# EDGAR Filing Document

**Accession Number:** 0001081400
**File Stem:** 0001193125-26-253082
**Filing Date:** 2026-6
**Character Count:** 671220
**Document Hash:** 96f047d0510241f5d405340ad57acfcb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-253082.hdr.sgml**: 20260602

**ACCESSION NUMBER**: 0001193125-26-253082

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 58

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260602

**DATE AS OF CHANGE**: 20260602

**EFFECTIVENESS DATE**: 20260602

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09253
- **FILM NUMBER:** 261054761

**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 Index Fund (Series ID: S000007249)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019879 | Administrator Class | WFIOX           |
| C000064960 | Class A             | WFILX           |
| C000089269 | Class C             | WFINX           |

### Allspring Innovation Fund (Series ID: S000007340)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020148 | Class A             | WFSTX           |
| C000176622 | Institutional Class | WFTIX           |

### Allspring Disciplined Small Cap Fund (Series ID: S000007342)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000150665 | Institutional Class | WSCOX           |
| C000176623 | Class R6            | WSCJX           |
| C000205081 | Class A             | WDSAX           |

### Allspring Precious Metals Fund (Series ID: S000029099)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089457 | Class A             | EKWAX           |
| C000089459 | Class C             | EKWCX           |
| C000089460 | Institutional Class | EKWYX           |

### Allspring Utility and Telecommunications Fund (Series ID: S000029100)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089461 | Class A             | EVUAX           |
| C000089464 | Institutional Class | EVUYX           |

### Allspring Special Small Cap Value Fund (Series ID: S000029108)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089488 | Class A             | ESPAX           |
| C000089491 | Administrator Class | ESPIX           |
| C000092810 | Institutional Class | ESPNX           |
| C000150670 | Class R6            | ESPRX           |

### Allspring Managed Account CoreBuilder Shares Series EPI (Series ID: S000080418)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000242810 | CoreBuilder Shares Series EPI | AEPIX           |

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

![LOGO](g100573g0529044430957.jpg)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

## Allspring Funds Trust

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

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

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

#### Matthew Prasse

#### Allspring Funds Management, LLC

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

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

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

#### Date of fiscal year end: March 31
**Registrant is making a filing for 7 of its series:** Allspring Disciplined Small Cap Fund, Allspring Index Fund, Allspring Innovation Fund, Allspring Managed Account CoreBuilder<sup>®</sup> Shares – Series EPI, Allspring Precious Metals Fund, Allspring Special Small Cap Value Fund and Allspring Utility and Telecommunications Fund.

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

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u>![Image](g100573g17g93.jpg)

Annual Shareholder Report

# Innovation Fund

# March 31, 2026

# Class A

# WFSTX
This annual shareholder report contains important information about Innovation Fund for the period from April 1, 2025 to March 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $118 | 1.19% |

---

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

## How did the Fund perform last year and what affected its performance?
The Fund underperformed its benchmark, the S&P 500 Index, for the period. The 12-month period that ended on March 31, 2026, was a strong but volatile one for U.S. equities. Despite aggressive shifts in government policies, economic growth remained positive though slowing, inflation eased, and consumer strength persisted. Additionally, a super cycle of artificial intelligence (AI)-related investments continued and the race for computing power drove historically high index concentration. This sparked an intense focus on AI capital commitments, prompting concerns about future monetization and a potential bubble. With the outbreak of the Iran war, the period ended with elevated geopolitical risk and volatile shifts in market leadership.

The lack of exposure to mega-cap companies, including NVIDIA Corp., Alphabet, Inc., and Broadcom, Inc., materially detracted from relative returns. Within IT, fears that AI could disrupt business models led to selloffs in Tyler Technologies, Oracle Corp., and Commvault Systems, Inc. (This security was no longer held at the end of the reporting period.). Meanwhile, select semiconductor stocks such as Monolithic Power Systems, Inc. and Taiwan Semiconductor Manufacturing Co. Ltd., and financials including Robinhood Markets contributed.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g100573g65t36.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with Load** | **S&P 500 Index** |
| **3/31/2016** | $9428 | $10000 |
| **4/30/2016** | $9147 | $10039 |
| **5/31/2016** | $9608 | $10219 |
| **6/30/2016** | $9418 | $10246 |
| **7/31/2016** | $10040 | $10623 |
| **8/31/2016** | $10231 | $10638 |
| **9/30/2016** | $10482 | $10640 |
| **10/31/2016** | $10321 | $10446 |
| **11/30/2016** | $10201 | $10833 |
| **12/31/2016** | $10201 | $11047 |
| **1/31/2017** | $10839 | $11257 |
| **2/28/2017** | $11307 | $11704 |
| **3/31/2017** | $11648 | $11717 |
| **4/30/2017** | $12009 | $11838 |
| **5/31/2017** | $12743 | $12004 |
| **6/30/2017** | $12435 | $12079 |
| **7/31/2017** | $13030 | $12327 |
| **8/31/2017** | $13456 | $12365 |
| **9/30/2017** | $13658 | $12620 |
| **10/31/2017** | $14722 | $12915 |
| **11/30/2017** | $14796 | $13311 |
| **12/31/2017** | $14587 | $13459 |
| **1/31/2018** | $16259 | $14229 |
| **2/28/2018** | $16339 | $13705 |
| **3/31/2018** | $16122 | $13357 |
| **4/30/2018** | $16190 | $13408 |
| **5/31/2018** | $17278 | $13731 |
| **6/30/2018** | $17152 | $13815 |
| **7/31/2018** | $17244 | $14329 |
| **8/31/2018** | $19225 | $14796 |
| **9/30/2018** | $19167 | $14881 |
| **10/31/2018** | $16786 | $13864 |
| **11/30/2018** | $16751 | $14146 |
| **12/31/2018** | $15637 | $12869 |
| **1/31/2019** | $17445 | $13900 |
| **2/28/2019** | $18406 | $14346 |
| **3/31/2019** | $18830 | $14625 |
| **4/30/2019** | $20002 | $15217 |
| **5/31/2019** | $18420 | $14250 |
| **6/30/2019** | $19536 | $15255 |
| **7/31/2019** | $20143 | $15474 |
| **8/31/2019** | $19423 | $15229 |
| **9/30/2019** | $18293 | $15514 |
| **10/31/2019** | $18688 | $15850 |
| **11/30/2019** | $20073 | $16425 |
| **12/31/2019** | $20229 | $16921 |
| **1/31/2020** | $21705 | $16914 |
| **2/29/2020** | $20798 | $15522 |
| **3/31/2020** | $18583 | $13605 |
| **4/30/2020** | $21090 | $15349 |
| **5/31/2020** | $23720 | $16080 |
| **6/30/2020** | $25182 | $16399 |
| **7/31/2020** | $27443 | $17324 |
| **8/31/2020** | $29535 | $18569 |
| **9/30/2020** | $28443 | $17864 |
| **10/31/2020** | $28043 | $17389 |
| **11/30/2020** | $31581 | $19292 |
| **12/31/2020** | $33798 | $20034 |
| **1/31/2021** | $33816 | $19832 |
| **2/28/2021** | $34991 | $20378 |
| **3/31/2021** | $33015 | $21271 |
| **4/30/2021** | $34955 | $22406 |
| **5/31/2021** | $34012 | $22563 |
| **6/30/2021** | $35827 | $23089 |
| **7/31/2021** | $36058 | $23638 |
| **8/31/2021** | $37696 | $24357 |
| **9/30/2021** | $36130 | $23224 |
| **10/31/2021** | $39031 | $24851 |
| **11/30/2021** | $38817 | $24679 |
| **12/31/2021** | $38313 | $25785 |
| **1/31/2022** | $33705 | $24450 |
| **2/28/2022** | $33040 | $23718 |
| **3/31/2022** | $33430 | $24599 |
| **4/30/2022** | $28661 | $22454 |
| **5/31/2022** | $27056 | $22495 |
| **6/30/2022** | $24625 | $20638 |
| **7/31/2022** | $27950 | $22541 |
| **8/31/2022** | $26895 | $21622 |
| **9/30/2022** | $23869 | $19631 |
| **10/31/2022** | $24900 | $21220 |
| **11/30/2022** | $25382 | $22406 |
| **12/31/2022** | $23544 | $21115 |
| **1/31/2023** | $25420 | $22442 |
| **2/28/2023** | $24834 | $21894 |
| **3/31/2023** | $26270 | $22698 |
| **4/30/2023** | $26241 | $23052 |
| **5/31/2023** | $27297 | $23152 |
| **6/30/2023** | $28645 | $24682 |
| **7/31/2023** | $29026 | $25475 |
| **8/31/2023** | $28440 | $25069 |
| **9/30/2023** | $27062 | $23874 |
| **10/31/2023** | $26388 | $23372 |
| **11/30/2023** | $29994 | $25507 |
| **12/31/2023** | $31724 | $26665 |
| **1/31/2024** | $32164 | $27114 |
| **2/29/2024** | $33571 | $28561 |
| **3/31/2024** | $33952 | $29480 |
| **4/30/2024** | $31783 | $28276 |
| **5/31/2024** | $32545 | $29678 |
| **6/30/2024** | $33923 | $30743 |
| **7/31/2024** | $33776 | $31117 |
| **8/31/2024** | $35799 | $31872 |
| **9/30/2024** | $36620 | $32553 |
| **10/31/2024** | $36180 | $32258 |
| **11/30/2024** | $39406 | $34151 |
| **12/31/2024** | $36914 | $33337 |
| **1/31/2025** | $38686 | $34265 |
| **2/28/2025** | $37009 | $33818 |
| **3/31/2025** | $34982 | $31913 |
| **4/30/2025** | $36154 | $31696 |
| **5/31/2025** | $38243 | $33692 |
| **6/30/2025** | $40016 | $35405 |
| **7/31/2025** | $39573 | $36199 |
| **8/31/2025** | $38845 | $36933 |
| **9/30/2025** | $40238 | $38281 |
| **10/31/2025** | $40238 | $39178 |
| **11/30/2025** | $38212 | $39274 |
| **12/31/2025** | $37763 | $39298 |
| **1/31/2026** | $36614 | $39868 |
| **2/28/2026** | $37207 | $39565 |
| **3/31/2026** | $34613 | $37594 |

---

# Innovation Fund
Annual Shareholder Report \| March 31, 2026

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | (1.06) | 0.95 | 13.89 |
| Class A with Load | (6.71) | (0.24) | 13.22 |
| S&P 500 Index | 17.80 | 12.06 | 14.16 |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $321532999 |
| # of portfolio holdings | 52 |
| Portfolio turnover rate | 90% |
| Total advisory fees paid | $2818133 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 39.0 |
| Industrials | 20.5 |
| Health care | 13.9 |
| Consumer discretionary | 9.0 |
| Communication services | 8.7 |
| Financials | 5.7 |
| Consumer staples | 1.9 |
| Utilities | 1.3 |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 7.1 |
| KLA Corp. | 4.0 |
| Vertiv Holdings Co. Class A | 3.5 |
| UL Solutions, Inc. Class A | 3.1 |
| Live Nation Entertainment, Inc. | 3.0 |
| Carpenter Technology Corp. | 3.0 |
| Monolithic Power Systems, Inc. | 3.0 |
| Curtiss-Wright Corp. | 2.9 |
| MercadoLibre, Inc. | 2.9 |
| McKesson Corp. | 2.9 |

---

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

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

#### AR1600 03-26
![Image](g100573g17g93.jpg)

Annual Shareholder Report

# Innovation Fund

# March 31, 2026

# Institutional Class

# WFTIX
This annual shareholder report contains important information about Innovation Fund for the period from April 1, 2025 to March 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $90 | 0.90% |

---

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

## How did the Fund perform last year and what affected its performance?
The Fund underperformed its benchmark, the S&P 500 Index, for the period. The 12-month period that ended on March 31, 2026, was a strong but volatile one for U.S. equities. Despite aggressive shifts in government policies, economic growth remained positive though slowing, inflation eased, and consumer strength persisted. Additionally, a super cycle of artificial intelligence (AI)-related investments continued and the race for computing power drove historically high index concentration. This sparked an intense focus on AI capital commitments, prompting concerns about future monetization and a potential bubble. With the outbreak of the Iran war, the period ended with elevated geopolitical risk and volatile shifts in market leadership.

The lack of exposure to mega-cap companies, including NVIDIA Corp., Alphabet, Inc., and Broadcom, Inc., materially detracted from relative returns. Within IT, fears that AI could disrupt business models led to selloffs in Tyler Technologies, Oracle Corp., and Commvault Systems, Inc. (This security was no longer held at the end of the reporting period.). Meanwhile, select semiconductor stocks such as Monolithic Power Systems, Inc. and Taiwan Semiconductor Manufacturing Co. Ltd., and financials including Robinhood Markets contributed.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g100573g49h73.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** |
| **3/31/2016** | $10000 | $10000 |
| **4/30/2016** | $9695 | $10039 |
| **5/31/2016** | $10189 | $10219 |
| **6/30/2016** | $9989 | $10246 |
| **7/31/2016** | $10651 | $10623 |
| **8/31/2016** | $10851 | $10638 |
| **9/30/2016** | $11124 | $10640 |
| **10/31/2016** | $10945 | $10446 |
| **11/30/2016** | $10819 | $10833 |
| **12/31/2016** | $10831 | $11047 |
| **1/31/2017** | $11509 | $11257 |
| **2/28/2017** | $12009 | $11704 |
| **3/31/2017** | $12365 | $11717 |
| **4/30/2017** | $12755 | $11838 |
| **5/31/2017** | $13544 | $12004 |
| **6/30/2017** | $13222 | $12079 |
| **7/31/2017** | $13855 | $12327 |
| **8/31/2017** | $14300 | $12365 |
| **9/30/2017** | $14534 | $12620 |
| **10/31/2017** | $15668 | $12915 |
| **11/30/2017** | $15746 | $13311 |
| **12/31/2017** | $15527 | $13459 |
| **1/31/2018** | $17320 | $14229 |
| **2/28/2018** | $17404 | $13705 |
| **3/31/2018** | $17177 | $13357 |
| **4/30/2018** | $17261 | $13408 |
| **5/31/2018** | $18420 | $13731 |
| **6/30/2018** | $18289 | $13815 |
| **7/31/2018** | $18384 | $14329 |
| **8/31/2018** | $20512 | $14796 |
| **9/30/2018** | $20464 | $14881 |
| **10/31/2018** | $17918 | $13864 |
| **11/30/2018** | $17894 | $14146 |
| **12/31/2018** | $16708 | $12869 |
| **1/31/2019** | $18644 | $13900 |
| **2/28/2019** | $19686 | $14346 |
| **3/31/2019** | $20141 | $14625 |
| **4/30/2019** | $21402 | $15217 |
| **5/31/2019** | $19715 | $14250 |
| **6/30/2019** | $20918 | $15255 |
| **7/31/2019** | $21564 | $15474 |
| **8/31/2019** | $20801 | $15229 |
| **9/30/2019** | $19598 | $15514 |
| **10/31/2019** | $20023 | $15850 |
| **11/30/2019** | $21520 | $16425 |
| **12/31/2019** | $21682 | $16921 |
| **1/31/2020** | $23275 | $16914 |
| **2/29/2020** | $22304 | $15522 |
| **3/31/2020** | $19930 | $13605 |
| **4/30/2020** | $22638 | $15349 |
| **5/31/2020** | $25458 | $16080 |
| **6/30/2020** | $27035 | $16399 |
| **7/31/2020** | $29473 | $17324 |
| **8/31/2020** | $31735 | $18569 |
| **9/30/2020** | $30572 | $17864 |
| **10/31/2020** | $30142 | $17389 |
| **11/30/2020** | $33949 | $19292 |
| **12/31/2020** | $36341 | $20034 |
| **1/31/2021** | $36378 | $19832 |
| **2/28/2021** | $37643 | $20378 |
| **3/31/2021** | $35535 | $21271 |
| **4/30/2021** | $37624 | $22406 |
| **5/31/2021** | $36616 | $22563 |
| **6/30/2021** | $38596 | $23089 |
| **7/31/2021** | $38852 | $23638 |
| **8/31/2021** | $40630 | $24357 |
| **9/30/2021** | $38944 | $23224 |
| **10/31/2021** | $42078 | $24851 |
| **11/30/2021** | $41876 | $24679 |
| **12/31/2021** | $41321 | $25785 |
| **1/31/2022** | $36357 | $24450 |
| **2/28/2022** | $35658 | $23718 |
| **3/31/2022** | $36077 | $24599 |
| **4/30/2022** | $30950 | $22454 |
| **5/31/2022** | $29225 | $22495 |
| **6/30/2022** | $26615 | $20638 |
| **7/31/2022** | $30204 | $22541 |
| **8/31/2022** | $29086 | $21622 |
| **9/30/2022** | $25823 | $19631 |
| **10/31/2022** | $26918 | $21220 |
| **11/30/2022** | $27454 | $22406 |
| **12/31/2022** | $25466 | $21115 |
| **1/31/2023** | $27518 | $22442 |
| **2/28/2023** | $26873 | $21894 |
| **3/31/2023** | $28455 | $22698 |
| **4/30/2023** | $28455 | $23052 |
| **5/31/2023** | $29569 | $23152 |
| **6/30/2023** | $31034 | $24682 |
| **7/31/2023** | $31474 | $25475 |
| **8/31/2023** | $30858 | $25069 |
| **9/30/2023** | $29364 | $23874 |
| **10/31/2023** | $28631 | $23372 |
| **11/30/2023** | $32558 | $25507 |
| **12/31/2023** | $34434 | $26665 |
| **1/31/2024** | $34932 | $27114 |
| **2/29/2024** | $36456 | $28561 |
| **3/31/2024** | $36895 | $29480 |
| **4/30/2024** | $34522 | $28276 |
| **5/31/2024** | $35371 | $29678 |
| **6/30/2024** | $36866 | $30743 |
| **7/31/2024** | $36749 | $31117 |
| **8/31/2024** | $38947 | $31872 |
| **9/30/2024** | $39826 | $32553 |
| **10/31/2024** | $39386 | $32258 |
| **11/30/2024** | $42903 | $34151 |
| **12/31/2024** | $40177 | $33337 |
| **1/31/2025** | $42126 | $34265 |
| **2/28/2025** | $40271 | $33818 |
| **3/31/2025** | $38102 | $31913 |
| **4/30/2025** | $39391 | $31696 |
| **5/31/2025** | $41654 | $33692 |
| **6/30/2025** | $43603 | $35405 |
| **7/31/2025** | $43163 | $36199 |
| **8/31/2025** | $42377 | $36933 |
| **9/30/2025** | $43886 | $38281 |
| **10/31/2025** | $43886 | $39178 |
| **11/30/2025** | $41686 | $39274 |
| **12/31/2025** | $41247 | $39298 |
| **1/31/2026** | $39942 | $39868 |
| **2/28/2026** | $40631 | $39565 |
| **3/31/2026** | $37840 | $37594 |

---

# Innovation Fund
Annual Shareholder Report \| March 31, 2026

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class<sup>Footnote Reference\*</sup> | (0.69) | 1.26 | 14.23 |
| S&P 500 Index | 17.80 | 12.06 | 14.16 |

---

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

---

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

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $321532999 |
| # of portfolio holdings | 52 |
| Portfolio turnover rate | 90% |
| Total advisory fees paid | $2818133 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 39.0 |
| Industrials | 20.5 |
| Health care | 13.9 |
| Consumer discretionary | 9.0 |
| Communication services | 8.7 |
| Financials | 5.7 |
| Consumer staples | 1.9 |
| Utilities | 1.3 |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 7.1 |
| KLA Corp. | 4.0 |
| Vertiv Holdings Co. Class A | 3.5 |
| UL Solutions, Inc. Class A | 3.1 |
| Live Nation Entertainment, Inc. | 3.0 |
| Carpenter Technology Corp. | 3.0 |
| Monolithic Power Systems, Inc. | 3.0 |
| Curtiss-Wright Corp. | 2.9 |
| MercadoLibre, Inc. | 2.9 |
| McKesson Corp. | 2.9 |

---

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

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

#### AR4715 03-26
![Image](g100573g17g93.jpg)

Annual Shareholder Report

# Precious Metals Fund

# March 31, 2026

# Class A

# EKWAX
This annual shareholder report contains important information about Precious Metals Fund for the period from April 1, 2025 to March 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 consolidated costs for the past year?
The table explains the consolidated costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | CONSOLIDATED COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $170 | 1.08% |

---

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

## How did the Fund perform last year and what affected its performance?
The Fund outperformed its benchmark, the FTSE Gold Mines Index, for the period.

The price of gold rose 49.4% during the period while gold-mining stocks outperformed the price of gold. Increased tariffs, rising trade tensions, stronger inflation, and heightened geopolitical conflicts caused U.S. Treasury yields to rise and the trade-weighted U.S. dollar to weaken by 4.1% during the reporting period. Two of the Fund's top contributors were Montage Gold Corp. and G Mining Ventures Corp. Montage outperformed on news that construction of its Kona Mine in Cote d'Ivoire was running six months ahead of schedule. The Fund's underweights to Northern Star Resources Ltd. (This security was no longer held at the end of the reporting period.) and Agnico Eagle Mines Ltd. enhanced results. Northern Star underperformed on a weaker-than-expected operating outlook.

One of the Fund's largest detractors was Franco-Nevada Corp. Franco-Nevada underperformed on news that the government of Panama was delaying the re-start of the Cobre Panama Mine (This security was no longer held at the end of the reporting period.). The Fund's underweights to Newmont Corp. and AngloGold Ashanti PLC also detracted from results. While we adjusted individual holdings, we did not make material changes to the portfolio.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g100573g96w34.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **FTSE Gold Mines Index** | **S&P 500 Index** |
| **3/31/2016** | $9424 | $10000 | $10000 |
| **4/30/2016** | $11929 | $12700 | $10039 |
| **5/31/2016** | $10556 | $11244 | $10219 |
| **6/30/2016** | $12957 | $13808 | $10246 |
| **7/31/2016** | $14063 | $15042 | $10623 |
| **8/31/2016** | $11964 | $12447 | $10638 |
| **9/30/2016** | $12393 | $12979 | $10640 |
| **10/31/2016** | $11440 | $12060 | $10446 |
| **11/30/2016** | $9542 | $10155 | $10833 |
| **12/31/2016** | $9682 | $10505 | $11047 |
| **1/31/2017** | $11002 | $11780 | $11257 |
| **2/28/2017** | $10539 | $11537 | $11704 |
| **3/31/2017** | $10483 | $11435 | $11717 |
| **4/30/2017** | $10221 | $11217 | $11838 |
| **5/31/2017** | $10477 | $11318 | $12004 |
| **6/30/2017** | $10343 | $10903 | $12079 |
| **7/31/2017** | $10597 | $11343 | $12327 |
| **8/31/2017** | $11264 | $12198 | $12365 |
| **9/30/2017** | $10512 | $11404 | $12620 |
| **10/31/2017** | $10148 | $10986 | $12915 |
| **11/30/2017** | $10043 | $11038 | $13311 |
| **12/31/2017** | $10618 | $11580 | $13459 |
| **1/31/2018** | $10577 | $11909 | $14229 |
| **2/28/2018** | $9451 | $10546 | $13705 |
| **3/31/2018** | $9691 | $10870 | $13357 |
| **4/30/2018** | $9844 | $10966 | $13408 |
| **5/31/2018** | $9874 | $10914 | $13731 |
| **6/30/2018** | $9921 | $10879 | $13815 |
| **7/31/2018** | $9487 | $10331 | $14329 |
| **8/31/2018** | $8273 | $8982 | $14796 |
| **9/30/2018** | $8261 | $8972 | $14881 |
| **10/31/2018** | $8317 | $9287 | $13864 |
| **11/30/2018** | $8222 | $9441 | $14146 |
| **12/31/2018** | $9256 | $10417 | $12869 |
| **1/31/2019** | $9989 | $11226 | $13900 |
| **2/28/2019** | $9957 | $10972 | $14346 |
| **3/31/2019** | $10028 | $11118 | $14625 |
| **4/30/2019** | $9366 | $10302 | $15217 |
| **5/31/2019** | $9720 | $10747 | $14250 |
| **6/30/2019** | $11434 | $13049 | $15255 |
| **7/31/2019** | $11818 | $13537 | $15474 |
| **8/31/2019** | $13257 | $15107 | $15229 |
| **9/30/2019** | $11921 | $13661 | $15514 |
| **10/31/2019** | $12335 | $14209 | $15850 |
| **11/30/2019** | $12013 | $13499 | $16425 |
| **12/31/2019** | $12991 | $14862 | $16921 |
| **1/31/2020** | $12911 | $14767 | $16914 |
| **2/29/2020** | $11793 | $13721 | $15522 |
| **3/31/2020** | $10441 | $12459 | $13605 |
| **4/30/2020** | $14473 | $17377 | $15349 |
| **5/31/2020** | $15372 | $17714 | $16080 |
| **6/30/2020** | $16384 | $19035 | $16399 |
| **7/31/2020** | $19046 | $22270 | $17324 |
| **8/31/2020** | $18517 | $21967 | $18569 |
| **9/30/2020** | $17363 | $20491 | $17864 |
| **10/31/2020** | $16706 | $19566 | $17389 |
| **11/30/2020** | $15369 | $17779 | $19292 |
| **12/31/2020** | $16156 | $18570 | $20034 |
| **1/31/2021** | $15343 | $17938 | $19832 |
| **2/28/2021** | $13620 | $15768 | $20378 |
| **3/31/2021** | $14091 | $16493 | $21271 |
| **4/30/2021** | $14911 | $17398 | $22406 |
| **5/31/2021** | $16852 | $20019 | $22563 |
| **6/30/2021** | $14568 | $16933 | $23089 |
| **7/31/2021** | $15130 | $17430 | $23638 |
| **8/31/2021** | $14322 | $16274 | $24357 |
| **9/30/2021** | $13017 | $14915 | $23224 |
| **10/31/2021** | $14169 | $15822 | $24851 |
| **11/30/2021** | $14139 | $16014 | $24679 |
| **12/31/2021** | $14369 | $16643 | $25785 |
| **1/31/2022** | $13493 | $15563 | $24450 |
| **2/28/2022** | $15206 | $17528 | $23718 |
| **3/31/2022** | $16622 | $19653 | $24599 |
| **4/30/2022** | $15392 | $18070 | $22454 |
| **5/31/2022** | $14022 | $16405 | $22495 |
| **6/30/2022** | $12266 | $13988 | $20638 |
| **7/31/2022** | $11919 | $12747 | $22541 |
| **8/31/2022** | $10912 | $11819 | $21622 |
| **9/30/2022** | $11049 | $11993 | $19631 |
| **10/31/2022** | $11018 | $11976 | $21220 |
| **11/30/2022** | $13118 | $14046 | $22406 |
| **12/31/2022** | $13266 | $14506 | $21115 |
| **1/31/2023** | $14736 | $16211 | $22442 |
| **2/28/2023** | $12837 | $13701 | $21894 |
| **3/31/2023** | $14981 | $16265 | $22698 |
| **4/30/2023** | $15578 | $17008 | $23052 |
| **5/31/2023** | $14639 | $15509 | $23152 |
| **6/30/2023** | $14111 | $15272 | $24682 |
| **7/31/2023** | $14590 | $15766 | $25475 |
| **8/31/2023** | $13723 | $14595 | $25069 |
| **9/30/2023** | $12639 | $13429 | $23874 |
| **10/31/2023** | $13136 | $14324 | $23372 |
| **11/30/2023** | $14531 | $15965 | $25507 |
| **12/31/2023** | $14438 | $16306 | $26665 |
| **1/31/2024** | $13251 | $14418 | $27114 |
| **2/29/2024** | $12502 | $13358 | $28561 |
| **3/31/2024** | $14826 | $16079 | $29480 |
| **4/30/2024** | $15335 | $17016 | $28276 |
| **5/31/2024** | $16451 | $17841 | $29678 |
| **6/30/2024** | $15907 | $17449 | $30743 |
| **7/31/2024** | $17697 | $19790 | $31117 |
| **8/31/2024** | $18517 | $20809 | $31872 |
| **9/30/2024** | $19082 | $21283 | $32553 |
| **10/31/2024** | $19828 | $20973 | $32258 |
| **11/30/2024** | $18977 | $19634 | $34151 |
| **12/31/2024** | $17509 | $17769 | $33337 |
| **1/31/2025** | $19887 | $20828 | $34265 |
| **2/28/2025** | $20432 | $21055 | $33818 |
| **3/31/2025** | $23414 | $24483 | $31913 |
| **4/30/2025** | $25638 | $26411 | $31696 |
| **5/31/2025** | $26797 | $27137 | $33692 |
| **6/30/2025** | $27903 | $28134 | $35405 |
| **7/31/2025** | $27101 | $28279 | $36199 |
| **8/31/2025** | $33072 | $34908 | $36933 |
| **9/30/2025** | $39165 | $42448 | $38281 |
| **10/31/2025** | $37333 | $40851 | $39178 |
| **11/30/2025** | $43890 | $47042 | $39274 |
| **12/31/2025** | $46144 | $48776 | $39298 |
| **1/31/2026** | $50076 | $54355 | $39868 |
| **2/28/2026** | $62053 | $65033 | $39565 |
| **3/31/2026** | $50260 | $51415 | $37594 |

---

# Precious Metals Fund
Annual Shareholder Report \| March 31, 2026

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 114.66 | 28.96 | 18.22 |
| Class A with Load | 102.31 | 27.44 | 17.52 |
| FTSE Gold Mines Index | 110.0 | 25.53 | 17.79 |
| S&P 500 Index | 17.8 | 12.06 | 14.16 |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Consolidated Total net assets | $1472057793 |
| Consolidated # of portfolio holdings | 43 |
| Consolidated Portfolio turnover rate | 8% |
| Consolidated Total advisory fees paid | $6194736 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Canada | 72.3 |
| United States | 13.8 |
| United Kingdom | 9.7 |
| South Africa | 3.9 |
| Others | 0.3 |

---

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

---

| | |
|:---|:---|
| Newmont Corp. | 6.8 |
| Kinross Gold Corp. | 5.9 |
| IAMGOLD Corp. | 5.1 |
| Alamos Gold, Inc. Class A | 5.0 |
| Agnico Eagle Mines Ltd. | 5.0 |
| Endeavour Mining PLC | 4.9 |
| G Mining Ventures Corp. | 4.5 |
| AngloGold Ashanti PLC | 4.2 |
| Lundin Gold, Inc. | 4.2 |
| Barrick Mining Corp. | 4.1 |

---

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

Effective March 31, 2026, Oleg Makhorine was no longer a portfolio manager of the Fund.

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

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

#### AR0654 03-26
![Image](g100573g17g93.jpg)

Annual Shareholder Report

# Precious Metals Fund

# March 31, 2026

# Class C

# EKWCX
This annual shareholder report contains important information about Precious Metals Fund for the period from April 1, 2025 to March 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 consolidated costs for the past year?
The table explains the consolidated costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | CONSOLIDATED COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $288 | 1.84% |

---

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

## How did the Fund perform last year and what affected its performance?
The Fund outperformed its benchmark, the FTSE Gold Mines Index, for the period.

The price of gold rose 49.4% during the period while gold-mining stocks outperformed the price of gold. Increased tariffs, rising trade tensions, stronger inflation, and heightened geopolitical conflicts caused U.S. Treasury yields to rise and the trade-weighted U.S. dollar to weaken by 4.1% during the reporting period. Two of the Fund's top contributors were Montage Gold Corp. and G Mining Ventures Corp. Montage outperformed on news that construction of its Kona Mine in Cote d'Ivoire was running six months ahead of schedule. The Fund's underweights to Northern Star Resources Ltd. (This security was no longer held at the end of the reporting period.) and Agnico Eagle Mines Ltd. enhanced results. Northern Star underperformed on a weaker-than-expected operating outlook.

One of the Fund's largest detractors was Franco-Nevada Corp. Franco-Nevada underperformed on news that the government of Panama was delaying the re-start of the Cobre Panama Mine (This security was no longer held at the end of the reporting period.). The Fund's underweights to Newmont Corp. and AngloGold Ashanti PLC also detracted from results. While we adjusted individual holdings, we did not make material changes to the portfolio.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g100573g70u95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **FTSE Gold Mines Index** | **S&P 500 Index** |
| **3/31/2016** | $10000 | $10000 | $10000 |
| **4/30/2016** | $12649 | $12700 | $10039 |
| **5/31/2016** | $11186 | $11244 | $10219 |
| **6/30/2016** | $13725 | $13808 | $10246 |
| **7/31/2016** | $14887 | $15042 | $10623 |
| **8/31/2016** | $12656 | $12447 | $10638 |
| **9/30/2016** | $13103 | $12979 | $10640 |
| **10/31/2016** | $12086 | $12060 | $10446 |
| **11/30/2016** | $10076 | $10155 | $10833 |
| **12/31/2016** | $10216 | $10505 | $11047 |
| **1/31/2017** | $11600 | $11780 | $11257 |
| **2/28/2017** | $11108 | $11537 | $11704 |
| **3/31/2017** | $11042 | $11435 | $11717 |
| **4/30/2017** | $10760 | $11217 | $11838 |
| **5/31/2017** | $11022 | $11318 | $12004 |
| **6/30/2017** | $10874 | $10903 | $12079 |
| **7/31/2017** | $11132 | $11343 | $12327 |
| **8/31/2017** | $11828 | $12198 | $12365 |
| **9/30/2017** | $11032 | $11404 | $12620 |
| **10/31/2017** | $10643 | $10986 | $12915 |
| **11/30/2017** | $10526 | $11038 | $13311 |
| **12/31/2017** | $11121 | $11580 | $13459 |
| **1/31/2018** | $11069 | $11909 | $14229 |
| **2/28/2018** | $9888 | $10546 | $13705 |
| **3/31/2018** | $10132 | $10870 | $13357 |
| **4/30/2018** | $10285 | $10966 | $13408 |
| **5/31/2018** | $10310 | $10914 | $13731 |
| **6/30/2018** | $10352 | $10879 | $13815 |
| **7/31/2018** | $9892 | $10331 | $14329 |
| **8/31/2018** | $8620 | $8982 | $14796 |
| **9/30/2018** | $8603 | $8972 | $14881 |
| **10/31/2018** | $8655 | $9287 | $13864 |
| **11/30/2018** | $8554 | $9441 | $14146 |
| **12/31/2018** | $9620 | $10417 | $12869 |
| **1/31/2019** | $10376 | $11226 | $13900 |
| **2/28/2019** | $10338 | $10972 | $14346 |
| **3/31/2019** | $10407 | $11118 | $14625 |
| **4/30/2019** | $9711 | $10302 | $15217 |
| **5/31/2019** | $10073 | $10747 | $14250 |
| **6/30/2019** | $11842 | $13049 | $15255 |
| **7/31/2019** | $12232 | $13537 | $15474 |
| **8/31/2019** | $13713 | $15107 | $15229 |
| **9/30/2019** | $12323 | $13661 | $15514 |
| **10/31/2019** | $12744 | $14209 | $15850 |
| **11/30/2019** | $12403 | $13499 | $16425 |
| **12/31/2019** | $13403 | $14862 | $16921 |
| **1/31/2020** | $13316 | $14767 | $16914 |
| **2/29/2020** | $12152 | $13721 | $15522 |
| **3/31/2020** | $10752 | $12459 | $13605 |
| **4/30/2020** | $14897 | $17377 | $15349 |
| **5/31/2020** | $15809 | $17714 | $16080 |
| **6/30/2020** | $16844 | $19035 | $16399 |
| **7/31/2020** | $19564 | $22270 | $17324 |
| **8/31/2020** | $19007 | $21967 | $18569 |
| **9/30/2020** | $17816 | $20491 | $17864 |
| **10/31/2020** | $17130 | $19566 | $17389 |
| **11/30/2020** | $15747 | $17779 | $19292 |
| **12/31/2020** | $16544 | $18570 | $20034 |
| **1/31/2021** | $15701 | $17938 | $19832 |
| **2/28/2021** | $13929 | $15768 | $20378 |
| **3/31/2021** | $14402 | $16493 | $21271 |
| **4/30/2021** | $15228 | $17398 | $22406 |
| **5/31/2021** | $17203 | $20019 | $22563 |
| **6/30/2021** | $14866 | $16933 | $23089 |
| **7/31/2021** | $15426 | $17430 | $23638 |
| **8/31/2021** | $14594 | $16274 | $24357 |
| **9/30/2021** | $13253 | $14915 | $23224 |
| **10/31/2021** | $14420 | $15822 | $24851 |
| **11/30/2021** | $14378 | $16014 | $24679 |
| **12/31/2021** | $14606 | $16643 | $25785 |
| **1/31/2022** | $13705 | $15563 | $24450 |
| **2/28/2022** | $15437 | $17528 | $23718 |
| **3/31/2022** | $16861 | $19653 | $24599 |
| **4/30/2022** | $15604 | $18070 | $22454 |
| **5/31/2022** | $14208 | $16405 | $22495 |
| **6/30/2022** | $12420 | $13988 | $20638 |
| **7/31/2022** | $12061 | $12747 | $22541 |
| **8/31/2022** | $11035 | $11819 | $21622 |
| **9/30/2022** | $11167 | $11993 | $19631 |
| **10/31/2022** | $11125 | $11976 | $21220 |
| **11/30/2022** | $13241 | $14046 | $22406 |
| **12/31/2022** | $13381 | $14506 | $21115 |
| **1/31/2023** | $14856 | $16211 | $22442 |
| **2/28/2023** | $12934 | $13701 | $21894 |
| **3/31/2023** | $15080 | $16265 | $22698 |
| **4/30/2023** | $15674 | $17008 | $23052 |
| **5/31/2023** | $14721 | $15509 | $23152 |
| **6/30/2023** | $14181 | $15272 | $24682 |
| **7/31/2023** | $14650 | $15766 | $25475 |
| **8/31/2023** | $13772 | $14595 | $25069 |
| **9/30/2023** | $12674 | $13429 | $23874 |
| **10/31/2023** | $13168 | $14324 | $23372 |
| **11/30/2023** | $14558 | $15965 | $25507 |
| **12/31/2023** | $14455 | $16306 | $26665 |
| **1/31/2024** | $13261 | $14418 | $27114 |
| **2/29/2024** | $12500 | $13358 | $28561 |
| **3/31/2024** | $14814 | $16079 | $29480 |
| **4/30/2024** | $15323 | $17016 | $28276 |
| **5/31/2024** | $16437 | $17841 | $29678 |
| **6/30/2024** | $15894 | $17449 | $30743 |
| **7/31/2024** | $17682 | $19790 | $31117 |
| **8/31/2024** | $18502 | $20809 | $31872 |
| **9/30/2024** | $19067 | $21283 | $32553 |
| **10/31/2024** | $19812 | $20973 | $32258 |
| **11/30/2024** | $18961 | $19634 | $34151 |
| **12/31/2024** | $17494 | $17769 | $33337 |
| **1/31/2025** | $19870 | $20828 | $34265 |
| **2/28/2025** | $20415 | $21055 | $33818 |
| **3/31/2025** | $23395 | $24483 | $31913 |
| **4/30/2025** | $25617 | $26411 | $31696 |
| **5/31/2025** | $26775 | $27137 | $33692 |
| **6/30/2025** | $27880 | $28134 | $35405 |
| **7/31/2025** | $27079 | $28279 | $36199 |
| **8/31/2025** | $33045 | $34908 | $36933 |
| **9/30/2025** | $39133 | $42448 | $38281 |
| **10/31/2025** | $37302 | $40851 | $39178 |
| **11/30/2025** | $43854 | $47042 | $39274 |
| **12/31/2025** | $46106 | $48776 | $39298 |
| **1/31/2026** | $50035 | $54355 | $39868 |
| **2/28/2026** | $62002 | $65033 | $39565 |
| **3/31/2026** | $50218 | $51415 | $37594 |

---

# Precious Metals Fund
Annual Shareholder Report \| March 31, 2026

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 113.05 | 27.99 | 17.51 |
| Class C with Load | 112.05 | 27.99 | 17.51 |
| FTSE Gold Mines Index | 110.0 | 25.53 | 17.79 |
| S&P 500 Index | 17.8 | 12.06 | 14.16 |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Consolidated Total net assets | $1472057793 |
| Consolidated # of portfolio holdings | 43 |
| Consolidated Portfolio turnover rate | 8% |
| Consolidated Total advisory fees paid | $6194736 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Canada | 72.3 |
| United States | 13.8 |
| United Kingdom | 9.7 |
| South Africa | 3.9 |
| Others | 0.3 |

---

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

---

| | |
|:---|:---|
| Newmont Corp. | 6.8 |
| Kinross Gold Corp. | 5.9 |
| IAMGOLD Corp. | 5.1 |
| Alamos Gold, Inc. Class A | 5.0 |
| Agnico Eagle Mines Ltd. | 5.0 |
| Endeavour Mining PLC | 4.9 |
| G Mining Ventures Corp. | 4.5 |
| AngloGold Ashanti PLC | 4.2 |
| Lundin Gold, Inc. | 4.2 |
| Barrick Mining Corp. | 4.1 |

---

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

Effective March 31, 2026, Oleg Makhorine was no longer a portfolio manager of the Fund.

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

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

#### AR0954 03-26
![Image](g100573g17g93.jpg)

Annual Shareholder Report

# Precious Metals Fund

# March 31, 2026

# Institutional Class

# EKWYX
This annual shareholder report contains important information about Precious Metals Fund for the period from April 1, 2025 to March 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 consolidated costs for the past year?
The table explains the consolidated costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | CONSOLIDATED COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $123 | 0.78% |

---

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

## How did the Fund perform last year and what affected its performance?
The Fund outperformed its benchmark, the FTSE Gold Mines Index, for the period.

The price of gold rose 49.4% during the period while gold-mining stocks outperformed the price of gold. Increased tariffs, rising trade tensions, stronger inflation, and heightened geopolitical conflicts caused U.S. Treasury yields to rise and the trade-weighted U.S. dollar to weaken by 4.1% during the reporting period. Two of the Fund's top contributors were Montage Gold Corp. and G Mining Ventures Corp. Montage outperformed on news that construction of its Kona Mine in Cote d'Ivoire was running six months ahead of schedule. The Fund's underweights to Northern Star Resources Ltd. (This security was no longer held at the end of the reporting period.) and Agnico Eagle Mines Ltd. enhanced results. Northern Star underperformed on a weaker-than-expected operating outlook.

One of the Fund's largest detractors was Franco-Nevada Corp. Franco-Nevada underperformed on news that the government of Panama was delaying the re-start of the Cobre Panama Mine (This security was no longer held at the end of the reporting period.). The Fund's underweights to Newmont Corp. and AngloGold Ashanti PLC also detracted from results. While we adjusted individual holdings, we did not make material changes to the portfolio.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g100573g85l17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **FTSE Gold Mines Index** | **S&P 500 Index** |
| **3/31/2016** | $10000 | $10000 | $10000 |
| **4/30/2016** | $12722 | $12700 | $10039 |
| **5/31/2016** | $11198 | $11244 | $10219 |
| **6/30/2016** | $13749 | $13808 | $10246 |
| **7/31/2016** | $14926 | $15042 | $10623 |
| **8/31/2016** | $12701 | $12447 | $10638 |
| **9/30/2016** | $13162 | $12979 | $10640 |
| **10/31/2016** | $12150 | $12060 | $10446 |
| **11/30/2016** | $10139 | $10155 | $10833 |
| **12/31/2016** | $10290 | $10505 | $11047 |
| **1/31/2017** | $11696 | $11780 | $11257 |
| **2/28/2017** | $11207 | $11537 | $11704 |
| **3/31/2017** | $11149 | $11435 | $11717 |
| **4/30/2017** | $10874 | $11217 | $11838 |
| **5/31/2017** | $11149 | $11318 | $12004 |
| **6/30/2017** | $11008 | $10903 | $12079 |
| **7/31/2017** | $11280 | $11343 | $12327 |
| **8/31/2017** | $11996 | $12198 | $12365 |
| **9/30/2017** | $11198 | $11404 | $12620 |
| **10/31/2017** | $10812 | $10986 | $12915 |
| **11/30/2017** | $10705 | $11038 | $13311 |
| **12/31/2017** | $11319 | $11580 | $13459 |
| **1/31/2018** | $11275 | $11909 | $14229 |
| **2/28/2018** | $10080 | $10546 | $13705 |
| **3/31/2018** | $10338 | $10870 | $13357 |
| **4/30/2018** | $10505 | $10966 | $13408 |
| **5/31/2018** | $10540 | $10914 | $13731 |
| **6/30/2018** | $10592 | $10879 | $13815 |
| **7/31/2018** | $10130 | $10331 | $14329 |
| **8/31/2018** | $8835 | $8982 | $14796 |
| **9/30/2018** | $8826 | $8972 | $14881 |
| **10/31/2018** | $8888 | $9287 | $13864 |
| **11/30/2018** | $8789 | $9441 | $14146 |
| **12/31/2018** | $9897 | $10417 | $12869 |
| **1/31/2019** | $10682 | $11226 | $13900 |
| **2/28/2019** | $10651 | $10972 | $14346 |
| **3/31/2019** | $10732 | $11118 | $14625 |
| **4/30/2019** | $10024 | $10302 | $15217 |
| **5/31/2019** | $10406 | $10747 | $14250 |
| **6/30/2019** | $12244 | $13049 | $15255 |
| **7/31/2019** | $12660 | $13537 | $15474 |
| **8/31/2019** | $14203 | $15107 | $15229 |
| **9/30/2019** | $12775 | $13661 | $15514 |
| **10/31/2019** | $13225 | $14209 | $15850 |
| **11/30/2019** | $12880 | $13499 | $16425 |
| **12/31/2019** | $13931 | $14862 | $16921 |
| **1/31/2020** | $13850 | $14767 | $16914 |
| **2/29/2020** | $12654 | $13721 | $15522 |
| **3/31/2020** | $11207 | $12459 | $13605 |
| **4/30/2020** | $15536 | $17377 | $15349 |
| **5/31/2020** | $16506 | $17714 | $16080 |
| **6/30/2020** | $17600 | $19035 | $16399 |
| **7/31/2020** | $20461 | $22270 | $17324 |
| **8/31/2020** | $19897 | $21967 | $18569 |
| **9/30/2020** | $18662 | $20491 | $17864 |
| **10/31/2020** | $17961 | $19566 | $17389 |
| **11/30/2020** | $16527 | $17779 | $19292 |
| **12/31/2020** | $17380 | $18570 | $20034 |
| **1/31/2021** | $16509 | $17938 | $19832 |
| **2/28/2021** | $14657 | $15768 | $20378 |
| **3/31/2021** | $15168 | $16493 | $21271 |
| **4/30/2021** | $16055 | $17398 | $22406 |
| **5/31/2021** | $18149 | $20019 | $22563 |
| **6/30/2021** | $15696 | $16933 | $23089 |
| **7/31/2021** | $16303 | $17430 | $23638 |
| **8/31/2021** | $15438 | $16274 | $24357 |
| **9/30/2021** | $14031 | $14915 | $23224 |
| **10/31/2021** | $15280 | $15822 | $24851 |
| **11/30/2021** | $15251 | $16014 | $24679 |
| **12/31/2021** | $15506 | $16643 | $25785 |
| **1/31/2022** | $14558 | $15563 | $24450 |
| **2/28/2022** | $16411 | $17528 | $23718 |
| **3/31/2022** | $17943 | $19653 | $24599 |
| **4/30/2022** | $16621 | $18070 | $22454 |
| **5/31/2022** | $15147 | $16405 | $22495 |
| **6/30/2022** | $13256 | $13988 | $20638 |
| **7/31/2022** | $12881 | $12747 | $22541 |
| **8/31/2022** | $11797 | $11819 | $21622 |
| **9/30/2022** | $11946 | $11993 | $19631 |
| **10/31/2022** | $11914 | $11976 | $21220 |
| **11/30/2022** | $14190 | $14046 | $22406 |
| **12/31/2022** | $14353 | $14506 | $21115 |
| **1/31/2023** | $15948 | $16211 | $22442 |
| **2/28/2023** | $13897 | $13701 | $21894 |
| **3/31/2023** | $16222 | $16265 | $22698 |
| **4/30/2023** | $16873 | $17008 | $23052 |
| **5/31/2023** | $15859 | $15509 | $23152 |
| **6/30/2023** | $15291 | $15272 | $24682 |
| **7/31/2023** | $15813 | $15766 | $25475 |
| **8/31/2023** | $14878 | $14595 | $25069 |
| **9/30/2023** | $13705 | $13429 | $23874 |
| **10/31/2023** | $14250 | $14324 | $23372 |
| **11/30/2023** | $15766 | $15965 | $25507 |
| **12/31/2023** | $15667 | $16306 | $26665 |
| **1/31/2024** | $14386 | $14418 | $27114 |
| **2/29/2024** | $13573 | $13358 | $28561 |
| **3/31/2024** | $16103 | $16079 | $29480 |
| **4/30/2024** | $16658 | $17016 | $28276 |
| **5/31/2024** | $17877 | $17841 | $29678 |
| **6/30/2024** | $17286 | $17449 | $30743 |
| **7/31/2024** | $19238 | $19790 | $31117 |
| **8/31/2024** | $20133 | $20809 | $31872 |
| **9/30/2024** | $20751 | $21283 | $32553 |
| **10/31/2024** | $21570 | $20973 | $32258 |
| **11/30/2024** | $20649 | $19634 | $34151 |
| **12/31/2024** | $19058 | $17769 | $33337 |
| **1/31/2025** | $21650 | $20828 | $34265 |
| **2/28/2025** | $22248 | $21055 | $33818 |
| **3/31/2025** | $25502 | $24483 | $31913 |
| **4/30/2025** | $27931 | $26411 | $31696 |
| **5/31/2025** | $29200 | $27137 | $33692 |
| **6/30/2025** | $30416 | $28134 | $35405 |
| **7/31/2025** | $29544 | $28279 | $36199 |
| **8/31/2025** | $36065 | $34908 | $36933 |
| **9/30/2025** | $42720 | $42448 | $38281 |
| **10/31/2025** | $40732 | $40851 | $39178 |
| **11/30/2025** | $47897 | $47042 | $39274 |
| **12/31/2025** | $50371 | $48776 | $39298 |
| **1/31/2026** | $54678 | $54355 | $39868 |
| **2/28/2026** | $67771 | $65033 | $39565 |
| **3/31/2026** | $54908 | $51415 | $37594 |

---

# Precious Metals Fund
Annual Shareholder Report \| March 31, 2026

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 115.31 | 29.34 | 18.57 |
| FTSE Gold Mines Index | 110.0 | 25.53 | 17.79 |
| S&P 500 Index | 17.8 | 12.06 | 14.16 |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Consolidated Total net assets | $1472057793 |
| Consolidated # of portfolio holdings | 43 |
| Consolidated Portfolio turnover rate | 8% |
| Consolidated Total advisory fees paid | $6194736 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Canada | 72.3 |
| United States | 13.8 |
| United Kingdom | 9.7 |
| South Africa | 3.9 |
| Others | 0.3 |

---

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

---

| | |
|:---|:---|
| Newmont Corp. | 6.8 |
| Kinross Gold Corp. | 5.9 |
| IAMGOLD Corp. | 5.1 |
| Alamos Gold, Inc. Class A | 5.0 |
| Agnico Eagle Mines Ltd. | 5.0 |
| Endeavour Mining PLC | 4.9 |
| G Mining Ventures Corp. | 4.5 |
| AngloGold Ashanti PLC | 4.2 |
| Lundin Gold, Inc. | 4.2 |
| Barrick Mining Corp. | 4.1 |

---

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

Effective March 31, 2026, Oleg Makhorine was no longer a portfolio manager of the Fund.

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

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

#### AR0154 03-26
![Image](g100573g17g93.jpg)

Annual Shareholder Report

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

# March 31, 2026

# AEPIX
This annual shareholder report contains important information about Managed Account CoreBuilder<sup>®</sup> Shares - Series EPI for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-888-877-9275.

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

---

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

---

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

## How did the Fund perform last year and what affected its performance?
The Fund outperformed its benchmark for the 12-month period that ended March 31, 2026. U.S. equity markets were resilient. The S&P 500 Index gained 17.8% despite two periods of heightened volatility, including a 12.1% decline following the April 2025 "Liberation Day" tariff announcement and a 9.1% peak to trough drawdown associated with the Iran War in the first quarter of 2026.

During the period, the equity portion of the strategy outperformed the S&P 500 Index due primarily to positive selection effects in the information technology, energy, and financials sectors. Leading relative contributors included Lam Research Corp. and Suncor Energy, Inc. These positives were partially offset by negative selection effects in the industrials, health care, and consumer discretionary sectors. Leading relative detractors included NVIDIA Corp., due to an underweight position, and UnitedHealth Group, Inc., which we exited in July 2025.

The strategy's call overlay contributed to relative performance over the one-year period. The S&P 500 index and Russell 2000 ETF components of the call overlay helped results.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g100573g91h62.jpg)

---

| | | |
|:---|:---|:---|
| | **Managed Account CoreBuilder<sup>®</sup> Shares - Series EPI** | **S&P 500 Index** |
| **6/8/2023** | $10000 | $10000 |
| **6/30/2023** | $10010 | $10438 |
| **7/31/2023** | $10345 | $10774 |
| **8/31/2023** | $10310 | $10602 |
| **9/30/2023** | $9968 | $10097 |
| **10/31/2023** | $9888 | $9884 |
| **11/30/2023** | $10526 | $10787 |
| **12/31/2023** | $10808 | $11277 |
| **1/31/2024** | $11024 | $11467 |
| **2/29/2024** | $11363 | $12079 |
| **3/31/2024** | $11681 | $12468 |
| **4/30/2024** | $11366 | $11958 |
| **5/31/2024** | $11794 | $12551 |
| **6/30/2024** | $12081 | $13002 |
| **7/31/2024** | $12112 | $13160 |
| **8/31/2024** | $12464 | $13479 |
| **9/30/2024** | $12652 | $13767 |
| **10/31/2024** | $12589 | $13642 |
| **11/30/2024** | $12844 | $14443 |
| **12/31/2024** | $12848 | $14099 |
| **1/31/2025** | $13324 | $14491 |
| **2/28/2025** | $13167 | $14302 |
| **3/31/2025** | $12467 | $13496 |
| **4/30/2025** | $12363 | $13405 |
| **5/31/2025** | $12876 | $14249 |
| **6/30/2025** | $13572 | $14973 |
| **7/31/2025** | $13989 | $15309 |
| **8/31/2025** | $14322 | $15620 |
| **9/30/2025** | $14848 | $16190 |
| **10/31/2025** | $15172 | $16569 |
| **11/30/2025** | $15464 | $16609 |
| **12/31/2025** | $15586 | $16620 |
| **1/31/2026** | $15852 | $16861 |
| **2/28/2026** | $15824 | $16732 |
| **3/31/2026** | $15185 | $15899 |

---

# Managed Account CoreBuilder<sup>®</sup> Shares - Series EPI
Annual Shareholder Report \| March 31, 2026

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Since Inception (6/8/23)** |
| Managed Account CoreBuilder<sup>®</sup> Shares - Series EPI | 21.8 | 15.99 |
| S&P 500 Index | 17.8 | 17.9 |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $3613232 |
| # of portfolio holdings | 66 |
| Portfolio turnover rate | 30% |
| Total advisory fees paid | $0 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 35.6 |
| Financials | 14.6 |
| Industrials | 12.1 |
| Consumer discretionary | 10.8 |
| Communication services | 10.5 |
| Health care | 6.9 |
| Energy | 6.0 |
| Consumer staples | 2.6 |
| Materials | 0.9 |

---

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

---

| | |
|:---|:---|
| Apple, Inc. | 8.0 |
| Microsoft Corp. | 6.7 |
| Alphabet, Inc. Class C | 5.4 |
| Amazon.com, Inc. | 4.6 |
| Broadcom, Inc. | 4.4 |
| Meta Platforms, Inc. Class A | 3.1 |
| Suncor Energy, Inc. | 3.1 |
| JPMorgan Chase & Co. | 2.9 |
| NVIDIA Corp. | 2.8 |
| TotalEnergies SE | 2.7 |

---

## 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

#### AR4905 03-26
![Image](g100573g17g93.jpg)

Annual Shareholder Report

# Disciplined Small Cap Fund

# March 31, 2026

# Class A

# WDSAX
This annual shareholder report contains important information about Disciplined Small Cap Fund for the period from April 1, 2025 to March 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $103 | 0.89% |

---

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

## How did the Fund perform last year and what affected its performance?
The Fund outperformed its benchmark for the 12-month period.

Over the period, U.S. equities performed positively, with U.S. small caps outperforming large caps.

Changes to the Fund's portfolio were minimal. Characteristics that are typically favored in the portfolio include attractive valuation, earnings consistency, profitability, and improving market sentiment. Stock selection was the main contributor to performance, adding value in 7 out of 11 sectors. This was attributed primarily to positive stock selection within the industrials, information technology, and financials sectors. The top individual contributors to relative performance were TTM Technologies, Inc., Argan, Inc., and Par Pacific Holdings, Inc. Stock selection within health care, communication services, and utilities detracted from relative performance. The largest individual detractors from relative performance were BellRing Brands, Inc. (This security was no longer held at the end of the reporting period.), Corcept Therapeutics, Inc., and EchoStar Corp. (This security was no longer held at the end of the reporting period.). A moderate underweight to health care also detracted modestly. However, variations in sector weights versus the index were relatively small.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g100573g80i12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **3/31/2016** | $9425 | $10000 | $10000 |
| **4/30/2016** | $9510 | $10157 | $10062 |
| **5/31/2016** | $9679 | $10386 | $10242 |
| **6/30/2016** | $9679 | $10379 | $10263 |
| **7/31/2016** | $10098 | $10999 | $10670 |
| **8/31/2016** | $10214 | $11193 | $10698 |
| **9/30/2016** | $10290 | $11318 | $10714 |
| **10/31/2016** | $9969 | $10780 | $10483 |
| **11/30/2016** | $10824 | $11982 | $10952 |
| **12/31/2016** | $11075 | $12318 | $11165 |
| **1/31/2017** | $11201 | $12366 | $11376 |
| **2/28/2017** | $11462 | $12605 | $11799 |
| **3/31/2017** | $11511 | $12622 | $11807 |
| **4/30/2017** | $11535 | $12760 | $11932 |
| **5/31/2017** | $11559 | $12500 | $12054 |
| **6/30/2017** | $11835 | $12933 | $12163 |
| **7/31/2017** | $11946 | $13029 | $12392 |
| **8/31/2017** | $11700 | $12863 | $12416 |
| **9/30/2017** | $12232 | $13666 | $12719 |
| **10/31/2017** | $12479 | $13782 | $12996 |
| **11/30/2017** | $12774 | $14179 | $13391 |
| **12/31/2017** | $12719 | $14122 | $13525 |
| **1/31/2018** | $12913 | $14491 | $14238 |
| **2/28/2018** | $12425 | $13930 | $13713 |
| **3/31/2018** | $12492 | $14110 | $13438 |
| **4/30/2018** | $12547 | $14232 | $13489 |
| **5/31/2018** | $13058 | $15096 | $13869 |
| **6/30/2018** | $12980 | $15204 | $13960 |
| **7/31/2018** | $13141 | $15469 | $14423 |
| **8/31/2018** | $13695 | $16136 | $14930 |
| **9/30/2018** | $13229 | $15748 | $14955 |
| **10/31/2018** | $11765 | $14038 | $13853 |
| **11/30/2018** | $11843 | $14261 | $14131 |
| **12/31/2018** | $10380 | $12567 | $12816 |
| **1/31/2019** | $11488 | $13980 | $13916 |
| **2/28/2019** | $11932 | $14707 | $14405 |
| **3/31/2019** | $11627 | $14399 | $14616 |
| **4/30/2019** | $12070 | $14889 | $15199 |
| **5/31/2019** | $11142 | $13731 | $14216 |
| **6/30/2019** | $11959 | $14701 | $15214 |
| **7/31/2019** | $12029 | $14786 | $15440 |
| **8/31/2019** | $11419 | $14056 | $15125 |
| **9/30/2019** | $11654 | $14348 | $15391 |
| **10/31/2019** | $11959 | $14726 | $15722 |
| **11/30/2019** | $12486 | $15332 | $16320 |
| **12/31/2019** | $12790 | $15774 | $16791 |
| **1/31/2020** | $12218 | $15268 | $16773 |
| **2/29/2020** | $11076 | $13983 | $15400 |
| **3/31/2020** | $8526 | $10945 | $13282 |
| **4/30/2020** | $9697 | $12448 | $15041 |
| **5/31/2020** | $10296 | $13258 | $15845 |
| **6/30/2020** | $10546 | $13727 | $16207 |
| **7/31/2020** | $11006 | $14107 | $17128 |
| **8/31/2020** | $11550 | $14902 | $18369 |
| **9/30/2020** | $11159 | $14404 | $17700 |
| **10/31/2020** | $11424 | $14706 | $17318 |
| **11/30/2020** | $13277 | $17416 | $19425 |
| **12/31/2020** | $14294 | $18923 | $20298 |
| **1/31/2021** | $14824 | $19875 | $20208 |
| **2/28/2021** | $15910 | $21114 | $20840 |
| **3/31/2021** | $16259 | $21326 | $21587 |
| **4/30/2021** | $16677 | $21774 | $22700 |
| **5/31/2021** | $16886 | $21819 | $22803 |
| **6/30/2021** | $16955 | $22241 | $23365 |
| **7/31/2021** | $16495 | $21438 | $23761 |
| **8/31/2021** | $17039 | $21918 | $24438 |
| **9/30/2021** | $16621 | $21272 | $23342 |
| **10/31/2021** | $17499 | $22177 | $24920 |
| **11/30/2021** | $16941 | $21252 | $24541 |
| **12/31/2021** | $17694 | $21727 | $25507 |
| **1/31/2022** | $16273 | $19635 | $24006 |
| **2/28/2022** | $16426 | $19845 | $23402 |
| **3/31/2022** | $16468 | $20092 | $24161 |
| **4/30/2022** | $15102 | $18101 | $21993 |
| **5/31/2022** | $15297 | $18128 | $21963 |
| **6/30/2022** | $13876 | $16637 | $20126 |
| **7/31/2022** | $15409 | $18374 | $22014 |
| **8/31/2022** | $14907 | $17998 | $21192 |
| **9/30/2022** | $13542 | $16273 | $19227 |
| **10/31/2022** | $15186 | $18065 | $20804 |
| **11/30/2022** | $15841 | $18487 | $21890 |
| **12/31/2022** | $14853 | $17287 | $20608 |
| **1/31/2023** | $16247 | $18972 | $22027 |
| **2/28/2023** | $16136 | $18651 | $21513 |
| **3/31/2023** | $15313 | $17760 | $22088 |
| **4/30/2023** | $15034 | $17441 | $22323 |
| **5/31/2023** | $14894 | $17280 | $22410 |
| **6/30/2023** | $16233 | $18685 | $23940 |
| **7/31/2023** | $17112 | $19827 | $24798 |
| **8/31/2023** | $16568 | $18835 | $24320 |
| **9/30/2023** | $15787 | $17726 | $23161 |
| **10/31/2023** | $14797 | $16518 | $22547 |
| **11/30/2023** | $16136 | $18013 | $24650 |
| **12/31/2023** | $18019 | $20213 | $25957 |
| **1/31/2024** | $17575 | $19427 | $26245 |
| **2/29/2024** | $18677 | $20526 | $27666 |
| **3/31/2024** | $19291 | $21260 | $28558 |
| **4/30/2024** | $18047 | $19764 | $27301 |
| **5/31/2024** | $19148 | $20756 | $28591 |
| **6/30/2024** | $18862 | $20564 | $29476 |
| **7/31/2024** | $20493 | $22653 | $30024 |
| **8/31/2024** | $20121 | $22314 | $30678 |
| **9/30/2024** | $20264 | $22470 | $31313 |
| **10/31/2024** | $19821 | $22146 | $31083 |
| **11/30/2024** | $21465 | $24575 | $33150 |
| **12/31/2024** | $19729 | $22546 | $32137 |
| **1/31/2025** | $20470 | $23137 | $33152 |
| **2/28/2025** | $19285 | $21899 | $32516 |
| **3/31/2025** | $18219 | $20409 | $30620 |
| **4/30/2025** | $17878 | $19937 | $30414 |
| **5/31/2025** | $18974 | $21002 | $32342 |
| **6/30/2025** | $20085 | $22143 | $33985 |
| **7/31/2025** | $20618 | $22527 | $34733 |
| **8/31/2025** | $22203 | $24137 | $35537 |
| **9/30/2025** | $23003 | $24888 | $36764 |
| **10/31/2025** | $23210 | $25338 | $37552 |
| **11/30/2025** | $23358 | $25581 | $37655 |
| **12/31/2025** | $23269 | $25433 | $37647 |
| **1/31/2026** | $24699 | $26794 | $38231 |
| **2/28/2026** | $24807 | $27010 | $38049 |
| **3/31/2026** | $24007 | $25659 | $36157 |

---

# Disciplined Small Cap Fund
Annual Shareholder Report \| March 31, 2026

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A<sup>Footnote Reference\*</sup> | 31.88 | 8.11 | 9.8 |
| Class A with Load<sup>Footnote Reference\*</sup> | 24.3 | 6.83 | 9.15 |
| Russell 2000<sup>®</sup> Index | 25.72 | 3.77 | 9.88 |
| Russell 3000<sup>®</sup> Index | 18.09 | 10.87 | 13.72 |

---

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Historical performance shown for the Class A shares prior to their inception on July 31, 2018 reflects the performance of the former Administrator Class shares, and is adjusted to reflect the higher expenses and sales charges of the Class A shares. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $138693155 |
| # of portfolio holdings | 371 |
| Portfolio turnover rate | 48% |
| Total advisory fees paid | $347615 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 18.9 |
| Financials | 17.6 |
| Health care | 17.2 |
| Information technology | 14.2 |
| Consumer discretionary | 9.1 |
| Energy | 6.6 |
| Real estate | 5.0 |
| Materials | 4.6 |
| Utilities | 3.4 |
| Communication services | 1.9 |
| Consumer staples | 1.5 |

---

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

---

| | |
|:---|:---|
| Nextpower, Inc. Class A | 1.1 |
| Fabrinet | 1.1 |
| Coeur Mining, Inc. | 0.9 |
| TTM Technologies, Inc. | 0.9 |
| Bloom Energy Corp. Class A | 0.9 |
| Sterling Infrastructure, Inc. | 0.9 |
| Primoris Services Corp. | 0.9 |
| Par Pacific Holdings, Inc. | 0.9 |
| BrightSpring Health Services, Inc. | 0.8 |
| CareTrust REIT, Inc. | 0.8 |

---

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

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

#### AR4335 03-26
![Image](g100573g17g93.jpg)

Annual Shareholder Report

# Disciplined Small Cap Fund

# March 31, 2026

# Class R6

# WSCJX
This annual shareholder report contains important information about Disciplined Small Cap Fund for the period from April 1, 2025 to March 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $58 | 0.50% |

---

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

## How did the Fund perform last year and what affected its performance?
The Fund outperformed its benchmark for the 12-month period.

Over the period, U.S. equities performed positively, with U.S. small caps outperforming large caps.

Changes to the Fund's portfolio were minimal. Characteristics that are typically favored in the portfolio include attractive valuation, earnings consistency, profitability, and improving market sentiment. Stock selection was the main contributor to performance, adding value in 7 out of 11 sectors. This was attributed primarily to positive stock selection within the industrials, information technology, and financials sectors. The top individual contributors to relative performance were TTM Technologies, Inc., Argan, Inc., and Par Pacific Holdings, Inc. Stock selection within health care, communication services, and utilities detracted from relative performance. The largest individual detractors from relative performance were BellRing Brands, Inc. (This security was no longer held at the end of the reporting period.), Corcept Therapeutics, Inc., and EchoStar Corp. (This security was no longer held at the end of the reporting period.). A moderate underweight to health care also detracted modestly. However, variations in sector weights versus the index were relatively small.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g100573g75q85.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **3/31/2016** | $10000 | $10000 | $10000 |
| **4/30/2016** | $10094 | $10157 | $10062 |
| **5/31/2016** | $10274 | $10386 | $10242 |
| **6/30/2016** | $10274 | $10379 | $10263 |
| **7/31/2016** | $10722 | $10999 | $10670 |
| **8/31/2016** | $10845 | $11193 | $10698 |
| **9/30/2016** | $10930 | $11318 | $10714 |
| **10/31/2016** | $10590 | $10780 | $10483 |
| **11/30/2016** | $11501 | $11982 | $10952 |
| **12/31/2016** | $11772 | $12318 | $11165 |
| **1/31/2017** | $11911 | $12366 | $11376 |
| **2/28/2017** | $12194 | $12605 | $11799 |
| **3/31/2017** | $12245 | $12622 | $11807 |
| **4/30/2017** | $12276 | $12760 | $11932 |
| **5/31/2017** | $12302 | $12500 | $12054 |
| **6/30/2017** | $12605 | $12933 | $12163 |
| **7/31/2017** | $12728 | $13029 | $12392 |
| **8/31/2017** | $12466 | $12863 | $12416 |
| **9/30/2017** | $13037 | $13666 | $12719 |
| **10/31/2017** | $13304 | $13782 | $12996 |
| **11/30/2017** | $13623 | $14179 | $13391 |
| **12/31/2017** | $13570 | $14122 | $13525 |
| **1/31/2018** | $13777 | $14491 | $14238 |
| **2/28/2018** | $13264 | $13930 | $13713 |
| **3/31/2018** | $13341 | $14110 | $13438 |
| **4/30/2018** | $13400 | $14232 | $13489 |
| **5/31/2018** | $13948 | $15096 | $13869 |
| **6/30/2018** | $13871 | $15204 | $13960 |
| **7/31/2018** | $14048 | $15469 | $14423 |
| **8/31/2018** | $14649 | $16136 | $14930 |
| **9/30/2018** | $14154 | $15748 | $14955 |
| **10/31/2018** | $12592 | $14038 | $13853 |
| **11/30/2018** | $12681 | $14261 | $14131 |
| **12/31/2018** | $11108 | $12567 | $12816 |
| **1/31/2019** | $12294 | $13980 | $13916 |
| **2/28/2019** | $12777 | $14707 | $14405 |
| **3/31/2019** | $12440 | $14399 | $14616 |
| **4/30/2019** | $12923 | $14889 | $15199 |
| **5/31/2019** | $11869 | $13731 | $14216 |
| **6/30/2019** | $12733 | $14701 | $15214 |
| **7/31/2019** | $12820 | $14786 | $15440 |
| **8/31/2019** | $12162 | $14056 | $15125 |
| **9/30/2019** | $12425 | $14348 | $15391 |
| **10/31/2019** | $12762 | $14726 | $15722 |
| **11/30/2019** | $13318 | $15332 | $16320 |
| **12/31/2019** | $13653 | $15774 | $16791 |
| **1/31/2020** | $13048 | $15268 | $16773 |
| **2/29/2020** | $11837 | $13983 | $15400 |
| **3/31/2020** | $9077 | $10945 | $13282 |
| **4/30/2020** | $10317 | $12448 | $15041 |
| **5/31/2020** | $10967 | $13258 | $15845 |
| **6/30/2020** | $11232 | $13727 | $16207 |
| **7/31/2020** | $11734 | $14107 | $17128 |
| **8/31/2020** | $12310 | $14902 | $18369 |
| **9/30/2020** | $11896 | $14404 | $17700 |
| **10/31/2020** | $12177 | $14706 | $17318 |
| **11/30/2020** | $14170 | $17416 | $19425 |
| **12/31/2020** | $15255 | $18923 | $20298 |
| **1/31/2021** | $15830 | $19875 | $20208 |
| **2/28/2021** | $16949 | $21114 | $20840 |
| **3/31/2021** | $17312 | $21326 | $21587 |
| **4/30/2021** | $17765 | $21774 | $22700 |
| **5/31/2021** | $17992 | $21819 | $22803 |
| **6/30/2021** | $18068 | $22241 | $23365 |
| **7/31/2021** | $17599 | $21438 | $23761 |
| **8/31/2021** | $18173 | $21918 | $24438 |
| **9/30/2021** | $17750 | $21272 | $23342 |
| **10/31/2021** | $18688 | $22177 | $24920 |
| **11/30/2021** | $18098 | $21252 | $24541 |
| **12/31/2021** | $18903 | $21727 | $25507 |
| **1/31/2022** | $17390 | $19635 | $24006 |
| **2/28/2022** | $17556 | $19845 | $23402 |
| **3/31/2022** | $17617 | $20092 | $24161 |
| **4/30/2022** | $16149 | $18101 | $21993 |
| **5/31/2022** | $16376 | $18128 | $21963 |
| **6/30/2022** | $14862 | $16637 | $20126 |
| **7/31/2022** | $16512 | $18374 | $22014 |
| **8/31/2022** | $15967 | $17998 | $21192 |
| **9/30/2022** | $14514 | $16273 | $19227 |
| **10/31/2022** | $16285 | $18065 | $20804 |
| **11/30/2022** | $16996 | $18487 | $21890 |
| **12/31/2022** | $15931 | $17287 | $20608 |
| **1/31/2023** | $17375 | $18972 | $22027 |
| **2/28/2023** | $17269 | $18651 | $21513 |
| **3/31/2023** | $16387 | $17760 | $22088 |
| **4/30/2023** | $16083 | $17441 | $22323 |
| **5/31/2023** | $15946 | $17280 | $22410 |
| **6/30/2023** | $17390 | $18685 | $23940 |
| **7/31/2023** | $18348 | $19827 | $24798 |
| **8/31/2023** | $17770 | $18835 | $24320 |
| **9/30/2023** | $16919 | $17726 | $23161 |
| **10/31/2023** | $15885 | $16518 | $22547 |
| **11/30/2023** | $17314 | $18013 | $24650 |
| **12/31/2023** | $19348 | $20213 | $25957 |
| **1/31/2024** | $18880 | $19427 | $26245 |
| **2/29/2024** | $20066 | $20526 | $27666 |
| **3/31/2024** | $20722 | $21260 | $28558 |
| **4/30/2024** | $19395 | $19764 | $27301 |
| **5/31/2024** | $20597 | $20756 | $28591 |
| **6/30/2024** | $20285 | $20564 | $29476 |
| **7/31/2024** | $22050 | $22653 | $30024 |
| **8/31/2024** | $21659 | $22314 | $30678 |
| **9/30/2024** | $21815 | $22470 | $31313 |
| **10/31/2024** | $21347 | $22146 | $31083 |
| **11/30/2024** | $23127 | $24575 | $33150 |
| **12/31/2024** | $21271 | $22546 | $32137 |
| **1/31/2025** | $22067 | $23137 | $33152 |
| **2/28/2025** | $20800 | $21899 | $32516 |
| **3/31/2025** | $19646 | $20409 | $30620 |
| **4/30/2025** | $19288 | $19937 | $30414 |
| **5/31/2025** | $20475 | $21002 | $32342 |
| **6/30/2025** | $21693 | $22143 | $33985 |
| **7/31/2025** | $22262 | $22527 | $34733 |
| **8/31/2025** | $23985 | $24137 | $35537 |
| **9/30/2025** | $24862 | $24888 | $36764 |
| **10/31/2025** | $25090 | $25338 | $37552 |
| **11/30/2025** | $25252 | $25581 | $37655 |
| **12/31/2025** | $25165 | $25433 | $37647 |
| **1/31/2026** | $26723 | $26794 | $38231 |
| **2/28/2026** | $26859 | $27010 | $38049 |
| **3/31/2026** | $25995 | $25659 | $36157 |

---

# Disciplined Small Cap Fund
Annual Shareholder Report \| March 31, 2026

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>Footnote Reference\*</sup> | 32.32 | 8.47 | 10.02 |
| Russell 2000<sup>®</sup> Index | 25.72 | 3.77 | 9.88 |
| Russell 3000<sup>®</sup> Index | 18.09 | 10.87 | 13.72 |

---

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

---

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

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $138693155 |
| # of portfolio holdings | 371 |
| Portfolio turnover rate | 48% |
| Total advisory fees paid | $347615 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 18.9 |
| Financials | 17.6 |
| Health care | 17.2 |
| Information technology | 14.2 |
| Consumer discretionary | 9.1 |
| Energy | 6.6 |
| Real estate | 5.0 |
| Materials | 4.6 |
| Utilities | 3.4 |
| Communication services | 1.9 |
| Consumer staples | 1.5 |

---

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

---

| | |
|:---|:---|
| Nextpower, Inc. Class A | 1.1 |
| Fabrinet | 1.1 |
| Coeur Mining, Inc. | 0.9 |
| TTM Technologies, Inc. | 0.9 |
| Bloom Energy Corp. Class A | 0.9 |
| Sterling Infrastructure, Inc. | 0.9 |
| Primoris Services Corp. | 0.9 |
| Par Pacific Holdings, Inc. | 0.9 |
| BrightSpring Health Services, Inc. | 0.8 |
| CareTrust REIT, Inc. | 0.8 |

---

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

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

#### AR4691 03-26
![Image](g100573g17g93.jpg)

Annual Shareholder Report

# Disciplined Small Cap Fund

# March 31, 2026

# Institutional Class

# WSCOX
This annual shareholder report contains important information about Disciplined Small Cap Fund for the period from April 1, 2025 to March 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $70 | 0.60% |

---

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

## How did the Fund perform last year and what affected its performance?
The Fund outperformed its benchmark for the 12-month period.

Over the period, U.S. equities performed positively, with U.S. small caps outperforming large caps.

Changes to the Fund's portfolio were minimal. Characteristics that are typically favored in the portfolio include attractive valuation, earnings consistency, profitability, and improving market sentiment. Stock selection was the main contributor to performance, adding value in 7 out of 11 sectors. This was attributed primarily to positive stock selection within the industrials, information technology, and financials sectors. The top individual contributors to relative performance were TTM Technologies, Inc., Argan, Inc., and Par Pacific Holdings, Inc. Stock selection within health care, communication services, and utilities detracted from relative performance. The largest individual detractors from relative performance were BellRing Brands, Inc. (This security was no longer held at the end of the reporting period.), Corcept Therapeutics, Inc., and EchoStar Corp. (This security was no longer held at the end of the reporting period.). A moderate underweight to health care also detracted modestly. However, variations in sector weights versus the index were relatively small.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g100573g71p81.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **3/31/2016** | $10000 | $10000 | $10000 |
| **4/30/2016** | $10094 | $10157 | $10062 |
| **5/31/2016** | $10274 | $10386 | $10242 |
| **6/30/2016** | $10274 | $10379 | $10263 |
| **7/31/2016** | $10722 | $10999 | $10670 |
| **8/31/2016** | $10845 | $11193 | $10698 |
| **9/30/2016** | $10930 | $11318 | $10714 |
| **10/31/2016** | $10590 | $10780 | $10483 |
| **11/30/2016** | $11506 | $11982 | $10952 |
| **12/31/2016** | $11770 | $12318 | $11165 |
| **1/31/2017** | $11914 | $12366 | $11376 |
| **2/28/2017** | $12191 | $12605 | $11799 |
| **3/31/2017** | $12243 | $12622 | $11807 |
| **4/30/2017** | $12274 | $12760 | $11932 |
| **5/31/2017** | $12299 | $12500 | $12054 |
| **6/30/2017** | $12598 | $12933 | $12163 |
| **7/31/2017** | $12716 | $13029 | $12392 |
| **8/31/2017** | $12459 | $12863 | $12416 |
| **9/30/2017** | $13024 | $13666 | $12719 |
| **10/31/2017** | $13291 | $13782 | $12996 |
| **11/30/2017** | $13610 | $14179 | $13391 |
| **12/31/2017** | $13557 | $14122 | $13525 |
| **1/31/2018** | $13763 | $14491 | $14238 |
| **2/28/2018** | $13244 | $13930 | $13713 |
| **3/31/2018** | $13321 | $14110 | $13438 |
| **4/30/2018** | $13386 | $14232 | $13489 |
| **5/31/2018** | $13934 | $15096 | $13869 |
| **6/30/2018** | $13851 | $15204 | $13960 |
| **7/31/2018** | $14028 | $15469 | $14423 |
| **8/31/2018** | $14623 | $16136 | $14930 |
| **9/30/2018** | $14128 | $15748 | $14955 |
| **10/31/2018** | $12567 | $14038 | $13853 |
| **11/30/2018** | $12661 | $14261 | $14131 |
| **12/31/2018** | $11084 | $12567 | $12816 |
| **1/31/2019** | $12271 | $13980 | $13916 |
| **2/28/2019** | $12754 | $14707 | $14405 |
| **3/31/2019** | $12417 | $14399 | $14616 |
| **4/30/2019** | $12900 | $14889 | $15199 |
| **5/31/2019** | $11846 | $13731 | $14216 |
| **6/30/2019** | $12710 | $14701 | $15214 |
| **7/31/2019** | $12798 | $14786 | $15440 |
| **8/31/2019** | $12139 | $14056 | $15125 |
| **9/30/2019** | $12402 | $14348 | $15391 |
| **10/31/2019** | $12724 | $14726 | $15722 |
| **11/30/2019** | $13281 | $15332 | $16320 |
| **12/31/2019** | $13604 | $15774 | $16791 |
| **1/31/2020** | $12993 | $15268 | $16773 |
| **2/29/2020** | $11786 | $13983 | $15400 |
| **3/31/2020** | $9089 | $10945 | $13282 |
| **4/30/2020** | $10326 | $12448 | $15041 |
| **5/31/2020** | $10966 | $13258 | $15845 |
| **6/30/2020** | $11249 | $13727 | $16207 |
| **7/31/2020** | $11741 | $14107 | $17128 |
| **8/31/2020** | $12307 | $14902 | $18369 |
| **9/30/2020** | $11905 | $14404 | $17700 |
| **10/31/2020** | $12188 | $14706 | $17318 |
| **11/30/2020** | $14170 | $17416 | $19425 |
| **12/31/2020** | $15257 | $18923 | $20298 |
| **1/31/2021** | $15839 | $19875 | $20208 |
| **2/28/2021** | $16942 | $21114 | $20840 |
| **3/31/2021** | $17300 | $21326 | $21587 |
| **4/30/2021** | $17763 | $21774 | $22700 |
| **5/31/2021** | $17986 | $21819 | $22803 |
| **6/30/2021** | $18061 | $22241 | $23365 |
| **7/31/2021** | $17584 | $21438 | $23761 |
| **8/31/2021** | $18165 | $21918 | $24438 |
| **9/30/2021** | $17733 | $21272 | $23342 |
| **10/31/2021** | $18672 | $22177 | $24920 |
| **11/30/2021** | $18076 | $21252 | $24541 |
| **12/31/2021** | $18883 | $21727 | $25507 |
| **1/31/2022** | $17381 | $19635 | $24006 |
| **2/28/2022** | $17531 | $19845 | $23402 |
| **3/31/2022** | $17591 | $20092 | $24161 |
| **4/30/2022** | $16134 | $18101 | $21993 |
| **5/31/2022** | $16344 | $18128 | $21963 |
| **6/30/2022** | $14842 | $16637 | $20126 |
| **7/31/2022** | $16479 | $18374 | $22014 |
| **8/31/2022** | $15939 | $17998 | $21192 |
| **9/30/2022** | $14481 | $16273 | $19227 |
| **10/31/2022** | $16254 | $18065 | $20804 |
| **11/30/2022** | $16960 | $18487 | $21890 |
| **12/31/2022** | $15890 | $17287 | $20608 |
| **1/31/2023** | $17328 | $18972 | $22027 |
| **2/28/2023** | $17222 | $18651 | $21513 |
| **3/31/2023** | $16344 | $17760 | $22088 |
| **4/30/2023** | $16041 | $17441 | $22323 |
| **5/31/2023** | $15905 | $17280 | $22410 |
| **6/30/2023** | $17343 | $18685 | $23940 |
| **7/31/2023** | $18296 | $19827 | $24798 |
| **8/31/2023** | $17721 | $18835 | $24320 |
| **9/30/2023** | $16874 | $17726 | $23161 |
| **10/31/2023** | $15830 | $16518 | $22547 |
| **11/30/2023** | $17267 | $18013 | $24650 |
| **12/31/2023** | $19292 | $20213 | $25957 |
| **1/31/2024** | $18810 | $19427 | $26245 |
| **2/29/2024** | $20006 | $20526 | $27666 |
| **3/31/2024** | $20643 | $21260 | $28558 |
| **4/30/2024** | $19323 | $19764 | $27301 |
| **5/31/2024** | $20519 | $20756 | $28591 |
| **6/30/2024** | $20208 | $20564 | $29476 |
| **7/31/2024** | $21964 | $22653 | $30024 |
| **8/31/2024** | $21575 | $22314 | $30678 |
| **9/30/2024** | $21731 | $22470 | $31313 |
| **10/31/2024** | $21265 | $22146 | $31083 |
| **11/30/2024** | $23020 | $24575 | $33150 |
| **12/31/2024** | $21168 | $22546 | $32137 |
| **1/31/2025** | $21960 | $23137 | $33152 |
| **2/28/2025** | $20700 | $21899 | $32516 |
| **3/31/2025** | $19554 | $20409 | $30620 |
| **4/30/2025** | $19198 | $19937 | $30414 |
| **5/31/2025** | $20377 | $21002 | $32342 |
| **6/30/2025** | $21588 | $22143 | $33985 |
| **7/31/2025** | $22153 | $22527 | $34733 |
| **8/31/2025** | $23865 | $24137 | $35537 |
| **9/30/2025** | $24737 | $24888 | $36764 |
| **10/31/2025** | $24963 | $25338 | $37552 |
| **11/30/2025** | $25141 | $25581 | $37655 |
| **12/31/2025** | $25047 | $25433 | $37647 |
| **1/31/2026** | $26594 | $26794 | $38231 |
| **2/28/2026** | $26728 | $27010 | $38049 |
| **3/31/2026** | $25854 | $25659 | $36157 |

---

# Disciplined Small Cap Fund
Annual Shareholder Report \| March 31, 2026

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 32.22 | 8.37 | 9.96 |
| Russell 2000<sup>®</sup> Index | 25.72 | 3.77 | 9.88 |
| Russell 3000<sup>®</sup> Index | 18.09 | 10.87 | 13.72 |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $138693155 |
| # of portfolio holdings | 371 |
| Portfolio turnover rate | 48% |
| Total advisory fees paid | $347615 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 18.9 |
| Financials | 17.6 |
| Health care | 17.2 |
| Information technology | 14.2 |
| Consumer discretionary | 9.1 |
| Energy | 6.6 |
| Real estate | 5.0 |
| Materials | 4.6 |
| Utilities | 3.4 |
| Communication services | 1.9 |
| Consumer staples | 1.5 |

---

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

---

| | |
|:---|:---|
| Nextpower, Inc. Class A | 1.1 |
| Fabrinet | 1.1 |
| Coeur Mining, Inc. | 0.9 |
| TTM Technologies, Inc. | 0.9 |
| Bloom Energy Corp. Class A | 0.9 |
| Sterling Infrastructure, Inc. | 0.9 |
| Primoris Services Corp. | 0.9 |
| Par Pacific Holdings, Inc. | 0.9 |
| BrightSpring Health Services, Inc. | 0.8 |
| CareTrust REIT, Inc. | 0.8 |

---

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

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

#### AR3181 03-26
![Image](g100573g17g93.jpg)

Annual Shareholder Report

# Index Fund

# March 31, 2026

# Administrator Class

# WFIOX
This annual shareholder report contains important information about Index Fund for the period from April 1, 2025 to March 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $27 | 0.25% |

---

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

## How did the Fund perform last year and what affected its performance?
The Fund underperformed its benchmark for the 12-month that ended on March 31, 2026.

Over the period, U.S. large-cap equities performed positively, but underperformed both U.S. small caps and international developed markets.

Changes to the portfolio during the period were minimal. The Fund's objective is to replicate the performance of the S&P 500 Index before fees. The portfolio management team uses an investment process designed with the goal of controlling trading and implementation costs and reducing tracking error as much as possible.

Energy and communication services were the strongest sectors in the index over the 12-month period. Energy was fueled by elevated oil and gas prices as well as strong free cash flow generation. Communication services benefited from a strong artificial intelligence (AI) growth narrative. Financials and health care produced some of the weakest returns in the S&P 500 Index. Financials struggled due to higher borrowing costs and credit quality concerns. Health care stocks struggled to meaningfully participate as drug price uncertainty and life sciences were a drag on performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g100573g67w54.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrator Class** | **S&P 500 Index** |
| **3/31/2016** | $10000 | $10000 |
| **4/30/2016** | $10037 | $10039 |
| **5/31/2016** | $10215 | $10219 |
| **6/30/2016** | $10239 | $10246 |
| **7/31/2016** | $10615 | $10623 |
| **8/31/2016** | $10627 | $10638 |
| **9/30/2016** | $10627 | $10640 |
| **10/31/2016** | $10431 | $10446 |
| **11/30/2016** | $10815 | $10833 |
| **12/31/2016** | $11026 | $11047 |
| **1/31/2017** | $11232 | $11257 |
| **2/28/2017** | $11676 | $11704 |
| **3/31/2017** | $11688 | $11717 |
| **4/30/2017** | $11806 | $11838 |
| **5/31/2017** | $11969 | $12004 |
| **6/30/2017** | $12042 | $12079 |
| **7/31/2017** | $12287 | $12327 |
| **8/31/2017** | $12320 | $12365 |
| **9/30/2017** | $12572 | $12620 |
| **10/31/2017** | $12865 | $12915 |
| **11/30/2017** | $13258 | $13311 |
| **12/31/2017** | $13401 | $13459 |
| **1/31/2018** | $14164 | $14229 |
| **2/28/2018** | $13642 | $13705 |
| **3/31/2018** | $13292 | $13357 |
| **4/30/2018** | $13339 | $13408 |
| **5/31/2018** | $13656 | $13731 |
| **6/30/2018** | $13738 | $13815 |
| **7/31/2018** | $14245 | $14329 |
| **8/31/2018** | $14706 | $14796 |
| **9/30/2018** | $14787 | $14881 |
| **10/31/2018** | $13772 | $13864 |
| **11/30/2018** | $14051 | $14146 |
| **12/31/2018** | $12779 | $12869 |
| **1/31/2019** | $13803 | $13900 |
| **2/28/2019** | $14242 | $14346 |
| **3/31/2019** | $14515 | $14625 |
| **4/30/2019** | $15100 | $15217 |
| **5/31/2019** | $14138 | $14250 |
| **6/30/2019** | $15131 | $15255 |
| **7/31/2019** | $15345 | $15474 |
| **8/31/2019** | $15100 | $15229 |
| **9/30/2019** | $15379 | $15514 |
| **10/31/2019** | $15708 | $15850 |
| **11/30/2019** | $16276 | $16425 |
| **12/31/2019** | $16762 | $16921 |
| **1/31/2020** | $16750 | $16914 |
| **2/29/2020** | $15369 | $15522 |
| **3/31/2020** | $13441 | $13605 |
| **4/30/2020** | $15158 | $15349 |
| **5/31/2020** | $15869 | $16080 |
| **6/30/2020** | $16178 | $16399 |
| **7/31/2020** | $17089 | $17324 |
| **8/31/2020** | $18313 | $18569 |
| **9/30/2020** | $17613 | $17864 |
| **10/31/2020** | $17142 | $17389 |
| **11/30/2020** | $19017 | $19292 |
| **12/31/2020** | $19740 | $20034 |
| **1/31/2021** | $19537 | $19832 |
| **2/28/2021** | $20073 | $20378 |
| **3/31/2021** | $20950 | $21271 |
| **4/30/2021** | $22061 | $22406 |
| **5/31/2021** | $22212 | $22563 |
| **6/30/2021** | $22726 | $23089 |
| **7/31/2021** | $23257 | $23638 |
| **8/31/2021** | $23962 | $24357 |
| **9/30/2021** | $22843 | $23224 |
| **10/31/2021** | $24437 | $24851 |
| **11/30/2021** | $24264 | $24679 |
| **12/31/2021** | $25346 | $25785 |
| **1/31/2022** | $24027 | $24450 |
| **2/28/2022** | $23304 | $23718 |
| **3/31/2022** | $24164 | $24599 |
| **4/30/2022** | $22051 | $22454 |
| **5/31/2022** | $22089 | $22495 |
| **6/30/2022** | $20264 | $20638 |
| **7/31/2022** | $22127 | $22541 |
| **8/31/2022** | $21219 | $21622 |
| **9/30/2022** | $19262 | $19631 |
| **10/31/2022** | $20817 | $21220 |
| **11/30/2022** | $21976 | $22406 |
| **12/31/2022** | $20699 | $21115 |
| **1/31/2023** | $21999 | $22442 |
| **2/28/2023** | $21458 | $21894 |
| **3/31/2023** | $22238 | $22698 |
| **4/30/2023** | $22582 | $23052 |
| **5/31/2023** | $22675 | $23152 |
| **6/30/2023** | $24168 | $24682 |
| **7/31/2023** | $24943 | $25475 |
| **8/31/2023** | $24537 | $25069 |
| **9/30/2023** | $23362 | $23874 |
| **10/31/2023** | $22868 | $23372 |
| **11/30/2023** | $24948 | $25507 |
| **12/31/2023** | $26076 | $26665 |
| **1/31/2024** | $26508 | $27114 |
| **2/29/2024** | $27922 | $28561 |
| **3/31/2024** | $28814 | $29480 |
| **4/30/2024** | $27630 | $28276 |
| **5/31/2024** | $28993 | $29678 |
| **6/30/2024** | $30025 | $30743 |
| **7/31/2024** | $30384 | $31117 |
| **8/31/2024** | $31113 | $31872 |
| **9/30/2024** | $31770 | $32553 |
| **10/31/2024** | $31478 | $32258 |
| **11/30/2024** | $33318 | $34151 |
| **12/31/2024** | $32514 | $33337 |
| **1/31/2025** | $33414 | $34265 |
| **2/28/2025** | $32970 | $33818 |
| **3/31/2025** | $31105 | $31913 |
| **4/30/2025** | $30886 | $31696 |
| **5/31/2025** | $32824 | $33692 |
| **6/30/2025** | $34483 | $35405 |
| **7/31/2025** | $35255 | $36199 |
| **8/31/2025** | $35960 | $36933 |
| **9/30/2025** | $37266 | $38281 |
| **10/31/2025** | $38129 | $39178 |
| **11/30/2025** | $38214 | $39274 |
| **12/31/2025** | $38227 | $39298 |
| **1/31/2026** | $38767 | $39868 |
| **2/28/2026** | $38468 | $39565 |
| **3/31/2026** | $36542 | $37594 |

---

# Index Fund
Annual Shareholder Report \| March 31, 2026

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 17.48 | 11.77 | 13.84 |
| S&P 500 Index | 17.8 | 12.06 | 14.16 |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1355768073 |
| # of portfolio holdings | 505 |
| Portfolio turnover rate | 3% |
| Total advisory fees paid | $0 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 32.9 |
| Financials | 12.6 |
| Communication services | 10.3 |
| Consumer discretionary | 9.8 |
| Health care | 9.5 |
| Industrials | 9.0 |
| Consumer staples | 5.3 |
| Energy | 4.0 |
| Utilities | 2.6 |
| Materials | 2.1 |
| Real estate | 1.9 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.5 |
| Apple, Inc. | 6.6 |
| Microsoft Corp. | 4.8 |
| Amazon.com, Inc. | 3.6 |
| Alphabet, Inc. Class A | 3.0 |
| Broadcom, Inc. | 2.6 |
| Alphabet, Inc. Class C | 2.4 |
| Meta Platforms, Inc. Class A | 2.2 |
| Tesla, Inc. | 1.8 |
| Berkshire Hathaway, Inc. Class B | 1.5 |

---

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

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

#### AR0088 03-26
![Image](g100573g17g93.jpg)

Annual Shareholder Report

# Index Fund

# March 31, 2026

# Class A

# WFILX
This annual shareholder report contains important information about Index Fund for the period from April 1, 2025 to March 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $46 | 0.42% |

---

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

## How did the Fund perform last year and what affected its performance?
The Fund underperformed its benchmark for the 12-month that ended on March 31, 2026.

Over the period, U.S. large-cap equities performed positively, but underperformed both U.S. small caps and international developed markets.

Changes to the portfolio during the period were minimal. The Fund's objective is to replicate the performance of the S&P 500 Index before fees. The portfolio management team uses an investment process designed with the goal of controlling trading and implementation costs and reducing tracking error as much as possible.

Energy and communication services were the strongest sectors in the index over the 12-month period. Energy was fueled by elevated oil and gas prices as well as strong free cash flow generation. Communication services benefited from a strong artificial intelligence (AI) growth narrative. Financials and health care produced some of the weakest returns in the S&P 500 Index. Financials struggled due to higher borrowing costs and credit quality concerns. Health care stocks struggled to meaningfully participate as drug price uncertainty and life sciences were a drag on performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g100573g60a09.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with Load** | **S&P 500 Index** |
| **3/31/2016** | $9424 | $10000 |
| **4/30/2016** | $9456 | $10039 |
| **5/31/2016** | $9623 | $10219 |
| **6/30/2016** | $9645 | $10246 |
| **7/31/2016** | $9997 | $10623 |
| **8/31/2016** | $10006 | $10638 |
| **9/30/2016** | $10005 | $10640 |
| **10/31/2016** | $9818 | $10446 |
| **11/30/2016** | $10178 | $10833 |
| **12/31/2016** | $10375 | $11047 |
| **1/31/2017** | $10569 | $11257 |
| **2/28/2017** | $10985 | $11704 |
| **3/31/2017** | $10993 | $11717 |
| **4/30/2017** | $11102 | $11838 |
| **5/31/2017** | $11254 | $12004 |
| **6/30/2017** | $11320 | $12079 |
| **7/31/2017** | $11547 | $12327 |
| **8/31/2017** | $11579 | $12365 |
| **9/30/2017** | $11813 | $12620 |
| **10/31/2017** | $12086 | $12915 |
| **11/30/2017** | $12453 | $13311 |
| **12/31/2017** | $12584 | $13459 |
| **1/31/2018** | $13301 | $14229 |
| **2/28/2018** | $12807 | $13705 |
| **3/31/2018** | $12475 | $13357 |
| **4/30/2018** | $12518 | $13408 |
| **5/31/2018** | $12815 | $13731 |
| **6/30/2018** | $12888 | $13815 |
| **7/31/2018** | $13363 | $14329 |
| **8/31/2018** | $13792 | $14796 |
| **9/30/2018** | $13865 | $14881 |
| **10/31/2018** | $12912 | $13864 |
| **11/30/2018** | $13171 | $14146 |
| **12/31/2018** | $11978 | $12869 |
| **1/31/2019** | $12933 | $13900 |
| **2/28/2019** | $13345 | $14346 |
| **3/31/2019** | $13599 | $14625 |
| **4/30/2019** | $14145 | $15217 |
| **5/31/2019** | $13241 | $14250 |
| **6/30/2019** | $14167 | $15255 |
| **7/31/2019** | $14365 | $15474 |
| **8/31/2019** | $14132 | $15229 |
| **9/30/2019** | $14392 | $15514 |
| **10/31/2019** | $14697 | $15850 |
| **11/30/2019** | $15226 | $16425 |
| **12/31/2019** | $15676 | $16921 |
| **1/31/2020** | $15666 | $16914 |
| **2/29/2020** | $14372 | $15522 |
| **3/31/2020** | $12564 | $13605 |
| **4/30/2020** | $14171 | $15349 |
| **5/31/2020** | $14832 | $16080 |
| **6/30/2020** | $15119 | $16399 |
| **7/31/2020** | $15968 | $17324 |
| **8/31/2020** | $17110 | $18569 |
| **9/30/2020** | $16453 | $17864 |
| **10/31/2020** | $16007 | $17389 |
| **11/30/2020** | $17757 | $19292 |
| **12/31/2020** | $18429 | $20034 |
| **1/31/2021** | $18239 | $19832 |
| **2/28/2021** | $18734 | $20378 |
| **3/31/2021** | $19548 | $21271 |
| **4/30/2021** | $20585 | $22406 |
| **5/31/2021** | $20721 | $22563 |
| **6/30/2021** | $21196 | $23089 |
| **7/31/2021** | $21692 | $23638 |
| **8/31/2021** | $22340 | $24357 |
| **9/30/2021** | $21295 | $23224 |
| **10/31/2021** | $22778 | $24851 |
| **11/30/2021** | $22613 | $24679 |
| **12/31/2021** | $23616 | $25785 |
| **1/31/2022** | $22386 | $24450 |
| **2/28/2022** | $21708 | $23718 |
| **3/31/2022** | $22508 | $24599 |
| **4/30/2022** | $20537 | $22454 |
| **5/31/2022** | $20568 | $22495 |
| **6/30/2022** | $18864 | $20638 |
| **7/31/2022** | $20596 | $22541 |
| **8/31/2022** | $19746 | $21622 |
| **9/30/2022** | $17923 | $19631 |
| **10/31/2022** | $19366 | $21220 |
| **11/30/2022** | $20437 | $22406 |
| **12/31/2022** | $19251 | $21115 |
| **1/31/2023** | $20455 | $22442 |
| **2/28/2023** | $19948 | $21894 |
| **3/31/2023** | $20674 | $22698 |
| **4/30/2023** | $20988 | $23052 |
| **5/31/2023** | $21073 | $23152 |
| **6/30/2023** | $22457 | $24682 |
| **7/31/2023** | $23169 | $25475 |
| **8/31/2023** | $22790 | $25069 |
| **9/30/2023** | $21695 | $23874 |
| **10/31/2023** | $21232 | $23372 |
| **11/30/2023** | $23164 | $25507 |
| **12/31/2023** | $24203 | $26665 |
| **1/31/2024** | $24601 | $27114 |
| **2/29/2024** | $25906 | $28561 |
| **3/31/2024** | $26734 | $29480 |
| **4/30/2024** | $25632 | $28276 |
| **5/31/2024** | $26895 | $29678 |
| **6/30/2024** | $27846 | $30743 |
| **7/31/2024** | $28179 | $31117 |
| **8/31/2024** | $28851 | $31872 |
| **9/30/2024** | $29452 | $32553 |
| **10/31/2024** | $29173 | $32258 |
| **11/30/2024** | $30876 | $34151 |
| **12/31/2024** | $30125 | $33337 |
| **1/31/2025** | $30958 | $34265 |
| **2/28/2025** | $30544 | $33818 |
| **3/31/2025** | $28815 | $31913 |
| **4/30/2025** | $28605 | $31696 |
| **5/31/2025** | $30393 | $33692 |
| **6/30/2025** | $31930 | $35405 |
| **7/31/2025** | $32635 | $36199 |
| **8/31/2025** | $33287 | $36933 |
| **9/30/2025** | $34487 | $38281 |
| **10/31/2025** | $35285 | $39178 |
| **11/30/2025** | $35355 | $39274 |
| **12/31/2025** | $35363 | $39298 |
| **1/31/2026** | $35862 | $39868 |
| **2/28/2026** | $35575 | $39565 |
| **3/31/2026** | $33792 | $37594 |

---

# Index Fund
Annual Shareholder Report \| March 31, 2026

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 17.27 | 11.57 | 13.62 |
| Class A with Load | 10.53 | 10.25 | 12.95 |
| S&P 500 Index | 17.8 | 12.06 | 14.16 |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1355768073 |
| # of portfolio holdings | 505 |
| Portfolio turnover rate | 3% |
| Total advisory fees paid | $0 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 32.9 |
| Financials | 12.6 |
| Communication services | 10.3 |
| Consumer discretionary | 9.8 |
| Health care | 9.5 |
| Industrials | 9.0 |
| Consumer staples | 5.3 |
| Energy | 4.0 |
| Utilities | 2.6 |
| Materials | 2.1 |
| Real estate | 1.9 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.5 |
| Apple, Inc. | 6.6 |
| Microsoft Corp. | 4.8 |
| Amazon.com, Inc. | 3.6 |
| Alphabet, Inc. Class A | 3.0 |
| Broadcom, Inc. | 2.6 |
| Alphabet, Inc. Class C | 2.4 |
| Meta Platforms, Inc. Class A | 2.2 |
| Tesla, Inc. | 1.8 |
| Berkshire Hathaway, Inc. Class B | 1.5 |

---

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

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

#### AR3329 03-26
![Image](g100573g17g93.jpg)

Annual Shareholder Report

# Index Fund

# March 31, 2026

# Class C

# WFINX
This annual shareholder report contains important information about Index Fund for the period from April 1, 2025 to March 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $129 | 1.19% |

---

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

## How did the Fund perform last year and what affected its performance?
The Fund underperformed its benchmark for the 12-month that ended on March 31, 2026.

Over the period, U.S. large-cap equities performed positively, but underperformed both U.S. small caps and international developed markets.

Changes to the portfolio during the period were minimal. The Fund's objective is to replicate the performance of the S&P 500 Index before fees. The portfolio management team uses an investment process designed with the goal of controlling trading and implementation costs and reducing tracking error as much as possible.

Energy and communication services were the strongest sectors in the index over the 12-month period. Energy was fueled by elevated oil and gas prices as well as strong free cash flow generation. Communication services benefited from a strong artificial intelligence (AI) growth narrative. Financials and health care produced some of the weakest returns in the S&P 500 Index. Financials struggled due to higher borrowing costs and credit quality concerns. Health care stocks struggled to meaningfully participate as drug price uncertainty and life sciences were a drag on performance.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g100573g38s01.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with Load** | **S&P 500 Index** |
| **3/31/2016** | $10000 | $10000 |
| **4/30/2016** | $10029 | $10039 |
| **5/31/2016** | $10199 | $10219 |
| **6/30/2016** | $10215 | $10246 |
| **7/31/2016** | $10580 | $10623 |
| **8/31/2016** | $10585 | $10638 |
| **9/30/2016** | $10575 | $10640 |
| **10/31/2016** | $10373 | $10446 |
| **11/30/2016** | $10746 | $10833 |
| **12/31/2016** | $10947 | $11047 |
| **1/31/2017** | $11144 | $11257 |
| **2/28/2017** | $11576 | $11704 |
| **3/31/2017** | $11578 | $11717 |
| **4/30/2017** | $11686 | $11838 |
| **5/31/2017** | $11837 | $12004 |
| **6/30/2017** | $11899 | $12079 |
| **7/31/2017** | $12132 | $12327 |
| **8/31/2017** | $12157 | $12365 |
| **9/30/2017** | $12395 | $12620 |
| **10/31/2017** | $12672 | $12915 |
| **11/30/2017** | $13049 | $13311 |
| **12/31/2017** | $13179 | $13459 |
| **1/31/2018** | $13921 | $14229 |
| **2/28/2018** | $13395 | $13705 |
| **3/31/2018** | $13040 | $13357 |
| **4/30/2018** | $13078 | $13408 |
| **5/31/2018** | $13379 | $13731 |
| **6/30/2018** | $13448 | $13815 |
| **7/31/2018** | $13933 | $14329 |
| **8/31/2018** | $14370 | $14796 |
| **9/30/2018** | $14440 | $14881 |
| **10/31/2018** | $13437 | $13864 |
| **11/30/2018** | $13698 | $14146 |
| **12/31/2018** | $12448 | $12869 |
| **1/31/2019** | $13436 | $13900 |
| **2/28/2019** | $13855 | $14346 |
| **3/31/2019** | $14108 | $14625 |
| **4/30/2019** | $14667 | $15217 |
| **5/31/2019** | $13718 | $14250 |
| **6/30/2019** | $14673 | $15255 |
| **7/31/2019** | $14867 | $15474 |
| **8/31/2019** | $14618 | $15229 |
| **9/30/2019** | $14875 | $15514 |
| **10/31/2019** | $15183 | $15850 |
| **11/30/2019** | $15717 | $16425 |
| **12/31/2019** | $16172 | $16921 |
| **1/31/2020** | $16150 | $16914 |
| **2/29/2020** | $14807 | $15522 |
| **3/31/2020** | $12940 | $13605 |
| **4/30/2020** | $14585 | $15349 |
| **5/31/2020** | $15251 | $16080 |
| **6/30/2020** | $15538 | $16399 |
| **7/31/2020** | $16397 | $17324 |
| **8/31/2020** | $17584 | $18569 |
| **9/30/2020** | $16896 | $17864 |
| **10/31/2020** | $16430 | $17389 |
| **11/30/2020** | $18214 | $19292 |
| **12/31/2020** | $18893 | $20034 |
| **1/31/2021** | $18682 | $19832 |
| **2/28/2021** | $19183 | $20378 |
| **3/31/2021** | $20002 | $21271 |
| **4/30/2021** | $21048 | $22406 |
| **5/31/2021** | $21172 | $22563 |
| **6/30/2021** | $21648 | $23089 |
| **7/31/2021** | $22136 | $23638 |
| **8/31/2021** | $22789 | $24357 |
| **9/30/2021** | $21706 | $23224 |
| **10/31/2021** | $23203 | $24851 |
| **11/30/2021** | $23021 | $24679 |
| **12/31/2021** | $24025 | $25785 |
| **1/31/2022** | $22760 | $24450 |
| **2/28/2022** | $22056 | $23718 |
| **3/31/2022** | $22854 | $24599 |
| **4/30/2022** | $20840 | $22454 |
| **5/31/2022** | $20858 | $22495 |
| **6/30/2022** | $19117 | $20638 |
| **7/31/2022** | $20858 | $22541 |
| **8/31/2022** | $19988 | $21622 |
| **9/30/2022** | $18126 | $19631 |
| **10/31/2022** | $19579 | $21220 |
| **11/30/2022** | $20652 | $22406 |
| **12/31/2022** | $19437 | $21115 |
| **1/31/2023** | $20638 | $22442 |
| **2/28/2023** | $20116 | $21894 |
| **3/31/2023** | $20834 | $22698 |
| **4/30/2023** | $21141 | $23052 |
| **5/31/2023** | $21210 | $23152 |
| **6/30/2023** | $22586 | $24682 |
| **7/31/2023** | $23290 | $25475 |
| **8/31/2023** | $22899 | $25069 |
| **9/30/2023** | $21781 | $23874 |
| **10/31/2023** | $21302 | $23372 |
| **11/30/2023** | $23226 | $25507 |
| **12/31/2023** | $24258 | $26665 |
| **1/31/2024** | $24639 | $27114 |
| **2/29/2024** | $25929 | $28561 |
| **3/31/2024** | $26737 | $29480 |
| **4/30/2024** | $25636 | $28276 |
| **5/31/2024** | $26899 | $29678 |
| **6/30/2024** | $27850 | $30743 |
| **7/31/2024** | $28183 | $31117 |
| **8/31/2024** | $28855 | $31872 |
| **9/30/2024** | $29456 | $32553 |
| **10/31/2024** | $29177 | $32258 |
| **11/30/2024** | $30880 | $34151 |
| **12/31/2024** | $30129 | $33337 |
| **1/31/2025** | $30962 | $34265 |
| **2/28/2025** | $30549 | $33818 |
| **3/31/2025** | $28819 | $31913 |
| **4/30/2025** | $28609 | $31696 |
| **5/31/2025** | $30397 | $33692 |
| **6/30/2025** | $31935 | $35405 |
| **7/31/2025** | $32639 | $36199 |
| **8/31/2025** | $33292 | $36933 |
| **9/30/2025** | $34492 | $38281 |
| **10/31/2025** | $35290 | $39178 |
| **11/30/2025** | $35359 | $39274 |
| **12/31/2025** | $35368 | $39298 |
| **1/31/2026** | $35867 | $39868 |
| **2/28/2026** | $35580 | $39565 |
| **3/31/2026** | $33796 | $37594 |

---

# Index Fund
Annual Shareholder Report \| March 31, 2026

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 16.4 | 10.72 | 12.95 |
| Class C with Load | 15.4 | 10.72 | 12.95 |
| S&P 500 Index | 17.8 | 12.06 | 14.16 |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1355768073 |
| # of portfolio holdings | 505 |
| Portfolio turnover rate | 3% |
| Total advisory fees paid | $0 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 32.9 |
| Financials | 12.6 |
| Communication services | 10.3 |
| Consumer discretionary | 9.8 |
| Health care | 9.5 |
| Industrials | 9.0 |
| Consumer staples | 5.3 |
| Energy | 4.0 |
| Utilities | 2.6 |
| Materials | 2.1 |
| Real estate | 1.9 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.5 |
| Apple, Inc. | 6.6 |
| Microsoft Corp. | 4.8 |
| Amazon.com, Inc. | 3.6 |
| Alphabet, Inc. Class A | 3.0 |
| Broadcom, Inc. | 2.6 |
| Alphabet, Inc. Class C | 2.4 |
| Meta Platforms, Inc. Class A | 2.2 |
| Tesla, Inc. | 1.8 |
| Berkshire Hathaway, Inc. Class B | 1.5 |

---

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

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

#### AR3501 03-26
![Image](g100573g17g93.jpg)

Annual Shareholder Report

# Special Small Cap Value Fund

# March 31, 2026

# Administrator Class

# ESPIX
This annual shareholder report contains important information about Special Small Cap Value Fund for the period from April 1, 2025 to March 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $120 | 1.18% |

---

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

## How did the Fund perform last year and what affected its performance?
In a volatile year, the Fund underperformed its benchmark, driven by stock selection. Investors' risk appetites fluctuated with the 'tariff tantrum' leading to a low-quality, high-risk narrow rally. Risk appetites became more balanced in October as investors digested inflation and employment data, unfolding credit concerns, and signs of data center buildout skepticism. In March, the Iran conflict led energy prices to spike, with producers rallying and energy consumers underperforming.

The Fund made minor changes to sector allocation, with an increase in information technology, while reducing exposure to consumer staples. A large contributor was Mueller Industries, Inc., an industrial manufacturer of vital goods with a durable cash flow stream. Management continues to acquire and consolidate niche players while buying back stock and paying dividends with its net cash balance sheet. The largest detractor was J&J Snack Foods Corp., on a challenging food backdrop and some transitory issues. J&J's net-cash balance sheet and strategic self-help initiatives, we believe, are underappreciated.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g100573g08u25.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrator Class** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **3/31/2016** | $10000 | $10000 | $10000 |
| **4/30/2016** | $10118 | $10212 | $10062 |
| **5/31/2016** | $10414 | $10399 | $10242 |
| **6/30/2016** | $10407 | $10431 | $10263 |
| **7/31/2016** | $10849 | $10993 | $10670 |
| **8/31/2016** | $11128 | $11267 | $10698 |
| **9/30/2016** | $11138 | $11355 | $10714 |
| **10/31/2016** | $10857 | $10982 | $10483 |
| **11/30/2016** | $12006 | $12440 | $10952 |
| **12/31/2016** | $12353 | $12954 | $11165 |
| **1/31/2017** | $12378 | $12861 | $11376 |
| **2/28/2017** | $12437 | $13047 | $11799 |
| **3/31/2017** | $12382 | $12937 | $11807 |
| **4/30/2017** | $12462 | $12988 | $11932 |
| **5/31/2017** | $12203 | $12583 | $12054 |
| **6/30/2017** | $12528 | $13023 | $12163 |
| **7/31/2017** | $12510 | $13106 | $12392 |
| **8/31/2017** | $12159 | $12784 | $12416 |
| **9/30/2017** | $13047 | $13689 | $12719 |
| **10/31/2017** | $13251 | $13707 | $12996 |
| **11/30/2017** | $13737 | $14103 | $13391 |
| **12/31/2017** | $13731 | $13969 | $13525 |
| **1/31/2018** | $14119 | $14141 | $14238 |
| **2/28/2018** | $13288 | $13434 | $13713 |
| **3/31/2018** | $13561 | $13600 | $13438 |
| **4/30/2018** | $13592 | $13836 | $13489 |
| **5/31/2018** | $14050 | $14641 | $13869 |
| **6/30/2018** | $14204 | $14729 | $13960 |
| **7/31/2018** | $14547 | $14989 | $14423 |
| **8/31/2018** | $14940 | $15346 | $14930 |
| **9/30/2018** | $14555 | $14966 | $14955 |
| **10/31/2018** | $13138 | $13626 | $13853 |
| **11/30/2018** | $13292 | $13845 | $14131 |
| **12/31/2018** | $11861 | $12172 | $12816 |
| **1/31/2019** | $13155 | $13503 | $13916 |
| **2/28/2019** | $13783 | $14028 | $14405 |
| **3/31/2019** | $13457 | $13624 | $14616 |
| **4/30/2019** | $13957 | $14139 | $15199 |
| **5/31/2019** | $13097 | $12984 | $14216 |
| **6/30/2019** | $13940 | $13811 | $15214 |
| **7/31/2019** | $13994 | $13833 | $15440 |
| **8/31/2019** | $13424 | $13061 | $15125 |
| **9/30/2019** | $14035 | $13732 | $15391 |
| **10/31/2019** | $14184 | $14064 | $15722 |
| **11/30/2019** | $14689 | $14394 | $16320 |
| **12/31/2019** | $15201 | $14898 | $16791 |
| **1/31/2020** | $14637 | $14094 | $16773 |
| **2/29/2020** | $13038 | $12725 | $15400 |
| **3/31/2020** | $10089 | $9585 | $13282 |
| **4/30/2020** | $11271 | $10767 | $15041 |
| **5/31/2020** | $11646 | $11076 | $15845 |
| **6/30/2020** | $11848 | $11397 | $16207 |
| **7/31/2020** | $12117 | $11632 | $17128 |
| **8/31/2020** | $12605 | $12259 | $18369 |
| **9/30/2020** | $12003 | $11688 | $17700 |
| **10/31/2020** | $12365 | $12107 | $17318 |
| **11/30/2020** | $14321 | $14444 | $19425 |
| **12/31/2020** | $15384 | $15588 | $20298 |
| **1/31/2021** | $15870 | $16408 | $20208 |
| **2/28/2021** | $17424 | $17950 | $20840 |
| **3/31/2021** | $18375 | $18888 | $21587 |
| **4/30/2021** | $18911 | $19270 | $22700 |
| **5/31/2021** | $19300 | $19869 | $22803 |
| **6/30/2021** | $18945 | $19749 | $23365 |
| **7/31/2021** | $18438 | $19042 | $23761 |
| **8/31/2021** | $18958 | $19552 | $24438 |
| **9/30/2021** | $18408 | $19160 | $23342 |
| **10/31/2021** | $19131 | $19891 | $24920 |
| **11/30/2021** | $18586 | $19211 | $24541 |
| **12/31/2021** | $19666 | $19995 | $25507 |
| **1/31/2022** | $18727 | $18829 | $24006 |
| **2/28/2022** | $18933 | $19141 | $23402 |
| **3/31/2022** | $18857 | $19515 | $24161 |
| **4/30/2022** | $17814 | $18001 | $21993 |
| **5/31/2022** | $18106 | $18346 | $21963 |
| **6/30/2022** | $16583 | $16534 | $20126 |
| **7/31/2022** | $17783 | $18134 | $22014 |
| **8/31/2022** | $17109 | $17561 | $21192 |
| **9/30/2022** | $15172 | $15772 | $19227 |
| **10/31/2022** | $16866 | $17757 | $20804 |
| **11/30/2022** | $17819 | $18300 | $21890 |
| **12/31/2022** | $16950 | $17099 | $20608 |
| **1/31/2023** | $18628 | $18731 | $22027 |
| **2/28/2023** | $18437 | $18299 | $21513 |
| **3/31/2023** | $17474 | $16987 | $22088 |
| **4/30/2023** | $17164 | $16563 | $22323 |
| **5/31/2023** | $16740 | $16237 | $22410 |
| **6/30/2023** | $18361 | $17527 | $23940 |
| **7/31/2023** | $19195 | $18850 | $24798 |
| **8/31/2023** | $18732 | $17943 | $24320 |
| **9/30/2023** | $17913 | $17008 | $23161 |
| **10/31/2023** | $17036 | $15994 | $22547 |
| **11/30/2023** | $18199 | $17433 | $24650 |
| **12/31/2023** | $20129 | $19603 | $25957 |
| **1/31/2024** | $19632 | $18713 | $26245 |
| **2/29/2024** | $20553 | $19325 | $27666 |
| **3/31/2024** | $21576 | $20172 | $28558 |
| **4/30/2024** | $20348 | $18887 | $27301 |
| **5/31/2024** | $21074 | $19770 | $28591 |
| **6/30/2024** | $20329 | $19437 | $29476 |
| **7/31/2024** | $22136 | $21805 | $30024 |
| **8/31/2024** | $21732 | $21396 | $30678 |
| **9/30/2024** | $21732 | $21410 | $31313 |
| **10/31/2024** | $21230 | $21075 | $31083 |
| **11/30/2024** | $23184 | $23108 | $33150 |
| **12/31/2024** | $21460 | $21182 | $32137 |
| **1/31/2025** | $21678 | $21617 | $33152 |
| **2/28/2025** | $21049 | $20790 | $32516 |
| **3/31/2025** | $20096 | $19542 | $30620 |
| **4/30/2025** | $19008 | $18757 | $30414 |
| **5/31/2025** | $19504 | $19545 | $32342 |
| **6/30/2025** | $19941 | $20513 | $33985 |
| **7/31/2025** | $20287 | $20875 | $34733 |
| **8/31/2025** | $21465 | $22643 | $35537 |
| **9/30/2025** | $20533 | $23098 | $36764 |
| **10/31/2025** | $19914 | $23156 | $37552 |
| **11/30/2025** | $20639 | $23807 | $37655 |
| **12/31/2025** | $20808 | $23850 | $37647 |
| **1/31/2026** | $22027 | $25486 | $38231 |
| **2/28/2026** | $22343 | $25977 | $38049 |
| **3/31/2026** | $20785 | $25032 | $36157 |

---

# Special Small Cap Value Fund
Annual Shareholder Report \| March 31, 2026

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 3.43 | 2.5 | 7.59 |
| Russell 2000<sup>®</sup> Value Index | 28.09 | 5.79 | 9.61 |
| Russell 3000<sup>®</sup> Index | 18.09 | 10.87 | 13.72 |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $3113552003 |
| # of portfolio holdings | 112 |
| Portfolio turnover rate | 28% |
| Total advisory fees paid | $31520944 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 23.5 |
| Financials | 20.4 |
| Materials | 16.6 |
| Information technology | 10.5 |
| Consumer discretionary | 7.9 |
| Health care | 7.7 |
| Consumer staples | 6.2 |
| Energy | 5.9 |
| Utilities | 0.6 |
| Communication services | 0.5 |
| Real estate | 0.2 |

---

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

---

| | |
|:---|:---|
| Innospec, Inc. | 3.5 |
| Franklin Electric Co., Inc. | 3.3 |
| UMB Financial Corp. | 3.1 |
| J&J Snack Foods Corp. | 2.8 |
| Avient Corp. | 2.4 |
| Hancock Whitney Corp. | 2.3 |
| SouthState Bank Corp. | 2.2 |
| Alamo Group, Inc. | 2.2 |
| UFP Industries, Inc. | 2.1 |
| Stewart Information Services Corp. | 2.1 |

---

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

Effective April 1, 2026, Tyndale Brickey, CFA, was added as a portfolio manager to the Fund. Effective December 31, 2026, James M. Tringas, CFA, will no longer serve as a portfolio manager of the Fund.

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

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

#### AR0737 03-26
![Image](g100573g17g93.jpg)

Annual Shareholder Report

# Special Small Cap Value Fund

# March 31, 2026

# Class A

# ESPAX
This annual shareholder report contains important information about Special Small Cap Value Fund for the period from April 1, 2025 to March 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $128 | 1.26% |

---

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

## How did the Fund perform last year and what affected its performance?
In a volatile year, the Fund underperformed its benchmark, driven by stock selection. Investors' risk appetites fluctuated with the 'tariff tantrum' leading to a low-quality, high-risk narrow rally. Risk appetites became more balanced in October as investors digested inflation and employment data, unfolding credit concerns, and signs of data center buildout skepticism. In March, the Iran conflict led energy prices to spike, with producers rallying and energy consumers underperforming.

The Fund made minor changes to sector allocation, with an increase in information technology, while reducing exposure to consumer staples. A large contributor was Mueller Industries, Inc., an industrial manufacturer of vital goods with a durable cash flow stream. Management continues to acquire and consolidate niche players while buying back stock and paying dividends with its net cash balance sheet. The largest detractor was J&J Snack Foods Corp., on a challenging food backdrop and some transitory issues. J&J's net-cash balance sheet and strategic self-help initiatives, we believe, are underappreciated.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g100573g17m12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **3/31/2016** | $9426 | $10000 | $10000 |
| **4/30/2016** | $9536 | $10212 | $10062 |
| **5/31/2016** | $9814 | $10399 | $10242 |
| **6/30/2016** | $9807 | $10431 | $10263 |
| **7/31/2016** | $10224 | $10993 | $10670 |
| **8/31/2016** | $10482 | $11267 | $10698 |
| **9/30/2016** | $10492 | $11355 | $10714 |
| **10/31/2016** | $10227 | $10982 | $10483 |
| **11/30/2016** | $11307 | $12440 | $10952 |
| **12/31/2016** | $11633 | $12954 | $11165 |
| **1/31/2017** | $11658 | $12861 | $11376 |
| **2/28/2017** | $11711 | $13047 | $11799 |
| **3/31/2017** | $11658 | $12937 | $11807 |
| **4/30/2017** | $11732 | $12988 | $11932 |
| **5/31/2017** | $11486 | $12583 | $12054 |
| **6/30/2017** | $11792 | $13023 | $12163 |
| **7/31/2017** | $11774 | $13106 | $12392 |
| **8/31/2017** | $11444 | $12784 | $12416 |
| **9/30/2017** | $12277 | $13689 | $12719 |
| **10/31/2017** | $12470 | $13707 | $12996 |
| **11/30/2017** | $12924 | $14103 | $13391 |
| **12/31/2017** | $12919 | $13969 | $13525 |
| **1/31/2018** | $13283 | $14141 | $14238 |
| **2/28/2018** | $12501 | $13434 | $13713 |
| **3/31/2018** | $12756 | $13600 | $13438 |
| **4/30/2018** | $12782 | $13836 | $13489 |
| **5/31/2018** | $13212 | $14641 | $13869 |
| **6/30/2018** | $13353 | $14729 | $13960 |
| **7/31/2018** | $13675 | $14989 | $14423 |
| **8/31/2018** | $14046 | $15346 | $14930 |
| **9/30/2018** | $13683 | $14966 | $14955 |
| **10/31/2018** | $12349 | $13626 | $13853 |
| **11/30/2018** | $12493 | $13845 | $14131 |
| **12/31/2018** | $11147 | $12172 | $12816 |
| **1/31/2019** | $12362 | $13503 | $13916 |
| **2/28/2019** | $12952 | $14028 | $14405 |
| **3/31/2019** | $12645 | $13624 | $14616 |
| **4/30/2019** | $13111 | $14139 | $15199 |
| **5/31/2019** | $12306 | $12984 | $14216 |
| **6/30/2019** | $13095 | $13811 | $15214 |
| **7/31/2019** | $13147 | $13833 | $15440 |
| **8/31/2019** | $12609 | $13061 | $15125 |
| **9/30/2019** | $13183 | $13732 | $15391 |
| **10/31/2019** | $13322 | $14064 | $15722 |
| **11/30/2019** | $13796 | $14394 | $16320 |
| **12/31/2019** | $14271 | $14898 | $16791 |
| **1/31/2020** | $13744 | $14094 | $16773 |
| **2/29/2020** | $12241 | $12725 | $15400 |
| **3/31/2020** | $9473 | $9585 | $13282 |
| **4/30/2020** | $10584 | $10767 | $15041 |
| **5/31/2020** | $10932 | $11076 | $15845 |
| **6/30/2020** | $11119 | $11397 | $16207 |
| **7/31/2020** | $11370 | $11632 | $17128 |
| **8/31/2020** | $11828 | $12259 | $18369 |
| **9/30/2020** | $11264 | $11688 | $17700 |
| **10/31/2020** | $11605 | $12107 | $17318 |
| **11/30/2020** | $13436 | $14444 | $19425 |
| **12/31/2020** | $14436 | $15588 | $20298 |
| **1/31/2021** | $14892 | $16408 | $20208 |
| **2/28/2021** | $16348 | $17950 | $20840 |
| **3/31/2021** | $17235 | $18888 | $21587 |
| **4/30/2021** | $17739 | $19270 | $22700 |
| **5/31/2021** | $18101 | $19869 | $22803 |
| **6/30/2021** | $17767 | $19749 | $23365 |
| **7/31/2021** | $17292 | $19042 | $23761 |
| **8/31/2021** | $17776 | $19552 | $24438 |
| **9/30/2021** | $17259 | $19160 | $23342 |
| **10/31/2021** | $17934 | $19891 | $24920 |
| **11/30/2021** | $17422 | $19211 | $24541 |
| **12/31/2021** | $18437 | $19995 | $25507 |
| **1/31/2022** | $17554 | $18829 | $24006 |
| **2/28/2022** | $17749 | $19141 | $23402 |
| **3/31/2022** | $17675 | $19515 | $24161 |
| **4/30/2022** | $16696 | $18001 | $21993 |
| **5/31/2022** | $16969 | $18346 | $21963 |
| **6/30/2022** | $15540 | $16534 | $20126 |
| **7/31/2022** | $16662 | $18134 | $22014 |
| **8/31/2022** | $16029 | $17561 | $21192 |
| **9/30/2022** | $14214 | $15772 | $19227 |
| **10/31/2022** | $15800 | $17757 | $20804 |
| **11/30/2022** | $16692 | $18300 | $21890 |
| **12/31/2022** | $15877 | $17099 | $20608 |
| **1/31/2023** | $17445 | $18731 | $22027 |
| **2/28/2023** | $17266 | $18299 | $21513 |
| **3/31/2023** | $16365 | $16987 | $22088 |
| **4/30/2023** | $16075 | $16563 | $22323 |
| **5/31/2023** | $15670 | $16237 | $22410 |
| **6/30/2023** | $17188 | $17527 | $23940 |
| **7/31/2023** | $17974 | $18850 | $24798 |
| **8/31/2023** | $17533 | $17943 | $24320 |
| **9/30/2023** | $16769 | $17008 | $23161 |
| **10/31/2023** | $15946 | $15994 | $22547 |
| **11/30/2023** | $17031 | $17433 | $24650 |
| **12/31/2023** | $18838 | $19603 | $25957 |
| **1/31/2024** | $18373 | $18713 | $26245 |
| **2/29/2024** | $19232 | $19325 | $27666 |
| **3/31/2024** | $20186 | $20172 | $28558 |
| **4/30/2024** | $19035 | $18887 | $27301 |
| **5/31/2024** | $19716 | $19770 | $28591 |
| **6/30/2024** | $19021 | $19437 | $29476 |
| **7/31/2024** | $20708 | $21805 | $30024 |
| **8/31/2024** | $20332 | $21396 | $30678 |
| **9/30/2024** | $20327 | $21410 | $31313 |
| **10/31/2024** | $19857 | $21075 | $31083 |
| **11/30/2024** | $21685 | $23108 | $33150 |
| **12/31/2024** | $20065 | $21182 | $32137 |
| **1/31/2025** | $20271 | $21617 | $33152 |
| **2/28/2025** | $19679 | $20790 | $32516 |
| **3/31/2025** | $18788 | $19542 | $30620 |
| **4/30/2025** | $17769 | $18757 | $30414 |
| **5/31/2025** | $18232 | $19545 | $32342 |
| **6/30/2025** | $18639 | $20513 | $33985 |
| **7/31/2025** | $18963 | $20875 | $34733 |
| **8/31/2025** | $20065 | $22643 | $35537 |
| **9/30/2025** | $19190 | $23098 | $36764 |
| **10/31/2025** | $18608 | $23156 | $37552 |
| **11/30/2025** | $19287 | $23807 | $37655 |
| **12/31/2025** | $19442 | $23850 | $37647 |
| **1/31/2026** | $20578 | $25486 | $38231 |
| **2/28/2026** | $20878 | $25977 | $38049 |
| **3/31/2026** | $19415 | $25032 | $36157 |

---

# Special Small Cap Value Fund
Annual Shareholder Report \| March 31, 2026

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 3.34 | 2.41 | 7.49 |
| Class A with Load | (2.62) | 1.21 | 6.86 |
| Russell 2000<sup>®</sup> Value Index | 28.09 | 5.79 | 9.61 |
| Russell 3000<sup>®</sup> Index | 18.09 | 10.87 | 13.72 |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $3113552003 |
| # of portfolio holdings | 112 |
| Portfolio turnover rate | 28% |
| Total advisory fees paid | $31520944 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 23.5 |
| Financials | 20.4 |
| Materials | 16.6 |
| Information technology | 10.5 |
| Consumer discretionary | 7.9 |
| Health care | 7.7 |
| Consumer staples | 6.2 |
| Energy | 5.9 |
| Utilities | 0.6 |
| Communication services | 0.5 |
| Real estate | 0.2 |

---

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

---

| | |
|:---|:---|
| Innospec, Inc. | 3.5 |
| Franklin Electric Co., Inc. | 3.3 |
| UMB Financial Corp. | 3.1 |
| J&J Snack Foods Corp. | 2.8 |
| Avient Corp. | 2.4 |
| Hancock Whitney Corp. | 2.3 |
| SouthState Bank Corp. | 2.2 |
| Alamo Group, Inc. | 2.2 |
| UFP Industries, Inc. | 2.1 |
| Stewart Information Services Corp. | 2.1 |

---

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

Effective April 1, 2026, Tyndale Brickey, CFA, was added as a portfolio manager to the Fund. Effective December 31, 2026, James M. Tringas, CFA, will no longer serve as a portfolio manager of the Fund.

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

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

#### AR0637 03-26
![Image](g100573g17g93.jpg)

Annual Shareholder Report

# Special Small Cap Value Fund

# March 31, 2026

# Class R6

# ESPRX
This annual shareholder report contains important information about Special Small Cap Value Fund for the period from April 1, 2025 to March 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $86 | 0.84% |

---

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

## How did the Fund perform last year and what affected its performance?
In a volatile year, the Fund underperformed its benchmark, driven by stock selection. Investors' risk appetites fluctuated with the 'tariff tantrum' leading to a low-quality, high-risk narrow rally. Risk appetites became more balanced in October as investors digested inflation and employment data, unfolding credit concerns, and signs of data center buildout skepticism. In March, the Iran conflict led energy prices to spike, with producers rallying and energy consumers underperforming.

The Fund made minor changes to sector allocation, with an increase in information technology, while reducing exposure to consumer staples. A large contributor was Mueller Industries, Inc., an industrial manufacturer of vital goods with a durable cash flow stream. Management continues to acquire and consolidate niche players while buying back stock and paying dividends with its net cash balance sheet. The largest detractor was J&J Snack Foods Corp., on a challenging food backdrop and some transitory issues. J&J's net-cash balance sheet and strategic self-help initiatives, we believe, are underappreciated.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g100573g20e84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **3/31/2016** | $10000 | $10000 | $10000 |
| **4/30/2016** | $10118 | $10212 | $10062 |
| **5/31/2016** | $10418 | $10399 | $10242 |
| **6/30/2016** | $10414 | $10431 | $10263 |
| **7/31/2016** | $10860 | $10993 | $10670 |
| **8/31/2016** | $11139 | $11267 | $10698 |
| **9/30/2016** | $11157 | $11355 | $10714 |
| **10/31/2016** | $10875 | $10982 | $10483 |
| **11/30/2016** | $12031 | $12440 | $10952 |
| **12/31/2016** | $12382 | $12954 | $11165 |
| **1/31/2017** | $12411 | $12861 | $11376 |
| **2/28/2017** | $12474 | $13047 | $11799 |
| **3/31/2017** | $12422 | $12937 | $11807 |
| **4/30/2017** | $12503 | $12988 | $11932 |
| **5/31/2017** | $12247 | $12583 | $12054 |
| **6/30/2017** | $12580 | $13023 | $12163 |
| **7/31/2017** | $12561 | $13106 | $12392 |
| **8/31/2017** | $12214 | $12784 | $12416 |
| **9/30/2017** | $13107 | $13689 | $12719 |
| **10/31/2017** | $13319 | $13707 | $12996 |
| **11/30/2017** | $13810 | $14103 | $13391 |
| **12/31/2017** | $13809 | $13969 | $13525 |
| **1/31/2018** | $14204 | $14141 | $14238 |
| **2/28/2018** | $13371 | $13434 | $13713 |
| **3/31/2018** | $13646 | $13600 | $13438 |
| **4/30/2018** | $13681 | $13836 | $13489 |
| **5/31/2018** | $14146 | $14641 | $13869 |
| **6/30/2018** | $14304 | $14729 | $13960 |
| **7/31/2018** | $14657 | $14989 | $14423 |
| **8/31/2018** | $15055 | $15346 | $14930 |
| **9/30/2018** | $14672 | $14966 | $14955 |
| **10/31/2018** | $13247 | $13626 | $13853 |
| **11/30/2018** | $13406 | $13845 | $14131 |
| **12/31/2018** | $11965 | $12172 | $12816 |
| **1/31/2019** | $13276 | $13503 | $13916 |
| **2/28/2019** | $13911 | $14028 | $14405 |
| **3/31/2019** | $13589 | $13624 | $14616 |
| **4/30/2019** | $14094 | $14139 | $15199 |
| **5/31/2019** | $13230 | $12984 | $14216 |
| **6/30/2019** | $14086 | $13811 | $15214 |
| **7/31/2019** | $14149 | $13833 | $15440 |
| **8/31/2019** | $13573 | $13061 | $15125 |
| **9/30/2019** | $14195 | $13732 | $15391 |
| **10/31/2019** | $14353 | $14064 | $15722 |
| **11/30/2019** | $14867 | $14394 | $16320 |
| **12/31/2019** | $15388 | $14898 | $16791 |
| **1/31/2020** | $14826 | $14094 | $16773 |
| **2/29/2020** | $13206 | $12725 | $15400 |
| **3/31/2020** | $10222 | $9585 | $13282 |
| **4/30/2020** | $11424 | $10767 | $15041 |
| **5/31/2020** | $11808 | $11076 | $15845 |
| **6/30/2020** | $12012 | $11397 | $16207 |
| **7/31/2020** | $12289 | $11632 | $17128 |
| **8/31/2020** | $12788 | $12259 | $18369 |
| **9/30/2020** | $12183 | $11688 | $17700 |
| **10/31/2020** | $12554 | $12107 | $17318 |
| **11/30/2020** | $14544 | $14444 | $19425 |
| **12/31/2020** | $15629 | $15588 | $20298 |
| **1/31/2021** | $16127 | $16408 | $20208 |
| **2/28/2021** | $17712 | $17950 | $20840 |
| **3/31/2021** | $18682 | $18888 | $21587 |
| **4/30/2021** | $19236 | $19270 | $22700 |
| **5/31/2021** | $19631 | $19869 | $22803 |
| **6/30/2021** | $19275 | $19749 | $23365 |
| **7/31/2021** | $18768 | $19042 | $23761 |
| **8/31/2021** | $19305 | $19552 | $24438 |
| **9/30/2021** | $18747 | $19160 | $23342 |
| **10/31/2021** | $19489 | $19891 | $24920 |
| **11/30/2021** | $18940 | $19211 | $24541 |
| **12/31/2021** | $20047 | $19995 | $25507 |
| **1/31/2022** | $19094 | $18829 | $24006 |
| **2/28/2022** | $19314 | $19141 | $23402 |
| **3/31/2022** | $19241 | $19515 | $24161 |
| **4/30/2022** | $18182 | $18001 | $21993 |
| **5/31/2022** | $18484 | $18346 | $21963 |
| **6/30/2022** | $16931 | $16534 | $20126 |
| **7/31/2022** | $18164 | $18134 | $22014 |
| **8/31/2022** | $17481 | $17561 | $21192 |
| **9/30/2022** | $15505 | $15772 | $19227 |
| **10/31/2022** | $17242 | $17757 | $20804 |
| **11/30/2022** | $18219 | $18300 | $21890 |
| **12/31/2022** | $17338 | $17099 | $20608 |
| **1/31/2023** | $19060 | $18731 | $22027 |
| **2/28/2023** | $18870 | $18299 | $21513 |
| **3/31/2023** | $17889 | $16987 | $22088 |
| **4/30/2023** | $17577 | $16563 | $22323 |
| **5/31/2023** | $17147 | $16237 | $22410 |
| **6/30/2023** | $18811 | $17527 | $23940 |
| **7/31/2023** | $19675 | $18850 | $24798 |
| **8/31/2023** | $19202 | $17943 | $24320 |
| **9/30/2023** | $18372 | $17008 | $23161 |
| **10/31/2023** | $17474 | $15994 | $22547 |
| **11/30/2023** | $18675 | $17433 | $24650 |
| **12/31/2023** | $20659 | $19603 | $25957 |
| **1/31/2024** | $20159 | $18713 | $26245 |
| **2/29/2024** | $21110 | $19325 | $27666 |
| **3/31/2024** | $22161 | $20172 | $28558 |
| **4/30/2024** | $20905 | $18887 | $27301 |
| **5/31/2024** | $21660 | $19770 | $28591 |
| **6/30/2024** | $20905 | $19437 | $29476 |
| **7/31/2024** | $22766 | $21805 | $30024 |
| **8/31/2024** | $22356 | $21396 | $30678 |
| **9/30/2024** | $22361 | $21410 | $31313 |
| **10/31/2024** | $21856 | $21075 | $31083 |
| **11/30/2024** | $23872 | $23108 | $33150 |
| **12/31/2024** | $22097 | $21182 | $32137 |
| **1/31/2025** | $22333 | $21617 | $33152 |
| **2/28/2025** | $21691 | $20790 | $32516 |
| **3/31/2025** | $20713 | $19542 | $30620 |
| **4/30/2025** | $19599 | $18757 | $30414 |
| **5/31/2025** | $20115 | $19545 | $32342 |
| **6/30/2025** | $20571 | $20513 | $33985 |
| **7/31/2025** | $20938 | $20875 | $34733 |
| **8/31/2025** | $22158 | $22643 | $35537 |
| **9/30/2025** | $21202 | $23098 | $36764 |
| **10/31/2025** | $20565 | $23156 | $37552 |
| **11/30/2025** | $21323 | $23807 | $37655 |
| **12/31/2025** | $21501 | $23850 | $37647 |
| **1/31/2026** | $22766 | $25486 | $38231 |
| **2/28/2026** | $23105 | $25977 | $38049 |
| **3/31/2026** | $21495 | $25032 | $36157 |

---

# Special Small Cap Value Fund
Annual Shareholder Report \| March 31, 2026

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 3.77 | 2.84 | 7.95 |
| Russell 2000<sup>®</sup> Value Index | 28.09 | 5.79 | 9.61 |
| Russell 3000<sup>®</sup> Index | 18.09 | 10.87 | 13.72 |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $3113552003 |
| # of portfolio holdings | 112 |
| Portfolio turnover rate | 28% |
| Total advisory fees paid | $31520944 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 23.5 |
| Financials | 20.4 |
| Materials | 16.6 |
| Information technology | 10.5 |
| Consumer discretionary | 7.9 |
| Health care | 7.7 |
| Consumer staples | 6.2 |
| Energy | 5.9 |
| Utilities | 0.6 |
| Communication services | 0.5 |
| Real estate | 0.2 |

---

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

---

| | |
|:---|:---|
| Innospec, Inc. | 3.5 |
| Franklin Electric Co., Inc. | 3.3 |
| UMB Financial Corp. | 3.1 |
| J&J Snack Foods Corp. | 2.8 |
| Avient Corp. | 2.4 |
| Hancock Whitney Corp. | 2.3 |
| SouthState Bank Corp. | 2.2 |
| Alamo Group, Inc. | 2.2 |
| UFP Industries, Inc. | 2.1 |
| Stewart Information Services Corp. | 2.1 |

---

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

Effective April 1, 2026, Tyndale Brickey, CFA, was added as a portfolio manager to the Fund. Effective December 31, 2026, James M. Tringas, CFA, will no longer serve as a portfolio manager of the Fund.

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

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

#### AR4667 03-26
![Image](g100573g17g93.jpg)

Annual Shareholder Report

# Special Small Cap Value Fund

# March 31, 2026

# Institutional Class

# ESPNX
This annual shareholder report contains important information about Special Small Cap Value Fund for the period from April 1, 2025 to March 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $96 | 0.94% |

---

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

## How did the Fund perform last year and what affected its performance?
In a volatile year, the Fund underperformed its benchmark, driven by stock selection. Investors' risk appetites fluctuated with the 'tariff tantrum' leading to a low-quality, high-risk narrow rally. Risk appetites became more balanced in October as investors digested inflation and employment data, unfolding credit concerns, and signs of data center buildout skepticism. In March, the Iran conflict led energy prices to spike, with producers rallying and energy consumers underperforming.

The Fund made minor changes to sector allocation, with an increase in information technology, while reducing exposure to consumer staples. A large contributor was Mueller Industries, Inc., an industrial manufacturer of vital goods with a durable cash flow stream. Management continues to acquire and consolidate niche players while buying back stock and paying dividends with its net cash balance sheet. The largest detractor was J&J Snack Foods Corp., on a challenging food backdrop and some transitory issues. J&J's net-cash balance sheet and strategic self-help initiatives, we believe, are underappreciated.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g100573g15m57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **3/31/2016** | $10000 | $10000 | $10000 |
| **4/30/2016** | $10118 | $10212 | $10062 |
| **5/31/2016** | $10414 | $10399 | $10242 |
| **6/30/2016** | $10414 | $10431 | $10263 |
| **7/31/2016** | $10856 | $10993 | $10670 |
| **8/31/2016** | $11138 | $11267 | $10698 |
| **9/30/2016** | $11152 | $11355 | $10714 |
| **10/31/2016** | $10870 | $10982 | $10483 |
| **11/30/2016** | $12026 | $12440 | $10952 |
| **12/31/2016** | $12376 | $12954 | $11165 |
| **1/31/2017** | $12406 | $12861 | $11376 |
| **2/28/2017** | $12468 | $13047 | $11799 |
| **3/31/2017** | $12413 | $12937 | $11807 |
| **4/30/2017** | $12493 | $12988 | $11932 |
| **5/31/2017** | $12237 | $12583 | $12054 |
| **6/30/2017** | $12567 | $13023 | $12163 |
| **7/31/2017** | $12552 | $13106 | $12392 |
| **8/31/2017** | $12205 | $12784 | $12416 |
| **9/30/2017** | $13097 | $13689 | $12719 |
| **10/31/2017** | $13305 | $13707 | $12996 |
| **11/30/2017** | $13795 | $14103 | $13391 |
| **12/31/2017** | $13794 | $13969 | $13525 |
| **1/31/2018** | $14188 | $14141 | $14238 |
| **2/28/2018** | $13353 | $13434 | $13713 |
| **3/31/2018** | $13632 | $13600 | $13438 |
| **4/30/2018** | $13663 | $13836 | $13489 |
| **5/31/2018** | $14126 | $14641 | $13869 |
| **6/30/2018** | $14285 | $14729 | $13960 |
| **7/31/2018** | $14633 | $14989 | $14423 |
| **8/31/2018** | $15031 | $15346 | $14930 |
| **9/30/2018** | $14648 | $14966 | $14955 |
| **10/31/2018** | $13226 | $13626 | $13853 |
| **11/30/2018** | $13384 | $13845 | $14131 |
| **12/31/2018** | $11944 | $12172 | $12816 |
| **1/31/2019** | $13252 | $13503 | $13916 |
| **2/28/2019** | $13885 | $14028 | $14405 |
| **3/31/2019** | $13564 | $13624 | $14616 |
| **4/30/2019** | $14064 | $14139 | $15199 |
| **5/31/2019** | $13206 | $12984 | $14216 |
| **6/30/2019** | $14055 | $13811 | $15214 |
| **7/31/2019** | $14114 | $13833 | $15440 |
| **8/31/2019** | $13543 | $13061 | $15125 |
| **9/30/2019** | $14159 | $13732 | $15391 |
| **10/31/2019** | $14318 | $14064 | $15722 |
| **11/30/2019** | $14830 | $14394 | $16320 |
| **12/31/2019** | $15347 | $14898 | $16791 |
| **1/31/2020** | $14782 | $14094 | $16773 |
| **2/29/2020** | $13167 | $12725 | $15400 |
| **3/31/2020** | $10193 | $9585 | $13282 |
| **4/30/2020** | $11391 | $10767 | $15041 |
| **5/31/2020** | $11770 | $11076 | $15845 |
| **6/30/2020** | $11978 | $11397 | $16207 |
| **7/31/2020** | $12250 | $11632 | $17128 |
| **8/31/2020** | $12747 | $12259 | $18369 |
| **9/30/2020** | $12143 | $11688 | $17700 |
| **10/31/2020** | $12513 | $12107 | $17318 |
| **11/30/2020** | $14493 | $14444 | $19425 |
| **12/31/2020** | $15571 | $15588 | $20298 |
| **1/31/2021** | $16067 | $16408 | $20208 |
| **2/28/2021** | $17645 | $17950 | $20840 |
| **3/31/2021** | $18612 | $18888 | $21587 |
| **4/30/2021** | $19159 | $19270 | $22700 |
| **5/31/2021** | $19553 | $19869 | $22803 |
| **6/30/2021** | $19198 | $19749 | $23365 |
| **7/31/2021** | $18689 | $19042 | $23761 |
| **8/31/2021** | $19219 | $19552 | $24438 |
| **9/30/2021** | $18667 | $19160 | $23342 |
| **10/31/2021** | $19403 | $19891 | $24920 |
| **11/30/2021** | $18851 | $19211 | $24541 |
| **12/31/2021** | $19953 | $19995 | $25507 |
| **1/31/2022** | $19004 | $18829 | $24006 |
| **2/28/2022** | $19223 | $19141 | $23402 |
| **3/31/2022** | $19146 | $19515 | $24161 |
| **4/30/2022** | $18092 | $18001 | $21993 |
| **5/31/2022** | $18393 | $18346 | $21963 |
| **6/30/2022** | $16847 | $16534 | $20126 |
| **7/31/2022** | $18069 | $18134 | $22014 |
| **8/31/2022** | $17385 | $17561 | $21192 |
| **9/30/2022** | $15424 | $15772 | $19227 |
| **10/31/2022** | $17153 | $17757 | $20804 |
| **11/30/2022** | $18119 | $18300 | $21890 |
| **12/31/2022** | $17242 | $17099 | $20608 |
| **1/31/2023** | $18949 | $18731 | $22027 |
| **2/28/2023** | $18760 | $18299 | $21513 |
| **3/31/2023** | $17785 | $16987 | $22088 |
| **4/30/2023** | $17475 | $16563 | $22323 |
| **5/31/2023** | $17043 | $16237 | $22410 |
| **6/30/2023** | $18697 | $17527 | $23940 |
| **7/31/2023** | $19555 | $18850 | $24798 |
| **8/31/2023** | $19085 | $17943 | $24320 |
| **9/30/2023** | $18255 | $17008 | $23161 |
| **10/31/2023** | $17363 | $15994 | $22547 |
| **11/30/2023** | $18551 | $17433 | $24650 |
| **12/31/2023** | $20522 | $19603 | $25957 |
| **1/31/2024** | $20025 | $18713 | $26245 |
| **2/29/2024** | $20965 | $19325 | $27666 |
| **3/31/2024** | $22013 | $20172 | $28558 |
| **4/30/2024** | $20761 | $18887 | $27301 |
| **5/31/2024** | $21511 | $19770 | $28591 |
| **6/30/2024** | $20756 | $19437 | $29476 |
| **7/31/2024** | $22599 | $21805 | $30024 |
| **8/31/2024** | $22197 | $21396 | $30678 |
| **9/30/2024** | $22197 | $21410 | $31313 |
| **10/31/2024** | $21690 | $21075 | $31083 |
| **11/30/2024** | $23693 | $23108 | $33150 |
| **12/31/2024** | $21935 | $21182 | $32137 |
| **1/31/2025** | $22158 | $21617 | $33152 |
| **2/28/2025** | $21521 | $20790 | $32516 |
| **3/31/2025** | $20552 | $19542 | $30620 |
| **4/30/2025** | $19440 | $18757 | $30414 |
| **5/31/2025** | $19952 | $19545 | $32342 |
| **6/30/2025** | $20405 | $20513 | $33985 |
| **7/31/2025** | $20764 | $20875 | $34733 |
| **8/31/2025** | $21979 | $22643 | $35537 |
| **9/30/2025** | $21025 | $23098 | $36764 |
| **10/31/2025** | $20394 | $23156 | $37552 |
| **11/30/2025** | $21140 | $23807 | $37655 |
| **12/31/2025** | $21318 | $23850 | $37647 |
| **1/31/2026** | $22573 | $25486 | $38231 |
| **2/28/2026** | $22902 | $25977 | $38049 |
| **3/31/2026** | $21307 | $25032 | $36157 |

---

# Special Small Cap Value Fund
Annual Shareholder Report \| March 31, 2026

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 3.67 | 2.74 | 7.86 |
| Russell 2000<sup>®</sup> Value Index | 28.09 | 5.79 | 9.61 |
| Russell 3000<sup>®</sup> Index | 18.09 | 10.87 | 13.72 |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $3113552003 |
| # of portfolio holdings | 112 |
| Portfolio turnover rate | 28% |
| Total advisory fees paid | $31520944 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 23.5 |
| Financials | 20.4 |
| Materials | 16.6 |
| Information technology | 10.5 |
| Consumer discretionary | 7.9 |
| Health care | 7.7 |
| Consumer staples | 6.2 |
| Energy | 5.9 |
| Utilities | 0.6 |
| Communication services | 0.5 |
| Real estate | 0.2 |

---

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

---

| | |
|:---|:---|
| Innospec, Inc. | 3.5 |
| Franklin Electric Co., Inc. | 3.3 |
| UMB Financial Corp. | 3.1 |
| J&J Snack Foods Corp. | 2.8 |
| Avient Corp. | 2.4 |
| Hancock Whitney Corp. | 2.3 |
| SouthState Bank Corp. | 2.2 |
| Alamo Group, Inc. | 2.2 |
| UFP Industries, Inc. | 2.1 |
| Stewart Information Services Corp. | 2.1 |

---

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

Effective April 1, 2026, Tyndale Brickey, CFA, was added as a portfolio manager to the Fund. Effective December 31, 2026, James M. Tringas, CFA, will no longer serve as a portfolio manager of the Fund.

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

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

#### AR4143 03-26
![Image](g100573g17g93.jpg)

Annual Shareholder Report

# Utility and Telecommunications Fund

# March 31, 2026

# Class A

# EVUAX
This annual shareholder report contains important information about Utility and Telecommunications Fund for the period from April 1, 2025 to March 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $110 | 1.02% |

---

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

## How did the Fund perform last year and what affected its performance?
The Fund underperformed its benchmark, the S&P 500 Utilities Index, for the 12-month period that ended March 31, 2026. Utilities stocks outperformed the broader market for the period. Overall, non-utilities holdings significantly underperformed the utilities benchmark while selection within utilities contributed to performance.

The U.S. appears to be entering an era of rising electricity demand driven primarily by the proliferation of data centers, which has led to increased growth forecasts for numerous utilities. Along with reasonable valuation, this has provided support for strong stock performance.

The largest contributor to relative performance was owning Alphabet, Inc., which significantly outperformed. Other contributors included not owning PG&E Corp. for most of the period, not owning Consolidated Edison, Inc., and a new position in PPL Corp. The largest detractor was owning American Tower Corp., which provided guidance below estimates on concerns over its domestic revenue outlook. Other detractors included not owning NRG Energy, Inc., which performed very well in 2025 on rising forecasts for electricity growth, and positions in UnitedHealth Group, Inc., and Comcast Corp., both of which were sold during the period.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g100573g99a88.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **S&P 500 Utilities Index** | **S&P 500 Index** |
| **3/31/2016** | $9425 | $10000 | $10000 |
| **4/30/2016** | $9354 | $9759 | $10039 |
| **5/31/2016** | $9591 | $9906 | $10219 |
| **6/30/2016** | $10275 | $10679 | $10246 |
| **7/31/2016** | $10250 | $10606 | $10623 |
| **8/31/2016** | $9607 | $10009 | $10638 |
| **9/30/2016** | $9653 | $10049 | $10640 |
| **10/31/2016** | $9562 | $10136 | $10446 |
| **11/30/2016** | $9292 | $9589 | $10833 |
| **12/31/2016** | $9670 | $10063 | $11047 |
| **1/31/2017** | $9762 | $10189 | $11257 |
| **2/28/2017** | $10186 | $10726 | $11704 |
| **3/31/2017** | $10261 | $10706 | $11717 |
| **4/30/2017** | $10476 | $10790 | $11838 |
| **5/31/2017** | $10835 | $11247 | $12004 |
| **6/30/2017** | $10555 | $10943 | $12079 |
| **7/31/2017** | $10818 | $11210 | $12327 |
| **8/31/2017** | $11112 | $11575 | $12365 |
| **9/30/2017** | $10909 | $11257 | $12620 |
| **10/31/2017** | $11245 | $11697 | $12915 |
| **11/30/2017** | $11565 | $12019 | $13311 |
| **12/31/2017** | $10991 | $11281 | $13459 |
| **1/31/2018** | $10793 | $10935 | $14229 |
| **2/28/2018** | $10316 | $10513 | $13705 |
| **3/31/2018** | $10671 | $10908 | $13357 |
| **4/30/2018** | $10911 | $11137 | $13408 |
| **5/31/2018** | $10687 | $11012 | $13731 |
| **6/30/2018** | $10957 | $11317 | $13815 |
| **7/31/2018** | $11187 | $11528 | $14329 |
| **8/31/2018** | $11480 | $11657 | $14796 |
| **9/30/2018** | $11509 | $11587 | $14881 |
| **10/31/2018** | $11425 | $11813 | $13864 |
| **11/30/2018** | $12034 | $12237 | $14146 |
| **12/31/2018** | $11349 | $11744 | $12869 |
| **1/31/2019** | $11900 | $12147 | $13900 |
| **2/28/2019** | $12350 | $12652 | $14346 |
| **3/31/2019** | $12761 | $13018 | $14625 |
| **4/30/2019** | $12942 | $13138 | $15217 |
| **5/31/2019** | $12947 | $13038 | $14250 |
| **6/30/2019** | $13455 | $13470 | $15255 |
| **7/31/2019** | $13439 | $13433 | $15474 |
| **8/31/2019** | $13844 | $14126 | $15229 |
| **9/30/2019** | $14186 | $14727 | $15514 |
| **10/31/2019** | $14143 | $14615 | $15850 |
| **11/30/2019** | $14009 | $14345 | $16425 |
| **12/31/2019** | $14469 | $14839 | $16921 |
| **1/31/2020** | $15213 | $15826 | $16914 |
| **2/29/2020** | $13914 | $14262 | $15522 |
| **3/31/2020** | $12766 | $12835 | $13605 |
| **4/30/2020** | $13386 | $13248 | $15349 |
| **5/31/2020** | $13955 | $13831 | $16080 |
| **6/30/2020** | $13425 | $13186 | $16399 |
| **7/31/2020** | $14446 | $14216 | $17324 |
| **8/31/2020** | $14389 | $13839 | $18569 |
| **9/30/2020** | $14212 | $13995 | $17864 |
| **10/31/2020** | $14525 | $14701 | $17389 |
| **11/30/2020** | $14971 | $14806 | $19292 |
| **12/31/2020** | $15081 | $14910 | $20034 |
| **1/31/2021** | $14693 | $14774 | $19832 |
| **2/28/2021** | $14176 | $13870 | $20378 |
| **3/31/2021** | $15476 | $15328 | $21271 |
| **4/30/2021** | $16175 | $15983 | $22406 |
| **5/31/2021** | $15880 | $15604 | $22563 |
| **6/30/2021** | $15609 | $15265 | $23089 |
| **7/31/2021** | $16260 | $15927 | $23638 |
| **8/31/2021** | $16658 | $16560 | $24357 |
| **9/30/2021** | $15654 | $15536 | $23224 |
| **10/31/2021** | $16112 | $16272 | $24851 |
| **11/30/2021** | $15713 | $16003 | $24679 |
| **12/31/2021** | $17185 | $17545 | $25785 |
| **1/31/2022** | $16614 | $16971 | $24450 |
| **2/28/2022** | $16271 | $16657 | $23718 |
| **3/31/2022** | $17585 | $18383 | $24599 |
| **4/30/2022** | $16791 | $17601 | $22454 |
| **5/31/2022** | $17396 | $18362 | $22495 |
| **6/30/2022** | $16553 | $17448 | $20638 |
| **7/31/2022** | $17351 | $18408 | $22541 |
| **8/31/2022** | $17170 | $18501 | $21622 |
| **9/30/2022** | $15289 | $16403 | $19631 |
| **10/31/2022** | $15735 | $16740 | $21220 |
| **11/30/2022** | $16842 | $17915 | $22406 |
| **12/31/2022** | $16597 | $17820 | $21115 |
| **1/31/2023** | $16506 | $17464 | $22442 |
| **2/28/2023** | $15545 | $16434 | $21894 |
| **3/31/2023** | $16152 | $17242 | $22698 |
| **4/30/2023** | $16388 | $17564 | $23052 |
| **5/31/2023** | $15479 | $16534 | $23152 |
| **6/30/2023** | $15832 | $16806 | $24682 |
| **7/31/2023** | $16171 | $17222 | $25475 |
| **8/31/2023** | $15475 | $16161 | $25069 |
| **9/30/2023** | $14593 | $15252 | $23874 |
| **10/31/2023** | $14713 | $15448 | $23372 |
| **11/30/2023** | $15486 | $16247 | $25507 |
| **12/31/2023** | $15735 | $16558 | $26665 |
| **1/31/2024** | $15466 | $16059 | $27114 |
| **2/29/2024** | $15610 | $16239 | $28561 |
| **3/31/2024** | $16438 | $17314 | $29480 |
| **4/30/2024** | $16332 | $17599 | $28276 |
| **5/31/2024** | $17487 | $19178 | $29678 |
| **6/30/2024** | $16822 | $18121 | $30743 |
| **7/31/2024** | $17868 | $19350 | $31117 |
| **8/31/2024** | $18497 | $20291 | $31872 |
| **9/30/2024** | $19647 | $21630 | $32553 |
| **10/31/2024** | $19423 | $21409 | $32258 |
| **11/30/2024** | $19998 | $22199 | $34151 |
| **12/31/2024** | $18516 | $20437 | $33337 |
| **1/31/2025** | $19179 | $21036 | $34265 |
| **2/28/2025** | $19520 | $21392 | $33818 |
| **3/31/2025** | $19422 | $21447 | $31913 |
| **4/30/2025** | $19342 | $21467 | $31696 |
| **5/31/2025** | $20038 | $22290 | $33692 |
| **6/30/2025** | $20317 | $22361 | $35405 |
| **7/31/2025** | $21148 | $23465 | $36199 |
| **8/31/2025** | $20905 | $23093 | $36933 |
| **9/30/2025** | $21598 | $24053 | $38281 |
| **10/31/2025** | $21944 | $24559 | $39178 |
| **11/30/2025** | $22391 | $24994 | $39274 |
| **12/31/2025** | $21361 | $23716 | $39298 |
| **1/31/2026** | $21639 | $24040 | $39868 |
| **2/28/2026** | $23420 | $26527 | $39565 |
| **3/31/2026** | $22477 | $25675 | $37594 |

---

# Utility and Telecommunications Fund
Annual Shareholder Report \| March 31, 2026

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 15.73 | 7.75 | 9.08 |
| Class A with Load | 9.07 | 6.48 | 8.44 |
| S&P 500 Utilities Index | 19.71 | 10.87 | 9.89 |
| S&P 500 Index | 17.8 | 12.06 | 14.16 |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $355705056 |
| # of portfolio holdings | 34 |
| Portfolio turnover rate | 13% |
| Total advisory fees paid | $1864331 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Utilities | 85.3 |
| Communication services | 6.8 |
| Information technology | 2.6 |
| Real estate | 2 |
| Health care | 1.2 |
| Consumer discretionary | 1.1 |
| Financials | 1 |

---

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

---

| | |
|:---|:---|
| NextEra Energy, Inc. | 13.4 |
| Southern Co. | 6.4 |
| Constellation Energy Corp. | 6.4 |
| Entergy Corp. | 4.5 |
| Duke Energy Corp. | 4.3 |
| American Electric Power Co., Inc. | 4.2 |
| Atmos Energy Corp. | 4.0 |
| Vistra Corp. | 4.0 |
| Sempra | 3.6 |
| Ameren Corp. | 3.2 |

---

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

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

#### AR0667 03-26
![Image](g100573g17g93.jpg)

Annual Shareholder Report

# Utility and Telecommunications Fund

# March 31, 2026

# Institutional Class

# EVUYX
This annual shareholder report contains important information about Utility and Telecommunications Fund for the period from April 1, 2025 to March 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 year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $78 | 0.72% |

---

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

## How did the Fund perform last year and what affected its performance?
The Fund underperformed its benchmark, the S&P 500 Utilities Index, for the 12-month period that ended March 31, 2026. Utilities stocks outperformed the broader market for the period. Overall, non-utilities holdings significantly underperformed the utilities benchmark while selection within utilities contributed to performance.

The U.S. appears to be entering an era of rising electricity demand driven primarily by the proliferation of data centers, which has led to increased growth forecasts for numerous utilities. Along with reasonable valuation, this has provided support for strong stock performance.

The largest contributor to relative performance was owning Alphabet, Inc., which significantly outperformed. Other contributors included not owning PG&E Corp. for most of the period, not owning Consolidated Edison, Inc., and a new position in PPL Corp. The largest detractor was owning American Tower Corp., which provided guidance below estimates on concerns over its domestic revenue outlook. Other detractors included not owning NRG Energy, Inc., which performed very well in 2025 on rising forecasts for electricity growth, and positions in UnitedHealth Group, Inc., and Comcast Corp., both of which were sold during the period.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g100573g32v10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Utilities Index** | **S&P 500 Index** |
| **3/31/2016** | $10000 | $10000 | $10000 |
| **4/30/2016** | $9925 | $9759 | $10039 |
| **5/31/2016** | $10182 | $9906 | $10219 |
| **6/30/2016** | $10912 | $10679 | $10246 |
| **7/31/2016** | $10891 | $10606 | $10623 |
| **8/31/2016** | $10213 | $10009 | $10638 |
| **9/30/2016** | $10267 | $10049 | $10640 |
| **10/31/2016** | $10170 | $10136 | $10446 |
| **11/30/2016** | $9883 | $9589 | $10833 |
| **12/31/2016** | $10290 | $10063 | $11047 |
| **1/31/2017** | $10388 | $10189 | $11257 |
| **2/28/2017** | $10844 | $10726 | $11704 |
| **3/31/2017** | $10926 | $10706 | $11717 |
| **4/30/2017** | $11161 | $10790 | $11838 |
| **5/31/2017** | $11549 | $11247 | $12004 |
| **6/30/2017** | $11251 | $10943 | $12079 |
| **7/31/2017** | $11537 | $11210 | $12327 |
| **8/31/2017** | $11850 | $11575 | $12365 |
| **9/30/2017** | $11643 | $11257 | $12620 |
| **10/31/2017** | $11997 | $11697 | $12915 |
| **11/30/2017** | $12350 | $12019 | $13311 |
| **12/31/2017** | $11739 | $11281 | $13459 |
| **1/31/2018** | $11533 | $10935 | $14229 |
| **2/28/2018** | $11023 | $10513 | $13705 |
| **3/31/2018** | $11405 | $10908 | $13357 |
| **4/30/2018** | $11668 | $11137 | $13408 |
| **5/31/2018** | $11428 | $11012 | $13731 |
| **6/30/2018** | $11722 | $11317 | $13815 |
| **7/31/2018** | $11968 | $11528 | $14329 |
| **8/31/2018** | $12288 | $11657 | $14796 |
| **9/30/2018** | $12324 | $11587 | $14881 |
| **10/31/2018** | $12239 | $11813 | $13864 |
| **11/30/2018** | $12898 | $12237 | $14146 |
| **12/31/2018** | $12160 | $11744 | $12869 |
| **1/31/2019** | $12756 | $12147 | $13900 |
| **2/28/2019** | $13239 | $12652 | $14346 |
| **3/31/2019** | $13690 | $13018 | $14625 |
| **4/30/2019** | $13883 | $13138 | $15217 |
| **5/31/2019** | $13900 | $13038 | $14250 |
| **6/30/2019** | $14447 | $13470 | $15255 |
| **7/31/2019** | $14430 | $13433 | $15474 |
| **8/31/2019** | $14870 | $14126 | $15229 |
| **9/30/2019** | $15245 | $14727 | $15514 |
| **10/31/2019** | $15204 | $14615 | $15850 |
| **11/30/2019** | $15061 | $14345 | $16425 |
| **12/31/2019** | $15555 | $14839 | $16921 |
| **1/31/2020** | $16361 | $15826 | $16914 |
| **2/29/2020** | $14971 | $14262 | $15522 |
| **3/31/2020** | $13741 | $12835 | $13605 |
| **4/30/2020** | $14408 | $13248 | $15349 |
| **5/31/2020** | $15028 | $13831 | $16080 |
| **6/30/2020** | $14462 | $13186 | $16399 |
| **7/31/2020** | $15563 | $14216 | $17324 |
| **8/31/2020** | $15508 | $13839 | $18569 |
| **9/30/2020** | $15324 | $13995 | $17864 |
| **10/31/2020** | $15660 | $14701 | $17389 |
| **11/30/2020** | $16149 | $14806 | $19292 |
| **12/31/2020** | $16273 | $14910 | $20034 |
| **1/31/2021** | $15854 | $14774 | $19832 |
| **2/28/2021** | $15304 | $13870 | $20378 |
| **3/31/2021** | $16712 | $15328 | $21271 |
| **4/30/2021** | $17467 | $15983 | $22406 |
| **5/31/2021** | $17155 | $15604 | $22563 |
| **6/30/2021** | $16860 | $15265 | $23089 |
| **7/31/2021** | $17580 | $15927 | $23638 |
| **8/31/2021** | $18003 | $16560 | $24357 |
| **9/30/2021** | $16932 | $15536 | $23224 |
| **10/31/2021** | $17427 | $16272 | $24851 |
| **11/30/2021** | $17003 | $16003 | $24679 |
| **12/31/2021** | $18603 | $17545 | $25785 |
| **1/31/2022** | $17984 | $16971 | $24450 |
| **2/28/2022** | $17622 | $16657 | $23718 |
| **3/31/2022** | $19040 | $18383 | $24599 |
| **4/30/2022** | $18189 | $17601 | $22454 |
| **5/31/2022** | $18854 | $18362 | $22495 |
| **6/30/2022** | $17946 | $17448 | $20638 |
| **7/31/2022** | $18811 | $18408 | $22541 |
| **8/31/2022** | $18624 | $18501 | $21622 |
| **9/30/2022** | $16589 | $16403 | $19631 |
| **10/31/2022** | $17073 | $16740 | $21220 |
| **11/30/2022** | $18274 | $17915 | $22406 |
| **12/31/2022** | $18015 | $17820 | $21115 |
| **1/31/2023** | $17927 | $17464 | $22442 |
| **2/28/2023** | $16883 | $16434 | $21894 |
| **3/31/2023** | $17555 | $17242 | $22698 |
| **4/30/2023** | $17812 | $17564 | $23052 |
| **5/31/2023** | $16833 | $16534 | $23152 |
| **6/30/2023** | $17212 | $16806 | $24682 |
| **7/31/2023** | $17591 | $17222 | $25475 |
| **8/31/2023** | $16844 | $16161 | $25069 |
| **9/30/2023** | $15888 | $15252 | $23874 |
| **10/31/2023** | $16018 | $15448 | $23372 |
| **11/30/2023** | $16870 | $16247 | $25507 |
| **12/31/2023** | $17137 | $16558 | $26665 |
| **1/31/2024** | $16854 | $16059 | $27114 |
| **2/29/2024** | $17011 | $16239 | $28561 |
| **3/31/2024** | $17916 | $17314 | $29480 |
| **4/30/2024** | $17811 | $17599 | $28276 |
| **5/31/2024** | $19071 | $19178 | $29678 |
| **6/30/2024** | $18354 | $18121 | $30743 |
| **7/31/2024** | $19496 | $19350 | $31117 |
| **8/31/2024** | $20183 | $20291 | $31872 |
| **9/30/2024** | $21446 | $21630 | $32553 |
| **10/31/2024** | $21212 | $21409 | $32258 |
| **11/30/2024** | $21840 | $22199 | $34151 |
| **12/31/2024** | $20228 | $20437 | $33337 |
| **1/31/2025** | $20952 | $21036 | $34265 |
| **2/28/2025** | $21326 | $21392 | $33818 |
| **3/31/2025** | $21223 | $21447 | $31913 |
| **4/30/2025** | $21146 | $21467 | $31696 |
| **5/31/2025** | $21908 | $22290 | $33692 |
| **6/30/2025** | $22219 | $22361 | $35405 |
| **7/31/2025** | $23141 | $23465 | $36199 |
| **8/31/2025** | $22874 | $23093 | $36933 |
| **9/30/2025** | $23642 | $24053 | $38281 |
| **10/31/2025** | $24021 | $24559 | $39178 |
| **11/30/2025** | $24523 | $24994 | $39274 |
| **12/31/2025** | $23392 | $23716 | $39298 |
| **1/31/2026** | $23708 | $24040 | $39868 |
| **2/28/2026** | $25662 | $26527 | $39565 |
| **3/31/2026** | $24634 | $25675 | $37594 |

---

# Utility and Telecommunications Fund
Annual Shareholder Report \| March 31, 2026

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 16.07 | 8.07 | 9.43 |
| S&P 500 Utilities Index | 19.71 | 10.87 | 9.89 |
| S&P 500 Index | 17.8 | 12.06 | 14.16 |

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $355705056 |
| # of portfolio holdings | 34 |
| Portfolio turnover rate | 13% |
| Total advisory fees paid | $1864331 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Utilities | 85.3 |
| Communication services | 6.8 |
| Information technology | 2.6 |
| Real estate | 2 |
| Health care | 1.2 |
| Consumer discretionary | 1.1 |
| Financials | 1 |

---

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

---

| | |
|:---|:---|
| NextEra Energy, Inc. | 13.4 |
| Southern Co. | 6.4 |
| Constellation Energy Corp. | 6.4 |
| Entergy Corp. | 4.5 |
| Duke Energy Corp. | 4.3 |
| American Electric Power Co., Inc. | 4.2 |
| Atmos Energy Corp. | 4.0 |
| Vistra Corp. | 4.0 |
| Sempra | 3.6 |
| Ameren Corp. | 3.2 |

---

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

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

#### AR0767 03-26

------

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Fiscal year ended<br>March 31, 2026** | **Fiscal year ended<br>March 31, 2025** |
|  Audit fees | $263, 970 | $263, 970 |
|  Audit-related fees |  |  |
|  Tax fees <sup>(1)</sup> |  | 36390 |
|  All other fees |  |  |
|  | $263970 | $300360 |

---

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

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

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

(e)(2) Not applicable.

------

(f) Not applicable.

(g) Not applicable.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

<u>ITEM 6. INVESTMENTS</u> 

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

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

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

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

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

------

![](g100573imgb9a33b481.jpg)

Allspring Precious Metals Fund

Long Form Financial Statements

Annual Report

March 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Consolidated portfolio of investments](#xx_c54c12a1-1880-486e-bff6-44c9bfa747e8_POI-PageBlank-38_1)** | 2 |
| **[Item 7. Consolidated financial statements and financial highlights](#xx_c54c12a1-1880-486e-bff6-44c9bfa747e8_FS-PageBlank-38_1)** |  |
| [Consolidated statement of assets and liabilities](#xx_c54c12a1-1880-486e-bff6-44c9bfa747e8_FS-PageBlank-38_1) | 5 |
| [Consolidated statement of operations](#xx_c54c12a1-1880-486e-bff6-44c9bfa747e8_FS-PageBlank-38_2) | 6 |
| [Consolidated statement of changes in net assets](#xx_c54c12a1-1880-486e-bff6-44c9bfa747e8_FS-PageBlank-38_4) | 8 |
| [Consolidated financial highlights](#xx_c54c12a1-1880-486e-bff6-44c9bfa747e8_FIHI-PageBlank-38_1) | 9 |
| **[Notes to consolidated financial statements](#xx_c54c12a1-1880-486e-bff6-44c9bfa747e8_NTF-PageBlank-38_1)** | 12 |
| **[Report of independent registered public accounting firm](#xx_c54c12a1-1880-486e-bff6-44c9bfa747e8_AUD-PageBlank-38_1)** | 18 |
| **[Other information](#xx_c54c12a1-1880-486e-bff6-44c9bfa747e8_OI-PageBlank-38_1)** | 19 |
| [Item 8. Changes in and disagreements with accountants](#xx_c54c12a1-1880-486e-bff6-44c9bfa747e8_OI-PageBlank-38_2) | 20 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_c54c12a1-1880-486e-bff6-44c9bfa747e8_OI-PageBlank-38_2) | 20 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_c54c12a1-1880-486e-bff6-44c9bfa747e8_OI-PageBlank-38_2) | 20 |
| [Item 11. Statement regarding basis for board](#xx_c54c12a1-1880-486e-bff6-44c9bfa747e8_OI-PageBlank-38_2)['](#xx_c54c12a1-1880-486e-bff6-44c9bfa747e8_OI-PageBlank-38_2)[s approval of investment](#xx_c54c12a1-1880-486e-bff6-44c9bfa747e8_OI-PageBlank-38_2)<br> [advisory contract](#xx_c54c12a1-1880-486e-bff6-44c9bfa747e8_OI-PageBlank-38_2)<br>| 20 |

---

Allspring Precious Metals Fund \| 1

------

Consolidated portfolio of investments—March 31, 2026

Consolidated portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 95.59%** |  |  |
| **Australia: 0.24%** |  |  |
| Evolution Mining Ltd. (Materials, Metals & mining) | 400000 | &nbsp;&nbsp; **$3601885** |
| **Canada: 70.86%** |  |  |
| Agnico Eagle Mines Ltd. (Materials, Metals & mining) | 360807 | &nbsp;&nbsp; 73237778 |
| &nbsp;&nbsp; Agnico Eagle Mines Ltd.-U.S. Exchange Traded Shares (Materials, <br> Metals & mining)<br>| 168664 | &nbsp;&nbsp; 34235419 |
| Alamos Gold, Inc. Class A (Materials, Metals & mining) | 1663980 | &nbsp;&nbsp; 74030424 |
| Artemis Gold, Inc. (Materials, Metals & mining)† | 1660000 | &nbsp;&nbsp; 45047086 |
| Barrick Mining Corp. (Materials, Metals & mining) | 1480723 | &nbsp;&nbsp; 60398691 |
| Centerra Gold, Inc. (Materials, Metals & mining) | 50000 | &nbsp;&nbsp; 889224 |
| Centerra Gold, Inc.-Legend Shares (Materials, Metals & mining) | 250000 | &nbsp;&nbsp; 4433542 |
| Discovery Silver Corp. (Materials, Metals & mining)† | 2500000 | &nbsp;&nbsp; 16066422 |
| DPM Metals, Inc. (Materials, Metals & mining) | 1450000 | &nbsp;&nbsp; 51053842 |
| Eldorado Gold Corp. (Materials, Metals & mining) | 890000 | &nbsp;&nbsp; 30562361 |
| Equinox Gold Corp. (Materials, Metals & mining) | 1133935 | &nbsp;&nbsp; 16376072 |
| Franco-Nevada Corp. (Materials, Metals & mining) | 35000 | &nbsp;&nbsp; 8666343 |
| &nbsp;&nbsp; Franco-Nevada Corp.-Legend Shares (Materials, Metals & <br> mining)144A†<br>| 95948 | &nbsp;&nbsp; 23757666 |
| G Mining Ventures Corp. (Materials, Metals & mining)† | 1892425 | &nbsp;&nbsp; 66413765 |
| Hemlo Mining Corp. (Materials, Metals & mining)† | 3995000 | &nbsp;&nbsp; 18638164 |
| IAMGOLD Corp. (Materials, Metals & mining)† | 3980000 | &nbsp;&nbsp; 74844943 |
| Kinross Gold Corp. (Materials, Metals & mining) | 2850483 | &nbsp;&nbsp; 87147611 |
| Lundin Gold, Inc. (Materials, Metals & mining) | 810000 | &nbsp;&nbsp; 61901445 |
| Montage Gold Corp. (Materials, Metals & mining)† | 3600000 | &nbsp;&nbsp; 40966142 |
| OceanaGold Corp. (Materials, Metals & mining) | 1465000 | &nbsp;&nbsp; 46189993 |
| OR Royalties, Inc. (Materials, Metals & mining) | 320000 | &nbsp;&nbsp; 12184890 |
| Orla Mining Ltd. (Materials, Metals & mining) | 1700000 | &nbsp;&nbsp; 27337359 |
| Pan American Silver Corp. (Materials, Metals & mining) | 209762 | &nbsp;&nbsp; 11475011 |
| &nbsp;&nbsp; Pan American Silver Corp.-U.S. Exchange Traded Shares (Materials, <br> Metals & mining)<br>| 555000 | &nbsp;&nbsp; 30319650 |
| Skeena Resources Ltd. (Materials, Metals & mining)† | 970000 | &nbsp;&nbsp; 28888721 |
| Snowline Gold Corp. (Materials, Metals & mining)† | 1050000 | &nbsp;&nbsp; 10476601 |
| Torex Gold Resources, Inc. (Materials, Metals & mining) | 800250 | &nbsp;&nbsp; 36730618 |
| &nbsp;&nbsp; Torex Gold Resources, Inc.-Legend Shares (Materials, Metals & <br> mining)144A†<br>| 185000 | &nbsp;&nbsp; 8491302 |
| Wheaton Precious Metals Corp. (Materials, Metals & mining) | 12950 | &nbsp;&nbsp; 1699856 |
| &nbsp;&nbsp; Wheaton Precious Metals Corp.-U.S. Exchange Traded Shares <br> (Materials, Metals & mining)<br>| 310000 | &nbsp;&nbsp; 40613100 |
|  |  | &nbsp;&nbsp; **1043074041** |
| **South Africa: 3.85%** |  |  |
| Gold Fields Ltd. ADR (Materials, Metals & mining) | 1250000 | &nbsp;&nbsp; **56750000** |
| **United Kingdom: 9.54%** |  |  |
| AngloGold Ashanti PLC (Materials, Metals & mining) | 640591 | &nbsp;&nbsp; 62367940 |
| Endeavour Mining PLC (Materials, Metals & mining) | 1210000 | &nbsp;&nbsp; 72551290 |
| Fresnillo PLC (Materials, Metals & mining) | 125000 | &nbsp;&nbsp; 5540754 |
|  |  | &nbsp;&nbsp; **140459984** |

---

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

2 \| Allspring Precious Metals Fund

------

Consolidated portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **United States: 11.10%** |  |  |
| Coeur Mining, Inc. (Materials, Metals & mining)† | 900605 | &nbsp;&nbsp; $16904356 |
| &nbsp;&nbsp; Coeur Mining, Inc. Toronto Stock Exchange (Materials, Metals & <br> mining)†<br>| 1090980 | &nbsp;&nbsp; 20398526 |
| Newmont Corp. (Materials, Metals & mining) | 929067 | &nbsp;&nbsp; 100571503 |
| Royal Gold, Inc. (Materials, Metals & mining) | 100036 | &nbsp;&nbsp; 25458161 |
|  |  | &nbsp;&nbsp; **163332546** |
| **Total common stocks (Cost $507,612,184)** |  | &nbsp;&nbsp; **1407218456** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Expiration <br>date<br>|  |  |
| **Rights: 0.01%** |  |  |  |
| **Canada: 0.01%** |  |  |  |
| Kinross Gold Corp. (Materials, Metals & mining)♦† | &nbsp;&nbsp; 3-1-2032 | 75000 | &nbsp;&nbsp; **110401** |
| **Total rights (Cost $0)** |  |  | &nbsp;&nbsp; **110401** |
| **Warrants: 0.00%** |  |  |  |
| **Canada: 0.00%** |  |  |  |
| Cambria Gold Mines, Inc. (Materials, Metals & mining)♦† | &nbsp;&nbsp; 7-25-2026 | 1400000 | &nbsp;&nbsp; **0** |
| **Total warrants (Cost $0)** |  |  | &nbsp;&nbsp; **0** |

---

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

---

| | | |
|:---|:---|:---|
|  | Troy Ounces |  |
| **Commodities: 2.45%** |  |  |
| Gold Bullion\* | 7690 | &nbsp;&nbsp; **36022408** |
| **Total commodities (Cost $4,532,552)** |  | &nbsp;&nbsp; **36022408** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 1.69%** |  |  |  |  |
| **Investment companies: 1.69%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.60<br> %<br>| 24886152 | &nbsp;&nbsp; **24886152** |
| **Total short-term investments (Cost $24,886,152)** |  |  |  | &nbsp;&nbsp; **24886152** |
| **Total investments in securities (Cost $537,030,888)** | 99.74<br> %<br>|  |  | &nbsp;&nbsp; 1468237417 |
| Other assets and liabilities, net | 0.26 |  |  | &nbsp;&nbsp; 3820376 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$1472057793** |

---

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

---

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

---

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

Abbreviations: <br> ADR American depositary receipt

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

Allspring Precious Metals Fund \| 3

------

Consolidated portfolio of investments—March 31, 2026

**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>| $19055283 | $391196727 | $(385365858)<br>| $0 | $0 | $24886152 | 24886152 | $1167550 |

---

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

4 \| Allspring Precious Metals Fund

------

Consolidated statement of assets and liabilities—March 31, 2026

Consolidated financial statements

Consolidated statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $507,612,184) | $1407328857 |
| Investments in affiliated securities, at value (cost $24,886,152) | 24886152 |
| Investments in commodities, at value (cost $4,532,552) | 36022408 |
| Cash | 139093 |
| Foreign currency, at value (cost $3,288) | 3212 |
| Receivable for Fund shares sold | 5087435 |
| Receivable for dividends | 1509737 |
| Prepaid expenses and other assets | 131342 |
| **Total assets** | **1475108236** |
| Liabilities |  |
| Payable for Fund shares redeemed | 1848335 |
| Management fee payable | 783181 |
| Administration fees payable | 216263 |
| Shareholder servicing fees payable | 161478 |
| Distribution fee payable | 15489 |
| Accrued expenses and other liabilities | 25697 |
| **Total liabilities** | **3050443** |
| **Total net assets**  | **$1472057793** |
| Net assets consist of |  |
| Paid-in capital | $646677299 |
| Total distributable earnings | 825380494 |
| **Total net assets** | **$1472057793** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $696491936 |
| Shares outstanding–Class A<sup>1</sup> <br>| 4390872 |
| Net asset value per share–Class A | $158.62 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $168.30 |
| Net assets–Class C | $24073816 |
| Shares outstanding–Class C<sup>1</sup> <br>| 173919 |
| Net asset value per share–Class C | $138.42 |
| Net assets–Institutional Class | $751492041 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 4637492 |
| Net asset value per share–Institutional Class | $162.05 |

---

<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 consolidated financial statements.

Allspring Precious Metals Fund \| 5

------

Consolidated Statement of operations— year ended March 31, 2026

Consolidated statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $1,499,019) | $13807217 |
| Income from affiliated securities | 1167550 |
| Interest | 4337 |
| **Total investment income** | **14979104** |
| Expenses |  |
| Management fee | 6320270 |
| Administration fees |  |
| Class A | 970235 |
| Class C | 32270 |
| Administrator Class | 50538 <br><sup>1</sup><br>|
| Institutional Class | 632221 |
| Shareholder servicing fees |  |
| Class A | 1212794 |
| Class C | 40337 |
| Administrator Class | 97188 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 121012 |
| Custody and accounting fees | 61860 |
| Professional fees | 67721 |
| Registration fees | 131281 |
| Shareholder report expenses | 57033 |
| Trustees' fees and expenses | 12111 |
| Other fees and expenses | 61678 |
| **Total expenses** | **9868549** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (125534)<br>|
| Class A | (47742)<br>|
| Class C | (1227)<br>|
| Institutional Class | (4)<br>|
| **Net expenses** | **9694042** |
| **Net investment income** | **5285062** |

---

<sup>1</sup> For the period from April 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 consolidated financial statements.

6 \| Allspring Precious Metals Fund

------

Consolidated Statement of operations— year ended March 31, 2026

Consolidated statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | $35899664 |
| Foreign currency and foreign currency translations | 103751 |
| **Net realized gains on investments**  | **36003415** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 638059705 |
| Commodities | 11995217 |
| Foreign currency and foreign currency translations | (1829)<br>|
| **Net change in unrealized gains (losses) on investments** | **650053093** |
| **Net realized and unrealized gains (losses) on investments** | **686056508** |
| **Net increase in net assets resulting from operations** | **$691341570** |

---

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

Allspring Precious Metals Fund \| 7

------

Consolidated statement of changes in net assets

Consolidated statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> March 31, 2026 | Year ended<br> March 31, 2026 | Year ended<br> March 31, 2025 | Year ended<br> March 31, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $5285062 |  | &nbsp;&nbsp; $2261694 |
| Net realized gains on investments |  | &nbsp;&nbsp; 36003415 |  | &nbsp;&nbsp; 9731534 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 650053093 |  | &nbsp;&nbsp; 160911861 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **691341570** |  | &nbsp;&nbsp; **172905089** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (7324702)<br>|  | &nbsp;&nbsp; (1474772)<br>|
| Class C |  | &nbsp;&nbsp; (96978)<br>|  | &nbsp;&nbsp; (6459)<br>|
| Administrator Class |  | &nbsp;&nbsp; 0 <br><sup>1</sup><br>|  | &nbsp;&nbsp; (299511)<br>|
| Institutional Class |  | &nbsp;&nbsp; (9920271)<br>|  | &nbsp;&nbsp; (1364364)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(17341951)**<br>|  | &nbsp;&nbsp; **(3145106)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 3195471 | &nbsp;&nbsp; 399751002 | &nbsp;&nbsp; 1122362 | &nbsp;&nbsp; 70552739 |
| Class C | 88584 | &nbsp;&nbsp; 9884346 | &nbsp;&nbsp; 20563 | &nbsp;&nbsp; 1094582 |
| Administrator Class | 550550 <br><sup>1</sup><br>| &nbsp;&nbsp; 50246973 <br><sup>1</sup><br>| &nbsp;&nbsp; 673315 | &nbsp;&nbsp; 43035478 |
| Institutional Class | 3055758 | &nbsp;&nbsp; 386651521 | &nbsp;&nbsp; 1151648 | &nbsp;&nbsp; 73667396 |
|  |  | &nbsp;&nbsp; 846533842 |  | &nbsp;&nbsp; 188350195 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 45751 | &nbsp;&nbsp; 6962321 | &nbsp;&nbsp; 24299 | &nbsp;&nbsp; 1368750 |
| Class C | 728 | &nbsp;&nbsp; 96891 | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 6459 |
| Administrator Class | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 5230 | &nbsp;&nbsp; 297793 |
| Institutional Class | 63042 | &nbsp;&nbsp; 9792371 | &nbsp;&nbsp; 23130 | &nbsp;&nbsp; 1329994 |
|  |  | &nbsp;&nbsp; 16851583 |  | &nbsp;&nbsp; 3002996 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (2305888)<br>| &nbsp;&nbsp; (283310136)<br>| &nbsp;&nbsp; (848812)<br>| &nbsp;&nbsp; (50732059)<br>|
| Class C | (52559)<br>| &nbsp;&nbsp; (5466393)<br>| &nbsp;&nbsp; (49075)<br>| &nbsp;&nbsp; (2467254)<br>|
| Administrator Class | (312864 )<sup>1</sup><br>| &nbsp;&nbsp; (26812687 )<sup>1</sup><br>| &nbsp;&nbsp; (354707)<br>| &nbsp;&nbsp; (21772694)<br>|
| Institutional Class | (2092466)<br>| &nbsp;&nbsp; (274751308)<br>| &nbsp;&nbsp; (835462)<br>| &nbsp;&nbsp; (51148734)<br>|
|  |  | &nbsp;&nbsp; (590340524)<br>|  | &nbsp;&nbsp; (126120741)<br>|
| Share conversions |  |  |  |  |
| Administrator Class | (1087643 )<sup>2</sup><br>| &nbsp;&nbsp; (127711993 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class | 1075928 <br><sup>2</sup><br>| &nbsp;&nbsp; 127711993 <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; **273044901** |  | &nbsp;&nbsp; **65232450** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **947044520** |  | &nbsp;&nbsp; **234992433** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **525013273** |  | &nbsp;&nbsp; **290020840** |
| **End of period** |  | &nbsp;&nbsp; **$1472057793** |  | &nbsp;&nbsp; **$525013273** |

---

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

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

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

8 \| Allspring Precious Metals Fund

------

Consolidated financial highlights

Consolidated financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Class A | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$74.74** | &nbsp;&nbsp; **$47.73** | &nbsp;&nbsp; **$48.22** | &nbsp;&nbsp; **$54.61** | &nbsp;&nbsp; **$46.95** |
| Net investment income | 0.46 <br><sup>1</sup><br>| 0.29 <br><sup>1</sup><br>| 0.41 <br><sup>1</sup><br>| 0.38 <br><sup>1</sup><br>| 0.27 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 85.16 | 27.19 | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (5.91)<br>| 8.03 |
| Total from investment operations | 85.62 | 27.48 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (5.53)<br>| 8.30 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (1.74)<br>| &nbsp;&nbsp; (0.47)<br>| 0.00 | &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.64)<br>|
| **Net asset value, end of period** | **$158.62** | &nbsp;&nbsp; **$74.74** | &nbsp;&nbsp; **$47.73** | &nbsp;&nbsp; **$48.22** | &nbsp;&nbsp; **$54.61** |
| **Total return**<sup>2</sup> <br>| **114.66%**<br>| **57.89%**<br>| &nbsp;&nbsp; **(1.02)%**<br>| &nbsp;&nbsp; **(9.87)%**<br>| **17.96%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.10<br> %<br>| 1.17<br> %<br>| 1.19<br> %<br>| 1.19<br> %<br>| 1.18<br> %<br>|
| Net expenses | 1.08<br> %<br>| 1.08<br> %<br>| 1.08<br> %<br>| 1.09<br> %<br>| 1.09<br> %<br>|
| Net investment income | 0.37<br> %<br>| 0.50<br> %<br>| 0.91<br> %<br>| 0.89<br> %<br>| 0.55<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate<sup>3</sup> <br>| 8<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 15<br> %<br>|
| Net assets, end of period (000s omitted) | $696492 | &nbsp;&nbsp; $258279 | &nbsp;&nbsp; $150703 | &nbsp;&nbsp; $167511 | &nbsp;&nbsp; $208497 |

---

&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. 

<sup>3</sup> Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary.

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

Allspring Precious Metals Fund \| 9

------

Consolidated financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Class C | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$65.27** | &nbsp;&nbsp; **$41.69** | &nbsp;&nbsp; **$42.44** | &nbsp;&nbsp; **$48.30** | &nbsp;&nbsp; **$41.35** |
| Net investment income (loss) | (0.40 )<sup>1</sup><br>| &nbsp;&nbsp; (0.15 )<sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.09 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 74.16 | 23.78 | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (5.25)<br>| 7.13 |
| Total from investment operations | 73.76 | 23.63 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (5.20)<br>| 7.04 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.61)<br>| &nbsp;&nbsp; (0.05)<br>| 0.00 | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.09)<br>|
| **Net asset value, end of period** | **$138.42** | &nbsp;&nbsp; **$65.27** | &nbsp;&nbsp; **$41.69** | &nbsp;&nbsp; **$42.44** | &nbsp;&nbsp; **$48.30** |
| **Total return**<sup>2</sup> <br>| **113.05%**<br>| **56.70%**<br>| &nbsp;&nbsp; **(1.77)%**<br>| &nbsp;&nbsp; **(10.56)%**<br>| **17.07%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.85<br> %<br>| 1.92<br> %<br>| 1.94<br> %<br>| 1.94<br> %<br>| 1.93<br> %<br>|
| Net expenses | 1.84<br> %<br>| 1.84<br> %<br>| 1.84<br> %<br>| 1.84<br> %<br>| 1.84<br> %<br>|
| Net investment income (loss) | (0.38)%<br>| &nbsp;&nbsp; (0.29)%<br>| 0.12<br> %<br>| 0.13<br> %<br>| &nbsp;&nbsp; (0.21)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate<sup>3</sup> <br>| 8<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 15<br> %<br>|
| Net assets, end of period (000s omitted) | $24074 | &nbsp;&nbsp; $8953 | &nbsp;&nbsp; $6901 | &nbsp;&nbsp; $9253 | &nbsp;&nbsp; $12241 |

---

&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. 

<sup>3</sup> Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary.

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

10 \| Allspring Precious Metals Fund

------

Consolidated financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Institutional Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$76.34** | &nbsp;&nbsp; **$48.75** | &nbsp;&nbsp; **$49.11** | &nbsp;&nbsp; **$55.50** | &nbsp;&nbsp; **$47.74** |
| Net investment income | 0.88 <br><sup>1</sup><br>| 0.49 <br><sup>1</sup><br>| 0.54 <br><sup>1</sup><br>| 0.64 | 0.50 |
| Net realized and unrealized gains (losses) on investments | 87.05 | 27.75 | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (6.11)<br>| 8.07 |
| Total from investment operations | 87.93 | 28.24 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (5.47)<br>| 8.57 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (2.22)<br>| &nbsp;&nbsp; (0.65)<br>| 0.00 | &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (0.81)<br>|
| **Net asset value, end of period** | **$162.05** | &nbsp;&nbsp; **$76.34** | &nbsp;&nbsp; **$48.75** | &nbsp;&nbsp; **$49.11** | &nbsp;&nbsp; **$55.50** |
| **Total return**<sup>2</sup> <br>| **115.31%**<br>| **58.37%**<br>| &nbsp;&nbsp; **(0.73)%**<br>| &nbsp;&nbsp; **(9.59)%**<br>| **18.30%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.78<br> %<br>| 0.85<br> %<br>| 0.87<br> %<br>| 0.86<br> %<br>| 0.85<br> %<br>|
| Net expenses | 0.78<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>|
| Net investment income | 0.68<br> %<br>| 0.82<br> %<br>| 1.18<br> %<br>| 1.18<br> %<br>| 0.85<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate<sup>3</sup> <br>| 8<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 15<br> %<br>|
| Net assets, end of period (000s omitted) | $751492 | &nbsp;&nbsp; $193545 | &nbsp;&nbsp; $107047 | &nbsp;&nbsp; $115140 | &nbsp;&nbsp; $140363 |

---

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

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

<sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

<sup>3</sup> Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary.

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

Allspring Precious Metals Fund \| 11

------

Notes to consolidated financial statements

Notes to consolidated 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 consolidated financial statements report on the Allspring Precious Metals Fund (the "Fund") which is a non-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. INVESTMENT IN SUBSIDIARY

The Fund invests in precious metals and minerals through Special Investments (Cayman) SPC (the "Subsidiary"), a wholly owned subsidiary incorporated on May 3, 2005 under the laws of the Cayman Islands as an exempted segregated portfolio company with limited liability. As of March 31, 2026, the Subsidiary held $36,022,408 in gold bullion representing 99.88% of its net assets. The Fund is the sole shareholder of the Subsidiary. As of March 31, 2026, the Fund held $36,085,138 in the Subsidiary, representing 2.45% of the Fund's net assets prior to consolidation.

The consolidated financial statements of the Fund include the financial results of the Subsidiary. The Consolidated portfolio of investments includes positions of the Fund and the Subsidiary and the consolidated financial statements include the accounts of the Fund and the Subsidiary. Accordingly, all interfund balances and transactions between the Fund and the Subsidiary have been eliminated in consolidation.

3. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the consolidated financial statements of the 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 consolidated financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On March 31, 2026, such fair value pricing was used in pricing certain foreign securities.

Investments in commodities are valued at their last traded 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, 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.

12 \| Allspring Precious Metals Fund

------

Notes to consolidated financial statements

Foreign currency translation

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

Security transactions and income recognition

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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

As of March 31, 2026, the aggregate cost of all investments for federal income tax purposes was $602,899,072 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $872679262 |
| Gross unrealized losses | &nbsp;&nbsp; (7340917)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$865338345** |

---

Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. GAAP require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. At March 31, 2026, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of assets and liabilities:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Paid-in <br>capital<br>| Total distributable <br>earnings<br>|
| &nbsp;&nbsp;&nbsp; $(19216)<br>| &nbsp;&nbsp; $19216 |

---

As of March 31, 2026, the Fund had capital loss carryforwards which consist of $38,765,762 in short-term capital losses and $50,365,989 in long-term capital losses.

Allspring Precious Metals Fund \| 13

------

Notes to consolidated financial statements

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;

4. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the 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 March 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** |  |  |  |  |
| *Australia* | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $3601885 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $3601885 |
| *Canada* | &nbsp;&nbsp; 1006391531 | &nbsp;&nbsp;&nbsp; 36682510 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1043074041 |
| *South Africa* | &nbsp;&nbsp; 56750000 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 56750000 |
| *United Kingdom* | &nbsp;&nbsp; 134919230 | &nbsp;&nbsp;&nbsp; 5540754 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 140459984 |
| *United States* | &nbsp;&nbsp; 163332546 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 163332546 |
| **Rights** |  |  |  |  |
| *Canada* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 110401 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 110401 |
| **Warrants** |  |  |  |  |
| *Canada* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| **Commodities** | &nbsp;&nbsp; 36022408 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 36022408 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 24886152 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 24886152 |
| **Total assets** | &nbsp;&nbsp; **$1422301867** | &nbsp;&nbsp;&nbsp; **$45935550** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1468237417** |

---

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

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

5. 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

14 \| Allspring Precious Metals Fund

------

Notes to consolidated financial statements

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.650<br> %<br>|
| Next $500 million | 0.600 |
| Next $1 billion | 0.550 |
| Next $2 billion | 0.525 |
| Next $1 billion | 0.500 |
| Next $5 billion | 0.490 |
| Over $10 billion | 0.480 |

---

For the year ended March 31, 2026, the management fee was equivalent to an annual rate of 0.62% of the Fund's average daily net assets.

The Subsidiary has entered into a separate advisory contract with Allspring Funds Management to manage the investment and reinvestment of its assets in conformity with its investment objectives and restrictions. Under this agreement, the Subsidiary does not pay Allspring Funds Management a fee for its services.

Allspring Funds Management has retained the services of 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 |
| 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 July 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of March 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.09<br> %<br>|
| Class C | 1.84 |
| Institutional Class | 0.79 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended March 31, 2026, Allspring Funds Distributor received $49,816 from the sale of Class A shares and $5,794 and $15,454 in contingent deferred sales charges from redemptions of Class A and Class C shares, respectively.

Allspring Precious Metals Fund \| 15

------

Notes to consolidated financial statements

Shareholder servicing fees

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

Interfund transactions

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

6. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended March 31, 2026 were $333,491,099 and $76,698,312, respectively. These amounts include purchase and sales transactions of the Subsidiary.

7. BANK BORROWINGS

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

For the year ended March 31, 2026, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 |
|  | 2026 | 2025 |
| **Ordinary income** | $17341951 | $3145106 |

---

As of March 31, 2026, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Unrealized <br>gains<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>| Total |
| &nbsp;&nbsp;&nbsp; $49181675 | &nbsp;&nbsp; $865336548 | &nbsp;&nbsp;&nbsp; $(89131751)<br>| &nbsp;&nbsp;&nbsp; $825386472 |

---

Temporary differences between book-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement purposes versus for tax purposes; these differences will reverse in a subsequent reporting period.

9. CONCENTRATION RISKS

The Fund concentrated its portfolio of investments in precious metals and minerals with a geographic emphasis in Canada. A fund that invests a substantial portion of its assets in any sector or geographic region may be more affected by changes in that sector or geographic region than would be a fund whose investments are not heavily weighted in any sector or geographic region.

10. INDEMNIFICATION

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

11. OPERATING SEGMENTS

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

16 \| Allspring Precious Metals Fund

------

Notes to consolidated financial statements

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 consolidated financial statements. Segment assets are reflected on the accompanying Consolidated statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Consolidated statement of operations.

Allspring Precious Metals Fund \| 17

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated statement of assets and liabilities of Allspring Precious Metals Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the consolidated portfolio of investments, as of March 31, 2026, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the consolidated financial statements) and the consolidated financial highlights for each of the years in the five-year period then ended. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the consolidated financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements and consolidated financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Such procedures also included confirmation of securities owned as of March 31, 2026, by correspondence with the custodians and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g100573img197959182.jpg)

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

Boston, Massachusetts

May 21, 2026

18 \| Allspring Precious Metals Fund

------

Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 5% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended March 31, 2026.

Pursuant to Section 854 of the Internal Revenue Code, $8,638,282 of income dividends paid during the fiscal year ended March 31, 2026 has been designated as qualified dividend income (QDI).

For the fiscal year ended March 31, 2026, $423,232 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Pursuant to Section 853 of the Internal Revenue Code, the Fund expects to designate amounts as foreign taxes paid for the fiscal year ended March 31, 2026. Additional details will be available in the semiannual report.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Creditable <br>foreign taxes <br>paid<br>| Per share <br>amount<br>| &nbsp;&nbsp;&nbsp; Foreign <br>income as % of <br>ordinary income <br>distributions<br>|
| &nbsp;&nbsp;&nbsp; $1471187 | &nbsp;&nbsp; $0.1599 | &nbsp;&nbsp;&nbsp;&nbsp; 16.05<br> %<br>|

---

Proxy voting information

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

Quarterly portfolio holdings information

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

Allspring Precious Metals 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 Consolidated statement of operations.

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

Not applicable

20 \| Allspring Precious Metals Fund

------

![](g100573imgb9a33b481.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**

![](g100573imge3cadf113.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.**

**NCSR0654 03-26**

------

![](g100573img4e48a0a01.jpg)

Allspring Utility and Telecommunications Fund

Long Form Financial Statements

Annual Report

March 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_aed13bed-77da-4fe0-b12d-72c339d378de_POI-PageBlank-39_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_aed13bed-77da-4fe0-b12d-72c339d378de_FS-PageBlank-39_1)** |  |
| [Statement of assets and liabilities](#xx_aed13bed-77da-4fe0-b12d-72c339d378de_FS-PageBlank-39_1) | 4 |
| [Statement of operations](#xx_aed13bed-77da-4fe0-b12d-72c339d378de_FS-PageBlank-39_2) | 5 |
| [Statement of changes in net assets](#xx_aed13bed-77da-4fe0-b12d-72c339d378de_FS-PageBlank-39_3) | 6 |
| [Financial highlights](#xx_aed13bed-77da-4fe0-b12d-72c339d378de_FIHI-PageBlank-39_1) | 8 |
| **[Notes to financial statements](#xx_aed13bed-77da-4fe0-b12d-72c339d378de_NTF-PageBlank-39_1)** | 10 |
| **[Report of independent registered public accounting firm](#xx_aed13bed-77da-4fe0-b12d-72c339d378de_AUD-PageBlank-39_1)** | 15 |
| **[Other information](#xx_aed13bed-77da-4fe0-b12d-72c339d378de_OI-PageBlank-39_1)** | 16 |
| [Item 8. Changes in and disagreements with accountants](#xx_aed13bed-77da-4fe0-b12d-72c339d378de_OI-PageBlank-39_2) | 17 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_aed13bed-77da-4fe0-b12d-72c339d378de_OI-PageBlank-39_2) | 17 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_aed13bed-77da-4fe0-b12d-72c339d378de_OI-PageBlank-39_2) | 17 |
| [Item 11. Statement regarding basis for board](#xx_aed13bed-77da-4fe0-b12d-72c339d378de_OI-PageBlank-39_2)['](#xx_aed13bed-77da-4fe0-b12d-72c339d378de_OI-PageBlank-39_2)[s approval of investment](#xx_aed13bed-77da-4fe0-b12d-72c339d378de_OI-PageBlank-39_2)<br> [advisory contract](#xx_aed13bed-77da-4fe0-b12d-72c339d378de_OI-PageBlank-39_2)<br>| 17 |

---

Allspring Utility And Telecommunications Fund \| 1

------

Portfolio of investments—March 31, 2026

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.63%** |  |  |
| **Communication services: 6.75%** |  |  |
| **Entertainment: 1.17%** |  |  |
| Walt Disney Co. | 43094 | &nbsp;&nbsp; **$4153400** |
| **Interactive media & services: 5.58%** |  |  |
| Alphabet, Inc. Class A | 35258 | &nbsp;&nbsp; 10138790 |
| Meta Platforms, Inc. Class A | 16974 | &nbsp;&nbsp; 9711335 |
|  |  | &nbsp;&nbsp; **19850125** |
| **Consumer discretionary: 1.05%** |  |  |
| **Specialty retail: 1.05%** |  |  |
| Home Depot, Inc. | 11407 | &nbsp;&nbsp; **3751648** |
| **Financials: 1.00%** |  |  |
| **Financial services: 1.00%** |  |  |
| Visa, Inc. Class A | 11822 | &nbsp;&nbsp; **3573081** |
| **Health care: 1.13%** |  |  |
| **Biotechnology: 1.13%** |  |  |
| Amgen, Inc. | 11422 | &nbsp;&nbsp; **4018831** |
| **Information technology: 2.60%** |  |  |
| **Communications equipment: 2.60%** |  |  |
| Cisco Systems, Inc. | 119005 | &nbsp;&nbsp; **9233598** |
| **Real estate: 1.92%** |  |  |
| **Specialized REITs: 1.92%** |  |  |
| American Tower Corp. | 39500 | &nbsp;&nbsp; **6816910** |
| **Utilities: 84.18%** |  |  |
| **Electric utilities: 53.29%** |  |  |
| Alliant Energy Corp. | 122252 | &nbsp;&nbsp; 8772804 |
| American Electric Power Co., Inc. | 115050 | &nbsp;&nbsp; 15080754 |
| Constellation Energy Corp. | 81516 | &nbsp;&nbsp; 22763343 |
| Duke Energy Corp. | 116145 | &nbsp;&nbsp; 15208026 |
| Entergy Corp. | 142208 | &nbsp;&nbsp; 15978491 |
| Eversource Energy | 57906 | &nbsp;&nbsp; 4011728 |
| Exelon Corp. | 117339 | &nbsp;&nbsp; 5751958 |
| FirstEnergy Corp. | 110646 | &nbsp;&nbsp; 5605326 |
| NextEra Energy, Inc. | 514234 | &nbsp;&nbsp; 47762054 |
| NRG Energy, Inc. | 27792 | &nbsp;&nbsp; 4061523 |
| PG&E Corp. | 284326 | &nbsp;&nbsp; 4995608 |
| PPL Corp. | 156687 | &nbsp;&nbsp; 5985443 |
| Southern Co. | 237076 | &nbsp;&nbsp; 22882575 |
| Xcel Energy, Inc. | 134721 | &nbsp;&nbsp; 10702236 |
|  |  | &nbsp;&nbsp; **189561869** |
| **Gas utilities: 4.04%** |  |  |
| Atmos Energy Corp. | 77678 | &nbsp;&nbsp; **14348680** |

---

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

2 \| Allspring Utility and Telecommunications Fund

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Independent power and renewable electricity producers: 3.96%** |  |  |
| Vistra Corp. | 93783 | &nbsp;&nbsp; **$14098399** |
| **Multi-utilities: 21.31%** |  |  |
| Ameren Corp. | 102608 | &nbsp;&nbsp; 11278672 |
| CenterPoint Energy, Inc. | 253662 | &nbsp;&nbsp; 10948052 |
| CMS Energy Corp. | 105731 | &nbsp;&nbsp; 8202611 |
| Dominion Energy, Inc. | 85721 | &nbsp;&nbsp; 5299272 |
| DTE Energy Co. | 62706 | &nbsp;&nbsp; 9168871 |
| Public Service Enterprise Group, Inc. | 113978 | &nbsp;&nbsp; 9226519 |
| Sempra | 133153 | &nbsp;&nbsp; 12938477 |
| WEC Energy Group, Inc. | 75426 | &nbsp;&nbsp; 8732068 |
|  |  | &nbsp;&nbsp; **75794542** |
| **Water utilities: 1.58%** |  |  |
| American Water Works Co., Inc. | 41392 | &nbsp;&nbsp; **5633037** |
| **Total common stocks (Cost $183,137,346)** |  | &nbsp;&nbsp; **350834120** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 1.37%** |  |  |  |  |
| **Investment companies: 1.37%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.60<br> %<br>| 4881914 | &nbsp;&nbsp; **4881914** |
| **Total short-term investments (Cost $4,881,914)** |  |  |  | &nbsp;&nbsp; **4881914** |
| **Total investments in securities (Cost $188,019,260)** | 100.00<br> %<br>|  |  | &nbsp;&nbsp; 355716034 |
| Other assets and liabilities, net | (0.00)<br>|  |  | &nbsp;&nbsp; (10978)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$355705056** |

---

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

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

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

Abbreviations: <br> REIT Real estate investment trust

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $8970663 | $32565234 | $(36653983)<br>| $0 | $0 | $4881914 | 4881914 | $189097 |

---

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

Allspring Utility and Telecommunications Fund \| 3

------

Statement of assets and liabilities—March 31, 2026

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $183,137,346) | $350834120 |
| Investments in affiliated securities, at value (cost $4,881,914) | 4881914 |
| Receivable for dividends | 312785 |
| Receivable for Fund shares sold | 27284 |
| Prepaid expenses and other assets | 31815 |
| **Total assets** | **356087918** |
| Liabilities |  |
| Management fee payable | 162682 |
| Shareholder servicing fees payable | 68537 |
| Payable for Fund shares redeemed | 60613 |
| Administration fees payable | 59093 |
| Trustees' fees and expenses payable | 72 |
| Accrued expenses and other liabilities | 31865 |
| **Total liabilities** | **382862** |
| **Total net assets**  | **$355705056** |
| Net assets consist of |  |
| Paid-in capital | $171995043 |
| Total distributable earnings | 183710013 |
| **Total net assets** | **$355705056** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $317661503 |
| Shares outstanding–Class A<sup>1</sup> <br>| 15114734 |
| Net asset value per share–Class A | $21.02 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $22.30 |
| Net assets–Institutional Class | $38043553 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 1813221 |
| Net asset value per share–Institutional Class | $20.98 |

---

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

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

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

4 \| Allspring Utility and Telecommunications Fund

------

Statement of operations—year ended March 31, 2026

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends | $9010746 |
| Income from affiliated securities | 189097 |
| Interest | 7 |
| **Total investment income** | **9199850** |
| Expenses |  |
| Management fee | 2292915 |
| Administration fees |  |
| Class A | 626458 |
| Class C | 2194 <br><sup>1</sup><br>|
| Administrator Class | 1533 <br><sup>2</sup><br>|
| Institutional Class | 48411 |
| Shareholder servicing fees |  |
| Class A | 783037 |
| Class C | 2739 <br><sup>1</sup><br>|
| Administrator Class | 2948 <br><sup>2</sup><br>|
| Distribution fee |  |
| Class C | 8192 <br><sup>1</sup><br>|
| Custody and accounting fees | 12606 |
| Professional fees | 49435 |
| Registration fees | 81869 |
| Shareholder report expenses | 41169 |
| Trustees' fees and expenses | 7590 |
| Other fees and expenses | 23656 |
| **Total expenses** | **3984752** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (428584)<br>|
| Class A | (66748)<br>|
| Institutional Class | (3)<br>|
| **Net expenses** | **3489417** |
| **Net investment income** | **5710433** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments**  | **25564773** |
| **Net change in unrealized gains (losses) on investments** | **19988860** |
| **Net realized and unrealized gains (losses) on investments** | **45553633** |
| **Net increase in net assets resulting from operations** | **$51264066** |

---

<sup>1</sup> For the period from April 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.

<sup>2</sup> For the period from April 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 Utility and Telecommunications Fund \| 5

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> March 31, 2026 | Year ended<br> March 31, 2026 | Year ended<br> March 31, 2025 | Year ended<br> March 31, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $5710433 |  | &nbsp;&nbsp; $6930373 |
| Net realized gains on investments |  | &nbsp;&nbsp; 25564773 |  | &nbsp;&nbsp; 10825012 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 19988860 |  | &nbsp;&nbsp; 37431565 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **51264066** |  | &nbsp;&nbsp; **55186950** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (18152024)<br>|  | &nbsp;&nbsp; (13782456)<br>|
| Class C |  | &nbsp;&nbsp; (8626 )<sup>1</sup><br>|  | &nbsp;&nbsp; (74361)<br>|
| Administrator Class |  | &nbsp;&nbsp; (13007 )<sup>2</sup><br>|  | &nbsp;&nbsp; (121115)<br>|
| Institutional Class |  | &nbsp;&nbsp; (2299843)<br>|  | &nbsp;&nbsp; (1644370)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(20473500)**<br>|  | &nbsp;&nbsp; **(15622302)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 227487 | &nbsp;&nbsp; 4667456 | &nbsp;&nbsp; 333882 | &nbsp;&nbsp; 6285148 |
| Class C | 5587 <br><sup>1</sup><br>| &nbsp;&nbsp; 113094 <br><sup>1</sup><br>| &nbsp;&nbsp; 2572 | &nbsp;&nbsp; 47941 |
| Administrator Class | 1545 <br><sup>2</sup><br>| &nbsp;&nbsp; 30536 <br><sup>2</sup><br>| &nbsp;&nbsp; 5383 | &nbsp;&nbsp; 98674 |
| Institutional Class | 255066 | &nbsp;&nbsp; 5234030 | &nbsp;&nbsp; 509176 | &nbsp;&nbsp; 9552907 |
|  |  | &nbsp;&nbsp; 10045116 |  | &nbsp;&nbsp; 15984670 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 846144 | &nbsp;&nbsp; 17175827 | &nbsp;&nbsp; 691058 | &nbsp;&nbsp; 12992624 |
| Class C | 419 <br><sup>1</sup><br>| &nbsp;&nbsp; 8613 <br><sup>1</sup><br>| &nbsp;&nbsp; 3920 | &nbsp;&nbsp; 74161 |
| Administrator Class | 647 <br><sup>2</sup><br>| &nbsp;&nbsp; 12970 <br><sup>2</sup><br>| &nbsp;&nbsp; 6409 | &nbsp;&nbsp; 120783 |
| Institutional Class | 112734 | &nbsp;&nbsp; 2286656 | &nbsp;&nbsp; 86836 | &nbsp;&nbsp; 1632057 |
|  |  | &nbsp;&nbsp; 19484066 |  | &nbsp;&nbsp; 14819625 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (1642396)<br>| &nbsp;&nbsp; (33675280)<br>| &nbsp;&nbsp; (1866740)<br>| &nbsp;&nbsp; (34815711)<br>|
| Class C | (21050 )<sup>1</sup><br>| &nbsp;&nbsp; (428678 )<sup>1</sup><br>| &nbsp;&nbsp; (40324)<br>| &nbsp;&nbsp; (758783)<br>|
| Administrator Class | (11443 )<sup>2</sup><br>| &nbsp;&nbsp; (232375 )<sup>2</sup><br>| &nbsp;&nbsp; (35508)<br>| &nbsp;&nbsp; (646691)<br>|
| Institutional Class | (620404)<br>| &nbsp;&nbsp; (12570773)<br>| &nbsp;&nbsp; (415908)<br>| &nbsp;&nbsp; (7701275)<br>|
|  |  | &nbsp;&nbsp; (46907106)<br>|  | &nbsp;&nbsp; (43922460)<br>|

---

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

<sup>2</sup> For the period from April 1, 2025 to September 12, 2025

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

6 \| Allspring Utility and Telecommunications Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended<br> March 31, 2026 | Year ended<br> March 31, 2025 | Year ended<br> March 31, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Class A<br>76919 <br><sup>3</sup><br>| &nbsp;&nbsp; $1649447 <br><sup>3</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Class C<br>(76456 )<sup>3</sup><br>| &nbsp;&nbsp; (1649447 )<sup>3</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Administrator Class<br>(123383 )<sup>4</sup><br>| &nbsp;&nbsp; (2582269 )<sup>4</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class<br>123803 <br><sup>4</sup><br>| &nbsp;&nbsp; 2582269 <br><sup>4</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net decrease in net assets resulting from capital share transactions** | &nbsp;&nbsp; **(17377924)**<br>|  | &nbsp;&nbsp; **(13118165)**<br>|
| **Total increase in net assets** | &nbsp;&nbsp; **13412642** |  | &nbsp;&nbsp; **26446483** |
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **342292414** |  | &nbsp;&nbsp; **315845931** |
| **End of period** | &nbsp;&nbsp; **$355705056** |  | &nbsp;&nbsp; **$342292414** |

---

<sup>3</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.

<sup>4</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 Utility and Telecommunications Fund \| 7

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Class A | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$19.26** | &nbsp;&nbsp; **$17.08** | &nbsp;&nbsp; **$17.77** | &nbsp;&nbsp; **$21.48** | &nbsp;&nbsp; **$21.47** |
| Net investment income | 0.33 <br><sup>1</sup><br>| 0.38 <br><sup>1</sup><br>| 0.39 <br><sup>1</sup><br>| 0.33 | 0.33 |
| Net realized and unrealized gains (losses) on investments | 2.63 | 2.69 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (2.03)<br>| 2.40 |
| Total from investment operations | 2.96 | 3.07 | 0.27 | &nbsp;&nbsp; (1.70)<br>| 2.73 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.32)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.32)<br>|
| Net realized gains | (0.88)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (2.40)<br>|
| Total distributions to shareholders | (1.20)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp; (2.72)<br>|
| **Net asset value, end of period** | **$21.02** | &nbsp;&nbsp; **$19.26** | &nbsp;&nbsp; **$17.08** | &nbsp;&nbsp; **$17.77** | &nbsp;&nbsp; **$21.48** |
| **Total return**<sup>2</sup> <br>| **15.73%**<br>| **18.16%**<br>| **1.77%**<br>| &nbsp;&nbsp; **(8.15)%**<br>| **13.62%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.16<br> %<br>| 1.16<br> %<br>| 1.17<br> %<br>| 1.15<br> %<br>| 1.16<br> %<br>|
| Net expenses | 1.02<br> %<br>| 1.00<br> %<br>| 1.01<br> %<br>| 1.04<br> %<br>| 1.04<br> %<br>|
| Net investment income | 1.59<br> %<br>| 2.06<br> %<br>| 2.31<br> %<br>| 1.69<br> %<br>| 1.52<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 13<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (000s omitted) | $317662 | &nbsp;&nbsp; $300603 | &nbsp;&nbsp; $280957 | &nbsp;&nbsp; $321507 | &nbsp;&nbsp; $379164 |

---

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

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

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

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

8 \| Allspring Utility and Telecommunications Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Institutional Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$19.23** | &nbsp;&nbsp; **$17.06** | &nbsp;&nbsp; **$17.76** | &nbsp;&nbsp; **$21.46** | &nbsp;&nbsp; **$21.46** |
| Net investment income | 0.39 <br><sup>1</sup><br>| 0.44 <br><sup>1</sup><br>| 0.44 <br><sup>1</sup><br>| 0.39 <br><sup>1</sup><br>| 0.40 |
| Net realized and unrealized gains (losses) on investments | 2.63 | 2.67 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (2.02)<br>| 2.39 |
| Total from investment operations | 3.02 | 3.11 | 0.32 | &nbsp;&nbsp; (1.63)<br>| 2.79 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.39)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.39)<br>|
| Net realized gains | (0.88)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (2.40)<br>|
| Total distributions to shareholders | (1.27)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (2.79)<br>|
| **Net asset value, end of period** | **$20.98** | &nbsp;&nbsp; **$19.23** | &nbsp;&nbsp; **$17.06** | &nbsp;&nbsp; **$17.76** | &nbsp;&nbsp; **$21.46** |
| **Total return**<sup>2</sup> <br>| **16.07%**<br>| **18.46%**<br>| **2.06%**<br>| &nbsp;&nbsp; **(7.80)%**<br>| **13.94%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.84<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>|
| Net expenses | 0.72<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>|
| Net investment income | 1.89<br> %<br>| 2.33<br> %<br>| 2.60<br> %<br>| 2.02<br> %<br>| 1.84<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 13<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (000s omitted) | $38044 | &nbsp;&nbsp; $37354 | &nbsp;&nbsp; $30057 | &nbsp;&nbsp; $65955 | &nbsp;&nbsp; $79196 |

---

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

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

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

Allspring Utility and Telecommunications Fund \| 9

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

Effective at the close of business on September 12, 2025, Administrator Class shares were converted to 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. Additionally, effective at the close of business on November 14, 2025, Class C shares were converted to 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.

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.

Distributions to shareholders

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

Federal and other taxes

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

10 \| Allspring Utility and Telecommunications Fund

------

Notes to financial statements

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 March 31, 2026, the aggregate cost of all investments for federal income tax purposes was $188,041,994 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $170598151 |
| Gross unrealized losses | &nbsp;&nbsp; (2924111)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$167674040** |

---

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 March 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; $24003525 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $24003525 |
| *Consumer discretionary* | &nbsp;&nbsp; 3751648 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3751648 |
| *Financials* | &nbsp;&nbsp; 3573081 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3573081 |
| *Health care* | &nbsp;&nbsp; 4018831 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4018831 |
| *Information technology* | &nbsp;&nbsp; 9233598 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9233598 |
| *Real estate* | &nbsp;&nbsp; 6816910 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6816910 |
| *Utilities* | &nbsp;&nbsp; 299436527 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 299436527 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 4881914 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4881914 |
| **Total assets** | &nbsp;&nbsp; **$355716034** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$355716034** |

---

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

At March 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

Allspring Utility and Telecommunications Fund \| 11

------

Notes to financial statements

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 | 0.650<br> %<br>|
| Next $500 million | 0.600 |
| Next $1 billion | 0.550 |
| Next $2 billion | 0.525 |
| Next $1 billion | 0.500 |
| Next $5 billion | 0.490 |
| Over $10 billion | 0.480 |

---

For the year ended March 31, 2026, the management fee was equivalent to an annual rate of 0.65% 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 |
| 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 July 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of March 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.04<br> %<br>|
| Institutional Class | 0.72 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended March 31, 2026, Allspring Funds Distributor received $3,214 from the sale of Class A shares and $30,461 and $88 in contingent deferred sales charges from redemptions of Class A and Class C shares, respectively.

12 \| Allspring Utility and Telecommunications Fund

------

Notes to financial statements

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended March 31, 2026 were $44,939,916 and $72,903,079, respectively.

6. BANK BORROWINGS

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

For the year ended March 31, 2026, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 |
|  | 2026 | 2025 |
| **Ordinary income** | $6726369 | $7005476 |
| **Long-term capital gain** | 13747131 | 8616826 |
| **Total** | $20473500 | $15622302 |

---

As of March 31, 2026, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>gains<br>| Total |
| &nbsp;&nbsp;&nbsp; $2003493 | &nbsp;&nbsp; $14036150 | &nbsp;&nbsp;&nbsp; $167674040 | &nbsp;&nbsp;&nbsp; $183713683 |

---

Temporary differences between book-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement purposes versus for tax purposes; these differences will reverse in a subsequent reporting period.

8. CONCENTRATION RISKS

The Fund concentrated its portfolio of investments in the utility 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.

Allspring Utility and Telecommunications Fund \| 13

------

Notes to financial statements

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

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.

14 \| Allspring Utility and Telecommunications Fund

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Utility and Telecommunications Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of March 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g100573img2f2a7e9c2.jpg)

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

Boston, Massachusetts

May 21, 2026

Allspring Utility and Telecommunications Fund \| 15

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Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 100% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended March 31, 2026.

Pursuant to Section 852 of the Internal Revenue Code, $13,747,131 was designated as a 20% rate gain distribution for the fiscal year ended

March 31, 2026.

Pursuant to Section 854 of the Internal Revenue Code, $6,726,369 of income dividends paid during the fiscal year ended March 31, 2026 has been designated as qualified dividend income (QDI).

For the fiscal year ended March 31, 2026, $117,568 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended March 31, 2026, $1,030,133 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Proxy voting information

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

Quarterly portfolio holdings information

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

16 \| Allspring Utility and Telecommunications 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 Utility and Telecommunications Fund \| 17

------

![](g100573img4e48a0a01.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**

![](g100573imgd1faa3a03.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.**

**NCSR0667 03-26**

------

![](g100573imgc3c9b2b11.jpg)

Allspring Innovation Fund

Long Form Financial Statements

Annual Report

March 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_0919476d-205c-4d3f-a9f5-2051fa8ff36a_POI-PageBlank-40_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_0919476d-205c-4d3f-a9f5-2051fa8ff36a_FS-PageBlank-40_1)** |  |
| [Statement of assets and liabilities](#xx_0919476d-205c-4d3f-a9f5-2051fa8ff36a_FS-PageBlank-40_1) | 6 |
| [Statement of operations](#xx_0919476d-205c-4d3f-a9f5-2051fa8ff36a_FS-PageBlank-40_2) | 7 |
| [Statement of changes in net assets](#xx_0919476d-205c-4d3f-a9f5-2051fa8ff36a_FS-PageBlank-40_4) | 9 |
| [Financial highlights](#xx_0919476d-205c-4d3f-a9f5-2051fa8ff36a_FIHI-PageBlank-40_1) | 11 |
| **[Notes to financial statements](#xx_0919476d-205c-4d3f-a9f5-2051fa8ff36a_NTF-PageBlank-40_1)** | 13 |
| **[Report of independent registered public accounting firm](#xx_0919476d-205c-4d3f-a9f5-2051fa8ff36a_AUD-PageBlank-40_1)** | 18 |
| **[Other information](#xx_0919476d-205c-4d3f-a9f5-2051fa8ff36a_OI-PageBlank-40_1)** | 19 |
| [Item 8. Changes in and disagreements with accountants](#xx_0919476d-205c-4d3f-a9f5-2051fa8ff36a_OI-PageBlank-40_2) | 20 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_0919476d-205c-4d3f-a9f5-2051fa8ff36a_OI-PageBlank-40_2) | 20 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_0919476d-205c-4d3f-a9f5-2051fa8ff36a_OI-PageBlank-40_2) | 20 |
| [Item 11. Statement regarding basis for board](#xx_0919476d-205c-4d3f-a9f5-2051fa8ff36a_OI-PageBlank-40_2)['](#xx_0919476d-205c-4d3f-a9f5-2051fa8ff36a_OI-PageBlank-40_2)[s approval of investment](#xx_0919476d-205c-4d3f-a9f5-2051fa8ff36a_OI-PageBlank-40_2)<br> [advisory contract](#xx_0919476d-205c-4d3f-a9f5-2051fa8ff36a_OI-PageBlank-40_2)<br>| 20 |

---

Allspring Innovation Fund \| 1

------

Portfolio of investments—March 31, 2026

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.16%** |  |  |
| **Communication services: 8.60%** |  |  |
| **Entertainment: 8.06%** |  |  |
| Live Nation Entertainment, Inc.† | 63815 | &nbsp;&nbsp; $9732426 |
| Netflix, Inc.† | 84449 | &nbsp;&nbsp; 8119771 |
| Roblox Corp. Class A† | 38523 | &nbsp;&nbsp; 2178861 |
| TKO Group Holdings, Inc. Class A | 29157 | &nbsp;&nbsp; 5879509 |
|  |  | &nbsp;&nbsp; **25910567** |
| **Interactive media & services: 0.54%** |  |  |
| Reddit, Inc. Class A† | 12944 | &nbsp;&nbsp; **1742909** |
| **Consumer discretionary: 8.87%** |  |  |
| **Broadline retail: 2.88%** |  |  |
| MercadoLibre, Inc.† | 5348 | &nbsp;&nbsp; **9246799** |
| **Hotels, restaurants & leisure: 4.32%** |  |  |
| DoorDash, Inc. Class A† | 42190 | &nbsp;&nbsp; 6334829 |
| Hilton Worldwide Holdings, Inc. | 24818 | &nbsp;&nbsp; 7546657 |
|  |  | &nbsp;&nbsp; **13881486** |
| **Specialty retail: 1.67%** |  |  |
| Carvana Co. Class A† | 17108 | &nbsp;&nbsp; **5378413** |
| **Consumer staples: 1.91%** |  |  |
| **Consumer staples distribution & retail: 1.91%** |  |  |
| Walmart, Inc. | 49277 | &nbsp;&nbsp; **6124146** |
| **Financials: 5.54%** |  |  |
| **Capital markets: 2.25%** |  |  |
| Robinhood Markets, Inc. Class A† | 104405 | &nbsp;&nbsp; **7235267** |
| **Financial services: 3.29%** |  |  |
| Affirm Holdings, Inc.† | 107318 | &nbsp;&nbsp; 4917311 |
| Visa, Inc. Class A | 18757 | &nbsp;&nbsp; 5669115 |
|  |  | &nbsp;&nbsp; **10586426** |
| **Health care: 13.60%** |  |  |
| **Biotechnology: 3.94%** |  |  |
| Alnylam Pharmaceuticals, Inc.† | 7898 | &nbsp;&nbsp; 2613211 |
| argenx SE ADR† | 6667 | &nbsp;&nbsp; 4868577 |
| Bridgebio Pharma, Inc.† | 35571 | &nbsp;&nbsp; 2641503 |
| Natera, Inc.† | 12786 | &nbsp;&nbsp; 2557072 |
|  |  | &nbsp;&nbsp; **12680363** |
| **Health care equipment & supplies: 4.57%** |  |  |
| Edwards Lifesciences Corp.† | 90960 | &nbsp;&nbsp; 7284077 |
| IDEXX Laboratories, Inc.† | 13186 | &nbsp;&nbsp; 7409081 |
|  |  | &nbsp;&nbsp; **14693158** |

---

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

2 \| Allspring Innovation Fund

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care providers & services: 2.85%** |  |  |
| McKesson Corp. | 10591 | &nbsp;&nbsp; **$9165028** |
| **Pharmaceuticals: 2.24%** |  |  |
| Eli Lilly & Co. | 7831 | &nbsp;&nbsp; **7202719** |
| **Industrials: 20.03%** |  |  |
| **Aerospace & defense: 9.18%** |  |  |
| Axon Enterprise, Inc.† | 8013 | &nbsp;&nbsp; 3403041 |
| Carpenter Technology Corp. | 24510 | &nbsp;&nbsp; 9660617 |
| Curtiss-Wright Corp. | 13729 | &nbsp;&nbsp; 9351096 |
| General Electric Co. | 24991 | &nbsp;&nbsp; 7091696 |
|  |  | &nbsp;&nbsp; **29506450** |
| **Commercial services & supplies: 2.85%** |  |  |
| Cintas Corp. | 12777 | &nbsp;&nbsp; 2161102 |
| Rollins, Inc. | 131400 | &nbsp;&nbsp; 7018074 |
|  |  | &nbsp;&nbsp; **9179176** |
| **Electrical equipment: 3.46%** |  |  |
| Vertiv Holdings Co. Class A | 44407 | &nbsp;&nbsp; **11127506** |
| **Machinery: 1.48%** |  |  |
| RBC Bearings, Inc.† | 4581 | &nbsp;&nbsp; 2488032 |
| Symbotic, Inc. Class A† | 42884 | &nbsp;&nbsp; 2281429 |
|  |  | &nbsp;&nbsp; **4769461** |
| **Professional services: 3.06%** |  |  |
| UL Solutions, Inc. Class A | 114608 | &nbsp;&nbsp; **9823052** |
| **Information technology: 38.29%** |  |  |
| **Communications equipment: 6.52%** |  |  |
| Arista Networks, Inc.† | 63529 | &nbsp;&nbsp; 7800091 |
| Lumentum Holdings, Inc.† | 2334 | &nbsp;&nbsp; 1640242 |
| Motorola Solutions, Inc. | 13916 | &nbsp;&nbsp; 6039126 |
| Viavi Solutions, Inc.† | 164766 | &nbsp;&nbsp; 5483412 |
|  |  | &nbsp;&nbsp; **20962871** |
| **Electronic equipment, instruments & components: 4.12%** |  |  |
| Amphenol Corp. Class A | 46690 | &nbsp;&nbsp; 5899282 |
| Teledyne Technologies, Inc.† | 12137 | &nbsp;&nbsp; 7343006 |
|  |  | &nbsp;&nbsp; **13242288** |
| **IT services: 4.65%** |  |  |
| MongoDB, Inc. Class A† | 6243 | &nbsp;&nbsp; 1528099 |
| Shopify, Inc. Class A† | 64841 | &nbsp;&nbsp; 7691440 |
| Snowflake, Inc.† | 37960 | &nbsp;&nbsp; 5725127 |
|  |  | &nbsp;&nbsp; **14944666** |
| **Semiconductors & semiconductor equipment: 15.92%** |  |  |
| Entegris, Inc. | 52122 | &nbsp;&nbsp; 6110783 |

---

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

Allspring Innovation Fund \| 3

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Semiconductors & semiconductor equipment**(continued) |  |  |
| KLA Corp. | 8663 | &nbsp;&nbsp; $12755488 |
| Monolithic Power Systems, Inc. | 8756 | &nbsp;&nbsp; 9573373 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 67352 | &nbsp;&nbsp; 22761608 |
|  |  | &nbsp;&nbsp; **51201252** |
| **Software: 6.59%** |  |  |
| AppLovin Corp. Class A† | 11455 | &nbsp;&nbsp; 4559090 |
| Fair Isaac Corp.† | 4274 | &nbsp;&nbsp; 4562666 |
| Guidewire Software, Inc.† | 37493 | &nbsp;&nbsp; 5607453 |
| Oracle Corp. | 17179 | &nbsp;&nbsp; 2527203 |
| Tyler Technologies, Inc.† | 11507 | &nbsp;&nbsp; 3939766 |
|  |  | &nbsp;&nbsp; **21196178** |
| **Technology hardware, storage & peripherals: 0.49%** |  |  |
| Sandisk Corp.† | 2488 | &nbsp;&nbsp; **1580726** |
| **Utilities: 1.32%** |  |  |
| **Independent power and renewable electricity producers: 1.32%** |  |  |
| Talen Energy Corp.† | 13301 | &nbsp;&nbsp; **4246078** |
| **Total common stocks (Cost $282,203,305)** |  | &nbsp;&nbsp; **315626985** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 2.06%** |  |  |  |  |
| **Investment companies: 2.06%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.60<br> %<br>| 6616725 | &nbsp;&nbsp; **6616725** |
| **Total short-term investments (Cost $6,616,725)** |  |  |  | &nbsp;&nbsp; **6616725** |
| **Total investments in securities (Cost $288,820,030)** | 100.22<br> %<br>|  |  | &nbsp;&nbsp; 322243710 |
| Other assets and liabilities, net | (0.22)<br>|  |  | &nbsp;&nbsp; (710711)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$321532999** |

---

&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

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

4 \| Allspring Innovation Fund

------

Portfolio of investments—March 31, 2026

**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>| $6177913 | $90857833 | $(90419021)<br>| $0 | $0 | $6616725 | 6616725 | $209763 |

---

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

Allspring Innovation Fund \| 5

------

Statement of assets and liabilities—March 31, 2026

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $282,203,305) | $315626985 |
| Investments in affiliated securities, at value (cost $6,616,725) | 6616725 |
| Cash | 212 |
| Receivable for dividends | 171115 |
| Receivable for Fund shares sold | 1526 |
| Prepaid expenses and other assets | 29882 |
| **Total assets** | **322446445** |
| Liabilities |  |
| Payable for Fund shares redeemed | 555197 |
| Management fee payable | 199631 |
| Shareholder servicing fees payable | 67460 |
| Administration fees payable | 55821 |
| Trustees' fees and expenses payable | 89 |
| Accrued expenses and other liabilities | 35248 |
| **Total liabilities** | **913446** |
| **Total net assets**  | **$321532999** |
| Net assets consist of |  |
| Paid-in capital | $254878948 |
| Total distributable earnings | 66654051 |
| **Total net assets** | **$321532999** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $307318440 |
| Shares outstanding–Class A<sup>1</sup> <br>| 32885968 |
| Net asset value per share–Class A | $9.34 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $9.91 |
| Net assets–Institutional Class | $14214559 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 1362153 |
| Net asset value per share–Institutional Class | $10.44 |

---

<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 Innovation Fund

------

Statement of operations—year ended March 31, 2026

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $47,646) | $1200006 |
| Income from affiliated securities | 209763 |
| Interest | 1285 |
| **Total investment income** | **1411054** |
| Expenses |  |
| Management fee | 3164950 |
| Administration fees |  |
| Class A | 745257 |
| Class C | 4522 <br><sup>1</sup><br>|
| Administrator Class | 1295 <br><sup>2</sup><br>|
| Institutional Class | 25634 |
| Shareholder servicing fees |  |
| Class A | 930893 |
| Class C | 5631 <br><sup>1</sup><br>|
| Administrator Class | 2486 <br><sup>2</sup><br>|
| Distribution fee |  |
| Class C | 16889 <br><sup>1</sup><br>|
| Custody and accounting fees | 11543 |
| Professional fees | 49408 |
| Registration fees | 93264 |
| Shareholder report expenses | 44135 |
| Trustees' fees and expenses | 10163 |
| Other fees and expenses | 20264 |
| **Total expenses** | **5126334** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (346817)<br>|
| Class A | (108308)<br>|
| Institutional Class | (11)<br>|
| **Net expenses** | **4671198** |
| **Net investment loss** | **(3260144)**<br>|

---

<sup>1</sup> For the period from April 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.

<sup>2</sup> For the period from April 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 Innovation Fund \| 7

------

Statement of operations—year ended March 31, 2026

Statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | $37838734 |
| Foreign currency and foreign currency translations | (25)<br>|
| **Net realized gains on investments**  | **37838709** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | (31985607)<br>|
| Foreign currency and foreign currency translations | 1480 |
| **Net change in unrealized gains (losses) on investments** | **(31984127)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **5854582** |
| **Net increase in net assets resulting from operations** | **$2594438** |

---

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

8 \| Allspring Innovation Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> March 31, 2026 | Year ended<br> March 31, 2026 | Year ended<br> March 31, 2025 | Year ended<br> March 31, 2025 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(3260144)<br>|  | &nbsp;&nbsp; $(2631692)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 37838709 |  | &nbsp;&nbsp; 58764085 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (31984127)<br>|  | &nbsp;&nbsp; (43337715)<br>|
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **2594438** |  | &nbsp;&nbsp; **12794678** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (52734588)<br>|  | &nbsp;&nbsp; (31481475)<br>|
| Class C |  | &nbsp;&nbsp; 0 <br><sup>1</sup><br>|  | &nbsp;&nbsp; (796328)<br>|
| Administrator Class |  | &nbsp;&nbsp; 0 <br><sup>2</sup><br>|  | &nbsp;&nbsp; (182763)<br>|
| Institutional Class |  | &nbsp;&nbsp; (2557585)<br>|  | &nbsp;&nbsp; (1323254)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(55292173)**<br>|  | &nbsp;&nbsp; **(33783820)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 331146 | &nbsp;&nbsp; 3698339 | &nbsp;&nbsp; 365519 | &nbsp;&nbsp; 4358062 |
| Class C | 39637 <br><sup>1</sup><br>| &nbsp;&nbsp; 199230 <br><sup>1</sup><br>| &nbsp;&nbsp; 95784 | &nbsp;&nbsp; 531068 |
| Administrator Class | 21363 <br><sup>2</sup><br>| &nbsp;&nbsp; 271737 <br><sup>2</sup><br>| &nbsp;&nbsp; 44929 | &nbsp;&nbsp; 565230 |
| Institutional Class | 663561 | &nbsp;&nbsp; 8157196 | &nbsp;&nbsp; 589185 | &nbsp;&nbsp; 7497104 |
|  |  | &nbsp;&nbsp; 12326502 |  | &nbsp;&nbsp; 12951464 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 4913190 | &nbsp;&nbsp; 49868872 | &nbsp;&nbsp; 2428227 | &nbsp;&nbsp; 29964325 |
| Class C | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 156143 | &nbsp;&nbsp; 796328 |
| Administrator Class | 0 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 <br><sup>2</sup><br>| &nbsp;&nbsp; 13551 | &nbsp;&nbsp; 176841 |
| Institutional Class | 222841 | &nbsp;&nbsp; 2522564 | &nbsp;&nbsp; 95828 | &nbsp;&nbsp; 1296548 |
|  |  | &nbsp;&nbsp; 52391436 |  | &nbsp;&nbsp; 32234042 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (5876547)<br>| &nbsp;&nbsp; (65649964)<br>| &nbsp;&nbsp; (5898934)<br>| &nbsp;&nbsp; (68659010)<br>|
| Class C | (218943 )<sup>1</sup><br>| &nbsp;&nbsp; (1086100 )<sup>1</sup><br>| &nbsp;&nbsp; (379198)<br>| &nbsp;&nbsp; (1969613)<br>|
| Administrator Class | (18445 )<sup>2</sup><br>| &nbsp;&nbsp; (235254 )<sup>2</sup><br>| &nbsp;&nbsp; (69175)<br>| &nbsp;&nbsp; (869547)<br>|
| Institutional Class | (1015199)<br>| &nbsp;&nbsp; (12670160)<br>| &nbsp;&nbsp; (1757453)<br>| &nbsp;&nbsp; (22072788)<br>|
|  |  | &nbsp;&nbsp; (79641478)<br>|  | &nbsp;&nbsp; (93570958)<br>|

---

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

<sup>2</sup> For the period from April 1, 2025 to September 12, 2025

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

Allspring Innovation Fund \| 9

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended<br> March 31, 2026 | Year ended<br> March 31, 2025 | Year ended<br> March 31, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Class A<br>255519 <br><sup>3</sup><br>| &nbsp;&nbsp; $3040624 <br><sup>3</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Class C<br>(623424 )<sup>3</sup><br>| &nbsp;&nbsp; (3040624 )<sup>3</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Administrator Class<br>(167190 )<sup>4</sup><br>| &nbsp;&nbsp; (2217373 )<sup>4</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class<br>161029 <br><sup>4</sup><br>| &nbsp;&nbsp; 2217373 <br><sup>4</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net decrease in net assets resulting from capital share transactions** | &nbsp;&nbsp; **(14923540)**<br>|  | &nbsp;&nbsp; **(48385452)**<br>|
| **Total decrease in net assets** | &nbsp;&nbsp; **(67621275)**<br>|  | &nbsp;&nbsp; **(69374594)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **389154274** |  | &nbsp;&nbsp; **458528868** |
| **End of period** | &nbsp;&nbsp; **$321532999** |  | &nbsp;&nbsp; **$389154274** |

---

<sup>3</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.

<sup>4</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 Innovation Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Class A | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$11.05** | &nbsp;&nbsp; **$11.58** | &nbsp;&nbsp; **$8.96** | &nbsp;&nbsp; **$14.58** | &nbsp;&nbsp; **$18.55** |
| Net investment loss | (0.10 )<sup>1</sup><br>| &nbsp;&nbsp; (0.07 )<sup>1</sup><br>| &nbsp;&nbsp; (0.07 )<sup>1</sup><br>| &nbsp;&nbsp; (0.09 )<sup>1</sup><br>| &nbsp;&nbsp; (0.19 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.12 | 0.52 | 2.69 | &nbsp;&nbsp; (3.21)<br>| 1.04 |
| Total from investment operations | 0.02 | 0.45 | 2.62 | &nbsp;&nbsp; (3.30)<br>| 0.85 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (1.73)<br>| &nbsp;&nbsp; (0.98)<br>| 0.00 | &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp; (4.82)<br>|
| **Net asset value, end of period** | **$9.34** | &nbsp;&nbsp; **$11.05** | &nbsp;&nbsp; **$11.58** | &nbsp;&nbsp; **$8.96** | &nbsp;&nbsp; **$14.58** |
| **Total return**<sup>2</sup> <br>| **(1.06)%**<br>| **3.03%**<br>| **29.24%**<br>| &nbsp;&nbsp; **(21.42)%**<br>| **1.26%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.31<br> %<br>| 1.30<br> %<br>| 1.30<br> %<br>| 1.34<br> %<br>| 1.34<br> %<br>|
| Net expenses | 1.19<br> %<br>| 1.18<br> %<br>| 1.19<br> %<br>| 1.25<br> %<br>| 1.33<br> %<br>|
| Net investment loss | (0.83)%<br>| &nbsp;&nbsp; (0.62)%<br>| &nbsp;&nbsp; (0.70)%<br>| &nbsp;&nbsp; (0.81)%<br>| &nbsp;&nbsp; (1.02)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 90<br> %<br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 75<br> %<br>| &nbsp;&nbsp; 117<br> %<br>| &nbsp;&nbsp; 93<br> %<br>|
| Net assets, end of period (000s omitted) | $307318 | &nbsp;&nbsp; $367470 | &nbsp;&nbsp; $421217 | &nbsp;&nbsp; $362754 | &nbsp;&nbsp; $526555 |

---

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

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

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

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

Allspring Innovation Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Institutional Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$12.12** | &nbsp;&nbsp; **$12.59** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$15.48** | &nbsp;&nbsp; **$19.39** |
| Net investment loss | (0.07 )<sup>1</sup><br>| &nbsp;&nbsp; (0.04 )<sup>1</sup><br>| &nbsp;&nbsp; (0.04 )<sup>1</sup><br>| &nbsp;&nbsp; (0.06 )<sup>1</sup><br>| &nbsp;&nbsp; (0.13)<br>|
| Net realized and unrealized gains (losses) on investments | 0.12 | 0.55 | 2.92 | &nbsp;&nbsp; (3.39)<br>| 1.04 |
| Total from investment operations | 0.05 | 0.51 | 2.88 | &nbsp;&nbsp; (3.45)<br>| 0.91 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (1.73)<br>| &nbsp;&nbsp; (0.98)<br>| 0.00 | &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp; (4.82)<br>|
| **Net asset value, end of period** | **$10.44** | &nbsp;&nbsp; **$12.12** | &nbsp;&nbsp; **$12.59** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$15.48** |
| **Total return**<sup>2</sup> <br>| **(0.69)%**<br>| **3.27%**<br>| **29.66%**<br>| &nbsp;&nbsp; **(21.13)%**<br>| **1.53%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.99<br> %<br>| 0.98<br> %<br>| 0.98<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>|
| Net expenses | 0.90<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>| 0.95<br> %<br>| 1.01<br> %<br>|
| Net investment loss | (0.55)%<br>| &nbsp;&nbsp; (0.35)%<br>| &nbsp;&nbsp; (0.41)%<br>| &nbsp;&nbsp; (0.50)%<br>| &nbsp;&nbsp; (0.71)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 90<br> %<br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 75<br> %<br>| &nbsp;&nbsp; 117<br> %<br>| &nbsp;&nbsp; 93<br> %<br>|
| Net assets, end of period (000s omitted) | $14215 | &nbsp;&nbsp; $16113 | &nbsp;&nbsp; $30237 | &nbsp;&nbsp; $29001 | &nbsp;&nbsp; $66399 |

---

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

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

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

12 \| Allspring Innovation Fund

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

Effective at the close of business on September 12, 2025, Administrator Class shares were converted to 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. Additionally, effective at the close of business on November 14, 2025, Class C shares were converted to 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

Allspring Innovation Fund \| 13

------

Notes to financial statements

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 March 31, 2026, the aggregate cost of all investments for federal income tax purposes was $289,490,711 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $58210402 |
| Gross unrealized losses | &nbsp;&nbsp; (25457403)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$32752999** |

---

As of March 31, 2026, the Fund had current year deferred post-October capital losses and a qualified late-year ordinary loss which will both be recognized on the first day of the following 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; $(3080946)<br>| &nbsp;&nbsp; $(690116)<br>|

---

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 Innovation Fund

------

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of March 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; $27653476 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $27653476 |
| *Consumer discretionary* | &nbsp;&nbsp; 28506698 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 28506698 |
| *Consumer staples* | &nbsp;&nbsp; 6124146 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6124146 |
| *Financials* | &nbsp;&nbsp; 17821693 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 17821693 |
| *Health care* | &nbsp;&nbsp; 43741268 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 43741268 |
| *Industrials* | &nbsp;&nbsp; 64405645 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 64405645 |
| *Information technology* | &nbsp;&nbsp; 123127981 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 123127981 |
| *Utilities* | &nbsp;&nbsp; 4246078 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4246078 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 6616725 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6616725 |
| **Total assets** | &nbsp;&nbsp; **$322243710** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$322243710** |

---

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

At March 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 | 0.800<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 year ended March 31, 2026, the management fee was equivalent to an annual rate of 0.80% of the Fund's average daily net assets.

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

Administration fees

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

Allspring Innovation Fund \| 15

------

Notes to financial statements

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through July 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of March 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.22<br> %<br>|
| Institutional Class | 0.90 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended March 31, 2026, Allspring Funds Distributor received $2,450 from the sale of Class A shares and $287 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended March 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 year ended March 31, 2026.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended March 31, 2026 were $350,320,783 and $423,814,177, respectively.

6. BANK BORROWINGS

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

For the year ended March 31, 2026, there were no borrowings by the Fund under the agreement.

16 \| Allspring Innovation Fund

------

Notes to financial statements

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

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 |
|  | 2026 | 2025 |
| **Ordinary income** | $16787953 | $0 |
| **Long-term capital gain** | 38504220 | 33783820 |
| **Total** | $55292173 | $33783820 |

---

As of March 31, 2026, the components of distributable earnings on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Post-October <br>capital <br>losses <br>deferred<br>|  |
| &nbsp;&nbsp;&nbsp; Undistributed <br>long-term <br>gain<br>| Unrealized <br>gains<br>| &nbsp;&nbsp;&nbsp; Late-year <br>ordinary <br>losses <br>deferred<br>| Short-term | Total |
| &nbsp;&nbsp;&nbsp; $37672238 | &nbsp;&nbsp; $32752875 | &nbsp;&nbsp;&nbsp; $(690116)<br>| &nbsp;&nbsp;&nbsp; $(3080946)<br>| &nbsp;&nbsp;&nbsp; $66654051 |

---

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.

Allspring Innovation Fund \| 17

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Innovation Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of March 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g100573imge8c8acb22.jpg)

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

Boston, Massachusetts

May 21, 2026

18 \| Allspring Innovation Fund

------

Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 10% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended March 31, 2026.

Pursuant to Section 852 of the Internal Revenue Code, $38,504,220 was designated as a 20% rate gain distribution for the fiscal year ended

March 31, 2026.

Pursuant to Section 854 of the Internal Revenue Code, $1,786,718 of income dividends paid during the fiscal year ended March 31, 2026 has been designated as qualified dividend income (QDI).

For the fiscal year ended March 31, 2026, $16,787,953 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Proxy voting information

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

Quarterly portfolio holdings information

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

Allspring Innovation 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 Innovation Fund

------

![](g100573imgc3c9b2b11.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**

![](g100573img32d522883.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.**

**NCSR1600 03-26**

------

![](g100573imgc549082d1.jpg)

Allspring Index Fund

Long Form Financial Statements

Annual Report

March 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_a1a5b0d9-999d-479a-bf11-d212f811dfad_POI-PageBlank-81_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_a1a5b0d9-999d-479a-bf11-d212f811dfad_FS-PageBlank-81_1)** |  |
| [Statement of assets and liabilities](#xx_a1a5b0d9-999d-479a-bf11-d212f811dfad_FS-PageBlank-81_1) | 18 |
| [Statement of operations](#xx_a1a5b0d9-999d-479a-bf11-d212f811dfad_FS-PageBlank-81_2) | 19 |
| [Statement of changes in net assets](#xx_a1a5b0d9-999d-479a-bf11-d212f811dfad_FS-PageBlank-81_3) | 20 |
| [Financial highlights](#xx_a1a5b0d9-999d-479a-bf11-d212f811dfad_FIHI-PageBlank-81_1) | 21 |
| **[Notes to financial statements](#xx_a1a5b0d9-999d-479a-bf11-d212f811dfad_NTF-PageBlank-81_1)** | 24 |
| **[Report of independent registered public accounting firm](#xx_a1a5b0d9-999d-479a-bf11-d212f811dfad_AUD-PageBlank-81_1)** | 29 |
| **[Other information](#xx_a1a5b0d9-999d-479a-bf11-d212f811dfad_OI-PageBlank-81_1)** | 30 |
| [Item 8. Changes in and disagreements with accountants](#xx_a1a5b0d9-999d-479a-bf11-d212f811dfad_OI-PageBlank-81_2) | 31 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_a1a5b0d9-999d-479a-bf11-d212f811dfad_OI-PageBlank-81_2) | 31 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_a1a5b0d9-999d-479a-bf11-d212f811dfad_OI-PageBlank-81_2) | 31 |
| [Item 11. Statement regarding basis for board](#xx_a1a5b0d9-999d-479a-bf11-d212f811dfad_OI-PageBlank-81_2)['](#xx_a1a5b0d9-999d-479a-bf11-d212f811dfad_OI-PageBlank-81_2)[s approval of investment](#xx_a1a5b0d9-999d-479a-bf11-d212f811dfad_OI-PageBlank-81_2)<br> [advisory contract](#xx_a1a5b0d9-999d-479a-bf11-d212f811dfad_OI-PageBlank-81_2)<br>| 31 |

---

Allspring Index Fund \| 1

------

Portfolio of investments—March 31, 2026

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.52%** |  |  |
| **Communication services: 10.13%** |  |  |
| **Diversified telecommunication services: 0.91%** |  |  |
| AT&T, Inc. | 167270 | &nbsp;&nbsp; $4849157 |
| Comcast Corp. Class A | 85740 | &nbsp;&nbsp; 2461596 |
| Verizon Communications, Inc. | 100760 | &nbsp;&nbsp; 5058152 |
|  |  | &nbsp;&nbsp; **12368905** |
| **Entertainment: 1.34%** |  |  |
| Electronic Arts, Inc. | 5382 | &nbsp;&nbsp; 1097228 |
| Live Nation Entertainment, Inc.† | 3773 | &nbsp;&nbsp; 575420 |
| Netflix, Inc.† | 100883 | &nbsp;&nbsp; 9699900 |
| Take-Two Interactive Software, Inc.† | 4159 | &nbsp;&nbsp; 821403 |
| TKO Group Holdings, Inc. Class A | 1584 | &nbsp;&nbsp; 319414 |
| Walt Disney Co. | 42328 | &nbsp;&nbsp; 4079573 |
| Warner Bros Discovery, Inc.† | 59218 | &nbsp;&nbsp; 1626126 |
|  |  | &nbsp;&nbsp; **18219064** |
| **Interactive media & services: 7.52%** |  |  |
| Alphabet, Inc. Class A | 139110 | &nbsp;&nbsp; 40002471 |
| Alphabet, Inc. Class C | 111744 | &nbsp;&nbsp; 32054884 |
| Meta Platforms, Inc. Class A | 52260 | &nbsp;&nbsp; 29899514 |
|  |  | &nbsp;&nbsp; **101956869** |
| **Media: 0.18%** |  |  |
| Charter Communications, Inc. Class A† | 2057 | &nbsp;&nbsp; 444065 |
| EchoStar Corp. Class A† | 3216 | &nbsp;&nbsp; 376497 |
| Fox Corp. Class A | 4795 | &nbsp;&nbsp; 280028 |
| Fox Corp. Class B | 3382 | &nbsp;&nbsp; 179584 |
| News Corp. Class A | 8846 | &nbsp;&nbsp; 220531 |
| News Corp. Class B | 2920 | &nbsp;&nbsp; 83249 |
| Omnicom Group, Inc. | 7517 | &nbsp;&nbsp; 566105 |
| Paramount Skydance Corp. Class B | 7426 | &nbsp;&nbsp; 66983 |
| The Trade Desk, Inc. Class A† | 10521 | &nbsp;&nbsp; 238722 |
|  |  | &nbsp;&nbsp; **2455764** |
| **Wireless telecommunication services: 0.18%** |  |  |
| T-Mobile U.S., Inc. | 11321 | &nbsp;&nbsp; **2377749** |
| **Consumer discretionary: 9.72%** |  |  |
| **Automobile components: 0.03%** |  |  |
| Aptiv PLC† | 5083 | &nbsp;&nbsp; **352963** |
| **Automobiles: 2.04%** |  |  |
| Ford Motor Co. | 93631 | &nbsp;&nbsp; 1080502 |
| General Motors Co. | 21599 | &nbsp;&nbsp; 1609125 |
| Tesla, Inc.† | 67200 | &nbsp;&nbsp; 24981600 |
|  |  | &nbsp;&nbsp; **27671227** |

---

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

2 \| Allspring Index Fund

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Broadline retail: 3.66%** |  |  |
| Amazon.com, Inc.† | 233413 | &nbsp;&nbsp; $48612925 |
| eBay, Inc. | 10800 | &nbsp;&nbsp; 983016 |
|  |  | &nbsp;&nbsp; **49595941** |
| **Distributors: 0.04%** |  |  |
| Genuine Parts Co. | 3324 | &nbsp;&nbsp; 351513 |
| Pool Corp. | 783 | &nbsp;&nbsp; 158424 |
|  |  | &nbsp;&nbsp; **509937** |
| **Hotels, restaurants & leisure: 1.75%** |  |  |
| Airbnb, Inc. Class A† | 10121 | &nbsp;&nbsp; 1278080 |
| Booking Holdings, Inc. | 770 | &nbsp;&nbsp; 3241946 |
| Carnival Corp. | 27481 | &nbsp;&nbsp; 711208 |
| Chipotle Mexican Grill, Inc. Class A† | 31120 | &nbsp;&nbsp; 996151 |
| Darden Restaurants, Inc. | 2751 | &nbsp;&nbsp; 539306 |
| Domino's Pizza, Inc. | 743 | &nbsp;&nbsp; 266581 |
| DoorDash, Inc. Class A† | 8932 | &nbsp;&nbsp; 1341140 |
| Expedia Group, Inc. | 2796 | &nbsp;&nbsp; 645569 |
| Hilton Worldwide Holdings, Inc. | 5479 | &nbsp;&nbsp; 1666054 |
| Las Vegas Sands Corp. | 7224 | &nbsp;&nbsp; 389229 |
| Marriott International, Inc. Class A | 5255 | &nbsp;&nbsp; 1718753 |
| McDonald's Corp. | 17016 | &nbsp;&nbsp; 5288403 |
| MGM Resorts International† | 4585 | &nbsp;&nbsp; 169691 |
| Norwegian Cruise Line Holdings Ltd.† | 10878 | &nbsp;&nbsp; 203419 |
| Royal Caribbean Cruises Ltd. | 6011 | &nbsp;&nbsp; 1654107 |
| Starbucks Corp. | 27222 | &nbsp;&nbsp; 2438819 |
| Wynn Resorts Ltd. | 2017 | &nbsp;&nbsp; 204826 |
| Yum! Brands, Inc. | 6634 | &nbsp;&nbsp; 1031454 |
|  |  | &nbsp;&nbsp; **23784736** |
| **Household durables: 0.24%** |  |  |
| D.R. Horton, Inc. | 6438 | &nbsp;&nbsp; 883422 |
| Garmin Ltd. | 3906 | &nbsp;&nbsp; 906231 |
| Lennar Corp. Class A | 5156 | &nbsp;&nbsp; 447747 |
| NVR, Inc.† | 67 | &nbsp;&nbsp; 441519 |
| PulteGroup, Inc. | 4591 | &nbsp;&nbsp; 539948 |
|  |  | &nbsp;&nbsp; **3218867** |
| **Leisure products: 0.02%** |  |  |
| Hasbro, Inc. | 3186 | &nbsp;&nbsp; **298210** |
| **Specialty retail: 1.70%** |  |  |
| AutoZone, Inc.† | 396 | &nbsp;&nbsp; 1337601 |
| Best Buy Co., Inc. | 4656 | &nbsp;&nbsp; 298915 |
| Carvana Co. Class A† | 3379 | &nbsp;&nbsp; 1062290 |
| Home Depot, Inc. | 23787 | &nbsp;&nbsp; 7823306 |
| Lowe's Cos., Inc. | 13403 | &nbsp;&nbsp; 3166861 |
| O'Reilly Automotive, Inc.† | 20116 | &nbsp;&nbsp; 1856908 |
| Ross Stores, Inc. | 7728 | &nbsp;&nbsp; 1674117 |

---

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

Allspring Index Fund \| 3

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Specialty retail**(continued) |  |  |
| TJX Cos., Inc. | 26533 | &nbsp;&nbsp; $4237320 |
| Tractor Supply Co. | 12626 | &nbsp;&nbsp; 571958 |
| Ulta Beauty, Inc.† | 1060 | &nbsp;&nbsp; 554073 |
| Williams-Sonoma, Inc. | 2852 | &nbsp;&nbsp; 520005 |
|  |  | &nbsp;&nbsp; **23103354** |
| **Textiles, apparel & luxury goods: 0.24%** |  |  |
| Deckers Outdoor Corp.† | 3392 | &nbsp;&nbsp; 339505 |
| lululemon athletica, Inc.† | 2551 | &nbsp;&nbsp; 390558 |
| NIKE, Inc. Class B | 28469 | &nbsp;&nbsp; 1503733 |
| Ralph Lauren Corp. Class A | 924 | &nbsp;&nbsp; 317847 |
| Tapestry, Inc. | 4838 | &nbsp;&nbsp; 682690 |
|  |  | &nbsp;&nbsp; **3234333** |
| **Consumer staples: 5.18%** |  |  |
| **Beverages: 1.11%** |  |  |
| Brown-Forman Corp. Class B | 4083 | &nbsp;&nbsp; 107955 |
| Coca-Cola Co. | 92503 | &nbsp;&nbsp; 7034853 |
| Constellation Brands, Inc. Class A | 3356 | &nbsp;&nbsp; 503400 |
| Keurig Dr Pepper, Inc. | 32462 | &nbsp;&nbsp; 854724 |
| Molson Coors Beverage Co. Class B | 4045 | &nbsp;&nbsp; 174178 |
| Monster Beverage Corp.† | 17042 | &nbsp;&nbsp; 1234863 |
| PepsiCo, Inc. | 32654 | &nbsp;&nbsp; 5070840 |
|  |  | &nbsp;&nbsp; **14980813** |
| **Consumer staples distribution & retail: 2.05%** |  |  |
| Costco Wholesale Corp. | 10606 | &nbsp;&nbsp; 10568137 |
| Dollar General Corp. | 5259 | &nbsp;&nbsp; 624401 |
| Dollar Tree, Inc.† | 4419 | &nbsp;&nbsp; 483925 |
| Kroger Co. | 13911 | &nbsp;&nbsp; 1006600 |
| Sysco Corp. | 11443 | &nbsp;&nbsp; 816229 |
| Target Corp. | 10819 | &nbsp;&nbsp; 1311263 |
| Walmart, Inc. | 104741 | &nbsp;&nbsp; 13017211 |
|  |  | &nbsp;&nbsp; **27827766** |
| **Food products: 0.45%** |  |  |
| Archer-Daniels-Midland Co. | 11483 | &nbsp;&nbsp; 834699 |
| Bunge Global SA | 3234 | &nbsp;&nbsp; 411365 |
| Campbell's Co. | 4702 | &nbsp;&nbsp; 104713 |
| Conagra Brands, Inc. | 11430 | &nbsp;&nbsp; 179680 |
| General Mills, Inc. | 12749 | &nbsp;&nbsp; 474518 |
| Hershey Co. | 3540 | &nbsp;&nbsp; 735930 |
| Hormel Foods Corp. | 6966 | &nbsp;&nbsp; 157780 |
| J.M. Smucker Co. | 2549 | &nbsp;&nbsp; 245825 |
| Kraft Heinz Co. | 20365 | &nbsp;&nbsp; 458009 |
| McCormick & Co., Inc. | 6059 | &nbsp;&nbsp; 305616 |
| Mondelez International, Inc. Class A | 30628 | &nbsp;&nbsp; 1765398 |
| Tyson Foods, Inc. Class A | 6740 | &nbsp;&nbsp; 431832 |
|  |  | &nbsp;&nbsp; **6105365** |

---

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

4 \| Allspring Index Fund

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Household products: 0.83%** |  |  |
| Church & Dwight Co., Inc. | 5656 | &nbsp;&nbsp; $527818 |
| Clorox Co. | 2889 | &nbsp;&nbsp; 299387 |
| Colgate-Palmolive Co. | 19260 | &nbsp;&nbsp; 1641530 |
| Kimberly-Clark Corp. | 7931 | &nbsp;&nbsp; 765103 |
| Procter & Gamble Co. | 55529 | &nbsp;&nbsp; 8020609 |
|  |  | &nbsp;&nbsp; **11254447** |
| **Personal care products: 0.09%** |  |  |
| Estee Lauder Cos., Inc. Class A | 5907 | &nbsp;&nbsp; 423945 |
| Kenvue, Inc. | 45781 | &nbsp;&nbsp; 789265 |
|  |  | &nbsp;&nbsp; **1213210** |
| **Tobacco: 0.65%** |  |  |
| Altria Group, Inc. | 40110 | &nbsp;&nbsp; 2646859 |
| Philip Morris International, Inc. | 37195 | &nbsp;&nbsp; 6149821 |
|  |  | &nbsp;&nbsp; **8796680** |
| **Energy: 3.96%** |  |  |
| **Energy equipment & services: 0.30%** |  |  |
| Baker Hughes Co. Class A | 23613 | &nbsp;&nbsp; 1441574 |
| Halliburton Co. | 20012 | &nbsp;&nbsp; 780268 |
| SLB Ltd. | 35729 | &nbsp;&nbsp; 1836113 |
|  |  | &nbsp;&nbsp; **4057955** |
| **Oil, gas & consumable fuels: 3.66%** |  |  |
| APA Corp. | 8474 | &nbsp;&nbsp; 359637 |
| Chevron Corp. | 44789 | &nbsp;&nbsp; 9266844 |
| ConocoPhillips | 29274 | &nbsp;&nbsp; 3864168 |
| Coterra Energy, Inc. | 18127 | &nbsp;&nbsp; 636983 |
| Devon Energy Corp. | 14820 | &nbsp;&nbsp; 745742 |
| Diamondback Energy, Inc. | 4638 | &nbsp;&nbsp; 917350 |
| EOG Resources, Inc. | 12965 | &nbsp;&nbsp; 1874350 |
| EQT Corp. | 14911 | &nbsp;&nbsp; 948936 |
| Expand Energy Corp. | 5691 | &nbsp;&nbsp; 624758 |
| Exxon Mobil Corp. | 99852 | &nbsp;&nbsp; 16940890 |
| Kinder Morgan, Inc. | 46779 | &nbsp;&nbsp; 1568500 |
| Marathon Petroleum Corp. | 7049 | &nbsp;&nbsp; 1721225 |
| Occidental Petroleum Corp. | 17184 | &nbsp;&nbsp; 1116960 |
| ONEOK, Inc. | 15035 | &nbsp;&nbsp; 1359014 |
| Phillips 66 | 9627 | &nbsp;&nbsp; 1753847 |
| Targa Resources Corp. | 5129 | &nbsp;&nbsp; 1285994 |
| Texas Pacific Land Corp. | 1384 | &nbsp;&nbsp; 656791 |
| Valero Energy Corp. | 7288 | &nbsp;&nbsp; 1800719 |
| Williams Cos., Inc. | 29180 | &nbsp;&nbsp; 2123720 |
|  |  | &nbsp;&nbsp; **49566428** |
| **Financials: 12.41%** |  |  |
| **Banks: 3.45%** |  |  |
| Bank of America Corp. | 158546 | &nbsp;&nbsp; 7729118 |

---

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

Allspring Index Fund \| 5

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Banks**(continued) |  |  |
| Citigroup, Inc. | 41754 | &nbsp;&nbsp; $4735321 |
| Citizens Financial Group, Inc. | 10154 | &nbsp;&nbsp; 608935 |
| Fifth Third Bancorp | 21506 | &nbsp;&nbsp; 999169 |
| Huntington Bancshares, Inc. | 48499 | &nbsp;&nbsp; 759009 |
| JPMorgan Chase & Co. | 64422 | &nbsp;&nbsp; 18950376 |
| KeyCorp | 22389 | &nbsp;&nbsp; 448899 |
| M&T Bank Corp. | 3628 | &nbsp;&nbsp; 749980 |
| PNC Financial Services Group, Inc. | 9651 | &nbsp;&nbsp; 2008277 |
| Regions Financial Corp. | 20740 | &nbsp;&nbsp; 541729 |
| Truist Financial Corp. | 30165 | &nbsp;&nbsp; 1386685 |
| U.S. Bancorp | 37141 | &nbsp;&nbsp; 1931703 |
| Wells Fargo & Co. | 73894 | &nbsp;&nbsp; 5882701 |
|  |  | &nbsp;&nbsp; **46731902** |
| **Capital markets: 3.17%** |  |  |
| Ameriprise Financial, Inc. | 2182 | &nbsp;&nbsp; 969681 |
| Ares Management Corp. Class A | 4922 | &nbsp;&nbsp; 536990 |
| Bank of New York Mellon Corp. | 16445 | &nbsp;&nbsp; 1950870 |
| BlackRock, Inc. | 3448 | &nbsp;&nbsp; 3315976 |
| Blackstone, Inc. | 17889 | &nbsp;&nbsp; 2057056 |
| Cboe Global Markets, Inc. | 2500 | &nbsp;&nbsp; 702675 |
| Charles Schwab Corp. | 39910 | &nbsp;&nbsp; 3750742 |
| CME Group, Inc. | 8616 | &nbsp;&nbsp; 2544736 |
| Coinbase Global, Inc. Class A† | 5329 | &nbsp;&nbsp; 930497 |
| FactSet Research Systems, Inc. | 886 | &nbsp;&nbsp; 192253 |
| Franklin Resources, Inc. | 7341 | &nbsp;&nbsp; 173394 |
| Goldman Sachs Group, Inc. | 7166 | &nbsp;&nbsp; 6062364 |
| Interactive Brokers Group, Inc. Class A | 10641 | &nbsp;&nbsp; 713692 |
| Intercontinental Exchange, Inc. | 13569 | &nbsp;&nbsp; 2134132 |
| Invesco Ltd. | 10609 | &nbsp;&nbsp; 257693 |
| KKR & Co., Inc. | 16401 | &nbsp;&nbsp; 1517093 |
| Moody's Corp. | 3666 | &nbsp;&nbsp; 1599292 |
| Morgan Stanley | 28746 | &nbsp;&nbsp; 4730729 |
| MSCI, Inc. Class A | 1756 | &nbsp;&nbsp; 946502 |
| Nasdaq, Inc. | 10730 | &nbsp;&nbsp; 910870 |
| Northern Trust Corp. | 4452 | &nbsp;&nbsp; 621366 |
| Raymond James Financial, Inc. | 4191 | &nbsp;&nbsp; 606815 |
| Robinhood Markets, Inc. Class A† | 18884 | &nbsp;&nbsp; 1308661 |
| S&P Global, Inc. | 7311 | &nbsp;&nbsp; 3109661 |
| State Street Corp. | 6668 | &nbsp;&nbsp; 843902 |
| T. Rowe Price Group, Inc. | 5223 | &nbsp;&nbsp; 470801 |
|  |  | &nbsp;&nbsp; **42958443** |
| **Consumer finance: 0.53%** |  |  |
| American Express Co. | 12797 | &nbsp;&nbsp; 3870837 |
| Capital One Financial Corp. | 14936 | &nbsp;&nbsp; 2724774 |
| Synchrony Financial | 8305 | &nbsp;&nbsp; 564906 |
|  |  | &nbsp;&nbsp; **7160517** |

---

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

6 \| Allspring Index Fund

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financial services: 3.56%** |  |  |
| Apollo Global Management, Inc. | 11095 | &nbsp;&nbsp; $1236205 |
| Berkshire Hathaway, Inc. Class B† | 43815 | &nbsp;&nbsp; 20996148 |
| Block, Inc.† | 13086 | &nbsp;&nbsp; 787516 |
| Corpay, Inc.† | 1672 | &nbsp;&nbsp; 486535 |
| Fidelity National Information Services, Inc. | 12373 | &nbsp;&nbsp; 580417 |
| Fiserv, Inc.† | 12851 | &nbsp;&nbsp; 717086 |
| Global Payments, Inc. | 5686 | &nbsp;&nbsp; 382668 |
| Jack Henry & Associates, Inc. | 1724 | &nbsp;&nbsp; 272461 |
| Mastercard, Inc. Class A | 19459 | &nbsp;&nbsp; 9722884 |
| PayPal Holdings, Inc. | 21998 | &nbsp;&nbsp; 994970 |
| Visa, Inc. Class A | 40168 | &nbsp;&nbsp; 12140376 |
|  |  | &nbsp;&nbsp; **48317266** |
| **Insurance: 1.70%** |  |  |
| Aflac, Inc. | 11154 | &nbsp;&nbsp; 1223705 |
| Allstate Corp. | 6212 | &nbsp;&nbsp; 1287996 |
| American International Group, Inc. | 12820 | &nbsp;&nbsp; 964705 |
| Aon PLC Class A | 5125 | &nbsp;&nbsp; 1654248 |
| Arch Capital Group Ltd.† | 8541 | &nbsp;&nbsp; 819851 |
| Arthur J Gallagher & Co. | 6140 | &nbsp;&nbsp; 1329801 |
| Assurant, Inc. | 1197 | &nbsp;&nbsp; 260719 |
| Brown & Brown, Inc. | 6995 | &nbsp;&nbsp; 456144 |
| Chubb Ltd. | 8691 | &nbsp;&nbsp; 2832658 |
| Cincinnati Financial Corp. | 3728 | &nbsp;&nbsp; 586601 |
| Erie Indemnity Co. Class A | 607 | &nbsp;&nbsp; 152545 |
| Everest Group Ltd. | 972 | &nbsp;&nbsp; 317698 |
| Globe Life, Inc. | 1902 | &nbsp;&nbsp; 264701 |
| Hartford Insurance Group, Inc. | 6664 | &nbsp;&nbsp; 901173 |
| Loews Corp. | 4037 | &nbsp;&nbsp; 430909 |
| Marsh & McLennan Cos., Inc. | 11568 | &nbsp;&nbsp; 2006470 |
| MetLife, Inc. | 13152 | &nbsp;&nbsp; 930109 |
| Principal Financial Group, Inc. | 4727 | &nbsp;&nbsp; 425950 |
| Progressive Corp. | 14004 | &nbsp;&nbsp; 2776153 |
| Prudential Financial, Inc. | 8315 | &nbsp;&nbsp; 812292 |
| Travelers Cos., Inc. | 5167 | &nbsp;&nbsp; 1507111 |
| W.R. Berkley Corp. | 7119 | &nbsp;&nbsp; 471847 |
| Willis Towers Watson PLC | 2272 | &nbsp;&nbsp; 660470 |
|  |  | &nbsp;&nbsp; **23073856** |
| **Health care: 9.33%** |  |  |
| **Biotechnology: 1.76%** |  |  |
| AbbVie, Inc. | 42229 | &nbsp;&nbsp; 9184385 |
| Amgen, Inc. | 12866 | &nbsp;&nbsp; 4526902 |
| Biogen, Inc.† | 3507 | &nbsp;&nbsp; 642939 |
| Gilead Sciences, Inc. | 29645 | &nbsp;&nbsp; 4131624 |
| Incyte Corp.† | 3994 | &nbsp;&nbsp; 375915 |
| Moderna, Inc.† | 8309 | &nbsp;&nbsp; 422097 |

---

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

Allspring Index Fund \| 7

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Biotechnology**(continued) |  |  |
| Regeneron Pharmaceuticals, Inc. | 2409 | &nbsp;&nbsp; $1861290 |
| Vertex Pharmaceuticals, Inc.† | 6069 | &nbsp;&nbsp; 2710051 |
|  |  | &nbsp;&nbsp; **23855203** |
| **Health care equipment & supplies: 1.76%** |  |  |
| Abbott Laboratories | 41548 | &nbsp;&nbsp; 4265733 |
| Align Technology, Inc.† | 1594 | &nbsp;&nbsp; 273259 |
| Baxter International, Inc. | 12293 | &nbsp;&nbsp; 206522 |
| Becton Dickinson & Co. | 6804 | &nbsp;&nbsp; 1069793 |
| Boston Scientific Corp.† | 35435 | &nbsp;&nbsp; 2223546 |
| Cooper Cos., Inc.† | 4683 | &nbsp;&nbsp; 334835 |
| DexCom, Inc.† | 9196 | &nbsp;&nbsp; 577509 |
| Edwards Lifesciences Corp.† | 13866 | &nbsp;&nbsp; 1110389 |
| GE HealthCare Technologies, Inc. | 10890 | &nbsp;&nbsp; 775150 |
| Hologic, Inc.† | 5318 | &nbsp;&nbsp; 401988 |
| IDEXX Laboratories, Inc.† | 1908 | &nbsp;&nbsp; 1072086 |
| Insulet Corp.† | 1681 | &nbsp;&nbsp; 352741 |
| Intuitive Surgical, Inc.† | 8485 | &nbsp;&nbsp; 3911500 |
| Medtronic PLC | 30632 | &nbsp;&nbsp; 2654263 |
| ResMed, Inc. | 3481 | &nbsp;&nbsp; 781415 |
| Solventum Corp.† | 3523 | &nbsp;&nbsp; 230052 |
| STERIS PLC | 2343 | &nbsp;&nbsp; 518108 |
| Stryker Corp. | 8229 | &nbsp;&nbsp; 2703967 |
| Zimmer Biomet Holdings, Inc. | 4735 | &nbsp;&nbsp; 428139 |
|  |  | &nbsp;&nbsp; **23890995** |
| **Health care providers & services: 1.53%** |  |  |
| Cardinal Health, Inc. | 5623 | &nbsp;&nbsp; 1188196 |
| Cencora, Inc. | 4648 | &nbsp;&nbsp; 1460123 |
| Centene Corp.† | 11162 | &nbsp;&nbsp; 365444 |
| Cigna Group | 6295 | &nbsp;&nbsp; 1679191 |
| CVS Health Corp. | 30398 | &nbsp;&nbsp; 2183184 |
| DaVita, Inc.† | 798 | &nbsp;&nbsp; 122645 |
| Elevance Health, Inc. | 5273 | &nbsp;&nbsp; 1543671 |
| HCA Healthcare, Inc. | 3740 | &nbsp;&nbsp; 1769918 |
| Henry Schein, Inc.† | 2391 | &nbsp;&nbsp; 176217 |
| Humana, Inc. | 2881 | &nbsp;&nbsp; 499536 |
| Labcorp Holdings, Inc. | 1981 | &nbsp;&nbsp; 528551 |
| McKesson Corp. | 2927 | &nbsp;&nbsp; 2532909 |
| Quest Diagnostics, Inc. | 2628 | &nbsp;&nbsp; 515035 |
| UnitedHealth Group, Inc. | 21644 | &nbsp;&nbsp; 5856650 |
| Universal Health Services, Inc. Class B | 1320 | &nbsp;&nbsp; 236240 |
|  |  | &nbsp;&nbsp; **20657510** |
| **Life sciences tools & services: 0.82%** |  |  |
| Agilent Technologies, Inc. | 6758 | &nbsp;&nbsp; 770277 |
| Bio-Techne Corp. | 3738 | &nbsp;&nbsp; 195348 |
| Charles River Laboratories International, Inc.† | 1176 | &nbsp;&nbsp; 202860 |
| Danaher Corp. | 15033 | &nbsp;&nbsp; 2850257 |

---

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

8 \| Allspring Index Fund

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Life sciences tools & services**(continued) |  |  |
| IQVIA Holdings, Inc.† | 4052 | &nbsp;&nbsp; $691028 |
| Mettler-Toledo International, Inc.† | 486 | &nbsp;&nbsp; 612943 |
| Revvity, Inc. | 2709 | &nbsp;&nbsp; 237336 |
| Thermo Fisher Scientific, Inc. | 8977 | &nbsp;&nbsp; 4412465 |
| Waters Corp.† | 2343 | &nbsp;&nbsp; 697745 |
| West Pharmaceutical Services, Inc. | 1719 | &nbsp;&nbsp; 430850 |
|  |  | &nbsp;&nbsp; **11101109** |
| **Pharmaceuticals: 3.46%** |  |  |
| Bristol-Myers Squibb Co. | 48659 | &nbsp;&nbsp; 2951168 |
| Eli Lilly & Co. | 18934 | &nbsp;&nbsp; 17414925 |
| Johnson & Johnson | 57582 | &nbsp;&nbsp; 14075344 |
| Merck & Co., Inc. | 59305 | &nbsp;&nbsp; 7133799 |
| Pfizer, Inc. | 135853 | &nbsp;&nbsp; 3814752 |
| Viatris, Inc. | 27520 | &nbsp;&nbsp; 371795 |
| Zoetis, Inc. | 10086 | &nbsp;&nbsp; 1192266 |
|  |  | &nbsp;&nbsp; **46954049** |
| **Industrials: 8.89%** |  |  |
| **Aerospace & defense: 2.29%** |  |  |
| Axon Enterprise, Inc.† | 1885 | &nbsp;&nbsp; 800541 |
| Boeing Co.† | 18765 | &nbsp;&nbsp; 3734798 |
| General Dynamics Corp. | 6064 | &nbsp;&nbsp; 2081286 |
| General Electric Co. | 25060 | &nbsp;&nbsp; 7111276 |
| Howmet Aerospace, Inc. | 9580 | &nbsp;&nbsp; 2207807 |
| Huntington Ingalls Industries, Inc. | 938 | &nbsp;&nbsp; 356346 |
| L3Harris Technologies, Inc. | 4463 | &nbsp;&nbsp; 1540404 |
| Lockheed Martin Corp. | 4838 | &nbsp;&nbsp; 2924039 |
| Northrop Grumman Corp. | 3188 | &nbsp;&nbsp; 2174981 |
| RTX Corp. | 32072 | &nbsp;&nbsp; 6186689 |
| Textron, Inc. | 4161 | &nbsp;&nbsp; 364337 |
| TransDigm Group, Inc. | 1349 | &nbsp;&nbsp; 1563437 |
|  |  | &nbsp;&nbsp; **31045941** |
| **Air freight & logistics: 0.33%** |  |  |
| CH Robinson Worldwide, Inc. | 2834 | &nbsp;&nbsp; 470642 |
| Expeditors International of Washington, Inc. | 3202 | &nbsp;&nbsp; 458623 |
| FedEx Corp. | 5169 | &nbsp;&nbsp; 1841094 |
| United Parcel Service, Inc. Class B | 17657 | &nbsp;&nbsp; 1737096 |
|  |  | &nbsp;&nbsp; **4507455** |
| **Building products: 0.48%** |  |  |
| A.O. Smith Corp. | 2686 | &nbsp;&nbsp; 177115 |
| Allegion PLC | 2056 | &nbsp;&nbsp; 298716 |
| Builders FirstSource, Inc.† | 2642 | &nbsp;&nbsp; 217516 |
| Carrier Global Corp. | 18773 | &nbsp;&nbsp; 1057108 |
| Johnson Controls International PLC | 14625 | &nbsp;&nbsp; 1915144 |
| Lennox International, Inc. | 763 | &nbsp;&nbsp; 354131 |

---

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

Allspring Index Fund \| 9

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Building products**(continued) |  |  |
| Masco Corp. | 4865 | &nbsp;&nbsp; $293700 |
| Trane Technologies PLC | 5288 | &nbsp;&nbsp; 2203721 |
|  |  | &nbsp;&nbsp; **6517151** |
| **Commercial services & supplies: 0.45%** |  |  |
| Cintas Corp. | 8122 | &nbsp;&nbsp; 1373755 |
| Copart, Inc.† | 21279 | &nbsp;&nbsp; 706463 |
| Republic Services, Inc. Class A | 4808 | &nbsp;&nbsp; 1053048 |
| Rollins, Inc. | 7012 | &nbsp;&nbsp; 374511 |
| Veralto Corp. | 5933 | &nbsp;&nbsp; 524596 |
| Waste Management, Inc. | 8866 | &nbsp;&nbsp; 2037318 |
|  |  | &nbsp;&nbsp; **6069691** |
| **Construction & engineering: 0.29%** |  |  |
| Comfort Systems USA, Inc. | 841 | &nbsp;&nbsp; 1159731 |
| EMCOR Group, Inc. | 1070 | &nbsp;&nbsp; 789992 |
| Quanta Services, Inc. | 3563 | &nbsp;&nbsp; 1956158 |
|  |  | &nbsp;&nbsp; **3905881** |
| **Electrical equipment: 1.18%** |  |  |
| AMETEK, Inc. | 5500 | &nbsp;&nbsp; 1178980 |
| Eaton Corp. PLC | 9280 | &nbsp;&nbsp; 3319177 |
| Emerson Electric Co. | 13428 | &nbsp;&nbsp; 1759336 |
| GE Vernova, Inc. | 6440 | &nbsp;&nbsp; 5621476 |
| Generac Holdings, Inc.† | 1402 | &nbsp;&nbsp; 273853 |
| Hubbell, Inc. Class B | 1270 | &nbsp;&nbsp; 623240 |
| Rockwell Automation, Inc. | 2685 | &nbsp;&nbsp; 963593 |
| Vertiv Holdings Co. Class A | 9141 | &nbsp;&nbsp; 2290552 |
|  |  | &nbsp;&nbsp; **16030207** |
| **Ground transportation: 0.85%** |  |  |
| CSX Corp. | 44432 | &nbsp;&nbsp; 1823934 |
| J.B. Hunt Transport Services, Inc. | 1786 | &nbsp;&nbsp; 378453 |
| Norfolk Southern Corp. | 5366 | &nbsp;&nbsp; 1540042 |
| Old Dominion Freight Line, Inc. | 4397 | &nbsp;&nbsp; 859174 |
| Uber Technologies, Inc.† | 49176 | &nbsp;&nbsp; 3537230 |
| Union Pacific Corp. | 14178 | &nbsp;&nbsp; 3439866 |
|  |  | &nbsp;&nbsp; **11578699** |
| **Industrial conglomerates: 0.39%** |  |  |
| 3M Co. | 12585 | &nbsp;&nbsp; 1827720 |
| Honeywell International, Inc. | 15170 | &nbsp;&nbsp; 3428875 |
|  |  | &nbsp;&nbsp; **5256595** |
| **Machinery: 1.83%** |  |  |
| Caterpillar, Inc. | 11117 | &nbsp;&nbsp; 7875950 |
| Cummins, Inc. | 3301 | &nbsp;&nbsp; 1776004 |
| Deere & Co. | 6024 | &nbsp;&nbsp; 3393319 |
| Dover Corp. | 3222 | &nbsp;&nbsp; 671626 |

---

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

10 \| Allspring Index Fund

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Machinery**(continued) |  |  |
| Fortive Corp. | 7488 | &nbsp;&nbsp; $413937 |
| IDEX Corp. | 1788 | &nbsp;&nbsp; 338915 |
| Illinois Tool Works, Inc. | 6266 | &nbsp;&nbsp; 1630977 |
| Ingersoll Rand, Inc. | 8504 | &nbsp;&nbsp; 681340 |
| Nordson Corp. | 1264 | &nbsp;&nbsp; 336300 |
| Otis Worldwide Corp. | 9288 | &nbsp;&nbsp; 715919 |
| PACCAR, Inc. | 12554 | &nbsp;&nbsp; 1449987 |
| Parker-Hannifin Corp. | 3016 | &nbsp;&nbsp; 2700044 |
| Pentair PLC | 3910 | &nbsp;&nbsp; 340600 |
| Snap-on, Inc. | 1240 | &nbsp;&nbsp; 450393 |
| Stanley Black & Decker, Inc. | 3701 | &nbsp;&nbsp; 262993 |
| Westinghouse Air Brake Technologies Corp. | 4074 | &nbsp;&nbsp; 1018133 |
| Xylem, Inc. | 5821 | &nbsp;&nbsp; 695610 |
|  |  | &nbsp;&nbsp; **24752047** |
| **Passenger airlines: 0.16%** |  |  |
| Delta Air Lines, Inc. | 15521 | &nbsp;&nbsp; 1031836 |
| Southwest Airlines Co. | 11739 | &nbsp;&nbsp; 441034 |
| United Airlines Holdings, Inc.† | 7728 | &nbsp;&nbsp; 711517 |
|  |  | &nbsp;&nbsp; **2184387** |
| **Professional services: 0.38%** |  |  |
| Automatic Data Processing, Inc. | 9621 | &nbsp;&nbsp; 1954795 |
| Broadridge Financial Solutions, Inc. | 2790 | &nbsp;&nbsp; 453319 |
| Equifax, Inc. | 2877 | &nbsp;&nbsp; 518061 |
| Jacobs Solutions, Inc. | 2806 | &nbsp;&nbsp; 357148 |
| Leidos Holdings, Inc. | 3055 | &nbsp;&nbsp; 475114 |
| Paychex, Inc. | 7719 | &nbsp;&nbsp; 711074 |
| Verisk Analytics, Inc. Class A | 3330 | &nbsp;&nbsp; 631867 |
|  |  | &nbsp;&nbsp; **5101378** |
| **Trading companies & distributors: 0.26%** |  |  |
| Fastenal Co. | 27434 | &nbsp;&nbsp; 1272938 |
| United Rentals, Inc. | 1505 | &nbsp;&nbsp; 1096483 |
| WW Grainger, Inc. | 1045 | &nbsp;&nbsp; 1139896 |
|  |  | &nbsp;&nbsp; **3509317** |
| **Information technology: 32.42%** |  |  |
| **Communications equipment: 1.11%** |  |  |
| Arista Networks, Inc.† | 24673 | &nbsp;&nbsp; 3029351 |
| Ciena Corp.† | 3366 | &nbsp;&nbsp; 1306782 |
| Cisco Systems, Inc. | 94407 | &nbsp;&nbsp; 7325039 |
| F5, Inc.† | 1350 | &nbsp;&nbsp; 390596 |
| Lumentum Holdings, Inc.† | 1706 | &nbsp;&nbsp; 1198909 |
| Motorola Solutions, Inc. | 3958 | &nbsp;&nbsp; 1717653 |
|  |  | &nbsp;&nbsp; **14968330** |
| **Electronic equipment, instruments & components: 0.88%** |  |  |
| Amphenol Corp. Class A | 29371 | &nbsp;&nbsp; 3711026 |

---

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

Allspring Index Fund \| 11

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Electronic equipment, instruments & components**(continued) |  |  |
| CDW Corp. | 3111 | &nbsp;&nbsp; $376493 |
| Coherent Corp.† | 4480 | &nbsp;&nbsp; 1067181 |
| Corning, Inc. | 18655 | &nbsp;&nbsp; 2536520 |
| Jabil, Inc. | 2523 | &nbsp;&nbsp; 670185 |
| Keysight Technologies, Inc.† | 4098 | &nbsp;&nbsp; 1157152 |
| TE Connectivity PLC | 7011 | &nbsp;&nbsp; 1465439 |
| Teledyne Technologies, Inc.† | 1122 | &nbsp;&nbsp; 678821 |
| Zebra Technologies Corp. Class A† | 1175 | &nbsp;&nbsp; 245669 |
|  |  | &nbsp;&nbsp; **11908486** |
| **IT services: 0.78%** |  |  |
| Accenture PLC Class A | 14702 | &nbsp;&nbsp; 2915260 |
| Akamai Technologies, Inc.† | 3437 | &nbsp;&nbsp; 394739 |
| Cognizant Technology Solutions Corp. Class A | 11427 | &nbsp;&nbsp; 701047 |
| EPAM Systems, Inc.† | 1320 | &nbsp;&nbsp; 178728 |
| Gartner, Inc.† | 1683 | &nbsp;&nbsp; 266486 |
| GoDaddy, Inc. Class A† | 3229 | &nbsp;&nbsp; 266941 |
| International Business Machines Corp. | 22334 | &nbsp;&nbsp; 5413538 |
| VeriSign, Inc. | 1972 | &nbsp;&nbsp; 489766 |
|  |  | &nbsp;&nbsp; **10626505** |
| **Semiconductors & semiconductor equipment: 14.25%** |  |  |
| Advanced Micro Devices, Inc.† | 38957 | &nbsp;&nbsp; 7925023 |
| Analog Devices, Inc. | 11675 | &nbsp;&nbsp; 3714285 |
| Applied Materials, Inc. | 18965 | &nbsp;&nbsp; 6482047 |
| Broadcom, Inc. | 113287 | &nbsp;&nbsp; 35063459 |
| First Solar, Inc.† | 2564 | &nbsp;&nbsp; 505775 |
| Intel Corp.† | 112188 | &nbsp;&nbsp; 4950857 |
| KLA Corp. | 3132 | &nbsp;&nbsp; 4611588 |
| Lam Research Corp. | 29838 | &nbsp;&nbsp; 6375187 |
| Microchip Technology, Inc. | 12930 | &nbsp;&nbsp; 835407 |
| Micron Technology, Inc. | 26893 | &nbsp;&nbsp; 9085531 |
| Monolithic Power Systems, Inc. | 1164 | &nbsp;&nbsp; 1272659 |
| NVIDIA Corp. | 580619 | &nbsp;&nbsp; 101259954 |
| NXP Semiconductors NV | 6013 | &nbsp;&nbsp; 1183719 |
| ON Semiconductor Corp.† | 9415 | &nbsp;&nbsp; 582977 |
| Qnity Electronics, Inc. | 5005 | &nbsp;&nbsp; 577477 |
| QUALCOMM, Inc. | 25495 | &nbsp;&nbsp; 3283246 |
| Skyworks Solutions, Inc. | 3593 | &nbsp;&nbsp; 192405 |
| Teradyne, Inc. | 3742 | &nbsp;&nbsp; 1109353 |
| Texas Instruments, Inc. | 21685 | &nbsp;&nbsp; 4209926 |
|  |  | &nbsp;&nbsp; **193220875** |
| **Software: 8.13%** |  |  |
| Adobe, Inc.† | 9808 | &nbsp;&nbsp; 2384129 |
| AppLovin Corp. Class A† | 6475 | &nbsp;&nbsp; 2577050 |
| Autodesk, Inc.† | 5065 | &nbsp;&nbsp; 1212561 |
| Cadence Design Systems, Inc.† | 6504 | &nbsp;&nbsp; 1807266 |
| Crowdstrike Holdings, Inc. Class A† | 6024 | &nbsp;&nbsp; 2351830 |

---

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

12 \| Allspring Index Fund

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Software**(continued) |  |  |
| Datadog, Inc. Class A† | 7844 | &nbsp;&nbsp; $925984 |
| Fair Isaac Corp.† | 567 | &nbsp;&nbsp; 605295 |
| Fortinet, Inc.† | 15103 | &nbsp;&nbsp; 1234217 |
| Gen Digital, Inc. | 13169 | &nbsp;&nbsp; 247972 |
| Intuit, Inc. | 6649 | &nbsp;&nbsp; 2874895 |
| Microsoft Corp. | 177426 | &nbsp;&nbsp; 65677782 |
| Oracle Corp. | 40517 | &nbsp;&nbsp; 5960456 |
| Palantir Technologies, Inc. Class A† | 54581 | &nbsp;&nbsp; 7984109 |
| Palo Alto Networks, Inc.† | 19308 | &nbsp;&nbsp; 3095459 |
| PTC, Inc.† | 2843 | &nbsp;&nbsp; 405099 |
| Roper Technologies, Inc. | 2547 | &nbsp;&nbsp; 901281 |
| Salesforce, Inc. | 22388 | &nbsp;&nbsp; 4179168 |
| ServiceNow, Inc.† | 24993 | &nbsp;&nbsp; 2613018 |
| Synopsys, Inc.† | 4571 | &nbsp;&nbsp; 1812310 |
| Trimble, Inc.† | 5685 | &nbsp;&nbsp; 370833 |
| Tyler Technologies, Inc.† | 1028 | &nbsp;&nbsp; 351967 |
| Workday, Inc. Class A† | 5089 | &nbsp;&nbsp; 661163 |
|  |  | &nbsp;&nbsp; **110233844** |
| **Technology hardware, storage & peripherals: 7.27%** |  |  |
| Apple, Inc. | 350788 | &nbsp;&nbsp; 89026487 |
| Dell Technologies, Inc. Class C | 7101 | &nbsp;&nbsp; 1165487 |
| Hewlett Packard Enterprise Co. | 31750 | &nbsp;&nbsp; 755968 |
| HP, Inc. | 21934 | &nbsp;&nbsp; 421352 |
| NetApp, Inc. | 4732 | &nbsp;&nbsp; 484509 |
| Sandisk Corp.† | 3527 | &nbsp;&nbsp; 2240844 |
| Seagate Technology Holdings PLC | 5211 | &nbsp;&nbsp; 2041461 |
| Super Micro Computer, Inc.† | 12022 | &nbsp;&nbsp; 273741 |
| Western Digital Corp. | 8101 | &nbsp;&nbsp; 2191240 |
|  |  | &nbsp;&nbsp; **98601089** |
| **Materials: 2.06%** |  |  |
| **Chemicals: 1.15%** |  |  |
| Air Products & Chemicals, Inc. | 5320 | &nbsp;&nbsp; 1545407 |
| Albemarle Corp. | 2816 | &nbsp;&nbsp; 505556 |
| CF Industries Holdings, Inc. | 3727 | &nbsp;&nbsp; 483914 |
| Corteva, Inc. | 16069 | &nbsp;&nbsp; 1345136 |
| Dow, Inc. | 17145 | &nbsp;&nbsp; 714089 |
| DuPont de Nemours, Inc. | 9777 | &nbsp;&nbsp; 447787 |
| Ecolab, Inc. | 6091 | &nbsp;&nbsp; 1620328 |
| International Flavors & Fragrances, Inc. | 6119 | &nbsp;&nbsp; 443933 |
| Linde PLC | 11157 | &nbsp;&nbsp; 5531194 |
| LyondellBasell Industries NV Class A | 6153 | &nbsp;&nbsp; 495686 |
| Mosaic Co. | 7584 | &nbsp;&nbsp; 193392 |
| PPG Industries, Inc. | 5362 | &nbsp;&nbsp; 573090 |
| Sherwin-Williams Co. | 5509 | &nbsp;&nbsp; 1765910 |
|  |  | &nbsp;&nbsp; **15665422** |

---

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

Allspring Index Fund \| 13

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Construction materials: 0.25%** |  |  |
| CRH PLC | 16015 | &nbsp;&nbsp; $1683497 |
| Martin Marietta Materials, Inc. | 1441 | &nbsp;&nbsp; 848288 |
| Vulcan Materials Co. | 3157 | &nbsp;&nbsp; 859651 |
|  |  | &nbsp;&nbsp; **3391436** |
| **Containers & packaging: 0.19%** |  |  |
| Amcor PLC | 11040 | &nbsp;&nbsp; 438840 |
| Avery Dennison Corp. | 1847 | &nbsp;&nbsp; 318940 |
| Ball Corp. | 6403 | &nbsp;&nbsp; 378481 |
| International Paper Co. | 12617 | &nbsp;&nbsp; 450427 |
| Packaging Corp. of America | 2135 | &nbsp;&nbsp; 453090 |
| Smurfit Westrock PLC | 12482 | &nbsp;&nbsp; 497408 |
|  |  | &nbsp;&nbsp; **2537186** |
| **Metals & mining: 0.47%** |  |  |
| Freeport-McMoRan, Inc. | 34340 | &nbsp;&nbsp; 2018505 |
| Newmont Corp. | 26074 | &nbsp;&nbsp; 2822510 |
| Nucor Corp. | 5468 | &nbsp;&nbsp; 924639 |
| Steel Dynamics, Inc. | 3280 | &nbsp;&nbsp; 590400 |
|  |  | &nbsp;&nbsp; **6356054** |
| **Real estate: 1.92%** |  |  |
| **Health care REITs: 0.34%** |  |  |
| Alexandria Real Estate Equities, Inc. | 3727 | &nbsp;&nbsp; 173008 |
| Healthpeak Properties, Inc. | 16607 | &nbsp;&nbsp; 272853 |
| Ventas, Inc. | 11349 | &nbsp;&nbsp; 928121 |
| Welltower, Inc. | 16672 | &nbsp;&nbsp; 3296221 |
|  |  | &nbsp;&nbsp; **4670203** |
| **Hotel & resort REITs: 0.02%** |  |  |
| Host Hotels & Resorts, Inc. | 15281 | &nbsp;&nbsp; **292784** |
| **Industrial REITs: 0.22%** |  |  |
| Prologis, Inc. | 22211 | &nbsp;&nbsp; **2935850** |
| **Office REITs: 0.01%** |  |  |
| BXP, Inc. | 3523 | &nbsp;&nbsp; **182844** |
| **Real estate management & development: 0.10%** |  |  |
| CBRE Group, Inc. Class A† | 6943 | &nbsp;&nbsp; 940499 |
| CoStar Group, Inc.† | 10127 | &nbsp;&nbsp; 408523 |
|  |  | &nbsp;&nbsp; **1349022** |
| **Residential REITs: 0.19%** |  |  |
| AvalonBay Communities, Inc. | 3383 | &nbsp;&nbsp; 552613 |
| Camden Property Trust | 2471 | &nbsp;&nbsp; 241318 |
| Equity Residential | 8215 | &nbsp;&nbsp; 485917 |
| Essex Property Trust, Inc. | 1540 | &nbsp;&nbsp; 372680 |
| Invitation Homes, Inc. | 13476 | &nbsp;&nbsp; 334879 |

---

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

14 \| Allspring Index Fund

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Residential REITs**(continued) |  |  |
| Mid-America Apartment Communities, Inc. | 2793 | &nbsp;&nbsp; $341081 |
| UDR, Inc. | 7186 | &nbsp;&nbsp; 242743 |
|  |  | &nbsp;&nbsp; **2571231** |
| **Retail REITs: 0.27%** |  |  |
| Federal Realty Investment Trust | 1876 | &nbsp;&nbsp; 199250 |
| Kimco Realty Corp. | 16107 | &nbsp;&nbsp; 361924 |
| Realty Income Corp. | 21980 | &nbsp;&nbsp; 1344736 |
| Regency Centers Corp. | 3933 | &nbsp;&nbsp; 297571 |
| Simon Property Group, Inc. | 7771 | &nbsp;&nbsp; 1449525 |
|  |  | &nbsp;&nbsp; **3653006** |
| **Specialized REITs: 0.77%** |  |  |
| American Tower Corp. | 11186 | &nbsp;&nbsp; 1930480 |
| Crown Castle, Inc. | 10405 | &nbsp;&nbsp; 846031 |
| Digital Realty Trust, Inc. | 7716 | &nbsp;&nbsp; 1390500 |
| Equinix, Inc. | 2348 | &nbsp;&nbsp; 2301603 |
| Extra Space Storage, Inc. | 5071 | &nbsp;&nbsp; 664960 |
| Iron Mountain, Inc. | 7069 | &nbsp;&nbsp; 722028 |
| Public Storage | 3774 | &nbsp;&nbsp; 1022301 |
| SBA Communications Corp. Class A | 2546 | &nbsp;&nbsp; 438192 |
| VICI Properties, Inc. Class A | 25538 | &nbsp;&nbsp; 697698 |
| Weyerhaeuser Co. | 17216 | &nbsp;&nbsp; 420587 |
|  |  | &nbsp;&nbsp; **10434380** |
| **Utilities: 2.50%** |  |  |
| **Electric utilities: 1.65%** |  |  |
| Alliant Energy Corp. | 6142 | &nbsp;&nbsp; 440750 |
| American Electric Power Co., Inc. | 12923 | &nbsp;&nbsp; 1693947 |
| Constellation Energy Corp. | 7446 | &nbsp;&nbsp; 2079295 |
| Duke Energy Corp. | 18581 | &nbsp;&nbsp; 2432996 |
| Edison International | 9194 | &nbsp;&nbsp; 672817 |
| Entergy Corp. | 10808 | &nbsp;&nbsp; 1214387 |
| Evergy, Inc. | 5501 | &nbsp;&nbsp; 450642 |
| Eversource Energy | 8965 | &nbsp;&nbsp; 621095 |
| Exelon Corp. | 24441 | &nbsp;&nbsp; 1198098 |
| FirstEnergy Corp. | 12422 | &nbsp;&nbsp; 629299 |
| NextEra Energy, Inc. | 49761 | &nbsp;&nbsp; 4621802 |
| NRG Energy, Inc. | 5074 | &nbsp;&nbsp; 741514 |
| PG&E Corp. | 52518 | &nbsp;&nbsp; 922741 |
| Pinnacle West Capital Corp. | 2860 | &nbsp;&nbsp; 288145 |
| PPL Corp. | 17675 | &nbsp;&nbsp; 675185 |
| Southern Co. | 26310 | &nbsp;&nbsp; 2539441 |
| Xcel Energy, Inc. | 14134 | &nbsp;&nbsp; 1122805 |
|  |  | &nbsp;&nbsp; **22344959** |
| **Gas utilities: 0.05%** |  |  |
| Atmos Energy Corp. | 3953 | &nbsp;&nbsp; **730198** |

---

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

Allspring Index Fund \| 15

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Independent power and renewable electricity producers: 0.10%** |  |  |
| AES Corp. | 17015 | &nbsp;&nbsp; $239742 |
| Vistra Corp. | 7610 | &nbsp;&nbsp; 1144011 |
|  |  | &nbsp;&nbsp; **1383753** |
| **Multi-utilities: 0.65%** |  |  |
| Ameren Corp. | 6604 | &nbsp;&nbsp; 725912 |
| CenterPoint Energy, Inc. | 15599 | &nbsp;&nbsp; 673253 |
| CMS Energy Corp. | 7322 | &nbsp;&nbsp; 568041 |
| Consolidated Edison, Inc. | 8624 | &nbsp;&nbsp; 976064 |
| Dominion Energy, Inc. | 20403 | &nbsp;&nbsp; 1261313 |
| DTE Energy Co. | 4962 | &nbsp;&nbsp; 725544 |
| NiSource, Inc. | 11434 | &nbsp;&nbsp; 533510 |
| Public Service Enterprise Group, Inc. | 11927 | &nbsp;&nbsp; 965491 |
| Sempra | 15595 | &nbsp;&nbsp; 1515366 |
| WEC Energy Group, Inc. | 7777 | &nbsp;&nbsp; 900343 |
|  |  | &nbsp;&nbsp; **8844837** |
| **Water utilities: 0.05%** |  |  |
| American Water Works Co., Inc. | 4664 | &nbsp;&nbsp; **634724** |
| **Total common stocks (Cost $272,516,309)** |  | &nbsp;&nbsp; **1335647200** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 1.25%** |  |  |  |  |
| **Investment companies: 1.25%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.60<br> %<br>| 16948278 | &nbsp;&nbsp; **16948278** |
| **Total short-term investments (Cost $16,948,278)** |  |  |  | &nbsp;&nbsp; **16948278** |
| **Total investments in securities (Cost $289,464,587)** | 99.77<br> %<br>|  |  | &nbsp;&nbsp; 1352595478 |
| Other assets and liabilities, net | 0.23 |  |  | &nbsp;&nbsp; 3172595 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$1355768073** |

---

&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.

16 \| Allspring Index Fund

------

Portfolio of investments—March 31, 2026

**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>| $16763979 | $110707265 | $(110522966)<br>| $0 | $0 | $16948278 | 16948278 | $695199 |

---

**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; 62 | &nbsp;&nbsp; 6-18-2026 | &nbsp;&nbsp; $20727046 | &nbsp;&nbsp; $20369325 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $(357721)<br>|

---

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

Allspring Index Fund \| 17

------

Statement of assets and liabilities—March 31, 2026

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $272,516,309) | $1335647200 |
| Investments in affiliated securities, at value (cost $16,948,278) | 16948278 |
| Cash | 6720 |
| Cash at broker segregated for futures contracts | 2510578 |
| Receivable for Fund shares sold | 839672 |
| Receivable for dividends | 740348 |
| Receivable for daily variation margin on open futures contracts | 565750 |
| Receivable from manager | 42278 |
| Prepaid expenses and other assets | 123476 |
| **Total assets** | **1357424300** |
| Liabilities |  |
| Payable for Fund shares redeemed | 1169113 |
| Shareholder servicing fees payable | 238004 |
| Administration fees payable | 209831 |
| Distribution fee payable | 4069 |
| Trustees' fees and expenses payable | 121 |
| Accrued expenses and other liabilities | 35089 |
| **Total liabilities** | **1656227** |
| **Total net assets**  | **$1355768073** |
| Net assets consist of |  |
| Paid-in capital | $249036745 |
| Total distributable earnings | 1106731328 |
| **Total net assets** | **$1355768073** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $917047424 |
| Shares outstanding–Class A<sup>1</sup> <br>| 16926490 |
| Net asset value per share–Class A | $54.18 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $57.49 |
| Net assets–Class C | $6646708 |
| Shares outstanding–Class C<sup>1</sup> <br>| 118779 |
| Net asset value per share–Class C | $55.96 |
| Net assets–Administrator Class | $432073941 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 7691783 |
| Net asset value per share–Administrator Class | $56.17 |

---

<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.

18 \| Allspring Index Fund

------

Statement of operations—year ended March 31, 2026

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $3,779) | $16663816 |
| Income from affiliated securities | 695199 |
| Interest | 73757 |
| **Total investment income** | **17432772** |
| Expenses |  |
| Management fee | 1971456 |
| Administration fees |  |
| Class A | 1881306 |
| Class C | 14397 |
| Administrator Class | 558107 |
| Shareholder servicing fees |  |
| Class A | 2351632 |
| Class C | 17952 |
| Administrator Class | 421113 |
| Distribution fee |  |
| Class C | 51938 |
| Custody and accounting fees | 44140 |
| Professional fees | 57869 |
| Registration fees | 64502 |
| Shareholder report expenses | 45806 |
| Trustees' fees and expenses | 18710 |
| Other fees and expenses | 238597 |
| **Total expenses** | **7737525** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (2183342)<br>|
| Class A | (419338)<br>|
| Administrator Class | (2773)<br>|
| **Net expenses** | **5132072** |
| **Net investment income** | **12300700** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | 83717553 |
| Futures contracts | 3104001 |
| **Net realized gains on investments**  | **86821554** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 114241359 |
| Futures contracts | (229475)<br>|
| **Net change in unrealized gains (losses) on investments** | **114011884** |
| **Net realized and unrealized gains (losses) on investments** | **200833438** |
| **Net increase in net assets resulting from operations** | **$213134138** |

---

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

Allspring Index Fund \| 19

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> March 31, 2026 | Year ended<br> March 31, 2026 | Year ended<br> March 31, 2025 | Year ended<br> March 31, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $12300700 |  | &nbsp;&nbsp; $13171405 |
| Net realized gains on investments |  | &nbsp;&nbsp; 86821554 |  | &nbsp;&nbsp; 93605488 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 114011884 |  | &nbsp;&nbsp; (7839435)<br>|
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **213134138** |  | &nbsp;&nbsp; **98937458** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (65587055)<br>|  | &nbsp;&nbsp; (73573746)<br>|
| Class C |  | &nbsp;&nbsp; (425315)<br>|  | &nbsp;&nbsp; (584126)<br>|
| Administrator Class |  | &nbsp;&nbsp; (30046479)<br>|  | &nbsp;&nbsp; (32784061)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(96058849)**<br>|  | &nbsp;&nbsp; **(106941933)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 392170 | &nbsp;&nbsp; 21947559 | &nbsp;&nbsp; 470643 | &nbsp;&nbsp; 24718140 |
| Class C | 13553 | &nbsp;&nbsp; 757366 | &nbsp;&nbsp; 14502 | &nbsp;&nbsp; 775058 |
| Administrator Class | 697823 | &nbsp;&nbsp; 40409563 | &nbsp;&nbsp; 638894 | &nbsp;&nbsp; 34601302 |
|  |  | &nbsp;&nbsp; 63114488 |  | &nbsp;&nbsp; 60094500 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 1122545 | &nbsp;&nbsp; 63890856 | &nbsp;&nbsp; 1333963 | &nbsp;&nbsp; 71395358 |
| Class C | 7275 | &nbsp;&nbsp; 425301 | &nbsp;&nbsp; 10575 | &nbsp;&nbsp; 582349 |
| Administrator Class | 507079 | &nbsp;&nbsp; 29954368 | &nbsp;&nbsp; 590893 | &nbsp;&nbsp; 32736668 |
|  |  | &nbsp;&nbsp; 94270525 |  | &nbsp;&nbsp; 104714375 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (1859321)<br>| &nbsp;&nbsp; (103869640)<br>| &nbsp;&nbsp; (1928086)<br>| &nbsp;&nbsp; (101665453)<br>|
| Class C | (36703)<br>| &nbsp;&nbsp; (2100805)<br>| &nbsp;&nbsp; (49675)<br>| &nbsp;&nbsp; (2683632)<br>|
| Administrator Class | (988782)<br>| &nbsp;&nbsp; (56807500)<br>| &nbsp;&nbsp; (1527158)<br>| &nbsp;&nbsp; (81373750)<br>|
|  |  | &nbsp;&nbsp; (162777945)<br>|  | &nbsp;&nbsp; (185722835)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(5392932)**<br>|  | &nbsp;&nbsp; **(20913960)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **111682357** |  | &nbsp;&nbsp; **(28918435)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **1244085716** |  | &nbsp;&nbsp; **1273004151** |
| **End of period** |  | &nbsp;&nbsp; **$1355768073** |  | &nbsp;&nbsp; **$1244085716** |

---

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

20 \| Allspring Index Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class A | 2026 | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$49.48** | &nbsp;&nbsp; **$49.76** | &nbsp;&nbsp; **$42.33** | &nbsp;&nbsp; **$45.49** | &nbsp;&nbsp; **$50.17** | &nbsp;&nbsp; **$41.27** |
| Net investment income | 0.47 <br><sup>2</sup><br>| 0.50 <br><sup>2</sup><br>| 0.45 <br><sup>2</sup><br>| 0.55 <br><sup>2</sup><br>| 0.46 | 0.48 |
| Net realized and unrealized gains (losses) on investments | 8.24 | 3.68 | 10.45 | 0.36 | &nbsp;&nbsp; (0.33)<br>| 14.92 |
| Total from investment operations | 8.71 | 4.18 | 10.90 | 0.91 | 0.13 | 15.40 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.46)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.57)<br>|
| Net realized gains | (3.55)<br>| &nbsp;&nbsp; (3.96)<br>| &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (3.54)<br>| &nbsp;&nbsp; (4.35)<br>| &nbsp;&nbsp; (5.93)<br>|
| Total distributions to shareholders | (4.01)<br>| &nbsp;&nbsp; (4.46)<br>| &nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp; (4.07)<br>| &nbsp;&nbsp; (4.81)<br>| &nbsp;&nbsp; (6.50)<br>|
| **Net asset value, end of period** | **$54.18** | &nbsp;&nbsp; **$49.48** | &nbsp;&nbsp; **$49.76** | &nbsp;&nbsp; **$42.33** | &nbsp;&nbsp; **$45.49** | &nbsp;&nbsp; **$50.17** |
| **Total return**<sup>3</sup> <br>| **17.27%**<br>| **7.78%**<br>| **26.86%**<br>| **2.45%**<br>| &nbsp;&nbsp; **(0.74)%**<br>| **39.71%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.63<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.64<br> %<br>| 0.63 %\*<br>| 0.65 %\*<br>|
| Net expenses | 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.45<br> %<br>| 0.44 %\*<br>| 0.44 %\*<br>|
| Net investment income | 0.84<br> %<br>| 0.96<br> %<br>| 1.19<br> %<br>| 1.30<br> %<br>| 0.92 %\*<br>| 1.08 %\*<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 3<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2 %<sup>4</sup><br>| &nbsp;&nbsp; 4 %<sup>4</sup><br>|
| Net assets, end of period (000s omitted) | $917047 | &nbsp;&nbsp; $854516 | &nbsp;&nbsp; $865571 | &nbsp;&nbsp; $727314 | &nbsp;&nbsp; $771925 | &nbsp;&nbsp; $835781 |

---

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

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

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

---

| | |
|:---|:---|
| Year ended May 31, 2022 | 0.11% |
| Year ended May 31, 2021 | 0.11% |

---

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

<sup>1</sup> For the ten months ended March 31, 2024. The Fund changed its fiscal year end from May 31 to March 31, effective March 31, 2024.

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

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

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Index Fund \| 21

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class C | 2026 | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$51.02** | &nbsp;&nbsp; **$51.23** | &nbsp;&nbsp; **$43.44** | &nbsp;&nbsp; **$46.50** | &nbsp;&nbsp; **$51.19** | &nbsp;&nbsp; **$41.90** |
| Net investment income | 0.04 <br><sup>2</sup><br>| 0.11 <br><sup>2</sup><br>| 0.16 <br><sup>2</sup><br>| 0.23 <br><sup>2</sup><br>| 0.08 <br><sup>2</sup><br>| 0.16 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 8.48 | 3.74 | 10.74 | 0.40 | &nbsp;&nbsp; (0.37)<br>| 15.21 |
| Total from investment operations | 8.52 | 3.85 | 10.90 | 0.63 | &nbsp;&nbsp; (0.29)<br>| 15.37 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.03)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net realized gains | (3.55)<br>| &nbsp;&nbsp; (3.96)<br>| &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (3.54)<br>| &nbsp;&nbsp; (4.35)<br>| &nbsp;&nbsp; (5.93)<br>|
| Total distributions to shareholders | (3.58)<br>| &nbsp;&nbsp; (4.06)<br>| &nbsp;&nbsp; (3.11)<br>| &nbsp;&nbsp; (3.69)<br>| &nbsp;&nbsp; (4.40)<br>| &nbsp;&nbsp; (6.08)<br>|
| **Net asset value, end of period** | **$55.96** | &nbsp;&nbsp; **$51.02** | &nbsp;&nbsp; **$51.23** | &nbsp;&nbsp; **$43.44** | &nbsp;&nbsp; **$46.50** | &nbsp;&nbsp; **$51.19** |
| **Total return**<sup>3</sup> <br>| **16.40%**<br>| **6.95%**<br>| **26.06%**<br>| **1.69%**<br>| &nbsp;&nbsp; **(1.48)%**<br>| **38.83%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.35<br> %<br>| 1.38<br> %<br>| 1.36<br> %<br>| 1.38<br> %<br>| 1.37 %\*<br>| 1.40 %\*<br>|
| Net expenses | 1.19<br> %<br>| 1.19<br> %<br>| 1.19<br> %<br>| 1.20<br> %<br>| 1.20 %\*<br>| 1.20 %\*<br>|
| Net investment income | 0.08<br> %<br>| 0.20<br> %<br>| 0.42<br> %<br>| 0.54<br> %<br>| 0.16 %\*<br>| 0.34 %\*<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 3<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2 %<sup>4</sup><br>| &nbsp;&nbsp; 4 %<sup>4</sup><br>|
| Net assets, end of period (000s omitted) | $6647 | &nbsp;&nbsp; $6870 | &nbsp;&nbsp; $8158 | &nbsp;&nbsp; $7780 | &nbsp;&nbsp; $10538 | &nbsp;&nbsp; $12530 |

---

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

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

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

---

| | |
|:---|:---|
| Year ended May 31, 2022 | 0.11% |
| Year ended May 31, 2021 | 0.11% |

---

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

<sup>1</sup> For the ten months ended March 31, 2024. The Fund changed its fiscal year end from May 31 to March 31, effective March 31, 2024.

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

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

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

22 \| Allspring Index Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Administrator Class | 2026 | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$51.19** | &nbsp;&nbsp; **$51.37** | &nbsp;&nbsp; **$43.60** | &nbsp;&nbsp; **$46.73** | &nbsp;&nbsp; **$51.41** | &nbsp;&nbsp; **$42.15** |
| Net investment income | 0.59 <br><sup>2</sup><br>| 0.61 <br><sup>2</sup><br>| 0.53 <br><sup>2</sup><br>| 0.65 <br><sup>2</sup><br>| 0.58 | 0.58 |
| Net realized and unrealized gains (losses) on investments | 8.53 | 3.78 | 10.79 | 0.37 | &nbsp;&nbsp; (0.36)<br>| 15.26 |
| Total from investment operations | 9.12 | 4.39 | 11.32 | 1.02 | 0.22 | 15.84 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.59)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.65)<br>|
| Net realized gains | (3.55)<br>| &nbsp;&nbsp; (3.96)<br>| &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (3.54)<br>| &nbsp;&nbsp; (4.35)<br>| &nbsp;&nbsp; (5.93)<br>|
| Total distributions to shareholders | (4.14)<br>| &nbsp;&nbsp; (4.57)<br>| &nbsp;&nbsp; (3.55)<br>| &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp; (4.90)<br>| &nbsp;&nbsp; (6.58)<br>|
| **Net asset value, end of period** | **$56.17** | &nbsp;&nbsp; **$51.19** | &nbsp;&nbsp; **$51.37** | &nbsp;&nbsp; **$43.60** | &nbsp;&nbsp; **$46.73** | &nbsp;&nbsp; **$51.41** |
| **Total return**<sup>3</sup> <br>| **17.48%**<br>| **7.95%**<br>| **27.07%**<br>| **2.65%**<br>| &nbsp;&nbsp; **(0.55)%**<br>| **39.97%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.41<br> %<br>| 0.41<br> %<br>| 0.39<br> %<br>| 0.40<br> %<br>| 0.37 %\*<br>| 0.42 %\*<br>|
| Net expenses | 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.25 %\*<br>| 0.25 %\*<br>|
| Net investment income | 1.02<br> %<br>| 1.13<br> %<br>| 1.36<br> %<br>| 1.49<br> %<br>| 1.11 %\*<br>| 1.28 %\*<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 3<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2 %<sup>4</sup><br>| &nbsp;&nbsp; 4 %<sup>4</sup><br>|
| Net assets, end of period (000s omitted) | $432074 | &nbsp;&nbsp; $382699 | &nbsp;&nbsp; $399275 | &nbsp;&nbsp; $350438 | &nbsp;&nbsp; $369967 | &nbsp;&nbsp; $414276 |

---

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

\* Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

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

---

| | |
|:---|:---|
| Year ended May 31, 2022 | 0.11% |
| Year ended May 31, 2021 | 0.11% |

---

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

<sup>1</sup> For the ten months ended March 31, 2024. The Fund changed its fiscal year end from May 31 to March 31, effective March 31, 2024.

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

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

<sup>4</sup> Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio's percentage of the Fund's total investment in securities at the end of the period by the affiliated Master Portfolio's portfolio turnover rate. 

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

Allspring Index Fund \| 23

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

24 \| Allspring Index Fund

------

Notes to financial statements

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 March 31, 2026, the aggregate cost of all investments for federal income tax purposes was $289,283,708 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $1081090749 |
| Gross unrealized losses | &nbsp;&nbsp; (18136700)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$1062954049** |

---

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 Index Fund \| 25

------

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of March 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; $137378351 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $137378351 |
| *Consumer discretionary* | &nbsp;&nbsp; 131769568 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 131769568 |
| *Consumer staples* | &nbsp;&nbsp; 70178281 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 70178281 |
| *Energy* | &nbsp;&nbsp; 53624383 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 53624383 |
| *Financials* | &nbsp;&nbsp; 168241984 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 168241984 |
| *Health care* | &nbsp;&nbsp; 126458866 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 126458866 |
| *Industrials* | &nbsp;&nbsp; 120458749 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 120458749 |
| *Information technology* | &nbsp;&nbsp; 439559129 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 439559129 |
| *Materials* | &nbsp;&nbsp; 27950098 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 27950098 |
| *Real estate* | &nbsp;&nbsp; 26089320 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 26089320 |
| *Utilities* | &nbsp;&nbsp; 33938471 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 33938471 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 16948278 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 16948278 |
| **Total assets** | &nbsp;&nbsp; **$1352595478** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1352595478** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Futures contracts** | &nbsp;&nbsp; $357721 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $357721 |
| **Total liabilities** | &nbsp;&nbsp; **$357721** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$357721** |

---

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 March 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 | 0.150<br> %<br>|
| Next $4 billion | 0.125 |
| Next $5 billion | 0.090 |
| Over $10 billion | 0.080 |

---

For the year ended March 31, 2026, the management fee was equivalent to an annual rate of 0.14% 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

26 \| Allspring Index Fund

------

Notes to financial statements

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class C | 0.20 |
| Administrator 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 July 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of March 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.44<br> %<br>|
| Class C | 1.19 |
| Administrator Class | 0.25 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended March 31, 2026, Allspring Funds Distributor received $15,555 from the sale of Class A shares and $221 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended March 31, 2026.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Class C are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. Administrator Class is charged a fee at an annual rate up to 0.10% of its average daily net assets. These fees are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended March 31, 2026 were $36,847,440 and $122,827,278, respectively.

6. DERIVATIVE TRANSACTIONS

During the year ended March 31, 2026, the Fund entered into futures contracts to gain market exposure. The Fund had an average notional amount of $19,278,631 in long futures contracts during the year ended March 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 Index Fund \| 27

------

Notes to financial statements

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

7. BANK BORROWINGS

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

For the year ended March 31, 2026, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 |
|  | 2026 | 2025 |
| **Ordinary income** | $14632637 | $16057500 |
| **Long-term capital gain** | 81426212 | 90884433 |
| **Total** | $96058849 | $106941933 |

---

As of March 31, 2026, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>gains<br>| Total |
| &nbsp;&nbsp;&nbsp; $2008510 | &nbsp;&nbsp; $41776764 | &nbsp;&nbsp;&nbsp; $1062954049 | &nbsp;&nbsp;&nbsp; $1106739323 |

---

Temporary differences between book-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement purposes versus for tax purposes; these differences will reverse in a subsequent reporting period.

9. 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.

10. INDEMNIFICATION

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

11. OPERATING SEGMENTS

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

28 \| Allspring Index Fund

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Index Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of March 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the two-year period then ended, the period from June 1, 2023 to March 31, 2024 and each of the years in the three-year period ended May 31, 2023. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the two-year period then ended, the period from June 1, 2023 to March 31, 2024 and each of the years in the three-year period ended May 31, 2023, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian, transfer agent and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g100573img8e4101a72.jpg)

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

Boston, Massachusetts

May 21, 2026

Allspring Index Fund \| 29

------

Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 100% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended March 31, 2026.

Pursuant to Section 852 of the Internal Revenue Code, $81,426,212 was designated as a 20% rate gain distribution for the fiscal year ended

March 31, 2026.

Pursuant to Section 854 of the Internal Revenue Code, $14,632,637 of income dividends paid during the fiscal year ended March 31, 2026 has been designated as qualified dividend income (QDI).

For the fiscal year ended March 31, 2026, $162,079 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended March 31, 2026, $1,367,741 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Proxy voting information

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

Quarterly portfolio holdings information

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

30 \| Allspring Index 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 Index Fund \| 31

------

*This page is intentionally left blank.*

------

![](g100573imgc549082d1.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**

![](g100573imgec2809ce3.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.**

**NCSR3329 03-26**

------

![](g100573imgd94411781.jpg)

Allspring Managed Account

Allspring Managed Account *CoreBuilder®* Shares – Series EPI

Long Form Financial Statements

Annual Report

March 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_e5c5d275-f4ba-4b3e-afdb-0fa88b16e475_POI-PageBlank-465_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_e5c5d275-f4ba-4b3e-afdb-0fa88b16e475_FS-PageBlank-465_1)** |  |
| [Statement of assets and liabilities](#xx_e5c5d275-f4ba-4b3e-afdb-0fa88b16e475_FS-PageBlank-465_1) | 6 |
| [Statement of operations](#xx_e5c5d275-f4ba-4b3e-afdb-0fa88b16e475_FS-PageBlank-465_2) | 7 |
| [Statement of changes in net assets](#xx_e5c5d275-f4ba-4b3e-afdb-0fa88b16e475_FS-PageBlank-465_3) | 8 |
| [Financial highlights](#xx_e5c5d275-f4ba-4b3e-afdb-0fa88b16e475_FIHI-PageBlank-465_1) | 9 |
| **[Notes to financial statements](#xx_e5c5d275-f4ba-4b3e-afdb-0fa88b16e475_NTF-PageBlank-465_1)** | 10 |
| **[Report of independent registered public accounting firm](#xx_e5c5d275-f4ba-4b3e-afdb-0fa88b16e475_AUD-PageBlank-465_1)** | 15 |
| **[Other information](#xx_e5c5d275-f4ba-4b3e-afdb-0fa88b16e475_OI-PageBlank-465_1)** | 16 |
| [Item 8. Changes in and disagreements with accountants](#xx_e5c5d275-f4ba-4b3e-afdb-0fa88b16e475_OI-PageBlank-465_2) | 17 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_e5c5d275-f4ba-4b3e-afdb-0fa88b16e475_OI-PageBlank-465_2) | 17 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_e5c5d275-f4ba-4b3e-afdb-0fa88b16e475_OI-PageBlank-465_2) | 17 |
| [Item 11. Statement regarding basis for board](#xx_e5c5d275-f4ba-4b3e-afdb-0fa88b16e475_OI-PageBlank-465_2)['](#xx_e5c5d275-f4ba-4b3e-afdb-0fa88b16e475_OI-PageBlank-465_2)[s approval of investment](#xx_e5c5d275-f4ba-4b3e-afdb-0fa88b16e475_OI-PageBlank-465_2)<br> [advisory contract](#xx_e5c5d275-f4ba-4b3e-afdb-0fa88b16e475_OI-PageBlank-465_2)<br>| 17 |

---

Allspring Managed Account \| 1

------

Portfolio of investments—March 31, 2026

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 96.66%** |  |  |
| **Communication services: 10.18%** |  |  |
| **Entertainment: 1.66%** |  |  |
| Netflix, Inc.†# | 623 | &nbsp;&nbsp; **$59901** |
| **Interactive media & services: 8.52%** |  |  |
| Alphabet, Inc. Class C# | 683 | &nbsp;&nbsp; 195925 |
| Meta Platforms, Inc. Class A# | 196 | &nbsp;&nbsp; 112138 |
|  |  | &nbsp;&nbsp; **308063** |
| **Consumer discretionary: 10.47%** |  |  |
| **Broadline retail: 4.64%** |  |  |
| Amazon.com, Inc.†# | 804 | &nbsp;&nbsp; **167449** |
| **Hotels, restaurants & leisure: 3.61%** |  |  |
| Hilton Worldwide Holdings, Inc.# | 147 | &nbsp;&nbsp; 44700 |
| McDonald's Corp.# | 170 | &nbsp;&nbsp; 52834 |
| Starbucks Corp.# | 369 | &nbsp;&nbsp; 33059 |
|  |  | &nbsp;&nbsp; **130593** |
| **Household durables: 1.09%** |  |  |
| Garmin Ltd.# | 170 | &nbsp;&nbsp; **39442** |
| **Specialty retail: 1.13%** |  |  |
| Home Depot, Inc.# | 124 | &nbsp;&nbsp; **40782** |
| **Consumer staples: 2.57%** |  |  |
| **Consumer staples distribution & retail: 1.21%** |  |  |
| Walmart, Inc.# | 352 | &nbsp;&nbsp; **43747** |
| **Food products: 1.36%** |  |  |
| Mondelez International, Inc. Class A# | 850 | &nbsp;&nbsp; **48994** |
| **Personal care products: 0.00%** |  |  |
| Unilever PLC ADR# | 2 | &nbsp;&nbsp; **114** |
| **Energy: 5.83%** |  |  |
| **Oil, gas & consumable fuels: 5.83%** |  |  |
| Suncor Energy, Inc.# | 1696 | &nbsp;&nbsp; 112123 |
| TotalEnergies SE# | 1081 | &nbsp;&nbsp; 98349 |
|  |  | &nbsp;&nbsp; **210472** |
| **Financials: 14.07%** |  |  |
| **Banks: 6.22%** |  |  |
| Citigroup, Inc.# | 733 | &nbsp;&nbsp; 83129 |
| JPMorgan Chase & Co.# | 357 | &nbsp;&nbsp; 105015 |
| PNC Financial Services Group, Inc.# | 176 | &nbsp;&nbsp; 36624 |
|  |  | &nbsp;&nbsp; **224768** |

---

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

2 \| Allspring Managed Account

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Capital markets: 3.11%** |  |  |
| BlackRock, Inc.# | 54 | &nbsp;&nbsp; $51932 |
| Blackstone, Inc.# | 526 | &nbsp;&nbsp; 60485 |
|  |  | &nbsp;&nbsp; **112417** |
| **Financial services: 2.08%** |  |  |
| Visa, Inc. Class A# | 248 | &nbsp;&nbsp; **74956** |
| **Insurance: 2.66%** |  |  |
| Manulife Financial Corp.# | 1511 | &nbsp;&nbsp; 52039 |
| Marsh & McLennan Cos., Inc.# | 254 | &nbsp;&nbsp; 44056 |
|  |  | &nbsp;&nbsp; **96095** |
| **Health care: 6.64%** |  |  |
| **Biotechnology: 1.69%** |  |  |
| AbbVie, Inc.# | 281 | &nbsp;&nbsp; **61115** |
| **Health care equipment & supplies: 1.03%** |  |  |
| Abbott Laboratories# | 362 | &nbsp;&nbsp; **37167** |
| **Life sciences tools & services: 1.37%** |  |  |
| Thermo Fisher Scientific, Inc.# | 101 | &nbsp;&nbsp; **49644** |
| **Pharmaceuticals: 2.55%** |  |  |
| Eli Lilly & Co.# | 100 | &nbsp;&nbsp; **91977** |
| **Industrials: 11.67%** |  |  |
| **Aerospace & defense: 4.19%** |  |  |
| Boeing Co.†# | 364 | &nbsp;&nbsp; 72447 |
| RTX Corp.# | 410 | &nbsp;&nbsp; 79089 |
|  |  | &nbsp;&nbsp; **151536** |
| **Commercial services & supplies: 1.73%** |  |  |
| Waste Management, Inc.# | 272 | &nbsp;&nbsp; **62503** |
| **Electrical equipment: 1.51%** |  |  |
| Eaton Corp. PLC# | 152 | &nbsp;&nbsp; **54366** |
| **Ground transportation: 2.63%** |  |  |
| Uber Technologies, Inc.†# | 693 | &nbsp;&nbsp; 49848 |
| Union Pacific Corp.# | 186 | &nbsp;&nbsp; 45127 |
|  |  | &nbsp;&nbsp; **94975** |
| **Machinery: 1.23%** |  |  |
| Xylem, Inc.# | 373 | &nbsp;&nbsp; **44573** |
| **Passenger airlines: 0.38%** |  |  |
| Southwest Airlines Co.# | 369 | &nbsp;&nbsp; **13863** |
| **Information technology: 34.38%** |  |  |
| **Communications equipment: 1.65%** |  |  |
| Motorola Solutions, Inc.# | 137 | &nbsp;&nbsp; **59454** |

---

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

Allspring Managed Account \| 3

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Electronic equipment, instruments & components: 2.65%** |  |  |
| Keysight Technologies, Inc.†# | 186 | &nbsp;&nbsp; $52521 |
| TE Connectivity PLC# | 206 | &nbsp;&nbsp; 43058 |
|  |  | &nbsp;&nbsp; **95579** |
| **Semiconductors & semiconductor equipment: 12.88%** |  |  |
| Advanced Micro Devices, Inc.†# | 276 | &nbsp;&nbsp; 56147 |
| Analog Devices, Inc.# | 158 | &nbsp;&nbsp; 50266 |
| ASML Holding NV# | 34 | &nbsp;&nbsp; 44908 |
| Broadcom, Inc.# | 508 | &nbsp;&nbsp; 157231 |
| Lam Research Corp.# | 256 | &nbsp;&nbsp; 54697 |
| NVIDIA Corp.# | 586 | &nbsp;&nbsp; 102199 |
|  |  | &nbsp;&nbsp; **465448** |
| **Software: 9.18%** |  |  |
| Microsoft Corp.# | 650 | &nbsp;&nbsp; 240610 |
| Salesforce, Inc.# | 294 | &nbsp;&nbsp; 54881 |
| ServiceNow, Inc.†# | 347 | &nbsp;&nbsp; 36279 |
|  |  | &nbsp;&nbsp; **331770** |
| **Technology hardware, storage & peripherals: 8.02%** |  |  |
| Apple, Inc.# | 1142 | &nbsp;&nbsp; **289828** |
| **Materials: 0.85%** |  |  |
| **Chemicals: 0.85%** |  |  |
| Ecolab, Inc.# | 116 | &nbsp;&nbsp; **30858** |
| **Total common stocks (Cost $2,682,895)** |  | &nbsp;&nbsp; **3492449** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 3.51%** |  |  |  |  |
| **Investment companies: 3.51%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.60<br> %<br>| 126823 | &nbsp;&nbsp; **126823** |
| **Total short-term investments (Cost $126,823)** |  |  |  | &nbsp;&nbsp; **126823** |
| **Total investments in securities (Cost $2,809,718)** | 100.17<br> %<br>|  |  | &nbsp;&nbsp; 3619272 |
| Other assets and liabilities, net | (0.17)<br>|  |  | &nbsp;&nbsp; (6040)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$3613232** |

---

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

---

| |
|:---|
| Non-income-earning security |
| All or a portion of this security is segregated as collateral for investments in derivative instruments. |
| The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| The rate represents the 7-day annualized yield at period end. |

---

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

Abbreviations: <br> ADR American depositary receipt

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

4 \| Allspring Managed Account

------

Portfolio of investments—March 31, 2026

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select Class | $78374 | $1767690 | $(1719241)<br>| $0 | $0 | $126823 | 126823 | $5014 |

---

**Written options** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Number of <br>contracts<br>| &nbsp;&nbsp; Notional <br>amount<br>| &nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp; Expiration <br>date<br>| Value |
| **Call** |  |  |  |  |  |  |
| E-Mini S&P 500 Index  | Morgan Stanley Co. | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; $(292000)<br>| &nbsp;&nbsp; $730.00 | &nbsp;&nbsp; 4-2-2026 | &nbsp;&nbsp; $0 |
| E-Mini S&P 500 Index  | Morgan Stanley Co. | &nbsp;&nbsp; (16)<br>| &nbsp;&nbsp; (1128000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;705.00 | &nbsp;&nbsp; 4-2-2026 | &nbsp;&nbsp; 0 |
| E-Mini S&P 500 Index  | Morgan Stanley Co. | &nbsp;&nbsp; (20)<br>| &nbsp;&nbsp; (1460000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;730.00 | &nbsp;&nbsp; 4-10-2026 | &nbsp;&nbsp; 0 |
| E-Mini S&P 500 Index  | Morgan Stanley Co. | &nbsp;&nbsp; (20)<br>| &nbsp;&nbsp; (1442000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;721.00 | &nbsp;&nbsp; 4-17-2026 | &nbsp;&nbsp; (140)<br>|
| E-Mini S&P 500 Index  | Morgan Stanley Co. | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; (204300)<br>| &nbsp;&nbsp;&nbsp;&nbsp;681.00 | &nbsp;&nbsp; 4-17-2026 | &nbsp;&nbsp; (405)<br>|
| E-Mini S&P 500 Index  | Morgan Stanley Co. | &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp; (1522500)<br>| &nbsp;&nbsp;&nbsp;&nbsp;725.00 | &nbsp;&nbsp; 4-24-2026 | &nbsp;&nbsp; (168)<br>|
| E-Mini S&P 500 Index  | Morgan Stanley Co. | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; (134400)<br>| &nbsp;&nbsp;&nbsp;&nbsp;672.00 | &nbsp;&nbsp; 4-24-2026 | &nbsp;&nbsp; (1071)<br>|
| Invesco QQQ Trust, Series 1  | Morgan Stanley Co. | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; (248800)<br>| &nbsp;&nbsp;&nbsp;&nbsp;622.00 | &nbsp;&nbsp; 4-10-2026 | &nbsp;&nbsp; (22)<br>|
| Invesco QQQ Trust, Series 1  | Morgan Stanley Co. | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; (122600)<br>| &nbsp;&nbsp;&nbsp;&nbsp;613.00 | &nbsp;&nbsp; 4-17-2026 | &nbsp;&nbsp; (140)<br>|
| iShares Russell 2000 ETF  | Morgan Stanley Co. | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; (240300)<br>| &nbsp;&nbsp;&nbsp;&nbsp;267.00 | &nbsp;&nbsp; 4-2-2026 | &nbsp;&nbsp; 0 |
| iShares Russell 2000 ETF  | Morgan Stanley Co. | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; (234000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;260.00 | &nbsp;&nbsp; 4-10-2026 | &nbsp;&nbsp; (720)<br>|
| iShares Russell 2000 ETF  | Morgan Stanley Co. | &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; (282700)<br>| &nbsp;&nbsp;&nbsp;&nbsp;257.00 | &nbsp;&nbsp; 4-17-2026 | &nbsp;&nbsp; (2893)<br>|
| iShares Russell 2000 ETF  | Morgan Stanley Co. | &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; (284900)<br>| &nbsp;&nbsp;&nbsp;&nbsp;259.00 | &nbsp;&nbsp; 4-24-2026 | &nbsp;&nbsp; (3113)<br>|
| SPDR Dow Jones Industrial Average ETF  | Morgan Stanley Co. | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; (214000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;535.00 | &nbsp;&nbsp; 4-2-2026 | &nbsp;&nbsp; 0 |
| SPDR Dow Jones Industrial Average ETF  | Morgan Stanley Co. | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; (97200)<br>| &nbsp;&nbsp;&nbsp;&nbsp;486.00 | &nbsp;&nbsp; 4-10-2026 | &nbsp;&nbsp; (61)<br>|
| SPDR Dow Jones Industrial Average ETF  | Morgan Stanley Co. | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (48700)<br>| &nbsp;&nbsp;&nbsp;&nbsp;487.00 | &nbsp;&nbsp; 4-10-2026 | &nbsp;&nbsp; (26)<br>|
| SPDR Dow Jones Industrial Average ETF  | Morgan Stanley Co. | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; (95200)<br>| &nbsp;&nbsp;&nbsp;&nbsp;476.00 | &nbsp;&nbsp; 4-24-2026 | &nbsp;&nbsp; (845)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; **$(9604)**<br>|

---

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

Allspring Managed Account \| 5

------

Statement of assets and liabilities—March 31, 2026

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $2,682,895) | $3492449 |
| Investments in affiliated securities, at value (cost $126,823) | 126823 |
| Cash due from broker | 1010 |
| Receivable from manager | 2133 |
| Receivable for dividends | 1431 |
| **Total assets** | **3623846** |
| Liabilities |  |
| Written options, at value (premiums $20,275) | 9604 |
| Overdraft due to custodian bank | 1010 |
| **Total liabilities** | **10614** |
| **Total net assets**  | **$3613232** |
| Net assets consist of |  |
| Paid-in capital | $2645903 |
| Total distributable earnings | 967329 |
| **Total net assets** | **$3613232** |
| Computation of net asset value per share |  |
| Net assets | $3613232 |
| Shares outstanding<sup>1</sup> <br>| 132121 |
| Net asset value per share | $27.35 |

---

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

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

6 \| Allspring Managed Account

------

Statement of operations—year ended March 31, 2026

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $1,207) | $38408 |
| Income from affiliated securities | 5014 |
| Interest | 2261 |
| **Total investment income** | **45683** |
| Expenses |  |
| Custody and accounting fees | 4905 |
| Professional fees | 35288 |
| Registration fees | 24969 |
| Shareholder report expenses | 16288 |
| Trustees' fees and expenses | 8717 |
| Other fees and expenses | 7140 |
| **Total expenses** | **97307** |
| Less: Fee waivers and/or expense reimbursements | (97307)<br>|
| **Net expenses** | **0** |
| **Net investment income** | **45683** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | 215613 |
| Foreign currency and foreign currency translations | 4 |
| Written options | 77212 |
| **Net realized gains on investments**  | **292829** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 300836 |
| Written options | 671 |
| **Net change in unrealized gains (losses) on investments** | **301507** |
| **Net realized and unrealized gains (losses) on investments** | **594336** |
| **Net increase in net assets resulting from operations** | **$640019** |

---

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

Allspring Managed Account \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> March 31, 2026 | Year ended<br> March 31, 2026 | Year ended<br> March 31, 2025 | Year ended<br> March 31, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $45683 |  | &nbsp;&nbsp; $55528 |
| Net realized gains on investments |  | &nbsp;&nbsp; 292829 |  | &nbsp;&nbsp; 145584 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 301507 |  | &nbsp;&nbsp; 12208 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **640019** |  | &nbsp;&nbsp; **213320** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  | &nbsp;&nbsp; (196715)<br>|  | &nbsp;&nbsp; (54741)<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold | 25986 | &nbsp;&nbsp; 695829 | &nbsp;&nbsp; 2425 | &nbsp;&nbsp; 58265 |
| Reinvestment of distributions | 78 | &nbsp;&nbsp; 2145 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 503 |
| Payment for shares redeemed | (36254)<br>| &nbsp;&nbsp; (913458)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| **Net increase (decrease) in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(215484)**<br>|  | &nbsp;&nbsp; **58768** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **227820** |  | &nbsp;&nbsp; **217347** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **3385412** |  | &nbsp;&nbsp; **3168065** |
| **End of period** |  | &nbsp;&nbsp; **$3613232** |  | &nbsp;&nbsp; **$3385412** |

---

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

8 \| Allspring Managed Account

------

Financial highlights

Financial highlights

(For a share outstanding throughout the period)

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

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 | Year ended March 31 |
|  | 2026 | 2025 | 2024<sup>1</sup> <br>|
| **Net asset value, beginning of period** | **$23.79** | &nbsp;&nbsp; **$22.65** | &nbsp;&nbsp; **$20.00** |
| Net investment income | 0.36 <br><sup>2</sup><br>| 0.39 <br><sup>2</sup><br>| 0.32 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 4.82 | 1.14 | 2.98 |
| Total from investment operations | 5.18 | 1.53 | 3.30 |
| **Distributions to shareholders from** |  |  |  |
| Net investment income | (0.39)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.30)<br>|
| Net realized gains | (1.23)<br>| 0.00 | &nbsp;&nbsp; (0.35)<br>|
| Total distributions to shareholders | (1.62)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.65)<br>|
| **Net asset value, end of period** | **$27.35** | &nbsp;&nbsp; **$23.79** | &nbsp;&nbsp; **$22.65** |
| **Total return**<sup>3</sup> <br>| **21.80%**<br>| **6.73%**<br>| **16.81%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |
| Gross expenses | 2.84<br> %<br>| 3.45<br> %<br>| 5.18 %\*<br>|
| Net expenses<sup>4</sup> <br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.05 %\*<br>|
| Net investment income | 1.33<br> %<br>| 1.64<br> %<br>| 1.92 %\*<br>|
| **Supplemental data** |  |  |  |
| Portfolio turnover rate | 30<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (000s omitted) | $3613 | &nbsp;&nbsp; $3385 | &nbsp;&nbsp; $3168 |

---

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

\* Ratios include dividends on securities sold short as follows:

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

---

| | |
|:---|:---|
| Year ended March 31, 2024 | 0.05% |

---

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

<sup>1</sup> For the period from June 8, 2023 (commencement of operations) to March 31, 2024

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

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

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

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

Allspring Managed Account \| 9

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

The Fund is a special purpose fund invested primarily in a diversified portfolio of equity securities of approximately 40 to 60 large capitalization U.S. companies and is intended to be used in combination with selected individual securities to effectively model institutional-level investment strategies. The Fund is intended to help enable certain separately managed account investors to achieve greater diversification than smaller managed accounts might otherwise achieve.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Options that are listed on a foreign or domestic exchange or market are valued at the closing mid-price. Non-listed options are valued at the evaluated price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, 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.

Options

The Fund may write covered call options or secured put options on individual securities and/or indexes. When the Fund writes an option, an amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current market value of the written option. Premiums received from written options that expire unexercised are recognized as realized gains on the expiration date. For exercised options, the difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in calculating the realized gain or loss on the sale. If a put option is exercised, the premium reduces the cost of the security purchased. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security and/or index underlying the written option.

10 \| Allspring Managed Account

------

Notes to financial statements

The Fund may sell a security it does not own as a result of an exercised written call option. The Fund records the proceeds as a liability which is marked-to-market daily based upon quotations from an independent pricing service or an independent broker-dealer and any change in value is recorded as an unrealized gain or loss. Any interest or dividends accrued on such securities during the period are recorded as an expense on the Statement of operations. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the closing of a short sale if the market price at the closing is less than or greater than, respectively, the proceeds originally received.

The Fund may also purchase call or put options. Premiums paid are included in the Statement of assets and liabilities as investments, the values of which are subsequently adjusted based on the current market values of the options. Premiums paid for purchased options that expire are recognized as realized losses on the expiration date. Premiums paid for purchased options that are exercised or closed are added to the amount paid or offset against the proceeds received for the underlying security to determine the realized gain or loss. The risk of loss associated with purchased options is limited to the premium paid.

Options traded on an exchange are regulated and terms of the options are standardized. The Fund is subject to equity price risk. Purchased options traded over-the-counter expose the Fund to counterparty risk in the event the counterparty does not perform. This risk can be mitigated by having a master netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund's exposure to the counterparty.

Security transactions and income recognition

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

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

Federal and other taxes

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

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

As of March 31, 2026, the aggregate cost of all investments for federal income tax purposes was $2,815,658 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $926221 |
| Gross unrealized losses | &nbsp;&nbsp; (111936)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$814285** |

---

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Allspring Managed Account \| 11

------

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of March 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; $367964 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $367964 |
| *Consumer discretionary* | &nbsp;&nbsp; 378266 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 378266 |
| *Consumer staples* | &nbsp;&nbsp; 92855 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 92855 |
| *Energy* | &nbsp;&nbsp; 210472 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 210472 |
| *Financials* | &nbsp;&nbsp; 508236 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 508236 |
| *Health care* | &nbsp;&nbsp; 239903 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 239903 |
| *Industrials* | &nbsp;&nbsp; 421816 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 421816 |
| *Information technology* | &nbsp;&nbsp; 1242079 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1242079 |
| *Materials* | &nbsp;&nbsp; 30858 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 30858 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 126823 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 126823 |
| **Total assets** | &nbsp;&nbsp; **$3619272** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$3619272** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Written options** | &nbsp;&nbsp; $9604 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $9604 |
| **Total liabilities** | &nbsp;&nbsp; **$9604** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$9604** |

---

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

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

4. TRANSACTIONS WITH AFFILIATES

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

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended March 31, 2026 were $995,094 and $1,333,250, respectively.

6. DERIVATIVE TRANSACTIONS

During the year ended March 31, 2026, the Fund entered into written options for income generation and hedging purposes. The Fund had an average of 143 written option contracts during the year ended March 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.

12 \| Allspring Managed Account

------

Notes to financial statements

For options contracts, the Fund has the right to use the collateral to offset any losses incurred. As of March 31, 2026, the Fund had written options contracts with the following counterparty which are subject to offset:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of liabilities in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>pledged<sup>1</sup> <br>| Net amount <br>of liabilities<br>|
| Morgan Stanley Co. | &nbsp;&nbsp; $9604 | $0 | $(9604)<br>| $0 |

---

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

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

7. BANK BORROWINGS

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

For the year ended March 31, 2026, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 |
|  | 2026 | 2025 |
| **Ordinary income** | $62558 | $54741 |
| **Long-term capital gain** | 134157 | 0 |
| **Total** | $196715 | $54741 |

---

As of March 31, 2026, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>gains<br>| Total |
| &nbsp;&nbsp;&nbsp; $74971 | &nbsp;&nbsp; $78073 | &nbsp;&nbsp;&nbsp; $814285 | &nbsp;&nbsp;&nbsp; $967329 |

---

9. CONCENTRATION RISK

Concentration risk exists when a shareholder owns a large amount of shares of the Fund. A fund with a concentration of ownership may be more affected by the investment activity of those shareholders than would be a fund that does not have any ownership concentration. As of March 31, 2026, Allspring Funds Management or one of its affiliates owned 85% of the Fund.

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.

10. INDEMNIFICATION

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

11. OPERATING SEGMENTS

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

Allspring Managed Account \| 13

------

Notes to financial statements

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.

14 \| Allspring Managed Account

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Managed Account CoreBuilder® Shares - Series EPI (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of March 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the two-year period then ended and the period from June 8, 2023 (commencement of operations) to March 31, 2024. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the two-year period then ended and the period from June 8, 2023 to March 31, 2024, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian, transfer agent and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g100573imgf71aa2aa2.jpg)

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

Boston, Massachusetts

May 21, 2026

Allspring Managed Account \| 15

------

Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 31% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended March 31, 2026.

Pursuant to Section 852 of the Internal Revenue Code, $134,157 was designated as a 20% rate gain distribution for the fiscal year ended

March 31, 2026.

Pursuant to Section 854 of the Internal Revenue Code, $25,735 of income dividends paid during the fiscal year ended March 31, 2026 has been designated as qualified dividend income (QDI).

For the fiscal year ended March 31, 2026, $5,086 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended March 31, 2026, $14,952 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Proxy voting information

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

Quarterly portfolio holdings information

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

16 \| Allspring Managed Account

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

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

Not applicable

Allspring Managed Account \| 17

------

![](g100573imgd94411781.jpg)

For more information

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

Allspring Funds

Attn: Managed Account Services

P.O. Box 1450

Milwaukee, WI 53201

Website: **allspringglobal.com**

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

![](g100573imgcc6323663.gif)

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

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

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

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

**NCSR4905 03-26**

------

![](g100573imgee9f9d6f1.jpg)

Allspring Disciplined Small Cap Fund

Long Form Financial Statements

Annual Report

March 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_485b03fc-bfca-4509-8964-93ea23f899ac_POI-PageBlank-41_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_485b03fc-bfca-4509-8964-93ea23f899ac_FS-PageBlank-41_1)** |  |
| [Statement of assets and liabilities](#xx_485b03fc-bfca-4509-8964-93ea23f899ac_FS-PageBlank-41_1) | 15 |
| [Statement of operations](#xx_485b03fc-bfca-4509-8964-93ea23f899ac_FS-PageBlank-41_2) | 16 |
| [Statement of changes in net assets](#xx_485b03fc-bfca-4509-8964-93ea23f899ac_FS-PageBlank-41_3) | 17 |
| [Financial highlights](#xx_485b03fc-bfca-4509-8964-93ea23f899ac_FIHI-PageBlank-41_1) | 18 |
| **[Notes to financial statements](#xx_485b03fc-bfca-4509-8964-93ea23f899ac_NTF-PageBlank-41_1)** | 21 |
| **[Report of independent registered public accounting firm](#xx_485b03fc-bfca-4509-8964-93ea23f899ac_AUD-PageBlank-41_1)** | 26 |
| **[Other information](#xx_485b03fc-bfca-4509-8964-93ea23f899ac_OI-PageBlank-41_1)** | 27 |
| [Item 8. Changes in and disagreements with accountants](#xx_485b03fc-bfca-4509-8964-93ea23f899ac_OI-PageBlank-41_2) | 28 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_485b03fc-bfca-4509-8964-93ea23f899ac_OI-PageBlank-41_2) | 28 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_485b03fc-bfca-4509-8964-93ea23f899ac_OI-PageBlank-41_2) | 28 |
| [Item 11. Statement regarding basis for board](#xx_485b03fc-bfca-4509-8964-93ea23f899ac_OI-PageBlank-41_2)['](#xx_485b03fc-bfca-4509-8964-93ea23f899ac_OI-PageBlank-41_2)[s approval of investment](#xx_485b03fc-bfca-4509-8964-93ea23f899ac_OI-PageBlank-41_2)<br> [advisory contract](#xx_485b03fc-bfca-4509-8964-93ea23f899ac_OI-PageBlank-41_2)<br>| 28 |

---

Allspring Disciplined Small Cap Fund \| 1

------

Portfolio of investments—March 31, 2026

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 96.23%** |  |  |
| **Communication services: 1.81%** |  |  |
| **Entertainment: 0.48%** |  |  |
| Cinemark Holdings, Inc. | 6149 | &nbsp;&nbsp; $175369 |
| Madison Square Garden Entertainment Corp. Class A† | 3379 | &nbsp;&nbsp; 199057 |
| Sphere Entertainment Co.† | 2454 | &nbsp;&nbsp; 288100 |
|  |  | &nbsp;&nbsp; **662526** |
| **Interactive media & services: 1.10%** |  |  |
| CarGurus, Inc.† | 4912 | &nbsp;&nbsp; 167253 |
| EverQuote, Inc. Class A† | 32184 | &nbsp;&nbsp; 496277 |
| MediaAlpha, Inc. Class A† | 30929 | &nbsp;&nbsp; 287640 |
| QuinStreet, Inc.† | 33561 | &nbsp;&nbsp; 403068 |
| TripAdvisor, Inc.† | 6943 | &nbsp;&nbsp; 74012 |
| Yelp, Inc. Class A† | 4005 | &nbsp;&nbsp; 99084 |
|  |  | &nbsp;&nbsp; **1527334** |
| **Media: 0.23%** |  |  |
| Magnite, Inc.† | 26978 | &nbsp;&nbsp; **320499** |
| **Consumer discretionary: 8.74%** |  |  |
| **Automobile components: 0.83%** |  |  |
| Adient PLC† | 7319 | &nbsp;&nbsp; 147917 |
| Dauch Corp.† | 48424 | &nbsp;&nbsp; 287154 |
| Motorcar Parts of America, Inc.† | 23334 | &nbsp;&nbsp; 258074 |
| XPEL, Inc.† | 10333 | &nbsp;&nbsp; 457339 |
|  |  | &nbsp;&nbsp; **1150484** |
| **Broadline retail: 0.30%** |  |  |
| Kohl's Corp. | 31935 | &nbsp;&nbsp; **411961** |
| **Distributors: 0.68%** |  |  |
| GigaCloud Technology, Inc. Class A† | 20964 | &nbsp;&nbsp; **951346** |
| **Diversified consumer services: 1.75%** |  |  |
| American Public Education, Inc.† | 7607 | &nbsp;&nbsp; 432686 |
| Covista, Inc.† | 2960 | &nbsp;&nbsp; 341140 |
| Frontdoor, Inc.† | 6257 | &nbsp;&nbsp; 330745 |
| Perdoceo Education Corp. | 22334 | &nbsp;&nbsp; 831048 |
| Stride, Inc.† | 5645 | &nbsp;&nbsp; 497720 |
|  |  | &nbsp;&nbsp; **2433339** |
| **Hotels, restaurants & leisure: 1.87%** |  |  |
| Brightstar Lottery PLC | 6005 | &nbsp;&nbsp; 76504 |
| Brinker International, Inc.† | 7383 | &nbsp;&nbsp; 1054071 |
| Hilton Grand Vacations, Inc.† | 6187 | &nbsp;&nbsp; 242035 |
| Rush Street Interactive, Inc.† | 18912 | &nbsp;&nbsp; 411336 |
| Super Group SGHC Ltd. | 74473 | &nbsp;&nbsp; 804308 |
|  |  | &nbsp;&nbsp; **2588254** |

---

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

2 \| Allspring Disciplined Small Cap Fund

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Household durables: 0.92%** |  |  |
| Cavco Industries, Inc.† | 209 | &nbsp;&nbsp; $101217 |
| Hovnanian Enterprises, Inc. Class A† | 2375 | &nbsp;&nbsp; 263411 |
| KB Home | 4561 | &nbsp;&nbsp; 236032 |
| M/I Homes, Inc.† | 3436 | &nbsp;&nbsp; 420738 |
| Taylor Morrison Home Corp. Class A† | 4437 | &nbsp;&nbsp; 258411 |
|  |  | &nbsp;&nbsp; **1279809** |
| **Leisure products: 0.12%** |  |  |
| JAKKS Pacific, Inc. | 8078 | &nbsp;&nbsp; **160914** |
| **Specialty retail: 1.60%** |  |  |
| Abercrombie & Fitch Co. Class A† | 8997 | &nbsp;&nbsp; 822056 |
| Group 1 Automotive, Inc. | 1905 | &nbsp;&nbsp; 629850 |
| Urban Outfitters, Inc.† | 12065 | &nbsp;&nbsp; 764318 |
|  |  | &nbsp;&nbsp; **2216224** |
| **Textiles, apparel & luxury goods: 0.67%** |  |  |
| Kontoor Brands, Inc. | 12011 | &nbsp;&nbsp; 844253 |
| Superior Group of Cos., Inc. | 8621 | &nbsp;&nbsp; 87590 |
|  |  | &nbsp;&nbsp; **931843** |
| **Consumer staples: 1.42%** |  |  |
| **Consumer staples distribution & retail: 1.12%** |  |  |
| Andersons, Inc. | 12549 | &nbsp;&nbsp; 900767 |
| Sprouts Farmers Market, Inc.† | 2386 | &nbsp;&nbsp; 184032 |
| United Natural Foods, Inc.† | 10261 | &nbsp;&nbsp; 462361 |
|  |  | &nbsp;&nbsp; **1547160** |
| **Food products: 0.09%** |  |  |
| Vital Farms, Inc.† | 9106 | &nbsp;&nbsp; **128577** |
| **Household products: 0.04%** |  |  |
| Central Garden & Pet Co.† | 1460 | &nbsp;&nbsp; **53684** |
| **Personal care products: 0.04%** |  |  |
| Niagen Bioscience, Inc.† | 12175 | &nbsp;&nbsp; **53692** |
| **Tobacco: 0.13%** |  |  |
| Turning Point Brands, Inc. | 2165 | &nbsp;&nbsp; **187900** |
| **Energy: 6.40%** |  |  |
| **Energy equipment & services: 1.88%** |  |  |
| Archrock, Inc. | 15046 | &nbsp;&nbsp; 523601 |
| Bristow Group, Inc. | 14622 | &nbsp;&nbsp; 685626 |
| Helix Energy Solutions Group, Inc.† | 31876 | &nbsp;&nbsp; 315254 |
| Helmerich & Payne, Inc. | 13681 | &nbsp;&nbsp; 492926 |
| Liberty Energy, Inc. Class A | 15710 | &nbsp;&nbsp; 452448 |
| Seadrill Ltd.† | 3097 | &nbsp;&nbsp; 140913 |
|  |  | &nbsp;&nbsp; **2610768** |

---

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

Allspring Disciplined Small Cap Fund \| 3

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Oil, gas & consumable fuels: 4.52%** |  |  |
| California Resources Corp. | 7242 | &nbsp;&nbsp; $501291 |
| Centrus Energy Corp. Class A† | 2140 | &nbsp;&nbsp; 371483 |
| Clean Energy Fuels Corp.† | 84686 | &nbsp;&nbsp; 210021 |
| Diversified Energy Co. | 17446 | &nbsp;&nbsp; 304258 |
| Excelerate Energy, Inc. Class A | 2558 | &nbsp;&nbsp; 85488 |
| International Seaways, Inc. | 10739 | &nbsp;&nbsp; 782658 |
| Murphy Oil Corp. | 2678 | &nbsp;&nbsp; 110468 |
| Par Pacific Holdings, Inc.† | 18920 | &nbsp;&nbsp; 1185149 |
| Peabody Energy Corp. | 25211 | &nbsp;&nbsp; 830703 |
| Scorpio Tankers, Inc. | 11737 | &nbsp;&nbsp; 876284 |
| Teekay Tankers Ltd. Class A | 7726 | &nbsp;&nbsp; 566470 |
| VAALCO Energy, Inc. | 69888 | &nbsp;&nbsp; 443090 |
|  |  | &nbsp;&nbsp; **6267363** |
| **Financials: 16.96%** |  |  |
| **Banks: 9.54%** |  |  |
| 1st Source Corp. | 4900 | &nbsp;&nbsp; 339129 |
| Amalgamated Financial Corp. | 10687 | &nbsp;&nbsp; 415404 |
| Ameris Bancorp | 7468 | &nbsp;&nbsp; 582429 |
| Axos Financial, Inc.† | 6893 | &nbsp;&nbsp; 586525 |
| Bancorp, Inc.† | 2912 | &nbsp;&nbsp; 156462 |
| Bank of NT Butterfield & Son Ltd. | 9544 | &nbsp;&nbsp; 500869 |
| BankUnited, Inc. | 5785 | &nbsp;&nbsp; 261251 |
| Capital Bancorp, Inc. | 7160 | &nbsp;&nbsp; 212938 |
| Central Pacific Financial Corp. | 5646 | &nbsp;&nbsp; 180446 |
| Civista Bancshares, Inc. | 3637 | &nbsp;&nbsp; 82887 |
| CNB Financial Corp. | 9910 | &nbsp;&nbsp; 286994 |
| Customers Bancorp, Inc.† | 7154 | &nbsp;&nbsp; 496559 |
| Eastern Bankshares, Inc. | 12405 | &nbsp;&nbsp; 242642 |
| Enterprise Financial Services Corp. | 4597 | &nbsp;&nbsp; 248744 |
| First BanCorp | 32471 | &nbsp;&nbsp; 693581 |
| First Financial Bancorp | 9871 | &nbsp;&nbsp; 275203 |
| First Financial Corp. | 6861 | &nbsp;&nbsp; 433615 |
| Firstsun Capital Bancorp† | 11518 | &nbsp;&nbsp; 419946 |
| Hancock Whitney Corp. | 8224 | &nbsp;&nbsp; 522964 |
| Hanmi Financial Corp. | 18157 | &nbsp;&nbsp; 478618 |
| Hilltop Holdings, Inc. | 11818 | &nbsp;&nbsp; 423321 |
| International Bancshares Corp. | 1706 | &nbsp;&nbsp; 114797 |
| Mercantile Bank Corp. | 5396 | &nbsp;&nbsp; 272498 |
| Metropolitan Bank Holding Corp. | 5037 | &nbsp;&nbsp; 419532 |
| NB Bancorp, Inc. | 19027 | &nbsp;&nbsp; 400899 |
| Northeast Community Bancorp, Inc. | 14065 | &nbsp;&nbsp; 334747 |
| Northwest Bancshares, Inc. | 30717 | &nbsp;&nbsp; 389799 |
| OFG Bancorp | 12170 | &nbsp;&nbsp; 492398 |
| Origin Bancorp, Inc. | 10551 | &nbsp;&nbsp; 437444 |
| Pathward Financial, Inc. | 5864 | &nbsp;&nbsp; 523245 |
| Preferred Bank | 4182 | &nbsp;&nbsp; 379266 |
| Republic Bancorp, Inc. Class A | 2280 | &nbsp;&nbsp; 160854 |

---

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

4 \| Allspring Disciplined Small Cap Fund

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Banks**(continued) |  |  |
| UMB Financial Corp. | 7461 | &nbsp;&nbsp; $841526 |
| WSFS Financial Corp. | 9607 | &nbsp;&nbsp; 628874 |
|  |  | &nbsp;&nbsp; **13236406** |
| **Capital markets: 1.75%** |  |  |
| Acadian Asset Management, Inc. | 5092 | &nbsp;&nbsp; 277107 |
| Artisan Partners Asset Management, Inc. Class A | 6199 | &nbsp;&nbsp; 225581 |
| BGC Group, Inc. Class A | 25923 | &nbsp;&nbsp; 253527 |
| StoneX Group, Inc.† | 12922 | &nbsp;&nbsp; 1042159 |
| Victory Capital Holdings, Inc. Class A | 9639 | &nbsp;&nbsp; 631162 |
|  |  | &nbsp;&nbsp; **2429536** |
| **Consumer finance: 2.20%** |  |  |
| Atlanticus Holdings Corp.† | 5606 | &nbsp;&nbsp; 294147 |
| Bread Financial Holdings, Inc. | 5592 | &nbsp;&nbsp; 418785 |
| Enova International, Inc.† | 6159 | &nbsp;&nbsp; 836577 |
| FirstCash Holdings, Inc. | 2406 | &nbsp;&nbsp; 452328 |
| LendingTree, Inc.† | 3072 | &nbsp;&nbsp; 131727 |
| OppFi, Inc. | 40868 | &nbsp;&nbsp; 315092 |
| PROG Holdings, Inc. | 13253 | &nbsp;&nbsp; 380229 |
| Regional Management Corp. | 6846 | &nbsp;&nbsp; 220784 |
|  |  | &nbsp;&nbsp; **3049669** |
| **Financial services: 1.93%** |  |  |
| Essent Group Ltd. | 6404 | &nbsp;&nbsp; 374250 |
| Evertec, Inc. | 8183 | &nbsp;&nbsp; 230924 |
| Jackson Financial, Inc. Class A | 7804 | &nbsp;&nbsp; 825039 |
| Marqeta, Inc. Class A† | 49599 | &nbsp;&nbsp; 202364 |
| MGIC Investment Corp. | 6231 | &nbsp;&nbsp; 163564 |
| NMI Holdings, Inc. Class A† | 7640 | &nbsp;&nbsp; 286576 |
| Payoneer Global, Inc.† | 33591 | &nbsp;&nbsp; 162245 |
| Paysign, Inc.† | 42538 | &nbsp;&nbsp; 250974 |
| Radian Group, Inc. | 5453 | &nbsp;&nbsp; 180385 |
|  |  | &nbsp;&nbsp; **2676321** |
| **Insurance: 1.54%** |  |  |
| Genworth Financial, Inc. Class A† | 27208 | &nbsp;&nbsp; 220929 |
| Hamilton Insurance Group Ltd. Class B | 13887 | &nbsp;&nbsp; 414249 |
| HCI Group, Inc. | 3952 | &nbsp;&nbsp; 611019 |
| Oscar Health, Inc. Class A† | 18030 | &nbsp;&nbsp; 206804 |
| Skyward Specialty Insurance Group, Inc.† | 3677 | &nbsp;&nbsp; 160611 |
| United Fire Group, Inc. | 13917 | &nbsp;&nbsp; 515764 |
|  |  | &nbsp;&nbsp; **2129376** |
| **Health care: 16.62%** |  |  |
| **Biotechnology: 8.53%** |  |  |
| ACADIA Pharmaceuticals, Inc.† | 11946 | &nbsp;&nbsp; 265918 |
| ADMA Biologics, Inc.† | 15724 | &nbsp;&nbsp; 141673 |
| Alkermes PLC† | 15827 | &nbsp;&nbsp; 559643 |

---

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

Allspring Disciplined Small Cap Fund \| 5

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Biotechnology**(continued) |  |  |
| Apogee Therapeutics, Inc.† | 3854 | &nbsp;&nbsp; $324391 |
| Arcturus Therapeutics Holdings, Inc.† | 17311 | &nbsp;&nbsp; 133641 |
| Arcus Biosciences, Inc.† | 13583 | &nbsp;&nbsp; 293393 |
| Arcutis Biotherapeutics, Inc.† | 4357 | &nbsp;&nbsp; 102651 |
| Arrowhead Pharmaceuticals, Inc.† | 4268 | &nbsp;&nbsp; 267604 |
| Beam Therapeutics, Inc.† | 9055 | &nbsp;&nbsp; 215781 |
| Blueprint Medicines Corp.♦† | 2870 | &nbsp;&nbsp; 0 |
| Bridgebio Pharma, Inc.† | 7978 | &nbsp;&nbsp; 592446 |
| CareDx, Inc.† | 13620 | &nbsp;&nbsp; 236443 |
| Catalyst Pharmaceuticals, Inc.† | 15943 | &nbsp;&nbsp; 394749 |
| Cogent Biosciences, Inc.† | 7674 | &nbsp;&nbsp; 295372 |
| CRISPR Therapeutics AG† | 3806 | &nbsp;&nbsp; 181051 |
| Cytokinetics, Inc.† | 4226 | &nbsp;&nbsp; 278536 |
| Dyne Therapeutics, Inc.† | 2954 | &nbsp;&nbsp; 53556 |
| Entrada Therapeutics, Inc.† | 12572 | &nbsp;&nbsp; 158659 |
| GRAIL, Inc.† | 1388 | &nbsp;&nbsp; 71732 |
| Halozyme Therapeutics, Inc.† | 1531 | &nbsp;&nbsp; 98948 |
| Ideaya Biosciences, Inc.† | 3991 | &nbsp;&nbsp; 132980 |
| Insmed, Inc.† | 594 | &nbsp;&nbsp; 97131 |
| Intellia Therapeutics, Inc.† | 11564 | &nbsp;&nbsp; 148250 |
| Ironwood Pharmaceuticals, Inc. Class A† | 50972 | &nbsp;&nbsp; 178912 |
| Janux Therapeutics, Inc.† | 10443 | &nbsp;&nbsp; 145158 |
| Kiniksa Pharmaceuticals International PLC Class A† | 9905 | &nbsp;&nbsp; 476926 |
| Krystal Biotech, Inc.† | 1507 | &nbsp;&nbsp; 389288 |
| Kura Oncology, Inc.† | 15030 | &nbsp;&nbsp; 122194 |
| Madrigal Pharmaceuticals, Inc.† | 717 | &nbsp;&nbsp; 375328 |
| MiMedx Group, Inc.† | 42805 | &nbsp;&nbsp; 169080 |
| Mirum Pharmaceuticals, Inc.† | 1560 | &nbsp;&nbsp; 144113 |
| Monte Rosa Therapeutics, Inc.† | 19411 | &nbsp;&nbsp; 319311 |
| Nurix Therapeutics, Inc.† | 8661 | &nbsp;&nbsp; 134245 |
| Nuvalent, Inc. Class A† | 1656 | &nbsp;&nbsp; 169657 |
| Praxis Precision Medicines, Inc.† | 1090 | &nbsp;&nbsp; 351187 |
| Protagonist Therapeutics, Inc.† | 4030 | &nbsp;&nbsp; 424762 |
| PTC Therapeutics, Inc.† | 8702 | &nbsp;&nbsp; 592867 |
| Puma Biotechnology, Inc.† | 11025 | &nbsp;&nbsp; 70450 |
| Relay Therapeutics, Inc.† | 46987 | &nbsp;&nbsp; 467521 |
| Rhythm Pharmaceuticals, Inc.† | 1183 | &nbsp;&nbsp; 102885 |
| Soleno Therapeutics, Inc.† | 2650 | &nbsp;&nbsp; 88722 |
| Spyre Therapeutics, Inc.† | 1709 | &nbsp;&nbsp; 86202 |
| Stoke Therapeutics, Inc.† | 13559 | &nbsp;&nbsp; 441481 |
| Syndax Pharmaceuticals, Inc.† | 12528 | &nbsp;&nbsp; 292654 |
| TG Therapeutics, Inc.† | 10914 | &nbsp;&nbsp; 362563 |
| Ultragenyx Pharmaceutical, Inc.† | 2265 | &nbsp;&nbsp; 47452 |
| Vaxcyte, Inc.† | 3800 | &nbsp;&nbsp; 220818 |
| Veracyte, Inc.† | 9758 | &nbsp;&nbsp; 314305 |
| Voyager Therapeutics, Inc.† | 44443 | &nbsp;&nbsp; 171550 |
| Zymeworks, Inc.† | 5001 | &nbsp;&nbsp; 125225 |
|  |  | &nbsp;&nbsp; **11829404** |

---

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

6 \| Allspring Disciplined Small Cap Fund

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care equipment & supplies: 2.15%** |  |  |
| Axogen, Inc.† | 13977 | &nbsp;&nbsp; $463058 |
| Bioventus, Inc. Class A† | 51622 | &nbsp;&nbsp; 471309 |
| Delcath Systems, Inc.† | 20699 | &nbsp;&nbsp; 192087 |
| Electromed, Inc.† | 5145 | &nbsp;&nbsp; 120444 |
| Embecta Corp. | 8898 | &nbsp;&nbsp; 78658 |
| Lantheus Holdings, Inc.† | 5360 | &nbsp;&nbsp; 406556 |
| LeMaitre Vascular, Inc. | 474 | &nbsp;&nbsp; 51747 |
| LivaNova PLC† | 6417 | &nbsp;&nbsp; 407865 |
| Omnicell, Inc.† | 2561 | &nbsp;&nbsp; 85486 |
| Tactile Systems Technology, Inc.† | 11464 | &nbsp;&nbsp; 299554 |
| TransMedics Group, Inc.† | 4125 | &nbsp;&nbsp; 410066 |
|  |  | &nbsp;&nbsp; **2986830** |
| **Health care providers & services: 3.23%** |  |  |
| Accendra Health, Inc.† | 62189 | &nbsp;&nbsp; 141791 |
| Addus HomeCare Corp.† | 2569 | &nbsp;&nbsp; 240587 |
| Alignment Healthcare, Inc.† | 30867 | &nbsp;&nbsp; 543877 |
| Aveanna Healthcare Holdings, Inc.† | 43072 | &nbsp;&nbsp; 277384 |
| BrightSpring Health Services, Inc.† | 25062 | &nbsp;&nbsp; 1067892 |
| Concentra Group Holdings Parent, Inc. | 5563 | &nbsp;&nbsp; 119326 |
| Ensign Group, Inc. | 2476 | &nbsp;&nbsp; 498914 |
| GeneDx Holdings Corp. Class A† | 3615 | &nbsp;&nbsp; 232155 |
| Guardant Health, Inc.† | 2935 | &nbsp;&nbsp; 271106 |
| HealthEquity, Inc.† | 1253 | &nbsp;&nbsp; 104713 |
| Hims & Hers Health, Inc.† | 10274 | &nbsp;&nbsp; 213288 |
| Nutex Health, Inc.† | 2447 | &nbsp;&nbsp; 232563 |
| Option Care Health, Inc.† | 3300 | &nbsp;&nbsp; 88836 |
| Pediatrix Medical Group, Inc.† | 20956 | &nbsp;&nbsp; 448249 |
|  |  | &nbsp;&nbsp; **4480681** |
| **Life sciences tools & services: 0.03%** |  |  |
| Quanterix Corp.† | 11104 | &nbsp;&nbsp; **39086** |
| **Pharmaceuticals: 2.68%** |  |  |
| Amneal Pharmaceuticals, Inc.† | 43167 | &nbsp;&nbsp; 536566 |
| ANI Pharmaceuticals, Inc.† | 6613 | &nbsp;&nbsp; 508540 |
| Arvinas, Inc.† | 33546 | &nbsp;&nbsp; 355588 |
| Collegium Pharmaceutical, Inc.† | 5831 | &nbsp;&nbsp; 192831 |
| Corcept Therapeutics, Inc.† | 4269 | &nbsp;&nbsp; 172083 |
| Harmony Biosciences Holdings, Inc.† | 14918 | &nbsp;&nbsp; 417853 |
| Indivior Pharmaceuticals, Inc.† | 21194 | &nbsp;&nbsp; 645993 |
| Nektar Therapeutics Class A† | 1870 | &nbsp;&nbsp; 134546 |
| Pacira BioSciences, Inc.† | 6933 | &nbsp;&nbsp; 156686 |
| Phibro Animal Health Corp. Class A | 2620 | &nbsp;&nbsp; 144912 |
| Rapport Therapeutics, Inc.† | 4435 | &nbsp;&nbsp; 138771 |
| Supernus Pharmaceuticals, Inc.† | 3990 | &nbsp;&nbsp; 206243 |
| Theravance Biopharma, Inc.† | 6650 | &nbsp;&nbsp; 107930 |
|  |  | &nbsp;&nbsp; **3718542** |

---

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

Allspring Disciplined Small Cap Fund \| 7

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Industrials: 18.16%** |  |  |
| **Aerospace & defense: 1.83%** |  |  |
| AAR Corp.† | 6294 | &nbsp;&nbsp; $688941 |
| AeroVironment, Inc.† | 1140 | &nbsp;&nbsp; 208677 |
| FTAI Aviation Ltd. | 1005 | &nbsp;&nbsp; 246225 |
| Kratos Defense & Security Solutions, Inc.† | 2580 | &nbsp;&nbsp; 181916 |
| Red Cat Holdings, Inc.† | 8889 | &nbsp;&nbsp; 116357 |
| V2X, Inc.† | 12669 | &nbsp;&nbsp; 867826 |
| VSE Corp. | 1264 | &nbsp;&nbsp; 233082 |
|  |  | &nbsp;&nbsp; **2543024** |
| **Building products: 0.48%** |  |  |
| Modine Manufacturing Co.† | 1946 | &nbsp;&nbsp; 421718 |
| Quanex Building Products Corp. | 7450 | &nbsp;&nbsp; 133876 |
| Resideo Technologies, Inc.† | 3170 | &nbsp;&nbsp; 106861 |
|  |  | &nbsp;&nbsp; **662455** |
| **Commercial services & supplies: 1.45%** |  |  |
| Brink's Co. | 2319 | &nbsp;&nbsp; 240318 |
| Cimpress PLC† | 8776 | &nbsp;&nbsp; 640648 |
| Healthcare Services Group, Inc.† | 12491 | &nbsp;&nbsp; 231708 |
| Interface, Inc. Class A | 18618 | &nbsp;&nbsp; 463961 |
| Quad/Graphics, Inc. | 66938 | &nbsp;&nbsp; 442460 |
|  |  | &nbsp;&nbsp; **2019095** |
| **Construction & engineering: 3.60%** |  |  |
| Ameresco, Inc. Class A† | 12535 | &nbsp;&nbsp; 319643 |
| Argan, Inc. | 1353 | &nbsp;&nbsp; 736911 |
| EMCOR Group, Inc. | 580 | &nbsp;&nbsp; 428220 |
| IES Holdings, Inc.† | 437 | &nbsp;&nbsp; 208217 |
| Matrix Service Co.† | 10765 | &nbsp;&nbsp; 123582 |
| MYR Group, Inc.† | 1726 | &nbsp;&nbsp; 487284 |
| Primoris Services Corp. | 8294 | &nbsp;&nbsp; 1186374 |
| Sterling Infrastructure, Inc.† | 3131 | &nbsp;&nbsp; 1275162 |
| Tutor Perini Corp. | 2946 | &nbsp;&nbsp; 227402 |
|  |  | &nbsp;&nbsp; **4992795** |
| **Electrical equipment: 4.58%** |  |  |
| Allient, Inc. | 2460 | &nbsp;&nbsp; 145361 |
| American Superconductor Corp.† | 13548 | &nbsp;&nbsp; 458600 |
| Amprius Technologies, Inc.† | 38477 | &nbsp;&nbsp; 648722 |
| Array Technologies, Inc.† | 44055 | &nbsp;&nbsp; 318518 |
| Bloom Energy Corp. Class A† | 9450 | &nbsp;&nbsp; 1280380 |
| EnerSys | 3226 | &nbsp;&nbsp; 560421 |
| Eos Energy Enterprises, Inc.† | 10236 | &nbsp;&nbsp; 50771 |
| NANO Nuclear Energy, Inc.† | 1726 | &nbsp;&nbsp; 35348 |
| Nextpower, Inc. Class A† | 12809 | &nbsp;&nbsp; 1544125 |
| NuScale Power Corp.† | 6437 | &nbsp;&nbsp; 69777 |

---

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

8 \| Allspring Disciplined Small Cap Fund

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Electrical equipment**(continued) |  |  |
| Powell Industries, Inc. | 1749 | &nbsp;&nbsp; $946349 |
| Power Solutions International, Inc.† | 4869 | &nbsp;&nbsp; 296425 |
|  |  | &nbsp;&nbsp; **6354797** |
| **Machinery: 2.29%** |  |  |
| Blue Bird Corp.† | 11313 | &nbsp;&nbsp; 642465 |
| Columbus McKinnon Corp. | 19049 | &nbsp;&nbsp; 276782 |
| Hyster-Yale, Inc. | 6358 | &nbsp;&nbsp; 206699 |
| JBT Marel Corp. | 1350 | &nbsp;&nbsp; 172624 |
| Luxfer Holdings PLC | 11670 | &nbsp;&nbsp; 142141 |
| Microvast Holdings, Inc.† | 34907 | &nbsp;&nbsp; 52361 |
| Mueller Industries, Inc. | 4986 | &nbsp;&nbsp; 552449 |
| Mueller Water Products, Inc. Class A | 5937 | &nbsp;&nbsp; 163208 |
| Park-Ohio Holdings Corp. | 9231 | &nbsp;&nbsp; 221913 |
| SPX Technologies, Inc.† | 1001 | &nbsp;&nbsp; 200140 |
| Terex Corp. | 9174 | &nbsp;&nbsp; 542183 |
|  |  | &nbsp;&nbsp; **3172965** |
| **Marine transportation: 0.64%** |  |  |
| Costamare, Inc. | 17315 | &nbsp;&nbsp; 292624 |
| Matson, Inc. | 3599 | &nbsp;&nbsp; 590020 |
|  |  | &nbsp;&nbsp; **882644** |
| **Passenger airlines: 0.49%** |  |  |
| SkyWest, Inc.† | 7339 | &nbsp;&nbsp; **673940** |
| **Professional services: 1.50%** |  |  |
| IBEX Holdings Ltd.† | 17229 | &nbsp;&nbsp; 462082 |
| Innodata, Inc.† | 3404 | &nbsp;&nbsp; 131463 |
| Kelly Services, Inc. Class A | 13561 | &nbsp;&nbsp; 120015 |
| LegalZoom.com, Inc.† | 17436 | &nbsp;&nbsp; 98862 |
| Planet Labs PBC† | 19376 | &nbsp;&nbsp; 541559 |
| TriNet Group, Inc. | 1380 | &nbsp;&nbsp; 50273 |
| Upwork, Inc.† | 24299 | &nbsp;&nbsp; 266317 |
| Willdan Group, Inc.† | 5409 | &nbsp;&nbsp; 414113 |
|  |  | &nbsp;&nbsp; **2084684** |
| **Trading companies & distributors: 1.30%** |  |  |
| DNOW, Inc.† | 44821 | &nbsp;&nbsp; 533818 |
| DXP Enterprises, Inc.† | 6604 | &nbsp;&nbsp; 922777 |
| Rush Enterprises, Inc. Class A | 5266 | &nbsp;&nbsp; 348135 |
|  |  | &nbsp;&nbsp; **1804730** |
| **Information technology: 13.61%** |  |  |
| **Communications equipment: 0.99%** |  |  |
| NetScout Systems, Inc.† | 16369 | &nbsp;&nbsp; 520371 |
| Vistance Networks, Inc.† | 46852 | &nbsp;&nbsp; 852706 |
|  |  | &nbsp;&nbsp; **1373077** |

---

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

Allspring Disciplined Small Cap Fund \| 9

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Electronic equipment, instruments & components: 3.76%** |  |  |
| Advanced Energy Industries, Inc. | 1261 | &nbsp;&nbsp; $406937 |
| Arlo Technologies, Inc.† | 39209 | &nbsp;&nbsp; 557944 |
| Bel Fuse, Inc. Class A | 684 | &nbsp;&nbsp; 123257 |
| Fabrinet† | 2895 | &nbsp;&nbsp; 1509800 |
| Mirion Technologies, Inc. Class A† | 12186 | &nbsp;&nbsp; 226538 |
| nLight, Inc.† | 9524 | &nbsp;&nbsp; 543058 |
| Ouster, Inc.† | 4627 | &nbsp;&nbsp; 84998 |
| Sanmina Corp.† | 3640 | &nbsp;&nbsp; 471890 |
| TTM Technologies, Inc.† | 13244 | &nbsp;&nbsp; 1290231 |
|  |  | &nbsp;&nbsp; **5214653** |
| **IT services: 0.79%** |  |  |
| Applied Digital Corp.† | 9724 | &nbsp;&nbsp; 230848 |
| DigitalOcean Holdings, Inc.† | 10042 | &nbsp;&nbsp; 861403 |
|  |  | &nbsp;&nbsp; **1092251** |
| **Semiconductors & semiconductor equipment: 3.81%** |  |  |
| ACM Research, Inc. Class A† | 9211 | &nbsp;&nbsp; 362453 |
| Amkor Technology, Inc. | 5610 | &nbsp;&nbsp; 252618 |
| Axcelis Technologies, Inc.† | 5718 | &nbsp;&nbsp; 532232 |
| Credo Technology Group Holding Ltd.† | 7128 | &nbsp;&nbsp; 669105 |
| Onto Innovation, Inc.† | 2100 | &nbsp;&nbsp; 430647 |
| Penguin Solutions, Inc.† | 21880 | &nbsp;&nbsp; 385088 |
| Photronics, Inc.† | 10761 | &nbsp;&nbsp; 434852 |
| Rambus, Inc.† | 9555 | &nbsp;&nbsp; 822017 |
| Rigetti Computing, Inc.† | 16793 | &nbsp;&nbsp; 235774 |
| SiTime Corp.† | 1388 | &nbsp;&nbsp; 479346 |
| Ultra Clean Holdings, Inc.† | 10991 | &nbsp;&nbsp; 683420 |
|  |  | &nbsp;&nbsp; **5287552** |
| **Software: 3.88%** |  |  |
| A10 Networks, Inc. | 35669 | &nbsp;&nbsp; 824667 |
| ACI Worldwide, Inc.† | 4560 | &nbsp;&nbsp; 187006 |
| Amplitude, Inc. Class A† | 27819 | &nbsp;&nbsp; 189726 |
| Appfolio, Inc. Class A† | 270 | &nbsp;&nbsp; 42611 |
| Clear Secure, Inc. Class A | 13332 | &nbsp;&nbsp; 645402 |
| Commvault Systems, Inc.† | 2214 | &nbsp;&nbsp; 172448 |
| Consensus Cloud Solutions, Inc.† | 9184 | &nbsp;&nbsp; 218028 |
| D-Wave Quantum, Inc.† | 15359 | &nbsp;&nbsp; 221630 |
| Freshworks, Inc. Class A† | 29365 | &nbsp;&nbsp; 235801 |
| Hut 8 Corp.† | 4824 | &nbsp;&nbsp; 226294 |
| Intapp, Inc.† | 6391 | &nbsp;&nbsp; 164185 |
| InterDigital, Inc. | 1932 | &nbsp;&nbsp; 583464 |
| LiveRamp Holdings, Inc.† | 21320 | &nbsp;&nbsp; 565406 |
| Pagaya Technologies Ltd. Class A† | 10124 | &nbsp;&nbsp; 117945 |
| PagerDuty, Inc.† | 7115 | &nbsp;&nbsp; 44184 |
| Qualys, Inc.† | 2250 | &nbsp;&nbsp; 197663 |
| SoundHound AI, Inc. Class A† | 11360 | &nbsp;&nbsp; 78043 |
| Sprinklr, Inc. Class A† | 32250 | &nbsp;&nbsp; 193500 |

---

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

10 \| Allspring Disciplined Small Cap Fund

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Software**(continued) |  |  |
| SPS Commerce, Inc.† | 2723 | &nbsp;&nbsp; $151589 |
| Tenable Holdings, Inc.† | 3156 | &nbsp;&nbsp; 53384 |
| Workiva, Inc. Class A† | 2377 | &nbsp;&nbsp; 141741 |
| Zeta Global Holdings Corp. Class A† | 8258 | &nbsp;&nbsp; 131467 |
|  |  | &nbsp;&nbsp; **5386184** |
| **Technology hardware, storage & peripherals: 0.38%** |  |  |
| Diebold Nixdorf, Inc.† | 2817 | &nbsp;&nbsp; 212514 |
| IonQ, Inc.† | 9306 | &nbsp;&nbsp; 268292 |
| Quantum Computing, Inc.† | 6501 | &nbsp;&nbsp; 44532 |
|  |  | &nbsp;&nbsp; **525338** |
| **Materials: 4.42%** |  |  |
| **Chemicals: 0.63%** |  |  |
| Flotek Industries, Inc.† | 27174 | &nbsp;&nbsp; 461143 |
| Koppers Holdings, Inc. | 8847 | &nbsp;&nbsp; 342202 |
| Mativ Holdings, Inc. | 8567 | &nbsp;&nbsp; 74533 |
|  |  | &nbsp;&nbsp; **877878** |
| **Containers & packaging: 0.38%** |  |  |
| Ardagh Metal Packaging SA | 40820 | &nbsp;&nbsp; 165321 |
| O-I Glass, Inc.† | 35051 | &nbsp;&nbsp; 368386 |
|  |  | &nbsp;&nbsp; **533707** |
| **Metals & mining: 3.08%** |  |  |
| Century Aluminum Co.† | 17108 | &nbsp;&nbsp; 1004068 |
| Coeur Mining, Inc.† | 69441 | &nbsp;&nbsp; 1303408 |
| Commercial Metals Co. | 5704 | &nbsp;&nbsp; 350397 |
| Constellium SE Class A† | 37702 | &nbsp;&nbsp; 926715 |
| Hecla Mining Co. | 9585 | &nbsp;&nbsp; 178568 |
| SunCoke Energy, Inc. | 25631 | &nbsp;&nbsp; 166858 |
| USA Rare Earth, Inc.† | 8355 | &nbsp;&nbsp; 126453 |
| Worthington Steel, Inc. | 6871 | &nbsp;&nbsp; 208535 |
|  |  | &nbsp;&nbsp; **4265002** |
| **Paper & forest products: 0.33%** |  |  |
| Clearwater Paper Corp.† | 9471 | &nbsp;&nbsp; 136193 |
| Sylvamo Corp. | 7539 | &nbsp;&nbsp; 318447 |
|  |  | &nbsp;&nbsp; **454640** |
| **Real estate: 4.85%** |  |  |
| **Diversified REITs: 0.76%** |  |  |
| Broadstone Net Lease, Inc. | 28650 | &nbsp;&nbsp; 523435 |
| CTO Realty Growth, Inc. | 6735 | &nbsp;&nbsp; 124530 |
| Essential Properties Realty Trust, Inc. | 13416 | &nbsp;&nbsp; 407310 |
|  |  | &nbsp;&nbsp; **1055275** |
| **Health care REITs: 1.03%** |  |  |
| CareTrust REIT, Inc. | 28851 | &nbsp;&nbsp; 1057389 |

---

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

Allspring Disciplined Small Cap Fund \| 11

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care REITs**(continued) |  |  |
| National Health Investors, Inc. | 1790 | &nbsp;&nbsp; $144740 |
| Sabra Health Care REIT, Inc. | 11366 | &nbsp;&nbsp; 218568 |
|  |  | &nbsp;&nbsp; **1420697** |
| **Hotel & resort REITs: 1.33%** |  |  |
| Apple Hospitality REIT, Inc. | 25340 | &nbsp;&nbsp; 291663 |
| Chatham Lodging Trust | 41454 | &nbsp;&nbsp; 326243 |
| DiamondRock Hospitality Co. | 67189 | &nbsp;&nbsp; 629561 |
| Ryman Hospitality Properties, Inc. | 3723 | &nbsp;&nbsp; 343521 |
| Xenia Hotels & Resorts, Inc. | 17132 | &nbsp;&nbsp; 254068 |
|  |  | &nbsp;&nbsp; **1845056** |
| **Industrial REITs: 0.09%** |  |  |
| LXP Industrial Trust | 2731 | &nbsp;&nbsp; **126336** |
| **Office REITs: 0.31%** |  |  |
| Postal Realty Trust, Inc. Class A | 23361 | &nbsp;&nbsp; **433580** |
| **Real estate management & development: 0.94%** |  |  |
| Compass, Inc. Class A† | 84843 | &nbsp;&nbsp; 620202 |
| Newmark Group, Inc. Class A | 45850 | &nbsp;&nbsp; 687292 |
|  |  | &nbsp;&nbsp; **1307494** |
| **Retail REITs: 0.39%** |  |  |
| Getty Realty Corp. | 10007 | &nbsp;&nbsp; 318223 |
| Urban Edge Properties | 10642 | &nbsp;&nbsp; 212627 |
|  |  | &nbsp;&nbsp; **530850** |
| **Utilities: 3.24%** |  |  |
| **Electric utilities: 0.75%** |  |  |
| Oklo, Inc. Class A† | 4705 | &nbsp;&nbsp; 233321 |
| Otter Tail Corp. | 4828 | &nbsp;&nbsp; 423753 |
| Portland General Electric Co. | 7219 | &nbsp;&nbsp; 380947 |
|  |  | &nbsp;&nbsp; **1038021** |
| **Gas utilities: 0.89%** |  |  |
| Brookfield Infrastructure Corp. Class A | 17629 | &nbsp;&nbsp; 696698 |
| New Jersey Resources Corp. | 5187 | &nbsp;&nbsp; 284870 |
| Southwest Gas Holdings, Inc. | 2965 | &nbsp;&nbsp; 257659 |
|  |  | &nbsp;&nbsp; **1239227** |
| **Independent power and renewable electricity producers: 0.31%** |  |  |
| Clearway Energy, Inc. Class A | 11008 | &nbsp;&nbsp; **431183** |
| **Multi-utilities: 0.41%** |  |  |
| Avista Corp. | 13949 | &nbsp;&nbsp; **559913** |
| **Water utilities: 0.88%** |  |  |
| California Water Service Group | 12500 | &nbsp;&nbsp; 566750 |

---

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

12 \| Allspring Disciplined Small Cap Fund

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Water utilities**(continued) |  |  |
| Consolidated Water Co. Ltd. | 10051 | &nbsp;&nbsp; $332889 |
| H2O America | 5435 | &nbsp;&nbsp; 318872 |
|  |  | &nbsp;&nbsp; **1218511** |
| **Total common stocks (Cost $113,920,566)** |  | &nbsp;&nbsp; **133467082** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Expiration <br>date<br>|  |  |
| **Rights: 0.00%** |  |  |  |
| **Health care: 0.00%** |  |  |  |
| **Biotechnology: 0.00%** |  |  |  |
| Aduro Biotech, Inc.♦† | &nbsp;&nbsp; 10-2-2030 | 4415 | &nbsp;&nbsp; **0** |
| **Life sciences tools & services: 0.00%** |  |  |  |
| OmniAb, Inc. $12.50 Earnout shares♦† | &nbsp;&nbsp; 11-2-2027 | 103 | &nbsp;&nbsp; 0 |
| OmniAb, Inc. $15.00 Earnout shares♦† | &nbsp;&nbsp; 11-2-2027 | 103 | &nbsp;&nbsp; 0 |
| **Total rights (Cost $0)** |  |  | &nbsp;&nbsp; **0** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 3.11%** |  |  |  |  |
| **Investment companies: 3.11%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.60<br> %<br>| 4316982 | &nbsp;&nbsp; **4316982** |
| **Total short-term investments (Cost $4,316,982)** |  |  |  | &nbsp;&nbsp; **4316982** |
| **Total investments in securities (Cost $118,237,548)** | 99.34<br> %<br>|  |  | &nbsp;&nbsp; 137784064 |
| Other assets and liabilities, net | 0.66 |  |  | &nbsp;&nbsp; 909091 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$138693155** |

---

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

---

| |
|:---|
| Non-income-earning security |
| The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| The rate represents the 7-day annualized yield at period end. |

---

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

Abbreviations: <br> REIT Real estate investment trust

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $2343618 | $38370947 | $(36397583)<br>| $0 | $0 | $4316982 | 4316982 | $104702 |

---

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

Allspring Disciplined Small Cap Fund \| 13

------

Portfolio of investments—March 31, 2026

**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 Russell 2000 Index | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 6-18-2026 | &nbsp;&nbsp; $4378374 | &nbsp;&nbsp; $4396350 | &nbsp;&nbsp; $17976 | &nbsp;&nbsp; $0 |

---

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

14 \| Allspring Disciplined Small Cap Fund

------

Statement of assets and liabilities—March 31, 2026

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $113,920,566) | $133467082 |
| Investments in affiliated securities, at value (cost $4,316,982) | 4316982 |
| Cash | 5047 |
| Cash at broker segregated for futures contracts | 370789 |
| Receivable for Fund shares sold | 821103 |
| Receivable for investments sold | 815343 |
| Receivable for daily variation margin on open futures contracts | 143423 |
| Receivable for dividends | 83749 |
| Prepaid expenses and other assets | 26131 |
| **Total assets** | **140049649** |
| Liabilities |  |
| Payable for investments purchased | 838540 |
| Payable for Fund shares redeemed | 455239 |
| Management fee payable | 32314 |
| Administration fees payable | 8362 |
| Shareholder servicing fees payable | 489 |
| Trustees' fees and expenses payable | 50 |
| Accrued expenses and other liabilities | 21500 |
| **Total liabilities** | **1356494** |
| **Total net assets**  | **$138693155** |
| Net assets consist of |  |
| Paid-in capital | $111272612 |
| Total distributable earnings | 27420543 |
| **Total net assets** | **$138693155** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $2320262 |
| Shares outstanding–Class A<sup>1</sup> <br>| 148634 |
| Net asset value per share–Class A | $15.61 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $16.56 |
| Net assets–Class R6 | $81508483 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 5309850 |
| Net asset value per share–Class R6 | $15.35 |
| Net assets–Institutional Class | $54864410 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 3566240 |
| Net asset value per share–Institutional Class | $15.38 |

---

<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 Disciplined Small Cap Fund \| 15

------

Statement of operations—year ended March 31, 2026

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $6,535) | $1157024 |
| Income from affiliated securities | 104702 |
| Interest | 8143 |
| **Total investment income** | **1269869** |
| Expenses |  |
| Management fee | 549457 |
| Administration fees |  |
| Class A | 3525 |
| Class R6 | 23369 |
| Administrator Class | 9192 <br><sup>1</sup><br>|
| Institutional Class | 30050 |
| Shareholder servicing fees |  |
| Class A | 4406 |
| Administrator Class | 17655 <br><sup>1</sup><br>|
| Custody and accounting fees | 10888 |
| Professional fees | 47749 |
| Registration fees | 74305 |
| Shareholder report expenses | 28894 |
| Trustees' fees and expenses | 7133 |
| Other fees and expenses | 15543 |
| **Total expenses** | **822166** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (201842)<br>|
| Class A | (824)<br>|
| Class R6 | (15642)<br>|
| Institutional Class | (33)<br>|
| **Net expenses** | **603825** |
| **Net investment income** | **666044** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | 7162987 |
| Futures contracts | 292899 |
| **Net realized gains on investments**  | **7455886** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 19331563 |
| Futures contracts | 74401 |
| **Net change in unrealized gains (losses) on investments** | **19405964** |
| **Net realized and unrealized gains (losses) on investments** | **26861850** |
| **Net increase in net assets resulting from operations** | **$27527894** |

---

<sup>1</sup> For the period from April 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.

16 \| Allspring Disciplined Small Cap Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> March 31, 2026 | Year ended<br> March 31, 2026 | Year ended<br> March 31, 2025 | Year ended<br> March 31, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $666044 |  | &nbsp;&nbsp; $359278 |
| Net realized gains on investments |  | &nbsp;&nbsp; 7455886 |  | &nbsp;&nbsp; 4554900 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 19405964 |  | &nbsp;&nbsp; (8307929)<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **27527894** |  | &nbsp;&nbsp; **(3393751)**<br>|
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (76277)<br>|  | &nbsp;&nbsp; (55121)<br>|
| Class R6 |  | &nbsp;&nbsp; (3301426)<br>|  | &nbsp;&nbsp; (1409102)<br>|
| Administrator Class |  | &nbsp;&nbsp; 0 <br><sup>1</sup><br>|  | &nbsp;&nbsp; (630335)<br>|
| Institutional Class |  | &nbsp;&nbsp; (1605401)<br>|  | &nbsp;&nbsp; (97292)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(4983104)**<br>|  | &nbsp;&nbsp; **(2191850)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 83415 | &nbsp;&nbsp; 1260587 | &nbsp;&nbsp; 46160 | &nbsp;&nbsp; 625085 |
| Class R6 | 317056 | &nbsp;&nbsp; 4116172 | &nbsp;&nbsp; 4216103 | &nbsp;&nbsp; 52527341 |
| Administrator Class | 10739 <br><sup>1</sup><br>| &nbsp;&nbsp; 145119 <br><sup>1</sup><br>| &nbsp;&nbsp; 35201 | &nbsp;&nbsp; 468282 |
| Institutional Class | 2486795 | &nbsp;&nbsp; 38475027 | &nbsp;&nbsp; 109547 | &nbsp;&nbsp; 1523049 |
|  |  | &nbsp;&nbsp; 43996905 |  | &nbsp;&nbsp; 55143757 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 4822 | &nbsp;&nbsp; 74404 | &nbsp;&nbsp; 3907 | &nbsp;&nbsp; 55070 |
| Class R6 | 217021 | &nbsp;&nbsp; 3301426 | &nbsp;&nbsp; 101950 | &nbsp;&nbsp; 1409102 |
| Administrator Class | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 44965 | &nbsp;&nbsp; 625999 |
| Institutional Class | 104705 | &nbsp;&nbsp; 1594694 | &nbsp;&nbsp; 7024 | &nbsp;&nbsp; 97292 |
|  |  | &nbsp;&nbsp; 4970524 |  | &nbsp;&nbsp; 2187463 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (49541)<br>| &nbsp;&nbsp; (710178)<br>| &nbsp;&nbsp; (32932)<br>| &nbsp;&nbsp; (453543)<br>|
| Class R6 | (1290312)<br>| &nbsp;&nbsp; (17312894)<br>| &nbsp;&nbsp; (1282019)<br>| &nbsp;&nbsp; (17104859)<br>|
| Administrator Class | (37977 )<sup>1</sup><br>| &nbsp;&nbsp; (517428 )<sup>1</sup><br>| &nbsp;&nbsp; (195654)<br>| &nbsp;&nbsp; (2580700)<br>|
| Institutional Class | (334123)<br>| &nbsp;&nbsp; (5136201)<br>| &nbsp;&nbsp; (82524)<br>| &nbsp;&nbsp; (1081314)<br>|
|  |  | &nbsp;&nbsp; (23676701)<br>|  | &nbsp;&nbsp; (21220416)<br>|
| Share conversions |  |  |  |  |
| Administrator Class | (1156113 )<sup>2</sup><br>| &nbsp;&nbsp; (17467823 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class | 1157745 <br><sup>2</sup><br>| &nbsp;&nbsp; 17467823 <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; **25290728** |  | &nbsp;&nbsp; **36110804** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **47835518** |  | &nbsp;&nbsp; **30525203** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **90857637** |  | &nbsp;&nbsp; **60332434** |
| **End of period** |  | &nbsp;&nbsp; **$138693155** |  | &nbsp;&nbsp; **$90857637** |

---

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

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

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

Allspring Disciplined Small Cap Fund \| 17

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Class A | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$12.29** | &nbsp;&nbsp; **$13.49** | &nbsp;&nbsp; **$10.98** | &nbsp;&nbsp; **$11.82** | &nbsp;&nbsp; **$11.67** |
| Net investment income | 0.04 <br><sup>1</sup><br>| 0.04 <br><sup>1</sup><br>| 0.07 <br><sup>1</sup><br>| 0.04 | 0.01 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 3.87 | &nbsp;&nbsp; (0.73)<br>| 2.73 | &nbsp;&nbsp; (0.86)<br>| 0.14 |
| Total from investment operations | 3.91 | &nbsp;&nbsp; (0.69)<br>| 2.80 | &nbsp;&nbsp; (0.82)<br>| 0.15 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| 0.00 |
| Net realized gains | (0.59)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.01)<br>| 0.00 |
| Total distributions to shareholders | (0.59)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.02)<br>| 0.00 |
| **Net asset value, end of period** | **$15.61** | &nbsp;&nbsp; **$12.29** | &nbsp;&nbsp; **$13.49** | &nbsp;&nbsp; **$10.98** | &nbsp;&nbsp; **$11.82** |
| **Total return**<sup>2</sup> <br>| **31.88%**<br>| &nbsp;&nbsp; **(5.64)%**<br>| **25.98%**<br>| &nbsp;&nbsp; **(7.01)%**<br>| **1.29%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.12<br> %<br>| 1.29<br> %<br>| 1.81<br> %<br>| 2.10<br> %<br>| 1.74<br> %<br>|
| Net expenses | 0.89<br> %<br>| 0.90<br> %<br>| 0.87<br> %<br>| 0.91<br> %<br>| 0.91<br> %<br>|
| Net investment income | 0.26<br> %<br>| 0.33<br> %<br>| 0.62<br> %<br>| 0.35<br> %<br>| 0.05<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 48<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 39<br> %<br>|
| Net assets, end of period (000s omitted) | $2320 | &nbsp;&nbsp; $1351 | &nbsp;&nbsp; $1252 | &nbsp;&nbsp; $578 | &nbsp;&nbsp; $662 |

---

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

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

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

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

18 \| Allspring Disciplined Small Cap Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Class R6 | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$12.09** | &nbsp;&nbsp; **$13.27** | &nbsp;&nbsp; **$10.78** | &nbsp;&nbsp; **$11.64** | &nbsp;&nbsp; **$11.45** |
| Net investment income | 0.09 <br><sup>1</sup><br>| 0.10 <br><sup>1</sup><br>| 0.10 <br><sup>1</sup><br>| 0.08 <br><sup>1</sup><br>| 0.06 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 3.81 | &nbsp;&nbsp; (0.72)<br>| 2.70 | &nbsp;&nbsp; (0.89)<br>| 0.14 |
| Total from investment operations | 3.90 | &nbsp;&nbsp; (0.62)<br>| 2.80 | &nbsp;&nbsp; (0.81)<br>| 0.20 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.05)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net realized gains | (0.59)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.01)<br>| 0.00 |
| Total distributions to shareholders | (0.64)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>|
| **Net asset value, end of period** | **$15.35** | &nbsp;&nbsp; **$12.09** | &nbsp;&nbsp; **$13.27** | &nbsp;&nbsp; **$10.78** | &nbsp;&nbsp; **$11.64** |
| **Total return**<sup>2</sup> <br>| **32.32%**<br>| &nbsp;&nbsp; **(5.19)%**<br>| **26.46%**<br>| &nbsp;&nbsp; **(6.98)%**<br>| **1.76%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.70<br> %<br>| 0.86<br> %<br>| 1.07<br> %<br>| 1.67<br> %<br>| 1.32<br> %<br>|
| Net expenses | 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Net investment income | 0.66<br> %<br>| 0.76<br> %<br>| 0.84<br> %<br>| 0.76<br> %<br>| 0.49<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 48<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 39<br> %<br>|
| Net assets, end of period (000s omitted) | $81508 | &nbsp;&nbsp; $73309 | &nbsp;&nbsp; $40213 | &nbsp;&nbsp; $198 | &nbsp;&nbsp; $236 |

---

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

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

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

Allspring Disciplined Small Cap Fund \| 19

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Institutional Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$12.11** | &nbsp;&nbsp; **$13.29** | &nbsp;&nbsp; **$10.80** | &nbsp;&nbsp; **$11.71** | &nbsp;&nbsp; **$11.60** |
| Net investment income | 0.08 <br><sup>1</sup><br>| 0.09 <br><sup>1</sup><br>| 0.11 <br><sup>1</sup><br>| 0.07 <br><sup>1</sup><br>| 0.04 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 3.81 | &nbsp;&nbsp; (0.72)<br>| 2.68 | &nbsp;&nbsp; (0.90)<br>| 0.16 |
| Total from investment operations | 3.89 | &nbsp;&nbsp; (0.63)<br>| 2.79 | &nbsp;&nbsp; (0.83)<br>| 0.20 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.03)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.09)<br>|
| Net realized gains | (0.59)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.01)<br>| 0.00 |
| Total distributions to shareholders | (0.62)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.09)<br>|
| **Net asset value, end of period** | **$15.38** | &nbsp;&nbsp; **$12.11** | &nbsp;&nbsp; **$13.29** | &nbsp;&nbsp; **$10.80** | &nbsp;&nbsp; **$11.71** |
| **Total return**<sup>2</sup> <br>| **32.22%**<br>| &nbsp;&nbsp; **(5.28)%**<br>| **26.30%**<br>| &nbsp;&nbsp; **(7.09)%**<br>| **1.68%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.78<br> %<br>| 0.97<br> %<br>| 1.48<br> %<br>| 1.76<br> %<br>| 1.42<br> %<br>|
| Net expenses | 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income | 0.49<br> %<br>| 0.64<br> %<br>| 0.91<br> %<br>| 0.65<br> %<br>| 0.36<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 48<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 39<br> %<br>|
| Net assets, end of period (000s omitted) | $54864 | &nbsp;&nbsp; $1830 | &nbsp;&nbsp; $1556 | &nbsp;&nbsp; $891 | &nbsp;&nbsp; $1192 |

---

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

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

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

20 \| Allspring Disciplined Small Cap Fund

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Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Allspring Disciplined Small Cap Fund \| 21

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Notes to financial statements

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 March 31, 2026, the aggregate cost of all investments for federal income tax purposes was $118,762,904 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $29259362 |
| Gross unrealized losses | &nbsp;&nbsp; (10220226)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$19039136** |

---

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

22 \| Allspring Disciplined Small Cap Fund

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Notes to financial statements

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of March 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; $2510359 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $2510359 |
| *Consumer discretionary* | &nbsp;&nbsp; 12124174 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12124174 |
| *Consumer staples* | &nbsp;&nbsp; 1971013 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1971013 |
| *Energy* | &nbsp;&nbsp; 8878131 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8878131 |
| *Financials* | &nbsp;&nbsp; 23521308 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 23521308 |
| *Health care* | &nbsp;&nbsp; 23054543 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 23054543 |
| *Industrials* | &nbsp;&nbsp; 25191129 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 25191129 |
| *Information technology* | &nbsp;&nbsp; 18879055 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 18879055 |
| *Materials* | &nbsp;&nbsp; 6131227 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6131227 |
| *Real estate* | &nbsp;&nbsp; 6719288 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6719288 |
| *Utilities* | &nbsp;&nbsp; 4486855 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4486855 |
| **Rights** |  |  |  |  |
| *Health care* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 4316982 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4316982 |
|  | &nbsp;&nbsp; 137784064 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 137784064 |
| **Futures contracts** | &nbsp;&nbsp; 17976 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 17976 |
| **Total assets** | &nbsp;&nbsp; **$137802040** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$137802040** |

---

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 March 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 | 0.500<br> %<br>|
| Next $4 billion | 0.475 |
| Next $5 billion | 0.440 |
| Over $10 billion | 0.430 |

---

For the year ended March 31, 2026, the management fee was equivalent to an annual rate of 0.50% 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 Disciplined Small Cap Fund \| 23

------

Notes to financial statements

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

---

| | |
|:---|:---|
|  | Class-level <br>administration fee<br>|
| Class A | 0.20<br> %<br>|
| Class 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 July 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of March 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.92<br> %<br>|
| Class R6 | 0.50 |
| Institutional Class | 0.60 |

---

Sales charges

Allspring Funds Distributor, LLC ("Allspring Funds Distributor"), the principal underwriter, an affiliate of Allspring Funds Management, 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. For the year ended March 31, 2026, Allspring Funds Distributor received $126 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A shares for the year ended March 31, 2026.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended March 31, 2026 were $71,695,703 and $51,352,981, respectively.

6. DERIVATIVE TRANSACTIONS

During the year ended March 31, 2026, the Fund entered into futures contracts for economic hedging purposes. The Fund had an average notional amount of $2,424,014 in long futures contracts during the year ended March 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.

24 \| Allspring Disciplined Small Cap Fund

------

Notes to financial statements

For the year ended March 31, 2026, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 |
|  | 2026 | 2025 |
| **Ordinary income** | $1141705 | $771536 |
| **Long-term capital gain** | 3841399 | 1420314 |
| **Total** | $4983104 | $2191850 |

---

As of March 31, 2026, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>gains<br>| Total |
| &nbsp;&nbsp;&nbsp; $1617878 | &nbsp;&nbsp; $6763529 | &nbsp;&nbsp;&nbsp; $19039136 | &nbsp;&nbsp;&nbsp; $27420543 |

---

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.

Allspring Disciplined Small Cap Fund \| 25

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Disciplined Small Cap Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of March 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g100573img1c6fdfd52.jpg)

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

Boston, Massachusetts

May 21, 2026

26 \| Allspring Disciplined Small Cap Fund

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Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 35% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended March 31, 2026.

Pursuant to Section 852 of the Internal Revenue Code, $3,841,399 was designated as a 20% rate gain distribution for the fiscal year ended

March 31, 2026.

Pursuant to Section 854 of the Internal Revenue Code, $516,578 of income dividends paid during the fiscal year ended March 31, 2026 has been designated as qualified dividend income (QDI).

For the fiscal year ended March 31, 2026, $32,862 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended March 31, 2026, $787,955 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Proxy voting information

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

Quarterly portfolio holdings information

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

Allspring Disciplined Small Cap Fund \| 27

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

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

Not applicable

28 \| Allspring Disciplined Small Cap Fund

------

![](g100573imgee9f9d6f1.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**

![](g100573img828643633.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.**

**NCSR4335 03-26**

------

![](g100573img6e952b5a1.jpg)

Allspring Special Small Cap Value Fund

Long Form Financial Statements

Annual Report

March 31, 2026

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_9cb90804-ebcb-4784-b887-82d599f6c976_POI-PageBlank-44_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_9cb90804-ebcb-4784-b887-82d599f6c976_FS-PageBlank-44_1)** |  |
| [Statement of assets and liabilities](#xx_9cb90804-ebcb-4784-b887-82d599f6c976_FS-PageBlank-44_1) | 9 |
| [Statement of operations](#xx_9cb90804-ebcb-4784-b887-82d599f6c976_FS-PageBlank-44_2) | 10 |
| [Statement of changes in net assets](#xx_9cb90804-ebcb-4784-b887-82d599f6c976_FS-PageBlank-44_4) | 12 |
| [Financial highlights](#xx_9cb90804-ebcb-4784-b887-82d599f6c976_FIHI-PageBlank-44_1) | 14 |
| **[Notes to financial statements](#xx_9cb90804-ebcb-4784-b887-82d599f6c976_NTF-PageBlank-44_1)** | 18 |
| **[Report of independent registered public accounting firm](#xx_9cb90804-ebcb-4784-b887-82d599f6c976_AUD-PageBlank-44_1)** | 24 |
| **[Other information](#xx_9cb90804-ebcb-4784-b887-82d599f6c976_OI-PageBlank-44_1)** | 25 |
| [Item 8. Changes in and disagreements with accountants](#xx_9cb90804-ebcb-4784-b887-82d599f6c976_OI-PageBlank-44_2) | 26 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_9cb90804-ebcb-4784-b887-82d599f6c976_OI-PageBlank-44_2) | 26 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_9cb90804-ebcb-4784-b887-82d599f6c976_OI-PageBlank-44_2) | 26 |
| [Item 11. Statement regarding basis for board](#xx_9cb90804-ebcb-4784-b887-82d599f6c976_OI-PageBlank-44_2)['](#xx_9cb90804-ebcb-4784-b887-82d599f6c976_OI-PageBlank-44_2)[s approval of investment](#xx_9cb90804-ebcb-4784-b887-82d599f6c976_OI-PageBlank-44_2)<br> [advisory contract](#xx_9cb90804-ebcb-4784-b887-82d599f6c976_OI-PageBlank-44_2)<br>| 26 |

---

Allspring Special Small Cap Value Fund \| 1

------

Portfolio of investments—March 31, 2026

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 97.19%** |  |  |
| **Communication services: 0.50%** |  |  |
| **Interactive media & services: 0.50%** |  |  |
| IAC, Inc.† | 388929 | &nbsp;&nbsp; **$15568828** |
| **Consumer discretionary: 7.76%** |  |  |
| **Automobile components: 1.62%** |  |  |
| Garrett Motion, Inc. | 945500 | &nbsp;&nbsp; 17179735 |
| Holley, Inc.† | 5500000 | &nbsp;&nbsp; 16885000 |
| Holley, Inc. New York Stock Exchange† | 1655586 | &nbsp;&nbsp; 5082649 |
| Visteon Corp. | 124400 | &nbsp;&nbsp; 11334084 |
|  |  | &nbsp;&nbsp; **50481468** |
| **Broadline retail: 0.49%** |  |  |
| Pattern Group, Inc. Class A† | 1220801 | &nbsp;&nbsp; **15174556** |
| **Diversified consumer services: 1.02%** |  |  |
| Graham Holdings Co. Class B | 11100 | &nbsp;&nbsp; 11735586 |
| Matthews International Corp. Class A | 774257 | &nbsp;&nbsp; 19991316 |
|  |  | &nbsp;&nbsp; **31726902** |
| **Hotels, restaurants & leisure: 2.02%** |  |  |
| Boyd Gaming Corp. | 229700 | &nbsp;&nbsp; 18876746 |
| Genius Sports Ltd.† | 2249017 | &nbsp;&nbsp; 9963145 |
| Pursuit Attractions & Hospitality, Inc.† | 930411 | &nbsp;&nbsp; 34080955 |
|  |  | &nbsp;&nbsp; **62920846** |
| **Household durables: 0.55%** |  |  |
| La-Z-Boy, Inc. | 536400 | &nbsp;&nbsp; **17239896** |
| **Leisure products: 0.07%** |  |  |
| Mattel, Inc.† | 146700 | &nbsp;&nbsp; **2131551** |
| **Specialty retail: 0.57%** |  |  |
| Group 1 Automotive, Inc. | 53200 | &nbsp;&nbsp; **17589516** |
| **Textiles, apparel & luxury goods: 1.42%** |  |  |
| Capri Holdings Ltd.† | 446200 | &nbsp;&nbsp; 7862044 |
| Levi Strauss & Co. Class A | 930465 | &nbsp;&nbsp; 17204298 |
| Steven Madden Ltd. | 564324 | &nbsp;&nbsp; 19141870 |
|  |  | &nbsp;&nbsp; **44208212** |
| **Consumer staples: 6.03%** |  |  |
| **Food products: 4.07%** |  |  |
| J&J Snack Foods Corp.♠ | 1105744 | &nbsp;&nbsp; 87652327 |
| Nomad Foods Ltd. | 2971383 | &nbsp;&nbsp; 28554991 |
| Tootsie Roll Industries, Inc. | 243799 | &nbsp;&nbsp; 10415115 |
|  |  | &nbsp;&nbsp; **126622433** |

---

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

2 \| Allspring Special Small Cap Value Fund

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Household products: 1.96%** |  |  |
| Central Garden & Pet Co.† | 640633 | &nbsp;&nbsp; $23556076 |
| Central Garden & Pet Co. Class A† | 1156674 | &nbsp;&nbsp; 37499371 |
|  |  | &nbsp;&nbsp; **61055447** |
| **Energy: 5.79%** |  |  |
| **Energy equipment & services: 1.27%** |  |  |
| Forum Energy Technologies, Inc.† | 172386 | &nbsp;&nbsp; 10112163 |
| Liberty Energy, Inc. Class A | 462954 | &nbsp;&nbsp; 13333075 |
| Patterson-UTI Energy, Inc. | 1501617 | &nbsp;&nbsp; 16262512 |
|  |  | &nbsp;&nbsp; **39707750** |
| **Oil, gas & consumable fuels: 4.52%** |  |  |
| California Resources Corp. | 190392 | &nbsp;&nbsp; 13178934 |
| Chord Energy Corp. | 428159 | &nbsp;&nbsp; 60875647 |
| Magnolia Oil & Gas Corp. Class A | 1675852 | &nbsp;&nbsp; 52906648 |
| Matador Resources Co. | 217700 | &nbsp;&nbsp; 13754286 |
|  |  | &nbsp;&nbsp; **140715515** |
| **Financials: 19.37%** |  |  |
| **Banks: 11.49%** |  |  |
| Associated Banc-Corp. | 985195 | &nbsp;&nbsp; 25477143 |
| BOK Financial Corp. | 166500 | &nbsp;&nbsp; 21321990 |
| Hancock Whitney Corp. | 1111077 | &nbsp;&nbsp; 70653386 |
| Old National Bancorp | 1559006 | &nbsp;&nbsp; 34454033 |
| Renasant Corp. | 1103015 | &nbsp;&nbsp; 39851932 |
| SouthState Bank Corp. | 756489 | &nbsp;&nbsp; 69990362 |
| UMB Financial Corp. | 852102 | &nbsp;&nbsp; 96108585 |
|  |  | &nbsp;&nbsp; **357857431** |
| **Capital markets: 1.40%** |  |  |
| GlassBridge Enterprises, Inc.♦† | 1527 | &nbsp;&nbsp; 0 |
| Lazard, Inc. Class A | 236200 | &nbsp;&nbsp; 10033776 |
| Marex Group PLC | 591820 | &nbsp;&nbsp; 26383336 |
| Pershing Square Tontine Holdings Ltd.♦† | 1415995 | &nbsp;&nbsp; 1 |
| Westwood Holdings Group, Inc. | 438283 | &nbsp;&nbsp; 7218521 |
|  |  | &nbsp;&nbsp; **43635634** |
| **Financial services: 0.77%** |  |  |
| Compass Diversified Holdings | 3049299 | &nbsp;&nbsp; **23967490** |
| **Insurance: 5.24%** |  |  |
| Abacus Global Management, Inc. | 947990 | &nbsp;&nbsp; 7470161 |
| CNO Financial Group, Inc. | 628075 | &nbsp;&nbsp; 25788759 |
| Hanover Insurance Group, Inc. | 214081 | &nbsp;&nbsp; 37110941 |
| Stewart Information Services Corp. | 1045913 | &nbsp;&nbsp; 64407323 |
| White Mountains Insurance Group Ltd. | 12827 | &nbsp;&nbsp; 28180406 |
|  |  | &nbsp;&nbsp; **162957590** |

---

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

Allspring Special Small Cap Value Fund \| 3

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Mortgage real estate investment trusts (REITs): 0.47%** |  |  |
| Adamas Trust, Inc. | 2001009 | &nbsp;&nbsp; **$14727426** |
| **Health care: 7.60%** |  |  |
| **Health care equipment & supplies: 3.97%** |  |  |
| CONMED Corp. | 410123 | &nbsp;&nbsp; 14501949 |
| Enovis Corp.† | 739600 | &nbsp;&nbsp; 16825900 |
| Globus Medical, Inc. Class A† | 264800 | &nbsp;&nbsp; 22815168 |
| Haemonetics Corp.† | 531131 | &nbsp;&nbsp; 29934543 |
| UFP Technologies, Inc.† | 99900 | &nbsp;&nbsp; 19340640 |
| Varex Imaging Corp.† | 1900000 | &nbsp;&nbsp; 20159000 |
|  |  | &nbsp;&nbsp; **123577200** |
| **Health care providers & services: 0.69%** |  |  |
| Chemed Corp. | 57100 | &nbsp;&nbsp; **21568954** |
| **Life sciences tools & services: 1.10%** |  |  |
| Azenta, Inc.† | 688341 | &nbsp;&nbsp; 14544645 |
| Charles River Laboratories International, Inc.† | 113555 | &nbsp;&nbsp; 19588238 |
|  |  | &nbsp;&nbsp; **34132883** |
| **Pharmaceuticals: 1.84%** |  |  |
| Prestige Consumer Healthcare, Inc.† | 966129 | &nbsp;&nbsp; **57262466** |
| **Industrials: 22.93%** |  |  |
| **Aerospace & defense: 1.20%** |  |  |
| StandardAero, Inc.† | 1447400 | &nbsp;&nbsp; **37386342** |
| **Building products: 5.21%** |  |  |
| CSW Industrials, Inc. | 59364 | &nbsp;&nbsp; 15469071 |
| Janus International Group, Inc.† | 1988300 | &nbsp;&nbsp; 10239745 |
| Quanex Building Products Corp. | 1907482 | &nbsp;&nbsp; 34277452 |
| Simpson Manufacturing Co., Inc. | 213631 | &nbsp;&nbsp; 36663352 |
| UFP Industries, Inc. | 712114 | &nbsp;&nbsp; 65599942 |
|  |  | &nbsp;&nbsp; **162249562** |
| **Commercial services & supplies: 1.96%** |  |  |
| ACCO Brands Corp.♠ | 5471146 | &nbsp;&nbsp; 16413438 |
| Custom Truck One Source, Inc.† | 3000000 | &nbsp;&nbsp; 19710000 |
| Ennis, Inc. | 1164323 | &nbsp;&nbsp; 24939799 |
|  |  | &nbsp;&nbsp; **61063237** |
| **Ground transportation: 0.46%** |  |  |
| Werner Enterprises, Inc. | 482423 | &nbsp;&nbsp; **14188060** |
| **Machinery: 12.18%** |  |  |
| Alamo Group, Inc. | 414693 | &nbsp;&nbsp; 68411904 |
| Atmus Filtration Technologies, Inc. | 179793 | &nbsp;&nbsp; 10206849 |
| Douglas Dynamics, Inc.♠ | 1458336 | &nbsp;&nbsp; 61381362 |
| Franklin Electric Co., Inc. | 1124470 | &nbsp;&nbsp; 103642401 |
| Hillman Group† | 3622900 | &nbsp;&nbsp; 30142528 |

---

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

4 \| Allspring Special Small Cap Value Fund

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Machinery**(continued) |  |  |
| Hillman Solutions Corp.† | 1220836 | &nbsp;&nbsp; $10157356 |
| Mayville Engineering Co., Inc.♠† | 1331131 | &nbsp;&nbsp; 23893801 |
| Middleby Corp.† | 57500 | &nbsp;&nbsp; 7623350 |
| Mueller Industries, Inc. | 463814 | &nbsp;&nbsp; 51390591 |
| Standex International Corp. | 48200 | &nbsp;&nbsp; 12284252 |
|  |  | &nbsp;&nbsp; **379134394** |
| **Professional services: 1.92%** |  |  |
| Korn Ferry | 846282 | &nbsp;&nbsp; 53273452 |
| Maximus, Inc. | 103800 | &nbsp;&nbsp; 6653580 |
|  |  | &nbsp;&nbsp; **59927032** |
| **Information technology: 10.19%** |  |  |
| **Communications equipment: 0.94%** |  |  |
| Vistance Networks, Inc.† | 1607328 | &nbsp;&nbsp; **29253370** |
| **Electronic equipment, instruments & components: 6.17%** |  |  |
| Belden, Inc. | 526390 | &nbsp;&nbsp; 60445364 |
| Ingram Micro Holding Corp. | 697599 | &nbsp;&nbsp; 16261033 |
| Insight Enterprises, Inc.† | 186000 | &nbsp;&nbsp; 12463860 |
| Knowles Corp.† | 808885 | &nbsp;&nbsp; 20772167 |
| Novanta, Inc.† | 482558 | &nbsp;&nbsp; 56994925 |
| Sanmina Corp.† | 194399 | &nbsp;&nbsp; 25201886 |
|  |  | &nbsp;&nbsp; **192139235** |
| **Semiconductors & semiconductor equipment: 1.60%** |  |  |
| Amkor Technology, Inc. | 137200 | &nbsp;&nbsp; 6178116 |
| Axcelis Technologies, Inc.† | 175300 | &nbsp;&nbsp; 16316924 |
| Diodes, Inc.† | 182400 | &nbsp;&nbsp; 12450624 |
| Onto Innovation, Inc.† | 73000 | &nbsp;&nbsp; 14970110 |
|  |  | &nbsp;&nbsp; **49915774** |
| **Software: 0.35%** |  |  |
| Bit Digital, Inc.† | 4126900 | &nbsp;&nbsp; 5406239 |
| Progress Software Corp.† | 205927 | &nbsp;&nbsp; 5282027 |
|  |  | &nbsp;&nbsp; **10688266** |
| **Technology hardware, storage & peripherals: 1.13%** |  |  |
| Diebold Nixdorf, Inc.† | 467547 | &nbsp;&nbsp; **35271746** |
| **Materials: 16.20%** |  |  |
| **Chemicals: 9.37%** |  |  |
| Avient Corp. | 2098675 | &nbsp;&nbsp; 76181903 |
| Ecovyst, Inc.† | 2672811 | &nbsp;&nbsp; 34372349 |
| Ingevity Corp.† | 62787 | &nbsp;&nbsp; 4472318 |
| Innospec, Inc.♠ | 1505241 | &nbsp;&nbsp; 109912698 |
| Mativ Holdings, Inc.♠ | 2887028 | &nbsp;&nbsp; 25117144 |
| Minerals Technologies, Inc. | 243656 | &nbsp;&nbsp; 17280084 |

---

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

Allspring Special Small Cap Value Fund \| 5

------

Portfolio of investments—March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Chemicals**(continued) |  |  |
| NewMarket Corp. | 4873 | &nbsp;&nbsp; $3123349 |
| Quaker Chemical Corp. | 172476 | &nbsp;&nbsp; 21426693 |
|  |  | &nbsp;&nbsp; **291886538** |
| **Construction materials: 2.39%** |  |  |
| Eagle Materials, Inc. | 262693 | &nbsp;&nbsp; 49767189 |
| Titan America SA | 1640481 | &nbsp;&nbsp; 24574405 |
|  |  | &nbsp;&nbsp; **74341594** |
| **Containers & packaging: 4.44%** |  |  |
| Myers Industries, Inc. | 1464240 | &nbsp;&nbsp; 31012603 |
| Silgan Holdings, Inc. | 1125525 | &nbsp;&nbsp; 43670370 |
| TriMas Corp. | 1767276 | &nbsp;&nbsp; 63515899 |
|  |  | &nbsp;&nbsp; **138198872** |
| **Real estate: 0.22%** |  |  |
| **Retail REITs: 0.22%** |  |  |
| Agree Realty Corp. | 92500 | &nbsp;&nbsp; **6972650** |
| **Utilities: 0.60%** |  |  |
| **Gas utilities: 0.60%** |  |  |
| MDU Resources Group, Inc. | 904367 | &nbsp;&nbsp; **18738484** |
| **Total common stocks (Cost $2,586,641,226)** |  | &nbsp;&nbsp; **3026185150** |
| **Investment companies: 0.56%** |  |  |
| **Exchange-traded funds: 0.56%** |  |  |
| iShares Russell 2000 ETF | 70500 | &nbsp;&nbsp; **17484000** |
| **Total investment companies (Cost $17,152,222)** |  | &nbsp;&nbsp; **17484000** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Expiration <br>date<br>|  |  |
| **Rights: 0.00%** |  |  |  |
| **Financials: 0.00%** |  |  |  |
| **Capital markets: 0.00%** |  |  |  |
| Pershing Square Holdings Ltd.♦† | &nbsp;&nbsp; 9-23-2033 | 353999 | &nbsp;&nbsp; **0** |
| **Total rights (Cost $0)** |  |  | &nbsp;&nbsp; **0** |

---

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

6 \| Allspring Special Small Cap Value Fund

------

Portfolio of investments—March 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 3.06%** |  |  |  |  |
| **Investment companies: 3.06%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.60<br> %<br>| 95253727 | &nbsp;&nbsp; **$95253727** |
| **Total short-term investments (Cost $95,253,727)** |  |  |  | &nbsp;&nbsp; **95253727** |
| **Total investments in securities (Cost $2,699,047,175)** | 100.81<br> %<br>|  |  | &nbsp;&nbsp; 3138922877 |
| Other assets and liabilities, net | (0.81)<br>|  |  | &nbsp;&nbsp; (25370874)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$3113552003** |

---

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

---

| |
|:---|
| Non-income-earning security |
| The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| 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>|
| **Common stocks** |  |  |  |  |  |  |  |  |
| ACCO Brands Corp. | $20616526 | $2511871 | $(564953)<br>| $(65694)<br>| $(6084312)<br>| $16413438 | 5471146 | $1628449 |
| Douglas Dynamics, Inc. | 43856405 | 209502 | (16790911)<br>| (1170537)<br>| 35276903 | 61381362 | 1458336 | 2037894 |
| Innospec, Inc. | 148826667 | 4221256 | (8815909)<br>| (1565216)<br>| (32754100)<br>| 109912698 | 1505241 | 2725216 |
| J&J Snack Foods Corp. | 145211685 | 12198148 | (10998914)<br>| (2711092)<br>| (56047500)<br>| 87652327 | 1105744 | 2743680 |
| Mativ Holdings, Inc. | 19871613 | 1267439 | (4721427)<br>| (17114919)<br>| 25814438 | 25117144 | 2887028 | 1180830 |
| Mayville Engineering Co., Inc.† | 20938632 | 307943 | (4501478)<br>| 1245757 | 5902947 | 23893801 | 1331131 | 0 |
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market <br> Fund Select Class<br>| 157787818 | 934623328 | (997157419)<br>| 0 | 0 | 95253727 | 95253727 | 2088566 |
| **Investments in affiliates no longer held** <br> **at end of period**<br>|  |  |  |  |  |  |  |  |
| DallasNews Corp.† | 1577267 | 0 | (4707801)<br>| 93734 | 3036800 | 0 | 0 | 0 |
| Denny's Corp.† | 16484036 | 2507706 | (30335627)<br>| (22429234)<br>| 33773119 | 0 | 0 | 0 |
|  |  |  |  | **$(43717201)**<br>| **$8918295** | **$419624497** |  | **$12404635** |

---

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

Allspring Special Small Cap Value Fund \| 7

------

Portfolio of investments—March 31, 2026

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Common stocks** |  |  |  |  |  |  |  |  |
| Central Garden & Pet Co.† | $24468094 | $29914 | $(1012771)<br>| $187478 | $(116640)<br>| $23556075 | 640633 | $0 |
| GlassBridge Enterprises, Inc.† | 38175 | 0 | 0 | 0 | (38175)<br>| 0 | 1527 | 0 |
| TriMas Corp. | 55211038 | 6669280 | (27254573)<br>| 2185838 | 26704316 | 63515899 | 1767276 | 251460 |

---

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

† Non-income-earning security

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

8 \| Allspring Special Small Cap Value Fund

------

Statement of assets and liabilities—March 31, 2026

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $2,159,330,709) | $2719298380 |
| Investments in affiliated securities, at value (cost $539,716,466) | 419624497 |
| Cash | 79 |
| Receivable for investments sold | 9425227 |
| Receivable for Fund shares sold | 4113189 |
| Receivable for dividends | 3681252 |
| Prepaid expenses and other assets | 95267 |
| **Total assets** | **3156237891** |
| Liabilities |  |
| Payable for investments purchased | 30613060 |
| Payable for Fund shares redeemed | 9374612 |
| Management fee payable | 2177825 |
| Administration fees payable | 272501 |
| Shareholder servicing fees payable | 112444 |
| Trustees' fees and expenses payable | 424 |
| Accrued expenses and other liabilities | 135022 |
| **Total liabilities** | **42685888** |
| **Total net assets**  | **$3113552003** |
| Net assets consist of |  |
| Paid-in capital | $2529678748 |
| Total distributable earnings | 583873255 |
| **Total net assets** | **$3113552003** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $466337186 |
| Shares outstanding–Class A<sup>1</sup> <br>| 13365161 |
| Net asset value per share–Class A | $34.89 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $37.02 |
| Net assets–Class R6 | $1260563771 |
| Shares outstanding–Class R6<sup>1</sup>  | 34850503 |
| Net asset value per share–Class R6 | $36.17 |
| Net assets–Administrator Class | $49136448 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 1358956 |
| Net asset value per share–Administrator Class | $36.16 |
| Net assets–Institutional Class | $1337514598 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 36968302 |
| Net asset value per share–Institutional Class | $36.18 |

---

<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 Special Small Cap Value Fund \| 9

------

Statement of operations—year ended March 31, 2026

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends | $55005810 |
| Income from affiliated securities | 12404635 |
| Interest | 192540 |
| **Total investment income** | **67602985** |
| Expenses |  |
| Management fee | 31520944 |
| Administration fees |  |
| Class A | 1145302 |
| Class C | 2117 <br><sup>1</sup><br>|
| Class R6 | 503098 |
| Administrator Class | 81081 |
| Institutional Class | 2180418 |
| Shareholder servicing fees |  |
| Class A | 1431595 |
| Class C | 2615 <br><sup>1</sup><br>|
| Administrator Class | 151232 |
| Distribution fee |  |
| Class C | 7811 <br><sup>1</sup><br>|
| Custody and accounting fees | 138729 |
| Professional fees | 86867 |
| Registration fees | 197151 |
| Shareholder report expenses | 287018 |
| Trustees' fees and expenses | 41534 |
| Other fees and expenses | 133975 |
| **Total expenses** | **37911487** |
| Less: Fee waivers and/or expense reimbursements |  |
| Class A | (2430)<br>|
| Administrator Class | (2609)<br>|
| Institutional Class | (51117)<br>|
| **Net expenses** | **37855331** |
| **Net investment income** | **29747654** |

---

<sup>1</sup> For the period from April 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.

10 \| Allspring Special Small Cap Value Fund

------

Statement of operations—year ended March 31, 2026

Statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | $329024586 |
| Affiliated securities | (43717201)<br>|
| Written options | 1392027 |
| **Net realized gains on investments**  | **286699412** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | (158315901)<br>|
| Affiliated securities | 8918295 |
| Foreign currency and foreign currency translations | (1)<br>|
| Written options | (26873)<br>|
| **Net change in unrealized gains (losses) on investments** | **(149424480)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **137274932** |
| **Net increase in net assets resulting from operations** | **$167022586** |

---

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

Allspring Special Small Cap Value Fund \| 11

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> March 31, 2026 | Year ended<br> March 31, 2026 | Year ended<br> March 31, 2025 | Year ended<br> March 31, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $29747654 |  | &nbsp;&nbsp; $60075941 |
| Net realized gains on investments |  | &nbsp;&nbsp; 286699412 |  | &nbsp;&nbsp; 402173609 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (149424480)<br>|  | &nbsp;&nbsp; (813456492)<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **167022586** |  | &nbsp;&nbsp; **(351206942)**<br>|
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (42597456)<br>|  | &nbsp;&nbsp; (66255069)<br>|
| Class C |  | &nbsp;&nbsp; 0 <br><sup>1</sup><br>|  | &nbsp;&nbsp; (365249)<br>|
| Class R6 |  | &nbsp;&nbsp; (123554054)<br>|  | &nbsp;&nbsp; (209494809)<br>|
| Administrator Class |  | &nbsp;&nbsp; (4208609)<br>|  | &nbsp;&nbsp; (8102751)<br>|
| Institutional Class |  | &nbsp;&nbsp; (120692814)<br>|  | &nbsp;&nbsp; (208554806)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(291052933)**<br>|  | &nbsp;&nbsp; **(492772684)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 2148237 | &nbsp;&nbsp; 77650290 | &nbsp;&nbsp; 2753632 | &nbsp;&nbsp; 112653522 |
| Class C | 81 <br><sup>1</sup><br>| &nbsp;&nbsp; 2537 <br><sup>1</sup><br>| &nbsp;&nbsp; 484 | &nbsp;&nbsp; 17401 |
| Class R6 | 6453591 | &nbsp;&nbsp; 242483240 | &nbsp;&nbsp; 9094897 | &nbsp;&nbsp; 385925933 |
| Administrator Class | 151179 | &nbsp;&nbsp; 5729857 | &nbsp;&nbsp; 270104 | &nbsp;&nbsp; 11607905 |
| Institutional Class | 8857478 | &nbsp;&nbsp; 332511012 | &nbsp;&nbsp; 12969166 | &nbsp;&nbsp; 549475272 |
|  |  | &nbsp;&nbsp; 658376936 |  | &nbsp;&nbsp; 1059680033 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 1054051 | &nbsp;&nbsp; 37919774 | &nbsp;&nbsp; 1444806 | &nbsp;&nbsp; 59696976 |
| Class C | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 10156 | &nbsp;&nbsp; 362761 |
| Class R6 | 2741056 | &nbsp;&nbsp; 102392152 | &nbsp;&nbsp; 4063209 | &nbsp;&nbsp; 173437645 |
| Administrator Class | 110451 | &nbsp;&nbsp; 4117529 | &nbsp;&nbsp; 186982 | &nbsp;&nbsp; 7980316 |
| Institutional Class | 2756040 | &nbsp;&nbsp; 102927826 | &nbsp;&nbsp; 4138609 | &nbsp;&nbsp; 176732885 |
|  |  | &nbsp;&nbsp; 247357281 |  | &nbsp;&nbsp; 418210583 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (7213806)<br>| &nbsp;&nbsp; (265042574)<br>| &nbsp;&nbsp; (5487782)<br>| &nbsp;&nbsp; (224455746)<br>|
| Class C | (29540 )<sup>1</sup><br>| &nbsp;&nbsp; (915905 )<sup>1</sup><br>| &nbsp;&nbsp; (91896)<br>| &nbsp;&nbsp; (3227718)<br>|
| Class R6 | (26072947)<br>| &nbsp;&nbsp; (985304971)<br>| &nbsp;&nbsp; (14236344)<br>| &nbsp;&nbsp; (601011894)<br>|
| Administrator Class | (1009839)<br>| &nbsp;&nbsp; (37959122)<br>| &nbsp;&nbsp; (836969)<br>| &nbsp;&nbsp; (36197486)<br>|
| Institutional Class | (26169320)<br>| &nbsp;&nbsp; (988775789)<br>| &nbsp;&nbsp; (25938100)<br>| &nbsp;&nbsp; (1088133156)<br>|
|  |  | &nbsp;&nbsp; (2277998361)<br>|  | &nbsp;&nbsp; (1953026000)<br>|

---

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

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

12 \| Allspring Special Small Cap Value Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended<br> March 31, 2026 | Year ended<br> March 31, 2025 | Year ended<br> March 31, 2025 |
|  |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Share conversions |  |  |  |
| Class A<br>34615 <br><sup>2</sup><br>| &nbsp;&nbsp; $1248230 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Class C<br>(40230 )<sup>2</sup><br>| &nbsp;&nbsp; (1248230 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net decrease in net assets resulting from capital share transactions** | &nbsp;&nbsp; **(1372264144)**<br>|  | &nbsp;&nbsp; **(475135384)**<br>|
| **Total decrease in net assets** | &nbsp;&nbsp; **(1496294491)**<br>|  | &nbsp;&nbsp; **(1319115010)**<br>|
| Net assets |  |  |  |
| **Beginning of period** | &nbsp;&nbsp; **4609846494** |  | &nbsp;&nbsp; **5928961504** |
| **End of period** | &nbsp;&nbsp; **$3113552003** |  | &nbsp;&nbsp; **$4609846494** |

---

<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 Small Cap Value Fund \| 13

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Class A | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$36.49** | &nbsp;&nbsp; **$42.98** | &nbsp;&nbsp; **$35.59** | &nbsp;&nbsp; **$40.81** | &nbsp;&nbsp; **$42.37** |
| Net investment income | 0.15 <br><sup>1</sup><br>| 0.33 <br><sup>1</sup><br>| 0.34 <br><sup>1</sup><br>| 0.29 | 0.07 |
| Net realized and unrealized gains (losses) on investments | 1.14 | &nbsp;&nbsp; (2.88)<br>| 7.88 | &nbsp;&nbsp; (3.35)<br>| 1.07 |
| Total from investment operations | 1.29 | &nbsp;&nbsp; (2.55)<br>| 8.22 | &nbsp;&nbsp; (3.06)<br>| 1.14 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.27)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.10)<br>|
| Net realized gains | (2.62)<br>| &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.60)<br>|
| Total distributions to shareholders | (2.89)<br>| &nbsp;&nbsp; (3.94)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp; (2.70)<br>|
| **Net asset value, end of period** | **$34.89** | &nbsp;&nbsp; **$36.49** | &nbsp;&nbsp; **$42.98** | &nbsp;&nbsp; **$35.59** | &nbsp;&nbsp; **$40.81** |
| **Total return**<sup>2</sup> <br>| **3.34%**<br>| &nbsp;&nbsp; **(6.95)%**<br>| **23.35%**<br>| &nbsp;&nbsp; **(7.41)%**<br>| **2.56%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.26<br> %<br>| 1.24<br> %<br>| 1.24<br> %<br>| 1.26<br> %<br>| 1.24<br> %<br>|
| Net expenses | 1.26<br> %<br>| 1.24<br> %<br>| 1.24<br> %<br>| 1.26<br> %<br>| 1.24<br> %<br>|
| Net investment income | 0.42<br> %<br>| 0.81<br> %<br>| 0.92<br> %<br>| 0.82<br> %<br>| 0.17<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 28<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 28<br> %<br>|
| Net assets, end of period (000s omitted) | $466337 | &nbsp;&nbsp; $632844 | &nbsp;&nbsp; $800716 | &nbsp;&nbsp; $721397 | &nbsp;&nbsp; $797067 |

---

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

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

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

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

14 \| Allspring Special Small Cap Value Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Class R6 | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$37.72** | &nbsp;&nbsp; **$44.29** | &nbsp;&nbsp; **$36.67** | &nbsp;&nbsp; **$41.98** | &nbsp;&nbsp; **$43.51** |
| Net investment income | 0.33 <br><sup>1</sup><br>| 0.52 <br><sup>1</sup><br>| 0.52 <br><sup>1</sup><br>| 0.46 | 0.26 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.16 | &nbsp;&nbsp; (2.98)<br>| 8.11 | &nbsp;&nbsp; (3.45)<br>| 1.10 |
| Total from investment operations | 1.49 | &nbsp;&nbsp; (2.46)<br>| 8.63 | &nbsp;&nbsp; (2.99)<br>| 1.36 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.42)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.29)<br>|
| Net realized gains | (2.62)<br>| &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.60)<br>|
| Total distributions to shareholders | (3.04)<br>| &nbsp;&nbsp; (4.11)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp; (2.89)<br>|
| **Net asset value, end of period** | **$36.17** | &nbsp;&nbsp; **$37.72** | &nbsp;&nbsp; **$44.29** | &nbsp;&nbsp; **$36.67** | &nbsp;&nbsp; **$41.98** |
| **Total return**<sup>2</sup> <br>| **3.77%**<br>| &nbsp;&nbsp; **(6.55)%**<br>| **23.88%**<br>| &nbsp;&nbsp; **(7.02)%**<br>| **2.99%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.84<br> %<br>| 0.82<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.81<br> %<br>|
| Net expenses | 0.84<br> %<br>| 0.82<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.81<br> %<br>|
| Net investment income | 0.86<br> %<br>| 1.23<br> %<br>| 1.34<br> %<br>| 1.25<br> %<br>| 0.59<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 28<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 28<br> %<br>|
| Net assets, end of period (000s omitted) | $1260564 | &nbsp;&nbsp; $1951269 | &nbsp;&nbsp; $2338678 | &nbsp;&nbsp; $1659115 | &nbsp;&nbsp; $1764529 |

---

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

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

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

Allspring Special Small Cap Value Fund \| 15

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Administrator Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$37.71** | &nbsp;&nbsp; **$44.28** | &nbsp;&nbsp; **$36.67** | &nbsp;&nbsp; **$41.96** | &nbsp;&nbsp; **$43.50** |
| Net investment income | 0.19 <br><sup>1</sup><br>| 0.38 <br><sup>1</sup><br>| 0.39 <br><sup>1</sup><br>| 0.35 <br><sup>1</sup><br>| 0.11 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.17 | &nbsp;&nbsp; (2.98)<br>| 8.10 | &nbsp;&nbsp; (3.46)<br>| 1.09 |
| Total from investment operations | 1.36 | &nbsp;&nbsp; (2.60)<br>| 8.49 | &nbsp;&nbsp; (3.11)<br>| 1.20 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.29)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized gains | (2.62)<br>| &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.60)<br>|
| Total distributions to shareholders | (2.91)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (2.74)<br>|
| **Net asset value, end of period** | **$36.16** | &nbsp;&nbsp; **$37.71** | &nbsp;&nbsp; **$44.28** | &nbsp;&nbsp; **$36.67** | &nbsp;&nbsp; **$41.96** |
| **Total return**<sup>2</sup> <br>| **3.43%**<br>| &nbsp;&nbsp; **(6.86)%**<br>| **23.47%**<br>| &nbsp;&nbsp; **(7.33)%**<br>| **2.62%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.18<br> %<br>| 1.16<br> %<br>| 1.16<br> %<br>| 1.17<br> %<br>| 1.16<br> %<br>|
| Net expenses | 1.18<br> %<br>| 1.16<br> %<br>| 1.16<br> %<br>| 1.17<br> %<br>| 1.16<br> %<br>|
| Net investment income | 0.51<br> %<br>| 0.89<br> %<br>| 1.00<br> %<br>| 0.91<br> %<br>| 0.26<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 28<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 28<br> %<br>|
| Net assets, end of period (000s omitted) | $49136 | &nbsp;&nbsp; $79465 | &nbsp;&nbsp; $110130 | &nbsp;&nbsp; $105846 | &nbsp;&nbsp; $135870 |

---

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

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

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

16 \| Allspring Special Small Cap Value Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Institutional Class | 2026 | 2025 | 2024 | 2023 | 2022 |
| **Net asset value, beginning of period** | **$37.73** | &nbsp;&nbsp; **$44.30** | &nbsp;&nbsp; **$36.68** | &nbsp;&nbsp; **$41.98** | &nbsp;&nbsp; **$43.52** |
| Net investment income | 0.28 <br><sup>1</sup><br>| 0.48 <br><sup>1</sup><br>| 0.48 <br><sup>1</sup><br>| 0.44 | 0.22 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.18 | &nbsp;&nbsp; (2.98)<br>| 8.11 | &nbsp;&nbsp; (3.46)<br>| 1.08 |
| Total from investment operations | 1.46 | &nbsp;&nbsp; (2.50)<br>| 8.59 | &nbsp;&nbsp; (3.02)<br>| 1.30 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.39)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.24)<br>|
| Net realized gains | (2.62)<br>| &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.60)<br>|
| Total distributions to shareholders | (3.01)<br>| &nbsp;&nbsp; (4.07)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (2.84)<br>|
| **Net asset value, end of period** | **$36.18** | &nbsp;&nbsp; **$37.73** | &nbsp;&nbsp; **$44.30** | &nbsp;&nbsp; **$36.68** | &nbsp;&nbsp; **$41.98** |
| **Total return**<sup>2</sup> <br>| **3.67%**<br>| &nbsp;&nbsp; **(6.64)%**<br>| **23.77%**<br>| &nbsp;&nbsp; **(7.11)%**<br>| **2.87%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.94<br> %<br>| 0.92<br> %<br>| 0.92<br> %<br>| 0.93<br> %<br>| 0.91<br> %<br>|
| Net expenses | 0.94<br> %<br>| 0.92<br> %<br>| 0.92<br> %<br>| 0.93<br> %<br>| 0.91<br> %<br>|
| Net investment income | 0.75<br> %<br>| 1.12<br> %<br>| 1.25<br> %<br>| 1.14<br> %<br>| 0.49<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 28<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 28<br> %<br>|
| Net assets, end of period (000s omitted) | $1337515 | &nbsp;&nbsp; $1944070 | &nbsp;&nbsp; $2673757 | &nbsp;&nbsp; $2726372 | &nbsp;&nbsp; $3193721 |

---

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

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

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

Allspring Special Small Cap Value Fund \| 17

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

Options that are listed on a foreign or domestic exchange or market are valued at the closing mid-price. Non-listed options are valued at the evaluated price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, 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.

Options

The Fund may write covered call options or secured put options on individual securities and/or indexes. When the Fund writes an option, an amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current market value of the written option. Premiums received from written options that expire unexercised are recognized as realized gains on the expiration date. For exercised options, the difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in calculating the realized gain or loss on the sale. If a put option is exercised, the premium reduces the cost of the security purchased. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security and/or index underlying the written option.

The Fund may sell a security it does not own as a result of an exercised written call option. The Fund records the proceeds as a liability which is marked-to-market daily based upon quotations from an independent pricing service or an independent broker-dealer and any change in value is recorded as an unrealized gain or loss. Any interest or dividends accrued on such securities during the period are recorded as an expense on the Statement of

18 \| Allspring Special Small Cap Value Fund

------

Notes to financial statements

operations. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the closing of a short sale if the market price at the closing is less than or greater than, respectively, the proceeds originally received.

The Fund may also purchase call or put options. Premiums paid are included in the Statement of assets and liabilities as investments, the values of which are subsequently adjusted based on the current market values of the options. Premiums paid for purchased options that expire are recognized as realized losses on the expiration date. Premiums paid for purchased options that are exercised or closed are added to the amount paid or offset against the proceeds received for the underlying security to determine the realized gain or loss. The risk of loss associated with purchased options is limited to the premium paid.

Options traded on an exchange are regulated and terms of the options are standardized. The Fund is subject to equity price risk. Purchased options traded over-the-counter expose the Fund to counterparty risk in the event the counterparty does not perform. This risk can be mitigated by having a master netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund's exposure to the counterparty.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2026, the aggregate cost of all investments for federal income tax purposes was $2,724,798,915 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $863200421 |
| Gross unrealized losses | &nbsp;&nbsp; (449076459)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$414123962** |

---

Class allocations

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

Allspring Special Small Cap Value Fund \| 19

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Notes to financial statements

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of March 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; $15568828 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $15568828 |
| *Consumer discretionary* | &nbsp;&nbsp; 241472947 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 241472947 |
| *Consumer staples* | &nbsp;&nbsp; 187677880 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 187677880 |
| *Energy* | &nbsp;&nbsp; 180423265 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 180423265 |
| *Financials* | &nbsp;&nbsp; 603145570 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 603145571 |
| *Health care* | &nbsp;&nbsp; 236541503 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 236541503 |
| *Industrials* | &nbsp;&nbsp; 713948627 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 713948627 |
| *Information technology* | &nbsp;&nbsp; 317268391 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 317268391 |
| *Materials* | &nbsp;&nbsp; 504427004 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 504427004 |
| *Real estate* | &nbsp;&nbsp; 6972650 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6972650 |
| *Utilities* | &nbsp;&nbsp; 18738484 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 18738484 |
| **Investment companies** | &nbsp;&nbsp; 17484000 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 17484000 |
| **Rights** |  |  |  |  |
| *Financials* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 95253727 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 95253727 |
| **Total assets** | &nbsp;&nbsp; **$3138922876** | &nbsp;&nbsp;&nbsp; **$1** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$3138922877** |

---

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

At March 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

20 \| Allspring Special Small Cap Value Fund

------

Notes to financial statements

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.850<br> %<br>|
| Next $500 million | 0.825 |
| Next $1 billion | 0.800 |
| Next $1 billion | 0.775 |
| Next $1 billion | 0.750 |
| Next $1 billion | 0.730 |
| Next $5 billion | 0.720 |
| Over $10 billion | 0.710 |

---

For the year ended March 31, 2026, the management fee was equivalent to an annual rate of 0.79% 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 July 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of March 31, 2026, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | EXPENSE RATIO CAPS | RATE PRIOR TO AUGUST 1, 2025 |
| Class A | 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>|
| Class R6 | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Administrator Class | 1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Institutional Class | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended March 31, 2026, Allspring Funds Distributor received $681 from the sale of Class A shares and $8 and $14 in contingent deferred sales charges from redemptions of Class A and Class C shares, respectively.

Allspring Special Small Cap Value Fund \| 21

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Notes to financial statements

Shareholder servicing fees

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $4,206,890, $0 and $0 in interfund purchases, sales and net realized gains (losses), respectively, for the year ended March 31, 2026.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended March 31, 2026 were $1,106,464,619 and $2,621,751,527, respectively.

6. DERIVATIVE TRANSACTIONS

During the year ended March 31, 2026, the Fund entered into written options for hedging purposes. The Fund had an average of 885 written option contracts during the year ended March 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 year ended March 31, 2026, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 |
|  | 2026 | 2025 |
| **Ordinary income** | $55735244 | $141862306 |
| **Long-term capital gain** | 235317689 | 350910378 |
| **Total** | $291052933 | $492772684 |

---

As of March 31, 2026, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>gains<br>| Total |
| &nbsp;&nbsp;&nbsp; $3744700 | &nbsp;&nbsp; $166018742 | &nbsp;&nbsp;&nbsp; $414123962 | &nbsp;&nbsp;&nbsp; $583887404 |

---

Temporary differences between book-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement purposes versus for tax purposes; these differences will reverse in a subsequent reporting period.

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.

22 \| Allspring Special Small Cap Value Fund

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Notes to financial statements

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

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.

Allspring Special Small Cap Value Fund \| 23

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Special Small Cap Value Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of March 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian, transfer agents and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](g100573imgf097ae702.jpg)

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

Boston, Massachusetts

May 21, 2026

24 \| Allspring Special Small Cap Value Fund

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Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 87% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended March 31, 2026.

Pursuant to Section 852 of the Internal Revenue Code, $235,317,689 was designated as a 20% rate gain distribution for the fiscal year ended

March 31, 2026.

Pursuant to Section 854 of the Internal Revenue Code, $49,618,920 of income dividends paid during the fiscal year ended March 31, 2026 has been designated as qualified dividend income (QDI).

For the fiscal year ended March 31, 2026, $1,135,358 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended March 31, 2026, $21,039,094 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Proxy voting information

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

Quarterly portfolio holdings information

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

Allspring Special Small Cap Value Fund \| 25

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

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

Not applicable

26 \| Allspring Special Small Cap Value Fund

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![](g100573img6e952b5a1.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**

![](g100573img8d88de953.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.**

**NCSR0637 03-26**

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

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

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

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

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

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

------

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

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

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

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

Not applicable.

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

Not applicable.

------

<u>ITEM 19. EXHIBITS</u> 

---

| | |
|:---|:---|
| (a)(1) | [Code of Ethics.](d100573dex99codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.](d100573dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.](d100573dex99906cert.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: May 21, 2026 | Date: May 21, 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: May 21, 2026 | Date: May 21, 2026 |
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
| Date: May 21, 2026 | Date: May 21, 2026 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**Allspring Funds Trust** 

**Allspring Master Trust** 

**Allspring Variable Trust** 

**Allspring Exchange-Traded Funds Trust** 

**Allspring Global Dividend Opportunity Fund** 

**Allspring Income Opportunities Fund** 

**Allspring Multi-Sector Income Fund** 

**Allspring Utilities and High-Income Fund** 

**<u>Joint Code of Ethics for Principal Executive Officer and Senior Financial Officers</u>**

**I.** **Covered Officers / Purpose of the Code** 

This Code of Ethics ("Code") of Allspring Funds Trust, Allspring Master Trust, Allspring Variable Trust, Allspring Exchange-Traded Funds Trust, Allspring Global Dividend Opportunity Fund, Allspring Income Opportunities Fund, Allspring Multi-Sector Income Fund and Allspring Utilities and High Income Fund (collectively, the "Trusts" and each, "a Trust") applies to each Trust's Principal Executive Officer, Principal Financial Officer and any other Trust officer's listed on Exhibit A (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable financial disclosure in reports and documents that a Trust files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Both Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust. Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trust and Allspring Funds Management, LLC (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Adviser, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Each Covered Officer recognizes that, as an officer of a Trust, he or she has a duty to act in the best interests of the Trust and its shareholders. If a Covered Officer believes that his or her responsibilities as an officer or employee of the Adviser are likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as an officer of the Trust, he or she should consult with the Chief Legal Officer. Under appropriate circumstances, a Covered Officer should also consider whether to present the matter to the Board. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

\* \* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of a Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made or
contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of a Trust or its affiliated persons for reports
of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not engage in personal, business or professional relationships or dealings that would impair his or her
independence of judgment or adversely affect the performance of his or her duties in the best interests of the Trust and their shareholders.

------

There are some conflict of interest situations that should always be approved in advance by the Chief Legal Officer of the Trust (the "Chief Legal Officer") if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private for-profit company (provided, however, that a Covered Officer who is employed by another company (e.g., Allspring) may serve as a director of such company or any entity, controlling, controlled by, or under common control with, such company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquiring a financial interest in any company that provides services to the Trust (provided, however, that a
Covered Officer who is employed by another company (e.g., Allspring) may have an ownership interest in his or her employer or the employer's parent company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment or gifts from any person or company with which the Trust has current or
prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any consulting or employment relationship with any of the Trust's service providers, other than with the
primary employer of the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for
effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's primary employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust.

Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Board and the Trust's auditors, and to governmental regulators and self-regulatory organizations.

Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

Each Covered Officer should, consistent with his or her responsibilities, exercise appropriate supervision over and assist relevant Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner.

Each Covered Officer is responsible for the accuracy of the records and reports that he or she is responsible for maintaining. The books and records of the Trust shall meet the highest standards and accurately reflect the true nature of the transactions they record. The Covered Officers must not create false or misleading documents or accounting, financial or electronic records for any purpose, and must not direct any other person to do so. If a Covered Officer becomes aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Chief Legal Officer for a determination as to what, if any, corrective action is necessary or appropriate.

------

No undisclosed or unrecorded account or fund shall be established for any purpose. No false or misleading entries shall be made in a Trust's books or records for any reason. No disbursement of a Trust's assets shall be made without adequate supporting documentation or for any purpose other than as described in the Trust's documents or contracts.

A Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board: (i) that provided the basis for any amendment or waiver to this Code, and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter upon becoming a Covered Officer), affirm in writing (in the form
attached to this Code) to the Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm in writing (in the form attached to this Code) to the Board that he or she has
complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Chief Legal Officer of the Trust promptly if he or she knows of any violation of this Code. Failure to
do so is itself a violation of this Code.

The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. While the Chief Legal Officer in authorized to interpret this Code, an approval of a situation that is expressly prohibited by this Code is deemed to be a "waiver" and can be approved only by the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him
or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation will be reported to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Board concurs that a violation has occurred, it will consider appropriate action, which may include review
of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board will be responsible for granting waivers, as appropriate (a "waiver" is the approval of a
situation that is expressly prohibited by this Code); and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trusts or the Adviser govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The codes of ethics adopted by the Trusts and the Adviser under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent Trustees.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except upon request of the SEC or another regulatory agency, or as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than Board and its counsel.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

**IX.** **Disclosure of Code of Ethics to the Public** 

Pursuant to Item 2(f) of Form N-CSR the registrant is required to disclose the Code of Ethics per one of the methods listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) File with the Commission, pursuant to Item 13(a)(1), a copy of its code of ethics that applies to the
registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this
Form N- CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made.

------

**X.** **Interpretation of Code** 

This Code will not be interpreted or applied in any manner that would violate the legal rights of any Covered Officer as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Officer from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A Covered Officer does not need prior authorization of the Trust or Adviser before taking any such action and is not required to inform the Trust or Adviser if he or she chooses to take such action.

Amended: January 7, 2025

------

**Exhibit A** 

**Persons Covered by the Code** 

John Kenney, President of each Trust

Jeremy DePalma, Treasurer of each Trust

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g100573g0529044432023.jpg)

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

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSR of Allspring Disciplined Small Cap Fund, Allspring Index Fund, Allspring Innovation Fund, Allspring Managed Account CoreBuilder<sup>®</sup> Shares – Series EPI, Allspring Precious Metals Fund, Allspring Special Small Cap Value Fund and Allspring Utility and Telecommunications 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 controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: May 21, 2026 |
| /s/ John Kenney |
| John Kenney |
| President (Principal Executive Officer) |
| Allspring Funds Trust |

---

------

![LOGO](g100573g0529044432023.jpg)

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

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSR of Allspring Disciplined Small Cap Fund, Allspring Index Fund, Allspring Innovation Fund, Allspring Managed Account CoreBuilder<sup>®</sup> Shares – Series EPI, Allspring Precious Metals Fund, Allspring Special Small Cap Value Fund and Allspring Utility and Telecommunications 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 controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: May 21, 2026 |
| /s/ Jeremy DePalma |
| Jeremy DePalma |
| Treasurer (Principal Financial Officer) |
| Allspring Funds Trust |

---

## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g100573g0529044432023.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSR for the year ended March 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: May 21, 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-CSR with the Securities and Exchange Commission.

------

![LOGO](g100573g0529044432023.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSR for the year ended March 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: May 21, 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-CSR with the Securities and Exchange Commission.