# EDGAR Filing Document

**Accession Number:** 0001081400
**File Stem:** 0001193125-25-154932
**Filing Date:** 2025-7
**Character Count:** 478161
**Document Hash:** f7a3c044003f0f8de67f1daf9c9d1c94
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-154932.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001193125-25-154932

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09253
- **FILM NUMBER:** 251100684

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

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

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

## Series and Classes Contracts Data

### Allspring International Equity Fund (Series ID: S000007255)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019901 | Class A             | WFEAX           |
| C000019903 | Class C             | WFEFX           |
| C000019904 | Administrator Class | WFEDX           |
| C000089270 | Institutional Class | WFENX           |
| C000163720 | Class R6            | WFEHX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089292 | Class A             | EMGAX           |
| C000089294 | Class C             | EMGCX           |
| C000089295 | Administrator Class | EMGYX           |
| C000092796 | Institutional Class | EMGNX           |
| C000130053 | Class R6            | EMGDX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089507 | Class A             | EKGAX           |
| C000089509 | Class C             | EKGCX           |
| C000089510 | Administrator Class | EKGYX           |
| C000092815 | Institutional Class | EKGIX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000114589 | Class A             | EQIAX           |
| C000114590 | Class C             | EQICX           |
| C000114591 | Administrator Class | EQIDX           |
| C000114592 | Institutional Class | EQIIX           |
| C000163724 | Class R6            | EQIRX           |

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

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

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

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

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

![LOGO](g939517g939517.jpg)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSRS

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

## Allspring Funds Trust

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

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

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

#### Matthew Prasse

#### Allspring Funds Management, LLC

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

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

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

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

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

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u>![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

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

# ACBEX
This semi-annual shareholder report contains important information about Managed Account CoreBuilder<sup>®</sup> Shares - Series EM for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-888-877-9275.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Managed Account CoreBuilder<sup>®</sup> Shares - Series EM | $0 | 0.00%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $6763452 |
| # of portfolio holdings | 68 |
| Portfolio turnover rate | 46% |
| Total advisory fees paid | $0 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Samsung Electronics Co. Ltd. | 4.4 |
| MediaTek, Inc. | 4.4 |
| NHPC Ltd. | 3.7 |
| Embassy Office Parks REIT | 2.9 |
| Power Grid Corp. of India Ltd. | 2.9 |
| Shriram Finance Ltd. | 2.9 |
| State Bank of India | 2.7 |
| Etihad Etisalat Co. | 2.7 |
| Samsung Electronics Co. Ltd. | 2.4 |
| Bajaj Auto Ltd. | 2.3 |

---

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

---

| | |
|:---|:---|
| India | 31.0 |
| China | 17.5 |
| South Korea | 13.5 |
| Taiwan | 12.9 |
| Saudi Arabia | 4.4 |
| Brazil | 3.5 |
| Mexico | 2.1 |
| Poland | 2.1 |
| United Arab Emirates | 1.8 |
| United Kingdom | 1.7 |
| Other | 9.5 |

---

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

---

| | |
|:---|:---|
| Financials | 24.9 |
| Information technology | 18.7 |
| Consumer discretionary | 11.5 |
| Real estate | 10.4 |
| Industrials | 9.4 |
| Utilities | 9.0 |
| Communication services | 6.7 |
| Consumer staples | 4.8 |
| Health care | 2.9 |
| Materials | 1.7 |

---

## 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

#### SAR4904 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# Emerging Markets Equity Fund

# Administrator Class

# EMGYX
This semi-annual shareholder report contains important information about Emerging Markets Equity Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $67 | 1.35%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $3387394186 |
| # of portfolio holdings | 115 |
| Portfolio turnover rate | 4% |
| Total advisory fees paid | $16563636 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Tencent Holdings Ltd. | 6.0 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4.6 |
| Samsung Electronics Co. Ltd. | 4.3 |
| Alibaba Group Holding Ltd. | 3.9 |
| Reliance Industries Ltd. GDR | 3.4 |
| Bharti Airtel Ltd. | 3.0 |
| HDFC Bank Ltd. | 2.7 |
| KT Corp. ADR | 1.9 |
| SK Hynix, Inc. | 1.9 |

---

## Emerging Markets Equity Fund
Semi-Annual Shareholder Report \| April 30, 2025

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

---

| | |
|:---|:---|
| China | 21.1 |
| India | 18.6 |
| Taiwan | 14.0 |
| South Korea | 12.5 |
| Brazil | 5.6 |
| Mexico | 4.4 |
| Indonesia | 4.3 |
| Hong Kong | 3.7 |
| South Africa | 3.3 |
| Thailand | 2.5 |
| Other | 10.0 |

---

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

---

| | |
|:---|:---|
| Information technology | 21.4 |
| Communication services | 20 |
| Financials | 14.7 |
| Consumer staples | 14 |
| Consumer discretionary | 12.8 |
| Energy | 5.4 |
| Industrials | 5.1 |
| Materials | 3.8 |
| Real estate | 1.5 |
| Health care | 1 |
| Utilities | 0.3 |

---

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

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

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

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

#### SAR0763 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# Emerging Markets Equity Fund

# Class A

# EMGAX
This semi-annual shareholder report contains important information about Emerging Markets Equity Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $70 | 1.41%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $3387394186 |
| # of portfolio holdings | 115 |
| Portfolio turnover rate | 4% |
| Total advisory fees paid | $16563636 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Tencent Holdings Ltd. | 6.0 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4.6 |
| Samsung Electronics Co. Ltd. | 4.3 |
| Alibaba Group Holding Ltd. | 3.9 |
| Reliance Industries Ltd. GDR | 3.4 |
| Bharti Airtel Ltd. | 3.0 |
| HDFC Bank Ltd. | 2.7 |
| KT Corp. ADR | 1.9 |
| SK Hynix, Inc. | 1.9 |

---

## Emerging Markets Equity Fund
Semi-Annual Shareholder Report \| April 30, 2025

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

---

| | |
|:---|:---|
| China | 21.1 |
| India | 18.6 |
| Taiwan | 14.0 |
| South Korea | 12.5 |
| Brazil | 5.6 |
| Mexico | 4.4 |
| Indonesia | 4.3 |
| Hong Kong | 3.7 |
| South Africa | 3.3 |
| Thailand | 2.5 |
| Other | 10.0 |

---

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

---

| | |
|:---|:---|
| Information technology | 21.4 |
| Communication services | 20 |
| Financials | 14.7 |
| Consumer staples | 14 |
| Consumer discretionary | 12.8 |
| Energy | 5.4 |
| Industrials | 5.1 |
| Materials | 3.8 |
| Real estate | 1.5 |
| Health care | 1 |
| Utilities | 0.3 |

---

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

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

#### SAR0663 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# Emerging Markets Equity Fund

# Class C

# EMGCX
This semi-annual shareholder report contains important information about Emerging Markets Equity Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $109 | 2.18%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $3387394186 |
| # of portfolio holdings | 115 |
| Portfolio turnover rate | 4% |
| Total advisory fees paid | $16563636 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Tencent Holdings Ltd. | 6.0 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4.6 |
| Samsung Electronics Co. Ltd. | 4.3 |
| Alibaba Group Holding Ltd. | 3.9 |
| Reliance Industries Ltd. GDR | 3.4 |
| Bharti Airtel Ltd. | 3.0 |
| HDFC Bank Ltd. | 2.7 |
| KT Corp. ADR | 1.9 |
| SK Hynix, Inc. | 1.9 |

---

## Emerging Markets Equity Fund
Semi-Annual Shareholder Report \| April 30, 2025

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

---

| | |
|:---|:---|
| China | 21.1 |
| India | 18.6 |
| Taiwan | 14.0 |
| South Korea | 12.5 |
| Brazil | 5.6 |
| Mexico | 4.4 |
| Indonesia | 4.3 |
| Hong Kong | 3.7 |
| South Africa | 3.3 |
| Thailand | 2.5 |
| Other | 10.0 |

---

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

---

| | |
|:---|:---|
| Information technology | 21.4 |
| Communication services | 20 |
| Financials | 14.7 |
| Consumer staples | 14 |
| Consumer discretionary | 12.8 |
| Energy | 5.4 |
| Industrials | 5.1 |
| Materials | 3.8 |
| Real estate | 1.5 |
| Health care | 1 |
| Utilities | 0.3 |

---

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

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

#### SAR0963 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# Emerging Markets Equity Fund

# Class R6

# EMGDX
This semi-annual shareholder report contains important information about Emerging Markets Equity Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $51 | 1.01%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $3387394186 |
| # of portfolio holdings | 115 |
| Portfolio turnover rate | 4% |
| Total advisory fees paid | $16563636 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Tencent Holdings Ltd. | 6.0 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4.6 |
| Samsung Electronics Co. Ltd. | 4.3 |
| Alibaba Group Holding Ltd. | 3.9 |
| Reliance Industries Ltd. GDR | 3.4 |
| Bharti Airtel Ltd. | 3.0 |
| HDFC Bank Ltd. | 2.7 |
| KT Corp. ADR | 1.9 |
| SK Hynix, Inc. | 1.9 |

---

## Emerging Markets Equity Fund
Semi-Annual Shareholder Report \| April 30, 2025

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

---

| | |
|:---|:---|
| China | 21.1 |
| India | 18.6 |
| Taiwan | 14.0 |
| South Korea | 12.5 |
| Brazil | 5.6 |
| Mexico | 4.4 |
| Indonesia | 4.3 |
| Hong Kong | 3.7 |
| South Africa | 3.3 |
| Thailand | 2.5 |
| Other | 10.0 |

---

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

---

| | |
|:---|:---|
| Information technology | 21.4 |
| Communication services | 20 |
| Financials | 14.7 |
| Consumer staples | 14 |
| Consumer discretionary | 12.8 |
| Energy | 5.4 |
| Industrials | 5.1 |
| Materials | 3.8 |
| Real estate | 1.5 |
| Health care | 1 |
| Utilities | 0.3 |

---

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

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

#### SAR4660 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# Emerging Markets Equity Fund

# Institutional Class

# EMGNX
This semi-annual shareholder report contains important information about Emerging Markets Equity Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $56 | 1.11%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $3387394186 |
| # of portfolio holdings | 115 |
| Portfolio turnover rate | 4% |
| Total advisory fees paid | $16563636 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Tencent Holdings Ltd. | 6.0 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4.6 |
| Samsung Electronics Co. Ltd. | 4.3 |
| Alibaba Group Holding Ltd. | 3.9 |
| Reliance Industries Ltd. GDR | 3.4 |
| Bharti Airtel Ltd. | 3.0 |
| HDFC Bank Ltd. | 2.7 |
| KT Corp. ADR | 1.9 |
| SK Hynix, Inc. | 1.9 |

---

## Emerging Markets Equity Fund
Semi-Annual Shareholder Report \| April 30, 2025

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

---

| | |
|:---|:---|
| China | 21.1 |
| India | 18.6 |
| Taiwan | 14.0 |
| South Korea | 12.5 |
| Brazil | 5.6 |
| Mexico | 4.4 |
| Indonesia | 4.3 |
| Hong Kong | 3.7 |
| South Africa | 3.3 |
| Thailand | 2.5 |
| Other | 10.0 |

---

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

---

| | |
|:---|:---|
| Information technology | 21.4 |
| Communication services | 20 |
| Financials | 14.7 |
| Consumer staples | 14 |
| Consumer discretionary | 12.8 |
| Energy | 5.4 |
| Industrials | 5.1 |
| Materials | 3.8 |
| Real estate | 1.5 |
| Health care | 1 |
| Utilities | 0.3 |

---

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

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

#### SAR4146 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# Emerging Markets Equity Advantage Fund

# Administrator Class

# (formerly, Allspring Emerging Markets Equity Income Fund)

# EQIDX
This semi-annual shareholder report contains important information about Emerging Markets Equity Advantage Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $71 | 1.45%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $346427657 |
| # of portfolio holdings | 104 |
| Portfolio turnover rate | 34% |
| Total advisory fees paid | $1737476 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 8.1 |
| Tencent Holdings Ltd. | 5.9 |
| Alibaba Group Holding Ltd. | 4.7 |
| Samsung Electronics Co. Ltd. | 2.5 |
| MediaTek, Inc. | 2.4 |
| NHPC Ltd. | 2.0 |
| Embassy Office Parks REIT | 1.6 |
| Power Grid Corp. of India Ltd. | 1.5 |
| Shriram Finance Ltd. | 1.5 |
| Singapore Telecommunications Ltd. | 1.5 |

---

## Emerging Markets Equity Advantage Fund
Semi-Annual Shareholder Report \| April 30, 2025

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

---

| | |
|:---|:---|
| China | 29.1 |
| India | 18.0 |
| Taiwan | 15.9 |
| South Korea | 9.3 |
| Brazil | 5.9 |
| South Africa | 3.5 |
| Saudi Arabia | 2.3 |
| Mexico | 2.3 |
| Singapore | 2.1 |
| Hong Kong | 1.8 |
| Other | 9.8 |

---

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

---

| | |
|:---|:---|
| Financials | 22.6 |
| Information technology | 21.2 |
| Consumer discretionary | 13.7 |
| Communication services | 13.3 |
| Real estate | 6.8 |
| Utilities | 6.3 |
| Industrials | 6.1 |
| Consumer staples | 4.5 |
| Materials | 2.3 |
| Health care | 2.3 |
| Energy | 0.9 |

---

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

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

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

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

#### SAR3770 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# Emerging Markets Equity Advantage Fund

# Class A

# (formerly, Allspring Emerging Markets Equity Income Fund)

# EQIAX
This semi-annual shareholder report contains important information about Emerging Markets Equity Advantage Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $75 | 1.52%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $346427657 |
| # of portfolio holdings | 104 |
| Portfolio turnover rate | 34% |
| Total advisory fees paid | $1737476 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 8.1 |
| Tencent Holdings Ltd. | 5.9 |
| Alibaba Group Holding Ltd. | 4.7 |
| Samsung Electronics Co. Ltd. | 2.5 |
| MediaTek, Inc. | 2.4 |
| NHPC Ltd. | 2.0 |
| Embassy Office Parks REIT | 1.6 |
| Power Grid Corp. of India Ltd. | 1.5 |
| Shriram Finance Ltd. | 1.5 |
| Singapore Telecommunications Ltd. | 1.5 |

---

## Emerging Markets Equity Advantage Fund
Semi-Annual Shareholder Report \| April 30, 2025

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

---

| | |
|:---|:---|
| China | 29.1 |
| India | 18.0 |
| Taiwan | 15.9 |
| South Korea | 9.3 |
| Brazil | 5.9 |
| South Africa | 3.5 |
| Saudi Arabia | 2.3 |
| Mexico | 2.3 |
| Singapore | 2.1 |
| Hong Kong | 1.8 |
| Other | 9.8 |

---

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

---

| | |
|:---|:---|
| Financials | 22.6 |
| Information technology | 21.2 |
| Consumer discretionary | 13.7 |
| Communication services | 13.3 |
| Real estate | 6.8 |
| Utilities | 6.3 |
| Industrials | 6.1 |
| Consumer staples | 4.5 |
| Materials | 2.3 |
| Health care | 2.3 |
| Energy | 0.9 |

---

## 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

#### SAR3356 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# Emerging Markets Equity Advantage Fund

# Class C

# (formerly, Allspring Emerging Markets Equity Income Fund)

# EQICX
This semi-annual shareholder report contains important information about Emerging Markets Equity Advantage Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $113 | 2.30%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $346427657 |
| # of portfolio holdings | 104 |
| Portfolio turnover rate | 34% |
| Total advisory fees paid | $1737476 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 8.1 |
| Tencent Holdings Ltd. | 5.9 |
| Alibaba Group Holding Ltd. | 4.7 |
| Samsung Electronics Co. Ltd. | 2.5 |
| MediaTek, Inc. | 2.4 |
| NHPC Ltd. | 2.0 |
| Embassy Office Parks REIT | 1.6 |
| Power Grid Corp. of India Ltd. | 1.5 |
| Shriram Finance Ltd. | 1.5 |
| Singapore Telecommunications Ltd. | 1.5 |

---

## Emerging Markets Equity Advantage Fund
Semi-Annual Shareholder Report \| April 30, 2025

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

---

| | |
|:---|:---|
| China | 29.1 |
| India | 18.0 |
| Taiwan | 15.9 |
| South Korea | 9.3 |
| Brazil | 5.9 |
| South Africa | 3.5 |
| Saudi Arabia | 2.3 |
| Mexico | 2.3 |
| Singapore | 2.1 |
| Hong Kong | 1.8 |
| Other | 9.8 |

---

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

---

| | |
|:---|:---|
| Financials | 22.6 |
| Information technology | 21.2 |
| Consumer discretionary | 13.7 |
| Communication services | 13.3 |
| Real estate | 6.8 |
| Utilities | 6.3 |
| Industrials | 6.1 |
| Consumer staples | 4.5 |
| Materials | 2.3 |
| Health care | 2.3 |
| Energy | 0.9 |

---

## 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

#### SAR3553 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# Emerging Markets Equity Advantage Fund

# Class R6

# (formerly, Allspring Emerging Markets Equity Income Fund)

# EQIRX
This semi-annual shareholder report contains important information about Emerging Markets Equity Advantage Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $58 | 1.17%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $346427657 |
| # of portfolio holdings | 104 |
| Portfolio turnover rate | 34% |
| Total advisory fees paid | $1737476 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 8.1 |
| Tencent Holdings Ltd. | 5.9 |
| Alibaba Group Holding Ltd. | 4.7 |
| Samsung Electronics Co. Ltd. | 2.5 |
| MediaTek, Inc. | 2.4 |
| NHPC Ltd. | 2.0 |
| Embassy Office Parks REIT | 1.6 |
| Power Grid Corp. of India Ltd. | 1.5 |
| Shriram Finance Ltd. | 1.5 |
| Singapore Telecommunications Ltd. | 1.5 |

---

## Emerging Markets Equity Advantage Fund
Semi-Annual Shareholder Report \| April 30, 2025

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

---

| | |
|:---|:---|
| China | 29.1 |
| India | 18.0 |
| Taiwan | 15.9 |
| South Korea | 9.3 |
| Brazil | 5.9 |
| South Africa | 3.5 |
| Saudi Arabia | 2.3 |
| Mexico | 2.3 |
| Singapore | 2.1 |
| Hong Kong | 1.8 |
| Other | 9.8 |

---

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

---

| | |
|:---|:---|
| Financials | 22.6 |
| Information technology | 21.2 |
| Consumer discretionary | 13.7 |
| Communication services | 13.3 |
| Real estate | 6.8 |
| Utilities | 6.3 |
| Industrials | 6.1 |
| Consumer staples | 4.5 |
| Materials | 2.3 |
| Health care | 2.3 |
| Energy | 0.9 |

---

## 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

#### SAR4682 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# Emerging Markets Equity Advantage Fund

# Institutional Class

# (formerly, Allspring Emerging Markets Equity Income Fund)

# EQIIX
This semi-annual shareholder report contains important information about Emerging Markets Equity Advantage Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $60 | 1.22%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $346427657 |
| # of portfolio holdings | 104 |
| Portfolio turnover rate | 34% |
| Total advisory fees paid | $1737476 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 8.1 |
| Tencent Holdings Ltd. | 5.9 |
| Alibaba Group Holding Ltd. | 4.7 |
| Samsung Electronics Co. Ltd. | 2.5 |
| MediaTek, Inc. | 2.4 |
| NHPC Ltd. | 2.0 |
| Embassy Office Parks REIT | 1.6 |
| Power Grid Corp. of India Ltd. | 1.5 |
| Shriram Finance Ltd. | 1.5 |
| Singapore Telecommunications Ltd. | 1.5 |

---

## Emerging Markets Equity Advantage Fund
Semi-Annual Shareholder Report \| April 30, 2025

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

---

| | |
|:---|:---|
| China | 29.1 |
| India | 18.0 |
| Taiwan | 15.9 |
| South Korea | 9.3 |
| Brazil | 5.9 |
| South Africa | 3.5 |
| Saudi Arabia | 2.3 |
| Mexico | 2.3 |
| Singapore | 2.1 |
| Hong Kong | 1.8 |
| Other | 9.8 |

---

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

---

| | |
|:---|:---|
| Financials | 22.6 |
| Information technology | 21.2 |
| Consumer discretionary | 13.7 |
| Communication services | 13.3 |
| Real estate | 6.8 |
| Utilities | 6.3 |
| Industrials | 6.1 |
| Consumer staples | 4.5 |
| Materials | 2.3 |
| Health care | 2.3 |
| Energy | 0.9 |

---

## 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

#### SAR3166 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# International Equity Fund

# Administrator Class

# WFEDX
This semi-annual shareholder report contains important information about International Equity Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $60 | 1.14%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $220859325 |
| # of portfolio holdings | 56 |
| Portfolio turnover rate | 14% |
| Total advisory fees paid | $699618 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AXA SA | 3.4 |
| Allianz SE | 3.1 |
| Vinci SA | 3.0 |
| SAP SE | 3.0 |
| ING Groep NV | 2.8 |
| Novartis AG | 2.6 |
| Hitachi Ltd. | 2.6 |
| LVMH Moet Hennessy Louis Vuitton SE | 2.5 |
| Barclays PLC | 2.5 |
| Rio Tinto PLC | 2.4 |

---

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

---

| | |
|:---|:---|
| France | 21.8 |
| Germany | 18.9 |
| United Kingdom | 18.8 |
| Japan | 15.5 |
| Netherlands | 6.9 |
| Switzerland | 4.2 |
| United States | 3.0 |
| Canada | 2.7 |
| South Korea | 2.3 |
| Denmark | 1.8 |
| Other | 4.1 |

---

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

---

| | |
|:---|:---|
| Financials | 21.8 |
| Industrials | 19.3 |
| Information technology | 12.1 |
| Health care | 10.1 |
| Consumer staples | 9.5 |
| Consumer discretionary | 9.2 |
| Energy | 4.7 |
| Materials | 4.3 |
| Communication services | 3.8 |
| Utilities | 3.2 |
| Investment companies | 2.0 |

---

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

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

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

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

#### SAR3700 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# International Equity Fund

# Class A

# WFEAX
This semi-annual shareholder report contains important information about International Equity Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $59 | 1.12%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $220859325 |
| # of portfolio holdings | 56 |
| Portfolio turnover rate | 14% |
| Total advisory fees paid | $699618 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AXA SA | 3.4 |
| Allianz SE | 3.1 |
| Vinci SA | 3.0 |
| SAP SE | 3.0 |
| ING Groep NV | 2.8 |
| Novartis AG | 2.6 |
| Hitachi Ltd. | 2.6 |
| LVMH Moet Hennessy Louis Vuitton SE | 2.5 |
| Barclays PLC | 2.5 |
| Rio Tinto PLC | 2.4 |

---

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

---

| | |
|:---|:---|
| France | 21.8 |
| Germany | 18.9 |
| United Kingdom | 18.8 |
| Japan | 15.5 |
| Netherlands | 6.9 |
| Switzerland | 4.2 |
| United States | 3.0 |
| Canada | 2.7 |
| South Korea | 2.3 |
| Denmark | 1.8 |
| Other | 4.1 |

---

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

---

| | |
|:---|:---|
| Financials | 21.8 |
| Industrials | 19.3 |
| Information technology | 12.1 |
| Health care | 10.1 |
| Consumer staples | 9.5 |
| Consumer discretionary | 9.2 |
| Energy | 4.7 |
| Materials | 4.3 |
| Communication services | 3.8 |
| Utilities | 3.2 |
| Investment companies | 2.0 |

---

## 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

#### SAR3311 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# International Equity Fund

# Class C

# WFEFX
This semi-annual shareholder report contains important information about International Equity Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $99 | 1.89%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $220859325 |
| # of portfolio holdings | 56 |
| Portfolio turnover rate | 14% |
| Total advisory fees paid | $699618 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AXA SA | 3.4 |
| Allianz SE | 3.1 |
| Vinci SA | 3.0 |
| SAP SE | 3.0 |
| ING Groep NV | 2.8 |
| Novartis AG | 2.6 |
| Hitachi Ltd. | 2.6 |
| LVMH Moet Hennessy Louis Vuitton SE | 2.5 |
| Barclays PLC | 2.5 |
| Rio Tinto PLC | 2.4 |

---

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

---

| | |
|:---|:---|
| France | 21.8 |
| Germany | 18.9 |
| United Kingdom | 18.8 |
| Japan | 15.5 |
| Netherlands | 6.9 |
| Switzerland | 4.2 |
| United States | 3.0 |
| Canada | 2.7 |
| South Korea | 2.3 |
| Denmark | 1.8 |
| Other | 4.1 |

---

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

---

| | |
|:---|:---|
| Financials | 21.8 |
| Industrials | 19.3 |
| Information technology | 12.1 |
| Health care | 10.1 |
| Consumer staples | 9.5 |
| Consumer discretionary | 9.2 |
| Energy | 4.7 |
| Materials | 4.3 |
| Communication services | 3.8 |
| Utilities | 3.2 |
| Investment companies | 2.0 |

---

## 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

#### SAR3521 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# International Equity Fund

# Class R6

# WFEHX
This semi-annual shareholder report contains important information about International Equity Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $41 | 0.79%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $220859325 |
| # of portfolio holdings | 56 |
| Portfolio turnover rate | 14% |
| Total advisory fees paid | $699618 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AXA SA | 3.4 |
| Allianz SE | 3.1 |
| Vinci SA | 3.0 |
| SAP SE | 3.0 |
| ING Groep NV | 2.8 |
| Novartis AG | 2.6 |
| Hitachi Ltd. | 2.6 |
| LVMH Moet Hennessy Louis Vuitton SE | 2.5 |
| Barclays PLC | 2.5 |
| Rio Tinto PLC | 2.4 |

---

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

---

| | |
|:---|:---|
| France | 21.8 |
| Germany | 18.9 |
| United Kingdom | 18.8 |
| Japan | 15.5 |
| Netherlands | 6.9 |
| Switzerland | 4.2 |
| United States | 3.0 |
| Canada | 2.7 |
| South Korea | 2.3 |
| Denmark | 1.8 |
| Other | 4.1 |

---

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

---

| | |
|:---|:---|
| Financials | 21.8 |
| Industrials | 19.3 |
| Information technology | 12.1 |
| Health care | 10.1 |
| Consumer staples | 9.5 |
| Consumer discretionary | 9.2 |
| Energy | 4.7 |
| Materials | 4.3 |
| Communication services | 3.8 |
| Utilities | 3.2 |
| Investment companies | 2.0 |

---

## 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

#### SAR4684 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# International Equity Fund

# Institutional Class

# WFENX
This semi-annual shareholder report contains important information about International Equity Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $44 | 0.84%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $220859325 |
| # of portfolio holdings | 56 |
| Portfolio turnover rate | 14% |
| Total advisory fees paid | $699618 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AXA SA | 3.4 |
| Allianz SE | 3.1 |
| Vinci SA | 3.0 |
| SAP SE | 3.0 |
| ING Groep NV | 2.8 |
| Novartis AG | 2.6 |
| Hitachi Ltd. | 2.6 |
| LVMH Moet Hennessy Louis Vuitton SE | 2.5 |
| Barclays PLC | 2.5 |
| Rio Tinto PLC | 2.4 |

---

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

---

| | |
|:---|:---|
| France | 21.8 |
| Germany | 18.9 |
| United Kingdom | 18.8 |
| Japan | 15.5 |
| Netherlands | 6.9 |
| Switzerland | 4.2 |
| United States | 3.0 |
| Canada | 2.7 |
| South Korea | 2.3 |
| Denmark | 1.8 |
| Other | 4.1 |

---

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

---

| | |
|:---|:---|
| Financials | 21.8 |
| Industrials | 19.3 |
| Information technology | 12.1 |
| Health care | 10.1 |
| Consumer staples | 9.5 |
| Consumer discretionary | 9.2 |
| Energy | 4.7 |
| Materials | 4.3 |
| Communication services | 3.8 |
| Utilities | 3.2 |
| Investment companies | 2.0 |

---

## 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

#### SAR4117 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# Special Global Small Cap Fund

# Administrator Class

# EKGYX
This semi-annual shareholder report contains important information about Special Global Small Cap Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $67 | 1.39%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $112959310 |
| # of portfolio holdings | 96 |
| Portfolio turnover rate | 17% |
| Total advisory fees paid | $522922 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Innospec, Inc. | 3.1 |
| Alten SA | 2.7 |
| Hanover Insurance Group, Inc. | 2.5 |
| Novanta, Inc. | 2.5 |
| Gibraltar Industries, Inc. | 2.4 |
| Viscofan SA | 2.3 |
| Brady Corp. Class A | 2.1 |
| Graphic Packaging Holding Co. | 2.0 |
| J&J Snack Foods Corp. | 2.0 |
| MEITEC Group Holdings, Inc. | 2.0 |

---

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

---

| | |
|:---|:---|
| United States | 58.6 |
| Japan | 11.3 |
| United Kingdom | 8.4 |
| Germany | 3.2 |
| Italy | 3.1 |
| France | 2.8 |
| Canada | 2.8 |
| Spain | 2.4 |
| Sweden | 2.1 |
| Australia | 1.9 |
| Other | 3.4 |

---

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

---

| | |
|:---|:---|
| Industrials | 28.6 |
| Information technology | 18.9 |
| Financials | 12.6 |
| Materials | 10.8 |
| Consumer staples | 10.3 |
| Health care | 6.6 |
| Consumer discretionary | 5.7 |
| Real estate | 5 |
| Energy | 1 |
| Communication services | 0.5 |

---

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

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

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

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

#### SAR4701 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# Special Global Small Cap Fund

# Class A

# EKGAX
This semi-annual shareholder report contains important information about Special Global Small Cap Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $71 | 1.47%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $112959310 |
| # of portfolio holdings | 96 |
| Portfolio turnover rate | 17% |
| Total advisory fees paid | $522922 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Innospec, Inc. | 3.1 |
| Alten SA | 2.7 |
| Hanover Insurance Group, Inc. | 2.5 |
| Novanta, Inc. | 2.5 |
| Gibraltar Industries, Inc. | 2.4 |
| Viscofan SA | 2.3 |
| Brady Corp. Class A | 2.1 |
| Graphic Packaging Holding Co. | 2.0 |
| J&J Snack Foods Corp. | 2.0 |
| MEITEC Group Holdings, Inc. | 2.0 |

---

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

---

| | |
|:---|:---|
| United States | 58.6 |
| Japan | 11.3 |
| United Kingdom | 8.4 |
| Germany | 3.2 |
| Italy | 3.1 |
| France | 2.8 |
| Canada | 2.8 |
| Spain | 2.4 |
| Sweden | 2.1 |
| Australia | 1.9 |
| Other | 3.4 |

---

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

---

| | |
|:---|:---|
| Industrials | 28.6 |
| Information technology | 18.9 |
| Financials | 12.6 |
| Materials | 10.8 |
| Consumer staples | 10.3 |
| Health care | 6.6 |
| Consumer discretionary | 5.7 |
| Real estate | 5 |
| Energy | 1 |
| Communication services | 0.5 |

---

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

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

#### SAR4305 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# Special Global Small Cap Fund

# Class C

# EKGCX
This semi-annual shareholder report contains important information about Special Global Small Cap Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $106 | 2.22%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $112959310 |
| # of portfolio holdings | 96 |
| Portfolio turnover rate | 17% |
| Total advisory fees paid | $522922 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Innospec, Inc. | 3.1 |
| Alten SA | 2.7 |
| Hanover Insurance Group, Inc. | 2.5 |
| Novanta, Inc. | 2.5 |
| Gibraltar Industries, Inc. | 2.4 |
| Viscofan SA | 2.3 |
| Brady Corp. Class A | 2.1 |
| Graphic Packaging Holding Co. | 2.0 |
| J&J Snack Foods Corp. | 2.0 |
| MEITEC Group Holdings, Inc. | 2.0 |

---

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

---

| | |
|:---|:---|
| United States | 58.6 |
| Japan | 11.3 |
| United Kingdom | 8.4 |
| Germany | 3.2 |
| Italy | 3.1 |
| France | 2.8 |
| Canada | 2.8 |
| Spain | 2.4 |
| Sweden | 2.1 |
| Australia | 1.9 |
| Other | 3.4 |

---

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

---

| | |
|:---|:---|
| Industrials | 28.6 |
| Information technology | 18.9 |
| Financials | 12.6 |
| Materials | 10.8 |
| Consumer staples | 10.3 |
| Health care | 6.6 |
| Consumer discretionary | 5.7 |
| Real estate | 5 |
| Energy | 1 |
| Communication services | 0.5 |

---

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

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

#### SAR0429 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# Special Global Small Cap Fund

# Institutional Class

# EKGIX
This semi-annual shareholder report contains important information about Special Global Small Cap Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $55 | 1.15%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $112959310 |
| # of portfolio holdings | 96 |
| Portfolio turnover rate | 17% |
| Total advisory fees paid | $522922 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Innospec, Inc. | 3.1 |
| Alten SA | 2.7 |
| Hanover Insurance Group, Inc. | 2.5 |
| Novanta, Inc. | 2.5 |
| Gibraltar Industries, Inc. | 2.4 |
| Viscofan SA | 2.3 |
| Brady Corp. Class A | 2.1 |
| Graphic Packaging Holding Co. | 2.0 |
| J&J Snack Foods Corp. | 2.0 |
| MEITEC Group Holdings, Inc. | 2.0 |

---

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

---

| | |
|:---|:---|
| United States | 58.6 |
| Japan | 11.3 |
| United Kingdom | 8.4 |
| Germany | 3.2 |
| Italy | 3.1 |
| France | 2.8 |
| Canada | 2.8 |
| Spain | 2.4 |
| Sweden | 2.1 |
| Australia | 1.9 |
| Other | 3.4 |

---

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

---

| | |
|:---|:---|
| Industrials | 28.6 |
| Information technology | 18.9 |
| Financials | 12.6 |
| Materials | 10.8 |
| Consumer staples | 10.3 |
| Health care | 6.6 |
| Consumer discretionary | 5.7 |
| Real estate | 5 |
| Energy | 1 |
| Communication services | 0.5 |

---

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

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

#### SAR4148 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# Special International Small Cap Fund

# Class A

# ASPAX
This semi-annual shareholder report contains important information about Special International Small Cap Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $68 | 1.34%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $187085466 |
| # of portfolio holdings | 79 |
| Portfolio turnover rate | 27% |
| Total advisory fees paid | $683503 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Viscofan SA | 2.9 |
| Alten SA | 2.7 |
| MEITEC Group Holdings, Inc. | 2.7 |
| Buzzi SpA | 2.5 |
| Orix JREIT, Inc. | 2.4 |
| DTS Corp. | 2.3 |
| Nomad Foods Ltd. | 2.3 |
| PrairieSky Royalty Ltd. | 2.1 |
| Tate & Lyle PLC | 2.0 |
| TAG Immobilien AG | 1.9 |

---

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

---

| | |
|:---|:---|
| Japan | 31.4 |
| United Kingdom | 15.3 |
| Italy | 8.2 |
| Germany | 5.8 |
| Canada | 5.1 |
| Sweden | 4.8 |
| Spain | 4.1 |
| Australia | 3.7 |
| Switzerland | 3.5 |
| Norway | 3.5 |
| Other | 14.6 |

---

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

---

| | |
|:---|:---|
| Industrials | 29.5 |
| Consumer staples | 13.6 |
| Information technology | 13.2 |
| Materials | 11.7 |
| Financials | 10.3 |
| Consumer discretionary | 8.7 |
| Real estate | 6.3 |
| Energy | 3.1 |
| Health care | 2.5 |
| International Equity | 0.7 |
| Communication services | 0.4 |

---

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

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

#### SAR4338 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# Special International Small Cap Fund

# Class C

# ACPCX
This semi-annual shareholder report contains important information about Special International Small Cap Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $79 | 1.56%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $187085466 |
| # of portfolio holdings | 79 |
| Portfolio turnover rate | 27% |
| Total advisory fees paid | $683503 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Viscofan SA | 2.9 |
| Alten SA | 2.7 |
| MEITEC Group Holdings, Inc. | 2.7 |
| Buzzi SpA | 2.5 |
| Orix JREIT, Inc. | 2.4 |
| DTS Corp. | 2.3 |
| Nomad Foods Ltd. | 2.3 |
| PrairieSky Royalty Ltd. | 2.1 |
| Tate & Lyle PLC | 2.0 |
| TAG Immobilien AG | 1.9 |

---

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

---

| | |
|:---|:---|
| Japan | 31.4 |
| United Kingdom | 15.3 |
| Italy | 8.2 |
| Germany | 5.8 |
| Canada | 5.1 |
| Sweden | 4.8 |
| Spain | 4.1 |
| Australia | 3.7 |
| Switzerland | 3.5 |
| Norway | 3.5 |
| Other | 14.6 |

---

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

---

| | |
|:---|:---|
| Industrials | 29.5 |
| Consumer staples | 13.6 |
| Information technology | 13.2 |
| Materials | 11.7 |
| Financials | 10.3 |
| Consumer discretionary | 8.7 |
| Real estate | 6.3 |
| Energy | 3.1 |
| Health care | 2.5 |
| International Equity | 0.7 |
| Communication services | 0.4 |

---

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

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

#### SAR4583 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# Special International Small Cap Fund

# Class R6

# WICRX
This semi-annual shareholder report contains important information about Special International Small Cap Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $48 | 0.95%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $187085466 |
| # of portfolio holdings | 79 |
| Portfolio turnover rate | 27% |
| Total advisory fees paid | $683503 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Viscofan SA | 2.9 |
| Alten SA | 2.7 |
| MEITEC Group Holdings, Inc. | 2.7 |
| Buzzi SpA | 2.5 |
| Orix JREIT, Inc. | 2.4 |
| DTS Corp. | 2.3 |
| Nomad Foods Ltd. | 2.3 |
| PrairieSky Royalty Ltd. | 2.1 |
| Tate & Lyle PLC | 2.0 |
| TAG Immobilien AG | 1.9 |

---

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

---

| | |
|:---|:---|
| Japan | 31.4 |
| United Kingdom | 15.3 |
| Italy | 8.2 |
| Germany | 5.8 |
| Canada | 5.1 |
| Sweden | 4.8 |
| Spain | 4.1 |
| Australia | 3.7 |
| Switzerland | 3.5 |
| Norway | 3.5 |
| Other | 14.6 |

---

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

---

| | |
|:---|:---|
| Industrials | 29.5 |
| Consumer staples | 13.6 |
| Information technology | 13.2 |
| Materials | 11.7 |
| Financials | 10.3 |
| Consumer discretionary | 8.7 |
| Real estate | 6.3 |
| Energy | 3.1 |
| Health care | 2.5 |
| International Equity | 0.7 |
| Communication services | 0.4 |

---

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

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

#### SAR4818 04-25
![Image](g939517i218112c50ac6620e3f4b.jpg)

# Semi-Annual Shareholder Report

# April 30, 2025

# Special International Small Cap Fund

# Institutional Class

# WICIX
This semi-annual shareholder report contains important information about Special International Small Cap Fund for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $54 | 1.05%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $187085466 |
| # of portfolio holdings | 79 |
| Portfolio turnover rate | 27% |
| Total advisory fees paid | $683503 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Viscofan SA | 2.9 |
| Alten SA | 2.7 |
| MEITEC Group Holdings, Inc. | 2.7 |
| Buzzi SpA | 2.5 |
| Orix JREIT, Inc. | 2.4 |
| DTS Corp. | 2.3 |
| Nomad Foods Ltd. | 2.3 |
| PrairieSky Royalty Ltd. | 2.1 |
| Tate & Lyle PLC | 2.0 |
| TAG Immobilien AG | 1.9 |

---

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

---

| | |
|:---|:---|
| Japan | 31.4 |
| United Kingdom | 15.3 |
| Italy | 8.2 |
| Germany | 5.8 |
| Canada | 5.1 |
| Sweden | 4.8 |
| Spain | 4.1 |
| Australia | 3.7 |
| Switzerland | 3.5 |
| Norway | 3.5 |
| Other | 14.6 |

---

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

---

| | |
|:---|:---|
| Industrials | 29.5 |
| Consumer staples | 13.6 |
| Information technology | 13.2 |
| Materials | 11.7 |
| Financials | 10.3 |
| Consumer discretionary | 8.7 |
| Real estate | 6.3 |
| Energy | 3.1 |
| Health care | 2.5 |
| International Equity | 0.7 |
| Communication services | 0.4 |

---

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

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

#### SAR4725 04-25

------

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

<u>ITEM 6. INVESTMENTS</u> 

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

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

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

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

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

------

![](g939517img2eb7eba91.jpg)

Allspring Managed Account

Allspring Managed Account *CoreBuilder®* Shares – Series EM

Long Form Financial Statements

Semi-Annual Report

April 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_5576de8d-5575-4a5b-9274-471fcdfd297a_POI-PageBlank-439_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_5576de8d-5575-4a5b-9274-471fcdfd297a_FS-PageBlank-439_1)** |  |
| [Statement of assets and liabilities](#xx_5576de8d-5575-4a5b-9274-471fcdfd297a_FS-PageBlank-439_1) | 6 |
| [Statement of operations](#xx_5576de8d-5575-4a5b-9274-471fcdfd297a_FS-PageBlank-439_2) | 7 |
| [Statement of changes in net assets](#xx_5576de8d-5575-4a5b-9274-471fcdfd297a_FS-PageBlank-439_3) | 8 |
| [Financial highlights](#xx_5576de8d-5575-4a5b-9274-471fcdfd297a_FIHI-PageBlank-439_1) | 9 |
| **[Notes to financial statements](#xx_5576de8d-5575-4a5b-9274-471fcdfd297a_NTF-PageBlank-439_1)** | 10 |
| **[Other information](#xx_5576de8d-5575-4a5b-9274-471fcdfd297a_OI-PageBlank-439_1)** | 14 |
| [Item 8. Changes in and disagreements with accountants](#xx_5576de8d-5575-4a5b-9274-471fcdfd297a_OI-PageBlank-439_2) | 15 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_5576de8d-5575-4a5b-9274-471fcdfd297a_OI-PageBlank-439_2) | 15 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_5576de8d-5575-4a5b-9274-471fcdfd297a_OI-PageBlank-439_2) | 15 |
| [Item 11. Statement regarding basis for board](#xx_5576de8d-5575-4a5b-9274-471fcdfd297a_OI-PageBlank-439_2)['](#xx_5576de8d-5575-4a5b-9274-471fcdfd297a_OI-PageBlank-439_2)[s approval of investment](#xx_5576de8d-5575-4a5b-9274-471fcdfd297a_OI-PageBlank-439_2)<br> [advisory contract](#xx_5576de8d-5575-4a5b-9274-471fcdfd297a_OI-PageBlank-439_2)<br>| 15 |

---

Allspring Managed Account \| 1

------

Portfolio of investments—April 30, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 94.67%** |  |  |
| **Brazil: 3.38%** |  |  |
| B3 SA - Brasil Bolsa Balcao (Financials, Capital markets) | 25600 | &nbsp;&nbsp; $60852 |
| Banco BTG Pactual SA (Financials, Capital markets) | 14800 | &nbsp;&nbsp; 99385 |
| &nbsp;&nbsp; Multiplan Empreendimentos Imobiliarios SA (Real estate, Real estate management & <br> development)<br>| 15100 | &nbsp;&nbsp; 68487 |
|  |  | &nbsp;&nbsp; **228724** |
| **China: 17.03%** |  |  |
| China Resources Land Ltd. (Real estate, Real estate management & development) | 30900 | &nbsp;&nbsp; 103966 |
| &nbsp;&nbsp; China State Construction International Holdings Ltd. (Industrials, Construction & <br> engineering)<br>| 47410 | &nbsp;&nbsp; 69884 |
| &nbsp;&nbsp; China Tower Corp. Ltd. Class H (Communication services, Diversified telecommunication <br> services)144A<br>| 48000 | &nbsp;&nbsp; 69527 |
| Chinasoft International Ltd. (Information technology, IT services) | 92000 | &nbsp;&nbsp; 58637 |
| CITIC Securities Co. Ltd. Class H (Financials, Capital markets) | 23000 | &nbsp;&nbsp; 56845 |
| Focus Media Information Technology Co. Ltd. Class A (Communication services, Media) | 68400 | &nbsp;&nbsp; 67896 |
| &nbsp;&nbsp; Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer discretionary, Household <br> durables)<br>| 9500 | &nbsp;&nbsp; 59611 |
| Inner Mongolia Yili Industrial Group Co. Ltd. Class A (Consumer staples, Food products) | 29400 | &nbsp;&nbsp; 120468 |
| Kweichow Moutai Co. Ltd. Class A (Consumer staples, Beverages) | 610 | &nbsp;&nbsp; 129961 |
| Midea Group Co. Ltd. Class A (Consumer discretionary, Household durables) | 7700 | &nbsp;&nbsp; 78067 |
| NARI Technology Co. Ltd. Class A (Industrials, Electrical equipment) | 30200 | &nbsp;&nbsp; 92143 |
| SF Holding Co. Ltd. Class A (Industrials, Air freight & logistics) | 11800 | &nbsp;&nbsp; 70697 |
| &nbsp;&nbsp; Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (Health care, Health care <br> equipment & supplies)<br>| 3200 | &nbsp;&nbsp; 96780 |
| &nbsp;&nbsp; Shenzhou International Group Holdings Ltd. (Consumer discretionary, Textiles, apparel & <br> luxury goods)<br>| 11200 | &nbsp;&nbsp; 77635 |
|  |  | &nbsp;&nbsp; **1152117** |
| **Greece: 0.92%** |  |  |
| &nbsp;&nbsp; Hellenic Telecommunications Organization SA (Communication services, Diversified <br> telecommunication services)<br>| 3281 | &nbsp;&nbsp; **62264** |
| **Hungary: 1.24%** |  |  |
| OTP Bank Nyrt (Financials, Banks) | 1132 | &nbsp;&nbsp; **83619** |
| **India: 30.12%** |  |  |
| Ashok Leyland Ltd. (Industrials, Machinery) | 25481 | &nbsp;&nbsp; 68026 |
| Bajaj Auto Ltd. (Consumer discretionary, Automobiles) | 1662 | &nbsp;&nbsp; 157902 |
| DLF Ltd. (Real estate, Real estate management & development) | 12664 | &nbsp;&nbsp; 101013 |
| Embassy Office Parks REIT (Real estate, Office REITs) | 43487 | &nbsp;&nbsp; 196465 |
| GAIL India Ltd. (Utilities, Gas utilities) | 65218 | &nbsp;&nbsp; 145797 |
| Hyundai Motor India Ltd. (Consumer discretionary, Automobiles)† | 4331 | &nbsp;&nbsp; 87539 |
| LIC Housing Finance Ltd. (Financials, Financial services) | 8798 | &nbsp;&nbsp; 62723 |
| Nexus Select Trust (Real estate, Retail REITs) | 56061 | &nbsp;&nbsp; 86032 |
| NHPC Ltd. (Utilities, Independent power and renewable electricity producers) | 247233 | &nbsp;&nbsp; 250578 |
| Nippon Life India Asset Management Ltd. (Financials, Capital markets)144A | 19131 | &nbsp;&nbsp; 144478 |
| Nuvama Wealth Management Ltd. (Financials, Capital markets) | 723 | &nbsp;&nbsp; 52404 |
| Power Finance Corp. Ltd. (Financials, Financial services) | 23439 | &nbsp;&nbsp; 113383 |

---

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

2 \| Allspring Managed Account

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **India**(continued) |  |  |
| Power Grid Corp. of India Ltd. (Utilities, Electric utilities) | 53613 | &nbsp;&nbsp; $194719 |
| Shriram Finance Ltd. (Financials, Consumer finance) | 26618 | &nbsp;&nbsp; 192893 |
| State Bank of India (Financials, Banks) | 19592 | &nbsp;&nbsp; 182981 |
|  |  | &nbsp;&nbsp; **2036933** |
| **Indonesia: 0.97%** |  |  |
| Indofood CBP Sukses Makmur Tbk. PT (Consumer staples, Food products) | 96100 | &nbsp;&nbsp; **65707** |
| **Kuwait: 0.93%** |  |  |
| National Bank of Kuwait SAKP (Financials, Banks) | 20288 | &nbsp;&nbsp; **63094** |
| **Malaysia: 0.87%** |  |  |
| Hong Leong Bank Bhd. (Financials, Banks) | 12700 | &nbsp;&nbsp; **58866** |
| **Mexico: 2.01%** |  |  |
| Grupo Financiero Banorte SAB de CV Class O (Financials, Banks) | 8500 | &nbsp;&nbsp; 72883 |
| Prologis Property Mexico SA de CV (Real estate, Industrial REITs) | 17700 | &nbsp;&nbsp; 62811 |
|  |  | &nbsp;&nbsp; **135694** |
| **Philippines: 1.03%** |  |  |
| Bank of the Philippine Islands (Financials, Banks) | 27858 | &nbsp;&nbsp; **69849** |
| **Poland: 2.00%** |  |  |
| Bank Polska Kasa Opieki SA (Financials, Banks) | 1460 | &nbsp;&nbsp; 73178 |
| Budimex SA (Industrials, Construction & engineering) | 369 | &nbsp;&nbsp; 62021 |
|  |  | &nbsp;&nbsp; **135199** |
| **Saudi Arabia: 4.26%** |  |  |
| Al Rajhi Bank (Financials, Banks) | 4139 | &nbsp;&nbsp; 107523 |
| Etihad Etisalat Co. (Communication services, Wireless telecommunication services) | 10774 | &nbsp;&nbsp; 180383 |
|  |  | &nbsp;&nbsp; **287906** |
| **Singapore: 1.02%** |  |  |
| BOC Aviation Ltd. (Industrials, Trading companies & distributors)144A | 9200 | &nbsp;&nbsp; **68948** |
| **South Africa: 0.88%** |  |  |
| Foschini Group Ltd. (Consumer discretionary, Specialty retail) | 8538 | &nbsp;&nbsp; **59335** |
| **South Korea: 10.69%** |  |  |
| Coway Co. Ltd. (Consumer discretionary, Household durables) | 1050 | &nbsp;&nbsp; 64649 |
| HD Hyundai Marine Solution Co. Ltd. Class C (Industrials, Machinery) | 630 | &nbsp;&nbsp; 68045 |
| KEPCO Plant Service & Engineering Co. Ltd. (Industrials, Commercial services & supplies) | 1880 | &nbsp;&nbsp; 58077 |
| Kia Corp. (Consumer discretionary, Automobiles) | 1932 | &nbsp;&nbsp; 122785 |
| Macquarie Korea Infrastructure Fund (Financials, Capital markets) | 7693 | &nbsp;&nbsp; 62005 |
| Misto Holdings Corp. (Consumer discretionary, Textiles, apparel & luxury goods) | 1903 | &nbsp;&nbsp; 49486 |
| &nbsp;&nbsp; Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage & <br> peripherals)<br>| 7647 | &nbsp;&nbsp; 298367 |
|  |  | &nbsp;&nbsp; **723414** |
| **Taiwan: 12.50%** |  |  |
| Cathay Financial Holding Co. Ltd. (Financials, Insurance) | 43000 | &nbsp;&nbsp; 79228 |

---

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

Allspring Managed Account \| 3

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Taiwan**(continued) |  |  |
| &nbsp;&nbsp; Delta Electronics, Inc. (Information technology, Electronic equipment, instruments & <br> components)<br>| 7000 | &nbsp;&nbsp; $73347 |
| &nbsp;&nbsp; Elan Microelectronics Corp. (Information technology, Semiconductors & semiconductor <br> equipment)<br>| 22000 | &nbsp;&nbsp; 90489 |
| &nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. (Information technology, Electronic equipment, <br> instruments & components)<br>| 10000 | &nbsp;&nbsp; 44553 |
| &nbsp;&nbsp; Largan Precision Co. Ltd. (Information technology, Electronic equipment, instruments & <br> components)<br>| 1025 | &nbsp;&nbsp; 73074 |
| MediaTek, Inc. (Information technology, Semiconductors & semiconductor equipment) | 7000 | &nbsp;&nbsp; 297451 |
| &nbsp;&nbsp; Quanta Computer, Inc. (Information technology, Technology hardware, storage & <br> peripherals)<br>| 10000 | &nbsp;&nbsp; 75127 |
| Sercomm Corp. (Information technology, Communications equipment) | 16000 | &nbsp;&nbsp; 52438 |
| Teco Electric & Machinery Co. Ltd. (Industrials, Electrical equipment) | 39000 | &nbsp;&nbsp; 59768 |
|  |  | &nbsp;&nbsp; **845475** |
| **Thailand: 1.40%** |  |  |
| Bangkok Dusit Medical Services PCL Class F (Health care, Health care providers & services) | 133000 | &nbsp;&nbsp; **94430** |
| **United Arab Emirates: 1.79%** |  |  |
| Emaar Properties PJSC (Real estate, Real estate management & development) | 17456 | &nbsp;&nbsp; 62375 |
| &nbsp;&nbsp; Emirates Telecommunications Group Co. PJSC (Communication services, Diversified <br> telecommunication services)<br>| 12456 | &nbsp;&nbsp; 59006 |
|  |  | &nbsp;&nbsp; **121381** |
| **United Kingdom: 1.63%** |  |  |
| Fresnillo PLC (Materials, Metals & mining) | 8215 | &nbsp;&nbsp; **110102** |
| **Total common stocks (Cost $6,131,176)** |  | &nbsp;&nbsp; **6403057** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Dividend <br>rate<br>|  |  |
| **Preferred stocks: 2.45%** |  |  |  |
| **South Korea: 2.45%** |  |  |  |
| &nbsp;&nbsp; Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage & <br> peripherals)<br>| 0.26 | 5018 | &nbsp;&nbsp; **165647** |
| **Total preferred stocks (Cost $202,220)** |  |  | &nbsp;&nbsp; **165647** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 2.32%** |  |  |  |  |
| **Investment companies: 2.32%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.26<br> %<br>| 157018 | &nbsp;&nbsp; **157018** |
| **Total short-term investments (Cost $157,018)** |  |  |  | &nbsp;&nbsp; **157018** |
| **Total investments in securities (Cost $6,490,414)** | 99.44<br> %<br>|  |  | &nbsp;&nbsp; 6725722 |
| Other assets and liabilities, net | 0.56 |  |  | &nbsp;&nbsp; 37730 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$6763452** |

---

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

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

4 \| Allspring Managed Account

------

Portfolio of investments—April 30, 2025 (unaudited)

---

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

---

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

Abbreviations: <br> REIT Real estate investment trust

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select Class | $183300 | $2543602 | $(2569884)<br>| $0 | $0 | $157018 | 157018 | $4352 |

---

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

Allspring Managed Account \| 5

------

Statement of assets and liabilities—April 30, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $6,333,396) | $6568704 |
| Investments in affiliated securities, at value (cost $157,018) | 157018 |
| Cash | 6 |
| Foreign currency, at value (cost $23,470) | 23563 |
| Receivable for Fund shares sold | 12364 |
| Receivable for dividends | 10902 |
| Receivable from manager | 8020 |
| **Total assets** | **6780577** |
| Liabilities |  |
| Payable for investments purchased | 9713 |
| Professional fees payable | 5124 |
| Accrued expenses and other liabilities | 2288 |
| **Total liabilities** | **17125** |
| **Total net assets**  | **$6763452** |
| Net assets consist of |  |
| Paid-in capital | $6738450 |
| Total distributable earnings | 25002 |
| **Total net assets** | **$6763452** |
| Computation of net asset value per share |  |
| Net assets | $6763452 |
| Shares outstanding<sup>1</sup> <br>| 327402 |
| Net asset value per share | $20.66 |

---

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

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

6 \| Allspring Managed Account

------

Statement of operations—six months ended April 30, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $12,376) | $73169 |
| Income from affiliated securities | 4352 |
| Interest | 16 |
| **Total investment income** | **77537** |
| Expenses |  |
| Custody and accounting fees | 70689 |
| Professional fees | 53531 |
| Registration fees | 20291 |
| Shareholder report expenses | 3728 |
| Trustees' fees and expenses | 4267 |
| Other fees and expenses | 4713 |
| **Total expenses** | **157219** |
| Less: Fee waivers and/or expense reimbursements | (157219)<br>|
| **Net expenses** | **0** |
| **Net investment income** | **77537** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized losses on |  |
| Unaffiliated securities | (183368)<br>|
| Foreign currency and foreign currency translations | (6610)<br>|
| **Net realized losses on investments** | **(189978)**<br>|
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities (net of deferred foreign capital gains tax of $24,026) | (98036)<br>|
| Foreign currency and foreign currency translations | 383 |
| **Net change in unrealized gains (losses) on investments** | **(97653)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(287631)**<br>|
| **Net decrease in net assets resulting from operations** | **$(210094)**<br>|

---

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

Allspring Managed Account \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Six months ended<br> April 30, 2025<br> (unaudited) | <br>Six months ended<br> April 30, 2025<br> (unaudited) | Year ended<br> October 31, 2024 | Year ended<br> October 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $77537 |  | &nbsp;&nbsp; $165156 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; (189978)<br>|  | &nbsp;&nbsp; 245702 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (97653)<br>|  | &nbsp;&nbsp; 474026 |
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **(210094)**<br>|  | &nbsp;&nbsp; **884884** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  | &nbsp;&nbsp; (360674)<br>|  | &nbsp;&nbsp; (191105)<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold | 68526 | &nbsp;&nbsp; 1426134 | &nbsp;&nbsp; 38312 | &nbsp;&nbsp; 893266 |
| Reinvestment of distributions | 13219 | &nbsp;&nbsp; 283412 | &nbsp;&nbsp; 7413 | &nbsp;&nbsp; 166658 |
| Payment for shares redeemed | (29632)<br>| &nbsp;&nbsp; (631677)<br>| &nbsp;&nbsp; (562)<br>| &nbsp;&nbsp; (11971)<br>|
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **1077869** |  | &nbsp;&nbsp; **1047953** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **507101** |  | &nbsp;&nbsp; **1741732** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **6256351** |  | &nbsp;&nbsp; **4514619** |
| **End of period** |  | &nbsp;&nbsp; **$6763452** |  | &nbsp;&nbsp; **$6256351** |

---

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

8 \| Allspring Managed Account

------

Financial highlights

Financial highlights

(For a share outstanding throughout the period)

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

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 |
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023<sup>1</sup> <br>|
| **Net asset value, beginning of period** | **$22.73** | &nbsp;&nbsp; **$19.62** | &nbsp;&nbsp; **$20.00** |
| Net investment income | 0.26 <br><sup>2</sup><br>| 0.69 <br><sup>2</sup><br>| 0.61 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | (1.02)<br>| 3.22 | &nbsp;&nbsp; (0.44)<br>|
| Total from investment operations | (0.76)<br>| 3.91 | 0.17 |
| **Distributions to shareholders from** |  |  |  |
| Net investment income | (0.28)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.55)<br>|
| Net realized gains | (1.03)<br>| &nbsp;&nbsp; (0.21)<br>| 0.00 |
| Total distributions to shareholders | (1.31)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.55)<br>|
| **Net asset value, end of period** | **$20.66** | &nbsp;&nbsp; **$22.73** | &nbsp;&nbsp; **$19.62** |
| **Total return**<sup>3</sup> <br>| **(3.46)%**<br>| **20.04%**<br>| **0.66%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |
| Gross expenses | 5.04<br> %<br>| 3.58<br> %<br>| 3.95<br> %<br>|
| Net expenses<sup>4</sup> <br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>|
| Net investment income | 2.49<br> %<br>| 3.03<br> %<br>| 3.05<br> %<br>|
| **Supplemental data** |  |  |  |
| Portfolio turnover rate | 46<br> %<br>| &nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp; 92<br> %<br>|
| Net assets, end of period (000s omitted) | $6763 | &nbsp;&nbsp; $6256 | &nbsp;&nbsp; $4515 |

---

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

<sup>1</sup> For the period from November 16, 2022 (commencement of operations) to October 31, 2023

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

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

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

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

Allspring Managed Account \| 9

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On April 30, 2025, such fair value pricing was used in pricing certain foreign securities.

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

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

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

Foreign currency translation

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

10 \| Allspring Managed Account

------

Notes to financial statements (unaudited)

changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Forward foreign currency contracts

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

Security transactions and income recognition

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

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of April 30, 2025, the aggregate cost of all investments for federal income tax purposes was $6,557,277 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $461704 |
| Gross unrealized losses | &nbsp;&nbsp; (293259)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$168445** |

---

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Allspring Managed Account \| 11

------

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Brazil* | &nbsp;&nbsp; $228724 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $228724 |
| *China* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1152117 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1152117 |
| *Greece* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 62264 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 62264 |
| *Hungary* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 83619 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 83619 |
| *India* | &nbsp;&nbsp; 173571 | &nbsp;&nbsp;&nbsp; 1863362 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2036933 |
| *Indonesia* | &nbsp;&nbsp; 65707 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 65707 |
| *Kuwait* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 63094 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 63094 |
| *Malaysia* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 58866 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 58866 |
| *Mexico* | &nbsp;&nbsp; 135694 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 135694 |
| *Philippines* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 69849 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 69849 |
| *Poland* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 135199 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 135199 |
| *Saudi Arabia* | &nbsp;&nbsp; 180383 | &nbsp;&nbsp;&nbsp; 107523 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 287906 |
| *Singapore* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 68948 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 68948 |
| *South Africa* | &nbsp;&nbsp; 59335 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 59335 |
| *South Korea* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 723414 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 723414 |
| *Taiwan* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 845475 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 845475 |
| *Thailand* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 94430 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 94430 |
| *United Arab Emirates* | &nbsp;&nbsp; 59006 | &nbsp;&nbsp;&nbsp; 62375 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 121381 |
| *United Kingdom* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 110102 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 110102 |
| **Preferred stocks** |  |  |  |  |
| *South Korea* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 165647 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 165647 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 157018 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 157018 |
| **Total assets** | &nbsp;&nbsp; **$1059438** | &nbsp;&nbsp;&nbsp; **$5666284** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$6725722** |

---

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

At April 30, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

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

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended April 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2025 were $3,688,460 and $2,813,858, respectively.

12 \| Allspring Managed Account

------

Notes to financial statements (unaudited)

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

6. BANK BORROWINGS

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

For the six months ended April 30, 2025, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

Concentration risk exists when a shareholder owns a large amount of shares of the Fund. A fund with a concentration of ownership may be more affected by the investment activity of those shareholders than would be a fund that does not have any ownership concentration. As of April 30, 2025, Allspring Funds Management or one of its affiliates owned 78% of the Fund.

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

8. INDEMNIFICATION

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

9. OPERATING SEGMENTS

The Fund has adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

Allspring Managed Account \| 13

------

Other information (unaudited)

Other information

Proxy voting information

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

Quarterly portfolio holdings information

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

14 \| Allspring Managed Account

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

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

Not applicable

Allspring Managed Account \| 15

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*This page is intentionally left blank.*

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![](g939517img2eb7eba91.jpg)

For more information

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

Allspring Funds

Attn: Managed Account Services

P.O. Box 1450

Milwaukee, WI 53201

Website: **allspringglobal.com**

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

![](g939517img742f378f2.gif)

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

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

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

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS4904 04-25**

------

![](g939517img0dac81761.jpg)

Allspring Emerging Markets Equity Fund

Long Form Financial Statements

Semi-Annual Report

April 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_eb46d4c4-d9f2-413f-954a-06262cf0a155_POI-PageBlank-89_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_eb46d4c4-d9f2-413f-954a-06262cf0a155_FS-PageBlank-89_1)** |  |
| [Statement of assets and liabilities](#xx_eb46d4c4-d9f2-413f-954a-06262cf0a155_FS-PageBlank-89_1) | 9 |
| [Statement of operations](#xx_eb46d4c4-d9f2-413f-954a-06262cf0a155_FS-PageBlank-89_3) | 11 |
| [Statement of changes in net assets](#xx_eb46d4c4-d9f2-413f-954a-06262cf0a155_FS-PageBlank-89_5) | 13 |
| [Financial highlights](#xx_eb46d4c4-d9f2-413f-954a-06262cf0a155_FIHI-PageBlank-89_1) | 14 |
| **[Notes to financial statements](#xx_eb46d4c4-d9f2-413f-954a-06262cf0a155_NTF-PageBlank-89_1)** | 19 |
| **[Other information](#xx_eb46d4c4-d9f2-413f-954a-06262cf0a155_OI-PageBlank-89_1)** | 25 |
| [Item 8. Changes in and disagreements with accountants](#xx_eb46d4c4-d9f2-413f-954a-06262cf0a155_OI-PageBlank-89_2) | 26 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_eb46d4c4-d9f2-413f-954a-06262cf0a155_OI-PageBlank-89_2) | 26 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_eb46d4c4-d9f2-413f-954a-06262cf0a155_OI-PageBlank-89_2) | 26 |
| [Item 11. Statement regarding basis for board](#xx_eb46d4c4-d9f2-413f-954a-06262cf0a155_OI-PageBlank-89_2)['](#xx_eb46d4c4-d9f2-413f-954a-06262cf0a155_OI-PageBlank-89_2)[s approval of investment](#xx_eb46d4c4-d9f2-413f-954a-06262cf0a155_OI-PageBlank-89_2)<br> [advisory contract](#xx_eb46d4c4-d9f2-413f-954a-06262cf0a155_OI-PageBlank-89_2)<br>| 26 |

---

Allspring Emerging Markets Equity Fund \| 1

------

Portfolio of investments—April 30, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.95%** |  |  |
| **Brazil: 4.89%** |  |  |
| Ambev SA ADR (Consumer staples, Beverages) | 7522792 | &nbsp;&nbsp; $19032664 |
| B3 SA - Brasil Bolsa Balcao (Financials, Capital markets) | 16900515 | &nbsp;&nbsp; 40173026 |
| Banco Bradesco SA ADR (Financials, Banks) | 3876276 | &nbsp;&nbsp; 9535639 |
| Cia Brasileira de Aluminio (Materials, Metals & mining)† | 5132562 | &nbsp;&nbsp; 3554262 |
| &nbsp;&nbsp; Hapvida Participacoes e Investimentos SA (Health care, Health <br> care providers & services)144A†<br>| 22758516 | &nbsp;&nbsp; 9303676 |
| Localiza Rent a Car SA (Industrials, Ground transportation) | 2184893 | &nbsp;&nbsp; 16539299 |
| Lojas Renner SA (Consumer discretionary, Specialty retail) | 7289941 | &nbsp;&nbsp; 18767088 |
| Magazine Luiza SA (Consumer discretionary, Broadline retail) | 2259980 | &nbsp;&nbsp; 3711446 |
| &nbsp;&nbsp; Multiplan Empreendimentos Imobiliarios SA (Real estate, Real <br> estate management & development)<br>| 1796906 | &nbsp;&nbsp; 8149980 |
| Petroleo Brasileiro SA ADR (Energy, Oil, gas & consumable fuels) | 522079 | &nbsp;&nbsp; 5894272 |
| &nbsp;&nbsp; Raia Drogasil SA (Consumer staples, Consumer staples <br> distribution & retail)<br>| 2813320 | &nbsp;&nbsp; 9835206 |
| Suzano SA (Materials, Paper & forest products) | 730900 | &nbsp;&nbsp; 6449780 |
| Vale SA Class B ADR (Materials, Metals & mining) | 1590978 | &nbsp;&nbsp; 14812005 |
|  |  | &nbsp;&nbsp; **165758343** |
| **Chile: 1.92%** |  |  |
| Banco Santander Chile ADR (Financials, Banks) | 1090492 | &nbsp;&nbsp; 26269952 |
| Falabella SA (Consumer discretionary, Broadline retail) | 5896289 | &nbsp;&nbsp; 26773632 |
| &nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA ADR (Materials, <br> Chemicals)<br>| 354691 | &nbsp;&nbsp; 12130432 |
|  |  | &nbsp;&nbsp; **65174016** |
| **China: 21.04%** |  |  |
| Agora, Inc. ADR (Information technology, Software)† | 1084765 | &nbsp;&nbsp; 3558029 |
| &nbsp;&nbsp; Alibaba Group Holding Ltd. (Consumer discretionary, Broadline <br> retail)<br>| 8934696 | &nbsp;&nbsp; 133395250 |
| China Literature Ltd. (Communication services, Media)144A† | 5226168 | &nbsp;&nbsp; 18147652 |
| &nbsp;&nbsp; China Meidong Auto Holdings Ltd. (Consumer discretionary, <br> Specialty retail)<br>| 9373400 | &nbsp;&nbsp; 2501797 |
| &nbsp;&nbsp; GreenTree Hospitality Group Ltd. ADR (Consumer discretionary, <br> Hotels, restaurants & leisure)<br>| 2531768 | &nbsp;&nbsp; 5164807 |
| &nbsp;&nbsp; Kanzhun Ltd. ADR (Communication services, Interactive media & <br> services)†<br>| 1249798 | &nbsp;&nbsp; 19121909 |
| &nbsp;&nbsp; Kingdee International Software Group Co. Ltd. (Information <br> technology, Software)†<br>| 17990000 | &nbsp;&nbsp; 30597094 |
| Li Auto, Inc. Class A (Consumer discretionary, Automobiles)† | 1456000 | &nbsp;&nbsp; 17740880 |
| &nbsp;&nbsp; Li Ning Co. Ltd. (Consumer discretionary, Textiles, apparel & <br> luxury goods)<br>| 8627707 | &nbsp;&nbsp; 16266145 |
| &nbsp;&nbsp; Meituan Class B (Consumer discretionary, Hotels, restaurants & <br> leisure)144A†<br>| 3754870 | &nbsp;&nbsp; 62171027 |
| &nbsp;&nbsp; Tencent Holdings Ltd. (Communication services, Interactive <br> media & services)<br>| 3305600 | &nbsp;&nbsp; 202471114 |
| &nbsp;&nbsp; Tencent Music Entertainment Group ADR (Communication <br> services, Entertainment)<br>| 2781402 | &nbsp;&nbsp; 37326415 |

---

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

2 \| Allspring Emerging Markets Equity Fund

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **China**(continued) |  |  |
| &nbsp;&nbsp; Trip.com Group Ltd. (Consumer discretionary, Hotels, restaurants <br> & leisure)<br>| 651682 | &nbsp;&nbsp; $39257838 |
| Tsingtao Brewery Co. Ltd. Class H (Consumer staples, Beverages) | 3924500 | &nbsp;&nbsp; 27732378 |
| &nbsp;&nbsp; Vipshop Holdings Ltd. ADR (Consumer discretionary, Broadline <br> retail)<br>| 2698967 | &nbsp;&nbsp; 36759931 |
| &nbsp;&nbsp; Want Want China Holdings Ltd. (Consumer staples, Food <br> products)<br>| 54582800 | &nbsp;&nbsp; 35719733 |
| &nbsp;&nbsp; Xiaomi Corp. Class B (Information technology, Technology <br> hardware, storage & peripherals)144A†<br>| 3603900 | &nbsp;&nbsp; 23072886 |
| &nbsp;&nbsp; Zepp Health Corp. ADR (Information technology, Electronic <br> equipment, instruments & components)†<br>| 609822 | &nbsp;&nbsp; 1585537 |
|  |  | &nbsp;&nbsp; **712590422** |
| **Colombia: 0.46%** |  |  |
| Bancolombia SA ADR (Financials, Banks) | 389100 | &nbsp;&nbsp; **15688512** |
| **Hong Kong: 3.71%** |  |  |
| AIA Group Ltd. (Financials, Insurance) | 6827700 | &nbsp;&nbsp; 51159353 |
| &nbsp;&nbsp; Sun Art Retail Group Ltd. (Consumer staples, Consumer staples <br> distribution & retail)<br>| 52455400 | &nbsp;&nbsp; 12518833 |
| WH Group Ltd. (Consumer staples, Food products)144A | 69188195 | &nbsp;&nbsp; 61868588 |
|  |  | &nbsp;&nbsp; **125546774** |
| **India: 18.58%** |  |  |
| &nbsp;&nbsp; ASK Automotive Ltd. (Consumer discretionary, Automobile <br> components)<br>| 2559155 | &nbsp;&nbsp; 12084595 |
| Axis Bank Ltd. (Financials, Banks) | 3301923 | &nbsp;&nbsp; 46316435 |
| Bajaj Finance Ltd. (Financials, Consumer finance) | 153281 | &nbsp;&nbsp; 15640256 |
| &nbsp;&nbsp; Bharti Airtel Ltd. (Communication services, Wireless <br> telecommunication services)<br>| 4624052 | &nbsp;&nbsp; 101998412 |
| &nbsp;&nbsp; Fortis Healthcare Ltd. (Health care, Health care providers & <br> services)<br>| 2952389 | &nbsp;&nbsp; 23941628 |
| HDFC Bank Ltd. (Financials, Banks) | 4027773 | &nbsp;&nbsp; 91486619 |
| HDFC Bank Ltd. New York Stock Exchange ADR (Financials, Banks) | 167209 | &nbsp;&nbsp; 12154422 |
| Hexaware Technologies Ltd. (Information technology, IT services) | 1170834 | &nbsp;&nbsp; 9694153 |
| Infosys Ltd. (Information technology, IT services) | 869831 | &nbsp;&nbsp; 15376814 |
| ITC Ltd. (Consumer staples, Tobacco) | 11501374 | &nbsp;&nbsp; 57909390 |
| Kotak Mahindra Bank Ltd. (Financials, Banks) | 899514 | &nbsp;&nbsp; 23509529 |
| Nexus Select Trust (Real estate, Retail REITs) | 17437066 | &nbsp;&nbsp; 26759177 |
| &nbsp;&nbsp; NTPC Green Energy Ltd. (Utilities, Independent power and <br> renewable electricity producers)†<br>| 5555604 | &nbsp;&nbsp; 6589095 |
| &nbsp;&nbsp; Reliance Industries Ltd. National Stock Exchange of India (Energy, <br> Oil, gas & consumable fuels)<br>| 774124 | &nbsp;&nbsp; 12853806 |
| &nbsp;&nbsp; Reliance Industries Ltd. GDR (Energy, Oil, gas & consumable <br> fuels)144A<br>| 1761187 | &nbsp;&nbsp; 114769633 |
| SBI Life Insurance Co. Ltd. (Financials, Insurance)144A | 922345 | &nbsp;&nbsp; 19289999 |
| &nbsp;&nbsp; Tata Consultancy Services Ltd. (Information technology, IT <br> services)<br>| 118196 | &nbsp;&nbsp; 4824746 |
| UltraTech Cement Ltd. (Materials, Construction materials) | 247504 | &nbsp;&nbsp; 34106667 |
|  |  | &nbsp;&nbsp; **629305376** |

---

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

Allspring Emerging Markets Equity Fund \| 3

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Indonesia: 4.30%** |  |  |
| Astra International Tbk. PT (Industrials, Industrial conglomerates) | 104862600 | &nbsp;&nbsp; $30308010 |
| Bank Central Asia Tbk. PT (Financials, Banks) | 57489400 | &nbsp;&nbsp; 30566556 |
| Bank Rakyat Indonesia Persero Tbk. PT (Financials, Banks) | 72292500 | &nbsp;&nbsp; 16743647 |
| &nbsp;&nbsp; Sumber Alfaria Trijaya Tbk. PT (Consumer staples, Consumer <br> staples distribution & retail)<br>| 48000000 | &nbsp;&nbsp; 6213824 |
| &nbsp;&nbsp; Telkom Indonesia Persero Tbk. PT (Communication services, <br> Diversified telecommunication services)<br>| 256500000 | &nbsp;&nbsp; 40429185 |
| &nbsp;&nbsp; Telkom Indonesia Persero Tbk. PT New York Stock Exchange ADR <br> (Communication services, Diversified telecommunication <br> services)<br>| 1377471 | &nbsp;&nbsp; 21529872 |
|  |  | &nbsp;&nbsp; **145791094** |
| **Luxembourg: 2.04%** |  |  |
| Allegro.eu SA (Consumer discretionary, Broadline retail)144A† | 1062252 | &nbsp;&nbsp; 9320644 |
| InPost SA (Industrials, Air freight & logistics)† | 2664615 | &nbsp;&nbsp; 45010365 |
| &nbsp;&nbsp; Zabka Group SA (Consumer staples, Consumer staples <br> distribution & retail)†<br>| 2579196 | &nbsp;&nbsp; 14720581 |
|  |  | &nbsp;&nbsp; **69051590** |
| **Mexico: 4.36%** |  |  |
| &nbsp;&nbsp; America Movil SAB de CV ADR (Communication services, Wireless <br> telecommunication services)<br>| 1869495 | &nbsp;&nbsp; 32230094 |
| Becle SAB de CV (Consumer staples, Beverages) | 13609921 | &nbsp;&nbsp; 15733251 |
| Cemex SAB de CV ADR (Materials, Construction materials) | 3158277 | &nbsp;&nbsp; 19486569 |
| Fibra Uno Administracion SA de CV (Real estate, Diversified REITs) | 12888350 | &nbsp;&nbsp; 16680162 |
| &nbsp;&nbsp; Fomento Economico Mexicano SAB de CV ADR (Consumer <br> staples, Beverages)<br>| 335412 | &nbsp;&nbsp; 35322238 |
| Grupo Financiero Banorte SAB de CV Class O (Financials, Banks) | 1483566 | &nbsp;&nbsp; 12720819 |
| &nbsp;&nbsp; Wal-Mart de Mexico SAB de CV (Consumer staples, Consumer <br> staples distribution & retail)<br>| 4872900 | &nbsp;&nbsp; 15438325 |
|  |  | &nbsp;&nbsp; **147611458** |
| **Philippines: 0.73%** |  |  |
| Ayala Corp. (Industrials, Industrial conglomerates) | 837624 | &nbsp;&nbsp; 8991008 |
| &nbsp;&nbsp; San Miguel Food & Beverage, Inc. (Consumer staples, Food <br> products)<br>| 3495810 | &nbsp;&nbsp; 3248277 |
| SM Investments Corp. (Industrials, Industrial conglomerates) | 812873 | &nbsp;&nbsp; 12653560 |
|  |  | &nbsp;&nbsp; **24892845** |
| **Russia: 0.00%** |  |  |
| &nbsp;&nbsp; Ozon Holdings PLC ADR (Acquired 11-24-2020, cost $2,412,000) <br> (Consumer discretionary, Broadline retail)♦‡†˃«<br>| 80400 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Sberbank of Russia PJSC (Acquired 8-18-2011, cost $17,232,150) <br> (Financials, Banks)♦†˃<br>| 6000456 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; **0** |
| **Saudi Arabia: 0.44%** |  |  |
| Saudi Arabian Oil Co. (Energy, Oil, gas & consumable fuels)144A | 2186064 | &nbsp;&nbsp; **14779974** |

---

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

4 \| Allspring Emerging Markets Equity Fund

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Singapore: 2.44%** |  |  |
| Grab Holdings Ltd. Class A (Industrials, Ground transportation)† | 9605105 | &nbsp;&nbsp; $46872912 |
| Sea Ltd. ADR (Communication services, Entertainment)† | 265740 | &nbsp;&nbsp; 35622447 |
|  |  | &nbsp;&nbsp; **82495359** |
| **South Africa: 3.30%** |  |  |
| &nbsp;&nbsp; MTN Group Ltd. (Communication services, Wireless <br> telecommunication services)<br>| 5274141 | &nbsp;&nbsp; 34905926 |
| &nbsp;&nbsp; Shoprite Holdings Ltd. (Consumer staples, Consumer staples <br> distribution & retail)<br>| 3341500 | &nbsp;&nbsp; 51412913 |
| Standard Bank Group Ltd. (Financials, Banks) | 2047090 | &nbsp;&nbsp; 25564378 |
|  |  | &nbsp;&nbsp; **111883217** |
| **South Korea: 12.45%** |  |  |
| &nbsp;&nbsp; KT Corp. ADR (Communication services, Diversified <br> telecommunication services)<br>| 3364713 | &nbsp;&nbsp; 65477315 |
| KT&G Corp. (Consumer staples, Tobacco) | 359091 | &nbsp;&nbsp; 28983766 |
| LG Chem Ltd. (Materials, Chemicals) | 91809 | &nbsp;&nbsp; 13914597 |
| &nbsp;&nbsp; NAVER Corp. (Communication services, Interactive media & <br> services)<br>| 284000 | &nbsp;&nbsp; 39960385 |
| &nbsp;&nbsp; Samsung Electronics Co. Ltd. (Information technology, <br> Technology hardware, storage & peripherals)<br>| 3766046 | &nbsp;&nbsp; 146941830 |
| Samsung Life Insurance Co. Ltd. (Financials, Insurance) | 505848 | &nbsp;&nbsp; 30713880 |
| &nbsp;&nbsp; Samsung SDI Co. Ltd. (Information technology, Electronic <br> equipment, instruments & components)<br>| 54375 | &nbsp;&nbsp; 6733288 |
| &nbsp;&nbsp; SK Hynix, Inc. (Information technology, Semiconductors & <br> semiconductor equipment)<br>| 512500 | &nbsp;&nbsp; 63946200 |
| &nbsp;&nbsp; SK Telecom Co. Ltd. (Communication services, Wireless <br> telecommunication services)<br>| 466000 | &nbsp;&nbsp; 17804352 |
| &nbsp;&nbsp; SK Telecom Co. Ltd. New York Stock Exchange ADR <br> (Communication services, Wireless telecommunication <br> services)<br>| 330000 | &nbsp;&nbsp; 7124700 |
|  |  | &nbsp;&nbsp; **421600313** |
| **Taiwan: 13.98%** |  |  |
| 104 Corp. (Industrials, Professional services) | 1655000 | &nbsp;&nbsp; 11822514 |
| &nbsp;&nbsp; Delta Electronics, Inc. (Information technology, Electronic <br> equipment, instruments & components)<br>| 1420000 | &nbsp;&nbsp; 14879039 |
| &nbsp;&nbsp; MediaTek, Inc. (Information technology, Semiconductors & <br> semiconductor equipment)<br>| 1416881 | &nbsp;&nbsp; 60207621 |
| &nbsp;&nbsp; President Chain Store Corp. (Consumer staples, Consumer staples <br> distribution & retail)<br>| 2211000 | &nbsp;&nbsp; 18080602 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Information <br> technology, Semiconductors & semiconductor equipment)<br>| 6580224 | &nbsp;&nbsp; 186447694 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Information <br> technology, Semiconductors & semiconductor equipment)<br>| 926052 | &nbsp;&nbsp; 154363608 |
| &nbsp;&nbsp; Uni-President Enterprises Corp. (Consumer staples, Food <br> products)<br>| 11541368 | &nbsp;&nbsp; 27735789 |
|  |  | &nbsp;&nbsp; **473536867** |

---

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

Allspring Emerging Markets Equity Fund \| 5

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Thailand: 2.46%** |  |  |
| &nbsp;&nbsp; PTT Exploration & Production PCL (Energy, Oil, gas & consumable <br> fuels)<br>| 2822639 | &nbsp;&nbsp; $8360627 |
| PTT PCL (Energy, Oil, gas & consumable fuels) | 21756300 | &nbsp;&nbsp; 20027128 |
| SCB X PCL (Financials, Banks) | 6339500 | &nbsp;&nbsp; 22326914 |
| Thai Beverage PCL (Consumer staples, Beverages) | 84927000 | &nbsp;&nbsp; 32548154 |
|  |  | &nbsp;&nbsp; **83262823** |
| **United Arab Emirates: 0.49%** |  |  |
| &nbsp;&nbsp; Americana Restaurants International PLC (Consumer <br> discretionary, Hotels, restaurants & leisure)<br>| 7709454 | &nbsp;&nbsp; 4595827 |
| &nbsp;&nbsp; Talabat Holding PLC (Consumer discretionary, Hotels, restaurants <br> & leisure)†<br>| 31203627 | &nbsp;&nbsp; 12022433 |
|  |  | &nbsp;&nbsp; **16618260** |
| **United States: 1.36%** |  |  |
| MercadoLibre, Inc. (Consumer discretionary, Broadline retail)† | 13402 | &nbsp;&nbsp; 31238052 |
| Southern Copper Corp. (Materials, Metals & mining) | 167066 | &nbsp;&nbsp; 14955748 |
|  |  | &nbsp;&nbsp; **46193800** |
| **Total common stocks (Cost $2,181,265,897)** |  | &nbsp;&nbsp; **3351781043** |

---

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

---

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

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Dividend <br>rate<br>| Shares |  |
| **Preferred stocks: 0.71%** |  |  |  |
| **Brazil: 0.71%** |  |  |  |
| Gerdau SA (Materials, Metals & mining) | 0.02 | 3800900 | &nbsp;&nbsp; 10039469 |
| Itau Unibanco Holding SA (Financials, Banks) | 0.00 | 1257100 | &nbsp;&nbsp; 7881310 |
| Petroleo Brasileiro SA (Energy, Oil, gas & consumable fuels) | 0.06 | 1192900 | &nbsp;&nbsp; 6303811 |
| **Total preferred stocks (Cost $26,787,353)** |  |  | &nbsp;&nbsp; **24224590** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Expiration <br>date<br>|  |  |
| **Rights: 0.01%** |  |  |  |
| **South Korea: 0.01%** |  |  |  |
| &nbsp;&nbsp; Samsung SDI Co. Ltd. (Information technology, Electronic <br> equipment, instruments & components)†<br>| &nbsp;&nbsp; 5-22-2025 | 7689 | &nbsp;&nbsp; **186342** |
| **Total rights (Cost $0)** |  |  | &nbsp;&nbsp; **186342** |

---

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

6 \| Allspring Emerging Markets Equity Fund

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Expiration<br> date<br>| Shares | Value |
| **Warrants: 0.00%** |  |  |  |
| **Brazil: 0.00%** |  |  |  |
| &nbsp;&nbsp; Diagnosticos da America SA (Health care, Health care providers & <br> services)♦†<br>| &nbsp;&nbsp; 4-30-2025 | 71960 | &nbsp;&nbsp; **$0** |
| **Total warrants (Cost $0)** |  |  | &nbsp;&nbsp; **0** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 1.06%** |  |  |  |  |
| **Investment companies: 1.06%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.26<br> %<br>| 35834970 | &nbsp;&nbsp; **35834970** |
| **Total short-term investments (Cost $35,834,970)** |  |  |  | &nbsp;&nbsp; **35834970** |
| **Total investments in securities (Cost $2,244,048,911)** | 100.73<br> %<br>|  |  | &nbsp;&nbsp; 3412026945 |
| Other assets and liabilities, net | (0.73)<br>|  |  | &nbsp;&nbsp; (24632759)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$3387394186** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| ADR | American depositary receipt |
| GDR | Global depositary receipt |
| REIT | Real estate investment trust |

---

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund <br> Select Class<br>| $53915664 | $352042187 | $(370122881)<br>| $0 | $0 | $35834970 | 35834970 | $945100 |

---

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

Allspring Emerging Markets Equity Fund \| 7

------

Portfolio of investments—April 30, 2025 (unaudited)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Common stocks** |  |  |  |  |  |  |  |  |
| Zepp Health Corp. ADR† | $1957529 | $0 | $(4)<br>| $3 | $(371991)<br>| $1585537 | 609822 | $0 |

---

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

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

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

8 \| Allspring Emerging Markets Equity Fund

------

Statement of assets and liabilities—April 30, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $2,208,213,941) | $3376191975 |
| Investments in affiliated securities, at value (cost $35,834,970) | 35834970 |
| Cash | 5615 |
| Cash collateral for securities on loan | 1386647 |
| Foreign currency, at value (cost $7,334,558) | 6309146 |
| Receivable for investments sold | 83313668 |
| Receivable for dividends | 5674361 |
| Receivable for Fund shares sold | 2283130 |
| Prepaid expenses and other assets | 155293 |
| **Total assets** | **3511154805** |
| Liabilities |  |
| Payable for investments purchased | 82123764 |
| Contingent tax liability | 35216904 |
| Management fee payable | 2430593 |
| Payable for Fund shares redeemed | 1570240 |
| Payable upon receipt of securities loaned | 1389168 |
| Administration fees payable | 323621 |
| Shareholder servicing fees payable | 32128 |
| Distribution fee payable | 1381 |
| Accrued expenses and other liabilities | 672820 |
| **Total liabilities** | **123760619** |
| **Total net assets**  | **$3387394186** |
| Net assets consist of |  |
| Paid-in capital | $2728593447 |
| Total distributable earnings | 658800739 |
| **Total net assets** | **$3387394186** |

---

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

Allspring Emerging Markets Equity Fund \| 9

------

Statement of assets and liabilities—April 30, 2025 (unaudited)

Statement of assets and liabilities

---

| | |
|:---|:---|
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $132890527 |
| Shares outstanding–Class A<sup>1</sup> <br>| 5022977 |
| Net asset value per share–Class A | $26.46 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $28.07 |
| Net assets–Class C | $2313872 |
| Shares outstanding–Class C<sup>1</sup> <br>| 105519 |
| Net asset value per share–Class C | $21.93 |
| Net assets–Class R6 | $424492777 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 15421792 |
| Net asset value per share–Class R6 | $27.53 |
| Net assets–Administrator Class | $28500604 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 1016595 |
| Net asset value per share–Administrator Class | $28.04 |
| Net assets–Institutional Class | $2799196406 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 101676444 |
| Net asset value per share–Institutional Class | $27.53 |

---

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

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

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

10 \| Allspring Emerging Markets Equity Fund

------

Statement of operations—six months ended April 30, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $5,400,900) | $37394203 |
| Income from affiliated securities | 945100 |
| Interest (net of foreign withholding taxes of $36) | 54231 |
| **Total investment income** | **38393534** |
| Expenses |  |
| Management fee | 18362783 |
| Administration fees |  |
| Class A | 132640 |
| Class C | 2598 |
| Class R6 | 64992 |
| Administrator Class | 19077 |
| Institutional Class | 1950197 |
| Shareholder servicing fees |  |
| Class A | 165799 |
| Class C | 3235 |
| Administrator Class | 36454 |
| Distribution fee |  |
| Class C | 9693 |
| Custody and accounting fees | 788469 |
| Professional fees | 43180 |
| Registration fees | 80088 |
| Shareholder report expenses | 253194 |
| Trustees' fees and expenses | 16529 |
| Interest expense | 2464 |
| Other fees and expenses | 73101 |
| **Total expenses** | **22004493** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (1799147)<br>|
| Class A | (18352)<br>|
| Class C | (1)<br>|
| Class R6 | (23294)<br>|
| Administrator Class | (2389)<br>|
| Institutional Class | (154761)<br>|
| **Net expenses** | **20006549** |
| **Net investment income** | **18386985** |

---

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

Allspring Emerging Markets Equity Fund \| 11

------

Statement of operations—six months ended April 30, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | $39361461 |
| Foreign currency and foreign currency translations | (331151)<br>|
| **Net realized gains on investments** | **39030310** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities (net of deferred foreign capital gains tax of $125,580) | 2859462 |
| Foreign currency and foreign currency translations | 153009 |
| **Net change in unrealized gains (losses) on investments** | **3012471** |
| **Net realized and unrealized gains (losses) on investments** | **42042781** |
| **Net increase in net assets resulting from operations** | **$60429766** |

---

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

12 \| Allspring Emerging Markets Equity Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Six months ended<br> April 30, 2025<br> (unaudited) | <br>Six months ended<br> April 30, 2025<br> (unaudited) | Year ended<br> October 31, 2024 | Year ended<br> October 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $18386985 |  | &nbsp;&nbsp; $51182529 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 39030310 |  | &nbsp;&nbsp; (30741376)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 3012471 |  | &nbsp;&nbsp; 741182906 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **60429766** |  | &nbsp;&nbsp; **761624059** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (1366790)<br>|  | &nbsp;&nbsp; (1408280)<br>|
| Class C |  | &nbsp;&nbsp; (8642)<br>|  | &nbsp;&nbsp; 0 |
| Class R6 |  | &nbsp;&nbsp; (6177753)<br>|  | &nbsp;&nbsp; (5834546)<br>|
| Administrator Class |  | &nbsp;&nbsp; (308345)<br>|  | &nbsp;&nbsp; (383267)<br>|
| Institutional Class |  | &nbsp;&nbsp; (41020869)<br>|  | &nbsp;&nbsp; (41698111)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(48882399)**<br>|  | &nbsp;&nbsp; **(49324204)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 169209 | &nbsp;&nbsp; 4347031 | &nbsp;&nbsp; 331203 | &nbsp;&nbsp; 8212099 |
| Class C | 2320 | &nbsp;&nbsp; 49766 | &nbsp;&nbsp; 5179 | &nbsp;&nbsp; 107262 |
| Class R6 | 1221868 | &nbsp;&nbsp; 32331603 | &nbsp;&nbsp; 5027588 | &nbsp;&nbsp; 129085596 |
| Administrator Class | 55824 | &nbsp;&nbsp; 1516579 | &nbsp;&nbsp; 276602 | &nbsp;&nbsp; 7270905 |
| Institutional Class | 8956038 | &nbsp;&nbsp; 239846916 | &nbsp;&nbsp; 23495406 | &nbsp;&nbsp; 599920307 |
|  |  | &nbsp;&nbsp; 278091895 |  | &nbsp;&nbsp; 744596169 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 49280 | &nbsp;&nbsp; 1239401 | &nbsp;&nbsp; 54473 | &nbsp;&nbsp; 1286646 |
| Class C | 413 | &nbsp;&nbsp; 8633 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Class R6 | 203205 | &nbsp;&nbsp; 5309754 | &nbsp;&nbsp; 199691 | &nbsp;&nbsp; 4900420 |
| Administrator Class | 11430 | &nbsp;&nbsp; 304610 | &nbsp;&nbsp; 15147 | &nbsp;&nbsp; 378820 |
| Institutional Class | 1559952 | &nbsp;&nbsp; 40792743 | &nbsp;&nbsp; 1686203 | &nbsp;&nbsp; 41396277 |
|  |  | &nbsp;&nbsp; 47655141 |  | &nbsp;&nbsp; 47962163 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (634293)<br>| &nbsp;&nbsp; (16341527)<br>| &nbsp;&nbsp; (1336519)<br>| &nbsp;&nbsp; (33118669)<br>|
| Class C | (37367)<br>| &nbsp;&nbsp; (785616)<br>| &nbsp;&nbsp; (106557)<br>| &nbsp;&nbsp; (2162475)<br>|
| Class R6 | (2891832)<br>| &nbsp;&nbsp; (77513773)<br>| &nbsp;&nbsp; (4561879)<br>| &nbsp;&nbsp; (119164519)<br>|
| Administrator Class | (195013)<br>| &nbsp;&nbsp; (5319986)<br>| &nbsp;&nbsp; (699376)<br>| &nbsp;&nbsp; (18545707)<br>|
| Institutional Class | (26996127)<br>| &nbsp;&nbsp; (732902816)<br>| &nbsp;&nbsp; (39187004)<br>| &nbsp;&nbsp; (1025688092)<br>|
|  |  | &nbsp;&nbsp; (832863718)<br>|  | &nbsp;&nbsp; (1198679462)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(507116682)**<br>|  | &nbsp;&nbsp; **(406121130)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(495569315)**<br>|  | &nbsp;&nbsp; **306178725** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **3882963501** |  | &nbsp;&nbsp; **3576784776** |
| **End of period** |  | &nbsp;&nbsp; **$3387394186** |  | &nbsp;&nbsp; **$3882963501** |

---

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

Allspring Emerging Markets Equity Fund \| 13

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class A | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$26.33** | &nbsp;&nbsp; **$21.96** | &nbsp;&nbsp; **$20.18** | &nbsp;&nbsp; **$30.11** | &nbsp;&nbsp; **$27.39** | &nbsp;&nbsp; **$25.29** |
| Net investment income (loss) | 0.09 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.18 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.07 )<sup>1</sup><br>| 0.00 <br><sup>2</sup><br>|
| Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.30 | 4.35 | 1.70 | &nbsp;&nbsp; (10.04)<br>| 2.81 | 2.28 |
| Total from investment operations | 0.39 | 4.59 | 1.96 | &nbsp;&nbsp; (9.86)<br>| 2.74 | 2.28 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.26)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.18)<br>|
| **Net asset value, end of period** | **$26.46** | &nbsp;&nbsp; **$26.33** | &nbsp;&nbsp; **$21.96** | &nbsp;&nbsp; **$20.18** | &nbsp;&nbsp; **$30.11** | &nbsp;&nbsp; **$27.39** |
| **Total return**<sup>3</sup> <br>| **1.55%**<br>| **21.04%**<br>| **9.67%**<br>| &nbsp;&nbsp; **(32.82)%**<br>| **10.00%**<br>| **9.03%** <br><sup>4</sup><br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.54<br> %<br>| 1.52<br> %<br>| 1.57<br> %<br>| 1.54<br> %<br>| 1.48<br> %<br>| 1.54<br> %<br>|
| Net expenses | 1.41<br> %<br>| 1.42<br> %<br>| 1.42<br> %<br>| 1.43<br> %<br>| 1.46<br> %<br>| 1.52<br> %<br>|
| Net investment income (loss) | 0.74<br> %<br>| 0.98<br> %<br>| 1.12<br> %<br>| 0.69<br> %<br>| &nbsp;&nbsp; (0.21)%<br>| 0.13<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 4<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 12<br> %<br>|
| Net assets, end of period (000s omitted) | $132891 | &nbsp;&nbsp; $143196 | &nbsp;&nbsp; $140306 | &nbsp;&nbsp; $139997 | &nbsp;&nbsp; $232735 | &nbsp;&nbsp; $210393 |

---

&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. Returns for periods of less than one year are not annualized. 

<sup>4</sup> During the year ended October 31, 2020, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return.

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

14 \| Allspring Emerging Markets Equity Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class C | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$21.75** | &nbsp;&nbsp; **$18.10** | &nbsp;&nbsp; **$16.64** | &nbsp;&nbsp; **$24.95** | &nbsp;&nbsp; **$22.86** | &nbsp;&nbsp; **$21.09** |
| Net investment income (loss) | (0.01 )<sup>1</sup><br>| 0.04 <br><sup>1</sup><br>| 0.07 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.02 )<sup>1</sup><br>| &nbsp;&nbsp; (0.27 )<sup>1</sup><br>| &nbsp;&nbsp; (0.14 )<sup>1</sup><br>|
| Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.04 |
| Net realized and unrealized gains (losses) on investments | 0.26 | 3.61 | 1.39 | &nbsp;&nbsp; (8.29)<br>| 2.36 | 1.87 |
| Total from investment operations | 0.25 | 3.65 | 1.46 | &nbsp;&nbsp; (8.31)<br>| 2.09 | 1.77 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.07)<br>| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net asset value, end of period** | **$21.93** | &nbsp;&nbsp; **$21.75** | &nbsp;&nbsp; **$18.10** | &nbsp;&nbsp; **$16.64** | &nbsp;&nbsp; **$24.95** | &nbsp;&nbsp; **$22.86** |
| **Total return**<sup>2</sup> <br>| **1.14%**<br>| **20.17%**<br>| **8.77%**<br>| &nbsp;&nbsp; **(33.31)%**<br>| **9.14%**<br>| **8.39%** <br><sup>3</sup><br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 2.28<br> %<br>| 2.26<br> %<br>| 2.32<br> %<br>| 2.28<br> %<br>| 2.23<br> %<br>| 2.29<br> %<br>|
| Net expenses | 2.18<br> %<br>| 2.18<br> %<br>| 2.19<br> %<br>| 2.19<br> %<br>| 2.22<br> %<br>| 2.28<br> %<br>|
| Net investment income (loss) | (0.08)%<br>| 0.20<br> %<br>| 0.34<br> %<br>| &nbsp;&nbsp; (0.11)%<br>| &nbsp;&nbsp; (0.98)%<br>| &nbsp;&nbsp; (0.64)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 4<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 12<br> %<br>|
| Net assets, end of period (000s omitted) | $2314 | &nbsp;&nbsp; $3048 | &nbsp;&nbsp; $4373 | &nbsp;&nbsp; $5558 | &nbsp;&nbsp; $12260 | &nbsp;&nbsp; $20149 |

---

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

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

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

<sup>3</sup> During the year ended October 31, 2020, the Fund received a payment from an affiliate which had a 0.18% impact on the total return.

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

Allspring Emerging Markets Equity Fund \| 15

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class R6 | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$27.44** | &nbsp;&nbsp; **$22.89** | &nbsp;&nbsp; **$21.06** | &nbsp;&nbsp; **$31.45** | &nbsp;&nbsp; **$28.59** | &nbsp;&nbsp; **$26.39** |
| Net investment income | 0.15 <br><sup>1</sup><br>| 0.36 <br><sup>1</sup><br>| 0.37 <br><sup>1</sup><br>| 0.30 <br><sup>1</sup><br>| 0.08 <br><sup>1</sup><br>| 0.17 |
| Net realized and unrealized gains (losses) on investments | 0.31 | 4.53 | 1.76 | &nbsp;&nbsp; (10.47)<br>| 2.92 | 2.33 |
| Total from investment operations | 0.46 | 4.89 | 2.13 | &nbsp;&nbsp; (10.17)<br>| 3.00 | 2.50 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.37)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.30)<br>|
| **Net asset value, end of period** | **$27.53** | &nbsp;&nbsp; **$27.44** | &nbsp;&nbsp; **$22.89** | &nbsp;&nbsp; **$21.06** | &nbsp;&nbsp; **$31.45** | &nbsp;&nbsp; **$28.59** |
| **Total return**<sup>2</sup> <br>| **1.76%**<br>| **21.55%**<br>| **10.09%**<br>| &nbsp;&nbsp; **(32.53)%**<br>| **10.47%**<br>| **9.49%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.12<br> %<br>| 1.10<br> %<br>| 1.15<br> %<br>| 1.11<br> %<br>| 1.05<br> %<br>| 1.11<br> %<br>|
| Net expenses | 1.01<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>| 1.04<br> %<br>| 1.11<br> %<br>|
| Net investment income | 1.14<br> %<br>| 1.39<br> %<br>| 1.54<br> %<br>| 1.13<br> %<br>| 0.23<br> %<br>| 0.55<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 4<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 12<br> %<br>|
| Net assets, end of period (000s omitted) | $424493 | &nbsp;&nbsp; $463455 | &nbsp;&nbsp; $371408 | &nbsp;&nbsp; $368845 | &nbsp;&nbsp; $536456 | &nbsp;&nbsp; $324637 |

---

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

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

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

16 \| Allspring Emerging Markets Equity Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Administrator Class | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$27.89** | &nbsp;&nbsp; **$23.26** | &nbsp;&nbsp; **$21.39** | &nbsp;&nbsp; **$31.89** | &nbsp;&nbsp; **$29.01** | &nbsp;&nbsp; **$26.50** |
| Net investment income (loss) | 0.11 <br><sup>1</sup><br>| 0.28 <br><sup>1</sup><br>| 0.30 <br><sup>1</sup><br>| 0.20 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.05 )<sup>1</sup><br>| 0.05 <br><sup>1</sup><br>|
| Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.31 |
| Net realized and unrealized gains (losses) on investments | 0.32 | 4.60 | 1.78 | &nbsp;&nbsp; (10.60)<br>| 2.97 | 2.35 |
| Total from investment operations | 0.43 | 4.88 | 2.08 | &nbsp;&nbsp; (10.40)<br>| 2.92 | 2.71 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.28)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.20)<br>|
| **Net asset value, end of period** | **$28.04** | &nbsp;&nbsp; **$27.89** | &nbsp;&nbsp; **$23.26** | &nbsp;&nbsp; **$21.39** | &nbsp;&nbsp; **$31.89** | &nbsp;&nbsp; **$29.01** |
| **Total return**<sup>2</sup> <br>| **1.60%**<br>| **21.11%**<br>| **9.70%**<br>| &nbsp;&nbsp; **(32.73)%** <br><sup>3</sup><br>| **10.09%**<br>| **10.25%** <br><sup>4</sup><br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.47<br> %<br>| 1.45<br> %<br>| 1.49<br> %<br>| 1.45<br> %<br>| 1.40<br> %<br>| 1.46<br> %<br>|
| Net expenses | 1.35<br> %<br>| 1.36<br> %<br>| 1.35<br> %<br>| 1.36<br> %<br>| 1.38<br> %<br>| 1.43<br> %<br>|
| Net investment income (loss) | 0.79<br> %<br>| 1.06<br> %<br>| 1.20<br> %<br>| 0.75<br> %<br>| &nbsp;&nbsp; (0.13)%<br>| 0.20<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 4<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 12<br> %<br>|
| Net assets, end of period (000s omitted) | $28501 | &nbsp;&nbsp; $31921 | &nbsp;&nbsp; $36101 | &nbsp;&nbsp; $41117 | &nbsp;&nbsp; $78118 | &nbsp;&nbsp; $73888 |

---

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

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

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

<sup>3</sup> During the year ended October 31, 2022, the Fund received payments from a service provider which had a 0.04% impact on the total return.

<sup>4</sup> During the year ended October 31, 2020, the Fund received a payment from an affiliate which had a 1.16% impact on the total return.

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

Allspring Emerging Markets Equity Fund \| 17

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Institutional Class | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$27.43** | &nbsp;&nbsp; **$22.89** | &nbsp;&nbsp; **$21.05** | &nbsp;&nbsp; **$31.42** | &nbsp;&nbsp; **$28.57** | &nbsp;&nbsp; **$26.38** |
| Net investment income | 0.14 <br><sup>1</sup><br>| 0.34 <br><sup>1</sup><br>| 0.35 <br><sup>1</sup><br>| 0.27 <br><sup>1</sup><br>| 0.04 <br><sup>1</sup><br>| 0.14 |
| Net realized and unrealized gains (losses) on investments | 0.31 | 4.52 | 1.76 | &nbsp;&nbsp; (10.45)<br>| 2.92 | 2.34 |
| Total from investment operations | 0.45 | 4.86 | 2.11 | &nbsp;&nbsp; (10.18)<br>| 2.96 | 2.48 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.35)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | **$27.53** | &nbsp;&nbsp; **$27.43** | &nbsp;&nbsp; **$22.89** | &nbsp;&nbsp; **$21.05** | &nbsp;&nbsp; **$31.42** | &nbsp;&nbsp; **$28.57** |
| **Total return**<sup>2</sup> <br>| **1.70%**<br>| **21.38%**<br>| **10.01%**<br>| &nbsp;&nbsp; **(32.60)%**<br>| **10.39%**<br>| **9.42%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.22<br> %<br>| 1.20<br> %<br>| 1.25<br> %<br>| 1.21<br> %<br>| 1.15<br> %<br>| 1.21<br> %<br>|
| Net expenses | 1.11<br> %<br>| 1.11<br> %<br>| 1.11<br> %<br>| 1.11<br> %<br>| 1.14<br> %<br>| 1.18<br> %<br>|
| Net investment income | 1.02<br> %<br>| 1.31<br> %<br>| 1.43<br> %<br>| 1.03<br> %<br>| 0.12<br> %<br>| 0.49<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 4<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 12<br> %<br>|
| Net assets, end of period (000s omitted) | $2799196 | &nbsp;&nbsp; $3241343 | &nbsp;&nbsp; $3024598 | &nbsp;&nbsp; $2969992 | &nbsp;&nbsp; $5334340 | &nbsp;&nbsp; $3984940 |

---

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

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

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

18 \| Allspring Emerging Markets Equity Fund

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On April 30, 2025, such fair value pricing was used in pricing certain foreign securities.

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

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

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

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

Foreign currency translation

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

Allspring Emerging Markets Equity Fund \| 19

------

Notes to financial statements (unaudited)

Securities lending

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

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

Forward foreign currency contracts

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

Security transactions and income recognition

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

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

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

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

The Fund's income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund's tax positions taken on federal, state, and foreign tax returns, 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 April 30, 2025, the aggregate cost of all investments for federal income tax purposes was $2,327,168,418 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $1481451075 |
| Gross unrealized losses | &nbsp;&nbsp; (396592548)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$1084858527** |

---

As of October 31, 2024, the Fund had capital loss carryforwards which consisted of $84,803,762 in short-term capital losses and $390,998,363 in long-term capital losses.

20 \| Allspring Emerging Markets Equity Fund

------

Notes to financial statements (unaudited)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Brazil* | &nbsp;&nbsp; $165758343 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $165758343 |
| *Chile* | &nbsp;&nbsp; 65174016 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 65174016 |
| *China* | &nbsp;&nbsp; 106018425 | &nbsp;&nbsp;&nbsp; 606571997 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 712590422 |
| *Colombia* | &nbsp;&nbsp; 15688512 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 15688512 |
| *Hong Kong* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 125546774 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 125546774 |
| *India* | &nbsp;&nbsp; 48607752 | &nbsp;&nbsp;&nbsp; 580697624 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 629305376 |
| *Indonesia* | &nbsp;&nbsp; 21529872 | &nbsp;&nbsp;&nbsp; 124261222 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 145791094 |
| *Luxembourg* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 69051590 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 69051590 |
| *Mexico* | &nbsp;&nbsp; 147611458 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 147611458 |
| *Philippines* | &nbsp;&nbsp; 3248277 | &nbsp;&nbsp;&nbsp; 21644568 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 24892845 |
| *Russia* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| *Saudi Arabia* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14779974 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14779974 |
| *Singapore* | &nbsp;&nbsp; 82495359 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 82495359 |
| *South Africa* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 111883217 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 111883217 |
| *South Korea* | &nbsp;&nbsp; 72602015 | &nbsp;&nbsp;&nbsp; 348998298 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 421600313 |
| *Taiwan* | &nbsp;&nbsp; 154363608 | &nbsp;&nbsp;&nbsp; 319173259 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 473536867 |
| *Thailand* | &nbsp;&nbsp; 20027128 | &nbsp;&nbsp;&nbsp; 63235695 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 83262823 |
| *United Arab Emirates* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 16618260 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 16618260 |
| *United States* | &nbsp;&nbsp; 46193800 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 46193800 |
| **Convertible debentures** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| **Preferred stocks** |  |  |  |  |
| *Brazil* | &nbsp;&nbsp; 24224590 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 24224590 |
| **Rights** |  |  |  |  |
| *South Korea* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 186342 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 186342 |
| **Warrants** |  |  |  |  |
| *Brazil* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 35834970 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 35834970 |
| **Total assets** | &nbsp;&nbsp; **$1009378125** | &nbsp;&nbsp;&nbsp; **$2402648820** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$3412026945** |

---

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

Allspring Emerging Markets Equity Fund \| 21

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Notes to financial statements (unaudited)

At April 30, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $1 billion | 1.050<br> %<br>|
| Next $1 billion | 1.025 |
| Next $2 billion | 1.000 |
| Next $1 billion | 0.975 |
| Next $3 billion | 0.965 |
| Next $2 billion | 0.955 |
| Over $10 billion | 0.945 |

---

For the six months ended April 30, 2025, the management fee was equivalent to an annual rate of 1.02% 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 and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.65% and declining to 0.45% as the average daily net assets of the Fund increase.

Administration fees

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through February 28, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of April 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.43<br> %<br>|
| Class C | 2.18 |
| Class R6 | 1.01 |
| Administrator Class | 1.36 |
| Institutional Class | 1.11 |

---

22 \| Allspring Emerging Markets Equity Fund

------

Notes to financial statements (unaudited)

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended April 30, 2025, Allspring Funds Distributor received $592 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended April 30, 2025.

Shareholder servicing fees

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended April 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2025 were $133,479,665 and $662,438,882, respectively.

6. BANK BORROWINGS

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

During the six months ended April 30, 2025, the Fund had average borrowings outstanding of $87,845 at an average rate of 5.66% and paid interest in the amount of $2,464.

7. CONCENTRATION RISKS

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

8. MARKET RISKS

Russia launched a large-scale invasion of Ukraine on February 24, 2022. As a result of this military action, the United States and many other countries have instituted various economic sanctions against Russian and Belarus individuals and entities. The situation has led to increased financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities, such as oil and natural gas. The extent and duration of the military action, resulting sanctions imposed, other punitive action taken and the resulting market disruptions cannot be easily predicted. As of April 30, 2025, the Fund held 0.00% of its total net assets in Russian securities with unrealized losses in the amount of $19,644,150.

9. INDEMNIFICATION

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

Allspring Emerging Markets Equity Fund \| 23

------

Notes to financial statements (unaudited)

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

10. OPERATING SEGMENTS

The Fund has adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

11. SUBSEQUENT EVENT

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

24 \| Allspring Emerging Markets Equity Fund

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Other information (unaudited)

Other information

Proxy voting information

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

Quarterly portfolio holdings information

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

Allspring Emerging Markets Equity Fund \| 25

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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.

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

Not applicable

26 \| Allspring Emerging Markets Equity Fund

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*This page is intentionally left blank.*

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![](g939517img0dac81761.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**

![](g939517img6925356e2.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.**

**NCSRS0663 04-25**

------

![](g939517imga98651291.jpg)

Allspring Emerging Markets Equity Advantage Fund

(formerly, Allspring Emerging Markets Equity Income Fund)

Long Form Financial Statements

Semi-Annual Report

April 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_d67f617b-ffe9-4989-9efb-0aa35e23ca8e_POI-PageBlank-91_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_d67f617b-ffe9-4989-9efb-0aa35e23ca8e_FS-PageBlank-91_1)** |  |
| [Statement of assets and liabilities](#xx_d67f617b-ffe9-4989-9efb-0aa35e23ca8e_FS-PageBlank-91_1) | 7 |
| [Statement of operations](#xx_d67f617b-ffe9-4989-9efb-0aa35e23ca8e_FS-PageBlank-91_3) | 9 |
| [Statement of changes in net assets](#xx_d67f617b-ffe9-4989-9efb-0aa35e23ca8e_FS-PageBlank-91_4) | 10 |
| [Financial highlights](#xx_d67f617b-ffe9-4989-9efb-0aa35e23ca8e_FIHI-PageBlank-91_1) | 11 |
| **[Notes to financial statements](#xx_d67f617b-ffe9-4989-9efb-0aa35e23ca8e_NTF-PageBlank-91_1)** | 16 |
| **[Other information](#xx_d67f617b-ffe9-4989-9efb-0aa35e23ca8e_OI-PageBlank-91_1)** | 22 |
| [Item 8. Changes in and disagreements with accountants](#xx_d67f617b-ffe9-4989-9efb-0aa35e23ca8e_OI-PageBlank-91_2) | 23 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_d67f617b-ffe9-4989-9efb-0aa35e23ca8e_OI-PageBlank-91_2) | 23 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_d67f617b-ffe9-4989-9efb-0aa35e23ca8e_OI-PageBlank-91_2) | 23 |
| [Item 11. Statement regarding basis for board](#xx_d67f617b-ffe9-4989-9efb-0aa35e23ca8e_OI-PageBlank-91_2)['](#xx_d67f617b-ffe9-4989-9efb-0aa35e23ca8e_OI-PageBlank-91_2)[s approval of investment](#xx_d67f617b-ffe9-4989-9efb-0aa35e23ca8e_OI-PageBlank-91_2)<br> [advisory contract](#xx_d67f617b-ffe9-4989-9efb-0aa35e23ca8e_OI-PageBlank-91_2)<br>| 23 |

---

Allspring Emerging Markets Equity Advantage Fund \| 1

------

Portfolio of investments—April 30, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 94.47%** |  |  |
| **Brazil: 5.04%** |  |  |
| B3 SA - Brasil Bolsa Balcao (Financials, Capital markets) | 1058900 | &nbsp;&nbsp; $2517037 |
| Banco BTG Pactual SA (Financials, Capital markets) | 400372 | &nbsp;&nbsp; 2688594 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Utilities, Water utilities) | 120700 | &nbsp;&nbsp; 2422231 |
| Embraer SA ADR (Industrials, Aerospace & defense)† | 32412 | &nbsp;&nbsp; 1489007 |
| &nbsp;&nbsp; Multiplan Empreendimentos Imobiliarios SA (Real estate, Real estate management & <br> development)<br>| 573100 | &nbsp;&nbsp; 2599331 |
| Petroleo Brasileiro SA ADR (Energy, Oil, gas & consumable fuels) | 266658 | &nbsp;&nbsp; 2815908 |
| &nbsp;&nbsp; Telefonica Brasil SA (Communication services, Diversified telecommunication <br> services)<br>| 598161 | &nbsp;&nbsp; 2929065 |
|  |  | &nbsp;&nbsp; **17461173** |
| **China: 28.16%** |  |  |
| Alibaba Group Holding Ltd. (Consumer discretionary, Broadline retail) | 1095100 | &nbsp;&nbsp; 16349872 |
| &nbsp;&nbsp; ANTA Sports Products Ltd. (Consumer discretionary, Textiles, apparel & luxury <br> goods)<br>| 288200 | &nbsp;&nbsp; 3405318 |
| Baidu, Inc. Class A (Communication services, Interactive media & services)† | 151244 | &nbsp;&nbsp; 1667769 |
| China Construction Bank Corp. Class H (Financials, Banks) | 6210000 | &nbsp;&nbsp; 5101067 |
| China Merchants Bank Co. Ltd. Class H (Financials, Banks) | 748500 | &nbsp;&nbsp; 4082799 |
| China Resources Land Ltd. (Real estate, Real estate management & development) | 861000 | &nbsp;&nbsp; 2896927 |
| &nbsp;&nbsp; China State Construction International Holdings Ltd. (Industrials, Construction & <br> engineering)<br>| 1214000 | &nbsp;&nbsp; 1789466 |
| &nbsp;&nbsp; China Tower Corp. Ltd. Class H (Communication services, Diversified <br> telecommunication services)144A<br>| 1461200 | &nbsp;&nbsp; 2116514 |
| Chinasoft International Ltd. (Information technology, IT services) | 2494000 | &nbsp;&nbsp; 1589581 |
| CITIC Securities Co. Ltd. Class H (Financials, Capital markets) | 727500 | &nbsp;&nbsp; 1798037 |
| ENN Energy Holdings Ltd. (Utilities, Gas utilities) | 249600 | &nbsp;&nbsp; 1970436 |
| &nbsp;&nbsp; Focus Media Information Technology Co. Ltd. Class A (Communication services, <br> Media)<br>| 2152500 | &nbsp;&nbsp; 2136630 |
| &nbsp;&nbsp; Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer discretionary, Household <br> durables)<br>| 277400 | &nbsp;&nbsp; 1740628 |
| &nbsp;&nbsp; Inner Mongolia Yili Industrial Group Co. Ltd. Class A (Consumer staples, Food <br> products)<br>| 870078 | &nbsp;&nbsp; 3565176 |
| JD.com, Inc. Class A (Consumer discretionary, Broadline retail) | 195200 | &nbsp;&nbsp; 3178134 |
| Kweichow Moutai Co. Ltd. Class A (Consumer staples, Beverages) | 16400 | &nbsp;&nbsp; 3494025 |
| Midea Group Co. Ltd. Class A (Consumer discretionary, Household durables) | 210658 | &nbsp;&nbsp; 2135776 |
| NARI Technology Co. Ltd. Class A (Industrials, Electrical equipment) | 822500 | &nbsp;&nbsp; 2509537 |
| Ping An Insurance Group Co. of China Ltd. Class A (Financials, Insurance) | 556202 | &nbsp;&nbsp; 3886483 |
| SF Holding Co. Ltd. Class A (Industrials, Air freight & logistics) | 319800 | &nbsp;&nbsp; 1916021 |
| &nbsp;&nbsp; Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (Health care, Health care <br> equipment & supplies)<br>| 86500 | &nbsp;&nbsp; 2616097 |
| &nbsp;&nbsp; Shenzhou International Group Holdings Ltd. (Consumer discretionary, Textiles, <br> apparel & luxury goods)<br>| 316800 | &nbsp;&nbsp; 2195962 |
| Sinopharm Group Co. Ltd. Class H (Health care, Health care providers & services) | 1010400 | &nbsp;&nbsp; 2381258 |
| Tencent Holdings Ltd. (Communication services, Interactive media & services) | 333200 | &nbsp;&nbsp; 20408814 |
| Tingyi Cayman Islands Holding Corp. (Consumer staples, Food products) | 1442000 | &nbsp;&nbsp; 2604730 |
|  |  | &nbsp;&nbsp; **97537057** |

---

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

2 \| Allspring Emerging Markets Equity Advantage Fund

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Greece: 1.19%** |  |  |
| &nbsp;&nbsp; Hellenic Telecommunications Organization SA (Communication services, Diversified <br> telecommunication services)<br>| 93915 | &nbsp;&nbsp; $1782225 |
| Piraeus Financial Holdings SA (Financials, Banks) | 418166 | &nbsp;&nbsp; 2348433 |
|  |  | &nbsp;&nbsp; **4130658** |
| **Hong Kong: 1.72%** |  |  |
| &nbsp;&nbsp; China Overseas Land & Investment Ltd. (Real estate, Real estate management & <br> development)<br>| 1823500 | &nbsp;&nbsp; 3235161 |
| &nbsp;&nbsp; Lenovo Group Ltd. (Information technology, Technology hardware, storage & <br> peripherals)<br>| 2356000 | &nbsp;&nbsp; 2724894 |
|  |  | &nbsp;&nbsp; **5960055** |
| **Hungary: 0.64%** |  |  |
| OTP Bank Nyrt (Financials, Banks) | 29827 | &nbsp;&nbsp; **2203261** |
| **India: 17.38%** |  |  |
| Ashok Leyland Ltd. (Industrials, Machinery) | 783621 | &nbsp;&nbsp; 2092028 |
| Bajaj Auto Ltd. (Consumer discretionary, Automobiles) | 44339 | &nbsp;&nbsp; 4212515 |
| DLF Ltd. (Real estate, Real estate management & development) | 330018 | &nbsp;&nbsp; 2632352 |
| Embassy Office Parks REIT (Real estate, Office REITs) | 1241056 | &nbsp;&nbsp; 5606831 |
| GAIL India Ltd. (Utilities, Gas utilities) | 1969499 | &nbsp;&nbsp; 4402891 |
| Hyundai Motor India Ltd. (Consumer discretionary, Automobiles)† | 117712 | &nbsp;&nbsp; 2379215 |
| Infosys Ltd. (Information technology, IT services) | 201476 | &nbsp;&nbsp; 3561679 |
| LIC Housing Finance Ltd. (Financials, Financial services) | 259041 | &nbsp;&nbsp; 1846753 |
| Nexus Select Trust (Real estate, Retail REITs) | 1474905 | &nbsp;&nbsp; 2263411 |
| NHPC Ltd. (Utilities, Independent power and renewable electricity producers) | 6982091 | &nbsp;&nbsp; 7076567 |
| Nippon Life India Asset Management Ltd. (Financials, Capital markets)144A | 484523 | &nbsp;&nbsp; 3659127 |
| Nuvama Wealth Management Ltd. (Financials, Capital markets) | 20271 | &nbsp;&nbsp; 1469267 |
| Power Finance Corp. Ltd. (Financials, Financial services) | 707803 | &nbsp;&nbsp; 3423902 |
| Power Grid Corp. of India Ltd. (Utilities, Electric utilities) | 1464765 | &nbsp;&nbsp; 5319935 |
| Shriram Finance Ltd. (Financials, Consumer finance) | 723516 | &nbsp;&nbsp; 5243110 |
| State Bank of India (Financials, Banks) | 537956 | &nbsp;&nbsp; 5024293 |
|  |  | &nbsp;&nbsp; **60213876** |
| **Indonesia: 1.24%** |  |  |
| Bank Central Asia Tbk. PT (Financials, Banks) | 4794600 | &nbsp;&nbsp; 2549242 |
| Indofood CBP Sukses Makmur Tbk. PT (Consumer staples, Food products) | 2540200 | &nbsp;&nbsp; 1736824 |
|  |  | &nbsp;&nbsp; **4286066** |
| **Kuwait: 0.47%** |  |  |
| National Bank of Kuwait SAKP (Financials, Banks) | 520414 | &nbsp;&nbsp; **1618442** |
| **Malaysia: 0.51%** |  |  |
| Hong Leong Bank Bhd. (Financials, Banks) | 384500 | &nbsp;&nbsp; **1782202** |
| **Mexico: 2.21%** |  |  |
| Fomento Economico Mexicano SAB de CV ADR (Consumer staples, Beverages) | 15196 | &nbsp;&nbsp; 1600291 |
| Grupo Financiero Banorte SAB de CV Class O (Financials, Banks) | 253100 | &nbsp;&nbsp; 2170203 |

---

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

Allspring Emerging Markets Equity Advantage Fund \| 3

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Mexico**(continued) |  |  |
| Prologis Property Mexico SA de CV (Real estate, Industrial REITs) | 525800 | &nbsp;&nbsp; $1865858 |
| &nbsp;&nbsp; Wal-Mart de Mexico SAB de CV (Consumer staples, Consumer staples distribution & <br> retail)<br>| 642291 | &nbsp;&nbsp; 2034907 |
|  |  | &nbsp;&nbsp; **7671259** |
| **Peru: 0.58%** |  |  |
| Credicorp Ltd. (Financials, Banks) | 9992 | &nbsp;&nbsp; **2020282** |
| **Philippines: 0.59%** |  |  |
| Bank of the Philippine Islands (Financials, Banks) | 821637 | &nbsp;&nbsp; **2060111** |
| **Poland: 1.12%** |  |  |
| Bank Polska Kasa Opieki SA (Financials, Banks) | 39164 | &nbsp;&nbsp; 1962963 |
| Budimex SA (Industrials, Construction & engineering) | 11316 | &nbsp;&nbsp; 1901992 |
|  |  | &nbsp;&nbsp; **3864955** |
| **Russia: 0.00%** |  |  |
| Alrosa PJSC (Acquired 5-6-2021, cost $1,726,284) (Materials, Metals & mining)♦†˃ | 1142750 | &nbsp;&nbsp; **0** |
| **Saudi Arabia: 2.26%** |  |  |
| Al Rajhi Bank (Financials, Banks) | 117379 | &nbsp;&nbsp; 3049265 |
| Etihad Etisalat Co. (Communication services, Wireless telecommunication services) | 286532 | &nbsp;&nbsp; 4797241 |
|  |  | &nbsp;&nbsp; **7846506** |
| **Singapore: 2.05%** |  |  |
| BOC Aviation Ltd. (Industrials, Trading companies & distributors)144A | 257500 | &nbsp;&nbsp; 1929801 |
| &nbsp;&nbsp; Singapore Telecommunications Ltd. (Communication services, Diversified <br> telecommunication services)<br>| 1793500 | &nbsp;&nbsp; 5188944 |
|  |  | &nbsp;&nbsp; **7118745** |
| **South Africa: 3.41%** |  |  |
| Absa Group Ltd. (Financials, Banks) | 154394 | &nbsp;&nbsp; 1424890 |
| Bidvest Group Ltd. (Industrials, Industrial conglomerates) | 142697 | &nbsp;&nbsp; 1809024 |
| Foschini Group Ltd. (Consumer discretionary, Specialty retail) | 233770 | &nbsp;&nbsp; 1624592 |
| Gold Fields Ltd. ADR (Materials, Metals & mining) | 145409 | &nbsp;&nbsp; 3277519 |
| Naspers Ltd. Class N (Consumer discretionary, Broadline retail) | 7003 | &nbsp;&nbsp; 1841384 |
| Standard Bank Group Ltd. (Financials, Banks) | 147051 | &nbsp;&nbsp; 1836396 |
|  |  | &nbsp;&nbsp; **11813805** |
| **South Korea: 7.52%** |  |  |
| Coway Co. Ltd. (Consumer discretionary, Household durables) | 31025 | &nbsp;&nbsp; 1910223 |
| HD Hyundai Marine Solution Co. Ltd. Class C (Industrials, Machinery) | 15879 | &nbsp;&nbsp; 1715042 |
| KB Financial Group, Inc. (Financials, Banks) | 57693 | &nbsp;&nbsp; 3646122 |
| &nbsp;&nbsp; KEPCO Plant Service & Engineering Co. Ltd. (Industrials, Commercial services & <br> supplies)<br>| 54027 | &nbsp;&nbsp; 1669014 |
| Kia Corp. (Consumer discretionary, Automobiles) | 52369 | &nbsp;&nbsp; 3328221 |
| Macquarie Korea Infrastructure Fund (Financials, Capital markets) | 206576 | &nbsp;&nbsp; 1664997 |
| Misto Holdings Corp. (Consumer discretionary, Textiles, apparel & luxury goods) | 54130 | &nbsp;&nbsp; 1407606 |

---

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

4 \| Allspring Emerging Markets Equity Advantage Fund

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **South Korea**(continued) |  |  |
| &nbsp;&nbsp; Samsung Electronics Co. Ltd. (Information technology, Technology hardware, <br> storage & peripherals)<br>| 225364 | &nbsp;&nbsp; $8793148 |
| &nbsp;&nbsp; SK Telecom Co. Ltd. (Communication services, Wireless telecommunication <br> services)<br>| 49975 | &nbsp;&nbsp; 1909383 |
|  |  | &nbsp;&nbsp; **26043756** |
| **Taiwan: 15.38%** |  |  |
| &nbsp;&nbsp; ASE Technology Holding Co. Ltd. (Information technology, Semiconductors & <br> semiconductor equipment)<br>| 430000 | &nbsp;&nbsp; 1832315 |
| Cathay Financial Holding Co. Ltd. (Financials, Insurance) | 1253000 | &nbsp;&nbsp; 2308664 |
| &nbsp;&nbsp; Delta Electronics, Inc. (Information technology, Electronic equipment, instruments & <br> components)<br>| 169000 | &nbsp;&nbsp; 1770815 |
| &nbsp;&nbsp; Elan Microelectronics Corp. (Information technology, Semiconductors & <br> semiconductor equipment)<br>| 600000 | &nbsp;&nbsp; 2467875 |
| &nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. (Information technology, Electronic equipment, <br> instruments & components)<br>| 274000 | &nbsp;&nbsp; 1220751 |
| &nbsp;&nbsp; Largan Precision Co. Ltd. (Information technology, Electronic equipment, <br> instruments & components)<br>| 29000 | &nbsp;&nbsp; 2067458 |
| &nbsp;&nbsp; MediaTek, Inc. (Information technology, Semiconductors & semiconductor <br> equipment)<br>| 195000 | &nbsp;&nbsp; 8286148 |
| &nbsp;&nbsp; Quanta Computer, Inc. (Information technology, Technology hardware, storage & <br> peripherals)<br>| 276000 | &nbsp;&nbsp; 2073502 |
| Sercomm Corp. (Information technology, Communications equipment) | 450000 | &nbsp;&nbsp; 1474809 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Information technology, <br> Semiconductors & semiconductor equipment)<br>| 991000 | &nbsp;&nbsp; 28079540 |
| Teco Electric & Machinery Co. Ltd. (Industrials, Electrical equipment) | 1107000 | &nbsp;&nbsp; 1696482 |
|  |  | &nbsp;&nbsp; **53278359** |
| **Thailand: 0.75%** |  |  |
| &nbsp;&nbsp; Bangkok Dusit Medical Services PCL Class F (Health care, Health care providers & <br> services)<br>| 3650500 | &nbsp;&nbsp; **2591864** |
| **United Arab Emirates: 0.99%** |  |  |
| Emaar Properties PJSC (Real estate, Real estate management & development) | 489106 | &nbsp;&nbsp; 1747699 |
| &nbsp;&nbsp; Emirates Telecommunications Group Co. PJSC (Communication services, Diversified <br> telecommunication services)<br>| 355834 | &nbsp;&nbsp; 1685659 |
|  |  | &nbsp;&nbsp; **3433358** |
| **United Kingdom: 0.81%** |  |  |
| Fresnillo PLC (Materials, Metals & mining) | 208120 | &nbsp;&nbsp; **2789341** |
| **United States: 0.45%** |  |  |
| Southern Copper Corp. (Materials, Metals & mining) | 17458 | &nbsp;&nbsp; **1562840** |
| **Total common stocks (Cost $258,577,212)** |  | &nbsp;&nbsp; **327287971** |

---

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

Allspring Emerging Markets Equity Advantage Fund \| 5

------

Portfolio of investments—April 30, 2025 (unaudited)

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

---

| | | | |
|:---|:---|:---|:---|
|  | Dividend <br>rate<br>| Shares | Value |
| **Preferred stocks: 2.12%** |  |  |  |
| **Brazil: 0.68%** |  |  |  |
| Itau Unibanco Holding SA (Financials, Banks) | 0.00 | 375870 | &nbsp;&nbsp; **$2356494** |
| **South Korea: 1.44%** |  |  |  |
| &nbsp;&nbsp; Samsung Electronics Co. Ltd. (Information technology, Technology hardware, <br> storage & peripherals)<br>| 0.26 | 150765 | &nbsp;&nbsp; **4976850** |
| **Total preferred stocks (Cost $6,827,764)** |  |  | &nbsp;&nbsp; **7333344** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 2.92%** |  |  |  |  |
| **Investment companies: 2.92%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.26<br> %<br>| 10096402 | &nbsp;&nbsp; **10096402** |
| **Total short-term investments (Cost $10,096,402)** |  |  |  | &nbsp;&nbsp; **10096402** |
| **Total investments in securities (Cost $275,501,378)** | 99.51<br> %<br>|  |  | &nbsp;&nbsp; 344717717 |
| Other assets and liabilities, net | 0.49 |  |  | &nbsp;&nbsp; 1709940 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$346427657** |

---

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

---

| | |
|:---|:---|
| † | Non-income-earning security |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| ♦ | The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| ˃ | Restricted security as to resale, excluding Rule 144A securities. The Fund held a restricted security with current value of $0 (original cost of $1,726,284), <br> representing 0.00% of its net assets as of period end.<br>|
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |

---

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

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

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $10924522 | $66111188 | $(66939308)<br>| $0 | $0 | $10096402 | 10096402 | $203659 |

---

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

6 \| Allspring Emerging Markets Equity Advantage Fund

------

Statement of assets and liabilities—April 30, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $265,404,976) | $334621315 |
| Investments in affiliated securities, at value (cost $10,096,402) | 10096402 |
| Cash | 562 |
| Foreign currency, at value (cost $1,722,749) | 1730112 |
| Receivable for dividends | 769741 |
| Receivable for Fund shares sold | 96265 |
| Prepaid expenses and other assets | 90693 |
| **Total assets** | **347405090** |
| Liabilities |  |
| Payable for investments purchased | 273199 |
| Management fee payable | 262187 |
| Contingent tax liability | 240262 |
| Custody and accounting fees payable | 77005 |
| Payable for Fund shares redeemed | 64298 |
| Administration fees payable | 33479 |
| Shareholder servicing fees payable | 13967 |
| Trustees' fees and expenses payable | 5126 |
| Distribution fee payable | 732 |
| Accrued expenses and other liabilities | 7178 |
| **Total liabilities** | **977433** |
| **Total net assets**  | **$346427657** |
| Net assets consist of |  |
| Paid-in capital | $320250626 |
| Total distributable earnings | 26177031 |
| **Total net assets** | **$346427657** |

---

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

Allspring Emerging Markets Equity Advantage Fund \| 7

------

Statement of assets and liabilities—April 30, 2025 (unaudited)

Statement of assets and liabilities

---

| | |
|:---|:---|
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $68937103 |
| Shares outstanding–Class A<sup>1</sup> <br>| 5721602 |
| Net asset value per share–Class A | $12.05 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $12.79 |
| Net assets–Class C | $1203521 |
| Shares outstanding–Class C<sup>1</sup> <br>| 100698 |
| Net asset value per share–Class C | $11.95 |
| Net assets–Class R6 | $76050666 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 6321295 |
| Net asset value per share–Class R6 | $12.03 |
| Net assets–Administrator Class | $1361505 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 112087 |
| Net asset value per share–Administrator Class | $12.15 |
| Net assets–Institutional Class | $198874862 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 16469689 |
| Net asset value per share–Institutional Class | $12.08 |

---

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

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

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

8 \| Allspring Emerging Markets Equity Advantage Fund

------

Statement of operations—six months ended April 30, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $577,961) | $3882854 |
| Income from affiliated securities | 203659 |
| Interest (net of foreign withholding taxes of $5) | 1513 |
| **Total investment income** | **4088026** |
| Expenses |  |
| Management fee | 1824868 |
| Administration fees |  |
| Class A | 67836 |
| Class C | 1555 |
| Class R6 | 9714 |
| Administrator Class | 992 |
| Institutional Class | 137746 |
| Shareholder servicing fees |  |
| Class A | 84751 |
| Class C | 1935 |
| Administrator Class | 1557 |
| Distribution fee |  |
| Class C | 5804 |
| Custody and accounting fees | 108459 |
| Professional fees | 34223 |
| Registration fees | 50392 |
| Shareholder report expenses | 18830 |
| Trustees' fees and expenses | 6738 |
| Other fees and expenses | 25506 |
| **Total expenses** | **2380906** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (87392)<br>|
| Class A | (25557)<br>|
| Class C | (254)<br>|
| Administrator Class | (185)<br>|
| Institutional Class | (53034)<br>|
| **Net expenses** | **2214484** |
| **Net investment income** | **1873542** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | 8352662 |
| Foreign currency and foreign currency translations | (139103)<br>|
| **Net realized gains on investments** | **8213559** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities (net of deferred foreign capital gains tax of $2,067,859) | (14449326)<br>|
| Foreign currency and foreign currency translations | 31167 |
| **Net change in unrealized gains (losses) on investments** | **(14418159)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(6204600)**<br>|
| **Net decrease in net assets resulting from operations** | **$(4331058)**<br>|

---

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

Allspring Emerging Markets Equity Advantage Fund \| 9

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Six months ended<br> April 30, 2025<br> (unaudited) | <br>Six months ended<br> April 30, 2025<br> (unaudited) | Year ended<br> October 31, 2024 | Year ended<br> October 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $1873542 |  | &nbsp;&nbsp; $7807593 |
| Net realized gains on investments |  | &nbsp;&nbsp; 8213559 |  | &nbsp;&nbsp; 11217124 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (14418159)<br>|  | &nbsp;&nbsp; 66364733 |
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **(4331058)**<br>|  | &nbsp;&nbsp; **85389450** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (474881)<br>|  | &nbsp;&nbsp; (1034143)<br>|
| Class C |  | &nbsp;&nbsp; (8535)<br>|  | &nbsp;&nbsp; (17898)<br>|
| Class R6 |  | &nbsp;&nbsp; (520183)<br>|  | &nbsp;&nbsp; (1204244)<br>|
| Administrator Class |  | &nbsp;&nbsp; (10532)<br>|  | &nbsp;&nbsp; (25052)<br>|
| Institutional Class |  | &nbsp;&nbsp; (1757789)<br>|  | &nbsp;&nbsp; (3943569)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(2771920)**<br>|  | &nbsp;&nbsp; **(6224906)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 378832 | &nbsp;&nbsp; 4467043 | &nbsp;&nbsp; 482975 | &nbsp;&nbsp; 5658590 |
| Class C | 1080 | &nbsp;&nbsp; 13040 | &nbsp;&nbsp; 9032 | &nbsp;&nbsp; 108288 |
| Class R6 | 1625498 | &nbsp;&nbsp; 19593427 | &nbsp;&nbsp; 4153699 | &nbsp;&nbsp; 45645051 |
| Administrator Class | 156416 | &nbsp;&nbsp; 1883510 | &nbsp;&nbsp; 391390 | &nbsp;&nbsp; 4576447 |
| Institutional Class | 1320999 | &nbsp;&nbsp; 15875861 | &nbsp;&nbsp; 3651188 | &nbsp;&nbsp; 42609894 |
|  |  | &nbsp;&nbsp; 41832881 |  | &nbsp;&nbsp; 98598270 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 37808 | &nbsp;&nbsp; 453724 | &nbsp;&nbsp; 85747 | &nbsp;&nbsp; 990095 |
| Class C | 714 | &nbsp;&nbsp; 8527 | &nbsp;&nbsp; 1569 | &nbsp;&nbsp; 17866 |
| Class R6 | 38367 | &nbsp;&nbsp; 459519 | &nbsp;&nbsp; 92520 | &nbsp;&nbsp; 1077743 |
| Administrator Class | 860 | &nbsp;&nbsp; 10409 | &nbsp;&nbsp; 2130 | &nbsp;&nbsp; 24794 |
| Institutional Class | 142021 | &nbsp;&nbsp; 1706759 | &nbsp;&nbsp; 321798 | &nbsp;&nbsp; 3724800 |
|  |  | &nbsp;&nbsp; 2638938 |  | &nbsp;&nbsp; 5835298 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (480920)<br>| &nbsp;&nbsp; (5774002)<br>| &nbsp;&nbsp; (1214444)<br>| &nbsp;&nbsp; (13978783)<br>|
| Class C | (59176)<br>| &nbsp;&nbsp; (705666)<br>| &nbsp;&nbsp; (110622)<br>| &nbsp;&nbsp; (1254778)<br>|
| Class R6 | (454038)<br>| &nbsp;&nbsp; (5424219)<br>| &nbsp;&nbsp; (2001402)<br>| &nbsp;&nbsp; (23858819)<br>|
| Administrator Class | (169737)<br>| &nbsp;&nbsp; (2068129)<br>| &nbsp;&nbsp; (420973)<br>| &nbsp;&nbsp; (4987050)<br>|
| Institutional Class | (3632504)<br>| &nbsp;&nbsp; (43554636)<br>| &nbsp;&nbsp; (5547129)<br>| &nbsp;&nbsp; (63012897)<br>|
|  |  | &nbsp;&nbsp; (57526652)<br>|  | &nbsp;&nbsp; (107092327)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(13054833)**<br>|  | &nbsp;&nbsp; **(2658759)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(20157811)**<br>|  | &nbsp;&nbsp; **76505785** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **366585468** |  | &nbsp;&nbsp; **290079683** |
| **End of period** |  | &nbsp;&nbsp; **$346427657** |  | &nbsp;&nbsp; **$366585468** |

---

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

10 \| Allspring Emerging Markets Equity Advantage Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class A | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$12.28** | &nbsp;&nbsp; **$9.69** | &nbsp;&nbsp; **$9.03** | &nbsp;&nbsp; **$12.67** | &nbsp;&nbsp; **$10.33** | &nbsp;&nbsp; **$11.21** |
| Net investment income | 0.05 <br><sup>1</sup><br>| 0.22 <br><sup>1</sup><br>| 0.25 <br><sup>1</sup><br>| 0.27 <br><sup>1</sup><br>| 0.24 | 0.20 |
| Net realized and unrealized gains (losses) on investments | (0.20)<br>| 2.54 | 0.64 | &nbsp;&nbsp; (3.59)<br>| 2.34 | &nbsp;&nbsp; (0.85)<br>|
| Total from investment operations | (0.15)<br>| 2.76 | 0.89 | &nbsp;&nbsp; (3.32)<br>| 2.58 | &nbsp;&nbsp; (0.65)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.08)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.23)<br>|
| **Net asset value, end of period** | **$12.05** | &nbsp;&nbsp; **$12.28** | &nbsp;&nbsp; **$9.69** | &nbsp;&nbsp; **$9.03** | &nbsp;&nbsp; **$12.67** | &nbsp;&nbsp; **$10.33** |
| **Total return**<sup>2</sup> <br>| **(1.19)%**<br>| **28.62%**<br>| **9.72%**<br>| &nbsp;&nbsp; **(26.67)%**<br>| **24.93%**<br>| &nbsp;&nbsp; **(5.83)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.64<br> %<br>| 1.61<br> %<br>| 1.68<br> %<br>| 1.70<br> %<br>| 1.63<br> %<br>| 1.65<br> %<br>|
| Net expenses | 1.52<br> %<br>| 1.53<br> %<br>| 1.51<br> %<br>| 1.54<br> %<br>| 1.54<br> %<br>| 1.52<br> %<br>|
| Net investment income | 0.85<br> %<br>| 1.90<br> %<br>| 2.43<br> %<br>| 2.34<br> %<br>| 1.88<br> %<br>| 2.10<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 34<br> %<br>| &nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp; 92<br> %<br>|
| Net assets, end of period (000s omitted) | $68937 | &nbsp;&nbsp; $71073 | &nbsp;&nbsp; $62296 | &nbsp;&nbsp; $63130 | &nbsp;&nbsp; $94152 | &nbsp;&nbsp; $83889 |

---

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

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

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

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

Allspring Emerging Markets Equity Advantage Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class C | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$12.21** | &nbsp;&nbsp; **$9.63** | &nbsp;&nbsp; **$8.98** | &nbsp;&nbsp; **$12.59** | &nbsp;&nbsp; **$10.26** | &nbsp;&nbsp; **$11.15** |
| Net investment income (loss) | (0.00 )<sup>12</sup><br>| 0.12 <br><sup>2</sup><br>| 0.16 <br><sup>2</sup><br>| 0.18 <br><sup>2</sup><br>| 0.11 | 0.11 |
| Net realized and unrealized gains (losses) on investments | (0.20)<br>| 2.55 | 0.64 | &nbsp;&nbsp; (3.56)<br>| 2.36 | &nbsp;&nbsp; (0.85)<br>|
| Total from investment operations | (0.20)<br>| 2.67 | 0.80 | &nbsp;&nbsp; (3.38)<br>| 2.47 | &nbsp;&nbsp; (0.74)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.06)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.15)<br>|
| **Net asset value, end of period** | **$11.95** | &nbsp;&nbsp; **$12.21** | &nbsp;&nbsp; **$9.63** | &nbsp;&nbsp; **$8.98** | &nbsp;&nbsp; **$12.59** | &nbsp;&nbsp; **$10.26** |
| **Total return**<sup>3</sup> <br>| **(1.66)%**<br>| **27.78%**<br>| **8.79%**<br>| &nbsp;&nbsp; **(27.27)%**<br>| **24.00%**<br>| &nbsp;&nbsp; **(6.69)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 2.38<br> %<br>| 2.35<br> %<br>| 2.43<br> %<br>| 2.43<br> %<br>| 2.37<br> %<br>| 2.40<br> %<br>|
| Net expenses | 2.30<br> %<br>| 2.30<br> %<br>| 2.30<br> %<br>| 2.30<br> %<br>| 2.30<br> %<br>| 2.31<br> %<br>|
| Net investment income (loss) | (0.04)%<br>| 1.08<br> %<br>| 1.55<br> %<br>| 1.55<br> %<br>| 1.07<br> %<br>| 1.03<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 34<br> %<br>| &nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp; 92<br> %<br>|
| Net assets, end of period (000s omitted) | $1204 | &nbsp;&nbsp; $1930 | &nbsp;&nbsp; $2486 | &nbsp;&nbsp; $3396 | &nbsp;&nbsp; $7203 | &nbsp;&nbsp; $8138 |

---

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

<sup>1</sup> Amount is more than $(0.005).

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

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

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

12 \| Allspring Emerging Markets Equity Advantage Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class R6 | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$12.26** | &nbsp;&nbsp; **$9.67** | &nbsp;&nbsp; **$9.02** | &nbsp;&nbsp; **$12.67** | &nbsp;&nbsp; **$10.33** | &nbsp;&nbsp; **$11.23** |
| Net investment income | 0.07 <br><sup>1</sup><br>| 0.29 <br><sup>1</sup><br>| 0.28 <br><sup>1</sup><br>| 0.31 <br><sup>1</sup><br>| 0.26 | 0.24 |
| Net realized and unrealized gains (losses) on investments | (0.20)<br>| 2.52 | 0.64 | &nbsp;&nbsp; (3.59)<br>| 2.37 | &nbsp;&nbsp; (0.87)<br>|
| Total from investment operations | (0.13)<br>| 2.81 | 0.92 | &nbsp;&nbsp; (3.28)<br>| 2.63 | &nbsp;&nbsp; (0.63)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.10)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.27)<br>|
| **Net asset value, end of period** | **$12.03** | &nbsp;&nbsp; **$12.26** | &nbsp;&nbsp; **$9.67** | &nbsp;&nbsp; **$9.02** | &nbsp;&nbsp; **$12.67** | &nbsp;&nbsp; **$10.33** |
| **Total return**<sup>2</sup> <br>| **(1.06)%**<br>| **29.17%**<br>| **10.10%**<br>| &nbsp;&nbsp; **(26.49)%**<br>| **25.44%**<br>| &nbsp;&nbsp; **(5.60)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.22<br> %<br>| 1.19<br> %<br>| 1.25<br> %<br>| 1.26<br> %<br>| 1.19<br> %<br>| 1.22<br> %<br>|
| Net expenses | 1.17<br> %<br>| 1.17<br> %<br>| 1.17<br> %<br>| 1.17<br> %<br>| 1.15<br> %<br>| 1.16<br> %<br>|
| Net investment income | 1.25<br> %<br>| 2.45<br> %<br>| 2.77<br> %<br>| 2.72<br> %<br>| 2.00<br> %<br>| 2.27<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 34<br> %<br>| &nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp; 92<br> %<br>|
| Net assets, end of period (000s omitted) | $76051 | &nbsp;&nbsp; $62675 | &nbsp;&nbsp; $27722 | &nbsp;&nbsp; $28296 | &nbsp;&nbsp; $43761 | &nbsp;&nbsp; $73969 |

---

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

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

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

Allspring Emerging Markets Equity Advantage Fund \| 13

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Administrator Class | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$12.38** | &nbsp;&nbsp; **$9.76** | &nbsp;&nbsp; **$9.10** | &nbsp;&nbsp; **$12.78** | &nbsp;&nbsp; **$10.41** | &nbsp;&nbsp; **$11.31** |
| Net investment income | 0.05 <br><sup>1</sup><br>| 0.23 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.28 <br><sup>1</sup><br>| 0.22 <br><sup>1</sup><br>| 0.20 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.19)<br>| 2.57 | 0.64 | &nbsp;&nbsp; (3.63)<br>| 2.40 | &nbsp;&nbsp; (0.87)<br>|
| Total from investment operations | (0.14)<br>| 2.80 | 0.90 | &nbsp;&nbsp; (3.35)<br>| 2.62 | &nbsp;&nbsp; (0.67)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.09)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.23)<br>|
| **Net asset value, end of period** | **$12.15** | &nbsp;&nbsp; **$12.38** | &nbsp;&nbsp; **$9.76** | &nbsp;&nbsp; **$9.10** | &nbsp;&nbsp; **$12.78** | &nbsp;&nbsp; **$10.41** |
| **Total return**<sup>2</sup> <br>| **(1.16)%**<br>| **28.82%**<br>| **9.75%**<br>| &nbsp;&nbsp; **(26.65)%**<br>| **25.03%**<br>| &nbsp;&nbsp; **(5.89)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.52<br> %<br>| 1.49<br> %<br>| 1.57<br> %<br>| 1.55<br> %<br>| 1.52<br> %<br>| 1.56<br> %<br>|
| Net expenses | 1.45<br> %<br>| 1.45<br> %<br>| 1.45<br> %<br>| 1.43<br> %<br>| 1.45<br> %<br>| 1.45<br> %<br>|
| Net investment income | 0.90<br> %<br>| 1.95<br> %<br>| 2.48<br> %<br>| 2.44<br> %<br>| 1.75<br> %<br>| 1.92<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 34<br> %<br>| &nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp; 92<br> %<br>|
| Net assets, end of period (000s omitted) | $1362 | &nbsp;&nbsp; $1542 | &nbsp;&nbsp; $1484 | &nbsp;&nbsp; $1765 | &nbsp;&nbsp; $2484 | &nbsp;&nbsp; $3842 |

---

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

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

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

14 \| Allspring Emerging Markets Equity Advantage Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Institutional Class | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$12.31** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$9.05** | &nbsp;&nbsp; **$12.70** | &nbsp;&nbsp; **$10.35** | &nbsp;&nbsp; **$11.24** |
| Net investment income | 0.07 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.28 <br><sup>1</sup><br>| 0.30 <br><sup>1</sup><br>| 0.28 | 0.19 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.20)<br>| 2.56 | 0.63 | &nbsp;&nbsp; (3.60)<br>| 2.35 | &nbsp;&nbsp; (0.82)<br>|
| Total from investment operations | (0.13)<br>| 2.82 | 0.91 | &nbsp;&nbsp; (3.30)<br>| 2.63 | &nbsp;&nbsp; (0.63)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.10)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>|
| **Net asset value, end of period** | **$12.08** | &nbsp;&nbsp; **$12.31** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$9.05** | &nbsp;&nbsp; **$12.70** | &nbsp;&nbsp; **$10.35** |
| **Total return**<sup>2</sup> <br>| **(1.09)%**<br>| **29.17%**<br>| **9.95%**<br>| &nbsp;&nbsp; **(26.44)%**<br>| **25.27%**<br>| &nbsp;&nbsp; **(5.63)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.32<br> %<br>| 1.29<br> %<br>| 1.35<br> %<br>| 1.37<br> %<br>| 1.30<br> %<br>| 1.33<br> %<br>|
| Net expenses | 1.22<br> %<br>| 1.22<br> %<br>| 1.22<br> %<br>| 1.22<br> %<br>| 1.22<br> %<br>| 1.22<br> %<br>|
| Net investment income | 1.11<br> %<br>| 2.23<br> %<br>| 2.72<br> %<br>| 2.68<br> %<br>| 2.21<br> %<br>| 1.85<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 34<br> %<br>| &nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp; 92<br> %<br>|
| Net assets, end of period (000s omitted) | $198875 | &nbsp;&nbsp; $229366 | &nbsp;&nbsp; $196092 | &nbsp;&nbsp; $190468 | &nbsp;&nbsp; $234185 | &nbsp;&nbsp; $202705 |

---

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

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

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

Allspring Emerging Markets Equity Advantage Fund \| 15

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

Effective January 8, 2025, the Fund's name has changed to Allspring Emerging Markets Equity Advantage Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On April 30, 2025, such fair value pricing was used in pricing certain foreign securities.

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

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

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

Foreign currency translation

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

16 \| Allspring Emerging Markets Equity Advantage Fund

------

Notes to financial statements (unaudited)

Forward foreign currency contracts

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

Security transactions and income recognition

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

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

The Fund's income and federal excise tax returns and all financial records supporting those returns for the 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 April 30, 2025, the aggregate cost of all investments for federal income tax purposes was $286,009,033 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $78003161 |
| Gross unrealized losses | &nbsp;&nbsp; (19294477)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$58708684** |

---

As of October 31, 2024, the Fund had capital loss carryforwards which consisted of $39,145,475 in short-term capital losses and $4,987,797 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 Emerging Markets Equity Advantage Fund \| 17

------

Notes to financial statements (unaudited)

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Brazil* | &nbsp;&nbsp; $17461173 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $17461173 |
| *China* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 97537057 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 97537057 |
| *Greece* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4130658 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4130658 |
| *Hong Kong* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5960055 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5960055 |
| *Hungary* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2203261 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2203261 |
| *India* | &nbsp;&nbsp; 4642626 | &nbsp;&nbsp;&nbsp; 55571250 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 60213876 |
| *Indonesia* | &nbsp;&nbsp; 1736824 | &nbsp;&nbsp;&nbsp; 2549242 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4286066 |
| *Kuwait* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1618442 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1618442 |
| *Malaysia* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1782202 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1782202 |
| *Mexico* | &nbsp;&nbsp; 7671259 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7671259 |
| *Peru* | &nbsp;&nbsp; 2020282 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2020282 |
| *Philippines* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2060111 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2060111 |
| *Poland* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3864955 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3864955 |
| *Russia* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| *Saudi Arabia* | &nbsp;&nbsp; 4797241 | &nbsp;&nbsp;&nbsp; 3049265 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7846506 |
| *Singapore* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7118745 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7118745 |
| *South Africa* | &nbsp;&nbsp; 4902111 | &nbsp;&nbsp;&nbsp; 6911694 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 11813805 |
| *South Korea* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 26043756 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 26043756 |
| *Taiwan* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 53278359 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 53278359 |
| *Thailand* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2591864 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2591864 |
| *United Arab Emirates* | &nbsp;&nbsp; 1685659 | &nbsp;&nbsp;&nbsp; 1747699 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3433358 |
| *United Kingdom* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2789341 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2789341 |
| *United States* | &nbsp;&nbsp; 1562840 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1562840 |
| **Preferred stocks** |  |  |  |  |
| *Brazil* | &nbsp;&nbsp; 2356494 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2356494 |
| *South Korea* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4976850 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4976850 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 10096402 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 10096402 |
| **Total assets** | &nbsp;&nbsp; **$58932911** | &nbsp;&nbsp;&nbsp; **$285784806** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$344717717** |

---

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

At April 30, 2025, the Fund did not have any transfers into/out of Level 3.

18 \| Allspring Emerging Markets Equity Advantage Fund

------

Notes to financial statements (unaudited)

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $1 billion | 1.050<br> %<br>|
| Next $1 billion | 1.025 |
| Next $2 billion | 1.000 |
| Next $1 billion | 0.975 |
| Next $3 billion | 0.965 |
| Next $2 billion | 0.955 |
| Over $10 billion | 0.945 |

---

For the six months ended April 30, 2025, the management fee was equivalent to an annual rate of 1.05% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.65% and declining to 0.45% as the average daily net assets of the Fund increase.

Administration fees

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through February 28, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of April 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.55<br> %<br>|
| Class C | 2.30 |
| Class R6 | 1.17 |
| Administrator Class | 1.45 |
| Institutional Class | 1.22 |

---

Allspring Emerging Markets Equity Advantage Fund \| 19

------

Notes to financial statements (unaudited)

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended April 30, 2025, Allspring Funds Distributor received $218 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended April 30, 2025.

Shareholder servicing fees

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended April 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2025 were $115,619,390 and $129,943,793, respectively.

6. BANK BORROWINGS

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

For the six months ended April 30, 2025, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISKS

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

8. MARKET RISKS

Russia launched a large-scale invasion of Ukraine on February 24, 2022. As a result of this military action, the United States and many other countries have instituted various economic sanctions against Russian and Belarus individuals and entities. The situation has led to increased financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities, such as oil and natural gas. The extent and duration of the military action, resulting sanctions imposed, other punitive action taken and the resulting market disruptions cannot be easily predicted. As of April 30, 2025, the Fund held 0.00% of its total net assets in Russian securities with unrealized losses in the amount of $1,726,284.

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.

20 \| Allspring Emerging Markets Equity Advantage Fund

------

Notes to financial statements (unaudited)

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

10. OPERATING SEGMENTS

The Fund has adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

11. SUBSEQUENT EVENT

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

Allspring Emerging Markets Equity Advantage Fund \| 21

------

Other information (unaudited)

Other information

Proxy voting information

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

Quarterly portfolio holdings information

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

22 \| Allspring Emerging Markets Equity Advantage Fund

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

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

Not applicable

Allspring Emerging Markets Equity Advantage Fund \| 23

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![](g939517imga98651291.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**

![](g939517img9adc1fbb2.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.**

**NCSRS3356 04-25**

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![](g939517imgf01359831.jpg)

Allspring International Equity Fund

Long Form Financial Statements

Semi-Annual Report

April 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_5b99464f-c01f-4a2b-87b6-558ccbbb3291_POI-PageBlank-90_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_5b99464f-c01f-4a2b-87b6-558ccbbb3291_FS-PageBlank-90_1)** |  |
| [Statement of assets and liabilities](#xx_5b99464f-c01f-4a2b-87b6-558ccbbb3291_FS-PageBlank-90_1) | 5 |
| [Statement of operations](#xx_5b99464f-c01f-4a2b-87b6-558ccbbb3291_FS-PageBlank-90_2) | 6 |
| [Statement of changes in net assets](#xx_5b99464f-c01f-4a2b-87b6-558ccbbb3291_FS-PageBlank-90_3) | 7 |
| [Financial highlights](#xx_5b99464f-c01f-4a2b-87b6-558ccbbb3291_FIHI-PageBlank-90_1) | 8 |
| **[Notes to financial statements](#xx_5b99464f-c01f-4a2b-87b6-558ccbbb3291_NTF-PageBlank-90_1)** | 13 |
| **[Other information](#xx_5b99464f-c01f-4a2b-87b6-558ccbbb3291_OI-PageBlank-90_1)** | 18 |
| [Item 8. Changes in and disagreements with accountants](#xx_5b99464f-c01f-4a2b-87b6-558ccbbb3291_OI-PageBlank-90_2) | 19 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_5b99464f-c01f-4a2b-87b6-558ccbbb3291_OI-PageBlank-90_2) | 19 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_5b99464f-c01f-4a2b-87b6-558ccbbb3291_OI-PageBlank-90_2) | 19 |
| [Item 11. Statement regarding basis for board](#xx_5b99464f-c01f-4a2b-87b6-558ccbbb3291_OI-PageBlank-90_2)['](#xx_5b99464f-c01f-4a2b-87b6-558ccbbb3291_OI-PageBlank-90_2)[s approval of investment](#xx_5b99464f-c01f-4a2b-87b6-558ccbbb3291_OI-PageBlank-90_2)<br> [advisory contract](#xx_5b99464f-c01f-4a2b-87b6-558ccbbb3291_OI-PageBlank-90_2)<br>| 19 |

---

Allspring International Equity Fund \| 1

------

Portfolio of investments—April 30, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 95.49%** |  |  |
| **Canada: 2.64%** |  |  |
| &nbsp;&nbsp; Restaurant Brands International, Inc. (Consumer discretionary, Hotels, restaurants & <br> leisure)<br>| 59478 | &nbsp;&nbsp; $3830383 |
| TC Energy Corp. (Energy, Oil, gas & consumable fuels) | 39642 | &nbsp;&nbsp; 1998353 |
|  |  | &nbsp;&nbsp; **5828736** |
| **Denmark: 1.76%** |  |  |
| Novo Nordisk AS Class B (Health care, Pharmaceuticals) | 58020 | &nbsp;&nbsp; **3879305** |
| **Finland: 1.23%** |  |  |
| Nordea Bank Abp Helsinki Stock Exchange (Financials, Banks) | 195659 | &nbsp;&nbsp; **2709671** |
| **France: 21.25%** |  |  |
| Air Liquide SA (Materials, Chemicals) | 19727 | &nbsp;&nbsp; 4053468 |
| AXA SA (Financials, Insurance) | 160835 | &nbsp;&nbsp; 7606835 |
| Capgemini SE (Information technology, IT services) | 15912 | &nbsp;&nbsp; 2540389 |
| L'Oreal SA (Consumer staples, Personal care products) | 8708 | &nbsp;&nbsp; 3847766 |
| &nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (Consumer discretionary, Textiles, apparel & <br> luxury goods)<br>| 10116 | &nbsp;&nbsp; 5603549 |
| Sanofi SA (Health care, Pharmaceuticals) | 41716 | &nbsp;&nbsp; 4563390 |
| Schneider Electric SE (Industrials, Electrical equipment) | 21482 | &nbsp;&nbsp; 5019178 |
| TotalEnergies SE (Energy, Oil, gas & consumable fuels) | 53465 | &nbsp;&nbsp; 3045110 |
| Veolia Environnement SA (Utilities, Multi-utilities) | 108741 | &nbsp;&nbsp; 3971663 |
| Vinci SA (Industrials, Construction & engineering) | 47638 | &nbsp;&nbsp; 6691582 |
|  |  | &nbsp;&nbsp; **46942930** |
| **Germany: 18.46%** |  |  |
| adidas AG (Consumer discretionary, Textiles, apparel & luxury goods) | 20424 | &nbsp;&nbsp; 4699389 |
| Allianz SE (Financials, Insurance) | 16447 | &nbsp;&nbsp; 6802096 |
| Deutsche Boerse AG (Financials, Capital markets) | 15541 | &nbsp;&nbsp; 5005661 |
| Deutsche Post AG (Industrials, Air freight & logistics) | 100605 | &nbsp;&nbsp; 4298650 |
| &nbsp;&nbsp; Deutsche Telekom AG (Communication services, Diversified telecommunication <br> services)<br>| 120283 | &nbsp;&nbsp; 4320269 |
| &nbsp;&nbsp; Infineon Technologies AG (Information technology, Semiconductors & semiconductor <br> equipment)<br>| 33500 | &nbsp;&nbsp; 1109622 |
| Rheinmetall AG (Industrials, Aerospace & defense) | 1738 | &nbsp;&nbsp; 2959905 |
| SAP SE (Information technology, Software) | 22848 | &nbsp;&nbsp; 6685067 |
| Siemens AG (Industrials, Industrial conglomerates) | 21261 | &nbsp;&nbsp; 4895588 |
|  |  | &nbsp;&nbsp; **40776247** |
| **Ireland: 0.89%** |  |  |
| &nbsp;&nbsp; TE Connectivity PLC (Information technology, Electronic equipment, instruments & <br> components)<br>| 13393 | &nbsp;&nbsp; **1960467** |
| **Italy: 1.56%** |  |  |
| Moncler SpA (Consumer discretionary, Textiles, apparel & luxury goods) | 35437 | &nbsp;&nbsp; 2187202 |
| Prysmian SpA (Industrials, Electrical equipment) | 22751 | &nbsp;&nbsp; 1249763 |
|  |  | &nbsp;&nbsp; **3436965** |

---

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

2 \| Allspring International Equity Fund

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Japan: 15.15%** |  |  |
| Asahi Group Holdings Ltd. (Consumer staples, Beverages) | 168700 | &nbsp;&nbsp; $2331820 |
| Hitachi Ltd. (Industrials, Industrial conglomerates) | 229200 | &nbsp;&nbsp; 5664795 |
| Nintendo Co. Ltd. (Communication services, Entertainment) | 45500 | &nbsp;&nbsp; 3777410 |
| ORIX Corp. (Financials, Financial services) | 172900 | &nbsp;&nbsp; 3468379 |
| Seven & i Holdings Co. Ltd. (Consumer staples, Consumer staples distribution & retail) | 60000 | &nbsp;&nbsp; 883237 |
| Sumitomo Mitsui Financial Group, Inc. (Financials, Banks) | 204100 | &nbsp;&nbsp; 4869257 |
| Tokio Marine Holdings, Inc. (Financials, Insurance) | 122800 | &nbsp;&nbsp; 4922113 |
| &nbsp;&nbsp; Tokyo Electron Ltd. (Information technology, Semiconductors & semiconductor <br> equipment)<br>| 27900 | &nbsp;&nbsp; 4154263 |
| Toyota Motor Corp. (Consumer discretionary, Automobiles) | 177200 | &nbsp;&nbsp; 3384416 |
|  |  | &nbsp;&nbsp; **33455690** |
| **Netherlands: 6.75%** |  |  |
| Airbus SE (Industrials, Aerospace & defense) | 27539 | &nbsp;&nbsp; 4673107 |
| &nbsp;&nbsp; ASML Holding NV (Information technology, Semiconductors & semiconductor <br> equipment)<br>| 6024 | &nbsp;&nbsp; 4024514 |
| ING Groep NV (Financials, Banks) | 319754 | &nbsp;&nbsp; 6209405 |
|  |  | &nbsp;&nbsp; **14907026** |
| **South Korea: 2.25%** |  |  |
| &nbsp;&nbsp; Samsung Electronics Co. Ltd. GDR (Information technology, Technology hardware, <br> storage & peripherals)<br>| 5113 | &nbsp;&nbsp; **4978726** |
| **Switzerland: 4.05%** |  |  |
| Nestle SA (Consumer staples, Food products) | 30844 | &nbsp;&nbsp; 3282954 |
| Novartis AG (Health care, Pharmaceuticals) | 49709 | &nbsp;&nbsp; 5669670 |
|  |  | &nbsp;&nbsp; **8952624** |
| **Taiwan: 0.30%** |  |  |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Information technology, <br> Semiconductors & semiconductor equipment)<br>| 4000 | &nbsp;&nbsp; **666760** |
| **United Kingdom: 18.30%** |  |  |
| AstraZeneca PLC (Health care, Pharmaceuticals) | 36764 | &nbsp;&nbsp; 5267061 |
| BAE Systems PLC (Industrials, Aerospace & defense) | 221668 | &nbsp;&nbsp; 5138849 |
| Barclays PLC (Financials, Banks) | 1362835 | &nbsp;&nbsp; 5429045 |
| Coca-Cola Europacific Partners PLC (Consumer staples, Beverages) | 29713 | &nbsp;&nbsp; 2696158 |
| Diageo PLC (Consumer staples, Beverages) | 131243 | &nbsp;&nbsp; 3685354 |
| National Grid PLC (Utilities, Multi-utilities) | 204944 | &nbsp;&nbsp; 2958182 |
| RELX PLC (Industrials, Professional services) | 15500 | &nbsp;&nbsp; 845915 |
| Rio Tinto PLC (Materials, Metals & mining) | 88436 | &nbsp;&nbsp; 5269852 |
| Shell PLC (Energy, Oil, gas & consumable fuels) | 96604 | &nbsp;&nbsp; 3117580 |
| Smith & Nephew PLC (Health care, Health care equipment & supplies) | 168114 | &nbsp;&nbsp; 2365798 |
| Unilever PLC (Consumer staples, Personal care products) | 57344 | &nbsp;&nbsp; 3651086 |
|  |  | &nbsp;&nbsp; **40424880** |
| **United States: 0.90%** |  |  |
| EOG Resources, Inc. (Energy, Oil, gas & consumable fuels) | 17978 | &nbsp;&nbsp; **1983513** |
| **Total common stocks (Cost $173,601,765)** |  | &nbsp;&nbsp; **210903540** |

---

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

Allspring International Equity Fund \| 3

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Investment companies: 1.99%** |  |  |
| **United States: 1.99%** |  |  |
| iShares MSCI EAFE ETF | 51749 | &nbsp;&nbsp; **$4385727** |
| **Total investment companies (Cost $4,129,510)** |  | &nbsp;&nbsp; **4385727** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 1.07%** |  |  |  |  |
| **Investment companies: 1.07%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.26<br> %<br>| 2372550 | &nbsp;&nbsp; **2372550** |
| **Total short-term investments (Cost $2,372,550)** |  |  |  | &nbsp;&nbsp; **2372550** |
| **Total investments in securities (Cost $180,103,825)** | 98.55<br> %<br>|  |  | &nbsp;&nbsp; 217661817 |
| Other assets and liabilities, net | 1.45 |  |  | &nbsp;&nbsp; 3197508 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$220859325** |

---

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

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

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

Abbreviations: <br> ADR American depositary receipt <br> GDR Global depositary receipt

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $1457188 | $32001965 | $(31086603)<br>| $0 | $0 | $2372550 | 2372550 | $39960 |

---

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

4 \| Allspring International Equity Fund

------

Statement of assets and liabilities—April 30, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $177,731,275) | $215289267 |
| Investments in affiliated securities, at value (cost $2,372,550) | 2372550 |
| Cash | 187 |
| Foreign currency, at value (cost $414,560) | 414854 |
| Receivable for dividends | 3029361 |
| Receivable for Fund shares sold | 167424 |
| Prepaid expenses and other assets | 8461 |
| **Total assets** | **221282104** |
| Liabilities |  |
| Payable for Fund shares redeemed | 103653 |
| Management fee payable | 88167 |
| Professional fees payable | 29254 |
| Administration fees payable | 28110 |
| Shareholder servicing fee payable | 24453 |
| Trustees' fees and expenses payable | 5582 |
| Distribution fee payable | 510 |
| Accrued expenses and other liabilities | 143050 |
| **Total liabilities** | **422779** |
| **Total net assets**  | **$220859325** |
| Net assets consist of |  |
| Paid-in capital | $254954796 |
| Total distributable loss | (34095471)<br>|
| **Total net assets** | **$220859325** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $116376624 |
| Shares outstanding–Class A<sup>1</sup> <br>| 8183443 |
| Net asset value per share–Class A | $14.22 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $15.09 |
| Net assets–Class C | $899405 |
| Shares outstanding–Class C<sup>1</sup> <br>| 63595 |
| Net asset value per share–Class C | $14.14 |
| Net assets–Class R6 | $11337034 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 809195 |
| Net asset value per share–Class R6 | $14.01 |
| Net assets–Administrator Class | $7640526 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 548063 |
| Net asset value per share–Administrator Class | $13.94 |
| Net assets–Institutional Class | $84605736 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 6026453 |
| Net asset value per share–Institutional Class | $14.04 |

---

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

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

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

Allspring International Equity Fund \| 5

------

Statement of operations—six months ended April 30, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $341,376) | $2988467 |
| Interest | 142944 |
| Income from affiliated securities | 39960 |
| **Total investment income** | **3171371** |
| Expenses |  |
| Management fee | 847872 |
| Administration fees |  |
| Class A | 108885 |
| Class C | 896 |
| Class R6 | 1620 |
| Administrator Class | 4723 |
| Institutional Class | 54680 |
| Shareholder servicing fees |  |
| Class A | 136105 |
| Class C | 1077 |
| Administrator Class | 9048 |
| Distribution fee |  |
| Class C | 3231 |
| Custody and accounting fees | 4067 |
| Professional fees | 26602 |
| Registration fees | 35517 |
| Shareholder report expenses | 23673 |
| Trustees' fees and expenses | 6607 |
| Other fees and expenses | 8550 |
| **Total expenses** | **1273153** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (148254)<br>|
| Class A | (48541)<br>|
| Class C | (136)<br>|
| Administrator Class | (2)<br>|
| Institutional Class | (20544)<br>|
| **Net expenses** | **1055676** |
| **Net investment income** | **2115695** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | 9574151 |
| Foreign currency and foreign currency translations | 134128 |
| **Net realized gains on investments** | **9708279** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 9932042 |
| Foreign currency and foreign currency translations | 131235 |
| **Net change in unrealized gains (losses) on investments** | **10063277** |
| **Net realized and unrealized gains (losses) on investments** | **19771556** |
| **Net increase in net assets resulting from operations** | **$21887251** |

---

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

6 \| Allspring International Equity Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Six months ended<br> April 30, 2025<br> (unaudited) | <br>Six months ended<br> April 30, 2025<br> (unaudited) | Year ended<br> October 31, 2024 | Year ended<br> October 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $2115695 |  | &nbsp;&nbsp; $4947803 |
| Net realized gains on investments |  | &nbsp;&nbsp; 9708279 |  | &nbsp;&nbsp; 15289072 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 10063277 |  | &nbsp;&nbsp; 19149861 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **21887251** |  | &nbsp;&nbsp; **39386736** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (1021698)<br>|  | &nbsp;&nbsp; (2664242)<br>|
| Class C |  | &nbsp;&nbsp; (5171)<br>|  | &nbsp;&nbsp; (19773)<br>|
| Class R6 |  | &nbsp;&nbsp; (124498)<br>|  | &nbsp;&nbsp; (455764)<br>|
| Administrator Class |  | &nbsp;&nbsp; (72375)<br>|  | &nbsp;&nbsp; (194309)<br>|
| Institutional Class |  | &nbsp;&nbsp; (916666)<br>|  | &nbsp;&nbsp; (2547310)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(2140408)**<br>|  | &nbsp;&nbsp; **(5881398)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 447115 | &nbsp;&nbsp; 6059525 | &nbsp;&nbsp; 273478 | &nbsp;&nbsp; 3549221 |
| Class C | 7686 | &nbsp;&nbsp; 107297 | &nbsp;&nbsp; 3061 | &nbsp;&nbsp; 39648 |
| Class R6 | 59361 | &nbsp;&nbsp; 754775 | &nbsp;&nbsp; 80783 | &nbsp;&nbsp; 1039258 |
| Administrator Class | 1990 | &nbsp;&nbsp; 26713 | &nbsp;&nbsp; 10424 | &nbsp;&nbsp; 135710 |
| Institutional Class | 701551 | &nbsp;&nbsp; 9287754 | &nbsp;&nbsp; 895461 | &nbsp;&nbsp; 11509852 |
|  |  | &nbsp;&nbsp; 16236064 |  | &nbsp;&nbsp; 16273689 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 76185 | &nbsp;&nbsp; 988436 | &nbsp;&nbsp; 196639 | &nbsp;&nbsp; 2573741 |
| Class C | 406 | &nbsp;&nbsp; 5171 | &nbsp;&nbsp; 1519 | &nbsp;&nbsp; 19718 |
| Class R6 | 9229 | &nbsp;&nbsp; 118437 | &nbsp;&nbsp; 23052 | &nbsp;&nbsp; 298049 |
| Administrator Class | 5644 | &nbsp;&nbsp; 71758 | &nbsp;&nbsp; 14942 | &nbsp;&nbsp; 192028 |
| Institutional Class | 69212 | &nbsp;&nbsp; 887871 | &nbsp;&nbsp; 192944 | &nbsp;&nbsp; 2496610 |
|  |  | &nbsp;&nbsp; 2071673 |  | &nbsp;&nbsp; 5580146 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (846633)<br>| &nbsp;&nbsp; (11276602)<br>| &nbsp;&nbsp; (1682435)<br>| &nbsp;&nbsp; (21858995)<br>|
| Class C | (23121)<br>| &nbsp;&nbsp; (296123)<br>| &nbsp;&nbsp; (95719)<br>| &nbsp;&nbsp; (1208711)<br>|
| Class R6 | (144754)<br>| &nbsp;&nbsp; (1863849)<br>| &nbsp;&nbsp; (1298793)<br>| &nbsp;&nbsp; (17030688)<br>|
| Administrator Class | (50422)<br>| &nbsp;&nbsp; (646398)<br>| &nbsp;&nbsp; (139562)<br>| &nbsp;&nbsp; (1769336)<br>|
| Institutional Class | (1882228)<br>| &nbsp;&nbsp; (24563255)<br>| &nbsp;&nbsp; (4688556)<br>| &nbsp;&nbsp; (57268158)<br>|
|  |  | &nbsp;&nbsp; (38646227)<br>|  | &nbsp;&nbsp; (99135888)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(20338490)**<br>|  | &nbsp;&nbsp; **(77282053)**<br>|
| **Total decrease in net assets** |  | &nbsp;&nbsp; **(591647)**<br>|  | &nbsp;&nbsp; **(43776715)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **221450972** |  | &nbsp;&nbsp; **265227687** |
| **End of period** |  | &nbsp;&nbsp; **$220859325** |  | &nbsp;&nbsp; **$221450972** |

---

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

Allspring International Equity Fund \| 7

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class A | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$12.96** | &nbsp;&nbsp; **$11.41** | &nbsp;&nbsp; **$10.04** | &nbsp;&nbsp; **$13.34** | &nbsp;&nbsp; **$10.43** | &nbsp;&nbsp; **$11.38** |
| Net investment income | 0.12 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.22 <br><sup>1</sup><br>| 0.16 | 0.23 <br><sup>1</sup><br>| 0.12 |
| Net realized and unrealized gains (losses) on investments | 1.26 | 1.61 | 1.34 | &nbsp;&nbsp; (3.17)<br>| 2.89 | &nbsp;&nbsp; (0.97)<br>|
| Total from investment operations | 1.38 | 1.85 | 1.56 | &nbsp;&nbsp; (3.01)<br>| 3.12 | &nbsp;&nbsp; (0.85)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.12)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.10)<br>|
| Tax basis return of capital | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.02)<br>| 0.00 | 0.00 |
| Total distributions to shareholders | (0.12)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.10)<br>|
| **Net asset value, end of period** | **$14.22** | &nbsp;&nbsp; **$12.96** | &nbsp;&nbsp; **$11.41** | &nbsp;&nbsp; **$10.04** | &nbsp;&nbsp; **$13.34** | &nbsp;&nbsp; **$10.43** |
| **Total return**<sup>2</sup> <br>| **10.76%**<br>| **16.18%**<br>| **15.53%**<br>| &nbsp;&nbsp; **(22.84)%**<br>| **29.92%**<br>| &nbsp;&nbsp; **(7.54)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.35<br> %<br>| 1.35<br> %<br>| 1.45<br> %<br>| 1.40<br> %<br>| 1.36<br> %<br>| 1.48<br> %<br>|
| Net expenses | 1.12<br> %<br>| 1.13<br> %<br>| 1.12<br> %<br>| 1.13<br> %<br>| 1.13<br> %<br>| 1.13<br> %<br>|
| Net investment income | 1.91<br> %<br>| 1.83<br> %<br>| 1.82<br> %<br>| 1.50<br> %<br>| 1.73<br> %<br>| 1.12<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 14<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 126<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 95<br> %<br>| &nbsp;&nbsp; 73<br> %<br>|
| Net assets, end of period (000s omitted) | $116377 | &nbsp;&nbsp; $110254 | &nbsp;&nbsp; $110902 | &nbsp;&nbsp; $116735 | &nbsp;&nbsp; $170419 | &nbsp;&nbsp; $62800 |

---

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

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

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

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

8 \| Allspring International Equity Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class C | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$12.89** | &nbsp;&nbsp; **$11.34** | &nbsp;&nbsp; **$9.99** | &nbsp;&nbsp; **$13.22** | &nbsp;&nbsp; **$10.31** | &nbsp;&nbsp; **$11.28** |
| Net investment income | 0.07 <br><sup>1</sup><br>| 0.13 <br><sup>1</sup><br>| 0.12 <br><sup>1</sup><br>| 0.09 <br><sup>1</sup><br>| 0.09 <br><sup>1</sup><br>| 0.03 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.25 | 1.61 | 1.32 | &nbsp;&nbsp; (3.17)<br>| 2.89 | &nbsp;&nbsp; (0.95)<br>|
| Total from investment operations | 1.32 | 1.74 | 1.44 | &nbsp;&nbsp; (3.08)<br>| 2.98 | &nbsp;&nbsp; (0.92)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.07)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.05)<br>|
| Tax basis return of capital | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.02)<br>| 0.00 | 0.00 |
| Total distributions to shareholders | (0.07)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.05)<br>|
| **Net asset value, end of period** | **$14.14** | &nbsp;&nbsp; **$12.89** | &nbsp;&nbsp; **$11.34** | &nbsp;&nbsp; **$9.99** | &nbsp;&nbsp; **$13.22** | &nbsp;&nbsp; **$10.31** |
| **Total return**<sup>2</sup> <br>| **10.33%**<br>| **15.33%**<br>| **14.51%**<br>| &nbsp;&nbsp; **(23.38)%**<br>| **28.94%**<br>| &nbsp;&nbsp; **(8.22)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 2.06<br> %<br>| 2.09<br> %<br>| 2.20<br> %<br>| 2.14<br> %<br>| 2.12<br> %<br>| 2.22<br> %<br>|
| Net expenses | 1.89<br> %<br>| 1.89<br> %<br>| 1.89<br> %<br>| 1.89<br> %<br>| 1.89<br> %<br>| 1.89<br> %<br>|
| Net investment income | 1.03<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>| 0.76<br> %<br>| 0.72<br> %<br>| 0.28<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 14<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 126<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 95<br> %<br>| &nbsp;&nbsp; 73<br> %<br>|
| Net assets, end of period (000s omitted) | $899 | &nbsp;&nbsp; $1014 | &nbsp;&nbsp; $1926 | &nbsp;&nbsp; $3324 | &nbsp;&nbsp; $6490 | &nbsp;&nbsp; $5794 |

---

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

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

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

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

Allspring International Equity Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class R6 | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$12.78** | &nbsp;&nbsp; **$11.26** | &nbsp;&nbsp; **$9.92** | &nbsp;&nbsp; **$13.22** | &nbsp;&nbsp; **$10.36** | &nbsp;&nbsp; **$11.31** |
| Net investment income | 0.14 <br><sup>1</sup><br>| 0.32 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.22 | 0.31 | 0.16 |
| Net realized and unrealized gains (losses) on investments | 1.24 | 1.55 | 1.31 | &nbsp;&nbsp; (3.16)<br>| 2.81 | &nbsp;&nbsp; (0.96)<br>|
| Total from investment operations | 1.38 | 1.87 | 1.57 | &nbsp;&nbsp; (2.94)<br>| 3.12 | &nbsp;&nbsp; (0.80)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.15)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.15)<br>|
| Tax basis return of capital | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.02)<br>| 0.00 | 0.00 |
| Total distributions to shareholders | (0.15)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.15)<br>|
| **Net asset value, end of period** | **$14.01** | &nbsp;&nbsp; **$12.78** | &nbsp;&nbsp; **$11.26** | &nbsp;&nbsp; **$9.92** | &nbsp;&nbsp; **$13.22** | &nbsp;&nbsp; **$10.36** |
| **Total return**<sup>2</sup> <br>| **10.91%**<br>| **16.61%**<br>| **15.87%**<br>| &nbsp;&nbsp; **(22.56)%**<br>| **30.17%**<br>| &nbsp;&nbsp; **(7.15)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.93<br> %<br>| 0.93<br> %<br>| 1.02<br> %<br>| 0.97<br> %<br>| 0.95<br> %<br>| 1.05<br> %<br>|
| Net expenses | 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>|
| Net investment income | 2.23<br> %<br>| 2.54<br> %<br>| 2.23<br> %<br>| 1.83<br> %<br>| 1.70<br> %<br>| 1.51<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 14<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 126<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 95<br> %<br>| &nbsp;&nbsp; 73<br> %<br>|
| Net assets, end of period (000s omitted) | $11337 | &nbsp;&nbsp; $11311 | &nbsp;&nbsp; $23429 | &nbsp;&nbsp; $42385 | &nbsp;&nbsp; $55639 | &nbsp;&nbsp; $32011 |

---

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

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

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

10 \| Allspring International Equity Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Administrator Class | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$12.71** | &nbsp;&nbsp; **$11.21** | &nbsp;&nbsp; **$9.88** | &nbsp;&nbsp; **$13.13** | &nbsp;&nbsp; **$10.28** | &nbsp;&nbsp; **$11.22** |
| Net investment income | 0.12 <br><sup>1</sup><br>| 0.23 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.18 <br><sup>1</sup><br>| 0.27 <br><sup>1</sup><br>| 0.10 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.24 | 1.58 | 1.32 | &nbsp;&nbsp; (3.14)<br>| 2.80 | &nbsp;&nbsp; (0.94)<br>|
| Total from investment operations | 1.36 | 1.81 | 1.53 | &nbsp;&nbsp; (2.96)<br>| 3.07 | &nbsp;&nbsp; (0.84)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.13)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.10)<br>|
| Tax basis return of capital | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.02)<br>| 0.00 | 0.00 |
| Total distributions to shareholders | (0.13)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.10)<br>|
| **Net asset value, end of period** | **$13.94** | &nbsp;&nbsp; **$12.71** | &nbsp;&nbsp; **$11.21** | &nbsp;&nbsp; **$9.88** | &nbsp;&nbsp; **$13.13** | &nbsp;&nbsp; **$10.28** |
| **Total return**<sup>2</sup> <br>| **10.78%**<br>| **16.11%**<br>| **15.36%**<br>| &nbsp;&nbsp; **(22.81)%**<br>| **29.87%**<br>| &nbsp;&nbsp; **(7.54)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.28<br> %<br>| 1.28<br> %<br>| 1.37<br> %<br>| 1.32<br> %<br>| 1.26<br> %<br>| 1.39<br> %<br>|
| Net expenses | 1.14<br> %<br>| 1.14<br> %<br>| 1.14<br> %<br>| 1.14<br> %<br>| 1.14<br> %<br>| 1.14<br> %<br>|
| Net investment income | 1.86<br> %<br>| 1.82<br> %<br>| 1.76<br> %<br>| 1.51<br> %<br>| 2.06<br> %<br>| 0.98<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 14<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 126<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 95<br> %<br>| &nbsp;&nbsp; 73<br> %<br>|
| Net assets, end of period (000s omitted) | $7641 | &nbsp;&nbsp; $7512 | &nbsp;&nbsp; $7902 | &nbsp;&nbsp; $8662 | &nbsp;&nbsp; $14733 | &nbsp;&nbsp; $589 |

---

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

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

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

Allspring International Equity Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Institutional Class | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$12.80** | &nbsp;&nbsp; **$11.27** | &nbsp;&nbsp; **$9.93** | &nbsp;&nbsp; **$13.22** | &nbsp;&nbsp; **$10.34** | &nbsp;&nbsp; **$11.29** |
| Net investment income | 0.14 <br><sup>1</sup><br>| 0.27 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.22 <br><sup>1</sup><br>| 0.25 <br><sup>1</sup><br>| 0.14 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.24 | 1.60 | 1.32 | &nbsp;&nbsp; (3.16)<br>| 2.88 | &nbsp;&nbsp; (0.96)<br>|
| Total from investment operations | 1.38 | 1.87 | 1.56 | &nbsp;&nbsp; (2.94)<br>| 3.13 | &nbsp;&nbsp; (0.82)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.14)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.13)<br>|
| Tax basis return of capital | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.02)<br>| 0.00 | 0.00 |
| Total distributions to shareholders | (0.14)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.13)<br>|
| **Net asset value, end of period** | **$14.04** | &nbsp;&nbsp; **$12.80** | &nbsp;&nbsp; **$11.27** | &nbsp;&nbsp; **$9.93** | &nbsp;&nbsp; **$13.22** | &nbsp;&nbsp; **$10.34** |
| **Total return**<sup>2</sup> <br>| **10.92%**<br>| **16.57%**<br>| **15.75%**<br>| &nbsp;&nbsp; **(22.56)%**<br>| **30.30%**<br>| &nbsp;&nbsp; **(7.28)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.03<br> %<br>| 1.03<br> %<br>| 1.12<br> %<br>| 1.07<br> %<br>| 1.03<br> %<br>| 1.15<br> %<br>|
| Net expenses | 0.84<br> %<br>| 0.84<br> %<br>| 0.84<br> %<br>| 0.84<br> %<br>| 0.84<br> %<br>| 0.84<br> %<br>|
| Net investment income | 2.10<br> %<br>| 2.13<br> %<br>| 2.07<br> %<br>| 1.79<br> %<br>| 1.93<br> %<br>| 1.33<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 14<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 126<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 95<br> %<br>| &nbsp;&nbsp; 73<br> %<br>|
| Net assets, end of period (000s omitted) | $84606 | &nbsp;&nbsp; $91360 | &nbsp;&nbsp; $121069 | &nbsp;&nbsp; $127869 | &nbsp;&nbsp; $192670 | &nbsp;&nbsp; $86052 |

---

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

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

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

12 \| Allspring International Equity Fund

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On April 30, 2025, such fair value pricing was used in pricing certain foreign securities.

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

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

Foreign currency translation

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

Security transactions and income recognition

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

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

Allspring International Equity Fund \| 13

------

Notes to financial statements (unaudited)

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

Federal and other taxes

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

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

As of April 30, 2025, the aggregate cost of all investments for federal income tax purposes was $181,419,200 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $46770423 |
| Gross unrealized losses | &nbsp;&nbsp; (10527806)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$36242617** |

---

As of October 31, 2024, the Fund had capital loss carryforwards which consisted of $21,303,634 in short-term capital losses and $60,191,435 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

14 \| Allspring International Equity Fund

------

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Canada* | &nbsp;&nbsp; $5828736 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $5828736 |
| *Denmark* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3879305 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3879305 |
| *Finland* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2709671 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2709671 |
| *France* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 46942930 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 46942930 |
| *Germany* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 40776247 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 40776247 |
| *Ireland* | &nbsp;&nbsp; 1960467 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1960467 |
| *Italy* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3436965 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3436965 |
| *Japan* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 33455690 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 33455690 |
| *Netherlands* | &nbsp;&nbsp; 4024514 | &nbsp;&nbsp;&nbsp; 10882512 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14907026 |
| *South Korea* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4978726 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4978726 |
| *Switzerland* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8952624 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8952624 |
| *Taiwan* | &nbsp;&nbsp; 666760 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 666760 |
| *United Kingdom* | &nbsp;&nbsp; 2696158 | &nbsp;&nbsp;&nbsp; 37728722 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 40424880 |
| *United States* | &nbsp;&nbsp; 1983513 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1983513 |
| **Investment companies** | &nbsp;&nbsp; 4385727 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4385727 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 2372550 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2372550 |
| **Total assets** | &nbsp;&nbsp; **$23918425** | &nbsp;&nbsp;&nbsp; **$193743392** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$217661817** |

---

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

At April 30, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

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

---

For the six months ended April 30, 2025, the management fee was equivalent to an annual rate of 0.80% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.45% and declining to 0.40% as the average daily net assets of the Fund increase.

Administration fees

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

Allspring International Equity Fund \| 15

------

Notes to financial statements (unaudited)

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through February 28, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of April 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.14<br> %<br>|
| Class C | 1.89 |
| Class R6 | 0.79 |
| Administrator Class | 1.14 |
| Institutional Class | 0.84 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended April 30, 2025, Allspring Funds Distributor received $424 from the sale of Class A shares and $54 in contingent deferred sales charges from redemptions of Class A shares. No contingent deferred sales charges were incurred by Class C shares for the six months ended April 30, 2025.

Shareholder servicing fees

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended April 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2025 were $30,222,086 and $51,794,310, 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

16 \| Allspring International Equity Fund

------

Notes to financial statements (unaudited)

charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the six months ended April 30, 2025, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISKS

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

8. INDEMNIFICATION

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

9. OPERATING SEGMENTS

The Fund has adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

10. SUBSEQUENT EVENTS

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

Allspring International Equity Fund \| 17

------

Other information (unaudited)

Other information

Proxy voting information

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

Quarterly portfolio holdings information

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

18 \| Allspring International Equity Fund

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

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

Not applicable

Allspring International Equity Fund \| 19

------

*This page is intentionally left blank.*

------

![](g939517imgf01359831.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**

![](g939517img99bde5902.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.**

**NCSRS3311 04-25**

------

![](g939517imga84e6c5b1.jpg)

Allspring Special Global Small Cap Fund

Long Form Financial Statements

Semi-Annual Report

April 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_883b8676-b5f6-4828-80b4-77a057f0976e_POI-PageBlank-88_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_883b8676-b5f6-4828-80b4-77a057f0976e_FS-PageBlank-88_1)** |  |
| [Statement of assets and liabilities](#xx_883b8676-b5f6-4828-80b4-77a057f0976e_FS-PageBlank-88_1) | 6 |
| [Statement of operations](#xx_883b8676-b5f6-4828-80b4-77a057f0976e_FS-PageBlank-88_2) | 7 |
| [Statement of changes in net assets](#xx_883b8676-b5f6-4828-80b4-77a057f0976e_FS-PageBlank-88_3) | 8 |
| [Financial highlights](#xx_883b8676-b5f6-4828-80b4-77a057f0976e_FIHI-PageBlank-88_1) | 9 |
| **[Notes to financial statements](#xx_883b8676-b5f6-4828-80b4-77a057f0976e_NTF-PageBlank-88_1)** | 13 |
| **[Other information](#xx_883b8676-b5f6-4828-80b4-77a057f0976e_OI-PageBlank-88_1)** | 18 |
| [Item 8. Changes in and disagreements with accountants](#xx_883b8676-b5f6-4828-80b4-77a057f0976e_OI-PageBlank-88_2) | 19 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_883b8676-b5f6-4828-80b4-77a057f0976e_OI-PageBlank-88_2) | 19 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_883b8676-b5f6-4828-80b4-77a057f0976e_OI-PageBlank-88_2) | 19 |
| [Item 11. Statement regarding basis for board](#xx_883b8676-b5f6-4828-80b4-77a057f0976e_OI-PageBlank-88_2)['](#xx_883b8676-b5f6-4828-80b4-77a057f0976e_OI-PageBlank-88_2)[s approval of investment](#xx_883b8676-b5f6-4828-80b4-77a057f0976e_OI-PageBlank-88_2)<br> [advisory contract](#xx_883b8676-b5f6-4828-80b4-77a057f0976e_OI-PageBlank-88_2)<br>| 19 |

---

Allspring Special Global Small Cap Fund \| 1

------

Portfolio of investments—April 30, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 97.52%** |  |  |
| **Australia: 1.87%** |  |  |
| Ansell Ltd. (Health care, Health care equipment & supplies) | 66714 | &nbsp;&nbsp; $1294222 |
| Steadfast Group Ltd. (Financials, Insurance) | 216418 | &nbsp;&nbsp; 813269 |
|  |  | &nbsp;&nbsp; **2107491** |
| **Belgium: 0.99%** |  |  |
| Barco NV (Information technology, Electronic equipment, instruments & components) | 81463 | &nbsp;&nbsp; **1114644** |
| **Canada: 2.68%** |  |  |
| ATS Corp. (Industrials, Machinery)† | 9700 | &nbsp;&nbsp; 244435 |
| &nbsp;&nbsp; Novanta, Inc. (Information technology, Electronic equipment, instruments & <br> components)†<br>| 23458 | &nbsp;&nbsp; 2788218 |
|  |  | &nbsp;&nbsp; **3032653** |
| **France: 2.72%** |  |  |
| Alten SA (Information technology, IT services) | 36257 | &nbsp;&nbsp; **3073264** |
| **Germany: 3.11%** |  |  |
| Bechtle AG (Information technology, IT services) | 27470 | &nbsp;&nbsp; 1171943 |
| Krones AG (Industrials, Machinery) | 9011 | &nbsp;&nbsp; 1317121 |
| TAG Immobilien AG (Real estate, Real estate management & development)† | 62563 | &nbsp;&nbsp; 1018584 |
|  |  | &nbsp;&nbsp; **3507648** |
| **Ireland: 0.52%** |  |  |
| Irish Residential Properties REIT PLC (Real estate, Residential REITs) | 511198 | &nbsp;&nbsp; **591293** |
| **Italy: 3.05%** |  |  |
| Amplifon SpA (Health care, Health care providers & services) | 31658 | &nbsp;&nbsp; 605901 |
| Azimut Holding SpA (Financials, Capital markets) | 14122 | &nbsp;&nbsp; 392438 |
| De' Longhi SpA (Consumer discretionary, Household durables) | 16346 | &nbsp;&nbsp; 505856 |
| Interpump Group SpA (Industrials, Machinery) | 56586 | &nbsp;&nbsp; 1940774 |
|  |  | &nbsp;&nbsp; **3444969** |
| **Japan: 10.97%** |  |  |
| Daiseki Co. Ltd. (Industrials, Commercial services & supplies) | 34720 | &nbsp;&nbsp; 884867 |
| DTS Corp. (Information technology, IT services) | 72600 | &nbsp;&nbsp; 2064879 |
| Fuji Seal International, Inc. (Materials, Containers & packaging) | 55200 | &nbsp;&nbsp; 985598 |
| &nbsp;&nbsp; Horiba Ltd. (Information technology, Electronic equipment, instruments & <br> components)<br>| 25200 | &nbsp;&nbsp; 1722466 |
| MEITEC Group Holdings, Inc. (Industrials, Professional services) | 109300 | &nbsp;&nbsp; 2243446 |
| MISUMI Group, Inc. (Industrials, Machinery) | 36300 | &nbsp;&nbsp; 508536 |
| Nihon Parkerizing Co. Ltd. (Materials, Chemicals) | 122600 | &nbsp;&nbsp; 1021281 |
| Orix JREIT, Inc. (Real estate, Office REITs) | 1091 | &nbsp;&nbsp; 1374087 |
| Shizuoka Financial Group, Inc. (Financials, Banks) | 70800 | &nbsp;&nbsp; 786768 |
| Taikisha Ltd. (Industrials, Construction & engineering) | 49200 | &nbsp;&nbsp; 805305 |
|  |  | &nbsp;&nbsp; **12397233** |

---

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

2 \| Allspring Special Global Small Cap Fund

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Norway: 1.20%** |  |  |
| Atea ASA (Information technology, IT services) | 59164 | &nbsp;&nbsp; $807552 |
| Elopak ASA (Materials, Containers & packaging) | 135705 | &nbsp;&nbsp; 552426 |
|  |  | &nbsp;&nbsp; **1359978** |
| **Spain: 2.31%** |  |  |
| Viscofan SA (Consumer staples, Food products) | 36120 | &nbsp;&nbsp; **2605749** |
| **Sweden: 2.05%** |  |  |
| Asker Healthcare Group AB (Health care, Health care equipment & supplies)† | 14541 | &nbsp;&nbsp; 128628 |
| Hexpol AB (Materials, Chemicals) | 65705 | &nbsp;&nbsp; 571336 |
| Loomis AB Class B (Industrials, Commercial services & supplies) | 38710 | &nbsp;&nbsp; 1611165 |
|  |  | &nbsp;&nbsp; **2311129** |
| **Switzerland: 0.68%** |  |  |
| Bossard Holding AG Class A (Industrials, Trading companies & distributors) | 3530 | &nbsp;&nbsp; **769787** |
| **United Kingdom: 8.15%** |  |  |
| Domino's Pizza Group PLC (Consumer discretionary, Hotels, restaurants & leisure) | 437036 | &nbsp;&nbsp; 1572084 |
| Elementis PLC (Materials, Chemicals) | 233175 | &nbsp;&nbsp; 391926 |
| Gates Industrial Corp. PLC (Industrials, Machinery)† | 60585 | &nbsp;&nbsp; 1146268 |
| Lancashire Holdings Ltd. (Financials, Insurance) | 178829 | &nbsp;&nbsp; 1346064 |
| LondonMetric Property PLC (Real estate, Diversified REITs) | 347348 | &nbsp;&nbsp; 891194 |
| Nomad Foods Ltd. (Consumer staples, Food products) | 80556 | &nbsp;&nbsp; 1610315 |
| S4 Capital PLC (Communication services, Media)† | 404401 | &nbsp;&nbsp; 146589 |
| Samarkand Group PLC (Consumer discretionary, Broadline retail)† | 949998 | &nbsp;&nbsp; 6394 |
| &nbsp;&nbsp; Spectris PLC (Information technology, Electronic equipment, instruments & <br> components)<br>| 78081 | &nbsp;&nbsp; 2090252 |
|  |  | &nbsp;&nbsp; **9201086** |
| **United States: 57.22%** |  |  |
| Addus HomeCare Corp. (Health care, Health care providers & services)† | 7027 | &nbsp;&nbsp; 734673 |
| Air Lease Corp. Class A (Industrials, Trading companies & distributors) | 34859 | &nbsp;&nbsp; 1630007 |
| Alamo Group, Inc. (Industrials, Machinery) | 7963 | &nbsp;&nbsp; 1329662 |
| Amerant Bancorp, Inc. Class A (Financials, Banks) | 55863 | &nbsp;&nbsp; 940733 |
| Atkore, Inc. (Industrials, Electrical equipment) | 13049 | &nbsp;&nbsp; 833440 |
| Azenta, Inc. (Health care, Life sciences tools & services)† | 6013 | &nbsp;&nbsp; 158382 |
| Balchem Corp. (Materials, Chemicals) | 7151 | &nbsp;&nbsp; 1119489 |
| Blackbaud, Inc. (Information technology, Software)† | 25890 | &nbsp;&nbsp; 1567380 |
| Brady Corp. Class A (Industrials, Commercial services & supplies) | 34096 | &nbsp;&nbsp; 2396608 |
| Cactus, Inc. Class A (Energy, Energy equipment & services) | 30418 | &nbsp;&nbsp; 1154059 |
| Cadence Bank (Financials, Banks) | 30219 | &nbsp;&nbsp; 884208 |
| CBIZ, Inc. (Industrials, Professional services)† | 26360 | &nbsp;&nbsp; 1795116 |
| Chemed Corp. (Health care, Health care providers & services) | 2470 | &nbsp;&nbsp; 1436330 |
| CNO Financial Group, Inc. (Financials, Insurance) | 14904 | &nbsp;&nbsp; 565458 |
| Compass Diversified Holdings (Financials, Financial services) | 40940 | &nbsp;&nbsp; 703759 |
| CSW Industrials, Inc. (Industrials, Building products) | 5363 | &nbsp;&nbsp; 1675830 |
| Denny's Corp. (Consumer discretionary, Hotels, restaurants & leisure)† | 246541 | &nbsp;&nbsp; 909736 |
| Edgewell Personal Care Co. (Consumer staples, Personal care products) | 14726 | &nbsp;&nbsp; 449879 |
| Enovis Corp. (Health care, Health care equipment & supplies)† | 28703 | &nbsp;&nbsp; 992837 |
| Federal Signal Corp. (Industrials, Machinery) | 11594 | &nbsp;&nbsp; 944099 |

---

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

Allspring Special Global Small Cap Fund \| 3

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **United States**(continued) |  |  |
| Five Below, Inc. (Consumer discretionary, Specialty retail)† | 7611 | &nbsp;&nbsp; $577599 |
| &nbsp;&nbsp; FormFactor, Inc. (Information technology, Semiconductors & semiconductor <br> equipment)†<br>| 28389 | &nbsp;&nbsp; 798866 |
| Gibraltar Industries, Inc. (Industrials, Building products)† | 50667 | &nbsp;&nbsp; 2682818 |
| Graphic Packaging Holding Co. (Materials, Containers & packaging) | 90501 | &nbsp;&nbsp; 2290580 |
| &nbsp;&nbsp; Guardian Pharmacy Services, Inc. Class A (Consumer staples, Consumer staples <br> distribution & retail)†<br>| 44368 | &nbsp;&nbsp; 1110975 |
| Hanover Insurance Group, Inc. (Financials, Insurance) | 16987 | &nbsp;&nbsp; 2821541 |
| Holley, Inc. (Consumer discretionary, Automobile components)† | 261083 | &nbsp;&nbsp; 561328 |
| Horace Mann Educators Corp. (Financials, Insurance) | 4649 | &nbsp;&nbsp; 193119 |
| Informatica, Inc. Class A (Information technology, Software)† | 62941 | &nbsp;&nbsp; 1185179 |
| Innospec, Inc. (Materials, Chemicals) | 39511 | &nbsp;&nbsp; 3535444 |
| J&J Snack Foods Corp. (Consumer staples, Food products) | 17515 | &nbsp;&nbsp; 2269769 |
| Kadant, Inc. (Industrials, Machinery) | 2626 | &nbsp;&nbsp; 774670 |
| Mayville Engineering Co., Inc. (Industrials, Machinery)† | 67038 | &nbsp;&nbsp; 856746 |
| MSA Safety, Inc. (Industrials, Commercial services & supplies) | 11701 | &nbsp;&nbsp; 1841971 |
| MSC Industrial Direct Co., Inc. Class A (Industrials, Trading companies & distributors) | 5854 | &nbsp;&nbsp; 447714 |
| Old National Bancorp (Financials, Banks) | 46121 | &nbsp;&nbsp; 949631 |
| Piper Sandler Cos. (Financials, Capital markets) | 2098 | &nbsp;&nbsp; 505870 |
| Prestige Consumer Healthcare, Inc. (Health care, Pharmaceuticals)† | 19377 | &nbsp;&nbsp; 1573994 |
| Primo Brands Corp. Class A (Consumer staples, Beverages) | 46622 | &nbsp;&nbsp; 1523141 |
| Progress Software Corp. (Information technology, Software) | 27784 | &nbsp;&nbsp; 1665929 |
| Quaker Chemical Corp. (Materials, Chemicals) | 13732 | &nbsp;&nbsp; 1454768 |
| Quanex Building Products Corp. (Industrials, Building products) | 65179 | &nbsp;&nbsp; 1071543 |
| &nbsp;&nbsp; Sanmina Corp. (Information technology, Electronic equipment, instruments & <br> components)†<br>| 9589 | &nbsp;&nbsp; 736339 |
| Smartstop Self Storage REIT, Inc. (Real estate, Specialized REITs) | 8348 | &nbsp;&nbsp; 293349 |
| Spectrum Brands Holdings, Inc. (Consumer staples, Household products) | 28226 | &nbsp;&nbsp; 1781060 |
| Steven Madden Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 24483 | &nbsp;&nbsp; 514143 |
| Terreno Realty Corp. (Real estate, Industrial REITs) | 24036 | &nbsp;&nbsp; 1353948 |
| UFP Technologies, Inc. (Health care, Health care equipment & supplies)† | 1461 | &nbsp;&nbsp; 304677 |
| UMB Financial Corp. (Financials, Banks) | 6802 | &nbsp;&nbsp; 643265 |
| Voya Financial, Inc. (Financials, Financial services) | 17428 | &nbsp;&nbsp; 1031738 |
| Watts Water Technologies, Inc. Class A (Industrials, Machinery) | 8192 | &nbsp;&nbsp; 1701888 |
| Webster Financial Corp. (Financials, Banks) | 27868 | &nbsp;&nbsp; 1318156 |
| Wendy's Co. (Consumer discretionary, Hotels, restaurants & leisure) | 60570 | &nbsp;&nbsp; 757125 |
| Winmark Corp. (Consumer discretionary, Specialty retail) | 2501 | &nbsp;&nbsp; 900385 |
| Ziff Davis, Inc. (Communication services, Interactive media & services)† | 13142 | &nbsp;&nbsp; 388083 |
|  |  | &nbsp;&nbsp; **64639036** |
| **Total common stocks (Cost $101,149,042)** |  | &nbsp;&nbsp; **110155960** |

---

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

4 \| Allspring Special Global Small Cap Fund

------

Portfolio of investments—April 30, 2025 (unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 2.04%** |  |  |  |  |
| **Investment companies: 2.04%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.26<br> %<br>| 2301890 | &nbsp;&nbsp; **$2301890** |
| **Total short-term investments (Cost $2,301,890)** |  |  |  | &nbsp;&nbsp; **2301890** |
| **Total investments in securities (Cost $103,450,932)** | 99.56<br> %<br>|  |  | &nbsp;&nbsp; 112457850 |
| Other assets and liabilities, net | 0.44 |  |  | &nbsp;&nbsp; 501460 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$112959310** |

---

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

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

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

Abbreviations: <br> REIT Real estate investment trust

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $1859731 | $14100657 | $(13658498)<br>| $0 | $0 | $2301890 | 2301890 | $46961 |

---

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

Allspring Special Global Small Cap Fund \| 5

------

Statement of assets and liabilities—April 30, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $101,149,042) | $110155960 |
| Investments in affiliated securities, at value (cost $2,301,890) | 2301890 |
| Cash | 6 |
| Foreign currency, at value (cost $11,080) | 10925 |
| Receivable for dividends | 566907 |
| Receivable for investments sold | 467564 |
| Receivable for Fund shares sold | 146991 |
| Prepaid expenses and other assets | 50459 |
| **Total assets** | **113700702** |
| Liabilities |  |
| Payable for investments purchased | 531181 |
| Management fee payable | 76805 |
| Payable for Fund shares redeemed | 33704 |
| Administration fees payable | 16168 |
| Shareholder servicing fees payable | 15822 |
| Trustees' fees and expenses payable | 4178 |
| Distribution fee payable | 780 |
| Accrued expenses and other liabilities | 62754 |
| **Total liabilities** | **741392** |
| **Total net assets**  | **$112959310** |
| Net assets consist of |  |
| Paid-in capital | $101450439 |
| Total distributable earnings | 11508871 |
| **Total net assets** | **$112959310** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $74359137 |
| Shares outstanding–Class A<sup>1</sup> <br>| 2150087 |
| Net asset value per share–Class A | $34.58 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $36.69 |
| Net assets–Class C | $1250372 |
| Shares outstanding–Class C<sup>1</sup> <br>| 64301 |
| Net asset value per share–Class C | $19.45 |
| Net assets–Administrator Class | $2619864 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 70648 |
| Net asset value per share–Administrator Class | $37.08 |
| Net assets–Institutional Class | $34729937 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 932332 |
| Net asset value per share–Institutional Class | $37.25 |

---

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

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

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

6 \| Allspring Special Global Small Cap Fund

------

Statement of operations—six months ended April 30, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $48,041) | $1153137 |
| Income from affiliated securities | 46961 |
| Interest | 94 |
| **Total investment income** | **1200192** |
| Expenses |  |
| Management fee | 593905 |
| Administration fees |  |
| Class A | 81136 |
| Class C | 1436 |
| Administrator Class | 1989 |
| Institutional Class | 25610 |
| Shareholder servicing fees |  |
| Class A | 101322 |
| Class C | 1791 |
| Administrator Class | 3815 |
| Distribution fee |  |
| Class C | 5374 |
| Custody and accounting fees | 7571 |
| Professional fees | 30395 |
| Registration fees | 37259 |
| Shareholder report expenses | 16744 |
| Trustees' fees and expenses | 7960 |
| Other fees and expenses | 14937 |
| **Total expenses** | **931244** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (70983)<br>|
| Class A | (1564)<br>|
| Administrator Class | (179)<br>|
| **Net expenses** | **858518** |
| **Net investment income** | **341674** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | 2661119 |
| Foreign currency and foreign currency translations | (4208)<br>|
| **Net realized gains on investments** | **2656911** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | (10617539)<br>|
| Foreign currency and foreign currency translations | 33352 |
| **Net change in unrealized gains (losses) on investments** | **(10584187)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(7927276)**<br>|
| **Net decrease in net assets resulting from operations** | **$(7585602)**<br>|

---

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

Allspring Special Global Small Cap Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Six months ended<br> April 30, 2025<br> (unaudited) | <br>Six months ended<br> April 30, 2025<br> (unaudited) | Year ended<br> October 31, 2024 | Year ended<br> October 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $341674 |  | &nbsp;&nbsp; $448544 |
| Net realized gains on investments |  | &nbsp;&nbsp; 2656911 |  | &nbsp;&nbsp; 5496202 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (10584187)<br>|  | &nbsp;&nbsp; 14400020 |
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **(7585602)**<br>|  | &nbsp;&nbsp; **20344766** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (1238254)<br>|  | &nbsp;&nbsp; 0 |
| Class C |  | &nbsp;&nbsp; (34561)<br>|  | &nbsp;&nbsp; 0 |
| Administrator Class |  | &nbsp;&nbsp; (46635)<br>|  | &nbsp;&nbsp; 0 |
| Institutional Class |  | &nbsp;&nbsp; (688820)<br>|  | &nbsp;&nbsp; 0 |
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(2008270)**<br>|  | &nbsp;&nbsp; **0** |
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 20045 | &nbsp;&nbsp; 720224 | &nbsp;&nbsp; 37487 | &nbsp;&nbsp; 1418547 |
| Class C | 1455 | &nbsp;&nbsp; 31326 | &nbsp;&nbsp; 1765 | &nbsp;&nbsp; 38045 |
| Administrator Class | 1386 | &nbsp;&nbsp; 53431 | &nbsp;&nbsp; 3484 | &nbsp;&nbsp; 140806 |
| Institutional Class | 100965 | &nbsp;&nbsp; 3958449 | &nbsp;&nbsp; 185738 | &nbsp;&nbsp; 7539607 |
|  |  | &nbsp;&nbsp; 4763430 |  | &nbsp;&nbsp; 9137005 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 30049 | &nbsp;&nbsp; 1146520 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Class C | 1600 | &nbsp;&nbsp; 34561 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Administrator Class | 1120 | &nbsp;&nbsp; 45728 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class | 16000 | &nbsp;&nbsp; 653099 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 1879908 |  | &nbsp;&nbsp; 0 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (196730)<br>| &nbsp;&nbsp; (7238533)<br>| &nbsp;&nbsp; (378218)<br>| &nbsp;&nbsp; (14211897)<br>|
| Class C | (12008)<br>| &nbsp;&nbsp; (248041)<br>| &nbsp;&nbsp; (36612)<br>| &nbsp;&nbsp; (783010)<br>|
| Administrator Class | (13979)<br>| &nbsp;&nbsp; (536768)<br>| &nbsp;&nbsp; (31342)<br>| &nbsp;&nbsp; (1270089)<br>|
| Institutional Class | (214238)<br>| &nbsp;&nbsp; (8370860)<br>| &nbsp;&nbsp; (315816)<br>| &nbsp;&nbsp; (12704030)<br>|
|  |  | &nbsp;&nbsp; (16394202)<br>|  | &nbsp;&nbsp; (28969026)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(9750864)**<br>|  | &nbsp;&nbsp; **(19832021)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(19344736)**<br>|  | &nbsp;&nbsp; **512745** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **132304046** |  | &nbsp;&nbsp; **131791301** |
| **End of period** |  | &nbsp;&nbsp; **$112959310** |  | &nbsp;&nbsp; **$132304046** |

---

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

8 \| Allspring Special Global Small Cap Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class A | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$37.42** | &nbsp;&nbsp; **$32.44** | &nbsp;&nbsp; **$33.49** | &nbsp;&nbsp; **$54.12** | &nbsp;&nbsp; **$36.87** | &nbsp;&nbsp; **$39.97** |
| Net investment income (loss) | 0.08 <br><sup>1</sup><br>| 0.08 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.05 )<sup>1</sup><br>| &nbsp;&nbsp; (0.10 )<sup>1</sup><br>| &nbsp;&nbsp; (0.22 )<sup>1</sup><br>| &nbsp;&nbsp; (0.10 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (2.37)<br>| 4.90 | 0.45 | &nbsp;&nbsp; (12.76)<br>| 17.47 | &nbsp;&nbsp; (1.29)<br>|
| Total from investment operations | (2.29)<br>| 4.98 | 0.40 | &nbsp;&nbsp; (12.86)<br>| 17.25 | &nbsp;&nbsp; (1.39)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.06)<br>| 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.54)<br>|
| Net realized gains | (0.49)<br>| 0.00 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (7.77)<br>| 0.00 | &nbsp;&nbsp; (1.17)<br>|
| Total distributions to shareholders | (0.55)<br>| 0.00 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (7.77)<br>| 0.00 | &nbsp;&nbsp; (1.71)<br>|
| **Net asset value, end of period** | **$34.58** | &nbsp;&nbsp; **$37.42** | &nbsp;&nbsp; **$32.44** | &nbsp;&nbsp; **$33.49** | &nbsp;&nbsp; **$54.12** | &nbsp;&nbsp; **$36.87** |
| **Total return**<sup>2</sup> <br>| **(6.26)%**<br>| **15.35%**<br>| **1.00%**<br>| &nbsp;&nbsp; **(27.48)%**<br>| **46.79%**<br>| &nbsp;&nbsp; **(3.81)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.58<br> %<br>| 1.55<br> %<br>| 1.61<br> %<br>| 1.53<br> %<br>| 1.49<br> %<br>| 1.54<br> %<br>|
| Net expenses | 1.47<br> %<br>| 1.47<br> %<br>| 1.50<br> %<br>| 1.52<br> %<br>| 1.49<br> %<br>| 1.53<br> %<br>|
| Net investment income (loss) | 0.46<br> %<br>| 0.23<br> %<br>| &nbsp;&nbsp; (0.14)%<br>| &nbsp;&nbsp; (0.25)%<br>| &nbsp;&nbsp; (0.44)%<br>| &nbsp;&nbsp; (0.27)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 17<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 65<br> %<br>|
| Net assets, end of period (000s omitted) | $74359 | &nbsp;&nbsp; $85938 | &nbsp;&nbsp; $85554 | &nbsp;&nbsp; $97233 | &nbsp;&nbsp; $152947 | &nbsp;&nbsp; $113234 |

---

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

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

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

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

Allspring Special Global Small Cap Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class C | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$21.29** | &nbsp;&nbsp; **$18.59** | &nbsp;&nbsp; **$19.92** | &nbsp;&nbsp; **$35.63** | &nbsp;&nbsp; **$24.46** | &nbsp;&nbsp; **$26.68** |
| Net investment loss | (0.03 )<sup>1</sup><br>| &nbsp;&nbsp; (0.11 )<sup>1</sup><br>| &nbsp;&nbsp; (0.18 )<sup>1</sup><br>| &nbsp;&nbsp; (0.24 )<sup>1</sup><br>| &nbsp;&nbsp; (0.39 )<sup>1</sup><br>| &nbsp;&nbsp; (0.25 )<sup>1</sup><br>|
| Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.07 |
| Net realized and unrealized gains (losses) on investments | (1.32)<br>| 2.81 | 0.30 | &nbsp;&nbsp; (7.70)<br>| 11.56 | &nbsp;&nbsp; (0.87)<br>|
| Total from investment operations | (1.35)<br>| 2.70 | 0.12 | &nbsp;&nbsp; (7.94)<br>| 11.17 | &nbsp;&nbsp; (1.05)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (0.49)<br>| 0.00 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (7.77)<br>| 0.00 | &nbsp;&nbsp; (1.17)<br>|
| **Net asset value, end of period** | **$19.45** | &nbsp;&nbsp; **$21.29** | &nbsp;&nbsp; **$18.59** | &nbsp;&nbsp; **$19.92** | &nbsp;&nbsp; **$35.63** | &nbsp;&nbsp; **$24.46** |
| **Total return**<sup>2</sup> <br>| **(6.58)%**<br>| **14.52%**<br>| **0.24%**<br>| &nbsp;&nbsp; **(28.04)%**<br>| **45.67%**<br>| &nbsp;&nbsp; **(4.25)%** <br><sup>3</sup><br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 2.33<br> %<br>| 2.30<br> %<br>| 2.36<br> %<br>| 2.28<br> %<br>| 2.24<br> %<br>| 2.29<br> %<br>|
| Net expenses | 2.22<br> %<br>| 2.22<br> %<br>| 2.26<br> %<br>| 2.27<br> %<br>| 2.24<br> %<br>| 2.28<br> %<br>|
| Net investment loss | (0.30)%<br>| &nbsp;&nbsp; (0.52)%<br>| &nbsp;&nbsp; (0.90)%<br>| &nbsp;&nbsp; (0.99)%<br>| &nbsp;&nbsp; (1.19)%<br>| &nbsp;&nbsp; (1.00)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 17<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 65<br> %<br>|
| Net assets, end of period (000s omitted) | $1250 | &nbsp;&nbsp; $1559 | &nbsp;&nbsp; $2010 | &nbsp;&nbsp; $2741 | &nbsp;&nbsp; $4704 | &nbsp;&nbsp; $5576 |

---

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

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

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

<sup>3</sup> During the year ended October 31, 2020, the Fund received a payment from an affiliate which had a 0.28% impact on the total return.

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

10 \| Allspring Special Global Small Cap Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Administrator Class | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$40.09** | &nbsp;&nbsp; **$34.73** | &nbsp;&nbsp; **$35.72** | &nbsp;&nbsp; **$57.15** | &nbsp;&nbsp; **$38.90** | &nbsp;&nbsp; **$42.06** |
| Net investment income (loss) | 0.11 <br><sup>1</sup><br>| 0.12 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.01 )<sup>1</sup><br>| &nbsp;&nbsp; (0.14 )<sup>1</sup><br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.05 )<sup>1</sup><br>|
| Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 |
| Net realized and unrealized gains (losses) on investments | (2.54)<br>| 5.24 | 0.47 | &nbsp;&nbsp; (13.52)<br>| 18.37 | &nbsp;&nbsp; (1.36)<br>|
| Total from investment operations | (2.43)<br>| 5.36 | 0.46 | &nbsp;&nbsp; (13.66)<br>| 18.25 | &nbsp;&nbsp; (1.38)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.09)<br>| 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.61)<br>|
| Net realized gains | (0.49)<br>| 0.00 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (7.77)<br>| 0.00 | &nbsp;&nbsp; (1.17)<br>|
| Total distributions to shareholders | (0.58)<br>| 0.00 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (7.77)<br>| 0.00 | &nbsp;&nbsp; (1.78)<br>|
| **Net asset value, end of period** | **$37.08** | &nbsp;&nbsp; **$40.09** | &nbsp;&nbsp; **$34.73** | &nbsp;&nbsp; **$35.72** | &nbsp;&nbsp; **$57.15** | &nbsp;&nbsp; **$38.90** |
| **Total return**<sup>2</sup> <br>| **(6.20)%**<br>| **15.43%**<br>| **1.11%**<br>| &nbsp;&nbsp; **(27.41)%**<br>| **46.92%**<br>| &nbsp;&nbsp; **(3.61)%** <br><sup>3</sup><br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.51<br> %<br>| 1.48<br> %<br>| 1.54<br> %<br>| 1.42<br> %<br>| 1.41<br> %<br>| 1.46<br> %<br>|
| Net expenses | 1.39<br> %<br>| 1.39<br> %<br>| 1.38<br> %<br>| 1.39<br> %<br>| 1.39<br> %<br>| 1.40<br> %<br>|
| Net investment income (loss) | 0.55<br> %<br>| 0.30<br> %<br>| &nbsp;&nbsp; (0.01)%<br>| &nbsp;&nbsp; (0.30)%<br>| &nbsp;&nbsp; (0.35)%<br>| &nbsp;&nbsp; (0.13)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 17<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 65<br> %<br>|
| Net assets, end of period (000s omitted) | $2620 | &nbsp;&nbsp; $3293 | &nbsp;&nbsp; $3820 | &nbsp;&nbsp; $4335 | &nbsp;&nbsp; $28406 | &nbsp;&nbsp; $20157 |

---

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

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

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

<sup>3</sup> During the year ended October 31, 2020, the Fund received a payment from an affiliate which had a 0.08% impact on the total return.

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

Allspring Special Global Small Cap Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Institutional Class | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$40.32** | &nbsp;&nbsp; **$34.84** | &nbsp;&nbsp; **$35.75** | &nbsp;&nbsp; **$57.05** | &nbsp;&nbsp; **$38.74** | &nbsp;&nbsp; **$41.92** |
| Net investment income (loss) | 0.15 <br><sup>1</sup><br>| 0.22 <br><sup>1</sup><br>| 0.08 <br><sup>1</sup><br>| 0.02 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.06)<br>| 0.02 |
| Net realized and unrealized gains (losses) on investments | (2.55)<br>| 5.26 | 0.46 | &nbsp;&nbsp; (13.55)<br>| 18.37 | &nbsp;&nbsp; (1.31)<br>|
| Total from investment operations | (2.40)<br>| 5.48 | 0.54 | &nbsp;&nbsp; (13.53)<br>| 18.31 | &nbsp;&nbsp; (1.29)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.72)<br>|
| Net realized gains | (0.49)<br>| 0.00 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (7.77)<br>| 0.00 | &nbsp;&nbsp; (1.17)<br>|
| Total distributions to shareholders | (0.67)<br>| 0.00 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (7.77)<br>| 0.00 | &nbsp;&nbsp; (1.89)<br>|
| **Net asset value, end of period** | **$37.25** | &nbsp;&nbsp; **$40.32** | &nbsp;&nbsp; **$34.84** | &nbsp;&nbsp; **$35.75** | &nbsp;&nbsp; **$57.05** | &nbsp;&nbsp; **$38.74** |
| **Total return**<sup>2</sup> <br>| **(6.09)%**<br>| **15.73%**<br>| **1.34%**<br>| &nbsp;&nbsp; **(27.20)%**<br>| **47.26%**<br>| &nbsp;&nbsp; **(3.42)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.26<br> %<br>| 1.23<br> %<br>| 1.29<br> %<br>| 1.19<br> %<br>| 1.16<br> %<br>| 1.21<br> %<br>|
| Net expenses | 1.15<br> %<br>| 1.15<br> %<br>| 1.15<br> %<br>| 1.15<br> %<br>| 1.15<br> %<br>| 1.15<br> %<br>|
| Net investment income (loss) | 0.77<br> %<br>| 0.54<br> %<br>| 0.21<br> %<br>| 0.06<br> %<br>| &nbsp;&nbsp; (0.12)%<br>| 0.11<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 17<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 65<br> %<br>|
| Net assets, end of period (000s omitted) | $34730 | &nbsp;&nbsp; $41514 | &nbsp;&nbsp; $40407 | &nbsp;&nbsp; $47779 | &nbsp;&nbsp; $130820 | &nbsp;&nbsp; $87313 |

---

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

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

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

12 \| Allspring Special Global Small Cap Fund

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On April 30, 2025, such fair value pricing was used in pricing certain foreign securities.

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

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

Foreign currency translation

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

Security transactions and income recognition

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

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

Allspring Special Global Small Cap Fund \| 13

------

Notes to financial statements (unaudited)

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of April 30, 2025, the aggregate cost of all investments for federal income tax purposes was $103,968,528 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $21462105 |
| Gross unrealized losses | &nbsp;&nbsp; (12972783)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$8489322** |

---

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

14 \| Allspring Special Global Small Cap Fund

------

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Australia* | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $2107491 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $2107491 |
| *Belgium* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1114644 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1114644 |
| *Canada* | &nbsp;&nbsp; 3032653 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3032653 |
| *France* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3073264 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3073264 |
| *Germany* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3507648 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3507648 |
| *Ireland* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 591293 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 591293 |
| *Italy* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3444969 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3444969 |
| *Japan* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12397233 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12397233 |
| *Norway* | &nbsp;&nbsp; 1359978 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1359978 |
| *Spain* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2605749 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2605749 |
| *Sweden* | &nbsp;&nbsp; 128628 | &nbsp;&nbsp;&nbsp; 2182501 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2311129 |
| *Switzerland* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 769787 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 769787 |
| *United Kingdom* | &nbsp;&nbsp; 2756583 | &nbsp;&nbsp;&nbsp; 6444503 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9201086 |
| *United States* | &nbsp;&nbsp; 64639036 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 64639036 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 2301890 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2301890 |
| **Total assets** | &nbsp;&nbsp; **$74218768** | &nbsp;&nbsp;&nbsp; **$38239082** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$112457850** |

---

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

At April 30, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.950<br> %<br>|
| Next $500 million | 0.925 |
| Next $1 billion | 0.900 |
| Next $2 billion | 0.875 |
| Next $1 billion | 0.850 |
| Next $5 billion | 0.840 |
| Over $10 billion | 0.830 |

---

For the six months ended April 30, 2025, the management fee was equivalent to an annual rate of 0.95% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Fund increase.

Administration fees

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

Allspring Special Global Small Cap Fund \| 15

------

Notes to financial statements (unaudited)

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through February 28, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of April 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.47<br> %<br>|
| Class C | 2.22 |
| Administrator Class | 1.40 |
| Institutional Class | 1.15 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended April 30, 2025, Allspring Funds Distributor received $115 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended April 30, 2025.

Shareholder servicing fees

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended April 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2025 were $20,912,518 and $32,438,846, respectively.

6. BANK BORROWINGS

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

For the six months ended April 30, 2025, there were no borrowings by the Fund under the agreement.

16 \| Allspring Special Global Small Cap Fund

------

Notes to financial statements (unaudited)

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

7. CONCENTRATION RISKS

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

8. INDEMNIFICATION

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

9. OPERATING SEGMENTS

The Fund has adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

10. SUBSEQUENT EVENTS

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

Allspring Special Global Small Cap Fund \| 17

------

Other information (unaudited)

Other information

Proxy voting information

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

Quarterly portfolio holdings information

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

18 \| Allspring Special Global Small Cap Fund

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

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

Not applicable

Allspring Special Global Small Cap Fund \| 19

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*This page is intentionally left blank.*

------

![](g939517imga84e6c5b1.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**

![](g939517img0db702082.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.**

**NCSRS4305 04-25**

------

![](g939517imgf632b8581.jpg)

Allspring Special International Small Cap Fund

Long Form Financial Statements

Semi-Annual Report

April 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_1f9fd559-bf7b-4b43-a578-63e9f3133ad0_POI-PageBlank-92_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_1f9fd559-bf7b-4b43-a578-63e9f3133ad0_FS-PageBlank-92_1)** |  |
| [Statement of assets and liabilities](#xx_1f9fd559-bf7b-4b43-a578-63e9f3133ad0_FS-PageBlank-92_1) | 6 |
| [Statement of operations](#xx_1f9fd559-bf7b-4b43-a578-63e9f3133ad0_FS-PageBlank-92_2) | 7 |
| [Statement of changes in net assets](#xx_1f9fd559-bf7b-4b43-a578-63e9f3133ad0_FS-PageBlank-92_3) | 8 |
| [Financial highlights](#xx_1f9fd559-bf7b-4b43-a578-63e9f3133ad0_FIHI-PageBlank-92_1) | 9 |
| **[Notes to financial statements](#xx_1f9fd559-bf7b-4b43-a578-63e9f3133ad0_NTF-PageBlank-92_1)** | 13 |
| **[Other information](#xx_1f9fd559-bf7b-4b43-a578-63e9f3133ad0_OI-PageBlank-92_1)** | 18 |
| [Item 8. Changes in and disagreements with accountants](#xx_1f9fd559-bf7b-4b43-a578-63e9f3133ad0_OI-PageBlank-92_2) | 19 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_1f9fd559-bf7b-4b43-a578-63e9f3133ad0_OI-PageBlank-92_2) | 19 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_1f9fd559-bf7b-4b43-a578-63e9f3133ad0_OI-PageBlank-92_2) | 19 |
| [Item 11. Statement regarding basis for board](#xx_1f9fd559-bf7b-4b43-a578-63e9f3133ad0_OI-PageBlank-92_2)['](#xx_1f9fd559-bf7b-4b43-a578-63e9f3133ad0_OI-PageBlank-92_2)[s approval of investment](#xx_1f9fd559-bf7b-4b43-a578-63e9f3133ad0_OI-PageBlank-92_2)<br> [advisory contract](#xx_1f9fd559-bf7b-4b43-a578-63e9f3133ad0_OI-PageBlank-92_2)<br>| 19 |

---

Allspring Special International Small Cap Fund \| 1

------

Portfolio of investments—April 30, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 95.27%** |  |  |
| **Australia: 3.51%** |  |  |
| Ansell Ltd. (Health care, Health care equipment & supplies) | 85640 | &nbsp;&nbsp; $1661377 |
| Orora Ltd. (Materials, Containers & packaging) | 679107 | &nbsp;&nbsp; 786829 |
| Reliance Worldwide Corp. Ltd. (Industrials, Building products) | 765398 | &nbsp;&nbsp; 2057601 |
| Steadfast Group Ltd. (Financials, Insurance) | 548988 | &nbsp;&nbsp; 2063022 |
|  |  | &nbsp;&nbsp; **6568829** |
| **Austria: 1.72%** |  |  |
| BAWAG Group AG (Financials, Banks)144A | 22006 | &nbsp;&nbsp; 2412034 |
| Mayr Melnhof Karton AG (Materials, Containers & packaging) | 8592 | &nbsp;&nbsp; 796073 |
|  |  | &nbsp;&nbsp; **3208107** |
| **Belgium: 1.86%** |  |  |
| Azelis Group NV (Industrials, Trading companies & distributors) | 95504 | &nbsp;&nbsp; 1479838 |
| Barco NV (Information technology, Electronic equipment, instruments & components) | 145427 | &nbsp;&nbsp; 1989852 |
|  |  | &nbsp;&nbsp; **3469690** |
| **Canada: 4.87%** |  |  |
| ATS Corp. (Industrials, Machinery)† | 34440 | &nbsp;&nbsp; 867870 |
| Finning International, Inc. (Industrials, Trading companies & distributors) | 65060 | &nbsp;&nbsp; 1836272 |
| Gildan Activewear, Inc. (Consumer discretionary, Textiles, apparel & luxury goods) | 21000 | &nbsp;&nbsp; 967743 |
| Onex Corp. (Financials, Capital markets) | 22400 | &nbsp;&nbsp; 1586003 |
| PrairieSky Royalty Ltd. (Energy, Oil, gas & consumable fuels) | 228360 | &nbsp;&nbsp; 3844651 |
|  |  | &nbsp;&nbsp; **9102539** |
| **Finland: 2.23%** |  |  |
| Huhtamaki Oyj (Materials, Containers & packaging) | 75148 | &nbsp;&nbsp; 2766776 |
| Metso Oyj (Industrials, Machinery) | 129263 | &nbsp;&nbsp; 1404533 |
|  |  | &nbsp;&nbsp; **4171309** |
| **France: 2.71%** |  |  |
| Alten SA (Information technology, IT services) | 59894 | &nbsp;&nbsp; **5076815** |
| **Germany: 5.56%** |  |  |
| Bechtle AG (Information technology, IT services) | 72270 | &nbsp;&nbsp; 3083229 |
| Krones AG (Industrials, Machinery) | 22667 | &nbsp;&nbsp; 3313193 |
| Springer Nature AG & Co. KGaA (Communication services, Media) | 23453 | &nbsp;&nbsp; 473998 |
| TAG Immobilien AG (Real estate, Real estate management & development)† | 216804 | &nbsp;&nbsp; 3529773 |
|  |  | &nbsp;&nbsp; **10400193** |
| **Ireland: 0.55%** |  |  |
| Irish Residential Properties REIT PLC (Real estate, Residential REITs) | 895189 | &nbsp;&nbsp; **1035447** |
| **Italy: 7.88%** |  |  |
| Amplifon SpA (Health care, Health care providers & services) | 102295 | &nbsp;&nbsp; 1957819 |
| Azimut Holding SpA (Financials, Capital markets) | 109456 | &nbsp;&nbsp; 3041686 |
| Buzzi SpA (Materials, Construction materials) | 88232 | &nbsp;&nbsp; 4623624 |

---

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

2 \| Allspring Special International Small Cap Fund

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Italy**(continued) |  |  |
| De' Longhi SpA (Consumer discretionary, Household durables) | 61006 | &nbsp;&nbsp; $1887941 |
| Interpump Group SpA (Industrials, Machinery) | 94375 | &nbsp;&nbsp; 3236852 |
|  |  | &nbsp;&nbsp; **14747922** |
| **Japan: 30.13%** |  |  |
| Daiseki Co. Ltd. (Industrials, Commercial services & supplies) | 135260 | &nbsp;&nbsp; 3447209 |
| DTS Corp. (Information technology, IT services) | 152400 | &nbsp;&nbsp; 4334540 |
| Ezaki Glico Co. Ltd. (Consumer staples, Food products) | 54800 | &nbsp;&nbsp; 1807981 |
| Fuji Seal International, Inc. (Materials, Containers & packaging) | 142300 | &nbsp;&nbsp; 2540771 |
| &nbsp;&nbsp; Horiba Ltd. (Information technology, Electronic equipment, instruments & <br> components)<br>| 45400 | &nbsp;&nbsp; 3103173 |
| Hoshizaki Corp. (Industrials, Machinery) | 73700 | &nbsp;&nbsp; 3133437 |
| Japan Elevator Service Holdings Co. Ltd. (Industrials, Commercial services & supplies) | 38600 | &nbsp;&nbsp; 834500 |
| Kamigumi Co. Ltd. (Industrials, Transportation infrastructure) | 135800 | &nbsp;&nbsp; 3324320 |
| &nbsp;&nbsp; Maruwa Co. Ltd. (Information technology, Electronic equipment, instruments & <br> components)<br>| 2700 | &nbsp;&nbsp; 548762 |
| &nbsp;&nbsp; McDonald's Holdings Co. Japan Ltd. (Consumer discretionary, Hotels, restaurants & <br> leisure)<br>| 43200 | &nbsp;&nbsp; 1826642 |
| MEITEC Group Holdings, Inc. (Industrials, Professional services) | 244400 | &nbsp;&nbsp; 5016453 |
| MISUMI Group, Inc. (Industrials, Machinery) | 93700 | &nbsp;&nbsp; 1312667 |
| Nihon Parkerizing Co. Ltd. (Materials, Chemicals) | 209900 | &nbsp;&nbsp; 1748506 |
| NOF Corp. (Materials, Chemicals) | 75600 | &nbsp;&nbsp; 1137995 |
| Orix JREIT, Inc. (Real estate, Office REITs) | 3560 | &nbsp;&nbsp; 4483732 |
| San-A Co. Ltd. (Consumer staples, Consumer staples distribution & retail) | 151100 | &nbsp;&nbsp; 3000448 |
| Shimamura Co. Ltd. (Consumer discretionary, Specialty retail) | 46800 | &nbsp;&nbsp; 3114023 |
| Shizuoka Financial Group, Inc. (Financials, Banks) | 153700 | &nbsp;&nbsp; 1707997 |
| Sohgo Security Services Co. Ltd. (Industrials, Commercial services & supplies) | 261600 | &nbsp;&nbsp; 2067598 |
| Stanley Electric Co. Ltd. (Consumer discretionary, Automobile components) | 178900 | &nbsp;&nbsp; 3352390 |
| Sumitomo Warehouse Co. Ltd. (Industrials, Transportation infrastructure) | 122000 | &nbsp;&nbsp; 2369753 |
| Taikisha Ltd. (Industrials, Construction & engineering) | 131600 | &nbsp;&nbsp; 2154027 |
|  |  | &nbsp;&nbsp; **56366924** |
| **Netherlands: 2.78%** |  |  |
| Aalberts NV (Industrials, Machinery) | 46829 | &nbsp;&nbsp; 1555033 |
| Arcadis NV (Industrials, Professional services) | 38881 | &nbsp;&nbsp; 1885382 |
| Technip Energies NV (Energy, Energy equipment & services) | 51524 | &nbsp;&nbsp; 1758212 |
|  |  | &nbsp;&nbsp; **5198627** |
| **Norway: 3.38%** |  |  |
| Atea ASA (Information technology, IT services) | 158662 | &nbsp;&nbsp; 2165639 |
| Elopak ASA (Materials, Containers & packaging) | 203434 | &nbsp;&nbsp; 828136 |
| SpareBank 1 SMN (Financials, Banks) | 183804 | &nbsp;&nbsp; 3335639 |
|  |  | &nbsp;&nbsp; **6329414** |
| **Spain: 3.92%** |  |  |
| Vidrala SA (Materials, Containers & packaging) | 17414 | &nbsp;&nbsp; 1898091 |
| Viscofan SA (Consumer staples, Food products) | 75376 | &nbsp;&nbsp; 5437733 |
|  |  | &nbsp;&nbsp; **7335824** |

---

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

Allspring Special International Small Cap Fund \| 3

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Sweden: 4.65%** |  |  |
| AAK AB (Consumer staples, Food products) | 68215 | &nbsp;&nbsp; $1783949 |
| Asker Healthcare Group AB (Health care, Health care equipment & supplies)† | 103512 | &nbsp;&nbsp; 915656 |
| Beijer Ref AB Class B (Industrials, Trading companies & distributors) | 93978 | &nbsp;&nbsp; 1433479 |
| Hexpol AB (Materials, Chemicals) | 263461 | &nbsp;&nbsp; 2290916 |
| Loomis AB Class B (Industrials, Commercial services & supplies) | 54519 | &nbsp;&nbsp; 2269159 |
|  |  | &nbsp;&nbsp; **8693159** |
| **Switzerland: 3.40%** |  |  |
| Bossard Holding AG Class A (Industrials, Trading companies & distributors) | 10670 | &nbsp;&nbsp; 2326805 |
| Bucher Industries AG (Industrials, Machinery) | 4211 | &nbsp;&nbsp; 1818832 |
| Montana Aerospace AG (Industrials, Aerospace & defense)144A† | 56489 | &nbsp;&nbsp; 1128123 |
| Vontobel Holding AG (Financials, Capital markets) | 15136 | &nbsp;&nbsp; 1093782 |
|  |  | &nbsp;&nbsp; **6367542** |
| **United Kingdom: 14.68%** |  |  |
| Domino's Pizza Group PLC (Consumer discretionary, Hotels, restaurants & leisure) | 811019 | &nbsp;&nbsp; 2917357 |
| Elementis PLC (Materials, Chemicals) | 857765 | &nbsp;&nbsp; 1441753 |
| IMI PLC (Industrials, Machinery) | 116461 | &nbsp;&nbsp; 2763947 |
| Lancashire Holdings Ltd. (Financials, Insurance) | 426839 | &nbsp;&nbsp; 3212859 |
| LondonMetric Property PLC (Real estate, Diversified REITs) | 890480 | &nbsp;&nbsp; 2284713 |
| Nomad Foods Ltd. (Consumer staples, Food products) | 215686 | &nbsp;&nbsp; 4311563 |
| Premier Foods PLC (Consumer staples, Food products) | 611565 | &nbsp;&nbsp; 1623546 |
| S4 Capital PLC (Communication services, Media)† | 837585 | &nbsp;&nbsp; 303612 |
| &nbsp;&nbsp; Spectris PLC (Information technology, Electronic equipment, instruments & <br> components)<br>| 126300 | &nbsp;&nbsp; 3381090 |
| SSP Group PLC (Consumer discretionary, Hotels, restaurants & leisure) | 742243 | &nbsp;&nbsp; 1470063 |
| Tate & Lyle PLC (Consumer staples, Food products) | 502788 | &nbsp;&nbsp; 3747287 |
|  |  | &nbsp;&nbsp; **27457790** |
| **United States: 1.44%** |  |  |
| Primo Brands Corp. Class A (Consumer staples, Beverages) | 82524 | &nbsp;&nbsp; **2696059** |
| **Total common stocks (Cost $156,382,724)** |  | &nbsp;&nbsp; **178226190** |
| **Investment companies: 0.71%** |  |  |
| **United States: 0.71%** |  |  |
| iShares MSCI EAFE Small-Cap ETF | 19961 | &nbsp;&nbsp; **1327407** |
| **Total investment companies (Cost $1,218,563)** |  | &nbsp;&nbsp; **1327407** |

---

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

4 \| Allspring Special International Small Cap Fund

------

Portfolio of investments—April 30, 2025 (unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 3.49%** |  |  |  |  |
| **Investment companies: 3.49%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.26<br> %<br>| 6536696 | &nbsp;&nbsp; **$6536696** |
| **Total short-term investments (Cost $6,536,696)** |  |  |  | &nbsp;&nbsp; **6536696** |
| **Total investments in securities (Cost $164,137,983)** | 99.47<br> %<br>|  |  | &nbsp;&nbsp; 186090293 |
| Other assets and liabilities, net | 0.53 |  |  | &nbsp;&nbsp; 995173 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$187085466** |

---

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

---

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

---

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

Abbreviations: <br> REIT Real estate investment trust

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $5640597 | $52402740 | $(51506641)<br>| $0 | $0 | $6536696 | 6536696 | $148136 |

---

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

Allspring Special International Small Cap Fund \| 5

------

Statement of assets and liabilities—April 30, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $157,601,287) | $179553597 |
| Investments in affiliated securities, at value (cost $6,536,696) | 6536696 |
| Foreign currency, at value (cost $69,512) | 69252 |
| Receivable for dividends | 1392925 |
| Receivable for Fund shares sold | 532089 |
| Receivable for investments sold | 262768 |
| Prepaid expenses and other assets | 125107 |
| **Total assets** | **188472434** |
| Liabilities |  |
| Payable for investments purchased | 788948 |
| Payable for Fund shares redeemed | 398596 |
| Management fee payable | 114699 |
| Administration fees payable | 15381 |
| Trustees' fees and expenses payable | 5928 |
| Shareholder servicing fees payable | 60 |
| Accrued expenses and other liabilities | 63356 |
| **Total liabilities** | **1386968** |
| **Total net assets**  | **$187085466** |
| Net assets consist of |  |
| Paid-in capital | $173238827 |
| Total distributable earnings | 13846639 |
| **Total net assets** | **$187085466** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $273988 |
| Shares outstanding–Class A<sup>1</sup> <br>| 22826 |
| Net asset value per share–Class A | $12.00 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $12.73 |
| Net assets–Class C | $28278 |
| Shares outstanding–Class C<sup>1</sup> <br>| 2342 |
| Net asset value per share–Class C | $12.07 |
| Net assets–Class R6 | $49977162 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 4164847 |
| Net asset value per share–Class R6 | $12.00 |
| Net assets–Institutional Class | $136806038 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 11381584 |
| Net asset value per share–Institutional Class | $12.02 |

---

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

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

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

6 \| Allspring Special International Small Cap Fund

------

Statement of operations—six months ended April 30, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $273,894) | $2800241 |
| Income from affiliated securities | 148136 |
| Interest | 498 |
| **Total investment income** | **2948875** |
| Expenses |  |
| Management fee | 868212 |
| Administration fees |  |
| Class A | 251 |
| Class C | 27 |
| Class R6 | 8608 |
| Institutional Class | 81327 |
| Shareholder servicing fees |  |
| Class A | 314 |
| Class C | 30 |
| Custody and accounting fees | 23018 |
| Professional fees | 24728 |
| Registration fees | 69796 |
| Shareholder report expenses | 18682 |
| Trustees' fees and expenses | 6184 |
| Other fees and expenses | 14912 |
| **Total expenses** | **1116089** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (184709)<br>|
| Class A | (32)<br>|
| **Net expenses** | **931348** |
| **Net investment income** | **2017527** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | 3522845 |
| Foreign currency and foreign currency translations | 15658 |
| Forward foreign currency contracts | 153 |
| **Net realized gains on investments** | **3538656** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 5535152 |
| Foreign currency and foreign currency translations | 83524 |
| **Net change in unrealized gains (losses) on investments** | **5618676** |
| **Net realized and unrealized gains (losses) on investments** | **9157332** |
| **Net increase in net assets resulting from operations** | **$11174859** |

---

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

Allspring Special International Small Cap Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Six months ended<br> April 30, 2025<br> (unaudited) | <br>Six months ended<br> April 30, 2025<br> (unaudited) | Year ended<br> October 31, 2024 | Year ended<br> October 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $2017527 |  | &nbsp;&nbsp; $3625324 |
| Net realized gains (losses) on investments |  | &nbsp;&nbsp; 3538656 |  | &nbsp;&nbsp; (2247143)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 5618676 |  | &nbsp;&nbsp; 31529217 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **11174859** |  | &nbsp;&nbsp; **32907398** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (5145)<br>|  | &nbsp;&nbsp; (740)<br>|
| Class C |  | &nbsp;&nbsp; (369)<br>|  | &nbsp;&nbsp; (289)<br>|
| Class R6 |  | &nbsp;&nbsp; (1482705)<br>|  | &nbsp;&nbsp; (1224530)<br>|
| Institutional Class |  | &nbsp;&nbsp; (2807215)<br>|  | &nbsp;&nbsp; (2208165)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(4295434)**<br>|  | &nbsp;&nbsp; **(3433724)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 3907 | &nbsp;&nbsp; 46930 | &nbsp;&nbsp; 18327 | &nbsp;&nbsp; 208790 |
| Class R6 | 1176340 | &nbsp;&nbsp; 13013366 | &nbsp;&nbsp; 2948188 | &nbsp;&nbsp; 33606792 |
| Institutional Class | 2419877 | &nbsp;&nbsp; 27087361 | &nbsp;&nbsp; 3223595 | &nbsp;&nbsp; 37145337 |
|  |  | &nbsp;&nbsp; 40147657 |  | &nbsp;&nbsp; 70960919 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 464 | &nbsp;&nbsp; 5145 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 740 |
| Class C | 33 | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 289 |
| Class R6 | 65083 | &nbsp;&nbsp; 720472 | &nbsp;&nbsp; 63070 | &nbsp;&nbsp; 726561 |
| Institutional Class | 225943 | &nbsp;&nbsp; 2507965 | &nbsp;&nbsp; 178968 | &nbsp;&nbsp; 2065291 |
|  |  | &nbsp;&nbsp; 3233951 |  | &nbsp;&nbsp; 2792881 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (2480)<br>| &nbsp;&nbsp; (26737)<br>| &nbsp;&nbsp; (355)<br>| &nbsp;&nbsp; (4301)<br>|
| Class R6 | (2285914)<br>| &nbsp;&nbsp; (26324656)<br>| &nbsp;&nbsp; (3858111)<br>| &nbsp;&nbsp; (44393582)<br>|
| Institutional Class | (1590853)<br>| &nbsp;&nbsp; (18447206)<br>| &nbsp;&nbsp; (4488663)<br>| &nbsp;&nbsp; (51358704)<br>|
|  |  | &nbsp;&nbsp; (44798599)<br>|  | &nbsp;&nbsp; (95756587)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(1416991)**<br>|  | &nbsp;&nbsp; **(22002787)**<br>|
| **Total increase in net assets** |  | &nbsp;&nbsp; **5462434** |  | &nbsp;&nbsp; **7470887** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **181623032** |  | &nbsp;&nbsp; **174152145** |
| **End of period** |  | &nbsp;&nbsp; **$187085466** |  | &nbsp;&nbsp; **$181623032** |

---

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

8 \| Allspring Special International Small Cap Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class A | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022<sup>1</sup> <br>|
| **Net asset value, beginning of period** | **$11.64** | &nbsp;&nbsp; **$9.95** | &nbsp;&nbsp; **$9.53** | &nbsp;&nbsp; **$11.03** |
| Net investment income | 0.11 <br><sup>2</sup><br>| 0.18 <br><sup>2</sup><br>| 0.13 <br><sup>2</sup><br>| 0.03 |
| Net realized and unrealized gains (losses) on investments | 0.49 | 1.68 | 0.40 | &nbsp;&nbsp; (1.53)<br>|
| Total from investment operations | 0.60 | 1.86 | 0.53 | &nbsp;&nbsp; (1.50)<br>|
| **Distributions to shareholders from** |  |  |  |  |
| Net investment income | (0.24)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.11)<br>| 0.00 |
| **Net asset value, end of period** | **$12.00** | &nbsp;&nbsp; **$11.64** | &nbsp;&nbsp; **$9.95** | &nbsp;&nbsp; **$9.53** |
| **Total return**<sup>3</sup> <br>| **5.37%**<br>| **18.71%**<br>| **5.52%**<br>| &nbsp;&nbsp; **(13.60)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |
| Gross expenses | 1.57<br> %<br>| 1.51<br> %<br>| 1.60<br> %<br>| 1.60<br> %<br>|
| Net expenses | 1.34<br> %<br>| 1.36<br> %<br>| 1.37<br> %<br>| 1.38<br> %<br>|
| Net investment income | 1.97<br> %<br>| 1.52<br> %<br>| 1.18<br> %<br>| 0.69<br> %<br>|
| **Supplemental data** |  |  |  |  |
| Portfolio turnover rate | 27<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 26<br> %<br>|
| Net assets, end of period (000s omitted) | $274 | &nbsp;&nbsp; $244 | &nbsp;&nbsp; $29 | &nbsp;&nbsp; $22 |

---

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

<sup>1</sup> For the period from June 1, 2022 (commencement of class operations) to October 31, 2022

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

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

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

Allspring Special International Small Cap Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class C | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022<sup>1</sup> <br>|
| **Net asset value, beginning of period** | **$11.63** | &nbsp;&nbsp; **$9.92** | &nbsp;&nbsp; **$9.50** | &nbsp;&nbsp; **$11.03** |
| Net investment income | 0.10 <br><sup>2</sup><br>| 0.16 <br><sup>2</sup><br>| 0.09 <br><sup>2</sup><br>| 0.00 <br><sup>3</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.50 | 1.68 | 0.41 | &nbsp;&nbsp; (1.53)<br>|
| Total from investment operations | 0.60 | 1.84 | 0.50 | &nbsp;&nbsp; (1.53)<br>|
| **Distributions to shareholders from** |  |  |  |  |
| Net investment income | (0.16)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.08)<br>| 0.00 |
| **Net asset value, end of period** | **$12.07** | &nbsp;&nbsp; **$11.63** | &nbsp;&nbsp; **$9.92** | &nbsp;&nbsp; **$9.50** |
| **Total return**<sup>4</sup> <br>| **5.27%**<br>| **18.52%**<br>| **5.24%**<br>| &nbsp;&nbsp; **(13.87)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |
| Gross expenses | 1.56<br> %<br>| 1.51<br> %<br>| 1.73<br> %<br>| 2.12<br> %<br>|
| Net expenses | 1.56<br> %<br>| 1.51<br> %<br>| 1.68<br> %<br>| 1.96<br> %<br>|
| Net investment income | 1.67<br> %<br>| 1.41<br> %<br>| 0.83<br> %<br>| 0.06<br> %<br>|
| **Supplemental data** |  |  |  |  |
| Portfolio turnover rate | 27<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 26<br> %<br>|
| Net assets, end of period (000s omitted) | $28 | &nbsp;&nbsp; $27 | &nbsp;&nbsp; $23 | &nbsp;&nbsp; $22 |

---

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

<sup>1</sup> For the period from June 1, 2022 (commencement of class operations) to October 31, 2022

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

<sup>3</sup> Amount is less than $0.005.

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

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

10 \| Allspring Special International Small Cap Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Class R6 | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$11.66** | &nbsp;&nbsp; **$9.96** | &nbsp;&nbsp; **$9.53** | &nbsp;&nbsp; **$13.91** | &nbsp;&nbsp; **$10.38** | &nbsp;&nbsp; **$10.58** |
| Net investment income | 0.13 <br><sup>1</sup><br>| 0.23 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.20 <br><sup>1</sup><br>| 0.06 | 0.09 |
| Net realized and unrealized gains (losses) on investments | 0.50 | 1.68 | 0.41 | &nbsp;&nbsp; (4.38)<br>| 3.56 | &nbsp;&nbsp; (0.03)<br>|
| Total from investment operations | 0.63 | 1.91 | 0.57 | &nbsp;&nbsp; (4.18)<br>| 3.62 | &nbsp;&nbsp; (0.06)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.29)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.11)<br>|
| Total distributions to shareholders | (0.29)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.26)<br>|
| **Net asset value, end of period** | **$12.00** | &nbsp;&nbsp; **$11.66** | &nbsp;&nbsp; **$9.96** | &nbsp;&nbsp; **$9.53** | &nbsp;&nbsp; **$13.91** | &nbsp;&nbsp; **$10.38** |
| **Total return**<sup>2</sup> <br>| **5.63%**<br>| **19.19%**<br>| **5.96%**<br>| &nbsp;&nbsp; **(30.47)%**<br>| **35.04%**<br>| **0.42%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.15<br> %<br>| 1.11<br> %<br>| 1.17<br> %<br>| 1.18<br> %<br>| 1.68<br> %<br>| 5.69<br> %<br>|
| Net expenses | 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>|
| Net investment income | 2.20<br> %<br>| 2.00<br> %<br>| 1.50<br> %<br>| 1.85<br> %<br>| 0.70<br> %<br>| 0.93<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 27<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 45<br> %<br>|
| Net assets, end of period (000s omitted) | $49977 | &nbsp;&nbsp; $60760 | &nbsp;&nbsp; $60318 | &nbsp;&nbsp; $71264 | &nbsp;&nbsp; $56386 | &nbsp;&nbsp; $5086 |

---

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

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

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

Allspring Special International Small Cap Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
| Institutional Class | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$11.68** | &nbsp;&nbsp; **$9.97** | &nbsp;&nbsp; **$9.53** | &nbsp;&nbsp; **$13.92** | &nbsp;&nbsp; **$10.38** | &nbsp;&nbsp; **$10.57** |
| Net investment income | 0.13 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.19 <br><sup>1</sup><br>| 0.13 | 0.08 |
| Net realized and unrealized gains (losses) on investments | 0.49 | 1.70 | 0.41 | &nbsp;&nbsp; (4.39)<br>| 3.49 | &nbsp;&nbsp; (0.03)<br>|
| Total from investment operations | 0.62 | 1.91 | 0.57 | &nbsp;&nbsp; (4.20)<br>| 3.62 | 0.05 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.28)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.11)<br>|
| Total distributions to shareholders | (0.28)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Net asset value, end of period** | **$12.02** | &nbsp;&nbsp; **$11.68** | &nbsp;&nbsp; **$9.97** | &nbsp;&nbsp; **$9.53** | &nbsp;&nbsp; **$13.92** | &nbsp;&nbsp; **$10.38** |
| **Total return**<sup>2</sup> <br>| **5.51%**<br>| **19.13%**<br>| **5.89%**<br>| &nbsp;&nbsp; **(30.60)%**<br>| **35.00%**<br>| **0.35%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.25<br> %<br>| 1.21<br> %<br>| 1.28<br> %<br>| 1.26<br> %<br>| 2.73<br> %<br>| 5.76<br> %<br>|
| Net expenses | 1.05<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>|
| Net investment income | 2.21<br> %<br>| 1.85<br> %<br>| 1.45<br> %<br>| 1.86<br> %<br>| 1.00<br> %<br>| 0.83<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 27<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 45<br> %<br>|
| Net assets, end of period (000s omitted) | $136806 | &nbsp;&nbsp; $120592 | &nbsp;&nbsp; $113783 | &nbsp;&nbsp; $94626 | &nbsp;&nbsp; $156 | &nbsp;&nbsp; $115 |

---

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

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

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

12 \| Allspring Special International Small Cap Fund

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On April 30, 2025, such fair value pricing was used in pricing certain foreign securities.

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

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

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

Foreign currency translation

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

Forward foreign currency contracts

A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the

Allspring Special International Small Cap Fund \| 13

------

Notes to financial statements (unaudited)

risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund's maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Security transactions and income recognition

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

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of April 30, 2025, the aggregate cost of all investments for federal income tax purposes was $170,878,679 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $30624911 |
| Gross unrealized losses | &nbsp;&nbsp; (15413297)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$15211614** |

---

As of October 31, 2024, the Fund had capital loss carryforwards which consisted of $6,351,335 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;

14 \| Allspring Special International Small Cap Fund

------

Notes to financial statements (unaudited)

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Australia* | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $6568829 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $6568829 |
| *Austria* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3208107 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3208107 |
| *Belgium* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3469690 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3469690 |
| *Canada* | &nbsp;&nbsp; 9102539 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9102539 |
| *Finland* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4171309 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4171309 |
| *France* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5076815 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5076815 |
| *Germany* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 10400193 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 10400193 |
| *Ireland* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1035447 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1035447 |
| *Italy* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14747922 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14747922 |
| *Japan* | &nbsp;&nbsp; 548762 | &nbsp;&nbsp;&nbsp; 55818162 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 56366924 |
| *Netherlands* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5198627 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5198627 |
| *Norway* | &nbsp;&nbsp; 2993775 | &nbsp;&nbsp;&nbsp; 3335639 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6329414 |
| *Spain* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7335824 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7335824 |
| *Sweden* | &nbsp;&nbsp; 915656 | &nbsp;&nbsp;&nbsp; 7777503 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8693159 |
| *Switzerland* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6367542 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6367542 |
| *United Kingdom* | &nbsp;&nbsp; 5935109 | &nbsp;&nbsp;&nbsp; 21522681 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 27457790 |
| *United States* | &nbsp;&nbsp; 2696059 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2696059 |
| **Investment companies** | &nbsp;&nbsp; 1327407 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1327407 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 6536696 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6536696 |
| **Total assets** | &nbsp;&nbsp; **$30056003** | &nbsp;&nbsp;&nbsp; **$156034290** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$186090293** |

---

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

At April 30, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

Allspring Special International Small Cap Fund \| 15

------

Notes to financial statements (unaudited)

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.950<br> %<br>|
| Next $500 million | 0.925 |
| Next $1 billion | 0.900 |
| Next $2 billion | 0.875 |
| Next $1 billion | 0.850 |
| Next $5 billion | 0.840 |
| Over $10 billion | 0.830 |

---

For the six months ended April 30, 2025, the management fee was equivalent to an annual rate of 0.95% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Fund increase.

Administration fees

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through February 28, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of April 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.37<br> %<br>|
| Class C | 2.12 |
| Class R6 | 0.95 |
| Institutional Class | 1.05 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. Allspring Funds Distributor did not receive any front-end or contingent deferred sales charges from Class A or Class C shares for the six months ended April 30, 2025.

16 \| Allspring Special International Small Cap Fund

------

Notes to financial statements (unaudited)

Shareholder servicing fees

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended April 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2025 were $48,124,973 and $52,588,826, respectively.

6. BANK BORROWINGS

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

For the six months ended April 30, 2025, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISKS

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

8. INDEMNIFICATION

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

9. OPERATING SEGMENTS

The Fund has adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

Allspring Special International Small Cap Fund \| 17

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Other information (unaudited)

Other information

Proxy voting information

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

Quarterly portfolio holdings information

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

18 \| Allspring Special International Small Cap Fund

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

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

Not applicable

Allspring Special International Small Cap Fund \| 19

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![](g939517imgf632b8581.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**

![](g939517imgfb18fee22.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.**

**NCSRS4338 04-25**

------

<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.

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<u>ITEM 19. EXHIBITS</u> 

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| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.](d939517dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.](d939517dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

---

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Allspring Funds Trust | Allspring Funds Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: June 26, 2025 | Date: June 26, 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: June 26, 2025 | Date: June 26, 2025 |
| By: | /s/Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
| Date: June 26, 2025 | Date: June 26, 2025 |

---

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g939517g0701033058491.jpg)

**<u>CERTIFICATION</u>**

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Managed Account CoreBuilder<sup>®</sup> Shares - Series EM, Allspring Emerging Markets Equity Fund, Allspring Emerging Markets Equity Advantage Fund, Allspring International Equity Fund, Allspring Special Global Small Cap Fund and Allspring Special International Small Cap Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: June 26, 2025 |
| /s/ John Kenney |
| John Kenney |
| President (Principal Executive Officer) |
| Allspring Funds Trust |

---

------

![LOGO](g939517g0701033058491.jpg)

**<u>CERTIFICATION</u>**

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Managed Account CoreBuilder<sup>®</sup> Shares - Series EM, Allspring Emerging Markets Equity Fund, Allspring Emerging Markets Equity Advantage Fund, Allspring International Equity Fund, Allspring Special Global Small Cap Fund and Allspring Special International Small Cap Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: June 26, 2025 |
| /s/ Jeremy DePalma |
| Jeremy DePalma |
| Treasurer (Principal Financial Officer) |
| Allspring Funds Trust |

---

## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g939517g0701033058491.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSRS for the six months ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: June 26, 2025

---

| | |
|:---|:---|
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
|  | Allspring Funds Trust |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

------

![LOGO](g939517g0701033058491.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSRS for the six months ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: June 26, 2025

---

| | |
|:---|:---|
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  | Allspring Funds Trust |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.