# EDGAR Filing Document

**Accession Number:** 0001081400
**File Stem:** 0001193125-26-134163
**Filing Date:** 2026-3
**Character Count:** 439221
**Document Hash:** aca9f5aae80c476e2bf188e151a9f8de
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-134163.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001193125-26-134163

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**EFFECTIVENESS DATE**: 20260331

**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:** 26820823

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

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

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

## Series and Classes Contracts Data

### Allspring Growth Fund (Series ID: S000007267)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019942 | Class A             | SGRAX           |
| C000019943 | Administrator Class | SGRKX           |
| C000019944 | Institutional Class | SGRNX           |
| C000163725 | Class R6            | SGRHX           |

### Allspring Large Cap Growth Fund (Series ID: S000007269)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000092779 | Institutional Class | STNFX           |
| C000092780 | Class A             | STAFX           |
| C000092782 | Administrator Class | STDFX           |
| C000120071 | Class R6            | STFFX           |

### Allspring Large Cap Core Fund (Series ID: S000029060)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089281 | Class A             | EGOAX           |
| C000089282 | Class C             | EGOCX           |
| C000089284 | Institutional Class | EGOIX           |
| C000163727 | Class R6            | EGORX           |

### Allspring Premier Large Company Growth Fund (Series ID: S000029061)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089286 | Class A             | EKJAX           |
| C000089290 | Institutional Class | EKJYX           |
| C000089291 | Administrator Class | WFPDX           |
| C000120086 | Class R6            | EKJFX           |

### Allspring Special Large Cap Value Fund (Series ID: S000029093)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089434 | Class A             | EIVAX           |
| C000089437 | Institutional Class | EIVIX           |
| C000092797 | Administrator Class | EIVDX           |
| C000120088 | Class R6            | EIVFX           |

### Allspring Disciplined U.S. Core Fund (Series ID: S000029104)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089477 | Class A             | EVSAX           |
| C000089478 | Class C             | EVSTX           |
| C000092805 | Institutional Class | EVSIX           |
| C000163729 | Class R6            | EVSRX           |

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

![LOGO](g17494g10c98.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: July 31
**Registrant is making a filing for 6 of its series:** Allspring Disciplined U.S. Core Fund, Allspring Growth Fund, Allspring Large Cap Core Fund, Allspring Large Cap Growth Fund, Allspring Premier Large Company Growth Fund, and Allspring Special Large Cap Value Fund.

#### Date of reporting period: January 31, 2026

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u>![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Special Large Cap Value Fund

# January 31, 2026

# EIVDX

## Administrator Class
This semi-annual shareholder report contains important information about Special Large Cap Value Fund for the period from August 1, 2025 to January 31, 2026. 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 | $38 | 0.71%<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 | $2081456095 |
| # of portfolio holdings | 46 |
| Portfolio turnover rate | 34% |
| Total advisory fees paid | $3797493 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Financials | 20.0 |
| Health care | 13.9 |
| Industrials | 13.7 |
| Information technology | 11.4 |
| Consumer discretionary | 9.8 |
| Consumer staples | 7.2 |
| Energy | 6.3 |
| Materials | 5.7 |
| Communication services | 5.6 |
| Utilities | 4.0 |
| Real estate | 2.4 |

---

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 5.6 |
| NextEra Energy, Inc. | 4.0 |
| Intercontinental Exchange, Inc. | 3.8 |
| Bank of America Corp. | 3.5 |
| Capital One Financial Corp. | 3.5 |
| Canadian Pacific Kansas City Ltd. | 3.4 |
| Amazon.com, Inc. | 3.4 |
| Berkshire Hathaway, Inc. Class B | 3.2 |
| Exxon Mobil Corp. | 3.0 |
| Labcorp Holdings, Inc. | 3.0 |

---

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

James M. Tringas, CFA, will transition to a new role with Allspring Global Investments, LLC on December 31, 2026 and will no longer serve as a portfolio manager of the Fund as of this date.

## 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

#### SAR3750 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Special Large Cap Value Fund

# January 31, 2026

# EIVAX

## Class A
This semi-annual shareholder report contains important information about Special Large Cap Value Fund for the period from August 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $43 | 0.81%<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 | $2081456095 |
| # of portfolio holdings | 46 |
| Portfolio turnover rate | 34% |
| Total advisory fees paid | $3797493 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Financials | 20.0 |
| Health care | 13.9 |
| Industrials | 13.7 |
| Information technology | 11.4 |
| Consumer discretionary | 9.8 |
| Consumer staples | 7.2 |
| Energy | 6.3 |
| Materials | 5.7 |
| Communication services | 5.6 |
| Utilities | 4.0 |
| Real estate | 2.4 |

---

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 5.6 |
| NextEra Energy, Inc. | 4.0 |
| Intercontinental Exchange, Inc. | 3.8 |
| Bank of America Corp. | 3.5 |
| Capital One Financial Corp. | 3.5 |
| Canadian Pacific Kansas City Ltd. | 3.4 |
| Amazon.com, Inc. | 3.4 |
| Berkshire Hathaway, Inc. Class B | 3.2 |
| Exxon Mobil Corp. | 3.0 |
| Labcorp Holdings, Inc. | 3.0 |

---

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

James M. Tringas, CFA, will transition to a new role with Allspring Global Investments, LLC on December 31, 2026 and will no longer serve as a portfolio manager of the Fund as of this date.

## 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

#### SAR4302 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Special Large Cap Value Fund

# January 31, 2026

# EIVFX

## Class R6
This semi-annual shareholder report contains important information about Special Large Cap Value Fund for the period from August 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

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

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $2081456095 |
| # of portfolio holdings | 46 |
| Portfolio turnover rate | 34% |
| Total advisory fees paid | $3797493 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Financials | 20.0 |
| Health care | 13.9 |
| Industrials | 13.7 |
| Information technology | 11.4 |
| Consumer discretionary | 9.8 |
| Consumer staples | 7.2 |
| Energy | 6.3 |
| Materials | 5.7 |
| Communication services | 5.6 |
| Utilities | 4.0 |
| Real estate | 2.4 |

---

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 5.6 |
| NextEra Energy, Inc. | 4.0 |
| Intercontinental Exchange, Inc. | 3.8 |
| Bank of America Corp. | 3.5 |
| Capital One Financial Corp. | 3.5 |
| Canadian Pacific Kansas City Ltd. | 3.4 |
| Amazon.com, Inc. | 3.4 |
| Berkshire Hathaway, Inc. Class B | 3.2 |
| Exxon Mobil Corp. | 3.0 |
| Labcorp Holdings, Inc. | 3.0 |

---

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

James M. Tringas, CFA, will transition to a new role with Allspring Global Investments, LLC on December 31, 2026 and will no longer serve as a portfolio manager of the Fund as of this date.

## 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

#### SAR4652 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Special Large Cap Value Fund

# January 31, 2026

# EIVIX

## Institutional Class
This semi-annual shareholder report contains important information about Special Large Cap Value Fund for the period from August 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $27 | 0.50%<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 | $2081456095 |
| # of portfolio holdings | 46 |
| Portfolio turnover rate | 34% |
| Total advisory fees paid | $3797493 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Financials | 20.0 |
| Health care | 13.9 |
| Industrials | 13.7 |
| Information technology | 11.4 |
| Consumer discretionary | 9.8 |
| Consumer staples | 7.2 |
| Energy | 6.3 |
| Materials | 5.7 |
| Communication services | 5.6 |
| Utilities | 4.0 |
| Real estate | 2.4 |

---

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 5.6 |
| NextEra Energy, Inc. | 4.0 |
| Intercontinental Exchange, Inc. | 3.8 |
| Bank of America Corp. | 3.5 |
| Capital One Financial Corp. | 3.5 |
| Canadian Pacific Kansas City Ltd. | 3.4 |
| Amazon.com, Inc. | 3.4 |
| Berkshire Hathaway, Inc. Class B | 3.2 |
| Exxon Mobil Corp. | 3.0 |
| Labcorp Holdings, Inc. | 3.0 |

---

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

James M. Tringas, CFA, will transition to a new role with Allspring Global Investments, LLC on December 31, 2026 and will no longer serve as a portfolio manager of the Fund as of this date.

## 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

#### SAR0517 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Disciplined U.S. Core Fund

# January 31, 2026

# EVSAX

## Class A
This semi-annual shareholder report contains important information about Disciplined U.S. Core Fund for the period from August 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

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

---

---

| | |
|:---|:---|
| 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 | $1529223111 |
| # of portfolio holdings | 178 |
| Portfolio turnover rate | 13% |
| Total advisory fees paid | $2517076 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 33.6 |
| Financials | 13.4 |
| Communication services | 10.9 |
| Health care | 9.8 |
| Consumer discretionary | 9.8 |
| Industrials | 8.7 |
| Consumer staples | 4.9 |
| Energy | 2.4 |
| Materials | 2.3 |
| Utilities | 2.3 |
| Real estate | 1.9 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.6 |
| Apple, Inc. | 6.2 |
| Microsoft Corp. | 5.2 |
| Amazon.com, Inc. | 3.8 |
| Alphabet, Inc. Class C | 3.2 |
| Alphabet, Inc. Class A | 3.0 |
| Meta Platforms, Inc. Class A | 2.9 |
| Broadcom, Inc. | 2.8 |
| Tesla, Inc. | 1.9 |
| JPMorgan Chase & Co. | 1.4 |

---

## 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

#### SAR0616 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Disciplined U.S. Core Fund

# January 31, 2026

# EVSTX

## Class C
This semi-annual shareholder report contains important information about Disciplined U.S. Core Fund for the period from August 1, 2025 to January 31, 2026. 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 | $83 | 1.57%<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 | $1529223111 |
| # of portfolio holdings | 178 |
| Portfolio turnover rate | 13% |
| Total advisory fees paid | $2517076 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 33.6 |
| Financials | 13.4 |
| Communication services | 10.9 |
| Health care | 9.8 |
| Consumer discretionary | 9.8 |
| Industrials | 8.7 |
| Consumer staples | 4.9 |
| Energy | 2.4 |
| Materials | 2.3 |
| Utilities | 2.3 |
| Real estate | 1.9 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.6 |
| Apple, Inc. | 6.2 |
| Microsoft Corp. | 5.2 |
| Amazon.com, Inc. | 3.8 |
| Alphabet, Inc. Class C | 3.2 |
| Alphabet, Inc. Class A | 3.0 |
| Meta Platforms, Inc. Class A | 2.9 |
| Broadcom, Inc. | 2.8 |
| Tesla, Inc. | 1.9 |
| JPMorgan Chase & Co. | 1.4 |

---

## 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

#### SAR4505 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Disciplined U.S. Core Fund

# January 31, 2026

# EVSRX

## Class R6
This semi-annual shareholder report contains important information about Disciplined U.S. Core Fund for the period from August 1, 2025 to January 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

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

---

---

| | |
|:---|:---|
| 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 | $1529223111 |
| # of portfolio holdings | 178 |
| Portfolio turnover rate | 13% |
| Total advisory fees paid | $2517076 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 33.6 |
| Financials | 13.4 |
| Communication services | 10.9 |
| Health care | 9.8 |
| Consumer discretionary | 9.8 |
| Industrials | 8.7 |
| Consumer staples | 4.9 |
| Energy | 2.4 |
| Materials | 2.3 |
| Utilities | 2.3 |
| Real estate | 1.9 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.6 |
| Apple, Inc. | 6.2 |
| Microsoft Corp. | 5.2 |
| Amazon.com, Inc. | 3.8 |
| Alphabet, Inc. Class C | 3.2 |
| Alphabet, Inc. Class A | 3.0 |
| Meta Platforms, Inc. Class A | 2.9 |
| Broadcom, Inc. | 2.8 |
| Tesla, Inc. | 1.9 |
| JPMorgan Chase & Co. | 1.4 |

---

## 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

#### SAR4680 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Disciplined U.S. Core Fund

# January 31, 2026

# EVSIX

## Institutional Class
This semi-annual shareholder report contains important information about Disciplined U.S. Core Fund for the period from August 1, 2025 to January 31, 2026. 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 | $26 | 0.48%<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 | $1529223111 |
| # of portfolio holdings | 178 |
| Portfolio turnover rate | 13% |
| Total advisory fees paid | $2517076 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 33.6 |
| Financials | 13.4 |
| Communication services | 10.9 |
| Health care | 9.8 |
| Consumer discretionary | 9.8 |
| Industrials | 8.7 |
| Consumer staples | 4.9 |
| Energy | 2.4 |
| Materials | 2.3 |
| Utilities | 2.3 |
| Real estate | 1.9 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.6 |
| Apple, Inc. | 6.2 |
| Microsoft Corp. | 5.2 |
| Amazon.com, Inc. | 3.8 |
| Alphabet, Inc. Class C | 3.2 |
| Alphabet, Inc. Class A | 3.0 |
| Meta Platforms, Inc. Class A | 2.9 |
| Broadcom, Inc. | 2.8 |
| Tesla, Inc. | 1.9 |
| JPMorgan Chase & Co. | 1.4 |

---

## 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

#### SAR4102 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Growth Fund

# January 31, 2026

# SGRKX

## Administrator Class
This semi-annual shareholder report contains important information about Growth Fund for the period from August 1, 2025 to January 31, 2026. 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 |
| Administrator Class | $48 | 0.96%<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 | $3102727308 |
| # of portfolio holdings | 64 |
| Portfolio turnover rate | 35% |
| Total advisory fees paid | $12078397 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 40.3 |
| Industrials | 15.3 |
| Consumer discretionary | 13.6 |
| Health care | 12.3 |
| Communication services | 11.9 |
| Financials | 4.1 |
| Consumer staples | 1.7 |
| Utilities | 0.8 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.8 |
| Microsoft Corp. | 7.3 |
| Alphabet, Inc. Class A | 6.4 |
| Broadcom, Inc. | 5.0 |
| Amazon.com, Inc. | 4.9 |
| Eli Lilly & Co. | 3.1 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 2.0 |
| Monolithic Power Systems, Inc. | 1.7 |
| Walmart, Inc. | 1.7 |
| General Electric Co. | 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

#### SAR3608 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Growth Fund

# January 31, 2026

# SGRAX

## Class A
This semi-annual shareholder report contains important information about Growth Fund for the period from August 1, 2025 to January 31, 2026. 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 | $56 | 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 | $3102727308 |
| # of portfolio holdings | 64 |
| Portfolio turnover rate | 35% |
| Total advisory fees paid | $12078397 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 40.3 |
| Industrials | 15.3 |
| Consumer discretionary | 13.6 |
| Health care | 12.3 |
| Communication services | 11.9 |
| Financials | 4.1 |
| Consumer staples | 1.7 |
| Utilities | 0.8 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.8 |
| Microsoft Corp. | 7.3 |
| Alphabet, Inc. Class A | 6.4 |
| Broadcom, Inc. | 5.0 |
| Amazon.com, Inc. | 4.9 |
| Eli Lilly & Co. | 3.1 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 2.0 |
| Monolithic Power Systems, Inc. | 1.7 |
| Walmart, Inc. | 1.7 |
| General Electric Co. | 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

#### SAR3009 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Growth Fund

# January 31, 2026

# SGRHX

## Class R6
This semi-annual shareholder report contains important information about Growth Fund for the period from August 1, 2025 to January 31, 2026. 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 | $35 | 0.70%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $3102727308 |
| # of portfolio holdings | 64 |
| Portfolio turnover rate | 35% |
| Total advisory fees paid | $12078397 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 40.3 |
| Industrials | 15.3 |
| Consumer discretionary | 13.6 |
| Health care | 12.3 |
| Communication services | 11.9 |
| Financials | 4.1 |
| Consumer staples | 1.7 |
| Utilities | 0.8 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.8 |
| Microsoft Corp. | 7.3 |
| Alphabet, Inc. Class A | 6.4 |
| Broadcom, Inc. | 5.0 |
| Amazon.com, Inc. | 4.9 |
| Eli Lilly & Co. | 3.1 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 2.0 |
| Monolithic Power Systems, Inc. | 1.7 |
| Walmart, Inc. | 1.7 |
| General Electric Co. | 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

#### SAR4683 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Growth Fund

# January 31, 2026

# SGRNX

## Institutional Class
This semi-annual shareholder report contains important information about Growth Fund for the period from August 1, 2025 to January 31, 2026. 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 | $38 | 0.75%<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 | $3102727308 |
| # of portfolio holdings | 64 |
| Portfolio turnover rate | 35% |
| Total advisory fees paid | $12078397 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 40.3 |
| Industrials | 15.3 |
| Consumer discretionary | 13.6 |
| Health care | 12.3 |
| Communication services | 11.9 |
| Financials | 4.1 |
| Consumer staples | 1.7 |
| Utilities | 0.8 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.8 |
| Microsoft Corp. | 7.3 |
| Alphabet, Inc. Class A | 6.4 |
| Broadcom, Inc. | 5.0 |
| Amazon.com, Inc. | 4.9 |
| Eli Lilly & Co. | 3.1 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 2.0 |
| Monolithic Power Systems, Inc. | 1.7 |
| Walmart, Inc. | 1.7 |
| General Electric Co. | 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

#### SAR3105 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Large Cap Core Fund

# January 31, 2026

# EGOAX

## Class A
This semi-annual shareholder report contains important information about Large Cap Core Fund for the period from August 1, 2025 to January 31, 2026. 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 | $54 | 1.04%<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 | $744721044 |
| # of portfolio holdings | 52 |
| Portfolio turnover rate | 22% |
| Total advisory fees paid | $2064545 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 33.3 |
| Financials | 12.8 |
| Health care | 12.5 |
| Communication services | 11.4 |
| Consumer discretionary | 8.1 |
| Industrials | 7.9 |
| Consumer staples | 5.5 |
| Energy | 4.5 |
| Real estate | 2.7 |
| Materials | 1.3 |

---

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 6.0 |
| Microsoft Corp. | 4.4 |
| Apple, Inc. | 4.4 |
| Broadcom, Inc. | 4.3 |
| KLA Corp. | 2.7 |
| Lam Research Corp. | 2.7 |
| Amazon.com, Inc. | 2.5 |
| Arista Networks, Inc. | 2.2 |
| Interactive Brokers Group, Inc. Class A | 2.2 |
| JPMorgan Chase & Co. | 2.1 |

---

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

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

#### SAR4314 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Large Cap Core Fund

# January 31, 2026

# EGOCX

## Class C
This semi-annual shareholder report contains important information about Large Cap Core Fund for the period from August 1, 2025 to January 31, 2026. 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 | $95 | 1.82%<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 | $744721044 |
| # of portfolio holdings | 52 |
| Portfolio turnover rate | 22% |
| Total advisory fees paid | $2064545 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 33.3 |
| Financials | 12.8 |
| Health care | 12.5 |
| Communication services | 11.4 |
| Consumer discretionary | 8.1 |
| Industrials | 7.9 |
| Consumer staples | 5.5 |
| Energy | 4.5 |
| Real estate | 2.7 |
| Materials | 1.3 |

---

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 6.0 |
| Microsoft Corp. | 4.4 |
| Apple, Inc. | 4.4 |
| Broadcom, Inc. | 4.3 |
| KLA Corp. | 2.7 |
| Lam Research Corp. | 2.7 |
| Amazon.com, Inc. | 2.5 |
| Arista Networks, Inc. | 2.2 |
| Interactive Brokers Group, Inc. Class A | 2.2 |
| JPMorgan Chase & Co. | 2.1 |

---

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

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

#### SAR4519 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Large Cap Core Fund

# January 31, 2026

# EGORX

## Class R6
This semi-annual shareholder report contains important information about Large Cap Core Fund for the period from August 1, 2025 to January 31, 2026. 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 | $34 | 0.65%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $744721044 |
| # of portfolio holdings | 52 |
| Portfolio turnover rate | 22% |
| Total advisory fees paid | $2064545 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 33.3 |
| Financials | 12.8 |
| Health care | 12.5 |
| Communication services | 11.4 |
| Consumer discretionary | 8.1 |
| Industrials | 7.9 |
| Consumer staples | 5.5 |
| Energy | 4.5 |
| Real estate | 2.7 |
| Materials | 1.3 |

---

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 6.0 |
| Microsoft Corp. | 4.4 |
| Apple, Inc. | 4.4 |
| Broadcom, Inc. | 4.3 |
| KLA Corp. | 2.7 |
| Lam Research Corp. | 2.7 |
| Amazon.com, Inc. | 2.5 |
| Arista Networks, Inc. | 2.2 |
| Interactive Brokers Group, Inc. Class A | 2.2 |
| JPMorgan Chase & Co. | 2.1 |

---

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

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

#### SAR4685 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Large Cap Core Fund

# January 31, 2026

# EGOIX

## Institutional Class
This semi-annual shareholder report contains important information about Large Cap Core Fund for the period from August 1, 2025 to January 31, 2026. 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 | $35 | 0.67%<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 | $744721044 |
| # of portfolio holdings | 52 |
| Portfolio turnover rate | 22% |
| Total advisory fees paid | $2064545 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 33.3 |
| Financials | 12.8 |
| Health care | 12.5 |
| Communication services | 11.4 |
| Consumer discretionary | 8.1 |
| Industrials | 7.9 |
| Consumer staples | 5.5 |
| Energy | 4.5 |
| Real estate | 2.7 |
| Materials | 1.3 |

---

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 6.0 |
| Microsoft Corp. | 4.4 |
| Apple, Inc. | 4.4 |
| Broadcom, Inc. | 4.3 |
| KLA Corp. | 2.7 |
| Lam Research Corp. | 2.7 |
| Amazon.com, Inc. | 2.5 |
| Arista Networks, Inc. | 2.2 |
| Interactive Brokers Group, Inc. Class A | 2.2 |
| JPMorgan Chase & Co. | 2.1 |

---

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

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

#### SAR4703 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Large Cap Growth Fund

# January 31, 2026

# STDFX

## Administrator Class
This semi-annual shareholder report contains important information about Large Cap Growth Fund for the period from August 1, 2025 to January 31, 2026. 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 |
| Administrator Class | $47 | 0.94%<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 | $951738328 |
| # of portfolio holdings | 37 |
| Portfolio turnover rate | 12% |
| Total advisory fees paid | $2796216 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 39.1 |
| Communication services | 15.1 |
| Industrials | 13.4 |
| Consumer discretionary | 12.9 |
| Health care | 11.4 |
| Financials | 8.1 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.0 |
| Microsoft Corp. | 8.5 |
| Amazon.com, Inc. | 7.0 |
| Alphabet, Inc. Class A | 6.7 |
| Apple, Inc. | 6.1 |
| Broadcom, Inc. | 5.3 |
| Meta Platforms, Inc. Class A | 4.0 |
| General Electric Co. | 2.8 |
| Arista Networks, Inc. | 2.6 |
| McKesson Corp. | 2.6 |

---

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

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

#### SAR3751 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Large Cap Growth Fund

# January 31, 2026

# STAFX

## Class A
This semi-annual shareholder report contains important information about Large Cap Growth Fund for the period from August 1, 2025 to January 31, 2026. 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 | $48 | 0.96%<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 | $951738328 |
| # of portfolio holdings | 37 |
| Portfolio turnover rate | 12% |
| Total advisory fees paid | $2796216 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 39.1 |
| Communication services | 15.1 |
| Industrials | 13.4 |
| Consumer discretionary | 12.9 |
| Health care | 11.4 |
| Financials | 8.1 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.0 |
| Microsoft Corp. | 8.5 |
| Amazon.com, Inc. | 7.0 |
| Alphabet, Inc. Class A | 6.7 |
| Apple, Inc. | 6.1 |
| Broadcom, Inc. | 5.3 |
| Meta Platforms, Inc. Class A | 4.0 |
| General Electric Co. | 2.8 |
| Arista Networks, Inc. | 2.6 |
| McKesson Corp. | 2.6 |

---

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

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

#### SAR3354 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Large Cap Growth Fund

# January 31, 2026

# STFFX

## Class R6
This semi-annual shareholder report contains important information about Large Cap Growth Fund for the period from August 1, 2025 to January 31, 2026. 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 | $30 | 0.60%<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 | $951738328 |
| # of portfolio holdings | 37 |
| Portfolio turnover rate | 12% |
| Total advisory fees paid | $2796216 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 39.1 |
| Communication services | 15.1 |
| Industrials | 13.4 |
| Consumer discretionary | 12.9 |
| Health care | 11.4 |
| Financials | 8.1 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.0 |
| Microsoft Corp. | 8.5 |
| Amazon.com, Inc. | 7.0 |
| Alphabet, Inc. Class A | 6.7 |
| Apple, Inc. | 6.1 |
| Broadcom, Inc. | 5.3 |
| Meta Platforms, Inc. Class A | 4.0 |
| General Electric Co. | 2.8 |
| Arista Networks, Inc. | 2.6 |
| McKesson Corp. | 2.6 |

---

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

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

#### SAR4653 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Large Cap Growth Fund

# January 31, 2026

# STNFX

## Institutional Class
This semi-annual shareholder report contains important information about Large Cap Growth Fund for the period from August 1, 2025 to January 31, 2026. 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 | $35 | 0.70%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $951738328 |
| # of portfolio holdings | 37 |
| Portfolio turnover rate | 12% |
| Total advisory fees paid | $2796216 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 39.1 |
| Communication services | 15.1 |
| Industrials | 13.4 |
| Consumer discretionary | 12.9 |
| Health care | 11.4 |
| Financials | 8.1 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.0 |
| Microsoft Corp. | 8.5 |
| Amazon.com, Inc. | 7.0 |
| Alphabet, Inc. Class A | 6.7 |
| Apple, Inc. | 6.1 |
| Broadcom, Inc. | 5.3 |
| Meta Platforms, Inc. Class A | 4.0 |
| General Electric Co. | 2.8 |
| Arista Networks, Inc. | 2.6 |
| McKesson Corp. | 2.6 |

---

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

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

#### SAR4137 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Premier Large Company Growth Fund

# January 31, 2026

# WFPDX

## Administrator Class
This semi-annual shareholder report contains important information about Premier Large Company Growth Fund for the period from August 1, 2025 to January 31, 2026. 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 |
| Administrator Class | $50 | 1.00%<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 | $1338415156 |
| # of portfolio holdings | 65 |
| Portfolio turnover rate | 34% |
| Total advisory fees paid | $4642689 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 39.5 |
| Industrials | 14.4 |
| Consumer discretionary | 14.3 |
| Health care | 12.4 |
| Communication services | 12.2 |
| Financials | 3.3 |
| Consumer staples | 1.6 |
| Materials | 1.3 |
| Utilities | 1 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.5 |
| Microsoft Corp. | 6.8 |
| Alphabet, Inc. Class A | 5.7 |
| Broadcom, Inc. | 4.7 |
| Amazon.com, Inc. | 4.6 |
| Eli Lilly & Co. | 3.2 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 2.1 |
| DoorDash, Inc. Class A | 1.8 |
| Monolithic Power Systems, Inc. | 1.7 |
| General Electric Co. | 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

#### SAR3721 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Premier Large Company Growth Fund

# January 31, 2026

# EKJAX

## Class A
This semi-annual shareholder report contains important information about Premier Large Company Growth Fund for the period from August 1, 2025 to January 31, 2026. 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 | $55 | 1.09%<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 | $1338415156 |
| # of portfolio holdings | 65 |
| Portfolio turnover rate | 34% |
| Total advisory fees paid | $4642689 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 39.5 |
| Industrials | 14.4 |
| Consumer discretionary | 14.3 |
| Health care | 12.4 |
| Communication services | 12.2 |
| Financials | 3.3 |
| Consumer staples | 1.6 |
| Materials | 1.3 |
| Utilities | 1 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.5 |
| Microsoft Corp. | 6.8 |
| Alphabet, Inc. Class A | 5.7 |
| Broadcom, Inc. | 4.7 |
| Amazon.com, Inc. | 4.6 |
| Eli Lilly & Co. | 3.2 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 2.1 |
| DoorDash, Inc. Class A | 1.8 |
| Monolithic Power Systems, Inc. | 1.7 |
| General Electric Co. | 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

#### SAR4325 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Premier Large Company Growth Fund

# January 31, 2026

# EKJFX

## Class R6
This semi-annual shareholder report contains important information about Premier Large Company Growth Fund for the period from August 1, 2025 to January 31, 2026. 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 | $33 | 0.65%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1338415156 |
| # of portfolio holdings | 65 |
| Portfolio turnover rate | 34% |
| Total advisory fees paid | $4642689 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 39.5 |
| Industrials | 14.4 |
| Consumer discretionary | 14.3 |
| Health care | 12.4 |
| Communication services | 12.2 |
| Financials | 3.3 |
| Consumer staples | 1.6 |
| Materials | 1.3 |
| Utilities | 1 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.5 |
| Microsoft Corp. | 6.8 |
| Alphabet, Inc. Class A | 5.7 |
| Broadcom, Inc. | 4.7 |
| Amazon.com, Inc. | 4.6 |
| Eli Lilly & Co. | 3.2 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 2.1 |
| DoorDash, Inc. Class A | 1.8 |
| Monolithic Power Systems, Inc. | 1.7 |
| General Electric Co. | 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

#### SAR4654 01-26
![Image](g17494g30j55.jpg)

Semi-Annual Shareholder Report

# Premier Large Company Growth Fund

# January 31, 2026

# EKJYX

## Institutional Class
This semi-annual shareholder report contains important information about Premier Large Company Growth Fund for the period from August 1, 2025 to January 31, 2026. 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 | $35 | 0.70%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1338415156 |
| # of portfolio holdings | 65 |
| Portfolio turnover rate | 34% |
| Total advisory fees paid | $4642689 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 39.5 |
| Industrials | 14.4 |
| Consumer discretionary | 14.3 |
| Health care | 12.4 |
| Communication services | 12.2 |
| Financials | 3.3 |
| Consumer staples | 1.6 |
| Materials | 1.3 |
| Utilities | 1 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.5 |
| Microsoft Corp. | 6.8 |
| Alphabet, Inc. Class A | 5.7 |
| Broadcom, Inc. | 4.7 |
| Amazon.com, Inc. | 4.6 |
| Eli Lilly & Co. | 3.2 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 2.1 |
| DoorDash, Inc. Class A | 1.8 |
| Monolithic Power Systems, Inc. | 1.7 |
| General Electric Co. | 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

#### SAR4123 01-26

------

<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.

------

![](g17494img3828d2c71.jpg)

Allspring Disciplined U.S. Core Fund

Long Form Financial Statements

Semi-Annual Report

January 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_dbe691f1-f90d-4045-85ed-dd2ff72bbfd4_POI-PageBlank-16_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_dbe691f1-f90d-4045-85ed-dd2ff72bbfd4_FS-PageBlank-16_1)** |  |
| [Statement of assets and liabilities](#xx_dbe691f1-f90d-4045-85ed-dd2ff72bbfd4_FS-PageBlank-16_1) | 10 |
| [Statement of operations](#xx_dbe691f1-f90d-4045-85ed-dd2ff72bbfd4_FS-PageBlank-16_2) | 11 |
| [Statement of changes in net assets](#xx_dbe691f1-f90d-4045-85ed-dd2ff72bbfd4_FS-PageBlank-16_3) | 12 |
| [Financial highlights](#xx_dbe691f1-f90d-4045-85ed-dd2ff72bbfd4_FIHI-PageBlank-16_1) | 14 |
| **[Notes to financial statements](#xx_dbe691f1-f90d-4045-85ed-dd2ff72bbfd4_NTF-PageBlank-16_1)** | 18 |
| **[Other information](#xx_dbe691f1-f90d-4045-85ed-dd2ff72bbfd4_OI-PageBlank-16_1)** | 23 |
| [Item 8. Changes in and disagreements with accountants](#xx_dbe691f1-f90d-4045-85ed-dd2ff72bbfd4_OI-PageBlank-16_2) | 24 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_dbe691f1-f90d-4045-85ed-dd2ff72bbfd4_OI-PageBlank-16_2) | 24 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_dbe691f1-f90d-4045-85ed-dd2ff72bbfd4_OI-PageBlank-16_2) | 24 |
| [Item 11. Statement regarding basis for board](#xx_dbe691f1-f90d-4045-85ed-dd2ff72bbfd4_OI-PageBlank-16_2)['](#xx_dbe691f1-f90d-4045-85ed-dd2ff72bbfd4_OI-PageBlank-16_2)[s approval of investment](#xx_dbe691f1-f90d-4045-85ed-dd2ff72bbfd4_OI-PageBlank-16_2)<br> [advisory contract](#xx_dbe691f1-f90d-4045-85ed-dd2ff72bbfd4_OI-PageBlank-16_2)<br>| 24 |

---

Allspring Disciplined U.S. Core Fund \| 1

------

Portfolio of investments—January 31, 2026 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 96.09%** |  |  |
| **Communication services: 10.49%** |  |  |
| **Diversified telecommunication services: 0.38%** |  |  |
| AT&T, Inc. | 177967 | &nbsp;&nbsp; $4664515 |
| Comcast Corp. Class A | 36341 | &nbsp;&nbsp; 1081145 |
|  |  | &nbsp;&nbsp; **5745660** |
| **Entertainment: 0.99%** |  |  |
| Netflix, Inc.† | 140032 | &nbsp;&nbsp; 11691272 |
| Spotify Technology SA† | 6867 | &nbsp;&nbsp; 3435903 |
|  |  | &nbsp;&nbsp; **15127175** |
| **Interactive media & services: 9.12%** |  |  |
| Alphabet, Inc. Class A | 134045 | &nbsp;&nbsp; 45307210 |
| Alphabet, Inc. Class C | 144500 | &nbsp;&nbsp; 48917585 |
| Meta Platforms, Inc. Class A | 61066 | &nbsp;&nbsp; 43753789 |
| Pinterest, Inc. Class A† | 66036 | &nbsp;&nbsp; 1461376 |
|  |  | &nbsp;&nbsp; **139439960** |
| **Media: 0.00%** |  |  |
| Versant Media Group, Inc.† | 1453 | &nbsp;&nbsp; **47339** |
| **Consumer discretionary: 9.40%** |  |  |
| **Automobile components: 0.20%** |  |  |
| Aptiv PLC† | 40792 | &nbsp;&nbsp; **3089994** |
| **Automobiles: 2.04%** |  |  |
| General Motors Co. | 26714 | &nbsp;&nbsp; 2243976 |
| Tesla, Inc.† | 67291 | &nbsp;&nbsp; 28962719 |
|  |  | &nbsp;&nbsp; **31206695** |
| **Broadline retail: 3.82%** |  |  |
| Amazon.com, Inc.† | 239701 | &nbsp;&nbsp; 57360450 |
| eBay, Inc. | 11524 | &nbsp;&nbsp; 1051219 |
|  |  | &nbsp;&nbsp; **58411669** |
| **Hotels, restaurants & leisure: 1.08%** |  |  |
| Booking Holdings, Inc. | 812 | &nbsp;&nbsp; 4061494 |
| Expedia Group, Inc. | 27125 | &nbsp;&nbsp; 7183785 |
| McDonald's Corp. | 12169 | &nbsp;&nbsp; 3833235 |
| Viking Holdings Ltd.† | 20955 | &nbsp;&nbsp; 1511903 |
|  |  | &nbsp;&nbsp; **16590417** |
| **Household durables: 0.38%** |  |  |
| PulteGroup, Inc. | 46045 | &nbsp;&nbsp; **5759769** |
| **Specialty retail: 1.37%** |  |  |
| Home Depot, Inc. | 24684 | &nbsp;&nbsp; 9246380 |

---

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

2 \| Allspring Disciplined U.S. Core Fund

------

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Specialty retail**(continued) |  |  |
| TJX Cos., Inc. | 45637 | &nbsp;&nbsp; $6836879 |
| Ulta Beauty, Inc.† | 7467 | &nbsp;&nbsp; 4833837 |
|  |  | &nbsp;&nbsp; **20917096** |
| **Textiles, apparel & luxury goods: 0.51%** |  |  |
| Crocs, Inc.† | 11522 | &nbsp;&nbsp; 966926 |
| Deckers Outdoor Corp.† | 57041 | &nbsp;&nbsp; 6807273 |
|  |  | &nbsp;&nbsp; **7774199** |
| **Consumer staples: 4.74%** |  |  |
| **Beverages: 0.20%** |  |  |
| Monster Beverage Corp.† | 19476 | &nbsp;&nbsp; 1572882 |
| PepsiCo, Inc. | 9736 | &nbsp;&nbsp; 1495741 |
|  |  | &nbsp;&nbsp; **3068623** |
| **Consumer staples distribution & retail: 2.72%** |  |  |
| Costco Wholesale Corp. | 16294 | &nbsp;&nbsp; 15320433 |
| Dollar General Corp. | 24644 | &nbsp;&nbsp; 3534689 |
| Target Corp. | 60157 | &nbsp;&nbsp; 6344759 |
| Walmart, Inc. | 137050 | &nbsp;&nbsp; 16328137 |
|  |  | &nbsp;&nbsp; **41528018** |
| **Food products: 0.43%** |  |  |
| Pilgrim's Pride Corp. | 60108 | &nbsp;&nbsp; 2606884 |
| Tyson Foods, Inc. Class A | 61376 | &nbsp;&nbsp; 4009694 |
|  |  | &nbsp;&nbsp; **6616578** |
| **Household products: 0.29%** |  |  |
| Procter & Gamble Co. | 29632 | &nbsp;&nbsp; **4497249** |
| **Tobacco: 1.10%** |  |  |
| Altria Group, Inc. | 158310 | &nbsp;&nbsp; 9813637 |
| Philip Morris International, Inc. | 38679 | &nbsp;&nbsp; 6940560 |
|  |  | &nbsp;&nbsp; **16754197** |
| **Energy: 2.28%** |  |  |
| **Oil, gas & consumable fuels: 2.28%** |  |  |
| Cheniere Energy, Inc. | 20679 | &nbsp;&nbsp; 4374022 |
| Chevron Corp. | 9589 | &nbsp;&nbsp; 1696294 |
| EOG Resources, Inc. | 42702 | &nbsp;&nbsp; 4788175 |
| Exxon Mobil Corp. | 91685 | &nbsp;&nbsp; 12964259 |
| Phillips 66 | 32174 | &nbsp;&nbsp; 4618900 |
| Valero Energy Corp. | 35321 | &nbsp;&nbsp; 6408289 |
|  |  | &nbsp;&nbsp; **34849939** |
| **Financials: 12.87%** |  |  |
| **Banks: 3.94%** |  |  |
| Bank of America Corp. | 160144 | &nbsp;&nbsp; 8519661 |
| Citigroup, Inc. | 126208 | &nbsp;&nbsp; 14603528 |

---

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

Allspring Disciplined U.S. Core Fund \| 3

------

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Banks**(continued) |  |  |
| JPMorgan Chase & Co. | 68131 | &nbsp;&nbsp; $20840591 |
| Popular, Inc. | 23798 | &nbsp;&nbsp; 3177747 |
| Wells Fargo & Co. | 145217 | &nbsp;&nbsp; 13140686 |
|  |  | &nbsp;&nbsp; **60282213** |
| **Capital markets: 3.73%** |  |  |
| Bank of New York Mellon Corp. | 96293 | &nbsp;&nbsp; 11547457 |
| BlackRock, Inc. | 3284 | &nbsp;&nbsp; 3674599 |
| Charles Schwab Corp. | 115495 | &nbsp;&nbsp; 12002241 |
| CME Group, Inc. | 17439 | &nbsp;&nbsp; 5040917 |
| Goldman Sachs Group, Inc. | 15075 | &nbsp;&nbsp; 14101306 |
| Interactive Brokers Group, Inc. Class A | 92840 | &nbsp;&nbsp; 6951859 |
| S&P Global, Inc. | 2361 | &nbsp;&nbsp; 1246112 |
| Virtu Financial, Inc. Class A | 59730 | &nbsp;&nbsp; 2479392 |
|  |  | &nbsp;&nbsp; **57043883** |
| **Consumer finance: 0.71%** |  |  |
| American Express Co. | 9128 | &nbsp;&nbsp; 3214608 |
| Capital One Financial Corp. | 28631 | &nbsp;&nbsp; 6268185 |
| Synchrony Financial | 18646 | &nbsp;&nbsp; 1354259 |
|  |  | &nbsp;&nbsp; **10837052** |
| **Financial services: 2.78%** |  |  |
| Berkshire Hathaway, Inc. Class B† | 40466 | &nbsp;&nbsp; 19445127 |
| Mastercard, Inc. Class A | 25162 | &nbsp;&nbsp; 13557034 |
| Visa, Inc. Class A | 29227 | &nbsp;&nbsp; 9406125 |
|  |  | &nbsp;&nbsp; **42408286** |
| **Insurance: 1.71%** |  |  |
| Allstate Corp. | 12233 | &nbsp;&nbsp; 2434245 |
| Assurant, Inc. | 22322 | &nbsp;&nbsp; 5315538 |
| Axis Capital Holdings Ltd. | 27610 | &nbsp;&nbsp; 2848800 |
| Hartford Insurance Group, Inc. | 60083 | &nbsp;&nbsp; 8114810 |
| Marsh & McLennan Cos., Inc. | 6514 | &nbsp;&nbsp; 1225869 |
| Progressive Corp. | 30015 | &nbsp;&nbsp; 6243120 |
|  |  | &nbsp;&nbsp; **26182382** |
| **Health care: 9.44%** |  |  |
| **Biotechnology: 2.33%** |  |  |
| AbbVie, Inc. | 54758 | &nbsp;&nbsp; 12211582 |
| Amgen, Inc. | 5603 | &nbsp;&nbsp; 1915554 |
| Exelixis, Inc.† | 171000 | &nbsp;&nbsp; 7072560 |
| Gilead Sciences, Inc. | 74695 | &nbsp;&nbsp; 10602955 |
| Incyte Corp.† | 37748 | &nbsp;&nbsp; 3777442 |
|  |  | &nbsp;&nbsp; **35580093** |
| **Health care equipment & supplies: 1.16%** |  |  |
| Abbott Laboratories | 74976 | &nbsp;&nbsp; 8194877 |

---

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

4 \| Allspring Disciplined U.S. Core Fund

------

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care equipment & supplies**(continued) |  |  |
| Boston Scientific Corp.† | 49554 | &nbsp;&nbsp; $4634786 |
| Intuitive Surgical, Inc.† | 9870 | &nbsp;&nbsp; 4976651 |
|  |  | &nbsp;&nbsp; **17806314** |
| **Health care providers & services: 2.21%** |  |  |
| Cencora, Inc. | 13217 | &nbsp;&nbsp; 4747811 |
| CVS Health Corp. | 53926 | &nbsp;&nbsp; 4018565 |
| McKesson Corp. | 12272 | &nbsp;&nbsp; 10200609 |
| Tenet Healthcare Corp.† | 20999 | &nbsp;&nbsp; 3974691 |
| UnitedHealth Group, Inc. | 16136 | &nbsp;&nbsp; 4629902 |
| Universal Health Services, Inc. Class B | 30614 | &nbsp;&nbsp; 6161374 |
|  |  | &nbsp;&nbsp; **33732952** |
| **Health care technology: 0.28%** |  |  |
| Veeva Systems, Inc. Class A† | 20910 | &nbsp;&nbsp; **4263967** |
| **Life sciences tools & services: 0.18%** |  |  |
| Thermo Fisher Scientific, Inc. | 4704 | &nbsp;&nbsp; **2721781** |
| **Pharmaceuticals: 3.28%** |  |  |
| Bristol-Myers Squibb Co. | 109052 | &nbsp;&nbsp; 6003312 |
| Eli Lilly & Co. | 19380 | &nbsp;&nbsp; 20099967 |
| Jazz Pharmaceuticals PLC† | 10281 | &nbsp;&nbsp; 1691122 |
| Johnson & Johnson | 29305 | &nbsp;&nbsp; 6659561 |
| Merck & Co., Inc. | 98206 | &nbsp;&nbsp; 10829176 |
| Pfizer, Inc. | 186490 | &nbsp;&nbsp; 4930796 |
|  |  | &nbsp;&nbsp; **50213934** |
| **Industrials: 8.31%** |  |  |
| **Aerospace & defense: 2.10%** |  |  |
| General Dynamics Corp. | 28426 | &nbsp;&nbsp; 9980084 |
| General Electric Co. | 18357 | &nbsp;&nbsp; 5631744 |
| Howmet Aerospace, Inc. | 21137 | &nbsp;&nbsp; 4398187 |
| Lockheed Martin Corp. | 7496 | &nbsp;&nbsp; 4754113 |
| Northrop Grumman Corp. | 6806 | &nbsp;&nbsp; 4711522 |
| RTX Corp. | 12901 | &nbsp;&nbsp; 2592198 |
|  |  | &nbsp;&nbsp; **32067848** |
| **Building products: 0.47%** |  |  |
| Johnson Controls International PLC | 25161 | &nbsp;&nbsp; 3000701 |
| Owens Corning | 17982 | &nbsp;&nbsp; 2154963 |
| Trane Technologies PLC | 5006 | &nbsp;&nbsp; 2105423 |
|  |  | &nbsp;&nbsp; **7261087** |
| **Commercial services & supplies: 0.24%** |  |  |
| Veralto Corp. | 36486 | &nbsp;&nbsp; **3611384** |
| **Construction & engineering: 1.37%** |  |  |
| EMCOR Group, Inc. | 10285 | &nbsp;&nbsp; 7412708 |
| MasTec, Inc.† | 19618 | &nbsp;&nbsp; 4717736 |

---

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

Allspring Disciplined U.S. Core Fund \| 5

------

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Construction & engineering**(continued) |  |  |
| Quanta Services, Inc. | 3582 | &nbsp;&nbsp; $1700125 |
| Valmont Industries, Inc. | 15830 | &nbsp;&nbsp; 7053215 |
|  |  | &nbsp;&nbsp; **20883784** |
| **Electrical equipment: 0.64%** |  |  |
| Emerson Electric Co. | 15043 | &nbsp;&nbsp; 2210719 |
| GE Vernova, Inc. | 4841 | &nbsp;&nbsp; 3516357 |
| Regal Rexnord Corp. | 9580 | &nbsp;&nbsp; 1547170 |
| Vertiv Holdings Co. Class A | 13776 | &nbsp;&nbsp; 2564816 |
|  |  | &nbsp;&nbsp; **9839062** |
| **Ground transportation: 0.47%** |  |  |
| Uber Technologies, Inc.† | 47489 | &nbsp;&nbsp; 3801494 |
| Union Pacific Corp. | 14727 | &nbsp;&nbsp; 3462318 |
|  |  | &nbsp;&nbsp; **7263812** |
| **Industrial conglomerates: 0.38%** |  |  |
| Honeywell International, Inc. | 25506 | &nbsp;&nbsp; **5803125** |
| **Machinery: 1.08%** |  |  |
| AGCO Corp. | 40961 | &nbsp;&nbsp; 4645387 |
| Caterpillar, Inc. | 4965 | &nbsp;&nbsp; 3263792 |
| Mueller Industries, Inc. | 31632 | &nbsp;&nbsp; 4306381 |
| Parker-Hannifin Corp. | 4684 | &nbsp;&nbsp; 4383475 |
|  |  | &nbsp;&nbsp; **16599035** |
| **Passenger airlines: 0.41%** |  |  |
| United Airlines Holdings, Inc.† | 60947 | &nbsp;&nbsp; **6236097** |
| **Professional services: 1.15%** |  |  |
| CACI International, Inc. Class A† | 5925 | &nbsp;&nbsp; 3676936 |
| Leidos Holdings, Inc. | 36476 | &nbsp;&nbsp; 6867701 |
| Science Applications International Corp. | 50352 | &nbsp;&nbsp; 5123820 |
| SS&C Technologies Holdings, Inc. | 23121 | &nbsp;&nbsp; 1893379 |
|  |  | &nbsp;&nbsp; **17561836** |
| **Information technology: 32.32%** |  |  |
| **Communications equipment: 1.05%** |  |  |
| Arista Networks, Inc.† | 58925 | &nbsp;&nbsp; 8352030 |
| Cisco Systems, Inc. | 98238 | &nbsp;&nbsp; 7694000 |
|  |  | &nbsp;&nbsp; **16046030** |
| **Electronic equipment, instruments & components: 0.72%** |  |  |
| Amphenol Corp. Class A | 23275 | &nbsp;&nbsp; 3353462 |
| Jabil, Inc. | 6020 | &nbsp;&nbsp; 1427884 |
| TD SYNNEX Corp. | 38987 | &nbsp;&nbsp; 6186067 |
|  |  | &nbsp;&nbsp; **10967413** |
| **IT services: 1.43%** |  |  |
| Accenture PLC Class A | 14795 | &nbsp;&nbsp; 3900554 |

---

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

6 \| Allspring Disciplined U.S. Core Fund

------

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **IT services**(continued) |  |  |
| International Business Machines Corp. | 21737 | &nbsp;&nbsp; $6666738 |
| MongoDB, Inc. Class A† | 6183 | &nbsp;&nbsp; 2295933 |
| Okta, Inc.† | 39107 | &nbsp;&nbsp; 3303759 |
| Twilio, Inc. Class A† | 21756 | &nbsp;&nbsp; 2620728 |
| VeriSign, Inc. | 12767 | &nbsp;&nbsp; 3118085 |
|  |  | &nbsp;&nbsp; **21905797** |
| **Semiconductors & semiconductor equipment: 14.59%** |  |  |
| Advanced Micro Devices, Inc.† | 39005 | &nbsp;&nbsp; 9233654 |
| Applied Materials, Inc. | 13902 | &nbsp;&nbsp; 4480893 |
| Astera Labs, Inc.† | 10090 | &nbsp;&nbsp; 1519756 |
| Broadcom, Inc. | 127854 | &nbsp;&nbsp; 42358030 |
| Credo Technology Group Holding Ltd.† | 10010 | &nbsp;&nbsp; 1254053 |
| Intel Corp.† | 62382 | &nbsp;&nbsp; 2898892 |
| KLA Corp. | 7528 | &nbsp;&nbsp; 10749532 |
| Lam Research Corp. | 41546 | &nbsp;&nbsp; 9699329 |
| Marvell Technology, Inc. | 52231 | &nbsp;&nbsp; 4122070 |
| Micron Technology, Inc. | 36906 | &nbsp;&nbsp; 15311561 |
| NVIDIA Corp. | 608947 | &nbsp;&nbsp; 116388040 |
| QUALCOMM, Inc. | 34089 | &nbsp;&nbsp; 5167551 |
|  |  | &nbsp;&nbsp; **223183361** |
| **Software: 8.11%** |  |  |
| Adobe, Inc.† | 9132 | &nbsp;&nbsp; 2677959 |
| AppLovin Corp. Class A† | 9258 | &nbsp;&nbsp; 4380052 |
| Atlassian Corp. Class A† | 22771 | &nbsp;&nbsp; 2691077 |
| Autodesk, Inc.† | 4684 | &nbsp;&nbsp; 1184443 |
| Docusign, Inc. Class A† | 20380 | &nbsp;&nbsp; 1070765 |
| Fortinet, Inc.† | 52314 | &nbsp;&nbsp; 4251036 |
| Microsoft Corp. | 186357 | &nbsp;&nbsp; 80187554 |
| Nutanix, Inc. Class A† | 30277 | &nbsp;&nbsp; 1190794 |
| Oracle Corp. | 34718 | &nbsp;&nbsp; 5713889 |
| Palantir Technologies, Inc. Class A† | 44837 | &nbsp;&nbsp; 6572656 |
| Pegasystems, Inc. | 48319 | &nbsp;&nbsp; 2111057 |
| Salesforce, Inc. | 31686 | &nbsp;&nbsp; 6726621 |
| ServiceNow, Inc.† | 14012 | &nbsp;&nbsp; 1639544 |
| Zoom Communications, Inc. Class A† | 40124 | &nbsp;&nbsp; 3695420 |
|  |  | &nbsp;&nbsp; **124092867** |
| **Technology hardware, storage & peripherals: 6.42%** |  |  |
| Apple, Inc. | 362507 | &nbsp;&nbsp; 94063316 |
| Western Digital Corp. | 16208 | &nbsp;&nbsp; 4055728 |
|  |  | &nbsp;&nbsp; **98119044** |
| **Materials: 2.21%** |  |  |
| **Chemicals: 0.87%** |  |  |
| Celanese Corp. Class A | 23858 | &nbsp;&nbsp; 1060249 |
| CF Industries Holdings, Inc. | 59998 | &nbsp;&nbsp; 5593614 |

---

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

Allspring Disciplined U.S. Core Fund \| 7

------

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Chemicals**(continued) |  |  |
| Element Solutions, Inc. | 65407 | &nbsp;&nbsp; $1903344 |
| Linde PLC | 10354 | &nbsp;&nbsp; 4731467 |
|  |  | &nbsp;&nbsp; **13288674** |
| **Containers & packaging: 0.51%** |  |  |
| Crown Holdings, Inc. | 74743 | &nbsp;&nbsp; **7824098** |
| **Metals & mining: 0.83%** |  |  |
| Newmont Corp. | 44038 | &nbsp;&nbsp; 4947669 |
| Southern Copper Corp. | 40465 | &nbsp;&nbsp; 7701299 |
|  |  | &nbsp;&nbsp; **12648968** |
| **Real estate: 1.86%** |  |  |
| **Hotel & resort REITs: 0.38%** |  |  |
| Host Hotels & Resorts, Inc. | 314944 | &nbsp;&nbsp; **5835912** |
| **Industrial REITs: 0.19%** |  |  |
| Prologis, Inc. | 21921 | &nbsp;&nbsp; **2862006** |
| **Retail REITs: 0.43%** |  |  |
| Simon Property Group, Inc. | 34559 | &nbsp;&nbsp; **6611482** |
| **Specialized REITs: 0.86%** |  |  |
| Gaming & Leisure Properties, Inc. | 91329 | &nbsp;&nbsp; 4086973 |
| Public Storage | 11078 | &nbsp;&nbsp; 3059633 |
| VICI Properties, Inc. Class A | 215141 | &nbsp;&nbsp; 6041159 |
|  |  | &nbsp;&nbsp; **13187765** |
| **Utilities: 2.17%** |  |  |
| **Electric utilities: 1.63%** |  |  |
| American Electric Power Co., Inc. | 72700 | &nbsp;&nbsp; 8707642 |
| Duke Energy Corp. | 78518 | &nbsp;&nbsp; 9528159 |
| NextEra Energy, Inc. | 54303 | &nbsp;&nbsp; 4773234 |
| NRG Energy, Inc. | 13214 | &nbsp;&nbsp; 2016853 |
|  |  | &nbsp;&nbsp; **25025888** |
| **Gas utilities: 0.44%** |  |  |
| National Fuel Gas Co. | 79975 | &nbsp;&nbsp; **6697906** |
| **Independent power and renewable electricity producers: 0.10%** |  |  |
| Vistra Corp. | 9370 | &nbsp;&nbsp; **1483740** |
| **Total common stocks (Cost $682,513,722)** |  | &nbsp;&nbsp; **1469405455** |

---

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

8 \| Allspring Disciplined U.S. Core Fund

------

Portfolio of investments—January 31, 2026 (unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 3.40%** |  |  |  |  |
| **Investment companies: 3.40%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.63<br> %<br>| 51995155 | &nbsp;&nbsp; **$51995155** |
| **Total short-term investments (Cost $51,995,155)** |  |  |  | &nbsp;&nbsp; **51995155** |
| **Total investments in securities (Cost $734,508,877)** | 99.49<br> %<br>|  |  | &nbsp;&nbsp; 1521400610 |
| Other assets and liabilities, net | 0.51 |  |  | &nbsp;&nbsp; 7822501 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$1529223111** |

---

&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 <br> Select Class<br>| $22565301 | $157986654 | $(128556800)<br>| $0 | $0 | $51995155 | 51995155 | $957487 |

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| E-Mini S&P 500 Index | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 3-20-2026 | &nbsp;&nbsp; $53632955 | &nbsp;&nbsp; $53984563 | &nbsp;&nbsp; $351608 | &nbsp;&nbsp; $0 |

---

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

Allspring Disciplined U.S. Core Fund \| 9

------

Statement of assets and liabilities—January 31, 2026 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $682,513,722) | $1469405455 |
| Investments in affiliated securities, at value (cost $51,995,155) | 51995155 |
| Cash | 43 |
| Cash at broker segregated for futures contracts | 3776371 |
| Receivable for Fund shares sold | 4926542 |
| Receivable for dividends | 890295 |
| Prepaid expenses and other assets | 149088 |
| **Total assets** | **1531142949** |
| Liabilities |  |
| Payable for Fund shares redeemed | 894711 |
| Management fee payable | 445232 |
| Payable for daily variation margin on open futures contracts | 204350 |
| Administration fees payable | 187203 |
| Shareholder servicing fees payable | 144908 |
| Distribution fee payable | 10365 |
| Accrued expenses and other liabilities | 33069 |
| **Total liabilities** | **1919838** |
| **Total net assets**  | **$1529223111** |
| Net assets consist of |  |
| Paid-in capital | $696860410 |
| Total distributable earnings | 832362701 |
| **Total net assets** | **$1529223111** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $645332728 |
| Shares outstanding–Class A<sup>1</sup> <br>| 24546054 |
| Net asset value per share–Class A | $26.29 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $27.89 |
| Net assets–Class C | $18706775 |
| Shares outstanding–Class C<sup>1</sup> <br>| 816192 |
| Net asset value per share–Class C | $22.92 |
| Net assets–Class R6 | $299751981 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 10924759 |
| Net asset value per share–Class R6 | $27.44 |
| Net assets–Institutional Class | $565431627 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 20919938 |
| Net asset value per share–Institutional Class | $27.03 |

---

<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 Disciplined U.S. Core Fund

------

Statement of operations—six months ended January 31, 2026 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends | $7986944 |
| Income from affiliated securities | 957487 |
| Interest | 49911 |
| **Total investment income** | **8994342** |
| Expenses |  |
| Management fee | 2517076 |
| Administration fees |  |
| Class A | 641657 |
| Class C | 15230 |
| Class R6 | 46362 |
| Administrator Class | 9121 <br><sup>1</sup><br>|
| Institutional Class | 318939 |
| Shareholder servicing fees |  |
| Class A | 800137 |
| Class C | 19038 |
| Administrator Class | 16896 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 57114 |
| Custody and accounting fees | 19798 |
| Professional fees | 29371 |
| Registration fees | 65918 |
| Shareholder report expenses | 25762 |
| Trustees' fees and expenses | 8722 |
| Other fees and expenses | 55996 |
| **Total expenses** | **4647137** |
| Less: Fee waivers and/or expense reimbursements |  |
| Class A | (17195)<br>|
| Institutional Class | (50864)<br>|
| **Net expenses** | **4579078** |
| **Net investment income** | **4415264** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | 37986931 |
| Futures contracts | 4583303 |
| **Net realized gains on investments**  | **42570234** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 99932550 |
| Futures contracts | (678917)<br>|
| **Net change in unrealized gains (losses) on investments** | **99253633** |
| **Net realized and unrealized gains (losses) on investments** | **141823867** |
| **Net increase in net assets resulting from operations** | **$146239131** |

---

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

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

Allspring Disciplined U.S. Core Fund \| 11

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> January 31, 2026<br> (unaudited) | Six months ended<br> January 31, 2026<br> (unaudited) | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $4415264 |  | &nbsp;&nbsp; $8335954 |
| Net realized gains on investments |  | &nbsp;&nbsp; 42570234 |  | &nbsp;&nbsp; 71067494 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 99253633 |  | &nbsp;&nbsp; 119636404 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **146239131** |  | &nbsp;&nbsp; **199039852** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (34045510)<br>|  | &nbsp;&nbsp; (36606550)<br>|
| Class C |  | &nbsp;&nbsp; (981982)<br>|  | &nbsp;&nbsp; (697774)<br>|
| Class R6 |  | &nbsp;&nbsp; (16098858)<br>|  | &nbsp;&nbsp; (16920202)<br>|
| Administrator Class |  | &nbsp;&nbsp; 0 <br><sup>1</sup><br>|  | &nbsp;&nbsp; (3344357)<br>|
| Institutional Class |  | &nbsp;&nbsp; (29085504)<br>|  | &nbsp;&nbsp; (15851110)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(80211854)**<br>|  | &nbsp;&nbsp; **(73419993)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 867327 | &nbsp;&nbsp; 22845934 | &nbsp;&nbsp; 1301549 | &nbsp;&nbsp; 30381370 |
| Class C | 346835 | &nbsp;&nbsp; 8049655 | &nbsp;&nbsp; 193191 | &nbsp;&nbsp; 4045500 |
| Class R6 | 1059309 | &nbsp;&nbsp; 28724564 | &nbsp;&nbsp; 1784553 | &nbsp;&nbsp; 41433194 |
| Administrator Class | 54042 <br><sup>1</sup><br>| &nbsp;&nbsp; 1433302 <br><sup>1</sup><br>| &nbsp;&nbsp; 228373 | &nbsp;&nbsp; 5586003 |
| Institutional Class | 6254740 | &nbsp;&nbsp; 167639298 | &nbsp;&nbsp; 6065721 | &nbsp;&nbsp; 146505092 |
|  |  | &nbsp;&nbsp; 228692753 |  | &nbsp;&nbsp; 227951159 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 1227207 | &nbsp;&nbsp; 31755559 | &nbsp;&nbsp; 1443487 | &nbsp;&nbsp; 34313174 |
| Class C | 39917 | &nbsp;&nbsp; 897329 | &nbsp;&nbsp; 27843 | &nbsp;&nbsp; 581921 |
| Class R6 | 534106 | &nbsp;&nbsp; 14474063 | &nbsp;&nbsp; 637773 | &nbsp;&nbsp; 15805286 |
| Administrator Class | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 122725 | &nbsp;&nbsp; 3056528 |
| Institutional Class | 986880 | &nbsp;&nbsp; 26330078 | &nbsp;&nbsp; 604427 | &nbsp;&nbsp; 14756748 |
|  |  | &nbsp;&nbsp; 73457029 |  | &nbsp;&nbsp; 68513657 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (1627786)<br>| &nbsp;&nbsp; (42573378)<br>| &nbsp;&nbsp; (3027279)<br>| &nbsp;&nbsp; (70146040)<br>|
| Class C | (91180)<br>| &nbsp;&nbsp; (2090584)<br>| &nbsp;&nbsp; (284650)<br>| &nbsp;&nbsp; (5844797)<br>|
| Class R6 | (1644431)<br>| &nbsp;&nbsp; (46023736)<br>| &nbsp;&nbsp; (3021592)<br>| &nbsp;&nbsp; (73712850)<br>|
| Administrator Class | (39864 )<sup>1</sup><br>| &nbsp;&nbsp; (1068992 )<sup>1</sup><br>| &nbsp;&nbsp; (461142)<br>| &nbsp;&nbsp; (11389322)<br>|
| Institutional Class | (1898270)<br>| &nbsp;&nbsp; (51764735)<br>| &nbsp;&nbsp; (2495259)<br>| &nbsp;&nbsp; (58640174)<br>|
|  |  | &nbsp;&nbsp; (143521425)<br>|  | &nbsp;&nbsp; (219733183)<br>|

---

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

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

12 \| Allspring Disciplined U.S. Core Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> January 31, 2026<br> (unaudited) | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Administrator Class<br>(2120394 )<sup>2</sup><br>| &nbsp;&nbsp; $(58364707 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Institutional Class<br>2161592 <br><sup>2</sup><br>| &nbsp;&nbsp; 58364707 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net increase in net assets resulting from capital share transactions** | &nbsp;&nbsp; **158628357** |  | &nbsp;&nbsp; **76731633** |
| **Total increase in net assets** | &nbsp;&nbsp; **224655634** |  | &nbsp;&nbsp; **202351492** |
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **1304567477** |  | &nbsp;&nbsp; **1102215985** |
| **End of period** | &nbsp;&nbsp; **$1529223111** |  | &nbsp;&nbsp; **$1304567477** |

---

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

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

Allspring Disciplined U.S. Core 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>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Class A | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$25.10** | &nbsp;&nbsp; **$22.62** | &nbsp;&nbsp; **$20.05** | &nbsp;&nbsp; **$20.25** | &nbsp;&nbsp; **$22.77** | &nbsp;&nbsp; **$18.22** |
| Net investment income | 0.05 <br><sup>1</sup><br>| 0.13 <br><sup>1</sup><br>| 0.14 <br><sup>1</sup><br>| 0.13 | 0.16 | 0.14 |
| Net realized and unrealized gains (losses) on investments | 2.58 | 3.88 | 4.18 | 2.06 | &nbsp;&nbsp; (0.78)<br>| 6.18 |
| Total from investment operations | 2.63 | 4.01 | 4.32 | 2.19 | &nbsp;&nbsp; (0.62)<br>| 6.32 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.10)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.33)<br>|
| Net realized gains | (1.34)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp; (1.44)<br>|
| Total distributions to shareholders | (1.44)<br>| &nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (1.77)<br>|
| **Net asset value, end of period** | **$26.29** | &nbsp;&nbsp; **$25.10** | &nbsp;&nbsp; **$22.62** | &nbsp;&nbsp; **$20.05** | &nbsp;&nbsp; **$20.25** | &nbsp;&nbsp; **$22.77** |
| **Total return**<sup>2</sup> <br>| **10.58%**<br>| **18.12%**<br>| **23.54%**<br>| **13.00%**<br>| &nbsp;&nbsp; **(3.60)%**<br>| **36.73%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.82<br> %<br>| 0.84<br> %<br>| 0.83<br> %<br>| 0.85<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>|
| Net expenses | 0.81<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.84<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>|
| Net investment income | 0.41<br> %<br>| 0.54<br> %<br>| 0.67<br> %<br>| 0.82<br> %<br>| 0.73<br> %<br>| 0.76<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 13<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp; 36<br> %<br>|
| Net assets, end of period (000s omitted) | $645333 | &nbsp;&nbsp; $604288 | &nbsp;&nbsp; $551170 | &nbsp;&nbsp; $473167 | &nbsp;&nbsp; $453829 | &nbsp;&nbsp; $521702 |

---

&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.

14 \| Allspring Disciplined U.S. Core Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Class C | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$22.04** | &nbsp;&nbsp; **$20.06** | &nbsp;&nbsp; **$17.96** | &nbsp;&nbsp; **$18.37** | &nbsp;&nbsp; **$20.82** | &nbsp;&nbsp; **$16.70** |
| Net investment income (loss) | (0.04 )<sup>1</sup><br>| &nbsp;&nbsp; (0.05 )<sup>1</sup><br>| &nbsp;&nbsp; (0.01 )<sup>1</sup><br>| 0.03 | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| 0.02 |
| Net realized and unrealized gains (losses) on investments | 2.26 | 3.43 | 3.72 | 1.80 | &nbsp;&nbsp; (0.71)<br>| 5.64 |
| Total from investment operations | 2.22 | 3.38 | 3.71 | 1.83 | &nbsp;&nbsp; (0.71)<br>| 5.66 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.10)<br>|
| Net realized gains | (1.34)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp; (1.44)<br>|
| Total distributions to shareholders | (1.34)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp; (1.54)<br>|
| **Net asset value, end of period** | **$22.92** | &nbsp;&nbsp; **$22.04** | &nbsp;&nbsp; **$20.06** | &nbsp;&nbsp; **$17.96** | &nbsp;&nbsp; **$18.37** | &nbsp;&nbsp; **$20.82** |
| **Total return**<sup>3</sup> <br>| **10.19%**<br>| **17.21%**<br>| **22.64%**<br>| **12.12%**<br>| &nbsp;&nbsp; **(4.30)%**<br>| **35.80%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.57<br> %<br>| 1.58<br> %<br>| 1.58<br> %<br>| 1.60<br> %<br>| 1.59<br> %<br>| 1.60<br> %<br>|
| Net expenses | 1.57<br> %<br>| 1.58<br> %<br>| 1.56<br> %<br>| 1.59<br> %<br>| 1.59<br> %<br>| 1.60<br> %<br>|
| Net investment income (loss) | (0.35)%<br>| &nbsp;&nbsp; (0.22)%<br>| &nbsp;&nbsp; (0.03)%<br>| 0.08<br> %<br>| &nbsp;&nbsp; (0.02)%<br>| 0.02<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 13<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp; 36<br> %<br>|
| Net assets, end of period (000s omitted) | $18707 | &nbsp;&nbsp; $11475 | &nbsp;&nbsp; $11722 | &nbsp;&nbsp; $17763 | &nbsp;&nbsp; $21381 | &nbsp;&nbsp; $27121 |

---

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

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

<sup>2</sup> Amount is more 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. 

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

Allspring Disciplined U.S. Core Fund \| 15

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Class R6 | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$26.18** | &nbsp;&nbsp; **$23.54** | &nbsp;&nbsp; **$20.79** | &nbsp;&nbsp; **$20.93** | &nbsp;&nbsp; **$23.46** | &nbsp;&nbsp; **$18.72** |
| Net investment income | 0.11 <br><sup>1</sup><br>| 0.23 <br><sup>1</sup><br>| 0.23 <br><sup>1</sup><br>| 0.21 | 0.26 <br><sup>1</sup><br>| 0.24 |
| Net realized and unrealized gains (losses) on investments | 2.70 | 4.04 | 4.36 | 2.14 | &nbsp;&nbsp; (0.80)<br>| 6.36 |
| Total from investment operations | 2.81 | 4.27 | 4.59 | 2.35 | &nbsp;&nbsp; (0.54)<br>| 6.60 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.21)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.42)<br>|
| Net realized gains | (1.34)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp; (1.44)<br>|
| Total distributions to shareholders | (1.55)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (1.86)<br>|
| **Net asset value, end of period** | **$27.44** | &nbsp;&nbsp; **$26.18** | &nbsp;&nbsp; **$23.54** | &nbsp;&nbsp; **$20.79** | &nbsp;&nbsp; **$20.93** | &nbsp;&nbsp; **$23.46** |
| **Total return**<sup>2</sup> <br>| **10.84%**<br>| **18.56%**<br>| **24.08%**<br>| **13.44%**<br>| &nbsp;&nbsp; **(3.15)%**<br>| **37.35%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.40<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.42<br> %<br>|
| Net expenses | 0.40<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.42<br> %<br>|
| Net investment income | 0.82<br> %<br>| 0.95<br> %<br>| 1.09<br> %<br>| 1.25<br> %<br>| 1.16<br> %<br>| 1.18<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 13<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp; 36<br> %<br>|
| Net assets, end of period (000s omitted) | $299752 | &nbsp;&nbsp; $287340 | &nbsp;&nbsp; $272468 | &nbsp;&nbsp; $253154 | &nbsp;&nbsp; $277956 | &nbsp;&nbsp; $340631 |

---

&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 Disciplined U.S. Core Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Institutional Class | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$25.80** | &nbsp;&nbsp; **$23.21** | &nbsp;&nbsp; **$20.53** | &nbsp;&nbsp; **$20.69** | &nbsp;&nbsp; **$23.22** | &nbsp;&nbsp; **$18.54** |
| Net investment income | 0.10 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.21 <br><sup>1</sup><br>| 0.19 | 0.24 | 0.23 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 2.65 | 3.98 | 4.30 | 2.12 | &nbsp;&nbsp; (0.80)<br>| 6.29 |
| Total from investment operations | 2.75 | 4.19 | 4.51 | 2.31 | &nbsp;&nbsp; (0.56)<br>| 6.52 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.40)<br>|
| Net realized gains | (1.34)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp; (1.44)<br>|
| Total distributions to shareholders | (1.52)<br>| &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (1.84)<br>|
| **Net asset value, end of period** | **$27.03** | &nbsp;&nbsp; **$25.80** | &nbsp;&nbsp; **$23.21** | &nbsp;&nbsp; **$20.53** | &nbsp;&nbsp; **$20.69** | &nbsp;&nbsp; **$23.22** |
| **Total return**<sup>2</sup> <br>| **10.78%**<br>| **18.50%**<br>| **23.96%**<br>| **13.40%**<br>| &nbsp;&nbsp; **(3.24)%**<br>| **37.26%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.50<br> %<br>| 0.52<br> %<br>| 0.51<br> %<br>| 0.52<br> %<br>| 0.51<br> %<br>| 0.52<br> %<br>|
| Net expenses | 0.48<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>|
| Net investment income | 0.74<br> %<br>| 0.88<br> %<br>| 1.01<br> %<br>| 1.18<br> %<br>| 1.09<br> %<br>| 1.14<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 13<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp; 36<br> %<br>|
| Net assets, end of period (000s omitted) | $565432 | &nbsp;&nbsp; $346058 | &nbsp;&nbsp; $214457 | &nbsp;&nbsp; $148392 | &nbsp;&nbsp; $142768 | &nbsp;&nbsp; $163217 |

---

&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 Disciplined U.S. Core Fund \| 17

------

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 Disciplined U.S. Core Fund (the "Fund") which is a diversified series of the Trust.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Futures contracts

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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

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

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the 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.

18 \| Allspring Disciplined U.S. Core Fund

------

Notes to financial statements (unaudited)

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 January 31, 2026, the aggregate cost of all investments for federal income tax purposes was $736,350,158 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $798301829 |
| Gross unrealized losses | &nbsp;&nbsp; (12899769)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$785402060** |

---

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Allspring Disciplined U.S. Core Fund \| 19

------

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $160360134 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $160360134 |
| *Consumer discretionary* | &nbsp;&nbsp; 143749839 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 143749839 |
| *Consumer staples* | &nbsp;&nbsp; 72464665 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 72464665 |
| *Energy* | &nbsp;&nbsp; 34849939 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 34849939 |
| *Financials* | &nbsp;&nbsp; 196753816 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 196753816 |
| *Health care* | &nbsp;&nbsp; 144319041 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 144319041 |
| *Industrials* | &nbsp;&nbsp; 127127070 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 127127070 |
| *Information technology* | &nbsp;&nbsp; 494314512 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 494314512 |
| *Materials* | &nbsp;&nbsp; 33761740 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 33761740 |
| *Real estate* | &nbsp;&nbsp; 28497165 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 28497165 |
| *Utilities* | &nbsp;&nbsp; 33207534 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 33207534 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 51995155 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 51995155 |
|  | &nbsp;&nbsp; 1521400610 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1521400610 |
| **Futures contracts** | &nbsp;&nbsp; 351608 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 351608 |
| **Total assets** | &nbsp;&nbsp; **$1521752218** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1521752218** |

---

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

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

At January 31, 2026, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $1 billion | 0.350<br> %<br>|
| Next $4 billion | 0.325 |
| Next $5 billion | 0.290 |
| Over $10 billion | 0.280 |

---

For the six months ended January 31, 2026, the management fee was equivalent to an annual rate of 0.34% of the Fund's average daily net assets.

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

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As

20 \| Allspring Disciplined U.S. Core Fund

------

Notes to financial statements (unaudited)

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through November 30, 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 January 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.86<br> %<br>|
| Class C | 1.61 |
| Class R6 | 0.43 |
| Institutional Class | 0.48 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2026, Allspring Funds Distributor received $5,714 from the sale of Class A shares and $680 and $2,401 in contingent deferred sales charges from redemptions of Class A and Class C shares, respectively.

Shareholder servicing fees

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended January 31, 2026.

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 January 31, 2026 were $230,669,992 and $177,947,977, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended January 31, 2026, the Fund entered into futures contracts to gain market exposure. The Fund had an average notional amount of $46,736,409 in long futures contracts during the six months ended January 31, 2026.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

Allspring Disciplined U.S. Core Fund \| 21

------

Notes to financial statements (unaudited)

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

7. BANK BORROWINGS

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

For the six months ended January 31, 2026, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISKS

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

9. INDEMNIFICATION

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

10. OPERATING SEGMENTS

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

11. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

22 \| Allspring Disciplined U.S. Core Fund

------

Other information (unaudited)

Other information

Proxy voting information

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

Quarterly portfolio holdings information

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

Allspring Disciplined U.S. Core Fund \| 23

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

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

Not applicable

24 \| Allspring Disciplined U.S. Core Fund

------

![](g17494img3828d2c71.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**

![](g17494img2c8ed7482.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.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS0616 01-26**

------

![](g17494img770d063d1.jpg)

Allspring Growth Fund

Long Form Financial Statements

Semi-Annual Report

January 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_818d1840-0b08-4e65-802f-8e9e81d85269_POI-PageBlank-22_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_818d1840-0b08-4e65-802f-8e9e81d85269_FS-PageBlank-22_1)** |  |
| [Statement of assets and liabilities](#xx_818d1840-0b08-4e65-802f-8e9e81d85269_FS-PageBlank-22_1) | 6 |
| [Statement of operations](#xx_818d1840-0b08-4e65-802f-8e9e81d85269_FS-PageBlank-22_2) | 7 |
| [Statement of changes in net assets](#xx_818d1840-0b08-4e65-802f-8e9e81d85269_FS-PageBlank-22_3) | 8 |
| [Financial highlights](#xx_818d1840-0b08-4e65-802f-8e9e81d85269_FIHI-PageBlank-22_1) | 10 |
| **[Notes to financial statements](#xx_818d1840-0b08-4e65-802f-8e9e81d85269_NTF-PageBlank-22_1)** | 14 |
| **[Other information](#xx_818d1840-0b08-4e65-802f-8e9e81d85269_OI-PageBlank-22_1)** | 19 |
| [Item 8. Changes in and disagreements with accountants](#xx_818d1840-0b08-4e65-802f-8e9e81d85269_OI-PageBlank-22_2) | 20 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_818d1840-0b08-4e65-802f-8e9e81d85269_OI-PageBlank-22_2) | 20 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_818d1840-0b08-4e65-802f-8e9e81d85269_OI-PageBlank-22_2) | 20 |
| [Item 11. Statement regarding basis for board](#xx_818d1840-0b08-4e65-802f-8e9e81d85269_OI-PageBlank-22_2)['](#xx_818d1840-0b08-4e65-802f-8e9e81d85269_OI-PageBlank-22_2)[s approval of investment](#xx_818d1840-0b08-4e65-802f-8e9e81d85269_OI-PageBlank-22_2)<br> [advisory contract](#xx_818d1840-0b08-4e65-802f-8e9e81d85269_OI-PageBlank-22_2)<br>| 20 |

---

Allspring Growth Fund \| 1

------

Portfolio of investments—January 31, 2026 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.43%** |  |  |
| **Communication services: 11.68%** |  |  |
| **Entertainment: 4.56%** |  |  |
| Live Nation Entertainment, Inc.† | 227669 | &nbsp;&nbsp; $33114456 |
| Netflix, Inc.† | 451850 | &nbsp;&nbsp; 37724956 |
| Spotify Technology SA† | 50354 | &nbsp;&nbsp; 25194624 |
| TKO Group Holdings, Inc. Class A | 224438 | &nbsp;&nbsp; 45466650 |
|  |  | &nbsp;&nbsp; **141500686** |
| **Interactive media & services: 7.12%** |  |  |
| Alphabet, Inc. Class A | 585036 | &nbsp;&nbsp; 197742168 |
| Reddit, Inc. Class A† | 127421 | &nbsp;&nbsp; 22970184 |
|  |  | &nbsp;&nbsp; **220712352** |
| **Consumer discretionary: 13.38%** |  |  |
| **Automobiles: 0.94%** |  |  |
| Ferrari NV | 87306 | &nbsp;&nbsp; **29087740** |
| **Broadline retail: 6.12%** |  |  |
| Amazon.com, Inc.† | 641313 | &nbsp;&nbsp; 153466201 |
| MercadoLibre, Inc.† | 16908 | &nbsp;&nbsp; 36314833 |
|  |  | &nbsp;&nbsp; **189781034** |
| **Hotels, restaurants & leisure: 3.09%** |  |  |
| Booking Holdings, Inc. | 9212 | &nbsp;&nbsp; 46076950 |
| DoorDash, Inc. Class A† | 243765 | &nbsp;&nbsp; 49879194 |
|  |  | &nbsp;&nbsp; **95956144** |
| **Household durables: 0.77%** |  |  |
| Sony Group Corp. ADR | 1076016 | &nbsp;&nbsp; **23779954** |
| **Specialty retail: 2.46%** |  |  |
| Carvana Co. Class A† | 89865 | &nbsp;&nbsp; 36045750 |
| O'Reilly Automotive, Inc.† | 411292 | &nbsp;&nbsp; 40475246 |
|  |  | &nbsp;&nbsp; **76520996** |
| **Consumer staples: 1.72%** |  |  |
| **Consumer staples distribution & retail: 1.72%** |  |  |
| Walmart, Inc. | 448360 | &nbsp;&nbsp; **53417610** |
| **Financials: 4.02%** |  |  |
| **Capital markets: 2.34%** |  |  |
| Coinbase Global, Inc. Class A† | 34649 | &nbsp;&nbsp; 6747546 |
| LPL Financial Holdings, Inc. | 69857 | &nbsp;&nbsp; 25462877 |
| Robinhood Markets, Inc. Class A† | 404803 | &nbsp;&nbsp; 40269802 |
|  |  | &nbsp;&nbsp; **72480225** |
| **Financial services: 1.68%** |  |  |
| Affirm Holdings, Inc.† | 333133 | &nbsp;&nbsp; 20087920 |

---

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

2 \| Allspring Growth Fund

------

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financial services**(continued) |  |  |
| Mastercard, Inc. Class A | 30313 | &nbsp;&nbsp; $16332341 |
| Visa, Inc. Class A | 48989 | &nbsp;&nbsp; 15766130 |
|  |  | &nbsp;&nbsp; **52186391** |
| **Health care: 12.07%** |  |  |
| **Biotechnology: 3.85%** |  |  |
| Alnylam Pharmaceuticals, Inc.† | 69489 | &nbsp;&nbsp; 23491451 |
| argenx SE ADR† | 40875 | &nbsp;&nbsp; 34355437 |
| Bridgebio Pharma, Inc.† | 373351 | &nbsp;&nbsp; 28848832 |
| Natera, Inc.† | 141276 | &nbsp;&nbsp; 32654535 |
|  |  | &nbsp;&nbsp; **119350255** |
| **Health care equipment & supplies: 2.30%** |  |  |
| Boston Scientific Corp.† | 86684 | &nbsp;&nbsp; 8107555 |
| Edwards Lifesciences Corp.† | 372067 | &nbsp;&nbsp; 30271371 |
| Penumbra, Inc.† | 92402 | &nbsp;&nbsp; 33095624 |
|  |  | &nbsp;&nbsp; **71474550** |
| **Health care providers & services: 1.60%** |  |  |
| Cencora, Inc. | 138607 | &nbsp;&nbsp; **49790407** |
| **Pharmaceuticals: 4.32%** |  |  |
| AstraZeneca PLC ADR | 415147 | &nbsp;&nbsp; 38513187 |
| Eli Lilly & Co. | 92069 | &nbsp;&nbsp; 95489363 |
|  |  | &nbsp;&nbsp; **134002550** |
| **Industrials: 15.05%** |  |  |
| **Aerospace & defense: 5.97%** |  |  |
| Axon Enterprise, Inc.† | 51388 | &nbsp;&nbsp; 24850209 |
| Carpenter Technology Corp. | 133566 | &nbsp;&nbsp; 42451282 |
| Curtiss-Wright Corp. | 67318 | &nbsp;&nbsp; 44207057 |
| General Electric Co. | 169996 | &nbsp;&nbsp; 52153073 |
| Kratos Defense & Security Solutions, Inc.† | 208516 | &nbsp;&nbsp; 21479233 |
|  |  | &nbsp;&nbsp; **185140854** |
| **Building products: 2.39%** |  |  |
| Armstrong World Industries, Inc. | 138315 | &nbsp;&nbsp; 25413998 |
| Johnson Controls International PLC | 408164 | &nbsp;&nbsp; 48677639 |
|  |  | &nbsp;&nbsp; **74091637** |
| **Construction & engineering: 3.51%** |  |  |
| Comfort Systems USA, Inc. | 34929 | &nbsp;&nbsp; 39892411 |
| Construction Partners, Inc. Class A† | 212761 | &nbsp;&nbsp; 23378179 |
| Quanta Services, Inc. | 96218 | &nbsp;&nbsp; 45667949 |
|  |  | &nbsp;&nbsp; **108938539** |
| **Electrical equipment: 1.13%** |  |  |
| Vertiv Holdings Co. Class A | 189062 | &nbsp;&nbsp; **35199563** |

---

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

Allspring Growth Fund \| 3

------

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Machinery: 0.70%** |  |  |
| Symbotic, Inc. Class A† | 398819 | &nbsp;&nbsp; **$21683789** |
| **Professional services: 1.35%** |  |  |
| UL Solutions, Inc. Class A | 596883 | &nbsp;&nbsp; **41919093** |
| **Information technology: 39.70%** |  |  |
| **Communications equipment: 1.50%** |  |  |
| Arista Networks, Inc.† | 328642 | &nbsp;&nbsp; **46581717** |
| **Electronic equipment, instruments & components: 1.55%** |  |  |
| Amphenol Corp. Class A | 333203 | &nbsp;&nbsp; **48007888** |
| **IT services: 3.50%** |  |  |
| Cloudflare, Inc. Class A† | 191581 | &nbsp;&nbsp; 33976891 |
| Shopify, Inc. Class A† | 335449 | &nbsp;&nbsp; 44020972 |
| Snowflake, Inc.† | 158800 | &nbsp;&nbsp; 30600760 |
|  |  | &nbsp;&nbsp; **108598623** |
| **Semiconductors & semiconductor equipment: 21.12%** |  |  |
| Astera Labs, Inc.† | 148465 | &nbsp;&nbsp; 22361798 |
| Broadcom, Inc. | 469467 | &nbsp;&nbsp; 155534417 |
| KLA Corp. | 28103 | &nbsp;&nbsp; 40129398 |
| Micron Technology, Inc. | 43182 | &nbsp;&nbsp; 17915348 |
| Monolithic Power Systems, Inc. | 47850 | &nbsp;&nbsp; 53790578 |
| NVIDIA Corp. | 1589047 | &nbsp;&nbsp; 303714553 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 187585 | &nbsp;&nbsp; 62008098 |
|  |  | &nbsp;&nbsp; **655454190** |
| **Software: 11.38%** |  |  |
| AppLovin Corp. Class A† | 89004 | &nbsp;&nbsp; 42108682 |
| Cadence Design Systems, Inc.† | 81212 | &nbsp;&nbsp; 24067988 |
| Fair Isaac Corp.† | 21166 | &nbsp;&nbsp; 30969456 |
| Microsoft Corp. | 529650 | &nbsp;&nbsp; 227903099 |
| Oracle Corp. | 170763 | &nbsp;&nbsp; 28104175 |
|  |  | &nbsp;&nbsp; **353153400** |
| **Technology hardware, storage & peripherals: 0.65%** |  |  |
| Sandisk Corp.† | 34828 | &nbsp;&nbsp; **20069635** |
| **Utilities: 0.81%** |  |  |
| **Independent power and renewable electricity producers: 0.81%** |  |  |
| Talen Energy Corp.† | 72463 | &nbsp;&nbsp; **25243211** |
| **Total common stocks (Cost $1,863,315,365)** |  | &nbsp;&nbsp; **3054123033** |

---

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

4 \| Allspring Growth Fund

------

Portfolio of investments—January 31, 2026 (unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 1.71%** |  |  |  |  |
| **Investment companies: 1.71%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.63<br> %<br>| 52972783 | &nbsp;&nbsp; **$52972783** |
| **Total short-term investments (Cost $52,972,783)** |  |  |  | &nbsp;&nbsp; **52972783** |
| **Total investments in securities (Cost $1,916,288,148)** | 100.14<br> %<br>|  |  | &nbsp;&nbsp; 3107095816 |
| Other assets and liabilities, net | (0.14)<br>|  |  | &nbsp;&nbsp; (4368508)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$3102727308** |

---

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

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

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

Abbreviations: <br> ADR American depositary receipt

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund <br> Select Class<br>| $60737496 | $631693034 | $(639457747)<br>| $0 | $0 | $52972783 | 52972783 | $856707 |

---

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

Allspring Growth Fund \| 5

------

Statement of assets and liabilities—January 31, 2026 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $1,863,315,365) | $3054123033 |
| Investments in affiliated securities, at value (cost $52,972,783) | 52972783 |
| Cash | 85 |
| Receivable for Fund shares sold | 704328 |
| Receivable for dividends | 296432 |
| Prepaid expenses and other assets | 113436 |
| **Total assets** | **3108210097** |
| Liabilities |  |
| Payable for Fund shares redeemed | 2423140 |
| Management fee payable | 1889386 |
| Shareholder servicing fees payable | 585294 |
| Administration fees payable | 512191 |
| Accrued expenses and other liabilities | 72778 |
| **Total liabilities** | **5482789** |
| **Total net assets**  | **$3102727308** |
| Net assets consist of |  |
| Paid-in capital | $1720322413 |
| Total distributable earnings | 1382404895 |
| **Total net assets** | **$3102727308** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $2510278079 |
| Shares outstanding–Class A<sup>1</sup> <br>| 135186965 |
| Net asset value per share–Class A | $18.57 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $19.70 |
| Net assets–Class R6 | $154496554 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 3715301 |
| Net asset value per share–Class R6 | $41.58 |
| Net assets–Administrator Class | $72728836 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 2303106 |
| Net asset value per share–Administrator Class | $31.58 |
| Net assets–Institutional Class | $365223839 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 8897352 |
| Net asset value per share–Institutional Class | $41.05 |

---

<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 Growth Fund

------

Statement of operations—six months ended January 31, 2026 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $92,321) | $5724449 |
| Income from affiliated securities | 856707 |
| Interest | 1913 |
| **Total investment income** | **6583069** |
| Expenses |  |
| Management fee | 12577477 |
| Administration fees |  |
| Class A | 2795253 |
| Class C | 8366 <br><sup>1</sup><br>|
| Class R6 | 33281 |
| Administrator Class | 58336 |
| Institutional Class | 275355 |
| Shareholder servicing fees |  |
| Class A | 3493914 |
| Class C | 10413 <br><sup>1</sup><br>|
| Administrator Class | 109069 |
| Distribution fee |  |
| Class C | 31182 <br><sup>1</sup><br>|
| Custody and accounting fees | 52541 |
| Professional fees | 38069 |
| Registration fees | 88297 |
| Shareholder report expenses | 63991 |
| Trustees' fees and expenses | 17471 |
| Other fees and expenses | 37491 |
| **Total expenses** | **19690506** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (499080)<br>|
| Class A | (408325)<br>|
| Class R6 | (30005)<br>|
| Administrator Class | (51525)<br>|
| Institutional Class | (163907)<br>|
| **Net expenses** | **18537664** |
| **Net investment loss** | **(11954595)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | 493597750 |
| Foreign currency and foreign currency translations | (16)<br>|
| **Net realized gains on investments**  | **493597734** |
| **Net change in unrealized gains (losses) on investments** | **(514495741)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(20898007)**<br>|
| **Net decrease in net assets resulting from operations** | **$(32852602)**<br>|

---

<sup>1</sup> For the period from August 1, 2025 to November 14, 2025. Effective at the close of business on November 14, 2025, Class C shares were converted to Class A shares and are no longer offered by the Fund.

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

Allspring Growth Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> January 31, 2026<br> (unaudited) | Six months ended<br> January 31, 2026<br> (unaudited) | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2025 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(11954595)<br>|  | &nbsp;&nbsp; $(21778548)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 493597734 |  | &nbsp;&nbsp; 1307069870 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (514495741)<br>|  | &nbsp;&nbsp; (483090089)<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **(32852602)**<br>|  | &nbsp;&nbsp; **802201233** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (855904287)<br>|  | &nbsp;&nbsp; (787951646)<br>|
| Class C |  | &nbsp;&nbsp; 0 <br><sup>1</sup><br>|  | &nbsp;&nbsp; (10245392)<br>|
| Class R6 |  | &nbsp;&nbsp; (36813101)<br>|  | &nbsp;&nbsp; (47522163)<br>|
| Administrator Class |  | &nbsp;&nbsp; (18906112)<br>|  | &nbsp;&nbsp; (31459192)<br>|
| Institutional Class |  | &nbsp;&nbsp; (69388730)<br>|  | &nbsp;&nbsp; (81517564)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(981012230)**<br>|  | &nbsp;&nbsp; **(958695957)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 1243171 | &nbsp;&nbsp; 27282195 | &nbsp;&nbsp; 1789446 | &nbsp;&nbsp; 47406149 |
| Class C | 11326 <br><sup>1</sup><br>| &nbsp;&nbsp; 82226 <br><sup>1</sup><br>| &nbsp;&nbsp; 165230 | &nbsp;&nbsp; 1203098 |
| Class R6 | 197002 | &nbsp;&nbsp; 9887998 | &nbsp;&nbsp; 451786 | &nbsp;&nbsp; 20976734 |
| Administrator Class | 48809 | &nbsp;&nbsp; 1804418 | &nbsp;&nbsp; 208160 | &nbsp;&nbsp; 8257265 |
| Institutional Class | 283546 | &nbsp;&nbsp; 13777961 | &nbsp;&nbsp; 4228680 | &nbsp;&nbsp; 209587422 |
|  |  | &nbsp;&nbsp; 52834798 |  | &nbsp;&nbsp; 287430668 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 43998135 | &nbsp;&nbsp; 824965031 | &nbsp;&nbsp; 29842126 | &nbsp;&nbsp; 757691604 |
| Class C | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 1551458 | &nbsp;&nbsp; 10115504 |
| Class R6 | 874983 | &nbsp;&nbsp; 36723030 | &nbsp;&nbsp; 953395 | &nbsp;&nbsp; 44371019 |
| Administrator Class | 569404 | &nbsp;&nbsp; 18152599 | &nbsp;&nbsp; 623420 | &nbsp;&nbsp; 23315919 |
| Institutional Class | 1654078 | &nbsp;&nbsp; 68528475 | &nbsp;&nbsp; 1685195 | &nbsp;&nbsp; 77636910 |
|  |  | &nbsp;&nbsp; 948369135 |  | &nbsp;&nbsp; 913130956 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (11848813)<br>| &nbsp;&nbsp; (278775314)<br>| &nbsp;&nbsp; (17056713)<br>| &nbsp;&nbsp; (452902271)<br>|
| Class C | (239119 )<sup>1</sup><br>| &nbsp;&nbsp; (1736659 )<sup>1</sup><br>| &nbsp;&nbsp; (894399)<br>| &nbsp;&nbsp; (7309664)<br>|
| Class R6 | (1903432)<br>| &nbsp;&nbsp; (86170822)<br>| &nbsp;&nbsp; (2764101)<br>| &nbsp;&nbsp; (135056556)<br>|
| Administrator Class | (598353)<br>| &nbsp;&nbsp; (21053214)<br>| &nbsp;&nbsp; (4264997)<br>| &nbsp;&nbsp; (171903440)<br>|
| Institutional Class | (1675290)<br>| &nbsp;&nbsp; (79793214)<br>| &nbsp;&nbsp; (8982162)<br>| &nbsp;&nbsp; (438908320)<br>|
|  |  | &nbsp;&nbsp; (467529223)<br>|  | &nbsp;&nbsp; (1206080251)<br>|

---

<sup>1</sup> For the period from August 1, 2025 to November 14, 2025

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

8 \| Allspring Growth Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> January 31, 2026<br> (unaudited) | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Class A<br>469476 <br><sup>2</sup><br>| &nbsp;&nbsp; $13155932 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Class C<br>(1842000 )<sup>2</sup><br>| &nbsp;&nbsp; (13155932 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net increase (decrease) in net assets resulting from capital share** <br> **transactions**<br>| &nbsp;&nbsp; **533674710** |  | &nbsp;&nbsp; **(5518627)**<br>|
| **Total decrease in net assets** | &nbsp;&nbsp; **(480190122)**<br>|  | &nbsp;&nbsp; **(162013351)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **3582917430** |  | &nbsp;&nbsp; **3744930781** |
| **End of period** | &nbsp;&nbsp; **$3102727308** |  | &nbsp;&nbsp; **$3582917430** |

---

<sup>2</sup> Effective at the close of business on November 14, 2025, Class C shares were converted to Class A shares and are no longer offered by the Fund.

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

Allspring Growth Fund \| 9

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Class A | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$27.71** | &nbsp;&nbsp; **$30.43** | &nbsp;&nbsp; **$27.83** | &nbsp;&nbsp; **$26.80** | &nbsp;&nbsp; **$47.16** | &nbsp;&nbsp; **$39.86** |
| Net investment loss | (0.10 )<sup>1</sup><br>| &nbsp;&nbsp; (0.19 )<sup>1</sup><br>| &nbsp;&nbsp; (0.22 )<sup>1</sup><br>| &nbsp;&nbsp; (0.14 )<sup>1</sup><br>| &nbsp;&nbsp; (0.30 )<sup>1</sup><br>| &nbsp;&nbsp; (0.32)<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 | (0.17)<br>| 7.02 | 5.75 | 2.79 | &nbsp;&nbsp; (11.07)<br>| 13.52 |
| Total from investment operations | (0.27)<br>| 6.83 | 5.53 | 2.65 | &nbsp;&nbsp; (11.37)<br>| 13.20 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (8.87)<br>| &nbsp;&nbsp; (9.55)<br>| &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (8.99)<br>| &nbsp;&nbsp; (5.90)<br>|
| **Net asset value, end of period** | **$18.57** | &nbsp;&nbsp; **$27.71** | &nbsp;&nbsp; **$30.43** | &nbsp;&nbsp; **$27.83** | &nbsp;&nbsp; **$26.80** | &nbsp;&nbsp; **$47.16** |
| **Total return**<sup>3</sup> <br>| **(1.28)%**<br>| **25.33%**<br>| **22.18%**<br>| **11.39%**<br>| &nbsp;&nbsp; **(29.35)%**<br>| **35.61%** <br><sup>4</sup><br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.18<br> %<br>| 1.18<br> %<br>| 1.18<br> %<br>| 1.19<br> %<br>| 1.16<br> %<br>| 1.16<br> %<br>|
| Net expenses | 1.12<br> %<br>| 1.12<br> %<br>| 1.11<br> %<br>| 1.14<br> %<br>| 1.13<br> %<br>| 1.14<br> %<br>|
| Net investment loss | (0.75)%<br>| &nbsp;&nbsp; (0.71)%<br>| &nbsp;&nbsp; (0.77)%<br>| &nbsp;&nbsp; (0.55)%<br>| &nbsp;&nbsp; (0.85)%<br>| &nbsp;&nbsp; (0.83)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 35<br> %<br>| &nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 36<br> %<br>|
| Net assets, end of period (000s omitted) | $2510278 | &nbsp;&nbsp; $2808199 | &nbsp;&nbsp; $2639797 | &nbsp;&nbsp; $1844845 | &nbsp;&nbsp; $1885963 | &nbsp;&nbsp; $3088763 |

---

&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 July 31, 2021, the Fund received a payment from an affiliate which had a 0.01% impact on the total return.

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

10 \| Allspring Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Class R6 | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$50.93** | &nbsp;&nbsp; **$48.77** | &nbsp;&nbsp; **$42.67** | &nbsp;&nbsp; **$39.94** | &nbsp;&nbsp; **$65.50** | &nbsp;&nbsp; **$53.17** |
| Net investment loss | (0.08 )<sup>1</sup><br>| &nbsp;&nbsp; (0.14 )<sup>1</sup><br>| &nbsp;&nbsp; (0.15 )<sup>1</sup><br>| &nbsp;&nbsp; (0.04 )<sup>1</sup><br>| &nbsp;&nbsp; (0.21 )<sup>1</sup><br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized and unrealized gains (losses) on investments | (0.40)<br>| 11.85 | 9.18 | 4.39 | &nbsp;&nbsp; (16.36)<br>| 18.46 |
| Total from investment operations | (0.48)<br>| 11.71 | 9.03 | 4.35 | &nbsp;&nbsp; (16.57)<br>| 18.23 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (8.87)<br>| &nbsp;&nbsp; (9.55)<br>| &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (8.99)<br>| &nbsp;&nbsp; (5.90)<br>|
| **Net asset value, end of period** | **$41.58** | &nbsp;&nbsp; **$50.93** | &nbsp;&nbsp; **$48.77** | &nbsp;&nbsp; **$42.67** | &nbsp;&nbsp; **$39.94** | &nbsp;&nbsp; **$65.50** |
| **Total return**<sup>2</sup> <br>| **(1.10)%**<br>| **25.87%**<br>| **22.69%**<br>| **11.92%**<br>| &nbsp;&nbsp; **(29.05)%**<br>| **36.19%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.76<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>|
| Net expenses | 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>|
| Net investment loss | (0.32)%<br>| &nbsp;&nbsp; (0.29)%<br>| &nbsp;&nbsp; (0.35)%<br>| &nbsp;&nbsp; (0.11)%<br>| &nbsp;&nbsp; (0.41)%<br>| &nbsp;&nbsp; (0.40)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 35<br> %<br>| &nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 36<br> %<br>|
| Net assets, end of period (000s omitted) | $154497 | &nbsp;&nbsp; $231555 | &nbsp;&nbsp; $287990 | &nbsp;&nbsp; $392893 | &nbsp;&nbsp; $408403 | &nbsp;&nbsp; $519293 |

---

&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 Growth Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Administrator Class | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$40.86** | &nbsp;&nbsp; **$40.86** | &nbsp;&nbsp; **$36.31** | &nbsp;&nbsp; **$34.34** | &nbsp;&nbsp; **$57.75** | &nbsp;&nbsp; **$47.60** |
| Net investment loss | (0.12 )<sup>1</sup><br>| &nbsp;&nbsp; (0.21 )<sup>1</sup><br>| &nbsp;&nbsp; (0.23 )<sup>1</sup><br>| &nbsp;&nbsp; (0.11 )<sup>1</sup><br>| &nbsp;&nbsp; (0.31 )<sup>1</sup><br>| &nbsp;&nbsp; (0.29)<br>|
| Net realized and unrealized gains (losses) on investments | (0.29)<br>| 9.76 | 7.71 | 3.70 | &nbsp;&nbsp; (14.11)<br>| 16.34 |
| Total from investment operations | (0.41)<br>| 9.55 | 7.48 | 3.59 | &nbsp;&nbsp; (14.42)<br>| 16.05 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (8.87)<br>| &nbsp;&nbsp; (9.55)<br>| &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (8.99)<br>| &nbsp;&nbsp; (5.90)<br>|
| **Net asset value, end of period** | **$31.58** | &nbsp;&nbsp; **$40.86** | &nbsp;&nbsp; **$40.86** | &nbsp;&nbsp; **$36.31** | &nbsp;&nbsp; **$34.34** | &nbsp;&nbsp; **$57.75** |
| **Total return**<sup>2</sup> <br>| **(1.21)%**<br>| **25.55%**<br>| **22.38%**<br>| **11.60%**<br>| &nbsp;&nbsp; **(29.22)%**<br>| **35.82%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.10<br> %<br>| 1.10<br> %<br>| 1.11<br> %<br>| 1.11<br> %<br>| 1.08<br> %<br>| 1.08<br> %<br>|
| Net expenses | 0.96<br> %<br>| 0.96<br> %<br>| 0.96<br> %<br>| 0.96<br> %<br>| 0.96<br> %<br>| 0.96<br> %<br>|
| Net investment loss | (0.58)%<br>| &nbsp;&nbsp; (0.52)%<br>| &nbsp;&nbsp; (0.61)%<br>| &nbsp;&nbsp; (0.35)%<br>| &nbsp;&nbsp; (0.68)%<br>| &nbsp;&nbsp; (0.65)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 35<br> %<br>| &nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 36<br> %<br>|
| Net assets, end of period (000s omitted) | $72729 | &nbsp;&nbsp; $93302 | &nbsp;&nbsp; $233589 | &nbsp;&nbsp; $220544 | &nbsp;&nbsp; $320744 | &nbsp;&nbsp; $647618 |

---

&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 Growth Fund

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Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Institutional Class | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$50.40** | &nbsp;&nbsp; **$48.37** | &nbsp;&nbsp; **$42.36** | &nbsp;&nbsp; **$39.68** | &nbsp;&nbsp; **$65.17** | &nbsp;&nbsp; **$52.96** |
| Net investment loss | (0.09 )<sup>1</sup><br>| &nbsp;&nbsp; (0.16 )<sup>1</sup><br>| &nbsp;&nbsp; (0.17 )<sup>1</sup><br>| &nbsp;&nbsp; (0.06 )<sup>1</sup><br>| &nbsp;&nbsp; (0.24 )<sup>1</sup><br>| &nbsp;&nbsp; (0.26 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.39)<br>| 11.74 | 9.11 | 4.36 | &nbsp;&nbsp; (16.26)<br>| 18.37 |
| Total from investment operations | (0.48)<br>| 11.58 | 8.94 | 4.30 | &nbsp;&nbsp; (16.50)<br>| 18.11 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (8.87)<br>| &nbsp;&nbsp; (9.55)<br>| &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (8.99)<br>| &nbsp;&nbsp; (5.90)<br>|
| **Net asset value, end of period** | **$41.05** | &nbsp;&nbsp; **$50.40** | &nbsp;&nbsp; **$48.37** | &nbsp;&nbsp; **$42.36** | &nbsp;&nbsp; **$39.68** | &nbsp;&nbsp; **$65.17** |
| **Total return**<sup>2</sup> <br>| **(1.11)%**<br>| **25.81%**<br>| **22.64%**<br>| **11.87%**<br>| &nbsp;&nbsp; **(29.09)%**<br>| **36.10%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.86<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>|
| Net expenses | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment loss | (0.38)%<br>| &nbsp;&nbsp; (0.34)%<br>| &nbsp;&nbsp; (0.40)%<br>| &nbsp;&nbsp; (0.15)%<br>| &nbsp;&nbsp; (0.47)%<br>| &nbsp;&nbsp; (0.44)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 35<br> %<br>| &nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 36<br> %<br>|
| Net assets, end of period (000s omitted) | $365224 | &nbsp;&nbsp; $435207 | &nbsp;&nbsp; $566044 | &nbsp;&nbsp; $879671 | &nbsp;&nbsp; $1027038 | &nbsp;&nbsp; $1959313 |

---

&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 Growth Fund \| 13

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

Effective at the close of business on November 14, 2025, Class C shares became Class A shares in a tax-free conversion. Shareholders of Class C received Class A shares at a value equal to the value of their Class C shares immediately prior to the conversion. Class C shares are no longer offered by the Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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. 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 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.

14 \| Allspring Growth Fund

------

Notes to financial statements (unaudited)

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 January 31, 2026, the aggregate cost of all investments for federal income tax purposes was $1,922,857,864 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $1252507970 |
| Gross unrealized losses | &nbsp;&nbsp; (68270018)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$1184237952** |

---

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 January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $362213038 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $362213038 |
| *Consumer discretionary* | &nbsp;&nbsp; 415125868 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 415125868 |
| *Consumer staples* | &nbsp;&nbsp; 53417610 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 53417610 |
| *Financials* | &nbsp;&nbsp; 124666616 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 124666616 |
| *Health care* | &nbsp;&nbsp; 374617762 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 374617762 |
| *Industrials* | &nbsp;&nbsp; 466973475 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 466973475 |
| *Information technology* | &nbsp;&nbsp; 1231865453 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1231865453 |
| *Utilities* | &nbsp;&nbsp; 25243211 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 25243211 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 52972783 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 52972783 |
| **Total assets** | &nbsp;&nbsp; **$3107095816** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$3107095816** |

---

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

At January 31, 2026, the Fund did not have any transfers into/out of Level 3.

Allspring Growth Fund \| 15

------

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 $500 million | 0.800<br> %<br>|
| Next $500 million | 0.750 |
| Next $1 billion | 0.700 |
| Next $2 billion | 0.675 |
| Next $1 billion | 0.650 |
| Next $3 billion | 0.640 |
| Next $2 billion | 0.615 |
| Next $2 billion | 0.605 |
| Next $4 billion | 0.580 |
| Over $16 billion | 0.555 |

---

For the six months ended January 31, 2026, the management fee was equivalent to an annual rate of 0.71% of the Fund's average daily net assets.

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

Administration fees

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through November 30, 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 January 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.15<br> %<br>|
| Class R6 | 0.70 |
| Administrator Class | 0.96 |
| Institutional Class | 0.75 |

---

16 \| Allspring Growth 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 January 31, 2026, Allspring Funds Distributor received $5,128 from the sale of Class A shares and $47 and $28 in contingent deferred sales charges from redemptions of Class A and Class C shares, respectively.

Shareholder servicing fees

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended January 31, 2026.

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 January 31, 2026 were $1,209,517,605 and $1,680,708,252, 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 January 31, 2026, 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 information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

8. INDEMNIFICATION

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

9. OPERATING SEGMENTS

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

Allspring Growth Fund \| 17

------

Notes to financial statements (unaudited)

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

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no material impact of the ASU on the Fund's financial statements.

18 \| Allspring Growth Fund

------

Other information (unaudited)

Other information

Proxy voting information

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

Quarterly portfolio holdings information

The Fund 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 Growth Fund \| 19

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

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

Not applicable

20 \| Allspring Growth Fund

------

![](g17494img770d063d1.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**

![](g17494imge9c646852.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.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS3009 01-26**

------

![](g17494img6b636f1c1.jpg)

Allspring Large Cap Core Fund

Long Form Financial Statements

Semi-Annual Report

January 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_8cade953-1e59-45f6-9719-c52ec0f5ff5f_POI-PageBlank-18_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_8cade953-1e59-45f6-9719-c52ec0f5ff5f_FS-PageBlank-18_1)** |  |
| [Statement of assets and liabilities](#xx_8cade953-1e59-45f6-9719-c52ec0f5ff5f_FS-PageBlank-18_1) | 6 |
| [Statement of operations](#xx_8cade953-1e59-45f6-9719-c52ec0f5ff5f_FS-PageBlank-18_2) | 7 |
| [Statement of changes in net assets](#xx_8cade953-1e59-45f6-9719-c52ec0f5ff5f_FS-PageBlank-18_4) | 9 |
| [Financial highlights](#xx_8cade953-1e59-45f6-9719-c52ec0f5ff5f_FIHI-PageBlank-18_1) | 11 |
| **[Notes to financial statements](#xx_8cade953-1e59-45f6-9719-c52ec0f5ff5f_NTF-PageBlank-18_1)** | 15 |
| **[Other information](#xx_8cade953-1e59-45f6-9719-c52ec0f5ff5f_OI-PageBlank-18_1)** | 20 |
| [Item 8. Changes in and disagreements with accountants](#xx_8cade953-1e59-45f6-9719-c52ec0f5ff5f_OI-PageBlank-18_2) | 21 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_8cade953-1e59-45f6-9719-c52ec0f5ff5f_OI-PageBlank-18_2) | 21 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_8cade953-1e59-45f6-9719-c52ec0f5ff5f_OI-PageBlank-18_2) | 21 |
| [Item 11. Statement regarding basis for board](#xx_8cade953-1e59-45f6-9719-c52ec0f5ff5f_OI-PageBlank-18_2)['](#xx_8cade953-1e59-45f6-9719-c52ec0f5ff5f_OI-PageBlank-18_2)[s approval of investment](#xx_8cade953-1e59-45f6-9719-c52ec0f5ff5f_OI-PageBlank-18_2)<br> [advisory contract](#xx_8cade953-1e59-45f6-9719-c52ec0f5ff5f_OI-PageBlank-18_2)<br>| 21 |

---

Allspring Large Cap Core Fund \| 1

------

Portfolio of investments—January 31, 2026 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 97.35%** |  |  |
| **Communication services: 11.09%** |  |  |
| **Entertainment: 1.92%** |  |  |
| Netflix, Inc.† | 171256 | &nbsp;&nbsp; **$14298163** |
| **Interactive media & services: 7.07%** |  |  |
| Alphabet, Inc. Class C | 132729 | &nbsp;&nbsp; 44932748 |
| Pinterest, Inc. Class A† | 347943 | &nbsp;&nbsp; 7699979 |
|  |  | &nbsp;&nbsp; **52632727** |
| **Media: 2.10%** |  |  |
| Fox Corp. Class A | 215074 | &nbsp;&nbsp; **15653086** |
| **Consumer discretionary: 7.84%** |  |  |
| **Broadline retail: 2.52%** |  |  |
| Amazon.com, Inc.† | 78429 | &nbsp;&nbsp; **18768060** |
| **Household durables: 1.34%** |  |  |
| PulteGroup, Inc. | 79799 | &nbsp;&nbsp; **9982057** |
| **Specialty retail: 2.01%** |  |  |
| Ulta Beauty, Inc.† | 23163 | &nbsp;&nbsp; **14994799** |
| **Textiles, apparel & luxury goods: 1.97%** |  |  |
| Deckers Outdoor Corp.† | 122964 | &nbsp;&nbsp; **14674524** |
| **Consumer staples: 5.39%** |  |  |
| **Beverages: 1.78%** |  |  |
| Monster Beverage Corp.† | 164366 | &nbsp;&nbsp; **13274198** |
| **Consumer staples distribution & retail: 3.61%** |  |  |
| Costco Wholesale Corp. | 12816 | &nbsp;&nbsp; 12050244 |
| Dollar General Corp. | 103485 | &nbsp;&nbsp; 14842854 |
|  |  | &nbsp;&nbsp; **26893098** |
| **Energy: 4.40%** |  |  |
| **Oil, gas & consumable fuels: 4.40%** |  |  |
| Cheniere Energy, Inc. | 42276 | &nbsp;&nbsp; 8942219 |
| EOG Resources, Inc. | 72198 | &nbsp;&nbsp; 8095562 |
| Valero Energy Corp. | 86627 | &nbsp;&nbsp; 15716737 |
|  |  | &nbsp;&nbsp; **32754518** |
| **Financials: 12.45%** |  |  |
| **Banks: 6.61%** |  |  |
| Citigroup, Inc. | 114015 | &nbsp;&nbsp; 13192676 |
| Citizens Financial Group, Inc. | 160854 | &nbsp;&nbsp; 10130585 |
| First Citizens BancShares, Inc. Class A | 4876 | &nbsp;&nbsp; 10091223 |
| JPMorgan Chase & Co. | 51571 | &nbsp;&nbsp; 15775053 |
|  |  | &nbsp;&nbsp; **49189537** |

---

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

2 \| Allspring Large Cap Core Fund

------

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Capital markets: 4.00%** |  |  |
| Interactive Brokers Group, Inc. Class A | 214182 | &nbsp;&nbsp; $16037948 |
| Virtu Financial, Inc. Class A | 330568 | &nbsp;&nbsp; 13721878 |
|  |  | &nbsp;&nbsp; **29759826** |
| **Insurance: 1.84%** |  |  |
| Allstate Corp. | 69009 | &nbsp;&nbsp; **13732101** |
| **Health care: 12.19%** |  |  |
| **Biotechnology: 4.58%** |  |  |
| Exelixis, Inc.† | 303241 | &nbsp;&nbsp; 12542048 |
| Regeneron Pharmaceuticals, Inc. | 10282 | &nbsp;&nbsp; 7623589 |
| United Therapeutics Corp.† | 29732 | &nbsp;&nbsp; 13958877 |
|  |  | &nbsp;&nbsp; **34124514** |
| **Health care equipment & supplies: 1.82%** |  |  |
| Edwards Lifesciences Corp.† | 166795 | &nbsp;&nbsp; **13570441** |
| **Health care providers & services: 3.74%** |  |  |
| Cencora, Inc. | 43408 | &nbsp;&nbsp; 15593022 |
| Tenet Healthcare Corp.† | 64609 | &nbsp;&nbsp; 12229191 |
|  |  | &nbsp;&nbsp; **27822213** |
| **Pharmaceuticals: 2.05%** |  |  |
| Bristol-Myers Squibb Co. | 277663 | &nbsp;&nbsp; **15285348** |
| **Industrials: 7.68%** |  |  |
| **Building products: 1.02%** |  |  |
| Owens Corning | 63480 | &nbsp;&nbsp; **7607443** |
| **Construction & engineering: 2.03%** |  |  |
| EMCOR Group, Inc. | 20911 | &nbsp;&nbsp; **15071185** |
| **Ground transportation: 1.33%** |  |  |
| Uber Technologies, Inc.† | 123642 | &nbsp;&nbsp; **9897542** |
| **Passenger airlines: 1.79%** |  |  |
| United Airlines Holdings, Inc.† | 130397 | &nbsp;&nbsp; **13342221** |
| **Professional services: 1.51%** |  |  |
| Leidos Holdings, Inc. | 59846 | &nbsp;&nbsp; **11267805** |
| **Information technology: 32.44%** |  |  |
| **Communications equipment: 2.22%** |  |  |
| Arista Networks, Inc.† | 116947 | &nbsp;&nbsp; **16576068** |
| **Electronic equipment, instruments & components: 4.23%** |  |  |
| Amphenol Corp. Class A | 109129 | &nbsp;&nbsp; 15723306 |
| TD SYNNEX Corp. | 99348 | &nbsp;&nbsp; 15763547 |
|  |  | &nbsp;&nbsp; **31486853** |

---

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

Allspring Large Cap Core Fund \| 3

------

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **IT services: 2.73%** |  |  |
| Okta, Inc.† | 102442 | &nbsp;&nbsp; $8654300 |
| Twilio, Inc. Class A† | 97112 | &nbsp;&nbsp; 11698112 |
|  |  | &nbsp;&nbsp; **20352412** |
| **Semiconductors & semiconductor equipment: 10.94%** |  |  |
| Broadcom, Inc. | 97205 | &nbsp;&nbsp; 32204017 |
| KLA Corp. | 14082 | &nbsp;&nbsp; 20108251 |
| Lam Research Corp. | 85879 | &nbsp;&nbsp; 20049311 |
| QUALCOMM, Inc. | 60139 | &nbsp;&nbsp; 9116471 |
|  |  | &nbsp;&nbsp; **81478050** |
| **Software: 6.39%** |  |  |
| Atlassian Corp. Class A† | 65255 | &nbsp;&nbsp; 7711836 |
| Microsoft Corp. | 76086 | &nbsp;&nbsp; 32739045 |
| Nutanix, Inc. Class A† | 181600 | &nbsp;&nbsp; 7142328 |
|  |  | &nbsp;&nbsp; **47593209** |
| **Technology hardware, storage & peripherals: 5.93%** |  |  |
| Apple, Inc. | 125419 | &nbsp;&nbsp; 32543722 |
| Dell Technologies, Inc. Class C | 101299 | &nbsp;&nbsp; 11592657 |
|  |  | &nbsp;&nbsp; **44136379** |
| **Materials: 1.24%** |  |  |
| **Chemicals: 1.24%** |  |  |
| CF Industries Holdings, Inc. | 98781 | &nbsp;&nbsp; **9209353** |
| **Real estate: 2.63%** |  |  |
| **Health care REITs: 1.84%** |  |  |
| Omega Healthcare Investors, Inc. | 311758 | &nbsp;&nbsp; **13679941** |
| **Specialized REITs: 0.79%** |  |  |
| Weyerhaeuser Co. | 227800 | &nbsp;&nbsp; **5872684** |
| **Total common stocks (Cost $467,605,679)** |  | &nbsp;&nbsp; **724980355** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 2.48%** |  |  |  |  |
| **Investment companies: 2.48%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.63<br> %<br>| 18477149 | &nbsp;&nbsp; **18477149** |
| **Total short-term investments (Cost $18,477,149)** |  |  |  | &nbsp;&nbsp; **18477149** |
| **Total investments in securities (Cost $486,082,828)** | 99.83<br> %<br>|  |  | &nbsp;&nbsp; 743457504 |
| Other assets and liabilities, net | 0.17 |  |  | &nbsp;&nbsp; 1263540 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$744721044** |

---

&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

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

4 \| Allspring Large Cap Core Fund

------

Portfolio of investments—January 31, 2026 (unaudited)

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $3074599 | $51521703 | $(36119153)<br>| $0 | $0 | $18477149 | 18477149 | $216314 |

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| E-Mini S&P 500 Index | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 3-20-2026 | &nbsp;&nbsp; $15930432 | &nbsp;&nbsp; $16021225 | &nbsp;&nbsp; $90793 | &nbsp;&nbsp; $0 |

---

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

Allspring Large Cap Core Fund \| 5

------

Statement of assets and liabilities—January 31, 2026 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $467,605,679) | $724980355 |
| Investments in affiliated securities, at value (cost $18,477,149) | 18477149 |
| Cash | 4 |
| Cash at broker segregated for futures contracts | 1366117 |
| Receivable for Fund shares sold | 376879 |
| Receivable for dividends | 325106 |
| Prepaid expenses and other assets | 69036 |
| **Total assets** | **745594646** |
| Liabilities |  |
| Management fee payable | 367180 |
| Payable for Fund shares redeemed | 182633 |
| Administration fees payable | 113557 |
| Shareholder servicing fees payable | 102208 |
| Payable for daily variation margin on open futures contracts | 62100 |
| Distribution fees payable | 4865 |
| Accrued expenses and other liabilities | 41059 |
| **Total liabilities** | **873602** |
| **Total net assets**  | **$744721044** |
| Net assets consist of |  |
| Paid-in capital | $475202468 |
| Total distributable earnings | 269518576 |
| **Total net assets** | **$744721044** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $455118941 |
| Shares outstanding–Class A<sup>1</sup> <br>| 23374980 |
| Net asset value per share–Class A | $19.47 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $20.66 |
| Net assets–Class C | $7329179 |
| Shares outstanding–Class C<sup>1</sup> <br>| 397759 |
| Net asset value per share–Class C | $18.43 |
| Net assets–Class R6 | $4128421 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 209926 |
| Net asset value per share–Class R6 | $19.67 |
| Net assets–Institutional Class | $278144503 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 14095202 |
| Net asset value per share–Institutional Class | $19.73 |

---

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

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

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

6 \| Allspring Large Cap Core Fund

------

Statement of operations—six months ended January 31, 2026 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends | $3390031 |
| Income from affiliated securities | 216314 |
| Interest | 57536 |
| **Total investment income** | **3663881** |
| Expenses |  |
| Management fee | 2446664 |
| Administration fees |  |
| Class A | 459598 |
| Class C | 7262 |
| Class R6 | 700 |
| Administrator Class | 326 <br><sup>1</sup><br>|
| Institutional Class | 152183 |
| Shareholder servicing fees |  |
| Class A | 574498 |
| Class C | 9075 |
| Administrator Class | 613 <br><sup>1</sup><br>|
| Distribution fees |  |
| Class C | 27213 |
| Custody and accounting fees | 5392 |
| Professional fees | 27752 |
| Registration fees | 49471 |
| Shareholder report expenses | 24037 |
| Trustees' fees and expenses | 5217 |
| Other fees and expenses | 9335 |
| **Total expenses** | **3799336** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (382119)<br>|
| Class A | (79625)<br>|
| Class C | (1)<br>|
| Institutional Class | (90410)<br>|
| **Net expenses** | **3247181** |
| **Net investment income** | **416700** |

---

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

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

Allspring Large Cap Core Fund \| 7

------

Statement of operations—six months ended January 31, 2026 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | $26713178 |
| Futures contracts | 800627 |
| **Net realized gains on investments**  | **27513805** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 24243690 |
| Futures contracts | 8405 |
| **Net change in unrealized gains (losses) on investments** | **24252095** |
| **Net realized and unrealized gains (losses) on investments** | **51765900** |
| **Net increase in net assets resulting from operations** | **$52182600** |

---

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

8 \| Allspring Large Cap Core Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> January 31, 2026<br> (unaudited) | Six months ended<br> January 31, 2026<br> (unaudited) | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $416700 |  | &nbsp;&nbsp; $1419256 |
| Net realized gains on investments |  | &nbsp;&nbsp; 27513805 |  | &nbsp;&nbsp; 60292458 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 24252095 |  | &nbsp;&nbsp; 34329857 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **52182600** |  | &nbsp;&nbsp; **96041571** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (32725111)<br>|  | &nbsp;&nbsp; (48280741)<br>|
| Class C |  | &nbsp;&nbsp; (554223)<br>|  | &nbsp;&nbsp; (730612)<br>|
| Class R6 |  | &nbsp;&nbsp; (374941)<br>|  | &nbsp;&nbsp; (445351)<br>|
| Administrator Class |  | &nbsp;&nbsp; 0 <br><sup>1</sup><br>|  | &nbsp;&nbsp; (234516)<br>|
| Institutional Class |  | &nbsp;&nbsp; (19341286)<br>|  | &nbsp;&nbsp; (13187081)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(52995561)**<br>|  | &nbsp;&nbsp; **(62878301)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 488168 | &nbsp;&nbsp; 9683001 | &nbsp;&nbsp; 818423 | &nbsp;&nbsp; 14924977 |
| Class C | 121661 | &nbsp;&nbsp; 2341120 | &nbsp;&nbsp; 53713 | &nbsp;&nbsp; 922932 |
| Class R6 | 46965 | &nbsp;&nbsp; 974035 | &nbsp;&nbsp; 55695 | &nbsp;&nbsp; 1006562 |
| Administrator Class | 1791 <br><sup>1</sup><br>| &nbsp;&nbsp; 37142 <br><sup>1</sup><br>| &nbsp;&nbsp; 22489 | &nbsp;&nbsp; 422399 |
| Institutional Class | 6763283 | &nbsp;&nbsp; 136282090 | &nbsp;&nbsp; 2018714 | &nbsp;&nbsp; 36712909 |
|  |  | &nbsp;&nbsp; 149317388 |  | &nbsp;&nbsp; 53989779 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 1644634 | &nbsp;&nbsp; 31497838 | &nbsp;&nbsp; 2549246 | &nbsp;&nbsp; 46281476 |
| Class C | 30443 | &nbsp;&nbsp; 551942 | &nbsp;&nbsp; 41861 | &nbsp;&nbsp; 727543 |
| Class R6 | 6107 | &nbsp;&nbsp; 118581 | &nbsp;&nbsp; 4358 | &nbsp;&nbsp; 80085 |
| Administrator Class | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 12461 | &nbsp;&nbsp; 233421 |
| Institutional Class | 989648 | &nbsp;&nbsp; 19266180 | &nbsp;&nbsp; 710092 | &nbsp;&nbsp; 13073290 |
|  |  | &nbsp;&nbsp; 51434541 |  | &nbsp;&nbsp; 60395815 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (1390533)<br>| &nbsp;&nbsp; (27860700)<br>| &nbsp;&nbsp; (2610281)<br>| &nbsp;&nbsp; (47289826)<br>|
| Class C | (79364)<br>| &nbsp;&nbsp; (1517319)<br>| &nbsp;&nbsp; (126843)<br>| &nbsp;&nbsp; (2183199)<br>|
| Class R6 | (41632)<br>| &nbsp;&nbsp; (824363)<br>| &nbsp;&nbsp; (32913)<br>| &nbsp;&nbsp; (596427)<br>|
| Administrator Class | (1229 )<sup>1</sup><br>| &nbsp;&nbsp; (25841 )<sup>1</sup><br>| &nbsp;&nbsp; (39644)<br>| &nbsp;&nbsp; (712628)<br>|
| Institutional Class | (872283)<br>| &nbsp;&nbsp; (17762128)<br>| &nbsp;&nbsp; (1395686)<br>| &nbsp;&nbsp; (25302922)<br>|
|  |  | &nbsp;&nbsp; (47990351)<br>|  | &nbsp;&nbsp; (76085002)<br>|

---

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

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

Allspring Large Cap Core Fund \| 9

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> January 31, 2026<br> (unaudited) | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Administrator Class<br>(99003 )<sup>2</sup><br>| &nbsp;&nbsp; $(2085005 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Institutional Class<br>100695 <br><sup>2</sup><br>| &nbsp;&nbsp; 2085005 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net increase in net assets resulting from capital share transactions** | &nbsp;&nbsp; **152761578** |  | &nbsp;&nbsp; **38300592** |
| **Total increase in net assets** | &nbsp;&nbsp; **151948617** |  | &nbsp;&nbsp; **71463862** |
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **592772427** |  | &nbsp;&nbsp; **521308565** |
| **End of period** | &nbsp;&nbsp; **$744721044** |  | &nbsp;&nbsp; **$592772427** |

---

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

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

10 \| Allspring Large Cap Core Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Class A | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$19.46** | &nbsp;&nbsp; **$18.39** | &nbsp;&nbsp; **$16.49** | &nbsp;&nbsp; **$15.85** | &nbsp;&nbsp; **$18.77** | &nbsp;&nbsp; **$15.71** |
| Net investment income | 0.00 <br><sup>12</sup><br>| 0.03 <br><sup>2</sup><br>| 0.06 <br><sup>2</sup><br>| 0.10 <br><sup>2</sup><br>| 0.09 | 0.08 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.50 | 3.31 | 3.17 | 2.21 | &nbsp;&nbsp; (0.55)<br>| 5.33 |
| Total from investment operations | 1.50 | 3.34 | 3.23 | 2.31 | &nbsp;&nbsp; (0.46)<br>| 5.41 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.01)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net realized gains | (1.48)<br>| &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp; (2.20)<br>|
| Total distributions to shareholders | (1.49)<br>| &nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp; (2.35)<br>|
| **Net asset value, end of period** | **$19.47** | &nbsp;&nbsp; **$19.46** | &nbsp;&nbsp; **$18.39** | &nbsp;&nbsp; **$16.49** | &nbsp;&nbsp; **$15.85** | &nbsp;&nbsp; **$18.77** |
| **Total return**<sup>3</sup> <br>| **7.85%**<br>| **19.07%**<br>| **21.20%**<br>| **16.41%**<br>| &nbsp;&nbsp; **(3.66)%**<br>| **37.90%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.18<br> %<br>| 1.20<br> %<br>| 1.21<br> %<br>| 1.22<br> %<br>| 1.20<br> %<br>| 1.23<br> %<br>|
| Net expenses | 1.04<br> %<br>| 1.03<br> %<br>| 1.04<br> %<br>| 1.05<br> %<br>| 1.06<br> %<br>| 1.06<br> %<br>|
| Net investment income | 0.01<br> %<br>| 0.19<br> %<br>| 0.37<br> %<br>| 0.66<br> %<br>| 0.52<br> %<br>| 0.49<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 22<br> %<br>| &nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 46<br> %<br>|
| Net assets, end of period (000s omitted) | $455119 | &nbsp;&nbsp; $440503 | &nbsp;&nbsp; $402315 | &nbsp;&nbsp; $353855 | &nbsp;&nbsp; $330584 | &nbsp;&nbsp; $366731 |

---

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

<sup>1</sup> Amount is less 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.

Allspring Large Cap Core Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Class C | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$18.55** | &nbsp;&nbsp; **$17.74** | &nbsp;&nbsp; **$15.98** | &nbsp;&nbsp; **$15.40** | &nbsp;&nbsp; **$18.39** | &nbsp;&nbsp; **$15.41** |
| Net investment loss | (0.08 )<sup>1</sup><br>| &nbsp;&nbsp; (0.10 )<sup>1</sup><br>| &nbsp;&nbsp; (0.06 )<sup>1</sup><br>| &nbsp;&nbsp; (0.11 )<sup>1</sup><br>| &nbsp;&nbsp; (0.05 )<sup>1</sup><br>| &nbsp;&nbsp; (0.04 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.44 | 3.16 | 3.06 | 2.24 | &nbsp;&nbsp; (0.52)<br>| 5.23 |
| Total from investment operations | 1.36 | 3.06 | 3.00 | 2.13 | &nbsp;&nbsp; (0.57)<br>| 5.19 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>|
| Net realized gains | (1.48)<br>| &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp; (2.20)<br>|
| Total distributions to shareholders | (1.48)<br>| &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp; (2.21)<br>|
| **Net asset value, end of period** | **$18.43** | &nbsp;&nbsp; **$18.55** | &nbsp;&nbsp; **$17.74** | &nbsp;&nbsp; **$15.98** | &nbsp;&nbsp; **$15.40** | &nbsp;&nbsp; **$18.39** |
| **Total return**<sup>2</sup> <br>| **7.46%**<br>| **18.09%**<br>| **20.28%**<br>| **15.55%**<br>| &nbsp;&nbsp; **(4.39)%**<br>| **36.87%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.93<br> %<br>| 1.94<br> %<br>| 1.94<br> %<br>| 1.96<br> %<br>| 1.94<br> %<br>| 1.98<br> %<br>|
| Net expenses | 1.82<br> %<br>| 1.82<br> %<br>| 1.82<br> %<br>| 1.83<br> %<br>| 1.83<br> %<br>| 1.83<br> %<br>|
| Net investment loss | (0.78)%<br>| &nbsp;&nbsp; (0.59)%<br>| &nbsp;&nbsp; (0.35)%<br>| &nbsp;&nbsp; (0.07)%<br>| &nbsp;&nbsp; (0.27)%<br>| &nbsp;&nbsp; (0.25)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 22<br> %<br>| &nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 46<br> %<br>|
| Net assets, end of period (000s omitted) | $7329 | &nbsp;&nbsp; $6031 | &nbsp;&nbsp; $6319 | &nbsp;&nbsp; $11285 | &nbsp;&nbsp; $18081 | &nbsp;&nbsp; $28335 |

---

&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.

12 \| Allspring Large Cap Core Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Class R6 | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$19.68** | &nbsp;&nbsp; **$18.58** | &nbsp;&nbsp; **$16.65** | &nbsp;&nbsp; **$15.99** | &nbsp;&nbsp; **$18.91** | &nbsp;&nbsp; **$15.81** |
| Net investment income | 0.04 <br><sup>1</sup><br>| 0.10 <br><sup>1</sup><br>| 0.13 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.17 | 0.16 |
| Net realized and unrealized gains (losses) on investments | 1.52 | 3.35 | 3.20 | 2.23 | &nbsp;&nbsp; (0.55)<br>| 5.36 |
| Total from investment operations | 1.56 | 3.45 | 3.33 | 2.39 | &nbsp;&nbsp; (0.38)<br>| 5.52 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.09)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net realized gains | (1.48)<br>| &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp; (2.20)<br>|
| Total distributions to shareholders | (1.57)<br>| &nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp; (2.54)<br>| &nbsp;&nbsp; (2.42)<br>|
| **Net asset value, end of period** | **$19.67** | &nbsp;&nbsp; **$19.68** | &nbsp;&nbsp; **$18.58** | &nbsp;&nbsp; **$16.65** | &nbsp;&nbsp; **$15.99** | &nbsp;&nbsp; **$18.91** |
| **Total return**<sup>2</sup> <br>| **8.09%**<br>| **19.50%**<br>| **21.65%**<br>| **16.92%**<br>| &nbsp;&nbsp; **(3.25)%**<br>| **38.47%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.76<br> %<br>| 0.78<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.80<br> %<br>|
| Net expenses | 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>|
| Net investment income | 0.39<br> %<br>| 0.57<br> %<br>| 0.78<br> %<br>| 1.09<br> %<br>| 0.92<br> %<br>| 0.92<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 22<br> %<br>| &nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 46<br> %<br>|
| Net assets, end of period (000s omitted) | $4128 | &nbsp;&nbsp; $3907 | &nbsp;&nbsp; $3183 | &nbsp;&nbsp; $3442 | &nbsp;&nbsp; $4535 | &nbsp;&nbsp; $5928 |

---

&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 Large Cap Core Fund \| 13

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Institutional Class | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$19.73** | &nbsp;&nbsp; **$18.60** | &nbsp;&nbsp; **$16.67** | &nbsp;&nbsp; **$16.01** | &nbsp;&nbsp; **$18.93** | &nbsp;&nbsp; **$15.83** |
| Net investment income | 0.04 <br><sup>1</sup><br>| 0.10 <br><sup>1</sup><br>| 0.12 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.16 | 0.19 |
| Net realized and unrealized gains (losses) on investments | 1.52 | 3.36 | 3.20 | 2.23 | &nbsp;&nbsp; (0.55)<br>| 5.33 |
| Total from investment operations | 1.56 | 3.46 | 3.32 | 2.39 | &nbsp;&nbsp; (0.39)<br>| 5.52 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.08)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net realized gains | (1.48)<br>| &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp; (2.20)<br>|
| Total distributions to shareholders | (1.56)<br>| &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp; (2.42)<br>|
| **Net asset value, end of period** | **$19.73** | &nbsp;&nbsp; **$19.73** | &nbsp;&nbsp; **$18.60** | &nbsp;&nbsp; **$16.67** | &nbsp;&nbsp; **$16.01** | &nbsp;&nbsp; **$18.93** |
| **Total return**<sup>2</sup> <br>| **8.01%**<br>| **19.54%**<br>| **21.59%**<br>| **16.89%**<br>| &nbsp;&nbsp; **(3.27)%**<br>| **38.42%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.86<br> %<br>| 0.88<br> %<br>| 0.89<br> %<br>| 0.89<br> %<br>| 0.87<br> %<br>| 0.90<br> %<br>|
| Net expenses | 0.67<br> %<br>| 0.67<br> %<br>| 0.67<br> %<br>| 0.67<br> %<br>| 0.67<br> %<br>| 0.67<br> %<br>|
| Net investment income | 0.35<br> %<br>| 0.55<br> %<br>| 0.73<br> %<br>| 1.05<br> %<br>| 0.91<br> %<br>| 0.90<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 22<br> %<br>| &nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 46<br> %<br>|
| Net assets, end of period (000s omitted) | $278145 | &nbsp;&nbsp; $140356 | &nbsp;&nbsp; $107542 | &nbsp;&nbsp; $90779 | &nbsp;&nbsp; $106846 | &nbsp;&nbsp; $132167 |

---

&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 Large Cap Core Fund

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Futures contracts

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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

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

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the 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.

Allspring Large Cap Core Fund \| 15

------

Notes to financial statements (unaudited)

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 January 31, 2026, the aggregate cost of all investments for federal income tax purposes was $486,458,404 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $281962244 |
| Gross unrealized losses | &nbsp;&nbsp; (24872351)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$257089893** |

---

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

16 \| Allspring Large Cap Core 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 January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $82583976 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $82583976 |
| *Consumer discretionary* | &nbsp;&nbsp; 58419440 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 58419440 |
| *Consumer staples* | &nbsp;&nbsp; 40167296 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 40167296 |
| *Energy* | &nbsp;&nbsp; 32754518 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 32754518 |
| *Financials* | &nbsp;&nbsp; 92681464 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 92681464 |
| *Health care* | &nbsp;&nbsp; 90802516 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 90802516 |
| *Industrials* | &nbsp;&nbsp; 57186196 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 57186196 |
| *Information technology* | &nbsp;&nbsp; 241622971 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 241622971 |
| *Materials* | &nbsp;&nbsp; 9209353 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9209353 |
| *Real estate* | &nbsp;&nbsp; 19552625 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 19552625 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 18477149 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 18477149 |
|  | &nbsp;&nbsp; 743457504 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 743457504 |
| **Futures contracts** | &nbsp;&nbsp; 90793 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 90793 |
| **Total assets** | &nbsp;&nbsp; **$743548297** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$743548297** |

---

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

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

At January 31, 2026, 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 | 0.700<br> %<br>|
| Next $500 million | 0.675 |
| Next $1 billion | 0.650 |
| Next $2 billion | 0.625 |
| Next $1 billion | 0.600 |
| Next $3 billion | 0.590 |
| Next $2 billion | 0.565 |
| Next $2 billion | 0.555 |
| Next $4 billion | 0.530 |
| Over $16 billion | 0.505 |

---

For the six months ended January 31, 2026, the management fee was equivalent to an annual rate of 0.69% of the Fund's average daily net assets.

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

Allspring Large Cap Core Fund \| 17

------

Notes to financial statements (unaudited)

Administration fees

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through November 30, 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 January 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.07<br> %<br>|
| Class C | 1.82 |
| Class R6 | 0.65 |
| Institutional Class | 0.67 |

---

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 January 31, 2026, Allspring Funds Distributor received $1,854 from the sale of Class A shares and $153 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended January 31, 2026.

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 January 31, 2026.

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 January 31, 2026 were $232,971,863 and $147,988,488, respectively.

18 \| Allspring Large Cap Core Fund

------

Notes to financial statements (unaudited)

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

6. DERIVATIVE TRANSACTIONS

During the six months ended January 31, 2026, the Fund entered into futures contracts to gain market exposure. The Fund had an average notional amount of $8,030,571 in long futures contracts during the six months ended January 31, 2026.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

7. BANK BORROWINGS

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

For the six months ended January 31, 2026, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISKS

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

9. INDEMNIFICATION

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

10. OPERATING SEGMENTS

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

11. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

Allspring Large Cap Core Fund \| 19

------

Other information (unaudited)

Other information

Proxy voting information

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

Quarterly portfolio holdings information

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

20 \| Allspring Large Cap Core 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 Large Cap Core Fund \| 21

------

![](g17494img6b636f1c1.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**

![](g17494imgb7b041032.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.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS4314 01-26**

------

![](g17494img4c77cbc71.jpg)

Allspring Large Cap Growth Fund

Long Form Financial Statements

Semi-Annual Report

January 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_f2c5e625-db8c-4bec-82c9-6ca221d5b678_POI-PageBlank-23_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_f2c5e625-db8c-4bec-82c9-6ca221d5b678_FS-PageBlank-23_1)** |  |
| [Statement of assets and liabilities](#xx_f2c5e625-db8c-4bec-82c9-6ca221d5b678_FS-PageBlank-23_1) | 5 |
| [Statement of operations](#xx_f2c5e625-db8c-4bec-82c9-6ca221d5b678_FS-PageBlank-23_2) | 6 |
| [Statement of changes in net assets](#xx_f2c5e625-db8c-4bec-82c9-6ca221d5b678_FS-PageBlank-23_3) | 7 |
| [Financial highlights](#xx_f2c5e625-db8c-4bec-82c9-6ca221d5b678_FIHI-PageBlank-23_1) | 9 |
| **[Notes to financial statements](#xx_f2c5e625-db8c-4bec-82c9-6ca221d5b678_NTF-PageBlank-23_1)** | 13 |
| **[Other information](#xx_f2c5e625-db8c-4bec-82c9-6ca221d5b678_OI-PageBlank-23_1)** | 18 |
| [Item 8. Changes in and disagreements with accountants](#xx_f2c5e625-db8c-4bec-82c9-6ca221d5b678_OI-PageBlank-23_2) | 19 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_f2c5e625-db8c-4bec-82c9-6ca221d5b678_OI-PageBlank-23_2) | 19 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_f2c5e625-db8c-4bec-82c9-6ca221d5b678_OI-PageBlank-23_2) | 19 |
| [Item 11. Statement regarding basis for board](#xx_f2c5e625-db8c-4bec-82c9-6ca221d5b678_OI-PageBlank-23_2)['](#xx_f2c5e625-db8c-4bec-82c9-6ca221d5b678_OI-PageBlank-23_2)[s approval of investment](#xx_f2c5e625-db8c-4bec-82c9-6ca221d5b678_OI-PageBlank-23_2)<br> [advisory contract](#xx_f2c5e625-db8c-4bec-82c9-6ca221d5b678_OI-PageBlank-23_2)<br>| 19 |

---

Allspring Large Cap Growth Fund \| 1

------

Portfolio of investments—January 31, 2026 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 99.04%** |  |  |
| **Communication services: 14.92%** |  |  |
| **Entertainment: 3.53%** |  |  |
| Netflix, Inc.† | 234181 | &nbsp;&nbsp; $19551772 |
| Spotify Technology SA† | 27999 | &nbsp;&nbsp; 14009299 |
|  |  | &nbsp;&nbsp; **33561071** |
| **Interactive media & services: 11.39%** |  |  |
| Alphabet, Inc. Class A | 189962 | &nbsp;&nbsp; 64207156 |
| Meta Platforms, Inc. Class A | 53379 | &nbsp;&nbsp; 38246053 |
| Reddit, Inc. Class A† | 33054 | &nbsp;&nbsp; 5958645 |
|  |  | &nbsp;&nbsp; **108411854** |
| **Consumer discretionary: 12.79%** |  |  |
| **Broadline retail: 8.90%** |  |  |
| Amazon.com, Inc.† | 278880 | &nbsp;&nbsp; 66735984 |
| MercadoLibre, Inc.† | 8368 | &nbsp;&nbsp; 17972707 |
|  |  | &nbsp;&nbsp; **84708691** |
| **Hotels, restaurants & leisure: 3.89%** |  |  |
| Booking Holdings, Inc. | 3373 | &nbsp;&nbsp; 16871206 |
| DoorDash, Inc. Class A† | 98390 | &nbsp;&nbsp; 20132562 |
|  |  | &nbsp;&nbsp; **37003768** |
| **Financials: 8.06%** |  |  |
| **Capital markets: 3.28%** |  |  |
| KKR & Co., Inc. | 114465 | &nbsp;&nbsp; 13078771 |
| S&P Global, Inc. | 34321 | &nbsp;&nbsp; 18114281 |
|  |  | &nbsp;&nbsp; **31193052** |
| **Financial services: 3.41%** |  |  |
| Mastercard, Inc. Class A | 17245 | &nbsp;&nbsp; 9291433 |
| Visa, Inc. Class A | 72026 | &nbsp;&nbsp; 23180128 |
|  |  | &nbsp;&nbsp; **32471561** |
| **Insurance: 1.37%** |  |  |
| Progressive Corp. | 62948 | &nbsp;&nbsp; **13093184** |
| **Health care: 11.30%** |  |  |
| **Biotechnology: 3.09%** |  |  |
| Alnylam Pharmaceuticals, Inc.† | 27178 | &nbsp;&nbsp; 9187795 |
| argenx SE ADR† | 24003 | &nbsp;&nbsp; 20174521 |
|  |  | &nbsp;&nbsp; **29362316** |
| **Health care equipment & supplies: 3.88%** |  |  |
| Boston Scientific Corp.† | 128852 | &nbsp;&nbsp; 12051528 |
| Edwards Lifesciences Corp.† | 199476 | &nbsp;&nbsp; 16229367 |
| Intuitive Surgical, Inc.† | 17233 | &nbsp;&nbsp; 8689223 |
|  |  | &nbsp;&nbsp; **36970118** |

---

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

2 \| Allspring Large Cap Growth Fund

------

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care providers & services: 2.57%** |  |  |
| McKesson Corp. | 29414 | &nbsp;&nbsp; **$24449211** |
| **Pharmaceuticals: 1.76%** |  |  |
| AstraZeneca PLC ADR | 180831 | &nbsp;&nbsp; **16775692** |
| **Industrials: 13.27%** |  |  |
| **Aerospace & defense: 4.70%** |  |  |
| General Electric Co. | 88366 | &nbsp;&nbsp; 27109805 |
| Howmet Aerospace, Inc. | 84509 | &nbsp;&nbsp; 17584633 |
|  |  | &nbsp;&nbsp; **44694438** |
| **Building products: 2.26%** |  |  |
| Johnson Controls International PLC | 180497 | &nbsp;&nbsp; **21526072** |
| **Construction & engineering: 4.70%** |  |  |
| EMCOR Group, Inc. | 29763 | &nbsp;&nbsp; 21451087 |
| Quanta Services, Inc. | 49043 | &nbsp;&nbsp; 23277279 |
|  |  | &nbsp;&nbsp; **44728366** |
| **Electrical equipment: 1.61%** |  |  |
| Vertiv Holdings Co. Class A | 82293 | &nbsp;&nbsp; **15321311** |
| **Information technology: 38.70%** |  |  |
| **Communications equipment: 4.08%** |  |  |
| Arista Networks, Inc.† | 173211 | &nbsp;&nbsp; 24550927 |
| Motorola Solutions, Inc. | 35540 | &nbsp;&nbsp; 14306272 |
|  |  | &nbsp;&nbsp; **38857199** |
| **IT services: 1.27%** |  |  |
| Snowflake, Inc.† | 62532 | &nbsp;&nbsp; **12049916** |
| **Semiconductors & semiconductor equipment: 15.29%** |  |  |
| Broadcom, Inc. | 153189 | &nbsp;&nbsp; 50751516 |
| NVIDIA Corp. | 495982 | &nbsp;&nbsp; 94797039 |
|  |  | &nbsp;&nbsp; **145548555** |
| **Software: 12.01%** |  |  |
| Cadence Design Systems, Inc.† | 49276 | &nbsp;&nbsp; 14603436 |
| Microsoft Corp. | 188287 | &nbsp;&nbsp; 81018013 |
| Oracle Corp. | 113331 | &nbsp;&nbsp; 18652016 |
|  |  | &nbsp;&nbsp; **114273465** |
| **Technology hardware, storage & peripherals: 6.05%** |  |  |
| Apple, Inc. | 221993 | &nbsp;&nbsp; **57602744** |
| **Total common stocks (Cost $414,001,395)** |  | &nbsp;&nbsp; **942602584** |

---

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

Allspring Large Cap Growth Fund \| 3

------

Portfolio of investments—January 31, 2026 (unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 1.02%** |  |  |  |  |
| **Investment companies: 1.02%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.63<br> %<br>| 9731437 | &nbsp;&nbsp; **$9731437** |
| **Total short-term investments (Cost $9,731,437)** |  |  |  | &nbsp;&nbsp; **9731437** |
| **Total investments in securities (Cost $423,732,832)** | 100.06<br> %<br>|  |  | &nbsp;&nbsp; 952334021 |
| Other assets and liabilities, net | (0.06)<br>|  |  | &nbsp;&nbsp; (595693)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$951738328** |

---

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

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

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

Abbreviations: <br> ADR American depositary receipt

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $8403096 | $78095089 | $(76766748)<br>| $0 | $0 | $9731437 | 9731437 | $165303 |

---

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

4 \| Allspring Large Cap Growth Fund

------

Statement of assets and liabilities—January 31, 2026 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $414,001,395) | $942602584 |
| Investments in affiliated securities, at value (cost $9,731,437) | 9731437 |
| Cash | 356 |
| Receivable for Fund shares sold | 320212 |
| Receivable for dividends | 46720 |
| Prepaid expenses and other assets | 52734 |
| **Total assets** | **952754043** |
| Liabilities |  |
| Management fee payable | 461558 |
| Payable for Fund shares redeemed | 188784 |
| Shareholder servicing fees payable | 173557 |
| Administration fees payable | 147747 |
| Accrued expenses and other liabilities | 44069 |
| **Total liabilities** | **1015715** |
| **Total net assets**  | **$951738328** |
| Net assets consist of |  |
| Paid-in capital | $390871283 |
| Total distributable earnings | 560867045 |
| **Total net assets** | **$951738328** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $736824189 |
| Shares outstanding–Class A<sup>1</sup> <br>| 19129203 |
| Net asset value per share–Class A | $38.52 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $40.87 |
| Net assets–Class R6 | $95438299 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 2153515 |
| Net asset value per share–Class R6 | $44.32 |
| Net assets–Administrator Class | $42337251 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 1048432 |
| Net asset value per share–Administrator Class | $40.38 |
| Net assets–Institutional Class | $77138589 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 1777375 |
| Net asset value per share–Institutional Class | $43.40 |

---

<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 Large Cap Growth Fund \| 5

------

Statement of operations—six months ended January 31, 2026 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends | $2673302 |
| Income from affiliated securities | 165303 |
| Interest | 387 |
| **Total investment income** | **2838992** |
| Expenses |  |
| Management fee | 3532774 |
| Administration fees |  |
| Class A | 789181 |
| Class C | 2812 <br><sup>1</sup><br>|
| Class R6 | 16158 |
| Administrator Class | 29958 |
| Institutional Class | 53946 |
| Shareholder servicing fees |  |
| Class A | 986429 |
| Class C | 3515 <br><sup>1</sup><br>|
| Administrator Class | 57546 |
| Distribution fee |  |
| Class C | 10467 <br><sup>1</sup><br>|
| Custody and accounting fees | 15696 |
| Professional fees | 27906 |
| Registration fees | 49333 |
| Shareholder report expenses | 24486 |
| Trustees' fees and expenses | 7428 |
| Other fees and expenses | 11872 |
| **Total expenses** | **5619507** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (736558)<br>|
| Class A | (254809)<br>|
| Administrator Class | (2995)<br>|
| **Net expenses** | **4625145** |
| **Net investment loss** | **(1786153)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments**  | **67668593** |
| **Net change in unrealized gains (losses) on investments** | **(73770981)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(6102388)**<br>|
| **Net decrease in net assets resulting from operations** | **$(7888541)**<br>|

---

<sup>1</sup> For the period from August 1, 2025 to November 14, 2025. Effective at the close of business on November 14, 2025, Class C shares were converted to Class A shares and are no longer offered by the Fund.

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

6 \| Allspring Large Cap Growth Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> January 31, 2026<br> (unaudited) | Six months ended<br> January 31, 2026<br> (unaudited) | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2025 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(1786153)<br>|  | &nbsp;&nbsp; $(4247083)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 67668593 |  | &nbsp;&nbsp; 204992519 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (73770981)<br>|  | &nbsp;&nbsp; 11122742 |
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **(7888541)**<br>|  | &nbsp;&nbsp; **211868178** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (104569812)<br>|  | &nbsp;&nbsp; (100853463)<br>|
| Class C |  | &nbsp;&nbsp; 0 <br><sup>1</sup><br>|  | &nbsp;&nbsp; (1167840)<br>|
| Class R6 |  | &nbsp;&nbsp; (12556357)<br>|  | &nbsp;&nbsp; (13072970)<br>|
| Administrator Class |  | &nbsp;&nbsp; (5836299)<br>|  | &nbsp;&nbsp; (5813608)<br>|
| Institutional Class |  | &nbsp;&nbsp; (9874330)<br>|  | &nbsp;&nbsp; (10106676)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(132836798)**<br>|  | &nbsp;&nbsp; **(131014557)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 137940 | &nbsp;&nbsp; 6023935 | &nbsp;&nbsp; 353784 | &nbsp;&nbsp; 14488196 |
| Class C | 2782 <br><sup>1</sup><br>| &nbsp;&nbsp; 87851 <br><sup>1</sup><br>| &nbsp;&nbsp; 27347 | &nbsp;&nbsp; 800667 |
| Class R6 | 64281 | &nbsp;&nbsp; 3233116 | &nbsp;&nbsp; 286551 | &nbsp;&nbsp; 12841704 |
| Administrator Class | 6388 | &nbsp;&nbsp; 295601 | &nbsp;&nbsp; 34386 | &nbsp;&nbsp; 1521576 |
| Institutional Class | 105915 | &nbsp;&nbsp; 4965375 | &nbsp;&nbsp; 1175233 | &nbsp;&nbsp; 54966688 |
|  |  | &nbsp;&nbsp; 14605878 |  | &nbsp;&nbsp; 84618831 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 2626867 | &nbsp;&nbsp; 101449599 | &nbsp;&nbsp; 2378701 | &nbsp;&nbsp; 98192788 |
| Class C | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 40606 | &nbsp;&nbsp; 1167840 |
| Class R6 | 281249 | &nbsp;&nbsp; 12490272 | &nbsp;&nbsp; 265116 | &nbsp;&nbsp; 12314656 |
| Administrator Class | 144129 | &nbsp;&nbsp; 5834354 | &nbsp;&nbsp; 135158 | &nbsp;&nbsp; 5811775 |
| Institutional Class | 223856 | &nbsp;&nbsp; 9737714 | &nbsp;&nbsp; 217598 | &nbsp;&nbsp; 9935515 |
|  |  | &nbsp;&nbsp; 129511939 |  | &nbsp;&nbsp; 127422574 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (1119111)<br>| &nbsp;&nbsp; (48701820)<br>| &nbsp;&nbsp; (2266505)<br>| &nbsp;&nbsp; (93724784)<br>|
| Class C | (7444 )<sup>1</sup><br>| &nbsp;&nbsp; (239077 )<sup>1</sup><br>| &nbsp;&nbsp; (119223)<br>| &nbsp;&nbsp; (3435585)<br>|
| Class R6 | (331935)<br>| &nbsp;&nbsp; (16067360)<br>| &nbsp;&nbsp; (616091)<br>| &nbsp;&nbsp; (28065655)<br>|
| Administrator Class | (81823)<br>| &nbsp;&nbsp; (3653002)<br>| &nbsp;&nbsp; (940267)<br>| &nbsp;&nbsp; (43220363)<br>|
| Institutional Class | (210397)<br>| &nbsp;&nbsp; (10012444)<br>| &nbsp;&nbsp; (1520883)<br>| &nbsp;&nbsp; (71636529)<br>|
|  |  | &nbsp;&nbsp; (78673703)<br>|  | &nbsp;&nbsp; (240082916)<br>|

---

<sup>1</sup> For the period from August 1, 2025 to November 14, 2025

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

Allspring Large Cap Growth Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> January 31, 2026<br> (unaudited) | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Class A<br>100206 <br><sup>2</sup><br>| &nbsp;&nbsp; $4596872 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Class C<br>(144941 )<sup>2</sup><br>| &nbsp;&nbsp; (4596872 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net increase (decrease) in net assets resulting from capital share transactions** | &nbsp;&nbsp; **65444114** |  | &nbsp;&nbsp; **(28041511)**<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; **(75281225)**<br>|  | &nbsp;&nbsp; **52812110** |
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **1027019553** |  | &nbsp;&nbsp; **974207443** |
| **End of period** | &nbsp;&nbsp; **$951738328** |  | &nbsp;&nbsp; **$1027019553** |

---

<sup>2</sup> Effective at the close of business on November 14, 2025, Class C shares were converted to Class A shares and are no longer offered by the Fund.

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

8 \| Allspring Large Cap Growth Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Class A | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$45.13** | &nbsp;&nbsp; **$41.87** | &nbsp;&nbsp; **$39.13** | &nbsp;&nbsp; **$37.58** | &nbsp;&nbsp; **$55.05** | &nbsp;&nbsp; **$49.63** |
| Net investment loss | (0.09 )<sup>1</sup><br>| &nbsp;&nbsp; (0.21 )<sup>1</sup><br>| &nbsp;&nbsp; (0.20 )<sup>1</sup><br>| &nbsp;&nbsp; (0.08 )<sup>1</sup><br>| &nbsp;&nbsp; (0.24 )<sup>1</sup><br>| &nbsp;&nbsp; (0.25)<br>|
| Net realized and unrealized gains (losses) on investments | (0.32)<br>| 9.70 | 10.08 | 5.15 | &nbsp;&nbsp; (9.43)<br>| 12.60 |
| Total from investment operations | (0.41)<br>| 9.49 | 9.88 | 5.07 | &nbsp;&nbsp; (9.67)<br>| 12.35 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (6.20)<br>| &nbsp;&nbsp; (6.23)<br>| &nbsp;&nbsp; (7.14)<br>| &nbsp;&nbsp; (3.52)<br>| &nbsp;&nbsp; (7.80)<br>| &nbsp;&nbsp; (6.93)<br>|
| **Net asset value, end of period** | **$38.52** | &nbsp;&nbsp; **$45.13** | &nbsp;&nbsp; **$41.87** | &nbsp;&nbsp; **$39.13** | &nbsp;&nbsp; **$37.58** | &nbsp;&nbsp; **$55.05** |
| **Total return**<sup>2</sup> <br>| **(0.94)%**<br>| **24.04%**<br>| **29.36%**<br>| **15.86%**<br>| &nbsp;&nbsp; **(20.79)%**<br>| **27.25%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.16<br> %<br>| 1.17<br> %<br>| 1.18<br> %<br>| 1.19<br> %<br>| 1.17<br> %<br>| 1.17<br> %<br>|
| Net expenses | 0.96<br> %<br>| 0.97<br> %<br>| 1.03<br> %<br>| 1.06<br> %<br>| 1.04<br> %<br>| 1.05<br> %<br>|
| Net investment loss | (0.40)%<br>| &nbsp;&nbsp; (0.50)%<br>| &nbsp;&nbsp; (0.52)%<br>| &nbsp;&nbsp; (0.24)%<br>| &nbsp;&nbsp; (0.52)%<br>| &nbsp;&nbsp; (0.53)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 12<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 39<br> %<br>|
| Net assets, end of period (000s omitted) | $736824 | &nbsp;&nbsp; $784483 | &nbsp;&nbsp; $708313 | &nbsp;&nbsp; $516771 | &nbsp;&nbsp; $492177 | &nbsp;&nbsp; $688523 |

---

&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 Large Cap Growth Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Class R6 | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$50.89** | &nbsp;&nbsp; **$46.36** | &nbsp;&nbsp; **$42.45** | &nbsp;&nbsp; **$40.28** | &nbsp;&nbsp; **$58.26** | &nbsp;&nbsp; **$51.95** |
| Net investment income (loss) | (0.01 )<sup>1</sup><br>| &nbsp;&nbsp; (0.06 )<sup>1</sup><br>| &nbsp;&nbsp; (0.06 )<sup>1</sup><br>| 0.09 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.06 )<sup>1</sup><br>| &nbsp;&nbsp; (0.08 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.36)<br>| 10.82 | 11.11 | 5.60 | &nbsp;&nbsp; (10.12)<br>| 13.32 |
| Total from investment operations | (0.37)<br>| 10.76 | 11.05 | 5.69 | &nbsp;&nbsp; (10.18)<br>| 13.24 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (6.20)<br>| &nbsp;&nbsp; (6.23)<br>| &nbsp;&nbsp; (7.14)<br>| &nbsp;&nbsp; (3.52)<br>| &nbsp;&nbsp; (7.80)<br>| &nbsp;&nbsp; (6.93)<br>|
| **Net asset value, end of period** | **$44.32** | &nbsp;&nbsp; **$50.89** | &nbsp;&nbsp; **$46.36** | &nbsp;&nbsp; **$42.45** | &nbsp;&nbsp; **$40.28** | &nbsp;&nbsp; **$58.26** |
| **Total return**<sup>2</sup> <br>| **(0.75)%**<br>| **24.49%**<br>| **29.87%**<br>| **16.37%**<br>| &nbsp;&nbsp; **(20.49)%**<br>| **27.76%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.74<br> %<br>| 0.75<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>|
| Net expenses | 0.60<br> %<br>| 0.60<br> %<br>| 0.64<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>|
| Net investment income (loss) | (0.05)%<br>| &nbsp;&nbsp; (0.13)%<br>| &nbsp;&nbsp; (0.13)%<br>| 0.24<br> %<br>| &nbsp;&nbsp; (0.13)%<br>| &nbsp;&nbsp; (0.13)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 12<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 39<br> %<br>|
| Net assets, end of period (000s omitted) | $95438 | &nbsp;&nbsp; $108911 | &nbsp;&nbsp; $102190 | &nbsp;&nbsp; $57583 | &nbsp;&nbsp; $216150 | &nbsp;&nbsp; $377470 |

---

&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 Large Cap Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Administrator Class | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$47.01** | &nbsp;&nbsp; **$43.37** | &nbsp;&nbsp; **$40.26** | &nbsp;&nbsp; **$38.51** | &nbsp;&nbsp; **$56.18** | &nbsp;&nbsp; **$50.47** |
| Net investment loss | (0.09 )<sup>1</sup><br>| &nbsp;&nbsp; (0.21 )<sup>1</sup><br>| &nbsp;&nbsp; (0.18 )<sup>1</sup><br>| &nbsp;&nbsp; (0.05 )<sup>1</sup><br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized and unrealized gains (losses) on investments | (0.34)<br>| 10.08 | 10.43 | 5.32 | &nbsp;&nbsp; (9.67)<br>| 12.87 |
| Total from investment operations | (0.43)<br>| 9.87 | 10.25 | 5.27 | &nbsp;&nbsp; (9.87)<br>| 12.64 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (6.20)<br>| &nbsp;&nbsp; (6.23)<br>| &nbsp;&nbsp; (7.14)<br>| &nbsp;&nbsp; (3.52)<br>| &nbsp;&nbsp; (7.80)<br>| &nbsp;&nbsp; (6.93)<br>|
| **Net asset value, end of period** | **$40.38** | &nbsp;&nbsp; **$47.01** | &nbsp;&nbsp; **$43.37** | &nbsp;&nbsp; **$40.26** | &nbsp;&nbsp; **$38.51** | &nbsp;&nbsp; **$56.18** |
| **Total return**<sup>2</sup> <br>| **(0.94)%**<br>| **24.09%**<br>| **29.46%**<br>| **16.00%**<br>| &nbsp;&nbsp; **(20.72)%**<br>| **27.38%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.09<br> %<br>| 1.10<br> %<br>| 1.11<br> %<br>| 1.11<br> %<br>| 1.09<br> %<br>| 1.09<br> %<br>|
| Net expenses | 0.94<br> %<br>| 0.94<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>|
| Net investment loss | (0.39)%<br>| &nbsp;&nbsp; (0.48)%<br>| &nbsp;&nbsp; (0.44)%<br>| &nbsp;&nbsp; (0.13)%<br>| &nbsp;&nbsp; (0.42)%<br>| &nbsp;&nbsp; (0.43)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 12<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 39<br> %<br>|
| Net assets, end of period (000s omitted) | $42337 | &nbsp;&nbsp; $46055 | &nbsp;&nbsp; $75915 | &nbsp;&nbsp; $62059 | &nbsp;&nbsp; $60062 | &nbsp;&nbsp; $85825 |

---

&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 Large Cap Growth Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Institutional Class | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$49.99** | &nbsp;&nbsp; **$45.68** | &nbsp;&nbsp; **$41.96** | &nbsp;&nbsp; **$39.90** | &nbsp;&nbsp; **$57.83** | &nbsp;&nbsp; **$51.67** |
| Net investment income (loss) | (0.04 )<sup>1</sup><br>| &nbsp;&nbsp; (0.10 )<sup>1</sup><br>| &nbsp;&nbsp; (0.10 )<sup>1</sup><br>| 0.03 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.11 )<sup>1</sup><br>| &nbsp;&nbsp; (0.12 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.35)<br>| 10.64 | 10.96 | 5.55 | &nbsp;&nbsp; (10.02)<br>| 13.21 |
| Total from investment operations | (0.39)<br>| 10.54 | 10.86 | 5.58 | &nbsp;&nbsp; (10.13)<br>| 13.09 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (6.20)<br>| &nbsp;&nbsp; (6.23)<br>| &nbsp;&nbsp; (7.14)<br>| &nbsp;&nbsp; (3.52)<br>| &nbsp;&nbsp; (7.80)<br>| &nbsp;&nbsp; (6.93)<br>|
| **Net asset value, end of period** | **$43.40** | &nbsp;&nbsp; **$49.99** | &nbsp;&nbsp; **$45.68** | &nbsp;&nbsp; **$41.96** | &nbsp;&nbsp; **$39.90** | &nbsp;&nbsp; **$57.83** |
| **Total return**<sup>2</sup> <br>| **(0.80)%**<br>| **24.36%**<br>| **29.75%**<br>| **16.24%**<br>| &nbsp;&nbsp; **(20.57)%**<br>| **27.61%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.84<br> %<br>| 0.85<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.84<br> %<br>| 0.84<br> %<br>|
| Net expenses | 0.70<br> %<br>| 0.70<br> %<br>| 0.74<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income (loss) | (0.15)%<br>| &nbsp;&nbsp; (0.23)%<br>| &nbsp;&nbsp; (0.23)%<br>| 0.08<br> %<br>| &nbsp;&nbsp; (0.22)%<br>| &nbsp;&nbsp; (0.23)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 12<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 39<br> %<br>|
| Net assets, end of period (000s omitted) | $77139 | &nbsp;&nbsp; $82891 | &nbsp;&nbsp; $81579 | &nbsp;&nbsp; $35055 | &nbsp;&nbsp; $43622 | &nbsp;&nbsp; $77917 |

---

&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 Large Cap Growth Fund

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

Effective at the close of business on November 14, 2025, Class C shares became Class A shares in a tax-free conversion. Shareholders of Class C received Class A shares at a value equal to the value of their Class C shares immediately prior to the conversion. Class C shares are no longer offered by the Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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.

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

Distributions to shareholders

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

Allspring Large Cap Growth Fund \| 13

------

Notes to financial statements (unaudited)

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 January 31, 2026, the aggregate cost of all investments for federal income tax purposes was $425,105,745 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $536875892 |
| Gross unrealized losses | &nbsp;&nbsp; (9647616)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$527228276** |

---

As of July 31, 2025, the Fund had current year deferred post-October capital losses and a qualified late-year ordinary loss which were both recognized on the first day of the current fiscal year in the following amounts:

---

| | |
|:---|:---|
| Deferred post-October <br>capital losses<br>|  |
| Short-Term | Late-Year Ordinary Loss <br>Deferred<br>|
| &nbsp;&nbsp;&nbsp; $1963811 | &nbsp;&nbsp; $2322583 |

---

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 Large Cap Growth 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 January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $141972925 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $141972925 |
| *Consumer discretionary* | &nbsp;&nbsp; 121712459 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 121712459 |
| *Financials* | &nbsp;&nbsp; 76757797 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 76757797 |
| *Health care* | &nbsp;&nbsp; 107557337 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 107557337 |
| *Industrials* | &nbsp;&nbsp; 126270187 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 126270187 |
| *Information technology* | &nbsp;&nbsp; 368331879 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 368331879 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 9731437 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9731437 |
| **Total assets** | &nbsp;&nbsp; **$952334021** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$952334021** |

---

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

At January 31, 2026, 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 | 0.700<br> %<br>|
| Next $500 million | 0.675 |
| Next $1 billion | 0.650 |
| Next $2 billion | 0.625 |
| Next $1 billion | 0.600 |
| Next $3 billion | 0.590 |
| Next $2 billion | 0.565 |
| Next $2 billion | 0.555 |
| Next $4 billion | 0.530 |
| Over $16 billion | 0.505 |

---

For the six months ended January 31, 2026, the management fee was equivalent to an annual rate of 0.69% of the Fund's average daily net assets.

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

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As

Allspring Large Cap Growth 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 November 30, 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 January 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.02<br> %<br>|
| Class R6 | 0.60 |
| Administrator Class | 0.94 |
| Institutional Class | 0.70 |

---

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 January 31, 2026, Allspring Funds Distributor received $2,683 from the sale of Class A shares and $286 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended January 31, 2026.

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 January 31, 2026.

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 January 31, 2026 were $124,145,848 and $183,367,744, 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.

16 \| Allspring Large Cap Growth Fund

------

Notes to financial statements (unaudited)

For the six months ended January 31, 2026, 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 information technology sector. A fund that invests a substantial portion of its assets in any Sector may be more affected by changes in that Sector than would be a fund whose investments are not heavily weighted in any Sector.

8. INDEMNIFICATION

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

9. OPERATING SEGMENTS

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

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

Allspring Large Cap Growth 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 Large Cap Growth 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 Large Cap Growth Fund \| 19

------

*This page is intentionally left blank.*

------

![](g17494img4c77cbc71.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**

![](g17494img17a2b2792.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.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS3354 01-26**

------

![](g17494imgf5fb175d1.jpg)

Allspring Premier Large Company Growth Fund

Long Form Financial Statements

Semi-Annual Report

January 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_ed8b53f1-4779-4241-a8e1-f2822d3850ad_POI-PageBlank-19_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_ed8b53f1-4779-4241-a8e1-f2822d3850ad_FS-PageBlank-19_1)** |  |
| [Statement of assets and liabilities](#xx_ed8b53f1-4779-4241-a8e1-f2822d3850ad_FS-PageBlank-19_1) | 6 |
| [Statement of operations](#xx_ed8b53f1-4779-4241-a8e1-f2822d3850ad_FS-PageBlank-19_2) | 7 |
| [Statement of changes in net assets](#xx_ed8b53f1-4779-4241-a8e1-f2822d3850ad_FS-PageBlank-19_3) | 8 |
| [Financial highlights](#xx_ed8b53f1-4779-4241-a8e1-f2822d3850ad_FIHI-PageBlank-19_1) | 10 |
| **[Notes to financial statements](#xx_ed8b53f1-4779-4241-a8e1-f2822d3850ad_NTF-PageBlank-19_1)** | 14 |
| **[Other information](#xx_ed8b53f1-4779-4241-a8e1-f2822d3850ad_OI-PageBlank-19_1)** | 19 |
| [Item 8. Changes in and disagreements with accountants](#xx_ed8b53f1-4779-4241-a8e1-f2822d3850ad_OI-PageBlank-19_2) | 20 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_ed8b53f1-4779-4241-a8e1-f2822d3850ad_OI-PageBlank-19_2) | 20 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_ed8b53f1-4779-4241-a8e1-f2822d3850ad_OI-PageBlank-19_2) | 20 |
| [Item 11. Statement regarding basis for board](#xx_ed8b53f1-4779-4241-a8e1-f2822d3850ad_OI-PageBlank-19_2)['](#xx_ed8b53f1-4779-4241-a8e1-f2822d3850ad_OI-PageBlank-19_2)[s approval of investment](#xx_ed8b53f1-4779-4241-a8e1-f2822d3850ad_OI-PageBlank-19_2)<br> [advisory contract](#xx_ed8b53f1-4779-4241-a8e1-f2822d3850ad_OI-PageBlank-19_2)<br>| 20 |

---

Allspring Premier Large Company Growth Fund \| 1

------

Portfolio of investments—January 31, 2026 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 99.53%** |  |  |
| **Communication services: 12.13%** |  |  |
| **Entertainment: 5.66%** |  |  |
| Live Nation Entertainment, Inc.† | 114714 | &nbsp;&nbsp; $16685151 |
| Netflix, Inc.† | 178560 | &nbsp;&nbsp; 14907974 |
| Spotify Technology SA† | 23867 | &nbsp;&nbsp; 11941854 |
| Take-Two Interactive Software, Inc.† | 59439 | &nbsp;&nbsp; 13094412 |
| TKO Group Holdings, Inc. Class A | 94310 | &nbsp;&nbsp; 19105320 |
|  |  | &nbsp;&nbsp; **75734711** |
| **Interactive media & services: 6.47%** |  |  |
| Alphabet, Inc. Class A | 224031 | &nbsp;&nbsp; 75722478 |
| Reddit, Inc. Class A† | 60160 | &nbsp;&nbsp; 10845043 |
|  |  | &nbsp;&nbsp; **86567521** |
| **Consumer discretionary: 14.25%** |  |  |
| **Automobiles: 0.88%** |  |  |
| Ferrari NV | 35556 | &nbsp;&nbsp; **11846193** |
| **Broadline retail: 5.79%** |  |  |
| Amazon.com, Inc.† | 258501 | &nbsp;&nbsp; 61859289 |
| MercadoLibre, Inc.† | 7285 | &nbsp;&nbsp; 15646650 |
|  |  | &nbsp;&nbsp; **77505939** |
| **Hotels, restaurants & leisure: 5.54%** |  |  |
| Booking Holdings, Inc. | 3763 | &nbsp;&nbsp; 18821924 |
| DoorDash, Inc. Class A† | 117356 | &nbsp;&nbsp; 24013385 |
| Hilton Worldwide Holdings, Inc. | 59219 | &nbsp;&nbsp; 17677463 |
| Viking Holdings Ltd.† | 188166 | &nbsp;&nbsp; 13576177 |
|  |  | &nbsp;&nbsp; **74088949** |
| **Specialty retail: 2.04%** |  |  |
| AutoZone, Inc.† | 3134 | &nbsp;&nbsp; 11609245 |
| Carvana Co. Class A† | 38980 | &nbsp;&nbsp; 15635268 |
|  |  | &nbsp;&nbsp; **27244513** |
| **Consumer staples: 1.60%** |  |  |
| **Consumer staples distribution & retail: 1.60%** |  |  |
| Walmart, Inc. | 179288 | &nbsp;&nbsp; **21360373** |
| **Financials: 3.26%** |  |  |
| **Capital markets: 2.29%** |  |  |
| Coinbase Global, Inc. Class A† | 14886 | &nbsp;&nbsp; 2898900 |
| LPL Financial Holdings, Inc. | 29383 | &nbsp;&nbsp; 10710103 |
| Robinhood Markets, Inc. Class A† | 171815 | &nbsp;&nbsp; 17092156 |
|  |  | &nbsp;&nbsp; **30701159** |

---

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

2 \| Allspring Premier Large Company Growth Fund

------

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financial services: 0.97%** |  |  |
| Affirm Holdings, Inc.† | 156275 | &nbsp;&nbsp; $9423383 |
| Mastercard, Inc. Class A | 6656 | &nbsp;&nbsp; 3586186 |
|  |  | &nbsp;&nbsp; **13009569** |
| **Health care: 12.39%** |  |  |
| **Biotechnology: 4.02%** |  |  |
| Alnylam Pharmaceuticals, Inc.† | 33079 | &nbsp;&nbsp; 11182687 |
| argenx SE ADR† | 16932 | &nbsp;&nbsp; 14231346 |
| Bridgebio Pharma, Inc.† | 184551 | &nbsp;&nbsp; 14260256 |
| Natera, Inc.† | 60996 | &nbsp;&nbsp; 14098615 |
|  |  | &nbsp;&nbsp; **53772904** |
| **Health care equipment & supplies: 1.24%** |  |  |
| Boston Scientific Corp.† | 37039 | &nbsp;&nbsp; 3464257 |
| Edwards Lifesciences Corp.† | 161441 | &nbsp;&nbsp; 13134840 |
|  |  | &nbsp;&nbsp; **16599097** |
| **Health care providers & services: 2.60%** |  |  |
| Cencora, Inc. | 48982 | &nbsp;&nbsp; 17595314 |
| McKesson Corp. | 20684 | &nbsp;&nbsp; 17192748 |
|  |  | &nbsp;&nbsp; **34788062** |
| **Pharmaceuticals: 4.53%** |  |  |
| AstraZeneca PLC ADR | 188941 | &nbsp;&nbsp; 17528057 |
| Eli Lilly & Co. | 41617 | &nbsp;&nbsp; 43163071 |
|  |  | &nbsp;&nbsp; **60691128** |
| **Industrials: 14.38%** |  |  |
| **Aerospace & defense: 3.86%** |  |  |
| Axon Enterprise, Inc.† | 23248 | &nbsp;&nbsp; 11242268 |
| General Electric Co. | 73193 | &nbsp;&nbsp; 22454880 |
| Howmet Aerospace, Inc. | 86225 | &nbsp;&nbsp; 17941698 |
|  |  | &nbsp;&nbsp; **51638846** |
| **Building products: 1.59%** |  |  |
| Johnson Controls International PLC | 178649 | &nbsp;&nbsp; **21305680** |
| **Commercial services & supplies: 1.19%** |  |  |
| Rollins, Inc. | 250055 | &nbsp;&nbsp; **15838484** |
| **Construction & engineering: 3.02%** |  |  |
| Comfort Systems USA, Inc. | 18503 | &nbsp;&nbsp; 21132276 |
| Quanta Services, Inc. | 40644 | &nbsp;&nbsp; 19290862 |
|  |  | &nbsp;&nbsp; **40423138** |
| **Electrical equipment: 2.51%** |  |  |
| GE Vernova, Inc. | 24533 | &nbsp;&nbsp; 17820035 |
| Vertiv Holdings Co. Class A | 84665 | &nbsp;&nbsp; 15762930 |
|  |  | &nbsp;&nbsp; **33582965** |

---

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

Allspring Premier Large Company Growth Fund \| 3

------

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Machinery: 0.81%** |  |  |
| Symbotic, Inc. Class A† | 199737 | &nbsp;&nbsp; **$10859700** |
| **Professional services: 1.40%** |  |  |
| UL Solutions, Inc. Class A | 267221 | &nbsp;&nbsp; **18766931** |
| **Information technology: 39.29%** |  |  |
| **Communications equipment: 1.43%** |  |  |
| Arista Networks, Inc.† | 134902 | &nbsp;&nbsp; **19121009** |
| **Electronic equipment, instruments & components: 2.69%** |  |  |
| Amphenol Corp. Class A | 155021 | &nbsp;&nbsp; 22335426 |
| Teledyne Technologies, Inc.† | 21954 | &nbsp;&nbsp; 13618066 |
|  |  | &nbsp;&nbsp; **35953492** |
| **IT services: 3.19%** |  |  |
| Cloudflare, Inc. Class A† | 68865 | &nbsp;&nbsp; 12213208 |
| Shopify, Inc. Class A† | 135720 | &nbsp;&nbsp; 17810536 |
| Snowflake, Inc.† | 65899 | &nbsp;&nbsp; 12698737 |
|  |  | &nbsp;&nbsp; **42722481** |
| **Semiconductors & semiconductor equipment: 20.51%** |  |  |
| Astera Labs, Inc.† | 59405 | &nbsp;&nbsp; 8947581 |
| Broadcom, Inc. | 190982 | &nbsp;&nbsp; 63272337 |
| KLA Corp. | 12080 | &nbsp;&nbsp; 17249515 |
| Micron Technology, Inc. | 18550 | &nbsp;&nbsp; 7696024 |
| Monolithic Power Systems, Inc. | 20404 | &nbsp;&nbsp; 22937157 |
| NVIDIA Corp. | 661909 | &nbsp;&nbsp; 126510667 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 84184 | &nbsp;&nbsp; 27827863 |
|  |  | &nbsp;&nbsp; **274441144** |
| **Software: 10.83%** |  |  |
| AppLovin Corp. Class A† | 35181 | &nbsp;&nbsp; 16644483 |
| Cadence Design Systems, Inc.† | 41365 | &nbsp;&nbsp; 12258931 |
| Fair Isaac Corp.† | 9015 | &nbsp;&nbsp; 13190477 |
| Microsoft Corp. | 211465 | &nbsp;&nbsp; 90991275 |
| Oracle Corp. | 72434 | &nbsp;&nbsp; 11921188 |
|  |  | &nbsp;&nbsp; **145006354** |
| **Technology hardware, storage & peripherals: 0.64%** |  |  |
| Sandisk Corp.† | 14963 | &nbsp;&nbsp; **8622429** |
| **Materials: 1.27%** |  |  |
| **Construction materials: 1.27%** |  |  |
| Vulcan Materials Co. | 56780 | &nbsp;&nbsp; **17064661** |
| **Utilities: 0.96%** |  |  |
| **Independent power and renewable electricity producers: 0.96%** |  |  |
| Vistra Corp. | 81211 | &nbsp;&nbsp; **12859762** |
| **Total common stocks (Cost $811,080,638)** |  | &nbsp;&nbsp; **1332117194** |

---

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

4 \| Allspring Premier Large Company Growth Fund

------

Portfolio of investments—January 31, 2026 (unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 0.61%** |  |  |  |  |
| **Investment companies: 0.61%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.63<br> %<br>| 8138641 | &nbsp;&nbsp; **$8138641** |
| **Total short-term investments (Cost $8,138,641)** |  |  |  | &nbsp;&nbsp; **8138641** |
| **Total investments in securities (Cost $819,219,279)** | 100.14<br> %<br>|  |  | &nbsp;&nbsp; 1340255835 |
| Other assets and liabilities, net | (0.14)<br>|  |  | &nbsp;&nbsp; (1840679)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$1338415156** |

---

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

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

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

Abbreviations: <br> ADR American depositary receipt

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $35955183 | $269701356 | $(297517898)<br>| $0 | $0 | $8138641 | 8138641 | $315447 |

---

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

Allspring Premier Large Company Growth Fund \| 5

------

Statement of assets and liabilities—January 31, 2026 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $811,080,638) | $1332117194 |
| Investments in affiliated securities, at value (cost $8,138,641) | 8138641 |
| Cash | 33 |
| Receivable for Fund shares sold | 264462 |
| Receivable for dividends | 103968 |
| Prepaid expenses and other assets | 60824 |
| **Total assets** | **1340685122** |
| Liabilities |  |
| Payable for Fund shares redeemed | 999733 |
| Management fee payable | 747379 |
| Shareholder servicing fees payable | 252821 |
| Administration fees payable | 223406 |
| Accrued expenses and other liabilities | 46627 |
| **Total liabilities** | **2269966** |
| **Total net assets**  | **$1338415156** |
| Net assets consist of |  |
| Paid-in capital | $736048574 |
| Total distributable earnings | 602366582 |
| **Total net assets** | **$1338415156** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $1093859318 |
| Shares outstanding–Class A<sup>1</sup> <br>| 118586075 |
| Net asset value per share–Class A | $9.22 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $9.78 |
| Net assets–Class R6 | $40910164 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 3402738 |
| Net asset value per share–Class R6 | $12.02 |
| Net assets–Administrator Class | $22699958 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 2262516 |
| Net asset value per share–Administrator Class | $10.03 |
| Net assets–Institutional Class | $180945716 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 15340095 |
| Net asset value per share–Institutional Class | $11.80 |

---

<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 Premier Large Company Growth Fund

------

Statement of operations—six months ended January 31, 2026 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $34,389) | $2241720 |
| Income from affiliated securities | 315447 |
| Interest (net of foreign withholding taxes of $7,804) | 44482 |
| **Total investment income** | **2601649** |
| Expenses |  |
| Management fee | 4996225 |
| Administration fees |  |
| Class A | 1198114 |
| Class C | 5553 <br><sup>1</sup><br>|
| Class R6 | 6615 |
| Administrator Class | 16366 |
| Institutional Class | 133785 |
| Shareholder servicing fees |  |
| Class A | 1497473 |
| Class C | 6859 <br><sup>1</sup><br>|
| Administrator Class | 31351 |
| Distribution fee |  |
| Class C | 20534 <br><sup>1</sup><br>|
| Custody and accounting fees | 22428 |
| Professional fees | 29647 |
| Registration fees | 54136 |
| Shareholder report expenses | 37630 |
| Trustees' fees and expenses | 9363 |
| Other fees and expenses | 6876 |
| **Total expenses** | **8072955** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (353536)<br>|
| Class A | (92634)<br>|
| Class R6 | (6083)<br>|
| Administrator Class | (3534)<br>|
| Institutional Class | (79418)<br>|
| **Net expenses** | **7537750** |
| **Net investment loss** | **(4936101)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | 171688818 |
| Foreign currency and foreign currency translations | (178)<br>|
| **Net realized gains on investments**  | **171688640** |
| **Net change in unrealized gains (losses) on investments** | **(174534257)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(2845617)**<br>|
| **Net decrease in net assets resulting from operations** | **$(7781718)**<br>|

---

<sup>1</sup> For the period from August 1, 2025 to November 14, 2025. Effective at the close of business on November 14, 2025, Class C shares were converted to Class A shares and are no longer offered by the Fund.

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

Allspring Premier Large Company Growth Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> January 31, 2026<br> (unaudited) | Six months ended<br> January 31, 2026<br> (unaudited) | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2025 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(4936101)<br>|  | &nbsp;&nbsp; $(8427494)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 171688640 |  | &nbsp;&nbsp; 379057814 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (174534257)<br>|  | &nbsp;&nbsp; 12363101 |
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **(7781718)**<br>|  | &nbsp;&nbsp; **382993421** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (285632615)<br>|  | &nbsp;&nbsp; (192874430)<br>|
| Class C |  | &nbsp;&nbsp; 0 <br><sup>1</sup><br>|  | &nbsp;&nbsp; (4949484)<br>|
| Class R6 |  | &nbsp;&nbsp; (8462667)<br>|  | &nbsp;&nbsp; (6344322)<br>|
| Administrator Class |  | &nbsp;&nbsp; (5630808)<br>|  | &nbsp;&nbsp; (4040484)<br>|
| Institutional Class |  | &nbsp;&nbsp; (39336640)<br>|  | &nbsp;&nbsp; (32113468)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(339062730)**<br>|  | &nbsp;&nbsp; **(240322188)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 1262571 | &nbsp;&nbsp; 12905195 | &nbsp;&nbsp; 1829628 | &nbsp;&nbsp; 20280793 |
| Class C | 21973 <br><sup>1</sup><br>| &nbsp;&nbsp; 71794 <br><sup>1</sup><br>| &nbsp;&nbsp; 468350 | &nbsp;&nbsp; 1499241 |
| Class R6 | 110262 | &nbsp;&nbsp; 1401584 | &nbsp;&nbsp; 831405 | &nbsp;&nbsp; 10586521 |
| Administrator Class | 37450 | &nbsp;&nbsp; 452499 | &nbsp;&nbsp; 171973 | &nbsp;&nbsp; 2123013 |
| Institutional Class | 718677 | &nbsp;&nbsp; 9689003 | &nbsp;&nbsp; 6056485 | &nbsp;&nbsp; 83095828 |
|  |  | &nbsp;&nbsp; 24520075 |  | &nbsp;&nbsp; 117585396 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 29103642 | &nbsp;&nbsp; 271245937 | &nbsp;&nbsp; 16230707 | &nbsp;&nbsp; 182595452 |
| Class C | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 1665850 | &nbsp;&nbsp; 4880942 |
| Class R6 | 614274 | &nbsp;&nbsp; 7457286 | &nbsp;&nbsp; 411170 | &nbsp;&nbsp; 5653585 |
| Administrator Class | 532681 | &nbsp;&nbsp; 5396059 | &nbsp;&nbsp; 323524 | &nbsp;&nbsp; 3875817 |
| Institutional Class | 3230436 | &nbsp;&nbsp; 38474496 | &nbsp;&nbsp; 2208076 | &nbsp;&nbsp; 29919431 |
|  |  | &nbsp;&nbsp; 322573778 |  | &nbsp;&nbsp; 226925227 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (9038811)<br>| &nbsp;&nbsp; (98102559)<br>| &nbsp;&nbsp; (13308995)<br>| &nbsp;&nbsp; (149013767)<br>|
| Class C | (324292 )<sup>1</sup><br>| &nbsp;&nbsp; (1066483 )<sup>1</sup><br>| &nbsp;&nbsp; (1739689)<br>| &nbsp;&nbsp; (5711000)<br>|
| Class R6 | (166143)<br>| &nbsp;&nbsp; (2337893)<br>| &nbsp;&nbsp; (2867919)<br>| &nbsp;&nbsp; (38705087)<br>|
| Administrator Class | (222279)<br>| &nbsp;&nbsp; (2561249)<br>| &nbsp;&nbsp; (434548)<br>| &nbsp;&nbsp; (5137911)<br>|
| Institutional Class | (2733536)<br>| &nbsp;&nbsp; (38020678)<br>| &nbsp;&nbsp; (9856794)<br>| &nbsp;&nbsp; (135510673)<br>|
|  |  | &nbsp;&nbsp; (142088862)<br>|  | &nbsp;&nbsp; (334078438)<br>|

---

<sup>1</sup> For the period from August 1, 2025 to November 14, 2025

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

8 \| Allspring Premier Large Company Growth Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> January 31, 2026<br> (unaudited) | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Class A<br>702632 <br><sup>2</sup><br>| &nbsp;&nbsp; $8769755 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Class C<br>(2716188 )<sup>2</sup><br>| &nbsp;&nbsp; (8769755 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net increase in net assets resulting from capital share transactions** | &nbsp;&nbsp; **205004991** |  | &nbsp;&nbsp; **10432185** |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; **(141839457)**<br>|  | &nbsp;&nbsp; **153103418** |
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **1480254613** |  | &nbsp;&nbsp; **1327151195** |
| **End of period** | &nbsp;&nbsp; **$1338415156** |  | &nbsp;&nbsp; **$1480254613** |

---

<sup>2</sup> Effective at the close of business on November 14, 2025, Class C shares were converted to Class A shares and are no longer offered by the Fund.

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

Allspring Premier Large Company Growth Fund \| 9

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Class A | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$12.34** | &nbsp;&nbsp; **$11.20** | &nbsp;&nbsp; **$12.55** | &nbsp;&nbsp; **$11.54** | &nbsp;&nbsp; **$19.28** | &nbsp;&nbsp; **$16.08** |
| Net investment loss | (0.04 )<sup>1</sup><br>| &nbsp;&nbsp; (0.08 )<sup>1</sup><br>| &nbsp;&nbsp; (0.08 )<sup>1</sup><br>| &nbsp;&nbsp; (0.07 )<sup>1</sup><br>| &nbsp;&nbsp; (0.11 )<sup>1</sup><br>| &nbsp;&nbsp; (0.13 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.03)<br>| 3.41 | 2.48 | 1.08 | &nbsp;&nbsp; (3.54)<br>| 5.36 |
| Total from investment operations | (0.07)<br>| 3.33 | 2.40 | 1.01 | &nbsp;&nbsp; (3.65)<br>| 5.23 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (3.05)<br>| &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp; (3.75)<br>| 0.00 | &nbsp;&nbsp; (4.09)<br>| &nbsp;&nbsp; (2.03)<br>|
| **Net asset value, end of period** | **$9.22** | &nbsp;&nbsp; **$12.34** | &nbsp;&nbsp; **$11.20** | &nbsp;&nbsp; **$12.55** | &nbsp;&nbsp; **$11.54** | &nbsp;&nbsp; **$19.28** |
| **Total return**<sup>2</sup> <br>| **(0.81)%**<br>| **31.67%**<br>| **26.70%**<br>| **8.75%**<br>| &nbsp;&nbsp; **(24.02)%**<br>| **34.93%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.15<br> %<br>| 1.15<br> %<br>| 1.15<br> %<br>| 1.15<br> %<br>| 1.13<br> %<br>| 1.13<br> %<br>|
| Net expenses | 1.09<br> %<br>| 1.08<br> %<br>| 1.09<br> %<br>| 1.09<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>|
| Net investment loss | (0.74)%<br>| &nbsp;&nbsp; (0.68)%<br>| &nbsp;&nbsp; (0.75)%<br>| &nbsp;&nbsp; (0.61)%<br>| &nbsp;&nbsp; (0.75)%<br>| &nbsp;&nbsp; (0.77)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 34<br> %<br>| &nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp; 48<br> %<br>|
| Net assets, end of period (000s omitted) | $1093859 | &nbsp;&nbsp; $1191800 | &nbsp;&nbsp; $1028666 | &nbsp;&nbsp; $953527 | &nbsp;&nbsp; $1001892 | &nbsp;&nbsp; $1501805 |

---

&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.

10 \| Allspring Premier Large Company Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Class R6 | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$15.13** | &nbsp;&nbsp; **$13.27** | &nbsp;&nbsp; **$14.13** | &nbsp;&nbsp; **$12.94** | &nbsp;&nbsp; **$21.03** | &nbsp;&nbsp; **$17.31** |
| Net investment loss | (0.02 )<sup>1</sup><br>| &nbsp;&nbsp; (0.03 )<sup>1</sup><br>| &nbsp;&nbsp; (0.03 )<sup>1</sup><br>| &nbsp;&nbsp; (0.02 )<sup>1</sup><br>| &nbsp;&nbsp; (0.05 )<sup>1</sup><br>| &nbsp;&nbsp; (0.06 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.04)<br>| 4.08 | 2.92 | 1.21 | &nbsp;&nbsp; (3.95)<br>| 5.81 |
| Total from investment operations | (0.06)<br>| 4.05 | 2.89 | 1.19 | &nbsp;&nbsp; (4.00)<br>| 5.75 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (3.05)<br>| &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp; (3.75)<br>| 0.00 | &nbsp;&nbsp; (4.09)<br>| &nbsp;&nbsp; (2.03)<br>|
| **Net asset value, end of period** | **$12.02** | &nbsp;&nbsp; **$15.13** | &nbsp;&nbsp; **$13.27** | &nbsp;&nbsp; **$14.13** | &nbsp;&nbsp; **$12.94** | &nbsp;&nbsp; **$21.03** |
| **Total return**<sup>2</sup> <br>| **(0.58)%**<br>| **32.22%**<br>| **27.29%**<br>| **9.20%**<br>| &nbsp;&nbsp; **(23.64)%**<br>| **35.49%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.73<br> %<br>| 0.73<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>|
| Net expenses | 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>|
| Net investment loss | (0.30)%<br>| &nbsp;&nbsp; (0.24)%<br>| &nbsp;&nbsp; (0.22)%<br>| &nbsp;&nbsp; (0.17)%<br>| &nbsp;&nbsp; (0.30)%<br>| &nbsp;&nbsp; (0.32)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 34<br> %<br>| &nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp; 48<br> %<br>|
| Net assets, end of period (000s omitted) | $40910 | &nbsp;&nbsp; $43041 | &nbsp;&nbsp; $59319 | &nbsp;&nbsp; $839917 | &nbsp;&nbsp; $856050 | &nbsp;&nbsp; $1179098 |

---

&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 Premier Large Company Growth Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Administrator Class | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$13.15** | &nbsp;&nbsp; **$11.81** | &nbsp;&nbsp; **$13.02** | &nbsp;&nbsp; **$11.96** | &nbsp;&nbsp; **$19.82** | &nbsp;&nbsp; **$16.47** |
| Net investment loss | (0.04 )<sup>1</sup><br>| &nbsp;&nbsp; (0.07 )<sup>1</sup><br>| &nbsp;&nbsp; (0.07 )<sup>1</sup><br>| &nbsp;&nbsp; (0.06 )<sup>1</sup><br>| &nbsp;&nbsp; (0.11 )<sup>1</sup><br>| &nbsp;&nbsp; (0.12 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.03)<br>| 3.60 | 2.61 | 1.12 | &nbsp;&nbsp; (3.66)<br>| 5.50 |
| Total from investment operations | (0.07)<br>| 3.53 | 2.54 | 1.06 | &nbsp;&nbsp; (3.77)<br>| 5.38 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (3.05)<br>| &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp; (3.75)<br>| 0.00 | &nbsp;&nbsp; (4.09)<br>| &nbsp;&nbsp; (2.03)<br>|
| **Net asset value, end of period** | **$10.03** | &nbsp;&nbsp; **$13.15** | &nbsp;&nbsp; **$11.81** | &nbsp;&nbsp; **$13.02** | &nbsp;&nbsp; **$11.96** | &nbsp;&nbsp; **$19.82** |
| **Total return**<sup>2</sup> <br>| **(0.74)%**<br>| **31.75%**<br>| **26.83%**<br>| **8.86%**<br>| &nbsp;&nbsp; **(23.96)%**<br>| **35.02%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.08<br> %<br>| 1.08<br> %<br>| 1.08<br> %<br>| 1.06<br> %<br>| 1.04<br> %<br>| 1.05<br> %<br>|
| Net expenses | 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Net investment loss | (0.65)%<br>| &nbsp;&nbsp; (0.60)%<br>| &nbsp;&nbsp; (0.66)%<br>| &nbsp;&nbsp; (0.52)%<br>| &nbsp;&nbsp; (0.68)%<br>| &nbsp;&nbsp; (0.67)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 34<br> %<br>| &nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp; 48<br> %<br>|
| Net assets, end of period (000s omitted) | $22700 | &nbsp;&nbsp; $25186 | &nbsp;&nbsp; $21898 | &nbsp;&nbsp; $20383 | &nbsp;&nbsp; $22546 | &nbsp;&nbsp; $65665 |

---

&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 Premier Large Company Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Institutional Class | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$14.91** | &nbsp;&nbsp; **$13.11** | &nbsp;&nbsp; **$14.01** | &nbsp;&nbsp; **$12.83** | &nbsp;&nbsp; **$20.90** | &nbsp;&nbsp; **$17.22** |
| Net investment loss | (0.03 )<sup>1</sup><br>| &nbsp;&nbsp; (0.04 )<sup>1</sup><br>| &nbsp;&nbsp; (0.04 )<sup>1</sup><br>| &nbsp;&nbsp; (0.03 )<sup>1</sup><br>| &nbsp;&nbsp; (0.06 )<sup>1</sup><br>| &nbsp;&nbsp; (0.07 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.03)<br>| 4.03 | 2.89 | 1.21 | &nbsp;&nbsp; (3.92)<br>| 5.78 |
| Total from investment operations | (0.06)<br>| 3.99 | 2.85 | 1.18 | &nbsp;&nbsp; (3.98)<br>| 5.71 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | (3.05)<br>| &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp; (3.75)<br>| 0.00 | &nbsp;&nbsp; (4.09)<br>| &nbsp;&nbsp; (2.03)<br>|
| **Net asset value, end of period** | **$11.80** | &nbsp;&nbsp; **$14.91** | &nbsp;&nbsp; **$13.11** | &nbsp;&nbsp; **$14.01** | &nbsp;&nbsp; **$12.83** | &nbsp;&nbsp; **$20.90** |
| **Total return**<sup>2</sup> <br>| **(0.57)%**<br>| **32.15%**<br>| **27.24%**<br>| **9.20%**<br>| &nbsp;&nbsp; **(23.70)%**<br>| **35.43%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.83<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>|
| Net expenses | 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>|
| Net investment loss | (0.35)%<br>| &nbsp;&nbsp; (0.30)%<br>| &nbsp;&nbsp; (0.36)%<br>| &nbsp;&nbsp; (0.21)%<br>| &nbsp;&nbsp; (0.35)%<br>| &nbsp;&nbsp; (0.37)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 34<br> %<br>| &nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp; 48<br> %<br>|
| Net assets, end of period (000s omitted) | $180946 | &nbsp;&nbsp; $210567 | &nbsp;&nbsp; $206024 | &nbsp;&nbsp; $266914 | &nbsp;&nbsp; $409806 | &nbsp;&nbsp; $677437 |

---

&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 Premier Large Company Growth Fund \| 13

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

Effective at the close of business on November 14, 2025, Class C shares became Class A shares in a tax-free conversion. Shareholders of Class C received Class A shares at a value equal to the value of their Class C shares immediately prior to the conversion. Class C shares are no longer offered by the Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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.

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

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

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.

14 \| Allspring Premier Large Company Growth Fund

------

Notes to financial statements (unaudited)

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 January 31, 2026, the aggregate cost of all investments for federal income tax purposes was $822,409,888 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $540008934 |
| Gross unrealized losses | &nbsp;&nbsp; (22162987)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$517845947** |

---

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 January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $162302232 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $162302232 |
| *Consumer discretionary* | &nbsp;&nbsp; 190685594 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 190685594 |
| *Consumer staples* | &nbsp;&nbsp; 21360373 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 21360373 |
| *Financials* | &nbsp;&nbsp; 43710728 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 43710728 |
| *Health care* | &nbsp;&nbsp; 165851191 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 165851191 |
| *Industrials* | &nbsp;&nbsp; 192415744 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 192415744 |
| *Information technology* | &nbsp;&nbsp; 525866909 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 525866909 |
| *Materials* | &nbsp;&nbsp; 17064661 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 17064661 |
| *Utilities* | &nbsp;&nbsp; 12859762 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12859762 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 8138641 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8138641 |
| **Total assets** | &nbsp;&nbsp; **$1340255835** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1340255835** |

---

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

At January 31, 2026, the Fund did not have any transfers into/out of Level 3.

Allspring Premier Large Company Growth Fund \| 15

------

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 $500 million | 0.700<br> %<br>|
| Next $500 million | 0.675 |
| Next $1 billion | 0.650 |
| Next $2 billion | 0.625 |
| Next $1 billion | 0.600 |
| Next $3 billion | 0.590 |
| Next $2 billion | 0.565 |
| Next $2 billion | 0.555 |
| Next $4 billion | 0.530 |
| Over $16 billion | 0.505 |

---

For the six months ended January 31, 2026, the management fee was equivalent to an annual rate of 0.68% of the Fund's average daily net assets.

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

Administration fees

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through November 30, 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 January 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.10<br> %<br>|
| Class R6 | 0.65 |
| Administrator Class | 1.00 |
| Institutional Class | 0.70 |

---

16 \| Allspring Premier Large Company Growth 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 January 31, 2026, Allspring Funds Distributor received $4,616 from the sale of Class A shares and $79 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended January 31, 2026.

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 January 31, 2026.

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 January 31, 2026 were $484,615,794 and $596,030,953, 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 January 31, 2026, 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 information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

8. INDEMNIFICATION

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

9. OPERATING SEGMENTS

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

Allspring Premier Large Company Growth Fund \| 17

------

Notes to financial statements (unaudited)

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

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no material impact of the ASU on the Fund's financial statements.

18 \| Allspring Premier Large Company Growth Fund

------

Other information (unaudited)

Other information

Proxy voting information

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

Quarterly portfolio holdings information

The Fund 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 Premier Large Company Growth Fund \| 19

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

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

Not applicable

20 \| Allspring Premier Large Company Growth Fund

------

![](g17494imgf5fb175d1.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**

![](g17494imgbadf698a2.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.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS4325 01-26**

------

![](g17494img97bdb8b41.jpg)

Allspring Special Large Cap Value Fund

Long Form Financial Statements

Semi-Annual Report

January 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_ca4dd86a-37cc-4156-a2f4-ff31c44be7f3_POI-PageBlank-17_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_ca4dd86a-37cc-4156-a2f4-ff31c44be7f3_FS-PageBlank-17_1)** |  |
| [Statement of assets and liabilities](#xx_ca4dd86a-37cc-4156-a2f4-ff31c44be7f3_FS-PageBlank-17_1) | 6 |
| [Statement of operations](#xx_ca4dd86a-37cc-4156-a2f4-ff31c44be7f3_FS-PageBlank-17_2) | 7 |
| [Statement of changes in net assets](#xx_ca4dd86a-37cc-4156-a2f4-ff31c44be7f3_FS-PageBlank-17_3) | 8 |
| [Financial highlights](#xx_ca4dd86a-37cc-4156-a2f4-ff31c44be7f3_FIHI-PageBlank-17_1) | 10 |
| **[Notes to financial statements](#xx_ca4dd86a-37cc-4156-a2f4-ff31c44be7f3_NTF-PageBlank-17_1)** | 14 |
| **[Other information](#xx_ca4dd86a-37cc-4156-a2f4-ff31c44be7f3_OI-PageBlank-17_1)** | 19 |
| [Item 8. Changes in and disagreements with accountants](#xx_ca4dd86a-37cc-4156-a2f4-ff31c44be7f3_OI-PageBlank-17_2) | 20 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_ca4dd86a-37cc-4156-a2f4-ff31c44be7f3_OI-PageBlank-17_2) | 20 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_ca4dd86a-37cc-4156-a2f4-ff31c44be7f3_OI-PageBlank-17_2) | 20 |
| [Item 11. Statement regarding basis for board](#xx_ca4dd86a-37cc-4156-a2f4-ff31c44be7f3_OI-PageBlank-17_2)['](#xx_ca4dd86a-37cc-4156-a2f4-ff31c44be7f3_OI-PageBlank-17_2)[s approval of investment](#xx_ca4dd86a-37cc-4156-a2f4-ff31c44be7f3_OI-PageBlank-17_2)<br> [advisory contract](#xx_ca4dd86a-37cc-4156-a2f4-ff31c44be7f3_OI-PageBlank-17_2)<br>| 20 |

---

Allspring Special Large Cap Value Fund \| 1

------

Portfolio of investments—January 31, 2026 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 99.44%** |  |  |
| **Communication services: 5.55%** |  |  |
| **Interactive media & services: 5.55%** |  |  |
| Alphabet, Inc. Class C | 341356 | &nbsp;&nbsp; **$115559247** |
| **Consumer discretionary: 9.71%** |  |  |
| **Automobiles: 1.99%** |  |  |
| General Motors Co. | 491820 | &nbsp;&nbsp; **41312880** |
| **Broadline retail: 3.36%** |  |  |
| Amazon.com, Inc.† | 292250 | &nbsp;&nbsp; **69935425** |
| **Specialty retail: 2.94%** |  |  |
| Home Depot, Inc. | 163264 | &nbsp;&nbsp; **61157062** |
| **Textiles, apparel & luxury goods: 1.42%** |  |  |
| NIKE, Inc. Class B | 479728 | &nbsp;&nbsp; **29651987** |
| **Consumer staples: 7.17%** |  |  |
| **Consumer staples distribution & retail: 1.79%** |  |  |
| Walmart, Inc. | 312547 | &nbsp;&nbsp; **37236850** |
| **Food products: 2.63%** |  |  |
| Mondelez International, Inc. Class A | 935777 | &nbsp;&nbsp; **54714881** |
| **Personal care products: 2.75%** |  |  |
| Unilever PLC ADR | 836868 | &nbsp;&nbsp; **57208296** |
| **Energy: 6.25%** |  |  |
| **Energy equipment & services: 1.68%** |  |  |
| Baker Hughes Co. Class A | 625596 | &nbsp;&nbsp; **35058400** |
| **Oil, gas & consumable fuels: 4.57%** |  |  |
| ConocoPhillips | 303021 | &nbsp;&nbsp; 31583879 |
| Exxon Mobil Corp. | 448668 | &nbsp;&nbsp; 63441655 |
|  |  | &nbsp;&nbsp; **95025534** |
| **Financials: 19.87%** |  |  |
| **Banks: 5.62%** |  |  |
| Bank of America Corp. | 1385632 | &nbsp;&nbsp; 73715622 |
| Citigroup, Inc. | 374419 | &nbsp;&nbsp; 43324023 |
|  |  | &nbsp;&nbsp; **117039645** |
| **Capital markets: 3.79%** |  |  |
| Intercontinental Exchange, Inc. | 454058 | &nbsp;&nbsp; **78906199** |
| **Consumer finance: 3.51%** |  |  |
| Capital One Financial Corp. | 333743 | &nbsp;&nbsp; **73066355** |
| **Financial services: 5.71%** |  |  |
| Berkshire Hathaway, Inc. Class B† | 136534 | &nbsp;&nbsp; 65608683 |

---

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

2 \| Allspring Special Large Cap Value Fund

------

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financial services**(continued) |  |  |
| Rocket Cos., Inc. Class A | 824504 | &nbsp;&nbsp; $14783357 |
| Visa, Inc. Class A | 119276 | &nbsp;&nbsp; 38386595 |
|  |  | &nbsp;&nbsp; **118778635** |
| **Insurance: 1.24%** |  |  |
| Chubb Ltd. | 83111 | &nbsp;&nbsp; **25727841** |
| **Health care: 13.83%** |  |  |
| **Biotechnology: 1.32%** |  |  |
| Vertex Pharmaceuticals, Inc.† | 58769 | &nbsp;&nbsp; **27615553** |
| **Health care equipment & supplies: 2.05%** |  |  |
| Medtronic PLC | 413834 | &nbsp;&nbsp; **42608349** |
| **Health care providers & services: 4.98%** |  |  |
| Cigna Group | 152972 | &nbsp;&nbsp; 41931155 |
| Labcorp Holdings, Inc. | 227212 | &nbsp;&nbsp; 61692602 |
|  |  | &nbsp;&nbsp; **103623757** |
| **Life sciences tools & services: 2.85%** |  |  |
| Danaher Corp. | 270879 | &nbsp;&nbsp; **59292704** |
| **Pharmaceuticals: 2.63%** |  |  |
| Johnson & Johnson | 241150 | &nbsp;&nbsp; **54801338** |
| **Industrials: 13.62%** |  |  |
| **Aerospace & defense: 1.41%** |  |  |
| RTX Corp. | 146513 | &nbsp;&nbsp; **29438857** |
| **Building products: 1.05%** |  |  |
| Owens Corning | 181645 | &nbsp;&nbsp; **21768337** |
| **Electrical equipment: 1.70%** |  |  |
| Eaton Corp. PLC | 100994 | &nbsp;&nbsp; **35491312** |
| **Ground transportation: 5.10%** |  |  |
| Canadian Pacific Kansas City Ltd. | 964853 | &nbsp;&nbsp; 71727172 |
| Union Pacific Corp. | 146373 | &nbsp;&nbsp; 34412292 |
|  |  | &nbsp;&nbsp; **106139464** |
| **Industrial conglomerates: 2.86%** |  |  |
| Honeywell International, Inc. | 261848 | &nbsp;&nbsp; **59575657** |
| **Trading companies & distributors: 1.50%** |  |  |
| AerCap Holdings NV | 217014 | &nbsp;&nbsp; **31176231** |
| **Information technology: 11.31%** |  |  |
| **IT services: 2.79%** |  |  |
| Accenture PLC Class A | 162577 | &nbsp;&nbsp; 42861800 |
| International Business Machines Corp. | 49699 | &nbsp;&nbsp; 15242684 |
|  |  | &nbsp;&nbsp; **58104484** |

---

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

Allspring Special Large Cap Value Fund \| 3

------

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Semiconductors & semiconductor equipment: 4.24%** |  |  |
| NXP Semiconductors NV | 159106 | &nbsp;&nbsp; $35980231 |
| Qnity Electronics, Inc. | 227725 | &nbsp;&nbsp; 21902590 |
| Teradyne, Inc. | 125858 | &nbsp;&nbsp; 30338071 |
|  |  | &nbsp;&nbsp; **88220892** |
| **Software: 4.28%** |  |  |
| Cadence Design Systems, Inc.† | 149881 | &nbsp;&nbsp; 44418733 |
| Microsoft Corp. | 104072 | &nbsp;&nbsp; 44781141 |
|  |  | &nbsp;&nbsp; **89199874** |
| **Materials: 5.64%** |  |  |
| **Chemicals: 1.42%** |  |  |
| Sherwin-Williams Co. | 83533 | &nbsp;&nbsp; **29624143** |
| **Construction materials: 4.22%** |  |  |
| Amrize Ltd.† | 1050697 | &nbsp;&nbsp; 55287676 |
| Vulcan Materials Co. | 107946 | &nbsp;&nbsp; 32442091 |
|  |  | &nbsp;&nbsp; **87729767** |
| **Real estate: 2.53%** |  |  |
| **Industrial REITs: 1.62%** |  |  |
| Prologis, Inc. | 257827 | &nbsp;&nbsp; **33661893** |
| **Real estate management & development: 0.91%** |  |  |
| CBRE Group, Inc. Class A† | 111082 | &nbsp;&nbsp; **18920597** |
| **Utilities: 3.96%** |  |  |
| **Electric utilities: 3.96%** |  |  |
| NextEra Energy, Inc. | 937657 | &nbsp;&nbsp; **82420050** |
| **Total common stocks (Cost $1,592,583,630)** |  | &nbsp;&nbsp; **2069792496** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 0.73%** |  |  |  |  |
| **Investment companies: 0.73%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.63<br> %<br>| 15257908 | &nbsp;&nbsp; **15257908** |
| **Total short-term investments (Cost $15,257,908)** |  |  |  | &nbsp;&nbsp; **15257908** |
| **Total investments in securities (Cost $1,607,841,538)** | 100.17<br> %<br>|  |  | &nbsp;&nbsp; 2085050404 |
| Other assets and liabilities, net | (0.17)<br>|  |  | &nbsp;&nbsp; (3594309)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$2081456095** |

---

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

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

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

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

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

4 \| Allspring Special Large Cap Value Fund

------

Portfolio of investments—January 31, 2026 (unaudited)

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund <br> Select Class<br>| $33285965 | $301937063 | $(319965120)<br>| $0 | $0 | $15257908 | 15257908 | $620355 |

---

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

Allspring Special Large Cap Value Fund \| 5

------

Statement of assets and liabilities—January 31, 2026 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $1,592,583,630) | $2069792496 |
| Investments in affiliated securities, at value (cost $15,257,908) | 15257908 |
| Cash | 426 |
| Receivable for Fund shares sold | 1325965 |
| Receivable for investments sold | 1227867 |
| Receivable for dividends | 408193 |
| Prepaid expenses and other assets | 135880 |
| **Total assets** | **2088148735** |
| Liabilities |  |
| Payable for Fund shares redeemed | 4317186 |
| Payable for investments purchased | 1208826 |
| Management fee payable | 658809 |
| Administration fees payable | 241514 |
| Shareholder servicing fees payable | 233072 |
| Distribution fee payable | 64 |
| Accrued expenses and other liabilities | 33169 |
| **Total liabilities** | **6692640** |
| **Total net assets**  | **$2081456095** |
| Net assets consist of |  |
| Paid-in capital | $1522571124 |
| Total distributable earnings | 558884971 |
| **Total net assets** | **$2081456095** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $527654253 |
| Shares outstanding–Class A<sup>1</sup> <br>| 35361562 |
| Net asset value per share–Class A | $14.92 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $15.83 |
| Net assets–Class R6 | $411672398 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 28408835 |
| Net asset value per share–Class R6 | $14.49 |
| Net assets–Administrator Class | $552837430 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 34008297 |
| Net asset value per share–Administrator Class | $16.26 |
| Net assets–Institutional Class | $589292014 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 39066100 |
| Net asset value per share–Institutional Class | $15.08 |

---

<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.

6 \| Allspring Special Large Cap Value Fund

------

Statement of operations—six months ended January 31, 2026 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $110,941) | $15637192 |
| Income from affiliated securities | 620355 |
| **Total investment income** | **16257547** |
| Expenses |  |
| Management fee | 4125425 |
| Administration fees |  |
| Class A | 521116 |
| Class C | 1655 <br><sup>1</sup><br>|
| Class R6 | 61253 |
| Administrator Class | 353637 |
| Institutional Class | 427345 |
| Shareholder servicing fees |  |
| Class A | 638474 |
| Class C | 2053 <br><sup>1</sup><br>|
| Administrator Class | 676000 |
| Distribution fee |  |
| Class C | 6150 <br><sup>1</sup><br>|
| Custody and accounting fees | 37107 |
| Professional fees | 23841 |
| Registration fees | 81353 |
| Shareholder report expenses | 49836 |
| Trustees' fees and expenses | 9381 |
| Other fees and expenses | 24527 |
| **Total expenses** | **7039153** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (327932)<br>|
| Class A | (32709)<br>|
| Class R6 | (16560)<br>|
| Administrator Class | (139190)<br>|
| Institutional Class | (26710)<br>|
| **Net expenses** | **6496052** |
| **Net investment income** | **9761495** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | 134032859 |
| Foreign currency and foreign currency translations | (680)<br>|
| **Net realized gains on investments**  | **134032179** |
| **Net change in unrealized gains (losses) on investments** | **80162635** |
| **Net realized and unrealized gains (losses) on investments** | **214194814** |
| **Net increase in net assets resulting from operations** | **$223956309** |

---

<sup>1</sup> For the period from August 1, 2025 to November 14, 2025. Effective at the close of business on November 14, 2025, Class C shares were converted to Class A shares and are no longer offered by the Fund.

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

Allspring Special Large Cap Value Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> January 31, 2026<br> (unaudited) | Six months ended<br> January 31, 2026<br> (unaudited) | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $9761495 |  | &nbsp;&nbsp; $15607504 |
| Net realized gains on investments |  | &nbsp;&nbsp; 134032179 |  | &nbsp;&nbsp; 123891352 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 80162635 |  | &nbsp;&nbsp; 6885509 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **223956309** |  | &nbsp;&nbsp; **146384365** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (34653716)<br>|  | &nbsp;&nbsp; (22506814)<br>|
| Class C |  | &nbsp;&nbsp; 0 <br><sup>1</sup><br>|  | &nbsp;&nbsp; (126698)<br>|
| Class R6 |  | &nbsp;&nbsp; (29335901)<br>|  | &nbsp;&nbsp; (3828103)<br>|
| Administrator Class |  | &nbsp;&nbsp; (33727787)<br>|  | &nbsp;&nbsp; (38712825)<br>|
| Institutional Class |  | &nbsp;&nbsp; (49507247)<br>|  | &nbsp;&nbsp; (41699399)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(147224651)**<br>|  | &nbsp;&nbsp; **(106873839)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 181054 | &nbsp;&nbsp; 2681234 | &nbsp;&nbsp; 398397 | &nbsp;&nbsp; 5554919 |
| Class C | 23298 <br><sup>1</sup><br>| &nbsp;&nbsp; 326908 <br><sup>1</sup><br>| &nbsp;&nbsp; 85994 | &nbsp;&nbsp; 1182927 |
| Class R6 | 1055722 | &nbsp;&nbsp; 15305526 | &nbsp;&nbsp; 28473251 | &nbsp;&nbsp; 377549616 |
| Administrator Class | 78522 | &nbsp;&nbsp; 1262928 | &nbsp;&nbsp; 143466 | &nbsp;&nbsp; 2181966 |
| Institutional Class | 10143477 | &nbsp;&nbsp; 154188399 | &nbsp;&nbsp; 10176219 | &nbsp;&nbsp; 144370992 |
|  |  | &nbsp;&nbsp; 173764995 |  | &nbsp;&nbsp; 530840420 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 2291832 | &nbsp;&nbsp; 33493250 | &nbsp;&nbsp; 1573343 | &nbsp;&nbsp; 21531034 |
| Class C | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 9620 | &nbsp;&nbsp; 126698 |
| Class R6 | 2061235 | &nbsp;&nbsp; 29335901 | &nbsp;&nbsp; 286906 | &nbsp;&nbsp; 3828103 |
| Administrator Class | 2030220 | &nbsp;&nbsp; 32320582 | &nbsp;&nbsp; 2489707 | &nbsp;&nbsp; 36888080 |
| Institutional Class | 3343722 | &nbsp;&nbsp; 49487677 | &nbsp;&nbsp; 3010636 | &nbsp;&nbsp; 41668312 |
|  |  | &nbsp;&nbsp; 144637410 |  | &nbsp;&nbsp; 104042227 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (2292670)<br>| &nbsp;&nbsp; (34043304)<br>| &nbsp;&nbsp; (2191043)<br>| &nbsp;&nbsp; (30721034)<br>|
| Class C | (28439 )<sup>1</sup><br>| &nbsp;&nbsp; (404485 )<sup>1</sup><br>| &nbsp;&nbsp; (50265)<br>| &nbsp;&nbsp; (672197)<br>|
| Class R6 | (2675457)<br>| &nbsp;&nbsp; (38702472)<br>| &nbsp;&nbsp; (4103574)<br>| &nbsp;&nbsp; (56790724)<br>|
| Administrator Class | (1553788)<br>| &nbsp;&nbsp; (25070979)<br>| &nbsp;&nbsp; (2698188)<br>| &nbsp;&nbsp; (40525185)<br>|
| Institutional Class | (14508098)<br>| &nbsp;&nbsp; (217170033)<br>| &nbsp;&nbsp; (8898851)<br>| &nbsp;&nbsp; (126895331)<br>|
|  |  | &nbsp;&nbsp; (315391273)<br>|  | &nbsp;&nbsp; (255604471)<br>|
| Net asset value of shares issued in acquisition |  |  |  |  |
| Class A | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 15741458 | &nbsp;&nbsp; 230556265 |
| Class C | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 67096 | &nbsp;&nbsp; 944848 |
| Class R6 | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 131842 | &nbsp;&nbsp; 1882762 |
| Administrator Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 623197 | &nbsp;&nbsp; 9890801 |
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 689296 | &nbsp;&nbsp; 10213409 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 253488085 |

---

<sup>1</sup> For the period from August 1, 2025 to November 14, 2025

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

8 \| Allspring Special Large Cap Value Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended<br> January 31, 2026<br> (unaudited) | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Class A<br>176633 <br><sup>2</sup><br>| &nbsp;&nbsp; $2628184 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Class C<br>(184143 )<sup>2</sup><br>| &nbsp;&nbsp; (2628184 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net increase in net assets resulting from capital share transactions** | &nbsp;&nbsp; **3011132** |  | &nbsp;&nbsp; **632766261** |
| **Total increase in net assets** | &nbsp;&nbsp; **79742790** |  | &nbsp;&nbsp; **672276787** |
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **2001713305** |  | &nbsp;&nbsp; **1329436518** |
| **End of period** | &nbsp;&nbsp; **$2081456095** |  | &nbsp;&nbsp; **$2001713305** |

---

<sup>2</sup> Effective at the close of business on November 14, 2025, Class C shares were converted to Class A shares and are no longer offered by the Fund.

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

Allspring Special Large Cap Value Fund \| 9

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Class A | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$14.37** | &nbsp;&nbsp; **$14.21** | &nbsp;&nbsp; **$12.18** | &nbsp;&nbsp; **$11.66** | &nbsp;&nbsp; **$14.98** | &nbsp;&nbsp; **$11.35** |
| Net investment income | 0.05 <br><sup>1</sup><br>| 0.13 <br><sup>1</sup><br>| 0.10 <br><sup>1</sup><br>| 0.12 <br><sup>1</sup><br>| 0.06 | 0.11 |
| 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 | 1.52 | 1.22 | 2.27 | 1.44 | &nbsp;&nbsp; (0.59)<br>| 3.66 |
| Total from investment operations | 1.57 | 1.35 | 2.37 | 1.56 | &nbsp;&nbsp; (0.53)<br>| 3.77 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.12)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized gains | (0.90)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (2.70)<br>| 0.00 |
| Total distributions to shareholders | (1.02)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Net asset value, end of period** | **$14.92** | &nbsp;&nbsp; **$14.37** | &nbsp;&nbsp; **$14.21** | &nbsp;&nbsp; **$12.18** | &nbsp;&nbsp; **$11.66** | &nbsp;&nbsp; **$14.98** |
| **Total return**<sup>3</sup> <br>| **11.16%**<br>| **9.94%**<br>| **20.05%**<br>| **14.17%**<br>| &nbsp;&nbsp; **(5.29)%**<br>| **33.49%** <br><sup>4</sup><br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.85<br> %<br>| 1.10<br> %<br>| 1.16<br> %<br>| 1.17<br> %<br>| 1.17<br> %<br>| 1.18<br> %<br>|
| Net expenses | 0.81<br> %<br>| 0.84<br> %<br>| 1.05<br> %<br>| 1.09<br> %<br>| 1.09<br> %<br>| 1.09<br> %<br>|
| Net investment income | 0.71<br> %<br>| 0.91<br> %<br>| 0.80<br> %<br>| 1.02<br> %<br>| 0.52<br> %<br>| 0.77<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 34<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 46<br> %<br>|
| Net assets, end of period (000s omitted) | $527654 | &nbsp;&nbsp; $503144 | &nbsp;&nbsp; $276829 | &nbsp;&nbsp; $254988 | &nbsp;&nbsp; $249213 | &nbsp;&nbsp; $294248 |

---

&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 July 31, 2021, 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.

10 \| Allspring Special Large Cap Value Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Class R6 | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$14.02** | &nbsp;&nbsp; **$13.88** | &nbsp;&nbsp; **$11.90** | &nbsp;&nbsp; **$11.42** | &nbsp;&nbsp; **$14.73** | &nbsp;&nbsp; **$11.16** |
| Net investment income | 0.08 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.15 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.18 | 0.16 |
| Net realized and unrealized gains (losses) on investments | 1.48 | 1.22 | 2.22 | 1.41 | &nbsp;&nbsp; (0.64)<br>| 3.60 |
| Total from investment operations | 1.56 | 1.38 | 2.37 | 1.57 | &nbsp;&nbsp; (0.46)<br>| 3.76 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.19)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.19)<br>|
| Net realized gains | (0.90)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (2.70)<br>| 0.00 |
| Total distributions to shareholders | (1.09)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (2.85)<br>| &nbsp;&nbsp; (0.19)<br>|
| **Net asset value, end of period** | **$14.49** | &nbsp;&nbsp; **$14.02** | &nbsp;&nbsp; **$13.88** | &nbsp;&nbsp; **$11.90** | &nbsp;&nbsp; **$11.42** | &nbsp;&nbsp; **$14.73** |
| **Total return**<sup>2</sup> <br>| **11.32%**<br>| **10.51%**<br>| **20.60%**<br>| **14.61%**<br>| &nbsp;&nbsp; **(4.86)%**<br>| **34.05%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.44<br> %<br>| 0.59<br> %<br>| 0.74<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.76<br> %<br>|
| Net expenses | 0.40<br> %<br>| 0.41<br> %<br>| 0.62<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>|
| Net investment income | 1.12<br> %<br>| 1.20<br> %<br>| 1.23<br> %<br>| 1.47<br> %<br>| 0.97<br> %<br>| 1.22<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 34<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 46<br> %<br>|
| Net assets, end of period (000s omitted) | $411672 | &nbsp;&nbsp; $391967 | &nbsp;&nbsp; $44138 | &nbsp;&nbsp; $41991 | &nbsp;&nbsp; $42878 | &nbsp;&nbsp; $15313 |

---

&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 Large Cap Value Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Administrator Class | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$15.58** | &nbsp;&nbsp; **$15.30** | &nbsp;&nbsp; **$13.09** | &nbsp;&nbsp; **$12.47** | &nbsp;&nbsp; **$15.83** | &nbsp;&nbsp; **$11.99** |
| Net investment income | 0.07 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.13 <br><sup>1</sup><br>| 0.15 <br><sup>1</sup><br>| 0.09 | 0.13 |
| 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 | 1.65 | 1.32 | 2.45 | 1.54 | &nbsp;&nbsp; (0.63)<br>| 3.88 |
| Total from investment operations | 1.72 | 1.48 | 2.58 | 1.69 | &nbsp;&nbsp; (0.54)<br>| 4.01 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.14)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized gains | (0.90)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (2.70)<br>| 0.00 |
| Total distributions to shareholders | (1.04)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp; (0.17)<br>|
| **Net asset value, end of period** | **$16.26** | &nbsp;&nbsp; **$15.58** | &nbsp;&nbsp; **$15.30** | &nbsp;&nbsp; **$13.09** | &nbsp;&nbsp; **$12.47** | &nbsp;&nbsp; **$15.83** |
| **Total return**<sup>3</sup> <br>| **11.20%**<br>| **10.10%**<br>| **20.31%**<br>| **14.32%**<br>| &nbsp;&nbsp; **(5.07)%**<br>| **33.75%** <br><sup>4</sup><br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.79<br> %<br>| 1.04<br> %<br>| 1.09<br> %<br>| 1.10<br> %<br>| 1.09<br> %<br>| 1.11<br> %<br>|
| Net expenses | 0.71<br> %<br>| 0.73<br> %<br>| 0.91<br> %<br>| 0.92<br> %<br>| 0.92<br> %<br>| 0.92<br> %<br>|
| Net investment income | 0.81<br> %<br>| 1.03<br> %<br>| 0.95<br> %<br>| 1.20<br> %<br>| 0.70<br> %<br>| 0.94<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 34<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 46<br> %<br>|
| Net assets, end of period (000s omitted) | $552837 | &nbsp;&nbsp; $521055 | &nbsp;&nbsp; $503155 | &nbsp;&nbsp; $455987 | &nbsp;&nbsp; $436335 | &nbsp;&nbsp; $499628 |

---

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

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

<sup>2</sup> Amount is less than $0.005.

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

<sup>4</sup> During the year ended July 31, 2021, the Fund received a payment from an affiliate that had a 0.03% impact on the total return.

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

12 \| Allspring Special Large Cap Value Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>January 31, 2026 <br>(unaudited) | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Institutional Class | Six months ended <br>January 31, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$14.54** | &nbsp;&nbsp; **$14.36** | &nbsp;&nbsp; **$12.31** | &nbsp;&nbsp; **$11.77** | &nbsp;&nbsp; **$15.10** | &nbsp;&nbsp; **$11.44** |
| Net investment income | 0.08 <br><sup>1</sup><br>| 0.17 <br><sup>1</sup><br>| 0.14 <br><sup>1</sup><br>| 0.15 <br><sup>1</sup><br>| 0.12 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.53 | 1.24 | 2.30 | 1.48 | &nbsp;&nbsp; (0.61)<br>| 3.70 |
| Total from investment operations | 1.61 | 1.41 | 2.44 | 1.63 | &nbsp;&nbsp; (0.49)<br>| 3.86 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.17)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.20)<br>|
| Net realized gains | (0.90)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (2.70)<br>| 0.00 |
| Total distributions to shareholders | (1.07)<br>| &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (2.84)<br>| &nbsp;&nbsp; (0.20)<br>|
| **Net asset value, end of period** | **$15.08** | &nbsp;&nbsp; **$14.54** | &nbsp;&nbsp; **$14.36** | &nbsp;&nbsp; **$12.31** | &nbsp;&nbsp; **$11.77** | &nbsp;&nbsp; **$15.10** |
| **Total return**<sup>2</sup> <br>| **11.30%**<br>| **10.32%**<br>| **20.46%**<br>| **14.69%**<br>| &nbsp;&nbsp; **(4.96)%**<br>| **34.01%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.54<br> %<br>| 0.79<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.86<br> %<br>|
| Net expenses | 0.50<br> %<br>| 0.53<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>|
| Net investment income | 1.03<br> %<br>| 1.23<br> %<br>| 1.13<br> %<br>| 1.34<br> %<br>| 0.92<br> %<br>| 1.22<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 34<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 46<br> %<br>|
| Net assets, end of period (000s omitted) | $589292 | &nbsp;&nbsp; $582933 | &nbsp;&nbsp; $504262 | &nbsp;&nbsp; $321762 | &nbsp;&nbsp; $51492 | &nbsp;&nbsp; $62796 |

---

&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 Large Cap Value Fund \| 13

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

Effective at the close of business on November 14, 2025, Class C shares became Class A shares in a tax-free conversion. Shareholders of Class C received Class A shares at a value equal to the value of their Class C shares immediately prior to the conversion. Class C shares are no longer offered by the Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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

Distributions to shareholders

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

14 \| Allspring Special Large Cap Value Fund

------

Notes to financial statements (unaudited)

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 January 31, 2026, the aggregate cost of all investments for federal income tax purposes was $1,614,935,751 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $498129547 |
| Gross unrealized losses | &nbsp;&nbsp; (28014894)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$470114653** |

---

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 January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $115559247 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $115559247 |
| *Consumer discretionary* | &nbsp;&nbsp; 202057354 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 202057354 |
| *Consumer staples* | &nbsp;&nbsp; 149160027 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 149160027 |
| *Energy* | &nbsp;&nbsp; 130083934 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 130083934 |
| *Financials* | &nbsp;&nbsp; 413518675 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 413518675 |
| *Health care* | &nbsp;&nbsp; 287941701 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 287941701 |
| *Industrials* | &nbsp;&nbsp; 283589858 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 283589858 |
| *Information technology* | &nbsp;&nbsp; 235525250 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 235525250 |
| *Materials* | &nbsp;&nbsp; 117353910 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 117353910 |
| *Real estate* | &nbsp;&nbsp; 52582490 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 52582490 |
| *Utilities* | &nbsp;&nbsp; 82420050 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 82420050 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 15257908 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 15257908 |
| **Total assets** | &nbsp;&nbsp; **$2085050404** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$2085050404** |

---

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

Allspring Special Large Cap Value Fund \| 15

------

Notes to financial statements (unaudited)

At January 31, 2026, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $1 billion | 0.400<br> %<br>|
| Next $4 billion | 0.375 |
| Next $5 billion | 0.340 |
| Over $10 billion | 0.330 |

---

For the six months ended January 31, 2026, the management fee was equivalent to an annual rate of 0.39% of the Fund's average daily net assets.

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

Administration fees

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<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 November 30, 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 January 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.82<br> %<br>|
| Class R6 | 0.40 |
| Administrator Class | 0.75 |
| Institutional Class | 0.50 |

---

Distribution fee

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

16 \| Allspring Special Large Cap Value Fund

------

Notes to financial statements (unaudited)

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 January 31, 2026, Allspring Funds Distributor received $2,244 from the sale of Class A shares and $44 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 January 31, 2026.

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 January 31, 2026.

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 January 31, 2026 were $704,707,466 and $816,056,440, respectively.

6. ACQUISITION

After the close of business on July 25, 2025, the Fund acquired the net assets of Allspring Large Company Value Fund ("Large Company Value Fund"). The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Class A, Class C, Class R6, Administrator Class and Institutional Class shares of Large Company Value Fund received Class A, Class C, Class R6, Administrator Class and Institutional Class shares, respectively, of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Large Company Value Fund for 17,252,889 shares of the Fund valued at $253,488,085 at an exchange ratio of 0.91, 1.00, 0.94, 0.85 and 0.91 for Class A, Class C, Class R6, Administrator Class and Institutional Class shares, respectively. The investment portfolio of Large Company Value Fund with a fair value of $253,481,432, identified cost of $229,070,505 and unrealized gains (losses) of $24,410,867 at July 25, 2025 was the principal assets acquired by the Fund. The aggregate net assets of Large Company Value Fund and the Fund immediately prior to the acquisition were $253,488,085 and $1,787,972,107, respectively. The aggregate net assets of the Fund immediately after the acquisition were $2,041,460,192. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Large Company Value Fund was carried forward to align with ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed August 1, 2024, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the year ended July 31, 2025 would have been as follows:

---

| | |
|:---|:---|
| **Net investment income** | &nbsp;&nbsp; $18106328 |
| **Net realized and unrealized gains (losses) on investments** | &nbsp;&nbsp; 164592827 |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp; $182699155 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Large Company Value Fund that have been included in the Fund's Statement of operations since July 26, 2025.

7. BANK BORROWINGS

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

For the six months ended January 31, 2026, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

Under the Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts

Allspring Special Large Cap Value Fund \| 17

------

Notes to financial statements (unaudited)

indemnification rights currently existing under the Fund's organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

9. OPERATING SEGMENTS

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

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no material impact of the ASU on the Fund's financial statements.

18 \| Allspring Special Large Cap Value 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 Special Large Cap Value Fund \| 19

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

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

Not applicable

20 \| Allspring Special Large Cap Value Fund

------

![](g17494img97bdb8b41.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**

![](g17494img63ebbe1d2.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.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS4302 01-26**

------

<u>ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Changes in and Disagreements with Accountants for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Proxy Disclosures for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

------

<u>ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT</u> 

The registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</u> 

Not applicable.

<u>ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</u> 

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees that have been implemented since the registrant's last provided disclosure in response to the requirements of this Item.

<u>ITEM 16. CONTROLS AND PROCEDURES</u> 

(a) The President and Treasurer have concluded that the Allspring Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

<u>ITEM 17. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION</u> 

Not applicable.

------

<u>ITEM 19. EXHIBITS</u> 

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.](d17494dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.](d17494dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Allspring Funds Trust | Allspring Funds Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: March 26, 2026 | Date: March 26, 2026 |

---

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: March 26, 2026 | Date: March 26, 2026 |
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
| Date: March 26, 2026 | Date: March 26, 2026 |

---

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g17494g0327235058081.jpg)

**<u>CERTIFICATION</u>**

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Disciplined U.S. Core Fund, Allspring Growth Fund, Allspring Large Cap Core Fund, Allspring Large Cap Growth Fund, Allspring Premier Large Company Growth Fund, and Allspring Special Large Cap Value 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: March 26, 2026 |
| /s/ John Kenney |
| John Kenney |
| President (Principal Executive Officer) |
| Allspring Funds Trust |

---

------

![LOGO](g17494g0327235058081.jpg)

**<u>CERTIFICATION</u>**

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Disciplined U.S. Core Fund, Allspring Growth Fund, Allspring Large Cap Core Fund, Allspring Large Cap Growth Fund, Allspring Premier Large Company Growth Fund, and Allspring Special Large Cap Value 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: March 26, 2026 |
| /s/ Jeremy DePalma |
| Jeremy DePalma |
| Treasurer (Principal Financial Officer) |
| Allspring Funds Trust |

---

## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g17494g0327235058081.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 January 31, 2026 (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: March 26, 2026

---

| | |
|:---|:---|
| 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](g17494g0327235058081.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 January 31, 2026 (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: March 26, 2026

---

| | |
|:---|:---|
| 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.