American Express Credit Account Master Trust Series 2025-4 Class A | 4.30 | &nbsp;&nbsp; 7-15-2030 | 1000000 | &nbsp;&nbsp; 1012127 |
| CarMax Auto Owner Trust Series 2025-2 Class A3 | 4.48 | &nbsp;&nbsp; 3-15-2030 | 1000000 | &nbsp;&nbsp; 1009923 |
| &nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust A Series 2024-3 <br> Class A1144A<br>| 4.30 | &nbsp;&nbsp; 9-15-2029 | 1328000 | &nbsp;&nbsp; 1333763 |
| GMF Floorplan Owner Revolving Trust Series 2024-4A Class A1144A | 4.73 | &nbsp;&nbsp; 11-15-2029 | 1006000 | &nbsp;&nbsp; 1019766 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2020-GA <br> Class A144A<br>| 1.17 | &nbsp;&nbsp; 9-16-2069 | 652311 | &nbsp;&nbsp; 611727 |
| &nbsp;&nbsp; Nelnet Student Loan Trust Series 2004-4 Class A5 (90 Day Average <br> U.S. SOFR+0.42%)±<br>| 4.76 | &nbsp;&nbsp; 1-25-2037 | 479087 | &nbsp;&nbsp; 477780 |
| Santander Drive Auto Receivables Trust Series 2025-2 Class A3 | 4.67 | &nbsp;&nbsp; 8-15-2029 | 1000000 | &nbsp;&nbsp; 1006617 |
| SBNA Auto Receivables Trust Series 2024-A Class A3144A | 5.32 | &nbsp;&nbsp; 12-15-2028 | 739869 | &nbsp;&nbsp; 742814 |
| &nbsp;&nbsp; SFS Auto Receivables Securitization Trust Series 2024-1A <br> Class A4144A<br>| 4.94 | &nbsp;&nbsp; 1-21-2031 | 1055000 | &nbsp;&nbsp; 1072284 |
| T-Mobile U.S. Trust Series 2025-1A Class A144A | 4.74 | &nbsp;&nbsp; 11-20-2029 | 1036000 | &nbsp;&nbsp; 1048633 |
| USB Auto Owner Trust Series 2025-1A Class A4144A | 4.62 | &nbsp;&nbsp; 12-16-2030 | 1000000 | &nbsp;&nbsp; 1018962 |
| &nbsp;&nbsp; World Financial Network Credit Card Master Trust Series 2024-A <br> Class A<br>| 5.47 | &nbsp;&nbsp; 2-15-2031 | 1026000 | &nbsp;&nbsp; 1048195 |
| **Total asset-backed securities (Cost $11,320,906)** |  |  |  | &nbsp;&nbsp; **11402591** |
| **Non-agency mortgage-backed securities: 1.23%** |  |  |  |  |
| Angel Oak Mortgage Trust Series 2020-5 Class A1144A±± | 1.37 | &nbsp;&nbsp; 5-25-2065 | 268835 | &nbsp;&nbsp; 257521 |
| Bunker Hill Loan Depositary Trust Series 2019-2 Class A1144A±± | 2.88 | &nbsp;&nbsp; 7-25-2049 | 194875 | &nbsp;&nbsp; 190648 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust Series 2021-VOLT Class A (U.S. SOFR <br> 1 Month+0.81%)144A±<br>| 5.18 | &nbsp;&nbsp; 9-15-2036 | 1442585 | &nbsp;&nbsp; 1440410 |
| Verus Securitization Trust Series 2021-3 Class A1144A±± | 1.05 | &nbsp;&nbsp; 6-25-2066 | 740997 | &nbsp;&nbsp; 654057 |
| **Total non-agency mortgage-backed securities (Cost $2,647,294)** |  |  |  | &nbsp;&nbsp; **2542636** |
| **U.S. Treasury securities: 8.10%** |  |  |  |  |
| U.S. Treasury Notes | 3.63 | &nbsp;&nbsp; 8-15-2028 | 13649000 | &nbsp;&nbsp; 13667127 |
| U.S. Treasury Notes | 3.88 | &nbsp;&nbsp; 7-31-2027 | 3076000 | &nbsp;&nbsp; 3088737 |
| **Total U.S. Treasury securities (Cost $16,729,512)** |  |  |  | &nbsp;&nbsp; **16755864** |

---

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

Allspring Short Duration Government Bond Fund \| 3

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Portfolio of investments—August 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 2.82%** |  |  |  |  |
| **Investment companies: 2.82%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.23<br> %<br>| 5841843 | &nbsp;&nbsp; **$5841843** |
| **Total short-term investments (Cost $5,841,843)** |  |  |  | &nbsp;&nbsp; **5841843** |
| **Total investments in securities (Cost $208,921,368)** | 100.84<br> %<br>|  |  | &nbsp;&nbsp; 208638318 |
| Other assets and liabilities, net | (0.84)<br>|  |  | &nbsp;&nbsp; (1737462)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$206900856** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| RFUCCT1Y | Refinitiv USD IBOR Consumer Cash Fallbacks Term 1-year |
| SOFR | Secured Overnight Financing Rate |

---

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $8081778 | $178408688 | $(180648623)<br>| $0 | $0 | $5841843 | 5841843 | $239906 |

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| 2-Year U.S. Treasury Notes | &nbsp;&nbsp; 389 | &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; $81097872 | &nbsp;&nbsp; $81121695 | &nbsp;&nbsp; $23823 | &nbsp;&nbsp; $0 |
| **Short** |  |  |  |  |  |  |
| Ultra 10-Year U.S. Treasury Notes | &nbsp;&nbsp; (45)<br>| &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; (5148626)<br>| &nbsp;&nbsp; (5148281)<br>| &nbsp;&nbsp; 345 | &nbsp;&nbsp; 0 |
| 5-Year U.S. Treasury Notes | &nbsp;&nbsp; (102)<br>| &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; (11163143)<br>| &nbsp;&nbsp; (11165813)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (2670)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$24168** | &nbsp;&nbsp; **$(2670)**<br>|

---

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

4 \| Allspring Short Duration Government Bond Fund

------

Statement of assets and liabilities—August 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $203,079,525) | $202796475 |
| Investments in affiliated securities, at value (cost $5,841,843) | 5841843 |
| Cash | 3 |
| Cash at broker segregated for futures contracts | 1174000 |
| Receivable for interest | 551895 |
| Principal paydown receivable | 548277 |
| Receivable for Fund shares sold | 129208 |
| Receivable for daily variation margin on open futures contracts | 20688 |
| Prepaid expenses and other assets | 71767 |
| **Total assets** | **211134156** |
| Liabilities |  |
| Payable for investments purchased | 3711186 |
| Payable for Fund shares redeemed | 332196 |
| Dividends payable | 94013 |
| Management fee payable | 40932 |
| Administration fees payable | 14237 |
| Shareholder servicing fees payable | 8539 |
| Trustees' fees and expenses payable | 2919 |
| Distribution fee payable | 688 |
| Accrued expenses and other liabilities | 28590 |
| **Total liabilities** | **4233300** |
| **Total net assets**  | **$206900856** |
| Net assets consist of |  |
| Paid-in capital | $335887860 |
| Total distributable loss | (128987004)<br>|
| **Total net assets** | **$206900856** |

---

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

Allspring Short Duration Government Bond Fund \| 5

------

Statement of assets and liabilities—August 31, 2025

Statement of assets and liabilities

---

| | |
|:---|:---|
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $20504459 |
| Shares outstanding–Class A<sup>1</sup> <br>| 2285018 |
| Net asset value per share–Class A | $8.97 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $9.15 |
| Net assets–Class C | $1048978 |
| Shares outstanding–Class C<sup>1</sup> <br>| 116730 |
| Net asset value per share–Class C | $8.99 |
| Net assets–Class R6 | $42357007 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 4704240 |
| Net asset value per share–Class R6 | $9.00 |
| Net assets–Administrator Class | $17470591 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 1943180 |
| Net asset value per share–Administrator Class | $8.99 |
| Net assets–Institutional Class | $125519821 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 13970698 |
| Net asset value per share–Institutional Class | $8.98 |

---

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

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

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

6 \| Allspring Short Duration Government Bond Fund

------

Statement of operations—year ended August 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $9306734 |
| Income from affiliated securities | 239906 |
| **Total investment income** | **9546640** |
| Expenses |  |
| Management fee | 677959 |
| Administration fees |  |
| Class A | 31256 |
| Class C | 1518 |
| Class R6 | 11494 |
| Administrator Class | 17510 |
| Institutional Class | 92824 |
| Shareholder servicing fees |  |
| Class A | 52094 |
| Class C | 2528 |
| Administrator Class | 43491 |
| Distribution fee |  |
| Class C | 7583 |
| Custody and accounting fees | 8747 |
| Professional fees | 50605 |
| Registration fees | 116321 |
| Shareholder report expenses | 34640 |
| Trustees' fees and expenses | 8343 |
| Other fees and expenses | 20462 |
| **Total expenses** | **1177375** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (194402)<br>|
| Class A | (1515)<br>|
| Class R6 | (11494)<br>|
| Administrator Class | (22905)<br>|
| Institutional Class | (36030)<br>|
| **Net expenses** | **911029** |
| **Net investment income** | **8635611** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized losses on |  |
| Unaffiliated securities | (108495)<br>|
| Futures contracts | (265308)<br>|
| **Net realized losses on investments**  | **(373803)**<br>|
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 1017695 |
| Futures contracts | 21021 |
| **Net change in unrealized gains (losses) on investments** | **1038716** |
| **Net realized and unrealized gains (losses) on investments** | **664913** |
| **Net increase in net assets resulting from operations** | **$9300524** |

---

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

Allspring Short Duration Government Bond Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> August 31, 2025 | Year ended<br> August 31, 2025 | Year ended<br> August 31, 2024 | Year ended<br> August 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $8635611 |  | &nbsp;&nbsp; $9000404 |
| Net realized losses on investments |  | &nbsp;&nbsp; (373803)<br>|  | &nbsp;&nbsp; (503208)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 1038716 |  | &nbsp;&nbsp; 4854613 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **9300524** |  | &nbsp;&nbsp; **13351809** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (875452)<br>|  | &nbsp;&nbsp; (1020743)<br>|
| Class C |  | &nbsp;&nbsp; (34841)<br>|  | &nbsp;&nbsp; (44738)<br>|
| Class R6 |  | &nbsp;&nbsp; (1756578)<br>|  | &nbsp;&nbsp; (1608568)<br>|
| Administrator Class |  | &nbsp;&nbsp; (766004)<br>|  | &nbsp;&nbsp; (829934)<br>|
| Institutional Class |  | &nbsp;&nbsp; (5266243)<br>|  | &nbsp;&nbsp; (6084825)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(8699118)**<br>|  | &nbsp;&nbsp; **(9588808)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 198522 | &nbsp;&nbsp; 1771565 | &nbsp;&nbsp; 261142 | &nbsp;&nbsp; 2303848 |
| Class C | 28238 | &nbsp;&nbsp; 252849 | &nbsp;&nbsp; 5147 | &nbsp;&nbsp; 45487 |
| Class R6 | 1659450 | &nbsp;&nbsp; 14888706 | &nbsp;&nbsp; 337857 | &nbsp;&nbsp; 3008147 |
| Administrator Class | 8655 | &nbsp;&nbsp; 77492 | &nbsp;&nbsp; 19931 | &nbsp;&nbsp; 176330 |
| Institutional Class | 6490932 | &nbsp;&nbsp; 57953270 | &nbsp;&nbsp; 3383619 | &nbsp;&nbsp; 30011790 |
|  |  | &nbsp;&nbsp; 74943882 |  | &nbsp;&nbsp; 35545602 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 92944 | &nbsp;&nbsp; 830985 | &nbsp;&nbsp; 110384 | &nbsp;&nbsp; 975888 |
| Class C | 3874 | &nbsp;&nbsp; 34572 | &nbsp;&nbsp; 5062 | &nbsp;&nbsp; 44738 |
| Class R6 | 189518 | &nbsp;&nbsp; 1700188 | &nbsp;&nbsp; 158965 | &nbsp;&nbsp; 1410127 |
| Administrator Class | 84835 | &nbsp;&nbsp; 760035 | &nbsp;&nbsp; 93268 | &nbsp;&nbsp; 826113 |
| Institutional Class | 489365 | &nbsp;&nbsp; 4380168 | &nbsp;&nbsp; 538647 | &nbsp;&nbsp; 4768526 |
|  |  | &nbsp;&nbsp; 7705948 |  | &nbsp;&nbsp; 8025392 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (425917)<br>| &nbsp;&nbsp; (3803167)<br>| &nbsp;&nbsp; (601660)<br>| &nbsp;&nbsp; (5332995)<br>|
| Class C | (30467)<br>| &nbsp;&nbsp; (272162)<br>| &nbsp;&nbsp; (61491)<br>| &nbsp;&nbsp; (543013)<br>|
| Class R6 | (831218)<br>| &nbsp;&nbsp; (7449041)<br>| &nbsp;&nbsp; (914635)<br>| &nbsp;&nbsp; (8103128)<br>|
| Administrator Class | (127768)<br>| &nbsp;&nbsp; (1144384)<br>| &nbsp;&nbsp; (253920)<br>| &nbsp;&nbsp; (2243776)<br>|
| Institutional Class | (4958542)<br>| &nbsp;&nbsp; (44377024)<br>| &nbsp;&nbsp; (7604549)<br>| &nbsp;&nbsp; (67339672)<br>|
|  |  | &nbsp;&nbsp; (57045778)<br>|  | &nbsp;&nbsp; (83562584)<br>|
| **Net increase (decrease) in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **25604052** |  | &nbsp;&nbsp; **(39991590)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **26205458** |  | &nbsp;&nbsp; **(36228589)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **180695398** |  | &nbsp;&nbsp; **216923987** |
| **End of period** |  | &nbsp;&nbsp; **$206900856** |  | &nbsp;&nbsp; **$180695398** |

---

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

8 \| Allspring Short Duration Government Bond Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.95** | &nbsp;&nbsp; **$8.78** | &nbsp;&nbsp; **$9.04** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$9.85** |
| Net investment income | 0.37 <br><sup>1</sup><br>| 0.37 <br><sup>1</sup><br>| 0.22 <br><sup>1</sup><br>| 0.04 <br><sup>1</sup><br>| 0.00 <br><sup>12</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.02 | 0.20 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total from investment operations | 0.39 | 0.57 | 0.00 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.04)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.37)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.10)<br>|
| **Net asset value, end of period** | **$8.97** | &nbsp;&nbsp; **$8.95** | &nbsp;&nbsp; **$8.78** | &nbsp;&nbsp; **$9.04** | &nbsp;&nbsp; **$9.71** |
| **Total return**<sup>3</sup> <br>| **4.49%**<br>| **6.57%**<br>| **0.02%**<br>| &nbsp;&nbsp; **(5.65)%**<br>| &nbsp;&nbsp; **(0.45)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.87<br> %<br>| 0.86<br> %<br>| 0.83<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>|
| Net expenses | 0.76<br> %<br>| 0.77<br> %<br>| 0.78<br> %<br>| 0.78<br> %<br>| 0.78<br> %<br>|
| Net investment income | 4.17<br> %<br>| 4.17<br> %<br>| 2.53<br> %<br>| 0.38<br> %<br>| 0.01<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 187<br> %<br>| &nbsp;&nbsp; 200<br> %<br>| &nbsp;&nbsp; 350<br> %<br>| &nbsp;&nbsp; 367<br> %<br>| &nbsp;&nbsp; 294<br> %<br>|
| Net assets, end of period (000s omitted) | $20504 | &nbsp;&nbsp; $21664 | &nbsp;&nbsp; $23260 | &nbsp;&nbsp; $30817 | &nbsp;&nbsp; $67959 |

---

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

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

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

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

Allspring Short Duration Government Bond Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.97** | &nbsp;&nbsp; **$8.79** | &nbsp;&nbsp; **$9.06** | &nbsp;&nbsp; **$9.72** | &nbsp;&nbsp; **$9.87** |
| Net investment income (loss) | 0.30 <br><sup>1</sup><br>| 0.30 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.03 )<sup>1</sup><br>| &nbsp;&nbsp; (0.07 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.02 | 0.21 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.06)<br>|
| Total from investment operations | 0.32 | 0.51 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.13)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.30)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>|
| **Net asset value, end of period** | **$8.99** | &nbsp;&nbsp; **$8.97** | &nbsp;&nbsp; **$8.79** | &nbsp;&nbsp; **$9.06** | &nbsp;&nbsp; **$9.72** |
| **Total return**<sup>2</sup> <br>| **3.70%**<br>| **5.89%**<br>| &nbsp;&nbsp; **(0.84)%**<br>| &nbsp;&nbsp; **(6.26)%**<br>| &nbsp;&nbsp; **(1.29)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.62<br> %<br>| 1.61<br> %<br>| 1.57<br> %<br>| 1.53<br> %<br>| 1.54<br> %<br>|
| Net expenses | 1.52<br> %<br>| 1.52<br> %<br>| 1.53<br> %<br>| 1.52<br> %<br>| 1.53<br> %<br>|
| Net investment income (loss) | 3.41<br> %<br>| 3.39<br> %<br>| 1.75<br> %<br>| &nbsp;&nbsp; (0.34)%<br>| &nbsp;&nbsp; (0.69)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 187<br> %<br>| &nbsp;&nbsp; 200<br> %<br>| &nbsp;&nbsp; 350<br> %<br>| &nbsp;&nbsp; 367<br> %<br>| &nbsp;&nbsp; 294<br> %<br>|
| Net assets, end of period (000s omitted) | $1049 | &nbsp;&nbsp; $1032 | &nbsp;&nbsp; $1463 | &nbsp;&nbsp; $2602 | &nbsp;&nbsp; $4963 |

---

&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 Short Duration Government Bond Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Class R6 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.98** | &nbsp;&nbsp; **$8.81** | &nbsp;&nbsp; **$9.07** | &nbsp;&nbsp; **$9.74** | &nbsp;&nbsp; **$9.89** |
| Net investment income | 0.41 <br><sup>1</sup><br>| 0.40 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.09 | 0.04 |
| Net realized and unrealized gains (losses) on investments | 0.02 | 0.20 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.05)<br>|
| Total from investment operations | 0.43 | 0.60 | 0.04 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.01)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.41)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Net asset value, end of period** | **$9.00** | &nbsp;&nbsp; **$8.98** | &nbsp;&nbsp; **$8.81** | &nbsp;&nbsp; **$9.07** | &nbsp;&nbsp; **$9.74** |
| **Total return**<sup>2</sup> <br>| **4.89%**<br>| **6.99%**<br>| **0.43%**<br>| &nbsp;&nbsp; **(5.24)%**<br>| &nbsp;&nbsp; **(0.13)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.50<br> %<br>| 0.49<br> %<br>| 0.45<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>|
| Net expenses | 0.37<br> %<br>| 0.37<br> %<br>| 0.37<br> %<br>| 0.37<br> %<br>| 0.37<br> %<br>|
| Net investment income | 4.55<br> %<br>| 4.56<br> %<br>| 2.95<br> %<br>| 0.93<br> %<br>| 0.42<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 187<br> %<br>| &nbsp;&nbsp; 200<br> %<br>| &nbsp;&nbsp; 350<br> %<br>| &nbsp;&nbsp; 367<br> %<br>| &nbsp;&nbsp; 294<br> %<br>|
| Net assets, end of period (000s omitted) | $42357 | &nbsp;&nbsp; $33122 | &nbsp;&nbsp; $36155 | &nbsp;&nbsp; $43142 | &nbsp;&nbsp; $47471 |

---

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

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

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

Allspring Short Duration Government Bond Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.97** | &nbsp;&nbsp; **$8.80** | &nbsp;&nbsp; **$9.06** | &nbsp;&nbsp; **$9.73** | &nbsp;&nbsp; **$9.87** |
| Net investment income | 0.39 <br><sup>1</sup><br>| 0.38 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.06 | 0.02 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.02 | 0.20 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.05)<br>|
| Total from investment operations | 0.41 | 0.58 | 0.02 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.03)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.39)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.11)<br>|
| **Net asset value, end of period** | **$8.99** | &nbsp;&nbsp; **$8.97** | &nbsp;&nbsp; **$8.80** | &nbsp;&nbsp; **$9.06** | &nbsp;&nbsp; **$9.73** |
| **Total return**<sup>2</sup> <br>| **4.67%**<br>| **6.75%**<br>| **0.20%**<br>| &nbsp;&nbsp; **(5.47)%**<br>| &nbsp;&nbsp; **(0.26)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.82<br> %<br>| 0.81<br> %<br>| 0.76<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>|
| Net expenses | 0.59<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income | 4.34<br> %<br>| 4.33<br> %<br>| 2.67<br> %<br>| 0.68<br> %<br>| 0.20<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 187<br> %<br>| &nbsp;&nbsp; 200<br> %<br>| &nbsp;&nbsp; 350<br> %<br>| &nbsp;&nbsp; 367<br> %<br>| &nbsp;&nbsp; 294<br> %<br>|
| Net assets, end of period (000s omitted) | $17471 | &nbsp;&nbsp; $17741 | &nbsp;&nbsp; $18632 | &nbsp;&nbsp; $27229 | &nbsp;&nbsp; $32375 |

---

&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 Short Duration Government Bond Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.97** | &nbsp;&nbsp; **$8.79** | &nbsp;&nbsp; **$9.06** | &nbsp;&nbsp; **$9.72** | &nbsp;&nbsp; **$9.87** |
| Net investment income | 0.40 <br><sup>1</sup><br>| 0.40 <br><sup>1</sup><br>| 0.25 <br><sup>1</sup><br>| 0.07 <br><sup>1</sup><br>| 0.04 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.01 | 0.21 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.06)<br>|
| Total from investment operations | 0.41 | 0.61 | 0.02 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.02)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.40)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.13)<br>|
| **Net asset value, end of period** | **$8.98** | &nbsp;&nbsp; **$8.97** | &nbsp;&nbsp; **$8.79** | &nbsp;&nbsp; **$9.06** | &nbsp;&nbsp; **$9.72** |
| **Total return**<sup>2</sup> <br>| **4.73%**<br>| **7.06%**<br>| **0.27%**<br>| &nbsp;&nbsp; **(5.20)%**<br>| &nbsp;&nbsp; **(0.19)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.55<br> %<br>| 0.54<br> %<br>| 0.49<br> %<br>| 0.46<br> %<br>| 0.46<br> %<br>|
| Net expenses | 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>|
| Net investment income | 4.51<br> %<br>| 4.51<br> %<br>| 2.81<br> %<br>| 0.79<br> %<br>| 0.37<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 187<br> %<br>| &nbsp;&nbsp; 200<br> %<br>| &nbsp;&nbsp; 350<br> %<br>| &nbsp;&nbsp; 367<br> %<br>| &nbsp;&nbsp; 294<br> %<br>|
| Net assets, end of period (000s omitted) | $125520 | &nbsp;&nbsp; $107137 | &nbsp;&nbsp; $137415 | &nbsp;&nbsp; $334060 | &nbsp;&nbsp; $570276 |

---

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

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

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

Allspring Short Duration Government Bond 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 Short Duration Government Bond Fund (the "Fund") which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

When-issued transactions

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

Futures contracts

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

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

Mortgage dollar roll transactions

The Fund may engage in mortgage dollar roll transactions through To Be Announced (TBA) mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, the Fund sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are

14 \| Allspring Short Duration Government Bond Fund

------

Notes to financial statements

repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, the Fund foregoes principal and interest paid on the securities. The Fund is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Fund accounts for TBA dollar roll transactions as purchases and sales which, as a result, may increase its portfolio turnover rate.

Security transactions and income recognition

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

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

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

Distributions to shareholders

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

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable 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 August 31, 2025, the aggregate cost of all investments for federal income tax purposes was $208,968,928 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $868316 |
| Gross unrealized losses | &nbsp;&nbsp; (1177428)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(309112)**<br>|

---

As of August 31, 2025, the Fund had capital loss carryforwards which consist of $59,364,990 in short-term capital losses and $69,332,685 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Allspring Short Duration Government Bond Fund \| 15

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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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Agency securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $172095384 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $172095384 |
| **Asset-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 11402591 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 11402591 |
| **Non-agency mortgage-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2542636 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2542636 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 16755864 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 16755864 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 5841843 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5841843 |
|  | &nbsp;&nbsp; 22597707 | &nbsp;&nbsp;&nbsp; 186040611 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 208638318 |
| **Futures contracts** | &nbsp;&nbsp; 24168 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 24168 |
| **Total assets** | &nbsp;&nbsp; **$22621875** | &nbsp;&nbsp;&nbsp; **$186040611** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$208662486** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Futures contracts** | &nbsp;&nbsp; $2670 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $2670 |
| **Total liabilities** | &nbsp;&nbsp; **$2670** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$2670** |

---

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

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

At August 31, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $1 billion | 0.350<br> %<br>|
| Next $4 billion | 0.325 |
| Next $3 billion | 0.290 |
| Next $2 billion | 0.265 |
| Over $10 billion | 0.255 |

---

For the year ended August 31, 2025, the management fee was equivalent to an annual rate of 0.35% of the Fund's average daily net assets.

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

Administration fees

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

16 \| Allspring Short Duration Government Bond 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 | 0.15<br> %<br>|
| Class C | 0.15 |
| Class R6 | 0.03 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

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

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.77<br> %<br>|
| Class C | 1.52 |
| Class R6 | 0.37 |
| Administrator Class | 0.60 |
| Institutional Class | 0.42 |

---

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 August 31, 2025, Allspring Funds Distributor received $124 from the sale of Class A shares and $400 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 August 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 August 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended August 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $394546687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11352043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $345558874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10874704 |

---

Allspring Short Duration Government Bond Fund \| 17

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Notes to financial statements

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

6. DERIVATIVE TRANSACTIONS

During the year ended August 31, 2025, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio. The Fund had an average notional amount of $79,696,037 in long futures contracts and $18,178,128 in short futures contracts during the year ended August 31, 2025.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

7. BANK BORROWINGS

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

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

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $8699118 | $9588808 |

---

As of August 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>losses<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $113790 | &nbsp;&nbsp; $(309112)<br>| &nbsp;&nbsp;&nbsp; $(128697675)<br>|

---

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

11. CLASS CONVERSION

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

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

12. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined in *Segment Reporting (Topic 280)*, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance,

18 \| Allspring Short Duration Government Bond Fund

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Notes to financial statements

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 Short Duration Government Bond 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 Short Duration Government Bond Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of August 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 August 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 August 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.

![](g14606imgb56378ee2.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

October 23, 2025

20 \| Allspring Short Duration Government Bond Fund

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Other information (unaudited)

Other information

Tax information

For the fiscal year ended August 31, 2025, $7,917,649 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 August 31, 2025, 11% of the ordinary income distributed was derived from interest on U.S. government securities.

For corporate shareholders, pursuant to Section 163(j) of the Internal Revenue Code, 89% of ordinary income dividends qualify as interest dividends for the fiscal year ended August 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 Short Duration Government Bond 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 Short Duration Government Bond 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 Short Duration Government Bond Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

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

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

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

*Nature, extent, and quality of services*

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

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

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

\*

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

Allspring Short Duration Government Bond 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 (Administrator Class) was higher than the average investment performance of the Universe for the one- and ten-year periods under review, and in range of the average investment performance of the Universe for the three- and five-year periods under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Bloomberg U.S. 1-3 Year Government Bond Index, for the one-year period under review, and lower than the investment performance of its benchmark index for all other periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the 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. It was noted that the Board had previously approved certain investment strategy changes for the Fund and that those changes had become effective on or about May 1, 2023.

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

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

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

*Investment management and sub-advisory fee rates*

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

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

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

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received 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.

24 \| Allspring Short Duration Government Bond 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 Short Duration Government Bond Fund \| 25

------

![](g14606imgf506f60e1.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**

![](g14606imgd25804133.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.**

**NCSR0932 08-25**

------

![](g14606img7c97c5c81.jpg)

Allspring Short-Term Bond Plus Fund

Long Form Financial Statements

Annual Report

August 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_b06bd615-ec32-48b9-90c2-ac5674167678_POI-PageBlank-99_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_b06bd615-ec32-48b9-90c2-ac5674167678_FS-PageBlank-99_1)** |  |
| [Statement of assets and liabilities](#xx_b06bd615-ec32-48b9-90c2-ac5674167678_FS-PageBlank-99_1) | 18 |
| [Statement of operations](#xx_b06bd615-ec32-48b9-90c2-ac5674167678_FS-PageBlank-99_3) | 20 |
| [Statement of changes in net assets](#xx_b06bd615-ec32-48b9-90c2-ac5674167678_FS-PageBlank-99_5) | 22 |
| [Financial highlights](#xx_b06bd615-ec32-48b9-90c2-ac5674167678_FIHI-PageBlank-99_1) | 23 |
| **[Notes to financial statements](#xx_b06bd615-ec32-48b9-90c2-ac5674167678_NTF-PageBlank-99_1)** | 27 |
| **[Report of independent registered public accounting firm](#xx_b06bd615-ec32-48b9-90c2-ac5674167678_AUD-PageBlank-99_1)** | 35 |
| **[Other information](#xx_b06bd615-ec32-48b9-90c2-ac5674167678_OI-PageBlank-99_1)** | 36 |
| [Item 8. Changes in and disagreements with accountants](#xx_b06bd615-ec32-48b9-90c2-ac5674167678_OI-PageBlank-99_2) | 37 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_b06bd615-ec32-48b9-90c2-ac5674167678_OI-PageBlank-99_2) | 37 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_b06bd615-ec32-48b9-90c2-ac5674167678_OI-PageBlank-99_2) | 37 |
| [Item 11. Statement regarding basis for board](#xx_b06bd615-ec32-48b9-90c2-ac5674167678_OI-PageBlank-99_3)['](#xx_b06bd615-ec32-48b9-90c2-ac5674167678_OI-PageBlank-99_3)[s approval of investment](#xx_b06bd615-ec32-48b9-90c2-ac5674167678_OI-PageBlank-99_3)<br> [advisory contract](#xx_b06bd615-ec32-48b9-90c2-ac5674167678_OI-PageBlank-99_3)<br>| 38 |

---

Allspring Short-Term Bond Plus Fund \| 1

------

Portfolio of investments—August 31, 2025

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Agency securities: 13.20%** |  |  |  |  |
| FHLMC | 6.50<br> %<br>| &nbsp;&nbsp; 7-1-2055 | $5607939 | &nbsp;&nbsp; $5810967 |
| FHLMC | 6.50 | &nbsp;&nbsp; 9-1-2055 | 1890000 | &nbsp;&nbsp; 1958981 |
| &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates <br> Series Q004 Class AFL (12 Month Treasury <br> Average+0.74%)±<br>| 4.89 | &nbsp;&nbsp; 5-25-2044 | 153995 | &nbsp;&nbsp; 154005 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-42 <br> Class A6<br>| 9.50 | &nbsp;&nbsp; 2-25-2042 | 163080 | &nbsp;&nbsp; 188296 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-57 <br> Class 2A1±±<br>| 4.81 | &nbsp;&nbsp; 7-25-2043 | 38581 | &nbsp;&nbsp; 37418 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-59 <br> Class 2A1±±<br>| 4.21 | &nbsp;&nbsp; 10-25-2043 | 382395 | &nbsp;&nbsp; 322163 |
| FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 6.50 | &nbsp;&nbsp; 4-1-2032 | 8695 | &nbsp;&nbsp; 8869 |
| FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 6.52 | &nbsp;&nbsp; 4-1-2038 | 50707 | &nbsp;&nbsp; 52184 |
| FHLMC Series 2597 Class AE | 5.50 | &nbsp;&nbsp; 4-15-2033 | 2470 | &nbsp;&nbsp; 2481 |
| FHLMC Series 3735 Class KL | 3.50 | &nbsp;&nbsp; 10-15-2025 | 1123 | &nbsp;&nbsp; 1121 |
| FNMA | 5.00 | &nbsp;&nbsp; 10-1-2039 | 5048494 | &nbsp;&nbsp; 5100928 |
| FNMA | 6.00 | &nbsp;&nbsp; 3-1-2033 | 22246 | &nbsp;&nbsp; 22730 |
| FNMA | 6.00 | &nbsp;&nbsp; 5-1-2055 | 15354311 | &nbsp;&nbsp; 15688941 |
| FNMA | 6.50 | &nbsp;&nbsp; 8-1-2031 | 63829 | &nbsp;&nbsp; 66130 |
| FNMA | 6.50 | &nbsp;&nbsp; 11-1-2054 | 6543544 | &nbsp;&nbsp; 6780434 |
| FNMA | 6.50 | &nbsp;&nbsp; 9-1-2055 | 1890000 | &nbsp;&nbsp; 1958427 |
| FNMA (1 Year Treasury Constant Maturity+1.27%)± | 5.52 | &nbsp;&nbsp; 8-1-2034 | 19580 | &nbsp;&nbsp; 19531 |
| FNMA (1 Year Treasury Constant Maturity+2.22%)± | 6.72 | &nbsp;&nbsp; 11-1-2031 | 10889 | &nbsp;&nbsp; 11046 |
| FNMA (1 Year Treasury Constant Maturity+2.29%)± | 6.68 | &nbsp;&nbsp; 8-1-2036 | 222809 | &nbsp;&nbsp; 230370 |
| FNMA (RFUCCT1Y+1.77%)± | 6.79 | &nbsp;&nbsp; 7-1-2044 | 155664 | &nbsp;&nbsp; 160143 |
| FNMA Series 2002-T1 Class A4 | 9.50 | &nbsp;&nbsp; 11-25-2031 | 8515 | &nbsp;&nbsp; 9383 |
| FNMA Series 2002-T12 Class A4 | 9.50 | &nbsp;&nbsp; 5-25-2042 | 250848 | &nbsp;&nbsp; 261312 |
| FNMA Series 2003-W11 Class A1±± | 7.43 | &nbsp;&nbsp; 6-25-2033 | 3083 | &nbsp;&nbsp; 3124 |
| FNMA Series 2003-W6 Class 6A±± | 4.77 | &nbsp;&nbsp; 8-25-2042 | 146579 | &nbsp;&nbsp; 144199 |
| FNMA Series 2003-W6 Class PT4±± | 8.19 | &nbsp;&nbsp; 10-25-2042 | 23104 | &nbsp;&nbsp; 24896 |
| FNMA Series 2005-84 Class MB | 5.75 | &nbsp;&nbsp; 10-25-2035 | 38526 | &nbsp;&nbsp; 39605 |
| &nbsp;&nbsp; FNMA Series 2006-W1 Class 2AF2 (30 Day Average <br> U.S. SOFR+0.30%)±<br>| 4.65 | &nbsp;&nbsp; 2-25-2046 | 614578 | &nbsp;&nbsp; 608689 |
| FNMA Series 2011-48 Class CN±± | 4.00 | &nbsp;&nbsp; 6-25-2026 | 11538 | &nbsp;&nbsp; 11487 |
| GNMA | 5.00 | &nbsp;&nbsp; 11-20-2054 | 6094538 | &nbsp;&nbsp; 6035324 |
| GNMA | 5.50 | &nbsp;&nbsp; 6-20-2054 | 8583096 | &nbsp;&nbsp; 8660455 |
| GNMA | 5.50 | &nbsp;&nbsp; 8-20-2054 | 5812043 | &nbsp;&nbsp; 5860132 |
| GNMA | 6.00 | &nbsp;&nbsp; 8-20-2054 | 10517467 | &nbsp;&nbsp; 10744787 |
| GNMA%% | 6.00 | &nbsp;&nbsp; 9-15-2054 | 9420000 | &nbsp;&nbsp; 9606774 |
| GNMA%% | 6.50 | &nbsp;&nbsp; 9-15-2054 | 21300000 | &nbsp;&nbsp; 21915266 |
| GNMA Series 2005-27 Class PA | 4.50 | &nbsp;&nbsp; 4-20-2035 | 8632 | &nbsp;&nbsp; 8592 |
| **Total agency securities (Cost $102,019,452)** |  |  |  | &nbsp;&nbsp; **102509190** |
| **Asset-backed securities: 12.57%** |  |  |  |  |
| ACHM Trust Series 2023-HE2 Class A144A±± | 7.50 | &nbsp;&nbsp; 10-25-2038 | 979041 | &nbsp;&nbsp; 1009742 |
| Affirm Asset Securitization Trust Series 2024-B Class A144A | 4.62 | &nbsp;&nbsp; 9-15-2029 | 3500000 | &nbsp;&nbsp; 3504090 |
| &nbsp;&nbsp; American Credit Acceptance Receivables Trust <br> Series 2024-4 Class B144A<br>| 4.80 | &nbsp;&nbsp; 11-13-2028 | 2715000 | &nbsp;&nbsp; 2718417 |

---

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

2 \| Allspring Short-Term Bond Plus Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| Aqua Finance Trust Series 2021-A Class A144A | 1.54<br> %<br>| &nbsp;&nbsp; 7-17-2046 | $730169 | &nbsp;&nbsp; $678101 |
| &nbsp;&nbsp; BDS LLC Series 2025-FL14 Class A (U.S. SOFR 1 <br> Month+1.28%)144A±<br>| 5.64 | &nbsp;&nbsp; 10-21-2042 | 3370000 | &nbsp;&nbsp; 3374207 |
| BHG Securitization Trust Series 2021-A Class A144A | 1.42 | &nbsp;&nbsp; 11-17-2033 | 315797 | &nbsp;&nbsp; 311466 |
| BHG Securitization Trust Series 2021-A Class B144A | 2.79 | &nbsp;&nbsp; 11-17-2033 | 1335000 | &nbsp;&nbsp; 1303453 |
| &nbsp;&nbsp; Blue Owl Asset Leasing Trust LLC Series 2024-1A <br> Class A2144A<br>| 5.05 | &nbsp;&nbsp; 3-15-2029 | 2862691 | &nbsp;&nbsp; 2873740 |
| Bojangles Issuer LLC Series 2024-1A Class A2144A | 6.58 | &nbsp;&nbsp; 11-20-2054 | 2200000 | &nbsp;&nbsp; 2257583 |
| Cajun Global LLC Series 2021-1 Class A2144A | 3.93 | &nbsp;&nbsp; 11-20-2051 | 962500 | &nbsp;&nbsp; 946328 |
| &nbsp;&nbsp; Carvana Auto Receivables Trust Series 2023-P1 <br> Class A3144A<br>| 5.98 | &nbsp;&nbsp; 12-10-2027 | 294138 | &nbsp;&nbsp; 295276 |
| Carvana Auto Receivables Trust Series 2024-P3 Class A2 | 4.61 | &nbsp;&nbsp; 11-10-2027 | 671232 | &nbsp;&nbsp; 671185 |
| CFMT LLC Series 2021-AL1 Class B144A | 1.39 | &nbsp;&nbsp; 9-22-2031 | 115074 | &nbsp;&nbsp; 114191 |
| &nbsp;&nbsp; ClickLease Equipment Receivables Trust Series 2024-1 <br> Class C144A<br>| 8.40 | &nbsp;&nbsp; 2-15-2030 | 2625000 | &nbsp;&nbsp; 2668615 |
| Cogent IPv4 LLC Series 2024-1A Class A2144A | 7.92 | &nbsp;&nbsp; 5-25-2054 | 915000 | &nbsp;&nbsp; 957177 |
| Cogent IPv4 LLC Series 2025-1A Class A2144A | 6.65 | &nbsp;&nbsp; 4-25-2055 | 1535000 | &nbsp;&nbsp; 1584642 |
| &nbsp;&nbsp; Commonbond Student Loan Trust Series 2018-BGS <br> Class A1144A<br>| 3.56 | &nbsp;&nbsp; 9-25-2045 | 471523 | &nbsp;&nbsp; 454744 |
| &nbsp;&nbsp; Contimortgage Home Equity Loan Trust Series 1996-2 <br> Class IOƒ±±<br>| 0.00 | &nbsp;&nbsp; 7-15-2027 | 331213 | &nbsp;&nbsp; 3650 |
| &nbsp;&nbsp; Credit Acceptance Auto Loan Trust Series 2023-2A <br> Class A144A<br>| 5.92 | &nbsp;&nbsp; 5-16-2033 | 232468 | &nbsp;&nbsp; 233254 |
| DataBank Issuer LLC Series 2024-1A Class A2144A | 5.30 | &nbsp;&nbsp; 1-26-2054 | 2760000 | &nbsp;&nbsp; 2767268 |
| &nbsp;&nbsp; EquiFirst Mortgage Loan Trust Series 2003-2 Class 3A3 <br> (U.S. SOFR 1 Month+1.24%)±<br>| 5.60 | &nbsp;&nbsp; 9-25-2033 | 62276 | &nbsp;&nbsp; 61823 |
| FIGRE Trust Series 2023-HE2 Class A144A±± | 6.51 | &nbsp;&nbsp; 5-25-2053 | 993298 | &nbsp;&nbsp; 1015629 |
| FIGRE Trust Series 2025-HE1 Class C144A±± | 6.03 | &nbsp;&nbsp; 1-25-2055 | 1677809 | &nbsp;&nbsp; 1701254 |
| &nbsp;&nbsp; Finance of America HECM Buyout Series 2024-HB1 <br> Class A1A144A±±<br>| 4.00 | &nbsp;&nbsp; 10-1-2034 | 2189287 | &nbsp;&nbsp; 2179384 |
| FirstKey Homes Trust Series 2021-SFR1 Class C144A | 1.89 | &nbsp;&nbsp; 8-17-2038 | 1835000 | &nbsp;&nbsp; 1780718 |
| FirstKey Homes Trust Series 2021-SFR2 Class B144A | 1.61 | &nbsp;&nbsp; 9-17-2038 | 2235000 | &nbsp;&nbsp; 2161989 |
| Five Guys Holdings, Inc. Series 2023-1A Class A2144A | 7.55 | &nbsp;&nbsp; 1-26-2054 | 610388 | &nbsp;&nbsp; 632088 |
| FREED Mortgage Trust Series 2022-HE1 Class A144A±± | 7.00 | &nbsp;&nbsp; 10-25-2037 | 1069248 | &nbsp;&nbsp; 1090229 |
| Frontier Issuer LLC Series 2023-1 Class A2144A | 6.60 | &nbsp;&nbsp; 8-20-2053 | 455000 | &nbsp;&nbsp; 462302 |
| &nbsp;&nbsp; FS Rialto Issuer LLC Series 2021-FL3 Class B (U.S. SOFR 1 <br> Month+1.91%)144A±<br>| 6.27 | &nbsp;&nbsp; 11-16-2036 | 2000000 | &nbsp;&nbsp; 1987304 |
| &nbsp;&nbsp; FS Rialto Issuer LLC Series 2025-FL10 Class AS (U.S. SOFR 1 <br> Month+1.59%)144A±<br>| 5.95 | &nbsp;&nbsp; 8-19-2042 | 3000000 | &nbsp;&nbsp; 2992525 |
| &nbsp;&nbsp; Gracie Point International Funding LLC Series 2023-2A <br> Class A (90 Day Average U.S. SOFR+2.25%)144A±<br>| 6.60 | &nbsp;&nbsp; 3-1-2027 | 146294 | &nbsp;&nbsp; 146475 |
| &nbsp;&nbsp; Gracie Point International Funding LLC Series 2025-1A <br> Class A (30 Day Average U.S. SOFR+1.50%)144A±%%<br>| 5.87 | &nbsp;&nbsp; 8-15-2028 | 1545000 | &nbsp;&nbsp; 1545000 |
| Harley-Davidson Motorcycle Trust Series 2023-B Class A3 | 5.69 | &nbsp;&nbsp; 8-15-2028 | 946391 | &nbsp;&nbsp; 954154 |
| Hertz Vehicle Financing III LLC Series 2023-4A Class A144A | 6.15 | &nbsp;&nbsp; 3-25-2030 | 2454000 | &nbsp;&nbsp; 2567996 |
| &nbsp;&nbsp; HGI CRE CLO Ltd. Series 2021-FL2 Class C (U.S. SOFR 1 <br> Month+1.91%)144A±<br>| 6.27 | &nbsp;&nbsp; 9-17-2036 | 1000000 | &nbsp;&nbsp; 995649 |
| Hyundai Auto Receivables Trust Series 2024-A Class B | 5.14 | &nbsp;&nbsp; 1-15-2031 | 2500000 | &nbsp;&nbsp; 2556279 |
| Jonah Energy ABS I LLC Series 2022-1 Class A1144A | 7.20 | &nbsp;&nbsp; 12-10-2037 | 1508027 | &nbsp;&nbsp; 1517918 |

---

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

Allspring Short-Term Bond Plus Fund \| 3

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| Lendbuzz Securitization Trust Series 2024-3A Class A2144A | 4.97<br> %<br>| &nbsp;&nbsp; 10-15-2029 | $2819643 | &nbsp;&nbsp; $2825785 |
| Lendmark Funding Trust Series 2024-2A Class A144A | 4.47 | &nbsp;&nbsp; 2-21-2034 | 3000000 | &nbsp;&nbsp; 3000814 |
| &nbsp;&nbsp; MF1 Ltd. Series 2021-FL7 Class A (U.S. SOFR 1 <br> Month+1.19%)144A±<br>| 5.55 | &nbsp;&nbsp; 10-16-2036 | 97648 | &nbsp;&nbsp; 97406 |
| &nbsp;&nbsp; MF1 Ltd. Series 2022-FL8 Class A (U.S. SOFR 1 <br> Month+1.35%)144A±<br>| 5.70 | &nbsp;&nbsp; 2-19-2037 | 2731457 | &nbsp;&nbsp; 2731392 |
| &nbsp;&nbsp; Mission Lane Credit Card Master Trust Series 2024-B <br> Class A144A<br>| 5.88 | &nbsp;&nbsp; 1-15-2030 | 3720000 | &nbsp;&nbsp; 3755904 |
| MNR ABS Issuer I LLC‡ | 8.12 | &nbsp;&nbsp; 12-15-2038 | 642799 | &nbsp;&nbsp; 654883 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust <br> Series 2021-EA Class A144A<br>| 0.97 | &nbsp;&nbsp; 12-16-2069 | 1454443 | &nbsp;&nbsp; 1310617 |
| NBC Funding LLC Series 2024-1A Class A2144A | 6.75 | &nbsp;&nbsp; 7-30-2054 | 2169100 | &nbsp;&nbsp; 2218816 |
| Octane Receivables Trust Series 2023-1A Class A144A | 5.87 | &nbsp;&nbsp; 5-21-2029 | 67089 | &nbsp;&nbsp; 67206 |
| Octane Receivables Trust Series 2023-1A Class B144A | 5.96 | &nbsp;&nbsp; 7-20-2029 | 645000 | &nbsp;&nbsp; 649709 |
| &nbsp;&nbsp; OneMain Financial Issuance Trust Series 2023-2A Class A2 <br> (30 Day Average U.S. SOFR+1.50%)144A±<br>| 5.84 | &nbsp;&nbsp; 9-15-2036 | 200000 | &nbsp;&nbsp; 202177 |
| &nbsp;&nbsp; Pagaya AI Debt Selection Trust Series 2021-HG1 <br> Class A144A<br>| 1.22 | &nbsp;&nbsp; 1-16-2029 | 33451 | &nbsp;&nbsp; 33379 |
| Pagaya AI Debt Trust Series 2023-8 Class A144A | 7.30 | &nbsp;&nbsp; 6-16-2031 | 1135396 | &nbsp;&nbsp; 1150333 |
| &nbsp;&nbsp; Prestige Auto Receivables Trust Series 2024-2A <br> Class B144A<br>| 4.56 | &nbsp;&nbsp; 2-15-2029 | 1745000 | &nbsp;&nbsp; 1747824 |
| &nbsp;&nbsp; Prodigy Finance DAC Series 2021-1A Class A (U.S. SOFR 1 <br> Month+1.36%)144A±<br>| 5.70 | &nbsp;&nbsp; 7-25-2051 | 563789 | &nbsp;&nbsp; 563263 |
| RCKT Mortgage Trust Series 2023-CES3 Class A1A144A±± | 7.11 | &nbsp;&nbsp; 11-25-2043 | 1169422 | &nbsp;&nbsp; 1187824 |
| &nbsp;&nbsp; RR 5 Ltd. Series 2018-5A Class A1R (U.S. SOFR 3 <br> Month+1.50%)144A±<br>| 5.82 | &nbsp;&nbsp; 7-15-2039 | 2500000 | &nbsp;&nbsp; 2509240 |
| &nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes Series 2022-A <br> Class D144A<br>| 9.97 | &nbsp;&nbsp; 5-15-2032 | 834943 | &nbsp;&nbsp; 836679 |
| Service Experts Issuer LLC Series 2021-1A Class A144A | 2.67 | &nbsp;&nbsp; 2-2-2032 | 776598 | &nbsp;&nbsp; 760731 |
| Service Experts Issuer LLC Series 2025-1A Class A144A | 5.38 | &nbsp;&nbsp; 1-20-2037 | 1760000 | &nbsp;&nbsp; 1769183 |
| &nbsp;&nbsp; SLM Student Loan Trust Series 2003-10A Class A4 (90 Day <br> Average U.S. SOFR+0.93%)144A±<br>| 5.27 | &nbsp;&nbsp; 12-17-2068 | 1263481 | &nbsp;&nbsp; 1265502 |
| &nbsp;&nbsp; SLM Student Loan Trust Series 2013-1 Class A3 (30 Day <br> Average U.S. SOFR+0.66%)±<br>| 5.01 | &nbsp;&nbsp; 5-26-2055 | 433027 | &nbsp;&nbsp; 428470 |
| Sotheby's ArtFi Master Trust Series 2024-1A Class A1144A | 6.43 | &nbsp;&nbsp; 12-22-2031 | 3400000 | &nbsp;&nbsp; 3423992 |
| &nbsp;&nbsp; Sound Point CLO VIII-R Ltd. Series 2015-1RA Class BR <br> (U.S. SOFR 3 Month+1.81%)144A±<br>| 6.13 | &nbsp;&nbsp; 4-15-2030 | 1628654 | &nbsp;&nbsp; 1628852 |
| &nbsp;&nbsp; SpringCastle America Funding LLC Series 2020-AA <br> Class A144A<br>| 1.97 | &nbsp;&nbsp; 9-25-2037 | 409822 | &nbsp;&nbsp; 387755 |
| &nbsp;&nbsp; Starwood LLC Series 2025-SIF5A Class A (U.S. SOFR 3 <br> Month+1.55%)144A±<br>| 5.80 | &nbsp;&nbsp; 4-15-2037 | 2625000 | &nbsp;&nbsp; 2634198 |
| Store Master Funding I-VII Series 2018-1A Class A2144A | 4.29 | &nbsp;&nbsp; 10-20-2048 | 937654 | &nbsp;&nbsp; 927462 |
| Subway Funding LLC Series 2024-3A Class A2I144A | 5.25 | &nbsp;&nbsp; 7-30-2054 | 1230700 | &nbsp;&nbsp; 1230190 |
| TierPoint Issuer LLC Series 2025-1A Class A2144A | 6.15 | &nbsp;&nbsp; 4-26-2055 | 2200000 | &nbsp;&nbsp; 2234989 |
| &nbsp;&nbsp; Venture XXIX CLO Ltd. Series 2017-29A Class AR (U.S. SOFR <br> 3 Month+1.25%)144A±<br>| 5.46 | &nbsp;&nbsp; 9-7-2030 | 344404 | &nbsp;&nbsp; 344589 |
| **Total asset-backed securities (Cost $97,414,237)** |  |  |  | &nbsp;&nbsp; **97655009** |

---

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

4 \| Allspring Short-Term Bond Plus Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Corporate bonds and notes: 30.04%** |  |  |  |  |
| **Basic materials: 0.74%** |  |  |  |  |
| **Chemicals: 0.56%** |  |  |  |  |
| International Flavors & Fragrances, Inc.144A | 1.23<br> %<br>| &nbsp;&nbsp; 10-1-2025 | $1233000 | &nbsp;&nbsp; $1229347 |
| Syensqo Finance America LLC144A | 5.65 | &nbsp;&nbsp; 6-4-2029 | 3000000 | &nbsp;&nbsp; 3116654 |
|  |  |  |  | &nbsp;&nbsp; **4346001** |
| **Forest products & paper: 0.18%** |  |  |  |  |
| Georgia-Pacific LLC144A | 4.40 | &nbsp;&nbsp; 6-30-2028 | 1400000 | &nbsp;&nbsp; **1412558** |
| **Communications: 1.49%** |  |  |  |  |
| **Media: 0.97%** |  |  |  |  |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 6.10 | &nbsp;&nbsp; 6-1-2029 | 2740000 | &nbsp;&nbsp; 2880096 |
| Discovery Communications LLC | 3.63 | &nbsp;&nbsp; 5-15-2030 | 2000000 | &nbsp;&nbsp; 1804140 |
| News Corp.144A | 3.88 | &nbsp;&nbsp; 5-15-2029 | 3000000 | &nbsp;&nbsp; 2896944 |
|  |  |  |  | &nbsp;&nbsp; **7581180** |
| **Telecommunications: 0.52%** |  |  |  |  |
| Frontier California, Inc. Series F | 6.75 | &nbsp;&nbsp; 5-15-2027 | 1975000 | &nbsp;&nbsp; 2009563 |
| &nbsp;&nbsp; Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint <br> Spectrum Co. III LLC144A<br>| 5.15 | &nbsp;&nbsp; 3-20-2028 | 2003100 | &nbsp;&nbsp; 2017058 |
|  |  |  |  | &nbsp;&nbsp; **4026621** |
| **Consumer, cyclical: 4.99%** |  |  |  |  |
| **Airlines: 1.29%** |  |  |  |  |
| &nbsp;&nbsp; Alaska Airlines Pass-Through Trust Series 2020-1 <br> Class A144A<br>| 4.80 | &nbsp;&nbsp; 8-15-2027 | 1808974 | &nbsp;&nbsp; 1818553 |
| American Airlines Pass-Through Trust Series 2015-1 Class A | 3.38 | &nbsp;&nbsp; 5-1-2027 | 2824786 | &nbsp;&nbsp; 2771558 |
| American Airlines Series 2017-2 Class B | 3.70 | &nbsp;&nbsp; 10-15-2025 | 876770 | &nbsp;&nbsp; 874387 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.144A | 4.50 | &nbsp;&nbsp; 10-20-2025 | 204583 | &nbsp;&nbsp; 204339 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.144A | 4.75 | &nbsp;&nbsp; 10-20-2028 | 1740000 | &nbsp;&nbsp; 1749834 |
| United Airlines Pass-Through Trust Series 2020-1 Class B | 4.88 | &nbsp;&nbsp; 1-15-2026 | 227408 | &nbsp;&nbsp; 227319 |
| United Airlines, Inc.144A | 4.38 | &nbsp;&nbsp; 4-15-2026 | 2381000 | &nbsp;&nbsp; 2373200 |
|  |  |  |  | &nbsp;&nbsp; **10019190** |
| **Auto manufacturers: 2.43%** |  |  |  |  |
| American Honda Finance Corp. | 4.55 | &nbsp;&nbsp; 7-9-2027 | 2365000 | &nbsp;&nbsp; 2382117 |
| BMW U.S. Capital LLC144A | 4.65 | &nbsp;&nbsp; 8-13-2026 | 3495000 | &nbsp;&nbsp; 3509667 |
| Daimler Truck Finance North America LLC144A | 4.30 | &nbsp;&nbsp; 8-12-2027 | 1775000 | &nbsp;&nbsp; 1777562 |
| Ford Motor Credit Co. LLC | 4.39 | &nbsp;&nbsp; 1-8-2026 | 1500000 | &nbsp;&nbsp; 1497507 |
| Ford Motor Credit Co. LLC | 5.13 | &nbsp;&nbsp; 11-5-2026 | 4000000 | &nbsp;&nbsp; 4006604 |
| Hyundai Capital America144A | 1.30 | &nbsp;&nbsp; 1-8-2026 | 1115000 | &nbsp;&nbsp; 1102403 |
| Hyundai Capital America144A | 5.65 | &nbsp;&nbsp; 6-26-2026 | 1080000 | &nbsp;&nbsp; 1090786 |
| Volkswagen Group of America Finance LLC144A | 4.90 | &nbsp;&nbsp; 8-14-2026 | 3495000 | &nbsp;&nbsp; 3513594 |
|  |  |  |  | &nbsp;&nbsp; **18880240** |

---

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

Allspring Short-Term Bond Plus Fund \| 5

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Lodging: 0.49%** |  |  |  |  |
| Las Vegas Sands Corp. | 5.63<br> %<br>| &nbsp;&nbsp; 6-15-2028 | $1500000 | &nbsp;&nbsp; $1535702 |
| Las Vegas Sands Corp. | 6.00 | &nbsp;&nbsp; 8-15-2029 | 2200000 | &nbsp;&nbsp; 2284907 |
|  |  |  |  | &nbsp;&nbsp; **3820609** |
| **Retail: 0.33%** |  |  |  |  |
| Advance Auto Parts, Inc. | 5.95 | &nbsp;&nbsp; 3-9-2028 | 2500000 | &nbsp;&nbsp; **2545717** |
| **Toys/games/hobbies: 0.45%** |  |  |  |  |
| Mattel, Inc.144A | 3.38 | &nbsp;&nbsp; 4-1-2026 | 1045000 | &nbsp;&nbsp; 1035650 |
| Mattel, Inc.144A | 5.88 | &nbsp;&nbsp; 12-15-2027 | 2485000 | &nbsp;&nbsp; 2491620 |
|  |  |  |  | &nbsp;&nbsp; **3527270** |
| **Consumer, non-cyclical: 2.46%** |  |  |  |  |
| **Agriculture: 0.26%** |  |  |  |  |
| Bunge Ltd. Finance Corp. | 4.90 | &nbsp;&nbsp; 4-21-2027 | 2000000 | &nbsp;&nbsp; **2017917** |
| **Commercial services: 1.11%** |  |  |  |  |
| Ashtead Capital, Inc.144A | 4.00 | &nbsp;&nbsp; 5-1-2028 | 1600000 | &nbsp;&nbsp; 1582714 |
| Global Payments, Inc. | 4.80 | &nbsp;&nbsp; 4-1-2026 | 3695000 | &nbsp;&nbsp; 3695755 |
| Trustees of Princeton University | 4.65 | &nbsp;&nbsp; 7-1-2030 | 1970000 | &nbsp;&nbsp; 2015076 |
| UL Solutions, Inc.144A | 6.50 | &nbsp;&nbsp; 10-20-2028 | 1275000 | &nbsp;&nbsp; 1348735 |
|  |  |  |  | &nbsp;&nbsp; **8642280** |
| **Food: 0.45%** |  |  |  |  |
| Mars, Inc.144A | 4.60 | &nbsp;&nbsp; 3-1-2028 | 3400000 | &nbsp;&nbsp; **3442349** |
| **Healthcare-services: 0.39%** |  |  |  |  |
| UnitedHealth Group, Inc. | 4.65 | &nbsp;&nbsp; 1-15-2031 | 3000000 | &nbsp;&nbsp; **3040476** |
| **Pharmaceuticals: 0.25%** |  |  |  |  |
| Cardinal Health, Inc. | 4.50 | &nbsp;&nbsp; 9-15-2030 | 1935000 | &nbsp;&nbsp; **1938523** |
| **Energy: 0.43%** |  |  |  |  |
| **Oil & gas: 0.24%** |  |  |  |  |
| Expand Energy Corp. | 5.38 | &nbsp;&nbsp; 3-15-2030 | 1855000 | &nbsp;&nbsp; **1873711** |
| **Pipelines: 0.19%** |  |  |  |  |
| Kinetik Holdings LP144A | 6.63 | &nbsp;&nbsp; 12-15-2028 | 1400000 | &nbsp;&nbsp; **1440344** |
| **Financial: 14.80%** |  |  |  |  |
| **Banks: 6.22%** |  |  |  |  |
| Bank of America Corp. (U.S. SOFR+0.83%)± | 4.98 | &nbsp;&nbsp; 1-24-2029 | 3000000 | &nbsp;&nbsp; 3053398 |
| Bank of America Corp. (U.S. SOFR+1.00%)± | 5.16 | &nbsp;&nbsp; 1-24-2031 | 2000000 | &nbsp;&nbsp; 2064166 |
| Bank of America Corp. Series N (U.S. SOFR+0.91%)± | 1.66 | &nbsp;&nbsp; 3-11-2027 | 2370000 | &nbsp;&nbsp; 2336345 |
| Bank of New York Mellon (U.S. SOFR+1.14%)± | 4.73 | &nbsp;&nbsp; 4-20-2029 | 3010000 | &nbsp;&nbsp; 3059648 |
| Goldman Sachs Group, Inc. (U.S. SOFR+0.91%)± | 1.95 | &nbsp;&nbsp; 10-21-2027 | 3000000 | &nbsp;&nbsp; 2921121 |
| JPMorgan Chase & Co. (U.S. SOFR+1.31%)± | 5.01 | &nbsp;&nbsp; 1-23-2030 | 3175000 | &nbsp;&nbsp; 3252118 |
| JPMorgan Chase & Co. (U.S. SOFR+1.33%)± | 6.07 | &nbsp;&nbsp; 10-22-2027 | 3000000 | &nbsp;&nbsp; 3058945 |
| JPMorgan Chase & Co. (U.S. SOFR+1.44%)± | 5.10 | &nbsp;&nbsp; 4-22-2031 | 2000000 | &nbsp;&nbsp; 2063383 |
| JPMorgan Chase & Co. (U.S. SOFR 3 Month+0.70%)± | 1.04 | &nbsp;&nbsp; 2-4-2027 | 835000 | &nbsp;&nbsp; 823269 |

---

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

6 \| Allspring Short-Term Bond Plus Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Banks**(continued) |  |  |  |  |
| Morgan Stanley (U.S. SOFR+1.11%)± | 5.23<br> %<br>| &nbsp;&nbsp; 1-15-2031 | $1795000 | &nbsp;&nbsp; $1852797 |
| Morgan Stanley (U.S. SOFR+1.22%)± | 5.04 | &nbsp;&nbsp; 7-19-2030 | 1500000 | &nbsp;&nbsp; 1536607 |
| Morgan Stanley (U.S. SOFR+1.38%)± | 4.99 | &nbsp;&nbsp; 4-12-2029 | 4265000 | &nbsp;&nbsp; 4344223 |
| Morgan Stanley (U.S. SOFR+1.73%)± | 5.12 | &nbsp;&nbsp; 2-1-2029 | 2035000 | &nbsp;&nbsp; 2078434 |
| Santander Holdings USA, Inc. (U.S. SOFR+1.61%)± | 5.47 | &nbsp;&nbsp; 3-20-2029 | 2465000 | &nbsp;&nbsp; 2523415 |
| Santander Holdings USA, Inc. (U.S. SOFR+2.33%)± | 5.81 | &nbsp;&nbsp; 9-9-2026 | 1250000 | &nbsp;&nbsp; 1250241 |
| U.S. Bancorp (U.S. SOFR+1.06%)± | 5.05 | &nbsp;&nbsp; 2-12-2031 | 1705000 | &nbsp;&nbsp; 1749189 |
| U.S. Bancorp (U.S. SOFR+1.30%)± | 5.08 | &nbsp;&nbsp; 5-15-2031 | 1600000 | &nbsp;&nbsp; 1643885 |
| Wells Fargo & Co. (U.S. SOFR+1.11%)± | 5.24 | &nbsp;&nbsp; 1-24-2031 | 1795000 | &nbsp;&nbsp; 1854225 |
| Wells Fargo & Co. (U.S. SOFR+1.37%)± | 4.97 | &nbsp;&nbsp; 4-23-2029 | 3820000 | &nbsp;&nbsp; 3892480 |
| Wells Fargo & Co. (U.S. SOFR+1.51%)± | 3.53 | &nbsp;&nbsp; 3-24-2028 | 3000000 | &nbsp;&nbsp; 2968013 |
|  |  |  |  | &nbsp;&nbsp; **48325902** |
| **Diversified financial services: 0.94%** |  |  |  |  |
| Aircastle Ltd.144A | 6.50 | &nbsp;&nbsp; 7-18-2028 | 2650000 | &nbsp;&nbsp; 2786477 |
| Ares Finance Co. II LLC144A | 3.25 | &nbsp;&nbsp; 6-15-2030 | 1145000 | &nbsp;&nbsp; 1082315 |
| Blackstone Holdings Finance Co. LLC144A | 5.90 | &nbsp;&nbsp; 11-3-2027 | 2145000 | &nbsp;&nbsp; 2218499 |
| Citadel Securities Global Holdings LLC144A | 5.50 | &nbsp;&nbsp; 6-18-2030 | 1200000 | &nbsp;&nbsp; 1227956 |
|  |  |  |  | &nbsp;&nbsp; **7315247** |
| **Insurance: 4.49%** |  |  |  |  |
| American International Group, Inc. | 4.85 | &nbsp;&nbsp; 5-7-2030 | 1550000 | &nbsp;&nbsp; 1585861 |
| Athene Global Funding | 0.37 | &nbsp;&nbsp; 9-10-2026 | 1200000 | &nbsp;&nbsp; 1374169 |
| Athene Global Funding144A | 2.72 | &nbsp;&nbsp; 1-7-2029 | 1150000 | &nbsp;&nbsp; 1086686 |
| Brown & Brown, Inc. | 4.90 | &nbsp;&nbsp; 6-23-2030 | 3000000 | &nbsp;&nbsp; 3037336 |
| Corebridge Global Funding144A | 4.25 | &nbsp;&nbsp; 8-21-2028 | 1790000 | &nbsp;&nbsp; 1795125 |
| Equitable America Global Funding144A | 4.95 | &nbsp;&nbsp; 6-9-2030 | 2235000 | &nbsp;&nbsp; 2279864 |
| Equitable Financial Life Global Funding144A | 5.50 | &nbsp;&nbsp; 12-2-2025 | 2080000 | &nbsp;&nbsp; 2085037 |
| Equitable Holdings, Inc.144A | 4.57 | &nbsp;&nbsp; 2-15-2029 | 860000 | &nbsp;&nbsp; 861248 |
| Guardian Life Global Funding144A | 5.55 | &nbsp;&nbsp; 10-28-2027 | 2815000 | &nbsp;&nbsp; 2900863 |
| Lincoln Financial Global Funding144A | 4.63 | &nbsp;&nbsp; 8-18-2030 | 3320000 | &nbsp;&nbsp; 3341305 |
| Minnesota Life Insurance Co.144A | 8.25 | &nbsp;&nbsp; 9-15-2025 | 3000000 | &nbsp;&nbsp; 3004029 |
| NMI Holdings, Inc. | 6.00 | &nbsp;&nbsp; 8-15-2029 | 1405000 | &nbsp;&nbsp; 1442457 |
| Northwestern Mutual Global Funding144A | 4.90 | &nbsp;&nbsp; 6-12-2028 | 3000000 | &nbsp;&nbsp; 3071670 |
| PartnerRe Finance B LLC | 3.70 | &nbsp;&nbsp; 7-2-2029 | 1616000 | &nbsp;&nbsp; 1581360 |
| Protective Life Global Funding144A | 1.62 | &nbsp;&nbsp; 4-15-2026 | 2370000 | &nbsp;&nbsp; 2330148 |
| RGA Global Funding144A | 5.45 | &nbsp;&nbsp; 5-24-2029 | 3000000 | &nbsp;&nbsp; 3112609 |
|  |  |  |  | &nbsp;&nbsp; **34889767** |
| **Investment Companies: 1.15%** |  |  |  |  |
| Ares Capital Corp. BDC | 5.88 | &nbsp;&nbsp; 3-1-2029 | 1490000 | &nbsp;&nbsp; 1533338 |
| Ares Strategic Income Fund BDC | 5.70 | &nbsp;&nbsp; 3-15-2028 | 985000 | &nbsp;&nbsp; 998552 |
| Blackstone Secured Lending Fund BDC | 5.35 | &nbsp;&nbsp; 4-13-2028 | 1900000 | &nbsp;&nbsp; 1927608 |
| Blue Owl Capital Corp. BDC | 5.95 | &nbsp;&nbsp; 3-15-2029 | 1260000 | &nbsp;&nbsp; 1279588 |
| Golub Capital Private Credit Fund BDC | 5.88 | &nbsp;&nbsp; 5-1-2030 | 1180000 | &nbsp;&nbsp; 1196966 |
| MSD Investment Corp. BDC144A | 6.25 | &nbsp;&nbsp; 5-31-2030 | 1950000 | &nbsp;&nbsp; 1978921 |
|  |  |  |  | &nbsp;&nbsp; **8914973** |

---

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

Allspring Short-Term Bond Plus Fund \| 7

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **REITs: 2.00%** |  |  |  |  |
| American Tower Trust #1144A | 5.49<br> %<br>| &nbsp;&nbsp; 3-15-2028 | $990000 | &nbsp;&nbsp; $1008012 |
| Brandywine Operating Partnership LP | 8.30 | &nbsp;&nbsp; 3-15-2028 | 1140000 | &nbsp;&nbsp; 1212284 |
| Crown Castle, Inc. | 4.90 | &nbsp;&nbsp; 9-1-2029 | 3000000 | &nbsp;&nbsp; 3037411 |
| Piedmont Operating Partnership LP | 9.25 | &nbsp;&nbsp; 7-20-2028 | 980000 | &nbsp;&nbsp; 1089247 |
| SBA Tower Trust144A | 6.60 | &nbsp;&nbsp; 1-15-2028 | 2525000 | &nbsp;&nbsp; 2595240 |
| Tanger Properties LP | 3.13 | &nbsp;&nbsp; 9-1-2026 | 3109000 | &nbsp;&nbsp; 3061173 |
| WEA Finance LLC144A | 2.88 | &nbsp;&nbsp; 1-15-2027 | 1612000 | &nbsp;&nbsp; 1576335 |
| Welltower OP LLC | 4.50 | &nbsp;&nbsp; 7-1-2030 | 1935000 | &nbsp;&nbsp; 1952874 |
|  |  |  |  | &nbsp;&nbsp; **15532576** |
| **Industrial: 1.61%** |  |  |  |  |
| **Aerospace/defense: 0.24%** |  |  |  |  |
| General Electric Co. | 4.30 | &nbsp;&nbsp; 7-29-2030 | 1880000 | &nbsp;&nbsp; **1888102** |
| **Electrical components & equipment: 0.47%** |  |  |  |  |
| Molex Electronic Technologies LLC144A | 4.75 | &nbsp;&nbsp; 4-30-2028 | 3630000 | &nbsp;&nbsp; **3668440** |
| **Engineering & construction: 0.34%** |  |  |  |  |
| MasTec, Inc.144A | 4.50 | &nbsp;&nbsp; 8-15-2028 | 2620000 | &nbsp;&nbsp; **2603990** |
| **Machinery-diversified: 0.17%** |  |  |  |  |
| Weir Group, Inc.144A | 5.35 | &nbsp;&nbsp; 5-6-2030 | 1300000 | &nbsp;&nbsp; **1327436** |
| **Transportation: 0.39%** |  |  |  |  |
| TTX Co.144A | 5.50 | &nbsp;&nbsp; 9-25-2026 | 3000000 | &nbsp;&nbsp; **3035249** |
| **Technology: 1.22%** |  |  |  |  |
| **Computers: 0.44%** |  |  |  |  |
| Kyndryl Holdings, Inc. | 2.05 | &nbsp;&nbsp; 10-15-2026 | 3465000 | &nbsp;&nbsp; **3371992** |
| **Semiconductors: 0.78%** |  |  |  |  |
| Entegris, Inc.144A | 4.75 | &nbsp;&nbsp; 4-15-2029 | 3000000 | &nbsp;&nbsp; 2956881 |
| Foundry JV Holdco LLC144A | 5.50 | &nbsp;&nbsp; 1-25-2031 | 3000000 | &nbsp;&nbsp; 3115228 |
|  |  |  |  | &nbsp;&nbsp; **6072109** |
| **Utilities: 2.30%** |  |  |  |  |
| **Electric: 2.30%** |  |  |  |  |
| Alliant Energy Finance LLC144A | 5.40 | &nbsp;&nbsp; 6-6-2027 | 2665000 | &nbsp;&nbsp; 2697132 |
| Duke Energy Corp. | 3.10 | &nbsp;&nbsp; 6-15-2028 | 1640000 | &nbsp;&nbsp; 1934625 |
| Emera U.S. Finance LP | 3.55 | &nbsp;&nbsp; 6-15-2026 | 1485000 | &nbsp;&nbsp; 1472568 |
| National Rural Utilities Cooperative Finance Corp. Series D | 4.15 | &nbsp;&nbsp; 8-25-2028 | 3740000 | &nbsp;&nbsp; 3753512 |
| Niagara Mohawk Power Corp.144A | 4.65 | &nbsp;&nbsp; 10-3-2030 | 1875000 | &nbsp;&nbsp; 1883147 |
| Southern California Edison Co. | 5.35 | &nbsp;&nbsp; 3-1-2026 | 2000000 | &nbsp;&nbsp; 2003866 |
| Vistra Operations Co. LLC144A | 3.70 | &nbsp;&nbsp; 1-30-2027 | 355000 | &nbsp;&nbsp; 351595 |
| Vistra Operations Co. LLC144A | 5.00 | &nbsp;&nbsp; 7-31-2027 | 2840000 | &nbsp;&nbsp; 2832332 |
| XPLR Infrastructure Operating Partners LP144A | 3.88 | &nbsp;&nbsp; 10-15-2026 | 1000000 | &nbsp;&nbsp; 979853 |
|  |  |  |  | &nbsp;&nbsp; **17908630** |
| **Total corporate bonds and notes (Cost $229,641,456)** |  |  |  | &nbsp;&nbsp; **233409399** |

---

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

8 \| Allspring Short-Term Bond Plus Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Foreign corporate bonds and notes: 1.22%** |  |  |  |  |  |
| **Communications: 0.21%** |  |  |  |  |  |
| **Telecommunications: 0.21%** |  |  |  |  |  |
| Eutelsat SA | 1.50<br> %<br>| &nbsp;&nbsp; 10-13-2028 | EUR | 500000 | &nbsp;&nbsp; $542646 |
| Lorca Telecom Bondco SA | 4.00 | &nbsp;&nbsp; 9-18-2027 | EUR | 500000 | &nbsp;&nbsp; 585583 |
| SES SA (EURIBOR ICE Swap Rate 11:00am+3.19%)ʊ± | 2.88 | &nbsp;&nbsp; 5-27-2026 | EUR | 400000 | &nbsp;&nbsp; 458055 |
|  |  |  |  |  | &nbsp;&nbsp; **1586284** |
| **Consumer, cyclical: 0.23%** |  |  |  |  |  |
| **Auto parts & equipment: 0.06%** |  |  |  |  |  |
| Valeo SE | 5.88 | &nbsp;&nbsp; 4-12-2029 | EUR | 400000 | &nbsp;&nbsp; **500873** |
| **Entertainment: 0.09%** |  |  |  |  |  |
| Cirsa Finance International Sarl144A | 10.38 | &nbsp;&nbsp; 11-30-2027 | EUR | 553500 | &nbsp;&nbsp; **672318** |
| **Leisure time: 0.08%** |  |  |  |  |  |
| TUI AG | 5.88 | &nbsp;&nbsp; 3-15-2029 | EUR | 500000 | &nbsp;&nbsp; **607640** |
| **Consumer, non-cyclical: 0.35%** |  |  |  |  |  |
| **Commercial services: 0.26%** |  |  |  |  |  |
| Amber Finco PLC | 6.63 | &nbsp;&nbsp; 7-15-2029 | EUR | 400000 | &nbsp;&nbsp; 492330 |
| Verisure Holding AB | 5.50 | &nbsp;&nbsp; 5-15-2030 | EUR | 369000 | &nbsp;&nbsp; 448253 |
| Verisure Holding AB144A | 9.25 | &nbsp;&nbsp; 10-15-2027 | EUR | 240000 | &nbsp;&nbsp; 289564 |
| Worldline SA | 4.13 | &nbsp;&nbsp; 9-12-2028 | EUR | 800000 | &nbsp;&nbsp; 826959 |
|  |  |  |  |  | &nbsp;&nbsp; **2057106** |
| **Food: 0.09%** |  |  |  |  |  |
| Iceland Bondco PLC | 10.88 | &nbsp;&nbsp; 12-15-2027 | GBP | 284000 | &nbsp;&nbsp; 406198 |
| Market Bidco Finco PLC | 5.50 | &nbsp;&nbsp; 11-4-2027 | GBP | 200000 | &nbsp;&nbsp; 271001 |
|  |  |  |  |  | &nbsp;&nbsp; **677199** |
| **Financial: 0.13%** |  |  |  |  |  |
| **Diversified financial services: 0.07%** |  |  |  |  |  |
| Sherwood Financing PLC | 4.50 | &nbsp;&nbsp; 11-15-2026 | EUR | 445000 | &nbsp;&nbsp; **519565** |
| **Real estate: 0.06%** |  |  |  |  |  |
| Aedas Homes Opco SL144A | 4.00 | &nbsp;&nbsp; 8-15-2026 | EUR | 400000 | &nbsp;&nbsp; **467808** |
| **Industrial: 0.24%** |  |  |  |  |  |
| **Building materials: 0.24%** |  |  |  |  |  |
| Heidelberg Materials Finance Luxembourg SA | 3.00 | &nbsp;&nbsp; 7-10-2030 | EUR | 1600000 | &nbsp;&nbsp; **1876605** |
| **Utilities: 0.06%** |  |  |  |  |  |
| **Water: 0.06%** |  |  |  |  |  |
| Holding d'Infrastructures des Metiers de l'Environnement | 4.50 | &nbsp;&nbsp; 4-6-2027 | EUR | 400000 | &nbsp;&nbsp; **478139** |
| **Total foreign corporate bonds and notes (Cost $8,787,532)** |  |  |  |  | &nbsp;&nbsp; **9443537** |

---

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

Allspring Short-Term Bond Plus Fund \| 9

------

Portfolio of investments—August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Foreign government bonds: 2.29%** |  |  |  |  |  |
| **Australia: 0.25%** |  |  |  |  |  |
| New South Wales Treasury Corp. | 3.00<br> %<br>| &nbsp;&nbsp; 4-20-2029 | AUD | 1520000 | &nbsp;&nbsp; $971059 |
| Queensland Treasury Corp.144A | 3.50 | &nbsp;&nbsp; 8-21-2030 | AUD | 1515000 | &nbsp;&nbsp; 970412 |
|  |  |  |  |  | &nbsp;&nbsp; **1941471** |
| **Brazil: 0.37%** |  |  |  |  |  |
| Brazil¤ | 0.00 | &nbsp;&nbsp; 10-1-2025 | BRL | 10000000 | &nbsp;&nbsp; 1822108 |
| Brazil | 10.00 | &nbsp;&nbsp; 1-1-2027 | BRL | 6000000 | &nbsp;&nbsp; 1057687 |
|  |  |  |  |  | &nbsp;&nbsp; **2879795** |
| **Colombia: 0.25%** |  |  |  |  |  |
| Colombia TES | 5.75 | &nbsp;&nbsp; 11-3-2027 | COP | 8300000000 | &nbsp;&nbsp; **1927745** |
| **France: 0.58%** |  |  |  |  |  |
| French Republic144A | 2.70 | &nbsp;&nbsp; 2-25-2031 | EUR | 3850000 | &nbsp;&nbsp; **4476387** |
| **Indonesia: 0.10%** |  |  |  |  |  |
| Indonesia | 6.88 | &nbsp;&nbsp; 4-15-2029 | IDR | 12000000000 | &nbsp;&nbsp; **758565** |
| **South Africa: 0.13%** |  |  |  |  |  |
| Republic of South Africa | 8.00 | &nbsp;&nbsp; 1-31-2030 | ZAR | 17605000 | &nbsp;&nbsp; **993730** |
| **United Kingdom: 0.61%** |  |  |  |  |  |
| U.K. Gilts | 1.63 | &nbsp;&nbsp; 10-22-2028 | GBP | 2100000 | &nbsp;&nbsp; 2656356 |
| U.K. Gilts | 4.13 | &nbsp;&nbsp; 7-22-2029 | GBP | 1560000 | &nbsp;&nbsp; 2115879 |
|  |  |  |  |  | &nbsp;&nbsp; **4772235** |
| **Total foreign government bonds (Cost $17,478,146)** |  |  |  |  | &nbsp;&nbsp; **17749928** |

---

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

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Investment companies: 0.42%** |  |  |
| **Exchange-traded funds: 0.42%** |  |  |
| iShares 0-5 Year High Yield Corporate Bond ETF | 76022 | &nbsp;&nbsp; **3284150** |
| **Total investment companies (Cost $3,122,849)** |  | &nbsp;&nbsp; **3284150** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |
| **Municipal obligations: 0.06%** |  |  |  |  |
| **Indiana: 0.06%** |  |  |  |  |
| **Education revenue: 0.06%** |  |  |  |  |
| &nbsp;&nbsp; Indiana Secondary Market for Education Loans, Inc. <br> (U.S. SOFR 1 Month+0.80%)±<br>| 5.24 | &nbsp;&nbsp; 2-25-2044 | $435047 | &nbsp;&nbsp; **433732** |
| **Total municipal obligations (Cost $431,494)** |  |  |  | &nbsp;&nbsp; **433732** |
| **Non-agency mortgage-backed securities: 10.87%** |  |  |  |  |
| A&D Mortgage Trust Series 2024-NQM3 Class A1144A±± | 6.45 | &nbsp;&nbsp; 7-25-2069 | 2478554 | &nbsp;&nbsp; 2506557 |
| A&D Mortgage Trust Series 2024-NQM5 Class A1144A | 5.70 | &nbsp;&nbsp; 11-25-2069 | 2322515 | &nbsp;&nbsp; 2338421 |
| A&D Mortgage Trust Series 2025-NQM3 Class A1144A±± | 5.37 | &nbsp;&nbsp; 8-25-2070 | 2981679 | &nbsp;&nbsp; 2995740 |

---

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

10 \| Allspring Short-Term Bond Plus Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Non-agency mortgage-backed securities**(continued) |  |  |  |  |
| Ajax Mortgage Loan Trust Series 2021-E Class A1144A±± | 1.74<br> %<br>| &nbsp;&nbsp; 12-25-2060 | $2427342 | &nbsp;&nbsp; $2135687 |
| Angel Oak Mortgage Trust Series 2020-4 Class A1144A±± | 1.47 | &nbsp;&nbsp; 6-25-2065 | 195053 | &nbsp;&nbsp; 186787 |
| Angel Oak Mortgage Trust Series 2020-R1 Class A1144A±± | 0.99 | &nbsp;&nbsp; 4-25-2053 | 731617 | &nbsp;&nbsp; 693351 |
| Angel Oak Mortgage Trust Series 2024-8 Class A1144A±± | 5.34 | &nbsp;&nbsp; 5-27-2069 | 2468338 | &nbsp;&nbsp; 2471294 |
| BAHA Trust Series 2024-MAR Class B144A±± | 7.07 | &nbsp;&nbsp; 12-10-2041 | 3500000 | &nbsp;&nbsp; 3650044 |
| &nbsp;&nbsp; BHMS Commercial Mortgage Trust Series 2025-ATLS Class B <br> (U.S. SOFR 1 Month+2.55%)144A±<br>| 6.90 | &nbsp;&nbsp; 8-15-2042 | 675000 | &nbsp;&nbsp; 677109 |
| &nbsp;&nbsp; Brean Asset-Backed Securities Trust Series 2021-RM2 <br> Class A144A±±<br>| 1.75 | &nbsp;&nbsp; 10-25-2061 | 1471682 | &nbsp;&nbsp; 1421719 |
| &nbsp;&nbsp; Bunker Hill Loan Depositary Trust Series 2019-3 <br> Class A1144A±±<br>| 2.72 | &nbsp;&nbsp; 11-25-2059 | 78718 | &nbsp;&nbsp; 77966 |
| &nbsp;&nbsp; BX Trust Series 2021-ARIA Class D (U.S. SOFR 1 <br> Month+2.01%)144A±<br>| 6.37 | &nbsp;&nbsp; 10-15-2036 | 2165000 | &nbsp;&nbsp; 2166353 |
| &nbsp;&nbsp; BX Trust Series 2024-BIO Class C (U.S. SOFR 1 <br> Month+2.64%)144A±<br>| 7.00 | &nbsp;&nbsp; 2-15-2041 | 3010000 | &nbsp;&nbsp; 3001534 |
| &nbsp;&nbsp; BX Trust Series 2025-VLT6 Class B (U.S. SOFR 1 <br> Month+1.89%)144A±<br>| 6.26 | &nbsp;&nbsp; 3-15-2042 | 2995000 | &nbsp;&nbsp; 2992192 |
| &nbsp;&nbsp; CHL Mortgage Pass-Through Trust Series 2001-HYB1 <br> Class 2A1±±<br>| 6.30 | &nbsp;&nbsp; 6-19-2031 | 38893 | &nbsp;&nbsp; 38567 |
| COMM Mortgage Trust Series 2014-CR14 Class B±± | 3.79 | &nbsp;&nbsp; 2-10-2047 | 377611 | &nbsp;&nbsp; 364399 |
| CSMC Trust Series 2020-AFC1 Class A3144A±± | 3.51 | &nbsp;&nbsp; 2-25-2050 | 409067 | &nbsp;&nbsp; 391973 |
| CSMC Trust Series 2021-AFC1 Class A2144A±± | 1.07 | &nbsp;&nbsp; 3-25-2056 | 1037364 | &nbsp;&nbsp; 863445 |
| &nbsp;&nbsp; Finance of America Structured Securities Trust <br> Series 2024-S2 Class A1144A±±<br>| 3.50 | &nbsp;&nbsp; 4-25-2074 | 2389515 | &nbsp;&nbsp; 2326561 |
| &nbsp;&nbsp; Finance of America Structured Securities Trust <br> Series 2025-S1 Class A1144A<br>| 3.50 | &nbsp;&nbsp; 2-25-2075 | 2459867 | &nbsp;&nbsp; 2375101 |
| GCAT Trust Series 2021-NQM1 Class A1144A±± | 0.87 | &nbsp;&nbsp; 1-25-2066 | 788274 | &nbsp;&nbsp; 707750 |
| &nbsp;&nbsp; GS Mortgage Securities Corp. Trust Series 2018-LUAU <br> Class A (U.S. SOFR 1 Month+1.30%)144A±<br>| 5.66 | &nbsp;&nbsp; 11-15-2032 | 2770000 | &nbsp;&nbsp; 2762712 |
| &nbsp;&nbsp; GS Mortgage Securities Corp. Trust Series 2021-DM Class A <br> (U.S. SOFR 1 Month+1.00%)144A±<br>| 5.36 | &nbsp;&nbsp; 11-15-2036 | 2518000 | &nbsp;&nbsp; 2512492 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust Series 2024-HE1 <br> Class A1 (30 Day Average U.S. SOFR+1.60%)144A±<br>| 5.95 | &nbsp;&nbsp; 8-25-2054 | 2048148 | &nbsp;&nbsp; 2054895 |
| GSMPS Mortgage Loan Trust Series 1998-1 Class A144A±± | 8.00 | &nbsp;&nbsp; 9-19-2027 | 82344 | &nbsp;&nbsp; 80348 |
| &nbsp;&nbsp; Hudson's Bay Simon JV Trust Series 2015-HB10 <br> Class A10144A<br>| 4.15 | &nbsp;&nbsp; 8-5-2034 | 2215000 | &nbsp;&nbsp; 2212299 |
| &nbsp;&nbsp; Imperial Fund Mortgage Trust Series 2021-NQM3 <br> Class A1144A±±<br>| 1.60 | &nbsp;&nbsp; 11-25-2056 | 2034522 | &nbsp;&nbsp; 1784703 |
| &nbsp;&nbsp; Imperial Fund Mortgage Trust Series 2022-NQM3 <br> Class A3144A±±<br>| 4.41 | &nbsp;&nbsp; 5-25-2067 | 4005000 | &nbsp;&nbsp; 3559676 |
| &nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust <br> Series 2018-PHH Class A (U.S. SOFR 1 <br> Month+1.26%)144A±<br>| 5.62 | &nbsp;&nbsp; 6-15-2035 | 566915 | &nbsp;&nbsp; 485010 |
| JPMorgan Mortgage Trust Series 2020-2 Class A7144A±± | 3.50 | &nbsp;&nbsp; 7-25-2050 | 792801 | &nbsp;&nbsp; 704849 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust Series 2025-7MPR <br> Class A1D144A±±<br>| 5.32 | &nbsp;&nbsp; 2-25-2056 | 1935000 | &nbsp;&nbsp; 1936037 |
| &nbsp;&nbsp; MASTR Adjustable Rate Mortgages Trust Series 2002-3 <br> Class 4A1±±<br>| 6.63 | &nbsp;&nbsp; 10-25-2032 | 637 | &nbsp;&nbsp; 645 |

---

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

Allspring Short-Term Bond Plus Fund \| 11

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Non-agency mortgage-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; Merrill Lynch Golden National MTGE Asset Backed <br> Certificates Series 1998-GN1 Class M2<br>| 8.02<br> %<br>| &nbsp;&nbsp; 2-25-2027 | $34322 | &nbsp;&nbsp; $34018 |
| MFA Trust Series 2020-NQM1 Class A2144A±± | 2.79 | &nbsp;&nbsp; 8-25-2049 | 249311 | &nbsp;&nbsp; 240073 |
| MFA Trust Series 2021-NQM1 Class A2144A±± | 1.38 | &nbsp;&nbsp; 4-25-2065 | 450482 | &nbsp;&nbsp; 424362 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust Series 2014-150E <br> Class A144A<br>| 3.91 | &nbsp;&nbsp; 9-9-2032 | 2530000 | &nbsp;&nbsp; 2296504 |
| &nbsp;&nbsp; New Residential Mortgage Loan Trust Series 2018-5A <br> Class A1A144A±±<br>| 4.25 | &nbsp;&nbsp; 12-25-2057 | 1054209 | &nbsp;&nbsp; 1038551 |
| &nbsp;&nbsp; New Residential Mortgage Loan Trust Series 2019-6A <br> Class A1B144A±±<br>| 3.50 | &nbsp;&nbsp; 9-25-2059 | 731701 | &nbsp;&nbsp; 694516 |
| NYMT Loan Trust Series 2022-CP1 Class A1144A | 2.04 | &nbsp;&nbsp; 7-25-2061 | 1735281 | &nbsp;&nbsp; 1635998 |
| OBX Trust Series 2019-EXP1 Class 1A3144A±± | 4.00 | &nbsp;&nbsp; 1-25-2059 | 192880 | &nbsp;&nbsp; 190756 |
| &nbsp;&nbsp; PKHL Commercial Mortgage Trust Series 2021-MF Class B <br> (U.S. SOFR 1 Month+1.29%)144A±<br>| 5.66 | &nbsp;&nbsp; 7-15-2038 | 3342000 | &nbsp;&nbsp; 2849034 |
| RCKT Mortgage Trust Series 2023-CES2 Class A1A144A±± | 6.81 | &nbsp;&nbsp; 9-25-2043 | 740281 | &nbsp;&nbsp; 748112 |
| &nbsp;&nbsp; Residential Mortgage Loan Trust Series 2021-1R <br> Class A2144A±±<br>| 1.10 | &nbsp;&nbsp; 1-25-2065 | 108258 | &nbsp;&nbsp; 104026 |
| ROCK Trust Series 2024-CNTR Class B144A | 5.93 | &nbsp;&nbsp; 11-13-2041 | 4205000 | &nbsp;&nbsp; 4348912 |
| &nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust Series 2024-CES1 <br> Class A1144A±±<br>| 6.31 | &nbsp;&nbsp; 3-25-2054 | 2031297 | &nbsp;&nbsp; 2055199 |
| &nbsp;&nbsp; SDAL Trust Series 2025-DAL Class B (U.S. SOFR 1 <br> Month+2.94%)144A±<br>| 7.30 | &nbsp;&nbsp; 4-15-2042 | 3100000 | &nbsp;&nbsp; 3117721 |
| &nbsp;&nbsp; SHR Trust Series 2024-LXRY Class A (U.S. SOFR 1 <br> Month+1.95%)144A±<br>| 6.31 | &nbsp;&nbsp; 10-15-2041 | 3370000 | &nbsp;&nbsp; 3380106 |
| &nbsp;&nbsp; Starwood Mortgage Residential Trust Series 2020-1 <br> Class A3144A±±<br>| 2.56 | &nbsp;&nbsp; 2-25-2050 | 1014738 | &nbsp;&nbsp; 968644 |
| &nbsp;&nbsp; SWCH Commercial Mortgage Trust Series 2025-DATA <br> Class C (U.S. SOFR 1 Month+2.09%)144A±<br>| 6.46 | &nbsp;&nbsp; 2-15-2042 | 2100000 | &nbsp;&nbsp; 2092125 |
| Towd Point Mortgage Trust Series 2017-4 Class A1144A±± | 2.75 | &nbsp;&nbsp; 6-25-2057 | 165376 | &nbsp;&nbsp; 161591 |
| Towd Point Mortgage Trust Series 2019-4 Class A1144A±± | 2.90 | &nbsp;&nbsp; 10-25-2059 | 664591 | &nbsp;&nbsp; 638393 |
| Verus Securitization Trust Series 2021-2 Class A1144A±± | 1.03 | &nbsp;&nbsp; 2-25-2066 | 3362277 | &nbsp;&nbsp; 3003755 |
| Verus Securitization Trust Series 2021-8 Class A2144A±± | 2.29 | &nbsp;&nbsp; 11-25-2066 | 1497151 | &nbsp;&nbsp; 1343693 |
| Verus Securitization Trust Series 2021-R1 Class A2144A±± | 1.06 | &nbsp;&nbsp; 10-25-2063 | 45675 | &nbsp;&nbsp; 44000 |
| Verus Securitization Trust Series 2021-R3 Class A1144A±± | 1.02 | &nbsp;&nbsp; 4-25-2064 | 544477 | &nbsp;&nbsp; 517993 |
| Wilshire Funding Corp. Series 1996-3 Class M2±± | 7.67 | &nbsp;&nbsp; 8-25-2032 | 43542 | &nbsp;&nbsp; 43720 |
| Wilshire Funding Corp. Series 1996-3 Class M3±± | 7.67 | &nbsp;&nbsp; 8-25-2032 | 17877 | &nbsp;&nbsp; 17726 |
| &nbsp;&nbsp; Wilshire Funding Corp. Series 1998-WFC2 Class M1 (12 <br> Month Treasury Average+2.00%)±<br>| 6.40 | &nbsp;&nbsp; 12-28-2037 | 1422 | &nbsp;&nbsp; 1412 |
| &nbsp;&nbsp; **Total non-agency mortgage-backed securities** <br> **(Cost $86,686,346)**<br>|  |  |  | &nbsp;&nbsp; **84467156** |
| **U.S. Treasury securities: 14.44%** |  |  |  |  |
| U.S. Treasury Notes | 3.75 | &nbsp;&nbsp; 6-30-2027 | 11500000 | &nbsp;&nbsp; 11519766 |
| U.S. Treasury Notes | 3.75 | &nbsp;&nbsp; 8-15-2027 | 9695000 | &nbsp;&nbsp; 9714314 |
| U.S. Treasury Notes | 3.75 | &nbsp;&nbsp; 4-15-2028 | 1630000 | &nbsp;&nbsp; 1636240 |
| U.S. Treasury Notes | 3.88 | &nbsp;&nbsp; 3-31-2027 | 1750000 | &nbsp;&nbsp; 1754512 |
| U.S. Treasury Notes## | 3.88 | &nbsp;&nbsp; 7-31-2027 | 38000000 | &nbsp;&nbsp; 38157343 |
| U.S. Treasury Notes | 4.13 | &nbsp;&nbsp; 2-28-2027 | 23000000 | &nbsp;&nbsp; 23131172 |

---

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

12 \| Allspring Short-Term Bond Plus Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |
| U.S. Treasury Notes | 4.25<br> %<br>| &nbsp;&nbsp; 12-31-2026 | $7415000 | &nbsp;&nbsp; $7459316 |
| U.S. Treasury Notes | 4.38 | &nbsp;&nbsp; 7-31-2026 | 18765000 | &nbsp;&nbsp; 18841966 |
| **Total U.S. Treasury securities (Cost $111,822,476)** |  |  |  | &nbsp;&nbsp; **112214629** |
| **Yankee corporate bonds and notes: 11.89%** |  |  |  |  |
| **Basic materials: 0.37%** |  |  |  |  |
| **Chemicals: 0.37%** |  |  |  |  |
| Braskem Netherlands Finance BV144A | 4.50 | &nbsp;&nbsp; 1-10-2028 | 1125000 | &nbsp;&nbsp; 875171 |
| Orbia Advance Corp. SAB de CV144A | 6.80 | &nbsp;&nbsp; 5-13-2030 | 2000000 | &nbsp;&nbsp; 2040980 |
|  |  |  |  | &nbsp;&nbsp; **2916151** |
| **Communications: 1.20%** |  |  |  |  |
| **Media: 0.44%** |  |  |  |  |
| Videotron Ltd.144A | 3.63 | &nbsp;&nbsp; 6-15-2029 | 3515000 | &nbsp;&nbsp; **3393137** |
| **Telecommunications: 0.76%** |  |  |  |  |
| NTT Finance Corp.144A | 4.57 | &nbsp;&nbsp; 7-16-2027 | 3880000 | &nbsp;&nbsp; 3904609 |
| Softbank Corp.144A | 4.70 | &nbsp;&nbsp; 7-9-2030 | 2000000 | &nbsp;&nbsp; 2013614 |
|  |  |  |  | &nbsp;&nbsp; **5918223** |
| **Consumer, cyclical: 0.26%** |  |  |  |  |
| **Leisure time: 0.26%** |  |  |  |  |
| Royal Caribbean Cruises Ltd.144A | 4.25 | &nbsp;&nbsp; 7-1-2026 | 2000000 | &nbsp;&nbsp; **1996275** |
| **Consumer, non-cyclical: 0.69%** |  |  |  |  |
| **Household products/wares: 0.44%** |  |  |  |  |
| Reckitt Benckiser Treasury Services PLC144A | 3.00 | &nbsp;&nbsp; 6-26-2027 | 3430000 | &nbsp;&nbsp; **3367498** |
| **Pharmaceuticals: 0.25%** |  |  |  |  |
| Teva Pharmaceutical Finance Netherlands III BV | 3.15 | &nbsp;&nbsp; 10-1-2026 | 2000000 | &nbsp;&nbsp; **1960447** |
| **Energy: 0.64%** |  |  |  |  |
| **Oil & gas: 0.64%** |  |  |  |  |
| &nbsp;&nbsp; BP Capital Markets PLC (5 Year Treasury Constant <br> Maturity+4.04%)ʊ±<br>| 4.38 | &nbsp;&nbsp; 9-1-2025 | 3000000 | &nbsp;&nbsp; 2996392 |
| Var Energi ASA144A | 5.88 | &nbsp;&nbsp; 5-22-2030 | 1915000 | &nbsp;&nbsp; 1984854 |
|  |  |  |  | &nbsp;&nbsp; **4981246** |
| **Financial: 6.80%** |  |  |  |  |
| **Banks: 5.07%** |  |  |  |  |
| AIB Group PLC (U.S. SOFR+1.65%)144A± | 5.32 | &nbsp;&nbsp; 5-15-2031 | 2405000 | &nbsp;&nbsp; 2467896 |
| Banque Federative du Credit Mutuel SA144A | 4.59 | &nbsp;&nbsp; 10-16-2028 | 1500000 | &nbsp;&nbsp; 1513606 |
| Barclays PLC (U.S. SOFR+0.96%)± | 5.09 | &nbsp;&nbsp; 2-25-2029 | 3745000 | &nbsp;&nbsp; 3805864 |
| BNP Paribas SA (U.S. SOFR+1.00%)144A± | 1.32 | &nbsp;&nbsp; 1-13-2027 | 1545000 | &nbsp;&nbsp; 1526957 |
| Credit Agricole SA (U.S. SOFR+1.46%)144A± | 5.22 | &nbsp;&nbsp; 5-27-2031 | 3000000 | &nbsp;&nbsp; 3068630 |
| DNB Bank ASA (U.S. SOFR+1.05%)144A± | 4.85 | &nbsp;&nbsp; 11-5-2030 | 3000000 | &nbsp;&nbsp; 3063168 |
| Federation des Caisses Desjardins du Quebec144A | 5.25 | &nbsp;&nbsp; 4-26-2029 | 2000000 | &nbsp;&nbsp; 2069120 |
| &nbsp;&nbsp; Lloyds Banking Group PLC (1 Year Treasury Constant <br> Maturity+1.70%)±<br>| 5.87 | &nbsp;&nbsp; 3-6-2029 | 3650000 | &nbsp;&nbsp; 3790042 |

---

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

Allspring Short-Term Bond Plus Fund \| 13

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Banks**(continued) |  |  |  |  |
| Macquarie Group Ltd. (U.S. SOFR+1.07%)144A± | 1.34<br> %<br>| &nbsp;&nbsp; 1-12-2027 | $1885000 | &nbsp;&nbsp; $1864131 |
| &nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury <br> Constant Maturity+1.17%)±<br>| 5.16 | &nbsp;&nbsp; 4-24-2031 | 1500000 | &nbsp;&nbsp; 1546959 |
| &nbsp;&nbsp; NatWest Group PLC (1 Year Treasury Constant <br> Maturity+1.05%)±<br>| 5.12 | &nbsp;&nbsp; 5-23-2031 | 2660000 | &nbsp;&nbsp; 2724838 |
| &nbsp;&nbsp; NatWest Group PLC (1 Year Treasury Constant <br> Maturity+1.10%)±<br>| 5.58 | &nbsp;&nbsp; 3-1-2028 | 3200000 | &nbsp;&nbsp; 3259483 |
| Sumitomo Mitsui Financial Group, Inc. | 5.24 | &nbsp;&nbsp; 4-15-2030 | 3000000 | &nbsp;&nbsp; 3106144 |
| Swedbank AB144A | 5.08 | &nbsp;&nbsp; 5-21-2030 | 3550000 | &nbsp;&nbsp; 3644446 |
| &nbsp;&nbsp; UBS Group AG (1 Year Treasury Constant <br> Maturity+0.85%)144A±<br>| 1.49 | &nbsp;&nbsp; 8-10-2027 | 2000000 | &nbsp;&nbsp; 1946588 |
|  |  |  |  | &nbsp;&nbsp; **39397872** |
| **Diversified financial services: 0.73%** |  |  |  |  |
| Avolon Holdings Funding Ltd.144A | 4.95 | &nbsp;&nbsp; 1-15-2028 | 2500000 | &nbsp;&nbsp; 2524940 |
| Avolon Holdings Funding Ltd.144A | 5.75 | &nbsp;&nbsp; 11-15-2029 | 1000000 | &nbsp;&nbsp; 1038472 |
| Marex Group PLC | 5.83 | &nbsp;&nbsp; 5-8-2028 | 2110000 | &nbsp;&nbsp; 2138685 |
|  |  |  |  | &nbsp;&nbsp; **5702097** |
| **Insurance: 0.40%** |  |  |  |  |
| RenaissanceRe Holdings Ltd. | 3.60 | &nbsp;&nbsp; 4-15-2029 | 3175000 | &nbsp;&nbsp; **3086656** |
| **Real estate: 0.34%** |  |  |  |  |
| Ontario Teachers' Cadillac Fairview Properties Trust144A | 3.88 | &nbsp;&nbsp; 3-20-2027 | 2687000 | &nbsp;&nbsp; **2664770** |
| **REITs: 0.26%** |  |  |  |  |
| Scentre Group Trust 1/Scentre Group Trust 2144A | 3.63 | &nbsp;&nbsp; 1-28-2026 | 2000000 | &nbsp;&nbsp; **1992690** |
| **Government securities: 0.98%** |  |  |  |  |
| **Multi-national: 0.98%** |  |  |  |  |
| African Export-Import Bank144A | 2.63 | &nbsp;&nbsp; 5-17-2026 | 2185000 | &nbsp;&nbsp; 2138730 |
| Banque Ouest Africaine de Developpement144A | 5.00 | &nbsp;&nbsp; 7-27-2027 | 3000000 | &nbsp;&nbsp; 2977179 |
| Central American Bank for Economic Integration144A | 1.14 | &nbsp;&nbsp; 2-9-2026 | 2500000 | &nbsp;&nbsp; 2464404 |
|  |  |  |  | &nbsp;&nbsp; **7580313** |
| **Industrial: 0.50%** |  |  |  |  |
| **Aerospace/defense: 0.14%** |  |  |  |  |
| Embraer Netherlands Finance BV144A | 7.00 | &nbsp;&nbsp; 7-28-2030 | 1000000 | &nbsp;&nbsp; **1080657** |
| **Electronics: 0.23%** |  |  |  |  |
| Flex Ltd. | 4.88 | &nbsp;&nbsp; 6-15-2029 | 1790000 | &nbsp;&nbsp; **1809892** |
| **Trucking & leasing: 0.13%** |  |  |  |  |
| SMBC Aviation Capital Finance DAC144A | 5.45 | &nbsp;&nbsp; 5-3-2028 | 1005000 | &nbsp;&nbsp; **1032110** |

---

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

14 \| Allspring Short-Term Bond Plus Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities: 0.45%** |  |  |  |  |
| **Electric: 0.45%** |  |  |  |  |
| Comision Federal de Electricidad144A | 5.70<br> %<br>| &nbsp;&nbsp; 1-24-2030 | $1500000 | &nbsp;&nbsp; $1509945 |
| Emera, Inc. Series 16-A (3 Month LIBOR+5.44%)± | 6.75 | &nbsp;&nbsp; 6-15-2076 | 2000000 | &nbsp;&nbsp; 2012556 |
|  |  |  |  | &nbsp;&nbsp; **3522501** |
| **Total yankee corporate bonds and notes (Cost $91,214,352)** |  |  |  | &nbsp;&nbsp; **92402535** |
| **Yankee government bonds: 0.76%** |  |  |  |  |
| **Israel: 0.25%** |  |  |  |  |
| Israel | 5.38 | &nbsp;&nbsp; 2-19-2030 | 1910000 | &nbsp;&nbsp; **1960078** |
| **Panama: 0.38%** |  |  |  |  |
| Panama | 3.88 | &nbsp;&nbsp; 3-17-2028 | 3000000 | &nbsp;&nbsp; **2934060** |
| **Peru: 0.13%** |  |  |  |  |
| Corp. Financiera de Desarrollo SA144A | 5.50 | &nbsp;&nbsp; 5-6-2030 | 1000000 | &nbsp;&nbsp; **1019350** |
| **Total yankee government bonds (Cost $5,753,887)** |  |  |  | &nbsp;&nbsp; **5913488** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Yield | Shares |  |
| **Short-term investments: 5.24%** |  |  |  |
| **Investment companies: 2.28%** |  |  |  |
| &nbsp;&nbsp; Allspring Government Money Market Fund Select <br> Class♠∞##<br>| 4.23 | 17743160 | &nbsp;&nbsp; **17743160** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Principal |  |
| **U.S. Treasury securities: 2.96%** |  |  |  |  |  |
| U.S. Treasury Bills☼ |  | 2.13 | &nbsp;&nbsp; 9-4-2025 | $23000000 | &nbsp;&nbsp; **22994589** |
| **Total short-term investments (Cost $40,737,724)** |  |  |  |  | &nbsp;&nbsp; **40737749** |
| **Total investments in securities (Cost $795,109,951)** | 103.00<br> %<br>|  |  |  | &nbsp;&nbsp; 800220502 |
| Other assets and liabilities, net | (3.00)<br>|  |  |  | &nbsp;&nbsp; (23294048)<br>|
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$776926454** |

---

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

---

| | |
|:---|:---|
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ±± | The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality <br> and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end.<br>|
| %% | The security is purchased on a when-issued basis. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ƒ | Investment in an interest-only security that entitles holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the <br> notional amount of the underlying mortgages. The rate represents the coupon rate.<br>|
| ‡ | Security is valued using significant unobservable inputs. |
| ʊ | Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| ## | All or a portion of this security is segregated as collateral for when-issued securities. |
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |
| ☼ | Zero coupon security. The rate represents the current yield to maturity. |

---

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

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

Allspring Short-Term Bond Plus Fund \| 15

------

Portfolio of investments—August 31, 2025

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AUD | Australian dollar |
| BDC | Business Development Company |
| BRL | Brazilian real |
| CLO | Collateralized loan obligation |
| COP | Colombian peso |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GBP | Great British pound |
| GNMA | Government National Mortgage Association |
| IDR | Indonesian rupiah |
| LIBOR | London Interbank Offered Rate |
| REIT | Real estate investment trust |
| RFUCCT1Y | Refinitiv USD IBOR Consumer Cash Fallbacks Term 1-year |
| SOFR | Secured Overnight Financing Rate |
| ZAR | South African rand |

---

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund <br> Select Class<br>| $15547457 | $579512722 | $(577317019)<br>| $0 | $0 | $17743160 | 17743160 | $1291910 |

---

**Forward foreign currency contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be <br>received | Currency to be <br>received | &nbsp;&nbsp;&nbsp; Currency to be <br>delivered | &nbsp;&nbsp;&nbsp; Currency to be <br>delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement <br>date<br>| &nbsp;&nbsp; Unrealized <br>gains<br>| &nbsp;&nbsp; Unrealized <br>losses<br>|
| USD | 1974438 | AUD | 3000000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; $10154 | &nbsp;&nbsp;&nbsp; $0 |
| USD | 2540733 | BRL | 14315000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (81026)<br>|
| USD | 1985437 | COP | 8098000000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (24618)<br>|
| USD | 961770 | EUR | 830000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (10934)<br>|
| EUR | 1900000 | USD | 2194048 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 32623 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 15462339 | EUR | 13355000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (188815)<br>|
| USD | 466199 | EUR | 400000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (2574)<br>|
| USD | 967757 | EUR | 830000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (4947)<br>|
| USD | 5015536 | GBP | 3717500 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (10342)<br>|
| JPY | 140000000 | USD | 972638 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (17109)<br>|
| JPY | 140000000 | USD | 966643 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (11114)<br>|
| USD | 1267434 | ZAR | 22840000 | Morgan Stanley, Inc. | 9-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (25000)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **$42777** | &nbsp;&nbsp;&nbsp; **$(376479)**<br>|

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| 2-Year U.S. Treasury Notes | &nbsp;&nbsp; 1211 | &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; $252220899 | &nbsp;&nbsp; $252540804 | &nbsp;&nbsp; $319905 | &nbsp;&nbsp; $0 |

---

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

16 \| Allspring Short-Term Bond Plus Fund

------

Portfolio of investments—August 31, 2025

**Futures contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts<br>| Expiration<br> date<br>| Notional<br> cost<br>| Notional<br> value<br>| Unrealized<br> gains<br>| Unrealized<br> losses<br>|
| **Short** |  |  |  |  |  |  |
| 2-Year Euro SCHATZ | &nbsp;&nbsp; (109)<br>| &nbsp;&nbsp; 9-8-2025 | &nbsp;&nbsp; $(13699834)<br>| &nbsp;&nbsp; $(13652193)<br>| &nbsp;&nbsp; $47641 | &nbsp;&nbsp; $0 |
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; (42)<br>| &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; (4712090)<br>| &nbsp;&nbsp; (4725000)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (12910)<br>|
| 5-Year U.S. Treasury Notes | &nbsp;&nbsp; (1088)<br>| &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; (118845086)<br>| &nbsp;&nbsp; (119102000)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (256914)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$367546** | &nbsp;&nbsp; **$(269824)**<br>|

---

**Centrally cleared credit default swap contracts** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference index | Fixed rate | &nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp; Maturity <br>date<br>| Notional <br>amount | Notional <br>amount | Value | Premiums <br>paid <br>(received)<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Buy Protection** |  |  |  |  |  |  |  |  |  |
| Markit CDX North American High Yield <br> Series 44 <br>| 5.00% | Quarterly | 6-20-2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1785000 | &nbsp;&nbsp; $147576 | &nbsp;&nbsp; $125480 | &nbsp;&nbsp; $22096 | &nbsp;&nbsp; $0 |

---

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

Allspring Short-Term Bond Plus Fund \| 17

------

Statement of assets and liabilities—August 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $777,366,791) | $782477342 |
| Investments in affiliated securities, at value (cost $17,743,160) | 17743160 |
| Cash | 978 |
| Cash at broker segregated for futures contracts | 1835000 |
| Segregated cash for forward foreign currency contracts | 272397 |
| Segregated cash for swap contracts | 129881 |
| Foreign currency, at value (cost $362) | 364 |
| Receivable for interest | 6570610 |
| Receivable for Fund shares sold | 2068848 |
| Receivable for daily variation margin on open futures contracts | 50919 |
| Unrealized gains on forward foreign currency contracts | 42777 |
| Principal paydown receivable | 1365 |
| Prepaid expenses and other assets | 77468 |
| **Total assets** | **811271109** |
| Liabilities |  |
| Payable for when-issued transactions | 33121353 |
| Payable for Fund shares redeemed | 512046 |
| Unrealized losses on forward foreign currency contracts | 376479 |
| Management fee payable | 115131 |
| Administration fees payable | 60915 |
| Shareholder servicing fees payable | 26113 |
| Contingent tax liability | 2794 |
| Payable for daily variation margin on centrally cleared swap contracts | 1753 |
| Distribution fee payable | 1664 |
| Trustees' fees and expenses payable | 281 |
| Accrued expenses and other liabilities | 126126 |
| **Total liabilities** | **34344655** |
| **Total net assets**  | **$776926454** |
| Net assets consist of |  |
| Paid-in capital | $788937039 |
| Total distributable loss | (12010585)<br>|
| **Total net assets** | **$776926454** |

---

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

18 \| Allspring Short-Term Bond Plus Fund

------

Statement of assets and liabilities—August 31, 2025

Statement of assets and liabilities

---

| | |
|:---|:---|
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $117610816 |
| Shares outstanding–Class A<sup>1</sup> <br>| 13617302 |
| Net asset value per share–Class A | $8.64 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $8.82 |
| Net assets–Class C | $2653859 |
| Shares outstanding–Class C<sup>1</sup> <br>| 307818 |
| Net asset value per share–Class C | $8.62 |
| Net assets–Class R6 | $17618331 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 2041565 |
| Net asset value per share–Class R6 | $8.63 |
| Net assets–Institutional Class | $639043448 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 73993792 |
| Net asset value per share–Institutional Class | $8.64 |

---

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

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

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

Allspring Short-Term Bond Plus Fund \| 19

------

Statement of operations—year ended August 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest (net of foreign withholding taxes of $11,175) | $34361831 |
| Income from affiliated securities | 1291910 |
| Dividends | 389828 |
| **Total investment income** | **36043569** |
| Expenses |  |
| Management fee | 2554099 |
| Administration fees |  |
| Class A | 183477 |
| Class C | 4161 |
| Class R6 | 4773 |
| Institutional Class | 470992 |
| Shareholder servicing fees |  |
| Class A | 305611 |
| Class C | 6923 |
| Distribution fee |  |
| Class C | 20771 |
| Custody and accounting fees | 36002 |
| Professional fees | 72757 |
| Registration fees | 120820 |
| Shareholder report expenses | 49862 |
| Trustees' fees and expenses | 10390 |
| Other fees and expenses | 42965 |
| **Total expenses** | **3883603** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (1342211)<br>|
| Class A | (35328)<br>|
| **Net expenses** | **2506064** |
| **Net investment income** | **33537505** |

---

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

20 \| Allspring Short-Term Bond Plus Fund

------

Statement of operations—year ended August 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | $1961218 |
| Foreign currency and foreign currency translations | (36424)<br>|
| Forward foreign currency contracts | (945554)<br>|
| Futures contracts | (1489659)<br>|
| Swap contracts | (10943)<br>|
| **Net realized losses on investments**  | **(521362)**<br>|
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities (net of deferred foreign capital gains tax of $2,794) | 5997673 |
| Foreign currency and foreign currency translations | (278)<br>|
| Forward foreign currency contracts | 369674 |
| Futures contracts | 233410 |
| Swap contracts | 22096 |
| **Net change in unrealized gains (losses) on investments** | **6622575** |
| **Net realized and unrealized gains (losses) on investments** | **6101213** |
| **Net increase in net assets resulting from operations** | **$39638718** |

---

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

Allspring Short-Term Bond Plus Fund \| 21

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> August 31, 2025 | Year ended<br> August 31, 2025 | Year ended<br> August 31, 2024 | Year ended<br> August 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $33537505 |  | &nbsp;&nbsp; $26325396 |
| Net realized losses on investments |  | &nbsp;&nbsp; (521362)<br>|  | &nbsp;&nbsp; (1229682)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 6622575 |  | &nbsp;&nbsp; 18336623 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **39638718** |  | &nbsp;&nbsp; **43432337** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (5194444)<br>|  | &nbsp;&nbsp; (5228689)<br>|
| Class C |  | &nbsp;&nbsp; (96572)<br>|  | &nbsp;&nbsp; (103219)<br>|
| Class R6 |  | &nbsp;&nbsp; (745007)<br>|  | &nbsp;&nbsp; (649929)<br>|
| Institutional Class |  | &nbsp;&nbsp; (27091796)<br>|  | &nbsp;&nbsp; (20935941)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(33127819)**<br>|  | &nbsp;&nbsp; **(26917778)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 1531813 | &nbsp;&nbsp; 13146546 | &nbsp;&nbsp; 1181690 | &nbsp;&nbsp; 9972798 |
| Class C | 95303 | &nbsp;&nbsp; 816477 | &nbsp;&nbsp; 157285 | &nbsp;&nbsp; 1322674 |
| Class R6 | 926475 | &nbsp;&nbsp; 7940105 | &nbsp;&nbsp; 1141353 | &nbsp;&nbsp; 9542449 |
| Institutional Class | 34765380 | &nbsp;&nbsp; 298193415 | &nbsp;&nbsp; 24592662 | &nbsp;&nbsp; 207234368 |
|  |  | &nbsp;&nbsp; 320096543 |  | &nbsp;&nbsp; 228072289 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 576752 | &nbsp;&nbsp; 4935516 | &nbsp;&nbsp; 590223 | &nbsp;&nbsp; 4959139 |
| Class C | 11121 | &nbsp;&nbsp; 95021 | &nbsp;&nbsp; 12261 | &nbsp;&nbsp; 102957 |
| Class R6 | 70330 | &nbsp;&nbsp; 601395 | &nbsp;&nbsp; 47028 | &nbsp;&nbsp; 395832 |
| Institutional Class | 2523488 | &nbsp;&nbsp; 21600989 | &nbsp;&nbsp; 1862172 | &nbsp;&nbsp; 15659643 |
|  |  | &nbsp;&nbsp; 27232921 |  | &nbsp;&nbsp; 21117571 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (3193085)<br>| &nbsp;&nbsp; (27360754)<br>| &nbsp;&nbsp; (2564798)<br>| &nbsp;&nbsp; (21575359)<br>|
| Class C | (188857)<br>| &nbsp;&nbsp; (1618408)<br>| &nbsp;&nbsp; (152996)<br>| &nbsp;&nbsp; (1282324)<br>|
| Class R6 | (644712)<br>| &nbsp;&nbsp; (5520187)<br>| &nbsp;&nbsp; (956866)<br>| &nbsp;&nbsp; (8047260)<br>|
| Institutional Class | (20444193)<br>| &nbsp;&nbsp; (175353639)<br>| &nbsp;&nbsp; (21131465)<br>| &nbsp;&nbsp; (178076171)<br>|
|  |  | &nbsp;&nbsp; (209852988)<br>|  | &nbsp;&nbsp; (208981114)<br>|
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **137476476** |  | &nbsp;&nbsp; **40208746** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **143987375** |  | &nbsp;&nbsp; **56723305** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **632939079** |  | &nbsp;&nbsp; **576215774** |
| **End of period** |  | &nbsp;&nbsp; **$776926454** |  | &nbsp;&nbsp; **$632939079** |

---

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

22 \| Allspring Short-Term Bond Plus Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.56** | &nbsp;&nbsp; **$8.33** | &nbsp;&nbsp; **$8.41** | &nbsp;&nbsp; **$9.02** | &nbsp;&nbsp; **$9.09** |
| Net investment income | 0.37 <br><sup>1</sup><br>| 0.34 <br><sup>1</sup><br>| 0.27 | 0.11 <br><sup>1</sup><br>| 0.14 |
| Net realized and unrealized gains (losses) on investments | 0.07 | 0.24 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.54)<br>| 0.02 |
| Total from investment operations | 0.44 | 0.58 | 0.18 | &nbsp;&nbsp; (0.43)<br>| 0.16 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.36)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.10)<br>|
| Total distributions to shareholders | (0.36)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.23)<br>|
| **Net asset value, end of period** | **$8.64** | &nbsp;&nbsp; **$8.56** | &nbsp;&nbsp; **$8.33** | &nbsp;&nbsp; **$8.41** | &nbsp;&nbsp; **$9.02** |
| **Total return**<sup>2</sup> <br>| **5.32%**<br>| **7.12%**<br>| **2.16%**<br>| &nbsp;&nbsp; **(4.83)%**<br>| **1.76%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.80<br> %<br>| 0.80<br> %<br>| 0.81<br> %<br>| 0.81<br> %<br>| 0.81<br> %<br>|
| Net expenses | 0.58<br> %<br>| 0.61<br> %<br>| 0.68<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>|
| Net investment income | 4.35<br> %<br>| 4.06<br> %<br>| 3.13<br> %<br>| 1.30<br> %<br>| 1.48<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 182<br> %<br>| &nbsp;&nbsp; 131<br> %<br>| &nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp; 65<br> %<br>|
| Net assets, end of period (000s omitted) | $117611 | &nbsp;&nbsp; $125839 | &nbsp;&nbsp; $129076 | &nbsp;&nbsp; $141782 | &nbsp;&nbsp; $175111 |

---

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

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

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

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

Allspring Short-Term Bond Plus Fund \| 23

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.55** | &nbsp;&nbsp; **$8.32** | &nbsp;&nbsp; **$8.40** | &nbsp;&nbsp; **$9.01** | &nbsp;&nbsp; **$9.07** |
| Net investment income | 0.30 <br><sup>1</sup><br>| 0.28 <br><sup>1</sup><br>| 0.21 | 0.05 | 0.06 |
| Net realized and unrealized gains (losses) on investments | 0.07 | 0.24 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.55)<br>| 0.04 |
| Total from investment operations | 0.37 | 0.52 | 0.11 | &nbsp;&nbsp; (0.50)<br>| 0.10 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.30)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.06)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.10)<br>|
| Total distributions to shareholders | (0.30)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.16)<br>|
| **Net asset value, end of period** | **$8.62** | &nbsp;&nbsp; **$8.55** | &nbsp;&nbsp; **$8.32** | &nbsp;&nbsp; **$8.40** | &nbsp;&nbsp; **$9.01** |
| **Total return**<sup>2</sup> <br>| **4.42%**<br>| **6.32%**<br>| **1.38%**<br>| &nbsp;&nbsp; **(5.57)%**<br>| **1.10%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.54<br> %<br>| 1.55<br> %<br>| 1.56<br> %<br>| 1.55<br> %<br>| 1.56<br> %<br>|
| Net expenses | 1.36<br> %<br>| 1.36<br> %<br>| 1.43<br> %<br>| 1.47<br> %<br>| 1.47<br> %<br>|
| Net investment income | 3.56<br> %<br>| 3.30<br> %<br>| 2.35<br> %<br>| 0.53<br> %<br>| 0.71<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 182<br> %<br>| &nbsp;&nbsp; 131<br> %<br>| &nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp; 65<br> %<br>|
| Net assets, end of period (000s omitted) | $2654 | &nbsp;&nbsp; $3336 | &nbsp;&nbsp; $3109 | &nbsp;&nbsp; $4225 | &nbsp;&nbsp; $5286 |

---

&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.

24 \| Allspring Short-Term Bond Plus Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Class R6 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.56** | &nbsp;&nbsp; **$8.33** | &nbsp;&nbsp; **$8.40** | &nbsp;&nbsp; **$9.02** | &nbsp;&nbsp; **$9.08** |
| Net investment income | 0.40 <br><sup>1</sup><br>| 0.37 <br><sup>1</sup><br>| 0.32 | 0.14 <br><sup>1</sup><br>| 0.16 |
| Net realized and unrealized gains (losses) on investments | 0.07 | 0.24 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.56)<br>| 0.03 |
| Total from investment operations | 0.47 | 0.61 | 0.22 | &nbsp;&nbsp; (0.42)<br>| 0.19 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.40)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.10)<br>|
| Total distributions to shareholders | (0.40)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.25)<br>|
| **Net asset value, end of period** | **$8.63** | &nbsp;&nbsp; **$8.56** | &nbsp;&nbsp; **$8.33** | &nbsp;&nbsp; **$8.40** | &nbsp;&nbsp; **$9.02** |
| **Total return**<sup>2</sup> <br>| **5.59%**<br>| **7.52%**<br>| **2.63%**<br>| &nbsp;&nbsp; **(4.65)%**<br>| **2.18%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.43<br> %<br>| 0.43<br> %<br>| 0.43<br> %<br>| 0.43<br> %<br>| 0.43<br> %<br>|
| Net expenses | 0.24<br> %<br>| 0.24<br> %<br>| 0.35<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>|
| Net investment income | 4.69<br> %<br>| 4.43<br> %<br>| 3.43<br> %<br>| 1.55<br> %<br>| 1.79<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 182<br> %<br>| &nbsp;&nbsp; 131<br> %<br>| &nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp; 65<br> %<br>|
| Net assets, end of period (000s omitted) | $17618 | &nbsp;&nbsp; $14455 | &nbsp;&nbsp; $12141 | &nbsp;&nbsp; $16575 | &nbsp;&nbsp; $32131 |

---

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

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

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

Allspring Short-Term Bond Plus Fund \| 25

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.56** | &nbsp;&nbsp; **$8.33** | &nbsp;&nbsp; **$8.41** | &nbsp;&nbsp; **$9.03** | &nbsp;&nbsp; **$9.09** |
| Net investment income | 0.40 <br><sup>1</sup><br>| 0.37 <br><sup>1</sup><br>| 0.29 | 0.13 | 0.15 |
| Net realized and unrealized gains (losses) on investments | 0.07 | 0.24 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.55)<br>| 0.04 |
| Total from investment operations | 0.47 | 0.61 | 0.20 | &nbsp;&nbsp; (0.42)<br>| 0.19 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.39)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.10)<br>|
| Total distributions to shareholders | (0.39)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.25)<br>|
| **Net asset value, end of period** | **$8.64** | &nbsp;&nbsp; **$8.56** | &nbsp;&nbsp; **$8.33** | &nbsp;&nbsp; **$8.41** | &nbsp;&nbsp; **$9.03** |
| **Total return**<sup>2</sup> <br>| **5.65%**<br>| **7.46%**<br>| **2.45%**<br>| &nbsp;&nbsp; **(4.69)%**<br>| **2.13%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.48<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>|
| Net expenses | 0.29<br> %<br>| 0.29<br> %<br>| 0.39<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>|
| Net investment income | 4.63<br> %<br>| 4.38<br> %<br>| 3.43<br> %<br>| 1.57<br> %<br>| 1.69<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 182<br> %<br>| &nbsp;&nbsp; 131<br> %<br>| &nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp; 65<br> %<br>|
| Net assets, end of period (000s omitted) | $639043 | &nbsp;&nbsp; $489309 | &nbsp;&nbsp; $431890 | &nbsp;&nbsp; $446610 | &nbsp;&nbsp; $406333 |

---

&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.

26 \| Allspring Short-Term Bond Plus Fund

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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

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

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

Foreign currency translation

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

When-issued transactions

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

Allspring Short-Term Bond Plus Fund \| 27

------

Notes to financial statements

Forward foreign currency contracts

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

Futures contracts

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

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

Swap contracts

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

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

***Credit default swaps***

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

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

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

28 \| Allspring Short-Term Bond Plus Fund

------

Notes to financial statements

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

Mortgage dollar roll transactions

The Fund may engage in mortgage dollar roll transactions through To Be Announced (TBA) mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, the Fund sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, the Fund foregoes principal and interest paid on the securities. The Fund is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Fund accounts for TBA dollar roll transactions as purchases and sales which, as a result, may increase its portfolio turnover rate.

Security transactions and income recognition

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

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

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of August 31, 2025, the aggregate cost of all investments for federal income tax purposes was $796,559,326 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $7574221 |
| Gross unrealized losses | &nbsp;&nbsp; (4001449)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$3572772** |

---

As of August 31, 2025, the Fund had capital loss carryforwards which consist of $6,195,650 in short-term capital losses and $10,858,950 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 Short-Term Bond Plus Fund \| 29

------

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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Agency securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $102509190 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $102509190 |
| **Asset-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 97000126 | &nbsp;&nbsp;&nbsp; 654883 | &nbsp;&nbsp;&nbsp; 97655009 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 233409399 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 233409399 |
| **Foreign corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9443537 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9443537 |
| **Foreign government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 17749928 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 17749928 |
| **Investment companies** | &nbsp;&nbsp; 3284150 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3284150 |
| **Municipal obligations** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 433732 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 433732 |
| **Non-agency mortgage-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 84467156 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 84467156 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 112214629 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 112214629 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 92402535 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 92402535 |
| **Yankee government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5913488 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5913488 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 17743160 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 17743160 |
| *U.S. Treasury securities* | &nbsp;&nbsp; 22994589 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 22994589 |
|  | &nbsp;&nbsp; 156236528 | &nbsp;&nbsp;&nbsp; 643329091 | &nbsp;&nbsp;&nbsp; 654883 | &nbsp;&nbsp;&nbsp; 800220502 |
| **Forward foreign currency contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 42777 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 42777 |
| **Futures contracts** | &nbsp;&nbsp; 367546 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 367546 |
| **Swap contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 22096 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 22096 |
| **Total assets** | &nbsp;&nbsp; **$156604074** | &nbsp;&nbsp;&nbsp; **$643393964** | &nbsp;&nbsp;&nbsp; **$654883** | &nbsp;&nbsp;&nbsp; **$800652921** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Forward foreign currency contracts** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $376479 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $376479 |
| **Futures contracts** | &nbsp;&nbsp; 269824 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 269824 |
| **Total liabilities** | &nbsp;&nbsp; **$269824** | &nbsp;&nbsp;&nbsp; **$376479** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$646303** |

---

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

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

At August 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

30 \| Allspring Short-Term Bond Plus Fund

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Notes to financial statements

under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $1 billion | 0.350<br> %<br>|
| Next $4 billion | 0.325 |
| Next $3 billion | 0.290 |
| Next $2 billion | 0.265 |
| Over $10 billion | 0.255 |

---

For the year ended August 31, 2025, the management fee was equivalent to an annual rate of 0.35% of the Fund's average daily net assets.

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

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.15<br> %<br>|
| Class C | 0.15 |
| Class R6 | 0.03 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

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

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.61<br> %<br>|
| Class C | 1.36 |
| Class R6 | 0.24 |
| Institutional Class | 0.29 |

---

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 August 31, 2025, Allspring Funds Distributor received $641 from the sale of Class A shares and $1,614 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 August 31, 2025.

Allspring Short-Term Bond Plus Fund \| 31

------

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 August 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended August 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $981832608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $492536384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $948745192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $373662245 |

---

6. DERIVATIVE TRANSACTIONS

During the year ended August 31, 2025, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio and forward foreign currency contracts for economic hedging purposes and entered into swap contracts as a substitute for taking a position in the underlying security or basket of securities or to potentially enhance the Fund's total return.

The volume of the Fund's derivative activity during the year ended August 31, 2025 was as follows:

---

| | |
|:---|:---|
| **Forward foreign currency contracts** |  |
| Average contract amounts to buy | &nbsp;&nbsp; $3415248 |
| Average contract amounts to sell | &nbsp;&nbsp; 31634665 |
| **Futures contracts** |  |
| Average notional balance on long futures | &nbsp;&nbsp; $211470223 |
| Average notional balance on short futures | &nbsp;&nbsp; 115817605 |
| **Swap contracts** |  |
| Average notional balance | &nbsp;&nbsp; $502308 |

---

The credit default swap transactions may contain provisions for early termination in the event the net assets of the Fund declines below specific levels identified by the counterparty. If these levels are triggered, the counterparty may terminate the transaction and seek payment or request full collateralization of the derivative transactions in net liability positions.

A summary of the location of derivative instruments on the financial statements by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of August 31, 2025 by primary risk type on the Statement of assets and liabilities was as follows for the Fund:

32 \| Allspring Short-Term Bond Plus Fund

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Notes to financial statements

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Credit <br>risk<br>| Foreign currency <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $42777 | $42777 |
| Futures contracts | &nbsp;&nbsp; 367,546 <br>\*<br>| 0 | 0 | 367546 |
| Swap contracts | &nbsp;&nbsp; 0 | 22,096 <br>\*<br>| 0 | 22096 |
|  | &nbsp;&nbsp; $367546 | $22096 | $42777 | $432419 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $376479 | $376479 |
| Futures contracts | &nbsp;&nbsp; 269,824 <br>\*<br>| 0 | 0 | 269824 |
|  | &nbsp;&nbsp; $269824 | $0 | $376479 | $646303 |

---

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

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of investments. For futures contracts and centrally cleared swap contracts, only the current day's variation margin as of August 31, 2025 is reported separately on the Statement of assets and liabilities. 

The effect of derivative instruments on the Statement of operations for the year ended August 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | INTEREST RATE <br>RISK<br>| Credit <br>risk<br>| Foreign currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $(945554)<br>| $(945554)<br>|
| Futures contracts | &nbsp;&nbsp; (1489659)<br>| 0 | 0 | (1489659)<br>|
| Swap contracts | &nbsp;&nbsp; 0 | (10943)<br>| 0 | (10943)<br>|
|  | &nbsp;&nbsp; $(1489659)<br>| $(10943)<br>| $(945554)<br>| $(2446156)<br>|
| **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $369674 | $369674 |
| Futures contracts | &nbsp;&nbsp; 233410 | 0 | 0 | 233410 |
| Swap contracts | &nbsp;&nbsp; 0 | 22096 | 0 | 22096 |
|  | &nbsp;&nbsp; $233410 | $22096 | $369674 | $625180 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of assets in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>received<br>| Net amount <br>of assets<br>|
| Morgan Stanley, Inc. | &nbsp;&nbsp; $42777 | $(42777)<br>| $0 | $0 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of liabilities in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>pledged<sup>1</sup> <br>| Net amount <br>of liabilities<br>|
| Morgan Stanley, Inc. | &nbsp;&nbsp; $376479 | $(42777)<br>| $(272397)<br>| $61305 |

---

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

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

Allspring Short-Term Bond Plus Fund \| 33

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Notes to financial statements

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

7. BANK BORROWINGS

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

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

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $33127819 | $26917778 |

---

As of August 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; $1471239 | &nbsp;&nbsp; $3572772 | &nbsp;&nbsp;&nbsp; $(17054600)<br>|

---

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

11. CLASS CONVERSION

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

12. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined in *Segment Reporting (Topic 280)*, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. 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.

34 \| Allspring Short-Term Bond Plus 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 Short-Term Bond Plus Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of August 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 August 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 August 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.

![](g14606img50c897352.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

October 23, 2025

Allspring Short-Term Bond Plus Fund \| 35

------

Other information (unaudited)

Other information

Tax information

For the fiscal year ended August 31, 2025, $27,488,824 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

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**.

36 \| Allspring Short-Term Bond Plus 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 Short-Term Bond Plus Fund \| 37

------

Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

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

38 \| Allspring Short-Term Bond Plus Fund

------

Other information (unaudited)

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

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Class A) was higher than the average investment performance of the Universe for the five- and ten-year periods under review, and lower than the average investment performance of the Universe for the one- and three-year periods under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Bloomberg U.S. 1-3 Year Government/Credit Bond Index, for all periods under review.

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

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

*Investment management and sub-advisory fee rates*

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

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

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

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

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

*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 Short-Term Bond Plus Fund \| 39

------

Other information (unaudited)

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

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

*Economies of scale*

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

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

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

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

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

*Conclusion*

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

40 \| Allspring Short-Term Bond Plus Fund

------

![](g14606img7c97c5c81.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**

![](g14606imgc7927f803.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.**

**NCSR3005 08-25**

------

![](g14606img3e8f6b901.jpg)

Allspring Short-Term High Income Fund

Long Form Financial Statements

Annual Report

August 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_67a432b6-b40a-4335-8748-a491a71da0b2_POI-PageBlank-100_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_67a432b6-b40a-4335-8748-a491a71da0b2_FS-PageBlank-100_1)** |  |
| [Statement of assets and liabilities](#xx_67a432b6-b40a-4335-8748-a491a71da0b2_FS-PageBlank-100_1) | 13 |
| [Statement of operations](#xx_67a432b6-b40a-4335-8748-a491a71da0b2_FS-PageBlank-100_2) | 14 |
| [Statement of changes in net assets](#xx_67a432b6-b40a-4335-8748-a491a71da0b2_FS-PageBlank-100_3) | 15 |
| [Financial highlights](#xx_67a432b6-b40a-4335-8748-a491a71da0b2_FIHI-PageBlank-100_1) | 16 |
| **[Notes to financial statements](#xx_67a432b6-b40a-4335-8748-a491a71da0b2_NTF-PageBlank-100_1)** | 20 |
| **[Report of independent registered public accounting firm](#xx_67a432b6-b40a-4335-8748-a491a71da0b2_AUD-PageBlank-100_1)** | 26 |
| **[Other information](#xx_67a432b6-b40a-4335-8748-a491a71da0b2_OI-PageBlank-100_1)** | 27 |
| [Item 8. Changes in and disagreements with accountants](#xx_67a432b6-b40a-4335-8748-a491a71da0b2_OI-PageBlank-100_2) | 28 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_67a432b6-b40a-4335-8748-a491a71da0b2_OI-PageBlank-100_2) | 28 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_67a432b6-b40a-4335-8748-a491a71da0b2_OI-PageBlank-100_2) | 28 |
| [Item 11. Statement regarding basis for board](#xx_67a432b6-b40a-4335-8748-a491a71da0b2_OI-PageBlank-100_3)['](#xx_67a432b6-b40a-4335-8748-a491a71da0b2_OI-PageBlank-100_3)[s approval of investment](#xx_67a432b6-b40a-4335-8748-a491a71da0b2_OI-PageBlank-100_3)<br> [advisory contract](#xx_67a432b6-b40a-4335-8748-a491a71da0b2_OI-PageBlank-100_3)<br>| 29 |

---

Allspring Short-Term High Income Fund \| 1

------

Portfolio of investments—August 31, 2025

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Asset-backed securities: 1.60%** |  |  |  |  |
| &nbsp;&nbsp; Bain Capital Credit CLO Ltd. Series 2022-3A Class BR (U.S. SOFR 3 <br> Month+1.63%)144A±<br>| 5.95<br> %<br>| &nbsp;&nbsp; 7-17-2035 | $10000000 | &nbsp;&nbsp; $10018380 |
| Flexential Issuer Series 2021-1A Class B144A | 3.72 | &nbsp;&nbsp; 11-27-2051 | 1925000 | &nbsp;&nbsp; 1862602 |
| &nbsp;&nbsp; Jamestown CLO IX Ltd. Series 2016-9A Class A2R3 (U.S. SOFR 3 <br> Month+1.70%)144A±<br>| 5.96 | &nbsp;&nbsp; 7-25-2034 | 7700000 | &nbsp;&nbsp; 7705105 |
| &nbsp;&nbsp; LCM 34 Ltd. Series 34A Class BR (U.S. SOFR 3 <br> Month+1.70%)144A±<br>| 6.03 | &nbsp;&nbsp; 10-20-2034 | 10000000 | &nbsp;&nbsp; 10000800 |
| &nbsp;&nbsp; Wellfleet CLO Ltd. Series 2021-2A Class BR (U.S. SOFR 3 <br> Month+1.75%)144A±<br>| 6.04 | &nbsp;&nbsp; 7-15-2034 | 10000000 | &nbsp;&nbsp; 10010890 |
| **Total asset-backed securities (Cost $39,557,281)** |  |  |  | &nbsp;&nbsp; **39597777** |
| **Corporate bonds and notes: 74.78%** |  |  |  |  |
| **Basic materials: 2.40%** |  |  |  |  |
| **Chemicals: 1.28%** |  |  |  |  |
| Celanese U.S. Holdings LLC | 6.50 | &nbsp;&nbsp; 4-15-2030 | 6390000 | &nbsp;&nbsp; 6447631 |
| Chemours Co. | 5.38 | &nbsp;&nbsp; 5-15-2027 | 14150000 | &nbsp;&nbsp; 14097791 |
| SCIH Salt Holdings, Inc.144A | 4.88 | &nbsp;&nbsp; 5-1-2028 | 11410000 | &nbsp;&nbsp; 11149076 |
|  |  |  |  | &nbsp;&nbsp; **31694498** |
| **Iron/steel: 0.63%** |  |  |  |  |
| Cleveland-Cliffs, Inc.144A | 6.88 | &nbsp;&nbsp; 11-1-2029 | 15320000 | &nbsp;&nbsp; **15559590** |
| **Mining: 0.49%** |  |  |  |  |
| Kaiser Aluminum Corp.144A | 4.63 | &nbsp;&nbsp; 3-1-2028 | 12515000 | &nbsp;&nbsp; **12301290** |
| **Communications: 7.03%** |  |  |  |  |
| **Advertising: 0.21%** |  |  |  |  |
| Clear Channel Outdoor Holdings, Inc.144A | 7.13 | &nbsp;&nbsp; 2-15-2031 | 1355000 | &nbsp;&nbsp; 1376379 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.144A | 5.00 | &nbsp;&nbsp; 8-15-2027 | 3760000 | &nbsp;&nbsp; 3729457 |
|  |  |  |  | &nbsp;&nbsp; **5105836** |
| **Internet: 1.33%** |  |  |  |  |
| Arches Buyer, Inc.144A | 4.25 | &nbsp;&nbsp; 6-1-2028 | 11270000 | &nbsp;&nbsp; 10960766 |
| Gen Digital, Inc.144A | 6.75 | &nbsp;&nbsp; 9-30-2027 | 21650000 | &nbsp;&nbsp; 22035500 |
|  |  |  |  | &nbsp;&nbsp; **32996266** |
| **Media: 4.54%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.144A | 5.00 | &nbsp;&nbsp; 2-1-2028 | 3265000 | &nbsp;&nbsp; 3238408 |
| CCO Holdings LLC/CCO Holdings Capital Corp.144A | 5.13 | &nbsp;&nbsp; 5-1-2027 | 39665000 | &nbsp;&nbsp; 39465100 |
| CCO Holdings LLC/CCO Holdings Capital Corp.144A | 5.38 | &nbsp;&nbsp; 6-1-2029 | 4000000 | &nbsp;&nbsp; 3968936 |
| DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc.144A | 5.88 | &nbsp;&nbsp; 8-15-2027 | 15005000 | &nbsp;&nbsp; 14929964 |
| Nexstar Media, Inc.144A | 5.63 | &nbsp;&nbsp; 7-15-2027 | 16125000 | &nbsp;&nbsp; 16107519 |
| Paramount Global (3 Month LIBOR+3.90%)± | 6.25 | &nbsp;&nbsp; 2-28-2057 | 6130000 | &nbsp;&nbsp; 5967222 |
| Sirius XM Radio LLC144A | 5.00 | &nbsp;&nbsp; 8-1-2027 | 28930000 | &nbsp;&nbsp; 28799425 |
|  |  |  |  | &nbsp;&nbsp; **112476574** |
| **Telecommunications: 0.95%** |  |  |  |  |
| Frontier California, Inc. Series F | 6.75 | &nbsp;&nbsp; 5-15-2027 | 5650000 | &nbsp;&nbsp; 5748875 |

---

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

2 \| Allspring Short-Term High Income Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Telecommunications**(continued) |  |  |  |  |
| Frontier Communications Holdings LLC144A | 5.88<br> %<br>| &nbsp;&nbsp; 10-15-2027 | $8915000 | &nbsp;&nbsp; $8912455 |
| Viasat, Inc.144A | 5.63 | &nbsp;&nbsp; 4-15-2027 | 9000000 | &nbsp;&nbsp; 8979799 |
|  |  |  |  | &nbsp;&nbsp; **23641129** |
| **Consumer, cyclical: 16.36%** |  |  |  |  |
| **Airlines: 1.42%** |  |  |  |  |
| American Airlines, Inc.144A | 7.25 | &nbsp;&nbsp; 2-15-2028 | 6600000 | &nbsp;&nbsp; 6771151 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.144A | 5.50 | &nbsp;&nbsp; 4-20-2026 | 13770000 | &nbsp;&nbsp; 13780452 |
| Delta Air Lines, Inc. | 7.38 | &nbsp;&nbsp; 1-15-2026 | 2600000 | &nbsp;&nbsp; 2618676 |
| &nbsp;&nbsp; Hawaiian Airlines Pass-Through Certificates Series 2013-1 <br> Class 1A<br>| 3.90 | &nbsp;&nbsp; 1-15-2026 | 2080873 | &nbsp;&nbsp; 2055521 |
| United Airlines, Inc.144A | 4.38 | &nbsp;&nbsp; 4-15-2026 | 10000000 | &nbsp;&nbsp; 9967240 |
|  |  |  |  | &nbsp;&nbsp; **35193040** |
| **Apparel: 0.32%** |  |  |  |  |
| Crocs, Inc.144A | 4.25 | &nbsp;&nbsp; 3-15-2029 | 8315000 | &nbsp;&nbsp; **7907057** |
| **Auto manufacturers: 1.90%** |  |  |  |  |
| Ford Motor Credit Co. LLC | 4.13 | &nbsp;&nbsp; 8-17-2027 | 8900000 | &nbsp;&nbsp; 8729739 |
| Ford Motor Credit Co. LLC | 6.80 | &nbsp;&nbsp; 5-12-2028 | 8545000 | &nbsp;&nbsp; 8874006 |
| Nissan Motor Acceptance Co. LLC144A | 2.00 | &nbsp;&nbsp; 3-9-2026 | 14099000 | &nbsp;&nbsp; 13824322 |
| Nissan Motor Acceptance Co. LLC144A | 6.95 | &nbsp;&nbsp; 9-15-2026 | 12566000 | &nbsp;&nbsp; 12650695 |
| Nissan Motor Acceptance Co. LLC144A | 7.05 | &nbsp;&nbsp; 9-15-2028 | 2930000 | &nbsp;&nbsp; 3031439 |
|  |  |  |  | &nbsp;&nbsp; **47110201** |
| **Auto parts & equipment: 0.77%** |  |  |  |  |
| American Axle & Manufacturing, Inc. | 6.50 | &nbsp;&nbsp; 4-1-2027 | 9180000 | &nbsp;&nbsp; 9222871 |
| Dana, Inc. | 5.63 | &nbsp;&nbsp; 6-15-2028 | 9815000 | &nbsp;&nbsp; 9809485 |
|  |  |  |  | &nbsp;&nbsp; **19032356** |
| **Distribution/wholesale: 0.31%** |  |  |  |  |
| RB Global Holdings, Inc.144A | 7.75 | &nbsp;&nbsp; 3-15-2031 | 7462000 | &nbsp;&nbsp; **7830578** |
| **Entertainment: 5.48%** |  |  |  |  |
| CCM Merger, Inc.144A | 6.38 | &nbsp;&nbsp; 5-1-2026 | 11755000 | &nbsp;&nbsp; 11766226 |
| Churchill Downs, Inc.144A | 5.50 | &nbsp;&nbsp; 4-1-2027 | 29540000 | &nbsp;&nbsp; 29469996 |
| Cinemark USA, Inc.144A | 5.25 | &nbsp;&nbsp; 7-15-2028 | 24480000 | &nbsp;&nbsp; 24330097 |
| Live Nation Entertainment, Inc.144A | 6.50 | &nbsp;&nbsp; 5-15-2027 | 21600000 | &nbsp;&nbsp; 21826562 |
| SeaWorld Parks & Entertainment, Inc.144A | 5.25 | &nbsp;&nbsp; 8-15-2029 | 13435000 | &nbsp;&nbsp; 13186739 |
| Six Flags Entertainment Corp.144A | 5.50 | &nbsp;&nbsp; 4-15-2027 | 18975000 | &nbsp;&nbsp; 18924500 |
| &nbsp;&nbsp; Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum <br> Management Corp.<br>| 5.25 | &nbsp;&nbsp; 7-15-2029 | 5000000 | &nbsp;&nbsp; 4841124 |
| WarnerMedia Holdings, Inc. Series WI | 4.05 | &nbsp;&nbsp; 3-15-2029 | 12240000 | &nbsp;&nbsp; 11628000 |
|  |  |  |  | &nbsp;&nbsp; **135973244** |
| **Home builders: 0.74%** |  |  |  |  |
| LGI Homes, Inc.144A | 8.75 | &nbsp;&nbsp; 12-15-2028 | 8790000 | &nbsp;&nbsp; 9207332 |

---

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

Allspring Short-Term High Income Fund \| 3

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Home builders**(continued) |  |  |  |  |
| Taylor Morrison Communities, Inc.144A | 5.75<br> %<br>| &nbsp;&nbsp; 1-15-2028 | $2733000 | &nbsp;&nbsp; $2767449 |
| Tri Pointe Homes, Inc. | 5.70 | &nbsp;&nbsp; 6-15-2028 | 6282000 | &nbsp;&nbsp; 6383655 |
|  |  |  |  | &nbsp;&nbsp; **18358436** |
| **Home furnishings: 0.36%** |  |  |  |  |
| Whirlpool Corp. | 6.13 | &nbsp;&nbsp; 6-15-2030 | 8780000 | &nbsp;&nbsp; **8877598** |
| **Housewares: 0.61%** |  |  |  |  |
| Newell Brands, Inc.144A | 8.50 | &nbsp;&nbsp; 6-1-2028 | 14380000 | &nbsp;&nbsp; **15181326** |
| **Leisure time: 2.54%** |  |  |  |  |
| Acushnet Co.144A | 7.38 | &nbsp;&nbsp; 10-15-2028 | 3648000 | &nbsp;&nbsp; 3812984 |
| NCL Corp. Ltd.144A | 5.88 | &nbsp;&nbsp; 2-15-2027 | 6060000 | &nbsp;&nbsp; 6072732 |
| NCL Corp. Ltd.144A | 8.13 | &nbsp;&nbsp; 1-15-2029 | 6270000 | &nbsp;&nbsp; 6593526 |
| Sabre Global, Inc.144A | 8.63 | &nbsp;&nbsp; 6-1-2027 | 10200000 | &nbsp;&nbsp; 10323845 |
| Sabre Global, Inc.144A | 10.75 | &nbsp;&nbsp; 11-15-2029 | 3209000 | &nbsp;&nbsp; 3102276 |
| Viking Cruises Ltd.144A | 5.88 | &nbsp;&nbsp; 9-15-2027 | 23565000 | &nbsp;&nbsp; 23533689 |
| VOC Escrow Ltd.144A | 5.00 | &nbsp;&nbsp; 2-15-2028 | 9630000 | &nbsp;&nbsp; 9574350 |
|  |  |  |  | &nbsp;&nbsp; **63013402** |
| **Retail: 1.86%** |  |  |  |  |
| Advance Auto Parts, Inc. | 1.75 | &nbsp;&nbsp; 10-1-2027 | 2620000 | &nbsp;&nbsp; 2443638 |
| Advance Auto Parts, Inc.144A | 7.00 | &nbsp;&nbsp; 8-1-2030 | 9080000 | &nbsp;&nbsp; 9317240 |
| Gap, Inc.144A | 3.63 | &nbsp;&nbsp; 10-1-2029 | 6750000 | &nbsp;&nbsp; 6330525 |
| Group 1 Automotive, Inc.144A | 6.38 | &nbsp;&nbsp; 1-15-2030 | 4840000 | &nbsp;&nbsp; 4959146 |
| Lithia Motors, Inc.144A | 4.63 | &nbsp;&nbsp; 12-15-2027 | 6710000 | &nbsp;&nbsp; 6648776 |
| Penske Automotive Group, Inc. | 3.50 | &nbsp;&nbsp; 9-1-2025 | 375000 | &nbsp;&nbsp; 375000 |
| Raising Cane's Restaurants LLC144A | 9.38 | &nbsp;&nbsp; 5-1-2029 | 15140000 | &nbsp;&nbsp; 15959256 |
|  |  |  |  | &nbsp;&nbsp; **46033581** |
| **Toys/games/hobbies: 0.05%** |  |  |  |  |
| Mattel, Inc.144A | 3.38 | &nbsp;&nbsp; 4-1-2026 | 1150000 | &nbsp;&nbsp; **1139710** |
| **Consumer, non-cyclical: 8.24%** |  |  |  |  |
| **Commercial services: 3.97%** |  |  |  |  |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas <br> Luxco 4 Sarl144A<br>| 4.63 | &nbsp;&nbsp; 6-1-2028 | 3140000 | &nbsp;&nbsp; 3064497 |
| Block, Inc. | 2.75 | &nbsp;&nbsp; 6-1-2026 | 1760000 | &nbsp;&nbsp; 1730180 |
| CoreCivic, Inc. | 8.25 | &nbsp;&nbsp; 4-15-2029 | 16385000 | &nbsp;&nbsp; 17341360 |
| GEO Group, Inc. | 8.63 | &nbsp;&nbsp; 4-15-2029 | 34200000 | &nbsp;&nbsp; 36167902 |
| GEO Group, Inc. | 10.25 | &nbsp;&nbsp; 4-15-2031 | 5305000 | &nbsp;&nbsp; 5848089 |
| Herc Holdings, Inc.144A | 7.00 | &nbsp;&nbsp; 6-15-2030 | 7280000 | &nbsp;&nbsp; 7576689 |
| Prime Security Services Borrower LLC/Prime Finance, Inc.144A | 5.75 | &nbsp;&nbsp; 4-15-2026 | 4640000 | &nbsp;&nbsp; 4659456 |
| United Rentals North America, Inc. | 5.50 | &nbsp;&nbsp; 5-15-2027 | 13185000 | &nbsp;&nbsp; 13175321 |
| Veritiv Operating Co.144A | 10.50 | &nbsp;&nbsp; 11-30-2030 | 8125000 | &nbsp;&nbsp; 8795052 |
|  |  |  |  | &nbsp;&nbsp; **98358546** |
| **Cosmetics/Personal Care: 0.60%** |  |  |  |  |
| Edgewell Personal Care Co.144A | 5.50 | &nbsp;&nbsp; 6-1-2028 | 14970000 | &nbsp;&nbsp; **14896654** |

---

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

4 \| Allspring Short-Term High Income Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Food: 1.04%** |  |  |  |  |
| &nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP/Albertsons LLC144A<br>| 5.88<br> %<br>| &nbsp;&nbsp; 2-15-2028 | $6675000 | &nbsp;&nbsp; $6672948 |
| &nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP/Albertsons LLC144A<br>| 6.50 | &nbsp;&nbsp; 2-15-2028 | 10560000 | &nbsp;&nbsp; 10761221 |
| B&G Foods, Inc.144A | 8.00 | &nbsp;&nbsp; 9-15-2028 | 8520000 | &nbsp;&nbsp; 8374050 |
|  |  |  |  | &nbsp;&nbsp; **25808219** |
| **Healthcare-services: 1.46%** |  |  |  |  |
| IQVIA, Inc.144A | 5.00 | &nbsp;&nbsp; 10-15-2026 | 9540000 | &nbsp;&nbsp; 9531235 |
| Star Parent, Inc.144A | 9.00 | &nbsp;&nbsp; 10-1-2030 | 8200000 | &nbsp;&nbsp; 8680889 |
| Tenet Healthcare Corp. | 4.63 | &nbsp;&nbsp; 6-15-2028 | 5575000 | &nbsp;&nbsp; 5511733 |
| Tenet Healthcare Corp. | 6.13 | &nbsp;&nbsp; 10-1-2028 | 12435000 | &nbsp;&nbsp; 12443978 |
|  |  |  |  | &nbsp;&nbsp; **36167835** |
| **Household products/wares: 0.12%** |  |  |  |  |
| Central Garden & Pet Co. | 5.13 | &nbsp;&nbsp; 2-1-2028 | 3000000 | &nbsp;&nbsp; **2986546** |
| **Pharmaceuticals: 1.05%** |  |  |  |  |
| AdaptHealth LLC144A | 6.13 | &nbsp;&nbsp; 8-1-2028 | 5825000 | &nbsp;&nbsp; 5801266 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV144A | 4.13 | &nbsp;&nbsp; 4-30-2028 | 20995000 | &nbsp;&nbsp; 20105778 |
|  |  |  |  | &nbsp;&nbsp; **25907044** |
| **Energy: 12.27%** |  |  |  |  |
| **Energy-alternate sources: 0.59%** |  |  |  |  |
| TerraForm Power Operating LLC144A | 5.00 | &nbsp;&nbsp; 1-31-2028 | 14815000 | &nbsp;&nbsp; **14688670** |
| **Oil & gas: 2.16%** |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.144A | 7.50 | &nbsp;&nbsp; 10-1-2029 | 6820000 | &nbsp;&nbsp; 7113553 |
| Antero Resources Corp.144A | 7.63 | &nbsp;&nbsp; 2-1-2029 | 12500000 | &nbsp;&nbsp; 12749625 |
| Civitas Resources, Inc.144A | 8.38 | &nbsp;&nbsp; 7-1-2028 | 13075000 | &nbsp;&nbsp; 13578610 |
| Hilcorp Energy I LP/Hilcorp Finance Co.144A | 6.25 | &nbsp;&nbsp; 11-1-2028 | 11115000 | &nbsp;&nbsp; 11173421 |
| Nabors Industries, Inc.144A | 7.38 | &nbsp;&nbsp; 5-15-2027 | 6915000 | &nbsp;&nbsp; 7030252 |
| Range Resources Corp. | 8.25 | &nbsp;&nbsp; 1-15-2029 | 1910000 | &nbsp;&nbsp; 1960143 |
|  |  |  |  | &nbsp;&nbsp; **53605604** |
| **Oil & gas services: 2.57%** |  |  |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp.144A | 6.88 | &nbsp;&nbsp; 4-1-2027 | 14825000 | &nbsp;&nbsp; 14838506 |
| Bristow Group, Inc.144A | 6.88 | &nbsp;&nbsp; 3-1-2028 | 13418000 | &nbsp;&nbsp; 13438650 |
| Oceaneering International, Inc. | 6.00 | &nbsp;&nbsp; 2-1-2028 | 21595000 | &nbsp;&nbsp; 21818638 |
| USA Compression Partners LP/USA Compression Finance Corp. | 6.88 | &nbsp;&nbsp; 9-1-2027 | 11030000 | &nbsp;&nbsp; 11032349 |
| &nbsp;&nbsp; USA Compression Partners LP/USA Compression Finance <br> Corp.144A<br>| 7.13 | &nbsp;&nbsp; 3-15-2029 | 2400000 | &nbsp;&nbsp; 2460182 |
|  |  |  |  | &nbsp;&nbsp; **63588325** |
| **Pipelines: 6.95%** |  |  |  |  |
| &nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance <br> Corp.144A<br>| 5.75 | &nbsp;&nbsp; 1-15-2028 | 8670000 | &nbsp;&nbsp; 8693894 |
| Buckeye Partners LP144A | 6.88 | &nbsp;&nbsp; 7-1-2029 | 13950000 | &nbsp;&nbsp; 14457055 |

---

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

Allspring Short-Term High Income Fund \| 5

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Pipelines**(continued) |  |  |  |  |
| &nbsp;&nbsp; Energy Transfer LP Series H (5 Year Treasury Constant <br> Maturity+5.69%)ʊ±<br>| 6.50<br> %<br>| &nbsp;&nbsp; 11-15-2026 | $2010000 | &nbsp;&nbsp; $2017318 |
| Excelerate Energy LP144A | 8.00 | &nbsp;&nbsp; 5-15-2030 | 13020000 | &nbsp;&nbsp; 13864829 |
| Harvest Midstream I LP144A | 7.50 | &nbsp;&nbsp; 9-1-2028 | 22330000 | &nbsp;&nbsp; 22569847 |
| Hess Midstream Operations LP144A | 5.88 | &nbsp;&nbsp; 3-1-2028 | 25855000 | &nbsp;&nbsp; 26288407 |
| Hess Midstream Operations LP144A | 6.50 | &nbsp;&nbsp; 6-1-2029 | 1580000 | &nbsp;&nbsp; 1633657 |
| Kinetik Holdings LP144A | 6.63 | &nbsp;&nbsp; 12-15-2028 | 28860000 | &nbsp;&nbsp; 29691659 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.144A | 5.50 | &nbsp;&nbsp; 1-15-2028 | 5070000 | &nbsp;&nbsp; 5061477 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.144A | 6.00 | &nbsp;&nbsp; 3-1-2027 | 24230000 | &nbsp;&nbsp; 24199533 |
| Venture Global LNG, Inc.144A | 8.13 | &nbsp;&nbsp; 6-1-2028 | 23030000 | &nbsp;&nbsp; 23863755 |
|  |  |  |  | &nbsp;&nbsp; **172341431** |
| **Financial: 14.17%** |  |  |  |  |
| **Banks: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Citigroup, Inc. Series X (5 Year Treasury Constant <br> Maturity+3.42%)ʊ±<br>| 3.88 | &nbsp;&nbsp; 2-18-2026 | 1837000 | &nbsp;&nbsp; **1815566** |
| **Diversified financial services: 8.10%** |  |  |  |  |
| Acadian Asset Management, Inc. | 4.80 | &nbsp;&nbsp; 7-27-2026 | 9090000 | &nbsp;&nbsp; 8970956 |
| &nbsp;&nbsp; Aircastle Ltd. Series A (5 Year Treasury Constant <br> Maturity+4.41%)144Aʊ±<br>| 5.25 | &nbsp;&nbsp; 6-15-2026 | 9535000 | &nbsp;&nbsp; 9473977 |
| &nbsp;&nbsp; Capital One Financial Corp. Series O (U.S. SOFR 3 <br> Month+3.34%)ʊ±<br>| 5.50 | &nbsp;&nbsp; 10-30-2027 | 11835000 | &nbsp;&nbsp; 11734483 |
| Encore Capital Group, Inc.144A | 9.25 | &nbsp;&nbsp; 4-1-2029 | 7450000 | &nbsp;&nbsp; 7866376 |
| Jefferson Capital Holdings LLC144A | 6.00 | &nbsp;&nbsp; 8-15-2026 | 12735000 | &nbsp;&nbsp; 12741240 |
| Jefferson Capital Holdings LLC144A | 9.50 | &nbsp;&nbsp; 2-15-2029 | 4535000 | &nbsp;&nbsp; 4818188 |
| Nationstar Mortgage Holdings, Inc.144A | 6.00 | &nbsp;&nbsp; 1-15-2027 | 13165000 | &nbsp;&nbsp; 13140437 |
| Nationstar Mortgage Holdings, Inc.144A | 6.50 | &nbsp;&nbsp; 8-1-2029 | 7345000 | &nbsp;&nbsp; 7519862 |
| Navient Corp. | 4.88 | &nbsp;&nbsp; 3-15-2028 | 12100000 | &nbsp;&nbsp; 11866705 |
| Navient Corp. | 5.00 | &nbsp;&nbsp; 3-15-2027 | 11235000 | &nbsp;&nbsp; 11153481 |
| OneMain Finance Corp. | 5.38 | &nbsp;&nbsp; 11-15-2029 | 17720000 | &nbsp;&nbsp; 17520934 |
| OneMain Finance Corp. | 7.13 | &nbsp;&nbsp; 3-15-2026 | 11250000 | &nbsp;&nbsp; 11373952 |
| PRA Group, Inc.144A | 8.38 | &nbsp;&nbsp; 2-1-2028 | 18815000 | &nbsp;&nbsp; 19381237 |
| Rocket Cos., Inc.144A | 6.13 | &nbsp;&nbsp; 8-1-2030 | 9410000 | &nbsp;&nbsp; 9682419 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.144A | 2.88 | &nbsp;&nbsp; 10-15-2026 | 11865000 | &nbsp;&nbsp; 11614148 |
| United Wholesale Mortgage LLC144A | 5.50 | &nbsp;&nbsp; 11-15-2025 | 17745000 | &nbsp;&nbsp; 17725663 |
| United Wholesale Mortgage LLC144A | 5.75 | &nbsp;&nbsp; 6-15-2027 | 14165000 | &nbsp;&nbsp; 14148641 |
|  |  |  |  | &nbsp;&nbsp; **200732699** |
| **Insurance: 0.98%** |  |  |  |  |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer144A | 6.75 | &nbsp;&nbsp; 4-15-2028 | 17145000 | &nbsp;&nbsp; 17489495 |
| AmWINS Group, Inc.144A | 6.38 | &nbsp;&nbsp; 2-15-2029 | 6625000 | &nbsp;&nbsp; 6789876 |
|  |  |  |  | &nbsp;&nbsp; **24279371** |
| **Investment Companies: 0.08%** |  |  |  |  |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 6.25 | &nbsp;&nbsp; 5-15-2026 | 1877000 | &nbsp;&nbsp; **1873886** |
| **REITs: 4.94%** |  |  |  |  |
| Blackstone Mortgage Trust, Inc.144A | 3.75 | &nbsp;&nbsp; 1-15-2027 | 9806000 | &nbsp;&nbsp; 9587644 |

---

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

6 \| Allspring Short-Term High Income Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **REITs**(continued) |  |  |  |  |
| Boston Properties LP | 3.65<br> %<br>| &nbsp;&nbsp; 2-1-2026 | $1750000 | &nbsp;&nbsp; $1741795 |
| Brandywine Operating Partnership LP | 3.95 | &nbsp;&nbsp; 11-15-2027 | 5180000 | &nbsp;&nbsp; 5043536 |
| Brandywine Operating Partnership LP | 8.88 | &nbsp;&nbsp; 4-12-2029 | 5315000 | &nbsp;&nbsp; 5778335 |
| Iron Mountain, Inc.144A | 5.25 | &nbsp;&nbsp; 3-15-2028 | 24240000 | &nbsp;&nbsp; 24182566 |
| &nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance <br> Corp.144A<br>| 4.25 | &nbsp;&nbsp; 2-1-2027 | 5000000 | &nbsp;&nbsp; 4918062 |
| &nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance <br> Corp.144A<br>| 4.75 | &nbsp;&nbsp; 6-15-2029 | 11085000 | &nbsp;&nbsp; 10839418 |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK <br> Finance Co-Issuer144A<br>| 5.88 | &nbsp;&nbsp; 10-1-2028 | 19165000 | &nbsp;&nbsp; 19145490 |
| Service Properties Trust | 5.25 | &nbsp;&nbsp; 2-15-2026 | 9770000 | &nbsp;&nbsp; 9766093 |
| Service Properties Trust144A | 8.63 | &nbsp;&nbsp; 11-15-2031 | 5050000 | &nbsp;&nbsp; 5382664 |
| Starwood Property Trust, Inc.144A | 3.63 | &nbsp;&nbsp; 7-15-2026 | 20690000 | &nbsp;&nbsp; 20373501 |
| XHR LP144A | 6.63 | &nbsp;&nbsp; 5-15-2030 | 5645000 | &nbsp;&nbsp; 5794163 |
|  |  |  |  | &nbsp;&nbsp; **122553267** |
| **Industrial: 7.72%** |  |  |  |  |
| **Aerospace/defense: 1.99%** |  |  |  |  |
| Spirit AeroSystems, Inc.144A | 9.38 | &nbsp;&nbsp; 11-30-2029 | 13643000 | &nbsp;&nbsp; 14429082 |
| Spirit AeroSystems, Inc.144A | 9.75 | &nbsp;&nbsp; 11-15-2030 | 7530000 | &nbsp;&nbsp; 8292940 |
| TransDigm, Inc.144A | 6.38 | &nbsp;&nbsp; 3-1-2029 | 25950000 | &nbsp;&nbsp; 26568466 |
|  |  |  |  | &nbsp;&nbsp; **49290488** |
| **Building materials: 0.13%** |  |  |  |  |
| JELD-WEN, Inc.144A | 4.88 | &nbsp;&nbsp; 12-15-2027 | 3259000 | &nbsp;&nbsp; **3206389** |
| **Electrical components & equipment: 1.21%** |  |  |  |  |
| Energizer Holdings, Inc.144A | 4.75 | &nbsp;&nbsp; 6-15-2028 | 12755000 | &nbsp;&nbsp; 12542333 |
| Energizer Holdings, Inc.144A | 6.50 | &nbsp;&nbsp; 12-31-2027 | 3754000 | &nbsp;&nbsp; 3786772 |
| WESCO Distribution, Inc.144A | 6.38 | &nbsp;&nbsp; 3-15-2029 | 13275000 | &nbsp;&nbsp; 13667635 |
|  |  |  |  | &nbsp;&nbsp; **29996740** |
| **Environmental control: 0.12%** |  |  |  |  |
| Clean Harbors, Inc.144A | 4.88 | &nbsp;&nbsp; 7-15-2027 | 3000000 | &nbsp;&nbsp; **2985889** |
| **Machinery-diversified: 0.73%** |  |  |  |  |
| Chart Industries, Inc.144A | 7.50 | &nbsp;&nbsp; 1-1-2030 | 700000 | &nbsp;&nbsp; 733662 |
| TK Elevator U.S. Newco, Inc.144A | 5.25 | &nbsp;&nbsp; 7-15-2027 | 17430000 | &nbsp;&nbsp; 17380548 |
|  |  |  |  | &nbsp;&nbsp; **18114210** |
| **Packaging & containers: 2.12%** |  |  |  |  |
| &nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal <br> Packaging Finance PLC144A<br>| 6.00 | &nbsp;&nbsp; 6-15-2027 | 17170000 | &nbsp;&nbsp; 17169976 |
| Ball Corp. | 6.88 | &nbsp;&nbsp; 3-15-2028 | 5280000 | &nbsp;&nbsp; 5389977 |
| Berry Global, Inc.144A | 4.88 | &nbsp;&nbsp; 7-15-2026 | 1750000 | &nbsp;&nbsp; 1747771 |
| Clydesdale Acquisition Holdings, Inc.144A | 6.63 | &nbsp;&nbsp; 4-15-2029 | 13480000 | &nbsp;&nbsp; 13673101 |
| Clydesdale Acquisition Holdings, Inc.144A | 6.88 | &nbsp;&nbsp; 1-15-2030 | 1625000 | &nbsp;&nbsp; 1670663 |

---

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

Allspring Short-Term High Income Fund \| 7

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Packaging & containers**(continued) |  |  |  |  |
| Mauser Packaging Solutions Holding Co.144A | 7.88<br> %<br>| &nbsp;&nbsp; 4-15-2027 | $2900000 | &nbsp;&nbsp; $2934519 |
| Owens-Brockway Glass Container, Inc.144A | 6.63 | &nbsp;&nbsp; 5-13-2027 | 9965000 | &nbsp;&nbsp; 9957211 |
|  |  |  |  | &nbsp;&nbsp; **52543218** |
| **Trucking & leasing: 1.42%** |  |  |  |  |
| FTAI Aviation Investors LLC144A | 5.50 | &nbsp;&nbsp; 5-1-2028 | 29355000 | &nbsp;&nbsp; 29344324 |
| FTAI Aviation Investors LLC144A | 7.88 | &nbsp;&nbsp; 12-1-2030 | 5590000 | &nbsp;&nbsp; 5941896 |
|  |  |  |  | &nbsp;&nbsp; **35286220** |
| **Technology: 2.68%** |  |  |  |  |
| **Computers: 0.20%** |  |  |  |  |
| Western Digital Corp. | 4.75 | &nbsp;&nbsp; 2-15-2026 | 4866000 | &nbsp;&nbsp; **4854588** |
| **Semiconductors: 0.21%** |  |  |  |  |
| Entegris, Inc.144A | 4.38 | &nbsp;&nbsp; 4-15-2028 | 4700000 | &nbsp;&nbsp; 4569861 |
| ON Semiconductor Corp.144A | 3.88 | &nbsp;&nbsp; 9-1-2028 | 795000 | &nbsp;&nbsp; 772515 |
|  |  |  |  | &nbsp;&nbsp; **5342376** |
| **Software: 2.27%** |  |  |  |  |
| Cloud Software Group, Inc.144A | 6.50 | &nbsp;&nbsp; 3-31-2029 | 22820000 | &nbsp;&nbsp; 23070952 |
| Rocket Software, Inc.144A | 9.00 | &nbsp;&nbsp; 11-28-2028 | 5390000 | &nbsp;&nbsp; 5549301 |
| SS&C Technologies, Inc.144A | 5.50 | &nbsp;&nbsp; 9-30-2027 | 27700000 | &nbsp;&nbsp; 27708864 |
|  |  |  |  | &nbsp;&nbsp; **56329117** |
| **Utilities: 3.91%** |  |  |  |  |
| **Electric: 3.91%** |  |  |  |  |
| &nbsp;&nbsp; Pattern Energy Operations LP/Pattern Energy Operations, <br> Inc.144A<br>| 4.50 | &nbsp;&nbsp; 8-15-2028 | 17588000 | &nbsp;&nbsp; 17140707 |
| PG&E Corp. | 5.00 | &nbsp;&nbsp; 7-1-2028 | 9950000 | &nbsp;&nbsp; 9836683 |
| Vistra Corp. (5 Year Treasury Constant Maturity+5.74%)144Aʊ± | 7.00 | &nbsp;&nbsp; 12-15-2026 | 5350000 | &nbsp;&nbsp; 5414425 |
| &nbsp;&nbsp; Vistra Corp. Series C (5 Year Treasury Constant <br> Maturity+5.05%)144Aʊ±<br>| 8.88 | &nbsp;&nbsp; 1-15-2029 | 2405000 | &nbsp;&nbsp; 2616128 |
| Vistra Operations Co. LLC144A | 5.00 | &nbsp;&nbsp; 7-31-2027 | 5280000 | &nbsp;&nbsp; 5265743 |
| Vistra Operations Co. LLC144A | 5.63 | &nbsp;&nbsp; 2-15-2027 | 23400000 | &nbsp;&nbsp; 23409477 |
| XPLR Infrastructure Operating Partners LP144A | 3.88 | &nbsp;&nbsp; 10-15-2026 | 5685000 | &nbsp;&nbsp; 5570466 |
| XPLR Infrastructure Operating Partners LP144A | 4.50 | &nbsp;&nbsp; 9-15-2027 | 20370000 | &nbsp;&nbsp; 19978674 |
| XPLR Infrastructure Operating Partners LP144A | 7.25 | &nbsp;&nbsp; 1-15-2029 | 7565000 | &nbsp;&nbsp; 7726399 |
|  |  |  |  | &nbsp;&nbsp; **96958702** |
| **Total corporate bonds and notes (Cost $1,827,216,050)** |  |  |  | &nbsp;&nbsp; **1853937312** |

---

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

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Investment companies: 0.89%** |  |  |
| **Exchange-traded funds: 0.89%** |  |  |
| SPDR Bloomberg Short Term High Yield Bond ETF | 868026 | &nbsp;&nbsp; **22169384** |
| **Total investment companies (Cost $21,657,249)** |  | &nbsp;&nbsp; **22169384** |

---

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

8 \| Allspring Short-Term High Income Fund

------

Portfolio of investments—August 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Loans: 4.69%** |  |  |  |  |
| **Communications: 0.36%** |  |  |  |  |
| **Internet: 0.18%** |  |  |  |  |
| Cablevision Lightpath LLC (U.S. SOFR 1 Month+3.00%)± | 7.36<br> %<br>| &nbsp;&nbsp; 11-30-2027 | $4533609 | &nbsp;&nbsp; **$4534743** |
| **Media: 0.18%** |  |  |  |  |
| DIRECTV Financing LLC (U.S. SOFR 3 Month+5.00%)± | 9.57 | &nbsp;&nbsp; 8-2-2027 | 1088205 | &nbsp;&nbsp; 1089227 |
| DIRECTV Financing LLC (U.S. SOFR 3 Month+5.25%)± | 9.82 | &nbsp;&nbsp; 8-2-2029 | 3398214 | &nbsp;&nbsp; 3370621 |
|  |  |  |  | &nbsp;&nbsp; **4459848** |
| **Consumer, cyclical: 0.95%** |  |  |  |  |
| **Airlines: 0.52%** |  |  |  |  |
| SkyMiles IP Ltd. (U.S. SOFR 3 Month+3.75%)± | 8.08 | &nbsp;&nbsp; 10-20-2027 | 7211462 | &nbsp;&nbsp; 7228337 |
| Vista Management Holding, Inc. (U.S. SOFR 3 Month+3.75%)± | 8.04 | &nbsp;&nbsp; 4-1-2031 | 5620000 | &nbsp;&nbsp; 5646358 |
|  |  |  |  | &nbsp;&nbsp; **12874695** |
| **Auto parts & equipment: 0.22%** |  |  |  |  |
| Clarios Global LP (U.S. SOFR 1 Month+2.75%)± | 7.07 | &nbsp;&nbsp; 1-28-2032 | 5575000 | &nbsp;&nbsp; **5575000** |
| **Retail: 0.21%** |  |  |  |  |
| Petco Health & Wellness Co., Inc. (U.S. SOFR 3 Month+3.25%)± | 7.81 | &nbsp;&nbsp; 3-3-2028 | 5395000 | &nbsp;&nbsp; **5194953** |
| **Consumer, non-cyclical: 0.04%** |  |  |  |  |
| **Healthcare-products: 0.04%** |  |  |  |  |
| Bausch & Lomb Corp. (U.S. SOFR 1 Month+4.25%)± | 8.57 | &nbsp;&nbsp; 1-15-2031 | 920000 | &nbsp;&nbsp; **920166** |
| **Energy: 0.54%** |  |  |  |  |
| **Oil & gas: 0.28%** |  |  |  |  |
| Hilcorp Energy I LP (U.S. SOFR 1 Month+2.00%)± | 6.37 | &nbsp;&nbsp; 2-11-2030 | 6982500 | &nbsp;&nbsp; **6982500** |
| **Pipelines: 0.26%** |  |  |  |  |
| Prairie Acquiror LP (U.S. SOFR 1 Month+3.75%)± | 8.07 | &nbsp;&nbsp; 8-1-2029 | 6260988 | &nbsp;&nbsp; **6295423** |
| **Financial: 0.85%** |  |  |  |  |
| **Insurance: 0.85%** |  |  |  |  |
| Asurion LLC (U.S. SOFR 1 Month+3.25%)± | 7.68 | &nbsp;&nbsp; 7-31-2027 | 21107531 | &nbsp;&nbsp; **21098666** |
| **Industrial: 1.45%** |  |  |  |  |
| **Aerospace/defense: 0.16%** |  |  |  |  |
| Spirit AeroSystems, Inc. (U.S. SOFR 3 Month+4.50%)± | 8.81 | &nbsp;&nbsp; 1-15-2027 | 3919923 | &nbsp;&nbsp; **3933408** |
| **Building materials: 0.65%** |  |  |  |  |
| Quikrete Holdings, Inc. (U.S. SOFR 1 Month+2.25%)± | 6.57 | &nbsp;&nbsp; 3-19-2029 | 16025419 | &nbsp;&nbsp; **16025419** |
| **Machinery-diversified: 0.40%** |  |  |  |  |
| TK Elevator U.S. Newco, Inc. (U.S. SOFR 6 Month+3.00%)± | 7.20 | &nbsp;&nbsp; 4-30-2030 | 9975000 | &nbsp;&nbsp; **10007319** |
| **Packaging & containers: 0.24%** |  |  |  |  |
| Graham Packaging Co., Inc. (U.S. SOFR 1 Month+2.50%)± | 6.82 | &nbsp;&nbsp; 8-4-2027 | 5925000 | &nbsp;&nbsp; **5926718** |

---

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

Allspring Short-Term High Income Fund \| 9

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Technology: 0.28%** |  |  |  |  |
| **Computers: 0.06%** |  |  |  |  |
| McAfee Corp. (U.S. SOFR 1 Month+3.00%)± | 7.35<br> %<br>| &nbsp;&nbsp; 3-1-2029 | $1660827 | &nbsp;&nbsp; **$1579862** |
| **Software: 0.22%** |  |  |  |  |
| Rocket Software, Inc. (U.S. SOFR 1 Month+3.75%)± | 8.07 | &nbsp;&nbsp; 11-28-2028 | 5381944 | &nbsp;&nbsp; **5392707** |
| **Utilities: 0.22%** |  |  |  |  |
| **Electric: 0.22%** |  |  |  |  |
| Constellation Renewables LLC (U.S. SOFR 3 Month+2.25%)± | 6.45 | &nbsp;&nbsp; 12-15-2027 | 5384006 | &nbsp;&nbsp; **5379537** |
| **Total loans (Cost $116,114,548)** |  |  |  | &nbsp;&nbsp; **116180964** |
| **Non-agency mortgage-backed securities: 0.28%** |  |  |  |  |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust Series 2024-HE1 Class A1 <br> (30 Day Average U.S. SOFR+1.60%)144A±<br>| 5.95 | &nbsp;&nbsp; 8-25-2054 | 6827160 | &nbsp;&nbsp; 6849649 |
| **Total non-agency mortgage-backed securities (Cost $6,827,160)** |  |  |  | &nbsp;&nbsp; **6849649** |
| **Yankee corporate bonds and notes: 11.47%** |  |  |  |  |
| **Basic materials: 0.31%** |  |  |  |  |
| **Mining: 0.31%** |  |  |  |  |
| Alumina Pty. Ltd.144A | 6.13 | &nbsp;&nbsp; 3-15-2030 | 7590000 | &nbsp;&nbsp; **7712419** |
| **Communications: 1.37%** |  |  |  |  |
| **Internet: 0.93%** |  |  |  |  |
| Rakuten Group, Inc.144A | 11.25 | &nbsp;&nbsp; 2-15-2027 | 21325000 | &nbsp;&nbsp; **23057551** |
| **Media: 0.44%** |  |  |  |  |
| Virgin Media Vendor Financing Notes IV DAC144A | 5.00 | &nbsp;&nbsp; 7-15-2028 | 11090000 | &nbsp;&nbsp; **10856899** |
| **Consumer, cyclical: 4.15%** |  |  |  |  |
| **Airlines: 1.57%** |  |  |  |  |
| Air Canada Pass-Through Trust Series 2020-1 Class C144A | 10.50 | &nbsp;&nbsp; 7-15-2026 | 22234000 | &nbsp;&nbsp; 23234524 |
| Latam Airlines Group SA144A | 7.63 | &nbsp;&nbsp; 1-7-2031 | 11840000 | &nbsp;&nbsp; 12168058 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc.144A | 7.88 | &nbsp;&nbsp; 5-1-2027 | 3588000 | &nbsp;&nbsp; 3626474 |
|  |  |  |  | &nbsp;&nbsp; **39029056** |
| **Auto parts & equipment: 0.24%** |  |  |  |  |
| Adient Global Holdings Ltd.144A | 8.25 | &nbsp;&nbsp; 4-15-2031 | 5680000 | &nbsp;&nbsp; **5981307** |
| **Leisure time: 2.34%** |  |  |  |  |
| Carnival Corp.144A | 6.00 | &nbsp;&nbsp; 5-1-2029 | 26490000 | &nbsp;&nbsp; 26833496 |
| Royal Caribbean Cruises Ltd.144A | 5.38 | &nbsp;&nbsp; 7-15-2027 | 30910000 | &nbsp;&nbsp; 31162318 |
|  |  |  |  | &nbsp;&nbsp; **57995814** |
| **Consumer, non-cyclical: 0.88%** |  |  |  |  |
| **Healthcare-products: 0.88%** |  |  |  |  |
| Bausch & Lomb Corp.144A | 8.38 | &nbsp;&nbsp; 10-1-2028 | 20903000 | &nbsp;&nbsp; **21773610** |

---

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

10 \| Allspring Short-Term High Income Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Energy: 0.27%** |  |  |  |  |
| **Oil & gas: 0.27%** |  |  |  |  |
| Borr IHC Ltd./Borr Finance LLC144A | 10.00<br> %<br>| &nbsp;&nbsp; 11-15-2028 | $6498781 | &nbsp;&nbsp; **$6596842** |
| **Financial: 1.76%** |  |  |  |  |
| **Banks: 0.54%** |  |  |  |  |
| &nbsp;&nbsp; Banco Mercantil del Norte SA (5 Year Treasury Constant <br> Maturity+4.64%)144Aʊ±<br>| 5.88 | &nbsp;&nbsp; 1-24-2027 | 4940000 | &nbsp;&nbsp; 4861083 |
| Intesa Sanpaolo SpA (5 Year USD Swap Rate+5.46%)144Aʊ± | 7.70 | &nbsp;&nbsp; 9-17-2025 | 8550000 | &nbsp;&nbsp; 8558875 |
|  |  |  |  | &nbsp;&nbsp; **13419958** |
| **Diversified financial services: 1.22%** |  |  |  |  |
| Global Aircraft Leasing Co. Ltd.144A | 8.75 | &nbsp;&nbsp; 9-1-2027 | 20845000 | &nbsp;&nbsp; 21447983 |
| goeasy Ltd.144A | 9.25 | &nbsp;&nbsp; 12-1-2028 | 5710000 | &nbsp;&nbsp; 6009090 |
| Macquarie AirFinance Holdings Ltd.144A | 6.40 | &nbsp;&nbsp; 3-26-2029 | 2650000 | &nbsp;&nbsp; 2782500 |
|  |  |  |  | &nbsp;&nbsp; **30239573** |
| **Industrial: 0.67%** |  |  |  |  |
| **Aerospace/defense: 0.27%** |  |  |  |  |
| Bombardier, Inc.144A | 6.00 | &nbsp;&nbsp; 2-15-2028 | 4890000 | &nbsp;&nbsp; 4895667 |
| Bombardier, Inc.144A | 7.88 | &nbsp;&nbsp; 4-15-2027 | 1727000 | &nbsp;&nbsp; 1737618 |
|  |  |  |  | &nbsp;&nbsp; **6633285** |
| **Packaging & containers: 0.40%** |  |  |  |  |
| Trivium Packaging Finance BV144A | 8.25 | &nbsp;&nbsp; 7-15-2030 | 9510000 | &nbsp;&nbsp; **10101056** |
| **Technology: 0.78%** |  |  |  |  |
| **Computers: 0.41%** |  |  |  |  |
| Seagate Data Storage Technology Pte. Ltd.144A | 8.25 | &nbsp;&nbsp; 12-15-2029 | 9615000 | &nbsp;&nbsp; **10213005** |
| **Software: 0.37%** |  |  |  |  |
| Open Text Corp.144A | 3.88 | &nbsp;&nbsp; 2-15-2028 | 7390000 | &nbsp;&nbsp; 7183082 |
| Open Text Corp.144A | 6.90 | &nbsp;&nbsp; 12-1-2027 | 1800000 | &nbsp;&nbsp; 1868036 |
|  |  |  |  | &nbsp;&nbsp; **9051118** |
| **Utilities: 1.28%** |  |  |  |  |
| **Electric: 1.28%** |  |  |  |  |
| &nbsp;&nbsp; Algonquin Power & Utilities Corp. (5 Year Treasury Constant <br> Maturity+3.25%)±<br>| 4.75 | &nbsp;&nbsp; 1-18-2082 | 3035000 | &nbsp;&nbsp; 2951364 |
| Emera, Inc. Series 16-A (3 Month LIBOR+5.44%)± | 6.75 | &nbsp;&nbsp; 6-15-2076 | 28595000 | &nbsp;&nbsp; 28774519 |
|  |  |  |  | &nbsp;&nbsp; **31725883** |
| **Total yankee corporate bonds and notes (Cost $280,459,342)** |  |  |  | &nbsp;&nbsp; **284387376** |

---

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

Allspring Short-Term High Income Fund \| 11

------

Portfolio of investments—August 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 4.56%** |  |  |  |  |
| **Investment companies: 4.56%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.23<br> %<br>| 113121610 | &nbsp;&nbsp; **$113121610** |
| **Total short-term investments (Cost $113,121,610)** |  |  |  | &nbsp;&nbsp; **113121610** |
| **Total investments in securities (Cost $2,404,953,240)** | 98.27<br> %<br>|  |  | &nbsp;&nbsp; 2436244072 |
| Other assets and liabilities, net | 1.73 |  |  | &nbsp;&nbsp; 42765899 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$2479009971** |

---

&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>|
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ʊ | Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CLO | Collateralized loan obligation |
| LIBOR | London Interbank Offered Rate |
| REIT | Real estate investment trust |
| SOFR | Secured Overnight Financing Rate |

---

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund <br> Select Class<br>| $83556803 | $1016732817 | $(987168010)<br>| $0 | $0 | $113121610 | 113121610 | $4414818 |

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| 2-Year U.S. Treasury Notes | &nbsp;&nbsp; 1976 | &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; $411551195 | &nbsp;&nbsp; $412073187 | &nbsp;&nbsp; $521992 | &nbsp;&nbsp; $0 |
| **Short** |  |  |  |  |  |  |
| 5-Year U.S. Treasury Notes | &nbsp;&nbsp; (865)<br>| &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; (94486213)<br>| &nbsp;&nbsp; (94690469)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (204256)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$521992** | &nbsp;&nbsp; **$(204256)**<br>|

---

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

12 \| Allspring Short-Term High Income Fund

------

Statement of assets and liabilities—August 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $2,291,831,630) | $2323122462 |
| Investments in affiliated securities, at value (cost $113,121,610) | 113121610 |
| Cash | 4718629 |
| Cash at broker segregated for futures contracts | 2600000 |
| Receivable for interest | 39204107 |
| Receivable for Fund shares sold | 4618686 |
| Receivable for investments sold | 3825691 |
| Receivable for daily variation margin on open futures contracts | 68509 |
| Prepaid expenses and other assets | 160586 |
| **Total assets** | **2491440280** |
| Liabilities |  |
| Payable for investments purchased | 6153087 |
| Payable for Fund shares redeemed | 4673731 |
| Management fee payable | 835850 |
| Dividends payable | 460928 |
| Administration fees payable | 182690 |
| Shareholder servicing fees payable | 47510 |
| Distribution fee payable | 18081 |
| Trustees' fees and expenses payable | 662 |
| Accrued expenses and other liabilities | 57770 |
| **Total liabilities** | **12430309** |
| **Total net assets**  | **$2479009971** |
| Net assets consist of |  |
| Paid-in capital | $2538969117 |
| Total distributable loss | (59959146)<br>|
| **Total net assets** | **$2479009971** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $164166477 |
| Shares outstanding–Class A<sup>1</sup> <br>| 20754600 |
| Net asset value per share–Class A | $7.91 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $8.15 |
| Net assets–Class C | $28023592 |
| Shares outstanding–Class C<sup>1</sup> <br>| 3541672 |
| Net asset value per share–Class C | $7.91 |
| Net assets–Administrator Class | $26130798 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 3304207 |
| Net asset value per share–Administrator Class | $7.91 |
| Net assets–Institutional Class | $2260689104 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 286223946 |
| Net asset value per share–Institutional Class | $7.90 |

---

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

<sup>2</sup> Maximum offering price is computed as 100/97 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Allspring Short-Term High Income Fund \| 13

------

Statement of operations—year ended August 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest (net of foreign withholding taxes of $5,517) | $133431811 |
| Income from affiliated securities | 4414818 |
| Dividends | 836785 |
| **Total investment income** | **138683414** |
| Expenses |  |
| Management fee | 9958169 |
| Administration fees |  |
| Class A | 217202 |
| Class C | 37444 |
| Administrator Class | 29038 |
| Institutional Class | 1544702 |
| Shareholder servicing fees |  |
| Class A | 361188 |
| Class C | 62254 |
| Administrator Class | 71811 |
| Institutional Class | 2247 |
| Distribution fee |  |
| Class C | 187629 |
| Custody and accounting fees | 83360 |
| Professional fees | 66801 |
| Registration fees | 219738 |
| Shareholder report expenses | 98682 |
| Trustees' fees and expenses | 24974 |
| Other fees and expenses | 62424 |
| **Total expenses** | **13027663** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (1564637)<br>|
| Class A | (37633)<br>|
| Class C | (3378)<br>|
| Administrator Class | (34984)<br>|
| **Net expenses** | **11387031** |
| **Net investment income** | **127296383** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized losses on |  |
| Unaffiliated securities | (3236313)<br>|
| Futures contracts | (238446)<br>|
| **Net realized losses on investments**  | **(3474759)**<br>|
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 1853249 |
| Futures contracts | 317736 |
| **Net change in unrealized gains (losses) on investments** | **2170985** |
| **Net realized and unrealized gains (losses) on investments** | **(1303774)**<br>|
| **Net increase in net assets resulting from operations** | **$125992609** |

---

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

14 \| Allspring Short-Term High Income Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> August 31, 2025 | Year ended<br> August 31, 2025 | Year ended<br> August 31, 2024 | Year ended<br> August 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $127296383 |  | &nbsp;&nbsp; $109889909 |
| Net realized losses on investments |  | &nbsp;&nbsp; (3474759)<br>|  | &nbsp;&nbsp; (23420511)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 2170985 |  | &nbsp;&nbsp; 53003364 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **125992609** |  | &nbsp;&nbsp; **139472762** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (8312319)<br>|  | &nbsp;&nbsp; (6737558)<br>|
| Class C |  | &nbsp;&nbsp; (1243276)<br>|  | &nbsp;&nbsp; (1189235)<br>|
| Administrator Class |  | &nbsp;&nbsp; (1706724)<br>|  | &nbsp;&nbsp; (2552660)<br>|
| Institutional Class |  | &nbsp;&nbsp; (116294631)<br>|  | &nbsp;&nbsp; (100957797)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(127556950)**<br>|  | &nbsp;&nbsp; **(111437250)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 9342691 | &nbsp;&nbsp; 73680187 | &nbsp;&nbsp; 4585763 | &nbsp;&nbsp; 35880692 |
| Class C | 1373287 | &nbsp;&nbsp; 10825808 | &nbsp;&nbsp; 1070558 | &nbsp;&nbsp; 8359736 |
| Administrator Class | 453331 | &nbsp;&nbsp; 3566813 | &nbsp;&nbsp; 962875 | &nbsp;&nbsp; 7506278 |
| Institutional Class | 144442963 | &nbsp;&nbsp; 1136393754 | &nbsp;&nbsp; 110741310 | &nbsp;&nbsp; 862942002 |
|  |  | &nbsp;&nbsp; 1224466562 |  | &nbsp;&nbsp; 914688708 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 1038124 | &nbsp;&nbsp; 8182262 | &nbsp;&nbsp; 846483 | &nbsp;&nbsp; 6614832 |
| Class C | 157075 | &nbsp;&nbsp; 1235256 | &nbsp;&nbsp; 152363 | &nbsp;&nbsp; 1189235 |
| Administrator Class | 214676 | &nbsp;&nbsp; 1692232 | &nbsp;&nbsp; 325912 | &nbsp;&nbsp; 2544551 |
| Institutional Class | 14607112 | &nbsp;&nbsp; 114977213 | &nbsp;&nbsp; 12766167 | &nbsp;&nbsp; 99616729 |
|  |  | &nbsp;&nbsp; 126086963 |  | &nbsp;&nbsp; 109965347 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (5535567)<br>| &nbsp;&nbsp; (43545965)<br>| &nbsp;&nbsp; (3902406)<br>| &nbsp;&nbsp; (30472398)<br>|
| Class C | (962452)<br>| &nbsp;&nbsp; (7585180)<br>| &nbsp;&nbsp; (1112082)<br>| &nbsp;&nbsp; (8687743)<br>|
| Administrator Class | (1532520)<br>| &nbsp;&nbsp; (12076284)<br>| &nbsp;&nbsp; (2995847)<br>| &nbsp;&nbsp; (23422224)<br>|
| Institutional Class | (94963737)<br>| &nbsp;&nbsp; (745699129)<br>| &nbsp;&nbsp; (95263542)<br>| &nbsp;&nbsp; (742155983)<br>|
|  |  | &nbsp;&nbsp; (808906558)<br>|  | &nbsp;&nbsp; (804738348)<br>|
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **541646967** |  | &nbsp;&nbsp; **219915707** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **540082626** |  | &nbsp;&nbsp; **247951219** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **1938927345** |  | &nbsp;&nbsp; **1690976126** |
| **End of period** |  | &nbsp;&nbsp; **$2479009971** |  | &nbsp;&nbsp; **$1938927345** |

---

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

Allspring Short-Term High Income Fund \| 15

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$7.92** | &nbsp;&nbsp; **$7.80** | &nbsp;&nbsp; **$7.72** | &nbsp;&nbsp; **$8.25** | &nbsp;&nbsp; **$8.09** |
| Net investment income | 0.45 <br><sup>1</sup><br>| 0.45 <br><sup>1</sup><br>| 0.40 | 0.29 | 0.28 |
| Net realized and unrealized gains (losses) on investments | (0.01)<br>| 0.13 | 0.08 | &nbsp;&nbsp; (0.51)<br>| 0.18 |
| Total from investment operations | 0.44 | 0.58 | 0.48 | &nbsp;&nbsp; (0.22)<br>| 0.46 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.45)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.30)<br>|
| **Net asset value, end of period** | **$7.91** | &nbsp;&nbsp; **$7.92** | &nbsp;&nbsp; **$7.80** | &nbsp;&nbsp; **$7.72** | &nbsp;&nbsp; **$8.25** |
| **Total return**<sup>2</sup> <br>| **5.74%**<br>| **7.67%**<br>| **6.33%**<br>| &nbsp;&nbsp; **(2.73)%**<br>| **5.73%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.89<br> %<br>| 0.89<br> %<br>| 0.90<br> %<br>| 0.92<br> %<br>| 0.93<br> %<br>|
| Net expenses | 0.80<br> %<br>| 0.81<br> %<br>| 0.81<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>|
| Net investment income | 5.74<br> %<br>| 5.80<br> %<br>| 5.08<br> %<br>| 3.65<br> %<br>| 3.46<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 40<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 63<br> %<br>|
| Net assets, end of period (000s omitted) | $164166 | &nbsp;&nbsp; $125978 | &nbsp;&nbsp; $112193 | &nbsp;&nbsp; $99828 | &nbsp;&nbsp; $123375 |

---

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

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

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

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

16 \| Allspring Short-Term High Income Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$7.92** | &nbsp;&nbsp; **$7.81** | &nbsp;&nbsp; **$7.72** | &nbsp;&nbsp; **$8.26** | &nbsp;&nbsp; **$8.09** |
| Net investment income | 0.39 <br><sup>1</sup><br>| 0.39 <br><sup>1</sup><br>| 0.33 | 0.24 | 0.24 |
| Net realized and unrealized gains (losses) on investments | (0.01)<br>| 0.12 | 0.10 | &nbsp;&nbsp; (0.53)<br>| 0.17 |
| Total from investment operations | 0.38 | 0.51 | 0.43 | &nbsp;&nbsp; (0.29)<br>| 0.41 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.39)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Net asset value, end of period** | **$7.91** | &nbsp;&nbsp; **$7.92** | &nbsp;&nbsp; **$7.81** | &nbsp;&nbsp; **$7.72** | &nbsp;&nbsp; **$8.26** |
| **Total return**<sup>2</sup> <br>| **4.94%**<br>| **6.74%**<br>| **5.67%**<br>| &nbsp;&nbsp; **(3.58)%**<br>| **5.06%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.65<br> %<br>| 1.64<br> %<br>| 1.65<br> %<br>| 1.67<br> %<br>| 1.68<br> %<br>|
| Net expenses | 1.56<br> %<br>| 1.56<br> %<br>| 1.56<br> %<br>| 1.56<br> %<br>| 1.56<br> %<br>|
| Net investment income | 4.98<br> %<br>| 5.05<br> %<br>| 4.33<br> %<br>| 2.88<br> %<br>| 2.73<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 40<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 63<br> %<br>|
| Net assets, end of period (000s omitted) | $28024 | &nbsp;&nbsp; $23555 | &nbsp;&nbsp; $22345 | &nbsp;&nbsp; $19567 | &nbsp;&nbsp; $29136 |

---

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

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

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

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

Allspring Short-Term High Income Fund \| 17

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$7.92** | &nbsp;&nbsp; **$7.80** | &nbsp;&nbsp; **$7.72** | &nbsp;&nbsp; **$8.25** | &nbsp;&nbsp; **$8.09** |
| Net investment income | 0.46 <br><sup>1</sup><br>| 0.46 <br><sup>1</sup><br>| 0.41 | 0.30 | 0.30 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.01)<br>| 0.13 | 0.08 | &nbsp;&nbsp; (0.51)<br>| 0.17 |
| Total from investment operations | 0.45 | 0.59 | 0.49 | &nbsp;&nbsp; (0.21)<br>| 0.47 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.46)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.31)<br>|
| **Net asset value, end of period** | **$7.91** | &nbsp;&nbsp; **$7.92** | &nbsp;&nbsp; **$7.80** | &nbsp;&nbsp; **$7.72** | &nbsp;&nbsp; **$8.25** |
| **Total return**<sup>2</sup> <br>| **5.89%**<br>| **7.84%**<br>| **6.50%**<br>| &nbsp;&nbsp; **(2.58)%**<br>| **5.90%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.84<br> %<br>| 0.84<br> %<br>| 0.84<br> %<br>| 0.86<br> %<br>| 0.87<br> %<br>|
| Net expenses | 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>|
| Net investment income | 5.90<br> %<br>| 5.96<br> %<br>| 5.17<br> %<br>| 3.80<br> %<br>| 3.63<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 40<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 63<br> %<br>|
| Net assets, end of period (000s omitted) | $26131 | &nbsp;&nbsp; $33004 | &nbsp;&nbsp; $45839 | &nbsp;&nbsp; $60460 | &nbsp;&nbsp; $82124 |

---

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

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

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

18 \| Allspring Short-Term High Income Fund

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Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$7.91** | &nbsp;&nbsp; **$7.79** | &nbsp;&nbsp; **$7.71** | &nbsp;&nbsp; **$8.24** | &nbsp;&nbsp; **$8.08** |
| Net investment income | 0.47 <br><sup>1</sup><br>| 0.48 <br><sup>1</sup><br>| 0.41 | 0.32 | 0.31 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.01)<br>| 0.13 | 0.09 | &nbsp;&nbsp; (0.52)<br>| 0.17 |
| Total from investment operations | 0.46 | 0.61 | 0.50 | &nbsp;&nbsp; (0.20)<br>| 0.48 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.47)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.32)<br>|
| **Net asset value, end of period** | **$7.90** | &nbsp;&nbsp; **$7.91** | &nbsp;&nbsp; **$7.79** | &nbsp;&nbsp; **$7.71** | &nbsp;&nbsp; **$8.24** |
| **Total return**<sup>2</sup> <br>| **6.05%**<br>| **8.01%**<br>| **6.66%**<br>| &nbsp;&nbsp; **(2.44)%**<br>| **6.06%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.57<br> %<br>| 0.57<br> %<br>| 0.57<br> %<br>| 0.59<br> %<br>| 0.60<br> %<br>|
| Net expenses | 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Net investment income | 6.04<br> %<br>| 6.11<br> %<br>| 5.42<br> %<br>| 3.99<br> %<br>| 3.78<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 40<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 63<br> %<br>|
| Net assets, end of period (000s omitted) | $2260689 | &nbsp;&nbsp; $1756390 | &nbsp;&nbsp; $1510599 | &nbsp;&nbsp; $984201 | &nbsp;&nbsp; $823568 |

---

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

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

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

Allspring Short-Term High Income Fund \| 19

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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 Short-Term High Income Fund (the "Fund") which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

When-issued transactions

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

Loans

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

Futures contracts

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

20 \| Allspring Short-Term High Income Fund

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Notes to financial statements

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

Security transactions and income recognition

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

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

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 to shareholders

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

Federal and other taxes

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

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

As of August 31, 2025, the aggregate cost of all investments for federal income tax purposes was $2,406,160,499 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $32259084 |
| Gross unrealized losses | &nbsp;&nbsp; (1857775)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$30401309** |

---

As of August 31, 2025, the Fund had capital loss carryforwards which consist of $23,103,290 in short-term capital losses and $67,332,928 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 Short-Term High Income Fund \| 21

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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 August 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:** |  |  |  |  |
| **Asset-backed securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $39597777 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $39597777 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1853937312 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1853937312 |
| **Investment companies** | &nbsp;&nbsp; 22169384 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 22169384 |
| **Loans** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 116180964 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 116180964 |
| **Non-agency mortgage-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6849649 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6849649 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 284387376 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 284387376 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 113121610 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 113121610 |
|  | &nbsp;&nbsp; 135290994 | &nbsp;&nbsp;&nbsp; 2300953078 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2436244072 |
| **Futures contracts** | &nbsp;&nbsp; 521992 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 521992 |
| **Total assets** | &nbsp;&nbsp; **$135812986** | &nbsp;&nbsp;&nbsp; **$2300953078** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$2436766064** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Futures contracts** | &nbsp;&nbsp; $204256 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $204256 |
| **Total liabilities** | &nbsp;&nbsp; **$204256** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$204256** |

---

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

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

At August 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

22 \| Allspring Short-Term High Income 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 $500 million | 0.500<br> %<br>|
| Next $500 million | 0.475 |
| Next $2 billion | 0.450 |
| Next $2 billion | 0.425 |
| Next $5 billion | 0.390 |
| Over $10 billion | 0.380 |

---

For the year ended August 31, 2025, the management fee was equivalent to an annual rate of 0.47% of the Fund's average daily net assets.

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

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.15<br> %<br>|
| Class C | 0.15 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

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

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.81<br> %<br>|
| Class C | 1.56 |
| Administrator Class | 0.65 |
| Institutional Class | 0.50 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended August 31, 2025, Allspring Funds Distributor received $17,018 from the sale of Class A shares and $21,656 and $5,930 in contingent deferred sales charges from redemptions of Class A and Class C shares, respectively.

Shareholder servicing fees

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

Allspring Short-Term High Income Fund \| 23

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Notes to financial statements

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended August 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 August 31, 2025 were $1,339,065,656 and $810,167,829, respectively.

6. DERIVATIVE TRANSACTIONS

During the year ended August 31, 2025, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio. The Fund had an average notional amount of $31,657,784 in long futures contracts and $7,268,170 in short futures contracts during the year ended August 31, 2025.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

7. BANK BORROWINGS

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

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

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $127556950 | $111437250 |

---

As of August 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; $536692 | &nbsp;&nbsp; $30401309 | &nbsp;&nbsp;&nbsp; $(90436218)<br>|

---

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

24 \| Allspring Short-Term High Income Fund

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Notes to financial statements

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

11. CLASS CONVERSION

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

12. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined in *Segment Reporting (Topic 280)*, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. 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 Short-Term High Income Fund \| 25

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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 Short-Term High Income Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of August 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 August 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 August 31, 2025, by correspondence with the custodian, transfer agent, agent banks 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.

![](g14606imgc473fb002.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

October 23, 2025

26 \| Allspring Short-Term High Income Fund

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Other information (unaudited)

Other information

Tax information

For the fiscal year ended August 31, 2025, $104,688,030 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Proxy voting information

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

Quarterly portfolio holdings information

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

Allspring Short-Term High Income Fund \| 27

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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.

28 \| Allspring Short-Term High Income 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 Short-Term High Income Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

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

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

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

Allspring Short-Term High Income Fund \| 29

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for all periods under review, except for the one-year period, which was lower than the average investment performance of the Universe. The Board also noted that the investment performance of the Fund was in range of the investment performance of its benchmark index, the ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index, for the one- and three-year periods under review, higher than the investment performance of its benchmark index for the five-year period under review, and lower than 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 lower than the median net operating expense ratios of the expense Groups for each share class.

It was noted that the Board had approved a proposal to convert Administrator Class shares into Institutional Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of the average rates for the expense Groups for each share class.

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.

30 \| Allspring Short-Term High Income Fund

------

Other information (unaudited)

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

Allspring Short-Term High Income Fund \| 31

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*This page is intentionally left blank.*

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![](g14606img3e8f6b901.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**

![](g14606img78f965c03.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.**

**NCSR3017 08-25**

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![](g14606imgc07a8aef1.jpg)

Allspring Ultra Short-Term Income Fund

Long Form Financial Statements

Annual Report

August 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_89d93ed3-d823-4ea8-9414-d2f33f40a8fb_POI-PageBlank-101_1)** | 3 |
| **[Item 7. Financial statements and financial highlights](#xx_89d93ed3-d823-4ea8-9414-d2f33f40a8fb_FS-PageBlank-101_1)** |  |
| [Statement of assets and liabilities](#xx_89d93ed3-d823-4ea8-9414-d2f33f40a8fb_FS-PageBlank-101_1) | 23 |
| [Statement of operations](#xx_89d93ed3-d823-4ea8-9414-d2f33f40a8fb_FS-PageBlank-101_3) | 25 |
| [Statement of changes in net assets](#xx_89d93ed3-d823-4ea8-9414-d2f33f40a8fb_FS-PageBlank-101_5) | 27 |
| [Financial highlights](#xx_89d93ed3-d823-4ea8-9414-d2f33f40a8fb_FIHI-PageBlank-101_1) | 28 |
| **[Notes to financial statements](#xx_89d93ed3-d823-4ea8-9414-d2f33f40a8fb_NTF-PageBlank-101_1)** | 33 |
| **[Report of independent registered public accounting firm](#xx_89d93ed3-d823-4ea8-9414-d2f33f40a8fb_AUD-PageBlank-101_1)** | 39 |
| **[Other information](#xx_89d93ed3-d823-4ea8-9414-d2f33f40a8fb_OI-PageBlank-101_1)** | 40 |
| [Item 8. Changes in and disagreements with accountants](#xx_89d93ed3-d823-4ea8-9414-d2f33f40a8fb_OI-PageBlank-101_2) | 41 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_89d93ed3-d823-4ea8-9414-d2f33f40a8fb_OI-PageBlank-101_2) | 41 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_89d93ed3-d823-4ea8-9414-d2f33f40a8fb_OI-PageBlank-101_2) | 41 |
| [Item 11. Statement regarding basis for board](#xx_89d93ed3-d823-4ea8-9414-d2f33f40a8fb_OI-PageBlank-101_3)['](#xx_89d93ed3-d823-4ea8-9414-d2f33f40a8fb_OI-PageBlank-101_3)[s approval of investment](#xx_89d93ed3-d823-4ea8-9414-d2f33f40a8fb_OI-PageBlank-101_3)<br> [advisory contract](#xx_89d93ed3-d823-4ea8-9414-d2f33f40a8fb_OI-PageBlank-101_3)<br>| 42 |

---

Allspring Ultra Short-Term Income Fund \| 1

------

Portfolio of investments—August 31, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Agency securities: 5.31%** |  |  |  |  |
| FHLMC | 4.50<br> %<br>| &nbsp;&nbsp; 9-1-2026 | $5530 | &nbsp;&nbsp; $5531 |
| FHLMC | 7.00 | &nbsp;&nbsp; 6-1-2031 | 92879 | &nbsp;&nbsp; 97725 |
| &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates <br> Series Q004 Class AFL (12 Month Treasury Average+0.74%)±<br>| 4.89 | &nbsp;&nbsp; 5-25-2044 | 482679 | &nbsp;&nbsp; 482710 |
| FHLMC STRIPS Series 20 Class F±± | 5.72 | &nbsp;&nbsp; 7-1-2029 | 108 | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-16 Class A <br> (30 Day Average U.S. SOFR+0.46%)±<br>| 4.81 | &nbsp;&nbsp; 6-25-2029 | 650985 | &nbsp;&nbsp; 628179 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-20 Class A7 <br> (30 Day Average U.S. SOFR+0.41%)±<br>| 4.76 | &nbsp;&nbsp; 12-25-2029 | 1435885 | &nbsp;&nbsp; 1396492 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-27 Class A <br> (30 Day Average U.S. SOFR+0.41%)±<br>| 4.76 | &nbsp;&nbsp; 10-25-2030 | 292717 | &nbsp;&nbsp; 292282 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-30 Class A7 <br> (30 Day Average U.S. SOFR+0.35%)±<br>| 4.70 | &nbsp;&nbsp; 12-25-2030 | 402593 | &nbsp;&nbsp; 380287 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-35 Class A <br> (30 Day Average U.S. SOFR+0.39%)±<br>| 4.74 | &nbsp;&nbsp; 9-25-2031 | 486291 | &nbsp;&nbsp; 484475 |
| FHLMC Structured Pass-Through Certificates Series T-42 Class A6 | 9.50 | &nbsp;&nbsp; 2-25-2042 | 313616 | &nbsp;&nbsp; 362107 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-48 <br> Class 2A±±<br>| 4.49 | &nbsp;&nbsp; 7-25-2033 | 653172 | &nbsp;&nbsp; 621492 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-54 <br> Class 4A±±<br>| 4.26 | &nbsp;&nbsp; 2-25-2043 | 366016 | &nbsp;&nbsp; 351368 |
| FHLMC Structured Pass-Through Certificates Series T-55 Class 1A1 | 6.50 | &nbsp;&nbsp; 3-25-2043 | 20816 | &nbsp;&nbsp; 21329 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-56 Class 3AF <br> (30 Day Average U.S. SOFR+1.11%)±<br>| 5.46 | &nbsp;&nbsp; 5-25-2043 | 650012 | &nbsp;&nbsp; 651195 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-62 Class 1A1 <br> (12 Month Treasury Average+1.20%)±<br>| 5.42 | &nbsp;&nbsp; 10-25-2044 | 1041513 | &nbsp;&nbsp; 955197 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-63 Class 1A1 <br> (12 Month Treasury Average+1.20%)±<br>| 5.42 | &nbsp;&nbsp; 2-25-2045 | 937736 | &nbsp;&nbsp; 908484 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-66 <br> Class 2A1±±<br>| 4.74 | &nbsp;&nbsp; 1-25-2036 | 622351 | &nbsp;&nbsp; 603850 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-67 <br> Class 1A1C±±<br>| 3.94 | &nbsp;&nbsp; 3-25-2036 | 1603296 | &nbsp;&nbsp; 1544169 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates Series T-67 <br> Class 2A1C±±<br>| 4.00 | &nbsp;&nbsp; 3-25-2036 | 1554627 | &nbsp;&nbsp; 1466645 |
| FHLMC (1 Year Treasury Constant Maturity+1.95%)± | 6.49 | &nbsp;&nbsp; 5-1-2035 | 125677 | &nbsp;&nbsp; 127398 |
| FHLMC (1 Year Treasury Constant Maturity+1.96%)± | 6.16 | &nbsp;&nbsp; 8-1-2033 | 122416 | &nbsp;&nbsp; 122858 |
| FHLMC (1 Year Treasury Constant Maturity+1.99%)± | 6.49 | &nbsp;&nbsp; 11-1-2034 | 23272 | &nbsp;&nbsp; 23665 |
| FHLMC (1 Year Treasury Constant Maturity+2.05%)± | 6.41 | &nbsp;&nbsp; 12-1-2035 | 97552 | &nbsp;&nbsp; 99324 |
| FHLMC (1 Year Treasury Constant Maturity+2.10%)± | 6.44 | &nbsp;&nbsp; 10-1-2037 | 109538 | &nbsp;&nbsp; 111411 |
| FHLMC (1 Year Treasury Constant Maturity+2.16%)± | 6.34 | &nbsp;&nbsp; 6-1-2033 | 205263 | &nbsp;&nbsp; 209042 |
| FHLMC (1 Year Treasury Constant Maturity+2.17%)± | 6.17 | &nbsp;&nbsp; 5-1-2037 | 8454 | &nbsp;&nbsp; 8623 |
| FHLMC (1 Year Treasury Constant Maturity+2.18%)± | 6.43 | &nbsp;&nbsp; 6-1-2036 | 174559 | &nbsp;&nbsp; 180003 |
| FHLMC (1 Year Treasury Constant Maturity+2.19%)± | 6.52 | &nbsp;&nbsp; 1-1-2037 | 166845 | &nbsp;&nbsp; 170762 |
| FHLMC (1 Year Treasury Constant Maturity+2.20%)± | 6.44 | &nbsp;&nbsp; 5-1-2035 | 46087 | &nbsp;&nbsp; 47312 |
| FHLMC (1 Year Treasury Constant Maturity+2.22%)± | 6.34 | &nbsp;&nbsp; 12-1-2033 | 98926 | &nbsp;&nbsp; 100980 |
| FHLMC (1 Year Treasury Constant Maturity+2.22%)± | 6.39 | &nbsp;&nbsp; 3-1-2035 | 170921 | &nbsp;&nbsp; 176158 |
| FHLMC (1 Year Treasury Constant Maturity+2.23%)± | 6.23 | &nbsp;&nbsp; 11-1-2026 | 9403 | &nbsp;&nbsp; 9364 |
| FHLMC (1 Year Treasury Constant Maturity+2.23%)± | 6.23 | &nbsp;&nbsp; 6-1-2035 | 44931 | &nbsp;&nbsp; 46013 |
| FHLMC (1 Year Treasury Constant Maturity+2.23%)± | 6.48 | &nbsp;&nbsp; 2-1-2034 | 138096 | &nbsp;&nbsp; 141174 |

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The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Income Fund \| 3

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Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FHLMC (1 Year Treasury Constant Maturity+2.23%)± | 6.48<br> %<br>| &nbsp;&nbsp; 4-1-2034 | $48940 | &nbsp;&nbsp; $50083 |
| FHLMC (1 Year Treasury Constant Maturity+2.23%)± | 6.48 | &nbsp;&nbsp; 4-1-2034 | 32745 | &nbsp;&nbsp; 33523 |
| FHLMC (1 Year Treasury Constant Maturity+2.24%)± | 6.49 | &nbsp;&nbsp; 3-1-2027 | 3865 | &nbsp;&nbsp; 3855 |
| FHLMC (1 Year Treasury Constant Maturity+2.24%)± | 6.67 | &nbsp;&nbsp; 4-1-2036 | 66330 | &nbsp;&nbsp; 68049 |
| FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 6.28 | &nbsp;&nbsp; 11-1-2035 | 247186 | &nbsp;&nbsp; 252357 |
| FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 6.40 | &nbsp;&nbsp; 10-1-2038 | 138424 | &nbsp;&nbsp; 141523 |
| FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 6.50 | &nbsp;&nbsp; 8-1-2027 | 388 | &nbsp;&nbsp; 387 |
| FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 6.50 | &nbsp;&nbsp; 4-1-2032 | 20651 | &nbsp;&nbsp; 21065 |
| FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 6.50 | &nbsp;&nbsp; 4-1-2034 | 15921 | &nbsp;&nbsp; 16240 |
| FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 6.50 | &nbsp;&nbsp; 5-1-2034 | 82938 | &nbsp;&nbsp; 84953 |
| FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 6.50 | &nbsp;&nbsp; 9-1-2038 | 337898 | &nbsp;&nbsp; 348581 |
| FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 6.52 | &nbsp;&nbsp; 4-1-2038 | 152832 | &nbsp;&nbsp; 157286 |
| FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 6.53 | &nbsp;&nbsp; 5-1-2038 | 128864 | &nbsp;&nbsp; 131990 |
| FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 6.61 | &nbsp;&nbsp; 6-1-2035 | 16959 | &nbsp;&nbsp; 17505 |
| FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 6.61 | &nbsp;&nbsp; 1-1-2037 | 17555 | &nbsp;&nbsp; 18185 |
| FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 6.70 | &nbsp;&nbsp; 12-1-2034 | 63222 | &nbsp;&nbsp; 64737 |
| FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 6.96 | &nbsp;&nbsp; 5-1-2034 | 20480 | &nbsp;&nbsp; 20999 |
| FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 7.35 | &nbsp;&nbsp; 9-1-2033 | 32060 | &nbsp;&nbsp; 32787 |
| FHLMC (1 Year Treasury Constant Maturity+2.26%)± | 6.49 | &nbsp;&nbsp; 4-1-2038 | 210746 | &nbsp;&nbsp; 216745 |
| FHLMC (1 Year Treasury Constant Maturity+2.26%)± | 6.69 | &nbsp;&nbsp; 4-1-2037 | 632836 | &nbsp;&nbsp; 652621 |
| FHLMC (1 Year Treasury Constant Maturity+2.27%)± | 6.77 | &nbsp;&nbsp; 11-1-2029 | 17879 | &nbsp;&nbsp; 17969 |
| FHLMC (1 Year Treasury Constant Maturity+2.28%)± | 6.65 | &nbsp;&nbsp; 1-1-2035 | 98187 | &nbsp;&nbsp; 100718 |
| FHLMC (1 Year Treasury Constant Maturity+2.28%)± | 7.28 | &nbsp;&nbsp; 7-1-2034 | 24700 | &nbsp;&nbsp; 24690 |
| FHLMC (1 Year Treasury Constant Maturity+2.29%)± | 6.44 | &nbsp;&nbsp; 9-1-2033 | 108485 | &nbsp;&nbsp; 110883 |
| FHLMC (1 Year Treasury Constant Maturity+2.29%)± | 7.23 | &nbsp;&nbsp; 11-1-2027 | 25231 | &nbsp;&nbsp; 25160 |
| FHLMC (1 Year Treasury Constant Maturity+2.35%)± | 5.48 | &nbsp;&nbsp; 7-1-2031 | 6827 | &nbsp;&nbsp; 6805 |
| FHLMC (1 Year Treasury Constant Maturity+2.35%)± | 6.35 | &nbsp;&nbsp; 7-1-2038 | 122885 | &nbsp;&nbsp; 126453 |
| FHLMC (1 Year Treasury Constant Maturity+2.35%)± | 7.10 | &nbsp;&nbsp; 7-1-2027 | 24929 | &nbsp;&nbsp; 24904 |
| FHLMC (1 Year Treasury Constant Maturity+2.36%)± | 6.59 | &nbsp;&nbsp; 10-1-2033 | 140126 | &nbsp;&nbsp; 141422 |
| FHLMC (1 Year Treasury Constant Maturity+2.36%)± | 6.61 | &nbsp;&nbsp; 4-1-2038 | 310143 | &nbsp;&nbsp; 320500 |
| FHLMC (1 Year Treasury Constant Maturity+2.36%)± | 6.81 | &nbsp;&nbsp; 4-1-2032 | 201339 | &nbsp;&nbsp; 202725 |
| FHLMC (1 Year Treasury Constant Maturity+2.36%)± | 6.82 | &nbsp;&nbsp; 2-1-2035 | 83720 | &nbsp;&nbsp; 85865 |
| FHLMC (1 Year Treasury Constant Maturity+2.36%)± | 6.97 | &nbsp;&nbsp; 1-1-2028 | 495 | &nbsp;&nbsp; 494 |
| FHLMC (1 Year Treasury Constant Maturity+2.36%)± | 7.03 | &nbsp;&nbsp; 1-1-2028 | 294 | &nbsp;&nbsp; 294 |
| FHLMC (1 Year Treasury Constant Maturity+2.38%)± | 6.68 | &nbsp;&nbsp; 2-1-2034 | 616012 | &nbsp;&nbsp; 630061 |
| FHLMC (1 Year Treasury Constant Maturity+2.40%)± | 6.42 | &nbsp;&nbsp; 7-1-2029 | 7269 | &nbsp;&nbsp; 7301 |
| FHLMC (1 Year Treasury Constant Maturity+2.40%)± | 6.72 | &nbsp;&nbsp; 1-1-2037 | 318512 | &nbsp;&nbsp; 329663 |
| FHLMC (1 Year Treasury Constant Maturity+2.40%)± | 7.53 | &nbsp;&nbsp; 7-1-2031 | 8595 | &nbsp;&nbsp; 8624 |
| FHLMC (1 Year Treasury Constant Maturity+2.40%)± | 7.53 | &nbsp;&nbsp; 9-1-2031 | 20225 | &nbsp;&nbsp; 20475 |
| FHLMC (1 Year Treasury Constant Maturity+2.41%)± | 6.62 | &nbsp;&nbsp; 6-1-2035 | 81541 | &nbsp;&nbsp; 82887 |
| FHLMC (1 Year Treasury Constant Maturity+2.47%)± | 6.47 | &nbsp;&nbsp; 7-1-2034 | 78259 | &nbsp;&nbsp; 80551 |
| FHLMC (1 Year Treasury Constant Maturity+2.48%)± | 6.48 | &nbsp;&nbsp; 6-1-2030 | 64820 | &nbsp;&nbsp; 65103 |
| FHLMC (1 Year Treasury Constant Maturity+2.48%)± | 6.63 | &nbsp;&nbsp; 6-1-2030 | 8134 | &nbsp;&nbsp; 8150 |
| FHLMC (1 Year Treasury Constant Maturity+2.48%)± | 6.73 | &nbsp;&nbsp; 2-1-2030 | 13718 | &nbsp;&nbsp; 13850 |
| FHLMC (1 Year Treasury Constant Maturity+2.48%)± | 6.73 | &nbsp;&nbsp; 6-1-2030 | 8289 | &nbsp;&nbsp; 8339 |
| FHLMC (1 Year Treasury Constant Maturity+2.49%)± | 6.99 | &nbsp;&nbsp; 12-1-2032 | 42999 | &nbsp;&nbsp; 44119 |
| FHLMC (1 Year Treasury Constant Maturity+2.52%)± | 5.77 | &nbsp;&nbsp; 11-1-2029 | 19785 | &nbsp;&nbsp; 19785 |
| FHLMC (1 Year Treasury Constant Maturity+2.55%)± | 6.67 | &nbsp;&nbsp; 9-1-2029 | 9517 | &nbsp;&nbsp; 9534 |

---

The accompanying notes are an integral part of these financial statements.

4 \| Allspring Ultra Short-Term Income Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FHLMC (1 Year Treasury Constant Maturity+2.61%)± | 5.99<br> %<br>| &nbsp;&nbsp; 9-1-2030 | $15815 | &nbsp;&nbsp; $15857 |
| FHLMC (1 Year Treasury Constant Maturity+2.75%)± | 7.51 | &nbsp;&nbsp; 5-1-2028 | 21816 | &nbsp;&nbsp; 21902 |
| FHLMC (1 Year Treasury Constant Maturity+2.92%)± | 6.97 | &nbsp;&nbsp; 9-1-2030 | 5179 | &nbsp;&nbsp; 5195 |
| FHLMC (11th District COFI+1.25%)± | 4.18 | &nbsp;&nbsp; 1-1-2030 | 1212 | &nbsp;&nbsp; 1188 |
| FHLMC (11th District COFI+1.25%)± | 4.18 | &nbsp;&nbsp; 7-1-2030 | 28734 | &nbsp;&nbsp; 28129 |
| FHLMC (11th District COFI+1.25%)± | 4.74 | &nbsp;&nbsp; 11-1-2030 | 4031 | &nbsp;&nbsp; 3954 |
| FHLMC (12 Month Treasury Average+2.01%)± | 7.01 | &nbsp;&nbsp; 5-1-2028 | 1524 | &nbsp;&nbsp; 1518 |
| FHLMC (12 Month Treasury Average+2.45%)± | 6.92 | &nbsp;&nbsp; 10-1-2029 | 24885 | &nbsp;&nbsp; 24975 |
| FHLMC (3 Year Treasury Constant Maturity+2.40%)± | 5.63 | &nbsp;&nbsp; 5-1-2031 | 16341 | &nbsp;&nbsp; 16365 |
| FHLMC (3 Year Treasury Constant Maturity+2.44%)± | 5.19 | &nbsp;&nbsp; 5-1-2032 | 7936 | &nbsp;&nbsp; 7953 |
| FHLMC (3 Year Treasury Constant Maturity+2.88%)± | 5.33 | &nbsp;&nbsp; 6-1-2035 | 98012 | &nbsp;&nbsp; 98496 |
| FHLMC (5 Year Treasury Constant Maturity+2.13%)± | 6.00 | &nbsp;&nbsp; 8-1-2029 | 2142 | &nbsp;&nbsp; 2161 |
| FHLMC (5 Year Treasury Constant Maturity+2.44%)± | 3.57 | &nbsp;&nbsp; 8-1-2027 | 6676 | &nbsp;&nbsp; 6590 |
| FHLMC (RFUCCT1Y+1.51%)± | 6.51 | &nbsp;&nbsp; 2-1-2037 | 36716 | &nbsp;&nbsp; 37266 |
| FHLMC (RFUCCT1Y+1.61%)± | 6.34 | &nbsp;&nbsp; 7-1-2044 | 56366 | &nbsp;&nbsp; 58037 |
| FHLMC (RFUCCT1Y+1.62%)± | 3.11 | &nbsp;&nbsp; 2-1-2050 | 333421 | &nbsp;&nbsp; 335036 |
| FHLMC (RFUCCT1Y+1.62%)± | 6.53 | &nbsp;&nbsp; 7-1-2045 | 230569 | &nbsp;&nbsp; 237293 |
| FHLMC (RFUCCT1Y+1.67%)± | 6.54 | &nbsp;&nbsp; 8-1-2035 | 94773 | &nbsp;&nbsp; 97253 |
| FHLMC (RFUCCT1Y+1.72%)± | 6.57 | &nbsp;&nbsp; 5-1-2037 | 340323 | &nbsp;&nbsp; 351457 |
| FHLMC (RFUCCT1Y+1.73%)± | 6.92 | &nbsp;&nbsp; 1-1-2035 | 123299 | &nbsp;&nbsp; 125837 |
| FHLMC (RFUCCT1Y+1.74%)± | 6.69 | &nbsp;&nbsp; 12-1-2036 | 90220 | &nbsp;&nbsp; 93396 |
| FHLMC (RFUCCT1Y+1.75%)± | 6.43 | &nbsp;&nbsp; 6-1-2033 | 91046 | &nbsp;&nbsp; 92618 |
| FHLMC (RFUCCT1Y+1.75%)± | 6.65 | &nbsp;&nbsp; 5-1-2033 | 37204 | &nbsp;&nbsp; 37832 |
| FHLMC (RFUCCT1Y+1.75%)± | 6.75 | &nbsp;&nbsp; 4-1-2035 | 58920 | &nbsp;&nbsp; 60376 |
| FHLMC (RFUCCT1Y+1.75%)± | 6.86 | &nbsp;&nbsp; 1-1-2040 | 416204 | &nbsp;&nbsp; 429673 |
| FHLMC (RFUCCT1Y+1.76%)± | 6.73 | &nbsp;&nbsp; 9-1-2037 | 89330 | &nbsp;&nbsp; 92607 |
| FHLMC (RFUCCT1Y+1.77%)± | 6.40 | &nbsp;&nbsp; 6-1-2035 | 104647 | &nbsp;&nbsp; 105995 |
| FHLMC (RFUCCT1Y+1.77%)± | 6.48 | &nbsp;&nbsp; 10-1-2035 | 321512 | &nbsp;&nbsp; 328021 |
| FHLMC (RFUCCT1Y+1.77%)± | 6.59 | &nbsp;&nbsp; 10-1-2036 | 100404 | &nbsp;&nbsp; 103336 |
| FHLMC (RFUCCT1Y+1.77%)± | 6.74 | &nbsp;&nbsp; 9-1-2039 | 431312 | &nbsp;&nbsp; 442970 |
| FHLMC (RFUCCT1Y+1.77%)± | 7.13 | &nbsp;&nbsp; 8-1-2042 | 60164 | &nbsp;&nbsp; 62341 |
| FHLMC (RFUCCT1Y+1.78%)± | 7.06 | &nbsp;&nbsp; 11-1-2035 | 50282 | &nbsp;&nbsp; 51314 |
| FHLMC (RFUCCT1Y+1.80%)± | 6.63 | &nbsp;&nbsp; 8-1-2037 | 391711 | &nbsp;&nbsp; 403347 |
| FHLMC (RFUCCT1Y+1.80%)± | 6.65 | &nbsp;&nbsp; 5-1-2039 | 140258 | &nbsp;&nbsp; 143487 |
| FHLMC (RFUCCT1Y+1.81%)± | 6.76 | &nbsp;&nbsp; 4-1-2035 | 305804 | &nbsp;&nbsp; 314302 |
| FHLMC (RFUCCT1Y+1.81%)± | 6.88 | &nbsp;&nbsp; 9-1-2037 | 93816 | &nbsp;&nbsp; 96707 |
| FHLMC (RFUCCT1Y+1.85%)± | 6.89 | &nbsp;&nbsp; 7-1-2038 | 315497 | &nbsp;&nbsp; 326295 |
| FHLMC (RFUCCT1Y+1.87%)± | 6.87 | &nbsp;&nbsp; 5-1-2035 | 6533 | &nbsp;&nbsp; 6670 |
| FHLMC (RFUCCT1Y+1.87%)± | 7.01 | &nbsp;&nbsp; 9-1-2036 | 149302 | &nbsp;&nbsp; 152960 |
| FHLMC (RFUCCT1Y+1.88%)± | 6.88 | &nbsp;&nbsp; 4-1-2037 | 65837 | &nbsp;&nbsp; 67664 |
| FHLMC (RFUCCT1Y+1.91%)± | 6.78 | &nbsp;&nbsp; 3-1-2032 | 57427 | &nbsp;&nbsp; 58523 |
| FHLMC (RFUCCT1Y+1.93%)± | 6.77 | &nbsp;&nbsp; 4-1-2035 | 388531 | &nbsp;&nbsp; 397324 |
| FHLMC (RFUCCT1Y+1.93%)± | 6.93 | &nbsp;&nbsp; 4-1-2037 | 30567 | &nbsp;&nbsp; 31368 |
| FHLMC (RFUCCT1Y+1.99%)± | 7.19 | &nbsp;&nbsp; 7-1-2036 | 91855 | &nbsp;&nbsp; 93714 |
| FHLMC (RFUCCT1Y+2.07%)± | 7.01 | &nbsp;&nbsp; 3-1-2038 | 295775 | &nbsp;&nbsp; 307633 |
| FHLMC (RFUCCT6M+1.42%)± | 6.17 | &nbsp;&nbsp; 2-1-2037 | 507 | &nbsp;&nbsp; 515 |
| FHLMC (RFUCCT6M+1.68%)± | 6.32 | &nbsp;&nbsp; 1-1-2037 | 292727 | &nbsp;&nbsp; 300398 |
| FHLMC (RFUCCT6M+1.83%)± | 6.50 | &nbsp;&nbsp; 6-1-2037 | 111596 | &nbsp;&nbsp; 111783 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Income Fund \| 5

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FHLMC (RFUCCT6M+2.12%)± | 6.86<br> %<br>| &nbsp;&nbsp; 5-1-2037 | $16517 | &nbsp;&nbsp; $16522 |
| FHLMC (RFUCCT6M+2.36%)± | 6.86 | &nbsp;&nbsp; 6-1-2026 | 387 | &nbsp;&nbsp; 387 |
| FHLMC Series 2315 Class FW (30 Day Average U.S. SOFR+0.66%)± | 5.01 | &nbsp;&nbsp; 4-15-2027 | 1995 | &nbsp;&nbsp; 1996 |
| FHLMC Series 2391 Class EF (30 Day Average U.S. SOFR+0.61%)± | 4.96 | &nbsp;&nbsp; 6-15-2031 | 13065 | &nbsp;&nbsp; 13030 |
| &nbsp;&nbsp; FHLMC Series 2454 Class SL (30 Day Average <br> U.S. SOFR+7.89%)ƒ±<br>| 3.54 | &nbsp;&nbsp; 3-15-2032 | 28483 | &nbsp;&nbsp; 2886 |
| FHLMC Series 2461 Class FI (30 Day Average U.S. SOFR+0.61%)± | 4.96 | &nbsp;&nbsp; 4-15-2028 | 6748 | &nbsp;&nbsp; 6743 |
| FHLMC Series 2464 Class FE (30 Day Average U.S. SOFR+1.11%)± | 5.46 | &nbsp;&nbsp; 3-15-2032 | 18564 | &nbsp;&nbsp; 18720 |
| FHLMC Series 2466 Class FV (30 Day Average U.S. SOFR+0.66%)± | 5.01 | &nbsp;&nbsp; 3-15-2032 | 37983 | &nbsp;&nbsp; 37982 |
| FHLMC Series 2538 Class F (30 Day Average U.S. SOFR+0.71%)± | 5.06 | &nbsp;&nbsp; 12-15-2032 | 86896 | &nbsp;&nbsp; 87085 |
| FHLMC Series 3114 Class FT (30 Day Average U.S. SOFR+0.46%)± | 4.81 | &nbsp;&nbsp; 9-15-2030 | 61732 | &nbsp;&nbsp; 61556 |
| FHLMC Series 3286 Class FA (30 Day Average U.S. SOFR+0.51%)± | 4.86 | &nbsp;&nbsp; 3-15-2037 | 32245 | &nbsp;&nbsp; 31928 |
| FHLMC Series 3436 Class A±± | 6.97 | &nbsp;&nbsp; 11-15-2036 | 146631 | &nbsp;&nbsp; 149748 |
| FHLMC Series 3924 Class MF (30 Day Average U.S. SOFR+0.61%)± | 4.96 | &nbsp;&nbsp; 9-15-2041 | 416253 | &nbsp;&nbsp; 412246 |
| FHLMC Series 3925 Class FL (30 Day Average U.S. SOFR+0.56%)± | 4.91 | &nbsp;&nbsp; 1-15-2041 | 14704 | &nbsp;&nbsp; 14688 |
| FHLMC Series 4889 Class CD | 3.00 | &nbsp;&nbsp; 4-15-2049 | 491520 | &nbsp;&nbsp; 440877 |
| FHLMC Series 4938 Class BF (30 Day Average U.S. SOFR+0.61%)± | 4.96 | &nbsp;&nbsp; 12-25-2049 | 2503360 | &nbsp;&nbsp; 2439261 |
| FNMA | 4.50 | &nbsp;&nbsp; 1-1-2027 | 16381 | &nbsp;&nbsp; 16351 |
| FNMA | 6.50 | &nbsp;&nbsp; 5-1-2031 | 16161 | &nbsp;&nbsp; 16744 |
| FNMA | 6.50 | &nbsp;&nbsp; 8-1-2031 | 102694 | &nbsp;&nbsp; 106395 |
| FNMA | 7.50 | &nbsp;&nbsp; 1-1-2031 | 6467 | &nbsp;&nbsp; 6483 |
| FNMA | 7.50 | &nbsp;&nbsp; 1-1-2033 | 18341 | &nbsp;&nbsp; 18395 |
| FNMA | 7.50 | &nbsp;&nbsp; 5-1-2033 | 29771 | &nbsp;&nbsp; 29833 |
| FNMA | 7.50 | &nbsp;&nbsp; 8-1-2033 | 24605 | &nbsp;&nbsp; 24691 |
| FNMA | 8.00 | &nbsp;&nbsp; 12-1-2026 | 3347 | &nbsp;&nbsp; 3349 |
| FNMA | 8.00 | &nbsp;&nbsp; 5-1-2033 | 22054 | &nbsp;&nbsp; 22108 |
| FNMA (1 Year Treasury Constant Maturity+1.50%)± | 5.86 | &nbsp;&nbsp; 8-1-2030 | 81071 | &nbsp;&nbsp; 81717 |
| FNMA (1 Year Treasury Constant Maturity+1.52%)± | 5.53 | &nbsp;&nbsp; 8-1-2033 | 175528 | &nbsp;&nbsp; 176533 |
| FNMA (1 Year Treasury Constant Maturity+1.58%)± | 5.83 | &nbsp;&nbsp; 3-1-2034 | 121204 | &nbsp;&nbsp; 122215 |
| FNMA (1 Year Treasury Constant Maturity+1.63%)± | 5.65 | &nbsp;&nbsp; 11-1-2029 | 1829 | &nbsp;&nbsp; 1824 |
| FNMA (1 Year Treasury Constant Maturity+1.66%)± | 6.56 | &nbsp;&nbsp; 7-1-2048 | 283163 | &nbsp;&nbsp; 287931 |
| FNMA (1 Year Treasury Constant Maturity+1.70%)± | 5.93 | &nbsp;&nbsp; 2-1-2033 | 91428 | &nbsp;&nbsp; 92321 |
| FNMA (1 Year Treasury Constant Maturity+1.85%)± | 6.98 | &nbsp;&nbsp; 7-1-2038 | 67222 | &nbsp;&nbsp; 68146 |
| FNMA (1 Year Treasury Constant Maturity+1.88%)± | 5.88 | &nbsp;&nbsp; 8-1-2031 | 17976 | &nbsp;&nbsp; 18091 |
| FNMA (1 Year Treasury Constant Maturity+1.96%)± | 5.96 | &nbsp;&nbsp; 3-1-2032 | 9169 | &nbsp;&nbsp; 9216 |
| FNMA (1 Year Treasury Constant Maturity+2.02%)± | 6.50 | &nbsp;&nbsp; 12-1-2034 | 59240 | &nbsp;&nbsp; 60762 |
| FNMA (1 Year Treasury Constant Maturity+2.03%)± | 6.23 | &nbsp;&nbsp; 12-1-2032 | 103811 | &nbsp;&nbsp; 105446 |
| FNMA (1 Year Treasury Constant Maturity+2.07%)± | 6.40 | &nbsp;&nbsp; 12-1-2033 | 66183 | &nbsp;&nbsp; 66467 |
| FNMA (1 Year Treasury Constant Maturity+2.08%)± | 6.30 | &nbsp;&nbsp; 4-1-2040 | 29209 | &nbsp;&nbsp; 29911 |
| FNMA (1 Year Treasury Constant Maturity+2.10%)± | 6.25 | &nbsp;&nbsp; 9-1-2036 | 88664 | &nbsp;&nbsp; 90452 |
| FNMA (1 Year Treasury Constant Maturity+2.10%)± | 6.35 | &nbsp;&nbsp; 7-1-2035 | 30072 | &nbsp;&nbsp; 30801 |
| FNMA (1 Year Treasury Constant Maturity+2.11%)± | 6.17 | &nbsp;&nbsp; 7-1-2035 | 59501 | &nbsp;&nbsp; 60910 |
| FNMA (1 Year Treasury Constant Maturity+2.12%)± | 6.37 | &nbsp;&nbsp; 3-1-2031 | 4801 | &nbsp;&nbsp; 4827 |
| FNMA (1 Year Treasury Constant Maturity+2.14%)± | 6.48 | &nbsp;&nbsp; 5-1-2036 | 285462 | &nbsp;&nbsp; 291041 |
| FNMA (1 Year Treasury Constant Maturity+2.15%)± | 7.28 | &nbsp;&nbsp; 2-1-2033 | 21956 | &nbsp;&nbsp; 22200 |
| FNMA (1 Year Treasury Constant Maturity+2.17%)± | 6.17 | &nbsp;&nbsp; 9-1-2030 | 4244 | &nbsp;&nbsp; 4238 |
| FNMA (1 Year Treasury Constant Maturity+2.17%)± | 6.42 | &nbsp;&nbsp; 4-1-2038 | 4300 | &nbsp;&nbsp; 4449 |
| FNMA (1 Year Treasury Constant Maturity+2.17%)± | 6.45 | &nbsp;&nbsp; 12-1-2039 | 51923 | &nbsp;&nbsp; 52202 |

---

The accompanying notes are an integral part of these financial statements.

6 \| Allspring Ultra Short-Term Income Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FNMA (1 Year Treasury Constant Maturity+2.18%)± | 6.18<br> %<br>| &nbsp;&nbsp; 6-1-2035 | $21298 | &nbsp;&nbsp; $21840 |
| FNMA (1 Year Treasury Constant Maturity+2.18%)± | 6.24 | &nbsp;&nbsp; 1-1-2036 | 49175 | &nbsp;&nbsp; 50227 |
| FNMA (1 Year Treasury Constant Maturity+2.18%)± | 6.35 | &nbsp;&nbsp; 6-1-2027 | 9961 | &nbsp;&nbsp; 9964 |
| FNMA (1 Year Treasury Constant Maturity+2.18%)± | 6.37 | &nbsp;&nbsp; 1-1-2036 | 177326 | &nbsp;&nbsp; 177810 |
| FNMA (1 Year Treasury Constant Maturity+2.18%)± | 6.72 | &nbsp;&nbsp; 9-1-2033 | 52621 | &nbsp;&nbsp; 52895 |
| FNMA (1 Year Treasury Constant Maturity+2.18%)± | 7.19 | &nbsp;&nbsp; 9-1-2035 | 163161 | &nbsp;&nbsp; 167360 |
| FNMA (1 Year Treasury Constant Maturity+2.19%)± | 6.19 | &nbsp;&nbsp; 8-1-2033 | 167312 | &nbsp;&nbsp; 171103 |
| FNMA (1 Year Treasury Constant Maturity+2.19%)± | 6.44 | &nbsp;&nbsp; 3-1-2035 | 82557 | &nbsp;&nbsp; 84724 |
| FNMA (1 Year Treasury Constant Maturity+2.19%)± | 6.52 | &nbsp;&nbsp; 12-1-2040 | 1524782 | &nbsp;&nbsp; 1572086 |
| FNMA (1 Year Treasury Constant Maturity+2.21%)± | 6.21 | &nbsp;&nbsp; 8-1-2035 | 158582 | &nbsp;&nbsp; 162796 |
| FNMA (1 Year Treasury Constant Maturity+2.21%)± | 6.44 | &nbsp;&nbsp; 5-1-2034 | 147116 | &nbsp;&nbsp; 150501 |
| FNMA (1 Year Treasury Constant Maturity+2.21%)± | 6.46 | &nbsp;&nbsp; 5-1-2037 | 170948 | &nbsp;&nbsp; 175715 |
| FNMA (1 Year Treasury Constant Maturity+2.21%)± | 6.52 | &nbsp;&nbsp; 12-1-2040 | 638419 | &nbsp;&nbsp; 653467 |
| FNMA (1 Year Treasury Constant Maturity+2.21%)± | 6.54 | &nbsp;&nbsp; 10-1-2034 | 365523 | &nbsp;&nbsp; 375606 |
| FNMA (1 Year Treasury Constant Maturity+2.22%)± | 6.22 | &nbsp;&nbsp; 6-1-2032 | 25981 | &nbsp;&nbsp; 26489 |
| FNMA (1 Year Treasury Constant Maturity+2.22%)± | 6.22 | &nbsp;&nbsp; 6-1-2034 | 103281 | &nbsp;&nbsp; 105848 |
| FNMA (1 Year Treasury Constant Maturity+2.22%)± | 6.22 | &nbsp;&nbsp; 6-1-2035 | 109241 | &nbsp;&nbsp; 112345 |
| FNMA (1 Year Treasury Constant Maturity+2.22%)± | 6.22 | &nbsp;&nbsp; 7-1-2035 | 158207 | &nbsp;&nbsp; 163576 |
| FNMA (1 Year Treasury Constant Maturity+2.22%)± | 6.34 | &nbsp;&nbsp; 9-1-2035 | 497932 | &nbsp;&nbsp; 512022 |
| FNMA (1 Year Treasury Constant Maturity+2.22%)± | 6.47 | &nbsp;&nbsp; 8-1-2031 | 54286 | &nbsp;&nbsp; 54959 |
| FNMA (1 Year Treasury Constant Maturity+2.22%)± | 6.72 | &nbsp;&nbsp; 11-1-2031 | 15650 | &nbsp;&nbsp; 15876 |
| FNMA (1 Year Treasury Constant Maturity+2.22%)± | 7.22 | &nbsp;&nbsp; 10-1-2034 | 75218 | &nbsp;&nbsp; 77131 |
| FNMA (1 Year Treasury Constant Maturity+2.23%)± | 6.30 | &nbsp;&nbsp; 7-1-2037 | 76415 | &nbsp;&nbsp; 79064 |
| FNMA (1 Year Treasury Constant Maturity+2.23%)± | 6.44 | &nbsp;&nbsp; 1-1-2037 | 97634 | &nbsp;&nbsp; 99874 |
| FNMA (1 Year Treasury Constant Maturity+2.23%)± | 6.57 | &nbsp;&nbsp; 7-1-2038 | 1468720 | &nbsp;&nbsp; 1519650 |
| FNMA (1 Year Treasury Constant Maturity+2.24%)± | 5.98 | &nbsp;&nbsp; 7-1-2029 | 41078 | &nbsp;&nbsp; 41083 |
| FNMA (1 Year Treasury Constant Maturity+2.24%)± | 6.31 | &nbsp;&nbsp; 7-1-2028 | 19 | &nbsp;&nbsp; 19 |
| FNMA (1 Year Treasury Constant Maturity+2.24%)± | 6.48 | &nbsp;&nbsp; 11-1-2038 | 1165114 | &nbsp;&nbsp; 1208431 |
| FNMA (1 Year Treasury Constant Maturity+2.24%)± | 6.53 | &nbsp;&nbsp; 10-1-2036 | 118331 | &nbsp;&nbsp; 122315 |
| FNMA (1 Year Treasury Constant Maturity+2.24%)± | 6.55 | &nbsp;&nbsp; 4-1-2038 | 174260 | &nbsp;&nbsp; 179492 |
| FNMA (1 Year Treasury Constant Maturity+2.25%)± | 6.53 | &nbsp;&nbsp; 1-1-2033 | 2990 | &nbsp;&nbsp; 2998 |
| FNMA (1 Year Treasury Constant Maturity+2.25%)± | 6.78 | &nbsp;&nbsp; 12-1-2040 | 54887 | &nbsp;&nbsp; 55771 |
| FNMA (1 Year Treasury Constant Maturity+2.26%)± | 6.76 | &nbsp;&nbsp; 11-1-2035 | 31874 | &nbsp;&nbsp; 32846 |
| FNMA (1 Year Treasury Constant Maturity+2.28%)± | 7.40 | &nbsp;&nbsp; 9-1-2026 | 2996 | &nbsp;&nbsp; 2994 |
| FNMA (1 Year Treasury Constant Maturity+2.29%)± | 6.37 | &nbsp;&nbsp; 6-1-2037 | 439529 | &nbsp;&nbsp; 454496 |
| FNMA (1 Year Treasury Constant Maturity+2.29%)± | 6.68 | &nbsp;&nbsp; 8-1-2036 | 378775 | &nbsp;&nbsp; 391630 |
| FNMA (1 Year Treasury Constant Maturity+2.29%)± | 6.80 | &nbsp;&nbsp; 1-1-2031 | 14869 | &nbsp;&nbsp; 14953 |
| FNMA (1 Year Treasury Constant Maturity+2.29%)± | 7.42 | &nbsp;&nbsp; 12-1-2030 | 10247 | &nbsp;&nbsp; 10390 |
| FNMA (1 Year Treasury Constant Maturity+2.31%)± | 6.43 | &nbsp;&nbsp; 5-1-2036 | 128469 | &nbsp;&nbsp; 132788 |
| FNMA (1 Year Treasury Constant Maturity+2.31%)± | 6.44 | &nbsp;&nbsp; 12-1-2030 | 66510 | &nbsp;&nbsp; 66755 |
| FNMA (1 Year Treasury Constant Maturity+2.31%)± | 7.00 | &nbsp;&nbsp; 12-1-2034 | 51335 | &nbsp;&nbsp; 52670 |
| FNMA (1 Year Treasury Constant Maturity+2.32%)± | 6.57 | &nbsp;&nbsp; 4-1-2028 | 12080 | &nbsp;&nbsp; 12145 |
| FNMA (1 Year Treasury Constant Maturity+2.32%)± | 6.84 | &nbsp;&nbsp; 7-1-2030 | 19644 | &nbsp;&nbsp; 19692 |
| FNMA (1 Year Treasury Constant Maturity+2.33%)± | 6.61 | &nbsp;&nbsp; 5-1-2033 | 17037 | &nbsp;&nbsp; 17163 |
| FNMA (1 Year Treasury Constant Maturity+2.35%)± | 6.43 | &nbsp;&nbsp; 9-1-2037 | 22042 | &nbsp;&nbsp; 22683 |
| FNMA (1 Year Treasury Constant Maturity+2.35%)± | 6.60 | &nbsp;&nbsp; 6-1-2027 | 7551 | &nbsp;&nbsp; 7572 |
| FNMA (1 Year Treasury Constant Maturity+2.36%)± | 6.77 | &nbsp;&nbsp; 11-1-2034 | 252735 | &nbsp;&nbsp; 262569 |
| FNMA (1 Year Treasury Constant Maturity+2.36%)± | 7.36 | &nbsp;&nbsp; 5-1-2034 | 41711 | &nbsp;&nbsp; 42839 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Income Fund \| 7

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FNMA (1 Year Treasury Constant Maturity+2.37%)± | 5.50<br> %<br>| &nbsp;&nbsp; 9-1-2030 | $92224 | &nbsp;&nbsp; $92588 |
| FNMA (1 Year Treasury Constant Maturity+2.38%)± | 6.85 | &nbsp;&nbsp; 7-1-2027 | 14938 | &nbsp;&nbsp; 14964 |
| FNMA (1 Year Treasury Constant Maturity+2.40%)± | 7.40 | &nbsp;&nbsp; 9-1-2033 | 189149 | &nbsp;&nbsp; 194266 |
| FNMA (1 Year Treasury Constant Maturity+2.41%)± | 6.57 | &nbsp;&nbsp; 5-1-2027 | 9380 | &nbsp;&nbsp; 9405 |
| FNMA (1 Year Treasury Constant Maturity+2.42%)± | 7.36 | &nbsp;&nbsp; 7-1-2028 | 15143 | &nbsp;&nbsp; 15183 |
| FNMA (1 Year Treasury Constant Maturity+2.44%)± | 6.58 | &nbsp;&nbsp; 7-1-2037 | 597171 | &nbsp;&nbsp; 615833 |
| FNMA (1 Year Treasury Constant Maturity+2.44%)± | 6.72 | &nbsp;&nbsp; 5-1-2035 | 187497 | &nbsp;&nbsp; 193468 |
| FNMA (1 Year Treasury Constant Maturity+2.47%)± | 6.47 | &nbsp;&nbsp; 9-1-2028 | 13707 | &nbsp;&nbsp; 13785 |
| FNMA (1 Year Treasury Constant Maturity+2.47%)± | 6.68 | &nbsp;&nbsp; 5-1-2033 | 17166 | &nbsp;&nbsp; 17321 |
| FNMA (1 Year Treasury Constant Maturity+2.49%)± | 6.49 | &nbsp;&nbsp; 7-1-2037 | 65037 | &nbsp;&nbsp; 67163 |
| FNMA (1 Year Treasury Constant Maturity+2.50%)± | 5.78 | &nbsp;&nbsp; 9-1-2030 | 66393 | &nbsp;&nbsp; 66920 |
| FNMA (1 Year Treasury Constant Maturity+2.50%)± | 6.50 | &nbsp;&nbsp; 10-1-2029 | 45568 | &nbsp;&nbsp; 45925 |
| FNMA (1 Year Treasury Constant Maturity+2.50%)± | 6.75 | &nbsp;&nbsp; 3-1-2027 | 2205 | &nbsp;&nbsp; 2204 |
| FNMA (1 Year Treasury Constant Maturity+2.50%)± | 6.75 | &nbsp;&nbsp; 6-1-2032 | 49423 | &nbsp;&nbsp; 50545 |
| FNMA (1 Year Treasury Constant Maturity+2.64%)± | 6.77 | &nbsp;&nbsp; 10-1-2028 | 6793 | &nbsp;&nbsp; 6830 |
| FNMA (1 Year Treasury Constant Maturity+2.64%)± | 6.84 | &nbsp;&nbsp; 7-1-2028 | 13647 | &nbsp;&nbsp; 13742 |
| FNMA (1 Year Treasury Constant Maturity+2.64%)± | 6.89 | &nbsp;&nbsp; 3-1-2030 | 1737 | &nbsp;&nbsp; 1751 |
| FNMA (1 Year Treasury Constant Maturity+2.72%)± | 6.97 | &nbsp;&nbsp; 5-1-2035 | 372772 | &nbsp;&nbsp; 386193 |
| FNMA (1 Year Treasury Constant Maturity+2.72%)± | 6.97 | &nbsp;&nbsp; 8-1-2035 | 79525 | &nbsp;&nbsp; 82380 |
| FNMA (1 Year Treasury Constant Maturity+3.03%)± | 8.03 | &nbsp;&nbsp; 1-1-2029 | 9236 | &nbsp;&nbsp; 9357 |
| FNMA (11th District COFI+1.25%)± | 4.24 | &nbsp;&nbsp; 4-1-2034 | 43011 | &nbsp;&nbsp; 42118 |
| FNMA (11th District COFI+1.26%)± | 4.19 | &nbsp;&nbsp; 1-1-2035 | 56973 | &nbsp;&nbsp; 55501 |
| FNMA (11th District COFI+1.26%)± | 4.81 | &nbsp;&nbsp; 1-1-2038 | 1270 | &nbsp;&nbsp; 1257 |
| FNMA (11th District COFI+1.27%)± | 4.21 | &nbsp;&nbsp; 3-1-2033 | 23493 | &nbsp;&nbsp; 23228 |
| FNMA (11th District COFI+1.28%)± | 4.26 | &nbsp;&nbsp; 9-1-2037 | 445036 | &nbsp;&nbsp; 440007 |
| FNMA (11th District COFI+1.68%)± | 4.61 | &nbsp;&nbsp; 1-1-2036 | 58868 | &nbsp;&nbsp; 57778 |
| FNMA (11th District COFI+1.70%)± | 4.63 | &nbsp;&nbsp; 4-1-2030 | 184 | &nbsp;&nbsp; 182 |
| FNMA (11th District COFI+1.80%)± | 4.73 | &nbsp;&nbsp; 6-1-2034 | 19729 | &nbsp;&nbsp; 19379 |
| FNMA (11th District COFI+1.80%)± | 4.75 | &nbsp;&nbsp; 10-1-2027 | 3734 | &nbsp;&nbsp; 3714 |
| FNMA (11th District COFI+1.82%)± | 5.09 | &nbsp;&nbsp; 5-1-2028 | 5402 | &nbsp;&nbsp; 5361 |
| FNMA (11th District COFI+1.90%)± | 6.45 | &nbsp;&nbsp; 5-1-2034 | 9144 | &nbsp;&nbsp; 9273 |
| FNMA (11th District COFI+1.92%)± | 4.88 | &nbsp;&nbsp; 9-1-2030 | 63246 | &nbsp;&nbsp; 62714 |
| FNMA (11th District COFI+1.93%)± | 4.88 | &nbsp;&nbsp; 12-1-2036 | 4753 | &nbsp;&nbsp; 4712 |
| FNMA (11th District COFI+1.94%)± | 4.87 | &nbsp;&nbsp; 3-1-2033 | 77651 | &nbsp;&nbsp; 76910 |
| FNMA (12 Month Treasury Average+1.25%)± | 5.55 | &nbsp;&nbsp; 4-1-2042 | 326521 | &nbsp;&nbsp; 327831 |
| FNMA (12 Month Treasury Average+1.75%)± | 6.09 | &nbsp;&nbsp; 10-1-2035 | 235714 | &nbsp;&nbsp; 240561 |
| FNMA (12 Month Treasury Average+1.75%)± | 6.10 | &nbsp;&nbsp; 7-1-2035 | 107782 | &nbsp;&nbsp; 109929 |
| FNMA (12 Month Treasury Average+1.77%)± | 6.10 | &nbsp;&nbsp; 6-1-2035 | 132435 | &nbsp;&nbsp; 134890 |
| FNMA (12 Month Treasury Average+1.84%)± | 6.12 | &nbsp;&nbsp; 11-1-2035 | 16974 | &nbsp;&nbsp; 17231 |
| FNMA (12 Month Treasury Average+1.84%)± | 6.13 | &nbsp;&nbsp; 11-1-2035 | 174048 | &nbsp;&nbsp; 177601 |
| FNMA (12 Month Treasury Average+1.86%)± | 6.15 | &nbsp;&nbsp; 11-1-2035 | 6237 | &nbsp;&nbsp; 6364 |
| FNMA (12 Month Treasury Average+1.92%)± | 6.22 | &nbsp;&nbsp; 11-1-2035 | 158284 | &nbsp;&nbsp; 161111 |
| FNMA (12 Month Treasury Average+2.05%)± | 6.30 | &nbsp;&nbsp; 8-1-2045 | 114895 | &nbsp;&nbsp; 119230 |
| FNMA (12 Month Treasury Average+2.08%)± | 6.33 | &nbsp;&nbsp; 1-1-2035 | 176329 | &nbsp;&nbsp; 180511 |
| FNMA (12 Month Treasury Average+2.08%)± | 6.37 | &nbsp;&nbsp; 10-1-2035 | 70383 | &nbsp;&nbsp; 72078 |
| FNMA (12 Month Treasury Average+2.11%)± | 6.41 | &nbsp;&nbsp; 8-1-2035 | 32594 | &nbsp;&nbsp; 33449 |
| FNMA (12 Month Treasury Average+2.15%)± | 6.43 | &nbsp;&nbsp; 7-1-2035 | 48772 | &nbsp;&nbsp; 49750 |
| FNMA (12 Month Treasury Average+2.36%)± | 6.66 | &nbsp;&nbsp; 8-1-2040 | 192829 | &nbsp;&nbsp; 196048 |

---

The accompanying notes are an integral part of these financial statements.

8 \| Allspring Ultra Short-Term Income Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FNMA (12 Month Treasury Average+2.48%)± | 7.33<br> %<br>| &nbsp;&nbsp; 6-1-2040 | $245176 | &nbsp;&nbsp; $249716 |
| FNMA (3 Year Treasury Constant Maturity+2.15%)± | 4.90 | &nbsp;&nbsp; 8-1-2031 | 14857 | &nbsp;&nbsp; 14894 |
| FNMA (5 Year Treasury Constant Maturity+1.90%)± | 5.45 | &nbsp;&nbsp; 9-1-2031 | 60320 | &nbsp;&nbsp; 59974 |
| FNMA (5 Year Treasury Constant Maturity+2.50%)± | 6.28 | &nbsp;&nbsp; 6-1-2028 | 591 | &nbsp;&nbsp; 594 |
| FNMA (Federal COFI+2.00%)± | 5.88 | &nbsp;&nbsp; 8-1-2029 | 9795 | &nbsp;&nbsp; 9800 |
| FNMA (Federal COFI+2.52%)± | 6.48 | &nbsp;&nbsp; 2-1-2029 | 54211 | &nbsp;&nbsp; 54154 |
| FNMA (RFUCCT1M+1.17%)± | 5.55 | &nbsp;&nbsp; 5-1-2029 | 17974 | &nbsp;&nbsp; 18050 |
| FNMA (RFUCCT1Y+1.52%)± | 6.70 | &nbsp;&nbsp; 9-1-2036 | 123818 | &nbsp;&nbsp; 126151 |
| FNMA (RFUCCT1Y+1.53%)± | 7.13 | &nbsp;&nbsp; 9-1-2035 | 151880 | &nbsp;&nbsp; 156077 |
| FNMA (RFUCCT1Y+1.55%)± | 6.45 | &nbsp;&nbsp; 1-1-2040 | 31793 | &nbsp;&nbsp; 32106 |
| FNMA (RFUCCT1Y+1.57%)± | 6.20 | &nbsp;&nbsp; 11-1-2044 | 31179 | &nbsp;&nbsp; 31919 |
| FNMA (RFUCCT1Y+1.58%)± | 6.43 | &nbsp;&nbsp; 9-1-2044 | 368789 | &nbsp;&nbsp; 380715 |
| FNMA (RFUCCT1Y+1.58%)± | 6.52 | &nbsp;&nbsp; 2-1-2044 | 20114 | &nbsp;&nbsp; 20811 |
| FNMA (RFUCCT1Y+1.59%)± | 6.34 | &nbsp;&nbsp; 6-1-2044 | 222266 | &nbsp;&nbsp; 229338 |
| FNMA (RFUCCT1Y+1.59%)± | 6.45 | &nbsp;&nbsp; 2-1-2043 | 117178 | &nbsp;&nbsp; 121035 |
| FNMA (RFUCCT1Y+1.59%)± | 6.46 | &nbsp;&nbsp; 8-1-2045 | 126264 | &nbsp;&nbsp; 130226 |
| FNMA (RFUCCT1Y+1.60%)± | 6.34 | &nbsp;&nbsp; 6-1-2036 | 17409 | &nbsp;&nbsp; 17723 |
| FNMA (RFUCCT1Y+1.60%)± | 6.60 | &nbsp;&nbsp; 3-1-2046 | 514831 | &nbsp;&nbsp; 532749 |
| FNMA (RFUCCT1Y+1.60%)± | 7.35 | &nbsp;&nbsp; 9-1-2037 | 303269 | &nbsp;&nbsp; 309736 |
| FNMA (RFUCCT1Y+1.63%)± | 6.58 | &nbsp;&nbsp; 11-1-2038 | 68535 | &nbsp;&nbsp; 69961 |
| FNMA (RFUCCT1Y+1.64%)± | 7.29 | &nbsp;&nbsp; 9-1-2042 | 63164 | &nbsp;&nbsp; 65195 |
| FNMA (RFUCCT1Y+1.67%)± | 6.37 | &nbsp;&nbsp; 7-1-2035 | 151200 | &nbsp;&nbsp; 154595 |
| FNMA (RFUCCT1Y+1.68%)± | 6.68 | &nbsp;&nbsp; 6-1-2041 | 437366 | &nbsp;&nbsp; 451108 |
| FNMA (RFUCCT1Y+1.70%)± | 6.68 | &nbsp;&nbsp; 4-1-2034 | 120745 | &nbsp;&nbsp; 124607 |
| FNMA (RFUCCT1Y+1.72%)± | 6.41 | &nbsp;&nbsp; 6-1-2035 | 26457 | &nbsp;&nbsp; 27139 |
| FNMA (RFUCCT1Y+1.72%)± | 6.73 | &nbsp;&nbsp; 7-1-2043 | 562840 | &nbsp;&nbsp; 582665 |
| FNMA (RFUCCT1Y+1.73%)± | 6.66 | &nbsp;&nbsp; 2-1-2045 | 488078 | &nbsp;&nbsp; 507631 |
| FNMA (RFUCCT1Y+1.74%)± | 6.79 | &nbsp;&nbsp; 9-1-2042 | 64529 | &nbsp;&nbsp; 66857 |
| FNMA (RFUCCT1Y+1.75%)± | 6.52 | &nbsp;&nbsp; 7-1-2035 | 114757 | &nbsp;&nbsp; 117409 |
| FNMA (RFUCCT1Y+1.75%)± | 6.63 | &nbsp;&nbsp; 1-1-2035 | 85822 | &nbsp;&nbsp; 88208 |
| FNMA (RFUCCT1Y+1.75%)± | 6.75 | &nbsp;&nbsp; 4-1-2034 | 59855 | &nbsp;&nbsp; 60974 |
| FNMA (RFUCCT1Y+1.75%)± | 6.75 | &nbsp;&nbsp; 5-1-2035 | 142298 | &nbsp;&nbsp; 145667 |
| FNMA (RFUCCT1Y+1.77%)± | 6.72 | &nbsp;&nbsp; 4-1-2033 | 149102 | &nbsp;&nbsp; 151941 |
| FNMA (RFUCCT1Y+1.77%)± | 6.79 | &nbsp;&nbsp; 7-1-2044 | 1351404 | &nbsp;&nbsp; 1390295 |
| FNMA (RFUCCT1Y+1.79%)± | 6.81 | &nbsp;&nbsp; 1-1-2042 | 640831 | &nbsp;&nbsp; 659816 |
| FNMA (RFUCCT1Y+1.83%)± | 6.95 | &nbsp;&nbsp; 1-1-2033 | 23414 | &nbsp;&nbsp; 23729 |
| FNMA (RFUCCT1Y+1.90%)± | 7.36 | &nbsp;&nbsp; 10-1-2034 | 186070 | &nbsp;&nbsp; 190785 |
| FNMA (RFUCCT1Y+1.92%)± | 6.75 | &nbsp;&nbsp; 5-1-2038 | 184329 | &nbsp;&nbsp; 191022 |
| FNMA (RFUCCT1Y+1.93%)± | 7.44 | &nbsp;&nbsp; 9-1-2035 | 103302 | &nbsp;&nbsp; 106681 |
| FNMA (RFUCCT1Y+1.95%)± | 6.70 | &nbsp;&nbsp; 5-1-2037 | 87430 | &nbsp;&nbsp; 89242 |
| FNMA (RFUCCT6M+1.16%)± | 5.87 | &nbsp;&nbsp; 8-1-2033 | 2110 | &nbsp;&nbsp; 2117 |
| FNMA (RFUCCT6M+1.18%)± | 5.80 | &nbsp;&nbsp; 8-1-2033 | 19314 | &nbsp;&nbsp; 19304 |
| FNMA (RFUCCT6M+1.34%)± | 6.04 | &nbsp;&nbsp; 10-1-2037 | 229322 | &nbsp;&nbsp; 234636 |
| FNMA (RFUCCT6M+1.38%)± | 6.13 | &nbsp;&nbsp; 8-1-2031 | 68315 | &nbsp;&nbsp; 68794 |
| FNMA (RFUCCT6M+1.38%)± | 6.13 | &nbsp;&nbsp; 10-1-2031 | 26782 | &nbsp;&nbsp; 27065 |
| FNMA (RFUCCT6M+1.39%)± | 6.14 | &nbsp;&nbsp; 1-1-2032 | 24219 | &nbsp;&nbsp; 24346 |
| FNMA (RFUCCT6M+1.42%)± | 6.17 | &nbsp;&nbsp; 12-1-2031 | 79125 | &nbsp;&nbsp; 79478 |
| FNMA (RFUCCT6M+1.50%)± | 6.13 | &nbsp;&nbsp; 9-1-2037 | 130763 | &nbsp;&nbsp; 134200 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Income Fund \| 9

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FNMA (RFUCCT6M+1.51%)± | 6.13<br> %<br>| &nbsp;&nbsp; 11-1-2034 | $222497 | &nbsp;&nbsp; $223886 |
| FNMA (RFUCCT6M+1.55%)± | 6.19 | &nbsp;&nbsp; 3-1-2034 | 37345 | &nbsp;&nbsp; 37646 |
| FNMA (RFUCCT6M+1.55%)± | 6.20 | &nbsp;&nbsp; 1-1-2035 | 239001 | &nbsp;&nbsp; 245070 |
| FNMA (RFUCCT6M+1.61%)± | 6.15 | &nbsp;&nbsp; 6-1-2037 | 189433 | &nbsp;&nbsp; 192962 |
| FNMA (RFUCCT6M+1.93%)± | 6.55 | &nbsp;&nbsp; 6-1-2032 | 39847 | &nbsp;&nbsp; 40314 |
| FNMA (RFUCCT6M+1.96%)± | 6.78 | &nbsp;&nbsp; 1-1-2033 | 37442 | &nbsp;&nbsp; 38184 |
| FNMA (RFUCCT6M+1.98%)± | 6.73 | &nbsp;&nbsp; 9-1-2033 | 34102 | &nbsp;&nbsp; 34812 |
| FNMA (RFUCCT6M+2.25%)± | 6.96 | &nbsp;&nbsp; 3-1-2034 | 300613 | &nbsp;&nbsp; 304731 |
| FNMA (RFUCCT6M+2.31%)± | 7.06 | &nbsp;&nbsp; 4-1-2033 | 118878 | &nbsp;&nbsp; 122126 |
| FNMA (RFUCCT6M+2.35%)± | 7.01 | &nbsp;&nbsp; 5-1-2033 | 346538 | &nbsp;&nbsp; 353054 |
| FNMA (RFUCCT6M+2.48%)± | 6.98 | &nbsp;&nbsp; 7-1-2033 | 19783 | &nbsp;&nbsp; 20588 |
| FNMA (RFUCCT6M+2.53%)± | 6.91 | &nbsp;&nbsp; 4-1-2033 | 105273 | &nbsp;&nbsp; 106873 |
| FNMA (RFUCCT6M+3.36%)± | 8.09 | &nbsp;&nbsp; 12-1-2032 | 63500 | &nbsp;&nbsp; 66097 |
| FNMA Series 2000-T6 Class A2 | 9.50 | &nbsp;&nbsp; 11-25-2040 | 127902 | &nbsp;&nbsp; 127942 |
| FNMA Series 2001-50 Class BA | 7.00 | &nbsp;&nbsp; 10-25-2041 | 27622 | &nbsp;&nbsp; 27937 |
| &nbsp;&nbsp; FNMA Series 2001-63 Class FD (30 Day Average <br> U.S. SOFR+0.71%)±<br>| 5.06 | &nbsp;&nbsp; 12-18-2031 | 17252 | &nbsp;&nbsp; 17270 |
| FNMA Series 2001-81 Class F (30 Day Average U.S. SOFR+0.66%)± | 5.01 | &nbsp;&nbsp; 1-25-2032 | 11915 | &nbsp;&nbsp; 11893 |
| FNMA Series 2001-T10 Class A2 | 7.50 | &nbsp;&nbsp; 12-25-2041 | 637503 | &nbsp;&nbsp; 652747 |
| FNMA Series 2001-T10 Class A3 | 9.50 | &nbsp;&nbsp; 12-25-2041 | 175412 | &nbsp;&nbsp; 183849 |
| FNMA Series 2001-T12 Class A4±± | 5.25 | &nbsp;&nbsp; 8-25-2041 | 1096438 | &nbsp;&nbsp; 1099371 |
| FNMA Series 2001-T12 Class A2 | 7.50 | &nbsp;&nbsp; 8-25-2041 | 47393 | &nbsp;&nbsp; 47955 |
| FNMA Series 2001-T12 Class A3 | 9.50 | &nbsp;&nbsp; 8-25-2041 | 150092 | &nbsp;&nbsp; 155444 |
| FNMA Series 2001-T8 Class A1 | 7.50 | &nbsp;&nbsp; 7-25-2041 | 39310 | &nbsp;&nbsp; 39818 |
| &nbsp;&nbsp; FNMA Series 2001-W1 Class AV1 (30 Day Average <br> U.S. SOFR+0.23%)±<br>| 4.58 | &nbsp;&nbsp; 8-25-2031 | 12486 | &nbsp;&nbsp; 11999 |
| FNMA Series 2001-W3 Class A±± | 7.00 | &nbsp;&nbsp; 9-25-2041 | 143767 | &nbsp;&nbsp; 143765 |
| FNMA Series 2002-5 Class FD (30 Day Average U.S. SOFR+1.01%)± | 5.36 | &nbsp;&nbsp; 2-25-2032 | 9014 | &nbsp;&nbsp; 9041 |
| FNMA Series 2002-59 Class F (30 Day Average U.S. SOFR+0.51%)± | 4.86 | &nbsp;&nbsp; 9-25-2032 | 5112 | &nbsp;&nbsp; 5101 |
| FNMA Series 2002-66 Class A3±± | 4.55 | &nbsp;&nbsp; 4-25-2042 | 2606896 | &nbsp;&nbsp; 2631962 |
| FNMA Series 2002-T1 Class A4 | 9.50 | &nbsp;&nbsp; 11-25-2031 | 158853 | &nbsp;&nbsp; 175046 |
| FNMA Series 2002-T12 Class A5±± | 5.32 | &nbsp;&nbsp; 10-25-2041 | 651205 | &nbsp;&nbsp; 658747 |
| FNMA Series 2002-T12 Class A3 | 7.50 | &nbsp;&nbsp; 5-25-2042 | 601369 | &nbsp;&nbsp; 630203 |
| FNMA Series 2002-T18 Class A5±± | 5.01 | &nbsp;&nbsp; 5-25-2042 | 1281843 | &nbsp;&nbsp; 1295206 |
| FNMA Series 2002-T19 Class A4±± | 5.20 | &nbsp;&nbsp; 3-25-2042 | 78389 | &nbsp;&nbsp; 77988 |
| FNMA Series 2002-W1 Class 3A±± | 3.90 | &nbsp;&nbsp; 4-25-2042 | 292863 | &nbsp;&nbsp; 283885 |
| FNMA Series 2002-W4 Class A6±± | 5.19 | &nbsp;&nbsp; 5-25-2042 | 714675 | &nbsp;&nbsp; 710102 |
| FNMA Series 2003-63 Class A8±± | 4.38 | &nbsp;&nbsp; 1-25-2043 | 417066 | &nbsp;&nbsp; 413960 |
| FNMA Series 2003-7 Class A2±± | 4.67 | &nbsp;&nbsp; 5-25-2042 | 240992 | &nbsp;&nbsp; 240191 |
| &nbsp;&nbsp; FNMA Series 2003-T2 Class A1 (30 Day Average <br> U.S. SOFR+0.39%)±<br>| 4.74 | &nbsp;&nbsp; 3-25-2033 | 406670 | &nbsp;&nbsp; 403119 |
| FNMA Series 2003-W10 Class 2A±± | 3.98 | &nbsp;&nbsp; 6-25-2043 | 788641 | &nbsp;&nbsp; 778228 |
| FNMA Series 2003-W11 Class A1±± | 7.43 | &nbsp;&nbsp; 6-25-2033 | 7948 | &nbsp;&nbsp; 8055 |
| FNMA Series 2003-W18 Class 2A±± | 5.12 | &nbsp;&nbsp; 6-25-2043 | 821998 | &nbsp;&nbsp; 823404 |
| FNMA Series 2003-W2 Class 1A3 | 7.50 | &nbsp;&nbsp; 7-25-2042 | 139292 | &nbsp;&nbsp; 146039 |
| FNMA Series 2003-W3 Class 1A4±± | 4.72 | &nbsp;&nbsp; 8-25-2042 | 12376 | &nbsp;&nbsp; 12034 |
| FNMA Series 2003-W4 Class 5A±± | 4.35 | &nbsp;&nbsp; 10-25-2042 | 283376 | &nbsp;&nbsp; 280842 |
| FNMA Series 2003-W6 Class 6A±± | 4.77 | &nbsp;&nbsp; 8-25-2042 | 281537 | &nbsp;&nbsp; 276965 |

---

The accompanying notes are an integral part of these financial statements.

10 \| Allspring Ultra Short-Term Income Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Agency securities**(continued) |  |  |  |  |
| FNMA Series 2003-W8 Class 4A±± | 4.98<br> %<br>| &nbsp;&nbsp; 11-25-2042 | $406532 | &nbsp;&nbsp; $398136 |
| &nbsp;&nbsp; FNMA Series 2003-W9 Class A (30 Day Average <br> U.S. SOFR+0.23%)±<br>| 4.58 | &nbsp;&nbsp; 6-25-2033 | 612328 | &nbsp;&nbsp; 586577 |
| FNMA Series 2004-T1 Class 2A±± | 4.20 | &nbsp;&nbsp; 8-25-2043 | 545591 | &nbsp;&nbsp; 522583 |
| FNMA Series 2004-T3 Class 2A±± | 5.35 | &nbsp;&nbsp; 8-25-2043 | 364935 | &nbsp;&nbsp; 366666 |
| FNMA Series 2004-T3 Class 1A3 | 7.00 | &nbsp;&nbsp; 2-25-2044 | 179845 | &nbsp;&nbsp; 185531 |
| FNMA Series 2004-W1 Class 3A±± | 5.24 | &nbsp;&nbsp; 1-25-2043 | 22477 | &nbsp;&nbsp; 21293 |
| FNMA Series 2004-W1 Class 2A2 | 7.00 | &nbsp;&nbsp; 12-25-2033 | 81573 | &nbsp;&nbsp; 85286 |
| FNMA Series 2004-W12 Class 2A±± | 4.94 | &nbsp;&nbsp; 6-25-2044 | 1056495 | &nbsp;&nbsp; 1032683 |
| FNMA Series 2004-W15 Class 3A±± | 5.27 | &nbsp;&nbsp; 6-25-2044 | 1604732 | &nbsp;&nbsp; 1606244 |
| FNMA Series 2004-W2 Class 5A | 7.50 | &nbsp;&nbsp; 3-25-2044 | 18337 | &nbsp;&nbsp; 19024 |
| FNMA Series 2005-W3 Class 3A±± | 4.95 | &nbsp;&nbsp; 4-25-2045 | 330016 | &nbsp;&nbsp; 325570 |
| FNMA Series 2006-W1 Class 3A±± | 5.41 | &nbsp;&nbsp; 10-25-2045 | 855418 | &nbsp;&nbsp; 856338 |
| &nbsp;&nbsp; FNMA Series 2007-95 Class A2 (30 Day Average <br> U.S. SOFR+0.36%)±<br>| 5.47 | &nbsp;&nbsp; 8-27-2036 | 44440 | &nbsp;&nbsp; 44735 |
| &nbsp;&nbsp; FNMA Series 2007-W2 Class 1A1 (30 Day Average <br> U.S. SOFR+0.43%)±<br>| 4.78 | &nbsp;&nbsp; 3-25-2037 | 149712 | &nbsp;&nbsp; 147989 |
| &nbsp;&nbsp; FNMA Series 2012-47 Class FW (30 Day Average <br> U.S. SOFR+1.81%)±<br>| 6.16 | &nbsp;&nbsp; 5-25-2027 | 10579 | &nbsp;&nbsp; 10589 |
| &nbsp;&nbsp; FNMA Series 2013-23 Class LF (30 Day Average <br> U.S. SOFR+0.46%)±<br>| 4.78 | &nbsp;&nbsp; 3-25-2043 | 1441079 | &nbsp;&nbsp; 1427895 |
| FNMA Series 2014-19 Class HA | 2.00 | &nbsp;&nbsp; 6-25-2040 | 5407 | &nbsp;&nbsp; 5374 |
| FNMA Series 2018-47 Class PC | 3.50 | &nbsp;&nbsp; 9-25-2047 | 90825 | &nbsp;&nbsp; 88475 |
| GNMA | 6.50 | &nbsp;&nbsp; 8-20-2034 | 93945 | &nbsp;&nbsp; 93483 |
| GNMA | 7.00 | &nbsp;&nbsp; 6-15-2033 | 124845 | &nbsp;&nbsp; 131551 |
| GNMA (1 Year Treasury Constant Maturity+1.40%)± | 5.53 | &nbsp;&nbsp; 6-20-2058 | 2301 | &nbsp;&nbsp; 2334 |
| GNMA (1 Year Treasury Constant Maturity+1.50%)± | 5.63 | &nbsp;&nbsp; 1-20-2034 | 504830 | &nbsp;&nbsp; 512436 |
| GNMA (1 Year Treasury Constant Maturity+2.00%)± | 6.13 | &nbsp;&nbsp; 4-20-2041 | 19508 | &nbsp;&nbsp; 19958 |
| GNMA (1 Year Treasury Constant Maturity+2.00%)± | 6.25 | &nbsp;&nbsp; 1-20-2041 | 10779 | &nbsp;&nbsp; 11020 |
| GNMA (RFUCCT1M+0.60%)± | 5.05 | &nbsp;&nbsp; 5-20-2058 | 7423 | &nbsp;&nbsp; 7431 |
| GNMA Series 2014-44 Class IAƒ | 3.50 | &nbsp;&nbsp; 5-20-2028 | 272071 | &nbsp;&nbsp; 2887 |
| **Total agency securities (Cost $75,012,347)** |  |  |  | &nbsp;&nbsp; **74835379** |
| **Asset-backed securities: 15.74%** |  |  |  |  |
| ACM Auto Trust Series 2025-3A Class A144A | 5.01 | &nbsp;&nbsp; 1-22-2030 | 2500000 | &nbsp;&nbsp; 2502610 |
| Affirm Asset Securitization Trust Series 2024-B Class A144A | 4.62 | &nbsp;&nbsp; 9-15-2029 | 5000000 | &nbsp;&nbsp; 5005843 |
| Ally Auto Receivables Trust Series 2024-2 Class A3 | 4.14 | &nbsp;&nbsp; 7-16-2029 | 4000000 | &nbsp;&nbsp; 4001667 |
| &nbsp;&nbsp; American Credit Acceptance Receivables Trust Series 2024-4 <br> Class B144A<br>| 4.80 | &nbsp;&nbsp; 11-13-2028 | 4685000 | &nbsp;&nbsp; 4690897 |
| &nbsp;&nbsp; Angel Oak Mortgage Trust Series 2025-HB1 Class A1 (30 Day <br> Average U.S. SOFR+1.80%)144A±<br>| 6.15 | &nbsp;&nbsp; 2-25-2055 | 2584688 | &nbsp;&nbsp; 2608768 |
| Aqua Finance Trust Series 2021-A Class A144A | 1.54 | &nbsp;&nbsp; 7-17-2046 | 2605487 | &nbsp;&nbsp; 2419691 |
| Barings Equipment Finance LLC Series 2025-A Class A2144A | 4.64 | &nbsp;&nbsp; 10-13-2028 | 5523643 | &nbsp;&nbsp; 5544843 |
| &nbsp;&nbsp; BDS LLC Series 2025-FL14 Class A (U.S. SOFR 1 <br> Month+1.28%)144A±<br>| 5.64 | &nbsp;&nbsp; 10-21-2042 | 6480000 | &nbsp;&nbsp; 6488090 |
| BHG Securitization Trust Series 2021-A Class A144A | 1.42 | &nbsp;&nbsp; 11-17-2033 | 535612 | &nbsp;&nbsp; 528267 |
| Blue Owl Asset Leasing Trust LLC Series 2024-1A Class A2144A | 5.05 | &nbsp;&nbsp; 3-15-2029 | 4534888 | &nbsp;&nbsp; 4552390 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Income Fund \| 11

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; Brex Commercial Charge Card Master Trust Series 2024-1 <br> Class A1144A<br>| 6.05<br> %<br>| &nbsp;&nbsp; 7-15-2027 | $2715000 | &nbsp;&nbsp; $2734095 |
| &nbsp;&nbsp; Carlyle Global Market Strategies CLO Ltd. Series 2015-1A Class AR3 <br> (U.S. SOFR 3 Month+1.24%)144A±<br>| 5.57 | &nbsp;&nbsp; 7-20-2031 | 3215599 | &nbsp;&nbsp; 3218787 |
| Carvana Auto Receivables Trust Series 2024-P3 Class A2 | 4.61 | &nbsp;&nbsp; 11-10-2027 | 1242667 | &nbsp;&nbsp; 1242581 |
| CCG Receivables Trust Series 2022-1 Class A2144A | 3.91 | &nbsp;&nbsp; 7-16-2029 | 157915 | &nbsp;&nbsp; 157813 |
| CFMT LLC Series 2021-AL1 Class B144A | 1.39 | &nbsp;&nbsp; 9-22-2031 | 575372 | &nbsp;&nbsp; 570957 |
| Commonbond Student Loan Trust Series 2018-BGS Class A1144A | 3.56 | &nbsp;&nbsp; 9-25-2045 | 1435550 | &nbsp;&nbsp; 1384466 |
| Dell Equipment Finance Trust Series 2025-1 Class A2144A | 4.68 | &nbsp;&nbsp; 7-22-2027 | 2250000 | &nbsp;&nbsp; 2258941 |
| Domino's Pizza Master Issuer LLC Series 2015-1A Class A2II144A | 4.47 | &nbsp;&nbsp; 10-25-2045 | 12985000 | &nbsp;&nbsp; 12975374 |
| &nbsp;&nbsp; Dryden 80 CLO Ltd. Series 2019-80A Class AR (U.S. SOFR 3 <br> Month+1.25%)144A±<br>| 5.53 | &nbsp;&nbsp; 1-17-2033 | 10245598 | &nbsp;&nbsp; 10245599 |
| &nbsp;&nbsp; ECMC Group Student Loan Trust Series 2018-2A Class A (30 Day <br> Average U.S. SOFR+0.91%)144A±<br>| 5.26 | &nbsp;&nbsp; 9-25-2068 | 99373 | &nbsp;&nbsp; 98277 |
| &nbsp;&nbsp; ECMC Group Student Loan Trust Series 2020-2A Class A (30 Day <br> Average U.S. SOFR+1.26%)144A±<br>| 5.61 | &nbsp;&nbsp; 11-25-2069 | 3315095 | &nbsp;&nbsp; 3326624 |
| &nbsp;&nbsp; EquiFirst Mortgage Loan Trust Series 2003-2 Class 3A3 (U.S. SOFR <br> 1 Month+1.24%)±<br>| 5.60 | &nbsp;&nbsp; 9-25-2033 | 82460 | &nbsp;&nbsp; 81859 |
| &nbsp;&nbsp; Finance of America HECM Buyout Series 2024-HB1 <br> Class A1A144A±±<br>| 4.00 | &nbsp;&nbsp; 10-1-2034 | 2189287 | &nbsp;&nbsp; 2179384 |
| First Investors Auto Owner Trust Series 2023-1A Class A144A | 6.44 | &nbsp;&nbsp; 10-16-2028 | 442596 | &nbsp;&nbsp; 447008 |
| Flagship Credit Auto Trust Series 2020-3 Class E144A | 4.98 | &nbsp;&nbsp; 12-15-2027 | 4690000 | &nbsp;&nbsp; 4687741 |
| FREED ABS Trust Series 2022-3FP Class D144A | 7.36 | &nbsp;&nbsp; 8-20-2029 | 1243193 | &nbsp;&nbsp; 1250688 |
| &nbsp;&nbsp; Gracie Point International Funding LLC Series 2025-1A Class A (30 <br> Day Average U.S. SOFR+1.50%)144A±%%<br>| 5.87 | &nbsp;&nbsp; 8-15-2028 | 7000000 | &nbsp;&nbsp; 7000000 |
| &nbsp;&nbsp; HGI CRE CLO Ltd. Series 2021-FL2 Class A (U.S. SOFR 1 <br> Month+1.11%)144A±<br>| 5.47 | &nbsp;&nbsp; 9-17-2036 | 940804 | &nbsp;&nbsp; 939553 |
| Lendbuzz Securitization Trust Series 2024-3A Class A2144A | 4.97 | &nbsp;&nbsp; 10-15-2029 | 4724807 | &nbsp;&nbsp; 4735099 |
| Lendmark Funding Trust Series 2024-2A Class A144A | 4.47 | &nbsp;&nbsp; 2-21-2034 | 4620000 | &nbsp;&nbsp; 4621253 |
| M&T Bank Auto Receivables Trust Series 2024-1A Class A3144A | 5.22 | &nbsp;&nbsp; 2-17-2032 | 3715000 | &nbsp;&nbsp; 3761896 |
| &nbsp;&nbsp; MF1 Ltd. Series 2021-FL7 Class A (U.S. SOFR 1 <br> Month+1.19%)144A±<br>| 5.55 | &nbsp;&nbsp; 10-16-2036 | 6384682 | &nbsp;&nbsp; 6368845 |
| &nbsp;&nbsp; MF1 Ltd. Series 2022-FL8 Class A (U.S. SOFR 1 <br> Month+1.35%)144A±<br>| 5.70 | &nbsp;&nbsp; 2-19-2037 | 9362430 | &nbsp;&nbsp; 9362206 |
| Mission Lane Credit Card Master Trust Series 2024-B Class A144A | 5.88 | &nbsp;&nbsp; 1-15-2030 | 6280000 | &nbsp;&nbsp; 6340611 |
| MNR ABS Issuer I LLC‡ | 8.12 | &nbsp;&nbsp; 12-15-2038 | 1718135 | &nbsp;&nbsp; 1750436 |
| &nbsp;&nbsp; Navient Private Education Refinance Loan Trust Series 2021-EA <br> Class A144A<br>| 0.97 | &nbsp;&nbsp; 12-16-2069 | 776778 | &nbsp;&nbsp; 699965 |
| &nbsp;&nbsp; Navient Student Loan Trust Series 2017-3A Class A3 (30 Day <br> Average U.S. SOFR+1.16%)144A±<br>| 5.51 | &nbsp;&nbsp; 7-26-2066 | 3866457 | &nbsp;&nbsp; 3889461 |
| &nbsp;&nbsp; OneMain Direct Auto Receivables Trust Series 2021-1A <br> Class A144A<br>| 0.87 | &nbsp;&nbsp; 7-14-2028 | 736152 | &nbsp;&nbsp; 733189 |
| Oportun Issuance Trust Series 2025-C Class B144A | 4.93 | &nbsp;&nbsp; 7-8-2033 | 4364000 | &nbsp;&nbsp; 4377724 |
| Pagaya AI Debt Trust Series 2023-8 Class A144A | 7.30 | &nbsp;&nbsp; 6-16-2031 | 1914221 | &nbsp;&nbsp; 1939404 |
| Pagaya AI Debt Trust Series 2025-4 Class A2144A | 5.37 | &nbsp;&nbsp; 1-17-2033 | 5585000 | &nbsp;&nbsp; 5628084 |
| Prestige Auto Receivables Trust Series 2024-2A Class B144A | 4.56 | &nbsp;&nbsp; 2-15-2029 | 3255000 | &nbsp;&nbsp; 3260267 |
| Qdoba Funding LLC Series 2023-1A Class A2144A | 8.50 | &nbsp;&nbsp; 9-14-2053 | 6982500 | &nbsp;&nbsp; 7300484 |
| RCKT Mortgage Trust Series 2023-CES3 Class A1B144A±± | 7.46 | &nbsp;&nbsp; 11-25-2043 | 2115537 | &nbsp;&nbsp; 2151616 |

---

The accompanying notes are an integral part of these financial statements.

12 \| Allspring Ultra Short-Term Income Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp; Research-Driven Pagaya Motor Asset Trust VII Series 2022-3A <br> Class A144A<br>| 5.38<br> %<br>| &nbsp;&nbsp; 11-25-2030 | $981771 | &nbsp;&nbsp; $982017 |
| RFS Asset Securitization II LLC Series 2024-1 Class A144A | 6.55 | &nbsp;&nbsp; 7-15-2031 | 4190000 | &nbsp;&nbsp; 4269909 |
| &nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes Series 2023-A <br> Class B144A<br>| 6.49 | &nbsp;&nbsp; 6-15-2033 | 224528 | &nbsp;&nbsp; 225168 |
| SBNA Auto Lease Trust Series 2025-A Class A3144A | 4.83 | &nbsp;&nbsp; 4-20-2028 | 1500000 | &nbsp;&nbsp; 1509605 |
| &nbsp;&nbsp; SLM Private Education Loan Trust Series 2010-C Class A5 <br> (U.S. SOFR 1 Month+4.86%)144A±<br>| 9.23 | &nbsp;&nbsp; 10-15-2041 | 2255972 | &nbsp;&nbsp; 2366759 |
| &nbsp;&nbsp; SLM Student Loan Trust Series 2003-10A Class A4 (90 Day Average <br> U.S. SOFR+0.93%)144A±<br>| 5.27 | &nbsp;&nbsp; 12-17-2068 | 9620141 | &nbsp;&nbsp; 9635533 |
| &nbsp;&nbsp; SLM Student Loan Trust Series 2013-1 Class A3 (30 Day Average <br> U.S. SOFR+0.66%)±<br>| 5.01 | &nbsp;&nbsp; 5-26-2055 | 2334735 | &nbsp;&nbsp; 2310166 |
| Sotheby's ArtFi Master Trust Series 2024-1A Class A1144A | 6.43 | &nbsp;&nbsp; 12-22-2031 | 5800000 | &nbsp;&nbsp; 5840928 |
| Sotheby's ArtFi Master Trust Series 2024-1A Class B144A | 6.58 | &nbsp;&nbsp; 12-22-2031 | 2000000 | &nbsp;&nbsp; 2011482 |
| SpringCastle America Funding LLC Series 2020-AA Class A144A | 1.97 | &nbsp;&nbsp; 9-25-2037 | 1258740 | &nbsp;&nbsp; 1190962 |
| Synchrony Card Funding LLC Series 2025-A2 Class A | 4.49 | &nbsp;&nbsp; 5-15-2031 | 3625000 | &nbsp;&nbsp; 3670812 |
| Taco Bell Funding LLC Series 2016-1A Class A23144A | 4.97 | &nbsp;&nbsp; 5-25-2046 | 2812500 | &nbsp;&nbsp; 2813028 |
| &nbsp;&nbsp; TCI-Symphony CLO Ltd. Series 2016-1A Class AR2 (U.S. SOFR 3 <br> Month+1.28%)144A±<br>| 5.60 | &nbsp;&nbsp; 10-13-2032 | 4013605 | &nbsp;&nbsp; 4015466 |
| &nbsp;&nbsp; TRTX Issuer Ltd. Series 2022-FL5 Class A (U.S. SOFR 1 <br> Month+1.65%)144A±<br>| 6.01 | &nbsp;&nbsp; 2-15-2039 | 12473890 | &nbsp;&nbsp; 12474096 |
| &nbsp;&nbsp; TRTX Issuer Ltd. Series 2025-FL6 Class A (U.S. SOFR 1 <br> Month+1.54%)144A±<br>| 5.90 | &nbsp;&nbsp; 9-18-2042 | 5100000 | &nbsp;&nbsp; 5112748 |
| U.S. Bank NA Series 2023-1 Class B144A | 6.79 | &nbsp;&nbsp; 8-25-2032 | 785261 | &nbsp;&nbsp; 794592 |
| &nbsp;&nbsp; Voya CLO Ltd. Series 2017-1A Class A1R (U.S. SOFR 3 <br> Month+1.21%)144A±<br>| 5.49 | &nbsp;&nbsp; 4-17-2030 | 457715 | &nbsp;&nbsp; 457824 |
| Westlake Flooring Master Trust Series 2024-1A Class B144A | 6.07 | &nbsp;&nbsp; 2-15-2028 | 390000 | &nbsp;&nbsp; 391960 |
| Wheels Fleet Lease Funding 1 LLC Series 2024-2A Class A1144A | 4.87 | &nbsp;&nbsp; 6-21-2039 | 1762701 | &nbsp;&nbsp; 1776676 |
| **Total asset-backed securities (Cost $221,747,722)** |  |  |  | &nbsp;&nbsp; **221913084** |
| **Corporate bonds and notes: 28.80%** |  |  |  |  |
| **Basic materials: 0.46%** |  |  |  |  |
| **Chemicals: 0.21%** |  |  |  |  |
| International Flavors & Fragrances, Inc.144A | 1.23 | &nbsp;&nbsp; 10-1-2025 | 2975000 | &nbsp;&nbsp; **2966186** |
| **Forest products & paper: 0.25%** |  |  |  |  |
| Georgia-Pacific LLC144A | 4.40 | &nbsp;&nbsp; 6-30-2028 | 3500000 | &nbsp;&nbsp; **3531396** |
| **Communications: 1.28%** |  |  |  |  |
| **Internet: 0.14%** |  |  |  |  |
| MercadoLibre, Inc. | 2.38 | &nbsp;&nbsp; 1-14-2026 | 2000000 | &nbsp;&nbsp; **1983041** |
| **Media: 0.58%** |  |  |  |  |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>| 6.15 | &nbsp;&nbsp; 11-10-2026 | 8000000 | &nbsp;&nbsp; **8119941** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Income Fund \| 13

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Telecommunications: 0.56%** |  |  |  |  |
| Frontier California, Inc. Series F | 6.75<br> %<br>| &nbsp;&nbsp; 5-15-2027 | $3405000 | &nbsp;&nbsp; $3464588 |
| &nbsp;&nbsp; Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint <br> Spectrum Co. III LLC144A<br>| 5.15 | &nbsp;&nbsp; 3-20-2028 | 4416500 | &nbsp;&nbsp; 4447275 |
|  |  |  |  | &nbsp;&nbsp; **7911863** |
| **Consumer, cyclical: 6.45%** |  |  |  |  |
| **Airlines: 1.28%** |  |  |  |  |
| Alaska Airlines Pass-Through Trust Series 2020-1 Class A144A | 4.80 | &nbsp;&nbsp; 8-15-2027 | 3425194 | &nbsp;&nbsp; 3443332 |
| American Airlines Pass-Through Trust Series 2015-1 Class A | 3.38 | &nbsp;&nbsp; 5-1-2027 | 4995200 | &nbsp;&nbsp; 4901074 |
| Delta Air Lines, Inc. | 4.95 | &nbsp;&nbsp; 7-10-2028 | 2925000 | &nbsp;&nbsp; 2960963 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.144A | 4.50 | &nbsp;&nbsp; 10-20-2025 | 833334 | &nbsp;&nbsp; 832340 |
| United Airlines, Inc.144A | 4.38 | &nbsp;&nbsp; 4-15-2026 | 6000000 | &nbsp;&nbsp; 5980344 |
|  |  |  |  | &nbsp;&nbsp; **18118053** |
| **Auto manufacturers: 4.01%** |  |  |  |  |
| American Honda Finance Corp. | 4.55 | &nbsp;&nbsp; 7-9-2027 | 3640000 | &nbsp;&nbsp; 3666344 |
| BMW U.S. Capital LLC144A | 4.15 | &nbsp;&nbsp; 8-11-2027 | 5000000 | &nbsp;&nbsp; 5001820 |
| BMW U.S. Capital LLC144A | 4.65 | &nbsp;&nbsp; 8-13-2026 | 6505000 | &nbsp;&nbsp; 6532299 |
| Daimler Truck Finance North America LLC144A | 4.30 | &nbsp;&nbsp; 8-12-2027 | 3075000 | &nbsp;&nbsp; 3079439 |
| Daimler Truck Finance North America LLC144A | 4.95 | &nbsp;&nbsp; 1-13-2028 | 6305000 | &nbsp;&nbsp; 6393760 |
| Ford Motor Credit Co. LLC | 5.13 | &nbsp;&nbsp; 11-5-2026 | 6000000 | &nbsp;&nbsp; 6009906 |
| General Motors Financial Co., Inc. | 5.35 | &nbsp;&nbsp; 7-15-2027 | 2185000 | &nbsp;&nbsp; 2225095 |
| General Motors Financial Co., Inc. | 5.40 | &nbsp;&nbsp; 4-6-2026 | 5000000 | &nbsp;&nbsp; 5023502 |
| Hyundai Capital America144A | 5.25 | &nbsp;&nbsp; 1-8-2027 | 7000000 | &nbsp;&nbsp; 7076899 |
| Toyota Motor Credit Corp. | 4.50 | &nbsp;&nbsp; 5-14-2027 | 5000000 | &nbsp;&nbsp; 5041860 |
| Volkswagen Group of America Finance LLC144A | 4.90 | &nbsp;&nbsp; 8-14-2026 | 6505000 | &nbsp;&nbsp; 6539607 |
|  |  |  |  | &nbsp;&nbsp; **56590531** |
| **Entertainment: 0.38%** |  |  |  |  |
| Live Nation Entertainment, Inc.144A | 6.50 | &nbsp;&nbsp; 5-15-2027 | 3400000 | &nbsp;&nbsp; 3435662 |
| WarnerMedia Holdings, Inc. | 3.76 | &nbsp;&nbsp; 3-15-2027 | 1896000 | &nbsp;&nbsp; 1867560 |
|  |  |  |  | &nbsp;&nbsp; **5303222** |
| **Lodging: 0.36%** |  |  |  |  |
| Las Vegas Sands Corp. | 5.90 | &nbsp;&nbsp; 6-1-2027 | 5000000 | &nbsp;&nbsp; **5098153** |
| **Toys/games/hobbies: 0.42%** |  |  |  |  |
| Mattel, Inc.144A | 3.38 | &nbsp;&nbsp; 4-1-2026 | 5921000 | &nbsp;&nbsp; **5868020** |
| **Consumer, non-cyclical: 3.49%** |  |  |  |  |
| **Agriculture: 0.50%** |  |  |  |  |
| Philip Morris International, Inc. | 4.75 | &nbsp;&nbsp; 2-12-2027 | 7000000 | &nbsp;&nbsp; **7063355** |
| **Commercial services: 1.30%** |  |  |  |  |
| Ashtead Capital, Inc.144A | 1.50 | &nbsp;&nbsp; 8-12-2026 | 2628000 | &nbsp;&nbsp; 2554762 |
| Ashtead Capital, Inc.144A | 4.38 | &nbsp;&nbsp; 8-15-2027 | 2850000 | &nbsp;&nbsp; 2843522 |
| Global Payments, Inc. | 4.80 | &nbsp;&nbsp; 4-1-2026 | 6305000 | &nbsp;&nbsp; 6306288 |
| Quanta Services, Inc. | 4.75 | &nbsp;&nbsp; 8-9-2027 | 6505000 | &nbsp;&nbsp; 6575423 |
|  |  |  |  | &nbsp;&nbsp; **18279995** |

---

The accompanying notes are an integral part of these financial statements.

14 \| Allspring Ultra Short-Term Income Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Cosmetics/Personal Care: 0.13%** |  |  |  |  |
| Coty, Inc.144A | 5.00<br> %<br>| &nbsp;&nbsp; 4-15-2026 | $1926000 | &nbsp;&nbsp; **$1913888** |
| **Food: 0.36%** |  |  |  |  |
| Mars, Inc.144A | 4.45 | &nbsp;&nbsp; 3-1-2027 | 5000000 | &nbsp;&nbsp; **5030155** |
| **Healthcare-services: 0.57%** |  |  |  |  |
| HCA, Inc. | 5.38 | &nbsp;&nbsp; 9-1-2026 | 5000000 | &nbsp;&nbsp; 5018676 |
| UnitedHealth Group, Inc. | 4.40 | &nbsp;&nbsp; 6-15-2028 | 3000000 | &nbsp;&nbsp; 3028989 |
|  |  |  |  | &nbsp;&nbsp; **8047665** |
| **Pharmaceuticals: 0.63%** |  |  |  |  |
| Bayer U.S. Finance LLC144A | 6.13 | &nbsp;&nbsp; 11-21-2026 | 2500000 | &nbsp;&nbsp; 2543927 |
| Cencora, Inc. | 4.63 | &nbsp;&nbsp; 12-15-2027 | 3140000 | &nbsp;&nbsp; 3170250 |
| EMD Finance LLC144A | 4.13 | &nbsp;&nbsp; 8-15-2028 | 3180000 | &nbsp;&nbsp; 3180399 |
|  |  |  |  | &nbsp;&nbsp; **8894576** |
| **Energy: 0.07%** |  |  |  |  |
| **Oil & gas services: 0.07%** |  |  |  |  |
| Cal Dive I-Title XI, Inc. | 4.93 | &nbsp;&nbsp; 2-1-2027 | 922608 | &nbsp;&nbsp; **920947** |
| **Financial: 10.36%** |  |  |  |  |
| **Banks: 5.83%** |  |  |  |  |
| Bank of America Corp. (U.S. SOFR+0.83%)± | 4.98 | &nbsp;&nbsp; 1-24-2029 | 5000000 | &nbsp;&nbsp; 5088997 |
| Bank of America Corp. (U.S. SOFR+1.11%)± | 4.62 | &nbsp;&nbsp; 5-9-2029 | 7000000 | &nbsp;&nbsp; 7078960 |
| Bank of New York Mellon (U.S. SOFR+1.14%)± | 4.73 | &nbsp;&nbsp; 4-20-2029 | 4740000 | &nbsp;&nbsp; 4818183 |
| Citibank NA | 4.58 | &nbsp;&nbsp; 5-29-2027 | 5000000 | &nbsp;&nbsp; 5040189 |
| Citigroup, Inc. (U.S. SOFR+0.87%)± | 4.79 | &nbsp;&nbsp; 3-4-2029 | 5000000 | &nbsp;&nbsp; 5065402 |
| Fifth Third Bank NA (U.S. SOFR+0.81%)± | 4.97 | &nbsp;&nbsp; 1-28-2028 | 3000000 | &nbsp;&nbsp; 3031677 |
| HSBC USA, Inc. | 4.65 | &nbsp;&nbsp; 6-3-2028 | 5600000 | &nbsp;&nbsp; 5679424 |
| JPMorgan Chase & Co. (U.S. SOFR+0.86%)± | 4.51 | &nbsp;&nbsp; 10-22-2028 | 2000000 | &nbsp;&nbsp; 2013316 |
| Morgan Stanley Bank NA (U.S. SOFR+0.87%)± | 5.50 | &nbsp;&nbsp; 5-26-2028 | 3600000 | &nbsp;&nbsp; 3679930 |
| Morgan Stanley Bank NA (U.S. SOFR+0.91%)± | 5.02 | &nbsp;&nbsp; 1-12-2029 | 5000000 | &nbsp;&nbsp; 5085665 |
| Morgan Stanley (U.S. SOFR+1.38%)± | 4.99 | &nbsp;&nbsp; 4-12-2029 | 7735000 | &nbsp;&nbsp; 7878678 |
| National Securities Clearing Corp.144A | 4.35 | &nbsp;&nbsp; 5-20-2027 | 5000000 | &nbsp;&nbsp; 5036350 |
| Santander Holdings USA, Inc. (U.S. SOFR+1.61%)± | 5.47 | &nbsp;&nbsp; 3-20-2029 | 6000000 | &nbsp;&nbsp; 6142187 |
| U.S. Bancorp (U.S. SOFR+1.88%)± | 6.79 | &nbsp;&nbsp; 10-26-2027 | 7000000 | &nbsp;&nbsp; 7194259 |
| Wells Fargo & Co. (U.S. SOFR+1.37%)± | 4.97 | &nbsp;&nbsp; 4-23-2029 | 6180000 | &nbsp;&nbsp; 6297258 |
| Wells Fargo & Co. Series W (U.S. SOFR+0.78%)± | 4.90 | &nbsp;&nbsp; 1-24-2028 | 3000000 | &nbsp;&nbsp; 3026070 |
|  |  |  |  | &nbsp;&nbsp; **82156545** |
| **Diversified financial services: 0.21%** |  |  |  |  |
| Citadel Finance LLC144A | 3.38 | &nbsp;&nbsp; 3-9-2026 | 3000000 | &nbsp;&nbsp; **2971856** |
| **Insurance: 2.41%** |  |  |  |  |
| Brown & Brown, Inc. | 4.70 | &nbsp;&nbsp; 6-23-2028 | 3000000 | &nbsp;&nbsp; 3028736 |
| Corebridge Global Funding144A | 4.25 | &nbsp;&nbsp; 8-21-2028 | 3210000 | &nbsp;&nbsp; 3219191 |
| Equitable Financial Life Global Funding144A | 5.50 | &nbsp;&nbsp; 12-2-2025 | 10615000 | &nbsp;&nbsp; 10640706 |
| Metropolitan Life Global Funding I144A | 5.05 | &nbsp;&nbsp; 6-11-2027 | 5000000 | &nbsp;&nbsp; 5079887 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Income Fund \| 15

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Insurance**(continued) |  |  |  |  |
| Northwestern Mutual Global Funding144A | 4.13<br> %<br>| &nbsp;&nbsp; 8-25-2028 | $5000000 | &nbsp;&nbsp; $5017420 |
| RGA Global Funding144A | 4.35 | &nbsp;&nbsp; 8-25-2028 | 7000000 | &nbsp;&nbsp; 7019431 |
|  |  |  |  | &nbsp;&nbsp; **34005371** |
| **Investment Companies: 0.71%** |  |  |  |  |
| Ares Capital Corp. BDC | 2.15 | &nbsp;&nbsp; 7-15-2026 | 5000000 | &nbsp;&nbsp; 4901320 |
| Blue Owl Capital Corp. BDC | 2.63 | &nbsp;&nbsp; 1-15-2027 | 5270000 | &nbsp;&nbsp; 5108956 |
|  |  |  |  | &nbsp;&nbsp; **10010276** |
| **REITs: 1.20%** |  |  |  |  |
| American Tower Trust #1144A | 5.49 | &nbsp;&nbsp; 3-15-2028 | 1670000 | &nbsp;&nbsp; 1700384 |
| EPR Properties | 4.75 | &nbsp;&nbsp; 12-15-2026 | 3000000 | &nbsp;&nbsp; 3002682 |
| SBA Tower Trust144A | 6.60 | &nbsp;&nbsp; 1-15-2028 | 5099000 | &nbsp;&nbsp; 5240843 |
| Tanger Properties LP | 3.13 | &nbsp;&nbsp; 9-1-2026 | 6975000 | &nbsp;&nbsp; 6867701 |
|  |  |  |  | &nbsp;&nbsp; **16811610** |
| **Industrial: 1.95%** |  |  |  |  |
| **Electrical components & equipment: 0.36%** |  |  |  |  |
| Molex Electronic Technologies LLC144A | 4.75 | &nbsp;&nbsp; 4-30-2028 | 5000000 | &nbsp;&nbsp; **5052947** |
| **Machinery-diversified: 0.37%** |  |  |  |  |
| Regal Rexnord Corp. | 6.05 | &nbsp;&nbsp; 2-15-2026 | 5255000 | &nbsp;&nbsp; **5276965** |
| **Packaging & containers: 0.50%** |  |  |  |  |
| Amcor Flexibles North America, Inc. | 4.80 | &nbsp;&nbsp; 3-17-2028 | 7000000 | &nbsp;&nbsp; **7085420** |
| **Trucking & leasing: 0.72%** |  |  |  |  |
| GATX Corp. | 5.40 | &nbsp;&nbsp; 3-15-2027 | 5000000 | &nbsp;&nbsp; 5071305 |
| Penske Truck Leasing Co. LP/PTL Finance Corp.144A | 5.75 | &nbsp;&nbsp; 5-24-2026 | 5000000 | &nbsp;&nbsp; 5037069 |
|  |  |  |  | &nbsp;&nbsp; **10108374** |
| **Technology: 1.86%** |  |  |  |  |
| **Computers: 0.91%** |  |  |  |  |
| Hewlett Packard Enterprise Co. | 4.45 | &nbsp;&nbsp; 9-25-2026 | 7000000 | &nbsp;&nbsp; 7009877 |
| Kyndryl Holdings, Inc. | 2.05 | &nbsp;&nbsp; 10-15-2026 | 5919000 | &nbsp;&nbsp; 5760121 |
|  |  |  |  | &nbsp;&nbsp; **12769998** |
| **Semiconductors: 0.38%** |  |  |  |  |
| Intel Corp. | 3.75 | &nbsp;&nbsp; 8-5-2027 | 5407000 | &nbsp;&nbsp; **5350082** |
| **Software: 0.57%** |  |  |  |  |
| Cadence Design Systems, Inc. | 4.20 | &nbsp;&nbsp; 9-10-2027 | 3000000 | &nbsp;&nbsp; 3012548 |
| Synopsys, Inc. | 4.55 | &nbsp;&nbsp; 4-1-2027 | 5000000 | &nbsp;&nbsp; 5029557 |
|  |  |  |  | &nbsp;&nbsp; **8042105** |
| **Utilities: 2.88%** |  |  |  |  |
| **Electric: 2.88%** |  |  |  |  |
| Alliant Energy Finance LLC144A | 5.40 | &nbsp;&nbsp; 6-6-2027 | 5610000 | &nbsp;&nbsp; 5677640 |
| Dominion Energy, Inc. | 4.60 | &nbsp;&nbsp; 5-15-2028 | 5000000 | &nbsp;&nbsp; 5055337 |

---

The accompanying notes are an integral part of these financial statements.

16 \| Allspring Ultra Short-Term Income Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Electric**(continued) |  |  |  |  |
| Emera U.S. Finance LP | 3.55<br> %<br>| &nbsp;&nbsp; 6-15-2026 | $4695000 | &nbsp;&nbsp; $4655693 |
| National Rural Utilities Cooperative Finance Corp. | 4.75 | &nbsp;&nbsp; 2-7-2028 | 5000000 | &nbsp;&nbsp; 5078254 |
| NextEra Energy Capital Holdings, Inc. | 4.69 | &nbsp;&nbsp; 9-1-2027 | 7000000 | &nbsp;&nbsp; 7066154 |
| Southern California Edison Co. | 5.35 | &nbsp;&nbsp; 3-1-2026 | 5000000 | &nbsp;&nbsp; 5009665 |
| Vistra Operations Co. LLC144A | 3.70 | &nbsp;&nbsp; 1-30-2027 | 6195000 | &nbsp;&nbsp; 6135587 |
| XPLR Infrastructure Operating Partners LP144A | 3.88 | &nbsp;&nbsp; 10-15-2026 | 2000000 | &nbsp;&nbsp; 1959707 |
|  |  |  |  | &nbsp;&nbsp; **40638037** |
| **Total corporate bonds and notes (Cost $402,125,316)** |  |  |  | &nbsp;&nbsp; **405920573** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Investment companies: 0.96%** |  |  |
| **Exchange-traded funds: 0.96%** |  |  |
| iShares 0-5 Year High Yield Corporate Bond ETF | 314900 | &nbsp;&nbsp; **13603680** |
| **Total investment companies (Cost $14,331,099)** |  | &nbsp;&nbsp; **13603680** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |
| **Municipal obligations: 0.07%** |  |  |  |  |
| **Indiana: 0.07%** |  |  |  |  |
| **Education revenue: 0.07%** |  |  |  |  |
| &nbsp;&nbsp; Indiana Secondary Market for Education Loans, Inc. (U.S. SOFR 1 <br> Month+0.80%)±<br>| 5.24 | &nbsp;&nbsp; 2-25-2044 | $968330 | &nbsp;&nbsp; **965403** |
| **Total municipal obligations (Cost $960,422)** |  |  |  | &nbsp;&nbsp; **965403** |
| **Non-agency mortgage-backed securities: 11.42%** |  |  |  |  |
| &nbsp;&nbsp; 1345 Trust Series 2025-AOA Class A (U.S. SOFR 1 <br> Month+1.60%)144A±<br>| 5.96 | &nbsp;&nbsp; 6-15-2042 | 3000000 | &nbsp;&nbsp; 3012187 |
| A&D Mortgage Trust Series 2024-NQM5 Class A1144A | 5.70 | &nbsp;&nbsp; 11-25-2069 | 3930411 | &nbsp;&nbsp; 3957327 |
| Angel Oak Mortgage Trust Series 2020-4 Class A1144A±± | 1.47 | &nbsp;&nbsp; 6-25-2065 | 390107 | &nbsp;&nbsp; 373574 |
| Angel Oak Mortgage Trust Series 2020-5 Class A2144A±± | 1.58 | &nbsp;&nbsp; 5-25-2065 | 268835 | &nbsp;&nbsp; 257912 |
| Angel Oak Mortgage Trust Series 2020-R1 Class A1144A±± | 0.99 | &nbsp;&nbsp; 4-25-2053 | 1370052 | &nbsp;&nbsp; 1298392 |
| Angel Oak Mortgage Trust Series 2024-8 Class A1144A±± | 5.34 | &nbsp;&nbsp; 5-27-2069 | 740501 | &nbsp;&nbsp; 741388 |
| &nbsp;&nbsp; BRAVO Residential Funding Trust Series 2020-RPL1 <br> Class A1144A±±<br>| 2.50 | &nbsp;&nbsp; 5-26-2059 | 334085 | &nbsp;&nbsp; 327907 |
| &nbsp;&nbsp; BRAVO Residential Funding Trust Series 2023-NQM1 <br> Class A1144A±±<br>| 5.76 | &nbsp;&nbsp; 1-25-2063 | 747514 | &nbsp;&nbsp; 746686 |
| Bunker Hill Loan Depositary Trust Series 2019-2 Class A1144A±± | 2.88 | &nbsp;&nbsp; 7-25-2049 | 458509 | &nbsp;&nbsp; 448563 |
| &nbsp;&nbsp; BX Trust Series 2025-VLT6 Class B (U.S. SOFR 1 <br> Month+1.89%)144A±<br>| 6.26 | &nbsp;&nbsp; 3-15-2042 | 5005000 | &nbsp;&nbsp; 5000308 |
| &nbsp;&nbsp; BXP Trust Series 2017-CQHP Class A (U.S. SOFR 1 <br> Month+0.90%)144A±<br>| 5.26 | &nbsp;&nbsp; 11-15-2034 | 2410377 | &nbsp;&nbsp; 2320059 |
| CHL Mortgage Pass-Through Trust Series 2001-HYB1 Class 1A1±± | 6.29 | &nbsp;&nbsp; 6-19-2031 | 53877 | &nbsp;&nbsp; 53479 |
| CHL Mortgage Pass-Through Trust Series 2001-HYB1 Class 2A1±± | 6.30 | &nbsp;&nbsp; 6-19-2031 | 33206 | &nbsp;&nbsp; 32927 |
| CHNGE Mortgage Trust Series 2022-2 Class A1144A±± | 3.76 | &nbsp;&nbsp; 3-25-2067 | 9511256 | &nbsp;&nbsp; 9339126 |
| COLT Mortgage Loan Trust Series 2021-HX1 Class A1144A±± | 1.11 | &nbsp;&nbsp; 10-25-2066 | 8893300 | &nbsp;&nbsp; 7710708 |
| COLT Pass-Through Certificates Series 2021-1R Class A1144A±± | 0.86 | &nbsp;&nbsp; 5-25-2065 | 1677797 | &nbsp;&nbsp; 1525363 |
| CSAIL Commercial Mortgage Trust Series 2018-CX12 Class A2 | 4.14 | &nbsp;&nbsp; 8-15-2051 | 528385 | &nbsp;&nbsp; 524793 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Income Fund \| 17

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Non-agency mortgage-backed securities**(continued) |  |  |  |  |
| CSMC Trust Series 2020-AFC1 Class A3144A±± | 3.51<br> %<br>| &nbsp;&nbsp; 2-25-2050 | $1003252 | &nbsp;&nbsp; $961327 |
| CSMC Trust Series 2021-NQM2 Class A1144A±± | 1.18 | &nbsp;&nbsp; 2-25-2066 | 3053241 | &nbsp;&nbsp; 2740377 |
| CSMC Trust Series 2022-NQM1 Class A1144A±± | 2.27 | &nbsp;&nbsp; 11-25-2066 | 5229174 | &nbsp;&nbsp; 4806408 |
| Ellington Financial Mortgage Trust Series 2020-1 Class A1144A±± | 2.01 | &nbsp;&nbsp; 5-25-2065 | 25686 | &nbsp;&nbsp; 25546 |
| Ellington Financial Mortgage Trust Series 2021-1 Class A1144A±± | 0.80 | &nbsp;&nbsp; 2-25-2066 | 474527 | &nbsp;&nbsp; 415708 |
| &nbsp;&nbsp; Finance of America Structured Securities Trust Series 2022-S6 <br> Class A1144A<br>| 3.00 | &nbsp;&nbsp; 7-25-2061 | 3686197 | &nbsp;&nbsp; 3659548 |
| &nbsp;&nbsp; Finance of America Structured Securities Trust Series 2025-S1 <br> Class A1144A<br>| 3.50 | &nbsp;&nbsp; 2-25-2075 | 4064338 | &nbsp;&nbsp; 3924283 |
| GCAT Trust Series 2022-HX1 Class A1144A±± | 2.89 | &nbsp;&nbsp; 12-27-2066 | 10553132 | &nbsp;&nbsp; 9933144 |
| &nbsp;&nbsp; GS Mortgage Securities Corp. Trust Series 2018-LUAU Class A <br> (U.S. SOFR 1 Month+1.30%)144A±<br>| 5.66 | &nbsp;&nbsp; 11-15-2032 | 4675000 | &nbsp;&nbsp; 4662700 |
| &nbsp;&nbsp; GS Mortgage Securities Corp. Trust Series 2021-DM Class A <br> (U.S. SOFR 1 Month+1.00%)144A±<br>| 5.36 | &nbsp;&nbsp; 11-15-2036 | 1000000 | &nbsp;&nbsp; 997812 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust Series 2020-NQM1 <br> Class A1144A±±<br>| 1.38 | &nbsp;&nbsp; 9-27-2060 | 671295 | &nbsp;&nbsp; 635180 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust Series 2024-HE1 Class A1 (30 <br> Day Average U.S. SOFR+1.60%)144A±<br>| 5.95 | &nbsp;&nbsp; 8-25-2054 | 4779012 | &nbsp;&nbsp; 4794754 |
| GSMPS Mortgage Loan Trust Series 1998-1 Class A144A±± | 8.00 | &nbsp;&nbsp; 9-19-2027 | 18939 | &nbsp;&nbsp; 18480 |
| Imperial Fund Mortgage Trust Series 2020-NQM1 Class A1144A±± | 1.38 | &nbsp;&nbsp; 10-25-2055 | 1423310 | &nbsp;&nbsp; 1339984 |
| Imperial Fund Mortgage Trust Series 2021-NQM1 Class A1144A±± | 1.07 | &nbsp;&nbsp; 6-25-2056 | 1452380 | &nbsp;&nbsp; 1273916 |
| Imperial Fund Mortgage Trust Series 2021-NQM3 Class A1144A±± | 1.60 | &nbsp;&nbsp; 11-25-2056 | 3086370 | &nbsp;&nbsp; 2707395 |
| Imperial Fund Mortgage Trust Series 2022-NQM3 Class A1144A±± | 4.38 | &nbsp;&nbsp; 5-25-2067 | 10245000 | &nbsp;&nbsp; 10282198 |
| &nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust <br> Series 2018-PHH Class A (U.S. SOFR 1 Month+1.26%)144A±<br>| 5.62 | &nbsp;&nbsp; 6-15-2035 | 3571081 | &nbsp;&nbsp; 3055148 |
| JPMorgan Mortgage Trust Series 2025-4 Class A4A144A±± | 5.50 | &nbsp;&nbsp; 11-25-2055 | 6016732 | &nbsp;&nbsp; 6063028 |
| JPMorgan Mortgage Trust Series 2025-7MPR Class A1D144A±± | 5.32 | &nbsp;&nbsp; 2-25-2056 | 2120000 | &nbsp;&nbsp; 2121137 |
| Legacy Mortgage Asset Trust Series 2020-RPL1 Class A1144A±± | 3.00 | &nbsp;&nbsp; 9-25-2059 | 5380005 | &nbsp;&nbsp; 5167973 |
| &nbsp;&nbsp; MASTR Adjustable Rate Mortgages Trust Series 2002-3 <br> Class 4A1±±<br>| 6.63 | &nbsp;&nbsp; 10-25-2032 | 1273 | &nbsp;&nbsp; 1290 |
| MFA Trust Series 2020-NQM1 Class A1144A±± | 2.48 | &nbsp;&nbsp; 3-25-2065 | 546015 | &nbsp;&nbsp; 528647 |
| MFA Trust Series 2020-NQM3 Class A1144A±± | 1.01 | &nbsp;&nbsp; 1-26-2065 | 665106 | &nbsp;&nbsp; 629895 |
| MFA Trust Series 2021-NQM1 Class A1144A±± | 1.15 | &nbsp;&nbsp; 4-25-2065 | 1960350 | &nbsp;&nbsp; 1842373 |
| &nbsp;&nbsp; New Residential Mortgage Loan Trust Series 2021-INV1 <br> Class A6144A±±<br>| 2.50 | &nbsp;&nbsp; 6-25-2051 | 4419807 | &nbsp;&nbsp; 3997971 |
| OBX Trust Series 2020-EXP1 Class 1A8144A±± | 3.50 | &nbsp;&nbsp; 2-25-2060 | 553969 | &nbsp;&nbsp; 496062 |
| OBX Trust Series 2021-NQM3 Class A1144A±± | 1.05 | &nbsp;&nbsp; 7-25-2061 | 3250100 | &nbsp;&nbsp; 2677108 |
| Residential Mortgage Loan Trust Series 2021-1R Class A1144A±± | 0.86 | &nbsp;&nbsp; 1-25-2065 | 1082584 | &nbsp;&nbsp; 1039890 |
| &nbsp;&nbsp; SPGN Mortgage Trust Series 2022-TFLM Class A (U.S. SOFR 1 <br> Month+1.55%)144A±<br>| 5.91 | &nbsp;&nbsp; 2-15-2039 | 20000000 | &nbsp;&nbsp; 19950164 |
| &nbsp;&nbsp; Starwood Mortgage Residential Trust Series 2020-1 <br> Class A3144A±±<br>| 2.56 | &nbsp;&nbsp; 2-25-2050 | 2170412 | &nbsp;&nbsp; 2071823 |
| &nbsp;&nbsp; Starwood Mortgage Residential Trust Series 2021-2 <br> Class A1144A±±<br>| 0.94 | &nbsp;&nbsp; 5-25-2065 | 1737255 | &nbsp;&nbsp; 1631915 |
| Towd Point Mortgage Trust Series 2017-4 Class A1144A±± | 2.75 | &nbsp;&nbsp; 6-25-2057 | 408083 | &nbsp;&nbsp; 398744 |
| Towd Point Mortgage Trust Series 2017-6 Class A1144A±± | 2.75 | &nbsp;&nbsp; 10-25-2057 | 388806 | &nbsp;&nbsp; 381980 |
| Towd Point Mortgage Trust Series 2018-2 Class A1144A±± | 3.25 | &nbsp;&nbsp; 3-25-2058 | 510425 | &nbsp;&nbsp; 504083 |
| Towd Point Mortgage Trust Series 2018-3 Class A1144A±± | 3.75 | &nbsp;&nbsp; 5-25-2058 | 1919209 | &nbsp;&nbsp; 1885152 |
| TRK Trust Series 2021-INV2 Class A1144A±± | 1.97 | &nbsp;&nbsp; 11-25-2056 | 8630368 | &nbsp;&nbsp; 7715647 |

---

The accompanying notes are an integral part of these financial statements.

18 \| Allspring Ultra Short-Term Income Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Non-agency mortgage-backed securities**(continued) |  |  |  |  |
| Verus Securitization Trust Series 2021-1 Class A2144A±± | 1.05<br> %<br>| &nbsp;&nbsp; 1-25-2066 | $2074977 | &nbsp;&nbsp; $1871370 |
| Verus Securitization Trust Series 2021-2 Class A1144A±± | 1.03 | &nbsp;&nbsp; 2-25-2066 | 1237147 | &nbsp;&nbsp; 1105229 |
| Verus Securitization Trust Series 2021-R3 Class A1144A±± | 1.02 | &nbsp;&nbsp; 4-25-2064 | 1913835 | &nbsp;&nbsp; 1820745 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust Series 2025-NYCH Class A <br> (U.S. SOFR 1 Month+1.74%)144A±<br>| 6.11 | &nbsp;&nbsp; 6-15-2042 | 3000000 | &nbsp;&nbsp; 3000000 |
| Wilshire Funding Corp. Series 1996-3 Class M2±± | 7.67 | &nbsp;&nbsp; 8-25-2032 | 71968 | &nbsp;&nbsp; 72263 |
| Wilshire Funding Corp. Series 1996-3 Class M3±± | 7.67 | &nbsp;&nbsp; 8-25-2032 | 26049 | &nbsp;&nbsp; 25829 |
| &nbsp;&nbsp; Wilshire Funding Corp. Series 1998-WFC2 Class M1 (12 Month <br> Treasury Average+2.00%)±<br>| 6.40 | &nbsp;&nbsp; 12-28-2037 | 27155 | &nbsp;&nbsp; 26972 |
| **Total non-agency mortgage-backed securities (Cost $168,574,027)** |  |  |  | &nbsp;&nbsp; **160931897** |
| **U.S. Treasury securities: 13.87%** |  |  |  |  |
| U.S. Treasury Notes | 3.50 | &nbsp;&nbsp; 9-30-2026 | 6000000 | &nbsp;&nbsp; 5977734 |
| U.S. Treasury Notes | 3.75 | &nbsp;&nbsp; 8-31-2026 | 78690000 | &nbsp;&nbsp; 78595326 |
| U.S. Treasury Notes | 3.75 | &nbsp;&nbsp; 6-30-2027 | 27000000 | &nbsp;&nbsp; 27046406 |
| U.S. Treasury Notes | 3.88 | &nbsp;&nbsp; 7-31-2027 | 53500000 | &nbsp;&nbsp; 53721523 |
| U.S. Treasury Notes | 4.13 | &nbsp;&nbsp; 10-31-2026 | 9820000 | &nbsp;&nbsp; 9851455 |
| U.S. Treasury Notes | 4.25 | &nbsp;&nbsp; 1-31-2026 | 20285000 | &nbsp;&nbsp; 20293241 |
| **Total U.S. Treasury securities (Cost $195,412,958)** |  |  |  | &nbsp;&nbsp; **195485685** |
| **Yankee corporate bonds and notes: 8.84%** |  |  |  |  |
| **Basic materials: 0.11%** |  |  |  |  |
| **Chemicals: 0.11%** |  |  |  |  |
| Braskem Netherlands Finance BV144A | 4.50 | &nbsp;&nbsp; 1-10-2028 | 1875000 | &nbsp;&nbsp; **1458619** |
| **Communications: 0.78%** |  |  |  |  |
| **Telecommunications: 0.78%** |  |  |  |  |
| NTT Finance Corp.144A | 4.57 | &nbsp;&nbsp; 7-16-2027 | 5920000 | &nbsp;&nbsp; 5957548 |
| NTT Finance Corp.144A | 5.10 | &nbsp;&nbsp; 7-2-2027 | 5000000 | &nbsp;&nbsp; 5075914 |
|  |  |  |  | &nbsp;&nbsp; **11033462** |
| **Consumer, cyclical: 0.24%** |  |  |  |  |
| **Leisure time: 0.24%** |  |  |  |  |
| Royal Caribbean Cruises Ltd.144A | 5.38 | &nbsp;&nbsp; 7-15-2027 | 3400000 | &nbsp;&nbsp; **3427754** |
| **Consumer, non-cyclical: 0.67%** |  |  |  |  |
| **Agriculture: 0.21%** |  |  |  |  |
| Imperial Brands Finance PLC144A | 4.50 | &nbsp;&nbsp; 6-30-2028 | 3000000 | &nbsp;&nbsp; **3019098** |
| **Household products/wares: 0.46%** |  |  |  |  |
| Reckitt Benckiser Treasury Services PLC144A | 3.00 | &nbsp;&nbsp; 6-26-2027 | 6570000 | &nbsp;&nbsp; **6450279** |
| **Financial: 6.28%** |  |  |  |  |
| **Banks: 4.83%** |  |  |  |  |
| Banque Federative du Credit Mutuel SA144A | 4.94 | &nbsp;&nbsp; 1-26-2026 | 5000000 | &nbsp;&nbsp; 5009447 |
| Barclays PLC (U.S. SOFR+0.96%)± | 5.09 | &nbsp;&nbsp; 2-25-2029 | 6255000 | &nbsp;&nbsp; 6356656 |
| &nbsp;&nbsp; Lloyds Banking Group PLC (1 Year Treasury Constant <br> Maturity+0.83%)±<br>| 4.82 | &nbsp;&nbsp; 6-13-2029 | 4580000 | &nbsp;&nbsp; 4644771 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Income Fund \| 19

------

Portfolio of investments—August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Banks**(continued) |  |  |  |  |
| &nbsp;&nbsp; Lloyds Banking Group PLC (1 Year Treasury Constant <br> Maturity+1.70%)±<br>| 5.87<br> %<br>| &nbsp;&nbsp; 3-6-2029 | $6150000 | &nbsp;&nbsp; $6385961 |
| Macquarie Bank Ltd.144A | 5.27 | &nbsp;&nbsp; 7-2-2027 | 5000000 | &nbsp;&nbsp; 5117169 |
| National Australia Bank Ltd. | 4.50 | &nbsp;&nbsp; 10-26-2027 | 7000000 | &nbsp;&nbsp; 7079546 |
| National Bank of Canada (U.S. SOFR+0.80%)± | 4.95 | &nbsp;&nbsp; 2-1-2028 | 4000000 | &nbsp;&nbsp; 4037421 |
| NatWest Markets PLC144A | 5.42 | &nbsp;&nbsp; 5-17-2027 | 5000000 | &nbsp;&nbsp; 5105584 |
| Skandinaviska Enskilda Banken AB144A | 4.38 | &nbsp;&nbsp; 6-2-2028 | 7000000 | &nbsp;&nbsp; 7073962 |
| Sumitomo Mitsui Financial Group, Inc. | 5.46 | &nbsp;&nbsp; 1-13-2026 | 10000000 | &nbsp;&nbsp; 10037386 |
| UBS Group AG (1 Year Treasury Constant Maturity+1.60%)144A± | 6.33 | &nbsp;&nbsp; 12-22-2027 | 7000000 | &nbsp;&nbsp; 7181332 |
|  |  |  |  | &nbsp;&nbsp; **68029235** |
| **Diversified financial services: 1.04%** |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | 4.88 | &nbsp;&nbsp; 4-1-2028 | 5000000 | &nbsp;&nbsp; 5074552 |
| Avolon Holdings Funding Ltd.144A | 4.95 | &nbsp;&nbsp; 1-15-2028 | 6100000 | &nbsp;&nbsp; 6160855 |
| Marex Group PLC | 5.83 | &nbsp;&nbsp; 5-8-2028 | 3365000 | &nbsp;&nbsp; 3410746 |
|  |  |  |  | &nbsp;&nbsp; **14646153** |
| **Real estate: 0.41%** |  |  |  |  |
| Ontario Teachers' Cadillac Fairview Properties Trust144A | 3.88 | &nbsp;&nbsp; 3-20-2027 | 5875000 | &nbsp;&nbsp; **5826396** |
| **Government securities: 0.21%** |  |  |  |  |
| **Multi-national: 0.21%** |  |  |  |  |
| Banque Ouest Africaine de Developpement144A | 5.00 | &nbsp;&nbsp; 7-27-2027 | 3000000 | &nbsp;&nbsp; **2977179** |
| **Industrial: 0.44%** |  |  |  |  |
| **Miscellaneous manufacturing: 0.44%** |  |  |  |  |
| Siemens Funding BV144A | 4.35 | &nbsp;&nbsp; 5-26-2028 | 6125000 | &nbsp;&nbsp; **6184293** |
| **Utilities: 0.11%** |  |  |  |  |
| **Electric: 0.11%** |  |  |  |  |
| Emera, Inc. Series 16-A (3 Month LIBOR+5.44%)± | 6.75 | &nbsp;&nbsp; 6-15-2076 | 1500000 | &nbsp;&nbsp; **1509417** |
| **Total yankee corporate bonds and notes (Cost $123,218,440)** |  |  |  | &nbsp;&nbsp; **124561885** |
| **Yankee government bonds: 0.35%** |  |  |  |  |
| **Panama: 0.35%** |  |  |  |  |
| Panama | 3.88 | &nbsp;&nbsp; 3-17-2028 | 5000000 | &nbsp;&nbsp; **4890100** |
| **Total yankee government bonds (Cost $4,772,746)** |  |  |  | &nbsp;&nbsp; **4890100** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Yield | Shares |  |
| **Short-term investments: 14.26%** |  |  |  |
| **Investment companies: 4.23%** |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞## | 4.23 | 59651786 | &nbsp;&nbsp; **59651786** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |
| **U.S. Treasury securities: 10.03%** |  |  |  |  |
| U.S. Treasury Bills☼ | 0.00 | &nbsp;&nbsp; 9-2-2025 | $40000000 | &nbsp;&nbsp; 40000000 |
| U.S. Treasury Bills☼ | 2.13 | &nbsp;&nbsp; 9-4-2025 | 25000000 | &nbsp;&nbsp; 24994118 |

---

The accompanying notes are an integral part of these financial statements.

20 \| Allspring Ultra Short-Term Income Fund

------

Portfolio of investments—August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Yield | Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |  |
| U.S. Treasury Bills☼ |  | 3.29<br> %<br>| &nbsp;&nbsp; 9-9-2025 | $15000000 | &nbsp;&nbsp; $14987604 |
| U.S. Treasury Bills☼ |  | 3.72 | &nbsp;&nbsp; 9-16-2025 | 35000000 | &nbsp;&nbsp; 34941942 |
| U.S. Treasury Bills☼ |  | 3.91 | &nbsp;&nbsp; 9-25-2025 | 26500000 | &nbsp;&nbsp; 26428278 |
|  |  |  |  |  | &nbsp;&nbsp; **141351942** |
| **Total short-term investments (Cost $201,004,027)** |  |  |  |  | &nbsp;&nbsp; **201003728** |
| **Total investments in securities (Cost $1,407,159,104)** | 99.62<br> %<br>|  |  |  | &nbsp;&nbsp; 1404111414 |
| Other assets and liabilities, net | 0.38 |  |  |  | &nbsp;&nbsp; 5387871 |
| **Total net assets** | **100.00%**<br>|  |  |  | &nbsp;&nbsp; **$1409499285** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ƒ | Investment in an interest-only security that entitles holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the <br> notional amount of the underlying mortgages. The rate represents the coupon rate.<br>|
| ±± | The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality <br> and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end.<br>|
| 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 purchased on a when-issued basis. |
| ‡ | Security is valued using significant unobservable inputs. |
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |
| ## | All or a portion of this security is segregated as collateral for when-issued securities. |
| ☼ | Zero coupon security. The rate represents the current yield to maturity. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| BDC | Business Development Company |
| CLO | Collateralized loan obligation |
| COFI | Cost of Funds Index |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| LIBOR | London Interbank Offered Rate |
| REIT | Real estate investment trust |
| RFUCCT1Y | Refinitiv USD IBOR Consumer Cash Fallbacks Term 1-year |
| RFUCCT1M | Refinitiv USD IBOR Consumer Cash Fallbacks Term 1-month |
| RFUCCT6M | Refinitiv USD IBOR Consumer Cash Fallbacks Term 6-month |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate trading of registered interest and principal securities |

---

**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>| $49165220 | $1063296953 | $(1052810387)<br>| $0 | $0 | $59651786 | 59651786 | $2810419 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Income Fund \| 21

------

Portfolio of investments—August 31, 2025

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Short** |  |  |  |  |  |  |
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; (358)<br>| &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; $(40164955)<br>| &nbsp;&nbsp; $(40275000)<br>| &nbsp;&nbsp; $0 | &nbsp;&nbsp; $(110045)<br>|
| 2-Year U.S. Treasury Notes | &nbsp;&nbsp; (1331)<br>| &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; (277373551)<br>| &nbsp;&nbsp; (277565492)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (191941)<br>|
|  |  |  |  |  | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$(301986)**<br>|

---

The accompanying notes are an integral part of these financial statements.

22 \| Allspring Ultra Short-Term Income Fund

------

Statement of assets and liabilities—August 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $1,347,507,318) | $1344459628 |
| Investments in affiliated securities, at value (cost $59,651,786) | 59651786 |
| Cash | 49216 |
| Cash at broker segregated for futures contracts | 2919000 |
| Receivable for interest | 10344878 |
| Receivable for investments sold | 7145657 |
| Receivable for Fund shares sold | 2187934 |
| Principal paydown receivable | 400982 |
| Receivable for daily variation margin on open futures contracts | 33562 |
| Prepaid expenses and other assets | 42416 |
| **Total assets** | **1427235059** |
| Liabilities |  |
| Payable for investments purchased | 7145657 |
| Payable for when-issued transactions | 7000000 |
| Payable for Fund shares redeemed | 1869148 |
| Dividends payable | 1180928 |
| Management fee payable | 169841 |
| Administration fees payable | 117264 |
| Shareholder servicing fees payable | 63499 |
| Payable for daily variation margin on open futures contracts | 41594 |
| Distribution fee payable | 3247 |
| Trustees' fees and expenses payable | 1490 |
| Accrued expenses and other liabilities | 143106 |
| **Total liabilities** | **17735774** |
| **Total net assets**  | **$1409499285** |
| Net assets consist of |  |
| Paid-in capital | $1440527650 |
| Total distributable loss | (31028365)<br>|
| **Total net assets** | **$1409499285** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Income Fund \| 23

------

Statement of assets and liabilities—August 31, 2025

Statement of assets and liabilities

---

| | |
|:---|:---|
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $211476418 |
| Shares outstanding–Class A<sup>1</sup> <br>| 23849812 |
| Net asset value per share–Class A | $8.87 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $9.05 |
| Net assets–Class A2 | $100717063 |
| Shares outstanding–Class A2<sup>1</sup> <br>| 11366916 |
| Net asset value per share–Class A2 | $8.86 |
| Net assets–Class C | $5063428 |
| Shares outstanding–Class C<sup>1</sup> <br>| 571664 |
| Net asset value per share–Class C | $8.86 |
| Net assets–Administrator Class | $14403269 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 1631957 |
| Net asset value per share–Administrator Class | $8.83 |
| Net assets–Institutional Class | $1077839107 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 121645330 |
| Net asset value per share–Institutional Class | $8.86 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

<sup>2</sup> Maximum offering price is computed as 100/98 of net asset value. On investments of $100,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

24 \| Allspring Ultra Short-Term Income Fund

------

Statement of operations—year ended August 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest (net of foreign withholding taxes of $7,826) | $53785789 |
| Income from affiliated securities | 2810419 |
| Dividends | 1064149 |
| **Total investment income** | **57660357** |
| Expenses |  |
| Management fee | 2954782 |
| Administration fees |  |
| Class A | 246945 |
| Class A2 | 96051 |
| Class C | 5734 |
| Administrator Class | 12734 |
| Institutional Class | 765767 |
| Shareholder servicing fees |  |
| Class A | 411269 |
| Class A2 | 95546 |
| Class C | 9499 |
| Administrator Class | 31666 |
| Distribution fee |  |
| Class C | 28496 |
| Custody and accounting fees | 40762 |
| Professional fees | 76275 |
| Registration fees | 91427 |
| Shareholder report expenses | 58495 |
| Trustees' fees and expenses | 16127 |
| Other fees and expenses | 77336 |
| **Total expenses** | **5018911** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (1243341)<br>|
| Class A | (167425)<br>|
| Class A2 | (46782)<br>|
| Class C | (2617)<br>|
| Administrator Class | (3063)<br>|
| **Net expenses** | **3555683** |
| **Net investment income** | **54104674** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Income Fund \| 25

------

Statement of operations—year ended August 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | $1174693 |
| Futures contracts | 2203903 |
| **Net realized gains on investments**  | **3378596** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 8007813 |
| Futures contracts | (686306)<br>|
| **Net change in unrealized gains (losses) on investments** | **7321507** |
| **Net realized and unrealized gains (losses) on investments** | **10700103** |
| **Net increase in net assets resulting from operations** | **$64804777** |

---

The accompanying notes are an integral part of these financial statements.

26 \| Allspring Ultra Short-Term Income Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> August 31, 2025 | Year ended<br> August 31, 2025 | Year ended<br> August 31, 2024 | Year ended<br> August 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $54104674 |  | &nbsp;&nbsp; $51793922 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 3378596 |  | &nbsp;&nbsp; (3330395)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 7321507 |  | &nbsp;&nbsp; 36237353 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **64804777** |  | &nbsp;&nbsp; **84700880** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (7094337)<br>|  | &nbsp;&nbsp; (6702651)<br>|
| Class A2 |  | &nbsp;&nbsp; (2805815)<br>|  | &nbsp;&nbsp; (1868457)<br>|
| Class C |  | &nbsp;&nbsp; (135237)<br>|  | &nbsp;&nbsp; (131132)<br>|
| Administrator Class |  | &nbsp;&nbsp; (544949)<br>|  | &nbsp;&nbsp; (421095)<br>|
| Institutional Class |  | &nbsp;&nbsp; (43408864)<br>|  | &nbsp;&nbsp; (42540824)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(53989202)**<br>|  | &nbsp;&nbsp; **(51664159)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 2410004 | &nbsp;&nbsp; 21278067 | &nbsp;&nbsp; 2316160 | &nbsp;&nbsp; 20140548 |
| Class A2 | 8959492 | &nbsp;&nbsp; 79103585 | &nbsp;&nbsp; 2664495 | &nbsp;&nbsp; 23069751 |
| Class C | 218060 | &nbsp;&nbsp; 1924262 | &nbsp;&nbsp; 151651 | &nbsp;&nbsp; 1309662 |
| Administrator Class | 490939 | &nbsp;&nbsp; 4307978 | &nbsp;&nbsp; 247604 | &nbsp;&nbsp; 2146448 |
| Institutional Class | 60998102 | &nbsp;&nbsp; 538029420 | &nbsp;&nbsp; 43597219 | &nbsp;&nbsp; 377798785 |
|  |  | &nbsp;&nbsp; 644643312 |  | &nbsp;&nbsp; 424465194 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 730429 | &nbsp;&nbsp; 6452088 | &nbsp;&nbsp; 705626 | &nbsp;&nbsp; 6133806 |
| Class A2 | 316098 | &nbsp;&nbsp; 2789966 | &nbsp;&nbsp; 215258 | &nbsp;&nbsp; 1867697 |
| Class C | 13131 | &nbsp;&nbsp; 115853 | &nbsp;&nbsp; 13083 | &nbsp;&nbsp; 113593 |
| Administrator Class | 61688 | &nbsp;&nbsp; 542471 | &nbsp;&nbsp; 48611 | &nbsp;&nbsp; 420566 |
| Institutional Class | 3314739 | &nbsp;&nbsp; 29254437 | &nbsp;&nbsp; 3047517 | &nbsp;&nbsp; 26457467 |
|  |  | &nbsp;&nbsp; 39154815 |  | &nbsp;&nbsp; 34993129 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (5290680)<br>| &nbsp;&nbsp; (46700657)<br>| &nbsp;&nbsp; (4154360)<br>| &nbsp;&nbsp; (36067052)<br>|
| Class A2 | (3351270)<br>| &nbsp;&nbsp; (29572175)<br>| &nbsp;&nbsp; (3096390)<br>| &nbsp;&nbsp; (26783375)<br>|
| Class C | (215965)<br>| &nbsp;&nbsp; (1904106)<br>| &nbsp;&nbsp; (204123)<br>| &nbsp;&nbsp; (1770503)<br>|
| Administrator Class | (295086)<br>| &nbsp;&nbsp; (2593883)<br>| &nbsp;&nbsp; (508007)<br>| &nbsp;&nbsp; (4359207)<br>|
| Institutional Class | (59912407)<br>| &nbsp;&nbsp; (528511368)<br>| &nbsp;&nbsp; (81740781)<br>| &nbsp;&nbsp; (707566553)<br>|
|  |  | &nbsp;&nbsp; (609282189)<br>|  | &nbsp;&nbsp; (776546690)<br>|
| Net asset value of shares issued in acquisition |  |  |  |  |
| Class A | 6728059 | &nbsp;&nbsp; 59528745 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Class C | 117436 | &nbsp;&nbsp; 1037902 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Administrator Class | 97352 | &nbsp;&nbsp; 860725 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class | 13323527 | &nbsp;&nbsp; 117798400 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 179225772 |  | &nbsp;&nbsp; 0 |
| **Net increase (decrease) in net assets resulting from capital share** <br> **transactions**<br>|  | &nbsp;&nbsp; **253741710** |  | &nbsp;&nbsp; **(317088367)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **264557285** |  | &nbsp;&nbsp; **(284051646)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **1144942000** |  | &nbsp;&nbsp; **1428993646** |
| **End of period** |  | &nbsp;&nbsp; **$1409499285** |  | &nbsp;&nbsp; **$1144942000** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Income Fund \| 27

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.79** | &nbsp;&nbsp; **$8.56** | &nbsp;&nbsp; **$8.41** | &nbsp;&nbsp; **$8.61** | &nbsp;&nbsp; **$8.60** |
| Net investment income | 0.38 <br><sup>1</sup><br>| 0.34 <br><sup>1</sup><br>| 0.22 | 0.07 | 0.07 |
| Net realized and unrealized gains (losses) on investments | 0.08 | 0.23 | 0.15 | &nbsp;&nbsp; (0.20)<br>| 0.01 |
| Total from investment operations | 0.46 | 0.57 | 0.37 | &nbsp;&nbsp; (0.13)<br>| 0.08 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.38)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| **Net asset value, end of period** | **$8.87** | &nbsp;&nbsp; **$8.79** | &nbsp;&nbsp; **$8.56** | &nbsp;&nbsp; **$8.41** | &nbsp;&nbsp; **$8.61** |
| **Total return**<sup>2</sup> <br>| **5.32%**<br>| **6.77%**<br>| **4.50%**<br>| &nbsp;&nbsp; **(1.51)%**<br>| **0.99%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.67<br> %<br>| 0.68<br> %<br>| 0.68<br> %<br>| 0.65<br> %<br>| 0.66<br> %<br>|
| Net expenses | 0.47<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>|
| Net investment income | 4.32<br> %<br>| 3.91<br> %<br>| 2.61<br> %<br>| 0.79<br> %<br>| 0.84<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 56<br> %<br>| &nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp; 106<br> %<br>|
| Net assets, end of period (000s omitted) | $211476 | &nbsp;&nbsp; $169378 | &nbsp;&nbsp; $174660 | &nbsp;&nbsp; $244894 | &nbsp;&nbsp; $287697 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

The accompanying notes are an integral part of these financial statements.

28 \| Allspring Ultra Short-Term Income Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Class A2 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.78** | &nbsp;&nbsp; **$8.55** | &nbsp;&nbsp; **$8.40** | &nbsp;&nbsp; **$8.60** | &nbsp;&nbsp; **$8.59** |
| Net investment income | 0.39 <br><sup>1</sup><br>| 0.35 <br><sup>1</sup><br>| 0.23 | 0.07 | 0.07 |
| Net realized and unrealized gains (losses) on investments | 0.07 | 0.23 | 0.15 | &nbsp;&nbsp; (0.20)<br>| 0.01 |
| Total from investment operations | 0.46 | 0.58 | 0.38 | &nbsp;&nbsp; (0.13)<br>| 0.08 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.38)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| **Net asset value, end of period** | **$8.86** | &nbsp;&nbsp; **$8.78** | &nbsp;&nbsp; **$8.55** | &nbsp;&nbsp; **$8.40** | &nbsp;&nbsp; **$8.60** |
| **Total return**<sup>2</sup> <br>| **5.40%**<br>| **6.88%**<br>| **4.61%**<br>| &nbsp;&nbsp; **(1.49)%**<br>| **0.97%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.57<br> %<br>| 0.58<br> %<br>| 0.58<br> %<br>| 0.62<br> %<br>| 0.65<br> %<br>|
| Net expenses | 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.47<br> %<br>| 0.50<br> %<br>|
| Net investment income | 4.39<br> %<br>| 4.01<br> %<br>| 2.63<br> %<br>| 0.75<br> %<br>| 0.73<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 56<br> %<br>| &nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp; 106<br> %<br>|
| Net assets, end of period (000s omitted) | $100717 | &nbsp;&nbsp; $47801 | &nbsp;&nbsp; $48414 | &nbsp;&nbsp; $99902 | &nbsp;&nbsp; $181131 |

---

&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 Ultra Short-Term Income Fund \| 29

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.78** | &nbsp;&nbsp; **$8.55** | &nbsp;&nbsp; **$8.40** | &nbsp;&nbsp; **$8.60** | &nbsp;&nbsp; **$8.59** |
| Net investment income | 0.31 <br><sup>1</sup><br>| 0.27 <br><sup>1</sup><br>| 0.15 | 0.01 | 0.01 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.08 | 0.24 | 0.16 | &nbsp;&nbsp; (0.19)<br>| 0.01 |
| Total from investment operations | 0.39 | 0.51 | 0.31 | &nbsp;&nbsp; (0.18)<br>| 0.02 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.31)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.01)<br>|
| **Net asset value, end of period** | **$8.86** | &nbsp;&nbsp; **$8.78** | &nbsp;&nbsp; **$8.55** | &nbsp;&nbsp; **$8.40** | &nbsp;&nbsp; **$8.60** |
| **Total return**<sup>2</sup> <br>| **4.51%**<br>| **5.98%**<br>| **3.72%**<br>| &nbsp;&nbsp; **(2.13)%**<br>| **0.28%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.42<br> %<br>| 1.43<br> %<br>| 1.43<br> %<br>| 1.38<br> %<br>| 1.40<br> %<br>|
| Net expenses | 1.25<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>| 1.11 %\*<br>| 1.19 %\*<br>|
| Net investment income | 3.55<br> %<br>| 3.15<br> %<br>| 1.86<br> %<br>| 0.18<br> %<br>| 0.13<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 56<br> %<br>| &nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp; 106<br> %<br>|
| Net assets, end of period (000s omitted) | $5063 | &nbsp;&nbsp; $3854 | &nbsp;&nbsp; $4090 | &nbsp;&nbsp; $5219 | &nbsp;&nbsp; $6230 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Year ended August 31, 2022 | 0.14% |
| Year ended August 31, 2021 | 0.06% |

---

&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.

30 \| Allspring Ultra Short-Term Income Fund

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.75** | &nbsp;&nbsp; **$8.52** | &nbsp;&nbsp; **$8.37** | &nbsp;&nbsp; **$8.57** | &nbsp;&nbsp; **$8.56** |
| Net investment income | 0.38 <br><sup>1</sup><br>| 0.34 <br><sup>1</sup><br>| 0.21 | 0.07 <br><sup>1</sup><br>| 0.07 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.07 | 0.23 | 0.16 | &nbsp;&nbsp; (0.20)<br>| 0.01 |
| Total from investment operations | 0.45 | 0.57 | 0.37 | &nbsp;&nbsp; (0.13)<br>| 0.08 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.37)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| **Net asset value, end of period** | **$8.83** | &nbsp;&nbsp; **$8.75** | &nbsp;&nbsp; **$8.52** | &nbsp;&nbsp; **$8.37** | &nbsp;&nbsp; **$8.57** |
| **Total return**<sup>2</sup> <br>| **5.30%**<br>| **6.78%**<br>| **4.51%**<br>| &nbsp;&nbsp; **(1.53)%**<br>| **0.98%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.62<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.59<br> %<br>| 0.60<br> %<br>|
| Net expenses | 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Net investment income | 4.29<br> %<br>| 3.90<br> %<br>| 2.64<br> %<br>| 0.77<br> %<br>| 0.82<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 56<br> %<br>| &nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp; 106<br> %<br>|
| Net assets, end of period (000s omitted) | $14403 | &nbsp;&nbsp; $11173 | &nbsp;&nbsp; $12686 | &nbsp;&nbsp; $14740 | &nbsp;&nbsp; $21336 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

The accompanying notes are an integral part of these financial statements.

Allspring Ultra Short-Term Income Fund \| 31

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
| Institutional Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$8.78** | &nbsp;&nbsp; **$8.55** | &nbsp;&nbsp; **$8.40** | &nbsp;&nbsp; **$8.60** | &nbsp;&nbsp; **$8.59** |
| Net investment income | 0.40 <br><sup>1</sup><br>| 0.36 <br><sup>1</sup><br>| 0.24 | 0.09 | 0.09 |
| Net realized and unrealized gains (losses) on investments | 0.08 | 0.23 | 0.15 | &nbsp;&nbsp; (0.20)<br>| 0.02 |
| Total from investment operations | 0.48 | 0.59 | 0.39 | &nbsp;&nbsp; (0.11)<br>| 0.11 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.40)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.10)<br>|
| **Net asset value, end of period** | **$8.86** | &nbsp;&nbsp; **$8.78** | &nbsp;&nbsp; **$8.55** | &nbsp;&nbsp; **$8.40** | &nbsp;&nbsp; **$8.60** |
| **Total return**<sup>2</sup> <br>| **5.56%**<br>| **7.04%**<br>| **4.76%**<br>| &nbsp;&nbsp; **(1.28)%**<br>| **1.23%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.35<br> %<br>| 0.36<br> %<br>| 0.35<br> %<br>| 0.32<br> %<br>| 0.33<br> %<br>|
| Net expenses | 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>|
| Net investment income | 4.54<br> %<br>| 4.14<br> %<br>| 2.83<br> %<br>| 1.01<br> %<br>| 1.03<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 56<br> %<br>| &nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp; 106<br> %<br>|
| Net assets, end of period (000s omitted) | $1077839 | &nbsp;&nbsp; $912737 | &nbsp;&nbsp; $1189143 | &nbsp;&nbsp; $1857572 | &nbsp;&nbsp; $2706735 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding <br> <sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

The accompanying notes are an integral part of these financial statements.

32 \| Allspring Ultra Short-Term Income 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 Ultra Short-Term Income Fund (the "Fund") which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles ("GAAP") which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g., taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Equity securities, exchange-traded funds and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund's commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and is subject to interest rate risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of assets and liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of operations.

Mortgage dollar roll transactions

The Fund may engage in mortgage dollar roll transactions through To Be Announced (TBA) mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, the Fund sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to

Allspring Ultra Short-Term Income Fund \| 33

------

Notes to financial statements

repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, the Fund foregoes principal and interest paid on the securities. The Fund is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Fund accounts for TBA dollar roll transactions as purchases and sales which, as a result, may increase its portfolio turnover rate.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status. Paydown gains and losses are included in interest income.

Dividend income is recognized on the ex-dividend date.

Interest earned on cash balances held at the custodian is recorded as interest income.

Income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Income dividends and capital gain distributions from investment companies are recorded on the ex-dividend date. Capital gain distributions from investment companies are treated as realized gains.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund's fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund's income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund's tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of August 31, 2025, the aggregate cost of all investments for federal income tax purposes was $1,407,235,337 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $7611049 |
| Gross unrealized losses | &nbsp;&nbsp; (11036958)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(3425909)**<br>|

---

As of August 31, 2025, the Fund had capital loss carryforwards which consist of $27,721,676 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;

34 \| Allspring Ultra Short-Term Income Fund

------

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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Agency securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $74835379 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $74835379 |
| **Asset-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 220162648 | &nbsp;&nbsp;&nbsp; 1750436 | &nbsp;&nbsp;&nbsp; 221913084 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 405920573 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 405920573 |
| **Investment companies** | &nbsp;&nbsp; 13603680 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 13603680 |
| **Municipal obligations** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 965403 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 965403 |
| **Non-agency mortgage-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 160931897 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 160931897 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 195485685 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 195485685 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 124561885 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 124561885 |
| **Yankee government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4890100 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4890100 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 59651786 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 59651786 |
| *U.S. Treasury securities* | &nbsp;&nbsp; 141351942 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 141351942 |
| **Total assets** | &nbsp;&nbsp; **$410093093** | &nbsp;&nbsp;&nbsp; **$992267885** | &nbsp;&nbsp;&nbsp; **$1750436** | &nbsp;&nbsp;&nbsp; **$1404111414** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Futures contracts** | &nbsp;&nbsp; $301986 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $301986 |
| **Total liabilities** | &nbsp;&nbsp; **$301986** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$301986** |

---

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of investments. For futures contracts, the current day's variation margin is reported on the Statement of assets and liabilities. All other assets and liabilities are reported at their market value at measurement date.

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At August 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 Ultra Short-Term Income Fund \| 35

------

Notes to financial statements

Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $1 billion | 0.250<br> %<br>|
| Next $4 billion | 0.225 |
| Next $5 billion | 0.190 |
| Over $10 billion | 0.180 |

---

For the year ended August 31, 2025, the management fee was equivalent to an annual rate of 0.25% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.15<br> %<br>|
| Class A2 | 0.15 |
| Class C | 0.15 |
| Administrator Class | 0.10 |
| Institutional Class | 0.08 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through December 31, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of August 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.50<br> %<br>|
| Class A2 | 0.40 |
| Class C | 1.25 |
| Administrator Class | 0.50 |
| Institutional Class | 0.25 |

---

Distribution fee

The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC ("Allspring Funds Distributor"), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended August 31, 2025, Allspring Funds Distributor received $1,346 from the sale of Class A shares and $16 and $239 in contingent deferred sales charges from redemptions of Class A and Class C shares, respectively.

36 \| Allspring Ultra Short-Term Income Fund

------

Notes to financial statements

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. Class A2 shares are charged a fee at an annual rate up to 0.15% of its average daily net assets. 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 August 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended August 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $258751545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $636230738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $129055157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $460077365 |

---

6. DERIVATIVE TRANSACTIONS

During the year ended August 31, 2025, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio. The Fund had an average notional amount of $869,945 in long futures contracts and $305,787,641 in short futures contracts during the year ended August 31, 2025.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

7. ACQUISITION

After the close of business on July 25, 2025, the Fund acquired the net assets of Allspring Adjustable Rate Government Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding shares of Adjustable Rate Government Fund received Class A, Class C, Administrator Class and Institutional Class shares, respectively, of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Adjustable Rate Government Fund for 20,266,374 shares of the Fund valued at $179,225,772 at an exchange ratio of 1.00, 1.00, 1.00 and 1.00 for Class A, Class C, Institutional Class and Institutional Class shares, respectively. The investment portfolio of Adjustable Rate Government Fund with a fair value of $178,427,103, identified cost of $178,918,211 and unrealized gains (losses) of $(491,108) at July 25, 2025 was the principal assets acquired by the Fund. The aggregate net assets of Adjustable Rate Government Fund and the Fund immediately prior to the acquisition were $179,225,772 and $1,201,980,890, respectively. The aggregate net assets of the Fund immediately after the acquisition were $1,381,206,662. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Adjustable Rate Government Fund was carried forward to align with ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed September 1, 2024, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the year ended August 31, 2025 would have been as follows:

---

| | |
|:---|:---|
| **Net investment income** | &nbsp;&nbsp; $61454259 |
| **Net realized and unrealized gains (losses) on investments** | &nbsp;&nbsp; 8848306 |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp; $70302565 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Adjustable Rate Government Fund that have been included in the Fund's Statement of operations since July 26, 2025.

8. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

Allspring Ultra Short-Term Income Fund \| 37

------

Notes to financial statements

For the year ended August 31, 2025, there were no borrowings by the Fund under the agreement.

9. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended August 31 | Year ended August 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $53989202 | $51664159 |

---

As of August 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>losses<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $1349996 | &nbsp;&nbsp; $(3425909)<br>| &nbsp;&nbsp;&nbsp; $(27721676)<br>|

---

10. INDEMNIFICATION

Under the Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund's organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

11. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

12. CLASS CONVERSION

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Administrator Class shares into Institutional Class shares effective on the close of business on September 12, 2025.

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on or about the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C will be closed to new investors and additional investments from existing shareholders.

13. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined in *Segment Reporting (Topic 280)*, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. 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.

38 \| Allspring Ultra Short-Term Income Fund

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Ultra Short-Term Income Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of August 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 August 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 August 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.

![](g14606imgc86027f82.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

October 23, 2025

Allspring Ultra Short-Term Income Fund \| 39

------

Other information (unaudited)

Other information

Tax information

For the fiscal year ended August 31, 2025, $44,006,226 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 August 31, 2025, 18% of the ordinary income distributed was derived from interest on U.S. government securities.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

40 \| Allspring Ultra Short-Term Income Fund

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Ultra Short-Term Income Fund \| 41

------

Other information (unaudited)

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Ultra Short-Term Income Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis.

It was noted that the Board had approved the merger of another series of the Trust into the Fund and that the merger was expected to occur on or about July 25, 2025.

The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

42 \| Allspring Ultra Short-Term Income Fund

------

Other information (unaudited)

Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Bloomberg Short-Term Government/Corporate Bond Index, for all periods under review.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class, except for Class A, which was equal to the median net operating expense ratios of the expense Groups.

It was noted that the Board had approved a proposal to convert Administrator Class shares into Institutional Class shares for the Fund and that the conversion is expected to occur on or about September 12, 2025.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of the average rates for the expense Groups for each share class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Allspring Ultra Short-Term Income Fund \| 43

------

Other information (unaudited)

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

44 \| Allspring Ultra Short-Term Income Fund

------

![](g14606imgc07a8aef1.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**

![](g14606img66f4e5ab3.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.**

**NCSR3006 08-25**

------

<u>ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u>

Changes in and Disagreements with Accountants for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Proxy Disclosures for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

------

<u>ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT</u>

The registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 13. PORTFOLIO MANAGERS OF</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 14. PURCHASES OF EQUITY SECURITIES BY</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</u>

Not applicable.

<u>ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</u> 

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees that have been implemented since the registrant's last provided disclosure in response to the requirements of this Item.

<u>ITEM 16. CONTROLS AND PROCEDURES</u> 

(a) The President and Treasurer have concluded that the Allspring Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

<u>ITEM 17. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION</u> 

Not applicable.

------

<u>ITEM 19. EXHIBITS</u> 

---

| | |
|:---|:---|
| (a)(1) | [Code of Ethics.](d14606dex99codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.](d14606dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.](d14606dex99906cert.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: October 23, 2025 | Date: October 23, 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: October 23, 2025 | Date: October 23, 2025 |
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
| Date: October 23, 2025 | Date: October 23, 2025 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**Allspring Funds Trust** 

**Allspring Master Trust** 

**Allspring Variable Trust** 

**Allspring Exchange-Traded Funds Trust** 

**Allspring Global Dividend Opportunity Fund** 

**Allspring Income Opportunities Fund** 

**Allspring Multi-Sector Income Fund** 

**Allspring Utilities and High-Income Fund** 

**<u>Joint Code of Ethics for Principal Executive Officer and Senior Financial Officers</u>**

**I.** **Covered Officers / Purpose of the Code** 

This Code of Ethics ("Code") of Allspring Funds Trust, Allspring Master Trust, Allspring Variable Trust, Allspring Exchange-Traded Funds Trust, Allspring Global Dividend Opportunity Fund, Allspring Income Opportunities Fund, Allspring Multi-Sector Income Fund and Allspring Utilities and High Income Fund (collectively, the "Trusts" and each, "a Trust") applies to each Trust's Principal Executive Officer, Principal Financial Officer and any other Trust officer's listed on Exhibit A (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable financial disclosure in reports and documents that a Trust files
with, or submits to, the Securities and Exchange

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Both Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust. Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trust and Allspring Funds Management, LLC (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Adviser, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Each Covered Officer recognizes that, as an officer of a Trust, he or she has a duty to act in the best interests of the Trust and its shareholders. If a Covered Officer believes that his or her responsibilities as an officer or employee of the Adviser are likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as an officer of the Trust, he or she should consult with the Chief Legal Officer. Under appropriate circumstances, a Covered Officer should also consider whether to present the matter to the Board. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

\* \* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of a Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made or
contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of a Trust or its affiliated persons for reports
of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not engage in personal, business or professional relationships or dealings that would impair his or her
independence of judgment or adversely affect the performance of his or her duties in the best interests of the Trust and their shareholders.

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:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private for-profit company (provided, however, that a Covered Officer who is employed by another company (e.g., Allspring) may serve as a director of such company or any entity, controlling, controlled by, or under common control with, such company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquiring a financial interest in any company that provides services to the Trust (provided, however, that a
Covered Officer who is employed by another company (e.g., Allspring) may have an ownership interest in his or her employer or the employer's parent company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment or gifts from any person or company with which the Trust has current or
prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any consulting or employment relationship with any of the Trust's service providers, other than with the
primary employer of the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for
effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's primary employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust.

Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Board and the Trust's auditors, and to governmental regulators and self-regulatory organizations.

Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

Each Covered Officer should, consistent with his or her responsibilities, exercise appropriate supervision over and assist relevant Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner.

Each Covered Officer is responsible for the accuracy of the records and reports that he or she is responsible for maintaining. The books and records of the Trust shall meet the highest standards and accurately reflect the true nature of the transactions they record. The Covered Officers must not create false or misleading documents or accounting, financial or electronic records for any purpose, and must not direct any other person to do so. If a Covered Officer becomes aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Chief Legal Officer for a determination as to what, if any, corrective action is necessary or appropriate.

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No undisclosed or unrecorded account or fund shall be established for any purpose. No false or misleading entries shall be made in a Trust's books or records for any reason. No disbursement of a Trust's assets shall be made without adequate supporting documentation or for any purpose other than as described in the Trust's documents or contracts.

A Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board: (i) that provided the basis for any amendment or waiver to this Code, and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter upon becoming a Covered Officer), affirm in writing (in the form
attached to this Code) to the Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm in writing (in the form attached to this Code) to the Board that he or she has
complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Chief Legal Officer of the Trust promptly if he or she knows of any violation of this Code. Failure to
do so is itself a violation of this Code.

The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. While the Chief Legal Officer in authorized to interpret this Code, an approval of a situation that is expressly prohibited by this Code is deemed to be a "waiver" and can be approved only by the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him
or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation will be reported to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Board concurs that a violation has occurred, it will consider appropriate action, which may include review
of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board will be responsible for granting waivers, as appropriate (a "waiver" is the approval of a
situation that is expressly prohibited by this Code); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trusts or the Adviser govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The codes of ethics adopted by the Trusts and the Adviser under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent Trustees.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except upon request of the SEC or another regulatory agency, or as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than Board and its counsel.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

**IX.** **Disclosure of Code of Ethics to the Public** 

Pursuant to Item 2(f) of Form N-CSR the registrant is required to disclose the Code of Ethics per one of the methods listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) File with the Commission, pursuant to Item 13(a)(1), a copy of its code of ethics that applies to the
registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this
Form N- CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made.

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**X.** **Interpretation of Code** 

This Code will not be interpreted or applied in any manner that would violate the legal rights of any Covered Officer as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Officer from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A Covered Officer does not need prior authorization of the Trust or Adviser before taking any such action and is not required to inform the Trust or Adviser if he or she chooses to take such action.

Amended: January 7, 2025

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**Exhibit A** 

**Persons Covered by the Code** 

John Kenney, President of each Trust

Jeremy DePalma, Treasurer of each Trust

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g14606g1025013341701.jpg)

**<u>CERTIFICATION</u>**

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSR of Allspring Core Plus Bond Fund, Allspring Government Securities Fund, Allspring High Yield Bond Fund, Allspring Managed Account CoreBuilder<sup>®</sup> Shares—Series CP, Allspring Short Duration Government Bond Fund, Allspring Short-Term Bond Plus Fund, Allspring Short-Term High Income Bond Fund and Allspring Ultra Short-Term Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

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&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: October 23, 2025 |
| /s/ John Kenney |
| John Kenney |
| President (Principal Executive Officer) |
| Allspring Funds Trust |

---

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![LOGO](g14606g1025013341701.jpg)

**<u>CERTIFICATION</u>**

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSR of Allspring Core Plus Bond Fund, Allspring Government Securities Fund, Allspring High Yield Bond Fund, Allspring Managed Account CoreBuilder<sup>®</sup> Shares—Series CP, Allspring Short Duration Government Bond Fund, Allspring Short-Term Bond Plus Fund, Allspring Short-Term High Income Bond Fund and Allspring Ultra Short-Term Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

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&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: October 23, 2025 |
| /s/ Jeremy DePalma |
| Jeremy DePalma |
| Treasurer (Principal Financial Officer) |
| Allspring Funds Trust |

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## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g14606g1025013341701.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 August 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: October 23, 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](g14606g1025013341701.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 August 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: October 23, 2025

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| | |
|:---|:---|
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  | Allspring Funds Trust |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.